SPDR EURO STOXX 50 ETF NCSRS Certified semi-annual shareholder report (management investment company)

SPDR EURO STOXX 50 ETF (FEZ) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR^® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)

Ryan M. Louvar, Esq.
State Street Bank and Trust Company
One Lincoln Street — CPH0326
Boston, MA 02111
(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, N.W.
Washington, DC 20004

Registrant’s telephone number, including area code: (866) 787-2257

Date of fiscal year end: September 30

Date of reporting period: March 31, 2011

TABLE OF CONTENTS


	Item 1: Report to Shareholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed Registrants
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10. Submission of Matters to a Vote of Security Holders
	Item 11. Controls and Procedures
	Item 12. Exhibits
SIGNATURES


Item 1:		Report to Shareholders

SPDR^{^®} Index Shares Funds
Semi-Annual Report March 31, 2011


*Precise in a world that isn’t.*^SM

TABLE OF CONTENTS


Performance and Portfolio Summaries
SPDR STOXX Europe 50^® ETF (FEU)		1
SPDR EURO STOXX 50^® ETF (FEZ)		4
SPDR S&P^® Emerging Asia Pacific ETF (GMF)		7
SPDR S&P Russia ETF (RBL)		10
SPDR S&P China ETF (GXC)		13
SPDR S&P Emerging Markets ETF (GMM)		16
SPDR S&P Emerging Markets Dividend ETF (EDIV)		19
SPDR S&P BRIC 40 ETF (BIK)		20
SPDR S&P Emerging Europe ETF (GUR)		23
SPDR S&P Emerging Latin America ETF (GML)		26
SPDR S&P Emerging Middle East & Africa ETF (GAF)		29
SPDR S&P World ex-US ETF (GWL)		32
SPDR S&P International Small Cap ETF (GWX)		35
SPDR Dow Jones International Real Estate ETF (RWX)		38
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)		41
SPDR S&P Global Natural Resources ETF (GNR)		44
SPDR MSCI ACWI ex-US ETF (CWI)		47
SPDR Russell/Nomura PRIME^TM Japan ETF (JPP)		50
SPDR Russell/Nomura Small Cap^TM Japan ETF (JSC)		53
SPDR S&P International Dividend ETF (DWX)		56
SPDR S&P International Mid Cap ETF (MDD)		59
SPDR S&P Emerging Markets Small Cap ETF (EWX)		62
SPDR Dow Jones Global Real Estate ETF (RWO)		65
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		68
SPDR S&P International Consumer Staples Sector ETF (IPS)		71
SPDR S&P International Energy Sector ETF (IPW)		74
SPDR S&P International Financial Sector ETF (IPF)		77
SPDR S&P International Health Care Sector ETF (IRY)		80
SPDR S&P International Industrial Sector ETF (IPN)		83
SPDR S&P International Materials Sector ETF (IRV)		86
SPDR S&P International Technology Sector ETF (IPK)		89
SPDR S&P International Telecommunications Sector ETF (IST)		92
SPDR S&P International Utilities Sector ETF (IPU)		95
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)		98
SPDR EURO STOXX 50 ETF (FEZ)		99
SPDR S&P Emerging Asia Pacific ETF (GMF)		100
SPDR S&P Russia ETF (RBL)		104
SPDR S&P China ETF (GXC)		105
SPDR S&P Emerging Markets ETF (GMM)		108
SPDR S&P Emerging Markets Dividend ETF (EDIV)		115


SPDR S&P BRIC 40 ETF (BIK)		117
SPDR S&P Emerging Europe ETF (GUR)		118
SPDR S&P Emerging Latin America ETF (GML)		120
SPDR S&P Emerging Middle East & Africa ETF (GAF)		122
SPDR S&P World ex-US ETF (GWL)		124
SPDR S&P International Small Cap ETF (GWX)		131
SPDR Dow Jones International Real Estate ETF (RWX)		139
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)		141
SPDR S&P Global Natural Resources ETF (GNR)		143
SPDR MSCI ACWI ex-US ETF (CWI)		145
SPDR Russell/Nomura PRIME Japan ETF (JPP)		152
SPDR Russell/Nomura Small Cap Japan ETF (JSC)		157
SPDR S&P International Dividend ETF (DWX)		162
SPDR S&P International Mid Cap ETF (MDD)		164
SPDR S&P Emerging Markets Small Cap ETF (EWX)		169
SPDR Dow Jones Global Real Estate ETF (RWO)		177
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		180
SPDR S&P International Consumer Staples Sector ETF (IPS)		182
SPDR S&P International Energy Sector ETF (IPW)		184
SPDR S&P International Financial Sector ETF (IPF)		186
SPDR S&P International Health Care Sector ETF (IRY)		188
SPDR S&P International Industrial Sector ETF (IPN)		190
SPDR S&P International Materials Sector ETF (IRV)		192
SPDR S&P International Technology Sector ETF (IPK)		194
SPDR S&P International Telecommunications Sector ETF (IST)		196
SPDR S&P International Utilities Sector ETF (IPU)		197
Financial Statements		198
Financial Highlights		224
Notes to Financial Statements		246
Other Information		264

SPDR STOXX Europe 50 ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund’s performance is negatively impacted by these deductions.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR STOXX Europe 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.29%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		9.33%		9.86%		9.43%		N/A		N/A		N/A

ONE YEAR		6.32%		7.02%		6.28%		6.32%		7.02%		6.28%

THREE YEARS		−14.79%		−14.39%		−14.91%		−5.20%		−5.05%		−5.24%

FIVE YEARS		1.64%		1.71%		1.68%		0.33%		0.34%		0.33%

SINCE INCEPTION (1)		85.42%		85.89%		87.10%		7.57%		7.60%		7.69%


(1)		For the period October 15, 2002 to March 31, 2011.

SPDR STOXX Europe 50 ETF —
Performance Summary (continued)

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

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	NESTLE SA	HSBC HOLDINGS PLC	VODAFONE GROUP PLC	BP PLC	TOTAL SA

MARKET VALUE	$1,988,712	1,803,040	1,465,011	1,362,124	1,349,964

% OF NET ASSETS	5.3	4.8	3.9	3.6	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		16.7	%
Oil, Gas & Consumable Fuels		14.5
Pharmaceuticals		14.4
Metals & Mining		6.8
Food Products		6.6
Diversified Telecommunication Services		5.0
Capital Markets		4.4
Wireless Telecommunication Services		3.9
Insurance		3.8
Industrial Conglomerates		3.2
Beverages		2.4
Tobacco		2.2
Chemicals		2.1
Communications Equipment		1.9
Automobiles		1.7
Electric Utilities		1.6
Software		1.5
Electrical Equipment		1.5
Multi-Utilities		1.5
Food & Staples Retailing		1.3
Diversified Financial Services		1.3
Specialty Retail		0.9
Short Term Investments		2.0
Other Assets & Liabilities		(1.2	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR EURO STOXX 50 ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.29%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		10.83%		11.80%		10.89%		N/A		N/A		N/A

ONE YEAR		7.90%		8.68%		7.50%		7.90%		8.68%		7.50%

THREE YEARS		−19.53%		−19.05%		−20.34%		−6.99%		−6.80%		−7.30%

FIVE YEARS		4.67%		5.28%		3.30%		0.92%		1.03%		0.65%

SINCE INCEPTION (1)		115.70%		116.76%		113.13%		9.51%		9.58%		9.36%


(1)		For the period October 15, 2002 to March 31, 2011.

SPDR EURO STOXX 50 ETF —
Performance Summary (continued)

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

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




				BANCO
DESCRIPTION	TOTAL SA	SIEMENS AG	TELEFONICA SA	SANTANDER SA	BASF SE

MARKET VALUE	$10,024,938	8,773,553	7,388,811	7,266,838	5,895,471

% OF NET ASSETS	5.8	5.1	4.3	4.2	3.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		15.6	%
Oil, Gas & Consumable Fuels		9.6
Diversified Telecommunication Services		8.8
Insurance		6.8
Industrial Conglomerates		6.5
Pharmaceuticals		6.1
Electric Utilities		5.7
Chemicals		5.1
Automobiles		3.9
Food Products		3.8
Multi-Utilities		3.5
Diversified Financial Services		2.7
Electrical Equipment		2.5
Software		2.4
Capital Markets		2.4
Beverages		1.8
Textiles, Apparel & Luxury Goods		1.8
Media		1.5
Metals & Mining		1.4
Construction & Engineering		1.4
Communications Equipment		1.4
Personal Products		1.2
Food & Staples Retailing		1.2
Building Products		1.1
Real Estate Investment Trusts		0.9
Construction Materials		0.7
Short Term Investments		0.3
Other Assets & Liabilities		(0.1	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P Emerging Asia Pacific ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		6.82%		7.00%		5.38%		N/A		N/A		N/A

ONE YEAR		18.29%		18.23%		17.81%		18.29%		18.23%		17.81%

THREE YEARS		19.72%		19.30%		19.41%		6.18%		6.06%		6.09%

SINCE INCEPTION (1)		52.45%		52.77%		52.77%		11.02%		11.08%		11.07%


(1)		For the period March 20, 2007 to March 31, 2011.

SPDR S&P Emerging Asia Pacific ETF —
Performance Summary (continued)

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

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP TEN HOLDINGS AS OF MARCH 31, 2011




		TAIWAN SEMICONDUCTOR		INDUSTRIAL &	RELIANCE
	CHINA CONSTRUCTION	MANUFACTURING	CHINA	COMMERCIAL	INDUSTRIES,
DESCRIPTION	BANK CORP.	CO., LTD. ADR	MOBILE, LTD.	BANK OF CHINA	LTD. GDR

MARKET VALUE	$21,384,089	21,169,364	15,435,360	14,906,401	14,812,680

% OF NET ASSETS	2.9	2.9	2.1	2.0	2.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		17.1	%
Oil, Gas & Consumable Fuels		12.8
Semiconductors & Semiconductor Equipment		6.8
Wireless Telecommunication Services		4.8
Electronic Equipment, Instruments & Components		4.2
Internet Software & Services		3.7
Metals & Mining		3.6
Insurance		3.6
Computers & Peripherals		3.2
Chemicals		3.0
IT Services		3.0
Real Estate Management & Development		2.8
Food Products		2.3
Construction Materials		2.2
Automobiles		2.0
Communications Equipment		2.0
Diversified Telecommunication Services		1.9
Hotels, Restaurants & Leisure		1.9
Construction & Engineering		1.7
Transportation Infrastructure		1.7
Industrial Conglomerates		1.6
Independent Power Producers & Energy Traders		1.4
Diversified Financial Services		1.3
Marine		1.0
Electrical Equipment		0.9
Capital Markets		0.9
Electric Utilities		0.8
Thrifts & Mortgage Finance		0.8
Machinery		0.7
Beverages		0.6
Pharmaceuticals		0.6
Food & Staples Retailing		0.6
Household Products		0.6
Gas Utilities		0.5
Airlines		0.5
Media		0.4
Health Care Providers & Services		0.4
Energy Equipment & Services		0.4
Tobacco		0.4
Building Products		0.3
Textiles, Apparel & Luxury Goods		0.2
Household Durables		0.1
Health Care Equipment & Supplies		0.1
Paper & Forest Products		0.1
Short Term Investments		4.8
Other Assets & Liabilities		(4.3	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Tatung Co., Ltd., which was Level 2 and part of the Household Durables Industry, representing 0.11% of net assets. (Note 2)

SPDR S&P Russia ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (03/10/10, 03/11/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P RUSSIA		NET ASSET		MARKET		S&P RUSSIA
	VALUE		VALUE		CAPPED BMI INDEX		VALUE		VALUE		CAPPED BMI INDEX

SIX MONTHS		33.38%		33.35%		31.91%		N/A		N/A		N/A

ONE YEAR		30.65%		30.18%		29.98%		30.65%		30.18%		29.98%

SINCE INCEPTION (1)		34.35%		33.78%		35.17%		32.11%		31.58%		32.95%


(1)		For the period March 10, 2010 to March 31, 2011.

SPDR S&P Russia ETF —
Performance Summary (continued)

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

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




	GAZPROM		LUKOIL	MMC NORILSK NICKEL	NOVATEK
DESCRIPTION	OAO ADR	SBERBANK GDR	OAO ADR	OJSC ADR	OAO GDR

MARKET VALUE	$30,176,356	14,205,928	13,139,678	10,105,289	7,167,535

% OF NET ASSETS	20.7	9.8	9.0	6.9	4.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		48.6	%
Metals & Mining		17.0
Commercial Banks		12.5
Wireless Telecommunication Services		7.1
Food & Staples Retailing		3.3
Chemicals		2.5
Electric Utilities		2.4
Energy Equipment & Services		1.5
Pharmaceuticals		1.1
Food Products		1.0
Diversified Telecommunication Services		0.8
Road & Rail		0.6
Construction Materials		0.5
Media		0.4
Household Durables		0.4
Transportation Infrastructure		0.3
Short Term Investments		0.1
Other Assets & Liabilities		(0.1	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P China ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P CHINA BMI		NET ASSET		MARKET		S&P CHINA BMI
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

SIX MONTHS		5.09%		5.72%		5.67%		N/A		N/A		N/A

ONE YEAR		12.12%		12.96%		13.59%		12.12%		12.96%		13.59%

THREE YEARS		20.48%		21.19%		21.78%		6.41%		6.62%		6.79%

SINCE INCEPTION (1)		60.22%		61.47%		63.66%		12.40%		12.61%		13.00%


(1)		For the period March 20, 2007 to March 31, 2011.

SPDR S&P China ETF —
Performance Summary (continued)

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

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




			INDUSTRIAL &
	CHINA CONSTRUCTION	CHINA	COMMERCIAL BANK
DESCRIPTION	BANK CORP.	MOBILE, LTD.	OF CHINA	CNOOC, LTD.	BAIDU, INC. ADR

MARKET VALUE	$55,245,891	43,109,567	39,355,977	35,602,140	35,096,210

% OF NET ASSETS	7.7	6.0	5.5	5.0	4.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		21.7	%
Oil, Gas & Consumable Fuels		15.9
Internet Software & Services		9.8
Insurance		6.4
Wireless Telecommunication Services		6.0
Real Estate Management & Development		5.0
Food Products		3.3
Metals & Mining		3.0
Transportation Infrastructure		2.5
Diversified Telecommunication Services		2.4
Automobiles		2.0
Construction & Engineering		1.8
Construction Materials		1.8
Industrial Conglomerates		1.6
Independent Power Producers & Energy Traders		1.4
Machinery		1.3
Hotels, Restaurants & Leisure		1.2
Marine		1.1
Communications Equipment		1.0
Electronic Equipment, Instruments & Components		0.8
Food & Staples Retailing		0.8
Chemicals		0.8
Electrical Equipment		0.8
Textiles, Apparel & Luxury Goods		0.7
Energy Equipment & Services		0.6
Multiline Retail		0.6
Health Care Equipment & Supplies		0.6
Computers & Peripherals		0.5
Media		0.5
Paper & Forest Products		0.5
Diversified Consumer Services		0.5
Specialty Retail		0.4
Airlines		0.4
Semiconductors & Semiconductor Equipment		0.4
Beverages		0.4
Water Utilities		0.3
Health Care Providers & Services		0.3
Gas Utilities		0.2
Software		0.2
IT Services		0.2
Road & Rail		0.1
Pharmaceuticals		0.1
Auto Components		0.1
Commercial Services & Supplies		0.0	***
Short Term Investments		13.8
Other Assets & Liabilities		(13.8	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs except for China Milk Products Group, Ltd., which was Level 2 and part of the Food Products Industry, representing less than 0.05% of net assets. (Note 2)
***		Amount represents less than 0.05% of net assets.

SPDR S&P Emerging Markets ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		9.33%		9.10%		7.98%		N/A		N/A		N/A

ONE YEAR		17.66%		17.24%		17.60%		17.66%		17.24%		17.60%

THREE YEARS		15.97%		15.24%		16.10%		5.06%		4.84%		5.10%

SINCE INCEPTION (1)		47.34%		47.25%		48.44%		10.09%		10.07%		10.28%


(1)		For the period March 20, 2007 to March 31, 2011.

SPDR S&P Emerging Markets ETF —
Performance Summary (continued)

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

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




	GAZPROM	VALE SA ADR	PETROLEO BRASILEIRO		AMERICA MOVIL
DESCRIPTION	OAO ADR	PREFERENCE SHARES	SA ADR	LUKOIL OAO ADR	SAB DE CV

MARKET VALUE	$8,579,897	6,833,246	6,187,360	3,708,532	3,636,417

% OF NET ASSETS	3.8	3.0	2.7	1.6	1.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		18.5	%
Commercial Banks		14.8
Metals & Mining		10.5
Wireless Telecommunication Services		6.1
Semiconductors & Semiconductor Equipment		3.4
Internet Software & Services		2.4
Beverages		2.3
Insurance		2.0
Chemicals		1.9
Real Estate Management & Development		1.9
Food Products		1.8
IT Services		1.7
Diversified Financial Services		1.7
Diversified Telecommunication Services		1.6
Industrial Conglomerates		1.6
Construction & Engineering		1.4
Automobiles		1.4
Food & Staples Retailing		1.3
Electronic Equipment, Instruments & Components		1.3
Electric Utilities		1.3
Media		1.3
Construction Materials		1.2
Communications Equipment		1.2
Multiline Retail		1.1
Hotels, Restaurants & Leisure		1.0
Computers & Peripherals		1.0
Specialty Retail		1.0
Transportation Infrastructure		0.8
Pharmaceuticals		0.8
Independent Power Producers & Energy Traders		0.8
Capital Markets		0.6
Thrifts & Mortgage Finance		0.6
Household Durables		0.6
Machinery		0.6
Electrical Equipment		0.5
Tobacco		0.4
Household Products		0.4
Airlines		0.4
Marine		0.3
Gas Utilities		0.3
Energy Equipment & Services		0.3
Leisure Equipment & Products		0.3
Personal Products		0.3
Paper & Forest Products		0.3
Health Care Providers & Services		0.2
Water Utilities		0.2
Textiles, Apparel & Luxury Goods		0.2
Trading Companies & Distributors		0.2
Aerospace & Defense		0.1
Distributors		0.1
Road & Rail		0.1
Health Care Equipment & Supplies		0.1
Professional Services		0.1
Software		0.0	***
Building Products		0.0	***
Air Freight & Logistics		0.0	***
Biotechnology		0.0	***
Auto Components		0.0	***
Short Term Investments		6.5
Other Assets & Liabilities		(2.8	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Tatung Co., Ltd., which was Level 2 and part of the Household Durables Industry, representing less than 0.05% of net assets. (Note 2)
***		Amount represents less than 0.05% of net assets.

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

The Fund commenced operations during the reporting period and therefore is not required to present performance history.

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




		ELETROPAULO
		METROPOLITANA SA		TELEFONICA O2
DESCRIPTION	REDECARD SA	PREFERENCE SHARES	CEZ AS	CZECH REPUBLIC AS	LIGHT SA

MARKET VALUE	$492,990	452,684	441,915	428,756	415,628

% OF NET ASSETS	3.8	3.4	3.4	3.3	3.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Electric Utilities		13.7	%
Diversified Telecommunication Services		9.7
Wireless Telecommunication Services		6.5
Commercial Banks		6.0
Real Estate Management & Development		5.6
Independent Power Producers & Energy Traders		4.5
Oil, Gas & Consumable Fuels		4.4
IT Services		3.7
Computers & Peripherals		3.3
Semiconductors & Semiconductor Equipment		3.2
Metals & Mining		3.1
Transportation Infrastructure		3.0
Construction Materials		2.7
Automobiles		2.3
Tobacco		2.2
Textiles, Apparel & Luxury Goods		2.1
Household Durables		2.0
Diversified Financial Services		2.0
Food Products		1.9
Food & Staples Retailing		1.6
Specialty Retail		1.6
Chemicals		1.5
Multiline Retail		1.4
Communications Equipment		1.2
Insurance		1.1
Health Care Providers & Services		1.1
Household Products		1.1
Marine		1.0
Personal Products		1.0
Auto Components		1.0
Hotels, Restaurants & Leisure		0.9
Capital Markets		0.9
Water Utilities		0.7
Electronic Equipment, Instruments & Components		0.7
Construction & Engineering		0.7
Industrial Conglomerates		0.4
Short Term Investments		0.0	***
Other Assets & Liabilities		0.2

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

SPDR S&P BRIC 40 ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/07, 6/22/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		S&P BRIC 40 INDEX		VALUE		VALUE		S&P BRIC 40 INDEX

SIX MONTHS		14.09%		14.67%		14.51%		N/A		N/A		N/A

ONE YEAR		18.58%		18.62%		19.53%		18.58%		18.62%		19.53%

THREE YEARS		12.80%		13.25%		14.60%		4.10%		4.23%		4.65%

SINCE INCEPTION (1)		30.05%		30.76%		32.53%		7.19%		7.35%		7.73%


(1) For the period June 19, 2007 to March 31, 2011.

SPDR S&P BRIC 40 ETF —
Performance Summary (continued)

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

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




		CHINA		ITAU UNIBANCO
	GAZPROM OAO	CONSTRUCTION	PETROLEO BRASILEIRO	HOLDING SA	CHINA MOBILE,
DESCRIPTION	ADR	BANK CORP.	SA ADR	PREFERENCE SHARES ADR	LTD.

MARKET VALUE	$52,135,746	36,694,253	33,452,752	30,888,112	26,326,875

% OF NET ASSETS	9.4	6.6	6.0	5.5	4.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		36.0	%
Commercial Banks		29.5
Metals & Mining		8.5
Wireless Telecommunication Services		6.4
Internet Software & Services		5.9
Insurance		4.4
IT Services		3.4
Beverages		2.1
Diversified Telecommunication Services		2.0
Real Estate Management & Development		0.8
Electric Utilities		0.8
Short Term Investments		5.6
Other Assets & Liabilities		(5.4	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P Emerging Europe ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING

NET ASSET

MARKET

EMERGING

VALUE

CAPPED BMI INDEX

VALUE

CAPPED BMI INDEX

SIX MONTHS

21.04%

21.62%

20.40%

N/A

ONE YEAR

22.50%

22.41%

22.76%

22.50%

22.41%

22.76%

THREE YEARS

−6.73%

−7.15%

−8.13%

−2.30%

−2.44%

−2.79%

SINCE INCEPTION (1)

5.88%

6.03%

8.43%

1.43%

1.46%

2.02%


(1) For the period March 20, 2007 to March 31, 2011.

SPDR S&P Emerging Europe ETF —
Performance Summary (continued)

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

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




				MMC NORILSK NICKEL	NOVATEK
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	SBERBANK	OJSC ADR	OAO GDR

MARKET VALUE	$51,645,543	18,736,833	18,010,099	13,871,323	12,634,822

% OF NET ASSETS	18.4	6.7	6.4	4.9	4.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		41.5	%
Commercial Banks		20.0
Metals & Mining		12.2
Wireless Telecommunication Services		5.1
Diversified Telecommunication Services		4.1
Electric Utilities		3.4
Chemicals		1.8
Industrial Conglomerates		1.5
Media		1.3
Household Durables		1.2
Pharmaceuticals		1.0
Beverages		0.9
Food & Staples Retailing		0.8
Airlines		0.7
Insurance		0.7
Diversified Financial Services		0.6
Distributors		0.6
Real Estate Management & Development		0.4
Energy Equipment & Services		0.4
Construction & Engineering		0.3
Software		0.3
Hotels, Restaurants & Leisure		0.2
Building Products		0.2
Biotechnology		0.0	***
Short Term Investments		1.7
Other Assets & Liabilities		(0.9	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is based on Level 1 inputs. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

SPDR S&P Emerging Latin America ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET				NET ASSET		MARKET		S&P LATIN AMERICA
	VALUE		VALUE		S&P LATIN AMERICA BMI INDEX		VALUE		VALUE		BMI INDEX

SIX MONTHS		6.42%		6.34%		7.70%		N/A		N/A		N/A

ONE YEAR		14.04%		13.38%		16.01%		14.04%		13.38%		16.01%

THREE YEARS		17.13%		16.10%		21.14%		5.41%		5.10%		6.60%

SINCE INCEPTION (1)		67.73%		67.66%		74.98%		13.68%		13.67%		14.88%


(1)		For the period March 20, 2007 to March 31, 2011.

SPDR S&P Emerging Latin America ETF —
Performance Summary (continued)

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

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




				ITAU UNIBANCO
	PETROLEO		AMERICA MOVIL	HOLDING SA	BANCO BRADESCO
DESCRIPTION	BRASILEIRO SA ADR	VALE SA ADR	SAB DE CV	PREFERENCE SHARES ADR	SA ADR

MARKET VALUE	$28,831,093	24,972,981	13,169,700	12,420,598	9,250,599

% OF NET ASSETS	12.5	10.8	5.7	5.4	4.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		21.4	%
Commercial Banks		17.8
Oil, Gas & Consumable Fuels		14.7
Wireless Telecommunication Services		7.1
Beverages		4.8
Food & Staples Retailing		3.7
Electric Utilities		3.3
Industrial Conglomerates		2.6
Multiline Retail		2.5
Food Products		2.4
Diversified Telecommunication Services		1.9
Paper & Forest Products		1.8
Independent Power Producers & Energy Traders		1.8
Household Durables		1.7
Diversified Financial Services		1.5
Transportation Infrastructure		1.2
Media		1.1
Airlines		0.9
Construction Materials		0.8
Tobacco		0.8
IT Services		0.8
Household Products		0.7
Chemicals		0.7
Personal Products		0.6
Water Utilities		0.6
Construction & Engineering		0.5
Road & Rail		0.5
Aerospace & Defense		0.5
Real Estate Management & Development		0.3
Internet & Catalog Retail		0.2
Short Term Investments		6.8
Other Assets & Liabilities		(6.0	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

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

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P MID-EAST &		NET ASSET		MARKET		S&P MID-EAST &
	VALUE		VALUE		AFRICA BMI INDEX		VALUE		VALUE		AFRICA BMI INDEX

SIX MONTHS		7.80%		7.76%		8.05%		N/A		N/A		N/A

ONE YEAR		15.96%		15.01%		16.35%		15.96%		15.01%		16.35%

THREE YEARS		31.51%		29.63%		29.03%		9.56%		9.04%		8.87%

SINCE INCEPTION (1)		42.26%		41.45%		48.67%		9.13%		8.98%		10.33%


(1)		For the period March 20, 2007 to March 31, 2011.

SPDR S&P Emerging Middle East & Africa ETF —
Performance Summary (continued)

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




				ANGLOGOLD	STANDARD BANK
DESCRIPTION	SASOL, LTD.	MTN GROUP, LTD.	NASPERS, LTD.	ASHANTI, LTD.	GROUP, LTD.

MARKET VALUE	$11,472,227	10,140,946	9,306,450	7,479,373	6,265,756

% OF NET ASSETS	7.2	6.4	5.9	4.7	3.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		21.0	%
Commercial Banks		12.6
Wireless Telecommunication Services		8.0
Oil, Gas & Consumable Fuels		7.2
Diversified Financial Services		6.7
Media		6.0
Food & Staples Retailing		4.4
Real Estate Management & Development		3.7
Insurance		3.5
Specialty Retail		3.1
Construction & Engineering		2.6
Food Products		2.5
Industrial Conglomerates		2.3
Pharmaceuticals		1.9
Health Care Providers & Services		1.6
Multiline Retail		1.4
Construction Materials		1.3
Household Durables		1.3
Paper & Forest Products		1.2
Capital Markets		1.0
Trading Companies & Distributors		0.8
Distributors		0.7
Diversified Telecommunication Services		0.7
Chemicals		0.6
Containers & Packaging		0.5
Hotels, Restaurants & Leisure		0.5
Real Estate Investment Trusts		0.5
Tobacco		0.4
Electronic Equipment, Instruments & Components		0.4
Marine		0.3
Energy Equipment & Services		0.1
Electrical Equipment		0.1
Auto Components		0.1
IT Services		0.1
Professional Services		0.1
Commercial Services & Supplies		0.1
Textiles, Apparel & Luxury Goods		0.0	***
Short Term Investments		4.3
Other Assets & Liabilities		(3.6	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

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

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.34%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P DEVELOPED

NET ASSET

MARKET

S&P DEVELOPED

VALUE

EX-U.S. BMI INDEX

VALUE

EX-U.S. BMI INDEX

SIX MONTHS

11.39%

12.58%

12.45%

N/A

ONE YEAR

12.64%

13.47%

14.29%

12.64%

13.47%

14.29%

THREE YEARS

−4.57%

−4.16%

−2.36%

−1.55%

−1.41%

−0.79%

SINCE INCEPTION (1)

−10.59%

−9.82%

−8.13%

−2.79%

−2.58%

−2.13%


(1)		For the period April 20, 2007 to March 31, 2011.

SPDR S&P World ex-US ETF —
Performance Summary (continued)

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




	SAMSUNG ELECTRONICS				VODAFONE
DESCRIPTION	CO., LTD. GDR	NESTLE SA	BHP BILLITON, LTD.	HSBC HOLDINGS PLC	GROUP PLC

MARKET VALUE	$2,287,305	1,828,204	1,608,162	1,606,790	1,442,612

% OF NET ASSETS	1.6	1.3	1.1	1.1	1.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		12.2	%
Oil, Gas & Consumable Fuels		8.8
Metals & Mining		7.3
Pharmaceuticals		5.6
Insurance		4.1
Chemicals		3.8
Machinery		3.2
Diversified Telecommunication Services		2.8
Food Products		2.6
Automobiles		2.4
Real Estate Management & Development		2.4
Semiconductors & Semiconductor Equipment		2.4
Wireless Telecommunication Services		2.2
Food & Staples Retailing		2.1
Industrial Conglomerates		2.0
Capital Markets		2.0
Trading Companies & Distributors		1.7
Electric Utilities		1.7
Construction & Engineering		1.6
Electrical Equipment		1.6
Beverages		1.5
Electronic Equipment, Instruments & Components		1.2
Media		1.2
Textiles, Apparel & Luxury Goods		1.2
Multi-Utilities		1.2
Diversified Financial Services		1.2
Road & Rail		1.1
Specialty Retail		1.1
Health Care Equipment & Supplies		1.1
Hotels, Restaurants & Leisure		1.0
Energy Equipment & Services		1.0
Building Products		0.8
Communications Equipment		0.8
Real Estate Investment Trusts		0.8
Tobacco		0.8
Household Durables		0.8
Auto Components		0.8
Commercial Services & Supplies		0.7
Transportation Infrastructure		0.6
Professional Services		0.6
Software		0.6
Aerospace & Defense		0.6
Marine		0.5
IT Services		0.5
Computers & Peripherals		0.5
Health Care Providers & Services		0.5
Multiline Retail		0.4
Household Products		0.4
Office Electronics		0.4
Gas Utilities		0.4
Construction Materials		0.4
Paper & Forest Products		0.3
Air Freight & Logistics		0.3
Biotechnology		0.2
Distributors		0.2
Personal Products		0.2
Leisure Equipment & Products		0.2
Life Sciences Tools & Services		0.2
Consumer Finance		0.1
Independent Power Producers & Energy Traders		0.1
Airlines		0.1
Containers & Packaging		0.1
Short Term Investments		10.9
Other Assets & Liabilities		(10.1	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs except for Anglo Irish Bank Corp. PLC and The Sumitomo Trust & Banking Co., Ltd., which were both Level 2 and part of the Commercial Banks Industry, representing less than 0.05% and 0.10% of net assets, respectively. (Note 2)

SPDR S&P International Small Cap ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. UNDER USD2

NET ASSET

MARKET

EX-U.S. UNDER USD2

VALUE

BILLION INDEX

VALUE

BILLION INDEX

SIX MONTHS

14.99%

15.01%

16.00%

N/A

ONE YEAR

22.05%

21.43%

20.85%

22.05%

21.43%

20.85%

THREE YEARS

5.63%

5.26%

6.00%

1.84%

1.72%

1.96%

SINCE INCEPTION (1)

−3.31%

−3.18%

−4.91%

−0.85%

−0.82%

−1.26%


(1)		For the period April 20, 2007 to March 31, 2011.

SPDR S&P International Small Cap ETF —
Performance Summary (continued)

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

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	BELIMO HOLDING AG	CAMPBELL BROTHERS, LTD.	NABTESCO CORP.	SAI GLOBAL, LTD.	RUBIS

MARKET VALUE	$6,408,774	5,624,056	5,288,055	5,218,720	4,928,745

% OF NET ASSETS	0.7	0.6	0.6	0.6	0.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		7.4	%
Machinery		6.7
Oil, Gas & Consumable Fuels		4.8
Commercial Banks		4.8
Electronic Equipment, Instruments & Components		4.1
Real Estate Management & Development		3.8
Real Estate Investment Trusts		3.6
Chemicals		3.6
Capital Markets		3.2
Specialty Retail		3.0
Hotels, Restaurants & Leisure		2.9
Construction & Engineering		2.9
Commercial Services & Supplies		2.7
Media		2.6
Energy Equipment & Services		2.2
Auto Components		2.2
Professional Services		2.2
Food Products		2.0
Pharmaceuticals		1.9
Household Durables		1.8
Health Care Equipment & Supplies		1.8
Software		1.7
Semiconductors & Semiconductor Equipment		1.7
Insurance		1.7
Trading Companies & Distributors		1.5
Textiles, Apparel & Luxury Goods		1.5
Building Products		1.5
Electrical Equipment		1.5
Industrial Conglomerates		1.4
IT Services		0.9
Health Care Providers & Services		0.9
Communications Equipment		0.8
Paper & Forest Products		0.8
Beverages		0.8
Multiline Retail		0.8
Distributors		0.8
Road & Rail		0.8
Diversified Financial Services		0.7
Construction Materials		0.7
Transportation Infrastructure		0.7
Gas Utilities		0.7
Consumer Finance		0.7
Containers & Packaging		0.6
Internet Software & Services		0.6
Marine		0.6
Diversified Consumer Services		0.6
Aerospace & Defense		0.5
Automobiles		0.5
Thrifts & Mortgage Finance		0.4
Food & Staples Retailing		0.4
Airlines		0.4
Electric Utilities		0.3
Biotechnology		0.3
Leisure Equipment & Products		0.3
Computers & Peripherals		0.2
Life Sciences Tools & Services		0.1
Internet & Catalog Retail		0.1
Health Care Technology		0.1
Wireless Telecommunication Services		0.1
Air Freight & Logistics		0.1
Diversified Telecommunication Services		0.0	***
Household Products		0.0	***
Independent Power Producers & Energy Traders		0.0	***
Short Term Investments		13.3
Other Assets & Liabilities		(12.3	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Amagerbanken A/S, which was Level 2 and part of the Commercial Banks Industry, Peace Mark (Holdings), Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry, Meritz Fire & Marine Insurance Co., Ltd., which was Level 2 and part of the Insurance Industry, Carnegie Investment Bank AB, which was Level 2 and part of the Capital Markets Industry, and Connaught PLC which was Level 2 and part of the Commercial Services & Supplies Industry, each representing less than 0.05% of net assets, except for Meritz Fire & Marine Insurance Co., Ltd., which represented 0.19% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

SPDR Dow Jones International Real Estate ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/06, 12/20/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES GLOBAL

EX-U.S. SELECT REAL

NET ASSET

MARKET

ESTATE SECURITIES

NET ASSET

MARKET

ESTATE SECURITIES

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

8.57%

8.65%

8.44%

N/A

ONE YEAR

20.61%

21.03%

21.14%

20.61%

21.03%

21.14%

THREE YEARS

−11.57%

−11.79%

−11.00%

−4.02%

−4.10%

−3.81%

SINCE INCEPTION (1)

−20.12%

−19.79%

−19.03%

−5.10%

−5.01%

−4.80%


(1)		For the period December 15, 2006 to March 31, 2011.

SPDR Dow Jones International Real Estate ETF —
Performance Summary (continued)

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

SPDR Dow Jones International Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




			BROOKFIELD ASSET
			MANAGEMENT, INC.	MITSUI FUDOSAN	LAND SECURITIES
DESCRIPTION	WESTFIELD GROUP	UNIBAIL-RODAMCO SE	(CLASS A)	CO., LTD.	GROUP PLC

MARKET VALUE	$127,940,975	113,584,839	103,868,556	83,658,904	51,658,059

% OF NET ASSETS	7.2	6.4	5.9	4.7	2.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		33.0	%
Retail REITs		32.1
Diversified REITs		15.9
Office REITs		12.7
Industrial REITs		4.2
Specialized REITs		0.6
Residential REITs		0.6
Diversified Capital Markets		0.5
Short Term Investments		8.5
Other Assets & Liabilities		(8.1	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs except for Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets. (Note 2)

SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR FTSE/Macquarie Global Infrastructure 100 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MACQUARIE GLOBAL

NET ASSET

MARKET

INFRASTRUCTURE 100

NET ASSET

MARKET

INFRASTRUCTURE 100

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

6.18%

6.60%

6.64%

N/A

ONE YEAR

7.84%

8.45%

8.81%

7.84%

8.45%

8.81%

THREE YEARS

−13.70%

−14.25%

−11.59%

−4.79%

−4.99%

−4.02%

SINCE INCEPTION (1)

−2.96%

−3.01%

0.32%

−0.72%

−0.73%

0.08%


(1)		For the period January 25, 2007 to March 31, 2011.

SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Performance Summary (continued)

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

SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	GDF SUEZ	E.ON AG	IBERDROLA SA	ENEL SPA	NATIONAL GRID PLC

MARKET VALUE	$2,991,514	2,531,820	2,066,574	1,925,990	1,450,061

% OF NET ASSETS	5.8	4.9	4.0	3.8	2.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Electric Utilities		46.0	%
Multi-Utilities		30.7
Oil, Gas & Consumable Fuels		9.0
Gas Utilities		5.3
Independent Power Producers & Energy Traders		4.1
Transportation Infrastructure		2.5
Water Utilities		1.5
Road & Rail		0.4
Short Term Investments		9.2
Other Assets & Liabilities		(8.7	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P Global Natural Resources ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/13/10, 9/14/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.40%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

S&P GLOBAL NATURAL

VALUE

S&P GLOBAL NATURAL RESOURCES INDEX

VALUE

RESOURCES INDEX

SIX MONTHS

23.49%

23.81%

23.83%

N/A

SINCE INCEPTION (1)

25.37%

25.89%

25.76%

N/A


(1)		For the period September 13, 2010 to March 31, 2011.

SPDR S&P Global Natural Resources ETF —
Performance Summary (continued)

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

SPDR S&P Global Natural Resources ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




			POTASH CORP. OF
DESCRIPTION	BHP BILLITON, LTD.	EXXON MOBIL CORP.	SASKATCHEWAN, INC.	MONSANTO CO.	CHEVRON CORP.

MARKET VALUE	$6,343,812	6,085,544	5,199,571	4,092,011	4,041,194

% OF NET ASSETS	5.1	4.9	4.2	3.3	3.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		34.1	%
Metals & Mining		32.8
Chemicals		18.7
Food Products		7.2
Paper & Forest Products		5.9
Real Estate Investment Trusts		1.0
Short Term Investments		0.1
Other Assets & Liabilities		0.2

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR MSCI ACWI ex-US ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/10/07, 1/17/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.34%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		11.09%		12.23%		10.99%		N/A		N/A		N/A

ONE YEAR		13.40%		13.81%		13.61%		13.40%		13.81%		13.61%

THREE YEARS		−0.13%		0.27%		−1.14%		−0.04%		0.09%		−0.38%

SINCE INCEPTION (1)		7.69%		8.24%		8.21%		1.77%		1.89%		1.88%


(1)		For the period January 10, 2007 to March 31, 2011.

SPDR MSCI ACWI ex-US ETF —
Performance Summary (continued)

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


			MSCI All
	SPDR MSCI		Country World
	ACWI ex-US		Index ex
	ETF (a)		USA (b)
1/10/07		10000		10000
1/31/07		10306		10315
2/28/07		10362		10378
3/31/07		10657		10671
4/30/07		11140		11166
5/31/07		11421		11472
6/30/07		11494		11569
7/31/07		11402		11537
8/31/07		11228		11359
9/30/07		11955		12111
10/31/07		12607		12787
11/30/07		12042		12213
12/31/07		11861		12036
1/31/08		10763		10871
2/29/08		11010		11186
3/31/08		10783		10944
4/30/08		11457		11617
5/31/08		11658		11818
6/30/08		10709		10849
7/31/08		10296		10461
8/31/08		9838		9974
9/30/08		8424		8479
10/31/08		6670		6613
11/30/08		6266		6233
12/31/08		6608		6590
1/31/09		6028		6009
2/28/09		5457		5450
3/31/09		5911		5890
4/30/09		6749		6700
5/31/09		7671		7617
6/30/09		7572		7536
7/31/09		8310		8275
8/31/09		8614		8583
9/30/09		9049		9026
10/31/09		8915		8915
11/30/09		9189		9173
12/31/09		9388		9368
1/31/10		8908		8911
2/28/10		8896		8912
3/31/10		9496		9522
4/30/10		9415		9445
5/31/10		8421		8462
6/30/10		8315		8355
7/31/10		9071		9112
8/31/10		8797		8863
9/30/10		9694		9747
10/31/10		10032		10080
11/30/10		9636		9693
12/31/10		10381		10454
1/31/11		10513		10559
2/28/11		10803		10840
3/31/11		10769		10821

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	NESTLE SA	HSBC HOLDINGS PLC	BHP BILLITON, LTD.	VODAFONE GROUP PLC	BP PLC

MARKET VALUE	$6,838,544	5,241,538	5,071,881	4,595,190	4,297,481

% OF NET ASSETS	1.5	1.1	1.1	1.0	0.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		14.6	%
Oil, Gas & Consumable Fuels		11.7
Metals & Mining		7.8
Pharmaceuticals		5.1
Insurance		3.6
Automobiles		3.4
Diversified Telecommunication Services		3.4
Machinery		3.2
Chemicals		3.1
Wireless Telecommunication Services		2.8
Food Products		2.3
Semiconductors & Semiconductor Equipment		2.0
Electric Utilities		1.9
Beverages		1.8
Real Estate Management & Development		1.8
Food & Staples Retailing		1.8
Capital Markets		1.7
Media		1.7
Industrial Conglomerates		1.6
Electronic Equipment, Instruments & Components		1.5
Electrical Equipment		1.2
Diversified Financial Services		1.2
Trading Companies & Distributors		1.2
Road & Rail		1.2
Multi-Utilities		1.1
Textiles, Apparel & Luxury Goods		1.0
Construction & Engineering		0.9
Real Estate Investment Trusts		0.9
Tobacco		0.9
Household Durables		0.8
Auto Components		0.8
Hotels, Restaurants & Leisure		0.7
Communications Equipment		0.7
Transportation Infrastructure		0.6
IT Services		0.6
Building Products		0.6
Construction Materials		0.5
Gas Utilities		0.5
Specialty Retail		0.5
Marine		0.5
Aerospace & Defense		0.5
Independent Power Producers & Energy Traders		0.5
Software		0.4
Multiline Retail		0.4
Health Care Equipment & Supplies		0.4
Commercial Services & Supplies		0.4
Professional Services		0.4
Office Electronics		0.4
Energy Equipment & Services		0.3
Air Freight & Logistics		0.3
Computers & Peripherals		0.3
Internet Software & Services		0.3
Paper & Forest Products		0.2
Household Products		0.2
Airlines		0.2
Personal Products		0.2
Health Care Providers & Services		0.2
Biotechnology		0.2
Containers & Packaging		0.2
Distributors		0.1
Water Utilities		0.1
Consumer Finance		0.1
Leisure Equipment & Products		0.1
Short Term Investments		10.7
Other Assets & Liabilities		(10.3	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for The Sumitomo Trust & Banking Co., Ltd., which was Level 2 and part of the Commercial Banks Industry, representing 0.08% of net assets. (Note 2)

SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

RUSSELL/NOMURA

NET ASSET

MARKET

RUSSELL/NOMURA

VALUE

PRIME INDEX

VALUE

PRIME INDEX

SIX MONTHS

5.95%

4.96%

6.82%

N/A

ONE YEAR

1.45%

0.62%

2.37%

1.45%

0.62%

2.37%

THREE YEARS

−10.52%

−11.44%

−8.76%

−3.64%

−3.97%

−3.01%

SINCE INCEPTION (1)

−16.92%

−17.74%

−14.88%

−4.13%

−4.35%

−3.60%


(1)		For the period November 9, 2006 to March 31, 2011.

SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary (continued)

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


	SPDR Russell/Nomura		Russell/ Nomura
	PRIME Japan		PRIME Index
	ETF (a)		(b)
11/9/06		10000		10000
11/30/06		10321		10323
12/31/06		10515		10520
1/31/07		10606		10611
2/28/07		11003		11025
3/31/07		10859		10886
4/7/07		10657		10688
5/7/07		10800		10822
6/7/07		10766		10803
7/31/07		10718		10771
8/31/07		10422		10451
9/30/07		10619		10661
10/31/07		10604		10666
11/30/07		10408		10483
12/31/07		9988		9921
1/31/08		9546		9591
2/29/08		9600		9650
3/31/08		9284		9329
4/30/08		9897		9944
5/31/08		10161		10204
6/30/08		9462		9520
7/31/08		9152		9206
8/31/08		8782		8844
9/30/08		7807		7870
10/1/08		6714		6767
11/2/08		6691		6732
12/3/08		7243		7322
1/9/09		6746		6790
2/9/09		5898		5943
3/9/09		6037		6078
4/30/09		6548		6609
5/31/09		7239		7297
6/30/09		7399		7467
7/9/09		7654		7749
8/31/09		7973		8074
9/30/09		7852		7965
10/31/09		7619		7741
11/30/09		7531		7641
12/31/09		7552		7693
1/31/10		7698		7819
2/28/10		7804		7923
3/31/10		8189		8315
4/30/10		8198		8329
5/31/10		7552		7669
6/30/10		7447		7553
7/31/10		7675		7793
8/31/10		7503		7626
9/30/10		7841		7967
10/31/10		7988		8104
11/30/10		8127		8261
12/31/10		8738		8841
1/31/11		8736		8926
2/28/11		9128		9327
3/31/11		8308		8512

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




		MITSUBISHI UFJ			SUMITOMO MITSUI
	TOYOTA	FINANCIAL	HONDA MOTOR		FINANCIAL
DESCRIPTION	MOTOR CORP.	GROUP, INC.	CO., LTD.	CANON, INC.	GROUP, INC.

MARKET VALUE	$524,529	380,386	360,989	330,115	249,614

% OF NET ASSETS	3.3	2.4	2.3	2.1	1.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		8.6	%
Automobiles		7.5
Machinery		6.3
Electronic Equipment, Instruments & Components		5.7
Trading Companies & Distributors		4.7
Chemicals		4.6
Pharmaceuticals		4.5
Household Durables		3.4
Road & Rail		3.3
Wireless Telecommunication Services		3.1
Electric Utilities		3.0
Metals & Mining		2.9
Real Estate Management & Development		2.8
Office Electronics		2.7
Auto Components		2.7
Insurance		2.5
Electrical Equipment		2.1
Food & Staples Retailing		1.7
Diversified Telecommunication Services		1.5
Building Products		1.5
Oil, Gas & Consumable Fuels		1.4
Computers & Peripherals		1.4
Software		1.4
Capital Markets		1.3
Semiconductors & Semiconductor Equipment		1.3
Specialty Retail		1.3
Construction & Engineering		1.2
Leisure Equipment & Products		1.1
Commercial Services & Supplies		1.1
Beverages		1.0
Food Products		0.9
Gas Utilities		0.9
Personal Products		0.9
Health Care Equipment & Supplies		0.7
Tobacco		0.7
Textiles, Apparel & Luxury Goods		0.6
IT Services		0.6
Multiline Retail		0.5
Marine		0.5
Internet & Catalog Retail		0.5
Media		0.4
Industrial Conglomerates		0.4
Air Freight & Logistics		0.4
Diversified Financial Services		0.4
Health Care Providers & Services		0.3
Consumer Finance		0.3
Transportation Infrastructure		0.3
Paper & Forest Products		0.3
Internet Software & Services		0.2
Hotels, Restaurants & Leisure		0.2
Airlines		0.2
Independent Power Producers & Energy Traders		0.2
Diversified Consumer Services		0.2
Household Products		0.1
Containers & Packaging		0.1
Professional Services		0.1
Construction Materials		0.1
Distributors		0.1
Communications Equipment		0.0	***
Short Term Investments		28.1
Other Assets & Liabilities		(26.8	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for The Sumitomo Trust & Banking Co., Ltd., which was Level 2 and part of the Commercial Banks Industry, representing 0.32% of net assets. (Note 2)
***		Amount represents less than 0.05% of net assets.

SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.55%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

RUSSELL/NOMURA

NET ASSET

MARKET

RUSSELL/NOMURA

VALUE

JAPAN SMALL CAP INDEX

VALUE

JAPAN SMALL CAP INDEX

SIX MONTHS

9.07%

8.71%

10.03%

N/A

ONE YEAR

8.33%

7.79%

8.46%

8.33%

7.79%

8.46%

THREE YEARS

5.78%

5.12%

6.55%

1.89%

1.68%

2.14%

SINCE INCEPTION (1)

−5.57%

−5.85%

−3.83%

−1.30%

−1.36%

−0.89%


(1)		For the period November 9, 2006 to March 31, 2011.

SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary (continued)

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


	SPDR Russell/		Russell/ Nomura
	Nomura Small		Japan Small
	Cap Japan		Cap Index
	ETF (a)		(b)
11/9/06		10000		10000
11/30/06		10421		10352
12/31/06		10437		10359
1/31/07		10616		10518
2/28/07		11009		10854
3/31/07		10935		10738
4/30/07		10680		10511
5/31/07		10437		10302
6/30/07		10449		10378
7/31/07		10447		10379
8/31/07		9970		9893
9/30/07		9943		9923
10/31/07		10046		10088
11/30/07		9760		9806
12/31/07		9229		9164
1/31/08		8783		8903
2/29/08		8869		8995
3/31/08		8927		9026
4/30/08		9077		9166
5/31/08		9384		9429
6/30/08		8852		8897
7/31/08		8560		8648
8/31/08		8245		8304
9/30/08		7472		7533
10/31/08		6769		6800
11/30/08		7049		7079
12/31/08		7582		7681
1/31/09		7138		7209
2/28/09		6186		6248
3/31/09		6434		6503
4/30/09		6812		6899
5/31/09		7652		7764
6/30/09		8131		8246
7/9/09		8316		8437
8/31/09		8799		8933
9/30/09		8694		8855
10/31/09		8344		8541
11/30/09		8080		8243
12/31/09		7968		8131
1/31/10		8180		8297
2/28/10		8340		8467
3/31/10		8717		8867
4/30/10		8938		9159
5/31/10		8276		8526
6/30/10		8448		8557
7/31/10		8520		8628
8/31/10		8311		8405
9/30/10		8658		8741
10/31/10		8557		8597
11/30/10		8712		8810
12/31/10		9529		9602
1/31/11		9652		9812
2/28/11		10062		10247
3/31/11		9443		9617

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




	DAINIPPON SCREEN	KAKEN
	MANUFACTURING	PHARMACEUTICAL		THE AWA	MOS FOOD
DESCRIPTION	CO., LTD.	CO., LTD.	LINTEC CORP.	BANK, LTD.	SERVICES, INC.

MARKET VALUE	$694,402	676,755	630,857	627,594	609,301

% OF NET ASSETS	0.6	0.6	0.5	0.5	0.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		8.9	%
Machinery		7.4
Chemicals		6.8
Auto Components		5.3
Electronic Equipment, Instruments & Components		4.8
Construction & Engineering		4.4
Food Products		4.2
Metals & Mining		4.0
Specialty Retail		3.3
Pharmaceuticals		2.8
Media		2.7
Trading Companies & Distributors		2.6
Textiles, Apparel & Luxury Goods		2.5
Building Products		2.3
Food & Staples Retailing		2.3
Commercial Services & Supplies		2.0
Household Durables		2.0
Hotels, Restaurants & Leisure		2.0
IT Services		1.9
Electrical Equipment		1.8
Semiconductors & Semiconductor Equipment		1.7
Real Estate Management & Development		1.6
Health Care Equipment & Supplies		1.4
Road & Rail		1.4
Diversified Financial Services		1.3
Multiline Retail		1.2
Software		1.2
Beverages		1.2
Internet Software & Services		1.1
Capital Markets		1.1
Personal Products		1.0
Leisure Equipment & Products		1.0
Consumer Finance		0.9
Oil, Gas & Consumable Fuels		0.8
Containers & Packaging		0.8
Construction Materials		0.8
Transportation Infrastructure		0.7
Communications Equipment		0.7
Distributors		0.6
Household Products		0.6
Computers & Peripherals		0.5
Internet & Catalog Retail		0.4
Paper & Forest Products		0.3
Air Freight & Logistics		0.3
Gas Utilities		0.3
Professional Services		0.3
Electric Utilities		0.3
Marine		0.2
Industrial Conglomerates		0.2
Energy Equipment & Services		0.2
Office Electronics		0.1
Short Term Investments		25.8
Other Assets & Liabilities		(24.0	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Suruga Corp. and K.K. daVinci Holdings, which were both Level 2 and part of the Real Estate Management & Development Industry, each representing less than 0.05% of net assets. (Note 2)

SPDR S&P International Dividend ETF —
Performance Summary

The following Performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/12/08, 2/19/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.45%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P INTERNATIONAL

NET ASSET

MARKET

DIVIDEND OPPORTUNITIES

NET ASSET

MARKET

S&P INTERNATIONAL

VALUE

INDEX

VALUE

DIVIDEND OPPORTUNITIES INDEX

SIX MONTHS

10.96%

11.59%

11.48%

N/A

ONE YEAR

13.75%

14.48%

15.10%

13.75%

14.48%

15.10%

THREE YEARS

−5.00%

−4.87%

−1.75%

−1.69%

−1.65%

−0.59%

SINCE INCEPTION (1)

−0.90%

−0.41%

1.92%

−0.29%

−0.13%

0.61%


(1)		For the period February 12, 2008 to March 31, 2011.

SPDR S&P International Dividend ETF —
Performance Summary (continued)

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

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




		BOLSAS Y			MAGYAR TELEKOM
DESCRIPTION	LOTTOMATICA SPA	MERCADOS ESPANOLES	MAPFRE SA	ENEL SPA	TELECOMMUNICATIONS PLC

MARKET VALUE	$16,575,711	14,763,245	14,625,500	14,557,304	14,423,993

% OF NET ASSETS	4.2	3.7	3.7	3.6	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		19.9	%
Electric Utilities		16.5
Insurance		11.1
Multi-Utilities		7.1
Commercial Banks		6.3
Diversified Financial Services		4.6
Hotels, Restaurants & Leisure		4.1
Wireless Telecommunication Services		3.9
Construction & Engineering		3.8
Pharmaceuticals		2.8
Internet & Catalog Retail		2.6
Media		1.9
Real Estate Investment Trusts		1.9
Gas Utilities		1.7
Oil, Gas & Consumable Fuels		1.3
Transportation Infrastructure		1.2
Communications Equipment		0.9
Specialty Retail		0.8
Food & Staples Retailing		0.8
Software		0.7
IT Services		0.7
Energy Equipment & Services		0.7
Road & Rail		0.6
Water Utilities		0.6
Health Care Providers & Services		0.6
Construction Materials		0.5
Tobacco		0.5
Independent Power Producers & Energy Traders		0.5
Marine		0.4
Real Estate Management & Development		0.3
Chemicals		0.2
Metals & Mining		0.2
Household Products		0.0	***
Short Term Investments		7.7
Other Assets & Liabilities		(7.4	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

SPDR S&P International Mid Cap ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.45%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED EX-U.S.

NET ASSET

MARKET

BETWEEN USD2 BILLION

NET ASSET

MARKET

BETWEEN USD2 BILLION

VALUE

AND USD5 BILLION INDEX

VALUE

AND USD5 BILLION INDEX

SIX MONTHS

14.13%

14.19%

15.04%

N/A

ONE YEAR

20.25%

20.42%

21.62%

20.25%

20.42%

21.62%

SINCE INCEPTION (1)

−0.44%

0.06%

1.45%

−0.15%

0.02%

0.50%


(1)		For the period May 7, 2008 to March 31, 2011.

