UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)

Joshua A. Weinberg, Esq.

Vice President and Managing Counsel

SSGA Funds Management, Inc.

One Lincoln Street

Boston, Massachusetts 02111

(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2016

Item 1. Reports to Shareholders.

Annual Report

30 September 2016

SPDR^® Index Shares Funds

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com Please read the prospectus carefully before you invest.

TABLE OF CONTENTS

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)	17
SPDR MSCI International Real Estate Currency Hedged ETF (HREX)	21
SPDR S&P Emerging Asia Pacific ETF (GMF)	25
SPDR S&P Russia ETF (RBL)	29
SPDR S&P China ETF (GXC)	33
SPDR MSCI China A Shares IMI ETF (XINA)	37
SPDR S&P Emerging Markets ETF (GMM)	41
SPDR S&P Emerging Markets Dividend ETF (EDIV)	45
SPDR S&P Emerging Europe ETF (GUR)	49
SPDR S&P Emerging Latin America ETF (GML)	53
SPDR S&P Emerging Middle East & Africa ETF (GAF)	57
SPDR S&P World ex-US ETF (GWL)	61
SPDR S&P International Small Cap ETF (GWX)	65
SPDR Dow Jones International Real Estate ETF (RWX)	69
SPDR S&P Global Infrastructure ETF (GII)	73
SPDR S&P Global Natural Resources ETF (GNR)	77
SPDR S&P North American Natural Resources ETF (NANR)	81
SPDR MSCI ACWI ex-US ETF (CWI)	85
SPDR MSCI ACWI IMI ETF (ACIM)	89
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	93
SPDR MSCI EAFE StrategicFactorsSM ETF (formerly SPDR MSCI EAFE Quality Mix ETF) (QEFA)	97
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (formerly SPDR MSCI Emerging Markets Quality Mix ETF) (QEMM)	101
SPDR MSCI World StrategicFactorsSM ETF (formerly SPDR MSCI World Quality Mix ETF) (QWLD)	105
SPDR MSCI Australia StrategicFactorsSM ETF (formerly SPDR MSCI Australia Quality Mix ETF) (QAUS)	109
SPDR MSCI Canada StrategicFactorsSM ETF (formerly SPDR MSCI Canada Quality Mix ETF) (QCAN)	113
SPDR MSCI Germany StrategicFactorsSM ETF (formerly SPDR MSCI Germany Quality Mix ETF) (QDEU)	117
SPDR MSCI Japan StrategicFactorsSM ETF (formerly SPDR MSCI Japan Quality Mix ETF) (QJPN)	121
SPDR MSCI Mexico StrategicFactorsSM ETF (formerly SPDR MSCI Mexico Quality Mix ETF) (QMEX)	125
SPDR MSCI South Korea StrategicFactorsSM ETF (formerly SPDR MSCI South Korea Quality Mix ETF) (QKOR)	129
SPDR MSCI Spain StrategicFactorsSM ETF (formerly SPDR MSCI Spain Quality Mix ETF) (QESP)	133
SPDR MSCI Taiwan StrategicFactorsSM ETF (formerly SPDR MSCI Taiwan Quality Mix ETF) (QTWN)	137

SPDR MSCI United Kingdom StrategicFactorsSM ETF (formerly SPDR MSCI United Kingdom Quality Mix ETF) (QGBR)	141
SPDR S&P Global Dividend ETF (WDIV)	145
SPDR S&P International Dividend ETF (DWX)	149
SPDR S&P Emerging Markets Small Cap ETF (EWX)	153
SPDR Dow Jones Global Real Estate ETF (RWO)	157
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	161
SPDR S&P International Consumer Staples Sector ETF (IPS)	165
SPDR S&P International Energy Sector ETF (IPW)	169
SPDR S&P International Financial Sector ETF (IPF)	173
SPDR S&P International Health Care Sector ETF (IRY)	178
SPDR S&P International Industrial Sector ETF (IPN)	182
SPDR S&P International Materials Sector ETF (IRV)	186
SPDR S&P International Technology Sector ETF (IPK)	191
SPDR S&P International Telecommunications Sector ETF (IST)	195
SPDR S&P International Utilities Sector ETF (IPU)	199
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)	203
SPDR EURO STOXX 50 ETF (FEZ)	205
SPDR EURO STOXX Small Cap ETF (SMEZ)	207
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)	209
SPDR S&P International Dividend Currency Hedged ETF (HDWX)	211
SPDR MSCI International Real Estate Currency Hedged ETF (HREX)	214
SPDR S&P Emerging Asia Pacific ETF (GMF)	220
SPDR S&P Russia ETF (RBL)	230
SPDR S&P China ETF (GXC)	232
SPDR MSCI China A Shares IMI ETF (XINA)	240
SPDR S&P Emerging Markets ETF (GMM)	250
SPDR S&P Emerging Markets Dividend ETF (EDIV)	266
SPDR S&P Emerging Europe ETF (GUR)	269
SPDR S&P Emerging Latin America ETF (GML)	272
SPDR S&P Emerging Middle East & Africa ETF (GAF)	276
SPDR S&P World ex-US ETF (GWL)	279
SPDR S&P International Small Cap ETF (GWX)	295
SPDR Dow Jones International Real Estate ETF (RWX)	319
SPDR S&P Global Infrastructure ETF (GII)	322
SPDR S&P Global Natural Resources ETF (GNR)	325
SPDR S&P North American Natural Resources ETF (NANR)	328
SPDR MSCI ACWI ex-US ETF (CWI)	330
SPDR MSCI ACWI IMI ETF (ACIM)	342
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	352
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	367
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM)	373
SPDR MSCI World StrategicFactorsSM ETF (QWLD)	384

SPDR MSCI Australia StrategicFactorsSM ETF (QAUS)	395
SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	398
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	401
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	404
SPDR MSCI Mexico StrategicFactorsSM ETF (QMEX)	410
SPDR MSCI South Korea StrategicFactorsSM ETF (QKOR)	412
SPDR MSCI Spain StrategicFactorsSM ETF (QESP)	416
SPDR MSCI Taiwan StrategicFactorsSM ETF (QTWN)	418
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	421
SPDR S&P Global Dividend ETF (WDIV)	425
SPDR S&P International Dividend ETF (DWX)	428
SPDR S&P Emerging Markets Small Cap ETF (EWX)	431
SPDR Dow Jones Global Real Estate ETF (RWO)	443
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	447
SPDR S&P International Consumer Staples Sector ETF (IPS)	451
SPDR S&P International Energy Sector ETF (IPW)	455
SPDR S&P International Financial Sector ETF (IPF)	458
SPDR S&P International Health Care Sector ETF (IRY)	462
SPDR S&P International Industrial Sector ETF (IPN)	465
SPDR S&P International Materials Sector ETF (IRV)	469
SPDR S&P International Technology Sector ETF (IPK)	473
SPDR S&P International Telecommunications Sector ETF (IST)	477
SPDR S&P International Utilities Sector ETF (IPU)	480
Financial Statements	484
Financial Highlights	524
Notes to Financial Statements	574
Report of Independent Registered Public Accounting Firm	607
Other Information (Unaudited)	608

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 STOXX EUROPE 50 ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was –0.42%, and the total return for the Index was –0.37% (Net). 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, which would have a negative impact on returns. Expenses, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

After being battered to close the third quarter of 2015 on a rapidly deteriorating global growth outlook, equity markets found their footing in October to open the fourth quarter. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. The relative dovishness of global central banks aided in the fourth quarter 2015 performance of the Fund, which finished 1.72% for the quarter.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the markets more than the last. Further unnerving markets was a continued rapid sell-off in oil prices that has been a prevailing market theme since the middle of 2014, prompting concerns over deflation and damage to energy producers to outweigh the once expected windfall to energy consumers in the calculus of the market. In light of these concerns, the Fund ended first quarter 2016 down –4.62%.

With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 navigated a storm of additional uncertainties, including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes, and now the surprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as “Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 down
only –0.09%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future. In light of these developments, the Fund returned +2.74% for the quarter ended September 30, 2016.

On an individual security level, the top positive contributors to the Fund’s performance were SAP SE, Siemens AG, and BP p.l.c. The top negative contributors to the Fund’s performance were Novartis AG, Lloyds Banking Group plc, and Barclays PLC.

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 SSGA Funds Management Inc., (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.

1

SPDR STOXX EUROPE 50 ETF — PERFORMANCE SUMMARY (UNAUDITED)

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

STOXX EUROPE 50 INDEX*

NET ASSET VALUE

MARKET VALUE

STOXX EUROPE 50 INDEX*

ONE YEAR

–0.42%

–0.62%

–0.37%

–0.42%

–0.62%

–0.37%

THREE YEARS

–6.14%

–6.48%

–6.19%

–2.09%

–2.21%

–2.11%

FIVE YEARS

30.87%

32.76%

30.82%

5.53%

5.83%

5.52%

TEN YEARS

0.02%

–0.57%

–0.23%

0.00%

–0.06%

–0.02%

* The STOXX Europe 50 Index is a market capitalization weighted index designed to represent the performance of some of the largest companies across all components of the 19 STOXX Europe 600 Supersector Indexes. The STOXX Europe 600 Supersector Indexes are subsets of the STOXX Europe 600 Index, which contains 600 of the largest stocks traded on the major exchanges in Europe. The STOXX Europe 600 Index is derived from the STOXX Europe Total Market Index (TMI) and is a subset of the STOXX Global 1800 Index. The Index covers 50 stocks from European countries generally regardless of a country’s adopted currency. The Index captures approximately 50% of the free-float market capitalization of the TMI, which in turn covers approximately 95% of the free-float market capitalization of the represented countries.

2

SPDR STOXX EUROPE 50 ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

3

SPDR STOXX EUROPE 50 ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	HSBC HOLDINGS PLC	BRITISH AMERICAN TOBACCO PLC
MARKET VALUE	$12,335,889	10,392,969	8,767,637	7,518,342	5,993,376
% OF NET ASSETS	6.6	5.6	4.7	4.0	3.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		22.1	%
Banks		12.7
Oil, Gas & Consumable Fuels		10.1
Food Products		6.6
Insurance		5.2
Personal Products		4.9
Beverages		4.7
Tobacco		4.5
Chemicals		4.3
Diversified Telecommunication Services		3.9
Industrial Conglomerates		2.5
Electrical Equipment		2.4
Software		2.4
Wireless Telecommunication Services		2.1
Automobiles		1.9
Household Products		1.7
Multi-Utilities		1.5
Capital Markets		1.3
Construction & Engineering		1.2
Textiles, Apparel & Luxury Goods		1.2
Metals & Mining		1.1
Semiconductors & Semiconductor Equipment		1.1
Short-Term Investments		0.8
Liabilities in Excess of Other Assets		(0.2	)
TOTAL		100.0	%

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

4

SPDR EURO STOXX 50 ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 0.62%, and the total return for the Index was 0.38% (Net). 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, which would have a negative impact on returns. Expenses, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

After being battered to close the third quarter of 2015 on a rapidly deteriorating global growth outlook, equity markets found their footing in October to open the fourth quarter. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. The relative dovishness of global central banks aided in the fourth quarter 2015 performance of the Fund, which finished 2.83% for the quarter.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the markets more than the last. Further unnerving markets was a continued rapid sell-off in oil prices that has been a prevailing market theme since the middle of 2014, prompting concerns over deflation and damage to energy producers to outweigh the once expected windfall to energy consumers in the calculus of the market. In light of these concerns, the Fund ended first quarter 2016 down –3.26%.

With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 navigated a storm of additional uncertainties, including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes, and now the surprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as “Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 down
only –4.79%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future. In light of these developments, the Fund returned +6.24% for the quarter ended September 30, 2016.

On an individual security level, the top positive contributors to the Fund’s performance were SAP SE, Siemens AG, and Anheuser-Busch InBev SA. The top negative contributors to the Fund’s performance were Deutsche Bank AG, Bayer AG, and UniCredit S.p.A.

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 SSGA Funds Management Inc., (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.

5

SPDR EURO STOXX 50 ETF — PERFORMANCE SUMMARY (UNAUDITED)

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

EURO STOXX 50 INDEX*

NET ASSET VALUE

MARKET VALUE

EURO STOXX 50 INDEX*

ONE YEAR

0.62%

0.49%

0.38%

0.62%

0.49%

0.38%

THREE YEARS

–5.73%

–5.80%

–6.53%

–1.95%

–1.97%

–2.23%

FIVE YEARS

36.33%

38.55%

34.00%

6.39%

6.74%

6.03%

TEN YEARS

–3.51%

–3.68%

–6.77%

–0.36%

–0.37%

–0.70%

* The EURO STOXX 50 Index is designed to represent the performance of some of the largest companies across components of the 20 EURO STOXX Supersector Indexes. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index. The EURO STOXX Index is a broad yet liquid subset of the STOXX Europe 600 Index. The Index captures approximately 60% of the free-float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free float market capitalization of the represented countries.

6

SPDR EURO STOXX 50 ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

7

SPDR EURO STOXX 50 ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TOTAL SA	ANHEUSER-BUSCH INBEV SA	SIEMENS AG	SAP SE	SANOFI
MARKET VALUE	$132,464,588	112,269,946	104,876,604	100,383,075	99,607,467
% OF NET ASSETS	5.2	4.4	4.1	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		11.8	%
Pharmaceuticals		7.6
Oil, Gas & Consumable Fuels		6.8
Insurance		6.3
Diversified Telecommunication Services		5.7
Automobiles		5.4
Chemicals		5.3
Industrial Conglomerates		5.3
Personal Products		5.2
Beverages		4.4
Software		3.9
Textiles, Apparel & Luxury Goods		3.6
Electric Utilities		3.2
Aerospace & Defense		2.6
Food Products		2.0
Construction & Engineering		1.9
Electrical Equipment		1.8
Semiconductors & Semiconductor Equipment		1.8
INDUSTRY	PERCENT OF NET ASSETS
Multi-Utilities		1.7
Specialty Retail		1.7
Communications Equipment		1.5
Health Care Providers & Services		1.4
Air Freight & Logistics		1.3
Food & Staples Retailing		1.3
Health Care Equipment & Supplies		1.3
Construction Materials		1.2
Real Estate Investment Trusts (REITs)		1.2
Building Products		1.0
Media		1.0
Capital Markets		0.8
Metals & Mining		0.0	**
Short-Term Investments		0.9
Liabilities in Excess of Other Assets		(0.9	)
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

8

SPDR EURO STOXX SMALL CAP ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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 an index that tracks the performance of small capitalization Eurozone equity securities. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for the Fund was 3.14%, and the total return for the EURO STOXX Small Index (the “Index”) was 3.26% (Net). 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, which would have a negative impact on returns. Cash and dividend receivables drag, fees and compounding contributed to the difference between the Fund’s performance and that of the Index.

The Eurozone equity markets opened the fourth quarter of 2015 with mixed sentiments as global central banks provided additional stimulus to combat the effects of a slowing global economy. The first quarter of 2016 also witnessed a sharp sell-off after the announcement of the long anticipated “Brexit” referendum to exit its 43 year membership in the European Union. European investors navigated a storm of additional uncertainties in the second quarter of 2016 as the European Central Bank resolved to continue its monetary policy of low interest rates and the prospect of a possible ‘leave’ vote in the British referendum increased. In the United Kingdom, the Bank of England engaged in some easing measures by reducing short term interest rates and also extending their quantitative easing program. The third quarter of 2016 also witnessed a muted performance for the Fund as the Brexit vote was confirmed and its impact led to some degree of deceleration in growth in its other Eurozone members.

On an individual security level, the top positive contributors to the Fund’s performance were Neste Corporation, Gamesa Corporacion Tecnologica, S.A., and Covestro AG. The top negative contributors to the Fund’s performance were Banco Comercial Portugues S.A., Banca Popolare dell’Emilia Romagna S.C.A.R.L., and Banca Popolare di Milano S.C.A.R.L

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 SSGA Funds Management Inc., (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.

9

SPDR EURO STOXX SMALL CAP ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

EURO STOXX SMALL INDEX*

NET ASSET VALUE

MARKET VALUE

EURO STOXX SMALL INDEX*

ONE YEAR

3.14%

3.13%

3.26%

3.14%

3.13%

3.26%

SINCE INCEPTION (1)

–17.12%

–17.14%

–16.86%

–7.75%

–7.77%

–7.63%

(1) For the period June 4, 2014 to September 30, 2016.

* The EURO STOXX Small Index is designed to provide a representation of small companies across the Eurozone. The Eurozone consists of European Union countries that have adopted the Euro as their currency. The Index consists of the Eurozone stocks included in the STOXX Europe Small 200 Index.

10

SPDR EURO STOXX SMALL CAP ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

11

SPDR EURO STOXX SMALL CAP ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	HUHTAMAKI OYJ	COVESTRO AG	JERONIMO MARTINS SGPS SA	KION GROUP AG	EUROFINS SCIENTIFIC SE
MARKET VALUE	$213,442	205,235	203,137	201,448	199,486
% OF NET ASSETS	1.8	1.7	1.7	1.7	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Media		10.1	%
Machinery		5.7
Real Estate Investment Trusts (REITs)		5.6
Food & Staples Retailing		5.5
Pharmaceuticals		5.3
Insurance		4.1
Diversified Financial Services		4.0
Banks		3.7
Chemicals		3.5
Auto Components		3.2
Air Freight & Logistics		3.1
Life Sciences Tools & Services		2.8
Building Products		2.4
Food Products		2.3
Diversified Telecommunication Services		2.1
Semiconductors & Semiconductor Equipment		2.1
Energy Equipment & Services		2.0
Construction Materials		1.9
Containers & Packaging		1.8
Commercial Services & Supplies		1.7
Airlines		1.6
Metals & Mining		1.6
Real Estate Management & Development		1.6

INDUSTRY	PERCENT OF NET ASSETS
Gas Utilities		1.5	%
Leisure Equipment & Products		1.5
Wireless Telecommunication Services		1.5
Health Care Providers & Services		1.4
Household Durables		1.4
Oil, Gas & Consumable Fuels		1.4
Health Care Equipment & Supplies		1.2
Industrial Conglomerates		1.2
Software		1.2
Aerospace & Defense		1.0
Beverages		1.0
Construction & Engineering		1.0
Independent Power Producers & Energy Traders		1.0
Textiles, Apparel & Luxury Goods		1.0
Multi-Utilities		0.9
Trading Companies & Distributors		0.9
Personal Products		0.8
Thrifts & Mortgage Finance		0.8
Transportation Infrastructure		0.8
Capital Markets		0.7
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

12

SPDR EURO STOXX 50 CURRENCY HEDGED ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR EURO STOXX 50 Currency Hedged 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, large cap, developed market common stocks within the European Monetary Union while mitigating exposure to fluctuations between the value of the Euro and the U.S. dollar. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for the Fund was 0.45%, and the total return for the EURO STOXX 50 Hedged USD Index (the “Index”) was 0.46% (Net). 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, which would have a negative impact on returns. Expenses, tax withholdings differences and cash drag contributed to the difference between the Fund’s performance and that of the Index.

After being battered to close the third quarter of 2015 on a rapidly deteriorating global growth outlook, equity markets found their footing in October to open the fourth quarter. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. The relative dovishness of global central banks aided in the fourth quarter 2015 performance of the Fund, which finished 4.71% for the quarter.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the markets more than the last. Further unnerving markets was a continued rapid sell-off in oil prices that has been a prevailing market theme since the middle of 2014, prompting concerns over deflation and damage to energy producers to outweigh the once expected windfall to energy consumers in the calculus of the market. In light of these concerns, the Fund ended first quarter 2016 down –7.47%.

With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 navigated a storm of additional uncertainties including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes, and now the surprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as “Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 down
only –1.03%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although “Brexit” resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future. In light of these developments, the Fund returned +4.75% for the quarter ended September 30, 2016.

The Fund used foreign currency forward contracts in order to replicate the “hedging” component of the Index. The Fund’s use of such forwards helped the Fund track the Index.

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 SSGA Funds Management Inc., (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.

13

SPDR EURO STOXX 50 CURRENCY HEDGED ETF — PERFORMANCE SUMMARY (UNAUDITED)

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 (6/8/15, 6/9/15, 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.

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. Index returns are net of dividend withholding taxes.

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 50 Currency Hedged ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.62% (0.32% after fee waiver). Fund returns at Net Asset Value shown in the table below for One Year and Since Inception reflect the impact of an expense limitation agreement. Had the adviser not waived fees and reimbursed certain expenses, returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

EURO STOXX 50 HEDGED USD INDEX*

NET ASSET VALUE

MARKET VALUE

EURO STOXX 50 HEDGED USD INDEX*

ONE YEAR

0.45%

0.77%

0.46%

0.45%

0.77%

0.46%

SINCE INCEPTION (1)

–9.36%

–9.16%

–9.61%

–7.21%

–7.06%

–7.41%

(1) For the period June 8, 2015 to September 30, 2016.

* The EURO STOXX 50 Hedged USD Index is a market capitalization weighted index designed to represent the performance of the largest companies across components of the 19 EURO STOXX Supersector Indexes, with the currency risk of the component securities hedged against the US dollar on a monthly basis. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index. The EURO STOXX Index is a broad yet liquid subset of the STOXX Europe 600 Index, which covers the 600 largest companies in Europe. The Index captures approximately 60% of the free-float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free float market capitalization of the represented countries.

14

SPDR EURO STOXX 50 CURRENCY HEDGED ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

15

SPDR EURO STOXX 50 CURRENCY HEDGED ETF — PORTFOLIO SUMMARY (UNAUDITED)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
International Equity		99.1	%
Short-Term Investment		0.5
Other Assets in Excess of Liabilities		0.4
TOTAL		100.0	%

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

16

SPDR S&P INTERNATIONAL DIVIDEND CURRENCY HEDGED ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P International Dividend Currency Hedged 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 domiciled in countries outside the United States that offer high dividend yields while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for the Fund was 12.20%, and the total return for the S&P International Dividend Opportunities USD Hedged Index (the “Index”) was 12.83% (Net). 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, 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.

Changes in monetary policy from various central banks, including further easing by the European Central Bank, a modest increase in the Federal Reserve rate, as well as a Chinese rate cut, helped the Fund finish in positive territory in the first quarter of the Reporting Period. Unfortunately economic weakness in China, plunging oil prices and geo-political tensions weighed on performance during the next few months causing negative returns. The Fund was additionally affected by deflationary pressures in Europe and the U.S. and inflation in emerging markets during this same period. The surprise “Brexit” vote in the U.K. to leave the EU in June and the resulting fall in the value of the British pound further prevented any material rebound through the second quarter of 2016. The Fund managed to rally in the fourth quarter of the Reporting Period primarily thanks to continued monetary policy easing, as the Bank of England announced a rate cut, Japan announced additional fiscal and monetary policies and the Federal Reserve decided to keep rates as is. Rebounding oil prices and strong earnings also helped in the quarter.

The Fund used foreign currency forward contracts in order to replicate the “hedging” component of the Index. The Fund’s use of such forwards helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance were Crescent Point Energy Corp., Sands China Ltd., and Pembina Pipeline Corporation. The top negative contributors to the Fund’s performance were Worleyparsons Limited, Berkeley Group Holdings plc, and Electricite de France 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 SSGA Funds Management Inc., (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.

17

SPDR S&P INTERNATIONAL DIVIDEND CURRENCY HEDGED ETF — PERFORMANCE SUMMARY (UNAUDITED)

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 (9/14/15, 9/15/15, 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.

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. Index returns are net of dividend withholding taxes.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Dividend Currency Hedged ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.93% (0.48% after fee waiver). Fund returns at Net Asset Value shown in the table below for One Year and Since Inception reflect the impact of an expense limitation agreement. Had the adviser not waived fees and reimbursed certain expenses, returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P INTERNATIONAL DIVIDEND OPPORTUNITIES USD HEDGED INDEX*		NET ASSET VALUE		MARKET VALUE		S&P INTERNATIONAL DIVIDEND OPPORTUNITIES USD HEDGED INDEX*
ONE YEAR		12.20%		12.44%		12.83%		12.20%		12.44%		12.83%
SINCE INCEPTION (1)		10.58%		10.86%		10.93%		10.09%		10.35%		10.42%

(1) For the period September 14, 2015 to September 30, 2016.

* The S&P International Dividend Opportunities USD Hedged Index is a yield weighted index designed to represent the performance of the 100 highest dividend-yielding common stocks and ADRs listed in primary exchanges of countries included in the S&P Global BMI ex U.S. (Broad Market Index).

18

SPDR S&P INTERNATIONAL DIVIDEND CURRENCY HEDGED ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

19

SPDR S&P INTERNATIONAL DIVIDEND CURRENCY HEDGED ETF — PORTFOLIO SUMMARY (UNAUDITED)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
International Equity		99.3	%
Short-Term Investment		0.0	**
Other Assets in Excess of 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.

20

SPDR MSCI INTERNATIONAL REAL ESTATE CURRENCY HEDGED ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI International Real Estate Currency Hedged 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 international real estate market while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for the Fund was 9.43%, and the total return for the MSCI World ex USA IMI Core Real Estate Capped 100% Hedged To USD Index (the “Index”) was 10.00% (Net). 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, which would have a negative impact on returns. Security misweights, cash and dividend receivables, fees and tax withholding differences contributed to the difference between the Fund’s performance and that of the Index.

During the Reporting Period, increased political and economic uncertainty pushed bond yields lower, which helped drive investors to income-producing alternatives like REITs. While the Fund returned almost 10% over the Reporting Period, the United Kingdom declined over 20% and was the worst performing country. The surprise outcome of the “Brexit” vote led to a sharp fall in the value of both property and currency in the United Kingdom in June and the uncertainty of the impact has led to more volatility in the market. Listed real estate in Australia performed well as the rental profile for office and retail companies was positive and earnings reports were generally strong. At the sector level, Industrials performed well. With e-commerce driving the need for more distribution centers, the sector had strong real estate operating fundamentals as rising demand outpaced limited new supply. Faced with decelerating growth, self-storage companies underperformed.

The Fund used foreign currency forward contracts in order to replicate the “hedging” component of the Index. The Fund’s use of such forwards helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance were Scentre Group, Link Real Estate Investment Trust, and Deutsche Wohnen AG. The top negative contributors to the Fund’s performance were Mitsui Fudosan Co., Ltd., Land Securities Group PLC, and British Land Company PLC.

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 SSGA Funds Management Inc., (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.

21

SPDR MSCI INTERNATIONAL REAL ESTATE CURRENCY HEDGED ETF — PERFORMANCE SUMMARY (UNAUDITED)

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 (9/14/15, 9/15/15, 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.

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. Index returns are net of dividend withholding taxes.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Real Estate Currency Hedged ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.48%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		MSCI WORLD EX USA IMI CORE REAL ESTATE CAPPED 100% HEDGED TO USD INDEX*		NET ASSET VALUE		MARKET VALUE		MSCI WORLD EX USA IMI CORE REAL ESTATE CAPPED 100% HEDGED TO USD INDEX*
ONE YEAR		9.43%		9.32%		10.00%		9.43%		9.32%		10.00%
SINCE INCEPTION (1)		10.87%		11.51%		11.46%		10.36%		10.97%		10.93%

(1) For the period September 14, 2015 to September 30, 2016.

* The MSCI World ex USA IMI Core Real Estate Capped 100% Hedged To USD Index is a free float-adjusted market capitalization-weighted index that is designed to reflect the performance of stocks in the MSCI World ex USA IMI Index that are engaged in the ownership, development and management of specific core real estate property types. To be included in the Index, a company needs to derive at least 75% of its revenues from real estate activities related to a combination of the following specific core property types: industrial, office, retail, residential, health care, hotel and resort, data centers, and storage. Companies classified in the real estate services industry, mortgage real estate investment trusts (“REITs”) and specialized REITs that are not involved in the above referenced specific core real estate property types are excluded from the Index.

22

SPDR MSCI INTERNATIONAL REAL ESTATE CURRENCY HEDGED ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

23

SPDR MSCI INTERNATIONAL REAL ESTATE CURRENCY HEDGED ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	UNIBAIL- RODAMCO SE	SUN HUNG KAI PROPERTIES, LTD.	CHEUNG KONG PROPERTY HOLDINGS, LTD.	SCENTRE GROUP REIT	VONOVIA SE
MARKET VALUE	$95,208	75,490	68,627	67,726	62,536
% OF NET ASSETS	4.5	3.6	3.2	3.2	3.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Investment Trusts (REITs)		56.3	%
Real Estate Management & Development		43.4
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

24

SPDR S&P EMERGING ASIA PACIFIC ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 17.24%, and the total return for the S&P Asia Pacific Emerging BMI Index (the “Index”) was 17.85% (Net). 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, 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 whipsawed through the fourth quarter of 2015, starting strong in October before wavering in November and December, but still ended up ahead as the Index gained 6.06% during this period. Following a tumultuous third quarter of 2015 in which Index heavyweight China shed over 20% of its value, Chinese equities stabilized in the fourth quarter, finishing up as investors shifted their attention to additional stimulus measures introduced by the People’s Bank of China (PBOC). Additionally, news in November that foreign exchange reserves had rebounded in October following five months of declines, and retail sales had further improved contributed in the Index gains over the fourth quarter of 2015.

The monthly volatility continued throughout the first quarter of 2016 as the Index lost 8.66% and 1.07% in January and February, respectively. After stumbling through the opening two months of 2016, the Index rebounded 10.38% in March to finish the full quarter down 0.25%. Economic catalysts aiding China’s recovery over the final month of the quarter included the PBOC cutting the required reserve ratio for all banks by 50bps on the last day of February. The gain in March was also attributed to an official Purchasing Managers’ Index (PMI) release of 50.2, outpacing economist estimates and indicating an economic expansion following eight consecutive monthly contractions.

The volatility subsided in the second quarter of 2016 as the Index started with losses of 0.88% and 0.33% in April and May, respectively, and finished by gaining 2.42% in March, for an overall gain of 1.18% for the quarter. While there was no shortage of events affecting emerging market equities through the second quarter of 2016, the most significant across both emerging and developed markets took place over the third week of June with the U.K. European Union referendum and the subsequent decision by Britain to withdraw from the EU. With most major polls suggesting a too close to call outcome, and bookmakers favoring a slight tilt toward “remain” entering the vote, risk assets sharply sold off on Friday, June 24th. Emerging market equities proved remarkably resilient amid the market stress, quickly rebounding following Friday’s fall as investors focused on the likely implications of easier monetary policy for an extended period.

The Index accelerated higher through the third quarter of 2016, rising 10.10% during this period. Economic catalysts driving Chinese equities through the quarter included second quarter GDP reported at 6.7%, outpacing consensus estimates and lending credence to the theory that easing by the PBOC had begun showing positive results. July’s trade surplus was reported at $52.3 billion, eclipsing both the previous month and expectations. Additionally, approval by the State Council for the Shenzhen-HK Connect, in an effort to link the two exchanges and further open China’s financial markets, enhanced the returns of Chinese equities during the third quarter of 2016.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Alibaba Group Holding Ltd. Sponsored ADR, and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR. The top negative contributors to the Fund’s performance were Qianhai Health Holdings Ltd., China Life Insurance Co. Ltd. Class H, and Infosys Limited Sponsored ADR.

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 SSGA Funds Management Inc., (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.

25

SPDR S&P EMERGING ASIA PACIFIC ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P ASIA PACIFIC EMERGING BMI INDEX*		NET ASSET VALUE		MARKET VALUE		S&P ASIA PACIFIC EMERGING BMI INDEX*
ONE YEAR		17.24%		18.15%		17.85%		17.24%		18.15%		17.85%
THREE YEARS		16.37%		17.64%		17.79%		5.18%		5.57%		5.61%
FIVE YEARS		39.66%		46.00%		44.64%		6.91%		7.86%		7.66%
SINCE INCEPTION (1)		68.33%		69.68%		70.76%		5.61%		5.70%		5.77%

(1) For the period March 20, 2007 to September 30, 2016.

* The S&P Asia Pacific Emerging BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in emerging Asian Pacific markets. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Asia Pacific Emerging Index calculation.

26

SPDR S&P EMERGING ASIA PACIFIC ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

27

SPDR S&P EMERGING ASIA PACIFIC ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TENCENT HOLDINGS, LTD.	ALIBABA GROUP HOLDING, LTD. ADR	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR	CHINA MOBILE, LTD.	CHINA CONSTRUCTION BANK CORP. CLASS H
MARKET VALUE	$17,509,449	13,429,723	12,864,166	8,114,955	7,863,782
% OF NET ASSETS	5.2	4.0	3.8	2.4	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		15.2	%
Internet Software & Services		12.2
Semiconductors & Semiconductor Equipment		6.9
Oil, Gas & Consumable Fuels		5.6
Wireless Telecommunication Services		4.3
Electronic Equipment, Instruments & Components		4.0
Real Estate Management & Development		3.7
Insurance		3.3
Automobiles		2.8
IT Services		2.7
Technology Hardware, Storage & Peripherals		2.5
Chemicals		2.3
Food Products		2.1
Diversified Telecommunication Services		2.0
Pharmaceuticals		1.9
Metals & Mining		1.7
Thrifts & Mortgage Finance		1.5
Construction & Engineering		1.4
Industrial Conglomerates		1.4
Internet & Catalog Retail		1.4
Construction Materials		1.2
Independent Power Producers & Energy Traders		1.2
Transportation Infrastructure		1.2
Capital Markets		1.1
Food & Staples Retailing		1.1
Hotels, Restaurants & Leisure		1.1
Textiles, Apparel & Luxury Goods		1.1
Diversified Financial Services		1.1
Machinery		0.9
Electric Utilities		0.8
Electrical Equipment		0.7

INDUSTRY	PERCENT OF NET ASSETS
Health Care Providers & Services		0.7	%
Personal Products		0.7
Auto Components		0.6
Beverages		0.6
Consumer Finance		0.6
Household Products		0.6
Media		0.6
Tobacco		0.5
Gas Utilities		0.4
Household Durables		0.4
Diversified Consumer Services		0.3
Specialty Retail		0.3
Aerospace & Defense		0.2
Airlines		0.2
Commercial Services & Supplies		0.2
Marine		0.2
Paper & Forest Products		0.2
Software		0.2
Water Utilities		0.2
Biotechnology		0.1
Building Products		0.1
Energy Equipment & Services		0.1
Health Care Equipment & Supplies		0.1
Leisure Equipment & Products		0.1
Multiline Retail		0.1
Road & Rail		0.1
Air Freight & Logistics		0.0	**
Communications Equipment		0.0	**
Containers & Packaging		0.0	**
Distributors		0.0	**
Professional Services		0.0	**
Trading Companies & Distributors		0.0	**
Short-Term Investments		2.4
Liabilities in Excess of Other Assets		(1.2	)
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.

28

SPDR S&P RUSSIA ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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 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, 2016 (the “Reporting Period”), the total return for the Fund was 25.55%, and the total return for the S&P Russia Capped BMI Index (the “Index”) was 28.95% (Net). 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, which would have a negative impact on returns. Fund expenses, cash drag, compounding, and optimization contributed to the difference between the Fund’s performance and that of the Index.

The stronger performance of emerging markets in 2016 comes after three straight years of declines, including a near 15% loss in 2015. Attribution for the healthy rebound in emerging markets in 2016 is a collection of country and regional narratives, though the space as a whole has broadly benefitted by a rebound in natural resource prices and a ratcheting down of expectations for the pace of Federal Reserve tightening that could adversely impact global liquidity conditions. After negative returns in the fourth quarter of 2015, the Index had positive returns during the first three quarters of 2016, gaining 31.6% during that period as the Russian economy adapted to sanctions imposed in 2014 by the United States and EU on Russian banks and oil and gas sectors because of Russia’s incursion into Ukraine starting in 2014. Despite Germany’s proposal for new sanctions in 2015 due to Russia’s involvement in Syria, the economy continued recovering and the Index significantly outperformed the MSCI World Index and MSCI Emerging Markets Index, which returned 11.36% and 16.78%, respectfully, for the Reporting Period. Fund returns were mainly driven by strong performance in Energy and Financials sectors as oil prices stabilized and started rising again. Interest rates remained high to combat inflation, yet were kept low enough in hopes that Russia becomes an attractive investment for foreign corporations in the non-fuels sectors. Economic recovery was aided by solid fundamentals, increasing consumption and net exports, which were helped along by a weaker ruble. Consumer Staples and Health Care were the weakest performing sectors in Russia during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Sberbank Russia OJSC Sponsored ADR, Oil company LUKOIL PJSC Sponsored ADR, and Yandex. The top negative contributors to the Fund’s performance were Magnit PJSC Sponsored GDR, Luxoft Holding, Inc. Class A, and MegaFon PJSC.

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 SSGA Funds Management Inc., (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.

29

SPDR S&P RUSSIA ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P RUSSIA CAPPED BMI INDEX*

NET ASSET VALUE

MARKET VALUE

S&P RUSSIA CAPPED BMI INDEX*

ONE YEAR

25.55%

26.15%

28.95%

25.55%

26.15%

28.95%

THREE YEARS

–26.99%

–26.60%

–24.45%

–9.95%

–9.79%

–8.92%

FIVE YEARS

–17.55%

–14.62%

–12.40%

–3.79%

–3.11%

–2.61%

SINCE INCEPTION (1)

–28.23%

–27.89%

–22.22%

–4.93%

–4.86%

–3.76%

(1) For the period March 10, 2010 to September 30, 2016.

* The S&P Russia Capped BMI Index is a float adjusted market cap index designed to define and measure the investable universe of publicly-traded companies domiciled in Russia. The Index component securities are a subset, based on region, of component securities included in the S&P Global BMI Equity Index.

30

SPDR S&P RUSSIA ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

31

SPDR S&P RUSSIA ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	GAZPROM PJSC ADR	LUKOIL PJSC ADR	SBERBANK OF RUSSIA PJSC ADR	SBERBANK OF RUSSIA PJSC ADR	MMC NORILSK NICKEL PJSC ADR
MARKET VALUE	$3,639,069	3,180,236	2,315,597	1,390,722	1,270,330
% OF NET ASSETS	13.6	11.9	8.7	5.2	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		44.7	%
Banks		18.0
Metals & Mining		11.2
Food & Staples Retailing		8.3
Wireless Telecommunication Services		4.8
Internet Software & Services		4.4
Chemicals		1.7
Diversified Telecommunication Services		1.5
Electric Utilities		1.2

INDUSTRY	PERCENT OF NET ASSETS
Household Durables		1.2	%
IT Services		1.1
Real Estate Management & Development		0.8
Road & Rail		0.5
Food Products		0.3
Energy Equipment & Services		0.2
Short-Term Investment		0.5
Liabilities in Excess of Other Assets		(0.4	)
TOTAL		100.0	%

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

32

SPDR S&P CHINA ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 17.81%, and the total return for the S&P China BMI Index (the “Index”) was 17.75% (Net). 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, which would have a negative impact on returns. The difference in return of the Fund and Index was largely due to misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.

Chinese equity markets started the Reporting Period strongly and the Index rose 10% in the first quarter. The gains were attributed to a rebound from dismal returns the previous quarter where the Index fell 24% and policy measures instituted by the Peoples Bank of China (PBOC) designed to boost investment and inflation. The second and third quarters of the Reporting Period saw mixed results with the Index falling 5.5% in the second quarter and returning essentially zero in the third quarter. Policy missteps around market regulations and mixed economic results during the quarters contributed to swings in market sentiment. The final quarter of the Reporting Period saw Chinese equities rally strongly. The Index rose over 13% during the final quarter, resulting in a full Reporting Period return of 17.75%. Reduced expectations around the pace of U.S. Federal Reserve tightening seemed to buoy the market.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Alibaba Group Holding Ltd. Sponsored ADR, and Baidu, Inc. Sponsored ADR Class A. The top negative contributors to the Fund’s performance were China Taiping Insurance Holdings Co., Ltd., CITIC Limited, and China Life Insurance Co. Ltd. Class H

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 SSGA Funds Management Inc., (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.

33

SPDR S&P CHINA ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P CHINA BMI INDEX*		NET ASSET VALUE		MARKET VALUE		S&P CHINA BMI INDEX*
ONE YEAR		17.81%		18.78%		17.75%		17.81%		18.78%		17.75%
THREE YEARS		12.96%		14.65%		14.26%		4.14%		4.66%		4.54%
FIVE YEARS		52.48%		59.65%		56.22%		8.80%		9.81%		9.33%
SINCE INCEPTION (1)		79.11%		81.37%		82.94%		6.30%		6.44%		6.54%

(1) For the period March 20, 2007 to September 30, 2016.

* The S&P China BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in China, but legally available to foreign investors. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the China Index calculation.

34

SPDR S&P CHINA ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

35

SPDR S&P CHINA ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TENCENT HOLDINGS, LTD.	ALIBABA GROUP HOLDING, LTD. ADR	CHINA CONSTRUCTION BANK CORP. CLASS H	CHINA MOBILE, LTD.	BAIDU, INC. ADR
MARKET VALUE	$91,149,401	73,025,462	42,801,763	42,266,702	30,804,787
% OF NET ASSETS	11.2	9.0	5.3	5.2	3.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Internet Software & Services		26.8	%
Banks		16.5
Insurance		5.5
Oil, Gas & Consumable Fuels		5.2
Wireless Telecommunication Services		5.2
Real Estate Management & Development		5.0
Internet & Catalog Retail		3.4
Capital Markets		2.2
Automobiles		2.1
Food Products		2.0
Diversified Telecommunication Services		1.4
Electronic Equipment, Instruments & Components		1.4
Independent Power Producers & Energy Traders		1.4
Transportation Infrastructure		1.4
Pharmaceuticals		1.3
Construction & Engineering		1.2
Textiles, Apparel & Luxury Goods		1.2
Industrial Conglomerates		1.1
Machinery		1.1
Metals & Mining		1.1
Diversified Consumer Services		1.0
Health Care Providers & Services		0.8
Water Utilities		0.8
Construction Materials		0.7
Commercial Services & Supplies		0.6
Electrical Equipment		0.6
Gas Utilities		0.6
Semiconductors & Semiconductor Equipment		0.6
Personal Products		0.5

INDUSTRY	PERCENT OF NET ASSETS
Technology Hardware, Storage & Peripherals		0.5	%
Chemicals		0.4
Communications Equipment		0.4
Consumer Finance		0.4
Food & Staples Retailing		0.4
Household Durables		0.4
Paper & Forest Products		0.4
Software		0.4
Airlines		0.3
Auto Components		0.3
Biotechnology		0.3
Hotels, Restaurants & Leisure		0.3
IT Services		0.3
Specialty Retail		0.3
Beverages		0.2
Energy Equipment & Services		0.2
Marine		0.2
Media		0.2
Multiline Retail		0.2
Road & Rail		0.2
Aerospace & Defense		0.1
Air Freight & Logistics		0.1
Containers & Packaging		0.1
Distributors		0.1
Diversified Financial Services		0.1
Health Care Equipment & Supplies		0.1
Household Products		0.1
Building Products		0.0	**
Trading Companies & Distributors		0.0	**
Short-Term Investments		4.2
Liabilities in Excess of Other Assets		(3.9	)
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.

36

SPDR MSCI CHINA A SHARES IMI ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI China A Shares IMI 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 investible stocks of Chinese companies that issue A Shares. In seeking this objective, the Fund uses a sampling strategy.

For the period from October 29, 2015 (inception) through September 30, 2016 (the “Reporting Period”), the total return for the Fund was –12.92%, and the total return for the MSCI China A International IMI Index (the “Index”) was –10.60% (Net). 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, which would have a negative impact on returns. The difference in return of the Fund and Index was largely due to misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.

Chinese equity markets started the Reporting Period strongly and the Index rose approximately 6.5% during the period from the Fund’s inception through December 31, 2015. The gains were attributed to policy measures instituted by the Peoples Bank of China (PBOC) designed to boost investment and inflation. The second and third quarters of the Reporting Period saw mixed results with the Index falling 16% in the second quarter and returning –3.3% in the third quarter. Policy missteps around market regulations and mixed economic results during the quarters contributed to swings in market sentiment. The final quarter of the Reporting Period saw Chinese equities rally. The Index rose 3.3% during the period, resulting in a Reporting Period return of –10.60%.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Kweichow Moutai Co., Ltd. Class A, China Vanke Co., Ltd Class A, and Midea Group Co. Ltd. Class A. The top negative contributors to the Fund’s performance were China Railway Group Limited Class A, Eternal Asia Supply Chain Management Ltd. Class A, and CRRC Corporation Limited Class A.

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 SSGA Funds Management Inc., (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.

37

SPDR MSCI CHINA A SHARES IMI ETF — PERFORMANCE SUMMARY (UNAUDITED)

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 (10/28/15, 10/29/15, 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.

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. Index returns are net of dividend withholding taxes.

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 China A Shares IMI ETF as stated in the Fees and Expenses table of the prospectus dated October 20, 2015 is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI CHINA A INTERNATIONAL IMI INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI CHINA A IMI INTERNATIONAL INDEX

SINCE INCEPTION (1)

–12.92%

–12.24%

–10.60%

N/A

N/A

N/A

(1) For the period October 28, 2015 to September 30, 2016.

* The MSCI China A International IMI Index is a free-float adjusted, market capitalization weighted index (giving greater weight to larger companies, based on the value of securities available in the market) designed to capture large, mid and small cap representation across Chinese securities with A share listings on the Shanghai or Shenzhen Stock Exchanges. The Index is comprised solely of A Shares and aims to capture approximately 99% of the investible Chinese domestic A Shares equity universe.

38

SPDR MSCI CHINA A SHARES IMI ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

39

SPDR MSCI CHINA A SHARES IMI ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	KWEICHOW MOUTAI CO., LTD. CLASS A	INDUSTRIAL BANK CO., LTD. CLASS A	SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD. CLASS A	CHINA MERCHANTS BANK CO., LTD. CLASS A	PING AN INSURANCE GROUP CO. OF CHINA, LTD. CLASS A
MARKET VALUE	$44,664	34,478	31,002	27,796	26,631
% OF NET ASSETS	2.1	1.6	1.4	1.3	1.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		10.4	%
Real Estate Management & Development		6.2
Capital Markets		5.7
Metals & Mining		5.3
Pharmaceuticals		5.2
Machinery		4.9
Chemicals		4.8
Electrical Equipment		4.1
Beverages		3.8
Electronic Equipment, Instruments & Components		3.8
Construction & Engineering		3.1
Food Products		3.0
Independent Power Producers & Energy Traders		2.8
Oil, Gas & Consumable Fuels		2.4
Household Durables		2.2
Insurance		2.2
Media		2.2
Auto Components		1.9
Textiles, Apparel & Luxury Goods		1.8
Transportation Infrastructure		1.7
Multiline Retail		1.6
Software		1.5
Communications Equipment		1.3
Aerospace & Defense		1.1
Airlines		1.1
Automobiles		1.1
Commercial Services & Supplies		1.0
Containers & Packaging		1.0
Semiconductors & Semiconductor Equipment		1.0

INDUSTRY	PERCENT OF NET ASSETS
Trading Companies & Distributors		0.9	%
Biotechnology		0.8
Energy Equipment & Services		0.8
Construction Materials		0.7
IT Services		0.7
Specialty Retail		0.7
Air Freight & Logistics		0.6
Diversified Consumer Services		0.6
Hotels, Restaurants & Leisure		0.6
Paper & Forest Products		0.6
Technology Hardware, Storage & Peripherals		0.6
Water Utilities		0.6
Road & Rail		0.5
Internet Software & Services		0.4
Building Products		0.3
Diversified Financial Services		0.3
Diversified Telecommunication Services		0.3
Food & Staples Retailing		0.3
Health Care Providers & Services		0.3
Wireless Telecommunication Services		0.3
Electric Utilities		0.2
Leisure Equipment & Products		0.2
Distributors		0.1
Health Care Equipment & Supplies		0.1
Industrial Conglomerates		0.1
Life Sciences Tools & Services		0.1
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

40

SPDR S&P EMERGING MARKETS ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 17.38%, and the total return for the S&P Emerging BMI Index (the “Index”) was 18.02% (Net). 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, 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, there was a general lessening of geopolitical tensions which had a positive impact on the Fund’s return. For non-geopolitical issues, fears have continued to abate regarding a hard landing for the Chinese economy. This was caused in part by better than expected growth numbers in China which was not unique as the emerging markets in general saw better growth during the Reporting Period. Additionally, these markets have been helped by the Federal Reserve moving slower than anticipated with respect to interest rate hikes. This was particularly helpful for many of the Emerging Market countries due to the propensity to have borrowed in U.S. dollars which led to reductions in both debt servicing concerns and capital outflows. In general, the environment of accommodative Central Banks buoyed the Fund’s returns. Finally, many of the emerging market countries were positively impacted by increasing commodity prices.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Alibaba Group Holding Ltd. Sponsored ADR, and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance were America Movil SAB de CV Class L, China Life Insurance Co. Ltd. Class H, and Infosys Limited Sponsored ADR.

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 SSGA Funds Management Inc., (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.

41

SPDR S&P EMERGING MARKETS ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P EMERGING BMI INDEX*		NET ASSET VALUE		MARKET VALUE		S&P EMERGING BMI INDEX*
ONE YEAR		17.38%		18.31%		18.02%		17.38%		18.31%		18.02%
THREE YEARS		1.06%		2.01%		1.69%		0.35%		0.66%		0.56%
FIVE YEARS		18.33%		22.13%		19.94%		3.42%		4.08%		3.70%
SINCE INCEPTION (1)		33.87%		34.98%		34.35%		3.11%		3.20%		3.15%

(1) For the period March 20, 2007 to September 30, 2016.

* The S&P Emerging BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in emerging markets. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

42

SPDR S&P EMERGING MARKETS ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

43

SPDR S&P EMERGING MARKETS ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TENCENT HOLDINGS, LTD.	ALIBABA GROUP HOLDING, LTD. ADR	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.	NASPERS, LTD. CLASS N	CHINA CONSTRUCTION BANK CORP. CLASS H
MARKET VALUE	$8,501,572	6,324,126	4,771,299	3,971,525	3,893,863
% OF NET ASSETS	3.6	2.7	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		18.0	%
Internet Software & Services		8.4
Oil, Gas & Consumable Fuels		7.6
Semiconductors & Semiconductor Equipment		4.0
Wireless Telecommunication Services		3.9
Real Estate Management & Development		3.5
Metals & Mining		3.2
Insurance		2.9
Automobiles		2.8
Electronic Equipment, Instruments & Components		2.8
Food Products		2.5
IT Services		2.5
Beverages		2.2
Media		2.2
Diversified Telecommunication Services		2.0
Pharmaceuticals		1.9
Technology Hardware, Storage & Peripherals		1.7
Diversified Financial Services		1.6
Chemicals		1.5
Transportation Infrastructure		1.5
Industrial Conglomerates		1.4
Multiline Retail		1.4
Food & Staples Retailing		1.3
Construction & Engineering		1.2
Household Durables		1.2
Independent Power Producers & Energy Traders		1.2
Thrifts & Mortgage Finance		1.2
Construction Materials		1.0
Internet & Catalog Retail		1.0
Capital Markets		0.9
Electric Utilities		0.8
Hotels, Restaurants & Leisure		0.8

INDUSTRY	PERCENT OF NET ASSETS
Specialty Retail		0.8	%
Household Products		0.7
Textiles, Apparel & Luxury Goods		0.7
Machinery		0.6
Paper & Forest Products		0.6
Airlines		0.5
Health Care Providers & Services		0.5
Water Utilities		0.5
Personal Products		0.4
Air Freight & Logistics		0.3
Electrical Equipment		0.3
Gas Utilities		0.3
Tobacco		0.3
Auto Components		0.2
Commercial Services & Supplies		0.2
Diversified Consumer Services		0.2
Real Estate Investment Trusts (REITs)		0.2
Trading Companies & Distributors		0.2
Aerospace & Defense		0.1
Biotechnology		0.1
Building Products		0.1
Communications Equipment		0.1
Consumer Finance		0.1
Distributors		0.1
Energy Equipment & Services		0.1
Health Care Equipment & Supplies		0.1
Leisure Equipment & Products		0.1
Marine		0.1
Road & Rail		0.1
Containers & Packaging		0.0	**
Multi-Utilities		0.0	**
Professional Services		0.0	**
Software		0.0	**
Short-Term Investments		2.3
Liabilities in Excess of Other Assets		(1.0	)
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

44

SPDR S&P EMERGING MARKETS DIVIDEND ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 14.70%, and the total return for the S&P Emerging Markets Dividend Opportunities Index (the “Index”) was 16.28% (Net). 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, which would have a negative impact on returns. Cash drag, security misweights and compounding contributed to the difference between the Fund’s performance and that of the Index.

Performance declined in the initial two months of 2016 as concerns about the slowing global economy, a diplomatic dispute between Iran and Saudi Arabia and terrorist attacks in Turkey weighed on investor sentiments. The markets had a healthy rebound in March as central banks around the world stepped in to support the economy and the People’s Bank of China reset the yuan reference rate and lowered reserve requirement ratios. As banks followed unconventional monetary policies to achieve their inflation targets, the suppression of yields left a telling mark in the financial markets in the first three quarters of 2016. After a further short lived episode of volatility around “Brexit” in June 2016, emerging equity markets recovered admirably and ended the Reporting Period in double digit positive performance territory.

On an individual security level, the top positive contributors to the Fund’s performance were CCR S.A., Smiles SA, and Realtek Semiconductor Corp. The top negative contributors to the Fund’s performance were Intouch Holdings Public Co. Ltd. NVDR, Kumba Iron Ore Limited, and Radiant Opto-Electronics Corp.

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 SSGA Funds Management Inc., (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.

45

SPDR S&P EMERGING MARKETS DIVIDEND ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P EMERGING MARKETS DIVIDEND OPPORTUNITIES INDEX*

NET ASSET VALUE

MARKET VALUE

S&P EMERGING MARKETS DIVIDEND OPPORTUNITIES INDEX*

ONE YEAR

14.70%

15.95%

16.28%

14.70%

15.95%

16.28%

THREE YEARS

–22.29%

–21.62%

–20.04%

–8.06%

–7.80%

–7.18%

FIVE YEARS

–20.28%

–18.12%

–16.12%

–4.43%

–3.92%

–3.45%

SINCE INCEPTION (1)

–27.24%

–26.52%

–21.08%

–5.52%

–5.35%

–4.14%

(1) For the period February 23, 2011 to September 30, 2016.

* The S&P Emerging Markets Dividend Opportunities Index generally includes 100 tradable, exchange-listed common stocks from emerging market countries that offer high dividend yields. To be included in the Index, stocks must have a total market capitalization greater than $1 billion, with a float-adjusted market cap greater than $300 million and a three-month average daily value traded greater than $1 million as of the rebalance reference date. Additionally, stocks must have positive 3-year earnings growth and profitability. Stocks are weighted by annual dividend yield. To ensure diverse exposure, no single country or sector has more than a 25% weight and no single stock has more than a 3% weight.

46

SPDR S&P EMERGING MARKETS DIVIDEND ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

47

SPDR S&P EMERGING MARKETS DIVIDEND ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	CCR SA	EREGLI DEMIR VE CELIK FABRIKALARI TAS	MTN GROUP, LTD.	VODACOM GROUP, LTD.	ADVANCED INFO SERVICE PCL NVDR
MARKET VALUE	$11,635,058	10,491,595	9,959,164	9,116,076	8,622,338
% OF NET ASSETS	3.9	3.5	3.3	3.0	2.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Wireless Telecommunication Services		20.2	%
Banks		11.4
Semiconductors & Semiconductor Equipment		8.8
Real Estate Management & Development		7.3
Technology Hardware, Storage & Peripherals		5.9
Capital Markets		4.7
Metals & Mining		4.6
Transportation Infrastructure		4.6
Insurance		3.7
Media		3.5
Real Estate Investment Trusts (REITs)		3.1
Electronic Equipment, Instruments & Components		2.5
Independent Power Producers & Energy Traders		2.4
Auto Components		2.3

INDUSTRY	PERCENT OF NET ASSETS
Construction Materials		1.7	%
Specialty Retail		1.7
Oil, Gas & Consumable Fuels		1.5
Automobiles		1.4
Diversified Financial Services		1.4
Electric Utilities		1.2
Marine		1.0
Road & Rail		0.9
Commercial Services & Supplies		0.7
Textiles, Apparel & Luxury Goods		0.7
Industrial Conglomerates		0.6
Water Utilities		0.5
Multi-Utilities		0.4
Tobacco		0.4
Thrifts & Mortgage Finance		0.3
Short-Term Investments		1.9
Liabilities in Excess of Other Assets		(1.3	)
TOTAL		100.0	%

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

48

SPDR S&P EMERGING EUROPE ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 11.85%, and the total return for the S&P European Emerging Capped BMI Index (the “Index”) was 13.75% (Net). 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, which would have a negative impact on returns. Cash drag, security misweights and compounding contributed to the difference between the Fund’s performance and that of the Index.

After a mosaic of uncertainties persisted in 2015, investors nerves were soothed to some degree as the first quarter of 2016 witnessed a positive comeback. The relief rally in emerging markets that began in the middle part of February continued in March as a new round of easing measures came most actively through the European Central Bank (ECB). Despite the short lived episode of volatility in June concerning “Brexit,” emerging markets in Europe recovered admirably, benefitting from an increase in energy prices as well as a rebound in other natural resource prices. Emerging market currencies also appreciated against the U.S. dollar as the Federal Reserve did not increase U.S. interest rates. While the unrest and geo-political risks in Turkey added some pressure to the fragile markets, investors managed to demonstrate an air of complacency through the last quarter of the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Oil company LUKOIL PJSC Sponsored ADR, Public Joint-Stock Company Gazprom, and Oil company LUKOIL PJSC. The top negative contributors to the Fund’s performance were Alpha Bank AE, Powszechny Zaklad Ubezpieczen Spolka Akcyjna, and Public Joint-Stock Company Gazprom Sponsored ADR.

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 SSGA Funds Management Inc., (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.

49

SPDR S&P EMERGING EUROPE ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P EUROPEAN EMERGING CAPPED BMI INDEX*

NET ASSET VALUE

MARKET VALUE

S&P EUROPEAN EMERGING CAPPED BMI INDEX*

ONE YEAR

11.85%

12.33%

13.75%

11.85%

12.33%

13.75%

THREE YEARS

–29.06%

–28.96%

–28.85%

–10.81%

–10.77%

–10.72%

FIVE YEARS

–17.54%

–14.51%

–15.79%

–3.78%

–3.09%

–3.38%

SINCE INCEPTION (1)

–40.38%

–40.21%

–39.13%

–5.28%

–5.25%

–5.07%

(1) For the period March 20, 2007 to September 30, 2016.

* The S&P European Emerging Capped BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in emerging European markets. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation. Each individual stock is capped at a maximum of 24% of index weight and changes in capping are monitored on the quarterly rebalancing dates.

50

SPDR S&P EMERGING EUROPE ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

51

SPDR S&P EMERGING EUROPE ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	GAZPROM PJSC ADR	LUKOIL PJSC ADR	SBERBANK OF RUSSIA PJSC	MMC NORILSK NICKEL PJSC ADR	MAGNIT PJSC GDR
MARKET VALUE	$2,630,332	2,234,676	1,888,053	1,058,611	977,881
% OF NET ASSETS	7.7	6.6	5.6	3.1	2.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		30.2	%
Banks		25.7
Metals & Mining		9.2
Food & Staples Retailing		5.5
Wireless Telecommunication Services		3.2
Electric Utilities		2.6
Diversified Telecommunication Services		2.5
Industrial Conglomerates		2.3
Diversified Financial Services		2.1
Internet Software & Services		2.0
Chemicals		1.5
Household Durables		1.3
Insurance		1.1
Pharmaceuticals		0.8
Real Estate Investment Trusts (REITs)		0.8
Airlines		0.7
Beverages		0.7
Real Estate Management & Development		0.7
Software		0.7
Textiles, Apparel & Luxury Goods		0.7
Construction & Engineering		0.6

INDUSTRY	PERCENT OF NET ASSETS
Hotels, Restaurants & Leisure		0.6	%
Specialty Retail		0.6
Automobiles		0.5
Food Products		0.5
IT Services		0.4
Construction Materials		0.3
Consumer Finance		0.3
Distributors		0.3
Media		0.3
Independent Power Producers & Energy Traders		0.2
Machinery		0.2
Marine		0.2
Aerospace & Defense		0.1
Energy Equipment & Services		0.1
Road & Rail		0.1
Transportation Infrastructure		0.1
Water Utilities		0.1
Short-Term Investments		0.2
Liabilities in Excess of Other Assets		(0.0	)**
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

52

SPDR S&P EMERGING LATIN AMERICA ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 27.02%, and the total return for the S&P Latin America BMI Index (the “Index”) was 28.56% (Net). 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, which would have a negative impact on returns. Expenses, transaction costs, cash drag, security misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

The Fund generated positive returns for three out of four quarters during the Reporting Period. The majority of the performance for the Reporting Period occurred in first quarter 2016, when the Fund generated double digit returns. Regional heavyweight Brazil (the largest country by weight in the Fund) was the top overall performing country, as both the Materials and Financial sectors notably strengthened. Additionally boosting the market, following a two year inquiry by the country’s Federal Police into potential bribery and corruption at state-controlled oil giant Petrobras, which expanded to include the investigation of nearly 50 politicians and recently that of former President Lula Da Silva, political pressure mounted in March in the form of protests across the country for the continuation of impeachment proceedings against current President Dilma Rousseff. News of Rousseff’s possible impeachment initially caused both equity markets to surge and the real to strengthen against the U.S. dollar as many investors viewed the government as largely responsible for the country’s exceptionally high inflation and deep economic woes. The Brazilian market was again strong in third quarter 2016, despite experiencing the formal ousting of President Dilma Rousseff, as it broadly benefitted from the strengthening of oil and metal prices in addition to reform speculation in accordance with recent leadership changes. From a currency perspective, all the local currencies within the Latin American basket, except for the Mexican peso, appreciated versus the U.S. dollar, which helped add to the positive Fund return (as measured in U.S. dollars) during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Itau Unibanco Holding S.A. Sponsored ADR Pfd, Banco Bradesco S.A. Sponsored ADR Pfd, and Petroleo Brasileiro SA Sponsored ADR Pfd. The top negative contributors to the Fund’s performance were Grupo Financiero Inbursa SAB de CV Class O, Fibria Celulose S.A. Sponsored ADR, and America Movil SAB de CV Class L.

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 SSGA Funds Management Inc., (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.

53

SPDR S&P EMERGING LATIN AMERICA ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P LATIN AMERICA BMI INDEX*

NET ASSET VALUE

MARKET VALUE

S&P LATIN AMERICA BMI INDEX*

ONE YEAR

27.02%

26.59%

28.56%

27.02%

26.59%

28.56%

THREE YEARS

–23.68%

–23.74%

–22.50%

–8.61%

–8.64%

–8.14%

FIVE YEARS

–19.49%

–18.93%

–16.79%

–4.24%

–4.11%

–3.61%

SINCE INCEPTION (1)

–2.00%

–2.18%

7.03%

–0.21%

–0.23%

0.72%

(1) For the period March 20, 2007 to September 30, 2016.

* The S&P Latin America BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in emerging Latin American markets. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

54

SPDR S&P EMERGING LATIN AMERICA ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

55

SPDR S&P EMERGING LATIN AMERICA ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	ITAU UNIBANCO HOLDING SA PREFERENCE SHARES ADR	BANCO BRADESCO SA PREFERENCE SHARES ADR	AMBEV SA ADR	FOMENTO ECONOMICO MEXICANO SAB DE CV	PETROLEO BRASILEIRO SA PREFERENCE SHARES ADR
MARKET VALUE	$1,512,794	1,160,298	1,121,894	850,872	786,583
% OF NET ASSETS	5.5	4.2	4.1	3.1	2.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		23.3	%
Beverages		8.6
Oil, Gas & Consumable Fuels		8.3
Metals & Mining		7.4
Food Products		4.5
Food & Staples Retailing		4.4
Electric Utilities		3.8
Multiline Retail		3.7
Wireless Telecommunication Services		2.7
Construction Materials		2.6
Diversified Financial Services		2.3
Media		2.3
Transportation Infrastructure		2.3
Independent Power Producers & Energy Traders		2.0
Industrial Conglomerates		1.8
IT Services		1.5
Paper & Forest Products		1.4
Diversified Consumer Services		1.3
Diversified Telecommunication Services		1.2
Capital Markets		1.1
Insurance		1.1
Real Estate Investment Trusts (REITs)		1.1
Water Utilities		1.0
Airlines		0.9
Personal Products		0.9

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Management & Development		0.9	%
Chemicals		0.8
Construction & Engineering		0.7
Health Care Providers & Services		0.7
Household Products		0.7
Machinery		0.7
Containers & Packaging		0.6
Aerospace & Defense		0.5
Household Durables		0.4
Road & Rail		0.4
Auto Components		0.3
Gas Utilities		0.3
Hotels, Restaurants & Leisure		0.3
Software		0.3
Consumer Finance		0.2
Internet & Catalog Retail		0.1
Pharmaceuticals		0.1
Specialty Retail		0.1
Textiles, Apparel & Luxury Goods		0.1
Trading Companies & Distributors		0.1
Commercial Services & Supplies		0.0	**
Short-Term Investments		4.4
Liabilities in Excess of Other Assets		(4.2	)
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.

56

SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 7.94%, and the total return for the S&P Mid-East & Africa BMI Index (the “Index”) was 8.39% (Net). 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, which would have a negative impact on returns. Expenses, transaction costs, cash drag, security misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

After a rough fourth quarter 2015 in which the Fund produced negative double-digit returns, the next three quarters all resulted in positive performance, with the first quarter 2016 being particularly strong, evidenced by double-digit positive returns. Following a tumultuous opening month of 2016, emerging market equities rebounded over the latter half of first quarter 2016 to finish the full quarter up strongly. Performance across riskier assets was positive as emerging market currencies collectively appreciated and commodity prices broadly recovered. While there was no shortage of events affecting emerging market equities through second quarter 2016, the most significant across both emerging and developed markets took place over the third week of June with the U.K. European Union referendum and the consequent decision for Britain to withdraw from the EU. With most major polls suggesting a too close to call outcome, and bookmakers favoring a slight tilt toward “remain” entering the vote, risk assets sharply sold off on Friday, June 24th. However, emerging market equities proved remarkably resilient amid the market stress, quickly rebounding following that Friday’s fall as investors focused on the likely implications of an easier monetary policy for an extended period. Second quarter 2016 was another strong one for the Fund, as it returned over 6% (as measured in USD), aided in part by strength across metals. Gold and silver were up 23.9% and 40.0%, respectively, through the first three quarters of 2016. During third quarter 2016, the strongest performing currency was the South African rand, which gained 6.5%.

On an individual security level, the top positive contributors to the Fund’s performance were Naspers Limited Class N, AngloGold Ashanti Limited, and Sibanye Gold Ltd. The top negative contributors to the Fund’s performance were Commercial International Bank (Egypt) SAE, Woolworths Holdings Limited, and MTN Group Limited.

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 SSGA Funds Management Inc., (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.

57

SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P MID-EAST & AFRICA BMI INDEX*		NET ASSET VALUE		MARKET VALUE		S&P MID-EAST & AFRICA BMI INDEX*
ONE YEAR		7.94%		8.34%		8.39%		7.94%		8.34%		8.39%
THREE YEARS		–3.44%		–3.67%		–0.69%		–1.16%		–1.24%		–0.23%
FIVE YEARS		12.41%		14.89%		16.34%		2.37%		2.82%		3.07%
SINCE INCEPTION (1)		31.56%		30.92%		41.85%		2.92%		2.87%		3.74%

(1) For the period March 20, 2007 to September 30, 2016.

* The S&P Mid-East & Africa BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in emerging Middle Eastern and African markets. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

58

SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

59

SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NASPERS, LTD. CLASS N	STEINHOFF INTERNATIONAL HOLDINGS NV	SASOL, LTD.	MTN GROUP, LTD.	STANDARD BANK GROUP, LTD.
MARKET VALUE	$5,320,009	1,299,482	982,296	927,440	866,950
% OF NET ASSETS	17.7	4.3	3.3	3.1	2.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Media		17.7	%
Banks		14.5
Diversified Financial Services		6.3
Metals & Mining		5.2
Wireless Telecommunication Services		5.0
Insurance		4.4
Household Durables		4.3
Food & Staples Retailing		4.2
Real Estate Management & Development		4.1
Oil, Gas & Consumable Fuels		3.9
Diversified Telecommunication Services		3.5
Real Estate Investment Trusts (REITs)		3.4
Food Products		2.9
Health Care Providers & Services		2.6
Industrial Conglomerates		2.3
Specialty Retail		2.1
Capital Markets		1.9
Pharmaceuticals		1.6
Paper & Forest Products		1.2
Multiline Retail		1.1
Hotels, Restaurants & Leisure		1.0
Transportation Infrastructure		0.8
Construction & Engineering		0.7
Chemicals		0.6

INDUSTRY	PERCENT OF NET ASSETS
Distributors		0.5	%
Marine		0.5
Construction Materials		0.4
Multi-Utilities		0.4
Trading Companies & Distributors		0.4
Containers & Packaging		0.3
IT Services		0.3
Airlines		0.2
Beverages		0.2
Diversified Consumer Services		0.2
Electrical Equipment		0.2
Electronic Equipment, Instruments & Components		0.2
Tobacco		0.2
Biotechnology		0.1
Building Products		0.1
Commercial Services & Supplies		0.1
Energy Equipment & Services		0.1
Auto Components		0.0	**
Professional Services		0.0	**
Textiles, Apparel & Luxury Goods		0.0	**
Short-Term Investments		3.0
Liabilities in Excess of Other Assets		(2.7	)
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.

60

SPDR S&P WORLD ex-US ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 8.12%, and the total return for the S&P Developed Ex-U.S. BMI Index (the “Index”) was 8.51% (Net). 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, 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 had positive performance during the Reporting Period. Changes in monetary policy from various central banks, including further easing by the European Central Bank, a modest increase in the Federal Reserve rate, as well as a Chinese rate cut, helped the Fund finish in positive territory in the first quarter of the Reporting Period. Unfortunately, economic weakness in China, plunging oil prices and geo-political tensions weighed on performance during the next few months causing negative returns. The Fund was additionally affected by deflationary pressures in Europe and the U.S. and inflation in emerging markets during this same period. The surprise “Brexit” vote in the U.K. to leave the EU in June and resulting fall in the value of the British pound further prevented any material rebound through the second quarter of 2016. The Fund managed to rally in the fourth quarter of the Reporting Period primarily thanks to continued monetary policy easing, as the Bank of England announced a rate cut, Japan announced additional fiscal and monetary policies and the Federal Reserve decided to keep rates as is. Rebounding oil prices and strong earnings also helped in the quarter.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd. GDR RegS, Siemens AG, and adidas AG. The top negative contributors to the Fund’s performance were Barclays PLC, Novartis AG, and Valeant Pharmaceuticals International Inc.

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 SSGA Funds Management Inc., (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.

61

SPDR S&P WORLD ex-US ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.34%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-US BMI INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-US BMI INDEX*
ONE YEAR		8.12%		7.65%		8.51%		8.12%		7.65%		8.51%
THREE YEARS		2.67%		2.66%		3.28%		0.88%		0.88%		1.08%
FIVE YEARS		41.99%		44.04%		42.95%		7.26%		7.57%		7.40%
SINCE INCEPTION (1)		3.38%		3.49%		4.82%		0.35%		0.36%		0.50%

(1) For the period April 20, 2007 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in developed countries outside the U.S. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

62

SPDR S&P WORLD ex-US ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

63

SPDR S&P WORLD ex-US ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NESTLE SA	NOVARTIS AG	SAMSUNG ELECTRONICS CO., LTD. GDR	ROCHE HOLDING AG	TOYOTA MOTOR CORP.
MARKET VALUE	$9,191,528	7,890,621	7,336,265	6,624,392	6,134,135
% OF NET ASSETS	1.4	1.2	1.2	1.0	1.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		10.9	%
Pharmaceuticals		7.0
Oil, Gas & Consumable Fuels		5.6
Insurance		5.4
Chemicals		3.5
Food Products		3.5
Metals & Mining		3.3
Automobiles		3.2
Beverages		2.5
Diversified Telecommunication Services		2.4
Machinery		2.4
Real Estate Management & Development		2.3
Hotels, Restaurants & Leisure		2.0
Media		2.0
Electric Utilities		1.9
Food & Staples Retailing		1.9
Technology Hardware, Storage & Peripherals		1.8
Industrial Conglomerates		1.7
Personal Products		1.7
Real Estate Investment Trusts (REITs)		1.7
Wireless Telecommunication Services		1.7
Capital Markets		1.6
Road & Rail		1.6
Auto Components		1.5
Textiles, Apparel & Luxury Goods		1.5
Tobacco		1.4
Electronic Equipment, Instruments & Components		1.3
Software		1.3
Trading Companies & Distributors		1.3
Construction & Engineering		1.2
Electrical Equipment		1.2
Health Care Equipment & Supplies		1.1
Household Durables		1.1
Multi-Utilities		1.1

INDUSTRY	PERCENT OF NET ASSETS
Commercial Services & Supplies		1.0	%
Household Products		1.0
Semiconductors & Semiconductor Equipment		1.0
Diversified Financial Services		0.8
Gas Utilities		0.8
IT Services		0.8
Specialty Retail		0.8
Aerospace & Defense		0.7
Biotechnology		0.7
Building Products		0.7
Professional Services		0.7
Health Care Providers & Services		0.6
Construction Materials		0.5
Communications Equipment		0.4
Multiline Retail		0.4
Transportation Infrastructure		0.4
Air Freight & Logistics		0.3
Internet Software & Services		0.3
Paper & Forest Products		0.3
Airlines		0.2
Leisure Equipment & Products		0.2
Life Sciences Tools & Services		0.2
Marine		0.2
Water Utilities		0.2
Consumer Finance		0.1
Containers & Packaging		0.1
Energy Equipment & Services		0.1
Internet & Catalog Retail		0.1
Distributors		0.0	**
Diversified Consumer Services		0.0	**
Health Care Technology		0.0	**
Independent Power Producers & Energy Traders		0.0	**
Thrifts & Mortgage Finance		0.0	**
Short-Term Investments		4.4
Liabilities in Excess of Other Assets		(3.6	)
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

64

SPDR S&P INTERNATIONAL SMALL CAP ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 16.18%, and the total return for the S&P Developed Ex-U.S. under USD2 Billion Index (the “Index”) was 15.10% (Net). 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, 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 gained 5.08% in the last quarter of 2015, rebounding from a sharp sell-off in the previous quarter on global fears emanating from emerging markets led by China. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. On October 22nd, European Central Bank (ECB) President Draghi gave strong indications the ECB would be prepared to introduce additional stimulus measures before the end of 2015, citing the negative effect weak emerging markets growth will have on meeting ECB inflation targets. This was followed a day later by an interest rate cut by the Peoples Bank of China and further policy measures to combat weak investment growth and low inflation.

The Index returned a modest 1.25% in the first quarter of 2016 despite an aggressive sell-off during the first two weeks of the calendar year on a mosaic of uncertainties persisting from 2015 stemming from conflicting messages from China’s policy makers and fears of deflation due to a rapid sell-off in oil prices. If there is a story to be told as to what was the catalyst that caused risk assets to rally beginning on February 12th, there are few as compelling as the reversal in oil prices. All in, the broader Bloomberg Commodity Index was up 3.8% for the first quarter after being down more than 5.8% on February 11th.

The Index gained 4.16% in April to start the second quarter of 2016, largely due to the continuation of the stock market rally from the rebound in oil prices that started on February 12th. After showing signs of pause in late April, the commodity led global reflation rally in growth assets retreated during the early part of May and the Index finished down 0.98% for the month. The last month of the second quarter ended up 2.21% for the Index when markets paused somewhat in June ahead of the British referendum on continuing EU membership, and subsequently fell sharply once a British exit vote, known as “Brexit,” was confirmed. Despite the negative returns in the final two months, the Index was able to add 0.86% for the quarter.

The Index gained 5.84% in July and helped deliver the best quarter in the fiscal year as the Index closed the quarter with a gain of 7.27% Equity markets entered the third quarter riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future.

On an individual security level, the top positive contributors to the Fund’s performance were Ubisoft Entertainment SA, SCREEN Holdings Co., Ltd, and Yamana Gold Inc. The top negative contributors to the Fund’s performance were Miyazaki Bank Ltd., MITIE Group PLC, and Astaldi S.p.A.

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 SSGA Funds Management Inc., (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.

65

SPDR S&P INTERNATIONAL SMALL CAP ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. UNDER USD2 BILLION INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. UNDER USD2 BILLION INDEX*
ONE YEAR		16.18%		16.88%		15.10%		16.18%		16.88%		15.10%
THREE YEARS		13.62%		14.49%		13.22%		4.35%		4.61%		4.22%
FIVE YEARS		53.81%		58.73%		52.06%		8.99%		9.68%		8.74%
SINCE INCEPTION (1)		21.95%		22.52%		14.90%		2.12%		2.17%		1.48%

(1) For the period April 20, 2007 to September 30, 2016.

* The S&P Developed Ex-U.S. Under USD2 Billion Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in developed countries outside the U.S. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

66

SPDR S&P INTERNATIONAL SMALL CAP ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

67

SPDR S&P INTERNATIONAL SMALL CAP ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	SHOCHIKU CO., LTD.	NIKKON HOLDINGS CO., LTD.	WIHLBORGS FASTIGHETER AB	INDUS HOLDING AG	NOF CORP.
MARKET VALUE	$2,951,634	2,678,506	2,444,048	2,331,082	2,289,160
% OF NET ASSETS	0.4	0.4	0.3	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Investment Trusts (REITs)		6.0	%
Banks		5.3
Metals & Mining		4.9
Machinery		4.2
Real Estate Management & Development		4.2
Chemicals		3.9
Construction & Engineering		3.9
Food Products		3.7
Hotels, Restaurants & Leisure		3.4
Electronic Equipment, Instruments & Components		3.3
Specialty Retail		3.1
Capital Markets		2.7
Media		2.7
Commercial Services & Supplies		2.6
Oil, Gas & Consumable Fuels		2.5
Pharmaceuticals		2.2
Software		2.2
Trading Companies & Distributors		2.1
Biotechnology		2.0
Auto Components		1.8
Building Products		1.7
Food & Staples Retailing		1.7
Household Durables		1.7
Health Care Providers & Services		1.5
Electrical Equipment		1.4
Insurance		1.4
Textiles, Apparel & Luxury Goods		1.4
Energy Equipment & Services		1.2
IT Services		1.2
Road & Rail		1.2
Semiconductors & Semiconductor Equipment		1.2
Internet Software & Services		1.1
Health Care Equipment & Supplies		1.0
Professional Services		1.0
Communications Equipment		0.9
Industrial Conglomerates		0.8

INDUSTRY	PERCENT OF NET ASSETS
Beverages		0.7	%
Diversified Consumer Services		0.7
Aerospace & Defense		0.6
Air Freight & Logistics		0.6
Airlines		0.6
Internet & Catalog Retail		0.6
Construction Materials		0.5
Containers & Packaging		0.5
Independent Power Producers & Energy Traders		0.5
Marine		0.5
Paper & Forest Products		0.5
Personal Products		0.5
Diversified Financial Services		0.4
Diversified Telecommunication Services		0.4
Electric Utilities		0.4
Multiline Retail		0.4
Consumer Finance		0.3
Distributors		0.3
Leisure Equipment & Products		0.3
Life Sciences Tools & Services		0.3
Technology Hardware, Storage & Peripherals		0.3
Thrifts & Mortgage Finance		0.3
		0.2
Health Care Technology		0.2
Household Products		0.2
Multi-Utilities		0.2
Transportation Infrastructure		0.2
Wireless Telecommunication Services		0.2
Gas Utilities		0.1
Automobiles		0.0	**
Tobacco		0.0	**
Water Utilities		0.0	**
Short-Term Investments		11.4
Liabilities in Excess of Other Assets		(10.0	)
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.

68

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 8.93%, and the total return for the Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM (the “Index”) was 9.42% (Net). 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, 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.

Global real estate securities overcame unique regional events and general global uncertainty to produce strong positive returns over the Reporting Period. The Index outpaced the MSCI World ACWI ex-U.S. Index in both the second and third fiscal quarters leading to a modest advantage overall versus the broader market’s impressive positive return for the period. All four quarters yielded a positive result for the Index, which was able to overcome the uncertainty from June’s surprising “Brexit” vote in the U.K., as well as the Federal Reserve’s inaction on a rate hike decision. Historically low treasury yields led investors to the income-producing real estate sector. Australia led the way with a gain of over 32% for the Reporting Period sparked by strong earnings reports across the board, steady demand in both the Office and Residential spaces, and positive currency returns versus the U.S. dollar.

On an individual security level, the top positive contributors to the Fund’s performance were Scentre Group, Link Real Estate Investment Trust, and Brookfield Asset Management Inc. Class A. The top negative contributors to the Fund’s performance were Land Securities Group PLC, British Land Company PLC, and Mitsui Fudosan Co., Ltd.

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 SSGA Funds Management Inc., (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.

69

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		DOW JONES GLOBAL EX-U.S. SELECT REAL ESTATE SECURITIES INDEX*		NET ASSET VALUE		MARKET VALUE		DOW JONES GLOBAL EX-U.S. SELECT REAL ESTATE SECURITIES INDEX*
ONE YEAR		8.93%		8.81%		9.42%		8.93%		8.81%		9.42%
THREE YEARS		9.82%		9.62%		10.87%		3.17%		3.11%		3.50%
FIVE YEARS		56.91%		60.38%		60.52%		9.43%		9.91%		9.92%
SINCE INCEPTION (1)		7.64%		7.86%		11.75%		0.75%		0.78%		1.14%

(1) For the period December 15, 2006 to September 30, 2016.

* The Dow Jones Global ex-U.S. Real Estate Securities Index is a float adjusted market capitalization index designed to measure the performance of publicly traded real estate securities in developed and emerging countries excluding the United States.

70

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

71

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	UNIBAIL-RODAMCO SE	MITSUI FUDOSAN CO., LTD.	SCENTRE GROUP REIT	LINK REIT	WESTFIELD CORP.
MARKET VALUE	$305,866,910	238,803,160	218,654,624	188,333,117	162,517,802
% OF NET ASSETS	6.8	5.3	4.8	4.2	3.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Investment Trusts (REITs)		73.7	%
Real Estate Management & Development		26.1
Diversified Financial Services		0.0	**
Short-Term Investments		2.6
Liabilities in Excess of Other Assets		(2.4	)
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.

72

SPDR S&P GLOBAL INFRASTRUCTURE ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 13.85%, and the total return for the S&P Global Infrastructure Index (the “Index”) was 13.59% (Net). 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, 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.

Historically, the return performance of an infrastructure index tends to track the broader economic environment. The Reporting Period provided no evidence to the contrary as the Index posted very similar gains to the broader global economic indices. All three sectors within the Index (Energy, Industrials and Utilities) posted a positive contribution during the Reporting Period.

The Reporting Period was very volatile for the Energy sector, yet it was still able to post the largest gain out of the three sectors. The period began on a sour note with an equity sell-off in the last quarter of 2015. The first months of 2016 produced additional difficulties for equity markets with the Federal Reserve’s December increase in rates, mounting concern about global growth prospects, and China’s miss in its manufacturing purchasing manager’s index (PMI), all resulting in markets selling off significantly. The Energy sector was able to rebound fairly early and recover all of its losses by the second quarter of the Reporting Period.

Industrials rode strong performance during the Reporting Period despite slowed demand and competitive pressures within the airline and railroad industries. Better than expected manufacturing in China and Europe construction spending coupled with increased vehicle sales data in the U.S. helped to buffer the sector within the final quarter of 2015.

Utilities experienced similar volatility to Energy on a month to month basis, and also posted a positive gain within the Reporting Period. The dividend yield for utilities has been an attractive trait as interest rates have continued to stay low. The Federal Reserve has largely stayed away from rate increases in an environment of low global interest rates.

On an individual security level, the top positive contributors to the Fund’s performance were Transurban Group Ltd., TransCanada Corporation, and Spectra Energy Corp. The top negative contributors to the Fund’s performance were Williams Companies, Inc., Kinder Morgan Inc. Class P, and Groupe Eurotunnel SE.

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 SSGA Funds Management Inc., (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.

73

SPDR S&P GLOBAL INFRASTRUCTURE ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P GLOBAL INFRASTRUCTURE INDEX*		NET ASSET VALUE		MARKET VALUE		S&P GLOBAL INFRASTRUCTURE INDEX*
ONE YEAR		13.85%		14.76%		13.59%		13.85%		14.76%		13.59%
THREE YEARS (1)		20.43%		21.31%		19.58%		6.39%		6.65%		6.14%
FIVE YEARS (1)		45.93%		47.66%		52.80%		7.85%		8.11%		8.85%
SINCE INCEPTION (1) (2)		32.01%		32.66%		37.72%		2.91%		2.96%		3.36%

(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, 2016.

* The S&P Global Infrastructure Index is comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. The Index is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, from both developed markets and emerging markets.

74

SPDR S&P GLOBAL INFRASTRUCTURE ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

(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, 2016.

75

SPDR S&P GLOBAL INFRASTRUCTURE ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TRANSURBAN GROUP STAPLED SECURITY	ATLANTIA SPA	AENA SA	KINDER MORGAN, INC.	ENBRIDGE, INC.
MARKET VALUE	$4,523,874	3,576,089	3,248,422	3,129,396	2,886,970
% OF NET ASSETS	5.3	4.2	3.8	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Transportation Infrastructure		40.4	%
Electric Utilities		25.0
Oil, Gas & Consumable Fuels		20.2
Multi-Utilities		13.2
Water Utilities		0.6
Gas Utilities		0.2
Independent Power Producers & Energy Traders		0.2
Short-Term Investments		6.0
Liabilities in Excess of Other Assets		(5.8	)
TOTAL		100.0	%

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

76

SPDR S&P GLOBAL NATURAL RESOURCES ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 23.87%, and the total return for the S&P Global Natural Resources Index (the “Index”) was 23.89% (Net). 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, 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 performance every quarter during the Reporting Period. The first quarter of the Reporting Period was the weakest of the four quarters as geopolitical threats and plunging oil prices weighed on performance despite ongoing easy monetary policy. The second quarter’s positive performance was driven by central bankers around the world stepping in to support the global economy, the Bank of Japan unexpectedly adopting a negative interest rate policy, strong macro data and recovering oil prices, despite negative factors like geo-political issues (the terrorist attacks in Brussels, Turkey, Indonesia and Pakistan and North Korea’s claimed successful hydrogen bomb test) and economic weakness in China. The third quarter of the Reporting Period also had positive performance on the back of recovering oil and other commodity prices and dovish monetary policy. The year-long rally in gold prices, stabilizing prices in other commodities like iron ore and copper, cleaning up balance sheets, maintaining expense discipline, a strong earnings season and more fiscal stimulus helped drive the positive performance in the last quarter of the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Glencore plc, Barrick Gold Corporation, and Syngenta AG. The top negative contributors to the Fund’s performance were CF Industries Holdings, Inc., K+S AG, and Potash Corporation of Saskatchewan Inc.

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 SSGA Funds Management Inc., (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.

77

SPDR S&P GLOBAL NATURAL RESOURCES ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P GLOBAL NATURAL RESOURCES INDEX*

NET ASSET VALUE

MARKET VALUE

S&P GLOBAL NATURAL RESOURCES INDEX*

ONE YEAR

23.87%

24.16%

23.89%

23.87%

24.16%

23.89%

THREE YEARS

–12.45%

–12.18%

–12.64%

–4.34%

–4.24%

–4.40%

FIVE YEARS

–3.08%

–2.06%

–3.03%

–0.62%

–0.42%

–0.61%

SINCE INCEPTION (1)

–10.03%

–9.85%

–9.91%

–1.73%

–1.70%

–1.71%

(1) For the period September 13, 2010 to September 30, 2016.

* The S&P Global Natural Resources Index is comprised of 90 of the largest U.S. and foreign publicly traded companies, based on market capitalization, in natural resources and commodities businesses (as defined below) that meet certain investability requirements. The Index component securities represent a combination of the component securities included in each of the following three sub-indices: the S&P Global Natural Resources-Agriculture Index, the S&P Global Natural Resources-Energy Index and the S&P Global Natural Resources-Metals and Mining Index. The maximum weight of each sub-index is capped at one-third of the total weight of the Index.

78

SPDR S&P GLOBAL NATURAL RESOURCES ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

79

SPDR S&P GLOBAL NATURAL RESOURCES ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	SYNGENTA AG	EXXON MOBIL CORP.	BHP BILLITON, LTD.	TOTAL SA	BP PLC
MARKET VALUE	$36,038,194	34,325,304	33,706,719	27,419,471	24,840,193
% OF NET ASSETS	5.0	4.7	4.7	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Metals & Mining		33.2	%
Oil, Gas & Consumable Fuels		31.3
Chemicals		15.5
Containers & Packaging		6.8
Paper & Forest Products		4.6
Food Products		4.2
Energy Equipment & Services		1.9
Real Estate Investment Trusts (REITs)		1.9
Short-Term Investments		3.0
Liabilities in Excess of Other Assets		(2.4	)
TOTAL		100.0	%

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

80

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P North American 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 North American companies in natural resources and/or commodities businesses. In seeking this objective, the Fund uses a sampling strategy.

For the period beginning December 15, 2015 (inception) through September 30, 2016 (the “Reporting Period”), the total return for the Fund was 37.21%, and the total return for the S&P BMI North American Natural Resources Index (the “Index”) was 37.31% (Net). 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, which would have a negative impact on returns. Fund expenses, a slight cash drag, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund enjoyed a particularly strong Reporting Period due to the increased strength of the commodities complex. With most commodity sectors up during the first three quarters of 2016, the companies supporting these sectors also benefited. As interest rates largely remained unchanged during the first three quarters of 2016, economic growth continued to remain sluggish, and geopolitical concerns increased. The price of gold rose nearly 25% during the first three quarters of 2016 which helped the gold mining companies in the Fund. Energy prices also largely increased during the first three quarters of 2016, and oil and gas companies have benefited from the improved prices, as well as from recent years’ cost-cutting initiatives.

On an individual security level, the top positive contributors to the Fund’s performance were Barrick Gold Corporation, Newmont Mining Corporation, and Chevron Corporation. The top negative contributors to the Fund’s performance were Potash Corporation of Saskatchewan Inc., ConocoPhillips, and CF Industries Holdings, Inc.

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 SSGA Funds Management Inc., (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.

81

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF —

PERFORMANCE SUMMARY (UNAUDITED)

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 (12/15/15, 12/16/15, 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.

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. Index returns are net of dividend withholding taxes.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P North American Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.35%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P BMI NORTH AMERICAN NATURAL RESOURCES INDEX*

NET ASSET VALUE

MARKET VALUE

S&P BMI NORTH AMERICAN NATURAL RESOURCES INDEX

SINCE INCEPTION (1)

37.21%

37.38%

37.31%

N/A

N/A

N/A

(1) For the period December 15, 2015 to September 30, 2016.

* The S&P BMI North American Natural Resources Index is comprised of publicly traded large- and mid-capitalization U.S. and Canadian companies in the natural resources and commodities businesses that meet certain investability requirements and are classified within the sub-industries of one of three natural resources categories: energy, materials or agriculture.

82

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF —

PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

83

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	EXXON MOBIL CORP.	CHEVRON CORP.	MONSANTO CO.	NEWMONT MINING CORP.	BARRICK GOLD CORP.
MARKET VALUE	$84,382,042	78,281,775	58,150,574	39,882,611	39,407,642
% OF NET ASSETS	10.2	9.4	7.0	4.8	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		46.5	%
Metals & Mining		33.2
Chemicals		14.4
Food Products		5.2
Paper & Forest Products		0.3
Short-Term Investment		0.3
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

84

SPDR MSCI ACWI ex-US ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 9.66%, and the total return for the MSCI ACWI ex USA Index (the “Index”) was 9.26% (Net). 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, 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.

Changes in monetary policy from various central banks, including further easing by the European Central Bank, a modest increase in the Federal Reserve rate and a Chinese rate cut, helped the Fund finish in positive territory in the first quarter of the Reporting Period. Unfortunately economic weakness in China, plunging oil prices and geo-political tensions weighed on performance during the next few months causing negative returns. The Fund was additionally affected by deflationary pressures in Europe and the U.S. and inflation in emerging markets during this same period. The surprise “Brexit” vote in the U.K. to leave the EU in June and resulting fall in the value of the British pound further presented any material rebound through the second quarter of 2016. The Fund managed to rally in the fourth quarter of the Reporting Period primarily thanks to continued monetary policy easing, as the Bank of England announced a rate cut, Japan announced additional fiscal and monetary policies and the Federal Reserve decided to keep rates as is. Rebounding oil prices and strong earnings also helped in the quarter.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Samsung Electronics Co., Ltd., and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance were Novartis AG, Barclays PLC and Valeant Pharmaceuticals International Inc.

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 SSGA Funds Management Inc., (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.

85

SPDR MSCI ACWI ex-US ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.34% (0.30% after fee waiver). Fund returns at Net Asset Value shown in the table below for One Year and Three Years reflect the impact of an expense limitation agreement. Had the adviser not waived fees and reimbursed certain expenses, returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		MSCI ACWI EX USA INDEX*		NET ASSET VALUE		MARKET VALUE		MSCI ACWI EX USA INDEX*
ONE YEAR		9.66%		9.77%		9.26%		9.66%		9.77%		9.26%
THREE YEARS		2.22%		2.70%		0.54%		0.73%		0.89%		0.18%
FIVE YEARS		35.37%		38.71%		34.07%		6.24%		6.76%		6.04%
SINCE INCEPTION (1)		16.81%		17.29%		14.54%		1.61%		1.65%		1.41%

(1) For the period January 10, 2007 to September 30, 2016.

* The MSCI ACWI ex-USA Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States.

86

SPDR MSCI ACWI ex-US ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

87

SPDR MSCI ACWI ex-US ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	TENCENT HOLDINGS, LTD.	TOYOTA MOTOR CORP.
MARKET VALUE	$12,118,100	9,132,535	8,407,653	7,552,266	7,481,626
% OF NET ASSETS	1.4	1.1	1.0	0.9	0.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		13.2	%
Pharmaceuticals		6.9
Oil, Gas & Consumable Fuels		6.4
Insurance		4.8
Automobiles		3.2
Chemicals		3.2
Metals & Mining		2.9
Wireless Telecommunication Services		2.7
Beverages		2.6
Diversified Telecommunication Services		2.6
Food Products		2.6
Food & Staples Retailing		2.3
Media		2.3
Internet Software & Services		2.2
Semiconductors & Semiconductor Equipment		1.9
Real Estate Management & Development		1.8
Personal Products		1.7
Tobacco		1.7
Electric Utilities		1.6
Industrial Conglomerates		1.6
Machinery		1.6
Road & Rail		1.5
Capital Markets		1.4
Electronic Equipment, Instruments & Components		1.4
Textiles, Apparel & Luxury Goods		1.4
Diversified Financial Services		1.3
Technology Hardware, Storage & Peripherals		1.3
Electrical Equipment		1.2
Software		1.2
Construction & Engineering		1.1
Hotels, Restaurants & Leisure		1.1
Real Estate Investment Trusts (REITs)		1.1
Multi-Utilities		1.0

INDUSTRY	PERCENT OF NET ASSETS
Trading Companies & Distributors		1.0	%
Auto Components		0.9
Building Products		0.9
Construction Materials		0.9
Household Durables		0.9
Household Products		0.9
Health Care Equipment & Supplies		0.8
Aerospace & Defense		0.7
Health Care Providers & Services		0.7
IT Services		0.7
Specialty Retail		0.7
Gas Utilities		0.6
Transportation Infrastructure		0.6
Multiline Retail		0.5
Biotechnology		0.4
Commercial Services & Supplies		0.4
Communications Equipment		0.3
Professional Services		0.3
Water Utilities		0.3
Air Freight & Logistics		0.2
Consumer Finance		0.2
Independent Power Producers & Energy Traders		0.2
Internet & Catalog Retail		0.2
Marine		0.2
Paper & Forest Products		0.2
Thrifts & Mortgage Finance		0.2
Containers & Packaging		0.1
Diversified Consumer Services		0.1
Energy Equipment & Services		0.1
Leisure Equipment & Products		0.1
Life Sciences Tools & Services		0.1
Airlines		0.0	**
Distributors		0.0	**
Short-Term Investments		2.8
Liabilities in Excess of Other Assets		(2.0	)
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.

88

SPDR MSCI ACWI IMI ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 13.20%, and the total return for the MSCI ACWI IMI Index (the “Index”) was 12.25% (Net). 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, 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.

After an aggressive sell-off in global equity markets ushered in the early weeks of 2016 on global growth concerns and a further short lived episode of volatility around “Brexit” in June, global equity markets recovered admirably and entered the final quarter of the year with mid-single digit percentage gains for most broad global benchmarks. As of September 30th, the MSCI All Country World Index had advanced 7.1% year to date, with a 6.1% advance among developed markets and a 16.4% advance for emerging markets. For each of these indices, the majority of the positive performance for the first three quarters of 2016 was attributable to a strong third quarter, with a majority of that third quarter performance attributable to a strong post “Brexit” relief rally in July.

The stronger performance of emerging markets in the first three quarters of 2016 comes after three straight years of declines, including a near 15% loss in 2015. Attribution for the healthy rebound in emerging markets during the first three quarters of the year is as always a collection of country and regional narratives, though the space as a whole has broadly benefitted by a rebound in natural resource prices and a ratcheting down of expectations for the pace of Federal Reserve tightening that could adversely impact global liquidity conditions. Among those countries faring best in the space, Brazil, as represented by the MSCI Brazil Index, was up 63% calendar year to date at the end of the third quarter, with a significant portion of that gain attributable to appreciation in the Brazilian currency. Emerging markets, as represented by the MSCI Emerging Markets Index, bested developed markets, as represented by the MSCI World Index, in the third quarter as well with a gain of 9.1% for the MSCI Emerging Markets Index against a 5.0% gain for the MSCI World Index of developed economies. Among the major developed regional indices, U.S. investors fared well by investing in companies comprising the MSCI Pacific Index that returned 8.6% on the quarter, aided by further gains in the Japanese yen, while the MSCI Europe Index returned 5.5%. These outcomes compared with a return of just 3.8% for the S&P 500 Index.

On a country level, the United States and China were the top two contributors to the Fund’s performance. Canada and United Kingdom were the weakest contributors during the Reporting Period. Industrials and Information Technology were the best performing sectors, while Utilities and Materials were the worst performing sectors.

On an individual security level, the top positive contributors to the Fund’s performance were Amazon.com, Inc., Microsoft Corporation, and Baozun Inc. Sponsored ADR Class A. The top negative contributors to the Fund’s performance were Capita plc, Whitbread PLC, and Valeant Pharmaceuticals International Inc.

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 SSGA Funds Management Inc., (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.

89

SPDR MSCI ACWI IMI ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.25%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		MSCI ACWI IMI INDEX*		NET ASSET VALUE		MARKET VALUE		MSCI ACWI IMI INDEX*
ONE YEAR		13.20%		11.38%		12.25%		13.20%		11.38%		12.25%
THREE YEARS		19.43%		21.33%		16.55%		6.10%		6.66%		5.24%
SINCE INCEPTION (1)		44.11%		45.15%		40.62%		8.28%		8.45%		7.71%

(1) For the period February 27, 2012 to September 30, 2016.

* The MSCI ACWI IMI Index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The Index covers approximately 99% of the global equity investment opportunity set.

90

SPDR MSCI ACWI IMI ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

91

SPDR MSCI ACWI IMI ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	AMAZON.COM, INC.	EXXON MOBIL CORP.	GENERAL ELECTRIC CO.
MARKET VALUE	$820,178	655,373	559,323	483,357	427,032
% OF NET ASSETS	1.3	1.0	0.9	0.7	0.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		7.4	%
Oil, Gas & Consumable Fuels		6.0
Pharmaceuticals		5.4
Insurance		4.4
Media		3.1
Software		3.1
Internet Software & Services		3.0
Semiconductors & Semiconductor Equipment		2.9
Real Estate Investment Trusts (REITs)		2.7
Chemicals		2.6
Food Products		2.6
Diversified Telecommunication Services		2.5
Industrial Conglomerates		2.4
Technology Hardware, Storage & Peripherals		2.4
IT Services		2.3
Capital Markets		2.1
Biotechnology		2.0
Food & Staples Retailing		2.0
Health Care Equipment & Supplies		2.0
Specialty Retail		2.0
Aerospace & Defense		1.9
Machinery		1.9
Electric Utilities		1.7
Hotels, Restaurants & Leisure		1.7
Automobiles		1.6
Beverages		1.5
Health Care Providers & Services		1.5
Metals & Mining		1.5
Road & Rail		1.4
Electronic Equipment, Instruments & Components		1.3
Household Products		1.3
Wireless Telecommunication Services		1.3
Tobacco		1.2
Real Estate Management & Development		1.1

INDUSTRY	PERCENT OF NET ASSETS
Internet & Catalog Retail		1.0	%
Multiline Retail		1.0
Textiles, Apparel & Luxury Goods		1.0
Energy Equipment & Services		0.9
Communications Equipment		0.8
Diversified Financial Services		0.8
Electrical Equipment		0.8
Air Freight & Logistics		0.7
Auto Components		0.7
Construction & Engineering		0.7
Consumer Finance		0.7
Commercial Services & Supplies		0.6
Life Sciences Tools & Services		0.6
Personal Products		0.6
Trading Companies & Distributors		0.6
Leisure Equipment & Products		0.5
Building Products		0.4
Professional Services		0.4
Construction Materials		0.3
Marine		0.3
Multi-Utilities		0.3
Thrifts & Mortgage Finance		0.3
Containers & Packaging		0.2
Gas Utilities		0.2
Health Care Technology		0.2
Household Durables		0.2
Transportation Infrastructure		0.2
Water Utilities		0.2
Airlines		0.1
Paper & Forest Products		0.1
Independent Power Producers & Energy Traders		0.0	**
Short-Term Investments		3.7
Liabilities in Excess of Other Assets		(2.9	)
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.

92

SPDR MSCI ACWI LOW CARBON TARGET ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for the Fund was 12.22%, and the total return for the MSCI ACWI Low Carbon Target Index (the “Index”), was 11.86% (Net). 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, which would have a negative impact on returns. Cash and dividend receivables drag, fees and compounding contributed to the difference between the Fund’s performance and that of the Index.

Global equity markets found their footing in the fourth quarter of 2015 as the shift in market sentiment was aided by new policy commitments from global central banks. Central banks agreed to provide additional stimulus to combat the effects of a slowing global economy. Providing foundation for the improvement in sentiment during the second quarter of 2016 were sharp gains in the beaten down energy sector and a better tone to global manufacturing data. A majority of the positive performance for the Reporting Period was attributable to a strong third quarter in 2016 after global markets witnessed a strong post “Brexit” relief rally in July and better than anticipated corporate earnings. Emerging markets also recovered admirably benefitting from an increase in energy prices, as well as a rebound in other natural resource prices. Emerging market currencies also appreciated against the U.S. dollar as the Federal Reserve did not increase U.S. interest rates.

On an individual security level, the top positive contributors to the Fund’s performance were Amazon.com, Inc., Microsoft Corporation, and Facebook, Inc. Class A. The top negative contributors to the Fund’s performance were Wells Fargo & Company, Barclays PLC, and Valeant Pharmaceuticals International Inc.

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 SSGA Funds Management Inc., (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.

93

SPDR MSCI ACWI LOW CARBON TARGET ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 Low Carbon Target ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30% (0.20% after fee waiver). Fund returns at Net Asset Value shown in the table below for One Year and Since Inception reflect the impact of an expense limitation agreement. Had the adviser not waived fees and reimbursed certain expenses, returns would have been lower.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		MSCI ACWI LOW CARBON TARGET INDEX*		NET ASSET VALUE		MARKET VALUE		MSCI ACWI LOW CARBON TARGET INDEX*
ONE YEAR		12.22%		12.23%		11.86%		12.22%		12.23%		11.86%
SINCE INCEPTION (1)		2.96%		3.39%		2.40%		1.59%		1.82%		1.29%

(1) For the period November 25, 2014 to September 30, 2016.

* The MSCI ACWI Low Carbon Target Index is designed to address two dimensions of carbon exposure - carbon emissions and fossil fuel reserves. By overweighting companies with low carbon emissions relative to sales and per dollar of market capitalization, the Index aims to reflect a lower carbon exposure than that of the broad market. The Index is designed to achieve a target level of tracking relative to a broad market index (such as the Parent Index) while minimizing the carbon exposure. The Index is a subset of the MSCI ACWI Index (the Parent Index), which measures the combined equity market performance of developed and emerging market countries.

94

SPDR MSCI ACWI LOW CARBON TARGET ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

95

SPDR MSCI ACWI LOW CARBON TARGET ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	JOHNSON & JOHNSON	AMAZON.COM, INC.	FACEBOOK, INC. CLASS A
MARKET VALUE	$1,647,025	1,122,912	862,349	859,917	764,489
% OF NET ASSETS	1.7	1.2	0.9	0.9	0.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		9.2	%
Pharmaceuticals		6.3
Oil, Gas & Consumable Fuels		5.1
Insurance		4.4
Internet Software & Services		3.3
Software		2.9
Technology Hardware, Storage & Peripherals		2.9
Chemicals		2.8
Beverages		2.7
Diversified Telecommunication Services		2.6
Semiconductors & Semiconductor Equipment		2.6
Industrial Conglomerates		2.5
Media		2.5
Real Estate Investment Trusts (REITs)		2.5
IT Services		2.3
Machinery		2.2
Capital Markets		2.1
Aerospace & Defense		1.9
Food & Staples Retailing		1.9
Food Products		1.9
Health Care Equipment & Supplies		1.9
Automobiles		1.8
Biotechnology		1.8
Tobacco		1.8
Specialty Retail		1.6
Health Care Providers & Services		1.4
Internet & Catalog Retail		1.4
Metals & Mining		1.4
Household Products		1.3
Wireless Telecommunication Services		1.3
Diversified Financial Services		1.1
Electrical Equipment		1.1
Energy Equipment & Services		1.1
Gas Utilities		1.1

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Management & Development		1.1	%
Road & Rail		1.1
Hotels, Restaurants & Leisure		0.9
Personal Products		0.9
Electric Utilities		0.8
Textiles, Apparel & Luxury Goods		0.8
Trading Companies & Distributors		0.8
Water Utilities		0.8
Communications Equipment		0.7
Auto Components		0.6
Electronic Equipment, Instruments & Components		0.6
Air Freight & Logistics		0.5
Consumer Finance		0.5
Household Durables		0.5
Independent Power Producers & Energy Traders		0.5
Multi-Utilities		0.5
Professional Services		0.5
Transportation Infrastructure		0.5
Life Sciences Tools & Services		0.4
Building Products		0.3
Containers & Packaging		0.3
Multiline Retail		0.3
Commercial Services & Supplies		0.2
Construction & Engineering		0.2
Health Care Technology		0.1
Thrifts & Mortgage Finance		0.1
Distributors		0.0	**
Diversified Consumer Services		0.0	**
Leisure Equipment & Products		0.0	**
Marine		0.0	**
Short-Term Investment		0.3
Other Assets in Excess of Liabilities		0.5
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.

96

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI EAFE StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 8.21%, and the total return for the MSCI EAFE Factor Mix A-Series Index (the “Index”) was 8.03% (Net). 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, 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 performance during the Reporting Period. Easy monetary policy from various central banks (a gradual pace for any Federal Reserve rate hikes, further easing by the ECB and a Chinese rate cut) and better than expected earnings helped the Fund achieve positive performance in the first quarter of the Reporting Period. The middle of the Reporting Period was slightly negative as economic weakness in China, plunging oil prices and geo-political tensions weighed on performance. Fund performance was also adversely affected by deflationary pressures in Europe and the U.S. and inflation in emerging markets. The surprise “Brexit” vote in the U.K. to leave the EU and resulting fall in the value of the British pound also affected performance. Fund performance rallied in the fourth quarter of the Reporting Period primarily on, again, continued easy monetary policy as there was no U.S. rate hike, Japan announced additional fiscal and monetary stimulus and the Bank of England cut rates. Rebounding oil prices and strong earnings also helped in the quarter.

On an individual security level, the top positive contributors to the Fund’s performance were British American Tobacco p.l.c., SAP SE, and Nestle S.A. The top negative contributors to the Fund’s performance were Next plc, Novartis AG, and Novo Nordisk A/S Class B.

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 SSGA Funds Management Inc., (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.

97

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI EAFE FACTOR MIX A-SERIES INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI EAFE FACTOR MIX A-SERIES INDEX*

ONE YEAR

8.21%

7.76%

8.03%

8.21%

7.76%

8.03%

SINCE INCEPTION (1)

–2.16%

–2.16%

–1.87%

–0.93%

–0.94%

–0.81%

(1) For the period June 4, 2014 to September 30, 2016.

* The MSCI EAFE (Europe, Australasia, Far East) Factor Mix A-Series Index captures large- and mid-cap representation across 22 developed market Europe, Australasia, and Far East countries and aims to represent the performance of value, low volatility, and quality factor strategies. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EAFE Value Weighted Index, the MSCI EAFE Minimum Volatility Index, and the MSCI EAFE Quality Index (each, a “Component Index”).

98

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

99

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NESTLE SA	ROCHE HOLDING AG	BRITISH AMERICAN TOBACCO PLC	ASTRAZENECA PLC	NOVO NORDISK A/S CLASS B
MARKET VALUE	$216,210	172,782	116,234	102,898	101,457
% OF NET ASSETS	2.6	2.1	1.4	1.2	1.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		10.2	%
Banks		9.0
Food Products		4.5
Insurance		4.2
Diversified Telecommunication Services		4.0
Personal Products		3.1
Chemicals		3.0
Automobiles		2.9
Beverages		2.8
Oil, Gas & Consumable Fuels		2.8
Food & Staples Retailing		2.6
Media		2.5
Real Estate Investment Trusts (REITs)		2.5
Tobacco		2.5
Electric Utilities		2.4
Machinery		2.1
Hotels, Restaurants & Leisure		1.9
Metals & Mining		1.8
Health Care Equipment & Supplies		1.7
Household Products		1.7
Specialty Retail		1.7
Wireless Telecommunication Services		1.7
Textiles, Apparel & Luxury Goods		1.6
Road & Rail		1.5
Trading Companies & Distributors		1.5
Health Care Providers & Services		1.4
Multi-Utilities		1.4
Auto Components		1.3
Software		1.3
Capital Markets		1.2
Professional Services		1.2
Aerospace & Defense		1.1
Diversified Financial Services		1.1
Airlines		0.9
Real Estate Management & Development		0.9

INDUSTRY	PERCENT OF NET ASSETS
Air Freight & Logistics		0.8	%
Biotechnology		0.8
Industrial Conglomerates		0.8
Commercial Services & Supplies		0.7
Electrical Equipment		0.7
Household Durables		0.7
IT Services		0.7
Marine		0.7
Semiconductors & Semiconductor Equipment		0.6
Technology Hardware, Storage & Peripherals		0.6
Building Products		0.5
Electronic Equipment, Instruments & Components		0.5
Gas Utilities		0.5
Multiline Retail		0.4
Transportation Infrastructure		0.4
Construction & Engineering		0.3
Construction Materials		0.3
Internet Software & Services		0.3
Leisure Equipment & Products		0.3
Paper & Forest Products		0.2
Communications Equipment		0.1
Consumer Finance		0.1
Containers & Packaging		0.1
Diversified Consumer Services		0.1
Health Care Technology		0.1
Independent Power Producers & Energy Traders		0.0	**
Water Utilities		0.0	**
Short-Term Investment		0.1
Other Assets in Excess of 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.

100

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Emerging Markets StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 15.00%, and the total return for the MSCI Emerging Markets Factor Mix A-Series Index (the “Index”) was 15.51% (Net). 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, which would have a negative impact on returns. Cash drag, security misweights and compounding contributed to the difference between the Fund’s performance and that of the Index.

Emerging markets had a muted performance through the fourth quarter of 2015 as global central banks provided additional stimulus to combat the effects of a slowing global economy. A relief rally in growth assets that began in the middle part of February 2016 continued for the better part of March as there were sharp gains in the beaten down Energy sector and a better tone to global manufacturing data. The markets had a healthy rebound as central banks around the world stepped in to support the economy and the People’s Bank of China reset the yuan reference rate and lowered reserve requirement ratios. Despite of the short lived episode of volatility in June concerning “Brexit,” emerging markets recovered admirably benefitting from an increase in energy prices, as well as a rebound in other natural resource prices. The emerging market currencies also appreciated against the dollar as the Federal Reserve did not increase U.S. interest rates. While the unrest and geo-political risks in Turkey added some pressure to the fragile markets, emerging markets managed to demonstrate an air of complacency through the last quarter of the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Taiwan Semiconductor Manufacturing Co., Ltd., Tencent Holdings Ltd., and Samsung Electronics Co., Ltd. The top negative contributors to the Fund’s performance were Baidu, Inc. Sponsored ADR Class A, Infosys Limited, and MTN Group Limited.

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 SSGA Funds Management Inc., (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.

101

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI EMERGING MARKETS FACTOR MIX A-SERIES INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI EMERGING MARKETS FACTOR MIX A-SERIES INDEX*

ONE YEAR

15.00%

15.39%

15.51%

15.00%

15.39%

15.51%

SINCE INCEPTION (1)

–6.63%

–5.58%

–4.57%

–2.91%

–2.44%

–1.99%

(1) For the period June 4, 2014 to September 30, 2016.

* The MSCI Emerging Markets Factor Mix A-Series Index captures large- and mid-cap representation across 21 emerging markets countries and aims to represent the performance of value, low volatility, and quality factor strategies. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EM Value Weighted Index, the MSCI EM Minimum Volatility Index, and the MSCI EM Quality Index (each, a “Component Index”).

102

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

103

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.	TENCENT HOLDINGS, LTD.	CHINA MOBILE, LTD.	ALIBABA GROUP HOLDING, LTD. ADR	HON HAI PRECISION INDUSTRY CO., LTD.
MARKET VALUE	$3,624,295	3,175,440	3,006,910	2,793,914	2,102,339
% OF NET ASSETS	3.1	2.7	2.6	2.4	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		17.9	%
Internet Software & Services		8.6
Oil, Gas & Consumable Fuels		6.2
Wireless Telecommunication Services		6.1
Technology Hardware, Storage & Peripherals		4.5
Semiconductors & Semiconductor Equipment		4.3
Electronic Equipment, Instruments & Components		4.0
IT Services		3.6
Food & Staples Retailing		3.4
Insurance		3.2
Diversified Telecommunication Services		2.7
Food Products		2.4
Pharmaceuticals		2.4
Automobiles		1.9
Beverages		1.8
Tobacco		1.6
Personal Products		1.5
Transportation Infrastructure		1.5
Textiles, Apparel & Luxury Goods		1.3
Health Care Providers & Services		1.2
Chemicals		1.1
Household Products		1.1
Independent Power Producers & Energy Traders		1.1
Industrial Conglomerates		1.1
Metals & Mining		1.1
Multiline Retail		1.1
Auto Components		1.0
Diversified Financial Services		0.9
Construction Materials		0.8
Electric Utilities		0.8
Water Utilities		0.8
Hotels, Restaurants & Leisure		0.7

INDUSTRY	PERCENT OF NET ASSETS
Household Durables		0.7	%
Real Estate Management & Development		0.7
Gas Utilities		0.6
Construction & Engineering		0.5
Media		0.5
Capital Markets		0.4
Commercial Services & Supplies		0.4
Diversified Consumer Services		0.4
Road & Rail		0.4
Specialty Retail		0.4
Machinery		0.3
Multi-Utilities		0.3
Electrical Equipment		0.2
Life Sciences Tools & Services		0.2
Real Estate Investment Trusts (REITs)		0.2
Software		0.2
Airlines		0.1
Biotechnology		0.1
Communications Equipment		0.1
Consumer Finance		0.1
Health Care Equipment & Supplies		0.1
Leisure Equipment & Products		0.1
Paper & Forest Products		0.1
Thrifts & Mortgage Finance		0.1
Aerospace & Defense		0.0	**
Air Freight & Logistics		0.0	**
Building Products		0.0	**
Containers & Packaging		0.0	**
Distributors		0.0	**
Energy Equipment & Services		0.0	**
Internet & Catalog Retail		0.0	**
Marine		0.0	**
Trading Companies & Distributors		0.0	**
Other Assets in Excess of Liabilities		1.1
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

104

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI World StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 13.78%, and the total return for the MSCI World Factor Mix A-Series Index (the “Index”) was 13.42% (Net). 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, which would have a negative impact on returns. Cash drag, security misweights and compounding contributed to the difference between the Fund’s performance and that of the Index.

Global equity markets found a firm footing in the last quarter of 2015 as new policy commitments from global central banks provided additional stimulus to combat the effects of a slowing global economy. Also providing foundation for the sharp improvement in sentiment during the first half of 2016 were sharp gains beginning in February in the beaten down energy sector, a better tone to global manufacturing data in March and continued active support from central banks. The improvement in global manufacturing data was highlighted by a return to expansionary readings for the U.S. ISM Manufacturing Index in March after bottoming at post crisis lows in December 2015. In the United Kingdom, the Bank of England engaged in some easing measures by reducing short term interest rates and also extending their quantitative easing program. The majority of the positive performance for the year was attributable to a strong third quarter in 2016, with a majority of the quarter’s performance attributable to a strong post “Brexit” relief rally in July and a rebound in natural resource prices.

On an individual security level, the top positive contributors to the Fund’s performance were Microsoft Corporation, Johnson & Johnson, and Procter & Gamble Company. The top negative contributors to the Fund’s performance were Barclays PLC, Gilead Sciences, Inc., and Novo Nordisk A/S Class B.

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 SSGA Funds Management Inc., (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.

105

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		MSCI WORLD FACTOR MIX A-SERIES INDEX*		NET ASSET VALUE		MARKET VALUE		MSCI WORLD FACTOR MIX A-SERIES INDEX*
ONE YEAR		13.78%		13.14%		13.42%		13.78%		13.14%		13.42%
SINCE INCEPTION (1)		12.33%		11.52%		11.58%		5.12%		4.80%		4.83%

(1) For the period June 4, 2014 to September 30, 2016.

* The MSCI World Factor Mix A-Series Index captures large- and mid-cap representation across 24 developed countries and aims to represent the performance of value, low volatility, and quality factor strategies. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI World Value Weighted Index, the MSCI World Minimum Volatility Index, and the MSCI World Quality Index (each, a “Component Index”).

106

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

107

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	APPLE, INC.	JOHNSON & JOHNSON	MICROSOFT CORP.	PROCTER & GAMBLE CO.	NESTLE SA
MARKET VALUE	$158,383	123,564	118,598	85,981	85,284
% OF NET ASSETS	2.5	1.9	1.9	1.3	1.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		7.9	%
Banks		6.1
IT Services		5.0
Software		4.1
Food Products		3.9
Insurance		3.5
Real Estate Investment Trusts (REITs)		3.5
Diversified Telecommunication Services		3.4
Specialty Retail		3.3
Oil, Gas & Consumable Fuels		3.2
Technology Hardware, Storage & Peripherals		3.1
Household Products		3.0
Electric Utilities		2.6
Semiconductors & Semiconductor Equipment		2.4
Food & Staples Retailing		2.3
Media		2.3
Internet Software & Services		2.2
Beverages		2.1
Health Care Equipment & Supplies		2.1
Biotechnology		2.0
Health Care Providers & Services		2.0
Metals & Mining		2.0
Hotels, Restaurants & Leisure		1.9
Aerospace & Defense		1.7
Chemicals		1.6
Industrial Conglomerates		1.5
Automobiles		1.4
Machinery		1.3
Multi-Utilities		1.3
Road & Rail		1.3
Commercial Services & Supplies		1.1
Multiline Retail		1.1
Capital Markets		1.0
Personal Products		1.0
Textiles, Apparel & Luxury Goods		1.0

INDUSTRY	PERCENT OF NET ASSETS
Air Freight & Logistics		0.9	%
Tobacco		0.9
Trading Companies & Distributors		0.9
Wireless Telecommunication Services		0.9
Auto Components		0.8
Diversified Financial Services		0.6
Airlines		0.4
Communications Equipment		0.4
Internet & Catalog Retail		0.4
Electrical Equipment		0.3
Electronic Equipment, Instruments & Components		0.3
Household Durables		0.3
Professional Services		0.3
Building Products		0.2
Construction & Engineering		0.2
Consumer Finance		0.2
Energy Equipment & Services		0.2
Gas Utilities		0.2
Health Care Technology		0.2
Life Sciences Tools & Services		0.2
Marine		0.2
Transportation Infrastructure		0.2
Containers & Packaging		0.1
Distributors		0.1
Leisure Equipment & Products		0.1
Real Estate Management & Development		0.1
Water Utilities		0.1
Construction Materials		0.0	**
Diversified Consumer Services		0.0	**
Independent Power Producers & Energy Traders		0.0	**
Paper & Forest Products		0.0	**
Thrifts & Mortgage Finance		0.0	**
Short-Term Investment		0.4
Other Assets in Excess of 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.

108

SPDR MSCI AUSTRALIA STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Australia StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 22.15%, and the total return for the MSCI Australia Factor Mix A-Series Capped Index (the “Index”) was 22.62% (Net). 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, which would have a negative impact on returns. Expenses, tax withholding differences and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.

The Index had a strong second half of the Reporting Period out-performing the broader MSCI EAFE Index in each of the last two quarters. Over the Reporting Period the Australian dollar rose nearly 9% relative to the U.S. dollar accounting for a significant part of the index’s performance. In comparison to the Index’s return in US dollars, the Index’s return calculated in Australian dollars was lower at 12.52%. In addition, for the Reporting Period the Index posted outperformance of 0.91% versus the MSCI Australia Index as a whole.

On an individual security level, the top positive contributors to the Fund’s performance were CSL Limited, Wesfarmers Limited, and Brambles Limited. The top negative contributors to the Fund’s performance were Platinum Asset Management Ltd, QBE Insurance Group Limited, and BHP Billiton Limited.

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 SSGA Funds Management Inc., (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.

109

SPDR MSCI AUSTRALIA STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI AUSTRALIA FACTOR MIX A-SERIES CAPPED INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI AUSTRALIA FACTOR MIX A-SERIES CAPPED INDEX*

ONE YEAR

22.15%

22.15%

22.62%

22.15%

22.15%

22.62%

SINCE INCEPTION (1)

–8.81%

–8.37%

–8.36%

–3.92%

–3.72%

–3.72%

(1) For the period June 11, 2014 to September 30, 2016.

* The MSCI Australia Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in Australia and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Australia Value Weighted Index, the MSCI Australia Quality Index, and the MSCI Australia Minimum Volatility Index (each, a “Component Index”).

110

SPDR MSCI AUSTRALIA STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

111

SPDR MSCI AUSTRALIA STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	WESFARMERS, LTD.	WOOLWORTHS, LTD.	AUSTRALIA & NEW ZEALAND BANKING GROUP, LTD.	COMMONWEALTH BANK OF AUSTRALIA	WESTPAC BANKING CORP.
MARKET VALUE	$695,874	558,101	521,006	510,272	492,480
% OF NET ASSETS	7.0	5.6	5.2	5.1	4.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		20.5	%
Real Estate Investment Trusts (REITs)		14.7
Food & Staples Retailing		12.6
Metals & Mining		7.8
Diversified Telecommunication Services		5.1
Biotechnology		4.9
Health Care Providers & Services		4.2
Insurance		4.0
Containers & Packaging		3.3
Commercial Services & Supplies		2.5
Transportation Infrastructure		2.3
Hotels, Restaurants & Leisure		2.1
Multi-Utilities		1.9
Oil, Gas & Consumable Fuels		1.9
Diversified Financial Services		1.8
Health Care Equipment & Supplies		1.4
INDUSTRY	PERCENT OF NET ASSETS
Capital Markets		1.2
Construction Materials		1.1
Real Estate Management & Development		1.0
Beverages		0.9
Chemicals		0.7
Gas Utilities		0.7
Electric Utilities		0.6
Professional Services		0.5
Road & Rail		0.5
IT Services		0.4
Media		0.4
Multiline Retail		0.3
Airlines		0.1
Construction & Engineering		0.1
Other Assets in Excess of Liabilities		0.5
TOTAL		100.0	%

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

112

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Canada StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 15.62%, and the total return for the MSCI Canada Factor Mix A-Series Capped Index (the “Index”) was 15.73% (Net). 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, which would have a negative impact on returns. Expenses, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

After being battered to close the third quarter of 2015 on a rapidly deteriorating global growth outlook, equity markets found their footing in October to open the fourth quarter. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. The relative dovishness of global central banks aided in the fourth quarter 2015 performance of the Fund which finished
–3.83% for the quarter.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively during the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the markets more than the last. Further unnerving markets was a continued rapid sell-off in oil prices that has been a prevailing market theme since the middle of 2014, prompting concerns over deflation and damage to energy producers to outweigh the once expected windfall to energy consumers in the calculus of the market. In light of these concerns, the Fund ended first quarter 2016 on a positive note, gaining 14.24%.

With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 navigated a storm of additional uncertainties, including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes, and now the surprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as “Brexit.” Remarkably, against this challenging backdrop, the Fund gained 0.68% in second quarter 2016.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future. In light of these developments, the Fund returned 4.52% for the quarter ended September 30, 2016.

On an individual security level, the top positive contributors to the Fund’s performance were Saputo Inc., Barrick Gold Corporation, and Teck Resources Limited Class B. The top negative contributors to the Fund’s performance were Magna International Inc., Potash Corporation of Saskatchewan Inc., and Valeant Pharmaceuticals International Inc.

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 SSGA Funds Management Inc., (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.

113

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI CANADA FACTOR MIX A-SERIES CAPPED INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI CANADA FACTOR MIX A-SERIES CAPPED INDEX*

ONE YEAR

15.62%

15.07%

15.73%

15.62%

15.07%

15.73%

SINCE INCEPTION (1)

–7.57%

–7.26%

–7.44%

–3.35%

–3.22%

–3.30%

(1) For the period June 11, 2014 to September 30, 2016.

* The MSCI Canada Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in Canada and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Canada Value Weighted Index, the MSCI Canada Quality Index, and the MSCI Canada Minimum Volatility Index (each, a “Component Index”).

114

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

115

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	ROYAL BANK OF CANADA	TORONTO-DOMINION BANK	BANK OF NOVA SCOTIA	CANADIAN IMPERIAL BANK OF COMMERCE	CANADIAN NATIONAL RAILWAY CO.
MARKET VALUE	$763,723	716,118	671,476	659,726	598,444
% OF NET ASSETS	4.1	3.9	3.6	3.6	3.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		18.6	%
Oil, Gas & Consumable Fuels		13.2
Insurance		10.9
Food & Staples Retailing		7.5
Road & Rail		5.5
Chemicals		4.5
Metals & Mining		3.7
Multiline Retail		3.7
Media		3.5
Auto Components		3.1
Diversified Telecommunication Services		3.1
IT Services		2.4
Food Products		2.3
Software		2.3
Real Estate Management & Development		2.2
Real Estate Investment Trusts (REITs)		2.1
Electric Utilities		2.0
INDUSTRY	PERCENT OF NET ASSETS
Textiles, Apparel & Luxury Goods		1.6
Containers & Packaging		1.4
Capital Markets		1.2
Construction & Engineering		1.2
Wireless Telecommunication Services		1.0
Diversified Financial Services		0.7
Multi-Utilities		0.7
Aerospace & Defense		0.3
Pharmaceuticals		0.3
Hotels, Restaurants & Leisure		0.2
Paper & Forest Products		0.1
Technology Hardware, Storage & Peripherals		0.1
Trading Companies & Distributors		0.1
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.4
TOTAL		100.0	%

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

116

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Germany StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 9.99%, and the total return for the MSCI Germany Factor Mix A-Series Capped Index (the “Index”) was 10.05% (Net). 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, which would have a negative impact on returns. Expenses, dividend tax withholdings, and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Led by book-end positive returns of over 7.5% in both the first and last fiscal quarters, the Index was able to overcome two lagging quarters to finish the Reporting Period with a positive double-digit return and beat the MSCI EAFE Index by over 3.5% for the Reporting Period. As the largest country in the Eurozone, Germany benefitted the most from the European Central Bank’s (ECB) corporate bond purchase program. The successful program was designed to help economic recovery throughout Europe. A sign of that success is Germany’s lowest unemployment rate since it re-unified in 1990. Though Germany was not left unscathed in the immediate aftermath of the summer’s “Brexit” vote, it has been able to remain a trade partner of the U.K. leading to an uptick in consumer confidence and demand within the region.

On an individual security level, the top positive contributors to the Fund’s performance were adidas AG, SAP SE, and Siemens AG. The top negative contributors to the Fund’s performance were Bayer AG, HUGO BOSS AG, and Deutsche Bank AG.

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 SSGA Funds Management Inc., (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.

117

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI GERMANY FACTOR MIX A-SERIES CAPPED INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI GERMANY FACTOR MIX A-SERIES CAPPED INDEX*

ONE YEAR

9.99%

9.88%

10.05%

9.99%

9.88%

10.05%

SINCE INCEPTION (1)

–9.28%

–9.18%

–9.22%

–4.13%

–4.09%

–4.11%

(1) For the period June 11, 2014 to September 30, 2016.

* The MSCI Germany Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in Germany and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Germany Value Weighted Index, the MSCI Germany Quality Index, and the MSCI Germany Minimum Volatility Index (each, a “Component Index”).

118

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

119

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	SIEMENS AG	BASF SE	SAP SE	ALLIANZ SE	DAIMLER AG
MARKET VALUE	$687,962	624,045	616,741	540,966	522,420
% OF NET ASSETS	5.3	4.8	4.7	4.1	4.0

(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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Chemicals		12.7	%
Insurance		10.0
Automobiles		9.7
Health Care Providers & Services		5.7
Pharmaceuticals		5.4
Industrial Conglomerates		5.3
Software		4.7
Textiles, Apparel & Luxury Goods		4.5
Household Products		4.1
Media		4.0
Machinery		3.6
Air Freight & Logistics		3.4
Personal Products		3.0
Diversified Telecommunication Services		2.7
Semiconductors & Semiconductor Equipment		2.6
Multi-Utilities		2.5
Auto Components		2.4
INDUSTRY	PERCENT OF NET ASSETS
Capital Markets		2.1
Real Estate Management & Development		2.0
Food & Staples Retailing		1.9
Trading Companies & Distributors		1.6
Internet Software & Services		1.4
Airlines		1.0
Construction Materials		0.9
Banks		0.6
Life Sciences Tools & Services		0.4
Transportation Infrastructure		0.5
Metals & Mining		0.3
Internet & Catalog Retail		0.2
Construction & Engineering		0.1
Electrical Equipment		0.1
Short-Term Investment		0.0	**
Other Assets in Excess of 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.

120

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Japan StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 14.55%, and the total return for the MSCI Japan Factor Mix A-Series Capped Index (the “Index”) was 14.87% (Net). 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, which would have a negative impact on returns. Expenses, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

After being battered to close the third quarter of 2015 on a rapidly deteriorating global growth outlook, equity markets found their footing in October to open the fourth quarter. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. The relative dovishness of global central banks aided in the strong fourth quarter 2015 performance of the Fund which finished +10.10% for the quarter.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the markets more than the last. Further unnerving markets was a continued rapid sell-off in oil prices that has been a prevailing market theme since the middle of 2014, prompting concerns over deflation and damage to energy producers to outweigh the once expected windfall to energy consumers in the calculus of the market. In light of these concerns, the Fund ended first quarter 2016 down –3.83%.

With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 navigated a storm of additional uncertainties, including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes, and now the surprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as “Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 gaining 1.81%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future. In light of these developments, the Fund returned +6.26% for the quarter ended September 30, 2016.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Keyence Corporation, KDDI Corporation, and Japan Tobacco Inc. The top negative contributors to the Fund’s performance were Mitsubishi Motors Corporation, Mitsubishi UFJ Financial Group, Inc., and FAST RETAILING CO., LTD.

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 SSGA Funds Management Inc., (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.

121

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		MSCI JAPAN FACTOR MIX A-SERIES CAPPED INDEX*		NET ASSET VALUE		MARKET VALUE		MSCI JAPAN FACTOR MIX A-SERIES CAPPED INDEX*
ONE YEAR		14.55%		14.84%		14.87%		14.55%		14.84%		14.87%
SINCE INCEPTION (1)		15.66%		16.57%		16.35%		6.51%		6.87%		6.79%

(1) For the period June 11, 2014 to September 30, 2016.

* The MSCI Japan Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in Japan and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Japan Value Weighted Index, the MSCI Japan Quality Index, and the MSCI Japan Minimum Volatility Index (each, a “Component Index”).

122

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

123

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TOYOTA MOTOR CORP.	ASTELLAS PHARMA, INC.	KDDI CORP.	BRIDGESTONE CORP.	KAO CORP.
MARKET VALUE	$365,236	330,969	329,141	322,054	292,235
% OF NET ASSETS	2.7	2.5	2.4	2.4	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Automobiles		8.2	%
Pharmaceuticals		6.8
Banks		6.7
Electronic Equipment, Instruments & Components		5.9
Machinery		4.9
Auto Components		4.5
Wireless Telecommunication Services		3.7
Road & Rail		3.5
Trading Companies & Distributors		3.5
Chemicals		3.0
Health Care Equipment & Supplies		2.9
Food & Staples Retailing		2.6
Personal Products		2.5
Specialty Retail		2.3
Real Estate Investment Trusts (REITs)		2.1
Real Estate Management & Development		2.1
Tobacco		2.1
Electric Utilities		2.0
Food Products		1.9
Household Durables		1.9
Technology Hardware, Storage & Peripherals		1.9
Hotels, Restaurants & Leisure		1.6
Leisure Equipment & Products		1.6
Gas Utilities		1.5
IT Services		1.5
Insurance		1.5
Beverages		1.3
Commercial Services & Supplies		1.3
Software		1.2
Airlines		1.1
Diversified Financial Services		1.1
INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		1.0
Diversified Telecommunication Services		0.9
Metals & Mining		0.9
Internet Software & Services		0.8
Construction & Engineering		0.7
Health Care Providers & Services		0.7
Health Care Technology		0.7
Multiline Retail		0.7
Professional Services		0.6
Capital Markets		0.4
Electrical Equipment		0.4
Industrial Conglomerates		0.4
Internet & Catalog Retail		0.4
Air Freight & Logistics		0.3
Building Products		0.3
Diversified Consumer Services		0.2
Independent Power Producers & Energy Traders		0.2
Marine		0.2
Media		0.2
Construction Materials		0.1
Containers & Packaging		0.1
Household Products		0.1
Paper & Forest Products		0.1
Semiconductors & Semiconductor Equipment		0.1
Transportation Infrastructure		0.1
Consumer Finance		0.0	**
Textiles, Apparel & Luxury Goods		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of 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.

124

SPDR MSCI MEXICO STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Mexico StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was –2.55%, and the total return for the MSCI Mexico Factor Mix A-Series Capped Index (the “Index”) was –2.32% (Net). 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, which would have a negative impact on returns. Expenses, transaction costs, cash drag, security misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

Although regionally the Latin American markets (especially Brazil) were some of the strongest performers globally, the Fund generated negative returns for three out of four quarters, as well as for the Reporting Period overall. However upon closer review, the Fund and Index both generated positive double-digit returns for the Reporting Period in local terms (i.e. as measured in Mexican pesos). Therefore, the Fund owes its negative performance during the period to the weakening of the Mexican peso. In fact, the peso depreciated over 12% versus the U.S. dollar during the Reporting Period.

First quarter 2016 was the strongest for the Fund, accounting for most of the Reporting Period’s performance. Following a tumultuous opening month of 2016, emerging market equities rebounded over the latter half of first quarter 2016 to finish up strongly. On a regional basis, Latin America notably improved as commodity prices surged. While there was no shortage of events affecting emerging market equities through second quarter 2016, the most significant across both emerging and developed markets took place over the third week of June with the U.K. European Union referendum and the consequent decision for the U.K. to withdraw from the EU. With most major polls suggesting a too close to call outcome, and bookmakers favoring a slight tilt toward “remain” entering the vote, risk assets sharply sold off on Friday, June 24th. However, emerging market equities proved remarkably resilient amid the market stress, quickly rebounding following that Friday’s fall as investors focused on the likely implications of an easier monetary policy for an extended period.

On an individual security level, the top positive contributors to the Fund’s performance were Industrias Penoles SAB de CV, Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB, and Grupo Mexico S.A.B. de C.V. Class B. The top negative contributors to the Fund’s performance were El Puerto de Liverpool SAB de CV, Grupo Financiero Inbursa SAB de CV Class O, and America Movil SAB de CV Class L.

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 SSGA Funds Management Inc., (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.

125

SPDR MSCI MEXICO STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI MEXICO FACTOR MIX A-SERIES CAPPED INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI MEXICO FACTOR MIX A-SERIES CAPPED INDEX*

ONE YEAR

–2.55%

–2.94%

–2.32%

–2.55%

–2.94%

–2.32%

SINCE INCEPTION (1)

–25.80%

–25.83%

–25.44%

–13.62%

–13.63%

–13.42%

(1) For the period September 17, 2014 to September 30, 2016.

* The MSCI Mexico Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in Mexico and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Mexico Value Weighted Index, the MSCI Mexico Quality Index, and the MSCI Mexico Minimum Volatility Index (each, a “Component Index”).

126

SPDR MSCI MEXICO STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

127

SPDR MSCI MEXICO STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	AMERICA MOVIL SAB DE CV SERIES L	FOMENTO ECONOMICO MEXICANO SAB DE CV	WAL-MART DE MEXICO SAB DE CV	GRUPO MEXICO SAB DE CV SERIES B	GRUPO TELEVISA SAB SERIES CPO
MARKET VALUE	$236,143	197,882	161,968	153,148	125,243
% OF NET ASSETS	11.0	9.2	7.5	7.1	5.8

(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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Beverages		15.4	%
Wireless Telecommunication Services		11.0
Metals & Mining		10.5
Banks		9.5
Food & Staples Retailing		9.0
Transportation Infrastructure		7.6
Food Products		6.4
Media		5.8
Construction Materials		4.5
Industrial Conglomerates		4.4
Construction & Engineering		2.9
Household Products		2.8
Multiline Retail		2.6
Real Estate Investment Trusts (REITs)		2.6
Consumer Finance		2.3
Chemicals		1.7
Pharmaceuticals		0.9
Short-Term Investment		0.2
Liabilities in Excess of Other Assets		(0.1	)
TOTAL		100.0	%

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

128

SPDR MSCI SOUTH KOREA STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI South Korea StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 19.00%, and the total return for the MSCI Korea Factor Mix A-Series Capped Index (the “Index”) was 19.55% (Net). 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, which would have a negative impact on returns. Fund expenses, cash drag, compounding, and optimization contributed to the difference between the Fund’s performance and that of the Index.

The stronger performance of emerging markets in 2016 comes after three straight years of declines, including a near 15% loss in 2015. Attribution for the healthy rebound in emerging markets is a collection of country and regional narratives, though the space as a whole has broadly benefitted by a rebound in natural resource prices and a ratcheting down of expectations for the pace of Federal Reserve tightening that could adversely impact global liquidity conditions. Despite several hurdles including strikes at major carmakers, ongoing corporate restructurings, Samsung Note7 recalls and the increased probability of a U.S. Federal Reserve interest rate hike, the Fund significantly outperformed the MSCI World Index and MSCI Emerging Markets Index, which returned 11.36% and 16.78%, respectfully, for the Reporting Period. Korea was one of the leading emerging market performers, lifted by pro-growth monetary policy and strong local currency performance. Information Technology was the best performing sector as demand for consumer electronics continued to rise.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd., NAVER Corp., and Hyundai Mobis Co., Ltd. The top negative contributors to the Fund’s performance were KEPCO Plant Service & Engineering Co., Ltd, KIA Motors Corporation, and SAMSUNG SDS CO.LTD.

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 SSGA Funds Management Inc., (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.

129

SPDR MSCI SOUTH KOREA STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI KOREA FACTOR MIX A-SERIES CAPPED INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI KOREA FACTOR MIX A-SERIES CAPPED INDEX*

ONE YEAR

19.00%

20.59%

19.55%

19.00%

20.59%

19.55%

SINCE INCEPTION (1)

–4.64%

–3.66%

–4.15%

–2.30%

–1.81%

–2.06%

(1) For the period September 17, 2014 to September 30, 2016.

* The MSCI Korea Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in South Korea and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Korea Value Weighted Index, the MSCI Korea Quality Index, and the MSCI Korea Minimum Volatility Index (each, a “Component Index”).

130

SPDR MSCI SOUTH KOREA STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

131

SPDR MSCI SOUTH KOREA STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	SAMSUNG ELECTRONICS CO., LTD.	NAVER CORP.	HYUNDAI MOBIS CO., LTD.	HYUNDAI MOTOR CO.	KT&G CORP.
MARKET VALUE	$519,439	152,331	114,360	95,595	90,684
% OF NET ASSETS	18.6	5.5	4.1	3.4	3.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Technology Hardware, Storage & Peripherals		21.4	%
Automobiles		7.4
Banks		6.0
Insurance		6.0
Auto Components		5.9
Internet Software & Services		5.9
Industrial Conglomerates		3.6
Personal Products		3.5
Tobacco		3.2
Chemicals		2.9
Electronic Equipment, Instruments & Components		2.8
Semiconductors & Semiconductor Equipment		2.7
Metals & Mining		2.6
Household Durables		2.4
Electric Utilities		2.2
Household Products		2.1
Hotels, Restaurants & Leisure		1.5
Oil, Gas & Consumable Fuels		1.5
Software		1.5
Wireless Telecommunication Services		1.5
Diversified Telecommunication Services		1.4
INDUSTRY	PERCENT OF NET ASSETS
Food Products		1.4
Food & Staples Retailing		1.3
Pharmaceuticals		1.3
Commercial Services & Supplies		1.1
Multiline Retail		1.0
IT Services		0.9
Aerospace & Defense		0.7
Air Freight & Logistics		0.7
Machinery		0.6
Construction & Engineering		0.5
Road & Rail		0.5
Capital Markets		0.3
Gas Utilities		0.3
Media		0.3
Beverages		0.2
Building Products		0.2
Consumer Finance		0.2
Trading Companies & Distributors		0.2
Airlines		0.1
Electrical Equipment		0.1
Specialty Retail		0.1
Short-Term Investment		0.0	**
Liabilities in Excess of Other Assets		(0.0	)**
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

132

SPDR MSCI SPAIN STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Spain StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was –2.23%, and the total return for the MSCI Spain Factor Mix A-Series Capped Index (the “Index”) was –1.94% (Net). 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, which would have a negative impact on returns. Expenses, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

After being battered to close the third quarter of 2015 on a rapidly deteriorating global growth outlook, equity markets found their footing in October to open the fourth quarter. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. The relative dovishness of global central banks aided in the fourth quarter 2015 performance of the Fund, which finished –0.91% for the quarter.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the markets more than the last. Further unnerving markets was a continued rapid sell-off in oil prices that has been a prevailing market theme since the middle of 2014, prompting concerns over deflation and damage to energy producers to outweigh the once expected windfall to energy consumers in the calculus of the market. In light of these concerns, the Fund ended first quarter 2016 down –3.28%.

With a starting point of continued slow and uneven economic growth for developed economies dating back to the end of the global financial crisis, investors in 2016 navigated a storm of additional uncertainties, including softening economic growth and policy missteps in China, a degree of disenchantment in the ability of global central banks to influence market outcomes, and now the surprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as “Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 down only –5.78%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future. In light of these developments, the Fund returned +8.28% for the quarter ended September 30, 2016.

On an individual security level, the top positive contributors to the Fund’s performance were Repsol SA, Industria de Diseno Textil, S.A., and Amadeus IT Group SA Class A. The top negative contributors to the Fund’s performance were Telefonica SA, Banco Santander S.A., and Banco Bilbao Vizcaya Argentaria, S.A.

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 SSGA Funds Management Inc., (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.

133

SPDR MSCI SPAIN STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI SPAIN FACTOR MIX A-SERIES CAPPED INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI SPAIN FACTOR MIX A-SERIES CAPPED INDEX*

ONE YEAR

–2.23%

–2.57%

–1.94%

–2.23%

–2.57%

–1.94%

SINCE INCEPTION (1)

–24.58%

–24.69%

–24.23%

–11.51%

–11.56%

–11.34%

(1) For the period June 11, 2014 to September 30, 2016.

* The MSCI Spain Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in Spain and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Spain Value Weighted Index, the MSCI Spain Quality Index, and the MSCI Spain Minimum Volatility Index (each, a “Component Index”).

134

SPDR MSCI SPAIN STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

135

SPDR MSCI SPAIN STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	BANCO SANTANDER SA	IBERDROLA SA	INDUSTRIA DE DISENO TEXTIL SA	TELEFONICA SA	BANCO BILBAO VIZCAYA ARGENTARIA SA
MARKET VALUE	$263,153	187,136	184,611	180,738	138,234
% OF NET ASSETS	12.5	8.9	8.8	8.6	6.6

(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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		25.5	%
Electric Utilities		16.4
Specialty Retail		8.8
Diversified Telecommunication Services		8.6
Gas Utilities		6.9
Construction & Engineering		6.3
Transportation Infrastructure		6.1
IT Services		4.6
Oil, Gas & Consumable Fuels		4.4
INDUSTRY	PERCENT OF NET ASSETS
Insurance		3.6
Food & Staples Retailing		2.2
Biotechnology		2.0
Machinery		2.0
Media		1.5
Airlines		1.1
Short-Term Investment		0.0	**
Liabilities in Excess of Other Assets		(0.0	)**
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

136

SPDR MSCI TAIWAN STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR^® MSCI Taiwan StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 21.12%, and the total return for the MSCI Taiwan Factor Mix A-Series Capped Index (the “Index”) was 21.84% (Net). 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, which would have a negative impact on returns. Security misweights, cash and dividend receivables drag and fees primarily contributed to the difference between the Fund’s performance and that of the Index.

Taiwan’s market strength during the Reporting Period was led by the Information Technology sector which gained over 27%. Easily the biggest sector in the market with an ending weight just over 60%, these companies are key suppliers and manufacturers for the global market in smartphones, tablets and related devices. As consumers focus on improved speed, battery life and camera quality in their mobile devices, the Taiwanese supply chain plays a key role in this area. The interest surrounding Apple’s iPhone 7 release in September highlighted the role played by Taiwanese suppliers, and several of the Fund’s top contributors are key suppliers to Apple and other leading consumer electronic companies. A secondary contributor to the Fund’s performance was strength in the Telecommunications sector. Making up nearly 10% of the Fund, the sector returned 21% during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Taiwan Semiconductor Manufacturing Co., Ltd., LARGAN Precision Co., Ltd., and Chunghwa Telecom Co., Ltd. The top negative contributors to the Fund’s performance were Eclat Textile Co., Ltd., MediaTek Inc., and Catcher Technology Co., Ltd.

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 SSGA Funds Management Inc., (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.

137

SPDR MSCI TAIWAN STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		MSCI TAIWAN FACTOR MIX A-SERIES CAPPED INDEX*		NET ASSET VALUE		MARKET VALUE		MSCI TAIWAN FACTOR MIX A-SERIES CAPPED INDEX*
ONE YEAR		21.12%		22.97%		21.84%		21.12%		22.97%		21.84%
SINCE INCEPTION (1)		1.99%		3.18%		3.01%		0.97%		1.55%		1.47%

(1) For the period September 17, 2014 to September 30, 2016.

* The MSCI Taiwan Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in Taiwan and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Taiwan Value Weighted Index, the MSCI Taiwan Quality Index, and the MSCI Taiwan Minimum Volatility Index (each, a “Component Index”).

138

SPDR MSCI TAIWAN STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

139

SPDR MSCI TAIWAN STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.	HON HAI PRECISION INDUSTRY CO., LTD.	LARGAN PRECISION CO., LTD.	CHUNGHWA TELECOM CO., LTD.	DELTA ELECTRONICS, INC.
MARKET VALUE	$1,030,531	363,175	361,774	327,846	256,823
% OF NET ASSETS	17.4	6.1	6.1	5.5	4.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Semiconductors & Semiconductor Equipment		26.7	%
Electronic Equipment, Instruments & Components		20.8
Technology Hardware, Storage & Peripherals		14.8
Banks		9.6
Diversified Telecommunication Services		5.5
Wireless Telecommunication Services		3.5
Chemicals		3.1
Food & Staples Retailing		2.7
Textiles, Apparel & Luxury Goods		2.4
Food Products		1.6
Insurance		1.5
Diversified Financial Services		1.1
Leisure Equipment & Products		1.0
Household Durables		0.9
INDUSTRY	PERCENT OF NET ASSETS
Metals & Mining		0.9
Oil, Gas & Consumable Fuels		0.9
Construction Materials		0.5
Real Estate Management & Development		0.4
Auto Components		0.3
Capital Markets		0.3
Industrial Conglomerates		0.3
Airlines		0.2
Specialty Retail		0.2
Automobiles		0.1
Electrical Equipment		0.1
Machinery		0.0	**
Marine		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of 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.

140

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI United Kingdom StrategicFactors^SM 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, 2016 (the “Reporting Period”), the total return for the Fund was 0.18%, and the total return for the MSCI UK Factor Mix A-Series Capped Index (the “Index”) was 0.74% (Net). 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, 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 an aggressive selloff in global equity markets ushered in the early weeks of 2016 on global growth concerns and a further short lived episode of volatility around “Brexit” in June, global equity markets recovered and entered the final quarter of the Reporting Period with mid-single digit percentage gains for most broad global benchmarks. As of September 30th, the MSCI EAFE Index had advanced 6.52% during the Reporting Period, and the S&P 500 Index returned 15.43%. The majority of the Index’s positive performance for the Reporting Period was attributable to a strong third quarter of 2016 (+3.49%), with a majority of that performance attributable to a strong post “Brexit” relief rally in July.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rally following the surprising June 23rd United Kingdom (UK). referendum vote to leave the European Union. After dipping 4.5% in June, bringing 2016 second quarter returns to –2.38%, the Index recovered strongly in July climbing up over 3% and bringing 2016 calendar year-to-date returns to –0.39%. The main driver of this negative year-to-date return was the sharp devaluation of UK pound, which dropped over 12% during 2016. After declining by 7.1% in the two days following the referendum, the MSCI World Index advanced 5.3% during the final three days of June and an additional 4.3% through the end of July.. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future. The true long term impact of Brexit on the economy is yet to be determined.

Materials and Energy were the strongest contributing sectors to the Fund’s performance. Financials and Consumer Discretionary were the weakest contributing sectors. On an individual security level, the top positive contributors to the Fund’s performance were Glencore plc, BP p.l.c., and ARM Holdings plc. The top negative contributors to the Fund’s performance were Barclays PLC, BT Group plc, and Next plc.

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 SSGA Funds Management Inc., (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.

141

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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 StrategicFactors^SM ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

MSCI UK FACTOR MIX A-SERIES CAPPED INDEX*

NET ASSET VALUE

MARKET VALUE

MSCI UK FACTOR MIX A-SERIES CAPPED INDEX*

ONE YEAR

0.18%

0.01%

0.74%

0.18%

0.01%

0.74%

SINCE INCEPTION (1)

–13.13%

–12.92%

–12.35%

–5.92%

–5.82%

–5.56%

(1) For the period June 11, 2014 to September 30, 2016.

* The MSCI UK Factor Mix A-Series Capped Index is designed to measure the equity market performance of publicly-traded companies domiciled in the United Kingdom and aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI UK Value Weighted Index, the MSCI UK Quality Index, and the MSCI UK Minimum Volatility Index (each, a “Component Index”).

142

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past Performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

143

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	HSBC HOLDINGS PLC	BP PLC	BRITISH AMERICAN TOBACCO PLC	GLAXOSMITHKLINE PLC	ROYAL DUTCH SHELL PLC CLASS A
MARKET VALUE	$137,469	101,273	94,204	90,791	89,705
% OF NET ASSETS	5.7	4.2	3.9	3.8	3.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		10.3	%
Banks		8.8
Pharmaceuticals		6.5
Hotels, Restaurants & Leisure		5.4
Tobacco		5.1
Media		5.0
Beverages		4.9
Insurance		4.9
Metals & Mining		4.8
Aerospace & Defense		3.6
Personal Products		3.6
Household Products		3.2
Trading Companies & Distributors		3.0
Diversified Telecommunication Services		2.8
Multi-Utilities		2.6
Real Estate Investment Trusts (REITs)		2.6
Wireless Telecommunication Services		2.1
Food Products		1.9
Capital Markets		1.8
Health Care Equipment & Supplies		1.6
Professional Services		1.5
Food & Staples Retailing		1.3
Chemicals		1.2
INDUSTRY	PERCENT OF NET ASSETS
Multiline Retail		1.2
Electric Utilities		1.1
Household Durables		1.1
Software		1.1
Water Utilities		0.9
Specialty Retail		0.8
Textiles, Apparel & Luxury Goods		0.7
Air Freight & Logistics		0.6
Auto Components		0.6
Industrial Conglomerates		0.6
Airlines		0.5
Commercial Services & Supplies		0.5
Machinery		0.4
Health Care Providers & Services		0.2
IT Services		0.2
Diversified Financial Services		0.1
Energy Equipment & Services		0.1
Internet Software & Services		0.1
Paper & Forest Products		0.1
Consumer Finance		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of 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.

144

SPDR S&P GLOBAL DIVIDEND ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 13.16%, and the total return for the S&P Global Dividend Aristocrats Index (the “Index”) was 12.89% (Net). 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, which would have a negative impact on returns. Fees, dividend tax withholding differences, cash and small security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund experienced a solid positive return over the Reporting Period. The opening month of 2016 was anything but reassuring for global investors as growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front and center in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in both equity and currency markets, each iteration of which seemed to unsettle the markets more than the last. After the tumultuous opening act of 2016, investor nerves were soothed to some degree at the end of February, after an intra-month recovery in the price levels of developed equity markets. February was also witness to a sharp sell-off in the British pound to seven year lows after the announcement of the long anticipated “Brexit” referendum. The relief rally in growth assets that began in the middle part of February continued for the better part of March, the Fund’s best performing month, with a return of 10.17%. The months that followed saw both positive and negative returns, further emphasizing uneven economic growth for developed economies. Global markets entered the last quarter of the Reporting Period riding the tailwind of an aggressive snap back rally following the surprising June 23rd U.K. referendum vote to leave the European Union.

On an individual security level, the top positive contributors to the Fund’s performance were Williams Companies, Inc., Mattel, Inc. and Helmerich & Payne, Inc. The top negative contributors to the Fund’s performance were Labrador Iron Ore Royalty Corporation, Amec Foster Wheeler plc and HollyFrontier Corporation.

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 SSGA Funds Management Inc., (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.

145

SPDR S&P GLOBAL DIVIDEND ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P GLOBAL DIVIDEND ARISTOCRATS INDEX*		NET ASSET VALUE		MARKET VALUE		S&P GLOBAL DIVIDEND ARISTOCRATS INDEX*
ONE YEAR		13.16%		13.02%		12.89%		13.16%		13.02%		12.89%
THREE YEARS		14.66%		15.24%		13.84%		4.67%		4.84%		4.41%
SINCE INCEPTION (1)		22.24%		22.74%		21.42%		6.19%		6.32%		5.98%

(1) For the period May 29, 2013 to September 30, 2016.

* The S&P Global Dividend Aristocrats Index is designed to measure the performance of high dividend-yield companies included in the S&P Global BMI (Broad Market Index) that have followed a managed-dividends policy of increasing or stable dividends for at least ten consecutive years.

146

SPDR S&P GLOBAL DIVIDEND ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

147

SPDR S&P GLOBAL DIVIDEND ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	WILLIAMS COS., INC.	MTN GROUP, LTD.	ENBRIDGE INCOME FUND HOLDINGS, INC.	FORTUM OYJ	HELMERICH & PAYNE, INC.
MARKET VALUE	$3,727,948	2,566,161	2,125,915	2,003,466	1,809,024
% OF NET ASSETS	3.6	2.5	2.0	1.9	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Electric Utilities		10.5	%
Oil, Gas & Consumable Fuels		9.9
Banks		7.5
Diversified Telecommunication Services		6.6
Wireless Telecommunication Services		5.0
Real Estate Management & Development		4.6
Real Estate Investment Trusts (REITs)		4.2
Insurance		4.1
Food Products		3.4
Energy Equipment & Services		3.1
Construction & Engineering		3.0
Capital Markets		2.8
Specialty Retail		2.5
Gas Utilities		2.3
Media		2.3
Food & Staples Retailing		2.2
Machinery		2.1
Pharmaceuticals		2.0
Transportation Infrastructure		1.9
Industrial Conglomerates		1.8
INDUSTRY	PERCENT OF NET ASSETS
Commercial Services & Supplies		1.7
Multi-Utilities		1.7
Diversified Financial Services		1.4
Leisure Equipment & Products		1.4
Trading Companies & Distributors		1.3
Household Durables		1.2
Automobiles		1.1
Health Care Providers & Services		1.1
Tobacco		1.1
Software		1.0
Air Freight & Logistics		0.9
Technology Hardware, Storage & Peripherals		0.9
Aerospace & Defense		0.8
Chemicals		0.8
Water Utilities		0.8
Thrifts & Mortgage Finance		0.7
Short-Term Investments		8.0
Liabilities in Excess of Other Assets		(7.7	)
TOTAL		100.0	%

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

148

SPDR S&P INTERNATIONAL DIVIDEND ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 12.98%, and the total return for the S&P International Dividend Opportunities^® Index (the “Index”) was 13.63% (Net). 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, 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, the performance of the Index was higher than the MSCI EAFE Index, its broad-based market cap counterpart. Changes in monetary policy from various central banks, including further easing by the European Central Bank, a modest increase in the Federal Reserve rate, as well as a Chinese rate cut, helped the Fund finish in positive territory in the first quarter of the Reporting Period. Unfortunately, economic weakness in China, plunging oil prices and geo-political tensions weighed on performance during the next few months causing negative returns. The Fund was additionally affected by deflationary pressures in Europe and the U.S. and inflation in emerging markets during this same period. The surprise “Brexit” vote in the U.K. to leave the EU in June and resulting fall in the value of the British pound further prevented any material rebound through the second quarter of 2016. The Fund managed to rally in the fourth quarter of the Reporting Period, primarily thanks to continued monetary policy easing, as the Bank of England announced a rate cut, Japan announced additional fiscal and monetary policies and the Federal Reserve decided to keep rates as is. Rebounding oil prices and strong earnings also helped in the quarter.

On an individual security level, the top positive contributors to the Fund’s performance were Crescent Point Energy Corp., Sands China Ltd., and Pembina Pipeline Corporation. The top negative contributors to the Fund’s performance were Worleyparsons Limited, Berkeley Group Holdings plc, and Electricite de France 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 SSGA Funds Management Inc., (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.

149

SPDR S&P INTERNATIONAL DIVIDEND ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P INTERNATIONAL DIVIDEND OPPORTUNITIES INDEX*

NET ASSET VALUE

MARKET VALUE

S&P INTERNATIONAL DIVIDEND OPPORTUNITIES INDEX*

ONE YEAR

12.98%

13.53%

13.63%

12.98%

13.53%

13.63%

THREE YEARS

–8.98%

–8.66%

–7.84%

–3.09%

–2.98%

–2.68%

FIVE YEARS

7.82%

9.71%

9.50%

1.52%

1.87%

1.83%

SINCE INCEPTION (1)

–14.37%

–13.90%

–14.41%

–1.78%

–1.72%

–1.79%

(1) For the period February 12, 2008 to September 30, 2016.

* The S&P International Dividend Opportunities^® Index is designed to measure the performance of the 100 highest dividend-yielding common stocks and ADRs listed in primary exchanges of countries included in the S&P/Citigroup Broad Market Index.

150

SPDR S&P INTERNATIONAL DIVIDEND ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

151

SPDR S&P INTERNATIONAL DIVIDEND ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	CRESCENT POINT ENERGY CORP.	SANDS CHINA, LTD.	RIO TINTO PLC	WOODSIDE PETROLEUM, LTD.	PEMBINA PIPELINE CORP.
MARKET VALUE	$37,866,077	33,835,909	31,982,341	30,252,009	27,519,412
% OF NET ASSETS	3.7	3.3	3.2	3.0	2.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		16.4	%
Electric Utilities		10.5
Banks		9.0
Wireless Telecommunication Services		7.5
Hotels, Restaurants & Leisure		5.4
Insurance		5.1
Gas Utilities		4.6
Metals & Mining		4.3
Real Estate Investment Trusts (REITs)		4.3
Multi-Utilities		3.7
Capital Markets		3.4
Diversified Telecommunication Services		2.7
Food & Staples Retailing		2.6
Road & Rail		2.6
Construction Materials		2.2
Semiconductors & Semiconductor Equipment		2.2
Real Estate Management & Development		1.8
INDUSTRY	PERCENT OF NET ASSETS
Tobacco		1.7
Commercial Services & Supplies		1.5
Household Durables		1.5
Energy Equipment & Services		1.1
Diversified Financial Services		0.9
Air Freight & Logistics		0.7
Construction & Engineering		0.7
Pharmaceuticals		0.7
Textiles, Apparel & Luxury Goods		0.7
Media		0.6
Thrifts & Mortgage Finance		0.4
Automobiles		0.3
Independent Power Producers & Energy Traders		0.3
Short-Term Investments		8.4
Liabilities in Excess of Other Assets		(7.8	)
TOTAL		100.0	%

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

152

SPDR S&P EMERGING MARKETS SMALL CAP ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 18.67%, and the total return for the S&P Emerging Markets Under USD2 Billion Index (the “Index”) was 17.62% (Net). 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, which would have a negative impact on returns. Security misweights, fees, cash and dividend receivables drag, compounding, lending income and transaction costs contributed to the difference between the Fund’s performance and that of the Index.

Strong positive returns in Taiwan, Indonesia and Brazil made the largest contributions to the Fund’s return at the country level. Taiwan, the largest market in the Index with an ending weight of approximately 28%, gained over 23% during the Reporting Period. The Technology sector was helped by global demand for smartphones and other mobile technology devices. Indonesia’s market was up over 50% as the recovery this past year in commodity and energy prices helped lift stocks across the market. Brazil’s market was helped by a rebound in commodity prices, but political developments were also a critical factor in the country’s performance. Brazil gained over 63% during the Reporting Period as the crisis surrounding government corruption issues came to a head. In early September, President Dilma Rousseff was impeached by Brazil’s Senate after months of political uncertainty and volatility. While the country’s economy still faces a number of challenges, the rally in both the stock market and the currency suggest that investors have become more comfortable with the outlook.

On an individual security level, the top positive contributors to the Fund’s performance were TAL Education Group Unsponsored ADR Class A, Sunny Optical Technology (Group) Co. Ltd., and Sibanye Gold Ltd. The top negative contributors to the Fund’s performance were Hangzhou Steam Turbine Co., Ltd. Class B, Tech Pro Technology Development Ltd., and Future Land Holdings Co., Ltd.

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 SSGA Funds Management Inc., (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.

153

SPDR S&P EMERGING MARKETS SMALL CAP ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P EMERGING MARKETS UNDER USD2 BILLION INDEX*		NET ASSET VALUE		MARKET VALUE		S&P EMERGING MARKETS UNDER USD2 BILLION INDEX*
ONE YEAR		18.67%		19.75%		17.62%		18.67%		19.75%		17.62%
THREE YEARS		–0.26%		2.04%		1.64%		–0.09%		0.68%		0.54%
FIVE YEARS		23.07%		29.63%		26.89%		4.24%		5.33%		4.88%
SINCE INCEPTION (1)		1.49%		2.41%		15.59%		0.18%		0.28%		1.74%

(1) For the period May 12, 2008 to September 30, 2016.

* The S&P Emerging Markets Under USD2 Billion Index is a float adjusted market cap weighted index that represents the small capitalization segment of emerging countries included in the S&P Global BMI Index. The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

154

SPDR S&P EMERGING MARKETS SMALL CAP ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

155

SPDR S&P EMERGING MARKETS SMALL CAP ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	PARQUE ARAUCO SA	BHARAT FINANCIAL INCLUSION, LTD.	POWERTECH TECHNOLOGY, INC.	MICRO-STAR INTERNATIONAL CO., LTD.	NORTHAM PLATINUM, LTD.
MARKET VALUE	$1,286,297	1,267,684	1,172,341	1,164,824	1,119,635
% OF NET ASSETS	0.4	0.4	0.4	0.4	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Management & Development		6.9	%
Semiconductors & Semiconductor Equipment		5.6
Electronic Equipment, Instruments & Components		4.8
Banks		4.6
Metals & Mining		3.9
Chemicals		3.5
Food Products		3.4
Pharmaceuticals		2.8
Construction & Engineering		2.7
Textiles, Apparel & Luxury Goods		2.7
Hotels, Restaurants & Leisure		2.6
IT Services		2.6
Technology Hardware, Storage & Peripherals		2.6
Auto Components		2.5
Internet Software & Services		2.4
Specialty Retail		2.2
Machinery		2.1
Capital Markets		1.9
Media		1.9
Household Durables		1.8
Real Estate Investment Trusts (REITs)		1.8
Diversified Financial Services		1.7
Communications Equipment		1.6
Health Care Providers & Services		1.6
Software		1.6
Airlines		1.5
Construction Materials		1.5
Oil, Gas & Consumable Fuels		1.4
Consumer Finance		1.3
Diversified Consumer Services		1.3
Electrical Equipment		1.3
Marine		1.2
Transportation Infrastructure		1.2
INDUSTRY	PERCENT OF NET ASSETS
Diversified Telecommunication Services		1.1
Health Care Equipment & Supplies		1.1
Water Utilities		1.1
Industrial Conglomerates		1.0
Beverages		0.9
Electric Utilities		0.9
Food & Staples Retailing		0.8
Multiline Retail		0.8
Trading Companies & Distributors		0.8
Building Products		0.7
Commercial Services & Supplies		0.7
Independent Power Producers & Energy Traders		0.7
Containers & Packaging		0.6
Insurance		0.6
Distributors		0.5
Personal Products		0.5
Air Freight & Logistics		0.4
Automobiles		0.4
Energy Equipment & Services		0.4
Internet & Catalog Retail		0.4
Biotechnology		0.3
Gas Utilities		0.3
Thrifts & Mortgage Finance		0.3
Tobacco		0.3
Wireless Telecommunication Services		0.3
Leisure Equipment & Products		0.2
Professional Services		0.2
Multi-Utilities		0.1
Paper & Forest Products		0.1
Road & Rail		0.1
Aerospace & Defense		0.0	**
Household Products		0.0	**
Short-Term Investments		4.7
Liabilities in Excess of Other Assets		(3.8	)
TOTAL		100.0	%

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

** Amount shown represents less than 0.05% of net assets.

156

SPDR DOW JONES GLOBAL REAL ESTATE ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 13.71%, and the total return for the Dow Jones Global Select Real Estate Securities Index^SM (the “Index”) was 13.55% (Net). 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, 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.

Global real estate securities overcame unique regional events and general global uncertainty to produce strong positive returns over the Reporting Period. The Index outpaced the MSCI World Index in both the second and third fiscal quarters leading to an overall advantage over the broader market’s impressive positive return for the period. The last quarter of the Reporting Period was the only quarter that did not yield a positive result to the Index, fueled by the uncertainty from June’s surprising “Brexit” vote in the UK, as well as the Federal Reserve’s inaction on a rate hike decision. Still, those factors could not erase earlier gains for the Index. Historically low treasury yields led investors to the income-producing real estate sector. Australia led the way with a gain of over 32% for the Reporting Period sparked by strong earnings reports across the board, steady demand in both the Office and Residential spaces, and positive currency returns versus the U.S. dollar.

On an individual security level, the top positive contributors to the Fund’s performance were Simon Property Group, Inc., Prologis, Inc., and Ventas, Inc. The top negative contributors to the Fund’s performance were Land Securities Group PLC, British Land Company PLC, and Mitsui Fudosan Co., Ltd.

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 SSGA Funds Management Inc., (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.

157

SPDR DOW JONES GLOBAL REAL ESTATE ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		DOW JONES GLOBAL SELECT REAL ESTATE SECURITIES INDEX*		NET ASSET VALUE		MARKET VALUE		DOW JONES GLOBAL SELECT REAL ESTATE SECURITIES INDEX*
ONE YEAR		13.71%		13.93%		13.55%		13.71%		13.93%		13.55%
THREE YEARS		29.42%		29.38%		28.57%		8.98%		8.97%		8.74%
FIVE YEARS		80.70%		82.19%		79.53%		12.56%		12.75%		12.41%
SINCE INCEPTION (1)		41.55%		41.92%		38.41%		4.22%		4.25%		3.95%

(1) For the period May 7, 2008 to September 30, 2016.

* The Dow Jones Global Select Real Estate Securities Index is a float adjusted market capitalization index designed to measure the performance of publicly traded global real estate securities that represent the ownership and operation of commercial or residential real estate.

158

SPDR DOW JONES GLOBAL REAL ESTATE ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

159

SPDR DOW JONES GLOBAL REAL ESTATE ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	SIMON PROPERTY GROUP, INC. REIT	PUBLIC STORAGE REIT	PROLOGIS, INC. REIT	UNIBAIL-RODAMCO SE	WELLTOWER, INC. REIT
MARKET VALUE	$153,704,718	78,539,478	66,587,377	63,332,157	63,161,285
% OF NET ASSETS	6.2	3.1	2.7	2.5	2.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Investment Trusts (REITs)		89.2	%
Real Estate Management & Development		10.4
Diversified Financial Services		0.0	**
Short-Term Investments		1.6
Liabilities in Excess of Other Assets		(1.2	)
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.

160

SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 3.84%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Discretionary Sector Index (the “Index”) was 2.97% (Net). 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, 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.

After an aggressive sell-off in global equity markets ushered in the early weeks of 2016 on global growth concerns and a further short lived episode of volatility around “Brexit” in June, global equity markets have recovered admirably and enter the final quarter of the year with mid-single digit percentage gains for most broad global benchmarks. As of September 30th, the S&P Developed ex US BMI Index had advanced 8.5% for the Reporting Period. As a comparison, the S&P 500 Index returned 14.6% for the same period. For each of these indices, the majority of the positive performance for the year was attributable to a strong third quarter, with a majority of that third quarter performance attributable to a strong post “Brexit” relief rally in July. Consumer Discretionary performed relatively poorly during the Reporting Period due to sluggish retail data and weak consumer sentiment. Textiles, Apparel and Luxury was the strongest contributing industry within Consumer Discretionary sector as this category experienced a steady and sustainable growth due to an underlying consumer demand for performance and sports lifestyle products. Multiline Retail was the worst contributor within the sector during the Reporting Period as department stores continued struggling to navigate tough consumer environment with decreasing sales of luxury goods and increased competition from on-line retailers.

On a country level Japan, Canada and Australia were strongest contributors to the Fund’s performance while United Kingdom, Switzerland and Sweden were the weakest contributors. On an individual security level, the top positive contributors to the Fund’s performance were adidas AG, Sony Corporation, and Aristocrat Leisure Limited. The top negative contributors to the Fund’s performance were Compagnie Financiere Richemont SA, Whitbread PLC, and Next plc.

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 SSGA Funds Management Inc., (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.

161

SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI CONSUMER DISCRETIONARY SECTOR INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI CONSUMER DISCRETIONARY SECTOR INDEX*
ONE YEAR		3.84%		3.85%		2.97%		3.84%		3.85%		2.97%
THREE YEARS		2.02%		0.81%		1.40%		0.67%		0.27%		0.46%
FIVE YEARS		63.33%		67.29%		60.44%		10.31%		10.84%		9.91%
SINCE INCEPTION (1)		69.33%		69.65%		64.51%		6.62%		6.65%		6.25%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Consumer Discretionary Sector Index represents the non-U.S. consumer discretionary sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

162

SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

163

SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TOYOTA MOTOR CORP.	DAIMLER AG	HONDA MOTOR CO., LTD.	ADIDAS AG	LVMH MOET HENNESSY LOUIS VUITTON SE
MARKET VALUE	$964,451	414,243	293,697	281,276	275,166
% OF NET ASSETS	7.6	3.3	2.3	2.2	2.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Automobiles		23.4	%
Hotels, Restaurants & Leisure		14.1
Auto Components		11.8
Media		11.7
Textiles, Apparel & Luxury Goods		11.4
Household Durables		9.4
Specialty Retail		8.2
Multiline Retail		4.0
INDUSTRY	PERCENT OF NET ASSETS
Leisure Equipment & Products		2.6
Internet & Catalog Retail		1.4
Diversified Consumer Services		0.6
Distributors		0.4
Short-Term Investments		9.0
Liabilities in Excess of Other Assets		(8.0	)
TOTAL		100.0	%

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

164

SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 14.46%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Staples Sector Index (the “Index”) was 14.62% (Net). 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, 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 Reporting Period outpacing the market in the first 3 fiscal quarters and more than doubling the MSCI EAFE Index’s positive return for the Reporting Period. The sector’s defensive characteristics and non-cyclical nature made it attractive to investors concerned about both volatility and general global uncertainty. Specifically, both the “Brexit” vote and the Federal Reserve’s anticipated rate hike in the U.S. led investors to seek income-producing safe havens such as consumer staples and REITs. Additionally, there was an increase in disposable income throughout many developed nations during the Reporting Period. Consumer consumption steadily increased, which benefitted the sector. 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 Anheuser-Busch InBev SA, British American Tobacco p.l.c., and Nestle S.A. The top negative contributors to the Fund’s performance were Carrefour SA, Tesco PLC, and Associated British Foods plc.

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 SSGA Funds Management Inc., (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.

165

SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI CONSUMER STAPLES SECTOR INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI CONSUMER STAPLES SECTOR INDEX*
ONE YEAR		14.46%		14.03%		14.62%		14.46%		14.03%		14.62%
THREE YEARS		21.44%		21.27%		23.36%		6.69%		6.64%		7.25%
FIVE YEARS		67.20%		68.80%		72.08%		10.83%		11.04%		11.46%
SINCE INCEPTION (1)		94.83%		94.78%		106.99%		8.46%		8.46%		9.27%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Consumer Staples Sector Index represents the non-U.S. consumer staples sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

166

SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

167

SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NESTLE SA	BRITISH AMERICAN TOBACCO PLC	ANHEUSER-BUSCH INBEV SA	UNILEVER NV	DIAGEO PLC
MARKET VALUE	$4,637,853	2,216,256	2,017,285	1,479,569	1,359,081
% OF NET ASSETS	13.1	6.3	5.7	4.2	3.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Food Products		28.4	%
Beverages		19.8
Food & Staples Retailing		16.6
Personal Products		14.1
Tobacco		12.6
Household Products		7.7
Short-Term Investments		4.4
Liabilities in Excess of Other Assets		(3.6	)
TOTAL		100.0	%

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

168

SPDR S&P INTERNATIONAL ENERGY SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 18.31%, and the total return for the S&P Developed Ex-U.S. BMI Energy Sector Index (the “Index”) was 17.97% (Net). 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, 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.

The Energy sector outpaced the broader global equity market for the Reporting Period. The monthly performance of the Energy sector was fairly volatile while mirroring the movement of oil during this time frame. The last quarter of 2015 would experience a sharp sell-off in the equity space and subsequently would give the Energy sector its worst quarter for the Reporting Period. The opening month of 2016 was anything but reassuring for global investors as growth assets sold off on a mosaic of uncertainties. The Federal Reserve’s December increase in rates, mounting concern about global growth prospects, and China’s miss in its manufacturing purchasing manager’s index (PMI) were all to blame for the sharp decline. However, both oil and energy began to rally in mid-February and were able to recover their Reporting Period losses by late March. This rally would continue as crude oil would post a gain of 30% through June helping to stimulate the Energy sector. The Energy sector would see signs of volatility in the final quarter due to the unexpected “Brexit” vote causing global economic uncertainty, yet would still recover to finish the Reporting Period on a positive note.

On an individual security level, the top positive contributors to the Fund’s performance were BP p.l.c., Royal Dutch Shell Plc Class B, and Canadian Natural Resources Limited. The top negative contributors to the Fund’s performance were Inpex Corporation, Seadrill Ltd., and Saipem S.p.A.

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 SSGA Funds Management Inc., (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.

169

SPDR S&P INTERNATIONAL ENERGY SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P DEVELOPED EX-U.S. BMI ENERGY SECTOR INDEX*

NET ASSET VALUE

MARKET VALUE

S&P DEVELOPED EX-U.S. BMI ENERGY SECTOR INDEX*

ONE YEAR

18.31%

18.31%

17.97%

18.31%

18.31%

17.97%

THREE YEARS

–21.52%

–21.36%

–22.30%

–7.76%

–7.70%

–8.06%

FIVE YEARS

–6.48%

–4.61%

–6.85%

–1.33%

–0.94%

–1.41%

SINCE INCEPTION (1)

–27.32%

–27.04%

–26.13%

–3.81%

–3.77%

–3.62%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Energy Sector Index represents the non-U.S. energy sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

170

SPDR S&P INTERNATIONAL ENERGY SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

171

SPDR S&P INTERNATIONAL ENERGY SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	TOTAL SA	BP PLC	ROYAL DUTCH SHELL PLC CLASS A	ROYAL DUTCH SHELL PLC CLASS B	SUNCOR ENERGY, INC.
MARKET VALUE	$4,039,816	3,772,206	3,698,624	3,340,997	1,622,072
% OF NET ASSETS	11.5	10.8	10.6	9.5	4.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		94.0	%
Energy Equipment & Services		5.4
Machinery		0.2
Short-Term Investments		8.2
Liabilities in Excess of Other Assets		(7.8	)
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 FINANCIAL SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was –1.98%, and the total return for the S&P Developed Ex-U.S. BMI Financials Sector Index (the “Index”) was –1.21% (Net). 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, 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 performed positively in the last quarter of 2015, rebounding from a sharp sell-off in the previous quarter on global fears emanating from emerging markets led by China. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. On October 22nd, European Central Bank (ECB) President Draghi gave strong indications the ECB would be prepared to introduce additional stimulus measures before the end of 2015, citing the negative effect weak emerging markets growth will have on meeting ECB inflation targets. This was followed a day later by an interest rate cut by the Peoples Bank of China and further policy measures to combat weak investment growth and low inflation.

The Index lost 6.38% in the first quarter of 2016 due to an aggressive sell-off during the first two weeks of the calendar year on a mosaic of uncertainties persisting from 2015 stemming from conflicting messages from China’s policy makers and fears of deflation due to a rapid sell-off in oil prices. In the case of the ECB, an initial decline in the Euro against the U.S. dollar reversed during President Draghi’s press conference following the March 10th policy easing, sending the currency sharply higher on the day and European stocks sharply lower. While intended as a stimulus to discourage cash holdings and stimulate credit creation, negative interest rates are problematic for bank profitability and were cited as one of the reasons Eurozone financial stocks declined by 26% on the year through February 11th, before staging a partial recovery to close out the first quarter.

The Index gained 3.60% in April to start the second quarter of 2016, largely due to the continuation of the stock market rally from the rebound in oil prices that started on February 12th. After showing signs of pause in late April, the commodity led global reflation rally in growth assets retreated during the early part of May and the Index finished down 1.08% for the month. The last month of the second quarter of 2016 ended up being the worst month for the Index, which lost 7.80% when markets paused somewhat in June ahead of the British referendum on continuing EU membership and subsequently fell sharply once a British exit vote, known as “Brexit,” was confirmed. The second quarter of 2016 ended up being the second worst performing quarter as the Index lost 5.51%.

The Index gained 6.06% in July and helped deliver the best quarter in the Reporting Period, as the Index closed the quarter with a gain of 8.64%. Equity markets entered the third quarter riding the tailwind of an aggressive snap back rally following the surprising June 23rd U.K. referendum vote to leave the European Union. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although “Brexit” resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future.

173

SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (CONTINUED) (UNAUDITED)

On an individual security level, the top positive contributors to the Fund’s performance were AIA Group Limited, Bank of Nova Scotia, and Royal Bank of Canada. The top negative contributors to the Fund’s performance were Lloyds Banking Group plc, UniCredit S.p.A., and Barclays PLC.

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 SSGA Funds Management Inc., (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.

174

SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P DEVELOPED EX-U.S. BMI FINANCIALS SECTOR INDEX*

NET ASSET VALUE

MARKET VALUE

S&P DEVELOPED EX-U.S. BMI FINANCIALS SECTOR INDEX*

ONE YEAR

–1.98%

–1.83%

–1.21%

–1.98%

–1.83%

–1.21%

THREE YEARS

–7.29%

–7.05%

–5.34%

–2.49%

–2.41%

–1.81%

FIVE YEARS

40.03%

42.83%

42.58%

6.97%

7.39%

7.35%

SINCE INCEPTION (1)

–2.40%

–2.18%

–0.35%

–0.30%

–0.27%

–0.04%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Financials Sector Index represents the non-U.S. financial sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

175

SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

176

SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	HSBC HOLDINGS PLC	COMMONWEALTH BANK OF AUSTRALIA	ROYAL BANK OF CANADA	AIA GROUP, LTD.	TORONTO-DOMINION BANK
MARKET VALUE	$278,757	176,462	165,457	153,023	148,231
% OF NET ASSETS	4.4	2.8	2.6	2.4	2.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Banks		56.7	%
Insurance		24.8
Capital Markets		8.4
Diversified Financial Services		6.7
Real Estate Management & Development		1.0
Media		0.4
Consumer Finance		0.3
Short-Term Investments		4.6
Liabilities in Excess of Other Assets		(2.9	)
TOTAL		100.0	%

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

177

SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 0.80%, and the total return for the S&P Developed Ex-U.S. BMI Health Care Sector Index (the “Index”) was 0.59% (Net). 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, 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 performance for the Reporting Period. The first quarter of the Reporting Period was positive as the Fund’s performance was buttressed by easy monetary policy across the globe as well as positive earnings and merger activity. Performance in the middle of the Reporting Period was mixed as positive factors such as strong macro data, dovish monetary policy and recovering oil prices were offset by terrorism and the surprise U.K. vote to leave the European Union, popularly known as “Brexit.” The Fund had negative performance in the last quarter of the Reporting Period as the negative impact of the Brexit vote began to materialize, weak macro data came out of China and concerns about terrorism and other geo-political issues outweighed unchanged interest rates by the Federal Reserve, the central Japanese bank’s announcement for additional monetary stimulus and curbed oil output from the Organization of the Petroleum Exporting Countries (OPEC). The Fund’s positive performance during the Reporting Period was also aided by strong performance of new pharmaceutical products including HIV and vaccine products. New cancer therapies also helped performance as the pipeline of drugs to battle the second most deadly killer continues to grow. Performance was negatively impacted as generic drugs, opposition to some mergers and potential pressure from the political arena continue to erode profit margins.

On an individual security level, the top positive contributors to the Fund’s performance were GlaxoSmithKline plc, CSL Limited, and Otsuka Holdings Co., Ltd. The top negative contributors to the Fund’s performance were Bayer AG, Novartis AG, and Valeant Pharmaceuticals International Inc.

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 SSGA Funds Management Inc., (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.

178

SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI HEALTH CARE SECTOR INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI HEALTH CARE SECTOR INDEX*
ONE YEAR		0.80%		0.66%		0.59%		0.80%		0.66%		0.59%
THREE YEARS		20.65%		20.64%		20.83%		6.46%		6.45%		6.51%
FIVE YEARS		78.36%		79.16%		79.36%		12.27%		12.37%		12.39%
SINCE INCEPTION (1)		81.16%		81.23%		85.95%		7.50%		7.51%		7.85%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Health Care Sector Index represents the non-U.S. health care sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

179

SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

180

SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	GLAXOSMITHKLINE PLC	SANOFI	BAYER AG
MARKET VALUE	$5,856,729	4,717,325	2,911,446	2,544,943	2,375,553
% OF NET ASSETS	11.7	9.4	5.8	5.1	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		72.8	%
Health Care Equipment & Supplies		9.8
Health Care Providers & Services		7.2
Biotechnology		6.6
Life Sciences Tools & Services		2.3
Health Care Technology		0.4
Short-Term Investments		4.8
Liabilities in Excess of Other Assets		(3.9	)
TOTAL		100.0	%

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

181

SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 16.68%, and the total return for the S&P Developed Ex-U.S. BMI Industrial Sector Index (the “Index”) was 15.22% (Net). 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, 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 positive performance for the Reporting Period. The first quarter of the Reporting Period was positive as the Fund’s performance was buttressed by easy monetary policy across the globe as well as better than expected manufacturing in China and Europe and construction spending and vehicle sales data in the U.S. Performance in the middle of the Reporting Period was mixed as positive factors such as recovering commodity prices and increased demand for steel from China (the world’s second largest economy) were offset by terrorism and the surprise U.K. vote to leave the European Union, popularly known as “Brexit.” The Fund had positive performance in the last quarter of the Reporting Period on the back of strong Chinese GDP, industrial production and accommodative monetary policy, despite geopolitical concerns and terrorist activity. The Fund’s positive performance during the Reporting Period was also aided by corporate transformative efforts resulting in higher efficiency and expense reductions as well as companies tapping into new and emerging growth areas such as battery storage systems to take advantage of the increasing use of non-fossil fuel power generation methods like wind and solar energy.

On an individual security level, the top positive contributors to the Fund’s performance were Siemens AG, ABB Ltd. and Daikin Industries, Ltd. The top negative contributors to the Fund’s performance were EasyJet plc, International Consolidated Airlines, and Capita plc.

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 SSGA Funds Management Inc., (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.

182

SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI INDUSTRIAL SECTOR INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI INDUSTRIAL SECTOR INDEX*
ONE YEAR		16.68%		16.80%		15.22%		16.68%		16.80%		15.22%
THREE YEARS		5.94%		5.42%		6.42%		1.94%		1.78%		2.10%
FIVE YEARS		51.63%		54.81%		53.05%		8.68%		9.13%		8.88%
SINCE INCEPTION (1)		32.31%		32.64%		33.54%		3.47%		3.50%		3.59%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Industrial Sector Index represents the non-U.S. industrial sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

183

SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

184

SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	SIEMENS AG	CANADIAN NATIONAL RAILWAY CO.	ABB, LTD.	SCHNEIDER ELECTRIC SE	CK HUTCHISON HOLDINGS, LTD.
MARKET VALUE	$569,336	322,610	321,564	259,302	235,131
% OF NET ASSETS	3.8	2.1	2.1	1.7	1.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Machinery		17.5	%
Industrial Conglomerates		11.5
Road & Rail		10.6
Trading Companies & Distributors		9.2
Electrical Equipment		9.0
Construction & Engineering		7.8
Aerospace & Defense		6.4
Commercial Services & Supplies		6.3
Building Products		6.1
Professional Services		4.6
Transportation Infrastructure		3.6
Air Freight & Logistics		2.3
INDUSTRY	PERCENT OF NET ASSETS
Marine		1.8
Airlines		1.4
Media		0.7
Food Products		0.3
Auto Components		0.1
Real Estate Management & Development		0.1
Specialty Retail		0.1
Short-Term Investment		4.4
Liabilities in Excess of Other Assets		(3.8	)
TOTAL		100.0	%

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

185

SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 23.96%, and the total return for the S&P Developed Ex-U.S. BMI Materials Sector Index (the “Index”) was 25.73% (Net). 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, 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 2.45% in the last quarter of 2015, rebounding from a sharp sell-off in the previous quarter on global fears emanating from emerging markets led by China. The shift in market sentiment was aided by new policy commitments from global central banks to provide additional stimulus to combat the effects of a slowing global economy. On October 22nd, European Central Bank (ECB) President Draghi gave strong indications the ECB would be prepared to introduce additional stimulus measures before the end of 2015, citing the negative effect weak emerging markets growth will have on meeting ECB inflation targets. This was followed a day later by an interest rate cut by the Peoples Bank of China and further policy measures to combat weak investment growth and low inflation.

The Index gained 5.3% in the first quarter of 2016 despite an aggressive sell-off during the first two weeks of the calendar year on a mosaic of uncertainties persisting from 2015 stemming from conflicting messages from China’s policy makers and fears of deflation due to a rapid sell-off in oil prices. If there is a story to be told as to what was the catalyst that caused risk assets to rally beginning on February 12th, there are few as compelling as the reversal in oil prices. All in, the broader Bloomberg Commodity Index was up 3.8% for the first quarter of 2016 after being down more than 5.8% on February 11th.

The Index gained 9.67% in April to start the second quarter of 2016, largely due to the continuation of the stock market rally from the rebound in oil prices that started on February 12th. After showing signs of pause in late April, the commodity led global reflation rally in growth assets retreated during the early part of May and the Index finished down 5.66% for the month. The last month of the second quarter ended up 0.38% for the Index when markets paused somewhat in June ahead of the British referendum on continuing EU membership and subsequently fell sharply once a British exit vote, known as “Brexit,” was confirmed. Despite the negative returns in the final two months of the quarter, the Index was able to add 3.85% for the quarter.

The Index gained 8.35% in July and helped deliver the best quarter in the Reporting Period, as the Index closed the quarter with a gain of 12.23%. Equity markets entered the third quarter riding the tailwind of an aggressive snap back rally following the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted as an event which would likely cause some degree of deceleration in global growth, the market reaction in July echoed the circular logic that has frequently surrounded other disappointing data releases. Namely, that although Brexit resulted in pared forecasts for U.K., European and global growth generally, the anticipated policy response by major central banks provided fodder for markets that easy policy conditions would continue into the foreseeable future.

On an individual security level, the top positive contributors to the Fund’s performance were Glencore plc, Barrick Gold Corporation, and Syngenta AG. The top negative contributors to the Fund’s performance were Potash Corporation of Saskatchewan Inc., K+S AG, and Aekyung Petrochemical Co., Ltd.

186

SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (CONTINUED) (UNAUDITED)

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 SSGA Funds Management Inc., (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.

187

SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET VALUE

MARKET VALUE

S&P DEVELOPED EX-U.S. BMI MATERIALS SECTOR INDEX*

NET ASSET VALUE

MARKET VALUE

S&P DEVELOPED EX-U.S. BMI MATERIALS SECTOR INDEX*

ONE YEAR

23.96%

24.49%

25.73%

23.96%

24.49%

25.73%

THREE YEARS

–7.15%

–6.45%

–5.39%

–2.44%

–2.20%

–1.83%

FIVE YEARS

–1.36%

0.92%

0.10%

–0.27%

0.18%

0.02%

SINCE INCEPTION (1)

–25.26%

–24.96%

–18.16%

–3.48%

–3.44%

–2.41%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Materials Sector Index represents the non-U.S. materials sub-industry of developed countries included in the S&P Developed Broad Market Index (the “BMI Global Index”). The BMI Global Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

188

SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

189

SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	BASF SE	BHP BILLITON, LTD.	AIR LIQUIDE SA	SYNGENTA AG	RIO TINTO PLC
MARKET VALUE	$304,153	207,331	159,720	158,268	157,014
% OF NET ASSETS	6.1	4.1	3.2	3.2	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Chemicals		43.7	%
Metals & Mining		41.1
Construction Materials		7.4
Containers & Packaging		4.1
Paper & Forest Products		3.3
Industrial Conglomerates		0.2
Building Products		0.1
Short-Term Investments		5.3
Liabilities in Excess of Other Assets		(5.2	)
TOTAL		100.0	%

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

190

SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 22.29%, and the total return for the S&P Developed Ex-U.S. BMI Information Technology Sector Index (the “Index”) was 22.49% (Net). 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, 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.

The Index had a volatile but ultimately strong Reporting Period, returning 22.49%. The period was dominated by the prospect of earnings releases for technology companies. Increased optimism in earnings fueled a rally in the sector and overall market volatility reduced.

One of the developing areas of interest in the sector is the concept of the Internet of Things market — a development in the internet where everyday objects have internet connectivity — which helped boost firms linked to the trend. To gain access to this new area of the sector, Softbank acquired ARM Holdings, a semiconductor and software design company in September 2016 for $32 billion.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd., SAP SE, and ARM Holdings. The top negative contributors to the Fund’s performance were Nokia Oyj, SAMSUNG SDS CO.LTD, and LM Ericsson Telefon AB Class B.

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 SSGA Funds Management Inc., (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.

191

SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI INFORMATION TECHNOLOGY SECTOR INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI INFORMATION TECHNOLOGY SECTOR INDEX*
ONE YEAR		22.29%		23.01%		22.49%		22.29%		23.01%		22.49%
THREE YEARS		21.69%		22.75%		23.12%		6.76%		7.07%		7.18%
FIVE YEARS		71.21%		74.88%		73.42%		11.35%		11.83%		11.63%
SINCE INCEPTION (1)		41.16%		41.74%		43.66%		4.29%		4.34%		4.51%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Information Technology Sector Index represents the non-U.S. technology sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

192

SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

193

SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	SAMSUNG ELECTRONICS CO., LTD. GDR	SAP SE	ASML HOLDING NV	KEYENCE CORP.	CANON, INC.
MARKET VALUE	$1,425,492	701,404	391,929	284,366	254,603
% OF NET ASSETS	13.6	6.7	3.7	2.7	2.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Technology Hardware, Storage & Peripherals		21.1	%
Software		20.1
Electronic Equipment, Instruments & Components		19.2
Semiconductors & Semiconductor Equipment		14.7
IT Services		11.7
Internet Software & Services		7.2
Communications Equipment		5.1
Media		0.4
Short-Term Investments		7.6
Liabilities in Excess of Other Assets		(7.1	)
TOTAL		100.0	%

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

194

SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 6.19%, and the total return for the S&P Developed Ex-U.S. BMI Telecommunication Services Sector Index (the “Index”) was 6.17% (Net). 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, 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.

The Index ended the calendar year of 2015 with a positive fourth quarter return, however this positive performance waned with a largely neutral return over the course of the remainder of the Reporting Period. The telecommunications sector is undergoing change as consumers move their phone services away from the more traditional land lines and more toward cellphones. The “need to remain connected” has encouraged trends for improving technology in mobile networks and connectivity, leading to growth in global spending on cloud, mobile, social and big data technologies. Cable providers are also expanding their customer offerings to include bundled packages including internet access and telephone services.

On an individual security level, the top positive contributors to the Fund’s performance were SoftBank Group Corp., KDDI Corporation, and NTT DoCoMo, Inc. The top negative contributors to the Fund’s performance were Telefonica SA, Telecom Italia S.p.A., and BT Group plc.

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 SSGA Funds Management Inc., (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.

195

SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI TELECOMMUNICATION SERVICES SECTOR INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI TELECOMMUNICATION SERVICES SECTOR INDEX*
ONE YEAR		6.19%		6.10%		6.17%		6.19%		6.10%		6.17%
THREE YEARS		11.00%		11.38%		10.90%		3.54%		3.66%		3.51%
FIVE YEARS		46.02%		47.58%		47.92%		7.87%		8.09%		8.14%
SINCE INCEPTION (1)		42.62%		42.68%		43.77%		4.42%		4.42%		4.52%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Telecommunication Services Sector Index represents the non-U.S. telecommunications sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

196

SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

197

SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	VODAFONE GROUP PLC	SOFTBANK GROUP CORP.	KDDI CORP.	DEUTSCHE TELEKOM AG	TELEFONICA SA
MARKET VALUE	$2,616,883	2,014,468	1,903,791	1,854,458	1,520,195
% OF NET ASSETS	9.2	7.1	6.7	6.5	5.4

(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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Diversified Telecommunication Services		63.2	%
Wireless Telecommunication Services		35.2
Media		0.6
Communications Equipment		0.2
Short-Term Investments		0.9
Liabilities in Excess of Other Assets		(0.1	)
TOTAL		100.0	%

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

198

SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF — MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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, 2016 (the “Reporting Period”), the total return for the Fund was 6.22%, and the total return for the S&P Developed Ex-U.S. BMI Utilities Sector Index (the “Index”) was 6.24% (Net). 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, 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.

While the performance varied from month to month, all four quarters of the Reporting Period posted positive returns. The demand for utility services like electricity, gas and water varies with the swings of the economy. After ups and downs in the last quarter of 2015, the opening month of 2016 was anything but reassuring for global investors. Growth assets sold off aggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Investor nerves were soothed to some degree at the end of February, after an intra-month recovery in the price levels of developed equity markets. February was also witness to a sharp sell-off in the British pound to seven year lows after the announcement of the long anticipated “Brexit” referendum. The relief rally in growth assets that began in the middle part of February continued for the better part of March. This was the best performing month of the Reporting Period, with a return of 6.69%. The months that followed saw both positive and negative returns, further emphasizing uneven economic growth for developed economies. Utility stocks entered the last quarter of the Reporting Period riding the tailwind of an aggressive snap back rally following the surprising June 23rd U.K. referendum vote to leave the European Union.

On an individual security level, the top positive contributors to the Fund’s performance were CLP Holdings Limited, National Grid plc, and Korea Electric Power Corporation. The top negative contributors to the Fund’s performance were Centrica plc, Kansai Electric Power Company, Incorporated, and Tokyo Electric Power Company Holdings, Incorporated.

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 SSGA Funds Management Inc., (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.

199

SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF — PERFORMANCE SUMMARY (UNAUDITED)

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.

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. Index returns are net of dividend withholding taxes.

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, 2016 (as supplemented August 2, 2016) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI UTILITLES SECTOR INDEX*		NET ASSET VALUE		MARKET VALUE		S&P DEVELOPED EX-U.S. BMI UTILITLES SECTOR INDEX*
ONE YEAR		6.22%		6.26%		6.24%		6.22%		6.26%		6.24%
THREE YEARS		2.71%		2.47%		2.94%		0.90%		0.82%		0.97%
FIVE YEARS		14.34%		15.48%		15.27%		2.72%		2.92%		2.88%
SINCE INCEPTION (1)		–22.67%		–22.63%		–23.28%		–3.08%		–3.08%		–3.18%

(1) For the period July 16, 2008 to September 30, 2016.

