UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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)

(Name and Address of Agent for Service)	Copy to:
Joshua A. Weinberg, Esq. Vice President and Managing Counsel SSGA Funds Management, Inc. One Lincoln Street Boston, Massachusetts 02111	W. John McGuire, Esq. Morgan, Lewis & Bockius, LLP 1111 Pennsylvania Ave, 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: December 31, 2016

Item 1. Schedule of Investments.

Quarterly Report

31 December 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 (Unaudited)

SPDR STOXX Europe 50 ETF (FEU)	1
SPDR EURO STOXX 50 ETF (FEZ)	3
SPDR EURO STOXX Small Cap ETF (SMEZ)	5
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)	7
SPDR S&P International Dividend Currency Hedged ETF (HDWX)	10
SPDR S&P Emerging Asia Pacific ETF (GMF)	14
SPDR S&P Russia ETF (RBL)	23
SPDR S&P China ETF (GXC)	25
SPDR MSCI China A Shares IMI ETF	33
SPDR S&P Emerging Markets ETF (GMM)	42
SPDR S&P Emerging Markets Dividend ETF (EDIV)	58
SPDR S&P Emerging Europe ETF (GUR)	61
SPDR S&P Emerging Latin America ETF (GML)	64
SPDR S&P Emerging Middle East & Africa ETF (GAF)	68
SPDR S&P World ex-US ETF (GWL)	71
SPDR S&P International Small Cap ETF (GWX)	87
SPDR Dow Jones International Real Estate ETF (RWX)	111
SPDR S&P Global Infrastructure ETF (GII)	114
SPDR S&P Global Natural Resources ETF (GNR)	117
SPDR S&P North American Natural Resources ETF (NANR)	120
SPDR MSCI ACWI ex-US ETF (CWI)	122
SPDR MSCI ACWI IMI ETF (ACIM)	134
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	144
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	161
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	169
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	174
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM)	181
SPDR MSCI World StrategicFactorsSM ETF (QWLD)	192
SPDR MSCI Australia StrategicFactorsSM ETF (QAUS)	203
SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	206
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	209
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	212
SPDR MSCI Spain StrategicFactorsSM ETF (QESP)	218
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	220
SPDR S&P Global Dividend ETF (WDIV)	224
SPDR S&P International Dividend ETF (DWX)	227
SPDR S&P Emerging Markets Small Cap ETF (EWX)	230
SPDR Dow Jones Global Real Estate ETF (RWO)	242
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	246
SPDR S&P International Consumer Staples Sector ETF (IPS)	250
SPDR S&P International Energy Sector ETF (IPW)	254
SPDR S&P International Financial Sector ETF (IPF)	258

SPDR S&P International Health Care Sector ETF (IRY)	262
SPDR S&P International Industrial Sector ETF (IPN)	265
SPDR S&P International Materials Sector ETF (IRV)	269
SPDR S&P International Technology Sector ETF (IPK)	273
SPDR S&P International Telecommunications Sector ETF (IST)	277
SPDR S&P International Utilities Sector ETF (IPU)	280

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

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
BELGIUM — 2.1%
Anheuser-Busch InBev SA		33,430	$	3,545,422
DENMARK — 1.8%
Novo Nordisk A/S Class B		85,607		3,092,978
FRANCE — 15.4%
Air Liquide SA		17,995		2,005,261
AXA SA		96,297		2,436,139
BNP Paribas SA		51,757		3,305,466
L’Oreal SA		11,301		2,066,881
LVMH Moet Hennessy Louis Vuitton SE		12,563		2,403,699
Sanofi		54,329		4,406,640
Schneider Electric SE		27,385		1,909,543
TOTAL SA		117,019		6,013,304
Vinci SA		25,815		1,761,676
				26,308,609
GERMANY — 15.3%
Allianz SE		21,150		3,502,350
BASF SE		42,508		3,959,406
Bayer AG		38,272		4,001,619
Daimler AG		46,126		3,440,627
Deutsche Telekom AG		147,229		2,539,764
SAP SE		45,752		3,996,156
Siemens AG		39,338		4,846,237
				26,286,159
ITALY — 2.1%
Eni SpA		117,566		1,918,322
Intesa Sanpaolo SpA		665,435		1,702,731
				3,621,053
NETHERLANDS — 5.8%
ASML Holding NV		17,141		1,928,175
ING Groep NV		179,489		2,531,155
Royal Dutch Shell PLC Class A		202,244		5,543,039
				10,002,369
SPAIN — 4.4%
Banco Bilbao Vizcaya Argentaria SA		303,907		2,055,981
Banco Santander SA		674,879		3,529,958
Telefonica SA		201,263		1,872,329
				7,458,268
SWITZERLAND — 20.4%
ABB, Ltd. (a)		96,975		2,049,513
Nestle SA		144,033		10,352,350
Novartis AG		121,584		8,864,441
Roche Holding AG		32,515		7,441,323
Syngenta AG		4,285		1,696,967
UBS Group AG		166,831		2,618,148
Zurich Insurance Group AG (a)		6,967		1,922,120
				34,944,862
UNITED KINGDOM — 31.9%
AstraZeneca PLC		58,544		3,210,081
Barclays PLC		784,228		2,165,300
BP PLC		875,452		5,512,607
British American Tobacco PLC		86,287		4,927,466
BT Group PLC		405,884		1,840,115
Diageo PLC		116,450		3,036,108
GlaxoSmithKline PLC		225,637		4,354,985
HSBC Holdings PLC		929,026		7,540,887
Imperial Brands PLC		44,370		1,942,203
Lloyds Banking Group PLC		3,005,927		2,321,792
National Grid PLC		182,316		2,143,752
Prudential PLC		119,364		2,400,433
Reckitt Benckiser Group PLC		31,069		2,643,562
Rio Tinto PLC		55,563		2,168,512
Unilever NV		72,804		3,003,641
Unilever PLC		60,635		2,466,860
Vodafone Group PLC		1,231,570		3,041,295
				54,719,599
TOTAL COMMON STOCKS (Cost $206,986,819)				169,979,319
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $64,284)				64,284
TOTAL INVESTMENTS — 99.2% (Cost $207,051,103)				170,043,603
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%				1,359,598
NET ASSETS — 100.0%			$	171,403,201

(a) Non-income producing security.

(b) Amount is less than 0.05% of net assets.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

See accompanying Notes to Schedule of Investments

1

SPDR STOXX Europe 50 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	3,545,422	$	—	$	—	$	3,545,422
Denmark		3,092,978		—		—		3,092,978
France		26,308,609		—		—		26,308,609
Germany		26,286,159		—		—		26,286,159
Italy		3,621,053		—		—		3,621,053
Netherlands		10,002,369		—		—		10,002,369
Spain		7,458,268		—		—		7,458,268
Switzerland		34,944,862		—		—		34,944,862
United Kingdom		54,719,599		—		—		54,719,599
Short-Term Investment		64,284		—		—		64,284
TOTAL INVESTMENTS	$	170,043,603	$	—	$	—	$	170,043,603

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		11,285	$	11,285		74		11,359		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		237,171		172,887		64,284		64,284		21
State Street Navigator Securities Lending Government Money Market Portfolio *		1,459,114		1,459,114		106,374,173		107,833,287		—		—		27,860
TOTAL			$	1,470,399							$	64,284	$	27,881

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

2

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BELGIUM — 3.3%
Anheuser-Busch InBev SA		715,395	$	75,871,294
FINLAND — 1.2%
Nokia Oyj		5,784,227		27,990,990
FRANCE — 36.4%
Air Liquide SA		385,167		42,920,828
Airbus Group SE		563,376		37,340,836
AXA SA		2,061,200		52,144,604
BNP Paribas SA		1,107,829		70,751,621
Cie de Saint-Gobain		514,714		24,025,799
Danone SA		605,557		38,450,416
Engie SA		1,622,651		20,743,272
Essilor International SA		216,194		24,479,086
L’Oreal SA		241,882		44,238,680
LVMH Moet Hennessy Louis Vuitton SE		268,923		51,453,479
Orange SA		1,983,722		30,202,794
Safran SA		349,657		25,233,344
Sanofi		1,162,892		94,322,487
Schneider Electric SE		586,171		40,873,422
Societe Generale SA		804,727		39,676,491
TOTAL SA (a)		2,504,828		128,716,644
Unibail-Rodamco SE		98,364		23,525,182
Vinci SA		552,544		37,706,886
Vivendi SA		1,010,975		19,252,513
				846,058,384
GERMANY — 33.6%
adidas AG		192,368		30,465,456
Allianz SE		452,710		74,966,849
BASF SE		909,863		84,749,161
Bayer AG		819,193		85,652,661
Bayerische Motoren Werke AG		317,760		29,745,215
Daimler AG		987,314		73,645,644
Deutsche Bank AG (b)		1,366,314		24,859,314
Deutsche Post AG		949,932		31,295,619
Deutsche Telekom AG		3,151,380		54,362,678
E.ON SE		1,981,244		14,001,104
Fresenius SE & Co. KGaA		397,919		31,167,297
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		159,588		30,239,665
SAP SE		979,299		85,535,739
Siemens AG		842,202		103,754,903
Volkswagen AG Preference Shares		181,415		25,516,184
				779,957,489
IRELAND — 1.2%
CRH PLC		822,290		28,582,212
ITALY — 4.8%
Enel SpA		7,694,468		33,988,718
Eni SpA		2,516,464		41,061,098
Intesa Sanpaolo SpA		14,243,395		36,446,332
				111,496,148
LUXEMBOURG — 0.0% (c)
APERAM SA		1		46
NETHERLANDS — 6.5%
ASML Holding NV		366,897		41,271,907
ING Groep NV		3,841,904		54,178,557
Koninklijke Ahold Delhaize NV		1,269,403		26,818,223
Koninklijke Philips NV		939,997		28,752,392
				151,021,079
SPAIN — 10.0%
Banco Bilbao Vizcaya Argentaria SA		6,505,317		44,009,551
Banco Santander SA		14,446,066		75,560,221
Iberdrola SA		5,689,175		37,408,097
Industria de Diseno Textil SA		1,041,069		35,610,329
Telefonica SA		4,307,703		40,074,107
				232,662,305
UNITED KINGDOM — 2.8%
Unilever NV		1,558,334		64,291,476
TOTAL COMMON STOCKS (Cost $2,700,461,639)				2,317,931,423
SHORT-TERM INVESTMENTS — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		141,161		141,161
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		82,678		82,678
TOTAL SHORT-TERM INVESTMENTS (Cost $223,839)				223,839
TOTAL INVESTMENTS — 99.8% (Cost $2,700,685,478)				2,318,155,262
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				4,371,841
NET ASSETS — 100.0%			$	2,322,527,103

(a) All or a portion of the shares of the security are on loan at December 31, 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 period ended December 31, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) Investment of cash collateral for securities loaned.

See accompanying Notes to Schedule of Investments

3

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	75,871,294	$	—	$	—	$	75,871,294
Finland		27,990,990		—		—		27,990,990
France		846,058,384		—		—		846,058,384
Germany		779,957,489		—		—		779,957,489
Ireland		28,582,212		—		—		28,582,212
Italy		111,496,148		—		—		111,496,148
Luxembourg		46		—		—		46
Netherlands		151,021,079		—		—		151,021,079
Spain		232,662,305		—		—		232,662,305
United Kingdom		64,291,476		—		—		64,291,476
Short-Term Investments		223,839		—		—		223,839
TOTAL INVESTMENTS	$	2,318,155,262	$	—	$	—	$	2,318,155,262

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		225,328	$	225,328		—		225,328		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		10,357,867		10,216,706		141,161		141,161		896
State Street Navigator Securities Lending Government Money Market Portfolio *		23,347,306		23,347,306		1,953,096,377		1,976,361,005		82,678		82,678		302,690
TOTAL			$	23,572,634							$	223,839	$	303,586

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

4

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRIA — 5.1%
BUWOG AG		4,404	$	102,611
IMMOFINANZ AG		42,235		82,546
Raiffeisen Bank International AG (a)		5,646		103,500
Voestalpine AG		5,426		213,414
Wienerberger AG		5,763		100,265
				602,336
BELGIUM — 7.6%
Ackermans & van Haaren NV		1,101		153,405
bpost SA		4,802		113,961
Cofinimmo SA REIT		946		108,410
Colruyt SA		3,131		155,230
Galapagos NV (a)		1,934		124,311
Ontex Group NV		3,120		92,966
Telenet Group Holding NV (a)		2,499		138,960
				887,243
FINLAND — 5.2%
Amer Sports Oyj		5,812		154,972
Kesko Oyj Class B		3,348		167,666
Metso Oyj		5,255		150,207
Outokumpu Oyj (a)		15,071		135,197
				608,042
FRANCE — 23.4%
Bollore SA (a) (b)		232		800
Bollore SA (b)		42,802		151,237
Casino Guichard Perrachon SA		2,713		130,457
Cie Plastic Omnium SA		3,282		104,993
CNP Assurances		7,327		136,016
Dassault Aviation SA		111		124,289
Elior Group (c)		5,884		134,798
Eurazeo SA		2,228		130,612
Eutelsat Communications SA		7,090		137,561
Faurecia		3,609		140,216
Fonciere Des Regions		1,472		128,772
ICADE		1,747		124,913
Imerys SA		1,603		121,853
Ipsen SA		1,767		128,039
JCDecaux SA		3,190		93,975
Lagardere SCA		5,094		141,818
Orpea		1,975		159,901
Rubis SCA		1,998		165,072
SEB SA		1,201		163,095
SFR Group SA (a)		3,687		104,338
Technicolor SA		17,569		95,249
Ubisoft Entertainment SA (a)		3,566		127,130
				2,745,134
GERMANY — 20.4%
Aareal Bank AG		2,935		110,717
Axel Springer SE		2,039		99,209
Bilfinger SE (a)		2,257		87,069
Deutsche EuroShop AG		2,177		88,794
Deutsche Lufthansa AG		11,495		148,766
Duerr AG		1,208		97,280
Fraport AG Frankfurt Airport Services Worldwide		1,824		108,063
Freenet AG		6,280		177,254
Fuchs Petrolub SE Preference Shares		3,408		143,352
Gerresheimer AG		1,540		114,709
HOCHTIEF AG		892		125,178
KION Group AG		3,189		177,800
Rheinmetall AG		2,136		143,963
Sartorius AG Preference Shares		1,676		124,627
Schaeffler AG		8,140		120,671
Software AG		2,650		96,389
STADA Arzneimittel AG		3,057		158,591
Telefonica Deutschland Holding AG		31,099		133,503
Uniper SE (a)		9,574		132,438
				2,388,373
IRELAND — 3.0%
Glanbia PLC		9,220		153,457
Kingspan Group PLC		7,335		199,604
				353,061
ITALY — 14.4%
A2A SpA		76,816		99,657
Azimut Holding SpA		5,565		93,093
Banca Popolare di Milano Scarl		217,880		82,341
Banco Popolare SC		41,066		99,277
BPER Banca		23,603		125,970
Davide Campari-Milano SpA		10,891		106,717
Italgas SpA (a)		24,006		94,647
Mediaset SpA		37,825		163,972
Moncler SpA		7,828		136,481
Poste Italiane SpA (c)		22,609		150,354
Recordati SpA		4,997		141,884
Saipem SpA (a)		282,137		159,208
Unione di Banche Italiane SpA		44,220		121,826
UnipolSai SpA		49,941		106,931
				1,682,358
LUXEMBOURG — 2.9%
Eurofins Scientific SE		475		202,907
RTL Group SA (a)		1,889		138,932
				341,839
NETHERLANDS — 10.3%
Aalberts Industries NV		4,703		152,882
ASM International NV		2,566		115,391
Boskalis Westminster		4,147		144,300
Delta Lloyd NV		20,304		113,867
Euronext NV (c)		2,288		94,612
IMCD Group NV		2,579		110,141
Koninklijke Vopak NV		3,250		153,829
PostNL NV (a)		20,620		88,996
SBM Offshore NV		8,897		139,964
Wereldhave NV		1,975		89,075
				1,203,057
SPAIN — 6.2%
Bolsas y Mercados Espanoles SHMSF SA		3,690		108,957
Cellnex Telecom SA (c)		7,498		108,070
Mapfre SA		48,748		149,109
Mediaset Espana Comunicacion SA		8,221		96,683
Merlin Properties Socimi SA		16,423		178,938
Viscofan SA		1,821		89,985
				731,742

See accompanying Notes to Schedule of Investments

5

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
UNITED KINGDOM — 1.4%
Dialog Semiconductor PLC (a)		3,818	$	161,746
TOTAL COMMON STOCKS (Cost $12,212,594)				11,704,931
SHORT-TERM INVESTMENT — 0.0% (d)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f) (Cost $518)				518
TOTAL INVESTMENTS — 99.9% (Cost $12,213,112)				11,705,449
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				6,900
NET ASSETS — 100.0%			$	11,712,349

(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 4.2% of net assets as of December 31, 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 December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Austria	$	602,336	$	—	$	—	$	602,336
Belgium		887,243		—		—		887,243
Finland		608,042		—		—		608,042
France		2,745,134		—		—		2,745,134
Germany		2,388,373		—		—		2,388,373
Ireland		353,061		—		—		353,061
Italy		1,682,358		—		—		1,682,358
Luxembourg		341,839		—		—		341,839
Netherlands		1,203,057		—		—		1,203,057
Spain		731,742		—		—		731,742
United Kingdom		161,746		—		—		161,746
Short-Term Investment		518		—		—		518
TOTAL INVESTMENTS	$	11,705,449	$	—	$	—	$	11,705,449

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		906	$	906		—		906		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		47,092		46,574		518		518		5
TOTAL			$	906							$	518	$	5

See accompanying Notes to Schedule of Investments

6

SPDR EURO STOXX 50 Currency Hedged ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
MUTUAL FUND AND EXCHANGE TRADED PRODUCTS — 99.0%
UNITED STATES — 99.0%
SPDR EURO STOXX 50 ETF (a) (Cost $14,838,790)		422,824	$	14,147,691
SHORT-TERM INVESTMENT — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $53,104)				53,104
TOTAL INVESTMENTS — 99.4% (Cost $14,891,894)				14,200,795
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				79,687
NET ASSETS — 100.0%			$	14,280,482

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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 period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

See accompanying Notes to Schedule of Investments

7

SPDR EURO STOXX 50 Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

At December 31, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold	Amount Bought	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Bank of America, N.A.	EUR    2,738,549	USD    2,910,612	01/05/2017	$	21,920
Bank of America, N.A.	EUR    1,050,000	USD    1,109,270	02/03/2017		121
Bank of Montreal	EUR    2,738,549	USD    2,910,722	01/05/2017		22,030
Goldman Sachs Capital Markets L.P.	USD    2,643,415	EUR    2,505,749	01/05/2017		(287	)
Goldman Sachs Capital Markets L.P.	EUR    2,738,549	USD    2,910,667	01/05/2017		21,975
Goldman Sachs Capital Markets L.P.	USD    155,268	EUR    144,000	01/09/2017		(3,330	)
Goldman Sachs Capital Markets L.P.	EUR    2,505,749	USD    2,647,361	02/03/2017		457
HSBC Bank USA	EUR    2,738,549	USD    2,910,612	01/05/2017		21,920
Royal Bank of Canada	USD    2,643,716	EUR    2,505,749	01/05/2017		(587	)
Royal Bank of Canada	USD    819,287	EUR    786,000	01/05/2017		9,806
Royal Bank of Canada	EUR    5,000	USD    5,308	01/05/2017		34
Royal Bank of Canada	EUR    403,000	USD    428,335	01/05/2017		3,240
Royal Bank of Canada	EUR    2,505,749	USD    2,647,264	02/03/2017		360
Societe Generale	USD    2,643,440	EUR    2,505,749	01/05/2017		(312	)
Societe Generale	EUR    2,505,749	USD    2,647,023	02/03/2017		119
UBS	USD    2,643,653	EUR    2,505,749	01/05/2017		(525	)
UBS	EUR    2,505,749	USD    2,646,850	02/03/2017		(54	)
Westpac Banking Corp.	USD    2,643,869	EUR    2,505,752	01/05/2017		(737	)
Westpac Banking Corp.	USD    819,300	EUR    786,000	01/05/2017		9,793
Westpac Banking Corp.	EUR    2,738,552	USD    2,910,698	01/05/2017		22,003
Westpac Banking Corp.	EUR    2,505,752	USD    2,647,503	02/03/2017		595
				$	128,541

EUR — Euro

USD — U.S. dollar

At December 31, 2016, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation
EURO STOXX 50		03/17/2017		4		138,257		4,012

EUR — Euro

USD — U.S. Dollar

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 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	$	14,147,691	$	—		$	—	$	14,147,691
Short-Term Investment		53,104		—			—		53,104
TOTAL INVESTMENTS	$	14,200,795	$	—		$	—	$	14,200,795
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		134,372			—		134,372
Futures Contracts (b)		4,012		—			—		4,012
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	14,204,807	$	134,372		$	—	$	14,339,179
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		(5,831	)		—		(5,831	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	—	$	(5,831	)	$	—	$	(5,831	)

(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

(b) Futures Contracts are valued at unrealized appreciation (depreciation).

See accompanying Notes to Schedule of Investments

8

SPDR EURO STOXX 50 Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
SPDR EURO STOXX 50 ETF		445,149	$	14,583,049		31,258		53,583		422,824	$	14,147,691	$	49,263	$	153,240
State Street Institutional Liquid Reserves Fund, Premier Class		70,339		70,339		—		70,339		—		—		3		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		112,032		58,928		53,104		53,104		51		—
TOTAL			$	14,653,388							$	14,200,795	$	49,317	$	153,240

See accompanying Notes to Schedule of Investments

9

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
MUTUAL FUND AND EXCHANGE TRADED PRODUCTS — 99.0%
UNITED STATES — 99.0%
SPDR S&P International Dividend ETF (a) (Cost $2,042,111)		57,716	$	2,081,239
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $1,374)				1,374
TOTAL INVESTMENTS — 99.1% (Cost $2,043,485)				2,082,613
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				18,247
NET ASSETS — 100.0%			$	2,100,860

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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 period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

See accompanying Notes to Schedule of Investments

10

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

At December 31, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold	Amount Bought	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Bank of America, N.A.	TRY    159,000	USD    46,010	01/05/2017	$	826
Bank of America, N.A.	CAD    379,000	USD    281,990	01/05/2017		(632	)
Bank of America, N.A.	USD    13,417	HKD    104,000	02/03/2017		(1	)
Bank of America, N.A.	USD    697	NZD    1,000	02/03/2017		(0	)
Bank of America, N.A.	CZK    8,000	USD    313	02/03/2017		(0	)
Bank of America, N.A.	CHF    1,000	USD    986	02/03/2017		(0	)
Bank of America, N.A.	SEK    21,000	USD    2,316	02/03/2017		(0	)
Bank of America, N.A.	TRY    14,000	USD    3,954	02/03/2017		(1	)
Bank of America, N.A.	NOK    43,000	USD    4,997	02/03/2017		(1	)
Bank of America, N.A.	ZAR    77,000	USD    5,599	02/03/2017		(1	)
Bank of America, N.A.	GBP    8,000	USD    9,892	02/03/2017		(0	)
Bank of America, N.A.	EUR    30,000	USD    31,693	02/03/2017		3
Bank of America, N.A.	CAD    49,000	USD    36,556	02/03/2017		2
Bank of America, N.A.	AUD    53,000	USD    38,346	02/03/2017		(2	)
Bank of Montreal	EUR    391,000	USD    415,582	01/05/2017		3,145
Goldman Sachs Capital Markets L.P.	USD    249,624	GBP    202,000	01/05/2017		(16	)
Goldman Sachs Capital Markets L.P.	USD    39,861	SEK    362,000	01/05/2017		(9	)
Goldman Sachs Capital Markets L.P.	USD    18,701	CHF    19,000	01/05/2017		(5	)
Goldman Sachs Capital Markets L.P.	USD    15,228	SGD    22,000	01/05/2017		0
Goldman Sachs Capital Markets L.P.	USD    6,559	CZK    168,000	01/05/2017		0
Goldman Sachs Capital Markets L.P.	CZK    181,000	USD    7,125	01/05/2017		59
Goldman Sachs Capital Markets L.P.	SGD    22,000	USD    15,359	01/05/2017		131
Goldman Sachs Capital Markets L.P.	CHF    19,000	USD    18,701	01/05/2017		5
Goldman Sachs Capital Markets L.P.	SEK    364,000	USD    39,518	01/05/2017		(554	)
Goldman Sachs Capital Markets L.P.	GBP    211,000	USD    263,923	01/05/2017		3,194
Goldman Sachs Capital Markets L.P.	CZK    168,000	USD    6,565	02/03/2017		(4	)
Goldman Sachs Capital Markets L.P.	SGD    22,000	USD    15,225	02/03/2017		(2	)
Goldman Sachs Capital Markets L.P.	CHF    19,000	USD    18,732	02/03/2017		(4	)
Goldman Sachs Capital Markets L.P.	SEK    362,000	USD    39,925	02/03/2017		1
Goldman Sachs Capital Markets L.P.	GBP    202,000	USD    249,774	02/03/2017		(7	)
HSBC Bank USA	AUD    635,000	USD    468,770	01/05/2017		8,982
Royal Bank of Canada	USD    269,196	CAD    361,000	01/05/2017		3
Royal Bank of Canada	USD    45,187	TRY    159,000	01/05/2017		(4	)
Royal Bank of Canada	USD    14,880	EUR    14,000	01/05/2017		(113	)
Royal Bank of Canada	USD    10,188	AUD    14,000	01/05/2017		(51	)
Royal Bank of Canada	USD    8,339	EUR    8,000	01/05/2017		100
Royal Bank of Canada	USD    8,185	CAD    11,000	01/05/2017		18
Royal Bank of Canada	USD    6,255	GBP    5,000	01/05/2017		(76	)
Royal Bank of Canada	USD    5,239	CAD    7,000	01/05/2017		(19	)
Royal Bank of Canada	USD    4,977	GBP    4,000	01/05/2017		(35	)
Royal Bank of Canada	USD    4,635	HKD    36,000	01/05/2017		8
Royal Bank of Canada	USD    2,401	ZAR    34,000	01/05/2017		85
Royal Bank of Canada	USD    1,057	NOK    9,000	01/05/2017		(12	)
Royal Bank of Canada	USD    853	SEK    8,000	01/05/2017		27
Royal Bank of Canada	USD    853	TRY    3,000	01/05/2017		(0	)
Royal Bank of Canada	USD    693	NZD    1,000	01/05/2017		4
Royal Bank of Canada	USD    575	NOK    5,000	01/05/2017		6
Royal Bank of Canada	USD    394	CZK    10,000	01/05/2017		(4	)
Royal Bank of Canada	USD    116	CZK    3,000	01/05/2017		1
Royal Bank of Canada	SEK    6,000	USD    651	01/05/2017		(9	)
Royal Bank of Canada	TRY    3,000	USD    868	01/05/2017		16
Royal Bank of Canada	NZD    3,000	USD    2,124	01/05/2017		32
Royal Bank of Canada	ZAR    32,000	USD    2,265	01/05/2017		(75	)
Royal Bank of Canada	HKD    133,000	USD    17,150	01/05/2017		(5	)
Royal Bank of Canada	AUD    27,000	USD    19,930	01/05/2017		380
Royal Bank of Canada	TRY    159,000	USD    44,899	02/03/2017		(13	)

See accompanying Notes to Schedule of Investments

11

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Counterparty	Amount Sold	Amount Bought	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Royal Bank of Canada	CAD    361,000	USD    269,311	02/03/2017	$	8
Societe Generale	USD    389,277	EUR    369,000	01/05/2017		(46	)
Societe Generale	USD    23,233	THB    832,000	01/05/2017		(0	)
Societe Generale	USD    504	THB    18,000	01/05/2017		(2	)
Societe Generale	USD    503	THB    18,000	01/05/2017		(0	)
Societe Generale	THB    868,000	USD    24,319	01/05/2017		81
Societe Generale	THB    28,000	USD    781	02/03/2017		(0	)
Societe Generale	THB    832,000	USD    23,220	02/03/2017		(9	)
Societe Generale	EUR    369,000	USD    389,804	02/03/2017		18
UBS	USD    469,207	AUD    648,000	01/05/2017		(5	)
UBS	AUD    648,000	USD    468,864	02/03/2017		9
Westpac Banking Corp.	USD    215,010	HKD    1,667,000	01/05/2017		—
Westpac Banking Corp.	USD    113,402	ZAR    1,551,000	01/05/2017		(3	)
Westpac Banking Corp.	USD    53,692	NZD    77,000	01/05/2017		—
Westpac Banking Corp.	USD    28,931	NOK    249,000	01/05/2017		(2	)
Westpac Banking Corp.	NOK    263,000	USD    30,899	01/05/2017		344
Westpac Banking Corp.	NZD    75,000	USD    53,097	01/05/2017		800
Westpac Banking Corp.	ZAR    1,553,000	USD    109,954	01/05/2017		(3,591	)
Westpac Banking Corp.	HKD    1,570,000	USD    202,445	01/05/2017		(55	)
Westpac Banking Corp.	NOK    249,000	USD    28,934	02/03/2017		(4	)
Westpac Banking Corp.	NZD    77,000	USD    53,638	02/03/2017		(1	)
Westpac Banking Corp.	ZAR    1,551,000	USD    112,777	02/03/2017		(15	)
Westpac Banking Corp.	HKD    1,667,000	USD    215,043	02/03/2017		(7	)
				$	12,893

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 according to the fair value hierarchy as of December 31, 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	$	2,081,239	$	—	$	—	$	2,081,239
Short-Term Investment		1,374		—		—		1,374
TOTAL INVESTMENTS	$	2,082,613	$	—	$	—	$	2,082,613
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		18,288		—		18,288
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	2,082,613	$	18,288	$	—	$	2,100,901

See accompanying Notes to Schedule of Investments

12

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)	$	—	$	(5,395	)	$	—	$	(5,395	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	—	$	(5,395	)	$	—	$	(5,395	)

(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
SPDR S&P International Dividend ETF		55,446	$	2,039,858		2,430		160		57,716	$	2,081,239	$	45,951	$	21
State Street Institutional Liquid Reserves Fund, Premier Class		107		107		—		107		—		—		—		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		15,740		14,366		1,374		1,374		1		—
TOTAL			$	2,039,965							$	2,082,613	$	45,952	$	21

See accompanying Notes to Schedule of Investments

13

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
CHINA — 42.8%
21Vianet Group, Inc. ADR (a)		8,308	$	58,239
500.com, Ltd. Class A, ADR (a) (b)		1,514		23,210
51job, Inc. ADR (a)		2,475		83,655
58.com, Inc. ADR (a)		3,785		105,980
A8 New Media Group, Ltd. (a)		355,789		20,650
AAC Technologies Holdings, Inc.		71,000		645,151
Agile Group Holdings, Ltd.		495,598		252,492
Agricultural Bank of China, Ltd. Class H		2,478,000		1,016,366
Air China, Ltd. Class H		349,414		223,083
Alibaba Group Holding, Ltd. ADR (a)		121,633		10,680,594
Aluminum Corp. of China, Ltd. Class H (a) (b)		640,304		264,276
Angang Steel Co., Ltd. Class H (a)		361,244		214,795
Anhui Conch Cement Co., Ltd. Class H (b)		217,750		592,601
Anhui Expressway Co., Ltd. Class H		32,000		24,640
ANTA Sports Products, Ltd.		96,000		286,645
Autohome, Inc. ADR (a)		4,464		112,850
AVIC International Holding HK, Ltd. (a)		480,000		28,479
AviChina Industry & Technology Co., Ltd. Class H		403,000		277,567
BAIC Motor Corp., Ltd. Class H (c)		182,000		161,973
Baidu, Inc. ADR (a)		30,248		4,973,074
Bank of China, Ltd. Class H		8,353,466		3,706,355
Bank of Communications Co., Ltd. Class H		2,281,630		1,650,935
BBMG Corp. Class H		221,000		76,392
Beijing Capital International Airport Co., Ltd. Class H		102,000		103,143
Beijing Capital Land, Ltd. Class H		114,000		42,788
Beijing Enterprises Holdings, Ltd.		68,000		321,444
Beijing Enterprises Water Group, Ltd. (b)		412,000		274,201
Belle International Holdings, Ltd.		533,000		299,734
Biostime International Holdings, Ltd. (a) (b)		22,500		69,504
Bitauto Holdings, Ltd. ADR (a)		2,320		43,941
Boer Power Holdings, Ltd. (b)		47,000		18,732
Boyaa Interactive International, Ltd. (a) (b)		88,200		40,385
Brilliance China Automotive Holdings, Ltd. (b)		346,000		476,617
Byd Co., Ltd. Class H (b)		85,800		452,065
BYD Electronic International Co., Ltd.		102,000		80,251
C.banner International Holdings, Ltd. (a)		168,000		50,054
CAR, Inc. (a) (b)		165,043		160,931
CGN Power Co., Ltd. Class H (c)		1,169,000		321,156
Changshouhua Food Co., Ltd.		69,000		33,819
Chanjet Information Technology Co., Ltd. Class H (a)		23,300		28,850
China Aerospace International Holdings, Ltd.		276,000		34,886
China Agri-Industries Holdings, Ltd. (a)		247,000		96,530
China Animal Healthcare, Ltd. (a) (b)		305,700		—
China Assurance Finance Group, Ltd. (a)		133,500		17,908
China Biologic Products, Inc. (a)		720		77,414
China Cinda Asset Management Co., Ltd. Class H		996,600		361,201
China CITIC Bank Corp., Ltd. Class H		1,206,341		767,077
China Coal Energy Co., Ltd. Class H (a) (b)		593,000		281,465
China Communications Construction Co., Ltd. Class H		536,000		616,668
China Conch Venture Holdings, Ltd.		134,100		238,687
China Construction Bank Corp. Class H		10,081,148		7,762,581
China Dongxiang Group Co., Ltd.		437,000		78,910
China Eastern Airlines Corp., Ltd. Class H (b)		174,000		79,671
China Everbright International, Ltd.		254,000		287,968
China Everbright, Ltd.		112,000		213,219
China Evergrande Group (b)		499,000		310,863
China Fangda Group Co., Ltd. Class B		77,700		73,459
China Fire Safety Enterprise Group, Ltd. (a)		374,227		13,274
China Galaxy Securities Co., Ltd. Class H		318,100		286,789
China Harmony New Energy Auto Holding, Ltd.		65,500		23,486
China Hongqiao Group, Ltd. (b)		106,000		93,242
China Huarong Energy Co., Ltd. (a)		151,100		8,673
China Huishan Dairy Holdings Co., Ltd. (b)		549,000		213,138
China Huiyuan Juice Group, Ltd. (a)		125,500		41,924
China International Marine Containers Group Co., Ltd. Class H		76,000		109,788
China Lesso Group Holdings, Ltd.		126,000		81,745
China Life Insurance Co., Ltd. Class H		855,708		2,229,455
China Lilang, Ltd.		75,000		42,273
China Lodging Group, Ltd. ADR		3,584		185,795
China Longyuan Power Group Corp., Ltd. Class H		438,000		342,349
China Machinery Engineering Corp. Class H		78,000		49,497
China Medical System Holdings, Ltd.		145,000		229,661
China Mengniu Dairy Co., Ltd.		358,780		691,354
China Merchants Bank Co., Ltd. Class H		566,760		1,328,969
China Merchants Port Holdings Co., Ltd.		313,252		777,357
China Minsheng Banking Corp., Ltd. Class H		791,100		845,878
China Mobile, Ltd.		637,636		6,760,308
China Modern Dairy Holdings, Ltd. (a) (b)		308,000		75,876
China Molybdenum Co., Ltd. Class H		375,000		91,414
China National Building Material Co., Ltd. Class H		378,000		183,804
China Oilfield Services, Ltd. Class H		262,557		243,825
China Overseas Land & Investment, Ltd.		629,084		1,667,410
China Pacific Insurance Group Co., Ltd. Class H		264,800		923,862
China Petroleum & Chemical Corp. Class H		2,881,726		2,044,265
China Power International Development, Ltd.		248,000		89,883
China Railway Construction Corp., Ltd. Class H		220,000		283,188
China Railway Group, Ltd. Class H		556,000		457,528

See accompanying Notes to Schedule of Investments

14

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
China Resources Beer Holdings Co., Ltd. (a)		289,357	$	574,747
China Resources Gas Group, Ltd.		80,000		224,941
China Resources Land, Ltd.		388,767		874,496
China Resources Phoenix Healthcare Holdings Co., Ltd. (b)		66,500		85,085
China Resources Power Holdings Co., Ltd.		280,437		445,623
China Shengmu Organic Milk, Ltd. (a) (b) (c)		309,000		85,688
China Shenhua Energy Co., Ltd. Class H		432,040		813,577
China Silver Group, Ltd.		80,000		15,374
China Singyes Solar Technologies Holdings, Ltd. (b)		63,600		30,352
China South City Holdings, Ltd.		350,000		73,132
China Southern Airlines Co., Ltd. Class H		202,000		104,997
China State Construction International Holdings, Ltd.		196,000		293,249
China Taiping Insurance Holdings Co., Ltd. (a)		109,341		225,645
China Telecom Corp., Ltd. Class H		1,993,320		920,411
China Travel International Investment Hong Kong, Ltd. (b)		238,000		65,385
China Unicom Hong Kong, Ltd.		684,172		796,847
China Vanke Co., Ltd. Class H		125,000		285,368
China Yurun Food Group, Ltd. (a) (b)		175,659		26,055
Chinasoft International, Ltd. (a)		180,000		84,508
Chongqing Changan Automobile Co., Ltd. Class B		86,300		123,442
Chongqing Rural Commercial Bank Co., Ltd. Class H		177,000		103,874
CITIC Dameng Holdings, Ltd. (a)		204,000		13,419
CITIC Resources Holdings, Ltd. (a)		314,000		38,475
CITIC Securities Co., Ltd. Class H		189,500		385,201
CITIC Telecom International Holdings, Ltd.		176,000		52,892
CITIC, Ltd.		539,000		771,673
CNOOC, Ltd.		1,747,249		2,185,991
Cogobuy Group (a) (b) (c)		60,000		90,544
Colour Life Services Group Co., Ltd.		79,000		59,099
Consun Pharmaceutical Group, Ltd.		158,400		78,861
Coolpad Group, Ltd. (a)		437,400		45,133
COSCO SHIPPING Development Co., Ltd. Class H (a) (b)		1,112,339		229,551
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		523,215		292,207
COSCO SHIPPING Holdings Co., Ltd. Class H (a) (b)		24,000		8,389
COSCO SHIPPING Ports, Ltd.		36,796		36,971
Cosmo Lady China Holdings Co., Ltd. (b) (c)		90,000		34,825
Country Garden Holdings Co., Ltd. (b)		655,333		366,837
Credit China Fintech Holdings, Ltd. (a) (b)		1,960,000		235,104
CRRC Corp., Ltd. Class H		449,000		403,067
CSG Holding Co., Ltd. Class B		100,000		78,678
CSPC Pharmaceutical Group, Ltd.		256,000		273,396
CT Environmental Group, Ltd. (b)		348,000		70,021
Ctrip.com International, Ltd. ADR (a)		33,435		1,337,400
Datang International Power Generation Co., Ltd. Class H		338,000		88,498
Dazhong Transportation Group Co., Ltd. Class B		95,550		68,700
Dongfang Electric Corp., Ltd. Class H		11,600		10,249
Dongfeng Motor Group Co., Ltd. Class H		424,468		414,441
Fang Holdings, Ltd. ADR (a)		23,552		77,251
Fanhua, Inc. ADR (a)		7,572		62,696
Far East Horizon, Ltd.		134,000		114,934
FIH Mobile, Ltd.		286,000		90,376
First Tractor Co., Ltd. Class H		64,000		35,908
Fufeng Group, Ltd.		98,000		48,158
Future Land Holdings Co., Ltd. Class A		139,621		236,067
Geely Automobile Holdings, Ltd. (b)		520,000		496,985
GF Securities Co., Ltd. Class H (b)		97,200		202,846
Golden Eagle Retail Group, Ltd. (b)		84,000		119,611
GOME Electrical Appliances Holding, Ltd. (b)		1,400,322		169,776
Goodbaby International Holdings, Ltd.		225,000		107,666
Great Wall Motor Co., Ltd. Class H		319,000		297,887
Greentown China Holdings, Ltd. (a)		91,500		74,114
Guangdong Investment, Ltd.		316,000		417,358
Guangshen Railway Co., Ltd. Class H		62,500		37,727
Guangzhou Automobile Group Co., Ltd. Class H		412,032		498,489
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		82,000		212,056
Guangzhou R&F Properties Co., Ltd. Class H		346,976		419,782
Guotai Junan International Holdings, Ltd.		249,000		76,757
Haitian International Holdings, Ltd.		61,000		119,747
Haitong Securities Co., Ltd. Class H		299,600		513,943
Hengan International Group Co., Ltd.		78,500		576,614
HNA Holding Group Co., Ltd. (a)		403,400		14,829
Huadian Fuxin Energy Corp., Ltd. Class H		200,000		44,369
Huadian Power International Corp., Ltd. Class H		200,000		90,544
Huaneng Power International, Inc. Class H		540,472		358,309
Huaneng Renewables Corp., Ltd. Class H		350,000		113,760
Huatai Securities Co., Ltd. Class H (c)		65,200		124,460
Huishang Bank Corp., Ltd. Class H		593,000		302,116
Huiyin Smart Community Co., Ltd. (a)		212,000		18,320
Industrial & Commercial Bank of China, Ltd. Class H		8,659,138		5,193,372
Inner Mongolia Yitai Coal Co., Ltd. Class B		181,081		168,043
Intime Retail Group Co., Ltd. (b)		153,500		139,183
JD.com, Inc. ADR (a)		89,404		2,274,438
Jiangsu Expressway Co., Ltd. Class H		332,299		420,027
Jiangxi Copper Co., Ltd. Class H		243,578		339,928
JinkoSolar Holding Co., Ltd. ADR (a)		2,904		44,228
Jumei International Holding, Ltd. ADR (a)		2,235		11,197
Kama Co., Ltd. Class B (a)		106,649		121,580
Kangda International Environmental Co., Ltd. (c)		210,000		54,713

See accompanying Notes to Schedule of Investments

15

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kingdee International Software Group Co., Ltd. (a) (b)		210,000	$	79,090
Kingsoft Corp., Ltd. (b)		95,000		194,824
Konka Group Co., Ltd. Class B (a)		338,000		123,810
Kunlun Energy Co., Ltd.		366,000		273,798
KWG Property Holding, Ltd.		141,000		80,019
Lao Feng Xiang Co., Ltd. Class B		52,979		181,983
Launch Tech Co., Ltd. Class H (a)		23,500		26,916
Lenovo Group, Ltd. (b)		915,703		555,104
Leyou Technologies Holdings, Ltd. (a) (b)		210,800		43,502
Li Ning Co., Ltd. (a)		265,874		167,004
Lifetech Scientific Corp. (a)		248,000		59,496
Livzon Pharmaceutical Group, Inc. Class H		16,790		98,317
Luoyang Glass Co., Ltd. Class H (a) (b)		52,153		34,306
Luthai Textile Co., Ltd. Class B		44,400		53,316
Luye Pharma Group, Ltd. (b)		183,000		108,575
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		648,971		189,171
Metallurgical Corp. of China, Ltd. Class H		394,000		153,471
Minth Group, Ltd.		80,000		249,189
MOBI Development Co., Ltd.		437,000		69,328
Nanjing Panda Electronics Co., Ltd. Class H		29,000		26,968
NetEase, Inc. ADR		9,490		2,043,577
New China Life Insurance Co., Ltd. Class H		70,400		323,254
New Oriental Education & Technology Group, Inc. ADR (a)		12,781		538,080
Noah Holdings, Ltd. ADS (a) (b)		2,268		49,737
Ourgame International Holdings, Ltd. (a) (b)		40,000		16,303
People’s Insurance Co. Group of China, Ltd. Class H		497,000		196,155
PetroChina Co., Ltd. Class H		2,279,208		1,699,157
PICC Property & Casualty Co., Ltd. Class H		498,289		776,372
Ping An Insurance Group Co. of China, Ltd. Class H		544,228		2,723,544
Poly Culture Group Corp., Ltd. Class H		29,000		70,769
Poly Property Group Co., Ltd. (a) (b)		251,000		83,201
Qunar Cayman Islands, Ltd. ADR (a)		4,427		133,385
Renhe Commercial Holdings Co., Ltd. (a) (b)		1,878,000		48,203
Semiconductor Manufacturing International Corp. (a) (b)		525,883		826,149
Shandong Airlines Co., Ltd. Class B		21,300		45,522
Shandong Chenming Paper Holdings, Ltd. Class H		46,900		48,333
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		54,000		73,689
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		212,000		141,640
Shang Gong Group Co., Ltd. Class B (a)		145,200		166,690
Shanghai Baosight Software Co., Ltd. Class B		34,000		53,414
Shanghai Dasheng Agricultural Finance Technology Co., Ltd. Class H		291,000		28,150
Shanghai Electric Group Co., Ltd. Class H (a) (b)		418,418		187,267
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		33,000		101,088
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (b)		172,000		143,756
Shanghai Haixin Group Co. Class B		85,000		70,380
Shanghai Highly Group Co., Ltd. Class B		137,300		115,332
Shanghai Industrial Holdings, Ltd.		44,000		119,177
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		13,500		20,007
Shanghai Jinjiang International Travel Co., Ltd. Class B		26,574		96,995
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		37,400		55,576
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		139,153		203,720
Shanghai Mechanical and Electrical Industry Co., Ltd. Class B		48,184		105,234
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		62,600		143,558
Shanghai Prime Machinery Co., Ltd. Class H		552,000		97,540
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B		10,400		17,420
Shanghai Zhenhua Heavy Industries Co., Ltd. Class B (a)		103,000		51,294
Shengjing Bank Co., Ltd. Class H (c)		16,500		16,813
Shenzhen Expressway Co., Ltd. Class H		29,000		24,799
Shenzhen Investment, Ltd.		282,731		113,411
Shenzhou International Group Holdings, Ltd. (b)		50,000		316,323
Shunfeng International Clean Energy, Ltd. (a)		200,700		12,555
SINA Corp. (a)		9,090		552,581
Sino-Ocean Group Holding, Ltd.		759,211		339,792
Sinopec Oilfield Service Corp. Class H (a)		178,000		34,667
Sinopec Shanghai Petrochemical Co., Ltd. Class H		550,878		298,419
Sinopharm Group Co., Ltd. Class H		107,600		443,409
Sinotrans, Ltd. Class H		214,000		95,502
SITC International Holdings Co., Ltd.		175,000		106,537
Sohu.com, Inc. (a)		3,639		123,326
SPT Energy Group, Inc. (a)		222,000		18,612
Sun King Power Electronics Group		139,300		26,591
Sunac China Holdings, Ltd. (b)		253,000		210,476
Sunny Optical Technology Group Co., Ltd.		114,800		502,694
Synertone Communication Corp. (a)		416,920		8,604
TAL Education Group ADR (a)		5,663		397,259
TCL Multimedia Technology Holdings, Ltd. (a) (b)		126,000		62,568
Tencent Holdings, Ltd.		609,770		14,919,532
Tian Ge Interactive Holdings, Ltd. (c)		77,000		47,671
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		31,145		27,252
Tianneng Power International, Ltd. (b)		90,000		82,650
Tingyi Cayman Islands Holding Corp.		350,383		426,164

See accompanying Notes to Schedule of Investments

16

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Tong Ren Tang Technologies Co., Ltd. Class H		128,000	$	237,405
TravelSky Technology, Ltd. Class H		92,000		193,418
Trina Solar, Ltd. ADR (a)		11,093		103,165
Tsingtao Brewery Co., Ltd. Class H (b)		80,000		302,329
TUS International, Ltd. (a)		169,400		14,857
Uni-President China Holdings, Ltd. (b)		174,000		122,760
Universal Health International Group Holding, Ltd. (a)		215,000		9,844
Vipshop Holdings, Ltd. ADR (a) (b)		33,439		368,163
Want Want China Holdings, Ltd. (b)		983,000		630,132
Weibo Corp. ADR (a) (b)		957		38,854
Weichai Power Co., Ltd. Class H		25,000		38,500
West China Cement, Ltd. (a)		356,000		39,948
Wisdom Sports Group (a) (b)		136,000		44,029
Xiamen International Port Co., Ltd. Class H		122,000		22,817
Xinchen China Power Holdings, Ltd. (a)		225,000		33,374
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		24,200		40,889
Xinyi Solar Holdings, Ltd. (b)		247,200		80,347
Yangzijiang Shipbuilding Holdings, Ltd.		251,500		141,879
Yantai Changyu Pioneer Wine Co., Ltd. Class B		27,053		72,403
Yanzhou Coal Mining Co., Ltd. Class H (b)		348,882		238,043
Yestar International Holdings Co., Ltd. (b)		345,000		167,313
YY, Inc. ADR (a)		3,206		126,381
Zhejiang Expressway Co., Ltd. Class H		200,000		190,890
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		50,000		26,118
Zhuzhou CRRC Times Electric Co., Ltd.		72,000		365,426
Zijin Mining Group Co., Ltd. Class H		910,685		293,650
ZTE Corp. Class H		87,840		152,723
				126,460,435
HONG KONG — 2.1%
Alibaba Pictures Group, Ltd. (a) (b)		1,100,107		178,783
Asia Resources Holdings, Ltd. (a)		370,638		11,234
AVIC Joy Holdings HK, Ltd. (a)		544,428		10,182
Beijing Enterprises Clean Energy Group, Ltd. (a)		1,636,600		42,007
Beijing Enterprises Medical & Health Group, Ltd. (a)		368,500		19,962
BEP International Holdings, Ltd.		960,000		55,100
Carnival Group International Holdings, Ltd. (a) (b)		980,000		126,400
CCT Land Holdings, Ltd. (a)		9,773,000		13,866
Chia Tai Enterprises International, Ltd. (a) (b)		11,700		3,350
China All Access Holdings, Ltd. (b)		168,000		54,172
China Beidahuang Industry Group Holdings, Ltd. Class A (a)		405,600		22,234
China Chengtong Development Group, Ltd. (a)		322,074		24,094
China Fiber Optic Network System Group, Ltd. (a) (d)		686,800		62,008
China Finance Investment Holdings, Ltd. (a)		528,750		13,708
China Financial International Investments, Ltd. (a)		510,000		29,272
China Gas Holdings, Ltd. (b)		270,000		366,354
China High Speed Transmission Equipment Group Co., Ltd.		8,000		9,338
China Jicheng Holdings, Ltd. (a) (b) (c)		2,131,500		51,960
China Minsheng Drawin Technology Group, Ltd. (a)		521,658		14,668
China National Culture Group, Ltd. (a)		1,539,300		7,544
China NT Pharma Group Co., Ltd.		90,000		17,180
China Nuclear Energy Technology Corp., Ltd. (a)		96,000		17,211
China Ocean Industry Group, Ltd. (a)		1,557,800		43,400
China Oil Gangran Energy Group Holdings, Ltd. (a)		545,750		7,884
China Overseas Property Holdings, Ltd. (b)		232,361		39,860
China Public Procurement, Ltd. (a)		1,172,000		10,582
China Soft Power Technology Holdings, Ltd. (a)		266,000		5,627
Citychamp Watch & Jewellery Group, Ltd.		420,000		102,926
Comba Telecom Systems Holdings, Ltd.		321,847		57,286
CP Pokphand Co., Ltd. (b)		770,000		95,342
Dawnrays Pharmaceutical Holdings, Ltd.		104,000		62,509
Digital China Holdings, Ltd. (b)		133,000		100,696
Essex Bio-technology, Ltd.		55,696		23,922
EVA Precision Industrial Holdings, Ltd.		368,000		40,820
Fullshare Holdings, Ltd.		591,100		275,989
GCL-Poly Energy Holdings, Ltd. (a) (b)		826,000		99,080
Global Bio-Chem Technology Group Co., Ltd. (a)		463,200		13,024
Haier Electronics Group Co., Ltd.		129,000		202,988
Hanergy Thin Film Power Group, Ltd. (a) (b)		5,962,000		—
Hi Sun Technology China, Ltd. (a) (b)		270,000		41,441
Hua Han Health Industry Holdings, Ltd. (b) (d)		890,400		60,867
Huabao International Holdings, Ltd. (a)		237,000		100,569
Huajun Holdings, Ltd. (a)		126,900		13,421
Imperial Pacific International Holdings, Ltd. (a) (b)		6,556,300		89,637
Joy City Property, Ltd.		414,000		52,330
Kingboard Chemical Holdings, Ltd.		109,200		330,988
Lee & Man Paper Manufacturing, Ltd.		205,000		159,174
Millennium Pacific Group Holdings, Ltd. (a)		87,000		1,414
Munsun Capital Group, Ltd. (a) (b)		442,200		12,833
National Agricultural Holdings, Ltd. (a) (b)		112,000		26,147
NetDragon Websoft Holdings, Ltd. (b)		49,000		135,880
Newtree Group Holdings, Ltd. (a)		282,000		17,277
Nine Dragons Paper Holdings, Ltd.		168,000		152,330
North Mining Shares Co., Ltd. (a) (b)		2,290,000		55,233
Qianhai Health Holdings, Ltd. (a)		726,374		13,585
Shimao Property Holdings, Ltd.		145,500		190,293
SIM Technology Group, Ltd. (a)		388,500		15,283
Sino Biopharmaceutical, Ltd.		576,000		405,636
Sino-I Technology, Ltd. (a)		1,511,000		23,192
Skyworth Digital Holdings, Ltd.		230,835		131,597
SSY Group, Ltd. (b)		466,691		148,678

See accompanying Notes to Schedule of Investments

17

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sun Art Retail Group, Ltd.		209,500	$	183,745
Suncorp Technologies, Ltd. (a)		1,540,000		10,925
Tack Fiori International Group, Ltd. (a)		276,000		5,482
Tech Pro Technology Development, Ltd. (a) (b)		1,524,800		36,187
Tibet Water Resources, Ltd. (b)		309,000		133,513
United Energy Group, Ltd. (a) (b)		986,000		49,598
United Laboratories International Holdings, Ltd. (a)		106,000		72,187
Victory City International Holdings, Ltd.		807,915		26,572
Vinda International Holdings, Ltd.		39,000		72,938
Vision Values Holdings, Ltd. (a)		320,000		12,588
Wasion Group Holdings, Ltd. (b)		68,000		36,574
WH Group, Ltd. (c)		824,000		666,372
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		40,250		7,787
Xinyi Glass Holdings, Ltd.		298,000		243,684
Yuhua Energy Holdings, Ltd. (a)		4,000		629
				6,069,148
INDIA — 17.4%
Adani Ports & Special Economic Zone, Ltd.		102,017		403,514
Adani Power, Ltd. (a)		79,989		35,416
Adani Transmissions, Ltd. (a)		44,133		36,902
AIA Engineering, Ltd.		8,671		165,588
Ajanta Pharma, Ltd.		3,425		89,967
Alembic Pharmaceuticals, Ltd.		10,112		88,664
Apollo Hospitals Enterprise, Ltd.		28,291		491,831
Apollo Tyres, Ltd.		48,149		131,174
Arvind SmartSpaces, Ltd. (a)		4,506		4,545
Arvind, Ltd.		28,465		148,029
Asian Paints, Ltd.		27,039		354,989
Aurobindo Pharma, Ltd.		34,618		341,385
Axis Bank, Ltd.		130,689		866,414
Bajaj Auto, Ltd.		6,099		236,537
Bajaj Finance, Ltd.		14,828		184,001
Bharat Electronics, Ltd.		9,086		184,083
Bharat Financial Inclusion, Ltd. (a)		27,781		240,643
Bharat Forge, Ltd.		13,738		183,501
Bharat Heavy Electricals, Ltd.		155,941		278,474
Bharat Petroleum Corp., Ltd.		30,098		281,822
Bharti Airtel, Ltd.		196,962		887,011
Bharti Infratel, Ltd.		48,673		246,305
Biocon, Ltd.		23,143		323,889
Bosch, Ltd.		728		225,790
Britannia Industries, Ltd.		2,478		105,382
Cadila Healthcare, Ltd.		26,873		141,215
Cipla, Ltd.		89,938		753,746
Coal India, Ltd.		137,066		605,861
Dabur India, Ltd.		35,864		146,981
DCB Bank, Ltd. (a)		73,808		117,395
DLF, Ltd.		66,174		108,616
Dr Reddy’s Laboratories, Ltd.		9,173		413,630
Eicher Motors, Ltd.		862		276,915
Emami, Ltd.		5,473		76,732
Escorts, Ltd.		49,332		215,659
GAIL India, Ltd.		46,460		300,652
Gillette India, Ltd.		936		59,359
Glenmark Pharmaceuticals, Ltd.		14,565		190,663
Godrej Consumer Products, Ltd.		15,973		355,362
Godrej Industries, Ltd.		18,836		119,366
Gujarat Mineral Development Corp., Ltd.		45,423		61,238
Gujarat Pipavav Port, Ltd.		38,016		73,657
Havells India, Ltd.		36,122		182,153
HCL Technologies, Ltd.		50,774		619,395
HDFC Bank, Ltd.		166,681		2,962,290
Hero MotoCorp, Ltd.		12,162		545,408
Hindalco Industries, Ltd.		113,806		259,991
Hindustan Unilever, Ltd.		112,091		1,364,762
Hindustan Zinc, Ltd.		152,025		572,082
Housing Development & Infrastructure, Ltd. (a)		66,397		58,600
Housing Development Finance Corp., Ltd.		187,037		3,479,489
ICICI Bank, Ltd.		529		1,990
ICICI Bank, Ltd. ADR		180,723		1,353,615
Idea Cellular, Ltd.		199,719		218,199
IDFC, Ltd. (a)		147,262		116,625
Indiabulls Housing Finance, Ltd.		59,988		574,734
Indian Hotels Co., Ltd.		322,490		468,269
Indian Oil Corp., Ltd.		109,434		524,113
IndusInd Bank, Ltd.		25,484		415,997
Infosys, Ltd. ADR (b)		235,257		3,488,861
ITC, Ltd. GDR (a)		298,066		1,058,134
Jaiprakash Associates, Ltd. (a)		317,666		37,678
Jindal Steel & Power, Ltd. (a)		59,026		60,183
JSW Steel, Ltd.		15,001		359,719
Jubilant Foodworks, Ltd.		5,251		66,030
Just Dial, Ltd. (a)		5,965		29,790
Kotak Mahindra Bank, Ltd.		71,947		762,933
KPIT Technologies, Ltd.		53,568		106,039
Larsen & Toubro, Ltd. GDR		31,491		626,671
LIC Housing Finance, Ltd.		38,112		314,296
Lupin, Ltd.		16,785		367,739
Mahindra & Mahindra Financial Services, Ltd.		37,928		151,025
Mahindra & Mahindra, Ltd.		57,739		1,007,859
Marico, Ltd.		52,753		202,439
Marksans Pharma, Ltd.		101,699		59,713
Max Financial Services, Ltd.		15,573		125,913
Max India, Ltd. (a)		20,880		43,055
Max Ventures & Industries, Ltd. (a)		4,176		3,812
Mindtree, Ltd.		13,446		103,346
Motherson Sumi Systems, Ltd.		41,041		197,404
NCC, Ltd.		78,222		92,894
Nestle India, Ltd.		2,171		192,833
NTPC, Ltd.		138,900		337,171
Oil & Natural Gas Corp., Ltd.		364,024		1,026,315
Page Industries, Ltd.		788		158,492
PI Industries, Ltd.		9,351		114,507
Power Finance Corp., Ltd.		83,393		149,842
Power Grid Corp. of India, Ltd.		88,816		240,132
Rajesh Exports, Ltd.		25,907		176,047
Reliance Capital, Ltd.		34,404		218,554
Reliance Communications, Ltd. (a)		193,397		97,026
Reliance Industries, Ltd. GDR (c)		96,502		3,071,176
Reliance Infrastructure, Ltd.		62,852		432,657
Rural Electrification Corp., Ltd.		78,016		143,514
Shriram City Union Finance, Ltd.		7,644		204,339
Shriram Transport Finance Co., Ltd.		18,430		231,753
Siemens, Ltd.		28,187		462,031

See accompanying Notes to Schedule of Investments

18

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sintex Industries, Ltd.		116,914	$	129,196
State Bank of India		173,701		640,342
Steel Authority of India, Ltd. (a)		211,639		153,732
Strides Shasun, Ltd.		7,016		109,804
Sun Pharma Advanced Research Co., Ltd. (a)		12,448		55,903
Sun Pharmaceutical Industries, Ltd.		117,903		1,094,429
Suzlon Energy, Ltd. (a)		333,166		67,743
Tata Consultancy Services, Ltd.		61,692		2,150,221
Tata Motors, Ltd.		191,632		1,332,699
Tata Steel, Ltd.		35,312		203,563
Tech Mahindra, Ltd.		51,943		374,170
Torrent Pharmaceuticals, Ltd.		4,761		92,396
UltraTech Cement, Ltd.		6,338		303,518
United Breweries, Ltd.		7,694		88,373
United Spirits, Ltd. (a)		9,248		264,727
UPL, Ltd.		29,365		279,934
Vakrangee, Ltd.		89,519		361,004
Vedanta, Ltd.		125,545		399,831
Wipro, Ltd. ADR (b)		84,572		818,657
WNS Holdings, Ltd. ADR (a)		8,731		240,539
Wockhardt, Ltd.		4,517		43,776
Yes Bank, Ltd.		22,008		374,999
Zee Entertainment Enterprises, Ltd.		154,067		1,028,438
				51,400,531
INDONESIA — 4.3%
Ace Hardware Indonesia Tbk PT		1,991,000		123,398
Adaro Energy Tbk PT		2,412,700		303,546
AKR Corporindo Tbk PT		110,600		49,256
Astra International Tbk PT		2,567,400		1,576,933
Bank Central Asia Tbk PT		1,855,296		2,134,503
Bank Mandiri Persero Tbk PT		1,212,505		1,041,733
Bank Negara Indonesia Persero Tbk PT		464,500		190,489
Bank Rakyat Indonesia Persero Tbk PT		1,477,696		1,280,542
Charoen Pokphand Indonesia Tbk PT		312,900		71,765
Ciputra Surya Tbk PT		389,106		79,135
Citra Marga Nusaphala Persada Tbk PT (a)		299,744		39,825
Garda Tujuh Buana Tbk PT (a)		127,500		—
Garuda Indonesia Persero Tbk PT (a)		2,922,700		73,325
Gudang Garam Tbk PT		83,200		394,617
Indocement Tunggal Prakarsa Tbk PT		237,025		270,936
Indosat Tbk PT (a)		640,348		306,568
Intiland Development Tbk PT		1,053,600		39,102
Kalbe Farma Tbk PT		844,400		94,954
Kawasan Industri Jababeka Tbk PT (a)		5,500,284		119,212
Lippo Cikarang Tbk PT (a)		274,300		102,818
Lippo Karawaci Tbk PT		1,385,400		74,039
Matahari Department Store Tbk PT		78,800		88,465
Matahari Putra Prima Tbk PT		380,600		41,810
Media Nusantara Citra Tbk PT		387,200		50,439
Metropolitan Land Tbk PT		1,761,212		46,277
Modernland Realty Tbk PT (a)		4,774,300		121,196
Pakuwon Jati Tbk PT		1,906,800		79,966
Pembangunan Perumahan Persero Tbk PT		650,876		184,067
Perusahaan Gas Negara Persero Tbk		1,504,540		301,522
Semen Indonesia Persero Tbk PT		463,600		315,719
Summarecon Agung Tbk PT		722,200		71,027
Surya Semesta Internusa Tbk PT		1,148,100		36,985
Telekomunikasi Indonesia Persero Tbk PT		7,234,870		2,137,301
Tiga Pilar Sejahtera Food Tbk (a)		763,000		110,153
Tower Bersama Infrastructure Tbk PT		273,600		101,134
Unilever Indonesia Tbk PT		55,500		159,837
United Tractors Tbk PT		236,045		372,311
Wijaya Karya Persero Tbk PT		615,257		107,776
				12,692,681
MALAYSIA — 4.3%
7-Eleven Malaysia Holdings Bhd Class B		224,500		71,063
AEON Credit Service M Bhd		37,900		121,321
AirAsia Bhd		205,400		104,852
Alliance Financial Group Bhd		608,410		504,522
APM Automotive Holdings Bhd		64,000		49,363
Astro Malaysia Holdings Bhd		208,700		120,959
Axiata Group Bhd		410,505		431,918
Bermaz Auto Bhd		241,180		114,515
British American Tobacco Malaysia Bhd		12,700		126,264
Bursa Malaysia Bhd		204,034		402,519
Cahya Mata Sarawak Bhd		203,400		181,364
Carlsberg Brewery Malaysia Bhd Class B		166,703		517,277
CB Industrial Product Holding Bhd		189,800		83,350
CIMB Group Holdings Bhd		343,991		345,831
Coastal Contracts Bhd		96,700		29,963
Dialog Group Bhd		533,200		183,042
Eastern & Oriental Bhd		491,741		158,944
Eco World Development Group Bhd (a)		280,000		83,638
Genting Bhd		417,000		743,647
Genting Malaysia Bhd		462,100		471,783
IJM Corp. Bhd		929,780		663,240
Inari Amertron Bhd		179,754		133,032
IOI Corp. Bhd		590,996		579,666
IOI Properties Group Bhd		407,613		190,813
Karex Bhd		351,625		184,983
KNM Group Bhd (a)		761,200		57,692
Kuala Lumpur Kepong Bhd		44,900		240,214
Land & General Bhd		1,009,000		68,601
Landmarks Bhd (a)		1,490,000		229,180
Lingkaran Trans Kota Holdings Bhd		49,400		64,751
Malayan Banking Bhd		427,750		781,888
Maxis Bhd		312,400		416,441
Media Prima Bhd		254,100		65,139
MKH Bhd		135,900		86,036
Muhibbah Engineering M Bhd		257,300		127,904
Nam Cheong, Ltd. (a)		320,400		13,750
Oldtown Bhd		171,200		72,892
OSK Holdings Bhd		726,125		226,611
Padini Holdings Bhd		180,300		102,489
PPB Group Bhd		89,400		316,069
Press Metal Bhd		412,840		146,325
Prestariang Bhd		166,600		76,504
Public Bank Bhd		160,220		704,311
Salcon Bhd		546,800		67,649
SapuraKencana Petroleum Bhd (a)		181,000		65,363
Silverlake Axis, Ltd.		188,600		69,190
Sime Darby Bhd		316,288		571,095
TA Enterprise Bhd		616,100		61,802
Tambun Indah Land Bhd		348,700		108,046

See accompanying Notes to Schedule of Investments

19

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Telekom Malaysia Bhd		120,909	$	160,368
Tenaga Nasional Bhd		279,150		864,954
TSH Resources Bhd		177,400		73,554
UEM Edgenta Bhd		75,700		58,218
Uzma Bhd (a)		112,700		42,708
Wah Seong Corp. Bhd		578,200		103,756
Yinson Holdings Bhd		130,600		84,136
				12,725,505
PHILIPPINES — 2.3%
ABS-CBN Holdings Corp.		155,400		137,543
Alliance Global Group, Inc.		662,900		170,417
Ayala Land, Inc.		1,348,488		868,023
BDO Unibank, Inc.		140,650		317,161
Belle Corp.		1,207,200		77,708
Bloomberry Resorts Corp. (a)		380,400		47,060
Cebu Air, Inc.		52,520		98,252
Cosco Capital, Inc.		1,520,600		259,997
D&L Industries, Inc.		1,345,500		308,548
DoubleDragon Properties Corp. (a)		435,170		336,143
First Gen Corp.		984,470		435,672
First Philippine Holdings Corp.		357,807		488,712
Globe Telecom, Inc.		1,995		60,557
GMA Holdings, Inc.		147,800		17,393
GT Capital Holdings, Inc.		5,895		150,599
JG Summit Holdings, Inc.		286,360		389,686
Jollibee Foods Corp.		37,700		147,122
LT Group, Inc.		452,000		114,199
Metro Pacific Investments Corp.		1,078,500		144,487
Nickel Asia Corp.		588,984		94,545
Pepsi-Cola Products Philippines, Inc.		984,000		64,132
Philex Mining Corp.		757,500		131,044
PLDT, Inc.		18,494		507,806
Puregold Price Club, Inc.		282,100		221,311
Robinsons Retail Holdings, Inc.		143,240		213,942
SM Investments Corp.		15,300		201,589
SM Prime Holdings, Inc.		874,700		498,823
Universal Robina Corp.		79,960		262,981
				6,765,452
SINGAPORE — 0.0% (e)
SIIC Environment Holdings, Ltd. (a) (b)		132,199		53,531
TAIWAN — 22.1%
Acer, Inc.		614,395		249,731
Advanced Semiconductor Engineering, Inc		869,636		891,789
Advantech Co., Ltd.		39,000		307,968
Airtac International Group		11,900		94,893
Asia Cement Corp.		791,073		646,771
Asustek Computer, Inc.		117,138		963,156
AU Optronics Corp. ADR		141,033		499,257
Catcher Technology Co., Ltd.		117,539		816,927
Cathay Financial Holding Co., Ltd.		1,139,604		1,704,332
Center Laboratories, Inc. (a)		45,088		86,178
Chang Hwa Commercial Bank, Ltd.		1,718,887		914,670
China Development Financial Holding Corp.		2,829,272		707,559
China Life Insurance Co., Ltd.		210,800		209,629
China Steel Chemical Corp.		18,877		69,700
China Steel Corp.		1,702,625		1,302,234
Chlitina Holding, Ltd.		41,000		191,458
Chunghwa Telecom Co., Ltd.		367,268		1,156,651
Coland Holdings, Ltd.		100,411		157,647
Compal Electronics, Inc.		881,431		504,589
CTBC Financial Holding Co., Ltd.		2,592,515		1,419,774
Delta Electronics, Inc.		281,787		1,394,552
E.Sun Financial Holding Co., Ltd.		365,839		208,295
Eclat Textile Co., Ltd.		39,574		414,416
eMemory Technology, Inc.		16,000		194,607
Epistar Corp. (a)		189,170		135,880
Everlight Electronics Co., Ltd.		141,996		203,109
Far Eastern New Century Corp.		1,013,170		760,766
Far EasTone Telecommunications Co., Ltd.		143,000		321,682
Feng TAY Enterprise Co., Ltd.		40,902		152,927
Firich Enterprises Co., Ltd.		27,239		50,964
First Financial Holding Co., Ltd.		2,137,508		1,140,747
Formosa Chemicals & Fibre Corp.		593,691		1,773,944
Formosa Petrochemical Corp.		185,000		642,899
Formosa Plastics Corp.		779,137		2,156,413
Foxconn Technology Co., Ltd.		211,519		559,824
Fubon Financial Holding Co., Ltd.		955,998		1,512,796
Giant Manufacturing Co., Ltd.		40,000		227,125
Himax Technologies, Inc. ADR (b)		16,722		101,001
Hiwin Technologies Corp.		25,112		115,318
Hon Hai Precision Industry Co., Ltd.		1,698,950		4,438,598
Hotai Motor Co., Ltd.		36,000		412,175
HTC Corp. (a)		102,710		251,764
Hua Nan Financial Holdings Co., Ltd.		2,054,488		1,035,882
Innolux Corp.		844,753		304,047
Inventec Corp.		325,000		222,858
King Yuan Electronics Co., Ltd.		721,898		564,455
Largan Precision Co., Ltd.		12,710		1,494,645
Lite-On Technology Corp.		480,891		725,164
Macronix International (a)		1,264,374		181,639
Makalot Industrial Co., Ltd.		40,682		156,523
MediaTek, Inc.		194,219		1,304,676
Medigen Biotechnology Corp. (a)		14,000		34,447
Mega Financial Holding Co., Ltd.		1,619,148		1,155,494
Merry Electronics Co., Ltd.		41,000		154,566
MIN AIK Technology Co., Ltd.		32,000		29,886
Motech Industries, Inc. (a)		115,507		101,426
Nan Ya Plastics Corp.		807,759		1,784,493
Novatek Microelectronics Corp.		138,062		456,223
PChome Online, Inc.		18,792		165,011
Pegatron Corp.		304,630		727,808
Pou Chen Corp.		205,000		255,701
Powertech Technology, Inc.		202,518		546,684
President Chain Store Corp.		48,000		344,038
ProMOS Technologies, Inc. (a)		1,135,850		—
Quanta Computer, Inc.		483,194		904,049
Radiant Opto-Electronics Corp.		41,000		71,495
Realtek Semiconductor Corp.		141,161		446,754
Shin Kong Financial Holding Co., Ltd. (a)		2,205,980		540,732
Silicon Motion Technology Corp. ADR		3,179		135,044
Siliconware Precision Industries Co., Ltd.		371,763		551,952
SinoPac Financial Holdings Co., Ltd.		2,736,459		770,953
Synnex Technology International Corp.		195,000		196,640
Tainan Enterprises Co., Ltd.		472,830		436,461
Taishin Financial Holding Co., Ltd.		2,547,376		932,670

See accompanying Notes to Schedule of Investments

20

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Taiwan Cement Corp.		671,216	$	732,050
Taiwan FU Hsing Industrial Co., Ltd.		183,000		237,345
Taiwan Mobile Co., Ltd.		250,200		807,372
Taiwan Paiho, Ltd.		25,000		74,002
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		393,206		11,304,672
Tatung Co., Ltd. (a)		710,107		210,196
Teco Electric and Machinery Co., Ltd.		150,000		129,852
TPK Holding Co., Ltd. (a)		20,000		36,923
Tripod Technology Corp.		344,361		777,855
Uni-President Enterprises Corp.		743,971		1,232,680
United Integrated Services Co., Ltd.		481,194		736,072
United Microelectronics Corp. ADR (b)		431,892		755,811
Walsin Lihwa Corp.		472,000		173,546
Wistron Corp.		692,373		535,999
Yageo Corp.		169,354		307,926
Yuanta Financial Holding Co., Ltd.		1,547,383		576,146
				65,425,578
THAILAND — 4.6%
Advanced Info Service PCL (d)		160,502		658,851
Airports of Thailand PCL (d)		33,100		367,875
Bangkok Expressway & Metro PCL (d)		4,070,132		846,748
Bank of Ayudhya PCL NVDR		161,100		179,947
BEC World PCL (d)		114,600		53,123
Bumrungrad Hospital PCL (d)		33,600		169,827
Central Plaza Hotel PCL (d)		46,700		51,838
Charoen Pokphand Foods PCL (d)		222,900		183,621
Chularat Hospital PCL (d)		1,851,700		147,886
CP ALL PCL (d)		708,500		1,236,544
E for L Aim PCL (d)		2,723,400		20,534
Electricity Generating PCL (d)		169,899		944,134
Energy Absolute PCL (d)		218,100		181,189
Gunkul Engineering PCL (d)		1,078,460		170,154
Hana Microelectronics PCL (d)		99,000		109,200
Ichitan Group PCL (d)		128,400		36,573
Indorama Ventures PCL (d)		159,700		149,396
IRPC PCL (d)		2,863,939		383,879
Jasmine International PCL (d)		588,925		129,920
Kasikornbank PCL		54,054		267,927
KCE Electronics PCL (d)		151,300		515,452
MC Group PCL (d)		285,600		120,427
Mega Lifesciences PCL (d)		218,000		153,712
Minor International PCL (d)		305,586		311,470
Nok Airlines PCL (a) (d)		377,100		77,925
PTT Exploration & Production PCL (d)		295,732		794,856
PTT Global Chemical PCL NVDR		74,800		131,593
PTT PCL (d)		105,755		1,098,585
Raimon Land PCL (d)		3,183,700		124,466
Siam Cement PCL NVDR		47,200		653,752
Siam Commercial Bank PCL (d)		227,097		963,928
SNC Former PCL (d)		39,000		16,336
Somboon Advance Technology PCL (d)		158,700		65,145
Srisawad Power 1979 PCL (d)		237,911		274,049
Superblock PCL NVDR (a)		973,500		41,321
SVI PCL (d)		926,100		131,892
Thai Beverage PCL		940,500		553,350
Thai Oil PCL (d)		369,564		745,619
Thai Union Group PCL (d)		206,600		121,154
TMB Bank PCL (d)		1,902,900		111,590
True Corp. PCL NVDR		1,371,183		273,773
				13,569,561
TOTAL COMMON STOCKS (Cost $313,868,118)				295,162,422
WARRANTS — 0.0% (e)
MALAYSIA — 0.0% (e)
CB Industrial Product Holding Bhd (expiring 11/6/19) (a)		38,233		2,684
Eastern & Oriental Bhd (expiring 7/21/19) (a)		179,431		5,200
				7,884
THAILAND — 0.0% (e)
Raimon Land PCL (expiring 6/14/18) (a)		1,943,475		11,397
TOTAL WARRANTS (Cost $4,897)				19,281
SHORT-TERM INVESTMENTS — 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		159,555		159,555
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		6,080,584		6,080,584
TOTAL SHORT-TERM INVESTMENTS (Cost $6,240,139)				6,240,139
TOTAL INVESTMENTS — 102.0% (Cost $320,113,154)				301,421,842
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%				(5,844,138	)
NET ASSETS — 100.0%			$	295,577,704

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 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 December 31, 2016, total aggregate fair value of securities is $11,590,773 representing 3.9% of net assets.

(e) Amount is less than 0.05% of net assets.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

See accompanying Notes to Schedule of Investments

21

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
China	$	126,460,435	$	—	$	0	(a)	$	126,460,435
Hong Kong		5,946,273		122,875		0	(a)		6,069,148
India		51,400,531		—		—			51,400,531
Indonesia		12,692,681		—		0	(a)		12,692,681
Malaysia		12,725,505		—		—			12,725,505
Philippines		6,765,452		—		—			6,765,452
Singapore		53,531		—		—			53,531
Taiwan		65,425,578		—		0	(a)		65,425,578
Thailand		2,101,663		11,467,898		—			13,569,561
Warrants
Malaysia		7,884		—		—			7,884
Thailand		11,397		—		—			11,397
Short-Term Investments		6,240,139		—		—			6,240,139
TOTAL INVESTMENTS	$	289,831,069	$	11,590,773	$	0		$	301,421,842

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		931,229	$	931,229		—		931,229		—	$	—	$	33
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		6,907,445		6,747,889		159,555		159,555		650
State Street Navigator Securities Lending Government Money Market Portfolio *		7,123,753		7,123,753		53,932,867		54,976,036		6,080,584		6,080,584		33,188
TOTAL			$	8,054,982							$	6,240,139	$	33,871

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

22

SPDR S&P Russia ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AGRICULTURAL PRODUCTS — 0.3%
Ros Agro PLC GDR		7,000	$	93,100
ALUMINUM — 0.5%
United Co. RUSAL PLC		351,000		148,492
DATA PROCESSING & OUTSOURCED SERVICES — 0.4%
QIWI PLC ADR		9,158		116,948
DIVERSIFIED BANKS — 18.5%
Sberbank of Russia PJSC ADR		394,553		4,567,689
VTB Bank PJSC GDR		454,121		1,083,987
				5,651,676
DIVERSIFIED METALS & MINING — 4.4%
MMC Norilsk Nickel PJSC ADR		79,495		1,334,721
ELECTRIC UTILITIES — 1.3%
RusHydro PJSC ADR (a)		1,612		2,305
RusHydro PJSC ADR (a)		270,198		393,138
				395,443
FERTILIZERS & AGRICULTURAL CHEMICALS — 1.6%
PhosAgro PJSC GDR		18,600		283,650
Uralkali PJSC (b)		71,505		193,276
				476,926
FOOD RETAIL — 6.1%
Magnit PJSC GDR		29,404		1,298,187
X5 Retail Group NV GDR (b)		17,376		563,851
				1,862,038
HOMEBUILDING — 1.1%
PIK Group PJSC GDR (b)		68,635		324,300
HYPERMARKETS & SUPER CENTERS — 1.5%
Lenta, Ltd. GDR (b)		49,306		404,309
O’Key Group SA GDR		16,178		42,063
				446,372
INTEGRATED OIL & GAS — 35.8%
Gazprom Neft PJSC ADR		14,833		260,319
Gazprom PJSC ADR		864,386		4,365,149
Lukoil PJSC ADR		65,316		3,664,228
Rosneft Oil Co. PJSC GDR		189,688		1,232,972
Surgutneftegas OJSC ADR (a)		106,139		544,493
Surgutneftegas OJSC ADR (a)		167,006		842,545
				10,909,706
INTEGRATED TELECOMMUNICATION SERVICES — 1.5%
Rostelecom PJSC ADR		54,020		446,205
INTERNET SOFTWARE & SERVICES — 3.6%
Mail.Ru Group, Ltd. GDR (b)		18,737		343,824
Yandex NV Class A (b)		36,982		744,448
				1,088,272
IT CONSULTING & OTHER SERVICES — 0.6%
Luxoft Holding, Inc. (b)		3,034		170,511
OIL & GAS EQUIPMENT & SERVICES — 0.2%
TMK PJSC GDR		14,858		75,776
OIL & GAS EXPLORATION & PRODUCTION — 9.8%
Exillon Energy PLC (b)		31,722		54,484
Novatek PJSC GDR		10,827		1,405,345
Tatneft PJSC ADR		37,373		1,540,515
				3,000,344
PRECIOUS METALS & MINERALS — 1.4%
Polymetal International PLC		40,620		429,142
RAILROADS — 0.6%
Globaltrans Investment PLC GDR		30,819		195,084
REAL ESTATE DEVELOPMENT — 0.9%
Etalon Group, Ltd. GDR		27,917		89,195
LSR Group PJSC GDR		50,711		174,953
				264,148
REGIONAL BANKS — 0.4%
TCS Group Holding PLC GDR		13,100		138,205
STEEL — 4.2%
Evraz PLC (b)		38,453		105,387
Magnitogorsk Iron & Steel Works OJSC GDR		31,928		222,857
Mechel PJSC ADR (b)		18,155		104,028
Novolipetsk Steel PJSC GDR		15,521		288,691
Severstal PJSC GDR		37,364		567,933
				1,288,896
WIRELESS TELECOMMUNICATION SERVICES — 4.8%
MegaFon PJSC GDR		20,987		198,327
Mobile TeleSystems PJSC ADR		86,784		790,602
Sistema PJSC FC GDR		32,370		291,330
VimpelCom, Ltd. ADR		51,163		196,978
				1,477,237
TOTAL COMMON STOCKS (Cost $36,346,937)				30,333,542
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $29,074)		29,074		29,074
TOTAL INVESTMENTS — 99.6% (Cost $36,376,011)				30,362,616
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				112,995
NET ASSETS — 100.0%			$	30,475,611

(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 period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying Notes to Schedule of Investments

23

SPDR S&P Russia ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 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		148,492		—		—		148,492
Data Processing & Outsourced Services		116,948		—		—		116,948
Diversified Banks		5,651,676		—		—		5,651,676
Diversified Metals & Mining		1,334,721		—		—		1,334,721
Electric Utilities		395,443		—		—		395,443
Fertilizers & Agricultural Chemicals		476,926		—		—		476,926
Food Retail		1,862,038		—		—		1,862,038
Homebuilding		324,300		—		—		324,300
Hypermarkets & Super Centers		446,372		—		—		446,372
Integrated Oil & Gas		10,909,706		—		—		10,909,706
Integrated Telecommunication Services		446,205		—		—		446,205
Internet Software & Services		1,088,272		—		—		1,088,272
IT Consulting & Other Services		170,511		—		—		170,511
Oil & Gas Equipment & Services		75,776		—		—		75,776
Oil & Gas Exploration & Production		3,000,344		—		—		3,000,344
Precious Metals & Minerals		429,142		—		—		429,142
Railroads		195,084		—		—		195,084
Real Estate Development		264,148		—		—		264,148
Regional Banks		138,205		—		—		138,205
Steel		1,288,896		—		—		1,288,896
Wireless Telecommunication Services		1,477,237		—		—		1,477,237
Short-Term Investment		29,074		—		—		29,074
TOTAL INVESTMENTS	$	30,362,616	$	—	$	—	$	30,362,616

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		135,882	$	135,882		43		135,925		—	$	—	$	4
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		665,011		635,937		29,074		29,074		91
TOTAL			$	135,882							$	29,074	$	95

See accompanying Notes to Schedule of Investments

24

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
AEROSPACE & DEFENSE — 0.2%
AviChina Industry & Technology Co., Ltd. Class H		1,728,000	$	1,190,164
AIR FREIGHT & LOGISTICS — 0.1%
Sinotrans, Ltd. Class H		864,000		385,577
AIRLINES — 0.3%
Air China, Ltd. Class H		1,666,000		1,063,658
China Eastern Airlines Corp., Ltd. Class H (a)		1,516,000		694,144
China Southern Airlines Co., Ltd. Class H		1,210,000		628,944
Shandong Airlines Co., Ltd. Class B		106,000		226,543
				2,613,289
AUTO COMPONENTS — 0.3%
Minth Group, Ltd.		644,000		2,005,972
Xinchen China Power Holdings, Ltd. (b)		730,000		108,278
Xinyi Glass Holdings, Ltd.		190,000		155,369
				2,269,619
AUTOMOBILES — 2.2%
BAIC Motor Corp., Ltd. Class H (c)		924,900		823,125
Brilliance China Automotive Holdings, Ltd. (a)		1,472,000		2,027,687
Byd Co., Ltd. Class H (a)		429,000		2,260,326
Chongqing Changan Automobile Co., Ltd. Class B		727,300		1,040,320
Dongfeng Motor Group Co., Ltd. Class H		2,149,300		2,098,528
Geely Automobile Holdings, Ltd. (a)		3,750,000		3,584,027
Great Wall Motor Co., Ltd. Class H		2,362,500		2,206,136
Guangzhou Automobile Group Co., Ltd. Class H		1,718,637		2,079,260
Qingling Motors Co., Ltd. Class H		2,508,000		760,181
				16,879,590
BANKS — 17.2%
Agricultural Bank of China, Ltd. Class H		17,011,000		6,977,161
Bank of China, Ltd. Class H		47,663,700		21,147,937
Bank of Chongqing Co., Ltd. Class H		1,884,500		1,596,921
Bank of Communications Co., Ltd. Class H		14,649,824		10,600,274
China CITIC Bank Corp., Ltd. Class H		7,175,471		4,562,671
China Construction Bank Corp. Class H		58,573,623		45,102,252
China Merchants Bank Co., Ltd. Class H		2,611,735		6,124,136
China Minsheng Banking Corp., Ltd. Class H		4,657,300		4,979,784
Chongqing Rural Commercial Bank Co., Ltd. Class H		1,863,000		1,093,317
Harbin Bank Co., Ltd. Class H (a) (c)		3,836,000		1,133,016
Huishang Bank Corp., Ltd. Class H (a)		1,737,000		884,950
Industrial & Commercial Bank of China, Ltd. Class H		48,408,789		29,033,473
Shengjing Bank Co., Ltd. Class H (a) (c)		589,000		600,156
				133,836,048
BEVERAGES — 0.2%
Tibet Water Resources, Ltd		1,489,000		643,371
Tsingtao Brewery Co., Ltd. Class H (a)		213,000		804,950
				1,448,321
BIOTECHNOLOGY — 0.3%
3SBio, Inc. (b) (c)		545,000		530,720
BeiGene, Ltd. ADR (b)		19,458		590,745
China Biologic Products, Inc. (b)		11,003		1,183,042
Shanghai Haohai Biological Technology Co., Ltd. Class H (c)		15,500		75,769
				2,380,276
BUILDING PRODUCTS — 0.0% (d)
China Lesso Group Holdings, Ltd.		380,000		246,532
CAPITAL MARKETS — 2.3%
Central China Securities Co., Ltd. Class H		384,000		210,000
China Cinda Asset Management Co., Ltd. Class H		8,686,200		3,148,169
China Everbright, Ltd.		648,000		1,233,625
China Financial International Investments, Ltd. (a) (b)		4,250,000		243,933
China Galaxy Securities Co., Ltd. Class H		2,096,500		1,890,140
China Huarong Asset Management Co., Ltd. (a) (b) (c)		1,230,000		442,620
CITIC Securities Co., Ltd. Class H (a)		1,394,500		2,834,631
GF Securities Co., Ltd. Class H (a)		1,074,000		2,241,324
Guotai Junan International Holdings, Ltd.		1,827,000		563,194
Haitong Securities Co., Ltd. Class H		2,015,000		3,456,595
Huatai Securities Co., Ltd. Class H (c)		711,000		1,357,229
Noah Holdings, Ltd. ADS (a) (b)		15,498		339,871
Shenwan Hongyuan HK, Ltd.		535,000		233,234
				18,194,565
CHEMICALS — 0.4%
China BlueChemical, Ltd. Class H		2,034,000		564,042
China Lumena New Materials Corp. (a) (b) (e)		3,564,548		—
Fufeng Group, Ltd. (a)		595,000		292,391
Huabao International Holdings, Ltd. (b)		1,378,000		584,745
Sinopec Shanghai Petrochemical Co., Ltd. Class H		2,801,999		1,517,886
Yingde Gases Group Co., Ltd.		1,117,000		413,482
				3,372,546
COMMERCIAL SERVICES & SUPPLIES — 0.6%
China Everbright International, Ltd.		1,933,000		2,191,505
China Evergrande Group (a)		3,114,600		1,940,311
Dongjiang Environmental Co., Ltd. Class H (a)		158,400		275,811
Yestar International Holdings Co., Ltd. (a)		732,500		355,236
				4,762,863
COMMUNICATIONS EQUIPMENT — 0.4%
BYD Electronic International Co., Ltd.		517,000		406,764
China All Access Holdings, Ltd. (a)		1,328,000		428,213

See accompanying Notes to Schedule of Investments

25

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
China Fiber Optic Network System Group, Ltd. (b) (f)		1,131,600	$	102,167
Comba Telecom Systems Holdings, Ltd.		1,468,310		261,348
Shanghai Potevio Co., Ltd. Class B (b)		264,700		363,698
Suncorp Technologies, Ltd. (b)		8,100,000		57,461
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (c)		327,000		616,619
ZTE Corp. Class H		680,197		1,182,623
				3,418,893
CONSTRUCTION & ENGINEERING — 1.4%
China Communications Construction Co., Ltd. Class H		3,002,394		3,454,254
China Machinery Engineering Corp. Class H		485,000		307,772
China Railway Construction Corp., Ltd. Class H		1,211,875		1,559,948
China Railway Group, Ltd. Class H		2,688,000		2,211,932
China Singyes Solar Technologies Holdings, Ltd. (a)		392,000		187,072
China State Construction International Holdings, Ltd.		1,052,000		1,573,967
Concord New Energy Group, Ltd.		3,700,000		193,276
Metallurgical Corp. of China, Ltd. Class H		1,714,000		667,636
Sinopec Engineering Group Co., Ltd. Class H		1,082,500		903,346
				11,059,203
CONSTRUCTION MATERIALS — 0.7%
Anhui Conch Cement Co., Ltd. Class H (a)		1,019,000		2,773,183
BBMG Corp. Class H		1,301,000		449,711
China National Building Material Co., Ltd. Class H (a)		2,740,000		1,332,336
China Resources Cement Holdings, Ltd		817,163		317,247
China Shanshui Cement Group, Ltd. (a) (b) (e)		1,896,000		91,705
CSG Holding Co., Ltd. Class B		388,000		305,269
				5,269,451
CONSUMER FINANCE — 0.3%
China Financial Services Holdings, Ltd.		3,140,000		263,248
Credit China Fintech Holdings, Ltd. (a) (b)		15,838,900		1,899,896
				2,163,144
CONTAINERS & PACKAGING — 0.1%
AMVIG Holdings, Ltd.		1,290,000		462,547
Beijing Enterprises Clean Energy Group, Ltd. (b)		8,720,000		223,816
Greatview Aseptic Packaging Co., Ltd.		482,000		247,430
				933,793
DISTRIBUTORS — 0.1%
Qianhai Health Holdings, Ltd. (b)		1,610,000		30,110
Xinhua Winshare Publishing and Media Co., Ltd. Class H		623,000		580,963
				611,073
DIVERSIFIED CONSUMER SERVICES — 0.9%
China Maple Leaf Educational Systems, Ltd. (a)		176,000		116,680
Fu Shou Yuan International Group, Ltd. (a)		723,000		428,029
New Oriental Education & Technology Group, Inc. ADR (b)		92,822		3,907,806
TAL Education Group ADR (b)		38,629		2,709,825
				7,162,340
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,161,000		995,808
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
China Communications Services Corp., Ltd. Class H		2,179,600		1,388,755
China Telecom Corp., Ltd. Class H		9,422,951		4,351,027
China Unicom Hong Kong, Ltd.		3,855,805		4,490,809
CITIC Telecom International Holdings, Ltd.		1,223,000		367,540
				10,598,131
ELECTRICAL EQUIPMENT — 0.5%
Boer Power Holdings, Ltd. (a)		198,000		78,913
Dongfang Electric Corp., Ltd. Class H		252,600		223,175
Shanghai Electric Group Co., Ltd. Class H (a) (b)		2,122,000		949,722
Tech Pro Technology Development, Ltd. (a) (b)		4,435,396		105,262
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (a)		281,400		475,464
Zhuzhou CRRC Times Electric Co., Ltd.		430,000		2,182,403
				4,014,939
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.4%
AAC Technologies Holdings, Inc.		481,745		4,377,438
Anxin-China Holdings, Ltd. (b) (e)		3,068,000		—
AVIC International Holdings, Ltd. Class H		622,030		312,092
Digital China Holdings, Ltd. (a)		757,000		573,134
Dongxu Optoelectronic Technology Co., Ltd. Class B		1,410,700		1,133,560
Ju Teng International Holdings, Ltd.		1,102,000		341,126
Kingboard Chemical Holdings, Ltd.		644,999		1,955,009
Sunny Optical Technology Group Co., Ltd. (a)		429,000		1,878,533
Wasion Group Holdings, Ltd. (a)		378,000		203,306
				10,774,198
ENERGY EQUIPMENT & SERVICES — 0.2%
Anton Oilfield Services Group (a) (b)		908,000		127,654
China Oilfield Services, Ltd. Class H		1,257,900		1,168,155
Hilong Holding, Ltd. (a)		658,000		190,954
Sinopec Oilfield Service Corp. Class H (a) (b)		1,360,000		264,873
				1,751,636
FOOD & STAPLES RETAILING — 0.4%
China Resources Beer Holdings Co., Ltd. (b)		1,053,667		2,092,888
Sun Art Retail Group, Ltd.		1,439,000		1,262,093
				3,354,981

See accompanying Notes to Schedule of Investments

26

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
FOOD PRODUCTS — 2.3%
Biostime International Holdings, Ltd. (a) (b)		163,000	$	503,518
China Agri-Industries Holdings, Ltd. (b)		1,640,600		641,161
China Huishan Dairy Holdings Co., Ltd. (a)		2,918,000		1,132,853
China Huiyuan Juice Group, Ltd. (b)		743,000		248,205
China Mengniu Dairy Co., Ltd.		1,929,220		3,717,527
China Milk Products Group, Ltd. (e)		15,000		—
China Modern Dairy Holdings, Ltd. (a) (b)		2,203,000		542,712
China Yurun Food Group, Ltd. (a) (b)		1,117,000		165,681
CP Pokphand Co., Ltd. (a)		3,364,000		416,533
Imperial Pacific International Holdings, Ltd. (a) (b)		30,710,300		419,867
Shenguan Holdings Group, Ltd.		1,482,000		112,777
Tingyi Cayman Islands Holding Corp. (a)		1,505,844		1,831,528
Uni-President China Holdings, Ltd. (a)		1,240,400		875,127
Want Want China Holdings, Ltd. (a)		4,718,933		3,024,976
WH Group, Ltd. (c)		4,821,106		3,898,846
YuanShengTai Dairy Farm, Ltd. (b)		2,424,000		159,450
				17,690,761
GAS UTILITIES — 0.5%
China Gas Holdings, Ltd. (a)		1,504,000		2,040,729
China Oil & Gas Group, Ltd. (b)		1,736,000		136,585
China Resources Gas Group, Ltd.		645,000		1,813,585
				3,990,899
HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		1,692,000		1,130,452
HEALTH CARE PROVIDERS & SERVICES — 0.7%
China Resources Phoenix Healthcare Holdings Co., Ltd. (a)		429,000		548,897
Huayi Tencent Entertainment Co., Ltd. (a) (b)		1,310,000		79,413
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		709,500		1,627,069
Sinopharm Group Co., Ltd. Class H		771,600		3,179,691
Universal Health International Group Holding, Ltd. (b)		662,000		30,311
				5,465,381
HOTELS, RESTAURANTS & LEISURE — 1.0%
Ajisen China Holdings, Ltd.		481,000		196,044
China Lodging Group, Ltd. ADR		18,558		962,047
China Travel International Investment Hong Kong, Ltd. (a)		3,034,000		833,522
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		1,240,187		327,916
Yum China Holdings, Inc. (b)		202,133		5,279,714
				7,599,243
HOUSEHOLD DURABLES — 0.3%
Haier Electronics Group Co., Ltd.		941,000		1,480,714
Hisense Kelon Electrical Holdings Co., Ltd. Class H		292,000		238,401
Skyworth Digital Holdings, Ltd.		1,677,001		956,043
				2,675,158
HOUSEHOLD PRODUCTS — 0.1%
Vinda International Holdings, Ltd. (a)		434,000		811,670
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.4%
Beijing Jingneng Clean Energy Co., Ltd. Class H		1,238,000		384,822
CGN Power Co., Ltd. Class H (c)		7,946,000		2,182,981
China Datang Corp. Renewable Power Co., Ltd. Class H (b)		2,033,000		186,173
China Longyuan Power Group Corp., Ltd. Class H		2,365,000		1,848,526
China Power International Development, Ltd.		2,419,000		876,726
China Resources Power Holdings Co., Ltd.		1,262,092		2,005,504
Datang International Power Generation Co., Ltd. Class H		3,036,287		794,988
Huadian Fuxin Energy Corp., Ltd. Class H		1,940,000		430,380
Huadian Power International Corp., Ltd. Class H		1,034,000		468,112
Huaneng Power International, Inc. Class H		2,732,129		1,811,282
				10,989,494
INDUSTRIAL CONGLOMERATES — 1.2%
Beijing Enterprises Holdings, Ltd.		429,500		2,030,294
CITIC, Ltd.		4,281,000		6,129,006
Shanghai Industrial Holdings, Ltd.		320,000		866,744
				9,026,044
INSURANCE — 5.8%
China Life Insurance Co., Ltd. Class H		4,777,040		12,446,065
China Pacific Insurance Group Co., Ltd. Class H		1,584,000		5,526,425
China Taiping Insurance Holdings Co., Ltd. (b)		796,691		1,644,113
Fanhua, Inc. ADR (b)		27,282		225,895
New China Life Insurance Co., Ltd. Class H		419,400		1,925,751
People’s Insurance Co. Group of China, Ltd. Class H		4,944,000		1,951,290
PICC Property & Casualty Co., Ltd. Class H		2,998,858		4,672,450
Ping An Insurance Group Co. of China, Ltd. Class H		3,311,100		16,570,127
				44,962,116
INTERNET & CATALOG RETAIL — 3.4%
Ctrip.com International, Ltd. ADR (b)		210,147		8,405,880
JD.com, Inc. ADR (b)		572,811		14,572,312
Qunar Cayman Islands, Ltd. ADR (b)		32,702		985,311
Vipshop Holdings, Ltd. ADR (b)		212,419		2,338,733
				26,302,236
INTERNET SOFTWARE & SERVICES — 24.5%
21Vianet Group, Inc. ADR (b)		41,317		289,632
58.com, Inc. ADR (a) (b)		37,145		1,040,060
Alibaba Group Holding, Ltd. ADR (b)		685,343		60,179,969
Autohome, Inc. ADR (b)		11,268		284,855
Baidu, Inc. ADR (b)		174,474		28,685,270
Baozun, Inc. ADR (b)		14,827		178,962

See accompanying Notes to Schedule of Investments

27

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Bitauto Holdings, Ltd. ADR (a) (b)		19,668	$	372,512
Fang Holdings, Ltd. ADR (b)		120,848		396,382
Momo, Inc. ADR (a) (b)		39,235		721,139
NetEase, Inc. ADR		48,738		10,495,241
Phoenix New Media, Ltd. ADR (b)		38,576		121,129
SINA Corp. (b)		48,543		2,950,929
Sohu.com, Inc. (b)		28,154		954,139
Tencent Holdings, Ltd		3,399,715		83,182,440
Tian Ge Interactive Holdings, Ltd. (c)		128,000		79,245
Weibo Corp. ADR (a) (b)		4,329		175,757
YY, Inc. ADR (b)		18,705		737,351
				190,845,012
IT SERVICES — 0.3%
AGTech Holdings, Ltd. (a) (b)		1,532,000		280,588
Chinasoft International, Ltd. (b)		586,000		275,119
Hi Sun Technology China, Ltd. (a) (b)		1,455,000		223,322
TravelSky Technology, Ltd. Class H		860,000		1,808,039
				2,587,068
MACHINERY — 1.3%
China Conch Venture Holdings, Ltd.		738,000		1,313,582
China Huarong Energy Co., Ltd. (b)		567,900		32,595
China International Marine Containers Group Co., Ltd. Class H		544,200		786,137
CIMC Enric Holdings, Ltd. (a)		614,000		289,057
CRRC Corp., Ltd. Class H		2,790,950		2,505,435
First Tractor Co., Ltd. Class H		376,000		210,960
Haitian International Holdings, Ltd.		635,000		1,246,551
Lonking Holdings, Ltd.		2,338,000		500,581
Weichai Power Co., Ltd. Class H		1,076,840		1,658,354
Yangzijiang Shipbuilding Holdings, Ltd.		1,881,800		1,061,582
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H (a)		905,600		398,302
				10,003,136
MARINE — 0.2%
COSCO SHIPPING Development Co., Ltd. Class H (a) (b)		2,210,500		456,176
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		863,800		482,418
COSCO SHIPPING Holdings Co., Ltd. Class H (a) (b)		1,489,175		520,519
SITC International Holdings Co., Ltd.		710,000		432,237
				1,891,350
MEDIA — 0.2%
Alibaba Pictures Group, Ltd. (a) (b)		6,300,000		1,023,842
Poly Culture Group Corp., Ltd. Class H		97,200		237,197
Wisdom Sports Group (a) (b)		406,000		131,438
				1,392,477
METALS & MINING — 1.2%
Aluminum Corp. of China, Ltd. Class H (a) (b)		3,666,000		1,513,088
Angang Steel Co., Ltd. Class H (b)		1,075,720		639,620
China Hongqiao Group, Ltd. (a)		449,000		394,959
China Metal Recycling Holdings, Ltd. (a) (e)		268,085		—
China Molybdenum Co., Ltd. Class H (a)		3,831,000		933,890
China Zhongwang Holdings, Ltd. (a)		852,400		362,810
Jiangxi Copper Co., Ltd. Class H		981,000		1,369,046
Maanshan Iron & Steel Co., Ltd. Class H (b)		1,840,000		536,350
MMG, Ltd. (a) (b)		1,232,000		316,217
Munsun Capital Group, Ltd. (a) (b)		4,050,000		117,533
Shougang Fushan Resources Group, Ltd.		2,748,000		538,744
Zhaojin Mining Industry Co., Ltd. Class H (a)		777,500		668,880
Zijin Mining Group Co., Ltd. Class H		5,166,750		1,666,016
				9,057,153
MULTILINE RETAIL — 0.2%
Golden Eagle Retail Group, Ltd. (a)		543,120		773,369
Intime Retail Group Co., Ltd. (a)		702,000		636,523
Parkson Retail Group, Ltd. (a)		1,692,500		185,554
				1,595,446
OIL, GAS & CONSUMABLE FUELS — 5.6%
China Coal Energy Co., Ltd. Class H (a) (b)		1,874,013		889,492
China Petroleum & Chemical Corp. Class H		16,026,640		11,369,124
China Shenhua Energy Co., Ltd. Class H		2,356,200		4,436,973
China Suntien Green Energy Corp., Ltd. Class H (a)		995,000		128,335
CNOOC, Ltd.		10,464,174		13,091,774
Kunlun Energy Co., Ltd. (a)		2,579,400		1,929,605
NewOcean Energy Holdings, Ltd. (a)		754,000		200,337
PetroChina Co., Ltd. Class H		13,448,930		10,026,224
Sinopec Kantons Holdings, Ltd.		1,072,000		489,463
Yanzhou Coal Mining Co., Ltd. Class H (a)		1,299,900		886,926
				43,448,253
PAPER & FOREST PRODUCTS — 0.4%
Lee & Man Paper Manufacturing, Ltd.		2,044,000		1,587,081
Nine Dragons Paper Holdings, Ltd.		1,616,000		1,465,273
				3,052,354
PERSONAL PRODUCTS — 0.5%
Hengan International Group Co., Ltd.		535,500		3,933,463
PHARMACEUTICALS — 1.4%
China Animal Healthcare, Ltd. (a) (b) (e)		763,600		—
China Medical System Holdings, Ltd.		843,300		1,335,680
China Shineway Pharmaceutical Group, Ltd.		312,000		354,127
Consun Pharmaceutical Group, Ltd.		615,000		306,185
CSPC Pharmaceutical Group, Ltd.		1,934,000		2,065,421
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		204,000		527,553
Hua Han Health Industry Holdings, Ltd. (a) (f)		3,728,400		254,871
Luye Pharma Group, Ltd. (a)		1,102,000		653,825
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		198,000		270,192
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		216,000		661,666

See accompanying Notes to Schedule of Investments

28

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (a)		545,000	$	455,505
Sihuan Pharmaceutical Holdings Group, Ltd		1,375,000		383,070
Sino Biopharmaceutical, Ltd		3,436,000		2,419,734
SSY Group, Ltd. (a)		1,934,332		616,240
Tong Ren Tang Technologies Co., Ltd. Class H		427,000		791,970
				11,096,039
REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.9%
Agile Group Holdings, Ltd. (a)		1,488,747		758,472
Beijing Capital Land, Ltd. Class H		868,000		325,788
Carnival Group International Holdings, Ltd. (a) (b)		7,276,800		938,560
China Jinmao Holdings Group, Ltd.		1,658,000		446,943
China Overseas Land & Investment, Ltd.		2,969,862		7,871,725
China Overseas Property Holdings, Ltd. (a)		1,002,620		171,993
China Resources Land, Ltd.		1,926,555		4,333,609
China South City Holdings, Ltd. (a)		2,224,000		464,699
China Vanke Co., Ltd. Class H		891,464		2,035,162
Colour Life Services Group Co., Ltd.		300,000		224,425
Country Garden Holdings Co., Ltd. (a)		6,112,500		3,421,609
Fullshare Holdings, Ltd.		2,842,500		1,327,183
Future Land Holdings Co., Ltd. Class A		588,294		994,670
Greentown China Holdings, Ltd. (a) (b)		391,500		317,112
Guangzhou R&F Properties Co., Ltd. Class H		991,024		1,198,971
Hopson Development Holdings, Ltd.		414,000		368,978
Hydoo International Holding, Ltd. (a)		1,278,000		95,605
KWG Property Holding, Ltd.		753,592		427,672
Longfor Properties Co., Ltd.		916,000		1,162,552
Poly Property Group Co., Ltd. (a) (b)		1,331,000		441,197
Redco Properties Group, Ltd. (a) (b) (c)		394,200		160,158
Renhe Commercial Holdings Co., Ltd. (a) (b)		9,069,000		232,774
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		297,650		442,308
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		779,960		1,141,861
Shenzhen Investment, Ltd.		1,873,458		751,495
Shimao Property Holdings, Ltd.		1,184,441		1,549,078
Shui On Land, Ltd.		3,132,500		674,729
Sino-Ocean Group Holding, Ltd.		3,498,712		1,565,884
SOHO China, Ltd.		961,500		473,734
Sunac China Holdings, Ltd. (a)		1,273,300		1,059,284
Yanlord Land Group, Ltd.		420,600		384,296
Yuexiu Property Co., Ltd.		6,506,000		889,491
Yuzhou Properties Co., Ltd.		2,599,840		905,383
Zall Group, Ltd. (a) (b)		660,000		510,760
				38,068,160
ROAD & RAIL — 0.3%
CAR, Inc. (a) (b)		821,300		800,839
Dazhong Transportation Group Co., Ltd. Class B		372,000		267,468
Guangshen Railway Co., Ltd. Class H		1,494,000		901,817
				1,970,124
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%
China Soft Power Technology Holdings, Ltd. (b)		2,163,000		45,753
GCL-Poly Energy Holdings, Ltd. (a) (b)		7,308,000		876,604
Hanergy Thin Film Power Group, Ltd. (a) (b) (e)		17,589,376		—
JinkoSolar Holding Co., Ltd. ADR (b)		14,174		215,870
Semiconductor Manufacturing International Corp. (a) (b)		2,264,600		3,557,628
Shunfeng International Clean Energy, Ltd. (b)		664,000		41,537
Trina Solar, Ltd. ADR (b)		56,702		527,329
Xinyi Solar Holdings, Ltd. (a)		2,596,000		843,776
				6,108,497
SOFTWARE — 0.4%
Boyaa Interactive International, Ltd. (a) (b)		296,000		135,532
Cheetah Mobile, Inc. ADR (a) (b)		15,107		144,423
Kingdee International Software Group Co., Ltd. (a) (b)		1,080,000		406,751
Kingsoft Corp., Ltd. (a)		525,000		1,076,659
NetDragon Websoft Holdings, Ltd. (a)		214,000		593,436
Shanghai Baosight Software Co., Ltd. Class B		345,500		542,781
V1 Group, Ltd. (b)		2,046,000		93,682
				2,993,264
SPECIALTY RETAIL — 0.3%
Baoxin Auto Group, Ltd. (b)		150,574		37,094
BEP International Holdings, Ltd.		5,880,000		337,489
China Harmony New Energy Auto Holding, Ltd. (a)		326,000		116,892
GOME Electrical Appliances Holding, Ltd. (a)		7,246,279		878,546
Hengdeli Holdings, Ltd. (b)		2,720,895		393,054
Zhongsheng Group Holdings, Ltd.		546,500		488,478
				2,251,553
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
Coolpad Group, Ltd. (b)		2,825,400		291,536
Huaneng Renewables Corp., Ltd. Class H		2,554,000		830,124
Lenovo Group, Ltd. (a)		4,718,000		2,860,076
				3,981,736
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
ANTA Sports Products, Ltd.		634,000		1,893,050
Belle International Holdings, Ltd.		3,863,000		2,172,366
Bosideng International Holdings, Ltd.		3,390,000		292,952
China Dongxiang Group Co., Ltd.		3,181,000		574,399
China Jicheng Holdings, Ltd. (a) (b) (c)		9,755,000		237,800
Cosmo Lady China Holdings Co., Ltd. (a) (c)		298,000		115,308
Lao Feng Xiang Co., Ltd. Class B		172,911		593,949
Li Ning Co., Ltd. (b)		1,406,707		883,597
Shenzhou International Group Holdings, Ltd. (a)		429,000		2,714,052
				9,477,473

See accompanying Notes to Schedule of Investments

29

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 0.0% (d)
CITIC Resources Holdings, Ltd. (a) (b)		1,914,000	$	234,524
TRANSPORTATION INFRASTRUCTURE — 1.4%
Anhui Expressway Co., Ltd. Class H		648,000		498,966
Beijing Capital International Airport Co., Ltd. Class H		1,469,939		1,486,405
China Merchants Port Holdings Co., Ltd.		842,838		2,091,563
COSCO SHIPPING International Hong Kong Co., Ltd.		642,000		293,958
COSCO SHIPPING Ports, Ltd.		1,101,349		1,106,584
Dalian Port PDA Co., Ltd. Class H		1,242,200		219,500
HNA Infrastructure Co., Ltd. (a)		411,000		408,182
Jiangsu Expressway Co., Ltd. Class H		830,795		1,050,127
Qingdao Port International Co., Ltd. Class H (c)		897,000		426,914
Shenzhen Expressway Co., Ltd. Class H		652,000		557,549
Shenzhen International Holdings, Ltd.		722,408		1,052,890
Sichuan Expressway Co., Ltd. Class H		852,000		327,475
Xiamen International Port Co., Ltd. Class H		1,035,000		193,566
Yuexiu Transport Infrastructure, Ltd.		400,000		250,737
Zhejiang Expressway Co., Ltd. Class H		866,000		826,554
				10,790,970
WATER UTILITIES — 0.7%
Beijing Enterprises Water Group, Ltd. (a)		3,436,000		2,286,782
CT Environmental Group, Ltd. (a)		1,844,400		371,109
Guangdong Investment, Ltd.		2,144,000		2,831,695
Kangda International Environmental Co., Ltd. (a) (c)		785,000		204,523
				5,694,109
WIRELESS TELECOMMUNICATION SERVICES — 4.8%
China Mobile, Ltd.		3,527,004		37,393,799
TOTAL COMMON STOCKS (Cost $868,285,826)				778,196,394
SHORT-TERM INVESTMENTS — 3.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (g) (h)		197,453		197,453
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i)		23,897,505		23,897,505
TOTAL SHORT-TERM INVESTMENTS (Cost $24,094,958)				24,094,958
TOTAL INVESTMENTS — 103.1% (Cost $892,380,784)				802,291,352
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.1)%				(24,042,078	)
NET ASSETS — 100.0%			$	778,249,274

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.7% of net assets as of December 31, 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 December 31, 2016, total aggregate fair value of the security is $91,705, 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 December 31, 2016, total aggregate fair value of securities is $357,038 representing 0.0% of net assets.

(g) The rate shown is the annualized seven-day yield at December 31, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying Notes to Schedule of Investments

30

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	1,190,164	$	—	$	—		$	1,190,164
Air Freight & Logistics		385,577		—		—			385,577
Airlines		2,613,289		—		—			2,613,289
Auto Components		2,269,619		—		—			2,269,619
Automobiles		16,879,590		—		—			16,879,590
Banks		133,836,048		—		—			133,836,048
Beverages		1,448,321		—		—			1,448,321
Biotechnology		2,380,276		—		—			2,380,276
Building Products		246,532		—		—			246,532
Capital Markets		18,194,565		—		—			18,194,565
Chemicals		3,372,546		—		0	(a)		3,372,546
Commercial Services & Supplies		4,762,863		—		—			4,762,863
Communications Equipment		3,316,726		102,167		—			3,418,893
Construction & Engineering		11,059,203		—		—			11,059,203
Construction Materials		5,177,746		—		91,705			5,269,451
Consumer Finance		2,163,144		—		—			2,163,144
Containers & Packaging		933,793		—		—			933,793
Distributors		611,073		—		—			611,073
Diversified Consumer Services		7,162,340		—		—			7,162,340
Diversified Financial Services		995,808		—		—			995,808
Diversified Telecommunication Services		10,598,131		—		—			10,598,131
Electrical Equipment		4,014,939		—		—			4,014,939
Electronic Equipment, Instruments & Components		10,774,198		—		0	(a)		10,774,198
Energy Equipment & Services		1,751,636		—		—			1,751,636
Food & Staples Retailing		3,354,981		—		—			3,354,981
Food Products		17,690,761		—		0	(a)		17,690,761
Gas Utilities		3,990,899		—		—			3,990,899
Health Care Equipment & Supplies		1,130,452		—		—			1,130,452
Health Care Providers & Services		5,465,381		—		—			5,465,381
Hotels, Restaurants & Leisure		7,599,243		—		—			7,599,243
Household Durables		2,675,158		—		—			2,675,158
Household Products		811,670		—		—			811,670
Independent Power Producers & Energy Traders		10,989,494		—		—			10,989,494
Industrial Conglomerates		9,026,044		—		—			9,026,044
Insurance		44,962,116		—		—			44,962,116
Internet & Catalog Retail		26,302,236		—		—			26,302,236
Internet Software & Services		190,845,012		—		—			190,845,012
IT Services		2,587,068		—		—			2,587,068
Machinery		10,003,136		—		—			10,003,136
Marine		1,891,350		—		—			1,891,350
Media		1,392,477		—		—			1,392,477
Metals & Mining		9,057,153		—		0	(a)		9,057,153
Multiline Retail		1,595,446		—		—			1,595,446
Oil, Gas & Consumable Fuels		43,448,253		—		—			43,448,253
Paper & Forest Products		3,052,354		—		—			3,052,354
Personal Products		3,933,463		—		—			3,933,463
Pharmaceuticals		10,841,168		254,871		0	(a)		11,096,039
Real Estate Management & Development		38,068,160		—		—			38,068,160
Road & Rail		1,970,124		—		—			1,970,124
Semiconductors & Semiconductor Equipment		6,108,497		—		0	(a)		6,108,497
Software		2,993,264		—		—			2,993,264

See accompanying Notes to Schedule of Investments

31

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Specialty Retail	$	2,251,553	$	—	$	—	$	2,251,553
Technology Hardware, Storage & Peripherals		3,981,736		—		—		3,981,736
Textiles, Apparel & Luxury Goods		9,477,473		—		—		9,477,473
Trading Companies & Distributors		234,524		—		—		234,524
Transportation Infrastructure		10,790,970		—		—		10,790,970
Water Utilities		5,694,109		—		—		5,694,109
Wireless Telecommunication Services		37,393,799		—		—		37,393,799
Short-Term Investments		24,094,958		—		—		24,094,958
TOTAL INVESTMENTS	$	801,842,609	$	357,038	$	91,705	$	802,291,352

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,571,854	$	1,571,854		—		1,571,854		—	$	—	$	36
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		48,034,055		47,836,602		197,453		197,453		2,174
State Street Navigator Securities Lending Government Money Market Portfolio *		32,855,648		32,855,648		152,157,942		161,116,085		23,897,505		23,897,505		193,611
TOTAL			$	34,427,502							$	24,094,958	$	195,821

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

32

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 1.1%
AVIC Aero-Engine Controls Co., Ltd. Class A		700	$	2,492
AVIC Aircraft Co., Ltd. Class A		1,400		4,283
Avic Aviation Engine Corp. PLC Class A		800		3,769
AVIC Helicopter Co., Ltd. Class A		400		2,787
Changchun UP Optotech Co., Ltd. Class A		300		2,089
China Avionics Systems Co., Ltd. Class A		800		2,136
China Spacesat Co., Ltd. Class A		700		3,147
Sichuan Chengfa Aero-Science & Technology Co., Ltd. Class A		400		2,029
				22,732
AIR FREIGHT & LOGISTICS — 0.5%
Citic Offshore Helicopter Co., Ltd. Class A		1,300		2,190
Jiangsu Aucksun Co., Ltd. Class A		4,700		6,033
Sinotrans Air Transportation Development Co., Ltd. Class A		1,100		2,618
				10,841
AIRLINES — 1.0%
Air China, Ltd. Class A		3,000		3,108
China Eastern Airlines Corp., Ltd. Class A		4,300		4,374
China Southern Airlines Co., Ltd. Class A		4,700		4,748
Hainan Airlines Co., Ltd. Class A (a)		11,900		5,582
Spring Airlines Co., Ltd. Class A		700		3,701
				21,513
AUTO COMPONENTS — 1.9%
Anhui Zhongding Sealing Parts Co., Ltd. Class A (b)		1,500		5,271
China Shipbuilding Industry Group Power Co., Ltd. Class A (a)		1,000		4,395
Fangda Special Steel Technology Co., Ltd. Class A		2,400		2,338
Fuyao Glass Industry Group Co., Ltd. Class A		2,500		6,702
Greatoo Intelligent Equipment, Inc		5,100		2,502
Huayu Automotive Systems Co., Ltd. Class A		1,700		3,902
Sailun Jinyu Group Co., Ltd. Class A		5,940		3,479
Wanxiang Qianchao Co., Ltd. Class A		1,300		2,480
Weifu High-Technology Group Co., Ltd. Class A		1,000		3,229
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. Class A		800		1,888
Zhejiang Wanfeng Auto Wheel Co., Ltd. Class A		1,100		3,128
				39,314
AUTOMOBILES — 1.1%
Anhui Jianghuai Automobile Group Corp., Ltd Class A		1,400		2,329
Beiqi Foton Motor Co., Ltd. Class A		10,600		4,713
Byd Co., Ltd. Class A		700		5,004
Chongqing Changan Automobile Co., Ltd. Class A		2,200		4,730
FAW CAR Co., Ltd. Class A		1,500		2,346
Haima Automobile Group Co., Ltd. Class A		4,100		3,162
				22,284
BANKS — 10.3%
Agricultural Bank of China, Ltd. Class A		38,400		17,129
Bank of Beijing Co., Ltd. Class A		2,280		3,202
Bank of China, Ltd. Class A		37,100		18,365
Bank of Communications Co., Ltd. Class A		12,800		10,628
Bank of Nanjing Co., Ltd. Class A		3,960		6,177
Bank of Ningbo Co., Ltd. Class A		3,000		7,183
China CITIC Bank Corp., Ltd. Class A		3,200		2,952
China Everbright Bank Co., Ltd. Class A		20,300		11,421
China Merchants Bank Co., Ltd. Class A		10,300		26,085
China Minsheng Banking Corp., Ltd. Class A		14,500		18,945
Huaxia Bank Co., Ltd. Class A		6,100		9,524
Industrial & Commercial Bank of China, Ltd. Class A		15,600		9,899
Industrial Bank Co., Ltd. Class A		14,400		33,444
Ping An Bank Co., Ltd. Class A		8,520		11,156
Shanghai Pudong Development Bank Co., Ltd. Class A		12,540		29,250
				215,360
BEVERAGES — 4.0%
Beijing Yanjing Brewery Co., Ltd. Class A		3,200		3,200
Chongqing Brewery Co., Ltd. Class A		2,200		5,841
Hainan Yedao Co., Ltd. Class A (a)		1,400		2,486
Hebei Hengshui Laobaigan Liquor Co., Ltd. Class A		750		2,520
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A		500		5,080
Kweichow Moutai Co., Ltd. Class A		1,000		48,083
Luzhou Laojiao Co., Ltd. Class A		1,400		6,648
Qinghai Huzhu Barley Wine Co., Ltd. Class A		1,100		3,047
Tsingtao Brewery Co., Ltd. Class A		700		2,965
Zhejiang Guyuelongshan Shaoxing Wine Co., Ltd. Class A (a)		2,100		3,094
				82,964
BIOTECHNOLOGY — 0.8%
Beijing SL Pharmaceutical Co., Ltd. Class A		600		2,306
Chengzhi Co., Ltd. Class A		900		2,020
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A		660		2,203
Hualan Biological Engineering, Inc. Class A		800		4,116
Shanghai RAAS Blood Products Co., Ltd. Class A		1,620		5,383
				16,028
BUILDING PRODUCTS — 0.3%
Zhejiang Dun’An Artificial Environment Co., Ltd. Class A (a)		1,400		1,918
Zhejiang Goldensea Environment Technology Co., Ltd. Class A		1,000		3,354
				5,272
CAPITAL MARKETS — 5.5%
China Merchants Securities Co., Ltd. Class A		3,700		8,694
CITIC Securities Co., Ltd. Class A		3,600		8,319
Dongxing Securities Co., Ltd. Class A		1,800		5,196
Everbright Securities Co., Ltd. Class A		2,100		4,832
GF Securities Co., Ltd. Class A		3,100		7,521
Guosen Securities Co., Ltd. Class A		2,300		5,146
Haitong Securities Co., Ltd. Class A		3,600		8,159
Huatai Securities Co., Ltd. Class A		3,000		7,710
Industrial Securities Co., Ltd. Class A		5,590		6,153
Northeast Securities Co., Ltd. Class A		3,600		6,403

See accompanying Notes to Schedule of Investments

33

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Orient Securities Co., Ltd. Class A		2,200	$	4,916
Pacific Securities Co., Ltd. Class A		11,505		8,526
Sealand Securities Co., Ltd. Class A (b)		4,950		4,832
Shanxi Securities Co., Ltd. Class A		2,700		4,670
Shenwan Hongyuan Group Co., Ltd. Class A (b)		8,910		7,955
Sinolink Securities Co., Ltd. Class A		2,600		4,875
Southwest Securities Co., Ltd. Class A		5,500		5,643
Western Securities Co., Ltd. Class A		1,800		5,380
				114,930
CHEMICALS — 5.1%
Anhui Sierte Fertilizer Industry, Ltd. Co. Class A		1,300		1,882
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. Class A (a)		4,100		2,732
Befar Group Co., Ltd. Class A		5,520		5,790
China Hainan Rubber Industry Group Co., Ltd. Class A (a)		3,200		3,205
Do-Fluoride Chemicals Co., Ltd. Class A		400		1,571
Hubei Biocause Pharmaceutical Co., Ltd. Class A		2,700		2,972
Hubei Kaile Science & Technology Co., Ltd. Class A		1,400		3,119
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A		4,400		2,944
Jiangsu Huifeng Agrochemical Co., Ltd. Class A		3,040		2,165
Jiangsu Protruly Vision Technology Group Co., Ltd. Class A (a)		1,500		2,858
Jiangsu Yangnong Chemical Co., Ltd. Class A		700		3,815
Jilin Gpro Titanium Industry Co., Ltd. Class A		2,800		2,341
Kangde Xin Composite Material Group Co., Ltd. Class A		1,599		4,397
Kingenta Ecological Engineering Group Co., Ltd. Class A		2,200		2,501
Kingfa Sci & Tech Co., Ltd. Class A		3,000		3,359
Luxi Chemical Group Co., Ltd. Class A (a)		3,600		2,896
Nanjing Redsun Co., Ltd. Class A		1,500		3,717
Qinghai Salt Lake Industry Co., Ltd. Class A		1,100		3,018
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A		2,340		4,461
Shanghai 3F New Materials Co. Class A (a) (b)		1,600		3,217
Shanghai Chlor-Alkali Chemical Co., Ltd. Class A (a)		1,500		3,149
Shanghai Pret Composites Co., Ltd. Class A		900		3,867
Shanghai Yahong Moulding Co., Ltd. Class A (a)		200		2,316
Shanxi Yongdong Chemistry Industry Co., Ltd. Class A		1,100		5,013
Shenzhen Noposion Agrochemicals Co., Ltd. Class A		1,000		1,594
Sinoma Science & Technology Co., Ltd. Class A		900		2,269
Sinopec Shanghai Petrochemical Co., Ltd. Class A		3,500		3,243
Tianqi Lithium Industries, Inc. Class A		100		467
Tongkun Group Co., Ltd. Class A		1,500		3,100
Wanhua Chemical Group Co., Ltd. Class A		1,400		4,337
Xinjiang Xuefeng Sci-Tech Group Co., Ltd. Class A		1,200		1,426
Yueyang Xingchang Petrochemical Class A		735		2,771
Zhejiang Huafeng Spandex Co., Ltd. Class A		3,200		2,528
Zhejiang Longsheng Group Co., Ltd. Class A		2,500		3,313
Zhejiang Shenghua Biok Biology Co., Ltd. Class A (a)		3,000		4,511
				106,864
COMMERCIAL SERVICES & SUPPLIES — 1.1%
Beijing GeoEnviron Engineering & Technology, Inc. Class A		400		1,802
Eternal Asia Supply Chain Management, Ltd. Class A		1,600		2,500
Jiangsu Flowers King Horticulture Co., Ltd. Class A (a)		200		1,530
Jihua Group Corp., Ltd. Class A		2,300		3,048
Shaanxi Jinye Science Technology & Education Group Co., Ltd. Class A		2,000		3,592
Shanghai Jielong Industry Group Corp., Ltd. Class A		1,200		1,494
Shenzhen Comix Group Co., Ltd. Class A (a)		1,400		4,371
Shenzhen ESUN Display Co., Ltd. Class A		200		1,336
Tungkong, Inc. Class A		600		2,586
				22,259
COMMUNICATIONS EQUIPMENT — 1.2%
Addsino Co., Ltd. Class A (b)		1,000		2,104
Bus Online Co., Ltd. (a)		600		2,534
Fiberhome Telecommunication Technologies Co., Ltd. Class A		1,100		3,990
Guangzhou Haige Communications Group, Inc. Co. Class A		1,600		2,682
Shenzhen Coship Electronics Co., Ltd. Class A (a)		2,200		3,546
Shenzhen Keybridge Communications Co., Ltd. Class A (b)		1,200		2,235
Tianjin Xinmao Science & Technology Co., Ltd. Class A (a)		3,000		3,091
ZTE Corp. Class A		2,000		4,590
				24,772
CONSTRUCTION & ENGINEERING — 3.6%
Changjiang & Jinggong Steel Building Group Co., Ltd. Class A		2,500		1,540
Changshu Fengfan Power Equipment Co., Ltd. Class A (b)		3,300		3,824
China Gezhouba Group Co., Ltd. Class A		4,400		5,819
China National Chemical Engineering Co., Ltd. Class A		4,200		4,092
China Railway Construction Corp., Ltd. Class A		1,500		2,581
China Railway Group, Ltd. Class A		4,900		6,247
China State Construction Engineering Corp., Ltd. Class A		13,600		17,339
East China Engineering Science and Technology Co., Ltd. Class A		1,000		1,945
Jiangsu Zhongtai Bridge Steel Structure Co., Ltd. Class A (a) (b)		1,300		3,903
Metallurgical Corp. of China, Ltd. Class A		11,600		7,778

See accompanying Notes to Schedule of Investments

34

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Power Construction Corp. of China, Ltd. Class A		5,300	$	5,537
Shandong Longquan Pipeline Engineering Co., Ltd. Class A		1,000		1,728
Shandong Qixing Iron Tower Co., Ltd. Class A (a)		700		2,878
Shanghai Construction Group Co., Ltd. Class A		4,320		2,940
Shanghai Tunnel Engineering Co., Ltd. Class A		1,900		3,010
Shenzhen Tagen Group Co., Ltd. Class A		1,400		1,946
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A		1,950		2,747
				75,854
CONSTRUCTION MATERIALS — 0.7%
Anhui Conch Cement Co., Ltd. Class A		1,700		4,149
Anhui Xinli Finance Co., Ltd. Class A		700		3,244
Arcplus Group PLC Class A (a)		700		2,103
Shandong Jinjing Science & Technology Co., Ltd. Class A (a)		4,700		3,131
Xishui Strong Year Co., Ltd. Inner Mongolia Class A		800		2,208
				14,835
CONTAINERS & PACKAGING — 1.0%
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. Class A		1,800		2,852
Kee Ever Bright Decorative Technology Co., Ltd. Class A (a) (b)		400		4,448
Org Packaging Co., Ltd. Class A		2,880		3,580
Shanghai Zi Jiang Enterprise Group Co., Ltd. Class A		3,400		2,647
Shenzhen Beauty Star Co., Ltd. Class A (a)		2,700		5,299
Zhejiang Great Southeast Co., Ltd. Class A		4,000		2,435
				21,261
DISTRIBUTORS — 0.1%
Shanghai Shenhua Holdings Co., Ltd. Class A (a)		2,900		1,657
DIVERSIFIED CONSUMER SERVICES — 0.6%
But One Information Corp. Xi an Class A (a)		1,300		11,005
Zhejiang Yasha Decoration Co., Ltd. Class A		1,200		1,827
				12,832
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Avic Capital Co., Ltd. Class A		4,200		3,699
Bohai Financial Investment Holding Co., Ltd. Class A (a)		2,900		2,983
				6,682
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
263 Network Communications Co., Ltd. Class A		1,700		2,573
Dr Peng Telecom & Media Group Co., Ltd. Class A		1,000		3,156
				5,729
ELECTRIC UTILITIES — 0.2%
Xinjiang Tianfu Energy Co., Ltd. Class A		3,200		3,440
ELECTRICAL EQUIPMENT — 4.0%
Anhui Xinlong Electrical Co., Ltd		1,100		2,186
Beijing Sifang Automation Co., Ltd. Class A		1,200		1,680
China XD Electric Co., Ltd. Class A		3,700		2,971
Citychamp Dartong Co., Ltd. Class A		2,100		2,164
Dongfang Electric Corp., Ltd. Class A (b)		1,400		2,030
Dongfang Electronics Co., Ltd. Class A (a) (b)		5,600		4,025
Fangda Carbon New Material Co., Ltd. Class A (a)		1,800		2,398
Genimous Investment Co., Ltd. Class A (a) (b)		1,400		3,766
Guangdong Nan Yang Cable Group Holding Co., Ltd. Class A		1,800		4,393
Henan Tong-DA Cable Co., Ltd. Class A (a)		1,300		2,003
Jiangsu SINOJIT Wind Energy Technology Co., Ltd. Class A		6,300		4,868
Jiangsu Zongyi Co., Ltd. Class A (a)		1,200		1,787
Luxshare Precision Industry Co., Ltd. Class A		1,200		3,583
Nanjing Kangni Mechanical & Electrical Co., Ltd. Class A (b)		1,750		3,691
NARI Technology Co., Ltd. Class A (b)		1,600		3,827
Shanghai Electric Group Co., Ltd. Class A (a) (b)		2,700		3,086
Shanghai Welltech Automation Co., Ltd. Class A (a)		900		3,870
Shenzhen Center Power Tech Co., Ltd. Class A		600		1,757
Shenzhen Hifuture Electric Co., Ltd. Class A (a)		2,500		5,706
Shenzhen Invt Electric Co., Ltd. Class A		1,700		1,981
Shenzhen Moso Power Supply Technology Co., Ltd. Class A		1,600		3,500
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. Class A		800		1,625
Sieyuan Electric Co., Ltd. Class A		2,520		4,779
TBEA Co., Ltd. Class A		2,000		2,628
Tongling Jingda Special Magnet Wire Co., Ltd. Class A (b)		6,000		3,562
Xinjiang Goldwind Science & Technology Co., Ltd. Class A		1,700		4,186
Zhejiang Wanma Co., Ltd. Class A		800		1,730
				83,782
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.4%
Accelink Technologies Co., Ltd. Class A		400		4,518
Beijing SDL Technology Co., Ltd. Class A		700		1,733
China Security & Fire Co., Ltd. Class A (b)		1,000		2,405
Dongxu Optoelectronic Technology Co., Ltd. Class A		2,100		3,403
Fujian Torch Electron Technology Co., Ltd. Class A		600		6,531
GoerTek, Inc. Class A		1,000		3,816
Hangzhou Hikvision Digital Technology Co., Ltd. Class A		3,300		11,306
Hengdian Group DMEGC Magnetics Co., Ltd. Class A		2,200		4,403
IRICO Display Devices Co., Ltd. Class A (a)		1,500		1,940
Ningbo Yunsheng Group Co., Ltd. Class A		900		2,550
Shen Zhen Mindata Holding Co., Ltd. Class A (a)		1,400		2,548

See accompanying Notes to Schedule of Investments

35

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A		2,700	$	2,661
Shenzhen Infinova, Ltd. Class A (a)		2,210		2,341
Shenzhen Mason Technologies Co., Ltd. Class A		2,400		3,813
Shenzhen Sunlord Electronics Co., Ltd. Class A		1,900		4,733
Tatwah Smartech Co., Ltd. Class A (a)		1,000		2,350
TDG Holdings Co., Ltd. Class A (a)		1,700		2,556
Unigroup Guoxin Co., Ltd. Class A		400		1,896
WUS Printed Circuit Kunshan Co., Ltd. Class A (a)		3,400		2,339
Zhejiang Dahua Technology Co., Ltd. Class A		1,750		3,445
				71,287
ENERGY EQUIPMENT & SERVICES — 0.8%
Beijing New Oriental Star Petrochemical Engineering Co., Ltd. Class A		200		1,161
Cangzhou Mingzhu Plastic Co., Ltd. Class A		1,900		5,569
Offshore Oil Engineering Co., Ltd. Class A		3,100		3,292
Yantai Jereh Oilfield Services Group Co., Ltd. Class A		900		2,629
Zhejiang Kingland Pipeline & Technologies Co., Ltd. Class A		2,300		3,621
				16,272
FOOD & STAPLES RETAILING — 0.3%
Shenzhen Agricultural Products Co., Ltd. Class A		1,300		2,314
Yonghui Superstores Co., Ltd. Class A		5,600		3,956
				6,270
FOOD PRODUCTS — 3.0%
Angel Yeast Co., Ltd. Class A		1,500		3,846
Baotou Huazi Industry Co., Ltd. Class A		1,500		3,004
Beijing Dabeinong Technology Group Co., Ltd. Class A		3,450		3,525
Bright Dairy & Food Co., Ltd. Class A		1,100		2,067
COFCO Tunhe Co., Ltd. Class A		1,300		2,331
Gansu Yasheng Industrial Group Co., Ltd. Class A		2,800		2,305
Henan Shuanghui Investment & Development Co., Ltd. Class A		2,600		7,830
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)		6,080		3,097
Inner Mongolia Yili Industrial Group Co., Ltd. Class A		3,800		9,624
Jonjee High-Tech Industrial And Commercial Holding Co., Ltd. Class A		1,400		2,836
Lotus Health Group Co. Class A (a)		3,000		2,219
MeiHua Holdings Group Co., Ltd. Class A		2,800		2,627
Qiaqia Food Co., Ltd. Class A		1,500		3,466
Shandong Delisi Food Co., Ltd. Class A (a)		2,800		4,952
Shanghai Maling Aquarius Co., Ltd. Class A (a)		1,400		2,307
Xinjiang Guannong Fruit & Antler Group Co., Ltd. Class A		1,800		2,101
Yuan Longping High-tech Agriculture Co., Ltd. Class A		1,400		4,317
				62,454
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A		400		1,785
HEALTH CARE PROVIDERS & SERVICES — 0.3%
Huadong Medicine Co., Ltd. Class A		300		3,111
Shanghai Pharmaceuticals Holding Co., Ltd. Class A		1,200		3,378
				6,489
HOTELS, RESTAURANTS & LEISURE — 0.6%
China High-Speed Railway Technology Co., Ltd. Class A (a)		3,300		4,426
China International Travel Service Corp., Ltd. Class A		600		3,747
Shenzhen Overseas Chinese Town Co., Ltd. Class A		4,200		4,200
				12,373
HOUSEHOLD DURABLES — 2.1%
Anhui Deli Household Glass Co., Ltd. Class A (a) (b)		4,200		9,176
Guangdong Homa Appliances Co., Ltd. Class A		200		2,042
Guangzhou Holike Creative Home Co., Ltd. Class A		600		2,795
Hisense Electric Co., Ltd. Class A		1,600		3,941
Leo Group Co., Ltd. Class A		900		2,066
Markor International Home Furnishings Co., Ltd. Class A		1,100		2,241
Midea Group Co., Ltd. Class A		3,600		14,593
NavInfo Co., Ltd. Class A		900		2,506
TCL Corp. Class A		9,700		4,606
				43,966
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.7%
An Hui Wenergy Co., Ltd. Class A		2,210		2,420
China National Nuclear Power Co., Ltd. Class A		7,000		7,111
China Yangtze Power Co., Ltd. Class A		3,900		7,105
Datang Huayin Electric Power Co., Ltd. Class A (a)		2,100		1,590
GD Power Development Co., Ltd. Class A		11,100		5,063
Guangdong Baolihua New Energy Stock Co., Ltd. Class A		1,800		2,401
Huadian Power International Corp., Ltd. Class A		4,300		3,063
Huaneng Power International, Inc. Class A		2,900		2,942
Hubei Energy Group Co., Ltd. Class A		3,200		2,109
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A		5,600		2,482
SDIC Power Holdings Co., Ltd. Class A		4,000		3,839
Shanghai Electric Power Co., Ltd. Class A		1,600		2,795
Shanxi Zhangze Electric Power Co., Ltd. Class A (a)		4,200		2,327
Shenergy Co., Ltd. Class A		3,900		3,294
Shenzhen Energy Group Co., Ltd. Class A		2,700		2,669
Sichuan Chuantou Energy Co., Ltd. Class A		3,800		4,757
				55,967

See accompanying Notes to Schedule of Investments

36

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.1%
China Baoan Group Co., Ltd. Class A		2,025	$	3,019
INSURANCE — 2.2%
China Life Insurance Co., Ltd. Class A		600		2,080
China Pacific Insurance Group Co., Ltd. Class A		3,300		13,187
New China Life Insurance Co., Ltd. Class A		700		4,410
Ping An Insurance Group Co. of China, Ltd. Class A		5,200		26,510
				46,187
INTERNET SOFTWARE & SERVICES — 0.4%
Dawning Information Industry Co., Ltd. Class A		400		1,601
Focus Technology Co., Ltd. Class A		300		2,603
People.cn Co., Ltd. Class A		900		2,287
Shanghai DZH, Ltd. Class A (a)		1,800		1,963
				8,454
IT SERVICES — 0.8%
BOE Technology Group Co., Ltd. Class A		18,800		7,737
DHC Software Co., Ltd. Class A		1,200		4,023
Fujian Rongji Software Co., Ltd. Class A (a)		2,300		4,488
				16,248
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Alpha Group Class A		900		2,940
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Shanghai Runda Medical Technology Co., Ltd. Class A		600		2,638
MACHINERY — 5.0%
Anhui Ankai Automobile Co., Ltd. Class A		2,500		2,392
Anhui Heli Co., Ltd. Class A		1,900		3,478
China CSSC Holdings, Ltd. Class A		800		3,178
China First Heavy Industries Class A (a)		3,800		2,958
China Shipbuilding Industry Co., Ltd. Class A (a)		9,200		9,386
CRRC Corp., Ltd. Class A		11,800		16,589
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A		700		3,336
Geron Co., Ltd. Class A		100		691
Han’s Laser Technology Industry Group Co., Ltd. Class A		900		2,927
Hefei Meiya Optoelectronic Technology, Inc. Class A		500		1,522
Jiangsu Hengli Hydraulic Co., Ltd. Class A		1,200		2,773
Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd. Class A		1,900		1,739
Linzhou Heavy Machinery Group Co., Ltd. Class A (a)		2,210		2,070
Mesnac Co., Ltd. Class A		1,300		2,123
Nanxing Furniture Machinery & Equipment Co., Ltd. Class A		300		1,771
North Navigation Control Technology Co., Ltd. Class A		1,200		2,252
Sanlux Co., Ltd. Class A		2,000		4,328
Sany Heavy Industry Co., Ltd. Class A		3,900		3,423
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A		800		2,247
Shantui Construction Machinery Co., Ltd. Class A (a)		3,200		2,546
Sunward Intelligent Equipment Co., Ltd. Class A (a)		2,600		3,349
Suzhou Thvow Technology Co., Ltd. Class A		2,600		3,741
Taiyuan Heavy Industry Co., Ltd. Class A (a)		4,600		2,668
Tian Di Science & Technology Co., Ltd. Class A		3,000		2,146
Tianjin Benefo Tejing Electric Co., Ltd. Class A		1,100		2,061
Weihai Guangtai Airport Equipment Co., Ltd. Class A		700		2,156
Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd. Class A (a)		200		1,372
XCMG Construction Machinery Co., Ltd. Class A (a)		4,400		2,140
Xiamen XGMA Machinery Co., Ltd. Class A (a)		2,000		1,853
Zhejiang Jinggong Science & Technology Co., Ltd. Class A (a)		1,700		2,740
Zhengzhou Yutong Bus Co., Ltd. Class A		1,500		4,228
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A		4,700		3,071
				103,254
MEDIA — 2.1%
Beijing Gehua CATV Network Co., Ltd. Class A		1,000		2,204
China South Publishing & Media Group Co., Ltd. Class A		1,300		3,117
China Television Media, Ltd. Class A		700		2,208
Chinese Universe Publishing and Media Co., Ltd. Class A		1,000		2,907
CITIC Guoan Information Industry Co., Ltd. Class A		4,000		5,284
Contemporary Eastern Investment Co., Ltd. Class A (a)		2,600		5,185
Guangdong Advertising Group Co., Ltd. Class A (b)		1,430		2,607
Huawen Media Investment Corp. Class A		1,700		2,762
Jiangsu Broadcasting Cable Information Network Corp., Ltd. Class A		1,430		2,325
Jiangsu Phoenix Publishing & Media Corp., Ltd. Class A		1,500		2,260
Jishi Media Co., Ltd. Class A		3,500		2,110
Shanghai Oriental Pearl Media Co., Ltd. Class A		1,500		5,029
Shenzhen Topway Video Communication Co., Ltd. Class A		1,680		3,542
Wanda Cinema Line Co., Ltd. Class A		200		1,556
				43,096
METALS & MINING — 5.4%
Advanced Technology & Materials Co., Ltd. Class A (a)		2,100		3,185
Aluminum Corp. of China, Ltd. Class A (a)		7,100		4,311
Anhui Xinke New Materials Co., Ltd. Class A		4,500		3,134
Anyang Iron & Steel, Inc. Class A (a)		12,900		5,550
Baoshan Iron & Steel Co., Ltd. Class A		4,400		4,020

See accompanying Notes to Schedule of Investments

37

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Beijing Kingee Culture Development Co., Ltd. Class A		700	$	1,680
China Northern Rare Earth Group High-Tech Co., Ltd. Class A		2,400		4,237
Hunan Gold Corp., Ltd. Class A (a)		4,800		7,909
Hunan Valin Steel Co., Ltd. Class A (a)		7,700		6,714
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)		27,000		10,840
Jiangxi Ganfeng Lithium Co., Ltd. Class A		400		1,526
Maanshan Iron & Steel Co., Ltd. Class A (a)		7,400		3,014
Ningxia Xinri Hengli Steel Wire Co., Ltd. Class A (a)		1,100		1,931
Shandong Gold Mining Co., Ltd. Class A		1,600		8,406
Shandong Humon Smelting Co., Ltd. Class A (a)		3,100		5,130
Shandong Iron and Steel Co., Ltd. Class A (a)		7,200		2,590
Shanghai Prosolar Resources Development Co., Ltd. Class A (a)		2,300		3,435
Shanxi Taigang Stainless Steel Co., Ltd. Class A (a)		4,600		2,608
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Class A		1,700		2,728
Tongling Nonferrous Metals Group Co., Ltd. Class A (a)		10,600		4,698
Western Mining Co., Ltd. Class A (b)		5,700		6,333
Wuhan Iron & Steel Co., Ltd. Class A (a)		7,600		3,729
Zhongjin Gold Corp., Ltd. Class A (a)		4,130		7,185
Zhongnan Red Culture Group Co., Ltd. Class A		1,300		2,808
Zijin Mining Group Co., Ltd. Class A		10,400		4,998
				112,699
MULTILINE RETAIL — 1.7%
Beijing Capital Retailing Group Co., Ltd. Class A		1,800		2,468
Changchun Sinoenergy Corp. Class A (a)		2,800		5,560
Chengdu Hongqi Chain Co., Ltd. Class A (a)		2,800		3,256
Dalian Friendship Group Class A (a)		4,200		8,521
Hunan Friendship & Apollo Cmmericial Co., Ltd. Class A		2,000		4,133
Rainbow Department Store Co., Ltd. Class A		1,700		3,674
Shanghai Yimin Commerce Group Co., Ltd. Class A		3,100		3,230
Wuhan Department Store Group Co., Ltd. Class A (a)		1,600		4,494
				35,336
OIL, GAS & CONSUMABLE FUELS — 2.3%
China Merchants Energy Shipping Co., Ltd. Class A		4,000		2,843
China Petroleum & Chemical Corp. Class A		4,700		3,659
China Shenhua Energy Co., Ltd. Class A		1,900		4,424
Guanghui Energy Co., Ltd. Class A (a)		4,600		3,091
Jizhong Energy Resources Co., Ltd. Class A		4,100		3,976
Oriental Energy Co., Ltd. Class A		1,400		2,496
PetroChina Co., Ltd. Class A		4,500		5,148
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A		6,800		7,867
Shanxi Xishan Coal & Electricity Power Co., Ltd. Class A		7,000		8,521
Wintime Energy Co., Ltd. Class A		6,200		3,578
Yang Quan Coal Industry Group Co., Ltd. Class A (a)		3,400		3,293
				48,896
PAPER & FOREST PRODUCTS — 0.6%
DeHua TB New Decoration Materials Co., Ltd. Class A		1,950		3,246
Guangdong Weihua Corp. Class A (a)		3,000		4,995
Sichuan Guodong Construction Co., Ltd. Class A (a)		5,200		5,163
				13,404
PHARMACEUTICALS — 5.2%
Beijing Tongrentang Co., Ltd. Class A		1,000		4,515
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A		1,000		3,559
Dong-E-E-Jiao Co., Ltd. Class A		700		5,426
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A		1,900		3,376
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A		600		2,070
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A		800		2,180
Harbin Gloria Pharmaceuticals Co., Ltd. Class A		2,400		2,856
Harbin Pharmaceutical Group Co., Ltd. Class A		2,210		2,729
Huapont Life Sciences Co., Ltd. Class A		1,500		1,958
Humanwell Healthcare Group Co., Ltd. Class A		1,000		2,871
Jiangsu Hengrui Medicine Co., Ltd. Class A		1,200		7,857
Jilin Aodong Pharmaceutical Group Co., Ltd. Class A		1,100		4,905
Joincare Pharmaceutical Group Industry Co., Ltd. Class A		1,400		2,000
Kangmei Pharmaceutical Co., Ltd. Class A		2,600		6,678
Renhe Pharmacy Co., Ltd. Class A (a)		1,800		1,826
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A		1,100		3,663
Shenzhen Hepalink Pharmaceutical Co., Ltd. Class A		1,280		3,356
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A		800		3,366
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A		900		2,233
Sichuan Kelun Pharmaceutical Co., Ltd. Class A		1,100		2,552
Tasly Pharmaceutical Group Co., Ltd. Class A		600		3,582
Tianjin Lisheng Pharmaceutical Co., Ltd. Class A		900		5,349
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A		960		3,029
Yabao Pharmaceutical Group Co., Ltd. Class A		1,500		2,133
Yifan Pharmaceutical Co., Ltd. Class A		900		1,980
Yunnan Baiyao Group Co., Ltd. Class A		600		6,575
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		600		3,953

See accompanying Notes to Schedule of Investments

38

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Zhejiang Yatai Pharmaceutical Co., Ltd. Class A		1,800	$	7,589
Zhongzhu Holding Co., Ltd. Class A		1,000		3,597
				107,763
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.1%
Beijing Capital Development Co., Ltd. Class A		1,600		2,719
Beijing Centergate Technologies Holding Co., Ltd. Class A (a)		3,200		3,900
Beijing Urban Construction Investment & Development Co., Ltd. Class A		1,500		2,877
China Fortune Land Development Co., Ltd. Class A		1,400		4,815
China Merchants Shekou Industrial Zone Holdings Co., Ltd.		2,721		6,417
China Vanke Co., Ltd. Class A		5,600		16,559
Chongqing Dima Industry Co., Ltd. Class A		3,600		3,844
Gemdale Corp. Class A		2,700		5,035
Guangdong Shirongzhaoye Co., Ltd. Class A (a)		1,900		2,616
Hainan Haide Industry Co., Ltd. Class A (a)		1,000		5,408
Hubei Fuxing Science And Technology Co., Ltd. Class A		1,700		3,116
Hunan Tianrun Digital Entertainment & Cultural Media Co., Ltd. Class A (a) (b)		5,200		12,720
Jinke Properties Group Co., Ltd. Class A		4,100		3,091
Lushang Property Co., Ltd. Class A (a)		3,200		2,505
Myhome Real Estate Development Group Co., Ltd. Class A		3,600		1,912
Oceanwide Holdings Co., Ltd. Class A		2,600		3,476
Poly Real Estate Group Co., Ltd. Class A		1,700		2,233
RiseSun Real Estate Development Co., Ltd. Class A		2,600		2,937
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A		1,440		4,586
Shanghai SMI Holding Co., Ltd. Class A (a) (b)		1,800		4,869
Shanghai Wanye Enterprises Co., Ltd. Class A		2,200		3,913
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A		1,300		3,315
Shenzhen World Union Properties Consultancy, Inc. Class A		2,100		2,297
Shenzhen Zhenye Group Co., Ltd. Class A		2,100		2,856
Thaihot Group Co., Ltd. Class A		800		2,036
Xinhu Zhongbao Co., Ltd. Class A		15,100		9,039
Zhejiang China Commodities City Group Co., Ltd. Class A		4,100		5,103
Zhongtian Urban Development Group Co., Ltd. Class A (b)		3,000		2,749
				126,943
ROAD & RAIL — 0.5%
Daqin Railway Co., Ltd. Class A		7,400		7,539
Guangshen Railway Co., Ltd. Class A		4,300		3,137
				10,676
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0%
EGing Photovoltaic Technology Co., Ltd. Class A (b)		3,600		3,803
Hangzhou Silan Microelectronics Co., Ltd. Class A		4,200		3,759
Sanan Optoelectronics Co., Ltd. Class A		2,240		4,316
Shanghai Belling Co., Ltd. Class A (b)		1,300		2,520
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A (b)		1,800		2,110
Xi’an LONGi Silicon Materials Corp. Class A		1,800		3,468
				19,976
SOFTWARE — 1.3%
Beijing Shiji Information Technology Co., Ltd. Class A		600		2,104
Glodon Co., Ltd. Class A		1,000		2,101
Hangzhou Liaison Interactive Information Technology Co., Ltd. Class A		1,000		2,010
Hundsun Technologies, Inc. Class A		400		2,713
Iflytek Co., Ltd. Class A		900		3,508
Inspur Software Co., Ltd. Class A		500		1,661
Neusoft Corp. Class A		1,200		3,395
Shanghai 2345 Network Holding Group Co., Ltd. Class A		1,200		1,955
Sinodata Co., Ltd. Class A		300		1,863
Wisesoft Co., Ltd. Class A		500		1,794
Yonyou Network Technology Co., Ltd. Class A		1,100		3,296
				26,400
SPECIALTY RETAIL — 0.7%
Jiangsu Hongtu High Technology Co., Ltd. Class A		1,500		2,638
Pang Da Automobile Trade Co., Ltd. Class A (a)		5,700		2,272
Shanghai Yuyuan Tourist Mart Co., Ltd. Class A (b)		1,500		2,430
Suning Commerce Group Co., Ltd. Class A		4,300		7,085
				14,425
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%
GRG Banking Equipment Co., Ltd. Class A		1,350		2,580
Guangzhou KingTeller Technology Co., Ltd. Class A (a)		2,700		2,976
Inspur Electronic Information Industry Co., Ltd. Class A		800		2,440
Tsinghua Tongfang Co., Ltd. Class A		2,100		4,185
				12,181
TEXTILES,APPAREL & LUXURY GOODS — 1.7%
Anhui Huamao Textile Co. Class A		4,300		3,688
Bros Eastern Co., Ltd. Class A		3,000		2,694
Gansu Gangtai Holding Group Co., Ltd. Class A (b)		1,300		2,981
Huafu Top Dyed Melange Yarn Co., Ltd. Class A		2,500		4,123
Huasi Holding Co., Ltd. Class A		1,000		1,991
Jiangsu Huaxicun Co., Ltd. Class A		2,000		2,817
Jiangsu Sunshine Co., Ltd. Class A (a)		3,300		2,061
Luthai Textile Co., Ltd. Class A		1,300		2,396
Yantai Tayho Advanced Materials Co., Ltd. Class A (a)		1,200		2,134
Youngor Group Co., Ltd. Class A		1,900		3,822
Zhejiang Hangmin Co., Ltd. Class A		1,700		3,019
Zhejiang Ming Jewelry Co., Ltd. Class A		1,500		2,497

See accompanying Notes to Schedule of Investments

39

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Zhejiang Weixing Industrial Development Co., Ltd. Class A		1,000	$	2,062
				36,285
TRADING COMPANIES & DISTRIBUTORS — 1.0%
CMST Development Co., Ltd. Class A		2,700		3,524
Shandong Hiking International Co., Ltd. Class A (a) (b)		1,800		5,297
Shanghai Lansheng Corp. Class A		600		2,359
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A		700		1,988
Sinochem International Corp. Class A		2,100		3,524
Tianjin Teda Co., Ltd. Class A		4,500		3,574
				20,266
TRANSPORTATION INFRASTRUCTURE — 1.8%
Dalian Port PDA Co., Ltd. Class A		7,130		2,873
Fujian Expressway Development Co., Ltd. Class A		9,700		4,829
Henan Zhongyuan Expressway Co., Ltd. Class A		4,400		2,843
Hubei Chutian Expressway Co., Ltd. Class A		6,400		5,673
Jiangxi Ganyue Expressway Co., Ltd. Class A		4,000		2,895
Shanghai International Port Group Co., Ltd. Class A		3,700		2,726
Shenzhen Chiwan Wharf Holdings, Ltd. Class A		1,500		4,107
TangShan Port Group Co., Ltd. Class A		5,040		2,908
Xiandai Investment Co., Ltd. Class A		3,200		3,716
Yingkou Port Liability Co., Ltd. Class A		5,100		2,547
Zhangjiagang Freetrade Science and Technology Co., Ltd. Class A		3,600		3,253
				38,370
WATER UTILITIES — 0.6%
Beijing Capital Co., Ltd. Class A		4,600		2,720
Chengdu Xingrong Environment Co., Ltd. Class A		3,600		2,984
Guangdong Golden Dragon Development, Inc. Class A		900		3,036
Tus-Sound Environmental Resources Co., Ltd. Class A		700		3,322
				12,062
WIRELESS TELECOMMUNICATION SERVICES — 0.6%
China United Network Communications, Ltd. Class A		11,100		11,676
TOTAL COMMON STOCKS (Cost $2,457,615)				2,081,262
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $634)		634		634
TOTAL INVESTMENTS — 99.9% (Cost $2,458,249)				2,081,896
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				2,067
NET ASSETS — 100.0%			$	2,083,963

(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 December 31, 2016, total aggregate fair value of securities is $121,776 representing 5.8% of net assets.