SPDR S&P International Mid Cap ETF —
Performance Summary (continued)

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


			S&P Developed
			Ex-U.S. Between
	SPDR S&P		USD2 and
	International Mid		USD5 Billion
	Cap ETF		Index
5/7/2008		10000.00		10000.00
5/29/08		10042.00		10041.00
6/30/08		9351.00		9309.00
7/31/08		8917.00		8876.00
8/31/08		8587.00		8572.00
9/30/08		7346.00		7241.00
10/31/07		5570.00		5462.00
11/30/07		5400.00		5254.00
12/31/07		5775.00		5632.00
1/31/08		5371.00		5217.00
2/29/08		4901.00		4693.00
3/31/08		5258.00		5103.00
4/30/08		5924.00		5836.00
5/31/08		6611.00		6536.00
6/30/08		6717.00		6622.00
7/9/09		7159.00		7132.00
8/31/09		7561.00		7577.00
9/30/09		7851.00		7940.00
10/31/09		7582.00		7681.00
11/30/09		7680.00		7820.00
12/31/09		7847.00		7968.00
1/31/10		7664.00		7776.00
2/28/10		7688.00		7776.00
3/31/10		8279.00		8342.00
4/30/10		8399.00		8444.00
5/31/10		7457.00		7520.00
6/30/10		7428.00		7486.00
7/31/10		8041.00		8104.00
8/31/10		7868.00		7932.00
9/30/10		8723.00		8819.00
10/31/10		9024.00		9137.00
11/30/10		8808.00		8902.00
12/31/10		9628.00		9759.00
1/31/11		9766.00		9873.00
2/28/11		9959.00		10083.00
3/31/11		9956.00		10145.00

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




				CFS RETAIL	VALEANT PHARMACEUTICALS
DESCRIPTION	FORTIS, INC.	LANXESS AG	INTERTEK GROUP PLC	PROPERTY TRUST	INTERNATIONAL, INC.

MARKET VALUE	$362,677	347,387	343,548	340,360	334,956

% OF NET ASSETS	0.8	0.8	0.8	0.8	0.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Chemicals		5.9	%
Metals & Mining		5.9
Machinery		5.7
Commercial Banks		5.1
Construction & Engineering		4.9
Oil, Gas & Consumable Fuels		4.9
Real Estate Investment Trusts		3.9
Energy Equipment & Services		2.9
Diversified Financial Services		2.9
Media		2.8
Capital Markets		2.4
Insurance		2.3
Food & Staples Retailing		2.2
IT Services		2.2
Food Products		2.1
Hotels, Restaurants & Leisure		2.1
Multiline Retail		2.0
Real Estate Management & Development		2.0
Pharmaceuticals		1.9
Auto Components		1.8
Industrial Conglomerates		1.7
Health Care Equipment & Supplies		1.6
Aerospace & Defense		1.6
Health Care Providers & Services		1.5
Diversified Telecommunication Services		1.5
Leisure Equipment & Products		1.5
Electric Utilities		1.5
Road & Rail		1.5
Commercial Services & Supplies		1.4
Electrical Equipment		1.4
Trading Companies & Distributors		1.3
Electronic Equipment, Instruments & Components		1.3
Software		1.2
Semiconductors & Semiconductor Equipment		1.2
Professional Services		1.2
Water Utilities		0.9
Office Electronics		0.9
Construction Materials		0.8
Transportation Infrastructure		0.8
Automobiles		0.8
Computers & Peripherals		0.7
Paper & Forest Products		0.7
Air Freight & Logistics		0.6
Airlines		0.5
Marine		0.5
Specialty Retail		0.5
Independent Power Producers & Energy Traders		0.5
Internet Software & Services		0.5
Containers & Packaging		0.4
Biotechnology		0.4
Internet & Catalog Retail		0.4
Textiles, Apparel & Luxury Goods		0.4
Consumer Finance		0.3
Personal Products		0.3
Household Durables		0.3
Gas Utilities		0.2
Building Products		0.2
Beverages		0.2
Diversified Consumer Services		0.1
Communications Equipment		0.1
Wireless Telecommunication Services		0.1
Short Term Investments		18.1
Other Assets & Liabilities		(17.5	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

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

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/12/08, 5/16/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.65%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P EMERGING MARKETS		NET ASSET		MARKET		S&P EMERGING MARKETS
	VALUE		VALUE		UNDER USD2 BILLION INDEX		VALUE		VALUE		UNDER USD2 BILLION INDEX

SIX MONTHS		1.54%		1.19%		4.46%		N/A		N/A		N/A

ONE YEAR		13.14%		12.57%		17.55%		13.14%		12.57%		17.55%

SINCE INCEPTION (1)		9.25%		9.25%		21.63%		3.11%		3.11%		7.03%


(1)		For the period May 12, 2008 to March 31, 2011.

SPDR S&P Emerging Markets Small Cap ETF —
Performance Summary (continued)

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


	SPDR S&P		S&P Emerging
	Emerging Markets		Markets Under
	Small Cap		USD2 Billion
	ETF		Index
5/12/2008		10000.00		10000.00
5/29/08		9836.00		9863.00
6/30/08		8629.00		8648.00
7/31/08		8394.00		8454.00
8/31/08		7948.00		7961.00
9/30/08		6252.00		6372.00
10/31/09		4594.00		4696.00
11/30/09		4320.00		4380.00
12/31/09		4681.00		4795.00
1/31/10		4357.00		4473.00
2/28/10		4267.00		4369.00
3/31/10		4809.00		4906.00
4/30/10		5785.00		5893.00
5/31/10		7034.00		7211.00
6/30/10		7021.00		7239.00
7/9/09		7878.00		8144.00
8/31/09		7828.00		8150.00
9/30/09		8468.00		8839.00
10/31/09		8472.00		8863.00
11/30/09		8820.00		9291.00
12/31/09		9389.00		9941.00
1/31/10		8962.00		9512.00
2/28/10		8947.00		9484.00
3/31/10		9656.00		10347.00
4/30/10		9894.00		10597.00
5/31/10		8905.00		9534.00
6/30/10		9031.00		9593.00
7/31/10		9760.00		10401.00
8/31/10		9705.00		10439.00
9/30/10		10759.00		11644.00
10/31/10		11078.00		12063.00
11/30/10		10920.00		11887.00
12/31/10		11516.00		12640.00
1/31/11		11026.00		12199.00
2/28/11		10538.00		11755.00
3/31/11		10925.00		12163.00

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




		ANHANGUERA
		EDUCACIONAL		CHINA SHANSHUI	EMPRESAS LA
DESCRIPTION	BEC WORLD PCL	PARTICIPACOES SA	LEWIS GROUP, LTD.	CEMENT GROUP, LTD.	POLAR SA

MARKET VALUE	$4,209,315	3,789,590	3,722,151	3,662,575	3,524,551

% OF NET ASSETS	0.7	0.6	0.6	0.6	0.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		7.4	%
Semiconductors & Semiconductor Equipment		6.7
Electronic Equipment, Instruments & Components		6.1
Food Products		5.2
Metals & Mining		4.8
Chemicals		4.6
Construction & Engineering		3.7
Computers & Peripherals		3.5
Commercial Banks		3.3
Machinery		2.9
Capital Markets		2.4
Electrical Equipment		2.3
Media		2.1
Industrial Conglomerates		2.1
Transportation Infrastructure		2.0
Household Durables		2.0
Diversified Financial Services		2.0
Textiles, Apparel & Luxury Goods		1.9
Hotels, Restaurants & Leisure		1.9
Pharmaceuticals		1.8
Construction Materials		1.8
Communications Equipment		1.8
Oil, Gas & Consumable Fuels		1.6
Specialty Retail		1.6
Auto Components		1.5
Multiline Retail		1.4
IT Services		1.3
Marine		1.2
Energy Equipment & Services		1.1
Food & Staples Retailing		1.0
Independent Power Producers & Energy Traders		1.0
Software		1.0
Health Care Providers & Services		0.9
Beverages		0.9
Paper & Forest Products		0.8
Diversified Consumer Services		0.8
Leisure Equipment & Products		0.8
Real Estate Investment Trusts		0.7
Commercial Services & Supplies		0.7
Health Care Equipment & Supplies		0.7
Diversified Telecommunication Services		0.7
Insurance		0.6
Internet Software & Services		0.6
Trading Companies & Distributors		0.6
Air Freight & Logistics		0.5
Electric Utilities		0.5
Personal Products		0.4
Gas Utilities		0.4
Tobacco		0.4
Airlines		0.4
Containers & Packaging		0.4
Biotechnology		0.4
Water Utilities		0.4
Building Products		0.3
Automobiles		0.3
Consumer Finance		0.3
Household Products		0.3
Office Electronics		0.2
Wireless Telecommunication Services		0.2
Internet & Catalog Retail		0.1
Thrifts & Mortgage Finance		0.1
Distributors		0.1
Short Term Investments		3.2
Other Assets & Liabilities		(2.7	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Tatung Co., Ltd., which was Level 2 and part of the Household Durables Industry, China Hongxing Sports, Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry and China Forestry Holdings, Ltd., which was Level 2 and part of the Paper & Forest Products Industry, representing 0.22%, 0.07% and 0.10% of net assets, respectively. (Note 2)

SPDR Dow Jones Global Real Estate ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES GLOBAL

NET ASSET

MARKET

SELECT REAL ESTATE

NET ASSET

MARKET

SELECT REAL ESTATE

VALUE

SECURITIES INDEX

VALUE

SECURITIES INDEX

SIX MONTHS

11.48%

11.59%

11.29%

N/A

ONE YEAR

22.16%

22.29%

22.05%

22.16%

22.29%

22.05%

SINCE INCEPTION (1)

−10.16%

−9.88%

−11.42%

−3.63%

−3.52%

−4.10%


(1)		For the period May 7, 2008 to March 31, 2011.

SPDR Dow Jones Global Real Estate ETF —
Performance Summary (continued)

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


	SPDR Dow		Dow Jones
	Jones Global		Global Select
	Real Estate		Real Estate
	ETF		Securities Index
5/7/2008		10000.00		10000.00
5/31/08		9840.00		9836.00
6/30/08		8746.00		8722.00
7/31/08		8791.00		8769.00
8/31/08		8670.00		8637.00
9/30/08		8011.00		7955.00
10/31/08		5669.00		5618.00
11/30/08		4734.00		4689.00
12/31/08		5217.00		5160.00
1/31/09		4510.00		4463.00
2/28/09		3726.00		3687.00
3/31/09		3930.00		3886.00
4/30/09		4771.00		4719.00
5/31/09		5216.00		5156.00
6/30/09		5187.00		5131.00
7/31/09		5700.00		5648.00
8/31/09		6339.00		6271.00
9/30/09		6732.00		6660.00
10/31/09		6557.00		6486.00
11/30/09		6732.00		6665.00
12/31/09		6997.00		6919.00
1/31/10		6662.00		6580.00
2/28/10		6857.00		6776.00
3/31/10		7354.00		7258.00
4/30/10		7655.00		7554.00
5/31/10		7037.00		6954.00
6/30/10		6844.00		6753.00
7/31/10		7537.00		7444.00
8/31/10		7528.00		7430.00
9/30/10		8058.00		7959.00
10/31/10		8437.00		8333.00
11/30/10		8105.00		7999.00
12/31/10		8666.00		8568.00
1/31/11		8805.00		8684.00
2/28/11		9117.00		8983.00
3/31/11		8984.00		8858.00

SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




				BROOKFIELD ASSET
	SIMON PROPERTY			MANAGEMENT, INC.	EQUITY
DESCRIPTION	GROUP, INC.	WESTFIELD GROUP	UNIBAIL-RODAMCO SE	(CLASS A)	RESIDENTIAL

MARKET VALUE	$12,195,558	8,667,167	7,694,645	7,037,088	6,207,977

% OF NET ASSETS	4.9	3.5	3.1	2.9	2.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Retail REITs		28.0	%
Real Estate Management & Development		17.1
Office REITs		14.8
Specialized REITs		13.5
Diversified REITs		11.6
Residential REITs		9.1
Industrial REITs		5.3
Diversified Capital Markets		0.3
Short Term Investments		9.9
Other Assets & Liabilities		(9.6	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs except for Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets. (Note 2)

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

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		9.26%		8.39%		10.44%		N/A		N/A		N/A

ONE YEAR		16.81%		16.23%		18.81%		16.81%		16.23%		18.81%

SINCE INCEPTION (1)		19.67%		18.93%		20.33%		6.85%		6.61%		7.08%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Consumer Discretionary Sector ETF —
Performance Summary (continued)

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


	SPDR S&P		S&P Developed
	International Consumer		Ex-U.S. BMI
	Discretionary Sector		Consumer Discertionary
	ETF		Sector Index
7/16/2008		10000.00		10000.00
7/31/08		10235.00		10251.00
8/31/08		10027.00		10047.00
9/30/08		8771.00		8725.00
10/31/08		7407.00		7187.00
11/30/08		6560.00		6384.00
12/31/08		6969.00		6788.00
1/31/09		6485.00		6309.00
2/28/09		6029.00		5887.00
3/31/09		6455.00		6289.00
4/30/09		7801.00		7543.00
5/31/09		8238.00		8058.00
6/30/09		8221.00		8065.00
7/9/09		9099.00		8966.00
8/31/09		9376.00		9222.00
9/30/09		9682.00		9545.00
10/31/09		9537.00		9448.00
11/30/09		9573.00		9476.00
12/31/09		9918.00		9796.00
1/31/10		9636.00		9529.00
2/28/10		9475.00		9384.00
3/31/10		10245.00		10128.00
4/30/10		10330.00		10277.00
5/31/10		9334.00		9278.00
6/30/10		9285.00		9197.00
7/31/10		10042.00		9949.00
8/31/10		9753.00		9682.00
9/30/10		10952.00		10895.00
10/31/10		11347.00		11314.00
11/30/10		11258.00		11211.00
12/31/10		11944.00		11932.00
1/31/11		12153.00		12122.00
2/28/11		12349.00		12366.00
3/31/11		11967.00		12033.00

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




				LVMH MOET HENNESSY
DESCRIPTION	TOYOTA MOTOR CORP.	DAIMLER AG	HONDA MOTOR CO., LTD.	LOUIS VUITTON SA	VIVENDI SA

MARKET VALUE	$1,604,669	970,865	844,595	597,913	530,406

% OF NET ASSETS	6.8	4.1	3.6	2.6	2.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Automobiles		27.9	%
Media		17.8
Hotels, Restaurants & Leisure		10.4
Textiles, Apparel & Luxury Goods		9.3
Auto Components		8.7
Specialty Retail		8.2
Household Durables		7.7
Multiline Retail		4.0
Distributors		1.9
Leisure Equipment & Products		1.8
Internet & Catalog Retail		1.2
Diversified Consumer Services		0.6
Short Term Investments		0.2
Other Assets & Liabilities		0.3

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P International Consumer Staples Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		4.36%		4.70%		4.53%		N/A		N/A		N/A

ONE YEAR		9.96%		9.82%		11.45%		9.96%		9.82%		11.45%

SINCE INCEPTION (1)		19.14%		19.52%		24.12%		6.68%		6.80%		8.31%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Consumer Staples Sector ETF —
Performance Summary (continued)

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




		BRITISH AMERICAN
DESCRIPTION	NESTLE SA	TOBACCO PLC	UNILEVER NV	DIAGEO PLC	TESCO PLC

MARKET VALUE	$2,206,310	830,631	597,339	533,948	516,678

% OF NET ASSETS	15.9	6.0	4.3	3.8	3.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Food Products		35.0	%
Food & Staples Retailing		23.9
Beverages		18.7
Tobacco		11.2
Personal Products		6.2
Household Products		4.4
Short Term Investments		0.1
Other Assets & Liabilities		0.5

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P International Energy Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		24.08%		24.24%		25.70%		N/A		N/A		N/A

ONE YEAR		18.50%		18.74%		21.03%		18.50%		18.74%		21.03%

SINCE INCEPTION (1)		2.72%		2.89%		6.89%		1.00%		1.06%		2.48%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Energy Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Energy Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




	ROYAL DUTCH
DESCRIPTION	SHELL PLC	TOTAL SA	BP PLC	BG GROUP PLC	SUNCOR ENERGY, INC.

MARKET VALUE	$2,626,672	1,630,855	1,572,957	1,018,610	831,920

% OF NET ASSETS	14.5	9.0	8.7	5.6	4.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		90.0	%
Energy Equipment & Services		9.8
Short Term Investments		0.0	***
Other Assets & Liabilities		0.2

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)
***		Amount represents less than 0.05% of net assets.

SPDR S&P International Financial Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI FINANCIALS

NET ASSET

MARKET

EX-U.S. BMI FINANCIALS

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

SIX MONTHS

8.22%

8.59%

8.69%

N/A

ONE YEAR

5.41%

5.66%

6.75%

5.41%

5.66%

6.75%

SINCE INCEPTION (1)

−8.03%

−7.85%

−7.31%

−3.04%

−2.97%

−2.76%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Financial Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Financial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




	HSBC HOLDINGS		COMMONWEALTH	WESTPAC	ROYAL BANK
DESCRIPTION	PLC	BANCO SANTANDER SA	BANK OF AUSTRALIA	BANKING CORP.	OF CANADA

MARKET VALUE	$470,262	254,117	240,655	237,041	230,093

% OF NET ASSETS	5.0	2.7	2.6	2.5	2.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		54.5	%
Insurance		18.5
Capital Markets		9.2
Real Estate Management & Development		8.1
Diversified Financial Services		4.6
Real Estate Investment Trusts		3.6
Consumer Finance		0.9
Short Term Investments		0.3
Other Assets & Liabilities		0.3

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for The Sumitomo Trust & Banking Co., Ltd., which was Level 2 and part of the Commercial Banks Industry, representing 0.50% of net assets. (Note 2)

SPDR S&P International Health Care Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		6.45%		6.66%		6.64%		N/A		N/A		N/A

ONE YEAR		7.65%		7.24%		9.05%		7.65%		7.24%		9.05%

SINCE INCEPTION (1)		5.29%		5.35%		9.04%		1.92%		1.94%		3.24%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Health Care Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Health Care Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	GLAXOSMITHKLINE PLC	SANOFI-AVENTIS SA	ASTRAZENECA PLC

MARKET VALUE	$1,340,459	1,016,648	938,940	749,632	622,669

% OF NET ASSETS	10.8	8.2	7.6	6.1	5.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Pharmaceuticals		71.5	%
Health Care Equipment & Supplies		12.6
Health Care Providers & Services		6.7
Biotechnology		5.6
Chemicals		0.6
Health Care Technology		0.5
Life Sciences Tools & Services		0.5
Short Term Investments		0.1
Other Assets & Liabilities		1.9

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P International Industrial Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		16.03%		15.26%		17.14%		N/A		N/A		N/A

ONE YEAR		20.40%		19.45%		22.74%		20.40%		19.45%		22.74%

SINCE INCEPTION (1)		13.29%		12.76%		13.76%		4.71%		4.53%		4.87%


(1) For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Industrial Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




			SCHNEIDER		CANADIAN NATIONAL
DESCRIPTION	SIEMENS AG	ABB, LTD.	ELECTRIC SA	MITSUBISHI CORP.	RAILWAY CO.

MARKET VALUE	$1,818,308	883,991	692,104	660,272	658,594

% OF NET ASSETS	5.6	2.7	2.1	2.0	2.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Machinery		21.2	%
Industrial Conglomerates		13.6
Electrical Equipment		11.1
Trading Companies & Distributors		10.0
Construction & Engineering		6.6
Professional Services		5.5
Road & Rail		5.3
Aerospace & Defense		4.8
Commercial Services & Supplies		4.7
Building Products		4.3
Marine		3.4
Transportation Infrastructure		3.0
Air Freight & Logistics		2.7
Airlines		2.4
Short Term Investments		0.1
Other Assets & Liabilities		1.3

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P International Materials Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		19.17%		18.84%		20.55%		N/A		N/A		N/A

ONE YEAR		20.50%		20.90%		25.00%		20.50%		20.90%		25.00%

SINCE INCEPTION (1)		2.77%		2.64%		11.67%		1.01%		0.96%		4.16%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Materials Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Materials Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	BHP BILLITON, LTD.	RIO TINTO PLC	BHP BILLITON PLC	BASF SE	ANGLO AMERICAN PLC

MARKET VALUE	$3,665,227	2,140,049	1,976,202	1,643,467	1,520,041

% OF NET ASSETS	8.7	5.1	4.7	3.9	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		61.4	%
Chemicals		29.9
Construction Materials		4.7
Paper & Forest Products		3.0
Containers & Packaging		0.4
Short Term Investments		0.0	***
Other Assets & Liabilities		0.6

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

SPDR S&P International Technology Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		13.68%		13.88%		13.62%		N/A		N/A		N/A

ONE YEAR		6.34%		5.95%		6.92%		6.34%		5.95%		6.92%

SINCE INCEPTION (1)		3.82%		3.71%		4.12%		1.39%		1.35%		1.50%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Technology Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Technology Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




	SAMSUNG ELECTRONICS			TELEFONAKTIEBOLAGET
DESCRIPTION	CO., LTD. GDR	SAP AG	CANON, INC.	LM ERICSSON (CLASS B)	NOKIA OYJ

MARKET VALUE	$4,167,684	1,579,404	1,409,607	1,140,083	926,517

% OF NET ASSETS	15.7	5.9	5.3	4.3	3.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY **	NET ASSETS

Semiconductors & Semiconductor Equipment		28.2	%
Electronic Equipment, Instruments & Components		21.0
Software		14.6
Communications Equipment		13.1
Office Electronics		7.5
IT Services		7.1
Computers & Peripherals		5.8
Internet Software & Services		2.1
Short Term Investments		0.1
Other Assets & Liabilities		0.5

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P International Telecommunications Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		9.95%		9.97%		10.48%		N/A		N/A		N/A

ONE YEAR		20.35%		20.07%		21.49%		20.35%		20.07%		21.49%

SINCE INCEPTION (1)		9.21%		9.00%		11.56%		3.30%		3.23%		4.12%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Telecommunications Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	VODAFONE GROUP PLC	TELEFONICA SA	DEUTSCHE TELEKOM AG	SOFTBANK CORP.	FRANCE TELECOM SA

MARKET VALUE	$1,824,939	1,241,688	498,155	444,643	437,816

% OF NET ASSETS	19.8	13.4	5.4	4.8	4.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		61.7	%
Wireless Telecommunication Services		37.3
Short Term Investments		0.3
Other Assets & Liabilities		0.7

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)

SPDR S&P International Utilities Sector ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2011 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI UTILITLES

NET ASSET

MARKET

EX-U.S. BMI UTILITLES

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

SIX MONTHS

3.40%

3.44%

3.49%

N/A

ONE YEAR

0.58%

0.54%

0.75%

0.58%

0.54%

0.75%

SINCE INCEPTION (1)

−21.04%

−20.93%

−20.13%

−8.35%

−8.30%

−7.96%


(1)		For the period July 16, 2008 to March 31, 2011.

SPDR S&P International Utilities Sector ETF —
Performance Summary (continued)

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

SPDR S&P International Utilities Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2011




DESCRIPTION	E.ON AG	GDF SUEZ	ENEL SPA	IBERDROLA SA	NATIONAL GRID PLC

MARKET VALUE	$775,030	664,944	551,809	501,532	442,903

% OF NET ASSETS	9.2	7.9	6.6	6.0	5.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2011*



	PERCENT OF
INDUSTRY**	NET ASSETS

Electric Utilities		52.8	%
Multi-Utilities		29.6
Gas Utilities		10.1
Independent Power Producers & Energy Traders		5.3
Water Utilities		1.8
Short Term Investments		0.4
Other Assets & Liabilities		0.0	***

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs. (Note 2)
***		Amount represents less than 0.05% of net assets.

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.2%
BELGIUM — 1.1%
Anheuser-Busch InBev NV		7,418	$	423,128

FINLAND — 0.9%
Nokia OYJ (a)		37,348		319,858

FRANCE — 12.6%
AXA SA		18,492		386,938
BNP Paribas		9,956		729,175
France Telecom SA		19,034		427,046
GDF Suez		13,293		542,343
Sanofi-Aventis SA		11,160		783,543
Societe Generale		7,378		480,055
Total SA		22,146		1,349,964

				4,699,064

GERMANY — 16.2%
Allianz SE		4,511		633,946
BASF SE		9,166		793,846
Bayer AG		8,247		639,469
Daimler AG (a)(b)		8,890		628,898
Deutsche Bank AG		9,288		546,797
Deutsche Telekom AG		29,711		458,310
E.ON AG		19,956		610,287
SAP AG		9,218		565,111
Siemens AG		8,608		1,181,372

				6,058,036

ITALY — 3.5%
ENI SpA		24,302		597,659
Intesa Sanpaolo SpA		106,496		315,556
UniCredit SpA		164,595		407,358

				1,320,573

NETHERLANDS — 2.6%
Ageas VVPR Strip (b)		33,296		94
ING Groep NV (b)		38,514		488,126
Unilever NV		15,486		486,223

				974,443

SPAIN — 6.7%
Banco Bilbao Vizcaya Argentaria SA (a)		44,853		544,915
Banco Santander SA		84,173		978,534
Telefonica SA		39,690		994,965

				2,518,414

SWEDEN — 1.9%
Hennes & Mauritz AB (Class B)		9,754		324,082
Telefonaktiebolaget LM Ericsson (Class B)		29,765		384,071

				708,153

SWITZERLAND — 17.1%
ABB, Ltd. (b)		23,165		558,583
Credit Suisse Group AG		11,078		472,618
Nestle SA		34,556		1,988,712
Novartis AG		24,408		1,329,187
Roche Holding AG		7,007		1,004,884
UBS AG (b)		35,740		643,816
Zurich Financial Services AG		1,465		411,708

				6,409,508

UNITED KINGDOM — 36.6%
Anglo American PLC		13,383		687,974
AstraZeneca PLC		13,919		638,777
Barclays PLC		112,811		501,895
BG Group PLC		33,436		831,277
BHP Billiton PLC		22,251		877,414
BP PLC		187,172		1,362,124
British American Tobacco PLC		20,190		809,736
Diageo PLC		24,945		473,829
GlaxoSmithKline PLC		52,222		995,721
HSBC Holdings PLC		175,480		1,803,040
Rio Tinto PLC		14,071		987,688
Royal Dutch Shell PLC (Class A)		35,374		1,287,360
Standard Chartered PLC		19,594		507,870
Tesco PLC		80,035		488,793
Vodafone Group PLC		517,817		1,465,011

				13,718,509

TOTAL COMMON STOCKS —
(Cost $49,500,545)				37,149,686

SHORT TERM INVESTMENTS — 2.0%
UNITED STATES — 2.0%
MONEY MARKET FUNDS — 2.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		710,015		710,015
State Street Institutional Liquid Reserves Fund 0.19% (d)(e)		45,484		45,484

TOTAL SHORT TERM INVESTMENTS —
(Cost $755,499)				755,499

TOTAL INVESTMENTS — 101.2%
(Cost $50,256,044)				37,905,185
OTHER ASSETS & LIABILITIES — (1.2)%				(435,547	)

NET ASSETS — 100.0%			$	37,469,638

See accompanying notes to financial statements.

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BELGIUM — 1.8%
Anheuser-Busch InBev NV		55,084	$	3,142,031

FINLAND — 1.4%
Nokia Oyj (a)		277,935		2,380,310

FRANCE — 35.9%
Air Liquide SA		21,050		2,800,804
Alstom SA		15,217		901,028
AXA SA		137,324		2,873,454
BNP Paribas		73,937		5,415,127
Carrefour SA		45,047		1,997,054
Compagnie de Saint-Gobain		32,057		1,965,486
Credit Agricole SA		78,367		1,287,819
Danone		45,377		2,968,264
France Telecom SA		141,351		3,171,347
GDF Suez		98,714		4,027,445
L’Oreal SA		17,621		2,055,490
LVMH Moet Hennessy Louis Vuitton SA		19,079		3,024,278
Sanofi-Aventis SA		82,876		5,818,721
Schneider Electric SA		20,003		3,423,383
Societe Generale		54,790		3,564,952
Total SA		164,458		10,024,938
Unibail-Rodamco SE		6,756		1,465,440
Vinci SA		38,607		2,415,841
Vivendi SA		91,575		2,618,575

				61,819,446

GERMANY — 30.2%
Allianz SE		33,501		4,708,012
BASF SE		68,071		5,895,471
Bayer AG		61,244		4,748,837
Bayerische Motoren Werke AG		23,761		1,981,005
Daimler AG (b)		66,019		4,670,325
Deutsche Bank AG		68,971		4,060,417
Deutsche Boerse AG		14,416		1,095,512
Deutsche Telekom AG		220,641		3,403,523
E.ON AG		148,194		4,532,010
Muenchener Rueckversicherungs- Gesellschaft AG		12,504		1,969,631
RWE AG		30,693		1,957,644
SAP AG		68,457		4,196,764
Siemens AG		63,928		8,773,553

				51,992,704

IRELAND — 0.7%
CRH PLC		53,060		1,218,312

ITALY — 9.4%
Assicurazioni Generali SpA		99,174		2,150,474
Enel SpA		471,978		2,979,199
ENI SpA		180,475		4,438,422
Intesa Sanpaolo SpA		790,862		2,343,388
Telecom Italia SpA		767,081		1,181,093
UniCredit SpA		1,222,320		3,025,132

				16,117,708

LUXEMBOURG — 1.4%
APERAM		1		40
ArcelorMittal		68,562		2,483,489

				2,483,529

NETHERLANDS — 5.6%
Ageas VVPR Strip (b)		129,370		367
ING Groep NV (b)		286,010		3,624,886
Koninklijke Philips Electronics NV (b)		73,029		2,337,498
Unilever NV		115,005		3,610,879

				9,573,630

SPAIN — 13.4%
Banco Bilbao Vizcaya Argentaria SA (a)		333,091		4,046,694
Banco Santander SA		625,090		7,266,838
Iberdrola SA		271,664		2,365,541
Repsol YPF SA		60,607		2,079,228
Telefonica SA		294,746		7,388,811

				23,147,112

TOTAL COMMON STOCKS —
(Cost $224,774,492)				171,874,782

SHORT TERM INVESTMENTS — 0.3%
UNITED STATES — 0.3%
MONEY MARKET FUNDS — 0.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		521,401		521,401
State Street Institutional Liquid Reserves Fund 0.19% (d)(e)		5,283		5,283

TOTAL SHORT TERM INVESTMENTS —
(Cost $526,684)				526,684

TOTAL INVESTMENTS — 100.1%
(Cost $225,301,176)				172,401,466
OTHER ASSETS & LIABILITIES — (0.1)%				(107,774	)

NET ASSETS — 100.0%			$	172,293,692

See accompanying notes to financial statements.

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.5%
CHINA — 29.6%
Agricultural Bank of China, Ltd. (a)(b)		5,712,000	$	3,238,528
Air China, Ltd. (a)(b)		2,113,414		1,956,311
Aluminum Corp. of China, Ltd. (a)(b)		2,118,304		2,015,306
Angang Steel Co., Ltd. (a)		831,244		1,141,355
Anhui Conch Cement Co., Ltd.		971,500		6,076,403
Baidu, Inc. ADR (b)		94,069		12,963,649
Bank of China, Ltd.		19,582,466		10,901,247
Bank of Communications Co., Ltd. (a)		3,305,937		3,638,222
Byd Co., Ltd. (a)		179,800		688,853
China Citic Bank Corp., Ltd. (a)		2,586,285		1,881,974
China Coal Energy Co., Ltd		1,348,000		1,837,032
China Communications Construction Co., Ltd.		1,385,000		1,321,218
China Construction Bank Corp.		22,816,148		21,384,089
China COSCO Holdings Co., Ltd. (a)(b)		1,967,730		2,013,722
China Life Insurance Co., Ltd.		2,986,708		11,212,346
China Longyuan Power Group Corp. (a)(b)		958,000		1,029,657
China Mengniu Dairy Co., Ltd. (a)		647,390		1,714,566
China Merchants Bank Co., Ltd. (a)		1,841,380		5,101,661
China Merchants Property Development Co., Ltd.		665,300		1,235,965
China Minsheng Banking Corp., Ltd. (a)		1,449,000		1,331,973
China National Building Material Co., Ltd.		424,000		1,556,298
China Oilfield Services, Ltd.		544,557		1,232,188
China Pacific Insurance Group Co., Ltd.		328,800		1,382,294
China Petroleum & Chemical Corp.		7,823,174		7,845,100
China Railway Construction Corp.		475,500		493,950
China Railway Group, Ltd.		1,354,000		873,863
China Shenhua Energy Co., Ltd.		1,611,040		7,591,039
China Shipping Container Lines Co., Ltd. (a)(b)		8,522,339		3,374,663
China Shipping Development Co., Ltd.		1,295,215		1,455,373
China Telecom Corp., Ltd.		7,661,320		4,678,624
Ctrip.com International, Ltd. ADR (b)		103,465		4,292,763
Dongfeng Motor Group Co., Ltd.		938,468		1,597,454
Focus Media Holding, Ltd. ADR (a)(b)		49,918		1,530,985
Guangzhou Automobile Group Co., Ltd. (a)		1,720,032		2,089,725
Guangzhou R&F Properties Co., Ltd. (a)		1,197,376		1,782,625
Huaneng Power International, Inc. (a)		2,602,472		1,522,363
Industrial & Commercial Bank of China		17,948,138		14,906,401
Inner Mongolia Yitai Coal Co., Ltd.		418,576		2,938,404
Jiangsu Expressway Co., Ltd.		2,514,299		2,818,735
Jiangxi Copper Co., Ltd. (a)		1,145,578		3,821,932
Lenovo Group, Ltd. (a)		4,003,703		2,280,271
Maanshan Iron & Steel (a)		2,062,971		1,116,596
Mindray Medical International, Ltd. ADR (a)(b)		23,094		581,969
Netease.com ADR (b)		72,686		3,598,684
PetroChina Co., Ltd.		8,735,208		13,229,378
PICC Property & Casualty Co., Ltd. (a)(b)		829,093		999,832
Ping An Insurance Group Co. of China, Ltd.		663,864		6,729,793
Samling Global, Ltd.		4,426,707		455,294
Semiconductor Manufacturing International Corp. (b)		15,489,837		1,194,865
Shanghai Electric Group Co., Ltd.		3,540,418		1,770,619
Sina Corp. (a)(b)		29,242		3,130,064
Sinopec Shanghai Petrochemical Co., Ltd.		2,573,252		1,210,833
Sohu.com, Inc. (b)		7,964		711,663
Suntech Power Holdings Co., Ltd. ADR (a)(b)		58,859		580,350
Tencent Holdings, Ltd.		265,694		6,473,093
Tingyi Cayman Islands Holding Corp. (a)		1,294,383		3,165,149
Want Want China Holdings, Ltd.		2,223,000		1,746,230
Yanzhou Coal Mining Co., Ltd.		1,458,882		5,307,958
Zijin Mining Group Co., Ltd.		2,121,790		1,691,278

				216,442,775

HONG KONG — 7.7%
Agile Property Holdings, Ltd. (a)		2,430,088		3,830,305
Beijing Enterprises Holdings, Ltd. (a)		162,000		924,738
China Merchants Holdings International Co., Ltd.		680,573		2,874,293
China Mobile, Ltd.		1,675,636		15,435,360
China Overseas Land & Investment, Ltd. (a)		1,955,084		3,976,425
China Resources Enterprise, Ltd.		810,746		3,293,766
China Resources Land, Ltd. (a)		652,857		1,222,082
China Resources Power Holdings Co., Ltd.		588,000		1,132,427
China Unicom (Hong Kong), Ltd. (a)		1,798,172		2,986,858
China Yurun Food Group, Ltd.		382,659		1,284,025
Citic Pacific, Ltd.		421,000		1,169,114
CNOOC, Ltd.		5,152,249		12,982,963
COSCO Pacific, Ltd.		984,143		1,862,460
Kingboard Chemical Holdings, Ltd.		204,000		1,072,690
Kunlun Energy Co., Ltd.		770,000		1,227,533
Sino-Ocean Land Holdings, Ltd. (a)		1,449,000		897,917

				56,172,956

INDIA — 18.0%
Anant Raj Industries, Ltd.		131,369		247,007
Apollo Hospitals Enterprise, Ltd.		277,990		2,957,559
Axis Bank, Ltd.		50,535		1,593,277
Bharat Heavy Electricals, Ltd.		90,551		4,182,869
Bharti Airtel, Ltd.		809,219		6,493,531
Cipla, Ltd.		367,714		2,675,708
DLF, Ltd.		143,200		872,783
Dr Reddy’s Laboratories, Ltd.		21,072		778,712
GAIL India, Ltd.		107,119		1,103,978
Godrej Industries, Ltd.		41,876		171,467
Gujarat Mineral Development Corp., Ltd.		98,662		299,227
HDFC Bank, Ltd.		118,835		6,262,187

See accompanying notes to financial statements.

100

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Hero Honda Motors, Ltd.		28,113	$	1,008,021
Hindalco Industries, Ltd.		254,479		1,195,501
Hindustan Construction Co.		82,172		66,980
Hindustan Unilever, Ltd.		668,265		4,269,284
Hindustan Zinc, Ltd.		779,550		2,386,984
Housing Development & Infrastructure, Ltd. (b)		22,985		92,311
Housing Development Finance Corp., Ltd.		350,780		5,490,401
ICICI Bank, Ltd.		262		6,545
ICICI Bank, Ltd. ADR		113,673		5,664,326
Idea Cellular, Ltd. (b)		1,023,589		1,555,066
IFCI, Ltd.		19,267		22,834
India Infoline, Ltd.		246,613		414,754
Indiabulls Financial Services, Ltd.		198,088		688,277
Indiabulls Real Estate, Ltd. (b)		37,913		107,078
Indiabulls Securities, Ltd.		222,822		79,945
Indian Hotels Co., Ltd.		1,201,462		2,292,733
Indian Oil Corp. Ltd.		169,091		1,258,845
Infosys Technologies, Ltd. ADR		180,784		12,962,213
Infrastructure Development Finance Co., Ltd.		356,446		1,235,711
ITC, Ltd. GDR		427,735		1,742,165
IVRCL Infrastructures & Projects, Ltd.		93,330		171,613
Jai Corp., Ltd.		41,740		151,629
Jaiprakash Associates, Ltd.		46,995		98,532
Jindal Steel & Power, Ltd.		122,512		1,910,138
JSW Steel, Ltd.		32,457		669,446
KEC International, Ltd.		36,237		66,632
Lanco Infratech, Ltd. (b)		437,920		389,851
Larsen & Toubro, Ltd. GDR (a)		47,583		1,771,991
Mahindra & Mahindra, Ltd.		225,872		3,535,344
Mercator Lines, Ltd.		504,697		436,284
NTPC Ltd.		326,418		1,409,757
Oil & Natural Gas Corp., Ltd.		687,754		4,468,589
Patel Engineering, Ltd. (b)		12,039		37,957
Reliance Capital, Ltd.		74,451		978,322
Reliance Communications, Ltd.		439,783		1,063,092
Reliance Industries, Ltd. GDR (c)		312,372		14,812,680
Reliance Infrastructure, Ltd.		150,182		2,368,157
Satyam Computer Services, Ltd. ADR (b)		129,523		391,159
Sesa Goa, Ltd.		136,504		893,804
Siemens India, Ltd.		154,923		3,064,067
State Bank of India		41,505		2,570,806
Steel Authority of India, Ltd.		473,276		1,803,108
Sterlite Industries India, Ltd.		364,894		1,422,101
Sun Pharmaceutical Industries, Ltd.		124,555		1,223,764
Suzlon Energy, Ltd. (b)		297,843		297,209
Tata Consultancy Services, Ltd.		188,006		4,983,139
Tata Motors, Ltd.		149,649		4,173,863
Tata Steel, Ltd.		76,395		1,065,538
Unitech, Ltd.		291,972		264,507
United Spirits, Ltd.		24,025		571,601
Wipro, Ltd. ADR (a)		240,190		3,518,783
Zee Entertainment Enterprises, Ltd.		516,422		1,424,373

				132,186,115

INDONESIA — 4.2%
Adaro Energy Tbk PT		5,947,500		1,502,670
Astra International Tbk PT		657,720		4,305,488
Bakrieland Development Tbk PT		7,259,500		116,719
Bank Central Asia Tbk PT		4,256,796		3,397,615
Bank Mandiri Tbk PT		2,575,905		2,011,617
Bank Rakyat Indonesia Persero Tbk PT		8,584,296		5,668,642
Bumi Resources Tbk PT		7,451,464		2,866,771
Gudang Garam Tbk PT		183,000		879,535
Indocement Tunggal Prakarsa Tbk PT		633,330		1,189,198
Indosat Tbk PT		1,408,248		857,159
Perusahaan Gas Negara Tbk PT		6,352,640		2,845,282
Semen Gresik Persero Tbk PT		1,025,000		1,071,203
Telekomunikasi Indonesia Tbk PT		3,325,094		2,806,712
United Tractors Tbk PT		450,000		1,121,447

				30,640,058

MALAYSIA — 7.2%
Alliance Financial Group Bhd		2,890,300		3,025,093
Axiata Group Bhd (b)		910,600		1,440,124
Bintulu Port Holdings Bhd		1,003,706		2,220,332
Bursa Malaysia Bhd		786,007		2,161,763
Carlsberg Brewery Malay Bhd		1,691,803		4,127,916
CIMB Group Holdings Bhd		724,100		1,960,419
ECM Libra Financial Group Bhd		6,273,028		1,843,333
Genting Bhd		1,398,400		5,097,263
Genting Malaysia Bhd		1,066,700		1,296,065
IJM Corp. Bhd		1,775,140		3,756,879
IOI Corp. Bhd		2,188,196		4,161,456
Landmarks Bhd		2,131,800		1,069,859
Lingkaran Trans Kota Holdings Bhd		125,300		145,623
Malayan Banking Bhd		727,071		2,150,906
Malaysian Airline System Bhd (b)		3,156,066		1,917,346
Maxis Bhd		747,400		1,327,614
Naim Holdings Bhd		2,188,213		2,225,240
OSK Holdings Bhd		2,853,525		1,695,863
OSK Ventures International Bhd (b)		388,464		46,173
PPB Group Bhd		205,300		1,153,679
Public Bank Bhd		351,100		1,520,902
Sime Darby Bhd		675,500		2,058,560
Star Publications Malaysia Bhd		118,700		137,169
TAN Chong Motor Holdings Bhd		870,800		1,397,305
Tenaga Nasional Bhd		668,250		1,378,972
Uchi Technologies Bhd		2,932,000		1,423,043
Wah Seong Corp Bhd		2,140,006		1,490,850
Zelan Bhd (b)		2,316,300		401,505

				52,631,252

PHILIPPINES — 1.4%
Ayala Land, Inc.		9,157,775		3,270,634
First Gen Corp. (b)		8,549,570		2,517,592
First Philippine Holdings Corp.		1,657,854		2,192,646
Philippine Long Distance Telephone Co.		47,069		2,520,469

				10,501,341

TAIWAN — 27.6%
Acer, Inc.		1,394,456		2,845,200
Advanced Semiconductor Engineering, Inc.		3,235,656		3,510,021

See accompanying notes to financial statements.

101

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Asia Cement Corp.		1,985,747	$	2,231,783
Asustek Computer, Inc.		261,310		2,261,520
AU Optronics Corp. ADR (a)(b)		359,353		3,155,119
Catcher Technology Co., Ltd.		521,539		2,580,515
Cathay Financial Holding Co., Ltd.		2,394,995		3,954,126
Chang Hwa Commercial Bank		4,514,000		3,622,682
Chimei Innolux Corp. (b)		341,643		350,281
China Development Financial Holding Corp.		6,714,168		2,705,623
China Steel Chemical Corp.		66,877		357,053
China Steel Corp.		4,082,417		4,879,770
Chinatrust Financial Holding Co., Ltd.		4,774,437		4,058,998
Chunghwa Picture Tubes, Ltd. (b)		2,898,368		360,738
Chunghwa Telecom Co., Ltd.		1,171,268		3,648,450
Compal Electronics, Inc.		2,958,431		2,937,656
Delta Electronics, Inc.		910,893		3,608,693
Epistar Corp.		409,170		1,502,741
Everlight Electronics Co., Ltd.		349,996		990,246
Far Eastern New Century Corp.		2,803,940		4,333,704
First Financial Holding Co., Ltd		3,342,540		2,864,401
Formosa Chemicals & Fibre Corp.		1,526,390		5,787,580
Formosa Petrochemical Corp.		547,000		1,795,028
Formosa Plastics Corp.		2,250,940		7,922,476
Foxconn Technology Co., Ltd.		630,752		2,402,334
Fubon Financial Holding Co., Ltd.		3,114,849		4,136,325
Hon Hai Precision Industry Co., Ltd.		2,912,732		10,202,214
HTC Corp.		372,296		14,559,380
Hua Nan Financial Holdings Co., Ltd.		3,087,626		2,309,958
King Yuan Electronics Co., Ltd. (b)		4,109,898		2,264,137
Largan Precision Co., Ltd.		84,710		2,293,002
Lite-On Technology Corp.		1,256,050		1,546,223
Macronix International Co., Ltd.		2,917,411		1,934,590
MediaTek, Inc.		475,219		5,462,194
Mega Financial Holding Co., Ltd.		3,754,000		2,955,302
Motech Industries, Inc.		196,354		851,347
Nan Ya Plastics Corp.		2,290,960		6,754,501
Novatek Microelectronics Corp.		341,062		1,004,403
Pegatron Corp. (b)		700,630		794,587
Polaris Securities Co., Ltd.		799,150		540,802
Powerchip Technology Corp. (b)		3,189,555		690,918
Powertech Technology, Inc.		705,744		2,210,362
ProMOS Technologies, Inc. (b)		1,190,850		65,604
Quanta Computer, Inc.		1,977,194		3,731,633
Realtek Semiconductor Corp.		648,527		1,164,444
Shin Kong Financial Holding Co., Ltd. (b)		4,502,642		1,952,245
Siliconware Precision Industries Co.		1,547,745		1,936,885
SinoPac Financial Holdings Co., Ltd.		4,804,000		2,164,589
Synnex Technology International Corp.		445,000		1,038,104
Tainan Enterprises Co., Ltd.		964,567		1,341,567
Taishin Financial Holdings Co., Ltd. (b)		4,578,341		2,592,263
Taiwan Cement Corp.		2,505,216		3,024,337
Taiwan FU Hsing Industrial Co., Ltd.		3,091,000		2,417,595
Taiwan Mobile Co., Ltd.		621,000		1,461,350
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,738,043		21,169,364
Tatung Co., Ltd. (b)(d)		3,646,000		836,907
Tripod Technology Corp.		740,839		3,262,498
Uni-President Enterprises Corp.		2,656,543		3,640,647
United Integrated Services Co., Ltd.		2,289,000		3,187,545
United Microelectronics Corp. ADR (a)		1,224,029		3,341,599
Via Technologies, Inc. (b)		702,981		741,075
Walsin Lihwa Corp. (b)		1,002,000		526,445
Wistron Corp.		1,304,979		2,067,979
Yageo Corp.		6,559,000		3,200,709
Yuanta Financial Holding Co., Ltd.		2,613,000		1,879,345

				201,921,712

THAILAND — 3.8%
Advanced Info Service PCL		923,223		2,747,233
Bangkok Expressway PCL		3,504,542		2,189,977
CP ALL PCL		777,300		1,028,005
Electricity Generating PCL (Foreign ownership limit)		889,946		2,802,690
IRPC PCL		6,282,439		1,194,380
Kasikornbank PCL		387,654		1,627,775
PTT Exploration & Production PCL		776,445		4,672,276
PTT PCL		495,226		5,796,330
Siam Cement PCL		105,600		1,225,512
Siam Commercial Bank PCL (e)		512,497		1,796,154
Siam Commercial Bank PCL (e)		900		3,214
Thai Oil PCL		930,105		2,560,133

				27,643,679

TOTAL COMMON STOCKS —
(Cost $611,102,614)				728,139,888

PREFERRED STOCK — 0.0% (f)
MALAYSIA — 0.0% (f)
Malaysian Airline System Bhd , 30.00% (b) (Cost $1,124)		5,115		1,469

WARRANTS — 0.0% (f)
MALAYSIA — 0.0% (f)
IJM Land Bhd (expiring 9/11/13) (b) (Cost $0)		27,580		13,022

SHORT TERM INVESTMENTS — 4.8%
UNITED STATES — 4.8%
MONEY MARKET FUNDS — 4.8%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		31,496,093		31,496,093
State Street Institutional Liquid Reserves Fund 0.19% (h)(i)		3,422,814		3,422,814

TOTAL SHORT TERM INVESTMENTS —
(Cost $34,918,907)				34,918,907

TOTAL INVESTMENTS — 104.3%
(Cost $646,022,645)				763,073,286
OTHER ASSETS & LIABILITIES — (4.3)%				(31,731,358	)

NET ASSETS — 100.0%			$	731,341,928

See accompanying notes to financial statements.

102

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

March 31, 2011 (Unaudited)


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.0% of net assets as of March 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(e)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i)		Rate quoted represents the seven day yield of the fund.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

103

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
RUSSIA — 100.0%
CHEMICALS — 2.5%
Uralkali GDR		87,127	$	3,613,157

COMMERCIAL BANKS — 12.5%
Sberbank GDR		34,224		14,205,928
VTB Bank OJSC GDR		570,088		3,990,616

				18,196,544

CONSTRUCTION MATERIALS — 0.5%
LSR Group GDR		72,087		690,593

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
Rostelecom ADR		33,433		1,212,692

ELECTRIC UTILITIES — 2.4%
Federal Hydrogenerating Co. JSC ADR (a)		681,913		3,470,937

ENERGY EQUIPMENT & SERVICES — 1.5%
Eurasia Drilling Co., Ltd. GDR		27,836		946,424
Integra Group Holdings GDR (a)		130,092		448,817
TMK OAO GDR (a)		37,660		794,250

				2,189,491

FOOD & STAPLES RETAILING — 3.3%
Magnit OJSC GDR		98,376		2,981,776
X5 Retail Group NV GDR (a)		43,011		1,812,914

				4,794,690

FOOD PRODUCTS — 1.0%
Wimm-Bill-Dann Foods OJSC ADR		45,148		1,511,104

HOUSEHOLD DURABLES — 0.4%
PIK Group GDR (a)		121,366		544,933

MEDIA — 0.4%
CTC Media, Inc.		23,769		560,235

METALS & MINING — 17.0%
Evraz Group SA GDR (a)		54,422		2,160,554
Magnitogorsk Iron & Steel Works GDR		78,652		1,150,679
Mechel OAO ADR		61,927		1,906,732
MMC Norilsk Nickel OJSC ADR		382,197		10,105,289
Novolipetsk Steel OJSC GDR		35,538		1,563,672
Polymetal JSC GDR (a)		86,536		1,635,530
Polyus Gold OJSC ADR		69,876		2,459,635
Severstal GDR		85,526		1,677,165
United Co. RUSAL PLC (a)		1,217,000		2,109,120

				24,768,376

OIL, GAS & CONSUMABLE FUELS — 48.6%
Gazprom Neft JSC ADR		59,111		1,557,575
Gazprom OAO ADR (b)		928,127		30,043,471
Gazprom OAO ADR (b)		4,109		132,885
Lukoil OAO ADR		183,387		13,139,678
NovaTek OAO GDR		51,565		7,167,535
Rosneft Oil Co. GDR		689,256		6,296,354
Surgutneftegas OJSC ADR		446,884		4,857,629
Surgutneftegas OJSC ADR Preference Shares		332,308		1,990,525
Tatneft ADR		126,189		5,576,292

				70,761,944

PHARMACEUTICALS — 1.1%
Pharmstandard GDR (a)		56,644		1,583,200

ROAD & RAIL — 0.6%
Globaltrans Investment PLC GDR		44,603		820,249

TRANSPORTATION INFRASTRUCTURE — 0.3%
Novorossiysk Commercial Sea Port PJSC GDR		52,187		526,567

WIRELESS TELECOMMUNICATION SERVICES — 7.1%
Mobile TeleSystems ADR		224,565		4,767,515
Sistema JSFC GDR		78,741		2,291,363
VimpelCom, Ltd. ADR		234,154		3,306,255

				10,365,133

TOTAL COMMON STOCKS —
(Cost $133,444,067)				145,609,845

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.19% (c)(d)
(Cost $124,370)		124,370		124,370

TOTAL INVESTMENTS — 100.1%
(Cost $133,568,437)				145,734,215
OTHER ASSETS & LIABILITIES — (0.1)%				(135,808	)

NET ASSETS — 100.0%			$	145,598,407

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

104

SPDR S&P China ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
AIRLINES — 0.4%
Air China, Ltd. (a)(b)		2,290,000	$	2,119,771
China Eastern Airlines Corp., Ltd. (a)(b)		2,366,000		909,508

				3,029,279

AUTO COMPONENTS — 0.1%
Minth Group, Ltd.		538,000		901,946

AUTOMOBILES — 2.0%
AviChina Industry & Technology Co. (a)(b)		1,520,000		785,580
Brilliance China Automotive Holdings, Ltd. (a)(b)		4,128,000		4,139,569
Byd Co., Ltd. (a)		491,500		1,883,045
Dongfeng Motor Group Co., Ltd. (a)		3,018,300		5,137,730
Guangzhou Automobile Group Co., Ltd. (a)		1,794,637		2,180,366

				14,126,290

BEVERAGES — 0.4%
Tsingtao Brewery Co., Ltd. (a)		536,000		2,556,581

CHEMICALS — 0.8%
China Bluechemical, Ltd.		2,872,000		2,352,040
Fufeng Group, Ltd.		714,000		489,268
Sinopec Shanghai Petrochemical Co., Ltd.		3,738,000		1,758,901
Yingde Gases (b)		1,157,000		968,356

				5,568,565

COMMERCIAL BANKS — 21.7%
Agricultural Bank of China, Ltd. (a)(b)		10,752,000		6,096,053
Bank of China, Ltd. (a)		57,037,700		31,751,979
Bank of Communications Co., Ltd. (a)		5,108,750		5,622,239
China Citic Bank Corp., Ltd. (a)		5,121,393		3,726,708
China Construction Bank Corp.		58,945,623		55,245,891
China Merchants Bank Co., Ltd. (a)		3,970,760		11,001,244
China Minsheng Banking Corp., Ltd. (a)		3,009,000		2,765,981
Industrial & Commercial Bank of China		47,386,789		39,355,977

				155,566,072

COMMERCIAL SERVICES & SUPPLIES — 0.0% (c)
Bio-Treat Technology, Ltd. (b)		15		1

COMMUNICATIONS EQUIPMENT — 1.0%
AAC Acoustic Technology Holdings, Inc.		1,084,000		2,926,641
China All Access Holdings, Ltd.		2,458,000		745,787
ZTE Corp.		723,666		3,367,966

				7,040,394

COMPUTERS & PERIPHERALS — 0.5%
Lenovo Group, Ltd. (a)		5,180,000		2,950,220
TPV Technology, Ltd. (a)		1,500,000		902,522

				3,852,742

CONSTRUCTION & ENGINEERING — 1.8%
China Communications Construction Co., Ltd.		5,006,394		4,775,841
China Railway Construction Corp.		2,744,000		2,850,469
China Railway Group, Ltd. (a)		5,229,000		3,374,763
Metallurgical Corp. of China, Ltd. (a)(b)		4,761,000		1,983,189

				12,984,262

CONSTRUCTION MATERIALS — 1.8%
Anhui Conch Cement Co., Ltd.		1,070,000		6,692,487
China National Building Material Co., Ltd.		1,264,000		4,639,531
China Shanshui Cement Group, Ltd.		1,353,000		1,262,860

				12,594,878

DIVERSIFIED CONSUMER SERVICES — 0.5%
New Oriental Education & Technology Group, Inc. ADR (b)		33,500		3,352,345

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%
China Telecom Corp., Ltd.		15,120,000		9,233,499
China Unicom (Hong Kong), Ltd. (a)		4,862,492		8,076,855

				17,310,354

ELECTRICAL EQUIPMENT — 0.8%
China BAK Battery, Inc. (b)		10		18
China High Speed Transmission Equipment Group Co., Ltd. (a)		995,000		1,593,903
Shanghai Electric Group Co., Ltd. (a)		5,044,000		2,522,584
Zhuzhou CSR Times Electric Co., Ltd. (a)		365,000		1,384,318

				5,500,823

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%
Catic Shenzhen Holdings, Ltd. (b)		1,602,000		613,762
Digital China Holdings, Ltd.		723,000		1,362,678
Kingboard Chemical Holdings, Ltd.		771,000		4,054,138

				6,030,578

ENERGY EQUIPMENT & SERVICES — 0.6%
China Oilfield Services, Ltd.		1,981,900		4,484,513

FOOD & STAPLES RETAILING — 0.8%
China Resources Enterprise, Ltd.		1,420,000		5,768,944

FOOD PRODUCTS — 3.3%
Chaoda Modern Agriculture Holdings, Ltd. (a)		2,536,254		1,574,928
China Agri-Industries Holdings, Ltd. (a)		1,102,000		1,235,432
China Mengniu Dairy Co., Ltd. (a)		1,616,000		4,279,859
China Milk Products Group, Ltd. (b)(d)		15,000		0
China Yurun Food Group, Ltd. (a)		1,082,000		3,630,686
Tingyi Cayman Islands Holding Corp. (a)		2,484,000		6,074,115
Want Want China Holdings, Ltd. (a)		9,071,000		7,125,532

				23,920,552

GAS UTILITIES — 0.2%
China Resources Gas Group, Ltd.		1,246,000		1,701,232

HEALTH CARE EQUIPMENT & SUPPLIES — 0.6%
Mindray Medical International, Ltd. ADR (a)(b)		78,138		1,969,078

See accompanying notes to financial statements.