* The S&P Developed Ex-U.S. BMI Utilities Sector Index represents the non-U.S. utilities sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

200

SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF — PERFORMANCE SUMMARY (CONTINUED) (UNAUDITED)

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

Past performance is not a guarantee of future results.

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

Line graph is based on cumulative total return.

201

SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF — PORTFOLIO SUMMARY (UNAUDITED)

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION	NATIONAL GRID PLC	IBERDROLA SA	ENEL SPA	ENGIE SA	SSE PLC
MARKET VALUE	$2,860,379	2,091,755	1,770,108	1,287,678	1,055,690
% OF NET ASSETS	9.5	6.9	5.9	4.3	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, 2016*

INDUSTRY	PERCENT OF NET ASSETS
Electric Utilities		48.6	%
Multi-Utilities		28.6
Gas Utilities		14.5
Independent Power Producers & Energy Traders		4.2
Water Utilities		3.7
Oil, Gas & Consumable Fuels		0.1
Semiconductors & Semiconductor Equipment		0.1
Short-Term Investments		8.5
Liabilities in Excess of Other Assets		(8.3	)
TOTAL		100.0	%

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

202

SPDR STOXX Europe 50 ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.4%
BELGIUM — 2.7%
Anheuser-Busch InBev SA		38,518	$	5,047,210
DENMARK — 2.1%
Novo Nordisk A/S Class B		92,861		3,859,661
FRANCE — 14.2%
Air Liquide SA (a)		19,490		2,090,628
AXA SA		104,460		2,223,408
BNP Paribas SA		56,146		2,887,944
L’Oreal SA		12,242		2,312,646
LVMH Moet Hennessy Louis Vuitton SE		13,629		2,325,010
Sanofi		58,912		4,478,127
Schneider Electric SE		29,668		2,069,136
TOTAL SA		125,655		5,954,872
Vinci SA		28,129		2,153,367
				26,495,138
GERMANY — 14.5%
Allianz SE		22,943		3,405,980
BASF SE		46,110		3,943,900
Bayer AG		41,514		4,172,217
Daimler AG.		50,036		3,526,212
Deutsche Telekom AG		159,487		2,674,134
SAP SE		49,628		4,513,066
Siemens AG		40,264		4,714,913
				26,950,422
ITALY — 1.8%
Eni SpA		127,433		1,835,942
Intesa Sanpaolo SpA		722,027		1,601,731
				3,437,673
NETHERLANDS — 5.3%
ASML Holding NV		18,597		2,041,653
ING Groep NV		194,687		2,404,494
Royal Dutch Shell PLC Class A		217,161		5,410,490
				9,856,637
SPAIN — 4.0%
Banco Bilbao Vizcaya Argentaria SA		325,391		1,968,060
Banco Santander SA		724,677		3,214,405
Telefonica SA		222,121		2,250,321
				7,432,786
SWITZERLAND — 21.6%
ABB, Ltd. (b)		105,205		2,366,950
Nestle SA		156,217		12,335,889
Novartis AG		131,871		10,392,969
Roche Holding AG		35,267		8,767,637
Syngenta AG		4,648		2,037,755
UBS Group AG		180,710		2,466,261
Zurich Insurance Group AG (b)		7,558		1,949,144
				40,316,605
UNITED KINGDOM — 33.2%
AstraZeneca PLC		63,480		4,126,324
Barclays PLC		849,154		1,850,919
BP PLC		942,961		5,512,078
British American Tobacco PLC		93,587		5,993,376
BT Group PLC		440,503		2,226,196
Diageo PLC		126,316		3,627,087
GlaxoSmithKline PLC		244,712		5,222,783
HSBC Holdings PLC		1,000,137		7,518,342
Imperial Brands PLC		48,064		2,480,860
Lloyds Banking Group PLC		3,224,429		2,284,845
National Grid PLC		196,606		2,788,872
Prudential PLC		129,491		2,298,573
Reckitt Benckiser Group PLC		33,664		3,176,951
Rio Tinto PLC		60,280		2,015,929
Unilever NV		78,974		3,645,447
Unilever PLC		65,776		3,122,515
Vodafone Group PLC		1,335,803		3,847,824
				61,738,921
TOTAL COMMON STOCKS
(Cost $222,734,825)				185,135,053
SHORT-TERM INVESTMENTS — 0.8%
UNITED STATES — 0.8%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d)		11,285		11,285
State Street Navigator Securities Lending Prime Portfolio (d) (e)		1,459,114		1,459,114
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,470,399)				1,470,399
TOTAL INVESTMENTS — 100.2%
(Cost $224,205,224)				186,605,452
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(385,767	)
NET ASSETS — 100.0%			$	186,219,685

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) The rate shown is the annualized seven-day yield at September 30, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

203

SPDR STOXX Europe 50 ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	5,047,210	$	—	$	—	$	5,047,210
Denmark		3,859,661		—		—		3,859,661
France		26,495,138		—		—		26,495,138
Germany		26,950,422		—		—		26,950,422
Italy.		3,437,673		—		—		3,437,673
Netherlands		9,856,637		—		—		9,856,637
Spain		7,432,786		—		—		7,432,786
Switzerland		40,316,605		—		—		40,316,605
United Kingdom		61,738,921		—		—		61,738,921
Short-Term Investments		1,470,399		—		—		1,470,399
TOTAL INVESTMENTS	$	186,605,452	$	—	$	—	$	186,605,452

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		251,986	$	251,986		7,744,804		7,985,505		11,285	$	11,285	$	863	$	—
State Street Navigator Securities Lending Prime Portfolio		—		—		98,050,218		96,591,104		1,459,114		1,459,114		76,278		—
TOTAL			$	251,986							$	1,470,399	$	77,141	$	—

See accompanying notes to financial statements.

204

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 100.0%
BELGIUM — 4.4%
Anheuser-Busch InBev SA		856,793	$	112,269,946
FINLAND — 1.5%
Nokia Oyj.		6,515,004		37,779,259
FRANCE — 36.0%
Air Liquide SA		434,087		46,563,087
Airbus Group SE		639,063		38,666,759
AXA SA		2,322,870		49,441,761
BNP Paribas SA		1,248,700		64,228,544
Cie de Saint-Gobain		580,897		25,113,681
Danone SA		682,524		50,661,705
Engie SA		1,831,007		28,375,487
Essilor International SA		243,873		31,462,604
L’Oreal SA		272,618		51,500,482
LVMH Moet Hennessy Louis Vuitton SE		303,503		51,775,441
Orange SA		2,235,295		34,992,503
Safran SA		394,552		28,377,444
Sanofi		1,310,386		99,607,467
Schneider Electric SE		660,655		46,076,083
Societe Generale SA		901,664		31,189,068
TOTAL SA (a)		2,795,163		132,464,588
Unibail-Rodamco SE		111,062		29,954,756
Vinci SA		626,414		47,954,034
Vivendi SA		1,218,981		24,589,542
				912,995,036
GERMANY — 32.8%
adidas AG		216,746		37,632,982
Allianz SE		510,287		75,754,140
BASF SE		1,025,598		87,721,882
Bayer AG		923,416		92,804,637
Bayerische Motoren Werke AG		358,507		30,140,215
Daimler AG.		1,112,883		78,428,762
Deutsche Bank AG (b)		1,542,283		20,053,329
Deutsche Post AG		1,070,547		33,469,707
Deutsche Telekom AG		3,552,002		59,556,762
E.ON SE		2,237,468		15,876,343
Fresenius SE & Co. KGaA		448,455		35,787,176
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
Muenchen		179,798		33,541,463
SAP SE		1,103,864		100,383,075
Siemens AG		895,616		104,876,604
Volkswagen AG Preference Shares		204,695		26,902,740
				832,929,817
IRELAND — 1.2%
CRH PLC		927,829		31,035,796
ITALY — 4.5%
Enel SpA		8,672,979		38,674,883
Eni SpA		2,836,171		40,861,047
Intesa Sanpaolo SpA		16,052,532		35,610,637
				115,146,567
LUXEMBOURG — 0.0% (c)
APERAM SA		1		45
NETHERLANDS — 6.4%
ASML Holding NV		413,490		45,394,598
ING Groep NV		4,329,455		53,471,205
Koninklijke Ahold Delhaize NV		1,430,447		32,616,914
Koninklijke Philips NV		1,060,563		31,441,287
				162,924,004
SPAIN — 10.0%
Banco Bilbao Vizcaya Argentaria SA		7,235,262		43,760,977
Banco Santander SA		16,117,436		71,491,125
Iberdrola SA		6,412,011		43,609,613
Industria de Diseno Textil SA		1,173,322		43,513,118
Telefonica SA		4,939,433		50,041,680
				252,416,513
UNITED KINGDOM — 3.2%
Unilever NV		1,756,535		81,081,809
TOTAL COMMON STOCKS
(Cost $3,020,480,382)				2,538,578,792
SHORT-TERM INVESTMENTS — 0.9%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e)		225,328		225,328
State Street Navigator Securities Lending Prime Portfolio (d) (f)		23,347,306		23,347,306
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,572,634)				23,572,634
TOTAL INVESTMENTS — 100.9%
(Cost $3,044,053,016)				2,562,151,426
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%				(23,435,975	)
NET ASSETS — 100.0%			$	2,538,715,451

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

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

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2016.

(f) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

205

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	112,269,946	$	—	$	—	$	112,269,946
Finland		37,779,259		—		—		37,779,259
France		912,995,036		—		—		912,995,036
Germany		832,929,817		—		—		832,929,817
Ireland		31,035,796		—		—		31,035,796
Italy		115,146,567		—		—		115,146,567
Luxembourg		45		—		—		45
Netherlands		162,924,004		—		—		162,924,004
Spain		252,416,513		—		—		252,416,513
United Kingdom		81,081,809		—		—		81,081,809
Short-Term Investments		23,572,634		—		—		23,572,634
TOTAL INVESTMENTS	$	2,562,151,426	$	—	$	—	$	2,562,151,426

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		278,198	$	278,198		114,996,719		115,049,589		225,328	$	225,328	$	11,433	$	—
State Street Navigator Securities Lending Prime Portfolio		29,979,227		29,979,227		1,743,994,345		1,750,626,266		23,347,306		23,347,306		2,059,751		—
TOTAL			$	30,257,425							$	23,572,634	$	2,071,184	$	—

See accompanying notes to financial statements.

206

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRIA — 3.9%
IMMOFINANZ AG (a)		40,428	$	94,955
Raiffeisen Bank International AG (a)		5,468		83,295
Voestalpine AG		5,271		182,445
Wienerberger AG		5,581		94,800
				455,495
BELGIUM — 6.6%
Ackermans & van Haaren NV		1,075		142,493
bpost SA		4,696		127,105
Cofinimmo SA REIT		916		113,955
Colruyt SA		3,056		169,519
Ontex Group NV		3,021		95,875
Telenet Group Holding NV (a)		2,439		127,262
				776,209
FINLAND — 7.4%
Amer Sports Oyj		5,674		173,567
Huhtamaki Oyj		4,581		213,442
Kesko Oyj Class B		3,271		150,714
Metso Oyj		5,134		149,836
Orion Oyj Class B		4,914		193,779
				881,338
FRANCE — 24.0%
Air France-KLM (a)		11,751		63,163
Bollore SA		42,030		146,187
Casino Guichard Perrachon SA		2,677		130,264
CNP Assurances.		7,095		119,242
Dassault Aviation SA		108		119,859
Elior Group (b)		5,750		131,693
Eurazeo SA		2,164		125,583
Eutelsat Communications SA		6,927		143,470
Faurecia		3,526		138,292
Fonciere Des Regions		1,425		132,853
ICADE		1,707		133,189
Imerys SA		1,553		112,203
Ipsen SA		1,709		120,017
JCDecaux SA		3,089		99,907
Lagardere SCA		4,898		124,757
Orpea		1,928		170,908
Plastic Omnium SA.		3,179		105,462
Rubis SCA		1,941		177,994
SEB SA		1,173		165,568
SFR Group SA.		4,544		133,843
Technicolor SA		17,014		116,175
Ubisoft Entertainment SA (a)		3,623		136,803
				2,847,432
GERMANY — 20.9%
Aareal Bank AG		2,843		93,900
Axel Springer SE		1,921		98,399
Bilfinger SE (a)		2,186		72,151
Covestro AG (b)		3,470		205,235
Deutsche EuroShop AG		2,115		98,282
Deutsche Lufthansa AG		11,171		124,347
Duerr AG		1,170		98,245
Fraport AG Frankfurt Airport Services Worldwide		1,766		96,622
Freenet AG		6,130		179,283
Fuchs Petrolub SE Preference Shares		3,329		151,927
Gerresheimer AG		1,505		127,914
HOCHTIEF AG		861		121,481
KION Group AG		3,111		201,448
Rheinmetall AG		2,086		145,250
Sartorius AG Preference Shares		1,638		136,365
Schaeffler AG Preference Shares		7,883		124,734
STADA Arzneimittel AG		2,985		165,916
Telefonica Deutschland Holding AG		30,414		122,396
Uniper SE (a)		9,303		114,009
				2,477,904
IRELAND — 3.1%
Glanbia PLC		9,002		173,244
Kingspan Group PLC		7,145		192,549
				365,793
ITALY — 12.7%
A2A SpA		74,389		105,083
Azimut Holding SpA		5,389		79,336
Banca Popolare dell’Emilia Romagna SC		22,857		85,074
Banca Popolare di Milano Scarl		208,560		83,720
Banco Popolare SC		39,309		92,592
Davide Campari-Milano SpA		10,525		118,635
Italcementi SpA (a)		9,123		108,471
Mediaset SpA		32,933		103,406
Moncler SpA		6,851		116,950
Poste Italiane SpA (b)		22,083		151,507
Recordati SpA		4,881		156,934
Saipem SpA (a)		273,224		115,665
Unione di Banche Italiane SpA		42,823		98,655
UnipolSai SpA.		52,529		85,479
				1,501,507
LUXEMBOURG — 3.0%
Eurofins Scientific SE		439		199,486
RTL Group SA (a)		1,845		153,287
				352,773
NETHERLANDS — 8.4%
Aalberts Industries NV		4,593		156,655
ASM International NV		2,485		101,680
Euronext NV (b)		2,215		94,553
IMCD Group NV		2,498		109,750
Koninklijke Vopak NV		3,174		166,648
OCI NV (a)		4,107		60,624
PostNL NV (a)		19,968		90,680
SBM Offshore NV		8,616		122,437
Wereldhave NV		1,912		96,874
				999,901
PORTUGAL — 1.7%
Jeronimo Martins SGPS SA		11,711		203,137
SPAIN — 7.0%
Bolsas y Mercados Espanoles SHMSF SA		3,574		106,215
Cellnex Telecom SA (b)		7,332		132,659
Mapfre SA		47,643		133,318
Mediaset Espana Comunicacion SA		7,962		94,398
Merlin Properties Socimi SA (a)		15,463		183,070
Viscofan SA		1,834		99,260
Zardoya Otis SA.		8,819		84,837
				833,757

See accompanying notes to financial statements.

207

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
UNITED KINGDOM — 1.2%
Dialog Semiconductor PLC (a)		3,730	$	143,841
TOTAL COMMON STOCKS
(Cost $12,194,318)				11,839,087
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e) (Cost $906)		906		906
TOTAL INVESTMENTS — 99.9%
(Cost $12,195,224)				11,839,993
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				13,964
NET ASSETS — 100.0%			$	11,853,957

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 6.0% of net assets as of September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Austria	$	455,495	$	—	$	—	$	455,495
Belgium.		776,209		—		—		776,209
Finland		881,338		—		—		881,338
France		2,847,432		—		—		2,847,432
Germany		2,477,904		—		—		2,477,904
Ireland		365,793		—		—		365,793
Italy.		1,501,507		—		—		1,501,507
Luxembourg.		352,773		—		—		352,773
Netherlands		999,901		—		—		999,901
Portugal		203,137		—		—		203,137
Spain		833,757		—		—		833,757
United Kingdom.		143,841		—		—		143,841
Short-Term Investment		906		—		—		906
TOTAL INVESTMENTS	$	11,839,993	$	—	$	—	$	11,839,993

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1,463	$	1,463		553,056		553,613		906	$	906	$	19	$	—
TOTAL			$	1,463							$	906	$	19	$	—

See accompanying notes to financial statements.

208

SPDR EURO STOXX 50 Currency Hedged ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
MUTUAL FUND AND EXCHANGE TRADED PRODUCTS — 99.1%
UNITED STATES — 99.1%
SPDR EURO STOXX 50 ETF (a) (Cost $15,444,465)		445,148	$	14,583,049
SHORT-TERM INVESTMENT — 0.5%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (b) (c) (Cost $70,339)		70,339		70,339
TOTAL INVESTMENTS — 99.6%
(Cost $15,514,804)				14,653,388
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				63,059
NET ASSETS — 100.0%			$	14,716,447

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at September 30, 2016.

At September 30, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	USD	2,987,810	EUR	2,658,549	10/05/2016	$	4
BNP Paribas SA	EUR	2,329,749	USD	2,598,474	10/05/2016		(19,818	)
BNP Paribas SA	EUR	2,658,549	USD	2,991,798	11/03/2016		(123	)
Citibank N.A.	USD	2,989,206	EUR	2,658,549	10/05/2016		(1,392	)
Citibank N.A.	EUR	2,329,749	USD	2,598,253	10/05/2016		(20,039	)
Citibank N.A.	EUR	2,658,549	USD	2,991,665	11/03/2016		(256	)
Goldman Sachs Capital Markets L.P.	USD	60,330	EUR	54,000	10/05/2016		359
Goldman Sachs Capital Markets L.P.	EUR	18,000	USD	20,069	10/05/2016		(161	)
Goldman Sachs Capital Markets L.P.	EUR	202,000	USD	225,282	10/05/2016		(1,736	)
Goldman Sachs Capital Markets L.P.	EUR	1,478,000	USD	1,667,855	10/05/2016		6,803
Goldman Sachs Capital Markets L.P.	USD	432,175	EUR	384,000	11/03/2016		(23	)
Royal Bank of Canada	USD	162,138	EUR	144,000	10/07/2016		(289	)
Toronto Dominion Bank	USD	2,987,824	EUR	2,658,549	10/05/2016		(9	)
Toronto Dominion Bank	EUR	2,329,752	USD	2,598,443	10/05/2016		(19,853	)
Toronto Dominion Bank	EUR	2,658,549	USD	2,991,678	11/03/2016		(243	)
UBS	USD	2,987,819	EUR	2,658,549	10/05/2016		(5	)
UBS	EUR	2,329,749	USD	2,598,486	10/05/2016		(19,806	)
UBS	EUR	2,658,549	USD	2,991,756	11/03/2016		(166	)
Westpac Banking Corp.	USD	2,987,827	EUR	2,658,552	10/05/2016		(9	)
Westpac Banking Corp.	EUR	2,329,749	USD	2,598,462	10/05/2016		(19,830	)
Westpac Banking Corp.	EUR	2,658,552	USD	2,991,815	11/03/2016		(110	)
						$	(96,702	)

During the period ended September 30, 2016, average notional value related to forward foreign currency exchange contracts was $35,257,083 or 240% of net assets.

EUR = Euro

USD = U.S. dollar

At September 30, 2016, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Depreciation
EURO STOXX 50		12/16/2016		4	$	134,586	$	(258	)

See accompanying notes to financial statements.

209

SPDR EURO STOXX 50 Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

During the period ended September 30, 2016, average notional value related to futures contracts was $136,572 or 1% of net assets.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Mutual Fund and Exchange Traded Products	$	14,583,049		$	—		$	—	$	14,583,049
Short-Term Investment		70,339			—			—		70,339
TOTAL INVESTMENTS	$	14,653,388		$	—		$	—	$	14,653,388
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—			7,166			—		7,166
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	14,653,388		$	7,166		$	—	$	14,660,554
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—			(103,868	)		—		(103,868	)
Futures Contracts (b)		(258	)		—			—		(258	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	(258	)	$	(103,868	)	$	—	$	(104,126	)

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

(b) Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
SPDR EURO STOXX 50 ETF		197,566	$	6,687,609		383,603		136,021		445,148	$	14,583,049	$	411,181	$	(160,896	)
State Street Institutional Liquid Reserves Fund, Premier Class		113,782		113,782		2,544,691		2,588,134		70,339		70,339		390		—
TOTAL			$	6,801,391							$	14,653,388	$	411,571	$	(160,896	)

See accompanying notes to financial statements.

210

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
MUTUAL FUND AND EXCHANGE TRADED PRODUCTS — 99.3%
UNITED STATES — 99.3%
SPDR S&P International Dividend ETF (a) (Cost $1,960,163)		55,446	$	2,039,858
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d) (Cost $107)		107		107
TOTAL INVESTMENTS — 99.3%
(Cost $1,960,270)				2,039,965
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				14,764
NET ASSETS — 100.0%			$	2,054,729

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

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

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

At September 30, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	USD	258,506	GBP	199,000	10/05/2016	$	1
BNP Paribas SA	USD	247,134	AUD	330,000	10/05/2016		5,398
BNP Paribas SA	USD	39,546	SEK	336,000	10/05/2016		(326	)
BNP Paribas SA	USD	37,586	SEK	322,000	10/05/2016		—
BNP Paribas SA	USD	18,569	CHF	18,000	10/05/2016		—
BNP Paribas SA	USD	17,485	CHF	17,000	10/05/2016		52
BNP Paribas SA	USD	16,137	SGD	22,000	10/05/2016		(1	)
BNP Paribas SA	USD	16,136	SGD	22,000	10/05/2016		—
BNP Paribas SA	USD	6,872	CZK	165,000	10/05/2016		(10	)
BNP Paribas SA	USD	6,613	CZK	159,000	10/05/2016		—
BNP Paribas SA	CZK	380,000	USD	15,677	10/05/2016		(127	)
BNP Paribas SA	SGD	44,000	USD	32,283	10/05/2016		12
BNP Paribas SA	CHF	34,000	USD	34,673	10/05/2016		(403	)
BNP Paribas SA	SEK	622,000	USD	72,647	10/05/2016		43
BNP Paribas SA	GBP	414,000	USD	542,651	10/05/2016		4,853
BNP Paribas SA	CZK	159,000	USD	6,619	11/03/2016		(2	)
BNP Paribas SA	SGD	22,000	USD	16,139	11/03/2016		(3	)
BNP Paribas SA	CHF	18,000	USD	18,601	11/03/2016		(1	)
BNP Paribas SA	SEK	322,000	USD	37,641	11/03/2016		—
BNP Paribas SA	GBP	199,000	USD	258,655	11/03/2016		(8	)
Citibank N.A.	USD	482,873	AUD	631,000	10/05/2016		—
Citibank N.A.	USD	247,140	AUD	330,000	10/05/2016		5,392
Citibank N.A.	USD	148,974	CAD	196,000	10/05/2016		164
Citibank N.A.	USD	134,550	GBP	102,000	10/05/2016		(2,049	)
Citibank N.A.	AUD	1,312,000	USD	985,107	10/05/2016		(18,901	)
Citibank N.A.	AUD	631,000	USD	482,557	11/03/2016		(11	)
Goldman Sachs Capital Markets L.P.	USD	148,972	CAD	196,000	10/05/2016		165
Goldman Sachs Capital Markets L.P.	USD	55,765	TRY	167,000	10/05/2016		(133	)
Goldman Sachs Capital Markets L.P.	USD	11,796	GBP	9,000	10/05/2016		(105	)
Goldman Sachs Capital Markets L.P.	USD	10,513	AUD	14,000	10/05/2016		201
Goldman Sachs Capital Markets L.P.	USD	7,159	ZAR	106,000	10/05/2016		548
Goldman Sachs Capital Markets L.P.	USD	5,239	AUD	7,000	10/05/2016		118
Goldman Sachs Capital Markets L.P.	USD	4,469	EUR	4,000	10/05/2016		27
Goldman Sachs Capital Markets L.P.	USD	3,691	TRY	11,000	10/05/2016		(27	)
Goldman Sachs Capital Markets L.P.	USD	3,027	CAD	4,000	10/05/2016		16
Goldman Sachs Capital Markets L.P.	USD	2,619	GBP	2,000	10/05/2016		(20	)
Goldman Sachs Capital Markets L.P.	USD	2,270	CZK	55,000	10/05/2016		18
Goldman Sachs Capital Markets L.P.	USD	2,191	HKD	17,000	10/05/2016		1

See accompanying notes to financial statements.

211

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Goldman Sachs Capital Markets L.P.	USD	1,186	ZAR	17,000	10/05/2016	$	50
Goldman Sachs Capital Markets L.P.	USD	350	SEK	3,000	10/05/2016		—
Goldman Sachs Capital Markets L.P.	USD	334	TRY	1,000	10/05/2016		(1	)
Goldman Sachs Capital Markets L.P.	USD	241	NOK	2,000	10/05/2016		9
Goldman Sachs Capital Markets L.P.	USD	41	CZK	1,000	10/05/2016		—
Goldman Sachs Capital Markets L.P.	CHF	1,000	USD	1,020	10/05/2016		(12	)
Goldman Sachs Capital Markets L.P.	NOK	11,000	USD	1,319	10/05/2016		(58	)
Goldman Sachs Capital Markets L.P.	NZD	4,000	USD	2,898	10/05/2016		(11	)
Goldman Sachs Capital Markets L.P.	SEK	39,000	USD	4,555	10/05/2016		2
Goldman Sachs Capital Markets L.P.	EUR	8,000	USD	8,922	10/05/2016		(69	)
Goldman Sachs Capital Markets L.P.	HKD	174,000	USD	22,438	10/05/2016		3
Goldman Sachs Capital Markets L.P.	CAD	39,000	USD	29,731	10/05/2016		56
Goldman Sachs Capital Markets L.P.	USD	8,413	AUD	11,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	USD	5,327	CAD	7,000	11/03/2016		1
Goldman Sachs Capital Markets L.P.	USD	2,650	TRY	8,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	USD	1,453	NZD	2,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	NOK	3,000	USD	375	11/03/2016		—
Goldman Sachs Capital Markets L.P.	SEK	11,000	USD	1,286	11/03/2016		—
Goldman Sachs Capital Markets L.P.	ZAR	29,000	USD	2,096	11/03/2016		(1	)
Goldman Sachs Capital Markets L.P.	EUR	2,000	USD	2,251	11/03/2016		—
Goldman Sachs Capital Markets L.P.	GBP	4,000	USD	5,199	11/03/2016		—
Goldman Sachs Capital Markets L.P.	HKD	100,000	USD	12,896	11/03/2016		(1	)
Societe Generale	USD	27,050	THB	945,000	10/05/2016		222
Societe Generale	USD	26,085	THB	904,000	10/05/2016		4
Societe Generale	USD	635	THB	22,000	10/05/2016		(1	)
Societe Generale	USD	286	THB	10,000	10/05/2016		2
Societe Generale	THB	1,881,000	USD	54,300	10/05/2016		15
Societe Generale	USD	1,125	THB	39,000	11/03/2016		—
Societe Generale	THB	904,000	USD	26,070	11/03/2016		(10	)
Toronto Dominion Bank	USD	402,340	EUR	358,000	10/05/2016		(1	)
Toronto Dominion Bank	USD	210,432	EUR	187,000	10/05/2016		(272	)
Toronto Dominion Bank	USD	210,432	EUR	187,000	10/05/2016		(272	)
Toronto Dominion Bank	USD	134,550	GBP	102,000	10/05/2016		(2,049	)
Toronto Dominion Bank	EUR	728,000	USD	811,960	10/05/2016		(6,204	)
Toronto Dominion Bank	EUR	358,000	USD	402,859	11/03/2016		(33	)
UBS	USD	286,099	CAD	376,000	10/05/2016		1
UBS	USD	53,633	TRY	161,000	10/05/2016		—
UBS	TRY	340,000	USD	114,044	10/05/2016		782
UBS	CAD	733,000	USD	558,791	10/05/2016		1,048
UBS	TRY	161,000	USD	53,312	11/03/2016		(11	)
UBS	CAD	376,000	USD	286,175	11/03/2016		(2	)
Westpac Banking Corp.	USD	201,239	HKD	1,561,000	10/05/2016		28
Westpac Banking Corp.	USD	192,113	HKD	1,490,000	10/05/2016		—
Westpac Banking Corp.	USD	109,380	ZAR	1,585,000	10/05/2016		5,861
Westpac Banking Corp.	USD	110,233	ZAR	1,516,000	10/05/2016		(9	)
Westpac Banking Corp.	USD	57,433	NZD	79,000	10/05/2016		13
Westpac Banking Corp.	USD	55,992	NZD	77,000	10/05/2016		—
Westpac Banking Corp.	USD	28,520	NOK	235,000	10/05/2016		884
Westpac Banking Corp.	USD	28,152	NOK	225,000	10/05/2016		—
Westpac Banking Corp.	NOK	451,000	USD	54,073	10/05/2016		(2,357	)
Westpac Banking Corp.	NZD	152,000	USD	110,117	10/05/2016		(413	)
Westpac Banking Corp.	ZAR	3,224,000	USD	217,690	10/05/2016		(16,718	)
Westpac Banking Corp.	HKD	2,894,000	USD	373,218	10/05/2016		80
Westpac Banking Corp.	NOK	225,000	USD	28,155	11/03/2016		(1	)
Westpac Banking Corp.	NZD	77,000	USD	55,925	11/03/2016		—
Westpac Banking Corp.	ZAR	1,516,000	USD	109,611	11/03/2016		(9	)
Westpac Banking Corp.	HKD	1,490,000	USD	192,165	11/03/2016		(4	)
							$(24,576)

See accompanying notes to financial statements.

212

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

During the period ended September 30, 2016, average notional value related to forward foreign currency exchange contracts was $11,767,952 or 573% of net assets.

AUD — Australian dollar

CAD — Canadian dollar

CHF — Swiss franc

CZK — Czech koruna

EUR — Euro

GBP — British pound

HKD — Hong Kong dollar

NOK — Norwegian krone

NZD — New Zealand dollar

SEK — Swedish krona

SGD — Singapore dollar

THB — Thai baht

TRY — Turkish New lira

USD — U.S. dollar

ZAR — South African rand

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Mutual Fund and Exchange Traded Products	$	2,039,858	$	—		$	—	$	2,039,858
Short-Term Investment		107		—			—		107
TOTAL INVESTMENTS	$	2,039,965	$	—		$	—	$	2,039,965
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		26,070			—		26,070
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	2,039,965	$	26,070		$	—	$	2,066,035
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		(50,646	)		—		(50,646	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	—	$	(50,646	)	$	—	$	(50,646	)

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

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
SPDR S&P International Dividend ETF		114,286	$	3,881,153		10,075		68,915		55,446	$	2,039,858	$	160,425	$	28,268
State Street Institutional Liquid Reserves Fund, Premier Class .		14,218		14,218		179,590		193,701		107		107		17		—
TOTAL			$	3,895,371							$	2,039,965	$	160,442	$	28,268

See accompanying notes to financial statements.

213

SPDR MSCI International Real Estate Currency Hedged ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 11.2%
360 Capital Industrial Fund		649	$	1,306
Abacus Property Group		1,172		2,592
BWP Trust		1,726		4,240
Cedar Woods Properties, Ltd.		247		926
Charter Hall Retail REIT		1,169		3,784
Cromwell Property Group		4,724		3,398
Dexus Property Group REIT		3,489		24,430
Gateway Lifestyle		1,078		1,765
GDI Property Group		2,125		1,553
GPT Group REIT		6,473		25,065
Growthpoint Properties Australia, Ltd.		1,044		2,740
Investa Office Fund REIT		2,225		7,781
Mirvac Group REIT		13,337		22,862
New South Resources, Ltd. (a)		1,204		1,479
Scentre Group REIT		18,830		67,726
Shopping Centres Australasia Property Group		2,819		4,854
Stockland REIT.		8,460		30,816
Vicinity Centres REIT		12,127		29,418
				236,735
AUSTRIA — 1.2%
BUWOG AG (a)		326		8,826
CA Immobilien Anlagen AG (a)		219		4,176
Conwert Immobilien Invest SE (a)		208		3,916
IMMOFINANZ AG (a)		2,698		6,337
S IMMO AG (a)		143		1,506
				24,761
BELGIUM — 1.2%
Aedifica SA (a)		49		4,254
Befimmo SA		82		4,955
Cofinimmo SA REIT		70		8,708
Intervest Offices & Warehouses NV		61		1,680
Warehouses De Pauw CVA		48		4,765
				24,362
BERMUDA — 0.0% (b)
CSI Properties, Ltd.		20,000		735
CANADA — 3.6%
Allied Properties Real Estate Investment Trust		156		4,472
Artis Real Estate Investment Trust		282		2,663
Boardwalk Real Estate Investment Trust		74		2,914
Brookfield Canada Office Properties		54		1,131
Canadian Apartment Properties		223		5,195
Canadian Real Estate Investment Trust		114		4,082
Choice Properties Real Estate Investment Trust		180		1,891
Cominar Real Estate Investment Trust		242		2,810
Crombie Real Estate Investment Trust		158		1,720
CT Real Estate Investment Trust		131		1,535
Dream Global Real Estate Investment Trust		207		1,419
Dream Industrial Real Estate Investment Trust		117		699
Dream Office Real Estate Investment Trust		162		2,086
First Capital Realty, Inc.		446		7,459
Granite Real Estate Investment Trust		96		2,928
H&R Real Estate Investment Trust		458		7,817
InterRent Real Estate Investment Trust		141		834
Killam Apartment Real Estate Investment Trust		207		1,904
Milestone Apartments Real Estate Investment Trust .		108		1,586
Morguard Real Estate Investment Trust		130		1,558
Northview Apartment Real Estate Investment Trust .		75		1,249
NorthWest Healthcare Properties Real Estate Investment Trust		97		772
Pure Industrial Real Estate Trust		345		1,446
RioCan Real Estate Investment Trust		537		11,122
Smart Real Estate Investment Trust REIT		207		5,568
				76,860
FINLAND — 0.4%
Citycon Oyj		1,176		2,995
Sponda Oyj		649		3,340
Technopolis Oyj		478		1,751
				8,086
FRANCE — 9.0%
ANF Immobilier		26		612
Fonciere de Paris SIIC		8		1,221
Fonciere Des Regions		118		11,001
Gecina SA REIT		149		23,468
ICADE		134		10,455
Klepierre REIT		793		36,360
Mercialys SA		152		3,657
Nexity SA (a)		148		7,816
Unibail-Rodamco SE		353		95,208
				189,798
GERMANY — 8.3%
ADLER Real Estate AG (a)		96		1,529
ADO Properties SA (c)		81		3,241
alstria office REIT-AG (a)		531		7,292
Deutsche EuroShop AG		166		7,714
Deutsche Wohnen AG		1,188		43,196
DIC Asset AG		185		1,867
Grand City Properties SA		415		8,115
Hamborner REIT AG		326		3,450
LEG Immobilien AG (a)		225		21,541
PATRIZIA Immobilien AG (a)		123		2,693
TAG Immobilien AG		443		6,445
TLG Immobilien AG		223		5,036
Vonovia SE		1,651		62,536
				174,655
HONG KONG — 18.7%
Champion REIT		7,000		4,242
Cheung Kong Property Holdings, Ltd.		9,404		68,627
Far East Consortium International, Ltd.		4,454		1,780
Hang Lung Properties, Ltd.		8,000		17,989
Henderson Land Development Co., Ltd.		3,700		21,944
Hongkong Land Holdings, Ltd.		3,800		26,980
Hysan Development Co., Ltd.		2,000		9,374
Kerry Properties, Ltd.		2,000		6,550
Kowloon Development Co., Ltd.		1,000		999
Lai Sun Development Co., Ltd.		45,000		899

See accompanying notes to financial statements.

214

SPDR MSCI International Real Estate Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		4,000	$	1,583
Link REIT		8,000		58,794
Liu Chong Hing Investment, Ltd.		2,000		2,862
New World Development Co., Ltd.		20,389		26,499
Prosperity REIT		4,000		1,769
Regal Real Estate Investment Trust		5,000		1,328
Sino Land Co., Ltd.		10,246		18,125
Sun Hung Kai Properties, Ltd.		5,000		75,490
Sunlight Real Estate Investment Trust		4,000		2,548
Swire Properties, Ltd.		4,000		11,707
Wharf Holdings, Ltd.		5,000		36,391
				396,480
INDIA — 0.1%
Ascendas India Trust		3,200		2,535
IRELAND — 0.4%
Green REIT PLC		2,331		3,812
Hibernia REIT PLC		2,455		3,780
Irish Residential Properties REIT PLC		1,352		1,791
				9,383
ISRAEL — 0.4%
Africa Israel Properties, Ltd.		54		905
Amot Investments, Ltd.		439		1,958
Bayside Land Corp.		3		1,215
Blue Square Real Estate, Ltd.		20		812
Melisron, Ltd.		57		2,526
Reit 1, Ltd.		665		2,054
				9,470
ITALY — 0.1%
Beni Stabili SpA SIIQ (a)		2,837		1,693
Immobiliare Grande Distribuzione SIIQ SpA		1,186		894
				2,587
JAPAN — 18.9%
Activia Properties, Inc.		1		5,303
Advance Residence Investment Corp.		3		8,488
Aeon Mall Co., Ltd.		300		4,704
AEON REIT Investment Corp.		3		3,905
Ardepro Co., Ltd.		300		326
Comforia Residential REIT, Inc.		1		2,460
Daibiru Corp.		100		906
Daiwa House Industry Co., Ltd.		1,200		32,653
Daiwa House REIT Investment Corp.		2		5,880
Daiwa Office Investment Corp.		1		6,132
Frontier Real Estate Investment Corp.		1		4,987
Fukuoka Corp. REIT		2		3,747
Global One Real Estate Investment Corp.		1		3,817
GLP J — REIT		5		6,646
Goldcrest Co., Ltd.		100		1,630
Hankyu REIT, Inc.		1		1,356
Heiwa Real Estate REIT, Inc.		2		1,645
Hulic Co., Ltd.		600		6,073
Hulic, Inc. REIT		2		3,567
Ichigo Office REIT Investment		3		2,201
Industrial & Infrastructure Fund Investment Corp.		1		5,076
Invesco Office J-REIT, Inc.		2		1,756
Invincible Investment Corp. REIT		6		3,342
Japan Excellent, Inc.		2		2,881
Japan Hotel REIT Investment Corp.		9		7,137
Japan Logistics Fund, Inc.		2		4,523
Japan Prime Realty Investment Corp.		2		9,026
Japan Real Estate Investment Corp.		3		17,923
Japan Rental Housing Investments, Inc.		4		3,354
Japan Retail Fund Investment Corp. REIT		5		12,349
Kenedix Office Investment Corp. REIT		1		6,152
Kenedix Residential Investment Corp.		1		2,845
Kenedix Retail REIT Corp.		1		2,372
Leopalace21 Corp.		600		3,934
MCUBS MidCity Investment Corp.		1		3,096
Mitsubishi Estate Co., Ltd.		2,000		37,288
Mitsui Fudosan Co., Ltd.		2,000		42,176
Mori Hills Investment Corp. REIT		3		4,491
Mori Trust Sogo REIT, Inc.		2		3,506
Nippon Accommodations Fund, Inc.		1		4,681
Nippon Building Fund, Inc.		3		18,990
Nippon Prologis, Inc. REIT		3		7,584
NIPPON REIT Investment Corp.		1		2,563
Nomura Real Estate Holdings, Inc.		200		3,350
Nomura Real Estate Master Fund, Inc.		8		13,351
NTT Urban Development Corp.		200		1,922
Orix JREIT, Inc. REIT		5		8,779
Premier Investment Corp.		3		3,973
Sekisui House Reit, Inc.		2		3,069
Sekisui House SI Residential Investment Corp.		2		2,283
Sumitomo Realty & Development Co., Ltd.		1,000		25,650
Sun Frontier Fudousan Co., Ltd.		100		1,002
Takara Leben Co., Ltd.		200		1,339
TOC Co., Ltd.		100		826
Tokyo Tatemono Co., Ltd.		400		4,768
Tokyu REIT, Inc.		2		2,684
Tosei Corp.		100		748
United Urban Investment Corp.		6		10,932
Unizo Holdings Co., Ltd.		100		2,780
				400,927
NETHERLANDS — 1.0%
Eurocommercial Properties NV		174		7,865
NSI NV.		487		2,018
Vastned Retail NV		80		3,236
Wereldhave NV		139		7,043
				20,162
NEW ZEALAND — 0.7%
Argosy Property, Ltd.		3,687		3,003
Goodman Property Trust		3,371		3,199
Kiwi Property Group, Ltd.		3,776		4,119
Precinct Properties New Zealand, Ltd.		4,298		4,063
				14,384
NORWAY — 0.2%
Entra ASA (c)		223		2,497
Norwegian Property ASA		1,129		1,533
Selvaag Bolig ASA		120		607
				4,637
SINGAPORE — 7.4%
AIMS AMP Capital Industrial REIT		1,800		1,855
Ascendas REIT		8,255		15,257

See accompanying notes to financial statements.

215

SPDR MSCI International Real Estate Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Ascendas Hospitality Trust		3,000	$	1,617
Ascott Residence Trust		3,100		2,592
Cache Logistics Trust		2,400		1,575
Cambridge Industrial Trust		3,500		1,412
CapitaLand Commercial Trust		7,600		8,863
CapitaLand Mall Trust REIT		9,000		14,324
CapitaLand Retail China Trust		2,200		2,606
CDL Hospitality Trusts		2,700		2,772
City Developments, Ltd.		1,447		9,626
Croesus Retail Trust		2,581		1,618
Far East Hospitality Trust		3,300		1,464
First Real Estate Investment Trust		2,000		1,988
Frasers Centrepoint Trust		2,200		3,550
Frasers Commercial Trust		2,549		2,627
Frasers Hospitality Trust		1,000		506
Global Logistic Properties, Ltd.		8,900		12,206
Ho Bee Land, Ltd.		800		1,267
Hong Fok Corp., Ltd.		1,180		580
Keppel REIT		6,400		5,234
Keppel DC REIT		2,000		1,789
Lippo Malls Indonesia Retail Trust		7,100		1,953
Mapletree Commercial Trust		6,801		7,981
Mapletree Greater China Commercial Trust		6,667		5,379
Mapletree Industrial Trust		4,709		6,165
Mapletree Logistics Trust		6,259		4,912
OUE Hospitality Trust		2,100		1,047
Parkway Life Real Estate Investment Trust		1,500		2,860
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust		2,500		963
Soilbuild Business Space REIT		2,900		1,489
SPH REIT		3,100		2,274
Starhill Global REIT		5,800		3,488
Suntec Real Estate Investment Trust		8,900		11,195
UOL Group, Ltd.		1,900		7,818
Yanlord Land Group, Ltd.		2,500		2,567
Ying Li International Real Estate, Ltd. (a)		3,400		357
				155,776
SPAIN — 1.4%
Axiare Patrimonio SOCIMI SA		213		2,821
Hispania Activos Inmobiliarios SOCIMI SA		411		5,510
Inmobiliaria Colonial SA		804		5,850
Lar Espana Real Estate Socimi SA		233		1,676
Merlin Properties Socimi SA		1,165		13,793
Realia Business SA (a)		582		634
				30,284
SWEDEN — 2.9%
Castellum AB		796		11,939
D Carnegie & Co. AB (a)		127		1,631
Dios Fastigheter AB		173		1,308
Fabege AB		453		8,270
Fastighets AB Balder Class B (a)		319		8,489
Hemfosa Fastigheter AB		455		4,939
Hufvudstaden AB Class A		402		6,973
Klovern AB Class B		1,912		2,381
Kungsleden AB		522		3,823
Wallenstam AB Class B		704		5,949
Wihlborgs Fastigheter AB		262		5,581
				61,283
SWITZERLAND — 2.5%
Allreal Holding AG (a)		52		7,912
Intershop Holding AG		5		2,579
Mobimo Holding AG (a)		21		5,359
Plazza AG Class A		4		970
PSP Swiss Property AG		154		14,695
Swiss Prime Site AG (a)		249		21,884
				53,399
UNITED KINGDOM — 10.1%
Big Yellow Group PLC REIT		462		4,681
British Land Co. PLC REIT		3,523		28,946
Capital & Counties Properties PLC		2,739		10,247
Derwent London PLC		381		12,873
Empiric Student Property PLC		1,368		2,061
Grainger PLC		1,244		3,717
Great Portland Estates PLC REIT		1,192		9,801
Hammerson PLC		2,801		21,358
Hansteen Holdings PLC		2,866		4,330
Helical Bar PLC		420		1,476
Intu Properties PLC		3,393		13,064
Land Securities Group PLC REIT		2,849		39,155
LondonMetric Property PLC		1,780		3,699
NewRiver REIT PLC		694		2,977
Primary Health Properties PLC		2,198		3,198
Redefine International PLC		3,943		2,202
Safestore Holdings PLC		608		3,041
Schroder Real Estate Investment Trust, Ltd.		2,165		1,610
Segro PLC		3,009		17,738
Shaftesbury PLC		900		11,340
Standard Life Investment Property Income Trust, Ltd. REIT		1,372		1,461
Tritax Big Box REIT PLC (d)		3,023		5,454
Tritax Big Box REIT PLC (a) (d) (e)		275		25
UNITE Group PLC		760		6,264
Workspace Group PLC		374		3,391
				214,109
TOTAL COMMON STOCKS (Cost $1,958,193)				2,111,408
RIGHTS — 0.0% (b)
SINGAPORE — 0.0% (b)
Frasers Hospitality Trust (expiring 10/7/16) (a) (Cost $0)		1,152		69
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g) (Cost $2,466)		2,466	$	2,466
TOTAL INVESTMENTS — 99.8% (Cost $1,960,659)				2,113,943
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				3,659
NET ASSETS — 100.0%			$	2,117,602

(a) Non-income producing security.

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

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.3% of net assets as of

See accompanying notes to financial statements.

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September 30, 2016

September 30, 2016, are 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) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $25, representing 0.0% of the Fund’s net assets.

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

At September 30, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	USD	222,133	GBP	171,000	10/05/2016	$	1
BNP Paribas SA	USD	217,831	GBP	168,000	10/05/2016		405
BNP Paribas SA	USD	150,358	SGD	205,000	10/05/2016		(3	)
BNP Paribas SA	USD	149,307	SGD	203,000	10/05/2016		(419	)
BNP Paribas SA	USD	14,543	NZD	20,000	10/05/2016		—
BNP Paribas SA	NZD	40,000	USD	28,978	10/05/2016		(108	)
BNP Paribas SA	SGD	408,000	USD	299,351	10/05/2016		108
BNP Paribas SA	GBP	335,000	USD	439,101	10/05/2016		3,927
BNP Paribas SA	NZD	20,000	USD	14,526	11/03/2016		—
BNP Paribas SA	SGD	205,000	USD	150,381	11/03/2016		(31	)
BNP Paribas SA	GBP	171,000	USD	222,262	11/03/2016		(7	)
Citibank N.A.	USD	364,454	HKD	2,826,000	10/05/2016		(84	)
Citibank N.A.	USD	249,472	AUD	326,000	10/05/2016		—
Citibank N.A.	USD	81,416	CAD	107,000	10/05/2016		—
Citibank N.A.	USD	63,047	SEK	542,000	10/05/2016		220
Citibank N.A.	USD	53,645	CHF	52,000	10/05/2016		—
Citibank N.A.	CHF	103,000	USD	105,037	10/05/2016		(1,221	)
Citibank N.A.	CAD	223,000	USD	169,998	10/05/2016		316
Citibank N.A.	AUD	674,000	USD	506,069	10/05/2016		(9,710	)
Citibank N.A.	CHF	52,000	USD	53,733	11/03/2016		(6	)
Citibank N.A.	CAD	107,000	USD	81,438	11/03/2016		(1	)
Citibank N.A.	AUD	326,000	USD	249,309	11/03/2016		(6	)
Goldman Sachs Capital Markets L.P.	USD	32,785	JPY	3,386,000	10/05/2016		654
Goldman Sachs Capital Markets L.P.	USD	19,524	AUD	26,000	10/05/2016		373
Goldman Sachs Capital Markets L.P.	USD	11,606	HKD	90,000	10/05/2016		(2	)
Goldman Sachs Capital Markets L.P.	USD	8,386	CAD	11,000	10/05/2016		(16	)
Goldman Sachs Capital Markets L.P.	USD	1,020	CHF	1,000	10/05/2016		12
Goldman Sachs Capital Markets L.P.	SEK	28,000	USD	3,270	10/05/2016		2
Goldman Sachs Capital Markets L.P.	GBP	4,000	USD	5,243	10/05/2016		47
Goldman Sachs Capital Markets L.P.	EUR	6,000	USD	6,692	10/05/2016		(52	)
Goldman Sachs Capital Markets L.P.	ILS	3,000	USD	793	10/06/2016		(6	)
Goldman Sachs Capital Markets L.P.	USD	14,531	AUD	19,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	USD	12,380	EUR	11,000	11/03/2016		(1	)
Goldman Sachs Capital Markets L.P.	USD	5,199	GBP	4,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	USD	2,221	SEK	19,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	USD	1,522	CAD	2,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	USD	1,034	CHF	1,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	USD	267	ILS	1,000	11/03/2016		—
Goldman Sachs Capital Markets L.P.	SGD	3,000	USD	2,201	11/03/2016		(1	)
Goldman Sachs Capital Markets L.P.	HKD	83,000	USD	10,704	11/03/2016		(1	)
Goldman Sachs Capital Markets L.P.	USD	10,353	JPY	1,047,000	11/04/2016		(1	)
Toronto-Dominion	USD	414,805	JPY	42,004,000	10/05/2016		5
Toronto-Dominion	USD	414,479	JPY	41,703,000	10/05/2016		(2,641	)
Toronto-Dominion	USD	14,617	NZD	20,000	10/05/2016		(74	)
Toronto-Dominion	JPY	87,093,000	USD	843,275	10/05/2016		(16,812	)
Toronto-Dominion	JPY	42,004,000	USD	415,310	11/04/2016		(15	)

See accompanying notes to financial statements.

217

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
UBS	USD	489,330	EUR	439,000	10/05/2016	$	4,041
UBS	USD	367,079	HKD	2,847,000	10/05/2016		(1	)
UBS	USD	63,850	SEK	547,000	10/05/2016		—
UBS	USD	5,130	NOK	41,000	10/05/2016		—
UBS	NOK	80,000	USD	9,592	10/05/2016		(418	)
UBS	SEK	1,061,000	USD	123,921	10/05/2016		73
UBS	HKD	5,763,000	USD	743,218	10/05/2016		166
UBS	USD	9,328	ILS	35,000	10/06/2016		—
UBS	ILS	66,000	USD	17,454	10/06/2016		(136	)
UBS	NOK	41,000	USD	5,130	11/03/2016		—
UBS	ILS	35,000	USD	9,331	11/03/2016		(3	)
UBS	SEK	547,000	USD	63,936	11/03/2016		(9	)
UBS	HKD	2,847,000	USD	367,172	11/03/2016		(13	)
Westpac Banking Corp.	USD	498,992	EUR	444,000	10/05/2016		(2	)
Westpac Banking Corp.	USD	243,778	AUD	322,000	10/05/2016		2,633
Westpac Banking Corp.	USD	79,504	CAD	105,000	10/05/2016		391
Westpac Banking Corp.	USD	51,236	CHF	50,000	10/05/2016		346
Westpac Banking Corp.	USD	4,690	NOK	39,000	10/05/2016		189
Westpac Banking Corp.	EUR	877,000	USD	978,153	10/05/2016		(7,465	)
Westpac Banking Corp.	USD	9,015	ILS	34,000	10/06/2016		47
Westpac Banking Corp.	EUR	444,000	USD	499,658	11/03/2016		(18	)
						$	(25,327	)

During the period ended September 30, 2016, average notional value related to forward foreign currency exchange contracts was $12,355,621 or 583% of net assets.

AUD — Australian dollar

CAD — Canadian dollar

CHF — Swiss franc

EUR — Euro

GBP — British pound

HKD — Hong Kong dollar

ILS — Israeli New shekel

JPY — Japanese yen

NOK — Norwegian krone

NZD — New Zealand dollar

SEK — Swedish krona

SGD — Singapore dollar

USD — U.S. dollar

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	236,735	$	—	$	—	$	236,735
Austria		24,761		—		—		24,761
Belgium		24,362		—		—		24,362
Bermuda		735		—		—		735
Canada		76,860		—		—		76,860
Finland		8,086		—		—		8,086
France		189,798		—		—		189,798
Germany		174,655		—		—		174,655

See accompanying notes to financial statements.

218

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
Hong Kong	$	396,480	$	—		$	—	$	396,480
India		2,535		—			—		2,535
Ireland		9,383		—			—		9,383
Israel		9,470		—			—		9,470
Italy		2,587		—			—		2,587
Japan		400,927		—			—		400,927
Netherlands		20,162		—			—		20,162
New Zealand		14,384		—			—		14,384
Norway		4,637		—			—		4,637
Singapore		155,776		—			—		155,776
Spain		30,284		—			—		30,284
Sweden		61,283		—			—		61,283
Switzerland		53,399		—			—		53,399
United Kingdom		214,084		25			—		214,109
Rights
Singapore		69		—			—		69
Short-Term Investment		2,466		—			—		2,466
TOTAL INVESTMENTS	$	2,113,918	$	25		$	—	$	2,113,943
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		13,956			—		13,956
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	2,113,918	$	13,981		$	—	$	2,127,899
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		(39,283	)		—		(39,283	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	—	$	(39,283	)	$	—	$	(39,283	)

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

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		2,435	$	2,435		341,560		341,529		2,466	$	2,466	$	31	$	—
TOTAL			$	2,435							$	2,466	$	31	$	—

See accompanying notes to financial statements.

219

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September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 98.8%
CHINA — 42.3%
21Vianet Group, Inc. ADR (a)		8,752	$	69,578
500.com, Ltd. Class A, ADR (a)		1,594		28,102
51job, Inc. ADR (a)		2,607		87,022
58.com, Inc. ADR (a) (b)		3,987		190,020
A8 New Media Group, Ltd. (a)		375,789		24,710
AAC Technologies Holdings, Inc.		75,000		753,776
Agile Group Holdings, Ltd. (b)		519,598		295,441
Agricultural Bank of China, Ltd. Class H		2,610,000		1,117,233
Air China, Ltd. Class H		369,414		248,151
Alibaba Group Holding, Ltd. ADR (a) (b)		126,947		13,429,723
Aluminum Corp. of China, Ltd. Class H (a) (b)		676,304		245,027
Angang Steel Co., Ltd. Class H (a) (b)		381,244		183,840
Anhui Conch Cement Co., Ltd. Class H (b)		228,750		626,737
Anhui Expressway Co., Ltd. Class H		36,000		29,938
ANTA Sports Products, Ltd.		100,000		271,405
Autohome, Inc. ADR (a)		4,702		114,024
AVIC International Holding HK, Ltd. (a)		504,000		35,740
AviChina Industry & Technology Co., Ltd. Class H		425,000		286,038
BAIC Motor Corp., Ltd. Class H (c)		192,000		202,002
Baidu, Inc. ADR (a)		30,845		5,615,949
Bank of China, Ltd. Class H		8,522,466		3,889,856
Bank of Communications Co., Ltd. Class H		2,403,630		1,831,556
BBMG Corp. Class H		223,000		85,681
Beijing Capital International Airport Co., Ltd. Class H		110,000		124,666
Beijing Capital Land, Ltd. Class H		118,000		48,381
Beijing Enterprises Holdings, Ltd.		72,000		364,830
Beijing Enterprises Water Group, Ltd. (a) (b) .		436,000		294,566
Belle International Holdings, Ltd.		561,000		384,804
Biostime International Holdings, Ltd. (a) (b) .		23,500		61,053
Bitauto Holdings, Ltd. ADR (a)		2,444		71,072
Boer Power Holdings, Ltd. (b)		49,000		22,238
Boyaa Interactive International, Ltd. (a)		94,200		55,384
Brilliance China Automotive Holdings, Ltd. (b)		362,000		406,062
Byd Co., Ltd. Class H (a) (b)		89,800		589,331
BYD Electronic International Co., Ltd.		108,000		89,954
C.banner International Holdings, Ltd. (a)		176,000		51,511
CAR, Inc. (a) (b)		173,043		179,157
CGN Power Co., Ltd. Class H (c)		1,231,000		363,462
Changshouhua Food Co., Ltd.		73,000		34,166
Chanjet Information Technology Co., Ltd. Class H (a)		24,500		29,883
China Aerospace International Holdings, Ltd.		292,000		38,402
China Agri-Industries Holdings, Ltd. (a)		261,000		94,224
China Animal Healthcare, Ltd. (a) (b) (e)		305,700		51,239
China Assurance Finance Group, Ltd. (a)		141,500		20,798
China Biologic Products, Inc. (a) (b)		758		94,356
China Cinda Asset Management Co., Ltd. Class H		1,050,600		371,153
China CITIC Bank Corp., Ltd. Class H		1,270,341		843,514
China Coal Energy Co., Ltd. Class H (a) (b)		625,000		337,644
China Communications Construction Co., Ltd. Class H		564,000		592,655
China Conch Venture Holdings, Ltd.		141,100		275,070
China Construction Bank Corp. Class H		10,607,148		7,863,782
China COSCO Holdings Co., Ltd. Class H (a) (b)		25,000		8,510
China Dongxiang Group Co., Ltd.		461,000		90,941
China Eastern Airlines Corp., Ltd. Class H (a) (b)		182,000		83,773
China Everbright International, Ltd.		268,000		318,589
China Everbright, Ltd.		116,000		237,206
China Evergrande Group (b)		525,000		354,695
China Fangda Group Co., Ltd. Class B		81,900		77,191
China Fire Safety Enterprise Group, Ltd. (a)		394,227		17,282
China Galaxy Securities Co., Ltd. Class H		335,100		305,463
China Harmony New Energy Auto Holding, Ltd.		69,500		33,693
China Hongqiao Group, Ltd. (b)		112,000		100,795
China Huarong Energy Co., Ltd. (a) (b)		159,100		9,334
China Huishan Dairy Holdings Co., Ltd. (b)		579,000		216,492
China Huiyuan Juice Group, Ltd. (a)		132,500		46,638
China International Marine Containers Group Co., Ltd. Class H		80,000		94,070
China Lesso Group Holdings, Ltd.		132,000		89,521
China Life Insurance Co., Ltd. Class H		867,708		2,237,529
China Lilang, Ltd.		79,000		44,817
China Lodging Group, Ltd. ADR		3,776		170,260
China Longyuan Power Group Corp., Ltd. Class H		462,000		375,273
China Machinery Engineering Corp. Class H		82,000		47,999
China Medical System Holdings, Ltd.		153,000		257,237
China Mengniu Dairy Co., Ltd.		376,780		699,544
China Merchants Bank Co., Ltd. Class H		596,760		1,503,451
China Merchants Port Holdings Co., Ltd.		285,252		759,475
China Merchants Property Development Co., Ltd. Class B (a)		286,126		832,747
China Minsheng Banking Corp., Ltd. Class H		833,100		960,284
China Mobile, Ltd.		670,636		8,114,955
China Modern Dairy Holdings, Ltd. (a) (b)		324,000		60,991
China Molybdenum Co., Ltd. Class H		393,000		80,567

See accompanying notes to financial statements.

220

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September 30, 2016

Security Description	Shares		Value
China National Building Material Co., Ltd. Class H (b)		398,000	$	176,525
China Oilfield Services, Ltd. Class H (b)		274,557		238,239
China Overseas Land & Investment, Ltd.		661,084		2,241,700
China Pacific Insurance Group Co., Ltd. Class H		278,800		1,029,870
China Petroleum & Chemical Corp. Class H		3,033,726		2,209,987
China Power International Development, Ltd.		260,000		99,898
China Railway Construction Corp., Ltd. Class H		232,000		263,230
China Railway Group, Ltd. Class H		586,000		423,107
China Resources Beer Holdings Co., Ltd. (a)		305,357		648,041
China Resources Gas Group, Ltd.		46,000		157,170
China Resources Land, Ltd.		408,767		1,138,399
China Resources Power Holdings Co., Ltd.		296,437		510,627
China Shengmu Organic Milk, Ltd. (a) (b) (c) .		325,000		83,388
China Shenhua Energy Co., Ltd. Class H		455,040		889,434
China Shipping Container Lines Co., Ltd. Class H (a) (b)		1,172,339		250,915
China Shipping Development Co., Ltd. Class H		551,215		297,783
China Silver Group, Ltd. (b)		84,000		18,628
China Singyes Solar Technologies Holdings, Ltd. (b)		67,600		34,776
China South City Holdings, Ltd. (b)		370,000		82,053
China Southern Airlines Co., Ltd. Class H		210,000		117,781
China State Construction International Holdings, Ltd.		208,000		273,545
China Taiping Insurance Holdings Co., Ltd. (a)		115,341		227,531
China Telecom Corp., Ltd. Class H		2,101,320		1,059,337
China Travel International Investment Hong Kong, Ltd. (b)		250,000		72,203
China Unicom Hong Kong, Ltd.		720,172		864,472
China Vanke Co., Ltd. Class H		131,000		339,494
China Yurun Food Group, Ltd. (a) (b)		185,659		30,161
Chinasoft International, Ltd. (a)		192,000		88,376
Chongqing Changan Automobile Co., Ltd. Class B		90,300		147,163
Chongqing Rural Commercial Bank Co., Ltd. Class H		187,000		115,248
CITIC Dameng Holdings, Ltd. (a)		216,000		10,583
CITIC Resources Holdings, Ltd. (a) (b)		330,000		40,421
CITIC Securities Co., Ltd. Class H		199,500		423,387
CITIC Telecom International Holdings, Ltd.		186,000		69,307
CITIC, Ltd.		567,000		808,543
CNinsure, Inc. ADR (a)		7,976		61,415
CNOOC, Ltd.		1,841,249		2,283,771
Cogobuy Group (a) (b) (c)		62,000		102,162
Colour Life Services Group Co., Ltd. (a)		83,000		58,323
Consun Pharmaceutical Group, Ltd.		166,400		96,974
Coolpad Group, Ltd. (a)		461,400		86,855
COSCO SHIPPING Ports, Ltd.		36,000		36,901
Cosmo Lady China Holdings Co., Ltd. (b) (c) .		94,000		38,783
Country Garden Holdings Co., Ltd.		689,333		363,511
Credit China Holdings, Ltd. (a) (b)		1,960,000		247,655
CRRC Corp., Ltd. Class H		473,000		426,898
CSG Holding Co., Ltd. Class B		105,400		90,099
CSPC Pharmaceutical Group, Ltd.		268,000		268,140
CT Environmental Group, Ltd. (b)		364,000		105,596
Ctrip.com International, Ltd. ADR (a)		35,219		1,640,149
Datang International Power Generation Co., Ltd. Class H		354,000		94,480
Dazhong Transportation Group Co., Ltd. Class B		100,750		75,462
Dongfang Electric Corp., Ltd. Class H		12,800		10,117
Dongfeng Motor Group Co., Ltd. Class H		448,468		448,124
Fang Holdings, Ltd. ADR (a)		24,808		111,388
Far East Horizon, Ltd.		140,000		132,131
FIH Mobile, Ltd.		302,000		99,681
First Tractor Co., Ltd. Class H		68,000		36,911
Fufeng Group, Ltd.		104,000		48,139
Future Land Holdings Co., Ltd. Class A		139,621		264,379
Geely Automobile Holdings, Ltd. (b)		550,000		490,720
GF Securities Co., Ltd. Class H		102,400		216,525
Golden Eagle Retail Group, Ltd. (b)		88,000		112,100
GOME Electrical Appliances Holding, Ltd. (b)		1,476,322		180,830
Goodbaby International Holdings, Ltd.		237,000		122,534
Great Wall Motor Co., Ltd. Class H		336,000		327,078
Greentown China Holdings, Ltd. (a) (b)		96,500		81,247
Guangdong Investment, Ltd		270,000		428,884
Guangshen Railway Co., Ltd. Class H		66,500		34,382
Guangzhou Automobile Group Co., Ltd. Class H		436,032		560,504
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H (a)		86,000		211,121
Guangzhou R&F Properties Co., Ltd. Class H		365,376		574,731
Guotai Junan International Holdings, Ltd. (b)		263,000		99,694
Haitian International Holdings, Ltd.		65,000		127,889
Haitong Securities Co., Ltd. Class H		315,600		533,870
Hengan International Group Co., Ltd. (b)		82,500		683,959
HNA Holding Group Co., Ltd. (a)		423,400		20,198
Huadian Fuxin Energy Corp., Ltd. Class H		212,000		50,294
Huadian Power International Corp., Ltd. Class H		212,000		95,122
Huaneng Power International, Inc. Class H		568,472		355,481
Huaneng Renewables Corp., Ltd. Class H		370,000		128,804

See accompanying notes to financial statements.

221

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Huatai Securities Co., Ltd. Class H (c)		68,800	$	139,269
Huishang Bank Corp., Ltd. Class H		625,000		320,722
Huiyin Smart Community Co., Ltd. (a)		224,000		24,549
Industrial & Commercial Bank of China, Ltd. Class H		8,823,138		5,517,341
Inner Mongolia Yitai Coal Co., Ltd. Class B .		190,681		174,282
Intime Retail Group Co., Ltd. (b)		161,500		140,762
JD.com, Inc. ADR (a)		94,174		2,457,000
Jiangsu Expressway Co., Ltd. Class H		348,299		481,407
Jiangxi Copper Co., Ltd. Class H		257,578		294,244
JinkoSolar Holding Co., Ltd. ADR (a) (b)		3,060		48,348
Jumei International Holding, Ltd. ADR (a)		2,355		13,777
Kama Co., Ltd. Class B (a)		112,249		135,485
Kangda International Environmental Co., Ltd. (c)		220,000		48,505
Kingdee International Software Group Co., Ltd. (a) (b)		222,000		87,587
Kingsoft Corp., Ltd. (b)		101,000		238,828
Konka Group Co., Ltd. Class B (a)		356,000		137,242
Kunlun Energy Co., Ltd.		386,000		295,623
KWG Property Holding, Ltd.		149,000		97,784
Lao Feng Xiang Co., Ltd. Class B		55,779		197,011
Launch Tech Co., Ltd. Class H (a)		24,500		28,493
Lenovo Group, Ltd.		963,703		638,662
Leyou Technologies Holdings, Ltd. (a) (b)		220,800		40,995
Li Ning Co., Ltd. (a)		279,874		191,612
Lifetech Scientific Corp. (a)		260,000		65,369
Livzon Pharmaceutical Group, Inc. Class H		17,790		109,640
Luoyang Glass Co., Ltd. Class H (a) (b)		56,153		43,006
Luthai Textile Co., Ltd. Class B		46,800		59,858
Luye Pharma Group, Ltd. (a)		193,000		126,411
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		684,971		155,435
Metallurgical Corp. of China, Ltd. Class H		414,000		135,047
Minth Group, Ltd.		84,000		295,128
MOBI Development Co., Ltd.		461,000		76,081
Nanjing Panda Electronics Co., Ltd. Class H .		29,000		30,286
NetEase, Inc. ADR		9,996		2,406,837
New China Life Insurance Co., Ltd. Class H .		74,200		327,665
New Oriental Education & Technology Group, Inc. ADR (a)		13,463		624,145
Noah Holdings, Ltd. ADS (a) (b)		2,388		62,351
Ourgame International Holdings, Ltd. (a)		42,000		21,444
People’s Insurance Co. Group of China, Ltd. Class H		523,000		213,085
PetroChina Co., Ltd. Class H		2,399,208		1,574,529
Phoenix Healthcare Group Co., Ltd.		70,500		125,257
PICC Property & Casualty Co., Ltd. Class H .		526,289		871,273
Ping An Insurance Group Co. of China, Ltd. Class H		552,228		2,862,263
Poly Culture Group Corp., Ltd. Class H		30,600		78,907
Poly Property Group Co., Ltd. (a) (b)		265,000		90,202
Qunar Cayman Islands, Ltd. ADR (a) (b)		4,663		135,227
Renhe Commercial Holdings Co., Ltd. (a) (b) .		1,978,000		49,221
Semiconductor Manufacturing International Corp. (a)		5,538,837		621,302
Shandong Airlines Co., Ltd. Class B		22,500		51,348
Shandong Chenming Paper Holdings, Ltd. Class H		49,900		49,411
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		58,000		82,259
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		228,000		152,863
Shang Gong Group Co., Ltd. Class B (a)		151,600		162,818
Shanghai Baosight Software Co., Ltd. Class B		35,800		66,373
Shanghai Dasheng Agricultural Finance Technology Co., Ltd. Class H (b)		307,000		28,499
Shanghai Electric Group Co., Ltd. Class H (a)		442,418		208,775
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		35,000		108,755
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (b) .		180,000		176,381
Shanghai Haixin Group Co. Class B		89,000		76,362
Shanghai Highly Group Co., Ltd. Class B		144,700		119,956
Shanghai Industrial Holdings, Ltd.		46,000		132,260
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		14,300		22,923
Shanghai Jinjiang International Travel Co., Ltd. Class B		27,974		109,406
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		39,400		63,316
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		139,153		233,638
Shanghai Mechanical and Electrical Industry Co., Ltd. Class B		50,784		109,084
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		66,000		177,851
Shanghai Prime Machinery Co., Ltd. Class H		580,000		118,154
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B		11,000		19,140
Shanghai Zhenhua Heavy Industries Co., Ltd. Class B (a)		108,600		54,083
Shengjing Bank Co., Ltd. Class H (c)		17,500		18,028
Shenzhen Expressway Co., Ltd. Class H		29,000		30,436
Shenzhen Investment, Ltd.		298,731		142,125
Shenzhou International Group Holdings, Ltd.		52,000		362,045
Shunfeng International Clean Energy, Ltd. (a)		212,700		25,230
SINA Corp. (a)		9,574		706,848

See accompanying notes to financial statements.

222

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Sino-Ocean Group Holding, Ltd.		799,211	$	367,870
Sinopec Oilfield Service Corp. Class H (a)		190,000		36,501
Sinopec Shanghai Petrochemical Co., Ltd. Class H		578,878		291,829
Sinopharm Group Co., Ltd. Class H		113,200		543,673
Sinotrans, Ltd. Class H		226,000		109,562
SITC International Holdings Co., Ltd.		183,000		109,008
Sohu.com, Inc. (a)		3,833		169,610
SPT Energy Group, Inc. (a) (b)		234,000		16,895
Sun King Power Electronics Group		147,300		22,031
Sunac China Holdings, Ltd.		267,000		192,093
Sunny Optical Technology Group Co., Ltd.		120,800		596,528
Synertone Communication Corp. (a)		432,920		10,047
TAL Education Group ADR (a)		5,965		422,561
TCL Multimedia Technology Holdings, Ltd. (a) (b)		134,000		65,826
Tencent Holdings, Ltd.		637,570		17,509,449
Tian Ge Interactive Holdings, Ltd. (a) (c)		79,000		55,818
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		32,745		24,395
Tianneng Power International, Ltd. (b)		94,000		80,111
Tingyi Cayman Islands Holding Corp. (b)		370,383		428,837
Tong Ren Tang Technologies Co., Ltd. Class H		134,000		259,156
TravelSky Technology, Ltd. Class H		98,000		232,492
Trina Solar, Ltd. ADR (a)		11,685		119,654
Tsingtao Brewery Co., Ltd. Class H (b)		84,000		327,078
TUS International, Ltd. (a)		169,400		18,565
Uni-President China Holdings, Ltd. (b)		184,000		130,480
Universal Health International Group Holding, Ltd. (a)		227,000		10,829
Vipshop Holdings, Ltd. ADR (a)		35,223		516,721
Want Want China Holdings, Ltd. (b)		1,035,000		640,541
Weibo Corp. ADR (a)		957		47,984
Weichai Power Co., Ltd. Class H		27,000		36,204
West China Cement, Ltd. (a)		372,000		36,452
Wisdom Sports Group (a) (b)		144,000		50,872
Xiamen International Port Co., Ltd. Class H .		126,000		25,343
Xinchen China Power Holdings, Ltd. (a)		237,000		38,502
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		25,800		38,521
Xinyi Solar Holdings, Ltd. (a) (b)		259,200		96,917
Yangzijiang Shipbuilding Holdings, Ltd.		264,500		145,495
Yantai Changyu Pioneer Wine Co., Ltd. Class B		28,453		81,001
Yanzhou Coal Mining Co., Ltd. Class H (b)		368,882		248,269
Yestar International Holdings Co., Ltd. (b)		365,000		177,889
YY, Inc. ADR (a) (b)		3,378		179,980
Zhejiang Expressway Co., Ltd. Class H		212,000		223,591
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		52,400		24,525
Zhuzhou CRRC Times Electric Co., Ltd.		76,000		393,917
Zijin Mining Group Co., Ltd. Class H		958,685		307,780
ZTE Corp. Class H		92,240		134,151
				141,902,978
HONG KONG — 2.0%
Alibaba Pictures Group, Ltd. (a) (b)		1,160,107		242,314
Asia Resources Holdings, Ltd. (a)		390,638		12,592
AVIC Joy Holdings HK, Ltd. (a)		564,428		9,679
Beijing Enterprises Clean Energy Group, Ltd. (a)		1,716,600		48,471
Beijing Enterprises Medical & Health Group, Ltd. (a)		392,500		22,773
BEP International Holdings, Ltd.		1,000,000		64,467
Carnival Group International Holdings, Ltd. (a) (b)		1,020,000		123,621
CCT Land Holdings, Ltd. (a)		10,253,000		19,829
Chia Tai Enterprises International, Ltd. (a) (b)		12,700		3,308
China All Access Holdings, Ltd. (b)		176,000		61,950
China Beidahuang Industry Group Holdings, Ltd. Class A (a)		421,600		24,733
China Chengtong Development Group, Ltd. (a)		338,074		31,384
China Fiber Optic Network System Group, Ltd. (a)		686,800		54,016
China Finance Investment Holdings, Ltd. (a)		568,750		13,053
China Financial International Investments, Ltd. (a) (b)		550,000		32,975
China Gas Holdings, Ltd. (b)		282,000		447,218
China High Speed Transmission Equipment Group Co., Ltd.		180,000		181,951
China Jicheng Holdings, Ltd. (a) (b) (c)		2,231,500		74,806
China Minsheng Drawin Technology Group, Ltd. (a)		521,658		21,187
China National Culture Group, Ltd. (a)		1,619,300		9,813
China NT Pharma Group Co., Ltd.		95,000		23,517
China Nuclear Energy Technology Corp., Ltd. (a)		100,000		17,535
China Ocean Industry Group, Ltd. (a)		1,637,800		49,624
China Oil Gangran Energy Group Holdings, Ltd. (a)		585,750		7,930
China Overseas Property Holdings, Ltd.		242,361		49,997
China Precious Metal Resources Holdings Co., Ltd. (a) (b)		466,200		15,027
China Public Procurement, Ltd. (a)		1,236,000		12,908
China Soft Power Technology Holdings, Ltd. (a)		294,000		7,771
Citychamp Watch & Jewellery Group, Ltd.		440,000		103,250
Comba Telecom Systems Holdings, Ltd.		307,134		60,588
CP Pokphand Co., Ltd. (b)		810,000		104,436
Dawnrays Pharmaceutical Holdings, Ltd.		112,000		73,214
Digital China Holdings, Ltd. (b)		139,000		133,517
Essex Bio-technology, Ltd.		59,696		27,709

See accompanying notes to financial statements.

223

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
EVA Precision Industrial Holdings, Ltd.		388,000	$	46,524
Fullshare Holdings, Ltd. (b)		151,100		87,668
GCL-Poly Energy Holdings, Ltd. (b)		884,000		117,396
Global Bio-Chem Technology Group Co., Ltd. (a)		487,200		9,485
Haier Electronics Group Co., Ltd.		135,000		223,145
Hanergy Thin Film Power Group, Ltd. (a) (b) (e)		5,962,000		—
Hi Sun Technology China, Ltd. (a) (b)		288,000		50,129
Hua Han Health Industry Holdings, Ltd. (b)		890,400		60,845
Huabao International Holdings, Ltd. (a)		249,000		95,671
Huajun Holdings, Ltd.		134,900		9,740
Imperial Pacific International Holdings, Ltd. (a) (b)		6,916,300		123,060
Joy City Property, Ltd.		434,000		63,231
Kingboard Chemical Holdings, Ltd.		115,200		349,048
Lee & Man Paper Manufacturing, Ltd.		217,000		196,969
Millennium Pacific Group Holdings, Ltd. (a) .		95,000		1,935
National Agricultural Holdings, Ltd. (a) (b)		120,000		21,351
NetDragon Websoft Holdings, Ltd.		51,000		177,212
Newtree Group Holdings, Ltd. (a)		294,000		17,247
Nine Dragons Paper Holdings, Ltd.		176,000		164,519
North Mining Shares Co., Ltd. (a)		2,410,000		47,542
Qianhai Health Holdings, Ltd. (a)		766,374		17,490
Shimao Property Holdings, Ltd.		153,500		207,808
SIM Technology Group, Ltd. (a)		408,500		17,381
Sino Biopharmaceutical, Ltd.		606,000		407,076
Sino-I Technology, Ltd. (a)		1,591,000		21,949
Skyworth Digital Holdings, Ltd.		242,835		174,707
SSY Group, Ltd. (b)		490,691		168,289
Sun Art Retail Group, Ltd.		220,500		152,099
Suncorp Technologies, Ltd. (a)		1,620,000		16,292
Tack Fiori International Group, Ltd. (a)		284,000		8,422
Tech Pro Technology Development, Ltd. (a)		1,604,800		36,830
Tibet Water Resources, Ltd. (b)		325,000		113,558
United Energy Group, Ltd. (a)		1,038,000		50,856
United Laboratories International Holdings, Ltd. (a)		114,000		66,143
Victory City International Holdings, Ltd.		539,461		26,778
Vinda International Holdings, Ltd.		41,000		80,668
Vision Values Holdings, Ltd. (a)		360,000		16,478
Wasion Group Holdings, Ltd. (b)		72,000		39,175
WH Group, Ltd. (c)		868,000		698,344
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		40,250		8,459
Xinyi Glass Holdings, Ltd. (a)		314,000		283,800
Yuhua Energy Holdings, Ltd. (a)		4,000		469
				6,662,951
INDIA — 17.4%
Adani Ports & Special Economic Zone, Ltd.		107,455		414,375
Adani Power, Ltd. (a)		84,253		31,510
Adani Transmissions, Ltd. (a)		46,425		26,601
AIA Engineering, Ltd.		9,133		176,878
Ajanta Pharma, Ltd.		3,607		108,736
Alembic Pharmaceuticals, Ltd.		10,650		104,741
Apollo Hospitals Enterprise, Ltd.		29,799		587,834
Apollo Tyres, Ltd.		50,715		167,539
Arvind Infrastructure, Ltd. (a)		4,740		5,745
Arvind, Ltd.		29,983		151,806
Asian Paints, Ltd.		28,481		496,514
Aurobindo Pharma, Ltd.		36,464		468,506
Axis Bank, Ltd.		137,655		1,119,248
Bajaj Auto, Ltd.		6,425		272,865
Bajaj Finance, Ltd.		15,620		247,719
Bharat Electronics, Ltd.		9,570		178,916
Bharat Financial Inclusion, Ltd. (a)		29,261		387,034
Bharat Forge, Ltd.		14,470		197,947
Bharat Heavy Electricals, Ltd.		164,253		332,305
Bharat Petroleum Corp., Ltd.		31,702		291,689
Bharti Airtel, Ltd.		207,460		978,409
Bharti Infratel, Ltd.		51,375		281,876
Biocon, Ltd.		24,377		341,783
Bosch, Ltd.		766		262,288
Britannia Industries, Ltd.		2,610		131,872
Cadila Healthcare, Ltd.		28,305		164,865
Cipla, Ltd.		94,732		825,312
Coal India, Ltd.		144,372		698,875
Dabur India, Ltd.		37,776		153,873
DCB Bank, Ltd. (a)		77,742		146,131
DLF, Ltd.		69,702		153,003
Dr Reddy’s Laboratories, Ltd.		9,661		450,895
Eicher Motors, Ltd.		908		338,595
Emami, Ltd.		5,765		101,299
Escorts, Ltd.		51,962		293,135
GAIL India, Ltd.		48,936		275,366
Gillette India, Ltd.		986		64,271
Glenmark Pharmaceuticals, Ltd.		15,341		212,776
Godrej Consumer Products, Ltd.		16,825		400,952
Godrej Industries, Ltd.		19,840		128,120
Gujarat Mineral Development Corp., Ltd.		47,843		60,468
Gujarat Pipavav Port, Ltd.		40,042		104,646
Havells India, Ltd.		38,048		238,986
HCL Technologies, Ltd.		53,480		642,515
HDFC Bank, Ltd.		175,565		3,356,382
Hero MotoCorp, Ltd.		12,810		656,796
Hindalco Industries, Ltd.		119,872		274,924
Hindustan Unilever, Ltd.		118,065		1,538,941
Hindustan Zinc, Ltd.		160,127		561,214
Housing Development & Infrastructure, Ltd. (a)		69,935		83,611
Housing Development Finance Corp., Ltd.		190,694		3,991,027
ICICI Bank, Ltd.		557		2,109
ICICI Bank, Ltd. ADR		190,363		1,422,012
Idea Cellular, Ltd.		210,365		249,923
IDFC, Ltd. (a)		155,112		156,556
Indiabulls Housing Finance, Ltd.		63,186		785,222
Indian Hotels Co., Ltd.		338,432		663,089
Indian Oil Corp., Ltd.		57,634		504,233
IndusInd Bank, Ltd.		26,842		482,152
Infosys, Ltd. ADR		239,837		3,784,628

See accompanying notes to financial statements.

224

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
ITC, Ltd. GDR (a)		313,966	$	1,139,069
Jaiprakash Associates, Ltd. (a)		334,598		52,768
Jindal Steel & Power, Ltd. (a)		62,172		70,922
JSW Steel, Ltd.		15,801		410,415
Jubilant Foodworks, Ltd.		5,531		80,082
Just Dial, Ltd.		6,273		40,594
Kotak Mahindra Bank, Ltd.		75,781		884,377
KPIT Technologies, Ltd.		56,424		105,170
Larsen & Toubro, Ltd. GDR		33,171		709,859
LIC Housing Finance, Ltd.		40,144		348,984
Lupin, Ltd.		17,679		394,644
Mahindra & Mahindra Financial Services, Ltd.		39,950		218,591
Mahindra & Mahindra, Ltd.		60,817		1,284,026
Marico, Ltd.		55,565		229,921
Marksans Pharma, Ltd.		107,119		84,627
Max Financial Services, Ltd.		16,403		136,881
Max India, Ltd. (a)		20,880		43,654
Max Ventures & Industries, Ltd. (a)		4,176		3,149
Mindtree, Ltd.		14,162		102,556
Motherson Sumi Systems, Ltd.		43,229		206,471
NCC, Ltd.		82,392		101,598
Nestle India, Ltd.		2,287		220,966
NTPC, Ltd.		146,304		325,218
Oil & Natural Gas Corp., Ltd.		251,156		968,146
Page Industries, Ltd.		830		188,460
PI Industries, Ltd.		9,849		122,987
Power Finance Corp., Ltd.		87,839		158,712
Power Grid Corp. of India, Ltd.		93,550		248,066
Rajesh Exports, Ltd.		27,287		187,214
Reliance Capital, Ltd.		36,238		297,665
Reliance Communications, Ltd. (a)		203,705		141,810
Reliance Industries, Ltd. GDR (c)		101,650		3,304,133
Reliance Infrastructure, Ltd.		66,202		548,120
Rural Electrification Corp., Ltd. (a)		41,087		74,238
Rural Electrification Corp., Ltd. (a) (d)		41,087		74,238
Shriram City Union Finance, Ltd.		8,052		256,937
Shriram Transport Finance Co., Ltd.		19,412		338,981
Siemens, Ltd.		29,689		553,068
Sintex Industries, Ltd.		123,146		144,823
State Bank of India		182,959		690,424
Steel Authority of India, Ltd.		222,919		155,019
Strides Shasun, Ltd.		7,390		111,655
Sun Pharma Advanced Research Co., Ltd. (a)		13,144		62,265
Sun Pharmaceutical Industries, Ltd.		125,595		1,401,012
Suzlon Energy, Ltd. (a)		350,924		78,270
Tata Consultancy Services, Ltd.		64,980		2,372,385
Tata Motors, Ltd.		201,846		1,621,468
Tata Steel, Ltd.		37,194		209,070
Tech Mahindra, Ltd.		54,711		345,005
Torrent Pharmaceuticals, Ltd.		5,015		122,291
UltraTech Cement, Ltd.		6,676		386,196
United Breweries, Ltd.		8,104		110,033
United Spirits, Ltd. (a)		9,742		360,892
UPL, Ltd.		30,931		313,050
Vakrangee, Ltd.		94,291		339,394
Vedanta, Ltd.		132,237		341,715
Wipro, Ltd. ADR		89,084		865,006
WNS Holdings, Ltd. ADR (a)		9,197		275,450
Wockhardt, Ltd. (a)		4,757		62,756
Yes Bank, Ltd.		23,182		436,865
Zee Entertainment Enterprises, Ltd.		162,279		1,332,623
				58,526,622
INDONESIA — 4.2%
Ace Hardware Indonesia Tbk PT		2,097,200		140,606
Adaro Energy Tbk PT		2,541,300		234,638
AKR Corporindo Tbk PT		116,600		57,625
Astra International Tbk PT		2,704,400		1,709,547
Bank Central Asia Tbk PT		1,954,296		2,350,965
Bank Mandiri Persero Tbk PT		1,277,105		1,095,975
Bank Negara Indonesia Persero Tbk PT		489,300		208,077
Bank Rakyat Indonesia Persero Tbk PT		1,556,496		1,455,004
Charoen Pokphand Indonesia Tbk PT		329,700		88,419
Ciputra Surya Tbk PT		409,906		84,802
Citra Marga Nusaphala Persada Tbk PT (a)		315,744		36,411
Garda Tujuh Buana Tbk PT (a) (e)		127,500		—
Garuda Indonesia Persero Tbk PT (a)		3,078,500		100,958
Gudang Garam Tbk PT		87,600		416,152
Indocement Tunggal Prakarsa Tbk PT		249,625		331,852
Indosat Tbk PT (a)		674,548		311,405
Intiland Development Tbk PT		1,109,800		51,021
Kalbe Farma Tbk PT		889,400		116,874
Kawasan Industri Jababeka Tbk PT (a)		5,793,684		130,514
Lippo Cikarang Tbk PT (a)		288,900		130,050
Lippo Karawaci Tbk PT		1,459,200		110,689
Matahari Department Store Tbk PT		83,000		117,495
Matahari Putra Prima Tbk PT		400,800		54,357
Media Nusantara Citra Tbk PT		407,800		63,118
Metropolitan Land Tbk PT		1,855,212		42,930
Modernland Realty Tbk PT (a)		5,028,900		141,800
Pakuwon Jati Tbk PT		2,008,400		103,875
Pembangunan Perumahan Persero Tbk PT		529,300		169,931
Perusahaan Gas Negara Persero Tbk		1,584,740		348,495
Semen Indonesia Persero Tbk PT		488,400		377,966
Summarecon Agung Tbk PT		760,800		102,307
Surya Semesta Internusa Tbk PT		1,209,300		51,426
Telekomunikasi Indonesia Persero Tbk PT		7,620,870		2,516,738
Tiga Pilar Sejahtera Food Tbk (a)		803,600		120,069
Tower Bersama Infrastructure Tbk PT		288,200		134,704
Unilever Indonesia Tbk PT		58,500		199,692
United Tractors Tbk PT		248,645		337,217
Wijaya Karya Persero Tbk PT		437,000		93,755
				14,137,459
MALAYSIA — 4.4%
7-Eleven Malaysia Holdings Bhd Class B		236,500		102,938
AEON Credit Service M Bhd		39,900		138,934
AirAsia Bhd		216,400		145,993
Alliance Financial Group Bhd		640,810		576,427
APM Automotive Holdings Bhd		67,200		55,248
Astro Malaysia Holdings Bhd		219,900		145,164
Axiata Group Bhd		427,102		539,106
Berjaya Auto Bhd		253,980		140,025
British American Tobacco Malaysia Bhd		13,500		160,413

See accompanying notes to financial statements.

225

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September 30, 2016

Security Description	Shares		Value
Bursa Malaysia Bhd		214,834	$	458,188
Cahya Mata Sarawak Bhd		214,200		196,823
Carlsberg Brewery Malaysia Bhd Class B		175,703		624,552
CB Industrial Product Holding Bhd		199,800		103,874
CIMB Group Holdings Bhd		354,776		404,061
Coastal Contracts Bhd		101,700		37,134
Dialog Group Bhd		561,600		198,268
Eastern & Oriental Bhd		517,941		210,408
Eco World Development Group Bhd (a)		295,000		92,734
Genting Bhd		439,200		842,185
Genting Malaysia Bhd		486,700		535,482
IJM Corp. Bhd		979,380		760,201
Inari Amertron Bhd		187,754		150,730
IOI Corp. Bhd		622,596		669,944
IOI Properties Group Bhd		429,413		258,551
Karex Bhd.		370,425		220,347
KNM Group Bhd (a)		801,800		78,522
Kuala Lumpur Kepong Bhd		47,300		274,273
Land & General Bhd		1,062,800		105,368
Landmarks Bhd (a)		1,563,600		287,350
Lingkaran Trans Kota Holdings Bhd		52,000		72,930
Malayan Banking Bhd		439,648		797,330
Maxis Bhd		329,000		490,059
Media Prima Bhd		267,700		85,447
MKH Bhd		143,100		101,386
Muhibbah Engineering M Bhd		271,100		150,775
Nam Cheong, Ltd. (a)		337,400		12,868
Oldtown Bhd		180,400		86,808
OSK Holdings Bhd		764,925		292,246
Padini Holdings Bhd		189,900		130,871
PPB Group Bhd		94,200		368,554
Press Metal Bhd		155,300		161,102
Prestariang Bhd		175,400		95,430
Public Bank Bhd		168,820		809,095
Salcon Bhd		576,000		80,783
SapuraKencana Petroleum Bhd (a)		190,600		72,359
Silverlake Axis, Ltd.		198,800		96,232
Sime Darby Bhd		323,102		597,686
TA Enterprise Bhd		648,900		76,101
Tambun Indah Land Bhd		367,300		130,560
Telekom Malaysia Bhd		127,309		208,718
Tenaga Nasional Bhd		293,950		1,016,439
TSH Resources Bhd		186,800		86,274
UEM Edgenta Bhd		79,700		64,176
Uzma Bhd (a)		118,700		49,082
Wah Seong Corp. Bhd		609,000		128,854
Yinson Holdings Bhd		137,600		107,139
				14,882,547
PHILIPPINES — 2.4%
ABS-CBN Holdings Corp.		163,600		165,304
Alliance Global Group, Inc.		698,300		228,951
Ayala Land, Inc.		1,420,488		1,149,689
BDO Unibank, Inc.		148,150		335,434
Belle Corp.		1,271,200		78,115
Bloomberry Resorts Corp. (a)		400,800		37,687
Cebu Air, Inc.		55,320		128,903
Cosco Capital, Inc.		1,601,800		273,820
D&L Industries, Inc.		1,417,300		333,173
DoubleDragon Properties Corp. (a)		458,370		552,936
First Gen Corp.		1,037,070		535,697
First Philippine Holdings Corp.		376,887		566,166
Globe Telecom, Inc.		2,105		88,549
GMA Holdings, Inc.		155,600		19,284
GT Capital Holdings, Inc.		6,205		184,250
JG Summit Holdings, Inc.		301,640		463,392
Jollibee Foods Corp.		39,720		202,306
LT Group, Inc.		476,200		150,239
Metro Pacific Investments Corp.		1,136,100		166,333
Nickel Asia Corp.		620,384		92,108
Pepsi-Cola Products Philippines, Inc.		1,036,000		68,148
Philex Mining Corp.		798,100		142,850
PLDT, Inc.		19,484		687,836
Puregold Price Club, Inc.		297,100		260,372
Robinsons Retail Holdings, Inc.		150,880		233,499
SM Investments Corp.		16,120		223,875
SM Prime Holdings, Inc.		921,300		534,789
Universal Robina Corp.		84,220		309,128
				8,212,833
SINGAPORE — 0.0% (e)
SIIC Environment Holdings, Ltd. (a) (b)		139,199		63,298
TAIWAN — 21.5%
Acer, Inc. (a)		646,395		300,045
Advanced Semiconductor Engineering, Inc.		915,636		1,098,337
Advantech Co., Ltd.		41,000		351,853
Airtac International Group		11,900		105,919
Asia Cement Corp.		833,073		728,213
Asustek Computer, Inc.		110,138		982,073
AU Optronics Corp. ADR		148,557		542,233
Catcher Technology Co., Ltd.		123,539		1,003,036
Cathay Financial Holding Co., Ltd.		1,223,604		1,565,345
Center Laboratories, Inc. (a)		47,088		102,602
Chang Hwa Commercial Bank, Ltd.		1,810,887		927,238
China Development Financial Holding Corp.		2,979,272		760,370
China Life Insurance Co., Ltd.		222,800		203,641
China Steel Chemical Corp.		20,877		68,934
China Steel Corp.		1,894,625		1,335,797
Chlitina Holding, Ltd.		43,000		215,374
Chunghwa Telecom Co., Ltd.		383,268		1,351,107
Coland Holdings, Ltd.		106,411		161,931
Compal Electronics, Inc.		929,431		573,750
CTBC Financial Holding Co., Ltd.		2,528,255		1,467,970
Delta Electronics, Inc.		305,787		1,629,147
E.Sun Financial Holding Co., Ltd.		385,839		219,720
Eclat Textile Co., Ltd.		41,574		496,042
eMemory Technology, Inc.		16,000		170,997
Epistar Corp. (a)		199,170		150,590
Everlight Electronics Co., Ltd.		149,996		240,219
Far Eastern New Century Corp.		1,067,170		798,365
Far EasTone Telecommunications Co., Ltd.		151,000		356,479
Feng TAY Enterprise Co., Ltd.		18,902		83,820
Firich Enterprises Co., Ltd.		29,239		70,426
First Financial Holding Co., Ltd.		2,251,508		1,195,949

See accompanying notes to financial statements.

226

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Formosa Chemicals & Fibre Corp.		644,691	$	1,733,820
Formosa Petrochemical Corp.		195,000		586,017
Formosa Plastics Corp.		784,137		1,946,240
Foxconn Technology Co., Ltd.		221,519		648,752
Fubon Financial Holding Co., Ltd.		1,005,998		1,485,946
Giant Manufacturing Co., Ltd.		42,000		296,119
Hermes Microvision, Inc.		12,000		518,735
Himax Technologies, Inc. ADR (b)		17,614		151,304
Hiwin Technologies Corp.		25,112		130,986
Hon Hai Precision Industry Co., Ltd.		1,923,950		4,848,927
Hotai Motor Co., Ltd.		38,000		444,306
HTC Corp. (a)		108,710		302,073
Hua Nan Financial Holdings Co., Ltd.		2,164,488		1,108,294
Innolux Corp.		890,753		301,223
Inotera Memories, Inc. (a)		268,000		235,976
Inventec Corp.		343,000		280,130
King Yuan Electronics Co., Ltd.		873,898		776,445
Largan Precision Co., Ltd.		14,710		1,773,901
Lite-On Technology Corp.		554,891		798,379
Macronix International (a)		1,332,374		178,100
Makalot Industrial Co., Ltd.		15,682		75,044
MediaTek, Inc.		204,219		1,560,366
Medigen Biotechnology Corp. (a)		16,000		35,731
Mega Financial Holding Co., Ltd.		1,619,148		1,138,990
Merry Electronics Co., Ltd.		18,000		70,632
MIN AIK Technology Co., Ltd.		34,000		42,574
Motech Industries, Inc. (a)		121,507		122,881
Nan Ya Plastics Corp.		851,759		1,684,741
Novatek Microelectronics Corp.		144,062		507,851
PChome Online, Inc.		18,792		221,220
Pegatron Corp.		320,630		824,449
Pou Chen Corp.		217,000		305,297
Powertech Technology, Inc.		267,518		693,854
President Chain Store Corp.		50,000		397,186
ProMOS Technologies, Inc. (a) (d) (e)		1,135,850		—
Quanta Computer, Inc.		509,194		1,062,395
Radiant Opto-Electronics Corp.		43,000		69,825
Realtek Semiconductor Corp.		185,161		608,431
Shin Kong Financial Holding Co., Ltd. (a)		2,323,980		510,830
Silicon Motion Technology Corp. ADR		3,349		173,445
Siliconware Precision Industries Co., Ltd.		391,763		587,416
SinoPac Financial Holdings Co., Ltd.		2,882,459		850,608
Synnex Technology International Corp.		205,000		226,938
Tainan Enterprises Co., Ltd.		496,830		482,636
Taishin Financial Holding Co., Ltd.		2,683,376		997,315
Taiwan Cement Corp.		707,216		804,334
Taiwan FU Hsing Industrial Co., Ltd.		193,000		258,910
Taiwan Mobile Co., Ltd.		264,200		948,222
Taiwan Paiho, Ltd.		27,000		96,473
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		420,535		12,864,166
Tatung Co., Ltd. (a)		748,107		185,204
Teco Electric and Machinery Co., Ltd.		158,000		136,096
TPK Holding Co., Ltd. (a)		22,000		35,935
Tripod Technology Corp.		362,361		805,748
Uni-President Enterprises Corp.		783,971		1,470,626
United Integrated Services Co., Ltd.		507,194		771,013
United Microelectronics Corp. ADR (b)		537,754		994,845
Walsin Lihwa Corp. (a)		498,000		165,229
Wistron Corp.		728,373		541,420
Yageo Corp.		177,354		368,338
Yuanta Financial Holding Co., Ltd.		1,629,383		582,192
				72,082,601
THAILAND — 4.6%
Advanced Info Service PCL (d)		169,102		780,846
Airports of Thailand PCL (d)		34,900		401,879
Bangkok Expressway & Metro PCL (d)		8,838,799		1,760,107
Bank of Ayudhya PCL NVDR		169,700		177,536
BEC World PCL (d)		120,800		76,698
Bumrungrad Hospital PCL (d)		35,400		178,277
Central Plaza Hotel PCL (d)		49,100		55,264
Charoen Pokphand Foods PCL (d)		234,700		215,057
Chularat Hospital PCL (d)		1,950,500		147,484
CP ALL PCL (d)		746,300		1,324,602
E for L Aim PCL (d)		2,868,600		26,492
Electricity Generating PCL (d)		225,618		1,292,501
Energy Absolute PCL (d)		229,700		170,701
Gunkul Engineering PCL (d)		1,136,060		152,786
Hana Microelectronics PCL		104,200		95,479
Ichitan Group PCL (d)		135,200		40,579
Indorama Ventures PCL		168,300		137,214
IRPC PCL (d)		3,016,739		424,868
Jasmine International PCL (d)		620,325		128,899
Kasikornbank PCL		56,854		307,652
KCE Electronics PCL (d)		159,300		487,325
MC Group PCL (d)		300,800		118,063
Mega Lifesciences PCL		229,600		125,899
Minor International PCL (d)		320,986		361,283
Nok Airlines PCL (a) (d)		397,300		87,716
PTT Exploration & Production PCL (d)		311,532		728,257
PTT Global Chemical PCL NVDR		78,800		133,607
PTT PCL (d)		111,355		1,089,447
Raimon Land PCL (d)		3,353,500		123,881
Siam Cement PCL NVDR		49,600		738,632
Siam Commercial Bank PCL (d)		239,097		1,021,251
SNC Former PCL (d)		41,000		15,856
Somboon Advance Technology PCL (d)		167,100		61,246
Srisawad Power 1979 PCL (d)		250,511		260,271
Superblock PCL NVDR (a)		1,025,500		42,322
SVI PCL.		975,500		131,193
Thai Beverage PCL		990,900		704,957
Thai Oil PCL (d)		389,364		769,738
Thai Union Group PCL (d)		217,600		134,391
TMB Bank PCL (d)		2,004,500		122,642
True Corp. PCL NVDR		1,444,583		289,750
				15,442,648
TOTAL COMMON STOCKS (Cost $330,513,458)				331,913,937
WARRANTS — 0.0% (f)
MALAYSIA — 0.0% (f)
CB Industrial Product Holding Bhd (expiring 11/6/19) (a)		40,233		3,502
Eastern & Oriental Bhd (expiring 7/21/19) (a)		188,831		8,904
				12,406

See accompanying notes to financial statements.

227

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
THAILAND — 0.0% (f)
Raimon Land PCL (expiring 6/14/18) (a)		1,943,475	$	13,461
TOTAL WARRANTS (Cost $5,543)				25,867
SHORT-TERM INVESTMENTS — 2.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (g) (h)		931,229		931,229
State Street Navigator Securities Lending Prime Portfolio (g) (i)		7,123,753		7,123,753
TOTAL SHORT-TERM INVESTMENTS (Cost $8,054,982)				8,054,982
TOTAL INVESTMENTS — 101.2% (Cost $338,573,983)				339,994,786
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(4,136,377	)
NET ASSETS — 100.0%			$	335,858,409

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.5% of net assets as of September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $12,632,645, representing 3.7% of the Fund’s net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $51,239, representing 0.0% of the Fund’s net assets.

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

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at September 30, 2016.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
China	$	141,851,739	$	—	$	51,239		$	141,902,978
Hong Kong		6,662,951		—		0	(a)		6,662,951
India		58,452,384		74,238		—			58,526,622
Indonesia		14,137,459		—		0	(a)		14,137,459
Malaysia		14,882,547		—		—			14,882,547
Philippines		8,212,833		—		—			8,212,833
Singapore		63,298		—		—			63,298
Taiwan		72,082,601		—		0	(a)		72,082,601
Thailand		2,884,241		12,558,407		—			15,442,648
Warrants
Malaysia		12,406		—		—			12,406
Thailand		13,461		—		—			13,461
Short-Term Investments		8,054,982		—		—			8,054,982
TOTAL INVESTMENTS	$	327,310,902	$	12,632,645	$	51,239		$	339,994,786

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

See accompanying notes to financial statements.

228

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		144,386	$	144,386		37,231,756		36,444,913		931,229	$	931,229	$	3,284	$	—
State Street Navigator Securities Lending Prime Portfolio		24,557,557		24,557,557		48,304,842		65,738,646		7,123,753		7,123,753		287,162		—
TOTAL			$	24,701,943							$	8,054,982	$	290,446	$	—

See accompanying notes to financial statements.

229

SPDR S&P Russia ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AGRICULTURAL PRODUCTS — 0.3%
Ros Agro PLC GDR		7,000	$	93,100
ALUMINUM — 0.4%
United Co. RUSAL PLC		351,000		111,781
DATA PROCESSING & OUTSOURCED SERVICES — 0.5%
QIWI PLC ADR.		9,158		134,073
DIVERSIFIED BANKS — 17.6%
Sberbank of Russia PJSC ADR (a)		246,918		2,315,597
Sberbank of Russia PJSC ADR (a)		147,635		1,390,722
VTB Bank PJSC GDR		454,121		1,010,873
				4,717,192
DIVERSIFIED METALS & MINING — 4.7%
MMC Norilsk Nickel PJSC ADR		79,495		1,270,330
ELECTRIC UTILITIES — 1.2%
RusHydro PJSC ADR (a)		270,198		321,535
RusHydro PJSC ADR (a)		1,612		1,983
				323,518
FERTILIZERS & AGRICULTURAL CHEMICALS — 1.7%
PhosAgro PJSC GDR		18,600		239,940
Urakali PJSC (b)		71,505		202,132
				442,072
FOOD RETAIL — 6.7%
Magnit PJSC GDR		29,404		1,225,853
X5 Retail Group NV GDR (b)		19,376		561,323
				1,787,176
HOMEBUILDING — 1.2%
PIK Group PJSC GDR (b)		68,635		311,260
HYPERMARKETS & SUPER CENTERS — 1.6%
Lenta, Ltd. GDR (b)		49,306		399,379
O’Key Group SA GDR		16,178		28,069
				427,448
INTEGRATED OIL & GAS — 35.3%
Gazprom Neft PJSC ADR		14,833		206,920
Gazprom PJSC ADR		864,387		3,639,069
Lukoil PJSC ADR		65,316		3,180,236
Rosneft PJSC GDR		189,689		1,035,702
Surgutneftegas OJSC ADR (a)		167,006		803,299
Surgutneftegas OJSC ADR (a)		121,239		567,399
				9,432,625
INTEGRATED TELECOMMUNICATION SERVICES — 1.5%
Rostelecom PJSC ADR		54,020		404,610
INTERNET SOFTWARE & SERVICES — 4.4%
Mail.Ru Group, Ltd. GDR (b)		18,737		328,647
Yandex NV Class A (b)		39,982		841,621
				1,170,268
IT CONSULTING & OTHER SERVICES — 0.6%
Luxoft Holding, Inc. (b)		3,034		160,347
OIL & GAS EQUIPMENT & SERVICES — 0.2%
TMK PJSC GDR		14,858		56,758
OIL & GAS EXPLORATION & PRODUCTION — 9.4%
Exillon Energy PLC (b)		31,723		53,159
Novatek OJSC GDR		11,327		1,245,970
Tatneft PJSC ADR		39,173		1,205,745
				2,504,874
PRECIOUS METALS & MINERALS — 2.2%
Polymetal International PLC		47,620		599,098
RAILROADS — 0.5%
Globaltrans Investment PLC GDR		30,819		144,849
REAL ESTATE DEVELOPMENT — 0.8%
Etalon Group, Ltd. GDR		27,918		76,775
LSR Group PJSC GDR		50,711		143,765
				220,540
REGIONAL BANKS — 0.4%
TCS Group Holding PLC GDR		13,100		95,630
STEEL — 3.9%
Evraz PLC (b)		38,453		80,420
Magnitogorsk Iron & Steel Works OJSC GDR		31,928		189,333
Mechel PJSC ADR (b)		37,555		107,407
Novolipetsk Steel PJSC GDR		15,521		201,773
Severstal PJSC GDR		37,364		450,984
				1,029,917
WIRELESS TELECOMMUNICATION SERVICES — 4.8%
MegaFon PJSC GDR		20,987		200,426
Mobile TeleSystems PJSC ADR		86,784		662,162
Sistema PJSC FC GDR		32,370		240,185
VimpelCom, Ltd. ADR		51,163		178,047
				1,280,820
TOTAL COMMON STOCKS (Cost $37,010,922)				26,718,286
SHORT-TERM INVESTMENT — 0.5%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d) (Cost $135,882)		135,882		135,882
TOTAL INVESTMENTS — 100.4% (Cost $37,146,804)				26,854,168
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%				(95,582	)
NET ASSETS — 100.0%			$	26,758,586

(a) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

230

SPDR S&P Russia ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Agricultural Products	$	93,100	$	—	$	—	$	93,100
Aluminum		111,781		—		—		111,781
Data Processing & Outsourced Services		134,073		—		—		134,073
Diversified Banks		4,717,192		—		—		4,717,192
Diversified Metals & Mining		1,270,330		—		—		1,270,330
Electric Utilities		323,518		—		—		323,518
Fertilizers & Agricultural Chemicals		442,072		—		—		442,072
Food Retail		1,787,176		—		—		1,787,176
Homebuilding		311,260		—		—		311,260
Hypermarkets & Super Centers		427,448		—		—		427,448
Integrated Oil & Gas.		9,432,625		—		—		9,432,625
Integrated Telecommunication Services		404,610		—		—		404,610
Internet Software & Services		1,170,268		—		—		1,170,268
IT Consulting & Other Services		160,347		—		—		160,347
Oil & Gas Equipment & Services		56,758		—		—		56,758
Oil & Gas Exploration & Production		2,504,874		—		—		2,504,874
Precious Metals & Minerals.		599,098		—		—		599,098
Railroads		144,849		—		—		144,849
Real Estate Development.		220,540		—		—		220,540
Regional Banks		95,630		—		—		95,630
Steel		1,029,917		—		—		1,029,917
Wireless Telecommunication Services		1,280,820		—		—		1,280,820
Short-Term Investment		135,882		—		—		135,882
TOTAL INVESTMENTS	$	26,854,168	$	—	$	—	$	26,854,168

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		46,732	$	46,732		2,958,138		2,868,988		135,882	$	135,882	$	475	$	—
TOTAL			$	46,732							$	135,882	$	475	$	—

See accompanying notes to financial statements.

231

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SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co., Ltd. Class H		1,620,000	$	1,090,311
AIR FREIGHT & LOGISTICS — 0.1%
Sinotrans, Ltd. Class H		856,000		414,979
AIRLINES — 0.3%
Air China, Ltd. Class H		1,650,000		1,108,375
China Eastern Airlines Corp., Ltd. Class H (a) (b)		1,502,000		691,358
China Southern Airlines Co., Ltd. Class H		1,198,000		671,910
Shandong Airlines Co., Ltd. Class B		106,000		241,905
				2,713,548
AUTO COMPONENTS — 0.3%
Minth Group, Ltd		612,000		2,150,220
Xinchen China Power Holdings, Ltd. (a)		751,000		122,005
Xinyi Glass Holdings, Ltd. (a)		264,000		238,609
				2,510,834
AUTOMOBILES — 2.1%
BAIC Motor Corp., Ltd. Class H (c)		914,400		962,036
Brilliance China Automotive Holdings, Ltd. (b)		1,458,000		1,635,467
Byd Co., Ltd. Class H (a) (b)		414,500		2,720,241
Chongqing Changan Automobile Co., Ltd. Class B		666,600		1,086,369
Dongfeng Motor Group Co., Ltd. Class H		1,985,300		1,983,777
Geely Automobile Holdings, Ltd. (b)		3,630,000		3,238,752
Great Wall Motor Co., Ltd. Class H		2,231,000		2,171,758
Guangzhou Automobile Group Co., Ltd. Class H		1,624,637		2,088,414
Qingling Motors Co., Ltd. Class H		2,484,000		755,838
				16,642,652
BANKS — 16.5%
Agricultural Bank of China, Ltd. Class H		16,296,000		6,975,641
Bank of China, Ltd. Class H		47,472,700		21,667,669
Bank of Chongqing Co., Ltd. Class H		1,770,500		1,451,838
Bank of Communications Co., Ltd. Class H		14,077,824		10,727,240
China CITIC Bank Corp., Ltd. Class H		6,898,471		4,580,628
China Construction Bank Corp. Class H		57,733,623		42,801,763
China Merchants Bank Co., Ltd. Class H		2,806,235		7,069,905
China Minsheng Banking Corp., Ltd. Class H		4,454,300		5,134,309
Chongqing Rural Commercial Bank Co., Ltd. Class H		1,842,000		1,135,227
Harbin Bank Co., Ltd. Class H (b) (c)		3,796,000		1,164,845
Huishang Bank Corp., Ltd. Class H		1,717,000		881,086
Industrial & Commercial Bank of China, Ltd. Class H		47,975,789		30,000,526
Shengjing Bank Co., Ltd. Class H (b) (c)		583,500		601,108
				134,191,785
BEVERAGES — 0.2%
Tibet Water Resources, Ltd. (b)		1,475,000		515,378
Tsingtao Brewery Co., Ltd. Class H (b)		211,000		821,589
				1,336,967
BIOTECHNOLOGY — 0.3%
3SBio, Inc. (a) (c)		488,500		552,998
BeiGene, Ltd. ADR (a) (b)		19,252		593,154
China Biologic Products, Inc. (a) (b)		10,404		1,295,090
Shanghai Haohai Biological Technology Co., Ltd. Class H (c)		15,500		75,942
				2,517,184
BUILDING PRODUCTS — 0.0% (d)
China Lesso Group Holdings, Ltd		376,000		254,999
CAPITAL MARKETS — 2.2%
Central China Securities Co., Ltd. Class H (b)		380,000		177,361
China Cinda Asset Management Co., Ltd. Class H		8,261,200		2,918,493
China Everbright, Ltd.		606,000		1,239,198
China Financial International Investments, Ltd. (a) (b)		4,210,000		252,406
China Galaxy Securities Co., Ltd. Class H		1,975,000		1,800,327
China Huarong Asset Management Co., Ltd. (a) (c)		1,218,000		480,545
CITIC Securities Co., Ltd. Class H		1,331,000		2,824,704
GF Securities Co., Ltd. Class H (b)		1,024,000		2,165,254
Guotai Junan International Holdings, Ltd. (b)		1,806,000		684,589
Haitong Securities Co., Ltd. Class H		1,938,600		3,279,344
Huatai Securities Co., Ltd. Class H (c)		669,000		1,354,225
Noah Holdings, Ltd. ADS (a) (b)		15,333		400,345
Shenwan Hongyuan HK, Ltd.		530,000		276,755
				17,853,546
CHEMICALS — 0.4%
China BlueChemical, Ltd. Class H		2,008,000		367,635
China Lumena New Materials Corp. (a) (b) (e)		3,564,548		—
Fufeng Group, Ltd. (b)		589,000		272,631
Huabao International Holdings, Ltd. (a)		1,365,000		524,462
Sinopec Shanghai Petrochemical Co., Ltd. Class H		2,661,999		1,341,991
Yingde Gases Group Co., Ltd.		1,104,500		437,189
				2,943,908
COMMERCIAL SERVICES & SUPPLIES — 0.6%
China Everbright International, Ltd.		1,836,000		2,182,572
China Evergrande Group (b)		2,970,600		2,006,968
Dongjiang Environmental Co., Ltd. Class H (b)		156,200		252,548
Yestar International Holdings Co., Ltd. (b)		725,000		353,342
				4,795,430
COMMUNICATIONS EQUIPMENT — 0.4%
BYD Electronic International Co., Ltd.		512,000		426,449
China All Access Holdings, Ltd. (b)		1,292,000		454,768

See accompanying notes to financial statements.

232

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
China Fiber Optic Network System Group, Ltd. (a)		1,131,600	$	89,000
Comba Telecom Systems Holdings, Ltd.		1,322,100		260,808
Shanghai Potevio Co., Ltd. Class B (a)		264,700		405,256
Suncorp Technologies, Ltd. (a)		8,100,000		81,460
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (c)		283,500		480,301
ZTE Corp. Class H		672,997		978,785
				3,176,827
CONSTRUCTION & ENGINEERING — 1.2%
China Communications Construction Co., Ltd. Class H		2,867,394		3,013,075
China Machinery Engineering Corp. Class H.		480,000		280,972
China Railway Construction Corp., Ltd. Class H		1,200,375		1,361,961
China Railway Group, Ltd. Class H		2,534,000		1,829,615
China Singyes Solar Technologies Holdings, Ltd. (b)		388,000		199,604
China State Construction International Holdings, Ltd.		1,042,000		1,370,354
Concord New Energy Group, Ltd.		3,630,000		189,551
Metallurgical Corp. of China, Ltd. Class H		1,694,000		552,585
Sinopec Engineering Group Co., Ltd. Class H		1,000,500		860,415
				9,658,132
CONSTRUCTION MATERIALS — 0.7%
Anhui Conch Cement Co., Ltd. Class H (b)		973,000		2,665,856
BBMG Corp. Class H		1,285,000		493,724
China National Building Material Co., Ltd. Class H (b)		2,714,000		1,203,742
China Resources Cement Holdings, Ltd.		809,163		323,417
China Shanshui Cement Group, Ltd. (a) (b) (e)		1,913,000		387,856
CSG Holding Co., Ltd. Class B		388,000		331,673
				5,406,268
CONSUMER FINANCE — 0.4%
China Financial Services Holdings, Ltd.		3,110,000		248,609
Credit China Holdings, Ltd. (a) (b)		20,760,000		2,623,122
				2,871,731
CONTAINERS & PACKAGING — 0.1%
AMVIG Holdings, Ltd.		1,278,000		446,545
Beijing Enterprises Clean Energy Group, Ltd. (a)		8,640,000		243,962
Greatview Aseptic Packaging Co., Ltd.		477,000		253,385
				943,892
DISTRIBUTORS — 0.1%
Qianhai Health Holdings, Ltd. (a)		1,590,000		36,286
Xinhua Winshare Publishing and Media Co., Ltd. Class H (a)		617,000		630,846
				667,132
DIVERSIFIED CONSUMER SERVICES — 1.0%
China Maple Leaf Educational Systems, Ltd.		174,000		160,406
Fu Shou Yuan International Group, Ltd. (b)		716,000		412,653
New Oriental Education & Technology Group, Inc. ADR (a)		101,433		4,702,434
TAL Education Group ADR (a)		44,596		3,159,181
				8,434,674
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,150,000		1,085,360
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
China Communications Services Corp., Ltd. Class H		3,127,600		1,955,771
China Telecom Corp., Ltd. Class H		9,078,951		4,576,963
China Unicom Hong Kong, Ltd.		3,697,805		4,438,730
CITIC Telecom International Holdings, Ltd.		1,208,000		450,121
				11,421,585
ELECTRICAL EQUIPMENT — 0.6%
Boer Power Holdings, Ltd. (b)		198,000		89,862
China High Speed Transmission Equipment Group Co., Ltd.		1,126,000		1,138,202
Dongfang Electric Corp., Ltd. Class H		250,200		197,748
Shanghai Electric Group Co., Ltd. Class H (a)		2,102,000		991,925
Tech Pro Technology Development, Ltd. (a) (b)		4,435,396		101,793
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		278,000		415,067
Zhuzhou CRRC Times Electric Co., Ltd.		414,000		2,145,811
				5,080,408
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.4%
AAC Technologies Holdings, Inc.		465,745		4,680,899
Anxin-China Holdings, Ltd. (a) (e)		3,068,000		—
AVIC International Holdings, Ltd. Class H		616,030		347,095
Digital China Holdings, Ltd. (b)		750,000		720,414
Dongxu Optoelectronic Technology Co., Ltd. Class B		1,294,200		1,174,733
Ju Teng International Holdings, Ltd.		1,092,000		325,237
Kingboard Chemical Holdings, Ltd.		620,499		1,880,070
Sunny Optical Technology Group Co., Ltd.		411,000		2,029,577
Wasion Group Holdings, Ltd. (b)		374,000		203,493
				11,361,518
ENERGY EQUIPMENT & SERVICES — 0.2%
Anton Oilfield Services Group (a) (b)		908,000		84,291
China Oilfield Services, Ltd. Class H (b)		1,245,900		1,081,094
Hilong Holding, Ltd. (b)		658,000		97,564
Sinopec Oilfield Service Corp. Class H (a) (b)		1,340,000		257,428
				1,520,377

See accompanying notes to financial statements.

233

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
FOOD & STAPLES RETAILING — 0.4%
China Resources Beer Holdings Co., Ltd. (a) .		1,103,667	$	2,342,248
Sun Art Retail Group, Ltd. (b)		1,423,500		981,920
				3,324,168
FOOD PRODUCTS — 2.0%
Biostime International Holdings, Ltd. (a) (b) .		161,500		419,578
China Agri-Industries Holdings, Ltd. (a)		1,621,600		585,419
China Huishan Dairy Holdings Co., Ltd. (b) .		2,722,000		1,017,773
China Huiyuan Juice Group, Ltd. (a)		736,000		259,063
China Mengniu Dairy Co., Ltd.		1,840,220		3,416,624
China Milk Products Group, Ltd. (a) (e)		15,000		—
China Modern Dairy Holdings, Ltd. (a) (b)		2,182,000		410,745
China Yurun Food Group, Ltd. (a) (b)		1,103,000		179,189
CP Pokphand Co., Ltd. (b)		3,332,000		429,606
Imperial Pacific International Holdings, Ltd. (a) (b)		30,350,300		540,017
Shenguan Holdings Group, Ltd.		1,482,000		112,737
Tingyi Cayman Islands Holding Corp. (b)		1,393,844		1,613,822
Uni-President China Holdings, Ltd. (b)		1,228,400		871,099
Want Want China Holdings, Ltd. (b)		4,538,933		2,809,053
WH Group, Ltd. (c)		4,607,606		3,707,020
YuanShengTai Dairy Farm, Ltd. (a) (b)		2,401,000		173,358
				16,545,103
GAS UTILITIES — 0.6%
China Gas Holdings, Ltd. (b)		1,426,000		2,261,464
China Oil & Gas Group, Ltd. (a)		1,736,000		127,582
China Resources Gas Group, Ltd.		623,000		2,128,624
				4,517,670
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		1,676,000		1,123,679
HEALTH CARE PROVIDERS & SERVICES — 0.8%
Huayi Tencent Entertainment Co., Ltd. (a) (b) .		1,310,000		81,918
Phoenix Healthcare Group Co., Ltd.		425,000		755,098
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		677,100		1,824,585
Sinopharm Group Co., Ltd. Class H		743,600		3,571,335
Universal Health International Group Holding, Ltd. (a)		662,000		31,581
				6,264,517
HOTELS, RESTAURANTS & LEISURE — 0.3%
Ajisen China Holdings, Ltd.		476,000		217,871
China Lodging Group, Ltd. ADR		18,357		827,717
China Travel International Investment Hong Kong, Ltd. (b)		2,776,000		801,738
Jinmao Hotel and Jinmao China Hotel Investments and Management, Ltd.		258,500		140,983
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		1,228,187		378,467
				2,366,776
HOUSEHOLD DURABLES — 0.4%
Haier Electronics Group Co., Ltd.		932,000		1,540,526
Hisense Kelon Electrical Holdings Co., Ltd. Class H		292,000		269,563
Skyworth Digital Holdings, Ltd.		1,661,001		1,195,003
				3,005,092
HOUSEHOLD PRODUCTS — 0.1%
Vinda International Holdings, Ltd.		402,000		790,944
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.4%
Beijing Jingneng Clean Energy Co., Ltd. Class H (b)		1,226,000		374,631
CGN Power Co., Ltd. Class H (c)		7,578,000		2,237,459
China Datang Corp. Renewable Power Co., Ltd. Class H (a)		2,010,000		196,959
China Longyuan Power Group Corp., Ltd. Class H		2,253,000		1,830,066
China Power International Development, Ltd.		2,396,000		920,594
China Resources Power Holdings Co., Ltd.		1,250,092		2,153,344
Datang International Power Generation Co., Ltd. Class H		2,778,287		741,502
Huadian Fuxin Energy Corp., Ltd. Class H		1,922,000		455,970
Huadian Power International Corp., Ltd. Class H		1,024,000		459,456
Huaneng Power International, Inc. Class H		2,706,129		1,692,214
				11,062,195
INDUSTRIAL CONGLOMERATES — 1.1%
Beijing Enterprises Holdings, Ltd.		390,000		1,976,161
CITIC, Ltd.		4,135,000		5,896,518
Shanghai Industrial Holdings, Ltd.		317,000		911,442
				8,784,121
INSURANCE — 5.5%
China Life Insurance Co., Ltd. Class H		4,646,040		11,980,583
China Pacific Insurance Group Co., Ltd. Class H		1,511,000		5,581,541
China Taiping Insurance Holdings Co., Ltd. (a)		748,891		1,477,321
CNinsure, Inc. ADR (a)		26,991		207,831
New China Life Insurance Co., Ltd. Class H .		396,700		1,751,813
People’s Insurance Co. Group of China, Ltd. Class H		4,688,000		1,910,028
PICC Property & Casualty Co., Ltd. Class H .		2,896,858		4,795,758
Ping An Insurance Group Co. of China, Ltd. Class H		3,201,100		16,591,677
				44,296,552
INTERNET & CATALOG RETAIL — 3.4%
Ctrip.com International, Ltd. ADR (a)		202,615		9,435,781
JD.com, Inc. ADR (a)		551,884		14,398,654
Qunar Cayman Islands, Ltd. ADR (a) (b)		32,356		938,324
Vipshop Holdings, Ltd. ADR (a)		202,550		2,971,408
				27,744,167

See accompanying notes to financial statements.

234

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
INTERNET SOFTWARE & SERVICES — 26.8%
21Vianet Group, Inc. ADR (a)		40,875	$	324,956
58.com, Inc. ADR (a) (b)		35,306		1,682,684
Alibaba Group Holding, Ltd. ADR (a) (b)		690,287		73,025,462
Autohome, Inc. ADR (a)		11,147		270,315
Baidu, Inc. ADR (a)		169,192		30,804,787
Baozun, Inc. ADR (a) (b)		14,672		221,400
Bitauto Holdings, Ltd. ADR (a)		19,460		565,897
Fang Holdings, Ltd. ADR (a)		119,559		536,820
Momo, Inc. ADR (a)		38,816		873,360
NetEase, Inc. ADR		49,043		11,808,573
Phoenix New Media, Ltd. ADR (a)		38,576		150,446
SINA Corp. (a)		46,593		3,439,961
Sohu.com, Inc. (a)		27,855		1,232,584
Tencent Holdings, Ltd.		3,319,015		91,149,401
Tian Ge Interactive Holdings, Ltd. (a) (c)		128,000		90,439
Weibo Corp. ADR (a)		4,449		223,073
YY, Inc. ADR (a) (b)		18,506		986,000
				217,386,158
IT SERVICES — 0.3%
AGTech Holdings, Ltd. (a) (b)		1,516,000		301,013
Chinasoft International, Ltd. (a)		580,000		266,969
Hi Sun Technology China, Ltd. (a) (b)		1,440,000		250,646
TravelSky Technology, Ltd. Class H		811,000		1,923,994
				2,742,622
MACHINERY — 1.1%
China Conch Venture Holdings, Ltd.		731,000		1,425,063
China Huarong Energy Co., Ltd. (a) (b)		567,900		33,316
China International Marine Containers Group Co., Ltd. Class H (b)		538,300		632,972
CIMC Enric Holdings, Ltd. (b)		608,000		263,395
CRRC Corp., Ltd. Class H		2,661,950		2,402,497
First Tractor Co., Ltd. Class H		372,000		201,925
Haitian International Holdings, Ltd.		629,000		1,237,571
Lonking Holdings, Ltd.		2,312,000		336,846
Weichai Power Co., Ltd. Class H		1,023,840		1,372,873
Yangzijiang Shipbuilding Holdings, Ltd.		1,861,800		1,024,130
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H (b)		895,600		314,086
				9,244,674
MARINE — 0.2%
China COSCO Holdings Co., Ltd. Class H (a) (b)		1,473,175		501,445
China Shipping Container Lines Co., Ltd. Class H (a) (b)		2,189,500		468,617
China Shipping Development Co., Ltd. Class H		855,800		462,329
SITC International Holdings Co., Ltd.		703,000		418,757
				1,851,148
MEDIA — 0.2%
Alibaba Pictures Group, Ltd. (a) (b)		6,240,000		1,303,361
Poly Culture Group Corp., Ltd. Class H		96,300		248,325
Wisdom Sports Group (a) (b)		406,000		143,431
				1,695,117
METALS & MINING — 1.1%
Aluminum Corp. of China, Ltd. Class H (a) (b)		3,482,000		1,261,537
Angang Steel Co., Ltd. Class H (a) (b)		1,065,720		513,901
China Hongqiao Group, Ltd. (b)		443,000		398,680
China Metal Recycling Holdings, Ltd. (a) (b) (e)		268,085		—
China Molybdenum Co., Ltd. Class H		3,795,000		777,990
China Precious Metal Resources Holdings Co., Ltd. (a) (b)		4,004,000		129,062
China Zhongwang Holdings, Ltd. (b)		842,800		406,407
Jiangxi Copper Co., Ltd. Class H		1,251,000		1,429,078
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		1,822,000		413,453
MMG, Ltd. (a) (b)		1,220,000		306,732
Shougang Fushan Resources Group, Ltd.		2,722,000		614,174
Zhaojin Mining Industry Co., Ltd. Class H (b)		770,000		777,352
Zijin Mining Group Co., Ltd. Class H		4,862,750		1,561,156
				8,589,522
MULTILINE RETAIL — 0.2%
Golden Eagle Retail Group, Ltd. (b)		491,120		625,618
Intime Retail Group Co., Ltd. (b)		693,500		604,447
Parkson Retail Group, Ltd. (b)		1,674,500		179,196
				1,409,261
OIL, GAS & CONSUMABLE FUELS — 5.2%
China Coal Energy Co., Ltd. Class H (a)		1,853,013		1,001,054
China Petroleum & Chemical Corp. Class H		16,264,640		11,848,351
China Shenhua Energy Co., Ltd. Class H		2,252,700		4,403,191
China Suntien Green Energy Corp., Ltd. Class H (b)		995,000		137,269
CNOOC, Ltd.		10,175,174		12,620,656
Kunlun Energy Co., Ltd. (b)		2,485,400		1,903,477
NewOcean Energy Holdings, Ltd. (b)		746,000		200,063
PetroChina Co., Ltd. Class H		13,022,930		8,546,563
Sinopec Kantons Holdings, Ltd.		1,062,000		499,784
Yanzhou Coal Mining Co., Ltd. Class H (b)		1,209,900		814,301
				41,974,709
PAPER & FOREST PRODUCTS — 0.4%
Lee & Man Paper Manufacturing, Ltd.		1,946,000		1,766,365
Nine Dragons Paper Holdings, Ltd.		1,514,000		1,415,236
				3,181,601
PERSONAL PRODUCTS — 0.5%
Hengan International Group Co., Ltd. (b)		515,500		4,273,706
PHARMACEUTICALS — 1.3%
China Animal Healthcare, Ltd. (a) (e)		763,600		127,990
China Medical System Holdings, Ltd.		835,300		1,404,381
China Shineway Pharmaceutical Group, Ltd. (b)		309,000		317,129
Consun Pharmaceutical Group, Ltd.		609,000		354,912
CSPC Pharmaceutical Group, Ltd.		1,820,000		1,820,950

See accompanying notes to financial statements.

235

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Guangzhou Baiyunshan Pharmaceutical
Holdings Co., Ltd. Class H (a) (b)		202,000	$	495,888
Hua Han Health Industry Holdings, Ltd. (b)		3,728,400		254,779
Luye Pharma Group, Ltd. (a)		1,091,500		714,912
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		196,000		277,980
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		214,000		664,960
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		476,000		466,429
Sihuan Pharmaceutical Holdings Group, Ltd.		1,362,000		298,532
Sino Biopharmaceutical, Ltd.		3,276,000		2,200,628
SSY Group, Ltd. (b)		1,916,332		657,230
Tong Ren Tang Technologies Co., Ltd. Class H		423,000		818,082
				10,874,782
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.0%
Agile Group Holdings, Ltd. (b)		1,474,747		838,535
Beijing Capital Land, Ltd. Class H		860,000		352,607
Carnival Group International Holdings, Ltd. (a) (b)		7,206,800		873,444
China Jinmao Holdings Group, Ltd.		1,642,000		505,983
China Overseas Land & Investment, Ltd.		2,855,862		9,684,071
China Overseas Property Holdings, Ltd. (b)		992,620		204,771
China Resources Land, Ltd.		1,852,555		5,159,289
China South City Holdings, Ltd. (b)		2,196,000		486,996
China Vanke Co., Ltd. Class H		848,164		2,198,067
Colour Life Services Group Co., Ltd. (a)		297,000		208,698
Country Garden Holdings Co., Ltd.		5,788,500		3,052,491
Future Land Holdings Co., Ltd. Class A		588,294		1,113,967
Greentown China Holdings, Ltd. (a) (b)		386,000		324,987
Guangzhou R&F Properties Co., Ltd. Class H		942,224		1,482,105
Hopson Development Holdings, Ltd.		410,000		404,399
Hydoo International Holding, Ltd. (b)		1,278,000		130,174
KWG Property Holding, Ltd.		744,592		488,654
Longfor Properties Co., Ltd.		870,500		1,335,613
Poly Property Group Co., Ltd. (a) (b)		1,315,000		447,605
Redco Properties Group, Ltd. (a) (c)		197,100		143,582
Renhe Commercial Holdings Co., Ltd. (a) (b) .		8,969,000		223,186
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		297,650		478,323
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		718,560		1,206,462
Shenzhen Investment, Ltd.		1,855,458		882,760
Shimao Property Holdings, Ltd.		1,126,441		1,524,975
Shui On Land, Ltd.		3,099,000		843,080
Sino-Ocean Group Holding, Ltd.		3,340,712		1,537,702
SOHO China, Ltd.		950,500		513,489
Sunac China Holdings, Ltd.		1,261,300		907,439
Yanlord Land Group, Ltd.		415,900		427,049
Yuexiu Property Co., Ltd.		6,438,000		1,012,688
Yuzhou Properties Co., Ltd.		2,571,840		951,680
Zall Group, Ltd. (a) (b)		465,000		281,184
				40,226,055
ROAD & RAIL — 0.2%
CAR, Inc. (a) (b)		813,300		842,037
Dazhong Transportation Group Co., Ltd. Class B		372,000		278,628
Guangshen Railway Co., Ltd. Class H		1,480,000		765,193
				1,885,858
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%
China Soft Power Technology Holdings, Ltd. (a)		2,163,000		57,171
GCL-Poly Energy Holdings, Ltd. (b)		7,228,000		959,887
Hanergy Thin Film Power Group, Ltd. (a) (b) (e)		17,589,376		—
JinkoSolar Holding Co., Ltd. ADR (a) (b)		14,022		221,548
Semiconductor Manufacturing International Corp. (a)		21,538,000		2,415,959
Shunfeng International Clean Energy, Ltd. (a)		664,000		78,763
Trina Solar, Ltd. ADR (a)		56,096		574,423
Xinyi Solar Holdings, Ltd. (b)		2,426,000		907,097
				5,214,848
SOFTWARE — 0.4%
Boyaa Interactive International, Ltd. (a)		293,000		172,265
Cheetah Mobile, Inc. ADR (a) (b)		14,946		186,227
Kingdee International Software Group Co., Ltd. (a) (b)		1,070,000		422,153
Kingsoft Corp., Ltd. (b)		520,000		1,229,611
NetDragon Websoft Holdings, Ltd.		212,000		736,648
Shanghai Baosight Software Co., Ltd. Class B		314,800		583,639
V1 Group, Ltd.		2,046,000		105,519
				3,436,062
SPECIALTY RETAIL — 0.3%
Baoxin Auto Group, Ltd. (a) (b)		150,574		46,788
BEP International Holdings, Ltd.		5,820,000		375,196
China Harmony New Energy Auto Holding, Ltd. (b)		323,000		156,587
GOME Electrical Appliances Holding, Ltd. (b)		7,170,279		878,263
Hengdeli Holdings, Ltd. (a)		2,680,895		297,264
Zhongsheng Group Holdings, Ltd.		539,500		511,958
				2,266,056
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
Coolpad Group, Ltd. (a)		2,797,400		526,590
Huaneng Renewables Corp., Ltd. Class H		2,530,000		880,743
Lenovo Group, Ltd.		4,562,000		3,023,315
				4,430,648

See accompanying notes to financial statements.

236

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
ANTA Sports Products, Ltd.		628,000	$	1,704,420
Belle International Holdings, Ltd.		3,730,000		2,558,500
Bosideng International Holdings, Ltd.		3,358,000		303,071
China Dongxiang Group Co., Ltd.		3,147,000		620,802
China Jicheng Holdings, Ltd. (a) (b) (c)		10,025,000		336,065
Cosmo Lady China Holdings Co., Ltd. (b) (c) .		298,000		122,951
Lao Feng Xiang Co., Ltd. Class B		154,111		544,320
Li Ning Co., Ltd. (a) (b)		1,308,707		895,987
Shenzhou International Group Holdings, Ltd.		416,000		2,896,357
				9,982,473
TRADING COMPANIES & DISTRIBUTORS — 0.0% (d)
CITIC Resources Holdings, Ltd. (a) (b)		1,896,000		232,235
TRANSPORTATION INFRASTRUCTURE — 1.4%
Anhui Expressway Co., Ltd. Class H		642,000		533,900
Beijing Capital International Airport Co., Ltd. Class H		1,455,939		1,650,050
China Merchants Port Holdings Co., Ltd.		834,838		2,222,733
COSCO International Holdings, Ltd. (b)		636,000		285,366
COSCO SHIPPING Ports, Ltd.		998,163		1,023,137
Dalian Port PDA Co., Ltd. Class H		1,230,200		212,542
HNA Infrastructure Co., Ltd.		407,000		455,490
Jiangsu Expressway Co., Ltd. Class H		822,795		1,137,238
Qingdao Port International Co., Ltd. Class H (b) (c)		885,000		522,605
Shenzhen Expressway Co., Ltd. Class H		592,000		621,314
Shenzhen International Holdings, Ltd. (b)		715,408		1,186,205
Sichuan Expressway Co., Ltd. Class H (b)		844,000		321,018
Xiamen International Port Co., Ltd. Class H .		1,025,000		206,164
Yuexiu Transport Infrastructure, Ltd. (b)		396,000		271,116
Zhejiang Expressway Co., Ltd. Class H		804,000		847,958
				11,496,836
WATER UTILITIES — 0.8%
Beijing Enterprises Water Group, Ltd. (a) (b) .		3,266,000		2,206,543
CT Environmental Group, Ltd. (b)		1,826,400		529,839
Guangdong Investment, Ltd.		2,058,000		3,269,046
Kangda International Environmental Co., Ltd. (c)		774,000		170,648
				6,176,076
WIRELESS TELECOMMUNICATION SERVICES — 5.2%
China Mobile, Ltd.		3,493,004		42,266,702
TOTAL COMMON STOCKS (Cost $842,262,701)				809,556,180
SHORT-TERM INVESTMENTS — 4.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		1,571,854		1,571,854
State Street Navigator Securities Lending Prime Portfolio (f) (h)		32,855,648		32,855,648
TOTAL SHORT-TERM INVESTMENTS (Cost $34,427,502)				34,427,502
TOTAL INVESTMENTS — 103.9% (Cost $876,690,203)				843,983,682
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.9)%				(31,860,653	)
NET ASSETS — 100.0%			$	812,123,029

(a) Non-income producing security

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

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

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

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on level 3 inputs. As of September 30, 2016, total aggregate fair value of securities is $515,846, representing 0.1% of the Fund’s net assets.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at September 30, 2016.

(h) Investment of cash collateral for securities loaned

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying notes to financial statements.

237

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	1,090,311	$	—	$	—		$	1,090,311
Air Freight & Logistics		414,979		—		—			414,979
Airlines		2,713,548		—		—			2,713,548
Auto Components		2,510,834		—		—			2,510,834
Automobiles.		16,642,652		—		—			16,642,652
Banks		134,191,785		—		—			134,191,785
Beverages		1,336,967		—		—			1,336,967
Biotechnology		2,517,184		—		—			2,517,184
Building Products		254,999		—		—			254,999
Capital Markets		17,853,546		—		—			17,853,546
Chemicals		2,943,908		—		0	(a)		2,943,908
Commercial Services & Supplies		4,795,430		—		—			4,795,430
Communications Equipment		3,176,827		—		—			3,176,827
Construction & Engineering		9,658,132		—		—			9,658,132
Construction Materials		5,018,412		—		387,856			5,406,268
Consumer Finance		2,871,731		—		—			2,871,731
Containers & Packaging		943,892		—		—			943,892
Distributors		667,132		—		—			667,132
Diversified Consumer Services		8,434,674		—		—			8,434,674
Diversified Financial Services		1,085,360		—		—			1,085,360
Diversified Telecommunication Services		11,421,585		—		—			11,421,585
Electrical Equipment.		5,080,408		—		—			5,080,408
Electronic Equipment, Instruments & Components		11,361,518		—		0	(a)		11,361,518
Energy Equipment & Services		1,520,377		—		—			1,520,377
Food & Staples Retailing		3,324,168		—		—			3,324,168
Food Products		16,545,103		—		0	(a)		16,545,103
Gas Utilities		4,517,670		—		—			4,517,670
Health Care Equipment & Supplies		1,123,679		—		—			1,123,679
Health Care Providers & Services		6,264,517		—		—			6,264,517
Hotels, Restaurants & Leisure		2,366,776		—		—			2,366,776
Household Durables		3,005,092		—		—			3,005,092
Household Products		790,944		—		—			790,944
Independent Power Producers & Energy Traders		11,062,195		—		—			11,062,195
Industrial Conglomerates.		8,784,121		—		—			8,784,121
Insurance		44,296,552		—		—			44,296,552
Internet & Catalog Retail.		27,744,167		—		—			27,744,167
Internet Software & Services		217,386,158		—		—			217,386,158
IT Services.		2,742,622		—		—			2,742,622
Machinery		9,244,674		—		—			9,244,674
Marine		1,851,148		—		—			1,851,148
Media		1,695,117		—		—			1,695,117
Metals & Mining		8,589,522		—		0	(a)		8,589,522
Multiline Retail		1,409,261		—		—			1,409,261
Oil, Gas & Consumable Fuels		41,974,709		—		—			41,974,709
Paper & Forest Products		3,181,601		—		—			3,181,601
Personal Products		4,273,706		—		—			4,273,706
Pharmaceuticals		10,746,792		—		127,990			10,874,782
Real Estate Management & Development		40,226,055		—		—			40,226,055
Road & Rail		1,885,858		—		—			1,885,858
Semiconductors & Semiconductor Equipment		5,214,848		—		0	(a)		5,214,848

See accompanying notes to financial statements.

238

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Software	$	3,436,062	$	—	$	—	$	3,436,062
Specialty Retail		2,266,056		—		—		2,266,056
Technology Hardware, Storage & Peripherals		4,430,648		—		—		4,430,648
Textiles, Apparel & Luxury Goods		9,982,473		—		—		9,982,473
Trading Companies & Distributors		232,235		—		—		232,235
Transportation Infrastructure		11,496,836		—		—		11,496,836
Water Utilities		6,176,076		—		—		6,176,076
Wireless Telecommunication Services		42,266,702		—		—		42,266,702
Short-Term Investments		34,427,502		—		—		34,427,502
TOTAL INVESTMENTS	$	843,467,836	$	—	$	515,846	$	843,983,682

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		8,325	$	8,325		69,502,501		67,938,972		1,571,854	$	1,571,854	$	3,644	$	—
State Street Navigator Securities Lending Prime Portfolio		100,160,856		100,160,856		133,108,363		200,413,571		32,855,648		32,855,648		1,286,401		—
TOTAL			$	100,169,181							$	34,427,502	$	1,290,045	$	—

See accompanying notes to financial statements.

239

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 1.1%
AVIC Aero-Engine Controls Co., Ltd. Class A		700	$	2,775
AVIC Aircraft Co., Ltd. Class A		1,400		4,395
AVIC Aviation Engine Corp. PLC Class A		800		4,115
AVIC Helicopter Co., Ltd. Class A		400		2,438
Changchun UP Optotech Co., Ltd. Class A		300		2,315
China Avionics Systems Co., Ltd. Class A		800		2,284
China Spacesat Co., Ltd. Class A		700		3,341
Sichuan Chengfa Aero-Science & Technology Co., Ltd. Class A		400		2,288
				23,951
AIR FREIGHT & LOGISTICS — 0.6%
Citic Offshore Helicopter Co., Ltd. Class A		1,300		2,442
Jiangsu Aucksun Co., Ltd. Class A		4,700		6,835
Sinotrans Air Transportation Development Co., Ltd. Class A		1,100		2,987
				12,264
AIRLINES — 1.1%
Air China, Ltd. Class A		3,000		3,256
China Eastern Airlines Corp., Ltd. Class A (a)		4,300		4,003
China Southern Airlines Co., Ltd. Class A		4,700		4,933
Hainan Airlines Co., Ltd. Class A (a)		11,900		5,709
Spring Airlines Co., Ltd. Class A		700		4,741
				22,642
AUTO COMPONENTS — 1.9%
Anhui Zhongding Sealing Parts Co., Ltd. Class A		1,500		5,431
China Shipbuilding Industry Group Power Co., Ltd. Class A (a)		1,000		4,928
Fangda Special Steel Technology Co., Ltd. Class A		2,400		2,213
Fuyao Glass Industry Group Co., Ltd. Class A		2,500		6,331
Greatoo Intelligent Equipment, Inc.		5,100		2,783
Huayu Automotive Systems Co., Ltd. Class A		1,700		4,014
Sailun Jinyu Group Co., Ltd. Class A		5,940		3,527
Wanxiang Qianchao Co., Ltd. Class A		1,300		2,824
Weifu High-Technology Group Co., Ltd. Class A		1,000		3,679
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. Class A (b)		800		2,234
Zhejiang Wanfeng Auto Wheel Co., Ltd. Class A		1,100		3,387
				41,351
AUTOMOBILES — 1.1%
Anhui Jianghuai Automobile Co., Ltd. Class A		1,400		2,913
Beiqi Foton Motor Co., Ltd. Class A		10,600		4,243
Byd Co., Ltd. Class A (a)		700		5,834
Chongqing Changan Automobile Co., Ltd. Class A		.2,200		5,235
FAW CAR Co., Ltd. Class A		1,500		2,355
Haima Automobile Group Co., Ltd. Class A		4,100		3,049
				23,629
BANKS — 10.4%
Agricultural Bank of China, Ltd. Class A		38,400		18,020
Bank of Beijing Co., Ltd. Class A		2,280		3,111
Bank of China, Ltd. Class A		37,100		18,745
Bank of Communications Co., Ltd. Class A		12,800		10,612
Bank of Nanjing Co., Ltd. Class A		3,960		6,091
Bank of Ningbo Co., Ltd. Class A		3,000		7,039
China CITIC Bank Corp., Ltd. Class A		3,200		2,869
China Everbright Bank Co., Ltd. Class A		20,300		11,535
China Merchants Bank Co., Ltd. Class A		10,300		27,796
China Minsheng Banking Corp., Ltd. Class A		14,500		20,130
Huaxia Bank Co., Ltd. Class A		6,100		9,191
Industrial & Commercial Bank of China, Ltd. Class A		15,600		10,361
Industrial Bank Co., Ltd. Class A		14,400		34,478
Ping An Bank Co., Ltd. Class A		8,520		11,586
Shanghai Pudong Development Bank Co., Ltd. Class A		12,540		31,002
				222,566
BEVERAGES — 3.8%
Beijing Yanjing Brewery Co., Ltd. Class A		3,200		3,752
Chongqing Brewery Co., Ltd. Class A		2,200		5,848
Hainan Yedao Co., Ltd. Class A (a)		1,400		2,907
Hebei Hengshui Laobaigan Liquor Co., Ltd. Class A		750		2,542
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A		500		5,029
Kweichow Moutai Co., Ltd. Class A		1,000		44,664
Luzhou Laojiao Co., Ltd. Class A		1,400		6,524
Qinghai Huzhu Barley Wine Co., Ltd. Class A		1,100		3,097
Tsingtao Brewery Co., Ltd. Class A		700		3,338
Zhejiang Guyuelongshan Shaoxing Wine Co., Ltd. Class A (a)		2,100		3,177
				80,878
BIOTECHNOLOGY — 0.8%
Beijing SL Pharmaceutical Co., Ltd. Class A		600		2,970
Chengzhi Co., Ltd. Class A		900		2,360
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A		660		2,647
Hualan Biological Engineering, Inc. Class A		800		4,507
Shanghai RAAS Blood Products Co., Ltd. Class A		1,620		5,404
				17,888
BUILDING PRODUCTS — 0.3%
Zhejiang Dun’An Artificial Environment Co., Ltd. Class A (a)		1,400		2,143
Zhejiang Goldensea Environment Technology Co., Ltd. Class A		1,000		3,612
				5,755
CAPITAL MARKETS — 5.7%
China Merchants Securities Co., Ltd. Class A		3,700		9,536
CITIC Securities Co., Ltd. Class A		3,600		8,700
Dongxing Securities Co., Ltd. Class A		1,800		5,926
Everbright Securities Co., Ltd. Class A		2,100		5,113
GF Securities Co., Ltd. Class A		3,100		7,608
Guosen Securities Co., Ltd. Class A		2,300		5,683
Haitong Securities Co., Ltd. Class A		3,600		8,587
Huatai Securities Co., Ltd. Class A		3,000		8,074
Industrial Securities Co., Ltd. Class A		5,590		6,336

See accompanying notes to financial statements.

240

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Northeast Securities Co., Ltd. Class A		3,600	$	6,601
Orient Securities Co., Ltd. Class A		2,200		5,221
Pacific Securities Co., Ltd. Class A		11,505		8,486
Sealand Securities Co., Ltd. Class A		4,950		5,173
Shanxi Securities Co., Ltd. Class A		2,700		5,663
Shenwan Hongyuan Group Co., Ltd. Class A		8,910		8,362
Sinolink Securities Co., Ltd. Class A		2,600		4,978
Southwest Securities Co., Ltd. Class A		5,500		5,945
Western Securities Co., Ltd. Class A		1,800		6,399
				122,391
CHEMICALS — 4.8%
Anhui Sierte Fertilizer Industry, Ltd. Co. Class A		1,300		1,857
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. Class A		4,100		2,699
Befar Group Co., Ltd. Class A		5,520		4,908
China Hainan Rubber Industry Group Co., Ltd. Class A (a)		3,200		2,831
Do-Fluoride Chemicals Co., Ltd. Class A		400		1,922
Hubei Biocause Pharmaceutical Co., Ltd. Class A		2,700		3,202
Hubei Kaile Science & Technology Co., Ltd. Class A		1,400		3,060
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A (b)		4,400		3,219
Jiangsu Huifeng Agrochemical Co., Ltd. Class A		3,040		2,324
Jiangsu Protruly Vision Technology Group Co., Ltd. Class A (a)		1,500		3,612
Jiangsu Yangnong Chemical Co., Ltd. Class A		700		3,294
Jilin Gpro Titanium Industry Co., Ltd. Class A		2,800		2,561
Kangde Xin Composite Material Group Co., Ltd. Class A		1,599		4,334
Kingenta Ecological Engineering Group Co., Ltd. Class A		2,200		2,602
Kingfa Sci & Tech Co., Ltd. Class A		3,000		2,942
Luxi Chemical Group Co., Ltd. Class A (a)		3,600		2,693
Nanjing Redsun Co., Ltd. Class A		1,500		3,596
Qinghai Salt Lake Industry Co., Ltd. Class A		1,100		3,077
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A		2,340		3,992
Shanghai 3F New Materials Co. Class A (a) (b)		1,600		3,489
Shanghai Chlor-Alkali Chemical Co., Ltd. Class A (a)		1,500		2,955
Shanghai Pret Composites Co., Ltd. Class A		900		4,068
Shanxi Yongdong Chemistry Industry Co., Ltd. Class A		1,100		4,497
Shenzhen Noposion Agrochemicals Co., Ltd. Class A		1,000		1,516
Sinoma Science & Technology Co., Ltd. Class A (a).		900		2,450
Sinopec Shanghai Petrochemical Co., Ltd. Class A .		3,500		3,091
Tianqi Lithium Industries, Inc. Class A		100		571
Tongkun Group Co., Ltd. Class A (a)		1,500		2,678
Wanhua Chemical Group Co., Ltd. Class A		1,400		4,316
Xinjiang Xuefeng Sci-Tech Group Co., Ltd. Class A		1,200		1,587
Yueyang Xingchang Petrochemical Class A		735		3,152
Zhejiang Huafeng Spandex Co., Ltd. Class A		3,200		2,260
Zhejiang Longsheng Group Co., Ltd. Class A		2,500		3,448
Zhejiang Shenghua Biok Biology Co., Ltd. Class A .		3,000		4,480
				103,283
COMMERCIAL SERVICES & SUPPLIES — 1.0%
Beijing GeoEnviron Engineering & Technology, Inc. Class A		400		1,893
Eternal Asia Supply Chain Management, Ltd. Class A		1,600		2,723
Jihua Group Corp., Ltd. Class A		2,300		2,641
Shaanxi Jinye Science Technology & Education Group Co., Ltd. Class A (b)		2,000		3,141
Shanghai Jielong Industry Group Corp., Ltd. Class A		1,200		1,673
Shenzhen Comix Group Co., Ltd. Class A (a)		1,400		4,576
Shenzhen ESUN Display Co., Ltd. Class A		200		1,595
Tungkong, Inc. Class A		600		2,604
				20,846
COMMUNICATIONS EQUIPMENT — 1.3%
Addsino Co., Ltd. Class A (b)		1,000		2,282
Bus Online Co., Ltd. (a)		600		2,546
Fiberhome Telecommunication Technologies Co., Ltd. Class A		1,100		4,703
Guangzhou Haige Communications Group, Inc. Co. Class A (b)		1,600		3,069
Shenzhen Coship Electronics Co., Ltd. Class A (a)		2,200		3,955
Shenzhen Keybridge Communications Co., Ltd. Class A (b)		1,200		2,359
Tianjin Xinmao Science & Technology Co., Ltd. Class A (a)		3,000		3,611
ZTE Corp. Class A.		2,000		4,432
				26,957
CONSTRUCTION & ENGINEERING — 3.1%
Changjiang & Jinggong Steel Building Group Co., Ltd. Class A		2,500		1,668
Changshu Fengfan Power Equipment Co., Ltd. Class A		3,300		3,528
China Gezhouba Group Co., Ltd. Class A		4,400		5,218
China National Chemical Engineering Co., Ltd. Class A		4,200		3,495
China Railway Construction Corp., Ltd. Class A		1,500		2,026
China Railway Group, Ltd. Class A		4,900		5,186
China State Construction Engineering Corp., Ltd. Class A		13,600		12,580
East China Engineering Science and Technology Co., Ltd. Class A		1,000		2,183
Jiangsu Zhongtai Bridge Steel Structure Co., Ltd. Class A (a)		1,300		3,662
Metallurgical Corp. of China, Ltd. Class A		11,600		6,870
Power Construction Corp. of China, Ltd. Class A		5,300		4,752

See accompanying notes to financial statements.

241

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Shandong Longquan Pipeline Engineering Co., Ltd. Class A		1,000	$	1,831
Shandong Qixing Iron Tower Co., Ltd. Class A (a)		700		2,928
Shanghai Construction Group Co., Ltd. Class A		4,320		2,740
Shanghai Tunnel Engineering Co., Ltd. Class A		1,900		2,766
Shenzhen Tagen Group Co., Ltd. Class A		1,400		2,195
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A		1,950		3,520
				67,148
CONSTRUCTION MATERIALS — 0.7%
Anhui Conch Cement Co., Ltd. Class A		1,700		4,295
Anhui Xinli Finance Co., Ltd. Class A		700		3,096
Arcplus Group PLC Class A (a)		700		2,090
Shandong Jinjing Science & Technology Co., Ltd. Class A (a)		4,700		3,241
Xishui Strong Year Co., Ltd. Inner Mongolia Class A		800		2,315
				15,037
CONTAINERS & PACKAGING — 1.0%
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. Class A		1,800		2,901
Kee Ever Bright Decorative Technology Co., Ltd. Class A (a) (b)		400		4,145
Org Packaging Co., Ltd. Class A		2,880		4,326
Shanghai Zi Jiang Enterprise Group Co., Ltd. Class A		3,400		2,727
Shenzhen Beauty Star Co., Ltd. Class A (a)		2,700		5,663
Zhejiang Great Southeast Co., Ltd. Class A		4,000		2,135
				21,897
DISTRIBUTORS — 0.1%
Shanghai Shenhua Holdings Co., Ltd. Class A (a)		2,900		1,943
DIVERSIFIED CONSUMER SERVICES — 0.6%
But One Information Corp. Xi an Class A (a)		1,300		10,893
Zhejiang Yasha Decoration Co., Ltd. Class A		1,200		2,143
				13,036
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Avic Capital Co., Ltd. Class A		4,200		4,080
Bohai Financial Investment Holding Co., Ltd. Class A (a) (b)		2,900		3,082
				7,162
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
263 Network Communications Co., Ltd. Class A		1,700		3,293
Dr Peng Telecom & Media Group Co., Ltd. Class A .		1,000		3,145
				6,438
ELECTRIC UTILITIES — 0.2%
Xinjiang Tianfu Energy Co., Ltd. Class A		3,200		3,517
ELECTRICAL EQUIPMENT — 4.1%
Anhui Xinlong Electrical Co., Ltd.		1,100		2,449
Beijing Sifang Automation Co., Ltd. Class A		1,200		1,740
China XD Electric Co., Ltd. Class A		3,700		2,868
Citychamp Dartong Co., Ltd. Class A		2,100		2,286
Dongfang Electric Corp., Ltd. Class A		1,400		2,015
Dongfang Electronics Co., Ltd. Class A (a)		5,600		4,366
Fangda Carbon New Material Co., Ltd. Class A (a) .		1,800		2,852
Genimous Investment Co., Ltd. Class A (a)		1,400		4,532
Guangdong Nan Yang Cable Group Holding Co., Ltd. Class A		1,800		4,207
Henan Tong-DA Cable Co., Ltd. Class A (a)		1,300		2,245
Jiangsu SINOJIT Wind Energy Technology Co., Ltd. Class A		6,300		5,167
Jiangsu Zongyi Co., Ltd. Class A (a)		1,200		1,979
Luxshare Precision Industry Co., Ltd. Class A		1,200		3,638
Nanjing Kangni Mechanical & Electrical Co., Ltd. Class A		1,750		3,644
NARI Technology Co., Ltd. Class A		1,600		3,915
Shanghai Electric Group Co., Ltd. Class A (a) (b)		2,700		3,348
Shanghai Welltech Automation Co., Ltd. Class A (a)		900		3,269
Shenzhen Center Power Tech Co., Ltd. Class A		600		2,133
Shenzhen Hifuture Electric Co., Ltd. Class A (a)		2,500		5,225
Shenzhen Invt Electric Co., Ltd. Class A		1,700		2,047
Shenzhen Moso Power Supply Technology Co., Ltd. Class A		1,600		3,497
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. Class A		800		1,765
Sieyuan Electric Co., Ltd. Class A		2,520		4,114
TBEA Co., Ltd. Class A		2,000		2,585
Tongling Jingda Special Magnet Wire Co., Ltd. Class A (b)		6,000		3,863
Xinjiang Goldwind Science & Technology Co., Ltd. Class A		1,700		3,996
Zhefu Holding Group Co., Ltd. Class A		2,400		2,112
Zhejiang Wanma Co., Ltd. Class A		800		2,022
				87,879
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%
Accelink Technologies Co., Ltd. Class A		400		5,001
Beijing SDL Technology Co., Ltd. Class A		700		1,707
China Security & Fire Co., Ltd. Class A		1,000		3,414
Dongxu Optoelectronic Technology Co., Ltd. Class A		2,100		4,568
Fujian Torch Electron Technology Co., Ltd. Class A .		600		6,880
GoerTek, Inc. Class A		1,000		4,532
Hangzhou Hikvision Digital Technology Co., Ltd. Class A		3,300		12,107
Hengdian Group DMEGC Magnetics Co., Ltd. Class A		2,200		4,759
IRICO Display Devices Co., Ltd. Class A (a)		1,500		2,080
Ningbo Yunsheng Group Co., Ltd. Class A		900		2,893
Shen Zhen Mindata Holding Co., Ltd. Class A (a)		1,400		3,182

See accompanying notes to financial statements.

242

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A		900	$	2,776
Shenzhen Infinova, Ltd. Class A (a)		2,210		2,671
Shenzhen Mason Technologies Co., Ltd. Class A		2,400		4,692
Shenzhen Sunlord Electronics Co., Ltd. Class A		1,900		5,213
Tatwah Smartech Co., Ltd. Class A (a)		1,000		2,699
TDG Holdings Co., Ltd. Class A (a) (b)		1,700		3,777
Unigroup Guoxin Co., Ltd. Class A		400		2,137
WUS Printed Circuit Kunshan Co., Ltd. Class A (a) .		3,400		2,666
Zhejiang Dahua Technology Co., Ltd. Class A		1,750		4,069
				81,823
ENERGY EQUIPMENT & SERVICES — 0.8%
Cangzhou Mingzhu Plastic Co., Ltd. Class A		1,900		6,173
Offshore Oil Engineering Co., Ltd. Class A		3,100		3,179
Yantai Jereh Oilfield Services Group Co., Ltd. Class A		900		2,456
Zhejiang Kingland Pipeline & Technologies Co., Ltd. Class A		2,300		4,472
				16,280
FOOD & STAPLES RETAILING — 0.3%
Shenzhen Agricultural Products Co., Ltd. Class A		1,300		2,358
Yonghui Superstores Co., Ltd. Class A		5,600		3,745
				6,103
FOOD PRODUCTS — 3.0%
Angel Yeast Co., Ltd. Class A		1,500		3,677
Baotou Huazi Industry Co., Ltd. Class A		1,500		3,173
Beijing Dabeinong Technology Group Co., Ltd. Class A		3,450		3,781
Bright Dairy & Food Co., Ltd. Class A		1,100		2,317
COFCO Tunhe Co., Ltd. Class A		1,300		2,226
Gansu Yasheng Industrial Group Co., Ltd. Class A		2,800		2,204
Henan Lotus Flower Gourmet Powder Co., Ltd. Class A (a)		3,000		2,375
Henan Shuanghui Investment & Development Co., Ltd. Class A		2,600		9,195
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)		6,080		3,163
Inner Mongolia Yili Industrial Group Co., Ltd. Class A (b)		3,800		9,266
Jonjee High-Tech Industrial And Commercial Holding Co., Ltd. Class A		1,400		3,163
MeiHua Holdings Group Co., Ltd. Class A		2,800		2,527
Qiaqia Food Co., Ltd. Class A		1,500		4,005
Shandong Delisi Food Co., Ltd. Class A (a)		2,800		5,495
Shanghai Maling Aquarius Co., Ltd. Class A (a)		1,400		2,506
Xinjiang Guannong Fruit & Antler Group Co., Ltd. Class A		1,800		2,097
Yuan Longping High-tech Agriculture Co., Ltd. Class A		1,400		4,171
				65,341
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A		400		2,064
HEALTH CARE PROVIDERS & SERVICES — 0.3%
Huadong Medicine Co., Ltd. Class A		300		3,090
Shanghai Pharmaceuticals Holding Co., Ltd. Class A		1,200		3,550
				6,640
HOTELS, RESTAURANTS & LEISURE — 0.6%
China High-Speed Railway Technology Co., Ltd. Class A (a)		3,300		4,794
China International Travel Service Corp., Ltd. Class A		600		4,055
Shenzhen Overseas Chinese Town Co., Ltd. Class A.		4,200		4,408
				13,257
HOUSEHOLD DURABLES — 2.2%
Anhui Deli Household Glass Co., Ltd. Class A (a) (b)		4,200		9,952
Guangdong Homa Appliances Co., Ltd. Class A		200		2,042
Guangzhou Holike Creative Home Co., Ltd. Class A		600		3,178
Hisense Electric Co., Ltd. Class A		1,600		3,991
Leo Group Co., Ltd. Class A		900		2,394
Markor International Home Furnishings Co., Ltd. Class A		1,100		2,538
Midea Group Co., Ltd. Class A		3,600		14,578
NavInfo Co., Ltd. Class A		900		2,975
TCL Corp. Class A (b)		9,700		5,060
				46,708
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.8%
An Hui Wenergy Co., Ltd. Class A		2,210		2,581
Beijing Jingneng Power Co., Ltd. Class A		3,300		2,083
China National Nuclear Power Co., Ltd. Class A		7,000		6,969
China Yangtze Power Co., Ltd. Class A		3,900		7,777
Datang Huayin Electric Power Co., Ltd. Class A (a) .		2,100		1,706
GD Power Development Co., Ltd. Class A		11,100		4,926
Guangdong Baolihua New Energy Stock Co., Ltd. Class A		1,800		2,159
Huadian Power International Corp., Ltd. Class A		4,300		3,191
Huaneng Power International, Inc. Class A		2,900		3,061
Hubei Energy Group Co., Ltd. Class A		3,200		2,216
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A		5,600		2,578
SDIC Power Holdings Co., Ltd. Class A		4,000		3,922
Shanghai Electric Power Co., Ltd. Class A (b)		1,600		2,723
Shanxi Zhangze Electric Power Co., Ltd. Class A (a)		4,200		2,286
Shenergy Co., Ltd. Class A		3,900		3,385
Shenzhen Energy Group Co., Ltd. Class A		2,700		2,696
Sichuan Chuantou Energy Co., Ltd. Class A		3,800		4,939
				59,198

See accompanying notes to financial statements.

243

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.1%
China Baoan Group Co., Ltd. Class A		2,025	$	3,151
INSURANCE — 2.2%
China Life Insurance Co., Ltd. Class A		600		1,926
China Pacific Insurance Group Co., Ltd. Class A		3,300		14,224
New China Life Insurance Co., Ltd. Class A		700		4,325
Ping An Insurance Group Co. of China, Ltd. Class A		5,200		26,631
				47,106
INTERNET SOFTWARE & SERVICES — 0.4%
Dawning Information Industry Co., Ltd. Class A		400		1,930
Focus Technology Co., Ltd. Class A		300		2,871
People.cn Co., Ltd. Class A		900		2,544
Shanghai DZH, Ltd. Class A (a)		1,800		2,062
				9,407
IT SERVICES — 0.7%
BOE Technology Group Co., Ltd. Class A		18,800		6,680
DHC Software Co., Ltd. Class A		1,200		3,706
Fujian Rongji Software Co., Ltd. Class A (a)		2,300		5,366
				15,752
LEISURE EQUIPMENT & PRODUCTS — 0.2%
Alpha Group Class A		900		3,775
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Shanghai Runda Medical Technology Co., Ltd. Class A		600		2,979
MACHINERY — 4.9%
Anhui Ankai Automobile Co., Ltd. Class A		2,500		2,534
Anhui Heli Co., Ltd. Class A		1,900		3,105
China CSSC Holdings, Ltd. Class A		800		2,587
China First Heavy Industries Class A (a)		3,800		2,968
China Shipbuilding Industry Co., Ltd. Class A (a)		9,200		8,552
CRRC Corp., Ltd. Class A		11,800		15,851
Fujian Longking Co., Ltd. Class A		1,000		1,916
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A		700		3,642
Han’s Laser Technology Industry Group Co., Ltd. Class A		900		2,879
Hefei Meiya Optoelectronic Technology, Inc. Class A		500		1,614
Jiangsu Hengli Hydraulic Co., Ltd. Class A		1,200		2,427
Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd. Class A		1,900		1,564
Linzhou Heavy Machinery Group Co., Ltd. Class A (a)		2,210		2,273
Mesnac Co., Ltd. Class A		1,300		2,243
Nanxing Furniture Machinery & Equipment Co., Ltd. Class A		300		1,866
North Navigation Control Technology Co., Ltd. Class A		1,200		2,621
Sanlux Co., Ltd. Class A		2,000		5,142
Sany Heavy Industry Co., Ltd. Class A		3,900		3,198
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A		800		2,435
Shanghai Zhenhua Heavy Industries Co., Ltd. Class A (a)		3,100		2,194
Shantui Construction Machinery Co., Ltd. Class A (a)		3,200		2,783
Sunward Intelligent Equipment Co., Ltd. Class A (a)		2,600		3,766
Suzhou Thvow Technology Co., Ltd. Class A (b)		2,600		2,991
Taiyuan Heavy Industry Co., Ltd. Class A (a)		4,600		2,772
Tian Di Science & Technology Co., Ltd. Class A		3,000		2,046
Tianjin Benefo Tejing Electric Co., Ltd. Class A		1,100		2,216
Weihai Guangtai Airport Equipment Co., Ltd. Class A		700		2,657
XCMG Construction Machinery Co., Ltd. Class A (a)		4,400		2,098
Xiamen XGMA Machinery Co., Ltd. Class A (a)		2,000		1,895
Zhejiang Jinggong Science & Technology Co., Ltd. Class A (a)		1,700		3,148
Zhengzhou Yutong Bus Co., Ltd. Class A		1,500		4,961
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A		4,700		3,263
				106,207
MEDIA — 2.2%
Beijing Gehua CATV Network Co., Ltd. Class A		1,000		2,475
China South Publishing & Media Group Co., Ltd. Class A		1,300		3,477
China Television Media, Ltd. Class A		700		2,535
Chinese Universe Publishing and Media Co., Ltd. Class A		1,000		3,504
CITIC Guoan Information Industry Co., Ltd. Class A		4,000		6,711
Contemporary Eastern Investment Co., Ltd. Class A (a)		2,600		5,106
Guangdong Advertising Group Co., Ltd. Class A		1,430		3,029
Huawen Media Investment Corp. Class A		1,700		2,697
Jiangsu Broadcasting Cable Information Network Corp., Ltd. Class A		1,430		2,185
Jiangsu Phoenix Publishing & Media Corp., Ltd. Class A		1,500		2,474
Jishi Media Co., Ltd. Class A		3,500		2,356
Shanghai Oriental Pearl Media Co., Ltd. Class A		1,500		5,555
Shenzhen Topway Video Communication Co., Ltd. Class A		1,680		3,526
Wanda Cinema Line Co., Ltd. Class A		200		2,017
				47,647
METALS & MINING — 5.3%
Advanced Technology & Materials Co., Ltd. Class A (a)		2,100		3,766
Aluminum Corp. of China, Ltd. Class A (a)		7,100		3,981
Anhui Xinke New Materials Co., Ltd. Class A (b)		4,500		3,008
Anyang Iron & Steel, Inc. Class A (a)		12,900		5,531

See accompanying notes to financial statements.

244

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Baoshan Iron & Steel Co., Ltd. Class A (b)		4,400	$	3,468
Beijing Kingee Culture Development Co., Ltd. Class A (b)		700		2,029
China Northern Rare Earth Group High-Tech Co., Ltd. Class A		2,400		4,447
Hunan Gold Corp., Ltd. Class A (a)		4,800		8,650
Hunan Valin Steel Co., Ltd. Class A (a)		7,700		6,049
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)		27,000		11,253
Jiangxi Ganfeng Lithium Co., Ltd. Class A		400		1,729
Maanshan Iron & Steel Co., Ltd. Class A (a)		7,400		3,073
Ningxia Xinri Hengli Steel Wire Co., Ltd. Class A (a)		1,100		2,029
Shandong Gold Mining Co., Ltd. Class A		1,600		9,161
Shandong Humon Smelting Co., Ltd. Class A (a)		3,100		5,419
Shandong Iron and Steel Co., Ltd. Class A (a)		7,200		2,634
Shanghai Prosolar Resources Development Co., Ltd. Class A (a)		2,300		3,717
Shanxi Taigang Stainless Steel Co., Ltd. Class A (a) .		4,600		2,435
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Class A		1,700		2,597
Tongling Nonferrous Metals Group Co., Ltd. Class A		10,600		4,100
Western Mining Co., Ltd. Class A		5,700		5,897
Wuhan Iron & Steel Co., Ltd. Class A (a) (b)		7,600		3,374
Zhongjin Gold Corp., Ltd. Class A (a)		4,130		7,511
Zhongnan Red Culture Group Co., Ltd. Class A		1,300		3,655
Zijin Mining Group Co., Ltd. Class A		10,400		5,005
				114,518
MULTILINE RETAIL — 1.6%
Beijing Capital Retailing Group Co., Ltd. Class A		1,800		2,547
Changchun Sinoenergy Corp. Class A (a)		2,800		4,874
Chengdu Hongqi Chain Co., Ltd. Class A		2,800		2,435
Dalian Friendship Group Class A (a)		4,200		9,445
Hunan Friendship & Apollo Cmmericial Co., Ltd. Class A		2,000		3,850
Rainbow Department Store Co., Ltd. Class A		1,700		3,132
Shanghai Yimin Commerce Group Co., Ltd. Class A		3,100		3,040
Wuhan Department Store Group Co., Ltd. Class A (a)		1,600		4,613
				33,936
OIL, GAS & CONSUMABLE FUELS — 2.4%
China Merchants Energy Shipping Co., Ltd. Class A		4,000		3,058
China Petroleum & Chemical Corp. Class A		4,700		3,424
China Shenhua Energy Co., Ltd. Class A		1,900		4,330
Guanghui Energy Co., Ltd. Class A (a)		4,600		2,821
Jizhong Energy Resources Co., Ltd. Class A		4,100		3,836
Oriental Energy Co., Ltd. Class A		1,400		3,174
PetroChina Co., Ltd. Class A		4,500		4,871
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A		6,800		7,697
Shanxi Xishan Coal & Electricity Power Co., Ltd. Class A		7,000		10,054
Wintime Energy Co., Ltd. Class A (a)		6,200		3,718
Yang Quan Coal Industry Group Co., Ltd. Class A (a)		3,400		3,502
				50,485
PAPER & FOREST PRODUCTS — 0.6%
DeHua TB New Decoration Materials Co., Ltd. Class A		1,950		3,991
Guangdong Weihua Corp. Class A (a)		3,000		5,285
Sichuan Guodong Construction Co., Ltd. Class A (a) (b)		5,200		3,192
				12,468
PHARMACEUTICALS — 5.2%
Beijing Tongrentang Co., Ltd. Class A		1,000		4,577
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A		1,000		3,829
Dong-E-E-Jiao Co., Ltd. Class A		700		6,244
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A		1,900		3,752
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A (a)		600		2,199
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A		800		2,647
Harbin Gloria Pharmaceuticals Co., Ltd. Class A		2,400		3,077
Harbin Pharmaceutical Group Co., Ltd. Class A		2,210		3,045
Huapont Life Sciences Co., Ltd. Class A		1,500		2,145
Humanwell Healthcare Group Co., Ltd. Class A		1,000		3,087
Jiangsu Hengrui Medicine Co., Ltd. Class A		1,200		7,925
Jilin Aodong Pharmaceutical Group Co., Ltd. Class A		1,100		4,217
Joincare Pharmaceutical Group Industry Co., Ltd. Class A		1,400		2,118
Kangmei Pharmaceutical Co., Ltd. Class A		2,600		6,323
Renhe Pharmacy Co., Ltd. Class A (a)		1,800		1,973
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A		1,100		3,872
Shenzhen Hepalink Pharmaceutical Co., Ltd. Class A		1,280		3,380
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A		800		3,330
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A		900		2,133
Sichuan Kelun Pharmaceutical Co., Ltd. Class A		1,100		2,680
Tasly Pharmaceutical Group Co., Ltd. Class A		600		3,794
Tianjin Lisheng Pharmaceutical Co., Ltd. Class A		900		5,169
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A		960		3,270
Yabao Pharmaceutical Group Co., Ltd. Class A		1,500		2,278
Yifan Xinfu Pharmaceutical Co., Ltd. Class A		900		1,855
Yunnan Baiyao Group Co., Ltd. Class A (b)		600		6,262
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		600		4,300
Zhejiang Yatai Pharmaceutical Co., Ltd. Class A		1,800		8,584

See accompanying notes to financial statements.

245

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Zhongzhu Holding Co., Ltd. Class A		1,000	$	3,631
				111,696
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.2%
Beijing Capital Development Co., Ltd. Class A		1,600		3,015
Beijing Centergate Technologies Holding Co., Ltd. Class A (a)		3,200		3,963
Beijing Urban Construction Investment & Development Co., Ltd. Class A		1,500		3,074
China Fortune Land Development Co., Ltd. Class A .		1,400		5,925
China Merchants Shekou Industrial Zone Holdings Co., Ltd.		2,721		6,519
China Vanke Co., Ltd. Class A		5,600		21,972
Chongqing Dima Industry Co., Ltd. Class A		3,600		3,627
Gemdale Corp. Class A		2,700		4,854
Guangdong Shirongzhaoye Co., Ltd. Class A (a)		1,900		2,757
Hainan Haide Industry Co., Ltd. Class A (a)		1,000		4,523
Hubei Fuxing Science And Technology Co., Ltd. Class A		1,700		3,130
Hunan Tianrun Digital Entertainment & Cultural Media Co., Ltd. Class A (a)		5,200		8,763
Jinke Properties Group Co., Ltd. Class A (b)		4,100		3,414
Lushang Property Co., Ltd. Class A (a)		3,200		2,730
Myhome Real Estate Development Group Co., Ltd. Class A (b)		3,600		2,200
Oceanwide Holdings Co., Ltd. Class A		2,600		4,113
Poly Real Estate Group Co., Ltd. Class A		1,700		2,447
RiseSun Real Estate Development Co., Ltd. Class A.		2,600		3,048
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A		1,440		5,315
Shanghai SMI Holding Co., Ltd. Class A (a) (b)		1,800		4,067
Shanghai Wanye Enterprises Co., Ltd. Class A		2,200		4,344
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A		1,300		3,553
Shenzhen World Union Properties Consultancy, Inc. Class A		2,100		2,566
Shenzhen Zhenye Group Co., Ltd. Class A		2,100		3,041
Thaihot Group Co., Ltd. Class A		800		2,221
Xinhu Zhongbao Co., Ltd. Class A		15,100		9,984
Zhejiang China Commodities City Group Co., Ltd. Class A		4,100		4,991
Zhongtian Urban Development Group Co., Ltd. Class A		3,000		3,113
				133,269
ROAD & RAIL — 0.5%
Daqin Railway Co., Ltd. Class A		7,400		7,034
Guangshen Railway Co., Ltd. Class A		4,300		2,630
				9,664
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0%
EGing Photovoltaic Technology Co., Ltd. Class A		3,600		4,145
Hangzhou Silan Microelectronics Co., Ltd. Class A .		4,200		4,118
Sanan Optoelectronics Co., Ltd. Class A		2,240		4,034
Shanghai Belling Co., Ltd. Class A		1,300		2,957
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A (b)		1,800		2,288
Xi’an LONGi Silicon Materials Corp. Class A		1,800		3,643
				21,185
SOFTWARE — 1.5%
Beijing Shiji Information Technology Co., Ltd. Class A		600		2,197
China National Software & Service Co., Ltd. Class A		500		2,029
Glodon Co., Ltd. Class A		1,000		2,352
Hangzhou Liaison Interactive Information Technology Co., Ltd. Class A (b)		1,000		3,030
Hundsun Technologies, Inc. Class A		400		3,355
Iflytek Co., Ltd. Class A		900		3,836
Inspur Software Co., Ltd. Class A		500		1,964
Neusoft Corp. Class A		1,200		3,098
Shanghai 2345 Network Holding Group Co., Ltd. Class A		1,200		2,040
Sinodata Co., Ltd. Class A		300		2,221
Wisesoft Co., Ltd. Class A		500		2,335
Yonyou Network Technology Co., Ltd. Class A		1,100		3,730
				32,187
SPECIALTY RETAIL — 0.7%
Jiangsu Hongtu High Technology Co., Ltd. Class A .		1,500		2,652
Pang Da Automobile Trade Co., Ltd. Class A (a)		5,700		2,307
Shanghai Yuyuan Tourist Mart Co., Ltd. Class A		1,500		2,458
Suning Commerce Group Co., Ltd. Class A		4,300		6,988
				14,405
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%
GRG Banking Equipment Co., Ltd. Class A		1,350		3,024
Guangzhou KingTeller Technology Co., Ltd. Class A (a)		2,700		3,315
Inspur Electronic Information Industry Co., Ltd. Class A		800		3,138
Tsinghua Tongfang Co., Ltd. Class A		2,100		4,335
				13,812
TEXTILES, APPAREL & LUXURY GOODS — 1.8%
Anhui Huamao Textile Co. Class A		4,300		3,752
Bros Eastern Co., Ltd. Class A		3,000		2,847
Gansu Gangtai Holding Group Co., Ltd. Class A (b).		1,300		3,233
Huafu Top Dyed Melange Yarn Co., Ltd. Class A		2,500		4,340
Huasi Holding Co., Ltd. Class A		1,000		2,462
Jiangsu Huaxicun Co., Ltd. Class A		2,000		3,286
Jiangsu Sunshine Co., Ltd. Class A (a)		3,300		2,167
Luthai Textile Co., Ltd. Class A		1,300		2,218
Yantai Tayho Advanced Materials Co., Ltd. Class A (a)		1,200		2,512

See accompanying notes to financial statements.

246

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Youngor Group Co., Ltd. Class A		1,900	$	4,048
Zhejiang Hangmin Co., Ltd. Class A		1,700		3,038
Zhejiang Ming Jewelry Co., Ltd. Class A (b)		1,500		3,146
Zhejiang Weixing Industrial Development Co., Ltd. Class A		1,000		2,233
				39,282
TRADING COMPANIES & DISTRIBUTORS — 0.9%
CMST Development Co., Ltd. Class A		2,700		3,145
Shandong Hiking International Co., Ltd. Class A (a)		1,800		4,855
Shanghai Lansheng Corp. Class A		600		2,625
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A		700		2,102
Sinochem International Corp. Class A		2,100		3,023
Tianjin Teda Co., Ltd. Class A		4,500		3,704
				19,454
TRANSPORTATION INFRASTRUCTURE — 1.7%
Dalian Port PDA Co., Ltd. Class A		7,130		2,523
Fujian Expressway Development Co., Ltd. Class A .		9,700		4,843
Henan Zhongyuan Expressway Co., Ltd. Class A		4,400		2,870
Hubei Chutian Expressway Co., Ltd. Class A		6,400		5,047
Jiangxi Ganyue Expressway Co., Ltd. Class A		4,000		2,843
Shanghai International Port Group Co., Ltd. Class A		3,700		2,840
Shenzhen Chiwan Wharf Holdings, Ltd. Class A		1,500		3,767
TangShan Port Group Co., Ltd. Class A		5,040		2,886
Xiandai Investment Co., Ltd. Class A		3,200		3,843
Yingkou Port Liability Co., Ltd. Class A		5,100		2,630
Zhangjiagang Freetrade Science and Technology Co., Ltd. Class A		3,600		3,017
				37,109
WATER UTILITIES — 0.6%
Beijing Capital Co., Ltd. Class A		4,600		2,890
Chengdu Xingrong Environment Co., Ltd. Class A .		3,600		3,120
Guangdong Golden Dragon Development, Inc. Class A		900		2,609
Tus-Sound Environmental Resources Co., Ltd. Class A		700		3,483
				12,102
WIRELESS TELECOMMUNICATION SERVICES — 0.3%
China United Network Communications, Ltd. Class A		11,100		6,906
TOTAL COMMON STOCKS (Cost $2,465,183)				2,144,374
SHORT-TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0%(c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e) (Cost $338)		338		338
TOTAL INVESTMENTS — 99.9% (Cost $2,465,521)				2,144,712
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				2,481
NET ASSETS — 100.0%			$	2,147,193

(a) Non-income producing security

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $107,720 representing 5.0% of net assets.

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

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	23,951	$	—	$	—	$	23,951
Air Freight & Logistics		12,264		—		—		12,264
Airlines		22,642		—		—		22,642
Auto Components		39,117		2,234		—		41,351
Automobiles		23,629		—		—		23,629
Banks		222,566		—		—		222,566
Beverages		80,878		—		—		80,878
Biotechnology		17,888		—		—		17,888

See accompanying notes to financial statements.

247

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Building Products	$	5,755	$	—	$	—	$	5,755
Capital Markets		122,391		—		—		122,391
Chemicals		96,575		6,708		—		103,283
Commercial Services & Supplies		17,705		3,141		—		20,846
Communications Equipment		19,247		7,710		—		26,957
Construction & Engineering		67,148		—		—		67,148
Construction Materials		15,037		—		—		15,037
Containers & Packaging		17,752		4,145		—		21,897
Distributors		1,943		—		—		1,943
Diversified Consumer Services		13,036		—		—		13,036
Diversified Financial Services		4,080		3,082		—		7,162
Diversified Telecommunication Services		6,438		—		—		6,438
Electric Utilities		3,517		—		—		3,517
Electrical Equipment		80,668		7,211		—		87,879
Electronic Equipment, Instruments & Components		78,046		3,777		—		81,823
Energy Equipment & Services		16,280		—		—		16,280
Food & Staples Retailing.		6,103		—		—		6,103
Food Products		56,075		9,266		—		65,341
Health Care Equipment & Supplies		2,064		—		—		2,064
Health Care Providers & Services		6,640		—		—		6,640
Hotels, Restaurants & Leisure		13,257		—		—		13,257
Household Durables		31,696		15,012		—		46,708
Independent Power Producers & Energy Traders		56,475		2,723		—		59,198
Industrial Conglomerates		3,151		—		—		3,151
Insurance		47,106		—		—		47,106
Internet Software & Services		9,407		—		—		9,407
IT Services		15,752		—		—		15,752
Leisure Equipment & Products		3,775		—		—		3,775
Life Sciences Tools & Services		2,979		—		—		2,979
Machinery		106,207		—		—		106,207
Media		47,647		—		—		47,647
Metals & Mining		102,639		11,879		—		114,518
Multiline Retail		33,936		—		—		33,936
Oil, Gas & Consumable Fuels		50,485		—		—		50,485
Paper & Forest Products		9,276		3,192		—		12,468
Pharmaceuticals		105,434		6,262		—		111,696
Real Estate Management & Development		123,588		9,681		—		133,269
Road & Rail.		9,664		—		—		9,664
Semiconductors & Semiconductor Equipment		18,897		2,288		—		21,185
Software		29,157		3,030		—		32,187
Specialty Retail		14,405		—		—		14,405
Technology Hardware, Storage & Peripherals		13,812		—		—		13,812
Textiles, Apparel & Luxury Goods		32,903		6,379		—		39,282
Trading Companies & Distributors		19,454		—		—		19,454
Transportation Infrastructure		37,109		—		—		37,109
Water Utilities		12,102		—		—		12,102
Wireless Telecommunication Services		6,906		—		—		6,906
Short-Term Investment		338		—		—		338
TOTAL INVESTMENTS	$	2,036,992	$	107,720	$	—	$	2,144,712

See accompanying notes to financial statements.

248

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		37,409	$	37,071		338	$	338	$	6	$	—
TOTAL			$	—							$	338	$	6	$	—

See accompanying notes to financial statements.

249

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 98.7%
BRAZIL — 7.9%
Ambev SA ADR		281,580	$	1,714,822
B2W Cia Digital (a)		4,287		21,047
Banco Bradesco SA Preference Shares ADR		218,284		1,979,836
Banco do Brasil SA		52,116		365,743
Banco Pan SA Preference Shares		22,319		9,893
Banco Santander Brasil SA		1,233		8,349
BB Seguridade Participacoes SA		34,568		317,925
BM&FBovespa SA		110,606		572,291
BR Malls Participacoes SA (a)		52,953		200,478
Bradespar SA Preference Shares		28,792		86,495
Brasil Brokers Participacoes SA (a)		10,147		5,310
Braskem SA Preference Shares ADR		11,140		171,333
BRF SA ADR		31,692		540,666
CCR SA		31,065		161,978
Centrais Eletricas Brasileiras SA ADR (a)		35,677		209,781
Cia Brasileira de Distribuicao ADR		14,095		231,017
Cia de Saneamento Basico do Estado de Sao Paulo		45,329		421,221
Cia Energetica de Minas Gerais ADR		79,586		206,128
Cia Energetica de Sao Paulo Class B, Preference Shares		3,203		14,493
Cia Hering		2,557		14,151
Cia Siderurgica Nacional SA ADR (a)		91,222		251,773
Cielo SA		53,548		535,834
Cosan Logistica SA (a)		3,056		4,158
Cosan SA Industria e Comercio		11,384		132,136
CPFL Energia SA		8,371		62,328
Cyrela Brazil Realty SA Empreendimentos e Participacoes		32,069		100,979
Duratex SA		24,505		64,867
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		1,992		6,505
Embraer SA		48,986		211,242
Engie Brasil Energia SA		15,944		189,734
Estacio Participacoes SA		13,796		75,629
Eternit SA		11,912		5,610
Fibria Celulose SA ADR (b)		17,550		124,079
GAEC Educacao SA		1,643		6,271
Gafisa SA.		7,059		5,410
Gerdau SA ADR (b)		67,932		184,775
Hypermarcas SA		2,974		25,512
Itau Unibanco Holding SA Preference Shares ADR		197,097		2,156,241
Itausa — Investimentos Itau SA		26,837		68,231
Itausa — Investimentos Itau SA Preference Shares		290,765		746,412
JBS SA		22,630		82,333
Kepler Weber SA		1,252		7,761
Klabin SA.		9,341		48,993
Kroton Educacional SA		68,352		311,164
Log-in Logistica Intermodal SA (a)		1,869		1,985
Lojas Americanas SA Preference Shares		55,097		342,401
Lojas Renner SA		78,903		594,289
Magnesita Refratarios SA (a)		3,027		20,302
Marcopolo SA Preference Shares (a)		23,299		22,447
Metalurgica Gerdau SA Preference Shares		90,496		95,542
Mills Estruturas e Servicos de Engenharia SA (a)		5,126		7,226
MMX Mineracao e Metalicos SA (a)		2,674		2,716
MRV Engenharia e Participacoes SA		5,650		20,765
Natura Cosmeticos SA		17,527		168,481
Oi SA ADR (a)		161		914
PDG Realty SA Empreendimentos e Participacoes (a)		2,529		1,853
Petroleo Brasileiro SA ADR (a)		60,778		567,059
Petroleo Brasileiro SA Preference Shares ADR (a)		136,462		1,133,999
Profarma Distribuidora de Produtos Farmaceuticos SA (a)		1,854		5,638
Prumo Logistica SA (a) (c)		674		1,431
Prumo Logistica SA (a) (c)		1,769		3,795
Qualicorp SA		4,946		29,199
Raia Drogasil SA		3,795		77,422
Restoque Comercio e Confeccoes de Roupas SA (a)		6,647		7,693
Rodobens Negocios Imobiliarios SA		5,642		10,159
Rossi Residencial SA (a)		7,337		8,333
Rumo Logistica Operadora Multimodal SA (a)		3,785		7,363
Suzano Papel e Celulose SA Class A, Preference Shares		5,017		16,168
T4F Entretenimento SA		9,129		16,803
Telefonica Brasil SA ADR		12,609		182,452
Telefonica Brasil SA Preference Shares		41,114		594,149
Tim Participacoes SA ADR		14,126		172,902
TOTVS SA		3,512		32,841
Ultrapar Participacoes SA		16,745		366,253
Usinas Siderurgicas de Minas Gerais SA ADR (b)		48,927		54,309
Vale SA ADR		81,715		449,432
Vale SA Preference Shares ADR		118,716		559,152
WEG SA		74,008		402,290
				18,638,697
CHILE — 1.6%
AntarChile SA		18,798		181,187
Empresa Nacional de Electricidad SA ADR		10,495		208,221
Empresas COPEC SA		46,942		438,152
Empresas Iansa SA		457,901		13,551
Endesa Americas SA ADR		10,495		143,781
Enersis Americas SA ADR		40,323		330,245
Enersis Chile SA ADR		40,323		191,534
Enjoy SA		210,485		23,639
Latam Airlines Group SA ADR (a) (b)		31,198		253,328
Multiexport Foods SA (a)		210,812		59,189
Parque Arauco SA		316,232		713,467
SACI Falabella		116,877		855,288
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		1,390		37,550
Tech Pack SA (a)		11,340		6,024
Vina Concha y Toro SA ADR		6,894		240,325
				3,695,481

See accompanying notes to financial statements.

250

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
CHINA — 28.9%
21Vianet Group, Inc. ADR (a)		805	$	6,400
3SBio, Inc. (a) (b) (d)		35,000		39,621
500.com, Ltd. Class A, ADR (a)		460		8,110
58.com, Inc. ADR (a) (b)		575		27,404
AAC Technologies Holdings, Inc.		61,492		618,016
Agile Group Holdings, Ltd. (b)		256,999		146,129
Agricultural Bank of China, Ltd. Class H		1,378,000		589,865
Air China, Ltd. Class H		171,744		115,368
Alibaba Group Holding, Ltd. ADR (a)		59,780		6,324,126
Aluminum Corp. of China, Ltd. Class H (a) (b)		390,000		141,298
Angang Steel Co., Ltd. Class H (a) (b)		80,640		38,885
Anhui Conch Cement Co., Ltd. Class H (b)		134,635		368,877
Anhui Expressway Co., Ltd. Class H		8,000		6,653
ANTA Sports Products, Ltd.		38,000		103,134
Anton Oilfield Services Group (a) (b)		52,000		4,827
Autohome, Inc. ADR (a)		1,727		41,880
AVIC International Holding HK, Ltd. (a)		178,000		12,623
AVIC International Holdings, Ltd. Class H		76,000		42,821
AviChina Industry & Technology Co., Ltd. Class H		123,000		82,783
BAIC Motor Corp., Ltd. Class H (d)		6,500		6,839
Baidu, Inc. ADR (a)		15,593		2,839,017
BAIOO Family Interactive, Ltd. (d)		162,000		8,042
Bank of China, Ltd. Class H		3,938,900		1,797,808
Bank of Communications Co., Ltd. Class H		1,119,864		853,331
Baoxin Auto Group, Ltd. (a) (b)		3,158		981
BBMG Corp. Class H		39,000		14,985
Beijing Capital International Airport Co., Ltd. Class H		234,000		265,198
Beijing Capital Land, Ltd. Class H		28,000		11,480
Beijing Enterprises Holdings, Ltd.		30,500		154,546
Beijing Enterprises Water Group, Ltd. (a) (b)		258,000		174,307
Beijing Jingneng Clean Energy Co., Ltd. Class H (b)		58,000		17,723
Belle International Holdings, Ltd.		283,000		194,117
Biostime International Holdings, Ltd. (a) (b)		5,000		12,990
Bitauto Holdings, Ltd. ADR (a) (b)		1,035		30,098
BOE Technology Group Co., Ltd. Class B		42,100		10,910
Boer Power Holdings, Ltd. (b)		7,000		3,177
Boyaa Interactive International, Ltd. (a)		25,000		14,698
Brilliance China Automotive Holdings, Ltd. (b)		170,000		190,692
Byd Co., Ltd. Class H (a) (b)		32,000		210,006
BYD Electronic International Co., Ltd.		30,500		25,404
C.banner International Holdings, Ltd. (a)		12,000		3,512
Cabbeen Fashion, Ltd.		49,000		12,762
CAR, Inc. (a) (b)		40,000		41,413
CGN Mining Co., Ltd. (a)		130,000		9,889
CGN Power Co., Ltd. Class H (d)		514,000		151,762
Changyou.com, Ltd. ADR (a)		345		9,401
Chanjet Information Technology Co., Ltd. Class H (a)		2,600		3,171
Chaowei Power Holdings, Ltd. (b)		36,000		29,613
Cheetah Mobile, Inc. ADR (a) (b)		575		7,164
China Aerospace International Holdings, Ltd.		86,000		11,310
China Agri-Industries Holdings, Ltd. (a)		70,000		25,271
China Aircraft Leasing Group Holdings, Ltd.		6,500		8,381
China Aoyuan Property Group, Ltd.		47,000		11,211
China Biologic Products, Inc. (a) (b)		866		107,800
China Child Care Corp., Ltd. (a)		77,000		4,964
China Cinda Asset Management Co., Ltd. Class H		641,000		226,451
China CITIC Bank Corp., Ltd. Class H		597,000		396,412
China Coal Energy Co., Ltd. Class H (a) (b)		390,000		210,690
China Communications Construction Co., Ltd. Class H		276,241		290,276
China Communications Services Corp., Ltd. Class H		74,000		46,274
China Conch Venture Holdings, Ltd.		83,700		163,171
China Construction Bank Corp. Class H		5,252,280		3,893,863
China COSCO Holdings Co., Ltd. Class H (a) (b)		235,425		80,135
China Datang Corp. Renewable Power Co., Ltd. Class H (a)		105,000		10,289
China Distance Education Holdings, Ltd. ADR		690		8,915
China Dongxiang Group Co., Ltd.		43,000		8,482
China Eastern Airlines Corp., Ltd. Class H (a) (b)		66,000		30,379
China Electronics Corp. Holdings Co., Ltd.		56,000		13,357
China Energine International Holdings, Ltd. (a)		132,000		10,382
China Everbright International, Ltd.		142,000		168,805
China Everbright, Ltd.		24,000		49,077
China Evergrande Group (b)		223,000		150,661
China Fangda Group Co., Ltd. Class B		126,700		119,415
China Financial Services Holdings, Ltd.		104,000		8,314
China Foods, Ltd.		16,000		7,323
China Galaxy Securities Co., Ltd. Class H		157,900		143,935
China Hanking Holdings, Ltd. (a) (b)		52,000		6,436
China Harmony New Energy Auto Holding, Ltd. (b)		7,000		3,393
China Hongqiao Group, Ltd. (b)		19,000		17,099
China Huarong Energy Co., Ltd. (a) (b)		50,400		2,957
China Huishan Dairy Holdings Co., Ltd. (b)		244,600		91,458
China Huiyuan Juice Group, Ltd. (a)		25,000		8,800
China International Marine Containers Group Co., Ltd. Class H		11,200		13,170
China Lesso Group Holdings, Ltd.		38,000		25,771
China Life Insurance Co., Ltd. Class H		414,260		1,068,238
China Lodging Group, Ltd. ADR		1,035		46,668

See accompanying notes to financial statements.