(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 period ended December 31, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	22,732	$	—	$	—	$	22,732
Air Freight & Logistics		10,841		—		—		10,841
Airlines		21,513		—		—		21,513
Auto Components		34,043		5,271		—		39,314
Automobiles		22,284		—		—		22,284
Banks		215,360		—		—		215,360
Beverages		82,964		—		—		82,964
Biotechnology		16,028		—		—		16,028
Building Products		5,272		—		—		5,272
Capital Markets		102,143		12,787		—		114,930
Chemicals		103,647		3,217		—		106,864
Commercial Services & Supplies		22,259		—		—		22,259

See accompanying Notes to Schedule of Investments

40

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Communications Equipment	$	20,433	$	4,339	$	—	$	24,772
Construction & Engineering		68,127		7,727		—		75,854
Construction Materials		14,835		—		—		14,835
Containers & Packaging		16,813		4,448		—		21,261
Distributors		1,657		—		—		1,657
Diversified Consumer Services		12,832		—		—		12,832
Diversified Financial Services		6,682		—		—		6,682
Diversified Telecommunication Services		5,729		—		—		5,729
Electric Utilities		3,440		—		—		3,440
Electrical Equipment		59,795		23,987		—		83,782
Electronic Equipment, Instruments & Components		68,882		2,405		—		71,287
Energy Equipment & Services		16,272		—		—		16,272
Food & Staples Retailing		6,270		—		—		6,270
Food Products		62,454		—		—		62,454
Health Care Equipment & Supplies		1,785		—		—		1,785
Health Care Providers & Services		6,489		—		—		6,489
Hotels, Restaurants & Leisure		12,373		—		—		12,373
Household Durables		34,790		9,176		—		43,966
Independent Power Producers & Energy Traders		55,967		—		—		55,967
Industrial Conglomerates		3,019		—		—		3,019
Insurance		46,187		—		—		46,187
Internet Software & Services		8,454		—		—		8,454
IT Services		16,248		—		—		16,248
Leisure Equipment & Products		2,940		—		—		2,940
Life Sciences Tools & Services		2,638		—		—		2,638
Machinery		103,254		—		—		103,254
Media		40,489		2,607		—		43,096
Metals & Mining		106,366		6,333		—		112,699
Multiline Retail		35,336		—		—		35,336
Oil, Gas & Consumable Fuels		48,896		—		—		48,896
Paper & Forest Products		13,404		—		—		13,404
Pharmaceuticals		107,763		—		—		107,763
Real Estate Management & Development		106,605		20,338		—		126,943
Road & Rail		10,676		—		—		10,676
Semiconductors & Semiconductor Equipment		11,543		8,433		—		19,976
Software		26,400		—		—		26,400
Specialty Retail		11,995		2,430		—		14,425
Technology Hardware, Storage & Peripherals		12,181		—		—		12,181
Textiles, Apparel & Luxury Goods		33,304		2,981		—		36,285
Trading Companies & Distributors		14,969		5,297		—		20,266
Transportation Infrastructure		38,370		—		—		38,370
Water Utilities		12,062		—		—		12,062
Wireless Telecommunication Services		11,676		—		—		11,676
Short-Term Investment		634		—		—		634
TOTAL INVESTMENTS	$	1,960,120	$	121,776	$	—	$	2,081,896

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		338	$	338		1		339		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,125		491		634		634		—
TOTAL			$	338							$	634	$	—

See accompanying Notes to Schedule of Investments

41

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 8.4%
Ambev SA ADR		347,825	$	1,707,821
B2W Cia Digital (a)		5,295		16,594
Banco Bradesco SA Preference Shares ADR		269,636		2,348,530
Banco do Brasil SA		64,377		555,612
Banco Pan SA Preference Shares		27,571		10,928
Banco Santander Brasil SA		1,521		13,800
BB Seguridade Participacoes SA		42,702		371,299
BM&FBovespa SA		136,626		692,638
BR Malls Participacoes SA (a)		65,412		240,168
Bradespar SA Preference Shares		35,567		162,279
Brasil Brokers Participacoes SA (a)		12,534		6,085
Braskem SA Preference Shares ADR (b)		13,759		291,828
BRF SA ADR		39,146		577,795
CCR SA		38,371		188,159
Centrais Eletricas Brasileiras SA ADR (a)		44,072		305,860
Cia Brasileira de Distribuicao ADR (b)		17,409		288,119
Cia de Saneamento Basico do Estado de Sao Paulo		55,992		495,287
Cia Energetica de Minas Gerais ADR		98,310		224,147
Cia Energetica de Sao Paulo Class B, Preference Shares		3,959		16,409
Cia Hering		3,160		14,680
Cia Siderurgica Nacional SA ADR (a)		112,685		363,973
Cielo SA		66,144		566,798
Cosan Logistica SA (a)		3,776		5,789
Cosan SA Industria e Comercio		14,062		164,828
CPFL Energia SA		10,342		80,106
Cyrela Brazil Realty SA Empreendimentos e Participacoes		39,614		124,999
Duratex SA (a)		30,270		63,243
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		2,460		8,533
Embraer SA		60,509		297,460
Engie Brasil Energia SA		19,695		221,372
Estacio Participacoes SA		17,041		82,726
Eternit SA (a)		14,713		5,967
Fibria Celulose SA ADR (b)		21,679		208,335
GAEC Educacao SA		2,030		8,501
Gafisa SA		8,720		4,983
Gerdau SA ADR (b)		83,914		263,490
Hypermarcas SA		3,676		29,512
Itau Unibanco Holding SA Preference Shares ADR		267,811		2,753,097
Itausa — Investimentos Itau SA		33,151		81,790
Itausa — Investimentos Itau SA Preference Shares		359,168		913,728
JBS SA		27,954		97,912
Kepler Weber SA		1,549		8,567
Klabin SA		11,537		62,812
Kroton Educacional SA		84,431		345,797
Log-in Logistica Intermodal SA (a)		1,975		1,560
Lojas Americanas SA Preference Shares		68,060		355,492
Lojas Renner SA		97,464		693,840
Magnesita Refratarios SA (a)		3,738		27,277
Marcopolo SA Preference Shares		28,780		24,229
Metalurgica Gerdau SA Preference Shares (a)		111,784		164,858
Mills Estruturas e Servicos de Engenharia SA (a)		6,332		7,607
MMX Mineracao e Metalicos SA (a)		3,164		5,395
MRV Engenharia e Participacoes SA		6,982		23,469
Natura Cosmeticos SA		21,651		153,134
Oi SA ADR (a)		197		782
PDG Realty SA Empreendimentos e Participacoes (a)		2,673		977
Petroleo Brasileiro SA ADR (a)		75,077		759,029
Petroleo Brasileiro SA Preference Shares ADR (a)		168,565		1,485,058
Profarma Distribuidora de Produtos Farmaceuticos SA (a)		2,291		5,821
Prumo Logistica SA (a)		2,783		6,541
Qualicorp SA		6,107		36,120
Raia Drogasil SA		4,686		88,099
Restoque Comercio e Confeccoes de Roupas SA (a)		8,213		7,974
Rodobens Negocios Imobiliarios SA		6,970		11,671
Rossi Residencial SA (a)		9,065		7,520
Rumo Logistica Operadora Multimodal SA (a)		4,676		8,821
Suzano Papel e Celulose SA Class A, Preference Shares		6,196		27,033
T4F Entretenimento SA		11,276		19,401
Telefonica Brasil SA ADR		15,575		208,394
Telefonica Brasil SA Preference Shares		50,787		687,833
Tim Participacoes SA ADR		17,449		205,898
TOTVS SA		4,412		32,588
Ultrapar Participacoes SA		20,683		434,987
Usinas Siderurgicas de Minas Gerais SA ADR (b)		60,436		75,545
Vale SA ADR		100,937		769,140
Vale SA Preference Shares ADR		146,645		1,010,384
WEG SA		91,417		435,359
				23,074,192
CHILE — 1.7%
AntarChile SA		23,597		236,046
Empresas COPEC SA		57,985		555,657
Empresas Iansa SA		565,617		15,200
Enel Americas SA ADR		70,663		580,142
Enel Chile SA ADR		49,809		226,631
Enel Generacion Chile SA ADR		12,963		252,001
Enjoy SA		260,001		18,978
Latam Airlines Group SA ADR (a)		38,538		315,241
Multiexport Foods SA (a)		260,404		73,870
Parque Arauco SA		390,625		892,019
SACI Falabella		144,373		1,142,314
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		1,714		48,849
Tech Pack SA (a) (c)		1,480		778
Vina Concha y Toro SA ADR (b)		8,514		275,768
				4,633,494
CHINA — 28.4%
21Vianet Group, Inc. ADR (a)		994		6,968
3SBio, Inc. (a) (d)		44,000		42,847
500.com, Ltd. Class A, ADR (a)		568		8,707
58.com, Inc. ADR (a)		710		19,880

See accompanying Notes to Schedule of Investments

42

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
AAC Technologies Holdings, Inc.		74,992	$	681,424
Agile Group Holdings, Ltd.		310,999		158,445
Agricultural Bank of China, Ltd. Class H		1,702,000		698,085
Air China, Ltd. Class H		207,744		132,634
Alibaba Group Holding, Ltd. ADR (a)		73,843		6,484,154
Aluminum Corp. of China, Ltd. Class H (a) (b)		480,000		198,113
Angang Steel Co., Ltd. Class H (a)		98,640		58,651
Anhui Conch Cement Co., Ltd. Class H (b)		166,135		452,132
Anhui Expressway Co., Ltd. Class H		8,000		6,160
ANTA Sports Products, Ltd.		47,000		140,336
Anton Oilfield Services Group (a) (b)		70,000		9,841
Autohome, Inc. ADR (a)		2,132		53,897
AVIC International Holding HK, Ltd. (a)		214,000		12,697
AVIC International Holdings, Ltd. Class H		94,000		47,163
AviChina Industry & Technology Co., Ltd. Class H		150,000		103,313
BAIC Motor Corp., Ltd. Class H (d)		6,500		5,785
Baidu, Inc. ADR (a)		19,261		3,166,701
BAIOO Family Interactive, Ltd. (d)		198,000		9,960
Bank of China, Ltd. Class H		4,865,900		2,158,954
Bank of Communications Co., Ltd. Class H		1,380,864		999,161
Baoxin Auto Group, Ltd. (a)		3,158		778
BBMG Corp. Class H		48,000		16,592
Beijing Capital International Airport Co., Ltd. Class H		288,000		291,226
Beijing Capital Land, Ltd. Class H		28,000		10,509
Beijing Enterprises Holdings, Ltd.		39,500		186,721
Beijing Enterprises Water Group, Ltd. (b)		312,000		207,647
Beijing Jingneng Clean Energy Co., Ltd. Class H		76,000		23,624
Belle International Holdings, Ltd.		346,000		194,574
Biostime International Holdings, Ltd. (a) (b)		5,000		15,445
Bitauto Holdings, Ltd. ADR (a)		1,278		24,205
BOE Technology Group Co., Ltd. Class B		52,000		14,956
Boer Power Holdings, Ltd. (b)		7,000		2,790
Boyaa Interactive International, Ltd. (a) (b)		34,000		15,568
Brilliance China Automotive Holdings, Ltd. (b)		206,000		283,766
Byd Co., Ltd. Class H (b)		41,000		216,022
BYD Electronic International Co., Ltd.		39,500		31,078
C.banner International Holdings, Ltd. (a)		12,000		3,575
Cabbeen Fashion, Ltd.		58,000		15,111
CAR, Inc. (a) (b)		49,000		47,779
CGN Mining Co., Ltd. (a)		175,000		13,317
CGN Power Co., Ltd. Class H (d)		636,000		174,726
Changyou.com, Ltd. ADR (a)		426		9,040
Chanjet Information Technology Co., Ltd. Class H (a)		2,600		3,219
Chaowei Power Holdings, Ltd.		45,000		38,481
Cheetah Mobile, Inc. ADR (a) (b)		710		6,788
China Aerospace International Holdings, Ltd.		104,000		13,146
China Agri-Industries Holdings, Ltd. (a)		88,000		34,391
China Aircraft Leasing Group Holdings, Ltd.		6,500		7,118
China Aoyuan Property Group, Ltd.		56,000		12,857
China Biologic Products, Inc. (a)		1,073		115,369
China Child Care Corp., Ltd. (a)		95,000		6,004
China Cinda Asset Management Co., Ltd. Class H		794,000		287,772
China CITIC Bank Corp., Ltd. Class H		741,000		471,180
China Coal Energy Co., Ltd. Class H (a) (b)		480,000		227,830
China Communications Construction Co., Ltd. Class H		339,241		390,297
China Communications Services Corp., Ltd. Class H		92,000		58,619
China Conch Venture Holdings, Ltd.		101,700		181,018
China Construction Bank Corp. Class H		6,485,280		4,993,728
China Datang Corp. Renewable Power Co., Ltd. Class H (a)		132,000		12,088
China Distance Education Holdings, Ltd. ADR		852		9,525
China Dongxiang Group Co., Ltd.		52,000		9,390
China Eastern Airlines Corp., Ltd. Class H (b)		84,000		38,462
China Electronics Corp. Holdings Co., Ltd.		74,000		14,889
China Energine International Holdings, Ltd. (a)		168,000		12,568
China Everbright International, Ltd.		178,000		201,804
China Everbright, Ltd.		24,000		45,690
China Evergrande Group (b)		277,000		172,563
China Fangda Group Co., Ltd. Class B		156,400		147,864
China Financial Services Holdings, Ltd.		122,000		10,228
China Foods, Ltd.		16,000		6,789
China Galaxy Securities Co., Ltd. Class H		193,900		174,814
China Hanking Holdings, Ltd. (a)		61,000		8,576
China Harmony New Energy Auto Holding, Ltd. (b)		7,000		2,510
China Hongqiao Group, Ltd. (b)		23,500		20,672
China Huarong Energy Co., Ltd. (a)		68,400		3,926
China Huishan Dairy Holdings Co., Ltd. (b)		298,600		115,925
China Huiyuan Juice Group, Ltd. (a)		29,500		9,855
China International Marine Containers Group Co., Ltd. Class H		13,900		20,080
China Lesso Group Holdings, Ltd.		47,000		30,492
China Life Insurance Co., Ltd. Class H		513,260		1,337,244
China Lodging Group, Ltd. ADR		1,278		66,252
China Longyuan Power Group Corp., Ltd. Class H		151,000		118,024
China Machinery Engineering Corp. Class H		14,000		8,884
China Medical System Holdings, Ltd.		103,000		163,139
China Mengniu Dairy Co., Ltd.		276,620		533,035
China Merchants Bank Co., Ltd. Class H		337,923		792,380
China Merchants China Direct Investments, Ltd.		4,000		5,943
China Merchants Port Holdings Co., Ltd.		109,826		272,541

See accompanying Notes to Schedule of Investments

43

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
China Minsheng Banking Corp., Ltd. Class H		409,400	$	437,748
China Mobile, Ltd.		381,366		4,043,297
China Modern Dairy Holdings, Ltd. (a) (b)		146,000		35,967
China Molybdenum Co., Ltd. Class H		132,000		32,178
China National Accord Medicines Corp., Ltd. Class B		4,200		25,184
China National Building Material Co., Ltd. Class H (b)		96,000		46,680
China National Materials Co., Ltd.		56,000		13,073
China Oilfield Services, Ltd. Class H		201,723		187,331
China Overseas Grand Oceans Group, Ltd. (a)		43,000		14,032
China Overseas Land & Investment, Ltd.		387,200		1,026,287
China Pacific Insurance Group Co., Ltd. Class H		163,800		571,483
China Petroleum & Chemical Corp. Class H		1,899,200		1,347,272
China Power International Development, Ltd.		480,000		173,968
China Power New Energy Development Co., Ltd. (b)		19,500		10,287
China Railway Construction Corp., Ltd. Class H		172,490		222,032
China Railway Group, Ltd. Class H		392,487		322,974
China Rare Earth Holdings, Ltd. (a)		109,200		8,592
China Resources Beer Holdings Co., Ltd. (a)		118,625		235,624
China Resources Gas Group, Ltd.		24,000		67,482
China Resources Land, Ltd.		218,222		490,870
China Resources Power Holdings Co., Ltd.		198,432		315,315
China Sanjiang Fine Chemicals Co., Ltd.		43,000		8,652
China Shenhua Energy Co., Ltd. Class H		329,056		619,647
China Singyes Solar Technologies Holdings, Ltd. (b)		9,600		4,581
China South City Holdings, Ltd. (b)		106,000		22,148
China Southern Airlines Co., Ltd. Class H		96,000		49,900
China State Construction International Holdings, Ltd.		82,000		122,686
China Taiping Insurance Holdings Co., Ltd. (a)		76,035		156,912
China Telecom Corp., Ltd. Class H		1,251,615		577,930
China Travel International Investment Hong Kong, Ltd. (b)		490,000		134,616
China Unicom Hong Kong, Ltd.		389,668		453,842
China Vanke Co., Ltd. Class H		76,800		175,330
China Yurun Food Group, Ltd. (a) (b)		12,000		1,780
China ZhengTong Auto Services Holdings, Ltd.		23,000		6,704
ChinaCache International Holdings, Ltd. ADR (a)		1,278		3,272
Chinasoft International, Ltd. (a)		82,000		38,498
Chongqing Changan Automobile Co., Ltd. Class B		70,300		100,556
Chongqing Machinery & Electric Co., Ltd. Class H		78,000		9,054
CIFI Holdings Group Co., Ltd.		26,000		7,009
CIMC Enric Holdings, Ltd. (b)		10,000		4,708
CITIC Resources Holdings, Ltd. (a) (b)		102,000		12,498
CITIC Securities Co., Ltd. Class H		113,000		229,698
CITIC Telecom International Holdings, Ltd.		50,000		15,026
CITIC, Ltd.		433,000		619,916
CNOOC, Ltd.		1,242,603		1,554,626
Cogobuy Group (a) (b) (d)		34,000		51,308
Colour Life Services Group Co., Ltd.		39,000		29,175
Comtec Solar Systems Group, Ltd. (a)		176,000		7,605
Coolpad Group, Ltd. (a)		241,600		24,929
COSCO SHIPPING Development Co., Ltd. Class H (a) (b)		570,117		117,654
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		176,000		98,293
COSCO SHIPPING Holdings Co., Ltd. Class H (a) (b)		289,425		101,164
COSCO SHIPPING Ports, Ltd.		196,295		197,228
Cosmo Lady China Holdings Co., Ltd. (b) (d)		41,000		15,865
Country Garden Holdings Co., Ltd. (b)		375,466		210,176
Credit China Fintech Holdings, Ltd. (a) (b)		289,618		34,740
CRRC Corp., Ltd. Class H		281,000		252,254
CSG Holding Co., Ltd. Class B		10,000		7,868
Ctrip.com International, Ltd. ADR (a)		22,425		897,000
Daqo New Energy Corp. ADR (a)		852		16,444
Datang International Power Generation Co., Ltd. Class H		576,000		150,814
Dazhong Transportation Group Co., Ltd. Class B		99,450		71,505
Dongfang Electric Corp., Ltd. Class H		19,200		16,963
Dongfeng Motor Group Co., Ltd. Class H		380,000		371,023
E-Commodities Holdings, Ltd. (a)		6,500		880
Fang Holdings, Ltd. ADR (a)		11,792		38,678
Fanhua, Inc. ADR (a)		2,700		22,356
Fantasia Holdings Group Co., Ltd.		72,000		9,194
Far East Horizon, Ltd.		143,000		122,653
Fufeng Group, Ltd.		41,000		20,148
Future Land Holdings Co., Ltd. Class A		59,871		101,228
Geely Automobile Holdings, Ltd. (b)		200,000		191,148
GF Securities Co., Ltd. Class H (b)		112,400		234,567
Goldpac Group, Ltd.		34,000		9,034
GOME Electrical Appliances Holding, Ltd. (b)		722,000		87,536
Goodbaby International Holdings, Ltd.		37,000		17,705
Great Wall Motor Co., Ltd. Class H		232,250		216,878
Greatview Aseptic Packaging Co., Ltd.		10,000		5,133
Greentown China Holdings, Ltd. (a)		42,500		34,425
Guangdong Electric Power Development Co., Ltd. Class B		135,940		63,647
Guangdong Investment, Ltd.		386,000		509,811
Guangshen Railway Co., Ltd. Class H		384,000		231,792
Guangzhou Automobile Group Co., Ltd. Class H		212,636		257,254
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		6,000		15,516
Guangzhou R&F Properties Co., Ltd. Class H		172,800		209,059

See accompanying Notes to Schedule of Investments

44

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Guodian Technology & Environment Group Corp., Ltd. Class H (a)		43,000	$	2,995
Guotai Junan International Holdings, Ltd.		135,000		41,615
Haichang Ocean Park Holdings, Ltd. (a) (d)		56,000		13,218
Haitian International Holdings, Ltd.		5,000		9,815
Haitong Securities Co., Ltd. Class H		172,800		296,427
Hangzhou Steam Turbine Co., Ltd. Class B (a)		29,400		32,080
Harbin Electric Co., Ltd. Class H		96,000		44,823
Hengan International Group Co., Ltd.		50,000		367,270
HNA Infrastructure Co., Ltd.		35,000		34,760
Honghua Group, Ltd. (a)		14,000		1,372
Honworld Group, Ltd. (b) (d)		20,000		12,253
Hopson Development Holdings, Ltd.		26,000		23,173
Huadian Fuxin Energy Corp., Ltd. Class H		68,000		15,085
Huadian Power International Corp., Ltd. Class H		265,308		120,110
Huaneng Power International, Inc. Class H		384,000		254,575
Huaneng Renewables Corp., Ltd. Class H		188,000		61,105
Huangshan Tourism Development Co., Ltd. Class B		65,832		88,544
Huatai Securities Co., Ltd. Class H (d)		47,400		90,482
Huayi Tencent Entertainment Co., Ltd. (a) (b)		110,000		6,668
Industrial & Commercial Bank of China, Ltd. Class H		5,242,590		3,144,276
Inner Mongolia Yitai Coal Co., Ltd. Class B		35,436		32,885
Intime Retail Group Co., Ltd. (b)		100,500		91,126
JA Solar Holdings Co., Ltd. ADR (a)		1,563		7,440
JD.com, Inc. ADR (a) (b)		57,391		1,460,027
Jiangnan Group, Ltd.		74,000		10,404
Jiangsu Expressway Co., Ltd. Class H		266,000		336,225
Jiangxi Copper Co., Ltd. Class H		98,000		136,765
JinkoSolar Holding Co., Ltd. ADR (a)		994		15,139
Jumei International Holding, Ltd. ADR (a)		568		2,846
Kama Co., Ltd. Class B (a)		8,900		10,146
Kingdee International Software Group Co., Ltd. (a) (b)		110,000		41,428
Kingsoft Corp., Ltd. (b)		45,000		92,285
Konka Group Co., Ltd. Class B (a)		1,005,700		368,391
Kunlun Energy Co., Ltd. (b)		480,000		359,080
KWG Property Holding, Ltd.		94,412		53,580
Lao Feng Xiang Co., Ltd. Class B		12,830		44,071
Lenovo Group, Ltd. (b)		672,000		407,370
Li Ning Co., Ltd. (a)		138,333		86,891
Lianhua Supermarket Holdings Co., Ltd. Class H (a)		13,000		5,114
Lifetech Scientific Corp. (a)		94,000		22,551
Livzon Pharmaceutical Group, Inc. Class H		5,420		31,738
Luye Pharma Group, Ltd. (b)		44,000		26,106
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		288,000		83,950
Metallurgical Corp. of China, Ltd. Class H		98,000		38,173
Minth Group, Ltd.		18,000		56,068
MOBI Development Co., Ltd.		138,000		21,893
Momo, Inc. ADR (a) (b)		1,136		20,880
NetEase, Inc. ADR		6,613		1,424,043
New China Life Insurance Co., Ltd. Class H		46,100		211,677
New Oriental Education & Technology Group, Inc. ADR (a)		7,906		332,843
Noah Holdings, Ltd. ADS (a) (b)		852		18,684
NQ Mobile, Inc. Class A, ADR (a) (b)		2,561		8,246
Ourgame International Holdings, Ltd. (a) (b)		35,000		14,265
Ozner Water International Holding, Ltd. (a) (b) (d)		53,000		12,646
Pacific Online, Ltd.		34,000		8,814
Parkson Retail Group, Ltd. (b)		119,634		13,116
People’s Insurance Co. Group of China, Ltd. Class H		343,000		135,375
PetroChina Co., Ltd. Class H		1,478,970		1,102,577
PICC Property & Casualty Co., Ltd. Class H		487,506		759,572
Ping An Insurance Group Co. of China, Ltd. Class H		333,000		1,666,471
Poly Culture Group Corp., Ltd. Class H		4,200		10,249
Poly Property Group Co., Ltd. (a)		60,000		19,889
PW Medtech Group, Ltd. (a)		38,000		9,900
Qunar Cayman Islands, Ltd. ADR (a) (b)		2,132		64,237
ReneSola, Ltd. ADR (a) (b)		11,794		7,536
Renhe Commercial Holdings Co., Ltd. (a) (b)		1,049,000		26,925
Semiconductor Manufacturing International Corp. (a) (b)		175,900		276,334
Shandong Airlines Co., Ltd. Class B		3,800		8,121
Shandong Chenming Paper Holdings, Ltd. Class B		18,800		18,671
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		8,000		10,917
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		152,000		101,554
Shanghai Baosight Software Co., Ltd. Class B		5,200		8,169
Shanghai Electric Group Co., Ltd. Class H (a) (b)		402,077		179,954
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H (b)		18,500		56,670
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)		16,000		12,073
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		8,000		6,686
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)		91,348		60,655
Shanghai Huayi Group Corp., Ltd. Class B		200		202
Shanghai Industrial Urban Development Group, Ltd.		26,000		6,338
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		28,000		7,403

See accompanying Notes to Schedule of Investments

45

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		52,582	$	77,927
Shanghai Jinjiang International Travel Co., Ltd. Class B		3,200		11,680
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		69,966		103,969
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		33,040		48,371
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		19,300		44,260
Shanghai Prime Machinery Co., Ltd. Class H		76,000		13,429
Shengjing Bank Co., Ltd. Class H (d)		41,300		42,082
Shenwan Hongyuan HK, Ltd.		10,000		4,360
Shenzhen Expressway Co., Ltd. Class H		164,482		140,655
Shenzhen International Holdings, Ltd.		47,310		68,953
Shenzhen Investment, Ltd.		122,870		49,286
Shenzhou International Group Holdings, Ltd. (b)		34,000		215,100
Shougang Concord International Enterprises Co., Ltd. (a)		260,000		8,551
Shunfeng International Clean Energy, Ltd. (a)		78,000		4,879
Silver Grant International Industries, Ltd. (a)		82,000		8,990
SINA Corp. (a)		5,552		337,506
Sino-Ocean Group Holding, Ltd.		370,480		165,812
Sinofert Holdings, Ltd. (b)		70,000		9,480
SinoMedia Holding, Ltd. (b)		35,000		8,126
Sinopec Oilfield Service Corp. Class H (a)		88,000		17,139
Sinopec Shanghai Petrochemical Co., Ltd. Class H		382,600		207,260
Sinopharm Group Co., Ltd. Class H		60,400		248,903
Sinosoft Technology Group, Ltd. (b)		48,600		15,358
Sinotrans, Ltd. Class H		434,300		193,815
Sinovac Biotech, Ltd. (a)		7,635		45,046
SITC International Holdings Co., Ltd.		39,000		23,743
SOHO China, Ltd.		30,000		14,781
SPT Energy Group, Inc. (a)		20,000		1,677
Sunac China Holdings, Ltd. (b)		96,000		79,864
Sunny Optical Technology Group Co., Ltd.		44,000		192,670
Synertone Communication Corp. (a)		54,400		1,123
TCL Multimedia Technology Holdings, Ltd. (a) (b)		24,000		11,918
Tencent Holdings, Ltd.		382,467		9,358,002
Tian Ge Interactive Holdings, Ltd. (b) (d)		41,000		25,383
Tiangong International Co., Ltd.		82,000		10,471
Tianneng Power International, Ltd. (b)		70,000		64,284
Tingyi Cayman Islands Holding Corp.		268,000		325,963
Tong Ren Tang Technologies Co., Ltd. Class H		10,000		18,547
TravelSky Technology, Ltd. Class H		189,841		399,116
Trigiant Group, Ltd.		22,000		3,206
Trina Solar, Ltd. ADR (a)		5,112		47,542
Uni-President China Holdings, Ltd. (b)		42,000		29,632
Universal Health International Group Holding, Ltd. (a)		39,000		1,786
V1 Group, Ltd. (a)		298,200		13,654
Vipshop Holdings, Ltd. ADR (a) (b)		19,482		214,497
Want Want China Holdings, Ltd. (b)		530,000		339,746
Weibo Corp. ADR (a) (b)		414		16,808
Weiqiao Textile Co. Class H		120,500		75,379
West China Cement, Ltd. (a) (b)		114,000		12,792
Wisdom Sports Group (a) (b)		45,000		14,568
Xiamen International Port Co., Ltd. Class H		26,000		4,863
Xinchen China Power Holdings, Ltd. (a)		51,000		7,565
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		7,200		12,165
Xinyi Solar Holdings, Ltd. (b)		186,000		60,455
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (d)		6,500		12,257
Yanzhou Coal Mining Co., Ltd. Class H (b)		288,000		196,503
Yestar International Holdings Co., Ltd. (b)		22,500		10,912
Yingde Gases Group Co., Ltd.		29,500		10,920
Yingli Green Energy Holding Co., Ltd. ADR (a) (b)		1,405		3,653
Yuexiu Property Co., Ltd.		672,000		91,875
Yuexiu Transport Infrastructure, Ltd.		1,258		789
YY, Inc. ADR (a)		1,702		67,093
Zhaojin Mining Industry Co., Ltd. Class H (b)		21,500		18,496
Zhejiang Expressway Co., Ltd. Class H		311,862		297,657
Zhuzhou CRRC Times Electric Co., Ltd.		45,500		230,929
Zijin Mining Group Co., Ltd. Class H		509,000		164,127
ZTE Corp. Class H		96,927		168,522
				78,167,841
COLOMBIA — 0.6%
Almacenes Exito SA		9,835		48,815
Avianca Holdings SA Preference Shares		147,130		176,438
Banco Davivienda SA Preference Shares		16,541		165,300
Banco de Bogota SA		5,307		106,423
Bancolombia SA		15,376		129,175
Bancolombia SA ADR		5,540		203,207
Bolsa de Valores de Colombia		10,033,968		72,531
Celsia SA ESP		9,777		13,109
Cementos Argos SA		10,937		43,209
Cementos Argos SA Preference Shares		13,060		47,768
Cemex Latam Holdings SA (a)		3,814		14,356
Constructora Conconcreto SA		29,688		10,977
Corp. Financiera Colombiana SA		5,121		63,253
Ecopetrol SA (a)		147,941		68,007
Empresa de Telecomunicaciones de Bogota		291,427		58,247
Grupo Argos SA		4,021		25,824
Grupo Argos SA Preference Shares		16,738		101,142
Grupo Aval Acciones y Valores SA		399,674		157,100
Grupo de Inversiones Suramericana SA		6,019		76,591
Grupo de Inversiones Suramericana SA Preference Shares		6,012		74,099
Grupo Nutresa SA		5,556		46,084
Interconexion Electrica SA ESP		22,418		74,527
				1,776,182

See accompanying Notes to Schedule of Investments

46

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CZECH REPUBLIC — 0.3%
CEZ A/S		20,184	$	338,791
Komercni banka A/S		10,658		368,192
Unipetrol A/S		14,384		103,200
				810,183
EGYPT — 0.4%
Commercial International Bank Egypt SAE		191,833		773,258
Egypt Kuwait Holding Co. SAE		75,190		43,610
Egyptian Financial Group-Hermes Holding Co. (a)		91,738		129,182
Global Telecom Holding SAE (a)		70,496		27,957
Global Telecom Holding SAE GDR (a)		40,362		75,073
Orascom Telecom Media And Technology Holding SAE (a)		50,881		2,358
				1,051,438
GREECE — 0.2%
Alpha Bank AE (a)		4,815		9,650
Diana Shipping, Inc. (a)		3,443		10,398
DryShips, Inc. (a)		10		37
Ellaktor SA (a)		259		298
Eurobank Ergasias SA (a)		4,400		2,993
FF Group (a)		1,233		25,009
Fourlis Holdings SA (a)		128		551
Frigoglass SAIC (a)		221		21
GEK Terna Holding Real Estate Construction SA (a)		316		760
Grivalia Properties REIC AE		6,678		53,954
Hellenic Exchanges—Athens Stock Exchange SA		12,669		65,343
Hellenic Telecommunications Organization SA		10,579		99,643
Intralot SA-Integrated Lottery Systems & Services (a)		28,471		30,330
JUMBO SA		4,341		68,955
Marfin Investment Group Holdings SA (a)		4,610		729
Mytilineos Holdings SA (a)		103		668
National Bank of Greece SA (a)		3,002		785
OPAP SA		13,055		115,666
Piraeus Bank SA (a)		609		134
Public Power Corp. SA (a)		4,456		13,583
Terna Energy SA		166		492
Titan Cement Co. SA		2,091		49,182
				549,181
HONG KONG — 1.2%
AGTech Holdings, Ltd. (a)		56,000		10,256
Alibaba Pictures Group, Ltd. (a) (b)		832,400		135,277
AMVIG Holdings, Ltd.		72,000		25,817
Asian Citrus Holdings, Ltd. (a)		51,000		3,947
Beijing Enterprises Clean Energy Group, Ltd. (a)		978,000		25,102
BEP International Holdings, Ltd.		530,000		30,420
Bosideng International Holdings, Ltd.		100,000		8,642
Carnival Group International Holdings, Ltd. (a) (b)		380,000		49,012
CGN Meiya Power Holdings Co., Ltd. (a) (d)		24,000		3,560
Chia Tai Enterprises International, Ltd. (a)		2,300		659
China All Access Holdings, Ltd. (b)		28,000		9,029
China Animation Characters Co., Ltd. (b)		35,000		15,123
China Chengtong Development Group, Ltd. (a)		308,000		23,041
China Fiber Optic Network System Group, Ltd. (a) (c)		88,800		8,017
China Financial International Investments, Ltd. (a)		350,000		20,089
China Financial Leasing Group, Ltd. (a)		80,000		2,466
China Gas Holdings, Ltd. (b)		168,000		227,954
China High Speed Transmission Equipment Group Co., Ltd.		2,000		2,335
China Jicheng Holdings, Ltd. (a) (b) (d)		1,389,000		33,860
China National Culture Group, Ltd. (a)		380,000		1,862
China NT Pharma Group Co., Ltd.		171,100		32,661
China Ocean Industry Group, Ltd. (a)		435,000		12,119
China Oil & Gas Group, Ltd. (a)		132,000		10,385
China Overseas Property Holdings, Ltd. (b)		62,066		10,647
China Public Procurement, Ltd. (a)		552,000		4,984
China Soft Power Technology Holdings, Ltd. (a)		168,000		3,554
China Vanguard Group, Ltd. (a)		70,000		2,934
Citychamp Watch & Jewellery Group, Ltd.		98,000		24,016
Comba Telecom Systems Holdings, Ltd.		90,117		16,040
Concord New Energy Group, Ltd.		120,000		6,268
CP Pokphand Co., Ltd.		314,000		38,880
Digital China Holdings, Ltd. (b)		58,000		43,912
Essex Bio-technology, Ltd.		59,000		25,341
Eternity Investment, Ltd. (a)		40,574		1,256
Feiyu Technology International Co., Ltd. (d)		19,500		2,892
First Shanghai Investments, Ltd.		40,000		6,088
Fullshare Holdings, Ltd.		474,500		221,547
GCL-Poly Energy Holdings, Ltd. (a) (b)		523,000		62,734
Global Bio-Chem Technology Group Co., Ltd. (a)		218,000		6,130
Golden Meditech Holdings, Ltd. (a) (c)		44,000		5,959
Haier Electronics Group Co., Ltd.		42,000		66,089
Hanergy Thin Film Power Group, Ltd. (a) (e)		856,000		—
Hengdeli Holdings, Ltd. (a)		1,289,600		186,292
Hi Sun Technology China, Ltd. (a) (b)		135,000		20,721
Hua Han Health Industry Holdings, Ltd. (b) (c)		283,600		19,387
Hua Hong Semiconductor, Ltd. (d)		7,000		7,819
Huabao International Holdings, Ltd. (a)		90,000		38,191
Imperial Pacific International Holdings, Ltd. (a) (b)		1,970,000		26,934
Joy City Property, Ltd.		212,000		26,797
Ju Teng International Holdings, Ltd.		74,500		23,062
Kingboard Chemical Holdings, Ltd.		93,340		282,916
Kingboard Laminates Holdings, Ltd.		51,500		50,616
Lee & Man Paper Manufacturing, Ltd.		46,000		35,717
Millennium Pacific Group Holdings, Ltd. (a)		174,000		2,828
Munsun Capital Group, Ltd. (a) (b)		262,000		7,603

See accompanying Notes to Schedule of Investments

47

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
National Agricultural Holdings, Ltd. (a) (b)		68,000	$	15,875
Neo Telemedia, Ltd. (a)		732,000		40,126
NetDragon Websoft Holdings, Ltd. (b)		19,500		54,075
NewOcean Energy Holdings, Ltd. (b)		22,000		5,845
Newtree Group Holdings, Ltd. (a)		35,000		2,144
Nine Dragons Paper Holdings, Ltd.		144,000		130,569
Portico International Holdings, Ltd. (a)		22,500		8,619
Pou Sheng International Holdings, Ltd.		108,000		31,063
Qianhai Health Holdings, Ltd. (a)		59,221		1,108
Real Nutriceutical Group, Ltd.		91,000		6,925
Shimao Property Holdings, Ltd.		144,000		188,331
SIM Technology Group, Ltd. (a)		290,000		11,408
Sino Biopharmaceutical, Ltd.		282,000		198,593
Skyworth Digital Holdings, Ltd.		95,194		54,269
Solargiga Energy Holdings, Ltd. (a)		627,000		13,991
SSY Group, Ltd.		23,740		7,563
Sun Art Retail Group, Ltd.		77,000		67,534
Suncorp Technologies, Ltd. (a)		880,000		6,243
Tack Fiori International Group, Ltd. (a)		44,000		874
Tech Pro Technology Development, Ltd. (a)		268,000		6,360
Tibet Water Resources, Ltd. (b)		37,000		15,987
United Laboratories International Holdings, Ltd. (a)		12,000		8,172
Universal Medical Financial & Technical Advisory Services Co., Ltd. (d)		51,600		42,661
Vision Values Holdings, Ltd. (a)		60,000		2,360
Wanda Hotel Development Co., Ltd. (a)		54,000		4,875
Wasion Group Holdings, Ltd. (b)		24,000		12,908
WH Group, Ltd. (d)		461,000		372,812
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		12,250		2,370
Xinyi Glass Holdings, Ltd.		158,000		129,202
Yip’s Chemical Holdings, Ltd.		10,000		4,024
				3,416,673
HUNGARY — 0.6%
MOL Hungarian Oil & Gas PLC		6,756		476,074
OTP Bank PLC		27,285		782,680
Richter Gedeon Nyrt		23,364		495,472
				1,754,226
INDIA — 11.5%
Adani Enterprises, Ltd.		896		1,011
Adani Ports & Special Economic Zone, Ltd.		56,287		222,635
Adani Power, Ltd. (a)		2,134		945
Adani Transmissions, Ltd. (a)		1,081		904
AIA Engineering, Ltd.		841		16,060
Alok Industries, Ltd. (a)		314,485		15,986
Amtek Auto, Ltd. (a)		10,256		4,881
Anant Raj, Ltd.		78,092		45,449
Apollo Hospitals Enterprise, Ltd.		6,968		121,137
Ashok Leyland, Ltd.		41,916		49,469
Aurobindo Pharma, Ltd.		22,743		224,280
Axis Bank, Ltd.		87,331		578,968
Bajaj Hindusthan Sugar, Ltd. (a)		119,225		24,593
Balrampur Chini Mills, Ltd.		59,386		109,593
BF Investment, Ltd. (a)		13,406		27,624
Bharat Financial Inclusion, Ltd. (a)		3,585		31,054
Bharat Forge, Ltd.		1,548		20,677
Bharat Heavy Electricals, Ltd.		90,648		161,876
Bharti Airtel, Ltd.		148,045		666,715
Bharti Infratel, Ltd.		24,088		121,895
Biocon, Ltd.		2,858		39,998
Bosch, Ltd.		102		31,635
Britannia Industries, Ltd.		5,820		247,507
Cipla, Ltd.		61,879		518,591
Coal India, Ltd.		39,699		175,478
CORE Education & Technologies, Ltd. (a) (c)		9,253		239
DCB Bank, Ltd. (a)		164,248		261,243
Dewan Housing Finance Corp., Ltd.		45,841		164,567
Dr Reddy’s Laboratories, Ltd. ADR (b)		17,343		785,291
Educomp Solutions, Ltd. (a)		20,695		3,125
Eicher Motors, Ltd.		644		206,883
Era Infra Engineering, Ltd. (a) (c)		2,941		65
Fortis Healthcare, Ltd. (a)		32,340		86,175
GAIL India, Ltd.		68,069		440,488
Gammon India, Ltd. (a)		50,890		8,960
Gateway Distriparks, Ltd.		19,350		69,836
Gitanjali Gems, Ltd.		1,763		1,466
Glenmark Pharmaceuticals, Ltd.		5,252		68,751
Godrej Consumer Products, Ltd.		4,985		110,905
Godrej Industries, Ltd.		33,295		210,994
Grasim Industries, Ltd. GDR		200		2,538
GRUH Finance, Ltd.		54,400		259,256
GTL Infrastructure, Ltd. (a)		346,309		22,451
GTL, Ltd. (a)		2,132		525
Gujarat NRE Coke, Ltd. (a)		15,903		715
Gujarat Pipavav Port, Ltd.		3,684		7,138
GVK Power & Infrastructure, Ltd. (a)		155,679		12,386
HCL Technologies, Ltd.		35,856		437,409
HDFC Bank, Ltd.		50,852		903,752
Hero MotoCorp, Ltd.		19,817		888,699
Hindalco Industries, Ltd.		63,070		144,084
Hindustan Construction Co., Ltd. (a)		19,358		11,323
Hindustan Unilever, Ltd.		85,135		1,036,560
Housing Development & Infrastructure, Ltd. (a)		16,359		14,438
Housing Development Finance Corp., Ltd.		129,525		2,409,581
ICICI Bank, Ltd. ADR		177,699		1,330,966
Idea Cellular, Ltd.		27,156		29,669
IDFC Bank, Ltd.		20		18
IDFC, Ltd. (a)		18		14
Indiabulls Housing Finance, Ltd.		10,245		98,155
Indiabulls Real Estate, Ltd. (a)		23,501		24,671
Indian Hotels Co., Ltd.		85,103		123,573
Infosys, Ltd. ADR (b)		183,808		2,725,873
IRB Infrastructure Developers, Ltd.		5,095		14,714
ITC, Ltd.		168,222		598,952
ITC, Ltd. GDR		55,989		199,349
IVRCL, Ltd. (a)		14,391		933
Jain Irrigation Systems, Ltd.		13,489		17,510
Jaiprakash Associates, Ltd. (a)		72,186		8,562
Jet Airways India, Ltd. (a)		17,600		90,139
Jindal Steel & Power, Ltd. (a)		6,668		6,799
Kotak Mahindra Bank, Ltd.		38,003		402,987
Lanco Infratech, Ltd. (a)		33,609		1,783

See accompanying Notes to Schedule of Investments

48

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Larsen & Toubro, Ltd. GDR		41,374	$	823,343
LIC Housing Finance, Ltd.		19,580		161,469
Lupin, Ltd.		11,906		260,846
Magma Fincorp, Ltd.		9,681		14,392
Mahanagar Telephone Nigam, Ltd. (a)		63,625		19,124
Mahindra & Mahindra Financial Services, Ltd.		17,648		70,272
Mahindra & Mahindra, Ltd. GDR		46,606		820,266
Marico, Ltd.		14,177		54,404
Marksans Pharma, Ltd.		13,877		8,148
Maruti Suzuki India, Ltd.		14,093		1,104,588
Mindtree, Ltd.		3,695		28,400
Monnet Ispat & Energy, Ltd. (a)		5,609		1,884
MRF, Ltd.		180		129,704
NCC, Ltd.		22,242		26,414
NTPC, Ltd.		124,368		301,895
Oil & Natural Gas Corp., Ltd.		265,707		749,124
OnMobile Global, Ltd.		4,953		5,977
Opto Circuits India, Ltd. (a)		4,623		651
Page Industries, Ltd.		226		45,456
PS IT Infrastructure & Services, Ltd. (a)		111		152
PTC India, Ltd.		56,944		61,626
Punj Lloyd, Ltd. (a)		9,064		2,504
Rajesh Exports, Ltd.		9,268		62,979
RattanIndia Infrastructure, Ltd. (a)		53,294		2,356
REI Agro, Ltd. (a)		1,316,531		7,759
Reliance Capital, Ltd.		7,834		49,766
Reliance Communications, Ltd. (a)		96,360		48,343
Reliance Industries, Ltd. GDR (d)		64,161		2,041,924
Reliance Infrastructure, Ltd.		23,032		158,546
Rolta India, Ltd. (a)		6,386		5,707
Ruchi Soya Industries, Ltd. (a)		38,035		10,620
SE Investments, Ltd.		10,341		27,647
Sharda Cropchem, Ltd.		2,466		16,140
Shree Renuka Sugars, Ltd. (a)		86,038		17,557
Shriram Transport Finance Co., Ltd.		8,135		102,296
Siemens, Ltd.		20,993		344,110
Sintex Industries, Ltd.		59,137		65,350
State Bank of India GDR		11,152		409,836
Strides Shasun, Ltd.		2,334		36,528
Sun Pharma Advanced Research Co., Ltd. (a)		2,557		11,483
Sun Pharmaceutical Industries, Ltd.		73,535		682,585
Sun TV Network, Ltd.		6,968		50,553
Suzlon Energy, Ltd. (a)		398,686		81,065
Symphony, Ltd.		1,038		17,616
Tata Communications, Ltd.		15,656		144,772
Tata Consultancy Services, Ltd.		42,685		1,487,749
Tata Elxsi, Ltd.		1,333		27,599
Tata Motors, Ltd. ADR		33,589		1,155,126
Tata Power Co., Ltd.		225,943		252,675
Tata Steel, Ltd.		32,668		188,321
Tech Mahindra, Ltd.		30,028		216,306
UltraTech Cement, Ltd.		1,688		80,836
Unitech, Ltd. (a)		132,704		7,821
United Breweries, Ltd.		4,908		56,373
United Spirits, Ltd. (a)		4,388		125,608
UPL, Ltd.		12,911		123,080
Vedanta, Ltd.		42,980		136,881
Videocon Industries, Ltd. (a)		25,243		38,792
VST Industries, Ltd.		1,827		64,746
Welspun India, Ltd.		15,725		15,489
Wipro, Ltd. ADR (b)		73,822		714,597
Wockhardt, Ltd.		2,141		20,749
Zee Entertainment Enterprises, Ltd.		38,426		256,504
				31,758,900
INDONESIA — 3.1%
Alam Sutera Realty Tbk PT (a)		619,700		16,191
Astra International Tbk PT		2,061,088		1,265,949
Bank Central Asia Tbk PT		1,360,287		1,564,999
Bank Danamon Indonesia Tbk PT		414,818		114,231
Bank Mandiri Persero Tbk PT		1,027,449		882,740
Bank Negara Indonesia Persero Tbk PT		166,600		68,322
Bank Rakyat Indonesia Persero Tbk PT		1,031,265		893,674
Barito Pacific Tbk PT (a)		802,700		87,286
Bekasi Fajar Industrial Estate Tbk PT		386,200		7,281
Bumi Resources Tbk PT (a)		1,115,100		23,010
Bumi Serpong Damai Tbk PT		328,000		42,727
Charoen Pokphand Indonesia Tbk PT		358,600		82,247
Ciputra Development Tbk PT		514,052		50,938
Citra Marga Nusaphala Persada Tbk PT (a)		116,913		15,533
Garuda Indonesia Persero Tbk PT (a)		1,099,100		27,574
Global Mediacom Tbk PT		52,900		2,415
Indocement Tunggal Prakarsa Tbk PT		43,400		49,609
Indofood Sukses Makmur Tbk PT		904,551		532,089
Indosat Tbk PT (a)		218,000		104,368
Japfa Comfeed Indonesia Tbk PT		94,500		10,206
Kalbe Farma Tbk PT		4,531,467		509,569
Kawasan Industri Jababeka Tbk PT (a)		420,749		9,119
Lippo Cikarang Tbk PT (a)		15,300		5,735
Lippo Karawaci Tbk PT		1,061,700		56,740
Matahari Putra Prima Tbk PT		53,100		5,833
Mayora Indah Tbk PT		760,075		92,806
Medco Energi Internasional Tbk PT (a)		567,400		55,592
Media Nusantara Citra Tbk PT		70,300		9,158
Modernland Realty Tbk PT (a)		664,300		16,863
Pakuwon Jati Tbk PT		468,000		19,627
Perusahaan Gas Negara Persero Tbk		1,244,300		249,368
Semen Indonesia Persero Tbk PT		70,500		48,012
Sigmagold Inti Perkasa Tbk PT (a) (c)		1,065,400		3,954
Summarecon Agung Tbk PT		361,500		35,553
Telekomunikasi Indonesia Persero Tbk PT		3,149,400		930,385
Tiga Pilar Sejahtera Food Tbk (a)		510,400		73,685
Unilever Indonesia Tbk PT		52,100		150,045
United Tractors Tbk PT		218,815		345,134
XL Axiata Tbk PT (a)		67,125		11,509
				8,470,076
MALAYSIA — 2.8%
Aeon Co. M Bhd		670,890		384,349
AEON Credit Service M Bhd		9,300		29,770
AirAsia Bhd		104,200		53,192
Alliance Financial Group Bhd		400,400		332,030
Axiata Group Bhd		124,523		131,018
Berjaya Sports Toto Bhd		192,514		127,027
Bintulu Port Holdings Bhd (c)		94		132
British American Tobacco Malaysia Bhd		4,200		41,757
Bursa Malaysia Bhd		81,493		160,770

See accompanying Notes to Schedule of Investments

49

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Capitaland Malaysia Mall Trust REIT		130,700	$	44,577
Carlsberg Brewery Malaysia Bhd Class B		204,476		634,486
CIMB Group Holdings Bhd		143,250		144,016
Dialog Group Bhd		1,404,567		482,174
DiGi.Com Bhd		514,800		554,276
Felda Global Ventures Holdings Bhd		36,500		12,612
Genting Bhd		311,000		554,614
Genting Malaysia Bhd		91,100		93,009
Guan Chong Bhd		81,100		19,525
Hap Seng Plantations Holdings Bhd		10,700		6,011
IHH Healthcare Bhd		96,600		136,739
IOI Corp. Bhd		492,060		482,627
IOI Properties Group Bhd		356,250		166,769
Iskandar Waterfront City Bhd (a)		33,200		5,958
KLCCP Stapled Group		51,900		96,025
KNM Group Bhd (a)		422,321		32,008
KPJ Healthcare Bhd		36,820		34,308
Lingkaran Trans Kota Holdings Bhd		33,400		43,779
Magnum Bhd		296,260		143,309
Malayan Banking Bhd		238,959		436,795
Malaysian Resources Corp. Bhd		548,200		162,529
MPHB Capital Bhd (a)		147,530		41,108
Naim Holdings Bhd (a)		87		37
OSK Holdings Bhd		573,906		179,106
Pavilion Real Estate Investment Trust		123,800		52,434
Pos Malaysia Bhd		97,600		85,068
Public Bank Bhd		95,600		420,248
SapuraKencana Petroleum Bhd (a)		51,800		18,706
Sime Darby Bhd		112,724		203,536
SP Setia Bhd Group		30,172		21,052
SP Setia Bhd Group Series RCPs, Preference Shares (a)		10,257		2,378
Sunway Real Estate Investment Trust		128,600		49,307
TA Enterprise Bhd		506,600		50,818
TA Global Bhd		368,956		20,150
Telekom Malaysia Bhd		65,527		86,912
Tenaga Nasional Bhd		99,200		307,374
UEM Edgenta Bhd		66,100		50,835
UEM Sunrise Bhd		410,088		95,986
UMW Holdings Bhd		28,900		29,441
Unisem M Bhd		28,600		15,046
United Plantations Bhd		5,900		35,405
VS Industry Bhd		129,800		40,798
WCT Holdings Bhd		737,195		284,295
				7,636,231
MEXICO — 4.0%
Alfa SAB de CV Class A		389,741		486,195
America Movil SAB de CV Series L		2,216,887		1,402,133
Axtel SAB de CV (a) (b)		157,632		26,933
Cemex SAB de CV Series CPO (a)		1,102,490		885,139
Coca-Cola Femsa SAB de CV Series L		57,633		367,509
Consorcio ARA SAB de CV Series		156,624		49,341
Desarrolladora Homex SAB de CV Class C1 (a)		3,309		180
El Puerto de Liverpool SAB de CV Series C1		32,621		236,802
Fibra Uno Administracion SA de CV REIT		134,150		206,810
Fomento Economico Mexicano SAB de CV		191,382		1,464,709
Grupo Aeroportuario del Sureste SAB de CV Class B		42,369		614,244
Grupo Bimbo SAB de CV Series A		267,913		611,343
Grupo Elektra SAB de CV (b)		4,871		62,276
Grupo Financiero Banorte SAB de CV Series O		150,814		748,891
Grupo Financiero Inbursa SAB de CV Series O (b)		120,891		184,081
Grupo Mexico SAB de CV Series B		298,388		817,321
Grupo Televisa SAB Series CPO		179,278		752,913
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		154,339		208,267
Industrias CH SAB de CV Series B (a) (b)		41,900		269,483
Industrias Penoles SAB de CV		14,528		272,246
Kimberly-Clark de Mexico SAB de CV Class A		238,680		432,605
Sare Holding SAB de CV Class B (a)		175,652		1,219
Telesites SAB de CV (a)		111,846		61,022
TV Azteca SAB de CV		360,327		56,844
Urbi Desarrollos Urbanos SAB de CV (a)		9,741		3,546
Wal-Mart de Mexico SAB de CV		465,997		838,055
				11,060,107
NETHERLANDS — 0.4%
Steinhoff International Holdings NV		199,776		1,041,319
VimpelCom, Ltd. ADR		40,044		154,169
				1,195,488
PERU — 0.9%
Cia de Minas Buenaventura SAA ADR (f)		25,275		285,102
Cia de Minas Buenaventura SAA ADR (f)		5,932		68,218
Credicorp, Ltd.		6,982		1,102,178
Southern Copper Corp. (b)		19,967		637,746
Southern Copper Corp.		4,688		151,376
Volcan Cia Minera SAA Class B		444,672		95,490
				2,340,110
PHILIPPINES — 1.5%
Alliance Global Group, Inc.		194,900		50,104
Ayala Land, Inc.		1,253,980		807,188
Bank of the Philippine Islands		452,217		807,782
BDO Unibank, Inc.		320,234		722,117
Bloomberry Resorts Corp. (a)		76,200		9,427
Cebu Air, Inc.		135,990		254,404
Cebu Holdings, Inc.		691,000		68,110
D&L Industries, Inc.		206,900		47,446
DoubleDragon Properties Corp. (a)		137,140		105,933
East West Banking Corp.		78,000		29,090
Filinvest Land, Inc.		5,769,000		177,552
First Philippine Holdings Corp.		38,080		52,012
Global Ferronickel Holdings, Inc. (a)		146,333		8,419
GMA Holdings, Inc.		334,600		39,375
GT Capital Holdings, Inc.		910		23,248
JG Summit Holdings, Inc.		45,360		61,727
Megawide Construction Corp. (a)		434,988		129,501
Megaworld Corp.		624,300		44,833
Nickel Asia Corp.		52,200		8,379

See accompanying Notes to Schedule of Investments

50

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PLDT, Inc.		9,620	$	264,145
Puregold Price Club, Inc.		29,800		23,378
San Miguel Corp.		13,200		24,508
SM Investments Corp.		15,570		205,146
SM Prime Holdings, Inc.		291,790		166,402
Top Frontier Investment Holdings, Inc. (a)		1,511		7,963
Universal Robina Corp.		21,790		71,665
Vista Land & Lifescapes, Inc.		99,200		9,878
				4,219,732
POLAND — 1.0%
Asseco Poland SA		8,100		104,706
Bank Pekao SA		14,776		445,301
Bank Zachodni WBK SA		2,185		165,407
Bioton SA (a)		102		200
Eurocash SA		760		7,163
Getin Holding SA (a)		28,998		7,225
Getin Noble Bank SA (a)		26,910		8,510
Globe Trade Centre SA (a)		25,110		49,326
Grupa Lotos SA (a)		15,701		143,872
KGHM Polska Miedz SA		15,827		350,641
LPP SA		43		58,444
mBank SA (a)		2,395		192,349
Orange Polska SA		96,902		127,909
Orbis SA		7,589		132,716
PGE Polska Grupa Energetyczna SA		55,140		138,038
Polimex-Mostostal SA (a)		1,424		1,276
Polski Koncern Naftowy Orlen SA		20,941		427,920
Powszechna Kasa Oszczednosci Bank Polski SA (a)		43,812		295,348
Powszechny Zaklad Ubezpieczen SA		28,179		224,187
				2,880,538
QATAR — 0.8%
Aamal Co. (a)		4,588		17,173
Industries Qatar QSC		4,187		135,105
Mannai Corp. QSC		2,745		60,306
Masraf Al Rayan QSC		29,798		307,685
Mazaya Qatar Real Estate Development QSC (a)		16,285		64,355
Medicare Group		2,226		38,451
National Leasing		23,946		100,745
Ooredoo QSC		7,645		213,726
Qatar Electricity & Water Co. QSC		723		45,071
Qatar Insurance Co. SAQ		6,341		147,667
Qatar National Bank SAQ		17,013		761,086
Qatari Investors Group QSC		7,383		118,610
Vodafone Qatar QSC (a)		29,655		76,308
				2,086,288
RUSSIA — 5.0%
Evraz PLC (a)		18,259		50,042
Gazprom PJSC ADR		462,963		2,337,963
LSR Group PJSC GDR		11,027		38,043
Lukoil PJSC ADR		37,752		2,117,887
Magnit PJSC GDR		12,953		571,875
Mail.Ru Group, Ltd. GDR (a)		3,249		59,619
Mechel PJSC ADR (a)		13,900		79,647
MMC Norilsk Nickel PJSC ADR		55,258		927,782
Mobile TeleSystems PJSC ADR		70,323		640,642
Novatek PJSC GDR (f)		7,296		947,021
Novolipetsk Steel PJSC GDR		2,983		55,484
Novorossiysk Commercial Sea Port PJSC GDR		4,641		37,036
Polymetal International PLC		10,064		106,324
Rosneft Oil Co. PJSC GDR		113,180		735,670
Rostelecom PJSC ADR		8,368		69,090
Sberbank of Russia PJSC ADR		146,504		1,696,322
Severstal PJSC GDR		42,375		644,100
Sistema PJSC FC GDR		12,237		110,133
Surgutneftegas OJSC ADR		163,498		824,847
Tatneft PJSC ADR (f)		11,204		461,829
Tatneft PJSC ADR (f)		12,997		541,845
TMK PAO GDR		1,907		9,726
TMK PJSC GDR		2,287		11,664
VTB Bank PJSC GDR		186,225		444,519
X5 Retail Group NV GDR (a)		3,395		110,168
Yandex NV Class A (a)		9,350		188,215
				13,817,493
SOUTH AFRICA — 7.1%
Adbee Rf, Ltd. (a)		1,451		3,565
Adcock Ingram Holdings, Ltd.		8,214		28,982
Adcorp Holdings, Ltd.		47,423		48,550
African Bank Investments, Ltd. (a) (e)		183,473		—
African Rainbow Minerals, Ltd.		10,113		72,843
Allied Electronics Corp., Ltd. (a)		56,380		33,807
Anglo American Platinum, Ltd. (a)		2,764		53,443
AngloGold Ashanti, Ltd. (a)		24,348		271,665
ArcelorMittal South Africa, Ltd. (a)		14,597		12,275
Aspen Pharmacare Holdings, Ltd.		24,250		502,875
Aveng, Ltd. (a)		54,571		31,685
Barclays Africa Group, Ltd.		32,801		404,622
Barloworld, Ltd.		23,341		201,236
Bid Corp., Ltd.		9,355		167,706
Bidvest Group, Ltd.		34,221		453,569
Coronation Fund Managers, Ltd.		49,305		254,151
Discovery, Ltd.		33,617		281,473
FirstRand, Ltd.		258,816		1,006,307
Foschini Group, Ltd.		22,435		261,066
Gold Fields, Ltd.		54,290		173,053
Grindrod, Ltd.		91,829		90,318
Group Five, Ltd.		26,095		46,866
Growthpoint Properties, Ltd. REIT		72,705		137,648
Harmony Gold Mining Co., Ltd.		21,984		50,688
Impala Platinum Holdings, Ltd. (a)		39,033		121,994
Imperial Holdings, Ltd.		18,021		240,421
Investec, Ltd.		19,893		132,014
Invicta Holdings, Ltd.		37,223		187,000
Kumba Iron Ore, Ltd. (a) (b)		3,872		45,020
Lewis Group, Ltd. (b)		23,589		72,777
Massmart Holdings, Ltd.		15,356		141,668
Mediclinic International PLC		11,960		113,697
MMI Holdings, Ltd.		87,310		150,614
Mr. Price Group, Ltd.		16,006		186,746
MTN Group, Ltd.		98,865		912,161
Murray & Roberts Holdings, Ltd.		65,367		55,066
Naspers, Ltd. Class N		28,404		4,183,416
Nedbank Group, Ltd.		26,532		462,016
Netcare, Ltd.		205,385		478,205
Northam Platinum, Ltd. (a)		27,467		81,346

See accompanying Notes to Schedule of Investments

51

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PPC, Ltd.		28,117	$	11,370
PSG Group, Ltd.		22,316		356,681
Rand Merchant Investment Holdings, Ltd.		108,336		315,303
Remgro, Ltd.		46,350		756,005
RMB Holdings, Ltd.		88,303		428,762
Sanlam, Ltd.		139,046		639,561
Sappi, Ltd. (a)		27,728		182,386
Sasol, Ltd.		32,636		951,993
Shoprite Holdings, Ltd.		46,551		583,666
Sibanye Gold, Ltd.		61,551		114,280
Standard Bank Group, Ltd.		89,462		992,750
Sun International, Ltd.		16,236		103,293
Telkom SA SOC, Ltd.		26,283		142,207
Tiger Brands, Ltd.		19,190		558,271
Trans Hex Group, Ltd. (a)		104		33
Truworths International, Ltd.		39,484		230,032
Vodacom Group, Ltd.		34,388		383,234
Wilson Bayly Holmes-Ovcon, Ltd.		22,603		254,542
Woolworths Holdings, Ltd.		80,067		415,821
Zambezi Platinum RF, Ltd. Series ZPLP, Preference Shares (a)		7,050		25,932
				19,598,676
TAIWAN — 14.3%
Acer, Inc.		272,701		110,844
Adlink Technology, Inc.		50,665		96,051
Advanced Ceramic X Corp.		4,000		29,477
Advanced Semiconductor Engineering, Inc.		582,184		597,015
Advanced Wireless Semiconductor Co.		13,000		20,693
Advancetek Enterprise Co., Ltd.		266,694		146,467
Advantech Co., Ltd.		5,000		39,483
AGV Products Corp. (a)		486,415		111,986
Airmate Cayman International Co., Ltd. (a)		11,000		8,925
APCB, Inc. (a)		94,000		79,770
Asustek Computer, Inc.		51,340		422,138
AU Optronics Corp. ADR		100,111		354,393
Audix Corp.		60,600		66,938
Bank of Kaohsiung Co., Ltd.		153,390		43,025
Basso Industry Corp.		249,900		724,988
Biostar Microtech International Corp. (a)		189,000		48,849
C Sun Manufacturing, Ltd. (a)		92,000		59,090
Carnival Industrial Corp. (a)		191,000		30,402
Catcher Technology Co., Ltd.		53,000		368,364
Cathay Financial Holding Co., Ltd.		484,541		724,654
Cathay No 1 REIT		133,000		66,647
Center Laboratories, Inc. (a)		59,238		113,223
Chailease Holding Co., Ltd.		50,608		86,521
Champion Building Materials Co., Ltd. (a)		136,000		29,623
Chang Hwa Commercial Bank, Ltd.		769,396		409,418
Chang Wah Electromaterials, Inc.		7,431		30,896
Charoen Pokphand Enterprise		441,060		613,781
Chen Full International Co., Ltd.		12,000		17,891
Cheng Loong Corp.		50,000		20,091
Cheng Shin Rubber Industry Co., Ltd.		38,850		73,291
China Airlines, Ltd.		186,000		53,672
China Chemical & Pharmaceutical Co., Ltd.		145,000		81,883
China Development Financial Holding Corp.		1,165,945		291,586
China Steel Chemical Corp.		56,595		208,967
China Steel Corp.		752,451		575,504
Chipbond Technology Corp.		36,000		51,326
Chlitina Holding, Ltd.		2,000		9,339
Chong Hong Construction Co., Ltd.		7,717		15,229
Chung Hwa Pulp Corp.		187,794		53,665
Chunghwa Chemical Synthesis & Biotech Co., Ltd.		54,000		45,323
Chunghwa Telecom Co., Ltd.		239,457		754,131
CMC Magnetics Corp. (a)		225,933		24,466
Coland Holdings, Ltd.		11,938		18,743
Compal Electronics, Inc.		481,774		275,799
Coxon Precise Industrial Co., Ltd.		10,000		10,270
CTBC Financial Holding Co., Ltd.		1,322,527		724,273
Da-Li Development Co., Ltd.		130,536		78,980
Delta Electronics, Inc.		191,167		946,078
Dimerco Express Corp.		251,000		160,044
E.Sun Financial Holding Co., Ltd.		152,800		86,999
Eclat Textile Co., Ltd.		8,681		90,907
Elan Microelectronics Corp.		2,000		2,150
Elite Advanced Laser Corp.		9,600		38,425
Elite Material Co., Ltd.		13,000		36,303
Elite Semiconductor Memory Technology, Inc.		149,750		154,494
Epistar Corp. (a)		55,180		39,636
Etron Technology, Inc. (a)		12,445		4,827
Eva Airways Corp.		125,021		56,636
Excelsior Medical Co., Ltd.		42,344		59,386
Far Eastern New Century Corp.		525,850		394,848
Feng TAY Enterprise Co., Ltd.		15,747		58,876
Flytech Technology Co., Ltd.		8,854		25,851
Formosa Chemicals & Fibre Corp.		249,243		744,736
Formosa Plastics Corp.		391,714		1,084,144
Founding Construction & Development Co., Ltd.		413,677		205,369
Foxconn Technology Co., Ltd.		131,223		347,306
Fubon Financial Holding Co., Ltd.		614,903		973,038
Fullerton Technology Co., Ltd.		47,000		34,781
Fwusow Industry Co., Ltd.		187,627		92,565
Giant Manufacturing Co., Ltd.		42,302		240,196
Grape King Bio, Ltd.		43,664		253,348
Great Wall Enterprise Co., Ltd.		49,300		44,514
HannStar Display Corp. (a)		129,500		31,582
Himax Technologies, Inc. ADR (b)		4,848		29,282
Hiwin Technologies Corp.		9,361		42,987
Hocheng Corp.		279,000		81,374
Hon Hai Precision Industry Co., Ltd.		984,495		2,572,046
Hong TAI Electric Industrial		181,000		49,590
Hota Industrial Manufacturing Co., Ltd.		9,000		34,906
Hotai Motor Co., Ltd.		42,433		485,829
HTC Corp. (a)		89,198		218,643
Hua Nan Financial Holdings Co., Ltd.		784,984		395,792
Hung Sheng Construction, Ltd.		99,000		57,442
Ibase Technology, Inc.		149,290		289,973
Innolux Corp.		375,820		135,267
Iron Force Industrial Co., Ltd.		6,000		30,252
Janfusun Fancyworld Corp. (a)		562,112		48,138
KEE TAI Properties Co., Ltd.		97,000		29,224

See accompanying Notes to Schedule of Investments

52

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kenda Rubber Industrial Co., Ltd.		4,766	$	7,187
Kerry TJ Logistics Co., Ltd.		88,000		121,779
Kindom Construction Corp.		56,000		33,969
Kung Long Batteries Industrial Co., Ltd.		9,000		43,982
Kuoyang Construction Co., Ltd.		57,225		21,218
Kwong Fong Industries Corp.		32,974		26,038
Land Mark Optoelectronics Corp.		2,600		21,701
Largan Precision Co., Ltd.		4,000		470,384
Leofoo Development Co., Ltd.		186,645		47,198
Li Cheng Enterprise Co., Ltd.		7,440		24,816
Lite-On Technology Corp.		250,265		377,389
Long Bon International Co., Ltd.		11,000		5,717
Long Chen Paper Co., Ltd.		1,368,932		694,469
Makalot Industrial Co., Ltd.		4,139		15,925
MediaTek, Inc.		88,329		593,355
Medigen Biotechnology Corp. (a)		5,248		12,913
Mega Financial Holding Co., Ltd.		562,333		401,305
Merida Industry Co., Ltd.		2,100		9,383
Merry Electronics Co., Ltd.		13,356		50,351
Mosel Vitelic, Inc. (a)		3,758		338
Namchow Chemical Industrial Co., Ltd.		87,000		164,935
Nan Ya Plastics Corp.		386,486		853,821
Nanya Technology Corp.		3,982		5,968
National Petroleum Co., Ltd.		435,003		537,191
Neo Solar Power Corp. (a)		34,938		16,369
New Era Electronics Co., Ltd.		41,000		27,351
Newmax Technology Co., Ltd. (a)		39,185		25,532
Nexcom International Co., Ltd.		105,638		108,165
Novatek Microelectronics Corp.		48,225		159,358
OBI Pharma, Inc. (a)		3,000		26,529
Pacific Hospital Supply Co., Ltd.		38,000		99,277
Pan Jit International, Inc.		9,000		4,608
Parade Technologies, Ltd.		4,000		39,468
PChome Online, Inc.		3,314		29,100
Pegatron Corp.		89,686		214,274
Phytohealth Corp. (a)		9,000		8,531
Pihsiang Machinery Manufacturing Co., Ltd.		41,000		79,764
Portwell, Inc.		42,000		51,866
Pou Chen Corp.		327,462		408,451
Powertech Technology, Inc.		101,285		273,412
Precision Silicon Corp. (a)		909		550
Promate Electronic Co., Ltd.		91,000		86,118
ProMOS Technologies, Inc. (a) (e)		130,950		—
Quanta Computer, Inc.		335,664		628,023
Radiant Opto-Electronics Corp.		14,000		24,413
Sampo Corp.		327,000		185,674
Sesoda Corp.		133,880		110,705
Shih Wei Navigation Co., Ltd. (a)		177,321		48,582
Shin Kong Financial Holding Co., Ltd. (a)		428,663		105,074
Silicon Motion Technology Corp. ADR		1,336		56,753
Siliconware Precision Industries Co., Ltd.		180,473		267,946
Sinbon Electronics Co., Ltd.		109,068		237,568
Sinon Corp.		182,000		86,400
SinoPac Financial Holdings Co., Ltd.		1,147,273		323,226
Sinphar Pharmaceutical Co., Ltd.		124,524		93,309
Solar Applied Materials Technology Co. (a) (c)		147,250		39,978
Solartech Energy Corp. (a)		10,041		4,704
Stark Technology, Inc.		87,000		74,234
Supreme Electronics Co., Ltd.		240,818		186,055
Ta Ya Electric Wire & Cable (a)		567,000		96,233
Tainan Enterprises Co., Ltd.		57,000		52,616
Taishin Financial Holding Co., Ltd.		1,050,938		384,780
Taisun Enterprise Co., Ltd. (a)		232,000		107,257
Taiwan Acceptance Corp.		9,000		21,558
Taiwan Cement Corp.		429,533		468,463
Taiwan Chinsan Electronic Industrial Co., Ltd.		45,000		83,775
Taiwan Cogeneration Corp.		59,000		40,823
Taiwan Fire & Marine Insurance Co., Ltd.		40,000		23,954
Taiwan FU Hsing Industrial Co., Ltd.		50,000		64,848
Taiwan Land Development Corp.		300,750		94,716
Taiwan Mobile Co., Ltd.		4,000		12,908
Taiwan Paiho, Ltd.		60,433		178,886
Taiwan Pulp & Paper Corp. (a)		455,000		158,118
Taiwan Sakura Corp.		113,200		116,786
Taiwan Semiconductor Manufacturing Co., Ltd.		1,010,500		5,690,706
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		36,596		1,052,135
Taiwan TEA Corp.		149,913		65,121
Taiwan Union Technology Corp.		189,000		218,445
Taiyen Biotech Co., Ltd.		81,500		74,093
Tatung Co., Ltd. (a)		245,885		72,784
TPK Holding Co., Ltd. (a)		8,000		14,769
Transasia Airways Corp. (a)		361,784		7,858
Tripod Technology Corp.		101,320		228,865
TrueLight Corp.		9,100		16,264
Tung Thih Electronic Co., Ltd.		5,000		44,913
Uni-President Enterprises Corp.		182,993		303,200
United Microelectronics Corp. ADR (b)		366,316		641,053
Unity Opto Technology Co., Ltd.		12,759		5,166
Ve Wong Corp.		89,000		63,514
Visual Photonics Epitaxy Co., Ltd.		136,151		209,112
Wei Chuan Foods Corp. (a)		47,000		25,520
Wei Mon Industry Co., Ltd. (a) (e)		240,450		—
Weikeng Industrial Co., Ltd.		102,526		54,080
Winbond Electronics Corp.		57,000		17,633
Wistron Corp.		237,871		184,147
Zeng Hsing Industrial Co., Ltd.		40,350		200,942
Zenitron Corp.		199,000		104,968
				39,399,582
THAILAND — 3.3%
Advanced Info Service PCL (c)		153,915		631,812
Airports of Thailand PCL (c)		24,500		272,294
Bangkok Dusit Medical Services PCL (c)		70,500		45,477
Bangkok Expressway & Metro PCL (c)		4,578,008		952,407
Bangkok Land PCL (c)		992,800		47,685
Bank of Ayudhya PCL		30,100		33,621
Banpu PCL (c)		358,960		192,458
BEC World PCL (c)		38,200		17,708
Big C Supercenter PCL (c)		300		1,759
BTS Group Holdings PCL (c)		46,500		11,102
Bumrungrad Hospital PCL (c)		10,700		54,082
Central Pattana PCL (c)		74,000		117,787

See accompanying Notes to Schedule of Investments

53

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Central Plaza Hotel PCL (c)		54,900	$	60,940
CH Karnchang PCL (c)		9,448		8,179
Charoen Pokphand Foods PCL (c)		27,900		22,984
CP ALL PCL (c)		256,700		448,018
Electricity Generating PCL (c)		114,474		636,135
IRPC PCL (c)		1,290,258		172,945
Jasmine International PCL (c)		390,241		86,089
Kasikornbank PCL		81,900		405,949
Krung Thai Bank PCL (c)		63,000		31,139
Land & Houses PCL (c)		97,300		26,492
Minor International PCL (c)		12,928		13,177
Pruksa Holding PCL (c)		37,700		23,687
PTT Exploration & Production PCL (c)		162,230		436,035
PTT Global Chemical PCL (c)		32,100		56,472
PTT PCL (c)		81,436		845,958
Quality Houses PCL (c)		348,483		25,107
Sansiri PCL (c)		361,833		16,773
Siam Cement PCL		55,923		777,695
Siam Commercial Bank PCL (c)		165,402		702,060
Siam Future Development PCL (c)		253,913		43,606
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		124,266		58,992
Thai Airways International PCL (a) (c)		89,400		56,670
Thai Beverage PCL		570,000		335,364
Thai Oil PCL (c)		159,295		321,388
Thaicom PCL (c)		56,800		30,771
TICON Industrial Connection PCL (c)		158,480		73,464
Tisco Financial Group PCL NVDR (c)		205,218		345,272
TMB Bank PCL (c)		6,453,717		378,459
Total Access Communication PCL (c)		10,200		10,752
True Corp. PCL (c)		718,510		143,459
TTCL PCL (c)		10,000		5,445
U City PCL (a) (c)		11,807,300		9,892
				8,987,560
TURKEY — 1.3%
Akbank TAS		146,082		324,756
Anadolu Efes Biracilik Ve Malt Sanayii A/S		31,399		157,370
Aselsan Elektronik Sanayi Ve Ticaret A/S		8,673		31,338
BIM Birlesik Magazalar A/S		5,721		79,693
Coca-Cola Icecek A/S		658		6,192
Dogan Sirketler Grubu Holding A/S (a)		210,361		45,450
Eregli Demir ve Celik Fabrikalari TAS		216,011		315,640
Haci Omer Sabanci Holding A/S		77,927		202,704
KOC Holding A/S		116,954		458,826
Migros Ticaret A/S (a)		1,225		6,122
Tupras Turkiye Petrol Rafinerileri A/S		15,970		321,207
Turk Hava Yollari AO (a)		38,365		54,642
Turkcell Iletisim Hizmetleri A/S (a)		67,158		186,147
Turkiye Garanti Bankasi A/S		289,836		627,857
Turkiye Halk Bankasi A/S		14,940		39,669
Turkiye Is Bankasi Class C		182,481		268,721
Turkiye Vakiflar Bankasi TAO Class D		25,505		31,540
Ulker Biskuvi Sanayi A/S		40,328		185,268
Yapi ve Kredi Bankasi A/S (a)		117,392		114,469
				3,457,611
UNITED ARAB EMIRATES — 0.9%
Abu Dhabi Commercial Bank PJSC		131,742		247,494
Agthia Group PJSC		9,305		17,987
Air Arabia PJSC		304,350		110,209
Ajman Bank PJSC (a)		128,509		46,535
Al Waha Capital PJSC		59,463		31,246
Aldar Properties PJSC		255,333		182,833
Arabtec Holding PJSC (a)		162,255		57,871
Bank of Sharjah (a)		56,009		21,654
DAMAC Properties Dubai Co. PJSC		211,603		145,758
Depa, Ltd. (a) (c)		36,714		12,850
Deyaar Development PJSC (a)		200,659		33,763
DP World, Ltd.		10,425		182,542
Dubai Financial Market PJSC		120,945		41,161
Dubai Investments PJSC		97,933		63,459
Emaar Malls PJSC		64,530		46,031
Emaar Properties PJSC		220,477		428,000
Eshraq Properties Co. PJSC (a)		148,329		42,000
First Gulf Bank PJSC		41,861		146,455
Gulf General Investment Co. (a)		122,375		16,926
Gulf Pharmaceutical Industries PSC		22,887		13,522
Invest bank PSC		17,827		10,969
National Bank of Abu Dhabi PJSC		82,297		223,841
National Central Cooling Co. PJSC		229,478		125,582
Orascom Construction, Ltd. (a)		1,044		5,470
RAK Properties PJSC		234,196		42,084
Ras Al Khaimah Ceramics		21,607		14,413
SHUAA Capital PSC (a)		316,263		127,439
Union National Bank PJSC		45,236		55,915
Union Properties PJSC (a)		90,687		27,901
				2,521,910
UNITED KINGDOM — 0.0% (g)
Tiso Blackstar Group SE		195		143
UNITED STATES — 0.0%
GasLog, Ltd.		1,611		25,937
TOTAL COMMON STOCKS (Cost $311,093,833)				274,689,792
WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
KNM Group Bhd (expiring 11/15/17) (a)		66,712		520
VS Industry Bhd (expiring 1/6/19) (a)		19,500		1,087
				1,607
SOUTH AFRICA — 0.0% (g)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a)		335		74
TOTAL WARRANTS (Cost $—)				1,681
SHORT-TERM INVESTMENT — 1.3%
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i) (Cost $3,583,026)				3,583,026
TOTAL INVESTMENTS — 101.0% (Cost $314,676,859)				278,274,499
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%				(2,677,577	)
NET ASSETS — 100.0%			$	275,596,922

See accompanying Notes to Schedule of Investments

54

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of securities is $7,453,502 representing 2.7% of net assets.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.1% of net assets as of December 31, 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 December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(f) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(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 period ended December 31, 2016 are shown in the Affiliate Table below.

(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

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

55

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

At December 31, 2016, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation
MSCI Taiwan Index Futures		01/23/2017		13		446,940		6,297

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	23,074,192	$	—	$	—		$	23,074,192
Chile		4,632,716		778		—			4,633,494
China		78,167,841		—		—			78,167,841
Colombia		1,776,182		—		—			1,776,182
Czech Republic		810,183		—		—			810,183
Egypt		1,051,438		—		—			1,051,438
Greece		549,181		—		—			549,181
Hong Kong		3,383,310		33,363		0	(a)		3,416,673
Hungary		1,754,226		—		—			1,754,226
India		31,758,596		304		—			31,758,900
Indonesia		8,466,122		3,954		—			8,470,076
Malaysia		7,636,099		132		—			7,636,231
Mexico		11,060,107		—		—			11,060,107
Netherlands		1,195,488		—		—			1,195,488
Peru		2,340,110		—		—			2,340,110
Philippines		4,219,732		—		—			4,219,732
Poland		2,880,538		—		—			2,880,538
Qatar		2,086,288		—		—			2,086,288
Russia		13,817,493		—		—			13,817,493
South Africa		19,598,676		—		0	(a)		19,598,676
Taiwan		39,359,604		39,978		0	(a)		39,399,582
Thailand		1,625,417		7,362,143		—			8,987,560
Turkey		3,457,611		—		—			3,457,611
United Arab Emirates		2,509,060		12,850		—			2,521,910
United Kingdom		143		—		—			143
United States		25,937		—		—			25,937
Warrants
Malaysia		1,607		—		—			1,607
South Africa		74		—		—			74
Short-Term Investment		3,583,026		—		—			3,583,026
TOTAL INVESTMENTS	$	270,820,997	$	7,453,502	$	0		$	278,274,499
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts (b)		6,297		—		—			6,297
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	270,827,294	$	7,453,502	$	0		$	278,280,796

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

(b) Futures Contracts are valued at unrealized appreciation (depreciation).

See accompanying Notes to Schedule of Investments

56

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		1,745,114	$	1,745,114		7,075,600		8,820,714		—	$	—	$	937
State Street Navigator Securities Lending Government Money Market Portfolio *		3,656,112		3,656,112		44,796,419		44,869,505		3,583,026		3,583,026		13,692
TOTAL			$	5,401,226							$	3,583,026	$	14,629

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

57

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BRAZIL — 15.3%
Banco Bradesco SA Preference Shares		371,729	$	3,312,177
BB Seguridade Participacoes SA		311,296		2,706,756
BR Malls Participacoes SA (a)		677,085		2,485,994
BTG Pactual Group		691,728		3,092,341
CCR SA		2,267,469		11,118,937
CETIP SA — Mercados Organizados		100,405		1,375,876
Cia Energetica de Minas Gerais ADR (b)		2,202,654		5,022,051
Grendene SA		114,489		618,403
Itausa — Investimentos Itau SA Preference Shares		1,308,481		3,328,793
Multiplus SA		128,190		1,331,251
Porto Seguro SA		258,017		2,132,503
Smiles SA		470,256		6,462,823
Transmissora Alianca de Energia Eletrica SA		388,638		2,476,527
				45,464,432
CHILE — 1.6%
Aguas Andinas SA Class A		1,628,506		847,897
Banco de Chile ADR		19,273		1,357,783
Banco Santander Chile		25,836,790		1,437,295
Itau CorpBanca		115,620,748		969,800
				4,612,775
CHINA — 10.2%
Agile Group Holdings, Ltd. (b)		3,017,951		1,537,557
Agricultural Bank of China, Ltd. Class H		5,146,000		2,110,662
Bank of China, Ltd. Class H		4,457,536		1,977,767
China Construction Bank Corp. Class H		3,043,000		2,343,139
China Evergrande Group (b)		3,010,508		1,875,464
China South City Holdings, Ltd. (b)		10,924,000		2,282,541
CIFI Holdings Group Co., Ltd.		3,642,506		981,902
Country Garden Holdings Co., Ltd. (b)		4,373,000		2,447,885
Huaneng Power International, Inc. Class H		10,664,000		7,069,766
Industrial & Commercial Bank of China, Ltd. Class H		3,423,000		2,052,966
Jiangsu Expressway Co., Ltd. Class H		1,606,000		2,029,988
KWG Property Holding, Ltd.		2,398,500		1,361,176
Shenzhen Investment, Ltd.		2,921,716		1,171,980
SOHO China, Ltd.		2,075,500		1,022,605
				30,265,398
CZECH REPUBLIC — 0.5%
Komercni banka A/S		41,593		1,436,875
HONG KONG — 1.2%
Seaspan Corp. (b)		96,292		880,109
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		364,000		70,423
Xinyi Glass Holdings, Ltd.		3,264,000		2,669,078
				3,619,610
INDIA — 0.7%
Indiabulls Housing Finance, Ltd.		62,198		595,907
NMDC, Ltd.		765,024		1,390,953
				1,986,860
INDONESIA — 0.5%
Indocement Tunggal Prakarsa Tbk PT		832,400		951,491
Media Nusantara Citra Tbk PT		3,717,600		484,274
				1,435,765
MALAYSIA — 1.4%
British American Tobacco Malaysia Bhd		98,100		975,314
Malayan Banking Bhd		910,358		1,664,052
Sunway Real Estate Investment Trust		1,365,400		523,515
YTL Corp. Bhd		2,794,300		965,485
				4,128,366
MEXICO — 0.4%
Concentradora Fibra Danhos SA de CV REIT		258,467		393,820
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (a)		682,609		707,741
				1,101,561
POLAND — 1.4%
Bank Handlowy w Warszawie SA		24,042		439,971
Energa SA		600,641		1,309,401
Powszechny Zaklad Ubezpieczen SA		289,391		2,302,344
				4,051,716
RUSSIA — 6.9%
Mobile TeleSystems PJSC ADR		1,065,802		9,709,456
Moscow Exchange MICEX-RTS PJSC (a)		951,060		1,948,276
Novolipetsk Steel PJSC GDR		176,054		3,274,605
Surgutneftegas OJSC Preference Shares		9,765,030		5,122,168
Unipro PJSC		11,593,880		551,544
				20,606,049
SOUTH AFRICA — 16.9%
Barclays Africa Group, Ltd.		228,448		2,818,054
Coronation Fund Managers, Ltd.		837,492		4,316,988
Foschini Group, Ltd.		516,315		6,008,132
Growthpoint Properties, Ltd. REIT		1,069,674		2,025,145
Hyprop Investments, Ltd.		247,379		2,122,123
Liberty Holdings, Ltd.		224,077		1,818,834
MMI Holdings, Ltd.		1,448,057		2,497,965
MTN Group, Ltd.		1,184,844		10,931,756
Nedbank Group, Ltd.		147,610		2,570,411
Redefine Properties, Ltd. REIT		3,919,354		3,207,135
Standard Bank Group, Ltd.		242,591		2,692,006
Vodacom Group, Ltd.		826,193		9,207,445
				50,215,994
SOUTH KOREA — 2.7%
SK Telecom Co., Ltd.		42,606		7,901,759
TAIWAN — 27.8%
Asustek Computer, Inc.		519,000		4,267,430
Cheng Shin Rubber Industry Co., Ltd.		1,955,000		3,688,107
China Development Financial Holding Corp.		8,565,000		2,141,981
Far Eastern New Century Corp.		2,632,615		1,976,769
Far EasTone Telecommunications Co., Ltd.		1,766,000		3,972,664
Fubon Financial Holding Co., Ltd.		1,579,000		2,498,650

See accompanying Notes to Schedule of Investments

58

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Highwealth Construction Corp.		2,153,000	$	3,032,865
Innolux Corp.		16,767,000		6,034,851
Inventec Corp.		4,045,000		2,773,729
MediaTek, Inc.		915,000		6,146,560
Mega Financial Holding Co., Ltd.		2,789,019		1,990,364
Micro-Star International Co., Ltd.		1,946,000		4,443,998
Novatek Microelectronics Corp.		1,409,000		4,656,009
Pegatron Corp.		1,851,000		4,422,321
Realtek Semiconductor Corp.		2,263,000		7,162,059
Ruentex Development Co., Ltd. (a)		1,757,217		2,006,441
Ruentex Industries, Ltd.		1,049,000		1,747,845
Siliconware Precision Industries Co., Ltd.		2,416,000		3,587,005
Taiwan Cement Corp.		3,425,000		3,735,417
Taiwan Mobile Co., Ltd.		1,263,200		4,076,229
Transcend Information, Inc.		264,000		697,906
Vanguard International Semiconductor Corp.		1,828,000		3,187,614
Wan Hai Lines, Ltd.		3,384,000		1,711,477
WPG Holdings, Ltd.		1,497,000		1,765,056
Yulon Nissan Motor Co., Ltd.		105,648		644,135
				82,367,482
THAILAND — 5.1%
Advanced Info Service PCL NVDR (c)		1,896,375		7,784,508
BEC World PCL NVDR		653,300		302,838
BTS Group Holdings PCL NVDR		11,017,009		2,630,386
Krung Thai Bank PCL NVDR		2,899,300		1,433,032
Land & Houses PCL NVDR		5,403,814		1,478,823
Pruksa Holding PCL NVDR		1,648,000		1,035,450
TTW PCL NVDR		1,436,432		429,199
				15,094,236
TURKEY — 7.2%
Eregli Demir ve Celik Fabrikalari TAS		7,746,945		11,320,019
Tofas Turk Otomobil Fabrikasi A/S		490,888		3,438,560
Turkcell Iletisim Hizmetleri A/S (a)		2,384,127		6,608,266
				21,366,845
TOTAL COMMON STOCKS (Cost $303,266,658)				295,655,723
SHORT-TERM INVESTMENTS — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		76,720		76,720
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		1,363,846		1,363,846
TOTAL SHORT-TERM INVESTMENTS (Cost $1,440,566)				1,440,566
TOTAL INVESTMENTS — 100.3%
(Cost $304,707,224)				297,096,289
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(908,730	)
NET ASSETS — 100.0%			$	296,187,559

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of securities is $123 representing 0.0% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	45,464,432	$	—	$	—	$	45,464,432
Chile		4,612,775		—		—		4,612,775
China.		30,265,398		—		—		30,265,398
Czech Republic		1,436,875		—		—		1,436,875
Hong Kong		3,619,610		—		—		3,619,610
India		1,986,860		—		—		1,986,860
Indonesia		1,435,765		—		—		1,435,765
Malaysia		4,128,366		—		—		4,128,366
Mexico		1,101,561		—		—		1,101,561

See accompanying Notes to Schedule of Investments

59

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Poland	$	4,051,716	$	—	$	—	$	4,051,716
Russia		20,606,049		—		—		20,606,049
South Africa		50,215,994		—		—		50,215,994
South Korea		7,901,759		—		—		7,901,759
Taiwan		82,367,482		—		—		82,367,482
Thailand		15,094,113		123		—		15,094,236
Turkey		21,366,845		—		—		21,366,845
Short-Term Investments		1,440,566		—		—		1,440,566
TOTAL INVESTMENTS	$	297,096,166	$	123	$	—	$	297,096,289

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		294,049	$	294,049		—		294,049		—	$	—	$	30
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		5,770,579		5,693,859		76,720		76,720		403
State Street Navigator Securities Lending Government Money Market Portfolio *		5,451,073		5,451,073		115,356,136		119,443,363		1,363,846		1,363,846		5,574
TOTAL			$	5,745,122							$	1,440,566	$	6,007

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

60

SPDR S&P Emerging Europe ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
CYPRUS — 0.2%
Globaltrans Investment PLC GDR		8,804	$	55,729
CZECH REPUBLIC — 1.9%
CEZ A/S		15,017		252,062
Komercni banka A/S		8,072		278,856
Moneta Money Bank A/S (a)		32,020		103,492
O2 Czech Republic A/S		4,565		46,295
				680,705
GREECE — 5.3%
Aegean Airlines SA		4,777		31,894
Aegean Marine Petroleum Network, Inc.		3,198		32,460
Alpha Bank AE (a)		136,693		273,936
Athens Water Supply & Sewage Co. SA		4,446		26,167
Costamare, Inc.		2,338		13,093
Diana Shipping, Inc. (a)		7,385		22,303
Ellaktor SA (a)		17,817		20,484
Eurobank Ergasias SA (a)		195,504		133,004
FF Group (a)		3,463		70,239
Fourlis Holdings SA (a)		6,594		28,376
GEK Terna Holding Real Estate Construction SA (a)		12,569		30,226
Grivalia Properties REIC AE		5,571		45,010
Hellenic Exchanges — Athens Stock Exchange SA		6,532		33,690
Hellenic Petroleum SA (a)		8,486		39,562
Hellenic Telecommunications Organization SA		24,160		227,561
JUMBO SA		9,926		157,670
LAMDA Development SA (a)		4,154		21,031
Metka Industrial — Construction SA		4,025		27,085
Motor Oil Hellas Corinth Refineries SA		7,162		98,959
Mytilineos Holdings SA (a)		11,987		77,756
National Bank of Greece SA (a)		281,968		73,757
OPAP SA		21,359		189,239
Public Power Corp. SA (a)		15,824		48,235
StealthGas, Inc. (a)		883		2,984
Terna Energy SA		8,614		25,531
Titan Cement Co. SA		5,231		123,038
Tsakos Energy Navigation, Ltd		7,098		33,290
				1,906,580
HUNGARY — 3.9%
Magyar Telekom Telecommunications PLC		72,887		123,954
MOL Hungarian Oil & Gas PLC		6,249		440,348
OTP Bank PLC		19,252		552,250
Richter Gedeon Nyrt		13,724		291,040
				1,407,592
LUXEMBOURG — 0.0% (b)
O’Key Group SA GDR		4,097		10,652
MONACO — 0.0% (b)
Navios Maritime Holdings, Inc. (a)		4,660		6,571
NETHERLANDS — 0.3%
VimpelCom, Ltd. ADR		23,374		89,990
POLAND — 14.9%
Alior Bank SA (a)		8,191		106,334
AmRest Holdings SE (a)		293		20,777
Asseco Poland SA		12,237		158,184
Bank Handlowy w Warszawie SA		3,300		60,390
Bank Millennium SA (a)		60,006		74,607
Bank Pekao SA		15,103		455,156
Bank Zachodni WBK SA		3,096		234,371
Budimex SA		1,039		49,271
CCC SA		2,224		108,448
CD Projekt SA (a)		6,376		79,733
Ciech SA		2,604		36,375
Cyfrowy Polsat SA (a)		16,914		99,678
Enea SA (a)		12,711		28,928
Energa SA		20,087		43,790
Eurocash SA		7,675		72,332
Getin Noble Bank SA (a)		45,193		14,291
Globe Trade Centre SA (a)		39,471		77,537
Grupa Azoty SA		2,643		39,680
Grupa Kety SA		318		29,558
Grupa Lotos SA (a)		8,646		79,225
ING Bank Slaski SA		2,747		106,213
Inter Cars SA		400		26,596
Jastrzebska Spolka Weglowa SA (a)		1,915		30,691
KGHM Polska Miedz SA		15,933		352,989
KRUK SA		1,506		85,505
LPP SA		146		198,439
Lubelski Wegiel Bogdanka SA (a)		1,384		23,043
mBank SA (a)		1,771		142,234
Netia SA		89,117		98,205
Orange Polska SA		90,037		118,847
PGE Polska Grupa Energetyczna SA		77,692		194,495
Polski Koncern Naftowy Orlen SA		32,972		673,768
Polskie Gornictwo Naftowe i Gazownictwo SA		186,167		251,089
Powszechna Kasa Oszczednosci Bank Polski SA (a)		83,577		563,414
Powszechny Zaklad Ubezpieczen SA		56,707		451,151
Synthos SA		61,723		67,426
Tauron Polska Energia SA (a)		170,653		116,513
				5,369,283
RUSSIA — 57.9%
Aeroflot-Russian Airlines PJSC (a)		54,000		135,620
Alrosa PJSC		266,292		422,926
Bashneft PJSC		2,837		167,077
Bashneft PJSC Preference Shares		3,666		73,658
Etalon Group, Ltd. GDR		10,643		34,004
Evraz PLC (a)		49,849		136,620
Gazprom Neft PJSC ADR		4,929		86,360
Gazprom PJSC ADR		611,782		3,089,499
Inter RAO UES PJSC		2,000,000		125,270
Lenta, Ltd. GDR (a)		14,606		119,769
LSR Group PJSC GDR		21,999		75,897
Lukoil PJSC ADR		44,596		2,501,836
Magnit PJSC GDR		23,456		1,035,582
Mail.Ru Group, Ltd. GDR (a)		10,880		199,648
Mechel PJSC ADR (a)		7,939		45,490
MegaFon PJSC GDR		10,794		102,003
MMC Norilsk Nickel PJSC ADR		66,246		1,112,270
Mobile TeleSystems PJSC ADR		57,245		521,502
Moscow Exchange MICEX-RTS PJSC (a)		138,069		282,839
Novatek PJSC GDR		6,425		833,965

See accompanying Notes to Schedule of Investments

61

SPDR S&P Emerging Europe ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Novolipetsk Steel PJSC GDR		9,715	$	180,699
PhosAgro PJSC GDR		9,769		148,977
PIK Group PJSC GDR (a)		39,362		185,985
Polymetal International PLC		24,375		257,517
QIWI PLC ADR (c)		3,161		40,366
Ros Agro PLC GDR		2,267		30,151
Rosneft Oil Co. PJSC GDR		103,568		673,192
Rostelecom PJSC ADR		22,232		183,612
RusHydro PJSC ADR (d)		5,150		7,493
RusHydro PJSC ADR (d)		93,589		133,832
Sberbank of Russia PJSC (a)		765,590		2,171,087
Sberbank of Russia PJSC ADR		68,373		791,418
Sberbank of Russia PJSC Preference Shares		96,889		206,337
Severstal PJSC GDR		16,181		245,951
Sistema PJSC FC GDR		19,803		178,227
Surgutneftegas OJSC ADR		93,430		471,354
Surgutneftegas OJSC Preference Shares		864,285		453,354
Tatneft PJSC ADR (d)		1,672		68,920
Tatneft PJSC ADR (d)		23,210		967,625
TCS Group Holding PLC GDR		8,427		88,905
TMK PJSC GDR		4,968		25,337
Transneft PJSC Preference Shares		174		564,240
Unipro PJSC		1,001,977		47,666
United Co. RUSAL PLC		119,819		50,690
Uralkali PJSC (a)		44,705		120,837
VTB Bank PJSC GDR		259,351		619,071
X5 Retail Group NV GDR (a)		11,217		363,992
Yandex NV Class A (a)		22,723		457,414
				20,836,084
TURKEY — 14.8%
Akbank TAS		232,137		516,065
Anadolu Efes Biracilik Ve Malt Sanayii A/S		26,081		130,716
Arcelik A/S		27,604		166,365
Aselsan Elektronik Sanayi Ve Ticaret A/S		14,590		52,717
BIM Birlesik Magazalar A/S		20,867		290,676
Coca-Cola Icecek A/S		5,214		49,063
Dogan Sirketler Grubu Holding A/S (a)		204,313		44,143
Dogus Otomotiv Servis ve Ticaret A/S		22,467		56,078
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		218,860		186,034
Enka Insaat ve Sanayi A/S		128,893		197,136
Eregli Demir ve Celik Fabrikalari TAS		213,382		311,799
Ford Otomotiv Sanayi A/S		7,528		65,444
Haci Omer Sabanci Holding A/S		132,203		343,887
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D		86,767		28,367
KOC Holding A/S		97,107		380,963
Kombassan Holdings A/S (a)		12,274		5,478
Koza Altin Isletmeleri A/S (a)		3,028		14,066
Petkim Petrokimya Holding A/S		64,194		67,523
TAV Havalimanlari Holding A/S		11,886		47,408
Tekfen Holding A/S		21,779		39,997
Tofas Turk Otomobil Fabrikasi A/S		12,623		88,421
Tupras Turkiye Petrol Rafinerileri A/S		14,750		296,669
Turk Hava Yollari AO (a)		118,865		169,295
Turk Telekomunikasyon A/S		31,790		47,718
Turk Traktor ve Ziraat Makineleri A/S		1,309		27,910
Turkcell Iletisim Hizmetleri A/S (a)		95,308		264,172
Turkiye Garanti Bankasi A/S		245,240		531,251
Turkiye Halk Bankasi A/S		61,286		162,728
Turkiye Is Bankasi Class C		155,531		229,034
Turkiye Sinai Kalkinma Bankasi A/S		92,434		37,051
Turkiye Sise ve Cam Fabrikalari A/S		73,340		79,853
Turkiye Vakiflar Bankasi TAO Class D		106,210		131,343
Ulker Biskuvi Sanayi A/S		17,504		80,414
Vestel Elektronik Sanayi ve Ticaret A/S (a)		24,259		43,793
Yapi ve Kredi Bankasi A/S (a)		113,971		111,133
Yazicilar Holding A/S Class A		10,298		38,497
				5,333,207
UNITED STATES — 0.5%
GasLog, Ltd		3,740		60,214
Luxoft Holding, Inc. (a) (c)		1,962		110,264
Navios Maritime Acquisition Corp.		6,801		11,562
				182,040
TOTAL COMMON STOCKS (Cost $62,760,132)				35,878,433
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		8,487		8,487
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		31,403		31,403
TOTAL SHORT-TERM INVESTMENTS (Cost $39,890)				39,890
TOTAL INVESTMENTS — 99.8%
(Cost $62,800,022)				35,918,323
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				65,534
NET ASSETS — 100.0%			$	35,983,857

(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 December 31, 2016.

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

62

SPDR S&P Emerging Europe ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Cyprus.	$	55,729	$	—	$	—	$	55,729
Czech Republic		680,705		—		—		680,705
Greece		1,906,580		—		—		1,906,580
Hungary		1,407,592		—		—		1,407,592
Luxembourg.		10,652		—		—		10,652
Monaco		6,571		—		—		6,571
Netherlands		89,990		—		—		89,990
Poland		5,369,283		—		—		5,369,283
Russia		20,836,084		—		—		20,836,084
Turkey		5,333,207		—		—		5,333,207
United States		182,040		—		—		182,040
Short-Term Investments		39,890		—		—		39,890
TOTAL INVESTMENTS	$	35,918,323	$	—	$	—	$	35,918,323

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		470	$	470		5		475		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		730,418		721,931		8,487		8,487		84
State Street Navigator Securities Lending Government Money Market Portfolio *		79,890		79,890		4,372,179		4,420,666		31,403		31,403		420
TOTAL			$	80,360							$	39,890	$	504

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

63

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
BRAZIL — 54.9%
AES Tiete Energia SA		14,574	$	62,690
Alpargatas SA Preference Shares		2,484		7,640
Ambev SA ADR		184,219		904,515
Arezzo Industria e Comercio SA		3,031		23,338
B2W Cia Digital (a)		6,208		19,455
Banco Bradesco SA		21,802		195,198
Banco Bradesco SA Preference Shares ADR		126,427		1,101,179
Banco do Brasil SA		29,417		253,886
Banco do Brasil SA ADR		16,728		139,177
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares		7,500		23,781
Banco Santander Brasil SA ADR (b)		18,724		166,456
BB Seguridade Participacoes SA		27,875		242,376
BM&FBovespa SA		74,207		376,199
BR Malls Participacoes SA (a)		20,901		76,740
BR Properties SA		2,370		5,461
Bradespar SA Preference Shares		15,411		70,315
Braskem SA Preference Shares ADR (b)		4,402		93,366
BRF SA		10,368		153,703
BRF SA ADR		19,404		286,403
BTG Pactual Group		11,685		52,237
CCR SA		43,193		211,805
Centrais Eletricas Brasileiras SA (a)		2,373		16,631
Centrais Eletricas Brasileiras SA ADR (a) (b)		17,266		119,826
Centrais Eletricas Brasileiras SA Class B, Preference Shares (a)		4,300		34,205
CETIP SA — Mercados Organizados		10,120		138,677
Cia Brasileira de Distribuicao ADR (b)		7,514		124,357
Cia de Saneamento Basico do Estado de Sao Paulo		22,177		196,170
Cia de Saneamento de Minas Gerais-COPASA		3,982		44,656
Cia de Transmissao de Energia Eletrica Paulista Preference Shares		1,628		32,448
Cia Energetica de Minas Gerais ADR		41,366		94,314
Cia Energetica de Sao Paulo Class B, Preference Shares		15,268		63,282
Cia Hering		6,165		28,640
Cia Paranaense de Energia Preference Shares		8,355		70,235
Cia Siderurgica Nacional SA ADR (a) (b)		30,713		99,203
Cielo SA		38,744		332,003
Cosan Logistica SA (a)		3,423		5,248
Cosan SA Industria e Comercio		9,898		116,020
Cosan, Ltd.		6,933		52,934
CPFL Energia SA ADR (b)		13,839		213,121
CVC Brasil Operadora e Agencia de Viagens SA		3,623		26,382
Cyrela Brazil Realty SA Empreendimentos e Participacoes		20,741		65,447
Dimed SA Distribuidora da Medicamentos		100		20,555
Duratex SA (a)		31,100		64,977
EDP — Energias do Brasil SA		3,936		16,205
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		2,736		9,491
Embraer SA		29,559		145,311
Engie Brasil Energia SA		8,384		94,236
Equatorial Energia SA		7,173		119,892
Estacio Participacoes SA		12,939		62,813
Fibria Celulose SA ADR (b)		10,644		102,289
Fleury SA		2,308		25,280
Gafisa SA		14,598		8,342
Gerdau SA ADR (b)		28,581		89,744
Gerdau SA Preference Shares		5,560		18,450
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		9,475		13,450
GP Investments, Ltd. (a)		5,113		10,934
Hypermarcas SA		15,071		120,996
Iguatemi Empresa de Shopping Centers SA		2,900		23,763
Itau Unibanco Holding SA Preference Shares ADR		148,109		1,522,561
Itausa — Investimentos Itau SA		42,474		104,792
Itausa — Investimentos Itau SA Preference Shares		162,381		413,099
JBS SA		33,163		116,158
Kepler Weber SA		3,580		19,799
Klabin SA		25,576		139,247
Kroton Educacional SA		61,041		250,000
Linx SA		6,489		34,591
Localiza Rent a Car SA		6,268		65,902
Lojas Americanas SA Preference Shares		32,753		171,076
Lojas Renner SA		35,994		256,239
M Dias Branco SA		1,866		65,938
Marcopolo SA Preference Shares		26,200		22,057
Marfrig Global Foods SA (a)		7,353		14,933
Metalurgica Gerdau SA Preference Shares (a)		32,970		48,624
Minerva SA (a)		2,561		9,560
MRV Engenharia e Participacoes SA		12,340		41,478
Multiplan Empreendimentos Imobiliarios SA		3,826		69,803
Multiplus SA		1,026		10,655
Natura Cosmeticos SA		10,292		72,794
Odontoprev SA		11,243		43,525
Oi SA (a)		24		19
Oi SA ADR (a)		231		147
Ouro Fino Saude Animal Participacoes SA		1,044		8,981
Petroleo Brasileiro SA ADR (a)		53,881		544,737
Petroleo Brasileiro SA Preference Shares ADR (a)		94,655		833,911
Porto Seguro SA		3,848		31,804
Prumo Logistica SA (a)		7,519		17,673
Qualicorp SA		6,815		40,307
Raia Drogasil SA		8,674		163,076
Rumo Logistica Operadora Multimodal SA (a)		8,128		15,333
Sao Martinho SA		4,620		27,680
Smiles SA		2,934		40,323
Sul America SA		5,557		30,733
Suzano Papel e Celulose SA Class A, Preference Shares		20,252		88,358
Telefonica Brasil SA Preference Shares		20,019		271,127

See accompanying Notes to Schedule of Investments

64

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Tim Participacoes SA		10,552	$	25,386
Tim Participacoes SA ADR		6,865		81,007
TOTVS SA		6,406		47,316
Transmissora Alianca de Energia Eletrica SA		4,959		31,600
Ultrapar Participacoes SA ADR		20,379		422,660
Usinas Siderurgicas de Minas Gerais SA ADR (b)		20,678		25,848
Usinas Siderurgicas de Minas Gerais SA Class A, Preference Shares (a)		9,212		11,605
Vale SA ADR		47,907		365,051
Vale SA Preference Shares ADR		94,356		650,113
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		1,026		7,764
WEG SA		25,092		119,497
				14,681,334
CHILE — 10.6%
Aguas Andinas SA Class A		24,365		12,686
AntarChile SA		11,127		111,306
Banco de Chile ADR		2,682		188,947
Banco de Credito e Inversiones		4,791		242,445
Banco Santander Chile ADR		3,073		67,206
Banmedica SA		11,902		22,962
CAP SA		7,675		54,623
Cencosud SA		72,958		204,773
Cia Cervecerias Unidas SA		5,130		53,576
Coca-Cola Embonor SA Class B, Preference Shares		5,682		11,419
Colbun SA		70,804		13,931
Embotelladora Andina SA Class B, Preference Shares		13,372		49,736
Embotelladora Andina SA Preference Shares		3,252		11,114
Empresa Nacional de Telecomunicaciones SA (a)		954		10,123
Empresas CMPC SA		83,933		171,604
Empresas COPEC SA		30,771		294,872
Enel Americas SA ADR		33,799		277,492
Enel Chile SA ADR		21,715		98,803
Enel Generacion Chile SA ADR		7,193		139,832
Engie Energia Chile SA		3,392		5,368
Forus SA		2,826		9,514
Grupo Security SA		56,327		19,005
Inversiones Aguas Metropolitanas SA		6,124		8,833
Latam Airlines Group SA ADR (a) (b)		17,483		143,011
Parque Arauco SA		4,823		11,014
Ripley Corp. SA		43,405		25,878
SACI Falabella		53,151		420,543
Sigdo Koppers SA		8,526		10,693
Sociedad Matriz SAAM SA		69,198		5,332
Sociedad Quimica y Minera de Chile SA ADR		3,293		94,344
SONDA SA		15,970		28,355
Vina Concha y Toro SA		12,770		20,494
				2,839,834
COLOMBIA — 4.9%
Almacenes Exito SA		10,127		50,264
Banco Davivienda SA Preference Shares		5,826		58,221
Banco de Bogota SA		3,497		70,126
Bancolombia SA		10,237		86,002
Bancolombia SA ADR		5,826		213,698
Celsia SA ESP		10,626		14,247
Cementos Argos SA		13,309		52,580
Cemex Latam Holdings SA (a)		5,479		20,624
Corp. Financiera Colombiana SA		4,208		51,976
Ecopetrol SA ADR (a)		9,313		84,283
Empresa de Energia de Bogota SA ESP		88,125		53,133
Empresa de Telecomunicaciones de Bogota		50,202		10,034
Grupo Argos SA		14,920		95,822
Grupo Argos SA Preference Shares		4,526		27,349
Grupo Aval Acciones y Valores SA Preference Shares		217,409		87,992
Grupo de Inversiones Suramericana SA		10,867		138,281
Grupo de Inversiones Suramericana SA Preference Shares		3,491		43,027
Grupo Nutresa SA		12,223		101,383
Interconexion Electrica SA ESP		15,515		51,579
Odinsa SA (a)		750		2,328
				1,312,949
LUXEMBOURG — 0.1%
Ternium SA ADR		1,436		34,679
MEXICO — 24.7%
Alfa SAB de CV Class A		171,023		213,348
Alsea SAB de CV		19,335		55,683
America Movil SAB de CV Series L		1,086,470		687,169
Arca Continental SAB de CV		13,445		70,529
Asesor de Activos Prisma SAPI de CV (a)		17,784		9,850
Axtel SAB de CV (a) (b)		42,321		7,231
Banregio Grupo Financiero SAB de CV		1,735		9,725
Bolsa Mexicana de Valores SAB de CV		5,585		7,398
Cemex SAB de CV Series CPO (a)		601,202		482,677
Coca-Cola Femsa SAB de CV Series L		20,454		130,429
Concentradora Fibra Danhos SA de CV REIT		32,836		50,031
Concentradora Fibra Hotelera Mexicana SA de CV		17,442		11,878
Concentradora Hipotecaria SAPI de CV REIT		22,787		25,705
Consorcio ARA SAB de CV Series		12,905		4,065
Controladora Vuela Cia de Aviacion SAB de CV Class A (a)		28,738		43,257
Corp. Inmobiliaria Vesta SAB de CV		10,772		13,030
El Puerto de Liverpool SAB de CV Series C1		12,600		91,466
Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT		14,877		9,265
Fibra Uno Administracion SA de CV REIT		84,909		130,899
Fomento Economico Mexicano SAB de CV		92,125		705,063
Genomma Lab Internacional SAB de CV Class B (a)		33,979		35,494
Gentera SAB de CV		30,361		49,193
Gruma SAB de CV Class B		10,843		138,475
Grupo Aeromexico SAB de CV (a) (b)		18,057		34,271

See accompanying Notes to Schedule of Investments

65

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Grupo Aeroportuario del Centro Norte SAB de CV		5,557	$	24,109
Grupo Aeroportuario del Pacifico SAB de CV Class B		13,407		110,945
Grupo Aeroportuario del Sureste SAB de CV Class B		15,293		221,710
Grupo Bimbo SAB de CV Series A		48,209		110,007
Grupo Carso SAB de CV Series A1		26,392		107,136
Grupo Comercial Chedraui SA de CV		3,163		5,699
Grupo Elektra SAB de CV		3,103		39,672
Grupo Financiero Banorte SAB de CV Series O		113,694		564,565
Grupo Financiero Inbursa SAB de CV Series O (b)		136,939		208,518
Grupo Financiero Santander Mexico SAB de CV Class B		61,361		88,848
Grupo GICSA SA de CV (a)		38,046		18,652
Grupo Herdez SAB de CV		7,353		13,441
Grupo Industrial Maseca SAB de CV Class B		6,327		7,368
Grupo Lala SAB de CV		11,179		16,393
Grupo Mexico SAB de CV Series B		156,329		428,204
Grupo Rotoplas SAB de CV (b)		2,801		3,621
Grupo Televisa SAB ADR		713		14,895
Grupo Televisa SAB Series CPO		88,922		373,445
Hoteles City Express SAB de CV (a)		13,081		10,883
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		43,194		58,287
Industrias Bachoco SAB de CV Series B		2,394		9,848
Industrias Penoles SAB de CV		4,356		81,629
Infraestructura Energetica Nova SAB de CV		3,452		15,136
Kimberly-Clark de Mexico SAB de CV Class A		85,344		154,685
La Comer SAB de CV (a) (b)		17,884		13,586
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (a)		14,790		15,334
Medica Sur SAB de CV Series B		6,412		13,165
Megacable Holdings SAB de CV		8,945		30,137
Mexichem SAB de CV		38,850		88,820
Minera Frisco SAB de CV (a)		31,399		23,807
Nemak SAB de CV (b) (c)		76,861		69,095
OHL Mexico SAB de CV		20,308		20,099
PLA Administradora Industrial S de RL de CV (a)		15,556		19,723
Prologis Property Mexico SA de CV REIT		3,101		4,471
Promotora y Operadora de Infraestructura SAB de CV		11,260		94,544
Telesites SAB de CV (a)		48,466		26,443
TV Azteca SAB de CV		162,952		25,707
Unifin Financiera SAPI de CV SOFOM ENR (b)		3,848		9,601
Vitro SAB de CV Series A		8,990		28,120
Wal-Mart de Mexico SAB de CV		233,716		420,318
				6,606,797
PERU — 4.3%
Alicorp SAA		33,725		73,428
Cementos Pacasmayo SAA		4,032		7,576
Cia de Minas Buenaventura SAA ADR		8,519		96,094
Cia Minera Milpo SAA		47,655		48,610
Credicorp, Ltd.		2,878		454,321
Ferreycorp SAA		28,877		14,555
Grana y Montero SAA		12,703		17,807
InRetail Peru Corp. (a) (c)		2,515		48,741
Intercorp Financial Services, Inc. Series INC		1,865		59,680
Southern Copper Corp. (b)		8,983		286,917
Volcan Cia Minera SAA Class B		152,696		32,790
				1,140,519
TOTAL COMMON STOCKS (Cost $46,444,094)				26,616,112
SHORT-TERM INVESTMENTS — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		10,955		10,955
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		677,931		677,931
TOTAL SHORT-TERM INVESTMENTS  (Cost $688,886)				688,886
TOTAL INVESTMENTS — 102.1% (Cost $47,132,980)				27,304,998
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%				(563,841	)
NET ASSETS — 100.0%			$	26,741,157

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of December 31, 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 December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

66

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	14,681,334	$	—	$	—	$	14,681,334
Chile		2,839,834		—		—		2,839,834
Colombia		1,312,949		—		—		1,312,949
Luxembourg.		34,679		—		—		34,679
Mexico		6,606,797		—		—		6,606,797
Peru		1,140,519		—		—		1,140,519
Short-Term Investments		688,886		—		—		688,886
TOTAL INVESTMENTS	$	27,304,998	$	—	$	—	$	27,304,998

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		45,840	$	45,840		19		45,859		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		172,121		161,166		10,955		10,955		38
State Street Navigator Securities Lending Government Money Market Portfolio *		1,152,332		1,152,332		3,247,150		3,721,550		677,931		677,931		2,003
TOTAL			$	1,198,172							$	688,886	$	2,042

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

67

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
EGYPT — 2.5%
Arab Cotton Ginning		20,497	$	5,404
Commercial International Bank Egypt SAE		77,145		310,963
Eastern Tobacco		2,042		31,298
Egypt Kuwait Holding Co. SAE		66,180		38,384
Egyptian Financial Group-Hermes Holding Co. (a)		38,857		54,717
ElSewedy Electric Co.		7,416		30,331
Ezz Steel (a)		20,799		20,374
Global Telecom Holding SAE GDR (a)		40,547		75,417
Juhayna Food Industries		55,409		18,918
Palm Hills Developments SAE		93,216		15,939
Sidi Kerir Petrochemicals Co.		14,896		14,083
Six of October Development & Investment (a)		33,784		28,063
Talaat Moustafa Group		108,031		54,403
Telecom Egypt Co.		33,172		21,499
				719,793
NETHERLANDS — 4.1%
Steinhoff International Holdings NV		223,638		1,165,698
QATAR — 9.9%
Aamal Co. (a)		11,933		44,666
Al Khalij Commercial Bank PQSC		6,995		32,656
Al Meera Consumer Goods Co. QSC		540		26,026
Barwa Real Estate Co.		7,568		69,104
Commercial Bank QSC		11,604		103,567
Doha Bank QSC		7,245		69,438
Gulf International Services QSC		3,614		30,866
Industries Qatar QSC		9,096		293,508
Mannai Corp. QSC		267		5,866
Masraf Al Rayan QSC		25,985		268,313
Medicare Group		546		9,431
Ooredoo QSC		8,414		235,224
Qatar Electricity & Water Co. QSC		2,140		133,405
Qatar First Bank (a)		8,322		23,539
Qatar Gas Transport Co., Ltd.		15,424		97,803
Qatar Industrial Manufacturing Co. QSC		2,142		26,176
Qatar Insurance Co. SAQ		7,969		185,580
Qatar International Islamic Bank QSC		2,944		50,773
Qatar Islamic Bank SAQ		4,595		131,109
Qatar National Bank SAQ		14,855		664,547
Qatar National Cement Co. QSC		1,155		27,278
Qatar Navigation QSC		3,241		85,088
Qatari Investors Group QSC		2,899		46,573
Salam International Investment, Ltd. QSC		4,975		15,097
United Development Co. QSC		11,381		64,541
Vodafone Qatar QSC (a)		31,342		80,649
				2,820,823
SOUTH AFRICA — 71.9%
Adcock Ingram Holdings, Ltd.		11,596		40,915
Adcorp Holdings, Ltd.		5,759		5,896
Advtech, Ltd.		30,827		38,706
AECI, Ltd.		9,641		71,276
African Bank Investments, Ltd. (a) (b)		258,160		—
African Oxygen, Ltd.		10,592		14,716
African Rainbow Minerals, Ltd.		7,952		57,278
Afrimat, Ltd.		10,194		21,037
Alexander Forbes Group Holdings, Ltd.		43,833		25,482
Allied Electronics Corp., Ltd. (a)		21,786		13,064
Anglo American Platinum, Ltd. (a)		4,577		88,498
AngloGold Ashanti, Ltd. (a)		28,084		313,350
ArcelorMittal South Africa, Ltd. (a)		21,870		18,392
Arrowhead Properties, Ltd. Class A		48,826		31,063
Ascendis Health, Ltd.		20,575		38,367
Aspen Pharmacare Holdings, Ltd.		20,660		428,429
Assore, Ltd.		2,475		42,879
Astral Foods, Ltd.		4,298		40,623
Attacq, Ltd. (a)		52,451		64,782
Aveng, Ltd. (a)		39,681		23,040
AVI, Ltd.		20,286		135,527
Balwin Properties, Ltd.		19,532		10,669
Barclays Africa Group, Ltd.		22,770		280,883
Barloworld, Ltd.		13,729		118,366
Bid Corp., Ltd.		19,988		358,322
Bidvest Group, Ltd.		19,988		264,923
Blue Label Telecoms, Ltd.		25,675		34,171
Brait SE (a)		19,934		127,636
Capevin Holdings, Ltd.		32,914		22,384
Capitec Bank Holdings, Ltd.		4,215		214,218
Cashbuild, Ltd.		1,406		35,368
City Lodge Hotels, Ltd.		2,634		28,484
Clicks Group, Ltd.		16,273		137,443
Clover Industries, Ltd.		10,746		14,891
Consolidated Infrastructure Group, Ltd. (a)		2,902		5,089
Coronation Fund Managers, Ltd.		21,767		112,201
Curro Holdings, Ltd. (a)		9,083		33,343
DataTec, Ltd.		14,715		53,243
Delta Property Fund, Ltd. REIT		22,743		12,972
Discovery, Ltd.		28,200		236,117
Distell Group, Ltd.		2,512		26,635
Emira Property Fund, Ltd.		22,713		23,734
EOH Holdings, Ltd.		6,918		82,783
Exxaro Resources, Ltd.		10,583		69,263
Famous Brands, Ltd.		4,398		50,335
FirstRand, Ltd.		228,815		889,659
Foschini Group, Ltd.		12,661		147,330
Gold Fields, Ltd.		51,244		163,344
Grindrod, Ltd.		38,925		38,285
Group Five, Ltd.		10,925		19,621
Growthpoint Properties, Ltd. REIT		165,214		312,789
Harmony Gold Mining Co., Ltd.		27,633		63,712
Hosken Consolidated Investments, Ltd.		4,627		45,881
Hudaco Industries, Ltd.		2,479		20,709
Hyprop Investments, Ltd.		13,856		118,863
Impala Platinum Holdings, Ltd. (a)		42,780		133,705
Imperial Holdings, Ltd.		13,259		176,890
Investec, Ltd.		17,527		116,313
Invicta Holdings, Ltd.		1,412		7,094
Italtile, Ltd.		20,548		20,931
JSE, Ltd.		5,935		71,294
KAP Industrial Holdings, Ltd.		51,931		28,405
Kumba Iron Ore, Ltd. (a) (c)		3,771		43,846
Lewis Group, Ltd. (c)		8,844		27,285
Liberty Holdings, Ltd.		7,109		57,704
Life Healthcare Group Holdings, Ltd.		74,912		178,584
Massmart Holdings, Ltd.		6,516		60,114

See accompanying Notes to Schedule of Investments

68

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Mediclinic International PLC		24,105	$	229,152
Metair Investments, Ltd.		3,314		5,331
MMI Holdings, Ltd.		63,492		109,527
Mondi, Ltd.		8,743		179,009
Mpact, Ltd.		14,114		29,157
Mr. Price Group, Ltd.		16,964		197,924
MTN Group, Ltd.		107,475		991,599
Murray & Roberts Holdings, Ltd.		42,276		35,614
Nampak, Ltd.		40,145		54,486
Naspers, Ltd. Class N		30,193		4,446,904
Nedbank Group, Ltd.		13,495		234,996
Netcare, Ltd.		111,187		258,881
Northam Platinum, Ltd. (a)		22,455		66,503
Oceana Group, Ltd.		3,178		27,887
Octodec Investments, Ltd.		7,199		11,608
Omnia Holdings, Ltd.		4,962		67,128
Peregrine Holdings, Ltd.		5,077		11,142
Pick n Pay Stores, Ltd.		24,729		115,227
Pioneer Foods Group, Ltd.		9,093		102,380
PPC, Ltd.		38,575		15,599
PSG Group, Ltd.		5,305		84,791
Rand Merchant Investment Holdings, Ltd.		55,497		161,520
Raubex Group, Ltd.		13,518		24,318
Redefine Properties, Ltd. REIT		314,207		257,110
Remgro, Ltd.		34,822		567,974
Resilient REIT, Ltd.		24,698		206,632
Reunert, Ltd.		11,425		56,887
Rhodes Food Group Pty, Ltd. (c)		4,827		9,513
RMB Holdings, Ltd.		55,822		271,048
Royal Bafokeng Platinum, Ltd. (a)		1,681		4,377
SA Corporate Real Estate, Ltd.		111,118		45,666
Sanlam, Ltd.		111,870		514,561
Santam, Ltd.		991		16,957
Sappi, Ltd. (a)		34,176		224,799
Sasol, Ltd.		35,277		1,029,031
Shoprite Holdings, Ltd.		26,730		335,146
Sibanye Gold, Ltd.		44,387		82,412
SPAR Group, Ltd.		11,145		161,841
Standard Bank Group, Ltd.		84,749		940,450
Sun International, Ltd.		8,257		52,531
Super Group, Ltd. (a)		13,760		38,870
Telkom SA SOC, Ltd.		21,697		117,394
Tiger Brands, Ltd. (c)		12,893		375,080
Tongaat Hulett, Ltd.		8,851		84,652
Transaction Capital, Ltd.		11,500		12,160
Trencor, Ltd.		9,543		19,888
Truworths International, Ltd.		27,902		162,556
Tsogo Sun Holdings, Ltd.		29,924		60,395
Vodacom Group, Ltd.		35,781		398,759
Vukile Property Fund, Ltd. REIT		19,555		26,712
Wilson Bayly Holmes-Ovcon, Ltd.		3,334		37,546
Woolworths Holdings, Ltd.		57,869		300,538
Zeder Investments, Ltd.		38,275		19,732
				20,501,051
UNITED ARAB EMIRATES — 11.6%
Abu Dhabi Commercial Bank PJSC		129,751		243,753
Agthia Group PJSC		12,016		23,228
Air Arabia PJSC		177,883		64,414
Ajman Bank PJSC (a)		31,498		11,406
Al Waha Capital PJSC		74,120		38,948
Aldar Properties PJSC		244,657		175,188
Arabtec Holding PJSC (a)		175,915		62,743
Bank of Sharjah (a)		21,577		8,342
DAMAC Properties Dubai Co. PJSC		117,728		81,095
Dana Gas PJSC (a)		265,336		39,010
Deyaar Development PJSC (a)		112,263		18,889
DP World, Ltd.		11,985		209,857
Dubai Financial Market PJSC		124,465		42,359
Dubai Investments PJSC		110,256		71,445
Dubai Islamic Bank PJSC		96,113		145,757
DXB Entertainments PJSC (a)		213,989		75,740
Emaar Malls PJSC		146,779		104,702
Emaar Properties PJSC		247,619		480,689
Emirates Telecommunications Group Co. PJSC		121,035		619,526
Eshraq Properties Co. PJSC (a)		88,540		25,071
First Gulf Bank PJSC		81,228		284,184
National Bank of Abu Dhabi PJSC		94,038		255,776
National Bank of Ras Al-Khaimah PSC		43,496		58,620
Orascom Construction, Ltd. (a)		2,551		13,367
RAK Properties PJSC		76,164		13,686
Ras Al Khaimah Ceramics		28,686		19,135
Union National Bank PJSC		85,614		105,826
Union Properties PJSC (a)		77,169		23,742
				3,316,498
UNITED KINGDOM — 0.0% (d)
Pan African Resources PLC		68,312		12,888
TOTAL COMMON STOCKS (Cost $37,081,702)				28,536,751
WARRANTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a) (Cost $0)		888		195
RIGHTS — 0.0% (d)
QATAR — 0.0% (d)
Commercial Bank QSC (expiring 1/22/17) (a) (f) (Cost $0)		2,089		4,016
SHORT-TERM INVESTMENT — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h) (Cost $342,569)				342,569
TOTAL INVESTMENTS — 101.2% (Cost $37,424,271)				28,883,531
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(352,645	)
NET ASSETS — 100.0%			$	28,530,886

See accompanying Notes to Schedule of Investments

69

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(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. Security value is determined based on Level 3 inputs. As of December 31, 2016, total aggregate fair value of the security is $ 0, representing 0.0% of the Fund’s net assets.

(c) All or a portion of the shares of the security are on loan at December 31, 2016.

(d) Amount is less than 0.05% 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. As of December 31, 2016, total aggregate fair value of securities is $4,016 representing 0.0% 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 period ended December 31, 2016 are shown in the Affiliate Table below.