105

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Shandong Weigao Group Medical Polymer Co., Ltd. (a)		712,000	$	2,032,141

				4,001,219

HEALTH CARE PROVIDERS & SERVICES — 0.3%
Sinopharm Group Co. (a)		510,800		1,812,512

HOTELS, RESTAURANTS & LEISURE — 1.2%
China Travel International Investment Hong Kong, Ltd. (b)		3,740,000		783,755
Ctrip.com International, Ltd. ADR (b)		133,019		5,518,958
Home Inns & Hotels Management, Inc. ADR (a)(b)		23,932		946,989
Shanghai Jin Jiang International Hotels Group Co., Ltd. (a)		5,002,000		1,080,373

				8,330,075

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.4%
China Longyuan Power Group Corp. (a)(b)		1,479,000		1,589,628
China Resources Power Holdings Co., Ltd.		1,804,000		3,474,315
Datang International Power Generation Co., Ltd. (a)		5,000,000		1,851,328
Huaneng Power International, Inc. (a)		5,002,000		2,926,011

				9,841,282

INDUSTRIAL CONGLOMERATES — 1.6%
Beijing Enterprises Holdings, Ltd. (a)		676,000		3,858,785
Citic Pacific, Ltd.		1,542,000		4,282,122
Shanghai Industrial Holdings, Ltd.		809,000		3,099,457

				11,240,364

INSURANCE — 6.4%
China Life Insurance Co., Ltd.		7,023,000		26,364,917
China Taiping Insurance Holdings Co., Ltd. (a)(b)		828,400		2,444,239
PICC Property & Casualty Co., Ltd. (a)(b)		2,529,600		3,050,532
Ping An Insurance Group Co. of China, Ltd. (a)		1,352,300		13,708,680

				45,568,368

INTERNET SOFTWARE & SERVICES — 9.8%
Alibaba.com, Ltd. (a)		1,385,000		2,375,344
Baidu, Inc. ADR (b)		254,671		35,096,210
Netease.com ADR (b)		78,098		3,866,632
Sina Corp. (a)(b)		59,645		6,384,401
Sohu.com, Inc. (b)		40,116		3,584,766
Tencent Holdings, Ltd. (a)		793,300		19,327,139

				70,634,492

IT SERVICES — 0.2%
Travelsky Technology, Ltd.		1,330,000		1,297,820

MACHINERY — 1.3%
China National Materials Co., Ltd.		1,050,000		944,949
Lonking Holdings, Ltd. (a)		2,257,000		1,587,229
Weichai Power Co., Ltd. (a)		618,600		3,757,791
Yangzijiang Shipbuilding Holdings, Ltd. (a)		2,260,000		3,245,220

				9,535,189

MARINE — 1.1%
China COSCO Holdings Co., Ltd. (a)(b)		3,077,175		3,149,098
China Shipping Container Lines Co., Ltd. (a)(b)		6,105,500		2,417,647
China Shipping Development Co., Ltd.		1,809,800		2,033,587

				7,600,332

MEDIA — 0.5%
Focus Media Holding, Ltd. ADR (a)(b)		118,583		3,636,941

METALS & MINING — 3.0%
Aluminum Corp. of China, Ltd. (a)(b)		4,872,000		4,635,108
Angang Steel Co., Ltd. (a)		1,427,720		1,960,357
China Molybdenum Co., Ltd. (a)		1,358,000		1,183,724
Hidili Industry International Development, Ltd.		613,000		541,425
Jiangxi Copper Co., Ltd. (a)		1,862,000		6,212,093
Maanshan Iron & Steel (a)		2,904,000		1,571,808
Zhaojin Mining Industry Co., Ltd.		453,500		2,028,979
Zijin Mining Group Co., Ltd. (a)		4,476,500		3,568,216

				21,701,710

MULTILINE RETAIL — 0.6%
Golden Eagle Retail Group, Ltd.		988,000		2,131,424
Parkson Retail Group, Ltd. (a)		1,447,000		1,990,550

				4,121,974

OIL, GAS & CONSUMABLE FUELS — 15.9%
China Coal Energy Co., Ltd (a)		3,914,013		5,333,951
China Petroleum & Chemical Corp. (a)		16,440,500		16,486,578
China Shenhua Energy Co., Ltd.		3,155,700		14,869,302
CNOOC, Ltd.		14,128,600		35,602,140
Kunlun Energy Co., Ltd. (a)		2,657,400		4,236,425
PetroChina Co., Ltd.		19,849,200		30,061,399
Yanzhou Coal Mining Co., Ltd.		1,973,900		7,181,786

				113,771,581

PAPER & FOREST PRODUCTS — 0.5%
Lee & Man Paper Manufacturing, Ltd. (a)		2,264,000		1,548,492
Nine Dragons Paper Holdings, Ltd. (a)		1,628,000		1,950,703

				3,499,195

PHARMACEUTICALS — 0.1%
WuXi PharmaTech Cayman, Inc. ADR (b)		62,323		963,514

REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.0%
Agile Property Holdings, Ltd. (a)		2,130,000		3,357,306
China Overseas Land & Investment, Ltd. (a)		4,335,680		8,818,294
China Resources Land, Ltd. (a)		1,788,000		3,346,954
China South City Holdings, Ltd. (a)		6,270,000		1,015,685
Country Garden Holdings Co. (a)		7,713,058		3,371,525
E-House China Holdings, Ltd. (a)		38,737		455,160

See accompanying notes to financial statements.

106

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Evergrande Real Estate Group, Ltd. (a)		3,482,000	$	1,915,991
Guangzhou R&F Properties Co., Ltd. (a)		1,472,400		2,192,074
Poly Hong Kong Investments, Ltd. (a)		1,166,000		1,091,317
Renhe Commercial Holdings Co., Ltd. (a)		12,042,000		2,244,851
Shimao Property Holdings, Ltd. (a)		1,707,000		2,418,444
Sino-Ocean Land Holdings, Ltd. (a)		3,868,000		2,396,925
Yanlord Land Group, Ltd.		1,438,000		1,722,634
Yuexiu Property Co., Ltd. (a)(b)		5,754,000		1,279,785
Yuzhou Properties Co.		1,766,000		533,555

				36,160,500

ROAD & RAIL — 0.1%
Guangshen Railway Co., Ltd. (a)		2,660,000		1,008,845

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%
Semiconductor Manufacturing International Corp. (a)(b)		20,871,000		1,609,961
Suntech Power Holdings Co., Ltd. ADR (a)(b)		142,546		1,405,504

				3,015,465

SOFTWARE — 0.2%
Shanda Interactive Entertainment, Ltd. ADR (b)		38,930		1,634,671

SPECIALTY RETAIL — 0.4%
Hengdeli Holdings, Ltd. (a)		3,987,360		2,101,794
Zhongsheng Group Holdings, Ltd. (b)		557,000		1,041,215

				3,143,009

TEXTILES, APPAREL & LUXURY GOODS — 0.7%
Anta Sports Products, Ltd. (a)		524,000		813,803
China Dongxiang Group Co. (a)		4,402,000		1,392,214
Li Ning Co., Ltd. (a)		1,083,000		1,823,983
Ports Design, Ltd.		496,000		1,143,997

				5,173,997

TRANSPORTATION INFRASTRUCTURE — 2.5%
Anhui Expressway Co., Ltd.		1,778,000		1,424,101
Beijing Capital International Airport Co., Ltd. (a)		2,726,000		1,436,914
China Merchants Holdings International Co., Ltd.		1,243,405		5,251,325
COSCO Pacific, Ltd.		1,618,083		3,062,171
GZI Transportation, Ltd.		217		123
Jiangsu Expressway Co., Ltd.		2,516,000		2,820,642
Shenzhen Expressway Co., Ltd.		2,516,000		1,649,687
Zhejiang Expressway Co., Ltd. (a)		2,876,000		2,617,840

				18,262,803

WATER UTILITIES — 0.3%
Guangdong Investment, Ltd.		4,102,000		2,072,569

WIRELESS TELECOMMUNICATION SERVICES — 6.0%
China Mobile, Ltd.		4,679,900		43,109,567

TOTAL COMMON STOCKS —
(Cost $602,995,021)				717,428,345

SHORT TERM INVESTMENTS — 13.8%
UNITED STATES — 13.8%
MONEY MARKET FUNDS — 13.8%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		98,658,721		98,658,721
State Street Institutional Liquid Reserves Fund 0.19% (f)(g)		343,217		343,217

TOTAL SHORT TERM INVESTMENTS —
(Cost $99,001,938)				99,001,938

TOTAL INVESTMENTS — 113.8%
(Cost $701,996,959)				816,430,283
OTHER ASSETS & LIABILITIES — (13.8)%				(99,010,792	)

NET ASSETS — 100.0%			$	717,419,491


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Amount represents less than 0.05% of net assets.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GEOGRAPHICAL BREAKDOWN AS OF MARCH 31, 2011*


	PERCENT OF
COUNTRY	NET ASSETS

China		76.7	%
Hong Kong		23.3

Total		100.0	%


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

See accompanying notes to financial statements.

107

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 96.3%
BRAZIL — 16.0%
All America Latina Logistica SA		10,457	$	86,136
Banco Bradesco SA ADR (a)		124,121		2,575,511
Banco do Brasil SA		33,989		617,412
Banco Santander Brasil SA		13,306		161,954
BM&F BOVESPA SA		79,963		582,488
BR Malls Participacoes SA		29,442		307,677
Bradespar SA Preference Shares		20,809		547,488
Brasil Brokers Participacoes SA		8,076		42,198
Brasil Telecom SA ADR		5,095		54,720
Brasil Telecom SA Preference Shares ADR		8,983		242,631
Braskem SA Preference Shares ADR (a)		8,596		231,490
BRF — Brasil Foods SA ADR (a)		23,491		448,443
Centrais Eletricas Brasileiras SA ADR		27,524		418,929
Cia Hering		2,034		37,510
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (a)		10,881		456,240
Companhia de Bebidas das Americas Preference Shares ADR		71,167		2,014,738
Companhia de Saneamento Basico do Estado de Sao Paulo		10,921		315,529
Companhia Energetica de Minas Gerais ADR (a)		33,297		641,633
Companhia Siderurgica Nacional SA ADR (a)		70,397		1,172,814
Cosan SA Industria e Comercio		8,229		128,487
Cyrela Brazil Realty SA		23,191		220,683
Cyrela Commercial Properties SA Empreendimentos e Participacoes		2,176		18,593
Diagnosticos da America SA		9,489		122,495
Duratex SA		11,731		124,395
Empresa Brasileira de Aeronautica SA		35,415		293,901
Fibria Celulose SA ADR (a)(b)		13,542		222,360
Gafisa SA		5,621		35,659
Gerdau SA ADR (a)		52,425		655,313
Hypermarcas SA (b)		2,147		28,508
Investimentos Itau SA		38,168		289,530
Investimentos Itau SA Preference Shares		199,943		1,573,241
Itau Unibanco Holding SA Preference Shares ADR		150,264		3,613,849
LLX Logistica SA (b)		3,988		12,331
Lojas Americanas SA Preference Shares		20,384		170,415
Lojas Renner SA		15,003		487,788
Metalurgica Gerdau SA Preference Shares		25,845		387,020
MMX Mineracao e Metalicos SA (b)		9,677		61,033
MRV Engenharia e Participacoes SA		4,499		36,119
Natura Cosmeticos SA		12,672		358,329
OGX Petroleo e Gas Participacoes SA (b)		45,409		548,509
PDG Realty SA Empreendimentos e Participacoes		29,849		168,076
Petroleo Brasileiro SA ADR (c)		95,297		3,386,855
Petroleo Brasileiro SA ADR (c)		69,268		2,800,505
Redecard SA		3,884		57,421
Souza Cruz SA		41,830		437,136
TAM SA ADR (a)		6,547		129,238
Tim Participacoes SA ADR (a)		6,486		283,114
Tractebel Energia SA ADR		11,045		180,586
Usinas Siderurgicas de Minas Gerais SA ADR		41,192		499,597
Vale SA ADR		87,485		2,917,625
Vale SA ADR Preference Shares		132,643		3,915,621
Vivo Participacoes SA ADR		5,726		231,216
Vivo Participacoes SA Preference Shares		13,533		537,410
Weg SA		20,567		271,825

				36,160,324

CHILE — 2.0%
Antarchile SA		14,740		292,862
Cementos Bio-Bio SA		69,195		156,687
Compania General de Electricidad SA		33,179		186,963
Cuprum AFP		4,880		290,264
Empresa Nacional de Electricidad SA ADR (a)		8,106		450,856
Empresas COPEC SA		33,937		594,944
Enersis SA ADR		19,806		412,361
Lan Airlines SA ADR (a)		13,050		333,949
Parque Arauco SA		189,773		419,825
SACI Falabella		102,862		1,044,399
Vina Concha y Toro SA ADR (a)		5,316		249,746
Vina San Pedro SA		23,744,929		193,864

				4,626,720

CHINA — 14.5%
AAC Acoustic Technology Holdings, Inc.		120,000		323,982
Agricultural Bank of China, Ltd. (a)(b)		442,000		250,600
Air China, Ltd. (a)(b)		180,000		166,620
Aluminum Corp. of China, Ltd. (a)(b)		300,000		285,413
Angang Steel Co., Ltd. (a)		62,640		86,009
Anhui Conch Cement Co., Ltd.		120,000		750,559
Baidu, Inc. ADR (b)		18,761		2,585,453
Bank of China, Ltd.		2,370,900		1,319,842
Bank of Communications Co., Ltd. (a)		437,150		481,089
Beijing Capital International Airport Co., Ltd. (a)		180,000		94,881
Brilliance China Automotive Holdings, Ltd. (b)		134,000		134,376
Byd Co., Ltd. (a)		7,500		28,734
China Citic Bank Corp., Ltd. (a)		336,000		244,499
China Coal Energy Co., Ltd		300,000		408,835
China Communications Construction Co., Ltd.		275,000		262,336
China Construction Bank Corp.		3,015,280		2,826,025
China COSCO Holdings Co., Ltd. (a)(b)		217,425		222,507
China High Speed Transmission Equipment Group Co., Ltd. (a)		46,000		73,688
China Life Insurance Co., Ltd.		514,000		1,929,598
China Mengniu Dairy Co., Ltd. (a)		90,000		238,359

See accompanying notes to financial statements.

108

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

China Merchants Bank Co., Ltd. (a)		259,645	$	719,363
China National Building Material Co., Ltd.		26,000		95,433
China National Materials Co., Ltd.		53,000		47,697
China Oilfield Services, Ltd.		240,000		543,056
China Petroleum & Chemical Corp.		1,176,000		1,179,296
China Railway Construction Corp.		150,000		155,820
China Railway Group, Ltd.		270,000		174,256
China Shenhua Energy Co., Ltd.		240,000		1,130,853
China Shipping Container Lines Co., Ltd. (a)(b)		484,350		191,792
China Shipping Development Co., Ltd.		120,000		134,838
China Telecom Corp., Ltd.		1,082,000		660,757
China Wireless Technologies, Ltd.		60,000		22,447
Chongqing Machinery & Electric Co., Ltd.		42,000		14,309
Ctrip.com International, Ltd. ADR (b)		12,233		507,547
Datang International Power Generation Co., Ltd. (a)		360,000		133,296
Dongfang Electric Corp., Ltd. (a)		12,000		40,729
Dongfeng Motor Group Co., Ltd.		300,000		510,658
First Tractor Co., Ltd. (a)		16,000		19,233
Focus Media Holding, Ltd. ADR (a)(b)		6,819		209,139
Great Wall Motor Co., Ltd. (a)		48,250		89,203
Guangshen Railway Co., Ltd. (a)		240,000		91,024
Guangzhou Automobile Group Co., Ltd.		148,636		180,583
Guangzhou R&F Properties Co., Ltd. (a)		108,000		160,788
Harbin Power Equipment Co., Ltd. (a)		60,000		62,097
Huadian Power International Co. (a)		360,000		73,127
Huaneng Power International, Inc. (a)		300,000		175,490
Industrial & Commercial Bank of China		2,852,590		2,369,151
Jiangsu Expressway Co., Ltd.		182,000		204,037
Jiangxi Copper Co., Ltd. (a)		62,000		206,847
Lenovo Group, Ltd. (a)		420,000		239,207
Li Ning Co., Ltd. (a)		60,000		101,052
Maanshan Iron & Steel (a)		180,000		97,426
Netease.com ADR (b)		7,213		357,116
Nine Dragons Paper Holdings, Ltd.		90,000		107,840
Parkson Retail Group, Ltd. (a)		74,634		102,670
PetroChina Co., Ltd.		1,320,000		1,999,126
PICC Property & Casualty Co., Ltd. (a)(b)		240,000		289,424
Ping An Insurance Group Co. of China, Ltd. (a)		84,000		851,534
Semiconductor Manufacturing International Corp. (a)(b)		1,020,000		78,681
Shandong Weigao Group Medical Polymer Co., Ltd.		40,000		114,165
Shanghai Electric Group Co., Ltd.		300,000		150,035
Shenzhen Expressway Co., Ltd.		240,000		157,363
Sina Corp. (a)(b)		3,468		371,215
Sinopec Shanghai Petrochemical Co., Ltd.		240,000		112,931
Sinotrans, Ltd.		300,000		72,896
Suntech Power Holdings Co., Ltd. ADR (a)(b)		5,873		57,908
Tencent Holdings, Ltd. (a)		90,000		2,192,667
Tingyi Cayman Islands Holding Corp. (a)		180,000		440,153
Travelsky Technology, Ltd.		150,000		146,371
Want Want China Holdings, Ltd. (a)		332,000		260,796
Weiqiao Textile Co.		75,500		74,935
Yanzhou Coal Mining Co., Ltd.		180,000		654,907
Zhejiang Expressway Co., Ltd. (a)		240,000		218,457
Zhuzhou CSR Times Electric Co., Ltd.		20,000		75,853
Zijin Mining Group Co., Ltd.		242,000		192,898
ZTE Corp. (a)		65,728		305,900

				32,639,797

CZECH REPUBLIC — 0.6%
CEZ AS		12,615		645,003
Komercni Banka AS		1,329		335,534
Telefonica O2 Czech Republic AS		8,867		207,521
Unipetrol (b)		8,987		90,364

				1,278,422

EGYPT — 0.5%
Commercial International Bank Egypt SAE		76,504		423,118
Egyptian Co. for Mobile Services		6,281		168,632
Egyptian Financial Group-Hermes Holding		23,879		87,991
Egyptian Kuwait Holding Co.		34,820		47,703
Orascom Construction Industries		9,619		392,217
Orascom Telecom Holding SAE (b)		44,010		32,715
Orascom Telecom Holding SAE GDR (b)(c)		774		2,852
Orascom Telecom Holding SAE GDR (c)(d)		980		3,611
Orascom Telecom Holding SAE GDR (b)(c)		25,013		92,173

				1,251,012

HONG KONG — 4.5%
Agile Property Holdings, Ltd. (a)		180,000		283,716
Chaoda Modern Agriculture Holdings, Ltd. (a)		178,550		110,874
China Lilang, Ltd.		24,000		31,781
China Merchants Holdings International Co., Ltd.		62,550		264,170
China Mobile, Ltd.		325,500		2,998,390
China Overseas Land & Investment, Ltd. (a)		243,200		494,642
China Power International Development, Ltd. (a)		300,000		64,025
China Resources Enterprise, Ltd.		60,000		243,758
China Resources Land, Ltd. (a)		120,000		224,628
China Resources Power Holdings Co., Ltd.		125,600		241,892
China Travel International Investment Hong Kong, Ltd. (a)(b)		300,000		62,868
China Unicom (Hong Kong), Ltd. (a)		245,668		408,068
China Yurun Food Group, Ltd.		12,000		40,266
Citic Pacific, Ltd.		60,000		166,620

See accompanying notes to financial statements.

109

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

CNOOC, Ltd.		985,000	$	2,482,065
Comba Telecom Systems Holdings, Ltd. (a)		29,800		34,902
COSCO Pacific, Ltd. (a)		120,691		228,404
Digital China Holdings, Ltd.		32,000		60,312
Guangdong Investment, Ltd.		242,000		122,273
GZI Transportation, Ltd.		25,258		14,288
Hengdeli Holdings, Ltd. (a)		720,000		379,522
Ju Teng International Holdings, Ltd.		36,000		11,201
Kingboard Chemical Holdings, Ltd.		45,000		236,623
Kingboard Laminates Holdings, Ltd.		38,500		32,124
Kunlun Energy Co., Ltd. (a)		300,000		478,260
KWG Property Holding, Ltd. (a)		54,000		43,668
Ruinian International, Ltd.		20,000		14,014
Shimao Property Holdings, Ltd. (a)		90,000		127,510
Sino Biopharmaceutical (a)		108,000		40,405
Sino-Ocean Land Holdings, Ltd. (a)		199,000		123,316
Tianneng Power International, Ltd.		28,000		13,643
TPV Technology, Ltd. (a)		64,000		38,508
VODone, Ltd. (a)		94,000		30,454
Wasion Group Holdings, Ltd. (a)		18,000		9,673
Yuexiu Property Co., Ltd. (a)(b)		420,000		93,415

				10,250,278

HUNGARY — 0.7%
FHB Mortgage Bank NyRt (b)		20,538		109,716
MOL Hungarian Oil and Gas NyRt (a)(b)		4,214		539,828
OTP Bank NyRt (a)(b)		17,045		505,452
Richter Gedeon NyRt		1,453		302,681
Tiszai Vegyi Kominat NyRt (b)		2,121		36,314

				1,493,991

INDIA — 8.5%
Adani Enterprises, Ltd.		818		12,180
Ambuja Cements, Ltd.		13,957		46,132
Ambuja Cements, Ltd. GDR		17,217		56,833
Amtek Auto, Ltd.		6,643		22,195
Anant Raj Industries, Ltd.		45,698		85,924
Apollo Hospitals Enterprise, Ltd.		4,088		43,493
Ashok Leyland, Ltd.		12,268		15,667
Aurobindo Pharma, Ltd.		6,647		29,445
Axis Bank, Ltd.		5,071		159,879
Bajaj Holdings and Investment, Ltd.		2,550		41,081
BF Investment, Ltd. (b)		7,339		13,478
BF Utilities, Ltd. (b)		10,497		185,225
Bharat Heavy Electricals, Ltd.		10,609		490,067
Bharti Airtel, Ltd.		103,762		832,632
Biocon, Ltd.		1,840		14,194
Cipla, Ltd.		36,203		263,435
Core Projects & Technologies, Ltd.		7,769		54,006
Coromandel International, Ltd.		2,660		16,940
Dish TV India, Ltd. (b)		9,508		14,242
Dr. Reddy’s Laboratories, Ltd. ADR		11,224		418,655
Era Infra Engineering, Ltd.		2,760		11,679
Fortis Healthcare, Ltd. (b)		3,577		12,136
GAIL India, Ltd.		39,838		410,574
Gammon India, Ltd.		2,454		6,438
Godrej Industries, Ltd.		19,458		79,673
Grasim Industries, Ltd. GDR (c)		365		20,109
Grasim Industries, Ltd. GDR (c)		731		40,388
GTL, Ltd.		1,737		16,126
Gujarat NRE Coke, Ltd.		11,345		12,567
Havells India, Ltd.		1,225		10,175
HCL Technologies, Ltd.		10,183		109,605
HDFC Bank, Ltd.		14,667		772,899
Hero Honda Motors, Ltd.		11,589		415,536
Hindalco Industries, Ltd.		36,902		173,360
Hindustan Construction Co.		12,471		10,165
Hindustan Unilever, Ltd.		91,988		587,675
Housing Development & Infrastructure, Ltd. (b)		10,532		42,298
Housing Development Finance Corp., Ltd.		78,719		1,232,108
ICICI Bank, Ltd. ADR		17,424		868,238
India Infoline, Ltd.		142,558		239,754
Indiabulls Real Estate, Ltd. (b)		15,130		42,732
Indian Hotels Co., Ltd.		49,798		95,029
Infosys Technologies, Ltd. ADR		30,336		2,175,091
Infrastructure Development Finance Co., Ltd.		4,499		15,597
IRB Infrastructure Developers, Ltd.		3,270		15,619
ITC, Ltd.		5,667		23,223
ITC, Ltd. GDR (c)		400		1,629
ITC, Ltd. GDR (c)		4,679		19,058
ITC, Ltd. GDR (c)		363		1,482
ITC, Ltd. GDR (c)(d)		44,342		181,066
IVRCL Infrastructures & Projects, Ltd.		12,779		23,498
Jai Corp., Ltd.		45,482		165,222
Jain Irrigation Systems, Ltd.		8,691		34,865
Jaiprakash Associates, Ltd.		46,717		97,949
Jet Airways India, Ltd. (b)		818		8,236
Jindal Steel & Power, Ltd.		4,294		66,950
JSW Steel, Ltd.		918		18,934
Lanco Infratech, Ltd. (b)		26,067		23,206
Larsen & Toubro, Ltd. GDR		12,417		462,409
Mahindra & Mahindra, Ltd. GDR		21,283		339,038
Maruti Suzuki India, Ltd.		8,739		247,894
Mercator Lines, Ltd.		120,692		104,332
Monnet Ispat, Ltd.		4,590		53,007
MRF, Ltd.		103		14,530
Nagarjuna Construction Co., Ltd.		8,587		19,487
Oil & Natural Gas Corp., Ltd.		103,668		673,569
OnMobile Global, Ltd. (b)		1,330		7,156
Opto Circuits India, Ltd.		3,169		19,762
Patni Computer Systems, Ltd.		3,270		34,940
Punj Lloyd, Ltd.		9,301		13,536
Rajesh Exports, Ltd.		5,621		13,651
REI Agro, Ltd.		31,588		19,267
Reliance Capital, Ltd.		4,584		60,236
Reliance Communications, Ltd.		56,399		136,334
Reliance Industries, Ltd. GDR (d)		48,095		2,280,665
Reliance Infrastructure, Ltd.		13,476		212,497
Reliance MediaWorks, Ltd. (b)		41,761		141,872
Rolta India, Ltd.		4,294		13,423
Satyam Computer Services, Ltd. (b)		32,814		48,123
Sesa Goa, Ltd.		18,910		123,819
Siemens India, Ltd.		12,283		242,933

See accompanying notes to financial statements.

110

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Sintex Industries, Ltd.		9,406	$	32,102
State Bank of India GDR		2,817		363,393
Sun TV Network, Ltd.		4,088		40,335
Suzlon Energy, Ltd. (b)		250,865		250,331
Tata Consultancy Services, Ltd.		24,986		662,259
Tata Motors, Ltd. ADR		14,543		404,150
Tata Power Co., Ltd.		11,131		331,721
Tata Steel, Ltd.		19,536		272,483
Ultratech Cement, Ltd. GDR		314		15,934
Unitech, Ltd.		85,487		77,445
United Breweries Holdings, Ltd.		7,461		31,035
United Breweries, Ltd.		2,862		31,056
United Spirits, Ltd.		1,840		43,777
Wipro, Ltd. ADR (a)		30,455		446,166
Zee Entertainment Enterprises, Ltd.		22,491		62,034

				19,243,293

INDONESIA — 2.6%
Astra International Tbk PT		181,000		1,184,841
Bank Central Asia Tbk PT		1,073,500		856,827
Bank Danamon Indonesia Tbk PT		225,210		169,409
Bank Mandiri Tbk PT		636,449		497,026
Bank Rakyat Indonesia Persero Tbk PT		979,000		646,483
Barito Pacific Tbk PT (b)		511,000		56,338
Bumi Resources Tbk PT		924,000		355,487
Indofood Sukses Makmur Tbk PT		676,000		419,225
Indosat Tbk PT		135,000		82,170
Kalbe Farma Tbk PT		745,000		290,899
Medco Energi Internasional Tbk PT		354,000		116,882
Perusahaan Gas Negara Tbk PT		775,000		347,114
Telekomunikasi Indonesia Tbk PT		390,000		329,199
United Tractors Tbk PT		196,500		489,698

				5,841,598

JORDAN — 0.1%
Arab Bank PLC		12,435		157,563

MALAYSIA — 3.0%
Aeon Co. M Bhd		215,700		423,744
Alliance Financial Group Bhd		233,200		244,076
Berjaya Sports Toto Bhd		113,400		159,499
Bintulu Port Holdings Bhd		98,994		218,988
Bursa Malaysia Bhd		47,693		131,170
Carlsberg Brewery Malay Bhd		346,797		846,167
Dialog Group Bhd		499,308		382,466
Digi.Com Bhd		30,000		283,285
Genting Bhd		182,300		664,496
Genting Malaysia Bhd		24,000		29,161
IGB Corp. Bhd		247,753		176,689
IOI Corp. Bhd		287,860		547,445
KFC Holdings Bhd		494,832		596,331
KNM Group Bhd (b)		146,212		133,238
Malaysian Airline System Bhd (b)		269,400		163,664
Malaysian Resources Corp. Bhd		328,100		238,323
Multi-Purpose Holdings Bhd		173,760		153,752
Naim Holdings Bhd		147,287		149,779
OSK Holdings Bhd		280,350		166,613
OSK Property Holdings Bhd		20,064		4,571
OSK Ventures International Bhd (b)		33,400		3,970
SP Setia Bhd		147,300		306,394
TA Enterprise Bhd		296,200		73,836
TA Global Bhd		119,540		16,577
Tebrau Teguh Bhd (b)		21,000		5,582
UEM Land Holdings Bhd (b)		429,388		401,211
Unisem M Bhd		18,400		11,603
WCT Bhd		272,600		273,613

				6,806,243

MEXICO — 5.4%
Alfa SAB de CV		32,154		415,803
America Movil SAB de CV		1,251,799		3,636,417
Axtel SAB de CV (b)		98,480		57,646
Cemex SAB de CV (b)		566,114		505,864
Coca-Cola Femsa SAB de CV		39,347		302,986
Consorcio ARA SAB de CV		97,852		60,073
Corporacion GEO SAB de CV (a)(b)		41,547		116,400
Desarrolladora Homex SAB de CV (b)		18,268		83,215
Empresas ICA SAB de CV (b)		40,117		91,169
Fomento Economico Mexicano SAB de CV		134,786		790,905
Grupo Aeroportuario del Sureste SAB de CV (a)		38,769		227,882
Grupo Bimbo SAB de CV		48,051		406,974
Grupo Elektra SA de CV		5,711		246,527
Grupo Financiero Banorte SAB de CV		94,223		443,132
Grupo Financiero Inbursa SA		37,761		173,690
Grupo Mexico SAB de CV		280,686		1,051,342
Grupo Modelo SAB de CV		50,043		300,495
Grupo Televisa SA de CV (Series CPO) (b)		114,311		561,991
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		101,869		160,838
Industrias CH SAB, Series B (b)		26,177		107,678
Industrias Penoles SA de CV		9,078		333,585
Kimberly-Clark de Mexico SAB de CV		52,758		327,831
Sare Holding SAB de CV (Class B) (b)		116,351		31,073
Telefonos de Mexico SA de CV		395,127		362,366
TV Azteca SAB de CV		225,110		156,725
Urbi Desarrollos Urbanos SA de CV (b)		43,842		101,806
Wal-Mart de Mexico SAB de CV		346,376		1,038,495

				12,092,908

MOROCCO — 0.5%
Banque Marocaine du Commerce Exterieur		15,930		460,046
Banque Marocaine pour le Commerce et l’Industrie SA		1,401		178,199
Douja Promotion Groupe Addoha SA		9,678		126,197
Holcim Maroc SA		853		268,404

				1,032,846

PERU — 1.0%
Compania de Minas Buenaventura SA		16,226		689,569
Credicorp, Ltd.		5,863		615,205
Southern Copper Corp.		15,246		613,956
Volcan Compania Minera SAA (Class B)		171,800		242,144

				2,160,874

See accompanying notes to financial statements.

111

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

PHILIPPINES — 0.5%
Ayala Land, Inc.		783,780	$	279,921
Banco de Oro Universal Bank, Inc.		135,220		161,703
Bank of the Philippine Islands		250,308		330,187
Filinvest Land, Inc.		3,600,000		95,392
Philippine Long Distance Telephone Co.		6,035		323,165

				1,190,368

POLAND — 1.4%
Asseco Poland SA		4,706		89,327
Bank BPH SA (b)		1,007		26,455
Bank Pekao SA		8,646		518,224
Bioton SA (b)		198,812		11,903
BRE Bank SA (b)		1,397		169,041
Cersanit SA (b)		15,178		63,607
Getin Holding SA (b)		17,348		86,752
Globe Trade Centre SA (b)		10,615		79,549
Grupa Lotos SA (b)		6,464		100,502
KGHM Polska Miedz SA		9,268		588,144
Orbis SA (b)		4,428		62,219
PBG SA		1,190		78,786
Polimex- Mostostal SA		41,465		51,401
Polski Koncern Naftowy Orlen SA GDR (b)		12,951		480,258
Powszechna Kasa Oszczednosci Bank Polski SA		27,652		425,550
Telekomunikacja Polska SA		56,731		351,622

				3,183,340

RUSSIA — 10.9%
Comstar United Telesystems GDR (b)		34,251		247,048
Evraz Group SA GDR (b)		4,261		169,162
Gazprom OAO ADR (c)		52,800		1,707,552
Gazprom OAO ADR (c)		212,306		6,872,345
Integra Group Holdings GDR (b)		6,778		23,384
LSR Group GDR		6,875		65,863
Lukoil OAO ADR		51,759		3,708,532
Mechel OAO ADR		16,125		496,489
MMC Norilsk Nickel OJSC ADR		56,633		1,497,377
Mobile TeleSystems ADR		49,533		1,051,586
NovaTek OAO GDR		12,685		1,763,215
Novolipetsk Steel GDR		1,743		76,692
Novorossiysk Commercial Sea Port PJSC GDR		2,861		28,867
Pharmstandard GDR (b)		3,582		100,117
Polymetal JSC GDR (b)(c)		5,873		108,650
Polymetal JSC GDR (b)(c)		420		7,938
Polyus Gold OJSC ADR		11,517		404,477
Rosneft Oil Co. GDR		169,761		1,550,767
Rostelecom ADR (a)		5,597		203,016
Severstal GDR		28,771		564,199
Sistema JSFC GDR		7,649		222,586
Surgutneftegas OJSC ADR		150,443		1,635,315
Tatneft ADR		17,525		774,430
TMK OAO GDR (b)		2,614		55,129
VimpelCom, Ltd. ADR		30,393		429,149
VTB Bank OJSC GDR (d)		42,853		299,971
Wimm-Bill-Dann Foods OJSC ADR		10,155		339,888
X5 Retail Group NV GDR (b)		2,130		89,780

				24,493,524

SOUTH AFRICA — 9.1%
ABSA Group, Ltd.		20,488		413,582
Adcock Ingram Holdings, Ltd.		6,394		52,547
Adcorp Holdings, Ltd.		28,871		118,526
Afgri, Ltd.		152,062		154,099
African Bank Investments, Ltd.		82,020		459,398
African Rainbow Minerals, Ltd.		10,063		331,987
Allied Electronics Corp., Ltd. Preference Shares		35,224		132,257
Anglo Platinum, Ltd. (a)		3,688		380,288
AngloGold Ashanti, Ltd.		15,211		730,232
Aquarius Platinum, Ltd. (a)		25,262		139,946
ArcelorMittal South Africa, Ltd.		11,816		157,326
Aspen Pharmacare Holdings, Ltd. (b)		32,885		384,338
Aveng, Ltd.		34,084		179,863
Avusa, Ltd.		5,906		21,468
Barloworld, Ltd.		14,587		161,204
Bidvest Group, Ltd.		21,382		470,253
Business Connexion Group, Ltd.		125,497		97,472
Cadiz Holdings		82,121		34,017
Coronation Fund Managers, Ltd.		117,304		308,903
Discovery Holdings, Ltd.		19,212		108,318
Eqstra Holdings, Ltd. (b)		18,795		18,018
FirstRand, Ltd.		271,642		807,759
Freeworld Coatings, Ltd.		17,113		29,115
Gold Fields, Ltd.		45,356		794,801
Grindrod, Ltd.		57,374		125,877
Group Five, Ltd.		16,286		65,776
Harmony Gold Mining Co., Ltd.		13,722		201,563
Impala Platinum Holdings, Ltd.		33,238		962,505
Imperial Holdings, Ltd.		11,254		190,135
Investec, Ltd.		12,434		97,126
Invicta Holdings, Ltd.		34,797		223,934
JD Group, Ltd.		12,248		87,700
Kagiso Media, Ltd.		63,846		151,127
Kumba Iron Ore, Ltd. (a)		3,558		251,607
Lewis Group, Ltd.		14,737		162,425
Massmart Holdings, Ltd.		19,585		406,277
Metorex, Ltd. (b)		42,497		40,677
MMI Holdings, Ltd.		48,887		120,419
MTN Group, Ltd.		88,409		1,786,243
Murray & Roberts Holdings, Ltd.		30,158		118,411
Mvelaphanda Resources, Ltd. (b)		15,744		89,347
Naspers, Ltd.		25,547		1,375,720
Nedbank Group, Ltd.		23,521		492,520
Netcare, Ltd. (a)		128,306		275,235
Pretoria Portland Cement Co., Ltd.		12,491		44,350
PSG Group, Ltd.		25,423		146,307
Reinet Investments SCA ADR (b)		10,259		17,590
Remgro, Ltd.		26,327		433,535
RMB Holdings, Ltd.		55,162		228,500
RMI Holdings		60,652		104,535
Sanlam, Ltd.		124,453		508,163
Sappi, Ltd. (a)(b)		17,326		91,892
Sasol, Ltd.		27,969		1,619,893
Shoprite Holdings, Ltd.		43,868		673,455
Standard Bank Group, Ltd.		53,478		822,805

See accompanying notes to financial statements.

112

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Steinhoff International Holdings, Ltd. (a)(b)		103,083	$	384,305
Sun International, Ltd.		10,141		135,774
Super Group, Ltd. (b)		80,092		8,768
Telkom SA, Ltd.		16,410		89,825
The Foschini Group, Ltd.		19,221		240,709
Tiger Brands, Ltd.		11,979		310,150
Trans Hex Group, Ltd. (b)		1,541		584
Truworths International, Ltd.		38,074		397,106
Wilson Bayly Holmes-Ovcon, Ltd.		14,116		225,540
Woolworths Holdings, Ltd.		78,238		323,510

				20,517,637

TAIWAN — 10.8%
Acer, Inc.		153,758		313,723
Advanced Semiconductor Engineering, Inc.		334,779		363,166
Asustek Computer, Inc.		27,689		239,636
AU Optronics Corp. ADR (a)(b)		67,523		592,852
Cathay Financial Holding Co., Ltd.		249,127		411,308
Chang Hwa Commercial Bank		333,000		267,247
Chimei Innolux Corp. (b)		128,874		132,132
China Development Financial Holding Corp.		728,255		293,467
China Steel Chemical Corp.		233,345		1,245,819
China Steel Corp.		437,335		522,753
Chinatrust Financial Holding Co., Ltd.		483,324		410,899
Chipbond Technology Corp. (b)		15,000		21,857
Chunghwa Telecom Co., Ltd.		149,457		465,552
CMC Magnetics Corp. (b)		183,000		44,309
Compal Electronics, Inc.		315,774		313,557
Delta Electronics, Inc.		119,340		472,790
Elite Semiconductor Memory Technology, Inc.		95,750		146,035
Epistar Corp.		33,850		124,319
Etron Technology, Inc.		15,140		9,525
Far Eastern New Century Corp.		303,204		468,625
Formosa Chemicals & Fibre Corp.		154,460		585,663
Formosa Epitaxy, Inc.		17,000		23,211
Formosa Plastics Corp.		243,610		857,417
Foxconn Technology Co., Ltd.		67,902		258,617
Fubon Financial Holding Co., Ltd.		350,983		466,084
Giant Manufacturing Co., Ltd.		176,802		718,475
Grape King, Inc.		155,000		224,015
Hon Hai Precision Industry Co., Ltd.		323,271		1,132,298
Hotai Motor Co., Ltd.		90,000		264,737
HTC Corp.		50,856		1,988,826
Hua Nan Financial Holdings Co., Ltd.		323,521		242,037
Lite-On Technology Corp.		155,009		190,819
MediaTek, Inc.		39,329		452,050
Mega Financial Holding Co., Ltd.		196,000		154,299
Mosel Vitelic, Inc. (b)		6,827		3,413
Nan Ya Plastics Corp.		239,690		706,685
National Petroleum Co., Ltd.		334,000		427,062
Neo Solar Power Corp. (b)		15,000		37,645
Novatek Microelectronics Corp.		30,225		89,010
Pan Jit International, Inc. (b)		13,000		17,528
Pegatron Corp. (b)		53,686		60,885
Pou Chen Corp.		224,531		207,302
Powerchip Technology Corp. (b)		252,189		54,629
Powertech Technology, Inc.		59,714		187,022
Precision Silicon Corp. (b)		29,098		33,643
ProMOS Technologies, Inc. (b)		134,950		7,434
Quanta Computer, Inc.		209,664		395,707
Raydium Semiconductor Corp.		11,617		59,257
Shin Kong Financial Holding Co., Ltd. (b)		230,252		99,832
Siliconware Precision Industries Co.		152,578		190,940
SinoPac Financial Holdings Co., Ltd.		483,000		217,630
Solar Applied Materials Technology Corp.		118,733		276,982
Solartech Energy Corp.		8,565		24,612
Taishin Financial Holdings Co., Ltd. (b)		433,832		245,636
Taiwan Cement Corp.		264,533		319,349
Taiwan Semiconductor Manufacturing Co., Ltd.		1,043,000		2,504,065
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		184,140		2,242,825
Taiwan Tea Corp.		95,913		54,958
Tatung Co., Ltd. (b)(e)		370,000		84,930
Tripod Technology Corp.		59,244		260,898
United Microelectronics Corp. ADR (a)		228,847		624,752
Unity Opto Technology Co., Ltd.		14,541		27,098
Visual Photonics Epitaxy Co., Ltd.		108,552		284,240
Wistron Corp.		124,248		196,894

				24,360,982

THAILAND — 1.9%
Advanced Info Service PCL		109,915		327,074
Bangkok Expressway PCL		315,659		197,254
Banpu PCL		12,408		315,072
Electricity Generating PCL (Foreign ownership limit)		71,274		224,462
IRPC PCL		805,458		153,129
Kasikornbank PCL		51,400		215,831
PTT Exploration & Production PCL		97,998		589,705
PTT PCL		66,024		772,772
Siam Cement PCL (c)		35,700		414,306
Siam Cement PCL (c)		300		3,759
Siam Commercial Bank PCL		104,002		364,497
Thai Oil PCL		99,195		273,036
Tisco Financial Group PCL		139,653		181,233
TMB Bank PCL (b)		4,031,517		314,577

				4,346,707

TURKEY — 1.7%
Akbank TAS		91,270		443,388
Anadolu Efes Biracilik Ve Malt Sanayii AS		19,622		277,709
Dogan Sirketler Grubu Holdings AS (b)		132,068		102,654
Dogan Yayin Holding AS (b)		51,692		66,295
Eregli Demir ve Celik Fabrikalari TAS (b)(c)		21,208		53,300
Eregli Demir ve Celik Fabrikalari TAS (b)(c)		61,697		165,447
Haci Omer Sabanci Holding AS		48,688		226,434
KOC Holding AS		69,581		323,601

See accompanying notes to financial statements.

113

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Migros Ticaret AS		767	$	17,239
Tupras-Turkiye Petrol Rafinerileri AS		11,061		325,271
Turkcell Iletisim Hizmetleri AS		41,952		248,367
Turkiye Garanti Bankasi AS		195,903		916,164
Turkiye Is Bankasi		114,000		364,776
Ulker Biskuvi Sanayi AS		46,345		168,707
Yapi ve Kredi Bankasi AS (b)		73,339		210,443

				3,909,795

UNITED KINGDOM — 0.1%
British American Tobacco PLC		6,544		266,477

TOTAL COMMON STOCKS —
(Cost $185,575,701)				217,304,699

PREFERRED STOCK — 0.0% (f)
MALAYSIA — 0.0% (f)
TA Global Bhd, 0.00% (Cost $1,429)		119,474		13,609

WARRANTS — 0.0% (f)
HONG KONG — 0.0% (f)
Kingboard Chemical Holdings, Ltd. (expiring 10/31/12) (b) (Cost $0)		3,450		2,839

SHORT TERM INVESTMENTS — 6.5%
UNITED STATES — 6.5%
MONEY MARKET FUNDS — 6.5%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		10,779,940		10,779,940
State Street Institutional Liquid Reserves Fund 0.19% (h)(i)		3,815,953		3,815,953

TOTAL SHORT TERM INVESTMENTS —
(Cost $14,595,893)				14,595,893

TOTAL INVESTMENTS — 102.8%
(Cost $200,173,023)				231,917,040
OTHER ASSETS & LIABILITIES — (2.8)%				(6,362,650	)

NET ASSETS — 100.0%			$	225,554,390


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.2% of net assets as of March 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i)		Security, or a portion thereof, is designated on the Fund’s books or pledged as collateral for futures contracts.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

At March 31, 2011, open futures contracts purchased were as follows:

Expiration

Aggregate

Unrealized

Futures

Date

Contracts

Face Value

Value

Appreciation

MSCI Taiwan Index Futures

4/28/2011

254

7,727,981

7,800,340

72,359

See accompanying notes to financial statements.

114

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BRAZIL — 25.4%
AES Tiete SA		6,725	$	94,049
AES Tiete SA Preference Shares		9,902		150,957
Banco do Brasil SA		6,905		125,430
CCR SA		4,696		136,831
Cia Energetica do Ceara Preference Shares		1,391		28,731
Companhia de Saneamento de Minas Gerais-Copasa MG		5,344		90,340
Companhia de Transmissao de Energia Electrica Paulista Preference Shares		4,341		138,923
Companhia Energetica de Minas Gerais ADR		7,495		144,429
Companhia Siderurgica Nacional SA ADR		7,125		118,702
EDP — Energias do Brasil SA		5,791		141,326
Eletropaulo Metropolitana SA Preference Shares		20,399		452,684
Light SA		23,976		415,628
Marfrig Alimentos SA		13,940		125,025
Natura Cosmeticos SA		4,736		133,921
Odontoprev SA		8,678		142,326
Petroleo Brasileiro SA ADR		3,320		134,227
Redecard SA		33,346		492,990
Souza Cruz SA		12,445		130,054
Tractebel Energia SA		7,915		134,289

				3,330,862

CHILE — 2.4%
AES Gener SA		164,613		88,637
Banco de Chile ADR		878		73,919
Compania General de Electricidad SA		6,152		34,666
ENTEL Chile SA		7,295		118,906

				316,128

CHINA — 6.2%
Bank of China, Ltd.		235,536		131,119
China Dongxiang Group Co.		315,000		99,625
Guangzhou R&F Properties Co., Ltd.		84,311		125,520
Jiangsu Expressway Co., Ltd.		116,000		130,046
Shenzhou International Group Holdings, Ltd.		46,000		54,290
Soho China Ltd.		167,500		143,635
Zhejiang Expressway Co., Ltd.		138,000		125,613

				809,848

CZECH REPUBLIC — 7.6%
CEZ AS		8,643		441,915
Komercni Banka AS		535		135,072
Telefonica O2 Czech Republic AS		18,320		428,756

				1,005,743

EGYPT — 0.9%
Egyptian Co. for Mobile Services		1,460		39,198
Telecom Egypt		26,672		77,874

				117,072

HONG KONG — 1.7%
China Mobile, Ltd.		12,837		118,250
Shenzhen Investment, Ltd.		310,000		103,224

				221,474

HUNGARY — 2.0%
Magyar Telekom Telecommunications PLC		85,744		270,251

INDONESIA — 1.5%
Astra International Tbk PT		23,500		153,833
Matahari Putra Prima Tbk PT		245,000		40,235

				194,068

MALAYSIA — 5.5%
Alliance Financial Group Bhd		54,100		56,623
Boustead Holdings Bhd		24,100		46,628
British American Tobacco Malaysia Bhd		2,500		39,670
Digi.Com Bhd		12,500		118,035
DRB-Hicom Bhd		190,400		144,588
Lafarge Malayan Cement Bhd		23,600		57,661
Public Bank Bhd		29,600		128,222
UMW Holdings Bhd		52,500		127,577

				719,004

MEXICO — 2.1%
Industrias Penoles SA de CV		3,743		137,542
Kimberly-Clark de Mexico SAB de CV		22,328		138,743

				276,285

MOROCCO — 0.9%
Lafarge Ciments		110		24,157
Maroc Telecom		5,166		100,509

				124,666

PHILIPPINES — 1.4%
Globe Telecom, Inc.		2,400		49,272
Philippine Long Distance Telephone Co. ADR		2,420		129,470

				178,742

RUSSIA — 1.3%
Tatneft ADR		3,835		169,469

SOUTH AFRICA — 11.1%
African Bank Investments, Ltd.		23,370		130,896
Growthpoint Properties, Ltd.		54,003		138,134
Kumba Iron Ore, Ltd.		2,070		146,382
Lewis Group, Ltd.		7,180		79,135
Massmart Holdings, Ltd.		6,128		127,121
Murray & Roberts Holdings, Ltd.		22,103		86,784
Nedbank Group, Ltd.		6,808		142,557
Pick’n Pay Holdings, Ltd.		30,715		87,063
Steinhoff International Holdings, Ltd. (a)		35,925		133,933
The Foschini Group, Ltd.		10,291		128,876
Tiger Brands, Ltd.		4,650		120,394
Woolworths Holdings, Ltd.		34,468		142,524

				1,463,799

SOUTH KOREA — 4.8%
Hyundai Marine & Fire Insurance Co., Ltd.		5,430		151,473
Kangwon Land, Inc.		5,030		116,699
KT&G Corp.		2,269		118,109
LG Uplus Corp.		20,990		118,445
Woongjin Coway Co., Ltd.		3,700		127,668

				632,394

See accompanying notes to financial statements.

115

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

TAIWAN — 19.0%
Asia Cement Corp.		118,000	$	132,620
Chicony Electronics Co., Ltd.		60,000		107,527
Chunghwa Telecom Co., Ltd.		42,000		130,828
Compal Electronics, Inc.		103,000		102,277
Eternal Chemical Co., Ltd.		60,000		70,801
Farglory Land Development Co., Ltd.		50,000		106,609
Fubon Financial Holding Co., Ltd.		95,000		126,154
Highwealth Construction Corp.		58,000		121,694
HTC Corp.		4,100		160,339
Macronix International Co., Ltd.		182,000		120,688
MediaTek, Inc.		10,000		114,941
Pou Chen Corp.		138,000		127,411
Quanta Computer, Inc.		65,000		122,677
RichTek Technology Corp.		15,000		103,804
Taiwan Cement Corp.		118,000		142,451
Taiwan Mobile Co., Ltd.		58,000		136,487
Transcend Information, Inc.		28,000		76,554
TSRC Corp.		50,000		128,373
U-Ming Marine Transport Corp.		65,000		138,371
Wistron Corp.		65,000		103,004
Yuanta Financial Holding Co., Ltd.		162,000		116,515

				2,490,125

THAILAND — 2.7%
Advanced Info Service PCL		49,800		148,190
Delta Electronics Thai PCL		99,200		87,737
Electricity Generating PCL		8,000		24,665
Ratchaburi Electricity Generating Holding PCL		73,800		92,723

				353,315

TURKEY — 3.3%
Petrol Ofisi AS		62,749		279,634
Turk Telekomunikasyon AS		30,571		153,662

				433,296

TOTAL COMMON STOCKS —
(Cost $12,481,845)				13,106,541

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.19% (c)(d)		100		100

TOTAL INVESTMENTS — 99.8%
(Cost $12,481,945)				13,106,641
OTHER ASSETS & LIABILITIES — 0.2%				25,491

NET ASSETS — 100.0%			$	13,132,132

ADR = American Depositary Receipt

See accompanying notes to financial statements.