251

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
China Longyuan Power Group Corp., Ltd. Class H		124,000	$	100,723
China Machinery Engineering Corp. Class H .		14,000		8,195
China Medical System Holdings, Ltd.		85,000		142,910
China Mengniu Dairy Co., Ltd.		222,620		413,325
China Merchants Bank Co., Ltd. Class H		274,923		692,629
China Merchants China Direct Investments, Ltd.		4,000		5,900
China Merchants Port Holdings Co., Ltd.		91,826		244,484
China Minsheng Banking Corp., Ltd. Class H .		332,900		383,722
China Mobile, Ltd.		309,366		3,743,448
China Modern Dairy Holdings, Ltd. (a) (b)		119,000		22,401
China Molybdenum Co., Ltd. Class H		105,000		21,525
China National Accord Medicines Corp., Ltd. Class B.		3,300		21,827
China National Building Material Co., Ltd. Class H (b)		78,000		34,595
China National Materials Co., Ltd.		47,000		10,908
China Oilfield Services, Ltd. Class H (b)		165,723		143,801
China Overseas Grand Oceans Group, Ltd. (a) (b)		34,000		10,959
China Overseas Land & Investment, Ltd.		315,200		1,068,826
China Pacific Insurance Group Co., Ltd. Class H		133,200		492,033
China Petroleum & Chemical Corp. Class H		1,539,200		1,121,266
China Power International Development, Ltd.		390,000		149,846
China Power New Energy Development Co., Ltd. (b)		15,000		9,457
China Railway Construction Corp., Ltd. Class H		140,990		159,969
China Railway Group, Ltd. Class H		320,487		231,400
China Rare Earth Holdings, Ltd. (a)		91,200		6,585
China Resources Beer Holdings Co., Ltd. (a)		100,625		213,551
China Resources Gas Group, Ltd.		24,000		82,002
China Resources Land, Ltd.		182,222		507,481
China Resources Power Holdings Co., Ltd.		162,432		279,797
China Sanjiang Fine Chemicals Co., Ltd.		34,000		9,820
China Shenhua Energy Co., Ltd. Class H		266,056		520,041
China Shipping Container Lines Co., Ltd. Class H (a) (b)		462,117		98,907
China Shipping Development Co., Ltd. Class H		140,000		75,632
China Singyes Solar Technologies Holdings, Ltd. (b)		9,600		4,939
China South City Holdings, Ltd. (b)		88,000		19,515
China Southern Airlines Co., Ltd. Class H		78,000		43,747
China State Construction International Holdings, Ltd.		64,000		84,168
China Taiping Insurance Holdings Co., Ltd. (a)		61,635		121,586
China Telecom Corp., Ltd. Class H		1,017,615		513,009
China Travel International Investment Hong Kong, Ltd. (b)		400,000		115,524
China Unicom Hong Kong, Ltd.		317,668		381,319
China Vanke Co., Ltd. Class H		62,400		161,713
China Yurun Food Group, Ltd. (a) (b)		12,000		1,949
China ZhengTong Auto Services Holdings, Ltd.		18,500		5,844
ChinaCache International Holdings, Ltd. ADR (a) (b)		1,035		3,985
Chinasoft International, Ltd. (a)		64,000		29,459
Chongqing Changan Automobile Co., Ltd. Class B.		56,800		92,568
Chongqing Machinery & Electric Co., Ltd. Class H		60,000		7,117
CIFI Holdings Group Co., Ltd.		26,000		8,146
CIMC Enric Holdings, Ltd. (b)		10,000		4,332
CITIC Resources Holdings, Ltd. (a) (b)		84,000		10,289
CITIC Securities Co., Ltd. Class H		90,500		192,063
CITIC Telecom International Holdings, Ltd.		41,000		15,277
CITIC, Ltd.		352,000		501,953
CNinsure, Inc. ADR (a)		2,187		16,840
CNOOC, Ltd.		1,008,603		1,251,009
Cogobuy Group (a) (b) (d)		25,000		41,194
Colour Life Services Group Co., Ltd. (a)		30,000		21,081
Comtec Solar Systems Group, Ltd. (a)		140,000		7,040
Coolpad Group, Ltd. (a)		205,600		38,703
COSCO SHIPPING Ports, Ltd.		157,087		161,017
Cosmo Lady China Holdings Co., Ltd. (b) (d) .		32,000		13,203
Country Garden Holdings Co., Ltd.		303,466		160,029
Credit China Holdings, Ltd. (a) (b)		220,000		27,798
CRRC Corp., Ltd. Class H		227,000		204,875
CSG Holding Co., Ltd. Class B		8,200		7,010
Ctrip.com International, Ltd. ADR (a)		18,154		845,432
Daqo New Energy Corp. ADR (a) (b)		690		14,628
Datang International Power Generation Co., Ltd. Class H		468,000		124,905
Dazhong Transportation Group Co., Ltd. Class B.		80,550		60,332
Dongfang Electric Corp., Ltd. Class H		15,600		12,330
Dongfeng Motor Group Co., Ltd. Class H		308,000		307,764
E-Commodities Holdings, Ltd. (a)		2,000		199
Fang Holdings, Ltd. ADR (a)		9,546		42,862
Fantasia Holdings Group Co., Ltd. (a)		58,500		8,900
Far East Horizon, Ltd.		116,000		109,480
Fufeng Group, Ltd. (a)		32,000		14,812
Future Land Holdings Co., Ltd. Class A		59,871		113,369
Geely Automobile Holdings, Ltd. (b)		155,000		138,294
GF Securities Co., Ltd. Class H (b)		90,800		191,997
Goldpac Group, Ltd.		25,000		7,768
GOME Electrical Appliances Holding, Ltd. (b)		587,000		71,900

See accompanying notes to financial statements.

252

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Goodbaby International Holdings, Ltd.		28,000	$	14,477
Great Wall Motor Co., Ltd. Class H		187,250		182,278
Greatview Aseptic Packaging Co., Ltd.		10,000		5,312
Greentown China Holdings, Ltd. (a) (b)		33,500		28,205
Guangdong Electric Power Development Co., Ltd. Class B.		109,840		49,284
Guangdong Investment, Ltd.		314,000		498,776
Guangshen Railway Co., Ltd. Class H		312,000		161,311
Guangzhou Automobile Group Co., Ltd. Class H		176,636		227,059
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H (a)		6,000		14,729
Guangzhou R&F Properties Co., Ltd. Class H .		140,400		220,847
Guodian Technology & Environment Group Corp., Ltd. Class H (a)		34,000		2,280
Guotai Junan International Holdings, Ltd. (b) .		108,000		40,939
Haichang Ocean Park Holdings, Ltd. (a) (d)		47,000		9,635
Haitian International Holdings, Ltd.		5,000		9,838
Haitong Securities Co., Ltd. Class H		140,400		237,501
Hangzhou Steam Turbine Co., Ltd. Class B (a)		24,000		30,635
Harbin Electric Co., Ltd. Class H		78,000		37,411
Hengan International Group Co., Ltd. (b)		41,000		339,907
HNA Infrastructure Co., Ltd.		26,000		29,098
Honghua Group, Ltd. (a)		14,000		839
Honworld Group, Ltd. (d)		15,500		9,193
Hopson Development Holdings, Ltd.		26,000		25,645
Huadian Fuxin Energy Corp., Ltd. Class H		50,000		11,862
Huadian Power International Corp., Ltd. Class H		211,308		94,811
Huaneng Power International, Inc. Class H		312,000		195,102
Huaneng Renewables Corp., Ltd. Class H		152,000		52,914
Huangshan Tourism Development Co., Ltd. Class B.		53,232		79,529
Huatai Securities Co., Ltd. Class H (d)		38,400		77,731
Huayi Tencent Entertainment Co., Ltd. (a) (b)		110,000		6,879
Industrial & Commercial Bank of China, Ltd. Class H		4,243,590		2,653,629
Inner Mongolia Yitai Coal Co., Ltd. Class B		28,436		25,990
Intime Retail Group Co., Ltd. (b)		82,500		71,906
JA Solar Holdings Co., Ltd. ADR (a)		1,266		7,609
JD.com, Inc. ADR (a)		46,460		1,212,141
Jiangnan Group, Ltd.		56,000		9,531
Jiangsu Expressway Co., Ltd. Class H		212,000		293,019
Jiangxi Copper Co., Ltd. Class H		80,000		91,388
JinkoSolar Holding Co., Ltd. ADR (a) (b)		805		12,719
Jumei International Holding, Ltd. ADR (a)		460		2,691
Kama Co., Ltd. Class B (a)		7,100		8,570
Kingdee International Software Group Co., Ltd. (a) (b)		92,000		36,297
Kingsoft Corp., Ltd. (b)		36,000		85,127
Konka Group Co., Ltd. Class B (a)		814,000		313,806
Kunlun Energy Co., Ltd. (b)		390,000		298,687
KWG Property Holding, Ltd.		76,412		50,147
Lao Feng Xiang Co., Ltd. Class B		10,130		35,779
Lenovo Group, Ltd.		546,000		361,843
Li Ning Co., Ltd. (a)		111,333		76,223
Lianhua Supermarket Holdings Co., Ltd. Class H (a) (b)		13,000		4,995
Lifetech Scientific Corp. (a) (b)		76,000		19,108
Livzon Pharmaceutical Group, Inc. Class H		4,520		27,857
Luye Pharma Group, Ltd. (a)		35,000		22,924
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		234,000		53,100
Metallurgical Corp. of China, Ltd. Class H		80,000		26,096
Minth Group, Ltd.		18,000		63,242
MOBI Development Co., Ltd.		111,000		18,319
Momo, Inc. ADR (a)		920		20,700
NetEase, Inc. ADR		5,353		1,288,895
New China Life Insurance Co., Ltd. Class H		37,100		163,832
New Oriental Education & Technology Group, Inc. ADR (a)		6,401		296,750
Noah Holdings, Ltd. ADS (a) (b)		690		18,016
NQ Mobile, Inc. Class A, ADR (a) (b)		2,075		7,926
Ourgame International Holdings, Ltd. (a)		26,000		13,275
Ozner Water International Holding, Ltd. (a) (b) (d)		47,000		10,120
Pacific Online, Ltd.		25,000		6,350
Parkson Retail Group, Ltd. (b)		97,134		10,395
People’s Insurance Co. Group of China, Ltd. Class H		280,000		114,080
PetroChina Co., Ltd. Class H		1,190,970		781,598
PICC Property & Casualty Co., Ltd. Class H		397,506		658,072
Ping An Insurance Group Co. of China, Ltd. Class H		270,000		1,399,442
Poly Culture Group Corp., Ltd. Class H		3,300		8,510
Poly Property Group Co., Ltd. (a) (b)		51,000		17,360
PW Medtech Group, Ltd. (a)		29,000		8,749
Qunar Cayman Islands, Ltd. ADR (a) (b)		1,727		50,083
ReneSola, Ltd. ADR (a) (b)		9,546		9,641
Renhe Commercial Holdings Co., Ltd. (a) (b)		851,000		21,176
Semiconductor Manufacturing International Corp. (a)		1,426,000		159,957
Shandong Airlines Co., Ltd. Class B		2,900		6,618
Shandong Chenming Paper Holdings, Ltd. Class B.		15,200		13,816
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		8,000		11,346
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		116,000		77,773

See accompanying notes to financial statements.

253

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Shanghai Baosight Software Co., Ltd. Class B .		4,300	$	7,972
Shanghai Electric Group Co., Ltd. Class H (a) .		330,077		155,762
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		14,000		43,502
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)		16,000		13,203
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		8,000		7,839
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)		74,248		44,920
Shanghai Huayi Group Corp., Ltd. Class B		200		222
Shanghai Industrial Urban Development Group, Ltd.		26,000		6,705
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		28,000		8,628
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		42,682		68,419
Shanghai Jinjiang International Travel Co., Ltd. Class B.		2,300		8,995
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		56,466		90,741
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		31,440		52,788
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		15,700		42,307
Shanghai Prime Machinery Co., Ltd. Class H .		58,000		11,815
Shengjing Bank Co., Ltd. Class H (d)		32,300		33,275
Shenwan Hongyuan HK, Ltd.		10,000		5,222
Shenzhen Expressway Co., Ltd. Class H		128,482		134,844
Shenzhen International Holdings, Ltd. (b)		38,310		63,521
Shenzhen Investment, Ltd.		104,870		49,893
Shenzhou International Group Holdings, Ltd.		25,000		174,060
Shougang Concord International Enterprises Co., Ltd. (a)		206,000		7,038
Shunfeng International Clean Energy, Ltd. (a) .		60,000		7,117
Silver Grant International Industries, Ltd. (a)		64,000		6,684
SINA Corp. (a)		4,494		331,792
Sino-Ocean Group Holding, Ltd.		298,480		137,388
Sinofert Holdings, Ltd. (b)		52,000		6,570
SinoMedia Holding, Ltd. (b)		26,000		6,570
Sinopec Oilfield Service Corp. Class H (a)		70,000		13,448
Sinopec Shanghai Petrochemical Co., Ltd. Class H		310,600		156,582
Sinopharm Group Co., Ltd. Class H		49,600		238,217
Sinosoft Technology Group, Ltd. (b)		39,600		19,096
Sinotrans, Ltd. Class H		353,300		171,276
Sinovac Biotech, Ltd. (a)		6,179		36,456
SITC International Holdings Co., Ltd.		30,000		17,870
SOHO China, Ltd. (a)		25,500		13,776
SPT Energy Group, Inc. (a) (b)		20,000		1,444
Sunac China Holdings, Ltd.		78,000		56,117
Sunny Optical Technology Group Co., Ltd.		35,000		172,835
Synertone Communication Corp. (a)		54,400		1,262
TCL Multimedia Technology Holdings, Ltd. (a) (b)		24,000		11,790
Tencent Holdings, Ltd.		309,567		8,501,572
Tian Ge Interactive Holdings, Ltd. (a) (b) (d)		32,000		22,610
Tiangong International Co., Ltd.		64,000		7,096
Tianneng Power International, Ltd. (b)		52,000		44,317
Tingyi Cayman Islands Holding Corp. (b)		214,000		247,774
Tong Ren Tang Technologies Co., Ltd. Class H		10,000		19,340
TravelSky Technology, Ltd. Class H		153,841		364,968
Trigiant Group, Ltd. (b)		22,000		3,177
Trina Solar, Ltd. ADR (a)		4,140		42,394
Uni-President China Holdings, Ltd. (b)		33,000		23,401
Universal Health International Group Holding, Ltd. (a)		30,000		1,431
V1 Group, Ltd.		244,200		12,594
Vipshop Holdings, Ltd. ADR (a)		15,772		231,375
Want Want China Holdings, Ltd. (b)		431,000		266,737
Weibo Corp. ADR (a)		414		20,758
Weiqiao Textile Co. Class H		98,000		69,621
West China Cement, Ltd. (a) (b)		96,000		9,407
Wisdom Sports Group (a) (b)		36,000		12,718
Xiamen International Port Co., Ltd. Class H		26,000		5,230
Xinchen China Power Holdings, Ltd. (a)		42,000		6,823
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		5,400		8,062
Xinyi Solar Holdings, Ltd. (a) (b)		150,000		56,086
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (d)		6,500		11,012
Yanzhou Coal Mining Co., Ltd. Class H (b)		234,000		157,489
Yestar International Holdings Co., Ltd. (b)		22,500		10,966
Yingde Gases Group Co., Ltd.		25,000		9,896
Yingli Green Energy Holding Co., Ltd. ADR (a) (b)		1,135		4,392
Yuexiu Property Co., Ltd.		546,000		85,885
Yuexiu Transport Infrastructure, Ltd. (b)		1,258		861
YY, Inc. ADR (a) (b)		1,378		73,420
Zhaojin Mining Industry Co., Ltd. Class H (b) .		17,000		17,162
Zhejiang Expressway Co., Ltd. Class H		257,862		271,960
Zhuzhou CRRC Times Electric Co., Ltd.		36,500		189,184
Zijin Mining Group Co., Ltd. Class H		415,000		133,233
ZTE Corp. Class H		78,927		114,789
				67,921,578
COLOMBIA — 0.6%
Almacenes Exito SA		7,963		40,644
Avianca Holdings SA Preference Shares		119,109		98,017
Banco Davivienda SA Preference Shares		13,391		137,165

See accompanying notes to financial statements.

254

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Banco de Bogota SA		4,297	$	93,400
Bancolombia SA		12,449		112,819
Bancolombia SA ADR		4,487		175,173
Bolsa de Valores de Colombia		8,123,038		49,923
Celsia SA ESP		7,914		10,854
Cementos Argos SA		8,853		35,289
Cementos Argos SA Preference Shares		10,574		39,653
Cemex Latam Holdings SA (a)		3,085		11,740
Constructora Conconcreto SA		24,034		9,054
Corp. Financiera Colombiana SA		4,061		53,385
Ecopetrol SA (a)		119,765		51,981
Empresa de Telecomunicaciones de Bogota		235,924		48,004
Grupo Argos SA.		3,256		21,051
Grupo Argos SA Preference Shares		13,550		83,841
Grupo Aval Acciones y Valores SA		323,558		139,310
Grupo de Inversiones Suramericana SA		4,874		63,667
Grupo de Inversiones Suramericana SA Preference Shares		4,869		63,060
Grupo Nutresa SA		4,498		39,576
Interconexion Electrica SA ESP		18,147		61,435
				1,439,041
CZECH REPUBLIC — 0.3%
CEZ A/S		16,339		291,239
Komercni banka A/S		8,628		298,649
Unipetrol A/S		11,646		87,859
				677,747
EGYPT — 0.5%
Commercial International Bank Egypt SAE		155,300		841,213
Egypt Kuwait Holding Co. SAE		60,870		26,783
Egyptian Financial Group-Hermes Holding Co. (a)		74,266		104,291
Global Telecom Holding SAE (a)		57,070		26,928
Global Telecom Holding SAE GDR (a)		32,676		63,391
Orascom Telecom Media And Technology Holding SAE (a) (e)		45,697		2,779
				1,065,385
GREECE — 0.2%
Alpha Bank AE (a)		3,897		6,482
Diana Shipping, Inc. (a)		2,786		7,299
DryShips, Inc. (a)		144		65
Ellaktor SA (a)		259		364
Eurobank Ergasias SA (a)		3,952		2,256
FF Group (a)		999		24,811
Fourlis Holdings SA (a)		128		551
Frigoglass SAIC (a)		221		22
GEK Terna Holding Real Estate Construction SA (a)		316		650
Grivalia Properties REIC AE		5,407		40,712
Hellenic Exchanges — Athens Stock Exchange SA		10,257		47,260
Hellenic Telecommunications Organization SA		8,563		75,060
Intralot SA-Integrated Lottery Systems & Services (a)		23,048		26,937
JUMBO SA		3,513		43,822
Marfin Investment Group Holdings SA (a)		3,732		512
Mytilineos Holdings SA (a)		85		397
National Bank of Greece SA (a)		3,002		621
OPAP SA		10,569		89,318
Piraeus Bank SA (a)		492		74
Public Power Corp. SA (a)		3,610		10,751
Terna Energy SA		166		481
Titan Cement Co. SA		1,695		39,964
				418,409
HONG KONG — 1.2%
AGTech Holdings, Ltd. (a)		56,000		11,119
Alibaba Pictures Group, Ltd. (a) (b)		652,400		136,268
AMVIG Holdings, Ltd.		54,000		18,868
Asian Citrus Holdings, Ltd. (a)		51,000		3,945
Beijing Enterprises Clean Energy Group, Ltd. (a)		798,000		22,533
BEP International Holdings, Ltd.		440,000		28,365
Bosideng International Holdings, Ltd.		82,000		7,401
Carnival Group International Holdings, Ltd. (a) (b)		290,000		35,147
CGN Meiya Power Holdings Co., Ltd. (a) (d)		24,000		3,682
Chia Tai Enterprises International, Ltd. (a)		2,300		599
China All Access Holdings, Ltd. (b)		28,000		9,856
China Animation Characters Co., Ltd.		26,000		13,107
China Chengtong Development Group, Ltd. (a)		254,000		23,579
China Fiber Optic Network System Group, Ltd. (a)		84,800		6,670
China Financial International Investments, Ltd. (a) (b)		260,000		15,588
China Financial Leasing Group, Ltd. (a)		80,000		4,023
China Gas Holdings, Ltd. (b)		132,000		209,336
China High Speed Transmission Equipment Group Co., Ltd.		41,000		41,444
China Jicheng Holdings, Ltd. (a) (b) (d)		1,119,000		37,512
China National Culture Group, Ltd. (a)		290,000		1,757
China NT Pharma Group Co., Ltd.		139,600		34,558
China Ocean Industry Group, Ltd. (a)		345,000		10,453
China Oil & Gas Group, Ltd. (a)		132,000		9,701
China Overseas Property Holdings, Ltd.		62,066		12,804
China Precious Metal Resources Holdings Co., Ltd. (a) (b)		208,000		6,705
China Public Procurement, Ltd. (a)		444,000		4,637
China Soft Power Technology Holdings, Ltd. (a)		168,000		4,441
China Vanguard Group, Ltd. (a)		70,000		2,247
Citychamp Watch & Jewellery Group, Ltd.		80,000		18,773
Comba Telecom Systems Holdings, Ltd.		65,198		12,862
Concord New Energy Group, Ltd.		120,000		6,266
CP Pokphand Co., Ltd.		260,000		33,523
Digital China Holdings, Ltd. (b)		49,000		47,067
Essex Bio-technology, Ltd.		50,000		23,208
Eternity Investment, Ltd. (a)		40,574		973
Feiyu Technology International Co., Ltd. (d)		19,500		3,394

See accompanying notes to financial statements.

255

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
First Shanghai Investments, Ltd.		40,000	$	7,066
Fullshare Holdings, Ltd. (b)		287,000		166,517
GCL-Poly Energy Holdings, Ltd. (b)		424,000		56,308
Global Bio-Chem Technology Group Co., Ltd. (a)		182,000		3,543
Golden Meditech Holdings, Ltd.		44,000		5,616
Haier Electronics Group Co., Ltd.		33,000		54,547
Hanergy Thin Film Power Group, Ltd. (a) (b) (f)		856,000		—
Hengdeli Holdings, Ltd. (a)		1,037,600		115,052
Hi Sun Technology China, Ltd. (a) (b)		108,000		18,799
Hua Han Health Industry Holdings, Ltd. (b)		283,600		19,380
Hua Hong Semiconductor, Ltd. (d)		7,000		8,123
Huabao International Holdings, Ltd. (a)		72,000		27,664
Imperial Pacific International Holdings, Ltd. (a) (b)		1,610,000		28,646
Joy City Property, Ltd.		176,000		25,642
Ju Teng International Holdings, Ltd.		56,500		16,828
Kingboard Chemical Holdings, Ltd.		75,340		228,275
Kingboard Laminates Holdings, Ltd.		42,500		38,796
Lee & Man Paper Manufacturing, Ltd.		37,000		33,585
Millennium Pacific Group Holdings, Ltd. (a) .		138,000		2,811
National Agricultural Holdings, Ltd. (a) (b)		50,000		8,896
Neo Telemedia, Ltd. (a)		588,000		30,704
NetDragon Websoft Holdings, Ltd.		15,000		52,121
NewOcean Energy Holdings, Ltd.		22,000		5,900
Newtree Group Holdings, Ltd. (a)		35,000		2,053
Nine Dragons Paper Holdings, Ltd.		117,000		109,368
Portico International Holdings, Ltd. (a)		18,000		6,962
Pou Sheng International Holdings, Ltd.		90,000		29,706
Qianhai Health Holdings, Ltd. (a)		56,279		1,284
Real Nutriceutical Group, Ltd.		73,000		6,118
Shimao Property Holdings, Ltd.		117,000		158,395
SIM Technology Group, Ltd. (a)		236,000		10,041
Sino Biopharmaceutical, Ltd.		228,000		153,157
Skyworth Digital Holdings, Ltd.		77,194		55,537
Solargiga Energy Holdings, Ltd. (a)		510,000		10,850
SSY Group, Ltd. (b)		23,740		8,142
Sun Art Retail Group, Ltd. (b)		63,500		43,802
Suncorp Technologies, Ltd. (a)		700,000		7,040
Tack Fiori International Group, Ltd. (a)		44,000		1,305
Tech Pro Technology Development, Ltd. (a)		214,000		4,911
Tibet Water Resources, Ltd. (b)		28,000		9,784
United Laboratories International Holdings, Ltd. (a)		12,000		6,962
Universal Medical Financial & Technical Advisory Services Co., Ltd. (d)		42,600		36,855
Vision Values Holdings, Ltd. (a)		60,000		2,746
Wanda Hotel Development Co., Ltd. (a)		45,000		4,352
Wasion Group Holdings, Ltd. (b)		24,000		13,058
WH Group, Ltd. (d)		372,000		299,290
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		12,250		2,575
Xinyi Glass Holdings, Ltd. (a)		122,000		110,266
Yip’s Chemical Holdings, Ltd.		10,000		4,061
				2,915,850
HUNGARY — 0.6%
MOL Hungarian Oil & Gas PLC		5,469		337,465
OTP Bank PLC		22,090		578,319
Richter Gedeon Nyrt		18,916		383,110
				1,298,894
INDIA — 11.8%
Adani Enterprises, Ltd.		896		884
Adani Ports & Special Economic Zone, Ltd.		45,568		175,722
Adani Power, Ltd. (a)		2,134		798
Adani Transmissions, Ltd. (a)		1,081		619
AIA Engineering, Ltd.		679		13,150
Alok Industries, Ltd. (a)		254,590		12,236
Amtek Auto, Ltd. (a)		8,303		5,481
Anant Raj, Ltd.		63,219		52,651
Apollo Hospitals Enterprise, Ltd.		5,640		111,258
Ashok Leyland, Ltd.		33,935		40,571
Aurobindo Pharma, Ltd.		18,412		236,566
Axis Bank, Ltd.		64,215		522,121
Bajaj Hindusthan Sugar, Ltd. (a)		96,519		23,412
Balrampur Chini Mills, Ltd.		48,077		77,806
BF Investment, Ltd. (a)		10,742		26,323
Bharat Financial Inclusion, Ltd. (a)		2,901		38,371
Bharat Forge, Ltd.		1,251		17,113
Bharat Heavy Electricals, Ltd.		73,383		148,463
Bharti Airtel, Ltd.		119,849		565,224
Bharti Infratel, Ltd.		19,502		107,000
Biocon, Ltd.		2,313		32,430
Bosch, Ltd.		84		28,763
Britannia Industries, Ltd.		4,713		238,128
Cipla, Ltd.		50,095		436,431
Coal India, Ltd.		32,141		155,588
CORE Education & Technologies, Ltd. (a) (e) .		9,253		243
DCB Bank, Ltd. (a)		132,967		249,937
Dewan Housing Finance Corp., Ltd.		37,113		158,196
Dr Reddy’s Laboratories, Ltd. ADR		14,040		651,737
Educomp Solutions, Ltd. (a)		16,753		2,982
Eicher Motors, Ltd.		452		168,552
Era Infra Engineering, Ltd. (a) (e)		2,941		66
Fortis Healthcare, Ltd. (a)		26,179		65,664
GAIL India, Ltd.		55,106		310,085
Gammon India, Ltd. (a)		41,199		9,839
Gateway Distriparks, Ltd.		15,664		59,216
Gitanjali Gems, Ltd.		1,665		1,517
Glenmark Pharmaceuticals, Ltd.		4,253		58,988
Godrej Consumer Products, Ltd.		3,056		72,827
Godrej Industries, Ltd.		26,954		174,059
Grasim Industries, Ltd. GDR		35		2,541
GRUH Finance, Ltd.		44,038		216,718
GTL Infrastructure, Ltd. (a)		280,356		20,633
GTL, Ltd. (a)		2,132		663
Gujarat NRE Coke, Ltd. (a)		15,903		752
Gujarat Pipavav Port, Ltd.		2,982		7,793
GVK Power & Infrastructure, Ltd. (a)		126,029		12,115
HCL Technologies, Ltd.		29,027		348,734
HDFC Bank, Ltd.		50,852		972,168
Hero MotoCorp, Ltd.		16,044		822,610
Hindalco Industries, Ltd.		51,059		117,103

See accompanying notes to financial statements.

256

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Hindustan Construction Co., Ltd. (a)		15,672	$	8,239
Hindustan Unilever, Ltd.		68,921		898,364
Housing Development & Infrastructure, Ltd. (a)		13,243		15,833
Housing Development Finance Corp., Ltd.		104,857		2,194,548
ICICI Bank, Ltd. ADR		148,197		1,107,032
Idea Cellular, Ltd.		21,985		26,119
IDFC Bank, Ltd.		20		24
IDFC, Ltd. (a)		18		18
Indiabulls Housing Finance, Ltd.		5,394		67,032
Indiabulls Real Estate, Ltd. (a)		19,026		26,333
Indian Hotels Co., Ltd.		68,895		134,986
Infosys, Ltd. ADR (b)		151,086		2,384,137
IRB Infrastructure Developers, Ltd.		4,123		15,181
ITC, Ltd.		136,185		493,666
ITC, Ltd. GDR.		46,297		167,827
IVRCL, Ltd. (a)		14,391		1,038
Jain Irrigation Systems, Ltd.		10,919		14,686
Jaiprakash Associates, Ltd. (a)		58,440		9,216
Jet Airways India, Ltd. (a)		14,247		101,910
Jindal Steel & Power, Ltd. (a)		5,399		6,159
Kotak Mahindra Bank, Ltd.		27,805		324,489
Lanco Infratech, Ltd. (a)		30,185		1,859
Larsen & Toubro, Ltd. GDR		34,505		738,407
LIC Housing Finance, Ltd.		15,852		137,806
Lupin, Ltd.		9,638		215,147
Magma Fincorp, Ltd.		7,836		12,069
Mahanagar Telephone Nigam, Ltd. (a)		51,508		15,318
Mahindra & Mahindra Financial Services, Ltd.		14,286		78,167
Mahindra & Mahindra, Ltd. GDR		38,868		824,002
Marico, Ltd.		6,841		28,307
Marksans Pharma, Ltd.		11,235		8,876
Maruti Suzuki India, Ltd.		11,409		938,578
Mindtree, Ltd.		2,993		21,674
Monnet Ispat & Energy, Ltd. (a)		5,309		1,762
MRF, Ltd.		144		110,028
NCC, Ltd.		18,007		22,204
NTPC, Ltd.		100,681		223,803
Oil & Natural Gas Corp., Ltd.		143,402		552,780
OnMobile Global, Ltd.		4,008		5,911
Opto Circuits India, Ltd. (a)		4,623		799
Page Industries, Ltd.		181		41,098
PS IT Infrastructure & Services, Ltd. (a)		111		161
PTC India, Ltd.		46,101		51,550
Punj Lloyd, Ltd. (a)		8,140		2,696
Rajesh Exports, Ltd.		7,504		51,484
RattanIndia Infrastructure, Ltd. (a)		47,862		2,372
REI Agro, Ltd. (a)		1,065,796		8,804
Reliance Capital, Ltd.		6,340		52,078
Reliance Communications, Ltd. (a)		78,008		54,306
Reliance Industries, Ltd. GDR (d)		50,814		1,651,709
Reliance Infrastructure, Ltd.		18,644		154,363
Rolta India, Ltd. (a)		5,399		4,934
Ruchi Soya Industries, Ltd. (a)		30,792		9,643
SE Investments, Ltd.		10,341		32,244
Sharda Cropchem, Ltd.		1,998		11,466
Shree Renuka Sugars, Ltd. (a)		69,653		16,058
Shriram Transport Finance Co., Ltd.		6,587		115,025
Siemens, Ltd.		16,995		316,595
Sintex Industries, Ltd.		49,059		57,695
State Bank of India GDR		9,298		346,351
Strides Shasun, Ltd.		1,891		28,571
Sun Pharma Advanced Research Co., Ltd. (a) .		2,071		9,811
Sun Pharmaceutical Industries, Ltd.		59,964		668,899
Sun TV Network, Ltd.		5,640		42,791
Suzlon Energy, Ltd. (a)		322,759		71,988
Symphony, Ltd.		831		14,187
Tata Communications, Ltd.		12,675		107,684
Tata Consultancy Services, Ltd.		34,555		1,261,584
Tata Elxsi, Ltd.		1,081		22,605
Tata Motors, Ltd. ADR		28,013		1,119,960
Tata Power Co., Ltd.		182,914		207,145
Tata Steel, Ltd.		26,314		147,913
Tech Mahindra, Ltd.		24,308		153,285
UltraTech Cement, Ltd.		246		14,231
Unitech, Ltd. (a)		107,431		9,520
United Breweries, Ltd.		3,972		53,930
United Spirits, Ltd. (a)		3,551		131,546
UPL, Ltd.		7,355		74,439
Vedanta, Ltd.		26,154		67,585
Videocon Industries, Ltd. (a)		20,435		31,966
VST Industries, Ltd.		1,476		50,304
Welspun India, Ltd.		12,730		10,038
Wipro, Ltd. ADR		61,566		597,806
Wockhardt, Ltd. (a)		1,736		22,902
Zee Entertainment Enterprises, Ltd.		31,109		255,465
				27,663,968
INDONESIA — 3.1%
Alam Sutera Realty Tbk PT (a)		501,800		17,764
Astra International Tbk PT		1,668,488		1,054,710
Bank Central Asia Tbk PT		1,101,087		1,324,578
Bank Danamon Indonesia Tbk PT		335,618		104,149
Bank Mandiri Persero Tbk PT		831,949		713,955
Bank Negara Indonesia Persero Tbk PT		135,100		57,452
Bank Rakyat Indonesia Persero Tbk PT		834,865		780,427
Barito Pacific Tbk PT (a)		646,500		48,298
Bekasi Fajar Industrial Estate Tbk PT		312,400		7,085
Bumi Resources Tbk PT (a) (e)		1,115,100		5,810
Bumi Serpong Damai Tbk PT		265,700		44,789
Charoen Pokphand Indonesia Tbk PT		290,200		77,825
Ciputra Development Tbk PT		415,952		50,675
Citra Marga Nusaphala Persada Tbk PT (a)		94,413		10,887
Garuda Indonesia Persero Tbk PT (a)		889,800		29,181
Global Mediacom Tbk PT		43,000		2,932
Indocement Tunggal Prakarsa Tbk PT		35,300		46,928
Indofood Sukses Makmur Tbk PT		732,451		488,263
Indosat Tbk PT (a)		176,600		81,527
Japfa Comfeed Indonesia Tbk PT		76,500		10,170
Kalbe Farma Tbk PT		3,668,367		482,051
Kawasan Industri Jababeka Tbk PT (a)		340,649		7,674
Lippo Cikarang Tbk PT (a)		12,600		5,672
Lippo Karawaci Tbk PT		859,400		65,191
Matahari Putra Prima Tbk PT		43,200		5,859
Mayora Indah Tbk PT		615,175		70,469

See accompanying notes to financial statements.

257

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Medco Energi Internasional Tbk PT (a)		459,400	$	53,857
Media Nusantara Citra Tbk PT		56,800		8,791
Modernland Realty Tbk PT (a)		537,600		15,159
Pakuwon Jati Tbk PT		378,900		19,597
Perusahaan Gas Negara Persero Tbk		1,007,400		221,534
Semen Indonesia Persero Tbk PT		57,000		44,112
Sigmagold Inti Perkasa Tbk PT (a)		862,700		17,848
Summarecon Agung Tbk PT		292,600		39,347
Telekomunikasi Indonesia Persero Tbk PT		2,549,800		842,053
Tiga Pilar Sejahtera Food Tbk (a)		413,200		61,738
Unilever Indonesia Tbk PT		42,200		144,051
United Tractors Tbk PT		177,415		240,613
XL Axiata Tbk PT (a)		54,525		11,280
				7,314,301
MALAYSIA — 2.8%
Aeon Co. M Bhd		543,090		379,526
AEON Credit Service M Bhd		7,500		26,115
AirAsia Bhd		84,400		56,940
Alliance Financial Group Bhd		323,900		291,357
Axiata Group Bhd		100,092		126,340
Berjaya Sports Toto Bhd		155,614		124,551
Bintulu Port Holdings Bhd (e)		94		151
British American Tobacco Malaysia Bhd		3,300		39,212
Bursa Malaysia Bhd		66,193		141,173
Capitaland Malaysia Mall Trust REIT		105,500		39,542
Carlsberg Brewery Malaysia Bhd Class B		165,776		589,266
CIMB Group Holdings Bhd		64,841		73,849
Dialog Group Bhd		1,137,067		401,431
DiGi.Com Bhd.		416,700		501,793
Felda Global Ventures Holdings Bhd		29,300		16,579
Genting Bhd		251,600		482,454
Genting Malaysia Bhd		39,500		43,459
Guan Chong Bhd (a)		65,800		16,229
Hap Seng Plantations Holdings Bhd		8,900		5,165
IHH Healthcare Bhd		57,100		87,400
IOI Corp. Bhd		398,460		428,762
IOI Properties Group Bhd		288,550		173,737
Iskandar Waterfront City Bhd (a)		26,900		5,789
KLCCP Stapled Group		42,000		78,404
KNM Group Bhd (a)		342,021		33,495
KPJ Healthcare Bhd		29,620		30,297
Lingkaran Trans Kota Holdings Bhd		27,100		38,008
Magnum Bhd		239,560		130,917
Malayan Banking Bhd		189,771		344,162
Malaysian Resources Corp. Bhd		443,800		139,509
MPHB Capital Bhd (a)		119,630		38,763
Naim Holdings Bhd (a)		87		34
OSK Holdings Bhd		464,506		177,468
Pavilion Real Estate Investment Trust		100,400		42,971
Pos Malaysia Bhd		78,700		73,267
Public Bank Bhd		58,300		279,412
SapuraKencana Petroleum Bhd (a)		41,900		15,907
Sime Darby Bhd.		74,031		136,945
SP Setia Bhd Group		24,443		20,628
Sunway Real Estate Investment Trust		104,300		43,632
TA Enterprise Bhd		410,300		48,119
TA Global Bhd		298,756		16,254
Telekom Malaysia Bhd		52,927		86,772
Tenaga Nasional Bhd		56,800		196,407
UEM Edgenta Bhd		53,500		43,079
UEM Sunrise Bhd		331,788		94,671
UMW Holdings Bhd		23,500		33,129
Unisem M Bhd		23,200		14,137
United Plantations Bhd		5,000		33,249
VS Industry Bhd		105,000		35,038
WCT Holdings Bhd		596,795		232,340
				6,507,834
MEXICO — 4.2%
Alfa SAB de CV Class A Class A		315,513		493,318
America Movil SAB de CV Series L		1,794,677		1,026,537
Axtel SAB de CV (a) (b)		127,610		29,408
Cemex SAB de CV (a)		892,517		708,350
Coca-Cola Femsa SAB de CV Series L		46,655		351,115
Consorcio ARA SAB de CV Series		126,793		44,877
Desarrolladora Homex SAB de CV Class C1 (a)		2,679		263
El Puerto de Liverpool SAB de CV Series C1 (b)		26,409		277,333
Fibra Uno Administracion SA de CV REIT		108,601		198,757
Fomento Economico Mexicano SAB de CV		154,934		1,430,979
Grupo Aeroportuario del Sureste SAB de CV Class B.		34,298		503,779
Grupo Bimbo SAB de CV Series A		216,887		572,769
Grupo Elektra SAB de CV (b)		3,944		51,167
Grupo Financiero Banorte SAB de CV Series O		122,090		641,440
Grupo Financiero Inbursa SAB de CV Series O		97,869		154,742
Grupo Mexico SAB de CV Series B		241,559		591,369
Grupo Televisa SAB Series CPO		145,134		747,136
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		124,945		167,854
Industrias CH SAB de CV Series B (a) (b)		33,919		151,583
Industrias Penoles SAB de CV		11,763		283,282
Kimberly-Clark de Mexico SAB de CV Class A.		193,223		437,893
Sare Holding SAB de CV Class B (a)		142,190		1,271
Telesites SAB de CV (a)		90,543		51,041
TV Azteca SAB de CV (b)		291,702		46,875
Urbi Desarrollos Urbanos SAB de CV (a) (b) (f)		44,913		—
Wal-Mart de Mexico SAB de CV		377,245		829,984
				9,793,122
NETHERLANDS — 0.4%
Steinhoff International Holdings NV		161,728		923,824
VimpelCom, Ltd. ADR		33,395		116,215
				1,040,039
PERU — 0.7%
Cia de Minas Buenaventura SAA ADR (c)		1,310		18,327
Cia de Minas Buenaventura SAA ADR (a) (c) .		23,955		331,537

See accompanying notes to financial statements.

258

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Credicorp, Ltd.		5,650	$	860,043
Southern Copper Corp. (b)		17,879		470,218
Volcan Cia Minera SAA Class B		359,984		65,528
				1,745,653
PHILIPPINES — 1.7%
Alliance Global Group, Inc.		158,000		51,803
Ayala Land, Inc.		1,015,280		821,729
Bank of the Philippine Islands		366,087		792,641
BDO Unibank, Inc.		259,254		586,990
Bloomberry Resorts Corp. (a)		61,800		5,811
Cebu Air, Inc.		110,070		256,478
Cebu Holdings, Inc.		558,800		59,228
D&L Industries, Inc.		167,300		39,328
DoubleDragon Properties Corp. (a)		111,040		133,949
East West Banking Corp.		62,900		25,941
Filinvest Land, Inc.		4,671,000		176,264
First Philippine Holdings Corp.		30,810		46,283
Global Ferronickel Holdings, Inc. (a)		358,000		7,382
GMA Holdings, Inc.		270,700		33,548
GT Capital Holdings, Inc.		730		21,677
JG Summit Holdings, Inc.		36,720		56,411
Megawide Construction Corp. (a)		352,188		115,326
Megaworld Corp.		507,300		49,375
Nickel Asia Corp.		42,300		6,280
PLDT, Inc.		7,775		274,478
Puregold Price Club, Inc.		24,400		21,384
San Miguel Corp.		10,680		17,971
SM Investments Corp.		12,600		174,989
SM Prime Holdings, Inc.		235,990		136,986
Top Frontier Investment Holdings, Inc. (a)		1,241		5,809
Universal Robina Corp.		17,650		64,784
Vista Land & Lifescapes, Inc.		80,500		8,947
				3,991,792
POLAND — 1.0%
Asseco Poland SA		6,559		95,471
Bank Pekao SA		11,961		386,580
Bank Zachodni WBK SA		1,771		143,930
Bioton SA (a)		84		183
Eurocash SA		616		6,840
Getin Holding SA (a)		23,476		6,072
Getin Noble Bank SA (a) (e)		65,350		7,854
Globe Trade Centre SA (a)		20,329		43,820
Grupa Lotos SA (a)		12,711		94,485
KGHM Polska Miedz SA		12,812		249,388
LPP SA		34		34,953
mBank SA (a)		1,936		172,868
Orange Polska SA		78,445		122,975
Orbis SA		6,142		124,369
PGE Polska Grupa Energetyczna SA		44,639		118,381
Polimex-Mostostal SA (a)		1,154		1,140
Polski Koncern Naftowy Orlen SA		16,952		287,941
Powszechna Kasa Oszczednosci Bank Polski SA		35,469		241,968
Powszechny Zaklad Ubezpieczen SA		22,813		145,318
				2,284,536
QATAR — 0.7%
Aamal Co. (a)		3,715		15,087
Industries Qatar QSC		3,388		100,468
Mannai Corp. QSC		2,223		50,112
Masraf Al Rayan QSC		24,123		235,136
Mazaya Qatar Real Estate Development QSC (a)		13,184		49,956
Medicare Group		1,803		44,258
National Leasing		19,387		89,429
Ooredoo QSC		6,187		163,084
Qatar Electricity & Water Co. QSC		588		34,470
Qatar Insurance Co. SAQ		5,135		125,344
Qatar National Bank SAQ		13,773		589,947
Qatari Investors Group QSC		6,242		86,894
Vodafone Qatar QSC (a)		24,007		71,850
				1,656,035
RUSSIA — 4.1%
Evraz PLC (a)		14,783		30,917
Gazprom PJSC ADR		374,792		1,577,874
LSR Group PJSC GDR		8,928		25,311
Lukoil PJSC ADR		30,561		1,488,015
Magnit PJSC GDR		10,487		437,203
Mail.Ru Group, Ltd. GDR (a)		2,628		46,095
Mechel PJSC ADR (a) (b)		11,254		32,186
MMC Norilsk Nickel PJSC ADR		44,735		714,865
Mobile TeleSystems PJSC ADR		56,929		434,368
Novatek OJSC GDR		5,908		649,880
Novolipetsk Steel PJSC GDR		2,416		31,408
Novorossiysk Commercial Sea Port PJSC GDR		3,759		23,682
Pharmstandard PJSC GDR (a)		278		1,086
Polymetal International PLC		8,147		102,496
Rosneft PJSC GDR		91,625		500,273
Rostelecom PJSC ADR		6,775		50,813
Sberbank of Russia PJSC ADR (c)		23,443		219,848
Sberbank of Russia PJSC ADR (c)		95,158		896,388
Severstal PJSC GDR		34,304		414,049
Sistema PJSC FC GDR		9,906		73,503
Surgutneftegas OJSC ADR		132,358		636,642
Tatneft PJSC ADR (c)		6,594		202,963
Tatneft PJSC ADR (c)		12,997		401,087
TMK PAO GDR		1,907		7,285
TMK PJSC GDR		1,486		5,677
VTB Bank PJSC GDR		150,760		335,592
X5 Retail Group NV GDR (a)		2,747		79,581
Yandex NV Class A (a)		7,568		159,306
				9,578,393
SOUTH AFRICA — 6.9%
Adbee Rf, Ltd. (a)		1,172		2,959
Adcock Ingram Holdings, Ltd. (b)		6,648		22,287
Adcorp Holdings, Ltd.		38,389		39,335
African Bank Investments, Ltd. (a) (f)		183,473		—
African Rainbow Minerals, Ltd.		8,187		49,040
Allied Electronics Corp., Ltd. (a)		45,643		19,085
Anglo American Platinum, Ltd. (a)		2,237		62,864
AngloGold Ashanti, Ltd. (a)		19,711		317,841
ArcelorMittal South Africa, Ltd. (a)		11,816		7,647
Aspen Pharmacare Holdings, Ltd.		19,631		442,550

See accompanying notes to financial statements.

259

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Aveng, Ltd. (a)		44,178	$	22,135
Barclays Africa Group, Ltd.		26,553		291,574
Barloworld, Ltd.		18,895		114,418
Bid Corp., Ltd.		7,573		142,717
Bidvest Group, Ltd.		27,703		325,516
Coronation Fund Managers, Ltd. (b)		39,914		203,877
Discovery, Ltd. (b)		27,216		223,646
FirstRand, Ltd. (b)		209,525		723,748
Foschini Group, Ltd.		18,162		184,245
Gold Fields, Ltd.		43,951		214,142
Grindrod, Ltd. (b)		74,340		62,278
Group Five, Ltd.		21,125		42,507
Growthpoint Properties, Ltd. REIT (b)		58,858		108,332
Harmony Gold Mining Co., Ltd.		17,797		62,769
Impala Platinum Holdings, Ltd. (a)		31,599		159,704
Imperial Holdings, Ltd.		14,590		177,303
Investec, Ltd.		16,104		98,805
Invicta Holdings, Ltd.		30,133		122,778
Kumba Iron Ore, Ltd. (a) (b)		3,134		28,247
Lewis Group, Ltd. (b)		19,096		56,894
Massmart Holdings, Ltd.		12,431		107,313
Mediclinic International PLC		9,683		116,713
MMI Holdings, Ltd.		70,680		115,134
Mr. Price Group, Ltd.		12,957		142,985
MTN Group, Ltd.		80,037		683,657
Murray & Roberts Holdings, Ltd.		52,918		42,831
Naspers, Ltd. Class N		22,993		3,971,525
Nedbank Group, Ltd. (b)		21,481		347,336
Netcare, Ltd.		166,269		406,627
Northam Platinum, Ltd. (a)		22,236		83,907
PPC, Ltd.		18,215		7,113
PSG Group, Ltd.		18,066		264,002
Rand Merchant Investment Holdings, Ltd.		87,701		264,036
Remgro, Ltd.		34,112		569,457
RMB Holdings, Ltd.		71,484		305,300
Sanlam, Ltd.		112,563		522,245
Sappi, Ltd. (a)		22,447		115,898
Sasol, Ltd.		26,421		722,429
Shoprite Holdings, Ltd.		37,686		524,514
Sibanye Gold, Ltd.		49,828		179,219
Standard Bank Group, Ltd.		72,425		740,880
Sun International, Ltd.		13,144		82,776
Telkom SA SOC, Ltd.		21,277		93,595
Tiger Brands, Ltd.		15,536		429,591
Trans Hex Group, Ltd. (a)		1,997		546
Truworths International, Ltd. (b)		32,104		165,758
Vodacom Group, Ltd.		27,838		312,041
Wilson Bayly Holmes-Ovcon, Ltd.		18,299		205,063
Woolworths Holdings, Ltd.		64,819		364,320
Zambezi Platinum RF, Ltd. Series ZPLP, Preference Shares (a)		5,709		20,339
				16,236,393
TAIWAN — 14.2%
Acer, Inc. (a)		218,701		101,517
Adlink Technology, Inc.		41,665		84,671
Advanced Ceramic X Corp.		4,000		27,947
Advanced Semiconductor Engineering, Inc.		474,184		568,800
Advanced Wireless Semiconductor Co.		13,000		21,151
Advancetek Enterprise Co., Ltd.		212,694		129,942
Advantech Co., Ltd.		5,000		42,909
AGV Products Corp. (a)		396,415		99,403
Airmate Cayman International Co., Ltd. (a)		11,000		9,458
APCB, Inc. (a)		76,000		53,099
Asustek Computer, Inc.		42,340		377,535
AU Optronics Corp. ADR		81,042		295,803
Audix Corp.		51,600		57,122
Bank of Kaohsiung Co., Ltd.		126,390		36,128
Basso Industry Corp.		204,900		650,414
Biostar Microtech International Corp. (a)		153,000		46,614
C Sun Manufacturing, Ltd. (a)		74,000		36,828
Carnival Industrial Corp. (a)		155,000		27,246
Catcher Technology Co., Ltd.		44,000		357,244
Cathay Financial Holding Co., Ltd.		394,541		504,733
Cathay No 1 REIT		106,000		55,628
Center Laboratories, Inc. (a)		50,238		109,466
Chailease Holding Co., Ltd.		41,608		73,803
Champion Building Materials Co., Ltd. (a)		109,000		25,559
Chang Hwa Commercial Bank, Ltd.		625,396		320,225
Chang Wah Electromaterials, Inc.		7,431		34,493
Charoen Pokphand Enterprise		360,060		433,627
Chen Full International Co., Ltd.		12,000		19,945
Cheng Loong Corp.		41,000		14,911
Cheng Shin Rubber Industry Co., Ltd.		29,850		62,756
China Airlines, Ltd.		150,000		44,743
China Chemical & Pharmaceutical Co., Ltd.		118,000		68,326
China Development Financial Holding Corp.		940,945		240,148
China Steel Chemical Corp.		47,595		157,154
China Steel Corp.		608,451		428,986
Chipbond Technology Corp.		27,000		39,537
Chlitina Holding, Ltd.		2,000		10,017
Chong Hong Construction Co., Ltd.		7,717		13,048
Chung Hwa Pulp Corp.		151,794		43,293
Chunghwa Chemical Synthesis & Biotech Co., Ltd.		45,000		42,709
Chunghwa Telecom Co., Ltd.		194,457		685,505
CMC Magnetics Corp. (a)		180,933		22,685
Coland Holdings, Ltd.		11,938		18,167
Compal Electronics, Inc.		391,774		241,847
Coxon Precise Industrial Co., Ltd.		10,000		11,118
CTBC Financial Holding Co., Ltd.		991,081		575,447
Da-Li Development Co., Ltd.		103,536		67,052
Delta Electronics, Inc.		155,167		826,686
Dimerco Express Corp.		206,000		125,852
E.Sun Financial Holding Co., Ltd.		125,800		71,638
Eclat Textile Co., Ltd.		8,681		103,578
Elan Microelectronics Corp.		2,000		2,351
Elite Advanced Laser Corp.		9,600		34,455
Elite Material Co., Ltd.		13,000		35,460
Elite Semiconductor Memory Technology, Inc.		122,750		139,019
Epistar Corp. (a)		46,180		34,916

See accompanying notes to financial statements.

260

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Etron Technology, Inc.		12,445	$	5,181
Eva Airways Corp.		98,021		44,718
Excelsior Medical Co., Ltd.		33,344		49,677
Far Eastern New Century Corp.		426,850		319,332
Feng TAY Enterprise Co., Ltd.		15,747		69,829
Flytech Technology Co., Ltd.		8,854		30,647
Formosa Chemicals & Fibre Corp.		204,243		549,287
Formosa Plastics Corp.		319,714		793,535
Founding Construction & Development Co., Ltd.		332,677		172,996
Foxconn Technology Co., Ltd.		104,223		305,233
Fubon Financial Holding Co., Ltd.		497,903		735,446
Fullerton Technology Co., Ltd.		38,000		27,883
Fwusow Industry Co., Ltd.		151,627		74,252
Giant Manufacturing Co., Ltd.		33,302		234,794
Grape King Bio, Ltd.		34,664		287,526
Great Wall Enterprise Co., Ltd.		40,300		34,842
HannStar Display Corp. (a)		102,500		22,988
Hermes Microvision, Inc.		3,000		129,684
Himax Technologies, Inc. ADR (b)		3,923		33,699
Hiwin Technologies Corp.		9,361		48,828
Hocheng Corp.		225,000		58,286
Hon Hai Precision Industry Co., Ltd.		795,495		2,004,884
Hong TAI Electric Industrial		145,000		40,523
Hota Industrial Manufacturing Co., Ltd.		9,000		43,786
Hotai Motor Co., Ltd.		33,433		390,908
HTC Corp. (a)		71,198		197,838
Hua Nan Financial Holdings Co., Ltd.		631,984		323,598
Hung Sheng Construction, Ltd.		81,000		43,930
Ibase Technology, Inc.		122,290		288,700
Innolux Corp.		303,820		102,742
Inotera Memories, Inc. (a)		103,000		90,692
Iron Force Industrial Co., Ltd.		6,000		44,983
Janfusun Fancyworld Corp. (a)		454,112		43,172
KEE TAI Properties Co., Ltd.		79,000		27,093
Kenda Rubber Industrial Co., Ltd.		4,766		7,595
Kerry TJ Logistics Co., Ltd.		70,000		94,128
Kindom Construction Corp.		47,000		23,616
Kung Long Batteries Industrial Co., Ltd.		9,000		43,068
Kuoyang Construction Co., Ltd.		48,225		20,924
Kwong Fong Industries Corp.		33,300		25,231
Land Mark Optoelectronics Corp.		2,600		28,699
Largan Precision Co., Ltd.		4,000		482,366
Leofoo Development Co., Ltd.		150,645		42,148
Li Cheng Enterprise Co., Ltd.		7,440		32,399
Lite-On Technology Corp.		205,265		295,336
Long Bon International Co., Ltd. (a)		11,000		6,229
Long Chen Paper Co., Ltd.		963,401		464,097
Makalot Industrial Co., Ltd.		4,139		19,807
MediaTek, Inc.		70,329		537,359
Medigen Biotechnology Corp. (a)		5,248		11,720
Mega Financial Holding Co., Ltd.		454,333		319,601
Merida Industry Co., Ltd.		2,100		9,915
Merry Electronics Co., Ltd.		13,356		52,409
Mosel Vitelic, Inc. (a)		3,758		277
Namchow Chemical Industrial Co., Ltd.		69,000		152,988
Nan Ya Plastics Corp.		314,486		622,039
Nanya Technology Corp.		3,982		4,986
National Petroleum Co., Ltd.		354,003		412,780
Neo Solar Power Corp. (a)		25,938		13,447
New Era Electronics Co., Ltd.		32,000		24,297
Newmax Technology Co., Ltd. (a)		30,185		19,500
Nexcom International Co., Ltd.		87,638		102,888
Novatek Microelectronics Corp.		39,225		138,277
OBI Pharma, Inc. (a)		3,000		37,374
Pacific Hospital Supply Co., Ltd.		29,000		92,425
Pan Jit International, Inc.		9,000		4,493
Parade Technologies, Ltd.		4,000		40,771
PChome Online, Inc.		3,314		39,013
Pegatron Corp.		71,686		184,329
Phytohealth Corp. (a)		9,000		9,245
Pihsiang Machinery Manufacturing Co., Ltd. (a)		32,000		70,645
Portwell, Inc.		33,000		47,112
Pou Chen Corp.		264,462		372,072
Powertech Technology, Inc.		83,285		216,014
Precision Silicon Corp. (a)		909		565
Promate Electronic Co., Ltd.		73,000		74,641
ProMOS Technologies, Inc. (a) (f)		130,950		—
Quanta Computer, Inc.		272,664		568,893
Radiant Opto-Electronics Corp.		14,000		22,734
Sampo Corp.		264,000		148,232
Sesoda Corp.		106,880		88,142
Shih Wei Navigation Co., Ltd. (a)		141,321		42,335
Shin Kong Financial Holding Co., Ltd. (a)		347,663		76,419
Silicon Motion Technology Corp. ADR		1,084		56,140
Siliconware Precision Industries Co., Ltd.		144,473		216,625
Sinbon Electronics Co., Ltd.		91,068		209,472
Sinon Corp.		146,000		71,962
SinoPac Financial Holdings Co., Ltd.		931,273		274,817
Sinphar Pharmaceutical Co., Ltd.		97,524		81,826
Solar Applied Materials Technology Co. (a) (e) .		147,250		41,104
Solartech Energy Corp.		10,041		4,949
Stark Technology, Inc.		69,000		55,362
Supreme Electronics Co., Ltd.		195,818		119,007
Ta Ya Electric Wire & Cable (a)		459,000		76,731
Tainan Enterprises Co., Ltd.		48,000		46,629
Taishin Financial Holding Co., Ltd.		852,938		317,007
Taisun Enterprise Co., Ltd. (a)		187,000		95,751
Taiwan Acceptance Corp.		9,000		20,472
Taiwan Cement Corp.		348,533		396,395
Taiwan Chinsan Electronic Industrial Co., Ltd.		36,000		62,937
Taiwan Cogeneration Corp.		50,000		37,007
Taiwan Fire & Marine Insurance Co., Ltd.		31,000		18,543
Taiwan FU Hsing Industrial Co., Ltd.		41,000		55,002
Taiwan Land Development Corp.		246,750		81,081
Taiwan Mobile Co., Ltd.		4,000		14,356
Taiwan Paiho, Ltd.		51,433		183,774
Taiwan Pulp & Paper Corp. (a)		365,000		118,773
Taiwan Sakura Corp. (a)		118,000		124,417
Taiwan Semiconductor Manufacturing Co., Ltd.		819,500		4,771,299
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		29,628		906,321

See accompanying notes to financial statements.

261

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Taiwan TEA Corp.		122,913	$	57,054
Taiwan Union Technology Corp.		153,000		182,553
Taiyen Biotech Co., Ltd.		63,500		60,572
Tatung Co., Ltd. (a)		200,885		49,732
TPK Holding Co., Ltd. (a)		8,000		13,067
Transasia Airways Corp.		305,784		60,385
Tripod Technology Corp.		83,320		185,271
TrueLight Corp. (a)		9,100		18,522
Tung Thih Electronic Co., Ltd.		5,000		70,026
Uni-President Enterprises Corp.		146,993		275,739
United Microelectronics Corp. ADR (b)		296,550		548,618
Unity Opto Technology Co., Ltd.		12,759		6,472
Ve Wong Corp.		71,000		49,718
Visual Photonics Epitaxy Co., Ltd. (a) (e)		142,869		201,230
Wei Chuan Foods Corp. (a)		38,000		21,579
Wei Mon Industry Co., Ltd. (a) (f)		240,450		—
Weikeng Industrial Co., Ltd.		84,526		46,112
Winbond Electronics Corp.		48,000		15,466
Wistron Corp.		192,871		143,367
Zeng Hsing Industrial Co., Ltd.		31,350		161,023
Zenitron Corp.		163,000		88,142
				33,290,213
THAILAND — 3.1%
Advanced Info Service PCL (e)		124,215		573,576
Airports of Thailand PCL (e)		20,000		230,303
Bangkok Dusit Medical Services PCL (e)		57,000		35,861
Bangkok Expressway & Metro PCL (e)		3,706,108		738,013
Bangkok Land PCL (e)		803,800		37,116
Bank of Ayudhya PCL		23,800		24,899
Banpu PCL (e)		301,360		136,547
BEC World PCL (e)		31,000		19,683
Big C Supercenter PCL (e)		300		1,810
BTS Group Holdings PCL (e)		37,500		9,361
Bumrungrad Hospital PCL (e)		8,900		44,821
Central Pattana PCL (e)		59,600		99,333
Central Plaza Hotel PCL (e)		44,100		49,636
CH Karnchang PCL (e)		7,648		6,511
Charoen Pokphand Foods PCL (e)		22,500		20,617
CP ALL PCL (e)		208,100		369,355
Electricity Generating PCL (e)		92,874		532,049
IRPC PCL (e)		1,044,558		147,112
Jasmine International PCL (e)		315,741		65,609
Kasikornbank PCL		66,600		360,390
Krung Thai Bank PCL (e)		51,300		26,057
Land & Houses PCL (e)		77,500		21,696
Minor International PCL (e)		10,228		11,512
Pruksa Real Estate PCL (e)		30,500		21,126
PTT Exploration & Production PCL (e)		131,630		307,706
PTT Global Chemical PCL (e)		25,800		43,745
PTT PCL (e)		66,136		647,045
Quality Houses PCL (e)		281,883		19,850
Sansiri PCL (e)		292,733		14,700
Siam Cement PCL		45,123		674,566
Siam Commercial Bank PCL (e)		133,902		571,933
Siam Future Development PCL (e)		205,313		35,848
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		100,866		51,816
Thai Airways International PCL (a) (e)		72,300		49,243
Thai Beverage PCL		461,300		328,183
Thai Oil PCL (e)		128,695		254,419
Thaicom PCL (e)		46,000		27,481
TICON Industrial Connection PCL (e)		133,980		61,480
Tisco Financial Group PCL NVDR		6,400		9,698
Tisco Financial Group PCL (e)		159,218		241,238
TMB Bank PCL (e)		5,224,517		319,653
Total Access Communication PCL (e)		8,400		7,636
True Corp. PCL (e)		581,710		116,678
TTCL PCL (e)		8,200		4,851
U City PCL (a) (e)		9,558,600		8,276
				7,379,038
TURKEY — 1.4%
Akbank TAS		118,261		316,866
Anadolu Efes Biracilik Ve Malt Sanayii A/S		25,421		153,931
Aselsan Elektronik Sanayi Ve Ticaret A/S		7,021		22,017
BIM Birlesik Magazalar A/S		4,632		77,259
Coca-Cola Icecek A/S		532		6,475
Dogan Sirketler Grubu Holding A/S (a)		170,295		45,401
Eregli Demir ve Celik Fabrikalari TAS		174,872		240,684
Haci Omer Sabanci Holding A/S		63,086		195,311
KOC Holding A/S		94,679		406,709
Migros Ticaret A/S (a)		991		6,037
Tupras Turkiye Petrol Rafinerileri A/S		12,928		244,713
Turk Hava Yollari AO (a)		31,057		53,199
Turkcell Iletisim Hizmetleri A/S (a)		54,367		175,927
Turkiye Garanti Bankasi A/S		234,636		621,640
Turkiye Halk Bankasi A/S		12,094		36,757
Turkiye Is Bankasi		147,727		233,846
Turkiye Vakiflar Bankasi TAO Class D		20,647		31,583
Ulker Biskuvi Sanayi A/S		32,649		232,624
Yapi ve Kredi Bankasi A/S (a)		95,036		116,234
				3,217,213
UNITED ARAB EMIRATES — 0.8%
Abu Dhabi Commercial Bank PJSC		106,651		187,285
Agthia Group PJSC		7,532		12,919
Air Arabia PJSC		246,387		91,230
Ajman Bank PJSC (a)		104,035		42,486
Al Waha Capital PJSC		48,138		25,294
Aldar Properties PJSC		206,704		150,259
Arabtec Holding PJSC (a)		131,352		52,569
Bank of Sharjah (a)		45,667		17,407
DAMAC Properties Dubai Co. PJSC		171,306		107,270
Depa, Ltd. (a) (e)		29,723		10,403
Deyaar Development PJSC (a)		162,443		25,828
DP World, Ltd.		8,440		159,938
Dubai Financial Market PJSC		97,913		34,921
Dubai Investments PJSC		79,282		44,681
Emaar Malls PJSC		52,242		38,687
Emaar Properties PJSC		178,488		345,022
Eshraq Properties Co. PJSC (a)		125,382		28,333
First Gulf Bank PJSC		33,889		108,873
Gulf General Investment Co. (a)		99,068		14,160
Gulf Pharmaceutical Industries PSC		18,529		10,695
Invest bank PSC		14,432		8,644
National Bank of Abu Dhabi PJSC		66,623		166,512
National Central Cooling Co. PJSC		185,774		89,524

See accompanying notes to financial statements.

262

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Orascom Construction, Ltd. (a)		846	$	4,890
RAK Properties PJSC		189,595		30,971
Ras Al Khaimah Ceramics		17,492		13,811
SHUAA Capital PSC (a)		256,030		61,899
Union National Bank PJSC		39,106		42,588
Union Properties PJSC (a)		73,415		14,891
				1,941,990
UNITED KINGDOM — 0.0% (g)
Tiso Blackstar Group SE		159		98
UNITED STATES — 0.0% (g)
GasLog, Ltd. (b)		1,305		18,988
Southern Copper Corp.		2,080		55,057
				74,045
TOTAL COMMON STOCKS (Cost $258,147,226)				231,785,745
RIGHTS — 0.0% (g)
SOUTH AFRICA — 0.0% (g)
PPC, Ltd. (expiring 11/15/16) (a) (e)		17,767		1,770
THAILAND — 0.0% (g)
Banpu PCL (expiring 10/13/16) (a) (f)		12,176		—
TOTAL RIGHTS (Cost $15,942)				1,770
WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
KNM Group Bhd (expiring 11/15/17) (a)		66,712		726
VS Industry Bhd (expiring 1/6/19) (a)		19,500		1,627
				2,353
SOUTH AFRICA — 0.0% (g)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a)		335		74
THAILAND — 0.0% (g)
Sansiri PCL (expiring 11/24/17) (a)		75,433		305
TOTAL WARRANTS (Cost $0)				2,732
SHORT-TERM INVESTMENTS — 2.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.27% (h) (i)		1,745,114		1,745,114
State Street Navigator Securities Lending Prime Portfolio (h) (j)		3,656,112		3,656,112
TOTAL SHORT-TERM INVESTMENTS (Cost $5,401,226)				5,401,226
TOTAL INVESTMENTS — 101.0% (Cost $263,564,394)				237,191,473
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%				(2,407,981	)
NET ASSETS — 100.0%			$	234,783,492

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

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

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $5,999,666, representing 2.6% of net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of securities is $0, representing 0.0% of the Fund’s net assets.

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

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at September 30, 2016.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

263

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

At September 30, 2016, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Depreciation
MSCI Taiwan Index Futures		10/28/2016		13	$	444,210	$	(3,646	)

During the period ended September 30, 2016, average notional value related to futures contracts was $776,127 or less than 0.5% of net assets.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	18,638,697		$	—	$	—		$	18,638,697
Chile		3,695,481			—		—			3,695,481
China		67,921,578			—		—			67,921,578
Colombia		1,439,041			—		—			1,439,041
Czech Republic		677,747			—		—			677,747
Egypt		1,062,606			2,779		—			1,065,385
Greece		418,409			—		—			418,409
Hong Kong		2,915,850			—		0	(a)		2,915,850
Hungary		1,298,894			—		—			1,298,894
India		27,663,659			309		—			27,663,968
Indonesia		7,308,491			5,810		—			7,314,301
Malaysia		6,507,683			151		—			6,507,834
Mexico		9,793,122			—		0	(a)		9,793,122
Netherlands		1,040,039			—		—			1,040,039
Peru		1,745,653			—		—			1,745,653
Philippines		3,991,792			—		—			3,991,792
Poland		2,276,682			7,854		—			2,284,536
Qatar		1,656,035			—		—			1,656,035
Russia		9,578,393			—		—			9,578,393
South Africa		16,236,393			—		0	(a)		16,236,393
Taiwan		33,249,109			41,104		0	(a)		33,290,213
Thailand		1,449,552			5,929,486		—			7,379,038
Turkey		3,217,213			—		—			3,217,213
United Arab Emirates		1,931,587			10,403		—			1,941,990
United Kingdom		98			—		—			98
United States		74,045			—		—			74,045
Rights
South Africa		—			1,770		—			1,770
Thailand		—			—		0	(a)		—
Warrants
Malaysia		2,353			—		—			2,353
South Africa		74			—		—			74
Thailand		305			—		—			305
Short-Term Investments		5,401,226			—		—			5,401,226
TOTAL INVESTMENTS	$	231,191,807		$	5,999,666	$	0		$	237,191,473
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts (b)		(3,685	)		—		—			(3,685	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	(3,685	)	$	—	$	—		$	(3,685	)

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

(b) Futures Contracts are valued at unrealized appreciation (depreciation).

See accompanying notes to financial statements.

264

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional U.S. Government Money Market Fund, Premier Class		258,144	$	258,144		24,104,697		22,617,727		1,745,114	$	1,745,114	$	1,494	$	—
State Street Navigator Securities Lending Prime Portfolio		12,858,812		12,858,812		38,002,996		47,205,696		3,656,112		3,656,112		107,800		—
TOTAL			$	13,116,956							$	5,401,226	$	109,294	$	—

See accompanying notes to financial statements.

265

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.4%
BRAZIL — 16.1%
Banco Bradesco SA Preference Shares		361,961	$	3,305,595
BB Seguridade Participacoes SA		302,744		2,784,367
BR Malls Participacoes SA (a)		667,920		2,528,715
BTG Pactual Group		695,852		3,045,698
CCR SA		2,231,438		11,635,058
CETIP SA — Mercados Organizados		99,045		1,307,247
Cia Energetica de Minas Gerais ADR		2,171,450		5,624,055
Grendene SA		112,937		621,200
Itausa — Investimentos Itau SA Preference Shares		1,274,094		3,270,679
Multiplus SA		126,453		1,712,196
Porto Seguro SA		254,522		2,336,164
Smiles SA		463,243		7,695,408
Transmissora Alianca de Energia Eletrica SA		383,377		2,475,722
				48,342,104
CHILE — 1.5%
Aguas Andinas SA Class A		1,606,454		1,029,929
Banco de Chile ADR		19,017		1,279,844
Banco Santander Chile		25,486,985		1,316,685
Itau CorpBanca		114,055,348		1,003,097
				4,629,555
CHINA — 10.2%
Agile Group Holdings, Ltd. (b)		2,975,951		1,692,113
Agricultural Bank of China, Ltd. Class H		5,077,000		2,173,253
Bank of China, Ltd. Class H		4,397,536		2,007,140
China Construction Bank Corp. Class H		3,001,000		2,224,840
China Evergrande Group (b)		2,968,508		2,005,555
China South City Holdings, Ltd. (b)		10,620,000		2,355,147
CIFI Holdings Group Co., Ltd.		3,594,506		1,126,187
Country Garden Holdings Co., Ltd.		4,313,000		2,274,405
Huaneng Power International, Inc. Class H .		10,502,000		6,567,177
Industrial & Commercial Bank of China, Ltd. Class H		3,375,000		2,110,476
Jiangsu Expressway Co., Ltd. Class H		1,582,000		2,186,584
KWG Property Holding, Ltd.		2,365,500		1,552,407
Shenzhen Investment, Ltd.		2,879,716		1,370,065
SOHO China, Ltd. (a)		2,047,000		1,105,852
				30,751,201
CZECH REPUBLIC — 0.5%
Komercni banka A/S		41,030		1,420,211
HONG KONG — 1.4%
Seaspan Corp. (b)		94,990		1,266,217
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		364,000		76,498
Xinyi Glass Holdings, Ltd. (a)		3,172,000		2,866,924
				4,209,639
INDIA — 0.7%
Indiabulls Housing Finance, Ltd.		61,357		762,493
NMDC, Ltd.		754,662		1,199,208
				1,961,701
INDONESIA — 0.6%
Indocement Tunggal Prakarsa Tbk PT		821,000		1,091,438
Media Nusantara Citra Tbk PT		3,667,100		567,584
				1,659,022
MALAYSIA — 1.5%
British American Tobacco Malaysia Bhd		96,900		1,151,412
Malayan Banking Bhd		879,795		1,595,566
Sunway Real Estate Investment Trust		1,346,800		563,406
YTL Corp. Bhd		2,756,200		1,192,987
				4,503,371
MEXICO — 0.4%
Concentradora Fibra Danhos SA de CV REIT		254,966		464,126
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (a)		673,369		825,641
				1,289,767
POLAND — 1.1%
Bank Handlowy w Warszawie SA		23,715		470,973
Energa SA		592,508		1,161,067
Powszechny Zaklad Ubezpieczen SA		285,475		1,818,459
				3,450,499
RUSSIA — 5.7%
Mobile TeleSystems PJSC ADR		1,048,909		8,003,176
Moscow Exchange MICEX-RTS PJSC (a)		938,180		1,889,721
Novolipetsk Steel PJSC GDR		171,479		2,229,227
Surgutneftegas OAO Preference Shares (a) .		9,414,170		4,332,043
Unipro PJSC		11,433,900		525,959
				16,980,126
SOUTH AFRICA — 15.7%
Barclays Africa Group, Ltd.		222,291		2,440,937
Coronation Fund Managers, Ltd. (b)		825,881		4,218,517
Foschini Group, Ltd.		508,623		5,159,742
Growthpoint Properties, Ltd. REIT (b)		1,055,194		1,942,148
Hyprop Investments, Ltd.		244,032		2,144,270
Liberty Holdings, Ltd.		221,044		1,874,444
MMI Holdings, Ltd.		1,428,453		2,326,868
MTN Group, Ltd.		1,165,937		9,959,164
Nedbank Group, Ltd.		143,563		2,321,333
Redefine Properties, Ltd. REIT		3,815,647		3,171,555
Standard Bank Group, Ltd.		236,030		2,414,496
Vodacom Group, Ltd.		813,270		9,116,076
				47,089,550
SOUTH KOREA — 2.9%
SK Telecom Co., Ltd.		41,941		8,606,407
TAIWAN — 28.5%
Asustek Computer, Inc.		509,000		4,538,626
Cheng Shin Rubber Industry Co., Ltd.		1,922,000		4,040,765
China Development Financial Holding Corp.		8,448,000		2,156,099
Far Eastern New Century Corp.		2,596,615		1,942,563
Far EasTone Telecommunications Co., Ltd.		1,742,000		4,112,488

See accompanying notes to financial statements.

266

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Fubon Financial Holding Co., Ltd.		1,536,000	$	2,268,804
Highwealth Construction Corp.		2,098,000		3,246,176
Innolux Corp.		16,518,000		5,585,835
Inventec Corp.		3,936,000		3,214,548
MediaTek, Inc.		901,000		6,884,226
Mega Financial Holding Co., Ltd.		2,750,019		1,934,502
Micro-Star International Co., Ltd.		1,919,000		4,989,504
Novatek Microelectronics Corp.		1,388,000		4,893,015
Pegatron Corp.		1,823,000		4,687,556
Realtek Semiconductor Corp.		2,228,000		7,321,115
Ruentex Development Co., Ltd. (a)		1,733,217		2,109,465
Ruentex Industries, Ltd.		1,034,000		1,662,554
Siliconware Precision Industries Co., Ltd.		2,355,000		3,531,129
Taiwan Cement Corp.		3,376,000		3,839,607
Taiwan Mobile Co., Ltd.		1,243,200		4,461,885
Transcend Information, Inc.		261,000		761,880
Vanguard International Semiconductor Corp.		1,780,000		3,327,687
Wan Hai Lines, Ltd.		3,339,000		1,693,707
WPG Holdings, Ltd.		1,476,000		1,746,968
Yulon Nissan Motor Co., Ltd.		99,648		661,236
				85,611,940
THAILAND — 5.4%
Advanced Info Service PCL NVDR		1,867,245		8,622,199
Advanced Info Service PCL (c)		30		139
BEC World PCL NVDR		644,300		409,080
BTS Group Holdings PCL NVDR		10,722,009		2,676,634
Krung Thai Bank PCL NVDR		2,860,100		1,452,749
Land & Houses PCL NVDR		5,330,814		1,376,935
Pruksa Real Estate PCL NVDR		1,625,800		1,126,095
TTW PCL NVDR		1,416,932		441,641
				16,105,472
TURKEY — 7.2%
Eregli Demir ve Celik Fabrikalari TAS		7,622,792		10,491,595
Tofas Turk Otomobil Fabrikasi A/S		477,989		3,488,506
Turkcell Iletisim Hizmetleri A/S (a)		2,348,414		7,599,260
				21,579,361
TOTAL COMMON STOCKS (Cost $297,712,682)				298,189,926
SHORT-TERM INVESTMENTS — 1.9%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e)		294,049	$	294,049
State Street Navigator Securities Lending Prime Portfolio (d) (f)		5,451,073		5,451,073
TOTAL SHORT-TERM INVESTMENTS (Cost $5,745,122)				5,745,122
TOTAL INVESTMENTS — 101.3% (Cost $303,457,804)				303,935,048
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%				(3,892,814	)
NET ASSETS — 100.0%			$	300,042,234

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $139, representing 0.0% of net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2016.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	48,342,104	$	—	$	—	$	48,342,104
Chile		4,629,555		—		—		4,629,555
China.		30,751,201		—		—		30,751,201
Czech Republic		1,420,211		—		—		1,420,211
Hong Kong		4,209,639		—		—		4,209,639
India		1,961,701		—		—		1,961,701
Indonesia		1,659,022		—		—		1,659,022

See accompanying notes to financial statements.

267

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Malaysia	$	4,503,371	$	—	$	—	$	4,503,371
Mexico		1,289,767		—		—		1,289,767
Poland		3,450,499		—		—		3,450,499
Russia		16,980,126		—		—		16,980,126
South Africa		47,089,550		—		—		47,089,550
South Korea		8,606,407		—		—		8,606,407
Taiwan		85,611,940		—		—		85,611,940
Thailand		16,105,333		139		—		16,105,472
Turkey		21,579,361		—		—		21,579,361
Short-Term Investments		5,745,122		—		—		5,745,122
TOTAL INVESTMENTS	$	303,934,909	$	139	$	—	$	303,935,048

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		55,102,536		54,808,487		294,049	$	294,049	$	2,099	$	—
State Street Navigator Securities Lending Prime Portfolio		17,309,750		17,309,750		111,217,788		123,076,465		5,451,073		5,451,073		208,937		—
TOTAL			$	17,309,750							$	5,745,122	$	211,036	$	—

See accompanying notes to financial statements.

268

SPDR S&P Emerging Europe ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.8%
CYPRUS — 0.1%
Globaltrans Investment PLC GDR		8,804	$	41,379
CZECH REPUBLIC — 2.1%
CEZ A/S		15,017		267,675
Komercni banka A/S		8,072		279,404
Moneta Money Bank A/S (a)		32,020		102,005
O2 Czech Republic A/S		4,565		44,368
				693,452
GREECE — 5.1%
Aegean Airlines SA		4,777		32,425
Aegean Marine Petroleum Network, Inc.		3,198		31,980
Alpha Bank AE (a)		136,693		227,351
Athens Water Supply & Sewage Co. SA		4,446		26,731
Costamare, Inc.		2,338		21,369
Diana Shipping, Inc. (a)		7,385		19,349
Ellaktor SA (a)		17,817		25,028
Eurobank Ergasias SA (a)		195,504		111,611
FF Group (a)		3,463		86,007
Fourlis Holdings SA (a)		6,594		28,382
GEK Terna Holding Real Estate Construction SA (a)		12,569		25,849
Grivalia Properties REIC AE		5,571		41,947
Hellenic Exchanges — Athens Stock Exchange SA		6,532		30,097
Hellenic Petroleum SA (a)		8,486		37,669
Hellenic Telecommunications Organization SA .		24,160		211,778
JUMBO SA		9,926		123,819
LAMDA Development SA (a)		4,154		21,381
Metka Industrial — Construction SA		4,025		33,518
Motor Oil Hellas Corinth Refineries SA		7,162		80,487
Mytilineos Holdings SA (a)		11,987		56,039
National Bank of Greece SA (a)		281,968		58,305
OPAP SA		21,359		180,504
Public Power Corp. SA (a)		15,824		47,125
StealthGas, Inc. (a)		883		3,055
Terna Energy SA		8,614		24,975
Titan Cement Co. SA		5,231		123,333
Tsakos Energy Navigation, Ltd.		7,098		34,212
				1,744,326
HUNGARY — 3.8%
Magyar Telekom Telecommunications PLC		72,887		119,262
MOL Hungarian Oil & Gas PLC		6,249		385,595
OTP Bank PLC		19,252		504,020
Richter Gedeon Nyrt		13,724		277,955
				1,286,832
LUXEMBOURG — 0.0% (b)
O’Key Group SA GDR		4,097		7,108
MONACO — 0.0% (b)
Navios Maritime Holdings, Inc. (c)		4,660		5,639
NETHERLANDS — 0.3%
VimpelCom, Ltd. ADR		23,374		81,341
POLAND — 15.6%
Alior Bank SA (a)		8,191		99,323
AmRest Holdings SE (a)		293		18,373
Asseco Poland SA		12,237		178,119
Bank Handlowy w Warszawie SA		3,300		65,537
Bank Millennium SA (a)		60,006		87,955
Bank Pekao SA		15,103		488,129
Bank Zachodni WBK SA		3,096		251,613
Budimex SA		1,039		56,886
CCC SA		2,224		102,851
CD Projekt SA (a)		6,376		66,403
Ciech SA		2,604		45,013
Cyfrowy Polsat SA (a)		16,914		108,272
Enea SA (a)		12,711		28,263
Energa SA		20,087		39,362
Eurocash SA		7,675		85,225
Getin Noble Bank SA (a) (e)		135,577		16,295
Globe Trade Centre SA (a)		39,471		85,081
Grupa Azoty SA		2,643		42,552
Grupa Kety SA		318		32,628
Grupa Lotos SA (a)		8,646		64,269
ING Bank Slaski SA		2,747		106,188
Inter Cars SA		400		30,021
Jastrzebska Spolka Weglowa SA (a)		1,915		26,413
KGHM Polska Miedz SA		15,933		310,138
KRUK SA		1,506		93,649
LPP SA		146		150,091
Lubelski Wegiel Bogdanka SA (a)		1,384		20,561
mBank SA (a)		1,771		158,135
Netia SA		89,117		113,627
Orange Polska SA		90,037		141,148
PGE Polska Grupa Energetyczna SA		77,692		206,037
Polski Koncern Naftowy Orlen SA		32,972		560,051
Polskie Gornictwo Naftowe i Gazownictwo SA .		186,167		245,638
Powszechna Kasa Oszczednosci Bank Polski SA		94,391		643,931
Powszechny Zaklad Ubezpieczen SA		56,707		361,220
Synthos SA (a)		61,723		70,152
Tauron Polska Energia SA (a)		170,653		115,928
				5,315,077
RUSSIA — 54.2%
AK Transneft OAO Preference Shares (a)		174		373,008
Alrosa PAO.		321,292		440,990
Bashneft PAO (a)		2,837		140,542
Bashneft PAO Preference Shares (a)		3,666		108,983
Etalon Group, Ltd. GDR		10,643		29,268
Evraz PLC (a)		49,849		104,254
Gazprom Neft PJSC ADR		4,929		69,696
Gazprom PJSC ADR		624,782		2,630,332
Inter RAO UES PJSC (a)		2,000,000		100,982
Lenta, Ltd. GDR (a)		14,606		118,309
LSR Group PJSC GDR		21,999		62,367
Lukoil PJSC ADR		45,896		2,234,676
Magnit PJSC GDR		23,456		977,881
Mail.Ru Group, Ltd. GDR (a)		10,880		190,835
Mechel PJSC ADR (a)		7,939		22,706
MegaFon PJSC GDR		10,794		103,083
MMC Norilsk Nickel PJSC ADR		66,246		1,058,611
Mobile TeleSystems PJSC ADR		57,245		436,779
Moscow Exchange MICEX-RTS PJSC (a)		138,069		278,104
Novatek OJSC GDR		7,015		771,650

See accompanying notes to financial statements.

269

SPDR S&P Emerging Europe ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Novolipetsk Steel PJSC GDR		9,715	$	126,295
PhosAgro PJSC GDR		9,769		126,020
PIK Group PJSC GDR (a)		39,362		178,507
Polymetal International PLC		24,375		306,657
QIWI PLC ADR (c)		3,161		46,277
Ros Agro PLC GDR		2,267		30,151
Rosneft PJSC GDR		103,568		565,481
Rostelecom PJSC ADR (d)		6,783		50,873
Rostelecom PJSC ADR (d)		15,449		115,713
RusHydro PJSC ADR (d)		93,589		115,114
RusHydro PJSC ADR (d)		5,150		6,129
Sberbank of Russia PJSC (a)		817,390		1,888,053
Sberbank of Russia PJSC ADR		80,473		754,676
Sberbank of Russia PJSC Preference Shares		141,689		239,216
Severstal PJSC GDR		16,181		195,305
Sistema PJSC FC GDR		19,803		146,938
Surgutneftegas OAO Preference Shares (a)		864,285		397,711
Surgutneftegas OJSC ADR		93,430		449,398
Tatneft PJSC ADR (d)		23,210		716,261
Tatneft PJSC ADR (d)		1,672		51,464
TCS Group Holding PLC GDR		8,427		61,517
TMK PJSC GDR		4,968		18,978
Unipro PJSC		1,001,977		46,091
United Co. RUSAL PLC		119,819		38,158
Urakali PJSC (a)		44,705		126,373
VTB Bank PJSC GDR		259,351		577,315
X5 Retail Group NV GDR (a)		11,217		324,957
Yandex NV Class A (a)		22,723		478,319
				18,431,003
TURKEY — 18.1%
Akbank TAS		232,137		621,982
Anadolu Efes Biracilik Ve Malt Sanayii A/S		26,081		157,927
Arcelik A/S.		27,604		194,287
Aselsan Elektronik Sanayi Ve Ticaret A/S		14,590		45,753
BIM Birlesik Magazalar A/S		20,867		348,050
Coca-Cola Icecek A/S		5,214		63,457
Dogan Sirketler Grubu Holding A/S (a)		204,313		54,471
Dogus Otomotiv Servis ve Ticaret A/S		22,467		75,247
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		218,860		221,726
Enka Insaat ve Sanayi A/S		128,893		188,570
Eregli Demir ve Celik Fabrikalari TAS		213,382		293,687
Ford Otomotiv Sanayi A/S		7,528		79,427
Haci Omer Sabanci Holding A/S		132,203		409,293
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D		86,767		36,723
KOC Holding A/S		97,107		417,139
Kombassan Holdings A/S (a)		12,274		6,626
Koza Altin Isletmeleri A/S (a)		3,028		17,084
Petkim Petrokimya Holding A/S		64,194		97,338
TAV Havalimanlari Holding A/S		11,886		48,999
Tekfen Holding A/S		21,779		56,032
Tofas Turk Otomobil Fabrikasi A/S		12,623		92,126
Tupras Turkiye Petrol Rafinerileri A/S		14,750		279,202
Turk Hava Yollari AO (a)		118,865		203,608
Turk Telekomunikasyon A/S		31,790		60,069
Turk Traktor ve Ziraat Makineleri A/S		1,309		35,531
Turkcell Iletisim Hizmetleri A/S (a)		95,308		308,408
Turkiye Garanti Bankasi A/S		245,240		649,734
Turkiye Halk Bankasi A/S		61,286		186,266
Turkiye Is Bankasi		155,531		246,200
Turkiye Sinai Kalkinma Bankasi A/S		92,434		40,970
Turkiye Sise ve Cam Fabrikalari A/S		73,340		77,722
Turkiye Vakiflar Bankasi TAO Class D		106,210		162,463
Ulker Biskuvi Sanayi A/S		17,504		124,716
Vestel Elektronik Sanayi ve Ticaret A/S (a)		24,259		53,600
Yapi ve Kredi Bankasi A/S (a)		113,971		139,392
Yazicilar Holding A/S Class A		10,298		44,649
				6,138,474
UNITED STATES — 0.5%
GasLog, Ltd. (c)		3,740		54,417
Luxoft Holding, Inc. (a)		1,962		103,692
Navios Maritime Acquisition Corp.		6,801		9,181
				167,290
TOTAL COMMON STOCKS (Cost $63,627,233)				33,911,921
SHORT-TERM INVESTMENTS — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		470		470
State Street Navigator Securities Lending Prime Portfolio (g) (h)		79,890		79,890
TOTAL SHORT-TERM INVESTMENTS (Cost $80,360)				80,360
TOTAL INVESTMENTS — 100.0% (Cost $63,707,593)				33,992,281
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (b)				(3,436	)
NET ASSETS — 100.0%			$	33,988,845

(a) Non-income producing security.

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

(c) All or a portion of the shares of the security are on loan at September 30, 2016.

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $16,295, representing 0.0% of net assets.

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIC = Real Estate Investment Company

See accompanying notes to financial statements.

270

SPDR S&P Emerging Europe ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Cyprus	$	41,379	$	—	$	—	$	41,379
Czech Republic		693,452		—		—		693,452
Greece		1,744,326		—		—		1,744,326
Hungary		1,286,832		—		—		1,286,832
Luxembourg.		7,108		—		—		7,108
Monaco		5,639		—		—		5,639
Netherlands		81,341		—		—		81,341
Poland		5,298,782		16,295		—		5,315,077
Russia		18,431,003		—		—		18,431,003
Turkey		6,138,474		—		—		6,138,474
United States		167,290		—		—		167,290
Short-Term Investments		80,360		—		—		80,360
TOTAL INVESTMENTS	$	33,975,986	$	16,295	$	—	$	33,992,281

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend  Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		5,505,749		5,505,279		470	$	470	$	261	$	—
State Street Navigator Securities Lending Prime Portfolio		47,805		47,805		3,934,611		3,902,526		79,890		79,890		2,299		—
TOTAL			$	47,805							$	80,360	$	2,560	$	—

See accompanying notes to financial statements.

271

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BRAZIL — 54.0%
AES Tiete Energia SA		14,574	$	71,819
Alpargatas SA Preference Shares		2,484		7,386
Ambev SA ADR		184,219		1,121,894
Arezzo Industria e Comercio SA		3,031		24,425
B2W Cia Digital (a)		6,208		30,478
Banco Bradesco SA		21,802		190,248
Banco Bradesco SA Preference Shares ADR		127,927		1,160,298
Banco do Brasil SA		29,417		206,445
Banco do Brasil SA ADR		16,728		116,929
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares		7,500		24,147
Banco Santander Brasil SA ADR (b)		18,724		125,451
BB Seguridade Participacoes SA		27,875		256,369
BM&FBovespa SA		74,207		383,957
BR Malls Participacoes SA (a)		20,901		79,130
BR Properties SA.		2,370		6,237
Bradespar SA Preference Shares		15,411		46,297
Braskem SA Preference Shares ADR (b)		4,402		67,703
BRF SA		10,368		176,542
BRF SA ADR		19,404		331,032
BTG Pactual Group		11,685		51,146
CCR SA		43,193		225,215
Centrais Eletricas Brasileiras SA (a)		2,373		14,068
Centrais Eletricas Brasileiras SA ADR (a)		17,266		101,524
Centrais Eletricas Brasileiras SA Class B,
Preference Shares (a)		4,300		31,593
CETIP SA — Mercados Organizados		10,120		133,569
Cia Brasileira de Distribuicao ADR		7,514		123,154
Cia de Saneamento Basico do Estado de Sao Paulo		22,177		206,080
Cia de Saneamento de Minas Gerais-COPASA .		3,982		40,067
Cia de Transmissao de Energia Eletrica Paulista
Preference Shares		1,628		33,073
Cia Energetica de Minas Gerais ADR		41,366		107,138
Cia Energetica de Sao Paulo Class B, Preference Shares		15,268		69,083
Cia Hering		6,165		34,119
Cia Paranaense de Energia Preference Shares		8,355		86,486
Cia Siderurgica Nacional SA ADR (a)		30,713		84,768
Cielo SA		38,744		387,696
Cosan Logistica SA (a)		3,423		4,657
Cosan SA Industria e Comercio		9,898		114,888
Cosan, Ltd.		6,933		49,722
CPFL Energia SA ADR (b)		13,839		204,817
CVC Brasil Operadora e Agencia de Viagens SA		3,623		26,820
Cyrela Brazil Realty SA Empreendimentos e Participacoes		20,741		65,309
Dimed SA Distribuidora da Medicamentos		100		15,112
Duratex SA.		31,100		82,324
EDP — Energias do Brasil SA		3,936		17,421
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		2,736		8,935
Embraer SA		29,559		127,467
Engie Brasil Energia SA		8,384		99,770
Equatorial Energia SA		7,173		111,099
Estacio Participacoes SA		12,939		70,931
Fibria Celulose SA ADR (b)		10,644		75,253
Fleury SA		2,308		27,244
Gafisa SA		14,598		11,188
Gerdau SA ADR (b)		28,581		77,740
Gerdau SA Preference Shares		5,560		15,163
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		9,475		18,198
GP Investments, Ltd. (a)		5,113		10,780
Hypermarcas SA		15,071		129,285
Iguatemi Empresa de Shopping Centers SA		2,900		26,511
Itau Unibanco Holding SA Preference Shares ADR		138,281		1,512,794
Itausa — Investimentos Itau SA		42,474		107,988
Itausa — Investimentos Itau SA Preference Shares		162,381		416,842
JBS SA		33,163		120,654
Kepler Weber SA		3,580		22,193
Klabin SA		25,576		134,144
Kroton Educacional SA		61,041		277,882
Linx SA		6,489		38,748
Localiza Rent a Car SA		6,268		76,516
Lojas Americanas SA Preference Shares		32,753		203,544
Lojas Renner SA		35,994		271,103
M Dias Branco SA		1,866		76,332
Marcopolo SA Preference Shares (a)		26,200		25,242
Marfrig Global Foods SA (a)		7,353		11,814
Metalurgica Gerdau SA Preference Shares		32,970		34,808
Minerva SA (a)		2,561		7,567
MRV Engenharia e Participacoes SA		12,340		45,351
Multiplan Empreendimentos Imobiliarios SA		3,826		74,427
Multiplus SA		1,026		13,892
Natura Cosmeticos SA		10,292		98,933
Odontoprev SA		11,243		44,746
Oi SA (a)		24		27
Oi SA ADR (a) (b)		231		209
Ouro Fino Saude Animal Participacoes SA		1,044		12,783
Petroleo Brasileiro SA ADR (a)		53,881		502,710
Petroleo Brasileiro SA Preference Shares ADR (a)		94,655		786,583
Porto Seguro SA		3,848		35,319
Prumo Logistica SA (a)		5,363		11,506
Prumo Logistica SA, Depository Receipt (a)		2,422		5,144
Qualicorp SA		6,815		40,233
Raia Drogasil SA		8,674		176,959
Rumo Logistica Operadora Multimodal SA (a)		8,128		15,811
Sao Martinho SA		1,540		27,801
Smiles SA		2,934		48,740
Sul America SA		5,557		27,761
Suzano Papel e Celulose SA Class A, Preference Shares		20,252		65,266
Telefonica Brasil SA Preference Shares		20,019		289,300
Tim Participacoes SA		10,552		25,659
Tim Participacoes SA ADR		6,865		84,028

See accompanying notes to financial statements.

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September 30, 2016

Security Description	Shares		Value
TOTVS SA.		6,406	$	59,902
Transmissora Alianca de Energia Eletrica SA		4,959		32,024
Ultrapar Participacoes SA ADR		20,379		446,096
Usinas Siderurgicas de Minas Gerais SA ADR (b)		20,678		22,953
Usinas Siderurgicas de Minas Gerais SA Class A, Preference Shares (a)		9,212		10,009
Vale SA ADR		47,907		263,488
Vale SA Preference Shares ADR		94,356		444,417
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		1,026		9,629
WEG SA		25,092		136,394
				14,742,471
CHILE — 10.1%
Aguas Andinas SA Class A		24,365		15,621
AntarChile SA.		11,127		107,249
Banco de Chile ADR		2,682		180,499
Banco de Credito e Inversiones		4,791		216,461
Banco Santander Chile ADR		3,073		63,580
Banmedica SA		11,902		24,925
CAP SA.		7,675		41,740
Cencosud SA		72,958		218,727
Cia Cervecerias Unidas SA		5,130		51,735
Coca-Cola Embonor SA Class B, Preference Shares		5,682		12,934
Colbun SA		70,804		14,086
Embotelladora Andina SA Class B, Preference Shares		13,372		51,117
Embotelladora Andina SA Preference Shares		3,252		11,351
Empresa Nacional de Electricidad SA ADR		7,193		142,709
Empresa Nacional de Telecomunicaciones SA (a)		954		9,311
Empresas CMPC SA		83,933		166,742
Empresas COPEC SA		30,771		287,213
Endesa Americas SA ADR (c)		7,193		98,544
Enersis Americas SA ADR (c)		21,715		177,846
Enersis Chile SA ADR		21,715		103,146
Engie Energia Chile SA		3,392		5,330
Forus SA		2,826		10,508
Grupo Security SA		56,327		18,854
Inversiones Aguas Metropolitanas SA		6,124		10,932
Latam Airlines Group SA ADR (a) (b)		17,483		141,962
Parque Arauco SA		4,823		10,881
Ripley Corp. SA		43,405		26,655
SACI Falabella		53,151		388,951
Sigdo Koppers SA		8,526		10,908
Sociedad Matriz SAAM SA		69,198		5,776
Sociedad Quimica y Minera de Chile SA ADR .		3,293		88,582
SONDA SA		15,970		30,878
Vina Concha y Toro SA		12,770		22,288
				2,768,041
COLOMBIA — 5.0%
Almacenes Exito SA		10,127		51,690
Banco Davivienda SA Preference Shares		5,826		59,676
Banco de Bogota SA		3,497		76,011
Bancolombia SA		10,237		92,773
Bancolombia SA ADR		5,826		227,447
Celsia SA ESP.		10,626		14,574
Cementos Argos SA		13,309		53,051
Cemex Latam Holdings SA (a)		5,479		20,851
Corp. Financiera Colombiana SA		4,120		54,161
Ecopetrol SA ADR (a) (b)		9,313		81,582
Empresa de Energia de Bogota SA ESP		88,125		57,373
Empresa de Telecomunicaciones de Bogota		50,202		10,215
Grupo Argos SA		14,920		96,462
Grupo Argos SA Preference Shares		4,526		28,005
Grupo Aval Acciones y Valores SA Preference Shares		217,409		95,116
Grupo de Inversiones Suramericana SA		10,867		141,950
Grupo de Inversiones Suramericana SA
Preference Shares		3,491		45,213
Grupo Nutresa SA		12,223		107,545
Interconexion Electrica SA ESP		15,515		52,525
Odinsa SA (a)		750		2,344
				1,368,564
LUXEMBOURG — 0.1%
Ternium SA ADR.		1,436		28,189
MEXICO — 26.6%
Alfa SAB de CV Class A Class A		171,023		267,402
Alsea SAB de CV		19,335		65,717
America Movil SAB de CV Series L		1,086,470		621,449
Arca Continental SAB de CV		13,445		80,148
Asesor de Activos Prisma SAPI de CV (a)		17,784		10,972
Axtel SAB de CV (a) (b)		42,321		9,753
Banregio Grupo Financiero SAB de CV		1,735		9,954
Bolsa Mexicana de Valores SAB de CV (b)		5,585		8,914
Cemex SAB de CV (a) (b)		601,202		477,147
Coca-Cola Femsa SAB de CV Series L		20,454		153,932
Concentradora Fibra Danhos SA de CV REIT		32,836		59,773
Concentradora Fibra Hotelera Mexicana SA de CV		17,442		11,653
Concentradora Hipotecaria SAPI de CV REIT .		22,787		31,708
Consorcio ARA SAB de CV Series		12,905		4,568
Controladora Vuela Cia de Aviacion SAB de CV Class A (a)		28,738		50,130
Corp. Inmobiliaria Vesta SAB de CV		10,772		14,889
El Puertode Liverpool SAB de CV Series C1 (b)		12,600		132,318
Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT		14,877		12,238
Fibra Uno Administracion SA de CV REIT		84,909		155,397
Fomento Economico Mexicano SAB de CV		92,125		850,872
Genomma Lab Internacional SAB de CV Class B (a) (b)		33,979		35,606
Gentera SAB de CV		30,361		54,750
Gruma SAB de CV Class B		10,843		142,833
Grupo Aeromexico SAB de CV (a) (b)		18,057		33,150

See accompanying notes to financial statements.

273

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Grupo Aeroportuario del Centro Norte SAB de CV		5,557	$	32,828
Grupo Aeroportuario del Pacifico SAB de CV Class B		13,407		127,541
Grupo Aeroportuario del Sureste SAB de CV Class B		15,293		224,628
Grupo Bimbo SAB de CV Series A		48,209		127,313
Grupo Carso SAB de CV Series A1		26,392		105,658
Grupo Comercial Chedraui SA de CV		3,163		6,926
Grupo Elektra SAB de CV (b)		3,103		40,256
Grupo Financiero Banorte SAB de CV Series O		113,694		597,329
Grupo Financiero Inbursa SAB de CV Series O (b)		136,939		216,515
Grupo Financiero Santander Mexico SAB de CV Class B		61,361		107,925
Grupo GICSA SA de CV (a)		38,046		24,691
Grupo Herdez SAB de CV (b)		7,353		16,018
Grupo Industrial Maseca SAB de CV Class B		6,327		7,225
Grupo Lala SAB de CV		11,179		21,332
Grupo Mexico SAB de CV Series B		156,329		382,715
Grupo Rotoplas SAB de CV (b)		2,801		4,814
Grupo Televisa SAB ADR		713		18,317
Grupo Televisa SAB Series CPO		88,922		457,762
Hoteles City Express SAB de CV (a)		13,081		12,328
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		43,194		58,028
Industrias Bachoco SAB de CV Series B		2,394		10,025
Industrias Penoles SAB de CV		4,356		104,903
Infraestructura Energetica Nova SAB de CV (b)		3,452		13,520
Kimberly-Clark de Mexico SAB de CV Class A		85,344		193,411
La Comer SAB de CV (a) (b)		17,884		16,393
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (a)		14,790		18,135
Medica Sur SAB de CV Series B		6,412		14,246
Megacable Holdings SAB de CV		8,945		34,350
Mexichem SAB de CV (b)		37,903		84,997
Minera Frisco SAB de CV (a)		31,399		21,935
Nemak SAB de CV (b) (d)		76,861		85,068
OHL Mexico SAB de CV (a)		20,308		26,988
PLA Administradora Industrial S de RL de CV (a)		15,556		25,801
Prologis Property Mexico SA de CV REIT		3,101		5,089
Promotora y Operadora de Infraestructura SAB de CV		11,260		121,045
Telesites SAB de CV (a)		48,466		27,321
TV Azteca SAB de CV (b)		162,952		26,185
Unifin Financiera SAPI de CV SOFOM ENR		3,848		11,633
Urbi Desarrollos Urbanos SAB de CV (a) (b) (e) .		86,307		—
Vitro SAB de CV Series A		8,990		28,647
Wal-Mart de Mexico SAB de CV		233,716		514,203
				7,269,317
PERU — 4.0%
Alicorp SAA.		33,725		72,579
Cementos Pacasmayo SAA		4,032		7,612
Cia de Minas Buenaventura SAA ADR (a)		8,519		117,903
Cia Minera Milpo SAA		47,655		38,057
Credicorp, Ltd.		2,878		438,089
Ferreycorp SAA		28,877		13,989
Grana y Montero SAA		12,703		20,737
InRetail Peru Corp. (a) (d)		2,515		46,024
Intercorp Financial Services, Inc. Series INC		1,865		59,587
Southern Copper Corp. (b)		8,983		236,253
Volcan Cia Minera SAA Class B		152,696		27,795
				1,078,625
TOTAL COMMON STOCKS (Cost $46,856,940)				27,255,207
SHORT-TERM INVESTMENTS — 4.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		45,840		45,840
State Street Navigator Securities Lending Prime Portfolio (f) (h)		1,152,332		1,152,332
TOTAL SHORT-TERM INVESTMENTS (Cost $1,198,172)				1,198,172
TOTAL INVESTMENTS — 104.2% (Cost $48,055,112)				28,453,379
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.2)%				(1,139,301	)
NET ASSETS — 100.0%			$	27,314,078

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.5% of net assets as of September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $0, representing 0.0% of the Fund’s net assets.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at September 30, 2016.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

274

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	14,742,471	$	—	$	—		$	14,742,471
Chile		2,768,041		—		—			2,768,041
Colombia		1,368,564		—		—			1,368,564
Luxembourg.		28,189		—		—			28,189
Mexico		7,269,317		—		0	(a)		7,269,317
Peru		1,078,625		—		—			1,078,625
Short-Term Investments		1,198,172		—		—			1,198,172
TOTAL INVESTMENTS	$	28,453,379	$	—	$	0		$	28,453,379

(a) Fund held a Level 3 security that was valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		31,061	$	31,061		1,210,455		1,195,676		45,840	$	45,840	$	193	$	—
State Street Navigator Securities Lending Prime Portfolio		1,984,900		1,984,900		19,818,701		20,651,269		1,152,332		1,152,332		24,864		—
TOTAL			$	2,015,961							$	1,198,172	$	25,057	$	—

See accompanying notes to financial statements.

275

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.7%
EGYPT — 3.4%
Arab Cotton Ginning (a)		20,497	$	6,255
Commercial International Bank Egypt SAE		85,459		462,906
Eastern Tobacco		2,042		47,679
Egypt Kuwait Holding Co. SAE		83,421		36,705
Egyptian Financial Group-Hermes Holding Co. (a)		48,426		68,004
ElSewedy Electric Co.		10,937		63,061
Ezz Steel (a)		20,799		16,653
Global Telecom Holding SAE GDR (a)		40,547		78,661
Juhayna Food Industries		55,409		25,708
Palm Hills Developments SAE		93,216		24,774
Sidi Kerir Petrochemicals Co.		32,159		44,798
Six of October Development & Investment (a)		33,784		46,187
Talaat Moustafa Group		108,031		65,695
Telecom Egypt Co.		52,447		52,565
				1,039,651
NETHERLANDS — 4.3%
Steinhoff International Holdings NV		227,492		1,299,482
QATAR — 9.3%
Aamal Co. (a)		11,933		48,459
Al Khalij Commercial Bank PQSC		6,995		32,862
Al Meera Consumer Goods Co. QSC		540		30,395
Barwa Real Estate Co.		7,568		70,340
Commercial Bank QSC		11,604		122,986
Doha Bank QSC.		7,245		74,002
Gulf International Services QSC		3,614		34,334
Industries Qatar QSC		9,096		269,733
Mannai Corp. QSC		267		6,019
Masraf Al Rayan QSC		25,985		253,286
Medicare Group		546		13,403
Ooredoo QSC		8,787		231,618
Qatar Electricity & Water Co. QSC		2,140		125,450
Qatar First Bank (a)		8,322		24,769
Qatar Gas Transport Co., Ltd.		15,424		99,947
Qatar Industrial Manufacturing Co. QSC		2,142		24,702
Qatar Insurance Co. SAQ		7,969		194,521
Qatar International Islamic Bank QSC		2,944		52,057
Qatar Islamic Bank SAQ		4,595		132,475
Qatar National Bank SAQ		14,855		636,293
Qatar National Cement Co. QSC		1,155		27,559
Qatar Navigation QSC		3,241		80,002
Qatari Investors Group QSC		2,899		40,357
Salam International Investment, Ltd. QSC		4,975		15,217
United Development Co. QSC		11,381		63,749
Vodafone Qatar QSC (a)		31,342		93,802
				2,798,337
SOUTH AFRICA — 71.6%
Adcock Ingram Holdings, Ltd. (b)		11,596		38,875
Adcorp Holdings, Ltd.		5,759		5,901
Advtech, Ltd.		30,827		37,101
AECI, Ltd.		9,641		72,774
African Bank Investments, Ltd. (a) (c)		258,160		—
African Oxygen, Ltd. (b)		10,592		15,790
African Rainbow Minerals, Ltd.		9,789		58,636
Afrimat, Ltd.		15,198		29,277
Alexander Forbes Group Holdings, Ltd.		43,833		20,560
Allied Electronics Corp., Ltd. (a)		21,786		9,110
Anglo American Platinum, Ltd. (a)		5,273		148,183
AngloGold Ashanti, Ltd. (a)		28,084		452,857
ArcelorMittal South Africa, Ltd. (a)		21,870		14,155
Arrowhead Properties, Ltd. Class A		48,826		30,713
Ascendis Health, Ltd.		20,575		42,104
Aspen Pharmacare Holdings, Ltd.		20,660		465,747
Assore, Ltd.		3,013		32,533
Astral Foods, Ltd. (b)		4,298		36,803
Attacq, Ltd. (a)		52,451		65,758
Aveng, Ltd. (a)		39,681		19,882
AVI, Ltd.		20,286		138,596
Balwin Properties, Ltd. (a)		19,532		11,079
Barclays Africa Group, Ltd.		22,770		250,033
Barloworld, Ltd.		14,919		90,341
Bid Corp., Ltd.		19,988		376,685
Bidvest Group, Ltd.		19,988		234,863
Blue Label Telecoms, Ltd.		25,675		35,475
Brait SE (a)		19,934		160,153
Capevin Holdings, Ltd.		32,914		23,576
Capitec Bank Holdings, Ltd. (b)		4,215		196,898
Cashbuild, Ltd.		1,406		43,147
City Lodge Hotels, Ltd.		2,634		29,688
Clicks Group, Ltd.		16,273		150,444
Clover Industries, Ltd.		10,746		15,395
Consolidated Infrastructure Group, Ltd. (a)		2,902		5,443
Coronation Fund Managers, Ltd. (b)		21,767		111,184
Curro Holdings, Ltd. (a)		9,083		29,195
DataTec, Ltd.		14,530		51,247
Delta Property Fund, Ltd. REIT		22,743		12,156
Discovery, Ltd. (b)		28,200		231,732
Distell Group, Ltd.		2,512		30,801
Emira Property Fund, Ltd.		22,713		24,197
EOH Holdings, Ltd.		6,918		84,347
Exxaro Resources, Ltd. (b)		10,583		65,116
Famous Brands, Ltd.		4,398		52,771
FirstRand, Ltd. (b)		231,392		799,282
Foschini Group, Ltd.		13,520		137,154
Gold Fields, Ltd.		51,244		249,675
Grindrod, Ltd. (b)		50,072		41,947
Group Five, Ltd.		10,925		21,983
Growthpoint Properties, Ltd. REIT (b)		165,214		304,086
Harmony Gold Mining Co., Ltd.		27,633		97,460
Hosken Consolidated Investments, Ltd.		4,627		42,696
Hudaco Industries, Ltd.		2,479		18,514
Hyprop Investments, Ltd.		13,856		121,750
Impala Platinum Holdings, Ltd. (a)		42,780		216,214
Imperial Holdings, Ltd.		13,259		161,128
Investec, Ltd.		17,527		107,536
Invicta Holdings, Ltd.		1,412		5,753
Italtile, Ltd.		20,548		21,652
JSE, Ltd.		5,935		69,056
KAP Industrial Holdings, Ltd.		51,931		28,248
Kumba Iron Ore, Ltd. (a) (b)		4,509		40,640
Lewis Group, Ltd. (b)		8,844		26,349
Liberty Holdings, Ltd.		7,109		60,284
Life Healthcare Group Holdings, Ltd.		72,753		200,357
Massmart Holdings, Ltd.		6,516		56,250

See accompanying notes to financial statements.

276

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Mediclinic International PLC		24,105	$	290,548
Metair Investments, Ltd.		3,314		4,820
MMI Holdings, Ltd.		63,492		103,425
Mondi, Ltd.		8,743		183,472
Mpact, Ltd.		14,114		34,086
Mr. Price Group, Ltd.		16,964		187,204
MTN Group, Ltd.		108,577		927,440
Murray & Roberts Holdings, Ltd.		42,276		34,217
Nampak, Ltd.		40,145		56,753
Naspers, Ltd. Class N		30,800		5,320,009
Nedbank Group, Ltd.		13,495		218,207
Netcare, Ltd.		111,187		271,918
Northam Platinum, Ltd. (a)		22,455		84,733
Oceana Group, Ltd.		3,178		26,351
Octodec Investments, Ltd.		7,199		11,758
Omnia Holdings, Ltd.		4,962		60,989
Peregrine Holdings, Ltd.		5,077		10,556
Pick n Pay Stores, Ltd. (b)		24,729		123,328
Pioneer Foods Group, Ltd.		9,093		114,971
PPC, Ltd.		38,575		15,064
PSG Group, Ltd.		5,305		77,523
Rand Merchant Investment Holdings, Ltd.		55,497		167,081
Raubex Group, Ltd.		13,518		24,124
Redefine Properties, Ltd. REIT		314,207		261,168
Remgro, Ltd.		31,657		528,474
Resilient REIT, Ltd.		24,698		205,900
Reunert, Ltd.		11,425		50,764
Rhodes Food Group Pty, Ltd.		4,827		9,688
RMB Holdings, Ltd.		55,822		238,409
Royal Bafokeng Platinum, Ltd. (a)		1,681		6,266
SA Corporate Real Estate Fund Nominees Pty, Ltd.		111,118		44,039
Sanlam, Ltd.		111,870		519,030
Santam, Ltd.		991		16,143
Sappi, Ltd. (a)		36,101		186,395
Sasol, Ltd.		35,925		982,296
Shoprite Holdings, Ltd.		26,730		372,028
Sibanye Gold, Ltd.		44,387		159,650
SPAR Group, Ltd.		11,145		155,789
Standard Bank Group, Ltd.		84,749		866,950
Sun International, Ltd.		8,257		51,999
Super Group, Ltd. (a)		13,760		42,497
Telkom SA SOC, Ltd.		21,697		95,442
Tiger Brands, Ltd.		12,893		356,508
Tongaat Hulett, Ltd.		8,851		75,983
Transaction Capital, Ltd.		11,500		10,663
Trencor, Ltd.		9,543		23,387
Truworths International, Ltd. (b)		34,188		176,518
Tsogo Sun Holdings, Ltd.		29,924		67,764
Vodacom Group, Ltd.		35,781		401,075
Vukile Property Fund, Ltd. REIT		18,923		25,733
Wilson Bayly Holmes-Ovcon, Ltd.		3,334		37,362
Woolworths Holdings, Ltd.		57,869		325,257
Zeder Investments, Ltd.		38,275		20,374
				21,541,463
UNITED ARAB EMIRATES — 11.0%
Abu Dhabi Commercial Bank PJSC		129,751		227,850
Agthia Group PJSC.		12,016		20,610
Air Arabia PJSC		177,883		65,865
Ajman Bank PJSC (a)		31,498		12,863
Al Waha Capital PJSC		74,120		38,947
Aldar Properties PJSC		244,657		177,848
Arabtec Holding PJSC (a)		175,915		70,404
Bank of Sharjah (a)		21,577		8,224
DAMAC Properties Dubai Co. PJSC		117,728		73,720
Dana Gas PJSC (a)		265,336		39,009
Deyaar Development PJSC (a)		112,263		17,850
DP World, Ltd.		11,985		227,116
Dubai Financial Market PJSC		124,465		44,391
Dubai Investments PJSC		110,256		62,137
Dubai Islamic Bank PJSC		96,113		141,827
Dubai Parks & Resorts PJSC (a)		213,989		92,051
Emaar Malls PJSC		146,779		108,696
Emaar Properties PJSC		253,305		489,645
Emirates Telecommunications Group Co. PJSC		121,035		659,052
Eshraq Properties Co. PJSC (a)		88,540		20,008
First Gulf Bank PJSC		81,228		260,956
National Bank of Abu Dhabi PJSC		94,038		235,031
National Bank of Ras Al-Khaimah PSC		43,496		65,013
Orascom Construction, Ltd. (a)		2,551		14,745
RAK Properties PJSC		76,164		12,442
Ras Al Khaimah Ceramics		28,686		22,649
Union National Bank PJSC		85,614		93,236
Union Properties PJSC (a)		77,169		15,652
				3,317,837
UNITED KINGDOM — 0.1%
Pan African Resources PLC		68,312		18,629
TOTAL COMMON STOCKS (Cost $37,765,070)				30,015,399
WARRANTS — 0.0% (e)
SOUTH AFRICA — 0.0% (e)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a) (b) (Cost $0)		888		197
RIGHTS — 0.0%(e)
SOUTH AFRICA — 0.0% (e)
PPC, Ltd. (expiring 11/15/16) (a) (d) (Cost $59,349)		46,258		4,609
SHORT-TERM INVESTMENTS — 3.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		52,544		52,544
State Street Navigator Securities Lending Prime Portfolio (f) (h)		846,193		846,193
TOTAL SHORT-TERM INVESTMENTS (Cost $898,737)				898,737
TOTAL INVESTMENTS — 102.7% (Cost $38,723,156)				30,918,942
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.7)%				(816,589	)
NET ASSETS — 100.0%			$	30,102,353

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

See accompanying notes to financial statements.

277

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of securities is $0, representing 0.0% of the Fund’s net assets.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of security is $4,609, representing 0.0% of the Fund’s net assets.

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

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at September 30, 2016.

(h) Investment of cash collateral for securities loaned.

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Egypt	$	1,039,651	$	—	$	—		$	1,039,651
Netherlands		1,299,482		—		—			1,299,482
Qatar		2,798,337		—		—			2,798,337
South Africa		21,541,463		—		0	(a)		21,541,463
United Arab Emirates		3,317,837		—		—			3,317,837
United Kingdom.		18,629		—		—			18,629
Warrants
South Africa		197		—		—			197
Rights
South Africa		—		4,609		—			4,609
Short-Term Investments		898,737		—		—			898,737
TOTAL INVESTMENTS	$	30,914,333	$	4,609	$	0		$	30,918,942

(a) Fund held a Level 3 security that was valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		149,623	$	149,623		2,776,858		2,873,937		52,544	$	52,544	$	110	$	—
State Street Navigator Securities Lending Prime Portfolio		4,837,997		4,837,997		15,624,587		19,616,391		846,193		846,193		9,704		—
TOTAL			$	4,987,620							$	898,737	$	9,814	$	—

See accompanying notes to financial statements.

278

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 6.0%
Abacus Property Group		9,949	$	22,003
AGL Energy, Ltd.		24,569		358,167
Alumina, Ltd. (a)		241,771		270,122
Amcor, Ltd.		67,080		777,695
AMP, Ltd.		135,936		549,252
Ansell, Ltd.		21,414		376,575
APA Group		94,455		615,840
Aristocrat Leisure, Ltd.		43,459		525,793
Arrium, Ltd. (a) (b) (c)		163,093		2,746
Australia & New Zealand Banking Group, Ltd.		100,725		2,129,716
BHP Billiton PLC		68,796		1,038,880
BHP Billiton, Ltd.		115,022		1,969,902
Billabong International, Ltd. (b)		21,039		20,206
BlueScope Steel, Ltd.		30,919		183,371
Brambles, Ltd.		97,802		896,619
BWP Trust		149,102		366,262
Caltex Australia, Ltd.		9,858		258,376
carsales.com, Ltd.		13,259		121,250
Cochlear, Ltd.		2,026		218,591
Commonwealth Bank of Australia		61,456		3,404,916
Computershare, Ltd.		62,703		495,190
CSL, Ltd.		21,588		1,767,664
CSR, Ltd.		87,314		241,878
Dexus Property Group REIT		17,108		119,791
DUET Group		62,717		120,466
Fairfax Media, Ltd.		89,733		64,892
Fortescue Metals Group, Ltd.		62,570		237,015
Goodman Group REIT		28,124		156,679
GPT Group REIT		64,409		249,402
GWA Group, Ltd.		80,105		175,932
Harvey Norman Holdings, Ltd. (a)		21,388		85,109
Iluka Resources, Ltd.		19,334		92,767
Incitec Pivot, Ltd.		61,165		131,994
Infigen Energy (a) (b)		57,318		35,309
Ingenia Communities Group		51,523		110,793
Insurance Australia Group, Ltd.		155,426		650,601
LendLease Group		61,089		656,347
Macquarie Group, Ltd.		16,415		1,029,296
Medibank Pvt, Ltd.		100,536		190,799
Mirvac Group REIT		65,801		112,794
National Australia Bank, Ltd.		89,593		1,910,797
Newcrest Mining, Ltd.		31,787		539,772
Oil Search, Ltd.		42,698		231,663
Orica, Ltd.		11,148		129,671
Origin Energy, Ltd.		82,207		340,966
Orora, Ltd.		68,840		165,942
OZ Minerals, Ltd.		17,487		81,362
Perpetual, Ltd.		11,086		396,183
QBE Insurance Group, Ltd.		49,344		350,795
Ramsay Health Care, Ltd.		4,706		284,932
REA Group, Ltd.		1,920		82,941
Santos, Ltd.		91,603		253,058
Scentre Group REIT		190,831		686,357
SEEK, Ltd. (a)		12,936		154,033
Sonic Healthcare, Ltd.		46,175		777,733
South32, Ltd. (d)		68,796		130,474
South32, Ltd. (d)		115,503		213,017
Stockland REIT		86,161		313,849
Suncorp Group, Ltd.		46,956		435,150
Sydney Airport		40,538		216,221
Tatts Group, Ltd.		210,358		587,564
Telstra Corp., Ltd.		158,313		627,552
TPG Telecom, Ltd.		13,240		87,337
Transurban Group Stapled Security		72,957		634,791
Treasury Wine Estates, Ltd.		45,712		386,192
Vicinity Centres REIT		119,261		289,309
Wesfarmers, Ltd.		43,188		1,457,489
Westfield Corp.		73,699		548,754
Westpac Banking Corp.		119,993		2,709,746
Woodside Petroleum, Ltd.		33,761		739,415
Woolworths, Ltd.		59,005		1,050,724
WorleyParsons, Ltd. (a)		18,070		115,188
				37,759,977
AUSTRIA — 0.2%
ANDRITZ AG		1,305		71,062
Erste Group Bank AG (b)		12,870		381,325
OMV AG		12,791		368,275
Voestalpine AG.		11,392		394,312
				1,214,974
BELGIUM — 1.2%
Ackermans & van Haaren NV		802		106,307
Aedifica SA (b)		2,104		182,656
Ageas.		16,876		615,707
Anheuser-Busch InBev SA		32,348		4,238,723
Bekaert SA		3,582		163,755
Colruyt SA (a)		2,300		127,583
Gimv NV		672		35,664
Groupe Bruxelles Lambert SA		2,942		260,927
KBC Group NV (b)		12,333		718,216
Proximus SADP		5,183		154,848
Solvay SA		2,700		312,377
UCB SA		8,511		658,336
Umicore SA		3,681		230,952
				7,806,051
CANADA — 8.1%
AGF Management, Ltd. Class B (a)		24,208		92,651
Agnico Eagle Mines, Ltd.		8,326		449,481
Agrium, Inc. (a)		8,896		804,481
Alamos Gold, Inc. Class A		8,921		73,309
Algonquin Power & Utilities Corp. (a)		9,700		86,723
Alimentation Couche-Tard, Inc. Class B		15,324		741,335
AltaGas, Ltd. (a)		5,292		135,859
Amaya, Inc. (a) (b)		6,736		108,914
ARC Resources, Ltd. (a)		13,560		244,838
Atco, Ltd. Class I		2,700		95,776
Athabasca Oil Corp. (b)		12,467		12,237
Avigilon Corp. (a) (b)		2,475		16,365
B2Gold Corp. (b)		40,388		105,714
Badger Daylighting, Ltd. (a)		2,400		51,771
Bank of Montreal (a)		21,942		1,435,308
Bank of Nova Scotia		43,538		2,303,034
Barrick Gold Corp.		43,826		774,646
BCE, Inc. (a)		9,958		459,087
BlackBerry, Ltd. (a) (b)		23,493		186,979
Bombardier, Inc. Class B (a) (b)		87,280		119,539

See accompanying notes to financial statements.

279

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Brookfield Asset Management, Inc. Class A		39,582	$	1,389,323
CAE, Inc.		10,489		148,686
Cameco Corp. (a)		24,252		206,859
Canadian Energy Services & Technology Corp. (a)		11,392		44,987
Canadian Imperial Bank of Commerce		16,155		1,250,484
Canadian National Railway Co.		29,150		1,902,153
Canadian Natural Resources, Ltd.		47,465		1,514,691
Canadian Pacific Railway, Ltd.		7,242		1,103,120
Canadian Solar, Inc. (a) (b)		1,650		22,671
Canadian Tire Corp., Ltd. Class A		3,042		304,096
Canadian Utilities, Ltd. Class A		4,248		119,658
Canadian Western Bank (a)		16,121		309,724
CCL Industries, Inc. Class B		900		172,988
Cenovus Energy, Inc. (a)		27,949		400,441
CGI Group, Inc. Class A (b)		15,444		734,332
CI Financial Corp. (a)		8,768		167,921
Cineplex, Inc. (a)		2,300		88,482
Constellation Software, Inc.		743		334,354
Crescent Point Energy Corp. (a)		25,864		340,458
CT Real Estate Investment Trust		10,598		124,184
Detour Gold Corp. (b)		7,021		152,467
DH Corp. (a)		3,876		83,640
Dollarama, Inc.		4,105		319,935
Eldorado Gold Corp.		24,011		94,272
Element Financial Corp. (a)		14,005		174,976
Emera, Inc.		5,310		191,148
Empire Co., Ltd. Class A		5,857		87,214
Enbridge Income Fund Holdings, Inc.		3,500		90,546
Enbridge, Inc.		32,156		1,410,778
Encana Corp.		34,296		357,769
Enerplus Corp. (a)		5,700		36,518
Exchange Income Corp.		5,200		139,273
Fairfax Financial Holdings, Ltd.		1,380		807,178
Finning International, Inc.		5,039		93,553
Firm Capital Mortgage Investment Corp.		21,147		223,015
First Capital Realty, Inc.		4,900		81,949
First Majestic Silver Corp. (b)		9,996		102,907
First Quantum Minerals, Ltd. (a)		24,317		200,938
Fortis, Inc. (a)		9,066		291,036
Franco-Nevada Corp. (a)		6,196		432,129
George Weston, Ltd.		1,702		141,729
Gildan Activewear, Inc.		8,443		235,383
Goldcorp, Inc.		34,078		561,376
Gran Tierra Energy, Inc. (b)		18,171		54,337
Great-West Lifeco, Inc.		11,025		270,875
H&R Real Estate Investment Trust		4,900		83,627
Home Capital Group, Inc. (a)		2,467		50,682
Husky Energy, Inc.		21,714		265,508
Hydro One, Ltd. (a) (e)		6,043		119,090
IAMGOLD Corp. (b)		30,695		123,784
Imperial Oil, Ltd. (a)		8,960		279,793
Industrial Alliance Insurance & Financial Services, Inc.		3,683		132,355
Innergex Renewable Energy, Inc. (a)		18,335		204,242
Intact Financial Corp.		5,130		370,195
Inter Pipeline, Ltd.		12,226		257,683
K-Bro Linen, Inc. (a)		5,039		157,429
Keyera Corp. (a)		6,233		201,182
Kinross Gold Corp. (b)		39,882		167,812
Linamar Corp.		1,825		76,069
Loblaw Cos., Ltd.		8,489		435,996
Lundin Mining Corp. (a) (b)		26,845		106,011
MacDonald Dettwiler & Associates, Ltd.		1,650		100,438
Magna International, Inc.		14,260		611,089
Manulife Financial Corp.		75,529		1,063,756
Methanex Corp.		3,050		108,470
Metro, Inc.		8,934		292,781
National Bank of Canada (a)		13,604		481,536
New Gold, Inc. (b)		21,724		94,053
Onex Corp.		2,950		189,649
Open Text Corp.		3,964		256,314
Pan American Silver Corp.		5,400		94,913
Parex Resources, Inc. (b)		13,214		167,406
Pembina Pipeline Corp. (a)		11,186		340,283
Pengrowth Energy Corp. (a)		16,680		26,272
Penn West Petroleum, Ltd.		18,555		33,178
Peyto Exploration & Development Corp. (a)		4,796		134,365
Potash Corp. of Saskatchewan, Inc. (a)		38,939		632,564
Power Corp. of Canada		13,560		286,728
Power Financial Corp. (a)		11,303		261,450
PrairieSky Royalty, Ltd. (a)		7,464		151,921
Precision Drilling Corp.		11,239		46,863
Pure Industrial Real Estate Trust		30,565		128,144
Quebecor, Inc. Class B		3,000		91,010
Redknee Solutions, Inc. (a) (b)		17,343		32,067
Restaurant Brands International, Inc. (a)		8,304		369,628
Richelieu Hardware, Ltd. (a)		1,960		38,387
Richmont Mines, Inc. (b)		5,385		54,168
RioCan Real Estate Investment Trust		5,664		117,310
Ritchie Bros Auctioneers, Inc. (a)		3,876		135,575
Rogers Communications, Inc. Class B		20,494		867,945
Royal Bank of Canada		57,780		3,572,534
Russel Metals, Inc.		2,157		34,384
Saputo, Inc.		9,549		331,245
Secure Energy Services, Inc. (a)		6,939		48,944
SEMAFO, Inc. (b)		16,760		69,629
Seven Generations Energy, Ltd. Class A (a) (b)		6,329		152,079
Shaw Communications, Inc. Class B (a)		29,622		605,175
Sherritt International Corp. (b)		34,495		22,047
Shopify, Inc. Class A (b)		2,100		89,944
Silver Wheaton Corp.		14,492		390,791
Sirius XM Canada Holdings, Inc. (a)		458		1,659
SNC-Lavalin Group, Inc.		7,231		283,518
Stantec, Inc. (a)		2,800		65,683
Sun Life Financial, Inc.		28,079		912,073
Suncor Energy, Inc.		69,921		1,937,624
Teck Resources, Ltd. Class B		21,350		384,194
TELUS Corp.		17,107		563,486
TMX Group, Ltd.		1,782		81,693
Toromont Industries, Ltd.		2,800		83,388
Toronto-Dominion Bank		71,530		3,169,798
Tourmaline Oil Corp. (b)		4,625		125,069
TransCanada Corp. (a)		32,238		1,528,438
Trinidad Drilling, Ltd.		8,264		15,783
Turquoise Hill Resources, Ltd. (b)		34,618		102,201
Veresen, Inc. (a)		11,100		113,175

See accompanying notes to financial statements.

280

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Vermilion Energy, Inc. (a)		4,062	$	157,071
Waste Connections, Inc.		6,210		462,354
West Fraser Timber Co., Ltd. (a)		1,496		46,021
Whitecap Resources, Inc. (a)		13,100		109,246
Yamana Gold, Inc.		42,489		182,662
Yellow Pages, Ltd. (b)		4,090		63,797
				51,558,026
CHILE — 0.0% (g)
Antofagasta PLC (a)		12,491		85,023
CHINA — 0.1%
APT Satellite Holdings, Ltd.		130,000		90,008
Bloomage BioTechnology Corp., Ltd. (a)		24,147		40,723
China Everbright Water, Ltd.		89,397		39,340
China New Town Development Co., Ltd. (b) (c)		1,443,800		67,771
Chong Hing Bank, Ltd.		1,385		2,786
ENN Energy Holdings, Ltd.		38,000		184,955
HC International, Inc. (a) (b)		60,000		44,482
Sino Grandness Food Industry Group, Ltd. (a)		183,000		58,385
				528,450
DENMARK — 1.4%
AP Moeller — Maersk A/S Class B		473		693,872
Carlsberg A/S Class B		1,955		186,473
Chr Hansen Holding A/S		3,512		208,835
Coloplast A/S Class B (a)		3,143		243,814
Danske Bank A/S		36,404		1,062,570
DSV A/S.		6,387		318,099
FLSmidth & Co. A/S (a)		6,683		251,346
Genmab A/S (b)		1,955		333,409
GN Store Nord A/S		20,670		444,848
Jyske Bank A/S		1,718		80,119
Novo Nordisk A/S Class B		71,227		2,960,468
Novozymes A/S Class B		7,953		349,882
Pandora A/S		4,458		538,920
SimCorp A/S		9,360		543,862
TDC A/S.		9,496		55,864
Vestas Wind Systems A/S		9,818		808,294
				9,080,675
EGYPT — 0.0% (g)
Integrated Diagnostics Holdings PLC (e)		10,495		35,473
FINLAND — 1.0%
Amer Sports Oyj		4,899		149,860
Caverion Corp. (a)		9,530		73,362
Elisa Oyj.		5,545		204,579
Fortum Oyj		16,310		263,574
Kemira Oyj (a)		15,502		209,925
Kesko Oyj Class B		2,728		125,695
Kone Oyj Class B		13,938		707,521
Konecranes Oyj		2,505		88,789
Lassila & Tikanoja Oyj		1,356		26,287
Metso Oyj		10,003		291,938
Neste Oyj		8,884		378,787
Nokia Oyj (d)		143,893		834,408
Nokia Oyj (d)		77,283		447,194
Sampo Oyj Class A		19,716		877,411
Sanoma Oyj.		13,645		130,034
Stockmann Oyj Abp Class B (a) (b)		14,273		108,591
Stora Enso Oyj Class R		30,277		268,970
Tikkurila Oyj		6,687		143,909
UPM-Kymmene Oyj		25,123		530,785
Valmet Oyj		9,796		147,407
Wartsila Oyj Abp		7,302		328,814
YIT Oyj		14,117		113,750
				6,451,590
FRANCE — 7.4%
Accor SA		12,637		501,454
Air Liquide SA (a)		13,386		1,435,872
Airbus Group SE		22,707		1,373,896
Albioma SA		11,573		200,158
Alstom SA (b)		11,430		302,436
Arkema SA		1,588		147,051
Atos SE		2,999		323,277
AXA SA.		70,479		1,500,130
BNP Paribas SA		37,113		1,908,956
Bollore SA (a)		19,286		67,080
Bourbon Corp. (a)		13,687		159,506
Bouygues SA		11,741		389,173
Bureau Veritas SA		8,106		173,946
Cap Gemini SA		5,702		558,641
Carrefour SA		32,017		829,895
Casino Guichard Perrachon SA		5,054		245,930
CGG SA (a) (b)		1,536		39,719
Christian Dior SE		2,085		373,845
Cie de Saint-Gobain		23,847		1,030,968
Cie Generale des Etablissements Michelin		7,047		779,746
Credit Agricole SA		43,393		428,060
Danone SA		22,139		1,643,311
Dassault Systemes		3,755		325,900
Edenred		13,194		308,633
Electricite de France SA (a)		11,112		135,241
Engie SA		59,016		914,583
Essilor International SA		7,323		944,757
Eutelsat Communications SA		3,105		64,310
Faurecia		2,006		78,677
Gecina SA REIT		1,352		212,941
Groupe Eurotunnel SE		14,747		159,694
Groupe Fnac SA (b) (c)		1,377		105,174
Hermes International		983		400,176
Iliad SA		797		167,311
Ingenico Group SA		1,834		160,288
Kering		4,190		845,451
Klepierre REIT		6,889		315,868
L’Oreal SA		9,475		1,789,930
Lagardere SCA		11,242		286,344
Legrand SA		9,904		584,108
LVMH Moet Hennessy Louis Vuitton SE		8,957		1,528,000
Natixis SA		16,918		78,883
Nexans SA (b)		3,529		202,459
Orange SA		75,554		1,182,763
Pernod Ricard SA		7,575		896,822
Peugeot SA (b)		17,537		267,931
Plastic Omnium SA		2,597		86,154
Publicis Groupe SA		11,850		896,503

See accompanying notes to financial statements.

281

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September 30, 2016

Security Description	Shares		Value
Renault SA		9,248	$	760,137
Rexel SA		10,712		164,261
Safran SA		12,370		889,690
Sanofi		43,539		3,309,566
Schneider Electric SE (d)		19,717		1,375,123
Schneider Electric SE (d)		2,000		139,542
SCOR SE		6,614		205,666
SFR Group SA		7,864		231,633
Societe BIC SA		999		147,800
Societe Generale SA		30,109		1,041,487
Sodexo SA		3,659		435,870
Suez Environment Co.		13,014		214,916
Technicolor SA		17,142		117,049
Technip SA		5,809		356,894
Teleperformance		2,084		222,326
Television Francaise 1 (a)		4,296		41,664
Thales SA		3,667		337,879
TOTAL SA		99,027		4,692,954
Ubisoft Entertainment SA (b)		5,734		216,514
Unibail-Rodamco SE		3,522		949,926
Valeo SA		13,890		810,606
Vallourec SA (a) (b)		18,004		80,729
Veolia Environnement SA		31,043		715,166
Vinci SA.		17,011		1,302,247
Vivendi SA		45,671		921,285
Zodiac Aerospace		4,355		106,081
				47,138,962
GERMANY — 7.1%
Aareal Bank AG		1,827		60,343
adidas AG		10,534		1,828,988
Allianz SE		16,352		2,427,520
Axel Springer SE (a)		2,226		114,022
BASF SE		31,640		2,706,246
Bayer AG		30,194		3,034,541
Bayerische Motoren Werke AG		9,670		812,971
Bayerische Motoren Werke AG Preference Shares		1,975		145,644
Beiersdorf AG		3,635		342,937
Bilfinger SE (b)		4,852		160,145
Brenntag AG		5,638		307,961
Commerzbank AG		33,324		214,885
Continental AG		3,996		840,436
Covestro AG (e)		3,038		179,684
Daimler AG		35,529		2,503,853
Deutsche Bank AG (b)		41,904		544,851
Deutsche Boerse AG (b)		9,853		798,903
Deutsche EuroShop AG		2,290		106,414
Deutsche Lufthansa AG		6,509		72,453
Deutsche Post AG		43,110		1,347,796
Deutsche Telekom AG		122,198		2,048,906
Deutsche Wohnen AG		12,269		446,108
DMG Mori AG.		2,588		126,050
E.ON SE.		73,526		521,717
Evonik Industries AG		4,427		149,725
Fraport AG Frankfurt Airport Services Worldwide		1,884		103,078
Freenet AG		4,682		136,934
Fresenius Medical Care AG & Co. KGaA		7,863		687,122
Fresenius SE & Co. KGaA		14,428		1,151,369
Fuchs Petrolub SE Preference Shares		2,543		116,056
GEA Group AG		6,428		356,927
Gerresheimer AG		1,531		130,124
Hamborner REIT AG		17,615		186,417
Hannover Rueck SE		2,194		235,072
HeidelbergCement AG		5,151		486,771
Henkel AG & Co. KGaA		4,551		529,853
Henkel AG & Co. KGaA Preference Shares		7,167		974,567
HOCHTIEF AG		3,542		499,752
HUGO BOSS AG		2,364		130,774
Infineon Technologies AG		41,171		734,735
KION Group AG		2,793		180,856
KS AG (a)		7,655		145,256
KUKA AG (b)		1,249		151,100
Lanxess AG		3,345		207,879
LEG Immobilien AG (b)		2,126		203,536
Linde AG		6,570		1,117,103
MAN SE		3,424		361,086
Merck KGaA		7,570		815,922
METRO AG		5,915		176,086
MorphoSys AG (b)		783		32,756
MTU Aero Engines AG		1,377		139,350
Muenchener
Rueckversicherungs-Gesellschaft AG in Muenchen		5,366		1,001,032
Norma Group SE		1,791		92,183
OSRAM Licht AG		2,882		169,259
Porsche Automobil Holding SE Preference Shares		6,356		324,536
ProSiebenSat.1 Media SE		8,102		347,084
Puma SE.		1,436		384,240
Rheinmetall AG		1,561		108,693
RWE AG (b)		19,614		338,017
Salzgitter AG		3,719		121,893
SAP SE		34,520		3,139,176
Sartorius AG Preference Shares		1,694		141,027
Siemens AG		31,403		3,677,290
STADA Arzneimittel AG		2,846		158,190
Symrise AG		4,452		326,356
Telefonica Deutschland Holding AG		18,460		74,289
ThyssenKrupp AG		18,811		448,587
TUI AG		17,345		247,167
Uniper SE (b)		7,352		90,099
United Internet AG		4,488		198,643
Volkswagen AG Preference Shares		4,981		654,645
Volkswagen AG		1,394		202,324
Vonovia SE		16,152		611,800
Wirecard AG (a)		4,904		254,889
Zalando SE (b) (e)		4,042		168,750
				45,113,749
HONG KONG — 3.1%
AIA Group, Ltd.		449,600		2,988,271
Bank of East Asia, Ltd. (a)		48,638		197,225
BOC Hong Kong Holdings, Ltd.		137,500		464,482
Cheung Kong Infrastructure Holdings, Ltd.		26,000		223,596
Cheung Kong Property Holdings, Ltd.		113,348		827,171

See accompanying notes to financial statements.

282

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
China Water Industry Group, Ltd. (a) (b)		672,000	$	114,369
Ching Lee Holdings, Ltd. (b)		60,000		2,669
CK Hutchison Holdings, Ltd.		113,348		1,440,973
CLP Holdings, Ltd.		70,000		723,380
Dah Sing Banking Group, Ltd.		106,125		190,194
Dah Sing Financial Holdings, Ltd.		53,285		349,694
Esprit Holdings, Ltd. (a) (b)		128,819		104,471
Galaxy Entertainment Group, Ltd.		91,000		342,601
Hang Lung Group, Ltd.		107,000		406,978
Hang Lung Properties, Ltd.		194,000		436,228
Hang Seng Bank, Ltd.		27,800		496,432
Henderson Land Development Co., Ltd.		57,641		341,865
HKT Trust & HKT, Ltd.		90,900		127,983
Hong Kong & China Gas Co., Ltd.		292,097		551,357
Hong Kong Exchanges and Clearing, Ltd.		43,930		1,154,331
Hongkong Land Holdings, Ltd.		81,000		575,100
Hopewell Highway Infrastructure, Ltd. (a)		6,975		4,254
Hopewell Holdings, Ltd.		124,500		454,277
Hysan Development Co., Ltd.		26,841		125,796
Jardine Matheson Holdings, Ltd.		9,905		600,342
Jardine Strategic Holdings, Ltd.		4,000		130,800
Li & Fung, Ltd. (a)		352,000		180,177
Link REIT		91,351		671,356
Major Holdings, Ltd. (a) (e)		160,000		42,909
Melco Crown Entertainment, Ltd. ADR (a)		5,312		85,576
Melco International Development, Ltd. (a)		34,000		44,626
MTR Corp., Ltd.		52,679		290,022
New World Development Co., Ltd.		488,041		634,281
Noble Group, Ltd. (b)		170,800		19,041
Pacific Basin Shipping, Ltd. (b)		932,000		120,166
Power Assets Holdings, Ltd.		48,000		467,873
Sands China, Ltd.		92,400		400,887
Sino Land Co., Ltd.		292,753		517,870
SJM Holdings, Ltd.		57,000		41,890
Sun Hung Kai Properties, Ltd.		56,509		853,178
Sundart Holdings, Ltd.		82,000		46,942
Swire Pacific, Ltd. Class A		25,500		274,696
Techtronic Industries Co., Ltd.		46,000		179,707
Wharf Holdings, Ltd.		64,000		465,810
Wheelock & Co., Ltd.		118,000		696,046
				19,407,892
IRELAND — 0.6%
Bank of Ireland (b)		984,776		205,845
C&C Group PLC		14,386		59,656
CRH PLC		29,014		970,516
Experian PLC		40,354		809,362
Glanbia PLC		4,467		85,968
Green REIT PLC		24,000		39,243
Greencore Group PLC		19,182		83,598
IFG Group PLC		18,788		40,116
Irish Bank Resolution Corp., Ltd. (b) (f)		5,635		—
James Hardie Industries PLC		15,208		236,483
Kerry Group PLC Class A		5,517		459,792
Kingspan Group PLC		5,158		139,001
Paddy Power Betfair PLC		3,040		344,027
Ryanair Holdings PLC ADR		4,489		336,810
Smurfit Kappa Group PLC		6,943		155,271
UDG Healthcare PLC		8,866		73,823
				4,039,511
ISRAEL — 0.7%
Bank Hapoalim BM		39,159		221,881
Bank Leumi Le-Israel BM (b)		51,290		194,793
Bezeq The Israeli Telecommunication Corp., Ltd.		77,052		145,167
Check Point Software Technologies, Ltd. (a) (b)		5,231		405,978
Evogene, Ltd. (b)		6,099		38,183
Israel Chemicals, Ltd.		15,945		62,044
Mazor Robotics, Ltd. (b)		5,639		68,772
Nice-Systems, Ltd.		2,265		151,459
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		5,853		236,329
Reit 1, Ltd.		54,767		169,172
Shufersal, Ltd.		84,252		324,245
Strauss Group, Ltd.		24,089		380,778
Teva Pharmaceutical Industries, Ltd. ADR		38,943		1,791,767
				4,190,568
ITALY — 1.6%
A2A SpA		53,057		74,949
Assicurazioni Generali SpA		49,931		609,381
Atlantia SpA		14,783		375,291
Azimut Holding SpA		3,550		52,262
Banca Generali SpA		2,606		50,021
Banca IFIS SpA		6,970		157,206
Banca Monte dei Paschi di Siena SpA (a) (b) .		129,909		27,169
Banca Popolare dell’Emilia Romagna SC		19,269		71,720
Banca Popolare di Milano Scarl		222,179		89,187
Banca Popolare di Sondrio Scarl		26,554		74,305
Banco Popolare SC		9,363		22,054
BI Esse SpA		418		6,619
Brembo SpA		3,196		190,717
Cairo Communication SpA		18,423		70,227
Credito Valtellinese SC		54,784		19,024
Davide Campari-Milano SpA		9,325		105,109
Enel SpA		257,440		1,147,986
Eni SpA		94,917		1,367,480
Esprinet SpA		14,495		80,600
EXOR SpA		3,498		141,714
Falck Renewables SpA		4,263		3,766
Ferrari NV		3,877		201,423
Immobiliare Grande Distribuzione SIIQ SpA.		141,239		106,425
Interpump Group SpA		7,153		121,945
Intesa Sanpaolo SpA		490,161		1,087,364
Iren SpA		107,926		185,812
Leonardo-Finmeccanica SpA (b)		28,069		318,278
Luxottica Group SpA		5,097		243,555
Mediaset SpA		26,102		81,958
Mediobanca SpA		15,139		98,507
Prada SpA (a)		17,100		54,678
Prysmian SpA		6,542		171,446
Recordati SpA		5,649		181,626

See accompanying notes to financial statements.

283

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Reply SpA		1,396	$	183,553
Saipem SpA (b)		356,601		150,962
Salvatore Ferragamo SpA		2,442		62,022
Snam SpA.		77,947		432,378
Societa Cattolica di Assicurazioni S.c.r.l. (a)		18,114		101,375
Sogefi SpA (b)		13,844		28,004
Telecom Italia SpA/Milano (b) (d)		521,567		433,155
Telecom Italia RSP/Milano (d)		219,975		149,314
Terna Rete Elettrica Nazionale SpA		51,123		263,590
UniCredit SpA (a)		196,942		458,582
Unione di Banche Italiane SpA (a)		31,794		73,247
Unipol Gruppo Finanziario SpA		13,138		33,545
UnipolSai SpA		33,370		54,302
Yoox Net-A-Porter Group SpA (b)		2,596		80,403
Zignago Vetro SpA		14,213		81,780
				10,176,016
JAPAN — 22.7%
Acom Co., Ltd. (b)		20,600		96,221
Activia Properties, Inc.		20		106,058
Aderans Co., Ltd. (a)		15,400		68,738
Advance Residence Investment Corp.		38		107,510
Advantest Corp. (a)		18,400		247,114
Aeon Co., Ltd.		47,820		703,145
AEON Financial Service Co., Ltd.		3,500		60,658
AEON REIT Investment Corp.		58		75,489
Aisin Seiki Co., Ltd.		6,300		285,869
Ajinomoto Co., Inc.		19,000		420,752
Akita Bank, Ltd.		119,550		352,989
Alconix Corp.		22,400		311,231
Alfresa Holdings Corp.		7,400		155,432
Alps Electric Co., Ltd. (a)		6,400		151,681
ANA Holdings, Inc.		36,000		97,301
Aomori Bank, Ltd.		10,101		31,919
Aoyama Trading Co., Ltd.		2,100		72,167
Aozora Bank, Ltd.		51,000		174,759
Asahi Glass Co., Ltd.		51,000		327,359
Asahi Group Holdings, Ltd.		28,636		1,036,682
Asahi Kasei Corp.		84,550		668,618
Asics Corp.		6,800		135,846
Astellas Pharma, Inc.		108,300		1,682,813
Atom Corp. (a)		38,900		260,831
Awa Bank, Ltd.		11,550		70,715
Bandai Namco Holdings, Inc.		7,800		236,854
Bank of Iwate, Ltd. (a)		8,355		322,600
Bank of Kyoto, Ltd. (a)		16,000		115,973
Bank of Okinawa, Ltd. (a)		11,900		352,540
Bridgestone Corp.		26,465		968,541
Brother Industries, Ltd. (a)		6,600		114,774
Calbee, Inc. (a)		3,700		139,392
Can Do Co., Ltd. (a)		5,300		85,101
Canon, Inc.		47,616		1,374,664
Casio Computer Co., Ltd. (a)		27,900		386,547
Central Japan Railway Co.		6,700		1,138,666
Chiba Bank, Ltd. (a)		35,550		200,104
Chubu Electric Power Co., Inc.		35,865		519,213
Chugai Pharmaceutical Co., Ltd.		14,080		505,415
Chugoku Electric Power Co., Inc. (a)		6,100		76,322
COLOPL, Inc. (a)		2,000		30,909
Colowide Co., Ltd. (a)		2,400		43,656
Concordia Financial Group, Ltd.		45,300		195,801
COOKPAD, Inc. (a)		6,300		59,973
Credit Saison Co., Ltd.		21,800		359,297
CyberAgent, Inc. (a)		5,800		171,368
Dai Nippon Printing Co., Ltd.		27,000		262,894
Dai-ichi Life Insurance Co., Ltd.		43,100		583,732
Daicel Corp.		9,500		118,861
Daifuku Co., Ltd.		5,300		96,197
Daiichi Sankyo Co., Ltd.		35,865		855,320
Daiken Medical Co., Ltd. (a)		11,200		83,725
Daikin Industries, Ltd.		15,810		1,459,925
Daisan Bank, Ltd.		765		12,542
Daishi Bank, Ltd.		15,176		57,848
Daito Trust Construction Co., Ltd.		5,355		855,351
Daiwa House Industry Co., Ltd.		25,400		691,154
Daiwa House REIT Investment Corp.		59		173,449
Daiwa Securities Group, Inc.		87,550		487,960
DeNA Co., Ltd.		6,200		223,779
Denso Corp.		15,810		624,500
Dentsu, Inc.		7,400		373,416
Don Quijote Holdings Co., Ltd.		3,400		123,725
Dowa Holdings Co., Ltd.		22,000		152,728
East Japan Railway Co.		14,800		1,327,053
Ebara Corp.		3,800		111,563
Eighteenth Bank, Ltd.		8,251		24,281
Eisai Co., Ltd.		12,051		748,182
Electric Power Development Co., Ltd.		5,500		131,329
euglena Co., Ltd. (a) (b)		5,000		71,792
F@N Communications, Inc.		6,000		43,905
FANUC Corp.		7,055		1,185,064
Fast Retailing Co., Ltd.		2,600		829,052
Feed One Co., Ltd.		178,900		204,932
Financial Products Group Co., Ltd. (a)		10,600		97,453
Foster Electric Co., Ltd.		13,600		246,577
Frontier Real Estate Investment Corp.		20		99,738
Fuji Heavy Industries, Ltd.		24,100		893,650
FUJIFILM Holdings Corp.		23,910		877,869
Fujitsu, Ltd.		80,513		429,339
Fukuoka Corp. REIT		10		18,733
Fukuoka Financial Group, Inc.		119,550		492,296
Furukawa Electric Co., Ltd.		8,855		239,159
GLP J — REIT		133		176,782
GMO internet, Inc. (a)		3,500		46,591
GS Yuasa Corp.		17,000		69,501
GungHo Online Entertainment, Inc. (a)		14,100		34,392
Gurunavi, Inc.		6,000		163,946
Hankyu Hanshin Holdings, Inc.		11,100		380,358
Hankyu REIT, Inc.		156		211,512
Heiwa Real Estate REIT, Inc. (a)		341		280,505
Hino Motors, Ltd. (a)		7,100		75,091
Hirose Electric Co., Ltd.		900		117,316
Hisamitsu Pharmaceutical Co., Inc. (a)		3,300		176,952
Hitachi Metals, Ltd. (a)		9,100		110,712
Hitachi, Ltd.		201,475		932,318
Hokkoku Bank, Ltd.		119,550		358,892
Honda Motor Co., Ltd.		68,075		1,941,111
Hoshizaki Corp.		2,000		181,306
Hoya Corp.		14,206		566,472
Hulic Co., Ltd.		12,600		127,537

See accompanying notes to financial statements.

284

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Hyakugo Bank, Ltd.		10,550	$	37,922
Ibiden Co., Ltd. (a)		12,400		165,064
Ichigo Office REIT Investment		473		347,049
IHI Corp. (a)		45,000		128,870
Iida Group Holdings Co., Ltd.		5,000		99,936
Industrial & Infrastructure Fund Investment Corp.		40		203,032
Infomart Corp.		10,200		117,748
Inpex Corp.		29,700		266,659
Intage Holdings, Inc.		8,600		143,779
Iriso Electronics Co., Ltd. (a)		2,200		117,099
Isetan Mitsukoshi Holdings, Ltd. (a)		14,900		145,520
Isuzu Motors, Ltd. (a)		51,500		599,854
ITOCHU Corp.		88,850		1,107,280
Iwatani Corp. (a)		14,000		85,992
J Front Retailing Co., Ltd.		5,100		66,227
Jafco Co., Ltd.		2,100		60,969
Japan Airlines Co., Ltd.		4,000		116,881
Japan Airport Terminal Co., Ltd. (a)		4,800		181,780
Japan Digital Laboratory Co., Ltd.		17,220		250,992
Japan Excellent, Inc.		62		89,328
Japan Exchange Group, Inc.		23,200		358,544
Japan Hotel REIT Investment Corp.		134		106,258
Japan Logistics Fund, Inc.		37		83,672
Japan Post Bank Co., Ltd.		14,800		174,651
Japan Post Holdings Co., Ltd. (a)		5,000		62,361
Japan Prime Realty Investment Corp.		29		130,874
Japan Real Estate Investment Corp.		35		209,105
Japan Retail Fund Investment Corp. REIT		47		116,079
Japan Tissue Engineering Co., Ltd. (b)		2,200		28,721
Japan Tobacco, Inc.		47,200		1,919,882
JFE Holdings, Inc. (a)		23,910		344,961
JGC Corp.		7,300		125,794
Joyo Bank, Ltd. (c)		31,000		128,941
JSR Corp. (a)		19,300		300,940
JTEKT Corp.		8,300		123,109
JX Holdings, Inc. (a)		148,700		597,796
Kajima Corp.		80,475		559,467
Kakaku.com, Inc.		9,700		174,622
Kaken Pharmaceutical Co., Ltd.		2,000		122,056
Kansai Electric Power Co., Inc. (b)		43,600		394,043
Kansai Paint Co., Ltd.		9,800		213,197
Kao Corp.		19,100		1,073,402
Kawai Musical Instruments Manufacturing Co., Ltd.		7,300		127,452
Kawasaki Heavy Industries, Ltd.		46,000		140,819
KDDI Corp.		67,500		2,076,359
Keikyu Corp. (a)		24,000		249,326
Keio Corp. (a)		26,000		225,942
Keisei Electric Railway Co., Ltd.		7,500		186,121
Kenedix Office Investment Corp. REIT		42		258,391
Kenedix, Inc.		11,300		49,992
Keyence Corp.		2,000		1,450,847
Kikkoman Corp. (a)		8,000		254,382
Kintetsu Group Holdings Co., Ltd.		60,101		251,051
Kirin Holdings Co., Ltd.		22,400		369,739
Kiyo Bank, Ltd.		27,200		423,317
KNT-CT Holdings Co., Ltd. (b)		104,000		115,025
Kobe Steel, Ltd. (a) (b)		13,600		121,811
Koito Manufacturing Co., Ltd.		5,000		240,952
Komatsu, Ltd. (a)		43,720		990,840
Konami Holdings Corp. (a)		4,300		165,393
Konica Minolta, Inc.		41,475		348,134
Kubota Corp.		56,650		846,687
Kuraray Co., Ltd.		13,200		194,353
Kurita Water Industries, Ltd.		12,710		299,974
Kyocera Corp.		20,600		981,127
Kyoritsu Maintenance Co., Ltd. (a)		600		37,209
Kyoto Kimono Yuzen Co., Ltd. (a)		18,100		155,324
Kyowa Hakko Kirin Co., Ltd.		7,500		117,464
Kyushu Electric Power Co., Inc.		15,700		146,667
Kyushu Financial Group, Inc. (a)		7,300		49,308
Lawson, Inc.		3,000		236,113
Leopalace21 Corp.		1,600		10,491
Lion Corp.		10,000		161,161
LIXIL Group Corp.		7,600		161,884
M3, Inc. (a)		6,500		220,807
Makita Corp.		5,600		395,951
Marubeni Corp.		121,550		618,763
Matsuya Co., Ltd. (a)		21,800		153,062
Mazda Motor Corp.		18,000		272,226
MCUBS MidCity Investment Corp.		93		287,913
Medipal Holdings Corp.		26,199		450,944
MEIJI Holdings Co., Ltd.		5,200		512,991
Meiko Network Japan Co., Ltd. (a)		21,700		192,432
Milbon Co., Ltd. (a)		9,900		484,417
Minebea Co., Ltd. (a)		14,900		138,899
MISUMI Group, Inc. (a)		9,800		182,326
Mitsubishi Chemical Holdings Corp.		55,300		343,055
Mitsubishi Corp.		69,938		1,578,120
Mitsubishi Electric Corp.		102,550		1,298,774
Mitsubishi Estate Co., Ltd.		56,925		1,061,318
Mitsubishi Gas Chemical Co., Inc.		7,500		106,725
Mitsubishi Heavy Industries, Ltd.		177,101		732,958
Mitsubishi Logistics Corp. (a)		9,000		128,959
Mitsubishi Materials Corp.		5,700		154,229
Mitsubishi Motors Corp.		35,700		165,341
Mitsubishi Tanabe Pharma Corp.		8,500		180,887
Mitsubishi UFJ Financial Group, Inc.		489,824		2,443,195
Mitsui & Co., Ltd. (a)		85,026		1,167,517
Mitsui Chemicals, Inc.		89,550		421,818
Mitsui Fudosan Co., Ltd.		43,000		906,794
Mitsui OSK Lines, Ltd. (a)		96,550		222,151
Mizuho Financial Group, Inc.		923,300		1,537,238
Mori Hills Investment Corp. REIT		60		89,824
MS&AD Insurance Group Holdings, Inc.		24,199		666,599
Murata Manufacturing Co., Ltd.		7,900		1,016,511
Musashino Bank, Ltd.		11,955		299,864
Nabtesco Corp.		5,200		146,092
Nachi-Fujikoshi Corp. (a)		15,000		54,510
Nagoya Railroad Co., Ltd. (a)		40,000		216,857
Nanto Bank, Ltd.		11,755		413,250
NEC Corp.		80,000		204,612
NGK Insulators, Ltd.		11,300		231,992
NGK Spark Plug Co., Ltd. (a)		6,000		104,696
NH Foods, Ltd.		9,000		216,501
NHK Spring Co., Ltd.		8,100		77,828
Nidec Corp.		11,100		1,015,239
Nikon Corp. (a)		23,600		350,510

See accompanying notes to financial statements.

285

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Nintendo Co., Ltd.		4,900	$	1,287,360
Nippon Accommodations Fund, Inc.		11		51,489
Nippon Building Fund, Inc.		38		240,537
Nippon Express Co., Ltd.		41,000		190,293
Nippon Paint Holdings Co., Ltd. (a)		7,500		248,111
Nippon Paper Industries Co., Ltd. (a)		4,200		76,356
Nippon Prologis, Inc. REIT		10		25,280
Nippon Steel & Sumitomo Metal Corp.		39,200		796,078
Nippon Suisan Kaisha, Ltd.		76,000		324,969
Nippon Telegraph & Telephone Corp.		24,600		1,120,865
Nippon Yusen KK		119,550		221,946
Nissan Chemical Industries, Ltd. (a)		5,900		177,993
Nissan Motor Co., Ltd. (a)		95,541		927,153
Nissei ASB Machine Co., Ltd.		4,300		73,758
Nisshin Seifun Group, Inc.		9,000		136,335
Nissin Foods Holdings Co., Ltd. (a)		4,100		248,190
Nitori Holdings Co., Ltd.		1,700		202,291
Nitto Denko Corp. (a)		7,200		462,580
Nomura Holdings, Inc.		154,685		681,430
Nomura Real Estate Master Fund, Inc.		63		105,140
Nomura Research Institute, Ltd.		3,300		113,080
NSK, Ltd. (a)		15,600		158,057
NTT Data Corp.		8,600		427,176
NTT DOCOMO, Inc.		59,100		1,495,227
Obayashi Corp.		25,750		253,520
Odakyu Electric Railway Co., Ltd. (a)		14,000		309,683
Ogaki Kyoritsu Bank, Ltd.		119,550		395,490
Oji Holdings Corp.		23,000		90,396
Oki Electric Industry Co., Ltd.		3,600		48,064
Olympus Corp.		12,800		442,404
Omron Corp.		7,100		252,758
Ono Pharmaceutical Co., Ltd.		18,900		523,802
Oriental Land Co., Ltd. (a)		9,800		593,623
ORIX Corp.		47,700		695,964
Orix JREIT, Inc. REIT		59		103,592
Osaka Gas Co., Ltd.		68,000		283,442
Otsuka Holdings Co., Ltd.		19,700		892,740
Panasonic Corp. (a)		95,850		948,419
Pigeon Corp. (a)		7,900		237,160
Rakuten, Inc.		26,000		336,602
Raysum Co., Ltd.		3,300		20,726
Recruit Holdings Co., Ltd.		17,800		722,441
Renesas Electronics Corp. (b)		8,300		50,325
Resona Holdings, Inc.		80,200		334,454
Ricoh Co., Ltd. (a)		22,200		199,496
Ringer Hut Co., Ltd. (a)		900		20,832
Riso Kyoiku Co., Ltd.		17,506		88,165
Rock Field Co., Ltd. (a)		21,000		311,895
Rohm Co., Ltd.		5,700		297,200
Rohto Pharmaceutical Co., Ltd. (a)		5,901		101,103
Ryohin Keikaku Co., Ltd.		1,000		200,760
San-In Godo Bank, Ltd.		6,050		40,985
Sanrio Co., Ltd. (a)		3,900		71,056
Santen Pharmaceutical Co., Ltd.		15,700		229,922
Sawai Pharmaceutical Co., Ltd. (a)		1,600		113,445
SBI Holdings, Inc.		6,900		81,493
Secom Co., Ltd.		12,148		900,678
Sega Sammy Holdings, Inc.		5,300		75,105
Seibu Holdings, Inc. (a)		7,800		128,017
Seiko Epson Corp. (a)		16,000		305,258
Seino Holdings Co., Ltd.		7,000		73,066
Sekisui Chemical Co., Ltd.		14,800		211,188
Sekisui House SI Residential Investment Corp. (a)		132		150,686
Sekisui House, Ltd.		23,600		398,752
Seria Co., Ltd.		1,900		152,165
Seven & i Holdings Co., Ltd.		35,728		1,678,350
Sharp Corp. (a) (b)		58,000		77,322
Shiga Bank, Ltd. (a)		11,550		55,888
Shikoku Bank, Ltd.		9,101		19,323
Shikoku Electric Power Co., Inc. (a) (b)		7,100		69,763
Shimadzu Corp.		12,000		181,425
Shimano, Inc.		3,700		545,144
Shimizu Corp.		31,513		280,074
Shin-Etsu Chemical Co., Ltd.		18,517		1,280,364
Shinsei Bank, Ltd.		60,000		90,061
Shionogi & Co., Ltd.		11,700		595,254
Shiseido Co., Ltd.		8,300		218,391
Shizuoka Bank, Ltd. (a)		27,000		214,368
SMC Corp.		3,100		884,402
SMS Co., Ltd.		6,800		180,299
SoftBank Group Corp.		37,836		2,436,838
Sohgo Security Services Co., Ltd.		3,800		202,637
Sompo Japan Nipponkoa Holdings, Inc.		24,600		720,400
Sony Corp.		45,820		1,490,004
Square Enix Holdings Co., Ltd.		3,400		116,506
Stanley Electric Co., Ltd.		19,973		533,915
Start Today Co., Ltd.		8,100		138,380
Starts Proceed Investment Corp.		51		84,056
Sumitomo Chemical Co., Ltd.		119,550		525,352
Sumitomo Corp. (a)		64,775		718,336
Sumitomo Dainippon Pharma Co., Ltd. (a)		5,300		101,902
Sumitomo Electric Industries, Ltd.		39,920		558,206
Sumitomo Heavy Industries, Ltd.		24,000		117,079
Sumitomo Metal Mining Co., Ltd.		24,000		328,603
Sumitomo Mitsui Financial Group, Inc.		50,200		1,675,564
Sumitomo Mitsui Trust Holdings, Inc.		19,855		641,148
Sumitomo Precision Products Co., Ltd. (a)		46,000		148,995
Sumitomo Realty & Development Co., Ltd.		20,000		513,010
Sun Corp. (a)		3,000		21,389
Sun Frontier Fudousan Co., Ltd.		3,100		31,072
Suntory Beverage & Food, Ltd.		5,000		214,783
Suruga Bank, Ltd. (a)		6,700		159,387
Suzuki Motor Corp.		17,200		570,701
Sysmex Corp. (a)		5,800		426,129
T&D Holdings, Inc.		36,100		402,656
Tadano, Ltd.		6,000		58,421
Taiheiyo Cement Corp.		23,000		65,640
Taisei Corp.		64,438		480,429
Taisho Pharmaceutical Holdings Co., Ltd. (a)		2,100		214,013
Taiyo Yuden Co., Ltd. (a)		17,200		167,813
Takeda Pharmaceutical Co., Ltd.		32,465		1,546,227
Takeuchi Manufacturing Co., Ltd.		14,400		239,325
TDK Corp.		9,055		599,106
Teijin, Ltd.		24,710		475,338
Temp Holdings Co., Ltd.		5,700		99,348

See accompanying notes to financial statements.

286

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Terumo Corp.		24,200	$	923,646
THK Co., Ltd.		5,400		105,158
Tobu Railway Co., Ltd.		47,000		238,098
Toho Bank, Ltd.		12,101		42,302
Tohoku Electric Power Co., Inc.		38,000		493,458
Tokio Marine Holdings, Inc.		31,265		1,183,726
Tokyo Dome Corp.		29,000		270,054
Tokyo Electric Power Co. Holdings, Inc. (b) .		48,175		206,943
Tokyo Electron, Ltd.		8,455		741,174
Tokyo Gas Co., Ltd.		121,475		536,930
Tokyo Tatemono Co., Ltd.		6,100		72,707
Tokyu Corp.		50,550		383,374
Tokyu Fudosan Holdings Corp.		16,300		87,725
Toppan Printing Co., Ltd.		28,000		251,064
Toray Industries, Inc.		101,550		981,755
Toshiba Corp. (a) (b)		196,513		650,095
TOTO, Ltd. (a)		4,000		149,904
Toyo Suisan Kaisha, Ltd.		3,000		126,500
Toyo Tire & Rubber Co., Ltd.		6,100		84,936
Toyota Industries Corp.		6,800		312,250
Toyota Motor Corp.		107,488		6,134,135
Toyota Tsusho Corp.		6,200		142,717
Trend Micro, Inc.		4,500		155,977
Tsuruha Holdings, Inc.		1,500		172,419
Unicharm Corp. (a)		14,600		376,084
United Urban Investment Corp.		55		100,207
Usen Corp. (a)		28,530		87,056
USS Co., Ltd.		7,610		127,604
Warabeya Nichiyo Holdings Co., Ltd.		12,200		254,686
West Japan Railway Co.		6,100		375,765
Yahoo! Japan Corp. (a)		41,600		165,143
Yakult Honsha Co., Ltd. (a)		4,200		188,298
Yamada Denki Co., Ltd.		64,080		316,398
Yamagata Bank, Ltd. (a)		106,176		445,611
Yamaha Corp. (a)		7,800		250,333
Yamaha Motor Co., Ltd.		8,900		177,534
Yamanashi Chuo Bank, Ltd.		7,550		32,358
Yamato Holdings Co., Ltd. (a)		12,800		296,221
Yamazaki Baking Co., Ltd.		7,000		171,086
Yaskawa Electric Corp.		7,700		113,905
Yokogawa Electric Corp.		7,400		97,556
Zenrin Co., Ltd.		22,700		400,133
				144,043,507
JORDAN — 0.0% (g)
Hikma Pharmaceuticals PLC		5,068		132,852
LUXEMBOURG — 0.2%
APERAM SA		1,642		74,190
ArcelorMittal (b)		67,362		412,421
Millicom International Cellular SA SDR		2,137		110,998
RTL Group SA		1,380		114,918
SES SA		12,240		300,347
Tenaris SA		13,616		194,025
				1,206,899
MACAU — 0.0% (g)
MGM China Holdings, Ltd.		21,600		37,486
Wynn Macau, Ltd. (a)		38,000		62,909
				100,395
MALTA — 0.0% (g)
Catena Media PLC (b)		7,575		68,523
MEXICO — 0.0% (g)
Fresnillo PLC		7,200		169,660
NETHERLANDS — 3.3%
Aegon NV.		82,149		314,900
AerCap Holdings NV (b)		2,974		114,469
Akzo Nobel NV		12,924		875,651
Altice NV Class A (b)		11,392		204,453
ASML Holding NV		18,786		2,062,403
Constellium NV Class A (b)		2,946		21,211
Fugro NV (a) (b)		4,836		78,287
Gemalto NV		2,616		167,807
Heineken Holding NV		3,477		278,914
Heineken NV		7,889		694,270
ING Groep NV.		150,063		1,853,363
Koninklijke Ahold Delhaize NV		57,985		1,322,168
Koninklijke DSM NV		10,312		697,172
Koninklijke KPN NV		166,433		552,696
Koninklijke Philips NV		46,646		1,382,860
NN Group NV		10,720		329,489
NXP Semiconductors NV (b)		12,488		1,273,901
OCI NV (a) (b)		1,450		21,404
PostNL NV (b)		28,657		130,139
Randstad Holding NV		2,330		106,178
Royal Dutch Shell PLC Class A		173,648		4,317,386
Royal Dutch Shell PLC Class B		127,945		3,319,025
SBM Offshore NV		15,131		215,018
Wolters Kluwer NV		11,012		471,437
				20,804,601
NEW ZEALAND — 0.3%
a2 Milk Co., Ltd. (a) (b)		102,834		136,849
Air New Zealand, Ltd.		45,569		61,636
Auckland International Airport, Ltd.		19,119		102,189
Fisher & Paykel Healthcare Corp., Ltd.		88,300		642,760
Fletcher Building, Ltd.		12,927		100,867
Goodman Property Trust		84,339		80,037
Infratil, Ltd.		36,049		84,936
Investore Property, Ltd. (b)		14,724		16,918
Kiwi Property Group, Ltd.		86,032		93,844
Property for Industry, Ltd.		85,326		101,760
Steel & Tube Holdings, Ltd.		53,837		87,305
Stride Property Group (a)		55,629		80,098
Vital Healthcare Property Trust		73,713		120,073
Xero, Ltd. (b)		3,895		54,808
				1,764,080
NORWAY — 0.6%
Akastor ASA (a) (b)		5,037		5,363
Aker Solutions ASA (b)		5,037		23,558
DNB ASA		43,659		571,938
DNO ASA (b)		28,949		29,357
Marine Harvest ASA (b)		12,495		223,720
Norsk Hydro ASA		73,205		315,543
Orkla ASA		70,133		724,821
Schibsted ASA Class A		2,543		74,677
Schibsted ASA Class B		2,445		65,497
Statoil ASA (a)		40,665		681,286
Storebrand ASA (b)		40,588		200,596

See accompanying notes to financial statements.

287

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Telenor ASA		37,204	$	638,198
TGS Nopec Geophysical Co. ASA		4,119		74,214
Yara International ASA		12,260		407,424
				4,036,192
PORTUGAL — 0.2%
Banco Comercial Portugues SA (a) (b)		1,650,332		28,561
EDP — Energias de Portugal SA		124,685		418,822
Galp Energia SGPS SA		15,205		207,868
Mota-Engil SGPS SA (a)		19,666		37,770
NOS SGPS SA		46,631		317,411
Pharol SGPS SA		53,933		14,546
				1,024,978
SINGAPORE — 1.1%
AIMS AMP Capital Industrial REIT		105,998		109,228
Ascendas REIT		76,715		141,789
Ascendas Hospitality Trust (a)		151,000		81,400
Cache Logistics Trust		122,000		80,084
CapitaLand, Ltd.		236,000		553,889
City Developments, Ltd.		18,200		121,071
ComfortDelGro Corp., Ltd.		77,600		159,930
COSCO Corp. Singapore, Ltd. (a) (b)		446,600		86,801
Croesus Retail Trust		270,196		169,436
DBS Group Holdings, Ltd.		66,740		753,331
Genting Singapore PLC		479,300		263,651
Global Logistic Properties, Ltd.		64,000		87,777
IGG, Inc.		60,000		39,840
InterOil Corp. (b)		1,650		84,018
Jardine Cycle & Carriage, Ltd.		3,333		104,699
Keppel REIT		31,313		25,607
Keppel Corp., Ltd. (a)		124,975		494,052
Lippo Malls Indonesia Retail Trust		709,300		195,084
Oversea-Chinese Banking Corp., Ltd.		108,437		687,946
Sembcorp Industries, Ltd. (a)		32,000		60,787
Singapore Airlines, Ltd.		41,456		319,559
Singapore Exchange, Ltd.		30,100		163,586
Singapore Press Holdings, Ltd. (a)		58,000		162,074
Singapore Telecommunications, Ltd.		282,600		822,855
Soilbuild Business Space REIT		201,300		103,348
United Overseas Bank, Ltd.		42,838		591,617
UOL Group, Ltd.		23,028		94,750
Wilmar International, Ltd.		117,000		276,314
				6,834,523
SOUTH AFRICA — 0.1%
Investec PLC		20,547		125,713
Lonmin PLC (a) (b)		7,864		20,482
Mondi PLC		26,342		555,362
				701,557
SOUTH KOREA — 4.7%
Advanced Process Systems Corp. (b)		3,068		68,249
Amorepacific Corp.		956		337,662
Asiana Airlines, Inc. (b)		28,472		124,865
BNK Financial Group, Inc.		12,205		95,082
Celltrion, Inc. (a) (b)		3,219		310,983
CJ CGV Co., Ltd. (a)		4,227		321,242
CMG Pharmaceutical Co., Ltd. (b)		8,370		29,867
Coway Co., Ltd.		1,434		124,214
Crown Confectionery Co., Ltd. (a)		4,554		121,567
CUROCOM Co., Ltd. (a) (b)		12,987		42,746
Dae Han Flour Mills Co., Ltd.		1,590		261,307
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b) (c)		3,626		14,750
Digitech Systems Co., Ltd. (b) (f)		19,094		—
DIO Corp. (b)		1,416		66,213
Dongkuk Industries Co., Ltd.		56,766		273,174
Dongwon F&B Co., Ltd.		835		170,965
Dongwon Industries Co., Ltd. (a)		926		253,497
DY Corp.		9,410		54,682
E-MART, Inc.		654		93,526
Eyegene, Inc. (b)		2,656		41,600
Genic Co., Ltd. (b)		5,890		116,586
GS Home Shopping, Inc.		820		122,626
Hana Financial Group, Inc.		9,307		235,348
Hana Tour Service, Inc. (a)		2,878		182,137
Hancom, Inc.		6,688		104,448
Hankook Shell Oil Co., Ltd.		328		133,868
Hankook Tire Co., Ltd.		1,612		86,941
Hanssem Co., Ltd.		1,706		272,625
Harim Co., Ltd. (a) (b)		25,685		109,727
Hotel Shilla Co., Ltd.		3,445		189,243
HS Industries Co., Ltd.		6,801		56,935
Huons Co., Ltd. (b)		1,845		107,381
Huons Global Co., Ltd.		1,721		72,193
Hyundai Elevator Co., Ltd. (b)		2,302		141,922
Hyundai Engineering Plastics Co., Ltd.		40,262		354,602
Hyundai Glovis Co., Ltd.		543		89,239
Hyundai Heavy Industries Co., Ltd. (b)		1,427		178,804
Hyundai Hy Communications & Network Co., Ltd.		40,039		130,694
Hyundai Mobis Co., Ltd.		2,171		542,085
Hyundai Motor Co.		5,501		676,793
Hyundai Motor Co. Preference Shares		895		85,733
Hyundai Securities Co., Ltd.		44,394		288,207
Hyundai Steel Co.		1,874		86,439
Infinitt Healthcare Co., Ltd. (b)		13,675		105,789
Interpark Holdings Corp.		9,461		43,381
Jeil Pharmaceutical Co.		595		56,456
Jenax, Inc. (a) (b)		14,379		417,133
JoyCity Corp. (b)		3,134		73,416
Kangstem Biotech Co., Ltd. (b)		2,739		32,455
Kangwon Land, Inc.		3,305		117,934
KB Capital Co., Ltd.		4,150		99,101
KB Financial Group, Inc.		12,194		419,070
KCC Corp.		176		63,202
Kia Motors Corp.		7,942		303,950
KIWOOM Securities Co., Ltd.		6,288		408,790
Koh Young Technology, Inc.		10,555		437,496
Korea Electric Power Corp. ADR		27,355		666,915
Korea Zinc Co., Ltd.		540		235,838
Korean Air Lines Co., Ltd. (b)		2,589		82,159
KT Corp. ADR (a)		25,700		412,485
KT&G Corp.		3,867		438,893
Ktis Corp.		22,259		78,923
KyungDong City Gas Co., Ltd.		1,472		101,577
LabGenomics Co., Ltd. (b)		3,477		45,461
LG Chem, Ltd.		1,590		348,649
LG Chem, Ltd. Preference Shares		675		100,819
LG Display Co., Ltd.		7,927		202,251

See accompanying notes to financial statements.

288

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
LG Display Co., Ltd. ADR		35,738	$	454,587
LG Electronics, Inc.		4,484		195,019
LG Household & Health Care, Ltd.		370		320,834
LG Uplus Corp.		8,284		88,380
Lotte Chemical Corp.		523		141,512
Lotte Food Co., Ltd.		347		216,452
Lotte Shopping Co., Ltd.		198		37,124
Medy-Tox, Inc.		649		265,469
Modetour Network, Inc.		9,768		255,431
Muhak Co., Ltd. (a)		8,951		194,242
Multicampus Co., Ltd.		4,974		186,974
NAVER Corp.		1,143		916,393
NCSoft Corp.		593		159,106
Nexon GT Co., Ltd. (a) (b)		7,969		57,379
NHN Entertainment Corp. (b)		515		27,916
OCI Co., Ltd. (a) (b)		602		51,107
Orientbio, Inc. (b)		19,439		36,536
Orion Corp.		111		83,350
Ottogi Corp.		295		200,890
POSCO ADR		17,580		897,986
S-1 Corp.		1,373		126,535
Sajo Industries Co., Ltd. (a) (b)		5,487		326,325
Samchuly Bicycle Co., Ltd.		5,420		68,897
Samsung C&T Corp.		3,364		455,111
Samsung Electronics Co., Ltd. GDR		10,154		7,336,265
Samsung Engineering Co., Ltd. (b)		5,356		52,522
Samsung Fire & Marine Insurance Co., Ltd.		1,005		255,048
Samsung Heavy Industries Co., Ltd. (b)		5,792		49,277
Samsung Life Insurance Co., Ltd.		2,930		280,669
Samsung SDI Co., Ltd.		1,114		97,103
Samsung SDS Co., Ltd.		1,371		191,705
Shinhan Financial Group Co., Ltd.		15,135		551,750
Shinsegae Food Co., Ltd.		2,086		291,682
SK Bioland Co., Ltd. (a)		9,903		191,073
SK Holdings Co., Ltd.		922		177,477
SK Hynix, Inc.		18,616		679,496
SK Innovation Co., Ltd.		4,354		638,463
SK Telecom Co., Ltd. ADR		21,424		484,182
Woori Bank		7,206		74,589
Youlchon Chemical Co., Ltd.		8,274		102,923
Yungjin Pharmaceutical Co., Ltd. (b)		5,405		60,854
				29,741,543
SPAIN — 2.5%
Abertis Infraestructuras SA		17,745		276,394
Acciona SA		964		72,877
Acerinox SA (a)		5,186		68,625
ACS Actividades de Construccion y Servicios SA		7,090		214,332
Aena SA (e)		2,679		395,300
Amadeus IT Group SA Class A		16,334		816,298
Atresmedia Corp. de Medios de Comunicacion SA		8,346		91,541
Banco Bilbao Vizcaya Argentaria SA		240,592		1,455,171
Banco de Sabadell SA (a)		174,825		223,974
Banco Popular Espanol SA		135,559		167,728
Banco Santander SA		526,007		2,333,177
Bankia SA		109,109		89,510
Bankinter SA		29,970		213,264
Bolsas y Mercados Espanoles SHMSF SA		2,683		79,736
CaixaBank SA		87,188		220,361
Cellnex Telecom SA (e)		5,452		98,644
Distribuidora Internacional de Alimentacion SA		28,020		173,535
Ebro Foods SA		3,761		87,491
Enagas SA		8,283		249,233
Endesa SA		11,593		248,578
Faes Farma SA		9,902		38,224
Ferrovial SA		15,932		339,288
Gamesa Corp. Tecnologica SA		8,148		195,176
Gas Natural SDG SA		13,149		270,342
Grifols SA		14,969		322,649
Grifols SA Class B, Preference Shares		9,483		151,969
Iberdrola SA		223,561		1,520,492
Indra Sistemas SA (a) (b)		18,260		244,913
Industria de Diseno Textil SA		40,953		1,518,759
Inmobiliaria Colonial SA		10,687		77,753
Let’s GOWEX SA (a) (b) (f)		4,019		—
Mapfre SA		35,136		98,320
Mediaset Espana Comunicacion SA		7,334		86,953
Merlin Properties Socimi SA		11,517		136,352
NH Hotel Group SA (b)		31,055		141,692
Pharma Mar SA (a) (b)		38,557		122,625
Red Electrica Corp. SA		15,813		341,285
Repsol SA.		50,202		681,235
Sacyr SA (a)		18,355		38,738
Telefonica SA		163,469		1,656,114
Viscofan SA		1,545		83,619
				15,642,267
SWEDEN — 2.8%
AddLife AB (b)		1,730		27,614
AddTech AB Class B		7,161		112,212
Alfa Laval AB (a)		30,412		477,439
Assa Abloy AB Class B		36,196		736,392
Atlas Copco AB Class A		23,822		718,214
Atlas Copco AB Class B		14,596		399,340
Bilia AB Class A		5,490		135,529
BillerudKorsnas AB		6,479		114,797
Boliden AB		27,472		646,445
Castellum AB		9,734		145,998
Electrolux AB Series B		17,627		442,558
Elekta AB Class B		9,527		92,352
Getinge AB Class B (a)		3,249		63,066
Hennes & Mauritz AB Class B		37,231		1,051,650
Hexagon AB Class B		7,366		322,070
Hexpol AB (a)		11,420		102,505
Husqvarna AB Class B		15,014		131,171
ICA Gruppen AB (a)		2,818		93,183
Industrivarden AB Class A		7,080		141,230
Industrivarden AB Class C		5,978		110,735
Investor AB Class A		4,894		175,826
Investor AB Class B		13,557		496,397
JM AB (a)		3,019		82,598
Karo Pharma AB (a) (b)		42,874		187,662
Kinnevik AB Class B		11,777		300,769
KNOW IT AB		13,982		130,560
Lagercrantz Group AB Class B		18,600		183,451

See accompanying notes to financial statements.

289

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Lundin Petroleum AB (b)		8,321	$	152,388
NetEnt AB (b)		51,877		475,330
Nibe Industrier AB Class B		12,049		107,377
Nordea Bank AB		116,427		1,157,149
Opus Group AB		53,781		44,570
Orexo AB (a) (b)		4,027		21,951
Qliro Group AB (a) (b)		42,021		58,121
SAAB AB Class B		3,639		129,719
Sandvik AB (a)		56,197		618,879
Securitas AB Class B		11,684		196,111
Skandinaviska Enskilda Banken AB Class A .		63,435		638,245
Skanska AB Class B		14,604		341,432
SKF AB Class A		9,587		166,061
SKF AB Class B		13,333		230,480
Svenska Cellulosa AB SCA Class B		17,992		535,094
Svenska Handelsbanken AB Class A		54,352		747,963
Swedbank AB Class A		37,605		884,885
Swedish Match AB		5,778		212,306
Swedish Orphan Biovitrum AB (b)		8,046		100,112
Tele2 AB Class B		28,483		246,185
Telefonaktiebolaget LM Ericsson Class B		137,889		997,061
Telia Co. AB		92,528		414,936
Tethys Oil AB		11,264		79,542
Trelleborg AB Class B		8,843		173,404
Volvo AB Class B		132,688		1,516,231
				17,867,295
SWITZERLAND — 7.5%
ABB, Ltd. (b)		73,123		1,645,154
Actelion, Ltd. (b)		3,921		680,330
Adecco Group AG		10,941		617,364
Aryzta AG (a) (b)		1,368		60,836
Baloise Holding AG		1,834		222,297
Chocoladefabriken Lindt & Spruengli AG (d)		42		243,274
Chocoladefabriken Lindt & Spruengli AG (d)		5		341,990
Cie Financiere Richemont SA		19,052		1,163,481
Clariant AG (b)		10,426		179,825
Coca-Cola HBC AG (b)		6,349		147,792
Comet Holding AG (b)		183		167,634
Credit Suisse Group AG (b)		60,727		796,204
Galenica AG		141		149,960
Geberit AG		1,398		613,482
Givaudan SA		334		681,161
Glencore PLC (b)		415,947		1,146,278
Julius Baer Group, Ltd. (b)		12,020		490,149
Kuehne + Nagel International AG		4,409		641,293
LafargeHolcim, Ltd. (b) (d)		369		19,928
LafargeHolcim, Ltd. (b) (d)		21,218		1,149,108
Leonteq AG (a) (b)		1,676		90,854
Logitech International SA (a)		6,138		138,032
Lonza Group AG (b)		1,939		371,238
Meyer Burger Technology AG (b)		4,558		15,610
Nestle SA		116,398		9,191,528
Novartis AG		100,120		7,890,621
Partners Group Holding AG		408		206,231
PSP Swiss Property AG		1,428		136,260
Roche Holding AG		26,646		6,624,392
Schindler Holding AG		1,623		305,045
SGS SA		418		937,848
Sika AG		71		345,991
Sonova Holding AG		2,069		293,468
STMicroelectronics NV		29,822		242,976
Sulzer AG		3,066		321,339
Swatch Group AG (a) (d)		2,149		608,965
Swatch Group AG (d)		2,128		118,539
Swiss Life Holding AG (b)		1,169		303,284
Swiss Prime Site AG (b)		2,549		224,030
Swiss Re AG		12,761		1,153,808
Swisscom AG		923		439,601
Syngenta AG		4,486		1,966,732
Temenos Group AG (b)		3,517		222,035
u-blox Holding AG (b)		658		142,474
UBS Group AG		140,288		1,914,597
Wolseley PLC		13,119		742,161
Zurich Insurance Group AG (b)		6,203		1,599,701
				47,704,900
UNITED KINGDOM — 14.0%
3i Group PLC		75,586		638,701
Aberdeen Asset Management PLC		40,812		172,987
Admiral Group PLC		8,950		238,218
Afren PLC (a) (b) (f)		55,933		—
Aggreko PLC.		7,912		97,998
Amec Foster Wheeler PLC		33,208		246,529
Anglo American PLC (b)		56,609		711,526
Ashtead Group PLC		15,966		263,603
Associated British Foods PLC		13,010		439,400
AstraZeneca PLC		49,425		3,212,722
Auto Trader Group PLC (e)		27,158		143,053
Aviva PLC.		185,346		1,060,567
Avon Rubber PLC		16,731		219,509
Babcock International Group PLC		18,858		253,539
BAE Systems PLC		113,913		775,378
Balfour Beatty PLC (b)		97,786		354,905
Barclays PLC		503,354		1,097,172
Barratt Developments PLC		58,618		376,384
BBA Aviation PLC		42,803		138,947
Bellway PLC		3,706		114,046
Berkeley Group Holdings PLC		3,873		129,801
Big Yellow Group PLC REIT		10,146		102,801
Booker Group PLC		60,607		140,137
BP PLC		697,648		4,078,101
British American Tobacco PLC		70,868		4,538,436
British Land Co. PLC REIT		62,931		517,052
Britvic PLC		7,864		61,598
BT Group PLC		343,619		1,736,568
BTG PLC (b)		13,763		113,347
Bunzl PLC		12,099		358,339
Burberry Group PLC		19,979		357,888
Cairn Energy PLC (b)		15,926		38,893
Capita PLC		33,938		295,373
Capital & Counties Properties PLC		27,216		101,818
Carnival PLC		11,566		566,113
Centamin PLC		82,832		159,677
Centrica PLC		237,277		703,364
CNH Industrial NV		36,228		259,342

See accompanying notes to financial statements.

290

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Cobham PLC		45,483	$	99,081
Coca-Cola European Partners PLC		8,405		335,360
Compass Group PLC		63,317		1,229,619
Concentric AB		6,031		81,306
Croda International PLC		2,648		119,841
CYBG PLC (b)		26,866		90,255
Daily Mail & General Trust PLC Class A		8,272		79,999
DCC PLC		3,107		283,529
Derwent London PLC		4,095		138,358
Diageo PLC.		98,902		2,839,911
Dialog Semiconductor PLC (b)		2,843		109,635
Direct Line Insurance Group PLC		52,130		247,031
Dixons Carphone PLC		36,972		176,978
Drax Group PLC		13,989		55,496
DS Smith PLC		20,086		100,270
easyJet PLC.		9,137		119,520
Fiat Chrysler Automobiles NV (a)		38,866		246,779
Firstgroup PLC (b)		125,958		172,946
Foxtons Group PLC		13,261		17,269
G4S PLC		131,997		390,595
GKN PLC		62,451		259,840
GlaxoSmithKline PLC		189,461		4,043,584
Grafton Group PLC		7,898		51,082
Great Portland Estates PLC REIT		12,552		103,211
Greene King PLC		11,182		112,427
Halma PLC		13,790		187,910
Hammerson PLC		27,698		211,201
Hansteen Holdings PLC (a)		48,195		72,810
Hargreaves Lansdown PLC		7,159		118,383
Hays PLC		50,360		84,912
Henderson Group PLC		39,316		118,486
Hiscox, Ltd.		10,660		144,289
HomeServe PLC		14,575		109,054
Howden Joinery Group PLC		21,624		121,431
HSBC Holdings PLC		712,245		5,354,168
ICAP PLC.		58,112		351,847
IG Group Holdings PLC		13,159		148,885
IMI PLC		8,404		117,246
Imperial Brands PLC		34,789		1,795,661
Inchcape PLC		15,095		129,121
Indivior PLC		29,274		116,553
Informa PLC		22,673		209,700
Inmarsat PLC.		11,158		102,184
InterContinental Hotels Group PLC		7,875		325,302
International Consolidated Airlines Group SA		24,632		127,604
International Personal Finance PLC		12,198		41,198
Intertek Group PLC		6,094		276,193
Intu Properties PLC		29,573		113,863
IP Group PLC (b)		25,459		55,494
ITV PLC.		132,252		321,601
J Sainsbury PLC		89,018		284,229
John Wood Group PLC		12,873		127,004
Johnson Matthey PLC		7,185		307,439
Keller Group PLC		3,649		41,618
Kingfisher PLC		141,449		692,525
Land Securities Group PLC REIT		47,531		653,238
Legal & General Group PLC		213,416		606,296
Lloyds Banking Group PLC		2,131,235		1,510,203
London Stock Exchange Group PLC		8,698		316,364
Man Group PLC		99,544		145,600
Marks & Spencer Group PLC		90,705		390,121
Meggitt PLC		22,821		133,697
Micro Focus International PLC		8,176		233,441
National Grid PLC		155,690		2,208,475
Next PLC		7,727		479,385
Ocado Group PLC (a) (b)		14,421		49,548
Old Mutual PLC		272,214		715,698
Ophir Energy PLC (b)		21,392		21,466
Pearson PLC		43,075		421,337
Pennon Group PLC		15,017		174,003
Persimmon PLC		19,178		452,157
Petrofac, Ltd.		8,633		99,975
Provident Financial PLC		2,397		94,439
Prudential PLC		92,134		1,635,455
Randgold Resources, Ltd.		6,252		632,247
Reckitt Benckiser Group PLC		23,925		2,257,858
RELX NV.		38,208		686,796
RELX PLC		44,167		839,366
Rentokil Initial PLC		66,762		192,787
Rightmove PLC		3,713		203,635
Rio Tinto PLC		42,656		1,426,534
Rio Tinto, Ltd.		10,967		433,137
Rolls-Royce Holdings PLC (b)		78,719		736,243
Royal Bank of Scotland Group PLC (b)		63,473		147,423
Royal Mail PLC		16,518		105,031
RSA Insurance Group PLC		53,358		378,444
SABMiller PLC		40,242		2,349,732
Sage Group PLC		40,502		388,277
Schroders PLC		4,122		144,357
Seadrill, Ltd. (a) (b)		7,100		17,163
Segro PLC		28,037		165,274
Serco Group PLC (b)		65,359		110,966
Severn Trent PLC		8,601		279,876
Shaftesbury PLC		10,062		126,784
Sky PLC		48,198		559,726
Smith & Nephew PLC		34,543		558,200
Smiths Group PLC		35,565		676,352
Spirax-Sarco Engineering PLC		2,620		152,982
Sports Direct International PLC (a) (b)		5,658		21,116
SSE PLC		51,667		1,052,370
St James’s Place PLC		18,894		232,671
Standard Chartered PLC (b)		104,966		856,692
Standard Life PLC		122,176		545,792
TalkTalk Telecom Group PLC (a)		15,695		41,183
Tate & Lyle PLC		32,879		319,897
Taylor Wimpey PLC		88,928		178,012
Telecom Plus PLC		2,270		32,613
Tesco PLC (b)		342,885		814,873
Thomas Cook Group PLC (a) (b)		38,705		34,792
Travis Perkins PLC		5,777		115,867
Trinity Mirror PLC		17,051		20,211
Tullow Oil PLC (a) (b)		44,614		146,681
UBM PLC.		14,209		131,787
Unilever NV		72,242		3,334,697
Unilever PLC		52,953		2,513,782
United Utilities Group PLC		25,646		334,141
Victrex PLC (a)		3,432		69,904
Vodafone Group PLC		1,038,390		2,991,116
Weir Group PLC		4,106		90,673

See accompanying notes to financial statements.

291

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Whitbread PLC		6,815	$	346,671
William Hill PLC		51,950		205,283
Wm Morrison Supermarkets PLC		142,384		403,021
Workspace Group PLC		8,519		77,242
Worldpay Group PLC (e)		51,478		198,069
WPP PLC		48,447		1,141,598
Xaar PLC		6,415		41,665
				88,728,172
UNITED STATES — 0.7%
Argonaut Gold, Inc. (b)		12,717		33,383
Fleetmatics Group PLC (b)		1,952		117,081
Flex, Ltd. (b)		49,790		678,140
ICON PLC (b)		2,204		170,523
Mobileye NV (b)		4,986		212,254
QIAGEN NV (b)		8,749		240,936
REC Silicon ASA (a) (b)		109,591		15,275
Shire PLC		32,671		2,121,133
Stratasys, Ltd. (b)		1,701		40,977
Tahoe Resources, Inc. (a)		5,200		66,551
Thomson Reuters Corp. (a)		15,406		635,933
Valeant Pharmaceuticals International, Inc. (b)		12,235		299,673
				4,631,859
TOTAL COMMON STOCKS (Cost $672,268,487)				629,790,740
RIGHTS — 0.0% (g)
SOUTH KOREA — 0.0% (g)
Asiana Airlines, Inc. (expiring 11/3/16) (b) (c)		4,851		—
CMG Pharmaceutical Co., Ltd. (expiring 11/3/16) (b) (c)		1,830		1,512
Samsung Heavy Industries Co., Ltd. (expiring 11/8/16) (b) (c)		3,596		7,183
				8,695
TOTAL RIGHTS (Cost $23,047)				8,695
WARRANTS — 0.0% (g)
FRANCE — 0.0% (g)
Peugeot SA (expiring 4/29/17) (b) (Cost $15,679)		13,373		37,571
SHORT-TERM INVESTMENTS — 4.4%
UNITED STATES — 4.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (h) (i)		365,689		365,689
State Street Navigator Securities Lending Prime Portfolio (i) (j)		27,460,160		27,460,160
				27,825,849
TOTAL SHORT-TERM INVESTMENTS (Cost $27,825,849)				27,825,849
TOTAL INVESTMENTS — 103.6% (Cost $700,133,062)				657,662,855
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.6)%				(22,830,303	)
NET ASSETS — 100.0%			$	634,832,552

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $328,077, representing 0.0% of net assets.

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

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

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of securities is $0, representing 0.0% of the Fund’s net assets.