(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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Egypt	$	719,793	$	—	$	—		$	719,793
Netherlands		1,165,698		—		—			1,165,698
Qatar		2,820,823		—		—			2,820,823
South Africa		20,501,051		—		0	(a)		20,501,051
United Arab Emirates		3,316,498		—		—			3,316,498
United Kingdom		12,888		—		—			12,888
Warrants
South Africa		195		—		—			195
Rights
Qatar		—		4,016		—			4,016
Short-Term Investment		342,569		—		—			342,569
TOTAL INVESTMENTS	$	28,879,515	$	4,016	$	0		$	28,883,531

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		52,544	$	52,544		—		52,544		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		471,981		471,981		—		—		56
State Street Navigator Securities Lending Government Money Market Portfolio *		846,193		846,193		16,726,368		17,229,992		342,569		342,569		989
TOTAL			$	898,737							$	342,569	$	1,046

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

70

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 6.1%
Abacus Property Group		9,277	$	20,287
AGL Energy, Ltd.		22,913		366,502
Alumina, Ltd. (a)		225,495		298,804
Amcor, Ltd.		62,564		677,274
AMP, Ltd.		126,782		462,686
Ansell, Ltd.		19,974		357,385
APA Group		88,091		546,652
Aristocrat Leisure, Ltd.		40,531		454,902
Arrium, Ltd. (a) (b) (c)		163,093		2,598
Australia & New Zealand Banking Group, Ltd.		93,947		2,069,382
BHP Billiton PLC		64,168		1,035,913
BHP Billiton, Ltd.		107,274		1,946,588
Billabong International, Ltd. (b)		19,627		17,836
BlueScope Steel, Ltd.		28,839		193,788
Brambles, Ltd.		91,214		818,996
BWP Trust		139,060		301,073
Caltex Australia, Ltd.		9,194		202,784
carsales.com, Ltd.		12,363		101,606
Challenger, Ltd.		22,660		184,427
Coca-Cola Amatil, Ltd.		21,508		157,608
Cochlear, Ltd.		1,890		167,716
Commonwealth Bank of Australia		57,316		3,420,222
Computershare, Ltd.		58,483		527,650
CSL, Ltd.		20,132		1,463,735
CSR, Ltd.		81,436		272,431
Dexus Property Group REIT		15,956		111,147
DUET Group		58,497		116,060
Fairfax Media, Ltd.		83,689		53,933
Fortescue Metals Group, Ltd. (a)		58,354		248,877
Goodman Group		60,153		310,560
GPT Group		60,077		218,814
GWA Group, Ltd.		74,709		160,126
Harvey Norman Holdings, Ltd.		19,952		74,259
Healthscope, Ltd.		70,559		117,000
Iluka Resources, Ltd.		18,030		94,914
Incitec Pivot, Ltd.		57,049		148,713
Infigen Energy (a) (b)		53,458		34,838
Ingenia Communities Group		48,051		93,595
Insurance Australia Group, Ltd.		144,962		628,752
LendLease Group		56,981		603,220
Macquarie Group, Ltd.		15,315		966,125
Medibank Pvt, Ltd.		93,764		191,462
Mirvac Group REIT		61,373		94,657
National Australia Bank, Ltd.		83,557		1,855,646
Newcrest Mining, Ltd.		29,643		434,656
Oil Search, Ltd.		39,822		206,748
Orica, Ltd.		10,396		133,090
Origin Energy, Ltd.		76,675		365,879
Orora, Ltd.		64,200		138,997
OZ Minerals, Ltd.		16,313		93,198
Perpetual, Ltd.		10,344		365,217
QBE Insurance Group, Ltd.		46,020		413,873
Ramsay Health Care, Ltd.		4,386		216,914
REA Group, Ltd.		1,792		71,666
Santos, Ltd.		85,439		248,703
Scentre Group REIT		177,985		597,998
SEEK, Ltd.		12,064		129,985
Sonic Healthcare, Ltd.		13,727		212,710
South32, Ltd. (d)		64,168		128,052
South32, Ltd. (d)		107,723		214,506
Stockland REIT		80,357		266,494
Suncorp Group, Ltd.		43,800		428,794
Sydney Airport		37,810		163,995
Tatts Group, Ltd. (a)		122,152		396,257
Telstra Corp., Ltd.		147,657		545,284
TPG Telecom, Ltd. (a)		12,344		60,959
Transurban Group Stapled Security		68,049		508,510
Treasury Wine Estates, Ltd.		42,634		329,705
Vicinity Centres REIT		111,233		240,826
Wesfarmers, Ltd.		40,280		1,229,086
Westfield Corp.		68,731		466,825
Westpac Banking Corp.		111,909		2,641,685
Woodside Petroleum, Ltd.		31,489		710,485
Woolworths, Ltd.		55,029		960,300
WorleyParsons, Ltd.		16,858		118,651
				35,231,591
AUSTRIA — 0.2%
ANDRITZ AG		1,217		61,223
Erste Group Bank AG (b)		12,006		352,357
OMV AG		11,927		422,185
Voestalpine AG		10,624		417,859
				1,253,624
BELGIUM — 1.1%
Ackermans & van Haaren NV		746		103,942
Aedifica SA		1,960		146,944
Ageas		15,744		624,551
Anheuser-Busch InBev SA		30,172		3,199,895
Bekaert SA		3,342		135,658
Colruyt SA		2,148		106,495
Gimv NV		624		34,652
Groupe Bruxelles Lambert SA		2,742		230,560
KBC Group NV		11,501		713,648
Proximus SADP		4,831		139,413
Solvay SA		2,516		295,495
UCB SA		7,935		509,783
Umicore SA		3,433		196,075
				6,437,111
CANADA — 8.5%
AGF Management, Ltd. Class B		22,576		105,553
Agnico Eagle Mines, Ltd.		7,766		326,901
Agrium, Inc. (a)		8,296		834,889
Alamos Gold, Inc. Class A		8,321		57,457
Algonquin Power & Utilities Corp. (a)		9,044		76,814
Alimentation Couche-Tard, Inc. Class B		14,292		648,818
AltaGas, Ltd. (a)		4,932		124,675
Amaya, Inc. (a) (b)		6,280		89,022
ARC Resources, Ltd.		12,652		218,029
Atco, Ltd. Class I		2,516		83,788
Athabasca Oil Corp. (b)		11,627		17,774
Avigilon Corp. (a) (b)		2,307		22,054
B2Gold Corp. (b)		37,668		89,602
Badger Daylighting, Ltd. (a)		2,240		53,618
Bank of Montreal (a)		20,462		1,473,484

See accompanying Notes to Schedule of Investments

71

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Bank of Nova Scotia		40,606	$	2,263,677
Barrick Gold Corp.		40,874		654,996
BCE, Inc.		9,286		401,824
BlackBerry, Ltd. (a) (b)		21,909		150,956
Bombardier, Inc. Class B (a) (b)		81,404		131,116
Brookfield Asset Management, Inc. Class A		36,918		1,219,542
CAE, Inc.		9,789		137,085
Cameco Corp. (a)		22,620		236,818
Canadian Energy Services & Technology Corp.		10,624		60,684
Canadian Imperial Bank of Commerce		15,067		1,230,931
Canadian National Railway Co.		27,182		1,831,524
Canadian Natural Resources, Ltd.		44,269		1,412,528
Canadian Pacific Railway, Ltd.		6,754		964,764
Canadian Solar, Inc. (a) (b)		1,538		18,733
Canadian Tire Corp., Ltd. Class A		2,834		294,315
Canadian Utilities, Ltd. Class A (a)		3,960		106,866
Canadian Western Bank (a)		15,033		340,107
CCL Industries, Inc. Class B		836		164,451
Cenovus Energy, Inc. (a)		26,069		394,617
CGI Group, Inc. Class A (b)		14,404		692,140
CI Financial Corp. (a)		8,176		176,012
Cineplex, Inc. (a)		2,148		82,041
Constellation Software, Inc.		695		316,195
Crescent Point Energy Corp. (a)		24,120		328,243
CT Real Estate Investment Trust		9,890		110,622
Detour Gold Corp. (b)		6,549		89,319
DH Corp.		3,612		60,009
Dollarama, Inc.		3,825		280,604
ECN Capital Corp. (a)		14,005		34,463
Eldorado Gold Corp. (b)		22,397		72,149
Element Fleet Management Corp. (a)		13,061		121,353
Emera, Inc.		4,950		167,541
Empire Co., Ltd. Class A		5,465		64,062
Enbridge Income Fund Holdings, Inc. (a)		3,268		84,731
Enbridge, Inc.		29,992		1,263,598
Encana Corp.		31,988		375,922
Enerplus Corp.		5,316		50,502
Exchange Income Corp.		4,848		150,929
Fairfax Financial Holdings, Ltd.		1,284		620,912
Finning International, Inc.		4,705		92,237
Firm Capital Mortgage Investment Corp.		19,727		202,411
First Capital Realty, Inc.		4,572		70,470
First Majestic Silver Corp. (a) (b)		9,324		71,335
First Quantum Minerals, Ltd.		22,677		225,747
Fortis, Inc.		8,462		261,612
Franco-Nevada Corp. (a)		5,780		346,011
George Weston, Ltd.		1,590		134,677
Gildan Activewear, Inc. (a)		7,875		200,185
Goldcorp, Inc.		31,786		433,278
Gran Tierra Energy, Inc. (b)		16,947		51,307
Great-West Lifeco, Inc.		10,281		269,627
H&R Real Estate Investment Trust		4,572		76,265
Home Capital Group, Inc. (a)		2,299		53,727
Husky Energy, Inc. (b)		20,250		245,981
Hydro One, Ltd. (e)		5,635		99,081
IAMGOLD Corp. (b)		28,623		110,774
Imperial Oil, Ltd.		8,360		291,186
Industrial Alliance Insurance & Financial Services, Inc.		3,435		136,754
Innergex Renewable Energy, Inc. (a)		17,103		178,931
Intact Financial Corp.		4,786		342,966
Inter Pipeline, Ltd.		11,402		252,008
K-Bro Linen, Inc. (a)		4,705		147,881
Keyera Corp. (a)		5,817		175,501
Kinross Gold Corp. (b)		37,198		116,222
Linamar Corp.		1,705		73,347
Loblaw Cos., Ltd.		7,921		418,421
Lundin Mining Corp. (b)		25,041		119,505
MacDonald Dettwiler & Associates, Ltd.		1,538		76,714
Magna International, Inc.		13,300		578,196
Manulife Financial Corp.		70,445		1,255,986
Methanex Corp.		2,842		124,802
Metro, Inc.		8,334		249,576
National Bank of Canada (a)		12,684		515,759
New Gold, Inc. (b)		20,260		71,157
Onex Corp.		2,750		187,387
Open Text Corp.		3,700		228,779
Pan American Silver Corp.		5,040		76,105
Parex Resources, Inc. (b)		12,330		155,383
Pembina Pipeline Corp. (a)		10,434		326,468
Pengrowth Energy Corp.		15,560		22,393
Penn West Petroleum, Ltd. (b)		17,309		30,590
Peyto Exploration & Development Corp. (a)		4,480		110,943
Potash Corp. of Saskatchewan, Inc.		36,319		657,834
Power Corp. of Canada		12,652		283,504
Power Financial Corp. (a)		10,543		263,840
PrairieSky Royalty, Ltd. (a)		6,960		165,767
Precision Drilling Corp.		10,479		57,199
Pure Industrial Real Estate Trust		28,509		118,836
Quebecor, Inc. Class B		2,800		77,921
Redknee Solutions, Inc. (a) (b)		16,175		18,816
Restaurant Brands International, Inc.		7,744		369,284
Richelieu Hardware, Ltd.		1,824		34,765
Richmont Mines, Inc. (b)		5,025		32,674
RioCan Real Estate Investment Trust		5,280		104,848
Ritchie Bros Auctioneers, Inc.		3,612		122,685
Rogers Communications, Inc. Class B (a)		19,110		738,009
Royal Bank of Canada		53,888		3,651,469
Russel Metals, Inc.		2,013		38,397
Saputo, Inc.		8,909		315,623
Secure Energy Services, Inc.		6,475		56,539
SEMAFO, Inc. (b)		15,636		51,535
Seven Generations Energy, Ltd. Class A (b)		5,905		137,866
Shaw Communications, Inc. Class B		27,630		555,052
Sherritt International Corp. (b)		31,884		31,621
Shopify, Inc. Class A (b)		1,956		84,159
Silver Wheaton Corp.		13,516		261,441
Sirius XM Canada Holdings, Inc. (a)		426		1,614
SNC-Lavalin Group, Inc.		6,743		290,577
Stantec, Inc. (a)		2,608		65,966
Sun Life Financial, Inc.		26,191		1,006,783
Suncor Energy, Inc.		65,213		2,134,783
Teck Resources, Ltd. Class B		19,910		398,927
TELUS Corp.		15,955		508,614

See accompanying Notes to Schedule of Investments

72

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TMX Group, Ltd.		1,662	$	88,637
Toromont Industries, Ltd.		2,608		82,360
Toronto-Dominion Bank		66,718		3,294,483
Tourmaline Oil Corp. (b)		4,313		115,491
TransCanada Corp. (a)		30,062		1,357,111
Trinidad Drilling, Ltd.		7,704		19,187
Turquoise Hill Resources, Ltd. (b)		32,282		103,751
Veresen, Inc. (a)		10,356		101,239
Vermilion Energy, Inc. (a)		3,790		159,649
Waste Connections, Inc.		5,794		455,121
West Fraser Timber Co., Ltd. (a)		1,392		49,834
Whitecap Resources, Inc. (a)		12,222		110,823
Yamana Gold, Inc.		39,629		111,406
Yellow Pages, Ltd. (b)		3,820		50,390
				49,323,474
CHILE — 0.0% (f)
Antofagasta PLC (a)		11,651		97,177
CHINA — 0.1%
APT Satellite Holdings, Ltd.		122,000		58,694
Bloomage BioTechnology Corp., Ltd. (a)		24,147		36,377
China Everbright Water, Ltd.		82,997		28,725
China New Town Development Co., Ltd. (b)		1,443,800		69,956
Chong Hing Bank, Ltd.		1,385		2,676
ENN Energy Holdings, Ltd.		38,000		156,349
HC International, Inc. (a) (b)		60,000		44,034
Sino Grandness Food Industry Group, Ltd. (a)		171,000		28,407
				425,218
DENMARK — 1.4%
AP Moller — Maersk A/S Class B		441		705,019
Carlsberg A/S Class B		1,831		158,307
Chr Hansen Holding A/S		3,272		181,526
Coloplast A/S Class B		2,935		198,302
Danske Bank A/S		33,948		1,031,507
DONG Energy A/S (b) (e)		6,999		265,681
DSV A/S		5,955		265,416
FLSmidth & Co. A/S		6,235		259,145
Genmab A/S (b)		1,831		304,667
GN Store Nord A/S		19,282		400,161
ISS A/S		6,223		210,448
Jyske Bank A/S		1,610		76,897
Novo Nordisk A/S Class B		66,431		2,400,150
Novozymes A/S Class B		7,417		256,192
Pandora A/S		4,154		544,474
SimCorp A/S		8,728		426,152
TDC A/S (b)		8,856		45,552
Vestas Wind Systems A/S		9,154		596,022
				8,325,618
EGYPT — 0.0% (f)
Integrated Diagnostics Holdings PLC (e)		9,791		33,045
FINLAND — 1.0%
Amer Sports Oyj		4,571		121,881
Caverion Corp. (a)		8,890		74,264
Elisa Oyj		5,169		168,630
Fortum Oyj		15,214		233,804
Kemira Oyj		14,454		184,926
Kesko Oyj Class B		2,544		127,402
Kone Oyj Class B		13,002		583,799
Konecranes Oyj		2,337		83,266
Lassila & Tikanoja Oyj		1,268		25,679
Metso Oyj		9,331		266,715
Neste Oyj		8,284		318,921
Nokia Oyj (d)		134,203		649,434
Nokia Oyj (d)		72,079		347,132
Sampo Oyj Class A		18,392		826,202
Sanoma Oyj		12,725		110,662
Stockmann Oyj Abp Class B (a) (b)		13,317		99,165
Stora Enso Oyj Class R		28,241		304,127
Tikkurila Oyj		6,239		123,781
UPM-Kymmene Oyj		23,427		576,723
Valmet Oyj		9,132		134,655
Wartsila Oyj Abp		6,814		306,744
YIT Oyj		13,165		105,393
				5,773,305
FRANCE — 7.8%
Accor SA		11,789		440,552
Air Liquide SA		12,585		1,402,401
Airbus Group SE		21,181		1,403,887
Albioma SA		10,797		188,360
Alstom SA (b)		10,666		294,468
Arkema SA		1,484		145,474
Atos SE		2,799		295,963
AXA SA		65,729		1,662,824
BNP Paribas SA		34,609		2,210,308
Bollore SA (d)		17,990		63,566
Bollore SA (b) (d)		109		376
Bourbon Corp. (a)		12,771		165,010
Bouygues SA		10,949		393,167
Bureau Veritas SA		7,562		146,839
Cap Gemini SA		5,318		449,574
Carrefour SA.		29,857		720,844
Casino Guichard Perrachon SA		4,710		226,485
CGG SA (a) (b)		1,432		20,708
Christian Dior SE		1,941		407,918
Cie de Saint-Gobain		22,239		1,038,071
Cie Generale des Etablissements Michelin		6,579		733,473
Cie Plastic Omnium SA		2,421		77,449
Credit Agricole SA		40,473		502,875
Danone SA		20,651		1,311,255
Dassault Systemes SE		3,499		267,160
Edenred		12,306		244,474
Electricite de France SA (a)		10,850		110,778
Engie SA		55,040		703,608
Essilor International SA		6,827		773,004
Eutelsat Communications SA		2,897		56,208
Faurecia		1,870		72,653
Gecina SA REIT		1,264		175,250
Groupe Eurotunnel SE		13,759		131,104
Groupe Fnac SA (b) (d)		48		3,252
Groupe Fnac SA (b) (d)		1,233		82,120
Hermes International		919		378,033
Iliad SA		741		142,754
Ingenico Group SA		1,714		137,161
Kering		3,910		879,665

See accompanying Notes to Schedule of Investments

73

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Klepierre REIT		6,425	$	253,078
L’Oreal SA		8,835		1,615,865
Lagardere SCA		10,482		291,820
Legrand SA		9,240		525,791
LVMH Moet Hennessy Louis Vuitton SE		8,357		1,598,959
Natixis SA		15,782		89,223
Nexans SA (b)		3,289		170,713
Orange SA		70,470		1,072,928
Pernod Ricard SA		7,063		766,946
Peugeot SA (b)		16,353		267,263
Publicis Groupe SA		11,050		763,984
Renault SA		8,624		768,717
Rexel SA		9,992		164,778
Safran SA		11,538		832,651
Sanofi		40,607		3,293,645
Schneider Electric SE (d)		18,253		1,272,773
Schneider Electric SE (d)		2,000		138,162
SCOR SE		6,166		213,513
SFR Group SA (b)		7,336		207,601
Societe BIC SA		935		127,367
Societe Generale SA		28,077		1,384,316
Sodexo SA		3,411		392,875
Suez Environment Co.		12,134		179,369
Technicolor SA		15,990		86,688
Technip SA		5,417		387,438
Teleperformance		1,940		195,004
Television Francaise 1 (a)		4,008		39,954
Thales SA		3,419		332,238
TOTAL SA		88,966		4,571,733
Ubisoft Entertainment SA (b)		5,350		190,730
Unibail-Rodamco SE		3,282		784,938
Valeo SA		12,954		746,149
Vallourec SA (b)		16,788		115,982
Veolia Environnement SA		28,955		493,989
Vinci SA		15,871		1,083,074
Vivendi SA		42,595		811,158
Zodiac Aerospace		4,059		93,395
				44,783,878
GERMANY — 7.3%
Aareal Bank AG		1,707		64,393
adidas AG		9,822		1,555,517
Allianz SE		15,248		2,525,004
Axel Springer SE		2,074		100,912
BASF SE		29,512		2,748,894
Bayer AG		28,162		2,944,544
Bayerische Motoren Werke AG		9,022		844,541
Bayerische Motoren Werke AG Preference Shares		1,839		141,015
Beiersdorf AG		3,387		287,939
Bilfinger SE (a) (b)		4,524		174,525
Brenntag AG		5,262		293,045
Commerzbank AG		31,076		237,505
Continental AG		3,724		721,553
Covestro AG (e)		2,830		194,559
Daimler AG		33,137		2,471,752
Deutsche Bank AG (b)		39,084		711,111
Deutsche Boerse AG (b)		9,189		751,525
Deutsche EuroShop AG		2,138		87,203
Deutsche Lufthansa AG		6,069		78,544
Deutsche Post AG		40,206		1,324,591
Deutsche Telekom AG		113,970		1,966,032
Deutsche Wohnen AG		11,449		360,343
DMG Mori AG		2,412		109,802
E.ON SE		68,578		484,629
Evonik Industries AG		4,131		123,657
Fraport AG Frankfurt Airport Services Worldwide		1,756		104,035
Freenet AG		4,374		123,457
Fresenius Medical Care AG & Co. KGaA		7,335		622,409
Fresenius SE & Co. KGaA		13,452		1,053,638
Fuchs Petrolub SE Preference Shares		2,375		99,901
GEA Group AG		5,996		241,777
Gerresheimer AG		1,427		106,292
Hamborner REIT AG		16,695		159,133
Hannover Rueck SE		2,050		222,278
HeidelbergCement AG		4,811		449,744
Henkel AG & Co. KGaA		4,247		443,383
Henkel AG & Co. KGaA Preference Shares		6,691		799,243
HOCHTIEF AG		3,302		463,384
HUGO BOSS AG		2,204		135,133
Infineon Technologies AG		38,399		668,677
KION Group AG		2,601		145,016
KS AG (a)		7,143		170,948
KUKA AG (b)		1,161		140,641
Lanxess AG		3,121		205,248
LEG Immobilien AG		1,982		154,280
Linde AG		6,130		1,009,283
MAN SE		3,192		317,587
Merck KGaA		7,058		738,115
METRO AG		5,515		183,728
MorphoSys AG (a) (b)		727		37,382
MTU Aero Engines AG		1,281		148,355
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,006		948,566
Norma Group SE		1,671		71,469
OSRAM Licht AG		2,690		141,367
Porsche Automobil Holding SE Preference Shares		5,924		323,289
ProSiebenSat.1 Media SE		7,558		291,848
Puma SE (a)		1,340		352,847
Rheinmetall AG		1,457		98,200
RWE AG (b)		18,298		228,027
Salzgitter AG		3,471		122,828
SAP SE		32,196		2,812,122
Sartorius AG Preference Shares		1,582		117,637
Siemens AG		27,269		3,359,399
STADA Arzneimittel AG		2,654		137,684
Symrise AG		4,156		253,500
Telefonica Deutschland Holding AG		17,220		73,923
ThyssenKrupp AG		17,547		419,014
TUI AG		16,177		232,473
Uniper SE (b)		6,856		94,839
United Internet AG		4,184		163,703
Volkswagen AG Preference Shares		4,645		653,323
Volkswagen AG		1,298		187,220
Vonovia SE		15,064		491,042

See accompanying Notes to Schedule of Investments

74

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Wirecard AG (a)		4,576	$	197,357
Zalando SE (b) (e)		3,770		144,304
				42,162,183
HONG KONG — 2.9%
AIA Group, Ltd.		419,200		2,365,490
Bank of East Asia, Ltd. (a)		45,438		174,059
BOC Hong Kong Holdings, Ltd.		129,500		463,505
Cheung Kong Infrastructure Holdings, Ltd.		26,000		206,910
Cheung Kong Property Holdings, Ltd.		105,348		646,098
China Water Industry Group, Ltd. (b)		640,000		106,486
Ching Lee Holdings, Ltd. (b)		60,000		2,631
CK Hutchison Holdings, Ltd.		105,348		1,194,365
CLP Holdings, Ltd.		66,000		606,528
Dah Sing Banking Group, Ltd.		99,725		183,420
Dah Sing Financial Holdings, Ltd.		50,085		338,825
Esprit Holdings, Ltd. (a) (b)		120,019		94,273
Galaxy Entertainment Group, Ltd.		83,000		361,840
Hang Lung Group, Ltd.		99,000		344,763
Hang Lung Properties, Ltd.		178,000		377,436
Hang Seng Bank, Ltd.		26,200		487,629
Henderson Land Development Co., Ltd.		57,641		306,674
HKT Trust & HKT, Ltd.		82,900		101,685
Hong Kong & China Gas Co., Ltd.		276,097		489,294
Hong Kong Exchanges & Clearing, Ltd.		40,730		962,414
Hongkong Land Holdings, Ltd.		75,400		477,282
Hopewell Highway Infrastructure, Ltd.		6,975		3,662
Hopewell Holdings, Ltd.		116,500		402,701
Hysan Development Co., Ltd.		26,841		110,955
Jardine Matheson Holdings, Ltd.		9,105		503,051
Jardine Strategic Holdings, Ltd.		4,000		132,800
Li & Fung, Ltd.		336,000		147,780
Link REIT		83,351		541,830
Major Holdings, Ltd. (a) (e)		160,000		24,764
Melco Crown Entertainment, Ltd.		4,952		78,737
Melco International Development, Ltd. (a)		34,000		46,221
MTR Corp., Ltd.		48,679		236,704
New World Development Co., Ltd.		472,663		499,905
Noble Group, Ltd. (a) (b)		159,600		18,780
Pacific Basin Shipping, Ltd. (b)		868,000		139,943
Power Assets Holdings, Ltd.		44,000		387,894
Sands China, Ltd.		86,000		373,809
Sino Land Co., Ltd.		276,753		414,782
SJM Holdings, Ltd.		57,000		44,699
Sun Hung Kai Properties, Ltd.		56,509		714,275
Sundart Holdings, Ltd.		82,000		47,594
Swire Pacific, Ltd. Class A		25,500		243,549
Techtronic Industries Co., Ltd.		42,000		150,597
Wharf Holdings, Ltd.		56,000		372,339
Wheelock & Co., Ltd.		110,000		619,297
				16,548,275
IRELAND — 0.7%
Bank of Ireland (b)		918,468		226,688
C&C Group PLC		13,607		55,255
CRH PLC		27,062		940,656
Experian PLC		37,638		732,026
Glanbia PLC		4,163		69,289
Green REIT PLC		22,388		32,398
Greencore Group PLC		29,820		90,828
IFG Group PLC		17,528		32,538
Irish Bank Resolution Corp., Ltd. (b) (g)		5,635		—
James Hardie Industries PLC		14,184		225,646
Kerry Group PLC Class A		5,149		368,758
Kingspan Group PLC		4,816		131,056
Paddy Power Betfair PLC		2,832		303,186
Ryanair Holdings PLC (a) (b)		4,185		348,443
Smurfit Kappa Group PLC		6,479		148,941
UDG Healthcare PLC		8,266		68,280
				3,773,988
ISRAEL — 0.6%
Bank Hapoalim BM		36,523		217,412
Bank Leumi Le-Israel BM (b)		47,834		197,120
Bezeq The Israeli Telecommunication Corp., Ltd.		71,864		136,683
Check Point Software Technologies, Ltd. (a) (b)		4,879		412,080
Evogene, Ltd. (b)		5,695		29,003
Israel Chemicals, Ltd.		14,877		61,075
Mazor Robotics, Ltd. (b)		5,263		59,007
Nice-Systems, Ltd.		2,113		144,174
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		5,461		220,645
Reit 1, Ltd.		51,083		140,959
Shufersal, Ltd.		78,576		293,793
Strauss Group, Ltd.		22,465		355,714
Teva Pharmaceutical Industries, Ltd. ADR		36,323		1,316,709
				3,584,374
ITALY — 1.8%
A2A SpA		49,483		64,196
Assicurazioni Generali SpA		46,567		693,526
Atlantia SpA		13,783		323,607
Azimut Holding SpA (a)		3,310		55,371
Banca Generali SpA		2,430		58,079
Banca IFIS SpA		6,498		178,198
Banca Monte dei Paschi di Siena SpA (a) (b) (c)		1,210		19,246
Banca Popolare di Milano Scarl (a)		207,219		78,312
Banca Popolare di Sondrio SCPA		24,762		81,696
Banco Popolare SC		8,731		21,107
BI Esse SpA		386		7,793
BPER Banca		17,973		95,923
Brembo SpA		2,980		180,731
Cairo Communication SpA		17,187		69,068
Credito Valtellinese SC		51,100		20,077
Davide Campari-Milano SpA		8,693		85,179
Enel SpA		240,106		1,060,619
Eni SpA		88,531		1,444,559
Esprinet SpA		13,519		100,955
Falck Renewables SpA		3,975		3,872
Ferrari NV		3,613		210,738
Immobiliare Grande Distribuzione SIIQ SpA		131,727		100,592
Interpump Group SpA		6,673		109,446
Intesa Sanpaolo SpA		457,159		1,169,789

See accompanying Notes to Schedule of Investments

75

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Iren SpA		100,658	$	165,199
Italgas SpA (b)		14,014		55,252
Leonardo-Finmeccanica SpA (b)		26,181		368,376
Luxottica Group SpA		4,753		256,176
Mediaset SpA		24,342		105,523
Mediobanca SpA		14,115		115,455
Prada SpA (a)		16,300		55,292
Prysmian SpA		6,102		157,040
Recordati SpA		5,265		149,494
Reply SpA		1,300		161,799
Saipem SpA (b)		332,595		187,680
Salvatore Ferragamo SpA		2,274		53,798
Snam SpA		72,701		300,131
Societa Cattolica di Assicurazioni S.c.r.l		16,890		99,228
Sogefi SpA (b)		12,908		33,165
Telecom Italia RSP/Milano (b) (d)		205,161		148,662
Telecom Italia SpA/Milano (b) (d)		486,445		429,446
Terna Rete Elettrica Nazionale SpA		47,679		218,860
UniCredit SpA (a)		183,678		529,670
Unione di Banche Italiane SpA (a)		29,654		81,697
Unipol Gruppo Finanziario SpA		12,250		44,240
UnipolSai SpA (a)		31,126		66,645
Yoox Net-A-Porter Group SpA (b)		2,420		68,764
Zignago Vetro SpA		13,253		77,162
				10,161,433
JAPAN — 23.0%
Acom Co., Ltd. (b)		19,000		83,243
Activia Properties, Inc.		20		94,483
Aderans Co., Ltd.		400		2,119
Advance Residence Investment Corp.		38		100,673
Advantest Corp.		16,800		283,469
Aeon Co., Ltd.		44,620		633,521
AEON Financial Service Co., Ltd.		3,500		62,327
AEON REIT Investment Corp.		58		63,602
Aisin Seiki Co., Ltd.		5,500		239,079
Ajinomoto Co., Inc.		17,400		351,178
Akita Bank, Ltd.		111,550		361,520
Alconix Corp.		20,800		297,461
Alfresa Holdings Corp.		6,600		109,439
Alps Electric Co., Ltd.		5,600		135,685
ANA Holdings, Inc.		36,000		97,165
Aomori Bank, Ltd.		10,101		33,949
Aoyama Trading Co., Ltd.		2,100		73,280
Aozora Bank, Ltd.		51,000		180,589
Asahi Glass Co., Ltd.		51,000		348,060
Asahi Group Holdings, Ltd.		27,036		855,342
Asahi Kasei Corp.		76,550		669,119
Asics Corp.		6,000		120,118
Astellas Pharma, Inc.		101,100		1,407,261
Atom Corp. (a)		36,500		225,318
Awa Bank, Ltd.		11,550		70,705
Bandai Namco Holdings, Inc.		7,000		193,553
Bank of Iwate, Ltd.		7,555		305,089
Bank of Kyoto, Ltd.		16,000		119,072
Bank of Okinawa, Ltd.		11,100		404,943
Bridgestone Corp.		24,865		898,368
Brother Industries, Ltd.		5,800		104,876
Calbee, Inc.		3,700		116,106
Can Do Co., Ltd. (a)		5,300		80,112
Canon, Inc.		44,416		1,254,775
Casio Computer Co., Ltd.		26,300		372,735
Central Japan Railway Co.		5,900		972,753
Chiba Bank, Ltd.		35,550		218,539
Chubu Electric Power Co., Inc.		16,965		237,526
Chugai Pharmaceutical Co., Ltd.		13,280		381,999
Chugoku Electric Power Co., Inc.		5,300		62,299
COLOPL, Inc. (a)		2,000		17,010
Colowide Co., Ltd.		2,400		39,981
Concordia Financial Group, Ltd.		42,100		203,073
COOKPAD, Inc. (a) (b)		5,500		50,692
Credit Saison Co., Ltd.		20,200		359,715
CyberAgent, Inc.		5,800		143,614
Dai Nippon Printing Co., Ltd.		27,000		267,373
Dai-ichi Life Holdings, Inc.		39,900		665,713
Daicel Corp.		8,700		96,223
Daifuku Co., Ltd.		5,300		113,284
Daiichi Sankyo Co., Ltd.		33,465		686,171
Daiken Medical Co., Ltd.		10,400		71,690
Daikin Industries, Ltd.		15,010		1,381,509
Daisan Bank, Ltd.		765		11,931
Daishi Bank, Ltd.		15,176		68,311
Daito Trust Construction Co., Ltd.		5,355		807,141
Daiwa House Industry Co., Ltd.		23,800		652,161
Daiwa House REIT Investment Corp.		51		129,255
Daiwa Securities Group, Inc.		79,550		491,275
DeNA Co., Ltd.		5,400		118,246
Denso Corp.		15,010		651,568
Dentsu, Inc.		6,600		311,227
Don Quijote Holdings Co., Ltd.		3,400		126,077
Dowa Holdings Co., Ltd.		22,000		168,629
East Japan Railway Co.		14,000		1,212,329
Ebara Corp.		3,800		108,492
Eighteenth Bank, Ltd.		8,251		24,689
Eisai Co., Ltd.		11,251		647,076
Electric Power Development Co., Ltd.		5,500		126,849
euglena Co., Ltd. (a) (b)		5,000		55,215
F@N Communications, Inc.		5,200		33,036
FamilyMart UNY Holdings Co., Ltd.		3,800		253,475
FANUC Corp.		6,255		1,062,655
Fast Retailing Co., Ltd.		2,600		932,465
Feed One Co., Ltd.		166,900		221,799
Financial Products Group Co., Ltd. (a)		9,800		84,779
Foster Electric Co., Ltd.		12,800		242,864
Frontier Real Estate Investment Corp.		20		85,652
Fuji Heavy Industries, Ltd.		22,500		920,564
FUJIFILM Holdings Corp.		22,310		848,329
Fujitsu, Ltd.		72,513		403,800
Fukuoka Corp. REIT		10		15,844
Fukuoka Financial Group, Inc.		111,550		496,373
Furukawa Electric Co., Ltd.		8,055		236,191
GLP J — REIT		125		144,253
GMO internet, Inc.		3,500		44,832
GS Yuasa Corp.		17,000		70,836
GungHo Online Entertainment, Inc. (a) (b)		13,300		28,394
Gurunavi, Inc.		5,200		103,657
Hamamatsu Photonics KK		5,600		147,640
Hankyu Hanshin Holdings, Inc.		10,300		331,161
Hankyu REIT, Inc.		148		185,389

See accompanying Notes to Schedule of Investments

76

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Heiwa Real Estate REIT, Inc.		317	$	227,487
Hino Motors, Ltd.		6,300		64,277
Hirose Electric Co., Ltd.		900		111,810
Hisamitsu Pharmaceutical Co., Inc.		3,300		165,516
Hitachi Metals, Ltd.		8,300		112,721
Hitachi, Ltd.		185,475		1,005,017
Hokkoku Bank, Ltd.		111,550		397,863
Honda Motor Co., Ltd.		63,275		1,852,652
Hoshizaki Corp.		2,000		158,614
Hoya Corp.		13,406		564,469
Hulic Co., Ltd.		11,800		105,116
Hyakugo Bank, Ltd.		10,550		42,965
Ibiden Co., Ltd.		11,600		156,444
Ichigo Office REIT Investment (a)		441		287,358
IHI Corp. (b)		45,000		117,289
Iida Group Holdings Co., Ltd.		5,000		95,040
Industrial & Infrastructure Fund Investment Corp.		40		191,023
Infomart Corp. (a)		18,800		110,252
Inpex Corp.		27,300		274,088
Intage Holdings, Inc.		7,800		132,346
Iriso Electronics Co., Ltd.		2,200		126,189
Isetan Mitsukoshi Holdings, Ltd.		14,100		152,321
Isuzu Motors, Ltd.		48,300		613,300
ITOCHU Corp.		83,650		1,113,086
Iwatani Corp.		14,000		74,660
J Front Retailing Co., Ltd.		5,100		68,869
Jafco Co., Ltd.		2,100		69,049
Japan Airlines Co., Ltd.		4,000		117,117
Japan Airport Terminal Co., Ltd.		4,800		173,876
Japan Excellent, Inc.		54		68,660
Japan Exchange Group, Inc.		21,600		309,273
Japan Hotel REIT Investment Corp.		126		84,911
Japan Logistics Fund, Inc.		37		78,165
Japan Post Bank Co., Ltd.		14,000		168,406
Japan Post Holdings Co., Ltd.		5,000		62,546
Japan Prime Realty Investment Corp.		29		114,498
Japan Real Estate Investment Corp.		35		191,152
Japan Retail Fund Investment Corp. REIT		47		95,342
Japan Tissue Engineering Co., Ltd. (b)		2,200		27,331
Japan Tobacco, Inc.		30,700		1,011,796
JFE Holdings, Inc.		22,310		340,479
JGC Corp.		6,500		118,369
JSR Corp.		17,700		279,685
JTEKT Corp.		7,500		120,247
JX Holdings, Inc.		82,500		349,919
Kajima Corp.		72,475		502,699
Kakaku.com, Inc.		8,900		147,577
Kaken Pharmaceutical Co., Ltd.		2,000		106,315
Kansai Electric Power Co., Inc. (b)		40,400		442,673
Kansai Paint Co., Ltd.		9,000		166,134
Kao Corp.		17,500		831,376
Kawai Musical Instruments Manufacturing Co., Ltd.		6,500		128,846
Kawasaki Heavy Industries, Ltd.		46,000		144,742
KDDI Corp.		62,700		1,590,952
Keikyu Corp.		24,000		278,819
Keio Corp.		26,000		214,224
Keisei Electric Railway Co., Ltd.		6,700		162,969
Kenedix Office Investment Corp. REIT		42		241,986
Kenedix, Inc. (a)		10,500		37,450
Keyence Corp.		2,000		1,375,230
Kikkoman Corp.		8,000		256,527
Kintetsu Group Holdings Co., Ltd.		52,101		199,229
Kirin Holdings Co., Ltd.		34,000		554,302
Kiyo Bank, Ltd.		25,600		410,882
KNT-CT Holdings Co., Ltd. (a) (b)		96,000		119,347
Kobe Steel, Ltd. (b)		12,799		122,575
Koito Manufacturing Co., Ltd.		5,000		265,358
Komatsu, Ltd.		40,520		919,764
Konami Holdings Corp.		4,300		174,013
Konica Minolta, Inc.		39,475		392,939
Kubota Corp.		52,650		753,175
Kuraray Co., Ltd.		12,400		186,688
Kurita Water Industries, Ltd.		11,910		262,840
Kyocera Corp.		19,000		946,783
Kyoritsu Maintenance Co., Ltd.		600		35,032
Kyoto Kimono Yuzen Co., Ltd. (a)		16,500		133,969
Kyowa Hakko Kirin Co., Ltd.		6,700		92,830
Kyushu Electric Power Co., Inc.		14,900		161,986
Kyushu Financial Group, Inc.		6,500		44,193
Lawson, Inc.		3,000		211,172
Leopalace21 Corp.		1,600		8,862
Lion Corp.		10,000		164,616
LIXIL Group Corp.		6,800		154,732
M3, Inc.		5,700		143,923
Makita Corp.		5,600		375,942
Marubeni Corp.		113,550		645,269
Matsuya Co., Ltd.		20,200		177,346
Mazda Motor Corp.		16,400		268,846
MCUBS MidCity Investment Corp.		85		245,595
Mebuki Financial Group, Inc.		36,200		134,390
Medipal Holdings Corp.		24,599		388,699
MEIJI Holdings Co., Ltd.		5,200		408,385
Meiko Network Japan Co., Ltd.		20,100		186,981
Milbon Co., Ltd.		9,100		345,244
Minebea Co., Ltd.		14,100		132,495
MISUMI Group, Inc.		9,000		148,463
Mitsubishi Chemical Holdings Corp.		51,300		333,394
Mitsubishi Corp.		65,138		1,390,608
Mitsubishi Electric Corp.		95,350		1,332,129
Mitsubishi Estate Co., Ltd.		56,925		1,135,962
Mitsubishi Gas Chemical Co., Inc.		6,700		114,601
Mitsubishi Heavy Industries, Ltd.		169,101		772,180
Mitsubishi Logistics Corp.		9,000		127,552
Mitsubishi Materials Corp.		5,700		175,445
Mitsubishi Motors Corp.		33,300		190,147
Mitsubishi Tanabe Pharma Corp.		7,700		151,379
Mitsubishi UFJ Financial Group, Inc.		457,024		2,822,040
Mitsui & Co., Ltd.		79,426		1,094,333
Mitsui Chemicals, Inc.		81,550		367,075
Mitsui Fudosan Co., Ltd.		43,000		997,256
Mitsui OSK Lines, Ltd.		88,550		245,983
Mizuho Financial Group, Inc.		860,900		1,548,564
Mori Hills Investment Corp. REIT		52		70,397
MS&AD Insurance Group Holdings, Inc.		22,599		702,180
Murata Manufacturing Co., Ltd.		7,100		952,673

See accompanying Notes to Schedule of Investments

77

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Musashino Bank, Ltd.		11,155	$	321,829
Nabtesco Corp.		5,200		121,223
Nachi-Fujikoshi Corp.		15,000		65,203
Nagoya Railroad Co., Ltd.		40,000		193,767
Nanto Bank, Ltd.		10,955		417,968
NEC Corp.		71,000		188,708
NGK Insulators, Ltd.		10,500		204,085
NGK Spark Plug Co., Ltd.		5,200		115,828
NH Foods, Ltd.		9,000		243,452
NHK Spring Co., Ltd.		7,300		69,723
Nidec Corp.		10,300		890,603
Nikon Corp.		22,000		342,727
Nintendo Co., Ltd.		3,800		799,520
Nippon Accommodations Fund, Inc.		11		48,193
Nippon Building Fund, Inc.		38		210,794
Nippon Express Co., Ltd.		41,000		221,109
Nippon Paint Holdings Co., Ltd.		6,700		182,960
Nippon Paper Industries Co., Ltd.		4,200		71,299
Nippon Prologis, Inc. REIT		10		20,483
Nippon Steel & Sumitomo Metal Corp.		26,200		585,617
Nippon Suisan Kaisha, Ltd.		71,200		343,074
Nippon Telegraph & Telephone Corp.		15,000		631,714
Nippon Yusen KK		111,550		207,539
Nissan Chemical Industries, Ltd.		5,900		197,535
Nissan Motor Co., Ltd.		89,141		898,403
Nissei ASB Machine Co., Ltd.		4,300		86,933
Nisshin Seifun Group, Inc.		8,200		123,315
Nissin Foods Holdings Co., Ltd.		4,100		215,836
Nitori Holdings Co., Ltd.		1,700		194,727
Nitto Denko Corp.		6,400		492,147
Nomura Holdings, Inc.		144,285		852,461
Nomura Real Estate Master Fund, Inc.		55		83,371
Nomura Research Institute, Ltd.		3,630		110,797
NSK, Ltd.		14,800		171,811
NTT Data Corp.		7,800		377,845
NTT DOCOMO, Inc.		38,100		869,896
Obayashi Corp.		24,150		231,282
Odakyu Electric Railway Co., Ltd.		13,199		261,751
Ogaki Kyoritsu Bank, Ltd.		111,550		435,163
Oji Holdings Corp.		23,000		93,865
Oki Electric Industry Co., Ltd.		3,600		50,681
Olympus Corp.		12,000		415,656
Omron Corp.		6,300		242,256
Ono Pharmaceutical Co., Ltd.		17,300		379,047
Oriental Land Co., Ltd.		9,000		509,744
ORIX Corp.		44,500		695,915
Orix JREIT, Inc. REIT		59		93,330
Osaka Gas Co., Ltd.		60,000		231,286
Otsuka Holdings Co., Ltd.		18,100		790,357
Panasonic Corp.		89,450		912,254
Pigeon Corp.		7,100		181,951
Rakuten, Inc. (b)		24,400		239,638
Raysum Co., Ltd.		3,300		22,041
Recruit Holdings Co., Ltd.		17,000		683,586
Renesas Electronics Corp. (a) (b)		7,500		59,673
Resona Holdings, Inc.		74,600		383,442
Ricoh Co., Ltd.		20,600		174,500
Ringer Hut Co., Ltd.		900		17,508
Riso Kyoiku Co., Ltd.		16,706		85,080
Rock Field Co., Ltd. (a)		19,400		263,468
Rohm Co., Ltd.		5,700		328,898
Rohto Pharmaceutical Co., Ltd. (a)		5,901		92,991
Ryohin Keikaku Co., Ltd.		1,000		196,425
San-In Godo Bank, Ltd.		5,250		43,887
Sanrio Co., Ltd.		3,900		73,763
Santen Pharmaceutical Co., Ltd.		14,900		182,681
Sawai Pharmaceutical Co., Ltd.		1,600		86,149
SBI Holdings, Inc.		6,100		77,770
Secom Co., Ltd.		11,348		831,677
Sega Sammy Holdings, Inc.		5,300		79,022
Seibu Holdings, Inc.		7,000		125,794
Seiko Epson Corp.		15,200		322,545
Seino Holdings Co., Ltd.		6,200		68,998
Sekisui Chemical Co., Ltd.		14,000		223,741
Sekisui House SI Residential Investment Corp.		124		138,103
Sekisui House, Ltd.		22,000		366,965
Seria Co., Ltd.		1,900		129,507
Seven & i Holdings Co., Ltd.		33,328		1,272,428
Sharp Corp. (b)		58,000		134,265
Shiga Bank, Ltd.		11,550		62,981
Shikoku Bank, Ltd.		9,101		22,317
Shikoku Electric Power Co., Inc. (b)		6,300		63,953
Shimadzu Corp.		12,000		191,572
Shimano, Inc.		3,700		581,798
Shimizu Corp.		31,513		288,828
Shin-Etsu Chemical Co., Ltd.		13,717		1,066,335
Shinsei Bank, Ltd.		52,000		87,384
Shionogi & Co., Ltd.		10,900		523,249
Shiseido Co., Ltd.		14,800		375,409
Shizuoka Bank, Ltd.		27,000		227,325
SMC Corp.		3,100		741,677
SMS Co., Ltd.		6,000		133,288
SoftBank Group Corp.		31,136		2,072,886
Sohgo Security Services Co., Ltd.		3,800		146,448
Sompo Holdings, Inc.		23,000		780,898
Sony Corp.		42,620		1,196,729
Square Enix Holdings Co., Ltd.		3,400		87,598
Stanley Electric Co., Ltd.		18,373		503,294
Start Today Co., Ltd.		7,300		126,366
Starts Proceed Investment Corp.		51		66,070
Sumitomo Chemical Co., Ltd.		111,550		531,760
Sumitomo Corp.		60,775		716,732
Sumitomo Dainippon Pharma Co., Ltd.		5,300		91,336
Sumitomo Electric Industries, Ltd.		37,520		542,526
Sumitomo Heavy Industries, Ltd.		24,000		154,945
Sumitomo Metal Mining Co., Ltd.		24,000		310,096
Sumitomo Mitsui Financial Group, Inc.		47,000		1,797,231
Sumitomo Mitsui Trust Holdings, Inc.		18,255		654,698
Sumitomo Precision Products Co., Ltd.		46,000		139,615
Sumitomo Realty & Development Co., Ltd.		20,000		532,602
Sun Corp.		3,000		18,262
Sun Frontier Fudousan Co., Ltd.		3,100		27,376
Suntory Beverage & Food, Ltd.		5,000		208,128
Suruga Bank, Ltd.		5,900		131,977
Suzuki Motor Corp.		16,400		578,468
Sysmex Corp.		5,800		336,657

See accompanying Notes to Schedule of Investments

78

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
T&D Holdings, Inc.		33,700	$	446,550
Tadano, Ltd.		5,200		65,627
Taiheiyo Cement Corp.		23,000		72,963
Taisei Corp.		56,438		395,818
Taisho Pharmaceutical Holdings Co., Ltd.		2,100		174,647
Taiyo Yuden Co., Ltd.		16,400		197,275
Takeda Pharmaceutical Co., Ltd.		30,065		1,246,318
Takeuchi Manufacturing Co., Ltd.		13,600		303,634
TDK Corp.		8,255		569,042
Teijin, Ltd.		23,110		469,392
Temp Holdings Co., Ltd.		5,700		88,602
Terumo Corp.		22,600		836,104
THK Co., Ltd.		5,400		119,727
Tobu Railway Co., Ltd.		47,000		233,721
Toho Bank, Ltd.		12,101		45,339
Toho Co., Ltd.		5,400		153,016
Toho Gas Co., Ltd.		22,000		179,380
Tohoku Electric Power Co., Inc.		16,800		212,746
Tokio Marine Holdings, Inc.		28,865		1,186,921
Tokyo Dome Corp.		27,400		270,629
Tokyo Electric Power Co. Holdings, Inc. (b)		44,975		182,005
Tokyo Electron, Ltd.		7,655		724,907
Tokyo Gas Co., Ltd.		113,475		514,570
Tokyo Tatemono Co., Ltd.		5,300		71,024
Tokyu Corp.		50,550		372,293
Tokyu Fudosan Holdings Corp.		15,500		91,696
Toppan Printing Co., Ltd.		28,000		267,913
Toray Industries, Inc.		93,550		758,923
Toshiba Corp. (b)		180,513		438,147
TOTO, Ltd.		4,000		158,614
Toyo Suisan Kaisha, Ltd.		3,000		108,930
Toyo Tire & Rubber Co., Ltd.		5,300		66,117
Toyota Industries Corp.		6,000		286,535
Toyota Motor Corp.		93,188		5,495,324
Toyota Tsusho Corp.		5,400		140,978
Trend Micro, Inc. (b)		4,500		160,308
Tsuruha Holdings, Inc.		1,500		142,753
Unicharm Corp.		13,800		302,598
United Urban Investment Corp.		55		83,890
Usen Corp.		26,930		97,898
USS Co., Ltd.		6,810		108,717
Warabeya Nichiyo Holdings Co., Ltd.		11,400		241,322
West Japan Railway Co.		5,300		325,948
Yahoo! Japan Corp.		38,400		147,825
Yakult Honsha Co., Ltd.		4,200		195,173
Yamada Denki Co., Ltd.		60,080		324,520
Yamagata Bank, Ltd. (a)		98,176		415,818
Yamaha Corp.		7,000		214,258
Yamaha Motor Co., Ltd.		8,100		178,758
Yamanashi Chuo Bank, Ltd.		7,550		36,056
Yamato Holdings Co., Ltd.		12,000		244,506
Yamazaki Baking Co., Ltd. (a)		6,200		120,029
Yaskawa Electric Corp.		6,900		107,551
Yokogawa Electric Corp.		6,600		95,801
Zenrin Co., Ltd.		21,100		384,607
				132,886,987
JORDAN — 0.0% (f)
Hikma Pharmaceuticals PLC		4,724		110,498
LUXEMBOURG — 0.2%
APERAM SA		1,530		70,142
ArcelorMittal (b)		62,830		464,950
Millicom International Cellular SA		1,993		85,406
RTL Group SA		1,284		93,690
SES SA		11,416		251,959
Tenaris SA		12,696		227,247
				1,193,394
MACAU — 0.0% (f)
MGM China Holdings, Ltd.		21,600		44,798
Wynn Macau, Ltd. (a)		34,800		55,388
				100,186
MALTA — 0.0% (f)
Catena Media PLC (a) (b)		7,063		68,029
MEXICO — 0.0% (f)
Fresnillo PLC		6,712		101,266
NETHERLANDS — 3.5%
Aegon NV		76,809		423,543
AerCap Holdings NV (b)		2,774		115,426
Akzo Nobel NV		12,126		759,592
Altice NV Class A (b)		10,624		211,003
ASML Holding NV		17,526		1,971,484
Constellium NV Class A (b)		2,746		16,201
EXOR NV		3,268		141,255
Fugro NV (b)		4,508		69,159
Gemalto NV		2,440		141,342
Heineken Holding NV		3,245		226,375
Heineken NV		7,361		553,264
ING Groep NV		139,955		1,973,646
Koninklijke Ahold Delhaize NV		54,085		1,142,634
Koninklijke DSM NV		9,616		577,715
Koninklijke KPN NV		155,225		460,718
Koninklijke Philips NV		43,506		1,330,751
NN Group NV		10,004		339,713
NXP Semiconductors NV (b)		11,648		1,141,620
OCI NV (b)		1,354		23,678
PostNL NV (b)		26,729		115,363
Randstad Holding NV		2,170		117,942
Royal Dutch Shell PLC Class A		167,109		4,630,497
Royal Dutch Shell PLC Class B		110,537		3,215,211
SBM Offshore NV		14,115		222,051
Wolters Kluwer NV		10,268		372,775
				20,292,958
NEW ZEALAND — 0.3%
a2 Milk Co., Ltd. (a) (b)		95,910		142,450
Air New Zealand, Ltd.		42,501		65,051
Auckland International Airport, Ltd.		17,831		77,710
Fisher & Paykel Healthcare Corp., Ltd.		82,352		489,253
Fletcher Building, Ltd.		12,055		89,103
Goodman Property Trust		78,663		66,919
Infratil, Ltd.		33,617		64,463
Investore Property, Ltd. (a)		13,732		13,118
Kiwi Property Group, Ltd.		82,419		79,597
Property for Industry, Ltd. (a)		79,835		87,957
Steel & Tube Holdings, Ltd. (a)		50,217		82,989

See accompanying Notes to Schedule of Investments

79

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Stride Property Group (a)		51,889	$	64,043
Vital Healthcare Property Trust		69,523		97,926
Xero, Ltd. (b)		3,631		44,308
				1,464,887
NORWAY — 0.7%
Akastor ASA (a) (b)		4,705		8,855
Aker Solutions ASA (b)		4,705		22,613
DNB ASA		40,719		607,400
DNO ASA (a) (b)		26,997		26,597
Marine Harvest ASA (b)		11,659		210,893
Norsk Hydro ASA		68,271		327,566
Orkla ASA		65,407		594,215
Schibsted ASA Class A		2,375		54,659
Schibsted ASA Class B		2,277		48,409
Statoil ASA		38,270		704,250
Storebrand ASA (b)		37,856		201,953
Telenor ASA		34,700		520,034
TGS Nopec Geophysical Co. ASA		3,839		85,497
Yara International ASA		11,440		451,875
				3,864,816
PORTUGAL — 0.2%
Banco Comercial Portugues SA Class R (a) (b)		20,521		23,181
EDP — Energias de Portugal SA		116,289		354,966
Galp Energia SGPS SA		14,181		212,246
Mota-Engil SGPS SA (a)		18,338		31,141
NOS SGPS SA		43,491		258,627
Pharol SGPS SA		50,301		10,982
				891,143
SINGAPORE — 1.1%
AIMS AMP Capital Industrial REIT		98,798		89,586
Ascendas REIT		71,915		112,997
Ascendas Hospitality Trust (a)		140,600		68,611
Cache Logistics Trust		114,000		63,916
CapitaLand, Ltd.		220,000		459,888
City Developments, Ltd.		16,600		95,139
ComfortDelGro Corp., Ltd.		72,000		123,098
COSCO Corp. Singapore, Ltd. (a) (b) (c)		416,200		80,665
Croesus Retail Trust		251,796		145,532
DBS Group Holdings, Ltd.		61,940		743,434
Genting Singapore PLC		447,300		280,201
Global Logistic Properties, Ltd.		60,000		91,368
IGG, Inc.		52,000		35,010
InterOil Corp. (b)		1,650		78,507
Jardine Cycle & Carriage, Ltd.		3,333		95,120
Keppel REIT		29,309		20,693
Keppel Corp., Ltd.		116,175		465,601
Lippo Malls Indonesia Retail Trust		661,300		169,365
Oversea-Chinese Banking Corp., Ltd.		101,237		625,067
Sembcorp Industries, Ltd.		29,600		58,393
Singapore Airlines, Ltd.		39,456		264,096
Singapore Exchange, Ltd.		27,700		137,283
Singapore Press Holdings, Ltd. (a)		54,000		131,944
Singapore Telecommunications, Ltd.		263,400		665,474
Soilbuild Business Space REIT		187,700		83,151
United Overseas Bank, Ltd.		39,638		559,712
UOL Group, Ltd.		21,428		88,845
Wilmar International, Ltd.		109,000		270,859
				6,103,555
SOUTH AFRICA — 0.1%
Investec PLC		19,167		126,945
Lonmin PLC (a) (b)		7,336		12,826
Mondi PLC		24,566		505,714
				645,485
SOUTH KOREA — 4.3%
Advanced Process Systems Corp. (b)		3,120		77,109
Amorepacific Corp.		892		237,438
Asiana Airlines, Inc. (b)		27,032		94,449
BNK Financial Group, Inc.		11,587		83,271
Celltrion, Inc. (a) (b)		3,153		280,371
CJ CGV Co., Ltd. (a)		3,939		229,596
CMG Pharmaceutical Co., Ltd. (b)		10,372		27,308
Coway Co., Ltd.		1,362		99,573
Crown Confectionery Co., Ltd.		4,250		98,878
CUROCOM Co., Ltd. (a) (b)		13,207		34,499
Dae Han Flour Mills Co., Ltd.		1,486		221,461
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b) (c)		3,626		13,450
Digitech Systems Co., Ltd. (b) (g)		19,094		—
DIO Corp. (b)		1,440		47,153
Dongkuk Industries Co., Ltd.		52,942		199,880
Dongwon F&B Co., Ltd.		779		127,705
Dongwon Industries Co., Ltd. (a)		862		259,428
DY Corp.		9,568		56,166
E-MART, Inc.		618		93,636
Eyegene, Inc. (b)		2,700		25,149
Genic Co., Ltd. (b)		5,875		73,936
GS Home Shopping, Inc.		764		108,799
Hana Financial Group, Inc.		8,687		224,763
Hana Tour Service, Inc.		2,686		146,998
Hancom, Inc.		6,352		87,039
Hankook Shell Oil Co., Ltd.		304		111,502
Hankook Tire Co., Ltd.		1,528		73,376
Hanssem Co., Ltd.		1,594		262,631
Harim Co., Ltd. (a)		24,391		99,256
Hotel Shilla Co., Ltd.		3,213		128,089
HS Industries Co., Ltd.		6,915		59,829
Huons Co., Ltd. (b)		1,836		96,984
Huons Global Co., Ltd.		1,786		50,720
Hyundai Elevator Co., Ltd. (b)		2,188		103,983
Hyundai Engineering Plastics Co., Ltd.		37,550		290,999
Hyundai Glovis Co., Ltd.		513		65,622
Hyundai Heavy Industries Co., Ltd. (b)		1,331		160,342
Hyundai Hy Communications & Network Co., Ltd.		37,343		127,847
Hyundai Mobis Co., Ltd.		2,027		443,060
Hyundai Motor Co.		5,133		620,482
Hyundai Motor Co. Preference Shares		911		74,974
Hyundai Steel Co.		1,906		89,950
Infinitt Healthcare Co., Ltd. (b)		12,985		73,752
Interpark Holdings Corp.		9,621		39,988
Jeil Pharmaceutical Co.		605		40,423
Jenax, Inc. (a) (b)		13,411		249,832
JoyCity Corp. (b)		3,186		54,076
Kangstem Biotech Co., Ltd. (b)		2,785		24,903
Kangwon Land, Inc.		3,137		92,853
KB Capital Co., Ltd.		3,940		87,425
KB Financial Group, Inc.		19,266		682,716

See accompanying Notes to Schedule of Investments

80

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
KCC Corp.		178	$	52,981
Kia Motors Corp.		7,406		240,674
KIWOOM Securities Co., Ltd.		5,864		349,568
Koh Young Technology, Inc.		9,843		368,359
Korea Electric Power Corp. ADR (a) (b)		25,515		471,517
Korea Zinc Co., Ltd.		500		196,639
Korean Air Lines Co., Ltd. (b)		2,633		59,623
KT Corp. ADR (a) (b)		23,972		337,765
KT&G Corp.		3,603		301,294
Ktis Corp.		22,635		69,341
KyungDong City Gas Co., Ltd.		1,400		88,905
LabGenomics Co., Ltd. (b)		3,535		30,439
LG Chem, Ltd.		1,486		321,118
LG Chem, Ltd. Preference Shares		639		94,966
LG Display Co., Ltd.		7,391		192,455
LG Display Co., Ltd. ADR (a) (b)		33,334		428,342
LG Electronics, Inc.		4,180		178,579
LG Household & Health Care, Ltd.		346		245,506
LG Uplus Corp.		8,424		79,860
Lotte Chemical Corp.		491		150,007
Lotte Food Co., Ltd.		323		173,561
Lotte Shopping Co., Ltd.		202		37,045
Medy-Tox, Inc.		609		179,806
Modetour Network, Inc.		9,112		218,407
Muhak Co., Ltd. (a)		8,355		158,066
Multicampus Co., Ltd.		4,638		122,689
NAVER Corp.		1,063		682,087
NCSoft Corp.		553		113,320
Nexon GT Co., Ltd. (a) (b)		8,103		57,026
NHN Entertainment Corp. (b)		523		21,781
OCI Co., Ltd. (a) (b)		612		39,878
Orientbio, Inc. (a) (b)		19,767		27,413
Orion Corp.		105		56,942
Ottogi Corp.		279		152,921
POSCO ADR		16,396		861,610
S-1 Corp.		1,301		94,467
Sajo Industries Co., Ltd. (a) (b)		5,119		270,826
Samchuly Bicycle Co., Ltd.		5,512		58,187
Samsung C&T Corp.		3,140		326,271
Samsung Electronics Co., Ltd. GDR		8,392		6,268,824
Samsung Engineering Co., Ltd. (b)		5,446		46,443
Samsung Fire & Marine Insurance Co., Ltd.		941		209,189
Samsung Heavy Industries Co., Ltd. (b)		9,546		73,109
Samsung Life Insurance Co., Ltd.		2,730		254,285
Samsung SDI Co., Ltd.		1,060		95,662
Samsung SDS Co., Ltd.		1,275		147,262
Shinhan Financial Group Co., Ltd.		14,119		528,966
Shinsegae Food Co., Ltd.		1,942		237,163
SK Bioland Co., Ltd. (a)		9,239		137,308
SK Holdings Co., Ltd.		858		163,033
SK Hynix, Inc.		17,360		642,484
SK Innovation Co., Ltd.		4,058		492,215
SK Telecom Co., Ltd. ADR		19,984		417,666
Woori Bank		7,328		77,357
Youlchon Chemical Co., Ltd.		7,854		91,363
Yungjin Pharmaceutical Co., Ltd. (a) (b)		5,497		40,142
				24,986,381
SPAIN — 2.4%
Abertis Infraestructuras SA		16,553		232,121
Acciona SA		900		66,383
Acerinox SA (a)		4,834		64,269
ACS Actividades de Construccion y Servicios SA		6,610		209,296
Aena SA (e)		2,495		341,187
Amadeus IT Group SA Class A		15,230		693,476
Atresmedia Corp. de Medios de Comunicacion SA		7,786		85,326
Banco Bilbao Vizcaya Argentaria SA		228,041		1,542,735
Banco de Sabadell SA		163,055		227,532
Banco Popular Espanol SA (a)		126,431		122,418
Banco Santander SA		496,227		2,595,518
Bankia SA		101,761		104,220
Bankinter SA		27,954		217,006
Bolsas y Mercados Espanoles SHMSF SA (a)		2,499		73,790
CaixaBank SA		82,408		272,928
Cellnex Telecom SA (a) (e)		5,084		73,276
Distribuidora Internacional de Alimentacion SA		26,136		128,600
Ebro Foods SA		3,505		73,587
Enagas SA (a)		7,723		196,518
Faes Farma SA		9,238		32,739
Ferrovial SA		15,194		272,360
Gamesa Corp. Tecnologica SA		7,596		154,389
Gas Natural SDG SA		12,261		231,617
Grifols SA		13,961		278,015
Grifols SA Class B, Preference Shares		8,843		141,819
Iberdrola SA		162,922		1,071,263
Indra Sistemas SA (b)		17,028		186,967
Industria de Diseno Textil SA		38,197		1,306,549
Inmobiliaria Colonial SA		9,967		69,205
Let’s GOWEX SA (a) (b) (g)		4,019		—
Mapfre SA (a)		32,772		100,242
Mediaset Espana Comunicacion SA		6,838		80,418
Merlin Properties Socimi SA		10,741		117,029
NH Hotel Group SA (b)		28,959		117,444
Pharma Mar SA (a) (b)		35,961		102,790
Red Electrica Corp. SA		14,753		278,926
Repsol SA		46,822		662,753
Sacyr SA (a) (b)		17,115		40,076
Telefonica SA		158,338		1,473,002
Viscofan SA (a)		1,441		71,207
				14,108,996
SWEDEN — 2.7%
AddLife AB (b)		1,610		24,412
AddTech AB Class B		6,681		104,797
Alfa Laval AB		28,366		470,862
Assa Abloy AB Class B		33,760		628,406
Atlas Copco AB Class A		22,214		678,553
Atlas Copco AB Class B		13,612		372,492
Bilia AB Class A		5,122		118,118
BillerudKorsnas AB		6,039		101,707
Boliden AB		25,624		671,020
Castellum AB		9,078		124,809
Electrolux AB Series B		16,443		409,600
Elekta AB Class B (a)		8,887		78,847

See accompanying Notes to Schedule of Investments

81

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Getinge AB Class B		3,033	$	48,777
Hennes & Mauritz AB Class B		34,719		968,430
Hexagon AB Class B		6,870		246,151
Hexpol AB		10,652		98,903
Husqvarna AB Class B		14,006		109,232
ICA Gruppen AB (a)		2,626		80,330
Industrivarden AB Class A		6,600		130,916
Industrivarden AB Class C		5,578		104,258
Investor AB Class A		4,566		169,279
Investor AB Class B		12,645		473,947
JM AB		2,819		81,672
Karo Pharma AB (a) (b)		39,986		123,683
Kinnevik AB Class B		10,985		263,966
KNOW IT AB		13,038		128,807
Lagercrantz Group AB Class B		17,344		159,415
Lundin Petroleum AB (b)		7,761		169,237
NetEnt AB (b)		48,383		374,406
Nibe Industrier AB Class B		12,842		101,497
Nordea Bank AB		108,583		1,210,781
Opus Group AB		50,157		35,887
Orexo AB (a) (b)		3,755		15,541
Qliro Group AB (a) (b)		39,193		37,318
SAAB AB Class B		3,391		127,098
Sandvik AB		52,417		650,265
Securitas AB Class B		10,900		172,056
Skandinaviska Enskilda Banken AB Class A		59,167		622,307
Skanska AB Class B		13,620		322,487
SKF AB Class A		8,939		165,111
SKF AB Class B		12,441		229,522
Svenska Cellulosa AB SCA Class B		16,776		475,141
Svenska Handelsbanken AB Class A		50,692		706,427
Swedbank AB Class A		35,073		850,514
Swedish Match AB		5,386		171,814
Swedish Orphan Biovitrum AB (a) (b)		7,502		88,112
Tele2 AB Class B		29,887		240,324
Telefonaktiebolaget LM Ericsson Class B		128,609		757,390
Telia Co. AB		86,300		348,730
Tethys Oil AB		10,504		91,054
Trelleborg AB Class B		8,251		162,848
Volvo AB Class A		9,704		114,509
Volvo AB Class B		53,926		631,588
				15,843,353
SWITZERLAND — 7.4%
ABB, Ltd.		68,199		1,441,348
Actelion, Ltd. (b)		3,657		793,396
Adecco Group AG		10,205		669,221
Aryzta AG (b)		1,272		56,131
Baloise Holding AG		1,714		216,369
Chocoladefabriken Lindt & Spruengli AG (d)		42		217,986
Chocoladefabriken Lindt & Spruengli AG (d)		5		304,521
Cie Financiere Richemont SA		17,772		1,179,438
Clariant AG.		9,722		168,068
Coca-Cola HBC AG (b)		5,925		129,586
Comet Holding AG (b)		167		165,135
Credit Suisse Group AG		56,643		814,241
Galenica AG		133		150,359
Geberit AG		1,302		522,927
Givaudan SA		310		569,154
Glencore PLC (b)		387,941		1,329,502
Julius Baer Group, Ltd. (b)		11,216		499,139
Kuehne + Nagel International AG		4,113		544,704
LafargeHolcim, Ltd. (b) (d)		19,786		1,044,442
LafargeHolcim, Ltd. (d)		345		18,163
Leonteq AG (b)		1,564		52,321
Logitech International SA		5,722		143,001
Lonza Group AG (b)		1,811		314,143
Meyer Burger Technology AG (a) (b)		4,258		2,807
Nestle SA		101,629		7,304,569
Novartis AG		93,382		6,808,291
Partners Group Holding AG (a)		384		180,316
PSP Swiss Property AG		1,332		115,330
Roche Holding AG (d)		24,854		5,688,041
Roche Holding AG (d)		910		213,096
Schindler Holding AG		1,511		267,010
SGS SA		386		786,926
Sika AG		63		303,238
Sonova Holding AG		1,933		234,695
STMicroelectronics NV		27,816		316,860
Sulzer AG		2,858		295,262
Swatch Group AG (d)		2,005		624,769
Swatch Group AG (d)		1,984		121,517
Swiss Life Holding AG (b)		1,089		308,801
Swiss Prime Site AG (b)		2,383		195,428
Swiss Re AG		11,905		1,130,351
Swisscom AG		859		385,487
Syngenta AG		4,182		1,656,176
Temenos Group AG (b)		3,277		228,602
u-blox Holding AG (b)		610		114,756
UBS Group AG		130,840		2,053,326
Wolseley PLC		12,239		750,409
Zurich Insurance Group AG		5,787		1,596,571
				43,025,929
UNITED KINGDOM — 13.5%
3i Group PLC		70,492		613,208
Aberdeen Asset Management PLC		38,064		121,018
Admiral Group PLC		8,354		188,594
Afren PLC (a) (b) (g)		55,933		—
Aggreko PLC		7,376		83,668
Amec Foster Wheeler PLC		30,968		179,848
Anglo American PLC (b)		52,795		756,739
Ashtead Group PLC		14,894		290,779
Associated British Foods PLC		12,130		411,432
AstraZeneca PLC		46,097		2,527,588
Auto Trader Group PLC (e)		25,326		127,993
Aviva PLC		172,866		1,038,959
Avon Rubber PLC		15,603		200,703
Babcock International Group PLC		17,586		207,088
BAE Systems PLC		106,245		776,531
Balfour Beatty PLC		91,198		303,020
Barclays PLC		469,464		1,296,218
Barratt Developments PLC		54,670		312,365
BBA Aviation PLC		39,923		139,754
Bellway PLC		3,458		105,796
Berkeley Group Holdings PLC		3,609		125,222

See accompanying Notes to Schedule of Investments

82

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Big Yellow Group PLC REIT		9,466	$	80,181
Booker Group PLC		56,531		122,591
BP PLC		650,672		4,097,197
British American Tobacco PLC		66,096		3,774,448
British Land Co. PLC REIT		58,691		456,523
Britvic PLC		7,336		51,397
BT Group PLC		320,483		1,452,941
BTG PLC (b)		12,835		93,571
Bunzl PLC		11,283		294,033
Burberry Group PLC		18,637		344,741
Cairn Energy PLC (b)		14,858		43,310
Capita PLC		31,654		207,691
Capital & Counties Properties PLC (a)		25,384		93,188
Carnival PLC		10,790		549,972
Centamin PLC		77,252		132,207
Centrica PLC		225,053		651,001
CNH Industrial NV		33,788		294,547
Cobham PLC		42,419		85,803
Coca-Cola European Partners PLC		7,837		246,082
Compass Group PLC		59,057		1,095,336
Concentric AB		5,623		70,407
Croda International PLC		2,472		97,623
CYBG PLC (a) (b)		25,058		87,456
Daily Mail & General Trust PLC Class A		7,712		74,043
DCC PLC		2,899		216,362
Derwent London PLC		3,823		130,946
Diageo PLC		92,242		2,404,952
Dialog Semiconductor PLC (b)		2,651		112,307
Direct Line Insurance Group PLC		48,618		221,916
Dixons Carphone PLC		34,484		151,096
Drax Group PLC		13,045		60,914
DS Smith PLC		18,738		94,490
easyJet PLC		8,521		105,816
Fiat Chrysler Automobiles NV		36,250		331,304
Firstgroup PLC (b)		117,478		150,387
Foxtons Group PLC		12,365		15,584
G4S PLC		123,109		357,481
GKN PLC		58,243		238,718
GlaxoSmithKline PLC		176,701		3,410,479
Grafton Group PLC		7,362		50,033
Great Portland Estates PLC REIT		11,704		96,679
Greene King PLC		10,430		89,957
Halma PLC		12,862		142,639
Hammerson PLC		25,834		182,912
Hansteen Holdings PLC		44,949		63,039
Hargreaves Lansdown PLC		6,679		100,108
Hays PLC		46,968		86,590
Henderson Group PLC		36,668		106,748
Hiscox, Ltd.		9,940		124,912
HomeServe PLC		13,591		104,121
Howden Joinery Group PLC		20,172		95,664
HSBC Holdings PLC		672,996		5,462,696
IG Group Holdings PLC		12,271		74,919
IMI PLC		7,836		100,698
Imperial Brands PLC		32,449		1,420,386
Inchcape PLC		14,079		122,125
Indivior PLC		27,298		99,910
Informa PLC		26,813		225,294
Inmarsat PLC		10,406		96,629
InterContinental Hotels Group PLC		7,351		330,449
International Consolidated Airlines Group SA		22,976		125,173
International Personal Finance PLC		11,374		24,216
Intertek Group PLC		5,686		244,572
Intu Properties PLC (a)		27,942		97,123
IP Group PLC (b)		23,747		52,465
ITV PLC		123,346		314,579
J Sainsbury PLC		83,022		255,747
John Wood Group PLC		12,009		129,989
Johnson Matthey PLC		6,697		263,315
Keller Group PLC		3,401		35,469
Kingfisher PLC		131,929		571,052
Land Securities Group PLC REIT		44,331		583,929
Legal & General Group PLC		199,048		608,981
Lloyds Banking Group PLC		1,987,739		1,535,338
London Stock Exchange Group PLC		8,114		292,159
Man Group PLC		92,846		135,720
Marks & Spencer Group PLC		84,597		365,863
Meggitt PLC		21,289		120,638
Micro Focus International PLC		7,624		205,275
National Grid PLC		145,210		1,707,443
NEX Group PLC		30,974		177,776
Next PLC		7,207		443,752
Ocado Group PLC (a) (b)		13,453		43,902
Old Mutual PLC		253,882		650,319
Ophir Energy PLC (b)		19,956		23,796
Pearson PLC		40,175		406,322
Pennon Group PLC		14,009		143,155
Persimmon PLC		17,882		392,423
Petrofac, Ltd.		8,049		86,428
Provident Financial PLC		2,237		78,751
Prudential PLC		85,930		1,728,069
Randgold Resources, Ltd.		5,828		461,968
Reckitt Benckiser Group PLC		22,317		1,898,883
RELX NV		35,636		601,017
RELX PLC		41,193		737,543
Rentokil Initial PLC		62,270		170,969
Rightmove PLC		3,465		167,108
Rio Tinto PLC		39,784		1,552,689
Rio Tinto, Ltd.		15,696		680,792
Rolls-Royce Holdings PLC (b)		73,419		606,011
Royal Bank of Scotland Group PLC (b)		59,197		164,288
Royal Mail PLC		15,406		87,967
RSA Insurance Group PLC		49,770		360,380
Sage Group PLC		37,774		305,724
Schroders PLC		3,842		142,326
Seadrill, Ltd. (a) (b)		6,620		22,934
Segro PLC		26,151		148,028
Serco Group PLC (b)		60,963		107,946
Severn Trent PLC		8,025		220,335
Shaftesbury PLC		9,382		105,379
Sky PLC		44,952		550,450
Smith & Nephew PLC		32,219		486,097
Smiths Group PLC		33,165		580,281
Spirax-Sarco Engineering PLC		2,444		126,354
Sports Direct International PLC (b)		5,274		18,156
SSE PLC		48,187		924,691
St James’s Place PLC		17,626		220,845

See accompanying Notes to Schedule of Investments

83

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Standard Chartered PLC (b)		97,898	$	802,741
Standard Life PLC		113,950		523,784
TalkTalk Telecom Group PLC (a)		14,643		30,614
Tate & Lyle PLC		30,667		268,098
Taylor Wimpey PLC		82,940		157,314
Telecom Plus PLC		2,118		30,777
Tesco PLC (b)		319,797		817,382
Thomas Cook Group PLC (b)		36,099		38,896
TP ICAP PLC		25,311		135,517
Travis Perkins PLC		5,385		96,616
Trinity Mirror PLC		15,899		20,824
Tullow Oil PLC (a) (b)		41,610		160,776
UBM PLC		13,249		119,755
Unilever NV		67,382		2,779,948
Unilever PLC		49,385		2,009,167
United Utilities Group PLC		23,922		266,328
Victrex PLC		3,200		76,353
Vodafone Group PLC		968,478		2,391,604
Weir Group PLC		3,865		90,262
Whitbread PLC		6,363		296,886
William Hill PLC		48,450		173,735
Wm Morrison Supermarkets PLC		132,796		378,554
Workspace Group PLC		7,943		77,733
Worldpay Group PLC (e)		48,010		160,114
WPP PLC		45,183		1,013,879
Xaar PLC		5,983		29,572
				77,722,201
UNITED STATES — 0.7%
Argonaut Gold, Inc. (b)		11,861		18,751
Flex, Ltd. (b)		46,438		667,314
ICON PLC (b)		2,052		154,310
Mobileye NV (a) (b)		4,650		177,258
QIAGEN NV (b)		8,157		229,544
REC Silicon ASA (a) (b)		102,215		13,537
Shire PLC		30,471		1,763,595
Stratasys, Ltd. (a) (b)		1,589		26,282
Tahoe Resources, Inc.		4,848		45,731
Thomson Reuters Corp. (a)		14,366		629,467
Valeant Pharmaceuticals International, Inc. (a) (b)		11,411		165,670
				3,891,459
TOTAL COMMON STOCKS (Cost $628,804,945)				575,215,817
WARRANTS — 0.0% (f)
FRANCE — 0.0% (f)
Peugeot SA (expiring 4/29/17) (b) (Cost $16,146)		12,469		41,954
RIGHTS — 0.0% (f)
ITALY — 0.0% (f)
Credito Valtellinese (expiring 1/5/17) (b) (c)		49,248		—
SPAIN — 0.0% (f)
Faes Farma SA (expiring 1/5/17) (b)		9,238		887
Repsol SA (expiring 1/6/17) (b)		46,822		17,383
				18,270
TOTAL RIGHTS (Cost $17,194)				18,270
SHORT-TERM INVESTMENTS — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (h) (i)		22,237		22,237
State Street Navigator Securities Lending Government Money Market Portfolio (i) (j)		9,060,171		9,060,171
TOTAL SHORT-TERM INVESTMENTS (Cost $9,082,408)				9,082,408
TOTAL INVESTMENTS — 101.2% (Cost $637,920,693)				584,358,449
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(6,942,677	)
NET ASSETS — 100.0%			$	577,415,772

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of securities is $115,959 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 0.3% of net assets as of December 31, 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. Security value is determined based on Level 3 inputs. As of December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(h) The rate shown is the annualized seven-day yield at December 31, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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 Schedule of Investments

84

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	35,228,993	$	2,598		$	—		$	35,231,591
Austria.		1,253,624		—			—			1,253,624
Belgium		6,437,111		—			—			6,437,111
Canada		49,323,474		—			—			49,323,474
Chile		97,177		—			—			97,177
China.		425,218		—			—			425,218
Denmark		8,325,618		—			—			8,325,618
Egypt.		33,045		—			—			33,045
Finland		5,773,305		—			—			5,773,305
France		44,783,878		—			—			44,783,878
Germany		42,162,183		—			—			42,162,183
Hong Kong		16,548,275		—			—			16,548,275
Ireland		3,773,988		—			0	(b)		3,773,988
Israel		3,584,374		—			—			3,584,374
Italy.		10,142,187		19,246			—			10,161,433
Japan		132,886,987		—			—			132,886,987
Jordan		110,498		—			—			110,498
Luxembourg		1,193,394		—			—			1,193,394
Macau		100,186		—			—			100,186
Malta		68,029		—			—			68,029
Mexico		101,266		—			—			101,266
Netherlands		20,292,958		—			—			20,292,958
New Zealand		1,464,887		—			—			1,464,887
Norway		3,864,816		—			—			3,864,816
Portugal		891,143		—			—			891,143
Singapore.		6,022,890		80,665			—			6,103,555
South Africa		645,485		—			—			645,485
South Korea		24,972,931		13,450			0	(b)		24,986,381
Spain		14,108,996		—			0	(b)		14,108,996
Sweden		15,843,353		—			—			15,843,353
Switzerland		43,025,929		—			—			43,025,929
United Kingdom		77,722,201		—			0	(b)		77,722,201
United States		3,891,459		—			—			3,891,459
Warrants
France		41,954		—			—			41,954
Rights
Italy.		—		0	(a)		—			—
Spain		18,270		—			—			18,270
Short-Term Investments		9,082,408		—			—			9,082,408
TOTAL INVESTMENTS	$	584,242,490	$	115,959		$	0		$	584,358,449

(a) Fund held Level 2 securities that were valued at $0 at December 31, 2016.

(b) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

See accompanying Notes to Schedule of Investments

85

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		365,689	$	365,689		1,564		367,253		—	$	—	$	15
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		10,365,971		10,343,734		22,237		22,237		1,084
State Street Navigator Securities Lending Government Money Market Portfolio *		27,460,160		27,460,160		235,273,080		253,673,069		9,060,171		9,060,171		66,222
TOTAL			$	27,825,849							$	9,082,408	$	67,321

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

86

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 6.7%
Abacus Property Group		139,204	$	304,409
Aconex, Ltd. (a) (b)		109,862		403,324
Acrux, Ltd. (b)		53,301		11,965
AET&D Holdings NO. 1 Pty, Ltd. (a) (b) (c)		110,316		—
Ainsworth Game Technology, Ltd.		62,651		95,721
ALE Property Group (a)		72,970		222,446
Altium, Ltd.		57,418		336,353
AP Eagers, Ltd.		32,749		218,639
APN News & Media, Ltd. (b)		83,166		171,026
APN Outdoor Group, Ltd.		87,551		374,668
ARB Corp., Ltd. (a)		15,515		198,287
Ardent Leisure Group		247,094		418,674
Arrium, Ltd. (b) (d)		1,727,582		27,521
Asaleo Care, Ltd.		181,152		194,135
Aspen Group		208,553		169,890
Astro Japan Property Group		31,208		150,275
Atlas Iron, Ltd. (b)		4,122		81
Ausdrill, Ltd. (b)		551		503
Austal, Ltd.		144,798		182,436
Austbrokers Holdings, Ltd.		25,931		197,155
Australian Agricultural Co., Ltd. (b)		175,478		215,373
Australian Pharmaceutical Industries, Ltd.		68,855		102,707
Automotive Holdings Group, Ltd.		63,352		181,199
Aveo Group		174,110		422,345
AWE, Ltd. (b)		274,559		123,261
BC Iron, Ltd. (b)		237		27
Beach Energy, Ltd.		1,160,452		714,241
Beadell Resources, Ltd. (b)		499,496		97,655
Bega Cheese, Ltd. (a)		53,215		163,380
Bellamy’s Australia, Ltd. (a) (d)		34,697		167,829
Billabong International, Ltd. (b)		59,814		54,356
Bradken, Ltd. (b)		85,432		199,193
Breville Group, Ltd.		24,394		152,968
Brickworks, Ltd.		15,859		156,061
Brookside Energy, Ltd. (b)		71,817		572
Burson Group, Ltd.		93,094		399,063
Buru Energy, Ltd. (b)		804		119
BWP Trust		154,689		334,911
Cabcharge Australia, Ltd.		56,473		158,661
Cardno, Ltd. (b)		95,379		65,265
Cash Converters International, Ltd.		30,630		7,430
Central Petroleum, Ltd. (b)		1,459		211
Charter Hall Group		118,803		407,760
Charter Hall Retail REIT		228,387		699,536
Cleanaway Waste Management, Ltd.		685,174		610,245
Collins Foods, Ltd.		31,766		151,122
Cooper Energy, Ltd. (b)		1,213		312
Corporate Travel Management, Ltd. (a)		46,337		614,684
Cover-More Group, Ltd.		135,245		189,007
Credit Corp. Group, Ltd.		25,418		330,189
Cromwell Property Group		443,037		315,991
CSG, Ltd.		202,146		106,853
CSR, Ltd.		309,435		1,035,166
Data#3, Ltd.		523		581
Decmil Group, Ltd.		31,464		23,580
Downer EDI, Ltd.		217,253		958,035
DuluxGroup, Ltd.		76,122		343,948
Eclipx Group, Ltd.		127,664		346,656
Emeco Holdings, Ltd. (b)		2,362		116
ERM Power, Ltd. (a)		134,956		125,572
Estia Health, Ltd. (a)		91,990		173,186
Event Hospitality & Entertainment, Ltd.		48,664		485,222
Evolution Mining, Ltd.		3,399		5,218
Fairfax Media, Ltd.		973,955		627,664
Fleetwood Corp., Ltd. (b)		2,323		3,314
FlexiGroup, Ltd.		103,005		168,564
Folkestone Education Trust		121,809		224,033
G8 Education, Ltd. (a)		158,801		412,806
Galaxy Resources, Ltd. (a) (b)		752,572		286,092
Gateway Lifestyle (a)		154,699		241,958
GDI Property Group		201,506		144,451
GrainCorp, Ltd. Class A		61,587		426,329
Greencross, Ltd.		47,803		237,453
Greenland Minerals & Energy, Ltd. (b)		6,429		321
GUD Holdings, Ltd.		42,250		320,311
GWA Group, Ltd.		123,787		265,317
Hansen Technologies, Ltd.		90,065		255,647
Horizon Oil, Ltd. (b)		4,041		164
Hotel Property Investments		77,478		159,329
Icon Energy, Ltd. (b)		1,681		37
Imdex, Ltd. (b)		746		311
Independence Group NL		237,670		743,458
Industria REIT		91,889		139,727
Infigen Energy (a) (b)		888,840		579,248
Infomedia, Ltd.		333,701		176,392
Ingenia Communities Group		54,815		106,770
Intrepid Mines, Ltd. (b)		96		85
InvoCare, Ltd. (a)		190,863		1,916,888
IOOF Holdings, Ltd. (a)		98,123		654,378
IRESS, Ltd.		50,027		429,985
iSelect, Ltd.		151,757		207,687
iSentia Group, Ltd.		88,269		183,438
Jacana Minerals, Ltd. (b) (c)		12,051		—
Japara Healthcare, Ltd. (a)		120,570		197,309
JB Hi-Fi, Ltd.		11,164		226,671
Karoon Gas Australia, Ltd.		122,426		159,124
Kingsgate Consolidated, Ltd. (a) (b)		104,425		21,550
Liquefied Natural Gas, Ltd. (a)		220,471		107,759
Lynas Corp., Ltd. (b)		742,884		39,268
MACA, Ltd.		27,564		34,230
Mantra Group, Ltd.		134,780		300,590
McMillan Shakespeare, Ltd.		38,721		304,772
Medusa Mining, Ltd. (b)		94,490		34,210
Melbourne IT, Ltd.		530		718
Mesoblast, Ltd. (a) (b)		107,278		111,082
Metals X, Ltd. (a) (b)		178,683		72,455
Metcash, Ltd. (b)		415,080		685,275
Mincor Resources NL (b)		662		101
Mineral Deposits, Ltd. (b)		86		30
Mineral Resources, Ltd.		79,685		699,323
MMA Offshore, Ltd. (b)		99,270		19,408
Monadelphous Group, Ltd.		69,206		562,758
Mount Gibson Iron, Ltd. (b)		488,612		123,831
Myer Holdings, Ltd. (a)		416,091		415,782
MYOB Group, Ltd. (a)		107,548		285,024
Nanosonics, Ltd. (b)		144,515		325,441

See accompanying Notes to Schedule of Investments

87

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Navitas, Ltd.		134,682	$	485,666
New South Resources, Ltd. (b)		201,816		218,472
NEXTDC, Ltd. (b)		175,988		463,856
nib holdings, Ltd.		202,239		695,596
Nine Entertainment Co. Holdings, Ltd.		221,528		170,835
NRW Holdings, Ltd. (b)		474		228
Nufarm, Ltd.		114,402		758,800
OM Holdings, Ltd. (b)		1,236		134
oOh!media, Ltd.		84,136		278,417
Orocobre, Ltd. (a) (b)		85,631		280,884
OZ Minerals, Ltd.		104,780		598,624
OzForex Group, Ltd. (a)		117,743		143,233
Pact Group Holdings, Ltd.		61,374		299,976
Paladin Energy, Ltd. (a)		734,937		45,766
Peet, Ltd.		215,868		151,621
Perpetual, Ltd.		18,144		640,612
Perseus Mining, Ltd. (a) (b)		288,893		70,078
Pilbara Minerals, Ltd. (a) (b)		468,063		169,462
Primary Health Care, Ltd.		162,842		481,089
Programmed Maintenance Services, Ltd.		253,971		354,008
Qube Holdings, Ltd.		920		1,625
RCG Corp., Ltd.		180,740		194,348
RCR Tomlinson, Ltd.		46,613		92,819
Regis Resources, Ltd.		195,073		419,519
Reject Shop, Ltd.		18,695		114,794
Reliance Worldwide Corp., Ltd. (b)		176,092		408,026
Resapp Health, Ltd. (b)		348,146		92,014
Resolute Mining, Ltd.		336,928		317,160
Retail Food Group, Ltd. (a)		72,445		368,251
Ridley Corp., Ltd.		50,487		45,697
Sandfire Resources NL		52,863		215,888
Saracen Mineral Holdings, Ltd. (b)		252,696		181,147
Select Harvests, Ltd. (a)		29,839		143,467
Senex Energy, Ltd. (a) (b)		557,863		107,046
Seven West Media, Ltd.		445,089		259,443
SG Fleet Group, Ltd.		68,860		166,039
Shopping Centres Australasia Property Group		271,620		434,663
Sigma Pharmaceuticals, Ltd.		956,514		893,469
Silver Chef, Ltd.		9,734		62,449
Silver Lake Resources, Ltd. (a) (b)		266,319		123,419
Sino Gas & Energy Holdings, Ltd. (b)		607,943		50,624
Sirtex Medical, Ltd.		30,986		317,932
Slater & Gordon, Ltd. (a) (b)		145,813		23,756
Southern Cross Media Group, Ltd.		464,030		519,126
Spotless Group Holdings, Ltd.		459,564		329,443
St. Barbara, Ltd. (b)		255,815		377,881
Starpharma Holdings, Ltd. (b)		129,124		67,787
Steadfast Group, Ltd.		227,596		364,213
Strandline Resources, Ltd. (b)		48,532		281
Structural Monitoring Systems PLC (b)		60,120		77,053
Sundance Energy Australia, Ltd. (a) (b)		179,566		28,605
Sundance Resources, Ltd. (b)		11,454		25
Sunland Group, Ltd.		26,844		31,295
Super Retail Group, Ltd.		50,063		375,194
Syrah Resources, Ltd. (a) (b)		96,027		212,076
Tap Oil, Ltd. (b)		696		44
Tassal Group, Ltd.		40,146		120,639
Technology One, Ltd.		120,069		491,222
Ten Network Holdings, Ltd. (b)		55,704		37,310
TFS Corp., Ltd. (a)		140,217		168,542
Tiger Resources, Ltd. (b)		2,364		62
Tox Free Solutions, Ltd.		37,483		70,296
Village Roadshow, Ltd.		7,180		23,708
Virgin Australia Holdings, Ltd. (b)		487,085		82,884
Virtus Health, Ltd.		15,719		71,024
Vista Group International, Ltd. (b)		78,060		304,815
Vita Group, Ltd.		67,819		158,618
Viva Energy REIT (a) (b)		151,845		263,882
Webjet, Ltd.		58,473		448,807
Western Areas, Ltd. (a) (b)		107,625		239,249
Westgold Resources, Ltd. (b)		89,339		106,739
Whitehaven Coal, Ltd.		259,656		490,724
WorleyParsons, Ltd.		90,947		640,108
WPP AUNZ, Ltd.		570,421		499,781
				45,898,567
AUSTRIA — 0.6%
CA Immobilien Anlagen AG		21,398		394,177
Conwert Immobilien Invest SE (b)		24,126		412,749
DO & Co. AG		3,869		256,496
POLYTEC Holding AG		3,243		35,523
Porr AG		7,427		304,885
RHI AG		12,221		312,585
S IMMO AG (b)		28,663		302,323
Schoeller-Bleckmann Oilfield Equipment AG		4,589		370,424
Semperit AG Holding (a)		4,903		133,190
Wienerberger AG		49,162		855,325
Zumtobel Group AG		21,522		385,679
				3,763,356
BELGIUM — 1.3%
Ablynx NV (a) (b)		30,728		350,518
Aedifica SA		5,725		429,213
AGFA-Gevaert NV (b)		168,461		652,634
Barco NV		16,675		1,407,740
Befimmo SA		2,881		162,147
Deceuninck NV		20,482		48,867
Econocom Group SA		23,081		339,365
Euronav NV		58,369		466,599
EVS Broadcast Equipment SA		14,774		517,351
Fagron (a) (b)		14,530		148,857
Ion Beam Applications		10,707		470,249
Kinepolis Group NV		3,225		144,567
Lotus Bakeries		170		448,269
MDxHealth (b)		48,386		244,254
Nyrstar NV (b)		51,922		426,891
Orange Belgium SA (b)		20,738		434,296
Recticel SA		28,047		196,132
Retail Estates NV REIT (a)		4,151		329,246
Rezidor Hotel Group AB		47,566		185,874
Tessenderlo Chemie NV (b)		36,342		1,333,944
ThromboGenics NV (b)		15,486		41,308
Warehouses De Pauw CVA		4,186		374,805
				9,153,126
CANADA — 9.2%
Advantage Oil & Gas, Ltd. (b)		126,833		862,546
Aecon Group, Inc.		26,960		306,581

See accompanying Notes to Schedule of Investments

88

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Africa Oil Corp. (a) (b)		144,596	$	286,809
AG Growth International, Inc.		6,056		237,173
AGF Management, Ltd. Class B		10,858		50,766
AGT Food & Ingredients, Inc.		10,285		281,006
Aimia, Inc.		57,366		379,859
Air Canada (b)		99,038		1,009,544
Alaris Royalty Corp. (a)		12,968		231,597
Altius Minerals Corp.		3,155		29,831
Altus Group, Ltd.		8,997		207,708
Arbutus Biopharma Corp. (b) (e)		614		1,504
Arbutus Biopharma Corp. (b) (d) (e)		11,276		27,626
Artis Real Estate Investment Trust		16,201		153,427
Asanko Gold, Inc. (b)		81,153		249,320
Atrium Mortgage Investment Corp. (a)		33,164		300,468
ATS Automation Tooling Systems, Inc. (b)		31,951		298,294
AutoCanada, Inc.		8,550		147,404
Avigilon Corp. (a) (b)		14,613		139,696
Badger Daylighting, Ltd. (a)		14,387		344,374
Ballard Power Systems, Inc. (a) (b)		67,940		112,469
Baytex Energy Corp. (a) (b)		89,356		437,102
Bellatrix Exploration, Ltd. (a) (b)		91,442		87,279
Birchcliff Energy, Ltd. (b)		95,232		665,392
Bird Construction, Inc. (a)		18,307		123,680
Black Diamond Group, Ltd. (a)		11,626		39,185
Boardwalk Real Estate Investment Trust		4,282		155,340
Bonavista Energy Corp.		89,148		319,751
Bonterra Energy Corp. (a)		9,317		202,104
Boyd Group Income Fund		1,467		93,596
Calfrac Well Services, Ltd. (a)		39,181		139,071
Callidus Capital Corp. (a)		12,750		175,508
Canaccord Genuity Group, Inc. (a)		45,833		163,024
Canacol Energy, Ltd. (b)		38,694		132,149
Canadian Energy Services & Technology Corp.		80,222		458,223
Canadian Solar, Inc. (a) (b)		16,279		198,278
Canadian Western Bank (a)		18,012		407,505
Canam Group, Inc. (a)		11,258		75,722
Canexus Corp.		86,554		105,203
Canfor Corp. (b)		29,988		341,461
Canyon Services Group, Inc.		24,520		128,538
Capital Power Corp. (a)		16,407		284,206
Capstone Mining Corp. (b)		197,547		185,608
Cara Operations, Ltd.		8,604		160,076
Cardinal Energy, Ltd. (a)		43,372		342,500
Cascades, Inc.		24,242		218,730
Celestica, Inc. (b)		104,167		1,235,820
Centerra Gold, Inc.		80,405		377,128
Colliers International Group, Inc.		28,614		1,055,969
Colossus Minerals, Inc. (b) (c)		390		—
Computer Modelling Group, Ltd.		39,426		267,828
Continental Gold, Inc. (b)		54,282		178,100
Corus Entertainment, Inc. Class B (a)		83,484		784,384
Crew Energy, Inc. (a) (b)		65,866		368,856
Dalradian Resources, Inc. (a) (b)		104,232		90,937
Delphi Energy Corp. (a) (b)		63,345		79,828
Denison Mines Corp. (a) (b)		264,231		137,923
Descartes Systems Group, Inc. (b)		39,740		848,407
DHX Media, Ltd. (a)		61,677		324,701
DirectCash Payments, Inc. (a)		2,146		30,373
DIRTT Environmental Solutions (b)		26,917		125,849
Dominion Diamond Corp.		43,705		423,998
Dorel Industries, Inc. Class B		14,086		407,544
DREAM Unlimited Corp. Class A (b)		78,586		396,138
Dundee Corp. Class A (a) (b)		59,385		263,481
Dundee Precious Metals, Inc. (a) (b)		55,804		93,627
Endeavour Mining Corp. (b)		21,771		325,660
Endeavour Silver Corp. (b)		58,497		207,196
EnerCare, Inc. (a)		26,109		347,328
Enerflex, Ltd.		39,607		503,560
Enerplus Corp. (a)		104,119		989,132
Enghouse Systems, Ltd.		10,932		456,013
Ensign Energy Services, Inc.		53,234		372,346
Entertainment One, Ltd.		136,419		388,208
Equitable Group, Inc.		6,262		282,317
Exchange Income Corp.		12,136		377,822
Extendicare, Inc. (a)		43,532		320,716
Firm Capital Mortgage Investment Corp.		29,528		302,976
FirstService Corp.		28,552		1,357,074
Fortuna Silver Mines, Inc. (b)		72,794		411,995
Freehold Royalties, Ltd.		23,121		244,305
GASFRAC Energy Services, Inc. (b) (c)		21,904		—
Gibson Energy, Inc. (a)		59,747		845,605
Gluskin Sheff + Associates, Inc.		12,196		158,606
GMP Capital, Inc.		97,235		319,754
Gran Tierra Energy, Inc. (b)		145,027		439,066
Granite Oil Corp.		9,388		41,233
Granite Real Estate Investment Trust		23,465		784,412
Great Canadian Gaming Corp. (b)		27,683		515,657
Guardian Capital Group, Ltd. Class A		114,613		2,140,901
Guyana Goldfields, Inc. (b)		75,214		343,246
Heroux-Devtek, Inc. (b)		4,599		50,412
High Liner Foods, Inc.		5,353		79,633
Home Capital Group, Inc. (a)		21,433		500,884
Horizon North Logistics, Inc. (a)		70,741		103,391
HudBay Minerals, Inc.		84,077		481,497
IAMGOLD Corp. (b)		160,810		622,351
Imperial Metals Corp. (a) (b)		22,446		101,430
Innergex Renewable Energy, Inc. (a)		54,762		572,917
Interfor Corp. (b)		26,527		297,305
InterRent Real Estate Investment Trust		7,739		43,051
Intertain Group, Ltd. (b)		39,349		275,227
Intertape Polymer Group, Inc.		17,672		331,815
Ivanhoe Mines, Ltd. Class A (b)		163,854		310,346
Just Energy Group, Inc. (a)		75,529		413,395
Kelt Exploration, Ltd. (b)		56,190		283,663
Kinaxis, Inc. (b)		11,345		528,737
Kirkland Lake Gold, Ltd. (b)		40,368		211,315
Klondex Mines, Ltd. (b)		61,637		287,261
Knight Therapeutics, Inc. (b)		21,432		171,641
Labrador Iron Ore Royalty Corp. (a)		24,234		336,480
Laurentian Bank of Canada		3,260		140,338
Lightstream Resources, Ltd. (b) (c)		64,736		—
Liquor Stores N.A., Ltd. (a)		15,464		121,424
Lucara Diamond Corp.		107,724		244,197
MAG Silver Corp. (b)		49,664		547,358

See accompanying Notes to Schedule of Investments

89

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Major Drilling Group International, Inc. (a) (b)		95,476	$	499,789
Martinrea International, Inc. (a)		64,752		414,764
MCAN Mortgage Corp.		25,964		277,249
Medical Facilities Corp.		15,621		204,661
MEG Energy Corp. (b)		63,774		438,935
Morguard Corp.		1,730		226,917
Morneau Shepell, Inc. (a)		18,452		264,042
Mountain Province Diamonds, Inc. (a) (b)		40,380		202,344
MTY Food Group, Inc. (a)		9,224		347,761
Mullen Group, Ltd.		33,619		497,122
Nevsun Resources, Ltd.		103,494		320,272
Newalta Corp. (a)		20,183		34,916
NexGen Energy, Ltd. (a) (b)		142,598		247,756
North American Palladium, Ltd. (b)		234		935
North West Co., Inc. (a)		27,403		562,343
Novadaq Technologies, Inc. (b)		21,981		155,845
Novagold Resources, Inc. (a) (b)		110,849		507,522
NuVista Energy, Ltd. (b)		97,771		505,970
Nymox Pharmaceutical Corp. (b)		42		112
OneREIT		8,770		23,412
Osisko Gold Royalties, Ltd.		33,632		328,282
Painted Pony Petroleum, Ltd. (b)		46,879		322,303
Paramount Resources, Ltd. Class A (b)		26,268		353,949
Parex Resources, Inc. (b)		56,972		717,965
Pason Systems, Inc.		37,171		544,378
Pengrowth Energy Corp.		223,278		321,335
Penn West Petroleum, Ltd. (b)		180,148		318,371
Pizza Pizza Royalty Corp.		21,290		280,364
Poseidon Concepts Corp. (b) (c)		43,064		—
Precision Drilling Corp.		134,325		733,201
Premier Gold Mines, Ltd. (a) (b)		91,366		174,413
Premium Brands Holdings Corp. (a)		11,396		586,010
Pretium Resources, Inc. (b)		58,275		483,217
Primero Mining Corp. (a) (b)		53,285		42,118
ProMetic Life Sciences, Inc. (b) (e)		3,753		6,271
ProMetic Life Sciences, Inc. (a) (b) (e)		227,628		378,517
Pure Technologies, Ltd.		31,684		113,406
Raging River Exploration, Inc. (b)		81,017		637,962
Redknee Solutions, Inc. (a) (b)		30,728		35,745
Reitmans Canada, Ltd. Class A		25,774		112,048
Richelieu Hardware, Ltd.		24,254		462,274
Richmont Mines, Inc. (b)		25,489		165,739
RMP Energy, Inc. (a) (b)		52,169		29,565
Rogers Sugar, Inc. (a)		9,138		46,404
Rubicon Minerals Corp. (b)		1,094		1,526
Russel Metals, Inc.		16,017		305,518
Sandstorm Gold, Ltd. (b)		61,253		240,709
Sandvine Corp.		35,427		74,233
Seabridge Gold, Inc. (a) (b)		22,661		186,553
Secure Energy Services, Inc.		58,022		506,646
SEMAFO, Inc. (b)		132,493		436,687
ShawCor, Ltd.		30,760		822,071
Sherritt International Corp. (b)		152,178		150,924
Sienna Senior Living, Inc.		35,568		432,317
Sierra Wireless, Inc. (b)		16,108		252,481
Silver Standard Resources, Inc. (b)		44,160		395,482
Silvercorp Metals, Inc.		98,890		230,809
SilverCrest Metals, Inc. (b)		3,995		7,031
Sirius XM Canada Holdings, Inc. (a)		40,544		153,584
Sleep Country Canada Holdings, Inc. (f)		15,773		338,501
Solium Capital, Inc. (a) (b)		30,270		190,507
Southern Pacific Resource Corp. (b) (c)		281,142		—
Spartan Energy Corp. (b)		119,099		295,738
Stornoway Diamond Corp. (b)		143,482		106,992
Stuart Olson, Inc.		5,183		22,532
SunOpta, Inc. (b)		31,210		220,031
Sunshine Oilsands, Ltd. (b)		1,664,000		70,825
Superior Plus Corp. (a)		56,841		540,414
Surge Energy, Inc. (a)		106,419		262,665
Teranga Gold Corp. (a) (b)		79,214		48,436
TFI International, Inc.		24,482		636,946
Timmins Gold Corp. (b)		45,265		14,008
TORC Oil & Gas, Ltd.		31,358		193,379
Torex Gold Resources, Inc. (b)		36,679		568,626
Total Energy Services, Inc.		10,634		115,614
TransAlta Corp.		105,068		582,122
Transcontinental, Inc. Class A		38,734		640,921
TransGlobe Energy Corp.		49,314		83,474
Trevali Mining Corp. (b)		171,299		144,341
Tricon Capital Group, Inc. (a)		35,675		251,658
Trinidad Drilling, Ltd.		93,945		233,978
Twin Butte Energy, Ltd. (b) (c)		83,708		—
Uni-Select, Inc.		57,516		1,264,790
Wajax Corp. (a)		5,249		90,259
Western Energy Services Corp.		16,921		39,115
Western Forest Products, Inc.		178,023		250,896
Westshore Terminals Investment Corp.		17,330		334,569
Wi-LAN, Inc.		84,076		137,300
Yellow Pages, Ltd. (b)		11,412		150,538
				63,271,570
CHINA — 0.2%
APT Satellite Holdings, Ltd.		134,000		64,467
Beijing Properties Holdings, Ltd. (b)		1,234,000		59,685
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		117,599
Bloomage BioTechnology Corp., Ltd. (a)		62,500		94,155
China Everbright Water, Ltd.		152,964		52,940
China Gold International Resources Corp., Ltd. (a) (b)		119,204		175,999
China Merchants Land, Ltd.		212,000		30,625
China New Town Development Co., Ltd. (b)		424,900		20,588
China Traditional Chinese Medicine Holdings Co., Ltd.		990,316		458,554
Chong Hing Bank, Ltd.		57,000		110,131
Daphne International Holdings, Ltd. (b)		550,000		55,332
Greenland Hong Kong Holdings, Ltd. (b)		183,000		45,554
HC International, Inc. (a) (b)		168,000		123,294
ISDN Holdings, Ltd.		1,762		274
Nam Tai Property, Inc. (a)		5,184		38,362
Sino Grandness Food Industry Group, Ltd. (a)		173,000		28,740
				1,476,299

See accompanying Notes to Schedule of Investments

90

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
DENMARK — 0.9%
ALK-Abello A/S		2,207	$	288,024
Amagerbanken A/S (b) (c)		308,573		—
Bang & Olufsen A/S (b)		32,396		367,638
Bavarian Nordic A/S (a) (b)		16,000		565,142
D/S Norden A/S (b)		14,458		226,626
FLSmidth & Co. A/S		20,578		855,282
Forward Pharma A/S ADR (b)		2,500		37,525
H+H International A/S Class B (b)		28,947		310,020
IC Group A/S		25,100		526,956
Matas A/S		13,243		181,281
NKT Holding A/S		10,973		776,564
NNIT A/S (a) (f)		7,364		213,100
OW Bunker A/S (b) (c)		9,828		—
Per Aarsleff Holding A/S Class B		10,987		274,303
Santa Fe Group A/S (b)		35,168		279,366
Scandinavian Tobacco Group A/S Class A (f)		16,919		285,361
Schouw & Co.		3,029		226,008
Solar A/S Class B		1,395		71,436
Spar Nord Bank A/S		31,421		361,030
United International Enterprises		1,230		216,529
				6,062,191
FAEROE ISLANDS — 0.1%
Bakkafrost P/F		20,118		801,195
FINLAND — 1.1%
BasWare Oyj (b)		4,231		161,994
Caverion Corp. (a)		31,029		259,204
Cramo Oyj		14,926		374,531
Fiskars Oyj Abp		22,223		412,539
Kemira Oyj		30,200		386,382
Konecranes Oyj		18,457		657,613
Lassila & Tikanoja Oyj		67,559		1,368,151
Metsa Board Oyj (a)		87,867		629,745
Oriola-KD Oyj Class B		33,228		151,054
Outotec Oyj (a) (b)		54,687		287,944
PKC Group Oyj		13,404		223,520
Raisio Oyj Class V		33,248		125,194
Ramirent Oyj		32,386		252,436
Sanoma Oyj		32,601		283,512
Sponda Oyj		48,501		223,860
Stockmann Oyj Abp Class B (a) (b)		10,073		75,009
Talvivaara Mining Co. PLC (a) (b) (c)		572,382		—
Tikkurila Oyj		9,410		186,693
Uponor Oyj		24,222		421,800
Valmet Oyj		49,060		723,409
YIT Oyj		45,722		366,030
				7,570,620
FRANCE — 2.1%
AB Science SA (b)		13,050		188,298
Advanced Accelerator Applications SA ADR (b)		13,207		353,419
Air France-KLM (b)		40,825		222,793
Akka Technologies		6,761		246,952
Albioma SA		11,111		193,838
Assystem		2,195		61,283
Beneteau SA		12,289		178,225
Bonduelle SCA		4,653		122,743
Bourbon Corp. (a)		8,170		105,562
Cellectis SA (b)		13,842		236,664
CGG SA (a) (b)		10,411		150,549
Cie des Alpes		4,365		87,015
Coface SA (b)		32,768		214,285
DBV Technologies SA (a) (b)		10,184		712,703
Direct Energie		8,389		315,884
Eramet (b)		3,951		236,454
Esker SA		8,817		416,628
Etablissements Maurel et Prom (b)		59,355		264,192
Europcar Groupe SA (b) (f)		21,837		221,896
Faiveley Transport SA		2,187		230,997
Flamel Technologies SA ADR (b)		19,923		207,000
Fonciere de Paris SIIC		4,091		550,117
Gaztransport Et Technigaz SA		11,282		489,018
Genfit (b)		9,533		211,254
GL Events		28,177		505,235
Groupe Fnac SA (b) (e)		2,378		161,101
Groupe Fnac SA (b) (e)		13,261		883,212
Guerbet		2,848		213,850
Haulotte Group SA		3,055		45,305
ID Logistics Group (b)		1,181		168,164
Innate Pharma SA (a) (b)		24,950		384,477
Interparfums SA		1,928		55,719
IPSOS		14,018		441,273
Jacquet Metal Service		28,667		598,985
Kaufman & Broad SA		7,245		258,288
Le Noble Age		6,988		260,550
LISI		7,275		235,187
Maisons du Monde SA (b) (f)		18,517		489,149
Marie Brizard Wine & Spirits SA (a) (b)		13,503		254,367
Mersen SA		30,296		649,320
Naturex (b)		3,326		298,188
Neopost SA		10,908		341,935
Nicox (b)		16,718		150,430
Parrot SA (a) (b)		9,091		99,531
Pierre & Vacances SA (a) (b)		1,006		40,247
Rallye SA		9,509		184,746
Rothschild & Co.		8,265		224,040
Sequana SA (b)		24,808		44,221
SOITEC (b)		196,034		303,947
Solocal Group (a) (b)		19,763		64,286
Solutions 30 SE (b)		19,985		287,520
Trigano SA		3,057		239,667
Valneva SE (a) (b)		51,357		167,382
Virbac SA (b)		1,774		312,852
				14,580,943
GERMANY — 2.8%
ADO Properties SA (f)		9,004		303,998
ADVA Optical Networking SE (b)		11,548		94,007
AIXTRON SE (b)		44,249		144,635
Amadeus Fire AG		3,008		232,939
AURELIUS SE & Co. KGaA		9,589		562,541
BayWa AG		2,197		71,349
Bertrandt AG		2,690		274,308
bet-at-home.com AG		1,697		143,175
Bilfinger SE (a) (b)		16,156		623,258
Biotest AG Preference Shares		10,197		144,013

See accompanying Notes to Schedule of Investments

91

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Borussia Dortmund GmbH & Co. KGaA		37,804	$	209,776
BRAAS Monier Building Group SA		9,079		241,078
CANCOM SE		8,402		398,923
Capital Stage AG		61,261		410,306
Cewe Stiftung & Co. KGaA		3,039		271,079
Deutsche Pfandbriefbank AG (f)		34,488		331,751
Deutz AG		34,031		191,854
DIC Asset AG		77,464		743,517
Draegerwerk AG & Co. KGaA		2,174		149,299
Draegerwerk AG & Co. KGaA Preference Shares		1,430		119,894
Elmos Semiconductor AG		9,664		145,048
ElringKlinger AG (a)		7,988		133,752
Evotec AG (b)		47,425		372,260
GFK SE		4,213		192,788
Grammer AG		7,127		357,443
Hamborner REIT AG		43,253		412,278
Hamburger Hafen und Logistik AG		6,666		124,448
Heidelberger Druckmaschinen AG (a) (b)		110,295		294,673
HELMA Eigenheimbau AG		2,443		133,914
Hornbach Holding AG & Co. KGaA		2,429		160,637
Indus Holding AG		26,649		1,451,499
Isra Vision AG		499		53,158
Jenoptik AG		81,080		1,404,652
Kloeckner & Co. SE (b)		53,197		668,265
Koenig & Bauer AG (b)		8,282		373,440
Kontron AG (b)		64,188		192,952
KSB AG Preference Shares		246		92,111
Leoni AG		10,444		372,830
LPKF Laser & Electronics AG (a) (b)		12,432		91,133
MLP AG		62,741		276,285
MorphoSys AG (a) (b)		10,013		514,859
Norma Group SE		11,926		510,076
PATRIZIA Immobilien AG (b)		51,632		859,633
Pfeiffer Vacuum Technology AG		2,059		192,893
QSC AG		19,317		39,017
RIB Software AG (a)		15,884		208,667
SAF-Holland SA		15,132		217,621
Salzgitter AG		8,647		305,990
Schaltbau Holding AG (a)		2,356		76,438
SGL Carbon SE (b)		22,413		197,631
SLM Solutions Group AG (a) (b)		5,500		188,537
SMA Solar Technology AG (a)		3,406		90,225
STRATEC Biomedical AG		2,850		137,631
Surteco SE		7,934		198,038
Suss MicroTec AG (b)		4,008		27,056
Takkt AG		15,658		355,244
Tele Columbus AG (b) (f)		26,982		224,828
TLG Immobilien AG		20,884		394,290
Vossloh AG (b)		3,961		249,043
Wacker Neuson SE		9,268		150,688
Washtec AG		5,787		302,140
XING AG		1,591		294,424
Zeal Network SE		4,261		165,794
zooplus AG (b)		2,535		324,866
				19,190,895
GREECE — 0.0% (g)
Fourlis Holdings SA (b)		130		559
TT Hellenic Postbank SA (b) (c)		129,076		—
				559
HONG KONG — 3.6%
13 Holdings, Ltd. (a) (b)		417,000		122,091
Allied Properties HK, Ltd.		2,538,391		566,404
Cafe de Coral Holdings, Ltd.		177,191		574,780
Century Sunshine Group Holdings, Ltd.		787,698		28,447
China Baoli Technologies Holdings, Ltd. (a) (b)		8,025,000		238,065
China Cord Blood Corp. (a) (b)		19,391		118,673
China Household Holdings, Ltd. (b)		700,000		18,960
China Innovationpay Group, Ltd. (b)		2,288,000		171,161
China Innovative Finance Group, Ltd. (b)		4,722,000		341,064
China LNG Group, Ltd. (a)		7,710,000		179,993
China LotSynergy Holdings, Ltd. (a) (b) (d)		4,480,000		144,457
China Ocean Resources Co., Ltd. (a) (b)		26,593		28,183
China Oceanwide Holdings, Ltd. (b)		759,000		75,380
China Regenerative Medicine International, Ltd. (a) (b)		5,733,056		188,559
China Resources and Transportation Group, Ltd. (b)		289,999		5,237
China Ruifeng Renewable Energy Holdings, Ltd. (b)		427,200		50,141
China Sandi Holdings, Ltd. (b)		309		11
China Smarter Energy Group Holdings, Ltd. (a) (b)		1,314,000		142,363
China Strategic Holdings, Ltd. (a) (b)		8,616,667		196,714
China Water Industry Group, Ltd. (b)		440,000		73,209
Chow Sang Sang Holdings International, Ltd.		241,939		449,356
CK Life Sciences Int’l Holdings, Inc.		2,556,000		227,474
Common Splendor International Health Industry Group, Ltd. (b)		2,170,000		184,725
Culturecom Holdings, Ltd. (b)		375,000		44,498
Digital Domain Holdings, Ltd. (a) (b)		4,499,996		281,498
Emperor Entertainment Hotel, Ltd.		100,000		23,603
Enerchina Holdings, Ltd. (a) (b)		2,229,000		89,124
Esprit Holdings, Ltd. (a) (b)		905,035		710,893
EverChina International Holdings Co., Ltd. (b)		1,040,000		46,949
Fairwood Holdings, Ltd.		148,500		542,044
FDG Electric Vehicles, Ltd. (a) (b)		7,087,493		315,380
Freeman FinTech Corp., Ltd. (b)		4,620,000		297,943
G-Resources Group, Ltd.		13,207,790		241,902
GCL New Energy Holdings, Ltd. (a) (b)		3,502,000		205,518
Giordano International, Ltd.		1,316,000		711,200
Global Brands Group Holding, Ltd. (b)		2,590,000		344,079
Global Sources, Ltd. (b)		7,572		67,012
Goldin Properties Holdings, Ltd. (b)		3,676		3,404
Haier Healthwise Holdings, Ltd. (a) (b)		2,728,000		74,946
Hanison Construction Holdings, Ltd.		4,000		722
Hao Tian Development Group, Ltd. (b)		1,017,600		38,062
Heng Tai Consumables Group, Ltd. (b)		324,000		10,155
HKBN, Ltd.		514,913		565,178
HKR International, Ltd. (b)		2,564,459		1,177,518

See accompanying Notes to Schedule of Investments

92

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Honbridge Holdings, Ltd. (a) (b)		1,304,000	$	109,323
Hopewell Highway Infrastructure, Ltd. (a)		556,000		291,871
Huarong International Financial Holdings, Ltd. (b)		341,000		134,145
Hybrid Kinetic Group, Ltd. (b)		8,259,000		214,114
Imagi International Holdings, Ltd. (b)		1,613,600		31,218
International Housewares Retail Co., Ltd.		65,000		13,582
iOne Holdings, Ltd. (a) (b)		1,320,000		35,753
K Wah International Holdings, Ltd.		1,553,670		721,412
Kingston Financial Group, Ltd.		4,860		2,100
Kingwell Group, Ltd. (b)		59,111		1,258
Kong Sun Holdings, Ltd. (b)		3,925,000		172,124
L&A International Holdings, Ltd. (b)		1,717,584		2,437
Landing International Development, Ltd. (b)		5,283,500		68,146
Lee’s Pharmaceutical Holdings, Ltd.		208,000		168,479
Loudong General Nice Resources China Holdings, Ltd. (b)		1,095,000		66,379
Luk Fook Holdings International, Ltd. (a)		182,000		475,355
Major Holdings, Ltd. (f)		720,000		111,439
Mason Financial Holdings, Ltd. (a) (b)		3,660,000		87,332
Mei Ah Entertainment Group, Ltd. (b)		1,840,000		123,408
Melco International Development, Ltd. (a)		338,000		459,493
Midland Holdings, Ltd. (b)		745,790		190,460
Midland IC&I, Ltd. (b)		3,648,950		21,179
Nan Hai Corp., Ltd. (b) (d)		9,500,000		318,580
NetMind Financial Holdings, Ltd. (b)		13,852,000		107,198
New Focus Auto Tech Holdings, Ltd. (b)		696,000		43,987
Noble Century Investment Holdings, Ltd. (b)		2,040,000		236,807
Noble Group, Ltd. (a) (b)		4,090,900		481,382
Pacific Basin Shipping, Ltd. (b)		3,017,000		486,415
Pacific Textiles Holdings, Ltd.		2,054		2,231
PAX Global Technology, Ltd. (a)		365,000		241,979
Peace Map Holding, Ltd. (b)		1,560,000		23,139
Peace Mark Holdings, Ltd. (b) (c)		504,228		—
Phoenix Satellite Television Holdings, Ltd.		996,000		168,288
Pico Far East Holdings, Ltd.		202,000		62,008
Playmates Toys, Ltd.		272,000		50,168
Prosperity REIT		564,000		222,599
Road King Infrastructure, Ltd.		1,143,482		949,811
SEA Holdings, Ltd.		110,000		263,893
Shun Tak Holdings, Ltd. (b)		1,228,749		424,737
Sincere Watch Hong Kong, Ltd. (b)		1,070,499		27,615
Sino Oil And Gas Holdings, Ltd. (a) (b)		6,540,000		161,957
Sinolink Worldwide Holdings, Ltd. (b)		672,000		76,274
Skyway Securities Group, Ltd. (b)		1,630,000		43,099
SmarTone Telecommunications Holdings, Ltd.		224,630		301,896
SMI Holdings Group, Ltd. (a)		2,888,409		264,508
Sparkle Roll Group, Ltd. (b)		7,180		458
Spring Real Estate Investment Trust (a)		245,000		101,752
Stella International Holdings, Ltd. (a)		214,500		345,827
Summit Ascent Holdings, Ltd. (a) (b)		548,000		137,121
Sun Hung Kai & Co., Ltd.		329,000		203,685
SUNeVision Holdings, Ltd.		133,000		56,952
Sunlight Real Estate Investment Trust		154,000		88,787
Superb Summit International Group, Ltd. (a) (b) (c)		1,685,500		—
TCC International Holdings, Ltd.		174,000		40,621
Television Broadcasts, Ltd.		168,916		555,562
Texhong Textile Group, Ltd.		212,500		287,786
Texwinca Holdings, Ltd.		726,850		475,307
Tongda Group Holdings, Ltd. (a)		1,060,000		273,437
Tou Rong Chang Fu Group, Ltd. (b)		2,268,000		52,362
Town Health International Medical Group, Ltd. (a) (d)		1,816,000		292,784
Trinity, Ltd. (a) (b)		594,000		44,436
Truly International Holdings, Ltd. (a)		726,000		282,791
United Photovoltaics Group, Ltd. (a) (b)		2,090,000		196,785
Value Partners Group, Ltd. (a)		400,000		317,806
Varitronix International, Ltd. (a)		106,000		44,297
Vitasoy International Holdings, Ltd.		560,000		1,125,323
Viva China Holdings, Ltd. (b)		1,744,000		168,706
VST Holdings, Ltd. (a)		122,000		42,801
Wang On Properties, Ltd. (b)		1,672,000		245,846
WLS Holdings, Ltd. (b)		6,570,000		194,901
Yanchang Petroleum International, Ltd. (b)		4,140,000		119,077
Yin He Holdings, Ltd. (b)		760,000		98,025
Yuexiu Real Estate Investment Trust		1,058,000		558,124
Yunfeng Financial Group, Ltd. (b)		284,000		204,031
Yuxing InfoTech Investment Holdings, Ltd. (b)		340,000		64,026
Zhongyu Gas Holdings, Ltd. (b)		700		185
				24,996,254
INDIA — 0.1%
Ascendas India Trust		579,600		407,208
IRELAND — 0.9%
Amarin Corp. PLC ADR (a) (b)		100,949		310,923
C&C Group PLC		150,731		612,086
Cairn Homes PLC (b)		358,428		510,370
Dalata Hotel Group PLC (b)		76,585		355,019
Datalex PLC		66,805		239,573
FBD Holdings PLC (b)		9,857		71,633
Fly Leasing, Ltd. ADR (b)		22,960		305,368
Fyffes PLC		145,305		346,369
Green REIT PLC		301,673		436,556
Greencore Group PLC		287,698		876,292
Hibernia REIT PLC		359,192		466,374
IFG Group PLC		14,553		27,016
Irish Continental Group PLC		73,015		346,557
Irish Residential Properties REIT PLC		336,758		415,579
Kenmare Resources PLC (b)		6,164		19,117
Origin Enterprises PLC		56,702		369,664
Paddy Power Betfair PLC		38		4,120
Tarsus Group PLC		83,488		292,206
Total Produce PLC		131,659		272,874
Trinity Biotech PLC ADR (b)		29,805		206,251
				6,483,947
ISRAEL — 1.8%
Africa Israel Properties, Ltd.		2,443		41,882
Airport City, Ltd. (b)		34,273		341,869

See accompanying Notes to Schedule of Investments

93

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Allot Communications, Ltd. (b)		10,226	$	49,421
Alony Hetz Properties & Investments, Ltd.		31,944		257,302
Caesarstone, Ltd. (a) (b)		11,639		333,457
Cellcom Israel, Ltd. (b)		31,511		253,814
Ceragon Networks, Ltd. (b)		46,012		120,552
Compugen, Ltd. (b)		28,690		146,929
CyberArk Software, Ltd. (b)		13,801		627,946
Delek Automotive Systems, Ltd.		19,618		173,362
Delta-Galil Industries, Ltd.		5,324		154,519
Electra, Ltd.		2,071		332,499
Enzymotec, Ltd. (b)		14,581		95,506
Evogene, Ltd. (b)		20,015		101,930
Harel Insurance Investments & Financial Services, Ltd.		40,427		185,924
IDI Insurance Co., Ltd.		6,573		318,347
Inrom Construction Industries, Ltd.		70,199		231,647
Israel Corp., Ltd. (b)		1,401		232,975
Israel Discount Bank, Ltd. Class A (b)		428,517		891,739
Ituran Location and Control, Ltd.		13,044		345,666
Jerusalem Oil Exploration (b)		5,290		226,244
Matrix IT, Ltd.		11,282		90,112
Mazor Robotics, Ltd. (b)		14,497		162,536
Melisron, Ltd.		8,267		352,276
Migdal Insurance & Financial Holding, Ltd. (b)		239,722		196,205
Norstar Holdings, Inc.		6,573		100,064
Nova Measuring Instruments, Ltd. (b)		25,243		337,719
Oil Refineries, Ltd. (b)		489,969		172,504
Orbotech, Ltd. (b)		24,076		804,379
Partner Communications Co., Ltd. (b)		53,110		254,879
Paz Oil Co., Ltd.		3,088		453,333
Radware, Ltd. (a) (b)		25,690		374,560
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		4,430		178,989
Reit 1, Ltd.		114,477		315,889
Sarine Technologies, Ltd. (a)		105,100		130,948
Shikun & Binui, Ltd.		71,728		137,356
Shufersal, Ltd.		56,546		211,424
SodaStream International, Ltd. (b)		10,811		426,710
Strauss Group, Ltd.		18,336		290,335
Syneron Medical, Ltd. (b)		34,376		288,758
Tower Semiconductor, Ltd. (b)		36,206		693,047
Wix.com, Ltd. (b)		13,338		594,208
				12,029,761
ITALY — 1.6%
Anima Holding SpA (f)		83,840		456,300
Ascopiave SpA		36,314		104,335
Astaldi SpA (a)		91,198		519,432
Banca Carige SpA (a) (b)		118,208		39,648
Banca IFIS SpA		9,214		252,680
Banca Monte dei Paschi di Siena SpA (a) (b) (d)		10,689		170,015
Banca Popolare dell’Etruria e del Lazio SC (a) (b) (c)		46,016		—
Banca Popolare di Milano Scarl (a)		1,651,153		623,999
Banca Popolare di Sondrio SCPA		123,548		407,617
BasicNet SpA		25,359		89,657
Beni Stabili SpA SIIQ		347,204		198,854
BPER Banca		181,859		970,588
Brunello Cucinelli SpA (a)		4,150		89,033
Cairo Communication SpA		34,162		137,283
Cerved Information Solutions SpA		76,816		639,261
CIR-Compagnie Industriali Riunite SpA		47,568		51,828
Credito Valtellinese SC		386,654		151,914
Danieli & C Officine Meccaniche SpA		16,660		266,042
Datalogic SpA		7,560		149,032
Ei Towers SpA (b)		16,962		916,002
ERG SpA		15,906		171,124
Esprinet SpA		42,313		315,978
Gruppo Editoriale L’Espresso SpA (b)		25,933		20,214
Immobiliare Grande Distribuzione SIIQ SpA		150,166		114,673
Interpump Group SpA		98,443		1,614,599
Italmobiliare SpA		2,833		133,419
Maire Tecnimont SpA		61,402		167,091
MARR SpA		12,027		220,093
Massimo Zanetti Beverage Group SpA (f)		10,636		77,911
OVS SpA (f)		30,402		153,278
Piaggio & C SpA		17,264		28,880
Reply SpA		2,228		277,298
Safilo Group SpA (b)		6,428		53,968
Salini Impregilo SpA		86,584		274,156
Saras SpA		147,159		266,971
Societa Cattolica di Assicurazioni S.c.r.l		48,113		282,662
Unipol Gruppo Finanziario SpA		139,814		504,933
Vittoria Assicurazioni SpA		5,421		57,979
				10,968,747
JAPAN — 33.5%
3-D Matrix, Ltd. (a) (b)		8,300		45,828
77 Bank, Ltd.		95,000		459,382
A/S One Corp.		3,800		158,503
Access Co., Ltd. (a) (b)		6,600		40,573
Accordia Golf Co., Ltd.		36,900		380,279
Achilles Corp.		3,100		41,675
Adastria Co., Ltd.		21,800		566,331
ADEKA Corp.		40,200		548,017
Advanced Media, Inc. (b)		3,900		27,051
Adways, Inc. (a)		8,100		34,307
AEON REIT Investment Corp.		359		393,673
Ahresty Corp.		8,100		91,184
Ai Holdings Corp.		19,800		394,523
Aica Kogyo Co., Ltd.		25,100		663,896
Aichi Steel Corp.		3,200		134,711
Aiful Corp. (b)		94,476		280,265
Akatsuki, Inc. (a) (b)		2,300		74,540
Alpine Electronics, Inc.		20,900		272,909
Amano Corp.		29,800		524,537
Amiyaki Tei Co., Ltd.		1,700		56,844
AnGes MG, Inc. (a) (b)		46,800		100,313
Anritsu Corp.		61,900		334,351
AOKI Holdings, Inc.		9,800		120,825
Aoyama Trading Co., Ltd.		15,100		526,917
Arcs Co., Ltd.		24,400		550,823
Argo Graphics, Inc.		8,200		165,357

See accompanying Notes to Schedule of Investments

94

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Ariake Japan Co., Ltd.		7,100	$	381,069
Arisawa Manufacturing Co., Ltd.		12,300		67,914
Artnature, Inc.		14,300		86,804
Asahi Diamond Industrial Co., Ltd.		28,600		209,164
Asahi Holdings, Inc.		47,973		835,368
Asatsu-DK, Inc.		3,400		82,468
Asia Pile Holdings Corp.		6,600		30,217
ASKA Pharmaceutical Co., Ltd.		11,000		160,895
Asukanet Co., Ltd.		5,200		45,074
Ateam, Inc. (a)		6,400		126,425
Atom Corp.		13,600		83,954
Autobacs Seven Co., Ltd.		41,300		621,085
Avex Group Holdings, Inc.		18,900		272,558
Awa Bank, Ltd.		226,000		1,383,496
Axial Retailing, Inc.		3,800		130,973
Bank of Iwate, Ltd.		1,800		72,688
Bank of Nagoya, Ltd. (a)		18,660		664,743
Bank of Okinawa, Ltd.		28,000		1,021,477
Bank of the Ryukyus, Ltd.		81,220		1,068,217
Benefit One, Inc.		8,000		198,843
Bic Camera, Inc.		60,100		551,353
Broadleaf Co., Ltd.		27,200		147,386
Broccoli Co., Ltd. (a)		18,000		107,103
Bunka Shutter Co., Ltd.		39,400		304,701
C Uyemura & Co., Ltd.		1,400		61,217
Can Do Co., Ltd.		22,200		335,565
Capcom Co., Ltd.		23,600		556,437
Central Glass Co., Ltd.		277,345		1,295,949
Chiome Bioscience, Inc. (a) (b)		6,600		26,143
Chiyoda Co., Ltd.		18,500		440,948
Chiyoda Corp.		58,500		406,267
Chiyoda Integre Co., Ltd.		5,600		113,071
Chudenko Corp.		4,600		101,793
Chugoku Marine Paints, Ltd.		33,600		248,035
Citizen Watch Co., Ltd.		107,800		646,051
CKD Corp.		23,700		269,644
Clarion Co., Ltd.		59,000		211,952
Cocokara fine, Inc.		13,300		489,763
Colowide Co., Ltd.		28,200		469,778
Comforia Residential REIT, Inc.		108		243,066
COOKPAD, Inc. (a) (b)		20,166		185,866
Cosmo Energy Holdings Co., Ltd.		33,500		471,904
Create Restaurants Holdings, Inc.		14,200		124,182
CROOZ, Inc. (a)		2,300		54,209
D.Western Therapeutics Institute, Inc. (b)		9,300		32,532
Daibiru Corp.		5,600		48,061
Daido Metal Co., Ltd.		26,500		265,148
Daido Steel Co., Ltd.		145,000		601,706
Daihen Corp.		48,000		297,132
Daiichikosho Co., Ltd.		180		7,130
Daikyo, Inc.		107,000		214,670
Daikyonishikawa Corp.		17,800		229,225
Daio Paper Corp. (a)		46,800		496,348
Daiseki Co., Ltd.		5,700		117,094
Daishi Bank, Ltd.		173,000		778,711
Daishinku Corp.		1,800		22,038
Daito Bank, Ltd.		41,000		58,705
Daito Pharmaceutical Co., Ltd.		2,900		56,043
DCM Holdings Co., Ltd.		73,093		650,495
Denka Co., Ltd.		159,000		703,425
Densan System Co., Ltd.		15,200		228,323
Denyo Co., Ltd.		3,800		51,607
Descente, Ltd.		10,500		121,173
Digital Garage, Inc.		16,500		285,905
Dip Corp.		14,800		306,824
DMG Mori Co., Ltd.		46,700		567,759
Doutor Nichires Holdings Co., Ltd.		68,772		1,268,303
DTS Corp.		52,062		1,111,454
Dunlop Sports Co., Ltd. (a)		2,600		23,094
Duskin Co., Ltd.		6,400		131,858
Dynam Japan Holdings Co., Ltd.		102,800		157,518
Eagle Industry Co., Ltd.		12,900		171,764
Earth Chemical Co., Ltd.		10,600		431,689
EDION Corp. (a)		102,300		961,296
Ehime Bank, Ltd. (a)		89,940		1,062,608
Eighteenth Bank, Ltd.		295,730		884,895
Eizo Corp.		5,900		176,036
Elecom Co., Ltd.		8,600		144,593
en-japan, Inc.		12,600		226,321
Enplas Corp.		5,300		156,771
EPS Holdings, Inc.		18,500		216,033
euglena Co., Ltd. (a) (b)		32,700		361,106
Exedy Corp.		7,000		197,454
F@N Communications, Inc.		13,700		87,038
Fancl Corp.		7,900		110,675
FCC Co., Ltd.		43,528		784,836
Feed One Co., Ltd.		47,800		63,523
Ferrotec Corp.		10,400		135,266
Fields Corp.		3,500		40,721
Financial Products Group Co., Ltd. (a)		26,600		230,114
Foster Electric Co., Ltd.		13,400		254,248
Fudo Tetra Corp.		82,600		145,179
Fuji Kyuko Co., Ltd. (a)		27,000		250,474
Fuji Machine Manufacturing Co., Ltd. (a)		39,200		449,354
Fuji Oil Holdings, Inc.		41,300		813,005
Fuji Pharma Co., Ltd.		3,500		81,022
Fuji Seal International, Inc.		17,800		380,922
Fujibo Holdings, Inc.		7,200		204,947
Fujicco Co., Ltd.		10,000		207,056
Fujikura, Ltd.		121,000		658,765
Fujimori Kogyo Co., Ltd.		7,500		187,187
Fujita Kanko, Inc. (a)		44,000		132,790
Fujitec Co., Ltd.		36,200		424,896
Fujiya Co., Ltd. (b)		68,000		124,765
Fukuda Corp.		20,000		192,567
Fukuda Denshi Co., Ltd.		4,900		270,974
Fukuoka Corp. REIT		985		1,560,664
Fukuyama Transporting Co., Ltd. (a)		97,000		551,387
Furukawa Co., Ltd.		159,387		291,074
Furukawa Electric Co., Ltd.		34,400		1,008,685
Fuso Pharmaceutical Industries, Ltd.		2,200		52,494
Futaba Corp.		12,100		203,543
Fuyo General Lease Co., Ltd.		9,600		460,102
Genki Sushi Co., Ltd.		5,000		90,410
Global One Real Estate Investment Corp.		52		195,276
GLOBERIDE, Inc.		6,800		112,697
GMO internet, Inc.		30,200		386,838

See accompanying Notes to Schedule of Investments

95

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
GMO Payment Gateway, Inc. (a)		6,200	$	276,418
GNI Group, Ltd. (a) (b)		46,000		85,978
Goldwin, Inc.		4,000		179,020
Gree, Inc.		46,400		245,456
GS Yuasa Corp.		163,000		679,196
Gulliver International Co., Ltd. (a)		29,600		163,436
Gunma Bank, Ltd.		138,500		759,978
Gurunavi, Inc.		12,200		243,195
H2O Retailing Corp.		27,400		419,099
Hankyu REIT, Inc.		85		106,473
Hanwa Co., Ltd.		88,000		577,185
Happinet Corp.		3,700		40,542
Hazama Ando Corp.		92,000		608,154
Hearts United Group Co., Ltd. (a)		2,600		37,629
Heiwa Real Estate Co., Ltd.		14,800		201,758
Heiwa Real Estate REIT, Inc.		182		130,607
Heiwado Co., Ltd.		18,500		438,093
HI-LEX Corp.		6,800		171,873
Hibiya Engineering, Ltd.		7,500		106,936
Hiramatsu, Inc.		15,300		88,152
Hirano Tecseed Co., Ltd.		28		279
Hirata Corp. (a)		3,400		193,561
HIS Co., Ltd. (a)		15,700		413,920
Hitachi Kokusai Electric, Inc.		20,772		435,084
Hitachi Maxell, Ltd.		12,100		207,070
Hitachi Zosen Corp.		153,000		801,500
Hogy Medical Co., Ltd.		5,400		333,811
Hokkaido Electric Power Co., Inc.		78,200		612,137
Hokkaido Gas Co., Ltd. (d)		12,000		28,396
Hokkoku Bank, Ltd.		144,000		513,602
Hokuetsu Bank, Ltd.		35,700		809,896
Hokuetsu Kishu Paper Co., Ltd.		47,900		272,693
Hokuhoku Financial Group, Inc.		43,200		747,069
Hokuriku Electric Industry Co., Ltd.		33,000		37,913
Hokuto Corp.		5,000		90,410
Horiba, Ltd.		17,813		826,239
Hoshino Resorts REIT, Inc.		54		282,420
Hosiden Corp.		68,000		551,533
Hulic, Inc. REIT		227		381,658
Hyakujushi Bank, Ltd.		150,000		510,567
Ibiden Co., Ltd.		45,100		608,242
IBJ Leasing Co., Ltd.		12,200		273,215
Ichigo Office REIT Investment		402		261,945
Iino Kaiun Kaisha, Ltd.		110,880		438,253
Imasen Electric Industrial		9,500		81,614
Imperial Hotel, Ltd.		10,900		194,104
Inaba Denki Sangyo Co., Ltd.		3,000		103,528
Inabata & Co., Ltd.		3,400		37,575
Industrial & Infrastructure Fund Investment Corp.		143		682,908
Infomart Corp. (a)		43,000		252,171
Intage Holdings, Inc.		4,000		67,870
Internet Initiative Japan, Inc.		15,400		232,911
Invesco Office J-REIT, Inc.		289		238,861
Iriso Electronics Co., Ltd.		3,300		189,283
Iseki & Co., Ltd.		56,000		108,029
Ishihara Sangyo Kaisha, Ltd. (b)		8,400		66,114
Itfor, Inc.		36,800		199,405
Itoki Corp.		27,800		176,141
Iwasaki Electric Co., Ltd.		27,000		43,289
Iwatani Corp.		246,000		1,311,888
Iyo Bank, Ltd.		101,200		699,337
J Trust Co., Ltd.		39,200		397,260
Jaccs Co., Ltd.		75,000		333,090
Jafco Co., Ltd.		10,800		355,108
Japan Asset Marketing Co., Ltd. (a) (b)		54,100		77,461
Japan Aviation Electronics Industry, Ltd. (a)		21,000		296,360
Japan Cash Machine Co., Ltd. (a)		3,200		41,127
Japan Communications, Inc. (a) (b)		57,100		80,288
Japan Display, Inc. (a) (b)		108,910		310,945
Japan Excellent, Inc.		669		850,625
Japan Lifeline Co., Ltd.		9,600		191,860
Japan Logistics Fund, Inc.		864		1,825,263
Japan Petroleum Exploration Co., Ltd.		15,100		336,476
Japan Rental Housing Investments, Inc.		547		367,684
Japan Securities Finance Co., Ltd.		25,000		136,537
Japan Steel Works, Ltd.		29,600		525,839
Japan Tissue Engineering Co., Ltd. (b)		2,800		34,785
JCR Pharmaceuticals Co., Ltd.		3,800		92,886
Jeol, Ltd.		41,000		179,277
JIG-SAW, Inc. (a) (b)		2,300		122,262
Jin Co., Ltd. (a)		6,600		305,003
Joban Kosan Co., Ltd.		8,000		109,538
Joyful Honda Co., Ltd.		13,300		358,627
Juki Corp.		32,100		290,905
Juroku Bank, Ltd.		83,000		291,765
Justsystems Corp.		7,700		74,666
JVC Kenwood Corp. (a)		75,300		205,948
K’s Holdings Corp. (a)		43,600		765,201
Kadokawa Dwango (b)		22,600		327,272
Kaga Electronics Co., Ltd.		6,400		104,037
Kameda Seika Co., Ltd.		8,400		384,584
Kanamoto Co., Ltd.		16,800		445,801
Kandenko Co., Ltd. (a)		38,000		343,722
Kanematsu Corp.		553,498		934,875
Kansai Super Market, Ltd. (a)		12,700		163,766
Kanto Denka Kogyo Co., Ltd.		24,000		216,882
Kasai Kogyo Co., Ltd.		8,000		95,134
Katakura Industries Co., Ltd.		74,674		875,204
Kato Sangyo Co., Ltd.		14,500		340,262
KAWADA TECHNOLOGIES, Inc.		1,300		88,275
Kawai Musical Instruments Manufacturing Co., Ltd.		9,300		184,349
Keihin Corp.		12,700		223,000
Keiyo Bank, Ltd.		139,000		631,629
Kenedix Residential Investment Corp.		106		287,641
Kenedix Retail REIT Corp.		150		342,607
Kenedix, Inc. (a)		101,200		360,948
Key Coffee, Inc.		6,100		113,857
Kintetsu World Express, Inc.		14,000		194,573
Kissei Pharmaceutical Co., Ltd.		7,900		197,305
Kitano Construction Corp.		15,000		41,411
Kito Corp.		14,900		161,602
Kitz Corp.		176,700		968,074
Kiyo Bank, Ltd.		82,560		1,325,094
KLab, Inc. (a) (b)		15,400		87,672
Koei Tecmo Holdings Co., Ltd.		22,100		389,760

See accompanying Notes to Schedule of Investments

96

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kokuyo Co., Ltd.		32,117	$	370,364
Komeri Co., Ltd.		10,300		233,138
Komori Corp.		71,736		941,637
Kotobuki Spirits Co., Ltd.		21,600		517,615
Kourakuen Holdings Corp. (a)		8,000		112,282
Kumagai Gumi Co., Ltd.		163,000		419,257
Kurabo Industries, Ltd.		506,600		994,653
Kureha Corp.		3,500		131,886
Kuroda Electric Co., Ltd.		6,500		128,791
Kusuri no Aoki Holdings Co., Ltd.		6,600		294,251
KYB Corp.		227,832		1,107,564
Kyoei Steel, Ltd.		4,000		76,375
Kyokuto Kaihatsu Kogyo Co., Ltd.		15,700		211,469
Kyokuyo Co., Ltd.		2,200		51,494
KYORIN Holdings, Inc.		30,200		649,131
Kyoritsu Maintenance Co., Ltd. (a)		6,000		350,324
Kyosan Electric Manufacturing Co., Ltd.		12,000		40,537
Kyoto Kimono Yuzen Co., Ltd. (a)		17,900		145,336
Kyowa Exeo Corp.		65,680		947,175
Kyushu Financial Group, Inc.		1,000		6,799
LAC Co., Ltd.		6,900		61,229
LaSalle Logiport REIT		300		284,734
Lasertec Corp.		4,900		95,912
Leopalace21 Corp.		125,500		695,100
Life Corp.		13,500		381,382
Lintec Corp.		12,600		275,799
Maeda Corp.		74,000		647,147
Maeda Road Construction Co., Ltd.		16,000		268,187
Makino Milling Machine Co., Ltd.		134,000		1,051,228
Mandom Corp.		8,800		380,263
Mani, Inc.		10,900		260,456
Marudai Food Co., Ltd.		346,656		1,465,267
Maruha Nichiro Corp.		34,120		922,953
Marusan Securities Co., Ltd.		58,338		492,673
Maruwa Co., Ltd.		1,900		63,043
Marvelous, Inc. (a)		19,100		126,913
Matsuya Co., Ltd.		27,600		242,315
MCJ Co., Ltd.		19,000		187,011
MCUBS MidCity Investment Corp.		71		205,144
Mebuki Financial Group, Inc.		114,583		425,382
Medinet Co., Ltd. (b)		13,800		16,446
Meidensha Corp.		125,000		430,831
Meitec Corp.		12,400		475,758
Melco Holdings, Inc.		4,000		109,058
Michinoku Bank, Ltd. (a)		501,200		958,268
Micronics Japan Co., Ltd.		16,700		165,804
Minato Bank, Ltd.		56,180		1,006,698
Mirait Holdings Corp.		41,660		377,185
Mitani Corp. (a)		4,400		120,718
Mitsuba Corp.		18,000		292,759
Mitsubishi Kakoki Kaisha, Ltd. (a)		16,000		29,494
Mitsubishi Nichiyu Forklift Co., Ltd.		10,900		79,156
Mitsubishi Pencil Co., Ltd.		14,100		743,473
Mitsubishi Shokuhin Co., Ltd.		1,200		35,753
Mitsui Engineering & Shipbuilding Co., Ltd.		292,000		453,140
Mitsui Fudosan Logistics Park, Inc. REIT REIT (b)		65		185,579
Mitsui Mining & Smelting Co., Ltd.		250,000		634,458
Mitsui Sugar Co., Ltd.		2,200		47,288
Mitsui-Soko Holdings Co., Ltd.		234,000		690,153
Mitsumi Electric Co., Ltd. (a) (b)		55,500		305,492
Miyaji Engineering Group, Inc. (a)		26,000		42,800
Miyazaki Bank, Ltd.		275,800		853,636
Miyoshi Oil & Fat Co., Ltd.		30,000		37,296
Mizuno Corp.		39,000		190,260
Mochida Pharmaceutical Co., Ltd.		3,100		215,553
Modec, Inc.		9,000		144,142
Monex Group, Inc.		91,200		254,126
Monogatari Corp. (a)		1,400		50,174
Morinaga Milk Industry Co., Ltd.		97,000		700,253
Morita Holdings Corp.		20,700		294,434
MOS Food Services, Inc.		4,700		141,441
Musashi Seimitsu Industry Co., Ltd.		6,100		158,992
Musashino Bank, Ltd.		32,780		945,726
Nachi-Fujikoshi Corp.		84,000		365,139
Nagase & Co., Ltd.		58,200		762,461
Nakanishi, Inc.		25,380		983,561
Namura Shipbuilding Co., Ltd.		18,000		123,308
NanoCarrier Co., Ltd. (b)		10,800		82,318
Nanto Bank, Ltd.		12,600		480,730
NEC Networks & System Integration Corp.		12,800		231,670
NET One Systems Co., Ltd.		116,700		748,417
Neturen Co., Ltd.		103,683		800,057
Next Co., Ltd. (a)		27,100		184,020
Nichi-iko Pharmaceutical Co., Ltd.		25,500		365,551
Nichias Corp.		48,000		464,217
Nichicon Corp.		10,900		95,323
Nichiha Corp.		7,500		185,836
NichiiGakkan Co., Ltd.		6,700		48,425
Nichireki Co., Ltd.		11,000		86,861
Nihon Dempa Kogyo Co., Ltd.		25,100		191,529
Nihon Nohyaku Co., Ltd.		12,100		66,914
Nihon Parkerizing Co., Ltd.		41,200		484,290
Nihon Trim Co., Ltd.		1,500		58,066
Nihon Unisys, Ltd.		30,500		384,404
Nikkiso Co., Ltd.		62,840		598,579
Nikkon Holdings Co., Ltd.		130,080		2,721,269
Nippon Beet Sugar Manufacturing Co., Ltd.		3,300		65,669
Nippon Carbon Co., Ltd. (a)		163,712		318,623
Nippon Chemi-Con Corp.		69,000		150,855
Nippon Chemiphar Co., Ltd.		1,300		60,745
Nippon Coke & Engineering Co., Ltd.		34,000		31,191
Nippon Concrete Industries Co., Ltd. (a)		31,300		91,242
Nippon Densetsu Kogyo Co., Ltd.		23,100		370,361
Nippon Flour Mills Co., Ltd.		28,000		390,346
Nippon Gas Co., Ltd.		30,600		881,519
Nippon Kayaku Co., Ltd.		61,000		754,688
Nippon Koei Co., Ltd.		3,400		75,501
Nippon Light Metal Holdings Co., Ltd.		233,500		494,487
Nippon Parking Development Co., Ltd.		41,900		59,634
NIPPON REIT Investment Corp.		52		127,063
Nippon Seiki Co., Ltd.		53,200		1,134,836
Nippon Sheet Glass Co., Ltd. (b)		41,200		300,606

See accompanying Notes to Schedule of Investments

97

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Nippon Signal Co., Ltd.		31,500	$	267,643
Nippon Soda Co., Ltd.		64,000		301,247
Nippon Steel & Sumikin Bussan Corp.		3,600		139,512
Nippon Suisan Kaisha, Ltd.		119,199		574,355
Nippon Thompson Co., Ltd.		138,200		585,337
Nippon Yakin Kogyo Co., Ltd. (a)		76,100		124,620
Nishi-Nippon Financial Holdings, Inc. (b)		49,400		517,994
Nishi-Nippon Railroad Co., Ltd.		148,000		677,601
Nishimatsu Construction Co., Ltd.		124,000		601,740
Nishimatsuya Chain Co., Ltd.		23,153		278,308
Nishio Rent All Co., Ltd.		7,000		215,458
Nissan Shatai Co., Ltd.		21,100		205,690
Nissha Printing Co., Ltd. (a)		23,300		562,548
Nisshin Oillio Group, Ltd.		24,000		110,704
Nisshin Steel Co., Ltd.		51,900		641,213
Nisshinbo Holdings, Inc.		49,000		473,889
Nissin Electric Co., Ltd.		21,900		242,217
Nissin Kogyo Co., Ltd.		12,800		202,917
Nitto Boseki Co., Ltd.		134,153		525,639
Nitto Kogyo Corp.		8,500		116,239
NOF Corp.		201,600		1,944,528
Nohmi Bosai, Ltd.		16,300		241,073
Nojima Corp.		9,800		105,869
Nomura Co., Ltd.		20,500		297,389
Noritsu Koki Co., Ltd.		9,800		70,915
Noritz Corp.		13,800		233,323
North Pacific Bank, Ltd.		145,600		601,699
NS Solutions Corp.		13,100		236,313
NS United Kaiun Kaisha, Ltd.		19,000		32,580
NSD Co., Ltd.		19,000		299,250
NTN Corp.		204,000		827,299
NuFlare Technology, Inc. (a)		1,000		60,874
Obara Group, Inc.		3,500		156,342
Oenon Holdings, Inc.		97,000		215,398
Ogaki Kyoritsu Bank, Ltd.		95,000		370,601
Ohsho Food Service Corp.		6,800		256,818
Oiles Corp.		10,900		196,534
Oita Bank, Ltd. (a)		246,800		924,693
Okabe Co., Ltd.		20,600		169,731
Okamoto Industries, Inc.		31,800		293,912
Okamura Corp.		56,500		509,123
Okasan Securities Group, Inc.		88,682		548,964
Oki Electric Industry Co., Ltd.		51,900		730,654
Okinawa Electric Power Co., Inc.		16,300		367,409
OKUMA Corp.		68,000		650,062
Okumura Corp.		84,000		473,889
OncoTherapy Science, Inc. (a) (b)		20,700		47,741
Onward Holdings Co., Ltd.		17,000		119,372
Open House Co., Ltd.		13,000		309,856
Orient Corp. (b)		1,600		2,908
OSAKA Titanium Technologies Co., Ltd. (a) (b)		8,500		118,644
Osaki Electric Co., Ltd.		9,000		93,908
OSG Corp. (a)		46,240		912,629
Otsuka Kagu, Ltd. (a)		7,200		65,990
Outsourcing, Inc. (a)		6,000		187,508
Pacific Industrial Co., Ltd. (a)		29,200		372,026
Pacific Metals Co., Ltd. (b)		74,000		236,018
Pal Co., Ltd. (a)		5,700		135,664
PALTAC Corp.		10,000		236,807
PanaHome Corp.		28,000		227,102
Paramount Bed Holdings Co., Ltd.		5,600		224,221
Pasona Group, Inc. (a)		12,500		86,059
Penta-Ocean Construction Co., Ltd.		115,100		557,564
Pilot Corp.		14,366		594,914
Piolax, Inc.		5,300		353,076
Pioneer Corp. (b)		165,100		334,064
Poletowin Pitcrew Holdings, Inc.		2,800		23,790
Premier Investment Corp.		1,625		1,925,451
Qol Co., Ltd.		8,600		103,228
Raito Kogyo Co., Ltd.		14,400		148,155
Relia, Inc.		22,500		222,618
Rengo Co., Ltd.		210,400		1,147,292
ReproCELL, Inc. (a) (b)		20,900		77,052
Riso Kagaku Corp.		9,200		155,785
Rock Field Co., Ltd. (a)		10,600		143,957
Rohto Pharmaceutical Co., Ltd. (a)		46,200		728,046
Roland DG Corp.		4,400		115,248
Round One Corp.		22,000		152,784
Ryobi, Ltd.		37,000		145,608
Ryosan Co., Ltd.		10,000		302,654
S Foods, Inc.		5,700		148,322
Sagami Chain Co., Ltd.		21,100		233,912
Saibu Gas Co., Ltd. (a)		110,000		237,665
Saizeriya Co., Ltd.		8,400		189,267
Sakai Chemical Industry Co., Ltd.		266,765		894,287
Sakata Seed Corp.		14,700		416,543
San-A Co., Ltd.		10,200		494,980
San-Ai Oil Co., Ltd.		17,600		126,302
San-In Godo Bank, Ltd.		47,500		397,072
Sanden Holdings Corp.		56,000		178,608
Sangetsu Co., Ltd.		16,200		281,540
Sanken Electric Co., Ltd. (b)		68,000		298,504
Sankyo Tateyama, Inc.		4,400		59,944
Sankyu, Inc.		247,000		1,497,226
Sanrio Co., Ltd.		17,500		330,990
Sanyo Electric Railway Co., Ltd.		39,000		203,635
Sanyo Shokai, Ltd. (a)		206,000		310,850
Sanyo Special Steel Co., Ltd.		172,937		821,427
Sapporo Holdings, Ltd.		46,000		1,187,122
Sato Holdings Corp.		36,140		725,372
Seika Corp.		22,000		64,320
Seikagaku Corp.		20,500		304,420
Seiko Holdings Corp.		59,000		209,423
Seino Holdings Co., Ltd.		700		7,790
Seiren Co., Ltd.		66,180		815,370
Sekisui House Reit, Inc.		261		335,886
Sekisui House SI Residential Investment Corp.		269		299,594
Senko Co., Ltd.		43,200		292,235
Senshu Ikeda Holdings, Inc.		102,360		473,032
Senshukai Co., Ltd.		17,000		103,194
Septeni Holdings Co., Ltd.		36,500		125,177
Shibuya Kogyo Co., Ltd.		10,900		228,869
Shiga Bank, Ltd.		127,000		692,519
Shima Seiki Manufacturing, Ltd.		29,945		1,015,411
Shimachu Co., Ltd.		40,360		1,077,905

See accompanying Notes to Schedule of Investments

98

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Shindengen Electric Manufacturing Co., Ltd.		41,000	$	152,913
Shinkawa, Ltd. (b)		9,200		64,365
Shinkin Central Bank Class A, Preference Shares		339		675,471
Shinko Electric Industries Co., Ltd.		26,400		178,814
Shinmaywa Industries, Ltd.		26,000		234,286
Shinsho Corp.		4,000		83,337
Ship Healthcare Holdings, Inc.		13,600		349,809
Shizuoka Gas Co., Ltd.		26,300		186,029
SHO-BOND Holdings Co., Ltd.		12,300		513,577
Shochiku Co., Ltd.		195,600		2,176,781
Shoei Co., Ltd.		5,600		100,635
Showa Corp.		22,400		156,330
Showa Denko KK		53,500		767,857
SIA Reit, Inc.		48		162,970
Sinanen Holdings Co., Ltd.		2,800		51,254
Sinfonia Technology Co., Ltd.		329,400		742,763
Sinko Industries, Ltd.		12,600		151,133
SK Kaken Co., Ltd.		4,000		356,668
Skylark Co., Ltd.		203		2,687
SMK Corp.		124,343		443,492
SMS Co., Ltd.		9,200		204,374
Sodick Co., Ltd.		24,000		199,186
Sogo Medical Co., Ltd.		2,200		81,013
Sotetsu Holdings, Inc.		1,792		8,865
St Marc Holdings Co., Ltd.		3,000		91,439
Star Micronics Co., Ltd.		18,100		247,055
Starts Corp., Inc.		13,600		230,641
Starts Proceed Investment Corp.		68		88,094
Sumitomo Bakelite Co., Ltd.		54,000		303,254
Sumitomo Mitsui Construction Co., Ltd.		361,600		381,333
Sumitomo Osaka Cement Co., Ltd.		183,793		694,926
Sumitomo Real Estate Sales Co., Ltd.		3,700		86,445
Sumitomo Seika Chemicals Co., Ltd.		2,400		94,346
Sumitomo Warehouse Co., Ltd.		48,000		254,332
Sun Corp.		10,000		60,874
Sun Frontier Fudousan Co., Ltd.		5,800		51,220
SWCC Showa Holdings Co., Ltd. (b)		45,000		33,180
T RAD Co., Ltd.		15,000		37,424
Tabuchi Electric Co., Ltd.		15,700		53,574
Tachi-S Co., Ltd.		18,400		309,519
Tadano, Ltd.		31,400		396,286
Taikisha, Ltd.		13,000		317,658
Taiko Pharmaceutical Co., Ltd. (a)		4,200		66,726
Taiyo Holdings Co., Ltd.		4,600		179,252
Taiyo Yuden Co., Ltd.		58,800		707,304
Takaoka Toko Co., Ltd.		1,900		35,301
Takara Bio, Inc.		23,000		309,598
Takara Holdings, Inc.		87,400		806,297
Takara Leben Co., Ltd.		36,900		215,449
Takara Standard Co., Ltd.		27,500		451,515
Takasago International Corp.		46,100		1,221,323
Takasago Thermal Engineering Co., Ltd.		32,200		415,217
Takashima & Co., Ltd.		36,000		58,645
Takata Corp. (a) (b)		15,300		112,420
Takeuchi Manufacturing Co., Ltd.		20,000		446,521
Takuma Co., Ltd.		34,400		294,642
Tamron Co., Ltd.		5,400		89,865
Tamura Corp.		49,000		185,690
Tanseisha Co., Ltd.		21,500		147,837
TechnoPro Holdings, Inc.		14,300		459,768
Teikoku Electric Manufacturing Co., Ltd.		3,600		31,359
Teikoku Sen-I Co., Ltd. (a)		13,100		171,844
Tekken Corp. (a)		72,000		211,737
TKC Corp.		3,700		101,037
Toa Corp. (e)		17,400		156,643
Toa Corp. (e)		8,000		136,974
Toagosei Co., Ltd.		201,500		1,988,481
Tobishima Corp.		99,900		157,599
TOC Co., Ltd.		138,360		1,106,785
Tochigi Bank, Ltd.		136,500		671,762
Toda Corp.		225,000		1,190,252
Toei Co., Ltd.		127,400		1,106,496
Toho Bank, Ltd.		90,000		337,206
Toho Holdings Co., Ltd.		66,919		1,337,978
Toho Zinc Co., Ltd.		53,000		206,302
Tokai Carbon Co., Ltd.		125,000		405,110
Tokai Corp.		1,600		54,666
TOKAI Holdings Corp. (a)		56,800		397,383
Tokai Rika Co., Ltd.		17,400		349,835
Tokai Tokyo Financial Holdings, Inc.		78,200		417,031
Tokuyama Corp. (b)		217,000		826,064
Tokyo Dome Corp.		40,300		398,042
Tokyo Ohka Kogyo Co., Ltd.		16,800		567,514
Tokyo Seimitsu Co., Ltd.		21,100		626,840
Tokyo Steel Manufacturing Co., Ltd.		50,900		391,455
Tokyo Tekko Co., Ltd.		9,000		36,344
Tokyo TY Financial Group, Inc.		17,000		593,947
Tokyotokeiba Co., Ltd.		73,000		167,737
Tokyu Construction Co., Ltd.		36,400		293,984
Tokyu REIT, Inc.		286		363,155
Tomoe Engineering Co., Ltd.		2,800		40,547
TOMONY Holdings, Inc.		165,880		860,440
Tomy Co., Ltd.		52,200		555,410
Topcon Corp.		42,100		636,003
Topre Corp.		22,900		574,488
Topy Industries, Ltd.		26,798		692,725
Toridoll Holdings Corp.		10,200		220,642
Torii Pharmaceutical Co., Ltd.		3,700		82,004
Torishima Pump Manufacturing Co., Ltd. (a)		5,600		54,495
Toshiba Machine Co., Ltd.		51,000		205,076
Toshiba Plant Systems & Services Corp.		10,900		143,919
Toshiba TEC Corp. (b)		54,000		259,270
Totetsu Kogyo Co., Ltd.		13,000		337,720
Towa Pharmaceutical Co., Ltd.		2,800		109,950
Toyo Construction Co., Ltd.		35,800		125,846
Toyo Corp.		135,768		1,207,111
Toyo Engineering Corp.		58,000		155,151
Toyo Ink SC Holdings Co., Ltd.		60,000		275,218
Toyo Tire & Rubber Co., Ltd.		42,500		530,180
Toyo Wharf & Warehouse Co., Ltd.		31,000		48,905
Toyobo Co., Ltd.		389,788		581,499