116

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares			Value

COMMON STOCKS — 99.8%
BRAZIL — 25.9%
Banco Bradesco SA ADR (a)		1,060,427		$	22,003,860
Banco Santander Brazil SA ADS (a)		286,568			3,513,324
Companhia de Bebidas das Americas Preference Shares ADR		406,615			11,511,271
Companhia Energetica de Minas Gerais ADR (a)		221,826			4,274,587
Companhia Siderurgica Nacional SA ADR (a)		442,580			7,373,383
Gerdau SA ADR (a)		351,448			4,393,100
Itau Unibanco Holding SA Preference Shares ADR		1,284,329			30,888,112
Petroleo Brasileiro SA ADR		827,424			33,452,752
Tele Norte Leste Participacoes SA ADR		143,066			2,507,947
Vale SA ADR		733,369			24,457,856

					144,376,192

CHINA — 34.2%
Agricultural Bank of China, Ltd. (a)(b)		9,779,000			5,544,392
Baidu, Inc. ADR (b)		160,739			22,151,441
Bank of China, Ltd.		33,455,254			18,624,007
China Construction Bank Corp.		39,151,610			36,694,253
China Life Insurance Co., Ltd. (a)		4,113,000			15,440,539
China Merchants Bank Co., Ltd. (a)		2,177,436			6,032,725
China Petroleum & Chemical Corp.		9,250,288			9,276,214
China Shenhua Energy Co., Ltd.		1,921,500			9,053,891
China Telecom Corp., Ltd.		7,684,610			4,692,846
Industrial & Commercial Bank of China (a)		30,906,960			25,669,044
PetroChina Co., Ltd. (a)		11,692,171			17,707,667
Ping An Insurance Group Co. of China, Ltd.		906,500			9,189,469
Tencent Holdings, Ltd. (a)		436,300			10,629,561

					190,706,049

HONG KONG — 10.2%
China Mobile, Ltd.		2,858,000			26,326,875
China Overseas Land & Investment, Ltd. (a)		2,146,560			4,365,866
China Unicom (Hong Kong), Ltd. (a)		2,482,000			4,122,733
CNOOC, Ltd.		8,729,221			21,996,443

					56,811,917

INDIA — 7.7%
HDFC Bank, Ltd. ADR (a)		44,785			7,610,763
ICICI Bank, Ltd. ADR		156,401			7,793,462
Infosys Technologies, Ltd. ADR (a)		268,236			19,232,521	��
Reliance Industries, Ltd. GDR (c)(d)		178,824	��		8,479,834

					43,116,580

RUSSIA — 21.8%
Gazprom OAO ADR (d)		1,593,673			51,587,195
Gazprom OAO ADR (d)		16,962			548,551
Lukoil OAO ADR		236,995			16,980,692
MMC Norilsk Nickel OJSC ADR		427,461			11,302,069
Mobile TeleSystems ADR		269,679			5,725,285
NovaTek OAO GDR		83,548			11,613,172
Rosneft Oil Co. GDR		879,549			8,034,680
Surgutneftegas OJSC ADR		537,421			5,841,766
Tatneft ADR (a)		133,129			5,882,971
VimpelCom, Ltd. ADR		268,425			3,790,161

					121,306,542

TOTAL COMMON STOCKS —
(Cost $451,920,049)					556,317,280

SHORT TERM INVESTMENTS — 5.6%
UNITED STATES — 5.6%
MONEY MARKET FUNDS — 5.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		29,677,123			29,677,123
State Street Institutional Liquid Reserves Fund 0.19% (f)(g)		1,551,330			1,551,330

TOTAL SHORT TERM INVESTMENTS —
(Cost $31,228,453)					31,228,453

TOTAL INVESTMENTS — 105.4%
(Cost $483,148,502)					587,545,733
OTHER ASSETS & LIABILITIES — (5.4)%					(30,019,887	)

NET ASSETS — 100.0%				$	557,525,846


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.5% of net assets as of March 31, 2011, 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)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

117

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.2%
CZECH REPUBLIC — 3.9%
CEZ AS		128,784	$	6,584,710
Komercni Banka AS		8,760		2,211,647
Telefonica O2 Czech Republic AS		53,008		1,240,584
Unipetrol (a)(b)		86,833		873,099

				10,910,040

HUNGARY — 4.2%
Magyar Telekom Telecommunications PLC		513,844		1,619,551
MOL Hungarian Oil and Gas NyRt (a)(b)		26,591		3,406,396
OTP Bank NyRt (a)(b)		148,644		4,407,882
Richter Gedeon NyRt		11,379		2,370,415

				11,804,244

POLAND — 11.8%
Agora SA		78,167		720,944
Asseco Poland SA		39,976		758,806
Bank Pekao SA		56,037		3,358,747
Bank Zachodni WBK SA		1,920		153,284
Bioton SA (b)		1,849,644		110,734
BRE Bank SA (b)		9,204		1,113,711
Cersanit SA (b)		111,673		467,992
Echo Investment SA (b)		231,608		399,662
Getin Holding SA (b)		142,783		714,016
Globe Trade Centre SA (b)		93,253		698,839
ING Bank Slaski SA (b)		4,406		1,387,155
KGHM Polska Miedz SA		63,214		4,011,538
Lubelski Wegiel Bogdanka SA (b)		18,919		834,152
Netia SA (b)		991,925		1,833,922
Orbis SA (b)		34,288		481,790
PBG SA		7,602		503,302
Polimex- Mostostal SA		309,197		383,284
Polska Grupa Energetyczna SA		183,167		1,477,153
Polski Koncern Naftowy Orlen SA (b)		110,706		2,052,638
Powszechna Kasa Oszczednosci Bank Polski SA		270,604		4,164,458
Powszechny Zaklad Ubezpieczen SA		10,862		1,361,766
Tauron Polska Energia SA (b)		703,339		1,555,490
Telekomunikacja Polska SA		546,275		3,385,843
TVN SA		142,890		912,813
Zaklad Przetworstwa Hutniczego Stalprodukt SA		2,478		243,472

				33,085,511

RUSSIA — 64.4%
Comstar United Telesystems GDR (b)		164,512		1,186,605
Evraz Group SA GDR (b)		81,706		3,243,728
Gazprom Neft JSC ADR (a)		102,624		2,704,142
Gazprom OAO ADR (c)		1,572,320		50,895,999
Gazprom OAO ADR (c)		23,177		749,544
Integra Group Holdings GDR (b)(c)		98,823		340,939
Integra Group Holdings GDR (b)(c)		188,234		649,407
Lukoil OAO ADR		261,505		18,736,833
Mechel OAO ADR (a)		64,097		1,973,547
MMC Norilsk Nickel OJSC ADR		524,634		13,871,323
Mobile TeleSystems ADR (a)		303,699		6,447,530
NovaTek OAO GDR		90,898		12,634,822
Novolipetsk Steel OJSC GDR		20,749		912,956
Pharmstandard GDR (b)		19,737		551,649
PIK Group GDR (b)		159,771		717,372
Polymetal JSC GDR (b)(c)		103,707		1,960,062
Polymetal JSC GDR (b)(c)		1,825		33,763
Polyus Gold OJSC ADR (c)		91,777		3,223,208
Polyus Gold OJSC ADR (c)		353		12,426
Rosneft Oil Co. GDR (c)		103,373		944,312
Rosneft Oil Co. GDR (c)		1,039,577		9,496,536
Rostelecom ADR		42,429		1,538,996
Sberbank		4,792,469		18,010,099
Severstal GDR		158,698		3,112,068
Sistema JSFC GDR		66,608		1,938,293
Surgutneftegas OJSC ADR		749,323		8,145,141
Tatneft ADR		82,937		3,664,986
Uralkali GDR		104,060		4,315,368
VimpelCom, Ltd. ADR		237,099		3,347,838
VTB Bank OJSC GDR		672,568		4,707,976
X5 Retail Group NV GDR (b)		19,435		819,186

				180,886,654

TURKEY — 14.9%
Akbank TAS		738,596		3,588,088
Anadolu Anonim Turk Sigorta		805,200		620,648
Anadolu Efes Biracilik Ve Malt Sanayii AS		170,735		2,416,400
Arcelik AS		440,735		2,038,312
Asya Katilim Bankasi AS		242,296		472,398
BIM Birlesik Magazalar AS		42,775		1,440,749
Dogan Sirketler Grubu Holdings AS (b)		829,434		644,700
Dogan Yayin Holding AS (b)		867,721		1,112,859
Dogus Otomotiv Servis ve Ticaret AS (b)		468,488		1,778,243
Enka Insaat ve Sanayi AS		282,116		1,089,103
Eregli Demir ve Celik Fabrikalari TAS (b)(c)		148,261		372,609
Eregli Demir ve Celik Fabrikalari TAS (b)(c)		509,624		1,366,612
Haci Omer Sabanci Holding AS		390,880		1,817,870
Hurriyet Gazetecilik ve Matbaacilik AS		618,049		808,666
KOC Holding AS		502,617		2,337,526
Tupras-Turkiye Petrol Rafinerileri AS		72,725		2,138,624
Turk Hava Yollari Anonim Ortakligi (b)		751,643		2,093,510
Turk Telekomunikasyon AS		129,044		648,626
Turkcell Iletisim Hizmetleri AS		450,390		2,666,428
Turkiye Garanti Bankasi AS		1,485,772		6,948,391
Turkiye Halk Bankasi AS		98,748		764,348
Turkiye Is Bankasi		627,903		2,009,159
Vestel Elektronik Sanayi (b)		419,652		720,328
Yapi ve Kredi Bankasi AS (b)		695,902		1,996,856

				41,891,053

TOTAL COMMON STOCKS —
(Cost $238,787,166)				278,577,502

SHORT TERM INVESTMENTS — 1.7%
UNITED STATES — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,847,692		1,847,692

See accompanying notes to financial statements.

118

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.19% (e)(f)		2,806,693	$	2,806,693

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,654,385)				4,654,385

TOTAL INVESTMENTS — 100.9%
(Cost $243,441,551)				283,231,887
OTHER ASSETS & LIABILITIES — (0.9)%				(2,510,466	)

NET ASSETS — 100.0%			$	280,721,421


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

119

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.2%
BRAZIL — 65.8%
AES Tiete SA Preference Shares		55,147	$	840,722
All America Latina Logistica SA		133,164		1,096,910
B2W Companhia Global do Varejo		34,092		468,392
Banco Bradesco SA ADR (a)		445,812		9,250,599
Banco do Brasil SA		130,515		2,370,812
Banco do Brasil SA ADR (a)		49,914		916,421
Banco Santander Brazil SA ADS (a)		139,014		1,704,312
BM&F BOVESPA SA		445,092		3,242,256
Bradespar SA Preference Shares		76,724		2,018,618
Brasil Telecom SA ADR		18,261		196,123
Brasil Telecom SA Preference Shares ADR		31,762		857,892
Braskem SA Preference Shares ADR (a)		34,913		940,207
BRF — Brasil Foods SA		45,999		871,768
BRF — Brasil Foods SA ADR (a)		86,412		1,649,605
CCR SA		47,902		1,395,761
Centrais Eletricas Brasileiras SA		10,503		159,280
Centrais Eletricas Brasileiras SA ADR		76,556		1,165,221
Cielo SA		104,183		886,364
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		45,087		1,890,498
Companhia de Bebidas das Americas Preference Shares ADR		213,423		6,042,005
Companhia de Saneamento Basico do Estado de Sao Paulo		44,907		1,297,451
Companhia Energetica de Minas Gerais ADR (a)		113,914		2,195,123
Companhia Energetica de Sao Paulo Preference Shares		67,741		1,295,064
Companhia Paranaense de Energia Preference Shares		37,065		1,012,780
Companhia Siderurgica Nacional SA ADR (a)		206,278		3,436,591
Cosan SA Industria e Comercio		43,910		685,609
CPFL Energia SA ADR (a)		6,825		596,573
Cyrela Brazil Realty SA		91,976		875,235
Cyrela Commercial Properties SA Empreendimentos e Participacoes		71,708		612,719
Duratex SA		124,319		1,318,274
Empresa Brasileira de Aeronautica SA		131,142		1,088,315
Fertilizantes Heringer SA (b)		5,339		32,820
Fibria Celulose SA ADR (b)		75,152		1,233,996
Gafisa SA		64,753		410,789
Gerdau SA ADR (a)		126,730		1,584,125
Gerdau SA Preference Shares		24,659		306,049
Gol Linhas Aereas Inteligentes SA Preference Shares (b)		42,042		564,437
Investimentos Itau SA		109,774		832,710
Investimentos Itau SA Preference Shares		643,466		5,063,080
Itau Unibanco Holding SA Preference Shares ADR		516,449		12,420,598
JBS SA		204,061		735,084
LLX Logistica SA (b)		119,868		370,638
Lojas Americanas SA Preference Shares		180,707		1,510,752
Lojas Renner SA		41,208		1,339,782
Metalurgica Gerdau SA Preference Shares		110,137		1,649,262
MMX Mineracao e Metalicos SA (b)		24,160		152,378
MRV Engenharia e Participacoes SA		3,884		31,182
Natura Cosmeticos SA		52,484		1,484,103
OGX Petroleo e Gas Participacoes SA (b)		166,183		2,007,374
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		130,683		1,607,401
PDG Realty SA Empreendimentos e Participacoes		240,892		1,356,429
Petroleo Brasileiro SA ADR (c)		443,776		15,771,799
Petroleo Brasileiro SA ADR (c)		323,010		13,059,294
Redecard SA		60,368		892,485
Souza Cruz SA		171,434		1,791,534
TAM SA ADR (a)		22,417		442,512
Tele Norte Leste Participacoes SA ADR		57,430		1,006,748
Tele Norte Leste Participacoes SA Preference Shares		3,932		67,920
Tim Participacoes SA ADR (a)		26,662		1,163,796
Tim Participacoes SA Preference Shares		45,756		197,172
Tractebel Energia SA ADR (a)		6,919		113,126
Ultrapar Participacoes SA ADR (a)		86,967		1,474,091
Usinas Siderurgicas de Minas Gerais SA ADR (a)		133,251		1,616,135
Usinas Siderurgicas de Minas Gerais SA Preference Shares		38,032		461,738
Vale SA ADR		320,937		10,703,249
Vale SA ADR Preference Shares		483,392		14,269,732
Vivo Participacoes SA Preference Shares		47,743		1,895,926

				151,997,746

CHILE — 9.3%
Almendral SA		4,378,372		539,130
Antarchile SA		67,722		1,345,536
Banco de Chile ADR (a)		10,788		908,242
Banco de Credito e Inversiones		25,694		1,608,724
Banco Santander Chile ADR (a)		5,244		454,917
CAP SA		33,963		1,644,457
Cencosud SA ADR (a)(d)		18,072		1,937,700
Compania General de Electricidad SA		182,172		1,026,535
Empresa Nacional de Electricidad SA ADR (a)		33,060		1,838,797
Empresas CMPC SA		34,445		1,681,957
Empresas COPEC SA		128,184		2,247,172
Enersis SA ADR		68,558		1,427,377
Lan Airlines SA ADR (a)		46,366		1,186,506
SACI Falabella		279,639		2,839,286
Sociedad Quimica y Minera de Chile SA ADR		12,746		704,344

				21,390,680

MEXICO — 20.3%
Alfa SAB de CV		129,022		1,668,463

See accompanying notes to financial statements.

120

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

America Movil SAB de CV		4,533,533	$	13,169,700
Cemex SAB de CV (b)		2,191,076		1,957,887
Corporacion GEO SAB de CV (b)		171,546		480,613
Desarrolladora Homex SAB de CV (b)		84,543		385,111
Empresas ICA SAB de CV (b)		153,771		349,455
Fomento Economico Mexicano SAB de CV		619,071		3,632,618
Grupo Aeroportuario del Sureste SAB de CV		180,896		1,063,294
Grupo Bimbo SAB de CV		201,645		1,707,858
Grupo Carso SA de CV		199,287		656,242
Grupo Financiero Banorte SAB de CV		438,935		2,064,319
Grupo Financiero Inbursa SA		323,921		1,489,945
Grupo Mexico SAB de CV		963,801		3,610,030
Grupo Modelo SAB de CV		226,904		1,362,501
Grupo Televisa SA de CV (Series CPO) (b)		394,277		1,938,397
Grupo Televisa SA de CV ADR (b)		3,153		77,343
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		499,066		787,960
Inmuebles Carso SAB de CV (a)(b)		238,134		261,188
Kimberly-Clark de Mexico SAB de CV		274,890		1,708,128
Minera Frisco SAB de CV (b)		238,134		1,042,352
Telefonos de Mexico SA de CV		1,894,127		1,737,082
TV Azteca SAB de CV		896,107		623,883
Urbi Desarrollos Urbanos SA de CV (b)		207,486		481,806
Wal-Mart de Mexico SAB de CV (a)		1,559,525		4,675,726

				46,931,901

PERU — 3.8%
Compania de Minas Buenaventura SA ADR, Series B		60,041		2,579,962
Compania Minera Milpo SA		233,161		569,903
Credicorp, Ltd.		18,894		1,982,547
Minsur SA		607,292		910,125
Southern Copper Corp.		50,660		2,040,079
Volcan Compania Minera SAA (Class B)		506,114		713,345

				8,795,961

TOTAL COMMON STOCKS —
(Cost $206,971,527)				229,116,288

RIGHTS — 0.0% (e)
BRAZIL — 0.0% (e)
B2W Companhia Global Do Varejo (expiring 4/26/11) (b) (Cost $0)		14,298		9,844

SHORT TERM INVESTMENTS — 6.8%
UNITED STATES — 6.8%
MONEY MARKET FUNDS — 6.8%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		14,922,884		14,922,884
State Street Institutional Liquid Reserves Fund 0.19% (g)(h)		783,207		783,207

TOTAL SHORT TERM INVESTMENTS —
(Cost $15,706,091)				15,706,091

TOTAL INVESTMENTS — 106.0%
(Cost $222,677,618)				244,832,223
OTHER ASSETS & LIABILITIES — (6.0)%				(13,910,871	)

NET ASSETS — 100.0%			$	230,921,352


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.8% of net assets as of March 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying notes to financial statements.

121

SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.3%
EGYPT — 5.8%
Arab Cotton Ginning		67,523	$	42,149
Commercial International Bank Egypt SAE		360,245		1,992,394
Eastern Tobacco		39,472		697,839
Egyptian Co. for Mobile Services		14,721		395,228
Egyptian Financial Group-Hermes Holding		121,176		446,518
Egyptian International Pharmaceutical Industrial Co.		18,366		110,328
Egyptian Kuwait Holding Co.		250,786		343,577
ElSwedy Electric Co. (a)		29,759		198,493
Ezz Steel (a)		103,447		190,942
Juhayna Food Industries (a)		149,632		146,883
Maridive & Oil Services SAE		59,827		202,215
Orascom Construction Industries		43,322		1,766,465
Orascom Telecom Holding SAE GDR (a)(b)		18,696		68,895
Orascom Telecom Holding SAE GDR (a)(b)(c)		165,649		610,416
Palm Hills Developments SAE (a)		181,505		85,278
Sidi Kerir Petrochemicals Co.		113,070		277,007
Six of October Development & Investment Co. (a)		19,368		205,038
Suez Cement Co.		59,297		398,000
Talaat Moustafa Group (a)		514,803		404,275
Telecom Egypt		184,393		538,374

				9,120,314

MOROCCO — 4.9%
Attijariwafa Bank		59,680		2,914,985
Banque Centrale Populaire		17,919		895,477
Banque Marocaine du Commerce Exterieur		74,577		2,153,727
Banque Marocaine pour le Commerce et l’Industrie SA		4,874		619,944
Ciments du Maroc		6,012		837,915
Douja Promotion Groupe Addoha SA		30,988		404,071

				7,826,119

SOUTH AFRICA — 88.6%
ABSA Group, Ltd.		102,104		2,061,128
Acucap Properties, Ltd.		45,776		232,962
Adcock Ingram Holdings, Ltd.		73,335		602,676
Adcorp Holdings, Ltd.		24,316		99,826
Afgri, Ltd.		168,149		170,402
African Bank Investments, Ltd.		311,348		1,743,875
African Oxygen, Ltd.		46,009		122,519
African Rainbow Minerals, Ltd.		41,412		1,366,217
Allied Electronics Corp., Ltd. Preference Shares		92,131		345,928
Allied Technologies, Ltd.		21,952		185,113
Anglo Platinum, Ltd. (c)		21,266		2,192,841
AngloGold Ashanti, Ltd.		155,798		7,479,373
Aquarius Platinum, Ltd. (c)		159,215		882,018
ArcelorMittal South Africa, Ltd.		57,428		764,636
Aspen Pharmacare Holdings, Ltd. (a)		178,901		2,090,877
Assore, Ltd.		22,324		715,021
Astral Foods, Ltd.		18,098		330,663
Aveng, Ltd.		168,112		887,137
AVI, Ltd.		111,285		493,744
Avusa, Ltd.		79,440		288,757
Barloworld, Ltd.		96,403		1,065,368
Basil Read Holdings, Ltd.		62,588		106,019
Bidvest Group, Ltd.		121,729		2,677,175
Blue Label Telecoms, Ltd.		111,519		98,989
Business Connexion Group, Ltd.		129,967		100,944
Capital Property Fund		179,591		211,223
Cipla Medpro South Africa, Ltd.		169,087		172,353
City Lodge Hotels, Ltd.		11,444		114,111
Clicks Group, Ltd.		131,950		830,806
Coronation Fund Managers, Ltd.		84,308		222,013
DataTec, Ltd.		124,228		681,839
Discovery Holdings, Ltd.		154,284		869,858
Distribution and Warehousing Network, Ltd. (a)		65,037		62,541
DRDGOLD, Ltd.		206,560		103,900
Emira Property Fund		96,336		184,279
Eqstra Holdings, Ltd. (a)		167,879		160,939
Esorfranki, Ltd. (c)		185,432		43,893
Evraz Highveld Steel and Vanadium, Ltd. (a)(c)		9,924		102,713
Exxaro Resources, Ltd.		77,278		1,891,636
FirstRand, Ltd.		1,595,171		4,743,424
Fountainhead Property Trust		747,331		683,267
Freeworld Coatings, Ltd.		149,900		255,028
Gold Fields, Ltd.		311,964		5,466,737
Gold Reef Resorts, Ltd.		86,994		205,920
Grindrod, Ltd.		212,138		465,423
Group Five, Ltd. (c)		46,009		185,821
Growthpoint Properties, Ltd.		526,410		1,346,504
Harmony Gold Mining Co., Ltd. (c)		160,073		2,351,323
Hudaco Industries, Ltd.		10,511		126,966
Hyprop Investments, Ltd.		101,197		798,563
Illovo Sugar, Ltd. (c)		84,541		335,815
Impala Platinum Holdings, Ltd.		207,950		6,021,811
Imperial Holdings, Ltd.		67,237		1,135,960
Investec, Ltd.		74,212		579,691
JD Group, Ltd. (c)		61,869		443,003
JSE, Ltd.		32,814		339,818
Kumba Iron Ore, Ltd. (c)		34,242		2,421,451
Lewis Group, Ltd.		37,249		410,544
Liberty Holdings, Ltd.		46,122		485,139
Life Healthcare Group Holdings, Ltd.		351,481		826,256
Massmart Holdings, Ltd.		81,135		1,683,088
Medi-Clinic Corp., Ltd.		118,639		508,996
Merafe Resources, Ltd.		707,515		154,912
Metorex, Ltd. (a)		301,251		288,351
MMI Holdings, Ltd.		468,080		1,152,983
Mondi, Ltd.		68,311		670,028
Mr. Price Group, Ltd.		115,604		1,047,533
MTN Group, Ltd.		501,920		10,140,946
Murray & Roberts Holdings, Ltd.		122,583		481,304
Mvelaphanda Resources, Ltd. (a)		77,252		438,407
Nampak, Ltd.		250,006		811,476
Naspers, Ltd.		172,820		9,306,450
Nedbank Group, Ltd.		147,593		3,090,534
Netcare, Ltd. (c)		546,642		1,172,626

See accompanying notes to financial statements.

122

SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Northam Platinum, Ltd. (c)		63,995	$	416,569
Omnia Holdings, Ltd. (a)		20,902		226,477
Petmin, Ltd.		244,870		109,404
Pick n Pay Stores, Ltd.		141,403		962,706
Pick’n Pay Holdings, Ltd.		100,656		285,315
Pioneer Foods, Ltd. (a)		38,299		311,800
Pretoria Portland Cement Co., Ltd.		239,410		850,046
Raubex Group, Ltd.		58,151		157,003
Redefine Properties, Ltd.		1,105,821		1,226,972
Remgro, Ltd.		159,353		2,624,116
Resilient Property Income Fund, Ltd.		97,619		433,256
Reunert, Ltd.		74,669		647,110
RMB Holdings, Ltd.		275,647		1,141,826
RMI Holdings		275,647		475,081
SA Corporate Real Estate Fund		809,460		383,208
Sanlam, Ltd.		626,972		2,560,035
Sappi, Ltd. (a)(c)		233,895		1,240,506
Sasol, Ltd.		198,079		11,472,227
Shoprite Holdings, Ltd.		197,375		3,030,070
Simmer & Jack Mines, Ltd. (a)		401,905		45,188
Standard Bank Group, Ltd.		407,241		6,265,756
Steinhoff International Holdings, Ltd. (a)(c)		547,012		2,039,323
Sun International, Ltd. (c)		34,977		468,295
Super Group, Ltd. (a)		1,213,253		132,823
Telkom SA, Ltd.		91,801		502,502
The Foschini Group, Ltd.		81,635		1,022,332
The Spar Group, Ltd.		74,499		1,047,039
Tiger Brands, Ltd.		66,179		1,713,451
Tongaat Hulett, Ltd.		36,783		530,513
Truworths International, Ltd.		187,190		1,952,362
Vodacom Group, Ltd.		112,684		1,323,311
Wilson Bayly Holmes-Ovcon, Ltd.		34,374		549,215
Woolworths Holdings, Ltd.		348,544		1,441,213

				140,919,460

TOTAL COMMON STOCKS —
(Cost $146,775,911)				157,865,893

RIGHTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Fountainhead Property Trust (expiring 4/8/11) (a) (Cost $0)		125,050		3,330

SHORT TERM INVESTMENTS — 4.3%
UNITED STATES — 4.3%
MONEY MARKET FUNDS — 4.3%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		6,401,771		6,401,771
State Street Institutional Liquid Reserves Fund 0.19% (f)(g)		495,859		495,859

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,897,630)				6,897,630

TOTAL INVESTMENTS — 103.6%
(Cost $153,673,541)				164,766,853
OTHER ASSETS & LIABILITIES — (3.6)%				(5,698,503	)

NET ASSETS — 100.0%			$	159,068,350


(a)		Non-income producing security.
(b)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		Security, or portion thereof, was on loan at March 31, 2011.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

123

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AUSTRALIA — 7.7%
Abacus Property Group		76,419	$	185,717
Alumina, Ltd.		64,996		165,350
Amcor, Ltd.		13,506		98,609
AMP, Ltd. (a)		25,432		142,812
Ansell, Ltd.		16,428		229,691
APA Group		14,878		64,775
Aristocrat Leisure, Ltd. (a)		23,711		79,692
Australia & New Zealand Banking Group, Ltd.		20,553		506,079
BHP Billiton, Ltd.		33,399		1,608,162
Billabong International, Ltd.		13,491		105,335
BlueScope Steel, Ltd.		31,778		64,905
Brambles, Ltd.		22,093		161,760
Bunnings Warehouse Property Trust		29,111		51,630
Commonwealth Bank of Australia		13,237		717,306
Computershare, Ltd.		13,377		128,101
ConnectEast Group		254,994		119,984
CSL, Ltd.		7,794		287,990
CSR, Ltd. (a)		22,207		75,326
DUET Group		97,632		169,118
Envestra, Ltd.		309,244		191,883
Foster’s Group, Ltd.		26,631		157,531
GWA International, Ltd.		54,066		185,070
Harvey Norman Holdings, Ltd. (a)		40,340		125,153
Hills Industries, Ltd.		46,346		73,331
Insurance Australia Group, Ltd.		30,457		113,075
Lend Lease Group		17,387		163,086
Macquarie Group, Ltd.		4,295		162,565
MAp Group		43,787		137,658
National Australia Bank, Ltd.		16,121		430,959
Newcrest Mining, Ltd.		11,149		459,114
Origin Energy, Ltd.		14,877		249,545
OZ Minerals, Ltd.		81,854		135,016
Perpetual, Ltd. (a)		3,439		103,457
QBE Insurance Group, Ltd.		10,548		192,748
Rio Tinto, Ltd. (a)		4,849		424,987
Santos, Ltd.		12,206		196,285
Sonic Healthcare, Ltd. (a)		12,340		152,882
Suncorp Group, Ltd.		18,467		161,948
Tatts Group, Ltd.		55,413		134,094
Toll Holdings, Ltd. (a)		13,373		82,010
Wesfarmers, Ltd.		12,558		412,722
Westfield Group		16,275		157,200
Westfield Retail Trust (b)		13,853		37,534
Westpac Banking Corp.		21,197		533,335
Woodside Petroleum, Ltd.		7,270		351,855
Woolworths, Ltd.		14,800		411,410
WorleyParsons, Ltd.		3,992		127,896

				11,026,691

AUSTRIA — 0.3%
Erste Group Bank AG		2,649		133,846
OMV AG		2,820		127,620
Voestalpine AG		2,991		140,621

				402,087

BELGIUM — 0.9%
Ageas		37,287		106,093
Ageas VVPR Strip (b)		592		2
Anheuser-Busch InBev NV		7,142		407,385
Bekaert NV		792		90,465
Delhaize Group		2,024		165,011
Dexia SA (b)		13,782		53,746
Gimv NV		2,234		134,736
KBC Groep NV (b)		2,164		81,487
UCB SA (a)		2,721		103,465
Umicore		3,969		197,106

				1,339,496

CANADA — 9.2%
AGF Management, Ltd.		5,347		107,792
Agnico-Eagle Mines, Ltd.		2,261		149,804
Agrium, Inc.		3,025		278,415
Bank of Montreal (a)		4,841		313,427
Bank of Nova Scotia		7,216		441,305
Barrick Gold Corp.		9,672		501,025
Bombardier, Inc. (Class B)		23,791		174,382
Brookfield Asset Management, Inc. (Class A) (a)		5,829		188,817
Cameco Corp.		6,369		190,923
Canadian Imperial Bank of Commerce (a)		3,568		306,641
Canadian National Railway Co.		5,560		418,107
Canadian Natural Resources, Ltd. (a)		12,173		599,921
Canadian Oil Sands, Ltd. (a)		5,561		186,767
Canadian Pacific Railway, Ltd.		2,854		182,844
Canadian Western Bank		6,763		216,569
Cenovus Energy, Inc. (a)		6,173		243,049
CGI Group, Inc. (Class A) (b)		11,904		248,788
Crescent Point Energy Corp. (a)		5,710		276,181
EnCana Corp. (a)		7,570		260,933
Fairfax Financial Holdings, Ltd.		346		130,361
First Quantum Minerals, Ltd. (a)		1,404		181,023
Gildan Activewear, Inc.		4,023		131,598
Goldcorp, Inc. (a)		8,056		400,336
Husky Energy, Inc. (a)		5,549		168,053
IAMGOLD Corp.		6,782		148,991
Imperial Oil, Ltd.		4,831		246,032
Kinross Gold Corp. (a)		8,804		138,294
Magna International, Inc. (Class A) (a)		4,539		216,883
Manulife Financial Corp. (a)		16,676		294,519
Nexen, Inc.		7,929		197,013
Nordion, Inc.		8,854		104,127
Potash Corp. of Saskatchewan, Inc.		10,100		593,800
Research In Motion, Ltd. (b)		5,188		292,427
Richelieu Hardware, Ltd.		7,620		235,004
Rogers Communications, Inc. (Class B) (a)		6,042		218,885
Royal Bank of Canada (a)		11,360		700,577
Russel Metals, Inc.		7,482		210,057
Shaw Communications, Inc. (a)		6,542		137,464
Sherritt International Corp. (a)		13,066		106,919
Sino-Forest Corp. (a)(b)		4,520		117,560
Sun Life Financial, Inc. (a)		6,202		194,269
Suncor Energy, Inc.		17,464		780,606
Talisman Energy, Inc.		13,813		340,373
Teck Resources, Ltd. (Class B)		6,441		340,276

See accompanying notes to financial statements.

124

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

TELUS Corp. (a)		2,986	$	144,580
TMX Group, Inc.		3,302		131,774
Toronto-Dominion Bank (a)		7,173		632,684
TransCanada Corp. (a)		7,113		287,445
Yamana Gold, Inc.		10,783		132,799

				13,240,419

CHINA — 0.6%
Chong Hing Bank, Ltd.		58,000		149,135
Dah Sing Banking Group, Ltd.		102,117		158,068
Dah Sing Financial Holdings, Ltd.		15,068		92,986
Hongkong Land Holdings, Ltd. (a)		30,000		210,000
Sino Land Co., Ltd.		65,557		116,479
Transport International Holdings, Ltd.		50,800		156,746

				883,414

DENMARK — 1.2%
A P Moller — Maersk A/S		27		254,322
Danske Bank A/S (b)(c)		2,009		44,928
Danske Bank A/S (b)(c)		6,028		133,660
DSV A/S (a)		7,332		181,273
FLSmidth & Co. A/S		1,886		160,885
GN Store Nord A/S		17,274		162,446
Novo Nordisk A/S (Class B)		4,464		561,600
SimCorp A/S (a)		538		86,320
Vestas Wind Systems A/S (a)(b)		2,568		111,535

				1,696,969

FINLAND — 1.9%
Amer Sports Oyj (Class A)		12,014		154,465
Elisa Oyj (a)		4,450		98,072
Fortum Oyj (b)		3,608		122,678
Kemira Oyj (a)		5,897		95,317
Kesko Oyj (Class B) (b)		2,838		132,904
Kone Oyj (Class B)		3,889		224,067
Konecranes OYJ (a)(b)		3,443		159,624
Lassila & Tikanoja Oyj		5,935		106,964
Metso Oyj (a)		2,947		158,668
Neste Oil Oyj		4,674		96,508
Nokia Oyj (a)		34,744		297,557
Pohjola Bank PLC (a)		7,311		99,808
Sampo Oyj (Class A)		4,884		156,014
Sanoma Oyj (a)		4,917		111,434
Stockmann Oyj Abp (Class B) (a)		3,155		94,918
Stora Enso Oyj		9,590		114,385
Tikkurila Oy (b)		1,473		33,571
UPM-Kymmene Oyj (b)		6,985		147,893
Wartsila Oyj		4,220		164,986
YIT Oyj		4,336		128,725

				2,698,558

FRANCE — 8.0%
Accor SA		2,724		122,560
Air Liquide SA		2,172		288,995
Alcatel-Lucent (a)(b)		31,864		183,179
Alstom SA		2,464		145,898
AXA SA		17,751		371,433
BNP Paribas		7,871		576,470
Bourbon SA (a)		2,180		103,327
Bouygues SA		3,021		145,268
Cap Gemini SA		2,284		132,842
Carrefour SA		6,185		274,198
Casino Guichard-Perrachon SA		1,272		120,562
Compagnie de Saint-Gobain		4,914		301,288
Compagnie Generale de Geophysique-Veritas (b)		3,537		127,718
Compagnie Generale des Etablissements Michelin		2,098		177,445
Credit Agricole SA		9,680		159,073
Danone		6,432		420,739
Edenred (b)		2,724		82,319
EDF SA		2,441		101,219
Essilor International SA		3,367		250,373
France Telecom SA		16,678		374,187
GDF Suez		12,055		491,833
Guyenne et Gascogne SA		1,303		169,228
Hermes International		1,192		261,685
L’Oreal SA		2,339		272,844
Lafarge SA		1,870		116,803
Lagardere SCA		2,481		106,064
LVMH Moet Hennessy Louis Vuitton SA		1,994		316,076
Nexans SA		1,359		130,158
Pernod — Ricard SA (a)		2,519		235,574
Peugeot SA (b)		2,409		95,311
PPR		1,088		166,982
Publicis Groupe SA		3,199		179,659
Renault SA (b)		2,186		121,015
Sanofi-Aventis SA		9,364		657,446
Schneider Electric SA		2,699		461,916
Societe Generale		6,040		392,997
Sodexo		1,851		135,357
Technip SA		1,951		208,342
Total SA		20,791		1,267,366
Unibail-Rodamco SE		777		168,539
Valeo SA (b)		2,329		136,021
Vallourec SA		1,619		181,872
Veolia Environnement		5,362		166,946
Vinci SA		5,199		325,329
Vivendi SA		9,757		279,000

				11,503,456

GERMANY — 7.2%
Adidas AG		3,094		195,188
Allianz SE		4,183		587,852
BASF SE		8,127		703,861
Bayer AG		7,472		579,376
Bayerische Motoren Werke AG		3,512		292,803
Bilfinger Berger AG		1,674		145,504
Commerzbank AG (a)(b)		11,173		87,190
Daimler AG (b)		9,590		678,417
Deutsche Bank AG		8,221		483,982
Deutsche Boerse AG		2,339		177,747
Deutsche Post AG		9,515		171,755
Deutsche Telekom AG		26,976		416,121
E.ON AG		16,233		496,431
Fresenius Medical Care AG & Co. KGaA		2,783		187,160
Fresenius SE		1,880		174,134
GEA Group AG		5,396		177,960

See accompanying notes to financial statements.

125

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Henkel AG & Co. KGaA Preference Shares		3,578	$	221,939
Hochtief AG		1,387		149,393
Infineon Technologies AG		20,789		213,445
K+S AG		2,130		161,018
Lanxess AG		2,884		216,012
Linde AG		1,450		229,330
MAN SE		1,634		204,055
Merck KGaA		1,288		116,394
Muenchener Rueckversicherungs- Gesellschaft AG		2,083		328,114
Porsche Automobil Holding SE Preference Shares (a)		1,197		78,495
Puma AG Rudolf Dassler Sport		320		93,979
Rheinmetall AG		1,939		160,888
RWE AG		4,211		268,584
Salzgitter AG		829		65,527
SAP AG		8,835		541,631
Siemens AG		8,212		1,127,024
ThyssenKrupp AG		4,157		170,074
Volkswagen AG (a)		907		139,396
Volkswagen AG Preference Shares		1,447		235,016
Wincor Nixdorf AG		1,791		145,202

				10,420,997

GREECE — 0.1%
Hellenic Telecommunications Organization SA ADR (a)		18,469		101,025
National Bank of Greece SA ADR (b)		51,302		90,805

				191,830

HONG KONG — 2.3%
Bank of East Asia, Ltd.		39,775		169,006
CLP Holdings, Ltd.		23,500		190,037
Esprit Holdings, Ltd.		24,769		113,684
Giordano International, Ltd.		374,000		226,952
Hang Lung Group, Ltd.		31,000		191,902
Hang Lung Properties, Ltd.		48,000		210,126
Hong Kong Exchanges and Clearing, Ltd.		15,200		330,256
Hopewell Holdings		31,500		94,562
Hysan Development Co., Ltd.		55,343		227,685
Li & Fung, Ltd.		54,000		276,658
New World Development Co., Ltd.		80,551		142,291
Pacific Basin Shipping, Ltd.		137,000		86,658
Sun Hung Kai Properties, Ltd.		16,000		253,426
Swire Pacific, Ltd.		17,500		256,486
The Link REIT		65,646		205,508
Wheelock & Co., Ltd.		53,000		198,966
Wing Hang Bank, Ltd.		11,500		135,430

				3,309,633

IRELAND — 0.6%
Anglo Irish Bank Corp. PLC (b)(d)		5,635		0
C&C Group PLC		80		362
CRH PLC		7,992		183,505
DCC PLC		5,769		183,957
Grafton Group PLC		19,363		90,952
Kingspan Group PLC		11,939		106,908
United Drug PLC		35,013		114,280
Willis Group Holdings PLC (a)		3,819		154,135

				834,099

ISRAEL — 0.6%
Teva Pharmaceutical Industries, Ltd. ADR		17,204		863,125

ITALY — 2.5%
Assicurazioni Generali SpA		11,433		247,911
Atlantia SpA		5,844		134,101
Banca Piccolo Credito Valtellinese Scarl (a)		12,097		57,955
Banca Popolare dell’Etruria e del Lazio Scrl (b)		18,914		82,455
Banca Popolare di Milano Scarl (a)		12,803		48,183
Banco Popolare Societa Cooperativa Scarl		27,981		83,545
Davide Campari-Milano SpA		30,043		203,535
Enel SpA		35,295		222,788
ENI SpA		22,711		558,532
Fiat Industrial SpA (b)		9,061		130,256
Fiat SpA		10,646		96,538
Finmeccanica SpA		6,200		78,130
Intesa Sanpaolo SpA		97,093		287,694
Parmalat SpA		47,872		160,599
Pirelli & C. SpA		15,460		136,024
Prelios SpA (a)(b)		12,580		9,819
Saipem SpA		4,893		260,457
Societa Cattolica di Assicurazioni Scrl		3,477		94,145
Telecom Italia SpA		142,650		219,642
UBI Banca ScpA (a)		9,216		78,863
UniCredit SpA		165,425		409,412

				3,600,584

JAPAN — 16.9%
Advantest Corp. (a)		4,900		88,564
Aeon Co., Ltd. (a)		10,620		123,524
Aoyama Trading Co., Ltd. (a)		8,300		133,293
Asahi Breweries, Ltd.		9,936		165,800
Asahi Kasei Corp. (a)		26,550		179,712
Astellas Pharma, Inc. (a)		5,310		197,331
Bridgestone Corp. (a)		7,965		167,507
Canon, Inc.		10,416		454,946
Casio Computer Co., Ltd. (a)		13,500		107,179
Central Japan Railway Co. (a)		27		214,684
Chubu Electric Power Co., Inc. (a)		7,965		177,790
Chugai Pharmaceutical Co., Ltd. (a)		5,580		96,411
Chuo Mitsui Trust Holdings, Inc. (a)		26,550		94,501
Credit Saison Co., Ltd. (a)		8,300		133,994
Daiichi Sankyo Co., Ltd. (a)		7,965		154,341
Daikin Industries, Ltd. (a)		5,310		159,595
Daito Trust Construction Co., Ltd. (a)		2,655		183,556
Daiwa Securities Group, Inc. (a)		26,550		122,371
Denso Corp. (a)		5,310		176,829
East Japan Railway Co. (a)		2,800		156,250
Eisai Co., Ltd. (a)		2,751		99,047
FANUC Corp.		2,655		403,311
Fast Retailing Co., Ltd.		1,000		125,603
FUJIFILM Holdings Corp. (a)		5,310		165,041
Fujitsu, Ltd. (a)		30,513		173,035
Fukuoka Financial Group, Inc. (a)		26,550		110,839

See accompanying notes to financial statements.

126

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Furukawa Electric Co., Ltd. (a)		25,550	$	103,581
Hankyu Hanshin Holdings, Inc. (a)		27,513		127,473
Hitachi, Ltd. (a)		48,475		253,254
Honda Motor Co., Ltd. (a)		12,875		485,453
Hoya Corp. (a)		7,306		167,312
Ibiden Co., Ltd. (a)		3,100		98,259
Isuzu Motors, Ltd. (a)		33,000		130,997
ITOCHU Corp. (a)		26,550		279,018
Japan Digital Laboratory Co., Ltd.		16,120		190,803
Japan Tobacco, Inc. (a)		50		181,286
JFE Holdings, Inc. (a)		5,310		155,943
JSR Corp. (a)		5,400		108,743
JX Holdings, Inc.		53,700		362,838
Kajima Corp. (a)		46,475		130,655
KDDI Corp. (a)		27		167,773
Kintetsu Corp. (a)		47,101		151,737
Kirin Holdings Co., Ltd.		7,000		92,314
Kiyo Holdings, Inc.		79,651		111,481
Komatsu, Ltd.		10,320		351,762
Konica Minolta Holdings, Inc. (a)		13,275		111,639
Kubota Corp. (a)		22,550		213,311
Kurita Water Industries, Ltd. (a)		3,410		101,173
Kyocera Corp. (a)		2,655		270,049
Marubeni Corp.		28,550		206,340
Medipal Holdings Corp. (a)		8,499		75,474
MISUMI Group, Inc. (a)		8,157		203,236
Mitsubishi Corp. (a)		15,338		427,310
Mitsubishi Electric Corp. (a)		26,550		314,576
Mitsubishi Estate Co., Ltd.		7,925		134,538
Mitsubishi Heavy Industries, Ltd. (a)		53,101		244,746
Mitsubishi Motors Corp. (a)(b)		78,613		96,749
Mitsubishi UFJ Financial Group, Inc. (a)		102,024		472,698
Mitsui & Co., Ltd. (a)		23,026		414,235
Mitsui Chemicals, Inc. (a)		26,550		94,181
Mitsui OSK Lines, Ltd. (a)		23,550		136,106
Mizuho Financial Group, Inc. (a)		129,700		215,958
MS&AD Insurance Group Holdings, Inc. (a)		5,599		127,950
Murata Manufacturing Co., Ltd. (a)		2,700		195,138
NGK Insulators, Ltd. (a)		3,000		53,825
Nidec Corp. (a)		2,700		234,556
Nikon Corp. (a)		5,000		103,463
Nintendo Co., Ltd. (a)		300		81,334
Nippon Steel Corp. (a)		53,101		170,426
Nippon Telegraph & Telephone Corp.		3,000		135,195
Nippon Yusen KK (a)		26,550		104,111
Nissan Motor Co., Ltd. (a)		21,141		188,249
Nitto Denko Corp.		4,600		244,764
NKSJ Holdings, Inc. (a)		24,000		157,239
Nomura Holdings, Inc. (a)		33,785		177,322
NTT Data Corp. (a)		28		86,858
NTT DoCoMo, Inc. (a)		180		317,519
Obayashi Corp. (a)		26,550		118,527
Olympus Corp. (a)		3,500		97,720
ORIX Corp. (a)		1,051		98,785
Panasonic Corp. (a)		21,450		273,819
Resona Holdings, Inc. (a)		8,000		38,224
Rohm Co., Ltd. (a)		2,700		169,727
Rohto Pharmaceutical Co., Ltd. (a)		7,701		82,789
Secom Co., Ltd. (a)		2,848		132,813
Seven & I Holdings Co., Ltd.		10,128		259,310
Sharp Corp. (a)		8,000		79,633
Shimizu Corp. (a)		27,513		122,826
Shin-Etsu Chemical Co., Ltd. (a)		5,117		255,294
Softbank Corp. (a)		9,936		398,015
Sony Corp.		10,320		331,714
Stanley Electric Co., Ltd. (a)		4,873		80,844
Sumitomo Chemical Co., Ltd. (a)		26,550		132,942
Sumitomo Corp. (a)		15,775		226,309
Sumitomo Electric Industries, Ltd. (a)		10,320		143,320
Sumitomo Metal Industries, Ltd. (a)		52,101		116,926
Sumitomo Metal Mining Co., Ltd. (a)		5,000		86,330
Sumitomo Mitsui Financial Group, Inc. (a)		8,000		249,614
Sumitomo Realty & Development Co., Ltd.		4,000		80,309
T&D Holdings, Inc. (a)		4,105		101,535
Taisei Corp. (a)		54,438		134,650
Taiyo Yuden Co., Ltd. (a)		6,000		80,719
Takeda Pharmaceutical Co., Ltd. (a)		7,965		372,879
Takeuchi Manufacturing Co., Ltd. (b)		10,300		124,152
TDK Corp. (a)		2,655		157,448
Teijin, Ltd. (a)		30,550		137,121
Terumo Corp. (a)		2,848		150,681
The Akita Bank, Ltd.		26,550		86,493
The Aomori Bank, Ltd.		53,101		163,378
The Awa Bank, Ltd. (a)		26,550		161,773
The Bank of Iwate, Ltd.		2,655		105,713
The Bank of Okinawa, Ltd.		2,655		108,596
The Bank of Yokohama, Ltd. (a)		26,550		126,535
The Chiba Bank, Ltd. (a)		22,550		126,789
The Daisan Bank, Ltd.		79,651		206,624
The Daishi Bank, Ltd.		48,176		159,850
The Eighteenth Bank, Ltd. (a)		49,251		137,271
The Higo Bank, Ltd.		26,550		148,639
The Hokkoku Bank, Ltd.		26,550		90,016
The Hyakugo Bank, Ltd.		26,550		119,808
The Musashino Bank, Ltd. (a)		2,655		86,364
The Nanto Bank, Ltd.		24,550		119,966
The Ogaki Kyoritsu Bank, Ltd.		26,550		87,133
The San-In Godo Bank, Ltd.		21,550		161,209
The Shiga Bank, Ltd. (a)		26,550		139,990
The Shikoku Bank, Ltd.		48,101		147,994
The Sumitomo Trust & Banking Co., Ltd. (a)(d)		26,550		140,807
The Toho Bank, Ltd. (a)		53,101		144,157
The Tokyo Electric Power Co., Inc. (a)		10,975		61,708
The Yamagata Bank, Ltd. (a)		34,176		171,127
The Yamanashi Chuo Bank, Ltd. (a)		26,550		129,418
Tokio Marine Holdings, Inc.		7,965		213,733
Tokyo Electron, Ltd. (a)		2,655		146,877
Tokyo Gas Co., Ltd. (a)		28,475		130,556
Tokyu Corp. (a)		26,550		110,518
Toray Industries, Inc. (a)		26,550		193,807
Toshiba Corp. (a)		46,513		228,412
Toyota Motor Corp. (a)		21,788		880,668
USS Co., Ltd. (a)		2,341		182,749

See accompanying notes to financial statements.

127

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Yamada Denki Co., Ltd.		1,848	$	125,088

				24,304,745

LUXEMBOURG — 0.5%
APERAM (a)		359		14,443
ArcelorMittal		8,096		293,258
Millicom International Cellular SA		1,506		144,832
Tenaris SA (a)		6,178		151,936
Ternium SA ADR		2,410		86,615

				691,084

NETHERLANDS — 3.3%
Aegon NV (b)		19,618		147,106
Akzo Nobel NV		3,367		231,643
ASML Holding NV (b)		6,408		282,811
European Aeronautic Defence and Space Co. NV (b)		5,459		159,121
Fugro NV		2,093		184,685
Heineken NV		3,367		184,220
ING Groep NV (b)		36,238		459,280
Koninklijke (Royal) KPN NV		14,443		246,363
Koninklijke Ahold NV		15,192		204,120
Koninklijke DSM NV		3,600		221,490
Koninklijke Philips Electronics NV (b)		11,164		357,335
Royal Dutch Shell PLC (Class A)		34,199		1,241,108
SBM Offshore NV		4,581		133,138
TNT NV		5,386		138,343
Unilever NV (a)		15,840		497,338
Wolters Kluwer NV		4,976		116,514

				4,804,615

NEW ZEALAND — 0.3%
Fisher & Paykel Healthcare Corp., Ltd.		98,100		234,953
Port of Tauranga, Ltd.		40,837		255,417

				490,370

NORWAY — 0.9%
DnB NOR ASA		13,335		204,542
Norsk Hydro ASA		16,160		132,511
Orkla ASA		15,487		150,061
StatoilHydro ASA		10,921		302,651
Storebrand ASA (b)		11,314		97,049
Telenor ASA		8,992		147,923
Yara International ASA		3,997		202,460

				1,237,197

PORTUGAL — 0.2%
Banco Comercial Portugues SA (a)		58,332		47,681
Mota — Engil SGPS SA		22,980		59,352
Portugal Telecom SGPS SA		13,539		156,472
Teixeira Duarte SA		69,771		61,387

				324,892

SINGAPORE — 1.5%
Ascendas REIT		100,000		161,840
CapitaLand, Ltd.		50,000		130,900
City Developments, Ltd. (a)		27,000		246,759
Cosco Corp. Singapore, Ltd. (a)		111,000		180,524
Flextronics International, Ltd. (b)		19,111		142,759
Genting Singapore PLC (a)(b)		108,400		176,295
K-Green Trust (a)		4,995		4,082
Keppel Corp., Ltd.		29,978		292,526
SembCorp Industries, Ltd.		60,000		247,997
Singapore Exchange, Ltd. (a)		25,000		155,692
UOL Group, Ltd.		63,000		237,406
Wilmar International, Ltd. (a)		24,000		103,959

				2,080,739

SOUTH KOREA — 3.3%
Hyundai Securities Co., Ltd. (b)		5,720		68,831
KIWOOM Securities Co., Ltd.		2,319		125,574
Korea Electric Power Corp. ADR		19,089		233,649
KT Corp. ADR		20,041		391,401
LG Display Co., Ltd. ADR		17,177		270,194
LG Electronics, Inc.		695		66,525
POSCO ADR		6,368		727,799
Samsung Electronics Co., Ltd. GDR		5,368		2,287,305
SK Innovation Co., Ltd.		906		174,271
SK Telecom Co., Ltd. ADR (a)		23,774		447,189

				4,792,738

SPAIN — 3.6%
Abertis Infraestructuras SA		9,525		207,214
Acciona SA		844		91,841
Acerinox SA (a)		5,121		101,196
ACS, Actividades de Construccion y Servicios SA (a)		3,407		159,938
Banco Bilbao Vizcaya Argentaria SA (a)		31,409		381,585
Banco de Sabadell SA (a)		19,456		85,232
Banco de Valencia SA (a)(b)		13,383		60,014
Banco Popular Espanol SA (a)		16,544		97,385
Banco Santander SA		62,106		721,999
Ebro Puleva SA (a)		8,751		205,899
Enagas		7,746		174,998
Faes Farma SA		19,484		78,525
Ferrovial SA		8,081		101,490
Gamesa Corp. Tecnologica SA (b)		5,936		61,772
Gestevision Telecinco SA		9,437		108,181
Iberdrola SA		41,761		363,638
Indra Sistemas SA (a)		7,296		146,506
Industria de Diseno Textil SA		3,568		286,687
International Consolidated Airlines Group SA (a)(b)		29,002		106,884
NH Hoteles SA (a)(b)		17,242		117,080
Red Electrica Corporacion SA		3,375		192,057
Repsol YPF SA		11,083		380,222
Sacyr Vallehermoso SA (b)		6,471		75,301
Telefonica SA		37,153		931,366

				5,237,010

SWEDEN — 2.7%
Alfa Laval AB		9,009		195,792
Assa Abloy AB (Class B)		7,739		222,660
Atlas Copco AB (Class B)		17,032		412,003
Boliden AB		6,068		130,817
Electrolux AB (a)		5,828		150,310
Hennes & Mauritz AB (Class B)		8,218		273,047
Investor AB		2,997		72,782
Kinnevik Investment AB (Class B)		6,887		160,592
Nordea Bank AB (a)		20,224		221,527
Sandvik AB		12,404		234,182

See accompanying notes to financial statements.

128

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Scania AB (Class B)		7,507	$	174,097
Securitas AB (Class B)		11,057		131,719
Skandinaviska Enskilda Banken AB (Class C)		17,934		159,770
Skanska AB (Class B)		9,377		197,547
Tele2 AB (Class B)		7,471		172,670
Telefonaktiebolaget LM Ericsson (Class B)		33,376		430,665
TeliaSonera AB		20,428		176,645
Volvo AB (Class A) (b)		18,136		317,964

				3,834,789

SWITZERLAND — 6.9%
ABB, Ltd. (b)		21,928		528,755
Adecco SA		2,419		159,707
Alcon, Inc.		944		156,241
Bachem Holding AG (Class B)		2,266		123,350
Clariant AG (b)		8,324		150,766
Compagnie Financiere Richemont SA		3,117		180,748
Credit Suisse Group AG		9,663		412,250
Geberit AG		801		175,111
Holcim, Ltd.		2,854		215,879
Julius Baer Group, Ltd.		2,414		105,178
Kuehne & Nagel International AG		1,484		208,443
Lonza Group AG		1,344		113,194
Nestle SA		31,767		1,828,204
Nobel Biocare Holding AG (b)		3,401		70,782
Novartis AG		22,297		1,214,228
PSP Swiss Property AG (b)		2,579		213,260
Roche Holding AG		6,920		992,407
SGS SA		102		182,292
STMicroelectronics NV		17,432		217,445
Sulzer AG		990		149,769
Swiss Life Holding AG (b)		684		113,495
Swiss Reinsurance Co., Ltd.		4,371		251,075
Syngenta AG		1,122		366,090
The Swatch Group AG		618		274,329
UBS AG (b)		33,124		596,692
Wolseley PLC (b)		4,911		165,235
Xstrata PLC		19,212		448,696
Zurich Financial Services AG		1,363		383,043

				9,996,664

UNITED KINGDOM — 16.0%
3i Group PLC		16,686		79,946
AMEC PLC		8,774		167,787
Anglo American PLC		12,803		658,159
AstraZeneca PLC		14,844		681,227
Aviva PLC		27,251		189,056
BAE Systems PLC		35,173		183,180
Balfour Beatty PLC		24,393		134,428
Barclays PLC		106,978		475,944
Barratt Developments PLC (b)		14,959		26,400
BG Group PLC		35,432		880,901
BHP Billiton PLC		21,825		860,616
BP PLC		179,373		1,305,367
British American Tobacco PLC		15,648		627,575
British Land Co. PLC (a)		13,339		118,134
British Sky Broadcasting Group PLC		16,190		214,102
BT Group PLC		75,860		225,689
Burberry Group PLC		10,563		198,781
Cable & Wireless Communications PLC		36,343		26,541
Cable & Wireless Worldwide PLC		36,343		30,555
Cairn Energy PLC (b)		20,890		154,737
Capita Group PLC		15,666		186,581
Carnival PLC		3,547		139,412
Centrica PLC		48,641		253,633
Compass Group PLC		27,566		247,668
Diageo PLC		21,691		412,020
Experian PLC		17,123		211,893
FirstGroup PLC		12,309		64,381
G4S PLC		28,812		117,954
GlaxoSmithKline PLC		50,275		958,598
Hays PLC		54,460		101,526
HSBC Holdings PLC		156,380		1,606,790
ICAP PLC		12,832		108,605
Imperial Tobacco Group PLC		10,423		321,954
Informa PLC		17,753		118,581
Intercontinental Hotels Group PLC		9,632		197,318
International Power PLC		22,557		111,366
Invensys PLC		17,702		97,952
J Sainsbury PLC		18,865		101,394
Kingfisher PLC		36,255		142,905
Land Securities Group PLC		9,998		117,553
Legal & General Group PLC		77,399		142,925
Lloyds Banking Group PLC (b)		320,381		298,324
Lonmin PLC		2,701		73,733
Man Group PLC		21,975		86,618
Marks & Spencer Group PLC		23,109		124,722
Mondi PLC		11,855		113,923
National Grid PLC		38,453		366,131
Next PLC		3,711		117,781
Old Mutual PLC		67,759		147,715
Pearson PLC		11,481		202,622
Persimmon PLC		10,193		72,708
Prudential PLC		26,554		300,720
Randgold Resources, Ltd.		1,659		132,114
Reckitt Benckiser Group PLC		6,841		351,124
Rentokil Initial PLC (b)		55,388		79,906
Resolution, Ltd.		16,514		78,328
Rio Tinto PLC		13,188		925,707
Rolls-Royce Group PLC (b)		22,624		224,481
Royal Bank of Scotland Group PLC (b)		188,406		123,188
Royal Dutch Shell PLC (Class B)		25,392		919,867
RSA Insurance Group PLC		47,135		99,355
SABMiller PLC		9,526		337,079
Scottish & Southern Energy PLC		9,609		194,229
Serco Group PLC		16,494		147,530
Shire PLC		8,563		248,579
Smith & Nephew PLC		16,698		188,165
Smiths Group PLC		7,846		163,120
Standard Chartered PLC		16,267		421,636
Standard Life PLC		33,173		109,965
Tate & Lyle PLC		14,262		132,024
Tesco PLC		75,693		462,275
The Sage Group PLC		28,736		128,099
Tullow Oil PLC		11,994		278,389

See accompanying notes to financial statements.