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

(h) The rate shown is the annualized seven-day yield at September 30, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

292

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	37,757,231	$	2,746	$	—		$	37,759,977
Austria		1,214,974		—		—			1,214,974
Belgium		7,806,051		—		—			7,806,051
Canada		51,558,026		—		—			51,558,026
Chile		85,023		—		—			85,023
China		460,679		67,771		—			528,450
Denmark		9,080,675		—		—			9,080,675
Egypt		35,473		—		—			35,473
Finland		6,451,590		—		—			6,451,590
France		47,033,788		105,174		—			47,138,962
Germany		45,113,749		—		—			45,113,749
Hong Kong		19,407,892		—		—			19,407,892
Ireland		4,039,511		—		0	(a)		4,039,511
Israel		4,190,568		—		—			4,190,568
Italy		10,176,016		—		—			10,176,016
Japan		143,914,566		128,941		—			144,043,507
Jordan		132,852		—		—			132,852
Luxembourg		1,206,899		—		—			1,206,899
Macau		100,395		—		—			100,395
Malta		68,523		—		—			68,523
Mexico		169,660		—		—			169,660
Netherlands		20,804,601		—		—			20,804,601
New Zealand		1,764,080		—		—			1,764,080
Norway		4,036,192		—		—			4,036,192
Portugal		1,024,978		—		—			1,024,978
Singapore		6,834,523		—		—			6,834,523
South Africa		701,557		—		—			701,557
South Korea		29,726,793		14,750		0	(a)		29,741,543
Spain		15,642,267		—		0	(a)		15,642,267
Sweden		17,867,295		—		—			17,867,295
Switzerland		47,704,900		—		—			47,704,900
United Kingdom		88,728,172		—		0	(a)		88,728,172
United States		4,631,859		—		—			4,631,859
Rights
South Korea		—		8,695		—			8,695
Warrants
France		37,571		—		—			37,571
Short-Term Investments		27,825,849		—		—			27,825,849
TOTAL INVESTMENTS	$	657,334,778	$	328,077	$	0		$	657,662,855

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

See accompanying notes to financial statements.

293

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		363,149	$	363,149		25,397,547		25,395,007		365,689	$	365,689	$	2,620	$	—
State Street Navigator Securities Lending Prime Portfolio		49,401,027		49,401,027		208,419,240		230,360,107		27,460,160		27,460,160		520,914		—
TOTAL			$	49,764,176							$	27,825,849	$	523,534	$	—

See accompanying notes to financial statements.

294

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 98.6%
AUSTRALIA — 6.9%
Abacus Property Group		133,218	$	294,621
Aconex, Ltd. (a) (b)		105,138		534,234
Acrux, Ltd.		51,011		12,882
AET&D Holdings NO. 1 Pty, Ltd. (a) (b) (c)		110,316		—
Ainsworth Game Technology, Ltd.		59,961		103,242
ALE Property Group		69,834		231,397
Altium, Ltd. (a)		54,948		387,271
AP Eagers, Ltd.		31,341		245,114
APN News & Media, Ltd. (b)		79,590		207,690
APN Outdoor Group, Ltd.		83,785		352,641
ARB Corp., Ltd. (a)		14,849		206,356
Ardent Leisure Group		236,466		501,247
Arrium, Ltd. (b) (d)		1,727,582		29,085
Asaleo Care, Ltd.		173,364		210,940
Aspen Group		199,587		168,007
Astro Japan Property Group		29,866		161,813
Atlas Iron, Ltd. (a) (b)		3,956		30
Ausdrill, Ltd. (b)		531		587
Austal, Ltd.		138,572		155,882
Austbrokers Holdings, Ltd.		24,815		210,786
Australian Agricultural Co., Ltd. (b)		167,930		210,111
Australian Pharmaceutical Industries, Ltd.		65,895		97,322
Automotive Holdings Group, Ltd. (a)		60,628		198,573
Aveo Group		166,622		439,901
AWE, Ltd. (b)		262,753		124,665
BC Iron, Ltd. (b)		227		40
Beach Energy, Ltd. (a)		1,110,616		556,684
Beadell Resources, Ltd. (b)		478,018		153,637
Bega Cheese, Ltd.		50,927		258,773
Bellamy’s Australia, Ltd. (a)		33,783		336,340
Billabong International, Ltd. (b)		57,244		54,977
Bradken, Ltd. (b)		81,756		151,404
Breville Group, Ltd.		23,346		156,323
Brickworks, Ltd.		15,177		161,902
Brookside Energy, Ltd. (b)		71,817		659
Burson Group, Ltd.		89,092		413,157
Buru Energy, Ltd. (b)		772		118
BWP Trust		148,037		363,646
Cabcharge Australia, Ltd. (a)		54,043		141,439
Cardno, Ltd. (a)		91,277		62,865
Cash Converters International, Ltd.		28,459		6,969
Central Petroleum, Ltd. (b)		1,399		118
Charter Hall Group		113,695		444,596
Charter Hall Retail REIT		218,565		707,497
Civmec, Ltd.		231,300		55,134
Cleanaway Waste Management, Ltd.		655,712		561,998
Collins Foods, Ltd.		30,398		105,377
Cooper Energy, Ltd. (b)		1,163		325
Corporate Travel Management, Ltd. (a)		44,343		598,926
Cover-More Group, Ltd. (a)		128,775		142,890
Credit Corp. Group, Ltd.		24,326		346,620
Cromwell Property Group		423,983		304,986
CSG, Ltd.		193,452		188,010
CSR, Ltd.		296,127		820,333
Data#3, Ltd.		503		564
Decmil Group, Ltd.		30,112		24,080
Downer EDI, Ltd.		207,911		857,570
DuluxGroup, Ltd.		76,122		384,466
Eclipx Group, Ltd.		122,174		380,519
Emeco Holdings, Ltd. (b)		2,262		106
ERM Power, Ltd. (a)		129,152		114,647
Estia Health, Ltd. (a)		89,608		227,661
Event Hospitality &Entertainment, Ltd.		46,570		537,417
Evolution Mining, Ltd.		3,339		6,413
Fairfax Media, Ltd.		932,071		674,038
Fleetwood Corp., Ltd. (b)		2,223		3,317
FlexiGroup, Ltd.		98,573		175,005
Folkestone Education Trust		115,053		229,796
G8 Education, Ltd. (a)		151,218		351,788
Galaxy Resources, Ltd. (b)		720,210		179,121
Gateway Lifestyle		148,047		242,447
GDI Property Group		192,840		140,930
GrainCorp, Ltd. Class A		61,587		369,966
Greencross, Ltd.		45,751		225,471
Greenland Minerals & Energy, Ltd. (b)		6,153		240
GUD Holdings, Ltd.		40,436		325,837
GWA Group, Ltd.		118,467		260,185
Hansen Technologies, Ltd.		86,193		308,689
Horizon Oil, Ltd. (b)		3,867		118
Hotel Property Investments		74,146		170,221
Icon Energy, Ltd. (b)		1,605		34
Imdex, Ltd. (b)		716		321
Independence Group NL		227,452		727,561
Industria REIT		87,937		143,336
Infigen Energy (a) (b)		850,620		524,004
Infomedia, Ltd.		319,351		196,729
Ingenia Communities Group		52,457		112,801
Intrepid Mines, Ltd. (b)		96		93
InvoCare, Ltd. (a)		200,307		2,132,194
IOOF Holdings, Ltd. (a)		98,123		651,019
IRESS, Ltd.		47,873		432,291
iSelect, Ltd.		145,231		206,717
iSentia Group, Ltd.		84,473		247,583
Jacana Minerals, Ltd. (a) (b) (c)		12,051		—
Japara Healthcare, Ltd. (a)		115,382		180,124
JB Hi-Fi, Ltd.		10,972		243,242
Karoon Gas Australia, Ltd. (b)		117,158		119,241
Kingsgate Consolidated, Ltd. (a) (b) (d)		102,641		32,204
Liquefied Natural Gas, Ltd. (a) (b)		210,989		102,527
Lynas Corp., Ltd. (b)		710,938		29,923
MACA, Ltd.		26,378		35,022
Mantra Group, Ltd.		128,984		316,843
McMillan Shakespeare, Ltd. (a)		37,057		335,190
Medusa Mining, Ltd. (b)		90,428		50,516
Melbourne IT, Ltd.		510		749
Mesoblast, Ltd. (a) (b)		102,664		87,991
Metals X, Ltd.		170,999		197,594
Metcash, Ltd. (b)		397,230		635,319
Mincor Resources NL (b)		632		177
Mineral Deposits, Ltd. (b)		86		28
Mineral Resources, Ltd.		76,259		646,014
MMA Offshore, Ltd. (a)		94,998		26,171
Monadelphous Group, Ltd. (a)		66,230		460,197
Mount Gibson Iron, Ltd. (b)		467,604		103,772
Myer Holdings, Ltd. (a)		398,199		355,001
MYOB Group, Ltd.		102,924		293,785

See accompanying notes to financial statements.

295

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Nanosonics, Ltd. (b)		138,299	$	358,775
Navitas, Ltd.		128,892		513,886
New South Resources, Ltd. (a) (b)		193,140		237,220
NEXTDC, Ltd. (b)		168,420		543,888
nib holdings, Ltd.		193,543		693,149
Nine Entertainment Co. Holdings, Ltd. (a)		212,006		171,161
NRW Holdings, Ltd. (b)		454		217
Nufarm, Ltd.		109,484		785,044
OM Holdings, Ltd. (b)		1,216		73
oOh!media, Ltd.		80,520		307,474
Orocobre, Ltd. (b)		81,949		233,914
OZ Minerals, Ltd.		100,276		466,556
OzForex Group, Ltd. (a)		112,679		163,833
Pact Group Holdings, Ltd.		58,734		283,611
Paladin Energy, Ltd. (a) (b)		703,331		80,734
Peet, Ltd.		206,586		154,928
Perpetual, Ltd.		18,144		648,416
Perseus Mining, Ltd. (b)		276,471		115,305
Pilbara Minerals, Ltd. (b)		447,933		166,249
Primary Health Care, Ltd.		155,840		472,256
Programmed Maintenance Services, Ltd.		243,051		302,242
RCG Corp., Ltd.		172,970		215,756
RCR Tomlinson, Ltd.		44,609		95,925
Regis Resources, Ltd.		186,683		551,437
Reject Shop, Ltd.		17,889		144,972
Reliance Worldwide Corp., Ltd. (b)		168,518		399,771
Resapp Health, Ltd. (b)		333,174		124,421
Resolute Mining, Ltd.		322,438		486,089
Retail Food Group, Ltd. (a)		68,969		367,866
Ridley Corp., Ltd.		48,317		49,731
SAI Global, Ltd.		186,313		662,979
Sandfire Resources NL		50,589		195,115
Saracen Mineral Holdings, Ltd. (b)		241,832		266,489
Select Harvests, Ltd. (a)		28,557		123,908
Senex Energy, Ltd. (b)		533,875		98,052
Seven West Media, Ltd.		425,947		237,948
SG Fleet Group, Ltd.		65,900		215,336
Shopping Centres Australasia Property Group.		259,940		447,568
Sigma Pharmaceuticals, Ltd.		1,205,074		1,304,889
Silver Chef, Ltd.		9,314		82,323
Silver Lake Resources, Ltd. (a) (b)		254,865		104,344
Sino Gas & Energy Holdings, Ltd. (b)		581,801		42,741
Sirtex Medical, Ltd. (a)		29,654		715,956
Slater & Gordon, Ltd. (a)		139,543		40,045
Southern Cross Media Group, Ltd.		444,080		497,854
Spotless Group Holdings, Ltd.		439,804		360,119
St. Barbara, Ltd. (b)		244,815		597,630
Starpharma Holdings, Ltd. (b)		123,574		61,467
Steadfast Group, Ltd.		217,808		380,025
Strandline Resources, Ltd. (b)		46,450		213
Structural Monitoring Systems PLC (b)		57,532		118,871
Sundance Energy Australia, Ltd. (a) (b)		171,846		21,698
Sundance Resources, Ltd. (b)		11,034		25
Sunland Group, Ltd.		25,688		30,076
Super Retail Group, Ltd.		47,909		373,223
Syrah Resources, Ltd. (a) (b)		91,895		308,013
Tap Oil, Ltd. (b)		666		46
Tassal Group, Ltd.		38,440		118,547
Technology One, Ltd.		114,909		522,329
Ten Network Holdings, Ltd. (b)		53,310		56,094
TFS Corp., Ltd. (a)		133,494		152,213
Tiger Resources, Ltd. (a) (b)		2,264		36
Tox Free Solutions, Ltd.		28,550		50,032
UGL, Ltd. (a) (b)		70,615		115,642
Village Roadshow, Ltd.		6,870		26,023
Virgin Australia Holdings, Ltd. (b)		466,139		83,828
Virtus Health, Ltd.		15,043		88,640
Vista Group International, Ltd. (b)		74,704		353,111
Vita Group, Ltd.		64,903		246,349
Viva Energy REIT (b)		145,313		266,882
Webjet, Ltd.		55,959		496,743
Western Areas, Ltd. (a) (b)		102,997		226,997
Whitehaven Coal, Ltd. (b)		248,492		465,889
WorleyParsons, Ltd. (a)		87,035		554,808
WPP AUNZ, Ltd.		577,649		484,040
				48,727,120
AUSTRIA — 0.5%
CA Immobilien Anlagen AG (b)		20,480		390,572
Conwert Immobilien Invest SE (b)		23,490		442,299
DO & Co. AG		3,869		311,898
POLYTEC Holding AG		3,103		27,862
Porr AG		7,107		255,579
RHI AG (a)		11,695		310,960
S IMMO AG (b)		27,431		288,849
Schoeller-Bleckmann Oilfield Equipment AG (a)		4,389		291,009
Semperit AG Holding		4,693		128,158
Wienerberger AG		47,048		799,168
Zumtobel Group AG		20,596		397,876
				3,644,230
BELGIUM — 1.3%
Ablynx NV (a) (b)		29,406		369,955
Aedifica SA (b)		5,479		475,651
AGFA-Gevaert NV (b)		180,112		567,760
Barco NV		15,959		1,252,740
Befimmo SA		2,767		167,201
Deceuninck NV		19,604		52,059
Econocom Group SA		22,085		331,832
Euronav NV		55,859		427,619
EVS Broadcast Equipment SA		14,138		568,642
Fagron (b)		13,904		151,128
Ion Beam Applications		10,247		520,504
Kinepolis Group NV		3,085		143,531
Lotus Bakeries (a)		160		402,185
MDxHealth (b)		46,302		215,942
Nyrstar NV (a) (b)		57,307		421,380
Orange Belgium SA (b)		19,842		485,437
Recticel SA		26,841		190,636
Retail Estates NV REIT		3,971		355,179
Rezidor Hotel Group AB		45,522		198,190
Tessenderlo Chemie NV (b)		34,780		1,162,411
ThromboGenics NV (b)		14,820		48,299
Warehouses De Pauw CVA		3,561		353,523
				8,861,804

See accompanying notes to financial statements.

296

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
CANADA — 8.7%
Advantage Oil & Gas, Ltd. (b)		121,379	$	849,676
Aecon Group, Inc. (a)		25,802		355,741
Africa Oil Corp. (b)		138,380		217,954
AG Growth International, Inc. (a)		5,796		195,898
AGF Management, Ltd. Class B (a)		10,392		39,773
AGT Food & Ingredients, Inc. (a)		9,843		280,629
Aimia, Inc.		54,898		345,031
Air Canada (b)		94,776		764,410
Alaris Royalty Corp. (a)		12,412		211,361
Altius Minerals Corp. (a)		3,019		25,613
Altus Group, Ltd.		8,611		191,647
Arbutus Biopharma Corp. (b) (d) (e)		11,276		38,789
Arbutus Biopharma Corp. (b) (e)		104		358
Artis Real Estate Investment Trust		15,505		146,408
Asanko Gold, Inc. (b)		77,667		325,028
Atrium Mortgage Investment Corp.		31,736		293,394
ATS Automation Tooling Systems, Inc. (b)		30,579		255,940
AutoCanada, Inc.		8,184		137,931
Avigilon Corp. (a) (b)		13,987		92,484
Badger Daylighting, Ltd. (a)		13,771		297,058
Ballard Power Systems, Inc. (a) (b)		65,020		142,482
Baytex Energy Corp. (a)		85,514		362,422
Bellatrix Exploration, Ltd. (a) (b)		87,510		75,242
Birchcliff Energy, Ltd. (b)		91,140		636,610
Bird Construction, Inc. (a)		17,521		151,313
Black Diamond Group, Ltd. (a)		11,126		37,842
Boardwalk Real Estate Investment Trust		4,100		161,442
Bonavista Energy Corp.		85,316		273,946
Bonterra Energy Corp.		8,917		176,474
Boyd Group Income Fund		1,407		87,648
Calfrac Well Services, Ltd. (a)		37,497		83,881
Callidus Capital Corp. (a)		13,468		171,136
Canaccord Genuity Group, Inc. (a)		43,861		157,189
Canacol Energy, Ltd. (b)		37,030		121,719
Canadian Energy Services & Technology Corp. (a)		76,776		303,190
Canadian Solar, Inc. (a) (b)		15,581		214,083
Canadian Western Bank (a)		17,236		331,146
Canam Group, Inc. (a)		10,772		82,373
Canexus Corp.		82,832		95,800
Canfor Corp. (b)		28,700		318,173
Canyon Services Group, Inc. (a)		23,464		89,446
Capital Power Corp. (a)		15,701		246,342
Capstone Mining Corp. (b)		189,053		115,079
Cara Operations, Ltd. (a)		8,234		172,856
Cardinal Energy, Ltd. (a)		41,508		271,614
Cascades, Inc.		23,200		226,484
Celestica, Inc. (b)		99,685		1,076,302
Centerra Gold, Inc.		68,415		374,285
Colliers International Group, Inc.		33,035		1,384,240
Colossus Minerals, Inc. (a) (b) (c)		390		—
Computer Modelling Group, Ltd.		37,732		281,644
Continental Gold, Inc. (b)		51,948		158,107
Corus Entertainment, Inc. Class B (a)		79,896		738,624
Crew Energy, Inc. (a) (b)		63,036		329,029
Dalradian Resources, Inc. (b)		99,750		106,258
Delphi Energy Corp. (a) (b)		60,625		45,206
Denison Mines Corp. (b)		252,867		117,366
Descartes Systems Group, Inc. (b)		38,028		816,839
DHX Media, Ltd. (a)		59,027		308,553
DirectCash Payments, Inc.		2,056		20,071
DIRTT Environmental Solutions (b)		25,759		97,607
Dominion Diamond Corp.		41,823		405,740
Dorel Industries, Inc. Class B		13,480		362,270
DREAM Unlimited Corp. Class A (a) (b)		75,210		414,320
Dundee Corp. Class A (a) (b)		56,835		291,905
Dundee Precious Metals, Inc. (a) (b)		53,404		131,656
Endeavour Mining Corp. (b)		20,835		403,938
Endeavour Silver Corp. (a) (b)		55,979		286,231
EnerCare, Inc. (a)		24,987		358,763
Enerflex, Ltd.		37,903		405,779
Enerplus Corp. (a)		99,641		638,370
Enghouse Systems, Ltd.		10,462		418,400
Ensign Energy Services, Inc. (a)		50,944		290,721
Entertainment One, Ltd.		130,553		383,948
Equitable Group, Inc. (a)		5,992		268,358
Exchange Income Corp.		11,614		311,062
Extendicare, Inc. (a)		41,658		299,855
Firm Capital Mortgage Investment Corp.		28,260		298,028
FirstService Corp.		29,091		1,350,681
Fortuna Silver Mines, Inc. (b)		69,664		504,093
Freehold Royalties, Ltd.		22,125		212,959
GASFRAC Energy Services, Inc. (b)(c)		21,904		—
Gibson Energy, Inc. (a)		57,177		767,436
Gluskin Sheff + Associates, Inc.		11,670		141,541
GMP Capital, Inc.		93,053		356,140
Gran Tierra Energy, Inc. (b)		138,791		415,027
Granite Oil Corp.		8,982		40,664
Granite Real Estate Investment Trust		22,457		684,859
Great Canadian Gaming Corp. (b)		26,491		460,380
Guardian Capital Group, Ltd. Class A		131,717		2,249,988
Guyana Goldfields, Inc. (b)		71,978		448,545
Heroux-Devtek, Inc. (b)		4,399		44,049
High Liner Foods, Inc.		5,123		101,466
Home Capital Group, Inc. (a)		21,433		440,320
Horizon North Logistics, Inc. (a)		67,701		90,148
HudBay Minerals, Inc.		80,461		317,742
IAMGOLD Corp. (b)		153,898		620,627
Imperial Metals Corp. (a) (b)		21,480		99,535
Innergex Renewable Energy, Inc. (a)		52,408		583,795
Interfor Corp. (b)		25,385		287,410
InterRent Real Estate Investment Trust		7,407		43,791
Intertain Group, Ltd. (b)		37,657		309,451
Intertape Polymer Group, Inc.		16,914		291,370
Ivanhoe Mines, Ltd. Class A (b)		156,810		272,039
Just Energy Group, Inc. (a)		72,283		365,746
Kelt Exploration, Ltd. (a) (b)		53,772		236,896
Kinaxis, Inc. (b)		10,859		552,183
Kirkland Lake Gold, Inc. (a) (b)		38,634		292,493
Klondex Mines, Ltd. (b)		58,987		338,415
Knight Therapeutics, Inc. (b)		20,510		147,944
Labrador Iron Ore Royalty Corp. (a)		23,192		245,287
Laurentian Bank of Canada (a)		3,120		116,372
Lightstream Resources, Ltd. (b) (d)		64,736		5,665
Liquor Stores N.A., Ltd. (a)		14,798		118,902
Lucara Diamond Corp.		103,092		306,707

See accompanying notes to financial statements.

297

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
MAG Silver Corp. (b)		47,530	$	714,984
Major Drilling Group International, Inc. (a)		91,374		441,487
Martinrea International, Inc.		61,968		384,279
MCAN Mortgage Corp.		24,848		276,036
Medical Facilities Corp. (a)		14,949		249,330
MEG Energy Corp. (a) (b)		61,034		275,390
Morguard Corp.		1,658		215,726
Morneau Shepell, Inc. (a)		17,656		255,117
Mountain Province Diamonds, Inc. (b)		38,646		201,721
MTY Food Group, Inc. (a)		8,828		305,227
Mullen Group, Ltd.		33,619		421,053
Nevsun Resources, Ltd.		99,042		299,180
Newalta Corp.		19,317		35,863
NexGen Energy, Ltd. (b)		136,462		207,665
North American Palladium, Ltd. (b)		224		919
North West Co., Inc. (a)		26,225		515,620
Novadaq Technologies, Inc. (b)		21,035		243,375
Novagold Resources, Inc. (a) (b)		106,081		591,648
NuVista Energy, Ltd. (b)		93,569		481,283
Nymox Pharmaceutical Corp. (b)		42		137
OneREIT		8,394		22,993
Osisko Gold Royalties, Ltd.		32,184		351,655
Painted Pony Petroleum, Ltd. (b)		44,865		275,488
Paramount Resources, Ltd. Class A (b)		25,140		281,958
Parex Resources, Inc. (b)		54,522		690,730
Pason Systems, Inc.		35,573		454,457
Pengrowth Energy Corp. (a)		213,676		336,549
Penn West Petroleum, Ltd. (a)		172,400		308,267
Pizza Pizza Royalty Corp. (a)		20,374		237,651
Poseidon Concepts Corp. (b) (c)		43,064		—
Precision Drilling Corp.		128,549		536,008
Premier Gold Mines, Ltd. (a) (b)		87,438		268,784
Premium Brands Holdings Corp. (a)		10,906		512,833
Pretium Resources, Inc. (b)		55,767		571,567
Primero Mining Corp. (a) (b)		50,995		84,976
ProMetic Life Sciences, Inc. (b) (e)		3,753		8,359
ProMetic Life Sciences, Inc. (a) (b) (e)		217,676		483,632
Pure Technologies, Ltd.		30,322		135,200
Raging River Exploration, Inc. (a) (b)		77,531		634,760
Redknee Solutions, Inc. (a) (b)		29,406		54,371
Reitmans Canada, Ltd. Class A		24,666		123,307
Richelieu Hardware, Ltd. (a)		23,208		454,536
Richmont Mines, Inc. (b)		24,393		245,368
RMP Energy, Inc. (a) (b)		49,925		39,507
Rogers Sugar, Inc. (a)		8,746		44,454
Rubicon Minerals Corp. (b)		172,653		6,569
Russel Metals, Inc.		15,331		244,386
Sandstorm Gold, Ltd. (a) (b)		58,623		295,736
Sandvine Corp.		33,905		75,330
Seabridge Gold, Inc. (a) (b)		21,685		238,754
Secure Energy Services, Inc. (a)		55,528		391,664
SEMAFO, Inc. (b)		126,797		526,773
ShawCor, Ltd.		29,438		725,058
Sherritt International Corp. (b)		145,636		93,083
Sienna Senior Living, Inc.		34,036		439,224
Sierra Wireless, Inc. (a) (b)		15,412		221,872
Silver Standard Resources, Inc. (b)		42,262		508,398
Silvercorp Metals, Inc. (a) (b)		94,638		301,718
Silvercrest Metals, Inc. (b)		3,859		7,253
Sirius XM Canada Holdings, Inc. (a)		38,800		140,527
Sleep Country Canada Holdings, Inc. (f)		15,097		357,710
Solium Capital, Inc. (a) (b)		28,968		161,784
Southern Pacific Resource Corp. (b) (c)		281,142		—
Spartan Energy Corp. (a) (b)		113,979		293,132
Stornoway Diamond Corp. (b)		137,316		123,289
Stuart Olson, Inc.		4,963		22,733
SunOpta, Inc. (a) (b)		31,210		220,343
Sunshine Oilsands, Ltd. (b)		1,594,000		102,760
Superior Plus Corp. (a)		54,397		488,404
Surge Energy, Inc. (a)		101,845		210,006
Teranga Gold Corp. (b)		75,808		67,487
Timmins Gold Corp. (b)		43,321		20,107
TORC Oil & Gas, Ltd. (a)		30,010		184,273
Torex Gold Resources, Inc. (b)		35,101		757,973
Total Energy Services, Inc.		10,178		104,239
TransAlta Corp.		100,550		446,039
Transcontinental, Inc. Class A		37,070		496,993
TransForce, Inc. (a)		23,430		484,378
TransGlobe Energy Corp.		47,194		93,365
Trevali Mining Corp. (b)		163,931		135,960
Tricon Capital Group, Inc. (a)		34,143		240,566
Trinidad Drilling, Ltd.		89,903		171,700
Twin Butte Energy, Ltd. (d)		83,708		1,592
Uni-Select, Inc.		55,046		1,339,449
Wajax Corp.		5,023		55,304
Western Energy Services Corp.		16,195		27,356
Western Forest Products, Inc.		170,365		279,999
Westshore Terminals Investment Corp. (a)		16,584		300,954
Whistler Blackcomb Holdings, Inc.		17,881		508,845
Wi-LAN, Inc.		80,460		124,279
Yellow Pages, Ltd. (b)		10,922		170,364
				61,336,374
CHINA — 0.2%
APT Satellite Holdings, Ltd.		129,000		89,316
Beijing Properties Holdings, Ltd. (b)		1,174,000		59,033
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		128,100
Bloomage BioTechnology Corp., Ltd. (a)		62,500		105,403
China Everbright Water, Ltd.		145,964		64,233
China Gold International Resources Corp., Ltd. (a) (b)		114,076		278,626
China Merchants Land, Ltd.		212,000		32,254
China New Town Development Co., Ltd. (b) (d)		413,900		19,428
China Traditional Chinese Medicine Co., Ltd.		950,316		488,884
Chong Hing Bank, Ltd.		57,000		114,648
Daphne International Holdings, Ltd. (b)		530,000		70,385
Greenland Hong Kong Holdings, Ltd. (b)		173,000		50,187
HC International, Inc. (a) (b)		168,000		124,550
ISDN Holdings, Ltd.		1,762		265
Nam Tai Property, Inc.		4,964		40,010

See accompanying notes to financial statements.

298

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Sino Grandness Food Industry Group, Ltd. (a)		165,800	$	52,897
				1,718,219
DENMARK — 0.8%
ALK-Abello A/S		2,111		298,843
Amagerbanken A/S (b) (c)		308,573		—
Bang & Olufsen A/S (b)		31,004		320,524
Bavarian Nordic A/S (a) (b)		15,314		577,804
D/S Norden A/S (a) (b)		13,836		197,748
FLSmidth & Co. A/S (a)		19,692		740,610
Forward Pharma A/S ADR (b)		2,390		50,190
H+H International A/S Class B (b)		27,701		307,280
IC Group A/S.		24,022		598,198
Matas A/S		12,673		237,166
NKT Holding A/S		10,501		677,356
NNIT A/S (f)		7,048		218,590
OW Bunker A/S (b) (c)		9,828		—
Per Aarsleff Holding A/S Class B		10,515		252,324
Santa Fe Group A/S (b)		33,656		337,782
Scandinavian Tobacco. Group A/S Class A (f).		16,193		276,158
Schouw & Co.		2,899		189,228
Solar A/S Class B		1,335		76,059
Spar Nord Bank A/S		30,069		290,436
United International Enterprises		1,180		218,514
				5,864,810
FAEROE ISLANDS — 0.1%
Bakkafrost P/F		19,252		803,823
FINLAND — 1.0%
BasWare Oyj (b)		4,051		179,369
Caverion Corp. (a)		29,697		228,608
Cramo Oyj		14,284		369,204
Fiskars Oyj Abp		21,267		418,964
Kemira Oyj		28,902		391,385
Konecranes Oyj		17,661		625,988
Lassila & Tikanoja Oyj (a)		66,503		1,289,197
Metsa Board Oyj (a)		84,089		498,011
Oriola-KD Oyj Class B		31,800		144,734
Outotec Oyj (a) (b)		52,337		251,499
PKC Group Oyj (a)		12,828		247,957
Raisio Oyj Class V		31,816		140,159
Ramirent Oyj		30,994		250,087
Sanoma Oyj.		31,199		297,321
Sponda Oyj		46,417		238,909
Stockmann Oyj Abp Class B (a) (b)		9,641		73,350
Talvivaara Mining Co. PLC (a) (b) (c)		572,382		—
Tikkurila Oyj		9,004		193,773
Uponor Oyj		23,180		429,299
Valmet Oyj		46,952		706,519
YIT Oyj		43,758		352,587
				7,326,920
FRANCE — 2.0%
AB Science SA (a) (b)		12,488		166,443
Advanced Accelerator Applications SA ADR (b)		12,641		481,369
Air France-KLM (a) (b)		39,071		210,012
Akka Technologies		6,471		240,707
Albioma SA		10,635		183,935
Assystem		2,103		61,944
Beneteau SA		11,763		119,899
Bonduelle SCA		4,453		113,597
Bourbon Corp. (a)		7,820		91,133
Cellectis SA (b)		13,246		318,557
CGG SA (a) (b)		9,965		257,681
Cie des Alpes		4,175		79,762
Coface SA (b)		31,360		227,313
DBV Technologies SA (a) (b)		9,748		713,158
Direct Energie		8,029		305,970
Eramet (b)		3,781		150,418
Esker SA		8,437		370,727
Etablissements Maurel et Prom (a) (b)		56,805		264,287
Europcar Groupe SA (b) (f)		20,899		181,831
Faiveley Transport SA		2,097		232,715
Flamel Technologies SA ADR (b)		19,067		236,431
Fonciere de Paris SIIC		3,915		597,564
Gaztransport Et Technigaz SA (a)		10,796		311,988
Genfit (b)		8,219		216,365
GL Events		26,965		529,398
Groupe Fnac SA (b) (e)		3,905		286,653
Groupe Fnac SA (b) (d) (e)		13,261		1,012,863
Guerbet		2,728		184,250
Haulotte Group SA		2,925		44,245
ID Logistics Group (b)		1,131		169,490
Innate Pharma SA (a) (b)		23,878		295,443
Interparfums SA		1,848		50,840
IPSOS		13,412		438,155
Jacquet Metal Service		32,173		578,496
Kaufman & Broad SA		6,935		286,491
Le Noble Age.		6,688		247,276
LISI.		6,963		192,730
Maisons du Monde SA (b) (f)		17,721		500,660
Marie Brizard Wine & Spirits SA (b)		12,923		239,337
Mersen		28,994		588,132
Naturex (b)		3,186		285,718
Neopost SA		10,438		281,877
Nicox (b)		16,002		147,227
Parrot SA (a) (b)		8,701		93,577
Pierre & Vacances SA (b)		966		41,871
Rallye SA		9,099		149,292
Rothschild & Co.		7,909		195,939
Sequana SA (a) (b)		23,742		44,558
SOITEC (a) (b)		187,604		172,880
Solocal Group (a) (b)		19,411		83,177
Solutions 30 SE (b)		19,127		269,761
Trigano SA		2,927		205,552
Valneva SE (a) (b)		49,149		144,160
Virbac SA (b)		1,694		283,178
				14,177,032
GERMANY — 2.9%
ADO Properties SA (f)		8,618		344,783
ADVA Optical Networking SE (b)		11,052		111,285
AIXTRON SE (b)		43,493		264,329
Amadeus Fire AG		2,878		206,219
AURELIUS SE & Co. KGaA		9,177		579,391
BayWa AG (a)		2,105		68,437
Bertrandt AG (a)		2,574		280,617

See accompanying notes to financial statements.

299

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
bet-at-home.com AG		1,627	$	125,119
Bilfinger SE (b)		15,460		510,273
Biotest AG Preference Shares		9,757		140,570
Borussia Dortmund GmbH & Co. KGaA (a) .		36,180		197,278
BRAAS Monier Building Group SA		7,898		230,948
CANCOM SE		8,042		420,022
Capital Stage AG (a)		28,140		208,970
Cewe Stiftung & Co. KGaA		2,909		261,531
CHORUS Clean Energy AG (b)		18,789		226,459
Deutsche Pfandbriefbank AG (f)		33,006		308,607
Deutz AG		32,569		164,375
DIC Asset AG		74,134		748,140
Draegerwerk AG & Co. KGaA		2,084		133,166
Draegerwerk AG & Co. KGaA Preference Shares		1,370		98,165
Elmos Semiconductor AG		9,248		138,589
ElringKlinger AG (a)		7,646		135,677
Evotec AG (b)		45,387		256,203
GFK SE		4,033		140,569
Grammer AG		6,821		413,397
Hamborner REIT AG		41,635		440,616
Hamburger Hafen und Logistik AG (a)		6,380		97,044
Heidelberger Druckmaschinen AG (a) (b)		105,551		255,385
HELMA Eigenheimbau AG		2,337		156,686
Hornbach Holding AG & Co. KGaA		2,327		160,069
Indus Holding AG		40,921		2,331,082
Isra Vision AG		479		53,292
Jenoptik AG.		77,594		1,418,746
Kloeckner & Co. SE (b)		52,499		639,837
Koenig & Bauer AG (b)		7,926		372,323
Kontron AG (a) (b)		61,428		189,495
KSB AG Preference Shares		236		98,130
Leoni AG		9,994		364,117
LPKF Laser & Electronics AG (a) (b)		11,896		134,757
MLP AG		60,041		253,230
MorphoSys AG (b)		9,583		400,890
Norma Group SE		11,414		587,479
PATRIZIA Immobilien AG (b)		55,432		1,213,808
Pfeiffer Vacuum Technology AG		1,969		187,200
QSC AG (a)		18,489		41,390
RIB Software AG (a)		15,198		187,191
SAF-Holland SA		14,480		187,135
Salzgitter AG		8,277		271,284
Schaltbau Holding AG		2,256		79,279
SGL Carbon SE (a) (b)		16,188		189,925
SLM Solutions Group AG (a) (b)		5,264		249,169
SMA Solar Technology AG (a)		3,256		103,882
STRATEC Biomedical AG		2,730		157,387
Surteco SE		7,594		194,578
Suss MicroTec AG (a) (b)		3,838		28,342
Takkt AG		14,982		336,062
Tele Columbus AG (b) (f)		25,824		224,913
TLG Immobilien AG		19,988		451,384
Vossloh AG (b)		3,791		225,499
Wacker Neuson SE		8,868		129,257
Washtec AG		5,537		262,589
XING AG		1,521		319,724
Zeal Network SE		4,081		144,306
zooplus AG (b)		2,425		351,553
				20,202,154
GREECE — 0.0% (g)
Fourlis Holdings SA (b)		130		560
TT Hellenic Postbank SA (b) (c)		129,076		—
				560
HONG KONG — 3.7%
13 Holdings, Ltd. (b)		397,000		137,180
Allied Properties HK, Ltd.		2,434,391		499,060
Cafe de Coral Holdings, Ltd.		177,191		589,422
Century Sunshine Group Holdings, Ltd.		737,698		27,583
China Baoli Technologies Holdings, Ltd. (b) .		7,775,000		265,651
China Cord Blood Corp. (b)		18,555		94,816
China Household Holdings, Ltd. (b)		650,000		8,800
China Innovationpay Group, Ltd. (b)		2,208,000		173,658
China Innovative Finance Group, Ltd. (a) (b) .		6,780,000		734,301
China LNG Group, Ltd. (a)		7,310,000		204,523
China LotSynergy Holdings, Ltd. (a) (b)		4,280,000		146,236
China Ocean Resources Co., Ltd. (a) (b)		26,593		44,428
China Oceanwide Holdings, Ltd. (b)		719,000		74,162
China Regenerative Medicine International, Ltd. (a) (b)		5,483,056		197,946
China Resources and Transportation Group, Ltd. (b)		289,999		5,459
China Ruifeng Renewable Energy Holdings, Ltd. (b)		427,200		50,674
China Sandi Holdings, Ltd. (b)		309		13
China Smarter Energy Group Holdings, Ltd. (a) (b)		1,254,000		116,411
China Strategic Holdings, Ltd. (b)		8,266,667		195,050
China Water Industry Group, Ltd. (b)		440,000		74,884
Chow Sang Sang Holdings International, Ltd.		231,939		409,694
CK Life Sciences Int’l Holdings, Inc.		2,444,000		223,730
Common Splendor International Health Industry Group, Ltd. (b)		2,070,000		186,824
Culturecom Holdings, Ltd. (b)		375,000		69,624
Digital Domain Holdings, Ltd. (a) (b)		4,299,996		338,192
Emperor Entertainment Hotel, Ltd.		100,000		25,787
Enerchina Holdings, Ltd. (b)		2,139,000		82,737
Esprit Holdings, Ltd. (a) (b)		866,035		702,346
EverChina International Holdings Co., Ltd. (b)		990,000		42,123
Fairwood Holdings, Ltd.		143,500		666,069
FDG Electric Vehicles, Ltd. (b)		6,787,493		341,302
Freeman Financial Corp., Ltd. (b)		4,420,000		324,835
G-Resources Group, Ltd.		12,637,790		233,009
GCL New Energy Holdings, Ltd. (b)		3,350,000		192,207
Giordano International, Ltd.		1,256,000		646,141
Global Brands Group Holding, Ltd. (b)		2,470,000		251,588
Global Sources, Ltd. (b)		7,246		61,446
Goldin Properties Holdings, Ltd. (b)		3,676		2,877
Haier Healthwise Holdings, Ltd. (a) (b)		2,608,000		87,427
Hanison Construction Holdings, Ltd. (a)		4,000		732
Hao Tian Development Group, Ltd. (b)		957,600		48,769

See accompanying notes to financial statements.

300

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Heng Tai Consumables Group, Ltd. (b)		324,000	$	11,697
HKBN, Ltd.		494,913		557,068
HKR International, Ltd. (b)		2,452,459		1,173,115
Honbridge Holdings, Ltd. (b)		1,244,000		118,691
Hopewell Highway Infrastructure, Ltd. (a)		531,000		323,833
Huarong International Financial Holdings, Ltd. (b)		331,000		80,659
Hybrid Kinetic Group, Ltd. (b)		7,899,000		230,168
Imagi International Holdings, Ltd. (b)		1,533,600		38,953
International Housewares Retail Co., Ltd.		65,000		12,487
iOne Holdings, Ltd. (a) (b)		1,320,000		35,230
K Wah International Holdings, Ltd. (a)		1,465,656		799,351
Kingston Financial Group, Ltd.		4,860		1,899
Kingwell Group, Ltd. (b)		59,111		1,555
Kong Sun Holdings, Ltd. (b) (d)		3,825,000		192,336
L&A International Holdings, Ltd. (b)		1,640,000		6,555
Landing International Development, Ltd. (b)		5,033,500		130,446
Lee’s Pharmaceutical Holdings, Ltd.		198,000		185,594
Loudong General Nice Resources China Holdings, Ltd. (b)		1,035,000		69,392
Luk Fook Holdings International, Ltd. (a)		172,000		421,354
Major Holdings, Ltd. (f)		680,000		182,363
Mason Financial Holdings, Ltd. (b)		3,460,000		118,219
Mei Ah Entertainment Group, Ltd. (b)		1,840,000		144,715
Melco International Development, Ltd.		338,000		443,639
Midland Holdings, Ltd. (b)		705,790		258,439
Nan Hai Corp., Ltd. (b)		9,000,000		240,203
NetMind Financial Holdings, Ltd. (b)		13,276,000		138,649
New Focus Auto Tech Holdings, Ltd. (b)		656,000		47,365
Noble Century Investment Holdings, Ltd. (b)		1,960,000		245,128
Noble Group, Ltd. (b)		3,914,700		436,418
Pacific Basin Shipping, Ltd. (b)		2,887,000		372,230
Pacific Textiles Holdings, Ltd.		2,054		2,664
PAX Global Technology, Ltd. (a)		345,000		253,547
Peace Map Holding, Ltd. (b)		1,560,000		31,377
Peace Mark Holdings, Ltd. (b) (c)		504,228		—
PetroAsian Energy Holdings, Ltd. (b)		2,188,000		45,701
Phoenix Satellite Television Holdings, Ltd.		956,000		200,914
Pico Far East Holdings, Ltd. (a)		202,000		60,684
Playmates Toys, Ltd.		272,000		41,733
Prosperity REIT		544,000		240,579
ReOrient Group, Ltd. (b)		264,000		209,336
Road King Infrastructure, Ltd.		1,093,482		929,099
SEA Holdings, Ltd.		110,000		274,576
Shun Tak Holdings, Ltd. (b)		1,168,749		376,727
Sincere Watch Hong Kong, Ltd. (b)		1,070,499		27,743
Sino Oil And Gas Holdings, Ltd. (b)		6,240,000		154,472
Sinolink Worldwide Holdings, Ltd. (a) (b)		652,000		72,295
Skyway Securities Group, Ltd. (b)		1,530,000		40,834
SmarTone Telecommunications Holdings, Ltd.		214,630		354,767
SMI Holdings Group, Ltd. (a)		2,768,409		274,844
Sparkle Roll Group, Ltd. (b)		7,180		611
Spring Real Estate Investment Trust (a)		235,000		102,109
Stella International Holdings, Ltd.		214,500		365,615
Summit Ascent Holdings, Ltd. (a) (b)		528,000		178,361
Sun Hung Kai & Co., Ltd.		319,000		199,479
SUNeVision Holdings, Ltd.		123,000		59,629
Sunlight Real Estate Investment Trust		144,000		91,718
Superb Summit International Group, Ltd. (a) (b) (c)		2,435,000		—
TCC International Holdings, Ltd.		174,000		43,298
Television Broadcasts, Ltd.		161,916		617,940
Texhong Textile Group, Ltd.		202,500		270,489
Texwinca Holdings, Ltd.		686,850		474,670
Tongda Group Holdings, Ltd. (a)		1,060,000		258,305
Town Health International Medical Group, Ltd. (a)		1,736,000		275,309
Trinity, Ltd. (a) (b)		574,000		44,405
Truly International Holdings, Ltd.		686,000		278,612
United Photovoltaics Group, Ltd. (a) (b)		1,998,000		188,054
Value Partners Group, Ltd. (a)		380,000		389,997
Varitronix International, Ltd. (a)		106,000		42,504
Vitasoy International Holdings, Ltd.		540,000		1,088,919
Viva China Holdings, Ltd. (b)		1,664,000		156,618
VST Holdings, Ltd.		122,000		35,550
Wang On Properties, Ltd. (b)		164,000		207,010
WLS Holdings, Ltd. (b)		6,270,000		242,524
Yanchang Petroleum International, Ltd. (b)		3,940,000		107,695
Yin He Holdings, Ltd. (b)		760,000		128,366
Yuexiu Real Estate Investment Trust		1,008,000		613,434
Yuxing InfoTech Investment Holdings, Ltd. (b)		320,000		85,818
Zhongyu Gas Holdings, Ltd. (b)		700		177
				25,734,575
INDIA — 0.1%
Ascendas India Trust		554,600		439,303
IRELAND — 0.9%
Amarin Corp. PLC ADR (b)		96,607		308,176
C&C Group PLC		142,202		589,686
Cairn Homes PLC (b)		343,016		414,393
Dalata Hotel Group PLC (b)		73,289		337,685
Datalex PLC		63,935		258,661
FBD Holdings PLC (b)		9,431		69,421
Fly Leasing, Ltd. ADR (a)		21,974		254,679
Fyffes PLC		139,059		230,661
Green REIT PLC		288,701		472,063
Greencore Group PLC		163,838		714,030
Hibernia REIT PLC		343,746		529,233
IFG Group PLC		13,927		29,737
Irish Continental Group PLC		69,875		343,157
Irish Residential Properties REIT PLC		322,278		427,006
Kenmare Resources PLC (b)		5,898		24,536
Origin Enterprises PLC		54,262		342,949
Paddy Power Betfair PLC		38		4,294
Tarsus Group PLC		79,900		287,239
Total Produce PLC		125,999		233,070
Trinity Biotech PLC ADR (b)		28,523		377,074
				6,247,750

See accompanying notes to financial statements.

301

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
ISRAEL — 1.6%
Africa Israel Properties, Ltd.		2,337	$	39,177
Airport City, Ltd. (b)		32,801		373,458
Allot Communications, Ltd. (b)		9,786		50,937
Alony Hetz Properties & Investments, Ltd.		30,572		276,379
Caesarstone, Ltd. (b)		11,139		420,052
Cellcom Israel, Ltd. (b)		30,159		225,061
Ceragon Networks, Ltd. (b)		44,034		103,920
Compugen, Ltd. (b)		27,458		175,852
CyberArk Software, Ltd. (b)		13,205		654,572
Delek Automotive Systems, Ltd.		18,772		164,101
Delta-Galil Industries, Ltd.		5,094		143,774
Electra, Ltd.		1,981		271,272
Enzymotec, Ltd. (b)		13,691		95,837
Evogene, Ltd. (b)		19,157		119,932
Harel Insurance Investments & Financial Services, Ltd.		38,685		139,704
IDI Insurance Co., Ltd.		6,293		296,863
Inrom Construction Industries, Ltd.		67,179		231,325
Israel Corp., Ltd.		1,341		219,587
Israel Discount Bank, Ltd. Class A (b)		410,089		753,704
Ituran Location and Control, Ltd.		12,484		330,327
Jerusalem Oil Exploration (b)		5,060		225,887
Matrix IT, Ltd.		10,796		77,745
Mazor Robotics, Ltd. (b)		13,871		169,169
Melisron, Ltd.		7,911		350,630
Migdal Insurance & Financial Holding, Ltd. (b)		229,414		149,127
Norstar Holdings, Inc.		6,293		118,729
Nova Measuring Instruments, Ltd. (b)		24,157		284,893
Oil Refineries, Ltd. (b)		468,901		173,334
Orbotech, Ltd. (b)		23,040		682,214
Partner Communications Co., Ltd. (b)		50,826		232,179
Paz Oil Co., Ltd.		2,958		462,293
Radware, Ltd. (b)		24,584		337,784
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		4,240		171,200
Reit 1, Ltd.		109,553		338,402
Sarine Technologies, Ltd.		100,500		126,781
Shikun & Binui, Ltd.		68,642		125,334
Shufersal, Ltd.		54,116		208,266
SodaStream International, Ltd. (b)		10,345		274,763
Strauss Group, Ltd.		17,550		277,416
Syneron Medical, Ltd. (b)		34,376		246,132
Tower Semiconductor, Ltd. (b)		34,648		517,675
Wix.com, Ltd. (b)		13,338		579,269
				11,215,056
ITALY — 1.4%
Anima Holding SpA (f)		80,234		392,226
Ascopiave SpA		34,752		105,056
Astaldi SpA (a)		87,276		329,355
Banca Carige SpA (a) (b)		113,124		36,753
Banca IFIS SpA		8,818		198,887
Banca Monte dei Paschi di Siena SpA (b)		1,031,802		215,790
Banca Popolare dell’Emilia Romagna SC		174,039		647,778
Banca Popolare dell’Etruria e del Lazio SC (a) (b) (c)		46,016		—
Banca Popolare di Milano Scarl		1,580,153		634,307
Banca Popolare di Sondrio Scarl		118,238		330,861
BasicNet SpA		24,271		88,101
Beni Stabili SpA SIIQ (b)		332,272		198,279
Brunello Cucinelli SpA (a)		3,970		77,184
Cairo Communication SpA		32,694		124,627
Cerved Information Solutions SpA		73,510		622,057
CIR-Compagnie Industriali Riunite SpA		45,524		46,607
Credito Valtellinese SC		370,030		128,495
Danieli & C Officine Meccaniche SpA		15,944		213,223
Datalogic SpA		7,234		154,462
Ei Towers SpA (b)		16,236		855,738
ERG SpA		15,220		174,634
Esprinet SpA		40,491		225,153
Gruppo Editoriale L’Espresso SpA (b)		24,817		20,708
Immobiliare Grande Distribuzione SIIQ SpA.		143,710		108,287
Interpump Group SpA		94,211		1,606,114
Italmobiliare SpA		2,713		137,016
Maire Tecnimont SpA		58,762		145,413
MARR SpA.		11,511		230,779
Massimo Zanetti Beverage Group SpA (f)		10,180		81,798
OVS SpA (f)		29,094		168,220
Piaggio & C SpA (a)		16,518		30,889
Reply SpA		2,128		279,799
Safilo Group SpA (b)		6,152		58,973
Salini Impregilo SpA (a)		82,858		238,749
Saras SpA		140,833		223,949
Societa Cattolica di Assicurazioni S.c.r.l. (a)		46,045		257,692
Unipol Gruppo Finanziario SpA		133,800		341,628
Vittoria Assicurazioni SpA		5,191		56,586
				9,786,173
JAPAN — 32.6%
3-D Matrix, Ltd. (a) (b)		8,300		55,161
77 Bank, Ltd.		95,000		385,572
A/S One Corp.		3,800		164,736
Access Co., Ltd. (a) (b)		6,600		40,083
Accordia Golf Co., Ltd. (a)		34,900		354,635
Achilles Corp.		3,100		43,562
Adastria Co., Ltd.		31,800		726,346
ADEKA Corp.		38,200		524,347
Aderans Co., Ltd. (a)		16,300		72,756
Advanced Media, Inc. (a) (b)		3,900		27,883
Adways, Inc. (a)		8,100		45,833
AEON REIT Investment Corp.		339		441,221
Ahresty Corp.		8,100		85,507
Ai Holdings Corp. (a)		18,800		450,205
Aica Kogyo Co., Ltd.		24,100		635,670
Aichi Steel Corp.		3,200		161,161
Aiful Corp. (a) (b)		90,476		277,865
Akatsuki, Inc. (b)		2,300		54,965
Alpine Electronics, Inc.		19,900		260,578
Amano Corp.		28,800		457,319
Amiyaki Tei Co., Ltd.		1,700		62,030
AnGes MG, Inc. (a) (b)		44,800		119,891
Anritsu Corp. (a)		58,900		335,026

See accompanying notes to financial statements.

302

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
AOKI Holdings, Inc.		9,800	$	110,228
Aoyama Trading Co., Ltd.		14,100		484,550
Arcs Co., Ltd.		23,400		581,620
Argo Graphics, Inc.		8,200		158,307
Ariake Japan Co., Ltd.		7,100		380,714
Arisawa Manufacturing Co., Ltd. (a)		11,300		57,691
Artnature, Inc. (a)		13,300		84,713
Asahi Diamond Industrial Co., Ltd. (a)		27,600		222,130
Asahi Holdings, Inc.		45,973		781,312
Asatsu-DK, Inc.		3,400		89,982
Asia Pile Holdings Corp.		6,600		28,156
ASKA Pharmaceutical Co., Ltd. (a)		11,000		200,741
Asukanet Co., Ltd. (a)		5,200		58,385
Ateam, Inc. (a)		6,400		148,711
Atom Corp. (a)		12,600		84,485
Autobacs Seven Co., Ltd. (a)		39,300		560,791
Avex Group Holdings, Inc.		17,900		241,990
Awa Bank, Ltd.		114,000		697,971
Axial Retailing, Inc.		3,800		131,526
Bank of Iwate, Ltd. (a)		1,800		69,501
Bank of Nagoya, Ltd. (a)		17,660		610,379
Bank of Okinawa, Ltd.		51,100		1,513,850
Bank of the Ryukyus, Ltd.		81,420		960,011
Benefit One, Inc.		8,000		250,037
Bic Camera, Inc.		57,100		471,957
Broadleaf Co., Ltd.		12,800		139,673
Broccoli Co., Ltd. (a)		18,000		102,740
Bunka Shutter Co., Ltd.		37,400		295,462
C Uyemura & Co., Ltd. (a)		1,400		63,181
Can Do Co., Ltd.		21,200		340,406
Capcom Co., Ltd. (a)		22,600		552,363
Central Glass Co., Ltd.		302,345		1,182,330
Chiome Bioscience, Inc. (a) (b)		6,600		34,543
Chiyoda Co., Ltd. (a)		17,500		427,542
Chiyoda Corp.		58,500		477,174
Chiyoda Integre Co., Ltd.		5,600		113,200
Chudenko Corp.		4,600		92,668
Chugoku Marine Paints, Ltd. (a)		33,000		230,070
Citizen Holdings Co., Ltd.		107,800		559,945
CKD Corp.		22,700		271,463
Clarion Co., Ltd.		59,000		174,206
Cocokara fine, Inc.		12,300		470,671
Colowide Co., Ltd. (a)		27,200		494,765
Comforia Residential REIT, Inc.		108		265,667
COOKPAD, Inc.		19,166		182,452
Cosmo Energy Holdings Co., Ltd.		32,500		405,347
Create Restaurants Holdings, Inc.		13,200		133,740
CROOZ, Inc. (a)		2,300		51,535
D.Western Therapeutics Institute, Inc. (b)		9,300		41,786
Daibiru Corp.		5,600		50,766
Daido Metal Co., Ltd.		25,500		277,248
Daido Steel Co., Ltd.		135,000		614,576
Daihen Corp. (a)		48,000		254,066
Daiichikosho Co., Ltd.		180		7,314
Daikyo, Inc. (a)		107,000		193,364
Daikyonishikawa Corp.		16,800		205,884
Daio Paper Corp. (a)		44,800		526,903
Daiseki Co., Ltd.		5,700		110,550
Daishi Bank, Ltd.		163,000		621,320
Daishinku Corp.		1,800		19,464
Daito Bank, Ltd. (a)		41,000		68,424
Daito Pharmaceutical Co., Ltd.		2,900		67,871
DCM Holdings Co., Ltd. (a)		70,093		600,115
Denka Co., Ltd. (a)		149,000		640,053
Densan System Co., Ltd. (a)		14,200		220,856
Denyo Co., Ltd.		3,800		39,327
Descente, Ltd.		10,500		134,899
Digital Garage, Inc. (a)		15,500		296,791
Dip Corp. (a)		13,800		425,181
DMG Mori Co., Ltd. (a)		44,700		459,956
Doutor Nichires Holdings Co., Ltd.		71,972		1,317,692
DTS Corp.		50,062		1,107,380
Dunlop Sports Co., Ltd. (a)		2,600		26,189
Duskin Co., Ltd. (a)		6,400		118,754
Dynam Japan Holdings Co., Ltd.		98,800		141,144
Eagle Industry Co., Ltd.		11,900		143,836
Earth Chemical Co., Ltd.		10,600		498,780
EDION Corp. (a)		98,300		819,288
Ehime Bank, Ltd. (a)		119,440		1,497,939
Eighteenth Bank, Ltd.		461,730		1,358,767
Eizo Corp.		5,900		158,767
Elecom Co., Ltd. (a)		8,600		186,072
en-japan, Inc.		11,600		249,721
Enplas Corp.		5,300		160,154
EPS Holdings, Inc.		17,500		239,002
euglena Co., Ltd. (a) (b)		31,700		455,160
Exedy Corp. (a)		7,000		176,547
F@N Communications, Inc.		12,700		92,931
FamilyMart UNY Holdings Co., Ltd.		1		67
Fancl Corp. (a)		7,900		133,949
FCC Co., Ltd.		50,428		1,076,136
Feed One Co., Ltd.		45,800		52,464
Ferrotec Corp.		10,400		128,479
Fields Corp.		3,500		43,549
Financial Products Group Co., Ltd. (a)		25,600		235,359
Foster Electric Co., Ltd.		12,400		224,820
Fudo Tetra Corp. (a)		78,600		131,951
Fuji Kyuko Co., Ltd. (a)		27,000		315,153
Fuji Machine Manufacturing Co., Ltd. (a)		37,200		426,864
Fuji Oil Holdings, Inc.		39,300		801,407
Fuji Pharma Co., Ltd.		3,500		92,663
Fuji Seal International, Inc. (a)		8,900		364,297
Fujibo Holdings, Inc.		7,200		206,476
Fujicco Co., Ltd.		10,000		229,201
Fujikura, Ltd.		114,000		615,790
Fujimori Kogyo Co., Ltd.		7,500		175,974
Fujita Kanko, Inc.		44,000		154,683
Fujitec Co., Ltd.		34,200		403,922
Fujiya Co., Ltd. (b)		68,000		135,644
Fukuda Corp.		20,000		220,214
Fukuda Denshi Co., Ltd.		4,900		310,166
Fukuoka Corp. REIT		1,162		2,176,778
Fukuyama Transporting Co., Ltd. (a)		97,000		563,235
Furukawa Co., Ltd.		149,387		231,608
Furukawa Electric Co., Ltd.		33,200		896,677
Fuso Pharmaceutical Industries, Ltd.		2,200		60,548
Futaba Corp. (a)		11,100		179,766
Fuyo General Lease Co., Ltd.		9,600		473,530

See accompanying notes to financial statements.

303

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Genki Sushi Co., Ltd.		5,000	$	102,503
Global One Real Estate Investment Corp.		52		198,469
GLOBERIDE, Inc. (a)		6,800		115,297
GMO internet, Inc. (a)		29,200		388,699
GMO Payment Gateway, Inc. (a)		6,200		322,046
GNI Group, Ltd. (a) (b)		46,000		78,586
Goldwin, Inc.		4,000		208,562
Gree, Inc. (a)		44,400		247,726
GS Yuasa Corp.		163,000		666,390
Gulliver International Co., Ltd. (a)		28,600		159,571
Gunma Bank, Ltd.		132,500		596,652
Gurunavi, Inc. (a)		11,200		306,033
H2O Retailing Corp.		27,400		386,925
Hankyu REIT, Inc.		85		115,247
Hanwa Co., Ltd.		88,000		530,094
Happinet Corp. (a)		3,700		38,840
Hazama Ando Corp. (a)		88,000		531,832
Hearts United Group Co., Ltd. (a)		2,600		54,560
Heiwa Real Estate Co., Ltd.		13,800		197,464
Heiwa Real Estate REIT, Inc.		172		141,486
Heiwado Co., Ltd.		17,500		339,406
HI-LEX Corp.		6,800		183,992
Hibiya Engineering, Ltd.		7,500		122,278
Hiramatsu, Inc.		14,300		84,163
Hirano Tecseed Co., Ltd.		28		260
Hirata Corp.		3,400		254,501
HIS Co., Ltd.		14,700		382,506
Hitachi Kokusai Electric, Inc.		19,772		361,798
Hitachi Maxell, Ltd.		11,100		169,901
Hitachi Zosen Corp.		146,000		735,298
Hogy Medical Co., Ltd. (a)		5,400		377,011
Hokkaido Electric Power Co., Inc.		75,200		638,641
Hokkaido Gas Co., Ltd.		12,000		32,825
Hokkoku Bank, Ltd.		134,000		402,271
Hokuetsu Bank, Ltd.		88,200		1,854,321
Hokuetsu Kishu Paper Co., Ltd. (a)		45,900		275,133
Hokuhoku Financial Group, Inc.		41,200		549,659
Hokuriku Electric Industry Co., Ltd.		33,000		38,779
Hokuto Corp. (a)		5,000		89,666
Horiba, Ltd.		16,813		821,017
Hoshino Resorts REIT, Inc.		27		339,150
Hosiden Corp. (a)		99,000		711,717
Hulic, Inc. REIT		217		387,006
Hyakujushi Bank, Ltd.		140,000		424,431
Ibiden Co., Ltd.		43,100		573,730
IBJ Leasing Co., Ltd.		11,200		224,188
Ichigo Office REIT Investment		382		280,280
Iino Kaiun Kaisha, Ltd.		105,880		379,543
Imasen Electric Industrial		9,500		81,711
Imperial Hotel, Ltd.		10,900		227,548
Inaba Denki Sangyo Co., Ltd.		3,000		107,540
Inabata & Co., Ltd.		3,400		34,650
Industrial & Infrastructure Fund Investment Corp.		133		675,080
Infomart Corp.		20,500		236,651
Intage Holdings, Inc.		4,000		66,874
Internet Initiative Japan, Inc.		14,400		269,187
Invesco Office J-REIT, Inc.		279		244,933
Iriso Electronics Co., Ltd.		3,300		175,648
Iseki & Co., Ltd. (a)		56,000		138,251
Ishihara Sangyo Kaisha, Ltd. (b)		8,400		52,674
Itfor, Inc.		34,800		209,972
Itoki Corp.		26,800		179,699
Iwasaki Electric Co., Ltd.		27,000		42,127
Iwatani Corp. (a)		114,000		700,222
Iyo Bank, Ltd.		97,200		583,594
J Trust Co., Ltd. (a)		37,200		290,944
Jaccs Co., Ltd.		75,000		285,884
Jafco Co., Ltd.		10,800		313,554
Japan Asset Marketing Co., Ltd. (a) (b)		52,100		61,225
Japan Aviation Electronics Industry, Ltd.		21,000		325,581
Japan Cash Machine Co., Ltd. (a)		3,200		48,506
Japan Communications, Inc. (b)		55,100		96,309
Japan Digital Laboratory Co., Ltd.		4,000		58,302
Japan Display, Inc. (a) (b)		103,910		161,101
Japan Excellent, Inc.		639		920,655
Japan Lifeline Co., Ltd.		4,800		226,811
Japan Logistics Fund, Inc.		824		1,863,388
Japan Petroleum Exploration Co., Ltd.		14,100		308,971
Japan Rental Housing Investments, Inc.		527		441,834
Japan Securities Finance Co., Ltd.		24,000		103,096
Japan Steel Works, Ltd. (a)		28,600		644,499
Japan Tissue Engineering Co., Ltd. (b)		2,800		36,554
JCR Pharmaceuticals Co., Ltd.		3,800		98,391
Jeol, Ltd. (a)		41,000		164,381
JIG-SAW, Inc. (b)		2,300		148,995
Jin Co., Ltd. (a)		6,600		304,370
Joban Kosan Co., Ltd. (a)		8,000		117,948
Joyful Honda Co., Ltd.		12,300		318,963
Juki Corp.		31,100		225,115
Juroku Bank, Ltd.		83,000		235,234
Justsystems Corp.		7,700		67,978
JVC Kenwood Corp. (a)		72,300		180,634
K’s Holdings Corp. (a)		41,600		683,988
Kadokawa Dwango (b)		21,600		312,914
Kaga Electronics Co., Ltd.		6,400		78,748
Kameda Seika Co., Ltd. (a)		8,400		467,012
Kanamoto Co., Ltd.		15,800		402,860
Kandenko Co., Ltd. (a)		38,000		349,361
Kanematsu Corp.		533,498		821,860
Kansai Super Market, Ltd. (a)		11,700		185,786
Kanto Denka Kogyo Co., Ltd.		24,000		215,435
Kasai Kogyo Co., Ltd.		8,000		82,793
Katakura Industries Co., Ltd.		71,674		850,759
Kato Sangyo Co., Ltd.		13,500		317,820
KAWADA TECHNOLOGIES, Inc.		1,300		57,384
Kawai Musical Instruments Manufacturing Co., Ltd.		9,300		162,370
Keihin Corp.		11,700		183,822
Keiyo Bank, Ltd.		129,000		543,949
Kenedix Residential Investment Corp.		106		301,571
Kenedix Retail REIT Corp.		140		332,079
Kenedix, Inc.		97,200		430,016
Key Coffee, Inc.		6,100		113,970
Kintetsu World Express, Inc.		13,000		167,274
Kissei Pharmaceutical Co., Ltd.		7,900		209,621
Kitano Construction Corp.		15,000		38,957
Kito Corp.		13,900		133,146

See accompanying notes to financial statements.

304

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Kitz Corp.		168,700	$	927,921
Kiyo Bank, Ltd.		91,560		1,424,960
KLab, Inc. (a) (b)		14,400		89,018
Koei Tecmo Holdings Co., Ltd.		21,100		414,645
Kokuyo Co., Ltd.		31,117		449,862
Komeri Co., Ltd.		10,300		249,198
Komori Corp.		68,736		860,685
Kotobuki Spirits Co., Ltd. (a)		20,600		524,841
Kourakuen Holdings Corp. (a)		8,000		123,636
Kumagai Gumi Co., Ltd.		153,000		392,831
Kurabo Industries, Ltd.		486,600		917,796
Kureha Corp. (a)		3,500		127,364
Kuroda Electric Co., Ltd.		6,500		123,947
Kusuri No Aoki Co., Ltd.		6,600		335,654
KYB Corp.		217,832		965,848
Kyoei Steel, Ltd.		4,000		75,327
Kyokuto Kaihatsu Kogyo Co., Ltd.		14,700		168,390
Kyokuyo Co., Ltd.		2,200		59,614
KYORIN Holdings, Inc.		29,200		657,155
Kyoritsu Maintenance Co., Ltd. (a)		6,000		372,093
Kyosan Electric Manufacturing Co., Ltd.		12,000		45,386
Kyoto Kimono Yuzen Co., Ltd. (a)		16,900		145,026
Kyowa Exeo Corp.		62,680		886,984
Kyushu Financial Group, Inc.		1,000		6,755
LAC Co., Ltd.		6,900		69,978
LaSalle Logiport REIT		290		307,856
Lasertec Corp.		4,900		93,437
Leopalace21 Corp.		120,500		790,125
Life Corp. (a)		12,500		396,238
Lintec Corp.		11,600		230,133
Maeda Corp. (a)		74,000		625,527
Maeda Road Construction Co., Ltd.		16,000		284,560
Makino Milling Machine Co., Ltd. (a)		111,000		676,315
Mandom Corp.		8,800		401,047
Mani, Inc. (a)		10,900		242,940
Marudai Food Co., Ltd.		443,656		2,155,520
Maruha Nichiro Corp.		33,120		895,170
Marusan Securities Co., Ltd. (a)		55,738		457,947
Maruwa Co., Ltd.		1,900		71,392
Marvelous, Inc. (a)		18,100		140,131
Matsuya Co., Ltd. (a)		26,600		186,763
MCJ Co., Ltd.		18,000		149,844
MCUBS MidCity Investment Corp.		71		219,804
Medinet Co., Ltd. (a) (b)		12,800		19,971
Meidensha Corp.		115,000		375,895
Meitec Corp.		11,400		399,082
Melco Holdings, Inc.		4,000		96,855
Michinoku Bank, Ltd. (a)		594,200		1,167,687
Micronics Japan Co., Ltd.		15,700		208,837
Minato Bank, Ltd.		59,380		945,248
Mirait Holdings Corp. (a)		39,660		336,032
Mitani Corp. (a)		4,400		133,393
Mitsuba Corp.		17,000		221,429
Mitsubishi Kakoki Kaisha, Ltd. (a)		16,000		33,022
Mitsubishi Nichiyu Forklift Co., Ltd.		10,900		72,010
Mitsubishi Pencil Co., Ltd.		13,100		646,171
Mitsubishi Shokuhin Co., Ltd.		1,200		38,809
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		282,000		392,653
Mitsui Fudosan Logistics Park, Inc. REIT (b).		65		213,746
Mitsui Mining & Smelting Co., Ltd.		240,000		497,704
Mitsui Sugar Co., Ltd.		2,200		52,879
Mitsui-Soko Holdings Co., Ltd.		224,000		707,846
Mitsumi Electric Co., Ltd. (a) (b)		53,500		297,971
Miyaji Engineering Group, Inc. (a)		26,000		38,770
Miyazaki Bank, Ltd.		545,800		1,439,082
Miyoshi Oil & Fat Co., Ltd.		30,000		37,328
Mizuno Corp. (a)		39,000		207,969
Mochida Pharmaceutical Co., Ltd.		3,100		241,841
Modec, Inc.		9,000		159,265
Monex Group, Inc. (a)		87,200		203,221
Monogatari Corp.		1,400		62,075
Morinaga Milk Industry Co., Ltd.		97,000		773,011
Morita Holdings Corp.		19,700		277,607
MOS Food Services, Inc.		4,700		148,985
Musashi Seimitsu Industry Co., Ltd. (a)		6,100		142,101
Musashino Bank, Ltd.		31,780		797,128
Nachi-Fujikoshi Corp. (a)		84,000		305,258
Nagase & Co., Ltd.		55,600		662,709
Nakanishi, Inc.		24,380		884,773
Namura Shipbuilding Co., Ltd.		17,000		113,820
NanoCarrier Co., Ltd. (a) (b)		10,800		107,824
Nanto Bank, Ltd.		11,600		407,801
NEC Networks & System Integration Corp. .		11,800		199,842
NET One Systems Co., Ltd.		111,700		774,339
Neturen Co., Ltd.		125,683		955,670
Next Co., Ltd. (a)		26,100		212,120
Nichi-iko Pharmaceutical Co., Ltd.		24,500		465,733
Nichias Corp.		48,000		422,337
Nichicon Corp.		10,900		86,003
Nichiha Corp.		7,500		166,272
NichiiGakkan Co., Ltd. (a)		6,700		52,004
Nichireki Co., Ltd.		11,000		79,514
Nihon Dempa Kogyo Co., Ltd.		24,100		192,533
Nihon Nohyaku Co., Ltd. (a)		11,100		55,793
Nihon Parkerizing Co., Ltd.		39,200		566,332
Nihon Trim Co., Ltd.		1,500		89,764
Nihon Unisys, Ltd.		29,500		376,379
Nikkiso Co., Ltd. (a)		59,840		533,014
Nikkon Holdings Co., Ltd.		124,080		2,678,506
Nippon Beet Sugar Manufacturing Co., Ltd.		3,300		64,328
Nippon Carbon Co., Ltd. (a)		153,712		261,082
Nippon Chemi-Con Corp. (a)		69,000		111,746
Nippon Chemiphar Co., Ltd.		1,300		54,496
Nippon Coke & Engineering Co., Ltd.		33,000		26,722
Nippon Concrete Industries Co., Ltd. (a)		30,300		108,316
Nippon Densetsu Kogyo Co., Ltd.		22,100		412,254
Nippon Flour Mills Co., Ltd.		27,000		412,739
Nippon Gas Co., Ltd.		29,600		916,368
Nippon Kayaku Co., Ltd. (a)		61,000		653,582
Nippon Koei Co., Ltd.		17,000		78,063
Nippon Light Metal Holdings Co., Ltd.		223,500		478,936
Nippon Parking Development Co., Ltd. (a)		39,900		55,556
NIPPON REIT Investment Corp.		52		133,306

See accompanying notes to financial statements.

305

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Nippon Seiki Co., Ltd.		55,200	$	1,047,146
Nippon Sheet Glass Co., Ltd. (a) (b)		39,200		309,683
Nippon Signal Co., Ltd.		30,500		254,807
Nippon Soda Co., Ltd. (a)		64,000		271,762
Nippon Steel & Sumikin Bussan Corp.		3,600		126,737
Nippon Suisan Kaisha, Ltd.		114,199		488,305
Nippon Synthetic Chemical Industry Co., Ltd.		18,000		160,510
Nippon Thompson Co., Ltd. (a)		132,200		485,641
Nippon Yakin Kogyo Co., Ltd. (a)		73,100		105,393
Nishi-Nippon City Bank, Ltd. (b) (d)		237,000		502,015
Nishi-Nippon Railroad Co., Ltd. (a)		138,000		659,576
Nishimatsu Construction Co., Ltd.		114,000		527,981
Nishimatsuya Chain Co., Ltd.		22,153		334,926
Nishio Rent All Co., Ltd.		7,000		204,404
Nissan Shatai Co., Ltd.		20,100		183,404
Nissha Printing Co., Ltd. (a)		22,300		547,893
Nisshin Oillio Group, Ltd.		24,000		111,154
Nisshin Steel Co., Ltd.		49,900		671,641
Nisshinbo Holdings, Inc.		47,000		462,272
Nissin Electric Co., Ltd.		20,900		345,495
Nissin Kogyo Co., Ltd. (a)		11,800		178,401
Nitto Boseki Co., Ltd.		124,153		404,587
Nitto Kogyo Corp.		8,500		110,631
NOF Corp.		226,600		2,289,160
Nohmi Bosai, Ltd.		15,300		226,482
Nojima Corp.		9,800		120,970
Nomura Co., Ltd.		19,500		301,170
Noritsu Koki Co., Ltd. (a)		9,800		67,453
Noritz Corp.		12,800		262,661
North Pacific Bank, Ltd.		139,600		490,768
NS Solutions Corp.		12,100		210,061
NS United Kaiun Kaisha, Ltd.		19,000		26,080
NSD Co., Ltd.		18,000		287,602
NTN Corp.		194,000		668,602
NuFlare Technology, Inc. (a)		1,000		52,042
Obara Group, Inc.		3,500		136,869
Oenon Holdings, Inc.		97,000		222,229
Ogaki Kyoritsu Bank, Ltd.		95,000		314,274
Ohsho Food Service Corp. (a)		6,800		266,252
Oiles Corp.		10,900		184,277
Oita Bank, Ltd.		329,800		1,191,989
Okabe Co., Ltd.		19,600		159,099
Okamoto Industries, Inc. (a)		31,800		396,303
Okamura Corp.		54,500		524,737
Okasan Securities Group, Inc.		88,682		451,007
Oki Electric Industry Co., Ltd.		49,900		666,220
Okinawa Electric Power Co., Inc.		15,300		343,878
OKUMA Corp. (a)		68,000		515,045
Okumura Corp.		84,000		474,478
OncoTherapy Science, Inc. (a) (b)		19,700		58,167
Onward Holdings Co., Ltd.		17,000		122,046
Open House Co., Ltd.		12,000		254,659
Orient Corp. (a) (b)		1,600		3,034
OSAKA Titanium Technologies Co., Ltd. (a)		8,500		117,933
Osaki Electric Co., Ltd.		9,000		90,298
OSG Corp. (a)		44,240		875,058
Otsuka Kagu, Ltd. (a)		7,200		71,527
Outsourcing, Inc.		6,000		259,517
Pacific Industrial Co., Ltd. (a)		28,200		320,806
Pacific Metals Co., Ltd. (b)		74,000		219,227
Pal Co., Ltd. (a)		5,700		131,489
PALTAC Corp.		10,000		232,953
PanaHome Corp.		28,000		221,755
Paramount Bed Holdings Co., Ltd.		5,600		210,695
Pasona Group, Inc. (a)		11,500		92,895
Penta-Ocean Construction Co., Ltd.		110,100		624,079
Pilot Corp.		13,366		553,039
Piolax, Inc.		5,300		328,159
Pioneer Corp. (a) (b)		158,100		340,353
Poletowin Pitcrew Holdings, Inc. (a)		2,800		25,936
Premier Investment Corp.		1,639		2,170,443
Qol Co., Ltd.		8,600		123,567
Raito Kogyo Co., Ltd.		13,400		160,247
Relia, Inc.		21,500		191,295
Rengo Co., Ltd.		201,000		1,226,663
ReproCELL, Inc. (a) (b)		19,900		96,685
Riso Kagaku Corp.		9,200		149,631
Rock Field Co., Ltd.		10,600		157,432
Rohto Pharmaceutical Co., Ltd. (a)		44,200		757,290
Roland DG Corp.		4,400		98,328
Round One Corp.		21,000		142,053
Ryobi, Ltd.		37,000		162,959
Ryosan Co., Ltd.		10,000		302,177
S Foods, Inc. (a)		5,700		148,713
Sagami Chain Co., Ltd.		20,100		243,149
Saibu Gas Co., Ltd. (a)		110,000		270,478
Saizeriya Co., Ltd.		8,400		190,289
Sakai Chemical Industry Co., Ltd.		256,765		829,133
Sakata Seed Corp.		13,700		345,121
San-A Co., Ltd.		10,200		508,665
San-Ai Oil Co., Ltd.		16,600		112,453
San-In Godo Bank, Ltd.		45,500		308,231
Sanden Holdings Corp. (a)		56,000		165,901
Sangetsu Co., Ltd.		15,200		292,697
Sanken Electric Co., Ltd. (b)		68,000		217,568
Sankyo Tateyama, Inc. (a)		4,400		71,215
Sankyu, Inc.		125,000		712,240
Sanrio Co., Ltd. (a)		16,500		300,622
Sanyo Electric Railway Co., Ltd. (a)		39,000		200,267
Sanyo Shokai, Ltd. (a)		196,000		323,231
Sanyo Special Steel Co., Ltd.		213,937		1,191,532
Sapporo Holdings, Ltd.		44,000		1,214,003
Sato Holdings Corp. (a)		38,840		843,039
Seika Corp.		22,000		58,006
Seikagaku Corp.		19,500		318,308
Seiko Holdings Corp. (a)		59,000		184,694
Seino Holdings Co., Ltd.		700		7,307
Seiren Co., Ltd. (a)		127,980		1,512,784
Sekisui House Reit, Inc.		251		385,181
Sekisui House SI Residential Investment Corp. (a)		259		295,664
Senko Co., Ltd.		41,200		285,611
Senshu Ikeda Holdings, Inc. (a)		98,360		430,292
Senshukai Co., Ltd. (a)		16,000		110,917
Septeni Holdings Co., Ltd. (a)		34,500		153,311
Shibuya Kogyo Co., Ltd. (a)		10,900		204,190
Shiga Bank, Ltd. (a)		117,000		566,138
Shima Seiki Manufacturing, Ltd. (a)		50,445		1,366,421

See accompanying notes to financial statements.

306

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Shimachu Co., Ltd.		38,360	$	949,293
Shindengen Electric Manufacturing Co., Ltd.		41,000		160,332
Shinkawa, Ltd. (b)		9,200		63,777
Shinkin Central Bank Class A, Preference Shares		329		748,222
Shinko Electric Industries Co., Ltd.		25,400		142,470
Shinmaywa Industries, Ltd.		26,000		170,740
Shinsho Corp.		4,000		69,600
Ship Healthcare Holdings, Inc.		12,600		384,476
Shizuoka Gas Co., Ltd.		25,300		198,622
SHO-BOND Holdings Co., Ltd. (a)		11,300		523,908
Shochiku Co., Ltd.		243,600		2,951,634
Shoei Co., Ltd.		5,600		98,877
Showa Corp.		21,400		111,792
Showa Denko KK		51,500		644,354
SIA Reit, Inc.		48		180,595
Sinanen Holdings Co., Ltd.		2,800		57,374
Sinfonia Technology Co., Ltd.		319,400		520,427
Sinko Industries, Ltd.		11,600		147,771
SK Kaken Co., Ltd. (a)		4,000		418,703
Skylark Co., Ltd.		203		2,726
SMK Corp.		114,343		377,135
SMS Co., Ltd.		9,200		243,934
Sodick Co., Ltd.		23,000		169,664
Sogo Medical Co., Ltd.		2,200		71,367
Sotetsu Holdings, Inc.		1,792		9,114
St Marc Holdings Co., Ltd. (a)		3,000		81,884
Star Micronics Co., Ltd.		17,100		212,262
Starts Corp., Inc.		12,600		232,055
Starts Proceed Investment Corp.		68		112,074
Sumitomo Bakelite Co., Ltd.		54,000		280,492
Sumitomo Mitsui Construction Co., Ltd.		346,000		324,594
Sumitomo Osaka Cement Co., Ltd.		173,793		803,191
Sumitomo Real Estate Sales Co., Ltd.		3,700		74,829
Sumitomo Seika Chemicals Co., Ltd.		2,400		84,491
Sumitomo Warehouse Co., Ltd.		48,000		253,592
Sun Corp. (a)		10,000		71,298
Sun Frontier Fudousan Co., Ltd.		5,800		58,135
SWCC Showa Holdings Co., Ltd. (a) (b)		45,000		31,106
T RAD Co., Ltd.		15,000		29,033
Tabuchi Electric Co., Ltd.		14,700		48,775
Tachi-S Co., Ltd.		17,400		280,249
Tadano, Ltd.		31,400		305,736
Taikisha, Ltd.		12,000		295,304
Taiko Pharmaceutical Co., Ltd. (a)		4,200		67,480
Taiyo Holdings Co., Ltd. (a)		4,600		157,172
Taiyo Yuden Co., Ltd. (a)		55,800		544,417
Takaoka Toko Co., Ltd. (a)		1,900		39,871
Takara Bio, Inc.		22,000		367,590
Takara Holdings, Inc.		83,400		775,814
Takara Leben Co., Ltd. (a)		34,900		233,666
Takara Standard Co., Ltd. (a)		26,500		489,883
Takasago International Corp.		44,100		1,177,132
Takasago Thermal Engineering Co., Ltd.		31,200		460,921
Takashima & Co., Ltd.		36,000		59,369
Takata Corp. (a) (b)		14,300		50,131
Takeuchi Manufacturing Co., Ltd.		19,000		315,775
Takuma Co., Ltd. (a)		34,000		319,637
Tamron Co., Ltd.		5,400		86,867
Tamura Corp.		49,000		184,842
Tanseisha Co., Ltd. (a)		20,500		151,627
TechnoPro Holdings, Inc.		13,300		499,743
Teikoku Electric Manufacturing Co., Ltd.		3,600		28,938
Teikoku Sen-I Co., Ltd.		12,100		187,955
Tekken Corp. (a)		72,000		221,123
TKC Corp.		3,700		114,546
Toa Corp. (e)		16,400		147,376
Toa Corp. (e)		8,000		147,415
Toagosei Co., Ltd.		192,500		2,075,841
Tobishima Corp.		95,900		162,887
TOC Co., Ltd.		149,160		1,232,873
Tochigi Bank, Ltd.		218,000		878,329
Toda Corp.		118,000		617,588
Toei Co., Ltd. (a)		118,400		955,244
Toho Bank, Ltd.		90,000		314,620
Toho Holdings Co., Ltd. (a)		63,919		1,347,623
Toho Zinc Co., Ltd.		53,000		170,622
Tokai Carbon Co., Ltd.		115,000		310,028
Tokai Corp.		1,600		56,485
TOKAI Holdings Corp. (a)		54,800		350,668
Tokai Rika Co., Ltd.		16,400		317,748
Tokai Tokyo Financial Holdings, Inc. (a)		78,200		374,532
Tokuyama Corp. (a) (b)		207,000		860,584
Tokyo Dome Corp.		38,300		356,657
Tokyo Ohka Kogyo Co., Ltd.		15,800		478,220
Tokyo Seimitsu Co., Ltd.		20,100		532,149
Tokyo Steel Manufacturing Co., Ltd.		48,900		328,366
Tokyo Tekko Co., Ltd.		9,000		35,728
Tokyo TY Financial Group, Inc.		16,000		443,036
Tokyotokeiba Co., Ltd. (a)		73,000		144,897
Tokyu Construction Co., Ltd.		34,400		341,741
Tokyu REIT, Inc.		276		370,398
Tomoe Engineering Co., Ltd.		2,800		42,913
TOMONY Holdings, Inc.		205,180		948,247
Tomy Co., Ltd.		50,200		526,464
Topcon Corp. (a)		42,100		594,094
Topre Corp.		21,900		456,534
Topy Industries, Ltd.		32,898		673,133
Toridoll.corp.		10,200		233,583
Torii Pharmaceutical Co., Ltd. (a)		3,700		79,579
Torishima Pump Manufacturing Co., Ltd. (a)		5,600		58,231
Toshiba Machine Co., Ltd.		51,000		173,752
Toshiba Plant Systems & Services Corp. (a)		10,900		175,128
Toshiba TEC Corp. (a) (b)		54,000		217,035
Totetsu Kogyo Co., Ltd. (a)		12,000		342,468
Towa Pharmaceutical Co., Ltd. (a)		2,800		113,228
Toyo Construction Co., Ltd. (a)		33,800		145,861
Toyo Corp.		129,768		1,301,973
Toyo Engineering Corp.		58,000		186,718
Toyo Ink SC Holdings Co., Ltd.		60,000		267,220
Toyo Tire & Rubber Co., Ltd.		42,500		591,764
Toyo Wharf & Warehouse Co., Ltd.		31,000		49,593

See accompanying notes to financial statements.

307

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Toyobo Co., Ltd.		369,788	$	617,135
TPR Co., Ltd.		14,000		390,006
Trusco Nakayama Corp.		10,200		540,898
TS Tech Co., Ltd.		19,500		488,920
TSI Holdings Co., Ltd.		61,800		357,014
Tsubakimoto Chain Co.		62,000		475,110
Tsukui Corp.		26,600		188,865
Tsumura & Co. (a)		26,100		738,424
Tsurumi Manufacturing Co., Ltd.		10,900		168,777
UACJ Corp.		116,000		344,798
Ube Industries, Ltd.		303,000		574,493
Ulvac, Inc.		32,800		970,088
UMN Pharma, Inc. (a) (b)		4,600		58,326
Unipres Corp.		15,100		264,229
United Arrows, Ltd.		11,400		276,149
United Super Markets Holdings, Inc.		10,800		106,331
UNITED, Inc. (a)		3,700		56,597
Unitika, Ltd. (a) (b)		997,000		571,036
Unizo Holdings Co., Ltd.		6,900		191,809
Usen Corp.		43,510		132,766
Ushio, Inc.		39,600		451,275
UT Group Co., Ltd. (a) (b)		11,100		71,139
V Technology Co., Ltd.		1,900		221,775
Valor Holdings Co., Ltd.		30,300		849,172
VT Holdings Co., Ltd.		20,400		107,575
W-Scope Corp. (a)		9,400		196,048
Wacoal Holdings Corp.		72,000		807,703
Wacom Co., Ltd. (a)		68,300		205,713
Wakachiku Construction Co., Ltd. (a)		38,000		54,036
Wakita & Co., Ltd.		10,900		82,236
WirelessGate, Inc. (a)		4,300		72,611
Xebio Holdings Co., Ltd.		8,000		119,054
YAMABIKO Corp.		19,700		176,058
Yamato Kogyo Co., Ltd.		12,500		367,106
Yamazen Corp.		43,900		333,374
Yaoko Co., Ltd.		9,000		353,725
Yodogawa Steel Works, Ltd.		55,100		1,470,204
Yokogawa Bridge Holdings Corp.		15,600		173,154
Yondoshi Holdings, Inc. (a)		11,900		274,746
Yonex Co., Ltd. (a)		6,300		303,288
Yorozu Corp.		11,900		173,332
Yoshinoya Holdings Co., Ltd. (a)		29,300		419,543
Yushin Precision Equipment Co., Ltd.		1,400		35,199
Zenrin Co., Ltd.		54,277		956,742
ZERIA Pharmaceutical Co., Ltd.		16,900		284,712
Zojirushi Corp. (a)		21,900		355,106
				228,820,006
LUXEMBOURG — 0.1%
Stabilus SA (b)		8,998		506,609
MACAU — 0.1%
Macau Legend Development, Ltd. (a) (b)		2,775,740		579,774
NETHERLANDS — 1.4%
Accell Group		11,012		280,115
AMG Advanced Metallurgical Group NV		10,853		227,223
Amsterdam Commodities NV		14,428		359,225
Arcadis NV		27,226		391,942
Basic-Fit NV (b) (f)		21,838		419,292
BE Semiconductor Industries NV		12,547		428,650
Beter Bed Holding NV		11,606		259,683
BinckBank NV (a)		38,319		218,630
Constellium NV Class A (b)		29,248		210,586
Corbion NV		36,724		989,459
Delta Lloyd NV		160,345		736,460
Flow Traders (f)		17,903		544,833
ForFarmers NV (b)		9,103		70,167
Fugro NV (a) (b)		27,327		442,379
Heijmans NV (b)		21,400		194,102
Intertrust NV (b) (f)		13,157		316,195
Kendrion NV		10,555		322,401
Koninklijke BAM Groep NV (a)		134,893		625,623
NSI NV		46,199		191,475
PostNL NV (b)		148,346		673,680
Refresco Gerber NV (f)		24,217		402,783
Sligro Food Group NV		8,830		327,762
TKH Group NV		15,072		589,185
Van Lanschot NV		11,833		239,363
Vastned Retail NV		5,173		209,283
Wessanen		27,862		357,888
				10,028,384
NEW ZEALAND — 1.4%
a2 Milk Co., Ltd. (a) (b)		334,252		444,814
Air New Zealand, Ltd.		222,230		300,586
Argosy Property, Ltd.		325,890		265,426
Chorus, Ltd.		135,537		385,379
EBOS Group, Ltd.		28,681		393,151
Freightways, Ltd.		74,777		357,262
Genesis Energy, Ltd.		173,214		263,259
Goodman Property Trust		346,354		328,689
Heartland New Zealand, Ltd. (a)		235,797		258,922
Infratil, Ltd. (a)		286,926		676,034
Investore Property, Ltd. (a) (b)		158,093		181,645
Kathmandu Holdings, Ltd.		72,350		106,804
Kiwi Property Group, Ltd.		464,538		506,718
Mainfreight, Ltd.		54,646		705,359
Metlifecare, Ltd.		61,852		281,117
NZX, Ltd. (a)		229,867		177,189
Port of Tauranga, Ltd.		22,172		316,020
Precinct Properties New Zealand, Ltd.		249,872		236,219
Property for Industry, Ltd.		205,064		244,561
Restaurant Brands New Zealand, Ltd.		112,309		467,975
Skellerup Holdings, Ltd.		138,080		137,564
SKY Network Television, Ltd.		147,590		528,051
SKYCITY Entertainment Group, Ltd.		6,813		22,691
Steel & Tube Holdings, Ltd.		14,998		24,322
Stride Property Group (a)		243,358		350,400
Summerset Group Holdings, Ltd. (a)		57,988		223,495
TOWER, Ltd.		125,731		84,574
Trade Me Group, Ltd.		190,252		777,534
Vital Healthcare Property Trust		203,215		331,023
Warehouse Group, Ltd.		59,447		126,664
Xero, Ltd. (b)		35,240		495,873
				9,999,320
NORWAY — 1.6%
AF Gruppen ASA		12,456		246,243

See accompanying notes to financial statements.

308

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Aker Solutions ASA (b)		53,644	$	250,893
Atea ASA (b)		37,642		381,492
Austevoll Seafood ASA		32,886		276,714
Avance Gas Holding, Ltd. (a) (f)		12,301		29,551
Borregaard ASA		50,546		453,771
BW LPG, Ltd. (f)		26,123		74,653
BW Offshore, Ltd. (a)		2,365,417		100,627
DNO ASA (b)		232,891		236,175
Ekornes ASA		43,216		554,238
Europris ASA (b) (f)		33,924		171,481
Frontline, Ltd. (a)		13,227		95,243
Hexagon Composites ASA (a) (b)		48,684		174,822
Hoegh LNG Holdings, Ltd. (a)		18,892		202,103
Kongsberg Automotive ASA (b)		190,105		155,798
Kongsberg Gruppen ASA		12,002		186,210
Kvaerner ASA		101,106		122,456
Nordic Semiconductor ASA (a) (b)		76,332		372,477
Norwegian Air Shuttle ASA (a) (b)		7,895		289,038
Norwegian Finans Holding ASA (b)		49,659		472,215
Petroleum Geo-Services ASA (a) (b)		97,745		214,635
Prosafe SE (a)		109,520		6,989
Protector Forsikring ASA (a)		52,451		498,765
Scatec Solar ASA (f)		86,309		334,770
SpareBank 1 SMN		29,143		203,286
Spectrum ASA (b)		19,465		62,104
Stolt-Nielsen, Ltd.		12,917		168,083
Storebrand ASA (b)		137,313		678,636
TGS Nopec Geophysical Co. ASA		34,810		627,184
Thin Film Electronics ASA (b)		266,170		127,552
Tomra Systems ASA		107,215		1,244,222
Treasure ASA (b)		20,175		44,680
Veidekke ASA		103,521		1,593,169
Wilh Wilhelmsen ASA (a)		20,175		60,583
XXL ASA (f)		28,209		386,483
				11,097,341
PERU — 0.0% (g)
Hochschild Mining PLC		78,190		294,042
PORTUGAL — 0.3%
Altri SGPS SA		184,027		643,591
Banco Comercial Portugues SA (a) (b)		15,964,980		276,298
CTT-Correios de Portugal SA		56,272		379,115
Mota-Engil SGPS SA (a)		43,215		82,998
Pharol SGPS SA (a)		223,292		60,224
REN — Redes Energeticas Nacionais SGPS SA		77,278		226,058
Sonae SGPS SA		374,855		286,458
				1,954,742
SINGAPORE — 1.9%
AIMS AMP Capital Industrial REIT		229,058		236,038
Ascendas Hospitality Trust (a)		474,200		255,629
Ascott Residence Trust		385,400		322,238
Boustead Singapore, Ltd.		290,850		172,789
Cache Logistics Trust		458,100		300,707
Cambridge Industrial Trust		959,255		386,952
CapitaLand Retail China Trust		308,547		365,472
CDL Hospitality Trusts (a)		374,700		384,745
China Yuchai International, Ltd.		20,165		218,790
Cordlife Group, Ltd. (a)		230,100		202,516
COSCO Corp. Singapore, Ltd. (a) (b)		4,000		777
Croesus Retail Trust		222,360		139,439
CWT, Ltd.		174,800		256,408
Delfi, Ltd.		171,100		262,275
Ezion Holdings, Ltd. (a) (b)		648,440		130,787
Ezra Holdings, Ltd. (a) (b)		1,370,495		57,295
Far East Hospitality Trust		388,800		172,521
First Real Estate Investment Trust		516,431		513,230
Frasers Centrepoint Trust		244,100		393,869
Frasers Commercial Trust (a)		289,945		298,781
GL, Ltd.		375,700		214,930
Haw Par Corp., Ltd.		64,686		428,409
Hyflux, Ltd. (a)		288,700		100,578
IGG, Inc.		408,000		270,915
International Healthway Corp., Ltd. (b)		139,700		6,967
Interra Resources, Ltd. (b)		7,000		293
Jaya Holdings, Ltd.		49		11
Keppel DC REIT		220,700		197,480
Keppel Infrastructure Trust		744,338		275,691
Lian Beng Group, Ltd.		115,600		40,697
LionGold Corp., Ltd. (b)		3,566		5
Lippo Malls Indonesia Retail Trust		1,133,200		311,673
Manulife US Real Estate Investment Trust (b)		288,000		236,160
Mapletree Logistics Trust		488,000		382,970
Metro Holdings, Ltd.		309,400		208,770
OUE Commercial Real Estate Investment Trust		113,500		58,271
OUE Hospitality Trust		320,233		159,711
OUE, Ltd. (a)		82,400		105,459
Pan-United Corp., Ltd.		700		311
Parkway Life Real Estate Investment Trust		232,100		442,598
Raffles Medical Group, Ltd.		436,449		489,763
Religare Health Trust		424,700		325,506
Rowsley, Ltd. (a) (b)		1,515,000		140,005
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust		370,429		142,635
Saizen REIT		367		16
Sinarmas Land, Ltd. (a)		544,500		195,684
SMRT Corp., Ltd. (a)		328,500		404,767
Soilbuild Business Space REIT		260,810		133,901
Stamford Land Corp., Ltd.		582		198
Starhill Global REIT		685,500		412,270
Super Group, Ltd.		227,000		132,359
Swiber Holdings, Ltd. (a) (b) (c)		100,100		—
Tat Hong Holdings, Ltd. (b)		708		249
Technics Oil & Gas, Ltd. (b) (d)		1,254		65
UMS Holdings, Ltd.		304,400		137,303
United Engineers, Ltd.		264,200		478,620
Venture Corp., Ltd.		72,300		478,306
Wing Tai Holdings, Ltd. (a)		517,699		641,689
XP Power, Ltd.		8,765		188,434
Yoma Strategic Holdings, Ltd. (a)		671,433		290,546
				13,105,473
SOUTH AFRICA — 0.1%
Great Basin Gold, Ltd. (b)(c)		266,255		—
Lonmin PLC (b)		94,434		245,953

See accompanying notes to financial statements.

309

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Petra Diamonds, Ltd.		161,430	$	272,082
				518,035
SOUTH KOREA — 9.9%
Able C&C Co., Ltd.		8,121		176,231
Actoz Soft Co., Ltd. (b)		977		15,835
Advanced Process Systems Corp. (a) (b)		5,911		131,493
AeroSpace Technology of Korea, Inc. (a) (b)		4,009		66,249
AfreecaTV Co., Ltd.		2,932		74,142
Ahnlab, Inc.		2,017		114,096
AJ Rent A Car Co., Ltd. (b)		2,696		23,965
AK Holdings, Inc.		1,775		97,183
Amicogen, Inc.		5,644		282,879
Asiana Airlines, Inc. (b)		40,161		176,127
Barun Electronics Co., Ltd. (b)		148,424		270,879
Binex Co., Ltd. (b)		13,868		217,838
Binggrae Co., Ltd.		3,730		201,512
Boryung Pharmaceutical Co., Ltd.		3,170		197,450
Bukwang Pharmaceutical Co., Ltd.		9,073		238,492
Byucksan Corp.		26,601		128,977
Cell Biotech Co., Ltd.		1,457		63,500
Celltrion Pharm, Inc. (a) (b)		7,282		160,669
Chabiotech Co., Ltd. (b)		24,939		355,511
Cheil Worldwide, Inc.		40,573		589,429
Choa Pharmaceutical Co. (b)		16,408		79,556
Chong Kun Dang Pharmaceutical Corp. (a)		3,194		292,908
Chongkundang Holdings Corp.		1,821		126,487
CJ CGV Co., Ltd.		6,310		479,545
CJ Freshway Corp.		1,568		63,355
CNK International Co., Ltd. (b) (c)		16,071		—
Com2uSCorp. (a) (b)		6,565		596,087
Corentec Co., Ltd. (b)		2,537		34,783
Cosmax BTI, Inc.		5,949		255,223
Cosmax, Inc. (a)		4,357		599,342
Crown Confectionery Co., Ltd.		2,552		68,124
CrucialTec Co., Ltd. (a) (b)		5,768		49,806
CrystalGenomics, Inc. (a) (b)		11,175		248,085
CTC BIO, Inc. (b)		5,919		62,073
Curoholdings Co., Ltd. (b)		49,175		136,182
D.I Corp. (a)		8,450		33,643
Dae Han Flour Mills Co., Ltd.		445		73,133
Dae Hwa Pharmaceutical Co., Ltd.		8,262		277,938
Daeduck GDS Co., Ltd.		3,074		33,773
Daesang Corp.		14,918		399,583
Daesang Holdings Co., Ltd.		4,525		49,714
Daewon Pharmaceutical Co., Ltd.		8,661		147,843
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a) (b) (d)		50,853		206,857
Daewoong Pharmaceutical Co., Ltd. (a)		1,593		117,304
Daou Technology, Inc.		16,904		333,061
DGB Financial Group, Inc.		37,801		309,931
Digital Power Communications Co., Ltd.		12,664		45,649
DIO Corp. (a) (b)		8,368		391,294
Dong-A Socio Holdings Co., Ltd. (a)		3,873		636,503
Dong-A ST Co., Ltd.		4,080		403,795
Dongbu HiTek Co., Ltd. (a) (b)		23,445		378,918
DongKook Pharmaceutical Co., Ltd.		2,943		159,796
Dongkuk Steel Mill Co., Ltd. (b)		49,766		356,972
Dongsung Finetec Co., Ltd.		4,022		21,729
Dongwha Pharm Co., Ltd.		28,792		234,759
Dongwon F&B Co., Ltd.		368		75,348
Dongwon Industries Co., Ltd.		1,029		281,694
Doosan Infracore Co., Ltd. (a) (b)		52,483		375,985
Eo Technics Co., Ltd.		4,656		273,945
Eugene Investment & Securities Co., Ltd. (a) (b)		102,705		248,987
Eugene Technology Co., Ltd.		3,556		62,154
Eusu Holdings Co., Ltd.		6,010		37,380
Fila Korea, Ltd.		6,354		550,390
Finetex EnE, Inc. (b)		38,137		239,276
Gamevil, Inc. (b)		3,004		170,200
GemVax & Kael Co., Ltd. (a) (b)		12,003		188,543
Genexine Co., Ltd. (b)		7,189		317,234
Genic Co., Ltd. (a) (b)		2,772		54,869
GOLFZON Co., Ltd.		2,034		126,138
GOLFZONYUWONHOLDINGS Co., Ltd.		9,899		69,927
Grand Korea Leisure Co., Ltd.		13,078		292,707
Green Cross Cell Corp. (b)		1,623		44,873
Green Cross Corp.		3,617		596,073
Green Cross Holdings Corp.		12,193		317,183
GS Engineering & Construction Corp. (a) (b) .		23,321		621,484
GS Home Shopping, Inc.		2,284		341,558
Halla Holdings Corp.		2,406		147,678
Hana Tour Service, Inc. (a)		4,233		267,889
Hanall Biopharma Co., Ltd. (a) (b)		14,666		245,021
Hancom, Inc.		5,712		89,205
Hanil Cement Co., Ltd.		1,546		106,262
Hanjin Heavy Industries & Construction Co., Ltd. (b)		33,693		130,018
Hanjin Kal Corp.		20,805		353,251
Hanjin Transportation Co., Ltd.		3,732		93,863
Hankook Shell Oil Co., Ltd.		274		111,829
Hankook Tire Worldwide Co., Ltd.		12,770		266,102
Hanmi Pharm Co., Ltd.		450		207,563
Hanmi Semiconductor Co., Ltd.		5,091		64,022
Hansae Co., Ltd. (a)		9,658		235,016
Hansol Chemical Co., Ltd.		2,461		195,074
Hansol Holdings Co., Ltd. (b)		43,577		270,242
Hansol Paper Co., Ltd.		27,209		508,926
Hansol Technics Co., Ltd. (b)		11,605		170,174
Hanwha Investment & Securities Co., Ltd. (a) (b)		228,036		481,394
Harim Co., Ltd. (a) (b)		11,358		48,522
Heung-A Shipping Co., Ltd. (a)		36,870		64,276
Hite Jinro Co., Ltd.		29,710		608,308
HLB, Inc. (a) (b)		15,265		266,117
Homecast Co., Ltd. (a) (b)		13,180		287,211
Hugel, Inc. (b)		1,013		391,734
Humax Co., Ltd. (a)		29,629		390,085
Humedix Co., Ltd.		1,312		44,494
Huons Co., Ltd. (b)		2,006		116,752
Huons Global Co., Ltd. (a)		1,866		78,276
Hwa Shin Co., Ltd.		3,048		22,168

See accompanying notes to financial statements.

310

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Hyundai BNG Steel Co., Ltd. (b)		2,326	$	25,766
Hyundai C&F, Inc.		1,542		25,482
Hyundai Corp.		2,193		43,408
Hyundai Elevator Co., Ltd. (b)		7,421		457,517
Hyundai Engineering Plastics Co., Ltd.		4,706		41,447
Hyundai Greenfood Co., Ltd.		31,505		460,553
Hyundai Home Shopping Network Corp.		3,635		402,660
Hyundai Hy Communications & Network Co., Ltd.		7,026		22,934
Hyundai IBT Co., Ltd. (b)		41,655		246,220
Hyundai Livart Furniture Co., Ltd.		12,383		273,216
Hyundai Merchant Marine Co., Ltd. (b)		61,388		452,042
Hyundai Mipo Dockyard Co., Ltd. (b)		3,573		240,720
Hyundai Rotem Co., Ltd. (a) (b)		22,388		418,752
Hyundai Securities Co., Ltd.		79,789		517,993
i-SENS, Inc. (b)		2,374		68,330
Il Dong Pharmaceutical Co., Ltd. (b) (e)		6,081		125,336
Il Dong Pharmaceutical Co., Ltd. (e)		2,461		70,053
Ilyang Pharmaceutical Co., Ltd. (a) (b)		7,671		343,031
iMarketKorea, Inc.		7,331		85,534
InBody Co., Ltd.		2,405		80,360
Innocean Worldwide, Inc.		5,327		354,053
Innox Corp. (a) (b)		3,289		55,844
Inscobee, Inc. (b)		20,695		44,722
Interojo Co., Ltd.		3,219		116,473
Interpark Holdings Corp. (a)		29,738		136,357
iNtRON Biotechnology, Inc. (a) (b)		4,357		179,605
IS Dongseo Co., Ltd.		5,732		288,330
JB Financial Group Co., Ltd.		280,459		1,510,076
Jeil Pharmaceutical Co.		6,042		573,286
Jeju Air Co., Ltd.		4,665		137,237
Jenax, Inc. (a) (b)		6,552		190,073
JoyCity Corp. (b)		1,390		32,562
Jusung Engineering Co., Ltd. (a) (b)		7,348		70,388
JW Holdings Corp.		24,151		361,821
JW Pharmaceutical Corp.		5,378		425,318
JYP Entertainment Corp. (b)		11,361		52,197
KB Insurance Co., Ltd.		37,031		916,234
Kginicis Co., Ltd.		15,352		187,483
KGMobilians Co., Ltd.		30,124		276,254
KH Vatec Co., Ltd.		5,500		61,674
KIWOOM Securities Co., Ltd.		6,373		414,316
Koh Young Technology, Inc.		2,642		109,509
Kolao Holdings (a)		15,372		126,315
Kolon Corp.		3,621		181,157
Kolon Industries, Inc.		8,358		629,117
Kolon Life Science, Inc. (a)		1,836		257,892
Komipharm International Co., Ltd. (a) (b)		12,919		504,396
KONA I Co., Ltd.		5,574		77,181
Korea Electric Terminal Co., Ltd.		2,344		165,156
Korea Kolmar Co., Ltd.		8,233		719,878
Korea Kolmar Holdings Co., Ltd.		1,912		71,439
Korea Line Corp. (b)		3,568		68,033
Korea Petrochemical Ind Co., Ltd.		1,298		251,621
Korea Real Estate Investment & Trust Co., Ltd. (a)		48,313		138,181
Korea United Pharm, Inc.		6,397		111,520
Korean Air Lines Co., Ltd. (b)		14,478		459,442
Korean Reinsurance Co.		85,791		907,491
Kortek Corp.		7,298		83,493
KT Hitel Co., Ltd. (b)		58,475		419,973
KT Skylife Co., Ltd.		13,745		199,682
Ktis Corp.		12,531		44,431
Kumho Industrial Co., Ltd. (b)		15,611		148,123
Kumho Petrochemical Co., Ltd.		9,037		573,556
Kumho Tire Co., Inc. (a) (b)		58,727		602,547
Kwang Dong Pharmaceutical Co., Ltd.		15,918		130,657
KyungDong City Gas Co., Ltd.		484		33,399
Kyungdong Pharm Co., Ltd.		6,349		105,495
Leaders Cosmetics Co., Ltd. (a) (b)		6,775		153,481
LEENO Industrial, Inc.		3,174		129,398
LF Corp.		11,657		234,442
LG Hausys, Ltd.		3,584		341,690
LG Innotek Co., Ltd.		5,851		415,974
LG International Corp.		35,125		1,113,054
LG Life Sciences, Ltd. (b)		4,748		267,287
LIG Nex1 Co., Ltd.		4,841		364,388
Lock&Lock Co., Ltd.		3,131		35,252
Loen Entertainment, Inc. (b)		3,704		262,325
Lotte Chilsung Beverage Co., Ltd.		362		525,900
LOTTE Fine Chemical Co., Ltd. (a)		13,545		386,789
Lotte Food Co., Ltd.		694		432,903
LOTTE Himart Co., Ltd.		3,890		156,469
LS Corp.		11,472		606,229
LS Industrial Systems Co., Ltd.		10,411		397,024
Lumens Co., Ltd. (b)		13,540		51,881
Lutronic Corp.		2,726		97,273
Macrogen, Inc. (b)		3,097		95,608
Maeil Dairy Industry Co., Ltd.		1,375		42,947
Magnachip Semiconductor Corp. (a) (b)		22,238		185,465
Medipost Co., Ltd. (a) (b)		3,966		266,116
MegaStudy Co., Ltd.		3,625		107,794
Melfas, Inc. (b)		22,609		161,559
Meritz Financial Group, Inc.		30,235		323,942
Meritz Fire & Marine Insurance Co., Ltd.		50,425		705,085
Meritz Securities Co., Ltd.		144,385		440,490
Minwise Co., Ltd.		17,889		492,969
Mirae Corp. (b)		209,350		63,488
Modetour Network, Inc.		2,804		73,324
Muhak Co., Ltd.		5,613		121,806
Naturalendo Tech Co., Ltd. (a) (b)		9,892		155,383
Naturecell Co., Ltd. (b)		33,907		149,008
Neowiz Games Corp. (a) (b)		10,783		117,489
NEPES Corp.		5,440		39,120
Nexen Tire Corp.		24,565		330,106
NH Investment & Securities Co., Ltd.		3		27
NHN Entertainment Corp. (a) (b)		9,870		535,015
NHN KCP Corp.		5,910		101,152
NICE Holdings Co., Ltd.		4,970		82,581
NongShim Co., Ltd.		2,593		739,276
OCI Co., Ltd. (a) (b)		7,108		603,439
Opto Device Technology Co., Ltd.		5,521		44,565
Osstem Implant Co., Ltd. (b)		7,026		389,146
Pan Ocean Co., Ltd. (b)		93,760		328,183
Paradise Co., Ltd. (a)		22,915		330,820

See accompanying notes to financial statements.

311

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Partron Co., Ltd.		22,498	$	185,075
Paru Co., Ltd. (b)		92,420		371,744
Pharmicell Co., Ltd. (b)		55,896		284,720
Poongsan Corp.		17,255		530,333
Posco ICT Co., Ltd. (b)		7,252		37,598
Power Logics Co., Ltd. (b)		14,194		57,480
Qurient Co., Ltd. (b)		5,853		233,302
Redrover Co., Ltd. (b)		13,387		79,373
S&T Dynamics Co., Ltd.		6,769		57,036
S-Energy Co., Ltd.		35		308
Sajo Industries Co., Ltd. (b)		1,125		66,907
Sam Yung Trading Co., Ltd.		5,173		93,704
Samchully Co., Ltd.		452		41,246
Samchuly Bicycle Co., Ltd.		4,819		61,258
Samho International Co., Ltd. (b)		4,310		66,919
Samjin Pharmaceutical Co., Ltd.		9,314		272,735
Samkwang Glass		895		59,160
Samlip General Foods Co., Ltd.		1,475		265,175
Samsung Pharmaceutical Co., Ltd. (b)		32,887		165,726
Samyang Holdings Corp.		3,648		448,816
Schnell Biopharmaceuticals, Inc. (a) (b)		37,158		175,103
SeAH Steel Corp.		603		34,986
Sebang Co., Ltd.		2,439		35,654
Seegene, Inc. (a) (b)		12,715		412,154
Seobu T&D (b)		4,193		73,288
Seohan Co., Ltd.		137,123		284,493
Seoul Semiconductor Co., Ltd. (a)		21,875		290,978
SEOWON INTECH Co., Ltd		2,731		29,260
Seoyon Co., Ltd.		4,025		42,942
Seoyon E-Hwa Co., Ltd.		3,206		44,683
SFA Engineering Corp.		20,042		980,854
Shinsegae Information & Communication Co., Ltd.		6,588		433,677
Shinsegae, Inc.		3,008		495,712
Silicon Works Co., Ltd.		1,701		46,102
Silla Co., Ltd.		1,472		19,914
Sindoh Co., Ltd.		764		34,893
SK Bioland Co., Ltd.		3,625		69,943
SK Chemicals Co., Ltd.		7,481		459,178
SK Materials Co., Ltd.		2,738		391,800
SK Networks Co., Ltd.		64,964		394,615
SKC Co., Ltd.		13,019		334,533
SM Culture & Contents Co., Ltd. (b)		90,814		171,098
SM Entertainment Co. (a) (b)		8,416		212,435
Soulbrain Co., Ltd.		6,984		386,186
Suheung Co., Ltd.		1,397		50,104
SundayToz Corp. (b)		3,165		100,437
Sungshin Cement Co., Ltd. (b)		6,585		52,556
Sungwoo Hitech Co., Ltd.		26,023		188,554
Suprema HQ, Inc. (b)		1,640		12,761
Suprema, Inc. (b)		1,583		34,065
Synopex, Inc. (a) (b)		27,562		47,674
Taekwang Industrial Co., Ltd.		490		372,833
Taihan Electric Wire Co., Ltd. (b)		130,310		236,045
TBH Global Co., Ltd. (b)		1,842		16,223
Tera Semicon Co., Ltd. (b)		2,426		55,289
Tongyang Life Insurance Co., Ltd.		7,169		73,880
Tongyang, Inc.		123,324		324,168
Tovis Co., Ltd.		6,895		59,162
Value Added Technologies Co., Ltd.		3,353		114,471
Viatron Technologies, Inc.		10,424		264,540
Vieworks Co., Ltd.		6,116		360,957
ViroMed Co., Ltd. (a) (b)		6,680		715,097
Wave Electronics Co., Ltd. (b)		6,032		140,483
Webzen, Inc. (a) (b)		11,692		181,535
WeMade Entertainment Co., Ltd. (a) (b)		5,189		91,638
Whanin Pharmaceutical Co., Ltd.		8,008		112,702
Wins Co., Ltd.		3,675		38,373
WiSoL Co., Ltd.		5,213		62,479
Wonik Holdings Co., Ltd. (a) (b)		96,677		642,553
Wonik IPS Co., Ltd. (b)		15,637		362,050
Woojeon Co., Ltd. (b)		7,440		3,128
Woongjin Thinkbig Co., Ltd. (b)		7,549		76,083
YG Entertainment, Inc. (a)		6,320		184,490
Young Poong Corp.		248		237,563
Youngone Corp.		9,450		317,903
Yuanta Securities Korea Co., Ltd. (a) (b)		69,298		209,212
Yuhan Corp.		25		6,299
Yungjin Pharmaceutical Co., Ltd. (b)		49,311		555,188
				69,270,222
SPAIN — 1.1%
Applus Services SA		50,289		511,402
Axiare Patrimonio SOCIMI SA		20,510		271,634
Baron de Ley (b)		909		106,035
Codere SA (b)		561,443		283,927
Construcciones y Auxiliar de Ferrocarriles SA		2,103		845,607
Euskaltel SA (a) (b) (f)		29,408		292,646
Faes Farma SA		241,441		932,024
Hispania Activos Inmobiliarios SOCIMI SA		30,050		402,878
Lar Espana Real Estate Socimi SA		23,449		168,653
Let’s GOWEX SA (a) (b) (c)		9,561		—
NH Hotel Group SA (b)		53,448		243,863
Obrascon Huarte Lain SA (a)		45,111		181,035
Parques Reunidos Servicios Centrales SAU (b) (f)		12,083		167,292
Pharma Mar SA (a) (b)		163,777		520,869
Promotora de Informaciones SA Class A (b)		42,207		270,506
Sacyr SA (a)		108,851		229,730
Saeta Yield SA		12,875		128,050
Talgo SA (a) (b) (f)		34,574		167,812
Telepizza Group SA (b) (f)		30,747		139,596
Tubacex SA		149,334		443,049
Vidrala SA		24,175		1,415,446
				7,722,054
SWEDEN — 3.2%
Acando AB		82,000		211,523
AddLife AB (b)		14,074		224,644
AddTech AB Class B		24,124		378,020
AF AB Class B.		27,630		538,578
Arcam AB (b)		7,905		270,346
Attendo AB (f)		27,300		264,479
Avanza Bank Holding AB (a)		9,426		372,974
B&B Tools AB Class B		12,449		278,262
Beijer Alma AB		8,424		208,452

See accompanying notes to financial statements.

312

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Beijer Ref AB		14,654	$	370,310
Betsson AB (b)		47,271		523,063
Bilia AB Class A		12,265		302,781
BioGaia AB Class B		3,642		106,275
Bonava AB Class B (b)		35,422		447,354
Bravida Holding AB (f)		35,135		233,758
Bufab AB		21,549		171,036
Bure Equity AB		20,928		246,107
Byggmax Group AB		25,654		193,886
Capio AB (f)		25,960		144,838
Cellavision AB		17,638		191,462
Clas Ohlson AB Class B		12,695		197,818
Cloetta AB Class B		102,348		371,527
Com Hem Holding AB		38,595		357,236
D Carnegie & Co. AB (b)		8,790		112,858
Duni AB		12,721		193,768
Eltel AB (f)		20,733		207,514
Evolution Gaming Group AB (a) (f)		9,539		311,197
Haldex AB		45,287		636,959
Hemfosa Fastigheter AB		53,017		575,505
HIQ International AB (b)		29,921		213,038
Hoist Finance AB (f)		16,121		155,238
Industrial & Financial Systems Class B		9,803		453,684
Infant Bacterial Theraoeutic AB (b)		1,117		7,692
Investment AB Oresund		14,458		247,227
Inwido AB		28,806		390,024
JM AB (a)		24,283		664,371
KNOW IT AB		21,830		203,842
Kungsleden AB		63,591		465,758
Lagercrantz Group AB Class B		21,535		212,399
LeoVegas AB (a) (b) (f)		63,933		244,019
Lindab International AB		19,363		190,412
Medivir AB Class B (b)		10,481		85,329
Modern Times Group MTG AB Class B (a)		18,736		480,461
Munksjo Oyj (b)		18,162		243,293
Mycronic AB (a)		28,398		354,668
NetEnt AB (b)		72,104		660,663
New Wave Group AB Class B		155,825		923,048
Nobia AB		49,094		466,735
Nolato AB Class B		11,247		345,258
Nordnet AB Class B (a)		48,484		159,587
Opus Group AB		80,171		66,440
Orexo AB (b)		7,275		39,655
Qliro Group AB (a) (b)		88,716		122,707
Ratos AB Class B (a)		51,569		245,223
RaySearch Laboratories AB		13,160		304,907
Recipharm AB Class B (a)		9,477		154,864
Sagax AB Class B		33,451		356,281
SAS AB (a) (b)		42,934		85,694
Scandi Standard AB		26,952		200,550
Sectra AB Class B (b)		14,175		238,252
SkiStar AB		10,047		162,419
Starbreeze AB (b)		105,078		284,545
Systemair AB.		10,935		151,567
Tethys Oil AB		28,969		204,569
Thule Group AB (f)		25,661		438,795
Tobii AB (b)		33,732		282,498
Vitrolife AB		7,879		500,289
Vostok New Ventures, Ltd. (a) (b)		20,018		151,290
Wihlborgs Fastigheter AB		114,735		2,444,048
				22,243,869
SWITZERLAND — 2.5%
AFG Arbonia-Forster Holding AG (b)		18,780		293,498
APG SGA SA		283		120,349
Ascom Holding AG		19,445		351,029
Autoneum Holding AG		1,312		369,482
Bachem Holding AG Class B		3,355		316,327
Basilea Pharmaceutica, Ltd. (a) (b)		8,002		634,778
Bell AG		769		337,142
Bobst Group SA		2,558		143,152
Bossard Holding AG Class A (a) (b)		1,859		245,271
Burckhardt Compression Holding AG (a)		1,271		360,886
Burkhalter Holding AG		2,517		340,395
Comet Holding AG (b)		321		294,046
Conzzeta AG		173		119,569
EFG International AG (b)		38,356		188,733
Evolva Holding SA (a) (b)		198,328		120,707
GAM Holding AG (b)		62,079		594,278
Gurit Holding AG (b)		64		58,428
HBM Healthcare Investments AG Class A (b)		2,881		290,507
Huber + Suhner AG		5,807		388,172
Implenia AG		4,621		327,484
Inficon Holding AG (b)		867		332,928
Interroll Holding AG		366		408,890
Intershop Holding AG		234		120,693
Kardex AG (b)		3,756		361,109
Komax Holding AG		2,043		501,372
Kudelski SA (b)		47,112		879,644
Lastminute.com NV (b)		1,447		20,748
LEM Holding SA		254		288,219
Leonteq AG (a) (b)		3,374		182,900
LifeWatch AG (b)		11,472		110,531
Metall Zug AG		63		205,364
Meyer Burger Technology AG (b)		35,112		120,252
Mobilezone Holding AG		13,233		194,523
Mobimo Holding AG (b)		2,855		728,623
Myriad Group AG (a) (b)		25,387		73,851
Newron Pharmaceuticals SpA (a) (b)		3,197		74,203
Orascom Development Holding AG (b)		4,906		31,175
Oriflame Holding AG (a) (b)		18,282		671,326
Orior AG (b)		5,307		450,553
Phoenix Mecano AG		412		214,203
Rieter Holding AG (b)		1,356		275,984
Santhera Pharmaceutical Holding AG (a) (b) .		1,974		106,906
Schmolz + Bickenbach AG (b)		170,492		116,077
Schweiter Technologies AG		315		365,561
Siegfried Holding AG (b)		1,610		352,260
Swissquote Group Holding SA (b)		5,091		144,422
Tecan Group AG		4,308		757,255
u-blox Holding AG (b)		2,633		570,112
Valiant Holding AG		6,101		562,332
Valora Holding AG		5,599		1,599,879
Vaudoise Assurances Holding SA		408		207,072

See accompanying notes to financial statements.

313

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Wizz Air Holdings PLC (b) (f)		19,169	$	408,369
Zehnder Group AG (b)		2,359		105,004
				17,436,573
UNITED ARAB EMIRATES — 0.0% (g)
Lamprell PLC (b)		107,309		96,182
UNITED KINGDOM — 9.6%
4imprint Group PLC		7,562		172,100
888 Holdings PLC		71,693		206,281
A.G.Barr PLC		42,507		283,261
Aldermore Group PLC (b)		56,137		122,217
Allied Minds PLC (b)		83,145		352,853
AO World PLC (a) (b)		78,436		172,191
Arrow Global Group PLC		62,707		239,889
Ascential PLC (b)		56,041		204,560
Assura PLC		807,194		611,302
AVEVA Group PLC		25,050		649,497
Avon Rubber PLC		15,657		205,418
Big Yellow Group PLC REIT		53,547		542,549
Bloomsbury Publishing PLC		19,361		38,731
Bodycote PLC		45,037		344,290
Bovis Homes Group PLC		52,941		601,741
Brammer PLC		51,361		80,062
Brewin Dolphin Holdings PLC		100,867		345,647
Cairn Energy PLC (b)		230,631		563,229
Cape PLC		35,534		96,356
Card Factory PLC		91,827		366,438
Carillion PLC		140,686		453,040
Chemring Group PLC (b)		254,541		465,388
Chesnara PLC		46,379		199,114
Cineworld Group PLC		398		2,999
Circassia Pharmaceuticals PLC (b)		81,465		100,003
Clarkson PLC		11,163		303,935
CMC Markets PLC (f)		34,310		87,800
Coats Group PLC (b)		528,387		221,356
Communisis PLC		47,664		22,754
Computacenter PLC		29,889		275,663
Concentric AB		20,721		279,347
Connect Group PLC		64,933		127,576
Consort Medical PLC		23,297		327,746
Costain Group PLC		46,861		218,836
Countryside Properties PLC (a) (b) (f)		115,527		364,369
Countrywide PLC		61,943		174,124
Cranswick PLC		19,593		595,051
Crest Nicholson Holdings PLC		99,394		582,686
Daejan Holdings PLC		2,060		149,585
Dairy Crest Group PLC		58,918		495,943
De La Rue PLC		34,363		265,593
Debenhams PLC		424,716		307,576
Dechra Pharmaceuticals PLC		26,295		475,810
Devro PLC		57,066		176,241
DFS Furniture PLC		70,456		231,643
Dialight PLC (b)		11,431		103,794
Dignity PLC		13,750		500,651
Diploma PLC		44,164		504,274
Domino’s Pizza Group PLC		1,944		9,432
Doric Nimrod Air Three, Ltd. Preference Shares		81,762		110,988
Drax Group PLC		149,669		593,759
e2v technologies PLC		94,963		295,748
Electrocomponents PLC		159,592		703,817
Elementis PLC		132,201		374,198
Empiric Student Property PLC		334,037		503,340
EnQuest PLC (b)		273,932		95,187
Enterprise Inns PLC (b)		397,480		480,184
Essentra PLC		98,582		622,234
esure Group PLC		103,835		409,501
Euromoney Institutional Investor PLC		15,240		219,546
Exova Group PLC		52,402		135,119
F&C Commercial Property Trust, Ltd.		258,913		413,683
FDM Group Holdings PLC		36,970		293,907
Fenner PLC		152,092		395,135
Ferroglobe PLC		19,335		174,595
Fidessa Group PLC		17,456		544,888
Findel PLC (b)		27,812		77,675
Firstgroup PLC (b)		352,883		484,523
Flybe Group PLC (b)		111,382		71,981
Forterra PLC (f)		93,637		204,346
Foxtons Group PLC		87,579		114,050
Fuller Smith & Turner PLC Class A		18,321		249,889
Galliford Try PLC		31,282		538,824
Games Workshop Group PLC		5,627		36,986
Gem Diamonds, Ltd.		88,673		142,255
Genel Energy PLC (a) (b)		57,625		71,861
Genus PLC		30,883		781,479
Go-Ahead Group PLC		16,128		425,500
Grafton Group PLC		81,521		527,255
Grainger PLC		156,959		468,946
Greene King PLC		405		4,072
Greggs PLC		47,023		619,380
Gulf Keystone Petroleum, Ltd. (b) (c)		871,364		—
Halfords Group PLC		78,923		359,438
Hansteen Holdings PLC		158,731		239,801
Headlam Group PLC		17,875		114,705
Helical Bar PLC		37,722		132,547
Hill & Smith Holdings PLC		24,319		358,235
Hilton Food Group PLC		28,359		227,293
Hunting PLC		59,517		354,401
Huntsworth PLC		1,568		876
Ibstock PLC (f)		90,816		190,521
Imagination Technologies Group PLC (a) (b) .		79,971		256,330
Indivior PLC		1,683		6,701
Intelligent Energy Holdings PLC (b)		44,157		6,883
International Personal Finance PLC		84,089		284,002
Interserve PLC		86,445		413,235
IP Group PLC (b)		201,025		438,179
ITE Group PLC		283,878		599,231
Ithaca Energy, Inc. (b)		145,605		124,084
J D Wetherspoon PLC (a)		119,897		1,464,793
James Fisher & Sons PLC		18,215		385,442
JD Sports Fashion PLC		122		2,341
John Laing Group PLC (f)		122,277		432,833
John Menzies PLC		19,052		144,284
Johnston Press PLC (b)		26,174		6,545
JRP Group PLC		238,998		416,014
KCOM Group PLC		200,147		301,589
Keller Group PLC		51,241		584,415
Kier Group PLC (a)		34,519		588,752
Laird PLC		183,883		757,915

See accompanying notes to financial statements.

314

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Lancashire Holdings, Ltd.		55,779	$	485,824
Lavendon Group PLC		72,933		127,899
LondonMetric Property PLC		202,942		421,795
Lookers PLC		119,466		177,688
Low & Bonar PLC		81,471		65,615
LSL Property Services PLC		36,956		102,492
Luxfer Holdings PLC ADR		8,181		94,818
Marshalls PLC		94,680		350,765
Marston’s PLC		135,267		257,593
McBride PLC (b)		134,480		327,543
McCarthy & Stone PLC (f)		210,901		457,240
McColl’s Retail Group PLC		56,994		128,266
McKay Securities PLC		49,279		129,947
Mears Group PLC		31,362		186,993
Micro Focus International PLC		180		5,139
Millennium & Copthorne Hotels PLC		30,518		172,447
Mitchells & Butlers PLC		47,941		171,133
Mitie Group PLC		235,539		586,841
Moneysupermarket.com Group PLC		2,003		7,808
Morgan Advanced Materials PLC		163,381		614,624
Morgan Sindall Group PLC		60,241		578,681
Mothercare PLC (b)		54,874		84,468
Mucklow A & J Group PLC		27,357		180,349
N Brown Group PLC (a)		68,011		167,770
NCC Group PLC (a)		117,407		534,706
NewRiver REIT PLC		84,685		363,294
NMC Health PLC		115		2,047
Northgate PLC		44,451		249,445
Novae Group PLC		24,312		241,755
On the Beach Group PLC (b) (f)		32,797		85,526
OneSavings Bank PLC		54,964		181,137
Ophir Energy PLC (b)		247,500		248,361
Oxford Instruments PLC		21,547		177,314
Pagegroup PLC		125,517		548,163
Paragon Group of Cos. PLC		119,407		486,269
PayPoint PLC.		68,980		924,724
Pendragon PLC		478,237		186,369
Petropavlovsk PLC (b)		930,230		83,015
Pets at Home Group PLC		131,272		401,068
Photo-Me International PLC		96,046		193,384
Polypipe Group PLC		66,131		241,219
Premier Farnell PLC		334,629		799,817
Premier Foods PLC (b)		411,914		282,253
Premier Oil PLC (b)		208,804		185,797
Primary Health Properties PLC		261,068		379,823
PZ Cussons PLC		98,831		466,795
QinetiQ Group PLC		134,973		415,181
Rank Group PLC		54,325		144,947
Rathbone Brothers PLC		17,540		416,956
Raven Russia, Ltd. (b)		143,480		71,058
Redefine International PLC		302,754		169,070
Redrow PLC		86,959		451,839
Renishaw PLC		164		5,618
Restaurant Group PLC		78,493		391,841
Ricardo PLC		27,122		339,808
Robert Walters PLC		43,709		204,401
RPC Group PLC		810		10,101
RPS Group PLC		185,481		416,826
Safestore Holdings PLC		72,303		361,598
Sanne Group PLC		46,725		277,228
Savills PLC		51,207		476,268
Schroder Real Estate Investment Trust, Ltd.		222,849		165,728
SDL PLC		42,518		256,962
Seadrill, Ltd. (a) (b)		140,893		340,584
Senior PLC		424,341		1,262,843
Serco Group PLC (b)		343,463		583,129
Shanks Group PLC		372,289		527,128
Shawbrook Group PLC (b) (f)		54,631		169,608
SIG PLC		287,351		434,112
Soco International PLC		91,756		161,206
Softcat PLC		53,113		220,780
Sophos Group PLC (f)		110,703		383,667
Speedy Hire PLC		171,056		79,437
Spire Healthcare Group PLC (f)		77,800		398,791
Spirent Communications PLC		307,815		327,878
SSP Group PLC		1,194		4,962
ST Modwen Properties PLC		65,356		249,598
Stagecoach Group PLC		133,510		366,456
Stallergenes Greer PLC (b)		385		12,201
SThree PLC		52,878		170,863
Stobart Group, Ltd.		105,833		229,243
Stock Spirits Group PLC		82,213		164,731
SuperGroup PLC		21,959		428,727
SVG Capital PLC (b)		36,183		318,907
Synthomer PLC		116,797		560,148
Ted Baker PLC		9,812		314,056
Telecom Plus PLC		27,686		397,763
Thomas cook Group PLC (b)		265,057		238,262
Topps Tiles PLC		91,620		133,594
TORM PLC.		10,513		95,992
Trinity Mirror PLC		96,508		114,395
Tritax Big Box REIT PLC (e)		397,392		717,019
Tritax Big Box REIT PLC (b) (d) (e)		36,127		3,238
Tullett Prebon PLC		203,117		880,200
Tyman PLC		57,201		207,680
U & I Group PLC		50,314		114,866
Ultra Electronics Holdings PLC		15,840		364,815
UNITE Group PLC		54,641		450,360
Urban & Civic PLC		33,971		99,289
Vectura Group PLC (b)		258,813		465,634
Vesuvius PLC		71,568		326,128
Victrex PLC		28,427		579,010
Virgin Money Holdings UK PLC		84,557		341,821
Vitec Group PLC		24,801		196,037
Volution Group PLC		65,725		145,140
Wilmington PLC		19,976		66,169
Wincanton PLC		210,298		560,013
Workspace Group PLC		41,036		372,074
Xaar PLC		28,641		186,023
Zoopla Property Group PLC (f)		129,288		546,325
				67,629,528
UNITED STATES — 0.7%
Alacer Gold Corp. (b)		105,171		262,477
Argonaut Gold, Inc. (b)		61,295		160,904
Atlantic Power Corp. (a)		55,583		137,028
Boart Longyear, Ltd. (b)		2,406		249
DHT Holdings, Inc. (a)		55,906		234,246
Eros International PLC (a) (b)		11,566		177,191

See accompanying notes to financial statements.

315

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Globant SA (a) (b)		11,003	$	463,446
Golar LNG, Ltd.		35,011		742,233
MDC Partners, Inc. Class A		24,846		266,349
Mitel Networks Corp. (b)		35,283		259,683
Nordic American Tankers, Ltd. (a)		43,875		443,576
Ormat Technologies, Inc.		1		38
Oxford Immunotec Global PLC (b)		14,631		183,765
Performance Sports Group, Ltd. (a) (b)		21,628		87,810
REC Silicon ASA (a) (b)		833,232		116,139
Ship Finance International, Ltd. (a)		31,234		460,077
Sims Metal Management, Ltd. (a)		52,743		375,363
Stratasys, Ltd. (b)		18,578		447,544
Thompson Creek Metals Co., Inc. (b)		87,117		45,738
				4,863,856
TOTAL COMMON STOCKS (Cost $766,540,740)				692,251,913
WARRANTS — 0.0% (g)
HONG KONG — 0.0% (g)
Skyway Securities Group, Ltd. (expiring 2/13/17) (b)		346,000		4,595
SINGAPORE — 0.0% (g)
Ezion Holdings, Ltd. (expiring 4/24/20) (a) (b)		115,305		4,482
TOTAL WARRANTS (Cost $0)				9,077
RIGHTS — 0.0% (g)
AUSTRALIA — 0.0% (g)
Cover-More Group, Ltd. (expiring 10/17/16) (b) (c)		24,764		—
NORWAY — 0.0% (g)
Solstad Offshore ASA (expiring 9/19/16) (b) (d)		1,641		616
SINGAPORE — 0.0% (g)
Frasers Hospitality Trust (expiring 10/7/16) (a) (b)		61,408		3,693
SOUTH KOREA — 0.0% (g)
Asiana Airlines, Inc. (expiring 11/3/16) (b) (d)		6,842		—
ViroMed Co., Ltd. (expiring 10/18/16) (a) (b) .		545		11,159
				11,159
TOTAL RIGHTS (Cost $0)				15,468
SHORT-TERM INVESTMENTS — 11.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (h) (i)		3,225,573		3,225,573
State Street Navigator Securities Lending Prime Portfolio (i) (j)		77,010,646		77,010,646
TOTAL SHORT-TERM INVESTMENTS (Cost $80,236,219)				80,236,219
TOTAL INVESTMENTS — 110.0% (Cost $846,776,959)				772,512,677
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.0)%				(70,200,555	)
NET ASSETS — 100.0%			$	702,312,122

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $0, representing 0.0% of the Fund’s net assets.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $2,044,753, representing 0.3% of net assets.

(e) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(f) 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, 2016, 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) The rate shown is the annualized seven-day yield at September 30, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

316

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	48,665,831	$	61,289		$	0	(a)	$	48,727,120
Austria.		3,644,230		—			—			3,644,230
Belgium		8,861,804		—			—			8,861,804
Canada		61,290,328		46,046			0	(a)		61,336,374
China.		1,698,791		19,428			—			1,718,219
Denmark		5,864,810		—			0	(a)		5,864,810
Faeroe Islands		803,823		—			—			803,823
Finland		7,326,920		—			0	(a)		7,326,920
France		13,164,169		1,012,863			—			14,177,032
Germany		20,202,154		—			—			20,202,154
Greece		560		—			0	(a)		560
Hong Kong		25,542,239		192,336			0	(a)		25,734,575
India		439,303		—			—			439,303
Ireland		6,247,750		—			—			6,247,750
Israel		11,215,056		—			—			11,215,056
Italy.		9,786,173		—			0	(a)		9,786,173
Japan		228,317,991		502,015			—			228,820,006
Luxembourg		506,609		—			—			506,609
Macau		579,774		—			—			579,774
Netherlands		10,028,384		—			—			10,028,384
New Zealand		9,999,320		—			—			9,999,320
Norway		11,097,341		—			—			11,097,341
Peru		294,042		—			—			294,042
Portugal		1,954,742		—			—			1,954,742
Singapore.		13,105,408		65			0	(a)		13,105,473
South Africa		518,035		—			0	(a)		518,035
South Korea		69,063,365		206,857			0	(a)		69,270,222
Spain		7,722,054		—			0	(a)		7,722,054
Sweden		22,243,869		—			—			22,243,869
Switzerland		17,436,573		—			—			17,436,573
United Arab Emirates		96,182		—			—			96,182
United Kingdom		67,626,290		3,238			0	(a)		67,629,528
United States		4,863,856		—			—			4,863,856
Warrants
Hong Kong		4,595		—			—			4,595
Singapore.		4,482		—			—			4,482
Rights
Australia		—		—			0	(a)		—
Norway		—		616			—			616
Singapore.		3,693		—			—			3,693
South Korea		11,159		0	(b)		—			11,159
Short-Term Investments		80,236,219		—			—			80,236,219
TOTAL INVESTMENTS	$	770,467,924	$	2,044,753		$	0		$	772,512,677

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

(b) Fund held a Level 2 security that was valued at $0 at September 30, 2016.

See accompanying notes to financial statements.

317

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		675,295	$	675,295		33,544,647		30,994,369		3,225,573	$	3,225,573	$	5,025	$	—
State Street Navigator Securities Lending Prime Portfolio		123,921,999		123,921,999		153,223,998		200,135,351		77,010,646		77,010,646		1,948,968		—
TOTAL			$	124,597,294							$	80,236,219	$	1,953,993	$	—

See accompanying notes to financial statements.

318

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 15.4%
Astro Japan Property Group		622,949	$	3,375,120
BGP Holdings PLC (a)		32,410,441		—
BWP Trust		5,579,892		13,706,745
Charter Hall Retail REIT		3,669,602		11,878,534
Dexus Property Group REIT		10,961,058		76,749,768
Gateway Lifestyle (b)		3,287,825		5,384,259
Goodman Group REIT		17,987,671		100,209,713
GPT Group REIT		20,489,462		79,338,608
Investa Office Fund REIT		7,005,213		24,498,588
Scentre Group REIT		60,793,522		218,654,624
Westfield Corp.		21,826,525		162,517,802
				696,313,761
AUSTRIA — 1.4%
BUWOG AG (c)		806,782		21,841,479
CA Immobilien Anlagen AG (c)		844,211		16,099,853
IMMOFINANZ AG (b) (c)		10,020,536		23,535,655
				61,476,987
BELGIUM — 1.0%
Befimmo SA (b)		260,295		15,728,775
Cofinimmo SA REIT		230,797		28,712,224
				44,440,999
BRAZIL — 0.5%
BR Malls Participacoes SA (c)		6,056,712		22,930,439
CANADA — 3.8%
Artis Real Estate Investment Trust		840,610		7,937,584
Boardwalk Real Estate Investment Trust		259,687		10,225,454
Canadian Apartment Properties		753,042		17,544,718
Canadian Real Estate Investment Trust		413,606		14,810,195
Crombie Real Estate Investment Trust		480,237		5,228,983
Dream Office Real Estate Investment Trust		605,612		7,796,808
First Capital Realty, Inc. (b)		1,579,172		26,410,653
H&R Real Estate Investment Trust		1,589,106		27,120,904
RioCan Real Estate Investment Trust		1,816,912		37,630,850
Smart Real Estate Investment Trust REIT .		726,354		19,537,085
				174,243,234
FRANCE — 12.2%
Fonciere Des Regions		561,716		52,369,037
Gecina SA REIT		460,473		72,524,764
Klepierre REIT		2,368,744		108,609,382
Mercialys SA (b)		629,162		15,137,990
Unibail-Rodamco SE		1,134,050		305,866,910
				554,508,083
HONG KONG — 8.6%
Champion REIT		24,434,174		14,806,776
Hang Lung Properties, Ltd.		23,613,755		53,097,801
Hongkong Land Holdings, Ltd.		13,429,500		95,349,450
Hysan Development Co., Ltd.		7,048,846		33,035,998
Link REIT.		25,626,355		188,333,117
Prosperity REIT		13,502,000		5,971,140
				390,594,282
ITALY — 0.2%
Beni Stabili SpA SIIQ (c)		11,612,355		6,929,532
Immobiliare Grande Distribuzione SIIQ SpA		3,759,978		2,833,173
				9,762,705
JAPAN — 25.3%
Activia Properties, Inc. (b)		6,850		36,324,989
Aeon Mall Co., Ltd.		1,299,740		20,382,038
AEON REIT Investment Corp.		12,310		16,021,903
Daibiru Corp.		663,900		6,018,468
Daiwa Office Investment Corp.		3,744		22,959,799
Frontier Real Estate Investment Corp.		5,319		26,525,404
Fukuoka Corp. REIT		8,517		15,954,919
Global One Real Estate Investment Corp.		2,210		8,434,948
Hankyu REIT, Inc.		6,921		9,383,828
Heiwa Real Estate Co., Ltd.		378,400		5,414,522
Hoshino Resorts REIT, Inc. (b)		936		11,757,192
Hulic Co., Ltd.		5,521,690		55,890,310
Hulic, Inc. REIT (b)		9,940		17,727,389
Ichigo Hotel Real Estate Investment Corp. (b)		2,885		3,891,680
Japan Excellent, Inc.		14,895		21,460,332
Japan Prime Realty Investment Corp.		9,966		44,975,678
Japan Real Estate Investment Corp.		14,198		84,824,865
Japan Rental Housing Investments, Inc.		18,944		15,882,542
Japan Retail Fund Investment Corp. REIT.		29,132		71,948,977
Kenedix Office Investment Corp. REIT		4,623		28,441,505
Kenedix Residential Investment Corp. (b) .		3,995		11,365,817
Kenedix Retail REIT Corp.		4,571		10,842,386
Leopalace21 Corp.		3,050,900		20,004,914
MCUBS MidCity Investment Corp.		2,845		8,807,658
Mitsui Fudosan Co., Ltd.		11,324,000		238,803,160
Mori Hills Investment Corp. REIT		15,979		23,921,556
Mori Trust Sogo REIT, Inc.		10,992		19,267,072
Nippon Building Fund, Inc.		16,119		102,032,084
NTT Urban Development Corp.		1,246,431		11,976,274
Orix JREIT, Inc. REIT (b)		27,637		48,524,748
Premier Investment Corp.		12,823		16,980,835
Tokyu Fudosan Holdings Corp.		5,850,200		31,485,301
Tokyu REIT, Inc. (b)		11,154		14,968,929
United Urban Investment Corp.		33,709		61,416,190
				1,144,618,212
NETHERLANDS — 1.5%
Atrium European Real Estate, Ltd.		1,950,275		8,701,125
Eurocommercial Properties NV		550,568		24,885,254
Vastned Retail NV (b)		218,785		8,851,341
Wereldhave NV		459,401		23,276,253
				65,713,973
NEW ZEALAND — 1.0%
Argosy Property, Ltd. (b)		9,669,262		7,875,263
Goodman Property Trust (b)		11,490,510		10,904,444

See accompanying notes to financial statements.

319

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Kiwi Property Group, Ltd.		14,615,712	$	15,942,813
Precinct Properties New Zealand, Ltd.		11,552,697		10,921,454
				45,643,974
PHILIPPINES — 1.9%
Robinsons Land Corp.		18,349,100		11,729,500
SM Prime Holdings, Inc.		131,873,900		76,549,135
				88,278,635
SINGAPORE — 7.4%
Ascendas REIT		26,680,863		49,312,974
Cambridge Industrial Trust		11,944,879		4,818,426
CapitaLand Commercial Trust		24,296,176		28,333,213
CapitaLand Mall Trust REIT		30,766,668		48,966,717
CapitaLand, Ltd.		29,506,699		69,251,851
Frasers Commercial Trust (b)		6,638,694		6,841,003
Global Logistic Properties, Ltd.		33,702,200		46,223,267
GuocoLand, Ltd. (b)		3,026,766		4,428,764
Keppel REIT		20,330,300		16,625,681
Mapletree Logistics Trust (b)		17,468,408		13,708,751
Starhill Global REIT		15,406,082		9,265,457
Suntec Real Estate Investment Trust		28,911,551		36,366,064
United Industrial Corp., Ltd. (b)		1,414,522		2,821,886
				336,964,054
SOUTH AFRICA — 1.7%
Growthpoint Properties, Ltd. REIT (b)		26,076,058		47,994,548
Hyprop Investments, Ltd.		2,439,886		21,438,882
SA Corporate Real Estate Fund Nominees Pty, Ltd.		19,168,545		7,597,023
				77,030,453
SPAIN — 0.0% (d)
Martinsa Fadesa SA (a) (c)		35,998		—
SWEDEN — 2.0%
Castellum AB		3,118,291		46,770,361
Fabege AB		1,604,156		29,284,264
Kungsleden AB		1,798,855		13,175,310
				89,229,935
SWITZERLAND — 2.6%
PSP Swiss Property AG		460,692		43,959,160
Swiss Prime Site AG (c)		815,991		71,716,973
				115,676,133
THAILAND — 0.6%
Central Pattana PCL NVDR (b)		15,448,272		25,970,039
UNITED KINGDOM — 12.7%
Big Yellow Group PLC REIT		1,702,897		17,254,092
British Land Co. PLC REIT		11,681,853		95,980,141
Capital & Counties Properties PLC (b)		8,562,751		32,034,277
Derwent London PLC		1,264,779		42,733,072
Grainger PLC		4,767,763		14,244,644
Great Portland Estates PLC REIT		3,924,710		32,271,593
Hammerson PLC		8,952,878		68,266,853
Intu Properties PLC (b)		10,282,465		39,589,914
Land Securities Group PLC REIT		9,145,591		125,691,689
Segro PLC		9,447,236		55,690,148
Shaftesbury PLC		3,171,055		39,956,241
Workspace Group PLC		1,346,211		12,206,121
				575,918,785
TOTAL COMMON STOCKS (Cost $4,191,855,377)				4,519,314,683
SHORT-TERM INVESTMENTS — 2.6%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (e) (f)		1,657,995		1,657,995
State Street Navigator Securities Lending Prime Portfolio (e) (g)		113,855,927		113,855,927
TOTAL SHORT-TERM INVESTMENTS (Cost $115,513,922)				115,513,922
TOTAL INVESTMENTS — 102.4% (Cost $4,307,369,299)				4,634,828,605
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%				(106,593,403	)
NET ASSETS — 100.0%			$	4,528,235,202

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $0, representing 0.0% of the Fund’s net assets.

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

(c) Non-income producing security.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

320

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia.	$	696,313,761	$	—	$	0	(a)	$	696,313,761
Austria		61,476,987		—		—			61,476,987
Belgium		44,440,999		—		—			44,440,999
Brazil		22,930,439		—		—			22,930,439
Canada		174,243,234		—		—			174,243,234
France		554,508,083		—		—			554,508,083
Hong Kong		390,594,282		—		—			390,594,282
Italy		9,762,705		—		—			9,762,705
Japan		1,144,618,212		—		—			1,144,618,212
Netherlands		65,713,973		—		—			65,713,973
New Zealand.		45,643,974		—		—			45,643,974
Philippines		88,278,635		—		—			88,278,635
Singapore		336,964,054		—		—			336,964,054
South Africa		77,030,453		—		—			77,030,453
Spain		—		—		0	(a)		—
Sweden		89,229,935		—		—			89,229,935
Switzerland.		115,676,133		—		—			115,676,133
Thailand		25,970,039		—		—			25,970,039
United Kingdom		575,918,785		—		—			575,918,785
Short-Term Investments		115,513,922		—		—			115,513,922
TOTAL INVESTMENTS	$	4,634,828,605	$	—	$	0		$	4,634,828,605

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		412,581	$	412,581		225,605,902		224,360,488		1,657,995	$	1,657,995	$	22,242	$	—
State Street Navigator Securities Lending Prime Portfolio		77,123,206		77,123,206		2,060,283,632		2,023,550,911		113,855,927		113,855,927		1,056,373		—
TOTAL			$	77,535,787							$	115,513,922	$	1,078,615	$	—

See accompanying notes to financial statements.

321

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 8.7%
Macquarie Atlas Roads Group		134,851	$	514,942
Qube Holdings, Ltd. (a)		364,921		650,666
Sydney Airport		328,258		1,750,861
Transurban Group Stapled Security		519,932		4,523,874
				7,440,343
BRAZIL — 1.2%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		15,800		146,308
CPFL Energia SA ADR		14,851		219,795
Ultrapar Participacoes SA ADR		29,814		652,628
				1,018,731
CANADA — 9.0%
AltaGas, Ltd. (a)		11,500		295,233
Enbridge, Inc. (a)		65,803		2,886,970
Inter Pipeline, Ltd.		23,748		500,529
Pembina Pipeline Corp. (a)		27,630		840,515
TransCanada Corp. (a)		56,376		2,672,847
Veresen, Inc. (a)		21,999		224,300
Westshore Terminals Investment Corp. (a)		16,751		303,984
				7,724,378
CHILE — 0.2%
Enersis Americas SA ADR		18,079		148,067
CHINA — 3.5%
Beijing Capital International Airport Co., Ltd. Class H		428,000		485,062
Beijing Enterprises Water Group, Ltd. (a) (b)		234,000		158,093
China Merchants Port Holdings Co., Ltd. (a)		220,022		585,802
China Resources Power Holdings Co., Ltd.		84,389		145,364
COSCO SHIPPING Ports, Ltd.		481,180		493,219
Guangdong Investment, Ltd.		130,000		206,500
Jiangsu Expressway Co., Ltd. Class H		366,000		505,872
Shenzhen International Holdings, Ltd.		275,572		456,921
				3,036,833
FRANCE — 4.5%
Aeroports de Paris		9,827		974,928
Engie SA		74,495		1,154,464
Groupe Eurotunnel SE		164,785		1,784,446
				3,913,838
GERMANY — 1.5%
E.ON SE		92,245		654,540
Fraport AG Frankfurt Airport Services Worldwide		11,082		606,321
				1,260,861
HONG KONG — 1.3%
China Gas Holdings, Ltd. (a)		102,000		161,760
CLP Holdings, Ltd.		91,000		940,394
				1,102,154
ITALY — 6.4%
Ansaldo STS SpA		9,540		111,499
Atlantia SpA		140,865		3,576,089
Enel SpA		355,845		1,586,798
Societa Iniziative Autostradali e Servizi SpA		20,278		193,702
				5,468,088
JAPAN — 2.8%
Japan Airport Terminal Co., Ltd. (a)		20,500		776,354
Kamigumi Co., Ltd.		75,000		650,274
Mitsubishi Logistics Corp. (a)		50,000		716,437
Sumitomo Warehouse Co., Ltd.		47,000		248,309
				2,391,374
MEXICO — 2.3%
Grupo Aeroportuario del Pacifico SAB de CV ADR		11,141		1,058,061
Grupo Aeroportuario del Sureste SAB de CV ADR		6,038		884,084
				1,942,145
NETHERLANDS — 0.3%
Koninklijke Vopak NV		4,685		245,981
NEW ZEALAND — 1.9%
Auckland International Airport, Ltd.		278,338		1,487,694
Z Energy, Ltd.		28,190		172,198
				1,659,892
SINGAPORE — 1.6%
Hutchison Port Holdings Trust		1,565,528		696,660
SATS, Ltd.		190,200		694,705
SIA Engineering Co., Ltd.		6,988		19,015
				1,410,380
SPAIN — 9.1%
Abertis Infraestructuras SA		175,021		2,726,104
Aena SA (c)		22,015		3,248,422
Iberdrola SA		275,692		1,875,047
				7,849,573
SWITZERLAND — 1.3%
Flughafen Zuerich AG		5,609		1,098,193
UNITED KINGDOM — 6.0%
BBA Aviation PLC		268,151		870,472
Centrica PLC		252,559		748,665
National Grid PLC		180,742		2,563,840
SSE PLC		46,449		946,088
				5,129,065
UNITED STATES — 38.2%
American Electric Power Co., Inc.		22,619		1,452,366
Cheniere Energy, Inc. (a) (b)		16,647		725,809
Consolidated Edison, Inc.		14,005		1,054,577
Dominion Resources, Inc. (a)		28,836		2,141,650
Duke Energy Corp.		31,760		2,542,070
Edison International		15,014		1,084,762
Eversource Energy		14,623		792,274
Exelon Corp.		42,500		1,414,825
Kinder Morgan, Inc.		135,296		3,129,396
Macquarie Infrastructure Corp.		22,452		1,868,904
NextEra Energy, Inc.		21,501		2,630,002
ONEOK, Inc.		14,860		763,655
PG&E Corp.		22,999		1,406,849
PPL Corp.		31,233		1,079,725
Public Service Enterprise Group, Inc.		23,282		974,817

See accompanying notes to financial statements.

322

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Sempra Energy		11,547	$	1,237,723
Southern Co.		45,129		2,315,118
Spectra Energy Corp.		49,458		2,114,330
Targa Resources Corp. (a)		11,743		576,699
WEC Energy Group, Inc.		14,550		871,254
Wesco Aircraft Holdings, Inc. (b)		17,118		229,895
Williams Cos., Inc.		48,114		1,478,543
Xcel Energy, Inc.		23,371		961,483
				32,846,726
TOTAL COMMON STOCKS (Cost $85,771,409)				85,686,622
SHORT-TERM INVESTMENTS — 6.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e)		196,058		196,058
State Street Navigator Securities Lending Prime Portfolio (e) (f)		4,958,497		4,958,497
TOTAL SHORT-TERM INVESTMENTS (Cost $5,154,555)				5,154,555
TOTAL INVESTMENTS — 105.8% (Cost $90,925,964)				90,841,177
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.8)%				(4,991,001	)
NET ASSETS — 100.0%			$	85,850,176

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 3.8% of net assets as of September 30, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	7,440,343	$	—	$	—	$	7,440,343
Brazil		1,018,731		—		—		1,018,731
Canada		7,724,378		—		—		7,724,378
Chile		148,067		—		—		148,067
China		3,036,833		—		—		3,036,833
France		3,913,838		—		—		3,913,838
Germany		1,260,861		—		—		1,260,861
Hong Kong		1,102,154		—		—		1,102,154
Italy.		5,468,088		—		—		5,468,088
Japan		2,391,374		—		—		2,391,374
Mexico		1,942,145		—		—		1,942,145
Netherlands		245,981		—		—		245,981
New Zealand		1,659,892		—		—		1,659,892
Singapore		1,410,380		—		—		1,410,380
Spain		7,849,573		—		—		7,849,573
Switzerland		1,098,193		—		—		1,098,193
United Kingdom.		5,129,065		—		—		5,129,065
United States		32,846,726		—		—		32,846,726
Short-Term Investments		5,154,555		—		—		5,154,555
TOTAL INVESTMENTS	$	90,841,177	$	—	$	—	$	90,841,177

See accompanying notes to financial statements.

323

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class .		48,040	$	48,040		7,069,979		6,921,961		196,058	$	196,058	$	485	$	—
State Street Navigator Securities Lending Prime Portfolio		5,589,364		5,589,364		66,985,910		67,616,777		4,958,497		4,958,497		40,809		—
TOTAL			$	5,637,404							$	5,154,555	$	41,294	$	—

See accompanying notes to financial statements.

324

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 9.2%
Amcor, Ltd.		1,312,398	$	15,215,341
BHP Billiton, Ltd.		1,968,126		33,706,719
Newcrest Mining, Ltd.		468,755		7,959,884
South32, Ltd.		3,261,115		6,014,322
Woodside Petroleum, Ltd.		169,104		3,703,625
				66,599,891
AUSTRIA — 0.3%
Voestalpine AG.		67,541		2,337,799
BRAZIL — 1.4%
Fibria Celulose SA ADR		250,806		1,773,199
Petroleo Brasileiro SA ADR (a)		347,455		3,241,755
Vale SA ADR.		926,724		5,096,982
				10,111,936
CANADA — 12.0%
Agrium, Inc. (b)		156,406		14,144,077
Barrick Gold Corp.		715,104		12,671,643
Canadian Natural Resources, Ltd.		256,194		8,175,596
Franco-Nevada Corp. (b)		108,896		7,594,755
GoldCorp, Inc.		510,019		8,401,683
Imperial Oil, Ltd. (b)		59,327		1,852,600
Potash Corp. of Saskatchewan, Inc.		950,876		15,518,296
Silver Wheaton Corp.		269,664		7,271,746
Suncor Energy, Inc.		388,509		10,766,215
				86,396,611
CHILE — 0.2%
Antofagasta PLC (b)		235,630		1,603,877
CHINA — 0.6%
CNOOC, Ltd.		3,756,000		4,658,710
COLOMBIA — 0.1%
Ecopetrol SA ADR (a) (b)		59,326		519,696
FINLAND — 2.6%
Stora Enso Oyj Class R		644,605		5,726,438
UPM-Kymmene Oyj		602,308		12,725,227
				18,451,665
FRANCE — 3.8%
TOTAL SA (b)		578,584		27,419,471
GERMANY — 1.4%
KS AG (b)		216,629		4,110,614
ThyssenKrupp AG		267,057		6,368,518
				10,479,132
IRELAND — 0.8%
Smurfit Kappa Group PLC		265,777		5,943,736
ISRAEL — 0.3%
Israel Chemicals, Ltd.		577,342		2,246,527
ITALY — 1.2%
Eni SpA		627,732		9,043,808
JAPAN — 3.6%
JFE Holdings, Inc. (b)		353,000		5,092,905
Nippon Steel & Sumitomo Metal Corp.		582,000		11,819,316
Oji Holdings Corp. (b)		1,121,000		4,405,846
Sumitomo Metal Mining Co., Ltd.		337,000		4,614,136
				25,932,203
LUXEMBOURG — 1.0%
ArcelorMittal (a)		1,139,170		6,974,526
MEXICO — 0.4%
Fresnillo PLC.		112,900		2,660,360
NETHERLANDS — 3.5%
OCI NV (a) (b)		71,557		1,056,261
Royal Dutch Shell PLC Class A		982,607		24,430,418
				25,486,679
NORWAY — 2.0%
Norsk Hydro ASA		836,865		3,607,222
Statoil ASA (b)		248,153		4,157,462
Yara International ASA		199,254		6,621,606
				14,386,290
PERU — 0.4%
Southern Copper Corp. (b)		113,872		2,994,834
RUSSIA — 3.2%
Gazprom PJSC ADR		1,409,087		5,932,256
Lukoil PJSC ADR		113,158		5,509,663
MMC Norilsk Nickel PJSC ADR		407,320		6,508,973
Novatek OJSC GDR		16,308		1,793,880
Novolipetsk Steel PJSC GDR		51,414		668,382
Rosneft PJSC GDR		247,388		1,350,739
Severstal PJSC GDR		107,810		1,301,267
				23,065,160
SINGAPORE — 1.2%
Golden Agri-Resources, Ltd.		7,782,500		2,026,321
Wilmar International, Ltd.		2,789,700		6,588,312
				8,614,633
SOUTH AFRICA — 1.7%
Mondi PLC		415,651		8,763,074
Sasol, Ltd. ADR		118,490		3,237,147
				12,000,221
SOUTH KOREA — 1.9%
Korea Zinc Co., Ltd.		8,992		3,927,137
POSCO		4,195		864,634
POSCO ADR		175,165		8,947,428
				13,739,199
SPAIN — 0.5%
Repsol SA.		249,033		3,379,349
SWITZERLAND — 7.8%
Glencore PLC (a)		7,419,461		20,446,760
Syngenta AG		82,201		36,038,194
				56,484,954
UNITED KINGDOM — 6.3%
Anglo American PLC (a)		851,967		10,708,478
BP PLC		4,249,456		24,840,193
Rio Tinto, Ltd.		260,401		10,284,425
				45,833,096
UNITED STATES — 32.0%
Alcoa, Inc.		807,625		8,189,317
Anadarko Petroleum Corp.		48,641		3,081,894
Archer-Daniels-Midland Co.		293,624		12,382,124
Avery Dennison Corp.		44,496		3,461,344

See accompanying notes to financial statements.

325

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Bunge, Ltd.		70,098	$	4,151,904
CF Industries Holdings, Inc.		116,333		2,832,709
Chevron Corp.		178,655		18,387,173
ConocoPhillips.		118,152		5,136,067
Devon Energy Corp.		49,669		2,190,900
EOG Resources, Inc.		52,279		5,055,902
Exxon Mobil Corp.		393,278		34,325,304
FMC Corp.		66,756		3,226,985
Freeport-McMoRan, Inc.		816,694		8,869,297
Halliburton Co.		82,341		3,695,464
Ingredion, Inc.		35,923		4,779,914
International Paper Co.		205,220		9,846,456
Monsanto Co.		218,217		22,301,777
Mosaic Co. (b)		174,577		4,270,153
Newmont Mining Corp.		325,613		12,793,335
Nucor Corp.		194,853		9,635,481
Occidental Petroleum Corp.		73,018		5,324,473
Packaging Corp. of America		46,997		3,818,976
Phillips 66.		45,028		3,627,005
Pioneer Natural Resources Co.		15,592		2,894,655
Rayonier, Inc. (b)		61,150		1,622,921
Schlumberger, Ltd.		132,357		10,408,554
Sealed Air Corp.		98,373		4,507,451
Valero Energy Corp.		44,796		2,374,188
WestRock Co.		126,062		6,111,486
Weyerhaeuser Co.		373,335		11,924,320
				231,227,529
TOTAL COMMON STOCKS (Cost $781,314,679)				718,591,892
SHORT-TERM INVESTMENTS — 3.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d)		2,166,082		2,166,082
State Street Navigator Securities Lending Prime Portfolio (d) (e)		19,577,508		19,577,508
TOTAL SHORT-TERM INVESTMENTS (Cost $21,743,590)				21,743,590
TOTAL INVESTMENTS — 102.4% (Cost $803,058,269)				740,335,482
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%				(17,502,605	)
NET ASSETS — 100.0%			$	722,832,877

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2016.

(c) The rate shown is the annualized seven-day yield at September 30, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	66,599,891	$	—	$	—	$	66,599,891
Austria.		2,337,799		—		—		2,337,799
Brazil		10,111,936		—		—		10,111,936
Canada		86,396,611		—		—		86,396,611
Chile		1,603,877		—		—		1,603,877
China.		4,658,710		—		—		4,658,710
Colombia		519,696		—		—		519,696
Finland		18,451,665		—		—		18,451,665
France		27,419,471		—		—		27,419,471
Germany		10,479,132		—		—		10,479,132
Ireland		5,943,736		—		—		5,943,736
Israel		2,246,527		—		—		2,246,527
Italy.		9,043,808		—		—		9,043,808
Japan		25,932,203		—		—		25,932,203
Luxembourg		6,974,526		—		—		6,974,526

See accompanying notes to financial statements.

326

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Mexico	$	2,660,360	$	—	$	—	$	2,660,360
Netherlands		25,486,679		—		—		25,486,679
Norway		14,386,290		—		—		14,386,290
Peru.		2,994,834		—		—		2,994,834
Russia		23,065,160		—		—		23,065,160
Singapore.		8,614,633		—		—		8,614,633
South Africa		12,000,221		—		—		12,000,221
South Korea		13,739,199		—		—		13,739,199
Spain		3,379,349		—		—		3,379,349
Switzerland		56,484,954		—		—		56,484,954
United Kingdom		45,833,096		—		—		45,833,096
United States		231,227,529		—		—		231,227,529
Short-Term Investments		21,743,590		—		—		21,743,590
TOTAL INVESTMENTS	$	740,335,482	$	—	$	—	$	740,335,482

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		618,093	$	618,093		45,438,537		43,890,548		2,166,082	$	2,166,082	$	5,708	$	—
State Street Navigator Securities Lending Prime Portfolio		52,819,846		52,819,846		480,580,849		513,823,187		19,577,508		19,577,508		444,534		—
TOTAL			$	53,437,939							$	21,743,590	$	450,242	$	—

See accompanying notes to financial statements.

327

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September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.6%
CANADA — 33.9%
Agnico Eagle Mines, Ltd.		423,768	$	22,877,184
Agrium, Inc.		179,976		16,275,555
ARC Resources, Ltd.		141,392		2,552,963
Barrick Gold Corp.		2,229,509		39,407,642
Cameco Corp.		157,374		1,342,334
Canadian Natural Resources, Ltd.		442,899		14,133,676
Cenovus Energy, Inc.		336,239		4,817,486
Crescent Point Energy Corp.		204,346		2,689,888
Eldorado Gold Corp.		1,371,183		5,383,530
Encana Corp.		342,951		3,577,598
First Quantum Minerals, Ltd.		1,319,012		10,899,350
Franco-Nevada Corp.		340,120		23,721,057
Goldcorp, Inc.		1,592,404		26,232,107
Husky Energy, Inc.		120,254		1,470,407
Imperial Oil, Ltd.		101,156		3,158,792
Kinross Gold Corp. (a)		2,380,582		10,016,830
Lundin Mining Corp. (a)		1,197,985		4,730,867
Peyto Exploration & Development Corp.		66,429		1,861,073
Potash Corp. of Saskatchewan, Inc.		1,093,060		17,756,767
PrairieSky Royalty, Ltd.		82,251		1,674,122
Seven Generations Energy, Ltd. Class A (a)		69,274		1,664,579
Silver Wheaton Corp.		841,921		22,703,200
Suncor Energy, Inc.		671,596		18,611,015
Teck Resources, Ltd. Class B		889,537		16,007,267
Tourmaline Oil Corp. (a)		79,076		2,138,376
Vermilion Energy, Inc.		46,567		1,800,673
West Fraser Timber Co., Ltd.		87,026		2,677,163
Whitecap Resources, Inc.		147,561		1,230,564
				281,412,065
UNITED STATES — 65.7%
Alcoa, Inc.		2,516,332		25,515,607
Anadarko Petroleum Corp.		205,990		13,051,526
Antero Resources Corp. (a)		54,006		1,455,462
Apache Corp.		152,717		9,754,035
Archer-Daniels-Midland Co.		765,370		32,275,653
Bunge, Ltd.		182,311		10,798,281
Cabot Oil & Gas Corp.		187,630		4,840,854
CF Industries Holdings, Inc.		303,647		7,393,804
Chevron Corp.		760,608		78,281,775
Cimarex Energy Co.		38,298		5,146,102
Concho Resources, Inc. (a)		56,209		7,720,306
ConocoPhillips		499,754		21,724,306
Continental Resources, Inc. (a)		32,705		1,699,352
Devon Energy Corp.		211,460		9,327,501
EOG Resources, Inc.		222,031		21,472,618
EQT Corp.		69,758		5,065,826
Exxon Mobil Corp.		966,797		84,382,042
FMC Corp.		174,221		8,421,843
Freeport-McMoRan, Inc.		2,544,880		27,637,397
Hess Corp.		106,394		5,704,846
Marathon Oil Corp.		342,032		5,407,526
Monsanto Co.		568,988		58,150,574
Mosaic Co.		455,657		11,145,370
Murphy Oil Corp.		64,430		1,958,672
Newmont Mining Corp.		1,015,083		39,882,611
Noble Energy, Inc.		172,916		6,180,018
Occidental Petroleum Corp.		308,176		22,472,194
Pioneer Natural Resources Co.		65,985		12,250,115
Range Resources Corp.		67,476		2,614,695
Southwestern Energy Co. (a)		191,010		2,643,578
				544,374,489
TOTAL COMMON STOCKS (Cost $636,799,019)				825,786,554
SHORT-TERM INVESTMENT — 0.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (b) (c) (Cost $2,657,077)		2,657,077		2,657,077
TOTAL INVESTMENTS — 99.9% (Cost $639,456,096)				828,443,631
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				648,812
NET ASSETS — 100.0%			$	829,092,443

(a) Non-income producing security.

(b) The rate shown is the annualized seven-day yield at September 30, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Canada	$	281,412,065	$	—	$	—	$	281,412,065
United States		544,374,489		—		—		544,374,489
Short-Term Investment		2,657,077		—		—		2,657,077
TOTAL INVESTMENTS	$	828,443,631	$	—	$	—	$	828,443,631

See accompanying notes to financial statements.

328

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		33,114,103		30,457,026		2,657,077	$	2,657,077	$	4,072	$	—
TOTAL			$	—							$	2,657,077	$	4,072	$	—

See accompanying notes to financial statements.

329

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 5.1%
Alumina, Ltd. (a)		346,012	$	386,587
Amcor, Ltd.		101,760		1,179,759
AMP, Ltd.		169,297		684,048
Australia & New Zealand Banking Group, Ltd.		157,030		3,320,221
BHP Billiton PLC		92,080		1,390,489
BHP Billiton, Ltd.		154,276		2,642,177
Boral, Ltd.		169,617		876,146
Brambles, Ltd.		115,743		1,061,097
Coca-Cola Amatil, Ltd.		95,501		749,092
Commonwealth Bank of Australia		91,565		5,073,078
CSL, Ltd.		32,488		2,660,175
Fortescue Metals Group, Ltd.		130,360		493,802
Insurance Australia Group, Ltd.		180,467		755,420
LendLease Group		90,018		967,164
Macquarie Group, Ltd.		25,499		1,598,905
Medibank Pvt, Ltd.		139,753		265,226
National Australia Bank, Ltd.		128,063		2,731,267
Newcrest Mining, Ltd.		37,662		639,535
Origin Energy, Ltd.		142,282		590,137
Qantas Airways, Ltd.		43,779		104,526
QBE Insurance Group, Ltd.		56,054		398,498
Santos, Ltd.		115,702		319,633
Scentre Group REIT		134,939		485,332
Sonic Healthcare, Ltd.		56,754		955,917
South32, Ltd. (b)		103,383		196,070
South32, Ltd. (b)		184,845		340,901
Suncorp Group, Ltd.		119,747		1,109,717
Sydney Airport		47,573		253,745
Telstra Corp., Ltd.		204,023		808,746
Transurban Group Stapled Security		92,546		805,233
Vicinity Centres REIT		295,633		717,159
Wesfarmers, Ltd.		60,069		2,027,181
Westfield Corp.		89,125		663,615
Westpac Banking Corp.		173,898		3,927,058
Woodside Petroleum, Ltd.		40,241		881,337
Woolworths, Ltd.		72,695		1,294,507
				43,353,500
AUSTRIA — 0.2%
Erste Group Bank AG (c)		32,025		948,868
OMV AG		14,973		431,099
Raiffeisen Bank International AG (c)		24,613		374,933
				1,754,900
BELGIUM — 1.1%
Ageas.		23,681		863,982
Anheuser-Busch InBev SA		40,799		5,346,101
KBC Group NV (c)		19,387		1,129,008
Solvay SA		7,509		868,755
UCB SA		10,041		776,683
				8,984,529
BRAZIL — 1.7%
Ambev SA ADR		298,560		1,818,230
Banco Bradesco SA Preference Shares ADR .		192,709		1,747,871
Banco do Brasil SA		39,627		278,097
BB Seguridade Participacoes SA		34,381		316,205
BM&FBovespa SA		95,576		494,523
Braskem SA Class A, Preference Shares		21,241		164,169
BRF SA		26,531		451,758
Cia Energetica de Minas Gerais ADR		120,355		311,719
Cia Siderurgica Nacional SA ADR (c)		94,581		261,044
Cielo SA		42,599		426,272
EDP — Energias do Brasil SA (b)		97,298		430,659
Embraer SA.		36,905		159,145
Fibria Celulose SA		6,810		48,232
Gerdau SA ADR (a)		69,023		187,743
Itau Unibanco Holding SA Preference Shares ADR		173,882		1,902,269
JBS SA		23,595		85,844
Kroton Educacional SA		69,817		317,834
Lojas Renner SA		59,769		450,174
Natura Cosmeticos SA		17,662		169,778
Odontoprev SA		115,868		461,140
Petroleo Brasileiro SA Preference Shares ADR (c)		173,277		1,439,932
Porto Seguro SA		6,821		62,607
Qualicorp SA		52,433		309,545
Raia Drogasil SA		19,121		390,089
Sul America SA		31,315		156,438
Tim Participacoes SA ADR		15,361		188,019
TOTVS SA		18,799		175,789
Vale SA ADR.		31,503		173,266
Vale SA Preference Shares ADR		155,459		732,212
				14,110,603
CANADA — 6.5%
Agnico Eagle Mines, Ltd.		8,438		455,527
Agrium, Inc. (a)		11,082		1,002,165
Alimentation Couche-Tard, Inc. Class B		15,103		730,644
Bank of Montreal (a)		35,938		2,350,839
Bank of Nova Scotia		56,331		2,979,746
Barrick Gold Corp.		60,704		1,072,972
BlackBerry, Ltd. (a) (c)		30,137		239,858
Bombardier, Inc. Class B (a) (c)		107,399		147,094
Brookfield Asset Management, Inc. Class A .		56,070		1,968,050
CAE, Inc.		33,961		481,410
Cameco Corp. (a)		25,014		213,359
Canadian Imperial Bank of Commerce (a)		22,254		1,722,579
Canadian National Railway Co. (a)		41,841		2,730,290
Canadian Natural Resources, Ltd. (a)		64,119		2,046,149
Canadian Pacific Railway, Ltd.		8,231		1,253,767
Canadian Tire Corp., Ltd. Class A		7,323		732,049
Cenovus Energy, Inc. (a)		48,599		696,305
CGI Group, Inc. Class A (c)		7,802		370,970
Constellation Software, Inc.		920		414,005
Crescent Point Energy Corp. (a)		16,171		212,865
Eldorado Gold Corp.		32,031		125,760
Enbridge, Inc.		51,014		2,238,134
Encana Corp.		48,856		509,656
Fairfax Financial Holdings, Ltd.		835		488,401
First Quantum Minerals, Ltd. (a)		37,237		307,699
Franco-Nevada Corp. (a)		8,438		588,493
Gildan Activewear, Inc.		32,295		900,353
Goldcorp, Inc.		44,784		737,739

See accompanying notes to financial statements.

330

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Husky Energy, Inc.		25,801	$	315,482
IGM Financial, Inc. (a)		12,882		347,179
Imperial Oil, Ltd. (a)		28,387		886,439
Kinross Gold Corp. (c)		56,272		236,777
Loblaw Cos., Ltd.		25,295		1,299,154
Magna International, Inc.		10,969		470,058
Manulife Financial Corp.		88,959		1,252,906
National Bank of Canada (a)		27,213		963,248
Onex Corp.		24,178		1,554,346
Open Text Corp.		6,436		416,155
Potash Corp. of Saskatchewan, Inc. (a)		50,740		824,272
PrairieSky Royalty, Ltd. (a)		1,253		25,503
Restaurant Brands International, Inc. (a)		7,904		351,824
Rogers Communications, Inc. Class B		30,136		1,276,294
Royal Bank of Canada (a)		71,156		4,399,571
Shaw Communications, Inc. Class B (a)		32,285		659,579
Silver Wheaton Corp.		20,201		544,739
SNC-Lavalin Group, Inc.		16,876		661,686
Sun Life Financial, Inc.		35,917		1,166,671
Suncor Energy, Inc.		75,793		2,100,347
Teck Resources, Ltd. Class B (a)		27,093		487,540
TELUS Corp.		21,134		696,132
Toronto-Dominion Bank		89,861		3,982,123
TransCanada Corp. (a)		37,977		1,800,530
Turquoise Hill Resources, Ltd. (c)		11,406		33,673
West Fraser Timber Co., Ltd. (a)		4,451		136,925
Yamana Gold, Inc.		38,293		164,623
				54,770,654
CHILE — 0.3%
Embotelladora Andina SA Class B,
Preference Shares		15,932		60,903
Empresa Nacional de Electricidad SA ADR		31,520		625,357
Endesa Americas SA ADR		31,520		431,824
Enersis Americas SA ADR		81,633		668,574
Enersis Chile SA ADR		97,199		461,695
Sociedad Quimica y Minera de Chile SA ADR		7,395		198,926
				2,447,279
CHINA — 6.1%
58.com, Inc. ADR (a) (c)		2,076		98,942
AAC Technologies Holdings, Inc.		52,500		527,643
Agricultural Bank of China, Ltd. Class H		1,472,000		630,102
Air China, Ltd. Class H		64,000		42,992
Alibaba Group Holding, Ltd. ADR (a) (c)		47,511		5,026,189
Alibaba Health Information Technology, Ltd. (c)		84,000		47,004
Anhui Conch Cement Co., Ltd. Class H (a)		8,500		23,289
ANTA Sports Products, Ltd.		29,000		78,707
AviChina Industry & Technology Co., Ltd. Class H		402,000		270,559
Baidu, Inc. ADR (c)		13,012		2,369,095
Bank of China, Ltd. Class H		3,998,436		1,824,981
Bank of Communications Co., Ltd. Class H		812,710		619,281
Beijing Enterprises Water Group, Ltd. (a) (c)		284,000		191,873
Belle International Holdings, Ltd.		387,000		265,453
Brilliance China Automotive Holdings, Ltd. (a)		186,000		208,640
Byd Co., Ltd. Class H (a) (c)		24,500		160,786
CGN Power Co., Ltd. Class H (d)		122,400		36,139
China CITIC Bank Corp., Ltd. Class H		385,000		255,642
China Coal Energy Co., Ltd. Class H (a) (c)		40,000		21,609
China Communications Construction Co., Ltd. Class H		240,000		252,193
China Conch Venture Holdings, Ltd.		16,000		31,192
China Construction Bank Corp. Class H		3,274,720		2,427,767
China COSCO Holdings Co., Ltd. Class H (a) (c)		457,795		155,826
China Everbright Bank Co., Ltd. Class H		36,000		16,756
China Everbright International, Ltd.		26,000		30,908
China Everbright, Ltd.		44,000		89,975
China Evergrande Group (a)		172,000		116,205
China Galaxy Securities Co., Ltd. Class H		131,500		119,870
China Huishan Dairy Holdings Co., Ltd. (a)		1,042,000		389,611
China Life Insurance Co., Ltd. Class H		413,000		1,064,989
China Mengniu Dairy Co., Ltd.		302,000		560,705
China Merchants Bank Co., Ltd. Class H		305,514		769,699
China Merchants Port Holdings Co., Ltd.		276,421		735,963
China Minsheng Banking Corp., Ltd. Class H		213,500		246,094
China Mobile, Ltd.		331,000		4,005,228
China Oilfield Services, Ltd. Class H (a)		100,000		86,772
China Overseas Land & Investment, Ltd.		262,000		888,428
China Pacific Insurance Group Co., Ltd. Class H		131,200		484,645
China Petroleum & Chemical Corp. Class H		1,669,800		1,216,404
China Railway Construction Corp., Ltd. Class H (a)		91,000		103,250
China Railway Group, Ltd. Class H		184,000		132,853
China Resources Beer Holdings Co., Ltd. (c)		263,670		559,571
China Resources Land, Ltd.		52,000		144,818
China Shenhua Energy Co., Ltd. Class H		128,500		251,170
China Southern Airlines Co., Ltd. Class H		110,000		61,695
China Taiping Insurance Holdings Co., Ltd. (c)		94,200		185,826
China Telecom Corp., Ltd. Class H		1,250,000		630,161
China Unicom Hong Kong, Ltd.		516,000		619,390
CITIC Securities Co., Ltd. Class H		80,500		170,840
CITIC, Ltd.		262,000		373,613
CNOOC, Ltd.		1,054,217		1,307,585

See accompanying notes to financial statements.

331

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
COSCO SHIPPING Ports, Ltd.		358,252	$	367,215
CRRC Corp., Ltd. Class H		207,000		186,824
CSPC Pharmaceutical Group, Ltd.		300,000		300,157
Ctrip.com International, Ltd. ADR (c)		6,994		325,711
ENN Energy Holdings, Ltd.		38,000		184,955
Fang Holdings, Ltd. ADR (c)		14,888		66,847
Fosun International, Ltd.		57,500		86,295
Geely Automobile Holdings, Ltd. (a)		555,000		495,181
GF Securities Co., Ltd. Class H		97,200		205,530
GOME Electrical Appliances Holding, Ltd. (a)		1,058,000		129,591
Great Wall Motor Co., Ltd. Class H		174,000		169,380
Guangzhou Automobile Group Co., Ltd. Class H		104,000		133,688
Haitong Securities Co., Ltd. Class H		101,600		171,867
Hengan International Group Co., Ltd. (a)		65,000		538,877
Huadian Power International Corp., Ltd. Class H		72,000		32,306
Huaneng Power International, Inc. Class H		580,000		362,689
Huaneng Renewables Corp., Ltd. Class H		632,000		220,012
Huatai Securities Co., Ltd. Class H (d)		104,600		211,737
Industrial & Commercial Bank of China, Ltd. Class H		3,536,045		2,211,182
JD.com, Inc. ADR (c)		33,089		863,292
Jiangsu Expressway Co., Ltd. Class H		14,000		19,350
Kingsoft Corp., Ltd. (a)		86,000		203,359
Lenovo Group, Ltd.		310,000		205,442
NetEase, Inc. ADR		1,643		395,602
New China Life Insurance Co., Ltd. Class H .		47,300		208,875
PetroChina Co., Ltd. Class H		998,000		654,958
PICC Property & Casualty Co., Ltd. Class H .		299,610		496,005
Ping An Insurance Group Co. of China, Ltd. Class H		260,000		1,347,611
Qunar Cayman Islands, Ltd. ADR (a) (c)		3,828		111,012
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		124,000		83,136
Shanghai Electric Group Co., Ltd. Class H (a) (c)		194,000		91,548
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		69,740		117,093
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		20,500		55,241
Sinopec Shanghai Petrochemical Co., Ltd. Class H		186,000		93,768
Sinopharm Group Co., Ltd. Class H		41,200		197,874
Sinotrans, Ltd. Class H		56,000		27,148
Sunac China Holdings, Ltd.		94,300		67,844
Tencent Holdings, Ltd.		275,000		7,552,266
Tingyi Cayman Islands Holding Corp. (a)		258,000		298,718
TravelSky Technology, Ltd. Class H		56,000		132,853
Tsingtao Brewery Co., Ltd. Class H (a)		8,000		31,150
Vipshop Holdings, Ltd. ADR (c)		12,448		182,612
Want Want China Holdings, Ltd. (a)		129,000		79,835
Yanzhou Coal Mining Co., Ltd. Class H (a)		256,000		172,296
Zhuzhou CRRC Times Electric Co., Ltd.		50,000		259,156
Zijin Mining Group Co., Ltd. Class H		998,000		320,402
ZTE Corp. Class H		25,200		36,650
				51,634,068
COLOMBIA — 0.1%
Bancolombia SA ADR		16,652		650,094
Cementos Argos SA		74,090		295,331
Corp. Financiera Colombiana SA		11,021		144,880
				1,090,305
DENMARK — 1.2%
AP Moeller — Maersk A/S Class B		650		953,523
Danske Bank A/S		43,777		1,277,775
DSV A/S.		33,644		1,675,612
Novo Nordisk A/S Class B		103,431		4,298,991
Novozymes A/S Class B		9,511		418,424
Pandora A/S		5,286		639,015
Vestas Wind Systems A/S		13,138		1,081,623
				10,344,963
EGYPT — 0.1%
Commercial International Bank Egypt SAE		120,430		652,333
Global Telecom Holding SAE (c)		964,904		455,289
				1,107,622
FINLAND — 0.7%
Elisa Oyj.		6,848		252,653
Fortum Oyj		7,596		122,753
Kone Oyj Class B		21,321		1,082,298
Metso Oyj		17,020		496,730
Neste Oyj		6,166		262,900
Nokia Oyj (b)		72,463		419,303
Nokia Oyj (b)		136,769		793,097
Sampo Oyj Class A		21,513		957,382
Stora Enso Oyj Class R		45,367		403,024
UPM-Kymmene Oyj		40,497		855,598
Wartsila Oyj Abp		7,121		320,663
				5,966,401
FRANCE — 6.6%
Accor SA		15,750		624,982
Air Liquide SA (a)		21,706		2,328,331
Airbus Group SE		30,839		1,865,926
Alstom SA (c)		13,780		364,617
AXA SA.		87,554		1,863,567
BNP Paribas SA		50,665		2,606,022
Bouygues SA		15,605		517,251
Cap Gemini SA		10,140		993,445
Carrefour SA		42,433		1,099,882
Cie de Saint-Gobain		10,924		472,273
Cie Generale des Etablissements Michelin		9,061		1,002,594
Credit Agricole SA		51,942		512,393
Danone SA		34,852		2,586,959
Engie SA		60,602		939,161

See accompanying notes to financial statements.

332

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Essilor International SA		21,168	$	2,730,931
Hermes International		664		270,312
Kering		5,806		1,171,525
L’Oreal SA		16,917		3,195,804
Lagardere SCA.		11,704		298,112
Legrand SA		12,978		765,404
LVMH Moet Hennessy Louis Vuitton SE		13,775		2,349,917
Orange SA		115,485		1,807,864
Pernod Ricard SA		11,997		1,420,353
Peugeot SA (c)		2,109		32,221
Publicis Groupe SA		16,344		1,236,493
Renault SA		11,389		936,116
Safran SA		8,771		630,838
Sanofi		60,604		4,606,743
Schneider Electric SE		31,470		2,194,813
SFR Group SA		2,238		65,920
Societe Generale SA		37,354		1,292,096
Sodexo SA		9,124		1,086,876
Technip SA		10,330		634,656
TOTAL SA (a)		108,422		5,138,189
Unibail-Rodamco SE		4,562		1,230,426
Valeo SA		5,257		306,793
Veolia Environnement SA		27,729		638,818
Vinci SA.		32,923		2,520,363
Vivendi SA		80,074		1,615,270
Zodiac Aerospace		9,991		243,364
				56,197,620
GERMANY — 6.3%
adidas AG		14,148		2,456,476
Allianz SE		26,243		3,895,878
BASF SE		46,897		4,011,214
Bayer AG		42,896		4,311,110
Bayerische Motoren Werke AG		17,008		1,429,888
Commerzbank AG		38,637		249,145
Continental AG		5,450		1,146,240
Daimler AG		47,500		3,347,491
Deutsche Bank AG (c)		59,578		774,655
Deutsche Boerse AG (c)		15,622		1,266,666
Deutsche Lufthansa AG		24,078		268,018
Deutsche Post AG		64,240		2,008,407
Deutsche Telekom AG		174,653		2,928,424
E.ON SE.		111,592		791,820
Fresenius Medical Care AG & Co. KGaA		18,087		1,580,563
Fresenius SE & Co. KGaA		19,565		1,561,307
Henkel AG & Co. KGaA Preference Shares		4,555		619,388
KS AG (a)		3,816		72,410
Linde AG		8,223		1,398,165
MAN SE		8,053		849,248
Merck KGaA		13,281		1,431,475
METRO AG		11,834		352,292
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		12,488		2,329,647
OSRAM Licht AG		4,844		284,487
RWE AG (c)		28,775		495,893
SAP SE		55,286		5,027,593
Siemens AG		43,879		5,138,229
ThyssenKrupp AG		23,569		562,051
TUI AG		18,794		267,815
Uniper SE (c)		11,158		136,742
Volkswagen AG Preference Shares		6,944		912,639
Volkswagen AG		3,688		535,272
Vonovia SE		14,936		565,741
				53,006,389
GREECE — 0.1%
Alpha Bank AE (c)		64,519		107,310
Eurobank Ergasias SA (c)		83,448		47,640
Hellenic Telecommunications Organization SA		2,345		20,555
JUMBO SA		17,955		223,974
National Bank of Greece SA (c)		303,968		62,854
OPAP SA		25,820		218,204
Piraeus Bank SA (c)		408,328		61,490
				742,027
HONG KONG — 2.6%
AIA Group, Ltd.		625,400		4,156,727
Alibaba Pictures Group, Ltd. (a) (c)		510,000		106,525
Bank of East Asia, Ltd. (a)		225,491		914,355
BOC Hong Kong Holdings, Ltd.		103,500		349,628
Cheung Kong Property Holdings, Ltd.		160,032		1,167,853
CK Hutchison Holdings, Ltd.		174,532		2,218,794
Galaxy Entertainment Group, Ltd.		110,000		414,134
Hanergy Thin Film Power Group, Ltd. (a) (c) (e)		448,000		—
Hang Lung Properties, Ltd.		262,000		589,132
Hang Seng Bank, Ltd.		39,000		696,433
Henderson Land Development Co., Ltd.		131,694		781,068
Hong Kong & China Gas Co., Ltd.		844,048		1,593,211
Hong Kong Exchanges and Clearing, Ltd.		70,383		1,849,426
Li & Fung, Ltd.		524,000		268,217
Link REIT.		214,286		1,574,830
New World Development Co., Ltd.		546,521		710,285
Noble Group, Ltd. (c)		157,000		17,503
Sands China, Ltd.		156,800		680,293
Shangri-La Asia, Ltd.		260,333		285,307
Sino Biopharmaceutical, Ltd.		488,000		327,810
SJM Holdings, Ltd.		38,000		27,927
Sun Art Retail Group, Ltd.		158,000		108,987
Sun Hung Kai Properties, Ltd.		118,185		1,784,367
Swire Pacific, Ltd. Class A		76,006		818,765
Techtronic Industries Co., Ltd.		108,500		423,875
WH Group, Ltd. (d)		151,601		121,970
				21,987,422
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		8,086		498,947
OTP Bank PLC		16,037		419,851
				918,798
INDIA — 1.8%
ACC, Ltd.		16,240		390,231
Ambuja Cements, Ltd.		83,622		316,189
Apollo Hospitals Enterprise, Ltd.		16,493		325,351
Aurobindo Pharma, Ltd.		18,775		241,230
Bajaj Auto, Ltd.		3,834		162,827

See accompanying notes to financial statements.

333

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Bharat Forge, Ltd.		3,275	$	44,801
Bharat Heavy Electricals, Ltd.		2,504		5,066
Bharti Airtel, Ltd.		20,655		97,412
Bharti Infratel, Ltd.		44,833		245,982
Bosch, Ltd.		77		26,366
Dabur India, Ltd.		39,492		160,863
Dr Reddy’s Laboratories, Ltd. ADR		12,853		596,636
Eicher Motors, Ltd.		529		197,265
GlaxoSmithKline Consumer Healthcare, Ltd.		2,720		246,522
Glenmark Pharmaceuticals, Ltd.		12,945		179,544
Godrej Consumer Products, Ltd.		8,514		202,895
HCL Technologies, Ltd.		26,966		323,973
Hindustan Unilever, Ltd.		29,981		390,793
Housing Development Finance Corp., Ltd.		62,416		1,306,302
ICICI Bank, Ltd. ADR		67,528		504,434
Idea Cellular, Ltd.		18,100		21,504
Indiabulls Housing Finance, Ltd.		15,770		195,976
Infosys, Ltd. ADR (a)		112,209		1,770,658
ITC, Ltd.		97,235		352,473
LIC Housing Finance, Ltd.		22,039		191,592
Lupin, Ltd.		7,117		158,871
Mahindra & Mahindra Financial Services, Ltd.		73,055		399,729
Mahindra & Mahindra, Ltd. GDR		22,774		482,808
Marico, Ltd.		62,221		257,463
Motherson Sumi Systems, Ltd.		8,362		39,939
Nestle India, Ltd.		2,428		234,589
Reliance Industries, Ltd. GDR (d)		46,708		1,532,022
Shree Cement, Ltd.		1,310		335,325
Shriram Transport Finance Co., Ltd.		17,846		311,635
Siemens, Ltd.		21,470		399,958
State Bank of India		6,631		25,023
Sun Pharmaceutical Industries, Ltd.		34,146		380,899
Tata Consultancy Services, Ltd.		8,446		308,359
Tata Motors, Ltd. ADR (a)		26,081		1,042,718
Tech Mahindra, Ltd.		5,742		36,209
United Spirits, Ltd. (c)		1,846		68,385
UPL, Ltd.		13,987		141,561
Zee Entertainment Enterprises, Ltd.		56,438		463,465
				15,115,843
INDONESIA — 0.6%
Astra International Tbk PT		1,401,500		885,938
Bank Central Asia Tbk PT		457,500		550,360
Bank Danamon Indonesia Tbk PT		10,500		3,258
Bank Mandiri Persero Tbk PT		529,800		454,659
Bank Rakyat Indonesia Persero Tbk PT		1,006,000		940,403
Bumi Serpong Damai Tbk PT		132,500		22,336
Charoen Pokphand Indonesia Tbk PT		1,344,400		360,540
Gudang Garam Tbk PT		63,500		301,663
Matahari Department Store Tbk PT		140,400		198,750
Summarecon Agung Tbk PT		373,000		50,158
Surya Citra Media Tbk PT		22,500		4,827
Telekomunikasi Indonesia Persero Tbk PT		3,600,300		1,188,974
				4,961,866
IRELAND — 0.6%
Bank of Ireland (c)		1,471,152		307,510
CRH PLC		46,471		1,554,451
Experian PLC		49,923		1,001,284
James Hardie Industries PLC		78,544		1,221,350
Kerry Group PLC Class A		11,332		944,420
				5,029,015
ISRAEL — 0.5%
Bank Hapoalim BM		151,365		857,658
Bank Leumi Le-Israel BM (c)		147,397		559,795
Nice-Systems, Ltd.		6,910		462,066
Teva Pharmaceutical Industries, Ltd. ADR		49,147		2,261,254
				4,140,773
ITALY — 1.2%
Assicurazioni Generali SpA		60,964		744,033
Atlantia SpA		46,014		1,168,141
Enel SpA		347,984		1,551,744
Eni SpA		119,936		1,727,932
Ferrari NV		9,908		514,753
Intesa Sanpaolo SpA		627,768		1,392,629
Leonardo-Finmeccanica SpA (c)		61,504		697,403
Mediobanca SpA		41,687		271,249
Saipem SpA (c)		288,323		122,057
Snam SpA.		117,807		653,484
Telecom Italia SpA/Milano (c)		858,636		713,087
UniCredit SpA		197,996		461,036
Unione di Banche Italiane SpA (a)		61,360		141,361
				10,158,909
JAPAN — 16.6%
Acom Co., Ltd. (c)		29,800		139,193
Aeon Co., Ltd.		38,800		570,515
Aisin Seiki Co., Ltd.		25,900		1,175,238
Ajinomoto Co., Inc.		17,900		396,393
Alps Electric Co., Ltd. (a)		6,100		144,571
Asahi Glass Co., Ltd.		105,000		673,974
Asahi Group Holdings, Ltd.		39,200		1,419,120
Asahi Kasei Corp.		101,000		798,704
Astellas Pharma, Inc.		169,000		2,625,996
Bridgestone Corp.		39,200		1,434,604
Canon, Inc.		52,000		1,501,229
Central Japan Railway Co.		9,100		1,546,546
Chiba Bank, Ltd. (a)		131,000		737,372
Chubu Electric Power Co., Inc.		52,200		755,693
Concordia Financial Group, Ltd.		131,000		566,224
Credit Saison Co., Ltd.		38,700		637,834
Dai-ichi Life Insurance Co., Ltd.		36,400		492,990
Daiichi Sankyo Co., Ltd. (a)		52,300		1,247,267
Daikin Industries, Ltd. (a)		25,000		2,308,547
Daiwa Securities Group, Inc.		129,000		718,981
Denso Corp.		26,200		1,034,908
Dentsu, Inc.		2,200		111,016
East Japan Railway Co.		20,300		1,820,214
Eisai Co., Ltd.		13,100		813,309
Electric Power Development Co., Ltd.		13,100		312,801
FANUC Corp.		10,700		1,797,334
Fast Retailing Co., Ltd.		1,900		605,846
Fuji Heavy Industries, Ltd.		16,800		622,960

See accompanying notes to financial statements.