See accompanying Notes to Schedule of Investments

99

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TPR Co., Ltd.		15,000	$	423,115
Trusco Nakayama Corp.		20,400		428,167
TS Tech Co., Ltd.		20,500		529,044
TSI Holdings Co., Ltd.		64,800		389,461
Tsubakimoto Chain Co.		62,000		504,994
Tsukui Corp.		27,600		187,415
Tsumura & Co.		27,100		748,163
Tsurumi Manufacturing Co., Ltd.		10,900		158,124
UACJ Corp.		126,000		346,774
Ube Industries, Ltd.		313,000		657,478
Ulvac, Inc.		33,800		1,037,459
UMN Pharma, Inc. (a) (b)		4,600		40,622
Unipres Corp.		16,100		321,213
United Arrows, Ltd.		12,400		342,865
United Super Markets Holdings, Inc.		10,800		91,208
UNITED, Inc. (a)		3,700		55,356
Unitika, Ltd. (b)		1,039,000		748,283
Unizo Holdings Co., Ltd.		6,900		182,505
Usen Corp.		45,510		165,441
Ushio, Inc.		41,600		531,792
UT Group Co., Ltd. (b)		12,100		99,800
V Technology Co., Ltd.		1,936		216,946
Valor Holdings Co., Ltd.		31,300		818,494
VT Holdings Co., Ltd.		21,400		105,867
W-Scope Corp. (a)		9,400		141,038
Wacoal Holdings Corp.		72,000		841,394
Wacom Co., Ltd. (a)		71,300		187,061
Wakachiku Construction Co., Ltd.		38,000		50,174
Wakita & Co., Ltd.		10,900		91,118
WirelessGate, Inc.		4,300		62,748
Xebio Holdings Co., Ltd.		8,000		123,874
YAMABIKO Corp.		20,700		288,932
Yamato Kogyo Co., Ltd.		12,500		350,988
Yamazen Corp.		45,900		384,484
Yaoko Co., Ltd.		9,000		358,812
Yodogawa Steel Works, Ltd.		39,700		1,039,855
Yokogawa Bridge Holdings Corp.		16,600		193,988
Yondoshi Holdings, Inc.		12,900		272,964
Yonex Co., Ltd. (a)		6,300		293,300
Yorozu Corp.		12,900		186,032
Yoshinoya Holdings Co., Ltd.		30,300		416,695
Yushin Precision Equipment Co., Ltd.		1,400		34,725
Zenrin Co., Ltd.		49,677		905,503
ZERIA Pharmaceutical Co., Ltd.		17,900		276,860
Zojirushi Corp. (a)		22,900		308,056
				229,573,874
LUXEMBOURG — 0.1%
Stabilus SA (b)		9,404		506,259
MACAU — 0.1%
Macau Legend Development, Ltd. (a) (b)		2,901,740		587,598
NETHERLANDS — 1.5%
Accell Group		11,508		265,945
AMG Advanced Metallurgical Group NV		11,339		176,766
Amsterdam Commodities NV		15,074		332,295
Arcadis NV		28,448		399,974
Basic-Fit NV (b) (f)		22,820		385,832
BE Semiconductor Industries NV		13,113		437,611
Beter Bed Holding NV		12,128		216,185
BinckBank NV (a)		40,041		232,198
Constellium NV Class A (b)		30,560		180,304
Corbion NV		38,376		1,029,332
Delta Lloyd NV		167,549		939,632
Flow Traders (f)		18,709		645,970
ForFarmers NV (b)		9,513		66,725
Fugro NV (b)		28,555		438,072
Heijmans NV (b)		22,362		130,196
Intertrust NV (f)		13,749		242,469
Kendrion NV		11,031		311,235
Koninklijke BAM Groep NV		140,957		652,681
NSI NV		48,273		182,534
PostNL NV (b)		155,012		669,038
Refresco Gerber NV (f)		25,305		385,143
Sligro Food Group NV		9,226		321,906
TKH Group NV		15,748		624,378
Van Lanschot NV		12,365		260,514
Vastned Retail NV		5,403		210,058
Wessanen		29,114		408,723
				10,145,716
NEW ZEALAND — 1.4%
a2 Milk Co., Ltd. (a) (b)		349,274		518,759
Air New Zealand, Ltd.		232,218		355,427
Argosy Property, Ltd.		346,214		243,829
Chorus, Ltd. (a)		146,925		406,730
EBOS Group, Ltd.		29,969		348,986
Freightways, Ltd.		78,133		367,754
Genesis Energy, Ltd.		180,994		265,035
Goodman Property Trust		361,916		307,884
Heartland New Zealand, Ltd.		246,395		257,717
Infratil, Ltd.		299,818		574,924
Investore Property, Ltd. (a)		165,195		157,811
Kathmandu Holdings, Ltd.		75,600		102,796
Kiwi Property Group, Ltd.		498,887		481,805
Mainfreight, Ltd.		57,104		824,644
Metlifecare, Ltd.		64,632		250,127
NZX, Ltd. (a)		240,195		175,862
Port of Tauranga, Ltd. (a)		115,840		310,985
Precinct Properties New Zealand, Ltd.		261,098		218,476
Property for Industry, Ltd. (a)		217,175		239,269
Restaurant Brands New Zealand, Ltd.		140,144		496,430
Skellerup Holdings, Ltd.		144,286		152,928
SKY Network Television, Ltd.		147,590		468,261
SKYCITY Entertainment Group, Ltd.		6,933		18,999
Steel & Tube Holdings, Ltd.		15,674		25,903
Stride Property Group (a)		254,292		313,853
Summerset Group Holdings, Ltd. (a)		60,300		196,781
TOWER, Ltd.		131,381		76,496
Trade Me Group, Ltd.		198,798		694,495
Vital Healthcare Property Trust		214,630		302,316
Warehouse Group, Ltd. (a)		62,117		123,445
Xero, Ltd. (b)		35,240		430,025
				9,708,752
NORWAY — 1.7%
AF Gruppen ASA		13,016		233,625
Aker Solutions ASA (b)		56,054		269,405

See accompanying Notes to Schedule of Investments

100

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Atea ASA (b)		39,334	$	363,286
Austevoll Seafood ASA		34,364		334,350
Avance Gas Holding, Ltd. (f)		12,853		39,570
Borregaard ASA		52,816		518,484
BW LPG, Ltd. (f)		27,299		115,219
BW Offshore, Ltd. (b)		49,435		159,084
DNO ASA (a) (b)		232,891		229,436
Ekornes ASA		45,160		558,749
Europris ASA (b) (f)		35,448		151,961
Frontline, Ltd.		13,823		99,565
Hexagon Composites ASA (b)		50,872		158,980
Hoegh LNG Holdings, Ltd.		19,738		221,281
Kongsberg Automotive ASA (b)		198,649		130,853
Kongsberg Gruppen ASA		12,542		181,405
Kvaerner ASA (b)		105,650		148,514
Nordic Semiconductor ASA (a) (b)		79,758		325,233
Norwegian Air Shuttle ASA (a) (b)		8,251		275,107
Norwegian Finans Holding ASA (b)		51,889		444,580
Petroleum Geo-Services ASA (b)		102,137		346,480
Prosafe SE (b)		1,144		4,917
Protector Forsikring ASA (a)		54,809		437,761
Scatec Solar ASA (a) (f)		90,187		403,383
SpareBank 1 SMN		30,451		229,063
Spectrum ASA (b)		20,341		66,167
Stolt-Nielsen, Ltd.		13,497		166,210
Storebrand ASA (b)		143,479		765,426
TGS Nopec Geophysical Co. ASA		36,374		810,076
Thin Film Electronics ASA (a) (b)		278,130		118,261
Tomra Systems ASA		112,033		1,177,897
Treasure ASA (b)		21,081		40,900
Veidekke ASA		104,138		1,494,132
Wilh Wilhelmsen ASA		21,081		82,779
XXL ASA (f)		29,477		335,600
				11,437,739
PERU — 0.0% (g)
Hochschild Mining PLC		81,706		213,530
PORTUGAL — 0.3%
Altri SGPS SA		192,297		783,717
Banco Comercial Portugues SA Class R (a) (b)		222,428		251,263
CTT-Correios de Portugal SA		58,802		399,728
Mota-Engil SGPS SA (a)		45,159		76,687
Pharol SGPS SA (a)		233,324		50,942
REN — Redes Energeticas Nacionais SGPS SA		80,754		229,803
Sonae SGPS SA		391,699		361,088
				2,153,228
SINGAPORE — 1.8%
AIMS AMP Capital Industrial REIT		239,058		216,769
Ascendas Hospitality Trust (a)		495,200		241,653
Ascott Residence Trust		402,400		314,745
Boustead Singapore, Ltd.		303,850		169,308
Cache Logistics Trust		478,700		268,393
Cambridge Industrial Trust		1,002,255		374,623
CapitaLand Retail China Trust		322,547		305,869
CDL Hospitality Trusts		391,700		363,313
China Yuchai International, Ltd.		21,071		290,990
Cordlife Group, Ltd. (a) (b)		240,100		162,870
COSCO Corp. Singapore, Ltd. (a) (b) (d)		4,000		775
Croesus Retail Trust		232,360		134,298
CWT, Ltd.		182,800		244,206
Delfi, Ltd. (a)		179,100		275,214
Ezion Holdings, Ltd. (a) (b)		648,440		172,804
Ezra Holdings, Ltd. (a) (b)		1,432,095		48,572
Far East Hospitality Trust		406,400		168,782
First Real Estate Investment Trust		547,862		479,716
Frasers Centrepoint Trust		255,100		335,495
Frasers Commercial Trust		302,945		264,214
GL, Ltd.		392,700		206,584
Haw Par Corp., Ltd.		67,686		425,878
Hyflux, Ltd. (a)		301,700		107,549
IGG, Inc.		428,000		288,162
International Healthway Corp., Ltd. (b)		145,700		5,043
Interra Resources, Ltd. (b)		7,000		368
Jaya Holdings, Ltd.		49		6
Keppel DC REIT		293,466		240,712
Keppel Infrastructure Trust (d)		777,938		255,777
Lian Beng Group, Ltd.		120,600		38,817
Lippo Malls Indonesia Retail Trust		1,184,200		303,284
Manulife US Real Estate Investment Trust (a) (b)		301,000		248,325
Mapletree Logistics Trust		488,000		344,542
Metro Holdings, Ltd.		323,400		222,733
OUE Commercial Real Estate Investment Trust		118,500		57,007
OUE Hospitality Trust		334,233		152,692
OUE, Ltd.		86,400		104,957
Pan-United Corp., Ltd.		700		291
Parkway Life Real Estate Investment Trust		242,300		395,811
Raffles Medical Group, Ltd. (a)		456,049		451,409
Religare Health Trust		443,700		281,017
Rowsley, Ltd. (a) (b)		1,583,200		134,792
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust		387,429		101,906
Saizen REIT (d)		367		13
Sinarmas Land, Ltd. (a)		569,100		167,417
Soilbuild Business Space REIT		272,810		120,854
Stamford Land Corp., Ltd.		582		193
Starhill Global REIT		716,500		367,004
Super Group, Ltd.		237,000		209,981
Swiber Holdings, Ltd. (a) (b) (c)		100,100		—
Tat Hong Holdings, Ltd. (b)		708		169
Technics Oil & Gas, Ltd. (b) (d)		1,254		62
UMS Holdings, Ltd.		318,400		134,439
United Engineers, Ltd.		276,200		489,425
Venture Corp., Ltd.		75,300		514,961
Wing Tai Holdings, Ltd. (a)		540,699		595,080
XP Power, Ltd.		9,161		196,511
Yoma Strategic Holdings, Ltd. (a)		701,433		284,030
				12,280,410
SOUTH AFRICA — 0.1%
Great Basin Gold, Ltd. (b) (c)		266,255		—
Lonmin PLC (b)		98,676		172,529
Petra Diamonds, Ltd. (b)		168,682		326,613
				499,142

See accompanying Notes to Schedule of Investments

101

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SOUTH KOREA — 8.8%
Able C&C Co., Ltd.		9,335	$	159,989
Actoz Soft Co., Ltd. (b)		1,017		11,241
Advanced Process Systems Corp. (a) (b)		6,177		152,661
AeroSpace Technology of Korea, Inc. (a) (b)		4,189		60,695
AfreecaTV Co., Ltd. (a)		3,062		62,492
Ahnlab, Inc.		2,107		100,832
AJ Rent A Car Co., Ltd. (b)		2,816		19,468
AK Holdings, Inc.		1,855		86,008
Amicogen, Inc.		5,896		217,475
Asiana Airlines, Inc. (b)		41,965		146,624
Barun Electronics Co., Ltd. (a) (b)		155,096		214,448
Binex Co., Ltd. (b)		14,494		203,406
Binggrae Co., Ltd.		3,900		206,011
Boryung Pharmaceutical Co., Ltd.		3,477		178,485
Bukwang Pharmaceutical Co., Ltd.		11,374		248,612
Byucksan Corp.		27,797		107,248
Cell Biotech Co., Ltd.		1,527		61,507
Celltrion Pharm, Inc. (a) (b)		7,988		158,067
Chabiotech Co., Ltd. (a) (b)		26,061		274,031
Cheil Worldwide, Inc.		42,397		552,867
Choa Pharmaceutical Co. (a) (b)		17,144		65,720
Chong Kun Dang Pharmaceutical Corp.		3,334		288,461
Chongkundang Holdings Corp.		1,901		108,444
CJ CGV Co., Ltd.		6,592		384,233
CJ Freshway Corp.		1,638		52,891
CNK International Co., Ltd. (b) (c)		16,071		—
Com2uSCorp.		6,861		495,346
Corentec Co., Ltd. (b)		2,647		31,011
Cosmax BTI, Inc.		6,219		192,574
Cosmax, Inc.		4,979		492,623
Crown Confectionery Co., Ltd.		2,668		62,072
CrucialTec Co., Ltd. (a) (b)		6,028		40,227
CrystalGenomics, Inc. (b)		11,677		164,356
CTC BIO, Inc. (b)		6,185		53,769
Curoholdings Co., Ltd. (b)		50,509		107,266
D.I Corp.		8,830		34,397
Dae Han Flour Mills Co., Ltd.		465		69,300
Dae Hwa Pharmaceutical Co., Ltd. (a)		8,632		166,880
Daeduck GDS Co., Ltd.		3,214		34,327
Daesang Corp.		15,590		340,765
Daesang Holdings Co., Ltd.		4,725		40,294
Daewon Pharmaceutical Co., Ltd.		9,051		146,878
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b) (d)		50,853		188,625
Daewoong Pharmaceutical Co., Ltd. (a)		1,663		94,592
Daou Technology, Inc.		17,660		263,189
DGB Financial Group, Inc.		39,503		319,543
Digital Power Communications Co., Ltd.		13,230		40,310
DIO Corp. (a) (b)		8,744		286,327
Dong-A Socio Holdings Co., Ltd.		4,045		524,129
Dong-A ST Co., Ltd. (a)		4,260		372,106
Dongbu HiTek Co., Ltd. (b)		24,501		322,542
DongKook Pharmaceutical Co., Ltd.		3,073		146,043
Dongkuk Steel Mill Co., Ltd. (b)		49,958		457,059
Dongsung Finetec Co., Ltd.		4,202		20,005
Dongwha Pharm Co., Ltd.		30,084		202,254
Dongwon F&B Co., Ltd.		388		63,607
Dongwon Industries Co., Ltd.		1,079		324,736
Doosan Infracore Co., Ltd. (a) (b)		54,841		400,478
Eo Technics Co., Ltd. (a)		4,866		361,787
Eugene Investment & Securities Co., Ltd. (a) (b)		107,319		216,362
Eugene Technology Co., Ltd.		3,716		54,611
Eusu Holdings Co., Ltd.		6,280		29,741
Fila Korea, Ltd.		6,640		387,581
Finetex EnE, Inc. (a) (b)		39,851		215,125
Gamevil, Inc. (a) (b)		3,140		126,609
GemVax & Kael Co., Ltd. (a) (b)		12,543		151,102
Genexine Co., Ltd. (b)		7,511		268,339
Genic Co., Ltd. (a) (b)		3,045		38,321
GNCO Co., Ltd. (b)		756		4,801
GOLFZON Co., Ltd.		2,124		114,835
GOLFZONYUWONHOLDINGS Co., Ltd.		10,345		66,466
Grand Korea Leisure Co., Ltd.		13,664		231,354
Green Cross Cell Corp. (b)		1,693		38,127
Green Cross Corp.		3,777		490,966
Green Cross Holdings Corp.		12,739		251,025
GS Engineering & Construction Corp. (a) (b)		24,369		534,673
GS Home Shopping, Inc.		2,384		339,500
Halla Holdings Corp.		2,516		126,237
Hana Tour Service, Inc. (a)		4,423		242,060
Hanall Biopharma Co., Ltd. (a) (b)		15,322		166,819
Hancom, Inc.		5,968		81,777
Hanil Cement Co., Ltd.		1,616		101,686
Hanjin Heavy Industries & Construction Co., Ltd. (b)		35,205		98,083
Hanjin Kal Corp.		21,741		276,308
Hanjin Shipping Co., Ltd. (b)		1,732		526
Hanjin Transportation Co., Ltd.		3,902		93,043
Hankook Shell Oil Co., Ltd.		284		104,166
Hankook Tire Worldwide Co., Ltd.		13,346		229,284
Hanmi Pharm Co., Ltd.		450		113,823
Hanmi Semiconductor Co., Ltd.		5,321		68,065
Hansae Co., Ltd. (a)		10,094		214,366
Hansol Chemical Co., Ltd.		2,571		177,318
Hansol Holdings Co., Ltd. (b)		45,535		252,595
Hansol Paper Co., Ltd.		28,431		463,728
Hansol Technics Co., Ltd. (b)		12,127		155,127
Hanwha Investment & Securities Co., Ltd. (b)		238,284		411,345
Harim Co., Ltd. (a)		11,868		48,295
Heung-A Shipping Co., Ltd. (a)		45,983		50,635
Hite Jinro Co., Ltd.		31,042		542,297
HLB, Inc. (a) (b)		15,951		173,668
Homecast Co., Ltd. (a) (b)		13,772		200,685
Hugel, Inc. (b)		1,063		282,604
Humax Co., Ltd.		30,961		352,470
Humedix Co., Ltd.		1,399		38,861
Huons Co., Ltd. (b)		2,200		116,211
Huons Global Co., Ltd.		1,984		56,343
Hwa Shin Co., Ltd.		3,188		17,051
Hyundai BNG Steel Co., Ltd. (b)		2,428		24,927

See accompanying Notes to Schedule of Investments

102

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Hyundai C&F, Inc.		1,612	$	21,955
Hyundai Corp.		2,293		41,577
Hyundai Elevator Co., Ltd. (b)		7,753		368,457
Hyundai Engineering Plastics Co., Ltd.		4,916		38,097
Hyundai Greenfood Co., Ltd.		32,923		419,783
Hyundai Home Shopping Network Corp.		3,795		350,342
Hyundai Hy Communications & Network Co., Ltd.		7,342		25,136
Hyundai IBT Co., Ltd. (a) (b)		43,527		191,003
Hyundai Livart Furniture Co., Ltd.		12,939		253,895
Hyundai Merchant Marine Co., Ltd. (a) (b)		64,148		359,033
Hyundai Mipo Dockyard Co., Ltd. (a) (b)		3,733		207,698
Hyundai Rotem Co., Ltd. (a) (b)		23,394		351,549
i-SENS, Inc.		2,484		60,465
Il Dong Pharmaceutical Co., Ltd. (e)		2,571		54,920
Il Dong Pharmaceutical Co., Ltd. (e)		6,988		109,929
Ilyang Pharmaceutical Co., Ltd. (a) (b)		8,017		276,460
iMarketKorea, Inc.		7,661		65,967
InBody Co., Ltd.		2,515		56,222
Innocean Worldwide, Inc.		5,567		263,186
Innox Corp. (a) (b)		3,439		68,336
Inscobee, Inc. (b)		21,623		30,524
Interojo Co., Ltd.		3,365		105,870
Interpark Holdings Corp.		31,076		129,162
iNtRON Biotechnology, Inc. (a) (b)		4,537		114,946
IS Dongseo Co., Ltd.		5,992		221,016
JB Financial Group Co., Ltd.		193,615		926,556
Jeil Pharmaceutical Co. (a)		4,714		314,969
Jeju Air Co., Ltd.		4,875		101,310
Jenax, Inc. (a) (b)		6,848		127,571
JoyCity Corp. (b)		1,450		24,611
Jusung Engineering Co., Ltd. (b)		7,678		65,795
JW Holdings Corp.		25,237		185,548
JW Pharmaceutical Corp. (a)		5,730		250,017
JYP Entertainment Corp. (b)		11,871		48,406
KB Financial Group, Inc.		10,584		375,058
KB Insurance Co., Ltd.		38,695		837,783
Kginicis Co., Ltd.		16,038		160,672
KGMobilians Co., Ltd.		31,476		240,018
KH Vatec Co., Ltd.		5,750		64,508
KIWOOM Securities Co., Ltd.		6,659		396,960
Koh Young Technology, Inc.		2,762		103,363
Kolao Holdings (a)		15,372		102,073
Kolon Corp.		3,781		183,446
Kolon Industries, Inc.		8,734		535,118
Kolon Life Science, Inc.		1,916		186,238
Komipharm International Co., Ltd. (b)		13,499		391,178
KONA I Co., Ltd. (a)		5,824		58,346
Korea Electric Terminal Co., Ltd.		2,450		159,641
Korea Kolmar Co., Ltd. (a)		8,603		468,685
Korea Kolmar Holdings Co., Ltd.		2,002		55,860
Korea Line Corp. (b)		3,728		53,090
Korea Petrochemical Ind Co., Ltd.		1,358		309,761
Korea Real Estate Investment & Trust Co., Ltd. (a)		50,483		119,332
Korea United Pharm, Inc.		6,687		102,425
Korean Air Lines Co., Ltd. (b)		15,130		342,611
Korean Reinsurance Co.		89,647		846,147
Kortek Corp.		7,628		88,103
KT Hitel Co., Ltd. (b)		61,105		330,872
KT Skylife Co., Ltd.		14,361		205,701
Ktis Corp.		13,097		40,122
Kumho Industrial Co., Ltd. (b)		16,313		130,742
Kumho Petrochemical Co., Ltd.		9,443		641,104
Kumho Tire Co., Inc. (a) (b)		61,367		430,860
Kwang Dong Pharmaceutical Co., Ltd.		16,634		117,339
KyungDong City Gas Co., Ltd.		504		32,006
Kyungdong Pharm Co., Ltd.		6,635		101,354
Leaders Cosmetics Co., Ltd. (a) (b)		7,081		128,980
LEENO Industrial, Inc.		3,314		118,945
LF Corp.		12,183		217,373
LG Hausys, Ltd.		3,744		296,656
LG Innotek Co., Ltd.		6,111		447,270
LG International Corp.		36,703		888,858
LG Life Sciences, Ltd. (b)		4,958		277,086
LIG Nex1 Co., Ltd.		5,061		337,316
Lock&Lock Co., Ltd.		3,271		39,269
Loen Entertainment, Inc. (b)		3,874		243,448
Lotte Chilsung Beverage Co., Ltd.		382		461,765
LOTTE Fine Chemical Co., Ltd.		14,151		359,106
Lotte Food Co., Ltd.		724		389,035
LOTTE Himart Co., Ltd.		4,066		142,064
LS Corp.		11,988		588,581
LS Industrial Systems Co., Ltd.		10,877		357,974
Lumens Co., Ltd. (b)		14,146		44,916
Lutronic Corp.		2,944		85,068
Macrogen, Inc. (b)		3,237		88,175
Maeil Dairy Industry Co., Ltd.		1,435		47,703
Magnachip Semiconductor Corp. (a) (b)		23,236		144,063
Medipost Co., Ltd. (a) (b)		4,146		186,395
MegaStudy Co., Ltd.		3,785		105,452
Melfas, Inc. (b)		23,625		142,008
Meritz Financial Group, Inc.		31,593		290,348
Meritz Fire & Marine Insurance Co., Ltd.		52,689		667,446
Meritz Securities Co., Ltd.		150,871		432,202
Minwise Co., Ltd. (a)		18,695		464,357
Mirae Corp. (a) (b)		218,756		51,257
Modetour Network, Inc.		2,934		70,326
Muhak Co., Ltd.		5,863		110,920
Naturalendo Tech Co., Ltd. (a) (b)		10,338		150,217
Naturecell Co., Ltd. (b)		35,429		136,547
Neowiz Games Corp. (a) (b)		11,269		105,898
NEPES Corp.		5,686		38,980
Nexen Tire Corp.		25,671		276,307
NH Investment & Securities Co., Ltd.		3		24
NHN Entertainment Corp. (a) (b)		10,316		429,620
NHN KCP Corp. (a)		6,608		70,030
NICE Holdings Co., Ltd.		5,190		75,628
NongShim Co., Ltd.		2,713		746,872
OCI Co., Ltd. (a) (b)		7,428		484,007
Opto Device Technology Co., Ltd.		5,771		40,279
Osstem Implant Co., Ltd. (b)		7,342		368,984
Pan Ocean Co., Ltd. (b)		97,972		323,248
Paradise Co., Ltd. (a)		23,943		240,857

See accompanying Notes to Schedule of Investments

103

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Partron Co., Ltd.		23,506	$	201,430
Paru Co., Ltd. (a) (b)		96,572		321,827
Pharmicell Co., Ltd. (b)		58,406		250,975
Poongsan Corp.		18,031		604,616
Posco ICT Co., Ltd. (b)		7,578		36,265
Power Logics Co., Ltd. (b)		14,830		48,132
Qurient Co., Ltd. (b)		6,113		177,651
Redrover Co., Ltd. (b)		13,989		66,250
S&T Dynamics Co., Ltd.		7,075		54,477
S-Energy Co., Ltd.		35		226
Sajo Industries Co., Ltd. (b)		1,175		62,165
Sam Yung Trading Co., Ltd.		5,403		78,956
Samchully Co., Ltd.		472		39,666
Samchuly Bicycle Co., Ltd.		5,035		53,151
Samho International Co., Ltd. (b)		4,764		66,660
Samjin Pharmaceutical Co., Ltd.		9,734		280,060
Samkwang Glass		935		51,867
Samsung Pharmaceutical Co., Ltd. (b)		34,365		119,074
Samyang Holdings Corp.		3,810		376,962
Schnell Biopharmaceuticals, Inc. (a) (b)		38,830		125,865
SeAH Steel Corp.		633		48,531
Sebang Co., Ltd.		2,549		31,973
Seegene, Inc. (a) (b)		13,287		384,485
Seobu T&D		4,383		66,772
Seohan Co., Ltd.		143,287		271,080
Seoul Semiconductor Co., Ltd.		22,861		294,327
SEOWONINTECH Co., Ltd.		2,851		25,375
Seoyon Co., Ltd.		4,205		37,252
Seoyon E-Hwa Co., Ltd.		3,348		38,808
SFA Engineering Corp.		14,864		793,780
Shinsegae Information & Communication Co., Ltd.		6,884		417,212
Shinsegae, Inc.		3,144		458,142
Silicon Works Co., Ltd.		1,781		40,993
Silla Co., Ltd.		1,542		18,448
Sindoh Co., Ltd.		794		36,091
SK Bioland Co., Ltd.		3,785		56,252
SK Chemicals Co., Ltd.		7,817		433,631
SK Materials Co., Ltd.		2,858		424,512
SK Networks Co., Ltd.		67,884		388,936
SKC Co., Ltd.		13,605		371,721
SM Culture & Contents Co., Ltd. (a) (b)		98,470		164,687
SM Entertainment Co. (a) (b)		8,796		188,621
Soulbrain Co., Ltd.		7,300		365,060
SPC Samlip Co., Ltd.		1,545		216,822
Suheung Co., Ltd.		1,457		44,815
SundayToz Corp. (b)		3,305		56,096
Sungshin Cement Co., Ltd. (b)		6,881		39,823
Sungwoo Hitech Co., Ltd.		27,191		173,124
Suprema HQ, Inc. (b)		1,710		11,963
Suprema, Inc. (b)		1,653		28,056
Synopex, Inc. (b)		28,800		40,179
Taekwang Industrial Co., Ltd.		510		399,876
Taihan Electric Wire Co., Ltd. (b)		136,166		209,131
TBH Global Co., Ltd. (b)		1,922		13,845
Tera Semicon Co., Ltd. (b)		2,536		57,951
Tongyang Life Insurance Co., Ltd.		7,489		78,747
Tongyang, Inc.		128,864		318,479
Tovis Co., Ltd.		7,205		50,527
Value Added Technologies Co., Ltd.		3,503		104,846
Viatron Technologies, Inc. (a)		10,890		228,566
Vieworks Co., Ltd.		6,392		316,478
ViroMed Co., Ltd. (a) (b)		7,534		645,611
Wave Electronics Co., Ltd. (b)		6,302		103,572
Webzen, Inc. (a) (b)		12,218		151,233
WeMade Entertainment Co., Ltd. (b)		5,419		100,053
Whanin Pharmaceutical Co., Ltd.		8,368		109,814
Wins Co., Ltd.		3,841		36,731
WiSoL Co., Ltd.		5,721		73,182
Wonik Holdings Co., Ltd. (a) (b)		101,019		563,726
Wonik IPS Co., Ltd. (b)		16,343		354,518
Woojeon Co., Ltd. (b)		7,776		2,446
Woongjin Thinkbig Co., Ltd. (b)		7,889		60,810
YG Entertainment, Inc. (a)		6,606		155,059
Young Poong Corp.		258		227,283
Youngone Corp.		9,876		250,620
Yuanta Securities Korea Co., Ltd. (a) (b)		72,414		187,960
Yuhan Corp.		26		4,295
Yungjin Pharmaceutical Co., Ltd. (a) (b)		51,525		376,263
				60,139,425
SPAIN — 1.1%
Applus Services SA		52,549		534,861
Axiare Patrimonio SOCIMI SA		21,432		312,407
Baron de Ley (b)		949		119,614
Codere SA (b)		576,365		462,020
Construcciones y Auxiliar de Ferrocarriles SA		21,966		887,359
Euskaltel SA (a) (b) (f)		30,730		272,913
Faes Farma SA		252,291		894,109
Hispania Activos Inmobiliarios SOCIMI SA		31,402		370,792
Lar Espana Real Estate Socimi SA		24,505		181,702
Let’s GOWEX SA (a) (b) (c)		9,561		—
NH Hotel Group SA (b)		55,848		226,492
Obrascon Huarte Lain SA (a)		47,139		163,827
Parques Reunidos Servicios Centrales SAU (b) (f)		12,629		203,470
Pharma Mar SA (a) (b)		171,135		489,168
Promotora de Informaciones SA Class A (b)		44,101		244,207
Sacyr SA (a) (b)		113,741		266,330
Saeta Yield SA		13,451		115,358
Talgo SA (a) (b) (f)		36,126		172,153
Telepizza Group SA (b) (f)		32,129		153,005
Tubacex SA		156,046		449,329
Vidrala SA		20,906		1,080,480
				7,599,596
SWEDEN — 3.1%
Acando AB		85,686		244,289
AddLife AB (b)		14,706		222,987
AddTech AB Class B		25,210		395,441
AF AB Class B		28,872		530,747
Attendo AB (f)		28,528		247,295
Avanza Bank Holding AB		9,852		400,170
B&B Tools AB Class B		13,009		273,509

See accompanying Notes to Schedule of Investments

104

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Beijer Alma AB		8,804	$	225,803
Beijer Ref AB		15,310		364,018
Betsson AB (b)		49,395		477,932
Bilia AB Class A		12,815		295,527
BioGaia AB Class B		3,802		125,553
Bonava AB Class B (b)		37,014		575,301
Bravida Holding AB (f)		36,717		223,303
Bufab AB		22,517		192,710
Bure Equity AB		21,866		249,117
Byggmax Group AB		26,806		185,895
Capio AB (f)		27,126		143,623
Cellavision AB		18,434		174,507
Clas Ohlson AB Class B		13,265		195,662
Cloetta AB Class B		106,946		337,863
Com Hem Holding AB		40,329		385,773
Duni AB		13,293		182,906
Eltel AB (f)		21,665		149,050
Evolution Gaming Group AB (a) (f)		9,969		284,763
Haldex AB		46,513		596,478
Hemfosa Fastigheter AB		55,397		518,322
HIQ International AB (b)		31,263		211,641
Hoist Finance AB (f)		16,847		157,165
Industrial & Financial Systems Class B (d)		9,979		435,536
Infant Bacterial Theraoeutic AB (b)		1,167		5,652
Investment AB Oresund		15,104		253,546
Inwido AB		30,098		313,086
JM AB		24,283		703,530
KNOW IT AB		22,808		225,328
Kungsleden AB		66,451		422,423
Lagercrantz Group AB Class B		22,501		206,815
LeoVegas AB (b) (f)		66,803		268,400
Lindab International AB		20,231		162,679
Medivir AB Class B (b)		10,951		118,134
Modern Times Group MTG AB Class B		19,582		581,989
Munksjo Oyj (b)		18,978		316,269
Mycronic AB		29,676		320,129
NetEnt AB (b)		75,344		583,040
New Wave Group AB Class B		92,291		561,288
Nobia AB		51,298		479,122
Nolato AB Class B		11,753		340,250
Nordnet AB Class B		50,662		208,011
Opus Group AB		83,777		59,942
Orexo AB (a) (b)		7,601		31,460
Qliro Group AB (a) (b)		92,702		88,267
Ratos AB Class B		53,887		255,893
RaySearch Laboratories AB		13,752		279,291
Recipharm AB Class B		9,903		131,901
Sagax AB Class B		34,953		314,533
Sagax AB Class D (b)		2,310		7,196
SAS AB (b)		44,862		68,889
Scandi Standard AB		28,164		176,711
Sectra AB Class B (b)		14,811		210,722
SkiStar AB		10,497		176,210
Starbreeze AB (b)		109,800		233,267
Systemair AB		11,425		153,430
Tethys Oil AB		30,271		262,405
Thule Group AB (f)		26,813		420,586
Tobii AB (b) (d)		38,710		290,817
Vitrolife AB		8,235		350,807
Vostok New Ventures, Ltd. SDR (a) (b)		20,916		171,526
Wihlborgs Fastigheter AB		119,893		2,235,638
				20,992,068
SWITZERLAND — 2.5%
APG SGA SA		293		128,864
Arbonia AG (b)		19,626		316,689
Ascom Holding AG		20,321		319,906
Autoneum Holding AG		1,372		360,768
Bachem Holding AG Class B		3,505		311,410
Basilea Pharmaceutica, Ltd. (a) (b)		8,362		601,429
Bell AG		799		344,922
Bobst Group SA		2,674		186,274
Bossard Holding AG Class A (b)		1,939		273,580
Burckhardt Compression Holding AG		1,331		350,642
Burkhalter Holding AG		2,627		354,626
Comet Holding AG (b)		331		327,304
Conzzeta AG		183		129,640
EFG International AG (b)		40,080		242,921
Evolva Holding SA (a) (b)		207,242		148,853
GAM Holding AG (b)		64,869		753,140
Gurit Holding AG		64		50,943
HBM Healthcare Investments AG Class A (b)		2,933		285,696
Huber + Suhner AG		6,067		337,271
Implenia AG		4,831		357,685
Inficon Holding AG (b)		907		327,514
Interroll Holding AG		386		421,567
Intershop Holding AG		244		120,277
Kardex AG (b)		3,926		367,936
Komax Holding AG		2,133		527,295
Kudelski SA (b)		49,230		854,931
Lastminute.com NV (a) (b)		1,513		21,437
LEM Holding SA		264		247,285
Leonteq AG (b)		3,524		117,889
LifeWatch AG (b)		11,988		120,900
Metall Zug AG		63		200,774
Meyer Burger Technology AG (a) (b)		36,690		24,187
Mobilezone Holding AG		13,829		197,295
Mobimo Holding AG (b)		2,985		748,196
Myriad Group AG (b)		26,529		63,167
Newron Pharmaceuticals SpA (b)		3,337		66,159
Orascom Development Holding AG (b)		5,126		25,772
Oriflame Holding AG (b)		19,104		578,508
Orior AG (b)		5,547		407,968
Phoenix Mecano AG		432		199,349
Rieter Holding AG (b)		1,416		246,739
Santhera Pharmaceutical Holding AG (a) (b)		2,064		107,632
Schmolz + Bickenbach AG (b)		178,150		119,193
Schweiter Technologies AG		325		367,738
Siegfried Holding AG (b)		1,680		352,083
Swissquote Group Holding SA (b)		5,321		124,864
Tecan Group AG		4,498		703,234
u-blox Holding AG (b)		2,753		517,906
Valiant Holding AG		6,377		636,226
Valora Holding AG		5,849		1,664,607
Vaudoise Assurances Holding SA		428		202,977

See accompanying Notes to Schedule of Investments

105

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Wizz Air Holdings PLC (b) (f)		20,027	$	443,207
Zehnder Group AG (b)		2,469		78,101
				17,385,476
UNITED ARAB EMIRATES — 0.0% (g)
Lamprell PLC (b)		112,133		127,473
UNITED KINGDOM — 10.0%
4imprint Group PLC		7,902		173,313
888 Holdings PLC		74,913		200,869
A.G.Barr PLC		44,419		275,255
Aldermore Group PLC (b)		58,657		171,631
Allied Minds PLC (a) (b)		86,881		504,566
AO World PLC (a) (b)		81,962		183,715
Arrow Global Group PLC		65,527		241,286
Ascential PLC		58,561		195,302
Assura PLC		843,464		594,069
AVEVA Group PLC		25,050		581,607
Avon Rubber PLC		16,363		210,479
Big Yellow Group PLC REIT		55,955		473,960
Bloomsbury Publishing PLC		20,229		42,431
Bodycote PLC		47,061		374,492
Bovis Homes Group PLC		55,321		560,530
Brammer PLC		53,669		109,587
Brewin Dolphin Holdings PLC		105,399		397,351
Cairn Energy PLC (b)		240,995		702,476
Cape PLC		37,128		66,981
Card Factory PLC		95,955		299,974
Carillion PLC (a)		147,008		428,877
Chemring Group PLC (b)		265,977		558,712
Chesnara PLC		50,248		226,780
Cineworld Group PLC		418		2,918
Circassia Pharmaceuticals PLC (b)		85,127		98,876
Clarkson PLC		11,665		313,213
CMC Markets PLC (f)		35,852		48,332
Coats Group PLC (b)		552,129		371,820
Communisis PLC		49,808		26,695
Computacenter PLC		31,231		308,725
Concentric AB		21,649		271,071
Connect Group PLC		67,853		128,069
Consort Medical PLC		24,343		318,842
Costain Group PLC		48,965		214,031
Countryside Properties PLC (b) (f)		120,717		371,120
Countrywide PLC		64,723		140,956
Cranswick PLC		20,471		592,661
Crest Nicholson Holdings PLC		103,858		581,344
Daejan Holdings PLC		2,150		164,446
Dairy Crest Group PLC (a)		61,568		471,294
De La Rue PLC		35,905		272,851
Debenhams PLC		443,800		314,222
Dechra Pharmaceuticals PLC		27,477		456,654
Devro PLC		59,626		139,802
DFS Furniture PLC		73,622		206,504
Dialight PLC (b)		11,947		116,622
Dignity PLC		14,366		438,636
Diploma PLC		46,148		592,466
Domino’s Pizza Group PLC		2,034		9,068
Doric Nimrod Air Three, Ltd. Preference Shares (d)		85,438		105,835
Drax Group PLC		156,391		730,271
e2v technologies PLC		99,231		334,738
Electrocomponents PLC		166,764		982,297
Elementis PLC		138,141		473,505
Empiric Student Property PLC		349,049		457,180
EnQuest PLC (a) (b)		412,340		213,993
Enterprise Inns PLC (b)		415,342		623,559
Essentra PLC		103,014		586,803
esure Group PLC		108,499		270,144
Euromoney Institutional Investor PLC		15,926		225,324
Exova Group PLC		54,756		128,553
F&C Commercial Property Trust, Ltd.		270,549		455,990
FDM Group Holdings PLC		38,632		269,706
Fenner PLC		158,924		462,953
Ferroglobe PLC		20,201		218,777
Fidessa Group PLC		18,242		515,957
Findel PLC (b)		29,060		67,148
Firstgroup PLC (b)		368,741		472,037
Flybe Group PLC (b)		116,386		63,277
Forterra PLC (f)		97,845		210,672
Foxtons Group PLC		91,515		115,342
Fuller Smith & Turner PLC Class A		19,147		230,675
Galliford Try PLC		31,282		499,018
Games Workshop Group PLC		5,877		51,814
Gem Diamonds, Ltd.		92,655		125,938
Genel Energy PLC (a) (b)		60,215		61,012
Genus PLC		32,271		716,167
Go-Ahead Group PLC		16,854		466,703
Gocompare.Com Group PLC (b)		108,499		95,187
Grafton Group PLC		85,187		578,937
Grainger PLC		164,011		481,926
Greene King PLC		425		3,666
Greggs PLC		49,137		588,946
Halfords Group PLC		82,469		372,455
Hansteen Holdings PLC		165,863		232,617
Headlam Group PLC		18,681		112,588
Helical Bar PLC		39,416		143,556
Hill & Smith Holdings PLC		25,411		376,475
Hilton Food Group PLC		29,631		227,370
Hunting PLC		62,187		482,179
Huntsworth PLC		1,638		769
Ibstock PLC (f)		94,898		218,457
Imagination Technologies Group PLC (b)		83,567		260,214
Indivior PLC		1,763		6,453
Intelligent Energy Holdings PLC (b)		46,141		4,347
International Personal Finance PLC		84,089		179,028
Interserve PLC		90,331		381,453
IP Group PLC (b)		210,061		464,096
ITE Group PLC		273,878		522,009
Ithaca Energy, Inc. (b)		152,147		191,737
J D Wetherspoon PLC (a)		125,287		1,374,720
James Fisher & Sons PLC		19,031		366,844
JD Sports Fashion PLC		652		2,561
John Laing Group PLC (f)		127,771		427,540
John Menzies PLC		26,955		198,509
Johnston Press PLC (b)		27,350		4,520
JRP Group PLC		249,736		461,336
KCOM Group PLC		209,143		244,860
Keller Group PLC		53,545		558,414

See accompanying Notes to Schedule of Investments

106

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kier Group PLC		37,195	$	631,031
Laird PLC		192,147		363,262
Lancashire Holdings, Ltd.		58,287		499,835
Lavendon Group PLC		76,209		248,602
LondonMetric Property PLC		212,062		407,463
Lookers PLC		124,836		180,862
Low & Bonar PLC		85,133		68,902
LSL Property Services PLC		38,618		109,991
Luxfer Holdings PLC ADR		8,547		93,077
Marshalls PLC		98,932		357,567
Marston’s PLC		141,343		237,525
McBride PLC (b)		140,526		314,290
McCarthy & Stone PLC (f)		220,377		438,417
McColl’s Retail Group PLC		59,554		136,873
McKay Securities PLC		51,493		110,712
Mears Group PLC		32,770		184,645
Micro Focus International PLC		180		4,846
Millennium & Copthorne Hotels PLC		31,890		181,420
Mitchells & Butlers PLC		47,941		148,629
Mitie Group PLC		246,123		682,449
Moneysupermarket.com Group PLC		2,093		7,606
Morgan Advanced Materials PLC		170,723		602,062
Morgan Sindall Group PLC		62,951		579,501
Mothercare PLC (b)		57,342		80,066
Mucklow A & J Group PLC		28,585		164,243
N Brown Group PLC		68,011		186,984
NCC Group PLC		122,685		274,009
NewRiver REIT PLC		88,491		372,863
NMC Health PLC		125		2,385
Northgate PLC		46,449		282,956
Novae Group PLC		25,404		215,809
On the Beach Group PLC (b) (f)		34,269		117,400
OneSavings Bank PLC		57,434		239,873
Ophir Energy PLC (b)		258,624		308,384
Oxford Instruments PLC		22,515		203,647
Pagegroup PLC		125,517		605,646
Paragon Group of Cos. PLC		124,775		639,531
PayPoint PLC		72,080		896,000
Pendragon PLC		499,725		192,964
Petropavlovsk PLC (b)		972,032		83,476
Pets at Home Group PLC		137,168		405,085
Photo-Me International PLC		100,360		203,376
Polypipe Group PLC		69,101		276,561
Premier Foods PLC (b)		430,422		248,640
Premier Oil PLC (b)		218,186		199,505
Primary Health Properties PLC		272,798		375,005
PZ Cussons PLC		103,273		426,598
QinetiQ Group PLC		141,039		457,994
Rank Group PLC		56,765		136,776
Rathbone Brothers PLC		18,326		449,041
Raven Russia, Ltd. (a) (b)		149,926		83,134
Redefine International PLC		327,391		158,539
Redrow PLC		90,865		481,670
Renishaw PLC		174		5,435
Restaurant Group PLC		82,019		328,870
Ricardo PLC		28,340		337,051
Robert Walters PLC		45,673		192,799
RPC Group PLC		850		11,186
RPS Group PLC		193,815		532,859
Safestore Holdings PLC		75,549		326,732
Sanne Group PLC		52,078		376,448
Savills PLC		53,507		463,142
Schroder Real Estate Investment Trust, Ltd.		232,861		164,009
SDL PLC		44,430		243,069
Seadrill, Ltd. (a) (b)		147,225		510,037
Senior PLC		402,095		965,377
Serco Group PLC (b)		358,895		635,490
Shanks Group PLC		534,896		608,068
Shawbrook Group PLC (b) (f)		57,085		191,790
SIG PLC		300,259		382,887
Soco International PLC		95,878		188,962
Softcat PLC		55,501		202,242
Sophos Group PLC (f)		115,677		373,921
Speedy Hire PLC		178,744		112,641
Spire Healthcare Group PLC (f)		81,296		339,231
Spirent Communications PLC		321,649		392,477
SSP Group PLC		1,244		5,952
ST Modwen Properties PLC		68,292		256,446
Stagecoach Group PLC		139,506		372,687
Stallergenes Greer PLC (b)		405		13,200
SThree PLC		55,256		211,744
Stobart Group, Ltd.		110,587		243,573
Stock Spirits Group PLC		85,909		191,872
SuperGroup PLC		22,945		467,241
SVG Capital PLC (b)		25,880		226,409
Synthomer PLC		122,047		576,989
Ted Baker PLC		10,252		356,474
Telecom Plus PLC		28,928		420,360
Thomas Cook Group PLC (b)		276,967		298,428
Topps Tiles PLC		95,738		103,511
TORM PLC		10,985		98,949
TP ICAP PLC		212,243		1,136,364
Trinity Mirror PLC		100,842		132,082
Tritax Big Box REIT PLC		416,248		717,500
Tyman PLC		59,771		203,473
U & I Group PLC		52,574		110,437
Ultra Electronics Holdings PLC		16,552		396,982
UNITE Group PLC		54,641		409,154
Urban & Civic PLC		35,499		99,024
Vectura Group PLC (b)		270,443		458,151
Vesuvius PLC		74,784		365,284
Victrex PLC		28,427		678,279
Virgin Money Holdings UK PLC		88,355		330,475
Vitec Group PLC		25,917		207,678
Volution Group PLC		79,656		158,713
Wilmington PLC		20,872		70,053
Wincanton PLC		200,098		608,237
Workspace Group PLC		42,880		419,638
Xaar PLC		29,929		147,927
Zoopla Property Group PLC (f)		135,098		533,020
				68,513,394
UNITED STATES — 0.7%
Alacer Gold Corp. (b)		109,895		183,561
Argonaut Gold, Inc. (b)		64,049		101,252
Atlantic Power Corp. (a)		58,083		146,393
Boart Longyear, Ltd. (b)		2,516		228
DHT Holdings, Inc. (a)		58,416		241,842

See accompanying Notes to Schedule of Investments

107

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Eros International PLC (a) (b)		12,086	$	157,722
Ferroglobe Representation & Warranty Insurance Trust (c)		19,857		—
Globant SA (b)		11,499		383,492
Golar LNG, Ltd.		36,583		839,214
MDC Partners, Inc. Class A		25,962		170,051
Mitel Networks Corp. (b)		36,867		250,696
Nordic American Tankers, Ltd. (a)		45,849		385,132
Ormat Technologies, Inc.		1		42
Oxford Immunotec Global PLC (b)		15,287		228,541
REC Silicon ASA (a) (b)		870,672		115,311
Ship Finance International, Ltd. (a)		32,636		484,645
Sims Metal Management, Ltd.		52,743		489,993
Stratasys, Ltd. (a) (b)		19,414		321,107
Vail Resorts, Inc.		1,803		290,842
				4,790,064
TOTAL COMMON STOCKS (Cost $774,958,021)				683,308,982
WARRANTS — 0.0% (g)
HONG KONG — 0.0% (g)
Skyway Securities Group, Ltd. (expiring 2/13/17) (b)		346,000		4,507
SINGAPORE — 0.0% (g)
Ezion Holdings, Ltd. (expiring 4/24/20) (a) (b)		115,305		6,625
TOTAL WARRANTS (Cost $—)				11,132
RIGHTS — 0.0% (g)
AUSTRALIA — 0.0% (g)
Corporate Travel Management, Ltd. (expiring 1/17/17) (a) (b) (c)		2,168		—
Estia Health, Ltd. (expiring 1/11/17) (b) (c)		30,138		—
				—
HONG KONG — 0.0% (g)
Enerchina Holdings, Ltd. (expiring 1/25/17) (b) (d)		1,096,500		6,364
Heng Tai Consumables Group, Ltd. (expiring 1/3/17) (b) (d)		324,000		126
				6,490
ITALY — 0.0% (g)
Credito Valtellinese (expiring 1/5/17) (b) (d)		380,054		—
NORWAY — 0.0% (g)
Petroleum Geo-Services ASA (expiring 1/5/17) (b) (d)		11,257		8,762
SINGAPORE — 0.0% (g)
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (expiring 1/18/17) (b) (d)		162,720		13,741
SPAIN — 0.0% (g)
Faes Farma SA (expiring 1/5/17) (b)		247,983		23,802
TOTAL RIGHTS (Cost $23,245)				52,795
SHORT-TERM INVESTMENTS — 6.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (h) (i)		811,643		811,643
State Street Navigator Securities Lending Government Money Market Portfolio (i) (j)		44,938,434		44,938,434
TOTAL SHORT-TERM INVESTMENTS (Cost $45,750,077)				45,750,077
TOTAL INVESTMENTS — 106.4% (Cost $820,731,343)				729,122,986
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.4)%				(43,590,617	)
NET ASSETS — 100.0%			$	685,532,369

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of the 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 December 31, 2016, total aggregate fair value of securities is $2,218,848 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 December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(g) Amount is less than 0.05% of net assets.

(h) The rate shown is the annualized seven-day yield at December 31, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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

SDR = Swedish Depositary Receipt

See accompanying Notes to Schedule of Investments

108

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	45,703,217	$	195,350		$	0	(b)	$	45,898,567
Austria		3,763,356		—			—			3,763,356
Belgium		9,153,126		—			—			9,153,126
Canada		63,243,944		27,626			0	(b)		63,271,570
China		1,476,299		—			—			1,476,299
Denmark		6,062,191		—			0	(b)		6,062,191
Faeroe Islands		801,195		—			—			801,195
Finland		7,570,620		—			0	(b)		7,570,620
France		14,580,943		—			—			14,580,943
Germany		19,190,895		—			—			19,190,895
Greece		559		—			0	(b)		559
Hong Kong		24,240,433		755,821			0	(b)		24,996,254
India		407,208		—			—			407,208
Ireland		6,483,947		—			—			6,483,947
Israel		12,029,761		—			—			12,029,761
Italy		10,798,732		170,015			0	(b)		10,968,747
Japan		229,545,478		28,396			—			229,573,874
Luxembourg		506,259		—			—			506,259
Macau		587,598		—			—			587,598
Netherlands		10,145,716		—			—			10,145,716
New Zealand		9,708,752		—			—			9,708,752
Norway		11,437,739		—			—			11,437,739
Peru		213,530		—			—			213,530
Portugal		2,153,228		—			—			2,153,228
Singapore		12,023,783		256,627			0	(b)		12,280,410
South Africa		499,142		—			0	(b)		499,142
South Korea		59,950,800		188,625			0	(b)		60,139,425
Spain		7,599,596		—			0	(b)		7,599,596
Sweden		20,530,508		461,560			—			20,992,068
Switzerland		17,385,476		—			—			17,385,476
United Arab Emirates		127,473		—			—			127,473
United Kingdom		68,407,559		105,835			—			68,513,394
United States		4,790,064		—			0	(b)		4,790,064
Warrants
Hong Kong		4,507		—			—			4,507
Singapore		6,625		—			—			6,625
Rights
Australia		—		—			0	(b)		—
Hong Kong		—		6,490			—			6,490
Italy		—		0	(a)		—			—
Norway		—		8,762			—			8,762
Singapore		—		13,741			—			13,741
Spain		23,802		—			—			23,802
Short-Term Investments		45,750,077		—			—			45,750,077
TOTAL INVESTMENTS	$	726,904,138	$	2,218,848		$	0		$	729,122,986

(a) Fund held Level 2 securities that were valued at $0 at December 31, 2016.

(b) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

See accompanying Notes to Schedule of Investments

109

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		3,225,573	$	3,225,573		470,553		3,696,126		—	$	—	$	141
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		32,771,480		31,959,837		811,643		811,643		3,328
State Street Navigator Securities Lending Government Money Market Portfolio *		77,010,646		77,010,646		178,876,856		210,949,068		44,938,434		44,938,434		368,658
TOTAL			$	80,236,219							$	45,750,077	$	372,127

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

110

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 15.4%
Astro Japan Property Group		541,811	$	2,608,963
BGP Holdings PLC (a) (b)		32,410,441		—
BWP Trust		4,444,041		9,621,609
Charter Hall Retail REIT		3,029,653		9,279,653
Dexus Property Group REIT		8,853,800		61,674,159
Gateway Lifestyle (c)		2,602,506		4,070,464
Goodman Group		14,686,558		75,824,231
GPT Group		16,550,187		60,279,460
Investa Office Fund REIT		5,654,879		19,326,970
Scentre Group REIT		49,113,714		165,013,402
Westfield Corp.		17,632,299		119,759,573
				527,458,484
AUSTRIA — 1.3%
BUWOG AG		650,958		15,166,948
CA Immobilien Anlagen AG		672,695		12,391,854
IMMOFINANZ AG (c)		8,087,442		15,806,515
				43,365,317
BELGIUM — 1.0%
Befimmo SA		209,402		11,785,450
Cofinimmo SA REIT		186,315		21,351,435
				33,136,885
BRAZIL — 0.5%
BR Malls Participacoes SA (b)		4,879,212		17,914,580
CANADA — 3.9%
Artis Real Estate Investment Trust		673,390		6,377,132
Boardwalk Real Estate Investment Trust		207,241		7,518,194
Canadian Apartment Properties		609,990		14,268,958
Canadian Real Estate Investment Trust		329,882		11,389,237
Crombie Real Estate Investment Trust		392,493		3,974,539
Dream Office Real Estate Investment Trust		488,885		7,127,029
First Capital Realty, Inc.		1,276,215		19,670,679
H&R Real Estate Investment Trust		1,283,420		21,408,676
RioCan Real Estate Investment Trust		1,468,472		29,160,292
Smart Real Estate Investment Trust REIT		585,680		14,102,090
				134,996,826
FRANCE — 11.5%
Fonciere Des Regions		453,624		39,683,464
Gecina SA REIT		371,918		51,565,271
Klepierre REIT		1,913,334		75,365,532
Mercialys SA (c)		507,319		10,297,898
Unibail-Rodamco SE		916,201		219,122,803
				396,034,968
GERMANY — 1.3%
LEG Immobilien AG		579,668		45,121,674
HONG KONG — 8.2%
Champion REIT		19,727,174		10,686,512
Hang Lung Properties, Ltd.		19,077,755		40,453,015
Hongkong Land Holdings, Ltd.		10,869,400		68,803,302
Hysan Development Co., Ltd.		5,680,846		23,483,502
Link REIT		20,574,355		133,745,315
Prosperity REIT		10,791,000		4,258,974
				281,430,620
ITALY — 0.2%
Beni Stabili SpA SIIQ		9,351,862		5,356,085
Immobiliare Grande Distribuzione SIIQ SpA		3,269,844		2,496,980
				7,853,065
JAPAN — 25.2%
Activia Properties, Inc. (c)		6,104		28,836,147
Aeon Mall Co., Ltd.		1,046,940		14,756,886
AEON REIT Investment Corp. (c)		9,886		10,840,823
Daibiru Corp.		523,200		4,490,275
Daiwa Office Investment Corp. (c)		3,033		15,342,479
Frontier Real Estate Investment Corp.		4,279		18,325,207
Fukuoka Corp. REIT		6,877		10,896,125
Global One Real Estate Investment Corp.		1,777		6,673,177
Hankyu REIT, Inc. (c)		5,484		6,869,399
Heiwa Real Estate Co., Ltd.		305,000		4,157,843
Hoshino Resorts REIT, Inc. (c)		1,493		7,808,377
Hulic Co., Ltd.		4,460,490		39,734,635
Hulic, Inc. REIT (c)		8,760		14,728,306
Ichigo Hotel Real Estate Investment Corp.		2,459		2,717,581
Japan Excellent, Inc.		12,012		15,273,114
Japan Prime Realty Investment Corp. (c)		8,031		31,708,111
Japan Real Estate Investment Corp.		11,471		62,648,665
Japan Rental Housing Investments, Inc.		15,080		10,136,511
Japan Retail Fund Investment Corp. REIT		23,524		47,719,624
Kenedix Office Investment Corp. REIT		3,729		21,484,872
Kenedix Residential Investment Corp.		3,218		8,732,344
Kenedix Retail REIT Corp.		3,680		8,405,299
Leopalace21 Corp.		2,461,200		13,631,716
MCUBS MidCity Investment Corp.		2,308		6,668,633
Mitsui Fudosan Co., Ltd.		9,136,000		211,882,197
Mori Hills Investment Corp. REIT		12,886		17,445,016
Mori Trust Sogo REIT, Inc.		8,879		14,037,704
Nippon Building Fund, Inc. (c)		13,014		72,191,520
NTT Urban Development Corp.		997,031		8,796,201
Orix JREIT, Inc. REIT		23,263		36,798,761
Premier Investment Corp.		10,295		12,198,474
Tokyu Fudosan Holdings Corp.		4,724,300		27,948,446
Tokyu REIT, Inc.		8,980		11,402,563
United Urban Investment Corp.		27,216		41,511,779
				866,798,810
NETHERLANDS — 1.4%
Atrium European Real Estate, Ltd.		1,570,616		6,510,466
Eurocommercial Properties NV		444,299		17,144,622
Vastned Retail NV		174,698		6,791,923
Wereldhave NV		370,747		16,721,101
				47,168,112

See accompanying Notes to Schedule of Investments

111

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
NEW ZEALAND — 0.9%
Argosy Property, Ltd. (c)		7,512,833	$	5,291,085
Goodman Property Trust (c)		9,290,389		7,903,390
Kiwi Property Group, Ltd.		12,208,838		11,790,813
Precinct Properties New Zealand, Ltd.		9,232,565		7,725,441
				32,710,729
PHILIPPINES — 2.0%
Robinsons Land Corp.		14,664,300		7,669,536
SM Prime Holdings, Inc.		106,520,400		60,746,358
				68,415,894
SINGAPORE — 7.1%
Ascendas REIT (c)		21,731,128		34,145,262
Cambridge Industrial Trust		10,336,679		3,863,644
CapitaLand Commercial Trust		19,653,905		20,134,131
CapitaLand Mall Trust REIT (c)		24,816,740		32,380,117
CapitaLand, Ltd.		23,832,265		49,818,952
Frasers Commercial Trust		5,318,964		4,638,953
Global Logistic Properties, Ltd. (c)		27,220,884		41,452,166
GuocoLand, Ltd. (c)		2,520,466		3,140,333
Keppel REIT (c)		16,352,656		11,545,448
Mapletree Logistics Trust		14,019,798		9,898,383
Starhill Global REIT		12,409,424		6,356,319
Suntec Real Estate Investment Trust (c)		23,376,491		26,698,422
				244,072,130
SOUTH AFRICA — 1.9%
Growthpoint Properties, Ltd. REIT		21,393,598		40,503,126
Hyprop Investments, Ltd.		1,967,147		16,875,029
SA Corporate Real Estate, Ltd.		16,419,380		6,747,855
				64,126,010
SPAIN — 0.0%(d)
Martinsa Fadesa SA (b)		35,998		—
SWEDEN — 1.9%
Castellum AB		2,517,987		34,618,649
Fabege AB		1,294,802		21,222,290
Kungsleden AB		1,438,341		9,143,407
				64,984,346
SWITZERLAND — 2.5%
PSP Swiss Property AG		371,984		32,207,991
Swiss Prime Site AG (b)		659,056		54,048,623
				86,256,614
THAILAND — 0.6%
Central Pattana PCL NVDR		12,401,151		19,652,485
UNITED KINGDOM — 12.9%
Big Yellow Group PLC REIT		1,365,001		11,562,073
British Land Co. PLC REIT		9,436,230		73,398,898
Capital & Counties Properties PLC (c)		6,933,119		25,452,274
Derwent London PLC		1,021,412		34,985,612
Grainger PLC		3,829,653		11,252,955
Great Portland Estates PLC REIT		3,168,920		26,176,283
Hammerson PLC		7,231,027		51,197,634
Intu Properties PLC (c)		8,302,344		28,857,968
Land Securities Group PLC REIT		7,387,911		97,313,737
Segro PLC		7,638,022		43,235,102
Shaftesbury PLC		2,560,443		28,759,033
Workspace Group PLC		1,080,936		10,578,411
				442,769,980
TOTAL COMMON STOCKS (Cost $3,464,211,984)				3,424,267,529
SHORT-TERM INVESTMENT — 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f) (Cost $81,103,310)				81,103,310
TOTAL INVESTMENTS — 102.1% (Cost $3,545,315,294)				3,505,370,839
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%				(72,444,385	)
NET ASSETS — 100.0%			$	3,432,926,454

(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 December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(b) Non-income producing security.

(c) All or a portion of the shares of the security are on loan at December 31, 2016.

(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 period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

112

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	527,458,484	$	—	$	0	(a)	$	527,458,484
Austria		43,365,317		—		—			43,365,317
Belgium		33,136,885		—		—			33,136,885
Brazil		17,914,580		—		—			17,914,580
Canada		134,996,826		—		—			134,996,826
France		396,034,968		—		—			396,034,968
Germany		45,121,674		—		—			45,121,674
Hong Kong		281,430,620		—		—			281,430,620
Italy		7,853,065		—		—			7,853,065
Japan		866,798,810		—		—			866,798,810
Netherlands		47,168,112		—		—			47,168,112
New Zealand		32,710,729		—		—			32,710,729
Philippines		68,415,894		—		—			68,415,894
Singapore		244,072,130		—		—			244,072,130
South Africa		64,126,010		—		—			64,126,010
Spain		—		—		0	(a)		—
Sweden		64,984,346		—		—			64,984,346
Switzerland.		86,256,614		—		—			86,256,614
Thailand		19,652,485		—		—			19,652,485
United Kingdom		442,769,980		—		—			442,769,980
Short-Term Investment		81,103,310		—		—			81,103,310
TOTAL INVESTMENTS	$	3,505,370,839	$	—	$	0		$	3,505,370,839

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,657,995	$	1,657,995		4,425		1,662,420		—	$	—	$	11
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		243,259,666		243,259,666		—		—		26,367
State Street Navigator Securities Lending Government Money Market Portfolio *		113,855,927		113,855,927		2,176,886,440		2,209,639,057		81,103,310		81,103,310		149,287
TOTAL			$	115,513,922							$	81,103,310	$	175,665

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

113

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 7.9%
Macquarie Atlas Roads Group		157,360	$	575,419
Qube Holdings, Ltd. (a)		420,322		742,626
Sydney Airport		378,766		1,642,844
Transurban Group Stapled Security		600,382		4,486,481
				7,447,370
BRAZIL — 1.2%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		18,429		159,964
CPFL Energia SA ADR (a)		17,357		267,298
Ultrapar Participacoes SA ADR		34,798		721,710
				1,148,972
CANADA — 9.2%
AltaGas, Ltd. (a)		13,426		339,392
Enbridge, Inc. (a)		75,992		3,201,632
Inter Pipeline, Ltd.		27,712		612,493
Pembina Pipeline Corp. (a)		31,838		996,176
TransCanada Corp. (a)		65,084		2,938,135
Veresen, Inc. (a)		25,672		250,967
Westshore Terminals Investment Corp.		19,547		377,370
				8,716,165
CHILE — 0.2%
Enel Americas SA ADR		21,025		172,615
CHINA — 3.4%
Beijing Capital International Airport Co., Ltd. Class H		500,000		505,601
Beijing Enterprises Water Group, Ltd. (a)		270,000		179,695
China Merchants Port Holdings Co., Ltd.		256,022		635,337
China Resources Power Holdings Co., Ltd.		96,389		153,165
COSCO SHIPPING Ports, Ltd.		552,394		555,020
Guangdong Investment, Ltd.		154,000		203,396
Jiangsu Expressway Co., Ltd. Class H		426,000		538,465
Shenzhen International Holdings, Ltd.		321,572		468,682
				3,239,361
FRANCE — 4.4%
Aeroports de Paris		11,278		1,210,959
Engie SA		85,890		1,097,981
Groupe Eurotunnel SE		190,086		1,811,255
				4,120,195
GERMANY — 1.6%
E.ON SE		107,641		760,680
Fraport AG Frankfurt Airport Services Worldwide		12,744		755,022
				1,515,702
HONG KONG — 1.2%
China Gas Holdings, Ltd. (a)		126,000		170,965
CLP Holdings, Ltd.		104,500		960,336
				1,131,301
ITALY — 6.2%
Atlantia SpA		162,645		3,818,698
Enel SpA		410,589		1,813,692
Societa Iniziative Autostradali e Servizi SpA		23,690		202,395
				5,834,785
JAPAN — 2.9%
Japan Airport Terminal Co., Ltd. (a)		23,800		862,134
Kamigumi Co., Ltd.		87,000		830,951
Mitsubishi Logistics Corp.		57,000		807,828
Sumitomo Warehouse Co., Ltd.		53,000		280,825
				2,781,738
MEXICO — 2.2%
Grupo Aeroportuario del Pacifico SAB de CV ADR		12,845		1,059,969
Grupo Aeroportuario del Sureste SAB de CV ADR		6,984		1,004,928
				2,064,897
NETHERLANDS — 0.3%
Koninklijke Vopak NV		5,466		258,716
NEW ZEALAND — 1.7%
Auckland International Airport, Ltd.		320,891		1,398,483
Z Energy, Ltd.		32,895		166,528
				1,565,011
SINGAPORE — 1.6%
Hutchison Port Holdings Trust		1,826,828		794,670
SATS, Ltd.		219,017		735,262
				1,529,932
SPAIN — 8.9%
Abertis Infraestructuras SA		202,043		2,833,229
Aena SA (b)		25,418		3,475,869
Iberdrola SA		318,152		2,091,949
				8,401,047
SWITZERLAND — 1.3%
Flughafen Zuerich AG		6,468		1,202,150
UNITED KINGDOM — 5.7%
BBA Aviation PLC		310,154		1,085,723
Centrica PLC		290,978		841,699
National Grid PLC		208,617		2,453,011
SSE PLC		53,546		1,027,528
				5,407,961
UNITED STATES — 39.7%
American Electric Power Co., Inc.		26,202		1,649,678
Cheniere Energy, Inc. (a) (c)		19,119		792,100
Consolidated Edison, Inc.		16,147		1,189,711
Dominion Resources, Inc. (a)		33,250		2,546,618
Duke Energy Corp.		36,663		2,845,782
Edison International		17,320		1,246,867
Eversource Energy		16,853		930,791
Exelon Corp.		49,100		1,742,559
Kinder Morgan, Inc.		156,201		3,234,923
Macquarie Infrastructure Corp.		25,902		2,116,193
NextEra Energy, Inc.		24,896		2,974,076
ONEOK, Inc.		17,135		983,720
PG&E Corp.		26,535		1,612,532
PPL Corp.		36,050		1,227,503
Public Service Enterprise Group, Inc.		26,875		1,179,275
Sempra Energy		13,269		1,335,392
Southern Co.		52,061		2,560,881
Spectra Energy Corp.		57,005		2,342,336
Targa Resources Corp.		13,703		768,327
WEC Energy Group, Inc.		16,771		983,619
Wesco Aircraft Holdings, Inc. (c)		20,553		307,267

See accompanying Notes to Schedule of Investments

114

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Williams Cos., Inc.		55,548	$	1,729,765
Xcel Energy, Inc.		26,979		1,098,045
				37,397,960
TOTAL COMMON STOCKS (Cost $98,720,537)				93,935,878
SHORT-TERM INVESTMENTS — 4.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		47,773		47,773
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		4,274,480		4,274,480
TOTAL SHORT-TERM INVESTMENTS (Cost $4,322,253)				4,322,253
TOTAL INVESTMENTS — 104.2% (Cost $103,042,790)				98,258,131
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.2)%				(3,986,493	)
NET ASSETS — 100.0%			$	94,271,638

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 3.7% of net assets as of December 31, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Non-income producing security.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	7,447,370	$	—	$	—	$	7,447,370
Brazil		1,148,972		—		—		1,148,972
Canada		8,716,165		—		—		8,716,165
Chile		172,615		—		—		172,615
China		3,239,361		—		—		3,239,361
France		4,120,195		—		—		4,120,195
Germany		1,515,702		—		—		1,515,702
Hong Kong		1,131,301		—		—		1,131,301
Italy		5,834,785		—		—		5,834,785
Japan		2,781,738		—		—		2,781,738
Mexico		2,064,897		—		—		2,064,897
Netherlands		258,716		—		—		258,716
New Zealand		1,565,011		—		—		1,565,011
Singapore		1,529,932		—		—		1,529,932
Spain		8,401,047		—		—		8,401,047
Switzerland		1,202,150		—		—		1,202,150
United Kingdom		5,407,961		—		—		5,407,961
United States		37,397,960		—		—		37,397,960
Short-Term Investments		4,322,253		—		—		4,322,253
TOTAL INVESTMENTS	$	98,258,131	$	—	$	—	$	98,258,131

See accompanying Notes to Schedule of Investments

115

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		196,058	$	196,058		12,263		208,321		—	$	—	$	5
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,815,146		1,767,373		47,773		47,773		200
State Street Navigator Securities Lending Government Money Market Portfolio *		4,958,497		4,958,497		8,591,115		9,275,132		4,274,480		4,274,480		10,700
TOTAL			$	5,154,555							$	4,322,253	$	10,905

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

116

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 8.8%
Amcor, Ltd.		1,384,990	$	14,992,922
BHP Billiton, Ltd.		2,195,914		39,846,929
Newcrest Mining, Ltd.		521,824		7,651,517
South32, Ltd.		3,637,920		7,244,098
Woodside Petroleum, Ltd.		191,560		4,322,159
				74,057,625
AUSTRIA — 0.3%
Voestalpine AG		75,998		2,989,125
BRAZIL — 1.6%
Fibria Celulose SA ADR (a)		270,888		2,603,233
Petroleo Brasileiro SA ADR (b)		393,581		3,979,104
Vale SA ADR		879,711		6,703,398
				13,285,735
CANADA — 11.2%
Agrium, Inc. (a)		165,283		16,633,678
Barrick Gold Corp.		796,963		12,735,469
Canadian Natural Resources, Ltd.		288,905		9,218,333
Franco-Nevada Corp. (a)		121,510		7,274,019
Goldcorp, Inc.		583,376		7,952,062
Imperial Oil, Ltd. (a)		67,278		2,343,354
Potash Corp. of Saskatchewan, Inc.		1,005,850		18,195,826
Silver Wheaton Corp. (a)		300,824		5,818,854
Suncor Energy, Inc.		437,634		14,326,187
				94,497,782
CHILE — 0.3%
Antofagasta PLC (a)		265,114		2,211,219
CHINA — 0.6%
CNOOC, Ltd.		4,243,000		5,308,436
COLOMBIA — 0.1%
Ecopetrol SA ADR (a) (b)		65,482		592,612
FINLAND — 2.7%
Stora Enso Oyj Class R		680,641		7,329,821
UPM-Kymmene Oyj		637,783		15,700,855
				23,030,676
FRANCE — 4.0%
TOTAL SA		651,256		33,466,364
GERMANY — 1.5%
KS AG (a)		228,654		5,472,211
ThyssenKrupp AG		297,903		7,113,786
				12,585,997
IRELAND — 0.8%
Smurfit Kappa Group PLC		282,404		6,491,981
ISRAEL — 0.3%
Israel Chemicals, Ltd.		615,511		2,526,879
ITALY — 1.4%
Eni SpA		705,305		11,508,449
JAPAN — 3.5%
JFE Holdings, Inc.		395,000		6,028,208
Nippon Steel & Sumitomo Metal Corp.		617,400		13,799,990
Oji Holdings Corp.		1,128,000		4,603,489
Sumitomo Metal Mining Co., Ltd.		378,000		4,884,006
				29,315,693
LUXEMBOURG — 1.1%
ArcelorMittal (b)		1,291,989		9,560,881
MEXICO — 0.2%
Fresnillo PLC		127,027		1,916,492
NETHERLANDS — 3.9%
OCI NV (b)		75,070		1,312,806
Royal Dutch Shell PLC Class A		1,136,882		31,502,363
				32,815,169
NORWAY — 2.1%
Norsk Hydro ASA		941,583		4,517,743
Statoil ASA		274,902		5,058,782
Yara International ASA		210,435		8,312,081
				17,888,606
PERU — 0.5%
Southern Copper Corp. (a)		134,104		4,283,282
RUSSIA — 3.5%
Gazprom PJSC ADR		1,582,796		7,993,120
Lukoil PJSC ADR		113,699		6,378,514
MMC Norilsk Nickel PJSC ADR		465,230		7,811,212
Novatek PJSC GDR		17,469		2,267,476
Novolipetsk Steel PJSC GDR		56,894		1,058,228
Rosneft Oil Co. PJSC GDR		307,763		2,000,459
Severstal PJSC GDR		121,554		1,847,621
				29,356,630
SINGAPORE — 1.6%
Golden Agri-Resources, Ltd.		8,146,777		2,424,804
Wilmar International, Ltd.		4,455,476		11,071,612
				13,496,416
SOUTH AFRICA — 1.1%
Mondi PLC		438,990		9,037,013
SOUTH KOREA — 1.8%
Korea Zinc Co., Ltd.		8,442		3,320,045
POSCO		4,195		894,364
POSCO ADR		209,435		11,005,809
				15,220,218
SPAIN — 0.5%
Repsol SA		301,923		4,273,643
SWITZERLAND — 8.3%
Glencore PLC (b)		8,295,005		28,427,595
Syngenta AG		105,041		41,598,861
				70,026,456
UNITED KINGDOM — 6.8%
Anglo American PLC (b)		963,587		13,811,607
BP PLC		4,930,628		31,047,522
Rio Tinto, Ltd.		290,131		12,584,021
				57,443,150
UNITED STATES — 31.1%
Alcoa Corp.		100,777		2,829,818
Anadarko Petroleum Corp.		55,235		3,851,536
Archer-Daniels-Midland Co.		320,558		14,633,473
Avery Dennison Corp.		49,209		3,455,456
Baker Hughes, Inc.		43,285		2,812,226
Bunge, Ltd.		76,596		5,533,295
CF Industries Holdings, Inc. (a)		128,691		4,051,193

See accompanying Notes to Schedule of Investments

117

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Chevron Corp.		189,891	$	22,350,171
ConocoPhillips		124,355		6,235,160
Devon Energy Corp.		53,063		2,423,387
EOG Resources, Inc.		55,246		5,585,370
Exxon Mobil Corp.		417,279		37,663,602
FMC Corp.		73,848		4,176,843
Freeport-McMoRan, Inc. (b)		835,751		11,023,556
Halliburton Co.		86,386		4,672,619
Ingredion, Inc.		39,844		4,978,906
International Paper Co.		226,601		12,023,449
Monsanto Co.		240,970		25,352,454
Mosaic Co.		193,618		5,678,816
Newmont Mining Corp.		362,885		12,363,492
Nucor Corp.		218,240		12,989,645
Occidental Petroleum Corp.		76,701		5,463,412
Packaging Corp. of America		51,983		4,409,198
Phillips 66		44,582		3,852,331
Pioneer Natural Resources Co.		17,230		3,102,606
Rayonier, Inc.		67,648		1,799,437
Schlumberger, Ltd.		140,062		11,758,205
Sealed Air Corp.		108,013		4,897,309
Valero Energy Corp.		46,831		3,199,494
WestRock Co.		138,181		7,015,449
Weyerhaeuser Co. REIT		412,653		12,416,729
				262,598,637
TOTAL COMMON STOCKS (Cost $853,018,111)				839,785,166
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Repsol SA (expiring 1/6/17) (b) (Cost $104,002)		298,240		110,728
SHORT-TERM INVESTMENTS — 2.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		1,530,643		1,530,643
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		16,798,198		16,798,198
TOTAL SHORT-TERM INVESTMENTS (Cost $18,328,841)				18,328,841
TOTAL INVESTMENTS — 101.8% (Cost $871,450,954)				858,224,735
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%				(15,188,132	)
NET ASSETS — 100.0%			$	843,036,603

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) Amount is less than 0.05% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) 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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	74,057,625	$	—	$	—	$	74,057,625
Austria		2,989,125		—		—		2,989,125
Brazil		13,285,735		—		—		13,285,735
Canada		94,497,782		—		—		94,497,782
Chile		2,211,219		—		—		2,211,219
China		5,308,436		—		—		5,308,436
Colombia		592,612		—		—		592,612
Finland		23,030,676		—		—		23,030,676
France		33,466,364		—		—		33,466,364
Germany		12,585,997		—		—		12,585,997
Ireland		6,491,981		—		—		6,491,981
Israel		2,526,879		—		—		2,526,879
Italy		11,508,449		—		—		11,508,449
Japan		29,315,693		—		—		29,315,693
Luxembourg		9,560,881		—		—		9,560,881
Mexico		1,916,492		—		—		1,916,492

See accompanying Notes to Schedule of Investments

118

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Netherlands	$	32,815,169	$	—	$	—	$	32,815,169
Norway		17,888,606		—		—		17,888,606
Peru		4,283,282		—		—		4,283,282
Russia		29,356,630		—		—		29,356,630
Singapore		13,496,416		—		—		13,496,416
South Africa		9,037,013		—		—		9,037,013
South Korea		15,220,218		—		—		15,220,218
Spain		4,273,643		—		—		4,273,643
Switzerland		70,026,456		—		—		70,026,456
United Kingdom		57,443,150		—		—		57,443,150
United States		262,598,637		—		—		262,598,637
Rights
Spain		110,728		—		—		110,728
Short-Term Investments		18,328,841		—		—		18,328,841
TOTAL INVESTMENTS	$	858,224,735	$	—	$	—	$	858,224,735

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,166,082	$	2,166,082		707		2,166,789		—	$	—	$	65
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		16,297,246		14,766,603		1,530,643		1,530,643		2,435
State Street Navigator Securities Lending Government Money Market Portfolio *		19,577,508		19,577,508		575,205,716		577,985,026		16,798,198		16,798,198		63,978
TOTAL			$	21,743,590							$	18,328,841	$	66,478

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

119

SPDR S&P North American Natural Resources ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
CANADA — 35.0%
Agnico Eagle Mines, Ltd.		483,418	$	20,348,940
Agrium, Inc.		158,111		15,911,905
ARC Resources, Ltd.		130,962		2,256,837
Barrick Gold Corp.		2,508,723		40,201,676
Cameco Corp.		147,399		1,543,180
Canadian Natural Resources, Ltd.		410,270		13,090,827
Cenovus Energy, Inc.		310,309		4,697,269
Crescent Point Energy Corp.		201,441		2,741,358
Detour Gold Corp. (a)		376,486		5,134,729
Eldorado Gold Corp. (a)		1,542,654		4,969,438
Encana Corp.		356,454		4,189,042
First Quantum Minerals, Ltd.		1,483,943		14,772,484
Franco-Nevada Corp.		382,691		22,909,238
Goldcorp, Inc.		1,837,197		25,043,034
Husky Energy, Inc. (a)		112,325		1,364,434
Imperial Oil, Ltd.		94,741		3,299,916
Kinross Gold Corp. (a)		2,679,663		8,372,386
Lundin Mining Corp. (a)		1,348,287		6,434,538
Peyto Exploration & Development Corp.		61,306		1,518,193
Potash Corp. of Saskatchewan, Inc.		960,429		17,395,936
PrairieSky Royalty, Ltd.		75,798		1,805,293
Seven Generations Energy, Ltd. Class A (a)		92,053		2,149,196
Silver Wheaton Corp.		947,714		18,331,681
Suncor Energy, Inc.		619,911		20,293,123
Teck Resources, Ltd. Class B		1,000,937		20,055,313
Tourmaline Oil Corp. (a)		80,319		2,150,744
Vermilion Energy, Inc.		43,443		1,829,980
West Fraser Timber Co., Ltd.		79,809		2,857,187
Whitecap Resources, Inc.		136,930		1,241,616
Yamana Gold, Inc.		2,039,765		5,734,249
				292,643,742
UNITED STATES — 65.0%
Alcoa Corp.		314,634		8,834,923
Anadarko Petroleum Corp.		203,237		14,171,716
Antero Resources Corp. (a)		52,630		1,244,699
Apache Corp.		141,370		8,972,754
Archer-Daniels-Midland Co.		665,572		30,383,362
Bunge, Ltd.		159,499		11,522,208
Cabot Oil & Gas Corp.		173,263		4,047,424
CF Industries Holdings, Inc.		266,743		8,397,070
Chevron Corp.		702,671		82,704,377
Cimarex Energy Co.		35,365		4,806,103
Concho Resources, Inc. (a)		52,941		7,019,977
ConocoPhillips		461,347		23,131,939
Continental Resources, Inc. (a)		32,086		1,653,712
Devon Energy Corp.		194,982		8,904,828
EOG Resources, Inc.		205,123		20,737,935
EQT Corp.		64,320		4,206,528
Exxon Mobil Corp.		953,161		86,032,312
FMC Corp.		153,116		8,660,241
Freeport-McMoRan, Inc. (a)		2,630,671		34,698,550
Hess Corp.		100,301		6,247,749
Ingredion, Inc.		82,580		10,319,197
Marathon Oil Corp.		315,542		5,462,032
Monsanto Co.		500,633		52,671,598
Mosaic Co.		400,654		11,751,182
Newmont Mining Corp.		1,142,245		38,916,287
Noble Energy, Inc.		160,077		6,092,531
Occidental Petroleum Corp.		284,544		20,268,069
Pioneer Natural Resources Co.		63,167		11,374,482
Range Resources Corp.		69,979		2,404,478
Southwestern Energy Co. (a)		183,814		1,988,867
Tahoe Resources, Inc.		669,398		6,314,369
				543,941,499
TOTAL COMMON STOCKS (Cost $633,828,955)				836,585,241
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $222,388)				222,388
TOTAL INVESTMENTS — 100.0% (Cost $634,051,343)				836,807,629
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (b)				106,261
NET ASSETS — 100.0%			$	836,913,890

(a) Non-income producing security.

(b) Amount is less than 0.05% of net assets.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Canada	$	292,643,742	$	—	$	—	$	292,643,742
United States		543,941,499		—		—		543,941,499
Short-Term Investment		222,388		—		—		222,388
TOTAL INVESTMENTS	$	836,807,629	$	—	$	—	$	836,807,629

See accompanying Notes to Schedule of Investments

120

SPDR S&P North American Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,657,077	$	2,657,077		1,335		2,658,412		—	$	—	$	98
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		37,713,954		37,491,566		222,388		222,388		4,908
TOTAL			$	2,657,077							$	222,388	$	5,006

See accompanying Notes to Schedule of Investments

121

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 5.3%
Alumina, Ltd. (a)		423,213	$	560,801
Amcor, Ltd.		124,457		1,347,283
AMP, Ltd.		207,066		755,680
Australia & New Zealand Banking Group, Ltd.		192,071		4,230,770
BHP Billiton PLC		112,627		1,818,223
BHP Billiton, Ltd.		188,708		3,424,284
Boral, Ltd.		287,390		1,125,816
Brambles, Ltd.		141,568		1,271,116
Coca-Cola Amatil, Ltd.		116,806		855,942
Commonwealth Bank of Australia		111,996		6,683,145
CSL, Ltd.		39,734		2,888,935
Fortescue Metals Group, Ltd. (a)		159,445		680,025
Insurance Australia Group, Ltd.		220,728		957,376
LendLease Group		110,105		1,165,609
Macquarie Group, Ltd.		31,183		1,967,135
Medibank Pvt, Ltd.		170,939		349,051
National Australia Bank, Ltd.		156,639		3,478,661
Newcrest Mining, Ltd.		46,066		675,467
Origin Energy, Ltd.		174,025		830,416
Qantas Airways, Ltd.		53,546		129,113
QBE Insurance Group, Ltd.		68,559		616,573
Santos, Ltd.		141,523		411,957
Scentre Group REIT		165,052		554,546
Sonic Healthcare, Ltd.		69,421		1,075,730
South32, Ltd. (b)		126,453		252,346
South32, Ltd. (b)		226,088		450,203
Suncorp Group, Ltd.		146,471		1,433,926
Sydney Airport		58,181		252,352
Telstra Corp., Ltd.		249,556		921,588
Transurban Group Stapled Security		113,188		845,821
Vicinity Centres REIT		361,599		782,883
Wesfarmers, Ltd.		73,461		2,241,557
Westfield Corp.		109,009		740,395
Westpac Banking Corp.		212,705		5,021,041
Woodside Petroleum, Ltd.		49,225		1,110,661
Woolworths, Ltd.		88,921		1,551,743
				53,458,170
AUSTRIA — 0.2%
Erste Group Bank AG (c)		39,180		1,149,871
OMV AG		18,308		648,056
Raiffeisen Bank International AG (c)		30,094		551,670
				2,349,597
BELGIUM — 1.0%
Ageas		28,959		1,148,779
Anheuser-Busch InBev SA		49,899		5,292,044
KBC Group NV		23,708		1,471,103
Solvay SA		9,191		1,079,450
UCB SA		12,274		788,541
				9,779,917
BRAZIL — 1.7%
Ambev SA ADR		365,172		1,792,995
Banco Bradesco SA Preference Shares ADR		235,708		2,053,017
Banco do Brasil SA		48,466		418,290
BB Seguridade Participacoes SA		42,060		365,717
BM&FBovespa SA		116,906		592,666
Braskem SA Class A, Preference Shares		25,989		273,489
BRF SA		32,447		481,018
Cia Energetica de Minas Gerais ADR		147,209		335,637
Cia Siderurgica Nacional SA ADR (a) (c)		115,683		373,656
Cielo SA		52,105		446,495
EDP — Energias do Brasil SA		119,007		489,966
Embraer SA		45,137		221,892
Fibria Celulose SA		8,318		81,501
Gerdau SA ADR (a)		84,416		265,066
Itau Unibanco Holding SA Preference Shares ADR		233,940		2,404,903
JBS SA		28,867		101,110
Kroton Educacional SA		85,384		349,700
Lojas Renner SA		73,103		520,416
Natura Cosmeticos SA		21,606		152,816
Odontoprev SA		141,722		548,652
Petroleo Brasileiro SA Preference Shares ADR (c)		211,943		1,867,218
Porto Seguro SA		8,350		69,012
Qualicorp SA		64,141		379,363
Raia Drogasil SA		23,384		439,631
Sul America SA		38,300		211,817
Tim Participacoes SA ADR		18,783		221,639
Vale SA ADR		38,542		293,690
Vale SA Preference Shares ADR		190,152		1,310,147
				17,061,519
CANADA — 6.9%
Agnico Eagle Mines, Ltd.		10,323		434,535
Agrium, Inc. (a)		13,547		1,363,337
Alimentation Couche-Tard, Inc. Class B		18,467		838,351
Bank of Montreal (a)		43,963		3,165,808
Bank of Nova Scotia		68,909		3,841,495
Barrick Gold Corp.		74,241		1,189,694
BlackBerry, Ltd. (a) (c)		36,861		253,977
Bombardier, Inc. Class B (a) (c)		131,368		211,592
Brookfield Asset Management, Inc. Class A		68,590		2,265,790
CAE, Inc.		41,530		581,584
Cameco Corp. (a)		30,603		320,395
Canadian Imperial Bank of Commerce		27,213		2,223,225
Canadian National Railway Co. (a)		51,173		3,448,039
Canadian Natural Resources, Ltd.		78,433		2,502,627
Canadian Pacific Railway, Ltd.		10,058		1,436,718
Canadian Tire Corp., Ltd. Class A		8,947		929,159
Cenovus Energy, Inc. (a)		59,439		899,751
CGI Group, Inc. Class A (c)		9,542		458,511
Constellation Software, Inc.		1,123		510,917
Crescent Point Energy Corp. (a)		33,484		455,675
Eldorado Gold Corp. (c)		64,857		208,928
Enbridge, Inc.		62,403		2,629,111
Encana Corp.		59,754		702,228
Fairfax Financial Holdings, Ltd.		1,009		487,928
First Quantum Minerals, Ltd.		45,552		453,465
Franco-Nevada Corp. (a)		10,323		617,971
Gildan Activewear, Inc. (a)		39,508		1,004,308

See accompanying Notes to Schedule of Investments

122

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Goldcorp, Inc.		54,783	$	746,753
Husky Energy, Inc. (c)		31,566		383,438
IGM Financial, Inc. (a)		15,753		448,726
Imperial Oil, Ltd. (a)		34,730		1,209,678
Kinross Gold Corp. (c)		93,647		292,592
Loblaw Cos., Ltd.		30,944		1,634,595
Magna International, Inc.		13,405		582,761
Manulife Financial Corp.		108,810		1,940,008
National Bank of Canada		33,274		1,352,993
Onex Corp.		29,572		2,015,055
Open Text Corp.		7,880		487,237
Potash Corp. of Saskatchewan, Inc.		62,071		1,124,272
PrairieSky Royalty, Ltd. (a)		1,543		36,750
Restaurant Brands International, Inc.		9,673		461,272
Rogers Communications, Inc. Class B (a)		36,860		1,423,496
Royal Bank of Canada		87,036		5,897,589
Shaw Communications, Inc. Class B		39,498		793,465
Silver Wheaton Corp.		24,706		477,889
SNC-Lavalin Group, Inc.		20,646		889,700
Sun Life Financial, Inc. (a)		43,931		1,688,709
Suncor Energy, Inc.		92,694		3,034,388
Teck Resources, Ltd. Class B		33,146		664,131
TELUS Corp.		25,855		824,206
Toronto-Dominion Bank		109,915		5,427,517
TransCanada Corp. (a)		46,445		2,096,701
Turquoise Hill Resources, Ltd. (c)		13,958		44,860
West Fraser Timber Co., Ltd. (a)		5,437		194,646
Yamana Gold, Inc.		81,945		230,366
				69,838,912
CHILE — 0.3%
Embotelladora Andina SA Class B, Preference Shares		19,493		72,502
Enel Americas SA ADR		156,048		1,281,158
Enel Chile SA ADR		118,881		540,909
Enel Generacion Chile SA ADR		38,561		749,626
Sociedad Quimica y Minera de Chile SA ADR		9,048		259,225
				2,903,420
CHINA — 5.9%
58.com, Inc. ADR (a) (c)		2,540		71,120
AAC Technologies Holdings, Inc.		67,000		608,804
Agricultural Bank of China, Ltd. Class H		1,791,000		734,589
Air China, Ltd. Class H		64,000		40,861
Alibaba Group Holding, Ltd. ADR (c)		59,451		5,220,392
Alibaba Health Information Technology, Ltd. (c)		84,000		42,254
Anhui Conch Cement Co., Ltd. Class H		8,500		23,133
ANTA Sports Products, Ltd.		29,000		86,591
AviChina Industry & Technology Co., Ltd. Class H		489,000		336,800
Baidu, Inc. ADR (c)		15,912		2,616,092
Bank of China, Ltd. Class H		4,897,436		2,172,946
Bank of Communications Co., Ltd. Class H		986,710		713,961
Beijing Enterprises Water Group, Ltd. (a)		342,000		227,613
Belle International Holdings, Ltd.		474,000		266,555
Brilliance China Automotive Holdings, Ltd. (a)		244,000		336,111
Byd Co., Ltd. Class H (a)		24,500		129,086
CGN Power Co., Ltd. Class H (d)		151,400		41,594
China CITIC Bank Corp., Ltd. Class H		472,000		300,131
China Coal Energy Co., Ltd. Class H (a) (c)		40,000		18,986
China Communications Construction Co., Ltd. Class H		298,000		342,849
China Conch Venture Holdings, Ltd.		16,000		28,479
China Construction Bank Corp. Class H		3,999,720		3,079,823
China Everbright Bank Co., Ltd. Class H		36,000		16,391
China Everbright International, Ltd.		26,000		29,477
China Everbright, Ltd.		44,000		83,765
China Evergrande Group (a)		201,000		125,217
China Galaxy Securities Co., Ltd. Class H		160,500		144,702
China Huishan Dairy Holdings Co., Ltd. (a)		1,274,000		494,604
China Life Insurance Co., Ltd. Class H		500,000		1,302,696
China Mengniu Dairy Co., Ltd.		360,000		693,705
China Merchants Bank Co., Ltd. Class H		378,014		886,387
China Merchants Port Holdings Co., Ltd.		334,421		829,890
China Minsheng Banking Corp., Ltd. Class H		257,000		274,795
China Mobile, Ltd.		403,500		4,277,964
China Oilfield Services, Ltd. Class H		100,000		92,865
China Overseas Land & Investment, Ltd.		320,000		848,171
China Pacific Insurance Group Co., Ltd. Class H		160,200		558,922
China Petroleum & Chemical Corp. Class H		2,017,800		1,431,405
China Railway Construction Corp., Ltd. Class H		105,500		135,802
China Railway Group, Ltd. Class H		213,000		175,276
China Resources Beer Holdings Co., Ltd. (c)		321,670		638,930
China Resources Land, Ltd.		52,000		116,969
China Shenhua Energy Co., Ltd. Class H		157,500		296,589
China Southern Airlines Co., Ltd. Class H		110,000		57,177
China Taiping Insurance Holdings Co., Ltd. (c)		117,400		242,276
China Telecom Corp., Ltd. Class H		1,540,000		711,092
China Unicom Hong Kong, Ltd.		632,000		736,083
China Vanke Co., Ltd. Class H		59,700		136,292
CITIC Securities Co., Ltd. Class H		95,000		193,109
CITIC, Ltd.		320,000		458,136
CNOOC, Ltd.		1,286,217		1,609,192
COSCO SHIPPING Ports, Ltd.		424,041		426,056
CRRC Corp., Ltd. Class H		265,000		237,890
CSPC Pharmaceutical Group, Ltd.		358,000		382,327

See accompanying Notes to Schedule of Investments

123

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Ctrip.com International, Ltd. ADR (c)		8,560	$	342,400
ENN Energy Holdings, Ltd.		38,000		156,349
Fosun International, Ltd.		72,000		101,966
Geely Automobile Holdings, Ltd. (a)		700,000		669,018
GF Securities Co., Ltd. Class H (a)		120,400		251,262
GOME Electrical Appliances Holding, Ltd. (a)		1,290,000		156,401
Great Wall Motor Co., Ltd. Class H		217,500		203,105
Guangzhou Automobile Group Co., Ltd. Class H		104,000		125,822
Haitong Securities Co., Ltd. Class H		124,800		214,086
Hengan International Group Co., Ltd.		79,500		583,959
Huaneng Power International, Inc. Class H		696,000		461,418
Huaneng Renewables Corp., Ltd. Class H		748,000		243,122
Huatai Securities Co., Ltd. Class H (d)		127,800		243,958
Industrial & Commercial Bank of China, Ltd. Class H		4,319,045		2,590,374
JD.com, Inc. ADR (a) (c)		40,478		1,029,760
Jiangsu Expressway Co., Ltd. Class H		14,000		17,696
Kingsoft Corp., Ltd. (a)		115,000		235,840
Lenovo Group, Ltd. (a)		368,000		223,084
NetEase, Inc. ADR		2,994		644,728
New China Life Insurance Co., Ltd. Class H		58,900		270,450
PetroChina Co., Ltd. Class H		1,230,000		916,969
PICC Property & Casualty Co., Ltd. Class H		357,610		557,184
Ping An Insurance Group Co. of China, Ltd. Class H		318,000		1,591,405
Qunar Cayman Islands, Ltd. ADR (a) (c)		4,669		140,677
Semiconductor Manufacturing International Corp. (a) (c)		88,900		139,660
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		124,000		82,846
Shanghai Electric Group Co., Ltd. Class H (a) (c)		252,000		112,785
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		69,740		102,099
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		26,300		60,313
Sinopec Shanghai Petrochemical Co., Ltd. Class H		244,000		132,179
Sinopharm Group Co., Ltd. Class H		52,800		217,584
Sinotrans, Ltd. Class H		56,000		24,991
Sunac China Holdings, Ltd. (a)		123,300		102,576
Tencent Holdings, Ltd.		335,900		8,218,625
Tingyi Cayman Islands Holding Corp.		316,000		384,344
TravelSky Technology, Ltd. Class H		56,000		117,733
Tsingtao Brewery Co., Ltd. Class H (a)		8,000		30,233
Vipshop Holdings, Ltd. ADR (c)		15,232		167,704
Want Want China Holdings, Ltd. (a)		158,000		101,283
Yanzhou Coal Mining Co., Ltd. Class H (a)		314,000		214,243
YY, Inc. ADR (c)		2,335		92,046
Zhuzhou CRRC Times Electric Co., Ltd.		64,500		327,360
Zijin Mining Group Co., Ltd. Class H		1,230,000		396,613
ZTE Corp. Class H		31,000		53,898
				59,133,070
COLOMBIA — 0.1%
Bancolombia SA ADR		20,364		746,951
Cementos Argos SA		90,614		357,989
Corp. Financiera Colombiana SA		13,773		170,121
				1,275,061
DENMARK — 1.1%
AP Moller — Maersk A/S Class B		795		1,270,954
Danske Bank A/S		53,544		1,626,930
DSV A/S		38,187		1,702,003
Novo Nordisk A/S Class B		125,000		4,516,246
Novozymes A/S Class B		11,628		401,645
Pandora A/S		6,475		848,692
Vestas Wind Systems A/S		16,067		1,046,131
				11,412,601
EGYPT — 0.1%
Commercial International Bank Egypt SAE		120,430		485,440
Global Telecom Holding SAE (c)		964,904		382,662
				868,102
FINLAND — 0.7%
Elisa Oyj		8,385		273,547
Fortum Oyj		9,278		142,582
Kone Oyj Class B		26,077		1,170,876
Metso Oyj		20,819		595,085
Neste Oyj		7,529		289,854
Nokia Oyj (b)		167,288		809,539
Nokia Oyj (b)		88,633		426,855
Sampo Oyj Class A		26,321		1,182,387
Stora Enso Oyj Class R		55,484		597,507
UPM-Kymmene Oyj		49,539		1,219,544
Wartsila Oyj Abp		8,716		392,366
				7,100,142
FRANCE — 6.9%
Accor SA		19,259		719,705
Air Liquide SA		26,549		2,958,470
Airbus Group SE		37,712		2,499,570
Alstom SA (c)		16,854		465,307
AXA SA		107,090		2,709,182
BNP Paribas SA		61,969		3,957,657
Bouygues SA		19,085		685,322
Cap Gemini SA		12,402		1,048,443
Carrefour SA		51,908		1,253,227
Cie de Saint-Gobain		13,360		623,617
Cie Generale des Etablissements Michelin		11,091		1,236,503
Credit Agricole SA		63,536		789,432
Danone SA		42,624		2,706,451
Engie SA		74,122		947,544
Essilor International SA		23,369		2,646,011
Hermes International		809		332,784
Kering		7,111		1,599,820
L’Oreal SA		18,317		3,350,063
Lagardere SCA		14,314		398,504

See accompanying Notes to Schedule of Investments

124

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Legrand SA		15,878	$	903,518
LVMH Moet Hennessy Louis Vuitton SE		16,849		3,223,747
Orange SA		141,252		2,150,606
Pernod Ricard SA		14,665		1,592,421
Peugeot SA (c)		2,573		42,051
Publicis Groupe SA		19,998		1,382,639
Renault SA		13,935		1,242,123
Safran SA		10,735		774,702
Sanofi		73,451		5,957,631
Schneider Electric SE		38,488		2,683,750
SFR Group SA (c)		2,731		77,284
Societe Generale SA		45,124		2,224,807
Sodexo SA		11,154		1,284,703
Technip SA		12,642		904,189
TOTAL SA		134,742		6,924,043
Unibail-Rodamco SE		5,577		1,333,821
Valeo SA		6,417		369,618
Veolia Environnement SA		33,906		578,456
Vinci SA		40,260		2,747,436
Vivendi SA		94,707		1,803,554
Zodiac Aerospace		12,224		281,266
				69,409,977
GERMANY — 6.5%
adidas AG		16,659		2,638,298
Allianz SE		32,101		5,315,789
BASF SE		57,360		5,342,795
Bayer AG		52,462		5,485,288
Bayerische Motoren Werke AG		20,807		1,947,724
Commerzbank AG		47,250		361,118
Continental AG		6,668		1,291,975
Daimler AG		58,106		4,334,238
Deutsche Bank AG (c)		72,877		1,325,956
Deutsche Boerse AG (c)		19,102		1,562,263
Deutsche Lufthansa AG		29,443		381,045
Deutsche Post AG		78,572		2,588,564
Deutsche Telekom AG		213,623		3,685,090
E.ON SE		136,491		964,558
Fresenius Medical Care AG & Co. KGaA		22,118		1,876,815
Fresenius SE & Co. KGaA		23,938		1,874,961
Henkel AG & Co. KGaA Preference Shares		5,570		665,339
KS AG (a)		4,657		111,453
Linde AG		10,050		1,654,697
MAN SE		3,563		354,499
Merck KGaA		16,239		1,698,250
METRO AG		14,473		482,157
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		15,272		2,893,828
OSRAM Licht AG		5,917		310,956
RWE AG (c)		35,205		438,720
SAP SE		67,632		5,907,239
Siemens AG		53,675		6,612,481
ThyssenKrupp AG		28,818		688,160
TUI AG		22,993		330,423
Volkswagen AG Preference Shares		8,481		1,192,860
Volkswagen AG		4,500		649,067
Vonovia SE		18,271		595,581
				65,562,187
GREECE — 0.1%
Alpha Bank AE (c)		78,920		158,158
Eurobank Ergasias SA (c)		102,060		69,433
Hellenic Telecommunications Organization SA		2,795		26,326
JUMBO SA		21,957		348,777
National Bank of Greece SA (c)		371,792		97,252
OPAP SA		31,585		279,840
Piraeus Bank SA (c)		499,429		110,095
				1,089,881
HONG KONG — 2.4%
AIA Group, Ltd.		764,600		4,314,537
Alibaba Pictures Group, Ltd. (c)		510,000		82,882
Bank of East Asia, Ltd. (a)		277,691		1,063,751
BOC Hong Kong Holdings, Ltd.		132,500		474,243
Cheung Kong Property Holdings, Ltd.		189,032		1,159,332
CK Hutchison Holdings, Ltd.		218,032		2,471,900
Galaxy Entertainment Group, Ltd.		139,000		605,973
Hanergy Thin Film Power Group, Ltd. (c) (e)		448,000		—
Hang Lung Properties, Ltd.		320,000		678,537
Hang Seng Bank, Ltd.		47,700		887,782
Henderson Land Development Co., Ltd.		160,694		854,959
Hong Kong & China Gas Co., Ltd.		1,018,048		1,804,167
Hong Kong Exchanges & Clearing, Ltd.		84,883		2,005,709
Li & Fung, Ltd.		640,000		281,486
Link REIT		257,786		1,675,759
New World Development Co., Ltd.		684,073		723,499
Sands China, Ltd.		191,600		832,813
Shangri-La Asia, Ltd.		318,333		335,859
Sino Biopharmaceutical, Ltd.		604,000		425,355
SJM Holdings, Ltd.		38,000		29,800
Sun Art Retail Group, Ltd.		187,000		164,011
Sun Hung Kai Properties, Ltd.		147,185		1,860,422
Swire Pacific, Ltd. Class A		90,506		864,419
Techtronic Industries Co., Ltd.		137,500		493,025
WH Group, Ltd. (d)		180,601		146,053
				24,236,273
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		9,884		696,495
OTP Bank PLC		19,604		562,347
				1,258,842
INDIA — 1.7%
ACC, Ltd.		19,865		389,588
Adani Ports & Special Economic Zone, Ltd.		26,258		103,860
Ambuja Cements, Ltd.		102,284		310,906
Apollo Hospitals Enterprise, Ltd.		20,176		350,754
Aurobindo Pharma, Ltd.		22,972		226,538
Axis Bank, Ltd.		60,705		402,449
Bajaj Auto, Ltd.		4,696		182,125
Bharat Forge, Ltd.		4,000		53,429
Bharat Heavy Electricals, Ltd.		55,997		99,998
Bharti Airtel, Ltd.		25,266		113,784
Bharti Infratel, Ltd.		54,832		277,472
Bosch, Ltd.		106		32,876

See accompanying Notes to Schedule of Investments

125

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Dabur India, Ltd.		48,302	$	197,955
Dr Reddy’s Laboratories, Ltd. ADR (a)		15,724		711,983
Eicher Motors, Ltd.		645		207,204
Glenmark Pharmaceuticals, Ltd.		15,839		207,340
Godrej Consumer Products, Ltd.		10,422		231,865
HCL Technologies, Ltd.		32,990		402,447
Hindustan Unilever, Ltd.		36,674		446,524
Housing Development Finance Corp., Ltd.		76,342		1,420,206
ICICI Bank, Ltd. ADR		82,602		618,689
Idea Cellular, Ltd.		21,575		23,571
Indiabulls Housing Finance, Ltd.		19,279		184,709
Infosys, Ltd. ADR (a)		137,251		2,035,432
ITC, Ltd.		118,931		423,452
LIC Housing Finance, Ltd.		26,963		222,354
Lupin, Ltd.		8,712		190,869
Mahindra & Mahindra Financial Services, Ltd.		89,347		355,769
Mahindra & Mahindra, Ltd. GDR		27,849		490,142
Marico, Ltd.		76,106		292,056
Motherson Sumi Systems, Ltd.		10,218		49,148
Nestle India, Ltd.		2,979		264,601
Power Finance Corp., Ltd.		50,072		89,970
Reliance Industries, Ltd. GDR (d)		57,140		1,802,767
Shree Cement, Ltd.		1,600		347,332
Shriram Transport Finance Co., Ltd.		21,819		274,369
Siemens, Ltd.		26,255		430,362
State Bank of India		7,906		29,145
Sun Pharmaceutical Industries, Ltd.		34,208		317,534
Tata Consultancy Services, Ltd.		10,331		360,078
Tata Motors, Ltd. ADR		31,904		1,097,179
Tech Mahindra, Ltd.		7,018		50,554
United Spirits, Ltd. (c)		2,252		64,464
UPL, Ltd.		17,113		163,137
Vedanta, Ltd.		30,607		97,476
Zee Entertainment Enterprises, Ltd.		69,020		460,727
				17,105,189
INDONESIA — 0.6%
Astra International Tbk PT		1,714,700		1,053,193
Bank Central Asia Tbk PT		559,000		643,125
Bank Danamon Indonesia Tbk PT		13,400		3,690
Bank Mandiri Persero Tbk PT		648,700		557,335
Bank Rakyat Indonesia Persero Tbk PT		1,229,300		1,065,287
Bumi Serpong Damai Tbk PT		161,500		21,038
Charoen Pokphand Indonesia Tbk PT		1,643,100		376,855
Gudang Garam Tbk PT		78,000		369,954
Matahari Department Store Tbk PT		172,300		193,434
Summarecon Agung Tbk PT		457,100		44,955
Surya Citra Media Tbk PT		28,300		5,882
Telekomunikasi Indonesia Persero Tbk PT		4,403,200		1,300,778
				5,635,526
IRELAND — 0.6%
Bank of Ireland (c)		1,799,404		444,114
CRH PLC		56,847		1,975,961
Experian PLC		61,055		1,187,466
James Hardie Industries PLC		92,921		1,478,231
Kerry Group PLC Class A		13,855		992,261
				6,078,033
ISRAEL — 0.5%
Bank Hapoalim BM		185,134		1,102,054
Bank Leumi Le-Israel BM (c)		180,292		742,970
Nice-Systems, Ltd.		8,447		576,353
Teva Pharmaceutical Industries, Ltd. ADR		60,105		2,178,806
				4,600,183
ITALY — 1.3%
Assicurazioni Generali SpA		74,559		1,110,412
Atlantia SpA		56,274		1,321,242
Enel SpA		425,631		1,880,137
Eni SpA		146,691		2,393,554
Ferrari NV		12,112		706,465
Intesa Sanpaolo SpA		767,840		1,964,767
Leonardo-Finmeccanica SpA (c)		61,432		864,371
Mediobanca SpA		50,990		417,077
Saipem SpA (c)		352,654		199,000
Snam SpA		144,096		594,870
Telecom Italia SpA/Milano (c)		1,050,211		927,153
UniCredit SpA (a)		242,168		698,337
				13,077,385
JAPAN — 16.9%
Acom Co., Ltd. (c)		35,600		155,970
Aeon Co., Ltd.		47,500		674,412
Aisin Seiki Co., Ltd.		31,700		1,377,965
Ajinomoto Co., Inc.		20,800		419,799
Alps Electric Co., Ltd.		6,100		147,800
Asahi Glass Co., Ltd.		134,000		914,511
Asahi Group Holdings, Ltd.		47,900		1,515,420
Asahi Kasei Corp.		130,000		1,136,323
Astellas Pharma, Inc.		192,400		2,678,110
Bridgestone Corp.		47,900		1,730,618
Canon, Inc.		63,600		1,796,733
Central Japan Railway Co.		12,000		1,978,480
Chiba Bank, Ltd.		151,000		928,255
Chubu Electric Power Co., Inc.		63,800		893,260
Concordia Financial Group, Ltd.		160,000		771,775
Credit Saison Co., Ltd.		47,400		844,085
Dai-ichi Life Holdings, Inc.		45,100		752,472
Daiichi Sankyo Co., Ltd.		63,900		1,310,214
Daikin Industries, Ltd.		30,800		2,834,809
Daiwa Securities Group, Inc.		158,000		975,757
Denso Corp.		32,000		1,389,086
Dentsu, Inc.		2,200		103,742
East Japan Railway Co.		26,100		2,260,128
Eisai Co., Ltd.		16,000		920,204
Electric Power Development Co., Ltd.		16,000		369,014
FANUC Corp.		13,600		2,310,490
Fast Retailing Co., Ltd.		1,900		681,416
Fuji Heavy Industries, Ltd.		19,700		806,005
FUJIFILM Holdings Corp.		47,600		1,809,971
Fujitsu, Ltd.		160,000		890,985
Hitachi, Ltd.		319,000		1,728,538
Honda Motor Co., Ltd.		111,800		3,273,434
Hoya Corp.		32,000		1,347,383
Inpex Corp.		63,200		634,520
ITOCHU Corp.		156,200		2,078,470
Japan Real Estate Investment Corp.		199		1,086,835

See accompanying Notes to Schedule of Investments

126

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Japan Retail Fund Investment Corp. REIT		587	$	1,190,759
Japan Tobacco, Inc.		63,900		2,105,985
JFE Holdings, Inc.		34,600		528,040
JSR Corp.		32,000		505,646
JX Holdings, Inc.		259,308		1,099,839
Kajima Corp.		160,000		1,109,787
Kamigumi Co., Ltd.		142,000		1,356,265
Kansai Electric Power Co., Inc. (c)		79,400		870,006
Kao Corp.		29,900		1,420,465
KDDI Corp.		96,000		2,435,907
Keikyu Corp.		114,423		1,329,302
Keyence Corp.		1,200		825,138
Kintetsu Group Holdings Co., Ltd.		319,000		1,219,823
Kobe Steel, Ltd. (c)		32,000		306,460
Komatsu, Ltd.		79,800		1,811,382
Konica Minolta, Inc.		80,000		796,330
Kose Corp.		2,200		183,153
Kubota Corp.		101,800		1,456,281
Kyocera Corp.		31,800		1,584,615
LIXIL Group Corp.		31,700		721,326
Makita Corp.		15,800		1,060,694
Marubeni Corp.		159,000		903,547
Marui Group Co., Ltd.		62,900		920,567
Mazda Motor Corp.		11,500		188,520
Mebuki Financial Group, Inc.		188,000		697,938
MEIJI Holdings Co., Ltd.		3,200		251,314
Mitsubishi Chemical Holdings Corp.		160,000		1,039,825
Mitsubishi Corp.		111,800		2,386,779
Mitsubishi Electric Corp.		159,000		2,221,379
Mitsubishi Estate Co., Ltd.		139,618		2,786,135
Mitsubishi Heavy Industries, Ltd.		319,000		1,456,676
Mitsubishi UFJ Financial Group, Inc.		664,000		4,100,080
Mitsui & Co., Ltd.		156,100		2,150,750
Mitsui Chemicals, Inc.		160,000		720,196
Mitsui Fudosan Co., Ltd.		26,000		602,992
Mizuho Financial Group, Inc.		920,200		1,655,232
MS&AD Insurance Group Holdings, Inc.		47,900		1,488,315
Murata Manufacturing Co., Ltd.		13,800		1,851,674
NEC Corp.		156,000		414,627
Nidec Corp.		20,900		1,807,146
Nintendo Co., Ltd.		5,200		1,094,080
Nippon Steel & Sumitomo Metal Corp.		53,500		1,195,820
Nippon Telegraph & Telephone Corp.		49,100		2,067,812
Nippon Yusen KK		160,000		297,681
Nissan Motor Co., Ltd.		159,700		1,609,528
Nitori Holdings Co., Ltd.		3,100		355,091
Nitto Denko Corp.		15,900		1,222,678
Nomura Holdings, Inc.		176,300		1,041,611
NTT Data Corp.		16,000		775,068
NTT DOCOMO, Inc.		101,700		2,322,005
Obayashi Corp.		116,400		1,114,749
Ono Pharmaceutical Co., Ltd.		21,000		460,115
Oriental Land Co., Ltd.		5,800		328,502
ORIX Corp.		127,500		1,993,913
Osaka Gas Co., Ltd.		319,000		1,229,669
Panasonic Corp.		161,200		1,643,995
Rakuten, Inc. (c)		35,700		350,618
Resona Holdings, Inc.		47,900		246,204
Rohm Co., Ltd.		15,800		911,682
Ryohin Keikaku Co., Ltd.		1,300		255,352
Secom Co., Ltd.		16,000		1,172,615
Seven & i Holdings Co., Ltd.		63,900		2,439,634
Shin-Etsu Chemical Co., Ltd.		29,500		2,293,278
Shionogi & Co., Ltd.		14,200		681,663
Shiseido Co., Ltd.		17,200		436,286
Shizuoka Bank, Ltd.		115,000		968,234
SoftBank Group Corp.		61,300		4,081,061
Sompo Holdings, Inc.		42,400		1,439,568
Sony Corp.		79,600		2,235,092
Sumitomo Chemical Co., Ltd.		160,000		762,721
Sumitomo Corp.		79,900		942,277
Sumitomo Electric Industries, Ltd.		63,900		923,971
Sumitomo Mitsui Financial Group, Inc.		52,200		1,996,073
Sumitomo Mitsui Trust Holdings, Inc.		15,900		570,238
T&D Holdings, Inc.		31,700		420,048
Takeda Pharmaceutical Co., Ltd.		63,900		2,648,918
TDK Corp.		16,000		1,102,928
Teijin, Ltd.		54,400		1,104,931
Terumo Corp.		45,300		1,675,908
Tohoku Electric Power Co., Inc.		32,100		406,496
Tokio Marine Holdings, Inc.		47,900		1,969,635
Tokyo Electric Power Co. Holdings, Inc. (c)		111,700		452,029
Tokyo Electron, Ltd.		16,000		1,515,154
Tokyo Gas Co., Ltd.		285,000		1,292,378
Tokyu Corp.		160,000		1,178,377
Toppan Printing Co., Ltd.		160,000		1,530,930
Toray Industries, Inc.		160,000		1,297,998
Toshiba Corp. (c)		200,000		485,446
Toyota Motor Corp.		160,100		9,441,144
Toyota Tsusho Corp.		47,900		1,250,529
West Japan Railway Co.		16,600		1,020,893
Yahoo! Japan Corp.		207,700		799,565
Yakult Honsha Co., Ltd.		900		41,823
Yamada Denki Co., Ltd.		96,300		520,161
Yamaha Corp.		31,900		976,405
Yamaha Motor Co., Ltd.		48,000		1,059,305
				170,737,769
LUXEMBOURG — 0.1%
ArcelorMittal (c)		93,753		693,784
MACAU — 0.0%(f)
MGM China Holdings, Ltd.		46,000		95,404
Wynn Macau, Ltd. (a)		48,800		77,670
				173,074
MALAYSIA — 0.5%
AirAsia Bhd		440,300		224,763
Alliance Financial Group Bhd		539,400		447,296
AMMB Holdings Bhd		171,500		164,772
Astro Malaysia Holdings Bhd		85,100		49,322
Berjaya Sports Toto Bhd		812,040		535,809
British American Tobacco Malaysia Bhd		31,100		309,198
CIMB Group Holdings Bhd		322,137		323,860
Dialog Group Bhd		732,100		251,323
Felda Global Ventures Holdings Bhd		544,500		188,135

See accompanying Notes to Schedule of Investments

127

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Gamuda Bhd		46,566	$	49,618
Genting Bhd		152,300		271,601
Genting Malaysia Bhd		382,900		390,923
Genting Plantations Bhd		169,400		407,829
Hong Leong Financial Group Bhd		28,239		89,514
IOI Properties Group Bhd		406,000		190,058
Lafarge Malaysia Bhd		155,900		249,871
Malaysia Airports Holdings Bhd		125,900		170,074
Petronas Chemicals Group Bhd		17,700		27,540
PPB Group Bhd		90,500		319,958
RHB Capital Bhd		92,810		97,444
SapuraKencana Petroleum Bhd (c)		124,600		44,996
Tenaga Nasional Bhd		114,700		355,401
UMW Holdings Bhd		33,600		34,229
Westports Holdings Bhd		128,500		123,172
				5,316,706
MEXICO — 0.9%
America Movil SAB de CV Series L		2,297,550		1,453,150
Cemex SAB de CV Series CPO (c)		1,305,065		1,047,777
Fomento Economico Mexicano SAB de CV		216,140		1,654,190
Fresnillo PLC		17,497		263,982
Gentera SAB de CV (a)		207,352		335,966
Grupo Financiero Banorte SAB de CV Series O		303,954		1,509,332
Grupo Mexico SAB de CV Series B		187,549		513,719
Grupo Televisa SAB Series CPO		261,345		1,097,569
Industrias Penoles SAB de CV		13,500		252,982
Kimberly-Clark de Mexico SAB de CV Class A		188,177		341,069
Wal-Mart de Mexico SAB de CV		241,406		434,148
				8,903,884
NETHERLANDS — 3.2%
Akzo Nobel NV		21,741		1,361,891
Altice NV Class A (c)		20,256		402,303
Altice NV Class B (c)		3,633		72,538
ASML Holding NV		25,069		2,819,989
Heineken NV		20,357		1,530,062
ING Groep NV		196,913		2,776,869
Koninklijke Ahold Delhaize NV		109,907		2,321,966
Koninklijke DSM NV		17,691		1,062,850
Koninklijke KPN NV		383,697		1,138,838
Koninklijke Philips NV		79,361		2,427,474
NXP Semiconductors NV (c)		12,348		1,210,228
Royal Dutch Shell PLC Class A		256,453		7,106,169
Royal Dutch Shell PLC Class B		221,477		6,442,143
Steinhoff International Holdings NV		169,881		885,493
Wolters Kluwer NV		29,525		1,071,890
				32,630,703
NEW ZEALAND — 0.1%
Mercury NZ, Ltd.		191,859		395,998
Meridian Energy, Ltd.		186,141		337,470
Spark New Zealand, Ltd.		136,056		323,513
				1,056,981
NORWAY — 0.5%
DNB ASA		89,894		1,340,938
Norsk Hydro ASA		141,256		677,750
Statoil ASA		70,627		1,299,687
Telenor ASA		62,160		931,566
Yara International ASA		15,915		628,635
				4,878,576
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR		15,699		177,085
Credicorp, Ltd.		6,010		948,738
				1,125,823
PHILIPPINES — 0.3%
Alliance Global Group, Inc.		495,100		127,279
Ayala Land, Inc.		433,600		279,109
BDO Unibank, Inc.		27,500		62,012
DMCI Holdings, Inc.		1,169,750		312,012
Energy Development Corp.		1,647,800		170,705
Globe Telecom, Inc.		2,305		69,967
GT Capital Holdings, Inc.		6,620		169,121
JG Summit Holdings, Inc.		206,540		281,065
Jollibee Foods Corp.		88,730		346,263
Megaworld Corp.		1,410,000		101,256
Metro Pacific Investments Corp.		3,084,100		413,178
PLDT, Inc. ADR		13,082		360,409
SM Prime Holdings, Inc.		459,000		261,758
Universal Robina Corp.		52,280		171,944
				3,126,078
POLAND — 0.2%
Alior Bank SA (c)		46,679		605,978
Bank Millennium SA (c)		106,188		132,026
Bank Zachodni WBK SA		3,029		229,299
CCC SA		6,334		308,863
Eurocash SA		20,051		188,967
Grupa Azoty SA		9,860		148,031
LPP SA		48		65,241
Orange Polska SA		76,760		101,322
Polski Koncern Naftowy Orlen SA		14,801		302,452
Powszechna Kasa Oszczednosci Bank Polski SA (c)		40,090		270,257
				2,352,436
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		135,419		413,359
Jeronimo Martins SGPS SA		17,164		266,849
				680,208
QATAR — 0.0% (f)
Commercial Bank QSC		8,359		74,605
RUSSIA — 0.9%
Gazprom PJSC ADR		375,272		1,895,124
Lukoil PJSC ADR		41,784		2,344,918
MMC Norilsk Nickel PJSC ADR		31,197		527,853
Mobile TeleSystems PJSC ADR		74,938		682,685
RusHydro PJSC ADR (b)		56,018		80,106
RusHydro PJSC ADR (b)		87,992		128,028
Sberbank of Russia PJSC ADR		98,788		1,143,471
Surgutneftegas OJSC ADR		102,903		527,892
Tatneft PJSC ADR		44,443		1,831,941
				9,162,018

See accompanying Notes to Schedule of Investments

128

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SINGAPORE — 1.0%
CapitaLand, Ltd.		319,000	$	666,837
DBS Group Holdings, Ltd.		169,671		2,036,475
Singapore Exchange, Ltd.		319,000		1,580,979
Singapore Press Holdings, Ltd. (a)		479,000		1,170,395
Singapore Telecommunications, Ltd.		777,700		1,964,840
United Overseas Bank, Ltd.		163,765		2,312,457
				9,731,983
SOUTH AFRICA — 1.5%
Anglo American Platinum, Ltd. (c)		5,941		114,871
AngloGold Ashanti, Ltd. (c)		33,379		372,429
Aspen Pharmacare Holdings, Ltd.		19,967		414,058
Bid Corp., Ltd.		18,586		333,189
Bidvest Group, Ltd.		18,629		246,911
Brait SE (c)		26,079		166,982
Capitec Bank Holdings, Ltd. (a)		4,125		209,643
Coronation Fund Managers, Ltd.		37,135		191,418
Discovery, Ltd.		61,043		511,110
FirstRand, Ltd.		258,908		1,006,665
Foschini Group, Ltd.		24,778		288,331
Gold Fields, Ltd.		38,985		124,267
Impala Platinum Holdings, Ltd. (c)		48,117		150,385
Imperial Holdings, Ltd.		17,317		231,028
Massmart Holdings, Ltd.		21,392		197,354
Mr. Price Group, Ltd.		23,715		276,689
MTN Group, Ltd.		100,714		929,220
Naspers, Ltd. Class N		27,364		4,030,242
Pioneer Foods Group, Ltd.		24,331		273,948
PSG Group, Ltd.		13,035		208,341
Rand Merchant Investment Holdings, Ltd.		28,018		81,544
Remgro, Ltd.		31,056		506,548
Resilient REIT, Ltd.		39,659		331,802
Sanlam, Ltd.		191,181		879,363
Sasol, Ltd.		34,936		1,019,084
Sibanye Gold, Ltd.		50,183		93,173
Standard Bank Group, Ltd.		104,859		1,163,609
Truworths International, Ltd.		46,368		270,138
Woolworths Holdings, Ltd.		37,777		196,192
				14,818,534
SOUTH KOREA — 3.3%
Amorepacific Corp.		337		89,705
Amorepacific Corp. Preference Shares		1,709		290,776
AMOREPACIFIC Group		439		48,342
BGF retail Co., Ltd.		1,852		125,429
Celltrion, Inc. (a) (c)		7,065		628,234
CJ CheilJedang Corp.		1,938		573,634
CJ Corp.		638		98,780
Coway Co., Ltd.		2,582		188,765
E-MART, Inc.		2,250		340,909
Hana Financial Group, Inc.		37,931		981,407
Hanmi Pharm Co., Ltd.		272		68,799
Hanmi Science Co., Ltd.		1,398		70,722
Hanssem Co., Ltd.		962		158,501
Hotel Shilla Co., Ltd.		770		30,697
Hyundai Department Store Co., Ltd.		3,781		341,223
Hyundai Development Co. — Engineering & Construction		9,507		353,817
Hyundai Heavy Industries Co., Ltd. (c)		4,401		530,175
Hyundai Mobis Co., Ltd.		5,269		1,151,694
Hyundai Motor Co.		11,623		1,404,999
Hyundai Steel Co.		5,363		253,097
KB Financial Group, Inc.		38,253		1,355,546
Kia Motors Corp.		23,096		750,553
Korea Aerospace Industries, Ltd.		3,673		203,751
Korea Electric Power Corp. ADR (a) (c)		38,610		713,513
Korea Zinc Co., Ltd.		2,003		787,734
KT Corp. ADR (a) (c)		31,517		444,074
KT&G Corp.		11,167		933,819
LG Chem, Ltd. Preference Shares		461		68,513
LG Electronics, Inc.		12,539		535,695
LG Household & Health Care, Ltd.		1,093		775,543
Lotte Chemical Corp.		2,214		676,408
NAVER Corp.		2,315		1,485,449
NCSoft Corp.		1,939		397,336
POSCO ADR		23,051		1,211,330
Samsung C&T Corp.		3,659		380,199
Samsung Electronics Co., Ltd. GDR		11,949		8,925,903
Samsung Electronics Co., Ltd. Preference Shares		428		507,803
Samsung Fire & Marine Insurance Co., Ltd.		3,904		867,879
Samsung Heavy Industries Co., Ltd. (c)		17,543		134,354
Samsung SDS Co., Ltd.		1,172		135,365
Samsung Securities Co., Ltd.		19,372		508,439
Shinhan Financial Group Co., Ltd.		33,965		1,272,492
SK Holdings Co., Ltd.		3,541		672,843
SK Hynix, Inc.		28,454		1,053,067
SK Innovation Co., Ltd.		5,058		613,510
SK Telecom Co., Ltd. ADR		15,633		326,730
				33,467,553
SPAIN — 2.2%
Abertis Infraestructuras SA		74,310		1,042,042
ACS Actividades de Construccion y Servicios SA		34,915		1,105,534
Aena SA (d)		801		109,535
Amadeus IT Group SA Class A		19,578		891,456
Banco Bilbao Vizcaya Argentaria SA		360,686		2,440,101
Banco de Sabadell SA		191,163		266,755
Banco Popular Espanol SA (a)		224,545		217,418
Banco Santander SA		824,074		4,310,323
Distribuidora Internacional de Alimentacion SA		63,670		313,282
Ferrovial SA		79,210		1,419,877
Gas Natural SDG SA		26,744		505,210
Iberdrola SA		383,955		2,524,624
Industria de Diseno Textil SA		76,343		2,611,354
Mapfre SA (a)		182,919		559,508
Repsol SA		76,856		1,087,877
Telefonica SA		286,477		2,665,065
				22,069,961
SWEDEN — 2.0%
Assa Abloy AB Class B		100,052		1,862,360
Atlas Copco AB Class B		69,408		1,899,349
Hennes & Mauritz AB Class B		68,538		1,911,755

See accompanying Notes to Schedule of Investments

129

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Husqvarna AB Class B		160,108	$	1,248,668
Nordea Bank AB		173,038		1,929,501
Sandvik AB		86,412		1,071,993
Securitas AB Class B		52,106		822,491
Skandinaviska Enskilda Banken AB Class A		93,249		980,774
Skanska AB Class B		51,951		1,230,066
SKF AB Class B		42,541		784,831
Svenska Handelsbanken AB Class A		114,523		1,595,955
Swedbank AB Class A		56,805		1,377,512
Tele2 AB Class B (a)		71,532		575,195
Telefonaktiebolaget LM Ericsson Class B		218,507		1,286,807
Telia Co. AB		126,049		509,352
Volvo AB Class B		89,673		1,050,262
				20,136,871
SWITZERLAND — 6.5%
ABB, Ltd. (c)		152,260		3,217,932
Actelion, Ltd. (c)		4,566		990,607
Adecco Group AG		12,913		846,806
Aryzta AG (c)		5,287		233,307
Cie Financiere Richemont SA		32,649		2,166,749
Coca-Cola HBC AG (c)		10,308		225,446
Credit Suisse Group AG (c)		99,886		1,435,858
Geberit AG		3,515		1,411,741
Givaudan SA		926		1,700,119
Glencore PLC (c)		663,919		2,275,299
Julius Baer Group, Ltd. (c)		9,986		444,401
Kuehne + Nagel International AG		7,487		991,539
LafargeHolcim, Ltd. (c)		21,229		1,120,614
Lonza Group AG (c)		2,748		476,679
Nestle SA		187,692		13,490,334
Novartis AG		141,734		10,333,536
Roche Holding AG		41,359		9,465,345
SGS SA		639		1,302,709
Sika AG		113		543,903
Sonova Holding AG		1,891		229,595
Swatch Group AG		3,652		1,137,982
Swiss Re AG		21,798		2,069,668
Syngenta AG		6,216		2,461,691
UBS Group AG		215,188		3,377,034
Wolseley PLC		15,932		976,838
Zurich Insurance Group AG (c)		10,160		2,803,034
				65,728,766
TAIWAN — 2.6%
Advanced Semiconductor Engineering, Inc. ADR		176,997		892,065
Advantech Co., Ltd.		26,000		205,312
Asia Pacific Telecom Co., Ltd. (c)		48,000		15,415
Asustek Computer, Inc.		11,000		90,446
AU Optronics Corp. ADR		213,176		754,643
Catcher Technology Co., Ltd.		32,000		222,408
Cathay Financial Holding Co., Ltd.		190,000		284,154
Chicony Electronics Co., Ltd.		122,852		285,888
China Airlines, Ltd.		630,000		181,793
China Development Financial Holding Corp.		372,000		93,032
China Life Insurance Co., Ltd.		216,336		215,134
Chunghwa Telecom Co., Ltd. ADR		57,100		1,801,505
Compal Electronics, Inc.		199,000		113,921
CTBC Financial Holding Co., Ltd.		456,558		250,031
Delta Electronics, Inc.		59,785		295,874
E.Sun Financial Holding Co., Ltd.		601,772		342,627
Eclat Textile Co., Ltd.		15,344		160,681
Eva Airways Corp.		416,250		188,565
Feng TAY Enterprise Co., Ltd.		34,036		127,256
Formosa Plastics Corp.		258,000		714,065
Foxconn Technology Co., Ltd.		24,240		64,156
Fubon Financial Holding Co., Ltd.		282,000		446,244
Giant Manufacturing Co., Ltd.		17,000		96,528
Highwealth Construction Corp.		125,400		176,647
Hiwin Technologies Corp.		6,303		28,944
Hon Hai Precision Industry Co., Ltd. GDR		715,204		3,633,236
Hotai Motor Co., Ltd.		7,000		80,145
HTC Corp. (c)		51,000		125,012
Innolux Corp.		196,000		70,545
Largan Precision Co., Ltd.		5,000		587,980
MediaTek, Inc.		61,000		409,771
Mega Financial Holding Co., Ltd.		25,948		18,518
Merida Industry Co., Ltd.		28,000		125,105
OBI Pharma, Inc. (c)		8,000		70,744
Pegatron Corp.		48,000		114,679
Phison Electronics Corp.		18,000		142,698
Pou Chen Corp.		106,000		132,216
Powertech Technology, Inc.		123,000		332,030
President Chain Store Corp.		35,000		250,861
Ruentex Development Co., Ltd. (c)		35,158		40,144
Siliconware Precision Industries Co., Ltd. ADR		87,581		639,341
Standard Foods Corp.		196,060		465,984
Taishin Financial Holding Co., Ltd.		671,687		245,925
Taiwan Business Bank		1,539,100		389,204
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		289,728		8,329,680
Teco Electric and Machinery Co., Ltd.		316,000		273,555
Transcend Information, Inc.		106,000		280,220
Uni-President Enterprises Corp.		292,000		483,813
United Microelectronics Corp. ADR (a)		653,530		1,143,677
Zhen Ding Technology Holding, Ltd.		21,000		41,571
				26,473,988
THAILAND — 0.5%
Bangkok Bank PCL		160,276		722,821
BEC World PCL (g)		65,900		30,548
Bumrungrad Hospital PCL (g)		62,700		316,910
Central Pattana PCL (g)		191,000		304,017
CP ALL PCL NVDR		288,400		503,344
Delta Electronics Thailand PCL (g)		59,000		134,276
Indorama Ventures PCL (g)		35,400		33,116
IRPC PCL (g)		4,061,300		544,372
Kasikornbank PCL		51,000		252,789
Minor International PCL (g)		172,000		175,312
PTT PCL (g)		91,262		948,031
Siam Commercial Bank PCL NVDR		92,200		392,636
Thai Union Group PCL (g)		191,800		112,476
TMB Bank PCL (g)		972,600		57,035
				4,527,683

See accompanying Notes to Schedule of Investments

130

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TURKEY — 0.3%
Akbank TAS		401,272	$	892,070
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		732,264		622,433
Turkiye Garanti Bankasi A/S		307,498		666,117
Turkiye Is Bankasi Class C		531,632		782,879
				2,963,499
UNITED ARAB EMIRATES — 0.0% (f)
Abu Dhabi Commercial Bank PJSC		57,172		107,405
UNITED KINGDOM — 11.5%
3i Group PLC		188,489		1,639,661
Anglo American PLC (c)		83,460		1,196,277
AstraZeneca PLC		71,459		3,918,236
BAE Systems PLC		199,359		1,457,088
Barclays PLC		950,768		2,625,126
Barratt Developments PLC		35,877		204,988
Berkeley Group Holdings PLC		3,154		109,434
BP PLC		1,108,801		6,981,975
British American Tobacco PLC		106,931		6,106,353
British Land Co. PLC REIT		173,559		1,350,014
BT Group PLC		452,767		2,052,663
Burberry Group PLC		42,561		787,279
Capita PLC		40,081		262,983
Centrica PLC		490,589		1,419,105
CNH Industrial NV		53,716		468,270
Cobham PLC		94,231		190,607
Compass Group PLC		158,019		2,930,794
Diageo PLC		180,875		4,715,810
Fiat Chrysler Automobiles NV		97,825		894,063
G4S PLC		94,278		273,762
GlaxoSmithKline PLC		275,377		5,315,009
Hammerson PLC		154,932		1,096,961
HSBC Holdings PLC		1,143,625		9,282,783
Imperial Brands PLC		73,193		3,203,869
InterContinental Hotels Group PLC		11,272		506,709
ITV PLC		42,785		109,118
J Sainsbury PLC		160,486		494,373
Land Securities Group PLC REIT		86,224		1,135,745
Legal & General Group PLC		72,780		222,668
Lloyds Banking Group PLC		3,248,335		2,509,028
Marks & Spencer Group PLC		134,526		581,794
National Grid PLC		338,265		3,977,469
NEX Group PLC		99,970		573,789
Next PLC		13,622		838,739
Old Mutual PLC		471,498		1,207,743
Pearson PLC		72,324		731,470
Persimmon PLC		11,727		257,351
Prudential PLC		110,212		2,216,385
Randgold Resources, Ltd.		4,486		355,591
Reckitt Benckiser Group PLC		53,260		4,531,724
RELX NV		97,897		1,651,077
RELX PLC		105,297		1,885,297
Rio Tinto PLC		71,809		2,802,561
Rio Tinto, Ltd.		25,153		1,090,976
Rolls-Royce Holdings PLC (c)		117,924		973,361
Royal Bank of Scotland Group PLC (c)		176,901		490,948
RSA Insurance Group PLC		74,802		541,634
Sage Group PLC		145,413		1,176,901
Severn Trent PLC		47,568		1,306,033
Sky PLC		93,949		1,150,432
Smith & Nephew PLC		100,261		1,512,666
Smiths Group PLC		24,026		420,378
SSE PLC		99,210		1,903,804
Standard Chartered PLC (c)		164,164		1,346,107
Standard Life PLC		208,641		959,043
Taylor Wimpey PLC		142,170		269,657
Tesco PLC (c)		586,349		1,498,673
TP ICAP PLC		81,694		437,395
Unilever NV		112,279		4,632,244
Unilever PLC		91,259		3,712,759
United Utilities Group PLC		70,480		784,668
Vodafone Group PLC		1,701,294		4,201,253
Whitbread PLC		10,305		480,812
WPP PLC		103,853		2,330,398
				116,291,883
UNITED STATES — 0.4%
Mobileye NV (a) (c)		6,886		262,494
Shire PLC		40,790		2,360,837
Thomson Reuters Corp. (a)		32,447		1,421,711
Valeant Pharmaceuticals International, Inc. (a) (c)		22,714		329,773
				4,374,815
TOTAL COMMON STOCKS (Cost $1,109,364,548)				1,004,839,573
RIGHTS — 0.0% (f)
QATAR — 0.0% (f)
Commercial Bank QSC (expiring 1/22/17) (c) (g)		1,505		2,893
SPAIN — 0.0% (f)
Repsol SA (expiring 1/6/17) (c)		76,856		28,535
TOTAL RIGHTS (Cost $26,801)				31,428
SHORT-TERM INVESTMENTS — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (h) (i)		521,953		521,953
State Street Navigator Securities Lending Government Money Market Portfolio (i) (j)		8,883,226		8,883,226
TOTAL SHORT-TERM INVESTMENTS (Cost $9,405,179)				9,405,179
TOTAL INVESTMENTS — 100.5%
(Cost $1,118,796,528)				1,014,276,180
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(5,082,922	)
NET ASSETS — 100.0%			$	1,009,193,258

See accompanying Notes to Schedule of Investments

131

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 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 December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(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 December 31, 2016, total aggregate fair value of securities is $2,658,986 representing 0.3% of net assets.