129

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Unilever PLC		13,953	$	424,953
Vodafone Group PLC		509,900		1,442,612
William Hill PLC		42,324		122,593
William Morrison Supermarkets PLC		33,777		149,434
WPP PLC		15,409		189,818

				22,979,701

TOTAL COMMON STOCKS —
(Cost $121,758,435)				142,785,902

RIGHTS — 0.0% (e)
GERMANY — 0.0% (e)
Porsche Automobil Holding SE (expiring 4/12/11) (b)		1,197		10,391

SWEDEN — 0.0% (e)
TeliaSonera AB (expired 3/25/11) (b)		10,000		814

TOTAL RIGHTS —
(Cost $15,166)				11,205

SHORT TERM INVESTMENTS — 10.9%
UNITED STATES — 10.9%
MONEY MARKET FUNDS — 10.9%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		15,492,550		15,492,550
State Street Institutional Liquid Reserves Fund 0.19% (g)(h)		232,824		232,824

TOTAL SHORT TERM INVESTMENTS —
(Cost $15,725,374)				15,725,374

TOTAL INVESTMENTS — 110.1%
(Cost $137,498,975)				158,522,481
OTHER ASSETS & LIABILITIES — (10.1)%				(14,494,042	)

NET ASSETS — 100.0%			$	144,028,439


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

130

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.0%
AUSTRALIA — 8.8%
Adelaide Brighton, Ltd.		764,783	$	2,546,698
Aristocrat Leisure, Ltd. (a)		158,842		533,866
Atlas Iron, Ltd. (b)		242,528		935,522
Ausenco, Ltd. (a)(b)		159,215		551,585
Austar United Communications, Ltd. (a)(b)		1,152,781		1,567,675
Austereo Group, Ltd. (a)		1,480,144		3,214,450
AWE, Ltd. (b)		1,274,310		2,286,430
Bank of Queensland, Ltd.		96,889		993,961
Beach Energy, Ltd.		1,954,255		1,960,362
Billabong International, Ltd. (a)		84,666		661,058
Boart Longyear Group		228,009		1,103,523
Campbell Brothers, Ltd.		117,332		5,624,056
Challenger Financial Services Group, Ltd.		162,101		826,449
Charter Hall Office REIT		223,239		764,155
Coal of Africa, Ltd. (b)		335,963		401,289
Commonwealth Property Office Fund (a)		795,966		707,907
ConnectEast Group (a)		2,245,045		1,056,379
Consolidated Media Holdings, Ltd. (a)		72,966		212,791
Dart Energy, Ltd. (b)		607,143		546,253
Downer EDI, Ltd. (a)		165,572		648,947
Eastern Star Gas, Ltd. (b)		546,862		426,981
Extract Resources, Ltd. (a)(b)		62,680		512,082
FKP Property Group (a)		452,093		397,402
Fleetwood Corp., Ltd.		258,302		3,234,859
Goodman Fielder, Ltd.		1,304,456		1,659,273
GrainCorp, Ltd.		93,829		738,423
Infigen Energy (a)		924,465		353,733
ING Office Fund		1,271,732		815,400
Invocare, Ltd.		603,033		4,415,275
IOOF Holdings, Ltd. (a)		474,729		3,559,321
JB Hi-Fi, Ltd. (a)		191,912		3,995,115
Karoon Gas Australia, Ltd. (b)		80,679		597,389
Kingsgate Consolidated, Ltd. (a)		51,539		463,169
Linc Energy, Ltd. (b)		215,824		651,727
Lynas Corp., Ltd. (a)(b)		788,982		1,835,832
Mirabela Nickel, Ltd. (a)(b)		274,444		556,280
Monadelphous Group, Ltd.		165,956		3,672,740
Mount Gibson Iron, Ltd. (b)		580,376		1,194,389
Nufarm, Ltd. (a)(b)		137,611		735,745
Oakton, Ltd.		269,168		640,228
Pacific Brands, Ltd.		1,435,176		1,254,138
PanAust, Ltd. (b)		2,453,554		1,991,814
PaperlinX, Ltd. (b)		800,176		293,763
Perpetual, Ltd. (a)		22,533		677,870
Perseus Mining, Ltd. (b)		173,732		555,164
Platinum Australia, Ltd. (a)(b)		642,901		392,265
Primary Health Care, Ltd. (a)		149,176		509,092
Programmed Maintenance Services, Ltd.		251,232		441,680
Regis Resources, Ltd. (b)		274,691		639,161
Resolute Mining, Ltd. (a)(b)		367,529		473,200
Riversdale Mining, Ltd. (a)(b)		174,292		2,979,434
Roc Oil Co., Ltd. (a)(b)		1,188,470		485,477
SAI Global, Ltd.		1,007,263		5,218,720
Sigma Pharmaceuticals, Ltd. (b)		1,817,886		921,183
Silex Systems, Ltd. (b)		30,960		152,082
Spark Infrastructure Group (c)		1,927,859		2,232,938
Spotless Group, Ltd. (a)		477,478		957,940
St Barbara, Ltd. (b)		195,736		441,276
STW Communications Group, Ltd.		927,200		1,160,225
Transfield Services, Ltd. (a)		239,030		828,096
White Energy Co., Ltd. (a)(b)		150,011		480,915
WHK Group, Ltd.		1,029,773		1,022,342

				81,707,494

AUSTRIA — 0.8%
Atrium European Real Estate, Ltd.		96,360		604,411
bwin Interactive Entertainment AG		25,446		956,926
BWT AG		40,903		1,198,058
Intercell AG (a)(b)		36,455		465,031
Schoeller-Bleckmann Oilfield Equipment AG		30,351		2,987,842
Wienerberger AG (b)		51,353		1,036,283

				7,248,551

BELGIUM — 1.1%
AGFA-Gevaert NV (b)(d)		188,720		816,828
AGFA-Gevaert NV (a)(b)(d)		42,353		180
Barco NV (b)		46,059		3,551,789
EVS Broadcast Equipment SA		23,403		1,491,183
KBC Ancora (b)		13,714		244,826
Nyrstar		23,272		336,198
RHJ International (b)		216,203		1,748,838
Tessenderlo Chemie NV		46,796		1,679,463

				9,869,305

BERMUDA — 0.3%
Brookfield Infrastructure Partners LP		29,211		649,076
BW Offshore, Ltd. (b)		139,304		372,703
Catlin Group, Ltd.		207,743		1,201,803
Golden Ocean Group, Ltd.		234,583		300,875
Ship Finance International, Ltd. (a)		34,269		710,396

				3,234,853

CANADA — 12.7%
Advantage Oil & Gas, Ltd. (b)		90,641		810,667
Alamos Gold, Inc.		50,354		794,069
AltaGas, Ltd.		122,786		3,238,950
Angle Energy, Inc. (b)		58,298		566,349
Anvil Mining, Ltd. (b)		184,655		1,201,610
Aurizon Mines, Ltd. (b)		78,498		550,353
Bank of Nova Scotia		27,686		1,693,194
Bankers Petroleum, Ltd. (b)		112,348		1,004,809
Birchcliff Energy, Ltd. (a)(b)		63,351		791,928
BlackPearl Resources, Inc. (b)		136,383		1,003,857
Calfrac Well Services, Ltd.		15,970		513,043
Canadian Western Bank (a)		127,444		4,081,090
Celestica, Inc. (b)		86,799		927,998
Colossus Minerals, Inc. (b)		39,762		333,956
Consolidated Thompson Iron Mines, Ltd. (b)		65,103		1,147,125
Corus Entertainment, Inc. (Class B)		180,691		3,837,652
Cott Corp. (b)		55,845		468,461

See accompanying notes to financial statements.

131

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Crew Energy, Inc. (b)		29,174	$	527,846
Daylight Energy, Ltd. (a)		142,902		1,661,497
Denison Mines Corp. (b)		268,908		638,579
Dundee Capital Markets, Inc. (a)(b)		105,899		141,525
Dundee Corp. (Class A) (b)		111,041		2,870,914
Dundee Real Estate Investment Trust		98,429		3,349,267
Eastern Platinum, Ltd. (b)		401,176		536,139
Ensign Energy Services, Inc.		71,905		1,349,766
Etrion Corp. (a)(b)		21,538		19,973
European Goldfields, Ltd. (b)		60,265		758,307
Exeter Resource Corp. (b)		56,407		299,214
FirstService Corp. (b)		80,498		3,037,036
Freehold Royalties, Ltd. (a)		103,440		2,419,183
Fronteer Gold, Inc. (b)		54,897		827,335
Gabriel Resources, Ltd. (b)		107,137		795,198
Gammon Gold, Inc. (a)(b)		133,160		1,381,223
GMP Capital, Inc.		120,946		1,960,749
Golden Star Resources, Ltd. (b)		434,843		1,278,490
Gran Tierra Energy, Inc. (b)		119,058		957,115
Great Basin Gold, Ltd. (b)		202,746		531,485
Great Canadian Gaming Corp. (a)(b)		147,351		1,167,902
Guardian Capital Group, Ltd.		324,263		3,333,467
Guyana Goldfields, Inc. (b)		42,489		411,459
Harry Winston Diamond Corp. (b)		45,942		737,717
Home Capital Group, Inc.		67,091		3,925,108
Ivanhoe Energy, Inc. (b)		105,158		295,123
Jaguar Mining, Inc. (a)(b)		62,039		323,349
Kinross Gold Corp. (a)		7,494		117,716
Kirkland Lake Gold, Inc. (b)		50,220		698,511
Lake Shore Gold Corp. (b)		111,662		469,491
Legacy Oil + Gas, Inc. (b)		68,019		1,029,987
Linamar Corp.		92,292		1,993,374
Lions Gate Entertainment Corp. (a)(b)		65,491		409,319
MacDonald, Dettwiler & Associates, Ltd.		69,421		3,844,471
MAG Silver Corp. (b)		61,856		735,722
Major Drilling Group International, Inc.		118,413		2,004,896
Martinrea International, Inc. (b)		121,424		1,173,360
Methanex Corp.		46,494		1,440,585
Minefinders Corp. (b)		47,699		627,160
Mullen Group, Ltd.		45,541		998,601
Nevsun Resources, Ltd. (b)		87,743		496,105
North American Palladium, Ltd. (b)		121,603		793,810
Northern Dynasty Minerals, Ltd. (b)		67,759		1,016,298
Northgate Minerals Corp. (b)		158,189		429,318
Novagold Resources, Inc. (a)(b)		208,887		2,699,265
NuVista Energy, Ltd.		172,664		1,775,009
OceanaGold Corp. (b)		102,535		282,492
Oilsands Quest, Inc. (a)(b)		783,990		376,315
Pace Oil and Gas, Ltd. (b)		62,223		600,002
Pason Systems, Inc.		48,635		787,460
Peyto Exploration & Development Corp. (a)		133,506		2,827,267
Polymet Mining Corp. (a)(b)		244,394		487,406
Precision Drilling Corp. (b)		140,773		1,901,575
Provident Energy, Ltd. (a)		72,299		671,149
Quadra FNX Mining, Ltd. (b)		171,663		2,384,135
Questerre Energy Corp. (b)		169,561		214,403
Ritchie Bros Auctioneers, Inc. (a)		57,154		1,606,951
Rubicon Minerals Corp. (b)		98,597		508,822
Russel Metals, Inc.		102,723		2,883,953
Savanna Energy Services Corp. (b)		131,103		1,226,458
Seabridge Gold, Inc. (b)		24,865		783,973
ShawCor, Ltd. (Class A)		28,023		1,050,340
Sherritt International Corp. (a)		127,938		1,046,915
Silver Standard Resources, Inc. (b)		31,057		970,262
SilverBirch Energy Corp. (b)		21,079		193,942
Silvercorp Metals, Inc. (a)		77,639		1,126,175
Stantec, Inc. (b)		87,947		2,623,718
Tanzanian Royalty Exploration Corp. (a)(b)		81,843		520,800
Tesco Corp. (a)(b)		30,000		658,500
The Forzani Group, Ltd.		98,657		1,783,990
Thompson Creek Metals Co., Inc. (a)(b)		68,146		851,168
TMX Group, Inc.		22,397		893,808
Uni-Select, Inc.		110,297		2,961,663
Uranium One, Inc. (a)		351,504		1,373,133
Western Coal Corp. (b)		92,897		1,132,622
WestJet Airlines, Ltd.		106,550		1,581,683

				117,564,155

CHINA — 2.7%
Allied Properties HK, Ltd.		4,810,791		989,595
Cafe de Coral Holdings, Ltd. (a)		1,563,867		3,655,229
China Gas Holdings, Ltd.		1,312,000		644,344
Chow Sang Sang Holding International, Ltd.		1,032,939		2,297,427
Daphne International Holdings, Ltd.		510,000		382,916
Far East Consortium International, Ltd.		4,360,265		1,037,064
G-Resources Group, Ltd. (b)		9,807,000		718,674
Hi Sun Technology China, Ltd. (b)		1,458,000		515,479
HKR International, Ltd.		3,273,579		1,856,019
Jinhui Shipping & Transportation, Ltd. (b)		79,408		268,438
K Wah International Holdings, Ltd. (a)		3,160,814		1,259,742
Midland Holdings, Ltd.		521,790		405,856
Road King Infrastructure, Ltd.		1,441,544		1,241,720
Shun Tak Holdings, Ltd. (a)		744,000		409,390
Techtronic Industries Co., Ltd. (a)		1,782,500		2,474,994
Texwinca Holdings, Ltd.		2,496,050		2,641,034
Xinyi Glass Holdings Co., Ltd. (a)		3,907,618		4,059,236

				24,857,157

DENMARK — 1.0%
Amagerbanken A/S (b)(e)		308,573		0
Bang & Olufsen A/S (b)		40,257		593,806
D/S Norden A/S (a)		16,927		584,734
East Asiatic Co., Ltd. A/S (a)		43,714		1,331,197
Genmab A/S (b)		49,091		523,229
GN Store Nord A/S		245,518		2,308,872
IC Companys A/S		32,312		1,383,719

See accompanying notes to financial statements.

132

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

NeuroSearch A/S (b)		40,855	$	443,222
SimCorp A/S (a)		10,460		1,678,267
Sydbank A/S		31,459		795,142

				9,642,188

FINLAND — 2.2%
Amer Sports Oyj (Class A)		203,807		2,620,356
Atria PLC		74,008		910,565
Citycon Oyj (a)		317,438		1,455,038
Cramo Oyj (a)		70,630		1,830,219
HKScan Oyj		154,511		1,453,737
Kemira Oyj (a)		29,401		475,224
Lassila & Tikanoja Oyj		99,828		1,799,157
Outotec Oyj (a)		14,049		846,124
Poyry Oyj (a)		105,435		1,608,445
Talvivaara Mining Co. PLC (b)		102,036		955,675
Tieto Oyj (a)		86,726		1,587,640
Vacon Oyj		51,430		3,174,818
Vaisala Oyj (Class A)		52,352		1,710,218

				20,427,216

FRANCE — 3.1%
Canal +		47,986		380,866
Carbone Lorraine SA		42,557		2,363,164
CFAO		12,412		466,503
Club Mediterranee SA (b)		42,214		910,569
Etablissements Maurel et Prom		35,429		683,771
GL Events SA		39,500		1,356,518
Groupe Steria SCA		41,259		1,329,100
IMS International Metal Service (b)		48,538		1,034,582
Ingenico SA		63,846		2,862,629
IPSOS		71,034		3,484,302
Nexans SA		7,720		739,383
Rubis		41,239		4,928,745
Saft Groupe SA		56,802		2,416,619
Sequana		100,430		1,767,251
Societe de la Tour Eiffel		15,830		1,460,183
SOITEC (a)(b)		120,477		1,833,642
UbiSoft Entertainment SA (b)		42,064		430,327

				28,448,154

GERMANY — 3.2%
Aurubis AG		17,030		910,260
Demag Cranes AG		37,403		1,907,114
Deutsche Wohnen AG (b)		179,887		2,598,726
Dialog Semiconductor PLC (a)(b)		25,147		522,623
DIC Asset AG		67,858		890,365
Draegerwerk AG & Co. KGaA		5,850		464,897
Draegerwerk AG & Co. KGaA Preference Shares		17,515		1,703,350
Freenet AG		62,581		716,686
Gerresheimer AG (b)		29,695		1,361,128
Gildemeister AG (a)		77,953		1,764,438
Indus Holding AG		84,288		2,517,258
Jenoptik AG (b)		187,364		1,501,737
Kloeckner & Co. SE (b)		34,193		1,141,268
Kontron AG		105,962		1,317,247
KUKA AG (b)		63,534		1,502,986
Leoni AG (b)		53,763		2,299,915
MLP AG		77,997		722,887
Nordex SE (a)(b)		36,074		395,207
Patrizia Immobilien AG (b)		111,175		775,905
Pfleiderer AG (a)(b)		67,444		154,188
Solar Millennium AG (a)(b)		26,907		698,762
Solarworld AG (a)		47,068		768,133
Stada Arzneimittel AG		25,796		1,000,838
Wincor Nixdorf AG		13,264		1,075,355
Wirecard AG (a)		46,938		842,946

				29,554,219

GIBRALTAR — 0.0% (f)
PartyGaming PLC (a)(b)		99,742		319,763

GREECE — 0.7%
Alapis Holding Industrial and Commercial SA		137,704		48,854
Diana Containerships, Inc. (a)(b)		1,165		14,132
Diana Shipping, Inc. (a)(b)		38,227		452,608
DryShips, Inc. (a)(b)		156,363		773,997
Ellaktor SA		151,885		668,174
Fourlis Holdings SA		64,983		553,304
Hellenic Exchanges SA		105,018		923,992
Intracom Holdings SA (b)		542,476		331,026
Marfin Investment Group SA (b)		455,352		504,028
Piraeus Bank SA (b)		658,407		1,308,084
Titan Cement Co. SA		33,320		833,151
TT Hellenic Postbank SA (b)		109,995		526,036

				6,937,386

HONG KONG — 0.7%
Champion REIT		189		110
China Grand Forestry Green Resources Group, Ltd. (b)		15,244,331		429,214
China Mining Resources Group, Ltd. (b)		21,650,000		384,112
China Oil and Gas Group, Ltd. (b)		4,600,000		431,719
Giordano International, Ltd.		3,588,000		2,177,285
Li & Fung, Ltd.		245,671		1,258,645
Pacific Basin Shipping, Ltd. (a)		1,747,000		1,105,042
Peace Mark (Holdings), Ltd. (b)(e)		504,228		0
Sino Union Energy Investment Group, Ltd. (b)		5,280,000		448,021
Skyworth Digital Holdings, Ltd. (a)		743,764		421,691

				6,655,839

IRELAND — 0.9%
Allied Irish Banks PLC (b)		482,962		129,535
C&C Group PLC		334,339		1,513,529
Fyffes PLC		1,942,595		1,157,829
Kingspan Group PLC		149,738		1,340,832
Paddy Power PLC (d)		63,559		2,787,074
Paddy Power PLC (d)		13,145		576,411
Smurfit Kappa Group PLC (b)		36,678		465,845

				7,971,055

ISRAEL — 1.2%
Africa-Israel Investments, Ltd. (b)		60,849		526,798
Ceragon Networks, Ltd. (a)(b)		40,057		483,889
Clal Insurance Enterprise Holdings, Ltd.		16,145		474,128
Elbit Imaging, Ltd. (b)		29,937		357,696
Frutarom Industries, Ltd.		51,348		546,847

See accompanying notes to financial statements.

133

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Harel Insurance Investments & Financial Services, Ltd.		8,024	$	504,315
Israel Discount Bank, Ltd. (Class A) (b)		365,804		772,935
Isramco Negev 2 — LP (b)		4,301,054		551,052
Makhteshim-Agan Industries, Ltd. (b)		221,041		1,171,613
Mellanox Technologies, Ltd. (b)		18,177		456,872
Migdal Insurance & Financial Holding, Ltd.		297,873		556,588
Mizrahi Tefahot Bank, Ltd.		87,951		995,156
NICE Systems, Ltd. (b)		36,113		1,336,055
Oil Refineries, Ltd. (b)		604,565		445,595
Osem Investments, Ltd.		32,795		552,831
Paz Oil Co., Ltd.		2,683		502,720
Shufersal, Ltd.		67,087		415,274
Strauss Group, Ltd.		26,574		434,191
The Phoenix Holdings, Ltd. (b)		89,834		322,526

				11,407,081

ITALY — 2.2%
Amplifon SpA		352,849		2,145,119
Astaldi SpA		272,063		2,250,873
Banca Popolare dell’Etruria e del Lazio Scrl (b)		267,745		1,167,228
Banca Popolare di Milano Scarl (a)		179,175		674,317
Digital Multimedia Technologies SpA (b)		36,282		1,123,978
Esprinet SpA		119,112		1,029,404
IMMSI SpA		894,615		1,062,612
Interpump Group SpA (b)		377,611		3,207,168
Recordati SpA		360,889		3,633,616
Saras SpA (b)		310,097		804,867
Sorin SpA (b)		1,169,568		3,269,676

				20,368,858

JAPAN — 26.1%
Alps Electric Co., Ltd. (a)		222,536		2,145,346
Asahi Holdings, Inc. (a)		57,473		1,173,315
Bank of the Ryukyus, Ltd. (a)		171,200		1,962,355
Best Denki Co., Ltd. (b)		287,269		797,199
Casio Computer Co., Ltd. (a)		107,400		852,669
Central Glass Co., Ltd.		633,145		2,559,165
Chiyoda Corp. (a)		53,000		487,283
COMSYS Holdings Corp. (a)		256,450		2,602,250
Daifuku Co., Ltd. (a)		148,500		1,082,215
Daihen Corp. (a)		297,000		1,250,639
DAIICHI CHUO KISEN KAISHA (a)(b)		211,834		421,726
Dainippon Screen Manufacturing Co., Ltd. (a)		300,000		3,156,371
Daiwa Office Investment Corp. (a)		356		1,240,072
DCM Japan Holdings Co., Ltd. (a)		211,133		1,294,107
Don Quijote Co., Ltd. (a)		92,600		2,937,324
Doutor Nichires Holdings Co., Ltd. (a)		205,232		2,488,636
DTS Corp.		110,982		1,104,732
EDION Corp. (a)		123,400		1,052,652
FCC Co., Ltd. (a)		122,948		2,966,892
Fukuoka REIT Corp.		356		2,551,448
Furukawa Co., Ltd. (a)(b)		881,387		914,567
Glory, Ltd.		89,600		1,979,459
H2O Retailing Corp. (a)		297,000		2,017,507
Hanwa Co., Ltd. (a)		507,000		2,251,158
Haseko Corp. (a)(b)		547,500		422,780
Heiwa Real Estate Co., Ltd.		409,000		947,490
Hitachi Kokusai Electric, Inc. (a)		220,372		1,752,234
Hitachi Zosen Corp. (a)		1,004,500		1,418,032
Horiba, Ltd.		62,313		1,830,745
Hosiden Corp. (a)		141,300		1,440,619
Iino Kaiun Kaisha, Ltd. (a)		173,900		950,491
IT Holdings Corp. (a)		116,508		1,222,997
Izumiya Co., Ltd.		306,000		1,366,071
Japan Airport Terminal Co., Ltd. (a)		117,900		1,492,243
Japan Aviation Electronics Industry, Ltd. (a)		209,000		1,457,553
Japan Excellent, Inc. (a)		303		1,672,569
Japan Logistics Fund, Inc. (a)		303		2,456,757
Juki Corp. (a)(b)		200,332		454,421
K’s Holdings Corp. (a)		78,000		2,258,687
Kanematsu Corp. (a)(b)		930,698		932,046
Katakura Industries Co., Ltd.		118,874		1,140,261
Kayaba Industry Co., Ltd. (a)		361,832		2,920,676
Kitz Corp. (a)		214,500		1,035,232
Kiyo Holdings, Inc.		1,436,000		2,009,846
Komori Corp. (a)		137,536		1,286,081
Kurabo Industries, Ltd. (a)		875,000		1,604,730
Kyowa Exeo Corp. (a)		167,900		1,687,508
Makino Milling Machine Co., Ltd. (a)(b)		219,000		1,865,516
Marudai Food Co., Ltd.		651,656		2,060,013
Maruha Nichiro Holdings, Inc.		936,485		1,378,513
Marusan Securities Co., Ltd. (a)		204,398		1,001,274
Meidensha Corp. (a)		77,000		343,750
Mirait Holdings Corp.		122,600		995,533
Mitsui Mining & Smelting Co., Ltd. (a)		835,000		2,911,619
Mitsui-Soko Co., Ltd. (a)		354,000		1,383,880
Mitsumi Electric Co., Ltd. (a)		51,800		691,875
Nabtesco Corp. (a)		209,500		5,288,055
Nakanishi, Inc. (a)		8,483		854,646
NET One Systems Co., Ltd. (a)		1,165		1,751,436
Neturen Co., Ltd.		264,603		2,327,408
Nihon Dempa Kogyo Co., Ltd. (a)		30,800		489,426
Nihon Kohden Corp.		85,600		1,870,434
Nikkiso Co., Ltd. (a)		284,000		2,402,075
Nippon Accommodations Fund, Inc.		307		2,211,378
Nippon Carbon Co., Ltd.		285,712		686,012
Nippon Konpo Unyu Soko Co., Ltd.		281,000		3,149,722
Nippon Light Metal Co., Ltd. (a)		1,783,000		3,528,137
Nippon Seiki Co., Ltd.		81,000		976,339
Nippon Sheet Glass Co., Ltd. (a)		284,000		822,394
Nippon Shinyaku Co., Ltd. (a)		273,000		3,514,611
Nippon Soda Co., Ltd.		310,000		1,282,939
Nippon Suisan Kaisha, Ltd. (a)		501,099		1,396,644
Nippon Thompson Co., Ltd.		278,000		2,230,574
Nishimatsu Construction Co., Ltd. (a)		843,000		1,342,616

See accompanying notes to financial statements.

134

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Nishimatsuya Chain Co., Ltd.		145,393	$	1,180,616
Nissan Chemical Industries, Ltd. (a)		88,600		919,353
Nissha Printing Co., Ltd. (a)		23,600		511,125
Nitto Boseki Co., Ltd.		639,153		1,503,799
NOF Corp. (a)		556,000		2,549,228
NSD Co., Ltd. (a)		116,008		1,161,760
Okasan Securities Group, Inc.		312,682		1,192,176
Oki Electric Industry Co., Ltd. (b)		1,736,000		1,382,432
Orix JREIT, Inc. (a)		510		2,812,138
Osaka Securities Exchange Co., Ltd. (a)		348		1,753,016
OSG Corp. (a)		182,200		2,638,031
Park24 Co., Ltd. (a)		232,313		2,259,221
Pioneer Corp. (a)(b)		121,300		506,392
Point, Inc.		29,880		1,254,614
Premier Investment Corp.		585		2,661,016
Rengo Co., Ltd. (a)		257,000		1,683,772
Rohto Pharmaceutical Co., Ltd.		234,000		2,515,613
Ryohin Keikaku Co., Ltd. (a)		36,403		1,499,955
Sakai Chemical Industry Co., Ltd. (a)		374,565		1,839,382
Sanden Corp. (a)		507,000		2,134,930
Sankyu, Inc. (a)		323,000		1,551,086
Sanyo Shokai, Ltd. (a)		253,000		778,415
Sanyo Special Steel Co., Ltd. (a)		269,937		1,446,091
Sapporo Holdings, Ltd. (a)		215,000		804,175
Sato Corp. (a)		147,500		1,955,870
Seiren Co., Ltd.		242,400		1,678,784
Senshu Ikeda Holdings, Inc. (a)		615,000		838,501
Shima Seiki Manufacturing, Ltd. (a)		86,425		2,229,448
Shimachu Co., Ltd. (a)		117,100		2,536,131
Shinsei Bank, Ltd. (a)		791,000		935,304
Shochiku Co., Ltd. (a)		574,000		4,162,331
Shoei Co., Ltd.		138,200		1,253,938
Sinfonia Technology Co., Ltd. (a)		565,000		1,717,905
SMK Corp. (a)		295,343		1,375,512
Star Micronics Co., Ltd. (a)		81,800		909,986
Sumitomo Osaka Cement Co., Ltd. (a)		1,158,793		3,369,560
Tadano, Ltd. (a)		213,526		1,368,030
Taiyo Yuden Co., Ltd. (a)		35,000		470,861
Takara Holdings, Inc. (a)		355,000		1,760,437
Takasago International Corp.		370,694		2,039,533
Takuma Co., Ltd. (a)(b)		314,000		1,075,965
The Bank of Nagoya, Ltd. (a)		299,000		966,844
The Bank of Okinawa, Ltd. (a)		60,300		2,466,421
The Ehime Bank, Ltd.		851,000		2,412,946
The Eighteenth Bank, Ltd. (a)		820,730		2,287,508
The Hokuetsu Bank, Ltd.		1,145,000		2,624,879
The Michinoku Bank, Ltd.		804,000		1,542,423
The Minato Bank, Ltd. (a)		926,000		1,664,744
The Miyazaki Bank, Ltd.		781,000		1,875,229
The Musashino Bank, Ltd. (a)		52,100		1,694,759
The Oita Bank, Ltd.		519,000		1,765,902
The Tochigi Bank, Ltd.		307,000		1,363,127
The Tokyo Tomin Bank, Ltd. (a)		55,900		728,427
Toagosei Co., Ltd. (a)		666,818		3,451,556
TOC Co., Ltd. (a)		242,700		963,421
Toei Co., Ltd.		359,000		1,710,968
Toho Holdings Co., Ltd.		90,719		992,786
Toho Zinc Co., Ltd. (a)		289,000		1,352,944
Tokai Carbon Co., Ltd.		80,000		399,614
Tokai Tokyo Financial Holdings, Inc.		299,000		1,024,566
Tokuyama Corp. (a)		198,000		1,060,714
Tokyo Dome Corp. (b)		295,000		590,854
Tokyo Tatemono Co., Ltd. (a)		271,000		1,016,904
TOMONY Holdings, Inc. (a)		328,400		1,216,443
Topy Industries, Ltd. (a)		896,381		2,357,759
Toyo Corp/Chuo-ku (a)		207,948		1,929,440
Toyo Tire & Rubber Co., Ltd. (a)		508,000		1,250,386
Toyobo Co., Ltd. (a)		1,212,788		1,755,967
Ulvac, Inc. (a)		57,800		1,369,681
Unitika, Ltd. (a)(b)		1,226,000		991,096
Yamato Kogyo Co., Ltd. (a)		30,800		1,029,392
Yaskawa Electric Corp. (a)		79,000		939,841
Yodogawa Steel Works, Ltd. (a)		524,000		2,440,444
Yokogawa Electric Corp. (a)(b)		119,400		913,364
Zenrin Co., Ltd.		65,377		698,101

				242,871,857

NETHERLANDS — 1.9%
Aalberts Industries NV		110,058		2,615,289
AerCap Holdings NV (b)		28,918		363,499
ASM International NV (b)		86,310		3,392,766
BinckBank NV		27,529		480,126
Draka Holding NV (b)		316		7,991
Exact Holding NV		59,798		1,897,879
KAS Bank NV		116,588		1,938,247
Koninklijke BAM Groep NV		66,048		509,790
Mediq NV		195,908		3,919,984
Ordina NV (b)		117,595		655,835
ProLogis European Properties (b)		66,002		467,849
VistaPrint NV (a)(b)		26,784		1,390,090

				17,639,345

NEW ZEALAND — 0.5%
Auckland International Airport, Ltd.		853,438		1,441,876
Fisher & Paykel Appliances Holdings, Ltd. (b)		1,220,742		554,017
Fisher & Paykel Healthcare Corp., Ltd.		905,960		2,169,805
Nuplex Industries, Ltd. (a)		155,969		368,792

				4,534,490

NORWAY — 1.9%
Deep Sea Supply PLC (b)		214,183		555,615
DNO International ASA (b)		1,185,395		1,932,890
Ekornes ASA		107,344		2,871,950
Norske Skogindustrier ASA (a)(b)		318,531		1,030,724
Norwegian Property ASA (b)		503,949		924,677
Petroleum Geo-Services ASA (b)		108,666		1,741,445
ProSafe SE		106,453		807,671
Sevan Marine ASA (b)		343,190		375,963
Songa Offshore SE (b)		156,599		1,010,636
TGS Nopec Geophysical Co. ASA		56,951		1,527,822
Tomra Systems ASA		236,792		1,934,830

See accompanying notes to financial statements.

135

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares			Value

Veidekke ASA		315,869		$	2,897,881

					17,612,104

PORTUGAL — 0.3%
Altri SGPS SA (a)(b)		450,672			1,051,418
Semapa-Sociedade de Investimento e Gestao SGPS SA		176,109			2,109,293

					3,160,711

SINGAPORE — 2.5%
Bukit Sembawang Estates, Ltd.		315,080			1,067,347
CapitaCommercial Trust (a)		818			902
China Yuchai International, Ltd. (a)(b)		26,184			767,977
Ezra Holdings, Ltd. (a)		319,599			446,247
Haw Par Corp., Ltd. (a)		936,352			4,464,479
Hong Leong Finance, Ltd.		2,066,656	��		4,754,702
Mapletree Logistics Trust		5,129,201			3,682,608
Miclyn Express Offshore, Ltd.		447,003			792,790
Straits Asia Resources, Ltd. (a)		358,000			712,876
Suntec REIT		2,940,000			3,591,908
Verigy, Ltd. (a)(b)		76,927			1,083,901
Wing Tai Holdings, Ltd.		1,512,000			1,835,272

					23,201,009

SOUTH KOREA — 6.0%
Asiana Airlines (b)		187,094			1,695,350
Cheil Communications, Inc.		242,423			3,204,461
Daegu Bank		54,840			899,877
Daum Communications Corp.		20,311			1,814,557
Dong-A Pharmaceutical Co., Ltd.		15,206			1,552,552
Dongbu Insurance Co., Ltd. (b)		19,100			872,337
Eugene Investment & Securities Co., Ltd. (b)		679,493			391,485
Hana Tour Service, Inc.		29,244			1,181,010
Hanjin Heavy Industries & Construction Co., Ltd. (a)(b)		11,878			354,082
Hanmi Pharm Co., Ltd. (b)		11,042			880,783
Hansol Paper Co. (a)		88,875			695,152
Hanwha Securities Co. (b)		133,946			903,597
Hite Brewery Co., Ltd. (a)		10,445			1,033,121
Hotel Shilla Co., Ltd. (a)		71,932			1,675,430
Humax Co., Ltd.		53,101			687,392
Hyundai Development Co.		32,730			950,317
Hyundai Marine & Fire Insurance Co., Ltd.		98,107			2,736,747
Jeonbuk Bank		278,762			1,725,506
Korea Investment Holdings Co., Ltd. (b)		17,250			658,895
Korea Kumho Petrochemical Co., Ltd.		6,133			835,848
Korean Reinsurance Co. (b)		141,356			1,649,443
LG International Corp.		77,461			2,987,010
LG Life Sciences, Ltd. (a)(b)		28,006			1,175,693
LIG Insurance Co., Ltd. (b)		66,746			1,627,654
Mando Corp.		3,123			493,952
MegaStudy Co., Ltd.		6,442			991,890
Melfas, Inc.		7,994			327,572
Meritz Fire & Marine Insurance Co., Ltd. (b)(e)		186,049			1,755,419
Meritz Securities Co., Ltd. (b)		878,913			809,246
Mirae Asset Securities Co., Ltd. (b)		12,825			548,332
ORION Corp.		7,363			2,647,982
Poongsan Corp.		64,531			2,720,779
Samsung Fine Chemicals Co., Ltd. (a)		32,698			2,381,668
Seoul Semiconductor Co., Ltd. (a)		13,578			530,395
SFA Engineering Corp. (a)		49,407			3,080,759
SK Broadband Co., Ltd. (b)		104,670			453,241
SK Chemicals Co., Ltd.		35,187			2,059,351
STX Offshore & Shipbuilding Co., Ltd.		26,113			574,893
STX Pan Ocean Co., Ltd. (a)		59,967			541,204
Taekwang Industrial Co., Ltd.		533			631,661
Tong Yang Securities, Inc. (b)		37,330			268,162
Woori Investment & Securities Co., Ltd. (b)		34,100			624,833
Yuhan Corp.		12,387			1,671,248

					55,300,886

SPAIN — 1.6%
Amper, SA (a)(b)		161,020			875,168
Campofrio Food Group SA (a)		220,635			2,504,825
Construcciones y Auxiliar de Ferrocarriles SA		6,363			3,619,568
Ercros SA (b)		491,391			662,466
Faes Farma SA		235,407			948,748
Gamesa Corp. Tecnologica SA (b)		86,291			897,967
Tubacex SA (a)(b)		293,598			1,212,437
Tubos Reunidos SA (a)(b)		350,791			1,152,424
Vidrala SA		81,444			2,484,909
Zeltia SA (a)(b)		115,611			456,097

					14,814,609

SWEDEN — 2.6%
Carnegie Investment Bank AB (a)(e)		59,625			0
Castellum AB (a)		236,803			3,445,963
Great Portland Estates PLC		119,692			740,197
Haldex AB (b)		198,777			3,048,582
Intrum Justitia AB (a)(b)		128,804			1,878,443
JM AB (a)		22,946			611,078
Kungsleden AB		196,866			1,934,832
Lundin Petroleum AB (b)		105,600			1,515,769
New Wave Group AB (Class B)		248,836			2,139,901
Nobia AB (b)		60,590			569,076
PA Resources AB (b)		494,790			358,441
SAS AB (a)(b)		73,891			257,688
TradeDoubler AB (a)(b)		105,937			785,913
Trelleborg AB (Class B)		306,646			3,147,443
Wihlborgs Fastigheter AB		114,465			3,411,233

					23,844,559

SWITZERLAND — 3.0%
Basilea Pharmaceutica AG (b)		11,080			801,766
Belimo Holding AG (b)		2,933			6,408,774
Daetwyler Holding AG		37,767			3,463,575
Georg Fischer AG (b)		3,716			2,097,955
Kudelski SA		77,659			1,421,859
Kuoni Reisen Holding (Class B)		5,554			2,568,008

See accompanying notes to financial statements.

136

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Meyer Burger Technology AG (a)(b)		21,144	$	957,992
Mobimo Holding AG (b)		3,779		874,476
Nobel Biocare Holding AG (b)		57,592		1,198,614
Petroplus Holdings AG (b)		58,805		932,035
Temenos Group AG (b)		86,956		3,307,721
Valora Holding AG		10,181		3,427,609

				27,460,384

UNITED KINGDOM — 11.0%
Afren PLC (b)		444,136		1,159,730
Aveva Group PLC		31,457		814,347
Barratt Developments PLC (b)		436,224		769,869
Bellway PLC		109,824		1,225,255
Bodycote PLC		251,373		1,333,726
Booker Group PLC		920,283		888,051
Bovis Homes Group PLC (a)		214,615		1,499,226
Britvic PLC		272,213		1,725,739
BTG PLC (b)		184,668		673,727
Capital & Counties Properties PLC		332,923		899,215
Charter International PLC		70,965		919,127
Chemring Group PLC		252,695		2,800,971
Connaught PLC (a)(e)		289,855		0
Cookson Group PLC (b)		119,599		1,321,848
CSR PLC (b)		111,888		662,881
Dairy Crest Group PLC		206,019		1,186,545
Debenhams PLC (b)		644,488		611,584
DS Smith PLC		389,501		1,242,457
DSG International PLC (a)(b)		2,486,568		501,020
Elementis PLC		1,062,066		2,589,408
Enterprise Inns PLC (b)		210,003		297,912
Fenner PLC		419,324		2,419,759
Galiform PLC (b)		316,981		556,374
Galliford Try PLC		149,365		897,842
Game Group PLC		480,584		435,249
Gem Diamonds, Ltd. (b)		75,905		340,681
Helphire PLC (b)		443,131		95,893
Henderson Group PLC		601,965		1,635,539
Heritage Oil PLC (a)(b)		108,152		492,522
HMV Group PLC (a)		921,252		225,200
Hochschild Mining PLC (a)		87,451		903,457
Hunting PLC		75,870		944,347
Imagination Technologies Group PLC (b)		76,170		524,039
Inchcape PLC (b)		198,881		1,104,310
Intermediate Capital Group PLC		203,261		1,063,793
International Personal Finance		341,876		1,762,400
Interserve PLC		217,525		959,746
ITE Group PLC		604,081		2,355,901
J.D. Wetherspoon PLC (b)		187,487		1,275,759
Jardine Lloyd Thompson Group PLC		231,922		2,572,574
JKX Oil & Gas PLC		81,629		412,169
Jupiter Fund Management PLC (b)		224,473		1,034,119
Keller Group PLC		116,924		1,162,024
Kesa Electricals PLC		192,033		371,538
Kier Group PLC		68,911		1,435,991
Laird PLC		238,767		528,169
Lamprell PLC (a)		89,189		503,953
Mcbride PLC		176,311		402,024
Melrose PLC		671,384		3,528,842
Michael Page International PLC		313,973		2,586,874
Micro Focus International PLC		112,723		571,159
Mitchells & Butlers PLC (b)		266,458		1,288,617
Mitie Group PLC		578,015		1,820,629
Morgan Crucible Co. PLC		363,999		1,731,161
Morgan Sindall PLC		78,250		792,723
N Brown Group PLC		297,363		1,209,281
National Express Group PLC (b)		243,518		958,302
Pace PLC		132,782		323,734
PayPoint PLC		124,390		817,503
Persimmon PLC		121,963		869,977
Premier Farnell PLC		547,012		2,378,847
Premier Foods PLC (b)		1,709,733		765,454
Punch Taverns PLC (b)		278,243		343,650
PV Crystalox Solar PLC		477,830		419,351
Rank Group PLC		971,482		2,326,511
Redrow PLC (b)		357,828		716,975
Regus PLC		307,207		565,810
Restaurant Group PLC		395,955		1,904,088
RPS Group PLC		360,378		1,235,054
Salamander Energy PLC (b)		104,476		485,662
Senior PLC		784,819		1,908,424
Shaftesbury PLC		381,311		2,891,693
Shanks Group PLC		492,774		901,267
SIG PLC (b)		348,993		780,388
Spectris PLC		132,203		2,888,398
Spirent Communications PLC		397,418		875,931
St. James’s Place PLC		221,152		1,185,787
Stagecoach Group PLC		362,749		1,252,483
Taylor Wimpey PLC (b)		1,670,559		1,087,731
Telecity Group PLC (b)		91,506		745,865
Tullett Prebon PLC		300,399		1,970,879
Ultra Electronics Holdings PLC		60,784		1,677,808
Unite Group PLC (b)		340,156		1,177,746
Victrex PLC		182,281		3,944,528
WH Smith PLC		198,982		1,383,640
Wincanton PLC		275,707		513,760
Yell Group PLC (a)(b)		1,491,867		159,267

				102,523,809

TOTAL COMMON STOCKS —
(Cost $848,603,217)				919,177,037

RIGHTS — 0.0% (f)
FINLAND — 0.0% (f)
Cramo OYJ (expiring 4/11/15) (a)(b)		70,630		233,338

GERMANY — 0.0% (f)
Gildemeister AG (expiring 4/11/11) (a)(b)		77,953		52,103

TOTAL RIGHTS —
(Cost $0)				285,441

WARRANTS — 0.0% (f)
CANADA — 0.0% (f)
Kinross Gold Corp. (expiring 9/17/14) (b)		463		1,285

See accompanying notes to financial statements.

137

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

ITALY — 0.0% (f)
Interpump Group SpA (expiring 10/31/12) (b)		8	$	9

TOTAL WARRANTS —
(Cost $2,207)				1,294

SHORT TERM INVESTMENTS — 13.3%
UNITED STATES — 13.3%
MONEY MARKET FUNDS — 13.3%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		121,532,582		121,532,582
State Street Institutional Liquid Reserves Fund 0.19% (h)(i)		1,609,186		1,609,186

TOTAL SHORT TERM INVESTMENTS —
(Cost $123,141,768)				123,141,768

TOTAL INVESTMENTS — 112.3%
(Cost $971,747,192)				1,042,605,540
OTHER ASSETS & LIABILITIES — (12.3)%				(113,880,008	)

NET ASSETS — 100.0%			$	928,725,532


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.2% of net assets as of March 31, 2011, 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)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i)		The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

138

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 18.1%
Abacus Property Group		1,422,076	$	3,456,003
Astro Japan Property Group (a)		335,714		1,020,705
Bunnings Warehouse Property Trust		2,303,064		4,084,638
CFS Retail Property Trust		9,485,478		18,049,304
Charter Hall Office REIT		2,378,454		8,141,532
Charter Hall Retail REIT		1,454,481		4,692,951
Commonwealth Property Office Fund		14,059,887		12,504,424
Dexus Property Group		27,669,906		24,322,601
Goodman Group		39,563,556		28,026,528
GPT Group		10,650,046		34,583,149
ING Office Fund		13,910,418		8,918,982
Westfield Group		13,245,836		127,940,975
Westfield Retail Trust (b)		16,530,692		44,789,450

				320,531,242

AUSTRIA — 2.4%
Atrium European Real Estate, Ltd.		1,076,485		6,752,168
CA Immobilien Anlagen AG (a)(b)		450,753		8,315,626
IMMOFINANZ AG (a)(b)		5,992,839		27,095,138

				42,162,932

BELGIUM — 0.9%
Befimmo Sicafi S.C.A.		78,250		6,844,787
Cofinimmo		68,393		10,021,084

				16,865,871

CANADA — 10.0%
Artis REIT		212,216		3,102,248
Boardwalk REIT		136,080		6,730,207
Brookfield Asset Management, Inc. (Class A) (a)		3,206,542		103,868,556
Calloway REIT		274,143		7,271,025
Canadian Apartment Properties REIT		213,276		4,266,616
Canadian REIT		186,053		6,627,331
Chartwell Seniors Housing REIT		396,685		3,776,205
Extendicare REIT		223,079		2,912,468
First Capital Realty, Inc. (a)		343,360		5,661,778
H&R REIT		404,499		9,148,268
Primaris Retail REIT		191,901		4,201,996
RioCan REIT		727,569		19,042,824

				176,609,522

CHINA — 3.8%
Hongkong Land Holdings, Ltd. (a)		7,000,000		49,000,000
Kerry Properties, Ltd.		3,543,670		17,722,451

				66,722,451

FRANCE — 9.9%
Fonciere Des Regions		151,319		16,146,059
Gecina SA		120,063		16,581,518
Klepierre		538,817		21,899,151
SILIC		53,849		7,557,652
Unibail-Rodamco SE		523,651		113,584,839

				175,769,219

GERMANY — 0.2%
IVG Immobilien AG (a)(b)		468,298		3,890,344

HONG KONG — 9.1%
Champion REIT (a)		8,796,174		5,100,247
GZI REIT		4,144,000		2,163,051
Hang Lung Group, Ltd.		4,870,808		30,152,144
Hang Lung Properties, Ltd.		11,242,755		49,216,503
Hysan Development Co., Ltd.		3,496,847		14,386,247
Prosperity REIT		6,583,000		1,624,972
The Link REIT (a)		12,811,250		40,106,186
Wheelock & Co., Ltd. (a)		4,743,545		17,807,657

				160,557,007

ITALY — 0.3%
Beni Stabili SpA		4,727,031		4,920,413

JAPAN — 17.2%
Aeon Mall Co., Ltd. (a)		457,440		9,857,479
Daibiru Corp.		328,000		2,849,421
Daiwa Office Investment Corp. (a)		1,476		5,141,424
Frontier Real Estate Investment Corp.		1,010		8,993,485
Fukuoka REIT Corp.		610		4,371,863
Global One Real Estate Investment Co., Ltd. (a)		556		4,534,942
Hankyu REIT, Inc.		489		2,531,141
Heiwa Real Estate Co., Ltd. (a)		1,028,500		2,382,626
Japan Excellent, Inc. (a)		964		5,321,308
Japan Hotel and Resort, Inc.		441		997,677
JAPAN OFFICE Investment Corp.		855		1,093,509
Japan Prime Realty Investment Corp. (a)		4,104		11,121,602
Japan Real Estate Investment Corp. (a)		2,807		26,654,307
Japan Retail Fund Investment Corp.		9,687		15,217,753
Kenedix Realty Investment Corp.		1,341		5,533,567
Mitsui Fudosan Co., Ltd.		5,050,000		83,658,904
Mori Hills REIT Investment Corp.		1,045		3,208,886
Mori Trust Sogo REIT, Inc. (a)		986		9,660,135
Nippon Building Fund, Inc.		3,318		32,427,365
Nomura Real Estate Office Fund, Inc. (a)		1,666		11,317,061
NTT Urban Development Corp. (a)		6,236		5,244,320
Orix JREIT, Inc. (a)		1,436		7,918,098
Premier Investment Corp. (a)		805		3,661,740
Shoei Co., Ltd.		209,490		1,900,778
Tokyu Land Corp. (a)		2,626,000		11,469,739
Tokyu REIT, Inc. (a)		971		6,021,887
Top REIT, Inc.		889		5,357,813
United Urban Investment Corp. (a)		12,029		15,253,956

				303,702,786

NETHERLANDS — 2.3%
Corio NV		330,265		23,133,998
Eurocommercial Properties NV		204,676		10,154,331
VastNed Retail NV		106,158		7,781,011

				41,069,340

NEW ZEALAND — 0.7%
AMP NZ Office Trust		4,418,846		2,763,788
Argosy Property Trust		3,138,725		1,747,665
Goodman Property Trust (a)		4,346,865		3,083,480

See accompanying notes to financial statements.

139

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Kiwi Income Property Trust (a)		5,573,176	$	4,250,939

				11,845,872

SINGAPORE — 7.1%
Ascendas REIT (a)		8,474,831		13,715,712
Cambridge Industrial Trust (a)(b)		5,459,549		2,122,316
CapitaCommercial Trust (a)		10,930,676		12,053,661
CapitaLand, Ltd.		14,525,999		38,029,192
CapitaMall Trust (a)		11,538,168		17,208,850
Frasers Commercial Trust		2,739,304		1,727,685
Global Logistic Properties, Ltd. (b)		6,857,000		10,172,622
Guocoland, Ltd.		1,863,666		3,607,572
Mapletree Logistics Trust		7,360,080		5,284,310
Singapore Land, Ltd. (a)		604,000		3,339,849
Starhill Global REIT (a)		5,778,482		2,842,252
Suntec REIT (a)		10,017,351		12,238,573
United Industrial Corp., Ltd.		1,376,000		3,100,230

				125,442,824

SOUTH AFRICA — 0.7%
Capital Property Fund		2,389,853		2,810,781
Fountainhead Property Trust		6,673,567		6,101,479
SA Corporate Real Estate Fund		4,567,883		2,162,487
Sycom Property Fund		600,190		1,800,717

				12,875,464

SPAIN — 0.0%
Martinsa-Fadesa SA (b)(c)(d)		35,998		0

SWEDEN — 2.4%
Castellum AB (a)		987,258		14,366,604
Fabege AB (a)		822,089		8,894,105
Great Portland Estates PLC		1,794,658		11,098,486
Kungsleden AB		783,478		7,700,152

				42,059,347

SWITZERLAND — 2.2%
PSP Swiss Property AG (b)		199,277		16,478,445
Swiss Prime Site AG (b)		295,175		23,375,885

				39,854,330

UNITED KINGDOM — 12.3%
Big Yellow Group PLC		658,577		3,491,086
British Land Co. PLC (a)		5,078,872		44,979,992
Capital & Counties Properties PLC		3,298,043		8,907,915
Capital Shopping Centres Group PLC		4,273,177		26,234,300
Derwent London PLC		578,597		15,238,196
Grainger PLC		1,922,694		3,306,966
Hammerson PLC		4,061,248		29,093,079
Land Securities Group PLC		4,393,576		51,658,059
Segro PLC		4,214,543		21,719,573
Shaftesbury PLC		1,434,722		10,880,291
Workspace Group PLC		4,872,147		2,128,172

				217,637,629

TOTAL COMMON STOCKS —
(Cost $1,675,835,141)				1,762,516,593

RIGHTS — 0.0% (e)
SINGAPORE — 0.0% (e)
Cambridge Industrial Trust (expiring 4/6/11) (a)(b)		765,817		42,528

SOUTH AFRICA — 0.0% (e)
Fountainhead Property Trust (expiring 4/8/11) (b)		1,088,332		28,982

TOTAL RIGHTS —
(Cost $0)				71,510

SHORT TERM INVESTMENTS — 8.5%
UNITED STATES — 8.5%
MONEY MARKET FUNDS — 8.5%
State Street Navigator Securities Lending Prime Potfolio (f)(g)		149,476,177		149,476,177
State Street Institutional Liquid Reserves Fund 0.19% (g)(h)		307,902		307,902

TOTAL SHORT TERM INVESTMENTS —
(Cost $149,784,079)				149,784,079

TOTAL INVESTMENTS — 108.1%
(Cost $1,825,619,220)				1,912,372,182
OTHER ASSETS & LIABILITIES — (8.1)%				(143,716,995	)

NET ASSETS — 100.0%			$	1,768,655,187


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)		Company has filed for insolvency.
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

140

SPDR FTSE/Macquarie Global Infrastructure 100 ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 1.7%
AGL Energy, Ltd.		20,034	$	296,477
Asciano Group		126,366		227,385
Macquarie Atlas Roads Group (a)		779		1,543
Transurban Group		63,402		352,096

				877,501

BRAZIL — 1.0%
Centrais Eletricas Brasileiras SA ADR		14,083		214,350
Companhia Energetica de Minas Gerais ADR		16,461		317,204

				531,554

CANADA — 5.9%
Canadian Utilities, Ltd. (Class A)		3,701		201,458
Emera, Inc.		4,935		160,771
Enbridge, Inc. (b)		16,639		1,016,386
Fortis, Inc. (b)		7,485		254,848
TransAlta Corp. (b)		9,466		198,905
TransCanada Corp. (b)		30,197		1,220,297

				3,052,665

FINLAND — 1.3%
Fortum Oyj (a)		19,463		661,774

FRANCE — 8.7%
EDF SA		11,179		463,549
GDF Suez		73,323		2,991,514
Suez Environnement Co.		15,798		327,317
Veolia Environnement		21,562		671,334

				4,453,714

GERMANY — 7.1%
E.ON AG		82,789		2,531,820
RWE AG		17,086		1,089,770

				3,621,590

HONG KONG — 3.2%
CLP Holdings, Ltd.		78,727		636,642
Hong Kong & China Gas Co., Ltd.		235,339		564,581
Hongkong Electric Holdings, Ltd.		70,000		467,975

				1,669,198

ITALY — 6.3%
A2A SpA		69,963		113,482
Atlantia SpA		19,301		442,897
Enel SpA		305,124		1,925,990
Snam Rete Gas SpA		73,873		415,768
Terna Rete Elettrica Nationale SpA		64,827		310,763

				3,208,900

JAPAN — 7.3%
Chubu Electric Power Co., Inc. (b)		24,698		551,295
Electric Power Development Co., Ltd. (b)		7,141		220,744
Hokkaido Electric Power Co., Inc. (b)		7,200		140,125
Hokuriku Electric Power Co. (b)		7,300		165,941
Kyushu Electric Power Co., Inc. (b)		15,618		306,217
Osaka Gas Co., Ltd. (b)		71,000		284,411
Shikoku Electric Power Co., Inc. (b)		7,635		208,470
The Chugoku Electric Power Co., Inc. (b)		12,075		224,075
The Kansai Electric Power Co., Inc. (b)		30,837		673,815
The Tokyo Electric Power Co., Inc. (b)		52,167		293,314
Tohoku Electric Power Co., Inc. (b)		16,508		279,847
Tokyo Gas Co., Ltd. (b)		89,000		408,060

				3,756,314

PORTUGAL — 1.2%
Brisa Auto-Estradas de Portugal SA (b)		20,046		135,779
EDP — Energias de Portugal SA		119,944		467,744

				603,523

SOUTH KOREA — 0.5%
Korea Electric Power Corp. ADR		22,155		271,177

SPAIN — 6.0%
Abertis Infraestructuras SA		16,122		350,731
Enagas		7,966		179,968
Gas Natural SDG SA		16,127		303,352
Iberdrola Renovables SA		37,635		162,627
Iberdrola SA		237,330		2,066,574

				3,063,252

UNITED KINGDOM — 8.7%
Centrica PLC		224,340		1,169,797
International Power PLC		65,830		325,008
National Grid PLC		152,293		1,450,061
Pennon Group PLC		15,624		156,528
Scottish & Southern Energy PLC		41,369		836,200
Severn Trent PLC		10,175		238,289
United Utilities Group PLC		29,158		276,460

				4,452,343

UNITED STATES — 40.6%
Alliant Energy Corp.		4,771		185,735
Ameren Corp. (b)		10,418		292,433
American Electric Power Co., Inc.		20,793		730,666
American Water Works Co., Inc.		7,526		211,104
Aqua America, Inc.		5,899		135,028
Calpine Corp. (a)(b)		14,343		227,623
CenterPoint Energy, Inc.		18,446		323,912
CMS Energy Corp. (b)		10,470		205,631
Consolidated Edison, Inc.		12,541		636,079
Constellation Energy Group, Inc.		8,720		271,454
Dominion Resources, Inc. (b)		25,299		1,130,865
DTE Energy Co.		7,302		357,506
Duke Energy Corp.		57,690		1,047,073
Edison International		14,242		521,115
El Paso Corp.		30,482		548,676
Entergy Corp.		7,906		531,362
Exelon Corp.		28,702		1,183,670
FirstEnergy Corp.		18,162		673,645
Integrys Energy Group, Inc. (b)		3,396		171,532
ITC Holdings Corp. (b)		2,200		153,780
Kinder Morgan Management, LLC (a)		4,022		263,803
National Fuel Gas Co.		3,559		263,366
NextEra Energy, Inc.		18,223		1,004,452
NiSource, Inc. (b)		12,220		234,380
Northeast Utilities		7,546		261,092
NRG Energy, Inc. (a)		10,581		227,915
NSTAR		4,498		208,122
NV Energy, Inc.		10,012		149,079
OGE Energy Corp.		4,184		211,543
ONEOK, Inc.		4,661		311,728

See accompanying notes to financial statements.