334

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
FUJIFILM Holdings Corp.		38,900	$	1,428,235
Fujitsu, Ltd.		131,000		698,563
Hitachi, Ltd.		261,000		1,207,768
Honda Motor Co., Ltd.		91,500		2,609,058
Hoya Corp.		26,200		1,044,740
Inpex Corp.		51,600		463,287
ITOCHU Corp.		130,700		1,628,829
Japan Real Estate Investment Corp.		170		1,015,652
Japan Retail Fund Investment Corp. REIT		471		1,163,256
Japan Tobacco, Inc.		52,300		2,127,326
JFE Holdings, Inc.		28,800		415,512
Joyo Bank, Ltd. (f)		131,000		544,879
JSR Corp. (a)		26,200		408,530
JX Holdings, Inc. (a)		212,908		855,921
Kajima Corp.		131,000		910,719
Kamigumi Co., Ltd.		130,000		1,127,142
Kansai Electric Power Co., Inc. (c)		64,900		586,545
Kao Corp.		24,100		1,354,398
KDDI Corp.		78,600		2,417,805
Keikyu Corp. (a)		130,423		1,354,910
Keyence Corp.		1,200		870,508
Kintetsu Group Holdings Co., Ltd.		261,000		1,090,239
Kobe Steel, Ltd. (a) (c)		26,200		234,665
Komatsu, Ltd. (a)		65,300		1,479,914
Konica Minolta, Inc.		65,500		549,795
Kose Corp.		2,200		223,335
Kubota Corp.		84,400		1,261,437
Kyocera Corp.		26,000		1,238,315
LIXIL Group Corp.		25,900		551,684
Makita Corp.		12,900		912,102
Marubeni Corp.		130,000		661,779
Marui Group Co., Ltd. (a)		60,500		793,403
MEIJI Holdings Co., Ltd.		3,200		315,687
Mitsubishi Chemical Holdings Corp.		131,000		812,662
Mitsubishi Corp.		91,500		2,064,657
Mitsubishi Electric Corp.		130,000		1,646,423
Mitsubishi Estate Co., Ltd.		113,618		2,118,311
Mitsubishi Heavy Industries, Ltd.		261,000		1,080,187
Mitsubishi UFJ Financial Group, Inc.		542,200		2,704,441
Mitsui & Co., Ltd. (a)		130,700		1,794,681
Mitsui Chemicals, Inc.		131,000		617,064
Mitsui Fudosan Co., Ltd.		26,000		548,294
Mizuho Financial Group, Inc.		752,000		1,252,034
MS&AD Insurance Group Holdings, Inc.		39,200		1,079,824
Murata Manufacturing Co., Ltd.		10,900		1,402,528
NEC Corp.		131,000		335,052
Nidec Corp.		18,000		1,646,334
Nintendo Co., Ltd.		4,000		1,050,906
Nippon Steel & Sumitomo Metal Corp.		44,800		909,803
Nippon Telegraph & Telephone Corp.		40,400		1,840,770
Nippon Yusen KK		131,000		243,204
Nissan Motor Co., Ltd. (a)		130,700		1,268,344
Nitori Holdings Co., Ltd.		3,100		368,884
Nitto Denko Corp. (a)		13,000		835,215
Nomura Holdings, Inc.		144,400		636,121
NTT Data Corp.		13,100		650,699
NTT DOCOMO, Inc.		84,300		2,132,786
Obayashi Corp.		96,100		946,148
Ono Pharmaceutical Co., Ltd.		18,100		501,631
Oriental Land Co., Ltd. (a)		5,800		351,328
ORIX Corp.		104,300		1,521,782
Osaka Gas Co., Ltd.		261,000		1,087,919
Panasonic Corp. (a)		132,200		1,308,097
Rakuten, Inc.		29,900		387,092
Resona Holdings, Inc.		39,200		163,474
Rohm Co., Ltd.		12,900		672,611
Ryohin Keikaku Co., Ltd.		1,300		260,989
Secom Co., Ltd.		13,100		971,262
Seven & i Holdings Co., Ltd.		52,300		2,456,832
Shin-Etsu Chemical Co., Ltd.		26,100		1,804,693
Shionogi & Co., Ltd.		11,300		574,903
Shiseido Co., Ltd.		14,300		376,264
Shizuoka Bank, Ltd. (a)		94,000		746,319
SoftBank Group Corp.		49,700		3,200,942
Sompo Japan Nipponkoa Holdings, Inc.		39,100		1,145,026
Sony Corp.		65,100		2,116,963
Sumitomo Chemical Co., Ltd.		131,000		575,668
Sumitomo Corp. (a)		65,400		725,267
Sumitomo Electric Industries, Ltd.		52,300		731,317
Sumitomo Mitsui Financial Group, Inc.		43,500		1,451,933
Sumitomo Mitsui Trust Holdings, Inc.		13,000		419,790
T&D Holdings, Inc.		25,900		288,886
Takeda Pharmaceutical Co., Ltd.		52,300		2,490,919
TDK Corp.		13,100		866,736
Teijin, Ltd.		48,800		938,749
Terumo Corp.		36,600		1,396,919
Tohoku Electric Power Co., Inc.		26,300		341,525
Tokio Marine Holdings, Inc.		39,200		1,484,153
Tokyo Electric Power Co. Holdings, Inc. (c)		91,400		392,623
Tokyo Electron, Ltd.		13,100		1,148,360
Tokyo Gas Co., Ltd.		227,000		1,003,360
Tokyu Corp.		131,000		993,512
Toppan Printing Co., Ltd.		131,000		1,174,621
Toray Industries, Inc. (a)		131,000		1,266,469
Toshiba Corp. (a) (c)		171,000		565,694
Toyota Motor Corp.		131,100		7,481,626
Toyota Tsusho Corp.		39,200		902,337
West Japan Railway Co.		13,700		843,930
Yahoo! Japan Corp. (a)		170,000		674,863
Yakult Honsha Co., Ltd. (a)		900		40,350
Yamada Denki Co., Ltd.		78,900		389,572
Yamaha Corp. (a)		30,000		962,820
Yamaha Motor Co., Ltd.		42,100		839,797
				140,580,612
LUXEMBOURG — 0.1%
ArcelorMittal (c)		76,649		469,281
MACAU — 0.0% (g)
MGM China Holdings, Ltd.		34,400		59,699
Wynn Macau, Ltd. (a)		37,200		61,585
				121,284
MALAYSIA — 0.6%
AirAsia Bhd		359,100		242,266
Alliance Financial Group Bhd		440,800		396,512
AMMB Holdings Bhd		139,600		138,064

See accompanying notes to financial statements.

335

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Astro Malaysia Holdings Bhd		70,600	$	46,606
Berjaya Sports Toto Bhd		664,140		531,569
British American Tobacco Malaysia Bhd		25,300		300,627
CIMB Group Holdings Bhd		259,302		295,324
Dialog Group Bhd		598,700		211,366
Felda Global Ventures Holdings Bhd		445,900		252,305
Gamuda Bhd		37,866		44,866
Genting Bhd		123,700		237,200
Genting Malaysia Bhd		313,300		344,702
Genting Plantations Bhd		137,500		365,736
Hong Leong Financial Group Bhd		22,439		83,668
IOI Properties Group Bhd		331,400		199,537
Lafarge Malaysia Bhd		126,900		243,029
Malaysia Airports Holdings Bhd		102,700		162,413
Petronas Chemicals Group Bhd		15,200		24,442
PPB Group Bhd		73,100		286,001
RHB Capital Bhd		75,410		84,792
SapuraKencana Petroleum Bhd (c)		101,400		38,495
Tenaga Nasional Bhd		94,400		326,422
UMW Holdings Bhd		27,800		39,191
Westports Holdings Bhd		105,300		111,780
				5,006,913
MEXICO — 1.0%
America Movil SAB de CV Series L		1,878,429		1,074,442
Cemex SAB de CV (a) (c)		1,066,998		846,828
Fomento Economico Mexicano SAB de CV		176,716		1,632,159
Fresnillo PLC		14,307		337,128
Gentera SAB de CV (a)		169,527		305,707
Grupo Financiero Banorte SAB de CV Series O		248,507		1,305,614
Grupo Mexico SAB de CV Series B		153,341		375,400
Grupo Televisa SAB Series CPO		213,666		1,099,932
Industrias Penoles SAB de CV		11,035		265,750
Kimberly-Clark de Mexico SAB de CV Class A		153,857		348,679
Wal-Mart de Mexico SAB de CV		197,373		434,244
				8,025,883
NETHERLANDS — 2.9%
Akzo Nobel NV		17,687		1,198,363
Altice NV Class A (c)		16,563		297,258
Altice NV Class B (c)		2,966		53,431
ASML Holding NV		20,493		2,249,804
Heineken NV		16,645		1,464,840
ING Groep NV.		160,998		1,988,416
Koninklijke Ahold Delhaize NV		89,853		2,048,819
Koninklijke DSM NV		14,472		978,420
Koninklijke KPN NV		313,700		1,041,744
Koninklijke Philips NV		64,886		1,923,600
Royal Dutch Shell PLC Class A		203,426		5,057,752
Royal Dutch Shell PLC Class B		181,075		4,697,272
Steinhoff International Holdings NV		138,892		793,380
Wolters Kluwer NV		24,137		1,033,333
				24,826,432
NEW ZEALAND — 0.1%
Mercury NZ, Ltd.		156,858		347,334
Meridian Energy, Ltd.		152,184		287,737
Spark New Zealand, Ltd.		111,242		292,032
				927,103
NORWAY — 0.4%
DNB ASA		73,492		962,753
Norsk Hydro ASA		115,487		497,795
Statoil ASA (a)		57,283		959,698
Telenor ASA		50,827		871,887
Yara International ASA		13,015		432,514
				3,724,647
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR (c)		13,645		188,847
Credicorp, Ltd.		4,908		747,096
				935,943
PHILIPPINES — 0.4%
Alliance Global Group, Inc.		405,200		132,853
Ayala Land, Inc.		355,300		287,566
BDO Unibank, Inc.		22,570		51,102
DMCI Holdings, Inc.		955,750		237,681
Energy Development Corp.		1,346,800		164,132
Globe Telecom, Inc.		1,870		78,664
GT Capital Holdings, Inc.		5,460		162,128
JG Summit Holdings, Inc.		168,840		259,379
Jollibee Foods Corp.		72,490		369,214
Megaworld Corp.		1,149,000		111,832
Metro Pacific Investments Corp.		2,521,500		369,165
PLDT, Inc. ADR		10,602		378,173
SM Prime Holdings, Inc.		374,900		217,619
Universal Robina Corp.		42,710		156,766
				2,976,274
POLAND — 0.2%
Alior Bank SA (c)		38,159		462,712
Bank Millennium SA (c)		86,822		127,261
Bank Zachodni WBK SA		2,478		201,388
CCC SA		5,174		239,277
Enea SA (c)		38,585		85,793
Energa SA.		24,057		47,142
Eurocash SA		16,397		182,077
Grupa Azoty SA		8,062		129,797
LPP SA		48		49,345
Orange Polska SA		62,759		98,385
Polski Koncern Naftowy Orlen SA		12,104		205,594
Powszechna Kasa Oszczednosci Bank Polski SA		32,782		223,637
				2,052,408
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		110,721		371,916
Jeronimo Martins SGPS SA		14,032		243,397
				615,313
RUSSIA — 0.7%
Gazprom PJSC ADR		306,812		1,291,678
Lukoil PJSC ADR		34,163		1,664,763
MMC Norilsk Nickel PJSC ADR		25,513		409,484
Mobile TeleSystems PJSC ADR		61,262		467,429
RusHydro PJSC ADR (b)		61,728		73,456
RusHydro PJSC ADR (b)		56,018		68,902

See accompanying notes to financial statements.

336

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Sberbank of Russia PJSC ADR		80,764	$	757,405
Surgutneftegas OJSC ADR		84,125		393,705
Tatneft PJSC ADR		36,329		1,118,207
				6,245,029
SINGAPORE — 1.0%
CapitaLand, Ltd.		261,000		612,564
DBS Group Holdings, Ltd.		137,731		1,554,644
Singapore Exchange, Ltd.		261,000		1,418,468
Singapore Press Holdings, Ltd. (a)		392,000		1,095,398
Singapore Telecommunications, Ltd.		635,600		1,850,696
United Overseas Bank, Ltd.		134,721		1,860,572
				8,392,342
SOUTH AFRICA — 1.5%
Anglo American Platinum, Ltd. (c)		4,868		136,801
AngloGold Ashanti, Ltd. (c)		27,289		440,037
Aspen Pharmacare Holdings, Ltd.		16,319		367,886
Bid Corp., Ltd.		15,193		286,321
Bidvest Group, Ltd.		15,236		179,026
Brait SE (a) (c)		21,323		171,313
Capitec Bank Holdings, Ltd. (a)		3,371		157,471
Coronation Fund Managers, Ltd. (a)		30,355		155,050
Discovery, Ltd.		49,913		410,157
FirstRand, Ltd. (a)		211,679		731,188
Foschini Group, Ltd.		20,254		205,467
Gold Fields, Ltd.		31,880		155,328
Impala Platinum Holdings, Ltd. (c)		39,336		198,808
Imperial Holdings, Ltd.		14,156		172,029
Massmart Holdings, Ltd.		17,483		150,925
Mr. Price Group, Ltd.		19,394		214,020
MTN Group, Ltd.		82,340		703,329
Naspers, Ltd. Class N		22,376		3,864,952
Pioneer Foods Group, Ltd.		19,894		251,539
PSG Group, Ltd.		10,657		155,733
Rand Merchant Investment Holdings, Ltd.		22,914		68,986
Remgro, Ltd.		23,467		391,752
Resilient REIT, Ltd.		32,417		270,251
Sanlam, Ltd.		156,310		725,212
Sasol, Ltd.		28,562		780,970
Standard Bank Group, Ltd.		85,729		876,975
Truworths International, Ltd. (a)		37,906		195,715
Woolworths Holdings, Ltd.		30,881		173,569
				12,590,810
SOUTH KOREA — 3.4%
Amorepacific Corp.		279		98,544
Amorepacific Corp. Preference Shares		1,390		267,562
AMOREPACIFIC Group		352		52,895
BGF retail Co., Ltd.		752		131,780
Celltrion, Inc. (a) (c)		5,511		532,411
CJ CheilJedang Corp.		1,590		524,057
CJ Corp.		522		88,157
Coway Co., Ltd.		2,118		183,463
E-MART, Inc.		1,844		263,704
Hana Financial Group, Inc.		31,006		784,053
Hanmi Pharm Co., Ltd.		214		98,708
Hanmi Science Co., Ltd.		1,137		117,690
Hanssem Co., Ltd.		788		125,925
Hotel Shilla Co., Ltd.		625		34,333
Hyundai Department Store Co., Ltd.		3,085		331,931
Hyundai Development Co-Engineering & Construction		7,767		361,781
Hyundai Heavy Industries Co., Ltd. (a) (c)		3,589		449,704
Hyundai Mobis Co., Ltd.		4,312		1,076,679
Hyundai Motor Co.		9,506		1,169,531
Hyundai Steel Co.		4,377		201,890
KB Financial Group, Inc.		31,270		1,074,653
Kia Motors Corp.		18,891		722,981
Korea Aerospace Industries, Ltd.		3,006		208,251
Korea Electric Power Corp. ADR		31,567		769,603
Korea Zinc Co., Ltd.		1,866		814,951
KT Corp. ADR (a)		25,775		413,689
KT&G Corp.		9,137		1,037,023
LG Chem, Ltd. Preference Shares		374		55,861
LG Electronics, Inc.		10,248		445,707
LG Household & Health Care, Ltd.		890		771,735
Lotte Chemical Corp.		1,808		489,203
NAVER Corp.		1,886		1,512,088
NCSoft Corp.		1,591		426,877
POSCO ADR		18,846		962,654
Samsung C&T Corp.		2,992		404,783
Samsung Electronics Co., Ltd. GDR		9,774		7,061,715
Samsung Fire & Marine Insurance Co., Ltd.		3,185		808,288
Samsung Heavy Industries Co., Ltd. (a) (c)		9,517		80,968
Samsung SDS Co., Ltd.		969		135,494
Samsung Securities Co., Ltd.		15,834		497,441
Shinhan Financial Group Co., Ltd.		27,765		1,012,180
SK Holdings Co., Ltd.		2,903		558,801
SK Hynix, Inc.		23,263		849,115
SK Innovation Co., Ltd.		4,130		605,616
SK Telecom Co., Ltd. ADR		12,791		289,077
				28,903,552
SPAIN — 2.1%
Abertis Infraestructuras SA		60,750		946,234
ACS Actividades de Construccion y Servicios SA		28,541		862,801
Aena SA (d)		656		96,796
Amadeus IT Group SA Class A		16,011		800,156
Banco Bilbao Vizcaya Argentaria SA		291,285		1,761,777
Banco de Sabadell SA (a)		156,294		200,233
Banco Popular Espanol SA		183,588		227,154
Banco Santander SA		666,088		2,954,526
Distribuidora Internacional de Alimentacion SA		52,049		322,353
Ferrovial SA		65,534		1,395,613
Gas Natural SDG SA		21,872		449,687
Iberdrola SA		313,911		2,134,983
Industria de Diseno Textil SA		62,417		2,314,759
Mapfre SA		149,556		418,497
Repsol SA.		62,832		852,623
Telefonica SA		225,211		2,281,626
				18,019,818
SWEDEN — 2.0%
Assa Abloy AB Class B		81,796		1,664,104
Atlas Copco AB Class B		56,741		1,552,407

See accompanying notes to financial statements.

337

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Hennes & Mauritz AB Class B		56,043	$	1,583,025
Husqvarna AB Class B		130,894		1,143,569
Nordea Bank AB		141,475		1,406,097
Sandvik AB (a)		70,646		778,002
Securitas AB Class B		42,600		715,022
Skandinaviska Enskilda Banken AB Class A .		76,236		767,041
Skanska AB Class B		42,474		993,013
SKF AB Class B		34,775		601,137
Svenska Handelsbanken AB Class A		93,628		1,288,459
Swedbank AB Class A		46,442		1,092,829
Tele2 AB Class B		52,916		457,365
Telefonaktiebolaget LM Ericsson Class B		178,652		1,291,814
Telia Co. AB		103,062		462,175
Volvo AB Class B		73,323		837,865
				16,633,924
SWITZERLAND — 6.5%
ABB, Ltd. (c)		124,490		2,800,832
Actelion, Ltd. (c)		3,725		646,322
Adecco Group AG		10,564		596,091
Aryzta AG (a) (c)		4,330		192,559
Cie Financiere Richemont SA		26,694		1,630,168
Coca-Cola HBC AG (c)		8,423		196,071
Credit Suisse Group AG (c)		81,659		1,070,648
Geberit AG		2,877		1,262,508
Givaudan SA		752		1,533,633
Glencore PLC (c)		542,807		1,495,883
Julius Baer Group, Ltd. (c)		8,159		332,706
Kuehne + Nagel International AG		6,124		890,741
LafargeHolcim, Ltd. (c)		17,351		939,682
Lonza Group AG (c)		2,255		431,739
Nestle SA		153,459		12,118,100
Novartis AG		115,878		9,132,535
Roche Holding AG		33,819		8,407,653
SGS SA		523		1,173,432
Sika AG		84		409,342
Sonova Holding AG		1,543		218,860
Swatch Group AG (a)		2,985		845,863
Swiss Re AG		17,825		1,611,679
Syngenta AG		5,085		2,229,343
UBS Group AG		175,938		2,401,134
Wolseley PLC		13,032		737,239
Zurich Insurance Group AG (c)		8,304		2,141,531
				55,446,294
TAIWAN — 2.8%
Advanced Semiconductor Engineering, Inc. ADR		144,709		855,230
Advantech Co., Ltd.		26,000		223,126
Asia Pacific Telecom Co., Ltd. (c)		48,000		15,926
Asustek Computer, Inc.		11,000		98,084
AU Optronics Corp. ADR		174,282		636,129
Catcher Technology Co., Ltd.		32,000		259,814
Cathay Financial Holding Co., Ltd.		161,000		205,966
Chicony Electronics Co., Ltd.		93,852		237,433
China Airlines, Ltd.		514,000		153,320
China Development Financial Holding Corp.		314,000		80,139
China Life Insurance Co., Ltd.		187,336		171,226
Chunghwa Telecom Co., Ltd. ADR		46,689		1,635,516
Compal Electronics, Inc.		170,000		104,943
CTBC Financial Holding Co., Ltd.		342,184		198,681
Delta Electronics, Inc.		59,785		318,518
E.Sun Financial Holding Co., Ltd.		485,772		276,628
Eclat Textile Co., Ltd.		15,344		183,078
Eva Airways Corp.		329,250		150,206
Feng TAY Enterprise Co., Ltd.		34,036		150,931
Formosa Plastics Corp.		200,000		496,403
Foxconn Technology Co., Ltd.		24,240		70,991
Fubon Financial Holding Co., Ltd.		224,000		330,867
Giant Manufacturing Co., Ltd.		17,000		119,858
Hermes Microvision, Inc.		2,000		86,456
Highwealth Construction Corp.		96,400		149,157
Hiwin Technologies Corp.		6,303		32,877
Hon Hai Precision Industry Co., Ltd. GDR		584,731		2,941,197
Hotai Motor Co., Ltd.		7,000		81,846
HTC Corp. (c)		51,000		141,714
Innolux Corp.		167,000		56,474
Inotera Memories, Inc. (c)		1,000		881
Largan Precision Co., Ltd.		5,000		602,957
MediaTek, Inc.		61,000		466,080
Mega Financial Holding Co., Ltd.		25,948		18,253
Merida Industry Co., Ltd.		28,000		132,204
OBI Pharma, Inc. (c)		8,000		99,663
Pegatron Corp.		48,000		123,424
Phison Electronics Corp.		18,000		136,670
Pou Chen Corp.		77,000		108,331
Powertech Technology, Inc.		94,000		243,805
President Chain Store Corp.		35,000		278,030
Ruentex Development Co., Ltd. (c)		35,158		42,790
Siliconware Precision Industries Co., Ltd. ADR (a)		71,608		529,899
Standard Foods Corp.		167,060		427,970
Taishin Financial Holding Co., Ltd.		555,687		206,529
Taiwan Business Bank		1,249,100		317,600
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		236,875		7,246,006
Teco Electric and Machinery Co., Ltd.		258,000		222,233
Transcend Information, Inc.		77,000		224,769
Uni-President Enterprises Corp.		234,000		438,953
United Microelectronics Corp. ADR (a)		534,313		988,479
Zhen Ding Technology Holding, Ltd.		21,000		46,026
				23,364,286
THAILAND — 0.4%
Bangkok Bank PCL		131,276		615,652
BEC World PCL (f)		54,300		34,476
Bumrungrad Hospital PCL (f)		51,100		257,343
Central Pattana PCL (f)		156,200		260,333
CP ALL PCL NVDR		236,200		419,230
Delta Electronics Thailand PCL		47,400		108,411
Indorama Ventures PCL		29,600		24,133
IRPC PCL (f)		3,319,700		467,536
Kasikornbank PCL		42,300		228,896
Minor International PCL (f)		140,100		157,688
PTT PCL (f)		73,862		722,633
Siam Commercial Bank PCL NVDR		74,800		319,492

See accompanying notes to financial statements.

338

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Thai Union Group PCL (f)		157,000	$	96,964
TMB Bank PCL (f)		795,700		48,684
				3,761,471
TURKEY — 0.3%
Akbank TAS		328,073		879,031
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		598,688		606,529
Turkiye Garanti Bankasi A/S		251,409		666,078
Turkiye Is Bankasi		434,648		688,032
				2,839,670
UNITED KINGDOM — 12.1%
3i Group PLC		154,111		1,302,237
Anglo American PLC (c)		68,241		857,730
AstraZeneca PLC		58,417		3,797,219
BAE Systems PLC		162,984		1,109,393
Barclays PLC		777,324		1,694,350
BP PLC		906,533		5,299,138
British American Tobacco PLC		87,424		5,598,694
British Land Co. PLC REIT		147,057		1,208,246
BT Group PLC		370,172		1,870,760
Burberry Group PLC		34,795		623,290
Capita PLC		32,773		285,233
Centrica PLC		395,615		1,172,729
CNH Industrial NV		43,920		314,406
Cobham PLC		77,040		167,826
Compass Group PLC		147,335		2,861,253
Diageo PLC		164,199		4,714,875
Fiat Chrysler Automobiles NV (a)		99,110		629,296
G4S PLC		77,087		228,110
GlaxoSmithKline PLC		225,144		4,805,151
Hammerson PLC		126,669		965,868
HSBC Holdings PLC		925,076		6,954,085
ICAP PLC.		143,037		866,037
Imperial Brands PLC		59,836		3,088,481
InterContinental Hotels Group PLC		9,213		380,572
J Sainsbury PLC		131,210		418,946
Land Securities Group PLC REIT		70,489		968,760
Lloyds Banking Group PLC		2,655,766		1,881,888
Marks & Spencer Group PLC		109,977		473,010
National Grid PLC		276,554		3,922,940
Next PLC		11,132		690,632
Old Mutual PLC		385,487		1,013,513
Pearson PLC		59,135		578,427
Prudential PLC		90,100		1,599,350
Randgold Resources, Ltd.		3,674		371,541
Reckitt Benckiser Group PLC		43,549		4,109,821
RELX NV.		80,039		1,438,716
RELX PLC		86,084		1,635,972
Rio Tinto PLC		58,707		1,963,324
Rio Tinto, Ltd.		20,571		812,443
Rolls-Royce Holdings PLC (c)		96,416		901,759
Royal Bank of Scotland Group PLC (c)		144,636		335,933
RSA Insurance Group PLC		61,151		433,716
SABMiller PLC		49,161		2,870,513
Sage Group PLC		118,890		1,139,753
Severn Trent PLC		38,897		1,265,706
Sky PLC		84,626		982,767
Smith & Nephew PLC		81,972		1,324,631
Smiths Group PLC		19,647		373,634
SSE PLC		81,120		1,652,278
Standard Chartered PLC (c)		134,219		1,095,444
Standard Life PLC		170,584		762,043
Tesco PLC (c)		479,383		1,139,263
Unilever NV		91,790		4,237,034
Unilever PLC		84,164		3,995,429
United Utilities Group PLC		57,616		750,677
Vodafone Group PLC		1,390,939		4,006,645
Whitbread PLC		8,420		428,316
WPP PLC		84,901		2,000,595
				102,370,398
UNITED STATES — 0.4%
Shire PLC		28,772		1,867,994
Thomson Reuters Corp. (a)		26,531		1,095,154
Valeant Pharmaceuticals International, Inc. (c)		15,267		373,936
				3,337,084
TOTAL COMMON STOCKS (Cost $933,696,618)				839,990,257
RIGHTS — 0.0% (g)
SOUTH KOREA — 0.0% (g)
Samsung Heavy Industries Co., Ltd. (expiring 11/8/16) (c) (f) (Cost $20,306)		5,909		11,804
SHORT-TERM INVESTMENTS — 2.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.27% (h) (i)		809,652		809,652
State Street Navigator Securities Lending Prime Portfolio (i) (j)		23,136,429		23,136,429
TOTAL SHORT-TERM INVESTMENTS (Cost $23,946,081)				23,946,081
TOTAL INVESTMENTS — 102.0% (Cost $957,663,005)				863,948,142
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%				(16,649,186	)
NET ASSETS — 100.0%			$	847,298,956

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(c) Non-income producing security.

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

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of securities is $0, representing 0.0% of the Fund’s net assets.

See accompanying notes to financial statements.

339

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of security is $2,602,340, representing 0.3% of the Fund’s net assets.

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

(h) The rate shown is the annualized seven-day yield at September 30, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	43,353,500	$	—	$	—		$	43,353,500
Austria.		1,754,900		—		—			1,754,900
Belgium		8,984,529		—		—			8,984,529
Brazil		14,110,603		—		—			14,110,603
Canada		54,770,654		—		—			54,770,654
Chile		2,447,279		—		—			2,447,279
China.		51,634,068		—		—			51,634,068
Colombia		1,090,305		—		—			1,090,305
Denmark		10,344,963		—		—			10,344,963
Egypt.		1,107,622		—		—			1,107,622
Finland		5,966,401		—		—			5,966,401
France		56,197,620		—		—			56,197,620
Germany		53,006,389		—		—			53,006,389
Greece		742,027		—		—			742,027
Hong Kong		21,987,422		—		0	(a)		21,987,422
Hungary.		918,798		—		—			918,798
India		15,115,843		—		—			15,115,843
Indonesia		4,961,866		—		—			4,961,866
Ireland		5,029,015		—		—			5,029,015
Israel		4,140,773		—		—			4,140,773
Italy.		10,158,909		—		—			10,158,909
Japan		140,035,733		544,879		—			140,580,612
Luxembourg		469,281		—		—			469,281
Macau		121,284		—		—			121,284
Malaysia		5,006,913		—		—			5,006,913
Mexico		8,025,883		—		—			8,025,883
Netherlands		24,826,432		—		—			24,826,432
New Zealand		927,103		—		—			927,103
Norway		3,724,647		—		—			3,724,647
Peru.		935,943		—		—			935,943
Philippines		2,976,274		—		—			2,976,274
Poland		2,052,408		—		—			2,052,408
Portugal		615,313		—		—			615,313
Russia		6,245,029		—		—			6,245,029
Singapore.		8,392,342		—		—			8,392,342
South Africa		12,590,810		—		—			12,590,810
South Korea		28,903,552		—		—			28,903,552

See accompanying notes to financial statements.

340

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Spain	$	18,019,818	$	—	$	—	$	18,019,818
Sweden		16,633,924		—		—		16,633,924
Switzerland		55,446,294		—		—		55,446,294
Taiwan		23,364,286		—		—		23,364,286
Thailand		1,715,814		2,045,657		—		3,761,471
Turkey		2,839,670		—		—		2,839,670
United Kingdom		102,370,398		—		—		102,370,398
United States		3,337,084		—		—		3,337,084
Rights
South Korea		—		11,804		—		11,804
Short-Term Investments		23,946,081		—		—		23,946,081
TOTAL INVESTMENTS	$	861,345,802	$	2,602,340	$	0	$	863,948,142

(a) Fund held a Level 3 security that was valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional U.S. Government Money Market Fund, Premier Class		756,698	$	756,698		43,753,338		43,700,384		809,652	$	809,652	$	2,118	$	—
State Street Navigator Securities Lending Prime Portfolio		38,237,835		38,237,835		240,473,577		255,574,983		23,136,429		23,136,429		433,930		—
TOTAL			$	38,994,533							$	23,946,081	$	436,048	$	—

See accompanying notes to financial statements.

341

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SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 2.5%
Alumina, Ltd. (a)		34,587	$	38,643
Amcor, Ltd.		2,983		34,584
AMP, Ltd.		10,488		42,377
Australia & New Zealand Banking Group, Ltd.		2,348		49,646
BHP Billiton PLC		684		10,329
BHP Billiton, Ltd.		2,913		49,889
Boral, Ltd.		9,489		49,015
Brambles, Ltd.		6,997		64,146
Coca-Cola Amatil, Ltd. (a)		3,422		26,842
Commonwealth Bank of Australia (a)		773		42,827
CSL, Ltd.		1,335		109,312
Fortescue Metals Group, Ltd. (a)		5,203		19,709
Iluka Resources, Ltd.		1,385		6,645
Insurance Australia Group, Ltd.		15,991		66,937
LendLease Group (a)		8,254		88,682
Macquarie Group, Ltd.		1,400		87,786
National Australia Bank, Ltd.		3,126		66,670
Newcrest Mining, Ltd.		1,642		27,883
Origin Energy, Ltd.		5,201		21,572
Orora, Ltd.		1,256		3,028
OZ Minerals, Ltd.		5,032		23,412
QBE Insurance Group, Ltd.		2,448		17,403
Santos, Ltd.		6,101		16,854
Scentre Group REIT		7,302		26,263
Shopping Centres Australasia Property Group		72,281		124,454
Sonic Healthcare, Ltd.		3,693		62,202
South32, Ltd. (b)		2,687		5,096
South32, Ltd. (b)		2,490		4,592
Suncorp Group, Ltd.		5,285		48,977
Sydney Airport		787		4,198
Transurban Group Stapled Security		5,162		44,914
Vicinity Centres REIT		27,151		65,864
Wesfarmers, Ltd.		3,196		107,857
Westfield Corp.		5,860		43,633
Westpac Banking Corp.		3,531		79,739
Woodside Petroleum, Ltd.		1,352		29,611
Woolworths, Ltd.		1,184		21,084
				1,632,675
AUSTRIA — 0.1%
OMV AG		1,405		40,452
BELGIUM — 0.4%
Anheuser-Busch InBev SA		817		107,056
Solvay SA		474		54,839
UCB SA		1,236		95,606
				257,501
BRAZIL — 0.5%
Ambev SA ADR		7,917		48,215
Banco Bradesco SA Preference Shares ADR		5,991		54,338
Cia Energetica de Minas Gerais ADR		5,956		15,426
Cia Siderurgica Nacional SA ADR (c)		5,225		14,421
Gerdau SA ADR (a)		4,722		12,844
Itau Unibanco Holding SA Preference Shares ADR		6,167		67,467
Petroleo Brasileiro SA Preference Shares ADR (c)		7,881		65,491
Tim Participacoes SA ADR		1,798		22,008
Vale SA Preference Shares ADR		6,279		29,574
				329,784
CANADA — 3.2%
Agrium, Inc. (a)		349		31,561
Bank of Montreal (a)		767		50,172
Bank of Nova Scotia		968		51,204
Barrick Gold Corp.		1,496		26,443
Brookfield Asset Management, Inc. Class A		2,229		78,238
Cameco Corp. (a)		1,993		16,999
Canadian Imperial Bank of Commerce (a)		349		27,015
Canadian National Railway Co.		1,510		98,533
Canadian Natural Resources, Ltd.		1,510		48,187
Canadian Pacific Railway, Ltd.		319		48,591
Canadian Tire Corp., Ltd. Class A		369		36,887
Cenovus Energy, Inc. (a)		1,913		27,409
Eldorado Gold Corp.		2,056		8,072
Enbridge, Inc. (a)		1,708		74,935
Encana Corp.		2,803		29,240
Enerplus Corp. (a)		2,202		14,108
First Majestic Silver Corp. (c)		6,736		69,346
First Quantum Minerals, Ltd.		1,067		8,817
Goldcorp, Inc.		1,466		24,150
IAMGOLD Corp. (c)		2,212		8,920
IGM Financial, Inc. (a)		589		15,874
Imperial Oil, Ltd. (a)		1,097		34,256
Just Energy Group, Inc. (a)		13,404		67,823
Kinross Gold Corp. (c)		3,241		13,637
Loblaw Cos., Ltd. (a)		1,227		63,019
Manulife Financial Corp.		3,930		55,350
National Bank of Canada (a)		2,072		73,342
Onex Corp.		1,305		83,895
Penn West Petroleum, Ltd. (a)		1,452		2,596
Potash Corp. of Saskatchewan, Inc. (a)		1,116		18,129
PrairieSky Royalty, Ltd. (a)		24		489
Rogers Communications, Inc. Class B		2,076		87,921
Royal Bank of Canada		1,818		112,407
Shaw Communications, Inc. Class B (a)		1,385		28,295
Silver Wheaton Corp.		978		26,373
SNC-Lavalin Group, Inc.		868		34,033
Sun Life Financial, Inc.		2,142		69,577
Suncor Energy, Inc.		3,052		84,576
Teck Resources, Ltd. Class B		1,087		19,561
TELUS Corp.		2,933		96,610
TMX Group, Ltd.		20		917
Toronto-Dominion Bank		2,905		128,733
TransAlta Corp.		3,400		15,082
TransCanada Corp. (a)		1,410		66,850
Trilogy Energy Corp. (c)		10,000		54,860
Yamana Gold, Inc.		2,992		12,863
				2,045,895
CHILE — 0.0% (d)
Empresa Nacional de Electricidad SA ADR		258		5,119
Endesa Americas SA ADR		226		3,096

See accompanying notes to financial statements.

342

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Enersis Americas SA ADR		656	$	5,373
Enersis Chile SA ADR		574		2,726
Sociedad Quimica y Minera de Chile SA ADR		127		3,416
				19,730
CHINA — 3.2%
Agricultural Bank of China, Ltd. Class H		70,000		29,964
AirMedia Group, Inc. ADR (c)		8,886		29,946
Alibaba Group Holding, Ltd. ADR (c)		1,500		158,685
Bank of China, Ltd. Class H		139,000		63,443
Bank of Communications Co., Ltd. Class H		50,000		38,100
Baozun, Inc. ADR (a) (c)		19,400		292,746
Biostime International Holdings, Ltd. (a) (c)		25,500		66,249
China Construction Bank Corp. Class H		109,000		80,809
China Life Insurance Co., Ltd. Class H		19,000		48,995
China Merchants Bank Co., Ltd. Class H		24,174		60,903
China Mobile, Ltd.		9,500		114,954
China Overseas Land & Investment, Ltd.		20,000		67,819
China Petroleum & Chemical Corp. Class H		59,200		43,125
China Pioneer Pharma Holdings, Ltd.		300,000		85,096
China Shenhua Energy Co., Ltd. Class H		9,500		18,569
China Telecom Corp., Ltd. Class H		60,000		30,248
China Unicom Hong Kong, Ltd.		20,000		24,007
CITIC, Ltd.		20,000		28,520
CNOOC, Ltd.		30,000		37,210
COSCO SHIPPING Ports, Ltd.		18,417		18,878
Hengan International Group Co., Ltd.		5,000		41,452
Huaneng Power International, Inc. Class H		40,000		25,013
Industrial & Commercial Bank of China, Ltd. Class H		110,000		68,786
PetroChina Co., Ltd. Class H		40,000		26,251
PICC Property & Casualty Co., Ltd. Class H		21,859		36,188
Ping An Insurance Group Co. of China, Ltd. Class H		10,000		51,831
Qinqin Foodstuffs Group Cayman Co., Ltd. (c)		800		294
Shandong Xinhua Pharmaceutical Co., Ltd. Class H		174,000		127,876
Sheen Tai Holdings Grp Co., Ltd.		876,000		90,356
Tencent Holdings, Ltd.		10,000		274,628
Yanzhou Coal Mining Co., Ltd. Class H (a)		20,000		13,460
				2,094,401
COLOMBIA — 0.0% (d)
Bancolombia SA ADR		216		8,433
DENMARK — 0.6%
AP Moeller — Maersk A/S Class B		50		73,348
Danske Bank A/S		1,698		49,562
DSV A/S		2,546		126,801
Novo Nordisk A/S Class B		3,781		157,153
				406,864
FINLAND — 0.4%
Fortum Oyj		1,325		21,412
Metso Oyj		787		22,969
Nokia Oyj		8,211		47,614
Sampo Oyj Class A		928		41,298
UPM-Kymmene Oyj		3,022		63,847
Valmet Oyj		149		2,242
Wartsila Oyj Abp		898		40,438
				239,820
FRANCE — 3.1%
Accor SA		1,612		63,966
Airbus Group SE		680		41,144
Alstom SA (c)		1,226		32,440
AXA SA		3,192		67,941
BNP Paribas SA		1,694		87,133
Bouygues SA		971		32,185
Cap Gemini SA		1,196		117,176
Carrefour SA		1,949		50,519
Credit Agricole SA		3,468		34,211
Danone SA		932		69,180
Engie SA		1,628		25,229
Essilor International SA		616		79,472
Groupe Fnac SA (c)		984		72,232
Hermes International		11		4,478
Kering		209		42,172
LVMH Moet Hennessy Louis Vuitton SE		329		56,125
Orange SA		4,649		72,778
Pernod Ricard SA		446		52,803
Publicis Groupe SA		786		59,464
Renault SA		1,126		92,551
Sanofi		1,486		112,957
Schneider Electric SE		1,077		75,113
Societe Generale SA		1,355		46,870
Sodexo SA		948		112,928
Technip SA		535		32,869
TOTAL SA (a)		2,477		117,387
Unibail-Rodamco SE		359		96,827
Vallourec SA (a) (c)		1,054		4,726
Veolia Environnement SA		2,856		65,796
Vinci SA		1,375		105,261
Vivendi SA		3,503		70,663
				1,994,596
GERMANY — 2.8%
adidas AG		817		141,853
Allianz SE		767		113,864
BASF SE		1,236		105,718
Bayer AG		1,456		146,330
Commerzbank AG		1,375		8,867
CompuGroup Medical SE		2,514		115,934
Daimler AG		1,708		120,369
Deutsche Bank AG (c)		2,113		27,474
Deutsche Boerse AG (c)		589		47,757
Deutsche Lufthansa AG		3,532		39,316
Deutsche Post AG		2,933		91,698
Deutsche Telekom AG		4,842		81,186
E.ON SE		3,032		21,514
Fresenius Medical Care AG & Co. KGaA		329		28,750
Linde AG		209		35,537
MAN SE		279		29,423
Merck KGaA		1,037		111,772

See accompanying notes to financial statements.

343

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		446	$	83,202
OSRAM Licht AG		15		881
RWE AG (c)		1,017		17,526
Salzgitter AG		1,077		35,299
SAP SE		1,510		137,316
Siemens AG		1,201		140,637
ThyssenKrupp AG		1,893		45,142
Uniper SE (c)		303		3,713
Volkswagen AG Preference Shares		329		43,240
Volkswagen AG		359		52,105
				1,826,423
HONG KONG — 1.5%
AIA Group, Ltd.		14,000		93,051
Bank of East Asia, Ltd. (a)		13,306		53,955
Cheung Kong Property Holdings, Ltd.		15,920		116,178
CK Hutchison Holdings, Ltd.		8,920		113,398
Global Brands Group Holding, Ltd. (c)		8,000		815
Hang Lung Properties, Ltd.		10,000		22,486
Henderson Land Development Co., Ltd.		11,915		70,667
Hong Kong Exchanges and Clearing, Ltd.		3,106		81,615
Li & Fung, Ltd. (a)		20,000		10,237
Link REIT		10,058		73,918
New World Development Co., Ltd.		31,817		41,351
Sands China, Ltd.		8,000		34,709
Shangri-La Asia, Ltd.		20,000		21,919
Sun Hung Kai Properties, Ltd.		10,253		154,801
Swire Pacific, Ltd. Class A		5,000		53,862
				942,962
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		229		14,130
Richter Gedeon Nyrt		1,863		37,732
				51,862
INDIA — 0.6%
Dr Reddy’s Laboratories, Ltd. ADR		2,126		98,689
ICICI Bank, Ltd. ADR		6,633		49,549
Infosys, Ltd. ADR		7,465		117,798
Mahindra & Mahindra, Ltd. GDR		528		11,194
Reliance Industries, Ltd. GDR (e)		1,648		54,054
Tata Motors, Ltd. ADR (a)		1,982		79,240
				410,524
INDONESIA — 0.5%
Astra International Tbk PT		50,600		31,986
Bank Central Asia Tbk PT		45,600		54,856
Bank Mandiri Persero Tbk PT		45,600		39,133
Bank Rakyat Indonesia Persero Tbk PT		53,400		49,918
Gudang Garam Tbk PT		5,000		23,753
Telekomunikasi Indonesia Persero Tbk PT		335,100		110,664
				310,310
IRELAND — 0.3%
CRH PLC		1,630		54,523
Experian PLC		3,843		77,077
Prothena Corp. PLC (a) (c)		1,509		90,495
				222,095
ISRAEL — 0.3%
Bank Hapoalim BM		6,924		39,233
Bank Leumi Le-Israel BM (c)		31,534		119,762
Teva Pharmaceutical Industries, Ltd. ADR		1,186		54,568
				213,563
ITALY — 0.5%
Assicurazioni Generali SpA		2,873		35,064
Banca Monte dei Paschi di Siena SpA (a) (c)		8,340		1,744
Enel SpA		12,653		56,423
Eni SpA		4,356		62,757
Intesa Sanpaolo SpA		22,829		50,643
Mediaset SpA		11,228		35,255
Saipem SpA (c)		13,102		5,547
Snam SpA		7,166		39,750
Telecom Italia SpA/Milano (c)		53,341		44,299
UniCredit SpA		7,982		18,586
				350,068
JAPAN — 8.3%
Aisin Seiki Co., Ltd. (a)		1,000		45,376
Asahi Group Holdings, Ltd.		1,000		36,202
Asahi Kasei Corp. (a)		10,000		79,080
Astellas Pharma, Inc.		5,000		77,692
Bridgestone Corp.		1,000		36,597
Canon, Inc.		1,000		28,870
Credit Saison Co., Ltd.		2,000		32,963
Daiichi Sankyo Co., Ltd. (a)		3,000		71,545
Daikin Industries, Ltd.		1,000		92,342
Daiwa Securities Group, Inc. (a)		10,000		55,735
Denso Corp.		2,000		79,001
Eisai Co., Ltd. (a)		1,000		62,085
FUJIFILM Holdings Corp. (a)		2,000		73,431
Fujitsu, Ltd.		9,000		47,993
Hitachi, Ltd.		10,000		46,275
Hokuhoku Financial Group, Inc.		2,000		26,682
Honda Motor Co., Ltd.		2,000		57,029
Hoya Corp.		2,000		79,751
ITOCHU Corp.		3,000		37,387
Japan Tobacco, Inc.		2,000		81,351
JFE Holdings, Inc. (a)		2,000		28,855
Joyo Bank, Ltd. (f)		10,000		41,594
JSR Corp. (a)		2,000		31,185
JX Holdings, Inc. (a)		5,000		20,101
Kajima Corp.		10,000		69,521
Kamigumi Co., Ltd.		10,000		86,703
Kansai Electric Power Co., Inc. (c)		2,000		18,075
KDDI Corp. (a)		6,000		184,565
Kobe Steel, Ltd. (a) (c)		3,000		26,870
Komatsu, Ltd. (a)		2,000		45,327
Konica Minolta, Inc. (a)		5,000		41,969
Kyocera Corp. (a)		2,000		95,255
Makita Corp.		1,000		70,706
Marubeni Corp.		10,000		50,906
Marui Group Co., Ltd. (a)		9,000		118,027
Mitsubishi Chemical Holdings Corp.		5,000		31,018
Mitsubishi Corp.		2,000		45,129
Mitsubishi Electric Corp.		10,000		126,648
Mitsubishi Heavy Industries, Ltd.		10,000		41,386

See accompanying notes to financial statements.

344

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Mitsubishi UFJ Financial Group, Inc.		17,900	$	89,283
Mitsui & Co., Ltd. (a)		2,000		27,463
Mizuho Financial Group, Inc.		36,900		61,436
MS&AD Insurance Group Holdings, Inc.		2,000		55,093
Murata Manufacturing Co., Ltd.		1,000		128,672
NEC Corp.		2,000		5,115
Nintendo Co., Ltd.		400		105,091
Nippon Steel & Sumitomo Metal Corp.		2,900		58,893
Nippon Yusen KK		20,000		37,130
Nissan Motor Co., Ltd.		4,000		38,817
Nitto Denko Corp. (a)		1,000		64,247
Nomura Holdings, Inc.		9,900		43,612
NTT Data Corp. (a)		1,000		49,672
NTT DOCOMO, Inc.		1,700		43,010
Obayashi Corp.		10,000		98,455
ORIX Corp.		4,000		58,362
Osaka Gas Co., Ltd. (a)		10,000		41,683
Panasonic Corp. (a)		6,000		59,369
Resona Holdings, Inc.		6,000		25,021
Rohm Co., Ltd.		1,000		52,140
Secom Co., Ltd.		1,000		74,142
Seven & i Holdings Co., Ltd.		1,000		46,976
Shin-Etsu Chemical Co., Ltd.		1,000		69,145
SoftBank Group Corp.		2,000		128,811
Sompo Japan Nipponkoa Holdings, Inc.		2,000		58,569
Sony Corp.		3,000		97,556
Sumitomo Chemical Co., Ltd.		10,000		43,944
Sumitomo Corp. (a)		2,000		22,179
Sumitomo Electric Industries, Ltd.		3,000		41,949
Sumitomo Mitsui Financial Group, Inc.		2,000		66,756
Sumitomo Mitsui Trust Holdings, Inc.		1,000		32,292
T&D Holdings, Inc.		4,000		44,616
Takeda Pharmaceutical Co., Ltd.		1,000		47,627
TDK Corp. (a)		1,000		66,163
Teijin, Ltd.		2,000		38,473
Terumo Corp. (a)		2,000		76,334
Tokio Marine Holdings, Inc.		2,000		75,722
Tokyo Electron, Ltd. (a)		1,000		87,661
Tokyu Corp.		10,000		75,841
Toppan Printing Co., Ltd.		10,000		89,666
Toshiba Corp. (a) (c)		10,000		33,082
Toyota Motor Corp.		4,000		228,272
Toyota Tsusho Corp. (a)		3,000		69,056
West Japan Railway Co.		1,000		61,601
Yamada Denki Co., Ltd.		4,000		19,750
Yamaha Corp. (a)		6,000		192,564
				5,352,538
LUXEMBOURG — 0.0% (d)
ArcelorMittal (c)		3,424		20,963
MEXICO — 0.4%
America Movil SAB de CV Series L		77,454		44,303
Cemex SAB de CV (c)		38,161		30,287
Fomento Economico Mexicano SAB de CV		7,961		73,528
Grupo Financiero Banorte SAB de CV Series O		7,663		40,260
Grupo Mexico SAB de CV Series B		12,745		31,201
Grupo Televisa SAB Series CPO		6,771		34,856
Industrias Penoles SAB de CV		516		12,427
				266,862
NETHERLANDS — 1.5%
Akzo Nobel NV		788		53,390
ASML Holding NV		730		80,142
Heineken NV		539		47,435
ING Groep NV		6,993		86,367
Koninklijke Ahold Delhaize NV		6,610		150,721
Koninklijke DSM NV		935		63,213
Koninklijke KPN NV		9,206		30,572
Koninklijke Philips NV		2,826		83,779
Royal Dutch Shell PLC Class A		1,096		27,250
Royal Dutch Shell PLC Class B		9,890		256,557
Wolters Kluwer NV		2,884		123,467
				1,002,893
NORWAY — 0.3%
DNB ASA		3,751		49,139
Norsk Hydro ASA		11,534		49,716
Telenor ASA		3,072		52,697
Yara International ASA		640		21,268
				172,820
PERU — 0.0% (d)
Cia de Minas Buenaventura SAA ADR (c)		266		3,681
PHILIPPINES — 0.0% (d)
PLDT, Inc. ADR		747		26,646
RUSSIA — 0.4%
Gazprom PJSC ADR (b)		670		2,834
Gazprom PJSC ADR (b)		7,302		30,742
Lukoil PJSC ADR		988		48,145
MMC Norilsk Nickel PJSC ADR		1,206		19,356
Mobile TeleSystems PJSC ADR		1,883		14,367
RusHydro PJSC ADR (b)		989		1,217
RusHydro PJSC ADR (b)		579		689
Sberbank of Russia PJSC ADR (b)		355		3,344
Sberbank of Russia PJSC ADR (b)		3,851		36,115
Surgutneftegas OJSC ADR		8,697		40,702
Tatneft PJSC ADR (b)		80		2,469
Tatneft PJSC ADR (b)		913		28,102
				228,082
SINGAPORE — 0.6%
Broadcom, Ltd.		773		133,358
CapitaLand, Ltd.		30,000		70,409
Singapore Exchange, Ltd.		20,000		108,695
Singapore Press Holdings, Ltd. (a)		20,000		55,888
Singapore Telecommunications, Ltd.		10,000		29,117
				397,467
SOUTH AFRICA — 0.7%
AngloGold Ashanti, Ltd. (c)		878		14,158
Discovery, Ltd.		13,111		107,739
FirstRand, Ltd. (a)		11,045		38,152
Gold Fields, Ltd.		2,126		10,358
Harmony Gold Mining Co., Ltd.		2,016		7,110
Impala Platinum Holdings, Ltd. (c)		1,365		6,899
Lonmin PLC (c)		13		34
MTN Group, Ltd.		4,078		34,833
Naspers, Ltd. Class N		650		112,273
Sanlam, Ltd.		10,226		47,444
Sasol, Ltd. (a)		787		21,519
Sibanye Gold, Ltd.		896		3,223

See accompanying notes to financial statements.

345

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Standard Bank Group, Ltd.		2,643	$	27,037
				430,779
SOUTH KOREA — 1.8%
Able C&C Co., Ltd.		2,690		58,375
Actoz Soft Co., Ltd. (c)		427		6,921
Coreana Cosmetics Co., Ltd.		3,153		20,813
DIO Corp. (c)		1,376		64,343
E-MART, Inc.		27		3,861
Hana Financial Group, Inc.		376		9,508
Hyundai Heavy Industries Co., Ltd. (c)		40		5,012
Hyundai Mobis Co., Ltd.		119		29,714
Hyundai Motor Co.		265		32,603
Hyundai Steel Co.		163		7,518
JoyCity Corp. (c)		1,336		31,297
JW Holdings Corp.		3,440		51,537
JW Pharmaceutical Corp.		717		56,704
KB Financial Group, Inc.		643		22,098
KH Vatec Co., Ltd.		1,194		13,389
Kia Motors Corp.		300		11,481
Korea Electric Power Corp. ADR		824		20,089
KT&G Corp.		240		27,239
LG Chem, Ltd. Preference Shares		362		54,069
LG Electronics, Inc.		129		5,610
LG Household & Health Care, Ltd.		37		32,083
Lotte Chemical Corp.		17		4,600
NAVER Corp.		67		53,717
NHN Entertainment Corp. (c)		33		1,789
POSCO ADR		1,128		57,618
Samsung C&T Corp.		111		15,017
Samsung Electronics Co., Ltd. GDR		382		275,995
Samsung Engineering Co., Ltd. (c)		355		3,481
Samsung Fire & Marine Insurance Co., Ltd.		63		15,988
Samsung Heavy Industries Co., Ltd. (c)		427		3,633
Samsung Pharmaceutical Co., Ltd. (c)		3,539		17,834
Samsung Securities Co., Ltd.		309		9,708
SeAH Steel Corp.		1,521		88,248
Shinhan Financial Group Co., Ltd.		643		23,441
SK Holdings Co., Ltd.		68		13,089
SK Hynix, Inc.		994		36,282
SK Innovation Co., Ltd.		68		9,971
				1,194,675
SPAIN — 0.8%
Acciona SA		1,316		99,487
Acerinox SA (a)		3,021		39,976
ACS Actividades de Construccion y Servicios SA		2,247		67,927
Amadeus IT Group SA Class A		1,004		50,175
Banco Bilbao Vizcaya Argentaria SA		8,701		52,626
Banco Santander SA		4		18
Iberdrola SA		7,619		51,819
Industria de Diseno Textil SA		2,002		74,245
Repsol SA		1,420		19,269
Telefonica SA		6,970		70,614
				526,156
SWEDEN — 1.0%
Assa Abloy AB Class B		3,409		69,355
Atlas Copco AB Class B		3,172		86,784
Nordea Bank AB		5,505		54,713
Sandvik AB (a)		2,953		32,520
Securitas AB Class B		4,589		77,024
Skandinaviska Enskilda Banken AB Class A		6,944		69,866
Skanska AB Class B		3,012		70,419
SKF AB Class B		2,142		37,028
Svenska Handelsbanken AB Class A		2,816		38,752
Tele2 AB Class B		1,893		16,362
Telefonaktiebolaget LM Ericsson Class B		5,621		40,645
Telia Co. AB		4,842		21,714
Volvo AB Class A		4,633		52,942
				668,124
SWITZERLAND — 3.0%
ABB, Ltd. (c)		4,185		94,156
Adecco Group AG		807		45,536
Cie Financiere Richemont SA (a)		1,136		69,374
Credit Suisse Group AG (c)		2,843		37,275
Geberit AG		329		144,375
Givaudan SA		40		81,576
Glencore PLC (c)		5,498		15,152
Kuehne + Nagel International AG		388		56,435
LafargeHolcim, Ltd. (c)		774		41,918
Nestle SA.		4,011		316,734
Novartis AG		2,732		215,313
Roche Holding AG		1,017		252,834
Santhera Pharmaceutical Holding AG (a) (c)		504		27,295
SGS SA		40		89,746
Swatch Group AG		120		34,005
Swiss Re AG		978		88,428
Syngenta AG		70		30,689
TE Connectivity, Ltd.		2,066		133,009
UBS Group AG		5,684		77,573
Wolseley PLC		878		49,670
Zurich Insurance Group AG (c)		199		51,320
				1,952,413
TAIWAN — 1.4%
Advanced Semiconductor Engineering, Inc. ADR		11,947		70,607
AU Optronics Corp. ADR		20,317		74,157
Chunghwa Telecom Co., Ltd. ADR		2,722		95,352
Hon Hai Precision Industry Co., Ltd. GDR		21,456		107,924
Siliconware Precision Industries Co., Ltd. ADR .		14,099		104,332
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		11,348		347,135
United Microelectronics Corp. ADR (a)		46,807		86,593
				886,100
THAILAND — 0.1%
Bangkok Bank PCL		11,000		51,587
PTT PCL (f)		2,000		19,567
				71,154
TURKEY — 0.2%
Akbank TAS		7,563		20,264
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		41,414		41,957
Turkiye Garanti Bankasi A/S		8,747		23,174

See accompanying notes to financial statements.

346

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Turkiye Is Bankasi		20,077	$	31,781
				117,176
UNITED KINGDOM — 6.1%
3i Group PLC		18,344		155,007
Anglo American PLC (c)		2,307		28,997
AstraZeneca PLC		1,828		118,824
BAE Systems PLC		9,221		62,765
Barclays PLC		24,750		53,948
BP PLC		20,176		117,939
British American Tobacco PLC		526		33,685
British Land Co. PLC REIT		6,612		54,325
BT Group PLC		21,516		108,737
Burberry Group PLC		1,638		29,342
Capita PLC.		5,558		48,373
CNH Industrial NV		1,425		10,201
Cobham PLC		41,088		89,507
Compass Group PLC		4,668		90,653
CYBG PLC (a) (c)		779		2,617
Diageo PLC		2,813		80,774
G4S PLC		6,447		19,077
GlaxoSmithKline PLC		6,467		138,022
Hammerson PLC		10,638		81,116
HSBC Holdings PLC		25,050		188,309
Imperial Brands PLC		1,037		53,525
Indivior PLC		789		3,141
InterContinental Hotels Group PLC		2,171		89,680
J Sainsbury PLC		7,623		24,340
Land Securities Group PLC REIT		4,560		62,670
Liberty Global PLC Class A (c)		1,037		35,445
Liberty Global PLC Series C (c)		1,848		61,058
Liberty Global PLC LiLAC Class C (c)		274		7,686
Lloyds Banking Group PLC		89,602		63,492
Marks & Spencer Group PLC		10,525		45,268
National Grid PLC		2,103		29,831
Next PLC		747		46,344
Old Mutual PLC		15,517		40,797
Pearson PLC		1,236		12,090
Pentair PLC		119		7,645
Prudential PLC		5,022		89,145
Randgold Resources, Ltd.		305		30,844
Reckitt Benckiser Group PLC		827		78,046
RELX NV		5,438		97,749
RELX PLC		3,221		61,213
Rio Tinto PLC		2,221		74,276
Rio Tinto, Ltd.		1,048		41,390
Rolls-Royce Holdings PLC (c)		3,271		30,593
RSA Insurance Group PLC		7,302		51,790
SABMiller PLC		1,355		79,118
Sage Group PLC		17,590		168,629
Severn Trent PLC		2,586		84,148
Sky PLC		2,076		24,109
Smith & Nephew PLC		4,689		75,772
Smiths Group PLC		3,611		68,672
SSE PLC		1,824		37,152
Standard Chartered PLC (c)		5,054		41,249
Standard Life PLC		17,387		77,672
Tesco PLC (c)		12,226		29,055
Tullow Oil PLC (a) (c)		1,838		6,043
Unilever NV		2,062		95,182
Unilever PLC		1,583		75,148
United Utilities Group PLC		4,599		59,920
Vodafone Group PLC		37,723		108,662
Whitbread PLC		3,380		171,937
WPP PLC		3,561		83,911
				3,936,655
UNITED STATES — 52.0%
3M Co.		1,037		182,751
Abbott Laboratories		2,066		87,371
AbbVie, Inc.		1,017		64,142
Accenture PLC Class A		1,037		126,690
Adobe Systems, Inc. (c)		2,598		281,987
Aetna, Inc.		1,563		180,448
Aflac, Inc.		2,066		148,483
Agilent Technologies, Inc.		2,066		97,288
Alexion Pharmaceuticals, Inc. (c)		786		96,316
Allegion PLC		338		23,292
Allergan PLC (c)		385		88,669
Allstate Corp.		2,066		142,926
Alphabet, Inc. Class A (c)		506		406,854
Alphabet, Inc. Class C (c)		506		393,309
Altria Group, Inc.		2,066		130,633
Amazon.com, Inc. (c)		668		559,323
American Capital Agency Corp.		1,037		20,263
American Electric Power Co., Inc.		2,066		132,658
American Express Co.		2,066		132,307
American Tower Corp. REIT		1,037		117,523
Amgen, Inc.		1,768		294,920
Anadarko Petroleum Corp.		1,037		65,704
Annaly Capital Management, Inc.		2,066		21,693
Anthem, Inc. (a)		1,037		129,946
Apache Corp.		1,037		66,233
Apple, Inc.		7,255		820,178
Applied Materials, Inc.		7,235		218,135
Archer-Daniels-Midland Co.		3,102		130,811
AT&T, Inc.		9,196		373,450
Automatic Data Processing, Inc.		1,037		91,463
Baker Hughes, Inc.		1,568		79,137
Bank of America Corp.		17,597		275,393
Bank of New York Mellon Corp.		3,102		123,708
Baxter International, Inc.		2,022		96,247
Becton Dickinson and Co.		1,037		186,380
Bed Bath & Beyond, Inc.		1,037		44,705
Berkshire Hathaway, Inc. Class B (c)		1,037		149,815
Biogen, Inc. (c)		635		198,774
Boeing Co.		1,037		136,614
Bristol-Myers Squibb Co.		3,102		167,260
C.H. Robinson Worldwide, Inc.		1,037		73,067
California Resources Corp. (a)		69		863
Capital One Financial Corp.		1,037		74,488
Carnival Corp.		1,037		50,626
Caterpillar, Inc. (a)		1,037		92,055
CBS Corp. Class B (a)		2,056		112,545
CDK Global, Inc.		341		19,560
Celgene Corp. (c)		2,072		216,586
CenturyLink, Inc. (a)		2,066		56,670
Charles Schwab Corp.		5,173		163,312
Charter Communications, Inc. Class A (c)		441		119,057
Chemours Co.		352		5,632

See accompanying notes to financial statements.

347

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Chesapeake Energy Corp. (a) (c)		3,102	$	19,450
Chevron Corp.		2,598		267,386
Chubb, Ltd.		1,661		208,705
Church & Dwight Co., Inc. (a)		3,126		149,798
Cisco Systems, Inc.		10,336		327,858
Citigroup, Inc.		5,173		244,321
Citrix Systems, Inc. (c)		1,037		88,373
Clorox Co. (a)		1,037		129,812
Coach, Inc. (a)		1,037		37,913
Coca-Cola Co.		4,145		175,416
Cognizant Technology Solutions Corp. Class A (c)		2,072		98,855
Colgate-Palmolive Co.		2,066		153,173
Comcast Corp. Class A		2,668		176,995
CommerceHub, Inc. Series A (c)		42		664
CommerceHub, Inc. Series C (c)		87		1,384
ConAgra Foods, Inc.		2,066		97,329
ConocoPhillips		2,066		89,809
Corning, Inc.		4,145		98,029
Costco Wholesale Corp.		1,037		158,153
CST Brands, Inc.		110		5,290
CSX Corp.		4,145		126,423
Cummins, Inc.		1,037		132,892
CVS Health Corp.		2,066		183,853
Danaher Corp.		2,066		161,954
Deere & Co. (a)		1,037		88,508
Dell Technologies, Inc. — VMware, Inc. Class V (c)		462		22,084
Devon Energy Corp.		1,037		45,742
Discover Financial Services		2,066		116,832
Dollar Tree, Inc. (c)		1,395		110,107
Dow Chemical Co.		3,102		160,777
Duke Energy Corp.		1,126		90,125
E.I. du Pont de Nemours & Co.		2,066		138,360
Eaton Corp. PLC		2,066		135,757
eBay, Inc. (c)		3,102		102,056
Ecolab, Inc.		1,037		126,224
Edison International		2,066		149,269
Eli Lilly & Co.		2,066		165,817
Emerson Electric Co.		2,066		112,618
EOG Resources, Inc.		2,072		200,383
Equity Residential REIT		1,037		66,710
Estee Lauder Cos., Inc. Class A		1,037		91,837
Exelon Corp.		2,066		68,777
Express Scripts Holding Co. (c)		1,445		101,916
Exxon Mobil Corp. (a)		5,538		483,357
Facebook, Inc. Class A (c)		1,001		128,398
Fastenal Co.		1,037		43,326
FedEx Corp.		1,037		181,143
FirstEnergy Corp.		2,066		68,343
FMC Technologies, Inc. (c)		2,066		61,298
Ford Motor Co.		8,271		99,831
Fortive Corp.		1,033		52,580
Franklin Resources, Inc.		3,102		110,338
Freeport-McMoRan, Inc.		2,066		22,437
General Dynamics Corp.		1,037		160,901
General Electric Co.		14,417		427,032
General Mills, Inc.		1,037		66,244
General Motors Co.		2,066		65,637
Gilead Sciences, Inc.		2,742		216,947
Goldman Sachs Group, Inc.		1,037		167,237
Halliburton Co.		2,066		92,722
Halyard Health, Inc. (c)		129		4,471
HCP, Inc. REIT		3,102		117,721
Hershey Co.		1,037		99,137
Hess Corp.		1,037		55,604
Hewlett Packard Enterprise Co.		4,145		94,299
Home Depot, Inc.		2,066		265,853
Honeywell International, Inc.		2,066		240,875
HP, Inc.		4,145		64,372
Illinois Tool Works, Inc.		1,563		187,310
Ingersoll-Rand PLC		2,066		140,364
Intel Corp.		8,271		312,230
International Business Machines Corp.		1,668		264,962
Intuit, Inc.		1,037		114,080
Iron Mountain, Inc.		20		750
Iron Mountain, Inc. REIT		83		3,115
J.M. Smucker Co.		1,037		140,555
Johnson & Johnson		3,102		366,439
Johnson Controls International PLC		2,716		126,375
JPMorgan Chase & Co.		6,208		413,391
Juniper Networks, Inc.		2,066		49,708
Kellogg Co.		1,037		80,336
Keysight Technologies, Inc. (c)		1,035		32,799
Kimberly-Clark Corp.		1,037		130,807
Kinder Morgan, Inc.		2,985		69,043
Kohl’s Corp. (a)		1,037		45,369
Kraft Heinz Co.		169		15,127
L Brands, Inc. (a)		1,563		110,614
Las Vegas Sands Corp.		1,037		59,669
Leidos Holdings, Inc.		287		12,421
Liberty Interactive Corp. QVC Group Class A (c)		2,066		41,341
Liberty TripAdvisor Holdings, Inc. Class A (c) .		140		3,059
Liberty Ventures Series A (c)		436		17,383
Lockheed Martin Corp.		834		199,927
Lowe’s Cos., Inc.		3,102		223,995
LyondellBasell Industries NV Class A		1,037		83,644
Macy’s, Inc.		2,066		76,545
Mallinckrodt PLC (c)		129		9,002
Marathon Oil Corp.		3,102		49,043
Marathon Petroleum Corp.		2,073		84,143
Marsh & McLennan Cos., Inc.		2,066		138,939
Mattel, Inc.		4,145		125,511
McCormick & Co., Inc.		2,222		222,022
McDonald’s Corp.		1,037		119,628
McKesson Corp.		786		131,066
Mead Johnson Nutrition Co.		1,037		81,933
Medtronic PLC		4,287		370,397
Merck & Co., Inc.		4,145		258,689
MetLife, Inc.		3,102		137,822
Microsoft Corp.		11,378		655,373
Mondelez International, Inc. Class A		1,037		45,524
Monsanto Co.		1,037		105,981
Morgan Stanley		3,102		99,450
Mosaic Co.		1,037		25,365
National Oilwell Varco, Inc. (a)		1,037		38,099
NetApp, Inc. (a)		1,037		37,145

See accompanying notes to financial statements.

348

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Newmont Mining Corp.		1,037	$	40,744
News Corp. Class A		630		8,807
NextEra Energy, Inc.		1,037		126,846
NIKE, Inc. Class B		3,462		182,274
Noble Corp. PLC (a)		2,066		13,098
Noble Energy, Inc.		2,066		73,839
Norfolk Southern Corp.		1,037		100,651
Northrop Grumman Corp.		1,215		259,949
NOW, Inc. (c)		258		5,529
O’Reilly Automotive, Inc. (c)		869		243,416
Occidental Petroleum Corp.		2,066		150,653
Oracle Corp.		7,235		284,191
Outfront Media, Inc.		3		71
Parker-Hannifin Corp.		1,037		130,175
PayPal Holdings, Inc. (c)		3,102		127,089
PepsiCo, Inc.		2,066		224,719
Perrigo Co. PLC		17		1,570
Pfizer, Inc.		10,216		346,016
PG&E Corp.		1,037		63,433
Philip Morris International, Inc.		2,066		200,857
Phillips 66 (a)		506		40,758
Pioneer Natural Resources Co.		1,037		192,519
PNC Financial Services Group, Inc.		1,037		93,423
PPL Corp.		3,102		107,236
Praxair, Inc.		1,037		125,301
Procter & Gamble Co.		2,066		185,424
Prologis, Inc. REIT		3,102		166,081
Prudential Financial, Inc.		2,066		168,689
Public Service Enterprise Group, Inc.		2,066		86,503
Public Storage REIT		869		193,909
QUALCOMM, Inc.		3,102		212,487
Range Resources Corp.		1,037		40,184
Raytheon Co.		1,037		141,167
Retail Opportunity Investments Corp.		8,508		186,836
Ross Stores, Inc.		2,073		133,294
salesforce.com, Inc. (c)		2,136		152,361
Schlumberger, Ltd.		3,042		239,223
Seagate Technology PLC		1,037		39,976
Shire PLC		657		42,655
Shire PLC ADR		56		10,856
Simon Property Group, Inc. REIT		1,037		214,669
Southern Co.		1,037		53,198
Southwestern Energy Co. (c)		1,037		14,352
Spectra Energy Corp.		2,066		88,322
St. Jude Medical, Inc.		2,066		164,784
Starbucks Corp.		4,132		223,707
State Street Corp. (g)		1,037		72,206
Synchrony Financial		1,156		32,368
Sysco Corp.		2,066		101,255
Talen Energy Corp. (a) (c)		276		3,823
Target Corp. (a)		1,037		71,221
Texas Instruments, Inc. (a)		3,102		217,698
Thermo Fisher Scientific, Inc.		1,731		275,333
Time Warner, Inc.		1,668		132,789
Time, Inc.		258		3,736
TJX Cos., Inc.		2,066		154,496
Transocean, Ltd. (c)		737		7,800
Travelers Cos., Inc.		1,037		118,788
Twenty-First Century Fox, Inc. Class A		5,173		125,290
Tyson Foods, Inc. Class A		3,305		246,784
Union Pacific Corp.		2,072		202,082
United Financial Bancorp, Inc.		13,205		182,757
United Parcel Service, Inc. Class B		1,037		113,406
United Technologies Corp.		1,037		105,359
UnitedHealth Group, Inc.		2,066		289,240
US Bancorp		3,102		133,045
Valero Energy Corp.		2,066		109,498
Vector Group, Ltd. (a)		9,223		198,576
Verizon Communications, Inc.		3,503		182,086
Viacom, Inc. Class B		1,037		39,510
Visa, Inc. Class A (a)		4,152		343,370
Wal-Mart Stores, Inc.		2,066		149,000
Walgreens Boots Alliance, Inc.		2,066		166,561
Walt Disney Co.		3,102		288,052
Washington Prime Group, Inc. REIT		515		6,376
Waste Management, Inc.		2,066		131,728
Weatherford International PLC (a) (c)		5,173		29,072
Wells Fargo & Co.		8,271		366,240
Western Digital Corp. (a)		1,284		75,075
Whole Foods Market, Inc. (a)		2,066		58,571
Williams Cos., Inc.		3,102		95,324
Yahoo!, Inc. (c)		3,102		133,696
Yum! Brands, Inc.		1,037		94,170
Zoetis, Inc.		119		6,189
				33,706,998
TOTAL COMMON STOCKS (Cost $64,588,221)				64,360,140
RIGHTS — 0.0% (d)
SOUTH KOREA — 0.0% (d)
Samsung Heavy Industries Co., Ltd. (expiring 11/8/16) (c) (f) (Cost $1,302)		265		529
SHORT-TERM INVESTMENTS — 3.7%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (h) (i)		268,592		268,592
State Street Navigator Securities Lending Prime Portfolio (h) (j)		2,141,243		2,141,243
TOTAL SHORT-TERM INVESTMENTS (Cost $2,409,835)				2,409,835
TOTAL INVESTMENTS — 102.9% (Cost $66,999,358)				66,770,504
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.9)%				(1,887,874	)
NET ASSETS — 100.0%			$	64,882,630

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(c) Non-income producing security.

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

See accompanying notes to financial statements.

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September 30, 2016

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $61,690, representing 9.5% of net assets.

(g) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at September 30, 2016.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,632,675	$	—	$	—	$	1,632,675
Austria		40,452		—		—		40,452
Belgium.		257,501		—		—		257,501
Brazil		329,784		—		—		329,784
Canada		2,045,895		—		—		2,045,895
Chile		19,730		—		—		19,730
China		2,094,401		—		—		2,094,401
Colombia		8,433		—		—		8,433
Denmark		406,864		—		—		406,864
Finland		239,820		—		—		239,820
France		1,994,596		—		—		1,994,596
Germany		1,826,423		—		—		1,826,423
Hong Kong		942,962		—		—		942,962
Hungary		51,862		—		—		51,862
India		410,524		—		—		410,524
Indonesia		310,310		—		—		310,310
Ireland		222,095		—		—		222,095
Israel		213,563		—		—		213,563
Italy.		350,068		—		—		350,068
Japan		5,310,944		41,594		—		5,352,538
Luxembourg.		20,963		—		—		20,963
Mexico		266,862		—		—		266,862
Netherlands		1,002,893		—		—		1,002,893
Norway		172,820		—		—		172,820
Peru		3,681		—		—		3,681
Philippines		26,646		—		—		26,646
Russia		228,082		—		—		228,082
Singapore		397,467		—		—		397,467
South Africa.		430,779		—		—		430,779
South Korea		1,194,675		—		—		1,194,675
Spain		526,156		—		—		526,156
Sweden		668,124		—		—		668,124
Switzerland		1,952,413		—		—		1,952,413
Taiwan.		886,100		—		—		886,100
Thailand		51,587		19,567		—		71,154
Turkey		117,176		—		—		117,176
United Kingdom.		3,936,655		—		—		3,936,655
United States		33,706,998		—		—		33,706,998
Rights
South Korea		—		529		—		529
Short-Term Investments		2,409,835		—		—		2,409,835
TOTAL INVESTMENTS	$	66,708,814	$	61,690	$	—	$	66,770,504

See accompanying notes to financial statements.

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September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		619	$	41,603		418		—		1,037	$	72,206	$	1,132	$	—
State Street Institutional Liquid Reserves Fund, Premier Class .		139,125		139,125		2,260,977		2,131,510		268,592		268,592		451		—
State Street Navigator Securities Lending Prime Portfolio		6,738,898		6,738,898		63,218,566		67,816,221		2,141,243		2,141,243		20,224		—
TOTAL			$	6,919,626							$	2,482,041	$	21,807	$	—

See accompanying notes to financial statements.

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September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 2.2%
Amcor, Ltd.		4,411	$	51,139
AMP, Ltd.		6,797		27,463
APA Group		13,111		85,483
Aurizon Holdings, Ltd.		1,589		5,715
Australia & New Zealand Banking Group, Ltd.		7,947		168,030
Brambles, Ltd.		4,649		42,621
Caltex Australia, Ltd.		3,481		91,236
Coca-Cola Amatil, Ltd.		2,083		16,339
Commonwealth Bank of Australia		4,391		243,279
Computershare, Ltd.		949		7,495
Crown Resorts, Ltd.		778		7,805
CSL, Ltd.		1,009		82,619
Dexus Property Group REIT		2,731		19,123
Fortescue Metals Group, Ltd.		13,952		52,850
Goodman Group REIT		3,714		20,691
GPT Group REIT		4,494		17,402
Harvey Norman Holdings, Ltd.		1,985		7,899
Insurance Australia Group, Ltd.		6,243		26,133
LendLease Group		1,782		19,146
Macquarie Group, Ltd.		923		57,876
Medibank Pvt, Ltd.		7,817		14,835
Mirvac Group REIT		10,643		18,244
National Australia Bank, Ltd.		7,305		155,798
Newcrest Mining, Ltd.		1,936		32,875
Oil Search, Ltd.		9,481		51,440
QBE Insurance Group, Ltd.		3,826		27,200
Ramsay Health Care, Ltd.		143		8,658
Scentre Group REIT		15,694		56,446
SEEK, Ltd.		1,001		11,919
Sonic Healthcare, Ltd.		795		13,390
Stockland REIT		8,063		29,370
SunCorp. Group, Ltd.		3,146		29,155
Sydney Airport		7,517		40,094
TabCorp. Holdings, Ltd.		901		3,434
Tatts Group, Ltd.		5,634		15,737
Telstra Corp., Ltd.		12,063		47,818
Transurban Group Stapled Security		10,618		92,386
Treasury Wine Estates, Ltd.		2,725		23,022
Wesfarmers, Ltd.		2,749		92,772
Westfield Corp.		4,244		31,600
Westpac Banking Corp.		8,956		202,249
Woolworths, Ltd.		2,298		40,921
				2,089,707
AUSTRIA — 0.0% (a)
ANDRITZ AG		130		7,079
Erste Group Bank AG (b)		480		14,222
Raiffeisen Bank International AG (b)		780		11,882
				33,183
BELGIUM — 0.4%
Ageas		1,101		40,169
Anheuser-Busch InBev SA		2,211		289,719
Colruyt SA		208		11,538
KBC Group NV (b)		562		32,728
Proximus SADP		338		10,098
UCB SA.		260		20,111
Umicore SA		457		28,673
				433,036
BERMUDA — 0.0% (a)
Marvell Technology Group, Ltd.		2,566		34,051
BRAZIL — 0.8%
AES Tiete Energia SA		9,705		47,825
Ambev SA		11,681		71,261
Banco Bradesco SA Preference Shares		6,799		62,092
Banco do Brasil SA.		2,567		18,015
BB Seguridade Participacoes SA		1,287		11,837
BM&FBovespa SA		3,852		19,931
BRF SA		1,287		21,914
CCR SA		3,852		20,085
Cia Energetica de Sao Paulo Class B, Preference Shares		9,739		44,066
Cielo SA		1,852		18,532
Cosan SA Industria e Comercio		5,139		59,649
Embraer SA		1,287		5,550
Equatorial Energia SA		1,034		16,015
Itau Unibanco Holding SA Preference Shares		7,068		77,275
Klabin SA.		1,313		6,887
Kroton Educacional SA		3,852		17,536
Telefonica Brasil SA Preference Shares		1,668		24,105
Tim Participacoes SA		1,607		3,908
Ultrapar Participacoes SA		10,268		224,585
Vale SA Preference Shares		6,400		30,337
				801,405
CANADA — 3.4%
Agnico Eagle Mines, Ltd.		987		53,283
Alimentation Couche-Tard, Inc. Class B		1,287		62,262
AltaGas, Ltd.		5,166		132,624
Bank of Montreal		1,287		84,188
Bank of Nova Scotia		3,103		164,140
Barrick Gold Corp.		2,800		49,491
BCE, Inc.		637		29,367
BlackBerry, Ltd. (b)		793		6,312
Bombardier, Inc. Class B (b)		2,566		3,514
Brookfield Asset Management, Inc. Class A		1,931		67,778
Cameco Corp.		8,964		76,459
Canadian Imperial Bank of Commerce		637		49,307
Canadian National Railway Co.		1,768		115,369
Canadian Pacific Railway, Ltd.		351		53,465
Canadian Tire Corp., Ltd. Class A		200		19,993
CCL Industries, Inc. Class B		217		41,709
CGI Group, Inc. Class A (b)		400		19,019
Constellation Software, Inc.		43		19,350
Dollarama, Inc.		200		15,588
Eldorado Gold Corp.		3,852		15,124
Enbridge, Inc.		5,759		252,664
Fairfax Financial Holdings, Ltd.		100		58,491
First Quantum Minerals, Ltd.		4,122		34,061
Franco-Nevada Corp.		887		61,862
George Weston, Ltd.		200		16,654
GoldCorp., Inc.		3,138		51,693
Inter Pipeline, Ltd.		6,521		137,441
Keyera Corp.		2,286		73,785
Kinross Gold Corp. (b)		3,100		13,044

See accompanying notes to financial statements.

352

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September 30, 2016

Security Description	Shares		Value
Loblaw Cos., Ltd.		429	$	22,034
Magna International, Inc.		598		25,626
Manulife Financial Corp.		6,052		85,237
National Bank of Canada		400		14,159
Pembina Pipeline Corp.		5,552		168,894
Power Corp. of Canada		800		16,916
PrairieSky Royalty, Ltd.		8,993		183,042
Restaurant Brands International, Inc.		580		25,817
Rogers Communications, Inc. Class B		1,287		54,506
Royal Bank of Canada		3,692		228,276
Shaw Communications, Inc. Class B		1,000		20,430
Silver Wheaton Corp.		2,915		78,606
SNC-Lavalin Group, Inc.		610		23,917
Sun Life Financial, Inc.		1,287		41,805
Toronto-Dominion Bank		4,289		190,064
TransCanada Corp.		3,814		180,826
Veresen, Inc.		8,842		90,152
Vermilion Energy, Inc.		1,966		76,022
Yamana Gold, Inc.		2,638		11,341
				3,315,707
CHILE — 0.2%
Aguas Andinas SA Class A		121,805		78,092
Antofagasta PLC		10,809		73,574
Cencosud SA.		4,086		12,250
Cia Cervecerias Unidas SA		614		6,192
SACI Falabella.		1,498		10,962
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		403		10,887
				191,957
CHINA — 2.7%
AAC Technologies Holdings, Inc.		1,500		15,076
Agricultural Bank of China, Ltd. Class H		74,000		31,676
Alibaba Group Holding, Ltd. ADR (b)		2,889		305,627
Baidu, Inc. ADR (b)		697		126,903
Bank of China, Ltd. Class H		223,000		101,782
Bank of Communications Co., Ltd. Class H		17,000		12,954
Beijing Capital International Airport Co., Ltd. Class H		26,000		29,466
Beijing Enterprises Water Group, Ltd. (b)		52,000		35,132
Belle International Holdings, Ltd.		13,000		8,917
Brilliance China Automotive Holdings, Ltd.		14,000		15,704
Byd Co., Ltd. Class H (b)		2,000		13,125
CGN Power Co., Ltd. Class H (c)		144,000		42,517
China Cinda Asset Management Co., Ltd. Class H		13,000		4,593
China CITIC Bank Corp., Ltd. Class H		21,000		13,944
China Communications Construction Co., Ltd. Class H		13,000		13,660
China Construction Bank Corp. Class H		224,000		166,066
China Everbright Bank Co., Ltd. Class H		13,000		6,051
China Life Insurance Co., Ltd. Class H		26,000		67,045
China Merchants Bank Co., Ltd. Class H		11,000		27,713
China Merchants Port Holdings Co., Ltd.		8,220		21,886
China Minsheng Banking Corp., Ltd. Class H		11,500		13,256
China Mobile, Ltd.		15,500		187,556
China Oilfield Services, Ltd. Class H		26,000		22,561
China Overseas Land & Investment, Ltd.		12,000		40,691
China Pacific Insurance Group Co., Ltd. Class H .		5,200		19,208
China Resources Land, Ltd.		8,000		22,280
China Telecom Corp., Ltd. Class H		52,000		26,215
China Unicom Hong Kong, Ltd.		14,000		16,805
Chongqing Changan Automobile Co., Ltd. Class B.		2,400		3,911
CITIC Securities Co., Ltd. Class H		6,500		13,795
CITIC, Ltd.		13,000		18,538
COSCO SHIPPING Ports, Ltd.		12,415		12,726
Country Garden Holdings Co., Ltd.		13,000		6,855
CRRC Corp., Ltd. Class H		15,000		13,538
Ctrip.com International, Ltd. ADR (b)		887		41,308
Great Wall Motor Co., Ltd. Class H		19,500		18,982
Guangdong Investment, Ltd.		34,000		54,008
Guangzhou Automobile Group Co., Ltd. Class H .		12,000		15,426
Haitong Securities Co., Ltd. Class H		5,200		8,796
Hengan International Group Co., Ltd.		2,000		16,581
Huaneng Renewables Corp., Ltd. Class H		90,000		31,331
Industrial & Commercial Bank of China, Ltd. Class H		202,000		126,316
JD.com, Inc. ADR (b)		1,837		47,927
Jiangsu Expressway Co., Ltd. Class H		26,000		35,936
Kunlun Energy Co., Ltd.		52,000		39,825
Lenovo Group, Ltd.		26,000		17,231
NetEase, Inc. ADR		207		49,841
New Oriental Education & Technology Group, Inc. ADR (b)		309		14,325
PICC Property & Casualty Co., Ltd. Class H		12,000		19,866
Ping An Insurance Group Co. of China, Ltd. Class H		13,000		67,381
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		2,600		7,006
Sinopec Engineering Group Co., Ltd. Class H		6,500		5,590
Sinopharm Group Co., Ltd. Class H		5,200		24,974
Sinotrans, Ltd. Class H		32,000		15,513
Tencent Holdings, Ltd.		14,384		395,025
Vipshop Holdings, Ltd. ADR (b)		1,075		15,770
Want Want China Holdings, Ltd.		13,000		8,045
Yangzijiang Shipbuilding Holdings, Ltd.		26,000		14,302
Zhejiang Expressway Co., Ltd. Class H		26,000		27,422
				2,596,499
COLOMBIA — 0.2%
Bancolombia SA Preference Shares		3,403		33,014
Grupo Aval Acciones y Valores SA Preference Shares		62,905		27,521
Grupo de Inversiones Suramericana SA		1,886		24,636
Grupo de Inversiones Suramericana SA
Preference Shares		1,727		22,367
Interconexion Electrica SA ESP		20,061		67,915
				175,453
DENMARK — 0.6%
Carlsberg A/S Class B		248		23,655
Chr Hansen Holding A/S		582		34,608
Coloplast A/S Class B		286		22,186
Danske Bank A/S		1,793		52,334

See accompanying notes to financial statements.

353

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Genmab A/S (b)		117	$	19,953
ISS A/S		393		16,317
Novo Nordisk A/S Class B		4,995		207,611
Novozymes A/S Class B		1,090		47,953
Pandora A/S		325		39,289
TDC A/S		2,566		15,096
Vestas Wind Systems A/S		676		55,654
				534,656
FINLAND — 0.4%
Elisa Oyj		269		9,925
Kone Oyj Class B		1,628		82,641
Metso Oyj.		429		12,520
Neste Oyj		2,007		85,572
Nokia Oyj (d)		13,328		77,286
Nokia Oyj (d)		1,869		10,815
Nokian Renkaat Oyj		377		13,748
Sampo Oyj Class A		1,289		57,364
Wartsila Oyj Abp		551		24,812
				374,683
FRANCE — 2.9%
Aeroports de Paris		273		27,084
Airbus Group SE		1,833		110,906
Atos SE		252		27,164
AXA SA		7,023		149,483
BNP Paribas SA		3,093		159,093
Bollore SA		11,472		39,901
Bureau Veritas SA		663		14,227
Cap Gemini SA		403		39,483
Carrefour SA.		975		25,272
Christian Dior SE		169		30,302
CNP Assurances.		1,335		22,437
Credit Agricole SA		4,085		40,297
Danone SA		1,828		135,687
Dassault Systemes		223		19,354
Edenred		1,370		32,047
Essilor International SA		568		73,279
Eutelsat Communications SA		284		5,882
Fonciere Des Regions		54		5,034
Gecina SA REIT		130		20,475
Groupe Eurotunnel SE		2,364		25,600
Hermes International		69		28,090
Iliad SA		52		10,916
Ingenico Group SA		147		12,848
Kering		273		55,085
Klepierre REIT		675		30,949
L’Oreal SA		858		162,085
Lagardere SCA		260		6,622
Legrand SA.		778		45,884
LVMH Moet Hennessy Louis Vuitton SE		767		130,845
Natixis SA		2,028		9,456
Orange SA		5,485		85,865
Pernod Ricard SA		742		87,847
Peugeot SA (b)		832		12,711
Publicis Groupe SA.		545		41,232
Remy Cointreau SA		117		9,989
Renault SA		702		57,701
Rexel SA		1,806		27,694
Safran SA		854		61,422
Sanofi		3,275		248,945
Schneider Electric SE		2,002		139,626
SCOR SE		592		18,409
Societe BIC SA		78		11,540
Societe Generale SA		2,553		88,310
Sodexo SA		274		32,640
Technip SA		1,252		76,921
Thales SA.		333		30,683
Unibail-Rodamco SE		299		80,644
Valeo SA		513		29,938
Vinci SA		1,259		96,381
Vivendi SA		3,839		77,441
Zodiac Aerospace		845		20,583
				2,832,309
GERMANY — 2.8%
adidas AG		540		93,759
Allianz SE		1,439		213,625
BASF SE		1,799		153,873
Bayer AG		1,896		190,551
Bayerische Motoren Werke AG		1,248		104,921
Bayerische Motoren Werke AG Preference Shares		150		11,062
Beiersdorf AG		257		24,246
Brenntag AG		650		35,504
Commerzbank AG		5,055		32,596
Continental AG		208		43,746
Daimler AG.		3,036		213,958
Deutsche Bank AG (b)		4,671		60,734
Deutsche Boerse AG (b)		317		25,703
Deutsche Post AG		1,963		61,371
Deutsche Telekom AG		8,232		138,027
Deutsche Wohnen AG		965		35,088
Fraport AG Frankfurt Airport Services Worldwide		364		19,915
Fresenius Medical Care AG & Co. KGaA		480		41,946
Fresenius SE & Co. KGaA		1,119		89,297
GEA Group AG		455		25,265
Hannover Rueck SE		167		17,893
Henkel AG & Co. KGaA		267		31,086
Henkel AG & Co. KGaA Preference Shares		549		74,653
HUGO BOSS AG		91		5,034
Infineon Technologies AG		2,128		37,976
Merck KGaA.		390		42,036
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		571		106,521
Porsche Automobil Holding SE Preference Shares		700		35,742
ProSiebenSat.1 Media SE		493		21,120
SAP SE		2,681		243,804
Siemens AG		2,360		276,356
Symrise AG		910		66,708
Telefonica Deutschland Holding AG		3,522		14,174
Volkswagen AG Preference Shares		486		63,874
Volkswagen AG		52		7,547
Vonovia SE		1,208		45,756
				2,705,467
GREECE — 0.0% (a)
Alpha Bank AE (b)		2,247		3,737
Eurobank Ergasias SA (b)		199		114

See accompanying notes to financial statements.

354

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
FF Group (b)		208	$	5,166
Hellenic Telecommunications Organization SA		601		5,268
JUMBO SA		536		6,686
National Bank of Greece SA (b)		238		49
OPAP SA		575		4,859
Piraeus Bank SA (b)		45		7
				25,886
HONG KONG — 1.5%
AIA Group, Ltd.		29,200		194,078
BOC Hong Kong Holdings, Ltd.		6,500		21,957
Cheung Kong Infrastructure Holdings, Ltd.		13,000		111,798
Cheung Kong Property Holdings, Ltd.		7,459		54,433
CK Hutchison Holdings, Ltd.		13,000		165,267
Galaxy Entertainment Group, Ltd.		9,000		33,884
GCL-Poly Energy Holdings, Ltd.		26,000		3,453
Hanergy Thin Film Power Group, Ltd. (b) (e)		24,000		—
Hang Lung Properties, Ltd.		13,000		29,232
Henderson Land Development Co., Ltd.		3,300		19,572
Hong Kong & China Gas Co., Ltd.		79,200		149,496
Hong Kong Exchanges and Clearing, Ltd.		2,693		70,763
Hongkong Land Holdings, Ltd.		3,000		21,300
Jardine Matheson Holdings, Ltd.		800		48,488
Li & Fung, Ltd.		26,000		13,308
Link REIT		6,500		47,770
MTR Corp., Ltd.		13,380		73,663
New World Development Co., Ltd.		27,748		36,062
Sands China, Ltd.		5,200		22,561
Sun Art Retail Group, Ltd.		6,500		4,484
Sun Hung Kai Properties, Ltd.		13,000		196,275
Swire Properties, Ltd.		5,200		15,219
Wharf Holdings, Ltd.		13,000		94,618
				1,427,681
INDIA — 0.8%
Adani Ports & Special Economic Zone, Ltd.		6,706		25,860
Asian Paints, Ltd.		2,902		50,591
Axis Bank, Ltd.		2,206		17,937
Bharat Petroleum Corp., Ltd.		11,439		105,250
Bharti Airtel, Ltd.		3,437		16,209
Bharti Infratel, Ltd.		2,300		12,619
Cairn India, Ltd.		23,211		69,741
HCL Technologies, Ltd.		1,506		18,093
Hindustan Unilever, Ltd.		2,090		27,243
Housing Development Finance Corp., Ltd.		2,737		57,283
ICICI Bank, Ltd. ADR		1,434		10,712
Infosys, Ltd. ADR		5,050		79,689
ITC, Ltd.		9,790		35,488
Larsen & Toubro, Ltd. GDR		1,016		21,742
Mahindra & Mahindra, Ltd. GDR		855		18,126
Maruti Suzuki India, Ltd.		321		26,408
Reliance Industries, Ltd.		3,453		56,203
State Bank of India GDR		472		17,582
Sun Pharmaceutical Industries, Ltd.		2,154		24,028
Tata Consultancy Services, Ltd.		1,413		51,588
Tata Motors, Ltd.		2,144		17,223
Tata Motors, Ltd. ADR		634		25,347
Wipro, Ltd. ADR		1,222		11,866
				796,828
INDONESIA — 0.3%
Astra International Tbk PT		70,200		44,376
Bank Central Asia Tbk PT		19,500		23,458
Bank Mandiri Persero Tbk PT		26,000		22,312
Bank Rakyat Indonesia Persero Tbk PT		26,000		24,305
Charoen Pokphand Indonesia Tbk PT		19,500		5,230
Hanjaya Mandala Sampoerna Tbk PT		62,500		18,916
Jasa Marga Persero Tbk PT		26,000		9,164
Perusahaan Gas Negara Persero Tbk		192,700		42,376
Telekomunikasi Indonesia Persero Tbk PT		156,000		51,518
Unilever Indonesia Tbk PT		6,500		22,188
United Tractors Tbk PT		6,500		8,815
				272,658
IRELAND — 0.2%
Bank of Ireland (b)		55,563		11,614
Experian PLC		3,373		67,651
Kerry Group PLC Class A		377		31,419
XL Group, Ltd.		1,287		43,282
				153,966
ISRAEL — 0.2%
Bank Leumi Le-Israel BM (b)		1,665		6,323
Bezeq The Israeli Telecommunication Corp., Ltd.		4,081		7,689
Check Point Software Technologies, Ltd. (b)		257		19,946
Teva Pharmaceutical Industries, Ltd.		2,378		114,017
				147,975
ITALY — 0.5%
Assicurazioni Generali SpA		4,056		49,501
Atlantia SpA		1,686		42,802
Ferrari NV		303		15,742
Intesa Sanpaolo SpA		33,030		73,273
Luxottica Group SpA		455		21,742
Mediobanca SpA		1,885		12,265
Snam SpA		18,751		104,013
Telecom Italia SpA/Milano (b) (d)		9,493		7,884
Telecom Italia RSP/Milano (b) (d)		40,922		27,777
Terna Rete Elettrica Nazionale SpA		10,799		55,680
UniCredit SpA		17,557		40,882
Unione di Banche Italiane SpA		1,222		2,815
UnipolSai SpA.		3,995		6,501
				460,877
JAPAN — 8.4%
Aeon Co., Ltd.		2,100		30,878
Alfresa Holdings Corp.		1,300		27,306
Amada Holdings Co., Ltd.		1,300		13,402
Asahi Group Holdings, Ltd.		1,300		47,063
Astellas Pharma, Inc.		5,400		83,908
Bridgestone Corp.		1,200		43,917
Brother Industries, Ltd.		1,300		22,607
Canon, Inc.		3,900		112,592
Central Japan Railway Co.		1,300		220,935
Chugai Pharmaceutical Co., Ltd.		1,300		46,665
Dai-ichi Life Insurance Co., Ltd.		3,700		50,112
Daiichi Sankyo Co., Ltd.		1,300		31,003
Daikin Industries, Ltd.		1,300		120,044
Daito Trust Construction Co., Ltd.		100		15,973
Daiwa House Industry Co., Ltd.		1,600		43,537

See accompanying notes to financial statements.

355

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Daiwa Securities Group, Inc.		13,000	$	72,455
Denso Corp.		1,900		75,051
Dentsu, Inc.		1,300		65,600
East Japan Railway Co.		1,300		116,565
Eisai Co., Ltd.		700		43,459
FANUC Corp.		1,300		218,368
Fast Retailing Co., Ltd.		200		63,773
Fuji Heavy Industries, Ltd.		2,600		96,410
FUJIFILM Holdings Corp.		1,300		47,730
Fujitsu, Ltd.		3,000		15,998
Hankyu Hanshin Holdings, Inc.		600		20,560
Hino Motors, Ltd.		1,300		13,749
Hitachi Chemical Co., Ltd.		1,300		29,604
Hitachi Construction Machinery Co., Ltd.		1,300		25,662
Hitachi Metals, Ltd.		2,900		35,282
Hitachi, Ltd.		13,000		60,157
Honda Motor Co., Ltd.		4,400		125,463
Hoya Corp.		1,300		51,838
IHI Corp.		5,000		14,319
Isuzu Motors, Ltd.		1,300		15,142
ITOCHU Corp.		6,000		74,774
Japan Exchange Group, Inc.		1,200		18,545
Japan Post Bank Co., Ltd.		1,900		22,421
Japan Post Holdings Co., Ltd.		2,232		27,838
Japan Real Estate Investment Corp.		3		17,923
Japan Tobacco, Inc.		3,300		134,229
Kajima Corp.		2,000		13,904
Kansai Paint Co., Ltd.		2,000		43,510
Kao Corp.		1,300		73,059
Kawasaki Heavy Industries, Ltd.		5,000		15,306
KDDI Corp.		5,000		153,804
Keio Corp.		2,000		17,380
Keisei Electric Railway Co., Ltd.		500		12,408
Keyence Corp.		100		72,542
Kirin Holdings Co., Ltd.		1,300		21,458
Koito Manufacturing Co., Ltd.		300		14,457
Komatsu, Ltd.		3,900		88,387
Kubota Corp.		3,300		49,322
Kyocera Corp.		1,300		61,916
Lawson, Inc.		300		23,611
M3, Inc.		500		16,985
Makita Corp.		400		28,282
Marubeni Corp.		12,500		63,633
Maruichi Steel Tube, Ltd.		700		24,056
Mazda Motor Corp.		1,300		19,661
Medipal Holdings Corp.		900		15,491
MEIJI Holdings Co., Ltd.		300		29,596
Mitsubishi Corp.		4,400		99,284
Mitsubishi Electric Corp.		13,000		164,642
Mitsubishi Estate Co., Ltd.		3,000		55,932
Mitsubishi Heavy Industries, Ltd.		13,000		53,802
Mitsubishi Motors Corp.		1,300		6,021
Mitsubishi UFJ Financial Group, Inc.		37,800		188,543
Mitsui & Co., Ltd.		6,800		93,373
Mitsui Fudosan Co., Ltd.		3,000		63,265
Mizuho Financial Group, Inc.		77,800		129,532
MS&AD Insurance Group Holdings, Inc.		1,800		49,584
Murata Manufacturing Co., Ltd.		500		64,336
NEC Corp.		10,000		25,576
Nidec Corp.		1,300		118,902
Nikon Corp.		1,300		19,308
Nintendo Co., Ltd.		300		78,818
Nippon Building Fund, Inc.		3		18,990
Nippon Paint Holdings Co., Ltd.		1,200		39,698
Nippon Telegraph & Telephone Corp.		1,900		86,571
Nissan Motor Co., Ltd.		7,800		75,693
Nitori Holdings Co., Ltd.		200		23,799
Nitto Denko Corp.		1,300		83,521
Nomura Holdings, Inc.		13,000		57,269
NTT DOCOMO, Inc.		4,100		103,730
Obayashi Corp.		1,700		16,737
Odakyu Electric Railway Co., Ltd.		1,000		22,120
Olympus Corp.		1,300		44,932
Omron Corp.		500		17,800
Ono Pharmaceutical Co., Ltd.		1,000		27,714
Oriental Land Co., Ltd.		700		42,402
ORIX Corp.		3,600		52,526
Otsuka Holdings Co., Ltd.		1,300		58,912
Panasonic Corp.		5,200		51,453
Rakuten, Inc.		2,600		33,660
Recruit Holdings Co., Ltd.		500		20,293
Resona Holdings, Inc.		9,100		37,949
Ricoh Co., Ltd.		800		7,189
SBI Holdings, Inc.		1,300		15,354
Secom Co., Ltd.		1,300		96,385
Sekisui House, Ltd.		2,600		43,930
Seven & i Holdings Co., Ltd.		2,600		122,137
Shimano, Inc.		200		29,467
Shimizu Corp.		2,000		17,775
Shin-Etsu Chemical Co., Ltd.		1,300		89,889
Shionogi & Co., Ltd.		1,300		66,139
Shiseido Co., Ltd.		1,300		34,206
SMC Corp.		200		57,058
SoftBank Group Corp.		2,600		167,454
Sompo Japan Nipponkoa Holdings, Inc.		1,300		38,070
Sony Corp.		3,500		113,815
Sumitomo Corp.		8,100		89,827
Sumitomo Electric Industries, Ltd.		1,100		15,381
Sumitomo Heavy Industries, Ltd.		4,000		19,513
Sumitomo Metal Mining Co., Ltd.		13,000		177,993
Sumitomo Mitsui Financial Group, Inc.		3,900		130,173
Sumitomo Mitsui Trust Holdings, Inc.		1,300		41,979
Sumitomo Realty & Development Co., Ltd.		1,000		25,651
Suntory Beverage & Food, Ltd.		400		17,183
Suzuki Motor Corp.		1,300		43,134
Sysmex Corp.		300		22,041
T&D Holdings, Inc.		2,600		29,000
Taisei Corp.		3,000		22,367
Takeda Pharmaceutical Co., Ltd.		2,600		123,832
Terumo Corp.		700		26,717
Toho Gas Co., Ltd.		13,000		121,059
Tokio Marine Holdings, Inc.		2,200		83,294
Tokyo Electron, Ltd.		500		43,831
Tokyo Gas Co., Ltd.		13,000		57,461
Tokyu Corp.		13,000		98,593
Tokyu Fudosan Holdings Corp.		1,300		6,997
Toyota Industries Corp.		800		36,735
Toyota Motor Corp.		7,800		445,131
Toyota Tsusho Corp.		1,300		29,925
Unicharm Corp.		1,300		33,487

See accompanying notes to financial statements.

356

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Yahoo! Japan Corp.		3,900	$	15,482
Yakult Honsha Co., Ltd.		300		13,450
Yamato Holdings Co., Ltd.		1,300		30,085
				8,097,501
LUXEMBOURG — 0.0% (a)
RTL Group SA (b)		130		10,801
SES SA		663		16,269
				27,070
MACAU — 0.0% (a)
MGM China Holdings, Ltd.		5,200		9,024
Wynn Macau, Ltd.		5,200		8,609
				17,633
MALAYSIA — 0.3%
CIMB Group Holdings Bhd		13,464		15,334
Gamuda Bhd		12,000		14,218
Genting Bhd		11,700		22,435
Genting Malaysia Bhd		8,900		9,792
IJM Corp. Bhd.		15,600		12,109
IOI Properties Group Bhd		9,450		5,690
Malayan Banking Bhd		12,632		22,909
Petronas Chemicals Group Bhd		14,300		22,995
Petronas Dagangan Bhd		10,300		58,530
Petronas Gas Bhd		18,500		97,700
PPB Group Bhd		3,900		15,259
SapuraKencana Petroleum Bhd (b)		51,200		19,438
				316,409
MEXICO — 0.4%
America Movil SAB de CV Series L		74,048		42,355
Coca-Cola Femsa SAB de CV Series L		1,287		9,686
Fibra Uno Administracion SA de CV REIT		5,420		9,919
Fomento Economico Mexicano SAB de CV		5,138		47,455
Fresnillo PLC		1,019		24,012
Grupo Aeroportuario del Pacifico SAB de CV Class B.		1,287		12,243
Grupo Aeroportuario del Sureste SAB de CV Class B.		1,300		19,095
Grupo Financiero Banorte SAB de CV Series O		2,338		12,283
Grupo Mexico SAB de CV Series B		39,587		96,914
Grupo Televisa SAB Series CPO		5,138		26,450
OHL Mexico SAB de CV (b)		11,196		14,879
Promotora y Operadora de Infraestructura SAB de CV		1,500		16,125
Wal-Mart de Mexico SAB de CV		17,973		39,543
				370,959
NETHERLANDS — 1.0%
Aegon NV		10,095		38,697
AerCap Holdings NV (b)		674		25,942
Akzo Nobel NV		309		20,936
Altice NV Class A (b)		1,556		27,926
ASML Holding NV.		1,001		109,894
Gemalto NV		182		11,675
Heineken NV		715		62,923
ING Groep NV		12,221		150,936
Koninklijke Ahold Delhaize NV		1,545		35,229
Koninklijke KPN NV		8,336		27,682
Koninklijke Philips NV		3,160		93,681
Koninklijke Vopak NV		1,795		94,244
NN Group NV		789		24,251
NXP Semiconductors NV (b)		794		80,996
Randstad Holding NV		598		27,251
Royal Dutch Shell PLC Class A		76		1,890
Royal Dutch Shell PLC Class B		4,074		105,684
Steinhoff International Holdings NV		8,899		50,833
Wolters Kluwer NV.		375		16,054
				1,006,724
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		1,681		8,985
Meridian Energy, Ltd.		30,275		57,241
				66,226
NORWAY — 0.2%
DNB ASA		3,379		44,265
Gjensidige Forsikring ASA		520		9,707
Marine Harvest ASA (b)		2,318		41,503
Orkla ASA		4,954		51,199
Schibsted ASA Class A		578		16,974
Telenor ASA		2,990		51,291
				214,939
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR (b)		1,400		19,376
Credicorp, Ltd.		234		35,619
				54,995
PHILIPPINES — 0.1%
Aboitiz Power Corp.		58,500		55,068
Energy Development Corp.		49,300		6,008
International Container Terminal Services, Inc.		2,600		4,128
JG Summit Holdings, Inc.		5,110		7,850
PLDT, Inc.		325		11,473
SM Investments Corp.		540		7,500
SM Prime Holdings, Inc.		24,700		14,338
Universal Robina Corp.		1,560		5,726
				112,091
POLAND — 0.1%
Bank Pekao SA		455		14,706
Bank Zachodni WBK SA		104		8,452
Cyfrowy Polsat SA (b)		936		5,992
mBank SA (b)		52		4,643
Powszechna Kasa Oszczednosci Bank Polski SA .		3,392		23,140
Powszechny Zaklad Ubezpieczen SA		2,791		17,778
				74,711
PORTUGAL — 0.0% (a)
Galp Energia SGPS SA		1,078		14,737
QATAR — 0.1%
Barwa Real Estate Co.		679		6,311
Industries Qatar QSC		455		13,492
Qatar Gas Transport Co., Ltd.		13,949		90,389
				110,192
RUSSIA — 0.3%
Magnit PJSC GDR		1,517		63,244
MegaFon PJSC GDR		1,300		12,415

See accompanying notes to financial statements.

357

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Mobile TeleSystems PJSC ADR		3,852	$	29,391
Moscow Exchange MICEX-RTS PJSC (b)		15,653		31,529
Rostelecom PJSC ADR		2,985		22,357
Sberbank of Russia PJSC ADR		12,071		113,202
VTB Bank PJSC GDR		15,798		35,166
				307,304
SINGAPORE — 0.8%
Ascendas REIT		13,450		24,859
Broadcom, Ltd.		1,088		187,702
DBS Group Holdings, Ltd.		13,437		151,670
Genting Singapore PLC		26,000		14,302
Global Logistic Properties, Ltd.		13,000		17,830
Hutchison Port Holdings Trust		59,600		26,522
Oversea-Chinese Banking Corp., Ltd.		13,777		87,404
Singapore Technologies Engineering, Ltd.		7,000		16,583
Singapore Telecommunications, Ltd.		28,200		82,111
United Overseas Bank, Ltd.		3,372		46,569
UOL Group, Ltd.		13,240		54,477
Wilmar International, Ltd.		7,700		18,185
				728,214
SOUTH AFRICA — 0.7%
Aspen Pharmacare Holdings, Ltd.		754		16,998
Barclays Africa Group, Ltd.		845		9,279
Bidvest Group, Ltd.		754		8,860
Brait SE (b)		1,259		10,115
FirstRand, Ltd.		13,366		46,169
Fortress Income Fund, Ltd. Class A		17,041		20,138
Foschini Group, Ltd.		741		7,517
Growthpoint Properties, Ltd. REIT		15,062		27,722
Hyprop Investments, Ltd.		1,569		13,787
Investec PLC		1,820		11,135
Mediclinic International PLC		1,153		13,877
Mr. Price Group, Ltd.		312		3,443
MTN Group, Ltd.		5,342		45,630
Naspers, Ltd. Class N		1,259		217,464
Nedbank Group, Ltd.		949		15,345
Redefine Properties, Ltd. REIT		38,565		32,055
Resilient REIT, Ltd.		1,433		11,946
RMB Holdings, Ltd.		5,186		22,149
Sanlam, Ltd.		4,250		19,718
Shoprite Holdings, Ltd.		1,131		15,741
SPAR Group, Ltd.		493		6,891
Standard Bank Group, Ltd.		5,147		52,652
Truworths International, Ltd.		1,277		6,593
Vodacom Group, Ltd.		1,846		20,692
Woolworths Holdings, Ltd.		2,404		13,512
				669,428
SOUTH KOREA — 1.4%
Amorepacific Corp.		85		30,022
AMOREPACIFIC Group		130		19,535
BNK Financial Group, Inc.		476		3,708
Celltrion, Inc. (b)		210		20,288
Coway Co., Ltd.		130		11,261
Daelim Industrial Co., Ltd.		234		17,613
Daewoo Engineering & Construction Co., Ltd. (b)		1,027		5,931
Dongbu Insurance Co., Ltd.		130		8,050
GS Engineering & Construction Corp. (b)		247		6,582
Hana Financial Group, Inc.		1,027		25,970
Hanwha Corp.		791		25,173
Hanwha Life Insurance Co., Ltd.		897		4,691
Hyundai Development Co-Engineering & Construction		260		12,111
Hyundai Engineering & Construction Co., Ltd.		338		12,046
Hyundai Glovis Co., Ltd.		39		6,409
Hyundai Mobis Co., Ltd.		217		54,184
Hyundai Motor Co		199		24,483
Hyundai Motor Co. Preference Shares (d)		156		14,944
Hyundai Motor Co. Preference Shares (d)		156		14,235
Industrial Bank of Korea		897		9,733
Kakao Corp.		52		3,862
Kangwon Land, Inc.		640		22,837
KB Financial Group, Inc.		1,170		40,209
Kia Motors Corp.		631		24,149
Korea Aerospace Industries, Ltd.		130		9,006
Korea Gas Corp.		767		30,782
Korea Zinc. Co., Ltd.		183		79,923
KT&G Corp.		438		49,712
LG Household & Health Care, Ltd.		26		22,545
Lotte Shopping Co., Ltd.		26		4,875
Mirae Asset Daewoo Co., Ltd.		640		4,538
NAVER Corp.		78		62,536
NCSoft Corp.		52		13,952
Orion Corp.		13		9,762
Paradise Co., Ltd.		260		3,754
S-1 Corp.		104		9,585
Samsung C&T Corp.		197		26,652
Samsung Card Co., Ltd.		156		7,096
Samsung Electronics Co., Ltd.		259		375,795
Samsung Electronics Co., Ltd. Preference Shares .		65		76,134
Samsung Fire & Marine Insurance Co., Ltd.		91		23,094
Samsung Life Insurance Co., Ltd.		195		18,679
Samsung SDI Co., Ltd.		104		9,065
Samsung SDS Co., Ltd.		101		14,123
Samsung Securities Co., Ltd.		182		5,718
Shinhan Financial Group Co., Ltd.		1,287		46,918
SK Holdings Co., Ltd.		171		32,916
SK Hynix, Inc.		118		4,307
SK Telecom Co., Ltd.		65		13,338
Woori Bank.		1,417		14,667
				1,387,498
SPAIN — 1.0%
Abertis Infraestructuras SA		3,375		52,568
Aena SA (c)		198		29,216
Amadeus IT Group SA Class A		712		35,582
Banco Bilbao Vizcaya Argentaria SA		19,791		119,702
Banco de Sabadell SA		9,925		12,715
Banco Popular Espanol SA		8,325		10,301
Banco Santander SA		43,415		192,573
Bankia SA		10,797		8,858
CaixaBank SA		11,019		27,850
Enagas SA		3,170		95,384
Ferrovial SA		735		15,653
Industria de Diseno Textil SA		2,754		102,133
Mapfre SA		5,581		15,617

See accompanying notes to financial statements.

358

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Red Electrica Corp. SA		5,568	$	120,172
Telefonica SA		12,850		130,184
				968,508
SWEDEN — 0.9%
Alfa Laval AB		1,027		16,123
Assa Abloy AB Class B		2,028		41,259
Atlas Copco AB Class A		2,997		90,357
Atlas Copco AB Class B		190		5,198
Autoliv, Inc.		208		22,214
Boliden AB		5,197		122,291
Electrolux AB Series B		247		6,201
Getinge AB Class B		312		6,056
Hennes & Mauritz AB Class B		2,417		68,272
Hexagon AB Class B		286		12,505
Investor AB Class B		1,576		57,706
Kinnevik AB Class B		598		15,272
Lundin Petroleum AB (b)		3,300		60,435
Nordea Bank AB		7,631		75,843
Sandvik AB.		2,655		29,239
Skandinaviska Enskilda Banken AB Class A		2,534		25,496
SKF AB Class B		403		6,967
Svenska Handelsbanken AB Class A		2,958		40,707
Swedbank AB Class A		1,364		32,096
Telefonaktiebolaget LM Ericsson Class B		7,985		57,739
Telia Co. AB		8,973		40,239
Volvo AB Class B		5,290		60,449
				892,664
SWITZERLAND — 3.0%
ABB, Ltd. (b)		5,176		116,452
Actelion, Ltd. (b)		182		31,579
Adecco Group AG		598		33,743
Chocoladefabriken Lindt & Spruengli AG		3		17,377
Cie Financiere Richemont SA		1,429		87,267
Credit Suisse Group AG (b)		5,304		69,542
EMS-Chemie Holding AG		61		32,816
Geberit AG		65		28,524
Givaudan SA		50		101,970
Julius Baer Group, Ltd. (b)		377		15,373
Kuehne + Nagel International AG		182		26,472
Nestle SA		8,236		650,367
Novartis AG		6,034		475,549
Roche Holding AG		1,793		445,753
Schindler Holding AG		91		17,104
SGS SA		10		22,437
Sika AG		13		63,351
Swatch Group AG.		65		18,419
Swiss Life Holding AG (b)		78		20,236
Swiss Re AG		927		83,816
Swisscom AG		39		18,575
Syngenta AG		286		125,387
TE Connectivity, Ltd.		1,074		69,144
UBS Group AG		10,036		136,967
Wolseley PLC		838		47,407
Zurich Insurance Group AG (b)		429		110,635
				2,866,262
TAIWAN — 1.2%
Acer, Inc. (b)		35,000		16,246
Advanced Semiconductor Engineering, Inc.		13,000		15,594
Asustek Computer, Inc.		3,000		26,750
Catcher Technology Co., Ltd.		2,000		16,238
Cathay Financial Holding Co., Ltd.		26,000		33,262
China Development Financial Holding Corp.		52,000		13,272
Chunghwa Telecom Co., Ltd.		13,000		45,828
CTBC Financial Holding Co., Ltd.		55,888		32,450
Delta Electronics, Inc.		4,000		21,311
E.Sun Financial Holding Co., Ltd.		15,447		8,797
Far EasTone Telecommunications Co., Ltd.		13,000		30,690
Formosa Plastics Corp.		13,000		32,266
Foxconn Technology Co., Ltd.		7,070		20,706
Fubon Financial Holding Co., Ltd.		26,000		38,404
Hon Hai Precision Industry Co., Ltd.		6,820		17,188
Inventec Corp.		13,000		10,617
MediaTek, Inc.		13,000		99,329
Mega Financial Holding Co., Ltd.		25,922		18,235
Novatek Microelectronics Corp.		4,000		14,101
Pou Chen Corp.		13,000		18,290
President Chain Store Corp.		3,000		23,831
Quanta Computer, Inc.		13,000		27,124
Ruentex Development Co., Ltd. (b)		14,609		17,780
Shin Kong Financial Holding Co., Ltd. (b)		40,469		8,895
SinoPac Financial Holdings Co., Ltd.		29,154		8,603
Taiwan Fertilizer Co., Ltd.		29,000		38,857
Taiwan Mobile Co., Ltd.		13,000		46,657
Taiwan Semiconductor Manufacturing Co., Ltd.		62,000		360,977
Teco Electric and Machinery Co., Ltd.		13,000		11,198
Uni-President Enterprises Corp.		7,000		13,131
Yuanta Financial Holding Co., Ltd.		66,573		23,787
				1,110,414
THAILAND — 0.2%
Advanced Info Service PCL (f)		2,600		12,006
Airports of Thailand PCL (f)		2,600		29,939
Bangkok Bank PCL NVDR		3,900		18,290
BTS Group Holdings PCL (f)		81,300		20,296
Charoen Pokphand Foods PCL (f)		175		160
CP ALL PCL (f)		10,400		18,459
Energy Absolute PCL (f)		58,500		43,474
Kasikornbank PCL NVDR		3,000		16,234
Siam Commercial Bank PCL (f)		5,200		22,211
Thai Oil PCL (f)		8,300		16,408
				197,477
TURKEY — 0.0% (a)
Akbank TAS		3,029		8,116
TAV Havalimanlari Holding A/S		780		3,216
Tupras Turkiye Petrol Rafinerileri A/S		618		11,698
Turkcell Iletisim Hizmetleri A/S (b)		78		252
Turkiye Garanti Bankasi A/S		3,852		10,205
Turkiye Halk Bankasi A/S		1,550		4,711
Turkiye Is Bankasi		3,631		5,748
				43,946
UNITED ARAB EMIRATES — 0.1%
Aldar Properties PJSC		6,484		4,713
DP World, Ltd.		644		12,204
Emaar Properties PJSC		7,147		13,815

See accompanying notes to financial statements.

359

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Emirates Telecommunications Group Co. PJSC		5,037	$	27,427
First Gulf Bank PJSC		1,079		3,467
				61,626
UNITED KINGDOM — 5.9%
3i Group PLC		2,112		17,846
Aberdeen Asset Management PLC		3,146		13,335
Admiral Group PLC		351		9,342
Ashtead Group PLC		1,872		30,907
Associated British Foods PLC		780		26,344
AstraZeneca PLC		3,567		231,862
Auto Trader Group PLC (c)		2,386		12,568
Aviva PLC		13,071		74,793
Babcock International Group PLC		622		8,363
BAE Systems PLC		9,129		62,139
Barclays PLC		56,863		123,946
Barratt Developments PLC		3,952		25,376
Berkeley Group Holdings PLC		501		16,791
British American Tobacco PLC		5,562		356,194
British Land Co. PLC REIT		5,234		43,003
BT Group PLC		24,067		121,629
Bunzl PLC		861		25,500
Burberry Group PLC		1,429		25,598
Capita PLC		2,365		20,583
CNH Industrial NV		2,616		18,727
Cobham PLC.		4,933		10,746
Coca-Cola European Partners PLC		637		25,416
Compass Group PLC		4,772		92,672
Croda International PLC		1,054		47,701
DCC PLC		269		24,548
Delphi Automotive PLC		728		51,921
Diageo PLC		7,305		209,759
Direct Line Insurance Group PLC		1,417		6,715
Dixons Carphone PLC		1,729		8,276
GlaxoSmithKline PLC		12,940		276,173
Hammerson PLC		4,597		35,053
Hargreaves Lansdown PLC		429		7,094
HSBC Holdings PLC		60,265		453,031
ICAP PLC		1,602		9,700
IMI PLC		1,538		21,457
Imperial Brands PLC		3,011		155,415
Inmarsat PLC		728		6,667
Intertek Group PLC		549		24,882
Intu Properties PLC		5,410		20,830
ITV PLC		11,734		28,534
Johnson Matthey PLC		1,231		52,673
Kingfisher PLC		6,257		30,634
Land Securities Group PLC REIT		3,710		50,988
Legal & General Group PLC		18,154		51,574
Liberty Global PLC Class A (b)		949		32,437
Liberty Global PLC Series C (b)		1,131		37,368
Liberty Global PLC LiLAC Class A (b)		118		3,256
Liberty Global PLC LiLAC Class C (b)		141		3,955
Lloyds Banking Group PLC		178,431		126,437
London Stock Exchange Group PLC		663		24,115
Marks & Spencer Group PLC		5,060		21,763
Meggitt PLC		4,432		25,965
National Grid PLC		16,329		231,628
Next PLC		319		19,791
Old Mutual PLC.		13,098		34,437
Pearson PLC		2,566		25,099
Pentair PLC		789		50,685
Persimmon PLC		1,129		26,618
Petrofac, Ltd.		2,860		33,120
Prudential PLC		7,426		131,818
Randgold Resources, Ltd.		437		44,193
Reckitt Benckiser Group PLC		1,950		184,026
RELX NV		1,262		22,685
RELX PLC		2,545		48,366
Rolls-Royce Holdings PLC (b)		5,905		55,228
Royal Bank of Scotland Group PLC (b)		13,267		30,814
Royal Mail PLC		2,028		12,895
RSA Insurance Group PLC		2,210		15,674
SABMiller PLC		2,585		150,938
Sage Group PLC		3,133		30,035
Schroders PLC.		372		13,028
Segro PLC		2,576		15,185
Severn Trent PLC		4,038		131,396
Sky PLC.		2,933		34,061
Smith & Nephew PLC		2,214		35,777
Smiths Group PLC		2,002		38,073
Standard Chartered PLC (b)		9,786		79,870
Standard Life PLC		5,158		23,042
Taylor Wimpey PLC		10,549		21,117
Tesco PLC (b)		15,900		37,787
Travis Perkins PLC		1,222		24,509
Unilever NV		4,398		203,012
Unilever PLC		3,551		168,573
United Utilities Group PLC		10,233		133,325
Vodafone Group PLC		78,868		227,182
Weir Group PLC		1,012		22,348
Whitbread PLC		676		34,387
William Hill PLC		3,581		14,151
WPP PLC		4,228		99,628
				5,747,102
UNITED STATES — 52.8%
3M Co.		1,667		293,775
Abbott Laboratories		4,471		189,079
AbbVie, Inc.		4,080		257,326
Accenture PLC Class A		1,859		227,114
Activision Blizzard, Inc.		1,787		79,164
Acuity Brands, Inc.		108		28,577
Adobe Systems, Inc. (b)		1,287		139,691
Advance Auto Parts, Inc.		169		25,201
Aetna, Inc.		1,087		125,494
Affiliated Managers Group, Inc. (b)		143		20,692
Aflac, Inc.		1,359		97,671
Agilent Technologies, Inc.		1,287		60,605
Akamai Technologies, Inc. (b)		416		22,044
Albemarle Corp.		500		42,745
Alexandria Real Estate Equities, Inc.		200		21,754
Alexion Pharmaceuticals, Inc. (b)		593		72,666
Alkermes PLC (b)		333		15,661
Allergan PLC (b)		1,073		247,123
Alliance Data Systems Corp. (b)		130		27,889
Allstate Corp.		1,287		89,035
Ally Financial, Inc.		1,793		34,910
Alnylam Pharmaceuticals, Inc. (b)		180		12,200
Alphabet, Inc. Class A (b)		763		613,498
Alphabet, Inc. Class C (b)		794		617,168

See accompanying notes to financial statements.

360

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Altria Group, Inc.		5,555	$	351,243
Amazon.com, Inc. (b)		1,027		859,917
American Capital Agency Corp.		1,978		38,650
American Express Co.		2,186		139,991
American International Group, Inc.		3,771		223,771
American Tower Corp. REIT		1,112		126,023
American Water Works Co., Inc.		2,264		169,438
Ameriprise Financial, Inc.		624		62,256
AMETEK, Inc.		745		35,596
Amgen, Inc.		1,941		323,778
Amphenol Corp. Class A		506		32,850
Analog Devices, Inc.		1,287		82,947
Annaly Capital Management, Inc.		4,538		47,649
Anthem, Inc.		789		98,870
Aon PLC		510		57,370
Apple, Inc.		14,569		1,647,025
Applied Materials, Inc.		3,452		104,078
Ashland Global Holdings, Inc.		364		42,206
Assurant, Inc.		80		7,380
AT&T, Inc.		16,728		679,324
Atmos Energy Corp.		600		44,682
Autodesk, Inc. (b)		511		36,961
Automatic Data Processing, Inc.		1,287		113,513
AutoZone, Inc. (b)		91		69,919
AvalonBay Communities, Inc. REIT		377		67,046
Avery Dennison Corp.		585		45,507
Avnet, Inc.		587		24,102
Axalta Coating Systems, Ltd. (b)		1,419		40,115
Axis Capital Holdings, Ltd.		506		27,491
B/E Aerospace, Inc.		390		20,147
Baker Hughes, Inc.		2,376		119,917
Ball Corp. (d)		615		50,399
Bank of America Corp.		28,246		442,050
Bank of New York Mellon Corp.		3,352		133,678
Baxter International, Inc.		1,517		72,209
BB&T Corp.		2,398		90,453
Becton Dickinson and Co		581		104,423
Berkshire Hathaway, Inc. Class B (b)		1,688		243,865
Best Buy Co., Inc.		1,179		45,014
Biogen, Inc. (b)		624		195,331
BioMarin Pharmaceutical, Inc. (b)		350		32,382
BlackRock, Inc.		442		160,207
Boeing Co.		1,828		240,821
BorgWarner, Inc.		523		18,399
Boston Properties, Inc. REIT		299		40,751
Boston Scientific Corp. (b)		3,852		91,678
Bristol-Myers Squibb Co		4,432		238,973
Brown-Forman Corp. Class B		1,124		53,323
C.H. Robinson Worldwide, Inc.		400		28,184
C.R. Bard, Inc.		195		43,735
CA, Inc.		1,749		57,857
Campbell Soup Co.		442		24,177
Capital One Financial Corp.		1,893		135,974
Cardinal Health, Inc.		1,179		91,608
CarMax, Inc. (b)		467		24,914
Caterpillar, Inc.		1,820		161,561
CBRE Group, Inc. Class A (b)		988		27,644
CBS Corp. Class B		1,287		70,450
Celanese Corp. Series A		962		64,031
Celgene Corp. (b)		2,106		220,140
Centene Corp. (b)		525		35,154
CenturyLink, Inc.		1,287		35,302
Cerner Corp. (b)		806		49,771
Charles Schwab Corp.		3,202		101,087
Charter Communications, Inc. Class A (b)		588		158,742
Cheniere Energy, Inc. (b)		2,854		124,434
Chevron Corp.		2,350		241,862
Chipotle Mexican Grill, Inc. (b)		78		33,033
Chubb, Ltd.		1,260		158,319
Church & Dwight Co., Inc.		400		19,168
Cigna Corp.		858		111,815
Cimarex Energy Co.		559		75,113
Cincinnati Financial Corp.		547		41,255
Cintas Corp.		217		24,434
Cisco Systems, Inc.		14,179		449,758
CIT Group, Inc.		540		19,602
Citigroup, Inc.		8,322		393,048
Citizens Financial Group, Inc.		2,057		50,828
Citrix Systems, Inc. (b)		416		35,452
Clorox Co.		217		27,164
CME Group, Inc.		897		93,754
Coach, Inc.		761		27,822
Coca-Cola Co.		12,059		510,337
Cognizant Technology Solutions Corp. Class A (b)		1,693		80,773
Colgate-Palmolive Co		2,366		175,415
Comcast Corp. Class A		6,670		442,488
Comerica, Inc.		549		25,979
ConAgra Foods, Inc.		500		23,555
Concho Resources, Inc. (b)		840		115,374
Consolidated Edison, Inc.		1,562		117,619
Constellation Brands, Inc. Class A		576		95,898
Cooper Cos., Inc.		130		23,304
Core Laboratories NV		386		43,359
Corning, Inc.		2,752		65,085
Costco Wholesale Corp.		1,277		194,755
Crown Castle International Corp. REIT		819		77,158
CSX Corp.		1,706		52,033
Cummins, Inc.		637		81,632
CVS Health Corp.		3,352		298,294
D.R. Horton, Inc.		1,287		38,867
Danaher Corp.		1,872		146,746
DaVita, Inc. (b)		325		21,473
Deere & Co.		896		76,474
Dell Technologies, Inc. — VMware, Inc. Class V (b)		626		29,923
DENTSPLY SIRONA, Inc.		657		39,046
Digital Realty Trust, Inc. REIT		500		48,560
Discover Financial Services		1,287		72,780
Discovery Communications, Inc. Class A (b)		1,187		31,954
Discovery Communications, Inc. Class C (b)		758		19,943
DISH Network Corp. Class A (b)		536		29,362
Dollar General Corp.		715		50,043
Dollar Tree, Inc. (b)		612		48,305
Domino’s Pizza, Inc.		100		15,185
Dover Corp.		689		50,738
Dow Chemical Co.		1,058		54,836
Dr. Pepper Snapple Group, Inc.		598		54,603

See accompanying notes to financial statements.

361

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Duke Realty Corp.		700	$	19,131
Dun & Bradstreet Corp.		217		29,647
E*TRADE Financial Corp. (b)		867		25,247
E.I. du Pont de Nemours & Co		2,015		134,945
Eaton Corp. PLC		1,706		112,101
eBay, Inc. (b)		3,068		100,937
Ecolab, Inc.		1,493		181,728
Edison International		1,600		115,600
Edwards Lifesciences Corp. (b)		494		59,557
Electronic Arts, Inc. (b)		728		62,171
Eli Lilly & Co.		2,566		205,947
Emerson Electric Co.		2,166		118,069
Endo International PLC (b)		416		8,382
Envision Healthcare Holdings, Inc. (b)		631		14,052
EOG Resources, Inc.		1,287		124,466
Equifax, Inc.		467		62,849
Equinix, Inc. REIT		163		58,721
Equity Residential REIT		949		61,049
Essex Property Trust, Inc. REIT		222		49,439
Estee Lauder Cos., Inc. Class A		806		71,379
Everest Re Group, Ltd.		99		18,807
Eversource Energy		2,547		137,996
Expedia, Inc.		273		31,865
Expeditors International of Washington, Inc.		1,287		66,306
Express Scripts Holding Co. (b)		1,943		137,040
Extra Space Storage, Inc. REIT		400		31,764
Exxon Mobil Corp.		5,533		482,920
F5 Networks, Inc. (b)		169		21,064
Facebook, Inc. Class A (b)		5,960		764,489
Fastenal Co.		1,287		53,771
FedEx Corp.		232		40,526
Fidelity National Information Services, Inc.		879		67,709
Fifth Third BanCorp.		2,566		52,500
First Republic Bank		175		13,494
Fiserv, Inc. (b)		637		63,362
FleetCor Technologies, Inc. (b)		254		44,127
Flowserve Corp.		611		29,475
Fluor Corp.		1,287		66,049
FMC Technologies, Inc. (b)		2,405		71,356
FNF Group		325		11,996
Foot Locker, Inc.		351		23,770
Ford Motor Co.		10,086		121,738
Fortinet, Inc. (b)		400		14,772
Fortive Corp.		936		47,642
Fortune Brands Home & Security, Inc.		270		15,687
Franklin Resources, Inc.		1,287		45,779
Frontier Communications Corp.		2,566		10,675
Gap, Inc.		663		14,745
Garmin, Ltd.		351		16,887
General Dynamics Corp.		901		139,799
General Electric Co.		25,164		745,358
General Growth Properties, Inc. REIT		1,287		35,521
General Mills, Inc.		1,795		114,665
General Motors Co.		3,030		96,263
Genuine Parts Co.		300		30,135
Gilead Sciences, Inc.		3,552		281,034
Global Payments, Inc.		400		30,704
Goldman Sachs Group, Inc.		1,287		207,554
H&R Block, Inc.		1,287		29,794
Halliburton Co.		2,652		119,022
Hanesbrands, Inc.		936		23,634
Harley-Davidson, Inc.		585		30,765
Harman International Industries, Inc.		215		18,157
Harris Corp.		325		29,773
Hartford Financial Services Group, Inc.		1,432		61,318
Hasbro, Inc.		325		25,782
HCA Holdings, Inc. (b)		611		46,210
HCP, Inc. REIT		1,287		48,842
Helmerich & Payne, Inc.		1,298		87,355
Henry Schein, Inc. (b)		164		26,729
Hershey Co.		572		54,683
Hewlett Packard Enterprise Co		5,138		116,890
Hilton Worldwide Holdings, Inc.		607		13,919
HollyFrontier Corp.		389		9,531
Hologic, Inc. (b)		544		21,124
Home Depot, Inc.		3,418		439,828
Honeywell International, Inc.		1,949		227,234
Hormel Foods Corp.		700		26,551
Host Hotels & Resorts, Inc. REIT		2,387		37,166
HP, Inc.		4,086		63,456
Humana, Inc.		480		84,907
Huntington Bancshares, Inc.		1,287		12,690
IDEXX Laboratories, Inc. (b)		200		22,546
IHS Markit, Ltd. (b)		1,263		47,426
Illinois Tool Works, Inc.		1,277		153,036
Illumina, Inc. (b)		351		63,763
Incyte Corp. (b)		473		44,599
Ingersoll-Rand PLC		897		60,942
Ingredion, Inc.		103		13,705
Intel Corp.		13,055		492,826
Intercontinental Exchange, Inc.		299		80,539
International Business Machines Corp.		2,466		391,724
International Flavors & Fragrances, Inc.		712		101,795
Interpublic Group of Cos., Inc.		1,287		28,764
Intuit, Inc.		663		72,937
Intuitive Surgical, Inc. (b)		91		65,960
Invesco, Ltd.		1,687		52,752
Iron Mountain, Inc. REIT		568		21,317
J.M. Smucker Co.		467		63,297
Jacobs Engineering Group, Inc. (b)		687		35,532
Jazz Pharmaceuticals PLC (b)		156		18,951
Johnson & Johnson		7,300		862,349
Johnson Controls International PLC		2,493		115,999
Jones Lang LaSalle, Inc.		200		22,758
JPMorgan Chase & Co.		9,973		664,102
Juniper Networks, Inc.		1,287		30,965
Kansas City Southern		351		32,755
Kellogg Co.		637		49,348
KeyCorp.		2,566		31,228
Kimberly-Clark Corp.		659		83,126
Kimco Realty Corp. REIT		1,287		37,259
Kinder Morgan, Inc.		8,026		185,641
KLA-Tencor Corp.		528		36,807
Kohl’s Corp.		429		18,769
Kraft Heinz Co.		1,859		166,399
Kroger Co		1,590		47,191
L Brands, Inc.		784		55,484
L-3 Communications Holdings, Inc.		325		48,987
Laboratory Corp. of America Holdings (b)		217		29,833

See accompanying notes to financial statements.

362

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Lam Research Corp.		523	$	49,533
Las Vegas Sands Corp.		1,287		74,054
Lennar Corp. Class A		549		23,245
Level 3 Communications, Inc. (b)		787		36,501
Liberty Braves Group Class C (b)		50		869
Liberty Interactive Corp. QVC Group Class A (b)		1,287		25,753
Liberty Property Trust REIT		500		20,175
Liberty SiriusXM Group Class C (b)		1,051		35,114
Lincoln National Corp.		1,287		60,463
Linear Technology Corp.		624		36,997
LinkedIn Corp. Class A (b)		260		49,691
LKQ Corp. (b)		579		20,531
Lockheed Martin Corp.		798		191,297
Loews Corp.		1,287		52,960
Lowe’s Cos., Inc.		2,266		163,628
lululemon athletica, Inc. (b)		300		18,294
LyondellBasell Industries NV Class A		536		43,234
M&T Bank Corp.		334		38,777
Macerich Co.		217		17,549
Macy’s, Inc.		871		32,271
Mallinckrodt PLC (b)		299		20,864
ManpowerGroup, Inc.		585		42,272
Marathon Petroleum Corp.		679		27,561
Marsh & McLennan Cos., Inc.		924		62,139
Masco Corp.		1,287		44,157
MasterCard, Inc. Class A		2,782		283,124
Mattel, Inc.		1,287		38,970
Maxim Integrated Products, Inc.		650		25,955
McCormick & Co., Inc.		611		61,051
McDonald’s Corp.		2,465		284,362
McKesson Corp.		676		112,723
Mead Johnson Nutrition Co		598		47,248
MEDNAX, Inc. (b)		200		13,250
Medtronic PLC		4,235		365,904
Merck & Co., Inc.		7,500		468,075
MetLife, Inc.		3,252		144,486
MGM Resorts International (b)		1,192		31,028
Michael Kors Holdings, Ltd. (b)		562		26,296
Microchip Technology, Inc.		400		24,856
Micron Technology, Inc. (b)		2,566		45,623
Microsoft Corp.		19,495		1,122,912
Mid-America Apartment Communities, Inc.		200		18,798
Mobileye NV (b)		643		27,373
Molson Coors Brewing Co. Class B		542		59,512
Mondelez International, Inc. Class A		4,631		203,301
Monsanto Co.		1,589		162,396
Monster Beverage Corp. (b)		388		56,962
Moody’s Corp.		364		39,414
Morgan Stanley		5,404		173,252
Motorola Solutions, Inc.		223		17,010
Mylan NV (b)		1,287		49,060
Nasdaq, Inc.		467		31,541
National Oilwell Varco, Inc.		1,916		70,394
Navient Corp.		1,180		17,075
NetApp, Inc.		1,287		46,100
Netflix, Inc. (b)		1,201		118,359
New York Community Bancorp., Inc.		1,100		15,653
Newell Brands, Inc.		1,300		68,458
Newmont Mining Corp.		1,300		51,077
News Corp. Class A		1,326		18,537
Nielsen Holdings PLC		1,118		59,891
NIKE, Inc. Class B		3,752		197,543
Norfolk Southern Corp.		536		52,024
Northern Trust Corp.		650		44,194
Northrop Grumman Corp.		589		126,017
Norwegian Cruise Line Holdings, Ltd. (b)		378		14,251
Nuance Communications, Inc. (b)		1,287		18,662
NVIDIA Corp.		1,482		101,547
O’Reilly Automotive, Inc. (b)		273		76,470
Omnicom Group, Inc.		767		65,195
ONEOK, Inc.		1,667		85,667
Oracle Corp.		8,773		344,603
PACCAR, Inc.		1,287		75,650
Packaging Corp. of America		429		34,861
Palo Alto Networks, Inc. (b)		257		40,948
Parker-Hannifin Corp.		523		65,652
Paychex, Inc.		663		38,368
PayPal Holdings, Inc. (b)		3,151		129,096
PepsiCo, Inc.		3,993		434,319
Perrigo Co. PLC.		377		34,808
Pfizer, Inc.		16,811		569,389
PG&E Corp.		2,564		156,840
Philip Morris International, Inc.		4,323		420,282
Phillips 66		875		70,481
Pioneer Natural Resources Co.		993		184,350
PNC Financial Services Group, Inc.		1,429		128,739
Polaris Industries, Inc.		143		11,074
PPG Industries, Inc.		1,326		137,055
Priceline Group, Inc. (b)		143		210,423
Principal Financial Group, Inc.		909		46,823
Procter & Gamble Co.		7,175		643,956
Progressive Corp.		1,287		40,541
Prologis, Inc. REIT		1,732		92,731
Prudential Financial, Inc.		1,742		142,234
Public Storage REIT		429		95,727
PulteGroup, Inc.		1,287		25,791
PVH Corp.		260		28,730
Qorvo, Inc. (b)		384		21,404
QUALCOMM, Inc.		4,421		302,838
Quest Diagnostics, Inc.		390		33,006
Ralph Lauren Corp.		221		22,352
Raymond James Financial, Inc.		351		20,432
Raytheon Co.		970		132,046
Realty Income Corp. REIT		793		53,075
Red Hat, Inc. (b)		364		29,422
Regeneron Pharmaceuticals, Inc. (b)		195		78,394
Regions Financial Corp.		5,138		50,712
ResMed, Inc.		325		21,057
Reynolds American, Inc.		2,672		125,985
Rite Aid Corp. (b)		2,400		18,456
Robert Half International, Inc.		429		16,242
Rockwell Automation, Inc.		637		77,931
Rockwell Collins, Inc.		536		45,206
Roper Technologies, Inc.		377		68,791
Ross Stores, Inc.		1,099		70,666
Royal Caribbean Cruises, Ltd.		217		16,264
S&P Global, Inc.		637		80,619
salesforce.com, Inc. (b)		1,822		129,963
SBA Communications Corp. Class A (b)		395		44,303

See accompanying notes to financial statements.

363

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Schlumberger, Ltd.		4,751	$	373,619
Scripps Networks Interactive, Inc. Class A		300		19,047
Seagate Technology PLC		728		28,064
Sealed Air Corp.		854		39,130
Sempra Energy		685		73,425
Sensata Technologies Holding NV (b)		562		21,794
ServiceNow, Inc. (b)		468		37,042
Sherwin-Williams Co.		406		112,324
Shire PLC.		2,248		145,949
Signet Jewelers, Ltd.		195		14,533
Simon Property Group, Inc. REIT		832		172,232
Sirius XM Holdings, Inc. (b)		213		888
Skyworks Solutions, Inc.		493		37,537
SL Green Realty Corp. REIT		295		31,890
Snap-on, Inc.		260		39,510
Spectra Energy Corp.		3,634		155,354
Splunk, Inc. (b)		359		21,066
Sprint Corp. (b)		3,921		25,996
St. Jude Medical, Inc.		1,179		94,037
Stanley Black & Decker, Inc.		689		84,733
Staples, Inc.		2,566		21,939
Starbucks Corp.		4,120		223,057
State Street Corp. (g)		1,287		89,614
Stryker Corp.		1,087		126,538
SunTrust Banks, Inc.		1,687		73,891
Symantec Corp.		2,566		64,407
Synchrony Financial		2,136		59,808
Synopsys, Inc. (b)		572		33,948
Sysco Corp.		1,857		91,012
T Rowe Price Group, Inc.		832		55,328
T-Mobile US, Inc. (b)		637		29,761
Target Corp.		1,287		88,391
TD Ameritrade Holding Corp.		1,179		41,548
TEGNA, Inc.		766		16,745
Tesla Motors, Inc. (b)		321		65,494
Texas Instruments, Inc.		2,566		180,082
Textron, Inc.		1,179		46,865
Thermo Fisher Scientific, Inc.		1,087		172,898
Thomson Reuters Corp.		650		26,831
Tiffany & Co.		416		30,214
Time Warner, Inc.		2,266		180,396
TJX Cos., Inc.		1,815		135,726
Toll Brothers, Inc. (b)		1,070		31,950
Total System Services, Inc.		433		20,416
Tractor Supply Co.		325		21,889
TransDigm Group, Inc. (b)		143		41,344
Travelers Cos., Inc.		962		110,197
Trimble Navigation, Ltd. (b)		1,287		36,757
TripAdvisor, Inc. (b)		299		18,891
Twenty-First Century Fox, Inc. Class A		3,349		81,113
Twenty-First Century Fox, Inc. Class B		986		24,394
Twitter, Inc. (b)		1,829		42,158
Tyson Foods, Inc. Class A		300		22,401
UDR, Inc. REIT		800		28,792
Ulta Salon Cosmetics & Fragrance, Inc. (b)		108		25,702
Under Armour, Inc. Class A (b)		390		15,085
Under Armour, Inc. Class C (b)		392		13,273
Union Pacific Corp.		2,162		210,860
United Parcel Service, Inc. Class B		1,481		161,962
United Rentals, Inc. (b)		351		27,550
United Technologies Corp.		2,384		242,214
UnitedHealth Group, Inc.		2,712		379,680
Universal Health Services, Inc. Class B		217		26,739
Unum Group		1,287		45,444
US BanCorp.		4,438		190,346
Valeant Pharmaceuticals International, Inc. (b)		806		19,741
Valero Energy Corp.		790		41,870
Valspar Corp.		400		42,428
Vantiv, Inc. Class A (b)		208		11,704
Varian Medical Systems, Inc. (b)		273		27,172
Ventas, Inc. REIT		1,002		70,771
VEREIT, Inc.		4,240		43,969
Verisk Analytics, Inc. (b)		403		32,756
Verizon Communications, Inc.		10,909		567,050
Vertex Pharmaceuticals, Inc. (b)		562		49,012
VF Corp.		949		53,191
Viacom, Inc. Class B		1,287		49,035
Visa, Inc. Class A		5,360		443,272
VMware, Inc. Class A (b)		234		17,164
Vornado Realty Trust REIT		296		29,958
Voya Financial, Inc.		1,168		33,662
W.W. Grainger, Inc.		247		55,535
WABCO Holdings, Inc. (b)		200		22,706
Wabtec Corp.		429		35,028
Wal-Mart Stores, Inc.		4,233		305,284
Walgreens Boots Alliance, Inc.		2,566		206,871
Walt Disney Co.		4,179		388,062
Waters Corp. (b)		221		35,026
Weatherford International PLC (b)		5,731		32,208
Wells Fargo & Co.		13,046		577,677
Welltower, Inc. REIT		1,181		88,303
Western Digital Corp.		837		48,939
Western Union Co.		1,287		26,795
WestRock Co.		517		25,064
Weyerhaeuser Co.		1,400		44,716
Whirlpool Corp.		156		25,297
WhiteWave Foods Co. (b)		483		26,290
Whole Foods Market, Inc.		1,287		36,486
Williams Cos., Inc.		1,514		46,525
Willis Towers Watson PLC		226		30,006
Workday, Inc. Class A (b)		348		31,908
Wyndham Worldwide Corp.		260		17,506
Wynn Resorts, Ltd.		221		21,530
Xerox Corp.		3,852		39,021
Xilinx, Inc.		787		42,766
Xylem, Inc.		702		36,820
Yahoo!, Inc. (b)		2,566		110,595
Yum! Brands, Inc.		975		88,540
Zillow Group, Inc. Class C (b)		432		14,969
Zimmer Biomet Holdings, Inc.		598		77,752
Zoetis, Inc.		1,066		55,443
				51,045,823
TOTAL COMMON STOCKS (Cost $94,118,386)				95,914,437

See accompanying notes to financial statements.

364

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.3%
UNITED STATES — 0.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (h) (i) (Cost $241,790)		241,790	$	241,790
TOTAL INVESTMENTS — 99.5% (Cost $94,360,176)				96,156,227
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				527,247
NET ASSETS — 100.0%			$	96,683,474

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

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.1% of net assets as of September 30, 2016, are 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) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $0, representing 0.0% of the Fund’s net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $162,953, representing 0.2% of net assets.

(g) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at September 30, 2016.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,089,707	$	—	$	—		$	2,089,707
Austria		33,183		—		—			33,183
Belgium.		433,036		—		—			433,036
Bermuda		34,051		—		—			34,051
Brazil		801,405		—		—			801,405
Canada		3,315,707		—		—			3,315,707
Chile		191,957		—		—			191,957
China		2,596,499		—		—			2,596,499
Colombia		175,453		—		—			175,453
Denmark		534,656		—		—			534,656
Finland		374,683		—		—			374,683
France		2,832,309		—		—			2,832,309
Germany		2,705,467		—		—			2,705,467
Greece		25,886		—		—			25,886
Hong Kong		1,427,681		—		0	(a)		1,427,681
India		796,828		—		—			796,828
Indonesia		272,658		—		—			272,658
Ireland		153,966		—		—			153,966
Israel		147,975		—		—			147,975
Italy.		460,877		—		—			460,877
Japan		8,097,501		—		—			8,097,501
Luxembourg.		27,070		—		—			27,070
Macau		17,633		—		—			17,633
Malaysia		316,409		—		—			316,409
Mexico		370,959		—		—			370,959
Netherlands		1,006,724		—		—			1,006,724

See accompanying notes to financial statements.

365

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
New Zealand	$	66,226	$	—	$	—	$	66,226
Norway		214,939		—		—		214,939
Peru		54,995		—		—		54,995
Philippines		112,091		—		—		112,091
Poland		74,711		—		—		74,711
Portugal		14,737		—		—		14,737
Qatar		110,192		—		—		110,192
Russia		307,304		—		—		307,304
Singapore		728,214		—		—		728,214
South Africa.		669,428		—		—		669,428
South Korea		1,387,498		—		—		1,387,498
Spain		968,508		—		—		968,508
Sweden		892,664		—		—		892,664
Switzerland		2,866,262		—		—		2,866,262
Taiwan.		1,110,414		—		—		1,110,414
Thailand		34,524		162,953		—		197,477
Turkey		43,946		—		—		43,946
United Arab Emirates		61,626		—		—		61,626
United Kingdom.		5,747,102		—		—		5,747,102
United States		51,045,823		—		—		51,045,823
Short-Term Investment		241,790		—		—		241,790
TOTAL INVESTMENTS	$	95,993,274	$	162,953	$	0	$	96,156,227

(a) Fund held Level 3 security that was valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		1,188	$	79,845		99		—		1,287	$	89,614	$	1,768	$	—
State Street Institutional Liquid Reserves Fund, Premier Class		147,924		147,924		4,098,878		4,005,012		241,790		241,790		611		—
TOTAL			$	227,769							$	331,404	$	2,379	$	—

See accompanying notes to financial statements.

366

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 5.7%
AGL Energy, Ltd.		1,573	$	22,931
Amcor, Ltd.		971		11,257
ASX, Ltd.		174		6,413
Australia & New Zealand Banking Group, Ltd.		841		17,782
BHP Billiton PLC		879		13,274
BHP Billiton, Ltd.		998		17,092
Brambles, Ltd.		1,227		11,249
Cochlear, Ltd.		55		5,934
Commonwealth Bank of Australia		497		27,536
CSL, Ltd.		512		41,923
GPT Group REIT		2,829		10,954
Healthscope, Ltd.		3,864		9,078
Insurance Australia Group, Ltd.		957		4,006
LendLease Group		410		4,405
Macquarie Group, Ltd.		70		4,389
Medibank Pvt, Ltd.		1,715		3,255
National Australia Bank, Ltd.		683		14,567
QBE Insurance Group, Ltd.		485		3,448
Ramsay Health Care, Ltd.		81		4,904
REA Group, Ltd.		91		3,931
Scentre Group REIT		3,699		13,304
SEEK, Ltd.		361		4,298
Sonic Healthcare, Ltd.		1,341		22,587
Stockland REIT		1,794		6,535
Suncorp Group, Ltd.		463		4,291
Telstra Corp., Ltd.		12,107		47,992
Transurban Group Stapled Security		1,964		17,089
Vicinity Centres REIT		7,119		17,270
Wesfarmers, Ltd.		897		30,271
Westfield Corp.		2,218		16,515
Westpac Banking Corp.		771		17,411
Woodside Petroleum, Ltd.		307		6,724
Woolworths, Ltd.		1,820		32,409
				475,024
AUSTRIA — 0.1%
OMV AG.		153		4,405
BELGIUM — 1.6%
Ageas		90		3,284
Anheuser-Busch InBev SA		545		71,414
Colruyt SA		302		16,752
Groupe Bruxelles Lambert SA		49		4,346
KBC Group NV (a)		66		3,844
Proximus SADP		522		15,595
Solvay SA		40		4,628
UCB SA		141		10,906
				130,769
DENMARK — 2.4%
AP Moeller — Maersk A/S Class B		4		5,868
Carlsberg A/S Class B.		43		4,102
Coloplast A/S Class B.		238		18,463
Danske Bank A/S.		156		4,553
DSV A/S		172		8,566
Genmab A/S (a)		31		5,287
Novo Nordisk A/S Class B		2,441		101,457
Novozymes A/S Class B		196		8,623
Pandora A/S		108		13,056
TDC A/S		1,235		7,265
Tryg A/S		554		11,120
William Demant Holding A/S (a)		674		13,763
				202,123
FINLAND — 0.7%
Elisa Oyj		120		4,427
Fortum Oyj		271		4,379
Kone Oyj Class B		352		17,868
Nokian Renkaat Oyj		106		3,866
Orion Oyj Class B		118		4,653
Sampo Oyj Class A		320		14,241
UPM-Kymmene Oyj.		216		4,564
Wartsila Oyj Abp		136		6,124
				60,122
FRANCE — 6.6%
Aeroports de Paris		126		12,500
Air Liquide SA		336		36,042
Airbus Group SE		509		30,797
AXA SA		736		15,666
BNP Paribas SA		507		26,078
Bureau Veritas SA		223		4,785
Cap Gemini SA		43		4,213
Carrefour SA		180		4,666
Casino Guichard Perrachon SA		84		4,087
Cie de Saint-Gobain		154		6,658
Cie Generale des Etablissements Michelin		148		16,376
Credit Agricole SA.		852		8,405
Danone SA		220		16,330
Dassault Systemes		236		20,483
Engie SA		570		8,833
Essilor International SA		169		21,803
Eutelsat Communications SA		240		4,971
Hermes International		33		13,434
Iliad SA.		24		5,038
Kering		22		4,439
L’Oreal SA		259		48,928
Legrand SA		195		11,501
LVMH Moet Hennessy Louis Vuitton SE		216		36,848
Orange SA		481		7,530
Pernod Ricard SA		31		3,670
Peugeot SA (a)		254		3,881
Publicis Groupe SA		146		11,046
Renault SA		72		5,918
Safran SA		58		4,172
Sanofi.		281		21,360
Schneider Electric SE		114		7,951
SCOR SE		534		16,605
Societe BIC SA		28		4,143
Societe Generale SA.		451		15,600
Sodexo SA		99		11,793
Thales SA		39		3,593
TOTAL SA		740		35,069
Unibail-Rodamco SE		18		4,855
Valeo SA		202		11,788
Vinci SA		111		8,497
Vivendi SA		368		7,423
				547,775

See accompanying notes to financial statements.

367

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
GERMANY — 7.6%
adidas AG		37	$	6,424
Allianz SE		120		17,814
BASF SE		736		62,952
Bayer AG.		633		63,617
Bayerische Motoren Werke AG		105		8,828
Beiersdorf AG.		219		20,661
Commerzbank AG		906		5,842
Continental AG		106		22,294
Daimler AG		403		28,401
Deutsche Bank AG (a)		811		10,545
Deutsche Boerse AG (a)		80		6,487
Deutsche Lufthansa AG		245		2,727
Deutsche Post AG		820		25,637
Deutsche Telekom AG.		656		10,999
E.ON SE		1,644		11,665
Fresenius Medical Care AG & Co. KGaA		244		21,322
Fresenius SE & Co. KGaA		176		14,045
Fuchs Petrolub SE Preference Shares		81		3,697
Hannover Rueck SE		52		5,571
HeidelbergCement AG		45		4,253
Henkel AG & Co. KGaA		202		23,518
Henkel AG & Co. KGaA Preference Shares		129		17,541
HUGO BOSS AG		75		4,149
Infineon Technologies AG		307		5,479
Linde AG.		45		7,651
MAN SE		153		16,135
Merck KGaA		96		10,347
METRO AG		276		8,216
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		132		24,625
Porsche Automobil Holding SE Preference Shares		181		9,242
ProSiebenSat.1 Media SE		160		6,854
RWE AG (a)		603		10,392
SAP SE		659		59,928
Siemens AG		153		17,916
ThyssenKrupp AG		234		5,580
TUI AG		1,431		20,392
United Internet AG.		117		5,179
Volkswagen AG Preference Shares		165		21,686
				628,611
HONG KONG — 4.6%
AIA Group, Ltd.		1,823		12,117
Bank of East Asia, Ltd.		1,074		4,355
BOC Hong Kong Holdings, Ltd.		1,536		5,189
Cheung Kong Infrastructure Holdings, Ltd.		3,000		25,799
Cheung Kong Property Holdings, Ltd.		1,641		11,975
CK Hutchison Holdings, Ltd.		1,500		19,069
CLP Holdings, Ltd.		4,000		41,336
Hang Seng Bank, Ltd.		2,429		43,375
HK Electric Investments & HK Electric Investments, Ltd. (b)		12,540		12,288
HKT Trust & HKT, Ltd.		11,540		16,248
Hong Kong & China Gas Co., Ltd.		9,424		17,789
Hong Kong Exchanges and Clearing, Ltd.		1,128		29,640
Li & Fung, Ltd.		12,000		6,142
Link REIT		1,500		11,024
MTR Corp., Ltd.		6,167		33,952
New World Development Co., Ltd.		6,180		8,032
Noble Group, Ltd. (a)		19,900		2,218
PCCW, Ltd.		15,000		9,206
Power Assets Holdings, Ltd.		3,000		29,242
Sands China, Ltd.		2,400		10,413
Swire Pacific, Ltd. Class A		1,500		16,159
Techtronic Industries Co., Ltd.		1,500		5,860
Yue Yuen Industrial Holdings, Ltd.		3,500		14,440
				385,868
IRELAND — 0.8%
CRH PLC		150		5,018
Experian PLC		747		14,982
Kerry Group PLC Class A		382		31,836
Paddy Power Betfair PLC		48		5,432
Ryanair Holdings PLC ADR		159		11,930
				69,198
ISRAEL — 1.0%
Azrieli Group, Ltd.		127		5,568
Bank Hapoalim BM		4,131		23,407
Bank Leumi Le-Israel BM (a)		3,570		13,558
Bezeq The Israeli Telecommunication Corp., Ltd.		5,115		9,637
Check Point Software Technologies, Ltd. (a)		100		7,761
Mizrahi Tefahot Bank, Ltd.		722		9,169
Teva Pharmaceutical Industries, Ltd.		308		14,768
				83,868
ITALY — 0.9%
Assicurazioni Generali SpA		608		7,420
Enel SpA		3,161		14,096
Eni SpA		1,144		16,482
EXOR SpA		108		4,375
Ferrari NV		96		4,987
Intesa Sanpaolo SpA		3,735		8,286
Luxottica Group SpA		109		5,208
Snam SpA		680		3,772
Telecom Italia RSP/Milano (a) (c)		4,673		3,172
Telecom Italia SpA/Milano (a) (c)		3,736		3,103
UniCredit SpA		3,064		7,135
				78,036
JAPAN — 23.4%
ABC-Mart, Inc.		200		13,549
Aeon Co., Ltd.		300		4,411
Ajinomoto Co., Inc.		300		6,643
ANA Holdings, Inc.		6,000		16,217
Aozora Bank, Ltd.		4,000		13,707
Asahi Group Holdings, Ltd.		300		10,861
Asics Corp.		300		5,993
Astellas Pharma, Inc.		3,200		49,723
Benesse Holdings, Inc.		300		7,626
Bridgestone Corp.		900		32,937
Canon, Inc.		1,500		43,305
Chubu Electric Power Co., Inc.		300		4,343
Concordia Financial Group, Ltd.		1,600		6,916
Dai-ichi Life Insurance Co., Ltd.		608		8,235
Daiichi Sankyo Co., Ltd.		506		12,067
Denso Corp.		200		7,900
East Japan Railway Co.		300		26,900

See accompanying notes to financial statements.

368

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Eisai Co., Ltd.		100	$	6,208
FamilyMart UNY Holdings Co., Ltd.		300		19,967
FANUC Corp.		200		33,595
Fuji Heavy Industries, Ltd.		700		25,957
Hitachi, Ltd.		3,000		13,882
Honda Motor Co., Ltd.		800		22,811
Hoya Corp.		300		11,963
Inpex Corp.		600		5,387
Isuzu Motors, Ltd.		600		6,989
ITOCHU Corp.		1,114		13,883
Japan Airlines Co., Ltd.		600		17,532
Japan Exchange Group, Inc.		606		9,365
Japan Post Bank Co., Ltd.		800		9,441
Japan Prime Realty Investment Corp.		3		13,539
Japan Real Estate Investment Corp.		2		11,949
Japan Retail Fund Investment Corp. REIT		9		22,228
Japan Tobacco, Inc.		900		36,608
JFE Holdings, Inc.		400		5,771
JX Holdings, Inc.		1,832		7,365
Kakaku.com, Inc.		300		5,401
Kao Corp.		600		33,719
KDDI Corp.		1,718		52,847
Kirin Holdings Co., Ltd.		700		11,554
Komatsu, Ltd.		300		6,799
Kubota Corp.		300		4,484
Kyowa Hakko Kirin Co., Ltd.		300		4,699
Lawson, Inc.		300		23,611
LIXIL Group Corp.		300		6,390
M3, Inc.		300		10,191
Marubeni Corp.		2,400		12,217
Mazda Motor Corp.		300		4,537
McDonald’s Holdings Co., Japan, Ltd.		300		8,828
Miraca Holdings, Inc.		300		14,842
Mitsubishi Chemical Holdings Corp.		900		5,583
Mitsubishi Corp.		1,000		22,565
Mitsubishi Heavy Industries, Ltd.		2,000		8,277
Mitsubishi Motors Corp.		900		4,168
Mitsubishi Tanabe Pharma Corp.		1,013		21,557
Mitsubishi UFJ Financial Group, Inc.		7,900		39,404
Mitsui & Co., Ltd.		1,200		16,478
Mizuho Financial Group, Inc.		26,100		43,455
MS&AD Insurance Group Holdings, Inc.		300		8,264
Murata Manufacturing Co., Ltd.		200		25,734
Nabtesco Corp.		300		8,428
Nagoya Railroad Co., Ltd.		3,000		16,264
NEC Corp.		3,000		7,673
Nippon Building Fund, Inc.		1		6,330
Nippon Paint Holdings Co., Ltd.		200		6,616
Nippon Prologis, Inc. REIT		7		17,696
Nippon Steel & Sumitomo Metal Corp.		400		8,123
Nippon Telegraph & Telephone Corp.		1,200		54,676
Nippon Yusen KK		3,000		5,570
Nissan Motor Co., Ltd.		916		8,889
Nissin Foods Holdings Co., Ltd.		300		18,160
Nitori Holdings Co., Ltd.		100		11,899
Nitto Denko Corp.		200		12,849
Nomura Holdings, Inc.		1,800		7,929
Nomura Real Estate Master Fund, Inc.		16		26,702
Nomura Research Institute, Ltd.		300		10,280
NTT DOCOMO, Inc.		1,122		28,387
Oracle Corp. Japan.		300		16,857
Oriental Land Co., Ltd.		300		18,172
ORIX Corp.		400		5,836
Osaka Gas Co., Ltd.		3,000		12,505
Otsuka Corp.		300		14,146
Otsuka Holdings Co., Ltd.		900		40,785
Panasonic Corp.		600		5,937
Park24 Co., Ltd.		300		9,717
Recruit Holdings Co., Ltd.		835		33,890
Resona Holdings, Inc.		2,200		9,175
Ricoh Co., Ltd.		400		3,595
Sankyo Co., Ltd.		300		10,191
Santen Pharmaceutical Co., Ltd.		600		8,787
Secom Co., Ltd.		300		22,243
Sekisui House, Ltd.		300		5,069
Seven & i Holdings Co., Ltd.		200		9,395
Seven Bank, Ltd.		1,000		3,180
Shimamura Co., Ltd.		100		12,107
Shimano, Inc.		100		14,734
Shionogi & Co., Ltd.		100		5,088
SoftBank Group Corp.		300		19,322
Sony Corp.		300		9,756
Sumitomo Corp.		712		7,896
Sumitomo Electric Industries, Ltd.		400		5,593
Sumitomo Mitsui Financial Group, Inc.		900		30,040
Sumitomo Mitsui Trust Holdings, Inc.		300		9,687
Suntory Beverage & Food, Ltd.		587		25,216
Suzuken Co., Ltd.		300		9,836
Suzuki Motor Corp.		300		9,954
Sysmex Corp.		200		14,694
Taiheiyo Cement Corp.		3,000		8,562
Taisho Pharmaceutical Holdings Co., Ltd.		100		10,191
Takeda Pharmaceutical Co., Ltd.		900		42,865
Tobu Railway Co., Ltd.		3,000		15,198
Tohoku Electric Power Co., Inc.		300		3,896
Tokio Marine Holdings, Inc.		300		11,358
Tokyo Electric Power Co. Holdings, Inc. (a)		1,500		6,443
Tokyo Gas Co., Ltd.		3,043		13,450
TonenGeneral Sekiyu KK		1,000		10,073
Toshiba Corp. (a)		3,000		9,924
Toyo Suisan Kaisha, Ltd.		500		21,083
Toyota Motor Corp.		1,100		62,775
Toyota Tsusho Corp.		300		6,906
Unicharm Corp.		506		13,034
United Urban Investment Corp.		12		21,863
USS Co., Ltd.		600		10,061
West Japan Railway Co.		300		18,480
Yahoo! Japan Corp.		1,200		4,764
Yamada Denki Co., Ltd.		1,800		8,888
Yamaguchi Financial Group, Inc.		1,000		10,596
Yamato Holdings Co., Ltd.		600		13,885
				1,945,546
LUXEMBOURG — 0.5%
ArcelorMittal (a)		1,136		6,955
RTL Group SA (a)		132		10,967
SES SA		799		19,606
				37,528

See accompanying notes to financial statements.

369

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
MEXICO — 0.1%
Fresnillo PLC		241	$	5,679
NETHERLANDS — 2.3%
Aegon NV		1,068		4,094
Akzo Nobel NV		66		4,472
ASML Holding NV		361		39,632
Boskalis Westminster		109		3,884
Heineken NV		46		4,048
ING Groep NV		952		11,758
Koninklijke Ahold Delhaize NV		790		18,014
Koninklijke DSM NV		79		5,341
Koninklijke KPN NV		1,102		3,660
Koninklijke Philips NV		208		6,166
NN Group NV		492		15,122
Royal Dutch Shell PLC Class A		1,384		34,410
Royal Dutch Shell PLC Class B		1,518		39,378
Wolters Kluwer NV		122		5,223
				195,202
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		1,260		6,734
Meridian Energy, Ltd.		2,290		4,330
Ryman Healthcare, Ltd.		696		4,874
Spark New Zealand, Ltd.		1,606		4,216
				20,154
NORWAY — 0.3%
DNB ASA		412		5,397
Gjensidige Forsikring ASA		201		3,752
Statoil ASA		521		8,729
Telenor ASA.		359		6,158
				24,036
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		1,174		3,944
Jeronimo Martins SGPS SA		253		4,388
				8,332
SINGAPORE — 2.2%
ComfortDelGro Corp., Ltd.		3,000		6,183
DBS Group Holdings, Ltd.		3,121		35,229
Keppel Corp., Ltd.		2,000		7,906
Oversea-Chinese Banking Corp., Ltd.		6,258		39,702
Singapore Airlines, Ltd.		3,000		23,125
Singapore Press Holdings, Ltd.		3,000		8,383
Singapore Technologies Engineering, Ltd.		3,000		7,107
Singapore Telecommunications, Ltd.		15,100		43,967
StarHub, Ltd.		3,000		7,547
Wilmar International, Ltd.		1,000		2,362
				181,511
SOUTH AFRICA — 0.1%
Mondi PLC		296		6,241
SPAIN — 2.1%
ACS Actividades de Construccion y Servicios SA		156		4,716
Amadeus IT Group SA Class A		525		26,237
Banco Bilbao Vizcaya Argentaria SA		2,437		14,740
Banco de Sabadell SA		2,509		3,214
Banco Popular Espanol SA		1,150		1,423
Banco Santander SA		6,703		29,732
CaixaBank SA		1,394		3,523
Distribuidora Internacional de Alimentacion SA		656		4,063
Endesa SA		379		8,127
Gas Natural SDG SA		143		2,940
Iberdrola SA.		1,444		9,821
Industria de Diseno Textil SA		1,012		37,530
Repsol SA		732		9,933
Telefonica SA		1,218		12,340
Zardoya Otis SA		361		3,473
				171,812
SWEDEN — 2.0%
Alfa Laval AB.		260		4,082
Assa Abloy AB Class B		696		14,160
Atlas Copco AB Class A		813		24,511
Atlas Copco AB Class B		177		4,843
Hennes & Mauritz AB Class B		1,238		34,969
ICA Gruppen AB		157		5,192
Investor AB Class B		245		8,971
Kinnevik AB Class B		289		7,381
Nordea Bank AB		883		8,776
Sandvik AB		413		4,548
Skandinaviska Enskilda Banken AB Class A		455		4,578
Skanska AB Class B		371		8,674
Svenska Cellulosa AB SCA Class B		130		3,866
Svenska Handelsbanken AB Class A		346		4,761
Swedbank AB Class A		219		5,153
Telefonaktiebolaget LM Ericsson Class B		820		5,929
Telia Co. AB		2,403		10,776
Volvo AB Class B		458		5,234
				166,404
SWITZERLAND — 12.0%
ABB, Ltd. (a)		1,814		40,812
Actelion, Ltd. (a)		94		16,310
Adecco Group AG		148		8,351
Baloise Holding AG		49		5,939
Barry Callebaut AG (a)		6		7,991
Chocoladefabriken Lindt & Spruengli AG		6		34,753
Cie Financiere Richemont SA		61		3,725
Credit Suisse Group AG (a)		837		10,974
EMS-Chemie Holding AG		9		4,842
Galenica AG		3		3,191
Geberit AG		40		17,553
Givaudan SA		9		18,355
Glencore PLC (a)		10,290		28,357
Julius Baer Group, Ltd. (a)		236		9,624
Kuehne + Nagel International AG		259		37,672
LafargeHolcim, Ltd. (a) (c)		48		2,600
LafargeHolcim, Ltd. (a) (c)		57		3,078
Nestle SA		2,738		216,210
Novartis AG		942		74,241
Partners Group Holding AG		18		9,098
Roche Holding AG.		695		172,782
Schindler Holding AG (c)		40		7,518
Schindler Holding AG (c)		34		6,439
SGS SA.		6		13,462
Sika AG		3		14,619
Sonova Holding AG		189		26,808

See accompanying notes to financial statements.

370

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Swatch Group AG (c)		18	$	5,101
Swatch Group AG (c)		60		3,342
Swiss Life Holding AG (a)		16		4,151
Swiss Prime Site AG (a)		265		23,291
Swiss Re AG		542		49,006
Swisscom AG		85		40,483
Syngenta AG		53		23,236
UBS Group AG		1,121		15,299
Wolseley PLC		223		12,615
Zurich Insurance Group AG (a)		112		28,884
				1,000,712
UNITED KINGDOM — 21.9%
3i Group PLC		615		5,197
Aberdeen Asset Management PLC		1,145		4,853
Admiral Group PLC		486		12,936
Aggreko PLC		314		3,889
Anglo American PLC (a)		910		11,438
Ashtead Group PLC		347		5,729
Associated British Foods PLC		343		11,584
AstraZeneca PLC		1,583		102,898
Aviva PLC		856		4,898
Babcock International Group PLC		413		5,553
BAE Systems PLC		3,090		21,033
Barclays PLC		8,556		18,650
Berkeley Group Holdings PLC		150		5,027
BP PLC.		8,531		49,868
British American Tobacco PLC		1,815		116,234
BT Group PLC		3,295		16,652
Bunzl PLC		611		18,096
Burberry Group PLC		421		7,541
Capita PLC		649		5,648
Centrica PLC		6,925		20,528
CNH Industrial NV		566		4,052
Compass Group PLC		3,497		67,912
Croda International PLC		127		5,748
Diageo PLC		2,738		78,620
Direct Line Insurance Group PLC		2,935		13,908
Dixons Carphone PLC		612		2,930
easyJet PLC		831		10,870
Fiat Chrysler Automobiles NV		1,230		7,810
G4S PLC		3,673		10,869
GKN PLC		2,004		8,338
GlaxoSmithKline PLC		2,194		46,826
Hargreaves Lansdown PLC		281		4,647
HSBC Holdings PLC		12,016		90,328
ICAP PLC		576		3,487
IMI PLC		341		4,757
Imperial Brands PLC		1,129		58,274
Inmarsat PLC		912		8,352
Intertek Group PLC		133		6,028
ITV PLC		4,031		9,802
J Sainsbury PLC		2,215		7,072
Johnson Matthey PLC.		171		7,317
Kingfisher PLC.		3,784		18,526
Land Securities Group PLC REIT		371		5,099
Legal & General Group PLC		5,064		14,386
Lloyds Banking Group PLC		25,350		17,963
London Stock Exchange Group PLC		107		3,892
Marks & Spencer Group PLC		3,205		13,785
Meggitt PLC.		713		4,177
Merlin Entertainments PLC (b)		1,018		5,813
National Grid PLC		3,340		47,378
Next PLC		337		20,908
Old Mutual PLC		1,587		4,172
Pearson PLC.		332		3,247
Persimmon PLC		475		11,199
Provident Financial PLC		120		4,728
Prudential PLC		2,057		36,513
Randgold Resources, Ltd.		248		25,080
Reckitt Benckiser Group PLC		966		91,164
RELX NV		1,021		18,353
RELX PLC		2,480		47,131
Rio Tinto PLC.		605		20,233
Rio Tinto, Ltd.		295		11,651
Rolls-Royce Holdings PLC (a)		1,867		17,462
Royal Mail PLC		3,754		23,870
SABMiller PLC		692		40,406
Sage Group PLC		1,030		9,874
Schroders PLC		105		3,677
Severn Trent PLC		124		4,035
Sky PLC		1,989		23,098
Smith & Nephew PLC		1,635		26,421
Smiths Group PLC		385		7,322
SSE PLC		1,971		40,146
St James’s Place PLC		418		5,147
Standard Chartered PLC (a)		1,852		15,115
Tate & Lyle PLC		1,579		15,363
Taylor Wimpey PLC		2,668		5,341
Tesco PLC (a)		4,609		10,953
Unilever NV		1,453		67,071
Unilever PLC		1,870		88,773
United Utilities Group PLC		262		3,414
Vodafone Group PLC		13,284		38,265
Weir Group PLC		228		5,035
Whitbread PLC		179		9,106
William Hill PLC		1,380		5,453
Wm Morrison Supermarkets PLC		1,431		4,050
WPP PLC		951		22,409
				1,823,403
UNITED STATES — 0.1%
Shire PLC		141		9,154
TOTAL COMMON STOCKS (Cost $8,503,273)				8,261,513
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e) (Cost $7,487)				7,487
TOTAL INVESTMENTS — 99.4% (Cost $8,510,760)				8,269,000
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				45,895
NET ASSETS — 100.0%			$	8,314,895

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.2% of net assets as of

See accompanying notes to financial statements.

371

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September 30, 2016

September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	475,024	$	—	$	—	$	475,024
Austria		4,405		—		—		4,405
Belgium		130,769		—		—		130,769
Denmark		202,123		—		—		202,123
Finland		60,122		—		—		60,122
France		547,775		—		—		547,775
Germany		628,611		—		—		628,611
Hong Kong		385,868		—		—		385,868
Ireland.		69,198		—		—		69,198
Israel		83,868		—		—		83,868
Italy		78,036		—		—		78,036
Japan.		1,945,546		—		—		1,945,546
Luxembourg		37,528		—		—		37,528
Mexico		5,679		—		—		5,679
Netherlands		195,202		—		—		195,202
New Zealand		20,154		—		—		20,154
Norway		24,036		—		—		24,036
Portugal.		8,332		—		—		8,332
Singapore		181,511		—		—		181,511
South Africa.		6,241		—		—		6,241
Spain.		171,812		—		—		171,812
Sweden		166,404		—		—		166,404
Switzerland		1,000,712		—		—		1,000,712
United Kingdom.		1,823,403		—		—		1,823,403
United States		9,154		—		—		9,154
Short-Term Investment		7,487		—		—		7,487
TOTAL INVESTMENTS	$	8,269,000	$	—	$	—	$	8,269,000

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		530	$	530		282,775		275,818		7,487	$	7,487	$	29	$	—
TOTAL			$	530							$	7,487	$	29	$	—

See accompanying notes to financial statements.

372

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SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 98.9%
BRAZIL — 5.4%
AES Tiete Energia SA		7,726	$	38,073
Ambev SA		34,580		210,959
Ambev SA ADR		181,961		1,108,142
Banco Bradesco SA		9,453		82,488
Banco Bradesco SA Preference Shares		35,200		321,463
Banco do Brasil SA		24,137		169,390
Banco Santander Brasil SA		4,036		27,330
BB Seguridade Participacoes SA		30,684		282,204
BM&FBovespa SA		8,061		41,709
BR Malls Participacoes SA (a)		5,234		19,816
Braskem SA Class A, Preference Shares		2,422		18,719
BRF SA		1,134		19,309
BRF SA ADR		5,872		100,176
CCR SA		3,790		19,762
Centrais Eletricas Brasileiras SA ADR (a)		2,641		19,451
Centrais Eletricas Brasileiras SA Class B, Preference Shares (a)		490		3,600
CETIP SA — Mercados Organizados		8,370		110,472
Cia Brasileira de Distribuicao ADR		2,709		44,401
Cia Brasileira de Distribuicao Preference Shares		532		8,695
Cia de Saneamento Basico do Estado de Sao Paulo		434		4,033
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,290		21,205
Cia Energetica de Minas Gerais ADR		26,070		67,521
Cia Energetica de Minas Gerais Preference Shares		4,886		12,904
Cia Energetica de Sao Paulo Class B, Preference Shares		1,288		5,828
Cia Paranaense de Energia ADR		1,813		18,801
Cia Paranaense de Energia Preference Shares		406		4,203
Cia Siderurgica Nacional SA (a)		1,232		3,447
Cia Siderurgica Nacional SA ADR (a)		6,176		17,046
Cielo SA		64,952		649,950
Cosan SA Industria e Comercio		650		7,545
CPFL Energia SA ADR		572		8,466
Duratex SA		3,346		8,857
EDP — Energias do Brasil SA		3,406		15,076
Embraer SA		980		4,226
Embraer SA ADR		1,617		27,909
Engie Brasil Energia SA		5,684		67,357
Equatorial Energia SA		1,692		26,207
Fibria Celulose SA ADR		1,029		7,275
Gerdau SA Preference Shares		22,847		62,306
Hypermarcas SA		982		8,424
Itau Unibanco Holding SA Preference Shares		5,334		58,317
Itau Unibanco Holding SA Preference Shares ADR		27,548		301,375
Itausa — Investimentos Itau SA Preference Shares		183,521		471,110
JBS SA		14,692		53,453
Klabin SA		2,404		12,609
Kroton Educacional SA		8,220		37,421
Localiza Rent a Car SA		700		8,545
Lojas Americanas SA		700		3,090
Lojas Americanas SA Preference Shares		1,680		10,440
Lojas Renner SA		22,510		169,543
M Dias Branco SA		1,270		51,952
Multiplan Empreendimentos Imobiliarios SA		200		3,891
Natura Cosmeticos SA		604		5,806
Odontoprev SA		12,698		50,536
Petroleo Brasileiro SA (a)		9,758		45,473
Petroleo Brasileiro SA ADR (a)		25,995		242,533
Petroleo Brasileiro SA Preference Shares (a)		19,820		82,785
Petroleo Brasileiro SA Preference Shares ADR (a)		42,895		356,457
Porto Seguro SA		916		8,408
Qualicorp SA		746		4,404
Raia Drogasil SA		5,538		112,981
Rumo Logistica Operadora Multimodal SA (a)		6,735		13,102
Sul America SA		9,640		48,158
Suzano Papel e Celulose SA Class A, Preference Shares		1,300		4,189
Telefonica Brasil SA ADR		3,584		51,860
Telefonica Brasil SA Preference Shares		644		9,307
Tim Participacoes SA		1,806		4,392
Tim Participacoes SA ADR		1,771		21,677
TOTVS SA		7,247		67,767
Transmissora Alianca de Energia Eletrica SA		517		3,339
Ultrapar Participacoes SA		378		8,268
Ultrapar Participacoes SA ADR		1,888		41,328
Vale SA		2,338		12,817
Vale SA ADR		12,161		66,885
Vale SA Preference Shares		4,424		20,970
Vale SA Preference Shares ADR		23,085		108,730
WEG SA		1,800		9,784
				6,278,447
CHILE — 1.4%
AES Gener SA		143,953		47,380
Aguas Andinas SA Class A		428,012		274,407
Banco de Chile		703,640		78,468
Banco de Chile ADR		6,145		413,558
Banco de Credito e Inversiones		1,429		64,563
Banco Santander Chile		90,118		4,656
Banco Santander Chile ADR		1,113		23,028
Cencosud SA		2,352		7,051
Cencosud SA ADR		3,615		32,571
Cia Cervecerias Unidas SA		1,680		16,943
Cia Cervecerias Unidas SA ADR		4,623		93,338
Colbun SA		937,480		186,511
Embotelladora Andina SA Class B, Preference Shares		1,220		4,664
Empresa Nacional de Electricidad SA		21,084		13,952
Empresa Nacional de Electricidad SA ADR		3,669		72,793
Empresa Nacional de Telecomunicaciones SA (a)		1,189		11,605
Empresas CMPC SA		14,649		29,102

See accompanying notes to financial statements.

373

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Empresas COPEC SA		7,669	$	71,582
Endesa Americas SA		21,728		9,794
Endesa Americas SA ADR (b)		4,034		55,266
Enersis Americas SA ADR (b)		2,953		24,185
Enersis Chile SA		30,114		2,774
Enersis Chile SA ADR		2,953		14,027
Enersis SA		23,688		3,866
Itau CorpBanca ADR		852		11,349
Latam Airlines Group SA (a)		616		4,943
Latam Airlines Group SA ADR (a)		4,347		35,298
SACI Falabella		8,176		59,831
Sociedad Quimica y Minera de Chile SA ADR		665		17,888
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		84		2,269
				1,687,662
CHINA — 25.9%
3SBio, Inc. (a) (c)		63,390		71,760
58.com, Inc. ADR (a)		104		4,957
AAC Technologies Holdings, Inc.		52,500		527,643
Agricultural Bank of China, Ltd. Class H		915,000		391,673
Air China, Ltd. Class H		26,000		17,465
Alibaba Group Holding, Ltd. ADR (a)		26,410		2,793,914
Aluminum Corp. of China, Ltd. Class H (a)		74,000		26,810
Anhui Conch Cement Co., Ltd. Class H		14,000		38,358
ANTA Sports Products, Ltd.		84,000		227,980
AviChina Industry & Technology Co., Ltd. Class H		4,000		2,692
Baidu, Inc. ADR (a)		11,310		2,059,212
Bank of China, Ltd. Class H		2,781,071		1,269,347
Bank of Communications Co., Ltd. Class H		286,000		217,931
Beijing Capital International Airport Co., Ltd. Class H		104,000		117,866
Beijing Enterprises Holdings, Ltd.		9,500		48,137
Beijing Enterprises Water Group, Ltd. (a)		86,000		58,102
Belle International Holdings, Ltd.		288,000		197,546
Brilliance China Automotive Holdings, Ltd.		124,000		139,093
Byd Co., Ltd. Class H (a)		1,500		9,844
CGN Power Co., Ltd. Class H (c)		63,100		18,631
China Cinda Asset Management Co., Ltd. Class H		97,000		34,268
China CITIC Bank Corp., Ltd. Class H		318,000		211,154
China Coal Energy Co., Ltd. Class H (a)		34,000		18,368
China Communications Construction Co., Ltd. Class H		80,000		84,064
China Communications Services Corp., Ltd. Class H		276,000		172,590
China Conch Venture Holdings, Ltd.		6,500		12,672
China Construction Bank Corp. Class H		2,468,394		1,829,984
China COSCO Holdings Co., Ltd. Class H (a)		16,500		5,616
China Everbright Bank Co., Ltd. Class H		284,274		132,315
China Everbright International, Ltd.		7,000		8,321
China Everbright, Ltd.		12,000		24,539
China Evergrande Group		56,000		37,834
China Galaxy Securities Co., Ltd. Class H		24,334		22,182
China Huishan Dairy Holdings Co., Ltd.		704,393		263,377
China Jinmao Holdings Group, Ltd.		34,000		10,477
China Life Insurance Co., Ltd. Class H		69,000		177,928
China Longyuan Power Group Corp., Ltd. Class H		33,000		26,805
China Medical System Holdings, Ltd.		116,939		196,608
China Mengniu Dairy Co., Ltd.		111,000		206,087
China Merchants Bank Co., Ltd. Class H		73,000		183,913
China Merchants Port Holdings Co., Ltd.		22,607		60,190
China Minsheng Banking Corp., Ltd. Class H		156,300		180,161
China Mobile, Ltd.		248,497		3,006,910
China National Building Material Co., Ltd. Class H		136,000		60,320
China Oilfield Services, Ltd. Class H		30,000		26,032
China Overseas Land & Investment, Ltd.		152,000		515,424
China Pacific Insurance Group Co., Ltd. Class H		22,000		81,267
China Petroleum & Chemical Corp. Class H		808,395		588,894
China Power International Development, Ltd.		52,000		19,979
China Railway Construction Corp., Ltd. Class H		43,500		49,356
China Railway Group, Ltd. Class H		77,000		55,596
China Resources Beer Holdings Co., Ltd. (a)		48,092		102,063
China Resources Gas Group, Ltd.		48,000		164,003
China Resources Land, Ltd.		20,444		56,936
China Resources Power Holdings Co., Ltd.		48,267		83,142
China Shenhua Energy Co., Ltd. Class H		62,000		121,187
China Shipping Container Lines Co., Ltd. Class H (a)		29,000		6,207
China Southern Airlines Co., Ltd. Class H		18,000		10,095
China State Construction International Holdings, Ltd.		50,000		65,756
China Taiping Insurance Holdings Co., Ltd. (a)		21,810		43,024
China Telecom Corp., Ltd. Class H		192,000		96,793
China Unicom Hong Kong, Ltd.		124,000		148,846
China Vanke Co., Ltd. Class H		11,028		28,580
Chongqing Changan Automobile Co., Ltd. Class B		43,100		70,241
Chongqing Rural Commercial Bank Co., Ltd. Class H		72,000		44,374
CITIC Securities Co., Ltd. Class H		14,500		30,772
CITIC, Ltd.		57,000		81,282
CNOOC, Ltd.		273,000		338,612
COSCO SHIPPING Ports, Ltd.		56,173		57,578
Country Garden Holdings Co., Ltd.		87,266		46,019
CRRC Corp., Ltd. Class H		39,000		35,199
CSPC Pharmaceutical Group, Ltd.		178,000		178,093
Ctrip.com International, Ltd. ADR (a)		488		22,726
Dongfeng Motor Group Co., Ltd. Class H		132,000		131,899

See accompanying notes to financial statements.

374

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
ENN Energy Holdings, Ltd.		12,000	$	58,407
Fang Holdings, Ltd. ADR (a)		1,337		6,003
Far East Horizon, Ltd.		11,000		10,382
Fosun International, Ltd.		25,500		38,270
Geely Automobile Holdings, Ltd.		30,000		26,767
GF Securities Co., Ltd. Class H		14,000		29,603
GOME Electrical Appliances Holding, Ltd.		174,000		21,313
Great Wall Motor Co., Ltd. Class H		155,500		151,371
Guangdong Investment, Ltd.		370,000		587,729
Guangzhou Automobile Group Co., Ltd. Class H		12,000		15,426
Guangzhou R&F Properties Co., Ltd. Class H		18,400		28,943
Haitian International Holdings, Ltd.		25,000		49,188
Haitong Securities Co., Ltd. Class H		20,400		34,509
Hengan International Group Co., Ltd.		52,374		434,202
Huadian Power International Corp., Ltd. Class H		40,000		17,947
Huaneng Power International, Inc. Class H		84,000		52,527
Huaneng Renewables Corp., Ltd. Class H		38,000		13,229
Huatai Securities Co., Ltd. Class H (c)		11,443		23,164
Industrial & Commercial Bank of China, Ltd. Class H		2,185,448		1,366,618
JD.com, Inc. ADR (a)		1,882		49,101
Jiangsu Expressway Co., Ltd. Class H		212,000		293,019
Jiangxi Copper Co., Ltd. Class H		27,000		30,843
Kingsoft Corp., Ltd.		2,000		4,729
Kunlun Energy Co., Ltd.		26,000		19,912
Lenovo Group, Ltd.		310,915		206,049
Longfor Properties Co., Ltd.		20,500		31,453
Luye Pharma Group, Ltd. (a)		41,500		27,182
NetEase, Inc. ADR		3,802		915,446
New China Life Insurance Co., Ltd. Class H .		10,100		44,601
New Oriental Education & Technology Group, Inc. ADR (a)		5,783		268,100
People’s Insurance Co. Group of China, Ltd. Class H		130,000		52,966
PetroChina Co., Ltd. Class H		458,000		300,572
PICC Property & Casualty Co., Ltd. Class H .		190,180		314,844
Ping An Insurance Group Co. of China, Ltd. Class H		41,500		215,099
Qunar Cayman Islands, Ltd. ADR (a)		5		145
Semiconductor Manufacturing International Corp. (a)		1,708,000		191,590
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		44,000		29,500
Shanghai Electric Group Co., Ltd. Class H (a)		36,000		16,988
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		1,500		4,661
Shanghai Industrial Holdings, Ltd.		11,000		31,627
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		91,027		152,834
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		36,200		97,548
Shenzhou International Group Holdings, Ltd.		86,000		598,766
Shui On Land, Ltd.		41,000		11,154
Sino-Ocean Group Holding, Ltd.		58,000		26,697
Sinopec Engineering Group Co., Ltd. Class H		55,741		47,936
Sinopec Shanghai Petrochemical Co., Ltd. Class H		26,000		13,107
Sinopharm Group Co., Ltd. Class H		21,200		101,819
Sinotrans, Ltd. Class H		13,000		6,302
SOHO China, Ltd.		22,000		11,885
Sunac China Holdings, Ltd.		32,889		23,662
TAL Education Group ADR (a)		3,195		226,334
Tencent Holdings, Ltd.		115,627		3,175,440
Tingyi Cayman Islands Holding Corp.		18,000		20,841
TravelSky Technology, Ltd. Class H		99,000		234,865
Tsingtao Brewery Co., Ltd. Class H		24,000		93,451
Vipshop Holdings, Ltd. ADR (a)		1,233		18,088
Want Want China Holdings, Ltd.		273,000		168,954
Weichai Power Co., Ltd. Class H		10,000		13,409
Yanzhou Coal Mining Co., Ltd. Class H		30,000		20,191
YY, Inc. ADR (a)		2,963		157,869
Zhejiang Expressway Co., Ltd. Class H		306,000		322,730
Zhuzhou CRRC Times Electric Co., Ltd.		17,000		88,113
Zijin Mining Group Co., Ltd. Class H		38,000		12,200
ZTE Corp. Class H		43,280		62,945
				30,226,784
COLOMBIA — 0.3%
Bancolombia SA ADR		833		32,520
Bancolombia SA Preference Shares		714		6,927
Cementos Argos SA		1,555		6,198
Corp. Financiera Colombiana SA		6,912		90,864
Ecopetrol SA (a)		9,534		4,138
Ecopetrol SA ADR (a)		2,487		21,786
Grupo Argos SA		2,627		16,984
Grupo Aval Acciones y Valores SA Preference Shares		32,251		14,110
Grupo de Inversiones Suramericana SA		2,045		26,713
Grupo de Inversiones Suramericana SA Preference Shares		12,701		164,496
Interconexion Electrica SA ESP		2,436		8,247
				392,983
CZECH REPUBLIC — 0.2%
CEZ A/S		3,067		54,669
Komercni banka A/S		3,537		122,430
O2 Czech Republic A/S		8,410		81,738
				258,837
EGYPT — 0.2%
Commercial International Bank Egypt SAE GDR		70,850		279,503
Talaat Moustafa Group		20,698		12,587
				292,090
GREECE — 0.2%
Alpha Bank AE (a)		27,816		46,264
Eurobank Ergasias SA (a)		34,655		19,784
FF Group (a)		440		10,928
Hellenic Telecommunications Organization SA		2,093		18,347

See accompanying notes to financial statements.

375

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
JUMBO SA		549	$	6,848
National Bank of Greece SA (a)		116,558		24,102
OPAP SA		8,092		68,385
Piraeus Bank SA (a)		175,379		26,410
Titan Cement Co. SA		282		6,649
				227,717
HONG KONG — 0.7%
Alibaba Pictures Group, Ltd. (a)		10,000		2,089
China Gas Holdings, Ltd.		30,000		47,576
GCL-Poly Energy Holdings, Ltd.		169,000		22,443
Haier Electronics Group Co., Ltd.		77,000		127,275
Hanergy Thin Film Power Group, Ltd. (a) (d)		598,000		—
Nine Dragons Paper Holdings, Ltd.		14,000		13,087
Shimao Property Holdings, Ltd.		28,500		38,583
Sino Biopharmaceutical, Ltd.		506,000		339,902
Sun Art Retail Group, Ltd.		342,832		236,483
				827,438
HUNGARY — 0.4%
MOL Hungarian Oil & Gas PLC		2,597		160,248
OTP Bank PLC		1,765		46,208
Richter Gedeon Nyrt		10,754		217,803
				424,259
INDIA — 8.2%
ACC, Ltd.		193		4,638
Adani Ports & Special Economic Zone, Ltd.		3,747		14,449
Ambuja Cements, Ltd.		2,581		9,759
Apollo Hospitals Enterprise, Ltd.		134		2,643
Ashok Leyland, Ltd.		1,669		1,995
Asian Paints, Ltd.		12,423		216,572
Aurobindo Pharma, Ltd.		12,213		156,918
Axis Bank, Ltd.		9,996		81,276
Bajaj Auto, Ltd.		3,803		161,510
Bajaj Finance, Ltd.		200		3,172
Bharat Forge, Ltd.		3,347		45,786
Bharat Heavy Electricals, Ltd.		7,216		14,599
Bharat Petroleum Corp., Ltd.		11,285		103,833
Bharti Airtel, Ltd.		7,051		33,253
Bharti Infratel, Ltd.		16,500		90,529
Bosch, Ltd.		215		73,619
Cadila Healthcare, Ltd.		9,788		57,011
Cairn India, Ltd.		13,730		41,254
Cipla, Ltd.		13,449		117,169
Coal India, Ltd.		37,245		180,295
Container Corp. Of India, Ltd.		1,332		27,596
Dabur India, Ltd.		82,310		335,273
Divi’s Laboratories, Ltd.		10,450		202,596
Dr Reddy’s Laboratories, Ltd.		924		43,125
Dr Reddy’s Laboratories, Ltd. ADR		4,849		225,091
Eicher Motors, Ltd.		522		194,655
GAIL India, Ltd.		490		2,757
GAIL India, Ltd. GDR		616		20,852
GlaxoSmithKline Consumer Healthcare, Ltd.		543		49,214
Glenmark Pharmaceuticals, Ltd.		271		3,759
Godrej Consumer Products, Ltd.		3,961		94,394
Havells India, Ltd.		8,515		53,484
HCL Technologies, Ltd.		30,699		368,821
Hero MotoCorp, Ltd.		2,224		114,029
Hindalco Industries, Ltd.		29,188		66,942
Hindustan Unilever, Ltd.		33,391		435,242
Housing Development Finance Corp., Ltd.		6,189		129,529
ICICI Bank, Ltd.		1,722		6,522
ICICI Bank, Ltd. ADR		3,989		29,798
Idea Cellular, Ltd.		8,042		9,554
Indiabulls Housing Finance, Ltd.		1,692		21,027
Infosys, Ltd.		16,509		256,896
Infosys, Ltd. ADR		67,767		1,069,363
ITC, Ltd.		148,689		538,992
JSW Steel, Ltd.		716		18,597
Larsen & Toubro, Ltd.		252		5,424
Larsen & Toubro, Ltd. GDR		1,185		25,359
LIC Housing Finance, Ltd.		1,712		14,883
Lupin, Ltd.		7,940		177,243
Mahindra & Mahindra Financial Services, Ltd.		1,058		5,789
Mahindra & Mahindra, Ltd.		336		7,094
Mahindra & Mahindra, Ltd. GDR		1,920		40,704
Marico, Ltd.		27,083		112,066
Maruti Suzuki India, Ltd.		3,683		302,987
Motherson Sumi Systems, Ltd.		13,123		62,678
Nestle India, Ltd.		937		90,531
NTPC, Ltd.		15,945		35,444
Oil & Natural Gas Corp., Ltd.		12,068		46,519
Piramal Enterprises, Ltd.		149		4,114
Power Finance Corp., Ltd.		19,301		34,874
Reliance Industries, Ltd.		1,960		31,902
Reliance Industries, Ltd. GDR (c)		5,123		168,034
Shree Cement, Ltd.		11		2,816
Shriram Transport Finance Co., Ltd.		991		17,305
Siemens, Ltd.		93		1,733
State Bank of India		4,046		15,268
State Bank of India GDR		2,110		78,598
Sun Pharmaceutical Industries, Ltd.		33,982		379,069
Tata Consultancy Services, Ltd.		28,339		1,034,642
Tata Motors, Ltd. (b)		2,800		22,493
Tata Motors, Ltd. (b)		6,710		34,316
Tata Motors, Ltd. ADR		2,872		114,823
Tata Power Co., Ltd.		8,054		9,121
Tata Steel, Ltd.		742		4,171
Tata Steel, Ltd. GDR		3,974		21,897
Tech Mahindra, Ltd.		18,562		117,051
Titan Co., Ltd.		11,123		66,006
UltraTech Cement, Ltd.		82		4,744
United Spirits, Ltd. (a)		35		1,297
UPL, Ltd.		11,940		120,844
Vedanta, Ltd.		15,209		39,302
Wipro, Ltd.		24,161		173,805
Wipro, Ltd. ADR		22,531		218,776
Yes Bank, Ltd.		1,565		29,492
Zee Entertainment Enterprises, Ltd.		18,967		155,756
				9,557,358
INDONESIA — 4.3%
Adaro Energy Tbk PT		284,500		26,268
AKR Corporindo Tbk PT		8,400		4,151

See accompanying notes to financial statements.