(h) The rate shown is the annualized seven-day yield at December 31, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	53,458,170	$	—	$	—		$	53,458,170
Austria		2,349,597		—		—			2,349,597
Belgium		9,779,917		—		—			9,779,917
Brazil		17,061,519		—		—			17,061,519
Canada		69,838,912		—		—			69,838,912
Chile		2,903,420		—		—			2,903,420
China		59,133,070		—		—			59,133,070
Colombia		1,275,061		—		—			1,275,061
Denmark		11,412,601		—		—			11,412,601
Egypt		868,102		—		—			868,102
Finland		7,100,142		—		—			7,100,142
France		69,409,977		—		—			69,409,977
Germany		65,562,187		—		—			65,562,187
Greece		1,089,881		—		—			1,089,881
Hong Kong		24,236,273		—		0	(a)		24,236,273
Hungary		1,258,842		—		—			1,258,842
India		17,105,189		—		—			17,105,189
Indonesia		5,635,526		—		—			5,635,526
Ireland		6,078,033		—		—			6,078,033
Israel		4,600,183		—		—			4,600,183
Italy		13,077,385		—		—			13,077,385
Japan		170,737,769		—		—			170,737,769
Luxembourg		693,784		—		—			693,784
Macau		173,074		—		—			173,074
Malaysia		5,316,706		—		—			5,316,706
Mexico		8,903,884		—		—			8,903,884
Netherlands		32,630,703		—		—			32,630,703
New Zealand		1,056,981		—		—			1,056,981
Norway		4,878,576		—		—			4,878,576
Peru		1,125,823		—		—			1,125,823
Philippines		3,126,078		—		—			3,126,078
Poland		2,352,436		—		—			2,352,436
Portugal		680,208		—		—			680,208

See accompanying Notes to Schedule of Investments

132

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Qatar	$	74,605	$	—	$	—	$	74,605
Russia		9,162,018		—		—		9,162,018
Singapore		9,731,983		—		—		9,731,983
South Africa		14,818,534		—		—		14,818,534
South Korea		33,467,553		—		—		33,467,553
Spain		22,069,961		—		—		22,069,961
Sweden		20,136,871		—		—		20,136,871
Switzerland		65,728,766		—		—		65,728,766
Taiwan		26,473,988		—		—		26,473,988
Thailand		1,871,590		2,656,093		—		4,527,683
Turkey		2,963,499		—		—		2,963,499
United Arab Emirates		107,405		—		—		107,405
United Kingdom		116,291,883		—		—		116,291,883
United States		4,374,815		—		—		4,374,815
Rights
Qatar		—		2,893		—		2,893
Spain		28,535		—		—		28,535
Short-Term Investments		9,405,179		—		—		9,405,179
TOTAL INVESTMENTS	$	1,011,617,194	$	2,658,986	$	0	$	1,014,276,180

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		809,652	$	809,652		17,127,958		17,415,657		521,953	$	521,953	$	1,773
State Street Navigator Securities Lending Government Money Market Portfolio *		23,136,429		23,136,429		279,931,282		294,184,485		8,883,226		8,883,226		47,188
TOTAL			$	23,946,081							$	9,405,179	$	48,961

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

133

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 2.5%
Alumina, Ltd. (a)		38,096	$	50,481
Amcor, Ltd.		3,286		35,572
AMP, Ltd.		11,552		42,159
Australia & New Zealand Banking Group, Ltd.		2,586		56,962
BHP Billiton PLC		753		12,156
BHP Billiton, Ltd.		3,209		58,230
Boral, Ltd.		15,160		59,388
Brambles, Ltd.		7,707		69,200
Coca-Cola Amatil, Ltd.		3,769		27,619
Commonwealth Bank of Australia		851		50,782
CSL, Ltd.		1,470		106,879
Fortescue Metals Group, Ltd. (a)		5,731		24,442
Iluka Resources, Ltd.		1,526		8,033
Insurance Australia Group, Ltd.		17,614		76,398
LendLease Group		9,091		96,240
Macquarie Group, Ltd.		1,542		97,275
National Australia Bank, Ltd.		3,443		76,463
Newcrest Mining, Ltd.		1,809		26,525
Origin Energy, Ltd.		5,729		27,338
Orora, Ltd.		1,383		2,994
OZ Minerals, Ltd.		5,542		31,662
QBE Insurance Group, Ltd.		2,696		24,246
Santos, Ltd.		6,720		19,561
Scentre Group REIT		8,043		27,023
Shopping Centres Australasia Property Group		79,615		127,405
Sonic Healthcare, Ltd.		4,068		63,037
South32, Ltd. (b)		2,960		5,907
South32, Ltd. (b)		2,743		5,462
Suncorp Group, Ltd.		5,821		56,987
Sydney Airport		865		3,752
Transurban Group Stapled Security		5,686		42,490
Vicinity Centres REIT		29,906		64,748
Wesfarmers, Ltd.		3,520		107,408
Westfield Corp.		6,455		43,843
Westpac Banking Corp.		3,889		91,802
Woodside Petroleum, Ltd.		1,489		33,596
Woolworths, Ltd.		1,304		22,756
				1,776,821
AUSTRIA — 0.1%
OMV AG		1,548		54,795
BELGIUM — 0.3%
Anheuser-Busch InBev SA		900		95,450
Solvay SA		522		61,307
UCB SA		1,361		87,437
				244,194
BRAZIL — 0.6%
Ambev SA ADR		11,720		57,545
Banco Bradesco SA Preference Shares ADR		8,599		74,897
Cia Energetica de Minas Gerais ADR		6,560		14,957
Cia Siderurgica Nacional SA ADR (c)		5,755		18,589
Gerdau SA ADR		5,201		16,331
Itau Unibanco Holding SA Preference Shares ADR		7,471		76,802
Petroleo Brasileiro SA Preference Shares ADR (c)		8,681		76,480
Tim Participacoes SA ADR		1,980		23,364
Vale SA Preference Shares ADR		6,916		47,651
				406,616
CANADA — 3.3%
Agrium, Inc. (a)		384		38,645
Bank of Montreal (a)		845		60,849
Bank of Nova Scotia		1,066		59,427
Barrick Gold Corp.		1,648		26,409
Brookfield Asset Management, Inc. Class A		2,455		81,098
Cameco Corp. (a)		2,195		22,980
Canadian Imperial Bank of Commerce (a)		384		31,372
Canadian National Railway Co. (a)		1,663		112,053
Canadian Natural Resources, Ltd.		1,663		53,063
Canadian Pacific Railway, Ltd.		351		50,138
Canadian Tire Corp., Ltd. Class A		406		42,164
Cenovus Energy, Inc. (a)		2,107		31,894
Eldorado Gold Corp. (c)		2,265		7,296
Enbridge, Inc. (a)		1,881		79,249
Encana Corp.		3,087		36,278
Enerplus Corp. (a)		2,426		23,047
First Majestic Silver Corp. (a) (c)		7,419		56,761
First Quantum Minerals, Ltd.		1,175		11,697
Goldcorp, Inc.		1,615		22,014
IAMGOLD Corp. (c)		2,437		9,431
IGM Financial, Inc. (a)		649		18,487
Imperial Oil, Ltd. (a)		1,208		42,076
Just Energy Group, Inc. (a)		14,764		80,808
Kinross Gold Corp. (c)		3,570		11,154
Loblaw Cos., Ltd.		1,352		71,418
Manulife Financial Corp.		4,329		77,183
National Bank of Canada		2,282		92,791
Onex Corp.		1,437		97,918
Penn West Petroleum, Ltd. (c)		1,599		2,826
Potash Corp. of Saskatchewan, Inc.		1,229		22,260
PrairieSky Royalty, Ltd. (a)		24		572
Rogers Communications, Inc. Class B (a)		2,287		88,322
Royal Bank of Canada		2,002		135,656
Shaw Communications, Inc. Class B (a)		1,526		30,655
Silver Wheaton Corp. (a)		1,077		20,832
SNC-Lavalin Group, Inc.		956		41,197
Sun Life Financial, Inc.		2,359		90,680
Suncor Energy, Inc.		3,362		110,057
Teck Resources, Ltd. Class B		1,197		23,984
TELUS Corp.		3,231		102,998
TMX Group, Ltd.		20		1,067
Toronto-Dominion Bank		3,200		158,014
TransAlta Corp.		3,745		20,749
TransCanada Corp. (a)		1,472		66,452
Trilogy Energy Corp. (c)		10,000		56,299
Yamana Gold, Inc.		3,296		9,266
				2,329,586
CHILE — 0.0% (d)
Enel Americas SA ADR		1,141		9,370
Enel Chile SA ADR		632		2,876
Enel Generacion Chile SA ADR		284		5,521
Sociedad Quimica y Minera de Chile SA ADR		140		4,011
				21,778

See accompanying Notes to Schedule of Investments

134

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CHINA — 2.9%
Agricultural Bank of China, Ltd. Class H		77,000	$	31,582
Alibaba Group Holding, Ltd. ADR (c)		1,500		131,715
Bank of China, Ltd. Class H		153,000		67,885
Bank of Communications Co., Ltd. Class H		55,000		39,797
Baozun, Inc. ADR (c)		16,368		197,562
Biostime International Holdings, Ltd. (a) (c)		28,000		86,494
China Construction Bank Corp. Class H		120,000		92,401
China Life Insurance Co., Ltd. Class H		21,000		54,713
China Merchants Bank Co., Ltd. Class H		26,674		62,547
China Mobile, Ltd.		10,500		111,322
China Overseas Land & Investment, Ltd.		22,000		58,312
China Petroleum & Chemical Corp. Class H		65,200		46,252
China Pioneer Pharma Holdings, Ltd. (a)		330,000		119,177
China Shenhua Energy Co., Ltd. Class H		10,500		19,773
China Telecom Corp., Ltd. Class H		66,000		30,475
China Unicom Hong Kong, Ltd.		22,000		25,623
CITIC, Ltd.		22,000		31,497
CNOOC, Ltd.		33,000		41,286
COSCO SHIPPING Ports, Ltd.		20,824		20,923
Hengan International Group Co., Ltd.		5,500		40,400
Huaneng Power International, Inc. Class H		44,000		29,170
Industrial & Commercial Bank of China, Ltd. Class H		121,000		72,571
PetroChina Co., Ltd. Class H		44,000		32,802
PICC Property & Casualty Co., Ltd. Class H		23,859		37,174
Ping An Insurance Group Co. of China, Ltd. Class H		11,000		55,049
Shandong Xinhua Pharmaceutical Co., Ltd. Class H		192,000		129,764
Sheen Tai Holdings Grp Co., Ltd.		964,000		89,522
Tencent Holdings, Ltd.		11,000		269,142
Yanzhou Coal Mining Co., Ltd. Class H (a)		22,000		15,011
				2,039,941
COLOMBIA — 0.0% (d)
Bancolombia SA ADR		238		8,730
DENMARK — 0.6%
AP Moller — Maersk A/S Class B		55		87,928
Danske Bank A/S		1,870		56,820
DSV A/S		2,804		124,975
Novo Nordisk A/S Class B		4,165		150,481
				420,204
FINLAND — 0.4%
Fortum Oyj		1,459		22,421
Metso Oyj		867		24,782
Nokia Oyj		9,044		43,766
Sampo Oyj Class A		1,022		45,910
UPM-Kymmene Oyj		3,329		81,953
Valmet Oyj		164		2,418
Wartsila Oyj Abp		989		44,522
				265,772
FRANCE — 3.1%
Accor SA		1,776		66,369
Airbus Group SE		749		49,644
Alstom SA (c)		1,350		37,271
AXA SA		3,516		88,948
BNP Paribas SA		1,866		119,172
Bouygues SA		1,069		38,387
Cap Gemini SA		1,317		111,337
Carrefour SA		2,147		51,835
Credit Agricole SA		3,820		47,463
Danone SA		1,026		65,147
Engie SA		1,793		22,921
Essilor International SA		678		76,768
Groupe Fnac SA (c)		1,084		73,437
Hermes International		12		4,936
Kering		230		51,745
LVMH Moet Hennessy Louis Vuitton SE		362		69,262
Orange SA		5,121		77,969
Pernod Ricard SA		491		53,316
Publicis Groupe SA		864		59,736
Renault SA		1,240		110,530
Sanofi		1,637		132,777
Schneider Electric SE		1,186		82,699
Societe Generale SA		1,493		73,611
Sodexo SA		1,044		120,247
Technip SA		589		42,127
TOTAL SA (a)		2,766		142,138
Unibail-Rodamco SE		395		94,470
Vallourec SA (a) (c)		1,161		8,021
Veolia Environnement SA		3,146		53,673
Vinci SA		1,515		103,387
Vivendi SA		3,858		73,470
				2,202,813
GERMANY — 2.9%
adidas AG		900		142,534
Allianz SE		845		139,928
BASF SE		1,361		126,770
Bayer AG		1,604		167,710
Commerzbank AG		1,515		11,579
CompuGroup Medical SE		2,769		113,743
Daimler AG		1,881		140,307
Deutsche Bank AG (c)		2,327		42,338
Deutsche Boerse AG (c)		649		53,079
Deutsche Lufthansa AG		3,890		50,343
Deutsche Post AG		3,231		106,446
Deutsche Telekom AG		5,333		91,997
E.ON SE		3,340		23,603
Fresenius Medical Care AG & Co. KGaA		362		30,717
Linde AG		230		37,869
MAN SE		307		30,545
Merck KGaA		1,142		119,429
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		491		93,037
OSRAM Licht AG		15		788
RWE AG (c)		1,120		13,957
Salzgitter AG		1,186		41,969
SAP SE		1,663		145,253
Siemens AG		1,323		162,987
ThyssenKrupp AG		2,085		49,789
Uniper SE (c)		303		4,191
Volkswagen AG Preference Shares		362		50,916
Volkswagen AG		395		56,974
				2,048,798
HONG KONG — 1.3%
AIA Group, Ltd.		15,400		86,900
Bank of East Asia, Ltd. (a)		14,706		56,334

See accompanying Notes to Schedule of Investments

135

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Cheung Kong Property Holdings, Ltd.		17,420	$	106,837
CK Hutchison Holdings, Ltd.		10,420		118,135
Global Brands Group Holding, Ltd. (c)		8,000		1,063
Hang Lung Properties, Ltd.		11,000		23,325
Henderson Land Development Co., Ltd.		12,915		68,713
Hong Kong Exchanges & Clearing, Ltd.		3,406		80,481
Li & Fung, Ltd.		22,000		9,676
Link REIT		11,058		71,884
New World Development Co., Ltd.		36,132		38,214
Sands China, Ltd.		8,800		38,250
Shangri-La Asia, Ltd.		22,000		23,211
Sun Hung Kai Properties, Ltd.		11,253		142,238
Swire Pacific, Ltd. Class A		5,500		52,530
				917,791
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		252		17,758
Richter Gedeon Nyrt		2,052		43,516
				61,274
INDIA — 0.7%
Dr Reddy’s Laboratories, Ltd. ADR		2,342		106,046
ICICI Bank, Ltd. ADR		7,306		54,722
Infosys, Ltd. ADR		10,222		151,592
Mahindra & Mahindra, Ltd. GDR		1,581		27,826
Reliance Industries, Ltd. GDR (e)		1,815		57,263
Tata Motors, Ltd. ADR		2,183		75,073
				472,522
INDONESIA — 0.5%
Astra International Tbk PT		55,700		34,212
Bank Central Asia Tbk PT		50,200		57,755
Bank Mandiri Persero Tbk PT		50,200		43,130
Bank Rakyat Indonesia Persero Tbk PT		58,800		50,955
Gudang Garam Tbk PT		5,500		26,086
Telekomunikasi Indonesia Persero Tbk PT		369,100		109,038
				321,176
IRELAND — 0.3%
CRH PLC		1,795		62,393
Experian PLC		4,233		82,328
Prothena Corp. PLC (c)		1,662		81,754
				226,475
ISRAEL — 0.3%
Bank Hapoalim BM		7,627		45,402
Bank Leumi Le-Israel BM (c)		34,733		143,132
Teva Pharmaceutical Industries, Ltd. ADR		1,306		47,342
				235,876
ITALY — 0.6%
Assicurazioni Generali SpA		3,164		47,122
Banca Monte dei Paschi di Siena SpA (a) (c) (f)		90		1,431
Enel SpA		13,937		61,564
Eni SpA		4,798		78,289
Intesa Sanpaolo SpA		25,145		64,342
Italgas SpA (c)		1,578		6,221
Mediaset SpA		12,367		53,611
Saipem SpA (c)		14,431		8,143
Snam SpA		7,893		32,585
Telecom Italia SpA/Milano (c)		58,753		51,869
UniCredit SpA (a)		8,792		25,353
				430,530
JAPAN — 8.2%
Aisin Seiki Co., Ltd.		1,100		47,816
Asahi Group Holdings, Ltd.		1,100		34,801
Asahi Kasei Corp.		11,000		96,150
Astellas Pharma, Inc.		5,500		76,557
Bridgestone Corp.		1,100		39,743
Canon, Inc. (a)		1,100		31,076
Credit Saison Co., Ltd.		2,200		39,177
Daiichi Sankyo Co., Ltd.		3,300		67,664
Daikin Industries, Ltd.		1,100		101,243
Daiwa Securities Group, Inc.		11,000		67,932
Denso Corp.		2,200		95,500
Eisai Co., Ltd.		1,100		63,264
FUJIFILM Holdings Corp.		2,200		83,654
Fujitsu, Ltd.		10,000		55,687
Hitachi, Ltd.		11,000		59,605
Hokuhoku Financial Group, Inc.		2,200		38,045
Honda Motor Co., Ltd.		2,200		64,415
Hoya Corp.		2,200		92,633
ITOCHU Corp.		3,300		43,911
Japan Tobacco, Inc.		2,200		72,507
JFE Holdings, Inc. (a)		2,200		33,575
JSR Corp.		2,200		34,763
JX Holdings, Inc.		5,500		23,328
Kajima Corp.		11,000		76,298
Kamigumi Co., Ltd.		11,000		105,063
Kansai Electric Power Co., Inc. (c)		2,200		24,106
KDDI Corp.		6,600		167,469
Kobe Steel, Ltd. (a) (c)		3,300		31,604
Komatsu, Ltd.		2,200		49,938
Konica Minolta, Inc.		5,500		54,748
Kyocera Corp.		2,200		109,627
Makita Corp.		1,100		73,846
Marubeni Corp.		11,000		62,510
Marui Group Co., Ltd.		3,900		57,078
Mebuki Financial Group, Inc.		11,700		43,435
Mitsubishi Chemical Holdings Corp.		5,500		35,744
Mitsubishi Corp.		2,200		46,967
Mitsubishi Electric Corp.		11,000		153,680
Mitsubishi Heavy Industries, Ltd.		11,000		50,230
Mitsubishi UFJ Financial Group, Inc.		19,700		121,644
Mitsui & Co., Ltd.		2,200		30,312
Mizuho Financial Group, Inc.		40,600		73,030
MS&AD Insurance Group Holdings, Inc.		2,200		68,357
Murata Manufacturing Co., Ltd.		1,100		147,597
NEC Corp.		2,000		5,316
Nintendo Co., Ltd.		400		84,160
Nippon Steel & Sumitomo Metal Corp.		3,200		71,526
Nippon Yusen KK		22,000		40,931
Nissan Motor Co., Ltd.		4,400		44,345
Nitto Denko Corp.		1,100		84,588
Nomura Holdings, Inc.		10,900		64,399
NTT Data Corp.		1,100		53,286
NTT DOCOMO, Inc.		1,700		38,814
Obayashi Corp.		11,000		105,346
ORIX Corp.		4,400		68,810
Osaka Gas Co., Ltd.		11,000		42,402

See accompanying Notes to Schedule of Investments

136

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Panasonic Corp.		6,600	$	67,310
Resona Holdings, Inc.		6,600		33,924
Rohm Co., Ltd.		1,100		63,471
Secom Co., Ltd.		1,100		80,617
Seven & i Holdings Co., Ltd.		1,100		41,997
Shin-Etsu Chemical Co., Ltd.		1,100		85,512
SoftBank Group Corp.		2,200		146,465
Sompo Holdings, Inc.		2,200		74,695
Sony Corp.		3,300		92,661
Sumitomo Chemical Co., Ltd.		11,000		52,437
Sumitomo Corp.		2,200		25,945
Sumitomo Electric Industries, Ltd.		3,300		47,717
Sumitomo Mitsui Financial Group, Inc.		2,200		84,126
Sumitomo Mitsui Trust Holdings, Inc.		1,100		39,450
T&D Holdings, Inc.		4,400		58,303
Takeda Pharmaceutical Co., Ltd.		1,100		45,599
TDK Corp.		1,100		75,826
Teijin, Ltd.		2,200		44,685
Terumo Corp. (a)		2,200		81,391
Tokio Marine Holdings, Inc.		2,200		90,463
Tokyo Electron, Ltd.		1,100		104,167
Tokyu Corp.		11,000		81,013
Toppan Printing Co., Ltd.		11,000		105,251
Toshiba Corp. (c)		11,000		26,700
Toyota Motor Corp.		4,400		259,469
Toyota Tsusho Corp.		3,300		86,153
West Japan Railway Co.		1,100		67,649
Yamada Denki Co., Ltd. (a)		4,400		23,766
Yamaha Corp.		3,600		110,190
				5,847,204
LUXEMBOURG — 0.0% (d)
ArcelorMittal (c)		3,771		27,906
MEXICO — 0.4%
America Movil SAB de CV Series L		85,312		53,958
Cemex SAB de CV Series CPO (c)		42,033		33,747
Fomento Economico Mexicano SAB de CV		8,769		67,112
Grupo Financiero Banorte SAB de CV Series O		8,441		41,915
Grupo Mexico SAB de CV Series B		14,038		38,452
Grupo Televisa SAB Series CPO		7,458		31,321
Industrias Penoles SAB de CV		568		10,644
				277,149
NETHERLANDS — 1.4%
Akzo Nobel NV		872		54,623
ASML Holding NV		804		90,441
Heineken NV		594		44,646
ING Groep NV		7,702		108,614
Koninklijke Ahold Delhaize NV		3,281		69,316
Koninklijke DSM NV		1,030		61,881
Koninklijke KPN NV		10,140		30,096
Koninklijke Philips NV		3,113		95,220
Royal Dutch Shell PLC Class A		1,414		39,181
Royal Dutch Shell PLC Class B		10,893		316,847
Wolters Kluwer NV		3,329		120,858
				1,031,723
NORWAY — 0.3%
DNB ASA		4,132		61,636
Norsk Hydro ASA		12,704		60,954
Telenor ASA		3,384		50,715
Yara International ASA		705		27,847
				201,152
PERU — 0.0% (d)
Cia de Minas Buenaventura SAA ADR		293		3,305
PHILIPPINES — 0.0% (d)
PLDT, Inc. ADR		822		22,646
RUSSIA — 0.4%
Gazprom PJSC ADR (b)		738		3,756
Gazprom PJSC ADR (b)		8,043		40,617
Lukoil PJSC ADR		1,088		61,059
MMC Norilsk Nickel PJSC ADR		1,328		22,470
Mobile TeleSystems PJSC ADR		2,074		18,894
RusHydro PJSC ADR (b)		989		1,414
RusHydro PJSC ADR (b)		579		843
Sberbank of Russia PJSC ADR		4,633		53,629
Surgutneftegas OJSC ADR		9,579		49,140
Tatneft PJSC ADR (b)		88		3,669
Tatneft PJSC ADR (b)		1,006		41,467
				296,958
SINGAPORE — 0.6%
Broadcom, Ltd.		851		150,432
CapitaLand, Ltd.		33,000		68,983
Singapore Exchange, Ltd.		22,000		109,033
Singapore Press Holdings, Ltd. (a)		22,000		53,755
Singapore Telecommunications, Ltd.		11,000		27,791
				409,994
SOUTH AFRICA — 0.6%
AngloGold Ashanti, Ltd. (c)		967		10,789
Discovery, Ltd.		14,441		120,914
FirstRand, Ltd.		12,166		47,303
Gold Fields, Ltd.		2,342		7,465
Harmony Gold Mining Co., Ltd.		2,220		5,119
Impala Platinum Holdings, Ltd. (c)		1,504		4,701
Lonmin PLC (c)		13		23
MTN Group, Ltd.		4,492		41,445
Naspers, Ltd. Class N		716		105,454
Sanlam, Ltd.		11,264		51,810
Sasol, Ltd.		867		25,290
Sibanye Gold, Ltd.		987		1,832
Standard Bank Group, Ltd.		2,911		32,303
				454,448
SOUTH KOREA — 1.6%
Able C&C Co., Ltd.		3,259		55,855
Coreana Cosmetics Co., Ltd.		3,153		16,707
DIO Corp. (c)		1,516		49,642
E-MART, Inc.		27		4,091
Hana Financial Group, Inc.		376		9,728
Hyundai Heavy Industries Co., Ltd. (c)		40		4,819
Hyundai Mobis Co., Ltd.		131		28,634
Hyundai Motor Co.		292		35,297
Hyundai Steel Co.		163		7,693
JoyCity Corp. (c)		1,472		24,984
JW Holdings Corp.		3,789		27,858
JW Pharmaceutical Corp.		805		35,125
KB Financial Group, Inc.		708		25,089
KH Vatec Co., Ltd.		1,194		13,395
Kia Motors Corp.		300		9,749

See accompanying Notes to Schedule of Investments

137

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Korea Electric Power Corp. ADR (c)		908	$	16,780
KT&G Corp.		264		22,077
LG Chem, Ltd. Preference Shares		399		59,298
LG Electronics, Inc.		129		5,511
LG Household & Health Care, Ltd.		41		29,092
Lotte Chemical Corp.		17		5,194
NAVER Corp.		74		47,483
NHN Entertainment Corp. (c)		33		1,374
POSCO ADR		1,243		65,320
Samsung C&T Corp.		125		12,988
Samsung Electronics Co., Ltd. GDR		421		314,487
Samsung Engineering Co., Ltd. (c)		355		3,027
Samsung Fire & Marine Insurance Co., Ltd.		71		15,784
Samsung Heavy Industries Co., Ltd. (c)		692		5,300
Samsung Securities Co., Ltd.		309		8,110
SeAH Steel Corp.		1,675		128,419
Shinhan Financial Group Co., Ltd.		708		26,525
SK Holdings Co., Ltd.		68		12,921
SK Hynix, Inc.		1,095		40,525
SK Innovation Co., Ltd.		68		8,248
				1,177,129
SPAIN — 1.0%
Acciona SA		1,450		106,950
Acerinox SA (a)		3,328		44,246
ACS Actividades de Construccion y Servicios SA		2,475		78,367
Amadeus IT Group SA Class A		1,106		50,360
Banco Bilbao Vizcaya Argentaria SA		9,715		65,724
Banco Santander SA		20,233		105,829
Iberdrola SA		8,392		55,180
Industria de Diseno Textil SA		2,205		75,423
Repsol SA		1,561		22,096
Telefonica SA		7,984		74,274
				678,449
SWEDEN — 1.0%
Assa Abloy AB Class B		3,755		69,895
Atlas Copco AB Class B		3,494		95,613
Nordea Bank AB		6,064		67,618
Sandvik AB		3,253		40,356
Securitas AB Class B		5,055		79,793
Skandinaviska Enskilda Banken AB Class A		7,649		80,451
Skanska AB Class B		3,318		78,562
SKF AB Class B		2,359		43,521
Svenska Handelsbanken AB Class A		3,102		43,229
Tele2 AB Class B (a)		2,320		18,655
Telefonaktiebolaget LM Ericsson Class B		6,191		36,459
Telia Co. AB		5,333		21,550
Volvo AB Class A		5,103		60,216
				735,918
SWITZERLAND — 2.9%
ABB, Ltd. (c)		4,610		97,430
Adecco Group AG		889		58,299
Cie Financiere Richemont SA		1,251		83,023
Credit Suisse Group AG (c)		3,131		45,008
Geberit AG		362		145,391
Givaudan SA		44		80,783
Glencore PLC (c)		6,056		20,754
Kuehne + Nagel International AG		427		56,550
LafargeHolcim, Ltd. (c)		852		44,974
Nestle SA		4,418		317,543
Novartis AG		3,009		219,380
Roche Holding AG		1,120		256,321
Santhera Pharmaceutical Holding AG (a) (c)		555		28,942
SGS SA		44		89,701
Swatch Group AG		132		41,132
Swiss Re AG		1,077		102,259
Syngenta AG		79		31,286
TE Connectivity, Ltd.		2,276		157,681
UBS Group AG (c)		6,261		98,256
Wolseley PLC		967		59,290
Zurich Insurance Group AG (c)		219		60,420
				2,094,423
TAIWAN — 1.3%
Advanced Semiconductor Engineering, Inc. ADR		13,159		66,321
AU Optronics Corp. ADR		22,378		79,218
Chunghwa Telecom Co., Ltd. ADR		2,998		94,587
Hon Hai Precision Industry Co., Ltd. GDR		23,634		120,061
Siliconware Precision Industries Co., Ltd. ADR		15,530		113,369
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		12,499		359,346
United Microelectronics Corp. ADR (a)		51,556		90,223
				923,125
THAILAND — 0.1%
Bangkok Bank PCL		12,100		54,569
PTT PCL (f)		2,200		22,854
				77,423
TURKEY — 0.2%
Akbank TAS		8,330		18,518
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		45,616		38,774
Turkiye Garanti Bankasi A/S		9,635		20,872
Turkiye Is Bankasi Class C		22,114		32,565
				110,729
UNITED KINGDOM — 5.7%
3i Group PLC		20,205		175,763
Anglo American PLC (c)		2,541		36,421
AstraZeneca PLC		2,013		110,377
BAE Systems PLC		10,157		74,236
Barclays PLC		27,261		75,269
BP PLC		22,187		139,709
British American Tobacco PLC		579		33,064
British Land Co. PLC REIT		7,283		56,650
BT Group PLC		23,699		107,442
Burberry Group PLC		1,804		33,370
Capita PLC		6,122		40,168
CNH Industrial NV		1,570		13,686
Cobham PLC		45,257		91,544
Compass Group PLC		5,142		95,369
CYBG PLC (a) (c)		858		2,995
Diageo PLC		3,098		80,772
G4S PLC		7,101		20,620
GlaxoSmithKline PLC		7,123		137,480
Hammerson PLC		11,717		82,959

See accompanying Notes to Schedule of Investments

138

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
HSBC Holdings PLC		27,885	$	226,342
Imperial Brands PLC		1,142		49,989
Indivior PLC		869		3,181
InterContinental Hotels Group PLC		2,391		107,482
J Sainsbury PLC		8,396		25,864
Land Securities Group PLC REIT		5,023		66,163
Liberty Global PLC Class A (c)		1,142		34,934
Liberty Global PLC Series C (c)		2,035		60,439
Liberty Global PLC LiLAC Class C (c)		283		5,991
Lloyds Banking Group PLC		98,693		76,231
Marks & Spencer Group PLC		11,593		50,137
National Grid PLC		2,316		27,233
Next PLC		823		50,674
Old Mutual PLC		17,091		43,779
Pearson PLC		1,361		13,765
Pentair PLC		131		7,345
Prudential PLC		5,531		111,229
Randgold Resources, Ltd.		336		26,634
Reckitt Benckiser Group PLC		911		77,514
RELX NV		5,990		101,024
RELX PLC		3,548		63,525
Rio Tinto PLC		2,446		95,462
Rio Tinto, Ltd.		1,154		50,053
Rolls-Royce Holdings PLC (c)		3,603		29,740
RSA Insurance Group PLC		8,043		58,239
Sage Group PLC		19,375		156,812
Severn Trent PLC		2,848		78,195
Sky PLC		2,287		28,005
Smith & Nephew PLC		5,165		77,926
Smiths Group PLC		3,977		69,585
SSE PLC		2,003		38,437
Standard Chartered PLC (c)		5,567		45,648
Standard Life PLC		19,151		88,030
Tesco PLC (c)		13,466		34,418
Tullow Oil PLC (a) (c)		2,024		7,820
Unilever NV		2,271		93,694
Unilever PLC		1,744		70,952
United Utilities Group PLC		5,066		56,401
Vodafone Group PLC		41,550		102,605
Whitbread PLC		3,723		173,708
WPP PLC		3,922		88,007
				4,081,106
UNITED STATES — 53.5%
3M Co.		1,142		203,927
Abbott Laboratories		2,276		87,421
AbbVie, Inc.		1,120		70,134
Accenture PLC Class A		1,142		133,762
Adient PLC (c)		13		762
Adobe Systems, Inc. (c)		2,862		294,643
AdvanSix, Inc. (c)		82		1,815
Aetna, Inc.		1,722		213,545
Aflac, Inc.		2,276		158,410
Agilent Technologies, Inc.		2,276		103,695
AGNC Investment Corp. REIT		1,142		20,704
Alexion Pharmaceuticals, Inc. (c)		866		105,955
Allegion PLC		372		23,808
Allergan PLC (c)		424		89,044
Allstate Corp.		2,276		168,697
Alphabet, Inc. Class A (c)		557		441,395
Alphabet, Inc. Class C (c)		557		429,904
Altria Group, Inc.		2,276		153,903
Amazon.com, Inc. (c)		736		551,904
American Electric Power Co., Inc.		2,276		143,297
American Express Co.		2,276		168,606
American Tower Corp. REIT		1,142		120,687
Amgen, Inc.		1,947		284,671
Anadarko Petroleum Corp.		1,142		79,632
Annaly Capital Management, Inc.		2,276		22,692
Anthem, Inc. (a)		1,142		164,185
Apache Corp.		1,142		72,483
Apple, Inc.		7,991		925,518
Applied Materials, Inc.		7,969		257,160
Archer-Daniels-Midland Co.		3,417		155,986
AT&T, Inc.		10,129		430,786
Automatic Data Processing, Inc.		1,142		117,375
Baker Hughes, Inc.		1,727		112,203
Bank of America Corp.		19,382		428,342
Bank of New York Mellon Corp.		3,417		161,897
Baxter International, Inc.		2,227		98,745
Becton Dickinson and Co.		1,142		189,058
Bed Bath & Beyond, Inc. (a)		1,142		46,411
Berkshire Hathaway, Inc. Class B (c)		1,142		186,123
Biogen, Inc. (c)		699		198,222
Boeing Co.		1,142		177,787
Bristol-Myers Squibb Co.		3,417		199,690
C.H. Robinson Worldwide, Inc.		1,142		83,663
California Resources Corp. (c)		69		1,469
Capital One Financial Corp.		1,142		99,628
Carnival Corp.		1,142		59,453
Caterpillar, Inc. (a)		1,142		105,909
CBS Corp. Class B (a)		2,265		144,099
CDK Global, Inc.		376		22,443
Celgene Corp. (c)		2,282		264,142
CenturyLink, Inc. (a)		2,276		54,123
Charles Schwab Corp.		5,698		224,900
Charter Communications, Inc. Class A (c)		486		139,929
Chemours Co.		388		8,571
Chesapeake Energy Corp. (a) (c)		3,417		23,987
Chevron Corp.		2,862		336,857
Chubb, Ltd.		1,830		241,780
Church & Dwight Co., Inc. (a)		3,443		152,146
Cisco Systems, Inc.		11,385		344,055
Citigroup, Inc.		5,698		338,632
Citrix Systems, Inc. (c)		1,142		101,992
Clorox Co.		1,142		137,063
Coach, Inc. (a)		1,142		39,993
Coca-Cola Co.		4,565		189,265
Cognizant Technology Solutions Corp. Class A (c)		2,282		127,860
Colgate-Palmolive Co.		2,276		148,941
Comcast Corp. Class A		2,939		202,938
CommerceHub, Inc. Series A (c)		46		690
CommerceHub, Inc. Series C (c)		96		1,443
Conagra Brands, Inc.		2,276		90,016
ConocoPhillips		2,276		114,119
Corning, Inc.		4,565		110,793
Costco Wholesale Corp.		1,142		182,846
Coty, Inc. Class A		605		11,078
CST Brands, Inc.		121		5,826
CSX Corp.		4,565		164,020

See accompanying Notes to Schedule of Investments

139

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Cummins, Inc.		1,142	$	156,077
CVS Health Corp.		2,276		179,599
Danaher Corp.		2,276		177,164
Deere & Co. (a)		1,142		117,672
Dell Technologies, Inc. Class V (c)		509		27,980
Devon Energy Corp.		1,142		52,155
Discover Financial Services		2,276		164,077
Dollar Tree, Inc. (c)		1,537		118,626
Dow Chemical Co. (a)		3,417		195,521
Duke Energy Corp.		1,240		96,249
E.I. du Pont de Nemours & Co.		2,276		167,058
Eaton Corp. PLC		2,276		152,697
eBay, Inc. (c)		3,417		101,451
Ecolab, Inc.		1,142		133,865
Edison International		2,276		163,849
Eli Lilly & Co.		2,276		167,400
Emerson Electric Co.		2,276		126,887
EOG Resources, Inc.		2,282		230,710
Equity Residential REIT		1,142		73,499
Estee Lauder Cos., Inc. Class A		1,142		87,352
Exelon Corp.		2,276		80,775
Express Scripts Holding Co. (c)		1,592		109,514
Exxon Mobil Corp.		6,100		550,586
Facebook, Inc. Class A (c)		2,602		299,360
Fastenal Co.		1,142		53,651
FedEx Corp.		1,142		212,640
FirstEnergy Corp.		2,276		70,488
FMC Technologies, Inc. (c)		2,276		80,866
Ford Motor Co.		9,110		110,504
Fortive Corp.		1,138		61,031
Franklin Resources, Inc.		3,417		135,245
Freeport-McMoRan, Inc. (c)		2,276		30,020
General Dynamics Corp.		1,142		197,178
General Electric Co.		15,880		501,808
General Mills, Inc.		1,142		70,541
General Motors Co.		2,276		79,296
Gilead Sciences, Inc.		3,020		216,262
Goldman Sachs Group, Inc.		1,142		273,452
Halliburton Co.		2,276		123,109
Halyard Health, Inc. (c)		142		5,251
HCP, Inc. REIT		3,417		101,553
Hershey Co.		1,142		118,117
Hess Corp.		1,142		71,135
Hewlett Packard Enterprise Co.		4,565		105,634
Home Depot, Inc.		2,276		305,166
Honeywell International, Inc.		2,276		263,675
HP, Inc.		4,565		67,745
Illinois Tool Works, Inc.		1,722		210,876
Ingersoll-Rand PLC		2,276		170,791
Intel Corp.		9,110		330,420
International Business Machines Corp.		1,837		304,924
Intuit, Inc.		1,142		130,885
Iron Mountain, Inc. (a)		31		998
Iron Mountain, Inc. REIT		83		2,696
J.M. Smucker Co.		1,142		146,245
Johnson & Johnson		3,417		393,673
Johnson Controls International PLC		3,017		124,270
JPMorgan Chase & Co.		6,838		590,051
Juniper Networks, Inc.		2,276		64,320
Kellogg Co.		1,142		84,177
Keysight Technologies, Inc. (c)		1,140		41,690
Kimberly-Clark Corp.		1,142		130,325
Kinder Morgan, Inc.		3,288		68,094
Kohl’s Corp. (a)		1,142		56,392
Kraft Heinz Co. (a)		186		16,242
L Brands, Inc. (a)		1,722		113,376
Lamb Weston Holdings, Inc. (c)		758		28,690
Las Vegas Sands Corp.		1,142		60,994
Leidos Holdings, Inc.		287		14,677
Liberty Expedia Holdings, Inc. Class A (c)		192		7,617
Liberty Interactive Corp. QVC Group Class A (c)		2,276		45,474
Liberty TripAdvisor Holdings, Inc. Class A (c)		154		2,318
Liberty Ventures Series A (c)		288		10,619
Lockheed Martin Corp.		919		229,695
Lowe’s Cos., Inc.		3,417		243,017
LyondellBasell Industries NV Class A		1,142		97,961
Macy’s, Inc.		2,276		81,504
Mallinckrodt PLC (c)		142		7,074
Marathon Oil Corp.		3,417		59,148
Marathon Petroleum Corp.		2,283		114,949
Marsh & McLennan Cos., Inc.		2,276		153,835
Mattel, Inc.		4,565		125,766
McCormick & Co., Inc.		2,448		228,472
McDonald’s Corp.		1,142		139,004
McKesson Corp.		866		121,630
Mead Johnson Nutrition Co.		1,142		80,808
Medtronic PLC		4,722		336,348
Merck & Co., Inc.		4,565		268,742
MetLife, Inc.		3,417		184,142
Microsoft Corp.		12,532		778,739
Mondelez International, Inc. Class A		1,142		50,625
Monsanto Co.		1,142		120,150
Morgan Stanley		3,417		144,368
Mosaic Co. (a)		1,142		33,495
National Oilwell Varco, Inc. (a)		1,142		42,756
NetApp, Inc.		1,142		40,278
Newmont Mining Corp.		1,142		38,908
News Corp. Class A		694		7,953
NextEra Energy, Inc.		1,142		136,423
NIKE, Inc. Class B		3,813		193,815
Noble Corp. PLC		2,276		13,474
Noble Energy, Inc.		2,276		86,625
Norfolk Southern Corp.		1,142		123,416
Northrop Grumman Corp.		1,038		241,418
NOW, Inc. (c)		284		5,813
O’Reilly Automotive, Inc. (c)		657		182,915
Occidental Petroleum Corp.		2,276		162,120
Oracle Corp.		7,969		306,408
Outfront Media, Inc.		3		75
Parker-Hannifin Corp.		1,142		159,880
PayPal Holdings, Inc. (c)		3,417		134,869
PepsiCo, Inc.		2,276		238,138
Perrigo Co. PLC.		19		1,581
Pfizer, Inc.		11,252		365,465
PG&E Corp.		1,142		69,399
Philip Morris International, Inc.		2,276		208,231
Phillips 66		557		48,130
Pioneer Natural Resources Co.		1,142		205,640

See accompanying Notes to Schedule of Investments

140

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PNC Financial Services Group, Inc.		1,142	$	133,568
PPL Corp.		3,417		116,349
Praxair, Inc.		1,142		133,831
Procter & Gamble Co.		2,121		178,334
Prologis, Inc. REIT		3,417		180,383
Prudential Financial, Inc.		2,276		236,841
Public Service Enterprise Group, Inc.		2,276		99,871
Public Storage REIT		957		213,890
QUALCOMM, Inc.		3,417		222,788
Quality Care Properties, Inc. REIT (c)		683		10,587
Range Resources Corp.		1,142		39,239
Raytheon Co.		1,142		162,164
Retail Opportunity Investments Corp. REIT		9,371		198,009
Ross Stores, Inc.		2,283		149,765
salesforce.com, Inc. (c)		2,353		161,086
Schlumberger, Ltd.		3,351		281,316
Seagate Technology PLC (a)		1,142		43,590
Shire PLC		657		38,026
Shire PLC ADR		84		14,312
Simon Property Group, Inc. REIT		1,142		202,899
Southern Co. (a)		1,142		56,175
Southwestern Energy Co. (c)		1,142		12,356
Spectra Energy Corp.		2,276		93,521
St. Jude Medical, Inc.		2,276		182,512
Starbucks Corp.		4,551		252,672
State Street Corp. (g)		1,142		88,756
Synchrony Financial		1,273		46,172
Sysco Corp.		2,276		126,022
Target Corp. (a)		1,142		82,487
Texas Instruments, Inc. (a)		3,417		249,339
Thermo Fisher Scientific, Inc.		1,907		269,078
Time Warner, Inc.		1,837		177,326
Time, Inc.		284		5,069
TJX Cos., Inc.		2,276		170,996
Transocean, Ltd. (c)		812		12,016
Travelers Cos., Inc.		1,142		139,804
Twenty-First Century Fox, Inc. Class A		5,698		159,772
Tyson Foods, Inc. Class A		3,640		224,515
Union Pacific Corp.		2,282		236,598
United Financial Bancorp, Inc.		9,545		173,337
United Parcel Service, Inc. Class B		1,142		130,919
United Technologies Corp.		1,142		125,186
UnitedHealth Group, Inc.		2,276		364,251
US Bancorp		3,417		175,531
Valero Energy Corp.		2,276		155,496
Vector Group, Ltd. (a)		7,158		162,773
Verizon Communications, Inc.		3,858		205,940
Viacom, Inc. Class B		1,142		40,084
Visa, Inc. Class A (a)		4,573		356,785
Wal-Mart Stores, Inc.		2,276		157,317
Walgreens Boots Alliance, Inc.		2,276		188,362
Walt Disney Co.		3,417		356,120
Washington Prime Group, Inc. REIT		567		5,902
Waste Management, Inc.		2,276		161,391
Weatherford International PLC (a) (c)		5,698		28,433
Wells Fargo & Co.		9,110		502,052
Western Digital Corp.		1,414		96,081
Whole Foods Market, Inc.		2,276		70,010
Williams Cos., Inc.		3,417		106,405
Yahoo!, Inc. (c)		3,417		132,135
Yum China Holdings, Inc. (c)		1,142		29,829
Yum! Brands, Inc.		1,142		72,323
Zoetis, Inc.		131		7,012
				38,223,887
TOTAL COMMON STOCKS (Cost $70,500,206)				71,160,366
RIGHTS — 0.0% (d)
SPAIN — 0.0% (d)
Repsol SA (expiring 1/6/17) (c) (Cost $545)		1,561		580
SHORT-TERM INVESTMENTS — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (h) (i)		115,660		115,660
State Street Navigator Securities Lending Government Money Market Portfolio (i) (j)		685,555		685,555
TOTAL SHORT-TERM INVESTMENTS (Cost $801,215)				801,215
TOTAL INVESTMENTS — 100.8%
(Cost $71,301,966)				71,962,161
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(553,017	)
NET ASSETS — 100.0%			$	71,409,144

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, is 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. As of December 31, 2016, total aggregate fair value of securities is $24,285 representing 0.0% of net assets.

(g) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at December 31, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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

See accompanying Notes to Schedule of Investments

141

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,776,821	$	—	$	—	$	1,776,821
Austria		54,795		—		—		54,795
Belgium		244,194		—		—		244,194
Brazil		406,616		—		—		406,616
Canada		2,329,586		—		—		2,329,586
Chile		21,778		—		—		21,778
China		2,039,941		—		—		2,039,941
Colombia		8,730		—		—		8,730
Denmark		420,204		—		—		420,204
Finland		265,772		—		—		265,772
France		2,202,813		—		—		2,202,813
Germany		2,048,798		—		—		2,048,798
Hong Kong		917,791		—		—		917,791
Hungary		61,274		—		—		61,274
India		472,522		—		—		472,522
Indonesia		321,176		—		—		321,176
Ireland		226,475		—		—		226,475
Israel		235,876		—		—		235,876
Italy		429,099		1,431		—		430,530
Japan		5,847,204		—		—		5,847,204
Luxembourg		27,906		—		—		27,906
Mexico		277,149		—		—		277,149
Netherlands		1,031,723		—		—		1,031,723
Norway		201,152		—		—		201,152
Peru		3,305		—		—		3,305
Philippines		22,646		—		—		22,646
Russia		296,958		—		—		296,958
Singapore		409,994		—		—		409,994
South Africa		454,448		—		—		454,448
South Korea		1,177,129		—		—		1,177,129
Spain		678,449		—		—		678,449
Sweden		735,918		—		—		735,918
Switzerland		2,094,423		—		—		2,094,423
Taiwan		923,125		—		—		923,125
Thailand		54,569		22,854		—		77,423
Turkey		110,729		—		—		110,729
United Kingdom		4,081,106		—		—		4,081,106
United States		38,223,887		—		—		38,223,887
Rights
Spain		580		—		—		580
Short-Term Investments		801,215		—		—		801,215
TOTAL INVESTMENTS	$	71,937,876	$	24,285	$	—	$	71,962,161

See accompanying Notes to Schedule of Investments

142

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Corp.		1,037	$	72,206		105		—		1,142	$	88,756	$	434
State Street Institutional Liquid Reserves Fund, Premier Class		268,592		268,592		8,422		277,014		—		—		10
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		4,169,783		4,054,123		115,660		115,660		314
State Street Navigator Securities Lending Government Money Market Portfolio *		2,141,243		2,141,243		65,129,239		66,584,927		685,555		685,555		3,829
TOTAL			$	2,482,041							$	889,971	$	4,587

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

143

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
ARGENTINA — 0.0% (a)
MercadoLibre, Inc.		132	$	20,610
AUSTRALIA — 2.3%
Amcor, Ltd.		4,244		45,943
AMP, Ltd.		12,549		45,797
APA Group		22,822		141,623
Aristocrat Leisure, Ltd.		1,461		16,398
Aurizon Holdings, Ltd.		2,081		7,610
Australia & New Zealand Banking Group, Ltd.		10,407		229,236
Brambles, Ltd.		6,089		54,672
Caltex Australia, Ltd.		5,267		116,169
Challenger, Ltd.		1,826		14,862
Coca-Cola Amatil, Ltd.		2,727		19,983
Cochlear, Ltd.		136		12,068
Commonwealth Bank of Australia		5,971		356,308
Computershare, Ltd.		1,241		11,197
Crown Resorts, Ltd.		1,018		8,536
CSL, Ltd.		1,321		96,046
Dexus Property Group REIT		3,575		24,903
Domino’s Pizza Enterprises, Ltd.		250		11,765
DUET Group		8,495		16,854
Fortescue Metals Group, Ltd.		18,272		77,929
Goodman Group		8,221		42,444
GPT Group		5,886		21,438
Harvey Norman Holdings, Ltd.		2,601		9,681
Insurance Australia Group, Ltd.		5,092		22,086
LendLease Group		2,334		24,708
Macquarie Group, Ltd.		1,207		76,142
Medibank Pvt, Ltd.		10,237		20,904
Mirvac Group REIT		13,939		21,499
National Australia Bank, Ltd.		9,565		212,421
Newcrest Mining, Ltd.		2,536		37,185
Oil Search, Ltd.		9,921		51,508
QBE Insurance Group, Ltd.		5,010		45,056
Ramsay Health Care, Ltd.		452		22,354
Scentre Group REIT		25,230		84,768
SEEK, Ltd.		1,309		14,104
Sonic Healthcare, Ltd.		1,043		16,162
Stockland REIT		10,559		35,018
Suncorp Group, Ltd.		4,118		40,314
Sydney Airport		12,894		55,926
Tabcorp Holdings, Ltd.		1,181		4,113
Tatts Group, Ltd.		7,378		23,934
Telstra Corp., Ltd.		20,544		75,867
Transurban Group Stapled Security		16,346		122,149
Treasury Wine Estates, Ltd.		3,569		27,600
Vicinity Centres REIT		5,180		11,215
Vocus Communications, Ltd.		7,152		20,042
Wesfarmers, Ltd.		3,601		109,879
Westfield Corp.		8,119		55,145
Westpac Banking Corp.		11,728		276,847
Woolworths, Ltd.		3,010		52,527
				2,940,935
AUSTRIA — 0.1%
ANDRITZ AG		170		8,552
Erste Group Bank AG (b)		1,383		40,589
Raiffeisen Bank International AG (b)		1,020		18,698
				67,839
BELGIUM — 0.4%
Ageas.		1,441		57,163
Anheuser-Busch InBev SA		2,738		290,379
Colruyt SA		272		13,485
KBC Group NV		734		45,546
Proximus SADP		442		12,755
UCB SA		340		21,843
Umicore SA		597		34,098
				475,269
BERMUDA — 0.0% (a)
Marvell Technology Group, Ltd.		1,918		26,603
BRAZIL — 0.8%
AES Tiete Energia SA		8,634		37,139
Ambev SA		17,259		86,966
Banco Bradesco SA		1,100		9,848
Banco Bradesco SA Preference Shares		10,867		96,827
Banco do Brasil SA		3,363		29,025
Banco Santander Brasil SA		900		8,166
BB Seguridade Participacoes SA		1,287		11,191
BM&FBovespa SA		5,044		25,571
BRF SA		1,687		25,009
CCR SA		3,852		18,889
Cielo SA		1,852		15,870
Cosan SA Industria e Comercio		8,171		95,776
Embraer SA		1,287		6,327
Equatorial Energia SA		2,402		40,148
Itau Unibanco Holding SA Preference Shares		10,182		105,896
Klabin SA		1,313		7,149
Kroton Educacional SA		3,852		15,776
Raia Drogasil SA		500		9,400
Telefonica Brasil SA Preference Shares		2,184		29,579
Tim Participacoes SA		1,607		3,866
Ultrapar Participacoes SA		10,960		230,501
Vale SA		4,844		38,220
Vale SA Preference Shares		8,380		60,094
				1,007,233
CANADA — 3.7%
Agnico Eagle Mines, Ltd.		1,815		76,400
Alimentation Couche-Tard, Inc. Class B		1,423		64,600
AltaGas, Ltd.		4,410		111,479
Bank of Montreal		1,687		121,482
Bank of Nova Scotia		3,671		204,649
Barrick Gold Corp.		3,668		58,779
BCE, Inc.		573		24,795
BlackBerry, Ltd. (b)		1,037		7,145
Bombardier, Inc. Class B (b)		3,362		5,415
Brookfield Asset Management, Inc. Class A		2,527		83,477
CAE, Inc.		784		10,979
Cameco Corp.		15,012		157,167
Canadian Imperial Bank of Commerce		833		68,054
Canadian National Railway Co.		2,316		156,052
Canadian Pacific Railway, Ltd.		327		46,710
Canadian Tire Corp., Ltd. Class A		260		27,001
CCL Industries, Inc. Class B		285		56,063
CGI Group, Inc. Class A (b)		524		25,179
Constellation Software, Inc.		55		25,023

See accompanying Notes to Schedule of Investments

144

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Dollarama, Inc.		260	$	19,074
Eldorado Gold Corp. (b)		5,044		16,249
Enbridge, Inc.		7,543		317,795
Fairfax Financial Holdings, Ltd.		32		15,474
Finning International, Inc.		916		17,957
First Quantum Minerals, Ltd.		5,398		53,737
Franco-Nevada Corp.		1,423		85,186
Goldcorp, Inc.		4,110		56,024
Great-West Lifeco, Inc.		524		13,742
Hydro One, Ltd. (c)		7,950		139,787
Inter Pipeline, Ltd.		12,079		266,971
Keyera Corp.		2,994		90,330
Kinross Gold Corp. (b)		4,060		12,685
Loblaw Cos., Ltd.		825		43,580
Magna International, Inc.		782		33,996
Manulife Financial Corp.		7,008		124,948
National Bank of Canada		524		21,307
Open Text Corp.		260		16,076
Pembina Pipeline Corp.		8,712		272,589
Power Corp. of Canada		1,048		23,483
PrairieSky Royalty, Ltd.		11,777		280,495
Restaurant Brands International, Inc.		760		36,242
Rogers Communications, Inc. Class B		1,163		44,914
Royal Bank of Canada		4,572		309,800
Saputo, Inc.		524		18,564
Shaw Communications, Inc. Class B		1,308		26,276
Silver Wheaton Corp.		4,603		89,036
SNC-Lavalin Group, Inc.		798		34,388
Sun Life Financial, Inc.		1,687		64,848
Toronto-Dominion Bank		5,617		277,363
TransCanada Corp.		6,042		272,758
Veresen, Inc.		11,578		113,186
Vermilion Energy, Inc.		1,790		75,402
Waste Connectins, Inc.		451		35,444
Yamana Gold, Inc.		2,638		7,416
				4,657,571
CHILE — 0.2%
Aguas Andinas SA Class A		177,617		92,478
Antofagasta PLC		14,157		118,078
Cencosud SA		9,166		25,727
Cia Cervecerias Unidas SA		614		6,412
SACI Falabella		1,498		11,853
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		936		26,676
				281,224
CHINA — 2.6%
AAC Technologies Holdings, Inc.		1,500		13,630
Agricultural Bank of China, Ltd. Class H		98,000		40,195
Alibaba Group Holding, Ltd. ADR (b)		3,785		332,361
ANTA Sports Products, Ltd.		3,000		8,958
Baidu, Inc. ADR (b)		913		150,106
Bank of China, Ltd. Class H		291,000		129,114
Bank of Communications Co., Ltd. Class H		45,000		32,561
Beijing Capital International Airport Co., Ltd. Class H		22,000		22,246
Beijing Enterprises Water Group, Ltd.		68,000		45,256
Belle International Holdings, Ltd.		17,000		9,560
Brilliance China Automotive Holdings, Ltd.		22,000		30,305
Byd Co., Ltd. Class H		2,000		10,538
CGN Power Co., Ltd. Class H (c)		335,000		92,034
China Cinda Asset Management Co., Ltd. Class H		54,000		19,571
China CITIC Bank Corp., Ltd. Class H		29,000		18,440
China Communications Construction Co., Ltd. Class H		2,000		2,301
China Conch Venture Holdings, Ltd.		7,500		13,349
China Construction Bank Corp. Class H		292,000		224,843
China Everbright Bank Co., Ltd. Class H		17,000		7,740
China Galaxy Securities Co., Ltd. Class H		14,500		13,073
China Life Insurance Co., Ltd. Class H		34,000		88,583
China Merchants Bank Co., Ltd. Class H		15,000		35,173
China Merchants Port Holdings Co., Ltd.		12,220		30,325
China Minsheng Banking Corp., Ltd. Class H		15,500		16,573
China Mobile, Ltd.		19,500		206,742
China Oilfield Services, Ltd. Class H		34,000		31,574
China Overseas Land & Investment, Ltd.		12,000		31,806
China Pacific Insurance Group Co., Ltd. Class H		6,800		23,725
China Railway Group, Ltd. Class H		16,000		13,166
China Resources Gas Group, Ltd.		4,000		11,247
China Resources Land, Ltd.		8,000		17,995
China State Construction International Holdings, Ltd.		8,000		11,969
China Taiping Insurance Holdings Co., Ltd. (b)		6,000		12,382
China Telecom Corp., Ltd. Class H		68,000		31,399
China Unicom Hong Kong, Ltd.		22,000		25,623
China Vanke Co., Ltd. Class H		6,696		15,287
Chongqing Changan Automobile Co., Ltd. Class B		2,400		3,433
CITIC Securities Co., Ltd. Class H		8,500		17,278
CITIC, Ltd.		3,000		4,295
COSCO SHIPPING Ports, Ltd.		12,689		12,749
Country Garden Holdings Co., Ltd.		17,000		9,516
CRRC Corp., Ltd. Class H		19,000		17,056
Ctrip.com International, Ltd. ADR (b)		1,163		46,520
Dongfeng Motor Group Co., Ltd. Class H		12,000		11,717
Geely Automobile Holdings, Ltd.		15,000		14,336
GF Securities Co., Ltd. Class H		6,000		12,521
Great Wall Motor Co., Ltd. Class H		25,500		23,812
Guangdong Investment, Ltd.		58,000		76,604
Guangzhou Automobile Group Co., Ltd. Class H		12,000		14,518
Haitian International Holdings, Ltd.		4,000		7,852
Haitong Securities Co., Ltd. Class H		13,200		22,644
Hengan International Group Co., Ltd.		2,000		14,691
Huaneng Renewables Corp., Ltd. Class H		114,000		37,053
Huatai Securities Co., Ltd. Class H (c)		6,500		12,408
Industrial & Commercial Bank of China, Ltd. Class H		266,000		159,535
JD.com, Inc. ADR (b)		2,405		61,183
Jiangsu Expressway Co., Ltd. Class H		24,000		30,336
Lenovo Group, Ltd.		34,000		20,611
NetEase, Inc. ADR		271		58,357
New Oriental Education & Technology Group, Inc. ADR (b)		405		17,051

See accompanying Notes to Schedule of Investments

145

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PICC Property & Casualty Co., Ltd. Class H		12,000	$	18,697
Ping An Insurance Group Co. of China, Ltd. Class H		17,000		85,075
Shanghai Electric Group Co., Ltd. Class H (b)		44,000		19,693
SINA Corp. (b)		164		9,970
Sinopec Engineering Group Co., Ltd. Class H		8,500		7,093
Sinopharm Group Co., Ltd. Class H		800		3,297
Sinotrans, Ltd. Class H		40,000		17,851
Sunny Optical Technology Group Co., Ltd.		1,000		4,379
TAL Education Group ADR (b)		171		11,996
Tencent Holdings, Ltd.		18,784		459,597
Vipshop Holdings, Ltd. ADR (b)		1,407		15,491
Want Want China Holdings, Ltd.		17,000		10,898
Yangzijiang Shipbuilding Holdings, Ltd.		34,000		19,181
Zhejiang Expressway Co., Ltd. Class H		24,000		22,907
Zhuzhou CRRC Times Electric Co., Ltd.		2,000		10,151
				3,242,102
COLOMBIA — 0.2%
Bancolombia SA Preference Shares		4,455		40,335
Grupo Aval Acciones y Valores SA Preference Shares		34,988		14,161
Grupo de Inversiones Suramericana SA		3,539		45,033
Grupo de Inversiones Suramericana SA Preference Shares		2,263		27,892
Interconexion Electrica SA ESP		26,273		87,343
				214,764
CZECH REPUBLIC — 0.0% (a)
Komercni banka A/S		477		16,478
DENMARK — 0.5%
Carlsberg A/S Class B		324		28,013
Chr Hansen Holding A/S		1,094		60,694
Coloplast A/S Class B		374		25,269
Danske Bank A/S		2,349		71,374
Genmab A/S (b)		153		25,458
ISS A/S		513		17,348
Novo Nordisk A/S Class B		6,954		251,248
Novozymes A/S Class B		1,759		60,758
Pandora A/S		425		55,706
TDC A/S (b)		3,362		17,293
Vestas Wind Systems A/S		884		57,558
				670,719
FINLAND — 0.3%
Kone Oyj Class B		1,747		78,442
Metso Oyj		561		16,036
Neste Oyj		2,627		101,135
Nokia Oyj (d)		2,449		11,794
Nokia Oyj (d)		21,883		105,896
Nokian Renkaat Oyj		493		18,418
Sampo Oyj Class A		1,689		75,873
Wartsila Oyj Abp		723		32,547
				440,141
FRANCE — 3.2%
Aeroports de Paris		579		62,169
Airbus Group SE		2,401		159,139
Alstom SA (b)		642		17,724
Atos SE		332		35,105
AXA SA		9,199		232,718
BNP Paribas SA		4,343		277,366
Bollore SA (b)		85		293
Bollore SA		19,922		70,393
Bureau Veritas SA		867		16,835
Cap Gemini SA		527		44,552
Christian Dior SE		221		46,445
CNP Assurances		1,747		32,431
Credit Agricole SA		7,939		98,642
Danone SA		2,392		151,882
Dassault Systemes SE		291		22,219
Edenred		1,794		35,640
Essilor International SA		744		84,241
Eutelsat Communications SA		1,018		19,751
Fonciere Des Regions		70		6,124
Gecina SA REIT		170		23,570
Groupe Eurotunnel SE		3,096		29,500
Hermes International		89		36,610
Iliad SA		68		13,100
Ingenico Group SA		191		15,284
Kering		293		65,919
Klepierre REIT		883		34,781
L’Oreal SA		1,122		205,207
Lagardere SCA		340		9,466
Legrand SA		1,018		57,928
LVMH Moet Hennessy Louis Vuitton SE		1,003		191,906
Natixis SA		5,902		33,367
Orange SA		8,254		125,670
Pernod Ricard SA		970		105,329
Peugeot SA (b)		2,778		45,402
Publicis Groupe SA		713		49,296
Remy Cointreau SA		155		13,246
Renault SA		918		81,828
Rexel SA		2,366		39,018
Safran SA		1,343		96,919
Sanofi		4,287		347,720
Schneider Electric SE		2,622		182,831
SCOR SE		776		26,871
SFR Group SA (b)		558		15,791
Societe BIC SA		102		13,894
Societe Generale SA		3,345		164,923
Sodexo SA		358		41,234
Technip SA		1,354		96,841
Thales SA		437		42,465
Unibail-Rodamco SE		391		93,513
Valeo SA		673		38,765
Vinci SA		1,647		112,395
Vivendi SA		5,191		98,855
Zodiac Aerospace		1,105		25,425
				3,988,538
GERMANY — 2.9%
adidas AG		708		112,126
Allianz SE		1,965		325,396
BASF SE		2,355		219,356

See accompanying Notes to Schedule of Investments

146

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Bayer AG		2,484	$	259,721
Bayerische Motoren Werke AG		1,636		153,144
Bayerische Motoren Werke AG Preference Shares		446		34,199
Beiersdorf AG		337		28,649
Brenntag AG		850		47,337
Commerzbank AG		6,619		50,587
Continental AG		272		52,702
Daimler AG		4,184		312,093
Deutsche Bank AG (b)		6,119		111,332
Deutsche Boerse AG (b)		607		49,644
Deutsche Post AG		2,078		68,460
Deutsche Telekom AG		10,780		185,960
Deutsche Wohnen AG		1,265		39,814
Fraport AG Frankfurt Airport Services Worldwide		476		28,201
Fresenius Medical Care AG & Co. KGaA		628		53,289
Fresenius SE & Co. KGaA		1,467		114,904
GEA Group AG		595		23,992
Hannover Rueck SE		219		23,746
Henkel AG & Co. KGaA		474		49,485
Henkel AG & Co. KGaA Preference Shares		717		85,646
HUGO BOSS AG		119		7,296
Infineon Technologies AG		3,506		61,053
Merck KGaA		510		53,335
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		747		141,546
ProSiebenSat.1 Media SE		645		24,906
SAP SE		3,509		306,490
Siemens AG		3,092		380,918
Symrise AG		1,418		86,493
Telefonica Deutschland Holding AG		10,156		43,598
Volkswagen AG Preference Shares		733		103,097
Vonovia SE		1,974		64,347
Zalando SE (b) (c)		319		12,210
				3,715,072
GREECE — 0.0% (a)
Alpha Bank AE (b)		2,943		5,898
Eurobank Ergasias SA (b)		259		176
FF Group (b)		208		4,219
Hellenic Telecommunications Organization SA		601		5,661
JUMBO SA		536		8,514
National Bank of Greece SA (b)		238		62
OPAP SA		575		5,094
Piraeus Bank SA (b)		45		10
				29,634
HONG KONG — 1.1%
AIA Group, Ltd.		38,000		214,429
BOC Hong Kong Holdings, Ltd.		8,500		30,423
Cheung Kong Infrastructure Holdings, Ltd.		8,000		63,664
Cheung Kong Property Holdings, Ltd.		9,459		58,012
China Gas Holdings, Ltd.		8,000		10,855
CK Hutchison Holdings, Ltd.		11,000		124,711
Galaxy Entertainment Group, Ltd.		11,000		47,955
GCL-Poly Energy Holdings, Ltd. (b)		34,000		4,078
Hanergy Thin Film Power Group, Ltd. (b) (e)		24,000		—
Hang Lung Properties, Ltd.		11,000		23,325
Henderson Land Development Co., Ltd.		3,300		17,557
Hong Kong & China Gas Co., Ltd.		103,200		182,889
Hong Kong Exchanges & Clearing, Ltd.		3,493		82,537
Hongkong Land Holdings, Ltd.		3,800		24,054
Jardine Matheson Holdings, Ltd.		400		22,100
Li & Fung, Ltd.		34,000		14,954
Link REIT		7,000		45,504
Melco Crown Entertainment, Ltd.		709		11,273
MTR Corp., Ltd.		7,880		38,317
New World Development Co., Ltd.		36,796		38,917
Power Assets Holdings, Ltd.		16,500		145,460
Sands China, Ltd.		11,200		48,682
Sino Land Co., Ltd.		6,000		8,992
Sun Art Retail Group, Ltd.		8,500		7,455
Sun Hung Kai Properties, Ltd.		6,000		75,840
Swire Properties, Ltd.		6,800		18,769
Wharf Holdings, Ltd.		5,000		33,245
Wheelock & Co., Ltd.		2,000		11,260
				1,405,257
INDIA — 0.9%
Adani Ports & Special Economic Zone, Ltd.		8,782		34,736
Asian Paints, Ltd.		3,802		49,916
Axis Bank, Ltd.		4,683		31,046
Bharat Petroleum Corp., Ltd.		14,979		140,256
Bharti Airtel, Ltd.		4,501		20,270
Bharti Infratel, Ltd.		3,012		15,242
Cairn India, Ltd.		23,337		83,263
Eicher Motors, Ltd.		52		16,705
HCL Technologies, Ltd.		1,974		24,081
Hindustan Petroleum Corp., Ltd.		15,399		100,126
Hindustan Unilever, Ltd.		1,669		20,321
Housing Development Finance Corp., Ltd.		3,585		66,692
ICICI Bank, Ltd. ADR		1,878		14,066
Infosys, Ltd. ADR		6,614		98,086
ITC, Ltd.		12,822		45,653
Larsen & Toubro, Ltd. GDR		1,332		26,507
Lupin, Ltd.		329		7,208
Mahindra & Mahindra, Ltd. GDR		1,119		19,694
Maruti Suzuki India, Ltd.		421		32,997
Power Finance Corp., Ltd.		4,887		8,781
Reliance Industries, Ltd.		3,014		48,068
State Bank of India GDR		620		22,785
Sun Pharmaceutical Industries, Ltd.		2,792		25,917
Tata Consultancy Services, Ltd.		1,849		64,445
Tata Motors, Ltd.		2,474		10,903
Tata Motors, Ltd.		2,808		19,528
Tata Motors, Ltd. ADR		830		28,544
Wipro, Ltd. ADR		1,602		15,507
				1,091,343
INDONESIA — 0.3%
Astra International Tbk PT		91,800		56,385
Bank Central Asia Tbk PT		13,700		15,762
Bank Mandiri Persero Tbk PT		34,000		29,211
Bank Rakyat Indonesia Persero Tbk PT		34,000		29,464
Charoen Pokphand Indonesia Tbk PT		25,500		5,849

See accompanying Notes to Schedule of Investments

147

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Gudang Garam Tbk PT		4,700	$	22,292
Hanjaya Mandala Sampoerna Tbk PT		81,700		23,226
Indofood CBP Sukses Makmur Tbk PT		15,600		9,929
Jasa Marga Persero Tbk PT		35,750		11,463
Perusahaan Gas Negara Persero Tbk		252,300		50,563
Telekomunikasi Indonesia Persero Tbk PT		204,400		60,383
Unilever Indonesia Tbk PT		8,500		24,479
				339,006
IRELAND — 0.2%
Bank of Ireland (b)		72,763		17,959
Experian PLC		4,417		85,907
Kerry Group PLC Class A		493		35,307
XL Group, Ltd.		1,687		62,858
				202,031
ISRAEL — 0.2%
Bank Leumi Le-Israel BM (b)		2,181		8,988
Bezeq The Israeli Telecommunication Corp., Ltd.		5,345		10,166
Check Point Software Technologies, Ltd. (b)		528		44,595
Frutarom Industries, Ltd.		654		33,493
Teva Pharmaceutical Industries, Ltd.		3,531		126,885
				224,127
ITALY — 0.6%
Assicurazioni Generali SpA		6,478		96,477
Atlantia SpA		3,522		82,692
Ferrari NV		395		23,040
Intesa Sanpaolo SpA		53,695		137,396
Leonardo-Finmeccanica SpA (b)		1,722		24,229
Luxottica Group SpA		842		45,382
Mediobanca SpA		2,469		20,195
Snam SpA		24,555		101,370
Telecom Italia RSP/Milano (b) (d)		53,590		38,832
Telecom Italia SpA/Milano (b) (d)		12,433		10,976
Terna Rete Elettrica Nazionale SpA		6,532		29,984
UniCredit SpA		22,993		66,305
UnipolSai SpA		12,011		25,717
				702,595
JAPAN — 7.7%
Aeon Co., Ltd.		2,900		41,175
Aisin Seiki Co., Ltd.		300		13,041
Alfresa Holdings Corp.		600		9,949
Alps Electric Co., Ltd.		500		12,115
Amada Holdings Co., Ltd.		1,700		19,021
Asahi Group Holdings, Ltd.		1,700		53,783
Asics Corp.		400		8,008
Astellas Pharma, Inc.		7,000		97,436
Bandai Namco Holdings, Inc.		400		11,060
Bank of Kyoto, Ltd.		1,000		7,442
Bridgestone Corp.		1,600		57,808
Brother Industries, Ltd.		500		9,041
Canon, Inc.		4,800		135,603
Casio Computer Co., Ltd.		1,100		15,590
Central Japan Railway Co.		700		115,411
Chiba Bank, Ltd.		3,000		18,442
Chugai Pharmaceutical Co., Ltd.		600		17,259
Chugoku Bank, Ltd.		500		7,193
Concordia Financial Group, Ltd.		5,600		27,012
Credit Saison Co., Ltd.		500		8,904
Dai-ichi Life Holdings, Inc.		4,900		81,754
Daiichi Sankyo Co., Ltd.		1,700		34,857
Daikin Industries, Ltd.		800		73,631
Daito Trust Construction Co., Ltd.		200		30,145
Daiwa House Industry Co., Ltd.		2,000		54,803
Daiwa Securities Group, Inc.		11,000		67,932
DeNA Co., Ltd.		200		4,379
Denso Corp.		2,000		86,818
Dentsu, Inc.		1,200		56,587
East Japan Railway Co.		1,500		129,892
Eisai Co., Ltd.		1,100		63,264
FANUC Corp.		700		118,922
Fast Retailing Co., Ltd.		200		71,728
Fuji Heavy Industries, Ltd.		2,800		114,559
FUJIFILM Holdings Corp.		1,400		53,234
Fujitsu, Ltd.		5,000		27,843
Fukuoka Financial Group, Inc.		3,000		13,349
Hachijuni Bank, Ltd.		3,100		18,020
Hankyu Hanshin Holdings, Inc.		600		19,291
Hino Motors, Ltd.		1,700		17,345
Hiroshima Bank, Ltd.		2,000		9,363
Hitachi Chemical Co., Ltd.		400		10,024
Hitachi Construction Machinery Co., Ltd.		400		8,680
Hitachi Metals, Ltd.		3,700		50,249
Hitachi, Ltd.		14,000		75,861
Honda Motor Co., Ltd.		5,600		163,965
Hoshizaki Corp.		200		15,861
Hoya Corp.		1,400		58,948
IHI Corp. (b)		5,000		13,032
Iida Group Holdings Co., Ltd.		600		11,405
Isetan Mitsukoshi Holdings, Ltd.		1,900		20,526
Isuzu Motors, Ltd.		3,100		39,363
ITOCHU Corp.		8,000		106,452
Japan Airport Terminal Co., Ltd.		300		10,867
Japan Exchange Group, Inc.		1,600		22,909
Japan Post Bank Co., Ltd.		3,700		44,507
Japan Post Holdings Co., Ltd.		4,532		56,691
Japan Real Estate Investment Corp.		3		16,384
Japan Retail Fund Investment Corp. REIT		4		8,114
Japan Tobacco, Inc.		4,500		148,309
JGC Corp.		500		9,105
Kajima Corp.		2,000		13,872
Kamigumi Co., Ltd.		2,000		19,102
Kansai Paint Co., Ltd.		2,800		51,686
Kao Corp.		1,700		80,762
Kawasaki Heavy Industries, Ltd.		5,000		15,733
KDDI Corp.		6,600		167,469
Keikyu Corp.		2,000		23,235
Keio Corp.		2,000		16,479
Keisei Electric Railway Co., Ltd.		500		12,162
Keyence Corp.		200		137,523
Kikkoman Corp.		1,000		32,066
Kintetsu Group Holdings Co., Ltd.		2,000		7,648
Kirin Holdings Co., Ltd.		1,700		27,715
Koito Manufacturing Co., Ltd.		300		15,921
Komatsu, Ltd.		3,900		88,526
Kubota Corp.		4,500		64,374

See accompanying Notes to Schedule of Investments

148

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kyocera Corp.		1,300	$	64,780
Lawson, Inc.		500		35,195
LIXIL Group Corp.		400		9,102
M3, Inc.		500		12,625
Mabuchi Motor Co., Ltd.		200		10,460
Makita Corp.		400		26,853
Marubeni Corp.		13,900		78,989
Marui Group Co., Ltd.		500		7,318
Maruichi Steel Tube, Ltd.		400		13,049
Mazda Motor Corp.		1,700		27,868
Mebuki Financial Group, Inc.		6,200		23,017
Medipal Holdings Corp.		1,300		20,542
MEIJI Holdings Co., Ltd.		300		23,561
MISUMI Group, Inc.		1,200		19,795
Mitsubishi Corp.		5,600		119,552
Mitsubishi Electric Corp.		7,400		103,385
Mitsubishi Estate Co., Ltd.		5,000		99,777
Mitsubishi Heavy Industries, Ltd.		17,000		77,629
Mitsubishi Logistics Corp.		1,000		14,172
Mitsubishi Motors Corp.		1,700		9,707
Mitsubishi Tanabe Pharma Corp.		500		9,830
Mitsubishi UFJ Financial Group, Inc.		49,400		305,036
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,600		18,643
Mitsui & Co., Ltd.		8,800		121,247
Mitsui Fudosan Co., Ltd.		3,000		69,576
Mizuho Financial Group, Inc.		101,800		183,115
MS&AD Insurance Group Holdings, Inc.		2,200		68,357
Murata Manufacturing Co., Ltd.		700		93,926
Nabtesco Corp.		400		9,325
Nagoya Railroad Co., Ltd.		2,000		9,688
NEC Corp.		6,000		15,947
Nexon Co., Ltd.		600		8,714
NGK Spark Plug Co., Ltd.		600		13,365
Nidec Corp.		1,100		95,113
Nikon Corp.		100		1,558
Nintendo Co., Ltd.		400		84,160
Nippon Building Fund, Inc.		3		16,642
Nippon Paint Holdings Co., Ltd.		1,600		43,692
Nippon Telegraph & Telephone Corp.		2,300		96,863
Nissan Chemical Industries, Ltd.		1,100		36,829
Nissan Motor Co., Ltd.		10,200		102,800
Nitori Holdings Co., Ltd.		200		22,909
Nitto Denko Corp.		1,100		84,588
Nomura Holdings, Inc.		17,000		100,439
Nomura Real Estate Master Fund, Inc.		13		19,706
Nomura Research Institute, Ltd.		330		10,072
NTT Data Corp.		300		14,533
NTT DOCOMO, Inc.		5,300		121,009
Obayashi Corp.		2,100		20,111
Odakyu Electric Railway Co., Ltd.		1,400		27,764
Olympus Corp.		1,200		41,566
Omron Corp.		500		19,227
Ono Pharmaceutical Co., Ltd.		1,400		30,674
Oriental Land Co., Ltd.		1,100		62,302
ORIX Corp.		4,800		75,065
Otsuka Holdings Co., Ltd.		1,400		61,133
Panasonic Corp.		6,800		69,350
Rakuten, Inc. (b)		3,400		33,392
Recruit Holdings Co., Ltd.		1,500		60,316
Resona Holdings, Inc.		11,900		61,166
Ricoh Co., Ltd.		1,200		10,165
Ryohin Keikaku Co., Ltd.		100		19,642
Santen Pharmaceutical Co., Ltd.		1,200		14,713
SBI Holdings, Inc.		1,700		21,674
Secom Co., Ltd.		1,200		87,946
Sekisui House, Ltd.		3,400		56,713
Seven & i Holdings Co., Ltd.		2,300		87,812
Shimano, Inc.		200		31,449
Shimizu Corp.		2,000		18,331
Shin-Etsu Chemical Co., Ltd.		1,700		132,155
Shinsei Bank, Ltd.		6,000		10,083
Shionogi & Co., Ltd.		1,200		57,605
Shiseido Co., Ltd.		1,700		43,121
Shizuoka Bank, Ltd.		2,000		16,839
SMC Corp.		300		71,775
SoftBank Group Corp.		3,400		226,356
Sohgo Security Services Co., Ltd.		200		7,708
Sompo Holdings, Inc.		1,700		57,719
Sony Corp.		4,700		131,972
Sony Financial Holdings, Inc.		1,200		18,766
Sumitomo Corp.		8,800		103,780
Sumitomo Electric Industries, Ltd.		400		5,784
Sumitomo Heavy Industries, Ltd.		4,000		25,824
Sumitomo Metal Mining Co., Ltd.		5,000		64,603
Sumitomo Mitsui Financial Group, Inc.		5,500		210,314
Sumitomo Mitsui Trust Holdings, Inc.		1,700		60,969
Sumitomo Realty & Development Co., Ltd.		1,000		26,630
Suntory Beverage & Food, Ltd.		700		29,138
Suzuki Motor Corp.		1,700		59,963
Sysmex Corp.		300		17,413
T&D Holdings, Inc.		3,400		45,053
Taisei Corp.		3,000		21,040
Takeda Pharmaceutical Co., Ltd.		3,000		124,362
Terumo Corp.		1,100		40,695
Toho Gas Co., Ltd.		13,000		105,997
Tokio Marine Holdings, Inc.		3,000		123,359
Tokyo Electron, Ltd.		500		47,349
Tokyu Corp.		7,000		51,554
Tokyu Fudosan Holdings Corp.		1,700		10,057
Toshiba Corp. (b)		12,000		29,127
TOTO, Ltd.		300		11,896
Toyota Industries Corp.		1,200		57,307
Toyota Motor Corp.		9,800		577,909
Toyota Tsusho Corp.		1,700		44,382
Trend Micro, Inc. (b)		200		7,125
Tsuruha Holdings, Inc.		100		9,517
Unicharm Corp.		1,700		37,277
West Japan Railway Co.		200		12,300
Yahoo! Japan Corp.		5,100		19,633
Yakult Honsha Co., Ltd.		300		13,941
Yamaha Corp.		300		9,182
Yamaha Motor Co., Ltd.		600		13,241
Yamato Holdings Co., Ltd.		1,100		22,413
Yaskawa Electric Corp.		500		7,794
				9,805,130
JORDAN — 0.0% (a)
Hikma Pharmaceuticals PLC		700		16,374

See accompanying Notes to Schedule of Investments

149

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
LUXEMBOURG — 0.1%
RTL Group SA (b)		170	$	12,503
SES SA		1,540		33,989
Tenaris SA		1,148		20,548
				67,040
MACAU — 0.0% (a)
MGM China Holdings, Ltd.		6,800		14,103
Wynn Macau, Ltd.		6,800		10,823
				24,926
MALAYSIA — 0.3%
British American Tobacco Malaysia Bhd		900		8,948
CIMB Group Holdings Bhd		4,315		4,338
Gamuda Bhd		3,000		3,197
Genting Bhd		15,300		27,285
Genting Malaysia Bhd		8,900		9,086
IJM Corp. Bhd		15,600		11,128
IOI Properties Group Bhd		9,450		4,424
Malayan Banking Bhd		7,110		12,996
Petronas Chemicals Group Bhd		18,700		29,096
Petronas Dagangan Bhd		13,500		71,623
Petronas Gas Bhd		26,700		126,774
PPB Group Bhd		900		3,182
SapuraKencana Petroleum Bhd (b)		67,200		24,268
Westports Holdings Bhd		14,962		14,342
				350,687
MEXICO — 0.4%
America Movil SAB de CV Series L		96,972		61,333
Coca-Cola Femsa SAB de CV Series L		1,687		10,758
Fibra Uno Administracion SA de CV REIT		7,096		10,939
Fomento Economico Mexicano SAB de CV		6,730		51,507
Fresnillo PLC		1,965		29,646
Grupo Aeroportuario del Pacifico SAB de CV Class B		1,687		13,960
Grupo Aeroportuario del Sureste SAB de CV Class B		1,704		24,704
Grupo Financiero Banorte SAB de CV Series O		3,062		15,205
Grupo Mexico SAB de CV Series B		51,843		142,004
Grupo Televisa SAB Series CPO		6,730		28,264
OHL Mexico SAB de CV		14,664		14,513
Promotora y Operadora de Infraestructura SABde CV		1,964		16,491
Wal-Mart de Mexico SAB de CV		23,537		42,329
				461,653
NETHERLANDS — 1.3%
ABN AMRO Group NV (c)		833		18,495
Aegon NV		10,277		56,670
AerCap Holdings NV (b)		882		36,700
Altice NV Class A (b)		1,214		24,111
Altice NV Class B (b)		646		12,898
ASML Holding NV		1,309		147,248
Gemalto NV		238		13,787
Heineken NV		647		48,629
ING Groep NV		14,609		206,016
Koninklijke Ahold Delhaize NV		3,336		70,479
Koninklijke KPN NV		10,916		32,399
Koninklijke Philips NV		4,140		126,633
Koninklijke Vopak NV		4,383		207,456
NN Group NV		1,606		54,536
NXP Semiconductors NV (b)		1,038		101,734
Randstad Holding NV		782		42,503
Royal Dutch Shell PLC Class A		10,144		281,085
Royal Dutch Shell PLC Class B		2,947		85,720
Steinhoff International Holdings NV		15,597		81,298
Wolters Kluwer NV		1,018		36,958
				1,685,355
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		2,201		9,592
Meridian Energy, Ltd.		39,647		71,879
				81,471
NORWAY — 0.2%
DNB ASA		4,427		66,037
Gjensidige Forsikring ASA		680		10,823
Marine Harvest ASA (b)		3,034		54,880
Orkla ASA		6,486		58,925
Schibsted ASA Class A		758		17,445
Schibsted ASA Class B		877		18,645
Telenor ASA		3,914		58,657
				285,412
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR		260		2,933
Southern Copper Corp.		4,584		146,413
				149,346
PHILIPPINES — 0.1%
Aboitiz Power Corp.		76,500		64,170
Energy Development Corp.		64,500		6,682
International Container Terminal Services, Inc.		3,400		4,921
JG Summit Holdings, Inc.		6,710		9,131
PLDT, Inc.		425		11,670
SM Investments Corp.		700		9,223
SM Prime Holdings, Inc.		32,300		18,420
Universal Robina Corp.		2,040		6,709
				130,926
POLAND — 0.1%
Bank Pekao SA		1,113		33,542
Bank Zachodni WBK SA		136		10,296
Cyfrowy Polsat SA (b)		1,224		7,213
LPP SA		12		16,310
mBank SA (b)		68		5,461
Powszechna Kasa Oszczednosci Bank Polski SA (b)		4,444		29,958
Powszechny Zaklad Ubezpieczen SA		3,655		29,079
				131,859
PORTUGAL — 0.0% (a)
Jeronimo Martins SGPS SA		1,015		15,780
QATAR — 0.1%
Industries Qatar QSC		1,118		36,076
Qatar Gas Transport Co., Ltd.		18,269		115,843
				151,919

See accompanying Notes to Schedule of Investments

150

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ROMANIA — 0.0% (a)
New Europe Property Investments PLC		1,388	$	16,138
RUSSIA — 0.4%
Magnit PJSC GDR		1,985		87,638
Mobile TeleSystems PJSC ADR		5,044		45,951
Moscow Exchange MICEX-RTS PJSC (b)		20,497		41,989
PhosAgro PJSC GDR		2,591		39,513
Rostelecom PJSC ADR		5,668		46,817
Sberbank of Russia PJSC ADR		15,807		182,966
VTB Bank PJSC GDR		20,690		49,387
				494,261
SINGAPORE — 0.6%
Ascendas REIT		2,207		3,468
Broadcom, Ltd.		1,424		251,720
City Developments, Ltd.		1,832		10,500
DBS Group Holdings, Ltd.		6,455		77,476
Genting Singapore PLC		34,000		21,299
Global Logistic Properties, Ltd.		17,000		25,888
Hutchison Port Holdings Trust		78,000		33,930
Oversea-Chinese Banking Corp., Ltd.		9,708		59,940
SATS, Ltd.		6,200		20,814
Singapore Technologies Engineering, Ltd.		9,000		20,122
Singapore Telecommunications, Ltd.		44,429		112,249
United Overseas Bank, Ltd.		4,572		64,559
UOL Group, Ltd.		2,827		11,721
Wilmar International, Ltd.		10,100		25,098
				738,784
SOUTH AFRICA — 0.7%
Aspen Pharmacare Holdings, Ltd.		1,579		32,744
Barclays Africa Group, Ltd.		1,105		13,631
Bid Corp., Ltd.		1,657		29,705
Brait SE (b)		4,031		25,810
Discovery, Ltd.		1,173		9,821
FirstRand, Ltd.		17,502		68,050
Fortress Income Fund, Ltd. Class A		22,317		27,042
Foschini Group, Ltd.		969		11,276
Growthpoint Properties, Ltd. REIT		19,726		37,346
Hyprop Investments, Ltd.		2,053		17,612
Investec PLC		2,384		15,789
Investec, Ltd.		1,825		12,111
Mediclinic International PLC		1,509		14,376
Mr. Price Group, Ltd.		408		4,760
MTN Group, Ltd.		6,994		64,529
Naspers, Ltd. Class N		1,647		242,574
Nedbank Group, Ltd.		1,241		21,610
Redefine Properties, Ltd. REIT		50,505		41,327
Resilient REIT, Ltd.		1,877		15,704
RMB Holdings, Ltd.		6,790		32,969
Sanlam, Ltd.		5,566		25,602
Shoprite Holdings, Ltd.		2,468		30,944
SPAR Group, Ltd.		1,590		23,089
Standard Bank Group, Ltd.		5,561		61,710
Truworths International, Ltd.		1,673		9,747
Vodacom Group, Ltd.		2,418		26,947
Woolworths Holdings, Ltd.		453		2,353
				919,178
SOUTH KOREA — 1.3%
Amorepacific Corp.		147		39,129
Amorepacific Corp. Preference Shares		52		8,848
AMOREPACIFIC Group		130		14,315
BNK Financial Group, Inc.		476		3,421
Celltrion, Inc. (b)		287		25,521
Coway Co., Ltd.		130		9,504
Daelim Industrial Co., Ltd.		234		16,875
Daewoo Engineering & Construction Co., Ltd. (b)		1,027		4,320
Dongbu Insurance Co., Ltd.		130		6,727
GS Engineering & Construction Corp. (b)		247		5,419
Hana Financial Group, Inc.		1,343		34,748
Hanwha Corp.		371		10,766
Hanwha Life Insurance Co., Ltd.		897		4,850
Hyundai Development Co.-Engineering & Construction		260		9,676
Hyundai Engineering & Construction Co., Ltd.		338		11,978
Hyundai Glovis Co., Ltd.		172		22,002
Hyundai Heavy Industries Co., Ltd. (b)		115		13,854
Hyundai Mobis Co., Ltd.		285		62,295
Hyundai Motor Co.		373		45,089
Hyundai Motor Co. Preference Shares (d)		313		25,759
Hyundai Motor Co. Preference Shares (d)		156		12,361
Industrial Bank of Korea		897		9,432
Kakao Corp.		52		3,315
Kangwon Land, Inc.		840		24,863
KB Financial Group, Inc.		1,534		54,359
KEPCO Plant Service & Engineering Co., Ltd.		174		7,808
Kia Motors Corp.		827		26,875
Korea Aerospace Industries, Ltd.		130		7,212
Korea Gas Corp.		327		13,117
Korea Zinc Co., Ltd.		277		108,938
KT&G Corp.		574		48,000
LG Household & Health Care, Ltd.		34		24,125
Mirae Asset Daewoo Co., Ltd.		640		3,836
NAVER Corp.		102		65,450
NCSoft Corp.		52		10,656
Orion Corp.		13		7,050
S-1 Corp.		104		7,552
Samsung C&T Corp.		370		38,446
Samsung Card Co., Ltd.		156		5,128
Samsung Electronics Co., Ltd.		339		505,777
Samsung Electronics Co., Ltd. Preference Shares		69		81,865
Samsung Fire & Marine Insurance Co., Ltd.		119		26,454
Samsung Life Insurance Co., Ltd.		255		23,752
Samsung SDS Co., Ltd.		101		11,665
Samsung Securities Co., Ltd.		182		4,777
Shinhan Financial Group Co., Ltd.		1,687		63,203
SK Holdings Co., Ltd.		223		42,373
SK Hynix, Inc.		1,306		48,334
SK Telecom Co., Ltd.		65		12,055
Woori Bank		1,417		14,958
				1,688,832
SPAIN — 1.1%
Abertis Infraestructuras SA		4,419		61,967
Aena SA (c)		495		67,691
Amadeus IT Group SA Class A		1,224		55,733

See accompanying Notes to Schedule of Investments

151

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Banco Bilbao Vizcaya Argentaria SA		26,310	$	177,992
Banco de Sabadell SA		24,648		34,395
Banco Popular Espanol SA		28,820		27,905
Banco Santander SA		57,510		300,806
Bankia SA		26,782		27,429
CaixaBank SA		14,584		48,301
Enagas SA		4,150		105,600
Ferrovial SA		1,917		34,363
Industria de Diseno Textil SA		3,965		135,625
Mapfre SA		7,309		22,357
Red Electrica Corp. SA		8,344		157,755
Telefonica SA		17,344		161,349
				1,419,268
SWEDEN — 0.9%
Alfa Laval AB		1,343		22,293
Assa Abloy AB Class B		3,337		62,115
Atlas Copco AB Class A		2,483		75,846
Atlas Copco AB Class B		1,943		53,170
Autoliv, Inc.		272		30,777
Boliden AB		6,805		178,204
Hennes & Mauritz AB Class B		3,165		88,282
Hexagon AB Class B		731		26,192
Investor AB Class B		2,064		77,361
Kinnevik AB Class B		782		18,791
Nordea Bank AB		11,172		124,576
Sandvik AB		3,475		43,109
Skandinaviska Enskilda Banken AB Class A		3,318		34,898
Skanska AB Class B		485		11,484
SKF AB Class B		527		9,722
Svenska Handelsbanken AB Class A		3,874		53,987
Swedbank AB Class A		1,788		43,359
Telefonaktiebolaget LM Ericsson Class B		12,710		74,850
Telia Co. AB		11,749		47,477
Volvo AB Class B		6,926		81,118
				1,157,611
SWITZERLAND — 2.9%
ABB, Ltd. (b)		6,780		143,292
Actelion, Ltd. (b)		238		51,635
Adecco Group AG		782		51,282
Chocoladefabriken Lindt & Spruengli AG		3		15,570
Cie Financiere Richemont SA		1,873		124,301
Credit Suisse Group AG (b)		8,120		116,725
EMS-Chemie Holding AG		129		65,684
Geberit AG		85		34,139
Givaudan SA		74		135,863
Julius Baer Group, Ltd. (b)		493		21,940
Kuehne + Nagel International AG		238		31,519
Nestle SA		10,690		768,342
Novartis AG		7,702		561,537
Roche Holding AG		2,349		537,588
Schindler Holding AG		119		21,029
SGS SA		14		28,541
Sika AG		20		96,266
Swatch Group AG		133		41,443
Swiss Life Holding AG (b)		102		28,923
Swiss Re AG		1,215		115,361
Swisscom AG		51		22,887
Syngenta AG		421		166,726
TE Connectivity, Ltd.		1,406		97,408
UBS Group AG		13,909		218,280
Wolseley PLC		1,098		67,322
Zurich Insurance Group AG (b)		561		154,774
				3,718,377
TAIWAN — 1.2%
Acer, Inc.		35,000		14,226
Advanced Semiconductor Engineering, Inc.		13,000		13,331
Advantech Co., Ltd.		2,000		15,793
Asustek Computer, Inc.		4,000		32,890
Catcher Technology Co., Ltd.		3,000		20,851
Cathay Financial Holding Co., Ltd.		49,000		73,282
China Development Financial Holding Corp.		52,000		13,004
Chunghwa Telecom Co., Ltd.		17,000		53,539
CTBC Financial Holding Co., Ltd.		80,359		44,008
Delta Electronics, Inc.		6,000		29,694
E.Sun Financial Holding Co., Ltd.		15,447		8,795
Eclat Textile Co., Ltd.		1,000		10,472
Far EasTone Telecommunications Co., Ltd.		6,000		13,497
Formosa Plastics Corp.		23,000		63,657
Foxconn Technology Co., Ltd.		11,070		29,299
Fubon Financial Holding Co., Ltd.		34,000		53,802
Hon Hai Precision Industry Co., Ltd.		62,820		164,121
Hotai Motor Co., Ltd.		1,000		11,449
Inventec Corp.		13,000		8,914
MediaTek, Inc.		6,000		40,305
Mega Financial Holding Co., Ltd.		49,922		35,626
Micro-Star International Co., Ltd.		3,000		6,851
Novatek Microelectronics Corp.		4,000		13,218
Pegatron Corp.		5,000		11,946
Pou Chen Corp.		4,000		4,989
President Chain Store Corp.		3,000		21,502
Quanta Computer, Inc.		17,000		31,807
Shin Kong Financial Holding Co., Ltd. (b)		40,469		9,920
SinoPac Financial Holdings Co., Ltd.		29,154		8,214
Taiwan Fertilizer Co., Ltd.		37,000		46,094
Taiwan Mobile Co., Ltd.		12,000		38,723
Taiwan Semiconductor Manufacturing Co., Ltd.		84,000		473,052
Teco Electric and Machinery Co., Ltd.		13,000		11,254
Uni-President Enterprises Corp.		11,000		18,226
Yuanta Financial Holding Co., Ltd.		86,573		32,234
				1,478,585
THAILAND — 0.2%
Advanced Info Service PCL (f)		3,400		13,957
Airports of Thailand PCL (f)		3,400		37,788
Bangkok Bank PCL NVDR		1,000		4,454
Bangkok Expressway & Metro PCL NVDR		85,000		17,683
BTS Group Holdings PCL (f)		106,500		25,427
CP ALL PCL (f)		13,600		23,736
Energy Absolute PCL (f)		76,500		63,553
Kasikornbank PCL NVDR		3,800		18,836
Siam Commercial Bank PCL (f)		6,800		28,863
Thai Oil PCL (f)		10,700		21,588
				255,885

See accompanying Notes to Schedule of Investments

152

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TURKEY — 0.1%
Akbank TAS		9,781	$	21,744
TAV Havalimanlari Holding A/S		1,020		4,068
Turkcell Iletisim Hizmetleri A/S (b)		102		283
Turkiye Garanti Bankasi A/S		9,554		20,697
Turkiye Halk Bankasi A/S		2,030		5,390
Turkiye Is Bankasi Class C		16,543		24,361
				76,543
UNITED ARAB EMIRATES — 0.1%
Aldar Properties PJSC		6,484		4,643
DP World, Ltd.		644		11,277
Emaar Properties PJSC		15,328		29,755
Emirates Telecommunications Group Co. PJSC		6,597		33,767
First Gulf Bank PJSC		1,079		3,775
				83,217
UNITED KINGDOM — 5.6%
3i Group PLC		4,524		39,354
Aberdeen Asset Management PLC		4,118		13,092
Admiral Group PLC		459		10,362
Ashtead Group PLC		2,452		47,871
Associated British Foods PLC		1,020		34,597
AstraZeneca PLC		4,671		256,120
Auto Trader Group PLC (c)		3,126		15,798
Aviva PLC		19,301		116,003
Babcock International Group PLC		814		9,585
BAE Systems PLC		11,957		87,392
Barclays PLC		67,990		187,724
Barratt Developments PLC		5,176		29,574
Berkeley Group Holdings PLC		657		22,796
British American Tobacco PLC		7,282		415,843
British Land Co. PLC REIT		6,854		53,313
BT Group PLC		36,952		167,526
Bunzl PLC		1,557		40,575
Burberry Group PLC		1,873		34,646
Capita PLC		3,097		20,320
CNH Industrial NV		3,424		29,849
Cobham PLC		6,461		13,069
Coca-Cola European Partners PLC		833		26,156
Compass Group PLC		6,974		129,347
Croda International PLC		1,611		63,621
DCC PLC		353		26,346
Delphi Automotive PLC		952		64,117
Diageo PLC		9,565		249,381
Direct Line Insurance Group PLC		4,516		20,613
Dixons Carphone PLC		5,397		23,648
GlaxoSmithKline PLC		16,944		327,034
Hammerson PLC		6,021		42,630
Hargreaves Lansdown PLC		561		8,409
HSBC Holdings PLC		72,613		589,398
IMI PLC		2,014		25,881
Imperial Brands PLC		4,429		193,870
Inmarsat PLC		2,657		24,673
Intertek Group PLC		717		30,840
Intu Properties PLC		11,230		39,034
ITV PLC		21,268		54,241
Johnson Matthey PLC		1,611		63,342
Kingfisher PLC		8,193		35,463
Land Securities Group PLC REIT		4,858		63,990
Legal & General Group PLC		23,774		72,736
Liberty Global PLC Class A (b)		1,715		52,462
Liberty Global PLC Series C (b)		1,483		44,045
Lloyds Banking Group PLC		250,837		193,748
London Stock Exchange Group PLC		867		31,218
Marks & Spencer Group PLC		6,628		28,665
Meggitt PLC		5,804		32,889
National Grid PLC		14,025		164,912
NEX Group PLC		1,199		6,881
Next PLC		597		36,759
Old Mutual PLC		17,154		43,940
Pearson PLC		3,362		34,003
Pentair PLC		1,033		57,920
Persimmon PLC		1,477		32,413
Petrofac, Ltd.		3,744		40,202
Provident Financial PLC		536		18,869
Prudential PLC		9,726		195,592
Randgold Resources, Ltd.		573		45,420
Reckitt Benckiser Group PLC		2,554		217,312
RELX NV		3,057		51,558
RELX PLC		5,448		97,544
Rolls-Royce Holdings PLC (b)		7,733		63,829
Royal Bank of Scotland Group PLC (b)		17,375		48,220
Royal Mail PLC		2,656		15,166
RSA Insurance Group PLC		2,894		20,955
Sage Group PLC		4,101		33,191
Schroders PLC		488		18,078
Segro PLC		3,372		19,087
Severn Trent PLC		4,453		122,262
Sky PLC		5,410		66,247
Smith & Nephew PLC		3,575		53,937
Smiths Group PLC		2,622		45,877
Standard Chartered PLC (b)		12,814		105,072
Standard Life PLC		6,754		31,046
Taylor Wimpey PLC		13,813		26,199
Tesco PLC (b)		20,824		53,225
TP ICAP PLC		979		5,242
Travis Perkins PLC		1,602		28,742
Unilever NV		5,233		215,896
Unilever PLC		4,651		189,220
United Utilities Group PLC		13,401		149,196
Vodafone Group PLC		111,346		274,963
Weir Group PLC		1,337		31,224
Whitbread PLC		884		41,246
William Hill PLC		4,689		16,814
Worldpay Group PLC (c)		3,912		13,047
WPP PLC		5,536		124,224
				7,058,736
UNITED STATES — 53.7%
3M Co.		2,051		366,247
Abbott Laboratories		5,463		209,834
AbbVie, Inc.		5,530		346,289
Accenture PLC Class A		2,303		269,750
Activision Blizzard, Inc.		2,339		84,461
Acuity Brands, Inc.		140		32,320
Adobe Systems, Inc. (b)		1,815		186,854
Advance Auto Parts, Inc.		221		37,376
Aetna, Inc.		1,423		176,466

See accompanying Notes to Schedule of Investments

153

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Affiliated Managers Group, Inc. (b)		187	$	27,171
Aflac, Inc.		1,647		114,631
AGCO Corp.		392		22,681
Agilent Technologies, Inc.		1,031		46,972
AGNC Investment Corp. REIT		2,590		46,957
Akamai Technologies, Inc. (b)		544		36,274
Albemarle Corp.		656		56,468
Alexandria Real Estate Equities, Inc.		260		28,894
Alexion Pharmaceuticals, Inc. (b)		777		95,066
Align Technology, Inc. (b)		260		24,994
Alkermes PLC (b)		437		24,288
Alleghany Corp. (b)		29		17,635
Allergan PLC (b)		1,456		305,775
Alliance Data Systems Corp.		170		38,845
Allstate Corp.		1,163		86,202
Ally Financial, Inc.		2,349		44,678
Alphabet, Inc. Class A (b)		999		791,658
Alphabet, Inc. Class C (b)		1,038		801,149
Altria Group, Inc.		7,667		518,443
Amazon.com, Inc. (b)		1,375		1,031,071
American Express Co.		2,862		212,017
American International Group, Inc.		4,675		305,324
American Tower Corp. REIT		1,456		153,870
American Water Works Co., Inc.		3,096		224,027
Ameriprise Financial, Inc.		688		76,327
AMETEK, Inc.		977		47,482
Amgen, Inc.		2,541		371,520
Amphenol Corp. Class A		662		44,486
Analog Devices, Inc.		1,163		84,457
Annaly Capital Management, Inc.		5,942		59,242
ANSYS, Inc. (b)		132		12,209
Anthem, Inc.		1,103		158,578
AO Smith Corp.		392		18,561
Aon PLC		666		74,279
Apple, Inc.		18,425		2,133,983
Applied Materials, Inc.		4,128		133,211
Arch Capital Group, Ltd. (b)		260		22,435
Ashland Global Holdings, Inc.		100		10,929
Assurant, Inc.		104		9,657
AT&T, Inc.		22,300		948,419
Atmos Energy Corp.		392		29,067
Autodesk, Inc. (b)		671		49,661
Automatic Data Processing, Inc.		1,687		173,390
AutoZone, Inc. (b)		119		93,985
AvalonBay Communities, Inc.		493		87,335
Avery Dennison Corp.		765		53,718
Avnet, Inc.		767		36,517
Axalta Coating Systems, Ltd. (b)		2,346		63,811
Axis Capital Holdings, Ltd.		270		17,623
B/E Aerospace, Inc.		510		30,697
Baker Hughes, Inc.		2,324		150,990
Ball Corp.		807		60,581
Bank of America Corp.		36,990		817,479
Bank of New York Mellon Corp.		4,388		207,903
Baxter International, Inc.		1,593		70,634
BB&T Corp.		3,142		147,737
Becton Dickinson and Co.		893		147,836
Bed Bath & Beyond, Inc.		392		15,931
Berkshire Hathaway, Inc. Class B (b)		2,212		360,512
Best Buy Co., Inc.		891		38,019
Biogen, Inc. (b)		743		210,700
BioMarin Pharmaceutical, Inc. (b)		590		48,876
BlackRock, Inc.		490		186,465
Boeing Co.		2,132		331,910
BorgWarner, Inc.		683		26,938
Boston Properties, Inc. REIT		391		49,180
Boston Scientific Corp. (b)		5,044		109,102
Bristol-Myers Squibb Co.		5,804		339,186
Brixmor Property Group, Inc.		545		13,309
Brown-Forman Corp. Class B		948		42,584
C.H. Robinson Worldwide, Inc.		524		38,388
C.R. Bard, Inc.		255		57,288
CA, Inc.		1,373		43,620
Cadence Design Systems, Inc. (b)		524		13,215
Camden Property Trust		260		21,858
Campbell Soup Co.		710		42,934
Capital One Financial Corp.		2,481		216,442
Cardinal Health, Inc.		1,283		92,337
CarMax, Inc. (b)		611		39,342
Caterpillar, Inc.		2,384		221,092
CBRE Group, Inc. Class A (b)		1,292		40,685
CBS Corp. Class B		1,687		107,327
Celanese Corp. Series A		866		68,189
Celgene Corp. (b)		2,626		303,959
Centene Corp. (b)		689		38,935
CenturyLink, Inc.		899		21,378
Cerner Corp. (b)		1,054		49,928
Charles Schwab Corp.		4,194		165,537
Charter Communications, Inc. Class A (b)		863		248,475
Cheniere Energy, Inc. (b)		3,474		143,928
Chevron Corp.		1,766		207,858
Chipotle Mexican Grill, Inc. Class A (b)		102		38,487
Chubb, Ltd.		1,813		239,534
Church & Dwight Co., Inc.		524		23,156
Cigna Corp.		994		132,590
Cimarex Energy Co.		471		64,009
Cincinnati Financial Corp.		455		34,466
Cintas Corp.		417		48,189
Cisco Systems, Inc.		18,567		561,095
CIT Group, Inc.		1,100		46,948
Citigroup, Inc.		10,898		647,668
Citizens Financial Group, Inc.		2,693		95,952
Citrix Systems, Inc. (b)		544		48,585
Clorox Co.		285		34,206
CME Group, Inc.		1,305		150,532
Coach, Inc.		997		34,915
Coca-Cola Co.		16,055		665,640
Cognizant Technology Solutions Corp. Class A (b)		2,217		124,218
Colgate-Palmolive Co.		3,098		202,733
Comcast Corp. Class A		8,734		603,083
Comerica, Inc.		717		48,835
Computer Sciences Corp.		392		23,293
Conagra Brands, Inc.		132		5,221
Concho Resources, Inc. (b)		1,100		145,860
Consolidated Edison, Inc.		2,046		150,749
Constellation Brands, Inc. Class A		756		115,902
Cooper Cos., Inc.		170		29,738

See accompanying Notes to Schedule of Investments

154

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Core Laboratories NV		638	$	76,586
Corning, Inc.		2,948		71,548
CoStar Group, Inc. (b)		65		12,252
Costco Wholesale Corp.		1,673		267,864
Coty, Inc. Class A		2,126		38,927
Crown Castle International Corp. REIT		1,253		108,723
CSX Corp.		2,234		80,268
Cummins, Inc.		705		96,352
CVS Health Corp.		4,388		346,257
D.R. Horton, Inc.		1,687		46,106
Danaher Corp.		2,452		190,864
DaVita, Inc. (b)		557		35,759
Deere & Co.		912		93,972
Dell Technologies, Inc. Class V (b)		1,348		74,100
DENTSPLY SIRONA, Inc.		861		49,706
DexCom, Inc. (b)		260		15,522
Diamondback Energy, Inc. (b)		1,611		162,808
Dick’s Sporting Goods, Inc.		260		13,806
Digital Realty Trust, Inc. REIT		656		64,459
Discover Financial Services		1,423		102,584
Discovery Communications, Inc. Class A (b)		1,163		31,878
Discovery Communications, Inc. Class C (b)		470		12,587
DISH Network Corp. Class A (b)		964		55,845
Dollar General Corp.		935		69,255
Dollar Tree, Inc. (b)		800		61,744
Domino’s Pizza, Inc.		260		41,402
Dover Corp.		901		67,512
Dow Chemical Co.		470		26,893
Dr. Pepper Snapple Group, Inc.		782		70,904
Duke Realty Corp.		916		24,329
Dun & Bradstreet Corp.		153		18,562
E*TRADE Financial Corp. (b)		1,135		39,328
E.I. du Pont de Nemours & Co.		2,507		184,014
Eaton Corp. PLC		2,234		149,879
eBay, Inc. (b)		3,624		107,597
Ecolab, Inc.		2,217		259,877
Edison International		2,096		150,891
Edwards Lifesciences Corp. (b)		778		72,899
Electronic Arts, Inc. (b)		952		74,980
Eli Lilly & Co.		3,362		247,275
Emerson Electric Co.		2,838		158,218
Endo International PLC (b)		1,114		18,348
Envision Healthcare Corp. (b)		483		30,569
EOG Resources, Inc.		1,687		170,556
Equifax, Inc.		611		72,239
Equinix, Inc. REIT		249		88,995
Equity Residential REIT		1,241		79,871
Essex Property Trust, Inc. REIT		290		67,425
Estee Lauder Cos., Inc. Class A		1,054		80,620
Everest Re Group, Ltd.		131		28,348
Eversource Energy		3,335		184,192
Expedia, Inc.		469		53,128
Expeditors International of Washington, Inc.		1,423		75,362
Express Scripts Holding Co. (b)		2,543		174,933
Extra Space Storage, Inc. REIT		524		40,474
Exxon Mobil Corp.		2,925		264,010
F5 Networks, Inc. (b)		221		31,983
Facebook, Inc. Class A (b)		7,965		916,373
Fastenal Co.		1,423		66,853
Federal Realty Investment Trust REIT		132		18,759
FedEx Corp.		304		56,605
Fidelity National Information Services, Inc.		1,151		87,062
Fifth Third Bancorp		3,362		90,673
First Data Corp. Class A (b)		1,221		17,326
First Republic Bank		231		21,284
Fiserv, Inc. (b)		705		74,927
FleetCor Technologies, Inc. (b)		334		47,268
FLIR Systems, Inc.		392		14,186
Flowserve Corp.		799		38,392
Fluor Corp.		1,031		54,148
FMC Technologies, Inc. (b)		3,149		111,884
FNF Group		425		14,433
Foot Locker, Inc.		459		32,538
Ford Motor Co.		13,210		160,237
Fortinet, Inc. (b)		524		15,783
Fortive Corp.		1,224		65,643
Fortune Brands Home & Security, Inc.		354		18,925
Franklin Resources, Inc.		1,687		66,771
Freeport-McMoRan, Inc. (b)		5,764		76,027
Frontier Communications Corp.		7,158		24,194
Gap, Inc.		867		19,455
Garmin, Ltd.		459		22,257
General Dynamics Corp.		1,049		181,120
General Electric Co.		32,300		1,020,680
General Growth Properties, Inc. REIT		1,687		42,141
General Mills, Inc.		2,611		161,281
General Motors Co.		3,970		138,315
Genuine Parts Co.		392		37,452
Gilead Sciences, Inc.		4,652		333,130
Global Payments, Inc.		524		36,371
Goldman Sachs Group, Inc.		1,555		372,345
H&R Block, Inc.		243		5,587
Halliburton Co.		3,472		187,800
Hanesbrands, Inc.		1,224		26,402
Harley-Davidson, Inc.		765		44,630
Harman International Industries, Inc.		283		31,458
Harris Corp.		425		43,550
Hartford Financial Services Group, Inc.		1,876		89,391
Hasbro, Inc.		425		33,061
HCA Holdings, Inc. (b)		799		59,142
HCP, Inc. REIT		1,687		50,138
Helmerich & Payne, Inc.		1,438		111,301
Henry Schein, Inc. (b)		216		32,769
Hershey Co.		748		77,366
Hewlett Packard Enterprise Co.		6,086		140,830
Hilton Worldwide Holdings, Inc.		795		21,624
HollyFrontier Corp.		509		16,675
Hologic, Inc. (b)		712		28,565
Home Depot, Inc.		4,346		582,712
Honeywell International, Inc.		2,553		295,765
Hormel Foods Corp.		916		31,886
Host Hotels & Resorts, Inc. REIT		3,127		58,913
HP, Inc.		5,350		79,394
Humana, Inc.		496		101,199

See accompanying Notes to Schedule of Investments

155

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Huntington Bancshares, Inc.		3,651	$	48,266
Huntington Ingalls Industries, Inc.		183		33,707
IDEXX Laboratories, Inc. (b)		260		30,490
IHS Markit, Ltd. (b)		2,119		75,034
Illinois Tool Works, Inc.		1,409		172,546
Illumina, Inc. (b)		459		58,770
Incyte Corp. (b)		621		62,268
Ingersoll-Rand PLC		1,173		88,022
Ingredion, Inc.		135		16,870
Intel Corp.		17,095		620,036
Intercontinental Exchange, Inc.		1,959		110,527
International Business Machines Corp.		3,230		536,148
International Flavors & Fragrances, Inc.		932		109,818
Interpublic Group of Cos., Inc.		1,031		24,136
Intuit, Inc.		867		99,367
Intuitive Surgical, Inc. (b)		140		88,784
Invesco, Ltd.		2,211		67,082
Iron Mountain, Inc. REIT		744		24,165
J.M. Smucker Co.		611		78,245
Jacobs Engineering Group, Inc. (b)		899		51,243
Jazz Pharmaceuticals PLC (b)		204		22,242
Johnson & Johnson		9,560		1,101,408
Johnson Controls International PLC		3,862		159,076
Jones Lang LaSalle, Inc.		260		26,270
JPMorgan Chase & Co.		12,797		1,104,253
Juniper Networks, Inc.		1,687		47,675
Kansas City Southern		67		5,685
Kellogg Co.		833		61,400
KeyCorp		4,146		75,747
Kimberly-Clark Corp.		603		68,814
Kimco Realty Corp. REIT		1,687		42,445
Kinder Morgan, Inc.		10,510		217,662
KLA-Tencor Corp.		560		44,061
Kohl’s Corp.		561		27,702
Kraft Heinz Co.		2,755		240,567
Kroger Co.		2,082		71,850
L Brands, Inc.		1,028		67,684
L3 Technologies, Inc.		293		44,568
Laboratory Corp. of America Holdings (b)		285		36,588
Lam Research Corp.		683		72,214
Las Vegas Sands Corp.		1,687		90,103
Leggett & Platt, Inc.		260		12,709
Lennar Corp. Class A		981		42,114
Level 3 Communications, Inc. (b)		1,031		58,107
Liberty Broadband Corp. Class C (b)		631		46,738
Liberty Interactive Corp. QVC Group Class A (b)		1,687		33,706
Liberty Media Corp.-Liberty SiriusXM Class C (b)		1,375		46,640
Liberty Property Trust REIT		656		25,912
Lincoln National Corp.		1,291		85,555
Linear Technology Corp.		816		50,878
LKQ Corp. (b)		759		23,263
Lockheed Martin Corp.		1,046		261,437
Loews Corp.		1,687		79,002
Lowe’s Cos., Inc.		2,966		210,942
lululemon athletica, Inc. (b)		392		25,476
M&T Bank Corp.		438		68,516
Macerich Co. REIT		285		20,189
Macquarie Infrastructure Corp.		656		53,595
Macy’s, Inc.		1,139		40,788
Mallinckrodt PLC (b)		391		19,480
ManpowerGroup, Inc.		505		44,879
Marathon Petroleum Corp.		1,153		58,054
Markel Corp. (b)		28		25,326
Marriott International, Inc. Class A		656		54,238
Marsh & McLennan Cos., Inc.		1,212		81,919
Masco Corp.		1,687		53,343
MasterCard, Inc. Class A		3,514		362,820
Mattel, Inc.		1,291		35,567
Maxim Integrated Products, Inc.		850		32,784
McCormick & Co., Inc.		539		50,305
McDonald’s Corp.		3,097		376,967
McKesson Corp.		884		124,158
Mead Johnson Nutrition Co.		782		55,334
MEDNAX, Inc. (b)		260		17,332
Medtronic PLC		5,547		395,113
Merck & Co., Inc.		9,952		585,874
MetLife, Inc.		3,996		215,344
MGM Resorts International (b)		1,560		44,975
Michael Kors Holdings, Ltd. (b)		734		31,547
Microchip Technology, Inc.		524		33,615
Micron Technology, Inc. (b)		3,362		73,695
Microsoft Corp.		25,399		1,578,294
Mid-America Apartment Communities, Inc. REIT		260		25,459
Middleby Corp. (b)		260		33,491
Mobileye NV (b)		843		32,135
Molson Coors Brewing Co. Class B		842		81,935
Mondelez International, Inc. Class A		6,063		268,773
Monsanto Co.		1,817		191,167
Monster Beverage Corp. (b)		1,524		67,574
Moody’s Corp.		608		57,316
Morgan Stanley		6,160		260,260
Motorola Solutions, Inc.		291		24,121
Mylan NV (b)		1,687		64,359
Nasdaq, Inc.		351		23,559
National Oilwell Varco, Inc.		2,508		93,899
National Retail Properties, Inc.		656		28,995
Navient Corp.		1,544		25,368
NetApp, Inc.		1,031		36,363
Netflix, Inc. (b)		1,573		194,737
New York Community Bancorp, Inc.		1,440		22,910
Newell Brands, Inc.		1,704		76,084
Newmont Mining Corp.		1,704		58,055
News Corp. Class A		2,690		30,827
Nielsen Holdings PLC		1,772		74,335
NIKE, Inc. Class B		4,912		249,677
Nordstrom, Inc.		392		18,789
Norfolk Southern Corp.		700		75,649
Northern Trust Corp.		850		75,692
Northrop Grumman Corp.		694		161,410
Norwegian Cruise Line Holdings, Ltd. (b)		494		21,010
Nuance Communications, Inc. (b)		899		13,395
NVIDIA Corp.		1,942		207,289
O’Reilly Automotive, Inc. (b)		357		99,392
Omnicom Group, Inc.		743		63,237
ONEOK, Inc.		2,183		125,326

See accompanying Notes to Schedule of Investments

156

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Oracle Corp.		11,489	$	441,752
PACCAR, Inc.		1,687		107,799
Packaging Corp. of America		301		25,531
Palo Alto Networks, Inc. (b)		337		42,142
Parker-Hannifin Corp.		555		77,700
Parsley Energy, Inc. Class A (b)		4,063		143,180
Paychex, Inc.		1,131		68,855
PayPal Holdings, Inc. (b)		4,127		162,893
PepsiCo, Inc.		5,229		547,110
Perrigo Co. PLC		493		41,032
Pfizer, Inc.		22,015		715,047
PG&E Corp.		3,356		203,944
Philip Morris International, Inc.		6,187		566,049
Phillips 66		815		70,424
Pioneer Natural Resources Co.		1,433		258,040
PNC Financial Services Group, Inc.		1,873		219,066
Polaris Industries, Inc.		187		15,407
PPG Industries, Inc.		1,606		152,185
Priceline Group, Inc. (b)		187		274,153
Principal Financial Group, Inc.		1,189		68,796
Procter & Gamble Co.		9,084		763,783
Progressive Corp.		1,687		59,888
Prologis, Inc. REIT		2,268		119,728
Prudential Financial, Inc.		2,282		237,465
Public Storage REIT		561		125,383
PulteGroup, Inc.		1,687		31,007
PVH Corp.		340		30,682
Qorvo, Inc. (b)		504		26,576
QUALCOMM, Inc.		5,529		360,491
Quest Diagnostics, Inc.		510		46,869
Quintiles IMS Holdings, Inc. (b)		434		33,006
Ralph Lauren Corp.		289		26,102
Raymond James Financial, Inc.		459		31,795
Raytheon Co.		1,270		180,340
Realty Income Corp. REIT		1,037		59,607
Red Hat, Inc. (b)		476		33,177
Regeneron Pharmaceuticals, Inc. (b)		255		93,608
Regions Financial Corp.		5,810		83,432
Reinsurance Group of America, Inc.		260		32,716
ResMed, Inc.		425		26,371
Reynolds American, Inc.		3,500		196,140
Rite Aid Corp. (b)		1,048		8,636
Robert Half International, Inc.		561		27,366
Rockwell Automation, Inc.		705		94,752
Rockwell Collins, Inc.		700		64,932
Roper Technologies, Inc.		361		66,092
Ross Stores, Inc.		1,439		94,398
Royal Caribbean Cruises, Ltd.		285		23,381
S&P Global, Inc.		833		89,581
Sabre Corp.		470		11,726
salesforce.com, Inc. (b)		2,386		163,346
SBA Communications Corp. Class A (b)		519		53,592
Schlumberger, Ltd.		6,223		522,421
Scripps Networks Interactive, Inc. Class A		392		27,977
Seagate Technology PLC		952		36,338
Sealed Air Corp.		1,118		50,690
Seattle Genetics, Inc. (b)		260		13,720
Sempra Energy		637		64,108
Sensata Technologies Holding NV (b)		734		28,589
ServiceNow, Inc. (b)		612		45,496
Sherwin-Williams Co.		530		142,432
Shire PLC		3,229		186,887
Signature Bank (b)		132		19,826
Signet Jewelers, Ltd.		255		24,036
Simon Property Group, Inc. REIT		1,220		216,757
Sirius XM Holdings, Inc.		4,726		21,031
Skyworks Solutions, Inc.		645		48,156
SL Green Realty Corp. REIT		387		41,622
Snap-on, Inc.		340		58,232
Spectra Energy Corp.		4,758		195,506
Splunk, Inc. (b)		471		24,092
Sprint Corp. (b)		5,133		43,220
St. Jude Medical, Inc.		1,019		81,714
Stanley Black & Decker, Inc.		773		88,655
Staples, Inc.		3,362		30,426
Starbucks Corp.		5,396		299,586
State Street Corp. (g)		1,555		120,855
Stryker Corp.		1,423		170,490
SunTrust Banks, Inc.		2,211		121,273
Symantec Corp.		2,182		52,128
Synchrony Financial		3,084		111,857
Synopsys, Inc. (b)		356		20,954
Sysco Corp.		2,169		120,098
T Rowe Price Group, Inc.		828		62,315
T-Mobile US, Inc. (b)		1,203		69,185
Targa Resources Corp.		477		26,745
Target Corp.		1,687		121,852
TD Ameritrade Holding Corp.		1,019		44,428
TEGNA, Inc.		1,002		21,433
Teleflex, Inc.		132		21,272
Tesla Motors, Inc. (b)		553		118,171
Texas Instruments, Inc.		3,362		245,325
Textron, Inc.		1,019		49,483
Thermo Fisher Scientific, Inc.		1,423		200,785
Thomson Reuters Corp.		590		25,852
Tiffany & Co.		544		42,122
Time Warner, Inc.		2,838		273,952
TJX Cos., Inc.		2,375		178,434
Toll Brothers, Inc. (b)		1,010		31,310
Total System Services, Inc.		569		27,898
Tractor Supply Co.		425		32,219
TransDigm Group, Inc.		319		79,418
Travelers Cos., Inc.		1,130		138,335
Trimble, Inc. (b)		899		27,105
TripAdvisor, Inc. (b)		391		18,131
Twenty-First Century Fox, Inc. Class A		4,385		122,955
Twenty-First Century Fox, Inc. Class B		1,839		50,113
Twitter, Inc. (b)		2,397		39,071
Tyson Foods, Inc. Class A		392		24,179
UDR, Inc. REIT		1,048		38,231
Ulta Salon Cosmetics & Fragrance, Inc. (b)		172		43,850
Under Armour, Inc. Class A (b)		902		26,203
Under Armour, Inc. Class C (b)		512		12,887
Union Pacific Corp.		2,702		280,143
United Parcel Service, Inc. Class B		1,941		222,516
United Rentals, Inc. (b)		459		48,461
United Technologies Corp.		3,252		356,484
United Therapeutics Corp. (b)		132		18,933

See accompanying Notes to Schedule of Investments

157

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
UnitedHealth Group, Inc.		3,420	$	547,337
Universal Health Services, Inc. Class B		285		30,318
Unum Group		1,163		51,091
US Bancorp.		5,810		298,460
Valeant Pharmaceuticals International, Inc. (b)		1,054		15,302
Valero Energy Corp.		1,034		70,643
Valspar Corp.		524		54,292
Vantiv, Inc. Class A (b)		470		28,021
Varian Medical Systems, Inc. (b)		225		20,200
Ventas, Inc. REIT		1,314		82,151
VEREIT, Inc.		7,431		62,866
VeriSign, Inc. (b)		260		19,778
Verisk Analytics, Inc. Class A (b)		527		42,777
Verizon Communications, Inc.		14,549		776,626
Vertex Pharmaceuticals, Inc. (b)		866		63,798
VF Corp.		1,241		66,207
Viacom, Inc. Class B		1,291		45,314
Visa, Inc. Class A		6,888		537,402
VMware, Inc. Class A (b)		306		24,091
Vornado Realty Trust REIT		388		40,496
Voya Financial, Inc.		1,528		59,928
W.W. Grainger, Inc.		323		75,017
WABCO Holdings, Inc. (b)		260		27,599
Wabtec Corp.		429		35,616
Wal-Mart Stores, Inc.		5,545		383,270
Walgreens Boots Alliance, Inc.		3,552		293,963
Walt Disney Co.		5,471		570,188
Waters Corp. (b)		157		21,099
Weatherford International PLC (b)		7,507		37,460
Wells Fargo & Co.		17,086		941,609
Welltower, Inc. REIT		1,545		103,407
Western Digital Corp.		1,097		74,541
Western Union Co.		1,687		36,642
WestRock Co.		1,139		57,827
Weyerhaeuser Co. REIT		1,440		43,330
Whirlpool Corp.		204		37,081
WhiteWave Foods Co. (b)		631		35,084
Whole Foods Market, Inc.		1,031		31,714
Williams Cos., Inc.		3,030		94,354
Willis Towers Watson PLC		418		51,113
Workday, Inc. Class A (b)		456		30,137
Wyndham Worldwide Corp.		208		15,885
Wynn Resorts, Ltd.		289		25,001
Xerox Corp.		5,044		44,034
Xilinx, Inc.		1,031		62,241
Xylem, Inc.		918		45,459
Yahoo!, Inc. (b)		3,754		145,167
Yum China Holdings, Inc. (b)		910		23,769
Yum! Brands, Inc.		359		22,735
Zillow Group, Inc. Class C (b)		564		20,569
Zimmer Biomet Holdings, Inc.		782		80,702
Zoetis, Inc.		1,398		74,835
				68,008,081
TOTAL COMMON STOCKS (Cost $123,890,003)				126,230,465
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (h) (i) (Cost $29,001)				29,001
TOTAL INVESTMENTS — 99.8% (Cost $123,919,004)				126,259,466
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				273,475
NET ASSETS — 100.0%			$	126,532,941

(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 0.3% of net assets as of December 31, 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 December 31, 2016, total aggregate fair value of the 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 December 31, 2016, total aggregate fair value of securities is $214,912 representing 0.2% of net assets.

(g) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at December 31, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

158

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Argentina	$	20,610	$	—	$	—		$	20,610
Australia		2,940,935		—		—			2,940,935
Austria		67,839		—		—			67,839
Belgium		475,269		—		—			475,269
Bermuda		26,603		—		—			26,603
Brazil		1,007,233		—		—			1,007,233
Canada		4,657,571		—		—			4,657,571
Chile		281,224		—		—			281,224
China		3,242,102		—		—			3,242,102
Colombia		214,764		—		—			214,764
Czech Republic		16,478		—		—			16,478
Denmark		670,719		—		—			670,719
Finland		440,141		—		—			440,141
France		3,988,538		—		—			3,988,538
Germany		3,715,072		—		—			3,715,072
Greece		29,634		—		—			29,634
Hong Kong		1,405,257		—		0	(a)		1,405,257
India		1,091,343		—		—			1,091,343
Indonesia		339,006		—		—			339,006
Ireland		202,031		—		—			202,031
Israel		224,127		—		—			224,127
Italy		702,595		—		—			702,595
Japan		9,805,130		—		—			9,805,130
Jordan		16,374		—		—			16,374
Luxembourg		67,040		—		—			67,040
Macau		24,926		—		—			24,926
Malaysia		350,687		—		—			350,687
Mexico		461,653		—		—			461,653
Netherlands		1,685,355		—		—			1,685,355
New Zealand		81,471		—		—			81,471
Norway		285,412		—		—			285,412
Peru		149,346		—		—			149,346
Philippines		130,926		—		—			130,926
Poland		131,859		—		—			131,859
Portugal		15,780		—		—			15,780
Qatar		151,919		—		—			151,919
Romania		16,138		—		—			16,138
Russia		494,261		—		—			494,261
Singapore		738,784		—		—			738,784
South Africa		919,178		—		—			919,178
South Korea		1,688,832		—		—			1,688,832
Spain		1,419,268		—		—			1,419,268
Sweden		1,157,611		—		—			1,157,611
Switzerland		3,718,377		—		—			3,718,377
Taiwan		1,478,585		—		—			1,478,585
Thailand		40,973		214,912		—			255,885
Turkey		76,543		—		—			76,543
United Arab Emirates		83,217		—		—			83,217
United Kingdom		7,058,736		—		—			7,058,736
United States		68,008,081		—		—			68,008,081
Short-Term Investment		29,001		—		—			29,001
TOTAL INVESTMENTS	$	126,044,554	$	214,912	$	0		$	126,259,466

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

See accompanying Notes to Schedule of Investments

159

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		1,287	$	89,614		368		100		1,555	$	120,855	$	591	$	(93	)
State Street Institutional Liquid Reserves Fund, Premier Class		241,790		241,790		45,145		286,935		—		—		10		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,782,560		1,753,559		29,001		29,001		198		—
TOTAL			$	331,404							$	149,856	$	799	$	(93	)

See accompanying Notes to Schedule of Investments

160

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRALIA — 6.9%
Alumina, Ltd.		6,624	$	8,777
Amcor, Ltd.		3,130		33,883
AMP, Ltd.		8,010		29,232
APA Group		3,012		18,691
Aristocrat Leisure, Ltd.		1,460		16,386
ASX, Ltd.		520		18,729
Aurizon Holdings, Ltd.		5,550		20,295
AusNet Services		4,941		5,653
Australia & New Zealand Banking Group, Ltd.		7,890		173,794
Bank of Queensland, Ltd.		1,030		8,853
Bendigo & Adelaide Bank, Ltd.		1,250		11,504
Boral, Ltd.		2,929		11,474
Brambles, Ltd.		4,300		38,609
Caltex Australia, Ltd.		710		15,660
Challenger, Ltd.		1,540		12,534
CIMIC Group, Ltd.		270		6,831
Coca-Cola Amatil, Ltd.		1,540		11,285
Cochlear, Ltd.		160		14,198
Commonwealth Bank of Australia		4,640		276,883
Computershare, Ltd.		1,260		11,368
Crown Resorts, Ltd.		982		8,234
CSL, Ltd.		1,230		89,429
Dexus Property Group REIT		2,620		18,250
Domino’s Pizza Enterprises, Ltd.		170		8,000
DUET Group		6,584		13,063
Flight Centre Travel Group, Ltd.		150		3,400
Fortescue Metals Group, Ltd.		4,220		17,998
Goodman Group		4,814		24,854
GPT Group		4,874		17,752
Harvey Norman Holdings, Ltd.		1,500		5,583
Healthscope, Ltd.		4,694		7,783
Incitec Pivot, Ltd.		4,570		11,913
Insurance Australia Group, Ltd.		6,574		28,514
LendLease Group		1,490		15,774
Macquarie Group, Ltd.		840		52,990
Medibank Pvt, Ltd.		7,450		15,213
Mirvac Group REIT		10,030		15,470
National Australia Bank, Ltd.		7,162		159,055
Newcrest Mining, Ltd.		2,080		30,499
Orica, Ltd.		1,012		12,956
Qantas Airways, Ltd.		1,390		3,352
QBE Insurance Group, Ltd.		3,720		33,455
Ramsay Health Care, Ltd.		380		18,793
REA Group, Ltd.		140		5,599
Scentre Group REIT		14,414		48,428
SEEK, Ltd.		890		9,589
Sonic Healthcare, Ltd.		1,060		16,425
Stockland REIT		6,480		21,490
Suncorp Group, Ltd.		3,480		34,069
Sydney Airport		2,962		12,847
Tabcorp Holdings, Ltd.		2,250		7,837
Tatts Group, Ltd.		3,970		12,879
Telstra Corp., Ltd.		11,580		42,764
TPG Telecom, Ltd.		930		4,593
Transurban Group Stapled Security		5,510		41,175
Treasury Wine Estates, Ltd.		2,000		15,467
Vicinity Centres REIT		9,112		19,728
Vocus Communications, Ltd.		1,360		3,811
Wesfarmers, Ltd.		3,052		93,127
Westfield Corp.		5,340		36,270
Westpac Banking Corp.		9,032		213,206
Woolworths, Ltd.		3,460		60,380
				2,056,653
AUSTRIA — 0.2%
ANDRITZ AG		200		10,061
Erste Group Bank AG (a)		820		24,066
Raiffeisen Bank International AG (a)		320		5,866
Voestalpine AG		310		12,193
				52,186
BELGIUM — 1.3%
Ageas		540		21,421
Anheuser-Busch InBev SA		2,180		231,200
Colruyt SA		180		8,924
Groupe Bruxelles Lambert SA		220		18,499
KBC Group NV		690		42,815
Proximus SADP		410		11,832
Solvay SA		200		23,489
Telenet Group Holding NV (a)		140		7,785
UCB SA		340		21,843
Umicore SA		260		14,850
				402,658
CHILE — 0.0%
Antofagasta PLC		1,060		8,841
CHINA — 0.0%
Yangzijiang Shipbuilding Holdings, Ltd.		5,000		2,821
DENMARK — 1.8%
AP Moeller — Maersk A/S Class A		10		15,136
AP Moller — Maersk A/S Class B		20		31,974
Carlsberg A/S Class B		290		25,073
Chr Hansen Holding A/S		270		14,979
Coloplast A/S Class B		320		21,621
Danske Bank A/S		1,870		56,820
DSV A/S		510		22,731
Genmab A/S (a)		150		24,959
ISS A/S		450		15,218
Novo Nordisk A/S Class B		5,170		186,792
Novozymes A/S Class B		630		21,761
Pandora A/S		300		39,322
TDC A/S (a)		2,010		10,339
Tryg A/S		310		5,615
Vestas Wind Systems A/S		610		39,717
William Demant Holding A/S (a)		320		5,574
				537,631
FINLAND — 1.1%
Elisa Oyj		380		12,397
Fortum Oyj		1,200		18,441
Kone Oyj Class B		920		41,309
Metso Oyj		310		8,861
Neste Oyj		350		13,474
Nokia Oyj		15,800		76,459
Nokian Renkaat Oyj		310		11,581
Orion Oyj Class B		280		12,490

See accompanying Notes to Schedule of Investments

161

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sampo Oyj Class A		1,210	$	54,355
Stora Enso Oyj Class R		1,490		16,046
UPM-Kymmene Oyj		1,440		35,450
Wartsila Oyj Abp		400		18,007
				318,870
FRANCE — 9.6%
Accor SA		460		17,190
Aeroports de Paris		80		8,590
Air Liquide SA		1,050		117,006
Airbus Group SE		1,590		105,386
Alstom SA (a)		410		11,319
Arkema SA		180		17,645
Atos SE		240		25,377
AXA SA		5,260		133,068
BNP Paribas SA		2,857		182,463
Bollore SA		2,350		8,304
Bouygues SA		570		20,468
Bureau Veritas SA		730		14,175
Cap Gemini SA		440		37,197
Carrefour SA		1,490		35,973
Casino Guichard Perrachon SA		150		7,213
Christian Dior SE		150		31,524
Cie de Saint-Gobain		1,340		62,548
Cie Generale des Etablissements Michelin		490		54,629
CNP Assurances		460		8,539
Credit Agricole SA		2,864		35,585
Danone SA		1,600		101,594
Dassault Systemes SE		350		26,724
Edenred		570		11,324
Eiffage SA		160		11,180
Essilor International SA		561		63,521
Eurazeo SA		110		6,449
Eutelsat Communications SA		470		9,119
Fonciere Des Regions		90		7,873
Gecina SA REIT		110		15,251
Groupe Eurotunnel SE		504		4,802
Hermes International		70		28,795
ICADE		100		7,150
Iliad SA		70		13,485
Imerys SA		100		7,602
Ingenico Group SA		150		12,004
JCDecaux SA		200		5,892
Kering		210		47,245
Klepierre REIT		600		23,634
L’Oreal SA		685		125,282
Lagardere SCA		320		8,909
Legrand SA		730		41,540
LVMH Moet Hennessy Louis Vuitton SE		755		144,455
Natixis SA		2,540		14,360
Orange SA		5,380		81,912
Pernod Ricard SA		580		62,980
Peugeot SA (a)		1,310		21,410
Publicis Groupe SA		510		35,261
Remy Cointreau SA		60		5,127
Renault SA		520		46,351
Rexel SA		830		13,688
Safran SA		850		61,341
Sanofi		3,130		253,875
Schneider Electric SE		1,510		105,292
SCOR SE		440		15,236
SFR Group SA (a)		300		8,490
Societe BIC SA		80		10,898
Societe Generale SA		2,080		102,553
Sodexo SA		260		29,946
Suez Environment Co.		890		13,156
Technip SA		300		21,457
Thales SA		290		28,180
Unibail-Rodamco SE		270		64,574
Valeo SA		650		37,440
Veolia Environnement SA		1,220		20,814
Vinci SA		1,360		92,810
Vivendi SA		3,150		59,987
Wendel SA		80		9,653
Zodiac Aerospace		560		12,885
				2,887,705
GERMANY — 10.0%
adidas AG		510		80,769
Allianz SE		1,230		203,683
Axel Springer SE		120		5,839
BASF SE		2,479		230,906
Bayer AG		2,240		234,208
Bayerische Motoren Werke AG		900		84,248
Bayerische Motoren Werke AG Preference Shares		150		11,502
Beiersdorf AG		270		22,953
Brenntag AG		420		23,390
Commerzbank AG		2,884		22,042
Continental AG		300		58,127
Covestro AG (b)		190		13,062
Daimler AG		2,610		194,685
Deutsche Bank AG (a)		3,514		63,935
Deutsche Boerse AG (a)		520		42,528
Deutsche Lufthansa AG		640		8,283
Deutsche Post AG		2,630		86,646
Deutsche Telekom AG		8,724		150,493
Deutsche Wohnen AG		920		28,956
Evonik Industries AG		440		13,171
Fraport AG Frankfurt Airport Services Worldwide		110		6,517
Fresenius Medical Care AG & Co. KGaA		600		50,913
Fresenius SE & Co. KGaA		1,100		86,158
Fuchs Petrolub SE Preference Shares		190		7,992
GEA Group AG		490		19,758
Hannover Rueck SE		160		17,349
HeidelbergCement AG		380		35,523
Henkel AG & Co. KGaA		280		29,232
Henkel AG & Co. KGaA Preference Shares		480		57,336
HOCHTIEF AG		60		8,420
HUGO BOSS AG		180		11,036
Infineon Technologies AG		3,062		53,321
KS AG		520		12,445
Lanxess AG		250		16,441
Linde AG		500		82,323
MAN SE		100		9,949
Merck KGaA		350		36,602
METRO AG		480		15,991
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		440		83,374

See accompanying Notes to Schedule of Investments

162

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
OSRAM Licht AG		240	$	12,613
Porsche Automobil Holding SE Preference Shares		410		22,375
ProSiebenSat.1 Media SE		600		23,169
RWE AG (a)		1,320		16,450
SAP SE		2,657		232,073
Schaeffler AG		450		6,671
Siemens AG		2,070		255,013
Symrise AG		330		20,129
Telefonica Deutschland Holding AG		2,020		8,672
ThyssenKrupp AG		992		23,689
TUI AG		1,350		19,400
United Internet AG		330		12,912
Volkswagen AG Preference Shares		500		70,325
Volkswagen AG		90		12,981
Vonovia SE		1,260		41,072
Zalando SE (a) (b)		230		8,804
				3,006,454
HONG KONG — 3.3%
AIA Group, Ltd.		32,000		180,572
ASM Pacific Technology, Ltd.		1,000		10,596
Bank of East Asia, Ltd.		4,000		15,323
BOC Hong Kong Holdings, Ltd.		10,000		35,792
Cheung Kong Property Holdings, Ltd.		5,000		30,665
CK Hutchison Holdings, Ltd.		10,000		113,373
CLP Holdings, Ltd.		5,000		45,949
Hang Lung Properties, Ltd.		10,000		21,204
Hang Seng Bank, Ltd.		2,000		37,224
HK Electric Investments & HK Electric Investments, Ltd. (b)		5,000		4,127
HKT Trust & HKT, Ltd.		10,000		12,266
Hong Kong Exchanges & Clearing, Ltd.		3,000		70,887
Li & Fung, Ltd.		20,000		8,796
Link REIT		5,000		32,503
Melco Crown Entertainment, Ltd.		510		8,109
MTR Corp., Ltd.		5,000		24,313
New World Development Co., Ltd.		20,755		21,951
NWS Holdings, Ltd.		10,268		16,740
PCCW, Ltd.		10,000		5,417
Power Assets Holdings, Ltd.		5,000		44,079
Sands China, Ltd.		8,000		34,773
Sino Land Co., Ltd.		20,000		29,975
SJM Holdings, Ltd.		10,000		7,842
Sun Hung Kai Properties, Ltd.		10,000		126,400
Swire Properties, Ltd.		4,000		11,041
Techtronic Industries Co., Ltd.		5,000		17,928
WH Group, Ltd. (b)		15,000		12,131
Yue Yuen Industrial Holdings, Ltd.		5,000		18,154
				998,130
IRELAND — 0.8%
Bank of Ireland (a)		74,472		18,381
CRH PLC		2,250		78,208
Experian PLC		2,600		50,568
James Hardie Industries PLC		1,200		19,090
Kerry Group PLC Class A		430		30,795
Paddy Power Betfair PLC		220		23,553
Ryanair Holdings PLC (a)		90		7,493
				228,088
ISRAEL — 0.6%
Azrieli Group, Ltd.		120		5,210
Bank Hapoalim BM		2,884		17,168
Bank Leumi Le-Israel BM (a)		3,920		16,154
Bezeq The Israeli Telecommunication Corp., Ltd.		5,610		10,670
Check Point Software Technologies, Ltd. (a)		350		29,561
Israel Chemicals, Ltd.		1,380		5,665
Mizrahi Tefahot Bank, Ltd.		380		5,564
Nice-Systems, Ltd.		160		10,917
Teva Pharmaceutical Industries, Ltd.		2,470		88,759
				189,668
ITALY — 1.3%
Assicurazioni Generali SpA		3,160		47,062
Atlantia SpA		1,110		26,061
Ferrari NV		330		19,248
Intesa Sanpaolo SpA		34,352		87,901
Intesa Sanpaolo SpA		2,520		5,938
Leonardo-Finmeccanica SpA (a)		1,090		15,337
Luxottica Group SpA		460		24,793
Mediobanca SpA		1,530		12,515
Poste Italiane SpA (b)		1,410		9,377
Prysmian SpA		540		13,897
Saipem SpA (a)		8,250		4,656
Snam SpA		6,634		27,387
Telecom Italia RSP/Milano (a)		16,314		11,821
Telecom Italia SpA/Milano (a)		27,406		24,195
Terna Rete Elettrica Nazionale SpA		4,080		18,728
UniCredit SpA		11,445		33,004
UnipolSai SpA		3,062		6,556
				388,476
JAPAN — 25.5%
Acom Co., Ltd. (a)		1,000		4,381
Aeon Co., Ltd.		2,000		28,396
Air Water, Inc.		1,000		18,091
Aisin Seiki Co., Ltd.		1,000		43,469
Ajinomoto Co., Inc.		2,000		40,365
Alfresa Holdings Corp.		1,000		16,582
Alps Electric Co., Ltd.		1,000		24,229
Amada Holdings Co., Ltd.		1,000		11,189
Asahi Group Holdings, Ltd.		1,000		31,637
Asics Corp.		1,000		20,020
Astellas Pharma, Inc.		6,000		83,517
Bandai Namco Holdings, Inc.		1,000		27,650
Bridgestone Corp.		2,000		72,260
Brother Industries, Ltd.		1,000		18,082
Canon, Inc.		3,000		84,752
Casio Computer Co., Ltd.		1,000		14,172
Chubu Electric Power Co., Inc.		2,000		28,002
Chugai Pharmaceutical Co., Ltd.		1,000		28,765
Chugoku Bank, Ltd.		1,000		14,387
Chugoku Electric Power Co., Inc.		1,000		11,755
Concordia Financial Group, Ltd.		3,000		14,471
Credit Saison Co., Ltd.		1,000		17,808
Dai-ichi Life Holdings, Inc.		3,000		50,054
Daicel Corp.		1,000		11,060
Daiichi Sankyo Co., Ltd.		2,000		41,008
Daikin Industries, Ltd.		1,000		92,039
Daiwa House Industry Co., Ltd.		2,000		54,803
Daiwa Securities Group, Inc.		10,000		61,757

See accompanying Notes to Schedule of Investments

163

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Denso Corp.		1,000	$	43,409
Dentsu, Inc.		1,000		47,156
East Japan Railway Co.		1,000		86,595
Eisai Co., Ltd.		1,000		57,513
FANUC Corp.		1,000		169,889
Fuji Heavy Industries, Ltd.		2,000		81,828
FUJIFILM Holdings Corp.		1,000		38,025
Fujitsu, Ltd.		10,000		55,687
Hachijuni Bank, Ltd.		1,000		5,813
Hakuhodo DY Holdings, Inc.		1,000		12,346
Hankyu Hanshin Holdings, Inc.		1,000		32,152
Hino Motors, Ltd.		1,000		10,203
Hitachi Metals, Ltd.		1,000		13,581
Hitachi, Ltd.		10,000		54,186
Hokuriku Electric Power Co.		1,000		11,232
Honda Motor Co., Ltd.		5,000		146,397
Hoya Corp.		1,000		42,106
Hulic Co., Ltd.		1,000		8,908
IHI Corp. (a)		10,000		26,064
Iida Group Holdings Co., Ltd.		1,000		19,008
Isetan Mitsukoshi Holdings, Ltd.		1,000		10,803
Isuzu Motors, Ltd.		2,000		25,395
ITOCHU Corp.		4,000		53,226
J Front Retailing Co., Ltd.		1,000		13,504
Japan Exchange Group, Inc.		2,000		28,636
Japan Post Bank Co., Ltd.		1,000		12,029
Japan Post Holdings Co., Ltd.		1,000		12,509
Japan Retail Fund Investment Corp. REIT		10		20,285
Japan Tobacco, Inc.		3,000		98,873
JFE Holdings, Inc.		2,000		30,523
JGC Corp.		1,000		18,211
JSR Corp.		1,000		15,801
JTEKT Corp.		1,000		16,033
Kansai Electric Power Co., Inc. (a)		2,000		21,915
Kansai Paint Co., Ltd.		1,000		18,459
Kao Corp.		1,000		47,507
KDDI Corp.		5,000		126,870
Kintetsu Group Holdings Co., Ltd.		10,000		38,239
Kirin Holdings Co., Ltd.		2,000		32,606
Kobe Steel, Ltd. (a)		1,000		9,577
Komatsu, Ltd.		3,000		68,097
Konica Minolta, Inc.		1,000		9,954
Kubota Corp.		3,000		42,916
Kuraray Co., Ltd.		1,000		15,056
Kyocera Corp.		1,000		49,831
Kyowa Hakko Kirin Co., Ltd.		1,000		13,855
Kyushu Electric Power Co., Inc.		1,000		10,872
Kyushu Financial Group, Inc.		1,000		6,799
LIXIL Group Corp.		1,000		22,755
M3, Inc.		1,000		25,250
Marubeni Corp.		5,000		28,413
Marui Group Co., Ltd.		1,000		14,635
Mazda Motor Corp.		2,000		32,786
Medipal Holdings Corp.		1,000		15,801
Minebea Co., Ltd.		1,000		9,397
Mitsubishi Chemical Holdings Corp.		4,000		25,996
Mitsubishi Corp.		4,000		85,395
Mitsubishi Electric Corp.		5,000		69,855
Mitsubishi Gas Chemical Co., Inc.		1,000		17,105
Mitsubishi Heavy Industries, Ltd.		10,000		45,664
Mitsubishi Motors Corp.		2,000		11,420
Mitsubishi Tanabe Pharma Corp.		1,000		19,660
Mitsubishi UFJ Financial Group, Inc.		34,000		209,944
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		5,179
Mitsui & Co., Ltd.		5,000		68,890
Mizuho Financial Group, Inc.		65,000		116,920
MS&AD Insurance Group Holdings, Inc.		1,000		31,071
Murata Manufacturing Co., Ltd.		1,000		134,179
NEC Corp.		4,000		10,631
Nexon Co., Ltd.		1,000		14,524
NGK Insulators, Ltd.		1,000		19,437
NGK Spark Plug Co., Ltd.		1,000		22,275
Nidec Corp.		1,000		86,466
Nikon Corp.		1,000		15,578
Nintendo Co., Ltd.		200		42,080
Nippon Paint Holdings Co., Ltd.		1,000		27,307
Nippon Prologis, Inc. REIT		10		20,483
Nippon Steel & Sumitomo Metal Corp.		2,000		44,704
Nippon Telegraph & Telephone Corp.		2,000		84,229
Nippon Yusen KK		10,000		18,605
Nissan Motor Co., Ltd.		7,000		70,549
Nisshin Seifun Group, Inc.		1,000		15,038
Nitto Denko Corp.		1,000		76,898
Nomura Holdings, Inc.		10,000		59,082
Nomura Real Estate Master Fund, Inc.		10		15,158
NSK, Ltd.		1,000		11,609
NTT DOCOMO, Inc.		4,000		91,328
Obayashi Corp.		2,000		19,154
Odakyu Electric Railway Co., Ltd.		1,000		19,831
Olympus Corp.		1,000		34,638
Omron Corp.		1,000		38,453
Ono Pharmaceutical Co., Ltd.		1,000		21,910
Oriental Land Co., Ltd.		1,000		56,638
ORIX Corp.		4,000		62,554
Osaka Gas Co., Ltd.		10,000		38,548
Otsuka Holdings Co., Ltd.		1,000		43,666
Panasonic Corp.		6,000		61,191
Rakuten, Inc. (a)		3,000		29,464
Recruit Holdings Co., Ltd.		1,000		40,211
Resona Holdings, Inc.		6,000		30,840
Ricoh Co., Ltd.		2,000		16,942
Santen Pharmaceutical Co., Ltd.		1,000		12,260
SBI Holdings, Inc.		1,000		12,749
Secom Co., Ltd.		1,000		73,288
Sega Sammy Holdings, Inc.		1,000		14,910
Seibu Holdings, Inc.		1,000		17,971
Seiko Epson Corp.		1,000		21,220
Sekisui Chemical Co., Ltd.		1,000		15,981
Sekisui House, Ltd.		2,000		33,360
Seven & i Holdings Co., Ltd.		2,000		76,358
Seven Bank, Ltd.		2,000		5,744
Sharp Corp. (a)		10,000		23,149
Shin-Etsu Chemical Co., Ltd.		1,000		77,738
Shionogi & Co., Ltd.		1,000		48,004
Shiseido Co., Ltd.		1,000		25,365
Showa Shell Sekiyu KK		1,000		9,320
SoftBank Group Corp.		3,000		199,726
Sompo Holdings, Inc.		1,000		33,952
Sony Corp.		4,000		112,316
Sony Financial Holdings, Inc.		1,000		15,639
Stanley Electric Co., Ltd.		1,000		27,393
Start Today Co., Ltd.		1,000		17,310

See accompanying Notes to Schedule of Investments

164

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sumitomo Chemical Co., Ltd.		10,000	$	47,670
Sumitomo Corp.		3,000		35,380
Sumitomo Dainippon Pharma Co., Ltd.		1,000		17,233
Sumitomo Electric Industries, Ltd.		2,000		28,919
Sumitomo Mitsui Financial Group, Inc.		4,000		152,956
Sumitomo Mitsui Trust Holdings, Inc.		1,000		35,864
Sumitomo Rubber Industries, Ltd.		1,000		15,913
Suruga Bank, Ltd.		1,000		22,369
Suzuki Motor Corp.		1,000		35,272
Sysmex Corp.		1,000		58,044
T&D Holdings, Inc.		2,000		26,501
Takeda Pharmaceutical Co., Ltd.		2,000		82,908
Teijin, Ltd.		1,000		20,311
Terumo Corp.		1,000		36,996
Tohoku Electric Power Co., Inc.		1,000		12,663
Tokio Marine Holdings, Inc.		2,000		82,239
Tokyo Electric Power Co. Holdings, Inc. (a)		4,000		16,187
Tokyo Electron, Ltd.		1,000		94,697
Tokyo Gas Co., Ltd.		10,000		45,347
Tokyo Tatemono Co., Ltd.		1,000		13,401
Tokyu Fudosan Holdings Corp.		1,000		5,916
Toray Industries, Inc.		10,000		81,125
Toshiba Corp. (a)		10,000		24,272
Toyo Seikan Group Holdings, Ltd.		1,000		18,708
Toyota Industries Corp.		1,000		47,756
Toyota Motor Corp.		7,000		412,792
Toyota Tsusho Corp.		1,000		26,107
Unicharm Corp.		1,000		21,927
United Urban Investment Corp.		10		15,253
USS Co., Ltd.		1,000		15,964
West Japan Railway Co.		1,000		61,500
Yahoo! Japan Corp.		4,000		15,398
Yamada Denki Co., Ltd.		2,000		10,803
Yamaha Corp.		1,000		30,608
Yamaha Motor Co., Ltd.		1,000		22,069
Yamato Holdings Co., Ltd.		1,000		20,376
Yaskawa Electric Corp.		1,000		15,587
Yokogawa Electric Corp.		1,000		14,515
				7,660,815
JORDAN — 0.0%
Hikma Pharmaceuticals PLC		390		9,122
LUXEMBOURG — 0.3%
ArcelorMittal (a)		4,982		36,867
Millicom International Cellular SA		180		7,714
RTL Group SA (a)		110		8,090
SES SA		982		21,673
Tenaris SA		1,270		22,732
				97,076
MACAU — 0.1%
MGM China Holdings, Ltd.		4,000		8,296
Wynn Macau, Ltd.		4,000		6,366
				14,662
MEXICO — 0.0%
Fresnillo PLC		610		9,203
NETHERLANDS — 2.9%
ABN AMRO Group NV (b)		640		14,210
Aegon NV		4,942		27,251
AerCap Holdings NV (a)		450		18,725
Akzo Nobel NV		680		42,596
Altice NV Class A (a)		1,002		19,901
Altice NV Class B (a)		300		5,990
ASML Holding NV		992		111,589
Boskalis Westminster		240		8,351
EXOR NV		300		12,967
Gemalto NV		220		12,744
Heineken Holding NV		270		18,836
Heineken NV		630		47,352
ING Groep NV		10,494		147,986
Koninklijke Ahold Delhaize NV		3,460		73,098
Koninklijke DSM NV		490		29,438
Koninklijke KPN NV		9,250		27,455
Koninklijke Philips NV		2,520		77,081
Koninklijke Vopak NV		190		8,993
NN Group NV		870		29,543
NXP Semiconductors NV (a)		800		78,408
Randstad Holding NV		320		17,392
Wolters Kluwer NV		820		29,770
				859,676
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		2,580		11,244
Contact Energy, Ltd.		1,940		6,304
Fletcher Building, Ltd.		1,880		13,896
Mercury NZ, Ltd.		1,870		3,859
Meridian Energy, Ltd.		3,470		6,291
Ryman Healthcare, Ltd.		1,012		5,723
Spark New Zealand, Ltd.		4,952		11,775
				59,092
NORWAY — 0.5%
DNB ASA		2,660		39,679
Gjensidige Forsikring ASA		550		8,754
Marine Harvest ASA (a)		1,030		18,631
Norsk Hydro ASA		3,640		17,465
Orkla ASA		2,210		20,077
Schibsted ASA Class A		200		4,603
Schibsted ASA Class B		240		5,102
Telenor ASA		2,030		30,423
Yara International ASA		480		18,960
				163,694
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		6,270		19,139
Jeronimo Martins SGPS SA		690		10,727
				29,866
SINGAPORE — 1.3%
Ascendas REIT		6,000		9,428
CapitaLand Commercial Trust		6,000		6,147
CapitaLand Mall Trust REIT		7,000		9,133
CapitaLand, Ltd.		7,000		14,633
City Developments, Ltd.		1,000		5,731
ComfortDelGro Corp., Ltd.		6,000		10,258
DBS Group Holdings, Ltd.		5,000		60,012
Genting Singapore PLC		16,000		10,023
Global Logistic Properties, Ltd.		7,000		10,660
Golden Agri-Resources, Ltd.		19,000		5,655
Hutchison Port Holdings Trust		14,000		6,090
Keppel Corp., Ltd.		4,000		16,031
Oversea-Chinese Banking Corp., Ltd.		8,000		49,394