141

SPDR FTSE/Macquarie Global Infrastructure 100 ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Pepco Holdings, Inc. (b)		9,584	$	178,742
PG&E Corp.		17,182		759,101
Pinnacle West Capital Corp.		4,678		200,172
PPL Corp. (b)		21,123		534,412
Progress Energy, Inc.		12,624		582,471
Public Service Enterprise Group, Inc.		22,061		695,142
SCANA Corp. (b)		5,538		218,031
Sempra Energy		10,456		559,396
Spectra Energy Corp.		28,043		762,209
TECO Energy, Inc.		9,167		171,973
The AES Corp. (a)		34,752		451,776
The Southern Co.		36,735		1,399,971
The Williams Cos., Inc.		25,461		793,874
Wisconsin Energy Corp. (b)		10,056		306,708
Xcel Energy, Inc.		21,076		503,506

				20,791,853

TOTAL COMMON STOCKS —
(Cost $67,981,836)				51,015,358

SHORT TERM INVESTMENTS — 9.2%
UNITED STATES — 9.2%
MONEY MARKET FUNDS — 9.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		4,649,521		4,649,521
State Street Institutional Liquid Reserves Fund 0.19% (d)(e)		76,642		76,642

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,726,163)				4,726,163

TOTAL INVESTMENTS — 108.7%
(Cost $72,707,999)				55,741,521
OTHER ASSETS & LIABILITIES — (8.7)%				(4,479,795	)

NET ASSETS — 100.0%			$	51,261,726

ADR = American Depositary Receipt

See accompanying notes to financial statements.

142

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 8.5%
BHP Billiton, Ltd.		131,751	$	6,343,812
Incitec Pivot, Ltd.		165,171		739,614
Newcrest Mining, Ltd.		30,470		1,254,750
Rio Tinto, Ltd.		18,218		1,596,702
Woodside Petroleum, Ltd.		14,692		711,066

				10,645,944

BRAZIL — 3.7%
Companhia Siderurgica Nacional SA ADR		41,677		694,339
Gerdau SA ADR		22,631		282,887
Petroleo Brasileiro SA ADR		45,240		1,829,053
Vale SA ADR		53,431		1,781,924

				4,588,203

CANADA — 13.6%
Agnico-Eagle Mines, Ltd.		7,011		464,517
Agrium, Inc.		15,579		1,433,861
Barrick Gold Corp.		39,845		2,068,354
Canadian Natural Resources, Ltd.		19,620		966,932
Goldcorp, Inc.		30,518		1,516,566
Imperial Oil, Ltd.		15,082		768,093
Kinross Gold Corp.		49,368		775,475
Potash Corp. of Saskatchewan, Inc.		88,233		5,199,571
Sino-Forest Corp. (a)		24,651		641,141
Suncor Energy, Inc.		28,005		1,251,768
Teck Resources, Ltd. (Class B)		27,952		1,476,693
Viterra, Inc.		37,730		456,134

				17,019,105

CHILE — 0.8%
Sociedad Quimica y Minera de Chile SA ADR		17,786		982,854

CHINA — 1.0%
China Agri-Industries Holdings, Ltd.		282,000		316,145
China Coal Energy Co., Ltd		51,000		69,502
China Petroleum & Chemical Corp.		222,000		222,622
China Shenhua Energy Co., Ltd.		40,000		188,476
PetroChina Co., Ltd.		268,000		405,883
Yanzhou Coal Mining Co., Ltd.		20,000		72,767

				1,275,395

DENMARK — 0.5%
Danisco A/S		5,037		636,563

FINLAND — 1.6%
Stora Enso Oyj		67,708		807,590
UPM-Kymmene Oyj (a)		56,113		1,188,079

				1,995,669

FRANCE — 2.2%
Total SA		45,378		2,766,127

GERMANY — 2.3%
K+S AG		19,047		1,439,867
Suedzucker AG		19,134		534,372
ThyssenKrupp AG		21,826		892,959

				2,867,198

HONG KONG — 1.3%
Chaoda Modern Agriculture Holdings, Ltd.		252,000		156,484
CNOOC, Ltd.		560,000		1,411,123

				1,567,607

INDIA — 0.7%
Reliance Industries, Ltd. GDR (b)		18,983		900,174

ITALY — 1.5%
ENI SpA		77,417		1,903,917

JAPAN — 1.7%
JFE Holdings, Inc.		26,800		787,056
Nippon Steel Corp.		276,000		885,811
OJI Paper Co., Ltd.		105,000		500,422

				2,173,289

LUXEMBOURG — 2.1%
APERAM		3,212		129,224
ArcelorMittal		67,198		2,434,081

				2,563,305

NETHERLANDS — 2.2%
Nutreco Holding NV		3,676		269,960
Royal Dutch Shell PLC (Class A)		69,326		2,515,894

				2,785,854

NORWAY — 2.7%
StatoilHydro ASA		60,014		1,663,153
Yara International ASA		33,435		1,693,585

				3,356,738

PERU — 1.1%
Compania de Minas Buenaventura SA ADR, Series B		7,255		311,747
Southern Copper Corp.		25,715		1,035,543

				1,347,290

RUSSIA — 5.7%
Gazprom OAO ADR (c)		2,905		93,948
Gazprom OAO ADR (c)		70,945		2,296,490
Lukoil OAO ADR		10,026		718,363
MMC Norilsk Nickel OJSC ADR		58,524		1,547,374
Novolipetsk Steel OJSC GDR		16,807		739,508
Rosneft Oil Co. GDR		129,612		1,184,006
Surgutneftegas OJSC ADR		45,590		495,563

				7,075,252

SINGAPORE — 2.8%
Golden Agri-Resources, Ltd.		1,355,000		741,730
Wilmar International, Ltd.		640,000		2,772,233

				3,513,963

SOUTH AFRICA — 0.6%
AngloGold Ashanti, Ltd. ADR		9,813		470,534
Gold Fields, Ltd. ADR		18,381		320,932

				791,466

SOUTH KOREA — 1.3%
POSCO ADR		14,656		1,675,034

SPAIN — 0.6%
Repsol YPF SA		22,861		784,286

See accompanying notes to financial statements.

143

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

SWEDEN — 0.9%
Svenska Cellulosa AB (Class B)		66,557	$	1,071,934

SWITZERLAND — 4.9%
Syngenta AG		9,823		3,205,078
Xstrata PLC		124,584		2,909,656

				6,114,734

UNITED KINGDOM — 6.5%
Anglo American PLC		54,372		2,795,079
Antofagasta PLC		42,650		930,458
BG Group PLC		62,488		1,553,561
BP PLC		357,732		2,603,355
Lonmin PLC		7,801		212,954

				8,095,407

UNITED STATES — 28.9%
Alcoa, Inc.		42,460		749,419
Apache Corp.		7,362		963,833
Archer-Daniels-Midland Co.		57,965		2,087,320
Bunge, Ltd.		13,866		1,002,928
CF Industries Holdings, Inc.		7,252		992,001
Chevron Corp.		37,617		4,041,194
ConocoPhillips		26,647		2,128,029
CONSOL Energy, Inc.		4,535		243,212
Exxon Mobil Corp.		72,335		6,085,544
Freeport-McMoRan Copper & Gold, Inc.		41,866		2,325,656
International Paper Co.		45,136		1,362,204
MeadWestvaco Corp.		16,548		501,901
Monsanto Co.		56,629		4,092,011
Newmont Mining Corp.		20,129		1,098,641
Nucor Corp.		12,934		595,223
Occidental Petroleum Corp.		14,219		1,485,743
Peabody Energy Corp.		5,108		367,572
Plum Creek Timber Co., Inc.		16,652		726,194
Rayonier, Inc.		8,026		500,100
The Mosaic Co.		45,337		3,570,289
Weyerhaeuser Co.		51,507		1,267,072

				36,186,086

TOTAL COMMON STOCKS —
(Cost $116,358,047)				124,683,394

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.19% (d)(e)
(Cost $123,331)		123,331		123,331

TOTAL INVESTMENTS — 99.8%
(Cost $116,481,378)				124,806,725
OTHER ASSETS & LIABILITIES — 0.2%				286,261

NET ASSETS — 100.0%			$	125,092,986

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

144

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 6.1%
Alumina, Ltd.		236,446	$	601,521
Amcor, Ltd.		104,980		766,469
AMP, Ltd. (a)		71,663		402,419
Australia & New Zealand Banking Group, Ltd.		46,654		1,148,766
BHP Billiton, Ltd.		105,335		5,071,881
BlueScope Steel, Ltd.		150,510		307,409
Boral, Ltd. (a)		149,424		772,634
Brambles, Ltd.		55,374		405,436
CFS Retail Property Trust		176,780		336,383
Coca-Cola Amatil, Ltd.		73,661		894,312
Commonwealth Bank of Australia		37,735		2,044,839
CSL, Ltd.		21,641		799,639
Fortescue Metals Group, Ltd.		64,796		429,526
Foster’s Group, Ltd.		88,892		525,826
Insurance Australia Group, Ltd.		81,213		301,511
Lend Lease Group		67,468		632,832
Macquarie Group, Ltd.		19,726		746,627
National Australia Bank, Ltd.		46,044		1,230,884
Newcrest Mining, Ltd.		18,528		762,980
Origin Energy, Ltd.		60,598		1,016,465
OZ Minerals, Ltd.		331,494		546,789
Qantas Airways, Ltd. (b)		189,126		426,374
QBE Insurance Group, Ltd.		27,446		501,532
Rio Tinto, Ltd. (a)		9,988		875,390
Santos, Ltd.		53,979		868,038
Sonic Healthcare, Ltd. (a)		27,774		344,095
Suncorp Group, Ltd.		70,924		621,974
Toll Holdings, Ltd.		77,313		474,123
Transurban Group		66,134		367,268
Wesfarmers, Ltd. (c)		279		9,169
Wesfarmers, Ltd. (c)		13,829		460,357
Westfield Group		45,320		437,744
Westpac Banking Corp.		52,439		1,319,411
Woodside Petroleum, Ltd.		19,878		962,060
Woolworths, Ltd.		37,528		1,043,201

				28,455,884

AUSTRIA — 0.4%
Erste Group Bank AG		15,023		759,068
OMV AG		7,613		344,527
Raiffeisen International Bank-Holding AG (a)		10,153		564,222
Telekom Austria AG		15,558		227,849

				1,895,666

BELGIUM — 0.6%
Ageas		120,305		342,303
Ageas VVPR Strip (b)		5,332		15
Anheuser-Busch InBev NV		16,415		936,323
Anheuser-Busch InBev NV — VVPR Strip (b)		8,694		62
Delhaize Group		3,430		279,639
Dexia SA (b)		49,657		193,647
KBC Groep NV (b)		9,849		370,872
Solvay SA		3,039		360,494
UCB SA (a)		5,113		194,421

				2,677,776

BRAZIL — 3.3%
Banco Bradesco SA ADR (a)		70,175		1,456,131
Companhia de Bebidas das Americas Preference Shares ADR		49,042		1,388,379
Companhia Energetica de Minas Gerais ADR		52,990		1,021,117
Companhia Siderurgica Nacional SA ADR		48,106		801,446
Gerdau SA ADR (a)		54,082		676,025
Itau Unibanco Holding SA Preference Shares ADR		99,046		2,382,056
Petroleo Brasileiro SA ADR		116,716		4,148,087
Tele Norte Leste Participacoes SA ADR		19,341		339,048
Vale SA ADR Preference Shares		115,015		3,395,243

				15,607,532

CANADA — 8.0%
Agnico-Eagle Mines, Ltd.		3,445		228,250
Agrium, Inc.		5,642		519,279
Bank of Montreal (a)		18,582		1,203,078
Bank of Nova Scotia (a)		28,347		1,733,604
Barrick Gold Corp.		30,310		1,570,106
Brookfield Asset Management, Inc. (Class A) (a)		19,006		615,656
Brookfield Properties Corp. (a)		31,808		561,116
Cameco Corp. (a)		12,730		381,606
Canadian Imperial Bank of Commerce (a)		11,532		991,082
Canadian National Railway Co.		16,938		1,273,724
Canadian Natural Resources, Ltd. (a)		35,230		1,736,239
Canadian Pacific Railway, Ltd.		7,585		485,939
Canadian Tire Corp., Ltd. (Class A)		5,655		374,093
Cenovus Energy, Inc. (a)		23,859		939,398
Enbridge, Inc. (a)		15,521		948,093
EnCana Corp.		24,815		855,355
Enerplus Corp. (a)		9,993		315,482
Gildan Activewear, Inc.		13,308		435,323
Goldcorp, Inc. (a)		23,298		1,157,775
Husky Energy, Inc. (a)		12,867		389,681
IGM Financial, Inc. (a)		10,746		544,729
Imperial Oil, Ltd.		14,432		734,990
Kinross Gold Corp. (a)		15,506		243,569
Loblaw Cos., Ltd. (a)		10,264		409,927
Manulife Financial Corp. (a)		45,214		798,537
National Bank of Canada (a)		9,789		792,881
Nexen, Inc.		12,476		309,992
Onex Corp.		17,307		604,744
Penn West Petroleum Ltd. (a)		13,681		378,610
Potash Corp. of Saskatchewan, Inc.		30,294		1,781,047
Research In Motion, Ltd. (b)		15,711		885,566
Rogers Communications, Inc. (Class B) (a)		15,326		555,218
Royal Bank of Canada (a)		36,702		2,263,432
Shaw Communications, Inc. (a)		16,423		345,090
Shoppers Drug Mart Corp. (a)		10,311		422,510
SNC-Lavalin Group, Inc.		13,525		768,050

See accompanying notes to financial statements.

145

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Sun Life Financial, Inc. (a)		18,255	$	571,812
Suncor Energy, Inc.		37,445		1,673,717
Talisman Energy, Inc.		40,201		990,612
Teck Resources, Ltd. (Class B)		22,791		1,204,040
TELUS Corp. (a)		8,322		402,946
Thomson Reuters Corp. (a)		18,041		705,690
TMX Group, Inc. (a)		7,876		314,311
Toronto-Dominion Bank (a)		22,518		1,986,167
TransAlta Corp. (a)		19,634		412,561
TransCanada Corp. (a)		18,662		754,154

				37,569,781

CHILE — 0.3%
Empresa Nacional de Electricidad SA ADR (a)		16,460		915,505
Enersis SA ADR		32,499		676,629

				1,592,134

CHINA — 2.1%
Bank of China, Ltd.		2,124,436		1,182,640
Bank of Communications Co., Ltd. (a)		380,100		418,304
China Construction Bank Corp.		1,616,720		1,515,246
China COSCO Holdings Co., Ltd. (a)(b)		324,100		331,675
China Life Insurance Co., Ltd.		264,000		991,078
China Petroleum & Chemical Corp.		668,000		669,872
China Shenhua Energy Co., Ltd.		64,500		303,917
China Telecom Corp., Ltd.		768,000		469,003
Huaneng Power International, Inc. (a)		536,000		313,543
Industrial & Commercial Bank of China		1,320,045		1,096,332
PetroChina Co., Ltd.		660,000		999,563
Ping An Insurance Group Co. of China, Ltd. (a)		66,000		669,062
Tencent Holdings, Ltd. (a)		26,000		633,437
Zijin Mining Group Co., Ltd.		400,000		318,840

				9,912,512

DENMARK — 0.9%
A P Moller — Maersk A/S (a)		66		621,674
Danske Bank A/S (b)(c)		26,622		590,294
Danske Bank A/S (b)(c)		8,874		198,454
DSV A/S (a)		17,109		422,995
Novo Nordisk A/S (Class B) (a)		16,177		2,035,172
Vestas Wind Systems A/S (a)(b)		7,108		308,720

				4,177,309

FINLAND — 1.3%
Elisa Oyj (a)		10,941		241,125
Fortum Oyj (b)		16,301		554,261
Kesko Oyj (Class B) (b)		6,568		307,581
Kone Oyj (Class B)		12,052		694,381
Metso Oyj		14,789		796,249
Neste Oil Oyj (a)		10,456		215,894
Nokia Oyj (a)		37,979		325,262
Outokumpu Oyj (a)		19,016		329,764
Sampo Oyj (Class A)		17,416		556,336
Stora Enso Oyj		44,383		529,380
UPM-Kymmene Oyj (b)		28,003		592,907
Wartsila Oyj		20,934		818,440
YIT Oyj		1		30

				5,961,610

FRANCE — 6.8%
Accor SA		7,854		353,372
Air France-KLM (b)		20,125		335,573
Air Liquide SA		9,013		1,199,223
Alcatel-Lucent (a)(b)		157,442		905,098
Alstom SA		7,001		414,543
AXA SA		44,518		931,523
BNP Paribas		27,805		2,036,431
Bouygues SA		7,472		359,300
Cap Gemini SA		5,155		299,824
Carrefour SA		18,595		824,366
Credit Agricole SA		25,023		411,207
Danone		17,541		1,147,417
Essilor International SA		10,861		807,633
France Telecom SA		58,125		1,304,091
GDF Suez		33,102		1,350,533
Hermes International (a)		3,170		695,925
L’Oreal SA		8,728		1,018,121
Lagardere SCA		5,955		254,579
LVMH Moet Hennessy Louis Vuitton SA		7,106		1,126,397
Neopost SA (a)		2,983		261,653
Pernod — Ricard SA (a)		6,104		570,838
Peugeot SA (b)		13,701		542,073
PPR		4,524		694,324
Publicis Groupe SA		7,826		439,515
Renault SA (b)		13,934		771,373
Sanofi-Aventis SA		30,393		2,133,892
Schneider Electric SA		7,980		1,365,725
Societe Generale		18,349		1,193,891
Sodexo		4,642		339,452
Technip SA		4,831		515,889
Total SA		63,201		3,852,571
Unibail-Rodamco SE		2,133		462,668
Vallourec SA		3,155		354,420
Veolia Environnement (a)		10,909		339,652
Vinci SA		15,600		976,173
Vivendi SA		37,931		1,084,632

				31,673,897

GERMANY — 5.7%
Adidas AG		10,268		647,768
Allianz SE		13,751		1,932,476
BASF SE		28,138		2,436,967
Bayer AG		22,541		1,747,821
Commerzbank AG (b)		55,857		435,887
Daimler AG (b)		27,993		1,980,284
Deutsche Bank AG		24,791		1,459,480
Deutsche Boerse AG		7,934		602,927
Deutsche Lufthansa AG (b)		12,225		259,447
Deutsche Post AG		32,651		589,382
Deutsche Telekom AG		92,754		1,430,788
E.ON AG		55,523		1,697,982
Fresenius Medical Care AG & Co. KGaA		9,180		617,366
Linde AG		4,313		682,138
MAN SE		4,768		595,432

See accompanying notes to financial statements.

146

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Merck KGaA (a)		3,372	$	304,722
Metro AG		6,021		411,968
Muenchener Rueckversicherungs- Gesellschaft AG		7,046		1,109,887
RWE AG		15,165		967,246
Salzgitter AG		2,000		158,088
SAP AG		28,502		1,747,318
Siemens AG		25,214		3,460,398
ThyssenKrupp AG		11,972		489,806
TUI AG (a)(b)		33,141		396,607
Volkswagen AG (a)		3,916		601,844

				26,764,029

GREECE — 0.1%
Hellenic Telecommunications Organization SA ADR (a)		39,513		216,136
National Bank of Greece SA ADR (b)		190,413		337,031

				553,167

HONG KONG — 3.4%
Bank of East Asia, Ltd.		211,214		897,460
Cheung Kong Holdings, Ltd.		66,000		1,075,930
China Merchants Holdings International Co., Ltd.		136,178		575,126
China Mobile, Ltd.		199,000		1,833,117
China Overseas Land & Investment, Ltd.		134,000		272,541
China Resources Enterprise, Ltd.		134,000		544,393
Citic Pacific, Ltd.		134,000		372,117
CNOOC, Ltd.		596,217		1,502,385
COSCO Pacific, Ltd.		260,594		493,166
Esprit Holdings, Ltd.		54,504		250,160
Hang Lung Properties, Ltd.		134,000		586,601
Henderson Land Development Co., Ltd.		65,332		452,726
Hong Kong & China Gas Co., Ltd.		335,562		805,018
Hong Kong Exchanges and Clearing, Ltd. (a)		54,000		1,173,279
Hutchison Whampoa, Ltd.		66,000		781,492
Li & Fung, Ltd.		134,000		686,521
Mongolia Energy Co., Ltd. (b)		395,000		79,729
New World Development Co., Ltd.		407,451		719,752
Shangri-La Asia, Ltd.		144,333		372,978
Sun Hung Kai Properties, Ltd.		66,440		1,052,353
Swire Pacific, Ltd.		66,000		967,319
The Link REIT		162,856		509,828

				16,003,991

HUNGARY — 0.3%
MOL Hungarian Oil and Gas NyRt (a)(b)		4,107		526,120
Richter Gedeon NyRt		3,972		827,427

				1,353,547

INDIA — 2.2%
Dr. Reddy’s Laboratories, Ltd. ADR		25,634		956,148
HDFC Bank, Ltd. ADR		9,369		1,592,168
ICICI Bank, Ltd. ADR		30,538		1,521,708
Infosys Technologies, Ltd. ADR		22,931		1,644,153
Reliance Industries, Ltd. GDR (d)		39,733		1,884,139
Tata Motors, Ltd. ADR		89,759		2,494,403

				10,092,719

INDONESIA — 0.7%
Astra International Tbk PT		266,000		1,741,258
Bank Rakyat Indonesia Persero Tbk PT		1,825,100		1,205,205
Telekomunikasi Indonesia Tbk PT		367,000		309,785

				3,256,248

IRELAND — 0.1%
CRH PLC		7,231		166,031
Elan Corp. PLC (b)		34,825		239,935

				405,966

ISRAEL — 0.6%
Bank Hapoalim BM (b)		129,585		675,291
Bank Leumi Le-Israel BM		118,316		607,028
Teva Pharmaceutical Industries, Ltd. ADR		30,693		1,539,868

				2,822,187

ITALY — 2.0%
Assicurazioni Generali SpA		30,974		671,635
Atlantia SpA		20,302		465,867
Banca Monte dei Paschi di Siena SpA (a)(b)		195,866		244,738
Enel SpA		181,642		1,146,553
ENI SpA		74,067		1,821,530
Fiat Industrial SpA (b)		47,248		679,213
Fiat SpA (a)		47,998		435,248
Finmeccanica SpA		14,701		185,256
Intesa Sanpaolo SpA		248,255		735,599
Mediaset SpA (a)		37,527		238,793
Mediobanca SpA		21,198		217,193
Pirelli & C. SpA (a)		79,275		697,495
Saipem SpA		13,371		711,744
Telecom Italia SpA		436,586		672,222
UBI Banca ScpA (a)		31,197		266,958
UniCredit SpA		160,575		397,409

				9,587,453

JAPAN — 13.9%
Aeon Co., Ltd. (a)		19,600		227,973
Aisin Seiki Co., Ltd.		13,100		456,477
Asahi Breweries, Ltd. (a)		20,000		333,735
Asahi Glass Co., Ltd. (a)		67,000		845,584
Asahi Kasei Corp. (a)		67,000		453,511
Astellas Pharma, Inc. (a)		19,700		732,095
Bridgestone Corp. (a)		20,000		420,608
Canon, Inc.		26,500		1,157,457
Central Japan Railway Co. (a)		67		532,734
Chubu Electric Power Co., Inc. (a)		26,600		593,750
Credit Saison Co., Ltd. (a)		19,300		311,576
Daiichi Sankyo Co., Ltd. (a)		26,700		517,377
Daikin Industries, Ltd. (a)		19,700		592,093
Daiwa Securities Group, Inc. (a)		65,000		299,590
Denso Corp.		13,400		446,235
East Japan Railway Co. (a)		13,400		747,768
Eisai Co., Ltd. (a)		6,700		241,226
Electric Power Development Co., Ltd. (a)		6,700		207,111

See accompanying notes to financial statements.

147

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Elpida Memory, Inc. (a)(b)		26,400	$	341,149
FANUC Corp.		6,600		1,002,582
FUJIFILM Holdings Corp. (a)		19,700		612,297
Fujitsu, Ltd. (a)		67,000		379,947
Furukawa Electric Co., Ltd. (a)		67,000		271,622
Hankyu Hanshin Holdings, Inc. (a)		67,000		310,425
Hitachi, Ltd. (a)		133,000		694,848
Hokuhoku Financial Group, Inc. (a)		134,000		261,921
Honda Motor Co., Ltd. (a)		46,400		1,749,517
Hoya Corp. (a)		13,400		306,868
Inpex Corp. (a)		64		487,259
ITOCHU Corp. (a)		65,700		690,452
Japan Real Estate Investment Corp. (a)		67		636,209
Japan Retail Fund Investment Corp.		268		421,013
Japan Tobacco, Inc.		131		474,970
JFE Holdings, Inc. (a)		19,700		578,545
JS Group Corp. (a)		13,100		341,409
JSR Corp. (a)		13,400		269,843
JX Holdings, Inc.		118,508		800,730
Kajima Corp. (a)		67,000		188,357
Kamigumi Co., Ltd.		68,000		583,349
KDDI Corp. (a)		67		416,325
Keikyu Corp. (a)		66,423		480,060
Kintetsu Corp. (a)		133,000		428,463
Kobe Steel, Ltd. (a)		134,000		349,228
Komatsu, Ltd.		33,000		1,124,819
Konica Minolta Holdings, Inc. (a)		33,500		281,727
Kubota Corp. (a)		66,000		624,324
Kyocera Corp. (a)		6,700		681,479
Makita Corp. (a)		6,500		303,511
Marubeni Corp.		65,000		469,776
Marui Group Co., Ltd. (a)		40,100		259,818
Mitsubishi Chemical Holdings Corp. (a)		67,000		422,792
Mitsubishi Corp. (a)		46,300		1,289,897
Mitsubishi Electric Corp.		67,000		793,846
Mitsubishi Estate Co., Ltd.		66,618		1,130,931
Mitsubishi Heavy Industries, Ltd. (a)		133,000		613,007
Mitsubishi UFJ Financial Group, Inc. (a)		266,200		1,233,359
Mitsui & Co., Ltd. (a)		66,100		1,189,130
Mitsui Chemicals, Inc. (a)		67,000		237,669
Mitsui Mining & Smelting Co., Ltd. (a)		130,000		453,306
Mizuho Financial Group, Inc. (a)		364,200		606,414
MS&AD Insurance Group Holdings, Inc. (a)		20,300		463,902
Murata Manufacturing Co., Ltd. (a)		6,700		484,230
NEC Corp. (a)(b)		61,000		133,217
Nidec Corp. (a)		6,700		582,046
Nippon Steel Corp. (a)		197,000		632,263
Nippon Telegraph & Telephone Corp.		13,300		599,366
Nippon Yusen KK (a)		67,000		262,729
Nissan Motor Co., Ltd. (a)		66,800		594,817
Nitto Denko Corp.		13,300		707,686
NKSJ Holdings, Inc. (a)		63,938		418,899
Nomura Holdings, Inc. (a)		72,900		382,619
NTT Data Corp. (a)		67		207,839
NTT DoCoMo, Inc. (a)		528		931,390
Obayashi Corp. (a)		67,000		299,107
ORIX Corp. (a)		7,230		679,557
Osaka Gas Co., Ltd. (a)		133,000		532,770
Panasonic Corp. (a)		66,600		850,179
Resona Holdings, Inc. (a)		20,000		95,560
Rohm Co., Ltd. (a)		6,500		408,603
Secom Co., Ltd. (a)		6,700		312,446
Seven & I Holdings Co., Ltd.		26,900		688,728
Sharp Corp. (a)		67,000		666,928
Shin-Etsu Chemical Co., Ltd. (a)		13,300		663,556
Softbank Corp. (a)		26,300		1,053,523
Sony Corp.		33,100		1,063,929
Sumitomo Chemical Co., Ltd. (a)		67,000		335,485
Sumitomo Corp. (a)		33,400		479,158
Sumitomo Electric Industries, Ltd. (a)		26,700		370,797
Sumitomo Metal Industries, Ltd. (a)		134,000		300,724
Sumitomo Mitsui Financial Group, Inc. (a)		20,000		624,035
T&D Holdings, Inc. (a)		6,550		162,011
Takeda Pharmaceutical Co., Ltd. (a)		26,500		1,240,589
TDK Corp. (a)		6,700		397,327
Teijin, Ltd. (a)		133,000		596,959
Terumo Corp. (a)		13,300		703,674
The 77 Bank, Ltd.		131,697		664,205
The Bank of Yokohama, Ltd. (a)		67,000		319,317
The Chiba Bank, Ltd. (a)		64,000		359,846
The Joyo Bank, Ltd.		67,000		264,346
The Kansai Electric Power Co., Inc. (a)		32,900		718,894
The Shizuoka Bank, Ltd. (a)		67,000		556,178
The Sumitomo Trust & Banking Co., Ltd. (e)		67,000		355,331
The Tokyo Electric Power Co., Inc. (a)		46,600		262,013
Tokio Marine Holdings, Inc. (a)		20,000		536,679
Tokyo Electron, Ltd. (a)		6,700		370,650
Tokyo Gas Co., Ltd. (a)		133,000		609,797
Tokyu Corp. (a)		67,000		278,897
Toppan Printing Co., Ltd. (a)		67,000		530,309
Toray Industries, Inc. (a)		67,000		489,081
Toshiba Corp.		67,000		329,018
Toyota Motor Corp.		79,800		3,225,507
Toyota Tsusho Corp. (a)		19,400		321,149
West Japan Railway Co.		133		515,118
Yahoo! Japan Corp. (a)		868		311,676
Yamada Denki Co., Ltd. (a)		3,930		266,015
Yamaha Corp.		25,800		293,550
Yamaha Motor Co., Ltd. (a)(b)		26,700		467,765

				64,882,082

LUXEMBOURG — 0.2%
APERAM (a)		1,028		41,358
ArcelorMittal		21,865		792,006

				833,364

MEXICO — 1.0%
America Movil SAB de CV		601,869		1,748,401
Cemex SAB de CV (b)		445,920		398,462
Fomento Economico Mexicano SAB de CV		62,314		365,649

See accompanying notes to financial statements.

148

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Grupo Financiero Banorte SAB de CV		138,901	$	653,254
Grupo Modelo SAB de CV		79,230		475,756
Grupo Televisa SA de CV (Series CPO) (b)		122,819		603,819
Telefonos de Mexico SA de CV		465,943		427,311

				4,672,652

NETHERLANDS — 3.2%
Aegon NV (b)		18,618		139,608
Akzo Nobel NV		10,135		697,267
ASML Holding NV (b)		15,991		705,747
European Aeronautic Defence and Space Co. NV (b)		15,676		456,929
Heineken NV		8,463		463,039
ING Groep NV (b)		81,843		1,037,277
James Hardie Industries SE (b)		82,192		518,493
Koninklijke (Royal) KPN NV		63,770		1,087,762
Koninklijke Ahold NV		43,432		583,554
Koninklijke DSM NV		8,753		538,529
Koninklijke Philips Electronics NV (b)		38,618		1,236,077
Reed Elsevier NV		32,672		420,993
Royal Dutch Shell PLC (Class A)		114,146		4,142,447
SBM Offshore NV		13,373		388,662
TNT NV		17,334		445,236
Unilever NV (a)		55,259		1,734,999
Wolters Kluwer NV		15,474		362,326

				14,958,945

NORWAY — 0.8%
DnB NOR ASA		87,336		1,339,623
Norsk Hydro ASA		80,975		663,990
StatoilHydro ASA		31,115		862,282
Telenor ASA		25,832		424,949
Yara International ASA		6,621		335,374

				3,626,218

POLAND — 0.1%
Telekomunikacja Polska SA GDR (a)		87,849		544,497

PORTUGAL — 0.2%
Banco Comercial Portugues SA (a)		270,187		220,851
Portugal Telecom SGPS SA		49,963		577,430

				798,281

RUSSIA — 1.4%
Gazprom OAO ADR		79,159		2,562,377
Lukoil OAO ADR		19,772		1,411,523
Mechel OAO ADR		31,948		983,679
Mobile TeleSystems ADR		31,164		661,612
Tatneft ADR		25,814		1,140,720

				6,759,911

SINGAPORE — 1.2%
CapitaLand, Ltd.		133,000		348,195
DBS Group Holdings, Ltd.		65,468		760,374
Fraser and Neave, Ltd.		131,000		624,601
Singapore Exchange, Ltd. (a)		133,000		828,283
Singapore Press Holdings, Ltd. (a)		200,000		625,149
Singapore Telecommunications, Ltd.		533,000		1,277,001
United Overseas Bank, Ltd.		66,178		987,026

				5,450,629

SOUTH AFRICA — 1.5%
Anglo Platinum, Ltd. (a)		5,262		542,591
AngloGold Ashanti, Ltd.		13,870		665,855
Discovery Holdings, Ltd.		1		6
FirstRand, Ltd.		130,374		387,682
Gold Fields, Ltd.		31,570		553,221
Harmony Gold Mining Co., Ltd.		27,555		404,757
Impala Platinum Holdings, Ltd.		20,026		579,912
MTN Group, Ltd.		47,379		957,260
Naspers, Ltd.		13,708		738,183
Sanlam, Ltd.		128,217		523,532
Sasol, Ltd.		20,067		1,162,229
Standard Bank Group, Ltd.		41,853		643,945
Telkom SA, Ltd.		21,771		119,170

				7,278,343

SOUTH KOREA — 3.9%
Hana Financial Group, Inc.		21,500		930,010
Hyundai Development Co.		10,010		290,641
Hyundai Heavy Industries		2,039		962,853
Hyundai Mobis		5,333		1,592,194
Hyundai Motor Co.		4,488		830,543
KB Financial Group, Inc.		14,419		755,816
Kia Motors Corp.		45,383		2,854,667
Korea Electric Power Corp. ADR		18,799		230,100
KT Corp. ADR		13,518		264,007
KT&G Corp.		4,978		259,122
LG Electronics, Inc.		4,978		476,494
NHN Corp. (b)		1,750		305,506
POSCO ADR		9,778		1,117,528
Samsung C&T Corp.		8,983		587,975
Samsung Electronics Co., Ltd. GDR		6,628		2,824,191
Samsung Fire & Marine Insurance Co., Ltd. (b)		1,837		406,101
Samsung Heavy Industries Co., Ltd.		14,140		514,322
Samsung Securities Co., Ltd. (b)		5,819		427,560
Shinhan Financial Group Co., Ltd.		11,250		511,247
Shinsegae Co., Ltd.		958		227,939
SK Holdings Co., Ltd.		3,915		588,883
SK Innovation Co., Ltd.		4,485		862,697
SK Telecom Co., Ltd. ADR		15,558		292,646

				18,113,042

SPAIN — 2.9%
Abertis Infraestructuras SA		23,157		503,776
Acciona SA		2,591		281,944
Acerinox SA (a)		23,125		456,972
ACS, Actividades de Construccion y Servicios SA (a)		11,325		531,639
Banco Bilbao Vizcaya Argentaria SA (a)		77,220		938,139
Banco Popular Espanol SA (a)		63,289		372,546
Banco Santander SA		203,555		2,366,381
Ferrovial SA		35,649		447,717
Gas Natural SDG SA		20,850		392,192
Iberdrola SA		120,213		1,046,766
Indra Sistemas SA (a)		28,304		568,352
Industria de Diseno Textil SA		10,344		831,135
Mapfre SA		74,109		279,642
Repsol YPF SA		29,521		1,012,769

See accompanying notes to financial statements.

149

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Telefonica SA		133,762	$	3,353,200

				13,383,170

SWEDEN — 2.4%
Assa Abloy AB (Class B)		17,437		501,683
Atlas Copco AB (Class B)		40,111		970,284
Hennes & Mauritz AB (Class B)		29,017		964,105
Husqvarna AB (Class B)		80,878		693,599
Nordea Bank AB (a)		103,212		1,130,548
Sandvik AB		35,928		678,306
Securitas AB (Class B)		21,670		258,148
Skandinaviska Enskilda Banken AB (Class A) (a)		103,834		926,678
Skanska AB (Class B)		21,601		455,071
SKF AB (Class B)		20,998		611,793
Svenska Handelsbanken AB (Class A) (a)		18,456		605,604
Tele2 AB (Class B)		26,909		621,922
Telefonaktiebolaget LM Ericsson (Class B)		95,076		1,226,806
TeliaSonera AB		63,774		551,467
Volvo AB (Class A) (b)		58,325		1,022,564

				11,218,578

SWITZERLAND — 5.8%
ABB, Ltd. (b)		65,765		1,585,808
Adecco SA		5,378		355,065
Credit Suisse Group AG		28,449		1,213,712
Geberit AG		1,997		436,574
Givaudan SA (b)		527		531,983
Holcim, Ltd.		8,410		636,139
Kuehne & Nagel International AG		6,556		920,857
Logitech International SA (a)(b)		24,172		437,017
Nestle SA		118,827		6,838,544
Novartis AG		62,278		3,391,474
Roche Holding AG		21,395		3,068,289
SGS SA		275		491,474
Swiss Reinsurance Co., Ltd.		9,080		521,565
Syngenta AG		3,637		1,186,691
The Swatch Group AG		2,162		959,707
UBS AG (b)		92,933		1,674,084
Wolseley PLC (b)		16,653		560,305
Xstrata PLC		45,943		1,072,998
Zurich Financial Services AG		4,315		1,212,643

				27,094,929

TAIWAN — 1.8%
AU Optronics Corp. ADR (a)(b)		88,600		777,908
Hon Hai Precision Industry Co., Ltd. GDR		441,585		3,144,085
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		275,789		3,359,110
United Microelectronics Corp. ADR (a)		478,739		1,306,958

				8,588,061

THAILAND — 0.6%
Bangkok Bank PCL		398,776		2,287,572
PTT PCL		54,577		638,792

				2,926,364

TURKEY — 0.2%
Akbank TAS		149,278		725,190
Turkiye Is Bankasi		109,979		351,910

				1,077,100

UNITED KINGDOM — 13.6%
3i Group PLC		78,344		375,363
Anglo American PLC		42,979		2,209,404
AstraZeneca PLC		43,513		1,996,918
BAE Systems PLC		102,395		533,271
Barclays PLC		311,805		1,387,216
BG Group PLC		105,357		2,619,359
BHP Billiton PLC		51,981		2,049,744
BP PLC		590,525		4,297,481
British American Tobacco PLC		57,931		2,323,369
British Land Co. PLC (a)		71,668		634,713
British Sky Broadcasting Group PLC		43,028		569,016
BT Group PLC		103,708		308,539
Burberry Group PLC		53,454		1,005,931
Capita Group PLC		27,977		333,204
Centrica PLC		201,171		1,048,985
Cobham PLC		92,933		342,922
Compass Group PLC		80,472		723,003
Diageo PLC		82,564		1,568,299
Experian PLC		47,049		582,220
FirstGroup PLC		58,132		304,055
G4S PLC		69,760		285,593
GlaxoSmithKline PLC		151,952		2,897,281
Hammerson PLC		59,586		426,849
HSBC Holdings PLC		510,130		5,241,538
ICAP PLC		72,722		615,488
Imperial Tobacco Group PLC		30,851		952,951
Inchcape PLC (b)		43		239
Intercontinental Hotels Group PLC		32,518		666,154
International Power PLC		54,620		269,663
J Sainsbury PLC		63,536		341,486
Land Securities Group PLC		33,694		396,162
Lloyds Banking Group PLC (b)		314,812		293,138
Marks & Spencer Group PLC		55,926		301,840
National Grid PLC		135,417		1,289,376
Next PLC		11,194		355,280
Old Mutual PLC		399,619		871,174
Pearson PLC		30,063		530,566
Prudential PLC		41,161		466,142
Reckitt Benckiser Group PLC		21,621		1,109,729
Reed Elsevier PLC		43,772		378,887
Rio Tinto PLC		39,394		2,765,189
Rolls-Royce Group PLC (b)		61,669		611,896
Royal Bank of Scotland Group PLC (b)		735,464		480,878
Royal Dutch Shell PLC (Class B)		81,312		2,945,662
RSA Insurance Group PLC		111,620		235,281
SABMiller PLC		28,041		992,234
Scottish & Southern Energy PLC		34,246		692,221
Severn Trent PLC		19,392		454,143
Smith & Nephew PLC		41,698		469,884
Smiths Group PLC		16,892		351,189
Standard Chartered PLC		38,945		1,009,442
Standard Life PLC		104,466		346,294
Tesco PLC		240,706		1,470,049

See accompanying notes to financial statements.

150

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

The Sage Group PLC		63,605	$	283,538
Tullow Oil PLC		6,586		152,866
Unilever PLC		42,154		1,283,844
United Utilities Group PLC		29,303		277,835
Vodafone Group PLC		1,624,198		4,595,190
Whitbread PLC		24,161		639,026
WPP PLC		41,962		516,916

				63,476,125

TOTAL COMMON STOCKS —
(Cost $456,948,990)				466,045,699

RIGHTS — 0.0% (f)
SWEDEN — 0.0% (f)
TeliaSonera AB (expired 3/25/11) (b) (Cost $571)		10,000		814

WARRANTS — 0.0% (f)
HONG KONG — 0.0% (f)
Henderson Land Development Co., Ltd. (expiring 6/1/11) (b)		800		47

ITALY — 0.0% (f)
UBI Banca ScpA (expiring 6/30/11) (b)		21,885		28

TOTAL WARRANTS —
(Cost $0)				75

SHORT TERM INVESTMENTS — 10.7%
UNITED STATES — 10.7%
MONEY MARKET FUNDS — 10.7%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		50,052,612		50,052,612
State Street Institutional Liquid Reserves Fund 0.19% (h)(i)		117,526		117,526

TOTAL SHORT TERM INVESTMENTS —
(Cost $50,170,138)				50,170,138

TOTAL INVESTMENTS — 110.3%
(Cost $507,119,699)				516,216,726
OTHER ASSETS & LIABILITIES — (10.3)%				(48,103,862	)

NET ASSETS — 100.0%			$	468,112,864


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Securiy purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.4% of net assets as of March 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

151

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.7%
AIR FREIGHT & LOGISTICS — 0.4%
Yamato Holdings Co., Ltd. (a)		3,780	$	58,834

AIRLINES — 0.2%
All Nippon Airways Co., Ltd.		10,000		29,923

AUTO COMPONENTS — 2.7%
Aisin Seiki Co., Ltd. (a)		1,168		40,699
Bridgestone Corp. (a)		3,803		79,979
Denso Corp. (a)		2,647		88,148
FCC Co., Ltd. (a)		984		23,745
Futaba Industrial Co., Ltd. (b)		408		2,309
Keihin Corp. (a)		556		10,593
NGK Spark Plug Co., Ltd.		2,160		29,606
NHK Spring Co., Ltd.		340		3,380
Nifco, Inc. (a)		1,028		24,708
Nissin Kogyo Co., Ltd.		616		10,643
NOK Corp.		1,016		18,069
Showa Corp. (b)		2,012		14,930
Stanley Electric Co., Ltd. (a)		644		10,684
Sumitomo Rubber Industries, Inc. (a)		1,808		18,542
Tokai Rika Co., Ltd.		20		342
Toyo Tire & Rubber Co., Ltd.		3,851		9,479
Toyota Industries Corp.		1,172		35,579

				421,435

AUTOMOBILES — 7.5%
Daihatsu Motor Co., Ltd.		464		6,785
Fuji Heavy Industries, Ltd. (a)		4,347		28,113
Honda Motor Co., Ltd.		9,574		360,989
Isuzu Motors, Ltd. (a)		9,651		38,310
Mazda Motor Corp. (a)		6,123		13,520
Mitsubishi Motors Corp. (a)(b)		26,173		32,211
Nissan Motor Co., Ltd. (a)		11,762		104,734
Suzuki Motor Corp. (a)		2,192		49,167
Toyota Motor Corp. (a)		12,977		524,529
Yamaha Motor Co., Ltd. (a)(b)		1,216		21,303

				1,179,661

BEVERAGES — 1.0%
Asahi Breweries, Ltd. (a)		2,584		43,119
Ito En, Ltd. (a)		1,556		27,204
Kirin Holdings Co., Ltd.		6,207		81,856
Takara Holdings, Inc.		2,479		12,293

				164,472

BUILDING PRODUCTS — 1.5%
Aica Kogyo Co., Ltd. (a)		2,184		28,723
Asahi Glass Co., Ltd. (a)		6,299		79,498
Daikin Industries, Ltd. (a)		1,432		43,039
JS Group Corp. (a)		1,772		46,181
TOTO, Ltd.		4,444		35,872

				233,313

CAPITAL MARKETS — 1.3%
Daiwa Securities Group, Inc. (a)		8,482		39,094
Jafco Co., Ltd.		212		5,474
Mizuko Securities Co., Ltd. (a)		5,587		14,898
Nomura Holdings, Inc. (a)		21,176		111,143
Okasan Securities Group, Inc.		2,107		8,033
SBI Holdings, Inc. (a)		158		19,960
Tokai Tokyo Financial Holdings, Inc.		3,967		13,594

				212,196

CHEMICALS — 4.6%
Asahi Kasei Corp. (a)		5,859		39,659
Daicel Chemical Industries, Ltd.		2,055		12,720
DIC Corp. (a)		6,391		14,882
Hitachi Chemical Co., Ltd. (a)		976		19,913
JSR Corp. (a)		1,360		27,387
Kaneka Corp.		2,224		15,537
Kansai Paint Co., Ltd.		2,092		18,199
Kuraray Co., Ltd. (a)		2,971		38,428
Mitsubishi Chemical Holdings Corp. (a)		6,123		38,638
Mitsubishi Gas Chemical Co., Inc.		2,268		16,337
Mitsui Chemicals, Inc. (a)		5,843		20,727
Nissan Chemical Industries, Ltd. (a)		2,816		29,220
Nitto Denko Corp.		784		41,716
Shin-Etsu Chemical Co., Ltd. (a)		2,420		120,737
Showa Denko K.K. (a)		7,723		15,562
Sumitomo Chemical Co., Ltd. (a)		9,674		48,440
Taiyo Nippon Sanso Corp. (a)		4,180		34,951
Teijin, Ltd. (a)		6,367		28,578
Tokai Carbon Co., Ltd.		1,828		9,131
Toray Industries, Inc. (a)		7,758		56,631
Tosoh Corp. (a)		5,599		20,199
Ube Industries, Ltd. (a)		9,543		30,513
Zeon Corp.		2,132		19,730

				717,835

COMMERCIAL BANKS — 8.6%
Chuo Mitsui Trust Holdings, Inc. (a)		5,981		21,289
Fukuoka Financial Group, Inc. (a)		6,000		25,048
Hokuhoku Financial Group, Inc. (a)		9,658		18,878
Mitsubishi UFJ Financial Group, Inc. (a)		82,100		380,386
Mizuho Financial Group, Inc. (a)		109,500		182,324
Mizuho Trust & Banking Co., Ltd. (a)		10,370		9,384
Resona Holdings, Inc.		3,200		15,290
Shinsei Bank, Ltd.		9,726		11,500
Sumitomo Mitsui Financial Group, Inc. (a)		8,000		249,614
Suruga Bank, Ltd.		496		4,417
The 77 Bank, Ltd.		3,803		19,180
The Awa Bank, Ltd. (a)		3,731		22,733
The Bank of Kyoto, Ltd.		1,916		17,015
The Bank of Yokohama, Ltd. (a)		7,947		37,875
The Chiba Bank, Ltd. (a)		6,063		34,090
The Chugoku Bank, Ltd.		1,504		17,130
The Hachijuni Bank, Ltd. (a)		5,719		33,053
The Hiroshima Bank, Ltd. (a)		5,811		25,311
The Hyakugo Bank, Ltd.		4,147		18,713
The Iyo Bank, Ltd. (a)		4,180		34,951
The Joyo Bank, Ltd.		4,155		16,393
The Juroku Bank, Ltd.		5,883		19,378
The Musashino Bank, Ltd.		420		13,662
The Nanto Bank, Ltd.		2,391		11,684
The Nishi-Nippon City Bank, Ltd. (a)		7,799		22,490
The Shizuoka Bank, Ltd. (a)		2,363		19,616
The Sumitomo Trust & Banking Co., Ltd. (a)(c)		9,634		51,093

See accompanying notes to financial statements.

152

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Yamaguchi Financial Group, Inc.		2,076	$	19,287

				1,351,784

COMMERCIAL SERVICES & SUPPLIES — 1.1%
Aeon Delight Co., Ltd.		200		3,354
Dai Nippon Printing Co., Ltd.		3,739		45,700
Daiseki Co., Ltd.		400		7,838
Nissha Printing Co., Ltd.		236		5,111
Park24 Co., Ltd. (a)		1,000		9,725
Secom Co., Ltd. (a)		1,368		63,795
Toppan Printing Co., Ltd. (a)		4,299		34,027

				169,550

COMMUNICATIONS EQUIPMENT — 0.0% (d)
Aiphone Co., Ltd.		200		3,361

COMPUTERS & PERIPHERALS — 1.4%
Fujitsu, Ltd. (a)		10,498		59,533
NEC Corp. (b)		11,918		26,027
Seiko Epson Corp. (a)		1,376		22,114
Toshiba Corp. (a)		23,633		116,055

				223,729

CONSTRUCTION & ENGINEERING — 1.2%
Chiyoda Corp.		1,688		15,519
COMSYS Holdings Corp. (a)		2,000		20,294
JGC Corp.		1,760		41,346
Kajima Corp. (a)		7,595		21,352
Maeda Corp. (a)		5,855		19,357
Obayashi Corp. (a)		5,679		25,353
Shimizu Corp. (a)		5,559		24,817
Taisei Corp. (a)		9,995		24,722

				192,760

CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp. (a)		9,607		16,228

CONSUMER FINANCE — 0.3%
Acom Co., Ltd. (b)		22		297
Aeon Credit Service Co., Ltd. (a)		1,040		14,368
Credit Saison Co., Ltd. (a)		1,364		22,020
Orient Corp. (b)		4,001		4,248
Promise Co., Ltd. (a)(b)		714		5,022

				45,955

CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Kaisha, Ltd. (a)		1,048		17,248

DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		992		12,364

DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc. (a)		628		25,800

DIVERSIFIED FINANCIAL SERVICES — 0.4%
ORIX Corp. (a)		616		57,899

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%
Nippon Telegraph & Telephone Corp.		5,200		234,339

ELECTRIC UTILITIES — 3.0%
Chubu Electric Power Co., Inc. (a)		3,963		88,460
Hokkaido Electric Power Co., Inc. (a)		1,228		23,899
Hokuriku Electric Power Co. (a)		1,412		32,097
Kyushu Electric Power Co., Inc. (a)		2,376		46,585
Shikoku Electric Power Co., Inc. (a)		1,572		42,923
The Chugoku Electric Power Co., Inc. (a)		1,648		30,582
The Kansai Electric Power Co., Inc. (a)		4,811		105,124
The Okinawa Electric Power Co., Inc.		36		1,651
The Tokyo Electric Power Co., Inc. (a)		8,567		48,169
Tohoku Electric Power Co., Inc. (a)		2,843		48,195

				467,685

ELECTRICAL EQUIPMENT — 2.1%
Fuji Electric Holdings Co., Ltd. (a)		6,099		19,354
Fujikura, Ltd. (a)		4,107		20,020
Furukawa Electric Co., Ltd. (a)		3,899		15,807
Mitsubishi Electric Corp. (a)		11,974		141,873
Nidec Corp. (a)		764		66,371
Sumitomo Electric Industries, Ltd. (a)		3,787		52,592
Ushio, Inc. (a)		1,036		20,337

				336,354

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.7%
Alps Electric Co., Ltd. (a)		1,768		17,044
Citizen Holdings Co., Ltd.		3,003		17,356
FUJIFILM Holdings Corp. (a)		2,827		87,866
Hamamatsu Photonics K.K. (a)		768		30,533
Hirose Electric Co., Ltd. (a)		408		44,108
Hitachi, Ltd. (a)		25,933		135,485
Horiba, Ltd.		404		11,869
Hoya Corp. (a)		2,632		60,274
Ibiden Co., Ltd. (a)		996		31,570
Keyence Corp. (a)		240		61,651
Kyocera Corp. (a)		992		100,900
Murata Manufacturing Co., Ltd.		1,228		88,752
Nippon Electric Glass Co., Ltd.		3,548		50,429
Oki Electric Industry Co., Ltd. (b)		12,166		9,688
Omron Corp. (a)		1,380		38,929
Shimadzu Corp.		2,312		20,615
TDK Corp. (a)		996		59,065
Yaskawa Electric Corp.		1,604		19,082
Yokogawa Electric Corp. (a)(b)		1,964		15,024

				900,240

FOOD & STAPLES RETAILING — 1.7%
Aeon Co., Ltd. (a)		4,403		51,213
Cawachi, Ltd.		448		8,595
FamilyMart Co., Ltd. (a)		952		35,895
Izumiya Co., Ltd.		3,740		16,696
Lawson, Inc. (a)		400		19,353
Seven & I Holdings Co., Ltd.		4,439		113,653
UNY Co., Ltd.		2,000		18,629

				264,034

FOOD PRODUCTS — 0.9%
Ajinomoto Co., Inc. (a)		4,003		41,875
Hokuto Corp. (a)		400		9,044
Kikkoman Corp.		2,256		21,341
MEIJI Holdings Co., Ltd.		400		16,144
Nissin Foods Holding Co., Ltd. (a)		640		22,641
Sakata Seed Corp. (a)		1,584		23,355
Yakult Honsha Co., Ltd. (a)		564		14,467

				148,867

See accompanying notes to financial statements.