376

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Astra International Tbk PT		138,500	$	87,551
Bank Central Asia Tbk PT		824,825		992,242
Bank Danamon Indonesia Tbk PT		58,400		18,123
Bank Mandiri Persero Tbk PT		364,800		313,061
Bank Negara Indonesia Persero Tbk PT		104,400		44,397
Bank Rakyat Indonesia Persero Tbk PT		461,200		431,127
Bumi Serpong Damai Tbk PT		51,700		8,715
Charoen Pokphand Indonesia Tbk PT		34,400		9,225
Global Mediacom Tbk PT		45,000		3,069
Gudang Garam Tbk PT		9,800		46,556
Hanjaya Mandala Sampoerna Tbk PT		623,400		188,677
Indocement Tunggal Prakarsa Tbk PT		62,600		83,220
Indofood CBP Sukses Makmur Tbk PT		175,000		127,050
Indofood Sukses Makmur Tbk PT		355,000		236,649
Jasa Marga Persero Tbk PT		59,100		20,831
Kalbe Farma Tbk PT		2,261,100		297,126
Lippo Karawaci Tbk PT		125,300		9,505
Matahari Department Store Tbk PT		104,900		148,496
Media Nusantara Citra Tbk PT		19,200		2,972
Perusahaan Gas Negara Persero Tbk		133,000		29,248
Semen Indonesia Persero Tbk PT		113,500		87,836
Summarecon Agung Tbk PT		40,300		5,419
Surya Citra Media Tbk PT		269,100		57,733
Telekomunikasi Indonesia Persero Tbk PT		3,200,821		1,057,048
Tower Bersama Infrastructure Tbk PT		116,606		54,501
Unilever Indonesia Tbk PT		169,200		577,569
United Tractors Tbk PT		17,700		24,005
Waskita Karya Persero Tbk PT		11,900		2,389
XL Axiata Tbk PT (a)		23,200		4,800
				4,999,559
MALAYSIA — 3.5%
AirAsia Bhd		10,400		7,016
Alliance Financial Group Bhd		6,900		6,207
AMMB Holdings Bhd		25,500		25,219
Astro Malaysia Holdings Bhd		6,700		4,423
Axiata Group Bhd		140,301		177,094
Berjaya Sports Toto Bhd		56,057		44,867
British American Tobacco Malaysia Bhd		6,300		74,860
CIMB Group Holdings Bhd		49,739		56,649
Dialog Group Bhd		8,000		2,824
DiGi.Com Bhd		136,400		164,254
Felda Global Ventures Holdings Bhd		17,200		9,732
Gamuda Bhd		7,800		9,242
Genting Bhd		21,600		41,419
Genting Malaysia Bhd		26,200		28,826
Genting Plantations Bhd		800		2,128
HAP Seng Consolidated Bhd		1,600		2,979
Hartalega Holdings Bhd		43,400		48,694
Hong Leong Bank Bhd		94,520		299,868
Hong Leong Financial Group Bhd		2,900		10,813
IHH Healthcare Bhd		324,700		497,002
IJM Corp. Bhd		27,600		21,423
IOI Corp. Bhd		13,700		14,742
IOI Properties Group Bhd		14,647		8,819
Kuala Lumpur Kepong Bhd		2,600		15,076
Lafarge Malaysia Bhd		1,300		2,490
Malayan Banking Bhd		238,365		432,291
Malaysia Airports Holdings Bhd		3,100		4,902
Maxis Bhd		245,700		365,980
MISC Bhd.		8,700		15,883
Petronas Chemicals Group Bhd		142,100		228,501
Petronas Dagangan Bhd		10,900		61,939
Petronas Gas Bhd		57,200		302,079
PPB Group Bhd		3,300		12,911
Public Bank Bhd		122,075		585,063
RHB Capital Bhd		13,138		14,773
SapuraKencana Petroleum Bhd (a)		55,800		21,184
Sime Darby Bhd		23,961		44,324
Telekom Malaysia Bhd		75,585		123,919
Tenaga Nasional Bhd		51,300		177,389
UMW Holdings Bhd		7,400		10,432
Westports Holdings Bhd		38,500		40,869
YTL Corp. Bhd		55,300		23,936
YTL Power International Bhd		17,800		6,887
				4,049,928
MEXICO — 2.3%
Alfa SAB de CV Class A Class A		19,310		30,192
America Movil SAB de CV Series L		369,700		211,465
Arca Continental SAB de CV		41,657		248,325
Cemex SAB de CV (a)		118,430		93,993
Coca-Cola Femsa SAB de CV Series L		8,524		64,150
El Puerto de Liverpool SAB de CV Series C1		33,462		351,400
Fibra Uno Administracion SA de CV REIT		25,750		47,127
Fomento Economico Mexicano SAB de CV .		7,197		66,472
Gentera SAB de CV		35,514		64,042
Gruma SAB de CV Class B		7,793		102,656
Grupo Aeroportuario del Pacifico SAB de CV Class B		15,605		148,450
Grupo Aeroportuario del Sureste SAB de CV Class B		11,136		163,569
Grupo Bimbo SAB de CV Series A		16,317		43,091
Grupo Carso SAB de CV Series A1		4,021		16,098
Grupo Comercial Chedraui SA de CV		2,642		5,785
Grupo Financiero Banorte SAB de CV Series O		17,657		92,767
Grupo Financiero Inbursa SAB de CV Series O		19,930		31,511
Grupo Financiero Santander Mexico SAB de CV Class B		16,983		29,871
Grupo Lala SAB de CV		22,039		42,054
Grupo Mexico SAB de CV Series B		31,479		77,065
Grupo Televisa SAB Series CPO		10,777		55,479
Industrias Penoles SAB de CV		1,223		29,453
Kimberly-Clark de Mexico SAB de CV Class A		4,530		10,266
Mexichem SAB de CV		8,384		18,801
OHL Mexico SAB de CV (a)		11,085		14,731
Promotora y Operadora de Infraestructura SAB de CV		8,827		94,890
Wal-Mart de Mexico SAB de CV		258,038		567,714
				2,721,417
NETHERLANDS — 0.1%
Steinhoff International Holdings NV		13,095		74,801

See accompanying notes to financial statements.

377

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
PERU — 0.5%
Cia de Minas Buenaventura SAA ADR (a)		4,216	$	58,349
Credicorp, Ltd.		3,057		465,337
Southern Copper Corp.		380		9,994
				533,680
PHILIPPINES — 2.0%
Aboitiz Equity Ventures, Inc.		173,750		271,400
Aboitiz Power Corp.		287,800		270,916
Alliance Global Group, Inc.		20,000		6,557
Ayala Corp.		910		16,081
Ayala Land, Inc.		17,500		14,164
Bank of the Philippine Islands		140,870		305,008
BDO Unibank, Inc.		104,940		237,600
DMCI Holdings, Inc.		146,330		36,390
Energy Development Corp.		58,800		7,166
Globe Telecom, Inc.		130		5,469
GT Capital Holdings, Inc.		570		16,925
International Container Terminal Services, Inc.		15,150		24,055
JG Summit Holdings, Inc.		10,670		16,392
Jollibee Foods Corp.		58,870		299,843
Megaworld Corp.		89,000		8,662
Metro Pacific Investments Corp.		71,800		10,512
Metropolitan Bank & Trust Co.		70,751		124,447
PLDT, Inc.		10,449		368,877
Robinsons Land Corp.		34,900		22,310
Security Bank Corp.		5,720		28,497
SM Investments Corp.		1,145		15,902
SM Prime Holdings, Inc.		31,200		18,111
Universal Robina Corp.		52,780		193,728
				2,319,012
POLAND — 1.0%
Alior Bank SA (a)		568		6,887
Bank Handlowy w Warszawie SA		335		6,653
Bank Millennium SA (a)		12,970		19,011
Bank Pekao SA		5,337		172,492
Bank Zachodni WBK SA		1,131		91,917
CCC SA		95		4,393
Cyfrowy Polsat SA (a)		6,564		42,018
Enea SA (a)		5,971		13,276
Energa SA		5,148		10,088
Eurocash SA		4,501		49,980
Grupa Azoty SA		418		6,730
Grupa Lotos SA (a)		5,201		38,661
KGHM Polska Miedz SA		2,499		48,643
LPP SA		50		51,401
mBank SA (a)		189		16,876
Orange Polska SA		10,072		15,790
PGE Polska Grupa Energetyczna SA		72,234		191,562
Polski Koncern Naftowy Orlen SA		8,721		148,132
Polskie Gornictwo Naftowe i Gazownictwo SA		21,359		28,182
Powszechna Kasa Oszczednosci Bank Polski SA		12,104		82,573
Powszechny Zaklad Ubezpieczen SA		13,812		87,982
Synthos SA (a)		4,068		4,624
Tauron Polska Energia SA (a)		49,091		33,349
				1,171,220
QATAR — 1.4%
Barwa Real Estate Co.		4,357		40,496
Commercial Bank QSC		20,308		215,236
Doha Bank QSC		7,385		75,432
Ezdan Holding Group QSC		1,776		8,192
Industries Qatar QSC		5,233		155,180
Masraf Al Rayan QSC		4,769		46,485
Ooredoo QSC		1,058		27,888
Qatar Electricity & Water Co. QSC		6,140		359,937
Qatar Gas Transport Co., Ltd.		6,746		43,714
Qatar Insurance Co. SAQ		8,171		199,451
Qatar Islamic Bank SAQ		6,588		189,934
Qatar National Bank SAQ		4,788		205,087
Vodafone Qatar QSC (a)		5,298		15,856
				1,582,888
ROMANIA — 0.1%
New Europe Property Investments PLC		10,464		118,328
RUSSIA — 3.3%
AK Transneft OAO Preference Shares		75		160,779
Alrosa PAO		4,869		6,683
Gazprom PJSC ADR		162,789		685,342
Lukoil PJSC ADR		14,836		722,365
Magnit PJSC GDR		12,188		508,118
MegaFon PJSC GDR		3,564		34,036
MMC Norilsk Nickel PJSC ADR		2,287		36,546
Mobile TeleSystems PJSC ADR		20,379		155,492
Moscow Exchange MICEX-RTS PJSC (a)		8,467		17,055
Novatek OJSC GDR		258		28,380
PhosAgro PJSC GDR		331		4,270
Rosneft PJSC (e)		16,110		87,834
Rosneft PJSC GDR		25,472		139,077
Rostelecom PJSC ADR		2,340		17,550
RusHydro PJSC ADR		20,683		24,613
Sberbank of Russia PJSC ADR (b)		6,842		64,452
Sberbank of Russia PJSC ADR (b)		35,974		337,364
Severstal PJSC GDR		750		9,052
Sistema PJSC FC GDR		2,193		16,272
Surgutneftegas OJSC ADR (b)		42,636		205,079
Surgutneftegas OJSC ADR (b)		38,521		180,278
Tatneft PJSC ADR (b)		1,551		47,864
Tatneft PJSC ADR (b)		8,232		253,381
VTB Bank PJSC (a) (e)		41,660,000		47,201
VTB Bank PJSC GDR		36,980		82,317
				3,871,400
SOUTH AFRICA — 4.9%
African Bank Investments, Ltd. (a) (d)		1,693		—
Anglo American Platinum, Ltd. (a)		207		5,817
AngloGold Ashanti, Ltd. (a)		1,963		31,654
Aspen Pharmacare Holdings, Ltd.		1,195		26,939
Barclays Africa Group, Ltd.		5,838		64,106
Bid Corp., Ltd.		15,771		297,213
Bidvest Group, Ltd.		15,717		184,678
Brait SE (a)		1,817		14,598
Capitec Bank Holdings, Ltd.		1,407		65,726
Coronation Fund Managers, Ltd.		10,580		54,042
Discovery, Ltd.		11,400		93,679
Exxaro Resources, Ltd.		2,381		14,650

See accompanying notes to financial statements.

378

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
FirstRand, Ltd.		146,910	$	507,461
Fortress Income Fund, Ltd.		2,132		5,078
Fortress Income Fund, Ltd. Class A		76,200		90,046
Foschini Group, Ltd.		7,055		71,570
Gold Fields, Ltd.		5,718		27,860
Growthpoint Properties, Ltd. REIT		10,582		19,477
Hyprop Investments, Ltd.		1,472		12,934
Impala Platinum Holdings, Ltd. (a)		6,504		32,872
Imperial Holdings, Ltd.		2,668		32,422
Investec, Ltd.		1,083		6,645
Liberty Holdings, Ltd.		4,494		38,109
Life Healthcare Group Holdings, Ltd.		38,156		105,079
Massmart Holdings, Ltd.		4,655		40,185
MMI Holdings, Ltd.		12,243		19,943
Mondi, Ltd.		4,233		88,830
Mr. Price Group, Ltd.		11,407		125,880
MTN Group, Ltd.		18,077		154,410
Naspers, Ltd. Class N		455		78,591
Nedbank Group, Ltd.		3,124		50,513
Netcare, Ltd.		33,677		82,360
Pick n Pay Stores, Ltd.		41,107		205,008
Pioneer Foods Group, Ltd.		458		5,791
PSG Group, Ltd.		2,968		43,372
Rand Merchant Investment Holdings, Ltd.		2,723		8,198
Redefine Properties, Ltd. REIT		22,173		18,430
Remgro, Ltd.		2,451		40,916
Resilient REIT, Ltd.		9,980		83,200
RMB Holdings, Ltd.		32,099		137,091
Sanlam, Ltd.		53,900		250,073
Sappi, Ltd. (a)		6,026		31,113
Sasol, Ltd.		20,517		560,996
Shoprite Holdings, Ltd.		17,102		238,026
Sibanye Gold, Ltd.		4,725		16,995
SPAR Group, Ltd.		14,851		207,593
Standard Bank Group, Ltd.		55,673		569,513
Telkom SA SOC, Ltd.		2,895		12,735
Tiger Brands, Ltd.		6,838		189,080
Truworths International, Ltd.		21,380		110,388
Tsogo Sun Holdings, Ltd.		2,384		5,399
Vodacom Group, Ltd.		33,112		371,158
Woolworths Holdings, Ltd.		33,166		186,412
				5,734,854
SOUTH KOREA — 13.5%
Amorepacific Corp.		1,386		489,539
Amorepacific Corp. Preference Shares		336		64,677
AMOREPACIFIC Group		647		97,225
BGF retail Co., Ltd.		427		74,827
BNK Financial Group, Inc.		5,347		41,655
Celltrion, Inc. (a)		86		8,308
Cheil Worldwide, Inc.		4,193		60,914
CJ CheilJedang Corp.		237		78,114
CJ Corp.		209		35,297
CJ E&M Corp.		78		5,382
CJ Korea Express Corp. (a)		253		49,504
Coway Co., Ltd.		2,725		236,042
Daelim Industrial Co., Ltd.		353		26,571
Daewoo Engineering & Construction Co., Ltd. (a)		1,280		7,392
DGB Financial Group, Inc.		4,643		38,068
Dongbu Insurance Co., Ltd.		6,828		422,817
Dongsuh Cos., Inc.		104		2,762
Doosan Heavy Industries & Construction Co., Ltd.		1,227		28,799
E-MART, Inc.		642		91,810
GS Engineering & Construction Corp. (a)		810		21,586
GS Holdings Corp.		590		28,660
GS Retail Co., Ltd.		132		5,897
Hana Financial Group, Inc.		8,436		213,322
Hankook Tire Co., Ltd.		1,041		56,145
Hanmi Pharm Co., Ltd.		7		3,229
Hanmi Science Co., Ltd.		10		1,035
Hanon Systems.		6,099		68,668
Hanssem Co., Ltd.		423		67,597
Hanwha Chemical Corp.		1,210		26,587
Hanwha Corp.		2,026		64,477
Hanwha Life Insurance Co., Ltd.		4,670		24,424
Hotel Shilla Co., Ltd.		70		3,845
Hyosung Corp.		374		44,146
Hyundai Department Store Co., Ltd.		153		16,462
Hyundai Development Co-Engineering & Construction		206		9,595
Hyundai Engineering & Construction Co., Ltd.		1,402		49,965
Hyundai Glovis Co., Ltd.		192		31,554
Hyundai Heavy Industries Co., Ltd. (a)		962		120,539
Hyundai Marine & Fire Insurance Co., Ltd.		10,574		348,034
Hyundai Mobis Co., Ltd.		2,840		709,130
Hyundai Motor Co.		3,183		391,607
Hyundai Motor Co. GDR		202		9,141
Hyundai Motor Co. Preference Shares (b)		1,139		109,107
Hyundai Motor Co. Preference Shares (b)		670		61,139
Hyundai Steel Co.		1,575		72,647
Hyundai Wia Corp.		239		18,793
Industrial Bank of Korea		6,800		73,782
Kakao Corp.		523		38,845
Kangwon Land, Inc.		11,142		397,585
KB Financial Group, Inc.		1,400		48,114
KB Financial Group, Inc. ADR		7,202		246,380
KCC Corp.		76		27,292
KEPCO Plant Service & Engineering Co., Ltd.		1,028		53,951
Kia Motors Corp.		7,253		277,581
Korea Aerospace Industries, Ltd.		138		9,560
Korea Electric Power Corp.		1,372		67,270
Korea Electric Power Corp. ADR		14,282		348,195
Korea Gas Corp.		938		37,644
Korea Investment Holdings Co., Ltd.		604		22,348
Korea Zinc Co., Ltd.		75		32,755
Korean Air Lines Co., Ltd. (a)		1,211		38,430
KT Corp. ADR		6,173		99,077
KT&G Corp.		8,038		912,289
Kumho Petrochemical Co., Ltd.		181		11,488
LG Chem, Ltd.		377		82,667

See accompanying notes to financial statements.

379

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
LG Chem, Ltd. Preference Shares		108	$	16,131
LG Corp.		849		49,875
LG Display Co., Ltd.		994		25,361
LG Display Co., Ltd. ADR		10,402		132,313
LG Electronics, Inc.		2,332		101,424
LG Household & Health Care, Ltd.		323		280,079
LG Household & Health Care, Ltd. Preference Shares		93		43,488
LG Innotek Co., Ltd.		218		15,499
LG Uplus Corp.		3,917		41,789
Lotte Chemical Corp.		182		49,245
Lotte Chilsung Beverage Co., Ltd.		4		5,811
Lotte Confectionery Co., Ltd.		325		51,936
Lotte Shopping Co., Ltd.		368		68,999
Mirae Asset Daewoo Co., Ltd.		2,913		20,657
Mirae Asset Securities Co., Ltd.		556		11,485
NAVER Corp.		1,217		975,722
NCSoft Corp.		435		116,714
NH Investment & Securities Co., Ltd.		1,072		9,704
OCI Co., Ltd. (a)		161		13,668
Orion Corp.		68		51,061
Ottogi Corp.		4		2,724
Paradise Co., Ltd.		279		4,028
POSCO		252		51,940
POSCO ADR		5,187		264,952
Posco Daewoo Corp.		858		19,087
S-1 Corp.		3,648		336,198
S-Oil Corp.		512		37,749
Samsung C&T Corp.		232		31,387
Samsung Card Co., Ltd.		333		15,148
Samsung Electro-Mechanics Co., Ltd.		602		26,729
Samsung Electronics Co., Ltd.		280		406,265
Samsung Electronics Co., Ltd. GDR (b)		2,877		2,078,633
Samsung Electronics Co., Ltd. GDR (b)		642		374,286
Samsung Electronics Co., Ltd. Preference Shares		56		65,592
Samsung Fire & Marine Insurance Co., Ltd.		1,251		317,478
Samsung Heavy Industries Co., Ltd. (a)		3,449		29,343
Samsung Life Insurance Co., Ltd.		3,497		334,983
Samsung SDI Co., Ltd.		504		43,932
Samsung SDS Co., Ltd.		186		26,008
Samsung Securities Co., Ltd.		417		13,100
Shinhan Financial Group Co., Ltd.		1,260		45,934
Shinhan Financial Group Co., Ltd. ADR		6,376		232,341
Shinsegae, Inc.		88		14,502
SK Holdings Co., Ltd.		1,529		294,319
SK Hynix, Inc.		13,736		501,373
SK Innovation Co., Ltd.		941		137,987
SK Networks Co., Ltd.		4,814		29,242
SK Telecom Co., Ltd.		266		54,584
SK Telecom Co., Ltd. ADR		12,403		280,308
Woori Bank		6,872		71,132
Yuhan Corp.		837		210,893
				15,695,425
TAIWAN — 14.0%
Acer, Inc. (a)		89,258		41,432
Advanced Semiconductor Engineering, Inc.		89,000		106,759
Advantech Co., Ltd.		32,867		282,057
Asia Cement Corp.		221,200		193,357
Asia Pacific Telecom Co., Ltd. (a)		9,000		2,986
Asustek Computer, Inc.		21,000		187,252
AU Optronics Corp.		304,000		111,531
Casetek Holdings, Ltd.		1,000		3,637
Catcher Technology Co., Ltd.		23,000		186,741
Cathay Financial Holding Co., Ltd.		80,100		102,471
Chailease Holding Co., Ltd.		4,160		7,379
Chang Hwa Commercial Bank, Ltd.		72,081		36,908
Cheng Shin Rubber Industry Co., Ltd.		13,000		27,331
Chicony Electronics Co., Ltd.		109,756		277,668
China Airlines, Ltd.		396,000		118,122
China Development Financial Holding Corp.		236,000		60,232
China Life Insurance Co., Ltd.		64,772		59,202
China Steel Corp.		102,440		72,225
Chunghwa Telecom Co., Ltd.		169,540		597,667
Compal Electronics, Inc.		132,000		81,485
CTBC Financial Holding Co., Ltd.		200,649		116,502
Delta Electronics, Inc.		93,623		498,797
E.Sun Financial Holding Co., Ltd.		104,948		59,764
Eclat Textile Co., Ltd.		6,137		73,224
Eva Airways Corp.		100,718		45,948
Evergreen Marine Corp. Taiwan, Ltd. (a)		12,000		4,632
Far Eastern New Century Corp.		66,560		49,795
Far EasTone Telecommunications Co., Ltd.		243,449		574,731
Feng TAY Enterprise Co., Ltd.		11,468		50,854
First Financial Holding Co., Ltd.		682,136		362,335
Formosa Chemicals & Fibre Corp.		25,000		67,235
Formosa Petrochemical Corp.		73,000		219,381
Formosa Plastics Corp.		80,000		198,561
Formosa Taffeta Co., Ltd.		96,000		90,960
Foxconn Technology Co., Ltd.		81,892		239,833
Fubon Financial Holding Co., Ltd.		82,000		121,121
Giant Manufacturing Co., Ltd.		10,000		70,505
Hermes Microvision, Inc.		1,000		43,228
Highwealth Construction Corp.		9,500		14,699
Hiwin Technologies Corp.		1,000		5,216
Hon Hai Precision Industry Co., Ltd.		834,163		2,102,339
Hotai Motor Co., Ltd.		1,000		11,692
HTC Corp. (a)		8,000		22,230
Hua Nan Financial Holdings Co., Ltd.		581,152		297,570
Innolux Corp.		315,751		106,776
Inotera Memories, Inc. (a)		33,000		29,057
Inventec Corp.		58,000		47,369
Largan Precision Co., Ltd.		4,000		482,366
Lite-On Technology Corp.		251,952		362,509
MediaTek, Inc.		10,877		83,107
Mega Financial Holding Co., Ltd.		116,657		82,062
Merida Industry Co., Ltd.		9,000		42,494
Nan Ya Plastics Corp.		26,000		51,427
Nanya Technology Corp.		33,000		41,322
Nien Made Enterprise Co., Ltd.		5,000		64,363
Novatek Microelectronics Corp.		23,000		81,080
OBI Pharma, Inc. (a)		1,000		12,458
Pegatron Corp.		48,000		123,424
Phison Electronics Corp.		5,000		37,964

See accompanying notes to financial statements.

380

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Pou Chen Corp.		25,000	$	35,173
Powertech Technology, Inc.		25,000		64,842
President Chain Store Corp.		58,000		460,736
Quanta Computer, Inc.		72,000		150,223
Realtek Semiconductor Corp.		3,000		9,858
Ruentex Development Co., Ltd. (a)		25,536		31,079
Ruentex Industries, Ltd.		26,000		41,805
Shin Kong Financial Holding Co., Ltd. (a)		103,936		22,846
Siliconware Precision Industries Co., Ltd.		10,300		15,444
Simplo Technology Co., Ltd.		12,000		39,432
SinoPac Financial Holdings Co., Ltd.		217,199		64,095
Standard Foods Corp.		24,085		61,700
Synnex Technology International Corp.		182,900		202,473
Taishin Financial Holding Co., Ltd.		108,899		40,474
Taiwan Business Bank		227,549		57,857
Taiwan Cement Corp.		73,000		83,025
Taiwan Cooperative Financial Holding Co., Ltd.		1,056,598		466,858
Taiwan Fertilizer Co., Ltd.		10,000		13,399
Taiwan Mobile Co., Ltd.		202,542		726,930
Taiwan Semiconductor Manufacturing Co., Ltd.		622,495		3,624,295
Teco Electric and Machinery Co., Ltd.		13,000		11,198
Transcend Information, Inc.		50,000		145,954
Uni-President Enterprises Corp.		31,164		58,460
United Microelectronics Corp.		251,000		92,487
Vanguard International Semiconductor Corp.		4,000		7,478
Wistron Corp.		90,914		67,579
WPG Holdings, Ltd.		91,000		107,706
Yuanta Financial Holding Co., Ltd.		175,466		62,695
Yulon Motor Co., Ltd.		7,000		6,152
Zhen Ding Technology Holding, Ltd.		4,000		8,767
				16,326,392
THAILAND — 3.0%
Advanced Info Service PCL (b)		9,800		45,253
Advanced Info Service PCL (b) (e)		50,700		234,113
Airports of Thailand PCL NVDR		16,500		190,000
Bangkok Bank PCL NVDR		2,800		13,131
Bangkok Dusit Medical Services PCL (b)		64,400		40,517
Bangkok Dusit Medical Services PCL (b) (e)		337,492		212,333
Bangkok Expressway & Metro PCL (b)		121,800		24,255
Bangkok Expressway & Metro PCL (b) (e)		651,833		129,802
Banpu PCL (b)		2,800		1,269
Banpu PCL (b) (e)		34,925		15,825
BEC World PCL (b)		8,400		5,333
BEC World PCL (b) (e)		42,300		26,857
BTS Group Holdings PCL (b)		184,800		46,133
BTS Group Holdings PCL (b) (e)		962,898		240,377
Bumrungrad Hospital PCL (b)		7,000		35,253
Bumrungrad Hospital PCL (b) (e)		37,700		189,860
Central Pattana PCL NVDR		15,500		26,057
Charoen Pokphand Foods PCL (b) (e)		19,086		17,489
Charoen Pokphand Foods PCL (b)		4,200		3,848
CP ALL PCL (b)		28,000		49,697
CP ALL PCL (b) (e)		145,000		257,359
Delta Electronics Thailand PCL		118,400		270,799
Electricity Generating PCL (b)		4,200		24,061
Electricity Generating PCL (b) (e)		21,900		125,459
Energy Absolute PCL NVDR		61,400		45,629
Glow Energy PCL		42,400		97,587
Home Product Center PCL (b)		63,000		18,182
Home Product Center PCL (b) (e)		324,959		94,721
Indorama Ventures PCL NVDR		15,700		12,800
IRPC PCL (b)		15,400		2,169
IRPC PCL (b) (e)		104,500		14,717
Kasikornbank PCL NVDR		47,200		255,410
Krung Thai Bank PCL (b)		9,800		4,978
Krung Thai Bank PCL (b) (e)		49,600		25,194
Minor International PCL NVDR		40,100		45,134
PTT Exploration & Production PCL (b)		3,528		8,247
PTT Exploration & Production PCL (b) (e)		17,600		41,143
PTT Global Chemical PCL (b) (e)		21,303		36,120
PTT Global Chemical PCL (b)		4,200		7,121
PTT PCL (b)		4,256		41,639
PTT PCL (b) (e)		22,200		217,195
Robinson Department Store PCL NVDR		49,900		87,487
Siam Cement PCL		3,250		48,586
Siam Cement PCL NVDR		500		7,446
Siam Commercial Bank PCL (b) (e)		15,600		66,632
Siam Commercial Bank PCL (b)		2,800		11,960
Thai Oil PCL (b)		5,600		11,071
Thai Oil PCL (b) (e)		28,400		56,144
Thai Union Group PCL NVDR (b)		20,900		12,908
Thai Union Group PCL NVDR (b) (e)		9,700		5,991
TMB Bank PCL NVDR		139,400		8,528
True Corp. PCL (b) (e)		70,200		14,081
True Corp. PCL (b)		7,000		1,404
				3,525,304
TURKEY — 0.8%
Akbank TAS		29,094		77,954
Anadolu Efes Biracilik Ve Malt Sanayii A/S .		2,329		14,103
Arcelik A/S		2,196		15,456
BIM Birlesik Magazalar A/S		9,838		164,092
Coca-Cola Icecek A/S		368		4,479
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		22,934		23,234
Eregli Demir ve Celik Fabrikalari TAS		12,278		16,899
Ford Otomotiv Sanayi A/S		2,960		31,231
Haci Omer Sabanci Holding A/S		10,342		32,018
KOC Holding A/S		7,844		33,695
Petkim Petrokimya Holding A/S		3,330		5,049
TAV Havalimanlari Holding A/S		1,389		5,726
Tofas Turk Otomobil Fabrikasi A/S		4,853		35,419
Tupras Turkiye Petrol Rafinerileri A/S		5,741		108,671
Turk Hava Yollari AO (a)		14,884		25,495
Turk Telekomunikasyon A/S		3,681		6,955
Turkcell Iletisim Hizmetleri A/S (a)		8,274		26,774
Turkiye Garanti Bankasi A/S		30,872		81,792
Turkiye Halk Bankasi A/S		16,591		50,425
Turkiye Is Bankasi		36,083		57,118
Turkiye Sise ve Cam Fabrikalari A/S		14,790		15,674
Turkiye Vakiflar Bankasi TAO Class D		15,388		23,538
Ulker Biskuvi Sanayi A/S		503		3,584
Yapi ve Kredi Bankasi A/S (a)		15,488		18,942
				878,323

See accompanying notes to financial statements.

381

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
UNITED ARAB EMIRATES — 1.3%
Abu Dhabi Commercial Bank PJSC		52,374	$	91,972
Aldar Properties PJSC		29,581		21,503
Arabtec Holding PJSC (a)		7,705		3,084
DP World, Ltd.		11,623		220,256
Dubai Financial Market PJSC		6,173		2,202
Dubai Islamic Bank PJSC		49,094		72,445
Emaar Malls PJSC		6,474		4,794
Emaar Properties PJSC		27,661		53,469
Emirates Telecommunications Group Co. PJSC		95,562		520,348
First Gulf Bank PJSC		74,085		238,008
National Bank of Abu Dhabi PJSC		113,465		283,585
				1,511,666
TOTAL COMMON STOCKS (Cost $111,705,080)				115,287,772
RIGHTS — 0.0% (f)
SOUTH KOREA — 0.0% (f)
Samsung Heavy Industries Co., Ltd. (expiring 11/8/16) (a) (e)		2,141		4,277
THAILAND — 0.0% (f)
Banpu PCL (expiring 10/13/16) (a) (d)		1,507		—
TOTAL RIGHTS (Cost $6,431)				4,277
TOTAL INVESTMENTS — 98.9% (Cost $111,711,511)				115,292,049
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%				1,247,182
NET ASSETS — 100.0%			$	116,539,231

(a) Non-income producing security.

(b) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

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

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of securities is $0, representing 0.0% of the Fund’s net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of security is $2,160,727, representing 1.9% of the Fund’s net assets.

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

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	6,278,447	$	—	$	—		$	6,278,447
Chile		1,687,662		—		—			1,687,662
China		30,226,784		—		—			30,226,784
Colombia		392,983		—		—			392,983
Czech Republic		258,837		—		—			258,837
Egypt		292,090		—		—			292,090
Greece		227,717		—		—			227,717
Hong Kong		827,438		—		0	(a)		827,438
Hungary		424,259		—		—			424,259
India		9,557,358		—		—			9,557,358
Indonesia		4,999,559		—		—			4,999,559
Malaysia		4,049,928		—		—			4,049,928
Mexico		2,721,417		—		—			2,721,417
Netherlands		74,801		—		—			74,801
Peru		533,680		—		—			533,680
Philippines		2,319,012		—		—			2,319,012

See accompanying notes to financial statements.

382

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Poland	$	1,171,220	$	—	$	—		$	1,171,220
Qatar		1,582,888		—		—			1,582,888
Romania		118,328		—		—			118,328
Russia		3,736,365		135,035		—			3,871,400
South Africa		5,734,854		—		0	(a)		5,734,854
South Korea		15,695,425		—		—			15,695,425
Taiwan		16,326,392		—		—			16,326,392
Thailand		1,503,892		2,021,412		—			3,525,304
Turkey		878,323		—		—			878,323
United Arab Emirates		1,511,666		—		—			1,511,666
Rights
South Korea		—		4,277		—			4,277
Thailand		—		—		0	(a)		—
TOTAL INVESTMENTS	$	113,131,322	$	2,160,727	$	0		$	115,292,049

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		12,446,660		12,446,660		—	$	—	$	686	$	—
TOTAL			$	—							$	—	$	686	$	—

See accompanying notes to financial statements.

383

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 1.7%
AGL Energy, Ltd.		87	$	1,268
Amcor, Ltd.		301		3,490
AMP, Ltd.		227		917
Aurizon Holdings, Ltd.		235		845
Australia & New Zealand Banking Group, Ltd.		278		5,878
Bendigo & Adelaide Bank, Ltd.		57		470
BHP Billiton PLC		366		5,527
BHP Billiton, Ltd.		395		6,765
Brambles, Ltd.		423		3,878
Caltex Australia, Ltd.		22		577
Cochlear, Ltd.		19		2,050
Commonwealth Bank of Australia		118		6,538
CSL, Ltd.		179		14,657
Flight Centre Travel Group, Ltd.		1		28
Fortescue Metals Group, Ltd.		264		1,000
Incitec Pivot, Ltd.		126		272
Insurance Australia Group, Ltd.		203		850
LendLease Group		85		913
Macquarie Group, Ltd.		20		1,254
Medibank Pvt, Ltd.		200		380
National Australia Bank, Ltd.		255		5,438
Newcrest Mining, Ltd.		109		1,851
Oil Search, Ltd.		100		543
Orica, Ltd.		58		675
Origin Energy, Ltd.		457		1,895
QBE Insurance Group, Ltd.		110		782
REA Group, Ltd.		27		1,166
Santos, Ltd.		1		3
Scentre Group REIT		471		1,694
SEEK, Ltd.		73		869
Sonic Healthcare, Ltd.		98		1,651
South32, Ltd.		192		354
Suncorp Group, Ltd.		84		778
Telstra Corp., Ltd.		2,662		10,552
Transurban Group Stapled Security		30		261
Wesfarmers, Ltd.		62		2,092
Westfield Corp.		572		4,259
Westpac Banking Corp.		278		6,278
Woodside Petroleum, Ltd.		68		1,489
Woolworths, Ltd.		279		4,968
				105,155
AUSTRIA — 0.0% (a)
Erste Group Bank AG (b)		33		978
OMV AG		30		864
Raiffeisen Bank International AG (b)		1		15
Voestalpine AG		23		796
				2,653
BELGIUM — 0.3%
Ageas		26		949
Anheuser-Busch InBev SA		29		3,800
Colruyt SA		21		1,165
Groupe Bruxelles Lambert SA		10		887
KBC Group NV (b)		19		1,106
Proximus SADP		202		6,035
Solvay SA		8		925
UCB SA		48		3,713
Umicore SA		21		1,318
				19,898
CANADA — 3.5%
Agnico Eagle Mines, Ltd.		186		10,041
Agrium, Inc.		12		1,085
Alimentation Couche-Tard, Inc. Class B		96		4,644
Bank of Montreal		136		8,896
Bank of Nova Scotia		94		4,972
Barrick Gold Corp.		57		1,007
BCE, Inc.		158		7,284
Bombardier, Inc. Class B (b)		195		267
Brookfield Asset Management, Inc. Class A		49		1,720
Canadian Imperial Bank of Commerce		81		6,270
Canadian National Railway Co.		190		12,398
Canadian Natural Resources, Ltd.		62		1,979
Canadian Pacific Railway, Ltd.		7		1,066
Canadian Tire Corp., Ltd. Class A		11		1,100
CI Financial Corp.		40		766
Constellation Software, Inc.		6		2,700
Dollarama, Inc.		80		6,235
Eldorado Gold Corp.		167		656
Enbridge, Inc.		51		2,238
Encana Corp.		145		1,513
Fairfax Financial Holdings, Ltd.		12		7,019
First Capital Realty, Inc.		121		2,024
First Quantum Minerals, Ltd.		152		1,256
Franco-Nevada Corp.		241		16,808
Gildan Activewear, Inc.		52		1,450
Goldcorp, Inc.		610		10,049
Great-West Lifeco, Inc.		37		909
Imperial Oil, Ltd.		21		656
Intact Financial Corp.		167		12,051
Loblaw Cos., Ltd.		26		1,335
Magna International, Inc.		132		5,657
Manulife Financial Corp.		201		2,831
Metro, Inc.		75		2,458
Onex Corp.		18		1,157
Pembina Pipeline Corp.		8		243
Power Corp. of Canada		39		825
Power Financial Corp.		33		763
PrairieSky Royalty, Ltd.		79		1,608
Restaurant Brands International, Inc.		88		3,917
RioCan Real Estate Investment Trust		148		3,065
Rogers Communications, Inc. Class B		241		10,207
Royal Bank of Canada		258		15,952
Saputo, Inc.		56		1,943
Shaw Communications, Inc. Class B		363		7,416
Silver Wheaton Corp.		453		12,216
Smart Real Estate Investment Trust REIT		103		2,770
Sun Life Financial, Inc.		32		1,039
Teck Resources, Ltd. Class B		67		1,206
TELUS Corp.		158		5,204
Toronto-Dominion Bank		293		12,984
Yamana Gold, Inc.		152		653
				224,508
CHILE — 0.0% (a)
Antofagasta PLC.		37		252

See accompanying notes to financial statements.

384

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
DENMARK — 0.8%
Carlsberg A/S Class B		10	$	954
Chr Hansen Holding A/S		26		1,546
Coloplast A/S Class B		20		1,551
Danske Bank A/S		52		1,518
DSV A/S		62		3,088
Novo Nordisk A/S Class B		727		30,217
Novozymes A/S Class B		93		4,091
Pandora A/S		34		4,110
Tryg A/S		60		1,204
Vestas Wind Systems A/S		8		659
William Demant Holding A/S (b)		180		3,676
				52,614
FINLAND — 0.2%
Elisa Oyj		34		1,255
Fortum Oyj		1		16
Kone Oyj Class B		100		5,076
Nokia Oyj (c)		129		748
Nokia Oyj (c)		146		845
Orion Oyj Class B		35		1,380
Sampo Oyj Class A		24		1,068
Stora Enso Oyj Class R		103		915
UPM-Kymmene Oyj		59		1,247
Wartsila Oyj Abp		36		1,621
				14,171
FRANCE — 2.0%
Aeroports de Paris		25		2,480
Air Liquide SA		16		1,716
Airbus Group SE		177		10,709
Alstom SA (b)		27		714
Arkema SA		11		1,019
AXA SA		261		5,555
BNP Paribas SA		175		9,001
Bouygues SA		27		895
Bureau Veritas SA		1		21
Cap Gemini SA		14		1,372
Carrefour SA		63		1,633
Casino Guichard Perrachon SA		1		49
Christian Dior SE		5		897
Cie de Saint-Gobain		38		1,643
Cie Generale des Etablissements Michelin		17		1,881
CNP Assurances		48		807
Credit Agricole SA		335		3,305
Danone SA		26		1,930
Dassault Systemes		25		2,170
Electricite de France SA		1		12
Engie SA		1		15
Essilor International SA		15		1,935
Hermes International		8		3,257
Iliad SA		1		210
Kering		5		1,009
L’Oreal SA		63		11,901
Lagardere SCA		1		25
Legrand SA		16		944
LVMH Moet Hennessy Louis Vuitton SE		12		2,047
Natixis SA		158		737
Orange SA		213		3,334
Pernod Ricard SA		10		1,184
Peugeot SA (b)		81		1,238
Publicis Groupe SA		33		2,497
Renault SA		25		2,055
Rexel SA		44		675
Safran SA		16		1,151
Sanofi		63		4,789
Schneider Electric SE		26		1,813
SCOR SE		29		902
Societe BIC SA		8		1,184
Societe Generale SA		151		5,223
Sodexo SA		10		1,191
Suez Environment Co.		51		842
Technip SA		1		61
Thales SA		28		2,580
TOTAL SA		271		12,843
Unibail-Rodamco SE		5		1,349
Valeo SA		69		4,027
Veolia Environnement SA		61		1,405
Vinci SA		37		2,832
Vivendi SA		57		1,150
Zodiac Aerospace		11		268
				124,482
GERMANY — 2.0%
adidas AG		11		1,910
Allianz SE		45		6,680
BASF SE		77		6,586
Bayer AG		42		4,221
Bayerische Motoren Werke AG		45		3,783
Bayerische Motoren Werke AG Preference Shares		11		811
Beiersdorf AG		22		2,076
Brenntag AG		18		983
Commerzbank AG		336		2,167
Continental AG		32		6,730
Daimler AG		132		9,303
Deutsche Bank AG (b)		341		4,434
Deutsche Boerse AG (b)		6		486
Deutsche Lufthansa AG		1		11
Deutsche Post AG		81		2,532
Deutsche Telekom AG		283		4,745
E.ON SE		394		2,796
Fresenius Medical Care AG & Co. KGaA		10		874
Fresenius SE & Co. KGaA		21		1,676
Fuchs Petrolub SE Preference Shares		22		1,004
Hannover Rueck SE		12		1,286
HeidelbergCement AG		12		1,134
Henkel AG & Co. KGaA		27		3,144
Henkel AG & Co. KGaA Preference Shares		45		6,119
HUGO BOSS AG		23		1,272
Infineon Technologies AG		94		1,678
KS AG		29		550
Lanxess AG		15		932
Linde AG		10		1,700
MAN SE		45		4,746
Merck KGaA		12		1,293
METRO AG		85		2,530
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		21		3,918

See accompanying notes to financial statements.

385

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Porsche Automobil Holding SE Preference Shares		60	$	3,064
ProSiebenSat.1 Media SE		50		2,142
RWE AG (b)		182		3,137
SAP SE		30		2,728
Siemens AG		51		5,972
Telefonica Deutschland Holding AG		324		1,304
ThyssenKrupp AG		37		882
TUI AG		441		6,284
Uniper SE (b)		39		478
United Internet AG		30		1,328
Volkswagen AG Preference Shares		52		6,834
Volkswagen AG		16		2,322
				130,585
HONG KONG — 1.9%
AIA Group, Ltd.		400		2,659
Bank of East Asia, Ltd.		652		2,644
BOC Hong Kong Holdings, Ltd.		1,000		3,378
Cheung Kong Infrastructure Holdings, Ltd.		1,000		8,600
Cheung Kong Property Holdings, Ltd.		270		1,970
CK Hutchison Holdings, Ltd.		500		6,356
CLP Holdings, Ltd.		2,000		20,668
Hang Seng Bank, Ltd.		1,000		17,857
HK Electric Investments & HK Electric Investments, Ltd. (d)		3,331		3,264
HKT Trust & HKT, Ltd.		3,540		4,984
Hong Kong & China Gas Co., Ltd.		3,630		6,852
Hong Kong Exchanges and Clearing, Ltd.		310		8,146
Link REIT		1,000		7,349
MTR Corp., Ltd.		2,059		11,336
New World Development Co., Ltd.		1,072		1,393
Noble Group, Ltd. (b)		1,000		112
Power Assets Holdings, Ltd.		1,000		9,747
Yue Yuen Industrial Holdings, Ltd.		1,000		4,126
				121,441
IRELAND — 0.3%
Bank of Ireland (b)		2,748		574
CRH PLC		44		1,472
Experian PLC		259		5,195
James Hardie Industries PLC		109		1,695
Kerry Group PLC Class A		106		8,834
Paddy Power Betfair PLC		19		2,150
XL Group, Ltd.		32		1,076
				20,996
ISRAEL — 0.5%
Azrieli Group, Ltd.		56		2,455
Bank Hapoalim BM		983		5,570
Bank Leumi Le-Israel BM (b)		842		3,198
Bezeq The Israeli Telecommunication Corp., Ltd.		1,172		2,208
Check Point Software Technologies, Ltd. (b)		33		2,561
Israel Chemicals, Ltd.		1		4
Mizrahi Tefahot Bank, Ltd.		197		2,502
Nice-Systems, Ltd.		56		3,744
Teva Pharmaceutical Industries, Ltd.		153		7,336
				29,578
ITALY — 0.4%
Assicurazioni Generali SpA		202		2,465
Atlantia SpA		38		965
Enel SpA		939		4,187
Eni SpA		131		1,887
EXOR SpA		27		1,094
Ferrari NV		26		1,351
Intesa Sanpaolo SpA		1,159		2,571
Mediobanca SpA		229		1,490
Snam SpA		185		1,026
Telecom Italia SpA/Milano (b) (c)		1,742		1,447
Telecom Italia RSP/Milano (b) (c)		1,354		919
UniCredit SpA		1,280		2,981
Unione di Banche Italiane SpA		472		1,087
				23,470
JAPAN — 9.9%
ABC-Mart, Inc.		100		6,774
Aeon Co., Ltd.		100		1,470
Ajinomoto Co., Inc.		200		4,429
ANA Holdings, Inc.		2,000		5,406
Aozora Bank, Ltd.		1,000		3,427
Astellas Pharma, Inc.		1,100		17,092
Benesse Holdings, Inc.		100		2,542
Bridgestone Corp.		100		3,660
Canon, Inc.		700		20,209
Chubu Electric Power Co., Inc.		100		1,448
Chugai Pharmaceutical Co., Ltd.		100		3,590
Chugoku Bank, Ltd.		200		2,419
Chugoku Electric Power Co., Inc.		100		1,251
Concordia Financial Group, Ltd.		100		432
Dai-ichi Life Insurance Co., Ltd.		300		4,063
Daiichi Sankyo Co., Ltd.		100		2,385
Denso Corp.		100		3,950
Eisai Co., Ltd.		100		6,208
Fuji Heavy Industries, Ltd.		200		7,416
FUJIFILM Holdings Corp.		100		3,672
GungHo Online Entertainment, Inc.		100		244
Hino Motors, Ltd.		100		1,058
Hitachi Construction Machinery Co., Ltd.		100		1,974
Hitachi, Ltd.		1,000		4,627
Honda Motor Co., Ltd.		200		5,703
Hoya Corp.		100		3,988
Idemitsu Kosan Co., Ltd.		100		2,054
Inpex Corp.		200		1,796
Isetan Mitsukoshi Holdings, Ltd.		100		977
Isuzu Motors, Ltd.		100		1,165
ITOCHU Corp.		300		3,739
Iyo Bank, Ltd.		200		1,201
Japan Airlines Co., Ltd.		200		5,844
Japan Exchange Group, Inc.		100		1,545
Japan Post Bank Co., Ltd.		100		1,180
Japan Post Holdings Co., Ltd.		100		1,247
Japan Prime Realty Investment Corp.		1		4,513
Japan Real Estate Investment Corp.		1		5,974
Japan Retail Fund Investment Corp. REIT		3		7,409
Japan Tobacco, Inc.		300		12,203
JFE Holdings, Inc.		200		2,886
JTEKT Corp.		100		1,483
JX Holdings, Inc.		700		2,814

See accompanying notes to financial statements.

386

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Kakaku.com, Inc.		200	$	3,600
Kansai Electric Power Co., Inc. (b)		100		904
Kawasaki Heavy Industries, Ltd.		1,000		3,061
KDDI Corp.		200		6,152
Keikyu Corp.		1,000		10,389
Kirin Holdings Co., Ltd.		100		1,651
Kobe Steel, Ltd. (b)		100		896
Komatsu, Ltd.		100		2,266
Konica Minolta, Inc.		100		839
Kubota Corp.		100		1,495
Kyowa Hakko Kirin Co., Ltd.		200		3,132
Kyushu Electric Power Co., Inc.		100		934
Kyushu Financial Group, Inc.		100		675
Lawson, Inc.		100		7,870
M3, Inc.		100		3,397
Marubeni Corp.		1,000		5,091
Mazda Motor Corp.		100		1,512
McDonald’s Holdings Co., Japan, Ltd.		100		2,943
Miraca Holdings, Inc.		100		4,947
Mitsubishi Chemical Holdings Corp.		300		1,861
Mitsubishi Corp.		400		9,026
Mitsubishi Heavy Industries, Ltd.		1,000		4,139
Mitsubishi Motors Corp.		300		1,389
Mitsubishi Tanabe Pharma Corp.		300		6,384
Mitsubishi UFJ Financial Group, Inc.		2,700		13,467
Mitsubishi UFJ Lease & Finance Co., Ltd.		100		454
Mitsui & Co., Ltd.		300		4,119
Mitsui OSK Lines, Ltd.		1,000		2,301
Mizuho Financial Group, Inc.		5,000		8,325
MS&AD Insurance Group Holdings, Inc.		100		2,755
Nagoya Railroad Co., Ltd.		1,000		5,421
NGK Spark Plug Co., Ltd.		100		1,745
Nikon Corp.		100		1,485
Nippon Building Fund, Inc.		1		6,330
Nippon Prologis, Inc. REIT		2		5,056
Nippon Steel & Sumitomo Metal Corp.		100		2,031
Nippon Telegraph & Telephone Corp.		400		18,225
Nippon Yusen KK		1,000		1,857
Nissan Motor Co., Ltd.		400		3,882
Nissin Foods Holdings Co., Ltd.		100		6,053
Nitori Holdings Co., Ltd.		100		11,900
Nomura Holdings, Inc.		500		2,203
Nomura Real Estate Master Fund, Inc. (b)		4		6,676
Nomura Research Institute, Ltd.		200		6,853
NSK, Ltd.		200		2,026
NTT Data Corp.		200		9,934
NTT DOCOMO, Inc.		468		11,840
Oracle Corp. Japan		100		5,619
Oriental Land Co., Ltd.		100		6,057
ORIX Corp.		100		1,459
Osaka Gas Co., Ltd.		1,000		4,168
Otsuka Corp.		100		4,715
Otsuka Holdings Co., Ltd.		400		18,127
Panasonic Corp.		300		2,968
Park24 Co., Ltd.		100		3,239
Rakuten, Inc.		100		1,295
Recruit Holdings Co., Ltd.		366		14,855
Resona Holdings, Inc.		500		2,085
Ricoh Co., Ltd.		100		899
Sankyo Co., Ltd.		100		3,397
Santen Pharmaceutical Co., Ltd.		500		7,322
SBI Holdings, Inc.		100		1,181
Secom Co., Ltd.		100		7,414
Sekisui House, Ltd.		100		1,690
Seven & i Holdings Co., Ltd.		100		4,698
Showa Shell Sekiyu KK		200		1,847
SoftBank Group Corp.		100		6,441
Sompo Japan Nipponkoa Holdings, Inc.		100		2,928
Sony Corp.		200		6,504
Sumitomo Corp.		200		2,218
Sumitomo Electric Industries, Ltd.		100		1,398
Sumitomo Mitsui Financial Group, Inc.		300		10,013
Sumitomo Mitsui Trust Holdings, Inc.		100		3,229
Suntory Beverage & Food, Ltd.		200		8,591
Suzuken Co., Ltd.		100		3,279
T&D Holdings, Inc.		200		2,231
Takeda Pharmaceutical Co., Ltd.		489		23,290
Tobu Railway Co., Ltd.		1,000		5,066
Toho Co., Ltd.		100		3,298
Tohoku Electric Power Co., Inc.		100		1,299
Tokio Marine Holdings, Inc.		100		3,786
Tokyo Electric Power Co. Holdings, Inc. (b)		300		1,289
Toshiba Corp. (b)		1,000		3,308
Toyo Suisan Kaisha, Ltd.		100		4,217
Toyota Motor Corp.		300		17,120
Toyota Tsusho Corp.		100		2,302
Unicharm Corp.		100		2,576
United Urban Investment Corp.		3		5,466
USS Co., Ltd.		300		5,030
Yahoo! Japan Corp.		400		1,588
Yamada Denki Co., Ltd.		300		1,481
Yamaha Motor Co., Ltd.		100		1,995
Yamato Holdings Co., Ltd.		300		6,943
Yokohama Rubber Co., Ltd.		100		1,584
				628,463
LUXEMBOURG — 0.1%
ArcelorMittal (b)		299		1,831
RTL Group SA (b)		33		2,742
SES SA		17		417
Tenaris SA		46		655
				5,645
MEXICO — 0.1%
Fresnillo PLC		280		6,598
NETHERLANDS — 1.0%
Aegon NV		297		1,139
AerCap Holdings NV (b)		100		3,849
Akzo Nobel NV		15		1,016
Altice NV Class A (b)		12		215
Altice NV Class B (b)		4		72
ASML Holding NV		91		9,990
Heineken Holding NV		16		1,284
Heineken NV		16		1,408
ING Groep NV		434		5,360
Koninklijke Ahold Delhaize NV		155		3,534
Koninklijke DSM NV		14		947
Koninklijke KPN NV		337		1,119
Koninklijke Philips NV		57		1,690

See accompanying notes to financial statements.

387

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
NN Group NV		56	$	1,721
OCI NV (b)		69		1,019
Randstad Holding NV		18		820
Royal Dutch Shell PLC Class A		604		15,017
Royal Dutch Shell PLC Class B		403		10,454
				60,654
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		1,039		5,553
Ryman Healthcare, Ltd.		513		3,593
				9,146
NORWAY — 0.1%
DNB ASA		94		1,231
Norsk Hydro ASA		195		841
Statoil ASA		120		2,010
Telenor ASA		45		772
Yara International ASA		60		1,994
				6,848
PORTUGAL — 0.0% (a)
EDP — Energias de Portugal SA		228		766
Galp Energia SGPS SA		60		820
Jeronimo Martins SGPS SA		72		1,249
				2,835
SINGAPORE — 0.8%
Broadcom, Ltd.		9		1,553
Keppel Corp., Ltd.		1,000		3,953
Oversea-Chinese Banking Corp., Ltd.		1,026		6,509
Singapore Airlines, Ltd.		1,000		7,708
Singapore Press Holdings, Ltd.		2,000		5,589
Singapore Telecommunications, Ltd.		6,842		19,922
StarHub, Ltd.		1,000		2,516
				47,750
SOUTH AFRICA — 0.0%(a)
Investec PLC		55		337
Mondi PLC		113		2,382
				2,719
SPAIN — 0.9%
ACS Actividades de Construccion y Servicios SA		26		786
Amadeus IT Group SA Class A		119		5,947
Banco Bilbao Vizcaya Argentaria SA		1,017		6,151
Banco de Sabadell SA		420		538
Banco Popular Espanol SA		1,085		1,342
Banco Santander SA		2,533		11,235
CaixaBank SA		1		3
Distribuidora Internacional de Alimentacion SA		70		434
Endesa SA		152		3,259
Ferrovial SA		49		1,044
Gas Natural SDG SA		1		21
Iberdrola SA		588		3,999
Industria de Diseno Textil SA		295		10,940
Mapfre SA		189		529
Repsol SA		284		3,854
Telefonica SA		461		4,670
Zardoya Otis SA		66		635
				55,387
SWEDEN — 0.8%
Alfa Laval AB		76		1,193
Assa Abloy AB Class B		244		4,964
Atlas Copco AB Class A		181		5,457
Atlas Copco AB Class B		106		2,900
Autoliv, Inc.		10		1,068
Boliden AB		74		1,741
Electrolux AB Series B		42		1,055
Hennes & Mauritz AB Class B		299		8,446
Investor AB Class B		67		2,453
Kinnevik AB Class B (b)		78		1,992
Nordea Bank AB		371		3,687
Sandvik AB		70		771
Skandinaviska Enskilda Banken AB Class A		116		1,167
Skanska AB Class B		105		2,455
SKF AB Class B		108		1,867
Svenska Cellulosa AB SCA Class B		36		1,071
Svenska Handelsbanken AB Class A		105		1,445
Swedbank AB Class A		67		1,577
Telefonaktiebolaget LM Ericsson Class B		170		1,229
Telia Co. AB		174		780
Volvo AB Class B		108		1,234
				48,552
SWITZERLAND — 5.2%
ABB, Ltd. (b)		110		2,475
Actelion, Ltd. (b)		35		6,073
Adecco Group AG		51		2,878
Baloise Holding AG		9		1,091
Barry Callebaut AG (b)		1		1,332
Cie Financiere Richemont SA		1		61
Credit Suisse Group AG (b)		286		3,750
EMS-Chemie Holding AG		3		1,614
Galenica AG		1		1,063
Geberit AG		10		4,388
Givaudan SA		4		8,158
Glencore PLC (b)		3,869		10,662
Julius Baer Group, Ltd. (b)		104		4,241
Kuehne + Nagel International AG		82		11,927
LafargeHolcim, Ltd. (b)		55		2,979
Nestle SA		1,080		85,284
Novartis AG		294		23,171
Partners Group Holding AG		7		3,538
Roche Holding AG		302		75,079
Schindler Holding AG (c)		19		3,571
Schindler Holding AG (c)		31		5,871
SGS SA		1		2,244
Sika AG		1		4,873
Sonova Holding AG		69		9,787
STMicroelectronics NV		52		425
Swatch Group AG		1		56
Swiss Life Holding AG (b)		4		1,038
Swiss Prime Site AG (b)		74		6,504
Swiss Re AG		39		3,526
Swisscom AG		34		16,193
Syngenta AG		23		10,083
TE Connectivity, Ltd.		102		6,567
UBS Group AG (b)		404		5,514
Wolseley PLC		69		3,903

See accompanying notes to financial statements.

388

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Zurich Insurance Group AG (b)		13	$	3,352
				333,271
UNITED KINGDOM — 6.4%
3i Group PLC		106		896
Aberdeen Asset Management PLC		282		1,195
Admiral Group PLC		64		1,703
Aggreko PLC		70		867
Anglo American PLC (b)		345		4,336
Ashtead Group PLC		24		396
Associated British Foods PLC		21		709
AstraZeneca PLC		436		28,341
Auto Trader Group PLC (d)		17		90
Aviva PLC		338		1,934
Babcock International Group PLC		12		161
BAE Systems PLC		1,094		7,447
Barclays PLC		3,164		6,897
Barratt Developments PLC		52		334
Berkeley Group Holdings PLC		42		1,408
BP PLC		2,830		16,543
British American Tobacco PLC		56		3,586
British Land Co. PLC REIT		84		690
BT Group PLC		425		2,148
Bunzl PLC		87		2,577
Burberry Group PLC		128		2,293
Capita PLC		264		2,298
Carnival PLC		26		1,273
Centrica PLC		63		187
CNH Industrial NV		94		673
Cobham PLC		151		329
Coca-Cola European Partners PLC		65		2,593
Compass Group PLC		932		18,099
Croda International PLC		38		1,720
Delphi Automotive PLC		107		7,631
Diageo PLC		525		15,075
Direct Line Insurance Group PLC		223		1,057
easyJet PLC		251		3,283
Fiat Chrysler Automobiles NV		411		2,610
G4S PLC		140		414
GKN PLC		691		2,875
GlaxoSmithKline PLC		550		11,738
Hargreaves Lansdown PLC		73		1,207
HSBC Holdings PLC		3,161		23,762
ICAP PLC		156		945
IMI PLC		1		14
Imperial Brands PLC		259		13,368
Inmarsat PLC		540		4,945
International Consolidated Airlines Group SA		161		835
Intertek Group PLC		55		2,493
ITV PLC		1,074		2,612
J Sainsbury PLC		172		549
Johnson Matthey PLC		51		2,182
Kingfisher PLC		1,458		7,138
Land Securities Group PLC REIT		63		866
Legal & General Group PLC		298		847
Liberty Global PLC Class A (b)		31		1,060
Liberty Global PLC Series C (b)		45		1,487
Liberty Global PLC LiLAC Class A (b)		2		55
Liberty Global PLC LiLAC Class C (b)		4		112
Lloyds Banking Group PLC		2,616		1,854
London Stock Exchange Group PLC		50		1,819
Marks & Spencer Group PLC		478		2,056
Merlin Entertainments PLC (d)		403		2,301
National Grid PLC		654		9,277
Next PLC		77		4,777
Old Mutual PLC		359		944
Pearson PLC		53		518
Pentair PLC		14		899
Persimmon PLC		97		2,287
Petrofac, Ltd.		1		12
Prudential PLC		124		2,201
Randgold Resources, Ltd.		111		11,225
Reckitt Benckiser Group PLC		275		25,952
RELX NV		342		6,147
RELX PLC		385		7,317
Rio Tinto PLC		157		5,250
Rio Tinto, Ltd.		80		3,160
Rolls-Royce Holdings PLC (b)		576		5,387
Royal Bank of Scotland Group PLC (b)		767		1,781
Royal Mail PLC		778		4,947
RSA Insurance Group PLC		141		1,000
SABMiller PLC		69		4,029
Sage Group PLC		300		2,876
Schroders PLC		30		1,051
Sky PLC		335		3,890
Smith & Nephew PLC		221		3,571
Smiths Group PLC		111		2,111
SSE PLC		16		326
St James’s Place PLC		130		1,601
Standard Chartered PLC (b)		687		5,607
Standard Life PLC		135		603
Tate & Lyle PLC		1		10
Taylor Wimpey PLC		869		1,740
Tesco PLC (b)		1,711		4,066
Travis Perkins PLC		39		782
Unilever NV		473		21,834
Unilever PLC		367		17,422
Vodafone Group PLC		3,534		10,180
Weir Group PLC		1		22
Whitbread PLC		41		2,086
William Hill PLC		224		885
Wm Morrison Supermarkets PLC		345		977
WPP PLC		76		1,791
				409,454
UNITED STATES — 59.9%
3M Co.		167		29,430
Abbott Laboratories		376		15,901
AbbVie, Inc.		52		3,280
Accenture PLC Class A		284		34,696
Activision Blizzard, Inc.		49		2,171
Adobe Systems, Inc. (b)		17		1,845
Advance Auto Parts, Inc.		19		2,833
AES Corp.		74		951
Aetna, Inc.		27		3,117
Aflac, Inc.		27		1,941
AGCO Corp.		19		937
Agilent Technologies, Inc.		18		848
Air Products & Chemicals, Inc.		9		1,353
Albemarle Corp.		21		1,795

See accompanying notes to financial statements.

389

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Alcoa, Inc.		85	$	862
Alleghany Corp. (b)		19		9,975
Allergan PLC (b)		8		1,842
Allstate Corp.		39		2,698
Ally Financial, Inc.		97		1,889
Alphabet, Inc. Class A (b)		71		57,088
Alphabet, Inc. Class C (b)		75		58,297
Altria Group, Inc.		297		18,779
Amazon.com, Inc. (b)		5		4,187
Ameren Corp.		27		1,328
American Capital Agency Corp.		448		8,754
American Electric Power Co., Inc.		36		2,312
American Express Co.		40		2,562
American International Group, Inc.		171		10,147
American Tower Corp. REIT		111		12,580
American Water Works Co., Inc.		49		3,667
Ameriprise Financial, Inc.		10		998
AmerisourceBergen Corp.		167		13,490
AMETEK, Inc.		100		4,778
Amgen, Inc.		220		36,698
Amphenol Corp. Class A		72		4,674
Anadarko Petroleum Corp.		19		1,204
Analog Devices, Inc.		20		1,289
Annaly Capital Management, Inc.		1,355		14,228
ANSYS, Inc. (b)		100		9,261
Anthem, Inc.		30		3,759
Aon PLC		12		1,350
Apache Corp.		40		2,555
Apple, Inc.		1,401		158,383
Applied Materials, Inc.		52		1,568
Arch Capital Group, Ltd. (b)		200		15,852
Archer-Daniels-Midland Co.		71		2,994
Arrow Electronics, Inc. (b)		19		1,215
Assurant, Inc.		16		1,476
AT&T, Inc.		1,190		48,326
Automatic Data Processing, Inc.		391		34,486
AutoZone, Inc. (b)		31		23,819
AvalonBay Communities, Inc. REIT		101		17,962
Avnet, Inc.		24		985
Axis Capital Holdings, Ltd.		122		6,628
Baker Hughes, Inc.		27		1,363
Ball Corp.		4		328
Bank of America Corp.		1,422		22,254
Bank of New York Mellon Corp.		96		3,828
Baxter International, Inc.		151		7,188
BB&T Corp.		58		2,188
Becton Dickinson and Co.		126		22,646
Bed Bath & Beyond, Inc.		84		3,621
Berkshire Hathaway, Inc. Class B (b)		187		27,016
Best Buy Co., Inc.		45		1,718
Biogen, Inc. (b)		56		17,530
BlackRock, Inc.		6		2,175
Boeing Co.		196		25,821
BorgWarner, Inc.		17		598
Boston Scientific Corp. (b)		77		1,833
Bristol-Myers Squibb Co.		237		12,779
Brixmor Property Group, Inc.		74		2,056
Broadridge Financial Solutions, Inc.		100		6,779
Brown-Forman Corp. Class B		66		3,131
Bunge, Ltd.		23		1,362
C.H. Robinson Worldwide, Inc.		145		10,217
C.R. Bard, Inc.		60		13,457
CA, Inc.		86		2,845
Camden Property Trust		18		1,507
Campbell Soup Co.		152		8,314
Capital One Financial Corp.		59		4,238
Cardinal Health, Inc.		87		6,760
CarMax, Inc. (b)		24		1,280
Carnival Corp.		25		1,221
Caterpillar, Inc.		43		3,817
CBS Corp. Class B		122		6,678
CDK Global, Inc.		54		3,097
Celanese Corp. Series A		17		1,132
CenterPoint Energy, Inc.		47		1,092
CenturyLink, Inc.		52		1,426
Cerner Corp. (b)		100		6,175
CF Industries Holdings, Inc.		75		1,826
Charles Schwab Corp.		39		1,231
Charter Communications, Inc. Class A (b)		6		1,620
Chevron Corp.		202		20,790
Chipotle Mexican Grill, Inc. (b)		13		5,506
Chubb, Ltd.		33		4,146
Church & Dwight Co., Inc.		394		18,880
Cigna Corp.		17		2,215
Cimarex Energy Co.		8		1,075
Cintas Corp.		100		11,260
Cisco Systems, Inc.		476		15,099
CIT Group, Inc.		25		908
Citigroup, Inc.		444		20,970
Citizens Financial Group, Inc.		68		1,680
Citrix Systems, Inc. (b)		37		3,153
Clorox Co.		154		19,278
CME Group, Inc.		24		2,508
Coach, Inc.		96		3,510
Coca-Cola Co.		508		21,499
Cognizant Technology Solutions Corp. Class A (b)		22		1,050
Colgate-Palmolive Co.		179		13,271
Comcast Corp. Class A		151		10,017
Comerica, Inc.		23		1,088
ConAgra Foods, Inc.		32		1,508
ConocoPhillips		191		8,303
Consolidated Edison, Inc.		379		28,539
Core Laboratories NV		11		1,236
Corning, Inc.		93		2,199
Costco Wholesale Corp.		109		16,624
Crown Castle International Corp. REIT		120		11,305
CSX Corp.		52		1,586
Cummins, Inc.		43		5,510
CVS Health Corp.		72		6,407
Danaher Corp.		26		2,038
Darden Restaurants, Inc.		22		1,349
DaVita, Inc. (b)		190		12,553
Deere & Co.		27		2,304
Dell Technologies, Inc. — VMware, Inc. Class V (b)		33		1,577
Delta Air Lines, Inc.		27		1,063
Devon Energy Corp.		25		1,103

See accompanying notes to financial statements.

390

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Dick’s Sporting Goods, Inc.		28	$	1,588
Discover Financial Services		33		1,866
DISH Network Corp. Class A (b)		18		986
Dollar General Corp.		185		12,948
Dollar Tree, Inc. (b)		54		4,262
Dominion Resources, Inc.		149		11,066
Dover Corp.		12		884
Dow Chemical Co.		75		3,887
Dr. Pepper Snapple Group, Inc.		49		4,474
DTE Energy Co.		16		1,499
Duke Energy Corp.		248		19,850
E.I. du Pont de Nemours & Co.		41		2,746
Eastman Chemical Co.		40		2,707
Eaton Corp. PLC.		24		1,577
Eaton Vance Corp.		32		1,250
eBay, Inc. (b)		145		4,771
Edison International		24		1,734
Edwards Lifesciences Corp. (b)		54		6,510
Eli Lilly & Co.		408		32,746
Emerson Electric Co.		161		8,776
Entergy Corp.		18		1,381
EOG Resources, Inc.		21		2,031
EQT Corp.		13		944
Equity Residential REIT		118		7,591
Estee Lauder Cos., Inc. Class A		60		5,314
Everest Re Group, Ltd.		58		11,018
Eversource Energy		73		3,955
Exelon Corp.		76		2,530
Expeditors International of Washington, Inc.		248		12,777
Express Scripts Holding Co. (b)		167		11,779
Exxon Mobil Corp.		597		52,106
F5 Networks, Inc. (b)		18		2,244
Facebook, Inc. Class A (b)		21		2,694
Fastenal Co.		74		3,092
Federal Realty Investment Trust REIT		81		12,468
FedEx Corp.		17		2,970
Fidelity National Information Services, Inc.		59		4,545
Fifth Third BanCorp.		86		1,760
FirstEnergy Corp.		45		1,489
Fiserv, Inc. (b)		17		1,691
FleetCor Technologies, Inc. (b)		15		2,606
Flex, Ltd. (b)		104		1,416
Flowserve Corp.		35		1,688
Fluor Corp.		43		2,207
FNF Group		69		2,547
Foot Locker, Inc.		136		9,210
Ford Motor Co.		533		6,433
Fortive Corp.		13		662
Franklin Resources, Inc.		102		3,628
Freeport-McMoRan, Inc. (b)		181		1,966
Frontier Communications Corp.		177		736
Gap, Inc.		79		1,757
Gartner, Inc. (b)		100		8,845
General Dynamics Corp.		71		11,016
General Electric Co.		518		15,343
General Mills, Inc.		559		35,709
General Motors Co.		252		8,006
Genuine Parts Co.		67		6,730
Gilead Sciences, Inc.		445		35,208
Goldman Sachs Group, Inc		42		6,773
Halliburton Co.		36		1,616
Harris Corp.		27		2,473
Hartford Financial Services Group, Inc.		40		1,713
HCA Holdings, Inc. (b)		21		1,588
HCP, Inc. REIT		26		987
Henry Schein, Inc. (b)		25		4,075
Hershey Co.		228		21,797
Hess Corp.		30		1,609
Hewlett Packard Enterprise Co.		271		6,165
HollyFrontier Corp.		22		539
Home Depot, Inc.		92		11,839
Honeywell International, Inc.		179		20,870
Hormel Foods Corp.		122		4,627
Host Hotels & Resorts, Inc. REIT		49		763
HP, Inc.		481		7,470
Humana, Inc.		13		2,300
Illinois Tool Works, Inc.		118		14,141
Ingersoll-Rand PLC		18		1,223
Intel Corp.		1,447		54,624
Intercontinental Exchange, Inc.		6		1,616
International Business Machines Corp.		344		54,644
International Flavors & Fragrances, Inc.		19		2,716
International Paper Co.		32		1,535
Interpublic Group of Cos., Inc.		100		2,235
Intuit, Inc.		123		13,531
Intuitive Surgical, Inc. (b)		1		725
Invesco, Ltd.		29		907
J.M. Smucker Co.		49		6,641
Jacobs Engineering Group, Inc. (b)		19		983
JB Hunt Transport Services, Inc.		68		5,518
Johnson & Johnson		1,046		123,564
Johnson Controls International PLC		140		6,514
JPMorgan Chase & Co.		384		25,571
Juniper Networks, Inc.		41		986
Kellogg Co.		238		18,438
KeyCorp.		83		1,010
Kimberly-Clark Corp.		84		10,596
Kinder Morgan, Inc.		127		2,938
KLA-Tencor Corp.		17		1,185
Kohl’s Corp.		22		963
Kraft Heinz Co.		24		2,148
Kroger Co.		112		3,324
L Brands, Inc.		36		2,548
L-3 Communications Holdings, Inc.		9		1,357
Laboratory Corp. of America Holdings (b)		66		9,074
Las Vegas Sands Corp.		97		5,581
Leucadia National Corp.		40		762
Liberty Braves Group Class A (b)		3		52
Liberty Braves Group Class C (b)		5		87
Liberty Interactive Corp. QVC Group Class A (b)		40		800
Liberty SiriusXM Group Class A (b)		33		1,121
Liberty SiriusXM Group Class C (b)		66		2,205
Lincoln National Corp.		22		1,034
Linear Technology Corp.		66		3,913
Loews Corp.		27		1,111
Lowe’s Cos., Inc.		297		21,446
lululemon athletica, Inc. (b)		29		1,768

See accompanying notes to financial statements.

391

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
LyondellBasell Industries NV Class A		146	$	11,776
M&T Bank Corp.		17		1,974
Macerich Co.		100		8,087
Macy’s, Inc.		126		4,668
ManpowerGroup, Inc.		13		939
Marathon Oil Corp.		161		2,545
Marathon Petroleum Corp.		188		7,631
Marriott International, Inc. Class A		10		700
Marsh & McLennan Cos., Inc.		256		17,216
MasterCard, Inc. Class A		321		32,668
McCormick & Co., Inc.		171		17,086
McDonald’s Corp.		190		21,918
McKesson Corp.		54		9,005
Medtronic PLC		57		4,925
Merck & Co., Inc.		345		21,531
MetLife, Inc.		90		3,999
Mettler-Toledo International, Inc. (b)		9		3,778
MGM Resorts International (b)		41		1,067
Michael Kors Holdings, Ltd. (b)		68		3,182
Micron Technology, Inc. (b)		240		4,267
Microsoft Corp.		2,059		118,598
Molson Coors Brewing Co. Class B		16		1,757
Mondelez International, Inc. Class A		109		4,785
Monsanto Co.		115		11,753
Morgan Stanley		206		6,604
Mosaic Co.		24		587
Motorola Solutions, Inc.		155		11,823
Murphy Oil Corp.		17		517
Mylan NV (b)		22		839
National Oilwell Varco, Inc.		126		4,629
Navient Corp.		70		1,013
NetApp, Inc.		29		1,039
New York Community Bancorp, Inc.		73		1,039
Newell Brands, Inc.		67		3,528
Newmont Mining Corp.		84		3,300
News Corp. Class A		63		881
NextEra Energy, Inc.		85		10,397
NIKE, Inc. Class B		370		19,481
Noble Energy, Inc.		15		536
Nordstrom, Inc.		139		7,211
Norfolk Southern Corp.		15		1,456
Northern Trust Corp.		18		1,224
Northrop Grumman Corp.		52		11,125
Nucor Corp.		21		1,038
NVIDIA Corp.		59		4,043
O’Reilly Automotive, Inc. (b)		63		17,647
Occidental Petroleum Corp.		152		11,084
Omnicom Group, Inc.		65		5,525
ONEOK, Inc.		16		822
Oracle Corp.		833		32,720
PACCAR, Inc.		18		1,058
Parker-Hannifin Corp.		9		1,130
Patterson Cos., Inc.		106		4,870
Paychex, Inc.		498		28,819
PayPal Holdings, Inc. (b)		30		1,229
People’s United Financial, Inc.		407		6,439
PepsiCo, Inc.		605		65,806
Pfizer, Inc.		624		21,135
PG&E Corp.		285		17,433
Philip Morris International, Inc.		63		6,125
Phillips 66		163		13,130
Pioneer Natural Resources Co.		5		928
Plains GP Holdings L.P. Class A		100		1,294
PNC Financial Services Group, Inc.		54		4,865
Polaris Industries, Inc.		19		1,471
PPG Industries, Inc.		62		6,408
PPL Corp.		44		1,521
Praxair, Inc.		66		7,975
Priceline Group, Inc. (b)		13		19,129
Principal Financial Group, Inc.		22		1,133
Procter & Gamble Co.		958		85,981
Progressive Corp.		151		4,757
Prologis, Inc. REIT		27		1,446
Prudential Financial, Inc.		35		2,858
Public Service Enterprise Group, Inc.		36		1,507
Public Storage REIT		78		17,405
PulteGroup, Inc.		54		1,082
QUALCOMM, Inc.		361		24,729
Quest Diagnostics, Inc.		18		1,523
Ralph Lauren Corp.		15		1,517
Raytheon Co.		77		10,482
Realty Income Corp. REIT		100		6,693
Regions Financial Corp.		136		1,342
RenaissanceRe Holdings, Ltd.		60		7,210
Republic Services, Inc.		337		17,002
ResMed, Inc.		34		2,203
Reynolds American, Inc.		32		1,509
Robert Half International, Inc.		38		1,439
Rockwell Automation, Inc.		37		4,527
Rockwell Collins, Inc.		38		3,205
Ross Stores, Inc.		196		12,603
Royal Caribbean Cruises, Ltd.		19		1,424
SBA Communications Corp. Class A (b)		116		13,011
SCANA Corp.		30		2,171
Schlumberger, Ltd.		111		8,729
Scripps Networks Interactive, Inc. Class A		21		1,333
Seagate Technology PLC		24		925
SEI Investments Co.		39		1,779
Sempra Energy		22		2,358
Sherwin-Williams Co.		21		5,810
Shire PLC		29		1,883
Simon Property Group, Inc. REIT		7		1,449
Skyworks Solutions, Inc.		41		3,122
Southern Co.		652		33,448
Southwest Airlines Co.		6		233
Spectra Energy Corp.		52		2,223
Stanley Black & Decker, Inc.		12		1,476
Staples, Inc.		93		795
Starbucks Corp.		648		35,083
State Street Corp. (e)		36		2,507
Stericycle, Inc. (b)		5		401
Stryker Corp.		113		13,154
SunTrust Banks, Inc.		53		2,321
Symantec Corp.		46		1,155
Synchrony Financial		32		896
Synopsys, Inc. (b)		194		11,514
Sysco Corp.		113		5,538
T Rowe Price Group, Inc.		67		4,456

See accompanying notes to financial statements.

392

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Target Corp.		366	$	25,137
TD Ameritrade Holding Corp.		61		2,150
Tesoro Corp.		21		1,671
Texas Instruments, Inc.		338		23,721
Textron, Inc.		28		1,113
Thermo Fisher Scientific, Inc.		13		2,068
Thomson Reuters Corp.		150		6,192
Tiffany & Co.		29		2,106
Time Warner, Inc.		61		4,856
TJX Cos., Inc.		448		33,501
Tractor Supply Co.		39		2,627
Travelers Cos., Inc.		125		14,319
TripAdvisor, Inc. (b)		28		1,769
Twenty-First Century Fox, Inc. Class A		65		1,574
Twenty-First Century Fox, Inc. Class B		130		3,216
Tyson Foods, Inc. Class A		28		2,091
UDR, Inc. REIT		200		7,198
Ulta Salon Cosmetics & Fragrance, Inc. (b)		15		3,570
Under Armour, Inc. Class A (b)		34		1,315
Under Armour, Inc. Class C (b)		34		1,151
Union Pacific Corp.		229		22,334
United Parcel Service, Inc. Class B		137		14,982
United Technologies Corp.		39		3,962
UnitedHealth Group, Inc.		117		16,380
Universal Health Services, Inc. Class B		12		1,479
Unum Group		30		1,059
US BanCorp		189		8,106
Valero Energy Corp.		181		9,593
Varian Medical Systems, Inc. (b)		145		14,432
Ventas, Inc. REIT		161		11,371
Verizon Communications, Inc.		770		40,025
VF Corp.		200		11,210
Visa, Inc. Class A		677		55,988
VMware, Inc. Class A (b)		100		7,335
Voya Financial, Inc.		28		807
W.W. Grainger, Inc.		16		3,597
Wabtec Corp.		22		1,796
Wal-Mart Stores, Inc.		705		50,845
Walgreens Boots Alliance, Inc.		44		3,547
Walt Disney Co.		458		42,530
Waste Management, Inc.		329		20,977
Waters Corp. (b)		21		3,328
WEC Energy Group, Inc.		194		11,617
Wells Fargo & Co.		582		25,771
Welltower, Inc. REIT		218		16,300
Western Digital Corp.		15		877
Western Union Co.		168		3,498
WestRock Co.		22		1,067
Weyerhaeuser Co.		34		1,086
Whirlpool Corp.		7		1,135
Whole Foods Market, Inc.		100		2,835
Williams Cos., Inc.		22		676
Willis Towers Watson PLC		12		1,593
WR Berkley Corp.		139		8,029
Xcel Energy, Inc.		338		13,905
Xerox Corp.		123		1,246
Xilinx, Inc.		57		3,097
Yahoo!, Inc. (b)		143		6,163
Yum! Brands, Inc.		28		2,543
Zimmer Biomet Holdings, Inc.		10		1,300
Zoetis, Inc.		8		416
				3,816,112
TOTAL COMMON STOCKS (Cost $5,955,211)				6,303,237
SHORT-TERM INVESTMENT — 0.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g) (Cost $28,844)		28,844		28,844
TOTAL INVESTMENTS — 99.3% (Cost $5,984,055)				6,332,081
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				43,011
NET ASSETS — 100.0%			$	6,375,092

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

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.1% of net assets as of September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

393

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	105,155	$	—	$	—	$	105,155
Austria		2,653		—		—		2,653
Belgium		19,898		—		—		19,898
Canada		224,508		—		—		224,508
Chile		252		—		—		252
Denmark		52,614		—		—		52,614
Finland		14,171		—		—		14,171
France		124,482		—		—		124,482
Germany		130,585		—		—		130,585
Hong Kong		121,441		—		—		121,441
Ireland		20,996		—		—		20,996
Israel		29,578		—		—		29,578
Italy		23,470		—		—		23,470
Japan		628,463		—		—		628,463
Luxembourg		5,645		—		—		5,645
Mexico		6,598		—		—		6,598
Netherlands		60,654		—		—		60,654
New Zealand		9,146		—		—		9,146
Norway		6,848		—		—		6,848
Portugal		2,835		—		—		2,835
Singapore		47,750		—		—		47,750
South Africa		2,719		—		—		2,719
Spain		55,387		—		—		55,387
Sweden		48,552		—		—		48,552
Switzerland		333,271		—		—		333,271
United Kingdom		409,454		—		—		409,454
United States		3,816,112		—		—		3,816,112
Short-Term Investment		28,844		—		—		28,844
TOTAL INVESTMENTS	$	6,332,081	$	—	$	—	$	6,332,081

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		36	$	2,420		—		—		36	$	2,507	$	50	$	—
State Street Institutional Liquid Reserves Fund, Premier Class		16,482		16,482		342,376		330,014		28,844		28,844		81		—
TOTAL			$	18,902							$	31,351	$	131	$	—

See accompanying notes to financial statements.

394

SPDR MSCI Australia StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AIRLINES — 0.1%
Qantas Airways, Ltd.		2,467	$	5,890
BANKS — 20.6%
Australia & New Zealand Banking Group, Ltd.		24,641		521,006
Bank of Queensland, Ltd.		1,804		15,696
Bendigo & Adelaide Bank, Ltd.		8,201		67,591
Commonwealth Bank of Australia		9,210		510,272
National Australia Bank, Ltd.		20,695		441,373
Westpac Banking Corp.		21,808		492,480
				2,048,418
BEVERAGES — 0.9%
Coca-Cola Amatil, Ltd.		9,746		76,446
Treasury Wine Estates, Ltd.		1,058		8,938
				85,384
BIOTECHNOLOGY — 4.9%
CSL, Ltd.		5,954		487,524
CAPITAL MARKETS — 1.2%
Macquarie Group, Ltd.		1,582		99,199
Platinum Asset Management, Ltd.		5,203		20,027
				119,226
CHEMICALS — 0.8%
Incitec Pivot, Ltd.		15,147		32,687
Orica, Ltd.		3,827		44,515
				77,202
COMMERCIAL SERVICES & SUPPLIES — 2.5%
Brambles, Ltd.		27,130		248,720
CONSTRUCTION & ENGINEERING — 0.1%
CIMIC Group, Ltd.		300		6,598
CONSTRUCTION MATERIALS — 1.1%
Boral, Ltd.		9,713		50,172
James Hardie Industries PLC		3,750		58,312
				108,484
CONTAINERS & PACKAGING — 3.2%
Amcor, Ltd.		27,929		323,796
DIVERSIFIED FINANCIAL SERVICES — 1.7%
ASX, Ltd.		4,252		156,705
Challenger, Ltd.		1,769		13,768
				170,473
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.0%
Telstra Corp., Ltd.		115,385		457,386
TPG Telecom, Ltd.		6,751		44,533
Vocus Communications, Ltd.		271		1,292
				503,211
ELECTRIC UTILITIES — 0.6%
AusNet Services		48,678		61,091
FOOD & STAPLES RETAILING — 12.6%
Wesfarmers, Ltd.		20,620		695,874
Woolworths, Ltd.		31,341		558,101
				1,253,975
GAS UTILITIES — 0.7%
APA Group		10,952		71,406
HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%
Cochlear, Ltd.		1,307		141,016
HEALTH CARE PROVIDERS & SERVICES — 4.2%
Healthscope, Ltd.		21,357		50,174
Ramsay Health Care, Ltd.		3,317		200,833
Sonic Healthcare, Ltd.		9,865		166,158
				417,165
HOTELS, RESTAURANTS & LEISURE — 2.1%
Aristocrat Leisure, Ltd.		471		5,698
Crown Resorts, Ltd.		1,108		11,116
Domino’s Pizza Enterprises, Ltd.		915		49,238
Flight Centre Travel Group, Ltd.		1,006		28,007
Tabcorp Holdings, Ltd.		7,952		30,305
Tatts Group, Ltd.		29,540		82,510
				206,874
INSURANCE — 4.0%
AMP, Ltd.		20,229		81,736
Insurance Australia Group, Ltd.		24,213		101,354
Medibank Pvt, Ltd.		12,551		23,819
QBE Insurance Group, Ltd.		9,061		64,416
Suncorp Group, Ltd.		13,980		129,555
				400,880
IT SERVICES — 0.4%
Computershare, Ltd.		4,950		39,092
MEDIA — 0.4%
REA Group, Ltd.		1,005		43,414
METALS & MINING — 7.7%
Alumina, Ltd.		7,001		7,822
BHP Billiton, Ltd.		18,507		316,956
Fortescue Metals Group, Ltd.		15,088		57,153
Newcrest Mining, Ltd.		2,803		47,598
Rio Tinto, Ltd.		6,961		274,922
South32, Ltd.		35,957		66,314
				770,765
MULTI-UTILITIES — 1.9%
AGL Energy, Ltd.		7,476		108,985
DUET Group		41,049		78,846
				187,831
MULTILINE RETAIL — 0.3%
Harvey Norman Holdings, Ltd.		7,673		30,533
OIL, GAS & CONSUMABLE FUELS — 2.0%
Caltex Australia, Ltd.		1,100		28,831
Oil Search, Ltd.		3,133		16,999
Origin Energy, Ltd.		10,221		42,393
Santos, Ltd.		8,742		24,150
Woodside Petroleum, Ltd.		3,783		82,853
				195,226
PROFESSIONAL SERVICES — 0.5%
SEEK, Ltd.		4,040		48,106
REAL ESTATE INVESTMENT TRUSTS (REITS) — 14.7%
Dexus Property Group		7,649		53,559
Goodman Group		37,241		207,470
GPT Group		42,489		164,525
Mirvac Group REIT		42,655		73,118

See accompanying notes to financial statements.

395

SPDR MSCI Australia StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Scentre Group		111,991	$	402,795
Stockland		25,250		91,975
Vicinity Centres REIT		40,186		97,485
Westfield Corp.		50,896		378,966
				1,469,893
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.0%
LendLease Group		9,710		104,325
ROAD & RAIL — 0.5%
Aurizon Holdings, Ltd.		14,515		52,206
TRANSPORTATION INFRASTRUCTURE — 2.4%
Sydney Airport		13,583		72,449
Transurban Group		18,890		164,360
				236,809
TOTAL COMMON STOCKS (Cost $9,713,183)				9,915,533
TOTAL INVESTMENTS — 99.5% (Cost $9,713,183)				9,915,533
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				46,944
NET ASSETS — 100.0%			$	9,962,477

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Airlines	$	5,890	$	—	$	—	$	5,890
Banks		2,048,418		—		—		2,048,418
Beverages		85,384		—		—		85,384
Biotechnology		487,524		—		—		487,524
Capital Markets		119,226		—		—		119,226
Chemicals		77,202		—		—		77,202
Commercial Services & Supplies		248,720		—		—		248,720
Construction & Engineering		6,598		—		—		6,598
Construction Materials		108,484		—		—		108,484
Containers & Packaging		323,796		—		—		323,796
Diversified Financial Services		170,473		—		—		170,473
Diversified Telecommunication Services		503,211		—		—		503,211
Electric Utilities		61,091		—		—		61,091
Food & Staples Retailing		1,253,975		—		—		1,253,975
Gas Utilities		71,406		—		—		71,406
Health Care Equipment & Supplies		141,016		—		—		141,016
Health Care Providers & Services		417,165		—		—		417,165
Hotels, Restaurants & Leisure		206,874		—		—		206,874
Insurance		400,880		—		—		400,880
IT Services		39,092		—		—		39,092
Media		43,414		—		—		43,414
Metals & Mining		770,765		—		—		770,765
Multi-Utilities		187,831		—		—		187,831
Multiline Retail		30,533		—		—		30,533
Oil, Gas & Consumable Fuels		195,226		—		—		195,226
Professional Services		48,106		—		—		48,106
Real Estate Investment Trusts (REITs)		1,469,893		—		—		1,469,893
Real Estate Management & Development		104,325		—		—		104,325
Road & Rail		52,206		—		—		52,206
Transportation Infrastructure		236,809		—		—		236,809
TOTAL INVESTMENTS	$	9,915,533	$	—	$	—	$	9,915,533

See accompanying notes to financial statements.

396

SPDR MSCI Australia StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1,749	$	1,749		384,626		386,375		—	$	—	$	40	$	—
TOTAL			$	1,749							$	—	$	40	$	—

See accompanying notes to financial statements.

397

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AEROSPACE & DEFENSE — 0.3%
Bombardier, Inc. (a)		15,800	$	21,640
CAE, Inc.		2,078		29,456
				51,096
AUTO COMPONENTS — 3.1%
Linamar Corp.		2,310		96,284
Magna International, Inc.		10,933		468,516
				564,800
BANKS — 18.6%
Bank of Montreal		7,526		492,304
Bank of Nova Scotia		12,694		671,476
Canadian Imperial Bank of Commerce		8,523		659,726
National Bank of Canada		3,730		132,029
Royal Bank of Canada		12,352		763,723
Toronto-Dominion Bank		16,160		716,118
				3,435,376
CAPITAL MARKETS — 1.2%
CI Financial Corp.		11,258		215,609
IGM Financial, Inc.		486		13,098
				228,707
CHEMICALS — 4.5%
Agrium, Inc.		4,805		434,525
Methanex Corp.		694		24,681
Potash Corp. of Saskatchewan, Inc.		23,075		374,854
				834,060
CONSTRUCTION & ENGINEERING — 1.2%
SNC-Lavalin Group, Inc.		5,794		227,175
CONTAINERS & PACKAGING — 1.4%
CCL Industries, Inc.		1,353		260,058
DIVERSIFIED FINANCIAL SERVICES — 0.7%
Element Financial Corp.		1,212		15,142
Onex Corp.		1,825		117,325
				132,467
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.1%
BCE, Inc.		4,348		200,453
TELUS Corp.		11,124		366,413
				566,866
ELECTRIC UTILITIES — 2.0%
Fortis, Inc.		5,262		168,920
Hydro One, Ltd. (b)		10,515		207,220
				376,140
FOOD & STAPLES RETAILING — 7.5%
Alimentation Couche-Tard, Inc.		9,872		477,582
Empire Co., Ltd.		2,033		30,272
George Weston, Ltd.		1,688		140,563
Jean Coutu Group PJC, Inc.		4,654		71,284
Loblaw Cos., Ltd.		3,840		197,223
Metro, Inc.		14,046		460,309
				1,377,233
FOOD PRODUCTS — 2.3%
Saputo, Inc.		12,111		420,118
HOTELS, RESTAURANTS & LEISURE — 0.2%
Restaurant Brands International, Inc.		743		33,073
INSURANCE — 10.9%
Fairfax Financial Holdings, Ltd.		430		251,512
Great-West Lifeco, Inc.		18,300		449,615
Industrial Alliance Insurance & Financial Services, Inc.		886		31,840
Intact Financial Corp.		7,380		532,562
Manulife Financial Corp.		14,064		198,078
Power Corp. of Canada		4,711		99,615
Power Financial Corp.		11,944		276,277
Sun Life Financial, Inc.		5,333		173,229
				2,012,728
IT SERVICES — 2.4%
CGI Group, Inc. (a)		9,448		449,234
MEDIA — 3.5%
Shaw Communications, Inc.		20,309		414,911
Thomson Reuters Corp.		5,399		222,862
				637,773
METALS & MINING — 3.7%
Agnico Eagle Mines, Ltd.		1,858		100,304
Barrick Gold Corp.		4,115		72,735
Eldorado Gold Corp.		2,747		10,785
First Quantum Minerals, Ltd.		7,131		58,925
Franco-Nevada Corp.		1,890		131,815
Goldcorp, Inc.		5,220		85,991
Kinross Gold Corp. (a)		3,524		14,828
Silver Wheaton Corp.		1,800		48,539
Teck Resources, Ltd.		7,062		127,081
Turquoise Hill Resources, Ltd. (a)		5,591		16,506
Yamana Gold, Inc.		3,815		16,401
				683,910
MULTI-UTILITIES — 0.7%
Atco, Ltd.		1,142		40,510
Canadian Utilities, Ltd.		3,210		90,420
				130,930
MULTILINE RETAIL — 3.7%
Canadian Tire Corp., Ltd.		3,179		317,791
Dollarama, Inc.		4,582		357,112
				674,903
OIL, GAS & CONSUMABLE FUELS — 13.2%
AltaGas, Ltd.		2,812		72,191
ARC Resources, Ltd.		1,226		22,136
Cameco Corp.		5,183		44,209
Canadian Natural Resources, Ltd.		6,117		195,204
Cenovus Energy, Inc.		7,514		107,657
Crescent Point Energy Corp.		2,954		38,885
Enbridge, Inc.		6,038		264,905
Encana Corp.		6,826		71,207
Husky Energy, Inc.		4,517		55,232
Imperial Oil, Ltd.		6,899		215,435
Inter Pipeline, Ltd.		2,381		50,183
Keyera Corp.		7,931		255,989
Pembina Pipeline Corp.		5,690		173,092
Peyto Exploration & Development Corp.		486		13,616
PrairieSky Royalty, Ltd.		580		11,805

See accompanying notes to financial statements.

398

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Seven Generations Energy, Ltd. (a)		248	$	5,959
Suncor Energy, Inc.		15,234		422,159
Tourmaline Oil Corp. (a)		915		24,743
TransCanada Corp.		7,650		362,695
Veresen, Inc.		1,112		11,338
Vermilion Energy, Inc.		407		15,738
				2,434,378
PAPER & FOREST PRODUCTS — 0.1%
West Fraser Timber Co., Ltd.		502		15,443
PHARMACEUTICALS — 0.3%
Valeant Pharmaceuticals International, Inc. (a)		2,114		51,778
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.1%
H&R Real Estate Investment Trust		5,415		92,417
RioCan Real Estate Investment Trust		6,579		136,260
Smart Real Estate Investment Trust		5,699		153,289
				381,966
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.2%
Brookfield Asset Management, Inc.		6,124		214,952
First Capital Realty, Inc.		11,863		198,401
				413,353
ROAD & RAIL — 5.5%
Canadian National Railway Co.		9,171		598,444
Canadian Pacific Railway, Ltd.		2,666		406,092
				1,004,536
SOFTWARE — 2.3%
Constellation Software, Inc.		801		360,454
Open Text Corp.		999		64,596
				425,050
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
BlackBerry, Ltd. (a)		2,116		16,841
TEXTILES, APPAREL & LUXURY GOODS — 1.6%
Gildan Activewear, Inc.		10,654		297,023
TRADING COMPANIES & DISTRIBUTORS — 0.1%
Finning International, Inc.		1,155		21,443
WIRELESS TELECOMMUNICATION SERVICES — 1.0%
Rogers Communications, Inc.		4,369		185,032
TOTAL COMMON STOCKS (Cost $16,951,247)				18,343,490
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d) (Cost $9,298)		9,298		9,298
TOTAL INVESTMENTS — 99.6% (Cost $16,960,545)				18,352,788
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				77,410
NET ASSETS — 100.0%			$	18,430,198

(a) Non-income producing security

(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.1% of net assets as of September 30, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) The rate shown is the annualized seven-day yield at September 30, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	51,096	$	—	$	—	$	51,096
Auto Components		564,800		—		—		564,800
Banks		3,435,376		—		—		3,435,376
Capital Markets		228,707		—		—		228,707
Chemicals		834,060		—		—		834,060
Construction & Engineering		227,175		—		—		227,175
Containers & Packaging		260,058		—		—		260,058
Diversified Financial Services		132,467		—		—		132,467
Diversified Telecommunication Services		566,866		—		—		566,866
Electric Utilities		376,140		—		—		376,140
Food & Staples Retailing		1,377,233		—		—		1,377,233
Food Products		420,118		—		—		420,118

See accompanying notes to financial statements.

399

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Hotels, Restaurants & Leisure	$	33,073	$	—	$	—	$	33,073
Insurance		2,012,728		—		—		2,012,728
IT Services		449,234		—		—		449,234
Media		637,773		—		—		637,773
Metals & Mining		683,910		—		—		683,910
Multi-Utilities		130,930		—		—		130,930
Multiline Retail		674,903		—		—		674,903
Oil, Gas & Consumable Fuels		2,434,378		—		—		2,434,378
Paper & Forest Products		15,443		—		—		15,443
Pharmaceuticals		51,778		—		—		51,778
Real Estate Investment Trusts (REITs)		381,966		—		—		381,966
Real Estate Management & Development		413,353		—		—		413,353
Road & Rail		1,004,536		—		—		1,004,536
Software		425,050		—		—		425,050
Technology Hardware, Storage & Peripherals		16,841		—		—		16,841
Textiles, Apparel & Luxury Goods		297,023		—		—		297,023
Trading Companies & Distributors		21,443		—		—		21,443
Wireless Telecommunication Services		185,032		—		—		185,032
Short-Term Investment		9,298		—		—		9,298
TOTAL INVESTMENTS	$	18,352,788	$	—	$	—	$	18,352,788

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		6,707	$	6,707		321,291		318,700		9,298	$	9,298	$	43	$	—
TOTAL			$	6,707							$	9,298	$	43	$	—

See accompanying notes to financial statements.

400

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AIR FREIGHT & LOGISTICS — 3.4%
Deutsche Post AG		14,102	$	440,887
AIRLINES — 1.0%
Deutsche Lufthansa AG		11,449		127,442
AUTO COMPONENTS — 2.4%
Continental AG		1,459		306,856
Schaeffler AG		151		2,389
				309,245
AUTOMOBILES — 9.7%
Bayerische Motoren Werke AG		1,993		167,554
Bayerische Motoren Werke AG Preference Shares .		1,730		127,577
Daimler AG		7,413		522,420
Porsche Automobil Holding SE		2,705		138,117
Volkswagen AG Preference Shares		1,956		257,074
Volkswagen AG		334		48,476
				1,261,218
BANKS — 0.6%
Commerzbank AG		11,954		77,084
CAPITAL MARKETS — 2.1%
Deutsche Bank AG (b)		12,079		157,055
Deutsche Boerse AG (b)		1,505		122,029
				279,084
CHEMICALS — 12.7%
BASF SE		7,296		624,045
Covestro AG (c)		2,621		155,021
Evonik Industries AG		5,035		170,287
Fuchs Petrolub SE Preference Shares		2,384		108,800
KS AG		5,065		96,110
Lanxess AG		368		22,870
Linde AG		970		164,930
Symrise AG		4,213		308,836
				1,650,899
CONSTRUCTION & ENGINEERING — 0.1%
HOCHTIEF AG		84		11,852
CONSTRUCTION MATERIALS — 0.9%
HeidelbergCement AG		1,202		113,589
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.7%
Deutsche Telekom AG		18,957		317,854
Telefonica Deutschland Holding AG		7,616		30,649
				348,503
ELECTRICAL EQUIPMENT — 0.1%
OSRAM Licht AG		321		18,852
FOOD & STAPLES RETAILING — 1.9%
METRO AG		8,140		242,323
HEALTH CARE PROVIDERS & SERVICES — 5.7%
Fresenius Medical Care AG & Co. KGaA		5,180		452,663
Fresenius SE & Co. KGaA		3,629		289,598
				742,261
HOUSEHOLD PRODUCTS — 4.1%
Henkel AG & Co. KGaA (a)		867		100,941
Henkel AG & Co. KGaA (a)		3,228		438,943
				539,884
INDUSTRIAL CONGLOMERATES — 5.3%
Siemens AG		5,875		687,962
INSURANCE — 10.0%
Allianz SE		3,644		540,966
Hannover Rueck SE		3,336		357,429
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,158		402,577
				1,300,972
INTERNET & CATALOG RETAIL — 0.2%
Zalando SE (b) (c)		494		20,624
INTERNET SOFTWARE & SERVICES — 1.4%
United Internet AG		4,135		183,019
LIFE SCIENCES TOOLS & SERVICES — 0.4%
QIAGEN NV (b)		2,141		58,960
MACHINERY — 3.6%
GEA Group AG		4,659		258,700
MAN SE		1,971		207,857
				466,557
MEDIA — 4.0%
Axel Springer SE		988		50,608
ProSiebenSat.1 Media SE		5,826		249,582
RTL Group SA (a) (b)		1,956		162,509
RTL Group SA (a)		702		57,945
				520,644
METALS & MINING — 0.3%
ThyssenKrupp AG		1,662		39,634
MULTI-UTILITIES — 2.5%
E.ON SE		25,677		182,196
RWE AG (b)		8,177		140,918
				323,114
PERSONAL PRODUCTS — 3.0%
Beiersdorf AG		4,195		395,769
PHARMACEUTICALS — 5.4%
Bayer AG		4,934		495,874
Merck KGaA		1,910		205,867
				701,741
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.0%
Deutsche Wohnen AG		3,641		132,389
Vonovia SE		3,224		122,117
				254,506
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%
Infineon Technologies AG		19,260		343,713
SOFTWARE — 4.7%
SAP SE		6,782		616,741
TEXTILES, APPAREL & LUXURY GOODS — 4.5%
adidas AG		2,554		443,444
HUGO BOSS AG		2,692		148,919
				592,363
TRADING COMPANIES & DISTRIBUTORS — 1.6%
Brenntag AG		3,850		210,296

See accompanying notes to financial statements.

401

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
TRANSPORTATION INFRASTRUCTURE — 0.5%
Fraport AG Frankfurt Airport Services Worldwide		1,231	$	67,351
TOTAL COMMON STOCKS (Cost $13,185,651)				12,947,089
SHORT-TERM INVESTMENT — 0.0% (d)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (e) (f) (Cost $353)		353		353
TOTAL INVESTMENTS — 99.4% (Cost $13,186,004)				12,947,442
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				83,312
NET ASSETS — 100.0%			$	13,030,754

(a) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(b) Non-income producing security

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.4% of net assets as of September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(e) The rate shown is the annualized seven-day yield at September 30, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Air Freight & Logistics	$	440,887	$	—	$	—	$	440,887
Airlines		127,442		—		—		127,442
Auto Components		309,245		—		—		309,245
Automobiles		1,261,218		—		—		1,261,218
Banks		77,084		—		—		77,084
Capital Markets		279,084		—		—		279,084
Chemicals		1,650,899		—		—		1,650,899
Construction & Engineering		11,852		—		—		11,852
Construction Materials		113,589		—		—		113,589
Diversified Telecommunication Services		348,503		—		—		348,503
Electrical Equipment		18,852		—		—		18,852
Food & Staples Retailing		242,323		—		—		242,323
Health Care Providers & Services		742,261		—		—		742,261
Household Products		539,884		—		—		539,884
Industrial Conglomerates		687,962		—		—		687,962
Insurance		1,300,972		—		—		1,300,972
Internet & Catalog Retail		20,624		—		—		20,624
Internet Software & Services		183,019		—		—		183,019
Life Sciences Tools & Services		58,960		—		—		58,960
Machinery		466,557		—		—		466,557
Media		520,644		—		—		520,644
Metals & Mining		39,634		—		—		39,634
Multi-Utilities		323,114		—		—		323,114
Personal Products		395,769		—		—		395,769
Pharmaceuticals		701,741		—		—		701,741
Real Estate Management & Development		254,506		—		—		254,506
Semiconductors & Semiconductor Equipment		343,713		—		—		343,713
Software		616,741		—		—		616,741
Textiles, Apparel & Luxury Goods		592,363		—		—		592,363
Trading Companies & Distributors		210,296		—		—		210,296
Transportation Infrastructure		67,351		—		—		67,351
Short-Term Investment		353		—		—		353
TOTAL INVESTMENTS	$	12,947,442	$	—	$	—	$	12,947,442

See accompanying notes to financial statements.

402

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1	$	1		290,025		289,673		353	$	353	$	38	$	—
TOTAL			$	1							$	353	$	38	$	—

See accompanying notes to financial statements.

403

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AIR FREIGHT & LOGISTICS — 0.3%
Yamato Holdings Co., Ltd.		1,600	$	37,028
AIRLINES — 1.1%
ANA Holdings, Inc.		17,000		45,948
Japan Airlines Co., Ltd.		3,500		102,271
				148,219
AUTO COMPONENTS — 4.5%
Aisin Seiki Co., Ltd.		700		31,763
Bridgestone Corp.		8,800		322,054
Denso Corp.		1,600		63,201
Koito Manufacturing Co., Ltd.		1,200		57,829
NGK Spark Plug Co., Ltd.		200		3,490
NHK Spring Co., Ltd.		400		3,843
NOK Corp.		200		4,327
Stanley Electric Co., Ltd.		200		5,346
Sumitomo Electric Industries, Ltd.		3,400		47,543
Sumitomo Rubber Industries, Ltd.		2,400		35,977
Toyoda Gosei Co., Ltd.		200		4,608
Toyota Industries Corp.		600		27,551
Yokohama Rubber Co., Ltd.		200		3,168
				610,700
AUTOMOBILES — 8.2%
Fuji Heavy Industries, Ltd.		7,500		278,107
Honda Motor Co., Ltd.		5,700		162,532
Isuzu Motors, Ltd.		7,600		88,522
Mazda Motor Corp.		900		13,611
Mitsubishi Motors Corp.		11,600		53,724
Nissan Motor Co., Ltd.		11,700		113,540
Suzuki Motor Corp.		500		16,590
Toyota Motor Corp.		6,400		365,236
Yamaha Motor Co., Ltd.		400		7,979
				1,099,841
BANKS — 6.7%
Aozora Bank, Ltd.		9,000		30,840
Bank of Kyoto, Ltd.		1,000		7,248
Chiba Bank, Ltd.		3,000		16,886
Chugoku Bank, Ltd.		500		6,048
Concordia Financial Group, Ltd.		5,000		21,612
Fukuoka Financial Group, Inc.		2,000		8,236
Hachijuni Bank, Ltd.		1,000		5,165
Hiroshima Bank, Ltd.		1,000		4,108
Iyo Bank, Ltd.		600		3,602
Japan Post Bank Co., Ltd.		2,000		23,601
Joyo Bank, Ltd. (c)		1,000		4,159
Kyushu Financial Group, Inc.		1,000		6,755
Mitsubishi UFJ Financial Group, Inc.		47,600		237,424
Mizuho Financial Group, Inc.		109,500		182,311
Resona Holdings, Inc.		17,900		74,647
Seven Bank, Ltd.		500		1,590
Shinsei Bank, Ltd.		4,000		6,004
Shizuoka Bank, Ltd.		1,000		7,940
Sumitomo Mitsui Financial Group, Inc.		6,000		200,267
Sumitomo Mitsui Trust Holdings, Inc.		800		25,833
Suruga Bank, Ltd.		200		4,758
Yamaguchi Financial Group, Inc.		2,000		21,192
				900,226
BEVERAGES — 1.3%
Asahi Group Holdings, Ltd.		1,500		54,303
Kirin Holdings Co., Ltd.		3,800		62,724
Suntory Beverage & Food, Ltd.		1,400		60,139
				177,166
BUILDING PRODUCTS — 0.3%
Asahi Glass Co., Ltd.		2,000		12,838
Daikin Industries, Ltd.		200		18,468
LIXIL Group Corp.		400		8,520
TOTO, Ltd.		100		3,748
				43,574
CAPITAL MARKETS — 0.4%
Daiwa Securities Group, Inc.		3,000		16,720
Nomura Holdings, Inc.		7,700		33,921
SBI Holdings, Inc.		400		4,724
				55,365
CHEMICALS — 3.0%
Asahi Kasei Corp.		4,000		31,632
Daicel Corp.		300		3,753
Hitachi Chemical Co., Ltd.		1,100		25,049
JSR Corp.		300		4,678
Kaneka Corp.		1,000		7,851
Kansai Paint Co., Ltd.		200		4,351
Kuraray Co., Ltd.		1,400		20,613
Mitsubishi Chemical Holdings Corp.		3,800		23,573
Mitsubishi Gas Chemical Co., Inc.		500		7,115
Mitsui Chemicals, Inc.		2,000		9,421
Nippon Paint Holdings Co., Ltd.		100		3,308
Nitto Denko Corp.		1,800		115,645
Shin-Etsu Chemical Co., Ltd.		1,100		76,060
Sumitomo Chemical Co., Ltd.		2,000		8,789
Taiyo Nippon Sanso Corp.		100		1,033
Teijin, Ltd.		400		7,695
Toray Industries, Inc.		6,000		58,006
				408,572
COMMERCIAL SERVICES & SUPPLIES — 1.3%
Dai Nippon Printing Co., Ltd.		2,000		19,474
Park24 Co., Ltd.		1,900		61,541
Secom Co., Ltd.		900		66,728
Toppan Printing Co., Ltd.		3,000		26,900
				174,643
CONSTRUCTION & ENGINEERING — 0.7%
JGC Corp.		400		6,893
Kajima Corp.		3,000		20,856
Obayashi Corp.		2,400		23,629
Shimizu Corp.		1,000		8,887
Taisei Corp.		4,000		29,823
				90,088
CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp.		4,000		11,416
CONSUMER FINANCE — 0.0% (a)
Acom Co., Ltd. (b)		300		1,401
AEON Financial Service Co., Ltd.		100		1,733
Credit Saison Co., Ltd.		200		3,297
				6,431

See accompanying notes to financial statements.

404

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Group Holdings, Ltd.		400	$	6,999
DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc.		1,300		33,044
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Japan Exchange Group, Inc.		7,500		115,909
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		4,542
ORIX Corp.		2,200		32,099
				152,550
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%
Nippon Telegraph & Telephone Corp.		2,700		123,022
ELECTRIC UTILITIES — 2.0%
Chubu Electric Power Co., Inc.		4,200		60,803
Chugoku Electric Power Co., Inc.		3,000		37,535
Hokuriku Electric Power Co.		1,800		21,810
Kansai Electric Power Co., Inc. (b)		3,500		31,632
Kyushu Electric Power Co., Inc.		1,000		9,342
Shikoku Electric Power Co., Inc. (b)		300		2,948
Tohoku Electric Power Co., Inc.		3,600		46,749
Tokyo Electric Power Co. Holdings, Inc. (b)		14,200		60,998
				271,817
ELECTRICAL EQUIPMENT — 0.4%
Fuji Electric Co., Ltd.		1,000		4,543
Mitsubishi Electric Corp.		3,000		37,994
Nidec Corp.		100		9,146
				51,683
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.9%
Alps Electric Co., Ltd.		1,900		45,030
Hamamatsu Photonics KK		100		3,046
Hirose Electric Co., Ltd.		100		13,035
Hitachi High-Technologies Corp.		100		3,965
Hitachi, Ltd.		18,000		83,294
Keyence Corp.		400		290,169
Kyocera Corp.		700		33,339
Murata Manufacturing Co., Ltd.		2,000		257,345
Nippon Electric Glass Co., Ltd.		1,000		5,135
Omron Corp.		200		7,120
TDK Corp.		200		13,233
Yaskawa Electric Corp.		2,400		35,503
Yokogawa Electric Corp.		200		2,637
				792,851
FOOD & STAPLES RETAILING — 2.6%
Aeon Co., Ltd.		2,700		39,701
FamilyMart UNY Holdings Co., Ltd.		1,100		73,214
Lawson, Inc.		800		62,964
Seven & i Holdings Co., Ltd.		1,800		84,556
Sundrug Co., Ltd.		500		41,722
Tsuruha Holdings, Inc.		400		45,978
				348,135
FOOD PRODUCTS — 1.9%
Ajinomoto Co., Inc.		1,700		37,646
Calbee, Inc.		900		33,906
MEIJI Holdings Co., Ltd.		200		19,731
NH Foods, Ltd.		2,000		48,111
Nisshin Seifun Group, Inc.		1,300		19,693
Nissin Foods Holdings Co., Ltd.		700		42,374
Toyo Suisan Kaisha, Ltd.		900		37,950
Yakult Honsha Co., Ltd.		100		4,483
Yamazaki Baking Co., Ltd.		600		14,665
				258,559
GAS UTILITIES — 1.5%
Osaka Gas Co., Ltd.		17,000		70,861
Toho Gas Co., Ltd.		7,000		65,185
Tokyo Gas Co., Ltd.		15,000		66,301
				202,347
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
Hoya Corp.		5,400		215,328
Olympus Corp.		300		10,369
Sysmex Corp.		1,900		139,594
Terumo Corp.		600		22,900
				388,191
HEALTH CARE PROVIDERS & SERVICES — 0.7%
Alfresa Holdings Corp.		1,000		21,004
Medipal Holdings Corp.		1,300		22,376
Miraca Holdings, Inc.		600		29,684
Suzuken Co., Ltd.		500		16,393
				89,457
HEALTH CARE TECHNOLOGY — 0.7%
M3, Inc.		2,800		95,117
HOTELS, RESTAURANTS & LEISURE — 1.6%
McDonald’s Holdings Co., Japan, Ltd.		2,000		58,855
Oriental Land Co., Ltd.		2,600		157,492
				216,347
HOUSEHOLD DURABLES — 1.9%
Casio Computer Co., Ltd.		2,600		36,022
Iida Group Holdings Co., Ltd.		300		5,996
Nikon Corp.		2,100		31,190
Panasonic Corp.		3,700		36,611
Rinnai Corp.		200		18,466
Sekisui Chemical Co., Ltd.		1,900		27,112
Sekisui House, Ltd.		2,600		43,930
Sharp Corp. (b)		5,000		6,666
Sony Corp.		1,500		48,778
				254,771
HOUSEHOLD PRODUCTS — 0.1%
Unicharm Corp.		400		10,304
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
Electric Power Development Co., Ltd.		1,100		26,266
INDUSTRIAL CONGLOMERATES — 0.4%
Keihan Holdings Co., Ltd.		1,000		6,962
Seibu Holdings, Inc.		500		8,206
Toshiba Corp. (b)		12,000		39,698
				54,866
INSURANCE — 1.5%
Dai-ichi Life Insurance Co., Ltd.		3,100		41,985
Japan Post Holdings Co., Ltd.		2,000		24,944
MS&AD Insurance Group Holdings, Inc.		1,200		33,056
Sompo Japan Nipponkoa Holdings, Inc.		700		20,499

See accompanying notes to financial statements.

405

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Sony Financial Holdings, Inc.		200	$	2,728
T&D Holdings, Inc.		1,800		20,077
Tokio Marine Holdings, Inc.		1,600		60,578
				203,867
INTERNET & CATALOG RETAIL — 0.4%
Rakuten, Inc.		600		7,768
Start Today Co., Ltd.		2,400		41,001
				48,769
INTERNET SOFTWARE & SERVICES — 0.8%
Kakaku.com, Inc.		1,800		32,404
Yahoo! Japan Corp.		19,000		75,426
				107,830
IT SERVICES — 1.5%
Fujitsu, Ltd.		8,000		42,660
Nomura Research Institute, Ltd.		1,200		41,120
NTT Data Corp.		800		39,737
Obic Co., Ltd.		700		36,982
Otsuka Corp.		1,000		47,154
				207,653
LEISURE EQUIPMENT & PRODUCTS — 1.6%
Bandai Namco Holdings, Inc.		800		24,293
Sankyo Co., Ltd.		1,000		33,970
Sega Sammy Holdings, Inc.		200		2,834
Shimano, Inc.		1,000		147,336
Yamaha Corp.		200		6,419
				214,852
MACHINERY — 4.9%
Amada Holdings Co., Ltd.		300		3,093
FANUC Corp.		1,600		268,760
Hino Motors, Ltd.		3,000		31,729
Hitachi Construction Machinery Co., Ltd.		200		3,948
IHI Corp.		3,000		8,591
JTEKT Corp.		400		5,933
Kawasaki Heavy Industries, Ltd.		2,000		6,123
Komatsu, Ltd.		2,100		47,593
Kubota Corp.		1,000		14,946
Kurita Water Industries, Ltd.		200		4,720
Makita Corp.		100		7,071
Mitsubishi Heavy Industries, Ltd.		8,000		33,109
Nabtesco Corp.		1,200		33,713
NSK, Ltd.		600		6,079
SMC Corp.		600		171,175
Sumitomo Heavy Industries, Ltd.		1,000		4,878
THK Co., Ltd.		200		3,895
				655,356
MARINE — 0.2%
Mitsui OSK Lines, Ltd.		4,000		9,203
Nippon Yusen KK.		7,000		12,996
				22,199
MEDIA — 0.2%
Dentsu, Inc.		200		10,092
Hakuhodo DY Holdings, Inc.		500		5,817
Toho Co., Ltd.		400		13,193
				29,102
METALS & MINING — 0.9%
Hitachi Metals, Ltd.		2,300		27,982
JFE Holdings, Inc.		1,700		24,527
Kobe Steel, Ltd. (b)		1,000		8,957
Maruichi Steel Tube, Ltd.		100		3,436
Mitsubishi Materials Corp.		300		8,117
Nippon Steel & Sumitomo Metal Corp.		1,900		38,585
Sumitomo Metal Mining Co., Ltd.		1,000		13,692
				125,296
MULTILINE RETAIL — 0.7%
Don Quijote Holdings Co., Ltd.		100		3,639
Isetan Mitsukoshi Holdings, Ltd.		600		5,860
J Front Retailing Co., Ltd.		600		7,791
Marui Group Co., Ltd.		300		3,934
Ryohin Keikaku Co., Ltd.		300		60,228
Takashimaya Co., Ltd.		2,000		16,314
				97,766
OIL, GAS & CONSUMABLE FUELS — 1.0%
Idemitsu Kosan Co., Ltd.		500		10,270
Inpex Corp.		2,000		17,957
JX Holdings, Inc.		14,800		59,498
Showa Shell Sekiyu KK		900		8,310
TonenGeneral Sekiyu KK		4,000		40,290
				136,325
PAPER & FOREST PRODUCTS — 0.1%
Oji Holdings Corp.		2,000		7,861
PERSONAL PRODUCTS — 2.5%
Kao Corp.		5,200		292,235
Kose Corp.		300		30,455
Shiseido Co., Ltd.		400		10,525
				333,215
PHARMACEUTICALS — 6.8%
Astellas Pharma, Inc.		21,300		330,969
Chugai Pharmaceutical Co., Ltd.		800		28,717
Daiichi Sankyo Co., Ltd.		2,200		52,466
Eisai Co., Ltd.		500		31,042
Hisamitsu Pharmaceutical Co., Inc.		200		10,725
Kyowa Hakko Kirin Co., Ltd.		1,000		15,662
Mitsubishi Tanabe Pharma Corp.		3,900		82,995
Ono Pharmaceutical Co., Ltd.		200		5,543
Otsuka Holdings Co., Ltd.		1,900		86,102
Santen Pharmaceutical Co., Ltd.		6,100		89,333
Shionogi & Co., Ltd.		600		30,526
Sumitomo Dainippon Pharma Co., Ltd.		1,200		23,072
Taisho Pharmaceutical Holdings Co., Ltd.		400		40,764
Takeda Pharmaceutical Co., Ltd.		1,900		90,492
				918,408
PROFESSIONAL SERVICES — 0.6%
Recruit Holdings Co., Ltd.		2,100		85,232
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.1%
Daiwa House REIT Investment Corp.		1		2,940
Japan Prime Realty Investment Corp.		7		31,590
Japan Real Estate Investment Corp.		5		29,872
Japan Retail Fund Investment Corp.		26		64,214
Nippon Building Fund, Inc.		4		25,320
Nippon Prologis, Inc.		13		32,864

See accompanying notes to financial statements.

406

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Nomura Real Estate Master Fund, Inc.		34	$	56,742
United Urban Investment Corp.		22		40,083
				283,625
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1%
Aeon Mall Co., Ltd.		100		1,568
Daito Trust Construction Co., Ltd.		1,200		191,675
Daiwa House Industry Co., Ltd.		1,200		32,653
Hulic Co., Ltd.		200		2,025
Mitsubishi Estate Co., Ltd.		1,000		18,644
Mitsui Fudosan Co., Ltd.		1,000		21,088
Nomura Real Estate Holdings, Inc.		200		3,350
NTT Urban Development Corp.		100		961
Tokyo Tatemono Co., Ltd.		200		2,384
Tokyu Fudosan Holdings Corp.		600		3,229
				277,577
ROAD & RAIL — 3.5%
Central Japan Railway Co.		300		50,985
East Japan Railway Co.		1,000		89,666
Hankyu Hanshin Holdings, Inc.		1,600		54,827
Keikyu Corp.		2,000		20,777
Keio Corp.		1,000		8,690
Kintetsu Group Holdings Co., Ltd.		8,000		33,417
Nagoya Railroad Co., Ltd.		8,000		43,371
Nippon Express Co., Ltd.		6,000		27,848
Odakyu Electric Railway Co., Ltd.		1,000		22,120
Tobu Railway Co., Ltd.		8,000		40,527
Tokyu Corp.		3,000		22,752
West Japan Railway Co.		1,000		61,601
				476,581
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
Rohm Co., Ltd.		100		5,214
Tokyo Electron, Ltd.		100		8,766
				13,980
SOFTWARE — 1.2%
GungHo Online Entertainment, Inc.		4,500		10,976
Konami Holdings Corp.		100		3,846
Nexon Co., Ltd.		2,000		31,107
Oracle Corp. Japan		1,100		61,808
Trend Micro, Inc.		1,400		48,526
				156,263
SPECIALTY RETAIL — 2.3%
ABC-Mart, Inc.		700		47,420
Hikari Tsushin, Inc.		100		9,243
Nitori Holdings Co., Ltd.		1,200		142,794
Shimamura Co., Ltd.		200		24,214
USS Co., Ltd.		3,400		57,011
Yamada Denki Co., Ltd.		6,800		33,575
				314,257
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.9%
Brother Industries, Ltd.		500		8,695
Canon, Inc.		3,700		106,818
FUJIFILM Holdings Corp.		1,600		58,745
Konica Minolta, Inc.		700		5,876
NEC Corp.		10,000		25,577
Ricoh Co., Ltd.		4,100		36,844
Seiko Epson Corp.		500		9,539
				252,094
TEXTILES, APPAREL & LUXURY GOODS — 0.0% (a)
Asics Corp.		100		1,998
TOBACCO — 2.1%
Japan Tobacco, Inc.		7,000		284,728
TRADING COMPANIES & DISTRIBUTORS — 3.5%
ITOCHU Corp.		5,100		63,558
Marubeni Corp.		15,100		76,868
Mitsubishi Corp.		6,000		135,387
Mitsui & Co., Ltd.		8,500		116,716
Sumitomo Corp.		5,200		57,667
Toyota Tsusho Corp.		800		18,415
				468,611
TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		2,000		17,341
WIRELESS TELECOMMUNICATION SERVICES — 3.7%
KDDI Corp.		10,700		329,141
NTT DOCOMO, Inc.		3,900		98,670
SoftBank Group Corp.		1,200		77,286
				505,097
TOTAL COMMON STOCKS (Cost $12,965,309)				13,385,478
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e) (Cost $754)		754		754
TOTAL INVESTMENTS — 99.3% (Cost $12,966,063)				13,386,232
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				100,535
NET ASSETS — 100.0%			$	13,486,767

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

(b) Non-income producing security

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $4,159, representing 0.0% of net assets.

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

407

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Air Freight & Logistics	$	37,028	$	—	$	—	$	37,028
Airlines		148,219		—		—		148,219
Auto Components		610,700		—		—		610,700
Automobiles		1,099,841		—		—		1,099,841
Banks		896,067		4,159		—		900,226
Beverages		177,166		—		—		177,166
Building Products		43,574		—		—		43,574
Capital Markets		55,365		—		—		55,365
Chemicals		408,572		—		—		408,572
Commercial Services & Supplies		174,643		—		—		174,643
Construction & Engineering		90,088		—		—		90,088
Construction Materials		11,416		—		—		11,416
Consumer Finance		6,431		—		—		6,431
Containers & Packaging		6,999		—		—		6,999
Diversified Consumer Services		33,044		—		—		33,044
Diversified Financial Services		152,550		—		—		152,550
Diversified Telecommunication Services		123,022		—		—		123,022
Electric Utilities		271,817		—		—		271,817
Electrical Equipment		51,683		—		—		51,683
Electronic Equipment, Instruments & Components		792,851		—		—		792,851
Food & Staples Retailing		348,135		—		—		348,135
Food Products		258,559		—		—		258,559
Gas Utilities		202,347		—		—		202,347
Health Care Equipment & Supplies		388,191		—		—		388,191
Health Care Providers & Services		89,457		—		—		89,457
Health Care Technology		95,117		—		—		95,117
Hotels, Restaurants & Leisure		216,347		—		—		216,347
Household Durables		254,771		—		—		254,771
Household Products		10,304		—		—		10,304
Independent Power Producers & Energy Traders		26,266		—		—		26,266
Industrial Conglomerates		54,866		—		—		54,866
Insurance		203,867		—		—		203,867
Internet & Catalog Retail		48,769		—		—		48,769
Internet Software & Services		107,830		—		—		107,830
IT Services		207,653		—		—		207,653
Leisure Equipment & Products		214,852		—		—		214,852
Machinery		655,356		—		—		655,356
Marine		22,199		—		—		22,199
Media		29,102		—		—		29,102
Metals & Mining		125,296		—		—		125,296
Multiline Retail		97,766		—		—		97,766
Oil, Gas & Consumable Fuels		136,325		—		—		136,325
Paper & Forest Products		7,861		—		—		7,861
Personal Products		333,215		—		—		333,215
Pharmaceuticals		918,408		—		—		918,408
Professional Services		85,232		—		—		85,232
Real Estate Investment Trusts (REITs)		283,625		—		—		283,625
Real Estate Management & Development		277,577		—		—		277,577
Road & Rail		476,581		—		—		476,581
Semiconductors & Semiconductor Equipment		13,980		—		—		13,980

See accompanying notes to financial statements.

408

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Software	$	156,263	$	—	$	—	$	156,263
Specialty Retail		314,257		—		—		314,257
Technology Hardware, Storage & Peripherals		252,094		—		—		252,094
Textiles, Apparel & Luxury Goods		1,998		—		—		1,998
Tobacco		284,728		—		—		284,728
Trading Companies & Distributors		468,611		—		—		468,611
Transportation Infrastructure		17,341		—		—		17,341
Wireless Telecommunication Services		505,097		—		—		505,097
Short-Term Investment		754		—		—		754
TOTAL INVESTMENTS	$	13,382,073	$	4,159	$	—	$	13,386,232

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		4,203	$	4,203		223,010		226,459		754	$	754	$	32	$	—
TOTAL			$	4,203							$	754	$	32	$	—

See accompanying notes to financial statements.

409

SPDR MSCI Mexico StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BANKS — 9.5%
Grupo Financiero Banorte SAB de CV Series O		18,403	$	96,686
Grupo Financiero Inbursa SAB de CV Series O		40,927		64,710
Grupo Financiero Santander Mexico SAB de CV Class B		24,853		43,713
				205,109
BEVERAGES — 15.4%
Arca Continental SAB de CV		11,575		69,001
Coca-Cola Femsa SAB de CV Series L		8,665		65,211
Fomento Economico Mexicano SAB de CV		21,425		197,882
				332,094
CHEMICALS — 1.7%
Mexichem SAB de CV		16,397		36,770
CONSTRUCTION & ENGINEERING — 2.9%
Promotora y Operadora de Infraestructura SAB de CV		5,877		63,178
CONSTRUCTION MATERIALS — 4.5%
Cemex SAB de CV (a)		122,218		96,999
CONSUMER FINANCE — 2.3%
Gentera SAB de CV		26,920		48,545
FOOD & STAPLES RETAILING — 9.0%
Grupo Comercial Chedraui SA de CV		14,532		31,822
Wal-Mart de Mexico SAB de CV		73,618		161,968
				193,790
FOOD PRODUCTS — 6.4%
Gruma SAB de CV Class B		2,871		37,819
Grupo Bimbo SAB de CV Series A		22,751		60,082
Grupo Lala SAB de CV		21,015		40,101
				138,002
HOUSEHOLD PRODUCTS — 2.8%
Kimberly-Clark de Mexico SAB de CV Class A		26,696		60,500
INDUSTRIAL CONGLOMERATES — 4.4%
Alfa SAB de CV Class A Class A		26,939		42,120
Grupo Carso SAB de CV Series A1		13,287		53,193
				95,313
MEDIA — 5.8%
Grupo Televisa SAB Series CPO		24,329		125,243
METALS & MINING — 10.5%
Grupo Mexico SAB de CV Series B		62,557		153,148
Industrias Penoles SAB de CV		2,334		56,209
Minera Frisco SAB de CV (a)		24,195		16,902
				226,259
MULTILINE RETAIL — 2.6%
El Puerto de Liverpool SAB de CV Series C1		5,241		55,038
PHARMACEUTICALS — 0.9%
Genomma Lab Internacional SAB de CV Class B (a)		17,313		18,142
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.6%
Fibra Uno Administracion SA de CV REIT		30,348		55,542
TRANSPORTATION INFRASTRUCTURE — 7.6%
Grupo Aeroportuario del Pacifico SAB de CV Class B		6,509		61,920
Grupo Aeroportuario del Sureste SAB de CV Class B		4,821		70,813
OHL Mexico SAB de CV (a)		22,271		29,597
				162,330
WIRELESS TELECOMMUNICATION SERVICES — 11.0%
America Movil SAB de CV Series L		412,844		236,143
TOTAL COMMON STOCKS (Cost $2,968,098)				2,148,997
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (b) (c) (Cost $3,989)		3,989		3,989
TOTAL INVESTMENTS — 100.1% (Cost $2,972,087)				2,152,986
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(2,139	)
NET ASSETS — 100.0%			$	2,150,847

(a) Non-income producing security

(b) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at September 30, 2016.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

410

SPDR MSCI Mexico StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Banks	$	205,109	$	—	$	—	$	205,109
Beverages		332,094		—		—		332,094
Chemicals		36,770		—		—		36,770
Construction & Engineering		63,178		—		—		63,178
Construction Materials		96,999		—		—		96,999
Consumer Finance		48,545		—		—		48,545
Food & Staples Retailing		193,790		—		—		193,790
Food Products		138,002		—		—		138,002
Household Products		60,500		—		—		60,500
Industrial Conglomerates		95,313		—		—		95,313
Media		125,243		—		—		125,243
Metals & Mining		226,259		—		—		226,259
Multiline Retail		55,038		—		—		55,038
Pharmaceuticals		18,142		—		—		18,142
Real Estate Investment Trusts (REITs)		55,542		—		—		55,542
Transportation Infrastructure		162,330		—		—		162,330
Wireless Telecommunication Services		236,143		—		—		236,143
Short-Term Investment		3,989		—		—		3,989
TOTAL INVESTMENTS	$	2,152,986	$	—	$	—	$	2,152,986

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		964	$	964		68,372		65,347		3,989	$	3,989	$	12	$	—
TOTAL			$	964							$	3,989	$	12	$	—

See accompanying notes to financial statements.

411

SPDR MSCI South Korea StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 100.0%
AEROSPACE & DEFENSE — 0.7%
Korea Aerospace Industries, Ltd.		283	$	19,606
AIR FREIGHT & LOGISTICS — 0.7%
Hyundai Glovis Co., Ltd.		113		18,571
AIRLINES — 0.1%
Korean Air Lines Co., Ltd. (a)		111		3,523
AUTO COMPONENTS — 5.9%
Hankook Tire Co., Ltd.		494		26,643
Hanon Systems		1,555		17,508
Hyundai Mobis Co., Ltd.		458		114,360
Hyundai Wia Corp.		84		6,605
				165,116
AUTOMOBILES — 7.4%
Hyundai Motor Co.		777		95,595
Hyundai Motor Co. Preference Shares (b)		191		18,296
Hyundai Motor Co. Preference Shares (b)		178		16,243
Kia Motors Corp.		1,973		75,509
				205,643
BANKS — 6.0%
BNK Financial Group, Inc.		686		5,344
DGB Financial Group, Inc.		523		4,288
Hana Financial Group, Inc.		1,076		27,209
Industrial Bank of Korea		1,442		15,646
KB Financial Group, Inc.		1,436		49,351
Shinhan Financial Group Co., Ltd.		1,407		51,293
Woori Bank		1,453		15,040
				168,171
BEVERAGES — 0.2%
Lotte Chilsung Beverage Co., Ltd.		3		4,358
BUILDING PRODUCTS — 0.2%
KCC Corp.		13		4,668
CAPITAL MARKETS — 0.3%
Korea Investment Holdings Co., Ltd.		59		2,183
Mirae Asset Daewoo Co., Ltd.		258		1,830
Mirae Asset Securities Co., Ltd.		75		1,549
NH Investment & Securities Co., Ltd.		161		1,457
Samsung Securities Co., Ltd.		62		1,948
				8,967
CHEMICALS — 2.9%
Hanwha Chemical Corp.		130		2,857
Hanwha Corp.		181		5,760
Hyosung Corp.		39		4,603
Kumho Petrochemical Co., Ltd.		29		1,841
LG Chem, Ltd.		210		46,048
LG Chem, Ltd. Preference Shares		63		9,410
Lotte Chemical Corp.		29		7,847
OCI Co., Ltd. (a)		17		1,443
				79,809
COMMERCIAL SERVICES & SUPPLIES — 1.1%
KEPCO Plant Service & Engineering Co., Ltd.		130		6,823
S-1 Corp.		272		25,067
				31,890
CONSTRUCTION & ENGINEERING — 0.5%
Daelim Industrial Co., Ltd.		36		2,710
Daewoo Engineering & Construction Co., Ltd. (a)		153		884
GS Engineering & Construction Corp. (a)		79		2,105
Hyundai Development Co-Engineering & Construction		33		1,537
Hyundai Engineering & Construction Co., Ltd.		169		6,023
				13,259
CONSUMER FINANCE — 0.2%
Samsung Card Co., Ltd.		151		6,869
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
KT Corp.		911		26,387
LG Uplus Corp.		1,150		12,269
				38,656
ELECTRIC UTILITIES — 2.2%
Korea Electric Power Corp.		1,282		62,857
ELECTRICAL EQUIPMENT — 0.1%
Doosan Heavy Industries & Construction Co., Ltd.		113		2,652
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8%
LG Display Co., Ltd.		1,484		37,863
LG Innotek Co., Ltd.		119		8,460
Samsung Electro-Mechanics Co., Ltd.		346		15,363
Samsung SDI Co., Ltd.		193		16,823
				78,509
FOOD & STAPLES RETAILING —1.3%
BGF retail Co., Ltd.		70		12,267
Dongsuh Cos., Inc.		258		6,852
E-MART, Inc.		89		12,727
GS Retail Co., Ltd.		110		4,914
				36,760
FOOD PRODUCTS — 1.4%
CJ CheilJedang Corp.		31		10,217
Lotte Confectionery Co., Ltd.		66		10,547
Orion Corp.		19		14,267
Ottogi Corp.		8		5,448
				40,479
GAS UTILITIES — 0.3%
Korea Gas Corp.		243		9,752
HOTELS, RESTAURANTS & LEISURE — 1.5%
Kangwon Land, Inc.		1,123		40,072
Paradise Co., Ltd.		38		549
				40,621
HOUSEHOLD DURABLES — 2.4%
Coway Co., Ltd.		390		33,782
Hanssem Co., Ltd.		90		14,382
LG Electronics, Inc.		446		19,398
				67,562
HOUSEHOLD PRODUCTS — 2.1%
LG Household & Health Care, Ltd.		56		48,559
LG Household & Health Care, Ltd. Preference Shares		20		9,352
				57,911

See accompanying notes to financial statements.

412

SPDR MSCI South Korea StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
INDUSTRIAL CONGLOMERATES — 3.6%
CJ Corp.		24	$	4,053
LG Corp.		676		39,712
Samsung C&T Corp.		109		14,747
SK Holdings Co., Ltd.		216		41,578
				100,090
INSURANCE — 6.0%
Dongbu Insurance Co., Ltd.		523		32,386
Hanwha Life Insurance Co., Ltd.		2,675		13,990
Hyundai Marine & Fire Insurance Co., Ltd.		606		19,946
Samsung Fire & Marine Insurance Co., Ltd.		245		62,176
Samsung Life Insurance Co., Ltd.		405		38,796
				167,294
INTERNET SOFTWARE & SERVICES — 5.9%
Kakao Corp.		169		12,552
NAVER Corp.		190		152,331
				164,883
IT SERVICES — 0.9%
Samsung SDS Co., Ltd.		190		26,567
MACHINERY — 0.6%
Hyundai Heavy Industries Co., Ltd. (a)		107		13,407
Samsung Heavy Industries Co., Ltd. (a)		355		3,020
				16,427
MEDIA — 0.3%
Cheil Worldwide, Inc.		442		6,421
CJ E&M Corp.		10		690
				7,111
METALS & MINING — 2.6%
Hyundai Steel Co.		174		8,026
Korea Zinc Co., Ltd.		49		21,400
POSCO		208		42,871
				72,297
MULTILINE RETAIL — 1.0%
Hyundai Department Store Co., Ltd.		119		12,804
Lotte Shopping Co., Ltd.		68		12,750
Shinsegae, Inc.		14		2,307
				27,861
OIL, GAS & CONSUMABLE FUELS — 1.5%
GS Holdings Corp.		224		10,881
S-Oil Corp.		112		8,257
SK Innovation Co., Ltd.		153		22,436
				41,574
PERSONAL PRODUCTS — 3.5%
Amorepacific Corp.		172		60,751
Amorepacific Corp. Preference Shares		70		13,475
AMOREPACIFIC Group		164		24,644
				98,870
PHARMACEUTICALS — 1.3%
Celltrion, Inc. (a)		85		8,212
Hanmi Pharm Co., Ltd.		8		3,690
Hanmi Science Co., Ltd.		70		7,245
Yuhan Corp.		64		16,126
				35,273
ROAD & RAIL — 0.5%
CJ Korea Express Corp. (a)		65		12,719
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.7%
SK Hynix, Inc.		2,056		75,045
SOFTWARE — 1.5%
NCSoft Corp.		157		42,124
SPECIALTY RETAIL — 0.1%
Hotel Shilla Co., Ltd.		32		1,758
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 21.4%
Samsung Electronics Co., Ltd.		358		519,439
Samsung Electronics Co., Ltd. Preference Shares		67		78,476
				597,915
TOBACCO — 3.2%
KT&G Corp.		799		90,684
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Posco Daewoo Corp.		99		2,202
SK Networks Co., Ltd.		494		3,001
				5,203
WIRELESS TELECOMMUNICATION SERVICES — 1.5%
SK Telecom Co., Ltd.		205		42,067
TOTAL COMMON STOCKS (Cost $2,891,792)				2,791,971
RIGHTS — 0.0% (c)
MACHINERY — 0.0% (c)
Samsung Heavy Industries Co., Ltd. (expiring 11/8/16) (a) (d) (Cost $1,170)		220		440
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (e) (f) (Cost $802)		802		802
TOTAL INVESTMENTS — 100.0% (Cost $2,893,764)				2,793,213
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (c)				(944	)
NET ASSETS — 100.0%			$	2,792,269

(a) Non-income producing security

(b) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

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

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $440, representing 0.0% of net assets.

(e) The rate shown is the annualized seven-day yield at September 30, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

See accompanying notes to financial statements.

413

SPDR MSCI South Korea StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	19,606	$	—	$	—	$	19,606
Air Freight & Logistics		18,571		—		—		18,571
Airlines		3,523		—		—		3,523
Auto Components		165,116		—		—		165,116
Automobiles		205,643		—		—		205,643
Banks		168,171		—		—		168,171
Beverages		4,358		—		—		4,358
Building Products		4,668		—		—		4,668
Capital Markets		8,967		—		—		8,967
Chemicals		79,809		—		—		79,809
Commercial Services & Supplies		31,890		—		—		31,890
Construction & Engineering		13,259		—		—		13,259
Consumer Finance		6,869		—		—		6,869
Diversified Telecommunication Services		38,656		—		—		38,656
Electric Utilities		62,857		—		—		62,857
Electrical Equipment		2,652		—		—		2,652
Electronic Equipment, Instruments & Components		78,509		—		—		78,509
Food & Staples Retailing		36,760		—		—		36,760
Food Products		40,479		—		—		40,479
Gas Utilities		9,752		—		—		9,752
Hotels, Restaurants & Leisure		40,621		—		—		40,621
Household Durables		67,562		—		—		67,562
Household Products		57,911		—		—		57,911
Industrial Conglomerates		100,090		—		—		100,090
Insurance		167,294		—		—		167,294
Internet Software & Services		164,883		—		—		164,883
IT Services		26,567		—		—		26,567
Machinery		16,427		—		—		16,427
Media		7,111		—		—		7,111
Metals & Mining		72,297		—		—		72,297
Multiline Retail		27,861		—		—		27,861
Oil, Gas & Consumable Fuels		41,574		—		—		41,574
Personal Products		98,870		—		—		98,870
Pharmaceuticals		35,273		—		—		35,273
Road & Rail		12,719		—		—		12,719
Semiconductors & Semiconductor Equipment		75,045		—		—		75,045
Software		42,124		—		—		42,124
Specialty Retail		1,758		—		—		1,758
Technology Hardware, Storage & Peripherals		597,915		—		—		597,915
Tobacco		90,684		—		—		90,684
Trading Companies & Distributors		5,203		—		—		5,203
Wireless Telecommunication Services		42,067		—		—		42,067
Rights
Machinery		—		440		—		440
Short-Term Investment		802		—		—		802
TOTAL INVESTMENTS	$	2,792,773	$	440	$	—	$	2,793,213

See accompanying notes to financial statements.

414

SPDR MSCI South Korea StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		689	$	689		62,576		62,463		802	$	802	$	13	$	—
TOTAL			$	689							$	802	$	13	$	—

See accompanying notes to financial statements.

415

SPDR MSCI Spain StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 100.0%
AIRLINES — 1.1%
International Consolidated Airlines Group SA		4,433	$	22,996
BANKS — 25.5%
Banco Bilbao Vizcaya Argentaria SA		22,855		138,234
Banco de Sabadell SA		23,823		30,520
Banco Popular Espanol SA		17,528		21,688
Banco Santander SA		59,327		263,153
Bankia SA		17,693		14,515
Bankinter SA		4,740		33,729
CaixaBank SA		12,874		32,538
				534,377
BIOTECHNOLOGY — 2.0%
Grifols SA		1,983		42,743
CONSTRUCTION & ENGINEERING — 6.3%
ACS Actividades de Construccion y Servicios SA		1,809		54,687
Ferrovial SA		3,625		77,198
				131,885
DIVERSIFIED TELECOMMUNICATION SERVICES — 8.6%
Telefonica SA		17,840		180,738
ELECTRIC UTILITIES — 16.4%
Endesa SA		3,631		77,856
Iberdrola SA		27,515		187,136
Red Electrica Corp. SA		3,698		79,813
				344,805
FOOD & STAPLES RETAILING — 2.2%
Distribuidora Internacional de Alimentacion SA		7,312		45,285
GAS UTILITIES — 6.9%
Enagas SA		2,703		81,333
Gas Natural SDG SA		3,119		64,126
				145,459
INSURANCE — 3.6%
Grupo Catalana Occidente SA		1,222		36,323
Mapfre SA		13,995		39,162
				75,485
IT SERVICES — 4.6%
Amadeus IT Group SA Class A		1,932		96,552
MACHINERY — 2.0%
Zardoya Otis SA		4,356		41,904
MEDIA — 1.5%
Mediaset Espana Comunicacion SA		2,690		31,893
OIL, GAS & CONSUMABLE FUELS — 4.4%
Repsol SA		6,724		91,244
SPECIALTY RETAIL — 8.8%
Industria de Diseno Textil SA		4,978		184,611
TRANSPORTATION INFRASTRUCTURE — 6.1%
Abertis Infraestructuras SA		5,670		88,315
Aena SA (a)		267		39,397
				127,712
TOTAL COMMON STOCKS (Cost $3,004,356)				2,097,689
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d) (Cost $37)		37		37
TOTAL INVESTMENTS — 100.0% (Cost $3,004,393)				2,097,726
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (b)				(785	)
NET ASSETS — 100.0%			$	2,096,941

(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.9% of net assets as of September 30, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(c) The rate shown is the annualized seven-day yield at September 30, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

See accompanying notes to financial statements.

416

SPDR MSCI Spain StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Airlines	$	22,996	$	—	$	—	$	22,996
Banks		534,377		—		—		534,377
Biotechnology		42,743		—		—		42,743
Construction & Engineering		131,885		—		—		131,885
Diversified Telecommunication Services		180,738		—		—		180,738
Electric Utilities		344,805		—		—		344,805
Food & Staples Retailing		45,285		—		—		45,285
Gas Utilities		145,459		—		—		145,459
Insurance		75,485		—		—		75,485
IT Services		96,552		—		—		96,552
Machinery		41,904		—		—		41,904
Media		31,893		—		—		31,893
Oil, Gas & Consumable Fuels		91,244		—		—		91,244
Specialty Retail		184,611		—		—		184,611
Transportation Infrastructure		127,712		—		—		127,712
Short-Term Investment		37		—		—		37
TOTAL INVESTMENTS	$	2,097,726	$	—	$	—	$	2,097,726

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		328	$	328		79,298		79,589		37	$	37	$	10	$	—
TOTAL			$	328							$	37	$	10	$	—

See accompanying notes to financial statements.

417

SPDR MSCI Taiwan StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AIRLINES — 0.2%
China Airlines, Ltd.		15,000	$	4,475
Eva Airways Corp.		13,902		6,342
				10,817
AUTO COMPONENTS — 0.3%
Cheng Shin Rubber Industry Co., Ltd.		8,000		16,819
AUTOMOBILES — 0.1%
Yulon Motor Co., Ltd.		6,000		5,274
BANKS — 9.6%
Chang Hwa Commercial Bank, Ltd.		86,718		44,403
China Development Financial Holding Corp.		80,000		20,418
CTBC Financial Holding Co., Ltd.		132,367		76,856
E.Sun Financial Holding Co., Ltd.		77,784		44,295
First Financial Holding Co., Ltd.		186,401		99,012
Hua Nan Financial Holdings Co., Ltd.		146,817		75,175
Mega Financial Holding Co., Ltd.		125,579		88,339
SinoPac Financial Holdings Co., Ltd.		69,388		20,476
Taishin Financial Holding Co., Ltd.		45,039		16,739
Taiwan Business Bank		33,209		8,444
Taiwan Cooperative Financial Holding Co., Ltd.		172,306		76,133
				570,290
CAPITAL MARKETS — 0.3%
Yuanta Financial Holding Co., Ltd.		57,311		20,478
CHEMICALS — 3.1%
Formosa Chemicals & Fibre Corp.		21,000		56,477
Formosa Plastics Corp.		29,000		71,978
Nan Ya Plastics Corp.		26,000		51,427
Taiwan Fertilizer Co., Ltd.		2,000		2,680
				182,562
CONSTRUCTION MATERIALS — 0.5%
Asia Cement Corp.		15,000		13,112
Taiwan Cement Corp.		14,000		15,922
				29,034
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Chailease Holding Co., Ltd.		3,120		5,534
Fubon Financial Holding Co., Ltd.		39,000		57,607
				63,141
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.5%
Asia Pacific Telecom Co., Ltd. (a)		3,000		995
Chunghwa Telecom Co., Ltd.		93,000		327,846
				328,841
ELECTRICAL EQUIPMENT — 0.1%
Teco Electric and Machinery Co., Ltd.		7,000		6,030
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 20.8%
AU Optronics Corp.		150,000		55,032
Delta Electronics, Inc.		48,205		256,823
Hon Hai Precision Industry Co., Ltd.		144,100		363,175
Innolux Corp.		165,000		55,797
Largan Precision Co., Ltd.		3,000		361,774
Simplo Technology Co., Ltd.		9,000		29,574
Synnex Technology International Corp.		40,950		45,332
WPG Holdings, Ltd.		46,000		54,445
Zhen Ding Technology Holding, Ltd.		3,000		6,575
				1,228,527
FOOD & STAPLES RETAILING — 2.7%
President Chain Store Corp.		20,000		158,875
FOOD PRODUCTS — 1.6%
Standard Foods Corp.		9,436		24,173
Uni-President Enterprises Corp.		37,440		70,232
				94,405
HOUSEHOLD DURABLES — 0.9%
Nien Made Enterprise Co., Ltd.		4,000		51,491
INDUSTRIAL CONGLOMERATES — 0.3%
Far Eastern New Century Corp.		20,520		15,351
INSURANCE — 1.5%
Cathay Financial Holding Co., Ltd.		48,000		61,406
China Life Insurance Co., Ltd.		19,432		17,761
Shin Kong Financial Holding Co., Ltd. (a)		49,376		10,853
				90,020
LEISURE EQUIPMENT & PRODUCTS — 1.0%
Giant Manufacturing Co., Ltd.		5,000		35,252
Merida Industry Co., Ltd.		5,000		23,608
				58,860
MACHINERY — 0.0% (b)
Hiwin Technologies Corp.		30		156
MARINE — 0.0% (b)
Evergreen Marine Corp. Taiwan, Ltd. (a)		7,070		2,729
METALS & MINING — 0.9%
China Steel Corp.		75,000		52,878
OIL, GAS & CONSUMABLE FUELS — 0.9%
Formosa Petrochemical Corp.		18,000		54,094
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%
Highwealth Construction Corp.		2,900		4,487
Ruentex Development Co., Ltd. (a)		15,402		18,746
				23,233
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 26.7%
Advanced Semiconductor Engineering, Inc.		57,000		68,373
Hermes Microvision, Inc.		1,000		43,228
Inotera Memories, Inc. (a)		27,000		23,774
MediaTek, Inc.		8,000		61,125
Nanya Technology Corp.		16,000		20,035
Novatek Microelectronics Corp.		16,000		56,403
Phison Electronics Corp.		6,000		45,557
Powertech Technology, Inc.		12,000		31,124
Realtek Semiconductor Corp.		6,000		19,716
Siliconware Precision Industries Co., Ltd.		27,000		40,484
Taiwan Semiconductor Manufacturing Co., Ltd.		177,000		1,030,531
Transcend Information, Inc.		10,000		29,191
United Microelectronics Corp.		166,000		61,167
Vanguard International Semiconductor Corp.		26,000		48,606
				1,579,314
SPECIALTY RETAIL — 0.2%
Hotai Motor Co., Ltd.		1,000		11,692

See accompanying notes to financial statements.

418

SPDR MSCI Taiwan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 14.8%
Acer, Inc. (a)		41,612	$	19,316
Advantech Co., Ltd.		12,000		102,981
Asustek Computer, Inc.		12,000		107,001
Casetek Holdings, Ltd.		3,000		10,911
Catcher Technology Co., Ltd.		16,000		129,907
Chicony Electronics Co., Ltd.		25,240		63,854
Compal Electronics, Inc.		74,000		45,681
Foxconn Technology Co., Ltd.		27,492		80,514
HTC Corp. (a)		3,000		8,336
Inventec Corp.		40,000		32,668
Lite-On Technology Corp.		41,440		59,624
Pegatron Corp.		31,000		79,712
Quanta Computer, Inc.		48,000		100,148
Wistron Corp.		47,088		35,002
				875,655
TEXTILES, APPAREL & LUXURY GOODS — 2.4%
Eclat Textile Co., Ltd.		5,091		60,743
Feng TAY Enterprise Co., Ltd.		10,128		44,912
Formosa Taffeta Co., Ltd.		2,000		1,895
Pou Chen Corp.		11,000		15,476
Ruentex Industries, Ltd.		11,000		17,687
				140,713
WIRELESS TELECOMMUNICATION SERVICES — 3.5%
Far EasTone Telecommunications Co., Ltd.		18,000	$	42,494
Taiwan Mobile Co., Ltd.		46,000		165,096
				207,590
TOTAL COMMON STOCKS (Cost $5,746,136)				5,878,869
SHORT-TERM INVESTMENT — 0.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d) (Cost $933)		933		933
TOTAL INVESTMENTS — 99.4% (Cost $5,747,069)				5,879,802
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				36,861
NET ASSETS — 100.0%			$	5,916,663

(a) Non-income producing security

(b) Amount represents less than 0.05%.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Airlines	$	10,817	$	—	$	—	$	10,817
Auto Components		16,819		—		—		16,819
Automobiles		5,274		—		—		5,274
Banks		570,290		—		—		570,290
Capital Markets		20,478		—		—		20,478
Chemicals		182,562		—		—		182,562
Construction Materials		29,034		—		—		29,034
Diversified Financial Services		63,141		—		—		63,141
Diversified Telecommunication Services		328,841		—		—		328,841
Electrical Equipment		6,030		—		—		6,030
Electronic Equipment, Instruments & Components		1,228,527		—		—		1,228,527
Food & Staples Retailing		158,875		—		—		158,875
Food Products		94,405		—		—		94,405
Household Durables		51,491		—		—		51,491
Industrial Conglomerates		15,351		—		—		15,351
Insurance		90,020		—		—		90,020
Leisure Equipment & Products		58,860		—		—		58,860
Machinery		156		—		—		156
Marine		2,729		—		—		2,729
Metals & Mining		52,878		—		—		52,878
Oil, Gas & Consumable Fuels		54,094		—		—		54,094
Real Estate Management & Development		23,233		—		—		23,233
Semiconductors & Semiconductor Equipment		1,579,314		—		—		1,579,314

See accompanying notes to financial statements.

419

SPDR MSCI Taiwan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Specialty Retail	$	11,692	$	—	$	—	$	11,692
Technology Hardware, Storage & Peripherals		875,655		—		—		875,655
Textiles, Apparel & Luxury Goods		140,713		—		—		140,713
Wireless Telecommunication Services		207,590		—		—		207,590
Short-Term Investment		933		—		—		933
TOTAL INVESTMENTS	$	5,879,802	$	—	$	—	$	5,879,802

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		484	$	484		333,047		332,598		933	$	933	$	35	$	—
TOTAL			$	484							$	933	$	35	$	—

See accompanying notes to financial statements.

420

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AEROSPACE & DEFENSE — 3.6%
BAE Systems PLC		7,371	$	50,172
Cobham PLC		822		1,791
Meggitt PLC		287		1,681
Rolls-Royce Holdings PLC (a)		3,517		32,894
				86,538
AIR FREIGHT & LOGISTICS — 0.6%
Royal Mail PLC		2,374		15,095
AIRLINES — 0.5%
easyJet PLC		911		11,917
AUTO COMPONENTS — 0.6%
GKN PLC		3,422		14,238
BANKS — 8.8%
Barclays PLC		14,565		31,748
HSBC Holdings PLC		18,287		137,469
Lloyds Banking Group PLC		23,336		16,536
Royal Bank of Scotland Group PLC (a)		2,425		5,632
Standard Chartered PLC (a)		2,620		21,384
				212,769
BEVERAGES — 5.0%
Coca-Cola HBC AG (a)		191		4,446
Diageo PLC		1,615		46,374
SABMiller PLC		1,176		68,667
				119,487
CAPITAL MARKETS — 1.7%
3i Group PLC		487		4,115
Aberdeen Asset Management PLC		1,943		8,236
Hargreaves Lansdown PLC		728		12,038
ICAP PLC		1,109		6,715
Investec PLC		215		1,315
Schroders PLC		238		8,335
				40,754
CHEMICALS — 1.2%
Croda International PLC		296		13,396
Johnson Matthey PLC		348		14,891
				28,287
COMMERCIAL SERVICES & SUPPLIES — 0.5%
Aggreko PLC		445		5,512
Babcock International Group PLC		390		5,243
G4S PLC		668		1,977
				12,732
CONSUMER FINANCE — 0.0%
Provident Financial PLC		22		867
DIVERSIFIED FINANCIAL SERVICES — 0.1%
London Stock Exchange Group PLC		44		1,600
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.7%
BT Group PLC		11,289		57,052
Inmarsat PLC		944		8,645
				65,697
ELECTRIC UTILITIES — 1.1%
SSE PLC		1,317		26,825
ENERGY EQUIPMENT & SERVICES — 0.1%
Petrofac, Ltd.		128		1,482
FOOD & STAPLES RETAILING — 1.4%
J Sainsbury PLC		2,342		7,478
Tesco PLC (a)		7,664		18,214
Wm Morrison Supermarkets PLC		2,413		6,830
				32,522
FOOD PRODUCTS — 1.9%
Associated British Foods PLC		1,015		34,281
Tate & Lyle PLC		1,274		12,395
				46,676
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%
Smith & Nephew PLC		2,460		39,753
HEALTH CARE PROVIDERS & SERVICES — 0.2%
Mediclinic International PLC		431		5,187
HOTELS, RESTAURANTS & LEISURE — 5.4%
Carnival PLC		35		1,713
Compass Group PLC		3,584		69,602
InterContinental Hotels Group PLC		321		13,260
Merlin Entertainments PLC (b)		1,229		7,018
TUI AG		721		10,274
Whitbread PLC		411		20,907
William Hill PLC		2,183		8,626
				131,400
HOUSEHOLD DURABLES — 1.1%
Barratt Developments PLC		247		1,586
Berkeley Group Holdings PLC		265		8,882
Persimmon PLC		614		14,476
Taylor Wimpey PLC		670		1,341
				26,285
HOUSEHOLD PRODUCTS — 3.2%
Reckitt Benckiser Group PLC		822		77,574
INDUSTRIAL CONGLOMERATES — 0.6%
DCC PLC		22		2,007
Smiths Group PLC		679		12,913
				14,920
INSURANCE — 4.9%
Admiral Group PLC		1,076		28,639
Aviva PLC		2,369		13,556
Direct Line Insurance Group PLC		2,808		13,306
Legal & General Group PLC		13,193		37,480
Old Mutual PLC		1,774		4,664
Prudential PLC		824		14,627
RSA Insurance Group PLC		364		2,582
St James’s Place PLC		50		616
Standard Life PLC		729		3,257
				118,727
INTERNET SOFTWARE & SERVICES — 0.1%
Auto Trader Group PLC (b)		236		1,243
IT SERVICES — 0.2%
Worldpay Group PLC (b)		1,392		5,356
MACHINERY — 0.4%
IMI PLC		518		7,227
Weir Group PLC		68		1,501
				8,728

See accompanying notes to financial statements.

421

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
MEDIA — 4.9%
ITV PLC		10,780	$	26,214
Pearson PLC		417		4,079
RELX PLC		3,438		65,337
Sky PLC		1,026		11,915
WPP PLC		490		11,546
				119,091
METALS & MINING — 4.9%
Anglo American PLC (a)		1,248		15,686
Antofagasta PLC		164		1,116
BHP Billiton PLC		1,337		20,190
Fresnillo PLC		120		2,828
Glencore PLC (a)		15,277		42,101
Randgold Resources, Ltd.		119		12,034
Rio Tinto PLC		705		23,577
				117,532
MULTI-UTILITIES — 2.6%
Centrica PLC		4,268		12,652
National Grid PLC		3,510		49,789
				62,441
MULTILINE RETAIL — 1.2%
Marks & Spencer Group PLC		1,361		5,854
Next PLC		384		23,823
				29,677
OIL, GAS & CONSUMABLE FUELS — 10.3%
BP PLC		17,325		101,273
Royal Dutch Shell PLC Class A		3,608		89,705
Royal Dutch Shell PLC Class B		2,216		57,486
				248,464
PAPER & FOREST PRODUCTS — 0.1%
Mondi PLC		109		2,298
PERSONAL PRODUCTS — 3.6%
Unilever PLC		1,808		85,829
PHARMACEUTICALS — 6.5%
AstraZeneca PLC		680		44,201
GlaxoSmithKline PLC		4,254		90,791
Hikma Pharmaceuticals PLC		186		4,876
Shire PLC		278		18,049
				157,917
PROFESSIONAL SERVICES — 1.6%
Capita PLC		1,738		15,126
Experian PLC		461		9,246
Intertek Group PLC		297		13,461
				37,833
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.5%
British Land Co. PLC REIT		1,259		10,344
Hammerson PLC		1,582		12,063
Intu Properties PLC		1,736		6,684
Land Securities Group PLC REIT		1,149		15,791
Segro PLC		2,774		16,353
				61,235
SOFTWARE — 1.1%
Sage Group PLC		2,812		26,958
SPECIALTY RETAIL — 0.8%
Dixons Carphone PLC		869		4,160
Kingfisher PLC		2,988		14,629
				18,789
TEXTILES, APPAREL & LUXURY GOODS — 0.7%
Burberry Group PLC		911		16,319
TOBACCO — 5.1%
British American Tobacco PLC		1,471		94,204
Imperial Brands PLC		546		28,182
				122,386
TRADING COMPANIES & DISTRIBUTORS — 3.0%
Ashtead Group PLC		115		1,898
Bunzl PLC		1,171		34,682
Travis Perkins PLC		459		9,206
Wolseley PLC		469		26,532
				72,318
WATER UTILITIES — 0.9%
Severn Trent PLC		388		12,626
United Utilities Group PLC		762		9,928
				22,554
WIRELESS TELECOMMUNICATION SERVICES — 2.1%
Vodafone Group PLC		17,475		50,337
TOTAL COMMON STOCKS (Cost $2,869,285)				2,398,637
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e) (Cost $1,019)		1,019		1,019
TOTAL INVESTMENTS — 99.4% (Cost $2,870,304)				2,399,656
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				13,513
NET ASSETS — 100.0%			$	2,413,169

(a) Non-income producing security

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

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

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

422

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	86,538	$	—	$	—	$	86,538
Air Freight & Logistics		15,095		—		—		15,095
Airlines		11,917		—		—		11,917
Auto Components		14,238		—		—		14,238
Banks		212,769		—		—		212,769
Beverages		119,487		—		—		119,487
Capital Markets		40,754		—		—		40,754
Chemicals		28,287		—		—		28,287
Commercial Services & Supplies		12,732		—		—		12,732
Consumer Finance		867		—		—		867
Diversified Financial Services		1,600		—		—		1,600
Diversified Telecommunication Services		65,697		—		—		65,697
Electric Utilities		26,825		—		—		26,825
Energy Equipment & Services		1,482		—		—		1,482
Food & Staples Retailing		32,522		—		—		32,522
Food Products		46,676		—		—		46,676
Health Care Equipment & Supplies		39,753		—		—		39,753
Health Care Providers & Services		5,187		—		—		5,187
Hotels, Restaurants & Leisure		131,400		—		—		131,400
Household Durables		26,285		—		—		26,285
Household Products		77,574		—		—		77,574
Industrial Conglomerates		14,920		—		—		14,920
Insurance		118,727		—		—		118,727
Internet Software & Services		1,243		—		—		1,243
IT Services		5,356		—		—		5,356
Machinery		8,728		—		—		8,728
Media		119,091		—		—		119,091
Metals & Mining		117,532		—		—		117,532
Multi-Utilities		62,441		—		—		62,441
Multiline Retail		29,677		—		—		29,677
Oil, Gas & Consumable Fuels		248,464		—		—		248,464
Paper & Forest Products		2,298		—		—		2,298
Personal Products		85,829		—		—		85,829
Pharmaceuticals		157,917		—		—		157,917
Professional Services		37,833		—		—		37,833
Real Estate Investment Trusts (REITs)		61,235		—		—		61,235
Software		26,958		—		—		26,958
Specialty Retail		18,789		—		—		18,789
Textiles, Apparel & Luxury Goods		16,319		—		—		16,319
Tobacco		122,386		—		—		122,386
Trading Companies & Distributors		72,318		—		—		72,318
Water Utilities		22,554		—		—		22,554
Wireless Telecommunication Services		50,337		—		—		50,337
Short-Term Investment		1,019		—		—		1,019
TOTAL INVESTMENTS	$	2,399,656	$	—	$	—	$	2,399,656

See accompanying notes to financial statements.

423

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		983	$	983		102,394		102,358		1,019	$	1,019	$	14	$	—
TOTAL			$	983							$	1,019	$	14	$	—

See accompanying notes to financial statements.

424

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 4.0%
APA Group		167,305	$	1,090,817
Challenger, Ltd.		80,236		624,444
Sonic Healthcare, Ltd.		68,984		1,161,909
Woolworths, Ltd. (a)		71,236		1,268,526
				4,145,696
BRAZIL — 1.0%
TOTVS SA		108,000		1,009,908
CANADA — 19.6%
Agrium, Inc. (a)		9,556		864,166
Bank of Montreal (a)		10,820		707,777
Bank of Nova Scotia		16,826		890,046
Canadian Apartment Properties		28,792		670,809
Canadian Imperial Bank of Commerce (a)		10,791		835,281
Canadian Western Bank (a)		34,130		655,722
Emera, Inc.		32,776		1,179,861
Enbridge Income Fund Holdings, Inc. (a)		82,176		2,125,915
Finning International, Inc. (a)		71,195		1,321,787
Fortis, Inc. (a)		35,376		1,135,639
IGM Financial, Inc. (a)		34,448		928,399
National Bank of Canada (a)		26,313		931,391
Power Corp. of Canada		28,169		595,638
Power Financial Corp. (a)		28,103		650,052
RioCan Real Estate Investment Trust		46,961		972,630
Rogers Communications, Inc. Class B		25,495		1,079,743
Royal Bank of Canada		11,159		689,960
Shaw Communications, Inc. Class B (a)		65,825		1,344,798
TELUS Corp.		39,257		1,293,084
TransCanada Corp. (a)		33,386		1,582,866
				20,455,564
FINLAND — 1.9%
Fortum Oyj		123,975		2,003,466
FRANCE — 4.7%
Klepierre REIT		12,011		550,717
Sanofi		9,936		755,274
Technip SA		23,707		1,456,514
TOTAL SA (a)		32,760		1,552,518
Unibail-Rodamco SE		2,159		582,308
				4,897,331
GERMANY — 1.6%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,883		537,826
Siemens AG		9,404		1,101,208
				1,639,034
HONG KONG — 5.4%
CK Hutchison Holdings, Ltd.		62,500		794,551
CLP Holdings, Ltd.		107,500		1,110,905
Hysan Development Co., Ltd.		121,000		567,094
Link REIT		85,500		628,356
Sino Land Co., Ltd.		398,386		704,731
Sun Hung Kai Properties, Ltd.		35,000		528,433
Wharf Holdings, Ltd.		100,000		727,828
Wheelock & Co., Ltd.		100,000		589,870
				5,651,768
INDONESIA — 1.1%
Astra International Tbk PT		1,883,700		1,190,754
ITALY — 1.6%
Atlantia SpA		32,222		818,009
Hera SpA		299,409		806,869
				1,624,878
JAPAN — 0.9%
Canon, Inc.		33,000		952,703
NETHERLANDS — 0.9%
Boskalis Westminster		24,961		889,363
NORWAY — 1.0%
Orkla ASA		102,865		1,063,104
PORTUGAL — 1.1%
EDP — Energias de Portugal SA		348,120		1,169,348
SINGAPORE — 2.1%
Singapore Post, Ltd. (a)		875,900		937,925
Singapore Telecommunications, Ltd.		427,700		1,245,348
				2,183,273
SOUTH AFRICA — 8.9%
AVI, Ltd.		201,043		1,373,547
Foschini Group, Ltd.		168,730		1,711,687
MTN Group, Ltd.		300,425		2,566,161
Sanlam, Ltd.		133,102		617,537
SPAR Group, Ltd.		72,243		1,009,839
Standard Bank Group, Ltd.		109,157		1,116,634
Truworths International, Ltd.		178,828		923,319
				9,318,724
SPAIN — 3.2%
Abertis Infraestructuras SA		76,132		1,185,822
Enagas SA		40,353		1,214,212
Red Electrica Corp. SA		42,923		926,389
				3,326,423
SWEDEN — 3.2%
Castellum AB		38,889		583,285
Skanska AB Class B		49,154		1,149,187
Telia Co. AB		366,514		1,643,611
				3,376,083
SWITZERLAND — 2.5%
Baloise Holding AG		4,027		488,109
PSP Swiss Property AG		5,452		520,229
Sulzer AG		8,842		926,704
Swiss Prime Site AG (b)		7,558		664,268
				2,599,310
THAILAND — 2.9%
Advanced Info Service PCL NVDR		371,400		1,714,978
Bangkok Bank PCL		121,100		567,929
Siam Commercial Bank PCL NVDR		174,100		743,631
				3,026,538
UNITED KINGDOM — 9.7%
Aberdeen Asset Management PLC		239,077		1,013,361
BAE Systems PLC		126,860		863,505
British American Tobacco PLC		17,683		1,132,432
Carillion PLC		311,705		1,003,759
Close Brothers Group PLC		27,072		481,781

See accompanying notes to financial statements.

425

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
GlaxoSmithKline PLC		64,847	$	1,384,001
IMI PLC		87,654		1,222,884
Pennon Group PLC		70,777		820,099
Tate & Lyle PLC		116,580		1,134,266
UBM PLC		117,359		1,088,488
				10,144,576
UNITED STATES — 22.4%
AT&T, Inc.		36,237		1,471,585
Chevron Corp.		13,155		1,353,913
CME Group, Inc.		7,629		797,383
Consolidated Edison, Inc.		13,112		987,334
Entergy Corp.		16,709		1,282,082
Helmerich & Payne, Inc. (a)		26,880		1,809,024
Mattel, Inc.		46,846		1,418,497
Mercury General Corp.		14,597		800,645
National Health Investors, Inc. (a)		11,508		903,148
New York Community Bancorp, Inc.		51,902		738,565
Old Republic International Corp.		27,621		486,682
People’s United Financial, Inc. (a)		34,203		541,091
PPL Corp.		29,940		1,035,026
RR Donnelley & Sons Co.		112,760		1,772,587
Southern Co.		21,707		1,113,569
Tupperware Brands Corp.		19,576		1,279,683
Verizon Communications, Inc.		24,027		1,248,923
Waddell & Reed Financial, Inc. Class A		29,873		542,494
Williams Cos., Inc.		121,313		3,727,948
				23,310,179
TOTAL COMMON STOCKS (Cost $101,745,662)				103,978,023
SHORT-TERM INVESTMENTS — 8.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (c) (d)		57,050		57,050
State Street Navigator Securities Lending Prime Portfolio (d) (e)		8,297,041		8,297,041
TOTAL SHORT-TERM INVESTMENTS (Cost $8,354,091)				8,354,091
TOTAL INVESTMENTS — 107.7% (Cost $110,099,753)				112,332,114
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.7)%				(8,034,288	)
NET ASSETS — 100.0%			$	104,297,826

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) The rate shown is the annualized seven-day yield at September 30, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	4,145,696	$	—	$	—	$	4,145,696
Brazil		1,009,908		—		—		1,009,908
Canada		20,455,564		—		—		20,455,564
Finland		2,003,466		—		—		2,003,466
France		4,897,331		—		—		4,897,331
Germany		1,639,034		—		—		1,639,034
Hong Kong		5,651,768		—		—		5,651,768
Indonesia		1,190,754		—		—		1,190,754
Italy		1,624,878		—		—		1,624,878
Japan		952,703		—		—		952,703
Netherlands		889,363		—		—		889,363
Norway		1,063,104		—		—		1,063,104
Portugal		1,169,348		—		—		1,169,348
Singapore		2,183,273		—		—		2,183,273
South Africa		9,318,724		—		—		9,318,724
Spain		3,326,423		—		—		3,326,423
Sweden		3,376,083		—		—		3,376,083
Switzerland		2,599,310		—		—		2,599,310

See accompanying notes to financial statements.

426

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Thailand	$	3,026,538	$	—	$	—	$	3,026,538
United Kingdom		10,144,576		—		—		10,144,576
United States		23,310,179		—		—		23,310,179
Short-Term Investments		8,354,091		—		—		8,354,091
TOTAL INVESTMENTS	$	112,332,114	$	—	$	—	$	112,332,114

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		47,526	$	47,526		11,942,881		11,933,357		57,050	$	57,050	$	626	$	—
State Street Navigator Securities Lending Prime Portfolio		10,950,786		10,950,786		88,691,291		91,345,036		8,297,041		8,297,041		77,718		—
TOTAL			$	10,998,312							$	8,354,091	$	78,344	$	—

See accompanying notes to financial statements.

427

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 23.4%
APA Group		2,121,022	$	13,828,920
ASX, Ltd.		142,236		5,242,030
Aurizon Holdings, Ltd.		6,175,221		22,210,271
Australia & New Zealand Banking Group, Ltd.		345,024		7,295,141
Bank of Queensland, Ltd.		525,919		4,575,966
Bendigo & Adelaide Bank, Ltd.		662,161		5,457,363
Commonwealth Bank of Australia		66,176		3,666,423
CSR, Ltd.		4,194,666		11,620,089
Dexus Property Group REIT		704,401		4,932,244
Downer EDI, Ltd.		2,511,173		10,357,833
DUET Group		8,423,730		16,180,117
Genworth Mortgage Insurance Australia, Ltd. (a)		2,093,165		4,308,829
Insurance Australia Group, Ltd.		1,309,957		5,483,374
IOOF Holdings, Ltd. (a)		857,286		5,687,853
National Australia Bank, Ltd.		305,329		6,511,912
Spark Infrastructure Group		4,107,367		7,260,708
Stockland REIT		1,271,140		4,630,244
Suncorp Group, Ltd.		563,878		5,225,560
Tatts Group, Ltd.		3,279,997		9,161,568
Telstra Corp., Ltd.		4,259,334		16,883,985
Vicinity Centres REIT		1,881,410		4,564,006
Westpac Banking Corp.		230,547		5,206,336
Woodside Petroleum, Ltd.		1,381,278		30,252,009
Woolworths, Ltd.		1,449,689		25,815,155
				236,357,936
BELGIUM — 0.7%
bpost SA		258,053		6,984,650
BRAZIL — 1.2%
Cia Energetica de Minas Gerais ADR		4,820,396		12,484,826
CANADA — 13.8%
Crescent Point Energy Corp. (a)		2,876,618		37,866,077
Enbridge Income Fund Holdings, Inc. (a)		391,009		10,115,508
Inter Pipeline, Ltd.		816,081		17,200,261
Pembina Pipeline Corp. (a)		904,637		27,519,412
PrairieSky Royalty, Ltd. (a)		814,190		16,571,872
Smart Real Estate Investment Trust REIT		157,586		4,238,665
Whitecap Resources, Inc. (a)		3,037,048		25,327,027
				138,838,822
CHINA — 4.1%
Agricultural Bank of China, Ltd. Class H		11,905,000		5,096,036
Bank of China, Ltd. Class H		10,312,000		4,706,642
China Construction Bank Corp. Class H		7,036,000		5,216,254
China Evergrande Group (a)		6,959,148		4,701,672
China South City Holdings, Ltd. (a)		21,450,000		4,756,864
Country Garden Holdings Co., Ltd.		10,115,200		5,334,120
Huaneng Power International, Inc. Class H .		5,316,000		3,324,235
Industrial & Commercial Bank of China, Ltd. Class H		7,918,000		4,951,334
KWG Property Holding, Ltd.		5,529,000		3,628,519
				41,715,676
CZECH REPUBLIC — 0.3%
Komercni banka A/S		96,241		3,331,284
FINLAND — 3.4%
Fortum Oyj		1,659,884		26,824,132
Orion Oyj Class B		185,571		7,317,834
				34,141,966
FRANCE — 3.2%
Electricite de France SA (a)		1,999,250		24,332,381
Fonciere Des Regions		39,571		3,689,222
ICADE		55,066		4,296,549
				32,318,152
GERMANY — 2.3%
Drillisch AG (a)		283,031		13,745,406
Freenet AG		336,559		9,843,306
				23,588,712
HONG KONG — 5.7%
New World Development Co., Ltd.		3,885,677		5,050,010
Sands China, Ltd.		7,798,800		33,835,909
SJM Holdings, Ltd.		16,760,000		12,317,253
Yue Yuen Industrial Holdings, Ltd.		1,619,500		6,681,838
				57,885,010
ITALY — 3.1%
Snam SpA		2,825,694		15,674,343
Terna Rete Elettrica Nazionale SpA		2,443,937		12,600,926
UnipolSai SpA		2,075,022		3,376,605
				31,651,874
NETHERLANDS — 1.3%
Delta Lloyd NV (a)		2,872,651		13,194,002
NEW ZEALAND — 2.7%
Fletcher Building, Ltd.		1,466,919		11,446,154
SKY Network Television, Ltd.		1,619,792		5,795,328
Spark New Zealand, Ltd.		3,891,447		10,215,792
				27,457,274
NORWAY — 1.4%
Gjensidige Forsikring ASA		171,159		3,195,191
TGS Nopec Geophysical Co. ASA (a)		604,104		10,884,348
				14,079,539
PORTUGAL — 1.6%
EDP — Energias de Portugal SA		4,922,672		16,535,444
RUSSIA — 0.9%
Mobile TeleSystems PJSC ADR		1,113,807		8,498,347
SINGAPORE — 0.8%
CapitaLand Mall Trust REIT		2,570,600		4,091,241
United Overseas Bank, Ltd.		283,848		3,920,098
				8,011,339
SOUTH AFRICA — 5.5%
Barclays Africa Group, Ltd.		521,394		5,725,334
Coronation Fund Managers, Ltd. (a)		1,937,146		9,894,747
Growthpoint Properties, Ltd. REIT (a)		2,473,813		4,553,201
MMI Holdings, Ltd.		3,350,516		5,457,799
MTN Group, Ltd.		795,658		6,796,327

See accompanying notes to financial statements.

428

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Nedbank Group, Ltd. (a)		336,731	$	5,444,751
Redefine Properties, Ltd. REIT		8,949,806		7,439,053
Standard Bank Group, Ltd.		553,619		5,663,309
Vodacom Group, Ltd.		356,899		4,000,539
				54,975,060
SPAIN — 2.3%
Banco Bilbao Vizcaya Argentaria SA		537,328		3,249,917
Bolsas y Mercados Espanoles SHMSF SA (a)		119,258		3,544,216
Enagas SA		526,999		15,857,266
				22,651,399
SWEDEN — 1.9%
Bonava AB Class B (b)		293,759		3,709,962
NCC AB Class B		292,383		7,671,837
Nordea Bank AB		378,406		3,760,916
Swedbank AB Class A		187,329		4,408,050
				19,550,765
SWITZERLAND — 3.1%
STMicroelectronics NV		2,775,682		22,615,009
Swiss Re AG		49,247		4,452,754
Zurich Insurance Group AG (b)		17,945		4,627,863
				31,695,626
THAILAND — 1.2%
Advanced Info Service PCL (c)		22,800		105,281
Advanced Info Service PCL NVDR		1,066,869		4,926,379
BTS Group Holdings PCL NVDR		15,706,939		3,921,068
Krung Thai Bank PCL (c)		60,800		30,883
Krung Thai Bank PCL NVDR		6,625,800		3,365,486
				12,349,097
TURKEY — 2.5%
Eregli Demir ve Celik Fabrikalari TAS		7,896,300		10,868,037
Tofas Turk Otomobil Fabrikasi A/S		485,791		3,545,447
Turkcell Iletisim Hizmetleri A/S (b)		3,286,083		10,633,474
				25,046,958
UNITED KINGDOM — 13.0%
Aberdeen Asset Management PLC		1,458,303		6,181,217
Admiral Group PLC		156,931		4,176,955
Berkeley Group Holdings PLC		335,466		11,242,874
Imperial Brands PLC		327,782		16,918,717
National Grid PLC		1,519,158		21,549,376
Old Mutual PLC		1,558,108		4,096,540
Rio Tinto PLC		956,331		31,982,341
SSE PLC		943,512		19,217,753
Vodafone Group PLC		5,505,536		15,858,874
				131,224,647
TOTAL COMMON STOCKS (Cost $1,006,525,792)				1,004,568,405
SHORT-TERM INVESTMENTS — 8.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e)		34,299		34,299
State Street Navigator Securities Lending Prime Portfolio (e) (f)		85,141,270		85,141,270
TOTAL SHORT-TERM INVESTMENTS (Cost $85,175,569)				85,175,569
TOTAL INVESTMENTS — 107.8% (Cost $1,091,701,361)				1,089,743,974
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.8)%				(79,235,945	)
NET ASSETS — 100.0%			$	1,010,508,029

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $136,164, representing 0.0% of net assets.

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

429

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	236,357,936	$	—	$	—	$	236,357,936
Belgium		6,984,650		—		—		6,984,650
Brazil		12,484,826		—		—		12,484,826
Canada		138,838,822		—		—		138,838,822
China		41,715,676		—		—		41,715,676
Czech Republic		3,331,284		—		—		3,331,284
Finland		34,141,966		—		—		34,141,966
France		32,318,152		—		—		32,318,152
Germany		23,588,712		—		—		23,588,712
Hong Kong		57,885,010		—		—		57,885,010
Italy		31,651,874		—		—		31,651,874
Netherlands		13,194,002		—		—		13,194,002
New Zealand		27,457,274		—		—		27,457,274
Norway		14,079,539		—		—		14,079,539
Portugal		16,535,444		—		—		16,535,444
Russia		8,498,347		—		—		8,498,347
Singapore		8,011,339		—		—		8,011,339
South Africa		54,975,060		—		—		54,975,060
Spain		22,651,399		—		—		22,651,399
Sweden		19,550,765		—		—		19,550,765
Switzerland		31,695,626		—		—		31,695,626
Thailand		12,212,933		136,164		—		12,349,097
Turkey		25,046,958		—		—		25,046,958
United Kingdom		131,224,647		—		—		131,224,647
Short-Term Investments		85,175,569		—		—		85,175,569
TOTAL INVESTMENTS	$	1,089,607,810	$	136,164	$	—	$	1,089,743,974

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1,284,078	$	1,284,078		87,021,985		88,271,764		34,299	$	34,299	$	6,251	$	—
State Street Navigator Securities Lending Prime Portfolio		153,680,936		153,680,936		585,416,158		653,955,824		85,141,270		85,141,270		1,688,847		—
TOTAL			$	154,965,014							$	85,175,569	$	1,695,098	$	—

See accompanying notes to financial statements.

430

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 0.1%
MMG, Ltd. (a) (b)		744,000	$	187,056
BRAZIL — 5.3%
AES Tiete Energia SA		21,375		105,334
Aliansce Shopping Centers SA		79,323		377,223
Alpargatas SA Preference Shares		14,200		42,222
Alupar Investimento SA		38,144		189,848
Arezzo Industria e Comercio SA		38,512		310,339
B2W Cia Digital (b)		67,304		330,424
Banco ABC Brasil SA Preference Shares		60,641		251,983
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares		100,116		322,334
BR Properties SA		57,654		151,728
Bradespar SA Preference Shares		135,367		406,661
Brasil Brokers Participacoes SA (b)		280,116		146,574
Cia de Saneamento de Minas Gerais-COPASA		43,304		435,726
Cia Energetica de Sao Paulo Class B, Preference Shares		55,475		251,006
Cia Ferro Ligas da Bahia — FERBASA Preference Shares		85,614		189,472
Cia Hering		106,476		589,266
Cosan Logistica SA (b)		57,617		78,387
Direcional Engenharia SA		140,946		251,190
EcoRodovias Infraestrutura e Logistica SA (b)		115,363		315,674
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		82,027		267,881
Estacio Participacoes SA		155,305		851,373
Even Construtora e Incorporadora SA		199,314		235,581
Ez Tec Empreendimentos e Participacoes SA		73,321		343,489
Fleury SA		79,489		938,302
GAEC Educacao SA		71,973		274,702
Gafisa SA		376,659		288,681
Helbor Empreendimentos SA		157,445		99,347
Iguatemi Empresa de Shopping Centers SA		33,090		302,499
International Meal Co. Alimentacao SA Class A (b)		80,265		135,881
Iochpe Maxion SA		68,341		368,331
JSL SA		39,160		129,213
Kepler Weber SA		15,216		94,326
Light SA		60,710		296,743
Linx SA		55,782		333,093
LPS Brasil Consultoria de Imoveis SA (b)		85,408		107,784
Magnesita Refratarios SA (b)		49,065		329,078
Mahle-Metal Leve SA		29,650		211,730
Marcopolo SA Preference Shares (b)		410,498		395,481
Marfrig Global Foods SA (b)		169,868		272,931
Metalurgica Gerdau SA Preference Shares		493,741		521,271
Mills Estruturas e Servicos de Engenharia SA (b)		150,376		211,989
Minerva SA (b)		35,604		105,206
MRV Engenharia e Participacoes SA		209,114		768,525
Paranapanema SA		208,003		101,157
Prumo Logistica SA (b) (c)		20,125		43,176
Prumo Logistica SA (b) (c)		9,093		19,312
QGEP Participacoes SA		142,571		204,058
Qualicorp SA		82,471		486,878
Randon SA Implementos e Participacoes (b)		1,051		1,051
Randon SA Implementos e Participacoes Preference Shares (b)		225,809		320,415
Restoque Comercio e Confeccoes de Roupas SA (b)		101,297		117,234
Santos Brasil Participacoes SA		137,550		118,547
Sao Martinho SA		15,330		276,745
Ser Educacional SA		45,046		239,175
SLC Agricola SA		64,363		278,543
Smiles SA		31,120		516,966
Sul America SA		76,915		384,238
TOTVS SA		40,259		376,462
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		57,831		542,736
Via Varejo SA		134,759		264,221
				16,919,742
CHILE — 1.7%
Engie Energia Chile SA		161,800		254,250
Inversiones Aguas Metropolitanas SA		460,778		822,520
Inversiones La Construccion SA		41,516		476,264
Parque Arauco SA		570,129		1,286,297
Ripley Corp. SA		948,921		582,723
Salfacorp SA		438,069		344,320
Sociedad Matriz SAAM SA		6,832,036		570,278
Vina Concha y Toro SA		585,764		1,022,338
				5,358,990
CHINA — 15.4%
21Vianet Group, Inc. ADR (b)		32,686		259,854
361 Degrees International, Ltd.		701,000		248,551
500.com, Ltd. Class A, ADR (b)		7,326		129,157
51job, Inc. ADR (b)		18,795		627,377
Anton Oilfield Services Group (a) (b)		812,000		75,380
Autohome, Inc. ADR (b)		23,357		566,407
AVIC International Holding HK, Ltd. (b)		1,404,000		99,562
Baoxin Auto Group, Ltd. (a) (b)		56,101		17,432
Baozun, Inc. ADR (a) (b)		16,500		248,985
BeiGene, Ltd. ADR (b)		12,600		388,206
Beijing Capital Land, Ltd. Class H		844,400		346,211
Beijing North Star Co., Ltd. Class H		474,000		161,342
Biostime International Holdings, Ltd. (a) (b).		116,000		301,369
Bitauto Holdings, Ltd. ADR (a) (b)		19,453		565,693
Boer Power Holdings, Ltd. (a)		100,000		45,384
Boshiwa International Holding, Ltd. (a) (b) (d)		1,843,000		—
Boyaa Interactive International, Ltd. (b)		673,200		395,798
Broad Greenstate International Co., Ltd.		436,000		82,636
BYD Electronic International Co., Ltd.		332,000		276,526
Central China Securities Co., Ltd. Class H (a)		280,000		130,687
Chaowei Power Holdings, Ltd. (a)		407,000		334,796
Cheetah Mobile, Inc. ADR (a) (b)		15,305		190,700

See accompanying notes to financial statements.

431

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
China Aerospace International Holdings, Ltd.		940,000	$	123,621
China Aircraft Leasing Group Holdings, Ltd. (a)		72,500		93,477
China Animal Healthcare, Ltd. (a) (b) (d)		1,059,700		177,620
China Assurance Finance Group, Ltd. (b)		567,000		83,340
China Distance Education Holdings, Ltd. ADR (a)		26,248		339,124
China Dongxiang Group Co., Ltd.		3,110,000		613,503
China Electronics Corp. Holdings Co., Ltd. .		154,000		36,733
China Energine International Holdings, Ltd. (b)		522,000		41,055
China Fangda Group Co., Ltd. Class B		118,700		111,875
China Foods, Ltd.		518,000		237,095
China Forestry Holdings Co., Ltd. (a) (b) (d)		1,642,000		—
China Harmony New Energy Auto Holding, Ltd. (a)		315,000		152,709
China Hongxing Sports, Ltd. (a) (b) (d)		4,758,000		—
China Huarong Energy Co., Ltd. (a) (b)		322,100		18,896
China Huiyuan Juice Group, Ltd. (b)		1,032,400		363,392
China Lesso Group Holdings, Ltd.		718,000		486,940
China Lilang, Ltd.		704,000		399,384
China Maple Leaf Educational Systems, Ltd. (a)		326,000		300,531
China Modern Dairy Holdings, Ltd. (a) (b)		1,577,000		296,859
China National Materials Co., Ltd.		923,000		214,210
China Overseas Grand Oceans Group, Ltd. (b)		555,000		178,895
China Pioneer Pharma Holdings, Ltd.		333,000		94,456
China Power New Energy Development Co., Ltd. (a)		385,000		242,736
China Rare Earth Holdings, Ltd. (b)		1,316,400		95,048
China SCE Property Holdings, Ltd.		1,661,800		404,954
China Shanshui Cement Group, Ltd. (a) (b) (d)		1,224,000		248,163
China Shengmu Organic Milk, Ltd. (a) (b)		1,230,000		315,590
China Shineway Pharmaceutical Group, Ltd.		258,000		264,788
China Silver Group, Ltd. (a)		756,000		167,654
China Singyes Solar Technologies Holdings, Ltd. (a)		403,600		207,629
China Suntien Green Energy Corp., Ltd. Class H (a)		1,147,000		158,238
China Travel International Investment Hong Kong, Ltd. (a)		2,936,000		847,948
China Yurun Food Group, Ltd. (a) (b)		777,000		126,228
China ZhengTong Auto Services Holdings, Ltd.		521,500		164,735
Chinasoft International, Ltd. (a) (b)		1,340,000		616,791
Chongqing Iron & Steel Co., Ltd. Class H (b)		398,000		119,052
CITIC Resources Holdings, Ltd. (a) (b)		2,413,000		295,560
CITIC Telecom International Holdings, Ltd.		632,000		235,494
CNinsure, Inc. ADR (a) (b)		36,997		284,877
Colour Life Services Group Co., Ltd. (b)		427,000		300,047
Consun Pharmaceutical Group, Ltd.		365,600		213,064
Coolpad Group, Ltd. (b)		2,157,600		406,152
CT Environmental Group, Ltd. (a)		2,838,000		823,303
Dah Chong Hong Holdings, Ltd.		480,000		193,709
Dongyue Group, Ltd. (b) (g)		661,000		116,758
Eastern Communications Co., Ltd. Class B		52,174		39,757
Fang Holdings, Ltd. ADR (b)		122,121		548,323
First Tractor Co., Ltd. Class H		448,500		243,450
Foshan Electrical and Lighting Co., Ltd. Class B		85,600		71,187
Fu Shou Yuan International Group, Ltd. (a)		1,046,000		602,843
Fufeng Group, Ltd. (a)		689,600		319,195
Future Land Holdings Co., Ltd. Class A		531,529		1,006,478
Fuyao Glass Industry Group Co., Ltd. Class H (a) (e)		384,400		1,050,713
Goodbaby International Holdings, Ltd.		460,000		237,830
Greatview Aseptic Packaging Co., Ltd.		703,048		373,463
Greentown China Holdings, Ltd. (a) (b)		539,000		453,803
Guangdong Land Holdings, Ltd. (b)		942,000		219,834
Guorui Properties, Ltd. (a)		784,000		250,688
Harbin Electric Co., Ltd. Class H		826,000		396,176
Hilong Holding, Ltd.		1,086,000		161,025
Hisense Kelon Electrical Holdings Co., Ltd. Class H		187,000		172,631
HNA Holding Group Co., Ltd. (a) (b)		2,734,000		130,426
Hollysys Automation Technologies, Ltd. (b)		32,500		720,525
Honghua Group, Ltd. (b)		3,085,000		184,958
Huadian Energy Co., Ltd. Class B (b)		177,700		90,627
Huangshan Tourism Development Co., Ltd. Class B		342,661		511,936
Huayi Tencent Entertainment Co., Ltd. (a) (b)		2,100,000		131,319
Huiyin Smart Community Co., Ltd. (b)		76,210		8,352
JA Solar Holdings Co., Ltd. ADR (b)		45,098		271,039
Jiangnan Group, Ltd.		372,000		63,311
JinkoSolar Holding Co., Ltd. ADR (a) (b)		16,383		258,851
Jumei International Holding, Ltd. ADR (b)		32,875		192,319
Kama Co., Ltd. Class B (b)		87,700		105,854
Kandi Technologies Group, Inc. (a) (b)		31,136		170,937
Kangda International Environmental Co., Ltd. (a) (e)		1,310,200		288,867
Kingdee International Software Group Co., Ltd. (a) (b)		836,000		329,832
Launch Tech Co., Ltd. Class H (b)		56,000		65,127
Leyou Technologies Holdings, Ltd. (a) (b)		674,200		125,175
Li Ning Co., Ltd. (a) (b)		1,520,249		1,040,817
Lifetech Scientific Corp. (a) (b)		812,000		204,153
Lonking Holdings, Ltd.		1,661,000		241,999
Luoyang Glass Co., Ltd. Class H (a) (b)		340,000		260,394
Maoye International Holdings, Ltd. (a) (b)		1,143,000		113,475

See accompanying notes to financial statements.

432

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Nanjing Panda Electronics Co., Ltd. Class H .		86,000	$	89,815
Noah Holdings, Ltd. ADS (a) (b)		31,495		822,334
NQ Mobile, Inc. Class A, ADR (a) (b)		42,597		162,721
Orient Securities Co., Ltd. Class H (b) (e)		840,000		849,103
Ourgame International Holdings, Ltd. (b)		129,000		65,864
Ozner Water International Holding, Ltd. (a) (b) (e)		913,000		196,586
Pacific Online, Ltd.		635,100		161,314
Parkson Retail Group, Ltd. (a)		1,987,000		212,638
Peak Sport Products Co., Ltd.		841,000		272,167
Phoenix Healthcare Group Co., Ltd.		447,500		795,073
Poly Culture Group Corp., Ltd. Class H		114,700		295,773
Poly Property Group Co., Ltd. (a) (b)		1,448,000		492,876
PW Medtech Group, Ltd. (b)		1,739,000		524,663
Real Gold Mining, Ltd. (b) (d)		251,500		—
Renren, Inc. ADR (a) (b)		82,176		169,283
Shandong Airlines Co., Ltd. Class B		176,900		403,707
Shandong Molong Petroleum Machinery Co., Ltd. Class H (b)		195,600		85,746
Shandong Zhonglu Oceanic Fisheries Co., Ltd. Class B (b)		94,200		77,610
Shang Gong Group Co., Ltd. Class B (b)		101,000		108,474
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B (b)		128,000		102,400
Shanghai Diesel Engine Co., Ltd. Class B		300,360		262,815
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		333,000		326,304
Shanghai Greencourt Investment Group Co., Ltd. Class B (b)		382,600		231,473
Shanghai Haixin Group Co. Class B		522,408		448,226
Shanghai Highly Group Co., Ltd. Class B		116,400		96,496
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		742,000		228,648
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		94,600		151,644
Shanghai Jinjiang International Travel Co., Ltd. Class B		53,600		209,630
Shanghai Potevio Co., Ltd. Class B (b)		70,800		108,395
Shanghai Shibei Hi-Tech Co., Ltd. Class B		100,000		118,300
Shenguan Holdings Group, Ltd.		1,258,010		95,698
Shenwan Hongyuan HK, Ltd.		115,000		60,051
Shenzhen China Bicycle Co. Holdings, Ltd. Class B (b)		190,400		123,726
Shenzhen Chiwan Petroleum Class B (b)		20,500		81,805
Shenzhen SEG Co., Ltd. Class B		123,100		89,516
Shougang Concord International Enterprises Co., Ltd. (b)		6,580,000		224,821
Shougang Fushan Resources Group, Ltd.		2,142,000		483,306
Shunfeng International Clean Energy, Ltd. (b)		1,039,300		123,280
Sichuan Expressway Co., Ltd. Class H (a)		1,114,000		423,713
Silergy Corp.		24,000		354,501
Sinofert Holdings, Ltd. (a)		1,108,000		140,001
Sinosoft Technology Group, Ltd. (a)		497,200		239,755
Sinotrans Shipping, Ltd. (a) (b)		1,496,000		225,674
Sinotruk Hong Kong, Ltd.		386,500		205,809
Sinovac Biotech, Ltd. (b)		30,539		180,180
SITC International Holdings Co., Ltd.		936,000		557,549
Sohu.com, Inc. (b)		21,377		945,932
Springland International Holdings, Ltd.		928,000		151,956
Sun King Power Electronics Group		517,000		77,324
Tian Ge Interactive Holdings, Ltd. (a) (b) (e)		510,000		360,343
Tiangong International Co., Ltd.		1,184,000		131,285
Tianjin Capital Environmental Protection Group Co., Ltd. Class H		366,000		206,690
Tianjin Development Holdings, Ltd.		572,000		272,137
Tianjin Port Development Holdings, Ltd.		2,816,000		424,799
Tianjin Tianhai Investment Co., Ltd. Class B (b)		342,300		228,999
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		99,700		74,276
Tianneng Power International, Ltd. (a)		666,000		567,598
Trina Solar, Ltd. ADR (b)		39,450		403,968
Tuniu Corp. ADR (a) (b)		38,654		391,178
V1 Group, Ltd. (a)		1,564,999		80,712
Virscend Education Co., Ltd. (b) (e)		708,000		380,657
Weibo Corp. ADR (a) (b)		5,418		271,658
West China Cement, Ltd. (a) (b)		1,824,000		178,732
Wisdom Sports Group (a) (b)		855,000		302,052
Xiamen International Port Co., Ltd. Class H .		372,000		74,823
Xinhua Winshare Publishing and Media Co., Ltd. Class H (b)		355,000		362,966
Yestar International Holdings Co., Ltd. (a)		1,389,100		677,003
Yingde Gases Group Co., Ltd.		838,000		331,701
YuanShengTai Dairy Farm, Ltd. (b)		3,664,000		264,550
Yuexiu Transport Infrastructure, Ltd. (a)		812,549		556,300
YY, Inc. ADR (a) (b)		16,487		878,427
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		194,400		90,985
Zhonglu Co., Ltd. Class B		75,200		149,272
Zhongsheng Group Holdings, Ltd.		389,000		369,141
				49,246,902
COLOMBIA — 0.0% (f)
Avianca Holdings SA Preference Shares		175,475		144,401
CYPRUS — 0.1%
Globaltrans Investment PLC GDR		77,262		363,131
CZECH REPUBLIC — 0.4%
Moneta Money Bank A/S (b) (e)		184,937		589,148
Philip Morris CR A/S		1,316		678,655
				1,267,803

See accompanying notes to financial statements.