See accompanying Notes to Schedule of Investments

165

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sembcorp Industries, Ltd.		3,000	$	5,918
Singapore Airlines, Ltd.		1,000		6,693
Singapore Exchange, Ltd.		2,000		9,912
Singapore Press Holdings, Ltd.		4,000		9,774
Singapore Technologies Engineering, Ltd.		4,000		8,943
Singapore Telecommunications, Ltd.		22,000		55,583
StarHub, Ltd.		2,000		3,890
Suntec Real Estate Investment Trust		7,000		7,995
United Overseas Bank, Ltd.		4,000		56,482
UOL Group, Ltd.		1,000		4,146
Wilmar International, Ltd.		5,000		12,425
				394,956
SOUTH AFRICA — 0.1%
Investec PLC		1,680		11,127
Mediclinic International PLC		992		9,451
Mondi PLC		992		20,421
				40,999
SPAIN — 3.3%
Abertis Infraestructuras SA		1,750		24,540
ACS Actividades de Construccion y Servicios SA		520		16,465
Aena SA (b)		180		24,615
Amadeus IT Group SA Class A		1,180		53,730
Banco Bilbao Vizcaya Argentaria SA		17,804		120,447
Banco de Sabadell SA		14,314		19,974
Banco Popular Espanol SA		9,092		8,803
Banco Santander SA		39,076		204,387
Bankia SA		12,474		12,775
Bankinter SA		1,830		14,206
CaixaBank SA		8,914		29,522
Distribuidora Internacional de Alimentacion SA		1,690		8,316
Enagas SA		620		15,776
Endesa SA		870		18,467
Ferrovial SA		1,339		24,002
Gas Natural SDG SA		954		18,022
Grifols SA		820		16,329
Iberdrola SA		14,672		96,473
Industria de Diseno Textil SA		2,952		100,975
Mapfre SA		2,924		8,944
Red Electrica Corp. SA		1,170		22,121
Telefonica SA		12,132		112,863
Zardoya Otis SA		510		4,320
				976,072
SWEDEN — 3.1%
Alfa Laval AB		800		13,280
Assa Abloy AB Class B		2,720		50,630
Atlas Copco AB Class A		1,820		55,594
Atlas Copco AB Class B		1,050		28,733
Boliden AB		750		19,640
Electrolux AB Series B		660		16,441
Getinge AB Class B		550		8,845
Hennes & Mauritz AB Class B		2,570		71,686
Hexagon AB Class B		710		25,439
Husqvarna AB Class B		1,120		8,735
ICA Gruppen AB		220		6,730
Industrivarden AB Class C		440		8,224
Investor AB Class B		1,230		46,102
Kinnevik AB Class B		650		15,619
Nordea Bank AB		8,230		91,771
Sandvik AB		2,884		35,778
Securitas AB Class B		860		13,575
Skandinaviska Enskilda Banken AB Class A		4,120		43,333
Skanska AB Class B		930		22,020
SKF AB Class B		1,070		19,740
Svenska Cellulosa AB SCA Class B		1,650		46,732
Svenska Handelsbanken AB Class A		4,100		57,136
Swedbank AB Class A		2,450		59,412
Swedish Match AB		510		16,269
Tele2 AB Class B		968		7,784
Telefonaktiebolaget LM Ericsson Class B		8,310		48,938
Telia Co. AB		7,032		28,416
Volvo AB Class B		4,180		48,957
				915,559
SWITZERLAND — 9.8%
ABB, Ltd. (a)		5,320		112,435
Actelion, Ltd. (a)		280		60,747
Adecco Group AG		450		29,510
Aryzta AG (a)		240		10,591
Baloise Holding AG		140		17,673
Barry Callebaut AG (a)		10		12,260
Cie Financiere Richemont SA		1,410		93,575
Coca-Cola HBC AG (a)		490		10,717
Credit Suisse Group AG (a)		5,032		72,335
Dufry AG (a)		120		14,995
EMS-Chemie Holding AG		20		10,184
Galenica AG		10		11,305
Geberit AG		100		40,163
Givaudan SA		29		53,244
Julius Baer Group, Ltd. (a)		610		27,146
Kuehne + Nagel International AG		150		19,865
LafargeHolcim, Ltd. (a)		1,230		64,928
Lonza Group AG (a)		140		24,285
Nestle SA		8,624		619,849
Novartis AG		5,999		437,375
Pargesa Holding SA		90		5,871
Partners Group Holding AG		50		23,479
Roche Holding AG		1,887		431,855
Schindler Holding AG		120		21,205
Schindler Holding AG		60		10,502
SGS SA		18		36,696
Sika AG		8		38,506
Sonova Holding AG		140		16,998
STMicroelectronics NV		1,730		19,661
Swatch Group AG		80		24,928
Swatch Group AG		130		7,962
Swiss Life Holding AG (a)		90		25,521
Swiss Prime Site AG (a)		190		15,582
Swiss Re AG		910		86,402
Swisscom AG		70		31,413
Syngenta AG		250		99,006
UBS Group AG		9,900		155,365
Wolseley PLC		690		42,306
Zurich Insurance Group AG (a)		410		113,115
				2,949,555

See accompanying Notes to Schedule of Investments

166

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
UNITED KINGDOM — 15.2%
3i Group PLC		2,630	$	22,878
Aberdeen Asset Management PLC		2,500		7,948
Admiral Group PLC		580		13,094
Ashtead Group PLC		1,360		26,552
Associated British Foods PLC		964		32,697
AstraZeneca PLC		3,396		186,209
Auto Trader Group PLC (b)		2,720		13,746
Aviva PLC		10,982		66,004
Babcock International Group PLC		690		8,125
BAE Systems PLC		8,584		62,739
Barclays PLC		42,414		117,108
Barratt Developments PLC		2,720		15,541
Berkeley Group Holdings PLC		360		12,491
British American Tobacco PLC		4,973		283,986
British Land Co. PLC REIT		2,660		20,691
BT Group PLC		22,842		103,556
Bunzl PLC		910		23,714
Burberry Group PLC		1,200		22,197
Capita PLC		1,810		11,876
Carnival PLC		510		25,995
CNH Industrial NV		2,780		24,235
Cobham PLC		4,620		9,345
Coca-Cola European Partners PLC		600		18,998
Compass Group PLC		4,450		82,535
Croda International PLC		350		13,822
DCC PLC		240		17,912
Diageo PLC		6,692		174,475
Direct Line Insurance Group PLC		3,730		17,026
Dixons Carphone PLC		2,660		11,655
easyJet PLC		430		5,340
Fiat Chrysler Automobiles NV		2,440		22,300
G4S PLC		4,200		12,196
GKN PLC		4,640		19,018
GlaxoSmithKline PLC		13,086		252,571
Hammerson PLC		2,150		15,223
Hargreaves Lansdown PLC		710		10,642
HSBC Holdings PLC		53,222		432,002
IMI PLC		740		9,510
Imperial Brands PLC		2,540		111,183
Inmarsat PLC		1,220		11,329
InterContinental Hotels Group PLC		510		22,926
International Consolidated Airlines Group SA		2,190		11,847
Intertek Group PLC		440		18,926
Intu Properties PLC		2,550		8,863
ITV PLC		9,820		25,045
J Sainsbury PLC		4,440		13,677
Johnson Matthey PLC		520		20,446
Kingfisher PLC		6,160		26,663
Land Securities Group PLC REIT		2,140		28,188
Legal & General Group PLC		16,104		49,270
Lloyds Banking Group PLC		173,884		134,309
London Stock Exchange Group PLC		860		30,966
Marks & Spencer Group PLC		4,400		19,029
Meggitt PLC		2,100		11,900
Merlin Entertainments PLC (b)		1,920		10,643
National Grid PLC		10,066		118,360
NEX Group PLC		851		4,887
Next PLC		380		23,398
Old Mutual PLC		13,350		34,196
Pearson PLC		2,230		22,554
Persimmon PLC		840		18,434
Petrofac, Ltd.		710		7,624
Provident Financial PLC		400		14,081
Prudential PLC		6,912		139,002
Randgold Resources, Ltd.		250		19,817
Reckitt Benckiser Group PLC		1,685		143,371
RELX NV		2,700		45,537
RELX PLC		2,962		53,033
Rolls-Royce Holdings PLC (a)		4,982		41,122
Royal Bank of Scotland Group PLC (a)		6,530		18,122
Royal Mail PLC		2,440		13,932
RSA Insurance Group PLC		2,770		20,057
Sage Group PLC		2,924		23,665
Schroders PLC		370		13,707
Segro PLC		2,240		12,680
Severn Trent PLC		650		17,846
Sky PLC		2,800		34,287
Smith & Nephew PLC		2,420		36,511
Smiths Group PLC		1,070		18,722
St James’s Place PLC		1,420		17,792
Standard Chartered PLC (a)		7,932		65,041
Standard Life PLC		5,350		24,592
Tate & Lyle PLC		1,260		11,015
Taylor Wimpey PLC		8,832		16,752
Tesco PLC (a)		22,124		56,548
TP ICAP PLC		695		3,721
Travis Perkins PLC		446		8,002
Unilever NV		4,410		181,941
Unilever PLC		3,470		141,173
United Utilities Group PLC		1,850		20,596
Vodafone Group PLC		71,561		176,716
Weir Group PLC		590		13,779
Whitbread PLC		490		22,862
William Hill PLC		2,350		8,427
Wm Morrison Supermarkets PLC		6,010		17,132
Worldpay Group PLC (b)		4,874		16,255
WPP PLC		3,490		78,313
				4,556,764
UNITED STATES — 0.6%
Mobileye NV (a)		470		17,916
QIAGEN NV (a)		610		17,166
Shire PLC		2,413		139,659
Taro Pharmaceutical Industries, Ltd. (a)		40		4,211
				178,952
TOTAL COMMON STOCKS (Cost $29,847,730)				29,994,244
SHORT-TERM INVESTMENT — 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $3,329)				3,329
TOTAL INVESTMENTS — 99.9% (Cost $29,851,059)				29,997,573
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				33,450
NET ASSETS — 100.0%			$	30,031,023

See accompanying Notes to Schedule of Investments

167

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Amount is less than 0.05% of net assets.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,056,653	$	—	$	—	$	2,056,653
Austria		52,186		—		—		52,186
Belgium		402,658		—		—		402,658
Chile		8,841		—		—		8,841
China		2,821		—		—		2,821
Denmark		537,631		—		—		537,631
Finland		318,870		—		—		318,870
France		2,887,705		—		—		2,887,705
Germany		3,006,454		—		—		3,006,454
Hong Kong		998,130		—		—		998,130
Ireland		228,088		—		—		228,088
Israel		189,668		—		—		189,668
Italy		388,476		—		—		388,476
Japan		7,660,815		—		—		7,660,815
Jordan		9,122		—		—		9,122
Luxembourg		97,076		—		—		97,076
Macau		14,662		—		—		14,662
Mexico		9,203		—		—		9,203
Netherlands		859,676		—		—		859,676
New Zealand		59,092		—		—		59,092
Norway		163,694		—		—		163,694
Portugal		29,866		—		—		29,866
Singapore		394,956		—		—		394,956
South Africa		40,999		—		—		40,999
Spain		976,072		—		—		976,072
Sweden		915,559		—		—		915,559
Switzerland		2,949,555		—		—		2,949,555
United Kingdom		4,556,764		—		—		4,556,764
United States		178,952		—		—		178,952
Short-Term Investment		3,329		—		—		3,329
TOTAL INVESTMENTS	$	29,997,573	$	—	$	—	$	29,997,573

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		64,749		61,420		3,329	$	3,329	$	8
TOTAL			$	—							$	3,329	$	8

See accompanying Notes to Schedule of Investments

168

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 92.7%
BRAZIL — 7.3%
Ambev SA		7,400	$	37,288
Banco Bradesco SA Preference Shares		5,326		47,456
Banco do Brasil SA		1,380		11,910
BB Seguridade Participacoes SA		1,184		10,295
BM&FBovespa SA		2,958		14,996
BRF SA		1,184		17,553
CCR SA		1,776		8,709
CETIP SA — Mercados Organizados		986		13,511
Cia de Saneamento Basico do Estado de Sao Paulo		986		8,722
Cielo SA		1,376		11,791
Embraer SA		1,972		9,694
Equatorial Energia SA		592		9,895
Itau Unibanco Holding SA Preference Shares		4,536		47,176
Itausa — Investimentos Itau SA Preference Shares		7,100		18,063
Kroton Educacional SA		2,366		9,690
Lojas Americanas SA Preference Shares		1,578		8,242
Lojas Renner SA		1,380		9,824
Raia Drogasil SA		394		7,407
Telefonica Brasil SA Preference Shares		986		13,354
Ultrapar Participacoes SA		592		12,450
Vale SA		3,354		26,464
Vale SA Preference Shares		1,776		12,736
WEG SA		1,776		8,458
				375,684
CHILE — 1.1%
Banco Santander Chile		230,236		12,808
Cencosud SA		3,228		9,060
Empresas CMPC SA		5,462		11,167
Enel Americas SA		59,094		9,605
SACI Falabella		1,942		15,366
				58,006
CHINA — 26.7%
58.com, Inc. ADR (a)		220		6,160
AAC Technologies Holdings, Inc.		1,000		9,087
Agricultural Bank of China, Ltd. Class H		24,000		9,844
Alibaba Group Holding, Ltd. ADR (a)		1,587		139,354
Anhui Conch Cement Co., Ltd. Class H		4,000		10,886
Baidu, Inc. ADR (a)		396		65,106
Bank of China, Ltd. Class H		104,000		46,144
Bank of Communications Co., Ltd. Class H		14,000		10,130
Beijing Enterprises Holdings, Ltd.		2,000		9,454
Beijing Enterprises Water Group, Ltd.		16,000		10,649
Belle International Holdings, Ltd.		14,000		7,873
Brilliance China Automotive Holdings, Ltd.		8,000		11,020
Byd Co., Ltd. Class H		2,000		10,538
CGN Power Co., Ltd. Class H (b)		34,000		9,341
China Cinda Asset Management Co., Ltd. Class H		28,000		10,148
China CITIC Bank Corp., Ltd. Class H		16,000		10,174
China Communications Construction Co., Ltd. Class H		10,000		11,505
China Conch Venture Holdings, Ltd.		5,000		8,900
China Construction Bank Corp. Class H		114,000		87,781
China Everbright International, Ltd.		8,000		9,070
China Evergrande Group		14,000		8,722
China Galaxy Securities Co., Ltd. Class H		11,000		9,917
China Life Insurance Co., Ltd. Class H		10,000		26,054
China Longyuan Power Group Corp., Ltd. Class H		12,000		9,379
China Mengniu Dairy Co., Ltd.		6,000		11,562
China Merchants Bank Co., Ltd. Class H		4,000		9,379
China Merchants Port Holdings Co., Ltd.		4,000		9,926
China Minsheng Banking Corp., Ltd. Class H		9,000		9,623
China Mobile, Ltd.		9,000		95,419
China Overseas Land & Investment, Ltd.		4,000		10,602
China Pacific Insurance Group Co., Ltd. Class H		2,800		9,769
China Railway Group, Ltd. Class H		14,000		11,520
China Resources Beer Holdings Co., Ltd. (a)		4,000		7,945
China Resources Gas Group, Ltd.		4,000		11,247
China Resources Land, Ltd.		4,000		8,998
China Taiping Insurance Holdings Co., Ltd. (a)		4,800		9,906
China Telecom Corp., Ltd. Class H		20,000		9,235
China Unicom Hong Kong, Ltd.		8,000		9,318
China Vanke Co., Ltd. Class H		4,000		9,132
CITIC Securities Co., Ltd. Class H		5,000		10,164
CITIC, Ltd.		6,000		8,590
Country Garden Holdings Co., Ltd.		20,000		11,195
CRRC Corp., Ltd. Class H		10,000		8,977
CSPC Pharmaceutical Group, Ltd.		8,000		8,544
Ctrip.com International, Ltd. ADR (a)		556		22,240
Fosun International, Ltd.		7,000		9,913
Geely Automobile Holdings, Ltd.		10,000		9,557
Great Wall Motor Co., Ltd. Class H		9,000		8,404
Guangdong Investment, Ltd.		8,000		10,566
Haitong Securities Co., Ltd. Class H		5,600		9,606
Hengan International Group Co., Ltd.		1,000		7,345
Huaneng Power International, Inc. Class H		16,000		10,607
Huatai Securities Co., Ltd. Class H (b)		4,800		9,163
Industrial & Commercial Bank of China, Ltd. Class H		98,000		58,776
JD.com, Inc. ADR (a)		1,020		25,949
Lenovo Group, Ltd.		16,000		9,699
NetEase, Inc. ADR		112		24,118
New China Life Insurance Co., Ltd. Class H		2,200		10,102
New Oriental Education & Technology Group, Inc. ADR (a)		212		8,925
PICC Property & Casualty Co., Ltd. Class H		8,000		12,465
Ping An Insurance Group Co. of China, Ltd. Class H		6,000		30,027
Semiconductor Manufacturing International Corp. (a)		8,200		12,882
Shenzhou International Group Holdings, Ltd.		2,000		12,653
Sinopharm Group Co., Ltd. Class H		2,400		9,890
TAL Education Group ADR (a)		138		9,681
Tencent Holdings, Ltd.		8,000		195,740
Vipshop Holdings, Ltd. ADR (a)		698		7,685
Want Want China Holdings, Ltd.		16,000		10,256
Zhuzhou CRRC Times Electric Co., Ltd.		2,000		10,151
				1,374,687
COLOMBIA — 0.6%
Bancolombia SA Preference Shares		1,026		9,290
Grupo Argos SA		1,542		9,903
Grupo de Inversiones Suramericana SA		756		9,620
				28,813

See accompanying Notes to Schedule of Investments

169

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
EGYPT — 0.2%
Commercial International Bank Egypt SAE		2,084	$	8,400
GREECE — 0.3%
Piraeus Bank SA (a)		67,456		14,870
HONG KONG — 0.2%
Sino Biopharmaceutical, Ltd.		16,000		11,268
HUNGARY — 0.4%
OTP Bank PLC		438		12,564
Richter Gedeon Nyrt		480		10,179
				22,743
INDONESIA — 2.6%
Astra International Tbk PT		31,600		19,409
Bank Central Asia Tbk PT		18,800		21,629
Bank Mandiri Persero Tbk PT		14,800		12,716
Bank Negara Indonesia Persero Tbk PT		23,800		9,760
Bank Rakyat Indonesia Persero Tbk PT		17,800		15,425
Indofood Sukses Makmur Tbk PT		14,800		8,706
Kalbe Farma Tbk PT		74,200		8,344
Matahari Department Store Tbk PT		7,000		7,859
Telekomunikasi Indonesia Persero Tbk PT		79,800		23,574
Unilever Indonesia Tbk PT		3,000		8,640
				136,062
MALAYSIA — 2.8%
CIMB Group Holdings Bhd		8,600		8,646
DiGi.Com Bhd		8,200		8,829
Genting Bhd		5,400		9,630
Genting Malaysia Bhd		8,800		8,984
IHH Healthcare Bhd		6,600		9,343
IJM Corp. Bhd		12,600		8,988
IOI Corp. Bhd		9,200		9,024
Malayan Banking Bhd		5,600		10,236
Maxis Bhd		7,000		9,331
Petronas Chemicals Group Bhd		6,200		9,647
Petronas Gas Bhd		2,000		9,496
Public Bank Bhd		3,400		14,946
Sime Darby Bhd		5,755		10,391
Tenaga Nasional Bhd		5,000		15,493
				142,984
MEXICO — 3.9%
Alfa SAB de CV Class A		6,130		7,647
America Movil SAB de CV Series L		45,678		28,890
Cemex SAB de CV Series CPO (a)		20,368		16,353
Coca-Cola Femsa SAB de CV Series L		1,186		7,563
Fibra Uno Administracion SA de CV REIT		5,258		8,106
Fomento Economico Mexicano SAB de CV		2,570		19,669
Grupo Aeroportuario del Pacifico SAB de CV Class B		988		8,176
Grupo Bimbo SAB de CV Series A		3,560		8,124
Grupo Financiero Banorte SAB de CV Series O		3,164		15,711
Grupo Financiero Inbursa SAB de CV Series O		6,130		9,334
Grupo Financiero Santander Mexico SAB de CV Class B		5,536		8,016
Grupo Mexico SAB de CV Series B		6,130		16,791
Grupo Televisa SAB Series CPO		3,560		14,951
Industrias Penoles SAB de CV		426		7,983
Kimberly-Clark de Mexico SAB de CV Class A		4,350		7,884
Promotora y Operadora de Infraestructura SAB de CV		790		6,633
Wal-Mart de Mexico SAB de CV		6,174		11,103
				202,934
NETHERLANDS — 0.4%
Steinhoff International Holdings NV		4,398		22,924
PERU — 0.6%
Credicorp, Ltd.		198		31,256
PHILIPPINES — 1.4%
Aboitiz Equity Ventures, Inc.		6,340		9,029
Ayala Corp.		580		8,523
Ayala Land, Inc.		13,200		8,497
BDO Unibank, Inc.		4,460		10,057
JG Summit Holdings, Inc.		6,720		9,145
SM Investments Corp.		720		9,486
SM Prime Holdings, Inc.		18,400		10,493
Universal Robina Corp.		2,720		8,946
				74,176
POLAND — 1.0%
Bank Pekao SA		344		10,367
KGHM Polska Miedz SA		714		15,818
Powszechna Kasa Oszczednosci Bank Polski SA (a)		1,686		11,366
Powszechny Zaklad Ubezpieczen SA		1,528		12,157
				49,708
QATAR — 1.0%
Ezdan Holding Group QSC		2,112		8,764
Industries Qatar QSC		334		10,778
Masraf Al Rayan QSC		1,026		10,594
Qatar Insurance Co. SAQ		410		9,548
Qatar National Bank SAQ		290		12,973
				52,657
RUSSIA — 1.7%
Magnit PJSC GDR		428		18,896
Mobile TeleSystems PJSC ADR		1,384		12,609
Sberbank of Russia PJSC ADR		3,758		43,499
VTB Bank PJSC GDR		4,618		11,023
				86,027
SOUTH AFRICA — 7.0%
AngloGold Ashanti, Ltd. (a)		552		6,159
Aspen Pharmacare Holdings, Ltd.		516		10,700
Barclays Africa Group, Ltd.		952		11,744
Bid Corp., Ltd.		564		10,111
Bidvest Group, Ltd.		856		11,345
Discovery, Ltd.		1,280		10,717
FirstRand, Ltd.		4,514		17,551
Fortress Income Fund, Ltd.		4,450		10,521
Gold Fields, Ltd.		2,428		7,739
Growthpoint Properties, Ltd. REIT		5,696		10,784
Life Healthcare Group Holdings, Ltd.		3,890		9,273
MTN Group, Ltd.		2,418		22,309
Naspers, Ltd. Class N		628		92,493
Nedbank Group, Ltd.		656		11,423
Redefine Properties, Ltd. REIT		12,636		10,340

See accompanying Notes to Schedule of Investments

170

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Remgro, Ltd.		724	$	11,809
Sanlam, Ltd.		2,224		10,230
Sappi, Ltd. (a)		1,810		11,906
Shoprite Holdings, Ltd.		750		9,404
SPAR Group, Ltd.		726		10,543
Standard Bank Group, Ltd.		1,760		19,531
Tiger Brands, Ltd.		376		10,938
Vodacom Group, Ltd.		954		10,632
Woolworths Holdings, Ltd.		1,838		9,545
				357,747
SOUTH KOREA — 15.8%
Amorepacific Corp.		54		14,374
AMOREPACIFIC Group		72		7,928
Celltrion, Inc. (a)		130		11,560
CJ CheilJedang Corp.		32		9,472
Coway Co., Ltd.		118		8,627
Dongbu Insurance Co., Ltd.		158		8,176
E-MART, Inc.		68		10,303
GS Holdings Corp.		216		9,675
Hana Financial Group, Inc.		434		11,229
Hankook Tire Co., Ltd.		194		9,316
Hyundai Engineering & Construction Co., Ltd.		268		9,497
Hyundai Glovis Co., Ltd.		64		8,187
Hyundai Heavy Industries Co., Ltd. (a)		74		8,914
Hyundai Mobis Co., Ltd.		98		21,421
Hyundai Motor Co.		198		23,934
Hyundai Motor Co. Preference Shares		116		9,191
Hyundai Steel Co.		226		10,666
Industrial Bank of Korea		908		9,548
Kangwon Land, Inc.		296		8,761
KB Financial Group, Inc.		572		20,270
Kia Motors Corp.		424		13,779
Korea Aerospace Industries, Ltd.		158		8,765
Korea Electric Power Corp.		374		13,640
Korea Zinc Co., Ltd.		26		10,225
KT&G Corp.		180		15,052
LG Chem, Ltd.		80		17,288
LG Corp.		180		8,942
LG Display Co., Ltd.		374		9,739
LG Electronics, Inc.		224		9,570
LG Household & Health Care, Ltd.		16		11,353
Lotte Chemical Corp.		36		10,998
NAVER Corp.		42		26,950
NCSoft Corp.		40		8,197
POSCO		112		23,878
S-Oil Corp.		138		9,678
Samsung C&T Corp.		110		11,430
Samsung Electronics Co., Ltd.		135		201,416
Samsung Electronics Co., Ltd. Preference Shares		36		42,712
Samsung Fire & Marine Insurance Co., Ltd.		46		10,226
Samsung Life Insurance Co., Ltd.		104		9,687
Samsung SDI Co., Ltd.		122		11,010
Samsung SDS Co., Ltd.		72		8,316
Shinhan Financial Group Co., Ltd.		612		22,928
SK Holdings Co., Ltd.		70		13,301
SK Hynix, Inc.		868		32,124
SK Telecom Co., Ltd.		50		9,273
Woori Bank		966		10,197
				811,723
TAIWAN — 13.6%
Advanced Semiconductor Engineering, Inc.		10,000		10,255
Asustek Computer, Inc.		2,000		16,445
AU Optronics Corp.		25,000		9,153
Catcher Technology Co., Ltd.		2,000		13,900
Cathay Financial Holding Co., Ltd.		9,000		13,460
Chang Hwa Commercial Bank, Ltd.		20,000		10,643
Cheng Shin Rubber Industry Co., Ltd.		4,000		7,546
China Development Financial Holding Corp.		40,000		10,003
China Life Insurance Co., Ltd.		12,000		11,933
China Steel Corp.		22,000		16,826
Chunghwa Telecom Co., Ltd.		3,000		9,448
Compal Electronics, Inc.		16,000		9,159
CTBC Financial Holding Co., Ltd.		22,000		12,048
Delta Electronics, Inc.		2,000		9,898
E.Sun Financial Holding Co., Ltd.		18,000		10,249
Far EasTone Telecommunications Co., Ltd.		4,000		8,998
First Financial Holding Co., Ltd.		20,000		10,674
Formosa Chemicals & Fibre Corp.		4,000		11,952
Formosa Petrochemical Corp.		4,000		13,901
Formosa Plastics Corp.		6,000		16,606
Foxconn Technology Co., Ltd.		4,000		10,587
Fubon Financial Holding Co., Ltd.		9,000		14,242
Hon Hai Precision Industry Co., Ltd.		22,000		57,476
Hua Nan Financial Holdings Co., Ltd.		20,000		10,084
Lite-On Technology Corp.		8,000		12,064
MediaTek, Inc.		2,000		13,435
Mega Financial Holding Co., Ltd.		14,000		9,991
Nan Ya Plastics Corp.		8,000		17,673
Pegatron Corp.		4,000		9,557
President Chain Store Corp.		2,000		14,335
Quanta Computer, Inc.		4,000		7,484
Siliconware Precision Industries Co., Ltd.		6,000		8,908
SinoPac Financial Holdings Co., Ltd.		34,000		9,579
Taishin Financial Holding Co., Ltd.		28,000		10,252
Taiwan Cement Corp.		8,000		8,725
Taiwan Cooperative Financial Holding Co., Ltd.		22,000		9,591
Taiwan Mobile Co., Ltd.		2,000		6,454
Taiwan Semiconductor Manufacturing Co., Ltd.		36,000		202,737
Uni-President Enterprises Corp.		8,000		13,255
United Microelectronics Corp.		28,000		9,904
Yuanta Financial Holding Co., Ltd.		28,000		10,425
				699,855
THAILAND — 2.0%
Advanced Info Service PCL NVDR		2,600		10,673
Airports of Thailand PCL NVDR		800		8,891
Bangkok Dusit Medical Services PCL		16,200		10,450
CP ALL PCL NVDR		8,200		14,311
Kasikornbank PCL		2,800		13,879
Minor International PCL NVDR		8,800		8,785
PTT Global Chemical PCL NVDR		6,000		10,556
Siam Cement PCL		800		11,125
Siam Commercial Bank PCL NVDR		3,000		12,776
				101,446

See accompanying Notes to Schedule of Investments

171

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TURKEY — 1.1%
Akbank TAS		4,586	$	10,195
BIM Birlesik Magazalar A/S		616		8,581
Haci Omer Sabanci Holding A/S		3,260		8,480
Turkcell Iletisim Hizmetleri A/S (a)		3,134		8,687
Turkiye Garanti Bankasi A/S		5,286		11,451
Turkiye Is Bankasi Class C		6,884		10,137
				57,531
UNITED ARAB EMIRATES — 1.0%
Abu Dhabi Commercial Bank PJSC		5,948		11,174
Aldar Properties PJSC		14,094		10,092
DP World, Ltd.		532		9,315
Emaar Properties PJSC		5,634		10,937
Emirates Telecommunications Group Co. PJSC		2,014		10,309
				51,827
TOTAL COMMON STOCKS (Cost $5,092,401)				4,773,328
SHORT-TERM INVESTMENT — 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.40% (c) (d) (Cost $10)				10
TOTAL INVESTMENTS — 92.7% (Cost $5,092,411)				4,773,338
OTHER ASSETS IN EXCESS OF LIABILITIES — 7.3%				375,814
NET ASSETS — 100.0%			$	5,149,152

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. 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 period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

172

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

At December 31, 2016, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation
SGX NIFTY 50		01/25/2017		23		376,487		9,510

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	375,684	$	—	$	—	$	375,684
Chile		58,006		—		—		58,006
China		1,374,687		—		—		1,374,687
Colombia		28,813		—		—		28,813
Egypt		8,400		—		—		8,400
Greece		14,870		—		—		14,870
Hong Kong		11,268		—		—		11,268
Hungary		22,743		—		—		22,743
Indonesia		136,062		—		—		136,062
Malaysia		142,984		—		—		142,984
Mexico		202,934		—		—		202,934
Netherlands		22,924		—		—		22,924
Peru		31,256		—		—		31,256
Philippines		74,176		—		—		74,176
Poland		49,708		—		—		49,708
Qatar		52,657		—		—		52,657
Russia		86,027		—		—		86,027
South Africa		357,747		—		—		357,747
South Korea		811,723		—		—		811,723
Taiwan		699,855		—		—		699,855
Thailand		101,446		—		—		101,446
Turkey		57,531		—		—		57,531
United Arab Emirates		51,827		—		—		51,827
Short-Term Investment		10		—		—		10
TOTAL INVESTMENTS	$	4,773,338	$	—	$	—	$	4,773,338
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts (a)		9,510		—		—		9,510
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	4,782,848	$	—	$	—	$	4,782,848

(a) Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		373,685		43,875		329,810	$	329,810	$	188
TOTAL			$	—							$	329,810	$	188

See accompanying Notes to Schedule of Investments

173

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 5.0%
AGL Energy, Ltd.		10,123	$	161,921
Amcor, Ltd.		4,112		44,514
ASX, Ltd.		1,649		59,392
Australia & New Zealand Banking Group, Ltd.		7,918		174,411
BHP Billiton PLC		5,400		87,176
BHP Billiton, Ltd.		5,877		106,644
Brambles, Ltd.		11,555		103,750
Cochlear, Ltd.		530		47,031
Commonwealth Bank of Australia		4,674		278,912
CSL, Ltd.		4,789		348,193
GPT Group		14,528		52,914
Insurance Australia Group, Ltd.		9,010		39,080
LendLease Group		3,861		40,874
Macquarie Group, Ltd.		670		42,266
Medibank Pvt, Ltd.		16,159		32,996
National Australia Bank, Ltd.		6,435		142,909
Newcrest Mining, Ltd.		2,405		35,265
QBE Insurance Group, Ltd.		4,561		41,018
Ramsay Health Care, Ltd.		756		37,389
REA Group, Ltd.		866		34,633
Scentre Group REIT		34,835		117,039
SEEK, Ltd.		3,387		36,494
Sonic Healthcare, Ltd.		8,161		126,461
Stockland REIT		16,900		56,047
Suncorp Group, Ltd.		4,364		42,723
Telstra Corp., Ltd.		114,059		421,210
Transurban Group Stapled Security		15,332		114,572
Vicinity Centres REIT		48,190		104,334
Wesfarmers, Ltd.		8,449		257,809
Westfield Corp.		21,109		143,373
Westpac Banking Corp.		7,261		171,401
Woodside Petroleum, Ltd.		2,399		54,128
Woolworths, Ltd.		11,961		208,729
				3,765,608
AUSTRIA — 0.1%
OMV AG		1,453		51,432
BELGIUM — 1.0%
Ageas		841		33,362
Anheuser-Busch InBev SA		1,397		148,159
Colruyt SA		3,328		164,997
Groupe Bruxelles Lambert SA		474		39,856
KBC Group NV		616		38,224
Proximus SADP		6,293		181,603
Solvay SA		390		45,804
UCB SA		1,341		86,152
				738,157
DENMARK — 3.3%
AP Moller — Maersk A/S Class B		29		46,362
Carlsberg A/S Class B		418		36,140
Chr Hansen Holding A/S		2,796		155,118
Coloplast A/S Class B		2,883		194,789
Danske Bank A/S		10,605		322,232
DONG Energy A/S (a) (b)		3,414		129,595
DSV A/S		4,001		178,325
Genmab A/S (a)		152		25,292
ISS A/S		3,442		116,401
Novo Nordisk A/S Class B		21,968		793,703
Novozymes A/S Class B		2,185		75,473
Pandora A/S		1,009		132,252
TDC A/S (a)		11,638		59,861
Tryg A/S		5,230		94,739
Vestas Wind Systems A/S		187		12,176
William Demant Holding A/S (a)		6,351		110,632
				2,483,090
FINLAND — 1.2%
Elisa Oyj		3,526		115,030
Fortum Oyj		2,547		39,142
Kone Oyj Class B		3,303		148,307
Neste Oyj		924		35,573
Nokia Oyj		5,383		26,049
Nokian Renkaat Oyj		1,006		37,583
Orion Oyj Class B		2,600		115,974
Sampo Oyj Class A		5,995		269,306
UPM-Kymmene Oyj		1,431		35,228
Wartsila Oyj Abp		1,286		57,892
				880,084
FRANCE — 7.5%
Aeroports de Paris		1,177		126,379
Air Liquide SA		3,162		352,355
Airbus Group SE		4,786		317,218
Atos SE		364		38,489
AXA SA		6,938		175,519
BNP Paribas SA		4,616		294,801
Bureau Veritas SA		2,099		40,758
Cap Gemini SA		418		35,337
Carrefour SA		1,705		41,164
Casino Guichard Perrachon SA		724		34,814
Cie de Saint-Gobain		1,454		67,870
Cie Generale des Etablissements Michelin		1,398		155,859
Credit Agricole SA		8,029		99,760
Danone SA		2,071		131,500
Dassault Systemes SE		2,212		168,894
Engie SA		5,371		68,661
Essilor International SA		1,594		180,484
Eutelsat Communications SA		2,265		43,946
Hermes International		308		126,697
Iliad SA		224		43,154
Kering		197		44,321
L’Oreal SA		2,600		475,523
Legrand SA		1,845		104,987
LVMH Moet Hennessy Louis Vuitton SE		2,041		390,508
Orange SA		4,532		69,001
Pernod Ricard SA		306		33,227
Peugeot SA (a)		911		14,889
Publicis Groupe SA		1,372		94,858
Renault SA		672		59,900
Safran SA		558		40,269
Sanofi		2,656		215,429
Schneider Electric SE		1,065		74,262
SCOR SE		5,035		174,349
SEB SA		337		45,764
Societe BIC SA		253		34,464
Societe Generale SA		4,026		198,499

See accompanying Notes to Schedule of Investments

174

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sodexo SA		1,343	$	154,685
Thales SA		2,044		198,624
TOTAL SA		7,050		362,281
Unibail-Rodamco SE		168		40,180
Valeo SA		1,903		109,613
Vinci SA		1,037		70,767
Vivendi SA		3,469		66,062
				5,616,121
GERMANY — 8.4%
adidas AG		1,397		221,244
Allianz SE		1,121		185,633
BASF SE		6,938		646,240
Bayer AG		6,265		655,052
Bayerische Motoren Werke AG		981		91,830
Beiersdorf AG		2,069		175,891
Commerzbank AG		8,533		65,215
Continental AG		1,006		194,920
Covestro AG (b)		530		36,437
Daimler AG		3,804		283,748
Deutsche Bank AG (a)		7,638		138,969
Deutsche Boerse AG (a)		755		61,748
Deutsche Lufthansa AG		2,296		29,714
Deutsche Post AG		7,722		254,402
Deutsche Telekom AG		6,182		106,642
E.ON SE		13,903		98,250
Fresenius Medical Care AG & Co. KGaA		2,295		194,741
Fresenius SE & Co. KGaA		1,652		129,394
Fuchs Petrolub SE Preference Shares		756		31,800
GEA Group AG		1,147		46,250
Hannover Rueck SE		502		54,431
HeidelbergCement AG		420		39,263
Henkel AG & Co. KGaA		1,903		198,671
Henkel AG & Co. KGaA Preference Shares		1,219		145,610
HUGO BOSS AG		700		42,919
Infineon Technologies AG		2,883		50,204
Innogy SE (a) (b)		543		18,906
Linde AG		340		55,980
MAN SE		1,453		144,566
Merck KGaA		897		93,807
METRO AG		2,096		69,827
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,257		238,184
Porsche Automobil Holding SE Preference Shares		1,706		93,101
ProSiebenSat.1 Media SE		1,510		58,308
RWE AG (a)		5,679		70,771
SAP SE		7,638		667,132
Siemens AG		1,453		179,002
ThyssenKrupp AG		2,209		52,750
TUI AG		7,258		104,302
United Internet AG		1,093		42,765
Volkswagen AG Preference Shares		1,565		220,119
				6,288,738
HONG KONG — 4.3%
AIA Group, Ltd.		16,823		94,930
Bank of East Asia, Ltd.		11,074		42,421
BOC Hong Kong Holdings, Ltd.		14,036		50,237
Cheung Kong Infrastructure Holdings, Ltd.		28,000		222,826
Cheung Kong Property Holdings, Ltd.		12,120		74,332
CK Hutchison Holdings, Ltd.		12,000		136,048
CLP Holdings, Ltd.		41,500		381,377
Hang Seng Bank, Ltd.		22,429		417,444
HK Electric Investments & HK Electric Investments, Ltd. (b)		125,040		103,217
HKT Trust & HKT, Ltd.		111,540		136,815
Hong Kong & China Gas Co., Ltd.		84,424		149,615
Hong Kong Exchanges & Clearing, Ltd.		11,128		262,945
Li & Fung, Ltd.		112,000		49,260
Link REIT		14,000		91,008
MTR Corp., Ltd.		56,167		273,114
New World Development Co., Ltd.		56,489		59,745
PCCW, Ltd.		140,000		75,840
Power Assets Holdings, Ltd.		28,000		246,842
Sands China, Ltd.		22,400		97,364
Sun Hung Kai Properties, Ltd.		1,000		12,640
Swire Pacific, Ltd. Class A		12,000		114,611
Techtronic Industries Co., Ltd.		14,000		50,199
Yue Yuen Industrial Holdings, Ltd.		28,500		103,477
				3,246,307
IRELAND — 0.8%
Bank of Ireland (a)		47,988		11,844
CRH PLC		1,425		49,532
Experian PLC		7,024		136,611
Kerry Group PLC Class A		3,608		258,396
Paddy Power Betfair PLC		448		47,962
Ryanair Holdings PLC (a)		1,509		125,639
				629,984
ISRAEL — 1.1%
Azrieli Group, Ltd.		2,199		95,476
Bank Hapoalim BM		38,919		231,674
Bank Leumi Le-Israel BM (a)		33,631		138,591
Bezeq The Israeli Telecommunication Corp., Ltd.		48,193		91,661
Check Point Software Technologies, Ltd. (a)		1,371		115,795
Mizrahi Tefahot Bank, Ltd.		6,799		99,547
Teva Pharmaceutical Industries, Ltd.		1,935		69,534
				842,278
ITALY — 1.1%
Assicurazioni Generali SpA		5,734		85,397
Enel SpA		29,771		131,507
Eni SpA		10,772		175,767
Ferrari NV		897		52,320
Intesa Sanpaolo SpA		35,196		90,060
Luxottica Group SpA		1,034		55,730
Snam SpA		30,089		124,216
Telecom Italia RSP/Milano (a)		60,912		44,138
UniCredit SpA		32,838		94,694
				853,829
JAPAN — 23.8%
ABC-Mart, Inc.		1,700		96,489
Aeon Co., Ltd.		2,800		39,755
Ajinomoto Co., Inc.		2,900		58,530
ANA Holdings, Inc.		56,000		151,145
Aozora Bank, Ltd.		21,000		74,360
Asahi Group Holdings, Ltd.		2,800		88,584

See accompanying Notes to Schedule of Investments

175

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Asics Corp.		1,200	$	24,024
Astellas Pharma, Inc.		30,700		427,328
Benesse Holdings, Inc.		2,800		77,301
Bridgestone Corp.		7,900		285,425
Calbee, Inc.		300		9,414
Canon, Inc.		14,000		395,507
Chubu Electric Power Co., Inc.		2,800		39,203
Concordia Financial Group, Ltd.		8,500		41,001
Dai-ichi Life Holdings, Inc.		5,008		83,556
Daicel Corp.		2,000		22,120
Daiichi Sankyo Co., Ltd.		5,506		112,896
Daito Trust Construction Co., Ltd.		700		105,509
Daiwa House REIT Investment Corp.		7		17,741
Denso Corp.		2,300		99,841
East Japan Railway Co.		2,800		242,466
Eisai Co., Ltd.		1,800		103,523
FamilyMart UNY Holdings Co., Ltd.		2,400		160,089
FANUC Corp.		100		16,989
Fuji Heavy Industries, Ltd.		5,700		233,210
Fujitsu, Ltd.		5,000		27,843
Hitachi, Ltd.		25,000		135,465
Honda Motor Co., Ltd.		7,200		210,811
Hoya Corp.		2,900		122,107
Inpex Corp.		4,600		46,183
Isuzu Motors, Ltd.		3,800		48,251
ITOCHU Corp.		8,814		117,283
Japan Airlines Co., Ltd.		5,600		163,964
Japan Exchange Group, Inc.		5,606		80,268
Japan Post Bank Co., Ltd.		5,300		63,754
Japan Prime Realty Investment Corp.		28		110,550
Japan Real Estate Investment Corp.		27		147,460
Japan Retail Fund Investment Corp. REIT		84		170,398
Japan Tobacco, Inc.		9,100		299,913
JFE Holdings, Inc.		2,900		44,258
JX Holdings, Inc.		16,832		71,392
Kajima Corp.		24,000		166,468
Kakaku.com, Inc.		2,800		46,429
Kansai Electric Power Co., Inc. (a)		1,600		17,532
Kao Corp.		5,600		266,040
KDDI Corp.		19,418		492,713
Keikyu Corp.		19,000		220,731
Keyence Corp.		200		137,523
Kirin Holdings Co., Ltd.		5,700		92,927
Kobe Steel, Ltd. (a)		1,500		14,365
Koito Manufacturing Co., Ltd.		400		21,229
Komatsu, Ltd.		2,800		63,557
Kose Corp.		100		8,325
Kubota Corp.		2,800		40,055
Kyowa Hakko Kirin Co., Ltd.		2,800		38,795
Kyushu Financial Group, Inc.		3,600		24,476
Lawson, Inc.		2,800		197,093
LINE Corp. (a)		900		30,943
LIXIL Group Corp.		2,000		45,509
M3, Inc.		2,400		60,599
Marubeni Corp.		22,400		127,292
Mazda Motor Corp.		2,800		45,900
McDonald’s Holdings Co., Japan, Ltd.		2,800		73,460
MEIJI Holdings Co., Ltd.		1,800		141,364
Miraca Holdings, Inc.		1,900		85,523
MISUMI Group, Inc.		1,100		18,145
Mitsubishi Chemical Holdings Corp.		8,400		54,591
Mitsubishi Corp.		6,100		130,227
Mitsubishi Electric Corp.		2,200		30,736
Mitsubishi Heavy Industries, Ltd.		19,000		86,761
Mitsubishi Tanabe Pharma Corp.		8,513		167,362
Mitsubishi UFJ Financial Group, Inc.		61,300		378,516
Mitsui & Co., Ltd.		10,300		141,914
Mizuho Financial Group, Inc.		210,000		377,743
MS&AD Insurance Group Holdings, Inc.		2,800		87,000
Murata Manufacturing Co., Ltd.		1,800		241,523
Nabtesco Corp.		2,300		53,618
Nagoya Railroad Co., Ltd.		27,000		130,793
NEC Corp.		7,000		18,605
NH Foods, Ltd.		4,000		108,201
Nippon Building Fund, Inc.		8		44,378
Nippon Paint Holdings Co., Ltd.		900		24,577
Nippon Prologis, Inc. REIT		57		116,751
Nippon Steel & Sumitomo Metal Corp.		2,900		64,820
Nippon Telegraph & Telephone Corp.		11,200		471,680
Nippon Yusen KK		21,000		39,071
Nissan Motor Co., Ltd.		8,416		84,820
Nissin Foods Holdings Co., Ltd.		2,800		147,400
Nitori Holdings Co., Ltd.		1,700		194,727
Nitto Denko Corp.		1,900		146,106
Nomura Holdings, Inc.		12,000		70,898
Nomura Real Estate Master Fund, Inc.		139		210,702
Nomura Research Institute, Ltd.		3,070		93,704
NTT DOCOMO, Inc.		11,122		253,937
Obayashi Corp.		5,600		53,631
Oracle Corp. Japan		2,600		131,298
Oriental Land Co., Ltd.		2,800		158,587
ORIX Corp.		5,400		84,448
Osaka Gas Co., Ltd.		28,000		107,933
Otsuka Corp.		2,100		98,307
Otsuka Holdings Co., Ltd.		8,400		366,796
Panasonic Corp.		6,500		66,290
Park24 Co., Ltd.		2,800		76,101
Recruit Holdings Co., Ltd.		7,335		294,947
Resona Holdings, Inc.		14,500		74,530
Ricoh Co., Ltd.		5,400		45,743
Ryohin Keikaku Co., Ltd.		100		19,642
Sankyo Co., Ltd.		2,800		90,625
Santen Pharmaceutical Co., Ltd.		5,600		68,659
Secom Co., Ltd.		2,800		205,208
Sekisui House, Ltd.		2,800		46,705
Seven & i Holdings Co., Ltd.		2,700		103,083
Shimamura Co., Ltd.		300		37,527
Shimano, Inc.		400		62,897
Shin-Etsu Chemical Co., Ltd.		300		23,321
Shionogi & Co., Ltd.		700		33,603
SMC Corp.		300		71,775
SoftBank Group Corp.		2,400		159,780
Sompo Holdings, Inc.		800		27,162
Sony Corp.		2,800		78,621
Start Today Co., Ltd.		1,100		19,041
Sumitomo Chemical Co., Ltd.		2,000		9,534
Sumitomo Corp.		5,712		67,363
Sumitomo Electric Industries, Ltd.		2,900		41,933
Sumitomo Mitsui Financial Group, Inc.		7,300		279,144
Sumitomo Mitsui Trust Holdings, Inc.		2,000		71,728
Suntory Beverage & Food, Ltd.		5,387		224,237
Suruga Bank, Ltd.		800		17,895

See accompanying Notes to Schedule of Investments

176

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Suzuken Co., Ltd.		1,100	$	36,027
Suzuki Motor Corp.		1,500		52,909
Sysmex Corp.		2,000		116,089
T&D Holdings, Inc.		1,700		22,526
Taiheiyo Cement Corp.		9,000		28,551
Taisei Corp.		5,000		35,067
Taisho Pharmaceutical Holdings Co., Ltd.		2,000		166,331
Takeda Pharmaceutical Co., Ltd.		7,400		306,760
Terumo Corp.		2,700		99,889
Tobu Railway Co., Ltd.		28,000		139,238
Tohoku Electric Power Co., Inc.		2,800		35,458
Tokio Marine Holdings, Inc.		2,600		106,911
Tokyo Electric Power Co. Holdings, Inc. (a)		20,700		83,769
Tokyo Gas Co., Ltd.		21,043		95,423
TonenGeneral Sekiyu KK		7,000		73,940
Toray Industries, Inc.		25,000		202,812
Toshiba Corp. (a)		11,000		26,700
Toyo Suisan Kaisha, Ltd.		5,500		199,704
Toyota Motor Corp.		10,000		589,703
Toyota Tsusho Corp.		2,800		73,100
Trend Micro, Inc. (a)		500		17,812
Tsuruha Holdings, Inc.		400		38,067
Unicharm Corp.		2,406		52,757
United Urban Investment Corp.		112		170,830
USS Co., Ltd.		5,600		89,400
West Japan Railway Co.		2,200		135,299
Yahoo! Japan Corp.		11,200		43,116
Yamada Denki Co., Ltd.		16,800		90,745
Yamaguchi Financial Group, Inc.		2,000		21,829
Yamato Holdings Co., Ltd.		5,500		112,065
				17,894,981
LUXEMBOURG — 0.4%
ArcelorMittal (a)		7,469		55,271
RTL Group SA (a)		1,650		121,354
SES SA		4,853		107,109
				283,734
MEXICO — 0.0% (c)
Fresnillo PLC		734		11,074
NETHERLANDS — 2.7%
Aegon NV		9,986		55,065
Akzo Nobel NV		616		38,587
ASML Holding NV		3,387		381,001
Boskalis Westminster		1,034		35,979
EXOR NV		1,009		43,613
Heineken NV		446		33,522
ING Groep NV		9,763		137,678
Koninklijke Ahold Delhaize NV		10,437		220,499
Koninklijke DSM NV		754		45,299
Koninklijke KPN NV		10,380		30,809
Koninklijke Philips NV		1,959		59,921
NN Group NV		4,615		156,715
NXP Semiconductors NV (a)		119		11,663
Randstad Holding NV		716		38,916
Royal Dutch Shell PLC Class A		13,116		363,437
Royal Dutch Shell PLC Class B		11,128		323,682
Wolters Kluwer NV		1,147		41,641
				2,018,027
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		11,863		51,700
Contact Energy, Ltd.		4,216		13,700
Meridian Energy, Ltd.		21,573		39,111
Ryman Healthcare, Ltd.		6,548		37,030
Spark New Zealand, Ltd.		15,137		35,993
				177,534
NORWAY — 0.3%
DNB ASA		3,888		57,997
Gjensidige Forsikring ASA		1,901		30,256
Statoil ASA		4,903		90,226
Telenor ASA		3,385		50,729
Yara International ASA		864		34,128
				263,336
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		11,052		33,736
Jeronimo Martins SGPS SA		2,379		36,986
				70,722
SINGAPORE — 2.0%
ComfortDelGro Corp., Ltd.		28,000		47,872
DBS Group Holdings, Ltd.		27,252		327,092
Keppel Corp., Ltd.		12,811		51,343
Oversea-Chinese Banking Corp., Ltd.		55,602		343,303
Singapore Airlines, Ltd.		28,000		187,416
Singapore Press Holdings, Ltd.		28,000		68,416
Singapore Technologies Engineering, Ltd.		28,000		62,601
Singapore Telecommunications, Ltd.		142,600		360,275
StarHub, Ltd.		28,000		54,461
United Overseas Bank, Ltd.		2,700		38,126
				1,540,905
SOUTH AFRICA — 0.1%
Mondi PLC		2,796		57,558
SPAIN — 2.1%
ACS Actividades de Construccion y Servicios SA		1,481		46,894
Amadeus IT Group SA Class A		4,112		187,234
Banco Bilbao Vizcaya Argentaria SA		23,209		157,013
Banco de Sabadell SA		23,642		32,991
Banco Popular Espanol SA		18,146		17,570
Banco Santander SA		63,875		334,098
CaixaBank SA		13,150		43,552
Distribuidora Internacional de Alimentacion SA		6,182		30,418
Endesa SA		3,580		75,992
Iberdrola SA		13,600		89,424
Industria de Diseno Textil SA		9,539		326,287
Repsol SA		6,898		97,639
Telefonica SA		11,542		107,374
				1,546,486
SWEDEN — 2.3%
Alfa Laval AB		2,450		40,669
Assa Abloy AB Class B		7,154		133,164
Atlas Copco AB Class A		7,665		234,137
Atlas Copco AB Class B		1,677		45,891
Hennes & Mauritz AB Class B		11,666		325,404
Hexagon AB Class B		1,678		60,122

See accompanying Notes to Schedule of Investments

177

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ICA Gruppen AB		1,482	$	45,335
Investor AB Class B		2,296		86,056
Kinnevik AB Class B		2,715		65,241
L E Lundbergforetagen AB Class B		953		58,588
Nordea Bank AB		8,310		92,663
Sandvik AB		3,889		48,245
Securitas AB Class B		1,217		19,210
Skandinaviska Enskilda Banken AB Class A		4,281		45,027
Skanska AB Class B		3,497		82,800
Svenska Cellulosa AB SCA Class B		1,230		34,837
Svenska Handelsbanken AB Class A		3,247		45,249
Swedbank AB Class A		2,069		50,173
Swedish Match AB		1,257		40,098
Telefonaktiebolaget LM Ericsson Class B		7,722		45,475
Telia Co. AB		22,636		91,470
Volvo AB Class B		4,309		50,468
				1,740,322
SWITZERLAND — 12.6%
ABB, Ltd. (a)		17,095		361,293
Actelion, Ltd. (a)		977		211,963
Adecco Group AG		1,398		91,678
Baloise Holding AG		700		88,365
Barry Callebaut AG (a)		56		68,654
Chocoladefabriken Lindt & Spruengli AG		56		290,648
Cie Financiere Richemont SA		586		38,890
Credit Suisse Group AG (a)		7,889		113,404
EMS-Chemie Holding AG		84		42,771
Galenica AG		28		31,654
Geberit AG		390		156,637
Givaudan SA		139		255,201
Glencore PLC (a)		55,121		188,904
Julius Baer Group, Ltd. (a)		1,888		84,020
Kuehne + Nagel International AG		2,435		322,478
LafargeHolcim, Ltd. (d)		532		28,009
LafargeHolcim, Ltd. (a) (d)		448		23,649
Nestle SA		25,797		1,854,155
Novartis AG		8,869		646,621
Partners Group Holding AG		365		171,394
Roche Holding AG		7,105		1,626,037
Schindler Holding AG		390		68,917
Schindler Holding AG		334		58,463
SGS SA		56		114,165
Sika AG		26		125,146
Sonova Holding AG		2,155		261,649
Swatch Group AG		168		52,350
Swiss Life Holding AG (a)		308		87,338
Swiss Prime Site AG (a)		2,491		204,285
Swiss Re AG		5,118		485,942
Swisscom AG		810		363,498
Syngenta AG		840		332,661
UBS Group AG		10,549		165,550
Wolseley PLC		2,099		128,696
Zurich Insurance Group AG (a)		1,062		292,994
				9,438,079
UNITED KINGDOM — 19.3%
3i Group PLC		5,792		50,384
Aberdeen Asset Management PLC		10,773		34,251
Admiral Group PLC		4,587		103,553
Anglo American PLC (a)		5,570		79,838
Ashtead Group PLC		3,273		63,900
Associated British Foods PLC		3,219		109,184
AstraZeneca PLC		16,258		891,458
Aviva PLC		8,058		48,430
Babcock International Group PLC		3,889		45,796
BAE Systems PLC		29,113		212,783
Barclays PLC		66,144		182,627
Barratt Developments PLC		7,726		44,144
Berkeley Group Holdings PLC		1,425		49,443
BP PLC		68,885		433,760
British American Tobacco PLC		16,026		915,173
BT Group PLC		82,835		375,541
Bunzl PLC		4,784		124,670
Burberry Group PLC		3,972		73,473
Centrica PLC		38,768		112,142
CNH Industrial NV		3,834		33,423
Compass Group PLC		32,947		611,071
Croda International PLC		1,202		47,469
Diageo PLC		25,797		672,585
Direct Line Insurance Group PLC		30,043		137,131
easyJet PLC		851		10,568
Fiat Chrysler Automobiles NV		11,189		102,261
GKN PLC		18,886		77,407
GlaxoSmithKline PLC		20,676		399,064
Hargreaves Lansdown PLC		2,656		39,809
HSBC Holdings PLC		100,352		814,555
IMI PLC		3,217		41,341
Imperial Brands PLC		10,632		465,393
Intertek Group PLC		1,258		54,110
ITV PLC		37,969		96,835
J Sainsbury PLC		12,481		38,447
Johnson Matthey PLC		1,621		63,735
Kingfisher PLC		35,645		154,289
Land Securities Group PLC REIT		3,497		46,063
Legal & General Group PLC		47,705		145,952
Lloyds Banking Group PLC		142,946		110,412
London Stock Exchange Group PLC		449		16,167
Marks & Spencer Group PLC		20,004		86,513
Meggitt PLC		6,715		38,052
Merlin Entertainments PLC (b)		9,595		53,186
National Grid PLC		31,475		370,097
Next PLC		1,259		77,520
Old Mutual PLC		14,943		38,277
Pearson PLC		3,133		31,687
Persimmon PLC		3,303		72,485
Provident Financial PLC		1,121		39,463
Prudential PLC		5,734		115,312
Randgold Resources, Ltd.		2,324		184,216
Reckitt Benckiser Group PLC		9,094		773,780
RELX NV		9,623		162,296
RELX PLC		23,363		418,304
Rio Tinto PLC		3,330		129,963
Rio Tinto, Ltd.		1,091		47,321
Rolls-Royce Holdings PLC (a)		17,598		145,256
Royal Bank of Scotland Group PLC (a)		5,795		16,083
Royal Mail PLC		35,365		201,932
Sage Group PLC		9,707		78,564
Schroders PLC		981		36,341
Severn Trent PLC		1,174		32,234

See accompanying Notes to Schedule of Investments

178

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sky PLC		9,318	$	114,102
Smith & Nephew PLC		15,391		232,208
Smiths Group PLC		3,636		63,618
SSE PLC		16,301		312,810
St James’s Place PLC		3,944		49,416
Standard Chartered PLC (a)		14,327		117,478
Tate & Lyle PLC		14,872		130,014
Taylor Wimpey PLC		25,127		47,659
Tesco PLC (a)		29,929		76,497
Travis Perkins PLC		1,148		20,597
Unilever NV		15,082		622,231
Unilever PLC		17,626		717,092
United Utilities Group PLC		2,463		27,421
Vodafone Group PLC		125,139		309,024
Whitbread PLC		1,680		78,386
William Hill PLC		13,008		46,645
Wm Morrison Supermarkets PLC		13,484		38,438
WPP PLC		8,954		200,922
				14,482,077
UNITED STATES — 0.1%
Shire PLC		897		51,916
TOTAL COMMON STOCKS (Cost $74,195,188)				74,972,379
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Repsol SA (expiring 1/6/17) (a) (Cost $2,229)		6,392		2,373
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f) (Cost $16,619)				16,619
TOTAL INVESTMENTS — 99.8% (Cost $74,214,036)				74,991,371
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				138,737
NET ASSETS — 100.0%			$	75,130,108

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.5% of net assets as of December 31, 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) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	3,765,608	$	—	$	—	$	3,765,608
Austria		51,432		—		—		51,432
Belgium		738,157		—		—		738,157
Denmark		2,483,090		—		—		2,483,090
Finland		880,084		—		—		880,084
France		5,616,121		—		—		5,616,121
Germany		6,288,738		—		—		6,288,738
Hong Kong		3,246,307		—		—		3,246,307
Ireland		629,984		—		—		629,984
Israel		842,278		—		—		842,278
Italy		853,829		—		—		853,829
Japan		17,894,981		—		—		17,894,981
Luxembourg		283,734		—		—		283,734
Mexico		11,074		—		—		11,074
Netherlands		2,018,027		—		—		2,018,027
New Zealand		177,534		—		—		177,534
Norway		263,336		—		—		263,336
Portugal		70,722		—		—		70,722
Singapore		1,540,905		—		—		1,540,905

See accompanying Notes to Schedule of Investments

179

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
South Africa	$	57,558	$	—	$	—	$	57,558
Spain		1,546,486		—		—		1,546,486
Sweden		1,740,322		—		—		1,740,322
Switzerland		9,438,079		—		—		9,438,079
United Kingdom		14,482,077		—		—		14,482,077
United States		51,916		—		—		51,916
Rights
Spain		2,373		—		—		2,373
Short-Term Investment		16,619		—		—		16,619
TOTAL INVESTMENTS	$	74,991,371	$	—	$	—	$	74,991,371

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		7,487	$	7,487		3		7,490		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		282,046		265,427		16,619		16,619		24
TOTAL			$	7,487							$	16,619	$	24

See accompanying Notes to Schedule of Investments

180

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BRAZIL — 5.3%
AES Tiete Energia SA		897	$	3,858
Ambev SA		44,174		222,587
Ambev SA ADR		235,498		1,156,295
Banco Bradesco SA		10,428		93,364
Banco Bradesco SA Preference Shares		35,765		318,673
Banco do Brasil SA		20,631		178,058
Banco Santander Brasil SA		4,306		39,068
BB Seguridade Participacoes SA		35,916		312,294
BM&FBovespa SA		10,627		53,875
BR Malls Participacoes SA (a)		5,582		20,495
Braskem SA Class A, Preference Shares		2,584		27,192
BRF SA		1,446		21,437
BRF SA ADR		6,587		97,224
CCR SA		3,790		18,585
Centrais Eletricas Brasileiras SA (a)		1,900		13,316
Centrais Eletricas Brasileiras SA ADR (a)		1,395		10,993
Centrais Eletricas Brasileiras SA Class B, Preference Shares (a)		490		3,898
CETIP SA — Mercados Organizados		15,948		218,540
Cia Brasileira de Distribuicao ADR		3,039		50,295
Cia Brasileira de Distribuicao Preference Shares		532		8,949
Cia de Saneamento Basico do Estado de Sao Paulo		434		3,839
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,574		22,342
Cia Energetica de Minas Gerais ADR		18,697		42,629
Cia Energetica de Minas Gerais Preference Shares		4,886		11,574
Cia Paranaense de Energia ADR		2,033		17,240
Cia Paranaense de Energia Preference Shares		406		3,413
Cia Siderurgica Nacional SA (a)		1,232		4,107
Cia Siderurgica Nacional SA ADR (a)		6,933		22,394
Cielo SA		79,292		679,465
Cosan SA Industria e Comercio		650		7,619
CPFL Energia SA ADR		7,656		117,902
Duratex SA (a)		3,346		6,991
EDP — Energias do Brasil SA		9,930		40,883
Embraer SA		980		4,818
Embraer SA ADR		1,815		34,939
Engie Brasil Energia SA		7,117		76,534
Equatorial Energia SA		7,884		131,775
Fibria Celulose SA ADR		1,150		11,051
Gerdau SA Preference Shares		12,010		39,853
Hypermarcas SA		982		7,884
Itau Unibanco Holding SA Preference Shares		7,493		77,930
Itau Unibanco Holding SA Preference Shares ADR		29,863		306,992
Itausa — Investimentos Itau SA Preference Shares		212,639		540,956
JBS SA		15,676		54,907
Klabin SA		2,404		13,088
Kroton Educacional SA		8,772		35,927
Localiza Rent a Car SA		700		7,360
Lojas Americanas SA		700		2,682
Lojas Americanas SA Preference Shares		1,680		8,775
Lojas Renner SA		26,722		190,232
M Dias Branco SA		1,354		47,846
Multiplan Empreendimentos Imobiliarios SA		200		3,649
Natura Cosmeticos SA		604		4,272
Odontoprev SA		13,550		52,456
Petroleo Brasileiro SA (a)		12,464		64,872
Petroleo Brasileiro SA ADR (a)		18,848		190,553
Petroleo Brasileiro SA Preference Shares (a)		24,620		112,483
Petroleo Brasileiro SA Preference Shares ADR (a)		24,856		218,981
Porto Seguro SA		916		7,571
Qualicorp SA		746		4,412
Raia Drogasil SA		7,492		140,853
Rumo Logistica Operadora Multimodal SA (a)		6,735		12,706
Sul America SA		10,288		56,897
Suzano Papel e Celulose SA Class A, Preference Shares		1,300		5,672
Telefonica Brasil SA ADR		4,024		53,841
Telefonica Brasil SA Preference Shares		644		8,722
Tim Participacoes SA		1,806		4,345
Tim Participacoes SA ADR		1,991		23,494
Ultrapar Participacoes SA		378		7,950
Ultrapar Participacoes SA ADR		2,119		43,948
Vale SA		2,986		23,560
Vale SA ADR		7,140		54,407
Vale SA Preference Shares		5,651		40,524
Vale SA Preference Shares ADR		11,204		77,196
WEG SA		21,338		101,619
				6,757,926
CHILE — 1.5%
AES Gener SA		25,647		9,160
Aguas Andinas SA Class A		579,030		301,478
Banco de Chile		1,044,034		122,363
Banco de Chile ADR		6,902		486,246
Banco de Credito e Inversiones		1,525		77,172
Banco Santander Chile		90,118		5,013
Banco Santander Chile ADR		1,245		27,228
Cencosud SA		2,352		6,601
Cencosud SA ADR		4,055		34,062
Cia Cervecerias Unidas SA		2,142		22,370
Cia Cervecerias Unidas SA ADR		2,728		57,233
Colbun SA		265,234		52,185
Embotelladora Andina SA Class B, Preference Shares		1,220		4,538
Empresa Nacional de Telecomunicaciones SA (a)		1,189		12,616
Empresas CMPC SA		15,627		31,950
Empresas COPEC SA		8,458		81,051
Enel Americas SA		23,688		3,850
Enel Americas SA ADR		3,316		27,224
Enel Chile SA		30,114		2,788
Enel Chile SA ADR		3,316		15,088
Enel Generacion Chile SA		26,934		17,771
Enel Generacion Chile SA ADR		1,947		37,850
Itau CorpBanca ADR		960		11,942

See accompanying Notes to Schedule of Investments

181

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Latam Airlines Group SA (a)		616	$	5,190
Latam Airlines Group SA ADR (a)		2,832		23,166
SACI Falabella		55,759		441,179
Sociedad Quimica y Minera de Chile SA ADR		742		21,258
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		84		2,394
				1,940,966
CHINA — 24.9%
3SBio, Inc. (a) (b)		70,390		68,546
58.com, Inc. ADR (a)		118		3,304
AAC Technologies Holdings, Inc.		64,000		581,544
Agricultural Bank of China, Ltd. Class H		987,000		404,824
Air China, Ltd. Class H		26,000		16,600
Alibaba Group Holding, Ltd. ADR (a)		26,081		2,290,173
Aluminum Corp. of China, Ltd. Class H (a)		74,000		30,542
Anhui Conch Cement Co., Ltd. Class H		14,000		38,101
ANTA Sports Products, Ltd.		98,000		292,617
AviChina Industry & Technology Co., Ltd. Class H		4,000		2,755
Baidu, Inc. ADR (a)		13,950		2,293,520
Bank of China, Ltd. Class H		3,054,071		1,355,063
Bank of Communications Co., Ltd. Class H		274,000		198,260
Beijing Capital International Airport Co., Ltd. Class H		126,000		127,411
Beijing Enterprises Holdings, Ltd.		9,500		44,908
Beijing Enterprises Water Group, Ltd.		40,000		26,621
Belle International Holdings, Ltd.		330,000		185,576
Brilliance China Automotive Holdings, Ltd.		136,000		187,341
Byd Co., Ltd. Class H		1,500		7,903
CGN Power Co., Ltd. Class H (b)		77,100		21,181
China Cinda Asset Management Co., Ltd. Class H		134,548		48,765
China CITIC Bank Corp., Ltd. Class H		371,000		235,908
China Coal Energy Co., Ltd. Class H (a)		34,000		16,138
China Communications Construction Co., Ltd. Class H		94,000		108,147
China Communications Services Corp., Ltd. Class H		230,000		146,547
China Conch Venture Holdings, Ltd.		11,000		19,579
China Construction Bank Corp. Class H		2,517,394		1,938,418
China Everbright Bank Co., Ltd. Class H		326,274		148,552
China Everbright International, Ltd.		7,000		7,936
China Everbright, Ltd.		12,000		22,845
China Evergrande Group		70,000		43,608
China Galaxy Securities Co., Ltd. Class H		31,334		28,250
China Huarong Asset Management Co., Ltd. (a) (b)		162,000		58,296
China Huishan Dairy Holdings Co., Ltd.		892,393		346,453
China Jinmao Holdings Group, Ltd.		34,000		9,165
China Life Insurance Co., Ltd. Class H		69,000		179,772
China Longyuan Power Group Corp., Ltd. Class H		33,000		25,793
China Medical System Holdings, Ltd.		160,700		254,528
China Mengniu Dairy Co., Ltd.		110,000		211,965
China Merchants Bank Co., Ltd. Class H		68,500		160,622
China Merchants Port Holdings Co., Ltd.		22,607		56,101
China Minsheng Banking Corp., Ltd. Class H		158,300		169,261
China Mobile, Ltd.		298,997		3,170,009
China National Building Material Co., Ltd. Class H		138,000		67,103
China Oilfield Services, Ltd. Class H		40,000		37,146
China Overseas Land & Investment, Ltd.		180,000		477,096
China Pacific Insurance Group Co., Ltd. Class H		24,800		86,525
China Petroleum & Chemical Corp. Class H		942,395		668,525
China Power International Development, Ltd.		66,000		23,921
China Railway Construction Corp., Ltd. Class H		50,500		65,005
China Railway Group, Ltd. Class H		91,000		74,883
China Resources Beer Holdings Co., Ltd. (a)		70,092		139,223
China Resources Gas Group, Ltd.		70,000		196,823
China Resources Land, Ltd.		26,444		59,483
China Resources Power Holdings Co., Ltd.		70,267		111,657
China Shenhua Energy Co., Ltd. Class H		52,000		97,922
China Southern Airlines Co., Ltd. Class H		34,000		17,673
China State Construction International Holdings, Ltd.		64,000		95,755
China Taiping Insurance Holdings Co., Ltd. (a)		24,610		50,787
China Telecom Corp., Ltd. Class H		286,000		132,060
China Unicom Hong Kong, Ltd.		136,000		158,398
China Vanke Co., Ltd. Class H		56,092		128,055
Chongqing Changan Automobile Co., Ltd. Class B		46,100		65,941
Chongqing Rural Commercial Bank Co., Ltd. Class H		68,000		39,906
CITIC Securities Co., Ltd. Class H		14,500		29,474
CITIC, Ltd.		71,000		101,649
CNOOC, Ltd.		299,000		374,080
COSCO SHIPPING Ports, Ltd.		73,415		73,764
Country Garden Holdings Co., Ltd.		74,266		41,572
CRRC Corp., Ltd. Class H		39,000		35,010
CSPC Pharmaceutical Group, Ltd.		332,000		354,560
Ctrip.com International, Ltd. ADR (a)		875		35,000
Dongfeng Motor Group Co., Ltd. Class H		160,000		156,220
ENN Energy Holdings, Ltd.		6,000		24,687
Fang Holdings, Ltd. ADR (a)		42		138
Far East Horizon, Ltd.		22,000		18,870
Fosun International, Ltd.		32,500		46,026
Fuyao Glass Industry Group Co., Ltd. Class H (b)		17,600		54,595
Geely Automobile Holdings, Ltd.		25,000		23,894
GF Securities Co., Ltd. Class H		16,800		35,060
GOME Electrical Appliances Holding, Ltd.		202,000		24,491
Great Wall Motor Co., Ltd. Class H		162,500		151,745
Guangdong Investment, Ltd.		492,000		649,811

See accompanying Notes to Schedule of Investments

182

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Guangzhou Automobile Group Co., Ltd. Class H		12,000	$	14,518
Guangzhou R&F Properties Co., Ltd. Class H		22,800		27,584
Haitian International Holdings, Ltd.		25,000		49,077
Haitong Securities Co., Ltd. Class H		26,000		44,601
Hengan International Group Co., Ltd.		65,874		483,871
Huaneng Power International, Inc. Class H		84,000		55,688
Huaneng Renewables Corp., Ltd. Class H		38,000		12,351
Huatai Securities Co., Ltd. Class H (b)		14,243		27,188
Industrial & Commercial Bank of China, Ltd. Class H		2,299,448		1,379,108
JD.com, Inc. ADR (a)		2,182		55,510
Jiangsu Expressway Co., Ltd. Class H		264,000		333,697
Jiangxi Copper Co., Ltd. Class H		27,000		37,680
Kingsoft Corp., Ltd.		2,000		4,102
Kunlun Energy Co., Ltd.		36,000		26,931
Lenovo Group, Ltd.		240,915		146,044
Longfor Properties Co., Ltd.		20,500		26,018
NetEase, Inc. ADR		4,994		1,075,408
New China Life Insurance Co., Ltd. Class H		8,200		37,652
New Oriental Education & Technology Group, Inc. ADR (a)		7,503		315,876
People’s Insurance Co. Group of China, Ltd. Class H		144,000		56,834
PetroChina Co., Ltd. Class H		560,000		417,482
PICC Property & Casualty Co., Ltd. Class H		218,180		339,941
Ping An Insurance Group Co. of China, Ltd. Class H		42,000		210,186
Qunar Cayman Islands, Ltd. ADR (a)		5		151
Semiconductor Manufacturing International Corp. (a)		198,200		311,367
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		68,000		45,432
Shanghai Electric Group Co., Ltd. Class H (a)		36,000		16,112
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		1,500		4,595
Shanghai Industrial Holdings, Ltd.		7,000		18,960
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		102,127		149,514
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		41,800		95,858
Shenzhou International Group Holdings, Ltd.		103,000		651,625
SINA Corp. (a)		211		12,827
Sino-Ocean Group Holding, Ltd.		65,000		29,091
Sinopec Engineering Group Co., Ltd. Class H		62,741		52,357
Sinopec Shanghai Petrochemical Co., Ltd. Class H		26,000		14,085
Sinopharm Group Co., Ltd. Class H		25,600		105,495
Sinotrans, Ltd. Class H		32,000		14,281
SOHO China, Ltd.		22,000		10,839
Sunac China Holdings, Ltd.		32,889		27,361
Sunny Optical Technology Group Co., Ltd.		27,293		119,512
TAL Education Group ADR (a)		3,920		274,988
Tencent Holdings, Ltd.		116,378		2,847,476
Tingyi Cayman Islands Holding Corp.		18,000		21,893
TravelSky Technology, Ltd. Class H		117,000		245,977
Tsingtao Brewery Co., Ltd. Class H		22,000		83,140
Vipshop Holdings, Ltd. ADR (a)		1,426		15,700
Want Want China Holdings, Ltd.		315,000		201,924
Weichai Power Co., Ltd. Class H		10,000		15,400
Yanzhou Coal Mining Co., Ltd. Class H		30,000		20,469
YY, Inc. ADR (a)		93		3,666
Zhejiang Expressway Co., Ltd. Class H		340,000		324,513
Zhuzhou CRRC Times Electric Co., Ltd.		25,000		126,884
Zijin Mining Group Co., Ltd. Class H		126,000		40,629
ZTE Corp. Class H		8,280		14,396
				31,701,845
COLOMBIA — 0.2%
Bancolombia SA ADR		932		34,186
Bancolombia SA Preference Shares		714		6,465
Cementos Argos SA		1,555		6,143
Corp. Financiera Colombiana SA		5,659		69,899
Ecopetrol SA (a)		9,534		4,383
Ecopetrol SA ADR (a)		2,793		25,277
Grupo Argos SA		2,801		17,989
Grupo Aval Acciones y Valores SA Preference Shares		32,251		13,053
Grupo de Inversiones Suramericana SA		2,183		27,778
Grupo de Inversiones Suramericana SA Preference Shares		8,379		103,272
Interconexion Electrica SA ESP		2,436		8,098
				316,543
CZECH REPUBLIC — 0.3%
CEZ A/S		3,551		59,604
Komercni banka A/S		4,368		150,897
Moneta Money Bank A/S (a) (b)		27,743		89,669
O2 Czech Republic A/S		9,742		98,797
				398,967
EGYPT — 0.3%
Commercial International Bank Egypt SAE GDR		94,733		345,776
Talaat Moustafa Group		20,698		10,423
				356,199
GREECE — 0.2%
Alpha Bank AE (a)		36,701		73,550
Eurobank Ergasias SA (a)		38,182		25,976
FF Group (a)		440		8,924
Hellenic Telecommunications Organization SA		2,231		21,013
JUMBO SA		633		10,055
National Bank of Greece SA (a)		124,358		32,529
OPAP SA		9,963		88,271
Piraeus Bank SA (a)		197,433		43,523
Titan Cement Co. SA		324		7,621
				311,462

See accompanying Notes to Schedule of Investments

183

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
HONG KONG — 0.9%
Alibaba Pictures Group, Ltd. (a)		10,000	$	1,625
China Gas Holdings, Ltd.		30,000		40,706
Fullshare Holdings, Ltd.		719,580		335,977
GCL-Poly Energy Holdings, Ltd. (a)		197,000		23,631
Haier Electronics Group Co., Ltd.		67,000		105,428
Hanergy Thin Film Power Group, Ltd. (a) (c)		598,000		—
Nine Dragons Paper Holdings, Ltd.		14,000		12,694
Shimao Property Holdings, Ltd.		35,500		46,429
Sino Biopharmaceutical, Ltd.		458,000		322,537
Sun Art Retail Group, Ltd.		272,332		238,852
				1,127,879
HUNGARY — 0.4%
MOL Hungarian Oil & Gas PLC		3,008		211,964
OTP Bank PLC		2,401		68,874
Richter Gedeon Nyrt		12,456		264,150
				544,988
INDIA — 8.9%
ACC, Ltd.		193		3,785
Adani Ports & Special Economic Zone, Ltd.		3,747		14,821
Ambuja Cements, Ltd.		2,581		7,845
Apollo Hospitals Enterprise, Ltd.		134		2,330
Ashok Leyland, Ltd.		1,669		1,970
Asian Paints, Ltd.		35,592		467,279
Aurobindo Pharma, Ltd.		14,892		146,857
Axis Bank, Ltd.		14,219		94,266
Bajaj Auto, Ltd.		4,193		162,617
Bajaj Finance, Ltd.		200		2,482
Bharat Forge, Ltd.		339		4,528
Bharat Heavy Electricals, Ltd.		7,216		12,886
Bharat Petroleum Corp., Ltd.		24,575		230,108
Bharti Airtel, Ltd.		7,525		33,889
Bharti Infratel, Ltd.		19,791		100,151
Bosch, Ltd.		279		86,532
Cadila Healthcare, Ltd.		12,899		67,783
Cairn India, Ltd.		6,346		22,642
Cipla, Ltd.		4,576		38,350
Coal India, Ltd.		44,559		196,960
Container Corp. Of India, Ltd.		136		2,224
Dabur India, Ltd.		100,192		410,615
Divi’s Laboratories, Ltd.		14,101		162,825
Dr Reddy’s Laboratories, Ltd.		471		21,238
Dr Reddy’s Laboratories, Ltd. ADR		5,443		246,459
Eicher Motors, Ltd.		660		212,023
GAIL India, Ltd.		490		3,171
GAIL India, Ltd. GDR		693		26,507
Glenmark Pharmaceuticals, Ltd.		271		3,548
Godrej Consumer Products, Ltd.		4,369		97,200
Havells India, Ltd.		11,594		58,465
HCL Technologies, Ltd.		37,234		454,220
Hero MotoCorp, Ltd.		2,455		110,095
Hindalco Industries, Ltd.		17,183		39,255
Hindustan Petroleum Corp., Ltd.		6,667		43,350
Hindustan Unilever, Ltd.		46,458		565,649
Housing Development Finance Corp., Ltd.		8,067		150,072
ICICI Bank, Ltd.		1,722		6,478
ICICI Bank, Ltd. ADR		4,473		33,503
Idea Cellular, Ltd.		21,487		23,475
Indiabulls Housing Finance, Ltd.		1,806		17,303
Infosys, Ltd.		37,432		557,371
Infosys, Ltd. ADR		76,067		1,128,074
ITC, Ltd.		175,913		626,335
JSW Steel, Ltd.		764		18,321
Larsen & Toubro, Ltd.		252		5,009
Larsen & Toubro, Ltd. GDR		1,328		26,427
LIC Housing Finance, Ltd.		1,712		14,118
Lupin, Ltd.		10,757		235,673
Mahindra & Mahindra Financial Services, Ltd.		1,058		4,213
Mahindra & Mahindra, Ltd.		336		5,865
Mahindra & Mahindra, Ltd. GDR		2,151		37,858
Marico, Ltd.		56,804		217,984
Maruti Suzuki India, Ltd.		4,484		351,449
Motherson Sumi Systems, Ltd.		15,985		76,887
Nestle India, Ltd.		1,036		92,020
NTPC, Ltd.		17,013		41,298
Oil & Natural Gas Corp., Ltd.		14,260		40,204
Piramal Enterprises, Ltd.		149		3,567
Power Finance Corp., Ltd.		10,179		18,290
Reliance Industries, Ltd.		3,159		50,380
Reliance Industries, Ltd. GDR (b)		5,750		181,413
Shree Cement, Ltd.		11		2,388
Shriram Transport Finance Co., Ltd.		991		12,462
Siemens, Ltd.		93		1,524
State Bank of India GDR		2,372		87,171
Sun Pharmaceutical Industries, Ltd.		59,841		555,471
Tata Consultancy Services, Ltd.		36,222		1,262,486
Tata Motors, Ltd. (d)		7,160		31,554
Tata Motors, Ltd. (d)		3,574		24,855
Tata Motors, Ltd. ADR		3,224		110,873
Tata Power Co., Ltd.		8,054		9,007
Tata Steel, Ltd.		742		4,277
Tata Steel, Ltd. GDR		4,458		25,099
Tech Mahindra, Ltd.		22,332		160,868
Titan Co., Ltd.		19,342		93,133
UltraTech Cement, Ltd.		253		12,116
United Spirits, Ltd. (a)		35		1,002
UPL, Ltd.		13,146		125,320
Vedanta, Ltd.		6,938		22,096
Wipro, Ltd.		32,110		224,467
Wipro, Ltd. ADR		25,288		244,788
Yes Bank, Ltd.		1,667		28,404
Zee Entertainment Enterprises, Ltd.		20,908		139,566
				11,297,439
INDONESIA — 4.1%
Adaro Energy Tbk PT		143,800		18,092
AKR Corporindo Tbk PT		9,800		4,364
Astra International Tbk PT		133,800		82,182
Bank Central Asia Tbk PT		978,725		1,126,015
Bank Danamon Indonesia Tbk PT		67,600		18,615
Bank Mandiri Persero Tbk PT		100,000		85,916
Bank Negara Indonesia Persero Tbk PT		120,900		49,580
Bank Rakyat Indonesia Persero Tbk PT		504,600		437,276
Bumi Serpong Damai Tbk PT		59,800		7,790

See accompanying Notes to Schedule of Investments

184

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Charoen Pokphand Indonesia Tbk PT		289,500	$	66,399
Gudang Garam Tbk PT		29,400		139,444
Hanjaya Mandala Sampoerna Tbk PT		934,300		265,605
Indocement Tunggal Prakarsa Tbk PT		72,100		82,415
Indofood CBP Sukses Makmur Tbk PT		202,400		128,824
Indofood Sukses Makmur Tbk PT		215,500		126,765
Jasa Marga Persero Tbk PT		72,700		23,311
Kalbe Farma Tbk PT		2,719,700		305,834
Lippo Karawaci Tbk PT		144,900		7,744
Matahari Department Store Tbk PT		132,000		148,191
Media Nusantara Citra Tbk PT		22,000		2,866
Perusahaan Gas Negara Persero Tbk		153,700		30,803
Semen Indonesia Persero Tbk PT		131,400		89,486
Summarecon Agung Tbk PT		47,000		4,622
Surya Citra Media Tbk PT		311,600		64,760
Telekomunikasi Indonesia Persero Tbk PT		3,964,621		1,171,215
Tower Bersama Infrastructure Tbk PT		134,506		49,719
Unilever Indonesia Tbk PT		202,100		582,036
United Tractors Tbk PT		20,500		32,334
Waskita Karya Persero Tbk PT		13,300		2,517
XL Axiata Tbk PT (a)		27,100		4,647
				5,159,367
MALAYSIA — 3.6%
AirAsia Bhd		10,400		5,309
Alliance Financial Group Bhd		6,900		5,722
AMMB Holdings Bhd		37,000		35,548
Astro Malaysia Holdings Bhd		6,700		3,883
Axiata Group Bhd		23,147		24,354
Berjaya Sports Toto Bhd		59,657		39,363
British American Tobacco Malaysia Bhd		7,200		71,583
CIMB Group Holdings Bhd		54,135		54,425
Dialog Group Bhd		8,000		2,746
DiGi.Com Bhd		159,600		171,839
Felda Global Ventures Holdings Bhd		17,200		5,943
Gamuda Bhd		7,800		8,311
Genting Bhd		22,800		40,660
Genting Malaysia Bhd		28,000		28,587
Genting Plantations Bhd		800		1,926
HAP Seng Consolidated Bhd		15,800		31,205
Hartalega Holdings Bhd		46,400		49,958
Hong Leong Bank Bhd		117,120		352,456
Hong Leong Financial Group Bhd		2,900		9,193
IHH Healthcare Bhd		444,300		628,913
IJM Corp. Bhd		29,400		20,972
IOI Corp. Bhd		14,900		14,614
IOI Properties Group Bhd		14,647		6,857
Kuala Lumpur Kepong Bhd		2,600		13,910
Lafarge Malaysia Bhd		1,300		2,084
Malayan Banking Bhd		296,060		541,171
Malaysia Airports Holdings Bhd		3,100		4,188
Maxis Bhd		299,700		399,511
MISC Bhd		8,700		14,254
Petronas Chemicals Group Bhd		167,200		260,155
Petronas Dagangan Bhd		20,000		106,108
Petronas Gas Bhd		93,600		444,423
PPB Group Bhd		3,300		11,667
Public Bank Bhd		149,775		658,396
RHB Capital Bhd		13,138		13,794
SapuraKencana Petroleum Bhd (a)		59,400		21,451
Sime Darby Bhd		19,527		35,258
Telekom Malaysia Bhd		90,285		119,749
Tenaga Nasional Bhd		77,600		240,446
UMW Holdings Bhd		7,400		7,539
Westports Holdings Bhd		80,638		77,294
YTL Corp. Bhd		58,900		20,351
YTL Power International Bhd		17,800		5,912
				4,612,028
MEXICO — 2.6%
Alfa SAB de CV Class A		35,281		44,012
America Movil SAB de CV Series L		367,528		232,454
Arca Continental SAB de CV		50,019		262,386
Cemex SAB de CV Series CPO (a)		101,757		81,696
Coca-Cola Femsa SAB de CV Series L		9,861		62,881
El Puerto de Liverpool SAB de CV Series C1		40,196		291,790
Fibra Uno Administracion SA de CV REIT		39,429		60,785
Fomento Economico Mexicano SAB de CV		8,342		63,844
Gentera SAB de CV		41,128		66,639
Gruma SAB de CV Class B		17,096		218,332
Grupo Aeroportuario del Pacifico SAB de CV Class B		44,563		368,764
Grupo Aeroportuario del Sureste SAB de CV Class B		13,568		196,702
Grupo Bimbo SAB de CV Series A		18,817		42,938
Grupo Carso SAB de CV Series A1		4,629		18,791
Grupo Financiero Banorte SAB de CV Series O		24,532		121,818
Grupo Financiero Inbursa SAB de CV Series O		23,075		35,136
Grupo Financiero Santander Mexico SAB de CV Class B		19,637		28,433
Grupo Lala SAB de CV		25,475		37,357
Grupo Mexico SAB de CV Series B		36,466		99,885
Grupo Televisa SAB Series CPO		15,409		64,713
Industrias Penoles SAB de CV		533		9,988
Infraestructura Energetica Nova SAB de CV		22,179		97,247
Kimberly-Clark de Mexico SAB de CV Class A		5,246		9,508
Mexichem SAB de CV		9,914		22,666
OHL Mexico SAB de CV		12,902		12,770
Promotora y Operadora de Infraestructura SAB de CV		10,226		85,862
Wal-Mart de Mexico SAB de CV		336,602		605,349
				3,242,746
NETHERLANDS — 0.1%
Steinhoff International Holdings NV		22,482		117,186
PERU — 0.5%
Cia de Minas Buenaventura SAA ADR (d)		432		4,968
Cia de Minas Buenaventura SAA ADR (d)		4,444		50,129
Credicorp, Ltd.		3,541		558,982
Southern Copper Corp. (d)		24		775
Southern Copper Corp. (d)		412		13,159
				628,013

See accompanying Notes to Schedule of Investments

185

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PHILIPPINES — 1.6%
Aboitiz Equity Ventures, Inc.		209,410	$	298,239
Aboitiz Power Corp.		333,400		279,664
Alliance Global Group, Inc.		22,800		5,861
Ayala Corp.		1,050		15,429
Ayala Land, Inc.		20,300		13,067
Bank of the Philippine Islands		163,120		291,376
BDO Unibank, Inc.		121,480		273,933
DMCI Holdings, Inc.		169,530		45,219
Energy Development Corp.		68,900		7,138
Globe Telecom, Inc.		130		3,946
GT Capital Holdings, Inc.		640		16,350
International Container Terminal Services, Inc.		3,180		4,602
JG Summit Holdings, Inc.		12,290		16,725
Jollibee Foods Corp.		71,490		278,985
Megaworld Corp.		103,000		7,397
Metro Pacific Investments Corp.		83,000		11,120
Metropolitan Bank & Trust Co.		67,111		98,009
PLDT, Inc.		1,081		29,682
Robinsons Land Corp.		40,500		21,182
Security Bank Corp.		6,670		25,493
SM Investments Corp.		1,285		16,931
SM Prime Holdings, Inc.		36,200		20,644
Universal Robina Corp.		64,860		213,319
				1,994,311
POLAND — 1.1%
Alior Bank SA (a)		661		8,581
Bank Handlowy w Warszawie SA		391		7,155
Bank Millennium SA (a)		14,873		18,492
Bank Pekao SA		6,986		210,536
Bank Zachodni WBK SA		1,313		99,396
CCC SA		109		5,315
Cyfrowy Polsat SA (a)		7,611		44,853
Eurocash SA		6,360		59,939
Grupa Azoty SA		485		7,281
Grupa Lotos SA (a)		5,997		54,952
KGHM Polska Miedz SA		2,894		64,115
LPP SA		61		82,910
mBank SA (a)		217		17,428
Orange Polska SA		11,715		15,463
PGE Polska Grupa Energetyczna SA		94,206		235,837
Polski Koncern Naftowy Orlen SA		10,086		206,103
Polskie Gornictwo Naftowe i Gazownictwo SA		24,642		33,235
Powszechna Kasa Oszczednosci Bank Polski SA (a)		14,015		94,479
Powszechny Zaklad Ubezpieczen SA		6,571		52,278
Synthos SA		4,712		5,147
Tauron Polska Energia SA (a)		56,637		38,669
				1,362,164
QATAR — 1.4%
Barwa Real Estate Co.		1,726		15,760
Commercial Bank QSC		12,359		110,306
Doha Bank QSC		7,877		75,495
Ezdan Holding Group QSC		1,776		7,369
Industries Qatar QSC		6,226		200,899
Masraf Al Rayan QSC		5,087		52,527
Ooredoo QSC		1,130		31,591
Qatar Electricity & Water Co. QSC		7,117		443,664
Qatar Gas Transport Co., Ltd.		7,196		45,630
Qatar Insurance Co. SAQ		9,403		218,975
Qatar Islamic Bank SAQ		7,912		225,753
Qatar National Bank SAQ		6,998		313,059
				1,741,028
ROMANIA — 0.1%
New Europe Property Investments PLC		12,118		140,897
RUSSIA — 4.1%
Alrosa PJSC		114,691		182,153
Gazprom PJSC ADR		194,414		981,791
Lukoil PJSC ADR		11,860		665,346
Magnit PJSC GDR		15,098		666,577
MMC Norilsk Nickel PJSC ADR		2,580		43,318
Mobile TeleSystems PJSC ADR		25,845		235,448
Moscow Exchange MICEX-RTS PJSC (a)		9,031		18,500
Novatek PJSC GDR		300		38,940
PhosAgro PJSC GDR		384		5,856
Rosneft Oil Co. PJSC		17,190		113,387
Rosneft Oil Co. PJSC GDR		30,049		195,318
Rostelecom PJSC ADR		3,093		25,537
RusHydro PJSC ADR		22,813		33,193
Sberbank of Russia PJSC ADR		48,250		558,528
Severstal PJSC GDR		873		13,270
Sistema PJSC FC GDR		2,537		22,833
Surgutneftegas OJSC ADR (d)		56,850		291,640
Surgutneftegas OJSC ADR (d)		56,457		284,826
Tatneft PJSC ADR (d)		9,256		381,532
Tatneft PJSC ADR (d)		1,551		64,661
Transneft PJSC Preference Shares		87		282,120
VTB Bank PJSC		45,119,561		54,053
VTB Bank PJSC GDR		41,504		99,070
				5,257,897
SOUTH AFRICA — 4.6%
African Bank Investments, Ltd. (a) (c)		1,693		—
Anglo American Platinum, Ltd. (a)		235		4,544
AngloGold Ashanti, Ltd. (a)		3,131		34,934
Aspen Pharmacare Holdings, Ltd.		1,388		28,783
Barclays Africa Group, Ltd.		6,759		83,377
Bid Corp., Ltd.		14,063		252,106
Bidvest Group, Ltd.		18,184		241,013
Brait SE (a)		4,668		29,889
Capitec Bank Holdings, Ltd.		1,628		82,739
Coronation Fund Managers, Ltd.		12,245		63,119
Discovery, Ltd.		2,325		19,467
Exxaro Resources, Ltd.		2,753		18,018
FirstRand, Ltd.		170,095		661,349
Fortress Income Fund, Ltd.		2,474		5,849
Fortress Income Fund, Ltd. Class A		88,280		106,969
Foschini Group, Ltd.		8,169		95,059
Gold Fields, Ltd.		6,631		21,137
Growthpoint Properties, Ltd. REIT		18,694		35,392
Hyprop Investments, Ltd.		1,707		14,643
Impala Platinum Holdings, Ltd. (a)		7,534		23,547
Imperial Holdings, Ltd.		3,108		41,464
Investec, Ltd.		1,298		8,614

See accompanying Notes to Schedule of Investments

186

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Liberty Holdings, Ltd.		5,205	$	42,249
Life Healthcare Group Holdings, Ltd.		45,427		108,294
Massmart Holdings, Ltd.		5,376		49,597
MMI Holdings, Ltd.		14,096		24,316
Mondi, Ltd.		4,905		100,428
Mr. Price Group, Ltd.		14,090		164,392
MTN Group, Ltd.		20,934		193,144
Naspers, Ltd. Class N		635		93,525
Nedbank Group, Ltd.		2,635		45,885
Netcare, Ltd.		39,003		90,812
Pick n Pay Stores, Ltd.		41,535		193,536
Pioneer Foods Group, Ltd.		5,010		56,409
PSG Group, Ltd.		401		6,409
Rand Merchant Investment Holdings, Ltd.		27,482		79,984
Redefine Properties, Ltd. REIT		25,730		21,054
Remgro, Ltd.		3,984		64,982
Resilient REIT, Ltd.		2,615		21,878
RMB Holdings, Ltd.		37,128		180,278
Sanlam, Ltd.		62,415		287,086
Sappi, Ltd. (a)		6,977		45,893
Sasol, Ltd.		8,196		239,078
Shoprite Holdings, Ltd.		19,808		248,357
Sibanye Gold, Ltd.		5,469		10,154
SPAR Group, Ltd.		18,254		265,073
Standard Bank Group, Ltd.		16,239		180,202
Telkom SA SOC, Ltd.		3,390		18,342
Tiger Brands, Ltd.		7,921		230,436
Truworths International, Ltd.		24,746		144,169
Tsogo Sun Holdings, Ltd.		2,756		5,562
Vodacom Group, Ltd.		43,429		483,991
Woolworths Holdings, Ltd.		43,786		227,399
				5,794,926
SOUTH KOREA — 12.9%
Amorepacific Corp.		1,264		336,460
Amorepacific Corp. Preference Shares		360		61,252
AMOREPACIFIC Group		689		75,871
BGF retail Co., Ltd.		854		57,838
BNK Financial Group, Inc.		7,495		53,864
Celltrion, Inc. (a)		90		8,003
Cheil Worldwide, Inc.		2,711		35,352
CJ CheilJedang Corp.		264		78,142
CJ Corp.		309		47,842
CJ E&M Corp.		78		4,579
CJ Korea Express Corp. (a)		664		98,407
Coway Co., Ltd.		3,063		223,930
Daelim Industrial Co., Ltd.		377		27,187
Daewoo Engineering & Construction Co., Ltd. (a)		1,280		5,384
DGB Financial Group, Inc.		4,955		40,081
Dongbu Insurance Co., Ltd.		6,543		338,580
Dongsuh Cos., Inc.		104		2,372
Doosan Heavy Industries & Construction Co., Ltd.		1,311		29,524
E-MART, Inc.		702		106,364
GS Engineering & Construction Corp. (a)		864		18,957
GS Holdings Corp.		632		28,309
GS Retail Co., Ltd.		132		5,202
Hana Financial Group, Inc.		7,566		195,759
Hankook Tire Co., Ltd.		1,113		53,448
Hanmi Pharm Co., Ltd.		7		1,771
Hanmi Science Co., Ltd.		10		506
Hanon Systems		6,507		55,491
Hanssem Co., Ltd.		453		74,637
Hanwha Chemical Corp.		1,288		26,340
Hanwha Corp.		2,164		62,799
Hanwha Life Insurance Co., Ltd.		4,982		26,935
Hanwha Techwin Co., Ltd.		219		7,878
Hotel Shilla Co., Ltd.		70		2,791
Hyosung Corp.		398		47,946
Hyundai Department Store Co., Ltd.		165		14,891
Hyundai Development Co.-Engineering & Construction		206		7,667
Hyundai Engineering & Construction Co., Ltd.		1,498		53,084
Hyundai Glovis Co., Ltd.		204		26,095
Hyundai Heavy Industries Co., Ltd. (a)		778		93,723
Hyundai Marine & Fire Insurance Co., Ltd.		5,921		154,422
Hyundai Mobis Co., Ltd.		3,450		754,098
Hyundai Motor Co.		4,398		531,634
Hyundai Motor Co. GDR		224		8,747
Hyundai Motor Co. Preference Shares (d)		1,372		112,913
Hyundai Motor Co. Preference Shares (d)		712		56,415
Hyundai Steel Co.		1,884		88,912
Hyundai Wia Corp.		475		28,709
Industrial Bank of Korea		7,256		76,297
Kakao Corp.		559		35,638
Kangwon Land, Inc.		13,341		394,884
KB Financial Group, Inc.		1,793		63,537
KB Financial Group, Inc. ADR (a)		6,975		246,148
KCC Corp.		82		24,407
KEPCO Plant Service & Engineering Co., Ltd.		1,094		49,093
Kia Motors Corp.		10,675		346,907
Korea Aerospace Industries, Ltd.		2,454		136,130
Korea Electric Power Corp.		1,750		63,825
Korea Electric Power Corp. ADR (a)		20,613		380,928
Korea Gas Corp.		998		40,034
Korea Investment Holdings Co., Ltd.		646		22,411
Korea Zinc Co., Ltd.		81		31,855
Korean Air Lines Co., Ltd. (a)		1,295		29,325
KT Corp.		123		2,994
KT Corp. ADR (a)		7,883		111,071
KT&G Corp.		9,853		823,939
Kumho Petrochemical Co., Ltd.		181		12,288
LG Chem, Ltd.		514		111,073
LG Chem, Ltd. Preference Shares		108		16,051
LG Corp.		1,259		62,543
LG Display Co., Ltd.		1,270		33,070
LG Display Co., Ltd. ADR (a)		10,373		133,293
LG Electronics, Inc.		3,218		137,480
LG Household & Health Care, Ltd.		390		276,726
LG Household & Health Care, Ltd. Preference Shares		99		46,148
LG Innotek Co., Ltd.		218		15,956
LG Uplus Corp.		4,181		39,636

See accompanying Notes to Schedule of Investments

187

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Lotte Chemical Corp.		194	$	59,270
Lotte Chilsung Beverage Co., Ltd.		4		4,835
Lotte Confectionery Co., Ltd.		349		51,578
Lotte Shopping Co., Ltd.		392		71,889
Mirae Asset Daewoo Co., Ltd.		3,105		18,613
Mirae Asset Securities Co., Ltd. (e)		556		9,904
NAVER Corp.		1,840		1,180,659
NCSoft Corp.		877		179,713
NH Investment & Securities Co., Ltd.		1,072		8,565
OCI Co., Ltd. (a)		161		10,491
Orion Corp.		22		11,931
Ottogi Corp.		4		2,192
POSCO		409		87,198
POSCO ADR		4,641		243,885
Posco Daewoo Corp.		918		20,522
S-1 Corp.		4,832		350,858
S-Oil Corp.		548		38,430
Samsung Biologics Co., Ltd. (a)		120		15,002
Samsung C&T Corp.		3,483		361,911
Samsung Card Co., Ltd.		333		10,946
Samsung Electro-Mechanics Co., Ltd.		644		27,087
Samsung Electronics Co., Ltd.		378		563,964
Samsung Electronics Co., Ltd. GDR (d)		2,680		2,001,960
Samsung Electronics Co., Ltd. GDR (d)		604		358,172
Samsung Electronics Co., Ltd. Preference Shares		82		97,289
Samsung Fire & Marine Insurance Co., Ltd.		1,539		342,127
Samsung Heavy Industries Co., Ltd. (a)		5,962		45,660
Samsung Life Insurance Co., Ltd.		4,051		377,329
Samsung SDI Co., Ltd.		659		59,473
Samsung SDS Co., Ltd.		198		22,869
Samsung Securities Co., Ltd.		417		10,945
Shinhan Financial Group Co., Ltd.		1,611		60,356
Shinhan Financial Group Co., Ltd. ADR (a)		7,155		269,314
Shinsegae, Inc.		88		12,823
SK Holdings Co., Ltd.		1,776		337,466
SK Hynix, Inc.		11,957		442,522
SK Innovation Co., Ltd.		1,128		136,821
SK Networks Co., Ltd.		5,138		29,438
SK Telecom Co., Ltd.		341		63,242
SK Telecom Co., Ltd. ADR		14,469		302,402
Woori Bank		7,188		75,879
Yuhan Corp.		175		28,906
				16,339,234
TAIWAN — 14.3%
Acer, Inc.		95,258		38,719
Advanced Semiconductor Engineering, Inc.		98,000		100,496
Advantech Co., Ltd.		46,867		370,091
Asia Cement Corp.		81,200		66,388
Asia Pacific Telecom Co., Ltd. (a)		9,000		2,890
Asustek Computer, Inc.		30,000		246,672
AU Optronics Corp.		259,000		94,828
Casetek Holdings, Ltd.		1,000		2,665
Catcher Technology Co., Ltd.		33,000		229,359
Cathay Financial Holding Co., Ltd.		77,100		115,307
Chailease Holding Co., Ltd.		10,160		17,370
Chang Hwa Commercial Bank, Ltd.		78,081		41,549
Cheng Shin Rubber Industry Co., Ltd.		13,000		24,525
Chicony Electronics Co., Ltd.		133,756		311,263
China Airlines, Ltd.		474,000		136,777
China Development Financial Holding Corp.		254,000		63,522
China Life Insurance Co., Ltd.		38,772		38,557
China Steel Corp.		108,440		82,939
Chunghwa Telecom Co., Ltd.		339,540		1,069,326
Compal Electronics, Inc.		138,000		79,000
CTBC Financial Holding Co., Ltd.		256,900		140,690
Delta Electronics, Inc.		109,623		542,520
E.Sun Financial Holding Co., Ltd.		86,948		49,505
Eclat Textile Co., Ltd.		8,137		85,210
Eva Airways Corp.		106,718		48,344
Evergreen Marine Corp. Taiwan, Ltd. (a)		12,000		4,133
Far Eastern New Century Corp.		72,560		54,484
Far EasTone Telecommunications Co., Ltd.		296,449		666,870
Feng TAY Enterprise Co., Ltd.		15,468		57,833
First Financial Holding Co., Ltd.		826,136		440,893
Formosa Chemicals & Fibre Corp.		30,000		89,640
Formosa Petrochemical Corp.		87,000		302,336
Formosa Plastics Corp.		91,000		251,860
Formosa Taffeta Co., Ltd.		118,000		108,008
Foxconn Technology Co., Ltd.		78,892		208,802
Fubon Financial Holding Co., Ltd.		69,000		109,187
Giant Manufacturing Co., Ltd.		10,000		56,781
Highwealth Construction Corp.		36,500		51,416
Hiwin Technologies Corp.		1,000		4,592
Hon Hai Precision Industry Co., Ltd.		936,163		2,445,776
Hotai Motor Co., Ltd.		1,000		11,449
HTC Corp. (a)		8,000		19,610
Hua Nan Financial Holdings Co., Ltd.		707,152		356,549
Innolux Corp.		304,751		109,687
Inventec Corp.		64,000		43,886
Largan Precision Co., Ltd.		5,000		587,980
Lite-On Technology Corp.		275,952		416,124
MediaTek, Inc.		13,877		93,219
Mega Financial Holding Co., Ltd.		135,657		96,811
Merida Industry Co., Ltd.		9,000		40,212
Micro-Star International Co., Ltd.		4,000		9,135
Nan Ya Plastics Corp.		35,000		77,322
Nanya Technology Corp.		9,000		13,488
Nien Made Enterprise Co., Ltd.		6,000		61,901
Novatek Microelectronics Corp.		32,000		105,743
OBI Pharma, Inc. (a)		2,000		17,686
Pegatron Corp.		39,000		93,177
Phison Electronics Corp.		7,000		55,494
Pou Chen Corp.		25,000		31,183
Powertech Technology, Inc.		32,000		86,382
President Chain Store Corp.		69,000		494,555
Quanta Computer, Inc.		81,000		151,550
Realtek Semiconductor Corp.		3,000		9,495
Ruentex Development Co., Ltd. (a)		9,536		10,888
Ruentex Industries, Ltd.		26,000		43,321
Shin Kong Financial Holding Co., Ltd. (a)		109,936		26,948
Siliconware Precision Industries Co., Ltd.		185,300		275,113
SinoPac Financial Holdings Co., Ltd.		229,199		64,573
Standard Foods Corp.		34,085		81,011

See accompanying Notes to Schedule of Investments

188

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Synnex Technology International Corp.		200,900	$	202,589
TaiMed Biologics, Inc. (a)		3,000		15,498
Taishin Financial Holding Co., Ltd.		114,899		42,068
Taiwan Business Bank		245,549		62,094
Taiwan Cement Corp.		30,000		32,719
Taiwan Cooperative Financial Holding Co., Ltd.		1,295,598		564,807
Taiwan Fertilizer Co., Ltd.		10,000		12,458
Taiwan Mobile Co., Ltd.		264,542		853,653
Taiwan Semiconductor Manufacturing Co., Ltd.		615,495		3,466,206
Teco Electric and Machinery Co., Ltd.		13,000		11,254
Transcend Information, Inc.		54,000		142,753
Uni-President Enterprises Corp.		31,164		51,635
United Microelectronics Corp.		305,000		107,884
Vanguard International Semiconductor Corp.		31,000		54,057
Wistron Corp.		96,914		75,026
WPG Holdings, Ltd.		100,000		117,906
Yuanta Financial Holding Co., Ltd.		147,466		54,907
Yulon Motor Co., Ltd.		7,000		5,821
Zhen Ding Technology Holding, Ltd.		4,000		7,918
				18,216,868
THAILAND — 3.6%
Advanced Info Service PCL (e)		72,400		297,198
Airports of Thailand PCL NVDR (e)		20,067		223,025
Bangkok Bank PCL NVDR		2,800		12,471
Bangkok Dusit Medical Services PCL (e)		484,592		312,592
Bangkok Expressway & Metro PCL (e)		895,333		186,265
Banpu PCL (e)		16,370		8,777
BEC World PCL (e)		58,800		27,257
BTS Group Holdings PCL NVDR (e)		1,328,998		317,307
Bumrungrad Hospital PCL (e)		51,700		261,312
Central Pattana PCL (e)		2,800		4,457
Central Pattana PCL NVDR		14,400		22,820
Charoen Pokphand Foods PCL (e)		27,186		22,395
CP ALL PCL (e)		207,300		361,800
Delta Electronics Thailand PCL NVDR (e)		137,200		312,249
Electricity Generating PCL (e)		30,300		168,378
Energy Absolute PCL NVDR (e)		70,900		58,901
Glow Energy PCL NVDR (e)		49,100		108,318
Home Product Center PCL (e)		449,559		128,049
Indorama Ventures PCL NVDR (e)		18,200		17,026
IRPC PCL (e)		138,300		18,538
Kasikornbank PCL NVDR		42,900		212,640
KCE Electronics PCL NVDR		59,800		203,728
Krung Thai Bank PCL (e)		68,900		34,055
Minor International PCL (e)		8,100		8,256
Minor International PCL NVDR		114,000		113,807
PTT Exploration & Production PCL (e)		23,928		64,313
PTT Global Chemical PCL (e)		29,703		52,255
PTT PCL (e)		16,656		173,023
Robinson Department Store PCL NVDR (e)		69,400		123,062
Siam Cement PCL		31,550		438,751
Siam Cement PCL NVDR		500		6,925
Siam Commercial Bank PCL (e)		23,200		98,474
Thai Oil PCL (e)		39,600		79,896
Thai Union Group PCL NVDR (e)		34,200		20,055
TMB Bank PCL NVDR (e)		161,300		9,459
True Corp. PCL (e)		88,300		17,630
				4,525,464
TURKEY — 0.7%
Akbank TAS		33,715		74,952
Anadolu Efes Biracilik Ve Malt Sanayii A/S		2,654		13,302
Arcelik A/S		2,519		15,182
BIM Birlesik Magazalar A/S		11,391		158,676
Coca-Cola Icecek A/S		424		3,990
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		26,326		22,377
Eregli Demir ve Celik Fabrikalari TAS		14,229		20,792
Ford Otomotiv Sanayi A/S		3,424		29,766
Haci Omer Sabanci Holding A/S		11,985		31,175
KOC Holding A/S		9,081		35,626
Petkim Petrokimya Holding A/S		3,853		4,053
TAV Havalimanlari Holding A/S		1,610		6,422
Tofas Turk Otomobil Fabrikasi A/S		5,614		39,325
Tupras Turkiye Petrol Rafinerileri A/S		6,648		133,712
Turk Hava Yollari AO (a)		17,232		24,543
Turk Telekomunikasyon A/S		4,248		6,376
Turkcell Iletisim Hizmetleri A/S (a)		13,544		37,541
Turkiye Garanti Bankasi A/S		42,557		92,189
Turkiye Halk Bankasi A/S		19,213		51,015
Turkiye Is Bankasi Class C		41,783		61,529
Turkiye Sise ve Cam Fabrikalari A/S		16,904		18,405
Turkiye Vakiflar Bankasi TAO Class D		17,849		22,073
Ulker Biskuvi Sanayi A/S		584		2,683
Yapi ve Kredi Bankasi A/S (a)		17,990		17,542
				923,246
UNITED ARAB EMIRATES — 1.4%
Abu Dhabi Commercial Bank PJSC		29,981		56,323
Aldar Properties PJSC		31,561		22,600
DP World, Ltd.		13,072		228,891
Dubai Islamic Bank PJSC		63,843		96,819
DXB Entertainments PJSC (a)		58,609		20,744
Emaar Malls PJSC		6,474		4,618
Emaar Properties PJSC		29,515		57,296
Emirates Telecommunications Group Co. PJSC		139,376		713,406
First Gulf Bank PJSC		61,631		215,622
National Bank of Abu Dhabi PJSC		123,868		336,911
				1,753,230
UNITED STATES — 0.2%
Yum China Holdings, Inc. (a)		7,741		202,195
TOTAL COMMON STOCKS (Cost $127,870,776)				126,765,014
RIGHTS — 0.0% (f)
QATAR — 0.0% (f)
Commercial Bank QSC (expiring 1/22/17) (a) (e) (Cost $0)		2,225		4,277
TOTAL INVESTMENTS — 99.8% (Cost $127,870,776)				126,769,291
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				302,489
NET ASSETS — 100.0%			$	127,071,780

See accompanying Notes to Schedule of Investments

189

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(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 December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(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 December 31, 2016, total aggregate fair value of securities is $3,140,934 representing 2.5% of 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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	6,757,926	$	—	$	—		$	6,757,926
Chile		1,940,966		—		—			1,940,966
China		31,701,845		—		—			31,701,845
Colombia		316,543		—		—			316,543
Czech Republic		398,967		—		—			398,967
Egypt		356,199		—		—			356,199
Greece		311,462		—		—			311,462
Hong Kong		1,127,879		—		0	(a)		1,127,879
Hungary		544,988		—		—			544,988
India		11,297,439		—		—			11,297,439
Indonesia		5,159,367		—		—			5,159,367
Malaysia		4,612,028		—		—			4,612,028
Mexico		3,242,746		—		—			3,242,746
Netherlands		117,186		—		—			117,186
Peru		628,013		—		—			628,013
Philippines		1,994,311		—		—			1,994,311
Poland		1,362,164		—		—			1,362,164
Qatar		1,741,028		—		—			1,741,028
Romania		140,897		—		—			140,897
Russia		5,257,897		—		—			5,257,897
South Africa		5,794,926		—		0	(a)		5,794,926
South Korea		16,329,330		9,904		—			16,339,234
Taiwan		18,216,868		—		—			18,216,868
Thailand		1,398,711		3,126,753		—			4,525,464
Turkey		923,246		—		—			923,246
United Arab Emirates		1,753,230		—		—			1,753,230
United States		202,195		—		—			202,195
Rights
Qatar		—		4,277		—			4,277
TOTAL INVESTMENTS	$	123,628,357	$	3,140,934	$	0		$	126,769,291

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

See accompanying Notes to Schedule of Investments

190

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		1,677,403		1,677,403		—	$	—	$	19
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,881,629		3,881,629		—		—		183
TOTAL			$	—							$	—	$	202

See accompanying Notes to Schedule of Investments

191

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRALIA — 1.4%
AGL Energy, Ltd.		348	$	5,566
Amcor, Ltd.		1,201		13,001
AMP, Ltd.		905		3,303
Aurizon Holdings, Ltd.		937		3,426
Australia & New Zealand Banking Group, Ltd.		1,109		24,428
Bendigo & Adelaide Bank, Ltd.		232		2,135
BHP Billiton PLC		276		4,456
BHP Billiton, Ltd.		541		9,817
Brambles, Ltd.		1,686		15,138
Caltex Australia, Ltd.		88		1,941
Cochlear, Ltd.		76		6,744
Commonwealth Bank of Australia		469		27,987
CSL, Ltd.		713		51,840
Flight Centre Travel Group, Ltd.		4		91
Fortescue Metals Group, Ltd.		1,053		4,491
Incitec Pivot, Ltd.		501		1,306
Insurance Australia Group, Ltd.		809		3,509
LendLease Group		340		3,599
Macquarie Group, Ltd.		80		5,047
Medibank Pvt, Ltd.		797		1,627
National Australia Bank, Ltd.		1,017		22,586
Newcrest Mining, Ltd.		436		6,393
Oil Search, Ltd.		400		2,077
Orica, Ltd.		232		2,970
QBE Insurance Group, Ltd.		440		3,957
REA Group, Ltd.		108		4,319
Santos, Ltd.		4		12
Scentre Group REIT		1,878		6,310
SEEK, Ltd.		292		3,146
Sonic Healthcare, Ltd.		392		6,074
South32, Ltd.		765		1,523
Suncorp Group, Ltd.		336		3,289
Telstra Corp., Ltd.		10,612		39,189
Transurban Group Stapled Security		120		897
Wesfarmers, Ltd.		248		7,567
Westfield Corp.		2,282		15,500
Westpac Banking Corp.		1,109		26,179
Woodside Petroleum, Ltd.		272		6,137
Woolworths, Ltd.		1,113		19,423
				367,000
AUSTRIA — 0.1%
Erste Group Bank AG (a)		132		3,874
OMV AG		120		4,248
Raiffeisen Bank International AG (a)		4		73
Voestalpine AG		92		3,619
				11,814
BELGIUM — 0.3%
Ageas		104		4,125
Anheuser-Busch InBev SA		116		12,302
Colruyt SA		84		4,165
Groupe Bruxelles Lambert SA		40		3,363
KBC Group NV		76		4,716
Proximus SADP		805		23,231
Solvay SA		32		3,758
UCB SA		192		12,335
Umicore SA		84		4,798
				72,793
CANADA — 3.3%
Agnico Eagle Mines, Ltd.		741		31,192
Agrium, Inc.		48		4,831
Alimentation Couche-Tard, Inc. Class B		384		17,433
Bank of Montreal		541		38,958
Bank of Nova Scotia		376		20,961
Barrick Gold Corp.		228		3,654
BCE, Inc.		629		27,218
Bombardier, Inc. Class B (a)		777		1,251
Brookfield Asset Management, Inc. Class A		196		6,475
Canadian Imperial Bank of Commerce		324		26,470
Canadian National Railway Co.		757		51,007
Canadian Natural Resources, Ltd.		248		7,913
Canadian Pacific Railway, Ltd.		28		4,000
Canadian Tire Corp., Ltd. Class A		44		4,569
CI Financial Corp.		160		3,444
Constellation Software, Inc.		24		10,919
Dollarama, Inc.		320		23,475
Enbridge, Inc.		204		8,595
Fairfax Financial Holdings, Ltd.		48		23,212
First Capital Realty, Inc.		481		7,414
Franco-Nevada Corp.		961		57,529
Gildan Activewear, Inc.		208		5,287
Goldcorp, Inc.		2,431		33,137
Great-West Lifeco, Inc.		148		3,881
Imperial Oil, Ltd.		84		2,926
Intact Financial Corp.		665		47,654
Loblaw Cos., Ltd.		104		5,494
Magna International, Inc.		525		22,824
Manulife Financial Corp.		801		14,281
Metro, Inc.		300		8,984
Onex Corp.		72		4,906
Pembina Pipeline Corp.		32		1,001
Power Corp. of Canada		156		3,496
Power Financial Corp.		132		3,303
PrairieSky Royalty, Ltd.		316		7,526
Restaurant Brands International, Inc.		352		16,786
RioCan Real Estate Investment Trust		589		11,696
Rogers Communications, Inc. Class B		961		37,113
Royal Bank of Canada		1,029		69,725
Saputo, Inc.		224		7,936
Shaw Communications, Inc. Class B		1,446		29,048
Silver Wheaton Corp.		609		11,780
Smart Real Estate Investment Trust REIT		412		9,920
Sun Life Financial, Inc.		128		4,920
Suncor Energy, Inc.		797		26,090
TELUS Corp.		629		20,051
Toronto-Dominion Bank		1,169		57,724
				848,009
CHILE — 0.0% (b)
Antofagasta PLC		148		1,234
DENMARK — 1.1%
Carlsberg A/S Class B		40		3,458
Chr Hansen Holding A/S		104		5,770
Coloplast A/S Class B		773		52,227
Danske Bank A/S		208		6,320
DONG Energy A/S (a) (c)		585		22,207
DSV A/S		248		11,053
ISS A/S		581		19,648

See accompanying Notes to Schedule of Investments

192

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Novo Nordisk A/S Class B		2,899	$	104,741
Novozymes A/S Class B		372		12,849
Pandora A/S		136		17,826
Tryg A/S		240		4,348
Vestas Wind Systems A/S		32		2,084
William Demant Holding A/S (a)		717		12,490
				275,021
FINLAND — 0.2%
Elisa Oyj		136		4,437
Fortum Oyj		4		61
Kone Oyj Class B		400		17,960
Nokia Oyj (d)		581		2,798
Nokia Oyj (d)		513		2,483
Orion Oyj Class B		140		6,245
Sampo Oyj Class A		96		4,312
Stora Enso Oyj Class R		412		4,437
UPM-Kymmene Oyj		236		5,810
Wartsila Oyj Abp		144		6,482
				55,025
FRANCE — 2.1%
Aeroports de Paris		100		10,737
Air Liquide SA		64		7,132
Airbus Group SE		705		46,728
Alstom SA (a)		108		2,982
Arkema SA		44		4,313
AXA SA		1,041		26,335
BNP Paribas SA		697		44,514
Bouygues SA		108		3,878
Bureau Veritas SA		4		78
Cap Gemini SA		56		4,734
Carrefour SA		252		6,084
Casino Guichard Perrachon SA		4		192
Christian Dior SE		20		4,203
Cie de Saint-Gobain		152		7,095
Cie Generale des Etablissements Michelin		68		7,581
CNP Assurances		192		3,564
Credit Agricole SA		1,337		16,612
Danone SA		104		6,604
Dassault Systemes SE		100		7,635
Electricite de France SA		4		41
Engie SA		4		51
Essilor International SA		60		6,794
Hermes International		32		13,163
Iliad SA		4		771
Kering		20		4,500
L’Oreal SA		252		46,089
Lagardere SCA		4		111
Legrand SA		64		3,642
LVMH Moet Hennessy Louis Vuitton SE		48		9,184
Natixis SA		629		3,556
Orange SA		849		12,926
Pernod Ricard SA		40		4,343
Peugeot SA (a)		324		5,295
Publicis Groupe SA		132		9,126
Renault SA		100		8,914
Rexel SA		176		2,902
Safran SA		64		4,619
Sanofi		252		20,440
Schneider Electric SE		104		7,252
SCOR SE		116		4,017
Societe BIC SA		32		4,359
Societe Generale SA		601		29,632
Sodexo SA		40		4,607
Suez Environment Co.		204		3,016
Technip SA		4		286
Thales SA		112		10,884
TOTAL SA		1,097		56,372
Unibail-Rodamco SE		20		4,783
Valeo SA		276		15,898
Veolia Environnement SA		244		4,163
Vinci SA		148		10,100
Vivendi SA		228		4,342
Zodiac Aerospace		44		1,012
				528,191
GERMANY — 2.2%
adidas AG		44		6,968
Allianz SE		180		29,807
BASF SE		308		28,689
Bayer AG		168		17,566
Bayerische Motoren Werke AG		180		16,850
Bayerische Motoren Werke AG Preference Shares		44		3,374
Beiersdorf AG		88		7,481
Brenntag AG		72		4,010
Commerzbank AG		1,341		10,249
Continental AG		128		24,801
Daimler AG		525		39,161
Deutsche Bank AG (a)		1,361		24,763
Deutsche Boerse AG (a)		24		1,963
Deutsche Lufthansa AG		4		52
Deutsche Post AG		1,141		37,590
Deutsche Telekom AG		1,129		19,476
E.ON SE		1,570		11,095
Fresenius Medical Care AG & Co. KGaA		40		3,394
Fresenius SE & Co. KGaA		84		6,579
Fuchs Petrolub SE Preference Shares		88		3,701
Hannover Rueck SE		48		5,204
HeidelbergCement AG		48		4,487
Henkel AG & Co. KGaA		108		11,275
Henkel AG & Co. KGaA Preference Shares		180		21,501
HUGO BOSS AG		92		5,641
Infineon Technologies AG		376		6,548
KS AG		116		2,776
Lanxess AG		60		3,946
Linde AG		40		6,586
MAN SE		180		17,909
Merck KGaA		48		5,020
METRO AG		340		11,327
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		84		15,917
Porsche Automobil Holding SE Preference Shares		240		13,097
ProSiebenSat.1 Media SE		200		7,723
RWE AG (a)		725		9,035
SAP SE		120		10,481
Siemens AG		204		25,132
Telefonica Deutschland Holding AG		1,293		5,551

See accompanying Notes to Schedule of Investments

193

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ThyssenKrupp AG		148	$	3,534
TUI AG		1,758		25,263
United Internet AG		120		4,695
Volkswagen AG Preference Shares		208		29,255
Volkswagen AG		64		9,231
				558,703
HONG KONG — 1.8%
AIA Group, Ltd.		1,600		9,029
Bank of East Asia, Ltd.		2,452		9,393
BOC Hong Kong Holdings, Ltd.		4,000		14,317
Cheung Kong Infrastructure Holdings, Ltd.		4,000		31,832
Cheung Kong Property Holdings, Ltd.		1,770		10,856
CK Hutchison Holdings, Ltd.		2,000		22,675
CLP Holdings, Ltd.		8,000		73,519
Hang Seng Bank, Ltd.		4,000		74,447
HK Electric Investments & HK Electric Investments, Ltd. (c)		13,831		11,417
HKT Trust & HKT, Ltd.		15,540		19,061
Hong Kong & China Gas Co., Ltd.		15,630		27,699
Hong Kong Exchanges & Clearing, Ltd.		1,210		28,591
Link REIT		4,000		26,002
MTR Corp., Ltd.		8,059		39,187
New World Development Co., Ltd.		4,112		4,349
Noble Group, Ltd. (a)		4,000		471
Power Assets Holdings, Ltd.		4,000		35,263
Yue Yuen Industrial Holdings, Ltd.		4,000		14,523
				452,631
IRELAND — 0.3%
Bank of Ireland (a)		10,956		2,704
CRH PLC		176		6,118
Experian PLC		1,033		20,091
James Hardie Industries PLC		436		6,936
Kerry Group PLC Class A		424		30,366
Paddy Power Betfair PLC		76		8,136
XL Group, Ltd.		128		4,769
				79,120
ISRAEL — 0.5%
Azrieli Group, Ltd.		224		9,726
Bank Hapoalim BM		3,920		23,335
Bank Leumi Le-Israel BM (a)		3,356		13,830
Bezeq The Israeli Telecommunication Corp., Ltd.		4,673		8,888
Check Point Software Technologies, Ltd. (a)		132		11,149
Israel Chemicals, Ltd.		4		16
Mizrahi Tefahot Bank, Ltd.		785		11,493
Nice-Systems, Ltd.		224		15,284
Teva Pharmaceutical Industries, Ltd.		609		21,884
				115,605
ITALY — 0.5%
Assicurazioni Generali SpA		805		11,989
Atlantia SpA		152		3,569
Enel SpA		3,744		16,538
Eni SpA		521		8,501
Ferrari NV		104		6,066
Intesa Sanpaolo SpA		4,621		11,824
Mediobanca SpA		913		7,468
Snam SpA		8,746		36,106
Telecom Italia RSP/Milano (a) (d)		5,398		3,912
Telecom Italia SpA/Milano (a) (d)		6,944		6,130
UniCredit SpA		5,102		14,713
				126,816
JAPAN — 10.2%
ABC-Mart, Inc.		400		22,703
Aeon Co., Ltd.		400		5,679
Ajinomoto Co., Inc.		800		16,146
ANA Holdings, Inc.		8,000		21,592
Aozora Bank, Ltd.		4,000		14,164
Astellas Pharma, Inc.		4,400		61,246
Benesse Holdings, Inc.		400		11,043
Bridgestone Corp.		400		14,452
Canon, Inc.		2,800		79,101
Chubu Electric Power Co., Inc.		400		5,600
Chugai Pharmaceutical Co., Ltd.		400		11,506
Chugoku Bank, Ltd.		800		11,509
Chugoku Electric Power Co., Inc.		400		4,702
Concordia Financial Group, Ltd.		400		1,929
Dai-ichi Life Holdings, Inc.		1,200		20,021
Daiichi Sankyo Co., Ltd.		400		8,202
Denso Corp.		400		17,364
Eisai Co., Ltd.		400		23,005
Fuji Heavy Industries, Ltd.		800		32,731
FUJIFILM Holdings Corp.		400		15,210
Hino Motors, Ltd.		400		4,081
Hitachi Construction Machinery Co., Ltd.		400		8,680
Hitachi, Ltd.		4,000		21,674
Honda Motor Co., Ltd.		800		23,423
Hoya Corp.		400		16,842
Idemitsu Kosan Co., Ltd.		400		10,649
Inpex Corp.		800		8,032
Isetan Mitsukoshi Holdings, Ltd.		400		4,321
Isuzu Motors, Ltd.		400		5,079
ITOCHU Corp.		1,200		15,968
Japan Airlines Co., Ltd.		800		23,423
Japan Exchange Group, Inc.		400		5,727
Japan Post Bank Co., Ltd.		400		4,812
Japan Post Holdings Co., Ltd.		400		5,004
Japan Prime Realty Investment Corp.		4		15,793
Japan Real Estate Investment Corp.		4		21,846
Japan Retail Fund Investment Corp. REIT		12		24,343
Japan Tobacco, Inc.		1,200		39,549
JFE Holdings, Inc.		800		12,209
JTEKT Corp.		400		6,413
JX Holdings, Inc.		2,800		11,876
Kakaku.com, Inc.		800		13,265
Kansai Electric Power Co., Inc. (a)		400		4,383
Kao Corp.		400		19,003
Kawasaki Heavy Industries, Ltd.		4,000		12,586
KDDI Corp.		800		20,299
Keikyu Corp.		4,000		46,470
Kirin Holdings Co., Ltd.		400		6,521
Kobe Steel, Ltd. (a)		400		3,831
Komatsu, Ltd.		400		9,080
Konica Minolta, Inc.		400		3,982
Kubota Corp.		400		5,722
Kyowa Hakko Kirin Co., Ltd.		800		11,084
Kyushu Electric Power Co., Inc.		400		4,349

See accompanying Notes to Schedule of Investments

194

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kyushu Financial Group, Inc.		400	$	2,720
Lawson, Inc.		400		28,156
M3, Inc.		400		10,100
Marubeni Corp.		4,000		22,731
Mazda Motor Corp.		400		6,557
McDonald’s Holdings Co., Japan, Ltd.		400		10,494
Miraca Holdings, Inc.		400		18,005
Mitsubishi Chemical Holdings Corp.		1,200		7,799
Mitsubishi Corp.		1,600		34,158
Mitsubishi Heavy Industries, Ltd.		4,000		18,266
Mitsubishi Motors Corp.		1,200		6,852
Mitsubishi Tanabe Pharma Corp.		1,200		23,592
Mitsubishi UFJ Financial Group, Inc.		10,800		66,688
Mitsubishi UFJ Lease & Finance Co., Ltd.		400		2,071
Mitsui & Co., Ltd.		1,200		16,534
Mitsui OSK Lines, Ltd.		4,000		11,112
Mizuho Financial Group, Inc.		20,000		35,975
MS&AD Insurance Group Holdings, Inc.		400		12,429
Nagoya Railroad Co., Ltd.		4,000		19,377
NGK Spark Plug Co., Ltd.		400		8,910
Nikon Corp.		400		6,231
Nippon Building Fund, Inc.		4		22,189
Nippon Prologis, Inc. REIT		8		16,386
Nippon Steel & Sumitomo Metal Corp.		400		8,941
Nippon Telegraph & Telephone Corp.		1,600		67,383
Nippon Yusen KK		4,000		7,442
Nissan Motor Co., Ltd.		1,600		16,126
Nissin Foods Holdings Co., Ltd.		400		21,057
Nitori Holdings Co., Ltd.		400		45,818
Nomura Holdings, Inc.		2,000		11,816
Nomura Real Estate Master Fund, Inc.		16		24,253
Nomura Research Institute, Ltd.		880		26,860
NSK, Ltd.		800		9,287
NTT Data Corp.		800		38,753
NTT DOCOMO, Inc.		2,768		63,199
Oracle Corp. Japan		400		20,200
Oriental Land Co., Ltd.		400		22,655
ORIX Corp.		400		6,255
Osaka Gas Co., Ltd.		4,000		15,419
Otsuka Corp.		400		18,725
Otsuka Holdings Co., Ltd.		1,600		69,866
Panasonic Corp.		1,200		12,238
Park24 Co., Ltd.		400		10,872
Rakuten, Inc. (a)		400		3,928
Recruit Holdings Co., Ltd.		1,966		79,055
Resona Holdings, Inc.		2,000		10,280
Ricoh Co., Ltd.		400		3,388
Sankyo Co., Ltd.		400		12,946
Santen Pharmaceutical Co., Ltd.		2,000		24,521
SBI Holdings, Inc.		400		5,100
Secom Co., Ltd.		400		29,315
Sekisui House, Ltd.		400		6,672
Seven & i Holdings Co., Ltd.		400		15,272
Showa Shell Sekiyu KK		800		7,456
SoftBank Group Corp.		400		26,630
Sompo Holdings, Inc.		400		13,581
Sony Corp.		800		22,463
Sumitomo Corp.		800		9,435
Sumitomo Electric Industries, Ltd.		400		5,784
Sumitomo Mitsui Financial Group, Inc.		1,200		45,887
Sumitomo Mitsui Trust Holdings, Inc.		400		14,346
Suntory Beverage & Food, Ltd.		800		33,300
Suzuken Co., Ltd.		400		13,101
T&D Holdings, Inc.		800		10,601
Taisho Pharmaceutical Holdings Co., Ltd.		400		33,266
Takeda Pharmaceutical Co., Ltd.		1,989		82,452
Terumo Corp.		400		14,798
Tobu Railway Co., Ltd.		4,000		19,891
Toho Co., Ltd.		400		11,335
Tohoku Electric Power Co., Inc.		400		5,065
Tokio Marine Holdings, Inc.		400		16,448
Tokyo Electric Power Co. Holdings, Inc. (a)		1,200		4,856
TonenGeneral Sekiyu KK		4,000		42,251
Toshiba Corp. (a)		4,000		9,709
Toyo Suisan Kaisha, Ltd.		400		14,524
Toyota Motor Corp.		1,200		70,764
Toyota Tsusho Corp.		400		10,443
Unicharm Corp.		400		8,771
United Urban Investment Corp.		12		18,303
USS Co., Ltd.		1,200		19,157
Yahoo! Japan Corp.		1,600		6,159
Yamada Denki Co., Ltd.		1,200		6,482
Yamaha Motor Co., Ltd.		400		8,828
Yamato Holdings Co., Ltd.		1,200		24,451
Yokohama Rubber Co., Ltd.		400		7,188
				2,600,923
LUXEMBOURG — 0.1%
ArcelorMittal (a)		1,193		8,828
RTL Group SA (a)		132		9,708
SES SA		68		1,501
Tenaris SA		184		3,294
				23,331
MEXICO — 0.1%
Fresnillo PLC		1,117		16,853
NETHERLANDS — 1.1%
Aegon NV		1,185		6,534
AerCap Holdings NV (a)		400		16,644
Akzo Nobel NV		60		3,759
Altice NV Class A (a)		48		953
Altice NV Class B (a)		16		320
ASML Holding NV		334		37,571
EXOR NV		108		4,668
Heineken Holding NV		64		4,465
Heineken NV		64		4,810
ING Groep NV		1,730		24,397
Koninklijke Ahold Delhaize NV		1,602		33,845
Koninklijke DSM NV		56		3,364
Koninklijke KPN NV		1,345		3,992
Koninklijke Philips NV		228		6,974
NN Group NV		224		7,607
Randstad Holding NV		72		3,913
Royal Dutch Shell PLC Class A		2,479		68,692
Royal Dutch Shell PLC Class B		1,606		46,714
				279,222
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		4,141		18,047
Ryman Healthcare, Ltd.		2,046		11,570
				29,617

See accompanying Notes to Schedule of Investments

195

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
NORWAY — 0.1%
DNB ASA		376	$	5,609
Norsk Hydro ASA		777		3,728
Statoil ASA		478		8,796
Telenor ASA		180		2,698
Yara International ASA		240		9,480
				30,311
PORTUGAL — 0.0% (b)
EDP — Energias de Portugal SA		909		2,775
Galp Energia SGPS SA		240		3,592
Jeronimo Martins SGPS SA		288		4,477
				10,844
SINGAPORE — 0.7%
Broadcom, Ltd.		36		6,364
Keppel Corp., Ltd.		4,000		16,031
Oversea-Chinese Banking Corp., Ltd.		4,026		24,858
Singapore Airlines, Ltd.		4,000		26,774
Singapore Press Holdings, Ltd.		8,000		19,547
Singapore Telecommunications, Ltd.		27,242		68,826
StarHub, Ltd.		4,000		7,780
				170,180
SOUTH AFRICA — 0.0% (b)
Investec PLC		220		1,457
Mondi PLC		452		9,305
				10,762
SPAIN — 0.9%
ACS Actividades de Construccion y Servicios SA		104		3,293
Amadeus IT Group SA Class A		473		21,537
Banco Bilbao Vizcaya Argentaria SA		4,116		27,845
Banco de Sabadell SA		1,674		2,336
Banco Popular Espanol SA		4,325		4,188
Banco Santander SA		10,215		53,430
CaixaBank SA		4		13
Distribuidora Internacional de Alimentacion SA		280		1,378
Endesa SA		605		12,842
Ferrovial SA		197		3,531
Gas Natural SDG SA		4		76
Iberdrola SA		2,343		15,406
Industria de Diseno Textil SA		1,177		40,260
Mapfre SA		753		2,303
Repsol SA		1,154		16,335
Telefonica SA		1,856		17,266
Zardoya Otis SA		264		2,236
				224,275
SWEDEN — 0.8%
Alfa Laval AB		304		5,046
Assa Abloy AB Class B		973		18,111
Atlas Copco AB Class A		721		22,024
Atlas Copco AB Class B		424		11,603
Autoliv, Inc.		40		4,526
Boliden AB		296		7,751
Electrolux AB Series B		168		4,185
Hennes & Mauritz AB Class B		1,193		33,277
Investor AB Class B		268		10,045
Kinnevik AB Class B		312		7,497
Nordea Bank AB		1,478		16,481
Sandvik AB		280		3,474
Skandinaviska Enskilda Banken AB Class A		461		4,849
Skanska AB Class B		420		9,944
SKF AB Class B		432		7,970
Svenska Cellulosa AB SCA Class B		144		4,078
Svenska Handelsbanken AB Class A		420		5,853
Swedbank AB Class A		268		6,499
Telefonaktiebolaget LM Ericsson Class B		677		3,987
Telia Co. AB		693		2,800
Volvo AB Class B		432		5,060
				195,060
SWITZERLAND — 5.0%
ABB, Ltd. (a)		440		9,299
Actelion, Ltd. (a)		140		30,373
Adecco Group AG		204		13,378
Baloise Holding AG		36		4,545
Barry Callebaut AG (a)		4		4,904
Chocoladefabriken Lindt & Spruengli AG		6		31,141
Cie Financiere Richemont SA		4		265
Credit Suisse Group AG (a)		1,141		16,402
EMS-Chemie Holding AG		12		6,110
Galenica AG		4		4,522
Geberit AG		40		16,065
Givaudan SA		16		29,376
Glencore PLC (a)		9,214		31,577
Julius Baer Group, Ltd. (a)		416		18,513
Kuehne + Nagel International AG		328		43,439
LafargeHolcim, Ltd. (a)		220		11,613
Nestle SA		4,305		309,421
Novartis AG		1,173		85,521
Partners Group Holding AG		28		13,148
Roche Holding AG		1,205		275,774
Schindler Holding AG (d)		76		13,430
Schindler Holding AG (d)		124		21,705
SGS SA		4		8,155
Sika AG		4		19,253
Sonova Holding AG		276		33,511
STMicroelectronics NV		208		2,364
Swatch Group AG		4		245
Swiss Life Holding AG (a)		16		4,537
Swiss Prime Site AG (a)		296		24,275
Swiss Re AG		156		14,812
Swisscom AG		136		61,032
Syngenta AG		79		31,286
TE Connectivity, Ltd.		408		28,266
UBS Group AG		1,610		25,266
Wolseley PLC		276		16,922
Zurich Insurance Group AG (a)		52		14,346
				1,274,791
UNITED KINGDOM — 6.0%
3i Group PLC		424		3,688
Aberdeen Asset Management PLC		1,125		3,577
Admiral Group PLC		256		5,779
Anglo American PLC (a)		1,377		19,737
Ashtead Group PLC		96		1,874
Associated British Foods PLC		84		2,849
AstraZeneca PLC		1,738		95,298
Auto Trader Group PLC (c)		68		344

See accompanying Notes to Schedule of Investments

196

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Aviva PLC		1,349	$	8,108
Babcock International Group PLC		48		565
BAE Systems PLC		4,361		31,874
Barclays PLC		12,614		34,828
Barratt Developments PLC		208		1,188
Berkeley Group Holdings PLC		168		5,829
BP PLC		11,284		71,054
British American Tobacco PLC		224		12,792
British Land Co. PLC REIT		336		2,614
BT Group PLC		7,740		35,090
Bunzl PLC		348		9,069
Burberry Group PLC		509		9,415
Capita PLC		1,053		6,909
Carnival PLC		104		5,301
Centrica PLC		256		741
CNH Industrial NV		376		3,278
Cobham PLC		601		1,216
Coca-Cola European Partners PLC		260		8,164
Compass Group PLC		3,716		68,921
Croda International PLC		152		6,003
Delphi Automotive PLC		428		28,826
Diageo PLC		2,094		54,595
Direct Line Insurance Group PLC		889		4,058
easyJet PLC		1,001		12,431
Fiat Chrysler Automobiles NV		1,638		14,970
G4S PLC		557		1,617
GKN PLC		2,755		11,292
GlaxoSmithKline PLC		2,194		42,346
Hargreaves Lansdown PLC		292		4,377
HSBC Holdings PLC		10,227		83,012
IMI PLC		4		51
Imperial Brands PLC		1,033		45,217
International Consolidated Airlines Group SA		641		3,468
Intertek Group PLC		220		9,463
ITV PLC		4,281		10,918
J Sainsbury PLC		685		2,110
Johnson Matthey PLC		204		8,021
Kingfisher PLC		5,814		25,166
Land Securities Group PLC REIT		252		3,319
Legal & General Group PLC		1,189		3,638
Liberty Global PLC Class A (a)		124		3,793
Liberty Global PLC Series C (a)		180		5,346
Liberty Global PLC LiLAC Class C (a)		16		339
Lloyds Banking Group PLC		10,431		8,057
London Stock Exchange Group PLC		200		7,201
Marks & Spencer Group PLC		1,906		8,243
Merlin Entertainments PLC (c)		1,606		8,902
National Grid PLC		2,607		30,654
NEX Group PLC		355		2,037
Next PLC		308		18,964
Old Mutual PLC		1,430		3,663
Pearson PLC		212		2,144
Pentair PLC		56		3,140
Persimmon PLC		388		8,515
Petrofac, Ltd.		4		43
Prudential PLC		493		9,914
Randgold Resources, Ltd.		444		35,195
Reckitt Benckiser Group PLC		1,097		93,340
RELX NV		1,365		23,021
RELX PLC		1,534		27,466
Rio Tinto PLC		625		24,392
Rio Tinto, Ltd.		320		13,880
Rolls-Royce Holdings PLC (a)		2,295		18,943
Royal Bank of Scotland Group PLC (a)		3,059		8,490
Royal Mail PLC		3,103		17,718
RSA Insurance Group PLC		561		4,062
Sage Group PLC		1,197		9,688
Schroders PLC		120		4,445
Sky PLC		1,337		16,372
Smith & Nephew PLC		881		13,292
Smiths Group PLC		444		7,769
SSE PLC		64		1,228
St James’s Place PLC		517		6,478
Standard Chartered PLC (a)		2,739		22,459
Standard Life PLC		537		2,468
Tate & Lyle PLC		4		35
Taylor Wimpey PLC		3,464		6,570
Tesco PLC (a)		6,823		17,439
TP ICAP PLC		289		1,547
Travis Perkins PLC		156		2,799
Unilever NV		1,886		77,810
Unilever PLC		1,462		59,480
Vodafone Group PLC		14,091		34,797
Weir Group PLC		4		93
Whitbread PLC		164		7,652
William Hill PLC		893		3,202
Wm Morrison Supermarkets PLC		1,374		3,917
WPP PLC		304		6,822
				1,518,824
UNITED STATES — 61.0%
3M Co.		665		118,749
Abbott Laboratories		1,498		57,538
AbbVie, Inc.		208		13,025
Accenture PLC Class A		1,133		132,708
Activision Blizzard, Inc.		196		7,078
Adobe Systems, Inc. (a)		68		7,001
Advance Auto Parts, Inc.		76		12,853
AES Corp.		296		3,440
Aetna, Inc.		108		13,393
Aflac, Inc.		108		7,517
AGCO Corp.		76		4,397
Agilent Technologies, Inc.		72		3,280
AGNC Investment Corp. REIT		1,786		32,380
Air Products & Chemicals, Inc.		36		5,178
Albemarle Corp.		84		7,231
Alleghany Corp. (a)		76		46,217
Allergan PLC (a)		32		6,720
Allstate Corp.		553		40,988
Ally Financial, Inc.		388		7,380
Alphabet, Inc. Class A (a)		284		225,056
Alphabet, Inc. Class C (a)		300		231,546
Altria Group, Inc.		1,185		80,130
Amazon.com, Inc. (a)		20		14,997
Ameren Corp.		108		5,666
American Electric Power Co., Inc.		144		9,066
American Express Co.		160		11,853
American International Group, Inc.		681		44,476
American Tower Corp. REIT		351		37,094

See accompanying Notes to Schedule of Investments

197

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
American Water Works Co., Inc.		196	$	14,183
Ameriprise Financial, Inc.		40		4,438
AmerisourceBergen Corp.		268		20,955
AMETEK, Inc.		400		19,440
Amgen, Inc.		877		128,226
Amphenol Corp. Class A		288		19,354
Anadarko Petroleum Corp.		76		5,299
Analog Devices, Inc.		80		5,810
Annaly Capital Management, Inc.		5,402		53,858
ANSYS, Inc. (a)		400		36,996
Anthem, Inc.		120		17,252
Aon PLC		364		40,597
Apache Corp.		160		10,155
Apple, Inc.		4,789		554,662
Applied Materials, Inc.		208		6,712
Arch Capital Group, Ltd. (a)		797		68,773
Archer-Daniels-Midland Co.		284		12,965
Arconic, Inc.		112		2,076
Arrow Electronics, Inc. (a)		76		5,419
Assurant, Inc.		64		5,943
AT&T, Inc.		4,745		201,805
Automatic Data Processing, Inc.		1,558		160,131
AutoZone, Inc. (a)		124		97,934
AvalonBay Communities, Inc.		404		71,569
Avnet, Inc.		96		4,571
Axis Capital Holdings, Ltd.		485		31,656
Baker Hughes, Inc.		108		7,017
Ball Corp.		16		1,201
Bank of America Corp.		4,473		98,853
Bank of New York Mellon Corp.		384		18,194
Baxter International, Inc.		601		26,648
BB&T Corp.		232		10,909
Becton Dickinson and Co.		501		82,941
Bed Bath & Beyond, Inc.		336		13,655
Berkshire Hathaway, Inc. Class B (a)		745		121,420
Best Buy Co., Inc.		180		7,681
Biogen, Inc. (a)		224		63,522
BlackRock, Inc.		24		9,133
Boeing Co.		781		121,586
BorgWarner, Inc.		68		2,682
Boston Scientific Corp. (a)		308		6,662
Bristol-Myers Squibb Co.		1,742		101,802
Brixmor Property Group, Inc.		296		7,228
Broadridge Financial Solutions, Inc.		400		26,520
Brown-Forman Corp. Class B		264		11,859
Bunge, Ltd.		92		6,646
C.H. Robinson Worldwide, Inc.		577		42,271
C.R. Bard, Inc.		240		53,918
CA, Inc.		344		10,929
Camden Property Trust		72		6,053
Campbell Soup Co.		605		36,584
Capital One Financial Corp.		236		20,589
Cardinal Health, Inc.		348		25,046
CarMax, Inc. (a)		96		6,181
Carnival Corp.		100		5,206
Caterpillar, Inc.		172		15,951
CBS Corp. Class B		485		30,856
CDK Global, Inc.		216		12,893
Celanese Corp. Series A		68		5,354
CenterPoint Energy, Inc.		188		4,632
CenturyLink, Inc.		208		4,946
Cerner Corp. (a)		400		18,948
CF Industries Holdings, Inc.		300		9,444
Charles Schwab Corp.		156		6,157
Charter Communications, Inc. Class A (a)		24		6,910
Chevron Corp.		805		94,748
Chipotle Mexican Grill, Inc. Class A (a)		52		19,621
Chubb, Ltd.		336		44,392
Church & Dwight Co., Inc.		1,570		69,378
Cigna Corp.		68		9,070
Cimarex Energy Co.		32		4,349
Cincinnati Financial Corp.		400		30,300
Cintas Corp.		400		46,224
Cisco Systems, Inc.		1,898		57,358
CIT Group, Inc.		100		4,268
Citigroup, Inc.		1,770		105,191
Citizens Financial Group, Inc.		272		9,691
Citrix Systems, Inc. (a)		148		13,218
Clorox Co.		613		73,572
CME Group, Inc.		96		11,074
Coach, Inc.		384		13,448
Coca-Cola Co.		2,026		83,998
Cognizant Technology Solutions Corp. Class A (a)		88		4,931
Colgate-Palmolive Co.		713		46,659
Comcast Corp. Class A		601		41,499
Comerica, Inc.		92		6,266
Conagra Brands, Inc.		128		5,062
ConocoPhillips		364		18,251
Consolidated Edison, Inc.		1,510		111,257
Core Laboratories NV		44		5,282
Corning, Inc.		372		9,028
Costco Wholesale Corp.		436		69,808
Crown Castle International Corp. REIT		477		41,389
CSX Corp.		208		7,473
Cummins, Inc.		172		23,507
CVS Health Corp.		288		22,726
Danaher Corp.		104		8,095
Darden Restaurants, Inc.		88		6,399
DaVita, Inc. (a)		360		23,112
Deere & Co.		108		11,128
Delta Air Lines, Inc.		108		5,313
Devon Energy Corp.		100		4,567
Dick’s Sporting Goods, Inc.		112		5,947
Discover Financial Services		132		9,516
DISH Network Corp. Class A (a)		72		4,171
Dollar General Corp.		340		25,184
Dollar Tree, Inc. (a)		216		16,671
Dominion Resources, Inc.		993		76,054
Dover Corp.		48		3,597
Dow Chemical Co.		300		17,166
Dr. Pepper Snapple Group, Inc.		593		53,767
DTE Energy Co.		64		6,305
Duke Energy Corp.		989		76,766
E.I. du Pont de Nemours & Co.		164		12,038
Eastman Chemical Co.		160		12,034
Eaton Corp. PLC		96		6,441
Eaton Vance Corp.		128		5,361
eBay, Inc. (a)		577		17,131
Edison International		96		6,911