153

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

GAS UTILITIES — 0.9%
Osaka Gas Co., Ltd. (a)		12,150	$	48,670
Saibu Gas Co., Ltd.		10,273		25,658
Tokyo Gas Co., Ltd. (a)		13,873		63,607

				137,935

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Nakanishi, Inc.		200		20,150
Olympus Corp. (a)		1,042		29,092
Sysmex Corp. (a)		400		14,199
Terumo Corp. (a)		956		50,580

				114,021

HEALTH CARE PROVIDERS & SERVICES — 0.3%
Medipal Holdings Corp. (a)		1,192		10,586
Miraca Holdings, Inc. (a)		636		24,441
Suzuken Co., Ltd. (a)		632		16,730

				51,757

HOTELS, RESTAURANTS & LEISURE — 0.2%
Oriental Land Co., Ltd. (a)		404		32,221
Round One Corp.		800		3,764

				35,985

HOUSEHOLD DURABLES — 3.4%
Casio Computer Co., Ltd. (a)		2,248		17,847
Funai Electric Co., Ltd. (a)		395		11,810
Haseko Corp. (a)(b)		9,139		7,057
Panasonic Corp. (a)		11,781		150,390
Pioneer Corp. (a)(b)		2,360		9,852
Sangetsu Co., Ltd.		176		4,096
Sekisui Chemical Co., Ltd. (a)		2,079		16,330
Sekisui House, Ltd.		3,679		34,624
Sharp Corp. (a)		5,519		54,937
Sony Corp.		6,811		218,925
Sumitomo Forestry Co., Ltd. (a)		1,368		12,479

				538,347

HOUSEHOLD PRODUCTS — 0.1%
Unicharm Corp. (a)		632		23,067

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
Electric Power Development Co., Ltd. (a)		840		25,966

INDUSTRIAL CONGLOMERATES — 0.4%
Hankyu Hanshin Holdings, Inc. (a)		8,486		39,317
Keihan Electric Railway Co., Ltd.		5,747		24,200

				63,517

INSURANCE — 2.5%
MS&AD Insurance Group Holdings, Inc. (a)		3,636		83,091
NKSJ Holdings, Inc. (a)		8,000		52,413
Sony Financial Holdings, Inc. (a)		1,600		31,853
T&D Holdings, Inc. (a)		2,110		52,190
The Dai-ichi Life Insurance Co., Ltd. (a)		42		63,598
Tokio Marine Holdings, Inc. (a)		3,847		103,231

				386,376

INTERNET & CATALOG RETAIL — 0.5%
DeNA Co., Ltd. (a)		800		29,006
Rakuten, Inc. (a)		50		45,125

				74,131

INTERNET SOFTWARE & SERVICES — 0.2%
Yahoo! Japan Corp. (a)		104		37,344

IT SERVICES — 0.6%
CSK Corp. (a)(b)		756		2,308
IT Holdings Corp. (a)		832		8,733
Itochu Techno-Solutions Corp.		608		19,756
NET One Systems Co., Ltd. (a)		14		21,047
Nomura Research Institute, Ltd. (a)		300		6,646
NTT Data Corp. (a)		8		24,816
Otsuka Corp.		12		775
TKC Corp.		400		8,171

				92,252

LEISURE EQUIPMENT & PRODUCTS — 1.1%
Namco Bandai Holdings, Inc. (a)		2,232		24,426
Nikon Corp. (a)		1,840		38,074
Roland Corp.		200		2,377
Sankyo Co., Ltd. (a)		640		32,934
Sega Sammy Holdings, Inc. (a)		2,031		35,435
Shimano, Inc. (a)		592		29,679
Yamaha Corp.		1,192		13,562

				176,487

MACHINERY — 6.3%
Amada Co., Ltd.		1,527		12,786
Amano Corp.		1,236		11,886
FANUC Corp.		1,180		179,250
Glory, Ltd.		1,044		23,064
IHI Corp. (a)		10,311		25,255
JTEKT Corp. (a)		1,408		18,381
Kawasaki Heavy Industries, Ltd. (a)		7,978		35,231
Komatsu, Ltd. (a)		5,439		185,391
Komori Corp.		788		7,368
Kubota Corp. (a)		3,663		34,650
Kurita Water Industries, Ltd. (a)		976		28,957
Makita Corp. (a)		976		45,573
Minebea Co., Ltd.		2,255		12,488
Mitsubishi Heavy Industries, Ltd. (a)		19,676		90,688
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		7,567		18,169
Mori Seiki Co., Ltd. (a)		968		11,598
NGK Insulators, Ltd. (a)		2,320		41,625
NSK, Ltd. (a)		2,463		21,308
NTN Corp.		2,495		12,011
OKUMA Corp.		1,648		13,541
OSG Corp. (a)		1,012		14,653
SMC Corp. (a)		420		69,375
Sumitomo Heavy Industries, Ltd.		3,795		24,864
The Japan Steel Works, Ltd.		1,708		13,416
THK Co., Ltd. (a)		1,000		25,241
Toshiba Machine Co., Ltd.		1,944		10,555

				987,324

MARINE — 0.5%
Kawasaki Kisen Kaisha, Ltd. (a)		5,759		21,332
Mitsui OSK Lines, Ltd. (a)		4,491		25,956

See accompanying notes to financial statements.

154

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Nippon Yusen KK (a)		7,995	$	31,351

				78,639

MEDIA — 0.4%
Dentsu, Inc. (a)		1,600		41,448
Jupiter Telecommunications Co.		8		7,886
Toho Co., Ltd. (a)		1,352		19,461

				68,795

METALS & MINING — 2.9%
Daido Steel Co., Ltd.		2,199		12,550
Dowa Holdings Co., Ltd.		1,767		11,044
JFE Holdings, Inc. (a)		3,047		89,484
Kobe Steel, Ltd. (a)		17,645		45,986
Mitsubishi Materials Corp. (a)		8,027		27,312
Mitsui Mining & Smelting Co., Ltd. (a)		5,839		20,360
Nippon Steel Corp. (a)		27,755		89,078
Nisshin Steel Co., Ltd. (a)		5,951		12,853
Sumitomo Metal Industries, Ltd. (a)		24,340		54,624
Sumitomo Metal Mining Co., Ltd. (a)		3,575		61,726
Tokyo Steel Manufacturing Co., Ltd. (a)		1,044		12,231
Yodogawa Steel Works, Ltd.		3,963		18,457

				455,705

MULTILINE RETAIL — 0.5%
Isetan Mitsukoshi Holdings, Ltd. (a)		2,441		22,060
J Front Retailing Co., Ltd.		3,778		15,772
Marui Group Co., Ltd. (a)		2,616		16,950
Ryohin Keikaku Co., Ltd.		236		9,724
Takashimaya Co., Ltd. (a)		2,332		14,941
The Daiei, Inc. (b)		1,402		5,396

				84,843

OFFICE ELECTRONICS — 2.7%
Brother Industries, Ltd. (a)		1,832		27,011
Canon, Inc.		7,558		330,115
Konica Minolta Holdings, Inc. (a)		4,075		34,270
Ricoh Co., Ltd. (a)		3,555		41,864

				433,260

OIL, GAS & CONSUMABLE FUELS — 1.4%
Cosmo Oil Co., Ltd. (a)		5,927		18,522
Inpex Corp. (a)		8		60,907
JX Holdings, Inc.		18,600		125,676
TonenGeneral Sekiyu K.K.		1,547		19,169

				224,274

PAPER & FOREST PRODUCTS — 0.3%
Nippon Paper Group, Inc. (a)		800		17,104
OJI Paper Co., Ltd. (a)		5,839		27,829

				44,933

PERSONAL PRODUCTS — 0.9%
Kao Corp. (a)		3,239		81,092
Mandom Corp. (a)		1,016		24,873
Shiseido Co., Ltd. (a)		1,832		31,830

				137,795

PHARMACEUTICALS — 4.5%
Astellas Pharma, Inc. (a)		2,771		102,976
Chugai Pharmaceutical Co., Ltd. (a)		1,616		27,921
Daiichi Sankyo Co., Ltd. (a)		4,051		78,498
Dainippon Sumitomo Pharma Co., Ltd. (a)		960		8,977
Eisai Co., Ltd. (a)		1,040		37,444
Hisamitsu Pharmaceutical Co., Inc. (a)		404		16,354
Kissei Pharmaceutical Co., Ltd.		1,000		18,822
Kyowa Hakko Kirin Co., Ltd.		1,833		17,251
Mitsubishi Tanabe Pharma Corp. (a)		2,000		32,577
Mochida Pharmaceutical Co., Ltd.		2,000		23,745
Nichi-iko Pharmaceutical Co., Ltd.		200		5,176
Ono Pharmaceutical Co., Ltd. (a)		432		21,318
Santen Pharmaceutical Co., Ltd. (a)		956		38,238
Seikagaku Corp.		800		10,039
Shionogi & Co., Ltd. (a)		1,996		34,174
Takeda Pharmaceutical Co., Ltd. (a)		4,955		231,967
Torii Pharmaceutical Co., Ltd.		200		3,999
Tsumura & Co.		100		3,149

				712,625

PROFESSIONAL SERVICES — 0.1%
Meitic Corp. (a)		812		16,303

REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.8%
Daikyo, Inc. (a)(b)		4,256		6,624
Daito Trust Construction Co., Ltd. (a)		764		52,820
Daiwa House Industry Co., Ltd. (a)		4,363		53,801
Heiwa Real Estate Co., Ltd. (a)		4,856		11,249
Leopalace21 Corp. (a)(b)		1,044		1,373
Mitsubishi Estate Co., Ltd.		8,111		137,695
Mitsui Fudosan Co., Ltd.		5,923		98,121
Sumitomo Realty & Development Co., Ltd.		1,843		37,002
Tokyo Tatemono Co., Ltd.		3,540		13,284
Tokyu Land Corp. (a)		5,664		24,739

				436,708

ROAD & RAIL — 3.3%
Central Japan Railway Co. (a)		10		79,512
East Japan Railway Co. (a)		2,400		133,929
Keikyu Corp. (a)		4,355		31,475
Keisei Electric Railway Co., Ltd. (a)		2,147		12,357
Kintetsu Corp. (a)		12,038		38,781
Nagoya Railroad Co., Ltd.		8,362		22,701
Nankai Electric Railway Co., Ltd.		6,111		24,479
Nippon Express Co., Ltd. (a)		7,555		29,079
Odakyu Electric Railway Co., Ltd. (a)		2,483		21,001
Sotetsu Holdings, Inc. (a)		8,254		23,005
Tobu Railway Co., Ltd. (a)		6,007		24,643
Tokyu Corp. (a)		6,391		26,603
West Japan Railway Co. (a)		14		54,223

				521,788

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
Advantest Corp. (a)		1,216		21,978
Dainippon Screen Manufacturing Co., Ltd.		364		3,830
Disco Corp.		384		26,317
Elpida Memory, Inc. (a)(b)		1,576		20,365
Rohm Co., Ltd. (a)		576		36,208
Sanken Electric Co., Ltd.		2,404		14,213
Shinko Electric Industries Co., Ltd.		592		6,086

See accompanying notes to financial statements.

155

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Sumco Corp. (a)(b)		1,046	$	21,165
Tokyo Electron, Ltd. (a)		1,040		57,534

				207,696

SOFTWARE — 1.4%
Konami Corp. (a)		792		14,716
Nintendo Co., Ltd. (a)		648		175,682
NSD Co., Ltd. (a)		832		8,332
Square Enix Holdings Co., Ltd. (a)		796		13,869
Trend Micro, Inc. (a)		368		9,835

				222,434

SPECIALTY RETAIL — 1.3%
Aoyama Trading Co., Ltd. (a)		984		15,803
Autobacs Seven Co., Ltd.		180		6,863
Culture Convenience Club Co., Ltd. (a)		700		5,017
Fast Retailing Co., Ltd.		176		22,106
Hikari Tsushin, Inc.		184		3,610
Nitori Holding Co., Ltd.		210		18,522
Sanrio Co., Ltd. (a)		448		13,308
Shimachu Co., Ltd.		984		21,311
Shimamura Co., Ltd.		232		20,518
USS Co., Ltd. (a)		400		31,226
Yamada Denki Co., Ltd. (a)		600		40,613

				198,897

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Asics Corp.		2,064		27,693
Gunze, Ltd. (a)		4,223		15,388
Nisshinbo Holdings, Inc.		1,584		15,423
Onward Holdings Co., Ltd.		1,580		11,781
The Japan Wool Textile Co., Ltd.		2,031		17,203
Toyobo Co., Ltd. (a)		8,302		12,020

				99,508

TOBACCO — 0.7%
Japan Tobacco, Inc. (a)		30		108,772

TRADING COMPANIES & DISTRIBUTORS — 4.7%
Hanwa Co., Ltd. (a)		2,207		9,799
Inaba Denki Sangyo Co., Ltd.		956		27,222
ITOCHU Corp. (a)		8,566		90,021
Iwatani Corp. (a)		6,451		21,638
Marubeni Corp.		10,402		75,179
Mitsubishi Corp. (a)		7,607		211,928
Mitsui & Co., Ltd. (a)		10,002		179,935
Sojitz Corp.		8,428		16,880
Sumitomo Corp. (a)		6,375		91,456
Toyota Tsusho Corp. (a)		1,039		17,200

				741,258

TRANSPORTATION INFRASTRUCTURE — 0.3%
Kamigumi Co., Ltd.		2,395		20,546
Mitsubishi Logistics Corp.		2,216		24,866

				45,412

WIRELESS TELECOMMUNICATION SERVICES — 3.1%
KDDI Corp. (a)		22		136,704
NTT DoCoMo, Inc. (a)		98		172,871
Softbank Corp. (a)		4,415		176,856

				486,431

TOTAL COMMON STOCKS —
(Cost $17,747,551)				15,556,451

SHORT TERM INVESTMENTS — 28.1%
UNITED STATES — 28.1%
MONEY MARKET FUNDS — 28.1%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		4,374,249		4,374,249
State Street Institutional Liquid Reserves Fund 0.19% (f)(g)		50,523		50,523

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,424,772)				4,424,772

TOTAL INVESTMENTS — 126.8%
(Cost $22,172,323)				19,981,223
OTHER ASSETS & LIABILITIES — (26.8)%				(4,219,037	)

NET ASSETS — 100.0%			$	15,762,186


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)		Amount represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

156

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.3%
JAPAN — 98.3%
AIR FREIGHT & LOGISTICS — 0.3%
Kintetsu World Express, Inc.		11,700	$	367,037

AUTO COMPONENTS — 5.3%
Ahresty Corp.		12,300		104,479
FCC Co., Ltd. (a)		16,913		408,132
Futaba Industrial Co., Ltd. (b)		23,194		131,250
Kayaba Industry Co., Ltd. (a)		51,902		418,948
Keihin Corp. (a)		17,141		326,564
Koito Manufacturing Co., Ltd. (a)		12,000		193,002
Musashi Seimitsu Industry Co., Ltd.		10,352		247,059
NHK Spring Co., Ltd. (a)		49,000		487,162
Nifco, Inc. (a)		21,879		525,856
Nippon Seiki Co., Ltd.		11,939		143,908
Nissan Shatai Co., Ltd.		15,000		112,029
Nissin Kogyo Co., Ltd. (a)		20,934		361,698
Press Kogyo Co., Ltd. (a)		50,569		215,382
Showa Corp. (b)		27,639		205,092
Takata Corp. (a)		11,900		341,723
The Yokohama Rubber Co., Ltd. (a)		57,986		281,954
Tokai Rika Co., Ltd. (a)		17,300		295,987
Topre Corp.		29,734		238,934
Toyo Tire & Rubber Co., Ltd. (a)		67,372		165,829
Toyoda Gosei Co., Ltd. (a)		15,500		324,101
Toyota Boshoku Corp. (a)		16,600		239,747
TS Tech Co., Ltd.		15,600		274,619
Unipres Corp. (a)		15,700		314,833

				6,358,288

BEVERAGES — 1.2%
Coca-Cola West Co. Ltd.		17,100		327,021
Ito En, Ltd. (a)		22,100		386,377
Mikuni Coca-Cola Bottling Co., Ltd.		49,245		439,687
Sapporo Holdings, Ltd. (a)		67,000		250,603

				1,403,688

BUILDING PRODUCTS — 2.3%
Aica Kogyo Co., Ltd.		29,019		381,645
Bunka Shutter Co., Ltd. (a)		98,577		304,485
Central Glass Co., Ltd.		99,309		401,406
Nichias Corp. (a)		52,000		326,255
Nitto Boseki Co., Ltd.		106,020		249,444
Noritz Corp.		12,165		215,764
Sankyo-Tateyama Holdings, Inc. (b)		218,467		355,852
Sanwa Holdings Corp. (a)		110,910		374,696
Sekisui Jushi Corp.		14,938		155,003

				2,764,550

CAPITAL MARKETS — 1.1%
Jafco Co., Ltd. (a)		10,300		265,951
Matsui Securities Co., Ltd (a)		29,300		159,793
Monex Group, Inc. (a)		497		116,334
Okasan Securities Group, Inc.		58,447		222,843
Tokai Tokyo Financial Holdings, Inc.		107,721		369,121
Toyo Securities Co., Ltd.		97,457		155,216

				1,289,258

CHEMICALS — 6.8%
ADEKA Corp. (a)		43,813		428,720
Asahi Organic Chemicals Industry Co., Ltd.		66,540		185,458
C. Uyemura & Co., Ltd.		4,676		222,573
Chugoku Marine Paints, Ltd.		13,000		109,327
DIC Corp. (a)		177,000		412,174
Fujikura Kasei Co., Ltd.		38,238		241,756
Fujimi, Inc.		11,673		162,250
Ishihara Sangyo Kaisha, Ltd. (b)		211,811		255,563
Kureha Corp.		55,000		259,471
Lintec Corp. (a)		22,108		630,857
Nihon Parkerizing Co., Ltd.		14,401		199,300
Nippon Paint Co., Ltd. (a)		61,000		410,690
Nippon Shokubai Co., Ltd. (a)		44,000		553,185
Nippon Soda Co., Ltd.		57,065		236,164
Nippon Valqua Industries, Ltd.		63,025		177,942
NOF Corp. (a)		69,731		319,713
Okamoto Industries, Inc. (a)		111,841		411,577
Sumitomo Bakelite Co., Ltd. (a)		64,000		394,595
Taiyo Holdings Co., Ltd. (a)		14,700		454,054
The Nippon Synthetic Chemical Industry Co., Ltd. (a)		13,000		80,466
Toagosei Co., Ltd. (a)		102,000		527,968
Tokai Carbon Co., Ltd. (a)		64,542		322,398
Tokyo Ohka Kogyo Co., Ltd.		15,300		316,412
Toyo Ink Manufacturing Co., Ltd. (a)		68,000		348,697
Zeon Corp.		54,000		499,735

				8,161,045

COMMERCIAL BANKS — 8.9%
Aozora Bank, Ltd. (a)		238,290		540,523
Bank of the Ryukyus, Ltd. (a)		22,081		253,100
Kansai Urban Banking Corp. (a)		177,000		313,936
Kiyo Holdings, Inc.		331,754		464,328
Sapporo Hokuyo Holdings, Inc. (a)		105,200		507,722
Senshu Ikeda Holdings, Inc. (a)		158,100		215,556
Shinsei Bank, Ltd. (a)		281,000		332,264
The 77 Bank, Ltd.		61,000		307,650
The Aichi Bank, Ltd. (a)		4,849		303,062
The Awa Bank, Ltd. (a)		103,000		627,594
The Bank of Iwate, Ltd.		5,856		233,166
The Bank of Nagoya, Ltd. (a)		61,000		197,249
The Bank of Okinawa, Ltd.		9,700		396,754
The Daishi Bank, Ltd.		109,000		361,667
The Fukushima Bank, Ltd.		454,478		263,211
The Higo Bank, Ltd.		64,000		358,301
The Hokkoku Bank, Ltd.		63,000		213,598
The Hyakugo Bank, Ltd.		107,000		482,843
The Hyakujushi Bank, Ltd.		98,000		370,101
The Juroku Bank, Ltd.		111,000		365,625
The Kagoshima Bank, Ltd. (a)		57,000		387,198
The Keiyo Bank, Ltd. (a)		71,000		356,371
The Musashino Bank, Ltd. (a)		12,300		400,106
The Nagano Bank, Ltd.		163,534		368,978
The Nanto Bank, Ltd. (a)		69,000		337,174
The Shikoku Bank, Ltd.		114,000		350,748
The Taiko Bank, Ltd. (a)		112,000		364,865
The Tochigi Bank, Ltd.		57,846		256,845
The Tokyo Tomin Bank, Ltd. (a)		16,405		213,772
Tomato Bank, Ltd.		176,872		345,720

See accompanying notes to financial statements.

157

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

TOMONY Holdings, Inc. (a)		57,605	$	213,378

				10,703,405

COMMERCIAL SERVICES & SUPPLIES — 2.0%
Aeon Delight Co., Ltd. (a)		9,700		162,681
Asahi Holdings, Inc. (a)		10,700		218,441
Daiseki Co., Ltd. (a)		13,293		260,471
Duskin Co., Ltd.		26,600		494,899
Moshi Moshi Hotline, Inc. (a)		11,072		207,466
Nissha Printing Co., Ltd. (a)		6,500		140,776
Okamura Corp. (a)		49,884		281,681
Oyo Corp.		28,860		282,750
Park24 Co., Ltd. (a)		37,785		367,455

				2,416,620

COMMUNICATIONS EQUIPMENT — 0.7%
Aiphone Co., Ltd.		12,206		205,151
Denki Kogyo Co., Ltd. (a)		56,303		307,058
Hitachi Kokusai Electric, Inc. (a)		41,634		331,043

				843,252

COMPUTERS & PERIPHERALS — 0.5%
Eizo Nanao Corp. (a)		14,700		349,763
Melco Holdings, Inc.		5,300		171,892
Wacom Co., Ltd.		107		131,297

				652,952

CONSTRUCTION & ENGINEERING — 4.4%
Chiyoda Corp. (a)		47,000		432,119
Chugai Ro Co., Ltd.		97,522		434,189
Kandenko Co., Ltd.		52,000		294,884
Kinden Corp. (a)		54,924		501,659
Kyowa Exeo Corp. (a)		45,576		458,070
Kyudenko Corp.		61,657		394,283
Maeda Corp. (a)		70,158		231,941
Maeda Road Construction Co., Ltd. (a)		46,000		473,432
Mirait Holdings Corp. (a)		37,800		306,943
Penta-Ocean Construction Co., Ltd. (a)		185,500		463,302
Sanki Engineering Co., Ltd.		44,196		279,425
Toda Corp. (a)		91,000		361,233
Tokyu Construction Co., Ltd.		89,142		265,662
Toshiba Plant Systems & Services Corp. (a)		15,000		170,306
Toyo Engineering Corp.		53,000		204,633

				5,272,081

CONSTRUCTION MATERIALS — 0.8%
Sumitomo Osaka Cement Co., Ltd. (a)		160,000		465,251
Taiheiyo Cement Corp. (a)		282,000		476,351

				941,602

CONSUMER FINANCE — 0.9%
Acom Co., Ltd. (a)(b)		11,780		158,763
Aeon Credit Service Co., Ltd. (a)		29,000		400,639
Aiful Corp. (a)(b)		35,950		45,111
Cedyna Financial Corp. (b)		74,862		140,005
Orient Corp. (b)		115,500		122,635
Promise Co., Ltd. (a)(b)		28,500		200,477

				1,067,630

CONTAINERS & PACKAGING — 0.8%
FP Corp.		5,900		313,936
Fuji Seal International, Inc. (a)		15,270		319,108
Rengo Co., Ltd. (a)		50,000		327,582

				960,626

DISTRIBUTORS — 0.6%
Canon Marketing Japan, Inc.		18,100		225,595
Yokohama Reito Co., Ltd. (a)		73,780		502,964

				728,559

DIVERSIFIED FINANCIAL SERVICES — 1.3%
Century Tokyo Leasing Corp.		23,700		390,615
Fuyo General Lease Co., Ltd. (a)		6,700		200,402
Japan Securities Finance Co., Ltd. (a)		37,619		249,644
Mitsubishi UFJ Lease & Finance Co., Ltd.		11,080		445,847
Ricoh Leasing Co., Ltd.		11,767		287,928

				1,574,436

ELECTRIC UTILITIES — 0.3%
The Okinawa Electric Power Co., Inc.		6,700		307,191

ELECTRICAL EQUIPMENT — 1.8%
Daihen Corp. (a)		57,971		244,111
Fuji Electric Holdings Co., Ltd. (a)		177,000		561,667
Hitachi Cable, Ltd. (a)		71,000		183,325
Nippon Carbon Co., Ltd.		60,000		144,064
Nippon Signal Co., Ltd. (a)		29,000		221,839
Sinfonia Technology Co., Ltd. (a)		107,826		327,849
SWCC Showa Holdings Co., Ltd. (a)(b)		181,075		227,218
Toyo Electric Manufacturing. Co., Ltd.		15,000		71,489
Toyo Tanso Co., Ltd. (a)		4,200		228,294

				2,209,856

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.8%
Anritsu Corp. (a)		45,000		343,690
Dai-ichi Seiko Co. Ltd. (a)		1,300		65,800
Daiwabo Holdings Co., Ltd. (a)		55,635		115,459
ESPEC Corp.		21,931		183,376
Hakuto Co., Ltd.		32,811		345,608
Hitachi High-Technologies Corp.		17,800		356,301
Horiba, Ltd.		12,565		369,157
Hosiden Corp. (a)		22,295		227,308
Japan Aviation Electronics Industry, Ltd. (a)		18,971		132,302
Japan Cash Machine Co., Ltd. (a)		33,224		282,612
Koa Corp. (a)		26,591		300,304
Meiko Electronics Co., Ltd. (a)		5,200		55,401
Nichicon Corp. (a)		21,500		305,067
Nidec Sankyo Corp.		41,917		297,890
Nihon Dempa Kogyo Co., Ltd. (a)		9,995		158,825
Nippon Ceramic Co., Ltd.		11,223		230,066
Nippon Chemi-Con Corp.		49,432		248,114
Oki Electric Industry Co., Ltd. (b)		265,000		211,028
Ryosan Co., Ltd.		16,196		391,612
Ryoyo Electro Corp. (a)		33,604		349,096
Star Micronics Co., Ltd. (a)		18,669		207,684
Taiyo Yuden Co., Ltd. (a)		35,000		470,861
Topcon Corp. (a)		23,419		124,329

				5,771,890

See accompanying notes to financial statements.

158

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

ENERGY EQUIPMENT & SERVICES — 0.2%
Shinko Plantech Co., Ltd. (a)		18,186	$	211,307

FOOD & STAPLES RETAILING — 2.3%
Cawachi, Ltd.		12,135		232,802
Circle K Sunkus Co., Ltd.		29,298		448,944
Izumiya Co., Ltd.		56,933		254,165
Matsumotokiyoshi Holdings Co., Ltd. (a)		16,900		330,129
Ministop Co., Ltd.		25,794		423,883
Sugi Pharmacy Co., Ltd. (a)		15,700		365,412
Sundrug Co., Ltd. (a)		12,300		351,280
Tsuruha Holdings, Inc.		6,800		309,725

				2,716,340

FOOD PRODUCTS — 4.2%
Ariake Japan Co., Ltd. (a)		16,764		277,512
Ezaki Glico Co., Ltd.		42,000		489,527
Fuji Oil Co., Ltd. (a)		23,700		311,692
Fujicco Co., Ltd.		46,657		577,583
Hokuto Corp. (a)		17,721		400,690
Marudai Food Co., Ltd.		152,417		481,820
Maruha Nichiro Holdings, Inc. (a)		169,000		248,769
Megmilk Snow Brand Co., Ltd.		26,500		407,028
Mitsui Sugar Co., Ltd. (a)		61,497		258,958
Morinaga Milk Industry Co., Ltd. (a)		68,000		243,678
Nakamuraya Co., Ltd. (a)		76,952		384,389
Nichirei Corp. (a)		91,000		389,780
Nippon Suisan Kaisha, Ltd. (a)		94,975		264,711
Riken Vitamin Co., Ltd.		13,080		328,894

				5,065,031

GAS UTILITIES — 0.3%
Shizuoka Gas Co., Ltd.		55,319		345,744

HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%
Asahi Intecc Co., Ltd.		6,400		133,977
Fukuda Denshi Co., Ltd.		11,486		355,473
Nakanishi, Inc. (a)		4,247		427,877
Nihon Kohden Corp.		12,300		268,766
Nipro Corp. (a)		15,600		309,816
Paramount Bed Co., Ltd.		6,810		187,094

				1,683,003

HOTELS, RESTAURANTS & LEISURE — 2.0%
Doutor Nichires Holdings Co., Ltd. (a)		21,575		261,618
Joban Kosan Co., Ltd. (a)		327,000		315,637
Kabuki-Za Co., Ltd		5,000		215,372
MOS Food Services, Inc.		33,114		609,301
Ohsho Food Service Corp. (a)		12,700		302,483
Round One Corp.		17,700		83,289
Tokyo Dome Corp. (b)		97,085		194,451
Zensho Co., Ltd. (a)		38,746		385,683

				2,367,834

HOUSEHOLD DURABLES — 2.0%
Arnest One Corp. (a)		26,700		267,387
Clarion Co., Ltd. (a)(b)		60,000		99,180
Foster Electric Co. Ltd.		6,400		147,181
France Bed Holdings Co., Ltd. (a)		218,734		277,112
Funai Electric Co., Ltd. (a)		7,000		209,291
Haseko Corp. (a)(b)		395,000		305,019
JVC Kenwood Holdings, Inc. (b)		23,300		113,576
Misawa Homes Holdings, Inc. (b)		26,566		165,717
Pioneer Corp. (a)(b)		62,300		260,084
Sumitomo Forestry Co., Ltd. (a)		60,200		549,122

				2,393,669

HOUSEHOLD PRODUCTS — 0.6%
Lion Corp. (a)		97,000		495,065
Pigeon Corp. (a)		6,900		216,791

				711,856

INDUSTRIAL CONGLOMERATES — 0.2%
Katakura Industries Co., Ltd.		22,580		216,591

INTERNET & CATALOG RETAIL — 0.4%
Senshukai Co., Ltd.		44,624		266,516
Start Today Co. Ltd. (a)		10,500		163,049

				429,565

INTERNET SOFTWARE & SERVICES — 1.1%
Access Co., Ltd. (a)(b)		97		105,333
eAccess, Ltd. (a)		490		270,186
GMO Internet, Inc. (a)		40,100		185,791
Gree, Inc.		23,000		387,126
Kakaku.com, Inc. (a)		59		329,953
Mixi, Inc. (a)		12		46,694

				1,325,083

IT SERVICES — 1.9%
CSK Corp. (a)(b)		22,800		69,599
Ines Corp.		50,560		355,652
IT Holdings Corp. (a)		27,137		284,860
Itochu Techno-Solutions Corp. (a)		12,000		389,913
NET One Systems Co., Ltd. (a)		123		184,916
Obic Co., Ltd. (a)		2,751		523,779
Otsuka Corp.		5,200		335,666
Transcosmos, Inc. (a)		16,267		146,615

				2,291,000

LEISURE EQUIPMENT & PRODUCTS — 1.0%
Heiwa Corp. (a)		24,200		376,081
Roland Corp.		21,476		255,235
Tomy Co., Ltd. (a)		28,500		216,639
Universal Entertainment Corp. (b)		10,000		294,522

				1,142,477

MACHINERY — 7.4%
Amano Corp. (a)		32,532		312,838
Asahi Diamond Industrial Co., Ltd.		9,942		191,451
CKD Corp. (a)		23,205		233,226
Daifuku Co., Ltd. (a)		48,681		354,770
Fuji Machine Manufacturing Co., Ltd.		12,371		279,870
Furukawa Co., Ltd. (a)(b)		166,280		172,540
Glory, Ltd.		12,400		273,943
Hino Motors, Ltd. (a)		69,998		343,740
Hitachi Zosen Corp. (a)		332,226		468,997
Iseki & Co., Ltd. (a)(b)		54,000		124,445
Juki Corp. (a)(b)		59,450		134,853
Kitz Corp. (a)		34,902		168,446
Komori Corp. (a)		22,240		207,963
Kyokuto Kaihatsu Kogyo Co., Ltd.		54,640		280,188

See accompanying notes to financial statements.

159

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Makino Milling Machine Co., Ltd. (a)(b)		45,739	$	389,620
Meidensha Corp. (a)		57,000		254,464
Miura Co., Ltd. (a)		11,700		352,214
Mori Seiki Co., Ltd. (a)		28,100		336,671
Nachi-Fujikoshi Corp. (a)		105,418		600,353
Namura Shipbuilding Co., Ltd.		28,500		142,362
Nippon Sharyo, Ltd. (a)		48,970		223,934
Nippon Thompson Co., Ltd.		42,511		341,093
OKUMA Corp. (a)		45,192		371,329
OSG Corp. (a)		28,600		414,093
Ryobi, Ltd. (a)		51,723		207,816
Shima Seiki Manufacturing, Ltd. (a)		10,900		281,180
Sintokogio, Ltd.		27,519		288,870
Tadano, Ltd. (a)		52,913		339,006
Toshiba Machine Co., Ltd. (a)		56,009		304,103
Tsubakimoto Chain Co.		57,124		294,304
Union Tool Co.		6,932		164,936

				8,853,618

MARINE — 0.2%
Iino Kaiun Kaisha, Ltd. (a)		49,206		268,947

MEDIA — 2.7%
Asatsu-DK, Inc. (a)		10,100		271,511
Avex Group Holdings, Inc.		16,692		204,219
CyberAgent, Inc. (a)		157		555,031
Daiichikosho Co., Ltd. (a)		23,381		398,899
Hakuhodo DY Holdings, Inc. (a)		6,690		354,357
Kadokawa Group Holdings, Inc. (a)		11,187		256,864
Shochiku Co., Ltd. (a)		54,243		393,340
SKY Perfect JSAT Holdings, Inc. (a)		1,072		380,270
Tokyo Broadcasting System Holdings, Inc.		23,100		272,584
Zenrin Co., Ltd.		17,524		187,123

				3,274,198

METALS & MINING — 4.0%
Aichi Steel Corp. (a)		52,000		315,589
Daido Steel Co., Ltd. (a)		68,000		388,079
Godo Steel, Ltd. (a)		52,440		131,606
Hitachi Metals, Ltd. (a)		14,000		177,027
Maruichi Steel Tube, Ltd. (a)		17,600		436,390
Nakayama Steel Works, Ltd. (a)(b)		101,212		141,658
Nippon Denko Co., Ltd. (a)		35,000		212,415
Nippon Yakin Kogyo Co., Ltd. (a)(b)		49,000		111,149
Nisshin Steel Co., Ltd. (a)		181,000		390,915
OSAKA Titanium Technologies Co. (a)		6,900		477,872
Sanyo Special Steel Co., Ltd. (a)		55,750		298,661
Sumitomo Light Metal Industries, Ltd. (b)		221,135		258,809
Toho Titanium Co., Ltd. (a)		11,300		289,862
Toho Zinc Co., Ltd. (a)		50,796		237,800
Tokyo Rope Manufacturing Co., Ltd. (a)		67,654		255,498
Tokyo Steel Manufacturing Co., Ltd. (a)		27,600		323,354
Yamato Kogyo Co., Ltd. (a)		11,500		384,351

				4,831,035

MULTILINE RETAIL — 1.2%
Don Quijote Co., Ltd. (a)		12,300		390,163
H2O Retailing Corp. (a)		57,107		387,925
Matsuya Co., Ltd. (a)(b)		16,308		89,332
Parco Co., Ltd. (a)		33,125		329,731
Ryohin Keikaku Co., Ltd. (a)		6,200		255,466

				1,452,617

OFFICE ELECTRONICS — 0.1%
Riso Kagaku Corp. (a)		9,747		170,408

OIL, GAS & CONSUMABLE FUELS — 0.9%
Cosmo Oil Co., Ltd. (a)		115,000		359,375
Itochu Enex Co., Ltd.		55,104		316,475
Japan Petroleum Exploration Co.		6,800		341,313

				1,017,163

PAPER & FOREST PRODUCTS — 0.3%
Daio Paper Corp. (a)		48,940		376,734

PERSONAL PRODUCTS — 1.0%
Fancl Corp. (a)		18,000		253,016
Mandom Corp. (a)		16,645		407,489
Milbon Co., Ltd. (a)		11,800		327,177
Unihair Co., Ltd. (a)(b)		20,604		241,391

				1,229,073

PHARMACEUTICALS — 2.8%
Dainippon Sumitomo Pharma Co., Ltd. (a)		34,100		318,864
Kaken Pharmaceutical Co., Ltd. (a)		56,428		676,755
KYORIN Holdings, Inc.		15,000		256,274
Mochida Pharmaceutical Co., Ltd. (a)		49,483		587,491
Nichi-iko Pharmaceutical Co., Ltd. (a)		10,265		265,666
Rohto Pharmaceutical Co., Ltd. (a)		45,493		489,072
Sawai Pharmaceutical Co., Ltd. (a)		5,500		476,472
Torii Pharmaceutical Co., Ltd. (a)		16,200		323,883

				3,394,477

PROFESSIONAL SERVICES — 0.3%
Meitic Corp. (a)		16,544		332,158

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.6%
Daibiru Corp.		32,226		279,956
Daikyo, Inc. (a)(b)		71,352		111,057
Goldcrest Co., Ltd. (a)		8,309		163,614
Heiwa Real Estate Co., Ltd. (a)		80,755		187,077
K.K. daVinci Holdings (c)		262		0
Kenedix, Inc. (a)(b)		683		139,105
Leopalace21 Corp. (a)(b)		49,100		64,574
Nomura Real Estate Holdings, Inc.		22,100		336,246
NTT Urban Development Corp. (a)		315		264,907
Shoei Co., Ltd.		17,698		160,580
Suruga Corp. (c)(d)		10,689		0
TOC Co., Ltd. (a)		57,200		227,061

				1,934,177

ROAD & RAIL — 1.4%
Hitachi Transport System, Ltd. (a)		23,200		326,390
Kobe Electric Railway Co., Ltd. (b)		67,500		194,649
Sankyu, Inc. (a)		106,830		513,011
Seino Holdings Co., Ltd. (a)		51,000		386,438

See accompanying notes to financial statements.

160

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Sotetsu Holdings, Inc. (a)		91,000	$	253,632

				1,674,120

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.7%
Dainippon Screen Manufacturing Co., Ltd. (a)		66,000		694,402
Disco Corp. (a)		5,700		390,637
Micronics Japan Co., Ltd.		6,800		75,811
Renesas Electronics Corp. (a)(b)		10,600		90,550
Shinko Electric Industries Co., Ltd. (a)		17,700		181,955
Tokyo Seimitsu Co., Ltd. (a)		18,600		333,938
Ulvac, Inc. (a)		10,802		255,974

				2,023,267

SOFTWARE — 1.2%
Capcom Co., Ltd. (a)		22,100		423,974
DTS Corp.		22,132		220,305
Fuji Soft, Inc.		17,174		277,047
NSD Co., Ltd. (a)		23,678		237,123
Square Enix Holdings Co., Ltd. (a)		16,400		285,734

				1,444,183

SPECIALTY RETAIL — 3.3%
ABC-Mart, Inc. (a)		10,100		368,635
Aoyama Trading Co., Ltd. (a)		27,200		436,815
Autobacs Seven Co., Ltd. (a)		11,988		457,071
Chiyoda Co., Ltd. (a)		21,913		278,407
Culture Convenience Club Co., Ltd. (a)		6,400		45,869
DCM Japan Holdings Co., Ltd. (a)		37,800		231,689
EDION Corp. (a)		27,350		233,307
Joshin Denki Co., Ltd. (a)		13,000		125,953
K’s Holdings Corp. (a)		12,400		359,073
Komeri Co., Ltd. (a)		11,830		301,888
Nishimatsuya Chain Co., Ltd.		22,066		179,180
Point, Inc.		5,010		210,362
Sanrio Co., Ltd. (a)		12,505		371,468
United Arrows, Ltd. (a)		10,029		131,897
Xebio Co., Ltd. (a)		12,361		225,654

				3,957,268

TEXTILES, APPAREL & LUXURY GOODS — 2.5%
Atsugi Co., Ltd.		292,470		366,999
Daidoh, Ltd. (a)		34,511		334,367
Gunze, Ltd. (a)		99,348		362,007
Onward Holdings Co., Ltd. (a)		51,000		380,285
Sanyo Shokai, Ltd. (a)		96,516		296,954
Seiko Holdings Corp. (a)		46,649		160,412
The Japan Wool Textile Co., Ltd.		53,170		450,354
Toyobo Co., Ltd. (a)		232,000		335,907
Unitika, Ltd. (a)(b)		264,084		213,485
Wacoal Holdings Corp. (a)		11,000		139,093

				3,039,863

TRADING COMPANIES & DISTRIBUTORS — 2.6%
Hanwa Co., Ltd. (a)		109,032		484,119
Inaba Denki Sangyo Co., Ltd.		16,563		471,630
Inabata & Co., Ltd.		50,075		308,135
Iwatani Corp. (a)		171,422		574,992
Kuroda Electric Co., Ltd.		11,700		146,109
MISUMI Group, Inc. (a)		17,100		426,056
Nagase & Co., Ltd.		42,000		501,689
Okaya & Co., Ltd.		23,405		251,897

				3,164,627

TRANSPORTATION INFRASTRUCTURE — 0.7%
Japan Airport Terminal Co., Ltd. (a)		21,448		271,464
Mitsui-Soko Co., Ltd.		66,686		260,693
The Sumitomo Warehouse Co., Ltd.		74,563		361,659

				893,816

TOTAL COMMON STOCKS —
(Cost $126,223,130)				118,025,215

SHORT TERM INVESTMENTS — 25.7%
UNITED STATES — 25.7%
MONEY MARKET FUNDS — 25.7%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		30,272,268		30,272,268
State Street Institutional Liquid Reserves Fund 0.19% (f)(g)		647,808		647,808

TOTAL SHORT TERM INVESTMENTS —
(Cost $30,920,076)				30,920,076

TOTAL INVESTMENTS — 124.0%
(Cost $157,143,206)				148,945,291
OTHER ASSETS & LIABILITIES — (24.0)%				(28,857,497	)

NET ASSETS — 100.0%			$	120,087,794


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(d)		Company has filed for insolvency.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

161

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 15.6%
Adelaide Brighton, Ltd.		594,167	$	1,978,554
ASX, Ltd.		44,456		1,582,431
Commonwealth Bank of Australia		56,705		3,072,812
Leighton Holdings, Ltd. (a)		59,403		1,811,618
Metcash, Ltd. (a)		745,952		3,209,132
Monadelphous Group, Ltd.		109,014		2,412,567
QBE Insurance Group, Ltd.		665,847		12,167,305
Sonic Healthcare, Ltd.		178,234		2,208,161
Spark Infrastructure Group (b)		10,342,095		11,978,707
Telstra Corp., Ltd.		4,254,344		12,406,953
Ten Network Holdings, Ltd. (a)		2,590,889		3,496,574
UGL, Ltd.		114,309		1,854,756
Westpac Banking Corp.		167,873		4,223,829

				62,403,399

AUSTRIA — 0.8%
Verbund AG (a)		73,896		3,287,543

BELGIUM — 0.4%
Groupe Bruxelles Lambert SA		18,407		1,721,137

BERMUDA — 4.4%
Catlin Group, Ltd.		2,045,050		11,830,705
Seadrill, Ltd.		72,997		2,639,201
Ship Finance International, Ltd. (a)		150,041		3,110,350

				17,580,256

BRAZIL — 0.1%
Companhia Energetica de Minas Gerais ADR (a)		9,438		181,871
Companhia Siderurgica Nacional SA ADR (a)		9,317		155,221

				337,092

CANADA — 5.4%
Brookfield Properties Corp.		50,498		890,820
Calloway REIT		126,675		3,359,769
Just Energy Group, Inc. (a)		756,257		12,034,807
Pembina Pipeline Corp. (a)		64,327		1,517,000
Shaw Communications, Inc. (a)		79,509		1,670,690
TransAlta Corp. (a)		71,844		1,509,629
Vermilion Energy, Inc. (a)		10,714		556,544

				21,539,259

CHINA — 0.5%
PCCW, Ltd.		4,264,000		1,776,164

CZECH REPUBLIC — 6.5%
CEZ AS		261,574		13,374,247
Komercni Banka AS		683		172,438
Telefonica O2 Czech Republic AS		536,741		12,561,730

				26,108,415

DENMARK — 0.4%
D/S Norden A/S		50,798		1,754,789

FINLAND — 1.7%
Fortum Oyj (c)		79,275		2,695,480
Orion OYJ (Class B) (a)		163,773		3,978,863

				6,674,343

FRANCE — 4.9%
Bouygues SA		61,889		2,976,007
France Telecom SA		566,888		12,718,682
ICADE		13,277		1,640,708
Sanofi-Aventis SA		30,642		2,151,374

				19,486,771

GERMANY — 5.0%
E.ON AG		203,649		6,227,913
Hannover Rueckversicherung AG		55,895		3,055,826
RWE AG		168,412		10,741,561

				20,025,300

HONG KONG — 1.2%
Hang Seng Bank, Ltd.		82,000		1,324,111
VTech Holdings, Ltd. (a)		311,000		3,528,548

				4,852,659

HUNGARY — 3.6%
Magyar Telekom Telecommunications PLC		4,576,381		14,423,993

ISRAEL — 6.8%
Bezeq The Israeli Telecommunication Corp., Ltd.		4,066,799		12,083,427
Cellcom Israel, Ltd.		347,630		11,513,506
Israel Chemicals, Ltd.		58,750		969,215
Partner Communications Co., Ltd.		141,622		2,697,639

				27,263,787

ITALY — 9.4%
Atlantia SpA		96,181		2,207,050
Enel SpA		2,306,233		14,557,304
Lottomatica SpA (a)		918,996		16,575,711
Snam Rete Gas SpA		715,819		4,028,737

				37,368,802

JAPAN — 1.4%
Nintendo Co., Ltd.		5,100		1,382,686
Nomura Real Estate Office Fund, Inc.		389		2,642,459
Oracle Corp. Japan		35,800		1,496,706

				5,521,851

LUXEMBOURG — 0.7%
SES		100,097		2,581,716

MEXICO — 0.1%
Industrias Penoles SA de CV		7,453		273,872
Kimberly-Clark de Mexico SAB de CV		27,930		173,553

				447,425

NETHERLANDS — 0.8%
Koninklijke (Royal) KPN NV		192,763		3,288,071

PHILIPPINES — 0.0% (d)
Philippine Long Distance Telephone Co. ADR		2,989		159,912

PORTUGAL — 1.0%
EDP — Energias de Portugal SA		983,917		3,836,968

SINGAPORE — 0.1%
Singapore Telecommunications, Ltd.		127,286		304,961

SOUTH AFRICA — 0.6%
African Bank Investments, Ltd.		29,386		164,593

See accompanying notes to financial statements.

162

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

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Growthpoint Properties, Ltd.		66,401	$	169,847
Kumba Iron Ore, Ltd. (a)		2,615		184,922
Lewis Group, Ltd.		134,689		1,484,489
Nedbank Group, Ltd.		8,650		181,127

				2,184,978

SPAIN — 17.2%
Abertis Infraestructuras SA		112,645		2,450,570
Banco Santander SA		1,037,259		12,058,413
Bankinter SA (a)		584,423		4,014,076
Bolsas y Mercados Espanoles (a)		484,548		14,763,245
Enagas		131,351		2,967,491
Iberdrola SA		442,068		3,849,350
Indra Sistemas SA (a)		141,322		2,837,783
Mapfre SA		3,875,961		14,625,500
Red Electrica Corporacion SA		37,549		2,136,760
Telefonica SA		362,658		9,091,256

				68,794,444

SWEDEN — 0.6%
Skanska AB (Class B)		110,055		2,318,545

SWITZERLAND — 0.1%
Swisscom AG		1,269		568,023

TAIWAN — 0.1%
Chunghwa Telecom Co. Ltd, ADR (a)		5,507		171,598

THAILAND — 0.1%
Advanced Info Service PCL		60,858		181,095
Electricity Generating PCL (Foreign ownership limit)		46,309		145,840
Ratchaburi Electricity Generating Holding PCL		127,300		159,941

				486,876

TURKEY — 0.0% (d)
Turkcell Iletisim Hizmetleri AS		24,688		146,159

UNITED KINGDOM — 10.2%
Amlin PLC		457,887		2,801,562
AstraZeneca PLC		52,581		2,413,070
Balfour Beatty PLC		350,120		1,929,490
British American Tobacco PLC		45,395		1,820,603
Carillion PLC		285,887		1,741,397
FirstGroup PLC		473,495		2,476,580
GlaxoSmithKline PLC		132,735		2,530,869
Halfords Group PLC		326,763		1,823,818
Home Retail Group PLC		3,359,272		10,397,939
National Grid PLC		240,387		2,288,850
Scottish & Southern Energy PLC		191,907		3,879,053
Severn Trent PLC		101,369		2,373,970
United Utilities Group PLC		334,815		3,174,530
Vodafone Group PLC		347,163		982,196

				40,633,927

TOTAL COMMON STOCKS —
(Cost $374,657,489)				398,049,163

SHORT TERM INVESTMENTS — 7.7%
UNITED STATES — 7.7%
MONEY MARKET FUNDS — 7.7%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		30,499,258		30,499,258
State Street Institutional Liquid Reserves Fund 0.19% (f)(g)		63,319		63,319

TOTAL SHORT TERM INVESTMENTS —
(Cost $30,562,577)				30,562,577

TOTAL INVESTMENTS — 107.4%
(Cost $405,220,066)				428,611,740
OTHER ASSETS & LIABILITIES — (7.4)%				(29,473,335	)

NET ASSETS — 100.0%			$	399,138,405


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.0% of net assets as of March 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		Non-income producing security.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

163

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 9.4%
Alumina, Ltd.		37,680	$	95,858
Asciano Group		74,308		133,711
ASX, Ltd.		4,338		154,413
Bendigo and Adelaide Bank, Ltd.		7,823		77,099
BlueScope Steel, Ltd.		41,390		84,537
Boral, Ltd. (a)		46,092		238,330
Caltex Australia, Ltd.		4,927		79,486
Centamin Egypt, Ltd. (b)		18,192		39,571
CFS Retail Property Trust		178,870		340,360
Cochlear, Ltd.		3,135		269,059
Computershare, Ltd.		9,212		88,216
CSR, Ltd. (a)		26,645		90,380
David Jones, Ltd. (a)		4,177		20,518
Dexus Property Group		231,043		203,093
Energy Resources of Australia, Ltd. (a)		874		7,186
Fairfax Media, Ltd. (a)		27,382		36,529
Goodman Group		126,462		89,585
Harvey Norman Holdings, Ltd. (a)		39,925		123,865
Iluka Resources, Ltd. (b)		3,881		53,380
Incitec Pivot, Ltd.		35,081		157,088
Lend Lease Group		13,176		123,588
Macarthur Coal, Ltd.		824		9,885
MAp Group		30,342		95,390
Metcash, Ltd.		61,776		265,764
Mirvac Group		90,389		116,377
OneSteel, Ltd.		25,973		65,538
OZ Minerals, Ltd.		77,094		127,164
Paladin Energy, Ltd. (a)(b)		23,107		86,265
Sims Metal Management, Ltd.		2,665		48,258
Sonic Healthcare, Ltd. (a)		20,766		257,272
TABCORP Holdings, Ltd.		15,154		117,380
Tatts Group, Ltd.		35,895		86,863
Toll Holdings, Ltd. (a)		19,125		117,284
WorleyParsons, Ltd.		5,166		165,508

				4,064,800

AUSTRIA — 0.5%
Andritz AG (a)		933		87,107
IMMOFINANZ AG (a)(b)		27,527		124,457

				211,564

BELGIUM — 1.0%
Ackermans & van haaren NV		2,160		208,836
Bekaert NV		933		106,570
Umicore		2,581		128,176

				443,582

CANADA — 10.6%
Alimentation Couche-Tard, Inc. (Class B)		7,886		206,645
Athabasca Oil Sands Corp. (b)		8,365		144,813
Baytex Energy Corp. (a)		2,653		154,612
Bonavista Energy Corp.		3,765		116,114
CAE, Inc. (a)		5,715		75,671
Canadian Tire Corp., Ltd. (Class A)		1,574		104,124
CGI Group, Inc. (Class A) (b)		5,934		124,018
Emera, Inc.		2,916		94,997
Enerplus Corp. (a)		3,000		94,711
Equinox Minerals, Ltd. (b)		15,239		89,922
Finning International, Inc.		8,413		247,698
First Quantum Minerals, Ltd. (a)		1,922		247,810
Fortis, Inc. (a)		10,652		362,677
Franco-Nevada Corp. (a)		2,634		96,370
Gildan Activewear, Inc.		4,318		141,248
Inmet Mining Corp.		2,133		149,436
Intact Financial Corp.		2,797		144,487
Lundin Mining Corp. (b)		14,827		122,701
Metro, Inc. (Class A) (a)		5,631		267,440
Onex Corp.		7,804		272,689
Open Text Corp. (a)(b)		532		32,945
Osisko Mining Corp. (b)		7,325		105,122
Pan American Silver Corp. (a)		2,746		101,654
Pembina Pipeline Corp. (a)		4,202		99,094
Petrobank Energy & Resources, Ltd. (b)		2,840		59,822
Petrominerales, Ltd. (a)		1,678		63,377
SEMAFO, Inc. (b)		6,000		57,301
Sino-Forest Corp. (a)(b)		6,390		166,196
TransAlta Corp. (a)		2,617		54,990
Valeant Pharmaceuticals International, Inc.		6,732		334,956
Vermilion Energy, Inc. (a)		2,270		117,916
Viterra, Inc.		8,523		103,038

				4,554,594

CHINA — 0.2%
ENN Energy Holdings, Ltd.		16,000		49,780
Shui On Land, Ltd.		75,718		34,850

				84,630

DENMARK — 1.6%
Danisco A/S		644		81,387
DSV A/S (a)		12,065		298,290
FLSmidth & Co. A/S (a)		919		78,395
Jyske Bank A/S (b)		4,207		187,606
Rockwool International A/S		130		16,046
William Demant Holding (a)(b)		260		22,545

				684,269

FINLAND — 1.8%
Cargotec Oyj		644		31,438
Elisa Oyj (a)		7,804		171,990
Kesko Oyj (Class B) (b)		966		45,238
Neste Oil Oyj		874		18,046
Nokian Renkaat Oyj		2,617		111,525
Orion OYJ (Class B) (a)		8,652		210,200
Outokumpu Oyj (a)		3,670		63,643
Pohjola Bank PLC (a)		4,797		65,487
Rautaruukki Oyj (a)		1,752		42,068
YIT Oyj		1,288		38,238

				797,873

FRANCE — 5.8%
Air France-KLM (b)		3,752		62,562
Arkema		514		46,748
Atos Origin SA (b)		3,194		187,537
Bourbon SA (a)		3,732		176,889
Compagnie Generale de Geophysique-Veritas (b)		3,222		116,343
Edenred (b)		2,903		87,728

See accompanying notes to financial statements.