433

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
EGYPT — 1.0%
Arab Cotton Ginning (b)		377,585	$	115,232
Citadel Capital SAE (b)		494,355		46,764
Eastern Tobacco		19,818		462,735
Egypt Kuwait Holding Co. SAE		514,481		226,372
Egyptian Financial Group-Hermes Holding Co. (b)		381,702		536,019
ElSewedy Electric Co.		97,478		562,039
Ezz Steel (b)		361,734		289,633
Juhayna Food Industries		449,670		208,632
Orascom Telecom Media And Technology Holding SAE (b) (g)		2,857,391		173,761
Sidi Kerir Petrochemicals Co.		123,016		171,364
Six of October Development & Investment (b)		407,038		556,472
				3,349,023
GREECE — 1.8%
Aegean Airlines SA		42,818		290,638
Aegean Marine Petroleum Network, Inc.		16,298		162,980
Costamare, Inc.		26,037		237,978
Diana Shipping, Inc. (b)		96,579		253,037
Ellaktor SA (b)		76,329		107,223
Eurobank Ergasias SA (b)		789,313		450,611
FF Group (b)		19,846		492,895
Grivalia Properties REIC AE		29,591		222,804
Hellenic Exchanges — Athens Stock Exchange SA		61,120		281,615
JUMBO SA		58,907		734,817
Metka Industrial — Construction SA		18,176		151,358
Motor Oil Hellas Corinth Refineries SA		32,904		369,775
Mytilineos Holdings SA (b)		56,798		265,531
National Bank of Greece SA (b)		2,300,140		475,621
Public Power Corp. SA (b)		49,112		146,259
Star Bulk Carriers Corp. (b)		6,551		29,742
StealthGas, Inc. (b)		31,383		108,585
Titan Cement Co. SA		23,600		556,425
Tsakos Energy Navigation, Ltd.		77,708		374,553
				5,712,447
HONG KONG — 2.9%
Ajisen China Holdings, Ltd. (a)		480,000		219,702
Anxin-China Holdings, Ltd. (b) (d)		2,248,000		—
Asia Resources Holdings, Ltd. (b)		604,626		19,489
Beijing Enterprises Clean Energy Group, Ltd. (b)		6,648,400		187,727
Beijing Enterprises Medical & Health Group, Ltd. (b)		1,559,600		90,488
Carnival Group International Holdings, Ltd. (a) (b)		2,600,000		315,113
CGN Meiya Power Holdings Co., Ltd. (b) (e)		316,000		48,484
China All Access Holdings, Ltd. (a)		624,000		219,641
China Animation Characters Co., Ltd.		518,000		261,139
China Beidahuang Industry Group Holdings, Ltd. Class A (b)		1,474,400		86,495
China Chengtong Development Group, Ltd. (b)		1,256,000		116,597
China Finance Investment Holdings, Ltd. (b) .		586,232		13,454
China Financial International Investments, Ltd. (a) (b)		1,980,000		118,709
China High Precision Automation Group, Ltd. (b) (d)		1,226,000		—
China High Speed Transmission Equipment Group Co., Ltd.		728,000		735,889
China Lumena New Materials Corp. (a) (b) (d)		4,181,298		—
China Metal Recycling Holdings, Ltd. (a) (b) (d)		693,675		—
China Minsheng Drawin Technology Group, Ltd. (b)		1,180,000		47,925
China NT Pharma Group Co., Ltd. (a)		320,900		79,439
China Nuclear Energy Technology Corp., Ltd. (b)		354,000		62,074
China Oil & Gas Group, Ltd. (b)		3,548,000		260,750
China Overseas Property Holdings, Ltd.		536,232		110,621
China Precious Metal Resources Holdings Co., Ltd. (a) (b)		2,000,000		64,467
China Properties Investment Holdings, Ltd. (b)		3,497,575		76,662
China Public Procurement, Ltd. (b)		2,220,000		23,185
China Soft Power Technology Holdings, Ltd. (b)		1,568,000		41,444
Comba Telecom Systems Holdings, Ltd.		732,341		144,467
Concord New Energy Group, Ltd.		5,740,000		299,731
Dawnrays Pharmaceutical Holdings, Ltd.		452,000		295,469
Digital China Hol dings, Ltd. (a)		468,000		449,539
Golden Meditech Holdings, Ltd. (a)		548,000		69,949
Greater China Financial Holdings, Ltd. (b)		872,200		33,174
Hengdeli Holdings, Ltd. (b)		1,508,400		167,255
Hi Sun Technology China, Ltd. (b)		804,000		139,944
Hua Han Health Industry Holdings, Ltd. (a)		2,414,560		164,998
Huabao International Holdings, Ltd. (b)		788,000		302,766
Huajun Holdings, Ltd.		628,000		45,343
Ju Teng International Holdings, Ltd.		665,500		198,210
MIE Holdings Corp. (b)		1,404,754		139,462
National Agricultural Holdings, Ltd. (b)		368,000		65,478
Neo Telemedia, Ltd. (b)		3,368,000		175,870
NetDragon Websoft Holdings, Ltd.		177,000		615,031
NewOcean Energy Holdings, Ltd.		812,000		217,763
Pou Sheng International Holdings, Ltd.		805,000		265,706
Qianhai Health Holdings, Ltd. (b)		795,000		18,143
Real Nutriceutical Group, Ltd.		815,000		68,302
SSY Group, Ltd. (a)		1,375,562		471,766
Suncorp Technologies, Ltd. (b)		6,270,000		63,056
Tech Pro Technology Development, Ltd. (b)		5,015,100		115,097
Tibet Water Resources, Ltd. (a)		1,363,000		476,245
Tongfang Kontafarma Holdings, Ltd. (b)		289,863		22,050
United Laboratories International Holdings, Ltd. (b)		666,500		386,703
Universal Medical Financial & Technical Advisory Services Co., Ltd. (a) (e)		257,900		223,120

See accompanying notes to financial statements.

434

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Vision Values Holdings, Ltd. (b)		80,000	$	3,662
Wasion Group Holdings, Ltd. (a)		519,000		282,387
Zhidao International Holdings, Ltd. (b)		1,050,000		115,073
				9,235,253
HUNGARY — 0.1%
Magyar Telekom Telecommunications PLC		241,322		394,865
INDIA — 11.7%
Adani Enterprises, Ltd.		85,961		84,825
Aditya Birla Fashion and Retail, Ltd. (b)		137,528		284,744
AIA Engineering, Ltd.		27,156		525,928
Amtek Auto, Ltd. (b)		162,175		107,053
Apollo Tyres, Ltd.		281,227		929,046
Arvind, Ltd.		142,457		721,271
Bajaj Corp., Ltd.		18,371		106,672
Bajaj Hindusthan Sugar, Ltd. (b)		742,239		180,041
Balkrishna Industries, Ltd.		32,097		488,783
Balrampur Chini Mills, Ltd.		334,027		540,574
Bata India, Ltd.		85,203		627,441
Bharat Financial Inclusion, Ltd. (b)		95,841		1,267,684
Blue Dart Express, Ltd.		3,906		321,617
Ceat, Ltd.		4,264		84,947
CESC, Ltd.		91,634		840,575
Chennai Super Kings Cricket, Ltd. (b) (g)		418,560		14,145
Coromandel International, Ltd.		122,442		452,399
Credit Analysis & Research, Ltd.		10,770		220,204
Crompton Greaves Consumer Electricals, Ltd. (b)		80,888		187,034
Crompton Greaves, Ltd. (b)		431,199		486,054
Cyient, Ltd.		15,745		111,289
Dalmia Bharat, Ltd.		9,755		274,130
Dewan Housing Finance Corp., Ltd.		212,556		906,029
Dish TV India, Ltd. (b)		555,691		777,033
eClerx Services, Ltd.		12,305		277,888
Edelweiss Financial Services, Ltd.		247,099		422,161
Eros International Media, Ltd. (b)		996		3,052
Federal Bank, Ltd.		976,363		1,055,845
Force Motors, Ltd.		191		10,034
Fortis Healthcare, Ltd. (b)		183,893		461,252
Gateway Distriparks, Ltd.		150,500		568,952
GMR Infrastructure, Ltd. (b)		900,617		171,791
Godfrey Phillips India, Ltd.		4,619		89,258
Gujarat Pipavav Port, Ltd.		172,055		449,648
Hexaware Technologies, Ltd.		175,849		498,124
Housing Development & Infrastructure, Ltd. (b)		285,679		341,545
IFCI, Ltd.		790,059		312,084
India Cements, Ltd.		327,822		709,017
Indiabulls Real Estate, Ltd. (b)		363,803		503,521
Indian Hotels Co., Ltd.		491,856		963,692
Info Edge India, Ltd.		70,831		904,218
Ipca Laboratories, Ltd. (b)		54,448		490,261
IRB Infrastructure Developers, Ltd.		169,094		622,610
Jain Irrigation Systems, Ltd.		233,246		313,716
Jaiprakash Associates, Ltd. (b)		645,630		101,819
Jammu & Kashmir Bank, Ltd.		343,890		401,067
Jindal Steel & Power, Ltd. (b)		239,267		272,940
JSW Energy, Ltd.		199,118		218,468
Jubilant Foodworks, Ltd.		43,518		630,089
Jubilant Life Sciences, Ltd.		43,321		399,701
Just Dial, Ltd.		38,894		251,689
Jyothy Laboratories, Ltd.		30,252		156,622
Kajaria Ceramics, Ltd.		8,340		174,009
KPIT Technologies, Ltd.		191,745		357,398
Mahindra CIE Automotive, Ltd. (b)		72,848		209,966
MakeMyTrip, Ltd. (b)		30,947		730,349
Manappuram Finance, Ltd.		162,067		222,727
Marksans Pharma, Ltd.		443,936		350,721
McLeod Russel India, Ltd.		97,853		249,776
Mindtree, Ltd.		68,382		495,199
Monsanto India, Ltd.		2,144		76,982
Mphasis, Ltd.		75,472		589,051
Muthoot Finance, Ltd.		73,676		385,975
Natco Pharma, Ltd.		69,942		626,988
NCC, Ltd.		86,129		106,206
PC Jeweller, Ltd.		12,904		94,018
Persistent Systems, Ltd.		21,415		205,884
PI Industries, Ltd.		29,119		363,616
Prestige Estates Projects, Ltd.		48,835		140,975
PTC India, Ltd.		344,888		385,655
PVR, Ltd.		15,754		280,439
Rajesh Exports, Ltd.		123,073		844,394
Redington India, Ltd.		50,163		77,904
Reliance Communications, Ltd. (b)		866,847		603,460
Reliance Defence and Engineering, Ltd. (b)		276,344		234,299
Rolta India, Ltd. (b)		184,323		168,460
Sintex Industries, Ltd.		399,324		469,617
Strides Shasun, Ltd.		54,219		819,189
Sun Pharma Advanced Research Co., Ltd. (b)		97,365		461,233
Supreme Industries, Ltd.		15,657		213,361
Suzlon Energy, Ltd. (b)		1,083,150		241,586
Symphony, Ltd.		16,962		289,587
Tata Elxsi, Ltd.		7,233		151,249
Tata Global Beverages, Ltd.		388,994		815,614
Thermax, Ltd.		48,930		621,142
Torrent Power, Ltd.		89,314		241,864
Union Bank of India		62,005		127,912
Unitech, Ltd. (b)		1,476,076		130,803
Vakrangee, Ltd.		154,979		557,836
Videocon d2h, Ltd. ADR (b)		13,376		130,817
Videocon Industries, Ltd. (b)		110,285		172,517
Voltas, Ltd.		156,394		890,492
Welspun Corp., Ltd.		171,148		179,682
Welspun India, Ltd.		104,430		82,346
WNS Holdings, Ltd. ADR (a) (b)		23,820		713,409
				37,425,289
INDONESIA — 3.2%
Adhi Karya Persero Tbk PT		793,591		143,504
AKR Corporindo Tbk PT		1,355,300		669,810
Alam Sutera Realty Tbk PT (b)		12,959,700		458,768
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		4,427,600		546,198
Bank Tabungan Negara Persero Tbk PT		3,222,686		474,106
Blue Bird Tbk PT		508,000		114,826
Bumitama Agri, Ltd. (a)		241,200		128,256

See accompanying notes to financial statements.

435

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Ciputra Development Tbk PT		8,237,099	$	1,003,524
Eagle High Plantations Tbk PT (b)		2,008,500		29,086
Gajah Tunggal Tbk PT (b)		1,435,800		165,022
Garuda Indonesia Persero Tbk PT (b)		6,910,300		226,619
Global Mediacom Tbk PT		829,300		56,553
Indo Tambangraya Megah Tbk PT		106,500		88,947
Intiland Development Tbk PT		4,284,600		196,978
Japfa Comfeed Indonesia Tbk PT		4,008,300		532,863
Kawasan Industri Jababeka Tbk PT (b)		19,678,638		443,301
Link Net Tbk PT		1,250,800		417,860
Lippo Cikarang Tbk PT (b)		194,000		87,331
Lippo Karawaci Tbk PT		4,615,800		350,137
Matahari Putra Prima Tbk PT		1,925,400		261,126
Medco Energi Internasional Tbk PT (b)		1,260,000		147,713
Media Nusantara Citra Tbk PT		1,741,500		269,545
Mitra Adiperkasa Tbk PT (b)		697,900		245,984
MNC Investama Tbk PT (b)		9,098,300		101,085
MNC Sky Vision Tbk PT (b)		271,100		10,262
Modernland Realty Tbk PT (b)		4,310,300		121,538
Pembangunan Perumahan Persero Tbk PT		3,275,500		1,051,593
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		2,225,400		254,921
Siloam International Hospitals Tbk PT (b)		700,400		552,764
Surya Semesta Internusa Tbk PT		2,368,300		100,713
Tambang Batubara Bukit Asam Persero Tbk PT		201,600		148,678
Timah Persero Tbk PT		2,875,429		179,563
Wijaya Karya Persero Tbk PT		2,971,800		637,579
				10,216,753
MALAYSIA — 4.9%
Aeon Co. M Bhd		804,700		562,346
Berjaya Auto Bhd		487,260		268,638
Berjaya Corp. Bhd		3,167,400		256,578
Berjaya Sports Toto Bhd		925,758		740,965
Boustead Holdings Bhd		933,557		487,603
Bumi Armada Bhd (b)		427,600		72,378
Bursa Malaysia Bhd		428,873		914,680
Cahya Mata Sarawak Bhd		350,600		322,157
Carlsberg Brewery Malaysia Bhd Class B		72,400		257,352
Datasonic Group Bhd		576,800		216,187
Dialog Group Bhd		1,127,100		397,912
DRB-Hicom Bhd		987,300		346,170
Eastern & Oriental Bhd		1,027,852		417,553
Evergreen Fibreboard Bhd		224,250		51,243
Gas Malaysia Bhd		266,200		165,430
Hartalega Holdings Bhd		416,900		467,759
Heineken Malaysia Bhd		20,600		88,368
IGB Real Estate Investment Trust		427,600		169,572
Inari Amertron Bhd		564,193		452,937
KNM Group Bhd (b)		2,764,806		270,764
KPJ Healthcare Bhd		793,893		812,034
Magnum Bhd		1,121,400		612,831
Malaysian Resources Corp. Bhd		1,289,500		405,356
Media Prima Bhd		1,204,100		384,334
My EG Services Bhd		977,100		538,699
Nirvana Asia, Ltd. (e)		509,000		196,881
OSK Holdings Bhd		850,800		325,055
Padini Holdings Bhd		443,300		305,502
Pavilion Real Estate Investment Trust		612,500		262,151
Pos Malaysia Bhd		542,600		505,141
Press Metal Bhd		535,500		555,506
Silverlake Axis, Ltd.		658,800		318,903
Sunway Real Estate Investment Trust		2,042,400		854,395
Top Glove Corp. Bhd		684,200		843,772
UEM Sunrise Bhd		270,700		77,240
UMW Holdings Bhd		185,000		260,803
UOA Development Bhd		1,197,300		723,794
WCT Holdings Bhd		1,090,986		424,734
Yinson Holdings Bhd		409,300		318,691
				15,652,414
MEXICO — 2.1%
Asesor de Activos Prisma SAPI de CV (b)		278,520		171,831
Axtel SAB de CV (a) (b)		1,181,318		272,234
Banregio Grupo Financiero SAB de CV (a)		153,763		882,130
Bolsa Mexicana de Valores SAB de CV (a)		411,809		657,286
Concentradora Fibra Hotelera Mexicana SA de CV		244,558		163,388
Consorcio ARA SAB de CV Series (a)		1,318,731		466,753
Controladora Vuela Cia de Aviacion SAB de CV Class A (b)		549,010		957,686
Corp. Inmobiliaria Vesta SAB de CV (a)		158,673		219,314
Credito Real SAB de CV SOFOM ER		148,980		256,723
Genomma Lab Internacional SAB de CV Class B (b)		356,805		373,886
Grupo Aeromexico SAB de CV (a) (b)		73,861		135,597
Grupo GICSA SA de CV (a) (b)		242,456		157,349
Hoteles City Express SAB de CV (a) (b)		96,579		91,022
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (b)		445,254		545,941
Megacable Holdings SAB de CV		118,366		454,541
PLA Administradora Industrial S de RL de CV (b)		263,981		437,843
Prologis Property Mexico SA de CV REIT		97,239		159,574
Qualitas Controladora SAB de CV		104,753		158,644
TV Azteca SAB de CV (a)		1,012,798		162,751
Urbi Desarrollos Urbanos SAB de CV (a) (b) (d)		679,159		—
Vitro SAB de CV Series A		21,988		70,065
				6,794,558
MONACO — 0.0% (f)
Navios Maritime Holdings, Inc. (a)		67,978		82,253
PERU — 0.6%
Alicorp SAA		318,538		685,521
Ferreycorp SAA		1,429,540		692,525
Grana y Montero SAA		222,203		362,727
Luz del Sur SAA		2,218		7,456
Minsur SA (b)		2,790		1,065
Volcan Cia Minera SAA Class B		459,294		83,606
				1,832,900

See accompanying notes to financial statements.

436

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
PHILIPPINES — 1.4%
Belle Corp.		1,981,400	$	121,756
Cebu Air, Inc.		358,140		834,515
CEMEX Holdings Philippines, Inc. (b) (e)		2,963,700		733,362
Cosco Capital, Inc.		4,085,800		698,449
D&L Industries, Inc.		2,198,600		516,838
First Gen Corp.		686,200		354,455
First Philippine Holdings Corp.		227,650		341,980
Manila Water Co., Inc.		751,100		453,804
Philex Mining Corp.		838,300		150,045
Rizal Commercial Banking Corp.		279,380		206,820
SM Prime Holdings, Inc. (d)		1		1
				4,412,025
POLAND — 3.2%
Alior Bank SA (b)		72,256		876,168
Alumetal SA		8,969		155,836
AmRest Holdings SE (b)		4,855		304,440
Asseco Poland SA		75,386		1,097,301
Bank Millennium SA (b)		314,467		460,935
Boryszew SA (b)		62,627		113,887
CCC SA		10,565		488,590
CD Projekt SA (b)		41,591		433,150
Ciech SA		38,296		661,989
Emperia Holding SA (b)		20,084		372,205
Eurocash SA		62,277		691,542
Fabryki Mebli Forte SA		6,635		130,018
Getin Noble Bank SA (b) (g)		313,489		37,677
Globe Trade Centre SA (b)		271,119		584,407
Grupa Azoty SA		13,998		225,367
Grupa Kety SA		2,910		298,577
Grupa Lotos SA (b)		77,903		579,080
Inter Cars SA		2,833		212,622
Jastrzebska Spolka Weglowa SA (b)		41,102		566,913
KRUK SA		9,387		583,721
Lubelski Wegiel Bogdanka SA (b)		7,603		112,952
Netia SA		371,131		473,204
Orange Polska SA		389,589		610,745
PKP Cargo SA (b)		10,386		103,118
Synthos SA (b)		138,157		157,023
				10,331,467
QATAR — 0.7%
Al Meera Consumer Goods Co. QSC		10,493		590,627
Gulf Warehousing Co.		6,906		104,292
Mannai Corp. QSC		11,557		260,524
Medicare Group		9,247		226,986
Qatar First Bank (b)		122,270		363,923
Qatari Investors Group QSC		23,005		320,251
Salam International Investment, Ltd. QSC		77,050		235,677
				2,102,280
RUSSIA — 0.9%
Aeroflot-Russian Airlines PJSC (b)		432,986		807,693
DIXY Group PJSC (b)		21,926		119,996
Etalon Group, Ltd. GDR		42,932		118,063
Exillon Energy PLC (b)		56,310		94,359
LSR Group PJSC GDR		136,839		387,939
Mechel PJSC ADR (a) (b)		77,066		220,409
QIWI PLC ADR (a)		27,064		396,217
Ros Agro PLC GDR		9,597		127,640
TCS Group Holding PLC GDR		84,343		615,704
TMK PJSC GDR		41,292		157,735
				3,045,755
SINGAPORE — 0.4%
Asian Pay Television Trust		573,800		214,631
SIIC Environment Holdings, Ltd. (b)		812,760		369,585
Yanlord Land Group, Ltd.		623,300		640,009
				1,224,225
SOUTH AFRICA — 5.4%
Adcock Ingram Holdings, Ltd. (a)		140,826		472,108
AECI, Ltd.		65,241		492,466
African Bank Investments, Ltd. (b) (d)		1,222,985		—
African Rainbow Minerals, Ltd.		32,660		195,633
Alexander Forbes Group Holdings, Ltd.		348,623		163,521
ArcelorMittal South Africa, Ltd. (b)		197,828		128,037
Arrowhead Properties, Ltd. Class A		535,017		336,544
Assore, Ltd.		19,438		209,883
Attacq, Ltd. (b)		167,419		209,894
Aveng, Ltd. (b)		281,118		140,853
Balwin Properties, Ltd. (b)		58,633		33,258
Barloworld, Ltd.		73,532		445,269
Coronation Fund Managers, Ltd. (a)		109,448		559,049
Curro Holdings, Ltd. (b)		137,886		443,201
DataTec, Ltd.		212,096		748,052
Emira Property Fund, Ltd.		236,288		251,731
EOH Holdings, Ltd.		55,765		679,906
Famous Brands, Ltd.		27,761		333,102
Grindrod, Ltd. (a)		463,453		388,254
Harmony Gold Mining Co., Ltd.		179,837		634,277
Hosken Consolidated Investments, Ltd.		86,371		796,991
Investec, Ltd.		75,347		462,287
JSE, Ltd.		92,495		1,076,208
KAP Industrial Holdings, Ltd.		110,128		59,904
Lewis Group, Ltd. (a)		138,490		412,612
Montauk Holdings, Ltd. (b)		1		1
Mpact, Ltd.		159,630		385,515
Murray & Roberts Holdings, Ltd.		254,506		205,992
Nampak, Ltd.		259,198		366,426
Net 1 UEPS Technologies, Inc. (b)		35,000		299,600
Northam Platinum, Ltd. (b)		296,712		1,119,635
Omnia Holdings, Ltd.		26,207		322,117
PPC, Ltd. (a)		391,171		152,756
Reunert, Ltd.		175,284		778,828
SA Corporate Real Estate Fund Nominees Pty, Ltd.		2,548,127		1,009,893
Santam, Ltd.		18,367		299,188
Sun International, Ltd.		81,309		512,052
Super Group, Ltd. (b)		292,305		902,768
Tongaat Hulett, Ltd.		58,532		502,478
Trencor, Ltd.		37,838		92,729
Wilson Bayly Holmes-Ovcon, Ltd.		62,430		699,607
				17,322,625
TAIWAN — 27.8%
A-DATA Technology Co., Ltd.		195,652		311,465
Ability Enterprise Co., Ltd.		274,141		142,556
AcBel Polytech, Inc.		254,000		193,667

See accompanying notes to financial statements.

437

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Accton Technology Corp.		487,341	$	758,713
Acer, Inc. (b)		1,380,000		640,570
Adlink Technology, Inc.		98,625		200,425
Advanced Ceramic X Corp.		36,642		256,005
AGV Products Corp. (b)		1,183,414		296,745
Airtac International Group		80,200		713,844
Alpha Networks, Inc.		360,513		222,550
Altek Corp.		171,516		126,946
AmTRAN Technology Co., Ltd.		625,717		481,083
Arcadyan Technology Corp.		207,172		427,622
Asia Optical Co., Inc. (b)		172,540		167,336
Asia Polymer Corp.		414,494		236,699
Aten International Co., Ltd.		152,000		387,450
Basso Industry Corp.		136,800		434,244
BES Engineering Corp.		1,817,356		318,300
Capital Securities Corp.		1,727,730		449,770
Career Technology MFG. Co., Ltd.		200,726		131,595
Casetek Holdings, Ltd.		93,000		338,230
Cathay Real Estate Development Co., Ltd. (b)		1,301,904		610,550
Center Laboratories, Inc. (b)		143,389		312,436
Chailease Holding Co., Ltd.		242,000		429,255
Chang Wah Electromaterials, Inc.		73,419		340,797
Charoen Pokphand Enterprise		498,675		600,564
Cheng Loong Corp.		686,128		249,537
Cheng Uei Precision Industry Co., Ltd.		240,915		300,130
Chicony Electronics Co., Ltd.		214,000		541,392
Chin-Poon Industrial Co., Ltd.		149,000		331,792
China Airlines, Ltd.		425,000		126,773
China Bills Finance Corp.		650,394		260,402
China Chemical & Pharmaceutical Co., Ltd.		452,000		261,722
China Man-Made Fiber Corp.		1,154,899		269,331
China Motor Corp.		621,000		470,522
China Petrochemical Development Corp. (a) (b)		1,131,575		276,888
China Steel Chemical Corp.		133,000		439,154
China Synthetic Rubber Corp.		486,832		395,268
Chipbond Technology Corp.		305,000		446,619
ChipMOS TECHNOLOGIES Bermuda, Ltd.		28,997		574,141
Chlitina Holding, Ltd.		33,678		168,683
Chong Hong Construction Co., Ltd.		203,275		343,704
Chroma ATE, Inc.		231,680		623,076
Chung Hung Steel Corp. (b)		740,239		161,294
Clevo Co.		376,265		352,311
CMC Magnetics Corp. (b)		990,788		124,222
Coretronic Corp.		217,652		236,431
CTCI Corp.		528,000		773,164
CyberTAN Technology, Inc.		403,210		261,770
D-Link Corp. (a) (b)		787,054		282,476
Darwin Precisions Corp.		583,576		241,097
Dynapack International Technology Corp.		76,000		101,954
E Ink Holdings, Inc.		564,000		433,632
Elan Microelectronics Corp.		422,899		497,163
Elite Material Co., Ltd.		244,782		667,683
Elite Semiconductor Memory Technology, Inc. (a)		241,674		273,705
eMemory Technology, Inc.		39,000		416,806
Epistar Corp. (b)		492,572		372,428
Eternal Materials Co., Ltd.		671,866		723,405
Everlight Chemical Industrial Corp. (a)		444,304		292,702
Everlight Electronics Co., Ltd.		309,503		495,671
Excelsior Medical Co., Ltd.		159,403		237,486
Far Eastern Department Stores, Ltd.		597,490		322,138
Far Eastern International Bank		1,956,575		559,280
Faraday Technology Corp.		204,385		209,631
Farglory Land Development Co., Ltd.		184,464		219,211
Feng Hsin Steel Co., Ltd.		304,270		396,530
Firich Enterprises Co., Ltd.		120,342		289,860
FLEXium Interconnect, Inc.		169,329		504,008
Formosa Taffeta Co., Ltd.		762,000		721,998
Formosan Rubber Group, Inc.		316,011		152,735
FSP Technology, Inc.		239,490		186,806
Gemtek Technology Corp.		343,234		207,503
GeoVision, Inc.		97,720		153,538
Gigabyte Technology Co., Ltd.		266,000		353,020
Gigastorage Corp. (b)		315,114		230,212
Ginko International Co., Ltd.		39,000		386,945
Gintech Energy Corp. (a) (b)		345,172		236,755
Global Unichip Corp.		85,669		206,892
Gloria Material Technology Corp.		441,909		249,535
Goldsun Building Materials Co., Ltd.		1,443,041		351,259
Grand Pacific Petrochemical		791,000		398,711
Grape King Bio, Ltd.		100,000		829,465
Great Wall Enterprise Co., Ltd.		685,867		592,972
HannStar Display Corp. (a) (b)		1,545,599		346,639
HannsTouch Solution, Inc. (b)		512,511		128,187
Hey Song Corp.		198,770		204,506
Highwealth Construction Corp.		574,730		889,263
Himax Technologies, Inc. ADR (a)		59,500		511,105
Hiwin Technologies Corp.		81,000		422,501
Ho Tung Chemical Corp. (b)		1,205,596		281,154
Hota Industrial Manufacturing Co., Ltd.		86,000		418,401
Huaku Development Co., Ltd.		247,260		428,330
Huang Hsiang Construction Corp.		243,484		307,603
Ibase Technology, Inc.		272,544		643,418
Ichia Technologies, Inc. (b)		163,000		72,282
Iron Force Industrial Co., Ltd.		38,000		284,889
ITE Technology, Inc.		201,887		199,662
Jess-Link Products Co., Ltd.		203,974		179,601
Jih Sun Financial Holdings Co., Ltd.		1,467,422		306,635
KEE TAI Properties Co., Ltd.		786,076		269,586
Kenda Rubber Industrial Co., Ltd.		490,247		781,223
Kerry TJ Logistics Co., Ltd.		156,000		209,772
King Slide Works Co., Ltd.		40,000		517,459
King Yuan Electronics Co., Ltd.		936,656		832,205
King’s Town Bank Co., Ltd.		1,023,000		863,229
Kinpo Electronics		948,371		367,603
Kinsus Interconnect Technology Corp.		148,030		345,217
Kuoyang Construction Co., Ltd.		717,527		311,316
Land Mark Optoelectronics Corp.		20,000		220,765
LCY Chemical Corp.		389,862		478,225
Lingsen Precision Industries, Ltd. (b)		632,694		245,242
Long Bon International Co., Ltd. (b)		332,000		188,001
Longwell Co.		246,000		233,478
Lumax International Corp., Ltd.		162,358		248,881
Lung Yen Life Service Corp.		150,000		260,324

See accompanying notes to financial statements.

438

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Macronix International (b)		2,370,170	$	316,824
Makalot Industrial Co., Ltd. (a)		120,070		574,580
Masterlink Securities Corp.		1,227,329		326,552
Medigen Biotechnology Corp. (b)		67,000		149,623
Mercuries & Associates Holding, Ltd.		427,176		258,932
Merida Industry Co., Ltd.		99,000		467,436
Merry Electronics Co., Ltd.		89,000		349,237
Micro-Star International Co., Ltd.		448,000		1,164,824
Microbio Co., Ltd. (b)		416,723		315,745
MIN AIK Technology Co., Ltd.		116,000		145,252
Mirle Automation Corp.		231,854		328,045
Mitac Holdings Corp.		585,412		603,238
Motech Industries, Inc. (a) (b)		231,885		234,507
Nan Kang Rubber Tire Co., Ltd.		625,204		606,345
Nantex Industry Co., Ltd.		419,766		301,311
Neo Solar Power Corp. (a) (b)		452,758		234,717
Oriental Union Chemical Corp. (b)		561,500		351,995
Pan-International Industrial Corp.		440,539		411,088
Parade Technologies, Ltd.		36,000		366,943
PChome Online, Inc.		45,010		529,859
PharmaEngine, Inc.		42,000		320,907
Phison Electronics Corp.		76,837		583,408
Phytohealth Corp. (b)		196,511		201,868
Pixart Imaging, Inc.		83,060		184,958
Portwell, Inc.		129,000		184,165
Powertech Technology, Inc.		452,000		1,172,341
Poya International Co., Ltd.		30,000		445,997
President Securities Corp.		1,074,360		394,160
Primax Electronics, Ltd.		269,000		394,333
Prince Housing & Development Corp.		1,430,996		467,937
Promate Electronic Co., Ltd.		253,000		258,686
Qisda Corp.		1,142,641		484,826
Radiant Opto-Electronics Corp.		252,331		409,745
Radium Life Tech Co., Ltd. (b)		737,810		234,674
Realtek Semiconductor Corp.		293,053		962,960
Ritek Corp. (b)		1,350,045		274,355
Ruentex Development Co., Ltd. (b)		456,000		554,989
Sampo Corp.		719,527		404,003
Sanyang Motor Co., Ltd.		445,945		295,917
ScinoPharm Taiwan, Ltd.		197,135		271,060
Senao International Co., Ltd.		126,911		212,561
Sercomm Corp.		195,000		464,086
Shinkong Insurance Co., Ltd.		285,841		219,313
Shinkong Synthetic Fibers Corp.		1,733,796		470,156
Sigurd Microelectronics Corp.		517,694		387,294
Silicon Integrated Systems Corp. (b)		813,000		165,736
Silicon Motion Technology Corp. ADR		21,526		1,114,832
Simplo Technology Co., Ltd.		154,129		506,461
Sinbon Electronics Co., Ltd.		294,444		677,271
Sinmag Equipment Corp.		52,726		238,857
Sino-American Silicon Products, Inc.		344,058		360,023
Sinon Corp.		675,662		333,030
Sinphar Pharmaceutical Co., Ltd.		299,879		251,609
Sinyi Realty, Inc.		511,940		464,650
Soft-World International Corp.		82,848		175,499
Solar Applied Materials Technology Co. (b) (g)		336,090		93,818
Solartech Energy Corp.		351,207		173,108
St Shine Optical Co., Ltd.		37,000		860,506
Standard Foods Corp.		40,985		104,994
Synnex Technology International Corp.		625,000		691,886
Systex Corp.		233,000		392,477
Taichung Commercial Bank Co., Ltd.		2,087,526		592,716
Taiflex Scientific Co., Ltd.		253,699		261,829
Tainan Enterprises Co., Ltd.		272,000		264,229
Tainan Spinning Co., Ltd.		1,298,105		513,519
Taisun Enterprise Co., Ltd. (b)		630,549		322,863
Taiwan Acceptance Corp.		180,000		409,437
Taiwan Business Bank		3,706,134		942,333
Taiwan Cogeneration Corp.		448,469		331,929
Taiwan Fertilizer Co., Ltd.		209,000		280,040
Taiwan Hon Chuan Enterprise Co., Ltd.		324,218		505,273
Taiwan Land Development Corp.		492,781		161,926
Taiwan Secom Co., Ltd.		272,961		793,312
Taiwan Surface Mounting Technology Corp.		313,308		263,376
Taiyen Biotech Co., Ltd.		305,979		291,869
Tatung Co., Ltd. (b)		2,211,691		547,534
Teco Electric and Machinery Co., Ltd.		335,000		288,558
Test Rite International Co., Ltd.		406,896		249,884
Thye Ming Industrial Co., Ltd.		231,218		233,095
Ton Yi Industrial Corp.		343,000		152,649
Tong Hsing Electronic Industries, Ltd.		78,327		296,111
Tong Yang Industry Co., Ltd.		350,872		832,811
Topco Scientific Co., Ltd.		225,384		610,458
Transcend Information, Inc.		166,484		485,980
Tripod Technology Corp.		378,353		841,307
TSRC Corp.		451,028		415,840
TTY Biopharm Co., Ltd.		189,436		779,609
Tung Ho Steel Enterprise Corp.		537,258		318,802
Tung Thih Electronic Co., Ltd.		49,893		698,761
TXC Corp.		370,120		509,505
U-Ming Marine Transport Corp. (a)		339,000		242,255
Unimicron Technology Corp.		733,000		309,845
Unity Opto Technology Co., Ltd.		252,307		127,983
Unizyx Holding Corp. (b)		428,694		207,198
UPC Technology Corp.		698,914		233,005
USI Corp.		811,318		364,951
Visual Photonics Epitaxy Co., Ltd.		223,162		314,323
Wafer Works Corp. (b)		376,872		104,000
Walsin Lihwa Corp. (b)		2,366,000		785,006
Wan Hai Lines, Ltd.		852,320		432,339
Waterland Financial Holdings Co., Ltd.		1,753,759		449,273
Wei Chuan Foods Corp. (b)		231,899		131,687
Weikeng Industrial Co., Ltd.		28,157		15,361
Winbond Electronics Corp.		2,016,730		649,821
Wistron Corp.		1,118,000		831,041
Wistron NeWeb Corp.		163,188		514,884
WPG Holdings, Ltd.		231,000		273,408
WUS Printed Circuit Co., Ltd.		341,000		212,680
Yageo Corp.		350,310		727,542
Yang Ming Marine Transport Corp. (b)		1,210,788		274,253
YFY, Inc.		1,578,941		463,928
Yieh Phui Enterprise Co., Ltd. (b)		922,924		313,574
Yungtay Engineering Co., Ltd.		317,000		471,270
Zenitron Corp.		275,348		148,894
Zinwell Corp.		264,674		286,244
				89,286,486

See accompanying notes to financial statements.

439

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
THAILAND — 5.4%
Bangkok Land PCL NVDR		10,480,500	$	483,948
Banpu PCL		735,800		333,393
Beauty Community PCL		1,680,700		460,798
BEC World PCL NVDR		742,400		471,365
Carabao Group PCL Class F (g)		400,200		744,961
Central Plaza Hotel PCL NVDR		321,800		362,199
Chularat Hospital PCL NVDR		2,321,100		175,506
Dynasty Ceramic PCL NVDR		2,426,420		305,316
Esso Thailand PCL NVDR (b)		696,500		118,596
GFPT PCL (e) (g)		210,000		89,091
Group Lease PCL NVDR		430,379		434,726
Gunkul Engineering PCL NVDR		445,960		59,976
Hana Microelectronics PCL		825,057		756,005
Ichitan Group PCL NVDR (a)		1,048,000		314,551
Inter Far East Energy Corp. NVDR		259,400		35,036
International Engineering PCL (b) (g)		63,855,934		36,858
Jasmine International PCL NVDR		4,040,800		839,647
KCE Electronics PCL NVDR		344,600		1,054,188
Kiatnakin Bank PCL NVDR		353,000		539,942
LPN Development PCL NVDR (a)		626,600		206,154
Major Cineplex Group PCL NVDR		741,200		657,775
MK Restaurants Group PCL NVDR		489,200		734,153
Precious Shipping PCL (a) (b) (g)		425,500		73,680
Pruksa Real Estate PCL NVDR		1,380,900		956,467
PTG Energy PCL NVDR		550,500		413,074
Siam Global House PCL NVDR		670,674		280,657
Sino-Thai Engineering & Construction PCL NVDR (a)		595,000		405,252
Sri Trang Agro-Industry PCL NVDR		348,700		117,743
Srisawad Power 1979 PCL NVDR		535,897		556,776
Star Petroleum Refining PCL		824,800		257,080
Supalai PCL NVDR		350,400		245,735
Superblock PCL NVDR (a) (b)		3,388,300		139,835
Thai Airways International PCL NVDR (b)		616,700		420,032
Thai Vegetable Oil PCL NVDR		324,700		285,811
Thaicom PCL NVDR		484,500		289,442
Thanachart Capital PCL (g)		909,251		1,062,761
Thoresen Thai Agencies PCL (a) (g)		2,518,706		657,844
Tipco Asphalt PCL NVDR (a)		667,100		367,723
Tisco Financial Group PCL (g)		224,003		339,398
TPI Polene PCL (g)		750,700		52,430
TTW PCL (g)		1,187,600		370,161
VGI Global Media PCL NVDR		2,761,312		442,288
WHA Corp. PCL NVDR (b)		3,994,630		359,690
				17,308,063
TURKEY — 1.3%
Afyon Cimento Sanayi TAS (b)		45,578		95,691
Albaraka Turk Katilim Bankasi A/S		1,178,471		475,206
Aygaz A/S		87,589		313,495
Dogan Sirketler Grubu Holding A/S (b)		717,065		191,173
Ihlas Holding A/S (b)		3		—
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a)		1,046,504		442,917
Koza Altin Isletmeleri A/S (b)		60,942		343,836
Migros Ticaret A/S (b)		22,419		136,574
NET Holding A/S (b)		201,075		209,069
Pegasus Hava Tasimaciligi A/S (a) (b)		29,509		117,713
Sekerbank TAS (b)		789,656		305,262
Sinpas Gayrimenkul Yatirim Ortakligi A/S (b)		3		1
TAV Havalimanlari Holding A/S		125,455		517,172
Tekfen Holding A/S		106,019		272,759
Torunlar Gayrimenkul Yatirim Ortakligi A/S		144,222		232,624
Turkiye Sinai Kalkinma Bankasi A/S		851,970		377,619
Yazicilar Holding A/S Class A		19,105		82,833
				4,113,944
UNITED ARAB EMIRATES — 0.9%
Air Arabia PJSC		1,482,179		548,806
Ajman Bank PJSC (b)		260,820		106,515
Al Waha Capital PJSC		897,107		471,390
Arabtec Holding PJSC (b)		1,000,000		400,218
Dana Gas PJSC (b)		2,426,980		356,812
Eshraq Properties Co. PJSC (b)		1,373,776		310,437
National Central Cooling Co. PJSC		539,331		259,901
RAK Properties PJSC		2,207,525		360,608
Ras Al Khaimah Ceramics		143,013		112,915
				2,927,602
UNITED KINGDOM — 0.0% (f)
Pan African Resources PLC		449,627		122,614
UNITED STATES — 0.4%
GasLog, Ltd. (a)		37,825		550,354
Luxoft Holding, Inc. (b)		11,263		595,249
				1,145,603
TOTAL COMMON STOCKS (Cost $405,607,688)				317,526,469
RIGHTS — 0.0% (f)
BRAZIL — 0.0% (f)
Aliansce Shopping Centers SA (expiring 10/13/16) (b)		19,583		2,592
Helbor Empreendimentos SA (expiring 10/25/16) (b)		42,614		4,460
				7,052
SOUTH AFRICA — 0.0% (f)
PPC, Ltd. (expiring 11/15/16) (b) (g)		453,143		45,145
TOTAL RIGHTS (Cost $437,486)				52,197
WARRANTS — 0.0% (f)
THAILAND — 0.0% (f)
International Engineering PCL (expiring 5/22/19) (b) (g) (Cost $0)		13,635,806		3,935
SHORT-TERM INVESTMENTS — 4.7%
UNITED STATES — 4.7%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (h) (i)		1,009,858		1,009,858

See accompanying notes to financial statements.

440

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
State Street Navigator Securities Lending Prime Portfolio (i) (j)		14,070,192	$	14,070,192
				15,080,050
TOTAL SHORT-TERM INVESTMENTS (Cost $15,080,050)				15,080,050
TOTAL INVESTMENTS — 103.8% (Cost $421,125,224)				332,662,651
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%				(12,106,522	)
NET ASSETS — 100.0%			$	320,556,129

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $425,783, representing 0.1% of the Fund’s net assets.

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

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

(g) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $3,912,423, representing 1.4% of net assets.

(h) The rate shown is the annualized seven-day yield at September 30, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	187,056	$	—	$	—		$	187,056
Brazil		16,919,742		—		—			16,919,742
Chile		5,358,990		—		—			5,358,990
China		48,704,361		116,758		425,783			49,246,902
Colombia		144,401		—		—			144,401
Cyprus		363,131		—		—			363,131
Czech Republic		1,267,803		—		—			1,267,803
Egypt		3,175,262		173,761		—			3,349,023
Greece		5,712,447		—		—			5,712,447
Hong Kong		9,235,253		—		0	(a)		9,235,253
Hungary		394,865		—		—			394,865
India		37,411,144		14,145		—			37,425,289
Indonesia		10,216,753		—		—			10,216,753
Malaysia		15,652,414		—		—			15,652,414
Mexico		6,794,558		—		0	(a)		6,794,558
Monaco		82,253		—		—			82,253
Peru		1,832,900		—		—			1,832,900
Philippines		4,412,025		—		—			4,412,025
Poland		10,293,790		37,677		—			10,331,467
Qatar		2,102,280		—		—			2,102,280
Russia		3,045,755		—		—			3,045,755
Singapore		1,224,225		—		—			1,224,225
South Africa		17,322,625		0		0	(a)		17,322,625

See accompanying notes to financial statements.

441

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Taiwan	$	89,192,668	$	93,818	$	—	$	89,286,486
Thailand		13,880,879		3,427,184		—		17,308,063
Turkey		4,113,944		—		—		4,113,944
United Arab Emirates		2,927,602		—		—		2,927,602
United Kingdom		122,614		—		—		122,614
United States		1,145,603		—		—		1,145,603
Rights
Brazil		7,052		—		—		7,052
South Africa		—		45,145		—		45,145
Warrants
Thailand		—		3,935		—		3,935
Short-Term Investments		15,080,050		—		—		15,080,050
TOTAL INVESTMENTS	$	328,324,445	$	3,912,423	$	425,783	$	332,662,651

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		40,674,661		39,664,803		1,009,858	$	1,009,858	$	2,671	$	—
State Street Navigator Securities Lending Prime Portfolio		31,737,344		31,737,344		57,380,470		75,047,622		14,070,192		14,070,192		733,864		—
TOTAL			$	31,737,344							$	15,080,050	$	736,535	$	—

See accompanying notes to financial statements.

442

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 5.8%
Astro Japan Property Group (a)		124,150	$	672,641
BGP Holdings PLC (b) (c)		1,313,937		—
BWP Trust		1,145,497		2,813,860
Charter Hall Retail REIT		770,713		2,494,805
Dexus Property Group REIT		2,266,188		15,867,939
Gateway Lifestyle		712,770		1,167,258
Goodman Group REIT		3,718,662		20,716,748
GPT Group REIT		4,236,146		16,403,062
Investa Office Fund REIT		1,473,459		5,152,972
Scentre Group REIT		12,566,462		45,197,497
Westfield Corp.		4,511,862		33,594,807
				144,081,589
AUSTRIA — 0.5%
BUWOG AG (b)		166,640		4,511,335
CA Immobilien Anlagen AG		175,839		3,353,406
IMMOFINANZ AG		2,094,278		4,918,919
				12,783,660
BELGIUM — 0.4%
Befimmo SA		53,795		3,250,656
Cofinimmo SA REIT		48,245		6,001,903
				9,252,559
BRAZIL — 0.2%
BR Malls Participacoes SA (b)		1,231,423		4,662,112
CANADA — 1.5%
Artis Real Estate Investment Trust		176,412		1,665,796
Boardwalk Real Estate Investment Trust		54,244		2,135,915
Canadian Apartment Properties		152,517		3,553,411
Canadian Real Estate Investment Trust		84,570		3,028,240
Crombie Real Estate Investment Trust		104,539		1,138,256
Dream Office Real Estate Investment Trust .		124,652		1,604,803
First Capital Realty, Inc.		326,323		5,457,546
H&R Real Estate Investment Trust		328,863		5,612,629
RioCan Real Estate Investment Trust		378,361		7,836,398
Smart Real Estate Investment Trust REIT		152,004		4,088,523
				36,121,517
FRANCE — 4.6%
Fonciere Des Regions		116,067		10,820,979
Gecina SA REIT		95,140		14,984,605
Klepierre REIT		489,413		22,440,097
Mercialys SA (a)		129,710		3,120,895
Unibail-Rodamco SE		234,814		63,332,157
				114,698,733
HONG KONG — 3.2%
Champion REIT		5,058,462		3,065,359
Hang Lung Properties, Ltd.		4,883,018		10,979,936
Hongkong Land Holdings, Ltd.		2,776,300		19,711,730
Hysan Development Co., Ltd.		1,473,731		6,906,971
Link REIT		5,297,182		38,930,031
Prosperity REIT		2,864,000		1,266,579
				80,860,606
ITALY — 0.1%
Beni Stabili SpA SIIQ (b)		2,489,617		1,485,649
Immobiliare Grande Distribuzione SIIQ SpA		800,845		603,443
				2,089,092
JAPAN — 9.5%
Activia Properties, Inc.		1,417		7,514,235
Aeon Mall Co., Ltd.		274,600		4,306,175
AEON REIT Investment Corp. (a)		2,577		3,354,057
Daibiru Corp.		141,800		1,285,463
Daiwa Office Investment Corp.		787		4,826,218
Frontier Real Estate Investment Corp.		1,099		5,480,620
Fukuoka Corp. REIT (a)		1,762		3,300,759
Global One Real Estate Investment Corp.		436		1,664,089
Hankyu REIT, Inc.		1,435		1,945,643
Heiwa Real Estate Co., Ltd.		83,400		1,193,370
Hoshino Resorts REIT, Inc.		197		2,474,537
Hulic Co., Ltd.		1,141,400		11,553,202
Hulic, Inc. REIT		2,066		3,684,586
Ichigo Hotel Real Estate Investment Corp.		596		803,966
Japan Excellent, Inc.		2,986		4,302,152
Japan Prime Realty Investment Corp.		2,060		9,296,598
Japan Real Estate Investment Corp.		2,935		17,534,933
Japan Rental Housing Investments, Inc.		3,961		3,320,880
Japan Retail Fund Investment Corp. REIT .		6,023		14,875,350
Kenedix Office Investment Corp. REIT		957		5,887,631
Kenedix Residential Investment Corp. (a)		828		2,355,669
Kenedix Retail REIT Corp. (a)		947		2,246,279
Leopalace21 Corp.		627,500		4,114,551
MCUBS MidCity Investment Corp. (a)		589		1,823,448
Mitsui Fudosan Co., Ltd.		2,341,000		49,367,555
Mori Hills Investment Corp. REIT		3,372		5,048,094
Mori Trust Sogo REIT, Inc.		2,276		3,989,434
Nippon Building Fund, Inc.		3,334		21,103,975
NTT Urban Development Corp.		258,400		2,482,824
Orix JREIT, Inc. REIT		5,715		10,034,336
Premier Investment Corp.		2,698		3,572,822
Tokyu Fudosan Holdings Corp.		1,221,300		6,572,937
Tokyu REIT, Inc.		2,244		3,011,500
United Urban Investment Corp.		7,024		12,797,393
				237,125,281
NETHERLANDS — 0.5%
Atrium European Real Estate, Ltd.		394,711		1,760,998
Eurocommercial Properties NV		114,035		5,154,295
Vastned Retail NV		45,096		1,824,440
Wereldhave NV		95,161		4,821,477
				13,561,210

See accompanying notes to financial statements.

443

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
NEW ZEALAND — 0.4%
Argosy Property, Ltd.		2,013,342	$	1,639,794
Goodman Property Trust		2,380,277		2,258,873
Kiwi Property Group, Ltd.		3,025,270		3,299,963
Precinct Properties New Zealand, Ltd.		2,398,004		2,266,976
				9,465,606
PHILIPPINES — 0.7%
Robinsons Land Corp.		3,738,800		2,389,995
SM Prime Holdings, Inc.		27,264,300		15,826,168
				18,216,163
SINGAPORE — 2.8%
Ascendas REIT		5,415,539		10,009,284
Cambridge Industrial Trust		2,382,871		961,223
CapitaLand Commercial Trust (a)		5,023,782		5,858,530
CapitaLand Mall Trust REIT		6,334,960		10,082,411
CapitaLand, Ltd.		6,027,000		14,145,293
Frasers Commercial Trust		1,373,356		1,415,208
Global Logistic Properties, Ltd.		6,969,900		9,559,363
GuocoLand, Ltd.		607,499		888,893
Keppel REIT		4,234,800		3,463,128
Mapletree Logistics Trust		3,572,412		2,803,536
Starhill Global REIT		3,303,424		1,986,730
Suntec Real Estate Investment Trust		6,033,774		7,589,514
United Industrial Corp., Ltd.		302,444		603,357
				69,366,470
SOUTH AFRICA — 0.6%
Growthpoint Properties, Ltd. REIT (a)		5,390,856		9,922,194
Hyprop Investments, Ltd.		488,903		4,295,911
SA Corporate Real Estate Fund Nominees Pty, Ltd.		4,008,266		1,588,586
				15,806,691
SPAIN — 0.0% (d)
Martinsa Fadesa SA (c)		178		—
SWEDEN — 0.7%
Castellum AB		644,813		9,671,367
Fabege AB		336,969		6,151,452
Kungsleden AB		369,623		2,707,221
				18,530,040
SWITZERLAND — 1.0%
PSP Swiss Property AG		96,259		9,185,019
Swiss Prime Site AG (b)		168,900		14,844,523
				24,029,542
THAILAND — 0.2%
Central Pattana PCL NVDR		3,192,000		5,366,061
UNITED KINGDOM — 4.8%
Big Yellow Group PLC REIT		352,281		3,569,381
British Land Co. PLC REIT		2,415,025		19,842,266
Capital & Counties Properties PLC (a)		1,779,890		6,658,782
Derwent London PLC		261,726		8,842,933
Grainger PLC		988,530		2,953,431
Great Portland Estates PLC REIT		819,560		6,738,971
Hammerson PLC		1,851,047		14,114,473
Intu Properties PLC (a)		2,125,240		8,182,675
Land Securities Group PLC REIT		1,890,599		25,983,294
Segro PLC		1,955,555		11,527,726
Shaftesbury PLC		655,778		8,262,999
Workspace Group PLC		278,699		2,526,969
				119,203,900
UNITED STATES — 62.1%
Acadia Realty Trust		188,203		6,820,477
Alexandria Real Estate Equities, Inc. (a)		184,082		20,022,599
American Campus Communities, Inc.		307,948		15,665,315
American Homes 4 Rent Class A		512,184		11,083,662
Apartment Investment & Management Co. Class A REIT		369,662		16,971,182
Apple Hospitality REIT, Inc.		370,711		6,861,861
Ashford Hospitality Prime, Inc.		61,804		871,436
Ashford Hospitality Trust, Inc.		198,499		1,169,159
AvalonBay Communities, Inc. REIT		324,091		57,636,343
Boston Properties, Inc. REIT		362,776		49,442,741
Brandywine Realty Trust		417,259		6,517,586
Brixmor Property Group, Inc.		611,143		16,983,664
Camden Property Trust		206,275		17,273,469
Care Capital Properties, Inc.		198,329		5,652,377
CBL & Associates Properties, Inc.		402,885		4,891,024
Cedar Realty Trust, Inc.		179,463		1,292,134
Colony Starwood Homes (a)		117,196		3,363,525
Columbia Property Trust, Inc.		294,411		6,591,862
Corporate Office Properties Trust		223,924		6,348,245
Cousins Properties, Inc.		478,926		4,999,987
CubeSmart REIT		425,779		11,606,736
DCT Industrial Trust, Inc. REIT		211,165		10,252,061
DDR Corp. REIT		725,314		12,642,223
DiamondRock Hospitality Co.		481,749		4,383,916
Digital Realty Trust, Inc. REIT (a)		346,625		33,664,220
Douglas Emmett, Inc.		335,829		12,301,416
Duke Realty Corp.		829,209		22,662,282
DuPont Fabros Technology, Inc. REIT		177,974		7,341,428
Easterly Government Properties, Inc.		56,089		1,070,178
EastGroup Properties, Inc.		77,155		5,675,522
Education Realty Trust, Inc.		172,620		7,446,827
Equity Commonwealth (b)		296,283		8,953,672
Equity LifeStyle Properties, Inc.		189,273		14,608,090
Equity One, Inc.		217,911		6,670,256
Equity Residential REIT		862,750		55,500,708
Essex Property Trust, Inc. REIT		154,590		34,427,193
Extra Space Storage, Inc. REIT		296,833		23,571,509
Federal Realty Investment Trust REIT		167,322		25,755,875
FelCor Lodging Trust, Inc.		308,206		1,981,765
First Industrial Realty Trust, Inc. REIT		276,140		7,792,671
First Potomac Realty Trust		138,918		1,271,100
Forest City Realty Trust, Inc. Class A		510,650		11,811,335
Franklin Street Properties Corp. REIT		252,070		3,176,082
General Growth Properties, Inc. REIT		1,378,213		38,038,679
HCP, Inc. REIT		1,103,622		41,882,455
Healthcare Realty Trust, Inc. REIT		269,252		9,170,723
Hersha Hospitality Trust		100,161		1,804,901
Highwoods Properties, Inc.		233,702		12,180,548
Hospitality Properties Trust		388,171		11,536,442

See accompanying notes to financial statements.

444

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Host Hotels & Resorts, Inc. REIT (a)		1,752,435	$	27,285,413
Hudson Pacific Properties, Inc. REIT		250,712		8,240,903
Independence Realty Trust, Inc.		95,781		862,029
Kilroy Realty Corp. REIT		217,525		15,085,359
Kimco Realty Corp. REIT		991,438		28,702,130
Kite Realty Group Trust		197,053		5,462,309
LaSalle Hotel Properties		269,599		6,435,328
Liberty Property Trust REIT		346,303		13,973,326
Life Storage, Inc. REIT		109,579		9,745,956
LTC Properties, Inc.		91,058		4,734,105
Macerich Co.		284,862		23,036,790
Mack-Cali Realty Corp.		211,888		5,767,591
Mid-America Apartment Communities, Inc.		178,234		16,752,214
Monogram Residential Trust, Inc.		397,588		4,230,336
National Storage Affiliates Trust		80,235		1,680,121
New York REIT, Inc.		396,572		3,628,634
NexPoint Residential Trust, Inc.		41,714		820,097
Parkway Properties, Inc.		196,671		3,345,374
Pebblebrook Hotel Trust (a)		170,225		4,527,985
Pennsylvania Real Estate Investment Trust		164,282		3,783,414
Piedmont Office Realty Trust, Inc. Class A		345,986		7,532,115
Post Properties, Inc. REIT		126,433		8,361,014
Prologis, Inc. REIT		1,243,694		66,587,377
PS Business Parks, Inc.		46,032		5,227,854
Public Storage REIT		351,974		78,539,478
Ramco-Gershenson Properties Trust		187,989		3,522,914
Regency Centers Corp.		245,167		18,997,991
Retail Opportunity Investments Corp.		254,117		5,580,409
Rexford Industrial Realty, Inc. REIT		157,425		3,603,458
RLJ Lodging Trust REIT		293,814		6,178,908
Saul Centers, Inc.		26,954		1,795,136
Senior Housing Properties Trust		560,548		12,730,045
Seritage Growth Properties Class A REIT (a)		53,588		2,715,840
Silver Bay Realty Trust Corp. REIT		84,811		1,486,737
Simon Property Group, Inc. REIT		742,499		153,704,718
SL Green Realty Corp. REIT		236,747		25,592,351
Sun Communities, Inc. REIT		147,476		11,573,917
Sunstone Hotel Investors, Inc. REIT		516,415		6,604,948
Tanger Factory Outlet Centers, Inc.		226,670		8,831,063
Taubman Centers, Inc.		142,756		10,622,474
Tier REIT, Inc.		115,501		1,783,335
UDR, Inc. REIT		630,297		22,684,389
Universal Health Realty Income Trust		28,853		1,818,316
Urban Edge Properties		216,053		6,079,731
Ventas, Inc. REIT		829,021		58,553,753
Vornado Realty Trust REIT		405,635		41,054,318
Washington Prime Group, Inc. REIT		438,011		5,422,576
Washington Real Estate Investment Trust		174,917		5,443,417
Weingarten Realty Investors REIT		277,025		10,798,435
Welltower, Inc. REIT		844,741		63,161,285
Xenia Hotels & Resorts, Inc. (a)		256,566		3,894,672
				1,548,221,849
TOTAL COMMON STOCKS (Cost $2,232,341,645)				2,483,442,681
SHORT-TERM INVESTMENTS — 1.6%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (e) (f)		3,984,959		3,984,959
State Street Navigator Securities Lending Prime Portfolio (e) (g)		35,695,682		35,695,682
TOTAL SHORT-TERM INVESTMENTS (Cost $39,680,641)				39,680,641
TOTAL INVESTMENTS — 101.2% (Cost $2,272,022,286)				2,523,123,322
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(29,050,790	)
NET ASSETS — 100.0%			$	2,494,072,532

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $0, representing 0.0% of the Fund’s net assets.

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

(e) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia.	$	144,081,589	$	—	$	0	(a)	$	144,081,589
Austria		12,783,660		—		—			12,783,660

See accompanying notes to financial statements.

445

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Belgium	$	9,252,559	$	—	$	—		$	9,252,559
Brazil		4,662,112		—		—			4,662,112
Canada		36,121,517		—		—			36,121,517
France		114,698,733		—		—			114,698,733
Hong Kong		80,860,606		—		—			80,860,606
Italy		2,089,092		—		—			2,089,092
Japan		237,125,281		—		—			237,125,281
Netherlands		13,561,210		—		—			13,561,210
New Zealand.		9,465,606		—		—			9,465,606
Philippines		18,216,163		—		—			18,216,163
Singapore		69,366,470		—		—			69,366,470
South Africa		15,806,691		—		—			15,806,691
Spain		—		—		0	(a)		—
Sweden		18,530,040		—		—			18,530,040
Switzerland.		24,029,542		—		—			24,029,542
Thailand		5,366,061		—		—			5,366,061
United Kingdom		119,203,900		—		—			119,203,900
United States		1,548,221,849		—		—			1,548,221,849
Short-Term Investments		39,680,641		—		—			39,680,641
TOTAL INVESTMENTS	$	2,523,123,322	$	—	$	0		$	2,523,123,322

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		3,964,339	$	3,964,339		152,369,813		152,349,193		3,984,959	$	3,984,959	$	15,296	$	—
State Street Navigator Securities Lending Prime Portfolio		20,157,461		20,157,461		694,263,234		678,725,013		35,695,682		35,695,682		272,310		—
TOTAL			$	24,121,800							$	39,680,641	$	287,606	$	—

See accompanying notes to financial statements.

446

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 2.6%
Aristocrat Leisure, Ltd.		9,140	$	110,581
Automotive Holdings Group, Ltd.		11,139		36,483
Crown Resorts, Ltd.		6,592		66,134
Domino’s Pizza Enterprises, Ltd.		400		21,525
Fairfax Media, Ltd.		38,525		27,860
Tatts Group, Ltd.		24,221		67,653
				330,236
BELGIUM — 0.3%
D’ieteren SA.		804		37,447
CANADA — 4.1%
Amaya, Inc. (a) (b)		678		10,962
Canadian Tire Corp., Ltd. Class A		1,005		100,466
Dollarama, Inc.		600		46,763
Gildan Activewear, Inc.		2,681		74,744
Magna International, Inc.		3,447		147,715
Restaurant Brands International, Inc. (a)		1,348		60,002
Shaw Communications, Inc. Class B		3,658		74,733
				515,385
DENMARK — 0.6%
Pandora A/S		642		77,610
FINLAND — 0.5%
Nokian Renkaat Oyj		980		35,738
Sanoma Oyj		2,494		23,767
				59,505
FRANCE — 10.3%
Accor SA		1,478		58,649
Christian Dior SE		331		59,349
Cie Generale des Etablissements Michelin		1,460		161,548
Havas SA		6,151		52,010
Hermes International		105		42,745
Kering		617		124,497
Lagardere SCA		1,140		29,037
LVMH Moet Hennessy Louis Vuitton SE		1,613		275,166
Peugeot SA (b)		1,008		15,400
Publicis Groupe SA		969		73,309
Renault SA		1,383		113,675
Sodexo SA		549		65,399
Valeo SA		1,578		92,091
Vivendi SA.		7,060		142,416
				1,305,291
GERMANY — 11.0%
adidas AG		1,620		281,276
Bayerische Motoren Werke AG		1,796		150,992
Bayerische Motoren Werke AG Preference Shares		303		22,344
Continental AG		596		125,350
Daimler AG		5,878		414,243
HUGO BOSS AG.		194		10,732
Leoni AG		432		15,739
Porsche Automobil Holding SE Preference Shares		679		34,670
ProSiebenSat.1 Media SE		1,014		43,439
TUI AG		5,622		80,114
Volkswagen AG Preference Shares		1,045		137,343
Volkswagen AG		233		33,817
windeln.de SE (b) (c)		2,608		11,665
Zalando SE (b) (c)		700		29,225
				1,390,949
HONG KONG — 3.3%
Esprit Holdings, Ltd. (a) (b)		20,182		16,368
Fairwood Holdings, Ltd.		12,000		55,699
Galaxy Entertainment Group, Ltd.		14,000		52,708
Giordano International, Ltd.		70,000		36,011
Global Brands Group Holding, Ltd. (b)		54,000		5,500
Li & Fung, Ltd. (a)		54,000		27,641
Pico Far East Holdings, Ltd.		94,000		28,239
Sands China, Ltd.		20,800		90,243
Shangri-La Asia, Ltd.		14,500		15,891
SJM Holdings, Ltd.		21,000		15,433
Techtronic Industries Co., Ltd.		13,500		52,740
Yuxing InfoTech Investment Holdings, Ltd. (a) (b)		80,000		21,455
				417,928
IRELAND — 0.6%
Dalata Hotel Group PLC (b)		2,377		10,952
Paddy Power Betfair PLC		583		65,976
				76,928
ITALY — 1.1%
Banzai SpA (b)		2,574		7,776
Ferrari NV		677		35,173
Luxottica Group SpA		1,031		49,265
Mediaset SpA		7,193		22,585
Piaggio & C SpA (a)		5,290		9,892
Sogefi SpA (b)		6,496		13,140
Yoox Net-A-Porter Group SpA (b)		224		6,938
				144,769
JAPAN — 36.8%
Aisin Seiki Co., Ltd.		2,000		90,752
Aoyama Trading Co., Ltd.		1,200		41,238
Asics Corp.		700		13,984
Bandai Namco Holdings, Inc.		3,400		103,244
Benesse Holdings, Inc.		1,400		35,586
Bookoff Corp.		1,300		10,090
Bridgestone Corp.		5,500		201,284
Can Do Co., Ltd. (a)		700		11,240
Casio Computer Co., Ltd. (a)		3,400		47,106
CyberAgent, Inc. (a)		800		23,637
Daikyonishikawa Corp.		400		4,902
Denso Corp. (a)		2,700		106,651
Dentsu, Inc. (a)		2,400		121,108
Don Quijote Holdings Co., Ltd.		700		25,473
Fast Retailing Co., Ltd.		388		123,720
Fuji Corp., Ltd. (a)		2,700		18,291
Fuji Heavy Industries, Ltd.		3,800		140,907
GLOBERIDE, Inc.		700		11,869
Gunze, Ltd. (a)		13,000		41,722
Haseko Corp.		2,100		20,012
Honda Motor Co., Ltd.		10,300		293,697
Isetan Mitsukoshi Holdings, Ltd. (a)		4,500		43,949
Isuzu Motors, Ltd. (a)		3,700		43,096
Kappa Create Co., Ltd. (a)		700		8,309

See accompanying notes to financial statements.

447

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Koito Manufacturing Co., Ltd.		700	$	33,733
Konaka Co., Ltd.		5,100		23,822
Kyoritsu Maintenance Co., Ltd. (a)		300		18,605
Kyoto Kimono Yuzen Co., Ltd. (a)		3,000		25,744
Laox Co., Ltd. (b)		1,100		7,854
Marui Group Co., Ltd. (a)		1,600		20,983
Mazda Motor Corp.		3,500		52,933
Mitsuba Corp. (a)		1,500		19,538
Mitsubishi Motors Corp.		4,200		19,452
NGK Spark Plug Co., Ltd.		1,000		17,449
Nikon Corp. (a)		3,400		50,497
Nissan Motor Co., Ltd.		13,400		130,037
Nitori Holdings Co., Ltd.		400		47,598
Oriental Land Co., Ltd. (a)		2,000		121,147
Otsuka Kagu, Ltd.		1,800		17,882
Panasonic Corp.		11,900		117,748
Pioneer Corp. (a) (b)		2,800		6,028
Rakuten, Inc.		5,500		71,204
Resorttrust, Inc. (a)		2,600		52,583
Ringer Hut Co., Ltd. (a)		1,000		23,147
Ryohin Keikaku Co., Ltd.		200		40,152
Sanrio Co., Ltd. (a)		300		5,466
Sanyo Housing Nagoya Co., Ltd.		1,500		13,272
Sega Sammy Holdings, Inc.		600		8,502
Sekisui Chemical Co., Ltd.		7,000		99,886
Sekisui House, Ltd.		7,000		118,274
Sharp Corp. (b)		7,000		9,332
Shimamura Co., Ltd.		100		12,107
Shimano, Inc. (a)		1,100		162,070
Sony Corp.		7,100		230,882
Stanley Electric Co., Ltd. (a)		2,100		56,137
Start Today Co., Ltd.		1,200		20,501
Suminoe Textile Co., Ltd.		6,000		13,805
Sumitomo Electric Industries, Ltd.		4,400		61,526
Sumitomo Forestry Co., Ltd. (a)		5,900		78,364
Suzuki Motor Corp.		3,100		102,859
Syuppin Co., Ltd.		500		5,283
Takata Corp. (a) (b)		1,300		4,557
Toho Co., Ltd.		900		29,684
Toyota Industries Corp.		1,700		78,062
Toyota Motor Corp.		16,900		964,451
Yamada Denki Co., Ltd. (a)		8,700		42,957
Yamaha Corp. (a)		900		28,885
Yamaha Motor Co., Ltd. (a)		1,400		27,927
				4,674,792
LUXEMBOURG — 0.5%
SES SA		2,494		61,198
MACAU — 0.2%
Wynn Macau, Ltd. (a)		13,600		22,515
MALTA — 0.1%
Unibet Group PLC SDR		1,264		11,759
NETHERLANDS — 0.5%
Altice NV Class A (a) (b)		3,214		57,682
Altice NV Class B (b)		437		7,872
				65,554
NEW ZEALAND — 0.1%
SKYCITY Entertainment Group, Ltd.		3,800		12,656
NORWAY — 0.4%
Schibsted ASA Class A		910		26,723
Schibsted ASA Class B		910		24,377
				51,100
SINGAPORE — 0.6%
Genting Singapore PLC		42,000		23,103
Singapore Press Holdings, Ltd. (a)		21,000		58,682
				81,785
SOUTH KOREA — 5.0%
Cheil Worldwide, Inc.		1,045		15,181
Coway Co., Ltd.		339		29,364
Fila Korea, Ltd.		101		8,749
Hankook Tire Co., Ltd.		772		41,637
Hanon Systems		1,296		14,591
Hanssem Co., Ltd.		150		23,971
HLB, Inc. (b)		1,001		17,451
Hotel Shilla Co., Ltd.		250		13,733
Hyundai Department Store Co., Ltd.		148		15,924
Hyundai Engineering Plastics Co., Ltd.		2,026		17,844
Hyundai Mobis Co., Ltd.		414		103,373
Hyundai Motor Co.		927		114,050
Hyundai Motor Co. Preference Shares		162		15,518
Hyundai Wia Corp.		151		11,873
Inscobee, Inc. (b)		3,175		6,861
Kangwon Land, Inc.		623		22,231
Kia Motors Corp.		1,682		64,372
LG Electronics, Inc.		654		28,444
Lotte Shopping Co., Ltd.		103		19,312
Multicampus Co., Ltd.		373		14,021
Seoul Auction Co., Ltd.		1,576		20,606
Seoyon Co., Ltd.		843		8,994
Seoyon E-Hwa Co., Ltd.		453		6,314
				634,414
SPAIN — 2.2%
Industria de Diseno Textil SA		6,791		251,847
Mediaset Espana Comunicacion SA		1,000		11,856
NH Hotel Group SA (b)		3,641		16,613
				280,316
SWEDEN — 2.3%
Betsson AB (b)		1,758		19,453
Electrolux AB Series B		3,386		85,012
Hennes & Mauritz AB Class B		5,855		165,384
Husqvarna AB Class B		2,500		21,841
Nobia AB		586		5,571
				297,261
SWITZERLAND — 2.4%
Cie Financiere Richemont SA		3,207		195,847
Dufry AG (b)		152		19,067
Swatch Group AG (a)		303		85,861
				300,775
UNITED KINGDOM — 13.1%
Barratt Developments PLC		4,775		30,660
Bellway PLC.		500		15,387
Berkeley Group Holdings PLC		400		13,406
Burberry Group PLC		3,683		65,974
Carnival PLC		1,853		90,697

See accompanying notes to financial statements.

448

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Compass Group PLC		12,377	$	240,362
Fiat Chrysler Automobiles NV (a)		6,770		42,986
GKN PLC		12,807		53,286
Informa PLC.		7,062		65,316
InterContinental Hotels Group PLC		1,100		45,439
ITV PLC		30,140		73,292
Kingfisher PLC		24,738		121,115
Marks & Spencer Group PLC		13,267		57,061
Next PLC		1,890		117,256
Ocado Group PLC (a) (b)		2,358		8,102
Pearson PLC		7,891		77,186
Persimmon PLC.		1,132		26,689
Sky PLC		9,260		107,537
Sports Direct International PLC (a) (b)		1,384		5,165
Taylor Wimpey PLC		15,090		30,207
Thomas Cook Group PLC (b)		6,107		5,490
WH Smith PLC		648		12,946
Whitbread PLC		2,547		129,563
WPP PLC		9,639		227,132
				1,662,254
UNITED STATES — 0.3%
International Game Technology PLC		1,838		44,811
TOTAL COMMON STOCKS (Cost $13,935,665)				12,557,238
WARRANTS — 0.1%
FRANCE — 0.1%
Peugeot SA (expiring 4/29/17) (b) (Cost $7,744)		3,417		9,600
SHORT-TERM INVESTMENTS — 9.0%
UNITED STATES — 9.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e)		45,577		45,577
State Street Navigator Securities Lending Prime Portfolio (e) (f)		1,095,491		1,095,491
				1,141,068
TOTAL SHORT-TERM INVESTMENTS (Cost $1,141,068)				1,141,068
TOTAL INVESTMENTS — 108.0% (Cost $15,084,477)				13,707,906
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.0)%				(1,016,483	)
NET ASSETS — 100.0%			$	12,691,423

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

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

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

SDR = Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	330,236	$	—	$	—	$	330,236
Belgium.		37,447		—		—		37,447
Canada		515,385		—		—		515,385
Denmark		77,610		—		—		77,610
Finland		59,505		—		—		59,505
France		1,305,291		—		—		1,305,291
Germany		1,390,949		—		—		1,390,949
Hong Kong		417,928		—		—		417,928
Ireland		76,928		—		—		76,928
Italy.		144,769		—		—		144,769
Japan		4,674,792		—		—		4,674,792
Luxembourg.		61,198		—		—		61,198
Macau		22,515		—		—		22,515
Malta.		11,759		—		—		11,759
Netherlands		65,554		—		—		65,554

See accompanying notes to financial statements.

449

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
New Zealand	$	12,656	$	—	$	—	$	12,656
Norway		51,100		—		—		51,100
Singapore		81,785		—		—		81,785
South Korea		634,414		—		—		634,414
Spain		280,316		—		—		280,316
Sweden		297,261		—		—		297,261
Switzerland		300,775		—		—		300,775
United Kingdom.		1,662,254		—		—		1,662,254
United States		44,811		—		—		44,811
Warrants
France		9,600		—		—		9,600
Short-Term Investments		1,141,068		—		—		1,141,068
TOTAL INVESTMENTS	$	13,707,906	$	—	$	—	$	13,707,906

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class .		46,679	$	46,679		554,334		555,436		45,577	$	45,577	$	102	$	—
State Street Navigator Securities Lending Prime Portfolio		2,025,769		2,025,769		10,268,424		11,198,702		1,095,491		1,095,491		8,585		—
TOTAL			$	2,072,448							$	1,141,068	$	8,687	$	—

See accompanying notes to financial statements.

450

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 4.2%
Bellamy’s Australia, Ltd. (a)		993	$	9,886
Blackmores, Ltd. (a)		170		15,166
Coca-Cola Amatil, Ltd.		12,528		98,267
Metcash, Ltd. (b)		10,823		17,310
Select Harvests, Ltd.		1,038		4,504
Treasury Wine Estates, Ltd.		17,307		146,216
Wesfarmers, Ltd.		22,648		764,314
Woolworths, Ltd. (a)		24,526		436,744
				1,492,407
BELGIUM — 5.7%
Anheuser-Busch InBev SA		15,395		2,017,285
Ontex Group NV		249		7,903
				2,025,188
CANADA — 3.2%
AGT Food & Ingredients, Inc. (a)		542		15,453
Alimentation Couche-Tard, Inc. Class B		7,307		353,494
Clearwater Seafoods, Inc.		631		6,880
Corby Spirit and Wine, Ltd.		1,590		27,451
Cott Corp.		2,350		33,384
Empire Co., Ltd. Class A		2,306		34,338
George Weston, Ltd.		88		7,328
High Liner Foods, Inc.		257		5,090
Jean Coutu Group PJC, Inc. Class A (a)		522		7,995
Liquor Stores N.A., Ltd. (a)		1,406		11,297
Loblaw Cos., Ltd.		6,170		316,892
Maple Leaf Foods, Inc.		1,162		26,622
Metro, Inc.		3,178		104,148
North West Co., Inc. (a)		720		14,156
Premium Brands Holdings Corp. (a)		631		29,671
Rogers Sugar, Inc.		3,158		16,051
Saputo, Inc.		3,321		115,202
SunOpta, Inc. (a) (b)		2,598		18,342
				1,143,794
DENMARK — 0.8%
Carlsberg A/S Class B		2,759		263,161
Royal Unibrew A/S		285		14,065
United International Enterprises		49		9,074
				286,300
FAEROE ISLANDS — 0.1%
Bakkafrost P/F		516		21,544
FINLAND — 0.3%
Kesko Oyj Class B		2,382		109,753
FRANCE — 7.5%
Carrefour SA		12,406		321,569
Casino Guichard Perrachon SA		1,339		65,157
Danone SA		12,258		909,875
L’Oreal SA.		4,580		865,211
Pernod Ricard SA		4,331		512,757
				2,674,569
GERMANY — 2.8%
Beiersdorf AG		2,477		233,687
Henkel AG & Co. KGaA		152		17,697
Henkel AG & Co. KGaA Preference Shares		5,050		686,698
METRO AG		1,675		49,864
Suedzucker AG		271		7,533
				995,479
HONG KONG — 0.3%
Major Holdings, Ltd. (a) (c)		34,000		9,118
Vitasoy International Holdings, Ltd.		56,000		112,925
				122,043
IRELAND — 1.1%
C&C Group PLC		6,506		26,979
Fyffes PLC		6,771		11,231
Glanbia PLC		1,992		38,336
Greencore Group PLC		11,709		51,030
Kerry Group PLC Class A		2,868		239,022
Origin Enterprises PLC		1,138		7,193
Total Produce PLC		17,186		31,790
				405,581
JAPAN — 19.0%
Aeon Co., Ltd. (a)		17,505		257,393
Ain Holdings, Inc.		800		54,194
Ajinomoto Co., Inc.		12,728		281,860
Arcs Co., Ltd.		600		14,913
Ariake Japan Co., Ltd. (a)		500		26,811
Asahi Group Holdings, Ltd.		10,782		390,330
Axial Retailing, Inc.		600		20,767
Calbee, Inc. (a)		1,700		64,045
Coca-Cola East Japan Co., Ltd.		900		19,419
Coca-Cola West Co., Ltd.		800		22,270
Cocokara fine, Inc.		700		26,786
Cosmos Pharmaceutical Corp.		100		21,389
euglena Co., Ltd. (a) (b)		1,600		22,973
Ezaki Glico Co., Ltd. (a)		1,600		96,697
FamilyMart UNY Holdings Co., Ltd. (a)		2,100		139,772
Fuji Oil Holdings, Inc.		1,600		32,627
Fujicco Co., Ltd. (a)		1,600		36,672
Genky Stores, Inc. (a)		100		3,980
Hokuto Corp. (a)		1,500		26,900
Ito En, Ltd. (a)		500		17,676
Itoham Yonekyu Holdings, Inc. (b)		2,500		25,996
Japan Tobacco, Inc.		20,578		837,020
Kao Corp.		10,608		596,160
Kenko Mayonnaise Co., Ltd. (a)		800		28,322
Kewpie Corp.		3,100		95,359
Key Coffee, Inc. (a)		3,100		57,919
Kikkoman Corp.		4,000		127,191
Kirin Holdings Co., Ltd.		15,675		258,735
Kobayashi Pharmaceutical Co., Ltd. (a)		500		25,972
Kobe Bussan Co., Ltd. (a)		200		5,516
Kose Corp.		700		71,061
Kotobuki Spirits Co., Ltd.		900		22,930
Kusuri No Aoki Co., Ltd.		400		20,343
Lawson, Inc. (a)		1,624		127,816
Life Corp.		800		25,359
Lion Corp.		7,000		112,813
Matsumotokiyoshi Holdings Co., Ltd.		1,100		56,486
Megmilk Snow Brand Co., Ltd.		700		25,473
MEIJI Holdings Co., Ltd.		3,000		295,956
Ministop Co., Ltd.		400		6,893
Morinaga & Co., Ltd.		1,400		67,190
Morinaga Milk Industry Co., Ltd.		3,000		23,908

See accompanying notes to financial statements.

451

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
NH Foods, Ltd. (a)		3,000	$	72,167
Nichirei Corp. (a)		4,194		93,766
Nippon Suisan Kaisha, Ltd.		4,100		17,531
Nisshin Seifun Group, Inc. (a)		1,600		24,237
Nissin Foods Holdings Co., Ltd. (a)		1,500		90,801
Oenon Holdings, Inc.		31,351		71,826
Pigeon Corp. (a)		1,800		54,036
Pola Orbis Holdings, Inc.		100		8,897
Qol Co., Ltd.		500		7,184
S Foods, Inc.		300		7,827
San-A Co., Ltd.		300		14,961
Sapporo Holdings, Ltd.		600		16,555
Seven & i Holdings Co., Ltd.		15,775		741,043
Shiseido Co., Ltd.		8,493		223,469
Sugi Holdings Co., Ltd.		200		10,823
Sundrug Co., Ltd.		500		41,722
Suntory Beverage & Food, Ltd.		1,600		68,731
Takara Holdings, Inc.		1,400		13,023
Toyo Suisan Kaisha, Ltd.		1,400		59,033
Tsuruha Holdings, Inc.		700		80,462
Unicharm Corp. (a)		9,300		239,560
Valor Holdings Co., Ltd.		800		22,420
Warabeya Nichiyo Holdings Co., Ltd.		300		6,263
Welcia Holdings Co., Ltd. (a)		500		34,267
Yakult Honsha Co., Ltd. (a)		2,480		111,186
Yamazaki Baking Co., Ltd.		4,300		105,096
Yaoko Co., Ltd.		400		15,721
				6,744,499
NETHERLANDS — 3.0%
Heineken NV		4,718		415,206
Koninklijke Ahold Delhaize NV		28,103		640,802
				1,056,008
NEW ZEALAND — 0.1%
a2 Milk Co., Ltd. (b)		13,313		17,717
Scales Corp., Ltd.		5,908		13,877
				31,594
NORWAY — 0.8%
Grieg Seafood ASA		1,972		15,729
Leroy Seafood Group ASA		217		10,966
Marine Harvest ASA (b)		9,561		171,187
Norway Royal Salmon ASA		775		13,673
Orkla ASA		5,654		58,434
Salmar ASA		600		18,318
				288,307
PORTUGAL — 0.2%
Jeronimo Martins SGPS SA.		2,757		47,822
Sonae SGPS SA.		8,682		6,635
				54,457
SINGAPORE — 0.6%
Delfi, Ltd.		4,100		6,285
Golden Agri-Resources, Ltd.		176,075		45,844
Wilmar International, Ltd.		64,000		151,146
				203,275
SOUTH KOREA — 3.6%
Able C&C Co., Ltd.		288		6,250
Amorepacific Corp.		492		173,776
AMOREPACIFIC Group		449		67,471
BGF retail Co., Ltd.		163		28,564
Binggrae Co., Ltd.		146		7,888
CJ CheilJedang Corp.		119		39,222
CJ Freshway Corp.		118		4,768
Cosmax, Inc.		92		12,655
Crown Confectionery Co., Ltd.		436		11,639
Dae Han Flour Mills Co., Ltd.		146		23,994
Daesang Corp.		710		19,018
Dongsuh Cos., Inc.		1,350		35,854
Dongwon Industries Co., Ltd.		60		16,425
E-MART, Inc.		318		45,476
GS Retail Co., Ltd.		439		19,611
Harim Co., Ltd. (b)		2,293		9,796
Hite Jinro Co., Ltd.		638		13,063
Hyundai Greenfood Co., Ltd.		697		10,189
Jinro Distillers Co., Ltd.		741		21,866
Korea Kolmar Co., Ltd.		206		18,012
Korea Kolmar Holdings Co., Ltd.		105		3,923
KT&G Corp.		2,256		256,049
Leaders Cosmetics Co., Ltd. (b)		229		5,188
LG Household & Health Care, Ltd.		177		153,480
LG Household & Health Care, Ltd. Preference Shares		16		7,482
Lotte Chilsung Beverage Co., Ltd.		5		7,264
Lotte Confectionery Co., Ltd.		160		25,569
Lotte Food Co., Ltd.		40		24,951
Maeil Dairy Industry Co., Ltd.		578		18,053
Muhak Co., Ltd.		225		4,883
Namyang Dairy Products Co., Ltd.		17		10,635
Nong Woo Bio Co., Ltd.		764		14,880
NongShim Co., Ltd.		60		17,106
Orion Corp.		63		47,306
Ottogi Corp.		63		42,902
Pulmuone Co., Ltd.		26		2,986
Sajo Industries Co., Ltd. (b)		205		12,192
Samlip General Foods Co., Ltd.		29		5,214
Samyang Holdings Corp.		126		15,502
Sunjin Co., Ltd.		290		7,478
				1,268,580
SPAIN — 0.5%
Distribuidora Internacional de Alimentacion SA (a)		5,621		34,812
Ebro Foods SA		5,509		128,154
				162,966
SWEDEN — 1.4%
ICA Gruppen AB		944		31,215
Svenska Cellulosa AB SCA Class B		9,011		267,993
Swedish Match AB		5,069		186,255
				485,463
SWITZERLAND — 14.5%
Aryzta AG (b)		1,308		58,168
Barry Callebaut AG (a) (b)		7		9,322
Chocoladefabriken Lindt & Spruengli AG		57		330,158
Coca-Cola HBC AG (b)		3,122		72,674
Nestle SA.		58,732		4,637,853
Oriflame Holding AG (a) (b)		950		34,885
				5,143,060

See accompanying notes to financial statements.

452

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
UNITED KINGDOM — 29.5%
Associated British Foods PLC		5,845	$	197,409
Booker Group PLC		12,135		28,059
British American Tobacco PLC		34,607		2,216,256
Coca-Cola European Partners PLC		2,856		113,955
Cranswick PLC		294		8,929
Diageo PLC		47,331		1,359,081
Greggs PLC		739		9,734
Imperial Brands PLC		18,226		940,749
J Sainsbury PLC		31,338		100,060
Reckitt Benckiser Group PLC		12,634		1,192,300
SABMiller PLC		17,372		1,014,352
Tate & Lyle PLC		12,103		117,756
Tesco PLC (b)		153,375		364,499
Unilever NV		32,053		1,479,569
Unilever PLC		24,240		1,150,720
Wm Morrison Supermarkets PLC (a)		53,136		150,403
				10,443,831
TOTAL COMMON STOCKS (Cost $34,497,680)				35,158,698
SHORT-TERM INVESTMENTS — 4.4%
UNITED STATES — 4.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (d) (e)		27,118		27,118
State Street Navigator Securities Lending Prime Portfolio (e) (f)		1,530,426		1,530,426
				1,557,544
TOTAL SHORT-TERM INVESTMENTS (Cost $1,557,544)				1,557,544
TOTAL INVESTMENTS — 103.6% (Cost $36,055,224)				36,716,242
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.6)%				(1,274,402	)
NET ASSETS — 100.0%			$	35,441,840

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

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

(d) The rate shown is the annualized seven-day yield at September 30, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,492,407	$	—	$	—	$	1,492,407
Belgium.		2,025,188		—		—		2,025,188
Canada		1,143,794		—		—		1,143,794
Denmark		286,300		—		—		286,300
Faeroe Islands		21,544		—		—		21,544
Finland		109,753		—		—		109,753
France		2,674,569		—		—		2,674,569
Germany		995,479		—		—		995,479
Hong Kong		122,043		—		—		122,043
Ireland		405,581		—		—		405,581
Japan		6,744,499		—		—		6,744,499

See accompanying notes to financial statements.

453

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Netherlands	$	1,056,008	$	—	$	—	$	1,056,008
New Zealand		31,594		—		—		31,594
Norway		288,307		—		—		288,307
Portugal		54,457		—		—		54,457
Singapore		203,275		—		—		203,275
South Korea		1,268,580		—		—		1,268,580
Spain		162,966		—		—		162,966
Sweden		485,463		—		—		485,463
Switzerland		5,143,060		—		—		5,143,060
United Kingdom.		10,443,831		—		—		10,443,831
Short-Term Investments		1,557,544		—		—		1,557,544
TOTAL INVESTMENTS	$	36,716,242	$	—	$	—	$	36,716,242

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class .		25,992	$	25,992		957,664		956,538		27,118	$	27,118	$	134	$	—
State Street Navigator Securities Lending Prime Portfolio		3,446,144		3,446,144		19,034,116		20,949,834		1,530,426		1,530,426		10,291		—
TOTAL			$	3,472,136							$	1,557,544	$	10,425	$	—

See accompanying notes to financial statements.

454

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 4.7%
Beach Energy, Ltd. (a)		45,724	$	22,919
Caltex Australia, Ltd.		9,823		257,459
Karoon Gas Australia, Ltd. (a) (b)		5,827		5,931
Liquefied Natural Gas, Ltd. (a) (b)		16,999		8,260
Oil Search, Ltd.		43,282		234,832
Origin Energy, Ltd.		62,831		260,601
Paladin Energy, Ltd. (a) (b)		47,874		5,495
Santos, Ltd.		56,221		155,314
Washington H Soul Pattinson & Co., Ltd.		4,777		58,928
Whitehaven Coal, Ltd. (b)		14,721		27,600
Woodside Petroleum, Ltd.		25,813		565,343
WorleyParsons, Ltd. (a)		7,808		49,772
				1,652,454
AUSTRIA — 0.6%
OMV AG		6,096		175,514
Schoeller-Bleckmann Oilfield Equipment AG		368		24,400
				199,914
BELGIUM — 0.1%
Euronav NV		3,666		28,064
CANADA — 31.1%
Advantage Oil & Gas, Ltd. (b)		11,358		79,508
Africa Oil Corp. (a) (b)		13,996		22,044
AltaGas, Ltd. (a)		5,553		142,559
ARC Resources, Ltd. (a)		11,936		215,516
Athabasca Oil Corp. (b)		21,301		20,908
Baytex Energy Corp. (a)		11,337		48,048
Birchcliff Energy, Ltd. (b)		7,384		51,577
Bonavista Energy Corp. (a)		12,448		39,970
Bonterra Energy Corp.		1,200		23,749
Cameco Corp.		13,845		118,092
Canadian Energy Services & Technology Corp. (a)		9,089		35,893
Canadian Natural Resources, Ltd.		39,056		1,246,345
Cenovus Energy, Inc. (a)		30,930		443,152
Crescent Point Energy Corp. (a)		17,501		230,373
Crew Energy, Inc. (b)		4,900		25,577
Enbridge Income Fund Holdings, Inc. (a)		3,369		87,157
Enbridge, Inc. (a)		32,489		1,425,388
Encana Corp.		32,907		343,279
Enerflex, Ltd.		2,752		29,462
Enerplus Corp. (a)		11,769		75,400
Ensign Energy Services, Inc. (a)		4,828		27,552
Freehold Royalties, Ltd. (a)		6,316		60,793
Gibson Energy, Inc. (a)		4,596		61,688
Gran Tierra Energy, Inc. (b)		8,751		26,168
Husky Energy, Inc.		13,571		165,940
Imperial Oil, Ltd. (a)		9,533		297,686
Inter Pipeline, Ltd.		11,498		242,339
Kelt Exploration, Ltd. (b)		4,976		21,922
Keyera Corp.		6,071		195,953
Lightstream Resources, Ltd. (b) (e)		6,978		611
MEG Energy Corp. (a) (b)		9,026		40,726
Mullen Group, Ltd.		3,626		45,413
NuVista Energy, Ltd. (b)		5,370		27,621
Painted Pony Petroleum, Ltd. (b)		3,025		18,575
Paramount Resources, Ltd. Class A (a) (b)		1,875		21,029
Parex Resources, Inc. (b)		5,101		64,624
Parkland Fuel Corp.		2,914		68,579
Pason Systems, Inc.		2,404		30,712
Pembina Pipeline Corp.		13,336		405,686
Pengrowth Energy Corp.		18,805		29,619
Peyto Exploration & Development Corp. (a)		5,820		163,053
PrairieSky Royalty, Ltd. (a)		7,171		145,957
Precision Drilling Corp.		15,815		65,944
Raging River Exploration, Inc. (b)		10,190		83,427
Secure Energy Services, Inc. (a)		7,705		54,347
Seven Generations Energy, Ltd. Class A (b)		8,488		203,957
ShawCor, Ltd.		2,234		55,023
Spartan Energy Corp. (b)		10,765		27,686
Suncor Energy, Inc.		58,534		1,622,072
Sunshine Oilsands, Ltd. (b)		82,000		5,286
TORC Oil & Gas, Ltd.		4,367		26,815
Tourmaline Oil Corp. (b)		6,890		186,320
TransCanada Corp. (a)		27,456		1,301,718
Trican Well Service, Ltd. (b)		10,301		21,084
Trilogy Energy Corp. (b)		1,795		9,847
Veresen, Inc. (a)		11,421		116,448
Vermilion Energy, Inc. (a)		3,842		148,564
Whitecap Resources, Inc. (a)		10,533		87,838
				10,882,619
FINLAND — 0.5%
Neste Oyj.		4,482		191,099
FRANCE — 12.7%
Bourbon Corp. (a)		1,125		13,111
CGG SA (a) (b)		1,178		30,461
Etablissements Maurel et Prom (b)		4,554		21,188
Gaztransport Et Technigaz SA (a)		637		18,408
Technip SA		4,176		256,566
TOTAL SA		85,245		4,039,816
Vallourec SA (b)		12,629		56,628
				4,436,178
HONG KONG — 0.1%
Brightoil Petroleum Holdings, Ltd. (a)		82,000		24,634
Sino Oil And Gas Holdings, Ltd. (b)		595,000		14,729
Yanchang Petroleum International, Ltd. (b)		350,000		9,567
				48,930
ISRAEL — 0.3%
Delek Group, Ltd.		161		33,444
Oil Refineries, Ltd. (b)		82,436		30,473
Paz Oil Co., Ltd.		203		31,726
				95,643
ITALY — 4.1%
Eni SpA		92,407		1,331,319
Saipem SpA (b)		233,371		98,794
Saras SpA		13,611		21,644
				1,451,757
JAPAN — 3.1%
Cosmo Energy Holdings Co., Ltd. (a)		2,900		36,169

See accompanying notes to financial statements.

455

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Idemitsu Kosan Co., Ltd. (a)		4,200	$	86,269
Inpex Corp.		39,400		353,750
Itochu Enex Co., Ltd. (a)		1,300		9,923
Japan Petroleum Exploration Co., Ltd.		900		19,722
JX Holdings, Inc. (a)		90,897		365,419
Modec, Inc.		500		8,848
Nippon Gas Co., Ltd. (a)		1,100		34,054
San-Ai Oil Co., Ltd.		1,000		6,774
Shinko Plantech Co., Ltd.		1,000		7,100
Showa Shell Sekiyu KK.		7,700		71,096
TonenGeneral Sekiyu KK.		9,000		90,653
Toyo Kanetsu KK (a)		3,000		6,281
				1,096,058
LUXEMBOURG — 0.7%
Tenaris SA		17,027		242,631
NETHERLANDS — 20.9%
Fugro NV (a) (b)		2,203		35,663
Koninklijke Vopak NV		2,441		128,162
Royal Dutch Shell PLC Class A		148,761		3,698,624
Royal Dutch Shell PLC Class B		128,792		3,340,997
SBM Offshore NV (a)		7,463		106,052
				7,309,498
NEW ZEALAND — 0.2%
Z Energy, Ltd.		14,239		86,979
NORWAY — 2.7%
Akastor ASA (a) (b)		13,198		14,053
Aker Solutions ASA (b)		4,631		21,659
BW LPG, Ltd. (c)		2,987		8,536
Det Norske Oljeselskap ASA (b)		5,392		85,748
DNO ASA (b)		24,249		24,591
Frontline, Ltd. (a)		2,420		17,426
Kvaerner ASA		22,139		26,814
Petroleum Geo-Services ASA (a) (b)		12,053		26,467
Statoil ASA		38,227		640,441
TGS Nopec Geophysical Co. ASA		3,944		71,060
				936,795
PORTUGAL — 0.6%
Galp Energia SGPS SA		15,162		207,280
SINGAPORE — 0.0% (d)
Ezion Holdings, Ltd. (a) (b)		56,033		11,302
SOUTH KOREA — 1.5%
GS Holdings Corp.		1,831		88,944
Hankook Shell Oil Co., Ltd.		82		33,467
S-Oil Corp.		1,447		106,684
SK Innovation Co., Ltd.		2,125		311,606
				540,701
SPAIN — 1.6%
Repsol SA		38,904		527,923
Tecnicas Reunidas SA		1,158		45,151
				573,074
SWEDEN — 0.4%
Lundin Petroleum AB (b)		7,174		131,382
UNITED KINGDOM — 13.2%
Afren PLC (a) (b) (f)		26,211		—
Amec Foster Wheeler PLC		15,724		116,732
BP PLC		645,318		3,772,206
Cairn Energy PLC (b)		30,134		73,591
Genel Energy PLC (a) (b)		5,707		7,117
Hunting PLC.		4,190		24,950
James Fisher & Sons PLC		2,266		47,950
John Wood Group PLC		13,243		130,654
Ophir Energy PLC (a) (b)		16,039		16,095
Petrofac, Ltd.		9,552		110,618
Premier Oil PLC (b)		22,329		19,869
Seadrill, Ltd. (a) (b)		13,209		31,930
Soco International PLC		13,959		24,524
Stobart Group, Ltd.		10,465		22,668
Subsea 7 SA (a) (b)		8,938		95,952
Tullow Oil PLC (a) (b)		39,580		130,130
				4,624,986
UNITED STATES — 0.5%
DHT Holdings, Inc. (a)		3,202		13,416
Golar LNG, Ltd. (a)		2,909		61,671
Nordic American Tankers, Ltd. (a)		3,204		32,393
Penn West Petroleum, Ltd. (a)		19,862		35,950
Ship Finance International, Ltd. (a)		2,121		31,242
				174,672
TOTAL COMMON STOCKS (Cost $42,246,898)				34,922,016
WARRANTS — 0.0% (d)
SINGAPORE — 0.0% (d)
Ezion Holdings, Ltd. (expiring 4/24/20) (a) (b) (Cost $0)		6,896		268
SHORT-TERM INVESTMENTS — 8.2%
UNITED STATES — 8.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (g) (h)		32,462		32,462
State Street Navigator Securities Lending Prime Portfolio (h) (i)		2,840,776		2,840,776
				2,873,238
TOTAL SHORT-TERM INVESTMENTS (Cost $2,873,238)				2,873,238
TOTAL INVESTMENTS — 107.8% (Cost $45,120,136)				37,795,522
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.8)%				(2,750,140	)
NET ASSETS — 100.0%			$	35,045,382

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

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

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

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by

See accompanying notes to financial statements.

456

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of security is $611, representing 0.0% of the Fund’s net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair

value of securities is $0, representing 0.0% of the Fund’s net assets.

(g) The rate shown is the annualized seven-day yield at September 30, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,652,454	$	—	$	—		$	1,652,454
Austria		199,914		—		—			199,914
Belgium.		28,064		—		—			28,064
Canada		10,882,008		611		—			10,882,619
Finland		191,099		—		—			191,099
France		4,436,178		—		—			4,436,178
Hong Kong		48,930		—		—			48,930
Israel		95,643		—		—			95,643
Italy.		1,451,757		—		—			1,451,757
Japan		1,096,058		—		—			1,096,058
Luxembourg.		242,631		—		—			242,631
Netherlands		7,309,498		—		—			7,309,498
New Zealand		86,979		—		—			86,979
Norway		936,795		—		—			936,795
Portugal		207,280		—		—			207,280
Singapore		11,302		—		—			11,302
South Korea		540,701		—		—			540,701
Spain		573,074		—		—			573,074
Sweden		131,382		—		—			131,382
United Kingdom.		4,624,986		—		0	(a)		4,624,986
United States		174,672		—		—			174,672
Warrants
Singapore		268		—		—			268
Short-Term Investments		2,873,238		—		—			2,873,238
TOTAL INVESTMENTS	$	37,794,911	$	611	$	0		$	37,795,522

(a) Fund held a Level 3 security that was valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		14,517	$	14,517		1,659,832		1,641,887		32,462	$	32,462	$	203	$	—
State Street Navigator Securities Lending Prime Portfolio		3,434,341		3,434,341		27,724,447		28,318,012		2,840,776		2,840,776		37,434		—
TOTAL			$	3,448,858							$	2,873,238	$	37,637	$	—

See accompanying notes to financial statements.

457

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 98.3%
AUSTRALIA — 11.7%
AMP, Ltd.		6,130	$	24,768
ASX, Ltd.		606		22,334
Australia & New Zealand Banking Group, Ltd.		5,464		115,530
Bank of Queensland, Ltd.		1,158		10,076
Bendigo & Adelaide Bank, Ltd.		1,222		10,071
Challenger, Ltd.		1,495		11,635
Commonwealth Bank of Australia (a)		3,185		176,462
Insurance Australia Group, Ltd.		4,174		17,472
IOOF Holdings, Ltd. (a)		980		6,502
Macquarie Group, Ltd.		650		40,758
Medibank Pvt, Ltd.		6,052		11,485
National Australia Bank, Ltd.		4,967		105,934
QBE Insurance Group, Ltd.		2,644		18,797
Suncorp Group, Ltd.		2,294		21,259
Westpac Banking Corp.		6,240		140,915
				733,998
AUSTRIA — 0.4%
Erste Group Bank AG (b)		833		24,681
BELGIUM — 1.4%
Ackermans & van Haaren NV		61		8,086
Ageas		620		22,620
Groupe Bruxelles Lambert SA		190		16,851
KBC Group NV (b)		659		38,377
				85,934
CANADA — 14.2%
Bank of Montreal (a)		1,294		84,645
Bank of Nova Scotia		2,170		114,787
Brookfield Asset Management, Inc. Class A		1,700		59,670
Canadian Imperial Bank of Commerce (a)		772		59,757
CI Financial Corp. (a)		590		11,299
Element Financial Corp. (a)		1,018		12,719
Fairfax Financial Holdings, Ltd.		5		2,925
Great-West Lifeco, Inc.		880		21,621
Industrial Alliance Insurance & Financial Services, Inc.		300		10,781
Intact Financial Corp.		430		31,030
Manulife Financial Corp.		3,758		52,928
National Bank of Canada (a)		742		26,264
Onex Corp.		200		12,857
Power Corp. of Canada		685		14,484
Power Financial Corp. (a)		924		21,373
Royal Bank of Canada		2,676		165,457
Sun Life Financial, Inc.		1,162		37,745
Toronto-Dominion Bank		3,345		148,231
				888,573
DENMARK — 1.3%
Danske Bank A/S.		1,491		43,520
Jyske Bank A/S.		208		9,700
Sydbank A/S.		851		25,866
				79,086
FINLAND — 0.6%
Sampo Oyj Class A.		861		38,317
FRANCE — 4.9%
ABC arbitrage		2,460		17,693
AXA SA		3,636		77,392
BNP Paribas SA		2,116		108,839
Credit Agricole SA.		1,981		19,542
Natixis SA		2,113		9,852
SCOR SE.		413		12,843
Societe Generale SA		1,441		49,845
Wendel SA		110		12,850
				308,856
GERMANY — 4.4%
Allianz SE		838		124,404
Commerzbank AG		2,196		14,161
Deutsche Bank AG (b)		2,653		34,495
Deutsche Boerse AG (b)		330		26,757
Hannover Rueck SE		118		12,643
Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen		290		54,100
Sixt Leasing AG		314		7,199
				273,759
HONG KONG — 4.8%
AIA Group, Ltd.		23,023		153,023
Bank of East Asia, Ltd. (a)		2,359		9,566
BOC Hong Kong Holdings, Ltd.		8,449		28,541
Goldin Financial Holdings, Ltd. (b)		4,000		2,269
Haitong International Securities Group, Ltd.		10,000		6,640
Hang Seng Bank, Ltd.		1,789		31,947
Hong Kong Exchanges and Clearing, Ltd.		2,369		62,249
Kingston Financial Group, Ltd.		12,000		4,688
				298,923
IRELAND — 0.2%
Bank of Ireland (b)		49,025		10,248
ISRAEL — 0.6%
Bank Hapoalim BM		2,464		13,962
Bank Leumi Le-Israel BM (b)		5,679		21,568
				35,530
ITALY — 2.8%
Assicurazioni Generali SpA		2,766		33,758
Azimut Holding SpA		347		5,109
Banca Monte dei Paschi di Siena SpA (a) (b)		4,425		925
Banca Popolare dell’Etruria e del Lazio SC (b) (d)		1,627		—
Banco Popolare SC.		1,882		4,433
EXOR SpA.		515		20,864
Intesa Sanpaolo SpA (c)		3,956		8,287
Intesa Sanpaolo SpA (c)		24,971		55,395
Mediobanca SpA		1,346		8,758
Poste Italiane SpA (d)		1,139		7,815
UniCredit SpA		10,354		24,109
Unione di Banche Italiane SpA (a)		2,288		5,271
				174,724
JAPAN — 13.6%
Aozora Bank, Ltd.		4,000		13,707
Bank of Kyoto, Ltd. (a)		3,000		21,745
Bank of the Ryukyus, Ltd.		1,500		17,686
Chiba Bank, Ltd. (a)		4,000		22,515
Concordia Financial Group, Ltd. (a)		4,600		19,883
Dai-ichi Life Insurance Co., Ltd.		2,383		32,275
Daiwa Securities Group, Inc. (a)		3,878		21,614
Fukuoka Financial Group, Inc.		3,000		12,354

See accompanying notes to financial statements.

458

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Japan Exchange Group, Inc. (a)		1,800	$	27,818
Japan Post Bank Co., Ltd.		1,100		12,981
Japan Post Holdings Co., Ltd.		1,100		13,719
Joyo Bank, Ltd. (e)		2,000		8,319
Kyushu Financial Group, Inc. (a)		1,400		9,456
Mitsubishi UFJ Financial Group, Inc.		27,044		134,893
Mizuho Financial Group, Inc.		49,228		81,962
MS&AD Insurance Group Holdings, Inc.		1,074		29,585
Nomura Holdings, Inc.		8,607		37,916
ORIX Corp.		2,972		43,363
Resona Holdings, Inc.		3,627		15,126
Shinsei Bank, Ltd.		6,000		9,006
Shizuoka Bank, Ltd. (a)		1,989		15,792
Sompo Japan Nipponkoa Holdings, Inc.		989		28,962
Sumitomo Mitsui Financial Group, Inc.		2,746		91,655
Sumitomo Mitsui Trust Holdings, Inc.		983		31,726
Suruga Bank, Ltd.		600		14,273
T&D Holdings, Inc.		2,177		24,282
Tokio Marine Holdings, Inc.		1,561		59,101
				851,714
NETHERLANDS — 2.4%
ABN AMRO Group NV (d)		538		11,137
Aegon NV		2,824		10,825
ASR Nederland NV (b)		380		7,734
Euronext NV (d)		194		8,281
Flow Traders (d)		129		3,926
ING Groep NV		7,289		90,023
NN Group NV		567		17,427
				149,353
NORWAY — 0.5%
DNB ASA		1,633		21,392
Gjensidige Forsikring ASA		697		13,012
				34,404
PORTUGAL — 0.2%
Banco BPI SA (b)		7,080		8,991
Banco Comercial Portugues SA (b)		64,581		1,117
				10,108
SINGAPORE — 2.1%
DBS Group Holdings, Ltd.		3,890		43,908
Oversea-Chinese Banking Corp., Ltd.		7,178		45,539
Singapore Exchange, Ltd.		1,600		8,696
United Overseas Bank, Ltd.		2,526		34,885
				133,028
SOUTH AFRICA —0.1%
Investec PLC.		1,578		9,655
SOUTH KOREA — 2.6%
DGB Financial Group, Inc.		969		7,945
Dongbu Insurance Co., Ltd.		160		9,908
Hana Financial Group, Inc.		691		17,473
Hanwha General Insurance Co., Ltd.		2,516		14,895
KB Financial Group, Inc.		521		17,905
KB Financial Group, Inc. ADR		370		12,658
Samsung Fire & Marine Insurance Co., Ltd.		73		18,526
Samsung Life Insurance Co., Ltd.		194		18,583
Shinhan Financial Group Co., Ltd.		639		23,295
Shinhan Financial Group Co., Ltd. ADR		287		10,458
Woori Bank		1,273		13,177
				164,823
SPAIN — 4.3%
Banco Bilbao Vizcaya Argentaria SA		12,244		74,055
Banco de Sabadell SA (a)		11,147		14,281
Banco Popular Espanol SA.		6,787		8,398
Banco Santander SA		26,828		118,999
Bankia SA		12,860		10,550
Bankinter SA		1,887		13,428
Bolsas y Mercados Espanoles SHMSF SA (a)		410		12,185
CaixaBank SA.		6,555		16,567
				268,463
SWEDEN — 4.1%
Industrivarden AB Class A		800		15,958
Investor AB Class B		1,074		39,325
Kinnevik AB Class B (b)		632		16,140
L E Lundbergforetagen AB Class B		140		9,208
Nordea Bank AB		5,898		58,619
Skandinaviska Enskilda Banken AB Class A.		3,293		33,132
Svenska Handelsbanken AB Class A.		2,983		41,051
Swedbank AB Class A.		1,954		45,980
				259,413
SWITZERLAND — 6.1%
Baloise Holding AG		144		17,454
Credit Suisse Group AG (b)		3,823		50,124
GAM Holding AG (b)		780		7,467
Julius Baer Group, Ltd. (b)		636		25,935
Partners Group Holding AG		38		19,208
Swiss Life Holding AG (b)		143		37,100
Swiss Re AG.		617		55,787
UBS Group AG		7,260		99,082
Zurich Insurance Group AG (b)		282		72,725
				384,882
UNITED KINGDOM — 14.6%
3i Group PLC		4,197		35,465
Aberdeen Asset Management PLC		2,016		8,545
Admiral Group PLC		486		12,936
Ashmore Group PLC		1,021		4,688
Aviva PLC		7,898		45,193
Barclays PLC		29,467		64,230
Close Brothers Group PLC		374		6,656
CYBG PLC (b)		1,612		5,415
Direct Line Insurance Group PLC		2,635		12,487
Hargreaves Lansdown PLC		502		8,301
Henderson Group PLC		3,696		11,139
Hiscox, Ltd.		637		8,622
HSBC Holdings PLC		37,082		278,757
ICAP PLC		1,165		7,054
IG Group Holdings PLC		816		9,232
Jupiter Fund Management PLC		1,229		6,791
Legal & General Group PLC		10,528		29,909
Lloyds Banking Group PLC		119,107		84,400
London Stock Exchange Group PLC		814		29,607
Man Group PLC		5,850		8,557
Metro Bank PLC (b)		150		5,380
Old Mutual PLC		9,362		24,614
Provident Financial PLC		261		10,283

See accompanying notes to financial statements.

459

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Prudential PLC		4,701	$	83,447
Royal Bank of Scotland Group PLC (b)		6,314		14,665
RSA Insurance Group PLC		2,632		18,667
Schroders PLC NVDR		403		10,606
St James’s Place PLC		1,050		12,930
Standard Chartered PLC (b)		5,221		42,612
Standard Life PLC		3,852		17,208
				918,396
UNITED STATES — 0.4%
Thomson Reuters Corp		600		24,767
TOTAL COMMON STOCKS (Cost $8,354,392).				6,161,635
SHORT-TERM INVESTMENTS — 4.6%
UNITED STATES — 4.6%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		21,918		21,918
State Street Navigator Securities Lending Prime Portfolio (g) (h)		268,820		268,820
				290,738
TOTAL SHORT-TERM INVESTMENTS (Cost $290,738)				290,738
TOTAL INVESTMENTS — 102.9% (Cost $8,645,130)				6,452,373
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.9)%				(183,060	)
NET ASSETS — 100.0%			$	6,269,313

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2016, total aggregate fair value of securities is $0, representing 0.0% of the Fund’s net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $8,319, representing 0.1% of net assets.

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	733,998	$	—	$	—		$	733,998
Austria		24,681		—		—			24,681
Belgium		85,934		—		—			85,934
Canada		888,573		—		—			888,573
Denmark		79,086		—		—			79,086
Finland		38,317		—		—			38,317
France		308,856		—		—			308,856
Germany		273,759		—		—			273,759
Hong Kong		298,923		—		—			298,923
Ireland.		10,248		—		—			10,248
Israel		35,530		—		—			35,530
Italy		174,724		—		0	(a)		174,724
Japan.		843,395		8,319		—			851,714
Netherlands		149,353		—		—			149,353
Norway		34,404		—		—			34,404
Portugal.		10,108		—		—			10,108
Singapore		133,028		—		—			133,028

See accompanying notes to financial statements.

460

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
South Africa.	$	9,655	$	—	$	—	$	9,655
South Korea		164,823		—		—		164,823
Spain.		268,463		—		—		268,463
Sweden		259,413		—		—		259,413
Switzerland		384,882		—		—		384,882
United Kingdom.		918,396		—		—		918,396
United States		24,767		—		—		24,767
Short-Term Investments		290,738		—		—		290,738
TOTAL INVESTMENTS	$	6,444,054	$	8,319	$	0	$	6,452,373

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2016.

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		754,470		732,552		21,918	$	21,918	$	89	$	—
State Street Navigator Securities Lending Prime Portfolio		1,200,411		1,200,411		6,117,020		7,048,611		268,820		268,820		5,797		—
TOTAL			$	1,200,411							$	290,738	$	5,886	$	—

See accompanying notes to financial statements.

461

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 4.4%
Ansell, Ltd.		5,618	$	98,795
Cochlear, Ltd.		1,897		204,672
CSL, Ltd.		13,166		1,078,056
Healthscope, Ltd. (a)		54,137		127,185
Primary Health Care, Ltd.		20,343		61,647
Ramsay Health Care, Ltd.		4,957		300,130
Sirtex Medical, Ltd. (a)		2,210		53,357
Sonic Healthcare, Ltd.		15,195		255,932
				2,179,774
BELGIUM — 0.8%
Galapagos NV (b)		1,211		77,749
UCB SA		4,222		326,577
				404,326
CANADA — 0.2%
Concordia International Corp.		2,358		10,532
Novadaq Technologies, Inc. (b)		3,991		46,176
ProMetic Life Sciences, Inc. (a) (b)		19,886		44,182
				100,890
DENMARK — 6.3%
Bavarian Nordic A/S (a) (b)		1,252		47,239
Coloplast A/S Class B		3,413		264,759
Genmab A/S (b)		1,646		280,711
GN Store Nord A/S		6,541		140,772
H Lundbeck A/S (b)		2,170		71,100
Novo Nordisk A/S Class B		53,215		2,211,820
William Demant Holding A/S (b)		6,056		123,662
				3,140,063
FINLAND — 0.4%
Orion Oyj Class B		4,766		187,943
FRANCE — 7.9%
BioMerieux		647		96,486
Cellectis SA (a) (b)		1,250		30,062
DBV Technologies SA (a) (b)		757		55,382
Essilor International SA.		6,350		819,228
Ipsen SA		1,749		122,826
Korian SA		3,385		109,005
Orpea		1,670		148,038
Sanofi		33,480		2,544,943
Virbac SA (b)		226		37,779
				3,963,749
GERMANY — 9.5%
Bayer AG		23,637		2,375,553
Fresenius Medical Care AG & Co. KGaA		6,363		556,042
Fresenius SE & Co. KGaA		11,958		954,261
Gerresheimer AG		1,074		91,282
Merck KGaA		4,051		436,632
MorphoSys AG (b)		1,232		51,539
RHOEN-KLINIKUM AG		1,993		60,607
Sartorius AG Preference Shares		897		74,676
STADA Arzneimittel AG		2,624		145,850
				4,746,442
HONG KONG — 0.2%
CK Life Sciences Int’l Holdings, Inc.		382,000		34,969
Lee’s Pharmaceutical Holdings, Ltd.		36,455		34,171
Town Health International Medical Group, Ltd. (a)		264,079		41,880
				111,020
IRELAND — 0.2%
UDG Healthcare PLC (c)		5,293		44,073
UDG Healthcare PLC (b) (c) (d)		6,214		51,741
				95,814
ISRAEL — 2.9%
Teva Pharmaceutical Industries, Ltd		29,816		1,429,572
ITALY — 0.2%
Recordati SpA		3,496		112,403
JAPAN — 18.4%
Alfresa Holdings Corp.		7,300		153,331
Asahi Intecc Co., Ltd.		1,800		81,855
Astellas Pharma, Inc.		65,000		1,009,998
Chugai Pharmaceutical Co., Ltd.		6,625		237,810
Daiichi Sankyo Co., Ltd. (a)		20,400		486,506
Eisai Co., Ltd. (a)		8,900		552,553
Hisamitsu Pharmaceutical Co., Inc. (a)		2,900		155,503
Hoya Corp.		11,800		470,532
Kaken Pharmaceutical Co., Ltd.		1,300		79,336
Kissei Pharmaceutical Co., Ltd. (a)		2,200		58,376
KYORIN Holdings, Inc.		3,100		69,766
Kyowa Hakko Kirin Co., Ltd.		8,722		136,603
M3, Inc.		5,700		193,631
Medipal Holdings Corp.		7,300		125,650
Miraca Holdings, Inc.		2,000		98,948
Mitsubishi Tanabe Pharma Corp.		8,400		178,759
Nakanishi, Inc.		1,000		36,291
Nihon Kohden Corp. (a)		3,200		77,105
Nippon Shinyaku Co., Ltd. (a)		2,100		113,228
Olympus Corp.		9,400		324,890
Ono Pharmaceutical Co., Ltd.		15,400		426,802
Otsuka Holdings Co., Ltd.		16,100		729,600
PeptiDream, Inc. (a) (b)		1,300		70,478
Rohto Pharmaceutical Co., Ltd. (a)		4,700		80,526
Santen Pharmaceutical Co., Ltd.		13,100		191,846
Sawai Pharmaceutical Co., Ltd. (a)		1,300		92,174
Shionogi & Co., Ltd.		9,100		462,975
Ship Healthcare Holdings, Inc.		2,200		67,131
Sosei Group Corp. (a) (b)		500		87,444
Sumitomo Dainippon Pharma Co., Ltd. (a)		6,200		119,206
Suzuken Co., Ltd.		3,200		104,913
Sysmex Corp.		5,000		367,353
Taisho Pharmaceutical Holdings Co., Ltd. (a)		1,500		152,866
Takara Bio, Inc. (a)		3,200		53,468
Takeda Pharmaceutical Co., Ltd.		21,900		1,043,042
Terumo Corp. (a)		10,500		400,755
Toho Holdings Co., Ltd. (a)		2,800		59,033
Tsumura & Co.		2,700		76,389
				9,226,672
JORDAN — 0.3%
Hikma Pharmaceuticals PLC		4,904		128,553
LUXEMBOURG — 0.3%
Eurofins Scientific SE		339		154,045

See accompanying notes to financial statements.

462

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
NEW ZEALAND — 0.6%
Fisher & Paykel Healthcare Corp., Ltd.		22,188	$	161,512
Ryman Healthcare, Ltd.		22,512		157,650
				319,162
SINGAPORE — 0.3%
Haw Par Corp., Ltd.		10,900		72,190
Raffles Medical Group, Ltd. (a)		71,508		80,243
				152,433
SOUTH KOREA — 2.8%
Cell Biotech Co., Ltd.		895		39,007
Celltrion, Inc. (a) (b)		3,145		303,834
Chong Kun Dang Pharmaceutical Corp.		697		63,919
Dong-A Socio Holdings Co., Ltd.		419		68,860
Green Cross Corp.		375		61,799
Green Cross Holdings Corp.		2,760		71,797
Hanmi Pharm Co., Ltd.		236		108,856
Hanmi Science Co., Ltd.		1,106		114,481
iNtRON Biotechnology, Inc. (b)		907		37,389
Kolon Life Science, Inc.		477		67,001
Komipharm International Co., Ltd. (b)		2,131		83,201
LG Life Sciences, Ltd. (b)		985		55,450
Medy-Tox, Inc.		214		87,535
ViroMed Co., Ltd. (b)		727		77,826
Yuhan Corp.		474		119,431
Yungjin Pharmaceutical Co., Ltd. (b)		3,570		40,194
				1,400,580
SPAIN — 0.7%
Grifols SA (c)		14,807		319,157
Grifols SA Class B, Preference Shares (c)		3,017		48,349
				367,506
SWEDEN — 0.7%
Elekta AB Class B		13,029		126,300
Getinge AB Class B (a)		6,695		129,955
Swedish Orphan Biovitrum AB (b)		6,428		79,980
				336,235
SWITZERLAND — 24.9%
Actelion, Ltd. (b)		2,998		520,181
Basilea Pharmaceutica, Ltd. (a) (b)		685		54,339
Galenica AG		127		135,070
Lonza Group AG (b)		1,756		336,202
Novartis AG		74,313		5,856,729
Roche Holding AG (c)		1,521		377,661
Roche Holding AG (c)		18,975		4,717,325
Sonova Holding AG		1,771		251,199
Straumann Holding AG		316		123,789
Tecan Group AG		518		91,054
				12,463,549
UNITED KINGDOM — 12.4%
AstraZeneca PLC		35,949		2,336,755
BTG PLC (b)		13,925		114,682
Dechra Pharmaceuticals PLC		4,961		89,770
Genus PLC		2,880		72,877
GlaxoSmithKline PLC		136,415		2,911,446
Indivior PLC		24,921		99,221
McCarthy & Stone PLC (e)		21,246		46,062
Smith & Nephew PLC		29,369		474,590
Spire Healthcare Group PLC (e)		11,305		57,948
				6,203,351
UNITED STATES — 4.7%
ICON PLC (b)		2,040		157,835
QIAGEN NV (b)		8,158		224,661
Shire PLC		26,138		1,696,984
Taro Pharmaceutical Industries, Ltd. (a) (b)		627		69,290
Valeant Pharmaceuticals International, Inc. (b) .		8,678		212,550
				2,361,320
TOTAL COMMON STOCKS (Cost $51,771,122)				49,585,402
RIGHTS — 0.0% (f)
SOUTH KOREA — 0.0% (f)
ViroMed Co., Ltd. (expiring 10/18/16) (b) (Cost $0)		83		1,699
SHORT-TERM INVESTMENTS — 4.8%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (g) (h)		8,823		8,823
State Street Navigator Securities Lending Prime Portfolio (h) (i)		2,406,488		2,406,488
TOTAL SHORT-TERM INVESTMENTS (Cost $2,415,311)				2,415,311
TOTAL INVESTMENTS — 103.9% (Cost $54,186,433)				52,002,412
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.9)%				(1,948,622	)
NET ASSETS — 100.0%			$	50,053,790

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $51,741, representing 0.1% of net assets.

(e) 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, 2016, 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) The rate shown is the annualized seven-day yield at September 30, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

463

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,179,774	$	—	$	—	$	2,179,774
Belgium.		404,326		—		—		404,326
Canada		100,890		—		—		100,890
Denmark		3,140,063		—		—		3,140,063
Finland		187,943		—		—		187,943
France		3,963,749		—		—		3,963,749
Germany		4,746,442		—		—		4,746,442
Hong Kong		111,020		—		—		111,020
Ireland		44,073		51,741		—		95,814
Israel		1,429,572		—		—		1,429,572
Italy.		112,403		—		—		112,403
Japan		9,226,672		—		—		9,226,672
Jordan		128,553		—		—		128,553
Luxembourg.		154,045		—		—		154,045
New Zealand		319,162		—		—		319,162
Singapore		152,433		—		—		152,433
South Korea		1,400,580		—		—		1,400,580
Spain		367,506		—		—		367,506
Sweden		336,235		—		—		336,235
Switzerland		12,463,549		—		—		12,463,549
United Kingdom.		6,203,351		—		—		6,203,351
United States		2,361,320		—		—		2,361,320
Rights
South Korea		1,699		—		—		1,699
Short-Term Investments		2,415,311		—		—		2,415,311
TOTAL INVESTMENTS	$	51,950,671	$	51,741	$	—	$	52,002,412

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		32,337	$	32,337		2,196,960		2,220,474		8,823	$	8,823	$	280	$	—
State Street Navigator Securities Lending Prime Portfolio		6,462,640		6,462,640		23,001,962		27,058,114		2,406,488		2,406,488		55,037		—
TOTAL			$	6,494,977							$	2,415,311	$	55,317	$	—

See accompanying notes to financial statements.

464

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 2.2%
Brambles, Ltd.		11,079	$	101,569
CIMIC Group, Ltd.		1,187		26,106
GWA Group, Ltd.		8,907		19,562
SEEK, Ltd.		4,100		48,820
Transurban Group Stapled Security		16,665		145,000
				341,057
AUSTRIA — 0.3%
ANDRITZ AG		661		35,994
Zumtobel Group AG		835		16,131
				52,125
CANADA — 5.6%
Bombardier, Inc. Class B (a) (b)		15,750		21,571
CAE, Inc.		5,462		77,426
Canadian National Railway Co.		4,944		322,616
Canadian Pacific Railway, Ltd.		869		132,368
K-Bro Linen, Inc.		1,102		34,429
SNC-Lavalin Group, Inc.		1,734		67,988
Toromont Industries, Ltd.		2,394		71,296
Waste Connections, Inc.		1,466		109,148
WestJet Airlines, Ltd.		1,041		18,155
				854,997
CHINA — 0.2%
Fosun International, Ltd.		19,500		29,265
DENMARK — 2.5%
AP Moeller — Maersk A/S Class B		59		86,551
DSV A/S		1,775		88,402
FLSmidth & Co. A/S (a)		821		30,878
NKT Holding A/S.		669		43,153
Vestas Wind Systems A/S		1,642		135,182
				384,166
FINLAND — 1.7%
Kone Oyj Class B		2,588		131,372
Metso Oyj.		1,349		39,371
Valmet Oyj		1,627		24,482
Wartsila Oyj Abp		1,497		67,411
				262,636
FRANCE — 9.7%
Air France-KLM (a) (b)		3,293		17,700
Airbus Group SE		3,708		224,354
Alstom SA (b)		1,812		47,945
Bouygues SA		1,659		54,990
Bureau Veritas SA		1,398		30,000
Cie de Saint-Gobain		3,117		134,756
Edenred		1,373		32,117
Eiffage SA		733		56,970
Groupe Eurotunnel SE		3,369		36,483
Legrand SA.		1,771		104,448
Safran SA		1,876		134,928
Schneider Electric SE		3,718		259,305
Thales SA.		571		52,612
Vinci SA		3,064		234,559
Zodiac Aerospace		1,786		43,504
				1,464,671
GERMANY — 7.3%
Brenntag AG		1,050		57,353
Deutsche Lufthansa AG		1,439		16,018
Deutsche Post AG		6,276		196,214
GEA Group AG		1,658		92,064
HOCHTIEF AG		261		36,825
MAN SE		218		22,990
OSRAM Licht AG		693		40,700
Pfeiffer Vacuum Technology AG		332		31,564
Rheinmetall AG		569		39,620
Siemens AG		4,862		569,340
				1,102,688
HONG KONG — 3.4%
Cathay Pacific Airways, Ltd. (a)		18,000		25,065
Cheung Kong Property Holdings, Ltd.		2,591		18,908
CK Hutchison Holdings, Ltd.		18,496		235,136
Hopewell Highway Infrastructure, Ltd. (a)		66,500		40,555
Jardine Matheson Holdings, Ltd.		1,478		89,582
Jardine Strategic Holdings, Ltd.		1,002		32,765
MTR Corp., Ltd.		9,319		51,305
Noble Group, Ltd. (b)		147,251		16,416
				509,732
IRELAND — 1.8%
Experian PLC		7,778		156,000
Kingspan Group PLC		1,763		47,511
Ryanair Holdings PLC ADR		920		69,027
				272,538
ISRAEL — 0.3%
Inrom Construction Industries, Ltd.		11,139		38,356
ITALY — 1.2%
Ansaldo STS SpA.		3,280		38,335
ASTM SpA.		2,266		24,727
Atlantia SpA		2,345		59,532
Leonardo-Finmeccanica SpA (b)		5,429		61,560
				184,154
JAPAN — 32.5%
Asahi Glass Co., Ltd.		10,000		64,188
Central Japan Railway Co.		1,200		203,940
Dai Nippon Printing Co., Ltd.		6,000		58,421
Daikin Industries, Ltd.		1,800		166,215
East Japan Railway Co.		2,300		206,231
FANUC Corp.		1,200		201,570
Futaba Corp.		1,300		21,054
Hankyu Hanshin Holdings, Inc.		2,000		68,533
Hoshizaki Corp.		500		45,327
IHI Corp. (a)		13,000		37,229
ITOCHU Corp.		11,300		140,825
Japan Airport Terminal Co., Ltd. (a)		700		26,510
JGC Corp. (a)		2,600		44,803
JTEKT Corp.		2,300		34,114
Kajima Corp.		10,000		69,521
Kamigumi Co., Ltd.		4,000		34,681
Kawasaki Heavy Industries, Ltd.		18,000		55,103
Kawasaki Kisen Kaisha, Ltd. (a)		15,000		38,365
Keikyu Corp.		6,000		62,332
Keisei Electric Railway Co., Ltd. (a)		1,500		37,224
Kintetsu Group Holdings Co., Ltd.		12,000		50,126

See accompanying notes to financial statements.

465

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Kitano Construction Corp.		17,000	$	44,151
Kokuyo Co., Ltd.		2,600		37,589
Komatsu, Ltd.		6,800		154,110
Kubota Corp.		8,700		130,030
LIXIL Group Corp.		2,500		53,251
Mabuchi Motor Co., Ltd.		800		43,766
Makita Corp.		1,000		70,706
Marubeni Corp.		11,500		58,542
Minebea Co., Ltd.		4,500		41,949
MISUMI Group, Inc.		3,100		57,674
Mitsubishi Corp.		10,300		232,415
Mitsubishi Electric Corp.		14,000		177,307
Mitsubishi Heavy Industries, Ltd.		26,000		107,605
Mitsui & Co., Ltd.		11,200		153,791
Mitsui OSK Lines, Ltd.		13,000		29,912
MonotaRO Co., Ltd. (a)		900		23,996
NGK Insulators, Ltd.		2,600		53,379
Nidec Corp.		1,700		155,487
Nippon Air Conditioning Services Co., Ltd.		6,300		35,710
Nippon Express Co., Ltd.		10,000		46,413
Nippon Yusen KK.		19,000		35,274
NSK, Ltd. (a)		4,400		44,580
Obayashi Corp.		6,200		61,042
Odakyu Electric Railway Co., Ltd.		3,000		66,361
Park24 Co., Ltd.		1,100		35,629
Recruit Holdings Co., Ltd.		2,896		117,539
Secom Co., Ltd.		1,600		118,627
SMC Corp.		500		142,646
Sohgo Security Services Co., Ltd.		900		47,993
Sojitz Corp. (a)		21,300		54,057
Sumitomo Corp. (a)		9,100		100,916
Sumitomo Electric Industries, Ltd.		918		12,837
Sumitomo Heavy Industries, Ltd.		8,000		39,026
Taisei Corp.		9,000		67,101
THK Co., Ltd.		1,700		33,105
Tobu Railway Co., Ltd. (a)		11,000		55,725
Tokyu Corp.		9,000		68,257
Tomoe Corp.		12,600		41,185
Toppan Printing Co., Ltd.		7,000		62,766
Toshiba Corp. (a) (b)		27,000		89,320
TOTO, Ltd. (a)		1,600		59,961
Toyota Tsusho Corp. (a)		2,300		52,943
West Japan Railway Co.		1,300		80,081
Yamato Holdings Co., Ltd.		3,400		78,684
				4,939,750
NETHERLANDS — 2.8%
Aalberts Industries NV		1,080		36,836
AerCap Holdings NV (a) (b)		1,513		58,235
Boskalis Westminster		1,035		36,877
Koninklijke Philips NV		7,650		226,791
Randstad Holding NV		1,356		61,793
				420,532
NEW ZEALAND — 0.6%
Freightways, Ltd.		10,795		51,576
Metro Performance Glass, Ltd.		24,797		38,589
				90,165
NORWAY — 0.3%
Orkla ASA		5,128		52,998
SINGAPORE — 0.8%
ComfortDelGro Corp., Ltd.		27,000		55,646
Keppel Corp., Ltd. (a)		15,100		59,693
				115,339
SOUTH KOREA — 3.4%
CJ Corp.		118		19,928
GS Global Corp. (b)		7,497		17,869
Hyundai Development Co-Engineering & Construction		546		25,432
Hyundai Engineering & Construction Co., Ltd.		787		28,047
Hyundai Glovis Co., Ltd.		175		28,760
Hyundai Heavy Industries Co., Ltd. (b)		385		48,241
KCC Corp.		53		19,032
Koentec Co., Ltd.		14,676		33,314
Korea Aerospace Industries, Ltd.		419		29,028
LG Corp.		989		58,100
Samsung C&T Corp.		612		82,797
Samsung Heavy Industries Co., Ltd. (b)		3,018		25,676
SK Holdings Co., Ltd.		210		40,423
Young Poong Precision Corp.		7,034		54,351
				510,998
SPAIN — 2.2%
Abertis Infraestructuras SA		3,554		55,357
ACS Actividades de Construccion y Servicios SA		2,443		73,852
Aena SA (c)		576		84,992
Ferrovial SA		2,851		60,715
Gamesa Corp. Tecnologica SA		2,219		53,153
				328,069
SWEDEN — 5.5%
Alfa Laval AB (a)		3,113		48,871
Assa Abloy AB Class B		5,977		121,600
Atlas Copco AB Class A		3,841		115,803
Atlas Copco AB Class B		2,487		68,043
B&B Tools AB Class B		1,699		37,976
Sandvik AB (a)		7,963		87,694
Securitas AB Class B		3,688		61,901
Skanska AB Class B		2,648		61,908
SKF AB Class B		2,558		44,219
Trelleborg AB Class B		3,044		59,691
Volvo AB Class B		10,903		124,589
				832,295
SWITZERLAND — 6.0%
ABB, Ltd. (b)		14,293		321,570
Adecco Group AG		1,499		84,584
Geberit AG		333		146,130
Kuehne + Nagel International AG		612		89,016
Schindler Holding AG		328		61,648
SGS SA		54		121,157
Wolseley PLC		1,597		90,345
				914,450
UNITED KINGDOM — 9.0%
Aggreko PLC		2,697		33,405
Ashtead Group PLC		3,914		64,621
Babcock International Group PLC		5,244		70,504
BAE Systems PLC		21,082		143,500

See accompanying notes to financial statements.

466

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Balfour Beatty PLC (b)		9,036	$	32,795
Bunzl PLC		2,133		63,174
Capita PLC		5,057		44,013
CNH Industrial NV		5,668		40,575
Cobham PLC.		18,399		40,081
DCC PLC		955		87,148
easyJet PLC		2,793		36,535
Firstgroup PLC (b)		17,794		24,432
G4S PLC		11,003		32,559
Howden Joinery Group PLC		4,273		23,995
IMI PLC		2,209		30,818
International Consolidated Airlines Group SA		6,798		35,216
Intertek Group PLC		1,035		46,908
Meggitt PLC		7,188		42,111
Melrose Industries PLC		17,506		39,682
RELX PLC		5,409		102,795
Rentokil Initial PLC		27,390		79,094
Rolls-Royce Holdings PLC (b)		10,680		99,888
Smiths Group PLC		4,188		79,645
Travis Perkins PLC		1,521		30,506
Weir Group PLC		2,136		47,169
				1,371,169
TOTAL COMMON STOCKS (Cost $15,764,202)				15,072,150
RIGHTS — 0.0% (d)
SOUTH KOREA — 0.0% (d)
Samsung Heavy Industries Co., Ltd. (expiring 11/8/16) (b) (e) (Cost $6,547)		1,873		3,741
SHORT-TERM INVESTMENTS — 4.5%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g) (Cost $11,949)		11,949		11,949
State Street Navigator Securities Lending Prime Portfolio (f) (h) (Cost $668,413)		668,413		668,413
TOTAL SHORT-TERM INVESTMENTS (Cost $680,362)				680,362
TOTAL INVESTMENTS — 103.8% (Cost $16,451,111)				15,756,253
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%				(579,453	)
NET ASSETS — 100.0%			$	15,176,800

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.6% of net assets as of September 30, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $3,741, representing 0.0% of net assets.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at September 30, 2016.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	341,057	$	—	$	—	$	341,057
Austria		52,125		—		—		52,125

See accompanying notes to financial statements.

467

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Canada	$	854,997	$	—	$	—	$	854,997
China		29,265		—		—		29,265
Denmark		384,166		—		—		384,166
Finland		262,636		—		—		262,636
France		1,464,671		—		—		1,464,671
Germany		1,102,688		—		—		1,102,688
Hong Kong		509,732		—		—		509,732
Ireland		272,538		—		—		272,538
Israel		38,356		—		—		38,356
Italy.		184,154		—		—		184,154
Japan		4,939,750		—		—		4,939,750
Netherlands		420,532		—		—		420,532
New Zealand		90,165		—		—		90,165
Norway		52,998		—		—		52,998
Singapore		115,339		—		—		115,339
South Korea		510,998		—		—		510,998
Spain		328,069		—		—		328,069
Sweden		832,295		—		—		832,295
Switzerland		914,450		—		—		914,450
United Kingdom.		1,371,169		—		—		1,371,169
Rights
South Korea		—		3,741		—		3,741
Short-Term Investments		680,362		—		—		680,362
TOTAL INVESTMENTS	$	15,752,512	$	3,741	$	—	$	15,756,253

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		21,793	$	21,793		2,081,725		2,091,569		11,949	$	11,949	$	155	$	—
State Street Navigator Securities Lending Prime Portfolio		1,026,410		1,026,410		9,445,893		9,803,890		668,413		668,413		10,592		—
TOTAL			$	1,048,203							$	680,362	$	10,747	$	—

See accompanying notes to financial statements.

468

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRALIA — 12.9%
Alumina, Ltd. (a)		9,521	$	10,638
Amcor, Ltd.		4,236		49,110
Arrium, Ltd. (b) (c)		13,738		231
BHP Billiton PLC		8,114		122,529
BHP Billiton, Ltd.		12,106		207,331
BlueScope Steel, Ltd.		2,505		14,856
Boral, Ltd.		4,586		23,689
DuluxGroup, Ltd.		1,301		6,571
Evolution Mining, Ltd.		4,060		7,798
Fortescue Metals Group, Ltd. (a)		6,594		24,978
Iluka Resources, Ltd.		1,587		7,615
Incitec Pivot, Ltd.		7,001		15,108
Independence Group NL		1,472		4,709
Newcrest Mining, Ltd.		2,820		47,886
Northern Star Resources, Ltd.		2,140		7,631
OceanaGold Corp		2,175		6,520
Orica, Ltd.		1,695		19,716
Orora, Ltd.		3,340		8,051
OZ Minerals, Ltd.		1,991		9,264
Regis Resources, Ltd.		1,812		5,352
Resolute Mining, Ltd.		2,526		3,808
Saracen Mineral Holdings, Ltd. (b)		3,056		3,368
South32, Ltd. (d)		8,217		15,584
South32, Ltd. (d)		11,520		21,246
St. Barbara, Ltd. (b)		1,449		3,537
				647,126
AUSTRIA — 0.7%
RHI AG (a)		372		9,891
Voestalpine AG		604		20,906
Wienerberger AG		372		6,319
				37,116
BELGIUM — 1.3%
Bekaert SA		105		4,800
Solvay SA		267		30,891
Tessenderlo Chemie NV (b)		100		3,342
Umicore SA		402		25,222
				64,255
CANADA — 13.7%
Agnico Eagle Mines, Ltd.		940		50,746
Agrium, Inc. (a)		511		46,211
Alamos Gold, Inc. Class A		1,051		8,637
Asanko Gold, Inc. (b)		791		3,310
B2Gold Corp. (b)		3,415		8,939
Barrick Gold Corp.		4,285		75,739
Canam Group, Inc. (a)		475		3,632
Canfor Corp. (b)		247		2,738
CCL Industries, Inc. Class B		125		24,026
Centerra Gold, Inc.		597		3,266
Detour Gold Corp. (b)		632		13,724
Dominion Diamond Corp.		306		2,969
Eldorado Gold Corp.		2,837		11,139
Endeavour Mining Corp. (b)		235		4,556
First Majestic Silver Corp. (b)		557		5,734
First Quantum Minerals, Ltd.		2,356		19,468
Fortuna Silver Mines, Inc. (b)		569		4,117
Franco-Nevada Corp.		622		43,380
Goldcorp, Inc.		3,036		50,013
Guyana Goldfields, Inc. (b)		414		2,580
HudBay Minerals, Inc.		860		3,396
IAMGOLD Corp. (b)		1,441		5,811
Interfor Corp. (b)		437		4,948
Intertape Polymer Group, Inc.		477		8,217
Kinross Gold Corp. (b)		4,628		19,473
Kirkland Lake Gold, Inc. (b)		375		2,839
Labrador Iron Ore Royalty Corp. (a)		237		2,507
Lundin Mining Corp. (b)		1,912		7,551
MAG Silver Corp. (b)		399		6,002
Methanex Corp.		310		11,025
New Gold, Inc. (b)		1,907		8,256
Novagold Resources, Inc. (b)		955		5,326
Osisko Gold Royalties, Ltd.		375		4,097
Pan American Silver Corp.		722		12,690
Potash Corp. of Saskatchewan, Inc. (a)		3,133		50,896
Pretium Resources, Inc. (b)		520		5,330
Richmont Mines, Inc. (b)		285		2,867
Seabridge Gold, Inc. (a) (b)		207		2,279
SEMAFO, Inc. (b)		1,459		6,061
Silver Standard Resources, Inc. (b)		500		6,015
Silver Wheaton Corp.		1,542		41,582
Stella-Jones, Inc.		125		4,329
Teck Resources, Ltd. Class B		1,621		29,170
Torex Gold Resources, Inc. (b)		297		6,414
Turquoise Hill Resources, Ltd. (b)		4,172		12,317
West Fraser Timber Co., Ltd. (a)		207		6,368
Winpak, Ltd		275		9,171
Yamana Gold, Inc.		3,478		14,952
				684,813
CHILE — 0.2%
Antofagasta PLC (a)		1,459		9,931
CHINA — 0.2%
Fosun International, Ltd.		5,500		8,254
DENMARK — 1.2%
Chr Hansen Holding A/S		369		21,942
Novozymes A/S Class B		851		37,439
				59,381
FINLAND — 1.8%
Huhtamaki Oyj		81		3,774
Outokumpu Oyj (b)		1,092		7,504
Stora Enso Oyj Class R		3,322		29,512
UPM-Kymmene Oyj.		2,285		48,276
				89,066
FRANCE — 3.7%
Air Liquide SA		1,489		159,720
Arkema SA.		290		26,854
				186,574
GERMANY — 12.4%
Aurubis AG		77		4,316
BASF SE		3,556		304,153
Covestro AG (e).		181		10,705
Evonik Industries AG		325		10,992
Fuchs Petrolub SE Preference Shares		162		7,393
HeidelbergCement AG		527		49,802
KS AG (a)		799		15,161

See accompanying notes to financial statements.

469

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Lanxess AG		301	$	18,706
Linde AG		723		122,932
Salzgitter AG		260		8,522
Symrise AG		372		27,270
ThyssenKrupp AG		1,546		36,868
Wacker Chemie AG (a)		56		4,720
				621,540
HONG KONG — 0.1%
G-Resources Group, Ltd.		1,647		30
KuangChi Science, Ltd. (a) (b)		9,000		3,458
				3,488
INDIA — 0.1%
Vedanta Resources PLC		566		4,286
IRELAND — 3.1%
CRH PLC		3,523		117,844
James Hardie Industries PLC		1,556		24,195
Smurfit Kappa Group PLC		670		14,984
				157,023
ISRAEL — 0.4%
Frutarom Industries, Ltd.		265		13,935
Israel Chemicals, Ltd.		1,636		6,366
				20,301
ITALY — 0.4%
Buzzi Unicem SpA		457		9,373
Italcementi SpA (b)		754		8,965
				18,338
JAPAN — 16.9%
Asahi Kasei Corp.		4,833		38,219
Daicel Corp.		1,400		17,516
Daido Steel Co., Ltd.		1,000		4,552
Daio Paper Corp.		400		4,705
Denka Co., Ltd. (a)		4,855		20,855
DIC Corp.		200		6,142
Dowa Holdings Co., Ltd.		1,000		6,942
FP Corp.		100		5,589
Fuji Seal International, Inc. (a)		200		8,187
Hitachi Chemical Co., Ltd.		200		4,554
Hitachi Metals, Ltd.		700		8,516
Hokuetsu Kishu Paper Co., Ltd.		500		2,997
JFE Holdings, Inc. (a)		2,656		38,319
JSR Corp. (a)		1,373		21,409
Kaneka Corp.		2,000		15,701
Kansai Paint Co., Ltd.		700		15,228
Kobe Steel, Ltd. (a) (b)		1,564		14,009
Kuraray Co., Ltd.		1,200		17,669
Maruichi Steel Tube, Ltd.		200		6,873
Mitsubishi Chemical Holdings Corp.		6,602		40,956
Mitsubishi Gas Chemical Co., Inc.		1,000		14,230
Mitsubishi Materials Corp.		487		13,166
Mitsui Chemicals, Inc.		4,876		22,968
Mitsui Mining & Smelting Co., Ltd.		1,809		3,752
Nihon Nohyaku Co., Ltd.		700		3,519
Nippon Paint Holdings Co., Ltd.		700		23,157
Nippon Paper Industries Co., Ltd. (a)		400		7,272
Nippon Shokubai Co., Ltd.		100		6,192
Nippon Steel & Sumitomo Metal Corp.		3,600		73,109
Nissan Chemical Industries, Ltd. (a)		500		15,084
Nisshin Steel Co., Ltd.		400		5,384
Nitto Denko Corp. (a)		576		37,007
Oji Holdings Corp.		5,000		19,651
Pack Corp.		200		5,346
Rengo Co., Ltd.		1,000		6,103
Shin-Etsu Chemical Co., Ltd.		1,567		108,351
Showa Denko KK		200		2,502
Sumitomo Chemical Co., Ltd.		5,838		25,655
Sumitomo Osaka Cement Co., Ltd.		1,000		4,622
T&K Toka Co., Ltd.		500		4,755
Taiheiyo Cement Corp.		5,744		16,393
Taiyo Nippon Sanso Corp.		500		5,165
Teijin, Ltd.		361		6,944
Tokuyama Corp. (b)		1,000		4,157
Tokyo Ohka Kogyo Co., Ltd.		100		3,027
Tomoku Co., Ltd.		2,000		5,589
Toray Industries, Inc. (a)		5,838		56,440
Tosoh Corp.		2,000		12,206
Toyo Seikan Group Holdings, Ltd. (a)		500		8,749
Toyobo Co., Ltd.		2,000		3,338
Ube Industries, Ltd.		6,866		13,018
Zeon Corp.		1,000		8,809
				844,598
LUXEMBOURG — 1.0%
APERAM SA		254		11,476
ArcelorMittal (b)		6,017		36,839
				48,315
MEXICO — 0.3%
Fresnillo PLC		646		15,222
NETHERLANDS — 2.3%
Akzo Nobel NV.		939		63,621
AMG Advanced Metallurgical Group NV		237		4,962
Koninklijke DSM NV		721		48,745
				117,328
NEW ZEALAND — 0.3%
Fletcher Building, Ltd.		1,657		12,930
Steel & Tube Holdings, Ltd.		1,535		2,489
				15,419
NORWAY — 1.0%
Norsk Hydro ASA		4,894		21,095
Yara International ASA		861		28,613
				49,708
PERU — 0.1%
Hochschild Mining PLC		905		3,403
PORTUGAL — 0.0% (f)
Navigator Co., SA		162		466
SOUTH AFRICA — 0.6%
Lonmin PLC (b)		1,016		2,646
Mondi PLC		1,240		26,143
				28,789
SOUTH KOREA — 5.0%
Aekyung Petrochemical Co., Ltd.		240		2,120
Dongkuk Industries Co., Ltd.		1,079		5,192
Hanwha Chemical Corp.		466		10,239

See accompanying notes to financial statements.

470

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Hanwha Corp.		23	$	732
Hyosung Corp.		104		12,276
Hyundai BNG Steel Co., Ltd. (b)		165		1,828
Hyundai Steel Co.		364		16,790
Jenax, Inc. (b)		108		3,133
KISCO Corp.		30		1,125
Kolon Corp.		3		150
Kolon Industries, Inc.		36		2,710
Korea Petrochemical Ind Co., Ltd.		15		2,908
Korea Zinc Co., Ltd.		70		30,572
Kukdo Chemical Co., Ltd.		97		4,862
LG Chem, Ltd.		175		38,373
Lotte Chemical Corp.		66		17,858
OCI Co., Ltd. (b)		77		6,537
Poongsan Holdings Corp.		105		4,328
POSCO ADR		1,134		57,925
Sinjin SM Co., Ltd.		104		916
SK Chemicals Co., Ltd.		57		3,499
Taekwang Industrial Co., Ltd.		9		6,848
Tongyang, Inc.		1,066		2,802
Wonik Materials Co., Ltd. (b)		85		5,402
Youlchon Chemical Co., Ltd.		1,080		13,434
				252,559
SPAIN — 0.2%
Acerinox SA		537		7,106
Vidrala SA		39		2,283
				9,389
SWEDEN — 0.8%
Boliden AB		1,037		24,402
Hexpol AB (a)		945		8,482
SSAB AB Class A (a) (b)		1,841		5,377
SSAB AB Class B (b)		1,610		3,933
				42,194
SWITZERLAND — 10.1%
Clariant AG (b)		1,046		18,041
EMS-Chemie Holding AG		31		16,677
Givaudan SA.		32		65,261
Glencore PLC (b)		44,744		123,307
Gurit Holding AG (b)		5		4,564
LafargeHolcim, Ltd. (b) (d)		876		47,442
LafargeHolcim, Ltd. (b) (d)		759		40,989
Sika AG		6		29,239
Syngenta AG.		361		158,268
				503,788
UNITED KINGDOM — 8.6%
Acacia Mining PLC		560		3,619
Anglo American PLC (b)		4,703		59,113
Centamin PLC.		3,947		7,609
Croda International PLC		479		21,678
DS Smith PLC		3,291		16,429
Elementis PLC		1,314		3,719
Essentra PLC		871		5,498
Johnson Matthey PLC		907		38,810
Randgold Resources, Ltd.		339		34,282
Rio Tinto PLC		4,695		157,014
Rio Tinto, Ltd.		1,616		63,823
RPC Group PLC		962		11,996
Victrex PLC		316		6,436
				430,026
UNITED STATES — 0.5%
Sims Metal Management, Ltd. (a)		1,197		8,519
Tahoe Resources, Inc.		1,154		14,769
				23,288
TOTAL COMMON STOCKS (Cost $7,402,889)				4,995,984
SHORT-TERM INVESTMENTS — 5.3%
UNITED STATES — 5.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (g) (h)		81		81
State Street Navigator Securities Lending Prime Portfolio (h) (i)		264,905		264,905
				264,986
TOTAL SHORT-TERM INVESTMENTS (Cost $264,986)				264,986
TOTAL INVESTMENTS — 105.2% (Cost $7,667,875)				5,260,970
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.2)%				(260,692	)
NET ASSETS — 100.0%			$	5,000,278

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $231, representing 0.0% of net assets.

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(e) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of September 30, 2016, is 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) The rate shown is the annualized seven-day yield at September 30, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

See accompanying notes to financial statements.

471

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	646,895	$	231	$	—	$	647,126
Austria		37,116		—		—		37,116
Belgium		64,255		—		—		64,255
Canada		684,813		—		—		684,813
Chile		9,931		—		—		9,931
China		8,254		—		—		8,254
Denmark		59,381		—		—		59,381
Finland		89,066		—		—		89,066
France		186,574		—		—		186,574
Germany		621,540		—		—		621,540
Hong Kong		3,488		—		—		3,488
India		4,286		—		—		4,286
Ireland.		157,023		—		—		157,023
Israel		20,301		—		—		20,301
Italy		18,338		—		—		18,338
Japan.		844,598		—		—		844,598
Luxembourg		48,315		—		—		48,315
Mexico		15,222		—		—		15,222
Netherlands		117,328		—		—		117,328
New Zealand		15,419		—		—		15,419
Norway		49,708		—		—		49,708
Peru		3,403		—		—		3,403
Portugal.		466		—		—		466
South Africa.		28,789		—		—		28,789
South Korea		252,559		—		—		252,559
Spain.		9,389		—		—		9,389
Sweden		42,194		—		—		42,194
Switzerland		503,788		—		—		503,788
United Kingdom.		430,026		—		—		430,026
United States		23,288		—		—		23,288
Short-Term Investments		264,986		—		—		264,986
TOTAL INVESTMENTS	$	5,260,739	$	231	$	—	$	5,260,970

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		22,679	$	22,679		310,874		333,472		81	$	81	$	42	$	—
State Street Navigator Securities Lending Prime Portfolio		620,519		620,519		3,179,172		3,534,786		264,905		264,905		2,923		—
TOTAL			$	643,198							$	264,986	$	2,965	$	—

See accompanying notes to financial statements.

472

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 1.1%
Aconex, Ltd. (a) (b)		1,864	$	9,472
Altium, Ltd. (a)		1,091		7,689
carsales.com, Ltd.		2,600		23,776
Computershare, Ltd.		5,577		44,044
IRESS, Ltd.		2,817		25,438
Link Administration Holdings, Ltd.		1,400		8,849
				119,268
AUSTRIA — 0.2%
ams AG		609		19,789
BELGIUM — 0.2%
Barco NV		258		20,252
CANADA — 3.7%
Avigilon Corp. (a) (b)		235		1,554
BlackBerry, Ltd. (b)		4,686		37,295
Canadian Solar, Inc. (a) (b)		292		4,012
Celestica, Inc. (b)		1,543		16,660
CGI Group, Inc. Class A (b)		2,587		123,007
Constellation Software, Inc.		173		77,851
DH Corp. (a)		1,206		26,024
Kinaxis, Inc. (b)		197		10,018
Open Text Corp.		1,082		69,963
Sandvine Corp.		1,627		3,615
Shopify, Inc. Class A (b)		363		15,547
				385,546
CHINA — 0.0% (c)
New Sports Group, Ltd. (b)		120,000		1,888
Technovator International, Ltd.		6,000		2,429
				4,317
DENMARK — 0.3%
SimCorp.A/S		609		35,386
FINLAND — 2.9%
Nokia Oyj (d)		29,834		173,002
Nokia Oyj (d)		15,858		91,761
Tieto Oyj		1,135		35,842
				300,605
FRANCE — 4.3%
Altran Technologies SA (b)		550		8,134
Atos SE		682		73,516
Cap Gemini SA		1,462		143,236
Criteo SA ADR (b)		488		17,134
Dassault Systemes		1,137		98,681
Ingenico Group SA		492		43,000
Neopost SA		438		11,828
Sopra Steria Group		134		15,729
Ubisoft Entertainment SA (b)		971		36,665
				447,923
GERMANY — 10.0%
ADVA Optical Networking SE (b)		1,036		10,432
AIXTRON SE (b)		1,323		8,040
Infineon Technologies AG		10,087		180,012
Rocket Internet SE (a) (b) (e)		432		9,287
SAP SE		7,713		701,404
Scout24 AG (b) (e)		184		6,203
SMA Solar Technology AG (a)		171		5,456
Software AG		590		25,007
United Internet AG		1,219		53,954
Wirecard AG		945		49,117
				1,048,912
HONG KONG — 0.7%
ASM Pacific Technology, Ltd.		3,449		28,416
China Goldjoy Group, Ltd.		36,000		4,131
China Innovationpay Group, Ltd. (b)		72,000		5,663
Landing International Development, Ltd. (b)		116,651		3,023
PAX Global Technology, Ltd. (a)		9,000		6,614
Peace Map Holding, Ltd. (b)		100,000		2,011
Truly International Holdings, Ltd.		14,000		5,686
VTech Holdings, Ltd.		1,971		22,478
				78,022
IRELAND — 0.1%
Datalex PLC		1,797		7,270
ISLE OF MAN — 0.2%
Paysafe Group PLC (b)		3,373		19,546
ISRAEL — 1.8%
Check Point Software Technologies, Ltd. (a) (b)		1,140		88,475
CyberArk Software, Ltd. (b)		159		7,882
Ituran Location and Control, Ltd.		540		14,288
Mellanox Technologies, Ltd. (b)		352		15,224
Nice-Systems, Ltd.		695		46,474
Tower Semiconductor, Ltd. (b)		712		10,638
Wix.com, Ltd. (b)		251		10,901
				193,882
ITALY — 0.1%
Reply SpA		91		11,965
JAPAN — 31.1%
Advantest Corp. (a)		2,078		27,908
Alps Electric Co., Ltd. (a)		1,747		41,404
Anritsu Corp. (a)		1,500		8,532
Azbil Corp. (a)		886		26,598
Brother Industries, Ltd. (a)		2,348		40,832
Canon, Inc.		8,819		254,603
Citizen Holdings Co., Ltd. (a)		3,555		18,466
COLOPL, Inc. (a)		600		9,273
COOKPAD, Inc. (a)		300		2,856
DeNA Co., Ltd.		900		32,484
Dip Corp. (a)		300		9,243
Disco Corp.		200		23,483
FUJIFILM Holdings Corp.		3,725		136,765
Fujitsu, Ltd.		16,688		88,989
GMO internet, Inc. (a)		700		9,318
GMO Payment Gateway, Inc. (a)		200		10,389
GungHo Online Entertainment, Inc. (a)		3,300		8,049
Gurunavi, Inc.		300		8,197
Hamamatsu Photonics KK (a)		1,500		45,697
Hirose Electric Co., Ltd.		300		39,105
Hitachi High-Technologies Corp.		777		30,807
Hitachi Kokusai Electric, Inc.		400		7,319
Hitachi, Ltd.		38,325		177,347
Horiba, Ltd.		586		28,616
Ibiden Co., Ltd. (a)		1,670		22,230
Infomart Corp. (a)		800		9,235

See accompanying notes to financial statements.

473

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Istyle, Inc.		1,000	$	8,088
IT Holdings Corp.		1,079		27,799
Japan Digital Laboratory Co., Ltd. (a)		1,283		18,700
Japan Display, Inc. (b)		2,950		4,574
Kakaku.com, Inc.		1,500		27,003
Keyence Corp.		392		284,366
Konami Holdings Corp. (a)		985		37,886
Konica Minolta, Inc.		4,706		39,501
Kyocera Corp. (a)		2,983		142,073
LINE Corp. (b)		200		9,599
Mitsumi Electric Co., Ltd. (a) (b)		1,479		8,237
Mixi, Inc. (a)		500		17,948
Murata Manufacturing Co., Ltd.		1,669		214,754
NEC Corp.		22,578		57,747
Nexon Co., Ltd.		1,500		23,330
Nintendo Co., Ltd.		883		231,987
Nippon Electric Glass Co., Ltd.		3,933		20,196
Nomura Research Institute, Ltd.		1,300		44,546
NTT Data Corp.		1,392		69,143
Obic Co., Ltd.		890		47,020
Oki Electric Industry Co., Ltd.		878		11,717
Omron Corp.		1,861		66,251
Otsuka Corp.		700		33,007
Renesas Electronics Corp. (b)		2,600		15,765
Ricoh Co., Ltd. (a)		5,801		52,130
Rohm Co., Ltd.		880		45,884
SCREEN Holdings Co., Ltd.		387		24,752
SCSK Corp.		600		24,145
Seiko Epson Corp.		2,700		51,512
Shimadzu Corp.		2,000		30,237
SMS Co., Ltd. (a)		400		10,606
Square Enix Holdings Co., Ltd.		700		23,987
Sumco Corp.		1,578		12,794
Taiyo Yuden Co., Ltd. (a)		1,484		14,479
TDK Corp. (a)		1,078		71,324
Tokyo Electron, Ltd. (a)		1,470		128,862
Topcon Corp. (a)		1,000		14,111
Trend Micro, Inc. (a)		981		34,003
Ulvac, Inc.		500		14,788
Wacom Co., Ltd. (a)		1,900		5,723
Yahoo! Japan Corp. (a)		11,919		47,316
Yaskawa Electric Corp.		2,812		41,598
Yokogawa Electric Corp. (a)		2,635		34,738
				3,261,971
NETHERLANDS — 7.3%
ASM International NV.		751		30,729
ASML Holding NV.		3,570		391,929
Cimpress NV (b)		396		40,067
Gemalto NV		804		51,574
InterXion Holding NV (b)		403		14,597
NXP Semiconductors NV (b)		2,292		233,807
				762,703
NEW ZEALAND — 0.1%
Xero, Ltd. (b)		896		12,608
NORWAY — 0.1%
Nordic Semiconductor ASA (a) (b)		1,277		6,231
Opera Software ASA (b)		1,244		8,639
				14,870
SINGAPORE — 0.4%
IGG, Inc.		8,000		5,312
Venture Corp., Ltd.		4,925		32,582
				37,894
SOUTH KOREA — 21.2%
Actoz Soft Co., Ltd. (b)		82		1,329
Advanced Process Systems Corp. (b)		430		9,565
AfreecaTV Co., Ltd.		193		4,880
Ahnlab, Inc.		130		7,354
Bluecom Co., Ltd.		233		2,867
Com2uSCorp. (b)		126		11,440
Daou Technology, Inc.		283		5,576
Dongbu HiTek Co., Ltd. (b)		308		4,978
Dongwon Systems Corp.		126		6,796
DuzonBizon Co., Ltd.		317		6,246
Eo Technics Co., Ltd.		82		4,825
G-SMATT GLOBAL Co., Ltd. (b)		303		7,593
G-treeBNT Co., Ltd. (b)		423		6,798
Gamevil, Inc. (b)		122		6,912
GemVax & Kael Co., Ltd. (b)		520		8,168
Kakao Corp.		268		19,905
KH Vatec Co., Ltd.		236		2,646
LG Display Co., Ltd. ADR		4,140		52,661
LG Innotek Co., Ltd.		177		12,584
Lumens Co., Ltd. (b)		1,860		7,127
NAVER Corp.		248		198,832
NCSoft Corp.		150		40,246
Neowiz Games Corp. (b)		536		5,840
Nexon GT Co., Ltd. (b)		245		1,764
NHN Entertainment Corp. (b)		239		12,955
NHN KCP Corp.		233		3,988
Partron Co., Ltd.		745		6,129
Sam Young Electronics Co., Ltd.		1,275		13,603
Samsung Electro-Mechanics Co., Ltd.		528		23,443
Samsung Electronics Co., Ltd. GDR		1,973		1,425,492
Samsung SDI Co., Ltd.		451		39,312
Samsung SDS Co., Ltd.		304		42,508
Seoul Semiconductor Co., Ltd.		797		10,602
SK Hynix, Inc.		4,666		170,312
SundayToz Corp. (b)		75		2,380
Texcell-NetCom Co., Ltd. (b)		742		4,770
Tovis Co., Ltd.		781		6,701
UniTest, Inc.		449		5,259
Viatron Technologies, Inc.		345		8,755
Webzen, Inc. (b)		193		2,997
WeMade Entertainment Co., Ltd. (b)		98		1,731
Wonik Holdings Co., Ltd. (b)		1,406		9,345
				2,227,214
SPAIN — 1.8%
Amadeus IT Group SA Class A		3,476		173,714
Indra Sistemas SA (a) (b)		1,393		18,684
				192,398
SWEDEN — 3.3%
Fingerprint Cards AB Class B (a) (b)		2,614		30,664
Hexagon AB Class B		2,361		103,232
Mycronic AB.		497		6,207
NetEnt AB (b)		1,734		15,888
Starbreeze AB (b)		2,991		8,099

See accompanying notes to financial statements.

474

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Telefonaktiebolaget LM Ericsson Class B		24,505	$	177,193
				341,283
SWITZERLAND — 1.4%
Logitech International SA		1,811		40,726
Myriad Group AG (a) (b)		2,333		6,787
STMicroelectronics NV.		6,473		52,739
Temenos Group AG (b)		723		45,644
				145,896
UNITED KINGDOM — 5.5%
Atlassian Corp. PLC Class A (b)		298		8,931
Auto Trader Group PLC (e)		6,989		36,814
AVEVA Group PLC		891		23,102
Dialog Semiconductor PLC (b)		796		30,696
Electrocomponents PLC		5,123		22,593
FDM Group Holdings PLC		722		5,740
Fidessa Group PLC		396		12,361
Halma PLC		2,736		37,282
Imagination Technologies Group PLC (a) (b)		2,585		8,286
Just Eat PLC (b)		3,777		26,298
Kainos Group PLC		1,047		2,360
Micro Focus International PLC		1,575		44,970
Moneysupermarket.com Group PLC		3,792		14,782
NCC Group PLC (a)		2,983		13,586
Playtech PLC.		1,501		17,743
Rightmove PLC		779		42,723
Sage Group PLC		11,532		110,553
Sophos Group PLC (e)		1,156		4,006
Spectris PLC		1,504		38,449
Spirent Communications PLC		9,001		9,588
Worldpay Group PLC (e)		11,216		43,155
Xaar PLC		1,227		7,969
Zoopla Property Group PLC (e)		2,442		10,319
				572,306
UNITED STATES — 1.7%
Diebold Inc. (b)		196		4,836
Fleetmatics Group PLC (b)		315		18,894
Flex, Ltd. (b)		5,753		78,356
Globant SA (a) (b)		159		6,697
Mitel Networks Corp. (b)		980		7,213
Mobileye NV (b)		1,330		56,618
Stratasys, Ltd. (b)		315		7,588
				180,202
TOTAL COMMON STOCKS (Cost $10,013,851)				10,442,028
SHORT-TERM INVESTMENTS — 7.6%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		2,021		2,021
State Street Navigator Securities Lending Prime Portfolio (g) (h)		796,074		796,074
TOTAL SHORT-TERM INVESTMENTS (Cost $798,095)				798,095
TOTAL INVESTMENTS — 107.1% (Cost $10,811,946)				11,240,123
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.1)%				(747,522	)
NET ASSETS — 100.0%			$	10,492,601

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

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

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

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

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	119,268	$	—	$	—	$	119,268
Austria		19,789		—		—		19,789

See accompanying notes to financial statements.

475

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Belgium	$	20,252	$	—	$	—	$	20,252
Canada		385,546		—		—		385,546
China		4,317		—		—		4,317
Denmark		35,386		—		—		35,386
Finland		300,605		—		—		300,605
France		447,923		—		—		447,923
Germany		1,048,912		—		—		1,048,912
Hong Kong		78,022		—		—		78,022
Ireland		7,270		—		—		7,270
Isle of Man		19,546		—		—		19,546
Israel		193,882		—		—		193,882
Italy.		11,965		—		—		11,965
Japan		3,261,971		—		—		3,261,971
Netherlands		762,703		—		—		762,703
New Zealand		12,608		—		—		12,608
Norway		14,870		—		—		14,870
Singapore		37,894		—		—		37,894
South Korea		2,227,214		—		—		2,227,214
Spain		192,398		—		—		192,398
Sweden		341,283		—		—		341,283
Switzerland		145,896		—		—		145,896
United Kingdom		572,306		—		—		572,306
United States		180,202		—		—		180,202
Short-Term Investments		798,095		—		—		798,095
TOTAL INVESTMENTS	$	11,240,123	$	—	$	—	$	11,240,123

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		11,633	$	11,633		364,409		374,021		2,021	$	2,021	$	38	$	—
State Street Navigator Securities Lending Prime Portfolio		1,359,852		1,359,852		10,470,984		11,034,762		796,074		796,074		14,055		—
TOTAL			$	1,371,485							$	798,095	$	14,093	$	—

See accompanying notes to financial statements.

476

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 4.5%
Amaysim Australia, Ltd.		7,874	$	13,076
SpeedCast International, Ltd. (a)		3,728		11,126
Superloop, Ltd. (b)		3,815		8,817
Telstra Corp., Ltd.		240,546		953,523
TPG Telecom, Ltd.		17,551		115,774
Vocus Communications, Ltd. (a)		34,715		165,504
				1,267,820
AUSTRIA — 0.1%
Telekom Austria AG (b)		4,699		26,536
BELGIUM — 1.0%
Orange Belgium SA (b)		1,807		44,209
Proximus SADP		7,981		238,442
				282,651
CANADA — 7.1%
BCE, Inc. (c)		13,299		614,148
BCE, Inc. (c)		2,794		128,810
Manitoba Telecom Services, Inc. (a)		1,526		43,774
Rogers Communications, Inc. Class B		20,134		854,084
TELUS Corp.		10,931		360,723
				2,001,539
CHINA — 0.1%
APT Satellite Holdings, Ltd.		28,000		19,386
DENMARK — 0.9%
TDC A/S		45,641		268,503
FINLAND — 1.1%
Elisa Oyj		8,414		310,429
FRANCE — 6.0%
Iliad SA		1,485		311,740
Orange SA		78,977		1,236,348
SFR Group SA		5,420		159,645
				1,707,733
GERMANY — 8.2%
Deutsche Telekom AG		110,601		1,854,458
Drillisch AG (a)		2,463		119,616
Freenet AG		7,199		210,548
QSC AG.		5,234		11,717
Telefonica Deutschland Holding AG		35,116		141,318
				2,337,657
HONG KONG — 1.7%
HKBN, Ltd.		56,760		63,888
HKT Trust & HKT, Ltd.		158,208		222,749
Hutchison Telecommunications Hong Kong Holdings, Ltd.		74,000		25,093
PCCW, Ltd.		230,664		141,564
SmarTone Telecommunications Holdings, Ltd.		22,000		36,364
				489,658
ISRAEL — 1.0%
B Communications, Ltd.		440		10,308
Bezeq The Israeli Telecommunication Corp., Ltd.		114,851		216,381
Cellcom Israel, Ltd. (b)		3,475		25,932
Partner Communications Co., Ltd. (b)		6,596		30,131
				282,752
ITALY — 2.9%
Ei Towers SpA (b)		953		50,229
Infrastrutture Wireless Italiane SpA (d)		13,626		67,040
Telecom Italia SpA/Milano (b) (c)		564,159		468,527
Telecom Italia SpA/Milano (b) (c)		338,763		229,944
				815,740
JAPAN — 22.2%
Japan Communications, Inc. (b)		7,800		13,634
KDDI Corp.		61,890		1,903,791
Nippon Telegraph & Telephone Corp.		25,894		1,179,824
NTT DOCOMO, Inc.		46,258		1,170,325
Okinawa Cellular Telephone Co.		700		21,152
SoftBank Group Corp.		31,278		2,014,468
WirelessGate, Inc.		400		6,755
				6,309,949
LUXEMBOURG — 0.6%
Millicom International Cellular SA SDR		3,370		175,041
NETHERLANDS — 2.8%
Koninklijke KPN NV		240,056		797,185
NEW ZEALAND — 1.2%
Chorus, Ltd.		22,531		64,064
Spark New Zealand, Ltd.		102,863		270,035
				334,099
NORWAY — 2.3%
Telenor ASA		38,827		666,039
PORTUGAL — 0.0% (e)
Pharol SGPS SA (a)		49,139		13,253
SINGAPORE — 4.6%
M1, Ltd. (a)		20,000		35,205
Singapore Telecommunications, Ltd.		403,053		1,173,582
StarHub, Ltd.		33,306		83,787
				1,292,574
SOUTH KOREA — 2.9%
KT Corp. ADR		13,934		223,641
LG Uplus Corp.		12,052		128,580
Sejong Telecom, Inc. (b)		8,289		7,940
SK Telecom Co., Ltd. ADR		20,327		459,390
				819,551
SPAIN — 6.1%
Cellnex Telecom SA (d)		8,596		155,529
Euskaltel SA (b) (d)		5,975		59,459
Telefonica SA		150,053		1,520,195
				1,735,183
SWEDEN — 3.2%
Com Hem Holding AB		6,722		62,219
Tele2 AB Class B		17,602		152,138
Telia Co. AB		153,354		687,707
				902,064
SWITZERLAND — 2.9%
Sunrise Communications Group AG (b) (d)		1,897		132,579
Swisscom AG		1,427		679,643
				812,222

See accompanying notes to financial statements.

477

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
UNITED KINGDOM — 15.8%
BT Group PLC		300,641	$	1,519,367
Inmarsat PLC		25,199		230,771
KCOM Group PLC		29,264		44,096
TalkTalk Telecom Group PLC (a)		30,600		80,294
Vodafone Group PLC		908,472		2,616,883
				4,491,411
TOTAL COMMON STOCKS (Cost $30,301,557)				28,158,975
SHORT-TERM INVESTMENTS — 0.9%
UNITED STATES — 0.9%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		16,354		16,354
State Street Navigator Securities Lending Prime Portfolio (g) (h)		250,771		250,771
				267,125
TOTAL SHORT-TERM INVESTMENTS (Cost $267,125)				267,125
TOTAL INVESTMENTS — 100.1% (Cost $30,568,682)				28,426,100
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(32,239	)
NET ASSETS — 100.0%			$	28,393,861

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.5% of net assets as of September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

SDR = Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,267,820	$	—	$	—	$	1,267,820
Austria		26,536		—		—		26,536
Belgium.		282,651		—		—		282,651
Canada		2,001,539		—		—		2,001,539
China		19,386		—		—		19,386
Denmark		268,503		—		—		268,503
Finland		310,429		—		—		310,429
France		1,707,733		—		—		1,707,733
Germany		2,337,657		—		—		2,337,657
Hong Kong		489,658		—		—		489,658
Israel		282,752		—		—		282,752
Italy.		815,740		—		—		815,740
Japan		6,309,949		—		—		6,309,949
Luxembourg.		175,041		—		—		175,041
Netherlands		797,185		—		—		797,185
New Zealand		334,099		—		—		334,099
Norway		666,039		—		—		666,039
Portugal		13,253		—		—		13,253
Singapore		1,292,574		—		—		1,292,574
South Korea		819,551		—		—		819,551
Spain		1,735,183		—		—		1,735,183

See accompanying notes to financial statements.

478

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Sweden	$	902,064	$	—	$	—	$	902,064
Switzerland		812,222		—		—		812,222
United Kingdom.		4,491,411		—		—		4,491,411
Short-Term Investments		267,125		—		—		267,125
TOTAL INVESTMENTS	$	28,426,100	$	—	$	—	$	28,426,100

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		30,521	$	30,521		1,638,545		1,652,712		16,354	$	16,354	$	171	$	—
State Street Navigator Securities Lending Prime Portfolio		1,591,584		1,591,584		35,019,219		36,360,032		250,771		250,771		25,858		—
TOTAL			$	1,622,105							$	267,125	$	26,029	$	—

See accompanying notes to financial statements.

479

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS

September 30, 2016

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 4.7%
AGL Energy, Ltd.		34,587	$	504,210
APA Group.		57,231		373,142
AusNet Services (a)		86,557		108,630
DUET Group		124,750		239,617
ERM Power, Ltd.		8,748		7,766
Infigen Energy (b)		39,298		24,209
Spark Infrastructure Group		87,487		154,653
				1,412,227
AUSTRIA — 0.4%
EVN AG		1,593		18,896
Verbund AG		6,076		101,399
				120,295
BELGIUM — 0.3%
Elia System Operator SA		1,509		77,143
CANADA — 6.5%
Algonquin Power & Utilities Corp. (a)		14,087		125,944
Atco, Ltd. Class I		3,858		136,854
Boralex, Inc. Class A		2,305		32,815
Canadian Utilities, Ltd. Class A		6,163		173,600
Capital Power Corp. (a)		4,632		72,674
Emera, Inc.		10,316		371,352
Fortis, Inc. (a)		14,642		470,037
Hydro One, Ltd. (c)		8,539		168,278
Innergex Renewable Energy, Inc. (a)		5,137		57,223
Just Energy Group, Inc. (a)		5,134		25,978
Northland Power, Inc.		5,909		109,885
Superior Plus Corp. (a)		7,407		66,504
TransAlta Corp.		15,132		67,125
TransAlta Renewables, Inc. (a)		4,789		53,675
Valener, Inc. (a)		1,953		32,440
				1,964,384
CHINA — 0.7%
China Everbright Water, Ltd.		36,338		15,991
ENN Energy Holdings, Ltd.		37,000		180,087
				196,078
DENMARK — 1.5%
DONG Energy A/S (b) (c)		10,730		445,332
FINLAND — 1.2%
Fortum Oyj		22,349		361,165
FRANCE — 8.7%
Albioma SA		1,389		24,023
Direct Energie		693		26,409
Electricite de France SA (a)		15,474		188,330
Engie SA		83,091		1,287,678
Rubis SCA		2,164		198,443
Suez Environment Co		18,298		302,178
Veolia Environnement SA		26,304		605,989
				2,633,050
GERMANY — 4.0%
Capital Stage AG (a)		2,247		16,686
CHORUS Clean Energy AG (b)		1,282		13,920
E.ON SE		102,899		730,138
RWE AG (b)		24,843		428,131
RWE AG Preference Shares		2,173		27,595
				1,216,470
HONG KONG — 9.8%
Canvest Environmental Protection Group Co., Ltd.		33,000		14,977
Cheung Kong Infrastructure Holdings, Ltd.		38,300		329,374
China Ruifeng Renewable Energy Holdings, Ltd. (b)		70,171		8,324
China Water Industry Group, Ltd. (a) (b)		77,045		13,113
CLP Holdings, Ltd.		102,000		1,054,068
HK Electric Investments & HK Electric Investments, Ltd. (a) (c)		117,671		115,305
Hong Kong & China Gas Co., Ltd.		379,329		716,015
Kong Sun Holdings, Ltd. (b) (d)		193,787		9,744
Power Assets Holdings, Ltd.		66,500		648,199
Towngas China Co., Ltd. (a) (b)		51,000		29,261
United Photovoltaics Group, Ltd. (a) (b)		192,000		18,071
				2,956,451
ITALY — 10.5%
A2A SpA		80,134		113,199
ACEA SpA.		2,397		30,143
Ascopiave SpA		4,427		13,383
Enel SpA		396,953		1,770,108
ERG SpA (a)		2,554		29,305
Falck Renewables SpA		7,648		6,755
Hera SpA		30,327		81,727
Iren SpA		29,953		51,569
Snam SpA		124,189		688,886
Terna Rete Elettrica Nazionale SpA		71,929		370,866
				3,155,941
JAPAN — 12.3%
Chubu Electric Power Co., Inc. (a)		36,988		535,470
Chugoku Electric Power Co., Inc. (a)		16,887		211,286
Electric Power Development Co., Ltd. (a)		9,000		214,902
eRex Co., Ltd.		600		17,775
Hiroshima Gas Co., Ltd.		2,500		8,295
Hokkaido Electric Power Co., Inc.		10,400		88,323
Hokkaido Gas Co., Ltd.		4,000		10,942
Hokuriku Electric Power Co. (a)		10,194		123,518
K&O Energy Group, Inc.		797		11,404
Kansai Electric Power Co., Inc. (b)		41,498		375,045
Kyushu Electric Power Co., Inc.		24,192		225,998
Okinawa Electric Power Co., Inc.		2,000		44,951
Osaka Gas Co., Ltd. (a)		106,958		445,830
Saibu Gas Co., Ltd. (a)		18,000		44,260
Shikoku Electric Power Co., Inc. (a) (b)		10,600		104,153
Shizuoka Gas Co., Ltd.		3,400		26,692
Toho Gas Co., Ltd. (a)		26,000		242,117
Tohoku Electric Power Co., Inc. (a)		25,772		334,668
Tokyo Electric Power Co. Holdings, Inc. (b)		42,099		180,843
Tokyo Gas Co., Ltd.		103,958		459,503
West Holdings Corp.		1,000		7,051
				3,713,026
NEW ZEALAND — 1.6%
Contact Energy, Ltd.		37,085		135,920
Genesis Energy, Ltd.		25,412		38,622

See accompanying notes to financial statements.

480

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

Security Description	Shares		Value
Infratil, Ltd.		30,003	$	70,691
Mercury NZ, Ltd.		34,366		76,097
Meridian Energy, Ltd.		61,659		116,580
TrustPower, Ltd.		3,635		20,354
Vector, Ltd.		13,180		31,629
				489,893
NORWAY — 0.0% (e)
Scatec Solar ASA (a) (c)		2,934		11,380
PORTUGAL — 1.8%
EDP — Energias de Portugal SA		148,436		498,602
REN — Redes Energeticas Nacionais SGPS SA (a)		10,394		30,405
				529,007
SINGAPORE — 0.2%
Hyflux, Ltd. (a)		23,200		8,083
Kenon Holdings, Ltd. (b)		817		9,363
Keppel Infrastructure Trust		138,238		51,201
				68,647
SOUTH KOREA — 2.5%
E1 Corp.		187		10,714
Eco Energy Holdings Co., Ltd. (b)		369		5,428
Korea District Heating Corp.		122		7,278
Korea Electric Power Corp. ADR		26,397		643,559
Korea Gas Corp.		1,467		58,874
KyungDong City Gas Co., Ltd.		86		5,934
Samchully Co., Ltd.		163		14,874
				746,661
SPAIN — 13.0%
Acciona SA		1,346		101,755
Atlantica Yield PLC		2,942		55,927
EDP Renovaveis SA		10,686		85,816
Enagas SA		11,645		350,395
Endesa SA		16,308		349,678
Gas Natural SDG SA		18,501		380,379
Iberdrola SA		307,555		2,091,755
Red Electrica Corp. SA		22,242		480,040
Saeta Yield SA		3,237		32,194
				3,927,939
SWITZERLAND — 0.2%
Alpiq Holding AG (b)		236		21,911
BKW AG (a)		625		30,012
				51,923
UNITED KINGDOM — 19.8%
Centrica PLC		281,756		835,214
Drax Group PLC		21,020		83,389
National Grid PLC		201,647		2,860,379
Pennon Group PLC		21,111		244,615
Severn Trent PLC.		12,239		398,256
SSE PLC		51,830		1,055,690
Telecom Plus PLC		3,292		47,296
United Utilities Group PLC		35,035		456,470
				5,981,309
UNITED STATES — 0.1%
Atlantic Power Corp. (a)		6,504		16,035
TOTAL COMMON STOCKS (Cost $36,066,024)				30,074,356
SHORT-TERM INVESTMENTS — 8.5%
UNITED STATES — 8.5%
State Street Institutional Liquid Reserves Fund, Premier Class 0.40% (f) (g)		2,316		2,316
State Street Navigator Securities Lending Prime Portfolio (g) (h)		2,565,714		2,565,714
				2,568,030
TOTAL SHORT-TERM INVESTMENTS (Cost $2,568,030)				2,568,030
TOTAL INVESTMENTS — 108.3% (Cost $38,634,054)				32,642,386
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.3)%				(2,502,099	)
NET ASSETS — 100.0%			$	30,140,287

(a) All or a portion of the shares of the security are on loan at September 30, 2016.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.5% of net assets as of September 30, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2016, total aggregate fair value of securities is $9,744 representing 0.0% of net assets.

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

(f) The rate shown is the annualized seven-day yield at September 30, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the year ended September 30, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

See accompanying notes to financial statements.

481

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2016

The following table summarizes the value of the Fund’s investments accordingly to the fair value hierarchy as of September 30, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,412,227	$	—	$	—	$	1,412,227
Austria		120,295		—		—		120,295
Belgium.		77,143		—		—		77,143
Canada		1,964,384		—		—		1,964,384
China		196,078		—		—		196,078
Denmark		445,332		—		—		445,332
Finland		361,165		—		—		361,165
France		2,633,050		—		—		2,633,050
Germany		1,216,470		—		—		1,216,470
Hong Kong		2,946,707		9,744		—		2,956,451
Italy.		3,155,941		—		—		3,155,941
Japan		3,713,026		—		—		3,713,026
New Zealand		489,893		—		—		489,893
Norway		11,380		—		—		11,380
Portugal		529,007		—		—		529,007
Singapore		68,647		—		—		68,647
South Korea		746,661		—		—		746,661
Spain		3,927,939		—		—		3,927,939
Switzerland		51,923		—		—		51,923
United Kingdom.		5,981,309		—		—		5,981,309
United States		16,035		—		—		16,035
Short-Term Investments		2,568,030		—		—		2,568,030
TOTAL INVESTMENTS	$	32,632,642	$	9,744	$	—	$	32,642,386

Affiliate Table

	Number of Shares Held at 9/30/15		Value at 9/30/15		Shares Purchased		Shares Sold		Number of Shares Held at 9/30/16		Value at 9/30/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		1,878,935		1,876,619		2,316	$	2,316	$	151	$	—
State Street Navigator Securities Lending Prime Portfolio		2,439,082		2,439,082		24,474,926		24,348,294		2,565,714		2,565,714		22,519		—
TOTAL			$	2,439,082							$	2,568,030	$	22,670	$	—

See accompanying notes to financial statements.

482

[This Page Intentionally Left Blank]

483

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2016

	SPDR STOXX Europe 50 ETF			SPDR EURO STOXX 50 ETF			SPDR EURO STOXX Small Cap ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	185,135,053		$	2,538,578,792		$	11,839,087
Investments in affiliated issuers, at value (Notes 2 and 4)		1,470,399			23,572,634			906
Total Investments		186,605,452			2,562,151,426			11,839,993
Foreign currency, at value		535,853			1,146,722			3,721
Cash at broker		—			—			—
Receivable from broker — variation margin on open futures contracts		—			—			—
Receivable for investments sold		—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		200,870			1,642,365			7,158
Dividends receivable — affiliated issuers (Notes 2 and 4)		81			1,202			—
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		3,291			69,839			—
Receivable from Adviser (Note 4)		—			—			—
Receivable for foreign taxes recoverable		929,847			3,484,911			18,204
TOTAL ASSETS		188,275,394			2,568,496,465			11,869,076
LIABILITIES
Payable upon return of securities loaned		1,459,114			23,347,306			—
Payable for investments purchased		459,618			4,433,827			—
Unrealized depreciation on forward foreign currency contracts		—			—			—
Deferred foreign taxes payable		—			—			—
Advisory fee payable (Note 4)		136,492			1,994,904			15,073
Trustees’ fees and expenses payable (Note 5)		485			4,977			46
TOTAL LIABILITIES		2,055,709			29,781,014			15,119
NET ASSETS	$	186,219,685		$	2,538,715,451		$	11,853,957
NET ASSETS CONSIST OF:
Paid-in Capital	$	268,902,451		$	3,368,271,372		$	15,181,777
Undistributed (distribution in excess of) net investment income (loss)		230,837			—			44,076
Accumulated net realized gain (loss) on investments, foreign currency transactions, forward foreign currency exchange contracts and futures contracts		(45,288,917	)		(347,618,236	)		(3,016,071	)
Net unrealized appreciation (depreciation) on:
Investments**		(37,599,772	)		(481,901,590	)		(355,231	)
Foreign currency translations		(24,914	)		(36,095	)		(594	)
Futures contracts		—			—			—
NET ASSETS	$	186,219,685		$	2,538,715,451		$	11,853,957
NET ASSET VALUE PER SHARE
Net asset value per share	$	30.28		$	32.76		$	47.42
Shares outstanding (unlimited amount authorized, $0.01 par value)		6,150,370			77,500,967			250,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	222,734,825		$	3,020,480,382		$	12,194,318
Investments in affiliated issuers		1,470,399			23,572,634			906
Total cost of investments	$	224,205,224		$	3,044,053,016		$	12,195,224
Foreign currency, at cost	$	536,187		$	1,140,599		$	4,072
* Includes investments in securities on loan, at value	$	1,393,780		$	22,019,783		$	—
** Includes deferred foreign taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

484

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 MSCI China A Shares IMI ETF
$	—		$	—		$	2,111,477		$	331,939,804		$	26,718,286		$	809,556,180		$	2,144,374
	14,653,388			2,039,965			2,466			8,054,982			135,882			34,427,502			338
	14,653,388			2,039,965			2,113,943			339,994,786			26,854,168			843,983,682			2,144,712
	19,298			—			3,356			3,268,732			1,264			1,282,307			6,093
	11,249			—			—			—			—			—			—
	24,229			—			—			—			—			—			—
	105,958			25,769			21,126			—			119,900			407,633			—
	7,166			26,070			13,956			—			—			—			—
	—			—			7,812			595,219			22,482			1,248,651			—
	24			—			2			238			45			638			1
	—			—			—			18,046			—			95,689			—
	9,472			18,047			—			—			—			—			—
	—			—			1,537			—			—			—			—
	14,830,784			2,109,851			2,161,732			343,877,021			26,997,859			847,018,600			2,150,806
	—			—			—			7,123,753			—			32,855,648			—
	—			—			—			46,454			201,152			931,246			—
	103,868			50,646			39,283			—			—			—			—
	—			—			—			437,998			—			—			—
	10,454			4,470			4,841			409,495			38,087			1,106,902			3,550
	15			6			6			912			34			1,775			63
	114,337			55,122			44,130			8,018,612			239,273			34,895,571			3,613
$	14,716,447		$	2,054,729		$	2,117,602		$	335,858,409		$	26,758,586		$	812,123,029		$	2,147,193
$	16,072,665		$	2,006,980		$	1,944,012		$	392,899,179		$	43,993,823		$	966,352,451		$	2,503,607
	—			(89	)		114,847			4,012,484			414,493			10,188,330			(580	)
	(397,841	)		(7,281	)		(69,236	)		(62,049,954	)		(7,357,094	)		(131,711,243	)		(35,028	)
	(861,416	)		79,695			153,284			982,805			(10,292,636	)		(32,706,521	)		(320,809	)
	(96,703	)		(24,576	)		(25,305	)		13,895			—			12			3
	(258	)		—			—			—			—			—			—
$	14,716,447		$	2,054,729		$	2,117,602		$	335,858,409		$	26,758,586		$	812,123,029		$	2,147,193
$	32.70		$	41.09		$	42.35		$	81.92		$	17.84		$	78.85		$	21.47
	450,000			50,000			50,000			4,100,000			1,500,000			10,300,000			100,000
$	—		$	—		$	1,958,193		$	330,519,001		$	37,010,922		$	842,262,701		$	2,465,183
	15,514,804			1,960,270			2,466			8,054,982			135,882			34,427,502			338
$	15,514,804		$	1,960,270		$	1,960,659		$	338,573,983		$	37,146,804		$	876,690,203		$	2,465,521
$	19,111		$	—		$	3,359		$	3,257,180		$	1,264		$	1,282,309		$	6,090
$	—		$	—		$	—		$	20,591,889		$	—		$	75,143,601		$	—
$	—		$	—		$	—		$	437,998		$	—		$	—		$	—

485

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2016

	SPDR S&P Emerging Markets ETF			SPDR S&P Emerging Markets Dividend ETF			SPDR S&P Emerging Europe ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	231,790,247		$	298,189,926		$	33,911,921
Investments in affiliated issuers, at value (Notes 2 and 4)		5,401,226			5,745,122			80,360
Total Investments		237,191,473			303,935,048			33,992,281
Foreign currency, at value		1,324,627			912,110			47,973
Cash at broker		17,160			—			—
Cash		—			—			115
Receivable from broker — variation margin on open futures contracts		7,816			—			—
Receivable for investments sold		47,520			—			—
Dividends receivable — unaffiliated issuers (Note 2)		340,651			979,140			69,427
Dividends receivable — affiliated issuers (Notes 2 and 4)		388			686			6
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		7,584			11,600			198
Receivable from Adviser (Note 4)		289			—			—
Receivable for foreign taxes recoverable		404			16,250			2,243
TOTAL ASSETS		238,937,912			305,854,834			34,112,243
LIABILITIES
Payable upon return of securities loaned		3,656,112			5,451,073			79,890
Payable for investments purchased		20,096			—			—
Deferred foreign taxes payable		171,911			1,464			—
Advisory fee payable (Note 4)		306,012			359,589			43,443
Trustees’ fees and expenses payable (Note 5)		289			474			58
Accrued expenses and other liabilities		—			—			7
TOTAL LIABILITIES		4,154,420			5,812,600			123,398
NET ASSETS	$	234,783,492		$	300,042,234		$	33,988,845
NET ASSETS CONSIST OF:
Paid-in Capital	$	286,391,583		$	565,339,557		$	112,620,706
Undistributed (distribution in excess of) net investment income (loss)		1,781,014			(81,214	)		561,588
Accumulated net realized gain (loss) on investments, foreign currency transactions, and futures contracts		(26,840,714	)		(265,689,997	)		(49,478,184	)
Net unrealized appreciation (depreciation) on:
Investments**		(26,544,832	)		475,780			(29,715,312	)
Foreign currency translations		87			(1,892	)		47
Futures contracts		(3,646	)		—			—
NET ASSETS	$	234,783,492		$	300,042,234		$	33,988,845
NET ASSET VALUE PER SHARE
Net asset value per share	$	60.20		$	27.40		$	26.15
Shares outstanding (unlimited amount authorized, $0.01 par value)		3,900,000			10,950,000			1,300,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	258,163,168		$	297,712,682		$	63,627,233
Investments in affiliated issuers		5,401,226			5,745,122			80,360
Total cost of investments	$	263,564,394		$	303,457,804		$	63,707,593
Foreign currency, at cost	$	1,327,039		$	915,154		$	47,905
* Includes investments in securities on loan, at value	$	6,900,781		$	5,452,596		$	79,739
** Includes deferred foreign taxes	$	171,911		$	1,464		$	—

See accompanying notes to financial statements.