See accompanying Notes to Schedule of Investments

198

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Edwards Lifesciences Corp. (a)		216	$	20,239
Eli Lilly & Co.		1,626		119,592
Emerson Electric Co.		641		35,736
Entergy Corp.		72		5,290
EOG Resources, Inc.		84		8,492
EQT Corp.		52		3,401
Equity Residential REIT		469		30,185
Estee Lauder Cos., Inc. Class A		240		18,358
Everest Re Group, Ltd.		232		50,205
Eversource Energy		292		16,127
Exelon Corp.		304		10,789
Expeditors International of Washington, Inc.		989		52,377
Express Scripts Holding Co. (a)		565		38,866
Exxon Mobil Corp.		2,379		214,729
F5 Networks, Inc. (a)		72		10,420
Facebook, Inc. Class A (a)		84		9,664
Fastenal Co.		296		13,906
Federal Realty Investment Trust REIT		324		46,044
FedEx Corp.		68		12,662
Fidelity National Information Services, Inc.		236		17,851
Fifth Third Bancorp		344		9,278
FirstEnergy Corp.		180		5,575
Fiserv, Inc. (a)		68		7,227
FleetCor Technologies, Inc. (a)		60		8,491
Flex, Ltd. (a)		416		5,978
Flowserve Corp.		140		6,727
Fluor Corp.		172		9,033
FNF Group		276		9,373
Foot Locker, Inc.		541		38,351
Ford Motor Co.		2,126		25,788
Fortive Corp.		436		23,383
Franklin Resources, Inc.		408		16,149
Freeport-McMoRan, Inc. (a)		721		9,510
Frontier Communications Corp.		705		2,383
Gap, Inc.		316		7,091
Gartner, Inc. (a)		400		40,428
General Dynamics Corp.		284		49,035
General Electric Co.		2,066		65,286
General Mills, Inc.		2,230		137,747
General Motors Co.		1,005		35,014
Genuine Parts Co.		268		25,605
Gilead Sciences, Inc.		1,774		127,036
Goldman Sachs Group, Inc.		168		40,228
Halliburton Co.		144		7,789
Harris Corp.		108		11,067
Hartford Financial Services Group, Inc.		160		7,624
HCA Holdings, Inc. (a)		84		6,218
HCP, Inc. REIT		104		3,091
Henry Schein, Inc. (a)		397		60,229
Hershey Co.		509		52,646
Hess Corp.		120		7,475
Hewlett Packard Enterprise Co.		1,081		25,014
HollyFrontier Corp.		88		2,883
Home Depot, Inc.		368		49,341
Honeywell International, Inc.		713		82,601
Hormel Foods Corp.		485		16,883
Host Hotels & Resorts, Inc. REIT		196		3,693
HP, Inc.		1,918		28,463
Humana, Inc.		52		10,610
Illinois Tool Works, Inc.		469		57,434
Ingersoll-Rand PLC		72		5,403
Intel Corp.		5,770		209,278
Intercontinental Exchange, Inc.		120		6,770
International Business Machines Corp.		1,373		227,904
International Flavors & Fragrances, Inc.		76		8,955
International Paper Co.		128		6,792
Interpublic Group of Cos., Inc.		400		9,364
Intuit, Inc.		489		56,044
Intuitive Surgical, Inc. (a)		4		2,537
Invesco, Ltd.		116		3,519
J.M. Smucker Co.		196		25,100
Jacobs Engineering Group, Inc. (a)		76		4,332
JB Hunt Transport Services, Inc.		272		26,403
Johnson & Johnson		4,169		480,310
Johnson Controls International PLC		360		14,828
JPMorgan Chase & Co.		1,530		132,024
Juniper Networks, Inc.		164		4,635
Kellogg Co.		949		69,951
KeyCorp		332		6,066
Kimberly-Clark Corp.		733		83,650
Kinder Morgan, Inc.		505		10,459
KLA-Tencor Corp.		68		5,350
Kohl’s Corp.		88		4,345
Kraft Heinz Co.		96		8,383
Kroger Co.		448		15,460
L Brands, Inc.		144		9,481
L3 Technologies, Inc.		36		5,476
Laboratory Corp. of America Holdings (a)		264		33,892
Las Vegas Sands Corp.		388		20,723
Leucadia National Corp.		160		3,720
Liberty Interactive Corp. QVC Group Class A (a)		160		3,197
Liberty Media Corp.-Liberty SiriusXM Class A (a)		132		4,557
Liberty Media Corp.-Liberty SiriusXM Class C (a)		264		8,955
Lincoln National Corp.		88		5,832
Linear Technology Corp.		264		16,460
Loews Corp.		108		5,058
Lowe’s Cos., Inc.		1,185		84,277
lululemon athletica, Inc. (a)		116		7,539
LyondellBasell Industries NV Class A		581		49,838
M&T Bank Corp.		68		10,637
Macerich Co. REIT		400		28,336
ManpowerGroup, Inc.		52		4,621
Marathon Oil Corp.		641		11,096
Marathon Petroleum Corp.		469		23,614
Marriott International, Inc. Class A		40		3,307
Marsh & McLennan Cos., Inc.		1,021		69,009
MasterCard, Inc. Class A		1,281		132,263
McCormick & Co., Inc.		681		63,558
McDonald’s Corp.		757		92,142
McKesson Corp.		216		30,337
Medtronic PLC		509		36,256
Merck & Co., Inc.		1,377		81,064
MetLife, Inc.		360		19,400
Mettler-Toledo International, Inc. (a)		36		15,068
MGM Resorts International (a)		164		4,728
Michael Kors Holdings, Ltd. (a)		272		11,691
Micron Technology, Inc. (a)		957		20,977

See accompanying Notes to Schedule of Investments

199

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Microsoft Corp.		7,809	$	485,251
Molson Coors Brewing Co. Class B		64		6,228
Mondelez International, Inc. Class A		436		19,328
Monsanto Co.		60		6,313
Monster Beverage Corp. (a)		440		19,510
Morgan Stanley		821		34,687
Mosaic Co.		96		2,816
Motorola Solutions, Inc.		617		51,143
Murphy Oil Corp.		68		2,117
Mylan NV (a)		88		3,357
National Oilwell Varco, Inc.		501		18,757
Navient Corp.		280		4,600
NetApp, Inc.		116		4,091
New York Community Bancorp, Inc.		292		4,646
Newell Brands, Inc.		268		11,966
Newmont Mining Corp.		336		11,447
News Corp. Class A		252		2,888
NextEra Energy, Inc.		340		40,616
NIKE, Inc. Class B		1,474		74,923
Noble Energy, Inc.		60		2,284
Nordstrom, Inc.		156		7,477
Norfolk Southern Corp.		60		6,484
Northern Trust Corp.		72		6,412
Northrop Grumman Corp.		208		48,377
Nucor Corp.		84		5,000
NVIDIA Corp.		633		67,566
O’Reilly Automotive, Inc. (a)		252		70,159
Occidental Petroleum Corp.		605		43,094
Omnicom Group, Inc.		260		22,129
ONEOK, Inc.		64		3,674
Oracle Corp.		3,320		127,654
PACCAR, Inc.		72		4,601
Parker-Hannifin Corp.		36		5,040
Patterson Cos., Inc.		424		17,397
Paychex, Inc.		1,986		120,908
PayPal Holdings, Inc. (a)		120		4,736
People’s United Financial, Inc.		1,622		31,402
PepsiCo, Inc.		2,411		252,263
Pfizer, Inc.		2,487		80,778
PG&E Corp.		1,137		69,095
Philip Morris International, Inc.		252		23,055
Phillips 66		320		27,651
Pioneer Natural Resources Co.		20		3,601
Plains GP Holdings L.P. Class A		148		5,133
PNC Financial Services Group, Inc.		216		25,263
Polaris Industries, Inc.		76		6,262
PPG Industries, Inc.		248		23,500
PPL Corp.		176		5,993
Praxair, Inc.		264		30,938
Priceline Group, Inc. (a)		52		76,235
Principal Financial Group, Inc.		88		5,092
Procter & Gamble Co.		3,932		330,603
Progressive Corp.		601		21,335
Prologis, Inc. REIT		108		5,701
Prudential Financial, Inc.		140		14,568
Public Service Enterprise Group, Inc.		144		6,319
Public Storage REIT		312		69,732
PulteGroup, Inc.		216		3,970
QUALCOMM, Inc.		1,838		119,838
Quest Diagnostics, Inc.		72		6,617
Ralph Lauren Corp.		60		5,419
Raytheon Co.		308		43,736
Realty Income Corp. REIT		400		22,992
Regions Financial Corp.		541		7,769
RenaissanceRe Holdings, Ltd.		240		32,693
Republic Services, Inc. Class A		1,345		76,732
ResMed, Inc.		136		8,439
Reynolds American, Inc.		128		7,173
Robert Half International, Inc.		152		7,415
Rockwell Automation, Inc.		148		19,891
Rockwell Collins, Inc.		152		14,099
Ross Stores, Inc.		781		51,234
Royal Caribbean Cruises, Ltd.		76		6,235
SBA Communications Corp. Class A (a)		64		6,609
SCANA Corp.		120		8,794
Schlumberger, Ltd.		444		37,274
Scripps Networks Interactive, Inc. Class A		84		5,995
Seagate Technology PLC		96		3,664
SEI Investments Co.		156		7,700
Sempra Energy		88		8,856
Sherwin-Williams Co.		84		22,574
Shire PLC		116		6,714
Simon Property Group, Inc. REIT		28		4,975
Skyworks Solutions, Inc.		164		12,244
Southern Co.		2,599		127,845
Southwest Airlines Co.		24		1,196
Spectra Energy Corp.		208		8,547
Stanley Black & Decker, Inc.		48		5,505
Staples, Inc.		372		3,367
Starbucks Corp.		2,583		143,408
State Street Corp. (e)		144		11,192
Stericycle, Inc. (a)		20		1,541
Stryker Corp.		452		54,154
SunTrust Banks, Inc.		212		11,628
Symantec Corp.		184		4,396
Synchrony Financial		128		4,643
Synopsys, Inc. (a)		773		45,499
Sysco Corp.		452		25,027
T Rowe Price Group, Inc.		268		20,170
Target Corp.		1,458		105,311
TD Ameritrade Holding Corp.		244		10,638
Tesoro Corp.		84		7,346
Texas Instruments, Inc.		1,349		98,437
Textron, Inc.		112		5,439
Thermo Fisher Scientific, Inc.		52		7,337
Thomson Reuters Corp.		597		26,158
Tiffany & Co.		116		8,982
Time Warner, Inc.		244		23,553
TJX Cos., Inc.		1,786		134,182
Tractor Supply Co.		156		11,826
Travelers Cos., Inc.		497		60,843
TripAdvisor, Inc. (a)		112		5,193
Twenty-First Century Fox, Inc. Class A		260		7,290
Twenty-First Century Fox, Inc. Class B		517		14,088
Tyson Foods, Inc. Class A		112		6,908
UDR, Inc. REIT		797		29,075
Ulta Salon Cosmetics & Fragrance, Inc. (a)		60		15,296
Under Armour, Inc. Class A (a)		136		3,951
Under Armour, Inc. Class C (a)		136		3,423
Union Pacific Corp.		913		94,660

See accompanying Notes to Schedule of Investments

200

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
United Parcel Service, Inc. Class B		545	$	62,479
United Technologies Corp.		156		17,101
UnitedHealth Group, Inc.		465		74,419
Universal Health Services, Inc. Class B		48		5,106
Unum Group		120		5,272
US Bancorp		753		38,682
Valero Energy Corp.		324		22,136
Varian Medical Systems, Inc. (a)		577		51,803
Ventas, Inc. REIT		641		40,075
Verizon Communications, Inc.		3,071		163,930
VF Corp.		797		42,520
Visa, Inc. Class A		2,699		210,576
VMware, Inc. Class A (a)		400		31,492
Voya Financial, Inc.		112		4,393
W.W. Grainger, Inc.		64		14,864
Wabtec Corp.		88		7,306
Wal-Mart Stores, Inc.		2,811		194,296
Walgreens Boots Alliance, Inc.		176		14,566
Walt Disney Co.		1,826		190,306
Waste Management, Inc.		1,313		93,105
Waters Corp. (a)		84		11,289
WEC Energy Group, Inc.		773		45,336
Wells Fargo & Co.		2,319		127,800
Welltower, Inc. REIT		765		51,201
Western Digital Corp.		60		4,077
Western Union Co.		669		14,531
WestRock Co.		88		4,468
Weyerhaeuser Co. REIT		136		4,092
Whirlpool Corp.		28		5,090
Whole Foods Market, Inc.		400		12,304
Williams Cos., Inc.		88		2,740
Willis Towers Watson PLC		48		5,869
WR Berkley Corp.		553		36,780
Xcel Energy, Inc.		1,349		54,904
Xerox Corp.		489		4,269
Xilinx, Inc.		228		13,764
Yahoo!, Inc. (a)		569		22,003
Yum! Brands, Inc.		112		7,093
Zimmer Biomet Holdings, Inc.		40		4,128
Zoetis, Inc.		32		1,713
				15,498,934
TOTAL COMMON STOCKS (Cost $25,068,255)				25,375,889
RIGHTS — 0.0% (b)
SPAIN — 0.0% (b)
Repsol SA (expiring 1/6/17) (a) (Cost $99)		284		105
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g) (Cost $3,738)				3,738
TOTAL INVESTMENTS — 99.9% (Cost $25,072,092)				25,379,732
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				26,227
NET ASSETS — 100.0%			$	25,405,959

(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 0.2% of net assets as of December 31, 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) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	367,000	$	—	$	—	$	367,000
Austria		11,814		—		—		11,814
Belgium		72,793		—		—		72,793
Canada		848,009		—		—		848,009
Chile		1,234		—		—		1,234

See accompanying Notes to Schedule of Investments

201

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Denmark	$	275,021	$	—	$	—	$	275,021
Finland		55,025		—		—		55,025
France		528,191		—		—		528,191
Germany		558,703		—		—		558,703
Hong Kong		452,631		—		—		452,631
Ireland		79,120		—		—		79,120
Israel		115,605		—		—		115,605
Italy		126,816		—		—		126,816
Japan		2,600,923		—		—		2,600,923
Luxembourg		23,331		—		—		23,331
Mexico		16,853		—		—		16,853
Netherlands		279,222		—		—		279,222
New Zealand		29,617		—		—		29,617
Norway		30,311		—		—		30,311
Portugal		10,844		—		—		10,844
Singapore		170,180		—		—		170,180
South Africa		10,762		—		—		10,762
Spain		224,275		—		—		224,275
Sweden		195,060		—		—		195,060
Switzerland		1,274,791		—		—		1,274,791
United Kingdom		1,518,824		—		—		1,518,824
United States		15,498,934		—		—		15,498,934
Rights
Spain		105		—		—		105
Short-Term Investment		3,738		—		—		3,738
TOTAL INVESTMENTS	$	25,379,732	$	—	$	—	$	25,379,732

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Corp.		36	$	2,507		108		—		144	$	11,192	$	55
State Street Institutional Liquid Reserves Fund, Premier Class		28,844		28,844		919		29,763		—		—		1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		150,649		146,911		3,738		3,738		13
TOTAL			$	31,351							$	14,930	$	69

See accompanying Notes to Schedule of Investments

202

SPDR MSCIAustralia StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AIRLINES — 0.1%
Qantas Airways, Ltd.		7,245	$	17,470
BANKS — 21.7%
Australia & New Zealand Banking Group, Ltd.		27,988		616,495
Bank of Queensland, Ltd.		2,490		21,401
Bendigo & Adelaide Bank, Ltd.		10,377		95,503
Commonwealth Bank of Australia		11,532		688,150
National Australia Bank, Ltd.		24,393		541,723
Westpac Banking Corp.		26,079		615,612
				2,578,884
BEVERAGES — 0.6%
Coca-Cola Amatil, Ltd.		6,728		49,302
Treasury Wine Estates, Ltd.		3,423		26,471
				75,773
BIOTECHNOLOGY — 5.2%
CSL, Ltd.		8,428		612,773
CAPITAL MARKETS — 1.5%
Macquarie Group, Ltd.		2,873		181,239
CHEMICALS — 0.7%
Incitec Pivot, Ltd.		12,416		32,365
Orica, Ltd.		3,952		50,594
				82,959
COMMERCIAL SERVICES & SUPPLIES — 2.9%
Brambles, Ltd.		38,110		342,184
CONSTRUCTION & ENGINEERING — 0.1%
CIMIC Group, Ltd.		451		11,410
CONSTRUCTION MATERIALS — 1.8%
Boral, Ltd.		27,356		107,164
James Hardie Industries PLC		6,551		104,216
				211,380
CONTAINERS & PACKAGING — 1.6%
Amcor, Ltd.		17,664		191,218
DIVERSIFIED FINANCIAL SERVICES — 2.6%
ASX, Ltd.		7,640		275,168
Challenger, Ltd.		3,469		28,234
				303,402
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.7%
Telstra Corp., Ltd.		172,057		635,391
TPG Telecom, Ltd.		6,981		34,475
Vocus Communications, Ltd.		2,649		7,423
				677,289
ELECTRIC UTILITIES — 0.6%
AusNet Services.		64,197		73,446
FOOD & STAPLES RETAILING — 11.2%
Wesfarmers, Ltd.		25,385		774,587
Woolworths, Ltd.		31,738		553,854
				1,328,441
GAS UTILITIES — 0.7%
APA Group		14,314		88,826
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%
Cochlear, Ltd.		2,124		188,480
HEALTH CARE PROVIDERS & SERVICES — 3.4%
Healthscope, Ltd.		6,208		10,294
Ramsay Health Care, Ltd.		4,233		209,348
Sonic Healthcare, Ltd.		11,916		184,647
				404,289
HOTELS, RESTAURANTS & LEISURE — 2.9%
Aristocrat Leisure, Ltd.		12,377		138,914
Crown Resorts, Ltd.		1,545		12,955
Domino’s Pizza Enterprises, Ltd.		1,168		54,965
Flight Centre Travel Group, Ltd.		1,325		30,030
Tabcorp Holdings, Ltd.		4,338		15,109
Tatts Group, Ltd.		28,022		90,903
				342,876
INSURANCE — 6.9%
AMP, Ltd.		26,699		97,437
Insurance Australia Group, Ltd.		49,379		214,174
Medibank Pvt, Ltd.		88,116		179,929
QBE Insurance Group, Ltd.		11,739		105,573
Suncorp Group, Ltd.		22,584		221,094
				818,207
IT SERVICES — 0.1%
Computershare, Ltd.		1,112		10,033
MEDIA — 0.5%
REA Group, Ltd.		1,511		60,428
METALS & MINING — 4.5%
Alumina, Ltd.		7,345		9,733
BHP Billiton, Ltd.		14,400		261,301
Fortescue Metals Group, Ltd.		9,008		38,419
Newcrest Mining, Ltd.		6,268		91,908
Rio Tinto, Ltd.		2,213		95,986
South32, Ltd.		15,908		31,677
				529,024
MULTI-UTILITIES — 2.0%
AGL Energy, Ltd.		9,046		144,694
DUET Group		45,884		91,036
				235,730
MULTILINE RETAIL — 0.3%
Harvey Norman Holdings, Ltd.		11,037		41,078
OIL, GAS & CONSUMABLE FUELS — 2.0%
Caltex Australia, Ltd.		1,559		34,385
Oil Search, Ltd.		3,841		19,942
Origin Energy, Ltd.		10,459		49,909
Santos, Ltd.		13,277		38,648
Woodside Petroleum, Ltd.		4,102		92,553
				235,437
PROFESSIONAL SERVICES — 0.5%
SEEK, Ltd.		5,614		60,489
REAL ESTATE INVESTMENT TRUSTS (REITS) — 14.2%
Dexus Property Group REIT		22,645		157,741
Goodman Group		49,903		257,641
GPT Group		40,928		149,069
Mirvac Group REIT		26,068		40,206
Scentre Group REIT		144,021		483,885
Stockland REIT		23,293		77,248

See accompanying Notes to Schedule of Investments

203

SPDR MSCIAustralia StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Vicinity Centres REIT		38,986	$	84,407
Westfield Corp.		65,046		441,796
				1,691,993
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.1%
LendLease Group		12,423		131,514
ROAD & RAIL — 0.5%
Aurizon Holdings, Ltd.		16,775		61,341
TRANSPORTATION INFRASTRUCTURE — 2.2%
Sydney Airport		17,391		75,431
Transurban Group Stapled Security		24,311		181,669
				257,100
TOTAL COMMON STOCKS (Cost $11,449,104)				11,844,713
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $2,056)		2,056		2,056
TOTAL INVESTMENTS — 99.7% (Cost $11,451,160)				11,846,769
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				35,289
NET ASSETS — 100.0%			$	11,882,058

(a) Amount shown represents less than 0.05% of net assets.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Airlines	$	17,470	$	—	$	—	$	17,470
Banks		2,578,884		—		—		2,578,884
Beverages		75,773		—		—		75,773
Biotechnology		612,773		—		—		612,773
Capital Markets		181,239		—		—		181,239
Chemicals		82,959		—		—		82,959
Commercial Services & Supplies		342,184		—		—		342,184
Construction & Engineering		11,410		—		—		11,410
Construction Materials		211,380		—		—		211,380
Containers & Packaging		191,218		—		—		191,218
Diversified Financial Services		303,402		—		—		303,402
Diversified Telecommunication Services		677,289		—		—		677,289
Electric Utilities		73,446		—		—		73,446
Food & Staples Retailing.		1,328,441		—		—		1,328,441
Gas Utilities		88,826		—		—		88,826
Health Care Equipment & Supplies		188,480		—		—		188,480
Health Care Providers & Services		404,289		—		—		404,289
Hotels, Restaurants & Leisure		342,876		—		—		342,876
Insurance		818,207		—		—		818,207
IT Services		10,033		—		—		10,033
Media		60,428		—		—		60,428
Metals & Mining		529,024		—		—		529,024
Multi-Utilities		235,730		—		—		235,730
Multiline Retail		41,078		—		—		41,078
Oil, Gas & Consumable Fuels		235,437		—		—		235,437
Professional Services		60,489		—		—		60,489
Real Estate Investment Trusts (REITs)		1,691,993		—		—		1,691,993
Real Estate Management & Development		131,514		—		—		131,514

See accompanying Notes to Schedule of Investments

204

SPDR MSCIAustralia StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Road & Rail	$	61,341	$	—	$	—	$	61,341
Transportation Infrastructure		257,100		—		—		257,100
Short-Term Investment		2,056		—		—		2,056
TOTAL INVESTMENTS	$	11,846,769	$	—	$	—	$	11,846,769

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		—		—		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		332,938		330,882		2,056		2,056		37
TOTAL			$	—							$	2,056	$	37

See accompanying Notes to Schedule of Investments

205

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 1.1%
Bombardier, Inc. Class B (a)		17,555	$	28,276
CAE, Inc.		12,959		181,477
				209,753
AUTO COMPONENTS — 3.2%
Linamar Corp.		2,527		108,708
Magna International, Inc.		11,343		493,119
				601,827
BANKS — 19.4%
Bank of Montreal		7,412		533,744
Bank of Nova Scotia		11,733		654,084
Canadian Imperial Bank of Commerce		8,901		727,186
National Bank of Canada		4,369		177,653
Royal Bank of Canada		11,616		787,104
Toronto-Dominion Bank		15,194		750,268
				3,630,039
CAPITAL MARKETS — 1.5%
CI Financial Corp.		12,246		263,630
IGM Financial, Inc.		486		13,844
				277,474
CHEMICALS — 4.7%
Agrium, Inc.		4,352		437,975
Methanex Corp.		616		27,051
Potash Corp. of Saskatchewan, Inc.		22,575		408,893
				873,919
CONSTRUCTION & ENGINEERING — 1.5%
SNC-Lavalin Group, Inc.		6,360		274,072
CONTAINERS & PACKAGING — 1.6%
CCL Industries, Inc. Class B		1,518		298,608
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Element Fleet Management Corp.		1,333		12,385
Onex Corp.		2,793		190,317
				202,702
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.1%
BCE, Inc.		9,653		417,705
TELUS Corp.		5,385		171,663
				589,368
ELECTRIC UTILITIES — 2.7%
Emera, Inc.		4,223		142,934
Fortis, Inc.		5,035		155,663
Hydro One, Ltd. (b)		11,546		203,016
				501,613
FOOD & STAPLES RETAILING — 7.2%
Alimentation Couche-Tard, Inc. Class B		9,849		447,118
Empire Co., Ltd. Class A		2,300		26,961
George Weston, Ltd.		1,567		132,728
Jean Coutu Group PJC, Inc. Class A		3,997		62,352
Loblaw Cos., Ltd.		4,153		219,379
Metro, Inc.		15,065		451,147
				1,339,685
FOOD PRODUCTS — 2.4%
Saputo, Inc.		12,975		459,671
HOTELS, RESTAURANTS & LEISURE — 0.1%
Restaurant Brands International, Inc.		544		25,941
INSURANCE — 12.2%
Fairfax Financial Holdings, Ltd.		553		267,418
Great-West Lifeco, Inc.		17,911		469,729
Industrial Alliance Insurance & Financial Services, Inc.		1,189		47,337
Intact Financial Corp.		7,533		539,817
Manulife Financial Corp.		11,796		210,314
Power Corp. of Canada		5,953		133,394
Power Financial Corp.		13,465		336,964
Sun Life Financial, Inc.		7,287		280,112
				2,285,085
IT SERVICES — 2.4%
CGI Group, Inc. Class A (a)		9,191		441,645
MEDIA — 2.3%
Shaw Communications, Inc. Class B		9,377		188,372
Thomson Reuters Corp.		5,512		241,516
				429,888
METALS & MINING — 3.1%
Agnico Eagle Mines, Ltd.		2,555		107,550
Barrick Gold Corp.		4,517		72,384
Eldorado Gold Corp. (a)		4,667		15,034
First Quantum Minerals, Ltd.		5,039		50,163
Franco-Nevada Corp.		1,992		119,248
Goldcorp, Inc.		4,969		67,733
Kinross Gold Corp. (a)		5,585		17,450
Silver Wheaton Corp.		1,951		37,738
Teck Resources, Ltd. Class B		3,078		61,672
Turquoise Hill Resources, Ltd. (a)		5,188		16,674
Yamana Gold, Inc.		6,634		18,650
				584,296
MULTI-UTILITIES — 0.2%
Atco, Ltd. Class I		573		19,082
Canadian Utilities, Ltd. Class A		571		15,409
				34,491
MULTILINE RETAIL — 3.5%
Canadian Tire Corp., Ltd. Class A		2,999		311,451
Dollarama, Inc.		4,679		343,253
				654,704
OIL, GAS & CONSUMABLE FUELS — 13.1%
AltaGas, Ltd.		4,126		104,300
ARC Resources, Ltd.		1,147		19,766
Cameco Corp.		2,808		29,398
Canadian Natural Resources, Ltd.		5,514		175,940
Cenovus Energy, Inc.		7,677		116,210
Crescent Point Energy Corp.		4,149		56,463
Enbridge, Inc.		6,464		272,336
Encana Corp.		4,091		48,077
Husky Energy, Inc. (a)		4,409		53,557
Imperial Oil, Ltd.		6,254		217,833
Inter Pipeline, Ltd.		3,455		76,363
Keyera Corp.		8,384		252,948
Pembina Pipeline Corp.		7,450		233,102
Peyto Exploration & Development Corp.		486		12,035
PrairieSky Royalty, Ltd.		524		12,480

See accompanying Notes to Schedule of Investments

206

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Seven Generations Energy, Ltd. Class A (a)		248	$	5,790
Suncor Energy, Inc.		12,938		423,532
Tourmaline Oil Corp. (a)		828		22,172
TransCanada Corp.		6,401		288,965
Veresen, Inc.		1,112		10,871
Vermilion Energy, Inc.		331		13,943
				2,446,081
PAPER & FOREST PRODUCTS — 0.1%
West Fraser Timber Co., Ltd.		467		16,719
PHARMACEUTICALS — 0.3%
Valeant Pharmaceuticals International, Inc. (a)		3,624		52,615
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.2%
H&R Real Estate Investment Trust		3,092		51,578
RioCan Real Estate Investment Trust		4,763		94,582
Smart Real Estate Investment Trust		2,961		71,295
				217,455
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.0%
Brookfield Asset Management, Inc. Class A		6,910		228,263
First Capital Realty, Inc.		9,482		146,149
				374,412
ROAD & RAIL — 4.8%
Canadian National Railway Co.		8,296		558,985
Canadian Pacific Railway, Ltd.		2,432		347,395
				906,380
SOFTWARE — 2.5%
Constellation Software, Inc.		836		380,344
Open Text Corp.		1,300		80,382
				460,726
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
BlackBerry, Ltd. (a)		1,806		12,444
TEXTILES,APPAREL & LUXURY GOODS — 1.3%
Gildan Activewear, Inc.		9,285		236,028
TRADING COMPANIES & DISTRIBUTORS — 0.1%
Finning International, Inc.		996		19,525
WIRELESS TELECOMMUNICATION SERVICES — 0.9%
Rogers Communications, Inc. Class B		4,645		179,385
TOTAL COMMON STOCKS (Cost $16,786,651)				18,636,551
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $3,582)		3,582		3,582
TOTAL INVESTMENTS — 99.7% (Cost $16,790,233)				18,640,133
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				47,051
NET ASSETS — 100.0%			$	18,687,184

(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 December 31, 2016, is 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 December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	209,753	$	—	$	—	$	209,753
Auto Components		601,827		—		—		601,827
Banks		3,630,039		—		—		3,630,039
Capital Markets		277,474		—		—		277,474
Chemicals		873,919		—		—		873,919
Construction & Engineering		274,072		—		—		274,072
Containers & Packaging		298,608		—		—		298,608
Diversified Financial Services		202,702		—		—		202,702
Diversified Telecommunication Services		589,368		—		—		589,368
Electric Utilities		501,613		—		—		501,613
Food & Staples Retailing		1,339,685		—		—		1,339,685
Food Products		459,671		—		—		459,671
Hotels, Restaurants & Leisure		25,941		—		—		25,941

See accompanying Notes to Schedule of Investments

207

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Insurance	$	2,285,085	$	—	$	—	$	2,285,085
IT Services		441,645		—		—		441,645
Media		429,888		—		—		429,888
Metals & Mining		584,296		—		—		584,296
Multi-Utilities		34,491		—		—		34,491
Multiline Retail		654,704		—		—		654,704
Oil, Gas & Consumable Fuels		2,446,081		—		—		2,446,081
Paper & Forest Products		16,719		—		—		16,719
Pharmaceuticals		52,615		—		—		52,615
Real Estate Investment Trusts (REITs)		217,455		—		—		217,455
Real Estate Management & Development		374,412		—		—		374,412
Road & Rail		906,380		—		—		906,380
Software		460,726		—		—		460,726
Technology Hardware, Storage & Peripherals		12,444		—		—		12,444
Textiles, Apparel & Luxury Goods		236,028		—		—		236,028
Trading Companies & Distributors		19,525		—		—		19,525
Wireless Telecommunication Services		179,385		—		—		179,385
Short-Term Investment		3,582		—		—		3,582
TOTAL INVESTMENTS	$	18,640,133	$	—	$	—	$	18,640,133

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		9,298	$	9,298		263		9,561		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		231,826		228,244		3,582		3,582		26
TOTAL			$	9,298							$	3,582	$	26

See accompanying Notes to Schedule of Investments

208

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AIR FREIGHT & LOGISTICS — 3.4%
Deutsche Post AG		5,388	$	177,508
AIRLINES — 0.6%
Deutsche Lufthansa AG		2,518		32,587
AUTO COMPONENTS — 2.7%
Continental AG		704		136,406
Schaeffler AG		61		904
				137,310
AUTOMOBILES — 10.0%
Bayerische Motoren Werke AG		764		71,517
Bayerische Motoren Werke AG Preference Shares		622		47,695
Daimler AG		2,842		211,990
Porsche Automobil Holding SE Preference Shares		762		41,584
Volkswagen AG Preference Shares		898		126,305
Volkswagen AG		133		19,184
				518,275
BANKS — 0.8%
Commerzbank AG		5,207		39,796
CAPITAL MARKETS — 2.7%
Deutsche Bank AG (a)		5,186		94,356
Deutsche Boerse AG (a)		552		45,146
				139,502
CHEMICALS — 12.9%
BASF SE		2,611		243,202
Covestro AG (b)		1,174		80,711
Evonik Industries AG		2,478		74,176
Fuchs Petrolub SE Preference Shares		1,313		55,229
KS AG		2,253		53,919
Lanxess AG		112		7,366
Linde AG		262		43,137
Symrise AG		1,855		113,148
				670,888
CONSTRUCTION & ENGINEERING — 0.1%
HOCHTIEF AG		29		4,070
CONSTRUCTION MATERIALS — 1.1%
HeidelbergCement AG		583		54,500
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
Deutsche Telekom AG		8,860		152,839
Telefonica Deutschland Holding AG		2,841		12,196
				165,035
ELECTRICAL EQUIPMENT — 0.1%
OSRAM Licht AG		96		5,045
FOOD & STAPLES RETAILING — 2.5%
METRO AG		3,818		127,194
HEALTH CARE PROVIDERS & SERVICES — 3.5%
Fresenius Medical Care AG & Co. KGaA		993		84,261
Fresenius SE & Co. KGaA		1,231		96,419
				180,680
HOUSEHOLD PRODUCTS — 3.6%
Henkel AG & Co. KGaA		349		36,435
Henkel AG & Co. KGaA Preference Shares		1,273		152,061
				188,496
INDUSTRIAL CONGLOMERATES — 5.0%
Siemens AG		2,105		259,325
INSURANCE — 10.3%
Allianz SE		1,435		237,630
Hannover Rueck SE		1,201		130,222
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		875		165,800
				533,652
INTERNET & CATALOG RETAIL — 0.1%
Zalando SE (a) (b)		117		4,478
INTERNET SOFTWARE & SERVICES — 0.2%
United Internet AG		319		12,481
LIFE SCIENCES TOOLS & SERVICES — 0.4%
QIAGEN NV (a)		692		19,473
MACHINERY — 3.4%
GEA Group AG		2,244		90,485
MAN SE		840		83,575
				174,060
MEDIA — 5.3%
Axel Springer SE		1,303		63,398
ProSiebenSat.1 Media SE		2,990		115,457
RTL Group SA (a)		1,331		97,892
				276,747
METALS & MINING — 0.3%
ThyssenKrupp AG		585		13,970
MULTI-UTILITIES — 4.2%
E.ON SE		7,406		52,337
Innogy SE (a)		3,393		118,135
RWE AG (a)		3,751		46,745
				217,217
PERSONAL PRODUCTS — 2.9%
Beiersdorf AG		1,762		149,793
PHARMACEUTICALS — 5.7%
Bayer AG		1,989		207,964
Merck KGaA		852		89,101
				297,065
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.4%
Deutsche Wohnen AG		1,298		40,853
Vonovia SE		998		32,532
				73,385
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.1%
Infineon Technologies AG		6,350		110,578
SOFTWARE — 4.2%
SAP SE		2,495		217,923
TEXTILES,APPAREL & LUXURY GOODS — 4.1%
adidas AG		910		144,117
HUGO BOSS AG		1,153		70,694
				214,811
TRADING COMPANIES & DISTRIBUTORS — 1.8%
Brenntag AG		1,697		94,507

See accompanying Notes to Schedule of Investments

209

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TRANSPORTATION INFRASTRUCTURE — 0.6%
Fraport AG Frankfurt Airport Services Worldwide		487	$	28,852
TOTAL COMMON STOCKS (Cost $5,661,710)				5,139,203
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $336)		336		336
TOTAL INVESTMENTS — 99.2% (Cost $5,662,046)				5,139,539
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%				41,684
NET ASSETS — 100.0%			$	5,181,223

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.6% of net assets as of December 31, 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 December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 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	$	177,508	$	—	$	—	$	177,508
Airlines		32,587		—		—		32,587
Auto Components		137,310		—		—		137,310
Automobiles		518,275		—		—		518,275
Banks		39,796		—		—		39,796
Capital Markets		139,502		—		—		139,502
Chemicals		670,888		—		—		670,888
Construction & Engineering		4,070		—		—		4,070
Construction Materials		54,500		—		—		54,500
Diversified Telecommunication Services		165,035		—		—		165,035
Electrical Equipment		5,045		—		—		5,045
Food & Staples Retailing		127,194		—		—		127,194
Health Care Providers & Services		180,680		—		—		180,680
Household Products		188,496		—		—		188,496
Industrial Conglomerates		259,325		—		—		259,325
Insurance		533,652		—		—		533,652
Internet & Catalog Retail		4,478		—		—		4,478
Internet Software & Services		12,481		—		—		12,481
Life Sciences Tools & Services		19,473		—		—		19,473
Machinery		174,060		—		—		174,060
Media		276,747		—		—		276,747
Metals & Mining		13,970		—		—		13,970
Multi-Utilities		217,217		—		—		217,217
Personal Products		149,793		—		—		149,793
Pharmaceuticals		297,065		—		—		297,065
Real Estate Management & Development		73,385		—		—		73,385
Semiconductors & Semiconductor Equipment		110,578		—		—		110,578
Software		217,923		—		—		217,923
Textiles, Apparel & Luxury Goods		214,811		—		—		214,811
Trading Companies & Distributors		94,507		—		—		94,507
Transportation Infrastructure		28,852		—		—		28,852
Short-Term Investment		336		—		—		336
TOTAL INVESTMENTS	$	5,139,539	$	—	$	—	$	5,139,539

See accompanying Notes to Schedule of Investments

210

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		353	$	353		—		353		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		19,867		19,531		336		336		2
TOTAL			$	353							$	336	$	2

See accompanying Notes to Schedule of Investments

211

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AIR FREIGHT & LOGISTICS — 0.2%
Yamato Holdings Co., Ltd.		1,500	$	30,563
AIRLINES — 1.0%
ANA Holdings, Inc.		17,000		45,884
Japan Airlines Co., Ltd.		3,000		87,838
				133,722
AUTO COMPONENTS — 4.2%
Aisin Seiki Co., Ltd.		700		30,428
Bridgestone Corp.		8,200		296,265
Denso Corp.		900		39,068
Koito Manufacturing Co., Ltd.		1,500		79,607
NGK Spark Plug Co., Ltd.		200		4,455
NOK Corp.		200		4,057
Stanley Electric Co., Ltd.		100		2,739
Sumitomo Electric Industries, Ltd.		2,400		34,703
Sumitomo Rubber Industries, Ltd.		2,400		38,191
Toyoda Gosei Co., Ltd.		100		2,344
Toyota Industries Corp.		300		14,327
Yokohama Rubber Co., Ltd.		200		3,594
				549,778
AUTOMOBILES — 7.9%
Fuji Heavy Industries, Ltd.		6,700		274,124
Honda Motor Co., Ltd.		4,600		134,685
Isuzu Motors, Ltd.		7,200		91,424
Mazda Motor Corp.		1,400		22,950
Mitsubishi Motors Corp.		2,200		12,562
Nissan Motor Co., Ltd.		10,500		105,824
Suzuki Motor Corp.		500		17,636
Toyota Motor Corp.		6,200		365,616
Yamaha Motor Co., Ltd.		400		8,827
				1,033,648
BANKS — 8.0%
Aozora Bank, Ltd.		9,000		31,869
Bank of Kyoto, Ltd.		1,000		7,442
Chiba Bank, Ltd.		3,000		18,442
Chugoku Bank, Ltd.		700		10,071
Concordia Financial Group, Ltd.		5,000		24,118
Fukuoka Financial Group, Inc.		2,000		8,900
Hachijuni Bank, Ltd.		1,300		7,557
Hiroshima Bank, Ltd.		1,000		4,681
Japan Post Bank Co., Ltd.		3,600		43,304
Kyushu Financial Group, Inc.		5,800		39,434
Mebuki Financial Group, Inc.		5,400		20,047
Mitsubishi UFJ Financial Group, Inc.		40,600		250,698
Mizuho Financial Group, Inc.		101,600		182,756
Resona Holdings, Inc.		13,100		67,334
Seven Bank, Ltd.		500		1,436
Shinsei Bank, Ltd.		5,000		8,402
Shizuoka Bank, Ltd.		1,000		8,419
Sumitomo Mitsui Financial Group, Inc.		5,000		191,195
Sumitomo Mitsui Trust Holdings, Inc.		800		28,691
Suruga Bank, Ltd.		2,800		62,633
Yamaguchi Financial Group, Inc.		3,000		32,743
				1,050,172
BEVERAGES — 1.3%
Asahi Group Holdings, Ltd.		1,500		47,456
Kirin Holdings Co., Ltd.		3,900		63,582
Suntory Beverage & Food, Ltd.		1,500		62,438
				173,476
BUILDING PRODUCTS — 2.0%
Asahi Glass Co., Ltd.		2,000		13,650
Daikin Industries, Ltd.		2,500		230,098
LIXIL Group Corp.		400		9,102
TOTO, Ltd.		100		3,965
				256,815
CAPITAL MARKETS — 0.4%
Daiwa Securities Group, Inc.		3,000		18,527
Nomura Holdings, Inc.		6,000		35,449
SBI Holdings, Inc.		400		5,100
				59,076
CHEMICALS — 4.0%
Air Water, Inc.		200		3,618
Asahi Kasei Corp.		3,000		26,223
Daicel Corp.		3,000		33,180
Hitachi Chemical Co., Ltd.		1,100		27,567
JSR Corp.		300		4,740
Kansai Paint Co., Ltd.		2,300		42,456
Kuraray Co., Ltd.		1,200		18,067
Mitsubishi Chemical Holdings Corp.		3,200		20,797
Mitsubishi Gas Chemical Co., Inc.		300		5,131
Mitsui Chemicals, Inc.		2,000		9,003
Nippon Paint Holdings Co., Ltd.		100		2,731
Nissan Chemical Industries, Ltd.		1,500		50,221
Nitto Denko Corp.		1,700		130,727
Shin-Etsu Chemical Co., Ltd.		1,000		77,738
Sumitomo Chemical Co., Ltd.		3,000		14,301
Taiyo Nippon Sanso Corp.		100		1,161
Teijin, Ltd.		300		6,093
Toray Industries, Inc.		7,000		56,787
				530,541
COMMERCIAL SERVICES & SUPPLIES — 1.4%
Dai Nippon Printing Co., Ltd.		2,000		19,805
Park24 Co., Ltd.		2,000		54,358
Secom Co., Ltd.		1,000		73,288
Sohgo Security Services Co., Ltd.		100		3,854
Toppan Printing Co., Ltd.		3,000		28,705
				180,010
CONSTRUCTION & ENGINEERING — 0.9%
JGC Corp.		300		5,463
Kajima Corp.		5,000		34,681
Obayashi Corp.		3,200		30,646
Shimizu Corp.		2,000		18,331
Taisei Corp.		5,000		35,067
				124,188
CONSTRUCTION MATERIALS — 0.0% (a)
Taiheiyo Cement Corp.		2,000		6,345
CONSUMER FINANCE — 0.1%
Acom Co., Ltd. (b)		1,800		7,886
AEON Financial Service Co., Ltd.		100		1,781
Credit Saison Co., Ltd.		200		3,562
				13,229

See accompanying Notes to Schedule of Investments

212

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CONTAINERS & PACKAGING — 0.0% (a)
Toyo Seikan Group Holdings, Ltd.		300	$	5,612
DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc.		1,100		30,368
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Japan Exchange Group, Inc.		7,300		104,523
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		5,179
ORIX Corp.		2,400		37,532
				147,234
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
Nippon Telegraph & Telephone Corp.		3,100		130,554
ELECTRIC UTILITIES — 2.1%
Chubu Electric Power Co., Inc.		4,500		63,004
Chugoku Electric Power Co., Inc.		3,200		37,615
Hokuriku Electric Power Co.		1,100		12,355
Kansai Electric Power Co., Inc. (b)		3,800		41,637
Kyushu Electric Power Co., Inc.		1,200		13,046
Tohoku Electric Power Co., Inc.		4,200		53,186
Tokyo Electric Power Co. Holdings, Inc. (b)		14,200		57,465
				278,308
ELECTRICAL EQUIPMENT — 0.5%
Fuji Electric Co., Ltd.		1,000		5,196
Mitsubishi Electric Corp.		2,500		34,927
Nidec Corp.		300		25,940
				66,063
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.3%
Alps Electric Co., Ltd.		200		4,846
Hamamatsu Photonics KK		100		2,636
Hirose Electric Co., Ltd.		100		12,423
Hitachi High-Technologies Corp.		700		28,298
Hitachi, Ltd.		12,000		65,023
Keyence Corp.		400		275,046
Kyocera Corp.		700		34,881
Murata Manufacturing Co., Ltd.		1,800		241,523
Nippon Electric Glass Co., Ltd.		1,000		5,419
Omron Corp.		200		7,691
TDK Corp.		200		13,787
Yaskawa Electric Corp.		200		3,117
Yokogawa Electric Corp.		200		2,903
				697,593
FOOD & STAPLES RETAILING — 2.0%
Aeon Co., Ltd.		2,800		39,755
FamilyMart UNY Holdings Co., Ltd.		500		33,352
Lawson, Inc.		700		49,273
Seven & i Holdings Co., Ltd.		1,900		72,540
Sundrug Co., Ltd.		400		27,745
Tsuruha Holdings, Inc.		400		38,067
				260,732
FOOD PRODUCTS — 2.0%
Ajinomoto Co., Inc.		1,900		38,347
Calbee, Inc.		1,000		31,380
MEIJI Holdings Co., Ltd.		400		31,414
NH Foods, Ltd.		2,000		54,100
Nisshin Seifun Group, Inc.		1,300		19,550
Nissin Foods Holdings Co., Ltd.		700		36,850
Toyo Suisan Kaisha, Ltd.		1,000		36,310
Yakult Honsha Co., Ltd.		100		4,647
Yamazaki Baking Co., Ltd.		600		11,616
				264,214
GAS UTILITIES — 1.3%
Osaka Gas Co., Ltd.		18,000		69,386
Toho Gas Co., Ltd.		5,000		40,768
Tokyo Gas Co., Ltd.		12,000		54,416
				164,570
HEALTH CARE EQUIPMENT & SUPPLIES — 3.0%
Hoya Corp.		5,600		235,792
Olympus Corp.		200		6,927
Sysmex Corp.		2,000		116,089
Terumo Corp.		800		29,597
				388,405
HEALTH CARE PROVIDERS & SERVICES — 0.5%
Alfresa Holdings Corp.		1,100		18,240
Medipal Holdings Corp.		1,400		22,122
Miraca Holdings, Inc.		400		18,005
Suzuken Co., Ltd.		300		9,825
				68,192
HEALTH CARE TECHNOLOGY — 0.5%
M3, Inc.		2,800		70,699
HOTELS, RESTAURANTS & LEISURE — 1.6%
McDonald’s Holdings Co., Japan, Ltd.		2,000		52,471
Oriental Land Co., Ltd.		2,900		164,251
				216,722
HOUSEHOLD DURABLES — 2.0%
Casio Computer Co., Ltd.		2,400		34,014
Iida Group Holdings Co., Ltd.		200		3,801
Nikon Corp.		2,100		32,715
Panasonic Corp.		5,100		52,012
Rinnai Corp.		200		16,170
Sekisui Chemical Co., Ltd.		1,900		30,365
Sekisui House, Ltd.		2,600		43,369
Sharp Corp. (b)		1,000		2,315
Sony Corp.		1,700		47,734
				262,495
HOUSEHOLD PRODUCTS — 0.1%
Unicharm Corp.		400		8,771
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Electric Power Development Co., Ltd.		400		9,225
INDUSTRIAL CONGLOMERATES — 0.1%
Seibu Holdings, Inc.		200		3,594
Toshiba Corp. (b)		5,000		12,136
				15,730
INSURANCE — 2.0%
Dai-ichi Life Holdings, Inc.		2,500		41,711
Japan Post Holdings Co., Ltd.		3,300		41,280
MS&AD Insurance Group Holdings, Inc.		1,700		52,821
Sompo Holdings, Inc.		900		30,557
Sony Financial Holdings, Inc.		300		4,692
T&D Holdings, Inc.		1,300		17,226
Tokio Marine Holdings, Inc.		1,800		74,016
				262,303

See accompanying Notes to Schedule of Investments

213

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
INTERNET & CATALOG RETAIL — 0.3%
Rakuten, Inc. (b)		600	$	5,893
Start Today Co., Ltd.		2,300		39,814
				45,707
INTERNET SOFTWARE & SERVICES — 0.9%
DeNA Co., Ltd.		100		2,190
Kakaku.com, Inc.		1,800		29,847
Mixi, Inc.		100		3,661
Yahoo! Japan Corp.		20,000		76,992
				112,690
IT SERVICES — 1.5%
Fujitsu, Ltd.		5,000		27,843
Nomura Research Institute, Ltd.		1,320		40,290
NTT Data Corp.		800		38,753
Obic Co., Ltd.		900		39,431
Otsuka Corp.		1,100		51,494
				197,811
LEISURE EQUIPMENT & PRODUCTS — 2.1%
Bandai Namco Holdings, Inc.		2,600		71,891
Sankyo Co., Ltd.		1,000		32,366
Sega Sammy Holdings, Inc.		200		2,982
Shimano, Inc.		1,000		157,243
Yamaha Corp.		300		9,182
				273,664
MACHINERY — 1.6%
Amada Holdings Co., Ltd.		300		3,357
FANUC Corp.		200		33,978
Hino Motors, Ltd.		500		5,101
Hitachi Construction Machinery Co., Ltd.		200		4,340
Hoshizaki Corp.		100		7,931
IHI Corp. (b)		3,000		7,819
JTEKT Corp.		400		6,413
Kawasaki Heavy Industries, Ltd.		3,000		9,440
Komatsu, Ltd.		1,600		36,319
Kubota Corp.		1,100		15,736
Kurita Water Industries, Ltd.		100		2,207
Makita Corp.		400		26,853
Minebea Co., Ltd.		500		4,698
Mitsubishi Heavy Industries, Ltd.		6,000		27,398
Nabtesco Corp.		100		2,331
NGK Insulators, Ltd.		300		5,831
NSK, Ltd.		600		6,965
Sumitomo Heavy Industries, Ltd.		1,000		6,456
THK Co., Ltd.		100		2,217
				215,390
MARINE — 0.2%
Mitsui OSK Lines, Ltd.		4,000		11,112
Nippon Yusen KK		7,000		13,023
				24,135
MEDIA — 0.2%
Dentsu, Inc.		200		9,431
Hakuhodo DY Holdings, Inc.		300		3,704
Toho Co., Ltd.		400		11,335
				24,470
METALS & MINING — 0.9%
Hitachi Metals, Ltd.		400		5,432
JFE Holdings, Inc.		1,700		25,944
Kobe Steel, Ltd. (b)		1,300		12,450
Maruichi Steel Tube, Ltd.		100		3,262
Mitsubishi Materials Corp.		300		9,234
Nippon Steel & Sumitomo Metal Corp.		2,000		44,704
Sumitomo Metal Mining Co., Ltd.		1,000		12,921
				113,947
MULTILINE RETAIL — 0.7%
Don Quijote Holdings Co., Ltd.		100		3,708
Isetan Mitsukoshi Holdings, Ltd.		600		6,482
J Front Retailing Co., Ltd.		400		5,402
Marui Group Co., Ltd.		300		4,391
Ryohin Keikaku Co., Ltd.		300		58,927
Takashimaya Co., Ltd.		1,000		8,265
				87,175
OIL, GAS & CONSUMABLE FUELS — 0.9%
Idemitsu Kosan Co., Ltd.		500		13,311
Inpex Corp.		1,700		17,068
JX Holdings, Inc.		11,500		48,776
Showa Shell Sekiyu KK		500		4,660
TonenGeneral Sekiyu KK		3,000		31,689
				115,504
PAPER & FOREST PRODUCTS — 0.1%
Oji Holdings Corp.		2,000		8,162
PERSONAL PRODUCTS — 2.5%
Kao Corp.		6,200		294,545
Kose Corp.		300		24,975
Shiseido Co., Ltd.		200		5,073
				324,593
PHARMACEUTICALS — 7.2%
Astellas Pharma, Inc.		21,500		299,269
Chugai Pharmaceutical Co., Ltd.		800		23,012
Daiichi Sankyo Co., Ltd.		2,300		47,159
Eisai Co., Ltd.		500		28,756
Hisamitsu Pharmaceutical Co., Inc.		100		5,016
Kyowa Hakko Kirin Co., Ltd.		1,100		15,241
Mitsubishi Tanabe Pharma Corp.		3,600		70,775
Ono Pharmaceutical Co., Ltd.		100		2,191
Otsuka Holdings Co., Ltd.		1,900		82,966
Santen Pharmaceutical Co., Ltd.		5,900		72,337
Shionogi & Co., Ltd.		3,500		168,015
Sumitomo Dainippon Pharma Co., Ltd.		1,200		20,680
Taisho Pharmaceutical Holdings Co., Ltd.		400		33,266
Takeda Pharmaceutical Co., Ltd.		2,000		82,908
				951,591
PROFESSIONAL SERVICES — 0.6%
Recruit Holdings Co., Ltd.		1,900		76,401
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.0%
Daiwa House REIT Investment Corp.		7		17,741
Japan Prime Realty Investment Corp.		7		27,637
Japan Real Estate Investment Corp.		5		27,307
Japan Retail Fund Investment Corp. REIT		25		50,714
Nippon Building Fund, Inc.		4		22,189
Nippon Prologis, Inc. REIT		13		26,628

See accompanying Notes to Schedule of Investments

214

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Nomura Real Estate Master Fund, Inc.		35	$	53,054
United Urban Investment Corp.		24		36,607
				261,877
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1%
Aeon Mall Co., Ltd.		100		1,410
Daito Trust Construction Co., Ltd.		1,200		180,872
Daiwa House Industry Co., Ltd.		1,400		38,362
Hulic Co., Ltd.		200		1,782
Mitsubishi Estate Co., Ltd.		1,000		19,955
Mitsui Fudosan Co., Ltd.		1,000		23,192
Nomura Real Estate Holdings, Inc.		200		3,409
Tokyo Tatemono Co., Ltd.		200		2,680
Tokyu Fudosan Holdings Corp.		900		5,324
				276,986
ROAD & RAIL — 4.0%
Central Japan Railway Co.		400		65,949
East Japan Railway Co.		1,100		95,254
Hankyu Hanshin Holdings, Inc.		1,600		51,443
Keikyu Corp.		5,000		58,087
Keio Corp.		1,000		8,239
Keisei Electric Railway Co., Ltd.		300		7,297
Kintetsu Group Holdings Co., Ltd.		8,000		30,591
Nagoya Railroad Co., Ltd.		7,000		33,909
Nippon Express Co., Ltd.		5,000		26,965
Odakyu Electric Railway Co., Ltd.		1,100		21,814
Tobu Railway Co., Ltd.		8,000		39,782
Tokyu Corp.		3,000		22,095
West Japan Railway Co.		1,000		61,500
				522,925
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.2%
Rohm Co., Ltd.		100		5,770
Tokyo Electron, Ltd.		200		18,940
				24,710
SOFTWARE — 1.2%
Konami Holdings Corp.		400		16,187
LINE Corp. (b)		1,000		34,381
Nexon Co., Ltd.		100		1,453
Oracle Corp. Japan		1,100		55,549
Trend Micro, Inc. (b)		1,300		46,311
				153,881
SPECIALTY RETAIL — 2.6%
ABC-Mart, Inc.		800		45,407
Hikari Tsushin, Inc.		300		28,010
Nitori Holdings Co., Ltd.		1,300		148,909
Shimamura Co., Ltd.		200		25,018
USS Co., Ltd.		3,400		54,279
Yamada Denki Co., Ltd.		6,800		36,730
				338,353
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.8%
Brother Industries, Ltd.		300		5,424
Canon, Inc.		3,900		110,177
FUJIFILM Holdings Corp.		1,600		60,839
Konica Minolta, Inc.		900		8,959
NEC Corp.		10,000		26,579
Ricoh Co., Ltd.		2,200		18,636
Seiko Epson Corp.		500		10,610
				241,224
TEXTILES,APPAREL & LUXURY GOODS — 0.0% (a)
Asics Corp.		100		2,002
TOBACCO — 2.1%
Japan Tobacco, Inc.		8,500		280,139
TRADING COMPANIES & DISTRIBUTORS — 3.1%
ITOCHU Corp.		4,100		54,557
Marubeni Corp.		9,500		53,986
MISUMI Group, Inc.		2,900		47,838
Mitsubishi Corp.		3,700		78,990
Mitsui & Co., Ltd.		7,000		96,446
Sumitomo Corp.		4,500		53,069
Toyota Tsusho Corp.		700		18,275
				403,161
TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		2,000		19,102
WIRELESS TELECOMMUNICATION SERVICES — 4.0%
KDDI Corp.		13,200		334,937
NTT DOCOMO, Inc.		4,400		100,460
SoftBank Group Corp.		1,300		86,548
				521,945
TOTAL COMMON STOCKS (Cost $12,741,468)				13,106,898
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $2,442)		2,442		2,442
TOTAL INVESTMENTS — 99.7% (Cost $12,743,910)				13,109,340
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				34,961
NET ASSETS — 100.0%			$	13,144,301

(a) Amount is less than 0.05% of net assets.

(b) Non-income producing security.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

215

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 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	$	30,563	$	—	$	—	$	30,563
Airlines		133,722		—		—		133,722
Auto Components		549,778		—		—		549,778
Automobiles		1,033,648		—		—		1,033,648
Banks		1,050,172		—		—		1,050,172
Beverages		173,476		—		—		173,476
Building Products		256,815		—		—		256,815
Capital Markets		59,076		—		—		59,076
Chemicals		530,541		—		—		530,541
Commercial Services & Supplies		180,010		—		—		180,010
Construction & Engineering		124,188		—		—		124,188
Construction Materials		6,345		—		—		6,345
Consumer Finance		13,229		—		—		13,229
Containers & Packaging		5,612		—		—		5,612
Diversified Consumer Services		30,368		—		—		30,368
Diversified Financial Services		147,234		—		—		147,234
Diversified Telecommunication Services		130,554		—		—		130,554
Electric Utilities		278,308		—		—		278,308
Electrical Equipment		66,063		—		—		66,063
Electronic Equipment, Instruments & Components		697,593		—		—		697,593
Food & Staples Retailing		260,732		—		—		260,732
Food Products		264,214		—		—		264,214
Gas Utilities		164,570		—		—		164,570
Health Care Equipment & Supplies		388,405		—		—		388,405
Health Care Providers & Services		68,192		—		—		68,192
Health Care Technology		70,699		—		—		70,699
Hotels, Restaurants & Leisure		216,722		—		—		216,722
Household Durables		262,495		—		—		262,495
Household Products		8,771		—		—		8,771
Independent Power Producers & Energy Traders		9,225		—		—		9,225
Industrial Conglomerates		15,730		—		—		15,730
Insurance		262,303		—		—		262,303
Internet & Catalog Retail		45,707		—		—		45,707
Internet Software & Services		112,690		—		—		112,690
IT Services		197,811		—		—		197,811
Leisure Equipment & Products		273,664		—		—		273,664
Machinery		215,390		—		—		215,390
Marine		24,135		—		—		24,135
Media		24,470		—		—		24,470
Metals & Mining		113,947		—		—		113,947
Multiline Retail		87,175		—		—		87,175
Oil, Gas & Consumable Fuels		115,504		—		—		115,504
Paper & Forest Products		8,162		—		—		8,162
Personal Products		324,593		—		—		324,593
Pharmaceuticals		951,591		—		—		951,591
Professional Services		76,401		—		—		76,401
Real Estate Investment Trusts (REITs)		261,877		—		—		261,877
Real Estate Management & Development		276,986		—		—		276,986
Road & Rail		522,925		—		—		522,925
Semiconductors & Semiconductor Equipment		24,710		—		—		24,710
Software		153,881		—		—		153,881

See accompanying Notes to Schedule of Investments

216

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Specialty Retail	$	338,353	$	—	$	—	$	338,353
Technology Hardware, Storage & Peripherals		241,224		—		—		241,224
Textiles, Apparel & Luxury Goods		2,002		—		—		2,002
Tobacco		280,139		—		—		280,139
Trading Companies & Distributors		403,161		—		—		403,161
Transportation Infrastructure		19,102		—		—		19,102
Wireless Telecommunication Services		521,945		—		—		521,945
Short-Term Investment		2,442		—		—		2,442
TOTAL INVESTMENTS	$	13,109,340	$	—	$	—	$	13,109,340

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		754	$	754		—		754		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		121,560		119,118		2,442		2,442		12
TOTAL			$	754							$	2,442	$	12

See accompanying Notes to Schedule of Investments

217

SPDR MSCI Spain StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AIRLINES — 1.4%
International Consolidated Airlines Group SA		5,392	$	29,170
BANKS — 29.6%
Banco Bilbao Vizcaya Argentaria SA		21,054		142,434
Banco de Sabadell SA		28,299		39,489
Banco Popular Espanol SA		27,541		26,667
Banco Santander SA		55,688		291,276
Bankia SA		23,629		24,200
Bankinter SA		4,603		35,733
CaixaBank SA		12,784		42,340
				602,139
BIOTECHNOLOGY — 1.9%
Grifols SA		1,926		38,354
CONSTRUCTION & ENGINEERING — 5.9%
ACS Actividades de Construccion y Servicios SA		1,757		55,633
Ferrovial SA		3,599		64,514
				120,147
DIVERSIFIED TELECOMMUNICATION SERVICES — 8.2%
Telefonica SA		18,019		167,629
ELECTRIC UTILITIES — 15.7%
Endesa SA		3,526		74,846
Iberdrola SA		26,499		174,239
Red Electrica Corp. SA		3,771		71,296
				320,381
FOOD & STAPLES RETAILING — 1.7%
Distribuidora Internacional de Alimentacion SA		7,100		34,935
GAS UTILITIES — 6.2%
Enagas SA		2,624		66,770
Gas Natural SDG SA		3,159		59,675
				126,445
INSURANCE — 4.0%
Grupo Catalana Occidente SA		1,187		38,949
Mapfre SA		13,590		41,569
				80,518
IT SERVICES — 4.3%
Amadeus IT Group SA Class A		1,907		86,832
MACHINERY — 1.8%
Zardoya Otis SA		4,231		35,835
MEDIA — 1.5%
Mediaset Espana Comunicacion SA		2,613		30,730
OIL, GAS & CONSUMABLE FUELS — 4.5%
Repsol SA		6,530		92,430
SPECIALTY RETAIL — 7.6%
Industria de Diseno Textil SA		4,541		155,327
TRANSPORTATION INFRASTRUCTURE — 5.4%
Abertis Infraestructuras SA		5,332		74,770
Aena SA (a)		259		35,418
				110,188
TOTAL COMMON STOCKS (Cost $2,892,788)				2,031,060
RIGHTS — 0.1%
Repsol SA (expiring 1/6/17) (b) (Cost $2,277)		6,530		2,424
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $295)		295		295
TOTAL INVESTMENTS — 99.8% (Cost $2,895,360)				2,033,779
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				4,122
NET ASSETS — 100.0%			$	2,037,901

(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.7% of net assets as of December 31, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Non-income producing security.

(c) Amount is less than 0.05% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Airlines	$	29,170	$	—	$	—	$	29,170
Banks		602,139		—		—		602,139
Biotechnology		38,354		—		—		38,354
Construction & Engineering		120,147		—		—		120,147
Diversified Telecommunication Services		167,629		—		—		167,629

See accompanying Notes to Schedule of Investments

218

SPDR MSCI Spain StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Electric Utilities	$	320,381	$	—	$	—	$	320,381
Food & Staples Retailing.		34,935		—		—		34,935
Gas Utilities		126,445		—		—		126,445
Insurance		80,518		—		—		80,518
IT Services		86,832		—		—		86,832
Machinery		35,835		—		—		35,835
Media		30,730		—		—		30,730
Oil, Gas & Consumable Fuels		92,430		—		—		92,430
Specialty Retail		155,327		—		—		155,327
Transportation Infrastructure		110,188		—		—		110,188
Rights
Oil, Gas & Consumable Fuels		2,424		—		—		2,424
Short-Term Investment		295		—		—		295
TOTAL INVESTMENTS	$	2,033,779	$	—	$	—	$	2,033,779

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		37	$	37		—		37		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		63,805		63,510		295		295		6
TOTAL			$	37							$	295	$	6

See accompanying Notes to Schedule of Investments

219

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 3.6%
BAE Systems PLC		6,862	$	50,153
Cobham PLC		603		1,220
Meggitt PLC.		239		1,354
Rolls-Royce Holdings PLC (a)		3,677		30,351
				83,078
AIR FREIGHT & LOGISTICS — 0.6%
Royal Mail PLC		2,603		14,863
AIRLINES — 0.2%
easyJet PLC		385		4,781
AUTO COMPONENTS — 0.6%
GKN PLC		3,403		13,948
BANKS — 8.6%
Barclays PLC		11,157		30,805
HSBC Holdings PLC		14,681		119,165
Lloyds Banking Group PLC		29,357		22,676
Royal Bank of Scotland Group PLC (a)		2,586		7,177
Standard Chartered PLC (a)		2,460		20,171
				199,994
BEVERAGES — 2.0%
Coca-Cola HBC AG (a)		191		4,177
Diageo PLC		1,635		42,628
				46,805
CAPITAL MARKETS — 2.2%
3i Group PLC		1,507		13,109
Aberdeen Asset Management PLC		1,943		6,177
Hargreaves Lansdown PLC		809		12,126
Investec PLC		224		1,484
NEX Group PLC		471		2,706
Schroders PLC		339		12,558
TP ICAP PLC		385		2,061
				50,221
CHEMICALS — 1.5%
Croda International PLC		493		19,469
Johnson Matthey PLC		382		15,020
				34,489
COMMERCIAL SERVICES & SUPPLIES — 0.5%
Babcock International Group PLC		834		9,821
G4S PLC		529		1,536
				11,357
CONSUMER FINANCE — 0.0% (b)
Provident Financial PLC		22		774
DIVERSIFIED FINANCIAL SERVICES — 0.5%
London Stock Exchange Group PLC		321		11,558
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.9%
BT Group PLC		14,129		64,055
Inmarsat PLC		337		3,130
				67,185
ELECTRIC UTILITIES — 1.1%
SSE PLC		1,373		26,347
ENERGY EQUIPMENT & SERVICES — 0.1%
Petrofac, Ltd.		128		1,374
FOOD & STAPLES RETAILING — 1.0%
J Sainsbury PLC		1,372		4,226
Tesco PLC (a)		4,552		11,635
Wm Morrison Supermarkets PLC		2,352		6,705
				22,566
FOOD PRODUCTS — 1.8%
Associated British Foods PLC		910		30,866
Tate & Lyle PLC		1,335		11,671
				42,537
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%
Smith & Nephew PLC		2,631		39,695
HEALTH CARE PROVIDERS & SERVICES — 0.2%
Mediclinic International PLC		499		4,754
HOTELS, RESTAURANTS & LEISURE — 5.0%
Carnival PLC		82		4,180
Compass Group PLC		3,544		65,731
InterContinental Hotels Group PLC		21		944
Merlin Entertainments PLC (c)		1,296		7,184
TUI AG		759		10,907
Whitbread PLC		434		20,250
William Hill PLC		1,822		6,533
				115,729
HOUSEHOLD DURABLES — 1.2%
Barratt Developments PLC		366		2,091
Berkeley Group Holdings PLC		282		9,784
Persimmon PLC		712		15,625
Taylor Wimpey PLC		670		1,271
				28,771
HOUSEHOLD PRODUCTS — 3.1%
Reckitt Benckiser Group PLC		860		73,175
INDUSTRIAL CONGLOMERATES — 0.7%
DCC PLC		43		3,209
Smiths Group PLC		714		12,493
				15,702
INSURANCE — 6.2%
Admiral Group PLC		1,289		29,100
Aviva PLC		2,420		14,545
Direct Line Insurance Group PLC		2,984		13,620
Legal & General Group PLC		14,083		43,086
Old Mutual PLC		1,601		4,101
Prudential PLC		989		19,889
RSA Insurance Group PLC		1,716		12,425
St James’s Place PLC		349		4,373
Standard Life PLC		729		3,351
				144,490
INTERNET SOFTWARE & SERVICES — 0.1%
Auto Trader Group PLC (c)		503		2,542
IT SERVICES — 0.3%
Worldpay Group PLC (c)		1,887		6,293
MACHINERY — 0.4%
IMI PLC		546		7,017
Weir Group PLC		57		1,331
				8,348

See accompanying Notes to Schedule of Investments

220

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
MEDIA — 5.2%
ITV PLC		11,742	$	29,947
Pearson PLC		384		3,884
RELX PLC		3,493		62,541
Sky PLC		812		9,943
WPP PLC		636		14,271
				120,586
METALS & MINING — 3.9%
Anglo American PLC (a)		816		11,696
Antofagasta PLC		117		976
BHP Billiton PLC		819		13,222
Fresnillo PLC		398		6,005
Glencore PLC (a)		8,877		30,422
Randgold Resources, Ltd.		133		10,542
Rio Tinto PLC		478		18,655
				91,518
MULTI-UTILITIES — 2.4%
Centrica PLC		3,845		11,122
National Grid PLC		3,750		44,094
				55,216
MULTILINE RETAIL — 1.5%
Marks & Spencer Group PLC		3,618		15,647
Next PLC		324		19,949
				35,596
OIL, GAS & CONSUMABLE FUELS — 11.5%
BP PLC		17,403		109,585
Royal Dutch Shell PLC Class A		3,624		100,419
Royal Dutch Shell PLC Class B		1,965		57,156
				267,160
PAPER & FOREST PRODUCTS — 0.6%
Mondi PLC		689		14,184
PERSONAL PRODUCTS — 3.3%
Unilever PLC		1,883		76,608
PHARMACEUTICALS — 7.5%
AstraZeneca PLC		1,395		76,491
GlaxoSmithKline PLC		4,189		80,851
Hikma Pharmaceuticals PLC		75		1,754
Shire PLC		277		16,032
				175,128
PROFESSIONAL SERVICES — 1.5%
Capita PLC		1,420		9,317
Experian PLC		658		12,797
Intertek Group PLC		284		12,216
				34,330
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.9%
British Land Co. PLC REIT		370		2,878
Hammerson PLC		1,395		9,877
Intu Properties PLC		629		2,187
Land Securities Group PLC REIT		902		11,881
Segro PLC		2,957		16,738
				43,561
SOFTWARE — 1.1%
Sage Group PLC		3,060		24,766
SPECIALTY RETAIL — 1.4%
Dixons Carphone PLC		494		2,165
Kingfisher PLC		6,784		29,364
				31,529
TEXTILES,APPAREL & LUXURY GOODS — 0.7%
Burberry Group PLC		921		17,036
TOBACCO — 4.8%
British American Tobacco PLC		1,491		85,145
Imperial Brands PLC		576		25,213
				110,358
TRADING COMPANIES & DISTRIBUTORS — 3.2%
Ashtead Group PLC		92		1,796
Bunzl PLC		1,239		32,288
Travis Perkins PLC		530		9,509
Wolseley PLC		503		30,841
				74,434
WATER UTILITIES — 0.9%
Severn Trent PLC		408		11,202
United Utilities Group PLC		802		8,929
				20,131
WIRELESS TELECOMMUNICATION SERVICES — 2.1%
Vodafone Group PLC		20,094		49,621
TOTAL COMMON STOCKS (Cost $2,755,850)				2,313,138
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $4,483)		4,483		4,483
TOTAL INVESTMENTS — 99.8% (Cost $2,760,333)				2,317,621
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				5,679
NET ASSETS — 100.0%			$	2,323,300

(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 0.7% of net assets as of December 31, 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 December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

221

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	83,078	$	—	$	—	$	83,078
Air Freight & Logistics		14,863		—		—		14,863
Airlines		4,781		—		—		4,781
Auto Components		13,948		—		—		13,948
Banks		199,994		—		—		199,994
Beverages		46,805		—		—		46,805
Capital Markets		50,221		—		—		50,221
Chemicals		34,489		—		—		34,489
Commercial Services & Supplies		11,357		—		—		11,357
Consumer Finance		774		—		—		774
Diversified Financial Services		11,558		—		—		11,558
Diversified Telecommunication Services		67,185		—		—		67,185
Electric Utilities		26,347		—		—		26,347
Energy Equipment & Services		1,374		—		—		1,374
Food & Staples Retailing		22,566		—		—		22,566
Food Products		42,537		—		—		42,537
Health Care Equipment & Supplies		39,695		—		—		39,695
Health Care Providers & Services		4,754		—		—		4,754
Hotels, Restaurants & Leisure		115,729		—		—		115,729
Household Durables		28,771		—		—		28,771
Household Products		73,175		—		—		73,175
Industrial Conglomerates		15,702		—		—		15,702
Insurance		144,490		—		—		144,490
Internet Software & Services		2,542		—		—		2,542
IT Services		6,293		—		—		6,293
Machinery		8,348		—		—		8,348
Media		120,586		—		—		120,586
Metals & Mining		91,518		—		—		91,518
Multi-Utilities		55,216		—		—		55,216
Multiline Retail		35,596		—		—		35,596
Oil, Gas & Consumable Fuels		267,160		—		—		267,160
Paper & Forest Products		14,184		—		—		14,184
Personal Products		76,608		—		—		76,608
Pharmaceuticals		175,128		—		—		175,128
Professional Services		34,330		—		—		34,330
Real Estate Investment Trusts (REITs)		43,561		—		—		43,561
Software		24,766		—		—		24,766
Specialty Retail		31,529		—		—		31,529
Textiles, Apparel & Luxury Goods		17,036		—		—		17,036
Tobacco		110,358		—		—		110,358
Trading Companies & Distributors		74,434		—		—		74,434
Water Utilities		20,131		—		—		20,131
Wireless Telecommunication Services		49,621		—		—		49,621
Short-Term Investment		4,483		—		—		4,483
TOTAL INVESTMENTS	$	2,317,621	$	—	$	—	$	2,317,621

See accompanying Notes to Schedule of Investments

222

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,019	$	1,019		—		1,019		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		43,485		39,002		4,483		4,483		1
TOTAL			$	1,019							$	4,483	$	1

See accompanying Notes to Schedule of Investments

223

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 3.9%
APA Group		172,547	$	1,070,746
Challenger, Ltd.		82,657		672,736
Sonic Healthcare, Ltd.		71,173		1,102,878
Woolworths, Ltd.		72,716		1,268,953
				4,115,313
BRAZIL — 0.8%
TOTVS SA		110,500		816,180
CANADA — 20.4%
Agrium, Inc. (a)		9,846		990,877
Bank of Montreal (a)		10,944		788,085
Bank of Nova Scotia		17,335		966,380
Canadian Apartment Properties		29,663		693,880
Canadian Imperial Bank of Commerce		11,017		900,058
Canadian Western Bank (a)		35,160		795,462
Emera, Inc. (a)		33,465		1,132,677
Enbridge Income Fund Holdings, Inc. (a)		84,062		2,179,513
Finning International, Inc.		72,747		1,426,135
Fortis, Inc. (a)		36,454		1,127,015
IGM Financial, Inc. (a)		35,500		1,011,223
National Bank of Canada		27,218		1,106,743
Power Corp. of Canada		28,515		638,959
Power Financial Corp. (a)		28,547		714,393
RioCan Real Estate Investment Trust		48,379		960,690
Rogers Communications, Inc. Class B (a)		26,273		1,014,637
Royal Bank of Canada		11,497		779,041
Shaw Communications, Inc. Class B (a)		67,832		1,362,659
TELUS Corp.		40,041		1,276,427
TransCanada Corp. (a)		34,396		1,552,764
				21,417,618
FINLAND — 1.9%
Fortum Oyj		126,804		1,948,687
FRANCE — 5.0%
Klepierre REIT		12,378		487,565
Sanofi		10,236		830,245
Technip SA		24,227		1,732,778
TOTAL SA		33,484		1,720,656
Unibail-Rodamco SE		2,225		532,141
				5,303,385
GERMANY — 1.7%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,971		562,962
Siemens AG		9,703		1,195,359
				1,758,321
HONG KONG — 4.9%
CK Hutchison Holdings, Ltd.		64,500		731,258
CLP Holdings, Ltd.		111,000		1,020,069
Hysan Development Co., Ltd.		125,000		516,725
Link REIT		88,000		572,051
Sino Land Co., Ltd.		410,386		615,064
Sun Hung Kai Properties, Ltd.		36,000		455,041
Wharf Holdings, Ltd.		103,000		684,838
Wheelock & Co., Ltd.		103,000		579,887
				5,174,933
INDONESIA — 1.1%
Astra International Tbk PT		1,940,600		1,191,944
ITALY — 1.4%
Atlantia SpA		33,196		779,400
Hera SpA		308,448		713,136
				1,492,536
JAPAN — 0.9%
Canon, Inc. (a)		34,000		960,518
NETHERLANDS — 0.9%
Boskalis Westminster		25,716		894,819
NORWAY — 0.9%
Orkla ASA		105,973		962,753
PORTUGAL — 1.0%
EDP—Energias de Portugal SA		359,032		1,095,926
SINGAPORE — 1.9%
Singapore Post, Ltd. (a)		902,300		914,979
Singapore Telecommunications, Ltd.		436,100		1,101,796
				2,016,775
SOUTH AFRICA — 9.8%
AVI, Ltd.		207,118		1,383,715
Foschini Group, Ltd.		173,831		2,022,795
MTN Group, Ltd.		309,513		2,855,668
Sanlam, Ltd.		137,119		630,697
SPAR Group, Ltd.		74,425		1,080,754
Standard Bank Group, Ltd.		112,452		1,247,868
Truworths International, Ltd.		184,245		1,073,404
				10,294,901
SPAIN — 2.8%
Abertis Infraestructuras SA		78,437		1,099,914
Enagas SA		41,607		1,058,725
Red Electrica Corp. SA		44,219		836,022
				2,994,661
SWEDEN — 3.1%
Castellum AB		40,062		550,794
Skanska AB Class B		50,716		1,200,825
Telia Co. AB		374,543		1,513,492
				3,265,111
SWITZERLAND — 2.5%
Baloise Holding AG		4,148		523,627
PSP Swiss Property AG		5,618		486,431
Sulzer AG		9,109		941,059
Swiss Prime Site AG (b)		7,789		638,769
				2,589,886
THAILAND — 2.8%
Advanced Info Service PCL NVDR		382,500		1,570,140
Bangkok Bank PCL		124,600		561,927
Siam Commercial Bank PCL NVDR		179,400		763,980
				2,896,047
UNITED KINGDOM — 9.1%
Aberdeen Asset Management PLC		246,297		783,058
BAE Systems PLC		130,912		956,818
British American Tobacco PLC		18,217		1,040,292
Carillion PLC (a)		321,118		936,820
Close Brothers Group PLC		27,890		497,980

See accompanying Notes to Schedule of Investments

224

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
GlaxoSmithKline PLC		66,213	$	1,277,967
IMI PLC		89,447		1,149,461
Pennon Group PLC		72,914		745,095
Tate & Lyle PLC		120,227		1,051,051
UBM PLC		119,685		1,081,806
				9,520,348
UNITED STATES — 22.8%
AT&T, Inc.		37,340		1,588,070
Chevron Corp.		13,453		1,583,418
CME Group, Inc.		7,860		906,651
Consolidated Edison, Inc.		13,514		995,711
Donnelley Financial Solutions, Inc. (b)		14,520		333,670
Entergy Corp.		17,013		1,249,945
Helmerich & Payne, Inc. (a)		27,492		2,127,881
LSC Communications, Inc.		14,520		430,954
Mattel, Inc. (a)		47,863		1,318,626
Mercury General Corp.		15,038		905,438
National Health Investors, Inc. REIT		11,856		879,359
New York Community Bancorp, Inc.		52,870		841,162
Old Republic International Corp.		27,850		529,150
People’s United Financial, Inc. (a)		34,734		672,450
PPL Corp.		30,855		1,050,613
RR Donnelley & Sons Co.		38,723		631,959
Southern Co.		22,164		1,090,247
Tupperware Brands Corp.		19,968		1,050,716
Verizon Communications, Inc.		24,760		1,321,689
Waddell & Reed Financial, Inc. Class A (a)		30,773		600,381
Williams Cos., Inc.		124,284		3,870,204
				23,978,294
TOTAL COMMON STOCKS (Cost $105,010,751)				104,688,956
SHORT-TERM INVESTMENTS — 6.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		40,044		40,044
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		6,376,518		6,376,518
TOTAL SHORT-TERM INVESTMENTS (Cost $6,416,562)				6,416,562
TOTAL INVESTMENTS — 105.7% (Cost $111,427,313)				111,105,518
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.7)%				(5,965,799	)
NET ASSETS — 100.0%			$	105,139,719

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	4,115,313	$	—	$	—	$	4,115,313
Brazil		816,180		—		—		816,180
Canada		21,417,618		—		—		21,417,618
Finland		1,948,687		—		—		1,948,687
France		5,303,385		—		—		5,303,385
Germany		1,758,321		—		—		1,758,321
Hong Kong		5,174,933		—		—		5,174,933
Indonesia		1,191,944		—		—		1,191,944
Italy.		1,492,536		—		—		1,492,536
Japan		960,518		—		—		960,518
Netherlands		894,819		—		—		894,819
Norway		962,753		—		—		962,753
Portugal		1,095,926		—		—		1,095,926
Singapore.		2,016,775		—		—		2,016,775
South Africa		10,294,901		—		—		10,294,901

See accompanying Notes to Schedule of Investments

225

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Spain	$	2,994,661	$	—	$	—	$	2,994,661
Sweden		3,265,111		—		—		3,265,111
Switzerland		2,589,886		—		—		2,589,886
Thailand		2,896,047		—		—		2,896,047
United Kingdom		9,520,348		—		—		9,520,348
United States		23,978,294		—		—		23,978,294
Short-Term Investments		6,416,562		—		—		6,416,562
TOTAL INVESTMENTS	$	111,105,518	$	—	$	—	$	111,105,518

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class .		57,050	$	57,050		42,032		99,082		—	$	—	$	4
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,170,851		1,130,807		40,044		40,044		156
State Street Navigator Securities Lending Government Money Market Portfolio *		8,297,041		8,297,041		101,147,722		103,068,245		6,376,518		6,376,518		7,836
TOTAL			$	8,354,091							$	6,416,562	$	7,996

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

226

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 23.9%
APA Group		2,123,259	$	13,175,960
ASX, Ltd.		142,387		5,128,314
Aurizon Holdings, Ltd.		6,181,735		22,604,777
Australia & New Zealand Banking Group, Ltd.		345,387		7,607,880
Bank of Queensland, Ltd.		526,730		4,527,279
Bendigo & Adelaide Bank, Ltd.		662,862		6,100,524
Commonwealth Bank of Australia		65,798		3,926,369
CSR, Ltd.		4,199,091		14,047,393
Dexus Property Group REIT		705,142		4,911,907
Downer EDI, Ltd.		2,513,822		11,085,372
DUET Group		8,432,619		16,730,599
Genworth Mortgage Insurance Australia, Ltd.		2,096,388		4,963,841
Insurance Australia Group, Ltd.		1,311,340		5,687,751
IOOF Holdings, Ltd. (a)		858,190		5,723,234
National Australia Bank, Ltd.		305,652		6,787,963
Spark Infrastructure Group		4,102,694		7,070,409
Stockland REIT		1,272,482		4,220,030
Suncorp Group, Ltd.		564,474		5,526,105
Tatts Group, Ltd.		3,283,458		10,651,431
Telstra Corp., Ltd.		4,263,827		15,745,926
Vicinity Centres REIT		1,884,310		4,079,641
Westpac Banking Corp.		230,790		5,447,949
Woodside Petroleum, Ltd.		1,382,733		31,198,538
Woolworths, Ltd.		1,451,218		25,324,924
				242,274,116
BELGIUM — 0.6%
bpost SA		258,527		6,135,330
BRAZIL — 1.1%
Cia Energetica de Minas Gerais ADR		4,827,896		11,007,603
CANADA — 14.4%
Crescent Point Energy Corp. (a)		2,879,642		39,188,297
Enbridge Income Fund Holdings, Inc. (a)		391,487		10,150,258
Inter Pipeline, Ltd.		816,942		18,056,121
Pembina Pipeline Corp. (a)		905,610		28,335,555
PrairieSky Royalty, Ltd. (a)		815,047		19,412,103
Smart Real Estate Investment Trust REIT		157,829		3,800,230
Whitecap Resources, Inc. (a)		3,040,252		27,567,551
				146,510,115
CHINA — 4.0%
Agricultural Bank of China, Ltd. Class H		11,921,000		4,889,468
Bank of China, Ltd. Class H		10,328,000		4,582,437
China Construction Bank Corp. Class H		7,043,000		5,423,178
China Evergrande Group (a)		6,967,115		4,340,322
China South City Holdings, Ltd. (a)		21,810,000		4,557,141
Country Garden Holdings Co., Ltd. (a)		10,127,200		5,668,928
Huaneng Power International, Inc. Class H .		5,396,000		3,577,312
Industrial & Commercial Bank of China, Ltd. Class H		7,932,000		4,757,266
KWG Property Holding, Ltd.		5,552,000		3,150,823
				40,946,875
CZECH REPUBLIC — 0.3%
Komercni banka A/S		97,663		3,373,875
FINLAND — 3.3%
Fortum Oyj		1,662,935		25,555,498
Orion Oyj Class B		185,491		8,273,896
				33,829,394
FRANCE — 2.8%
Electricite de France SA (a)		2,002,924		20,449,813
Fonciere Des Regions		39,343		3,441,763
ICADE		55,124		3,941,449
				27,833,025
GERMANY — 2.2%
Drillisch AG (a)		283,551		12,230,689
Freenet AG		336,915		9,509,462
				21,740,151
HONG KONG — 5.6%
New World Development Co., Ltd.		3,889,869		4,114,060
Sands China, Ltd.		7,807,200		33,934,935
SJM Holdings, Ltd.		16,778,000		13,157,264
Yue Yuen Industrial Holdings, Ltd.		1,620,000		5,881,867
				57,088,126
ITALY — 2.9%
Italgas SpA (b)		575,241		2,267,977
Snam SpA		2,830,887		11,686,726
Terna Rete Elettrica Nazionale SpA		2,446,516		11,230,173
UnipolSai SpA (a)		2,077,211		4,447,605
				29,632,481
NETHERLANDS — 1.6%
Delta Lloyd NV		2,877,930		16,139,735
NEW ZEALAND — 2.5%
Fletcher Building, Ltd.		1,468,469		10,854,012
SKY Network Television, Ltd.		1,621,500		5,144,557
Spark New Zealand, Ltd.		3,895,551		9,262,814
				25,261,383
NORWAY — 1.6%
Gjensidige Forsikring ASA		173,695		2,764,527
TGS Nopec Geophysical Co. ASA		604,741		13,468,040
				16,232,567
PORTUGAL — 1.5%
EDP — Energias de Portugal SA		4,931,719		15,053,808
RUSSIA — 1.0%
Mobile TeleSystems PJSC ADR		1,115,075		10,158,333
SINGAPORE — 0.7%
CapitaLand Mall Trust REIT		2,609,000		3,404,143
United Overseas Bank, Ltd.		284,332		4,014,932
				7,419,075
SOUTH AFRICA — 5.7%
Barclays Africa Group, Ltd.		521,945		6,438,530
Coronation Fund Managers, Ltd.		1,939,189		9,995,863

See accompanying Notes to Schedule of Investments

227

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Growthpoint Properties, Ltd. REIT		2,477,623	$	4,690,725
MMI Holdings, Ltd.		3,354,052		5,785,893
MTN Group, Ltd.		794,752		7,332,641
Nedbank Group, Ltd.		337,087		5,869,874
Redefine Properties, Ltd. REIT		8,959,249		7,331,188
Standard Bank Group, Ltd.		554,201		6,149,909
Vodacom Group, Ltd.		357,449		3,983,563
				57,578,186
SPAIN — 2.0%
Banco Bilbao Vizcaya Argentaria SA		537,894		3,638,942
Bolsas y Mercados Espanoles SHMSF SA (a)		119,442		3,526,851
Enagas SA		527,968		13,434,591
				20,600,384
SWEDEN — 2.0%
Bonava AB Class B (b)		292,692		4,549,250
NCC AB Class B		292,692		7,262,045
Nordea Bank AB		380,064		4,237,994
Swedbank AB Class A		187,618		4,549,705
				20,598,994
SWITZERLAND — 4.1%
STMicroelectronics NV		2,780,783		31,676,732
Swiss Re AG		49,301		4,681,012
Zurich Insurance Group AG (b)		17,973		4,958,557
				41,316,301
THAILAND — 1.1%
Advanced Info Service PCL NVDR (c)		1,082,969		4,445,525
BTS Group Holdings PCL NVDR		15,612,345		3,727,553
Krung Thai Bank PCL NVDR (c)		6,786,300		3,354,254
				11,527,332
TURKEY — 2.4%
Eregli Demir ve Celik Fabrikalari TAS		7,904,633		11,550,436
Tofas Turk Otomobil Fabrikasi A/S		483,017		3,383,426
Turkcell Iletisim Hizmetleri A/S (b)		3,289,550		9,117,896
				24,051,758
UNITED KINGDOM — 12.4%
Aberdeen Asset Management PLC		1,459,843		4,641,317
Admiral Group PLC		159,258		3,595,300
Berkeley Group Holdings PLC		335,821		11,651,994
Imperial Brands PLC		328,129		14,363,152
National Grid PLC		1,520,761		17,881,777
Old Mutual PLC		1,560,508		3,997,243
Rio Tinto PLC		957,341		37,363,094
SSE PLC		944,508		18,124,765
Vodafone Group PLC		5,511,343		13,609,961
				125,228,603
TOTAL COMMON STOCKS (Cost $1,010,420,884)				1,011,537,550
SHORT-TERM INVESTMENTS — 4.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		173,685		173,685
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		46,385,067		46,385,067
TOTAL SHORT-TERM INVESTMENTS (Cost $46,558,752)				46,558,752
TOTAL INVESTMENTS — 104.3% (Cost $1,056,979,636)				1,058,096,302
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.3)%				(43,384,783	)
NET ASSETS — 100.0%			$	1,014,711,519

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of securities is $123,645 representing 0.0% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia.	$	242,274,116	$	—	$	—	$	242,274,116
Belgium		6,135,330		—		—		6,135,330
Brazil		11,007,603		—		—		11,007,603

See accompanying Notes to Schedule of Investments

228

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Canada	$	146,510,115	$	—	$	—	$	146,510,115
China		40,946,875		—		—		40,946,875
Czech Republic		3,373,875		—		—		3,373,875
Finland		33,829,394		—		—		33,829,394
France		27,833,025		—		—		27,833,025
Germany		21,740,151		—		—		21,740,151
Hong Kong		57,088,126		—		—		57,088,126
Italy		29,632,481		—		—		29,632,481
Netherlands		16,139,735		—		—		16,139,735
New Zealand		25,261,383		—		—		25,261,383
Norway		16,232,567		—		—		16,232,567
Portugal		15,053,808		—		—		15,053,808
Russia		10,158,333		—		—		10,158,333
Singapore		7,419,075		—		—		7,419,075
South Africa		57,578,186		—		—		57,578,186
Spain		20,600,384		—		—		20,600,384
Sweden		20,598,994		—		—		20,598,994
Switzerland.		41,316,301		—		—		41,316,301
Thailand		11,403,687		123,645		—		11,527,332
Turkey		24,051,758		—		—		24,051,758
United Kingdom		125,228,603		—		—		125,228,603
Short-Term Investments		46,558,752		—		—		46,558,752
TOTAL INVESTMENTS	$	1,057,972,657	$	123,645	$	—	$	1,058,096,302

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		34,299	$	34,299		957		35,256		—	$	—	$	(57	)
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		24,431,351		24,257,666		173,685	$	173,685	$	3,274
State Street Navigator Securities Lending Government Money Market Portfolio *		85,141,270		85,141,270		662,575,439		701,331,642		46,385,067		46,385,067		192,533
TOTAL			$	85,175,569							$	46,558,752	$	195,750

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

229

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.2%
AUSTRALIA — 0.1%
MMG, Ltd. (a) (b)		864,000	$	221,763
BRAZIL — 5.1%
AES Tiete Energia SA		23,814		102,435
Aliansce Shopping Centers SA		85,371		379,024
Alpargatas SA Preference Shares		14,200		43,673
Alupar Investimento SA		42,500		223,292
Arezzo Industria e Comercio SA		41,449		319,142
B2W Cia Digital (b)		74,990		235,013
Banco ABC Brasil SA Preference Shares		67,571		289,201
Banco do Estado do Rio Grande do SulSA Class B, Preference Shares		107,748		341,647
BR Properties SA		64,242		148,037
Bradespar SA Preference Shares		145,681		664,689
Brasil Brokers Participacoes SA (b)		312,120		151,519
Cia de Saneamento de Minas Gerais-COPASA		46,607		522,677
Cia Energetica de Sao Paulo Class B, Preference Shares		61,811		256,193
Cia Ferro Ligas da Bahia — FERBASA Preference Shares		95,397		227,450
Cia Hering		114,597		532,371
Cosan Logistica SA (b)		57,617		88,336
Direcional Engenharia SA		157,047		220,031
EcoRodovias Infraestrutura e Logistica SA		124,153		314,321
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		91,396		317,037
Estacio Participacoes SA		167,149		811,428
Even Construtora e Incorporadora SA		222,084		252,469
Ez Tec Empreendimentos e Participacoes SA		78,913		379,448
Fleury SA		70,849		776,037
GAEC Educacao SA		70,788		296,445
Gafisa SA		335,097		191,502
Helbor Empreendimentos SA		218,049		103,172
Iguatemi Empresa de Shopping Centers SA		35,613		291,824
International Meal Co. Alimentacao SA Class A (b)		89,436		136,571
Iochpe Maxion SA		73,555		263,512
JSL SA		43,633		120,387
Kepler Weber SA		16,953		93,758
Light SA		65,342		348,523
Linx SA		60,033		320,021
LPS Brasil Consultoria de Imoveis SA (b)		91,764		109,958
Magnesita Refratarios SA (b)		52,806		385,333
Mahle-Metal Leve SA		33,034		210,706
Marcopolo SA Preference Shares		441,791		371,926
Marfrig Global Foods SA (b)		182,813		371,277
Metalurgica Gerdau SA Preference Shares (b)		458,182		675,722
Mills Estruturas e Servicos de Engenharia SA (b)		167,557		201,293
Minerva SA (b)		39,672		148,098
MRV Engenharia e Participacoes SA		225,059		756,489
Paranapanema SA		231,772		108,241
Prumo Logistica SA (b)		28,218		66,325
QGEP Participacoes SA		158,861		260,156
Qualicorp SA		88,759		524,967
Randon SA Implementos e Participacoes (b)		1,051		804
Randon SA Implementos e Participacoes Preference Shares (b)		225,809		239,359
Restoque Comercio e Confeccoes de Roupas SA (b)		112,871		109,587
Santos Brasil Participacoes SA (b)		153,264		113,016
Sao Martinho SA		51,255		307,086
Ser Educacional SA (c)		50,194		287,929
SLC Agricola SA		69,268		307,957
Smiles SA		33,493		460,301
Sul America SA		85,699		473,955
TOTVS SA		44,759		330,601
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		62,238		470,987
Via Varejo SA		110,618		365,362
				17,418,620
CHILE — 1.6%
CAP SA		16,605		118,179
Engie Energia Chile SA		174,133		275,582
Inversiones Aguas Metropolitanas SA		495,899		715,286
Inversiones La Construccion SA		44,681		583,681
Parque Arauco SA		578,380		1,320,770
Ripley Corp. SA		1,021,257		608,880
Salfacorp SA		471,462		337,872
Sociedad Matriz SAAM SA		7,352,839		566,570
SONDA SA		55,715		98,922
Vina Concha y Toro SA		578,997		929,200
				5,554,942
CHINA — 15.3%
21Vianet Group, Inc. ADR (b)		37,124		260,239
361 Degrees International, Ltd.		802,000		310,325
500.com, Ltd. Class A, ADR (a) (b)		8,321		127,561
51job, Inc. ADR (b)		21,350		721,630
Anton Oilfield Services Group (a) (b)		932,000		131,028
Autohome, Inc. ADR (b)		26,533		670,754
AVIC International Holding HK, Ltd. (b)		1,604,000		95,166
Baoxin Auto Group, Ltd. (b)		56,101		13,821
Baozun, Inc. ADR (b)		18,745		226,252
BeiGene, Ltd. ADR (b)		14,311		434,482
Beijing Capital Land, Ltd. Class H		964,400		361,970
Beijing North Star Co., Ltd. Class H		534,000		163,923
Biostime International Holdings, Ltd. (a) (b)		123,500		381,500
Bitauto Holdings, Ltd. ADR (a) (b)		22,098		418,536
Boer Power Holdings, Ltd. (a)		110,000		43,840
Boshiwa International Holding, Ltd. (a) (b) (d)		1,843,000		—
Boyaa Interactive International, Ltd. (a) (b)		721,000		330,130
BYD Electronic International Co., Ltd.		377,000		296,615
Central China Securities Co., Ltd. Class H		320,000		175,000

See accompanying Notes to Schedule of Investments

230

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Chaowei Power Holdings, Ltd.		467,000	$	399,349
Cheetah Mobile, Inc. ADR (a) (b)		17,390		166,248
China Aerospace International Holdings, Ltd.		1,060,000		133,984
China Aircraft Leasing Group Holdings, Ltd.		82,500		90,341
China Animal Healthcare, Ltd. (a) (b) (d)		1,059,700		—
China Assurance Finance Group, Ltd. (b)		647,000		86,788
China Distance Education Holdings, Ltd. ADR		29,819		333,376
China Dongxiang Group Co., Ltd.		3,530,000		637,418
China Electronics Corp. Holdings Co., Ltd.		174,000		35,010
China Energine International Holdings, Ltd. (b)		602,000		45,035
China Fangda Group Co., Ltd. Class B		132,200		124,985
China First Capital Group, Ltd. (b)		58,000		86,927
China Foods, Ltd.		598,000		253,757
China Forestry Holdings Co., Ltd. (a) (b) (d)		1,642,000		—
China Greenland Broad Greenstate Group Co., Ltd. (a)		476,000		79,199
China Harmony New Energy Auto Holding, Ltd. (a)		360,000		129,083
China Hongxing Sports, Ltd. (a) (b) (d)		4,758,000		—
China Huarong Energy Co., Ltd. (b)		378,100		21,701
China Huiyuan Juice Group, Ltd. (b)		1,172,400		391,649
China Lesso Group Holdings, Ltd.		818,000		530,693
China Lilang, Ltd.		804,000		453,168
China Logistics Property Holdings Co., Ltd. (a) (b)		595,000		395,226
China Maple Leaf Educational Systems, Ltd. (a)		366,000		242,642
China Modern Dairy Holdings, Ltd. (a) (b)		1,677,000		413,131
China National Materials Co., Ltd.		1,054,000		246,060
China Overseas Grand Oceans Group, Ltd. (b)		635,000		207,213
China Pioneer Pharma Holdings, Ltd.		383,000		138,318
China Power New Energy Development Co., Ltd. (a)		435,000		229,474
China Rare Earth Holdings, Ltd. (b)		1,496,400		117,733
China Resources Phoenix Healthcare Holdings Co., Ltd. (a)		507,500		649,336
China SCE Property Holdings, Ltd.		1,892,800		568,830
China Shanshui Cement Group, Ltd. (a) (b) (d)		1,224,000		59,202
China Shengmu Organic Milk, Ltd. (a) (b) (c)		1,400,000		388,229
China Shineway Pharmaceutical Group, Ltd.		298,000		338,237
China Silver Group, Ltd.		856,000		164,506
China Singyes Solar Technologies Holdings, Ltd. (a)		453,600		216,469
China Suntien Green Energy Corp., Ltd. Class H (a)		1,308,000		168,706
China Travel International Investment Hong Kong, Ltd. (a)		2,792,000		767,038
China Yurun Food Group, Ltd. (a) (b)		887,000		131,566
China ZhengTong Auto Services Holdings, Ltd.		591,500		172,419
Chinasoft International, Ltd. (a) (b)		1,520,000		713,620
Chongqing Iron & Steel Co., Ltd. Class H (b)		458,000		133,504
CITIC Resources Holdings, Ltd. (a) (b)		2,733,000		334,877
CITIC Telecom International Holdings, Ltd.		722,000		216,978
Colour Life Services Group Co., Ltd.		487,000		364,316
Consun Pharmaceutical Group, Ltd.		415,600		206,912
Coolpad Group, Ltd. (b)		2,437,600		251,521
CT Environmental Group, Ltd. (a)		2,681,900		539,621
Dah Chong Hong Holdings, Ltd.		550,000		209,979
Dongyue Group, Ltd. (b) (d)		661,000		87,600
Eastern Communications Co., Ltd. Class B		52,174		37,409
Fang Holdings, Ltd. ADR (b)		138,718		454,995
Fanhua, Inc. ADR (a) (b)		42,029		348,000
First Tractor Co., Ltd. Class H		508,500		285,300
Foshan Electrical and Lighting Co., Ltd. Class B		85,600		68,121
Fu Shou Yuan International Group, Ltd. (a)		1,186,000		702,133
Fufeng Group, Ltd. (a)		779,600		383,106
Future Land Holdings Co., Ltd. Class A		531,529		898,692
Fuyao Glass Industry Group Co., Ltd. Class H (a) (c)		436,400		1,353,698
Goodbaby International Holdings, Ltd.		520,000		248,828
Greatview Aseptic Packaging Co., Ltd.		803,048		412,236
Greentown China Holdings, Ltd. (a) (b)		614,000		497,336
Guangdong Land Holdings, Ltd. (b)		1,062,000		234,230
Guorui Properties, Ltd.		894,000		280,198
Harbin Electric Co., Ltd. Class H		946,000		441,694
Hilong Holding, Ltd.		909,100		263,825
Hisense Kelon Electrical Holdings Co., Ltd. Class H		217,000		177,168
HNA Holding Group Co., Ltd. (a) (b)		3,134,000		115,203
Hollysys Automation Technologies, Ltd.		36,922		676,411
Honghua Group, Ltd. (b)		2,149,000		210,655
Huadian Energy Co., Ltd. Class B (b)		198,400		99,200
Huangshan Tourism Development Co., Ltd. Class B		368,461		495,580
Huayi Tencent Entertainment Co., Ltd. (a) (b)		2,400,000		145,489
Huiyin Smart Community Co., Ltd. (b)		76,210		6,586
Inner Mongolia Eerduosi Resourses Co., Ltd. Class B		132,300		129,786
JA Solar Holdings Co., Ltd. ADR (b)		51,222		243,817
Jiangnan Group, Ltd.		432,000		60,734
JinkoSolar Holding Co., Ltd. ADR (a) (b)		18,610		283,430
Jumei International Holding, Ltd. ADR (b)		37,347		187,108
Kama Co., Ltd. Class B (b)		245,400		279,756
Kandi Technologies Group, Inc. (a) (b)		35,364		173,284
Kangda International Environmental Co., Ltd. (a) (c)		1,490,200		388,256

See accompanying Notes to Schedule of Investments

231

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kingdee International Software Group Co., Ltd. (a) (b)		956,000	$	360,050
Launch Tech Co., Ltd. Class H (b)		66,000		75,592
Leyou Technologies Holdings, Ltd. (a) (b)		774,200		159,770
Li Ning Co., Ltd. (b)		1,725,249		1,083,684
Lifetech Scientific Corp. (a) (b)		932,000		223,589
Lonking Holdings, Ltd.		1,892,000		405,090
Luoyang Glass Co., Ltd. Class H (a) (b)		380,000		249,963
Maoye International Holdings, Ltd. (a) (b)		1,304,000		121,097
Nanjing Panda Electronics Co., Ltd. Class H		106,000		98,574
Noah Holdings, Ltd. ADS (a) (b)		35,776		784,568
NQ Mobile, Inc. Class A, ADR (a) (b)		48,390		155,816
Orient Securities Co., Ltd. Class H (b) (c)		956,400		949,844
Ourgame International Holdings, Ltd. (a) (b)		149,000		60,729
Ozner Water International Holding, Ltd. (a) (b) (c)		1,033,000		246,487
Pacific Online, Ltd. (a)		725,100		187,982
Parkson Retail Group, Ltd. (a)		2,257,500		247,496
Poly Culture Group Corp., Ltd. Class H		130,800		319,191
Poly Property Group Co., Ltd. (a) (b)		1,648,000		546,276
PW Medtech Group, Ltd. (b)		1,980,000		515,868
Real Gold Mining, Ltd. (b) (d)		251,500		—
Renren, Inc. ADR (b)		93,337		148,406
Shandong Airlines Co., Ltd. Class B		190,100		406,281
Shandong Molong Petroleum Machinery Co., Ltd. Class H (b)		223,600		77,868
Shandong Zhonglu Oceanic Fisheries Co., Ltd. Class B (b)		94,200		73,021
Shang Gong Group Co., Ltd. Class B (b)		112,700		129,380
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B (b)		142,400		113,350
Shanghai Diesel Engine Co., Ltd. Class B		334,560		287,052
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (a)		383,000		320,107
Shanghai Greencourt Investment Group Co., Ltd. Class B (b)		426,700		283,329
Shanghai Haixin Group Co. Class B		562,008		465,343
Shanghai Highly Group Co., Ltd. Class B		129,900		109,116
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		842,000		222,632
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		105,400		156,203
Shanghai Jinjiang International Travel Co., Ltd. Class B		59,900		218,635
Shanghai Potevio Co., Ltd. Class B (b)		78,900		108,409
Shanghai Shibei Hi-Tech Co., Ltd. Class B		111,700		126,556
Shenguan Holdings Group, Ltd.		1,438,010		109,430
Shenwan Hongyuan HK, Ltd.		115,000		50,134
Shenzhen China Bicycle Co. Holdings, Ltd. Class B (b)		212,000		139,726
Shenzhen Chiwan Petroleum Class B (b)		20,500		67,107
Shenzhen SEG Co., Ltd. Class B		137,500		87,787
Shougang Concord International Enterprises Co., Ltd. (b)		7,482,000		246,082
Shougang Fushan Resources Group, Ltd.		2,444,000		479,145
Shunfeng International Clean Energy, Ltd. (b)		1,179,300		73,771
Sichuan Expressway Co., Ltd. Class H		1,274,000		489,675
Silergy Corp.		24,000		338,081
Sinofert Holdings, Ltd. (a)		1,268,000		171,724
Sinosoft Technology Group, Ltd. (a)		567,200		179,236
Sinotrans Shipping, Ltd. (a) (b)		1,701,500		316,021
Sinotruk Hong Kong, Ltd.		439,000		313,120
Sinovac Biotech, Ltd. (b)		34,690		204,671
SITC International Holdings Co., Ltd.		1,066,000		648,965
Sohu.com, Inc. (b)		24,282		822,917
Springland International Holdings, Ltd.		1,058,000		174,670
Sun King Power Electronics Group		597,000		113,961
Tian Ge Interactive Holdings, Ltd. (a) (c)		580,000		359,080
Tiangong International Co., Ltd.		1,344,000		171,615
Tianjin Capital Environmental Protection Group Co., Ltd. Class H		406,000		213,129
Tianjin Development Holdings, Ltd.		652,000		343,107
Tianjin Port Development Holdings, Ltd.		3,196,000		490,541
Tianjin Tianhai Investment Co., Ltd. Class B (b)		381,000		240,030
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		113,800		99,575
Tianneng Power International, Ltd. (a)		766,000		703,446
Trina Solar, Ltd. ADR (b)		44,812		416,752
Tuniu Corp. ADR (a) (b)		43,906		384,177
V1 Group, Ltd. (a) (b)		1,784,999		81,731
Virscend Education Co., Ltd. (a) (b) (c)		808,000		575,271
West China Cement, Ltd. (a) (b)		2,064,000		231,607
Wisdom Sports Group (a) (b)		975,000		315,646
Xiamen International Port Co., Ltd. Class H		432,000		80,793
Xinhua Winshare Publishing and Media Co., Ltd. Class H (a)		405,000		377,672
Yestar International Holdings Co., Ltd. (a)		1,347,200		653,344
Yingde Gases Group Co., Ltd.		964,500		357,031
YuanShengTai Dairy Farm, Ltd. (b)		4,165,000		273,972
Yuexiu Property Co., Ltd.		3,464,000		473,593
Yuexiu Transport Infrastructure, Ltd.		932,549		584,561
YY, Inc. ADR (b)		18,732		738,415
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		216,000		112,832
Zhonglu Co., Ltd. Class B		84,200		181,451
Zhongsheng Group Holdings, Ltd.		444,000		396,861
				52,336,819
COLOMBIA — 0.1%
Avianca Holdings SA Preference Shares		175,475		210,430

See accompanying Notes to Schedule of Investments

232

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CYPRUS — 0.2%
Globaltrans Investment PLC GDR		87,757	$	555,502
CZECH REPUBLIC — 0.4%
Moneta Money Bank A/S (b) (c)		210,060		678,937
Philip Morris CR A/S		1,300		664,565
				1,343,502
EGYPT — 0.8%
Arab Cotton Ginning		377,585		99,551
Citadel Capital SAE (b)		494,355		28,085
Eastern Tobacco		19,818		303,752
Egypt Kuwait Holding Co. SAE		514,481		298,399
Egyptian Financial Group-Hermes Holding Co. (b)		381,702		537,499
ElSewedy Electric Co.		97,478		398,676
Ezz Steel (b)		361,734		354,352
Juhayna Food Industries		449,670		153,528
Orascom Telecom Media And Technology Holding SAE (b)		2,857,391		132,389
Sidi Kerir Petrochemicals Co.		123,016		116,298
Six of October Development & Investment (b)		407,038		338,113
				2,760,642
GREECE — 2.2%
Aegean Airlines SA		46,085		307,690
Aegean Marine Petroleum Network, Inc.		18,510		187,876
Costamare, Inc.		26,066		145,970
Diana Shipping, Inc. (b)		55,609		167,939
Ellaktor SA (b)		85,050		97,780
Eurobank Ergasias SA (b)		995,261		677,090
FF Group (b)		21,358		433,201
Grivalia Properties REIC AE		32,975		266,418
Hellenic Exchanges — Athens Stock Exchange SA		65,779		339,270
JUMBO SA		63,398		1,007,048
Metka Industrial — Construction SA		20,255		136,302
Motor Oil Hellas Corinth Refineries SA		35,415		489,337
Mytilineos Holdings SA (b)		61,127		396,513
National Bank of Greece SA (b)		2,612,659		683,414
Piraeus Bank SA (b)		3,197,535		704,873
Public Power Corp. SA (b)		54,719		166,796
Star Bulk Carriers Corp. (b)		7,442		38,029
StealthGas, Inc. (b)		35,641		120,466
Titan Cement Co. SA		26,974		634,453
Tsakos Energy Navigation, Ltd.		88,272		413,996
				7,414,461
HONG KONG — 2.8%
Ajisen China Holdings, Ltd.		550,000		224,167
Anxin-China Holdings, Ltd. (b) (d)		2,248,000		—
Asia Resources Holdings, Ltd. (b)		744,626		22,570
Beijing Enterprises Clean Energy Group, Ltd. (b)		7,648,400		196,311
Beijing Enterprises Medical & Health Group, Ltd. (b)		1,799,600		97,487
Carnival Group International Holdings, Ltd. (a) (b)		3,000,000		386,940
CGN Meiya Power Holdings Co., Ltd. (b) (c)		356,000		52,804
China All Access Holdings, Ltd. (a)		736,000		237,323
China Animation Characters Co., Ltd. (a)		588,000		254,064
China Beidahuang Industry Group Holdings, Ltd. Class A (b)		1,714,400		93,977
China Chengtong Development Group, Ltd. (b)		1,436,000		107,425
China Finance Investment Holdings, Ltd. (b)		586,232		15,198
China Financial International Investments, Ltd. (a) (b)		2,280,000		130,863
China High Precision Automation Group, Ltd. (b) (d)		1,226,000		—
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)		1,380,000		38,802
China NT Pharma Group Co., Ltd. (a)		365,900		69,847
China Nuclear Energy Technology Corp., Ltd. (b)		394,000		70,637
China Oil & Gas Group, Ltd. (b)		3,948,000		310,620
China Overseas Property Holdings, Ltd. (a)		586,232		100,564
China Properties Investment Holdings, Ltd. (b)		3,977,575		70,285
China Public Procurement, Ltd. (b)		2,668,000		24,088
China Soft Power Technology Holdings, Ltd. (b)		1,848,000		39,090
Comba Telecom Systems Holdings, Ltd.		910,575		162,075
Concord New Energy Group, Ltd.		6,540,000		341,629
Dawnrays Pharmaceutical Holdings, Ltd.		532,000		319,756
Digital China Holdings, Ltd. (a)		528,000		399,755
Glorious Property Holdings, Ltd. (a) (b)		1,566,000		153,507
Golden Meditech Holdings, Ltd. (a) (b) (e)		628,000		85,049
Greater China Financial Holdings, Ltd. (b)		1,040,200		31,931
Hengdeli Holdings, Ltd. (b)		1,708,400		246,791
Hi Sun Technology China, Ltd. (a) (b)		924,000		141,821
Hua Han Health Industry Holdings, Ltd. (a) (e)		2,414,560		165,058
Huabao International Holdings, Ltd. (b)		1,022,000		433,679
Huajun Holdings, Ltd. (b)		708,000		74,881
Ju Teng International Holdings, Ltd.		765,500		236,962
MIE Holdings Corp. (b)		1,604,754		153,166
Munsun Capital Group, Ltd. (a) (b)		2,280,000		66,167
National Agricultural Holdings, Ltd. (a) (b)		408,000		95,249
Neo Telemedia, Ltd. (b)		3,808,000		208,741
NetDragon Websoft Holdings, Ltd. (a)		202,000		560,159
NewOcean Energy Holdings, Ltd. (a)		932,000		247,631
Pou Sheng International Holdings, Ltd.		915,000		263,177
Qianhai Health Holdings, Ltd. (b)		849,005		15,878
Real Nutriceutical Group, Ltd.		925,000		70,391
SSY Group, Ltd. (a)		1,555,562		495,571

See accompanying Notes to Schedule of Investments

233

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Suncorp Technologies, Ltd. (b)		7,180,000	$	50,934
Tech Pro Technology Development, Ltd. (b)		5,695,100		135,158
Tibet Water Resources, Ltd.		1,554,000		671,456
Tongfang Kontafarma Holdings, Ltd. (b)		363,553		31,886
United Laboratories International Holdings, Ltd. (a) (b)		766,500		521,997
Universal Medical Financial & Technical Advisory Services Co., Ltd. (a) (c)		292,900		242,158
Vision Values Holdings, Ltd. (b)		80,000		3,147
Wasion Group Holdings, Ltd. (a)		599,000		322,170
Zhidao International Holdings, Ltd. (b)		1,050,000		82,612
				9,573,604
HUNGARY — 0.1%
Magyar Telekom Telecommunications PLC		274,112		466,163
INDIA — 11.8%
Abbott India, Ltd.		883		61,438
Adani Enterprises, Ltd.		95,780		108,029
Aditya Birla Fashion and Retail, Ltd. (b)		148,013		301,064
AIA Engineering, Ltd.		29,229		558,180
Amtek Auto, Ltd. (b)		180,706		86,000
Apollo Tyres, Ltd.		302,665		824,558
Arvind, Ltd.		153,314		797,291
Bajaj Corp., Ltd.		35,971		196,868
Bajaj Hindusthan Sugar, Ltd. (b)		827,037		170,598
Balkrishna Industries, Ltd.		33,338		541,552
Balrampur Chini Mills, Ltd.		359,488		663,413
Bata India, Ltd.		91,701		608,548
Bharat Financial Inclusion, Ltd. (b)		91,027		788,489
Blue Dart Express, Ltd.		4,206		271,773
Ceat, Ltd.		4,264		73,073
CESC, Ltd.		98,618		927,768
Chennai Super Kings Cricket, Ltd. (b) (e)		418,560		13,876
Coromandel International, Ltd.		131,772		567,802
Credit Analysis & Research, Ltd.		12,003		230,855
Crompton Greaves Consumer Electricals, Ltd. (b)		370,785		797,076
Crompton Greaves, Ltd. (b)		464,070		405,471
Cyient, Ltd.		31,896		237,281
Dalmia Bharat, Ltd.		12,038		239,669
Dewan Housing Finance Corp., Ltd.		211,332		758,672
Dish TV India, Ltd. (b)		502,845		627,167
Dr Lal PathLabs, Ltd. (c)		9,813		154,844
eClerx Services, Ltd.		13,274		273,812
Edelweiss Financial Services, Ltd.		265,936		382,427
Eros International Media, Ltd. (b)		996		2,412
FAG Bearings India, Ltd.		1,839		104,632
Federal Bank, Ltd.		1,050,787		1,034,995
Force Motors, Ltd.		191		10,530
Fortis Healthcare, Ltd. (b)		197,906		527,351
Gateway Distriparks, Ltd.		161,978		584,596
GE T&D India, Ltd.		11,336		49,907
GMR Infrastructure, Ltd. (b)		1,003,514		175,212
Godfrey Phillips India, Ltd.		5,150		77,542
Gujarat Pipavav Port, Ltd.		185,168		358,768
Hexaware Technologies, Ltd.		189,250		577,482
Housing Development & Infrastructure, Ltd. (b)		307,459		271,354
IDFC, Ltd. (b)		782,500		619,705
IFCI, Ltd.		850,281		340,764
India Cements, Ltd.		352,815		606,133
Indiabulls Real Estate, Ltd. (b)		391,532		411,031
Indian Bank		40,952		133,258
Indian Hotels Co., Ltd.		529,350		768,638
Info Edge India, Ltd.		73,158		965,703
Ipca Laboratories, Ltd. (b)		58,597		460,220
IRB Infrastructure Developers, Ltd.		181,988		525,558
Jain Irrigation Systems, Ltd.		251,027		325,851
Jaiprakash Associates, Ltd. (b)		719,394		85,327
Jammu & Kashmir Bank, Ltd.		370,101		323,641
Jindal Steel & Power, Ltd. (b)		257,504		262,550
JSW Energy, Ltd.		221,870		198,921
Jubilant Foodworks, Ltd.		46,833		588,914
Jubilant Life Sciences, Ltd.		46,624		434,296
Just Dial, Ltd. (b)		43,340		216,445
Jyothy Laboratories, Ltd.		33,708		168,242
Kajaria Ceramics, Ltd.		35,937		246,534
KPIT Technologies, Ltd.		206,361		408,496
Mahindra CIE Automotive, Ltd. (b)		81,173		219,766
MakeMyTrip, Ltd. (b)		30,030		666,666
Manappuram Finance, Ltd.		241,109		239,084
Marksans Pharma, Ltd.		477,782		280,531
McLeod Russel India, Ltd.		109,031		224,665
Mindtree, Ltd.		73,593		565,637
Monsanto India, Ltd.		2,144		70,864
Mphasis, Ltd.		81,226		676,484
Muthoot Finance, Ltd.		79,289		330,264
Natco Pharma, Ltd.		75,276		642,902
NCC, Ltd.		232,391		275,979
PC Jeweller, Ltd.		14,380		83,903
Persistent Systems, Ltd.		23,863		216,761
Pfizer, Ltd.		5,074		136,356
PI Industries, Ltd.		31,342		383,797
Prestige Estates Projects, Ltd.		54,415		136,298
PTC India, Ltd.		371,177		401,694
PVR, Ltd.		16,954		286,959
Rajesh Exports, Ltd.		132,451		900,050
Redington India, Ltd.		198,057		276,790
Reliance Capital, Ltd.		110,948		704,807
Reliance Communications, Ltd. (b)		932,925		468,043
Reliance Defence and Engineering, Ltd. (b)		307,916		249,980
Rolta India, Ltd. (b)		205,383		183,534
Sadbhav Engineering, Ltd.		28,583		115,772
Sintex Industries, Ltd.		429,762		474,910
SKF India, Ltd.		13,390		249,058
Strides Shasun, Ltd.		58,350		913,207
Sun Pharma Advanced Research Co., Ltd. (b)		104,787		470,592
Supreme Industries, Ltd.		21,526		287,653
Suzlon Energy, Ltd. (b)		1,389,680		282,563
Symphony, Ltd.		18,252		309,749
Tata Elxsi, Ltd.		8,061		166,897

See accompanying Notes to Schedule of Investments

234

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Tata Global Beverages, Ltd.		418,646	$	752,539
Thermax, Ltd.		52,659		576,945
Torrent Power, Ltd.		96,124		253,517
Union Bank of India		69,088		125,309
Unitech, Ltd. (b)		1,644,718		96,933
Vakrangee, Ltd.		166,790		672,616
Videocon d2h, Ltd. ADR (b)		29,451		244,738
Videocon Industries, Ltd. (b)		122,885		188,845
Voltas, Ltd.		168,313		814,038
Welspun Corp., Ltd.		190,705		211,442
Welspun India, Ltd.		116,364		114,615
WNS Holdings, Ltd. ADR (b)		27,057		745,420
				40,221,774
INDONESIA — 3.3%
Adhi Karya Persero Tbk PT		901,991		139,257
AKR Corporindo Tbk PT		1,539,500		685,619
Alam Sutera Realty Tbk PT (b)		14,720,600		384,610
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		3,048,100		766,974
Bank Tabungan Negara Persero Tbk PT		3,660,786		472,798
Blue Bird Tbk PT		577,105		128,507
Bumitama Agri, Ltd. (a)		274,300		158,538
Ciputra Development Tbk PT		9,356,599		927,152
Eagle High Plantations Tbk PT (b)		2,281,200		46,394
Gajah Tunggal Tbk PT (b)		1,631,300		129,560
Garuda Indonesia Persero Tbk PT (b)		7,849,300		196,924
Global Mediacom Tbk PT		941,800		42,992
Indo Tambangraya Megah Tbk PT		120,735		151,227
Intiland Development Tbk PT		4,866,800		180,620
Japfa Comfeed Indonesia Tbk PT		4,552,700		491,681
Kawasan Industri Jababeka Tbk PT (b)		22,352,338		484,460
Link Net Tbk PT		1,421,300		543,306
Lippo Cikarang Tbk PT (b)		220,000		82,464
Lippo Karawaci Tbk PT		5,243,100		280,203
Matahari Putra Prima Tbk PT		2,187,100		240,260
Medco Energi Internasional Tbk PT (b)		1,431,100		140,215
Media Nusantara Citra Tbk PT		3,574,200		465,594
Mitra Adiperkasa Tbk PT (b)		793,000		317,848
MNC Investama Tbk PT (b)		10,334,900		103,560
Modernland Realty Tbk PT (b)		4,895,700		124,278
Pembangunan Perumahan Persero Tbk PT		3,481,098		984,449
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		2,528,000		326,496
Semen Baturaja Persero Tbk PT		824,500		170,745
Siloam International Hospitals Tbk PT (b)		898,475		726,916
Surya Semesta Internusa Tbk PT		2,690,000		86,655
Tambang Batubara Bukit Asam Persero Tbk PT		228,600		212,099
Timah Persero Tbk PT		3,266,529		260,643
Wijaya Karya Persero Tbk PT		4,306,436		754,366
				11,207,410
MALAYSIA — 4.7%
Aeon Co. M Bhd		865,900		496,068
Alliance Financial Group Bhd		200,000		165,849
Berjaya Corp. Bhd		3,511,167		266,116
Berjaya Sports Toto Bhd		996,858		657,757
Bermaz Auto Bhd		543,060		257,851
Boustead Holdings Bhd		1,005,257		598,314
Bumi Armada Bhd (b)		427,600		57,668
Bursa Malaysia Bhd		436,573		861,273
Cahya Mata Sarawak Bhd		377,900		336,959
Carlsberg Brewery Malaysia Bhd Class B		80,500		249,790
Datasonic Group Bhd		642,500		173,300
Dialog Group Bhd		3,239,700		1,112,157
DRB-Hicom Bhd		923,500		236,742
Eastern & Oriental Bhd		1,105,852		357,442
Evergreen Fibreboard Bhd		224,250		47,989
Gas Malaysia Bhd		296,800		163,419
Hartalega Holdings Bhd		448,700		483,108
Heineken Malaysia Bhd		50,800		185,489
IGB Real Estate Investment Trust		476,200		170,906
Inari Amertron Bhd		607,393		449,520
Karex Bhd		267,200		140,569
KNM Group Bhd (b)		3,080,706		233,491
KPJ Healthcare Bhd		854,493		796,206
Magnum Bhd		1,206,600		583,665
Malaysian Resources Corp. Bhd		1,388,200		411,571
Media Prima Bhd		1,295,900		332,208
My EG Services Bhd		1,577,250		530,907
OSK Holdings Bhd		915,600		285,742
Padini Holdings Bhd		476,900		271,087
Pavilion Real Estate Investment Trust		659,300		279,240
Pos Malaysia Bhd		584,000		509,015
Press Metal Bhd		1,613,760		571,975
Silverlake Axis, Ltd.		747,800		274,337
Sunway Real Estate Investment Trust		2,043,400		783,470
Top Glove Corp. Bhd		736,400		878,230
UEM Sunrise Bhd		270,700		63,360
UMW Holdings Bhd		205,700		209,552
UOA Development Bhd		1,288,500		674,983
WCT Holdings Bhd		1,173,786		452,664
Yinson Holdings Bhd		440,500		283,782
				15,893,771
MEXICO — 2.3%
Asesor de Activos Prisma SAPI de CV (b)		316,363		175,216
Axtel SAB de CV (a) (b)		1,341,825		229,266
Banregio Grupo Financiero SAB de CV		150,346		842,679
Bolsa Mexicana de Valores SAB de CV		467,760		619,623
Concentradora Fibra Hotelera Mexicana SA de CV		277,788		189,179
Concentradora Hipotecaria SAPI de CV REIT		432,575		487,976
Consorcio ARA SAB de CV Series		1,497,911		471,880
Controladora Vuela Cia de Aviacion SAB de CV Class A (b)		623,601		938,663
Corp. Inmobiliaria Vesta SAB de CV		299,680		362,499
Credito Real SAB de CV SOFOM ER		169,224		224,739
Genomma Lab Internacional SAB de CV Class B (b)		405,279		423,348
Grupo Aeromexico SAB de CV (a) (b)		150,799		286,205
Grupo GICSA SA de CV (a) (b)		275,398		135,015
Hoteles City Express SAB de CV (a) (b)		109,697		91,266

See accompanying Notes to Schedule of Investments

235

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Industrias CH SAB de CV Series B (b)		28,328	$	182,194
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (b)		505,757		524,378
Megacable Holdings SAB de CV		166,465		560,849
PLA Administradora Industrial S de RL de CV (b)		299,848		380,168
Prologis Property Mexico SA de CV REIT		191,180		275,613
Qualitas Controladora SAB de CV		118,985		169,397
TV Azteca SAB de CV		1,150,409		181,483
Vitro SAB de CV Series A		24,975		78,120
				7,829,756
MONACO — 0.0% (f)
Navios Maritime Holdings, Inc. (b)		34,618		48,811
PERU — 0.6%
Alicorp SAA		361,819		787,771
Ferreycorp SAA		1,623,772		818,460
Grana y Montero SAA		252,401		353,814
Volcan Cia Minera SAA Class B		521,698		112,031
				2,072,076
PHILIPPINES — 1.4%
Belle Corp.		2,251,400		144,923
Cebu Air, Inc.		353,018		660,411
CEMEX Holdings Philippines, Inc. (b) (c)		3,366,605		751,709
Cosco Capital, Inc.		4,641,000		793,533
D&L Industries, Inc.		2,497,300		572,677
First Gen Corp.		779,300		344,875
First Philippine Holdings Corp.		258,610		353,223
Manila Water Co., Inc.		853,200		497,718
Nickel Asia Corp.		1,175,100		188,631
Philex Mining Corp.		952,400		164,760
Rizal Commercial Banking Corp.		317,380		214,193
SM Prime Holdings, Inc.		1		1
				4,686,654
POLAND — 3.3%
Alior Bank SA (b)		82,080		1,065,548
Alumetal SA		10,193		149,929
AmRest Holdings SE (b)		5,516		391,140
Asseco Poland SA		85,627		1,106,876
Bank Millennium SA (b)		357,189		444,101
Boryszew SA (b)		71,136		136,502
CCC SA		12,001		585,201
CD Projekt SA (b)		47,243		590,778
Ciech SA		43,498		607,615
Emperia Holding SA (b)		22,811		355,201
Eurocash SA		70,736		666,640
Fabryki Mebli Forte SA		7,536		137,205
Getin Noble Bank SA (b)		141,493		44,743
Globe Trade Centre SA (b)		307,957		604,951
Grupa Azoty SA		23,244		348,969
Grupa Kety SA		5,271		489,938
Grupa Lotos SA (b)		88,484		810,798
Inter Cars SA		3,213		213,633
Jastrzebska Spolka Weglowa SA (b)		34,490		552,759
KRUK SA		10,663		605,402
Lubelski Wegiel Bogdanka SA (b)		8,634		143,752
Netia SA		421,560		464,551
Orange Polska SA		442,520		584,118
PKP Cargo SA (b)		11,797		132,827
Synthos SA		156,927		171,427
				11,404,604
QATAR — 0.6%
Al Meera Consumer Goods Co. QSC		11,291		544,178
Gulf Warehousing Co.		7,698		118,385
Mannai Corp. QSC		12,880		282,968
Medicare Group		10,300		177,918
Qatar First Bank (b)		131,588		372,208
Qatari Investors Group QSC		24,757		397,727
Salam International Investment, Ltd. QSC		85,852		260,522
				2,153,906
RUSSIA — 1.1%
Aeroflot-Russian Airlines PJSC (b)		465,995		1,170,336
DIXY Group PJSC (b)		24,428		111,928
Etalon Group, Ltd. GDR		48,764		155,801
Exillon Energy PLC (b)		63,958		109,851
LSR Group PJSC GDR		155,429		536,230
Mechel PJSC ADR (b)		70,520		404,080
QIWI PLC ADR (a)		30,745		392,614
Ros Agro PLC GDR		10,898		144,943
TCS Group Holding PLC GDR		53,826		567,864
TMK PJSC GDR		46,904		239,210
				3,832,857
SINGAPORE — 0.4%
Asian Pay Television Trust		651,900		169,214
SIIC Environment Holdings, Ltd. (b)		922,860		373,692
Yanlord Land Group, Ltd.		708,700		647,528
				1,190,434
SOUTH AFRICA — 6.1%
Adcock Ingram Holdings, Ltd.		159,956		564,379
AECI, Ltd.		74,109		547,892
African Bank Investments, Ltd. (b) (d)		1,222,985		—
African Rainbow Minerals, Ltd.		55,759		401,628
Alexander Forbes Group Holdings, Ltd.		395,986		230,208
ArcelorMittal South Africa, Ltd. (b)		224,705		188,966
Arrowhead Properties, Ltd. Class A		607,712		386,625
Assore, Ltd.		22,083		382,589
Attacq, Ltd. (b)		190,165		234,873
Aveng, Ltd. (b)		319,312		185,399
Balwin Properties, Ltd.		66,602		36,382
Barloworld, Ltd. (a)		83,523		720,100
Coronation Fund Managers, Ltd.		124,320		640,828
Curro Holdings, Ltd. (a) (b)		156,616		574,927
DataTec, Ltd.		244,099		883,219
Emira Property Fund, Ltd.		268,389		280,459
EOH Holdings, Ltd.		63,344		757,997
Famous Brands, Ltd.		31,529		360,849
Grindrod, Ltd.		526,419		517,758
Harmony Gold Mining Co., Ltd.		204,269		470,976
Hosken Consolidated Investments, Ltd.		88,882		881,345
Investec, Ltd.		119,652		794,034
JSE, Ltd.		87,366		1,049,478
KAP Industrial Holdings, Ltd.		125,090		68,422

See accompanying Notes to Schedule of Investments

236

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Lewis Group, Ltd. (a)		157,309	$	485,328
Montauk Holdings, Ltd. (b)		1		1
Mpact, Ltd.		181,320		374,573
Murray & Roberts Holdings, Ltd.		289,079		243,524
Nampak, Ltd.		311,256		422,443
Net 1 UEPS Technologies, Inc. (b)		39,748		456,307
Northam Platinum, Ltd. (b)		337,031		998,154
Omnia Holdings, Ltd.		29,764		402,657
PPC, Ltd. (a)		1,122,761		454,031
Reunert, Ltd. (a)		199,096		991,331
SA Corporate Real Estate, Ltd.		2,264,853		930,784
Santam, Ltd.		20,864		357,015
Sun International, Ltd.		92,355		587,560
Super Group, Ltd. (b)		332,020		937,911
Tongaat Hulett, Ltd.		66,486		635,883
Trencor, Ltd.		42,980		89,574
Vukile Property Fund, Ltd. REIT		271,106		370,330
Wilson Bayly Holmes-Ovcon, Ltd.		70,909		798,536
				20,695,275
TAIWAN — 27.8%
A-DATA Technology Co., Ltd.		207,652		339,547
Ability Enterprise Co., Ltd.		301,141		156,976
AcBel Polytech, Inc.		281,000		209,688
Accton Technology Corp.		442,341		698,599
Acer, Inc. (a)		1,488,000		604,822
Adlink Technology, Inc.		107,625		204,036
Advanced Ceramic X Corp.		36,642		270,020
AGV Products Corp. (b)		1,273,414		293,175
Airtac International Group		86,200		687,375
Alpha Networks, Inc.		390,513		237,490
Altek Corp.		189,516		130,249
AmTRAN Technology Co., Ltd.		673,717		463,025
Arcadyan Technology Corp.		185,172		327,494
Asia Optical Co., Inc. (b)		190,540		180,318
Asia Polymer Corp.		444,494		262,733
Aten International Co., Ltd.		164,000		408,105
Basso Industry Corp.		100,800		292,432
BES Engineering Corp.		1,955,356		376,158
Capital Securities Corp.		1,859,730		559,148
Career Technology MFG. Co., Ltd.		227,726		126,832
Casetek Holdings, Ltd.		102,000		271,861
Cathay Real Estate Development Co., Ltd. (b)		742,332		419,201
Center Laboratories, Inc. (b)		155,389		296,998
Chailease Holding Co., Ltd.		338,000		577,858
Chang Wah Electromaterials, Inc.		62,419		259,522
Charoen Pokphand Enterprise		297,675		414,246
Cheng Loong Corp.		740,128		297,392
Cheng Uei Precision Industry Co., Ltd.		258,915		294,030
Chicony Electronics Co., Ltd.		241,000		560,830
Chin-Poon Industrial Co., Ltd.		161,000		303,227
China Airlines, Ltd.		470,000		135,623
China Bills Finance Corp.		698,394		281,707
China Chemical & Pharmaceutical Co., Ltd.		488,000		275,578
China Man-Made Fiber Corp.		1,115,899		295,690
China Motor Corp.		669,000		543,852
China Petrochemical Development Corp. (a) (b)		1,215,575		373,396
China Steel Chemical Corp.		145,000		535,387
China Synthetic Rubber Corp.		522,832		463,150
Chipbond Technology Corp.		329,000		469,067
ChipMOS TECHNOLOGIES, Inc. ADR		30,812		434,757
Chlitina Holding, Ltd.		33,678		157,266
Chong Hong Construction Co., Ltd.		221,275		436,659
Chroma ATE, Inc. (a)		249,680		584,128
Chung Hung Steel Corp. (b)		740,239		218,656
Clevo Co.		406,265		350,435
CMC Magnetics Corp. (b)		1,107,788		119,960
Coretronic Corp.		235,652		247,870
CTCI Corp.		570,000		861,305
CyberTAN Technology, Inc.		448,210		268,406
D-Link Corp. (b)		847,054		282,535
Darwin Precisions Corp.		646,576		255,790
Dynapack International Technology Corp.		85,000		97,847
E Ink Holdings, Inc.		606,000		431,528
Elan Microelectronics Corp. (a)		452,899		486,920
Elite Material Co., Ltd.		262,782		733,823
Elite Semiconductor Memory Technology, Inc.		259,674		267,900
eMemory Technology, Inc.		39,000		474,355
Ennoconn Corp.		38,000		485,774
Epistar Corp. (b)		528,572		379,672
Eternal Materials Co., Ltd.		725,866		742,104
Eva Airways Corp.		1,644,000		744,745
Everlight Chemical Industrial Corp.		480,304		300,292
Everlight Electronics Co., Ltd.		333,503		477,039
Excelsior Medical Co., Ltd.		177,403		248,801
Far Eastern Department Stores, Ltd.		645,490		320,452
Far Eastern International Bank		2,106,575		594,801
Faraday Technology Corp.		231,385		217,895
Farglory Land Development Co., Ltd.		202,464		232,122
Feng Hsin Steel Co., Ltd.		328,270		460,896
Firich Enterprises Co., Ltd.		132,342		247,610
FLEXium Interconnect, Inc.		181,329		477,108
Formosa Taffeta Co., Ltd.		822,000		752,397
Formosan Rubber Group, Inc.		352,011		174,755
FSP Technology, Inc.		266,490		196,380
Gemtek Technology Corp.		379,234		277,109
GeoVision, Inc.		106,720		159,605
Gigabyte Technology Co., Ltd.		284,000		379,795
Gigastorage Corp. (b)		351,114		266,912
Ginko International Co., Ltd.		39,000		403,565
Gintech Energy Corp. (a) (b)		381,172		228,852
Global Unichip Corp.		94,669		230,585
Gloria Material Technology Corp.		477,909		278,777
Goldsun Building Materials Co., Ltd.		1,551,041		319,073
Grand Pacific Petrochemical		851,000		554,501
Grape King Bio, Ltd.		106,000		615,036
Great Wall Enterprise Co., Ltd.		739,867		668,036
HannStar Display Corp. (a) (b)		1,665,599		406,206
HannsTouch Solution, Inc. (b)		575,511		151,427
Hey Song Corp.		225,770		226,267
Highwealth Construction Corp.		616,730		868,769
Himax Technologies, Inc. ADR (a)		67,584		408,207
Hiwin Technologies Corp.		87,000		399,516
Ho Tung Chemical Corp. (b)		1,295,596		333,255

See accompanying Notes to Schedule of Investments

237

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Hota Industrial Manufacturing Co., Ltd.		92,000	$	356,822
Huaku Development Co., Ltd.		265,260		497,944
Huang Hsiang Construction Corp.		261,484		323,721
Ibase Technology, Inc.		290,544		564,338
Ichia Technologies, Inc. (b)		163,000		80,415
Iron Force Industrial Co., Ltd.		38,000		191,598
ITE Technology, Inc.		228,887		214,122
Jess-Link Products Co., Ltd.		230,974		202,816
Jih Sun Financial Holdings Co., Ltd.		1,581,422		338,571
KEE TAI Properties Co., Ltd.		846,076		254,907
Kenda Rubber Industrial Co., Ltd.		526,247		793,559
Kerry TJ Logistics Co., Ltd.		174,000		240,789
King Slide Works Co., Ltd.		46,000		595,178
King Yuan Electronics Co., Ltd.		1,008,656		788,673
King’s Town Bank Co., Ltd.		1,101,000		961,654
Kinpo Electronics		1,020,371		376,754
Kinsus Interconnect Technology Corp.		160,030		353,537
Kuoyang Construction Co., Ltd.		771,527		286,070
Land Mark Optoelectronics Corp.		20,000		166,930
LCY Chemical Corp.		419,862		579,722
Lingsen Precision Industries, Ltd. (b)		680,694		250,278
Long Bon International Co., Ltd.		368,000		191,256
Longwell Co.		273,000		242,260
Lumax International Corp., Ltd.		174,358		285,106
Lung Yen Life Service Corp.		162,000		284,502
Macronix International (b)		2,370,170		340,497
Makalot Industrial Co., Ltd. (a)		132,070		508,135
Masterlink Securities Corp.		1,323,329		368,721
Medigen Biotechnology Corp. (b)		76,000		186,999
Mercuries & Associates Holding, Ltd.		457,176		324,133
Merida Industry Co., Ltd.		105,000		469,143
Merry Electronics Co., Ltd.		95,000		358,140
Micro-Star International Co., Ltd.		420,000		959,136
Microbio Co., Ltd. (b)		446,723		319,494
MIN AIK Technology Co., Ltd.		125,000		116,743
Mirle Automation Corp. (a)		249,854		289,554
Mitac Holdings Corp.		627,412		603,487
Motech Industries, Inc. (b)		258,885		227,325
Nan Kang Rubber Tire Co., Ltd.		673,204		614,111
Nantex Industry Co., Ltd.		449,766		304,924
Neo Solar Power Corp. (a) (b)		506,758		237,427
Oriental Union Chemical Corp. (a) (b)		603,500		432,556
Pan-International Industrial Corp.		208,539		159,499
Parade Technologies, Ltd.		36,000		355,208
PChome Online, Inc.		51,010		447,914
PharmaEngine, Inc.		48,000		270,316
Phison Electronics Corp.		82,837		656,702
Phytohealth Corp. (b)		214,511		203,336
Pixart Imaging, Inc.		92,060		191,381
Portwell, Inc.		147,000		181,532
Powertech Technology, Inc.		488,000		1,317,323
Poya International Co., Ltd.		30,000		347,668
President Securities Corp.		1,158,360		424,110
Primax Electronics, Ltd.		287,000		392,712
Prince Housing & Development Corp.		1,538,996		501,395
Promate Electronic Co., Ltd.		280,000		264,979
Qisda Corp.		1,232,641		575,607
Radiant Opto-Electronics Corp.		270,331		471,395
Radium Life Tech Co., Ltd. (b)		818,810		238,054
Realtek Semiconductor Corp.		311,053		984,437
Ritek Corp. (b)		1,382,045		218,698
Ruentex Development Co., Ltd. (b)		492,000		561,780
Ruentex Industries, Ltd.		450,000		749,791
Sampo Corp. (a)		773,527		439,218
Sanyang Motor Co., Ltd.		481,945		309,543
ScinoPharm Taiwan, Ltd.		215,135		257,996
Senao International Co., Ltd.		138,911		225,420
Sercomm Corp.		207,000		495,197
Shinkong Insurance Co., Ltd.		309,841		253,322
Shinkong Synthetic Fibers Corp.		1,865,796		523,921
Sigurd Microelectronics Corp.		559,694		404,632
Silicon Integrated Systems Corp. (b)		824,299		165,990
Silicon Motion Technology Corp. ADR		21,475		912,258
Simplo Technology Co., Ltd.		166,129		478,866
Sinbon Electronics Co., Ltd.		318,444		693,623
Sinmag Equipment Corp.		58,726		257,834
Sino-American Silicon Products, Inc.		368,058		381,431
Sinon Corp.		729,662		346,391
Sinphar Pharmaceutical Co., Ltd.		323,879		242,691
Sinyi Realty, Inc.		547,940		546,597
Soft-World International Corp.		91,848		180,966
Solar Applied Materials Technology Co. (b) (e)		336,090		91,247
Solartech Energy Corp. (b)		387,207		181,415
St Shine Optical Co., Ltd.		37,000		706,041
Synnex Technology International Corp.		673,000		678,659
Systex Corp.		251,000		452,484
Taichung Commercial Bank Co., Ltd.		2,249,526		640,747
Taiflex Scientific Co., Ltd.		271,699		286,208
Tainan Enterprises Co., Ltd.		299,000		276,001
Tainan Spinning Co., Ltd. (a)		1,394,105		527,726
Taisun Enterprise Co., Ltd. (b)		678,549		313,704
Taiwan Acceptance Corp.		192,000		459,909
Taiwan Business Bank		3,580,134		905,337
Taiwan Cogeneration Corp.		484,469		335,215
Taiwan Fertilizer Co., Ltd.		400,000		498,309
Taiwan Hon Chuan Enterprise Co., Ltd.		348,218		569,397
Taiwan Land Development Corp.		492,781		155,193
Taiwan Paiho, Ltd.		186,000		550,572
Taiwan Secom Co., Ltd.		290,961		799,874
Taiwan Surface Mounting Technology Corp.		337,308		276,302
Taiyen Biotech Co., Ltd.		329,979		299,990
Tatung Co., Ltd. (b)		1,445,691		427,934
Teco Electric and Machinery Co., Ltd.		1,128,000		976,487
Test Rite International Co., Ltd.		451,896		281,830
Thye Ming Industrial Co., Ltd.		249,218		263,299
Ton Yi Industrial Corp.		379,000		162,870
Tong Hsing Electronic Industries, Ltd.		84,327		287,814
Tong Yang Industry Co., Ltd.		356,872		703,136
Topco Scientific Co., Ltd.		243,384		637,364
Transcend Information, Inc.		178,484		471,837
Tripod Technology Corp.		408,353		922,402
TSRC Corp.		487,028		500,190
TTY Biopharm Co., Ltd.		194,436		618,378
Tung Ho Steel Enterprise Corp.		579,258		380,133
Tung Thih Electronic Co., Ltd.		41,893		376,308
TXC Corp.		400,120		505,907

See accompanying Notes to Schedule of Investments

238

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
U-Ming Marine Transport Corp.		375,000	$	292,051
Unimicron Technology Corp.		787,000		302,796
Unity Opto Technology Co., Ltd.		279,307		113,096
Unizyx Holding Corp. (b)		473,694		213,852
UPC Technology Corp.		752,914		292,017
USI Corp. (a)		871,318		428,508
Visual Photonics Epitaxy Co., Ltd.		194,371		298,531
Voltronic Power Technology Corp.		24,000		331,751
Wafer Works Corp. (b)		421,872		188,494
Walsin Lihwa Corp.		2,209,000		812,208
Wan Hai Lines, Ltd.		918,320		464,446
Waterland Financial Holdings Co., Ltd.		1,885,759		481,548
Wei Chuan Foods Corp. (b)		258,899		140,579
Win Semiconductors Corp. (a)		256,000		722,033
Winbond Electronics Corp.		2,172,730		672,131
Wistron Corp.		1,202,000		930,525
Wistron NeWeb Corp.		175,188		469,103
WPG Holdings, Ltd.		342,000		403,239
WUS Printed Circuit Co., Ltd. (a)		377,000		208,216
Yageo Corp.		374,310		680,585
Yang Ming Marine Transport Corp. (b)		993,788		148,626
Yeong Guan Energy Technology Group Co., Ltd.		63,000		201,340
YFY, Inc.		1,698,941		510,278
Yieh Phui Enterprise Co., Ltd. (b)		994,924		347,293
Yungtay Engineering Co., Ltd.		341,000		474,537
Zenitron Corp.		302,348		159,481
Zhen Ding Technology Holding, Ltd.		216,000		427,590
Zinwell Corp.		291,674		302,724
				95,084,890
THAILAND — 5.6%
Bangkok Land PCL NVDR		11,904,700		571,790
Banpu PCL		835,880		448,162
Beauty Community PCL (e)		1,908,900		623,675
BEC World PCL NVDR		843,500		391,005
Carabao Group PCL Class F (e)		371,921		791,918
Central Plaza Hotel PCL NVDR		365,900		406,152
Chularat Hospital PCL NVDR		2,636,700		210,580
Dynasty Ceramic PCL NVDR		2,756,220		341,733
Esso Thailand PCL NVDR (b)		791,000		282,733
GFPT PCL (e)		239,100		98,149
Group Lease PCL NVDR		488,379		780,768
Gunkul Engineering PCL NVDR		506,460		79,907
Hana Microelectronics PCL (e)		879,157		969,735
Ichitan Group PCL NVDR		1,190,100		338,979
Inter Far East Energy Corp. NVDR		294,400		30,747
International Engineering PCL (b) (e)		63,855,934		35,663
Jasmine International PCL NVDR		2,276,925		502,303
KCE Electronics PCL NVDR		312,600		1,064,973
Kiatnakin Bank PCL NVDR		401,000		660,672
LPN Development PCL NVDR		711,700		240,476
Major Cineplex Group PCL NVDR		842,600		770,588
MK Restaurants Group PCL NVDR		448,700		732,996
Precious Shipping PCL (b) (e)		483,600		110,736
Pruksa Holding PCL NVDR		1,063,131		667,973
PTG Energy PCL NVDR		625,600		572,134
Siam Global House PCL NVDR		761,774		385,030
Sino-Thai Engineering & Construction PCL NVDR		676,100		523,918
Sri Trang Agro-Industry PCL NVDR		395,700		254,146
Srisawad Power 1979 PCL NVDR		608,997		701,502
Star Petroleum Refining PCL (e)		877,400		303,815
Supalai PCL NVDR		398,500		278,201
Superblock PCL NVDR (b)		3,848,100		163,335
Thai Airways International PCL NVDR (b)		700,800		444,232
Thai Vegetable Oil PCL NVDR		368,700		416,982
Thaicom PCL NVDR		550,600		298,282
Thanachart Capital PCL (e)		739,311		908,384
Thoresen Thai Agencies PCL (e)		2,506,106		636,840
Tipco Asphalt PCL NVDR		757,600		401,960
Tisco Financial Group PCL (e)		254,003		427,352
TPI Polene PCL (e)		852,800		58,583
TTW PCL (e)		1,348,700		402,985
VGI Global Media PCL NVDR		3,136,112		490,421
WHA Corp. PCL NVDR (b)		4,537,830		375,085
				19,195,600
TURKEY — 1.2%
Afyon Cimento Sanayi TAS (b)		51,771		116,417
Albaraka Turk Katilim Bankasi A/S		1,338,588		452,843
Aygaz A/S		99,494		340,264
Dogan Sirketler Grubu Holding A/S (b)		814,496		175,977
Ihlas Holding A/S (b)		3		—
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D		1,188,688		388,615
Koza Altin Isletmeleri A/S (b)		69,221		321,546
Migros Ticaret A/S (b)		49,783		248,802
NET Holding A/S (b)		228,397		183,751
Pegasus Hava Tasimaciligi A/S (a) (b)		33,517		134,826
Sekerbank TAS (b)		896,947		300,886
Sinpas Gayrimenkul Yatirim Ortakligi A/S (b)		3		—
TAV Havalimanlari Holding A/S		133,438		532,219
Tekfen Holding A/S		120,421		221,151
Torunlar Gayrimenkul Yatirim Ortakligi A/S		163,813		193,264
Turkiye Sinai Kalkinma Bankasi A/S		967,731		387,907
Yazicilar Holding A/S Class A		21,702		81,130
				4,079,598
UNITED ARAB EMIRATES — 0.9%
Air Arabia PJSC		1,595,171		577,630
Ajman Bank PJSC (b)		290,619		105,236
Al Waha Capital PJSC		965,492		507,337
Arabtec Holding PJSC (b)		1,076,227		383,854
Dana Gas PJSC (b)		2,611,987		384,022
Eshraq Properties Co. PJSC (b)		1,478,494		418,643
National Central Cooling Co. PJSC		580,449		317,652
RAK Properties PJSC		2,375,801		426,918
Ras Al Khaimah Ceramics		159,348		106,293
				3,227,585
UNITED KINGDOM — 0.0% (f)
Pan African Resources PLC		510,717		96,355
UNITED STATES — 0.4%
GasLog, Ltd.		42,967		691,769
Luxoft Holding, Inc. (a) (b)		12,794		719,023
				1,410,792
TOTAL COMMON STOCKS (Cost $441,767,460)				342,188,596

See accompanying Notes to Schedule of Investments

239

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
RIGHTS — 0.0% (f)
THAILAND — 0.0% (f)
TPI Polene PCL (expiring 4/30/17) (b) (e) (Cost $0)		4,948	$	—
WARRANTS — 0.0% (f)
THAILAND — 0.0% (f)
International Engineering PCL (expiring 5/22/19) (b) (e) (Cost $0)		13,635,806		3,808
SHORT-TERM INVESTMENTS — 3.1%
UNITED STATES — 3.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (g) (h)		79,966		79,966
State Street Navigator Securities Lending Prime Portfolio (h) (i)		10,594,011		10,594,011
				10,673,977
TOTAL SHORT-TERM INVESTMENTS (Cost $10,673,977)				10,673,977
TOTAL INVESTMENTS — 103.3% (Cost $452,441,437)				352,866,381
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%				(11,245,035	)
NET ASSETS — 100.0%			$	341,621,346

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.9% of net assets as of December 31, 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 December 31, 2016, total aggregate fair value of the security is $146,802, 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 December 31, 2016, total aggregate fair value of securities is $5,726,873 representing 1.7% of net assets.

(f) Amount is less than 0.05% of net assets.

(g) The rate shown is the annualized seven-day yield at December 31, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(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

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	221,763	$	—	$	—		$	221,763
Brazil		17,418,620		—		—			17,418,620
Chile		5,554,942		—		—			5,554,942
China		52,190,017		—		146,802			52,336,819
Colombia		210,430		—		—			210,430
Cyprus		555,502		—		—			555,502
Czech Republic		1,343,502		—		—			1,343,502
Egypt		2,760,642		—		—			2,760,642
Greece		7,414,461		—		—			7,414,461
Hong Kong		9,323,497		250,107		0	(b)		9,573,604
Hungary		466,163		—		—			466,163
India		40,207,898		13,876		—			40,221,774
Indonesia		11,207,410		—		—			11,207,410
Malaysia		15,893,771		—		—			15,893,771
Mexico		7,829,756		—		—			7,829,756
Monaco		48,811		—		—			48,811

See accompanying Notes to Schedule of Investments

240

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
Peru	$	2,072,076	$	—		$	—		$	2,072,076
Philippines		4,686,654		—			—			4,686,654
Poland		11,404,604		—			—			11,404,604
Qatar		2,153,906		—			—			2,153,906
Russia		3,832,857		—			—			3,832,857
Singapore		1,190,434		—			—			1,190,434
South Africa		20,695,275		—			0	(b)		20,695,275
Taiwan		94,993,643		91,247			—			95,084,890
Thailand		13,827,765		5,367,835			—			19,195,600
Turkey		4,079,598		—			—			4,079,598
United Arab Emirates		3,227,585		—			—			3,227,585
United Kingdom		96,355		—			—			96,355
United States		1,410,792		—			—			1,410,792
Rights
Thailand		—		0	(a)		—			—
Warrants
Thailand		—		3,808			—			3,808
Short-Term Investments		10,673,977		—			—			10,673,977
TOTAL INVESTMENTS	$	346,992,706	$	5,726,873		$	146,802		$	352,866,381

(a) Fund held Level 2 securities that were valued at $0 at December 31, 2016.

(b) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,009,858	$	1,009,858		556,842		1,566,700		—	$	—	$	56
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		19,391,974		19,312,008		79,966		79,966		1,701
State Street Navigator Securities Lending Government Money Market Portfolio *		14,070,192		14,070,192		66,577,709		70,012,841		10,635,060		10,635,060		108,508
TOTAL			$	15,080,050							$	10,715,026	$	110,265

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

241

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 5.6%
Astro Japan Property Group (a)		122,827	$	591,444
BGP Holdings PLC (b) (c)		1,313,937		—
BWP Trust		1,133,895		2,454,949
Charter Hall Retail REIT		762,806		2,336,431
Dexus Property Group REIT		2,200,686		15,329,628
Gateway Lifestyle (a)		638,771		999,073
Goodman Group		3,651,008		18,849,541
GPT Group		4,113,667		14,982,889
Investa Office Fund REIT		1,402,638		4,793,868
Scentre Group REIT		12,214,694		41,039,214
Westfield Corp.		4,384,608		29,780,506
				131,157,543
AUSTRIA — 0.5%
BUWOG AG		164,935		3,842,891
CA Immobilien Anlagen AG		166,592		3,068,826
IMMOFINANZ AG		2,005,386		3,919,430
				10,831,147
BELGIUM — 0.4%
Befimmo SA		53,246		2,996,762
Cofinimmo SA REIT		46,227		5,297,549
				8,294,311
BRAZIL — 0.2%
BR Malls Participacoes SA (b)		1,231,423		4,521,309
CANADA — 1.5%
Artis Real Estate Investment Trust		174,658		1,654,045
Boardwalk Real Estate Investment Trust		53,700		1,948,104
Canadian Apartment Properties		151,138		3,535,438
Canadian Real Estate Investment Trust		83,705		2,889,931
Crombie Real Estate Investment Trust		103,516		1,048,244
Dream Office Real Estate Investment Trust		123,374		1,798,562
First Capital Realty, Inc. (a)		323,000		4,978,494
H&R Real Estate Investment Trust		318,451		5,312,068
RioCan Real Estate Investment Trust		364,644		7,240,945
Smart Real Estate Investment Trust REIT		145,113		3,494,052
				33,899,883
FRANCE — 4.2%
Fonciere Des Regions		112,693		9,858,492
Gecina SA REIT		92,424		12,814,300
Klepierre REIT		475,651		18,735,720
Mercialys SA (a)		128,387		2,606,084
Unibail-Rodamco SE		227,877		54,500,101
				98,514,697
GERMANY — 0.5%
LEG Immobilien AG		143,773		11,191,369
HONG KONG — 3.0%
Champion REIT		5,008,462		2,713,161
Hang Lung Properties, Ltd.		4,740,018		10,050,869
Hongkong Land Holdings, Ltd.		2,698,000		17,078,340
Hysan Development Co., Ltd.		1,410,731		5,831,685
Link REIT		5,119,182		33,277,671
Prosperity REIT		2,831,000		1,117,334
				70,069,060
ITALY — 0.1%
Beni Stabili SpA SIIQ		2,465,135		1,411,855
Immobiliare Grande Distribuzione SIIQ SpA		792,848		605,450
				2,017,305
JAPAN — 9.3%
Activia Properties, Inc.		1,512		7,142,899
Aeon Mall Co., Ltd.		259,400		3,656,309
AEON REIT Investment Corp.		2,443		2,678,953
Daibiru Corp.		129,100		1,107,979
Daiwa Office Investment Corp.		751		3,798,945
Frontier Real Estate Investment Corp.		1,064		4,556,677
Fukuoka Corp. REIT		1,739		2,755,324
Global One Real Estate Investment Corp.		431		1,618,536
Hankyu REIT, Inc.		1,420		1,778,729
Heiwa Real Estate Co., Ltd.		74,900		1,021,057
Hoshino Resorts REIT, Inc		383		2,003,087
Hulic Co., Ltd		1,108,000		9,870,210
Hulic, Inc. REIT		2,216		3,725,791
Ichigo Hotel Real Estate Investment Corp.		591		653,148
Japan Excellent, Inc.		2,979		3,787,763
Japan Prime Realty Investment Corp.		1,998		7,888,533
Japan Real Estate Investment Corp		2,851		15,570,686
Japan Rental Housing Investments, Inc.		3,732		2,508,585
Japan Retail Fund Investment Corp. REIT		5,847		11,860,935
Kenedix Office Investment Corp. REIT		926		5,335,208
Kenedix Residential Investment Corp.		818		2,219,720
Kenedix Retail REIT Corp.		937		2,140,153
Leopalace21 Corp.		620,700		3,437,838
MCUBS MidCity Investment Corp.		584		1,687,384
Mitsui Fudosan Co., Ltd.		2,276,000		52,785,013
Mori Hills Investment Corp. REIT		3,196		4,326,732
Mori Trust Sogo REIT, Inc.		2,248		3,554,089
Nippon Building Fund, Inc.		3,238		17,961,898
NTT Urban Development Corp.		255,900		2,257,651
Orix JREIT, Inc. REIT		5,663		8,958,061
Premier Investment Corp.		2,549		3,020,292
Tokyu Fudosan Holdings Corp.		1,173,200		6,940,524
Tokyu REIT, Inc.		2,219		2,817,627
United Urban Investment Corp.		6,764		10,316,934
				215,743,270
NETHERLANDS — 0.5%
Atrium European Real Estate, Ltd.		390,658		1,619,343
Eurocommercial Properties NV		110,159		4,250,818
Vastned Retail NV		44,640		1,735,518
Wereldhave NV		94,185		4,247,848
				11,853,527
NEW ZEALAND — 0.3%
Argosy Property, Ltd.		1,849,344		1,302,443
Goodman Property Trust		2,356,121		2,004,366

See accompanying Notes to Schedule of Investments

242

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kiwi Property Group, Ltd.		3,078,461	$	2,973,056
Precinct Properties New Zealand, Ltd.		2,373,883		1,986,371
				8,266,236
PHILIPPINES — 0.7%
Robinsons Land Corp.		3,699,600		1,934,918
SM Prime Holdings, Inc.		26,476,300		15,098,880
				17,033,798
SINGAPORE — 2.6%
Ascendas REIT		5,397,964		8,481,608
Cambridge Industrial Trust		2,356,571		880,839
CapitaLand Commercial Trust		4,876,551		4,995,705
CapitaLand Mall Trust REIT		6,164,227		8,042,893
CapitaLand, Ltd.		5,922,779		12,380,974
Frasers Commercial Trust		1,359,856		1,186,003
Global Logistic Properties, Ltd.		6,763,378		10,299,323
GuocoLand, Ltd.		600,699		748,431
Keppel REIT		4,048,712		2,858,508
Mapletree Logistics Trust		3,536,112		2,496,597
Starhill Global REIT		3,060,548		1,567,665
Suntec Real Estate Investment Trust		5,803,590		6,628,313
				60,566,859
SOUTH AFRICA — 0.7%
Growthpoint Properties, Ltd. REIT		5,336,529		10,103,308
Hyprop Investments, Ltd.		483,772		4,150,003
SA Corporate Real Estate, Ltd.		3,962,606		1,628,508
				15,881,819
SPAIN — 0.0%(d)
Martinsa Fadesa SA (b) (c)		178		—
SWEDEN — 0.7%
Castellum AB		625,380		8,598,063
Fabege AB		321,228		5,265,047
Kungsleden AB		365,871		2,325,810
				16,188,920
SWITZERLAND — 0.9%
PSP Swiss Property AG		92,384		7,999,008
Swiss Prime Site AG (b)		163,793		13,432,525
				21,431,533
THAILAND — 0.2%
Central Pattana PCL NVDR		3,076,144		4,874,860
UNITED KINGDOM — 4.7%
Big Yellow Group PLC REIT		348,719		2,953,781
British Land Co. PLC REIT		2,345,835		18,246,875
Capital & Counties Properties PLC (a)		1,721,111		6,318,396
Derwent London PLC		253,696		8,689,647
Grainger PLC		978,538		2,875,311
Great Portland Estates PLC REIT		786,668		6,498,127
Hammerson PLC		1,796,993		12,723,198
Intu Properties PLC (a)		2,061,412		7,165,225
Land Securities Group PLC REIT		1,836,931		24,196,098
Segro PLC		1,897,735		10,742,148
Shaftesbury PLC		635,771		7,141,014
Workspace Group PLC		275,879		2,699,847
				110,249,667
UNITED STATES — 62.9%
Acadia Realty Trust		186,306		6,088,480
Alexandria Real Estate Equities, Inc.		182,034		20,229,438
American Campus Communities, Inc.		304,841		15,171,937
American Homes 4 Rent Class A		495,597		10,397,625
Apartment Investment & Management Co. Class A REIT		359,606		16,344,093
Apple Hospitality REIT, Inc.		357,734		7,147,525
Ashford Hospitality Prime, Inc.		61,196		835,325
Ashford Hospitality Trust, Inc.		180,176		1,398,166
AvalonBay Communities, Inc.		315,093		55,818,725
Boston Properties, Inc. REIT		352,789		44,373,800
Brandywine Realty Trust		400,561		6,613,262
Brixmor Property Group, Inc.		599,811		14,647,385
Camden Property Trust		200,472		16,853,681
Care Capital Properties, Inc.		191,805		4,795,125
CBL & Associates Properties, Inc.		398,787		4,586,050
Cedar Realty Trust, Inc.		177,640		1,159,989
Chesapeake Lodging Trust		137,134		3,546,285
Colony Starwood Homes (a)		116,006		3,342,133
Columbia Property Trust, Inc.		282,364		6,099,062
Corporate Office Properties Trust		216,753		6,767,029
Cousins Properties, Inc. REIT		782,869		6,662,215
CubeSmart REIT		412,372		11,039,198
DCT Industrial Trust, Inc. REIT		208,462		9,981,161
DDR Corp. REIT		704,726		10,761,166
DiamondRock Hospitality Co.		457,720		5,277,512
Digital Realty Trust, Inc. REIT (a)		364,597		35,825,301
Douglas Emmett, Inc.		329,789		12,057,086
Duke Realty Corp.		813,346		21,602,470
DuPont Fabros Technology, Inc. REIT		172,961		7,598,177
Easterly Government Properties, Inc. (a)		55,518		1,111,470
EastGroup Properties, Inc.		74,857		5,527,441
Education Realty Trust, Inc.		167,111		7,068,795
Equity Commonwealth (b)		287,378		8,690,311
Equity LifeStyle Properties, Inc.		183,750		13,248,375
Equity One, Inc.		215,717		6,620,355
Equity Residential REIT		838,980		53,996,753
Essex Property Trust, Inc. REIT		150,319		34,949,167
Extra Space Storage, Inc. REIT		288,515		22,284,899
Federal Realty Investment Trust REIT		164,631		23,395,711
FelCor Lodging Trust, Inc.		291,417		2,334,250
First Industrial Realty Trust, Inc. REIT		267,536		7,504,385
First Potomac Realty Trust		137,528		1,508,682
Forest City Realty Trust, Inc. Class A		497,915		10,376,549
Franklin Street Properties Corp. REIT		249,531		3,233,922
General Growth Properties, Inc. REIT		1,339,502		33,460,760
HCP, Inc. REIT		1,072,598		31,877,613
Healthcare Realty Trust, Inc. REIT		265,272		8,043,047
Hersha Hospitality Trust		99,135		2,131,403
Highwoods Properties, Inc.		231,352		11,801,266
Hospitality Properties Trust		376,329		11,944,682
Host Hotels & Resorts, Inc. REIT		1,697,084		31,973,063
Hudson Pacific Properties, Inc. REIT		279,284		9,713,498
Independence Realty Trust, Inc.		145,434		1,297,271
Kilroy Realty Corp. REIT		211,318		15,472,704

See accompanying Notes to Schedule of Investments

243

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kimco Realty Corp. REIT		974,723	$	24,524,031
Kite Realty Group Trust REIT		190,836		4,480,829
LaSalle Hotel Properties		258,785		7,885,179
Liberty Property Trust REIT		336,887		13,307,036
Life Storage, Inc. REIT		106,238		9,057,852
LTC Properties, Inc.		89,510		4,205,180
Macerich Co. REIT		276,765		19,606,033
Mack-Cali Realty Corp.		205,041		5,950,290
Mid-America Apartment Communities, Inc. REIT		260,379		25,496,312
Monogram Residential Trust, Inc.		380,809		4,120,353
National Storage Affiliates Trust		83,897		1,851,607
New York REIT, Inc.		378,347		3,828,872
NexPoint Residential Trust, Inc.		41,279		922,173
NorthStar Realty Europe Corp. REIT		126,815		1,594,065
Parkway, Inc. REIT (b)		98,919		2,200,948
Pebblebrook Hotel Trust		164,699		4,899,795
Pennsylvania Real Estate Investment Trust		162,616		3,083,199
Piedmont Office Realty Trust, Inc. Class A		332,199		6,946,281
Prologis, Inc. REIT		1,212,969		64,032,634
PS Business Parks, Inc.		44,666		5,204,482
Public Storage REIT		342,297		76,503,379
Quality Care Properties, Inc. REIT (b)		219,421		3,401,025
Ramco-Gershenson Properties Trust		186,090		3,085,372
Regency Centers Corp.		239,563		16,517,869
Retail Opportunity Investments Corp. REIT		249,815		5,278,591
Rexford Industrial Realty, Inc.		150,599		3,492,391
RLJ Lodging Trust REIT		284,376		6,964,368
Saul Centers, Inc.		27,968		1,862,948
Senior Housing Properties Trust		543,954		10,297,049
Seritage Growth Properties Class A REIT (a)		53,039		2,265,296
Silver Bay Realty Trust Corp. REIT		83,963		1,439,126
Simon Property Group, Inc. REIT		721,155		128,127,609
SL Green Realty Corp. REIT		232,348		24,989,027
Sun Communities, Inc. REIT		152,200		11,660,042
Sunstone Hotel Investors, Inc. REIT		495,515		7,556,604
Tanger Factory Outlet Centers, Inc.		219,866		7,866,805
Taubman Centers, Inc.		138,405		10,232,282
Tier REIT, Inc.		108,213		1,881,824
UDR, Inc. REIT		612,794		22,354,725
Universal Health Realty Income Trust		28,555		1,872,922
Urban Edge Properties		209,821		5,772,176
Ventas, Inc. REIT		812,429		50,793,061
Vornado Realty Trust REIT		394,509		41,174,904
Washington Prime Group, Inc. REIT		423,400		4,407,594
Washington Real Estate Investment Trust		173,164		5,660,731
Weingarten Realty Investors REIT		269,805		9,656,321
Welltower, Inc. REIT		831,824		55,673,980
Xenia Hotels & Resorts, Inc. (a)		244,177		4,741,917
				1,465,312,862
TOTAL COMMON STOCKS (Cost $2,214,851,961)				2,317,899,975
SHORT-TERM INVESTMENTS — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		5,322,129		5,322,129
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		15,253,337		15,253,337
TOTAL SHORT-TERM INVESTMENTS (Cost $20,575,466)				20,575,466
TOTAL INVESTMENTS — 100.4% (Cost $2,235,427,427)				2,338,475,441
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%				(8,802,605	)
NET ASSETS — 100.0%			$	2,329,672,836

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(d) Amount is less than 0.05% of net assets.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying Notes to Schedule of Investments

244

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	131,157,543	$	—	$	0	(a)	$	131,157,543
Austria		10,831,147		—		—			10,831,147
Belgium		8,294,311		—		—			8,294,311
Brazil		4,521,309		—		—			4,521,309
Canada		33,899,883		—		—			33,899,883
France		98,514,697		—		—			98,514,697
Germany		11,191,369		—		—			11,191,369
Hong Kong		70,069,060		—		—			70,069,060
Italy		2,017,305		—		—			2,017,305
Japan		215,743,270		—		—			215,743,270
Netherlands		11,853,527		—		—			11,853,527
New Zealand		8,266,236		—		—			8,266,236
Philippines		17,033,798		—		—			17,033,798
Singapore		60,566,859		—		—			60,566,859
South Africa		15,881,819		—		—			15,881,819
Spain		—		—		0	(a)		—
Sweden		16,188,920		—		—			16,188,920
Switzerland		21,431,533		—		—			21,431,533
Thailand		4,874,860		—		—			4,874,860
United Kingdom		110,249,667		—		—			110,249,667
United States		1,465,312,862		—		—			1,465,312,862
Short-Term Investments		20,575,466		—		—			20,575,466
TOTAL INVESTMENTS	$	2,338,475,441	$	—	$	0		$	2,338,475,441

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		3,984,959	$	3,984,959		43,517		4,028,476		—	$	—	$	129
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		61,467,725		56,145,596		5,322,129		5,322,129		5,746
State Street Navigator Securities Lending Government Money Market Portfolio *		35,695,682		35,695,682		722,386,408		742,828,753		15,253,337		15,253,337		23,826
TOTAL			$	39,680,641							$	20,575,466	$	29,701

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

245

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 2.5%
Aristocrat Leisure, Ltd.		9,140	$	102,583
Automotive Holdings Group, Ltd.		11,139		31,860
Crown Resorts, Ltd.		6,592		55,275
Domino’s Pizza Enterprises, Ltd.		400		18,824
Fairfax Media, Ltd.		38,525		24,827
Tatts Group, Ltd. (a)		24,221		78,572
				311,941
BELGIUM — 0.3%
D’ieteren SA		804		35,613
CANADA — 4.1%
Amaya, Inc. (a) (b)		678		9,611
Canadian Tire Corp., Ltd. Class A		1,005		104,371
Dollarama, Inc.		600		44,016
Gildan Activewear, Inc. (a)		2,681		68,152
Magna International, Inc.		3,447		149,853
Restaurant Brands International, Inc.		1,348		64,281
Shaw Communications, Inc. Class B (a)		3,658		73,485
				513,769
DENMARK — 0.7%
Pandora A/S		642		84,148
FINLAND — 0.4%
Nokian Renkaat Oyj		980		36,612
Sanoma Oyj		2,494		21,689
				58,301
FRANCE — 10.7%
Accor SA		1,478		55,233
Christian Dior SE		331		69,563
Cie Generale des Etablissements Michelin		1,460		162,771
Havas SA		6,151		51,902
Hermes International		105		43,192
Kering		617		138,811
Lagardere SCA		1,140		31,738
LVMH Moet Hennessy Louis Vuitton SE		1,613		308,618
Peugeot SA (b)		1,008		16,474
Publicis Groupe SA		969		66,996
Renault SA		1,383		123,276
Sodexo SA		549		63,233
Valeo SA		1,578		90,893
Vivendi SA		7,060		134,447
				1,357,147
GERMANY — 11.1%
adidas AG		1,620		256,561
Bayerische Motoren Werke AG		1,796		168,122
Bayerische Motoren Werke AG Preference Shares		303		23,234
Continental AG		596		115,479
Daimler AG		5,878		438,451
HUGO BOSS AG		194		11,895
Leoni AG		432		15,422
Porsche Automobil Holding SE Preference Shares		679		37,055
ProSiebenSat.1 Media SE		1,014		39,155
TUI AG		5,622		80,792
Volkswagen AG Preference Shares		1,045		146,980
Volkswagen AG		233		33,607
windeln.de SE (a) (b) (c)		2,608		8,252
Zalando SE (b) (c)		700		26,794
				1,401,799
HONG KONG — 3.2%
Esprit Holdings, Ltd. (b)		20,182		15,853
Fairwood Holdings, Ltd. (a)		12,000		43,802
Galaxy Entertainment Group, Ltd.		14,000		61,033
Giordano International, Ltd.		70,000		37,830
Global Brands Group Holding, Ltd. (b)		54,000		7,174
Li & Fung, Ltd.		54,000		23,750
Pico Far East Holdings, Ltd.		94,000		28,855
Sands China, Ltd.		20,800		90,410
Shangri-La Asia, Ltd.		14,500		15,298
SJM Holdings, Ltd.		21,000		16,468
Techtronic Industries Co., Ltd.		13,500		48,406
Yuxing InfoTech Investment Holdings, Ltd. (a) (b)		80,000		15,065
				403,944
IRELAND — 0.6%
Dalata Hotel Group PLC (b)		2,377		11,019
Paddy Power Betfair PLC		583		62,414
				73,433
ITALY — 1.3%
Banzai SpA (b)		2,574		10,990
Ferrari NV		677		39,488
Luxottica Group SpA		1,031		55,568
Mediaset SpA		7,193		31,182
Piaggio & C SpA		5,290		8,849
Sogefi SpA (b)		6,496		16,691
Yoox Net-A-Porter Group SpA (b)		224		6,365
				169,133
JAPAN — 37.6%
Aisin Seiki Co., Ltd.		2,000		86,938
Aoyama Trading Co., Ltd.		1,200		41,874
Asics Corp.		700		14,014
Bandai Namco Holdings, Inc.		3,400		94,011
Benesse Holdings, Inc.		1,400		38,650
Bookoff Corp.		1,300		8,772
Bridgestone Corp.		5,500		198,714
Can Do Co., Ltd. (a)		700		10,581
Casio Computer Co., Ltd.		3,400		48,186
CyberAgent, Inc.		800		19,809
Daikyonishikawa Corp.		400		5,151
Denso Corp.		2,700		117,204
Dentsu, Inc.		2,400		113,174
Don Quijote Holdings Co., Ltd.		700		25,957
Fast Retailing Co., Ltd.		388		139,152
Fuji Corp., Ltd.		2,700		17,431
Fuji Heavy Industries, Ltd.		3,800		155,473
GLOBERIDE, Inc.		700		11,601
Gunze, Ltd.		13,000		43,357
Haseko Corp.		2,100		21,408
Honda Motor Co., Ltd.		10,300		301,578
Isetan Mitsukoshi Holdings, Ltd.		4,500		48,613
Isuzu Motors, Ltd.		3,700		46,982
Kappa Create Co., Ltd. (a)		700		7,844

See accompanying Notes to Schedule of Investments

246

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Koito Manufacturing Co., Ltd.		700	$	37,150
Konaka Co., Ltd.		5,100		25,536
Kyoritsu Maintenance Co., Ltd.		300		17,516
Kyoto Kimono Yuzen Co., Ltd. (a)		3,000		24,358
Laox Co., Ltd. (b)		1,100		6,753
Marui Group Co., Ltd.		1,600		23,417
Mazda Motor Corp.		3,500		57,376
Mitsuba Corp.		1,500		24,397
Mitsubishi Motors Corp.		4,200		23,982
NGK Spark Plug Co., Ltd.		1,000		22,275
Nikon Corp.		3,400		52,967
Nissan Motor Co., Ltd.		13,400		135,051
Nitori Holdings Co., Ltd.		400		45,818
Oriental Land Co., Ltd.		2,000		113,276
Otsuka Kagu, Ltd.		1,800		16,498
Panasonic Corp.		11,900		121,362
Pioneer Corp. (b)		2,800		5,666
Rakuten, Inc. (b)		5,500		54,017
Resorttrust, Inc.		2,600		48,106
Ringer Hut Co., Ltd.		1,000		19,454
Ryohin Keikaku Co., Ltd.		200		39,285
Sanrio Co., Ltd.		300		5,674
Sanyo Housing Nagoya Co., Ltd.		1,500		14,057
Sega Sammy Holdings, Inc.		600		8,946
Sekisui Chemical Co., Ltd.		7,000		111,870
Sekisui House, Ltd.		7,000		116,762
Sharp Corp. (b)		7,000		16,204
Shimamura Co., Ltd.		100		12,509
Shimano, Inc.		1,100		172,967
Sony Corp.		7,100		199,361
Stanley Electric Co., Ltd.		2,100		57,526
Start Today Co., Ltd.		1,200		20,772
Suminoe Textile Co., Ltd.		6,000		12,963
Sumitomo Electric Industries, Ltd.		4,400		63,622
Sumitomo Forestry Co., Ltd.		5,900		78,306
Suzuki Motor Corp.		3,100		109,345
Syuppin Co., Ltd.		500		6,417
Takata Corp. (a) (b)		1,300		9,552
Toho Co., Ltd.		900		25,503
Toyota Industries Corp.		1,700		81,185
Toyota Motor Corp.		16,900		996,598
Yamada Denki Co., Ltd. (a)		8,700		46,993
Yamaha Corp.		900		27,547
Yamaha Motor Co., Ltd. (a)		1,400		30,896
				4,756,309
LUXEMBOURG — 0.4%
SES SA		2,494		55,044
MACAU — 0.2%
Wynn Macau, Ltd. (a)		13,600		21,646
MALTA — 0.1%
Kindred Group PLC SDR		1,264		11,903
NETHERLANDS — 0.6%
Altice NV Class A (b)		3,214		63,833
Altice NV Class B (b)		437		8,725
				72,558
NEW ZEALAND — 0.1%
SKYCITY Entertainment Group, Ltd.		3,800		10,413
NORWAY — 0.3%
Schibsted ASA Class A		910		20,943
Schibsted ASA Class B		910		19,347
				40,290
SINGAPORE — 0.6%
Genting Singapore PLC		42,000		26,310
Singapore Press Holdings, Ltd. (a)		21,000		51,312
				77,622
SOUTH KOREA — 4.4%
Cheil Worldwide, Inc.		1,045		13,627
Coway Co., Ltd.		339		24,784
Fila Korea, Ltd.		101		5,895
Hankook Tire Co., Ltd.		772		37,072
Hanon Systems		1,296		11,052
Hanssem Co., Ltd.		150		24,714
HLB, Inc. (b)		1,001		10,899
Hotel Shilla Co., Ltd.		250		9,967
Hyundai Department Store Co., Ltd.		148		13,357
Hyundai Engineering Plastics Co., Ltd.		2,026		15,701
Hyundai Mobis Co., Ltd.		414		90,492
Hyundai Motor Co.		927		112,057
Hyundai Motor Co. Preference Shares		162		13,332
Hyundai Wia Corp.		151		9,127
Inscobee, Inc. (b)		3,175		4,482
Kangwon Land, Inc.		623		18,440
Kia Motors Corp.		1,682		54,660
LG Electronics, Inc.		654		27,940
Lotte Shopping Co., Ltd.		103		18,889
Multicampus Co., Ltd.		373		9,867
Seoul Auction Co., Ltd.		1,576		12,722
Seoyon Co., Ltd.		843		7,468
Seoyon E-Hwa Co., Ltd.		453		5,251
				551,795
SPAIN — 2.0%
Industria de Diseno Textil SA		6,791		232,290
Mediaset Espana Comunicacion SA		1,000		11,760
NH Hotel Group SA (b)		3,641		14,766
				258,816
SWEDEN — 2.3%
Betsson AB (b)		1,758		17,010
Electrolux AB Series B		3,386		84,346
Hennes & Mauritz AB Class B		5,855		163,316
Husqvarna AB Class B		2,500		19,497
Nobia AB		586		5,473
				289,642
SWITZERLAND — 2.6%
Cie Financiere Richemont SA		3,207		212,832
Dufry AG (b)		152		18,994
Swatch Group AG		303		94,416
				326,242
UNITED KINGDOM — 13.1%
Barratt Developments PLC		4,775		27,283
Bellway PLC		500		15,297
Berkeley Group Holdings PLC		400		13,879
Burberry Group PLC		3,683		68,127
Carnival PLC		1,853		94,448

See accompanying Notes to Schedule of Investments

247

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Compass Group PLC		12,377	$	229,558
Fiat Chrysler Automobiles NV		6,770		61,874
GKN PLC		12,807		52,491
Informa PLC		8,827		74,168
InterContinental Hotels Group PLC		1,100		49,448
ITV PLC		30,140		76,869
Kingfisher PLC		24,738		107,078
Marks & Spencer Group PLC		13,267		57,377
Next PLC		1,890		116,372
Ocado Group PLC (a) (b)		2,358		7,695
Pearson PLC		7,891		79,808
Persimmon PLC		1,132		24,842
Sky PLC		9,260		113,391
Sports Direct International PLC (a) (b)		1,384		4,764
Taylor Wimpey PLC		15,090		28,622
Thomas Cook Group PLC (b)		6,107		6,580
WH Smith PLC		648		12,475
Whitbread PLC		2,547		118,838
WPP PLC		9,639		216,293
				1,657,577
UNITED STATES — 0.4%
International Game Technology PLC		1,838		46,906
TOTAL COMMON STOCKS (Cost $13,945,166)				12,585,991
WARRANTS — 0.1%
FRANCE — 0.1%
Peugeot SA (expiring 4/29/17) (b) (Cost $7,744)		3,417		11,497
SHORT-TERM INVESTMENTS — 1.5%
UNITED STATES — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		12,864		12,864
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		177,983		177,983
				190,847
TOTAL SHORT-TERM INVESTMENTS (Cost $190,847)				190,847
TOTAL INVESTMENTS — 101.2% (Cost $14,143,757)				12,788,335
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(149,188	)
NET ASSETS — 100.0%			$	12,639,147

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 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 December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	311,941	$	—	$	—	$	311,941
Belgium		35,613		—		—		35,613
Canada		513,769		—		—		513,769
Denmark		84,148		—		—		84,148
Finland		58,301		—		—		58,301
France		1,357,147		—		—		1,357,147
Germany		1,401,799		—		—		1,401,799
Hong Kong		403,944		—		—		403,944
Ireland		73,433		—		—		73,433
Italy		169,133		—		—		169,133
Japan		4,756,309		—		—		4,756,309
Luxembourg		55,044		—		—		55,044
Macau		21,646		—		—		21,646

See accompanying Notes to Schedule of Investments

248

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Malta	$	11,903	$	—	$	—	$	11,903
Netherlands		72,558		—		—		72,558
New Zealand		10,413		—		—		10,413
Norway		40,290		—		—		40,290
Singapore		77,622		—		—		77,622
South Korea		551,795		—		—		551,795
Spain		258,816		—		—		258,816
Sweden		289,642		—		—		289,642
Switzerland		326,242		—		—		326,242
United Kingdom		1,657,577		—		—		1,657,577
United States		46,906		—		—		46,906
Warrants
France		11,497		—		—		11,497
Short-Term Investments		190,847		—		—		190,847
TOTAL INVESTMENTS	$	12,788,335	$	—	$	—	$	12,788,335

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		45,577	$	45,577		99		45,676		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		117,174		104,310		12,864		12,864		27
State Street Navigator Securities Lending Government Money Market Portfolio *		1,095,491		1,095,491		11,134,246		12,051,754		177,983		177,983		781
TOTAL			$	1,141,068							$	190,847	$	809

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

249

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 4.4%
Bellamy’s Australia, Ltd. (a) (b)		1,179	$	5,703
Blackmores, Ltd. (a)		192		14,370
Coca-Cola Amatil, Ltd.		14,104		103,353
Metcash, Ltd. (c)		21,678		35,789
Select Harvests, Ltd.		1,168		5,616
Treasury Wine Estates, Ltd.		19,486		150,693
Wesfarmers, Ltd.		25,499		778,065
Woolworths, Ltd.		27,613		481,869
				1,575,458
BELGIUM — 5.4%
Anheuser-Busch InBev SA		17,334		1,838,359
Colruyt SA		894		44,323
Ontex Group NV		1,346		40,107
				1,922,789
CANADA — 3.7%
AGT Food & Ingredients, Inc.		610		16,666
Alimentation Couche-Tard, Inc. Class B		8,677		393,912
Clearwater Seafoods, Inc.		711		6,177
Corby Spirit and Wine, Ltd.		1,790		29,779
Cott Corp.		2,646		29,991
Empire Co., Ltd. Class A		2,596		30,431
George Weston, Ltd.		436		36,930
High Liner Foods, Inc.		289		4,299
Jean Coutu Group PJC, Inc. Class A		1,600		24,960
Liquor Stores N.A., Ltd. (a)		1,582		12,422
Loblaw Cos., Ltd.		6,946		366,918
Maple Leaf Foods, Inc.		1,308		27,427
Metro, Inc.		4,028		120,625
North West Co., Inc. (a)		810		16,622
Premium Brands Holdings Corp. (a)		711		36,561
Rogers Sugar, Inc. (a)		3,556		18,058
Saputo, Inc.		3,739		132,463
SunOpta, Inc. (c)		2,924		20,614
				1,324,855
DENMARK — 0.8%
Carlsberg A/S Class B		3,107		268,629
Royal Unibrew A/S		321		12,413
United International Enterprises		55		9,682
				290,724
FAEROE ISLANDS — 0.1%
Bakkafrost P/F		580		23,098
FINLAND — 0.4%
Kesko Oyj Class B		2,682		134,313
FRANCE — 7.7%
Carrefour SA		13,969		337,257
Casino Guichard Perrachon SA (a)		1,507		72,466
Danone SA		13,800		876,244
L’Oreal SA		5,156		942,999
Pernod Ricard SA		4,878		529,685
				2,758,651
GERMANY — 2.8%
Beiersdorf AG		2,789		237,101
Henkel AG & Co. KGaA		172		17,957
Henkel AG & Co. KGaA Preference Shares		5,386		643,360
METRO AG		2,779		92,580
Suedzucker AG		864		20,677
				1,011,675
HONG KONG — 0.4%
Dairy Farm International Holdings, Ltd.		4,000		28,760
Major Holdings, Ltd. (a) (d)		42,000		6,501
Vitasoy International Holdings, Ltd.		54,000		108,513
				143,774
IRELAND — 1.3%
C&C Group PLC		7,425		30,151
Fyffes PLC		7,623		18,171
Glanbia PLC		3,290		54,759
Greencore Group PLC		22,820		69,507
Kerry Group PLC Class A		3,228		231,181
Origin Enterprises PLC		3,449		22,486
Total Produce PLC		19,349		40,102
				466,357
ITALY — 0.1%
Davide Campari-Milano SpA		4,954		48,542
JAPAN — 19.3%
Aeon Co., Ltd.		19,705		279,774
Ain Holdings, Inc.		1,000		66,361
Ajinomoto Co., Inc.		14,328		289,177
Arcs Co., Ltd.		600		13,545
Ariake Japan Co., Ltd.		500		26,836
Asahi Group Holdings, Ltd.		12,182		385,404
Axial Retailing, Inc.		600		20,680
Calbee, Inc.		1,900		59,622
Coca-Cola East Japan Co., Ltd.		1,600		35,338
Coca-Cola West Co., Ltd.		1,700		50,212
Cocokara fine, Inc.		700		25,777
Cosmos Pharmaceutical Corp.		100		18,476
euglena Co., Ltd. (a) (c)		1,800		19,877
Ezaki Glico Co., Ltd.		1,800		84,572
FamilyMart UNY Holdings Co., Ltd.		2,300		153,419
Fuji Oil Holdings, Inc.		1,800		35,434
Fujicco Co., Ltd. (a)		1,800		37,270
Genky Stores, Inc.		100		4,827
Hokuto Corp.		1,700		30,739
Ito En, Ltd.		1,500		49,964
Itoham Yonekyu Holdings, Inc. (c)		2,900		26,903
Japan Tobacco, Inc.		23,178		763,889
Kagome Co., Ltd.		1,400		35,086
Kao Corp.		12,008		570,466
Kenko Mayonnaise Co., Ltd.		1,000		28,293
Kewpie Corp.		3,500		85,253
Key Coffee, Inc.		3,500		65,328
Kikkoman Corp.		4,000		128,263
Kirin Holdings Co., Ltd.		17,675		288,155
Kobayashi Pharmaceutical Co., Ltd.		1,800		77,164
Kobe Bussan Co., Ltd. (a)		200		7,048
Kose Corp.		700		58,276
Kotobuki Spirits Co., Ltd.		1,100		26,360
Kusuri no Aoki Holdings Co., Ltd.		400		17,833
Lawson, Inc. (a)		1,824		128,392
Life Corp.		1,000		28,251
Lion Corp.		7,000		115,231

See accompanying Notes to Schedule of Investments

250

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Matsumotokiyoshi Holdings Co., Ltd.		1,300	$	64,200
Megmilk Snow Brand Co., Ltd.		700		19,325
MEIJI Holdings Co., Ltd.		3,400		267,021
Ministop Co., Ltd.		400		7,003
Morinaga & Co., Ltd.		1,600		66,875
Morinaga Milk Industry Co., Ltd.		3,000		21,657
NH Foods, Ltd.		3,000		81,151
Nichirei Corp.		4,793		99,447
Nippon Suisan Kaisha, Ltd.		4,700		22,647
Nisshin Seifun Group, Inc.		4,900		73,688
Nissin Foods Holdings Co., Ltd.		1,700		89,493
Oenon Holdings, Inc.		35,351		78,501
Pigeon Corp.		2,000		51,254
Pola Orbis Holdings, Inc. (a)		300		24,821
Qol Co., Ltd.		500		6,002
S Foods, Inc.		300		7,806
San-A Co., Ltd.		300		14,558
Sapporo Holdings, Ltd.		600		15,484
Seven & i Holdings Co., Ltd.		17,775		678,631
Shiseido Co., Ltd.		9,493		240,794
Sugi Holdings Co., Ltd.		200		9,534
Sundrug Co., Ltd.		500		34,681
Suntory Beverage & Food, Ltd.		2,400		99,901
Takara Holdings, Inc.		1,600		14,761
Toyo Suisan Kaisha, Ltd.		1,600		58,096
Tsuruha Holdings, Inc.		700		66,618
Unicharm Corp.		10,500		230,237
Valor Holdings Co., Ltd.		1,000		26,150
Warabeya Nichiyo Holdings Co., Ltd.		300		6,351
Welcia Holdings Co., Ltd.		500		30,608
Yakult Honsha Co., Ltd.		3,280		152,421
Yamazaki Baking Co., Ltd.		4,900		94,862
Yaoko Co., Ltd.		400		15,947
				6,908,020
NETHERLANDS — 3.1%
Heineken Holding NV		735		51,274
Heineken NV		5,312		399,258
Koninklijke Ahold Delhaize NV		31,274		660,715
				1,111,247
NEW ZEALAND — 0.1%
a2 Milk Co., Ltd. (c)		14,990		22,264
Scales Corp., Ltd.		6,653		16,005
				38,269
NORWAY — 1.1%
Grieg Seafood ASA		2,220		21,071
Leroy Seafood Group ASA		245		13,694
Marine Harvest ASA (c)		10,766		194,740
Norway Royal Salmon ASA		873		20,994
Orkla ASA		15,264		138,672
Salmar ASA		676		20,270
				409,441
PORTUGAL — 0.2%
Jeronimo Martins SGPS SA		3,103		48,243
Sonae SGPS SA		9,774		9,010
				57,253
SINGAPORE — 0.7%
Delfi, Ltd.		4,700		7,222
Golden Agri-Resources, Ltd.		198,275		59,015
Wilmar International, Ltd.		72,000		178,916
				245,153
SOUTH KOREA — 3.4%
Able C&C Co., Ltd.		316		5,416
Amorepacific Corp.		650		173,021
AMOREPACIFIC Group		505		55,609
BGF retail Co., Ltd.		566		38,333
Binggrae Co., Ltd.		173		9,139
CJ CheilJedang Corp.		132		39,071
CJ Freshway Corp.		118		3,810
Cosmax, Inc.		114		11,279
Crown Confectionery Co., Ltd.		490		11,400
Dae Han Flour Mills Co., Ltd.		164		24,441
Daesang Corp.		800		17,486
Dongsuh Cos., Inc.		1,520		34,671
Dongwon Industries Co., Ltd.		68		20,465
E-MART, Inc.		358		54,243
GS Retail Co., Ltd.		495		19,508
Harim Co., Ltd.		2,580		10,499
Hite Jinro Co., Ltd.		718		12,543
Hyundai Greenfood Co., Ltd.		785		10,009
Jinro Distillers Co., Ltd.		835		21,708
Korea Kolmar Co., Ltd.		232		12,639
Korea Kolmar Holdings Co., Ltd.		105		2,930
KT&G Corp.		2,540		212,403
Leaders Cosmetics Co., Ltd. (c)		229		4,171
LG Household & Health Care, Ltd.		199		141,201
LG Household & Health Care, Ltd. Preference Shares		19		8,857
Lotte Chilsung Beverage Co., Ltd.		5		6,044
Lotte Confectionery Co., Ltd.		180		26,602
Lotte Food Co., Ltd.		46		24,718
Maeil Dairy Industry Co., Ltd.		650		21,608
Muhak Co., Ltd.		225		4,257
Namyang Dairy Products Co., Ltd.		19		11,547
Nong Woo Bio Co., Ltd. (c)		860		11,357
NongShim Co., Ltd.		68		18,720
Orion Corp.		71		38,504
Ottogi Corp.		71		38,915
Pulmuone Co., Ltd.		26		3,025
Sajo Industries Co., Ltd. (c)		231		12,221
Samyang Holdings Corp.		140		13,852
SPC Samlip Co., Ltd.		29		4,070
Sunjin Co., Ltd.		344		7,946
				1,198,238
SPAIN — 0.6%
Distribuidora Internacional de Alimentacion SA		11,202		55,119
Ebro Foods SA		6,204		130,252
Viscofan SA (a)		678		33,503
				218,874
SWEDEN — 1.7%
ICA Gruppen AB		1,062		32,487
Svenska Cellulosa AB SCA Class A		2,453		69,205

See accompanying Notes to Schedule of Investments

251

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Svenska Cellulosa AB SCA Class B		10,902	$	308,774
Swedish Match AB		5,707		182,054
				592,520
SWITZERLAND — 15.0%
Aryzta AG (c)		1,874		82,697
Barry Callebaut AG (c)		22		26,971
Chocoladefabriken Lindt & Spruengli AG		65		337,359
Coca-Cola HBC AG (c)		3,514		76,854
Nestle SA		66,991		4,814,968
Oriflame Holding AG (c)		1,070		32,402
				5,371,251
UNITED KINGDOM — 27.2%
Associated British Foods PLC		7,473		253,474
Booker Group PLC		31,994		69,381
British American Tobacco PLC		38,965		2,225,117
Britvic PLC		5,851		40,993
Coca-Cola European Partners PLC		4,379		137,501
Cranswick PLC		1,067		30,891
Diageo PLC		53,289		1,389,362
Greggs PLC		2,224		26,656
Imperial Brands PLC		20,521		898,263
J Sainsbury PLC		35,284		108,691
Reckitt Benckiser Group PLC		14,225		1,210,360
Tate & Lyle PLC		13,628		119,139
Tesco PLC (c)		172,685		441,373
Unilever NV		36,089		1,488,907
Unilever PLC		27,291		1,110,301
Wm Morrison Supermarkets PLC		59,827		170,545
				9,720,954
TOTAL COMMON STOCKS (Cost $38,857,104)				35,571,456
SHORT-TERM INVESTMENTS — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		12,430		12,430
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		238,881		238,881
TOTAL SHORT-TERM INVESTMENTS (Cost $251,311)				251,311
TOTAL INVESTMENTS — 100.2% (Cost $39,108,415)				35,822,767
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(65,918	)
NET ASSETS — 100.0%			$	35,756,849

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(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 December 31, 2016, total aggregate fair value of securities is $5,703 representing 0.0% of net assets.

(c) Non-income producing security.

(d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.0% of net assets as of December 31, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,569,755	$	5,703	$	—	$	1,575,458
Belgium		1,922,789		—		—		1,922,789
Canada		1,324,855		—		—		1,324,855
Denmark		290,724		—		—		290,724
Faeroe Islands		23,098		—		—		23,098
Finland		134,313		—		—		134,313
France		2,758,651		—		—		2,758,651
Germany		1,011,675		—		—		1,011,675
Hong Kong		143,774		—		—		143,774
Ireland		466,357		—		—		466,357
Italy		48,542		—		—		48,542
Japan		6,908,020		—		—		6,908,020
Netherlands		1,111,247		—		—		1,111,247

See accompanying Notes to Schedule of Investments

252

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
New Zealand	$	38,269	$	—	$	—	$	38,269
Norway		409,441		—		—		409,441
Portugal		57,253		—		—		57,253
Singapore		245,153		—		—		245,153
South Korea		1,198,238		—		—		1,198,238
Spain		218,874		—		—		218,874
Sweden		592,520		—		—		592,520
Switzerland		5,371,251		—		—		5,371,251
United Kingdom		9,720,954		—		—		9,720,954
Short-Term Investments		251,311		—		—		251,311
TOTAL INVESTMENTS	$	35,817,064	$	5,703	$	—	$	35,822,767

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		27,118	$	27,118		21		27,139		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		357,715		345,285		12,430		12,430		41
State Street Navigator Securities Lending Government Money Market Portfolio *		1,530,426		1,530,426		20,231,933		21,523,478		238,881		238,881		2,018
TOTAL			$	1,557,544							$	251,311	$	2,059

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

253

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 4.6%
Beach Energy, Ltd.		59,064	$	36,353
Caltex Australia, Ltd.		10,809		238,404
Karoon Gas Australia, Ltd.		10,066		13,083
Liquefied Natural Gas, Ltd. (a)		23,874		11,669
Oil Search, Ltd.		47,634		247,306
Origin Energy, Ltd.		69,149		329,967
Paladin Energy, Ltd. (a)		86,052		5,359
Santos, Ltd.		68,447		199,241
Washington H Soul Pattinson & Co., Ltd.		5,494		60,190
Whitehaven Coal, Ltd.		26,965		50,961
Woodside Petroleum, Ltd.		28,408		640,968
WorleyParsons, Ltd.		8,802		61,951
				1,895,452
AUSTRIA — 0.5%
OMV AG		5,309		187,925
Schoeller-Bleckmann Oilfield Equipment AG		404		32,611
				220,536
BELGIUM — 0.1%
Euronav NV		4,034		32,247
CANADA — 31.1%
Advantage Oil & Gas, Ltd. (b)		6,736		45,809
Africa Oil Corp. (a) (b)		15,404		30,554
AltaGas, Ltd. (a)		6,111		154,478
ARC Resources, Ltd.		13,836		238,432
Athabasca Oil Corp. (b)		23,443		35,836
Baytex Energy Corp. (a) (b)		12,477		61,034
Birchcliff Energy, Ltd. (b)		8,126		56,777
Bonavista Energy Corp.		13,700		49,138
Bonterra Energy Corp. (a)		1,320		28,633
Cameco Corp. (a)		15,237		159,522
Canacol Energy, Ltd. (b)		5,819		19,873
Canadian Energy Services & Technology Corp.		10,003		57,137
Canadian Natural Resources, Ltd.		42,736		1,363,613
Cardinal Energy, Ltd.		2,930		23,138
Cenovus Energy, Inc.		32,530		492,419
Crescent Point Energy Corp. (a)		21,061		286,614
Crew Energy, Inc. (b)		5,392		30,196
Enbridge Income Fund Holdings, Inc. (a)		3,708		96,139
Enbridge, Inc. (a)		36,557		1,540,189
Encana Corp.		38,015		446,752
Enerflex, Ltd.		3,028		38,498
Enerplus Corp. (a)		12,951		123,035
Ensign Energy Services, Inc.		5,314		37,169
Freehold Royalties, Ltd.		3,388		35,799
Gibson Energy, Inc. (a)		5,058		71,586
Gran Tierra Energy, Inc. (b)		15,885		48,091
Husky Energy, Inc. (b)		11,371		138,126
Imperial Oil, Ltd. (a)		10,491		365,411
Inter Pipeline, Ltd.		13,963		308,611
Kelt Exploration, Ltd. (b)		5,476		27,644
Keyera Corp. (a)		7,281		219,671
Lightstream Resources, Ltd. (b) (c)		6,978		—
MEG Energy Corp. (a) (b)		9,932		68,359
Mullen Group, Ltd		3,990		59,000
NexGen Energy, Ltd. (b)		11,983		20,820
NuVista Energy, Ltd. (b)		5,910		30,585
Painted Pony Petroleum, Ltd. (b)		3,329		22,888
Paramount Resources, Ltd. Class A (b)		2,063		27,798
Parex Resources, Inc. (b)		5,615		70,761
Parkland Fuel Corp		3,806		79,835
Pason Systems, Inc		2,646		38,751
Pembina Pipeline Corp. (a)		15,277		478,001
Pengrowth Energy Corp		20,697		29,786
Penn West Petroleum, Ltd. (b) (d)		20,500		36,229
Penn West Petroleum, Ltd. (b) (d)		21,858		38,689
Peyto Exploration & Development Corp. (a)		6,406		158,639
PrairieSky Royalty, Ltd. (a)		7,893		187,989
Precision Drilling Corp		17,405		95,004
Raging River Exploration, Inc. (b)		11,216		88,320
Secure Energy Services, Inc		8,479		74,038
Seven Generations Energy, Ltd. Class A (b)		9,342		218,111
ShawCor, Ltd		2,458		65,691
Spartan Energy Corp. (b)		11,847		29,418
Suncor Energy, Inc		59,320		1,941,872
Sunshine Oilsands, Ltd. (b)		90,000		3,831
Surge Energy, Inc		9,613		23,727
TORC Oil & Gas, Ltd		4,807		29,644
Tourmaline Oil Corp. (b)		9,577		256,448
TransCanada Corp. (a)		33,618		1,517,642
Trican Well Service, Ltd. (b)		11,337		38,888
Trilogy Energy Corp. (b)		1,975		11,119
Trinidad Drilling, Ltd		9,400		23,411
Veresen, Inc. (a)		12,570		122,883
Vermilion Energy, Inc. (a)		4,628		194,948
Whitecap Resources, Inc. (a)		13,891		125,957
				12,839,006
COLOMBIA — 0.2%
Pacific Exploration and Production Corp. (b)		2,000		87,588
FINLAND — 0.5%
Neste Oyj		4,932		189,874
FRANCE — 12.4%
Bourbon Corp. (a)		1,237		15,983
CGG SA (a) (b)		1,298		18,770
Etablissements Maurel et Prom (b)		5,012		22,308
Gaztransport Et Technigaz SA		701		30,385
Technip SA		4,596		328,718
TOTAL SA		90,065		4,628,208
Vallourec SA (a) (b)		13,899		96,023
				5,140,395
HONG KONG — 0.1%
Brightoil Petroleum Holdings, Ltd		90,000		25,538
Sino Oil And Gas Holdings, Ltd. (a) (b)		655,000		16,221
Yanchang Petroleum International, Ltd. (b)		390,000		11,217
				52,976
ISRAEL — 0.2%
Delek Group, Ltd.		177		37,855
Oil Refineries, Ltd. (b)		90,726		31,942
Paz Oil Co., Ltd.		223		32,737
				102,534

See accompanying Notes to Schedule of Investments

254

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ITALY — 5.5%
Eni SpA		103,997	$	1,696,917
Saipem SpA (b)		256,836		144,930
Saras SpA		14,979		27,175
Snam SpA		93,684		386,755
				2,255,777
JAPAN — 3.2%
Cosmo Energy Holdings Co., Ltd.		3,300		46,486
Idemitsu Kosan Co., Ltd.		4,600		122,459
Inpex Corp.		43,400		435,730
Itochu Enex Co., Ltd. (a)		1,300		10,243
Japan Petroleum Exploration Co., Ltd.		900		20,055
JX Holdings, Inc.		100,097		424,555
Modec, Inc.		500		8,008
Nippon Gas Co., Ltd.		1,100		31,689
San-Ai Oil Co., Ltd.		1,000		7,176
Shinko Plantech Co., Ltd.		1,000		7,279
Showa Shell Sekiyu KK		8,500		79,217
TonenGeneral Sekiyu KK		11,000		116,192
Toyo Kanetsu KK		3,000		8,102
				1,317,191
LUXEMBOURG — 0.8%
Tenaris SA		18,739		335,411
NETHERLANDS — 20.5%
Fugro NV (b)		2,423		37,172
Koninklijke Vopak NV		2,685		127,086
Royal Dutch Shell PLC Class A		155,660		4,313,251
Royal Dutch Shell PLC Class B		133,417		3,880,726
SBM Offshore NV		8,213		129,204
				8,487,439
NEW ZEALAND — 0.2%
Z Energy, Ltd.		15,671		79,333
NORWAY — 2.7%
Akastor ASA (a) (b)		14,526		27,339
Aker BP ASA		3,744		67,201
Aker Solutions ASA (b)		5,097		24,497
BW LPG, Ltd. (e)		3,287		13,873
DNO ASA (a) (b)		26,687		26,291
Frontline, Ltd. (a)		2,664		19,188
Kvaerner ASA (b)		24,365		34,250
Petroleum Geo-Services ASA (b)		13,265		44,999
Statoil ASA		40,407		743,575
TGS Nopec Geophysical Co. ASA		4,340		96,655
				1,097,868
PORTUGAL — 0.6%
Galp Energia SGPS SA		16,686		249,738
SINGAPORE — 0.0% (f)
Ezion Holdings, Ltd. (a) (b)		61,633		16,425
SOUTH KOREA — 1.3%
GS Holdings Corp.		2,015		90,256
Hankook Shell Oil Co., Ltd.		90		33,010
S-Oil Corp.		1,591		111,573
SK Innovation Co., Ltd.		2,339		283,709
				518,548
SPAIN — 1.6%
Repsol SA		42,816		606,050
Tecnicas Reunidas SA		1,274		52,359
				658,409
SWEDEN — 0.4%
Lundin Petroleum AB (b)		7,896		172,181
UNITED KINGDOM — 12.6%
Afren PLC (a) (b) (c)		26,211		—
Amec Foster Wheeler PLC		17,304		100,494
BP PLC		672,710		4,235,967
Cairn Energy PLC (b)		22,050		64,274
Genel Energy PLC (a) (b)		6,281		6,364
Hunting PLC.		4,612		35,760
James Fisher & Sons PLC		2,494		48,075
John Wood Group PLC		14,575		157,764
Ophir Energy PLC (b)		17,651		21,047
Petrofac, Ltd.		10,514		112,897
Premier Oil PLC (b)		24,575		22,471
Seadrill, Ltd. (a) (b)		14,537		50,361
Soco International PLC		15,363		30,278
Stobart Group, Ltd.		11,518		25,369
Subsea 7 SA (b)		9,836		124,897
Tullow Oil PLC (a) (b)		43,560		168,310
				5,204,328
UNITED STATES — 0.4%
DHT Holdings, Inc. (a)		3,524		14,589
Golar LNG, Ltd.		3,201		73,431
Nordic American Tankers, Ltd. (a)		3,526		29,619
Ship Finance International, Ltd. (a)		2,333		34,645
				152,284
TOTAL COMMON STOCKS (Cost $44,872,453)				41,105,540
WARRANTS — 0.0% (f)
SINGAPORE — 0.0% (f)
Ezion Holdings, Ltd. (expiring 4/24/20) (b) (Cost $0)		6,896		396
RIGHTS — 0.1%
NORWAY — 0.0% (f)
Petroleum Geo-Services ASA (expiring 1/5/17) (b) (g)		1,487		1,158
SPAIN — 0.1%
Repsol SA (expiring 1/6/17) (b)		42,816		15,896
TOTAL RIGHTS (Cost $14,930)				17,054

See accompanying Notes to Schedule of Investments

255

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 5.6%
UNITED STATES — 5.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (h) (i)		51,722	$	51,722
State Street Navigator Securities Lending Government Money Market Portfolio (i) (j)		2,270,734		2,270,734
				2,322,456
TOTAL SHORT-TERM INVESTMENTS (Cost $2,322,456)				2,322,456
TOTAL INVESTMENTS — 105.2%
(Cost $47,209,839)				43,445,446
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.2)%				(2,131,770	)
NET ASSETS — 100.0%			$	41,313,676

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s 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 0.0% of net assets as of December 31, 2016, is 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 December 31, 2016, total aggregate fair value of securities is $1,158 representing 0.0% of net assets.

(h) The rate shown is the annualized seven-day yield at December 31, 2016.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(j) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,895,452	$	—	$	—		$	1,895,452
Austria		220,536		—		—			220,536
Belgium		32,247		—		—			32,247
Canada		12,839,006		—		0	(a)		12,839,006
Colombia		87,588		—		—			87,588
Finland		189,874		—		—			189,874
France		5,140,395		—		—			5,140,395
Hong Kong		52,976		—		—			52,976
Israel		102,534		—		—			102,534
Italy		2,255,777		—		—			2,255,777
Japan		1,317,191		—		—			1,317,191
Luxembourg		335,411		—		—			335,411
Netherlands		8,487,439		—		—			8,487,439
New Zealand		79,333		—		—			79,333
Norway		1,097,868		—		—			1,097,868
Portugal		249,738		—		—			249,738
Singapore		16,425		—		—			16,425
South Korea		518,548		—		—			518,548
Spain		658,409		—		—			658,409
Sweden		172,181		—		—			172,181
United Kingdom		5,204,328		—		0	(a)		5,204,328
United States		152,284		—		—			152,284

See accompanying Notes to Schedule of Investments

256

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Warrants
Singapore	$	396	$	—	$	—	$	396
Rights
Norway		—		1,158		—		1,158
Spain		15,896		—		—		15,896
Short-Term Investments		2,322,456		—		—		2,322,456
TOTAL INVESTMENTS	$	43,444,288	$	1,158	$	0	$	43,445,446

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		32,462	$	32,462		13,400		45,862		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,219,606		1,167,884		51,722		51,722		69
State Street Navigator Securities Lending Government Money Market Portfolio *		2,840,776		2,840,776		39,038,775		39,608,817		2,270,734		2,270,734		11,638
TOTAL			$	2,873,238							$	2,322,456	$	11,707

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

257

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 11.4%
AMP, Ltd.		5,238	$	19,116
ASX, Ltd.		518		18,657
Australia & New Zealand Banking Group, Ltd.		4,669		102,845
Bank of Queensland, Ltd.		996		8,561
Bendigo & Adelaide Bank, Ltd.		1,044		9,608
Challenger, Ltd.		1,277		10,393
Commonwealth Bank of Australia		2,721		162,370
Insurance Australia Group, Ltd.		3,567		15,471
IOOF Holdings, Ltd. (a)		837		5,582
Macquarie Group, Ltd.		555		35,011
Medibank Pvt, Ltd.		5,173		10,563
National Australia Bank, Ltd.		4,245		94,274
QBE Insurance Group, Ltd.		2,260		20,325
Suncorp Group, Ltd.		1,961		19,198
Westpac Banking Corp.		5,332		125,865
				657,839
AUSTRIA — 0.4%
Erste Group Bank AG (b)		712		20,896
BELGIUM — 1.3%
Ackermans & van Haaren NV		52		7,245
Ageas		530		21,024
Groupe Bruxelles Lambert SA		162		13,622
KBC Group NV		563		34,935
				76,826
CANADA — 14.7%
Bank of Montreal (a)		1,107		79,716
Bank of Nova Scotia		1,954		108,930
Brookfield Asset Management, Inc. Class A		1,452		47,965
Canadian Imperial Bank of Commerce (a)		661		54,002
CI Financial Corp. (a)		504		10,850
ECN Capital Corp. (a)		1,018		2,505
Element Fleet Management Corp. (a)		870		8,083
Fairfax Financial Holdings, Ltd.		4		1,934
Great-West Lifeco, Inc. (a)		752		19,722
Industrial Alliance Insurance & Financial Services, Inc.		256		10,192
Intact Financial Corp.		367		26,299
Manulife Financial Corp.		3,212		57,268
National Bank of Canada		634		25,780
Onex Corp.		171		11,652
Power Corp. of Canada		585		13,109
Power Financial Corp. (a)		789		19,745
Royal Bank of Canada		2,386		161,676
Sun Life Financial, Inc.		993		38,171
Toronto-Dominion Bank		2,959		146,113
				843,712
DENMARK — 0.9%
Danske Bank A/S		1,274		38,710
Jyske Bank A/S		178		8,502
Sydbank A/S		118		3,669
				50,881
FINLAND — 0.6%
Sampo Oyj Class A		737		33,107
FRANCE — 5.7%
ABC arbitrage		2,103		15,948
AXA SA		3,108		78,627
BNP Paribas SA		1,809		115,532
CNP Assurances		214		3,973
Credit Agricole SA		1,694		21,048
Natixis SA		1,805		10,204
SCOR SE		353		12,224
Societe Generale SA		1,231		60,694
Wendel SA		94		11,342
				329,592
GERMANY — 4.6%
Allianz SE		741		122,706
Commerzbank AG		1,876		14,338
Deutsche Bank AG (b)		2,268		41,265
Deutsche Boerse AG (b)		282		23,063
Hannover Rueck SE		101		10,951
Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen		248		46,993
Sixt Leasing AG		268		5,060
				264,376
HONG KONG — 4.0%
AIA Group, Ltd.		19,623		110,730
Bank of East Asia, Ltd.		1,959		7,504
BOC Hong Kong Holdings, Ltd.		7,449		26,661
Goldin Financial Holdings, Ltd. (b)		4,000		1,542
Haitong International Securities Group, Ltd. (a)		8,000		4,592
Hang Seng Bank, Ltd.		1,489		27,713
Hong Kong Exchanges & Clearing, Ltd.		2,069		48,889
Kingston Financial Group, Ltd.		10,000		4,321
				231,952
IRELAND — 0.2%
Bank of Ireland (b)		41,898		10,341
ISRAEL — 0.6%
Bank Hapoalim BM		2,105		12,531
Bank Leumi Le-Israel BM (b)		4,853		19,999
				32,530
ITALY — 2.7%
Assicurazioni Generali SpA		2,363		35,192
Azimut Holding SpA (a)		296		4,952
Banca Monte dei Paschi di Siena SpA (a) (b) (c)		37		588
Banca Popolare dell’Etruria e del Lazio SC (b) (d)		1,627		—
Banco Popolare SC		1,608		3,887
Intesa Sanpaolo SpA (e)		3,381		7,967
Intesa Sanpaolo SpA (e)		22,958		58,745
Mediobanca SpA		1,150		9,407
Poste Italiane SpA (f)		973		6,471
UniCredit SpA (a)		8,848		25,515
Unione di Banche Italiane SpA (a)		1,956		5,389
				158,113

See accompanying Notes to Schedule of Investments

258

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
JAPAN — 14.4%
Aozora Bank, Ltd.		3,000	$	10,623
Bank of Kyoto, Ltd.		3,000		22,326
Bank of the Ryukyus, Ltd.		1,300		17,098
Chiba Bank, Ltd.		3,000		18,442
Concordia Financial Group, Ltd.		3,900		18,812
Dai-ichi Life Holdings, Inc.		2,083		34,754
Daiwa Securities Group, Inc.		2,878		17,774
Fukuoka Financial Group, Inc.		3,000		13,349
Japan Exchange Group, Inc.		1,500		21,477
Japan Post Bank Co., Ltd.		900		10,826
Japan Post Holdings Co., Ltd.		900		11,258
Kyushu Financial Group, Inc.		1,200		8,159
Mebuki Financial Group, Inc.		2,300		8,539
Mitsubishi UFJ Financial Group, Inc.		23,144		142,910
Mizuho Financial Group, Inc.		42,028		75,599
MS&AD Insurance Group Holdings, Inc.		874		27,156
Nomura Holdings, Inc.		7,307		43,171
ORIX Corp.		2,572		40,222
Resona Holdings, Inc.		3,127		16,073
Shinsei Bank, Ltd.		5,000		8,402
Shizuoka Bank, Ltd.		1,989		16,746
Sompo Holdings, Inc.		889		30,183
Sumitomo Mitsui Financial Group, Inc.		2,346		89,709
Sumitomo Mitsui Trust Holdings, Inc.		882		31,632
Suruga Bank, Ltd.		500		11,184
T&D Holdings, Inc.		1,877		24,872
Tokio Marine Holdings, Inc.		1,361		55,964
				827,260
NETHERLANDS — 2.9%
ABN AMRO Group NV (f)		460		10,213
Aegon NV		2,428		13,389
ASR Nederland NV (b)		325		7,747
Delta Lloyd NV		588		3,298
Euronext NV (f)		166		6,864
EXOR NV		440		19,018
Flow Traders (f)		110		3,798
ING Groep NV		6,230		87,855
NN Group NV		484		16,436
				168,618
NORWAY — 0.5%
DNB ASA		1,395		20,809
Gjensidige Forsikring ASA		597		9,502
				30,311
PORTUGAL — 0.1%
Banco BPI SA (b)		6,050		7,217
Banco Comercial Portugues SA Class R (a) (b)		735		831
				8,048
SINGAPORE — 2.0%
DBS Group Holdings, Ltd.		3,290		39,488
Oversea-Chinese Banking Corp., Ltd.		6,178		38,145
Singapore Exchange, Ltd.		1,400		6,939
United Overseas Bank, Ltd.		2,126		30,020
				114,592
SOUTH AFRICA — 0.2%
Investec PLC		1,348		8,928
SOUTH KOREA — 2.4%
DGB Financial Group, Inc.		828		6,698
Dongbu Insurance Co., Ltd.		137		7,089
Hana Financial Group, Inc.		590		15,265
Hanwha General Insurance Co., Ltd.		2,151		12,876
KB Financial Group, Inc.		445		15,769
KB Financial Group, Inc. ADR (b)		316		11,152
Samsung Fire & Marine Insurance Co., Ltd.		62		13,783
Samsung Life Insurance Co., Ltd.		166		15,462
Shinhan Financial Group Co., Ltd.		546		20,456
Shinhan Financial Group Co., Ltd. ADR (b)		245		9,222
Woori Bank		1,089		11,496
				139,268
SPAIN — 4.7%
Banco Bilbao Vizcaya Argentaria SA		10,648		72,035
Banco de Sabadell SA		9,527		13,294
Banco Popular Espanol SA (a)		5,801		5,617
Banco Santander SA		23,146		121,065
Bankia SA		10,991		11,257
Bankinter SA		1,612		12,514
Bolsas y Mercados Espanoles SHMSF SA		350		10,335
CaixaBank SA		5,680		18,812
Mapfre SA		1,335		4,083
				269,012
SWEDEN — 4.2%
Industrivarden AB Class A		685		13,587
Industrivarden AB Class C		221		4,131
Investor AB Class A		200		7,415
Investor AB Class B		919		34,445
Kinnevik AB Class B		540		12,976
L E Lundbergforetagen AB Class B		120		7,377
Nordea Bank AB		5,040		56,200
Skandinaviska Enskilda Banken AB Class A		2,815		29,608
Svenska Handelsbanken AB Class A		2,550		35,536
Swedbank AB Class A		1,669		40,473
				241,748
SWITZERLAND — 6.0%
Baloise Holding AG		123		15,527
Credit Suisse Group AG (b)		3,266		46,949
GAM Holding AG (b)		666		7,732
Helvetia Holding AG		8		4,318
Julius Baer Group, Ltd. (b)		543		24,165
Partners Group Holding AG (a)		32		15,026
Swiss Life Holding AG (b)		52		14,745
Swiss Re AG		527		50,037
UBS Group AG		6,205		97,378
Zurich Insurance Group AG (b)		241		66,489
				342,366
UNITED KINGDOM — 14.8%
3i Group PLC		3,587		31,203
Aberdeen Asset Management PLC		1,722		5,475
Admiral Group PLC		415		9,369
Ashmore Group PLC		872		3,046
Aviva PLC		6,750		40,569
Barclays PLC		25,182		69,529
Beazley PLC		705		3,376
Close Brothers Group PLC		321		5,732

See accompanying Notes to Schedule of Investments

259

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CYBG PLC (a) (b)		1,377	$	4,806
Direct Line Insurance Group PLC		2,251		10,275
Hargreaves Lansdown PLC		429		6,430
Henderson Group PLC		3,159		9,197
Hiscox, Ltd.		544		6,836
HSBC Holdings PLC		32,647		264,995
IG Group Holdings PLC		697		4,255
Jupiter Fund Management PLC		1,050		5,755
Legal & General Group PLC		8,997		27,526
Lloyds Banking Group PLC		101,790		78,623
London Stock Exchange Group PLC		695		25,025
Man Group PLC		4,999		7,307
Metro Bank PLC (b)		128		4,626
NEX Group PLC		569		3,263
Old Mutual PLC		8,001		20,495
Phoenix Group Holdings		530		4,814
Provident Financial PLC		223		7,850
Prudential PLC		4,019		80,823
Royal Bank of Scotland Group PLC (b)		5,397		14,978
RSA Insurance Group PLC		2,250		16,292
Schroders PLC		153		5,668
Schroders PLC NVDR		344		9,513
St James’s Place PLC		897		11,239
Standard Chartered PLC (b)		4,462		36,587
Standard Life PLC		3,292		15,132
TP ICAP PLC		464		2,484
				853,093
UNITED STATES — 0.4%
Thomson Reuters Corp. (a)		513		22,478
TOTAL COMMON STOCKS (Cost $7,249,216)				5,735,887
SHORT-TERM INVESTMENTS — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (g) (h)		2,866		2,866
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i)		61,090		61,090
TOTAL SHORT-TERM INVESTMENTS (Cost $63,956)				63,956
TOTAL INVESTMENTS — 100.8%
(Cost $7,313,172)				5,799,843
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(44,120	)
NET ASSETS — 100.0%			$	5,755,723

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of securities is $588 representing 0.0% 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. Security value is determined based on Level 3 inputs. As of December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s 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 0.5% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(g) The rate shown is the annualized seven-day yield at December 31, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(i) 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 according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	657,839	$	—	$	—	$	657,839
Austria		20,896		—		—		20,896
Belgium		76,826		—		—		76,826
Canada		843,712		—		—		843,712
Denmark		50,881		—		—		50,881
Finland		33,107		—		—		33,107
France		329,592		—		—		329,592

See accompanying Notes to Schedule of Investments

260

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Germany	$	264,376	$	—	$	—		$	264,376
Hong Kong		231,952		—		—			231,952
Ireland		10,341		—		—			10,341
Israel		32,530		—		—			32,530
Italy		157,525		588		0	(a)		158,113
Japan		827,260		—		—			827,260
Netherlands		168,618		—		—			168,618
Norway		30,311		—		—			30,311
Portugal		8,048		—		—			8,048
Singapore		114,592		—		—			114,592
South Africa		8,928		—		—			8,928
South Korea		139,268		—		—			139,268
Spain		269,012		—		—			269,012
Sweden		241,748		—		—			241,748
Switzerland		342,366		—		—			342,366
United Kingdom		853,093		—		—			853,093
United States		22,478		—		—			22,478
Short-Term Investments		63,956		—		—			63,956
TOTAL INVESTMENTS	$	5,799,255	$	588	$	0		$	5,799,843

(a) Fund held Level 3 security that was valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		21,918	$	21,918		—		21,918		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		135,722		132,856		2,866		2,866		14
State Street Navigator Securities Lending Government Money Market Portfolio *		268,820		268,820		6,731,542		6,939,272		61,090		61,090		415
TOTAL			$	290,738							$	63,956	$	430

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

261

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 4.1%
Ansell, Ltd.		5,889	$	105,369
Cochlear, Ltd.		1,989		176,501
CSL, Ltd.		13,801		1,003,427
Healthscope, Ltd.		56,746		94,095
Primary Health Care, Ltd.		21,323		62,995
Ramsay Health Care, Ltd.		5,149		254,649
Sirtex Medical, Ltd.		2,317		23,774
Sonic Healthcare, Ltd.		15,927		246,801
				1,967,611
BELGIUM — 0.8%
Galapagos NV (a)		1,565		100,592
UCB SA		4,431		284,669
				385,261
CANADA — 0.2%
Canopy Growth Corp. (a)		4,354		29,675
Novadaq Technologies, Inc. (a)		4,183		29,657
ProMetic Life Sciences, Inc. (a) (b)		29,444		48,962
				108,294
DENMARK — 6.1%
Bavarian Nordic A/S (a) (b)		1,312		46,342
Coloplast A/S Class B		3,578		241,746
Genmab A/S (a)		1,793		298,344
GN Store Nord A/S		6,856		142,283
H Lundbeck A/S (a)		2,275		92,716
Novo Nordisk A/S Class B		55,369		2,000,480
William Demant Holding A/S (a)		6,348		110,579
				2,932,490
FINLAND — 0.5%
Orion Oyj Class B		4,996		222,848
FRANCE — 8.8%
BioMerieux		678		101,475
Cellectis SA (a) (b)		1,310		22,398
DBV Technologies SA (a) (b)		793		55,496
Essilor International SA		6,652		753,189
Ipsen SA		1,766		127,967
Korian SA		3,544		104,067
Orpea		1,751		141,765
Sanofi		35,075		2,844,943
Virbac SA (a)		237		41,796
				4,193,096
GERMANY — 10.4%
Bayer AG		24,766		2,589,468
Fresenius Medical Care AG & Co. KGaA		6,670		565,980
Fresenius SE & Co. KGaA		12,534		981,735
Gerresheimer AG		1,126		83,872
Merck KGaA		4,257		445,190
MorphoSys AG (a) (b)		1,292		66,433
RHOEN-KLINIKUM AG		2,089		56,539
Sartorius AG Preference Shares		934		69,452
STADA Arzneimittel AG		2,595		134,623
				4,993,292
HONG KONG — 0.2%
CK Life Sciences Int’l Holdings, Inc.		410,000		36,488
Lee’s Pharmaceutical Holdings, Ltd.		37,955		30,743
Town Health International Medical Group, Ltd. (b) (c)		276,079		44,511
				111,742
IRELAND — 0.2%
UDG Healthcare PLC		5,848		48,306
UDG Healthcare PLC (a) (c)		6,214		51,330
				99,636
ISRAEL — 2.3%
Teva Pharmaceutical Industries, Ltd.		31,063		1,116,239
ITALY — 0.2%
Recordati SpA		3,665		104,064
JAPAN — 17.9%
Alfresa Holdings Corp.		7,600		126,020
Asahi Intecc Co., Ltd.		1,900		77,134
Astellas Pharma, Inc.		64,900		903,375
Chugai Pharmaceutical Co., Ltd.		6,925		199,197
Daiichi Sankyo Co., Ltd.		20,800		426,486
Eisai Co., Ltd.		9,200		529,117
Hisamitsu Pharmaceutical Co., Inc.		3,000		150,469
Hoya Corp.		12,400		522,111
Kaken Pharmaceutical Co., Ltd.		1,400		74,420
Kissei Pharmaceutical Co., Ltd.		2,300		57,443
KYORIN Holdings, Inc.		3,200		68,782
Kyowa Hakko Kirin Co., Ltd.		9,022		125,002
M3, Inc.		6,000		151,498
Medipal Holdings Corp.		7,500		118,511
Miraca Holdings, Inc.		2,100		94,526
Mitsubishi Tanabe Pharma Corp.		8,700		171,039
Nakanishi, Inc.		1,000		38,753
Nihon Kohden Corp.		3,300		73,195
Nippon Shinyaku Co., Ltd.		2,100		103,708
Olympus Corp.		9,800		339,452
Ono Pharmaceutical Co., Ltd.		16,100		352,755
Otsuka Holdings Co., Ltd.		16,900		737,958
PeptiDream, Inc. (a) (b)		1,300		67,767
Rohto Pharmaceutical Co., Ltd.		4,400		69,338
Santen Pharmaceutical Co., Ltd.		13,800		169,195
Sawai Pharmaceutical Co., Ltd.		1,400		75,380
Shionogi & Co., Ltd.		9,500		456,042
Ship Healthcare Holdings, Inc.		2,300		59,159
Sosei Group Corp. (a)		500		57,659
Sumitomo Dainippon Pharma Co., Ltd.		6,500		112,016
Suzuken Co., Ltd.		3,300		108,081
Sysmex Corp.		5,200		301,830
Taisho Pharmaceutical Holdings Co., Ltd.		1,600		133,065
Takara Bio, Inc.		3,300		44,421
Takeda Pharmaceutical Co., Ltd.		22,400		928,572
Terumo Corp.		11,000		406,953
Toho Holdings Co., Ltd.		2,900		57,983
Tsumura & Co.		2,800		77,301
				8,565,713
JORDAN — 0.3%
Hikma Pharmaceuticals PLC		5,094		119,153

See accompanying Notes to Schedule of Investments

262

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
LUXEMBOURG — 0.3%
Eurofins Scientific SE		356	$	152,074
NEW ZEALAND — 0.6%
Fisher & Paykel Healthcare Corp., Ltd.		23,257		138,170
Ryman Healthcare, Ltd.		23,597		133,443
				271,613
SINGAPORE — 0.3%
Haw Par Corp., Ltd.		10,600		66,695
Raffles Medical Group, Ltd.		75,408		74,641
				141,336
SOUTH KOREA — 2.5%
Cell Biotech Co., Ltd.		895		36,050
Celltrion, Inc. (a)		3,364		299,134
Chong Kun Dang Pharmaceutical Corp.		686		59,353
Dong-A Socio Holdings Co., Ltd.		419		54,292
Green Cross Corp.		440		57,195
Green Cross Holdings Corp.		2,760		54,386
Hanmi Pharm Co., Ltd.		232		58,682
Hanmi Science Co., Ltd.		1,106		55,950
iNtRON Biotechnology, Inc. (a)		907		22,979
Kolon Life Science, Inc.		467		45,393
Komipharm International Co., Ltd. (a)		1,712		49,611
LG Life Sciences, Ltd. (a)		985		55,048
Medy-Tox, Inc.		211		62,297
Samsung Biologics Co., Ltd. (a)		855		106,893
ViroMed Co., Ltd. (a)		783		67,098
Yuhan Corp.		491		81,102
Yungjin Pharmaceutical Co., Ltd. (a)		5,770		42,136
				1,207,599
SPAIN — 0.7%
Grifols SA		15,521		309,080
Grifols SA Class B, Preference Shares		3,094		49,620
				358,700
SWEDEN — 0.7%
Elekta AB Class B (b)		13,657		121,167
Getinge AB Class B		7,018		112,865
Swedish Orphan Biovitrum AB (a) (b)		6,738		79,139
				313,171
SWITZERLAND — 25.6%
Actelion, Ltd. (a)		3,231		700,975
Basilea Pharmaceutica, Ltd. (a) (b)		718		51,641
Galenica AG		133		150,359
Lonza Group AG (a)		1,841		319,347
Novartis AG		77,894		5,679,092
Roche Holding AG (d)		1,594		373,269
Roche Holding AG (d)		19,889		4,551,760
Sonova Holding AG		1,856		225,346
Straumann Holding AG		331		129,456
Tecan Group AG		543		84,895
				12,266,140
UNITED KINGDOM — 11.8%
AstraZeneca PLC		37,286		2,044,464
BTG PLC (a)		14,457		105,396
Dechra Pharmaceuticals PLC		5,139		85,408
Genus PLC		3,019		66,998
GlaxoSmithKline PLC		142,722		2,754,655
Indivior PLC		25,201		92,236
Smith & Nephew PLC		30,837		465,246
Spire Healthcare Group PLC (e)		11,742		48,997
				5,663,400
UNITED STATES — 4.6%
ICON PLC (a)		2,125		159,800
QIAGEN NV (a)		8,516		239,647
Shire PLC		27,397		1,585,679
Taro Pharmaceutical Industries, Ltd. (a) (b)		657		69,162
Valeant Pharmaceuticals International, Inc. (a) (b)		9,096		132,060
				2,186,348
TOTAL COMMON STOCKS (Cost $53,802,964)				47,479,820
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		28,080		28,080
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		346,057		346,057
TOTAL SHORT-TERM INVESTMENTS (Cost $374,137)				374,137
TOTAL INVESTMENTS — 99.9%
(Cost $54,177,101)				47,853,957
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				64,728
NET ASSETS — 100.0%			$	47,918,685

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of the security is $95,841, representing 0.2% of the Fund’s 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 0.1% of net assets as of December 31, 2016, is 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 December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned. 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 December 31, 2016, total aggregate fair value of securities is $44,511 representing 0.1% of net assets.

See accompanying Notes to Schedule of Investments

263

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,967,611	$	—	$	—	$	1,967,611
Belgium		385,261		—		—		385,261
Canada		108,294		—		—		108,294
Denmark		2,932,490		—		—		2,932,490
Finland		222,848		—		—		222,848
France		4,193,096		—		—		4,193,096
Germany		4,993,292		—		—		4,993,292
Hong Kong		67,231		44,511		—		111,742
Ireland		48,306		51,330		—		99,636
Israel		1,116,239		—		—		1,116,239
Italy		104,064		—		—		104,064
Japan		8,565,713		—		—		8,565,713
Jordan		119,153		—		—		119,153
Luxembourg		152,074		—		—		152,074
New Zealand		271,613		—		—		271,613
Singapore		141,336		—		—		141,336
South Korea		1,207,599		—		—		1,207,599
Spain		358,700		—		—		358,700
Sweden		313,171		—		—		313,171
Switzerland		12,266,140		—		—		12,266,140
United Kingdom		5,663,400		—		—		5,663,400
United States		2,186,348		—		—		2,186,348
Short-Term Investments		374,137		—		—		374,137
TOTAL INVESTMENTS	$	47,758,116	$	95,841	$	—	$	47,853,957

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		8,823	$	8,823		25		8,848		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		261,220		233,140		28,080		28,080		44
State Street Navigator Securities Lending Government Money Market Portfolio *		2,406,488		2,406,488		24,022,116		26,082,547		346,057		346,057		5,825
TOTAL			$	2,415,311							$	374,137	$	5,869

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

264

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 2.2%
Brambles, Ltd.		13,308	$	119,490
CIMIC Group, Ltd.		1,425		36,053
GWA Group, Ltd.		10,699		22,931
SEEK, Ltd.		4,924		53,054
Transurban Group Stapled Security		20,018		149,589
				381,117
AUSTRIA — 0.3%
ANDRITZ AG		793		39,893
Zumtobel Group AG		1,003		17,974
				57,867
CANADA — 5.9%
Bombardier, Inc. Class B (a)		18,919		30,472
CAE, Inc.		6,560		91,866
Canadian National Railway Co. (b)		5,938		400,103
Canadian Pacific Railway, Ltd.		1,043		148,985
K-Bro Linen, Inc.		1,324		41,614
SNC-Lavalin Group, Inc.		2,082		89,720
Toromont Industries, Ltd.		2,676		84,507
Waste Connections, Inc.		1,760		138,249
WestJet Airlines, Ltd.		1,251		21,493
				1,047,009
CHINA — 0.2%
Fosun International, Ltd.		23,500		33,281
DENMARK — 2.3%
AP Moller — Maersk A/S Class B		71		113,506
DSV A/S		2,133		95,068
FLSmidth & Co. A/S		987		41,023
NKT Holding A/S		667		47,204
Vestas Wind Systems A/S		1,828		119,022
				415,823
FINLAND — 1.7%
Kone Oyj Class B		3,108		139,552
Metso Oyj		1,621		46,334
Valmet Oyj		1,955		28,827
Wartsila Oyj Abp		1,799		80,985
				295,698
FRANCE — 9.9%
Air France-KLM (a)		3,955		21,584
Airbus Group SE		4,454		295,213
Alstom SA (a)		2,176		60,075
Bouygues SA		1,993		71,567
Bureau Veritas SA		1,680		32,622
Cie de Saint-Gobain		3,745		174,809
Edenred		1,649		32,760
Eiffage SA		881		61,562
Groupe Eurotunnel SE		4,047		38,562
Legrand SA		2,127		121,034
Safran SA		2,254		162,662
Schneider Electric SE		4,466		311,412
Thales SA		685		66,564
Vinci SA		3,680		251,132
Zodiac Aerospace		2,146		49,378
				1,750,936
GERMANY — 7.4%
Brenntag AG		1,262		70,282
Deutsche Lufthansa AG		1,729		22,376
Deutsche Post AG		7,538		248,340
GEA Group AG		1,992		80,324
HOCHTIEF AG		313		43,925
MAN SE		262		26,068
OSRAM Licht AG		833		43,776
Pfeiffer Vacuum Technology AG		398		37,286
Rheinmetall AG		683		46,033
Siemens AG		5,608		690,876
				1,309,286
HONG KONG — 3.0%
Cathay Pacific Airways, Ltd. (b)		22,000		28,943
CK Hutchison Holdings, Ltd.		22,496		255,045
Hopewell Highway Infrastructure, Ltd. (b)		79,500		41,733
Jardine Matheson Holdings, Ltd.		1,678		92,710
Jardine Strategic Holdings, Ltd.		1,202		39,906
MTR Corp., Ltd.		11,319		55,039
Noble Group, Ltd. (a)		168,481		19,825
				533,201
IRELAND — 1.8%
Experian PLC		9,342		181,694
Kingspan Group PLC		1,855		50,479
Ryanair Holdings PLC (a) (b)		1,106		92,086
				324,259
ISRAEL — 0.2%
Inrom Construction Industries, Ltd.		12,905		42,585
ITALY — 1.2%
Ansaldo STS SpA		3,940		49,204
ASTM SpA		2,722		29,715
Atlantia SpA		2,817		66,140
Leonardo-Finmeccanica SpA (a)		5,095		71,688
				216,747
JAPAN — 33.2%
Asahi Glass Co., Ltd.		12,000		81,897
Central Japan Railway Co.		1,400		230,823
Dai Nippon Printing Co., Ltd.		8,000		79,221
Daikin Industries, Ltd.		2,200		202,486
East Japan Railway Co.		2,700		233,806
FANUC Corp.		1,400		237,845
Futaba Corp.		1,500		25,233
Hankyu Hanshin Holdings, Inc.		2,400		77,164
Hoshizaki Corp.		700		55,515
IHI Corp. (a)		15,000		39,096
ITOCHU Corp.		13,500		179,637
Japan Airport Terminal Co., Ltd.		900		32,602
JGC Corp.		3,200		58,274
JTEKT Corp.		2,700		43,289
Kajima Corp.		12,000		83,234
Kamigumi Co., Ltd.		4,000		38,205
Kawasaki Heavy Industries, Ltd.		22,000		69,225
Kawasaki Kisen Kaisha, Ltd. (b)		19,000		43,169
Keikyu Corp.		8,000		92,940
Keisei Electric Railway Co., Ltd.		1,900		46,215
Kintetsu Group Holdings Co., Ltd.		14,000		53,535
Kitano Construction Corp.		21,000		57,976

See accompanying Notes to Schedule of Investments

265

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kokuyo Co., Ltd.		3,200	$	36,901
Komatsu, Ltd.		8,200		186,132
Kubota Corp.		10,500		150,206
LIXIL Group Corp.		3,100		70,540
Mabuchi Motor Co., Ltd.		1,000		52,300
Makita Corp.		1,200		80,559
Marubeni Corp.		13,900		78,989
Minebea Co., Ltd.		5,400		50,743
MISUMI Group, Inc.		3,700		61,035
Mitsubishi Corp.		12,300		262,588
Mitsubishi Electric Corp.		16,800		234,712
Mitsubishi Heavy Industries, Ltd.		32,000		146,124
Mitsui & Co., Ltd.		13,400		184,626
Mitsui OSK Lines, Ltd.		15,000		41,668
MonotaRO Co., Ltd. (b)		1,100		22,540
NGK Insulators, Ltd.		3,200		62,197
Nidec Corp.		2,100		181,579
Nippon Air Conditioning Services Co., Ltd.		7,500		39,161
Nippon Express Co., Ltd.		12,000		64,715
Nippon Yusen KK		23,000		42,792
NSK, Ltd.		5,200		60,366
NTN Corp.		6,000		24,332
Obayashi Corp.		7,400		70,869
Odakyu Electric Railway Co., Ltd.		3,600		71,392
Park24 Co., Ltd.		1,300		35,332
Recruit Holdings Co., Ltd.		3,496		140,577
Secom Co., Ltd.		2,000		146,577
SMC Corp.		600		143,550
Sohgo Security Services Co., Ltd.		1,100		42,393
Sojitz Corp.		25,500		62,091
Sumitomo Corp.		10,900		128,546
Sumitomo Heavy Industries, Ltd.		10,000		64,560
Taisei Corp.		11,000		77,147
THK Co., Ltd.		2,100		46,561
Tobu Railway Co., Ltd.		13,000		64,646
Tokyu Corp.		11,000		81,013
Tomoe Corp.		15,200		46,785
Toppan Printing Co., Ltd.		9,000		86,115
Toshiba Corp. (a)		33,000		80,099
TOTO, Ltd.		2,000		79,307
Toyota Tsusho Corp.		2,700		70,489
West Japan Railway Co.		1,500		92,249
Yamato Holdings Co., Ltd.		4,000		81,502
				5,907,992
NETHERLANDS — 3.1%
Aalberts Industries NV		1,298		42,194
AerCap Holdings NV (a)		1,817		75,605
Boskalis Westminster		1,243		43,252
Koninklijke Philips NV		8,932		273,210
Randstad Holding NV		1,628		88,484
Wolters Kluwer NV		994		36,087
				558,832
NEW ZEALAND — 0.6%
Freightways, Ltd.		12,967		61,033
Metro Performance Glass, Ltd.		29,786		39,878
				100,911
SINGAPORE — 0.7%
ComfortDelGro Corp., Ltd.		32,400		55,394
Keppel Corp., Ltd.		18,100		72,540
				127,934
SOUTH KOREA — 2.8%
CJ Corp.		179		27,714
Hyundai Development Co-Engineering & Construction		881		32,788
Hyundai Engineering & Construction Co., Ltd.		866		30,688
Hyundai Glovis Co., Ltd.		245		31,340
Hyundai Heavy Industries Co., Ltd. (a)		424		51,078
Hyundai Merchant Marine Co., Ltd. (a)		3,330		18,638
KCC Corp.		92		27,384
Koentec Co., Ltd.		17,823		43,089
Korea Aerospace Industries, Ltd.		591		32,784
LG Corp.		1,088		54,049
Samsung C&T Corp.		674		70,034
Samsung Heavy Industries Co., Ltd. (a)		5,384		41,233
SK Holdings Co., Ltd.		231		43,893
				504,712
SPAIN — 2.1%
Abertis Infraestructuras SA		4,269		59,864
ACS Actividades de Construccion y Servicios SA		2,935		92,933
Aena SA (c)		692		94,630
Ferrovial SA		3,501		62,757
Gamesa Corp. Tecnologica SA		2,665		54,166
				364,350
SWEDEN — 5.7%
Alfa Laval AB		3,739		62,066
Assa Abloy AB Class B		7,179		133,629
Atlas Copco AB Class A		4,613		140,910
Atlas Copco AB Class B		2,987		81,739
B&B Tools AB Class B		2,041		42,911
Sandvik AB		9,565		118,660
Securitas AB Class B		4,430		69,927
Skanska AB Class B		3,180		75,294
SKF AB Class B		3,072		56,675
Trelleborg AB Class B		3,656		72,157
Volvo AB Class A		5,473		64,583
Volvo AB Class B		7,622		89,270
				1,007,821
SWITZERLAND — 5.9%
ABB, Ltd. (a)		17,090		361,188
Adecco Group AG		1,801		118,106
Geberit AG		400		160,653
Kuehne + Nagel International AG		736		97,472
Schindler Holding AG		394		69,624
SGS SA		64		130,475
Wolseley PLC		1,919		117,659
				1,055,177
UNITED KINGDOM — 9.2%
Aggreko PLC		3,239		36,741
Ashtead Group PLC		4,702		91,798
Babcock International Group PLC		6,299		74,175

See accompanying Notes to Schedule of Investments

266

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
BAE Systems PLC		25,323	$	185,083
Balfour Beatty PLC		10,854		36,064
Bunzl PLC		2,563		66,792
Capita PLC		6,075		39,860
CNH Industrial NV		6,808		59,349
Cobham PLC		22,101		44,705
DCC PLC		1,147		85,604
easyJet PLC		3,355		41,663
Firstgroup PLC (a)		21,374		27,362
G4S PLC		13,217		38,379
Howden Joinery Group PLC		5,133		24,343
IMI PLC		2,653		34,093
International Consolidated Airlines Group SA		8,166		44,488
Intertek Group PLC		1,243		53,465
Meggitt PLC		8,634		48,926
Melrose Industries PLC		19,613		47,924
RELX NV		3,659		61,711
RELX PLC		6,497		116,326
Rentokil Initial PLC		32,901		90,334
Rolls-Royce Holdings PLC (a)		12,828		105,884
Smiths Group PLC		5,030		88,009
Travis Perkins PLC		2,084		37,390
Weir Group PLC		2,586		60,393
				1,640,861
TOTAL COMMON STOCKS (Cost $18,643,459)				17,676,399
SHORT-TERM INVESTMENTS — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		9,731		9,731
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		94,265		94,265
TOTAL SHORT-TERM INVESTMENTS (Cost $103,996)				103,996
TOTAL INVESTMENTS — 100.0%
(Cost $18,747,455)				17,780,395
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (g)				(4,446	)
NET ASSETS — 100.0%			$	17,775,949

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of December 31, 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 December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

(g) Amount shown represents less than 0.05% of net assets.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	381,117	$	—	$	—	$	381,117
Austria		57,867		—		—		57,867
Canada		1,047,009		—		—		1,047,009
China		33,281		—		—		33,281
Denmark		415,823		—		—		415,823
Finland		295,698		—		—		295,698
France		1,750,936		—		—		1,750,936
Germany		1,309,286		—		—		1,309,286
Hong Kong		533,201		—		—		533,201
Ireland		324,259		—		—		324,259
Israel		42,585		—		—		42,585
Italy		216,747		—		—		216,747
Japan		5,907,992		—		—		5,907,992
Netherlands		558,832		—		—		558,832
New Zealand		100,911		—		—		100,911
Singapore		127,934		—		—		127,934

See accompanying Notes to Schedule of Investments

267

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
South Korea	$	504,712	$	—	$	—	$	504,712
Spain		364,350		—		—		364,350
Sweden		1,007,821		—		—		1,007,821
Switzerland		1,055,177		—		—		1,055,177
United Kingdom		1,640,861		—		—		1,640,861
Short-Term Investments		103,996		—		—		103,996
TOTAL INVESTMENTS	$	17,780,395	$	—	$	—	$	17,780,395

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		11,949	$	11,949		11		11,960		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		176,085		166,354		9,731		9,731		19
State Street Navigator Securities Lending Government Money Market Portfolio *		668,413		668,413		10,111,052		10,685,200		94,265		94,265		897
TOTAL			$	680,362							$	103,996	$	916

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

268

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRALIA — 13.0%
Alumina, Ltd. (a)		19,045	$	25,237
Amcor, Ltd.		8,473		91,723
Arrium, Ltd. (b) (c)		13,738		219
BHP Billiton PLC		15,777		254,700
BHP Billiton, Ltd.		23,544		427,228
BlueScope Steel, Ltd.		5,010		33,665
Boral, Ltd.		12,477		48,877
DuluxGroup, Ltd.		2,601		11,752
Evolution Mining, Ltd.		8,082		12,407
Fortescue Metals Group, Ltd. (a)		13,192		56,263
Iluka Resources, Ltd.		3,177		16,724
Incitec Pivot, Ltd.		14,008		36,516
Independence Group NL		2,947		9,219
Newcrest Mining, Ltd.		5,640		82,699
Northern Star Resources, Ltd.		4,280		11,219
OceanaGold Corp.		4,350		12,683
Orica, Ltd.		3,390		43,399
Orora, Ltd.		6,682		14,467
OZ Minerals, Ltd.		3,983		22,756
Regis Resources, Ltd.		3,627		7,800
Resolute Mining, Ltd.		5,054		4,758
Saracen Mineral Holdings, Ltd. (b)		6,114		4,383
South32, Ltd. (d)		16,439		32,805
South32, Ltd. (d)		23,047		45,893
St. Barbara, Ltd. (b)		2,899		4,282
				1,311,674
AUSTRIA — 0.8%
RHI AG		747		19,107
Voestalpine AG		1,209		47,552
Wienerberger AG		747		12,996
				79,655
BELGIUM — 1.2%
Bekaert SA		210		8,524
Solvay SA		537		63,069
Tessenderlo Chemie NV (b)		200		7,341
Umicore SA		807		46,092
				125,026
CANADA — 12.4%
Agnico Eagle Mines, Ltd.		1,880		79,137
Agrium, Inc. (a)		1,021		102,751
Alamos Gold, Inc. Class A		2,101		14,507
Asanko Gold, Inc. (b)		1,581		4,857
B2Gold Corp. (b)		6,832		16,252
Barrick Gold Corp.		8,370		134,127
Canam Group, Inc. (a)		950		6,390
Canfor Corp. (b)		497		5,659
CCL Industries, Inc. Class B		250		49,178
Centerra Gold, Inc.		1,197		5,614
Detour Gold Corp. (b)		1,267		17,280
Dominion Diamond Corp.		611		5,928
Eldorado Gold Corp. (b)		5,677		18,288
Endeavour Mining Corp. (b)		470		7,030
First Majestic Silver Corp. (a) (b)		1,117		8,546
First Quantum Minerals, Ltd.		4,713		46,917
Fortuna Silver Mines, Inc. (b)		1,139		6,446
Franco-Nevada Corp. (a)		1,242		74,351
Goldcorp, Inc.		6,074		82,795
Guyana Goldfields, Inc. (b)		829		3,783
HudBay Minerals, Inc.		1,720		9,850
IAMGOLD Corp. (b)		2,881		11,150
Interfor Corp. (b)		877		9,829
Intertape Polymer Group, Inc.		957		17,969
Kinross Gold Corp. (b)		9,257		28,923
Kirkland Lake Gold, Ltd. (b)		750		3,926
Labrador Iron Ore Royalty Corp. (a)		477		6,623
Lundin Mining Corp. (b)		3,827		18,264
MAG Silver Corp. (b)		799		8,806
Methanex Corp.		620		27,226
New Gold, Inc. (b)		3,817		13,406
Novagold Resources, Inc. (a) (b)		1,910		8,745
Osisko Gold Royalties, Ltd.		750		7,321
Pan American Silver Corp.		1,447		21,850
Potash Corp. of Saskatchewan, Inc.		6,268		113,530
Pretium Resources, Inc. (b)		1,040		8,624
Richmont Mines, Inc. (b)		570		3,706
Seabridge Gold, Inc. (a) (b)		417		3,433
SEMAFO, Inc. (b)		2,919		9,621
Silver Standard Resources, Inc. (b)		1,000		8,956
Silver Wheaton Corp. (a)		3,087		59,712
Stella-Jones, Inc.		250		8,124
Teck Resources, Ltd. Class B		3,241		64,938
Torex Gold Resources, Inc. (b)		597		9,255
Turquoise Hill Resources, Ltd. (b)		8,347		26,826
West Fraser Timber Co., Ltd. (a)		417		14,929
Winpak, Ltd.		550		18,628
Yamana Gold, Inc.		6,958		19,561
				1,253,567
CHILE — 0.2%
Antofagasta PLC (a)		2,919		24,346
DENMARK — 1.0%
Chr Hansen Holding A/S		739		40,999
Novozymes A/S Class B		1,701		58,754
				99,753
FINLAND — 2.1%
Huhtamaki Oyj		161		5,991
Outokumpu Oyj (b)		2,187		19,619
Stora Enso Oyj Class R		6,647		71,581
UPM-Kymmene Oyj		4,570		112,504
				209,695
FRANCE — 3.8%
Air Liquide SA		2,894		322,491
Arkema SA		580		56,857
				379,348
GERMANY — 12.5%
Aurubis AG		157		9,074
BASF SE		6,918		644,377
Covestro AG (e)		361		24,818
Evonik Industries AG		650		19,457
Fuchs Petrolub SE Preference Shares		327		13,755
HeidelbergCement AG		1,057		98,811
KS AG (a)		1,599		38,268
Lanxess AG		601		39,524
Linde AG		1,403		230,999

See accompanying Notes to Schedule of Investments

269

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Salzgitter AG		520	$	18,401
Symrise AG		747		45,564
ThyssenKrupp AG		3,091		73,812
Wacker Chemie AG		111		11,573
				1,268,433
HONG KONG — 0.1%
G-Resources Group, Ltd.		1,647		30
KuangChi Science, Ltd. (a) (b)		19,000		7,009
				7,039
INDIA — 0.1%
Vedanta Resources PLC		1,131		12,291
IRELAND — 3.2%
CRH PLC		6,851		238,136
James Hardie Industries PLC		3,111		49,491
Smurfit Kappa Group PLC		1,340		30,804
				318,431
ISRAEL — 0.4%
Frutarom Industries, Ltd.		530		27,143
Israel Chemicals, Ltd.		3,271		13,428
				40,571
ITALY — 0.2%
Buzzi Unicem SpA		917		21,772
JAPAN — 18.2%
Air Water, Inc.		1,500		27,136
Asahi Kasei Corp.		9,833		85,950
Daicel Corp.		2,900		32,074
Daido Steel Co., Ltd.		1,000		4,150
Daio Paper Corp.		900		9,545
Denka Co., Ltd.		9,855		43,599
DIC Corp.		700		21,306
Dowa Holdings Co., Ltd.		1,000		7,665
FP Corp.		100		4,596
Fuji Seal International, Inc.		1,400		29,960
Hitachi Chemical Co., Ltd.		700		17,543
Hitachi Metals, Ltd.		1,700		23,087
Hokuetsu Kishu Paper Co., Ltd.		1,000		5,693
JFE Holdings, Inc.		5,156		78,687
JSR Corp.		2,873		45,397
Kaneka Corp.		5,000		40,811
Kansai Paint Co., Ltd.		1,700		31,381
Kobe Steel, Ltd. (b)		3,064		29,344
Kuraray Co., Ltd.		2,700		40,650
Maruichi Steel Tube, Ltd.		700		22,836
Mitsubishi Chemical Holdings Corp.		13,102		85,149
Mitsubishi Gas Chemical Co., Inc.		2,500		42,762
Mitsubishi Materials Corp.		986		30,349
Mitsui Chemicals, Inc.		9,876		44,454
Mitsui Mining & Smelting Co., Ltd.		1,809		4,591
Nihon Nohyaku Co., Ltd.		1,700		9,401
Nippon Paint Holdings Co., Ltd.		1,700		46,423
Nippon Paper Industries Co., Ltd.		900		15,278
Nippon Shokubai Co., Ltd.		100		6,259
Nippon Steel & Sumitomo Metal Corp.		7,100		158,698
Nissan Chemical Industries, Ltd.		1,000		33,481
Nisshin Steel Co., Ltd.		900		11,119
Nitto Denko Corp.		1,076		82,742
Oji Holdings Corp.		10,000		40,811
Pack Corp.		700		15,670
Rengo Co., Ltd.		2,500		13,632
Shin-Etsu Chemical Co., Ltd.		3,067		238,423
Showa Denko KK		700		10,047
Sumitomo Chemical Co., Ltd.		10,838		51,665
Sumitomo Osaka Cement Co., Ltd.		1,000		3,781
T&K Toka Co., Ltd.		1,000		8,771
Taiheiyo Cement Corp.		10,744		34,083
Taiyo Nippon Sanso Corp.		1,000		11,609
Teijin, Ltd.		861		17,488
Tokuyama Corp. (b)		1,000		3,807
Tokyo Ohka Kogyo Co., Ltd.		100		3,378
Tomoku Co., Ltd.		7,000		19,685
Toray Industries, Inc.		10,838		87,923
Tosoh Corp.		7,000		49,633
Toyo Seikan Group Holdings, Ltd.		1,000		18,708
Toyobo Co., Ltd.		7,000		10,443
Ube Industries, Ltd.		11,866		24,925
				1,836,598
LUXEMBOURG — 1.1%
APERAM SA		509		23,335
ArcelorMittal (b)		12,037		89,075
				112,410
MEXICO — 0.2%
Fresnillo PLC		1,291		19,478
NETHERLANDS — 2.1%
Akzo Nobel NV		1,885		118,080
AMG Advanced Metallurgical Group NV		477		7,436
Koninklijke DSM NV		1,441		86,573
				212,089
NEW ZEALAND — 0.3%
Fletcher Building, Ltd.		3,317		24,517
Steel & Tube Holdings, Ltd.		3,070		5,074
				29,591
NORWAY — 1.1%
Norsk Hydro ASA		9,791		46,977
Yara International ASA		1,721		67,979
				114,956
PERU — 0.0% (f)
Hochschild Mining PLC		1,810		4,730
PORTUGAL — 0.0% (f)
Navigator Co., SA		972		3,347
SOUTH AFRICA — 0.5%
Lonmin PLC (b)		2,031		3,551
Mondi PLC		2,480		51,053
				54,604
SOUTH KOREA — 5.0%
Aekyung Petrochemical Co., Ltd.		420		4,381
Dongkuk Industries Co., Ltd.		2,159		8,151
Hanwha Chemical Corp.		931		19,039
Hanwha Corp.		143		4,150
Hyosung Corp.		209		25,178
Hyundai BNG Steel Co., Ltd. (b)		330		3,388
Hyundai Steel Co.		729		34,404

See accompanying Notes to Schedule of Investments

270

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Jenax, Inc. (b)		243	$	4,527
KISCO Corp.		60		1,841
Kolon Corp.		18		873
Kolon Industries, Inc.		71		4,350
Korea Petrochemical Ind Co., Ltd.		30		6,843
Korea Zinc Co., Ltd.		140		55,059
Kukdo Chemical Co., Ltd.		197		8,955
LG Chem, Ltd.		350		75,633
Lotte Chemical Corp.		131		40,022
OCI Co., Ltd. (b)		157		10,230
Poongsan Holdings Corp.		210		8,433
POSCO ADR		2,269		119,236
Sinjin SM Co., Ltd.		209		1,235
SK Chemicals Co., Ltd.		117		6,490
Taekwang Industrial Co., Ltd.		19		14,897
Tongyang, Inc.		2,131		5,267
Wonik Materials Co., Ltd. (b)		170		9,473
Youlchon Chemical Co., Ltd.		2,160		25,127
Young Poong Corp.		5		4,405
				501,587
SPAIN — 0.2%
Acerinox SA (a)		1,077		14,319
Vidrala SA		79		4,083
				18,402
SWEDEN — 0.9%
Boliden AB		2,077		54,391
Hexpol AB		1,890		17,549
SSAB AB Class A (b)		3,683		14,019
SSAB AB Class B (b)		1,610		5,102
				91,061
SWITZERLAND — 9.9%
Clariant AG		2,091		36,148
EMS-Chemie Holding AG		61		31,060
Givaudan SA		67		123,011
Glencore PLC (b)		86,994		298,135
Gurit Holding AG		10		7,960
LafargeHolcim, Ltd.		1,519		79,972
LafargeHolcim, Ltd. (b)		1,751		92,430
Sika AG		11		52,946
Syngenta AG		701		277,613
				999,275
UNITED KINGDOM — 9.0%
Acacia Mining PLC		1,120		5,173
Anglo American PLC (b)		9,407		134,836
Centamin PLC		7,897		13,515
Croda International PLC		959		37,872
DS Smith PLC		6,584		33,201
Elementis PLC		2,629		9,011
Essentra PLC		1,741		9,917
Johnson Matthey PLC		1,817		71,441
Randgold Resources, Ltd.		679		53,822
Rio Tinto PLC		9,128		356,248
Rio Tinto, Ltd.		3,231		140,140
RPC Group PLC		1,927		25,359
Victrex PLC		631		15,056
				905,591
UNITED STATES — 0.4%
Sims Metal Management, Ltd.		2,397		22,269
Tahoe Resources, Inc.		2,309		21,780
				44,049
TOTAL COMMON STOCKS (Cost $12,356,161)				10,099,369
SHORT-TERM INVESTMENTS — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (g) (h)		651		651
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		163,157		163,157
TOTAL SHORT-TERM INVESTMENTS (Cost $163,808)				163,808
TOTAL INVESTMENTS — 101.5%
(Cost $12,519,969)				10,263,177
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)%				(150,381	)
NET ASSETS — 100.0%			$	10,112,796

(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2016, total aggregate fair value of securities is $219 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 0.3% of net assets as of December 31, 2016, is 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) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at December 31, 2016.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

See accompanying Notes to Schedule of Investments

271

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,311,455	$	219	$	—	$	1,311,674
Austria		79,655		—		—		79,655
Belgium		125,026		—		—		125,026
Canada		1,253,567		—		—		1,253,567
Chile		24,346		—		—		24,346
Denmark		99,753		—		—		99,753
Finland		209,695		—		—		209,695
France		379,348		—		—		379,348
Germany		1,268,433		—		—		1,268,433
Hong Kong		7,039		—		—		7,039
India		12,291		—		—		12,291
Ireland		318,431		—		—		318,431
Israel		40,571		—		—		40,571
Italy		21,772		—		—		21,772
Japan		1,836,598		—		—		1,836,598
Luxembourg		112,410		—		—		112,410
Mexico		19,478		—		—		19,478
Netherlands		212,089		—		—		212,089
New Zealand		29,591		—		—		29,591
Norway		114,956		—		—		114,956
Peru		4,730		—		—		4,730
Portugal		3,347		—		—		3,347
South Africa		54,604		—		—		54,604
South Korea		501,587		—		—		501,587
Spain		18,402		—		—		18,402
Sweden		91,061		—		—		91,061
Switzerland		999,275		—		—		999,275
United Kingdom		905,591		—		—		905,591
United States		44,049		—		—		44,049
Short-Term Investments		163,808		—		—		163,808
TOTAL INVESTMENTS	$	10,262,958	$	219	$	—	$	10,263,177

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		81	$	81		112		193		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		37,564		36,913		651		651		5
State Street Navigator Securities Lending Government Money Market Portfolio *		264,905		264,905		3,425,095		3,526,843		163,157		163,157		410
TOTAL			$	264,986							$	163,808	$	415

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

272

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 1.1%
Aconex, Ltd. (a) (b)		2,176	$	7,989
Altium, Ltd. (a)		1,274		7,463
carsales.com, Ltd.		3,035		24,943
Computershare, Ltd.		6,511		58,744
IRESS, Ltd.		3,289		28,269
Link Administration Holdings, Ltd.		1,634		8,957
				136,365
AUSTRIA — 0.2%
ams AG		711		20,217
BELGIUM — 0.2%
Barco NV		301		25,411
CANADA — 3.7%
Avigilon Corp. (a) (b)		274		2,619
BlackBerry, Ltd. (b)		5,471		37,696
Canadian Solar, Inc. (a) (b)		341		4,154
Celestica, Inc. (b)		1,801		21,367
CGI Group, Inc. Class A (b)		3,020		145,117
Constellation Software, Inc.		202		91,901
DH Corp.		1,408		23,392
Kinaxis, Inc. (b)		230		10,719
Open Text Corp.		1,263		78,094
Sandvine Corp.		1,899		3,979
Shopify, Inc. Class A (b)		424		18,243
				437,281
CHINA — 0.0% (c)
New Sports Group, Ltd. (b)		140,000		1,914
Technovator International, Ltd.		8,000		3,054
				4,968
DENMARK — 0.5%
Nets A/S (b) (d)		1,105		19,374
SimCorp A/S		711		34,715
				54,089
FINLAND — 2.5%
Nokia Oyj (e)		18,513		89,159
Nokia Oyj (e)		34,829		168,544
Tieto Oyj		1,325		36,224
				293,927
FRANCE — 4.1%
Altran Technologies SA (b)		1,330		19,471
Atos SE		796		84,168
Cap Gemini SA		1,707		144,307
Criteo SA ADR (b)		570		23,415
Dassault Systemes SE		1,327		101,321
Ingenico Group SA		574		45,934
Neopost SA		511		16,018
Sopra Steria Group		156		17,746
Ubisoft Entertainment SA (b)		1,134		40,428
				492,808
GERMANY — 9.7%
ADVA Optical Networking SE (b)		1,209		9,842
AIXTRON SE (b)		1,544		5,047
Infineon Technologies AG		11,776		205,066
Rocket Internet SE (b) (d)		504		10,172
SAP SE		9,004		786,444
Scout24 AG (b) (d)		215		7,671
SMA Solar Technology AG (a)		200		5,298
Software AG		689		25,061
United Internet AG		1,423		55,676
Wirecard AG (a)		1,103		47,571
				1,157,848
HONG KONG — 0.9%
ASM Pacific Technology, Ltd.		4,049		42,902
China Goldjoy Group, Ltd. (a)		44,000		5,108
China Innovationpay Group, Ltd. (b)		84,000		6,284
Landing International Development, Ltd. (b)		136,651		1,763
PAX Global Technology, Ltd.		11,000		7,292
Peace Map Holding, Ltd. (b)		120,000		1,780
Truly International Holdings, Ltd. (a)		16,000		6,232
VTech Holdings, Ltd.		2,271		30,375
				101,736
IRELAND — 0.1%
Datalex PLC		2,098		7,524
ISLE OF MAN — 0.1%
Paysafe Group PLC (b)		3,938		18,067
ISRAEL — 2.0%
Check Point Software Technologies, Ltd. (a) (b)		1,331		112,416
CyberArk Software, Ltd. (b)		253		11,512
Ituran Location and Control, Ltd.		630		16,695
Mellanox Technologies, Ltd. (b)		411		16,810
Nice-Systems, Ltd.		811		55,336
Tower Semiconductor, Ltd. (b)		831		15,907
Wix.com, Ltd. (b)		293		13,053
				241,729
ITALY — 0.1%
Reply SpA		106		13,193
JAPAN — 31.9%
Advantest Corp.		2,378		40,124
Alps Electric Co., Ltd.		2,047		49,598
Anritsu Corp.		1,800		9,723
Azbil Corp.		986		27,813
Brother Industries, Ltd.		2,748		49,690
Canon, Inc. (a)		10,319		291,517
Citizen Watch Co., Ltd.		4,155		24,901
COLOPL, Inc. (a)		700		5,954
COOKPAD, Inc. (a) (b)		300		2,765
DeNA Co., Ltd.		1,100		24,087
Dip Corp.		400		8,293
Disco Corp.		200		24,281
FUJIFILM Holdings Corp.		4,325		164,456
Fujitsu, Ltd.		19,688		109,636
GMO internet, Inc.		700		8,966
GMO Payment Gateway, Inc. (a)		200		8,917
GungHo Online Entertainment, Inc. (a) (b)		3,900		8,326
Gurunavi, Inc.		400		7,974
Hamamatsu Photonics KK		1,800		47,456
Hirose Electric Co., Ltd.		400		49,694
Hitachi High-Technologies Corp.		877		35,453
Hitachi Kokusai Electric, Inc.		500		10,473
Hitachi, Ltd.		44,325		240,180

See accompanying Notes to Schedule of Investments

273

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Horiba, Ltd.		686	$	31,819
Ibiden Co., Ltd.		1,970		26,568
Infomart Corp. (a)		1,600		9,383
Istyle, Inc.		1,200		8,550
Japan Display, Inc. (b)		3,450		9,850
Kakaku.com, Inc.		1,800		29,847
Keyence Corp.		492		338,307
Konami Holdings Corp.		1,185		47,955
Konica Minolta, Inc.		5,506		54,807
Kyocera Corp.		3,483		173,560
LINE Corp. (a) (b)		200		6,876
Mitsumi Electric Co., Ltd. (b)		1,679		9,242
Mixi, Inc.		600		21,966
Murata Manufacturing Co., Ltd.		1,969		264,199
NEC Corp.		26,578		70,641
Nexon Co., Ltd.		1,800		26,143
Nintendo Co., Ltd.		983		206,823
Nippon Electric Glass Co., Ltd.		4,933		26,730
Nomura Research Institute, Ltd.		1,650		50,362
NTT Data Corp.		1,592		77,119
Obic Co., Ltd.		990		43,374
Oki Electric Industry Co., Ltd.		977		13,754
Omron Corp.		2,161		83,098
Otsuka Corp.		800		37,450
Renesas Electronics Corp. (b)		3,000		23,869
Ricoh Co., Ltd.		6,801		57,610
Rohm Co., Ltd.		980		56,547
SCREEN Holdings Co., Ltd.		487		30,272
SCSK Corp.		700		24,547
Seiko Epson Corp.		3,200		67,904
Shimadzu Corp.		2,000		31,929
SMS Co., Ltd.		500		11,107
Square Enix Holdings Co., Ltd.		800		20,611
Sumco Corp.		1,878		24,313
Taiyo Yuden Co., Ltd.		1,684		20,257
TDK Corp.		1,278		88,096
TIS, Inc.		1,279		27,415
Tokyo Electron, Ltd.		1,670		158,144
Topcon Corp.		1,200		18,128
Trend Micro, Inc. (b)		1,181		42,072
Ulvac, Inc.		600		18,416
Wacom Co., Ltd. (a)		2,200		5,772
Yahoo! Japan Corp.		13,919		53,583
Yaskawa Electric Corp.		3,312		51,624
Yokogawa Electric Corp.		3,035		44,054
				3,794,970
NETHERLANDS — 7.4%
ASM International NV		877		39,438
ASML Holding NV		4,168		468,854
Cimpress NV (b)		462		42,324
Gemalto NV		939		54,393
InterXion Holding NV (b)		470		16,483
NXP Semiconductors NV (b)		2,676		262,275
				883,767
NEW ZEALAND — 0.1%
Xero, Ltd. (b)		1,046		12,764
NORWAY — 0.1%
Nordic Semiconductor ASA (a) (b)		1,491		6,080
SINGAPORE — 0.4%
IGG, Inc.		9,000		6,059
Venture Corp., Ltd.		5,725		39,152
				45,211
SOUTH KOREA — 21.2%
Actoz Soft Co., Ltd. (b)		82		906
Advanced Process Systems Corp. (b)		502		12,407
AfreecaTV Co., Ltd.		193		3,939
Ahnlab, Inc.		130		6,221
Bluecom Co., Ltd.		233		2,093
Com2uSCorp.		147		10,613
Daou Technology, Inc.		283		4,218
Dongbu HiTek Co., Ltd. (b)		308		4,055
DuzonBizon Co., Ltd.		317		5,630
Eo Technics Co., Ltd.		82		6,097
G-SMATT GLOBAL Co., Ltd. (b)		303		3,663
G-treeBNT Co., Ltd. (b)		423		5,831
Gamevil, Inc. (b)		122		4,919
GemVax & Kael Co., Ltd. (b)		520		6,264
Homecast Co., Ltd. (b)		232		3,381
Kakao Corp.		313		19,954
KH Vatec Co., Ltd.		236		2,648
LG Display Co., Ltd. ADR (a) (b)		4,833		62,104
LG Innotek Co., Ltd.		207		15,151
Lumens Co., Ltd. (b)		1,860		5,906
NAVER Corp.		290		186,082
NCSoft Corp.		175		35,861
Neowiz Games Corp. (b)		536		5,037
Nexon GT Co., Ltd. (b)		245		1,724
NHN Entertainment Corp. (b)		279		11,619
NHN KCP Corp.		249		2,639
Partron Co., Ltd.		745		6,384
Sam Young Electronics Co., Ltd.		1,488		14,969
Samsung Electro-Mechanics Co., Ltd.		616		25,909
Samsung Electronics Co., Ltd. GDR		2,283		1,705,401
Samsung SDI Co., Ltd.		527		47,560
Samsung SDS Co., Ltd.		355		41,002
Seoul Semiconductor Co., Ltd.		930		11,973
SK Hynix, Inc.		5,447		201,590
SundayToz Corp. (b)		75		1,273
Texcell-NetCom Co., Ltd. (b)		742		4,061
Tovis Co., Ltd.		781		5,477
UniTest, Inc.		449		4,498
Viatron Technologies, Inc.		345		7,241
Webzen, Inc. (b)		193		2,389
WeMade Entertainment Co., Ltd. (b)		98		1,809
Wonik Holdings Co., Ltd. (b)		1,406		7,846
				2,518,344
SPAIN — 1.7%
Amadeus IT Group SA Class A		4,058		184,775
Indra Sistemas SA (b)		1,626		17,854
				202,629
SWEDEN — 2.7%
Fingerprint Cards AB Class B (b)		3,052		21,115
Hexagon AB Class B		2,756		98,747
Mycronic AB		580		6,257
NetEnt AB (b)		2,024		15,662

See accompanying Notes to Schedule of Investments

274

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Starbreeze AB (b)		3,492	$	7,419
Telefonaktiebolaget LM Ericsson Class B		28,608		168,475
				317,675
SWITZERLAND — 1.7%
Logitech International SA		2,114		52,832
Myriad Group AG (b)		2,724		6,486
STMicroelectronics NV		7,557		86,084
Temenos Group AG (b)		844		58,877
				204,279
UNITED KINGDOM — 5.4%
Atlassian Corp. PLC Class A (b)		591		14,231
Auto Trader Group PLC (d)		8,159		41,234
AVEVA Group PLC		1,040		24,147
Dialog Semiconductor PLC (b)		929		39,356
Electrocomponents PLC		5,981		35,230
FDM Group Holdings PLC		843		5,885
Fidessa Group PLC		462		13,067
Halma PLC		3,194		35,421
Imagination Technologies Group PLC (b)		3,018		9,398
Just Eat PLC (b)		4,409		31,789
Kainos Group PLC		1,222		3,088
Micro Focus International PLC		2,099		56,515
Moneysupermarket.com Group PLC		4,427		16,088
NCC Group PLC (a)		3,482		7,777
Playtech PLC		1,752		17,882
Rightmove PLC		909		43,839
Sage Group PLC		13,463		108,963
Sophos Group PLC (d)		2,445		7,903
Spectris PLC		1,756		50,187
Spirent Communications PLC		10,508		12,822
Worldpay Group PLC (d)		13,094		43,669
Xaar PLC		1,432		7,078
Zoopla Property Group PLC (d)		2,851		11,248
				636,817
UNITED STATES — 1.5%
Flex, Ltd. (a) (b)		6,716		96,509
Globant SA (a) (b)		186		6,203
Mitel Networks Corp. (b)		1,144		7,779
Mobileye NV (a) (b)		1,690		64,423
Stratasys, Ltd. (a) (b)		368		6,087
				181,001
TOTAL COMMON STOCKS (Cost $11,636,213)				11,808,700
SHORT-TERM INVESTMENTS — 3.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		6,497		6,497
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		374,954		374,954
TOTAL SHORT-TERM INVESTMENTS (Cost $381,451)				381,451
TOTAL INVESTMENTS — 102.5% (Cost $12,017,664)				12,190,151
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.5)%				(297,705	)
NET ASSETS — 100.0%			$	11,892,446

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) Amount shown represents less than 0.05% of net assets.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.2% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying Notes to Schedule of Investments

275

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	136,365	$	—	$	—	$	136,365
Austria		20,217		—		—		20,217
Belgium.		25,411		—		—		25,411
Canada		437,281		—		—		437,281
China		4,968		—		—		4,968
Denmark		54,089		—		—		54,089
Finland		293,927		—		—		293,927
France		492,808		—		—		492,808
Germany		1,157,848		—		—		1,157,848
Hong Kong		101,736		—		—		101,736
Ireland		7,524		—		—		7,524
Isle of Man		18,067		—		—		18,067
Israel		241,729		—		—		241,729
Italy.		13,193		—		—		13,193
Japan		3,794,970		—		—		3,794,970
Netherlands		883,767		—		—		883,767
New Zealand		12,764		—		—		12,764
Norway		6,080		—		—		6,080
Singapore		45,211		—		—		45,211
South Korea		2,518,344		—		—		2,518,344
Spain		202,629		—		—		202,629
Sweden		317,675		—		—		317,675
Switzerland		204,279		—		—		204,279
United Kingdom.		636,817		—		—		636,817
United States		181,001		—		—		181,001
Short-Term Investments		381,451		—		—		381,451
TOTAL INVESTMENTS	$	12,190,151	$	—	$	—	$	12,190,151

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,021	$	2,021		—		2,021		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		44,752		38,255		6,497		6,497		7
State Street Navigator Securities Lending Government Money Market Portfolio *		796,074		796,074		11,017,112		11,438,232		374,954		374,954		1,832
TOTAL			$	798,095							$	381,451	$	1,839

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

276

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 4.1%
Amaysim Australia, Ltd.		13,100	$	18,877
SpeedCast International, Ltd. (a)		11,020		27,928
Superloop, Ltd. (b)		8,107		16,085
Telstra Corp., Ltd.		286,220		1,056,984
TPG Telecom, Ltd. (a)		21,072		104,061
Vocus Communications, Ltd.		42,012		117,729
				1,341,664
AUSTRIA — 0.1%
Telekom Austria AG (b)		5,935		35,118
BELGIUM — 1.0%
Orange Belgium SA (b)		1,865		39,057
Proximus SADP		9,728		280,730
				319,787
CANADA — 6.9%
BCE, Inc. (c)		3,529		152,707
BCE, Inc. (c)		16,167		699,061
Manitoba Telecom Services, Inc.		1,606		45,460
Rogers Communications, Inc. Class B		24,478		944,361
TELUS Corp.		13,378		426,090
				2,267,679
CHINA — 0.0% (d)
APT Satellite Holdings, Ltd.		24,500		11,787
DENMARK — 0.9%
TDC A/S (b)		55,605		286,009
FINLAND — 1.0%
Elisa Oyj		10,268		334,977
FRANCE — 6.1%
Iliad SA		1,812		349,082
Orange SA		100,283		1,526,840
SFR Group SA (b)		5,074		143,589
				2,019,511
GERMANY — 9.1%
Deutsche Telekom AG		140,208		2,418,649
Drillisch AG (a)		2,961		127,720
Freenet AG		8,767		247,449
QSC AG		6,611		13,353
Telefonica Deutschland Holding AG		42,675		183,197
				2,990,368
HONG KONG — 1.6%
HKBN, Ltd.		67,760		74,375
HKT Trust & HKT, Ltd.		192,208		235,762
Hutchison Telecommunications Hong Kong Holdings, Ltd.		98,000		31,600
PCCW, Ltd.		279,664		151,498
SmarTone Telecommunications Holdings, Ltd.		28,000		37,631
				530,866
ISRAEL — 1.1%
B Communications, Ltd.		792		17,348
Bezeq The Israeli Telecommunication Corp., Ltd.		139,852		265,994
Cellcom Israel, Ltd. (b)		3,622		29,174
magicJack VocalTec, Ltd. (b)		826		5,658
Partner Communications Co., Ltd. (b)		8,333		39,991
				358,165
ITALY — 3.4%
Ei Towers SpA (b)		1,205		65,074
Infrastrutture Wireless Italiane SpA (e)		16,059		74,562
Telecom Italia RSP/Milano (b) (c)		412,914		299,203
Telecom Italia SpA/Milano (b) (c)		780,719		689,239
Tiscali SpA (b)		105,268		5,052
				1,133,130
JAPAN — 23.5%
Freebit Co., Ltd.		700		4,813
Japan Communications, Inc. (a) (b)		9,600		13,498
KDDI Corp.		78,490		1,991,608
Nippon Telegraph & Telephone Corp.		36,894		1,553,765
NTT DOCOMO, Inc.		65,458		1,494,531
Okinawa Cellular Telephone Co.		700		20,916
SoftBank Group Corp.		39,778		2,648,229
WirelessGate, Inc.		400		5,837
				7,733,197
LUXEMBOURG — 0.5%
Millicom International Cellular SA		4,094		175,439
NETHERLANDS — 2.6%
Koninklijke KPN NV		292,385		867,818
NEW ZEALAND — 1.1%
Chorus, Ltd.		27,285		75,532
Spark New Zealand, Ltd.		125,618		298,694
				374,226
NORWAY — 2.2%
Telenor ASA		47,291		708,731
PORTUGAL — 0.0% (d)
Pharol SGPS SA (a)		30,808		6,726
SINGAPORE — 4.5%
M1, Ltd. (a)		25,400		34,460
Singapore Telecommunications, Ltd.		545,613		1,378,478
StarHub, Ltd.		39,489		76,808
				1,489,746
SOUTH KOREA — 2.7%
KT Corp. ADR (b)		15,727		221,594
LG Uplus Corp.		14,589		138,304
Sejong Telecom, Inc. (b)		8,652		6,476
SK Telecom Co., Ltd. ADR		24,716		516,564
				882,938
SPAIN — 6.0%
Cellnex Telecom SA (a) (e)		10,428		150,300
Euskaltel SA (a) (b) (e)		7,547		67,025
Telefonica SA		187,368		1,743,065
				1,960,390
SWEDEN — 3.1%
Com Hem Holding AB		7,843		75,024
Tele2 AB Class B		23,910		192,262
Telia Co. AB		186,783		754,772
				1,022,058

See accompanying Notes to Schedule of Investments

277

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SWITZERLAND — 2.8%
Sunrise Communications Group AG (b) (e)		2,284	$	150,566
Swisscom AG		1,737		779,501
				930,067
UNITED KINGDOM — 15.1%
BT Group PLC		380,834		1,726,548
Inmarsat PLC		30,724		285,300
KCOM Group PLC		36,959		43,271
TalkTalk Telecom Group PLC (a)		36,486		76,282
Vodafone Group PLC		1,153,165		2,847,678
				4,979,079
TOTAL COMMON STOCKS (Cost $36,737,518)				32,759,476
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		4,672		4,672
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		267,537		267,537
TOTAL SHORT-TERM INVESTMENTS (Cost $272,209)				272,209
TOTAL INVESTMENTS — 100.2% (Cost $37,009,727)				33,031,685
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(77,132	)
NET ASSETS — 100.0%			$	32,954,553

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Amount is less than 0.05% of net assets.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.3% of net assets as of December 31, 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 December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,341,664	$	—	$	—	$	1,341,664
Austria		35,118		—		—		35,118
Belgium.		319,787		—		—		319,787
Canada		2,267,679		—		—		2,267,679
China		11,787		—		—		11,787
Denmark		286,009		—		—		286,009
Finland		334,977		—		—		334,977
France		2,019,511		—		—		2,019,511
Germany		2,990,368		—		—		2,990,368
Hong Kong		530,866		—		—		530,866
Israel		358,165		—		—		358,165
Italy.		1,133,130		—		—		1,133,130
Japan		7,733,197		—		—		7,733,197
Luxembourg.		175,439		—		—		175,439
Netherlands		867,818		—		—		867,818
New Zealand		374,226		—		—		374,226
Norway		708,731		—		—		708,731
Portugal		6,726		—		—		6,726

See accompanying Notes to Schedule of Investments

278

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Singapore	$	1,489,746	$	—	$	—	$	1,489,746
South Korea		882,938		—		—		882,938
Spain		1,960,390		—		—		1,960,390
Sweden		1,022,058		—		—		1,022,058
Switzerland		930,067		—		—		930,067
United Kingdom.		4,979,079		—		—		4,979,079
Short-Term Investments		272,209		—		—		272,209
TOTAL INVESTMENTS	$	33,031,685	$	—	$	—	$	33,031,685

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		16,354	$	16,354		26		16,380		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		310,193		305,521		4,672		4,672		30
State Street Navigator Securities Lending Government Money Market Portfolio *		250,771		250,771		38,025,343		38,008,577		267,537		267,537		5,082
TOTAL			$	267,125							$	272,209	$	5,112

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

279

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 5.2%
AGL Energy, Ltd.		31,581	$	505,150
APA Group		52,238		324,165
AusNet Services.		82,065		93,889
DUET Group (a)		114,469		227,110
ERM Power, Ltd.		7,989		7,433
Infigen Energy (b)		35,959		23,434
Spark Infrastructure Group		78,420		135,146
				1,316,327
AUSTRIA — 0.4%
EVN AG		1,464		17,302
Verbund AG		5,572		89,185
				106,487
BELGIUM — 0.3%
Elia System Operator SA		1,383		72,476
CANADA — 7.4%
Algonquin Power & Utilities Corp. (a)		12,932		109,836
Atco, Ltd. Class I		3,543		117,990
Boralex, Inc. Class A		2,110		30,130
Canadian Utilities, Ltd. Class A (a)		5,656		152,635
Capital Power Corp. (a)		4,066		70,432
Emera, Inc. (a)		9,470		320,527
Fortis, Inc.		18,753		579,769
Hydro One, Ltd. (c)		7,834		137,747
Innergex Renewable Energy, Inc. (a)		4,435		46,399
Just Energy Group, Inc. (a)		4,241		23,212
Northland Power, Inc. (a)		5,232		90,903
Superior Plus Corp. (a)		6,804		64,689
TransAlta Corp.		13,914		77,090
TransAlta Renewables, Inc. (a)		4,129		44,152
Valener, Inc. (a)		1,791		27,993
				1,893,504
CHINA — 0.6%
China Everbright Water, Ltd.		33,638		11,642
ENN Energy Holdings, Ltd.		35,000		144,006
				155,648
DENMARK — 1.5%
DONG Energy A/S (b) (c)		9,793		371,741
FINLAND — 1.2%
Fortum Oyj		20,407		313,609
FRANCE — 7.9%
Albioma SA		1,278		22,296
Direct Energie		633		23,835
Electricite de France SA		14,881		151,935
Engie SA		76,051		972,203
Rubis SCA		2,010		166,063
Suez Environment Co.		17,522		259,016
Veolia Environnement SA		23,996		409,386
				2,004,734
GERMANY — 5.3%
Capital Stage AG		3,968		26,576
E.ON SE		93,885		663,469
Innogy SE (b) (c)		6,554		228,193
RWE AG (b)		22,730		283,258
RWE AG Preference Shares		1,917		17,629
Uniper SE (b)		9,116		126,102
				1,345,227
HONG KONG — 9.7%
Canvest Environmental Protection Group Co., Ltd. (a)		30,000		14,820
Cheung Kong Infrastructure Holdings, Ltd.		35,300		280,919
China Ruifeng Renewable Energy Holdings, Ltd. (b)		70,171		8,236
China Water Industry Group, Ltd. (b)		61,045		10,157
CLP Holdings, Ltd.		93,000		854,653
HK Electric Investments & HK Electric Investments, Ltd. (a) (c)		108,671		89,705
Hong Kong & China Gas Co., Ltd.		347,329		615,531
Kong Sun Holdings, Ltd. (b)		193,787		8,498
Power Assets Holdings, Ltd.		61,500		542,170
Towngas China Co., Ltd. (a) (b)		48,000		25,259
United Photovoltaics Group, Ltd. (b)		174,000		16,383
				2,466,331
ITALY — 8.9%
A2A SpA		73,513		95,374
ACEA SpA		2,208		26,899
Ascopiave SpA		4,100		11,780
Enel SpA		363,172		1,604,237
ERG SpA		2,350		25,282
Falck Renewables SpA		7,156		6,970
Hera SpA		27,810		64,297
Iren SpA		27,406		44,978
Italgas SpA (b)		23,410		92,298
Terna Rete Elettrica Nazionale SpA		65,826		302,159
				2,274,274
JAPAN — 13.3%
Chubu Electric Power Co., Inc.		33,788		473,064
Chugoku Electric Power Co., Inc.		15,387		180,868
Electric Power Development Co., Ltd.		8,300		191,426
eRex Co., Ltd.		600		17,413
Hiroshima Gas Co., Ltd.		2,200		7,055
Hokkaido Electric Power Co., Inc.		9,500		74,364
Hokkaido Gas Co., Ltd. (e)		4,000		9,465
Hokuriku Electric Power Co.		9,294		104,387
K&O Energy Group, Inc.		797		12,601
Kansai Electric Power Co., Inc. (b)		37,998		416,354
Kyushu Electric Power Co., Inc.		22,192		241,261
Okinawa Electric Power Co., Inc.		1,900		42,827
Osaka Gas Co., Ltd.		97,958		377,605
Saibu Gas Co., Ltd. (a)		18,000		38,891
Shikoku Electric Power Co., Inc. (b)		9,700		98,468
Shizuoka Gas Co., Ltd.		3,100		21,927
Toho Gas Co., Ltd. (a)		24,000		195,687
Tohoku Electric Power Co., Inc.		23,672		299,769
Tokyo Electric Power Co. Holdings, Inc. (b)		37,799		152,965
Tokyo Gas Co., Ltd.		94,958		430,602
West Holdings Corp.		600		4,342
				3,391,341
NEW ZEALAND — 1.6%
Contact Energy, Ltd.		34,061		110,678
Genesis Energy, Ltd.		23,384		34,242

See accompanying Notes to Schedule of Investments

280

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Infratil, Ltd.		26,416	$	50,655
Mercury NZ, Ltd.		30,448		62,845
Meridian Energy, Ltd.		56,568		102,557
Tilt Renewables, Ltd.		3,329		4,503
Trustpower, Ltd.		3,329		11,003
Vector, Ltd.		12,127		27,398
				403,881
NORWAY — 0.1%
Scatec Solar ASA (c)		3,351		14,988
PORTUGAL — 1.5%
EDP — Energias de Portugal SA		114,962		350,915
REN — Redes Energeticas Nacionais SGPS SA		9,515		27,077
				377,992
SINGAPORE — 0.2%
Hyflux, Ltd.		21,100		7,522
Kenon Holdings, Ltd. (b)		983		11,550
Keppel Infrastructure Trust (e)		126,538		41,604
				60,676
SOUTH KOREA — 2.1%
E1 Corp.		137		7,112
Eco Energy Holdings Co., Ltd. (b)		369		3,895
Korea District Heating Corp.		122		6,879
Korea Electric Power Corp. ADR (b)		24,068		444,777
Korea Gas Corp.		1,397		56,040
KyungDong City Gas Co., Ltd.		86		5,461
Samchully Co., Ltd.		163		13,698
				537,862
SPAIN — 13.2%
Acciona SA		1,235		91,092
Atlantica Yield PLC		2,696		52,167
EDP Renovaveis SA		9,424		59,997
Enagas SA		10,660		271,253
Endesa SA (a)		14,891		316,089
Gas Natural SDG SA		16,888		319,024
Iberdrola SA		281,350		1,849,964
Red Electrica Corp. SA		20,297		383,743
Saeta Yield SA		2,976		25,523
				3,368,852
SWITZERLAND — 0.2%
Alpiq Holding AG (b)		215		17,875
BKW AG		520		25,198
				43,073
UNITED KINGDOM — 18.9%
Centrica PLC		257,072		743,621
Drax Group PLC		19,322		90,224
National Grid PLC		185,321		2,179,086
Pennon Group PLC		19,371		197,949
Severn Trent PLC		11,170		306,685
SSE PLC		47,422		910,011
Telecom Plus PLC		3,022		43,913
United Utilities Group PLC		31,971		355,940
				4,827,429
UNITED STATES — 0.1%
Atlantic Power Corp. (a)		6,030		15,198
TOTAL COMMON STOCKS
(Cost $33,136,519)				25,361,650
SHORT-TERM INVESTMENTS — 3.6%
UNITED STATES — 3.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		6,021		6,021
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		912,518		912,518
				918,539
TOTAL SHORT-TERM INVESTMENTS (Cost $918,539)				918,539
TOTAL INVESTMENTS — 103.2% (Cost $34,055,058)				26,280,189
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.2)%				(813,513	)
NET ASSETS — 100.0%			$	25,466,676

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.3% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Amount shown represents less than 0.05% of net assets.

(e) 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 December 31, 2016, total aggregate fair value of securities is $51,069 representing 0.2% of net assets.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

See accompanying Notes to Schedule of Investments

281

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,316,327	$	—	$	—	$	1,316,327
Austria		106,487		—		—		106,487
Belgium.		72,476		—		—		72,476
Canada		1,893,504		—		—		1,893,504
China		155,648		—		—		155,648
Denmark		371,741		—		—		371,741
Finland		313,609		—		—		313,609
France		2,004,734		—		—		2,004,734
Germany		1,345,227		—		—		1,345,227
Hong Kong		2,466,331		—		—		2,466,331
Israel		2		—		—		2
Italy.		2,274,272		—		—		2,274,272
Japan		3,381,876		9,465		—		3,391,341
New Zealand		403,881		—		—		403,881
Norway		14,988		—		—		14,988
Portugal		377,992		—		—		377,992
Singapore		19,072		41,604		—		60,676
South Korea		537,862		—		—		537,862
Spain		3,368,852		—		—		3,368,852
Switzerland		43,073		—		—		43,073
United Kingdom.		4,827,429		—		—		4,827,429
United States		15,198		—		—		15,198
Short-Term Investments		918,539		—		—		918,539
TOTAL INVESTMENTS	$	26,229,120	$	51,069	$	—	$	26,280,189

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,316	$	2,316		—		2,316		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		351,539		345,518		6,021		6,021		23
State Street Navigator Securities Lending Government Money Market Portfolio *		2,565,714		2,565,714		29,024,531		30,677,727		912,518		912,518		3,268
TOTAL			$	2,568,030							$	918,539	$	3,291

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying Notes to Schedule of Investments

282

SPDR INDEX SHARES FUNDS

NOTES TO SCHEDULES OF INVESTMENTS

December 31, 2016 (Unaudited)

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 of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

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.

• 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.

• 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.

• 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.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be 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.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

283

SPDR INDEX SHARES FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

• 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 December 31, 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. For the period ended December 31, 2016, the SPDR MSCI China A Shares IMI ETF had transfers from Level 1 to Level 2 in the amount of $83,989. At December 31, 2015, these investments were valued using exchange closing prices in accordance with Fund’s valuation policy. At December 31, 2016, these investments were valued using alternative valuation procedures under the valuation policy adopted by the Board. For the period ended December 31, 2016, the SPDR MSCI China A Shares IMI ETF had transfers from Level 2 to Level 1 in the amount of $68,280. At December 31, 2015, these investments were valued using alternative valuation procedures under the valuation policy adopted by the Board. At December 31, 2016, these investments were valued using exchange closing prices in accordance with Fund’s valuation policy. The remaining Funds presented herein had no material transfers between levels for the period ended December 31, 2016.

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 Fund 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 Fund recognizes 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.

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.

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.

Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, 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 period ended December 31, 2016, are disclosed in the Schedules of Investments.

284

SPDR INDEX SHARES FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Aggregate Unrealized Appreciation and Depreciation

As of December 31, 2016, gross unrealized appreciation and gross unrealized depreciation 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	$	207,370,782	$	734,830		$	38,062,009	$	(37,327,179	)
SPDR EURO STOXX 50 ETF		2,702,742,180		30,228,550			414,815,468		(384,586,918	)
SPDR EURO STOXX Small Cap ETF		12,261,414		526,290			1,082,255		(555,965	)
SPDR EURO STOXX 50 Currency Hedged ETF		14,922,278		(30,384	)		691,099		(721,483	)
SPDR S&P International Dividend Currency Hedged ETF		2,043,506		39,107			—		39,107
SPDR S&P Emerging Asia Pacific ETF		322,107,928		47,879,726			68,565,812		(20,686,086	)
SPDR S&P Russia ETF		36,430,157		2,229,582			8,297,123		(6,067,541	)
SPDR S&P China ETF		896,423,191		84,612,802			178,744,641		(94,131,839	)
SPDR MSCI China A Shares IMI ETF		2,458,249		78,300			454,653		(376,353	)
SPDR S&P Emerging Markets ETF		317,145,461		18,726,183			57,597,145		(38,870,962	)
SPDR S&P Emerging Markets Dividend ETF		309,774,910		24,526,093			37,204,714		(12,678,621	)
SPDR S&P Emerging Europe ETF		62,928,842		2,192,968			29,203,487		(27,010,519	)
SPDR S&P Emerging Latin America ETF		47,176,685		2,067,963			21,939,650		(19,871,687	)
SPDR S&P Emerging Middle East & Africa ETF		37,589,903		5,151,836			13,858,208		(8,706,372	)
SPDR S&P World ex-US ETF		640,703,810		42,292,972			98,638,333		(56,345,361	)
SPDR S&P International Small Cap ETF		828,086,042		63,812,971			162,776,027		(98,963,056	)
SPDR Dow Jones International Real Estate ETF		3,880,325,861		(122,825,613	)		252,129,409		(374,955,022	)
SPDR S&P Global Infrastructure ETF		103,518,937		3,406,432			8,667,238		(5,260,806	)
SPDR S&P Global Natural Resources ETF		879,569,603		37,398,104			58,742,972		(21,344,868	)
SPDR S&P North American Natural Resources ETF		634,413,523		205,042,407			2,648,301		202,394,106
SPDR MSCI ACWI ex-US ETF		1,122,365,510		41,399,757			149,489,087		(108,089,330	)
SPDR MSCI ACWI IMI ETF		71,340,587		5,229,965			4,608,391		621,574
SPDR MSCI ACWI Low Carbon Target ETF		123,972,895		9,171,667			6,885,096		2,286,571
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		29,851,059		1,045,103			898,589		146,514
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		5,092,411		84,379			403,452		(319,073	)
SPDR MSCI EAFE StrategicFactors ETF		74,255,731		1,457,592			721,952		735,640
SPDR MSCI Emerging Markets StrategicFactors ETF		128,299,707		7,381,498			8,911,914		(1,530,416	)
SPDR MSCI World StrategicFactors ETF		25,078,811		723,457			422,536		300,921
SPDR MSCI Australia StrategicFactors ETF		11,680,589		376,757			210,577		166,180
SPDR MSCI Canada StrategicFactors ETF		16,815,661		2,121,973			297,501		1,824,472
SPDR MSCI Germany StrategicFactors ETF		5,699,405		167,743			727,609		(559,866	)
SPDR MSCI Japan StrategicFactors ETF		12,792,312		754,885			437,857		317,028
SPDR MSCI Spain StrategicFactors ETF		2,903,492		31,305			901,018		(869,713	)
SPDR MSCI United Kingdom StrategicFactors ETF		2,777,229		24,034			483,642		(459,608	)
SPDR S&P Global Dividend ETF		112,609,780		4,880,076			6,384,338		(1,504,262	)
SPDR S&P International Dividend ETF		1,072,953,759		91,773,264			106,630,721		(14,857,457	)
SPDR S&P Emerging Markets Small Cap ETF		455,111,517		30,355,752			132,600,888		(102,245,136	)
SPDR Dow Jones Global Real Estate ETF		2,289,831,556		151,970,187			103,326,302		48,643,885

285

SPDR INDEX SHARES FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR S&P International Consumer Discretionary Sector ETF	$	14,170,997	$	783,254	$	2,165,916	$	(1,382,662	)
SPDR S&P International Consumer Staples Sector ETF		39,132,817		897,250		4,207,300		(3,310,050	)
SPDR S&P International Energy Sector ETF		47,342,506		775,043		4,672,103		(3,897,060	)
SPDR S&P International Financial Sector ETF		7,321,014		66,068		1,587,239		(1,521,171	)
SPDR S&P International Health Care Sector ETF		54,233,092		2,645,529		9,024,664		(6,379,135	)
SPDR S&P International Industrial Sector ETF		18,786,015		813,942		1,819,562		(1,005,620	)
SPDR S&P International Materials Sector ETF		12,596,318		275,996		2,609,137		(2,333,141	)
SPDR S&P International Technology Sector ETF		12,036,805		2,297,435		2,144,089		153,346
SPDR S&P International Telecommunications Sector ETF		37,051,843		1,398,851		5,419,009		(4,020,158	)
SPDR S&P International Utilities Sector ETF		34,085,215		116,413		7,921,439		(7,805,026	)

Other information regarding the Funds is available in the Funds’ most recent Report to Shareholders. This information is also available on the Funds’ website at www.spdrs.com as well as on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

286

Item 2. Controls and Procedures.

(a)         The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“Investment Company Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)         The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

The certifications required by Rule 30a-2(a) under the Investment Company Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR^® Index Shares Funds

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President

Date: February 27, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President (Principal Executive Officer)

By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer (Principal Financial Officer)

Date: February 27, 2017