486

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
$	27,255,207		$	30,020,205		$	629,837,006		$	692,276,458		$	4,519,314,683		$	85,686,622		$	718,591,892
	1,198,172			898,737			27,825,849			80,236,219			115,513,922			5,154,555			21,743,590
	28,453,379			30,918,942			657,662,855			772,512,677			4,634,828,605			90,841,177			740,335,482
	11,028			34,401			2,395,676			4,142,586			4,303,713			104,536			1,032,982
	—			—			—			—			—			—			—
	—			—			713			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			537,753			419,170			5,806,679			—
	36,538			30,631			1,714,277			2,538,008			14,387,588			172,050			1,153,133
	20			27			88			570			4,468			55			738
	679			1,633			31,511			157,521			45,648			5,122			11,311
	—			—			—			—			—			—			—
	—			—			1,152,257			445,424			1,691,444			44,080			600,589
	28,501,644			30,985,634			662,957,377			780,334,539			4,655,680,636			96,973,699			743,134,235
	1,152,332			846,193			27,460,160			77,010,646			113,855,927			4,958,497			19,577,508
	—			—			127,003			312,621			5,751,843			6,082,159			—
	—			—			—			—			910,178			—			—
	35,195			37,032			536,141			698,108			6,920,056			82,769			722,988
	39			56			1,521			1,042			7,430			98			862
	—			—			—			—			—			—			—
	1,187,566			883,281			28,124,825			78,022,417			127,445,434			11,123,523			20,301,358
$	27,314,078		$	30,102,353		$	634,832,552		$	702,312,122		$	4,528,235,202		$	85,850,176		$	722,832,877
$	70,493,632		$	63,722,667		$	677,735,596		$	758,001,328		$	4,923,218,459		$	107,182,659		$	956,324,310
	46,891			242,081			5,988,823			10,334,470			(45,167,352	)		837,172			4,489,524
	(23,626,243	)		(26,057,583	)		(6,399,348	)		8,250,075			(676,220,692	)		(22,080,879	)		(175,238,552	)
	(19,601,733	)		(7,804,214	)		(42,470,207	)		(74,264,282	)		326,549,128			(84,787	)		(62,722,787	)
	1,531			(598	)		(22,312	)		(9,469	)		(144,341	)		(3,989	)		(19,618	)
	—			—			—			—			—			—			—
$	27,314,078		$	30,102,353		$	634,832,552		$	702,312,122		$	4,528,235,202		$	85,850,176		$	722,832,877
$	45.52		$	60.20		$	26.45		$	31.21		$	41.61		$	47.69		$	39.07
	600,000			500,000			24,000,000			22,500,000			108,835,379			1,800,000			18,500,000
$	46,856,940		$	37,824,419		$	672,307,213		$	766,540,740		$	4,191,855,377		$	85,771,409		$	781,314,679
	1,198,172			898,737			27,825,849			80,236,219			115,513,922			5,154,555			21,743,590
$	48,055,112		$	38,723,156		$	700,133,062		$	846,776,959		$	4,307,369,299		$	90,925,964		$	803,058,269
$	11,043		$	34,797		$	2,381,662		$	4,138,209		$	4,310,232		$	104,931		$	1,032,094
$	1,109,252		$	1,408,308		$	32,975,769		$	82,042,603		$	111,485,669		$	10,037,552		$	27,305,541
$	—		$	—		$	—		$	—		$	910,178		$	—		$	—

487

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2016

	SPDR S&P North American Natural Resources ETF			SPDR MSCI ACWI ex-US ETF			SPDR MSCI ACWI IMI ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	825,786,554		$	840,002,061		$	64,288,463
Investments in affiliated issuers, at value (Notes 2 and 4)		2,657,077			23,946,081			2,482,041
Total Investments		828,443,631			863,948,142			66,770,504
Foreign currency, at value		869,554			4,140,639			145,141
Cash		1,344			—			21
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		513,121			2,227,114			126,433
Dividends receivable — affiliated issuers (Notes 2 and 4)		1,171			174			457
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		—			24,271			1,524
Receivable from Adviser (Note 4)		—			85,683			—
Receivable for foreign taxes recoverable		—			1,050,471			17,571
TOTAL ASSETS		829,828,821			871,476,494			67,061,651
LIABILITIES
Due to custodian		—			—			—
Payable upon return of securities loaned		—			23,136,429			2,141,243
Payable for investments purchased		—			205,921			—
Deferred foreign taxes payable		—			148,396			224
Advisory fee payable (Note 4)		735,271			685,626			37,493
Trustees’ fees and expenses payable (Note 5)		1,107			1,166			61
TOTAL LIABILITIES		736,378			24,177,538			2,179,021
NET ASSETS	$	829,092,443		$	847,298,956		$	64,882,630
NET ASSETS CONSIST OF:
Paid-in Capital	$	608,734,092		$	1,035,382,801		$	64,583,595
Undistributed (distribution in excess of) net investment income (loss)		3,747,048			6,930,019			656,113
Accumulated net realized gain (loss) on investments and foreign currency transactions		27,637,635			(101,123,892	)		(127,458	)
Net unrealized appreciation (depreciation) on:
Investments**		188,987,535			(93,863,259	)		(229,078	)
Foreign currency translations		(13,867	)		(26,713	)		(542	)
NET ASSETS	$	829,092,443		$	847,298,956		$	64,882,630
NET ASSET VALUE PER SHARE
Net asset value per share	$	34.05		$	32.34		$	64.88
Shares outstanding (unlimited amount authorized, $0.01 par value)		24,350,000			26,200,000			1,000,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	636,799,019		$	933,716,924		$	64,518,438
Investments in affiliated issuers		2,657,077			23,946,081			2,480,920
Total cost of investments	$	639,456,096		$	957,663,005		$	66,999,358
Foreign currency, at cost	$	883,963		$	4,140,463		$	145,151
* Includes investments in securities on loan, at value	$	—		$	35,973,598		$	3,588,358
** Includes deferred foreign taxes	$	—		$	148,396		$	224

See accompanying notes to financial statements.

488

SPDR MSCI ACWI Low Carbon Target ETF			SPDR MSCI EAFE StrategicFactors ETF			SPDR MSCI Emerging Markets StrategicFactors ETF			SPDR MSCI World StrategicFactors ETF			SPDR MSCI Australia StrategicFactors ETF			SPDR MSCI Canada StrategicFactors ETF			SPDR MSCI Germany StrategicFactors ETF
$	95,824,823		$	8,261,513		$	115,292,049		$	6,300,730		$	9,915,533		$	18,343,490		$	12,947,089
	331,404			7,487			—			31,351			—			9,298			353
	96,156,227			8,269,000			115,292,049			6,332,081			9,915,533			18,352,788			12,947,442
	313,321			52,030			4,201,990			34,382			49,717			50,095			42,327
	63			—			—			3			—			162			—
	32,600			—			—			—			—			—			—
	—			—			18,942,293			—			—			—			—
	175,066			22,150			187,127			10,990			43,711			40,827			—
	538			3			7			21			—			3			—
	—			—			—			—			—			—			—
	24,576			—			—			—			—			—			—
	67,377			7,758			515			2,496			—			—			50,602
	96,769,768			8,350,941			138,623,981			6,379,973			10,008,961			18,443,875			13,040,371
	—			—			3,823,187			—			3,339			—			—
	—			—			—			—			—			—			—
	—			30,363			18,094,058			85			35,733			—			—
	14,239			—			92,892			—			—			—			—
	71,925			5,675			74,477			4,787			7,399			13,657			9,601
	130			8			136			9			13			20			16
	86,294			36,046			22,084,750			4,881			46,484			13,677			9,617
$	96,683,474		$	8,314,895		$	116,539,231		$	6,375,092		$	9,962,477		$	18,430,198		$	13,030,754
$	95,123,250		$	8,708,203		$	117,857,074		$	6,000,000		$	9,900,916		$	17,217,347		$	13,840,525
	561,059			62,373			1,176,573			36,260			143,123			83,628			(1,413	)
	(783,777	)		(213,939	)		(5,979,949	)		(9,061	)		(284,257	)		(262,483	)		(569,701	)
	1,781,812			(241,760	)		3,487,646			348,026			202,350			1,392,243			(238,562	)
	1,130			18			(2,113	)		(133	)		345			(537	)		(95	)
$	96,683,474		$	8,314,895		$	116,539,231		$	6,375,092		$	9,962,477		$	18,430,198		$	13,030,754
$	74.37		$	55.43		$	53.58		$	63.75		$	49.81		$	52.66		$	52.12
	1,300,000			150,000			2,175,000			100,000			200,000			350,000			250,000
$	94,019,741		$	8,503,273		$	111,711,511		$	5,952,823		$	9,713,183		$	16,951,247		$	13,185,651
	340,435			7,487			—			31,232			—			9,298			353
$	94,360,176		$	8,510,760		$	111,711,511		$	5,984,055		$	9,713,183		$	16,960,545		$	13,186,004
$	312,721		$	51,914		$	4,200,250		$	34,489		$	49,719		$	50,647		$	42,327
$	—		$	—		$	—		$	—		$	—		$	—		$	—
$	14,239		$	—		$	92,892		$	—		$	—		$	—		$	—

489

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2016

	SPDR MSCI Japan StrategicFactors ETF			SPDR MSCI Mexico StrategicFactors ETF			SPDR MSCI South Korea StrategicFactors ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	13,385,478		$	2,148,997		$	2,792,411
Investments in affiliated issuers, at value (Notes 2 and 4)		754			3,989			802
Total Investments		13,386,232			2,152,986			2,793,213
Foreign currency, at value		1,489			109			1,773
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			—			—
Foreign currency contracts sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		97,722			—			—
Dividends receivable — affiliated issuers (Notes 2 and 4)		—			1			—
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		—			—			—
Receivable for foreign taxes recoverable		11,274			—			—
TOTAL ASSETS		13,496,717			2,153,096			2,794,986
LIABILITIES
Due to custodian (Note 4)		—			—			—
Payable upon return of securities loaned		—			—			—
Payable for investments purchased		—			—			—
Foreign currency contracts purchased		—			—			—
Deferred foreign taxes payable		—			—			—
Advisory fee payable (Note 4)		9,934			2,246			2,713
Trustees’ fees and expenses payable (Note 5)		16			3			4
TOTAL LIABILITIES		9,950			2,249			2,717
NET ASSETS	$	13,486,767		$	2,150,847		$	2,792,269
NET ASSETS CONSIST OF:
Paid-in Capital	$	13,109,619		$	2,999,539		$	2,997,430
Undistributed (distribution in excess of) net investment income (loss)		43,397			3,477			2,017
Accumulated net realized gain (loss) on investments and foreign currency transactions		(86,600	)		(33,063	)		(106,652	)
Net unrealized appreciation (depreciation) on:
Investments**		420,169			(819,101	)		(100,551	)
Foreign currency translations		182			(5	)		25
NET ASSETS	$	13,486,767		$	2,150,847		$	2,792,269
NET ASSET VALUE PER SHARE
Net asset value per share	$	67.43		$	21.51		$	27.92
Shares outstanding (unlimited amount authorized, $0.01 par value)		200,000			100,000			100,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	12,965,309		$	2,968,098		$	2,892,962
Investments in affiliated issuers		754			3,989			802
Total cost of investments	$	12,966,063		$	2,972,087		$	2,893,764
Foreign currency, at cost.	$	1,479		$	114		$	1,748
* Includes investments in securities on loan, at value	$	—		$	—		$	—
** Includes deferred foreign taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

490

SPDR MSCI Spain StrategicFactors ETF			SPDR MSCI Taiwan StrategicFactors ETF			SPDR MSCI United Kingdom StrategicFactors ETF			SPDR S&P Global Dividend ETF			SPDR S&P International Dividend ETF			SPDR S&P Emerging Markets Small Cap ETF			SPDR Dow Jones Global Real Estate ETF
$	2,097,689		$	5,878,869		$	2,398,637		$	103,978,023		$	1,004,568,405		$	317,582,601		$	2,483,442,681
	37			933			1,019			8,354,091			85,175,569			15,080,050			39,680,641
	2,097,726			5,879,802			2,399,656			112,332,114			1,089,743,974			332,662,651			2,523,123,322
	5,200			22,345			11,591			103,251			3,254,540			1,624,658			1,195,686
	1,049			—			—			—			—			470,772			89,236
	—			—			—			6,317,554			—			—			—
	—			—			—			—			—			—			2,497,899
	—			20,273			3,719			198,570			3,288,516			532,999			9,571,808
	—			—			—			114			1,015			179			2,386
	—			—			—			5,689			86,742			51,785			10,768
	107			—			17			46,718			407,916			11,277			272,846
	2,104,082			5,922,420			2,414,983			119,004,010			1,096,782,703			335,354,321			2,536,763,951
	—			—			—			—			—			—			303,529
	—			—			—			8,297,041			85,141,270			14,070,192			35,695,682
	5,600			—			—			6,317,038			—			—			1,201,486
	—			—			—			—			—			—			2,194,370
	—			—			—			9,635			7,238			210,639			171,069
	1,539			5,749			1,810			82,323			1,124,707			516,710			3,122,149
	2			8			4			147			1,459			651			3,134
	7,141			5,757			1,814			14,706,184			86,274,674			14,798,192			42,691,419
$	2,096,941		$	5,916,663		$	2,413,169		$	104,297,826		$	1,010,508,029		$	320,556,129		$	2,494,072,532
$	3,094,469		$	6,000,000		$	3,081,008		$	109,617,884		$	1,487,238,015		$	482,279,899		$	2,280,730,175
	38,539			151,866			(3,238	)		42,404			7,669,747			5,556,993			(26,720,149	)
	(129,407	)		(368,186	)		(193,905	)		(7,583,388	)		(482,407,784	)		(78,603,265	)		(10,841,770	)
	(906,667	)		132,733			(470,648	)		2,222,726			(1,964,625	)		(88,673,212	)		250,929,967
	7			250			(48	)		(1,800	)		(27,324	)		(4,286	)		(25,691	)
$	2,096,941		$	5,916,663		$	2,413,169		$	104,297,826		$	1,010,508,029		$	320,556,129		$	2,494,072,532
$	41.94		$	59.17		$	48.26		$	63.21		$	36.61		$	42.74		$	49.68
	50,000			100,000			50,000			1,650,000			27,601,326			7,500,000			50,200,000
$	3,004,356		$	5,746,136		$	2,869,285		$	101,745,662		$	1,006,525,792		$	406,045,174		$	2,232,341,645
	37			933			1,019			8,354,091			85,175,569			15,080,050			39,680,641
$	3,004,393		$	5,747,069		$	2,870,304		$	110,099,753		$	1,091,701,361		$	421,125,224		$	2,272,022,286
$	5,177		$	22,270		$	11,602		$	102,793		$	3,255,806		$	1,629,486		$	1,197,334
$	—		$	—		$	—		$	10,827,113		$	89,790,337		$	18,586,294		$	60,689,158
$	—		$	—		$	—		$	9,635		$	7,238		$	210,639		$	171,069

491

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2016

	SPDR S&P International Consumer Discretionary Sector ETF			SPDR S&P International Consumer Staples Sector ETF			SPDR S&P International Energy Sector ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	12,566,838		$	35,158,698		$	34,922,284
Investments in affiliated issuers, at value (Notes 2 and 4)		1,141,068			1,557,544			2,873,238
Total Investments		13,707,906			36,716,242			37,795,522
Foreign currency, at value		31,293			67,923			202,004
Cash		—			—			—
Receivable for investments sold		—			—			944,193
Dividends receivable — unaffiliated issuers (Note 2)		47,103			76,730			93,793
Dividends receivable — affiliated issuers (Notes 2 and 4)		11			22			39
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		417			705			3,098
Receivable for foreign taxes recoverable		12,740			145,755			3,481
TOTAL ASSETS		13,799,470			37,007,377			39,042,130
LIABILITIES
Payable upon return of securities loaned		1,095,491			1,530,426			2,840,776
Payable for investments purchased		—			—			275,450
Payable for fund shares repurchased		—			—			842,578
Advisory fee payable (Note 4)		12,537			35,050			37,904
Trustees’ fees and expenses payable (Note 5)		19			61			40
TOTAL LIABILITIES		1,108,047			1,565,537			3,996,748
NET ASSETS	$	12,691,423		$	35,441,840		$	35,045,382
NET ASSETS CONSIST OF:
Paid-in Capital	$	14,006,500		$	34,950,399		$	45,772,912
Undistributed (distribution in excess of) net investment income (loss)		61,802			17,524			37,996
Accumulated net realized gain (loss) on investments and foreign currency transactions		1			(181,341	)		(3,441,863	)
Net unrealized appreciation (depreciation) on:
Investments		(1,376,571	)		661,018			(7,324,614	)
Foreign currency translations		(309	)		(5,760	)		951
NET ASSETS	$	12,691,423		$	35,441,840		$	35,045,382
NET ASSET VALUE PER SHARE
Net asset value per share	$	36.26		$	44.30		$	17.52
Shares outstanding (unlimited amount authorized, $0.01 par value)		350,000			800,000			2,000,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	13,943,409		$	34,497,680		$	42,246,898
Investments in affiliated issuers		1,141,068			1,557,544			2,873,238
Total cost of investments	$	15,084,477		$	36,055,224		$	45,120,136
Foreign currency, at cost.	$	31,302		$	67,883		$	200,989
* Includes investments in securities on loan, at value	$	1,103,397		$	1,466,517		$	3,630,653

See accompanying notes to financial statements.

492

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
$	6,161,635		$	49,587,101		$	15,075,891		$	4,995,984		$	10,442,028		$	28,158,975		$	30,074,356
	290,738			2,415,311			680,362			264,986			798,095			267,125			2,568,030
	6,452,373			52,002,412			15,756,253			5,260,970			11,240,123			28,426,100			32,642,386
	66,170			61,815			30,484			8,548			26,211			99,993			27,808
	—			—			—			101			—			—			—
	—			—			—			—			—			—			1,648,518
	23,204			119,070			54,790			14,216			29,554			120,419			49,953
	5			26			11			11			5			28			22
	304			3,875			353			98			817			1,640			619
	2,665			330,537			18,327			5,736			2,044			25,474			17,825
	6,544,721			52,517,735			15,860,218			5,289,680			11,298,754			28,673,654			34,387,131
	268,820			2,406,488			668,413			264,905			796,074			250,771			2,565,714
	—			—			—			19,388			—			—			6,544
	—			—			—			—			—			—			1,642,155
	6,577			57,330			14,982			5,102			10,064			28,965			32,386
	11			127			23			7			15			57			45
	275,408			2,463,945			683,418			289,402			806,153			279,793			4,246,844
$	6,269,313		$	50,053,790		$	15,176,800		$	5,000,278		$	10,492,601		$	28,393,861		$	30,140,287
$	10,167,127		$	52,490,084		$	17,458,725		$	8,814,497		$	10,221,105		$	34,609,609		$	41,083,169
	24,304			29,021			67,040			9,669			(8,324	)		44,320			(6,923	)
	(1,729,655	)		(272,261	)		(1,653,309	)		(1,416,702	)		(148,494	)		(4,116,465	)		(4,943,825	)
	(2,192,757	)		(2,184,021	)		(694,858	)		(2,406,905	)		428,177			(2,142,582	)		(5,991,668	)
	294			(9,033	)		(798	)		(281	)		137			(1,021	)		(466	)
$	6,269,313		$	50,053,790		$	15,176,800		$	5,000,278		$	10,492,601		$	28,393,861		$	30,140,287
$	17.91		$	47.67		$	30.35		$	20.00		$	34.98		$	24.69		$	16.29
	350,000			1,050,000			500,000			250,000			300,000			1,150,000			1,850,000
$	8,354,392		$	51,771,122		$	15,770,749		$	7,402,889		$	10,013,851		$	30,301,557		$	36,066,024
	290,738			2,415,311			680,362			264,986			798,095			267,125			2,568,030
$	8,645,130		$	54,186,433		$	16,451,111		$	7,667,875		$	10,811,946		$	30,568,682		$	38,634,054
$	65,795		$	62,933		$	30,424		$	8,507		$	25,981		$	99,536		$	27,797
$	343,399		$	2,303,642		$	711,626		$	265,277		$	828,843		$	238,551		$	2,420,779

493

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2016

	SPDR STOXX Europe 50 ETF			SPDR EURO STOXX 50 ETF			SPDR EURO STOXX Small Cap ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	8,767,381		$	128,873,460		$	789,627
Dividend income — affiliated issuers (Notes 2 and 4)		863			11,433			19
Affiliated securities lending income — net (Note 9)		88,192			2,179,335			—
Foreign taxes withheld		(704,881	)		(16,714,877	)		(105,426	)
TOTAL INVESTMENT INCOME (LOSS)		8,151,555			114,349,351			684,220
EXPENSES
Advisory fee (Note 4)		611,968			9,691,335			119,310
Trustees’ fees and expenses (Note 4)		4,403			66,660			698
Miscellaneous expenses		353			14,117			2
TOTAL EXPENSES		616,724			9,772,112			120,010
Expenses waived/reimbursed by the Adviser (Note 4)		—			—			—
NET EXPENSES		616,724			9,772,112			120,010
NET INVESTMENT INCOME (LOSS)		7,534,831			104,577,239			564,210
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(11,701,570	)		(194,998,162	)		(3,623,256	)
Investments — affiliated issuers		—			—			—
Foreign currency transactions		(68,927	)		(81,615	)		4,091
Futures contracts		—			—			—
Net realized gain (loss)		(11,770,497	)		(195,079,777	)		(3,619,165	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		2,878,685			73,017,245			965,231
Investments — affiliated issuers		—			—			—
Foreign currency translations.		19,681			71,398			(340	)
Futures contracts		—			—			—
Net change in unrealized appreciation/depreciation		2,898,366			73,088,643			964,891
NET REALIZED AND UNREALIZED GAIN (LOSS)		(8,872,131	)		(121,991,134	)		(2,654,274	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(1,337,300	)	$	(17,413,895	)	$	(2,090,064	)
* Includes foreign capital gain taxes	$	—		$	—		$	—
** Includes foreign deferred taxes	$	—		$	—		$	—

(a) For the period October 28, 2015 (inception date) through September 30, 2016.

See accompanying notes to financial statements.

494

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 MSCI China A Shares IMI ETF(a)
$	—		$	—		$	151,239		$	9,009,350		$	952,749		$	19,140,079		$	32,006
	411,571			160,442			31			3,284			475			3,644			6
	—			—			—			373,528			—			1,632,725			—
	—			—			(15,422	)		(1,004,159	)		(96,234	)		(1,359,851	)		(3,377	)
	411,571			160,442			135,848			8,382,003			856,990			19,416,597			28,635
	34,866			18,411			19,325			1,756,648			139,225			4,524,805			13,295
	319			219			222			7,336			566			15,036			252
	15			16			9			1,591			54			2,797			—
	35,200			18,646			19,556			1,765,575			139,845			4,542,638			13,547
	(31,597	)		(17,261	)		—			—			—			—			—
	3,603			1,385			19,556			1,765,575			139,845			4,542,638			13,547
	407,968			159,057			116,292			6,616,428			717,145			14,873,959			15,088
	—			—			197,069			(11,270,766	)		(1,853,737	)		(17,871,982	)		(35,028	)
	(160,896	)		28,268			—			—			—			—			—
	(120,569	)		38,967			(39,892	)		75,690			(394	)		(251	)		13,107
	(2,456	)		—			—			—			—			—			—
	(283,921	)		67,235			157,177			(11,195,076	)		(1,854,131	)		(17,872,233	)		(21,921	)
	742,180			—			136,804			57,836,674			6,315,048			119,567,465			(320,809	)
	(861,416	)		237,282			—			—			—			—			—
	(127,096	)		(74,095	)		(58,329	)		23,058			62			(134	)		3
	2,901			—			—			—			—			—			—
	(243,431	)		163,187			78,475			57,859,732			6,315,110			119,567,331			(320,806	)
	(527,352	)		230,422			235,652			46,664,656			4,460,979			101,695,098			(342,727	)
$	(119,384	)	$	389,479		$	351,944		$	53,281,084		$	5,178,124		$	116,569,057		$	(327,639	)
$	—		$	—		$	—		$	(95,591	)	$	—		$	—		$	—
$	—		$	—		$	—		$	(437,998	)	$	—		$	—		$	—

495

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2016

	SPDR S&P Emerging Markets ETF			SPDR S&P Emerging Markets Dividend ETF			SPDR S&P Emerging Europe ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	5,135,478		$	16,263,155		$	1,510,049
Dividend income — affiliated issuers (Notes 2 and 4)		1,494			2,099			261
Affiliated securities lending income — net (Note 9)		133,241			225,217			2,152
Foreign taxes withheld		(555,521	)		(1,971,925	)		(177,292	)
TOTAL INVESTMENT INCOME (LOSS)		4,714,692			14,518,546			1,335,170
EXPENSES
Advisory fee (Note 4)		1,054,433			1,317,618			192,912
Trustees’ fees and expenses (Note 4)		3,289			5,012			872
Professional fees and expenses		—			—			48,600
Miscellaneous expenses		442			689			93
TOTAL EXPENSES		1,058,164			1,323,319			242,477
Expenses waived/reimbursed by the Adviser (Note 4)		(1,110	)		—			—
NET EXPENSES		1,057,054			1,323,319			242,477
NET INVESTMENT INCOME (LOSS)		3,657,638			13,195,227			1,092,693
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(7,842,175	)		(86,326,321	)		(13,645,165	)
Foreign currency transactions		(3,732	)		(88,958	)		(6,531	)
Futures contracts		71,604			—			—
Net realized gain (loss)		(7,774,303	)		(86,415,279	)		(13,651,696	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		34,407,024			103,721,742			14,999,461
Foreign currency translations.		19,760			27,803			1,178
Futures contracts		(1,657	)		—			—
Net change in unrealized appreciation/depreciation		34,425,127			103,749,545			15,000,639
NET REALIZED AND UNREALIZED GAIN (LOSS)		26,650,824			17,334,266			1,348,943
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	30,308,462		$	30,529,493		$	2,441,636
* Includes foreign capital gain taxes	$	(15,282	)	$	(2,877	)	$	—
** Includes foreign deferred taxes	$	(171,911	)	$	(1,464	)	$	—

See accompanying notes to financial statements.

496

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
$	764,131		$	961,207		$	22,571,260		$	16,403,587		$	166,193,824		$	2,795,141		$	19,797,015
	193			110			2,620			5,025			22,242			485			5,708
	25,941			10,455			593,062			2,200,769			1,120,878			51,312			503,455
	(53,470	)		(100,753	)		(1,903,221	)		(1,449,779	)		(16,672,220	)		(145,933	)		(1,258,585	)
	736,795			871,019			21,263,721			17,159,602			150,664,724			2,701,005			19,047,593
	130,264			146,274			2,378,305			2,694,354			27,438,178			273,360			2,417,010
	617			719			13,791			12,171			84,433			1,258			10,170
	—			—			—			—			—			—			—
	801			92			1,328			2,569			21,252			239			2,111
	131,682			147,085			2,393,424			2,709,094			27,543,863			274,857			2,429,291
	—						—			—			—			—			—
	131,682			147,085			2,393,424			2,709,094			27,543,863			274,857			2,429,291
	605,113			723,934			18,870,297			14,450,508			123,120,861			2,426,148			16,618,302
	(7,264,080	)		(4,601,357	)		14,719,901			21,865,477			221,296,152			(3,612,382	)		(54,140,726	)
	16,255			(16,633	)		132,951			548,061			568,288			(10,847	)		(108,075	)
	—			—			—			—			—			—			—
	(7,247,825	)		(4,617,990	)		14,852,852			22,413,538			221,864,440			(3,623,229	)		(54,248,801	)
	12,575,332			5,714,640			14,441,782			61,459,744			41,684,906			9,722,216			169,468,851
	5,935			(1,016	)		48,375			32,749			113,657			3,848			31,416
	—			—			—			—			—			—			—
	12,581,267			5,713,624			14,490,157			61,492,493			41,798,563			9,726,064			169,500,267
	5,333,442			1,095,634			29,343,009			83,906,031			263,663,003			6,102,835			115,251,466
$	5,938,555		$	1,819,568		$	48,213,306		$	98,356,539		$	386,783,864		$	8,528,983		$	131,869,768
$	(140	)	$	—		$	—		$	—		$	(52,280	)	$	—		$	—
$	—		$	—		$	—		$	—		$	(910,178	)	$	—		$	—

497

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2016

	SPDR S&P North American Natural Resources ETF(a)			SPDR MSCI ACWI ex-US ETF			SPDR MSCI ACWI IMI ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	12,561,105		$	25,497,208		$	1,256,585
Dividend income — affiliated issuers (Notes 2 and 4)		4,072			2,118			1,583
Affiliated securities lending income — net (Note 9)		58			494,237			22,429
Foreign taxes withheld		(538,981	)		(2,189,431	)		(69,394	)
TOTAL INVESTMENT INCOME (LOSS)		12,026,254			23,804,132			1,211,203
EXPENSES
Advisory fee (Note 4)		2,126,108			2,606,795			110,813
Trustees’ fees and expenses (Note 4)		9,499			13,887			820
Miscellaneous expenses		1,541			3,879			90
TOTAL EXPENSES		2,137,148			2,624,561			111,723
Expenses waived/reimbursed by the Adviser (Note 4)		—			(324,548	)		—
NET EXPENSES		2,137,148			2,300,013			111,723
NET INVESTMENT INCOME (LOSS)		9,889,106			21,504,119			1,099,480
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		63,426,801			(15,201,961	)		(137,187	)
Foreign currency transactions		(66,348	)		(97,028	)		(2,743	)
Net realized gain (loss)		63,360,453			(15,298,989	)		(139,930	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		188,987,535			55,301,232			4,468,521
Investments — affiliated issuers		—			—			4,282
Foreign currency translations.		(13,867	)		78,315			1,892
Net change in unrealized appreciation/depreciation		188,973,668			55,379,547			4,474,695
NET REALIZED AND UNREALIZED GAIN (LOSS)		252,334,121			40,080,558			4,334,765
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	262,223,227		$	61,584,677		$	5,434,245
* Includes foreign capital gain taxes	$	—		$	(2,395	)	$	—
** Includes foreign deferred taxes	$	—		$	(148,396	)	$	(224	)

(a) For the period December 15, 2015 (inception date) through September 30, 2016.

See accompanying notes to financial statements.

498

SPDR MSCI ACWI Low Carbon Target ETF			SPDR MSCI EAFE StrategicFactors ETF			SPDR MSCI Emerging Markets StrategicFactors ETF			SPDR MSCI World StrategicFactors ETF			SPDR MSCI Australia StrategicFactors ETF			SPDR MSCI Canada StrategicFactors ETF			SPDR MSCI Germany StrategicFactors ETF
$	2,435,653		$	207,221		$	3,073,991		$	167,144		$	380,704		$	431,690		$	336,270
	2,379			29			686			131			40			43			38
	—			—			22			—			—			—			—
	(138,856	)		(18,195	)		(362,160	)		(8,457	)		(7,935	)		(64,431	)		(41,957	)
	2,299,176			189,055			2,712,539			158,818			372,809			367,302			294,351
	266,895			17,773			281,375			18,336			26,432			42,316			33,021
	1,665			249			1,771			259			295			371			339
	189			1			174			—			—			1			1
	268,749			18,023			283,320			18,595			26,727			42,688			33,361
	(90,829	)		—			—			—			—			—			—
	177,920			18,023			283,320			18,595			26,727			42,688			33,361
	2,121,256			171,032			2,429,219			140,223			346,082			324,614			260,990
	(799,077	)		(174,999	)		(3,090,448	)		(10,322	)		(206,936	)		(192,304	)		(435,138	)
	(2,778	)		(1,757	)		(8,381	)		(959	)		5,629			750			(1,301	)
	(801,855	)		(176,756	)		(3,098,829	)		(11,281	)		(201,307	)		(191,554	)		(436,439	)
	9,197,377			494,627			15,742,493			657,011			1,575,240			2,431,950			1,283,820
	4,128			—			—			87			—			—			—
	5,768			473			10,263			315			516			(110	)		35
	9,207,273			495,100			15,752,756			657,413			1,575,756			2,431,840			1,283,855
	8,405,418			318,344			12,653,927			646,132			1,374,449			2,240,286			847,416
$	10,526,674		$	489,376		$	15,083,146		$	786,355		$	1,720,531		$	2,564,900		$	1,108,406
$	(543	)	$	—		$	(6,637	)	$	—		$	—		$	—		$	—
$	(14,239	)	$	—		$	(92,892	)	$	—		$	—		$	—		$	—

499

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2016

	SPDR MSCI Japan StrategicFactors ETF			SPDR MSCI Mexico StrategicFactors ETF			SPDR MSCI South Korea StrategicFactors ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	240,574		$	55,509		$	45,504
Dividend income — affiliated issuers (Notes 2 and 4)		32			12			13
Affiliated securities lending income — net (Note 9)		—			—			2
Foreign taxes withheld		(34,952	)		(590	)		(10,009	)
TOTAL INVESTMENT INCOME (LOSS)		205,654			54,931			35,510
EXPENSES
Advisory fee (Note 4)		34,554			9,002			10,157
Trustees’ fees and expenses (Note 4)		356			192			196
Miscellaneous expenses		28			466			27
TOTAL EXPENSES		34,938			9,660			10,380
NET EXPENSES		34,938			9,660			10,380
NET INVESTMENT INCOME (LOSS)		170,716			45,271			25,130
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(7,113	)		(17,396	)		(76,647	)
Foreign currency transactions		8,225			(860	)		1,437
Net realized gain (loss)		1,112			(18,256	)		(75,210	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		1,272,033			(83,880	)		497,411
Foreign currency translations.		(53	)		(67	)		21
Net change in unrealized appreciation/depreciation		1,271,980			(83,947	)		497,432
NET REALIZED AND UNREALIZED GAIN (LOSS)		1,273,092			(102,203	)		422,222
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	1,443,808		$	(56,932	)	$	447,352
* Includes foreign capital gain taxes	$	—		$	—		$	—
** Includes foreign deferred taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

500

SPDR MSCI Spain StrategicFactors ETF			SPDR MSCI Taiwan StrategicFactors ETF			SPDR MSCI United Kingdom StrategicFactors ETF			SPDR S&P Global Dividend ETF			SPDR S&P International Dividend ETF			SPDR S&P Emerging Markets Small Cap ETF			SPDR Dow Jones Global Real Estate ETF
$	94,900		$	222,260		$	98,928		$	3,634,025		$	49,745,010		$	9,628,377		$	69,672,605
	10			35			14			626			6,251			2,671			15,296
	—			—			—			92,402			1,876,772			906,197			279,176
	(11,209	)		(47,403	)		(507	)		(283,346	)		(3,875,032	)		(1,100,811	)		(3,195,669	)
	83,701			174,892			98,435			3,443,707			47,753,001			9,436,434			66,771,408
	6,321			20,744			7,352			295,003			4,080,651			2,084,526			10,918,956
	187			241			193			1,520			16,268			6,264			37,044
	—			57			—			178			11,310			866			6,891
	6,508			21,042			7,545			296,701			4,108,229			2,091,656			10,962,891
	6,508			21,042			7,545			296,701			4,108,229			2,091,656			10,962,891
	77,193			153,850			90,890			3,147,006			43,644,772			7,344,778			55,808,517
	(36,700	)		(368,182	)		(96,371	)		(6,543,788	)		(136,151,781	)		(44,142,784	)		34,258,664
	(431	)		(1,474	)		(3,083	)		31,583			205,619			84,953			244,738
	(37,131	)		(369,656	)		(99,454	)		(6,512,205	)		(135,946,162	)		(44,057,831	)		34,503,402
	(89,535	)		1,245,128			11,112			11,367,066			209,129,540			91,792,725			181,092,952
	(23	)		951			343			6,587			4,611			6,459			18,897
	(89,558	)		1,246,079			11,455			11,373,653			209,134,151			91,799,184			181,111,849
	(126,689	)		876,423			(87,999	)		4,861,448			73,187,989			47,741,353			215,615,251
$	(49,496	)	$	1,030,273		$	2,891		$	8,008,454		$	116,832,761		$	55,086,131		$	271,423,768
$	—		$	—		$	—		$	(6,035	)	$	(7,623	)	$	(244,580	)	$	(1,141	)
$	—		$	—		$	—		$	(9,635	)	$	(7,238	)	$	(210,639	)	$	(171,069	)

501

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2016

	SPDR S&P International Consumer Discretionary Sector ETF			SPDR S&P International Consumer Staples Sector ETF			SPDR S&P International Energy Sector ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	357,310		$	892,544		$	1,456,490
Dividend income — affiliated issuers (Notes 2 and 4)		102			134			203
Affiliated securities lending income — net (Note 9)		9,524			11,786			44,941
Foreign taxes withheld		(29,681	)		(75,866	)		(106,531	)
TOTAL INVESTMENT INCOME (LOSS)		337,255			828,598			1,395,103
EXPENSES
Advisory fee (Note 4)		50,790			142,010			113,236
Trustees’ fees and expenses (Note 4)		389			845			600
Miscellaneous expenses		52			175			82
TOTAL EXPENSES		51,231			143,030			113,918
NET EXPENSES		51,231			143,030			113,918
NET INVESTMENT INCOME (LOSS)		286,024			685,568			1,281,185
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		43,030			4,979,754			(937,896	)
Foreign currency transactions		265			26,591			(25,067	)
Net realized gain (loss)		43,295			5,006,345			(962,963	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers.		108,291			216,114			4,284,534
Foreign currency translations.		920			3,216			2,743
Net change in unrealized appreciation/depreciation		109,211			219,330			4,287,277
NET REALIZED AND UNREALIZED GAIN (LOSS)		152,506			5,225,675			3,324,314
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	438,530		$	5,911,243		$	4,605,499
* Includes foreign capital gain taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

502

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
$	338,568		$	1,486,995		$	411,741		$	116,659		$	171,237		$	1,277,545		$	1,497,657
	89			280			155			42			38			171			151
	7,005			56,751			11,597			3,114			14,955			28,033			27,674
	(25,689	)		(149,343	)		(22,719	)		(9,616	)		(15,378	)		(79,332	)		(125,576	)
	319,973			1,394,683			400,774			110,199			170,852			1,226,417			1,399,906
	33,038			244,876			61,755			18,954			40,097			125,090			125,478
	316			1,359			439			236			334			752			672
	93			206			67			16			33			505			170
	33,447			246,441			62,261			19,206			40,464			126,347			126,320
	33,447			246,441			62,261			19,206			40,464			126,347			126,320
	286,526			1,148,242			338,513			90,993			130,388			1,100,070			1,273,586
	(1,268,808	)		5,879,951			(863,149	)		(1,392,420	)		255,423			643,530			688,339
	2,583			(1,360	)		2,891			663			885			(14,385	)		3,448
	(1,266,225	)		5,878,591			(860,258	)		(1,391,757	)		256,308			629,145			691,787
	421,198			(6,408,479	)		2,412,002			2,147,743			1,566,846			412,179			(128,663	)
	1,868			6,869			699			223			763			693			1,605
	423,066			(6,401,610	)		2,412,701			2,147,966			1,567,609			412,872			(127,058	)
	(843,159	)		(523,019	)		1,552,443			756,209			1,823,917			1,042,017			564,729
$	(556,633	)	$	625,223		$	1,890,956		$	847,202		$	1,954,305		$	2,142,087		$	1,838,315
$	(4,019	)	$	—		$	—		$	—		$	—		$	—		$	—

503

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX 50 ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	7,534,831		$	9,293,166		$	104,577,239		$	141,143,220
Net realized gain (loss)		(11,770,497	)		(5,570,940	)		(195,079,777	)		101,443,774
Net change in unrealized appreciation/depreciation		2,898,366			(36,412,618	)		73,088,643			(870,332,260	)
Net increase (decrease) in net assets resulting from operations		(1,337,300	)		(32,690,392	)		(17,413,895	)		(627,745,266	)
Net equalization credits and charges (Note 2)		(266,142	)		331,770			(5,772,043	)		(1,214,874	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,235,067	)		(9,622,930	)		(104,977,475	)		(143,035,636	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(7,235,067	)		(9,622,930	)		(104,977,475	)		(143,035,636	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			61,025,115			221,677,717			1,034,566,636
Cost of shares redeemed		(52,833,596	)		(32,815,692	)		(1,604,991,739	)		(1,168,853,153	)
Net income equalization (Note 2)		266,142			(331,770	)		5,772,043			1,214,874
Net increase (decrease) in net assets from beneficial interest transactions		(52,567,454	)		27,877,653			(1,377,541,979	)		(133,071,643	)
Net increase (decrease) in net assets during the period		(61,405,963	)		(14,103,899	)		(1,505,705,392	)		(905,067,419	)
Net assets at beginning of period		247,625,648			261,729,547			4,044,420,843			4,949,488,262
NET ASSETS AT END OF PERIOD	$	186,219,685		$	247,625,648		$	2,538,715,451		$	4,044,420,843
Undistributed (distribution in excess of) net investment income (loss)	$	230,837		$	—		$	—		$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			1,700,000			7,350,000			26,750,000
Shares redeemed		(1,700,000	)		(950,000	)		(49,600,000	)		(31,100,000	)
Net increase (decrease)		(1,700,000	)		750,000			(42,250,000	)		(4,350,000	)

* Inception date.

See accompanying notes to financial statements.

504

SPDR EURO STOXX Small Cap ETF						SPDR EURO STOXX 50 Currency Hedged ETF						SPDR S&P International Dividend Currency Hedged ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			For the Period 6/8/15* - 9/30/15			Year Ended 9/30/16			For the Period 9/14/15* - 9/30/15
$	564,210		$	186,164		$	407,968		$	93,184		$	159,057		$	52,903
	(3,619,165	)		(1,015,031	)		(283,921	)		(15,454	)		67,235			—
	964,891			(184,884	)		(243,431	)		(714,946	)		163,187			(108,068	)
	(2,090,064	)		(1,013,751	)		(119,384	)		(637,216	)		389,479			(55,165	)
	(23,442	)		63,393			(17,147	)		32,788			(15,504	)		—
	(524,645	)		(256,115	)		(386,048	)		(125,977	)		(167,077	)		(52,907	)
	—			—			(105,717	)		—			(48,552	)		—
	(524,645	)		(256,115	)		(491,765	)		(125,977	)		(215,629	)		(52,907	)
	22,141,955			7,847,122			11,865,980			7,569,987			—			4,000,000
	(19,380,808	)		(2,467,346	)		(3,345,178	)		—			(2,011,049	)		—
	23,442			(63,393	)		17,147			(32,788	)		15,504			—
	2,784,589			5,316,383			8,537,949			7,537,199			(1,995,545	)		4,000,000
	146,438			4,109,910			7,909,653			6,806,794			(1,837,199	)		3,891,928
	11,707,519			7,597,609			6,806,794			—			3,891,928			—
$	11,853,957		$	11,707,519		$	14,716,447		$	6,806,794		$	2,054,729		$	3,891,928
$	44,076		$	(22,241	)	$	—		$	(35,761	)	$	(89	)	$	(4	)
	450,000			150,000			350,000			200,000			—			100,000
	(450,000	)		(50,000	)		(100,000	)		—			(50,000	)		—
	—			100,000			250,000			200,000			(50,000	)		100,000

505

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI International Real Estate Currency Hedged ETF					SPDR S&P Emerging Asia Pacific ETF
	Year Ended 9/30/16			For the Period 9/14/15* - 9/30/15		Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	116,292		$	2,816	$	6,616,428		$	15,877,019
Net realized gain (loss)		157,177			—		(11,195,076	)		(18,067,105	)
Net change in unrealized appreciation/depreciation		78,475			49,504		57,859,732			(104,631,856	)
Net increase (decrease) in net assets resulting from operations		351,944			52,320		53,281,084			(106,821,942	)
Net equalization credits and charges (Note 2)		41,211			—		—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(158,197	)		—		(15,794,101	)		(10,643,553	)
Net realized gains		(30,205	)		—		—			—
Total distributions to shareholders		(188,402	)		—		(15,794,101	)		(10,643,553	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			4,000,000		—			227,969,415
Cost of shares redeemed		(2,098,260	)		—		(130,075,797	)		(369,551,101	)
Net income equalization (Note 2)		(41,211	)		—		—			—
Other capital (Note 7)		—			—		—			—
Net increase (decrease) in net assets from beneficial interest transactions		(2,139,471	)		4,000,000		(130,075,797	)		(141,581,686	)
Net increase (decrease) in net assets during the period		(1,934,718	)		4,052,320		(92,588,814	)		(259,047,181	)
Net assets at beginning of period		4,052,320			—		428,447,223			687,494,404
NET ASSETS AT END OF PERIOD	$	2,117,602		$	4,052,320	$	335,858,409		$	428,447,223
Undistributed (distribution in excess of) net investment income (loss)	$	114,847		$	2,816	$	4,012,484		$	12,350,914
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			100,000		—			2,500,000
Shares redeemed		(50,000	)		—		(1,800,000	)		(4,800,000	)
Net increase (decrease)		(50,000	)		100,000		(1,800,000	)		(2,300,000	)

* Inception date.

** Revised. See Note 6

See accompanying notes to financial statements.

506

SPDR S&P Russia ETF						SPDR S&P China ETF						SPDR MSCI China A Shares IMI ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 10/28/15* - 9/30/16
$	717,145		$	884,227		$	14,873,959		$	25,477,639		$	15,088
	(1,854,131	)		(936,520	)**		(17,872,233	)		4,303,102			(21,921	)
	6,315,110			(6,796,909	)**		119,567,331			(127,872,714	)		(320,806	)
	5,178,124			(6,849,202	)		116,569,057			(98,091,973	)		(327,639	)
	—			—			—			—			—
	(1,046,770	)		(854,073	)		(22,176,022	)		(17,843,531	)		(31,418	)
	—			—			—			—			—
	(1,046,770	)		(854,073	)		(22,176,022	)		(17,843,531	)		(31,418	)
	2,465,879			16,037,529			32,048,202			202,232,959			2,500,000
	(2,939,997	)		(8,367,902	)		(132,277,950	)		(216,315,583	)		—
	—			—			—			—			—
	—			—			51,557			321,712			6,250
	(474,118	)		7,669,627			(100,178,191	)		(13,760,912	)		2,506,250
	3,657,236			(33,648	)		(5,785,156	)		(129,696,416	)		2,147,193
	23,101,350			23,134,998			817,908,185			947,604,601			—
$	26,758,586		$	23,101,350		$	812,123,029		$	817,908,185		$	2,147,193
$	414,493		$	718,388		$	10,188,330		$	17,289,278		$	(580	)
	150,000			1,000,000			400,000			2,300,000			100,000
	(200,000	)		(500,000	)		(2,000,000	)		(2,800,000	)		—
	(50,000	)		500,000			(1,600,000	)		(500,000	)		100,000

507

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Markets ETF						SPDR S&P Emerging Markets Dividend ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,657,638		$	4,538,008		$	13,195,227		$	18,239,624
Net realized gain (loss)		(7,774,303	)		(6,889,127	)		(86,415,279	)		(89,440,799	)
Net change in unrealized appreciation/depreciation		34,425,127			(46,470,601	)		103,749,545			(60,152,326	)
Net increase (decrease) in net assets resulting from operations		30,308,462			(48,821,720	)		30,529,493			(131,353,501	)
Net equalization credits and charges (Note 2)		—			—			388,020			(349,335	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,843,662	)		(4,507,319	)		(13,540,223	)		(16,798,542	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		78,159,264			45,399,268			58,309,589			22,707,186
Cost of shares redeemed		(58,547,453	)		(88,647,909	)		(73,579,609	)		(67,694,997	)
Net income equalization (Note 2)		—			—			(388,020	)		349,335
Other capital (Note 7)		—			—			160,241			85,601
Net increase (decrease) in net assets from beneficial interest transactions		19,611,811			(43,248,641	)		(15,497,799	)		(44,552,875	)
Net increase (decrease) in net assets during the period		46,076,611			(96,577,680	)		1,879,491			(193,054,253	)
Net assets at beginning of period		188,706,881			285,284,561			298,162,743			491,216,996
NET ASSETS AT END OF PERIOD	$	234,783,492		$	188,706,881		$	300,042,234		$	298,162,743
Undistributed (distribution in excess of) net investment income (loss)	$	1,781,014		$	1,947,448		$	(81,214	)	$	(709,247	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,400,000			700,000			2,150,000			650,000
Shares redeemed		(1,100,000	)		(1,400,000	)		(3,100,000	)		(2,150,000	)
Net increase (decrease)		300,000			(700,000	)		(950,000	)		(1,500,000	)

See accompanying notes to financial statements.

508

SPDR S&P Emerging Europe ETF						SPDR S&P Emerging Latin America ETF						SPDR S&P Emerging Middle East & Africa ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	1,092,693		$	1,483,067		$	605,113		$	809,876		$	723,934		$	1,261,754
	(13,651,696	)		(5,580,264	)		(7,247,825	)		(4,222,511	)		(4,617,990	)		(704,635	)
	15,000,639			(14,145,077	)		12,581,267			(13,581,843	)		5,713,624			(8,390,305	)
	2,441,636			(18,242,274	)		5,938,555			(16,994,478	)		1,819,568			(7,833,186	)
	—			—			—			—			—			—
	(1,195,312	)		(1,961,721	)		(668,273	)		(877,726	)		(784,205	)		(1,502,559	)
	26,369,890			3,096,917			4,383,887			—			—			—
	(34,636,425	)		(8,749,045	)		(8,053,272	)		(5,623,087	)		(11,009,480	)		(13,728,647	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	(8,266,535	)		(5,652,128	)		(3,669,385	)		(5,623,087	)		(11,009,480	)		(13,728,647	)
	(7,020,211	)		(25,856,123	)		1,600,897			(23,495,291	)		(9,974,117	)		(23,064,392	)
	41,009,056			66,865,179			25,713,181			49,208,472			40,076,470			63,140,862
$	33,988,845		$	41,009,056		$	27,314,078		$	25,713,181		$	30,102,353		$	40,076,470
$	561,588		$	667,972		$	46,891		$	93,188		$	242,081		$	227,898
	1,000,000			100,000			100,000			—			—			—
	(1,400,000	)		(300,000	)		(200,000	)		(100,000	)		(200,000	)		(200,000	)
	(400,000	)		(200,000	)		(100,000	)		(100,000	)		(200,000	)		(200,000	)

509

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P World ex-US ETF						SPDR S&P International Small Cap ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	18,870,297		$	18,959,229		$	14,450,508		$	13,741,805
Net realized gain (loss)		14,852,852			29,267,901			22,413,538			12,612,434
Net change in unrealized appreciation/depreciation		14,490,157			(126,063,850	)		61,492,493			(66,355,693	)
Net increase (decrease) in net assets resulting from operations		48,213,306			(77,836,720	)		98,356,539			(40,001,454	)
Net equalization credits and charges (Note 2)		—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(19,011,480	)		(20,112,214	)		(14,251,797	)		(11,413,132	)
Net realized gains		(1,091,428	)		—			(3,694,135	)		(71,368,674	)
Total distributions to shareholders		(20,102,908	)		(20,112,214	)		(17,945,932	)		(82,781,806	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		68,130,074			128,435,729			60,053,332			69,799,060
Cost of shares redeemed		(176,321,620	)		(141,016,522	)		(88,708,125	)		(89,178,369	)
Net income equalization (Note 2)		—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(108,191,546	)		(12,580,793	)		(28,654,793	)		(19,379,309	)
Net increase (decrease) in net assets during the period		(80,081,148	)		(110,529,727	)		51,755,814			(142,162,569	)
Net assets at beginning of period		714,913,700			825,443,427			650,556,308			792,718,877
NET ASSETS AT END OF PERIOD	$	634,832,552		$	714,913,700		$	702,312,122		$	650,556,308
Undistributed (distribution in excess of) net investment income (loss)	$	5,988,823		$	5,017,897		$	10,334,470		$	6,179,070
SHARES OF BENEFICIAL INTEREST:
Shares sold		2,600,000			4,600,000			2,100,000			2,400,000
Shares redeemed		(7,000,000	)		(5,200,000	)		(3,200,000	)		(3,000,000	)
Net increase (decrease)		(4,400,000	)		(600,000	)		(1,100,000	)		(600,000	)

See accompanying notes to financial statements.

510

SPDR Dow Jones International Real Estate ETF						SPDR S&P Global Infrastructure ETF						SPDR S&P Global Natural Resources ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	123,120,861		$	120,772,818		$	2,426,148		$	3,159,721		$	16,618,302		$	22,923,954
	221,864,440			(10,081,904	)		(3,623,229	)		1,136,184			(54,248,801	)		(34,127,674	)
	41,798,563			(255,552,359	)		9,726,064			(12,097,861	)		169,500,267			(214,631,429	)
	386,783,864			(144,861,445	)		8,528,983			(7,801,956	)		131,869,768			(225,835,149	)
	9,706,216			(1,772,371	)		—			—			—			—
	(125,444,680	)		(147,970,731	)		(2,376,551	)		(3,020,616	)		(17,723,932	)		(20,271,634	)
	—			—			—			—			—			—
	(125,444,680	)		(147,970,731	)		(2,376,551	)		(3,020,616	)		(17,723,932	)		(20,271,634	)
	131,028,564			360,344,231			35,842,130			9,393,423			197,305,994			291,970,504
	(617,190,864	)		(217,510,015	)		(12,443,846	)		(54,604,454	)		(158,440,483	)		(71,659,157	)
	(9,706,216	)		1,772,371			—			—			—			—
	(495,868,516	)		144,606,587			23,398,284			(45,211,031	)		38,865,511			220,311,347
	(224,823,116	)		(149,997,960	)		29,550,716			(56,033,603	)		153,011,347			(25,795,436	)
	4,753,058,318			4,903,056,278			56,299,460			112,333,063			569,821,530			595,616,966
$	4,528,235,202		$	4,753,058,318		$	85,850,176		$	56,299,460		$	722,832,877		$	569,821,530
$	(45,167,352	)	$	(100,057,018	)	$	837,172		$	796,927		$	4,489,524		$	6,025,548
	3,300,000			8,400,000			800,000			200,000			5,450,000			6,900,000
	(15,600,000	)		(5,300,000	)		(300,000	)		(1,200,000	)		(4,450,000	)		(1,650,000	)
	(12,300,000	)		3,100,000			500,000			(1,000,000	)		1,000,000			5,250,000

511

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P North American Natural Resources ETF			SPDR MSCI ACWI ex-US ETF
	For the Period 12/15/15* - 9/30/16			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	9,889,106		$	21,504,119		$	19,948,305
Net realized gain (loss)		63,360,453			(15,298,989	)		9,668,053
Net change in unrealized appreciation/depreciation		188,973,668			55,379,547			(137,426,033	)
Net increase (decrease) in net assets resulting from operations		262,223,227			61,584,677			(107,809,675	)
Net equalization credits and charges (Note 2)		(458,114	)		—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(6,136,433	)		(21,463,385	)		(17,494,392	)
Net realized gains		—			—			—
Total distributions to shareholders		(6,136,433	)		(21,463,385	)		(17,494,392	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		716,933,368			212,231,021			379,688,741
Cost of shares redeemed		(144,438,843	)		(120,364,715	)		(114,567,151	)
Net income equalization (Note 2)		458,114			—			—
Other capital (Note 7)		511,124			—			—
Net increase (decrease) in net assets from beneficial interest transactions		573,463,763			91,866,306			265,121,590
Net increase (decrease) in net assets during the period		829,092,443			131,987,598			139,817,523
Net assets at beginning of period		—			715,311,358			575,493,835
NET ASSETS AT END OF PERIOD	$	829,092,443		$	847,298,956		$	715,311,358
Undistributed (distribution in excess of) net investment income (loss)	$	3,747,048		$	6,930,019		$	6,613,656
SHARES OF BENEFICIAL INTEREST:
Shares sold		29,050,000			6,800,000			10,800,000
Shares redeemed		(4,700,000	)		(4,200,000	)		(3,600,000	)
Net increase (decrease)		24,350,000			2,600,000			7,200,000

* Inception date.

See accompanying notes to financial statements.

512

SPDR MSCI ACWI IMI ETF						SPDR MSCI ACWI Low Carbon Target ETF						SPDR MSCI EAFE StrategicFactors ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			For the Period 11/25/14* - 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	1,099,480		$	1,319,686		$	2,121,256		$	1,756,796		$	171,032		$	160,465
	(139,930	)		3,871,217			(801,855	)		46,428			(176,756	)		(32,900	)
	4,474,695			(5,211,830	)		9,207,273			(7,424,331	)		495,100			(423,334	)
	5,434,245			(20,927	)		10,526,674			(5,621,107	)		489,376			(295,769	)
	—			—			25,820			31,015			—			—
	(914,554	)		(1,135,208	)		(2,080,165	)		(1,204,764	)		(150,949	)		(163,771	)
	—			(2,549	)		(59,509	)		—			—			(125	)
	(914,554	)		(1,137,757	)		(2,139,674	)		(1,204,764	)		(150,949	)		(163,896	)
	25,177,393			19,021,285			6,822,239			88,300,106			2,708,203			—
	—			(40,110,719	)		—			—			—			—
	—			—			(25,820	)		(31,015	)		—			—
	—			—			—			—			—			—
	25,177,393			(21,089,434	)		6,796,419			88,269,091			2,708,203			—
	29,697,084			(22,248,118	)		15,209,239			81,474,235			3,046,630			(459,665	)
	35,185,546			57,433,664			81,474,235			—			5,268,265			5,727,930
$	64,882,630		$	35,185,546		$	96,683,474		$	81,474,235		$	8,314,895		$	5,268,265
$	656,113		$	490,989		$	561,059		$	538,675		$	62,373		$	39,312
	400,000			300,000			100,000			1,200,000			50,000			—
	—			(600,000	)		—			—			—			—
	400,000			(300,000	)		100,000			1,200,000			50,000			—

513

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI Emerging Markets StrategicFactors ETF						SPDR MSCI World StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,429,219		$	1,425,459		$	140,223		$	134,605
Net realized gain (loss)		(3,098,829	)		(740,886	)		(11,281	)		68,672
Net change in unrealized appreciation/depreciation		15,752,756			(12,156,416	)		657,413			(271,818	)
Net increase (decrease) in net assets resulting from operations		15,083,146			(11,471,843	)		786,355			(68,541	)
Net equalization credits and charges (Note 2)		—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,961,532	)		(678,425	)		(136,581	)		(130,140	)
Net realized gains		—			(361	)		(70,354	)		(251	)
Total distributions to shareholders		(1,961,532	)		(678,786	)		(206,935	)		(130,391	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		57,249,195			77,383,767			—			—
Cost of shares redeemed		(25,307,383	)		—			—			—
Net income equalization (Note 2)		—			—			—			—
Other capital (Note 7)		104,679			179,360			—			—
Net increase (decrease) in net assets from beneficial interest transactions		32,046,491			77,563,127			—			—
Net increase (decrease) in net assets during the period		45,168,105			65,412,498			579,420			(198,932	)
Net assets at beginning of period		71,371,126			5,958,628			5,795,672			5,994,604
NET ASSETS AT END OF PERIOD	$	116,539,231		$	71,371,126		$	6,375,092		$	5,795,672
Undistributed (distribution in excess of) net investment income (loss)	$	1,176,573		$	710,303		$	36,260		$	35,638
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,175,000			1,400,000			—			—
Shares redeemed		(500,000	)		—			—			—
Net increase (decrease)		675,000			1,400,000			—			—

See accompanying notes to financial statements.

514

SPDR MSCI Australia Strategic Factors ETF						SPDR MSCI Canada StrategicFactors ETF						SPDR MSCI Germany StrategicFactors ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	346,082		$	279,723		$	324,614		$	79,276		$	260,990		$	188,934
	(201,307	)		(330,890	)		(191,554	)		(55,691	)		(436,439	)		(500,563	)
	1,575,756			(854,508	)		2,431,840			(1,010,116	)		1,283,855			(882,061	)
	1,720,531			(905,675	)		2,564,900			(986,531	)		1,108,406			(1,193,690	)
	50,189			17,046			31,271			26,740			43,205			27,707
	(378,773	)		(283,692	)		(294,086	)		(80,540	)		(263,141	)		(226,792	)
	—			(205	)		—			—			—			—
	(378,773	)		(283,897	)		(294,086	)		(80,540	)		(263,141	)		(226,792	)
	2,246,035			7,475,175			6,840,285			7,395,073			2,497,423			8,374,401
	—			(5,500,799	)		—			—			—			(2,623,729	)
	(50,189	)		(17,046	)		(31,271	)		(26,740	)		(43,205	)		(27,707	)
	—			—			—			—			—			—
	2,195,846			1,957,330			6,809,014			7,368,333			2,454,218			5,722,965
	3,587,793			784,804			9,111,099			6,328,002			3,342,688			4,330,190
	6,374,684			5,589,880			9,319,099			2,991,097			9,688,066			5,357,876
$	9,962,477		$	6,374,684		$	18,430,198		$	9,319,099		$	13,030,754		$	9,688,066
$	143,123		$	163,390		$	83,628		$	36,372		$	(1,413	)	$	—
	50,000			150,000			150,000			150,000			50,000			150,000
	—			(100,000	)		—			—			—			(50,000	)
	50,000			50,000			150,000			150,000			50,000			100,000

515

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI Japan StrategicFactors ETF						SPDR MSCI Mexico StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	170,716		$	128,601		$	45,271		$	38,601
Net realized gain (loss)		1,112			2,352			(18,256	)		(16,915	)
Net change in unrealized appreciation/depreciation		1,271,980			(856,762	)		(83,947	)		(618,365	)
Net increase (decrease) in net assets resulting from operations		1,443,808			(725,809	)		(56,932	)		(596,679	)
Net equalization credits and charges (Note 2)		48,180			35,562			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(191,385	)		(118,700	)		(53,120	)		(25,314	)
Net realized gains		(2,172	)		(610	)		—			—
Total distributions to shareholders		(193,557	)		(119,310	)		(53,120	)		(25,314	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		6,355,948			6,750,850			—			—
Cost of shares redeemed		(6,070,906	)		—			—			—
Net income equalization (Note 2)		(48,180	)		(35,562	)		—			—
Net increase (decrease) in net assets from beneficial interest transactions		236,862			6,715,288			—			—
Net increase (decrease) in net assets during the period		1,535,293			5,905,731			(110,052	)		(621,993	)
Net assets at beginning of period		11,951,474			6,045,743			2,260,899			2,882,892
NET ASSETS AT END OF PERIOD	$	13,486,767		$	11,951,474		$	2,150,847		$	2,260,899
Undistributed (distribution in excess of) net investment income (loss)	$	43,397		$	51,278		$	3,477		$	11,725
Shares sold		100,000			100,000			—			—
Shares redeemed		(100,000	)		—			—			—
Net increase (decrease)		—			100,000			—			—

See accompanying notes to financial statements.

516

SPDR MSCI South Korea StrategicFactors ETF						SPDR MSCI Spain StrategicFactors ETF						SPDR MSCI Taiwan StrategicFactors ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	25,130		$	22,409		$	77,193		$	181,067		$	153,850		$	156,714
	(75,210	)		(28,954	)		(37,131	)		(1,015,112	)		(369,656	)		870
	497,432			(440,622	)		(89,558	)		32,814			1,246,079			(887,509	)
	447,352			(447,167	)		(49,496	)		(801,231	)		1,030,273			(729,925	)
	—			—			—			(19,841	)		—			—
	(24,411	)		(37,871	)		(73,907	)		(231,204	)		(147,649	)		(8,912	)
	—			—			—			—			(10,449	)		—
	(24,411	)		(37,871	)		(73,907	)		(231,204	)		(158,098	)		(8,912	)
	—			—			—			—			—			—
	—			—			—			(5,004,858	)		—			—
	—			—			—			19,841			—			—
	—			—			—			(4,985,017	)		—			—
	422,941			(485,038	)		(123,403	)		(6,037,293	)		872,175			(738,837	)
	2,369,328			2,854,366			2,220,344			8,257,637			5,044,488			5,783,325
$	2,792,269		$	2,369,328		$	2,096,941		$	2,220,344		$	5,916,663		$	5,044,488
$	2,017		$	—		$	38,539		$	35,684		$	151,866		$	147,135
	—			—			—			—			—			—
	—			—			—			(100,000	)		—			—
	—			—			—			(100,000	)		—			—

517

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI United Kingdom StrategicFactors ETF						SPDR S&P Global Dividend ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	90,890		$	241,342		$	3,147,006		$	2,283,154
Net realized gain (loss)		(99,454	)		(169,958	)		(6,512,205	)		452,553
Net change in unrealized appreciation/depreciation		11,455			(130,103	)		11,373,653			(8,852,762	)
Net increase (decrease) in net assets resulting from operations		2,891			(58,719	)		8,008,454			(6,117,055	)
Net equalization credits and charges (Note 2)		—			37,608			100,570			331,223
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(96,601	)		(310,927	)		(3,120,664	)		(2,598,923	)
Net realized gains		—			—			(388,876	)		(301,724	)
Total distributions to shareholders		(96,601	)		(310,927	)		(3,509,540	)		(2,900,647	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			8,180,101			46,853,198			53,067,531
Cost of shares redeemed		—			(11,011,633	)		(20,303,786	)		—
Net income equalization (Note 2)		—			(37,608	)		(100,570	)		(331,223	)
Other capital (Note 7)		—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		—			(2,869,140	)		26,448,842			52,736,308
Net increase (decrease) in net assets during the period		(93,710	)		(3,201,178	)		31,048,326			44,049,829
Net assets at beginning of period		2,506,879			5,708,057			73,249,500			29,199,671
NET ASSETS AT END OF PERIOD	$	2,413,169		$	2,506,879		$	104,297,826		$	73,249,500
Undistributed (distribution in excess of) net investment income (loss)	$	(3,238	)	$	—		$	42,404		$	(2,708	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			150,000			750,000			800,000
Shares redeemed		—			(200,000	)		(350,000	)		—
Net increase (decrease)		—			(50,000	)		400,000			800,000

See accompanying notes to financial statements.

518

SPDR S&P International Dividend ETF						SPDR S&P Emerging Markets Small Cap ETF						SPDR Dow Jones Global Real Estate ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	43,644,772		$	65,199,635		$	7,344,778		$	10,634,927		$	55,808,517		$	46,099,392
	(135,946,162	)		(236,342,312	)		(44,057,831	)		(25,473,377	)		34,503,402			18,981,711
	209,134,151			(163,003,286	)		91,799,184			(93,883,069	)		181,111,849			(21,221,390	)
	116,832,761			(334,145,963	)		55,086,131			(108,721,519	)		271,423,768			43,859,713
	1,385,049			(191,392	)		—			—			1,321,112			652,292
	(43,184,596	)		(65,787,191	)		(8,865,797	)		(12,541,035	)		(72,124,923	)		(54,138,494	)
	—			—			—			—			—			—
	(43,184,596	)		(65,787,191	)		(8,865,797	)		(12,541,035	)		(72,124,923	)		(54,138,494	)
	120,199,049			162,361,436			11,394,800			9,545,721			428,829,539			521,262,317
	(157,754,804	)		(238,126,598	)		(111,075,298	)		(85,060,588	)		(33,249,580	)		(84,921,637	)
	(1,385,049	)		191,392			—			—			(1,321,112	)		(652,292	)
	—			—			335,596			375,932			—			—
	(38,940,804	)		(75,573,770	)		(99,344,902	)		(75,138,935	)		394,258,847			435,688,388
	36,092,410			(475,698,316	)		(53,124,568	)		(196,401,489	)		594,878,804			426,061,899
	974,415,619			1,450,113,935			373,680,697			570,082,186			1,899,193,728			1,473,131,829
$	1,010,508,029		$	974,415,619		$	320,556,129		$	373,680,697		$	2,494,072,532		$	1,899,193,728
$	7,669,747		$	6,601,355		$	5,556,993		$	6,509,733		$	(26,720,149	)	$	(14,362,348	)
	3,400,000			3,600,000			300,000			200,000			8,800,000			10,600,000
	(4,500,000	)		(6,200,000	)		(2,900,000	)		(1,900,000	)		(700,000	)		(1,800,000	)
	(1,100,000	)		(2,600,000	)		(2,600,000	)		(1,700,000	)		8,100,000			8,800,000

519

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Consumer Discretionary Sector ETF						SPDR S&P International Consumer Staples Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	286,024		$	333,882		$	685,568		$	998,516
Net realized gain (loss)		43,295			1,182,319			5,006,345			1,808,939
Net change in unrealized appreciation/depreciation		109,211			(1,853,450	)		219,330			(3,188,766	)
Net increase (decrease) in net assets resulting from operations		438,530			(337,249	)		5,911,243			(381,311	)
Net equalization credits and charges (Note 2)		7,565			(1,165	)		(8,960	)		34,294
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(293,731	)		(334,910	)		(678,181	)		(1,034,295	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(293,731	)		(334,910	)		(678,181	)		(1,034,295	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,738,628			4,080,127			6,316,421			33,260,747
Cost of shares redeemed		(3,493,956	)		(7,510,591	)		(41,237,906	)		(9,567,653	)
Net income equalization (Note 2)		(7,565	)		1,165			8,960			(34,294	)
Net increase (decrease) in net assets from beneficial interest transactions		(1,762,893	)		(3,429,299	)		(34,912,525	)		23,658,800
Net increase (decrease) in net assets during the period		(1,610,529	)		(4,102,623	)		(29,688,423	)		22,277,488
Net assets at beginning of period		14,301,952			18,404,575			65,130,263			42,852,775
NET ASSETS AT END OF PERIOD	$	12,691,423		$	14,301,952		$	35,441,840		$	65,130,263
Undistributed (distribution in excess of) net investment income (loss)	$	61,802		$	65,965		$	17,524		$	(19,742	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		50,000			100,000			150,000			800,000
Shares redeemed		(100,000	)		(200,000	)		(1,000,000	)		(250,000	)
Net increase (decrease)		(50,000	)		(100,000	)		(850,000	)		550,000

See accompanying notes to financial statements.

520

SPDR S&P International Energy Sector ETF						SPDR S&P International Financial Sector ETF						SPDR S&P International Health Care Sector ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	1,281,185		$	883,304		$	286,526		$	351,313		$	1,148,242		$	1,135,234
	(962,963	)		(809,130	)		(1,266,225	)		(132,036	)		5,878,591			6,286,851
	4,287,277			(9,541,578	)		423,066			(1,692,402	)		(6,401,610	)		(8,396,279	)
	4,605,499			(9,467,404	)		(556,633	)		(1,473,125	)		625,223			(974,194	)
	7,524			38,353			70,510			11,454			(27,497	)		31,728
	(1,246,773	)		(880,204	)		(460,670	)		(355,265	)		(1,143,635	)		(1,138,903	)
	—			—			—			—			(111,868	)		(6,327	)
	(1,246,773	)		(880,204	)		(460,670	)		(355,265	)		(1,255,503	)		(1,145,230	)
	23,550,867			16,572,201			2,876,642			5,587,093			7,368,960			32,275,374
	(15,071,632	)		(2,329,192	)		(6,169,837	)		(4,102,395	)		(31,585,799	)		(21,379,712	)
	(7,524	)		(38,353	)		(70,510	)		(11,454	)		27,497			(31,728	)
	8,471,711			14,204,656			(3,363,705	)		1,473,244			(24,189,342	)		10,863,934
	11,837,961			3,895,401			(4,310,498	)		(343,692	)		(24,847,119	)		8,776,238
	23,207,421			19,312,020			10,579,811			10,923,503			74,900,909			66,124,671
$	35,045,382		$	23,207,421		$	6,269,313		$	10,579,811		$	50,053,790		$	74,900,909
$	37,996		$	(6,454	)	$	24,304		$	170,489		$	29,021		$	(1,914	)
	1,400,000			850,000			150,000			250,000			150,000			650,000
	(900,000	)		(100,000	)		(350,000	)		(200,000	)		(650,000	)		(450,000	)
	500,000			750,000			(200,000	)		50,000			(500,000	)		200,000

521

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Industrial Sector ETF						SPDR S&P International Materials Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	338,513		$	388,212		$	90,993		$	186,001
Net realized gain (loss)		(860,258	)		256,805			(1,391,757	)		(516,745	)
Net change in unrealized appreciation/depreciation		2,412,701			(3,061,091	)		2,147,966			(1,156,361	)
Net increase (decrease) in net assets resulting from operations		1,890,956			(2,416,074	)		847,202			(1,487,105	)
Net equalization credits and charges (Note 2)		30,832			14,332			1,693			717
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(384,652	)		(390,429	)		(95,630	)		(185,820	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		4,240,151			3,101,822			2,891,308			—
Cost of shares redeemed		(7,891,249	)		(7,297,580	)		(3,582,208	)		(990,508	)
Net income equalization (Note 2)		(30,832	)		(14,332	)		(1,693	)		(717	)
Net increase (decrease) in net assets from beneficial interest transactions		(3,681,930	)		(4,210,090	)		(692,593	)		(991,225	)
Net increase (decrease) in net assets during the period		(2,144,794	)		(7,002,261	)		60,672			(2,663,433	)
Net assets at beginning of period		17,321,594			24,323,855			4,939,606			7,603,039
NET ASSETS AT END OF PERIOD	$	15,176,800		$	17,321,594		$	5,000,278		$	4,939,606
Undistributed (distribution in excess of) net investment income (loss)	$	67,040		$	94,402		$	9,669		$	6,163
SHARES OF BENEFICIAL INTEREST:
Shares sold		150,000			100,000			150,000			—
Shares redeemed		(300,000	)		(250,000	)		(200,000	)		(50,000	)
Net increase (decrease)		(150,000	)		(150,000	)		(50,000	)		(50,000	)

See accompanying notes to financial statements.

522

SPDR S&P International Technology Sector ETF						SPDR S&P International Telecommunications Sector ETF						SPDR S&P International Utilities Sector ETF
Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/16			Year Ended 9/30/15
$	130,388		$	130,987		$	1,100,070		$	1,298,258		$	1,273,586		$	1,414,897
	256,308			423,117			629,145			689,145			691,787			3,022,287
	1,567,609			(1,248,253	)		412,872			(2,599,450	)		(127,058	)		(10,153,837	)
	1,954,305			(694,149	)		2,142,087			(612,047	)		1,838,315			(5,716,653	)
	5,802			(1,504	)		(33,382	)		(15,221	)		27,671			(13,083	)
	(195,312	)		(103,108	)		(1,200,058	)		(1,274,493	)		(1,289,627	)		(1,460,201	)
	—			—			2,504,428			3,867,631			36,539,040			2,732,569
	(1,472,884	)		(1,587,742	)		(11,352,503	)		(9,245,790	)		(34,061,665	)		(38,028,330	)
	(5,802	)		1,504			33,382			15,221			(27,671	)		13,083
	(1,478,686	)		(1,586,238	)		(8,814,693	)		(5,362,938	)		2,449,704			(35,282,678	)
	286,109			(2,384,999	)		(7,906,046	)		(7,264,699	)		3,026,063			(42,472,615	)
	10,206,492			12,591,491			36,299,907			43,564,606			27,114,224			69,586,839
$	10,492,601		$	10,206,492		$	28,393,861		$	36,299,907		$	30,140,287		$	27,114,224
$	(8,324	)	$	50,873		$	44,320		$	158,692		$	(6,923	)	$	31,380
	—			—			100,000			150,000			2,250,000			150,000
	(50,000	)		(50,000	)		(450,000	)		(350,000	)		(2,100,000	)		(2,150,000	)
	(50,000	)		(50,000	)		(350,000	)		(200,000	)		150,000			(2,000,000	)

523

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR STOXX Europe 50 ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	31.54		$	36.86		$	36.47		$	31.50		$	28.26
Income (loss) from investment operations:
Net investment income (loss) (a)		1.10			1.23			2.03	(b)		1.19			1.25
Net realized and unrealized gain (loss) (c)		(1.21	)		(5.37	)		0.22			4.84			3.21
Total from investment operations		(0.11	)		(4.14	)		2.25			6.03			4.46
Net equalization credits and charges		(0.04	)		0.04			0.11			0.13			0.04
Distributions to shareholders from:
Net investment income		(1.11	)		(1.22	)		(1.97	)		(1.19	)		(1.26	)
Net asset value, end of period	$	30.28		$	31.54		$	36.86		$	36.47		$	31.50
Total return (d)		(0.42	)%		(11.36	)%		6.33	%(b)		19.94	%(e)		16.25	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	186,220		$	247,626		$	261,730		$	109,419		$	37,809
Ratios to average net assets:
Total expenses		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income (loss)		3.57	%		3.50	%		5.28	%(b)		3.47	%		4.12	%
Portfolio turnover rate (f)		8	%		9	%		9	%		12	%		6	%

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

(b) 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%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

(e) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 19.93%.

(f) Portfolio turnover rate excludes transactions involving 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 EURO STOXX 50 ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	33.77		$	39.88		$	38.33		$	30.96		$	28.72
Income (loss) from investment operations:
Net investment income (loss) (a)		1.05			1.20			1.32			1.19			1.42
Net realized and unrealized gain (loss) (b)		(0.83	)		(6.11	)		1.46			7.19			1.77
Total from investment operations		0.22			(4.91	)		2.78			8.38			3.19
Net equalization credits and charges		(0.06	)		(0.01	)		0.06			0.13			0.35
Distributions to shareholders from:
Net investment income		(1.17	)		(1.19	)		(1.29	)		(1.14	)		(1.30	)
Net asset value, end of period	$	32.76		$	33.77		$	39.88		$	38.33		$	30.96
Total return (c)		0.62	%		(12.60	)%		7.20	%		28.10	%(d)		12.90	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,538,715		$	4,044,421		$	4,949,488		$	3,285,263		$	993,820
Ratios to average net assets:
Total expenses		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income (loss)		3.13	%		3.16	%		3.16	%		3.43	%		4.78	%
Portfolio turnover rate (e)		7	%		6	%		6	%		8	%		9	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

(d) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 28.10%.

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

See accompanying notes to financial statements.

525

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX Small Cap ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	46.83		$	50.65		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.00			1.18			0.16
Net realized and unrealized gain (loss) (b)		0.43			(4.00	)		(9.47	)
Total from investment operations		1.43			(2.82	)		(9.31	)
Net equalization credits and charges		(0.04	)		0.40			—
Voluntary contribution from Adviser		—			—			0.07
Distributions to shareholders from:
Net investment income		(0.80	)		(1.40	)		(0.11	)
Net asset value, end of period	$	47.42		$	46.83		$	50.65
Total return (d)		3.14	%		(4.97	)%		(15.43	)%(c)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	11,854		$	11,708		$	7,598
Ratios to average net assets:
Total expenses		0.45	%		0.46	%		0.45	%(e)
Net investment income (loss)		2.13	%		2.33	%		0.89	%(e)
Portfolio turnover rate (f)		53	%		46	%		30	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

(f) Portfolio turnover rate excludes transactions involving 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 EURO STOXX 50 Currency Hedged ETF
	Year Ended 9/30/16			For the Period 6/9/15* - 9/30/15
Net asset value, beginning of period	$	34.03		$	38.73
Income (loss) from investment operations:
Net investment income (loss) (a)		1.24			0.63
Net realized and unrealized gain (loss) (b)		(1.05	)		(4.52	)
Total from investment operations		0.19			(3.89	)
Net equalization credits and charges		(0.05	)		0.22
Distributions to shareholders from:
Net investment income		(1.12	)		(1.03	)
Net realized gains		(0.35	)		—
Total distributions		(1.47	)		(1.03	)
Net asset value, end of period	$	32.70		$	34.03
Total return (c)		0.45	%		(9.75	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	14,716		$	6,807
Ratios to average net assets:
Total expenses		0.32	%		0.33	%(d)
Net expenses		0.03	%		0.04	%(d)
Net investment income (loss)		3.74	%		5.41	%(d)
Portfolio turnover rate (e)		10	%		2	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

527

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Dividend Currency Hedged ETF
	Year Ended 9/30/16			For the Period 9/15/15* - 9/30/15
Net asset value, beginning of period	$	38.92		$	40.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.63			0.53
Net realized and unrealized gain (loss) (b)		3.09			(1.08	)
Total from investment operations		4.72			(0.55	)
Net equalization credits and charges		(0.16	)		—
Distributions to shareholders from:
Net investment income		(1.90	)		(0.53	)
Net realized gains		(0.49	)		—
Total distributions		(2.39	)		(0.53	)
Net asset value, end of period	$	41.09		$	38.92
Total return (c)		12.20	%		(1.38	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,055		$	3,892
Ratios to average net assets:
Total expenses		0.49	%		0.48	%(d)
Net expenses		0.04	%		0.03	%(d)
Net investment income (loss)		4.15	%		30.27	%(d)
Portfolio turnover rate (e)		9	%		0	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

(f) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

528

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI International Real Estate Currency Hedged ETF
	Year Ended 9/30/16			For the Period 9/15/15* - 9/30/15
Net asset value, beginning of period	$	40.52		$	40.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.18			0.03
Net realized and unrealized gain (loss) (b)		2.11			0.49
Total from investment operations		3.29			0.52
Net equalization credits and charges		0.42			—
Distributions to shareholders from:
Net investment income		(1.58	)		—
Net realized gains		(0.30	)		—
Total distributions		(1.88	)		—
Net asset value, end of period	$	42.35		$	40.52
Total return (c)		9.43	%		1.31	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,118		$	4,052
Ratios to average net assets:
Total expenses		0.49	%		0.48	%(d)
Net investment income (loss)		2.89	%		1.60	%(d)
Portfolio turnover rate (e)		18	%		0	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

(f) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

529

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Asia Pacific ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	72.62		$	83.84		$	75.37		$	73.54		$	66.85
Income (loss) from investment operations:
Net investment income (loss) (a)		1.38			1.83			1.74			1.62			1.32
Net realized and unrealized gain (loss) (b)		10.81			(11.83	)		7.95			1.96			8.00
Total from investment operations		12.19			(10.00	)		9.69			3.58			9.32
Distributions to shareholders from:
Net investment income		(2.89	)		(1.22	)		(1.22	)		(1.75	)		(1.71	)
Net realized gains		—			—			—			—			(0.92	)
Total distributions		(2.89	)		(1.22	)		(1.22	)		(1.75	)		(2.63	)
Net asset value, end of period	$	81.92		$	72.62		$	83.84		$	75.37		$	73.54
Total return (c)		17.24	%		(12.15	)%		12.99	%		4.91	%		14.40	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	335,858		$	428,447		$	687,494		$	399,460		$	389,769
Ratios to average net assets:
Total expenses		0.49	%		0.53	%		0.59	%		0.59	%		0.60	%
Net investment income (loss)		1.85	%		2.14	%		2.17	%		2.14	%		1.87	%
Portfolio turnover rate (d)		1	%		28	%		15	%		16	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

530

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Russia ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	14.90		$	22.03		$	27.19		$	28.54		$	25.65
Income (loss) from investment operations:
Net investment income (loss) (a)		0.48			0.56			0.75			0.70			0.57
Net realized and unrealized gain (loss) (b)		3.12			(7.02	)		(5.51	)		(0.82	)		2.80
Total from investment operations		3.60			(6.46	)		(4.76	)		(0.12	)		3.37
Distributions to shareholders from:
Net investment income		(0.66	)		(0.67	)		(0.40	)		(1.23	)		(0.48	)
Net asset value, end of period	$	17.84		$	14.90		$	22.03		$	27.19		$	28.54
Total return (c)		25.55	%		(29.32	)%		(17.72	)%		(0.41	)%		13.40	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	26,759		$	23,101		$	23,135		$	31,264		$	39,963
Ratios to average net assets:
Total expenses		0.59	%		0.59	%		0.60	%		0.60	%		0.59	%
Net investment income (loss)		3.04	%		3.27	%		2.94	%		2.56	%		2.05	%
Portfolio turnover rate (d)		10	%		7	%		4	%		3	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

531

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P China ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	68.73		$	76.42		$	74.18		$	65.45		$	57.68
Income (loss) from investment operations:
Net investment income (loss) (a)		1.38			1.92			1.77			1.63			1.68
Net realized and unrealized gain (loss) (b)		10.68			(8.34	)		1.93			8.72			7.56
Total from investment operations		12.06			(6.42	)		3.70			10.35			9.24
Other capital		0.00	(c)		0.02			—			—			—
Distributions to shareholders from:
Net investment income		(1.94	)		(1.29	)		(1.46	)		(1.62	)		(1.47	)
Net asset value, end of period	$	78.85		$	68.73		$	76.42		$	74.18		$	65.45
Total return (d)		17.81	%		(8.69	)%		5.00	%		16.20	%		16.17	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	812,123		$	817,908		$	947,605		$	897,623		$	759,186
Ratios to average net assets:
Total expenses		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		1.94	%		2.32	%		2.33	%		2.31	%		2.56	%
Portfolio turnover rate (e)		6	%		14	%		10	%		12	%		10	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

532

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI China A Shares IMI ETF
	For the Period 10/29/15* - 9/30/16
Net asset value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.15
Net realized and unrealized gain (loss) (b)		(3.43	)
Total from investment operations		(3.28	)
Other capital		0.06
Distributions to shareholders from:
Net investment income		(0.31	)
Net asset value, end of period	$	21.47
Total return (c)		(12.92	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,147
Ratios to average net assets:
Total expenses		0.66	%(d)
Net investment income (loss)		0.74	%(d)
Portfolio turnover rate (e)		14	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

533

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	52.42		$	66.35		$	63.14		$	63.85		$	57.26
Income (loss) from investment operations:
Net investment income (loss) (a)		1.12			1.28			1.39			1.38			1.48
Net realized and unrealized gain (loss) (b)		7.82			(13.88	)		2.85			(0.55	)		7.20
Total from investment operations		8.94			(12.60	)		4.24			0.83			8.68
Net equalization credits and charges		—			0.00	(c)		—			—			—
Other capital		—			—			—			—			0.00	(d)
Distributions to shareholders from:
Net investment income		(1.16	)		(1.33	)		(1.03	)		(1.54	)		(1.41	)
Net realized gains		—			—			—			—			(0.68	)
Total distributions		(1.16	)		(1.33	)		(1.03	)		(1.54	)		(2.09	)
Net asset value, end of period	$	60.20		$	52.42		$	66.35		$	63.14		$	63.85
Total return (e)		17.38	%		(19.34	)%		6.73	%		1.31	%		15.58	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	234,783		$	188,707		$	285,285		$	189,412		$	166,023
Ratios to average net assets:
Total expenses		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net expenses		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.05	%		2.02	%		2.12	%		2.15	%		2.39	%
Portfolio turnover rate (f)		12	%		18	%		9	%		21	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) State Street reimbursed the Fund $6,299 due to a record keeping error. The impact of the reimbursement is less than $0.005.

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

534

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets Dividend ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	25.06		$	36.66		$	40.34		$	43.70		$	43.89
Income (loss) from investment operations:
Net investment income (loss) (a)		1.28			1.44			1.77			2.45			3.18
Net realized and unrealized gain (loss) (b)		2.29			(11.68	)		(3.86	)		(3.87	)		(0.78	)
Total from investment operations		3.57			(10.24	)		(2.09	)		(1.42	)		2.40
Net equalization credits and charges		0.04			(0.03	)		0.04			0.09			0.01
Other capital		0.02			0.01			0.01			0.05			—
Distributions to shareholders from:
Net investment income		(1.29	)		(1.34	)		(1.64	)		(2.08	)		(2.60	)
Net asset value, end of period	$	27.40		$	25.06		$	36.66		$	40.34		$	43.70
Total return (c)		14.70	%		(28.56	)%		(5.16	)%		(2.80	)%		5.54	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	300,042		$	298,163		$	491,217		$	538,651		$	301,515
Ratios to average net assets:
Total expenses		0.49	%		0.53	%		0.59	%		0.60	%		0.61	%
Net investment income (loss)		4.91	%		4.32	%		4.50	%		5.71	%		6.80	%
Portfolio turnover rate (d)		48	%		78	%		67	%		85	%		134	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

535

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Europe ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	24.12		$	35.19		$	40.26		$	41.26		$	37.16
Income (loss) from investment operations:
Net investment income (loss) (a)		0.69			0.82			1.07			1.02			0.95
Net realized and unrealized gain (loss) (b)		2.08			(10.80	)		(5.43	)		(0.37	)		4.22
Total from investment operations		2.77			(9.98	)		(4.36	)		0.65			5.17
Distributions to shareholders from:
Net investment income		(0.74	)		(1.09	)		(0.71	)		(1.65	)		(1.07	)
Net asset value, end of period	$	26.15		$	24.12		$	35.19		$	40.26		$	41.26
Total return (c)		11.85	%		(28.73	)%		(11.01	)%		1.68	%		14.32	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	33,989		$	41,009		$	66,865		$	76,485		$	86,639
Ratios to average net assets:
Total expenses		0.62	%		0.53	%		0.59	%		0.59	%		0.60	%
Net investment income (loss)		2.78	%		2.82	%		2.77	%		2.48	%		2.41	%
Portfolio turnover rate (d)		15	%		7	%		15	%		6	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

536

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Latin America ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	36.73		$	61.51		$	64.16		$	71.28		$	64.12
Income (loss) from investment operations:
Net investment income (loss) (a)		0.91			1.13			1.58			1.65			1.76
Net realized and unrealized gain (loss) (b)		8.83			(24.66	)		(2.77	)		(7.23	)		7.40
Total from investment operations		9.74			(23.53	)		(1.19	)		(5.58	)		9.16
Distributions to shareholders from:
Net investment income		(0.95	)		(1.25	)		(1.46	)		(1.54	)		(2.00	)
Net asset value, end of period	$	45.52		$	36.73		$	61.51		$	64.16		$	71.28
Total return (c)		27.02	%		(38.76	)%		(1.88	)%		(7.86	)%		14.49	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	27,314		$	25,713		$	49,208		$	70,575		$	114,055
Ratios to average net assets:
Total expenses		0.50	%		0.53	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.28	%		2.24	%		2.50	%		2.35	%		2.43	%
Portfolio turnover rate (d)		10	%		6	%		5	%		10	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

537

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Middle East & Africa ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	57.25		$	70.16		$	67.53		$	70.76		$	62.01
Income (loss) from investment operations:
Net investment income (loss) (a)		1.33			1.69			1.47			1.52			2.13
Net realized and unrealized gain (loss) (b)		2.95			(12.64	)		2.87			(3.17	)		9.44
Total from investment operations		4.28			(10.95	)		4.34			(1.65	)		11.57
Distributions to shareholders from:
Net investment income		(1.33	)		(1.96	)		(1.71	)		(1.58	)		(2.82	)
Net asset value, end of period	$	60.20		$	57.25		$	70.16		$	67.53		$	70.76
Total return (c)		7.94	%		(16.01	)%		6.51	%		(2.38	)%		19.26	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	30,102		$	40,076		$	63,141		$	67,535		$	91,986
Ratios to average net assets:
Total expenses		0.49	%		0.53	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.43	%		2.47	%		2.09	%		2.26	%		3.17	%
Portfolio turnover rate (d)		6	%		4	%		23	%		2	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

538

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P World ex-US ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	25.17		$	28.46		$	28.00		$	23.91		$	21.37
Income (loss) from investment operations:
Net investment income (loss) (a)		0.69			0.71			0.89			0.73			0.75
Net realized and unrealized gain (loss) (b)		1.32			(3.25	)		0.40			4.04			2.38
Total from investment operations		2.01			(2.54	)		1.29			4.77			3.13
Distributions to shareholders from:
Net investment income		(0.69	)		(0.75	)		(0.83	)		(0.68	)		(0.59	)
Net realized gains		(0.04	)		—			—			—			—
Total distributions		(0.73	)		(0.75	)		(0.83	)		(0.68	)		(0.59	)
Net asset value, end of period	$	26.45		$	25.17		$	28.46		$	28.00		$	23.91
Total return (c)		8.12	%		(9.14	)%		4.52	%		20.27	%		14.99	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	634,833		$	714,914		$	825,443		$	688,755		$	411,282
Ratios to average net assets:
Total expenses		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%
Net investment income (loss)		2.70	%		2.53	%		3.06	%		2.79	%		3.28	%
Portfolio turnover rate (d)		3	%		8	%		17	%		2	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

539

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Small Cap ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	27.57		$	32.76		$	32.82		$	27.49		$	25.79
Income (loss) from investment operations:
Net investment income (loss) (a)		0.62			0.57			0.54			0.65			0.57
Net realized and unrealized gain (loss) (b)		3.76			(2.14	)		0.36			5.37			2.08
Total from investment operations		4.38			(1.57	)		0.90			6.02			2.65
Other capital		—			—			—			—			0.00	(c)
Distributions to shareholders from:
Net investment income		(0.59	)		(0.49	)		(0.96	)		(0.69	)		(0.75	)
Net realized gains		(0.15	)		(3.13	)		—			—			(0.20	)
Total distributions		(0.74	)		(3.62	)		(0.96	)		(0.69	)		(0.95	)
Net asset value, end of period	$	31.21		$	27.57		$	32.76		$	32.82		$	27.49
Total return (d)		16.18	%		(4.77	)%		2.69	%		22.25	%		10.74	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	702,312		$	650,556		$	792,719		$	813,871		$	679,080
Ratios to average net assets:
Total expenses		0.40	%		0.47	%		0.60	%		0.59	%		0.59	%
Net investment income (loss)		2.15	%		1.93	%		1.59	%		2.20	%		2.16	%
Portfolio turnover rate (e)		20	%		17	%		51	%		21	%		2	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $0.005.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

540

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones International Real Estate ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	39.24		$	41.54		$	42.00		$	39.29		$	32.70
Income (loss) from investment operations:
Net investment income (loss) (a)		1.08			1.02			1.39			1.29			1.41
Net realized and unrealized gain (loss) (b)		2.32			(2.07	)		0.16			4.01			5.67
Total from investment operations		3.40			(1.05	)		1.55			5.30			7.08
Net equalization credits and charges		0.08			(0.01	)		(0.06	)		0.02			1.06
Distributions to shareholders from:
Net investment income		(1.11	)		(1.24	)		(1.95	)		(2.61	)		(1.55	)
Net asset value, end of period	$	41.61		$	39.24		$	41.54		$	42.00		$	39.29
Total return (d)		8.93	%		(2.66	)%		3.57	%		13.83	%(c)		25.52	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	4,528,235		$	4,753,058		$	4,903,056		$	4,045,899		$	3,136,658
Ratios to average net assets:
Total expenses		0.59	%		0.60	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.65	%		2.40	%		3.27	%		3.10	%		3.96	%
Portfolio turnover rate (e)		14	%		8	%		8	%		11	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 13.83%.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

541

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Infrastructure ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	43.31		$	48.84		$	43.51		$	40.42		$	38.94
Income (loss) from investment operations:
Net investment income (loss) (a)		1.58			1.46			1.68			1.99			1.60
Net realized and unrealized gain (loss) (b)		4.23			(5.62	)		5.20			2.71			1.53
Total from investment operations		5.81			(4.16	)		6.88			4.70			3.13
Distributions to shareholders from:
Net investment income		(1.43	)		(1.37	)		(1.55	)		(1.61	)		(1.65	)
Net asset value, end of period	$	47.69		$	43.31		$	48.84		$	43.51		$	40.42
Total return (c)		13.85	%		(8.77	)%		15.95	%		11.99	%		8.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	85,850		$	56,299		$	112,333		$	52,217		$	36,378
Ratios to average net assets:
Total expenses		0.40	%		0.40	%		0.41	%		0.50	%		0.59	%
Net investment income (loss)		3.55	%		3.03	%		3.51	%		4.79	%		4.02	%
Portfolio turnover rate (d)		21	%		7	%		14	%		74	%		10	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

542

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Natural Resources ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	32.56		$	48.62		$	48.54		$	50.90		$	45.94
Income (loss) from investment operations:
Net investment income (loss) (a)		0.97			1.51			1.33			1.30			1.14
Net realized and unrealized gain (loss) (b)		6.63			(16.27	)		(0.10	)		(2.41	)		4.78
Total from investment operations		7.60			(14.76	)		1.23			(1.11	)		5.92
Distributions to shareholders from:
Net investment income		(1.09	)		(1.30	)		(1.15	)		(1.25	)		(0.96	)
Net asset value, end of period	$	39.07		$	32.56		$	48.62		$	48.54		$	50.90
Total return (c)		23.87	%		(30.97	)%		2.39	%		(2.09	)%		13.07	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	722,833		$	569,822		$	595,617		$	407,763		$	414,852
Ratios to average net assets:
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (loss)		2.75	%		3.52	%		2.63	%		2.63	%		2.28	%
Portfolio turnover rate (d)		23	%		21	%		18	%		31	%		18	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

543

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P North American Natural Resources ETF
	For the Period 12/16/15* - 9/30/16
Net asset value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.39
Net realized and unrealized gain (loss) (b)		8.91
Total from investment operations		9.30
Net equalization credits and charges		(0.02	)
Other capital		0.02
Distributions to shareholders from:
Net investment income		(0.25	)
Net asset value, end of period	$	34.05
Total return (c)		37.21	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	829,092
Ratios to average net assets:
Total expenses		0.35	%(d)
Net investment income (loss)		1.63	%(d)
Portfolio turnover rate (e)		15	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

544

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI ex-US ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	30.31		$	35.09		$	34.29		$	30.49		$	27.55
Income (loss) from investment operations:
Net investment income (loss) (a)		0.87			0.94			1.17			0.90			0.89
Net realized and unrealized gain (loss) (b)		2.00			(4.92	)		0.72			3.88			2.93
Total from investment operations		2.87			(3.98	)		1.89			4.78			3.82
Distributions to shareholders from:
Net investment income		(0.84	)		(0.80	)		(1.09	)		(0.98	)		(0.88	)
Net asset value, end of period	$	32.34		$	30.31		$	35.09		$	34.29		$	30.49
Total return (c)		9.66	%		(11.58	)%		5.43	%		15.96	%		14.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	847,299		$	715,311		$	575,494		$	493,824		$	384,218
Ratios to average net assets:
Total expenses		0.34	%		0.34	%		0.35	%		0.34	%		0.34	%
Net expenses.		0.30	%		0.32	%		0.35	%		0.34	%		0.34	%
Net investment income (loss)		2.80	%		2.74	%		3.25	%		2.76	%		3.03	%
Portfolio turnover rate (d)		7	%		8	%		3	%		2	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

545

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI IMI ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			For the Period 2/27/12* - 9/30/12
Net asset value, beginning of period	$	58.64		$	63.82		$	58.20		$	50.04		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.53			1.74			1.48			1.30			0.88
Net realized and unrealized gain (loss) (b)		6.12			(5.17	)		5.39			8.16			(0.30	)
Total from investment operations		7.65			(3.43	)		6.87			9.46			0.58
Distributions to shareholders from:
Net investment income		(1.41	)		(1.75	)		(1.21	)		(1.28	)		(0.54	)
Net realized gains		—			(0.00	)(c)		(0.04	)		(0.02	)		—
Total distributions		(1.41	)		(1.75	)		(1.25	)		(1.30	)		(0.54	)
Net asset value, end of period	$	64.88		$	58.64		$	63.82		$	58.20		$	50.04
Total return (d)		13.20	%		(5.61	)%		11.77	%		19.15	%		1.28	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	64,883		$	35,186		$	57,434		$	5,820		$	5,004
Ratios to average net assets:
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(e)
Net investment income (loss)		2.48	%		2.70	%		2.31	%		2.40	%		3.08	%(e)
Portfolio turnover rate (f)		2	%		3	%		0	%(g)		0	%(g)		0	%(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

(g) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

546

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI Low Carbon Target ETF
	Year Ended 9/30/16			For the Period 11/26/14* - 9/30/15
Net asset value, beginning of period	$	67.90		$	75.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.69			1.53
Net realized and unrealized gain (loss) (b)		6.47			(7.64	)
Total from investment operations		8.16			(6.11	)
Net equalization credits and charges		0.02			0.03
Distributions to shareholders from:
Net investment income.		(1.66	)		(1.02	)
Net realized gains		(0.05	)		—
Total distributions		(1.71	)		(1.02	)
Net asset value, end of period	$	74.37		$	67.90
Total return (c)		12.22	%		(8.25	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	96,683		$	81,474
Ratios to average net assets:
Total expenses.		0.30	%		0.30	%(d)
Net expenses		0.20	%		0.20	%(d)
Net investment income (loss)		2.38	%		2.42	%(d)
Portfolio turnover rate (e)		12	%		4	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

547

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI EAFE StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	52.68		$	57.28		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.56			1.60			0.45
Net realized and unrealized gain (loss) (b)		2.70			(4.56	)		(3.14	)
Total from investment operations		4.26			(2.96	)		(2.69	)
Distributions to shareholders from:
Net investment income		(1.51	)		(1.64	)		(0.03	)
Net realized gains		—			(0.00	)(c)		—
Total distributions		(1.51	)		(1.64	)		(0.03	)
Net asset value, end of period	$	55.43		$	52.68		$	57.28
Total return (d)		8.21	%		(5.34	)%		(4.48	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	8,315		$	5,268		$	5,728
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		2.89	%		2.80	%		2.35	%(e)
Portfolio turnover rate (f)		20	%		14	%		0	%(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

(g) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

548

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Emerging Markets StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	47.58		$	59.59		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.27			1.58			0.77
Net realized and unrealized gain (loss) (b)		5.69			(12.48	)		(1.23	)
Total from investment operations		6.96			(10.90	)		(0.46	)
Other capital		0.05			0.20			0.06
Distributions to shareholders from:
Net investment income		(1.01	)		(1.31	)		(0.01	)
Net realized gains		—			(0.00	)(c)		—
Total distributions		(1.01	)		(1.31	)		(0.01	)
Net asset value, end of period	$	53.58		$	47.58		$	59.59
Total return (d)		15.00	%		(18.29	)%		(0.65	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	116,539		$	71,371		$	5,959
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.31	%(e)
Net investment income (loss)		2.59	%		2.82	%		3.85	%(e)
Portfolio turnover rate (f)		34	%		23	%		0	%(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

(g) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

549

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI World StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	57.96		$	59.95		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.40			1.35			0.37
Net realized and unrealized gain (loss) (b)		6.46			(2.04	)		(0.38	)
Total from investment operations		7.86			(0.69	)		(0.01	)
Distributions to shareholders from:
Net investment income		(1.37	)		(1.30	)		(0.04	)
Net realized gains		(0.70	)		(0.00	)(c)		—
Total distributions		(2.07	)		(1.30	)		(0.04	)
Net asset value, end of period	$	63.75		$	57.96		$	59.95
Total return (d)		13.78	%		(1.25	)%		(0.02	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	6,375		$	5,796		$	5,995
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		2.29	%		2.18	%		1.90	%(e)
Portfolio turnover rate (f)		18	%		13	%		0	%(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

(g) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

550

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Australia StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	42.50		$	55.90		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.80			2.48			1.10
Net realized and unrealized gain (loss) (b)		7.14			(13.31	)		(5.20	)
Total from investment operations		8.94			(10.83	)		(4.10	)
Net equalization credits and charges		0.26			0.15			—
Distributions to shareholders from:
Net investment income		(1.89	)		(2.72	)		—
Net realized gains		—			(0.00	)(c)		—
Total distributions		(1.89	)		(2.72	)		—
Net asset value, end of period	$	49.81		$	42.50		$	55.90
Total return (d)		22.15	%		(19.87	)%		(6.84	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	9,962		$	6,375		$	5,590
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		3.93	%		4.77	%		5.99	%(e)
Portfolio turnover rate (f)		25	%		12	%		1	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

551

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Canada StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	46.60		$	59.82		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.13			1.18			0.39
Net realized and unrealized gain (loss) (b)		5.90			(13.19	)		(0.55	)
Total from investment operations.		7.03			(12.01	)		(0.16	)
Net equalization credits and charges		0.11			0.40			—
Distributions to shareholders from:
Net investment income		(1.08	)		(1.61	)		(0.02	)
Net asset value, end of period	$	52.66		$	46.60		$	59.82
Total return (c)		15.62	%		(19.84	)%		(0.26	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	18,430		$	9,319		$	2,991
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%(d)
Net investment income (loss)		2.30	%		2.21	%		2.06	%(d)
Portfolio turnover rate (e)		21	%		15	%		2	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

552

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Germany StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	48.44		$	53.58		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.20			1.24			0.02	(b)
Net realized and unrealized gain (loss) (c)		3.33			(5.39	)		(6.44	)
Total from investment operations		4.53			(4.15	)		(6.42	)
Net equalization credits and charges		0.20			0.18			—
Distributions to shareholders from:
Net investment income.		(1.05	)		(1.17	)		(0.00	)(d)
Net asset value, end of period	$	52.12		$	48.44		$	53.58
Total return (e)		9.99	%		(7.64	)%		(10.70	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	13,031		$	9,688		$	5,358
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%(f)
Net investment income (loss)		2.37	%		2.26	%		0.11	%(b)(f)
Portfolio turnover rate (g)		27	%		18	%		1	%

 * Commencement of operations.

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

(b) 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)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

553

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Japan StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	59.76		$	60.46		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.95			0.88			0.41
Net realized and unrealized gain (loss) (b)		7.42			(0.97	)		0.05
Total from investment operations		8.37			(0.09	)		0.46
Net equalization credits and charges		0.27			0.24			—
Distributions to shareholders from:
Net investment income		(0.96	)		(0.84	)		—
Net realized gains		(0.01	)		(0.01	)		—
Total distributions		(0.97	)		(0.85	)		—
Net asset value, end of period	$	67.43		$	59.76		$	60.46
Total return (c)		14.55	%		0.21	%		0.76	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	13,487		$	11,951		$	6,046
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%(d)
Net investment income (loss)		1.48	%		1.38	%		2.21	%(d)
Portfolio turnover rate (e)		23	%		23	%		0	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

(f) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

554

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Mexico StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 9/16/14* - 9/30/14
Net asset value, beginning of period	$	22.61		$	28.83		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (a) (b)		0.45			0.39			0.00	(c)
Net realized and unrealized gain (loss) (d)		(1.02	)		(6.36	)		(1.17	)
Total from investment operations		(0.57	)		(5.97	)		(1.17	)
Distributions to shareholders from:
Net investment income		(0.53	)		(0.25	)		—
Net asset value, end of period	$	21.51		$	22.61		$	28.83
Total return (e)		(2.55	)%(b)		(20.76	)%		(3.90	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,151		$	2,261		$	2,883
Ratios to average net assets:
Total expenses		0.43	%		0.40	%		0.40	%(f)
Net investment income (loss) (b)		2.01	%		1.53	%		0.37	%(f)
Portfolio turnover rate (g)		9	%		7	%		0	%(h)

 * Commencement of operations.

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

(b) Net investment income per share and the ratio of net investment income to average assets reflects receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.14 per share and 0.64% of average net assets. If the special dividends were not received during the year ended September 30, 2016, the total return would have been (3.18)%.

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

(d) 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.

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) The ratios for periods less than one year are annualized.

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

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

555

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI South Korea StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 9/16/14* - 9/30/14
Net asset value, beginning of period	$	23.69		$	28.54		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.25			0.22			0.00	(b)
Net realized and unrealized gain (loss) (c)		4.22			(4.69	)		(1.46	)
Total from investment operations		4.47			(4.47	)		(1.46	)
Distributions to shareholders from:
Net investment income		(0.24	)		(0.38	)		—
Net asset value, end of period	$	27.92		$	23.69		$	28.54
Total return (d)		19.00	%		(15.78	)%		(4.85	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,792		$	2,369		$	2,854
Ratios to average net assets:
Total expenses		0.41	%		0.40	%		0.40	%(e)
Net investment income (loss)		0.99	%		0.86	%		(0.40	)%(e)
Portfolio turnover rate (f)		17	%		16	%		1	%

 * Commencement of operations.

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

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

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

556

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Spain StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	44.41		$	55.05		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.54			1.86			0.67	(b)
Net realized and unrealized gain (loss) (c)		(2.53	)		(10.25	)		(5.56	)
Total from investment operations		(0.99	)		(8.39	)		(4.89	)
Net equalization credits and charges		—			(0.20	)		—
Distributions to shareholders from:
Net investment income		(1.48	)		(2.05	)		(0.06	)
Net asset value, end of period	$	41.94		$	44.41		$	55.05
Total return (d)		(2.23	)%		(16.00	)%		(8.16	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,097		$	2,220		$	8,258
Ratios to average net assets:
Total expenses		0.31	%		0.30	%		0.30	%(e)
Net investment income (loss)		3.66	%		3.67	%		3.83	%(b)(e)
Portfolio turnover rate (f)		9	%		12	%		1	%

 * Commencement of operations.

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

(b) 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)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

557

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Taiwan StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 9/16/14* - 9/30/14
Net asset value, beginning of period	$	50.44		$	57.83		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.54			1.57			(0.01	)
Net realized and unrealized gain (loss) (b)		8.77			(8.87	)		(2.16	)
Total from investment operations		10.31			(7.30	)		(2.17	)
Distributions to shareholders from:
Net investment income		(1.48	)		(0.09	)		—
Net realized gains		(0.10	)		—			—
Total distributions		(1.58	)		(0.09	)		—
Net asset value, end of period	$	59.17		$	50.44		$	57.83
Total return (c)		21.12	%		(12.64	)%		(3.61	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	5,917		$	5,044		$	5,783
Ratios to average net assets:
Total expenses		0.41	%		0.40	%		0.40	%(d)
Net investment income (loss)		2.97	%		2.68	%		(0.37	)%(d)
Portfolio turnover rate (e)		16	%		16	%		0	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

(f) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

558

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI United Kingdom StrategicFactors ETF
	Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	50.14		$	57.08		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.82			2.18			0.62	(b)
Net realized and unrealized gain (loss) (c)		(1.77	)		(7.43	)		(3.53	)
Total from investment operations		0.05			(5.25	)		(2.91	)
Net equalization credits and charges		—			0.34			—
Distributions to shareholders from:
Net investment income.		(1.93	)		(2.03	)		(0.01	)
Net asset value, end of period	$	48.26		$	50.14		$	57.08
Total return (d)		0.18	%		(8.85	)%		(4.86	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,413		$	2,507		$	5,708
Ratios to average net assets:
Total expenses		0.31	%		0.30	%		0.30	%(e)
Net investment income (loss)		3.71	%		3.90	%		3.40	%(b)(e)
Portfolio turnover rate (f)		24	%		31	%		0	%(g)

 * Commencement of operations.

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

(b) 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)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) The ratios for periods less than one year are annualized.

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

(g) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

559

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Dividend ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			For the Period 5/29/13* - 9/30/13
Net asset value, beginning of period	$	58.60		$	64.89		$	63.33		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		2.56			2.70			2.99			0.75
Net realized and unrealized gain (loss) (b)		4.87			(6.27	)		1.32			3.20
Total from investment operations		7.43			(3.57	)		4.31			3.95
Net equalization credits and charges		0.08			0.39			0.06			0.01
Distributions to shareholders from:
Net investment income		(2.61	)		(2.61	)		(2.81	)		(0.63	)
Net realized gains		(0.29	)		(0.50	)		—			—
Total distributions		(2.90	)		(3.11	)		(2.81	)		(0.63	)
Net asset value, end of period	$	63.21		$	58.60		$	64.89		$	63.33
Total return (c)		13.16	%		(5.17	)%		6.85	%		6.61	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	104,298		$	73,250		$	29,200		$	9,499
Ratios to average net assets:
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%(d)
Net investment income (loss)		4.27	%		4.16	%		4.46	%		3.61	%(d)
Portfolio turnover rate (e)		49	%		31	%		37	%		10	%

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) The ratios for periods less than one year are annualized.

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

See accompanying notes to financial statements.

560

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Dividend ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	33.95		$	46.33		$	46.60		$	45.27		$	45.07
Income (loss) from investment operations:
Net investment income (loss) (a)		1.68			2.05			2.41			3.27			3.29
Net realized and unrealized gain (loss) (b)		2.56			(12.36	)		(0.29	)		1.20			(0.22	)
Total from investment operations		4.24			(10.31	)		2.12			4.47			3.07
Net equalization credits and charges		0.05			(0.01	)		0.03			(0.00	)(c)		0.14
Distributions to shareholders from:
Net investment income		(1.63	)		(2.06	)		(2.42	)		(3.14	)		(3.01	)
Net asset value, end of period	$	36.61		$	33.95		$	46.33		$	46.60		$	45.27
Total return (d)		12.98	%		(22.86	)%		4.43	%		10.24	%		7.45	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,010,508		$	974,416		$	1,450,114		$	1,304,826		$	1,000,522
Ratios to average net assets:
Total expenses		0.45	%		0.46	%		0.46	%		0.45	%		0.45	%
Net investment income (loss)		4.81	%		4.84	%		4.96	%		6.97	%		7.11	%
Portfolio turnover rate (e)		39	%		76	%		62	%		121	%		127	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

561

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets Small Cap ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	37.00		$	48.31		$	46.15		$	44.43		$	40.57
Income (loss) from investment operations:
Net investment income (loss) (a)		0.89			1.01			1.01			0.95			0.96
Net realized and unrealized gain (loss) (b)		5.84			(11.19	)		2.11			1.81			5.15
Total from investment operations		6.73			(10.18	)		3.12			2.76			6.11
Net equalization credits and charges		—			0.00			—			—			—
Other capital		0.04			0.04			0.05			0.03			0.04
Distributions to shareholders from:
Net investment income		(1.03	)		(1.17	)		(1.01	)		(1.07	)		(0.92	)
Net realized gains		—			—			—			—			(1.37	)
Total distributions		(1.03	)		(1.17	)		(1.01	)		(1.07	)		(2.29	)
Net asset value, end of period	$	42.74		$	37.00		$	48.31		$	46.15		$	44.43
Total return (d)		18.67	%		(21.38	)%		6.90	%		6.29	%(c)		16.09	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	320,556		$	373,681		$	570,082		$	761,466		$	897,446
Ratios to average net assets:
Total expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.66	%
Net investment income (loss)		2.29	%		2.26	%		2.10	%		2.05	%		2.27	%
Portfolio turnover rate (e)		19	%		12	%		23	%		18	%		22	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 6.29%.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

562

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones Global Real Estate ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	45.11		$	44.24		$	42.16		$	40.56		$	32.58
Income (loss) from investment operations:
Net investment income (loss) (a)		1.23			1.17			1.23			1.16			1.12
Net realized and unrealized gain (loss) (b)		4.88			1.04			2.24			2.21			7.52
Total from investment operations		6.11			2.21			3.47			3.37			8.64
Net equalization credits and charges		0.03			0.02			0.07			0.10			0.58
Distributions to shareholders from:
Net investment income		(1.57	)		(1.36	)		(1.46	)		(1.87	)		(1.24	)
Net asset value, end of period	$	49.68		$	45.11		$	44.24		$	42.16		$	40.56
Total return (c)		13.71	%		4.96	%		8.44	%		8.61	%		28.56	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,494,073		$	1,899,194		$	1,473,132		$	1,003,377		$	543,476
Ratios to average net assets:
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		2.56	%		2.46	%		2.77	%		2.71	%		2.96	%
Portfolio turnover rate (d)		9	%		6	%		7	%		8	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

563

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Consumer Discretionary Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	35.75		$	36.81		$	37.95		$	27.65		$	25.05
Income (loss) from investment operations:
Net investment income (loss) (a)		0.81			0.80			0.72			0.68			0.52
Net realized and unrealized gain (loss) (b)		0.50			(1.07	)		(1.00	)		10.26			3.11
Total from investment operations		1.31			(0.27	)		(0.28	)		10.94			3.63
Net equalization credits and charges		0.02			0.00	(c)		(0.01	)		(0.02	)		(0.13	)
Distributions to shareholders from:
Net investment income		(0.82	)		(0.79	)		(0.85	)		(0.62	)		(0.51	)
Net realized gains		—			—			—			—			(0.39	)
Total distributions		(0.82	)		(0.79	)		(0.85	)		(0.62	)		(0.90	)
Net asset value, end of period	$	36.26		$	35.75		$	36.81		$	37.95		$	27.65
Total return (d)		3.84	%		(0.85	)%		(0.91	)%		39.94	%		14.40	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	12,691		$	14,302		$	18,405		$	18,976		$	5,529
Ratios to average net assets:
Total expenses		0.40	%		0.44	%		0.50	%		0.50	%		0.51	%
Net investment income (loss)		2.25	%		2.07	%		1.84	%		2.04	%		1.96	%
Portfolio turnover rate (e)		9	%		9	%		2	%		2	%		5	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

564

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Consumer Staples Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	39.47		$	38.96		$	38.89		$	34.52		$	29.60
Income (loss) from investment operations:
Net investment income (loss) (a)		0.81			0.85			0.96			0.92			0.82
Net realized and unrealized gain (loss) (b)		4.88			0.45			0.04			4.25			4.90
Total from investment operations		5.69			1.30			1.00			5.17			5.72
Net equalization credits and charges		(0.01	)		0.03			0.04			0.04			(0.00	)(c)
Distributions to shareholders from:
Net investment income		(0.85	)		(0.82	)		(0.97	)		(0.84	)		(0.80	)
Net asset value, end of period	$	44.30		$	39.47		$	38.96		$	38.89		$	34.52
Total return (d)		14.46	%		3.41	%		2.61	%		15.20	%		19.51	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	35,442		$	65,130		$	42,853		$	36,941		$	18,986
Ratios to average net assets:
Total expenses		0.40	%		0.43	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		1.93	%		2.12	%		2.40	%		2.47	%		2.53	%
Portfolio turnover rate (e)		3	%		5	%		5	%		4	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

565

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Energy Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	15.47		$	25.75		$	25.07		$	25.31		$	22.46
Income (loss) from investment operations:
Net investment income (loss) (a)		0.75			0.78			0.89			0.81			0.79
Net realized and unrealized gain (loss) (b)		2.02			(10.33	)		0.60			(0.28	)		2.89
Total from investment operations		2.77			(9.55	)		1.49			0.53			3.68
Net equalization credits and charges		0.00	(c)		0.03			0.05			0.03			(0.02	)
Distributions to shareholders from:
Net investment income		(0.72	)		(0.76	)		(0.86	)		(0.80	)		(0.81	)
Net asset value, end of period	$	17.52		$	15.47		$	25.75		$	25.07		$	25.31
Total return (d)		18.31	%		(37.45	)%		6.04	%		2.35	%		16.44	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	35,045		$	23,207		$	19,312		$	12,535		$	11,389
Ratios to average net assets:
Total expenses		0.40	%		0.43	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		4.53	%		3.95	%		3.30	%		3.30	%		3.16	%
Portfolio turnover rate (e)		10	%		5	%		9	%		2	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

566

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Financial Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	19.24		$	21.85		$	21.76		$	17.67		$	15.47
Income (loss) from investment operations:
Net investment income (loss) (a)		0.64			0.62			0.72			0.70			0.64
Net realized and unrealized gain (loss) (b)		(1.21	)		(2.62	)		0.39			4.27			2.15
Total from investment operations		(0.57	)		(2.00	)		1.11			4.97			2.79
Net equalization credits and charges		0.16			0.02			(0.18	)		(0.11	)		(0.07	)
Distributions to shareholders from:
Net investment income		(0.92	)		(0.63	)		(0.84	)		(0.77	)		(0.52	)
Net asset value, end of period	$	17.91		$	19.24		$	21.85		$	21.76		$	17.67
Total return (c)		(1.98	)%		(9.25	)%		4.23	%		27.98	%		18.02	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	6,269		$	10,580		$	10,924		$	6,528		$	3,534
Ratios to average net assets:
Total expenses		0.40	%		0.44	%		0.51	%		0.50	%		0.50	%
Net investment income (loss)		3.47	%		2.92	%		3.19	%		3.50	%		3.94	%
Portfolio turnover rate (d)		21	%		12	%		20	%		2	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

567

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Health Care Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	48.32		$	48.98		$	41.71		$	35.15		$	29.55
Income (loss) from investment operations:
Net investment income (loss) (a)		0.91			0.73			0.81			0.77			0.86
Net realized and unrealized gain (loss) (b)		(0.50	)		(0.67	)		7.30			6.53			5.57
Total from investment operations		0.41			0.06			8.11			7.30			6.43
Net equalization credits and charges		(0.02	)		0.02			0.02			0.07			(0.01	)
Distributions to shareholders from:
Net investment income		(0.96	)		(0.74	)		(0.86	)		(0.81	)		(0.82	)
Net realized gains		(0.08	)		(0.00	)(c)		—			—			—
Total distributions		(1.04	)		(0.74	)		(0.86	)		(0.81	)		(0.82	)
Net asset value, end of period	$	47.67		$	48.32		$	48.98		$	41.71		$	35.15
Total return (d)		0.80	%		0.10	%		19.57	%		21.14	%		22.03	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	50,054		$	74,901		$	66,125		$	60,479		$	28,123
Ratios to average net assets:
Total expenses		0.40	%		0.44	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		1.88	%		1.44	%		1.76	%		1.98	%		2.70	%
Portfolio turnover rate (e)		7	%		11	%		13	%		8	%		14	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

568

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Industrial Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	26.65		$	30.40		$	30.53		$	24.67		$	22.46
Income (loss) from investment operations:
Net investment income (loss) (a)		0.62			0.55			0.68			0.63			0.55
Net realized and unrealized gain (loss) (b)		3.70			(3.77	)		(0.07	)		6.18			2.32
Total from investment operations		4.32			(3.22	)		0.61			6.81			2.87
Net equalization credits and charges		0.06			0.02			(0.07	)		(0.21	)		(0.10	)
Distributions to shareholders from:
Net investment income		(0.68	)		(0.55	)		(0.67	)		(0.74	)		(0.56	)
Net asset value, end of period	$	30.35		$	26.65		$	30.40		$	30.53		$	24.67
Total return (c)		16.68	%		(10.70	)%		1.67	%		27.19	%		12.53	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	15,177		$	17,322		$	24,324		$	13,740		$	8,635
Ratios to average net assets:
Total expenses		0.40	%		0.45	%		0.51	%		0.50	%		0.50	%
Net investment income (loss)		2.19	%		1.85	%		2.17	%		2.29	%		2.27	%
Portfolio turnover rate (d)		10	%		12	%		4	%		7	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

569

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Materials Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	16.47		$	21.72		$	23.33		$	23.68		$	22.83
Income (loss) from investment operations:
Net investment income (loss) (a)		0.34			0.59	(b)		0.46			0.44			0.42
Net realized and unrealized gain (loss) (c)		3.54			(5.23	)		(1.40	)		(0.31	)		0.87
Total from investment operations		3.88			(4.64	)		(0.94	)		0.13			1.29
Net equalization credits and charges		0.01			0.00	(d)		(0.00	)(d)		(0.01	)		0.01
Distributions to shareholders from:
Net investment income		(0.36	)		(0.61	)		(0.67	)		(0.47	)		(0.45	)
Net asset value, end of period	$	20.00		$	16.47		$	21.72		$	23.33		$	23.68
Total return (e)		23.96	%		(21.82	)%(b)		(4.19	)%		0.43	%		5.79	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	5,000		$	4,940		$	7,603		$	9,333		$	11,842
Ratios to average net assets:
Total expenses		0.41	%		0.45	%		0.52	%		0.50	%		0.50	%
Net investment income (loss)		1.92	%		2.88	%(b)		1.95	%		1.90	%		1.77	%
Portfolio turnover rate (f)		12	%		2	%		15	%		8	%		0	%(g)

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

(b) 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 $0.13 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)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

(g) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

570

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Technology Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	29.16		$	31.48		$	30.02		$	24.18		$	22.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.41			0.37			0.32			0.31			0.29
Net realized and unrealized gain (loss) (b)		6.00			(2.40	)		1.62			5.89			2.37
Total from investment operations		6.41			(2.03	)		1.94			6.20			2.66
Net equalization credits and charges		0.02			(0.00	)(c)		(0.00	)(c)		(0.06	)		(0.03	)
Distributions to shareholders from:
Net investment income		(0.61	)		(0.29	)		(0.48	)		(0.30	)		(0.31	)
Net realized gains		—			—			—			—			(0.14	)
Total distributions		(0.61	)		(0.29	)		(0.48	)		(0.30	)		(0.45	)
Net asset value, end of period	$	34.98		$	29.16		$	31.48		$	30.02		$	24.18
Total return (d)		22.29	%		(6.50	)%		6.43	%		25.54	%		12.06	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	10,493		$	10,206		$	12,591		$	12,007		$	10,881
Ratios to average net assets:
Total expenses		0.40	%		0.45	%		0.53	%		0.50	%		0.50	%
Net investment income (loss)		1.30	%		1.14	%		1.00	%		1.13	%		1.21	%
Portfolio turnover rate (e)		8	%		5	%		4	%		13	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

571

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Telecommunications Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	24.20		$	25.63		$	26.89		$	22.82		$	22.65
Income (loss) from investment operations:
Net investment income (loss) (a)		0.88			0.77			3.19	(b)		0.98			1.45
Net realized and unrealized gain (loss) (c)		0.64			(1.41	)		(1.01	)		4.01			0.10
Total from investment operations		1.52			(0.64	)		2.18			4.99			1.55
Net equalization credits and charges		(0.03	)		(0.01	)		(0.10	)		0.01			(0.01	)
Distributions to shareholders from:
Net investment income		(1.00	)		(0.78	)		(3.34	)		(0.93	)		(1.37	)
Net asset value, end of period	$	24.69		$	24.20		$	25.63		$	26.89		$	22.82
Total return (d)		6.19	%		(2.70	)%		7.43	%(b)		22.68	%		7.23	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	28,394		$	36,300		$	43,565		$	33,618		$	25,098
Ratios to average net assets:
Total expenses		0.40	%		0.44	%		0.51	%		0.50	%		0.50	%
Net investment income (loss)		3.52	%		2.94	%		11.54	%(b)		4.18	%		6.48	%
Portfolio turnover rate (e)		14	%		21	%		16	%		7	%		3	%

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

(b) 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%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

572

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Utilities Sector ETF
	Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	15.95		$	18.81		$	17.72		$	16.39		$	17.38
Income (loss) from investment operations:
Net investment income (loss) (a)		0.66			0.60			0.69			0.65			0.85
Net realized and unrealized gain (loss) (b)		0.31			(2.82	)		1.04			1.33			(1.24	)
Total from investment operations		0.97			(2.22	)		1.73			1.98			(0.39	)
Net equalization credits and charges		0.01			(0.01	)		0.02			0.06			0.14
Distributions to shareholders from:
Net investment income		(0.64	)		(0.63	)		(0.66	)		(0.71	)		(0.74	)
Net asset value, end of period	$	16.29		$	15.95		$	18.81		$	17.72		$	16.39
Total return (c)		6.22	%		(11.98	)%		9.86	%		12.79	%		(1.30	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	30,140		$	27,114		$	69,587		$	39,868		$	25,403
Ratios to average net assets:
Total expenses		0.40	%		0.45	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		4.06	%		3.38	%		3.65	%		3.87	%		5.15	%
Portfolio turnover rate (d)		9	%		6	%		8	%		1	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

573

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2016

1. Organization

SPDR Index Shares Funds (the “Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

As of September 30, 2016, the Trust offered fifty (50) series, each of which represents a separate series of beneficial interest in the Trust (each a “Fund”, and collectively, the “Funds”). The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following Funds:

SPDR 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 MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets ETF

SPDR S&P Emerging Markets Dividend 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 S&P North American Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE StrategicFactors ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

SPDR MSCI World StrategicFactors ETF

SPDR MSCI Australia StrategicFactors ETF

SPDR MSCI Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR MSCI Mexico StrategicFactors ETF

SPDR MSCI South Korea StrategicFactors ETF

SPDR MSCI Spain StrategicFactors ETF

SPDR MSCI Taiwan StrategicFactors ETF

SPDR MSCI United Kingdom StrategicFactors ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend 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

Each fund is classified as a non-diversified investment company under the 1940 Act.

SPDR MSCI China A Shares IMI ETF was formed on October 28, 2015 and commenced operations on October 29, 2015. SPDR S&P North American Natural Resources ETF was formed on December 15, 2015 and commenced operations on December 16, 2015.

On August 31, 2016, SPDR S&P BRIC 40 ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, and SPDR S&P International Mid Cap ETF were liquidated and closed.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

574

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that each Fund’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services in accordance with the valuation policy and procedures approved by the Board.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Funds’ underlying benchmarks. Various inputs are used in determining the value of the Funds’ investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

575

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of September 30, 2016, is disclosed in each Fund’s respective Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period.

The SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Emerging Markets ETF and SPDR MSCI Emerging Markets StrategicFactors ETF had transfers of securities from Level 1 to Level 2 during the period ended September 30, 2016 in the amounts of $10,645,514, $5,094,819 and $1,746,078, respectively, due to inactive trading of the foreign market shares in those securities. At September 30, 2016, these investments were valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board. At September 30, 2015, these investments were valued at exchange closing prices in accordance with the Fund’s valuation policy.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Certain Funds invest in Real Estate Investment Trusts (REITs). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific fund, are applied to that fund within the Trust. Other expenses which cannot be attributed to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

576

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Equalization

Certain Funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

The following Funds utilized equalization during the period ended September 30, 2016 :

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 Markets Dividend ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P North American Natural Resources ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI Australia StrategicFactors ETF

SPDR MSCI Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors 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

Distributions

The following Funds declare and distribute from net investment income, if any, to its 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 MSCI China A Shares IMI 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

577

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

The following Funds declare and distribute from net investment income, if any, to its 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 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 S&P North American Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE StrategicFactors ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

SPDR MSCI World StrategicFactors ETF

SPDR MSCI Australia StrategicFactors ETF

SPDR MSCI Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR MSCI Mexico StrategicFactors ETF

SPDR MSCI South Korea StrategicFactors ETF

SPDR MSCI Spain StrategicFactors ETF

SPDR MSCI Taiwan StrategicFactors ETF

SPDR MSCI United Kingdom StrategicFactors ETF

SPDR S&P Emerging Markets Small Cap ETF

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts

Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

For the period ended September 30, 2016, the following Funds entered into futures contracts for the strategies listed below:

Funds	Strategies
SPDR EURO STOXX 50 Currency Hedged ETF	Return enhancement, hedging and exposing cash reserves to markets
SPDR S&P Emerging Markets ETF	Return enhancement, hedging and exposing cash reserves to markets

Forward Foreign Currency Exchange 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 exchange contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

578

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

Certain risks may arise upon entering into forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency exchange contracts to hedge, the Funds give up the opportunity to profit from favorable exchange rate movements during the term of the contract.

For the period ended September 30, 2016, the following Funds entered into forward foreign currency exchange 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

The following tables summarize the value of the Funds’ derivative instruments as of September 30, 2016, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Asset Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	7,166	$	—	$	—	$	—	$	7,166
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)		—		26,070		—		—		—		26,070
SPDR MSCI International Real Estate Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	13,956	$	—	$	—	$	—	$	13,956

(a) Unrealized appreciation on forward foreign currency exchange contracts.

	Liability Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	103,868	$	—	$	—	$	—	$	103,868
Futures Contracts (b)		—		—		—		258		—		258
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)		—		50,646		—		—		—		50,646
SPDR MSCI International Real Estate Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)		—		39,283		—		—		—		39,283
SPDR S&P Emerging Markets ETF
Futures Contracts (b)		—		—		—		3,646		—		3,646

(a) Unrealized depreciation on forward foreign currency exchange contracts.

(b) Unrealized depreciation on open futures contracts. The Statements of Assets and Liabilities only reflects the current day’s net variation margin.

579

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk			Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts	$	—	$	(119,384	)	$	—	$	—		$	—	$	(119,384	)
Futures Contracts		—		—			—		(2,456	)		—		(2,456	)
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts		—		38,967			—		—			—		38,967
SPDR MSCI International Real Estate Currency Hedged ETF
Forward Foreign Currency Exchange Contracts		—		(40,827	)		—		—			—		(40,827	)
SPDR S&P Emerging Markets ETF
Futures Contracts		—		—			—		71,604			—		71,604

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk			Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts	$	—	$	(127,095	)	$	—	$	—		$	—	$	(127,095	)
Futures Contracts		—		—			—		2,901			—		2,901
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts		—		(74,095	)		—		—			—		(74,095	)
SPDR MSCI International Real Estate Currency Hedged ETF
Forward Foreign Currency Exchange Contracts		—		(58,356	)		—		—			—		(58,356	)
SPDR S&P Emerging Markets ETF
Futures Contracts		—		—			—		(1,657	)		—		(1,657	)

580

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

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, 2016:

SPDR EURO STOXX 50 Currency Hedged ETF

Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
BNP Paribas SA	$	4		$	(4	)	$	—	$	—
Goldman Sachs Capital Markets L.P.		7,162			(1,920	)		—		5,242
	$	7,166		$	(1,924	)	$	—	$	5,242
Offsetting of Financial Liabilities and Derivative Liabilities
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Liabilities			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
BNP Paribas SA	$	(19,941	)	$	4		$	—	$	(19,937	)
Citibank N.A.		(21,687	)		—			—		(21,687	)
Goldman Sachs Capital Markets L.P.		(1,920	)		1,920			—		—
Royal Bank of Canada		(289	)		—			—		(289	)
Toronto Dominion Bank		(20,105	)		—			—		(20,105	)
UBS		(19,977	)		—			—		(19,977	)
Westpac Banking Corp.		(19,949	)		—			—		(19,949	)
	$	(103,868	)	$	1,924		$	—	$	(101,944	)

SPDR S&P International Dividend Currency Hedged ETF

Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets		Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
BNP Paribas SA	$	10,359	$	(881	)	$	—	$	9,478
Citibank N.A.		5,556		(5,556	)		—		—
Goldman Sachs Capital Markets L.P.		1,215		(438	)		—		777
Societe Generale.		243		(11	)		—		232
UBS		1,831		(13	)		—		1,818
Westpac Banking Corp.		6,866		(6,866	)		—		—
	$	26,070	$	(13,765	)	$	—	$	12,305

581

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

Offsetting of Financial Liabilities and Derivative Liabilities
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Liabilities			Amount Eligible to Offset		Collateral (Received)/ Pledged		Net Amount
BNP Paribas SA	$	(881	)	$	881	$	—	$	—
Citibank N.A.		(20,961	)		5,556		—		(15,405	)
Goldman Sachs Capital Markets L.P.		(438	)		438		—		—
Societe Generale		(11	)		11		—		—
Toronto Dominion Bank		(8,831	)		—		—		(8,831	)
UBS		(13	)		13		—		—
Westpac Banking Corp.		(19,511	)		6,866		—		(12,645	)
	$	(50,646	)	$	13,765	$	—	$	(36,881	)

SPDR MSCI International Real Estate Currency Hedged ETF

Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
BNP Paribas SA	$	4,441		$	(568	)	$	—	$	3,873
Citibank N.A.		536			(536	)		—		—
Goldman Sachs Capital Markets L.P.		1,088			(80	)		—		1,008
Toronto Dominion Bank		5			(5	)		—		—
UBS		4,280			(580	)		—		3,700
Westpac Banking Corp.		3,606			(3,606	)		—		—
	$	13,956		$	(5,375	)	$	—	$	8,581
Offsetting of Financial Liabilities and Derivative Liabilities
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Liabilities			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
BNP Paribas SA	$	(568	)	$	568		$	—	$	—
Citibank N.A.		(11,028	)		536			—		(10,492	)
Goldman Sachs Capital Markets L.P.		(80	)		80			—		—
Toronto Dominion Bank		(19,542	)		5			—		(19,537	)
UBS		(580	)		580			—		—
Westpac Banking Corp.		(7,485	)		3,606			—		(3,879	)
	$	(39,283	)	$	5,375		$	—	$	(33,908	)

582

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

Amounts presented on the Schedules of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross.

4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid 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 MSCI China A Shares IMI ETF		0.65
SPDR S&P Emerging Markets ETF		0.59
SPDR S&P Emerging Markets Dividend 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 S&P North American Natural Resources ETF		0.35
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 EAFE StrategicFactors ETF		0.30
SPDR MSCI Emerging Markets StrategicFactors ETF		0.30
SPDR MSCI World StrategicFactors ETF		0.30
SPDR MSCI Australia StrategicFactors ETF		0.30
SPDR MSCI Canada StrategicFactors ETF		0.30
SPDR MSCI Germany StrategicFactors ETF		0.30
SPDR MSCI Japan StrategicFactors ETF		0.30
SPDR MSCI Mexico StrategicFactors ETF		0.40
SPDR MSCI South Korea StrategicFactors ETF		0.40
SPDR MSCI Spain StrategicFactors ETF		0.30
SPDR MSCI Taiwan StrategicFactors ETF		0.40
SPDR MSCI United Kingdom StrategicFactors ETF		0.30

583

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Annual Rate
SPDR S&P Global Dividend ETF		0.40	%
SPDR S&P International Dividend 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

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).

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, 2016, SPDR MSCI ACWI ex-US ETF and the SPDR MSCI ACWI Low Carbon Target ETF waived $324,548 and $90,829, 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. For the period ended September 30, 2016, SPDR EURO STOXX 50 Currency Hedged ETF and the SPDR S&P International Dividend Currency Hedged ETF waived $31,597 and $17,261, respectively.

Administrator and Sub-Administrator Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

Distribution Fees

State Street Global Markets, LLC (“SSGM” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust. Pursuant to a Distribution and Service Plan adopted in accordance with Rule 12b-1 under the 1940 Act, each

584

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

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, 2016, and therefore no such payments have been made.

Other Transactions with Affiliates — Securities Lending

State Street Corporation an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007.

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”), an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended September 30, 2016, are disclosed in the Schedules of Investments.

From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of September 30, 2016, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 10% of a Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 10% of the aggregate shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 10% Affiliated Account Holders		Percentage of Affiliated Ownership
SPDR MSCI Mexico StrategicFactors ETF		1		45.40	%
SPDR MSCI South Korea StrategicFactors ETF		1		65.00	%
SPDR MSCI Taiwan StrategicFactors ETF		1		91.90	%

Due to Custodian

In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. The SPDR Dow Jones Global Real Estate ETF has a cash overdraft related to unsettled foreign currency transactions. The SPDR MSCI Emerging Markets StrategicFactors^SM ETF and SPDR MSCI Australia StrategicFactors^SM ETF had a cash overdraft related to overspending.

5. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

585

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended September 30, 2016, were as follows:

	Purchases		Sales
SPDR STOXX Europe 50 ETF	$	17,362,627	$	17,210,202
SPDR EURO STOXX 50 ETF		233,544,870		245,593,795
SPDR EURO STOXX Small Cap ETF		13,508,831		13,915,006
SPDR EURO STOXX 50 Currency Hedged ETF		1,060,084		1,120,192
SPDR S&P International Dividend Currency Hedged ETF		346,391		444,687
SPDR MSCI International Real Estate Currency Hedged ETF		711,615		856,228
SPDR S&P Emerging Asia Pacific ETF		3,806,216		62,815,681
SPDR S&P Russia ETF		2,552,759		2,337,442
SPDR S&P China ETF		71,336,924		46,083,198
SPDR MSCI China A Shares IMI ETF		2,805,568		305,357
SPDR S&P Emerging Markets ETF		27,248,596		20,616,152
SPDR S&P Emerging Markets Dividend ETF		127,604,772		134,262,929
SPDR S&P Emerging Europe ETF		5,754,141		7,018,988
SPDR S&P Emerging Latin America ETF		2,628,778		3,836,975
SPDR S&P Emerging Middle East & Africa ETF		1,902,449		4,239,750
SPDR S&P World ex-US ETF		23,658,363		29,928,484
SPDR S&P International Small Cap ETF		135,843,605		143,832,267
SPDR Dow Jones International Real Estate ETF		650,172,803		650,771,573
SPDR S&P Global Infrastructure ETF		14,387,886		14,459,970
SPDR S&P Global Natural Resources ETF		140,915,144		142,447,593
SPDR S&P North American Natural Resources ETF		122,515,168		121,687,247
SPDR MSCI ACWI ex-US ETF		62,111,530		56,101,598
SPDR MSCI ACWI IMI ETF		1,592,329		982,977
SPDR MSCI ACWI Low Carbon Target ETF		11,047,459		10,612,356
SPDR MSCI EAFE StrategicFactors ETF		1,344,011		1,203,715
SPDR MSCI Emerging Markets StrategicFactors ETF		47,600,237		32,212,451
SPDR MSCI World StrategicFactors ETF		1,105,630		1,176,535
SPDR MSCI Australia StrategicFactors ETF		2,237,038		2,244,660
SPDR MSCI Canada StrategicFactors ETF		2,967,545		2,986,447
SPDR MSCI Germany StrategicFactors ETF		3,028,989		3,111,691
SPDR MSCI Japan StrategicFactors ETF		2,776,206		2,725,814
SPDR MSCI Mexico StrategicFactors ETF		195,533		211,748
SPDR MSCI South Korea StrategicFactors ETF		422,135		421,212
SPDR MSCI Spain StrategicFactors ETF		200,234		226,613
SPDR MSCI Taiwan StrategicFactors ETF		834,664		848,453
SPDR MSCI United Kingdom StrategicFactors ETF		597,395		589,089
SPDR S&P Global Dividend ETF		37,267,609		36,727,305
SPDR S&P International Dividend ETF		355,031,626		357,049,198
SPDR S&P Emerging Markets Small Cap ETF		61,851,373		117,620,415
SPDR Dow Jones Global Real Estate ETF		200,193,712		200,616,735
SPDR S&P International Consumer Discretionary Sector ETF		1,113,787		1,173,060

586

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Purchases		Sales
SPDR S&P International Consumer Staples Sector ETF	$	1,223,777	$	2,783,999
SPDR S&P International Energy Sector ETF		3,431,802		2,750,674
SPDR S&P International Financial Sector ETF		1,721,168		2,112,574
SPDR S&P International Health Care Sector ETF		4,169,382		4,566,656
SPDR S&P International Industrial Sector ETF		1,458,482		1,743,070
SPDR S&P International Materials Sector ETF		627,790		561,619
SPDR S&P International Technology Sector ETF		836,681		938,667
SPDR S&P International Telecommunications Sector ETF		4,248,790		4,417,192
SPDR S&P International Utilities Sector ETF		2,903,039		3,008,264

The Statement of Changes in Net Assets for the year ended September 30, 2015 for the SPDR S&P Russia ETF has been revised to reflect a reclassification between Net realized gain (loss) and Net unrealized appreciation/depreciation as a result of an immaterial error related to an overstatement of losses recognized in the prior period. In addition to this revision, the beginning balance of components of net asset and capital loss carryforward available to offset future realized capital gains have been revised related to this error.

	Original Balance			Revised Balanced
Net realized gain (loss)	$	(1,357,635	)	$	(936,520	)
Net change in unrealized appreciation/depreciation	$	(6,375,794	)	$	(6,796,909	)

For the year ended September 30, 2016, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR STOXX Europe 50 ETF	$	—	$	52,820,947	$	(2,136,681	)
SPDR EURO STOXX 50 ETF		221,669,255		1,601,977,699		(67,942,135	)
SPDR EURO STOXX Small Cap ETF		22,136,701		18,867,752		(1,348,626	)
SPDR EURO STOXX 50 Currency Hedged ETF		11,686,576		3,450,897		7,739
SPDR S&P International Dividend Currency Hedged ETF		—		2,008,546		36,279
SPDR MSCI International Real Estate Currency Hedged ETF .		—		2,114,286		172,445
SPDR S&P Emerging Asia Pacific ETF		—		82,175,792		(10,293,087	)
SPDR S&P Russia ETF		2,451,503		2,939,351		(31,258	)
SPDR S&P China ETF		—		130,013,650		(2,827,961	)
SPDR S&P Emerging Markets ETF		52,510,362		39,864,557		(2,022,774	)
SPDR S&P Emerging Markets Dividend ETF		29,471,478		38,336,401		(9,921,943	)
SPDR S&P Emerging Europe ETF		22,522,078		29,527,096		(8,174,571	)
SPDR S&P Emerging Latin America ETF		2,931,346		5,374,144		(3,165,422	)
SPDR S&P Emerging Middle East & Africa ETF		—		8,356,793		(2,162,870	)
SPDR S&P World ex-US ETF		64,623,943		166,802,085		20,778,781
SPDR S&P International Small Cap ETF		51,003,296		75,296,025		7,507,468
SPDR Dow Jones International Real Estate ETF		130,544,675		614,880,027		157,463,814
SPDR S&P Global Infrastructure ETF		35,715,540		12,396,989		487,507
SPDR S&P Global Natural Resources ETF		195,659,019		157,005,668		17,219,440
SPDR S&P North American Natural Resources ETF		716,813,789		144,441,866		32,199,525
SPDR MSCI ACWI ex-US ETF		199,433,129		113,497,555		13,485,954

587

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR MSCI ACWI IMI ETF	$	24,813,686	$	—	$	—
SPDR MSCI ACWI Low Carbon Target ETF		6,463,135		—		—
SPDR MSCI EAFE StrategicFactors ETF		2,601,501		—		—
SPDR MSCI Emerging Markets StrategicFactors ETF		31,034,403		14,730,138		2,284,857
SPDR MSCI Australia StrategicFactors ETF		2,246,042		—		—
SPDR MSCI Canada StrategicFactors ETF		6,839,769		—		—
SPDR MSCI Germany StrategicFactors ETF		2,493,120		—		—
SPDR MSCI Japan StrategicFactors ETF		6,246,925		6,027,700		76,189
SPDR S&P Global Dividend ETF		46,044,449		20,044,206		1,012,483
SPDR S&P International Dividend ETF		115,171,526		147,371,307		(4,440,470	)
SPDR S&P Emerging Markets Small Cap ETF		4,749,520		50,881,061		(15,521,156	)
SPDR Dow Jones Global Real Estate ETF		428,605,010		33,279,144		10,501,619
SPDR S&P International Consumer Discretionary Sector ETF		1,668,069		3,370,734		2,622
SPDR S&P International Consumer Staples Sector ETF		6,000,602		39,241,736		5,056,334
SPDR S&P International Energy Sector ETF		23,067,958		14,773,762		1,149,391
SPDR S&P International Financial Sector ETF		2,736,738		5,872,322		(792,374	)
SPDR S&P International Health Care Sector ETF		7,149,116		30,964,147		6,149,061
SPDR S&P International Industrial Sector ETF		4,103,519		7,491,039		(416,242	)
SPDR S&P International Materials Sector ETF		2,598,336		3,284,353		(1,102,499	)
SPDR S&P International Technology Sector ETF		—		1,333,907		120,190
SPDR S&P International Telecommunications Sector ETF		2,482,935		11,296,176		1,439,705
SPDR S&P International Utilities Sector ETF		36,676,765		34,262,304		1,621,448

7. Shareholder Transactions

Each Fund issues and redeems its shares, at net asset value, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes on Net Assets.

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon

588

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for tax equalization, character of distributions, nontaxable dividend adjustments to income, in-kind transactions, foreign currencies, REITs, passive foreign investment companies, return of capital, and wash sale loss deferrals. In addition, certain Funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the period ended September 30, 2016, was as follows:

	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total
SPDR STOXX Europe 50 ETF	$	7,235,067	$	—	$	—	$	7,235,067
SPDR EURO STOXX 50 ETF		104,977,475		—		—		104,977,475
SPDR EURO STOXX Small Cap ETF		524,645		—		—		524,645
SPDR EURO STOXX 50 Currency Hedged ETF		420,669		71,096		—		491,765
SPDR S&P International Dividend Currency Hedged ETF		186,908		28,721		—		215,629
SPDR MSCI International Real Estate Currency Hedged ETF		170,279		18,123		—		188,402
SPDR S&P Emerging Asia Pacific ETF		15,794,101		—		—		15,794,101
SPDR S&P Russia ETF		1,046,770		—		—		1,046,770
SPDR S&P China ETF		22,176,022		—		—		22,176,022
SPDR MSCI China A Shares IMI ETF		28,775		—		2,643		31,418
SPDR S&P Emerging Markets ETF		3,843,662		—		—		3,843,662
SPDR S&P Emerging Markets Dividend ETF		13,540,223		—		—		13,540,223
SPDR S&P Emerging Europe ETF		1,195,312		—		—		1,195,312
SPDR S&P Emerging Latin America ETF		668,273		—		—		668,273
SPDR S&P Emerging Middle East & Africa ETF		784,205		—		—		784,205
SPDR S&P World ex-US ETF		19,228,167		874,741		—		20,102,908
SPDR S&P International Small Cap ETF		17,762,030		183,902		—		17,945,932
SPDR Dow Jones International Real Estate ETF		125,444,680		—		—		125,444,680
SPDR S&P Global Infrastructure ETF		2,376,551		—		—		2,376,551
SPDR S&P Global Natural Resources ETF		17,723,932		—		—		17,723,932
SPDR S&P North American Natural Resources ETF		6,136,433		—		—		6,136,433
SPDR MSCI ACWI ex-US ETF		21,463,385		—		—		21,463,385
SPDR MSCI ACWI IMI ETF		914,554		—		—		914,554
SPDR MSCI ACWI Low Carbon Target ETF		2,131,916		7,758		—		2,139,674
SPDR MSCI EAFE StrategicFactors ETF		150,949		—		—		150,949
SPDR MSCI Emerging Markets StrategicFactors ETF		1,961,532		—		—		1,961,532
SPDR MSCI World StrategicFactors ETF		197,356		9,579		—		206,935
SPDR MSCI Australia StrategicFactors ETF		378,773		—		—		378,773
SPDR MSCI Canada StrategicFactors ETF		294,086		—		—		294,086
SPDR MSCI Germany StrategicFactors ETF		263,141		—		—		263,141
SPDR MSCI Japan StrategicFactors ETF		191,965		1,592		—		193,557
SPDR MSCI Mexico StrategicFactors ETF		53,120		—		—		53,120

589

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total
SPDR MSCI South Korea StrategicFactors ETF	$	24,411	$	—	$	—	$	24,411
SPDR MSCI Spain StrategicFactors ETF		73,907		—		—		73,907
SPDR MSCI Taiwan StrategicFactors ETF		158,098		—		—		158,098
SPDR MSCI United Kingdom StrategicFactors ETF		96,601		—		—		96,601
SPDR S&P Global Dividend ETF		3,129,411		380,129		—		3,509,540
SPDR S&P International Dividend ETF		43,184,596		—		—		43,184,596
SPDR S&P Emerging Markets Small Cap ETF		8,865,797		—		—		8,865,797
SPDR Dow Jones Global Real Estate ETF		72,124,923		—		—		72,124,923
SPDR S&P International Consumer Discretionary Sector ETF		293,731		—		—		293,731
SPDR S&P International Consumer Staples Sector ETF		678,181		—		—		678,181
SPDR S&P International Energy Sector ETF		1,246,773		—		—		1,246,773
SPDR S&P International Financial Sector ETF		460,670		—		—		460,670
SPDR S&P International Health Care Sector ETF		1,255,503		—		—		1,255,503
SPDR S&P International Industrial Sector ETF		384,652		—		—		384,652
SPDR S&P International Materials Sector ETF		95,630		—		—		95,630
SPDR S&P International Technology Sector ETF		195,312		—		—		195,312
SPDR S&P International Telecommunications Sector ETF		1,200,058		—		—		1,200,058
SPDR S&P International Utilities Sector ETF		1,289,627		—		—		1,289,627

The tax character of distributions paid during the period ended September 30, 2015 was as follows:

	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total
SPDR STOXX Europe 50 ETF	$	9,622,930	$	—	$	—	$	9,622,930
SPDR EURO STOXX 50 ETF		143,035,636		—		—		143,035,636
SPDR EURO STOXX Small Cap ETF		256,115		—		—		256,115
SPDR EURO STOXX 50 Currency Hedged ETF		125,977		—		—		125,977
SPDR S&P International Dividend Currency Hedged ETF		52,907		—		—		52,907
SPDR S&P Emerging Asia Pacific ETF		10,643,553		—		—		10,643,553
SPDR S&P Russia ETF		854,073		—		—		854,073
SPDR S&P China ETF		17,843,531		—		—		17,843,531
SPDR S&P Emerging Markets ETF		4,507,319		—		—		4,507,319
SPDR S&P Emerging Markets Dividend ETF		16,798,542		—		—		16,798,542
SPDR S&P Emerging Europe ETF		1,961,721		—		—		1,961,721
SPDR S&P Emerging Latin America ETF		877,726		—		—		877,726
SPDR S&P Emerging Middle East & Africa ETF		1,502,559		—		—		1,502,559
SPDR S&P World ex-US ETF		20,112,214		—		—		20,112,214
SPDR S&P International Small Cap ETF		30,156,602		52,625,204		—		82,781,806
SPDR Dow Jones International Real Estate ETF		147,970,731		—		—		147,970,731
SPDR S&P Global Infrastructure ETF		3,020,616		—		—		3,020,616
SPDR S&P Global Natural Resources ETF		20,271,634		—		—		20,271,634
SPDR MSCI ACWI ex-US ETF		17,494,392		—		—		17,494,392
SPDR MSCI ACWI IMI ETF		1,137,757		—		—		1,137,757
SPDR MSCI ACWI Low Carbon Target ETF		1,204,764		—		—		1,204,764
SPDR MSCI EAFE StrategicFactors ETF		163,896		—		—		163,896

590

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital			Total
SPDR MSCI Emerging Markets StrategicFactors ETF	$	678,786	$	—	$	—		$	678,786
SPDR MSCI World StrategicFactors ETF		130,391		—		—			130,391
SPDR MSCI Australia StrategicFactors ETF		283,897		—		—			283,897
SPDR MSCI Canada StrategicFactors ETF		80,540		—		—			80,540
SPDR MSCI Germany StrategicFactors ETF		226,792		—		—			226,792
SPDR MSCI Japan StrategicFactors ETF		119,310		—		—			119,310
SPDR MSCI Mexico StrategicFactors ETF		25,314		—		—			25,314
SPDR MSCI South Korea StrategicFactors ETF		37,871		—		(2,570	)		35,301
SPDR MSCI Spain StrategicFactors ETF		231,204		—		—			231,204
SPDR MSCI Taiwan StrategicFactors ETF		8,912		—		—			8,912
SPDR MSCI United Kingdom StrategicFactors ETF		310,927		—		—			310,927
SPDR S&P Global Dividend ETF		2,716,263		184,384		—			2,900,647
SPDR S&P International Dividend ETF		65,787,191		—		—			65,787,191
SPDR S&P Emerging Markets Small Cap ETF		12,541,035		—		—			12,541,035
SPDR Dow Jones Global Real Estate ETF		54,138,494		—		—			54,138,494
SPDR S&P International Consumer Discretionary Sector ETF		334,910		—		—			334,910
SPDR S&P International Consumer Staples Sector ETF		1,034,295		—		—			1,034,295
SPDR S&P International Energy Sector ETF		880,204		—		—			880,204
SPDR S&P International Financial Sector ETF		355,265		—		—			355,265
SPDR S&P International Health Care Sector ETF		1,145,230		—		—			1,145,230
SPDR S&P International Industrial Sector ETF		390,429		—		—			390,429
SPDR S&P International Materials Sector ETF		185,820		—		—			185,820
SPDR S&P International Technology Sector ETF		103,108		—		—			103,108
SPDR S&P International Telecommunications Sector ETF		1,274,493		—		—			1,274,493
SPDR S&P International Utilities Sector ETF		1,460,201		—		—			1,460,201

At September 30, 2016, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)			Qualified Late-Year Losses*			Total
SPDR STOXX Europe 50 ETF	$	230,837	$	(44,969,237	)	$	—	$	(37,944,365	)	$	—		$	(82,682,765	)
SPDR EURO STOXX 50 ETF		—		(345,561,535	)		—		(483,994,387	)		—			(829,555,922	)
SPDR EURO STOXX Small Cap ETF		45,484		(2,969,178	)		—		(404,127	)		—			(3,327,821	)
SPDR EURO STOXX 50 Currency Hedged ETF		—		—			—		(891,793	)		(464,425	)		(1,356,218	)
SPDR S&P International Dividend Currency Hedged ETF		—		(32,183	)		—		80,020			(90	)		47,747
SPDR MSCI International Real Estate Currency Hedged ETF		237,016		(93,611	)		—		30,192			—			173,597
SPDR S&P Emerging Asia Pacific ETF		5,493,461		(61,536,157	)		—		(998,074	)		—			(57,040,770	)
SPDR S&P Russia ETF		415,047		(7,303,503	)		—		(10,346,782	)		—			(17,235,238	)
SPDR S&P China ETF		11,101,833		(128,582,334	)		—		(36,748,921	)		—			(154,229,422	)
SPDR MSCI China A Shares IMI ETF		—		(35,028	)		—		(320,806	)		(580	)		(356,414	)

591

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)			Qualified Late-Year Losses*			Total
SPDR S&P Emerging Markets ETF	$	2,363,298	$	(24,954,394	)	$	—	$	(29,016,995	)	$	—		$	(51,608,091	)
SPDR S&P Emerging Markets Dividend ETF		—		(260,703,526	)		—		(4,593,797	)		—			(265,297,323	)
SPDR S&P Emerging Europe ETF		582,233		(49,370,008	)		—		(29,844,085	)		—			(78,631,860	)
SPDR S&P Emerging Latin America ETF		50,369		(23,586,014	)		—		(19,643,909	)		—			(43,179,554	)
SPDR S&P Emerging Middle East & Africa ETF		371,814		(26,021,685	)		—		(7,970,444	)		—			(33,620,315	)
SPDR S&P World ex-US ETF		8,168,511		(5,795,924	)		—		(45,275,631	)		—			(42,903,044	)
SPDR S&P International Small Cap ETF		22,284,059		—			3,655,186		(81,628,450	)		—			(55,689,205	)
SPDR Dow Jones International Real Estate ETF		223,419,469		(609,796,942	)		—		(8,605,784	)		—			(394,983,257	)
SPDR S&P Global Infrastructure ETF		845,866		(21,613,481	)		—		(564,868	)		—			(21,332,483	)
SPDR S&P Global Natural Resources ETF		4,489,524		(167,119,903	)		—		(70,861,054	)		—			(233,491,433	)
SPDR S&P North American Natural Resources ETF		31,746,864		—			—		188,611,487			—			220,358,351
SPDR MSCI ACWI ex-US ETF		8,694,291		(99,319,174	)		—		(97,458,954	)		—			(188,083,837	)
SPDR MSCI ACWI IMI ETF		699,041		(131,763	)		—		(268,243	)		—			299,035
SPDR MSCI ACWI Low Carbon Target ETF		621,460		(790,287	)		—		1,729,051			—			1,560,224
SPDR MSCI EAFE StrategicFactors ETF		83,477		(193,349	)		—		(283,436	)		—			(393,308	)
SPDR MSCI Emerging Markets StrategicFactors ETF		1,277,843		(5,660,900	)		—		3,065,215			—			(1,317,842	)
SPDR MSCI World StrategicFactors ETF		42,280		(8,361	)		—		341,173			—			375,092
SPDR MSCI Australia StrategicFactors ETF		314,635		(226,344	)		—		(26,730	)		—			61,561
SPDR MSCI Canada StrategicFactors ETF		87,159		(240,584	)		—		1,366,278			—			1,212,853
SPDR MSCI Germany StrategicFactors ETF		—		(532,341	)		—		(276,016	)		(1,413	)		(809,770	)
SPDR MSCI Japan StrategicFactors ETF		91,287		(86,089	)		—		371,950			—			377,148
SPDR MSCI Mexico StrategicFactors ETF		3,477		(30,530	)		—		(821,639	)		—			(848,692	)
SPDR MSCI South Korea StrategicFactors ETF		3,363		(102,690	)		—		(105,834	)		—			(205,161	)
SPDR MSCI Spain StrategicFactors ETF		38,539		(121,273	)		—		(914,794	)		—			(997,528	)
SPDR MSCI Taiwan StrategicFactors ETF		151,866		(365,030	)		—		129,827			—			(83,337	)
SPDR MSCI United Kingdom StrategicFactors ETF		—		(177,586	)		—		(487,592	)		(2,660	)		(667,838	)
SPDR S&P Global Dividend ETF		216,618		(6,575,133	)		—		1,038,457			—			(5,320,058	)
SPDR S&P International Dividend ETF		16,759,949		(475,523,860	)		—		(17,966,075	)		—			(476,729,986	)

592

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)			Qualified Late-Year Losses*		Total
SPDR S&P Emerging Markets Small Cap ETF	$	7,191,568	$	(77,567,762	)	$	—	$	(91,347,578	)	$	—	$	(161,723,772	)
SPDR Dow Jones Global Real Estate ETF		16,443,048		—			399,168		196,500,141			—		213,342,357
SPDR S&P International Consumer Discretionary Sector ETF		89,042		—			—		(1,404,120	)		—		(1,315,078	)
SPDR S&P International Consumer Staples Sector ETF		31,158		(170,573	)		—		630,856			—		491,441
SPDR S&P International Energy Sector ETF		73,238		(3,344,440	)		—		(7,456,328	)		—		(10,727,530	)
SPDR S&P International Financial Sector ETF		30,867		(1,728,381	)		—		(2,200,305	)		—		(3,897,819	)
SPDR S&P International Health Care Sector ETF		56,626		(243,873	)		—		(2,249,045	)		—		(2,436,292	)
SPDR S&P International Industrial Sector ETF		72,530		(1,620,241	)		—		(734,216	)		—		(2,281,927	)
SPDR S&P International Materials Sector ETF		13,705		(1,344,390	)		—		(2,483,535	)		—		(3,814,220	)
SPDR S&P International Technology Sector ETF		10,695		(148,370	)		—		409,171			—		271,496
SPDR S&P International Telecommunications Sector ETF		44,426		(4,074,452	)		—		(2,185,722	)		—		(6,215,748	)
SPDR S&P International Utilities Sector ETF		—		(4,920,594	)		—		(6,022,288	)		—		(10,942,882	)

* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of September 30, 2016, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

	2017		2018		2019		2020		Non-Expiring Short Term**		Non-Expiring Long Term**
SPDR STOXX Europe 50 ETF	$	5,783,115	$	6,195,941	$	2,032,222	$	—	$	2,748,737	$	28,209,222
SPDR EURO STOXX 50 ETF		6,389,360		14,945,357		8,709,645		—		37,516,178		278,000,995
SPDR EURO STOXX Small Cap ETF		—		—		—		—		2,571,245		397,933
SPDR S&P International Dividend Currency Hedged ETF		—		—		—		—		13,041		19,142
SPDR MSCI International Real Estate Currency Hedged ETF		—		—		—		—		42,682		50,929
SPDR S&P Emerging Asia Pacific ETF		—		—		—		—		17,138,209		44,397,948
SPDR S&P Russia ETF		—		—		—		—		1,667,822		5,635,681
SPDR S&P China ETF		2,685,375		3,455,043		20,718,358		—		17,690,140		84,033,418
SPDR MSCI China A Shares IMI ETF		—		—		—		—		35,028		—
SPDR S&P Emerging Markets ETF		—		—		—		—		3,307,834		21,646,560
SPDR S&P Emerging Markets Dividend ETF		—		—		362,314		—		107,255,265		153,085,947
SPDR S&P Emerging Europe ETF		5,912,354		8,992,073		9,348,438		—		1,511,570		23,605,573
SPDR S&P Emerging Latin America ETF		3,111,521		3,011,913		2,259,987		—		2,901,004		12,301,589
SPDR S&P Emerging Middle East & Africa ETF		1,967,866		10,818,456		1,720,229		—		1,029,625		10,485,509

593

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	2017		2018		2019		2020		Non-Expiring Short Term**		Non-Expiring Long Term**
SPDR S&P World ex-US ETF	$	—	$	—	$	—	$	—	$	456,354	$	5,339,570
SPDR Dow Jones International Real Estate ETF		37,378,612		162,058,595		64,649,806		—		69,811,972		275,897,957
SPDR S&P Global Infrastructure ETF		246,762		3,044,553		1,744,492		—		362,024		16,215,650
SPDR S&P Global Natural Resources ETF		—		—		—		—		22,958,492		144,161,411
SPDR MSCI ACWI ex-US ETF		2,856,017		36,957,682		2,453,209		—		7,917,181		49,135,085
SPDR MSCI ACWI IMI ETF		—		—		—		—		—		131,763
SPDR MSCI ACWI Low Carbon Target ETF		—		—		—		—		317,130		473,157
SPDR MSCI EAFE StrategicFactors ETF		—		—		—		—		52,730		140,619
SPDR MSCI Emerging Markets StrategicFactors ETF		—		—		—		—		3,331,972		2,328,928
SPDR MSCI World StrategicFactors ETF		—		—		—		—		2,473		5,888
SPDR MSCI Australia StrategicFactors ETF		—		—		—		—		226,344		—
SPDR MSCI Canada StrategicFactors ETF		—		—		—		—		66,145		174,439
SPDR MSCI Germany StrategicFactors ETF		—		—		—		—		255,405		276,936
SPDR MSCI Japan StrategicFactors ETF		—		—		—		—		70,436		15,653
SPDR MSCI Mexico StrategicFactors ETF		—		—		—		—		18,085		12,445
SPDR MSCI South Korea StrategicFactors ETF		—		—		—		—		40,444		62,246
SPDR MSCI Spain StrategicFactors ETF		—		—		—		—		83,980		37,293
SPDR MSCI Taiwan StrategicFactors ETF		—		—		—		—		41,444		323,586
SPDR MSCI United Kingdom StrategicFactors ETF		—		—		—		—		108,134		69,452
SPDR S&P Global Dividend ETF		—		—		—		—		4,114,069		2,461,064
SPDR S&P International Dividend ETF		—		13,759,514		—		—		199,713,738		262,050,608
SPDR S&P Emerging Markets Small Cap ETF		—		—		—		—		—		77,567,762
SPDR S&P International Consumer Staples Sector ETF		—		—		1,783		—		67,517		101,273
SPDR S&P International Energy Sector ETF		4,624		119,106		316,377		—		54,298		2,850,035
SPDR S&P International Financial Sector ETF		39,777		563,054		43,972		—		92,951		988,627
SPDR S&P International Health Care Sector ETF		—		—		—		—		243,873		—
SPDR S&P International Industrial Sector ETF		4,087		41,800		85,376		—		145,451		1,343,527
SPDR S&P International Materials Sector ETF		60,733		154,398		205,070		—		36,576		887,613
SPDR S&P International Technology Sector ETF		—		—		—		—		6,837		141,533
SPDR S&P International Telecommunications Sector ETF		2,618		97,364		213,502		—		404,886		3,356,082
SPDR S&P International Utilities Sector ETF		16,137		130,798		182,287		—		158,355		4,433,017

** Must be utilized prior to losses subject to expiration.

594

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

As of September 30, 2016, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR STOXX Europe 50 ETF	$	224,524,903	$	4,822,395	$	42,741,846	$	(37,919,451	)
SPDR EURO STOXX 50 ETF		3,046,109,718		76,581,168		560,539,460		(483,958,292	)
SPDR EURO STOXX Small Cap ETF		12,243,526		881,831		1,285,364		(403,533	)
SPDR EURO STOXX 50 Currency Hedged ETF		15,545,188		—		891,800		(891,800	)
SPDR S&P International Dividend Currency Hedged ETF		1,960,291		79,674		—		79,674
SPDR MSCI International Real Estate Currency Hedged ETF		2,083,491		136,475		106,023		30,452
SPDR S&P Emerging Asia Pacific ETF		340,568,757		63,717,280		64,291,251		(573,971	)
SPDR S&P Russia ETF		37,200,950		597,680		10,944,462		(10,346,782	)
SPDR S&P China ETF		880,732,610		133,569,230		170,318,158		(36,748,928	)
SPDR MSCI China A Shares IMI ETF		2,465,521		88,175		408,984		(320,809	)
SPDR S&P Emerging Markets ETF		266,032,996		27,738,991		56,580,514		(28,841,523	)
SPDR S&P Emerging Markets Dividend ETF		308,525,490		28,026,867		32,617,309		(4,590,442	)
SPDR S&P Emerging Europe ETF		63,836,413		1,407,723		31,251,855		(29,844,132	)
SPDR S&P Emerging Latin America ETF		48,098,817		2,497,715		22,143,153		(19,645,438	)
SPDR S&P Emerging Middle East & Africa ETF		38,888,788		6,566,278		14,536,124		(7,969,846	)
SPDR S&P World ex-US ETF		702,916,179		66,798,282		112,051,606		(45,253,324	)
SPDR S&P International Small Cap ETF		854,131,658		81,820,050		163,439,031		(81,618,981	)
SPDR Dow Jones International Real Estate ETF		4,642,379,866		216,734,636		224,285,897		(7,551,261	)
SPDR S&P Global Infrastructure ETF		91,402,111		6,403,488		6,964,422		(560,934	)
SPDR S&P Global Natural Resources ETF		811,176,918		37,666,387		108,507,823		(70,841,436	)
SPDR S&P North American Natural Resources ETF		639,818,276		199,942,355		11,317,000		188,625,355
SPDR MSCI ACWI ex-US ETF		961,231,987		58,971,429		156,255,274		(97,283,845	)
SPDR MSCI ACWI IMI ETF		67,037,979		4,513,491		4,780,966		(267,475	)
SPDR MSCI ACWI Low Carbon Target ETF		94,414,067		8,975,808		7,233,648		1,742,160
SPDR MSCI EAFE StrategicFactors ETF		8,552,455		421,091		704,546		(283,455	)
SPDR MSCI Emerging Markets StrategicFactors ETF		112,140,442		9,705,345		6,553,738		3,151,607
SPDR MSCI World StrategicFactors ETF		5,990,774		756,123		414,816		341,307
SPDR MSCI Australia StrategicFactors ETF		9,942,612		594,799		621,878		(27,079	)
SPDR MSCI Canada StrategicFactors ETF		16,985,973		1,811,794		444,979		1,366,815
SPDR MSCI Germany StrategicFactors ETF		13,223,363		1,050,548		1,326,469		(275,921	)
SPDR MSCI Japan StrategicFactors ETF		13,014,465		938,234		566,467		371,767
SPDR MSCI Mexico StrategicFactors ETF		2,974,620		31,664		853,298		(821,634	)
SPDR MSCI South Korea StrategicFactors ETF		2,899,071		285,524		391,382		(105,858	)
SPDR MSCI Spain StrategicFactors ETF		3,012,525		66,729		981,528		(914,799	)
SPDR MSCI Taiwan StrategicFactors ETF		5,750,225		628,938		499,361		129,577
SPDR MSCI United Kingdom StrategicFactors ETF		2,887,200		77,665		565,209		(487,544	)
SPDR S&P Global Dividend ETF		111,282,220		5,101,882		4,051,988		1,049,894
SPDR S&P International Dividend ETF		1,107,675,484		92,894,873		110,826,383		(17,931,510	)
SPDR S&P Emerging Markets Small Cap ETF		423,795,304		36,810,739		127,943,392		(91,132,653	)
SPDR Dow Jones Global Real Estate ETF		2,326,426,415		276,314,591		79,617,684		196,696,907

595

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR S&P International Consumer Discretionary Sector ETF	$	15,111,717	$	865,786	$	2,269,597	$	(1,403,811	)
SPDR S&P International Consumer Staples Sector ETF		36,079,626		2,749,082		2,112,466		636,616
SPDR S&P International Energy Sector ETF		45,252,803		463,935		7,921,216		(7,457,281	)
SPDR S&P International Financial Sector ETF		8,652,972		37,182		2,237,781		(2,200,599	)
SPDR S&P International Health Care Sector ETF		54,242,424		3,949,843		6,189,855		(2,240,012	)
SPDR S&P International Industrial Sector ETF		16,489,671		1,087,461		1,820,819		(733,418	)
SPDR S&P International Materials Sector ETF		7,744,224		255,115		2,738,369		(2,483,254	)
SPDR S&P International Technology Sector ETF		10,831,087		2,401,440		1,992,404		409,036
SPDR S&P International Telecommunications Sector ETF		30,610,798		2,049,165		4,233,863		(2,184,698	)
SPDR S&P International Utilities Sector ETF		38,664,211		379,350		6,401,175		(6,021,825	)

9. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any 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.

The market value of securities on loan as of September 30, 2016, and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of September 30, 2016:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR STOXX Europe 50 ETF	$	1,393,780	$	1,459,114	$	—	$	1,459,114
SPDR EURO STOXX 50 ETF		22,019,783		23,347,306		—		23,347,306
SPDR S&P Emerging Asia Pacific ETF		20,591,889		7,123,753		14,984,398		22,108,151
SPDR S&P China ETF		75,143,601		32,855,648		49,490,272		82,345,920
SPDR S&P Emerging Markets ETF		6,900,781		3,656,112		3,896,563		7,552,675
SPDR S&P Emerging Markets Dividend ETF		5,452,596		5,451,073		479,500		5,930,573
SPDR S&P Emerging Europe ETF		79,739		79,890		—		79,890

596

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR S&P Emerging Latin America ETF	$	1,109,252	$	1,152,332	$	27,427	$	1,179,759
SPDR S&P Emerging Middle East & Africa ETF		1,408,308		846,193		646,052		1,492,245
SPDR S&P World ex-US ETF		32,975,769		27,460,160		7,371,819		34,831,979
SPDR S&P International Small Cap ETF		82,042,603		77,010,646		10,588,397		87,599,043
SPDR Dow Jones International Real Estate ETF		111,485,669		113,855,927		3,978,093		117,834,020
SPDR S&P Global Infrastructure ETF		10,037,552		4,958,497		5,553,618		10,512,115
SPDR S&P Global Natural Resources ETF		27,305,541		19,577,508		9,109,088		28,686,596
SPDR MSCI ACWI ex-US ETF		35,973,598		23,136,429		14,844,319		37,980,748
SPDR MSCI ACWI IMI ETF		3,588,358		2,141,243		1,591,037		3,732,280
SPDR S&P Global Dividend ETF		10,827,113		8,297,041		3,003,477		11,300,518
SPDR S&P International Dividend ETF		89,790,337		85,141,270		9,637,295		94,778,565
SPDR S&P Emerging Markets Small Cap ETF		18,586,294		14,070,192		6,738,990		20,809,182
SPDR Dow Jones Global Real Estate ETF		60,689,158		35,695,682		27,114,215		62,809,897
SPDR S&P International Consumer Discretionary Sector ETF		1,103,397		1,095,491		69,474		1,164,965
SPDR S&P International Consumer Staples Sector ETF		1,466,517		1,530,426		14,979		1,545,405
SPDR S&P International Energy Sector ETF		3,630,653		2,840,776		985,334		3,826,110
SPDR S&P International Financial Sector ETF		343,399		268,820		92,639		361,459
SPDR S&P International Health Care Sector ETF		2,303,642		2,406,488		32,424		2,438,912
SPDR S&P International Industrial Sector ETF		711,626		668,413		80,139		748,552
SPDR S&P International Materials Sector ETF		265,277		264,905		14,895		279,800
SPDR S&P International Technology Sector ETF		828,843		796,074		74,009		870,083
SPDR S&P International Telecommunications Sector ETF		238,551		250,771		—		250,771
SPDR S&P International Utilities Sector ETF		2,420,779		2,565,714		—		2,565,714

* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of September 30, 2016:

SPDR STOXX Europe 50 ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,459,114	$	—	$	—	$	—	$	1,459,114
Total Borrowings	$	1,459,114	$	—	$	—	$	—	$	1,459,114
Gross amount of recognized liabilities for securities lending transactions									$	1,459,114

597

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR EURO STOXX 50 ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	23,347,306	$	—	$	—	$	—	$	23,347,306
Total Borrowings	$	23,347,306	$	—	$	—	$	—	$	23,347,306
Gross amount of recognized liabilities for securities lending transactions									$	23,347,306

SPDR S&P Emerging Asia Pacific ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	7,123,753	$	—	$	—	$	—	$	7,123,753
Total Borrowings	$	7,123,753	$	—	$	—	$	—	$	7,123,753
Gross amount of recognized liabilities for securities lending transactions									$	7,123,753

SPDR S&P China ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	32,855,648	$	—	$	—	$	—	$	32,855,648
Total Borrowings	$	32,855,648	$	—	$	—	$	—	$	32,855,648
Gross amount of recognized liabilities for securities lending transactions									$	32,855,648

SPDR S&P Emerging Markets ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	3,656,112	$	—	$	—	$	—	$	3,656,112
Total Borrowings	$	3,656,112	$	—	$	—	$	—	$	3,656,112
Gross amount of recognized liabilities for securities lending transactions									$	3,656,112

598

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR S&P Emerging Markets Dividend ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	5,451,073	$	—	$	—	$	—	$	5,451,073
Total Borrowings	$	5,451,073	$	—	$	—	$	—	$	5,451,073
Gross amount of recognized liabilities for securities lending transactions									$	5,451,073

SPDR S&P Emerging Europe ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	79,890	$	—	$	—	$	—	$	79,890
Total Borrowings	$	79,890	$	—	$	—	$	—	$	79,890
Gross amount of recognized liabilities for securities lending transactions									$	79,890

SPDR S&P Emerging Latin America ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,152,332	$	—	$	—	$	—	$	1,152,332
Total Borrowings	$	1,152,332	$	—	$	—	$	—	$	1,152,332
Gross amount of recognized liabilities for securities lending transactions									$	1,152,332

SPDR S&P Emerging Middle East & Africa ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	846,193	$	—	$	—	$	—	$	846,193
Total Borrowings	$	846,193	$	—	$	—	$	—	$	846,193
Gross amount of recognized liabilities for securities lending transactions									$	846,193

599

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR S&P World ex-US ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	27,460,160	$	—	$	—	$	—	$	27,460,160
Total Borrowings	$	27,460,160	$	—	$	—	$	—	$	27,460,160
Gross amount of recognized liabilities for securities lending transactions									$	27,460,160

SPDR S&P International Small Cap ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	77,004,432	$	—	$	—	$	—	$	77,004,432
Rights		5,099		—		—		—		5,099
Warrants		1,115		—		—		—		1,115
Total	$	77,010,646	$	—	$	—	$	—	$	77,010,646
Total Borrowings	$	77,010,646	$	—	$	—	$	—	$	77,010,646
Gross amount of recognized liabilities for securities lending transactions									$	77,010,646

SPDR Dow Jones International Real Estate ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	113,855,927	$	—	$	—	$	—	$	113,855,927
Total Borrowings	$	113,855,927	$	—	$	—	$	—	$	113,855,927
Gross amount of recognized liabilities for securities lending transactions									$	113,855,927

600

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR S&P Global Infrastructure ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	4,958,497	$	—	$	—	$	—	$	4,958,497
Total Borrowings	$	4,958,497	$	—	$	—	$	—	$	4,958,497
Gross amount of recognized liabilities for securities lending transactions									$	4,958,497

SPDR S&P Global Natural Resources ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	19,577,508	$	—	$	—	$	—	$	19,577,508
Total Borrowings	$	19,577,508	$	—	$	—	$	—	$	19,577,508
Gross amount of recognized liabilities for securities lending transactions									$	19,577,508

SPDR MSCI ACWI ex-US ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	23,136,429	$	—	$	—	$	—	$	23,136,429
Total Borrowings	$	23,136,429	$	—	$	—	$	—	$	23,136,429
Gross amount of recognized liabilities for securities lending transactions									$	23,136,429

SPDR MSCI ACWI IMI ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,141,243	$	—	$	—	$	—	$	2,141,243
Total Borrowings	$	2,141,243	$	—	$	—	$	—	$	2,141,243
Gross amount of recognized liabilities for securities lending transactions									$	2,141,243

601

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR S&P Global Dividend ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	8,297,041	$	—	$	—	$	—	$	8,297,041
Total Borrowings	$	8,297,041	$	—	$	—	$	—	$	8,297,041
Gross amount of recognized liabilities for securities lending transactions									$	8,297,041

SPDR S&P International Dividend ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	85,141,270	$	—	$	—	$	—	$	85,141,270
Total Borrowings	$	85,141,270	$	—	$	—	$	—	$	85,141,270
Gross amount of recognized liabilities for securities lending transactions									$	85,141,270

SPDR S&P Emerging Markets Small Cap ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	14,070,192	$	—	$	—	$	—	$	14,070,192
Total Borrowings	$	14,070,192	$	—	$	—	$	—	$	14,070,192
Gross amount of recognized liabilities for securities lending transactions									$	14,070,192

SPDR Dow Jones Global Real Estate ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	35,695,682	$	—	$	—	$	—	$	35,695,682
Total Borrowings	$	35,695,682	$	—	$	—	$	—	$	35,695,682
Gross amount of recognized liabilities for securities lending transactions									$	35,695,682

602

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR S&P International Consumer Discretionary Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,095,491	$	—	$	—	$	—	$	1,095,491
Total Borrowings	$	1,095,491	$	—	$	—	$	—	$	1,095,491
Gross amount of recognized liabilities for securities lending transactions									$	1,095,491

SPDR S&P International Consumer Staples Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,530,426	$	—	$	—	$	—	$	1,530,426
Total Borrowings	$	1,530,426	$	—	$	—	$	—	$	1,530,426
Gross amount of recognized liabilities for securities lending transactions									$	1,530,426

SPDR S&P International Energy Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,840,776	$	—	$	—	$	—	$	2,840,776
Total Borrowings	$	2,840,776	$	—	$	—	$	—	$	2,840,776
Gross amount of recognized liabilities for securities lending transactions									$	2,840,776

SPDR S&P International Financial Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	268,820	$	—	$	—	$	—	$	268,820
Total Borrowings	$	268,820	$	—	$	—	$	—	$	268,820
Gross amount of recognized liabilities for securities lending transactions									$	268,820

603

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR S&P International Health Care Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,406,488	$	—	$	—	$	—	$	2,406,488
Total Borrowings	$	2,406,488	$	—	$	—	$	—	$	2,406,488
Gross amount of recognized liabilities for securities lending transactions									$	2,406,488

SPDR S&P International Industrial Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	668,413	$	—	$	—	$	—	$	668,413
Total Borrowings	$	668,413	$	—	$	—	$	—	$	668,413
Gross amount of recognized liabilities for securities lending transactions									$	668,413

SPDR S&P International Materials Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	264,905	$	—	$	—	$	—	$	264,905
Total Borrowings	$	264,905	$	—	$	—	$	—	$	264,905
Gross amount of recognized liabilities for securities lending transactions									$	264,905

SPDR S&P International Technology Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	796,074	$	—	$	—	$	—	$	796,074
Total Borrowings	$	796,074	$	—	$	—	$	—	$	796,074
Gross amount of recognized liabilities for securities lending transactions									$	796,074

604

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

SPDR S&P International Telecommunications Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	250,771	$	—	$	—	$	—	$	250,771
Total Borrowings	$	250,771	$	—	$	—	$	—	$	250,771
Gross amount of recognized liabilities for securities lending transactions									$	250,771

SPDR S&P International Utilities Sector ETF

	Remaining Contractual Maturity of the Agreements As of September 30, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,565,714	$	—	$	—	$	—	$	2,565,714
Total Borrowings	$	2,565,714	$	—	$	—	$	—	$	2,565,714
Gross amount of recognized liabilities for securities lending transactions									$	2,565,714

10. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $360 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. The agreement expires in October 2017 unless extended or renewed. Prior to October 13, 2016, the participants could borrow up to $360 million at any time outstanding, subject to asset coverage and other limitations as specified under separate agreements. The following Funds participate in the credit facility:

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 MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets ETF

SPDR S&P Emerging Markets Dividend 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 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 Emerging Markets StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR MSCI Mexico StrategicFactors ETF

SPDR MSCI South Korea StrategicFactors ETF

SPDR MSCI Taiwan StrategicFactors ETF

SPDR S&P Global Dividend 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 Dividend 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

605

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2016

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of the New York Fed Bank Rate plus 1%. Effective October 13, 2016, interest is calculated at a rate per annum equal to the sum of the New York Fed Bank Rate or LIBOR plus 1%.

The SPDR Index Shares Funds had no outstanding loans during the period ended September 30, 2016.

11. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risks

Investing in foreign markets involve risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds’ invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements other than below.

On October 14, 2016, the Board unanimously voted to close and liquidate the following funds:

• SPDR MSCI International Real Estate Currency Hedged ETF

• SPDR South Korea StrategicFactors ETF

• SPDR Mexico StrategicFactors ETF

• SPDR Taiwan StrategicFactors ETF

After the close of business on November 14, 2016 the Funds listed above stopped accepting creation orders. Trading in shares of the Funds halted prior to market open on November 15, 2016. Proceeds of the liquidation were sent to shareholders on or about November 21, 2016.

606

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 funds, listed in Note 1, (each a “Fund”) comprising the SPDR Index Shares Funds (the “Trust”) at September 30, 2016, 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, 2016 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 22, 2016

607

SPDR INDEX SHARES FUNDS

OTHER INFORMATION

September 30, 2016 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable, distribution (12b-1) and or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from April 1, 2016 to September 30, 2016.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return — This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return — This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(b)
SPDR STOXX Europe 50 ETF		0.29	%	$	1,026.40	$	1.47	$	1,023.60	$	1.47
SPDR EURO STOXX 50 ETF		0.29			1,011.50		1.46		1,023.60		1.47
SPDR EURO STOXX Small Cap ETF		0.45			1,009.40		2.26		1,022.80		2.28
SPDR EURO STOXX 50 Currency Hedged ETF		0.03			1,036.70		0.15		1,024.90		0.15
SPDR S&P International Dividend Currency Hedged ETF		0.04			1,096.20		0.21		1,024.80		0.20
SPDR MSCI International Real Estate Currency Hedged ETF		0.49			1,051.60		2.51		1,022.60		2.48
SPDR S&P Emerging Asia Pacific ETF		0.49			1,109.60		2.58		1,022.60		2.48
SPDR S&P Russia ETF		0.59			1,140.10		3.16		1,022.10		2.98
SPDR S&P China ETF		0.59			1,133.90		3.15		1,022.10		2.98
SPDR MSCI China A Shares IMI ETF		0.65			999.80		3.25		1,021.80		3.29
SPDR S&P Emerging Markets ETF		0.59			1,104.00		3.10		1,022.10		2.98
SPDR S&P Emerging Markets Dividend ETF		0.49			1,061.50		2.53		1,022.60		2.48

608

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(b)
SPDR S&P Emerging Europe ETF		0.73	%	$	1,018.80	$	3.68	$	1,021.40	$	3.69
SPDR S&P Emerging Latin America ETF		0.49			1,111.90		2.59		1,022.60		2.48
SPDR S&P Emerging Middle East & Africa ETF		0.49			1,077.50		2.54		1,022.60		2.48
SPDR S&P World ex-US ETF		0.34			1,055.60		1.75		1,023.30		1.72
SPDR S&P International Small Cap ETF		0.40			1,090.20		2.09		1,023.00		2.02
SPDR Dow Jones International Real Estate ETF		0.59			1,020.10		2.98		1,022.10		2.98
SPDR S&P Global Infrastructure ETF		0.40			1,074.60		2.07		1,023.00		2.02
SPDR S&P Global Natural Resources ETF		0.40			1,130.80		2.13		1,023.00		2.02
SPDR S&P North American Natural Resources ETF		0.35			1,175.90		1.90		1,023.30		1.77
SPDR MSCI ACWI ex-US ETF		0.30			1,063.50		1.55		1,023.50		1.52
SPDR MSCI ACWI IMI ETF		0.25			1,067.00		1.29		1,023.80		1.26
SPDR MSCI ACWI Low Carbon Target ETF		0.20			1,065.80		1.03		1,024.00		1.01
SPDR MSCI EAFE StrategicFactors ETF		0.31			1,039.40		1.58		1,023.50		1.57
SPDR MSCI Emerging Markets StrategicFactors ETF		0.30			1,087.90		1.57		1,023.50		1.52
SPDR MSCI World StrategicFactors ETF		0.31			1,049.70		1.59		1,023.50		1.57
SPDR MSCI Australia StrategicFactors ETF		0.30			1,080.60		1.56		1,023.50		1.52
SPDR MSCI Canada StrategicFactors ETF		0.30			1,052.30		1.54		1,023.50		1.52
SPDR MSCI Germany StrategicFactors ETF		0.30			1,048.30		1.54		1,023.50		1.52
SPDR MSCI Japan StrategicFactors ETF		0.30			1,081.90		1.56		1,023.50		1.52
SPDR MSCI Mexico StrategicFactors ETF		0.42			905.90		2.00		1,022.90		2.12
SPDR MSCI South Korea StrategicFactors ETF		0.41			1,086.90		2.14		1,023.00		2.07
SPDR MSCI Spain StrategicFactors ETF		0.31			1,020.10		1.57		1,023.50		1.57
SPDR MSCI Taiwan StrategicFactors ETF		0.41			1,130.80		2.18		1,023.00		2.07
SPDR MSCI United Kingdom StrategicFactors ETF		0.31			1,007.70		1.56		1,023.50		1.57
SPDR S&P Global Dividend ETF		0.40			1,065.70		2.07		1,023.00		2.02

609

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(b)
SPDR S&P International Dividend ETF		0.45	%	$	1,071.10	$	2.33	$	1,022.80	$	2.28
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,097.10		3.41		1,021.80		3.29
SPDR Dow Jones Global Real Estate ETF		0.50			1,031.10		2.54		1,022.50		2.53
SPDR S&P International Consumer Discretionary Sector ETF		0.40			1,020.50		2.02		1,023.00		2.02
SPDR S&P International Consumer Staples Sector ETF		0.40			1,053.70		2.05		1,023.00		2.02
SPDR S&P International Energy Sector ETF		0.40			1,107.00		2.11		1,023.00		2.02
SPDR S&P International Financial Sector ETF		0.41			1,023.60		2.07		1,023.00		2.07
SPDR S&P International Health Care Sector ETF		0.40			1,030.80		2.03		1,023.00		2.02
SPDR S&P International Industrial Sector ETF		0.40			1,076.40		2.08		1,023.00		2.02
SPDR S&P International Materials Sector ETF		0.41			1,154.60		2.21		1,023.00		2.07
SPDR S&P International Technology Sector ETF		0.41			1,138.70		2.19		1,023.00		2.07
SPDR S&P International Telecommunications Sector ETF		0.41			995.80		2.05		1,023.00		2.07
SPDR S&P International Utilities Sector ETF		0.40			1,023.70		2.02		1,023.00		2.02

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 366.

(b) Hypothetical expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 366.

610

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

Tax Information

Percentage of distributions which qualify for the corporate dividends received deduction:

	Percentage
SPDR S&P Emerging Markets ETF		0.01	%
SPDR S&P Emerging Latin America ETF		0.06
SPDR S&P Global Infrastructure ETF		31.56
SPDR S&P Global Natural Resources ETF		23.27
SPDR S&P North American Natural Resources ETF		20.53
SPDR MSCI ACWI IMI ETF		25.62
SPDR MSCI ACWI Low Carbon Target ETF		41.17
SPDR MSCI Emerging Markets StrategicFactors ETF		0.02
SPDR MSCI World StrategicFactors ETF		46.47
SPDR S&P Global Dividend ETF		12.73
SPDR Dow Jones Global Real Estate ETF		0.45

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal period ended September 30, 2016, 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.

Capital Gain Dividend

The Funds hereby designate as a capital gain dividend the amount reflected below, or if subsequently determined to be different, the net capital gain of such fiscal period.

	Amount
SPDR EURO STOXX 50 Currency Hedged ETF	$	71,096
SPDR S&P International Dividend Currency Hedged ETF		28,721
SPDR MSCI International Real Estate Currency Hedged ETF		18,123
SPDR S&P World ex-US ETF		874,741
SPDR S&P International Small Cap ETF		3,072,729
SPDR MSCI ACWI Low Carbon Target ETF		7,758
SPDR MSCI World StrategicFactors ETF		9,579
SPDR MSCI Japan StrategicFactors ETF		1,592
SPDR S&P Global Dividend ETF		380,129
SPDR Dow Jones Global Real Estate ETF		367,971
SPDR S&P International Consumer Discretionary Sector ETF		40,407

611

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

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 period ended September 30, 2016, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR STOXX Europe 50 ETF	$	506,901
SPDR EURO STOXX 50 ETF		10,433,560
SPDR EURO STOXX Small Cap ETF		97,723
SPDR MSCI International Real Estate Currency Hedged ETF		11,288
SPDR S&P Emerging Asia Pacific ETF		528,167
SPDR S&P Russia ETF		96,250
SPDR S&P China ETF		1,337,269
SPDR MSCI China A Shares IMI ETF		3,377
SPDR S&P Emerging Markets ETF		298,981
SPDR S&P Emerging Markets Dividend ETF		916,622
SPDR S&P Emerging Europe ETF		174,721
SPDR S&P Emerging Latin America ETF		25,281
SPDR S&P Emerging Middle East & Africa ETF		58,891
SPDR S&P World ex-US ETF		1,304,832
SPDR S&P International Small Cap ETF		1,090,099
SPDR Dow Jones International Real Estate ETF		10,021,463
SPDR S&P Global Infrastructure ETF		85,527
SPDR S&P Global Natural Resources ETF		824,986
SPDR MSCI ACWI ex-US ETF		1,438,781
SPDR MSCI EAFE StrategicFactors ETF		17,634
SPDR MSCI Emerging Markets StrategicFactors ETF		238,601
SPDR MSCI Australia StrategicFactors ETF		7,935
SPDR MSCI Canada StrategicFactors ETF		64,057
SPDR MSCI Germany StrategicFactors ETF		41,528
SPDR MSCI Japan StrategicFactors ETF		34,952
SPDR MSCI South Korea StrategicFactors ETF		10,009
SPDR MSCI Spain StrategicFactors ETF		10,675
SPDR MSCI United Kingdom StrategicFactors ETF		102
SPDR S&P Global Dividend ETF		184,516
SPDR S&P International Dividend ETF		2,265,077
SPDR S&P Emerging Markets Small Cap ETF		567,885
SPDR S&P International Consumer Discretionary Sector ETF		22,791
SPDR S&P International Consumer Staples Sector ETF		59,497
SPDR S&P International Energy Sector ETF		67,936
SPDR S&P International Financial Sector ETF		20,338
SPDR S&P International Health Care Sector ETF		126,553
SPDR S&P International Industrial Sector ETF		23,412
SPDR S&P International Materials Sector ETF		8,654
SPDR S&P International Technology Sector ETF		18,818
SPDR S&P International Telecommunications Sector ETF		49,468
SPDR S&P International Utilities Sector ETF		83,980

612

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

The amount of foreign source income earned on the following Funds during the period ended September 30, 2016 were as follows:

	Amount
SPDR STOXX Europe 50 ETF	$	8,767,381
SPDR EURO STOXX 50 ETF		128,873,455
SPDR EURO STOXX Small Cap ETF		790,069
SPDR MSCI International Real Estate Currency Hedged ETF		151,124
SPDR S&P Emerging Asia Pacific ETF		9,009,582
SPDR S&P Russia ETF		952,749
SPDR S&P China ETF		19,140,045
SPDR MSCI China A Shares IMI ETF		32,006
SPDR S&P Emerging Markets ETF		5,135,127
SPDR S&P Emerging Markets Dividend ETF		16,267,370
SPDR S&P Emerging Europe ETF		1,509,259
SPDR S&P Emerging Latin America ETF		762,654
SPDR S&P Emerging Middle East & Africa ETF		962,374
SPDR S&P World ex-US ETF		22,571,841
SPDR S&P International Small Cap ETF		16,403,200
SPDR Dow Jones International Real Estate ETF		166,193,773
SPDR S&P Global Infrastructure ETF		1,771,974
SPDR S&P Global Natural Resources ETF		14,500,521
SPDR MSCI ACWI ex-US ETF		25,497,049
SPDR MSCI EAFE StrategicFactors ETF		207,221
SPDR MSCI Emerging Markets StrategicFactors ETF		3,073,320
SPDR MSCI Australia StrategicFactors ETF		380,704
SPDR MSCI Canada StrategicFactors ETF		431,690
SPDR MSCI Germany StrategicFactors ETF		336,270
SPDR MSCI Japan StrategicFactors ETF		240,574
SPDR MSCI South Korea StrategicFactors ETF		45,503
SPDR MSCI Spain StrategicFactors ETF		94,900
SPDR MSCI United Kingdom StrategicFactors ETF		98,927
SPDR S&P Global Dividend ETF		2,711,213
SPDR S&P International Dividend ETF		49,744,884
SPDR S&P Emerging Markets Small Cap ETF		9,628,383
SPDR S&P International Consumer Discretionary Sector ETF		357,310
SPDR S&P International Consumer Staples Sector ETF		892,543
SPDR S&P International Energy Sector ETF		1,456,476
SPDR S&P International Financial Sector ETF		338,327
SPDR S&P International Health Care Sector ETF		1,486,994
SPDR S&P International Industrial Sector ETF		411,741
SPDR S&P International Materials Sector ETF		116,659
SPDR S&P International Technology Sector ETF		171,228
SPDR S&P International Telecommunications Sector ETF		1,278,260
SPDR S&P International Utilities Sector ETF		1,497,584

613

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the Exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the 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 Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

Approval of Advisory Agreement

At an in-person meeting held prior to September 30, 2016, 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 the Agreement with respect to the previously approved non-operational series of the Trust (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, oversight of sub-advisers 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

614

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management 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 with index-based investment objectives and in overseeing third-party sub-advisers.

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, with their independent legal counsel, had 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 each SPDR ETF’s 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 each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. (formerly Lipper Analytical Services) and related comparative information for similar exchange-traded funds. 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.

615

SPDR INDEX SHARES FUNDS

OTHER INFORMATION

September 30, 2016 (Unaudited)

TRUSTEES AND OFFICERS

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee		Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
FRANK NESVET c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Retired.		206	None.
DAVID M. KELLY c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since September 2000	Retired.		206	Chicago Stock Exchange (Former Director, retired); Penson Worldwide Inc. (Former Director, retired).
BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired.		206	None.
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds 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).		206	Affiliated Managers Group, Inc. (Director).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds 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.		206	The Motley Fool Funds Trust (Trustee).
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); Director, State Street Global Markets, LLC (2013-present); Senior Managing Director and Principal, State Street Global Advisors (2006-present); President, SSGA Funds Management, Inc. (2005-2012).		294	None.

* 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.

616

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the 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. (2001-present)*; Senior Managing Director, State Street Global Advisors (1992-present).*
BRUCE S. ROSENBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1961	Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015-present); Director, Credit Suisse (April 2008-July 2015).
ANN M. CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966	Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012; Term: Unlimited Served: since April 2015	Chief Operating Officer, SSGA Funds Management, Inc. (2005-Present)*; Managing Director, State Street Global Advisors (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	Managing Director, State Street Global Advisors (2005-present).*
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 Summer Street, SUM0703 Boston, MA 02111 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 Summer Street, SUM0703 Boston, MA 02111 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).*,**
CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	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).*

617

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2016 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
DANIEL FOLEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1972	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007-present).*
SUJATA UPRETI SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1974	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015-present); Assistant Director, Cambridge Associates, LLC (July 2014-January 2015); Vice President, Bank of New York Mellon (July 2012-August 2013); Manager, PricewaterhouseCoopers, LLP (September 2009-July 2012).
BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer; Anti-Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 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).

* 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.

Statement of Additional Information (SAI) includes additional information about Funds’ directors and is available, without charge, upon request and by calling 1-866-787-2257.

618

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

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

1111 Pennsylvania Avenue, NW

Washington, DC 20004

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

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices 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, sub-administrator, securities lending agent, transfer agent and shareholder servicing agent.

Standard & Poor’s^®, S&P^® and SPDR^® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

Not FDIC Insured • No Bank Guarantee • May Lose Value

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.

State Street Global Advisors © 2016 State Street Corporation. All Rights Reserved. 0515  Exp. Date: 11/30/2017  SPDRIDEXAR  IBG-22023

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, 2016 and September 30, 2015, the aggregate audit fees billed for professional services rendered by the principal accountant were $917,123 and $1,080,513, 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, 2016 and September 30, 2015, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees.

For the fiscal years ending September 30, 2016 and September 30, 2015, the aggregate tax fees billed for professional services rendered by the principal accountant were $534,450 and $497,075, 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, 2016 and September 30, 2015.

(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, 2015 and December 31, 2014 were approximately $2,599,622 and $4,944,322, respectively. Such information is not readily available on a fiscal year basis.

(h) The registrant’s 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, David Kelly, Frank Nesvet and Carl Verboncoeur.

Item 6. Schedule of Investments.

(a) The schedule of investments is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable to the registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant’s Treasurer and Principal

Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Rosenberg determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.

(b) 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 to the registrant.

(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, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR® Index Shares Funds
By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	December 6, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	December 6, 2016
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer and Principal Financial Officer
Date:	December 6, 2016