164

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

EDF Energies Nouvelles SA		347	$	18,318
Eiffage SA (a)		452		27,190
Euler Hermes SA (b)		274		26,130
Eurazeo		563		44,086
Fonciere Des Regions		629		67,116
Groupe Eurotunnel SA		11,162		118,911
ICADE		322		39,791
Iliad SA (a)		452		54,265
Imerys SA		452		33,181
Lagardere SCA		2,581		110,339
Metropole Television SA		514		13,451
Neopost SA (a)		2,608		228,760
Remy Cointreau SA		192		14,479
Rhodia SA		1,485		43,538
SCOR SE		11,454		312,328
Societe Television Francaise 1		2,387		43,884
Valeo SA (b)		5,026		293,534
Wendel		960		104,450
Zodiac Aerospace		3,285		239,194

				2,510,752

GERMANY — 4.9%
Aixtron AG (a)		2,145		94,043
Bilfinger Berger AG		2,644		229,816
Brenntag AG (b)		130		14,456
Celesio AG		514		12,641
Fraport AG		966		70,887
GEA Group AG		4,132		136,273
Hamburger Hafen und Logistik AG		644		29,999
Hochtief AG		966		104,048
Hugo Boss AG Preference Shares		260		21,769
Kabel Deutschland Holding AG (b)		1,613		85,609
Lanxess AG		4,638		347,387
MTU Aero Engines Holding AG		1,074		72,929
ProSiebenSat.1 Media AG Preference Shares		4,014		117,656
Rational AG		62		14,781
Rheinmetall AG		514		42,649
Rhoen-Klinikum AG		6,397		138,893
Salzgitter AG		904		71,456
SGL Carbon AG (a)(b)		1,945		95,336
SMA Solar Technology AG (a)		199		24,975
Software AG		452		74,983
Symrise AG		1,807		53,056
Tognum AG		1,835		66,143
TUI AG (a)(b)		3,650		43,680
United Internet AG		7,958		143,424

				2,106,889

GREECE — 1.0%
Alpha Bank AE (b)		16,772		108,295
EFG Eurobank Ergasias (b)		10,707		66,855
Hellenic Telecommunications Organization SA		8,773		98,104
OPAP SA		6,324		135,603
Public Power Corp. SA		2,581		44,905

				453,762

HONG KONG — 2.6%
ASM Pacific Technology, Ltd. (a)		3,100		38,919
Brightoil Petroleum Holdings, Ltd.		125,000		53,354
Chinese Estates Holdings, Ltd.		53,623		96,516
Fosun International		64,500		49,506
Fushan International Energy Group, Ltd.		70,000		50,397
Galaxy Entertainment Group, Ltd. (a)(b)		20,000		29,107
GCL Poly Energy Holdings, Ltd. (b)		231,000		141,958
Geely Automobile Holdings, Ltd. (a)		50,000		18,578
GOME Electrical Appliances Holdings, Ltd. (a)(b)		268,000		94,408
Hopewell Highway Infrastructure, Ltd. (a)		37,500		25,649
Hopewell Holdings		56,000		168,111
Hopson Development Holdings, Ltd. (a)(b)		12,000		13,607
Huabao International Holdings, Ltd.		35,000		53,817
Hysan Development Co., Ltd.		2,000		8,228
Melco Crown Entertainment Ltd. ADR (b)		3,782		28,743
Mongolia Energy Co., Ltd. (b)		128,000		25,836
NWS Holdings, Ltd.		79,079		120,984
Orient Overseas International, Ltd.		1,000		10,497
SJM Holdings, Ltd.		26,000		45,527
VTech Holdings, Ltd. (a)		2,600		29,499
Wing Hang Bank, Ltd.		2,000		23,553

				1,126,794

IRELAND — 0.6%
DCC PLC		1,288		41,071
Dragon Oil PLC (b)		9,145		87,210
Elan Corp. PLC (b)		12,215		84,158
The Governor & Co. of the Bank of Ireland (b)		92,898		29,003

				241,442

ISRAEL — 0.1%
Cellcom Israel, Ltd.		514		16,900
Partner Communications Co., Ltd.		644		12,267

				29,167

ITALY — 1.3%
Banca Carige SpA (a)		4,901		11,622
Banca Popolare dell’Emilia Romagna Scrl		3,170		38,238
Banca Popolare di Sondrio Scrl		1,288		10,967
Davide Campari-Milano SpA		7,462		50,553
EXOR SpA Preference Shares		5,754		146,408
Mediolanum SpA (a)		2,964		15,958
Parmalat SpA		49,874		167,315
Pirelli & C. SpA		6,627		58,307
Prysmian SpA		3,490		74,983

				574,351

JAPAN — 22.7%
Advantest Corp. (a)		4,900		88,564
Aeon Mall Co., Ltd. (a)		1,000		21,549
Alfresa Holdings Corp. (a)		2,300		88,664
Amada Co., Ltd. (a)		27,000		226,086
Aozora Bank, Ltd. (a)		27,000		61,245
Benesse Holdings, Inc. (a)		1,000		41,083
Brother Industries, Ltd. (a)		3,100		45,707
Cosmo Oil Co., Ltd. (a)		54,000		168,750
Credit Saison Co., Ltd. (a)		8,400		135,608

See accompanying notes to financial statements.

165

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Daido Steel Co., Ltd. (a)		5,000	$	28,535
DeNA Co., Ltd. (a)		2,600		94,269
Elpida Memory, Inc. (a)(b)		5,000		64,611
Fuji Heavy Industries, Ltd. (a)		33,000		213,417
Fukuoka Financial Group, Inc. (a)		49,000		204,561
Furukawa Electric Co., Ltd. (a)		31,000		125,676
Gree, Inc.		1,000		16,832
GS Yuasa Corp. (a)		6,000		40,034
Hamamatsu Photonics K.K. (a)		1,000		39,756
Hino Motors, Ltd. (a)		2,000		9,821
Hirose Electric Co., Ltd. (a)		2,300		248,649
Hisamitsu Pharmaceutical Co., Inc.		1,000		40,480
Hitachi Construction Machinery Co., Ltd. (a)		2,600		65,345
Hitachi Metals, Ltd. (a)		3,000		37,934
Hokkaido Electric Power Co., Inc. (a)		5,300		103,148
Hokuhoku Financial Group, Inc. (a)		76,000		148,552
Ibiden Co., Ltd. (a)		2,600		82,411
Idemitsu Kosan Co., Ltd. (a)		2,300		270,294
IHI Corp. (a)		23,000		56,334
Isetan Mitsukoshi Holdings, Ltd. (a)		16,300		147,306
J Front Retailing Co., Ltd.		31,000		129,416
Japan Real Estate Investment Corp. (a)		27		256,383
JGC Corp. (a)		3,000		70,475
JSR Corp. (a)		3,100		62,426
JTEKT Corp. (a)		2,600		33,943
Kajima Corp. (a)		57,000		160,244
Kawasaki Heavy Industries, Ltd. (a)		28,000		123,649
Kawasaki Kisen Kaisha, Ltd.		8,000		29,633
Keio Corp. (a)		4,000		23,986
Kikkoman Corp.		1,000		9,459
Konami Corp. (a)		5,700		105,912
Konica Minolta Holdings, Inc. (a)		11,500		96,712
Kuraray Co., Ltd. (a)		8,100		104,768
Kurita Water Industries, Ltd. (a)		4,900		145,380
Lawson, Inc. (a)		1,700		82,251
Makita Corp. (a)		2,100		98,057
Marui Group Co., Ltd. (a)		24,600		159,389
Mazda Motor Corp.		21,000		46,368
Medipal Holdings Corp. (a)		10,700		95,019
MEIJI Holdings Co., Ltd. (a)		1,000		40,360
Mitsubishi Gas Chemical Co., Inc. (a)		27,000		194,486
Mitsubishi Materials Corp. (a)		17,000		57,843
Mitsui Chemicals, Inc. (a)		23,000		81,588
Mizuho Trust & Banking Co., Ltd. (a)		17,000		15,384
Mizuko Securities Co., Ltd. (a)		5,000		13,333
Namco Bandai Holdings, Inc. (a)		13,500		147,738
Nankai Electric Railway Co., Ltd.		3,000		12,017
NGK Spark Plug Co., Ltd. (a)		4,000		54,826
Nippon Building Fund, Inc.		11		107,505
Nippon Express Co., Ltd. (a)		17,000		65,432
Nippon Meat Packers, Inc.		1,000		12,657
Nippon Paper Group, Inc. (a)		2,100		44,899
Nisshin Seifun Group, Inc. (a)		1,000		11,571
Nitori Holding Co., Ltd. (a)		1,050		92,610
Nomura Real Estate Holdings, Inc. (a)		1,000		15,215
Nomura Research Institute, Ltd. (a)		1,000		22,153
NSK, Ltd. (a)		6,000		51,906
NTN Corp. (a)		31,000		149,240
Obayashi Corp. (a)		48,000		214,286
Sankyo Co., Ltd. (a)		1,600		82,336
SBI Holdings, Inc. (a)		501		63,290
Sega Sammy Holdings, Inc. (a)		2,100		36,639
Seiko Epson Corp. (a)		2,100		33,750
Sekisui Chemical Co., Ltd.		1,000		7,855
Shimadzu Corp.		1,000		8,917
Shimano, Inc. (a)		5,300		265,703
Shimizu Corp. (a)		31,000		138,393
Showa Denko K.K. (a)		76,000		153,137
Showa Shell Sekiyu K.K. (a)		26,800		280,676
Sojitz Corp.		32,200		64,493
Stanley Electric Co., Ltd. (a)		8,200		136,040
Sumco Corp. (a)(b)		1,000		20,234
Sumitomo Heavy Industries, Ltd. (a)		9,000		58,965
Suzuken Co., Ltd.		2,600		68,827
Sysmex Corp. (a)		2,000		70,994
Taisei Corp. (a)		76,000		187,983
Taiyo Nippon Sanso Corp. (a)		2,000		16,723
Takashimaya Co., Ltd. (a)		23,000		147,358
Teijin, Ltd. (a)		6,000		26,931
The Bank of Kyoto, Ltd. (a)		23,000		204,247
The Chugoku Bank, Ltd.		1,000		11,390
The Gunma Bank, Ltd.		31,000		164,949
The Hachijuni Bank, Ltd. (a)		49,000		283,193
The Japan Steel Works, Ltd. (a)		5,000		39,274
The Joyo Bank, Ltd.		49,000		193,328
THK Co., Ltd. (a)		10,300		259,986
Tobu Railway Co., Ltd. (a)		7,000		28,716
Toho Co., Ltd. (a)		1,000		14,394
Tokyu Land Corp. (a)		4,000		17,471
TOTO, Ltd. (a)		2,000		16,144
Toyo Seikan Kaisha, Ltd. (a)		2,600		42,790
Trend Micro, Inc. (a)		2,600		69,486
Ube Industries, Ltd. (a)		57,000		182,251
Ushio, Inc. (a)		1,000		19,631
Yamaguchi Financial Group, Inc.		2,000		18,581
Yamaha Corp.		10,700		121,743
Yamaha Motor Co., Ltd. (a)(b)		2,600		45,550

				9,756,108

LUXEMBOURG — 0.8%
Acergy SA		8,035		202,917
Oriflame Cosmetics SA SDR (a)		2,482		128,499

				331,416

NETHERLANDS — 1.9%
Fugro NV		1,261		111,270
Gemalto NV		4,495		221,378
James Hardie Industries SE (b)		5,995		37,818
Koninklijke Boskalis Westminster NV		3,438		182,055
QIAGEN NV (a)(b)		5,787		115,753
SBM Offshore NV		5,242		152,349

				820,623

NEW ZEALAND — 0.2%
Contact Energy, Ltd. (b)		10,519		46,696
Fletcher Building, Ltd. (a)		4,881		34,773

				81,469

See accompanying notes to financial statements.

166

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

NORWAY — 0.9%
Aker Solutions ASA		3,750	$	86,162
Marine Harvest		66,003		81,970
Renewable Energy Corp. ASA (a)(b)		10,129		35,541
Schibsted ASA		514		15,081
Storebrand ASA (b)		17,494		150,059

				368,813

PORTUGAL — 0.2%
Banco Comercial Portugues SA (a)		49,798		40,705
Brisa Auto-Estradas de Portugal SA (a)		1,678		11,365
Cimpor Cimentos de Portugal SGPS SA		2,581		18,731
Sonae		14,998		17,538

				88,339

SINGAPORE — 1.9%
Ascendas REIT		22,000		35,605
CapitaCommercial Trust (a)		25,000		27,568
CapitaMall Trust (a)		107,000		159,587
Cosco Corp. Singapore, Ltd. (a)		20,000		32,527
Flextronics International, Ltd. (a)(b)		20,700		154,629
Golden Agri-Resources, Ltd.		162,000		88,679
Keppel Land, Ltd. (a)		10,000		35,621
Neptune Orient Lines, Ltd. (a)(b)		36,000		55,407
Olam International, Ltd. (a)		35,096		77,960
Singapore Press Holdings, Ltd. (a)		43,000		134,407

				801,990

SOUTH KOREA — 7.0%
BS Financial Group, Inc. (b)		4,620		66,966
Celltrion, Inc.		2,709		85,941
Cheil Industries, Inc.		1,811		192,335
CJ CheilJedang Corp.		119		24,951
CJ Corp.		514		34,440
Daelim Industrial Co. Ltd.		874		85,253
Daewoo Engineering & Construction Co., Ltd. (b)		5,462		60,000
Daewoo International Corp.		1,309		44,331
Daewoo Securities Co., Ltd. (b)		2,860		58,402
Daewoo Securities Co., Ltd. Preference Shares (b)		2,718		20,937
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		2,430		75,429
Doosan Corp.		514		67,006
Doosan Infracore Co., Ltd. (b)		2,590		72,131
Glovis Co., Ltd.		607		86,323
GS Engineering & Construction Corp.		958		100,433
GS Holdings		802		68,286
Hanjin Shipping Co., Ltd.		1,400		43,585
Hankook Tire Co., Ltd.		1,560		50,983
Hanwha Chemical Corp.		1,920		75,788
Hanwha Corp.		2,918		134,601
Honam Petrochemical Corp.		389		137,415
Hyosung Corp.		532		42,678
Hyundai Department Store Co., Ltd.		260		33,657
Hyundai Merchant Marine Co., Ltd.		2,186		68,552
Hyundai Mipo Dockyard Co., Ltd.		290		49,437
Hyundai Securities Co., Ltd. (b)		5,562		66,930
Kangwon Land, Inc.		3,220		74,706
KCC Corp.		155		51,363
KEPCO Plant Service & Engineering Co., Ltd.		260		9,173
Korea Zinc Co., Ltd.		320		116,396
Korean Air Lines Co., Ltd.		766		45,948
LG Innotek Co., Ltd.		260		27,613
LG Uplus Corp.		4,880		27,537
LS Industrial Systems Co., Ltd.		389		28,724
LS Uplus Corp.		607		60,869
NCSoft Corp. (b)		477		108,928
Samsung Engineering Co., Ltd.		959		182,717
Samsung Securities Co., Ltd. (b)		1,500		110,215
Samsung Techwin Co., Ltd.		1,159		84,314
SK C&C Co., Ltd.		774		68,584
SK Holdings Co., Ltd.		698		104,991
SK Networks Co., Ltd.		1,660		18,613
Woongjin Coway Co., Ltd.		880		30,364

				2,997,845

SPAIN — 2.4%
Abengoa SA (a)		774		25,669
Acerinox SA (a)		3,225		63,729
Banco de Valencia SA (a)(b)		9,013		40,417
Bankinter SA (a)		6,968		47,859
Bolsas y Mercados Espanoles (a)		3,683		112,214
Ebro Puleva SA (a)		2,436		57,316
EDP Renovaveis SA (b)		1,935		13,916
Enagas		2,396		54,131
Gestevision Telecinco SA (a)		3,355		38,460
Grifols SA (a)		3,893		67,952
Grupo Catalana Occidente SA		874		19,324
Indra Sistemas SA (a)		13,226		265,582
Inmobiliaria Colonial SA (b)		201,520		22,878
International Consolidated Airlines Group SA (b)(c)		12,421		45,196
International Consolidated Airlines Group SA (a)(b)(c)		10,516		38,756
Obrascon Huarte Lain SA		1,034		37,403
Prosegur Cia de Seguridad SA		514		30,636
Tecnicas Reunidas SA		607		36,540

				1,017,978

SWEDEN — 3.0%
Boliden AB		6,101		131,529
Elekta AB (Class B)		2,192		87,702
Getinge AB (Class B)		7,677		189,601
Hakon Invest AB		1,034		18,243
Hexagon AB (Class B)		4,828		115,335
Holmen AB (a)		389		13,455
Husqvarna AB		1,678		14,257
Husqvarna AB (Class B)		8,371		71,789
Industrivarden AB		4,460		86,607
Lundbergforetagen AB		389		30,215
Meda AB (Class A) (a)		5,006		48,248
Modern Times Group AB (Class B)		2,828		215,180
Ratos AB (Class B)		1,807		71,382
Securitas AB (Class B)		7,292		86,867
SSAB AB (b)		774		10,717
SSAB AB (Series A) (b)		6,361		100,783

				1,291,910

See accompanying notes to financial statements.

167

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

SWITZERLAND — 3.5%
Aryzta AG		2,447	$	125,714
Baloise Holding AG		1,735		172,580
Banque Cantonale Vaudoise		107		60,877
Basellandschaftliche Kantonalbank		17		23,785
Clariant AG (b)		7,840		142,000
Dufry Group (b)		130		15,020
GAM Holding AG (b)		5,302		101,131
Logitech International SA (a)(b)		2,349		42,469
Lonza Group AG		644		54,239
Panalpina Welttransport Holding AG (b)		496		62,132
Partners Group Holding AG		340		65,261
PSP Swiss Property AG (b)		905		74,836
Sika AG		25		60,447
Straumann Holding AG		218		56,284
Sulzer AG		1,300		196,666
Swiss Life Holding AG (b)		532		88,274
Swiss Prime Site AG (b)		1,154		91,389
Valiant Holding AG		405		55,691

				1,488,795

UNITED KINGDOM — 13.5%
3i Group PLC		23,545		112,809
Aberdeen Asset Management PLC		10,641		35,956
African Barrick Gold, Ltd.		1,161		10,077
AMEC PLC		7,914		151,341
Amlin PLC		12,139		74,272
Ashmore Group PLC		5,227		27,767
Babcock International Group PLC		8,271		82,332
Balfour Beatty PLC		34,711		191,290
Bunzl PLC		10,785		128,708
Cable & Wireless Communications PLC		24,641		17,995
Cable & Wireless Worldwide PLC		46,833		39,375
Capital Shopping Centres Group PLC		5,056		31,040
Cobham PLC		68,074		251,192
Croda International PLC		1,418		38,141
Daily Mail & General Trust PLC		2,065		16,358
Derwent London PLC		644		16,961
Drax Group PLC		17,187		109,235
easyJet PLC (b)		5,225		28,552
FirstGroup PLC		16,693		87,312
GKN PLC		26,557		85,522
Hammerson PLC		11,912		85,333
Hargreaves Lansdown PLC (a)		1,678		16,408
Hays PLC		84,815		158,115
Hikma Pharmaceuticals PLC		1,418		16,775
Home Retail Group PLC		22,292		69,000
Homeserve PLC		1,678		11,951
ICAP PLC		10,372		87,784
IG Group Holdings PLC		7,504		54,922
IMI PLC		4,257		70,285
Informa PLC		35,228		235,305
Inmarsat PLC		25,335		245,289
Intercontinental Hotels Group PLC		5,584		114,392
Intertek Group PLC		10,537		343,548
Invensys PLC		21,581		119,416
Investec PLC		23,802		182,259
ITV PLC (b)		94,683		117,396
John Wood Group PLC		5,805		59,320
Logica PLC		81,438		171,009
London Stock Exchange Group PLC		5,600		74,730
Lonmin PLC		4,134		112,851
Meggitt PLC		7,612		41,839
Misys PLC (b)		2,822		14,303
Mondi PLC		7,222		69,401
Northumbrian Water Group PLC		8,785		46,780
Pennon Group PLC		21,760		218,001
Petropavlovsk PLC		4,469		71,493
Premier Oil PLC (b)		2,760		88,217
Rentokil Initial PLC (b)		39,284		56,673
Rexam PLC		25,484		148,447
Rotork PLC		774		21,662
Segro PLC		16,291		83,955
Serco Group PLC		28,403		254,049
Severn Trent PLC		5,555		130,093
Tate & Lyle PLC		12,473		115,463
The Sage Group PLC		31,574		140,751
The Weir Group PLC		4,516		125,306
Thomas Cook Group PLC		13,699		37,462
Travis Perkins PLC		3,137		51,089
Tui Travel PLC (a)		33,964		123,585
United Business Media PLC		1,161		11,138
Whitbread PLC		2,723		72,020

				5,804,050

TOTAL COMMON STOCKS —
(Cost $36,194,927)				42,733,805

SHORT TERM INVESTMENTS — 18.1%
UNITED STATES — 18.1%
MONEY MARKET FUNDS — 18.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		7,786,753		7,786,753
State Street Institutional Liquid Reserves Fund 0.19% (e)(f)		3,414		3,414

TOTAL SHORT TERM INVESTMENTS —
(Cost $7,790,167)				7,790,167

TOTAL INVESTMENTS — 117.5%
(Cost $43,985,094)				50,523,972
OTHER ASSETS & LIABILITIES — (17.5)%				(7,522,955	)

NET ASSETS — 100.0%			$	43,001,017


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Reflects seperate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

168

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.5%
BRAZIL — 6.9%
Aliansce Shopping Centers SA		79,054	$	641,471
American Banknote SA		64,063		785,650
Anhanguera Educacional Participacoes SA		154,195		3,789,590
B2W Companhia Global do Varejo		57,922		795,793
Banco ABC Brasil SA Preference Shares		39,592		301,792
BR Properties SA		159,182		1,678,175
Brasil Brokers Participacoes SA		203,420		1,062,898
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA (a)		797,307		411,703
Centrais Eletricas de Santa Catarina SA Preference Shares		42,040		1,111,505
CETIP SA — Balcao Organizado de Ativos e Derivativos		167,038		2,772,415
Cia Energetica do Ceara Preference Shares		24,015		496,022
Companhia de Saneamento de Minas Gerais-Copasa MG		64,240		1,085,969
Companiha de Tecidos Norte de Minas-Coteminas Preference Shares		149,154		430,935
Confab Industrial SA Preference Shares		682,212		1,845,233
Contax Participacoes SA Preference Shares		59,049		900,209
Cremer SA		64,693		595,728
Drogasil SA		124,116		973,549
Eternit SA		126,013		865,262
Even Construtora e Incorporadora SA		241,711		1,251,087
Ez Tec Empreendimentos e Participacoes SA		100,615		865,904
Ferbasa-Ferro Ligas DA Bahia Preference Shares		71,254		562,411
Fleury SA		51,347		765,431
Iguatemi Empresa de Shopping Centers SA		35,422		868,811
Iochpe-Maxion SA		85,061		1,133,624
LPS Brasil Consultoria de Imoveis SA		32,836		773,087
Lupatech SA (a)		122,169		1,050,650
Magnesita Refratarios SA (a)		230,399		1,218,031
Marcopolo SA Preference Shares		738,877		3,106,758
Mills Estruturas e Servicos de Engenharia SA		89,109		983,253
Obrascon Huarte Lain Brasil SA		33,091		1,259,157
Odontoprev SA		95,667		1,569,015
Paranapanema SA (a)		155,162		504,569
Randon SA Implementos e Participacoes Preference Shares		426,358		2,922,325
Santos Brasil Participacoes SA		32,102		522,552
Sao Martinho SA		88,102		1,385,911
Sao Paulo Alpargatas SA Preference Shares		155,996		1,074,016
Saraiva SA Livreiros Editores Preference Shares		32,757		761,158
SLC Agricola SA		62,398		879,920
Tempo Participacoes SA (a)		231,413		556,216

				44,557,785

CHILE — 1.7%
Almendral SA		8,626,575		1,062,231
Empresas La Polar SA		662,790		3,524,551
Inversiones Aguas Metropolitanas SA		503,825		764,439
Masisa SA (a)		7,491,795		1,157,034
Parque Arauco SA		629,246		1,392,050
Sonda SA		226,739		558,152
Vina Concha y Toro SA		1,080,454		2,514,257

				10,972,714

CHINA — 8.6%
Anhui Expressway Co., Ltd.		2,928,000		2,345,201
AsiaInfo-Linkage, Inc. (a)(b)		36,947		799,903
BYD Electronic International Co., Ltd.		665,000		423,202
Camelot Information Systems Inc. ADR (a)		13,425		222,721
China Automation Group, Ltd. (b)		731,000		567,643
China Green Holdings, Ltd. (b)		1,785,000		1,374,630
China Hongxing Sports, Ltd. (c)		4,678,000		426,791
China Huiyuan Juice Group, Ltd. (b)		2,238,900		1,519,811
China Medical Technologies, Inc. ADR (a)(b)		42,705		497,086
China Minzhong Food Corp., Ltd. (a)(b)		899,000		1,162,531
China Resources Gas Group, Ltd.		724,000		988,517
China SCE Property Holdings, Ltd.		1,656,000		434,322
China Shanshui Cement Group, Ltd. (b)		3,924,000		3,662,575
China Vanadium Titano — Magnetite Mining Co., Ltd. (a)(b)		949,000		408,726
China Wireless Technologies, Ltd.		1,468,000		549,212
Chongqing Machinery & Electric Co., Ltd.		2,100,000		715,461
E-House China Holdings, Ltd. (b)		44,683		525,025
First Tractor Co., Ltd. (b)		762,500		916,584
Giant Interactive Group, Inc. ADR		157,796		1,175,580
Great Wall Technology Co., Ltd.		984,000		488,319
Haitian International Holdings, Ltd.		722,000		928,235
Harbin Power Equipment Co., Ltd. (b)		1,902,000		1,968,463
Hidili Industry International Development, Ltd. (b)		931,000		822,294
Home Inns & Hotels Management, Inc. ADR (a)(b)		79,094		3,129,750
Kingsoft Corp., Ltd.		895,000		537,354
Livzon Pharmaceutical, Inc.		95,200		305,371
Longcheer Holdings, Ltd.		872,000		200,619
Lonking Holdings, Ltd. (b)		3,028,000		2,129,434
Minth Group, Ltd.		614,000		1,029,359
NVC Lighting Holdings, Ltd.		2,540,000		1,257,232
O-Net Communications Group, Ltd. (a)		670,000		442,750
Pacific Online, Ltd.		1,098,000		587,241
Peak Sport Products Co., Ltd. (b)		869,000		596,598
Ports Design, Ltd.		1,117,500		2,577,454
Real Gold Mining, Ltd. (a)(b)		267,500		380,364

See accompanying notes to financial statements.

169

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Semiconductor Manufacturing International Corp. (a)(b)		28,926,000	$	2,231,313
Shanghai Electric Group Co., Ltd.		4,920,000		2,460,569
Shenguan Holdings Group, Ltd.		790,005		924,256
Shenzhen International Holdings, Ltd.		28,060,000		2,453,113
Shenzhou International Group Holdings, Ltd.		479,000		565,326
Sohu.com, Inc. (a)		30,075		2,687,502
Sound Global, Ltd. (a)(b)		907,000		518,080
Suntech Power Holdings Co., Ltd. ADR (a)(b)		129,637		1,278,221
TCL Communication Technology Holdings, Ltd.		744,000		720,259
Tianjin Tianlian Public Utilities Co., Ltd. (a)		836,000		174,117
Tong Ren Tang Technologies Co., Ltd.		273,000		919,570
Travelsky Technology, Ltd.		679,000		662,571
WuXi PharmaTech Cayman, Inc. ADR (a)		58,076		897,855
Xinjiang Xinxin Mining Industry Co., Ltd. (b)		2,929,000		1,784,919
Zhejiang Southeast Electric Power Co.		1,419,200		892,677

				55,266,706

CZECH REPUBLIC — 0.4%
Philip Morris CR AS		3,778		2,275,976

EGYPT — 1.4%
Arab Cotton Ginning		132,609		82,776
Citadel Capital Corp/Cairo (a)		373,704		360,567
Eastern Tobacco		26,645		471,066
Egyptian for Tourism Resorts (a)		4,497,435		943,333
Egyptian Kuwait Holding Co.		675,442		925,356
ElSwedy Electric Co. (a)		83,756		558,654
Ezz Steel (a)		502,261		927,070
Juhayna Food Industries (a)		544,280		534,279
Maridive & Oil Services SAE		233,443		789,037
Medinet Nasr Housing (a)		33,517		128,905
Misr Beni Suef Cement Co.		43,374		480,793
Olympic Group Financial Investments		60,483		365,364
Palm Hills Developments SAE (a)		1,323,421		621,794
Sidi Kerir Petrochemicals Co.		149,652		366,628
Six of October Development & Investment Co. (a)		75,150		795,572
Suez Cement Co.		54,940		368,756

				8,719,950

HONG KONG — 5.5%
361 Degrees International, Ltd. (b)		607,000		378,487
Asian Citrus Holdings, Ltd.		573,341		637,603
BaWang International Group Holding, Ltd. (b)		924,000		274,413
Beijing Capital Land, Ltd. (a)		1,372,400		506,388
China Everbright International, Ltd. (b)		4,827,000		2,352,000
China Foods, Ltd. (b)		744,000		453,390
China Forestry Holdings, Ltd. (b)(c)		1,618,000		613,651
China High Precision Automation Group, Ltd.		740,000		535,625
China Lilang, Ltd.		585,000		774,665
China Pharmaceutical Group, Ltd. (b)		930,000		551,194
China Power International Development, Ltd. (b)		10,037,000		2,142,066
China State Construction International Holdings, Ltd. (b)		1,302,000		1,188,475
China Travel International Investment Hong Kong, Ltd. (a)		8,010,000		1,678,576
CIMC Enric Holdings, Ltd. (a)		725,000		277,763
Citic 21CN Co., Ltd. (a)		2,419,500		348,389
Citic Resources Holdings, Ltd. (a)		2,580,000		560,567
Comba Telecom Systems Holdings, Ltd. (b)		717,350		840,176
Dawnrays Pharmaceutical Holdings, Ltd.		956,000		371,181
Digital China Holdings, Ltd.		694,000		1,308,020
Fufeng Group, Ltd.		710,000		486,526
Global Bio-Chem Technology Group Co., Ltd. (a)(b)		2,404,000		392,518
Greentown China Holdings, Ltd.		658,000		691,990
GZI Transportation, Ltd.		1,096,549		620,300
Haier Electronics Group Co., Ltd. (a)		720,000		809,956
Hengdeli Holdings, Ltd.		1,508,000		794,888
Hua Han Bio-Pharmaceutical Holdings, Ltd.		1,244,800		388,890
Ju Teng International Holdings, Ltd.		972,000		302,414
Kaisa Group Holdings, Ltd. (a)(b)		2,686,000		942,735
Kingway Brewery Holdings, Ltd. (a)		1,470,000		464,915
Lijun International Pharmaceutical Holdings, Ltd. (b)		1,070,000		299,889
PCD Stores, Ltd. (b)		2,437,000		667,354
Ruinian International, Ltd.		633,000		443,528
Shenzhen Investment, Ltd.		2,202,000		733,226
Shougang Concord International Enterprises Co., Ltd. (a)(b)		10,440,000		1,436,168
Sino Biopharmaceutical (b)		2,764,000		1,034,075
Sinotrans Shipping, Ltd. (b)		1,389,000		450,012
Tianjin Port Development Holdings, Ltd. (b)		5,080,000		1,221,311
Tianneng Power International, Ltd.		1,028,000		500,903
TPV Technology, Ltd. (b)		1,428,000		859,201
United Energy Group, Ltd. (a)(b)		4,700,000		725,104
Vinda International Holdings, Ltd. (b)		490,000		482,554
VODone, Ltd. (b)		2,290,000		741,920
Wasion Group Holdings, Ltd. (b)		635,000		341,249
Yingde Gases (a)		1,342,500		1,123,612
Yip’s Chemical Holdings, Ltd.		454,000		500,216
Yuexiu Property Co., Ltd. (a)(b)		10,158,000		2,259,307

				35,507,390

HUNGARY — 0.1%
Egis Gyogyszergyar Nyrt		5,846		622,880

INDIA — 9.2%
Amtek Auto, Ltd.		341,093		1,139,654
Anant Raj Industries, Ltd.		422,899		795,158
Aurobindo Pharma, Ltd.		193,555		857,423
Bajaj Finserv, Ltd.		41,414		486,437
Bajaj Hindusthan, Ltd.		227,807		364,736
Bajaj Holdings and Investment, Ltd.		38,862		689,311

See accompanying notes to financial statements.

170

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Balrampur Chini Mills, Ltd. (a)		303,892	$	477,695
Bharat Forge, Ltd.		376,545		2,921,506
Bhushan Steel, Ltd.		73,589		721,121
Biocon, Ltd.		81,826		631,195
CESC, Ltd.		218,141		1,528,626
Core Projects & Technologies, Ltd.		99,130		689,097
Coromandel International, Ltd.		119,541		761,288
Dewan Housing Finance, Corp. Ltd.		92,810		555,674
Edelweiss Capital, Ltd.		349,292		310,952
Educomp Solutions, Ltd.		116,970		1,101,635
Emami, Ltd.		69,138		617,041
Era Infra Engineering, Ltd.		135,819		574,707
Escorts, Ltd.		169,359		542,313
Essar Shipping Ports & Logistics, Ltd. (a)		196,709		416,840
Federal Bank, Ltd.		114,590		1,077,935
Financial Technologies India, Ltd.		23,647		466,630
Fortis Healthcare, Ltd. (a)		173,831		589,766
Gateway Distriparks, Ltd.		223,357		608,040
GlaxoSmithKline Consumer Healthcare, Ltd.		16,613		838,157
Glenmark Pharmaceuticals, Ltd.		401,594		2,543,113
Godrej Industries, Ltd.		107,455		439,988
GTL, Ltd.		151,012		1,401,928
Gujarat Gas Co., Ltd.		85,907		741,657
Gujarat NRE Coke, Ltd.		448,034		496,309
GVK Power & Infrastructure, Ltd. (a)		1,025,783		598,057
HCL Infosystems, Ltd.		227,718		523,402
Hindustan Construction Co.		521,924		425,427
IFCI, Ltd.		679,025		804,720
India Cements, Ltd.		543,777		1,170,593
India Infoline, Ltd.		268,331		451,280
Indiabulls Financial Services, Ltd.		352,052		1,223,242
Indiabulls Real Estate, Ltd. (a)		354,467		1,001,124
Indian Hotels Co., Ltd.		332,323		634,167
IVRCL Infrastructures & Projects, Ltd.		1,035,752		1,904,511
Jammu & Kashmir Bank, Ltd.		41,218		808,647
Mahindra & Mahindra Financial Services		56,155		974,638
Marico, Ltd.		262,652		812,781
MAX India, Ltd. (a)		463,295		1,655,998
Moser Baer India, Ltd.		893,242		827,243
Motherson Sumi Systems, Ltd.		165,391		793,669
Nagarjuna Construction Co., Ltd.		618,934		1,404,555
Opto Circuits India, Ltd.		114,321		712,920
Patni Computer Systems, Ltd.		271,870		2,904,946
Phoenix Mills, Ltd.		104,864		432,671
Punj Lloyd, Ltd.		560,628		815,893
Rajesh Exports, Ltd.		242,224		588,247
REI Agro, Ltd.		1,188,493		724,902
Rolta India, Ltd.		160,356		501,259
Shree Renuka Sugars, Ltd.		433,620		678,215
Sintex Industries, Ltd.		599,305		2,045,391
Strides Arcolab, Ltd.		57,990		481,137
Suzlon Energy, Ltd. (a)		918,019		916,063
Tata Chemicals, Ltd.		81,891		628,024
Tata Global Beverages, Ltd.		320,283		706,353
Thermax, Ltd.		43,550		592,093
United Breweries, Ltd.		76,033		825,033
United Phosphorus, Ltd.		615,270		2,079,873
Voltas, Ltd.		153,802		631,832
Welspun-Gujarat Stahl, Ltd.		329,925		1,524,040

				59,188,878

INDONESIA — 2.7%
Alam Sutera Realty Tbk PT		20,967,500		686,275
Bakrie and Brothers Tbk PT (a)		107,474,500		789,936
Bakrie Sumatera Plantations Tbk PT		10,383,500		429,292
Bakrie Telecom Tbk PT (a)		25,873,000		1,054,828
Bakrieland Development Tbk PT		43,385,500		697,556
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (a)		5,598,000		816,475
Bank Tabungan Negara Tbk PT		3,273,000		631,483
Barito Pacific Tbk PT (a)		3,409,000		375,842
Bisi International PT (a)		1,941,000		385,637
Bumi Serpong Damai PT		9,028,500		870,966
Darma Henwa PT Tbk (a)		109,967,542		757,744
Delta Dunia Makmur Tbk PT (a)		4,671,000		600,806
Energi Mega Persada Tbk PT (a)		38,427,500		564,883
Gajah Tunggal Tbk PT		2,281,500		582,984
Holcim Indonesia Tbk PT (a)		2,206,000		513,023
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		2,881,500		562,567
Indika Energy Tbk PT		1,578,500		716,058
Japfa Comfeed Indonesia Tbk PT		1,273,000		504,376
Kawasan Industri Jababeka Tbk PT (a)		29,914,500		401,952
Lippo Karawaci Tbk PT		24,550,250		1,719,857
Medco Energi Internasional Tbk PT		1,550,000		511,771
Pakuwon Jati Tbk PT (a)		4,517,000		461,686
Pembangunan Perumahan Persero PT Tbk		5,825,500		475,005
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,523,000		920,451
Summarecon Agung Tbk PT		6,633,000		883,638
Timah Tbk PT		1,939,000		617,941

				17,533,032

MALAYSIA — 5.8%
AirAsia Bhd (a)		3,045,100		2,704,521
Alliance Financial Group Bhd		2,363,600		2,473,830
Batu Kawan BHD		63,300		318,512
Berjaya Corp. Bhd		3,298,100		1,241,381
Berjaya Corp. Bhd (a)		50		11
Berjaya Sports Toto Bhd		413,700		581,878
Boustead Holdings Bhd		182,900		353,873
Bursa Malaysia Bhd		965,500		2,655,424
EON Capital Bhd (a)		122,300		282,658
Fraser & Neave Holdings Bhd		198,800		1,025,260
Genting Plantations Bhd		561,200		1,482,328
IGB Corp. Bhd		2,919,867		2,082,348
Kencana Petroleum Bhd		1,655,900		1,432,425
KNM Group Bhd (a)		2,873,637		2,618,651
Kulim Malaysia Bhd		2,991,000		3,288,495
Lafarge Malayan Cement Bhd		511,800		1,250,456
Malaysian Bulk Carriers Bhd		737,600		677,021
Malaysian Resources Corp. Bhd		450,600		327,303
Media Prima Bhd		1,368,800		1,161,475

See accompanying notes to financial statements.

171

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Parkson Holdings Bhd		1,025,667	$	1,930,269
SP Setia Bhd		1,638,000		3,407,148
Sunway Real Estate Investment Trust		3,625,500		1,268,850
TAN Chong Motor Holdings Bhd		688,300		1,104,462
Top Glove Corp. Bhd		774,500		1,375,752
UEM Land Holdings Bhd (a)		1,634,000		1,526,775
Wah Seong Corp Bhd		1,169,400		814,671

				37,385,777

MEXICO — 3.3%
Axtel SAB de CV (a)(b)		1,975,898		1,156,607
Bolsa Mexicana de Valores SAB de CV		434,204		913,097
Consorcio ARA SAB de CV		2,515,406		1,544,237
Corporacion GEO SAB de CV (a)		787,079		2,205,123
Desarrolladora Homex SAB de CV (a)		107,760		490,869
Empresas ICA SAB de CV (a)		845,022		1,920,367
Genomma Lab Internacional SA de CV (a)		228,885		517,081
Grupo Aeroportuario del Pacifico SAB de CV		332,673		1,420,403
Grupo Aeroportuario del Sureste SAB de CV		514,361		3,023,379
Industrias CH SAB, Series B (a)		551,021		2,266,603
Promotora y Operadora de Infraestructura SAB de CV (a)		560,772		2,368,408
TV Azteca SAB de CV		4,281,135		2,980,588
Urbi Desarrollos Urbanos SA de CV (a)		169,089		392,644

				21,199,406

MOROCCO — 0.2%
Alliances Developpement Immobilier SA		1,194		103,445
Ciments du Maroc		759		105,785
Holcim Maroc SA		561		176,523
Label Vie		2,287		358,089
Samir (a)		5,599		402,831

				1,146,673

PERU — 0.3%
Alicorp SA		688,596		1,326,822
Grana y Montero SA		277,593		615,112

				1,941,934

PHILIPPINES — 1.6%
ABS-CBN Holdings Corp, PDR		175,520		177,947
Alliance Global Group, Inc.		3,770,500		1,035,584
DMCI Holdings, Inc.		1,033,100		889,085
Energy Development Corp.		7,636,800		1,057,538
First Philippine Holdings Corp.		240,930		318,649
GMA Holdings, Inc.		4,099,200		660,217
International Container Terminal Services, Inc.		802,100		770,681
Jollibee Foods Corp.		432,740		869,468
Megaworld Corp.		46,932,000		2,281,717
Metro Pacific Investments Corp.		4,942,750		371,276
Philex Mining Corp.		1,642,900		567,066
Semirara Mining Corp.		146,840		767,357
Universal Robina Corp.		867,500		675,611

				10,442,196

POLAND — 3.1%
Agora SA		101,014		931,665
Asseco Poland SA		117,629		2,232,780
Bank Millennium SA (a)		761,261		1,562,950
Boryszew SA (a)		246,311		190,831
Ciech SA (a)		44,425		420,376
Echo Investment SA (a)		509,711		879,555
Emperia Holding SA		15,613		620,209
Eurocash SA		60,128		660,442
Globe Trade Centre SA (a)		148,413		1,112,209
Grupa Lotos SA (a)		155,374		2,415,750
LPP SA		923		669,594
Lubelski Wegiel Bogdanka SA (a)		35,490		1,564,780
Netia SA (a)		564,645		1,043,945
Orbis SA (a)		36,379		511,171
PBG SA		20,464		1,354,850
Polimex- Mostostal SA		998,024		1,237,162
Synthos SA (a)		854,725		1,207,018
TVN SA		180,681		1,154,231

				19,769,518

RUSSIA — 1.1%
AK Transneft OAO Preference Shares		1,462		2,152,926
Integra Group Holdings GDR (a)		411,499		1,419,672
OGK-2 OAO (a)		9,725,427		525,173
PIK Group GDR (a)		296,275		1,330,275
Vsmpo-Avisma Corp.		12,243		1,506,423

				6,934,469

SOUTH AFRICA — 9.2%
Adcock Ingram Holdings, Ltd.		123,739		1,016,902
AECI, Ltd.		29,226		359,301
Afgri, Ltd.		1,632,872		1,654,746
Aquarius Platinum, Ltd.		386,445		2,140,825
Aveng, Ltd.		476,357		2,513,763
AVI, Ltd.		232,878		1,033,222
Barloworld, Ltd.		200,156		2,211,963
Capital Property Fund		934,290		1,098,848
Clicks Group, Ltd.		266,461		1,677,737
Coronation Fund Managers, Ltd.		847,905		2,232,831
DataTec, Ltd.		569,684		3,126,775
Gold Reef Resorts, Ltd.		549,978		1,301,829
Grindrod, Ltd.		956,397		2,098,302
Hosken Consolidated Investments, Ltd.		167,990		1,938,255
Illovo Sugar, Ltd.		144,365		573,449
JD Group, Ltd. (b)		372,249		2,665,432
JSE, Ltd.		281,677		2,917,011
Lewis Group, Ltd.		337,714		3,722,151
Life Healthcare Group Holdings, Ltd.		717,475		1,686,628
Merafe Resources, Ltd.		4,439,298		971,996
Metorex, Ltd. (a)		1,000,152		957,324
Mondi, Ltd.		139,008		1,363,459
Mr. Price Group, Ltd.		191,527		1,735,500
Murray & Roberts Holdings, Ltd.		262,874		1,032,137
Mvelaphanda Resources, Ltd. (a)(b)		324,723		1,842,809

See accompanying notes to financial statements.

172

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Nampak, Ltd.		446,828	$	1,450,326
Northam Platinum, Ltd. (b)		308,791		2,010,046
Pick’n Pay Holdings, Ltd. (b)		165,734		469,781
Reunert, Ltd.		346,381		3,001,871
SA Corporate Real Estate Fund		4,865,198		2,303,240
Sun International, Ltd.		61,184		819,172
The Spar Group, Ltd.		158,999		2,234,635
Tongaat Hulett, Ltd.		80,293		1,158,048
Wilson Bayly Holmes-Ovcon, Ltd.		98,946		1,580,923

				58,901,237

TAIWAN — 32.5%
A-DATA Technology Co., Ltd.		220,000		326,186
Ability Enterprise Co., Ltd.		386,000		570,340
Accton Technology Corp.		901,000		582,150
Action Electronics Co., Ltd. (a)		1,236,000		395,096
Adlink Technology, Inc.		233,000		435,788
Advanced Ceramic X Corp.		122,400		626,433
Advanced International Multitech Co., Ltd.		245,000		458,232
Advanced Power Electronics Corp.		338,398		266,976
Advanced Wireless Semiconductor Co.		220,000		370,326
Advantech Co., Ltd.		366,000		1,132,607
AGV Products Corp. (a)		1,179,000		507,179
Alcor Micro Corp.		214,000		348,947
Alpha Networks, Inc.		658,000		545,975
Altek Corp.		557,228		763,650
AmTRAN Technology Co., Ltd.		857,409		724,555
Anpec Electronics Corp.		267,000		265,125
Apex Biotechnology Corp.		423,000		940,751
Arcadyan Technology Corp.		133,039		234,803
Asia Optical Co., Inc. (a)		223,540		437,099
Asia Polymer		313,600		541,747
Asrock, Inc.		73,000		239,059
Aten International Co., Ltd.		148,000		249,884
Bank of Kaohsiung (a)		1,037,000		437,277
Basso Industry Corp.		368,000		312,856
BES Engineering Corp.		2,172,000		644,808
Biostar Microtech International Corp.		602,000		329,594
Cameo Communications, Inc.		883,350		386,005
Cando Corp./Taiwan (a)		601,952		466,717
Capital Securities Corp.		1,783,720		797,644
Career Technology Co., Ltd.		387,000		676,442
Catcher Technology Co., Ltd.		612,132		3,028,759
Cathay No. 1 REIT		733,000		300,115
Cathay Real Estate Development Co., Ltd.		1,479,000		719,219
Chang Wah Electromaterials, Inc.		129,000		596,603
Charoen Pokphand Enterprise		901,000		569,894
Chaun-Choung Technology Corp.		264,000		349,229
Cheng Loong Corp.		1,263,000		597,001
Cheng Uei Precision Industry Co., Ltd.		365,000		707,497
Chicony Electronics Co., Ltd.		459,690		823,820
Chien Kuo Construction Co., Ltd.		1,229,860		675,437
Chin-Poon Industrial Co.		640,000		522,333
China Bills Finance Corp.		2,573,394		953,871
China Chemical & Pharmaceutical Co., Ltd.		536,000		457,504
China Life Insurance Co., Ltd.		1,761,107		1,778,684
China Manmade Fibers Corp. (a)		1,479,000		792,146
China Motor Corp.		291,000		237,993
China Petrochemical Development Corp. (a)		1,929,780		2,457,629
China Steel Chemical Corp.		218,000		1,163,892
China Synthetic Rubber Corp.		700,000		665,329
Chipbond Technology Corp. (a)		623,000		907,811
Chong Hong Construction Co., Ltd.		276,860		626,093
Chroma ATE, Inc.		321,000		1,037,016
Chung Hung Steel Corp. (a)		573,807		347,330
Chunghwa Picture Tubes, Ltd. (a)		5,736,011		713,917
Clevo Co.		566,053		1,147,255
CMC Magnetics Corp. (a)		2,467,000		597,318
Coretronic Corp.		1,065,420		1,720,961
Crete Systems, Inc.		122,440		269,808
CTCI Corp.		694,000		790,608
CyberTAN Technology, Inc.		564,000		546,614
D-Link Corp.		991,904		924,223
Dahan Development Corp. (a)		260,000		803,700
Danen Technology Corp. (a)		214,000		433,000
Dimerco Express Taiwan Corp.		368,000		322,867
Dynamic Electronics Co., Ltd.		532,000		296,696
E.Sun Financial Holding Co., Ltd.		3,550,749		2,233,821
Elan Microelectronics Corp.		490,000		666,519
Elite Material Co., Ltd.		367,413		403,565
Elite Semiconductor Memory Technology, Inc.		387,000		590,242
ENG Electric Co., Ltd.		123,000		863,738
Entire Technology Co., Ltd.		151,374		586,831
Episil Technologies, Inc. (a)		715,000		492,366
Eternal Chemical Co., Ltd.		723,800		854,092
Everlight Chemical Industrial Corp.		329,000		340,115
Everlight Electronics Co., Ltd.		488,503		1,382,125
Excelsior Medical Co., Ltd.		141,328		425,332
Far Eastern Department Stores, Ltd.		928,269		1,466,278
Far Eastern International Bank		2,016,510		915,458
Faraday Technology Corp.		420,323		639,636
Farglory Land Development Co., Ltd.		123,000		262,258
Feng Hsin Iron & Steel Co., Ltd.		441,270		783,306
Feng TAY Enterprise Co., Ltd.		368,000		385,439
First Insurance Co., Ltd.		1,037,000		625,942
FLEXium Interconnect, Inc.		214,000		410,440
Forhouse Corp.		522,576		495,804
Formosa Epitaxy, Inc.		490,000		669,019
Formosa Sumco Technology Corp. (a)		362,000		923,265
Formosa Taffeta Co., Ltd.		848,000		852,138
Formosan Rubber Group, Inc.		643,000		611,152
Formosan Union Chemical (a)		1,242,000		745,458
Froch Enterprise Co., Ltd. (a)		878,000		552,361
FSP Technology, Inc.		354,630		447,410
Gallant Precision Machining Co., Ltd. (a)		569,000		283,470
Gemtek Technology Corp.		401,953		461,324
Genius Electronic Optical Co., Ltd. (a)		128,060		1,145,318
Genmont Biotech, Inc.		119,000		313,216
GeoVision, Inc.		114,000		438,066
Giant Manufacturing Co., Ltd.		365,994		1,487,300

See accompanying notes to financial statements.

173

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Gigabyte Technology Co. Ltd.		280,000	$	270,416
Gigastorage Corp.		403,831		685,262
Gintech Energy Corp.		464,006		1,475,339
Global Unichip Corp.		133,669		425,010
Goldsun Development & Construction Co., Ltd.		1,479,246		651,429
Grand Pacific Petrochemical		1,268,000		780,467
Grape King, Inc.		247,000		356,979
Great Wall Enterprise Co.		698,350		745,692
Greatek Electronics, Inc.		960,673		868,988
GTM Corp. (a)		670,000		455,682
HannStar Display Corp. (a)		5,505,474		979,159
Hey Song Corp.		840,000		662,711
Highwealth Construction Corp.		613,000		1,286,182
Himax Technologies, Inc. ADR (b)		378,176		896,277
Hiwin Technologies Corp.		246,840		1,578,084
Ho Tung Chemical Corp. (a)		1,157,920		659,553
Hong TAI Electric Industrial		951,000		459,225
Hotai Motor Co., Ltd.		366,000		1,076,599
Huaku Development Co., Ltd.		275,850		772,960
Huang Hsiang Construction Co.		278,000		664,595
I-Sheng Electric Wire & Cable Co., Ltd.		375,000		559,188
Ibase Technology, Inc.		219,701		346,289
IC Plus Corp. (a)		282,000		252,210
Inventec Co., Ltd.		2,489,775		1,270,013
ITE Technology, Inc.		280,000		458,470
J Touch Corp. (a)		148,020		458,056
Jess-Link Products Co., Ltd.		262,700		542,257
Jih Sun Financial Holdings Co., Ltd. (a)		1,089,686		515,078
Kaori Heat Treatment Co., Ltd. (a)		242,000		343,992
KEE TAI Properties Co., Ltd.		1,031,760		577,167
Kenda Rubber Industrial Co., Ltd.		368,000		458,021
KGI Securities Co., Ltd.		3,178,000		1,523,806
King Yuan Electronics Co., Ltd. (a)		1,288,994		710,105
King’s Town Bank (a)		1,266,000		712,506
Kinpo Electronics (a)		1,784,000		564,202
Kinsus Interconnect Technology Corp.		245,030		757,425
Kuoyang Construction Co., Ltd. (a)		670,000		467,074
KYE Systems Corp.		368,000		271,559
Laser Tek Taiwan Co., Ltd.		378,000		623,434
LCY Chemical Corp.		608,213		1,749,777
Lien Hwa Industrial Corp.		971,000		676,908
Lingsen Precision Industries, Ltd.		774,000		598,796
Long Bon International Co., Ltd.		658,000		232,710
Longwell Co.		393,000		518,538
Lumax International Corp., Ltd.		279,550		551,371
Macronix International Co., Ltd.		3,640,656		2,414,187
Makalot Industrial Co., Ltd.		397,000		931,529
Masterlink Securities Corp.		1,257,000		538,595
Mayer Steel Pipe Corp.		939,800		666,343
Micro-Star International Co. Ltd.		761,000		388,179
Microbio Co., Ltd. (a)		239,000		364,110
Mirle Automation Corp.		613,000		686,867
Mitac International Corp.		1,285,999		553,207
Mosel Vitelic, Inc. (a)		841,000		420,407
Motech Industries, Inc.		366,509		1,589,101
Nan Kang Rubber Tire Co., Ltd. (a)		551,000		839,433
Nantex Industry Co., Ltd.		489,840		414,773
Neo Solar Power Corp. (a)		328,000		823,165
Newmax Technology Co., Ltd.		122,232		544,519
Nien Hsing Textile Co., Ltd.		490,183		386,726
Novatek Microelectronics Corp.		560,572		1,650,844
Oriental Union Chemical Corp.		652,000		917,919
Pan-International Industrial Co., Ltd.		394,880		461,263
PC Home Online		129,000		796,202
Phison Electronics Corp.		129,595		724,955
Phytohealth Corp. (a)		220,000		392,022
PixArt Imaging, Inc.		106,000		436,162
Polaris Securities Co., Ltd.		2,897,920		1,961,084
Portwell, Inc.		409,000		396,392
Powerchip Technology Corp. (a)		5,685,280		1,231,538
Powercom Co., Ltd. (a)		257,000		589,921
Powertech Industrial Co., Ltd.		281,000		496,897
President Securities Corp.		1,032,320		623,117
Prime Electronics Satellitics, Inc.		612,822		518,908
Prime View International Co., Ltd. (a)		928,000		1,500,566
Prince Housing Development Corp.		966,000		583,085
Promate Electronic Co., Ltd.		602,000		450,377
Qisda Corp. (a)		1,652,080		1,000,018
Radiant Opto-Electronics Corp.		502,000		1,206,924
Radium Life Tech Co., Ltd.		552,490		627,520
Ralink Technology Corp.		118,000		377,196
Raydium Semiconductor Corp.		83,215		424,472
Realtek Semiconductor Corp.		496,469		891,421
RichTek Technology Corp.		122,477		847,570
Ritek Corp. (a)		3,554,596		1,066,143
Ruentex Development Co., Ltd.		613,000		996,426
Sampo Corp. (a)		2,098,171		700,663
San Fang Chemical Industry Co., Ltd.		286,100		339,547
Sanyang Industry Co., Ltd. (a)		1,161,000		684,996
Senao International Co., Ltd.		368,000		964,848
Sercomm Corp.		630,000		672,708
Sheng Yu Steel Co., Ltd.		490,000		353,255
Shih Wei Navigation Co., Ltd.		420,000		554,163
Shinkong Insurance Co., Ltd.		643,000		521,502
Shinkong Synthetic Fibers Corp.		1,807,918		808,465
Sigurd Microelectronics Corp.		832,000		766,742
Silicon Integrated Systems Corp.		730,000		412,086
Silicon Motion Technology Corp. ADR (a)		133,183		1,076,119
Simplo Technology Co., Ltd.		234,983		1,470,317
Sinbon Electronics Co., Ltd.		490,000		379,916
Sinmag Bakery Machine Corp.		134,000		537,704
Sino-American Silicon Products, Inc.		339,270		1,447,924
Sinon Corp.		1,286,000		590,380
Sinphar Pharmaceutical Co., Ltd.		328,733		358,843
Sintek Photronic Corp. (a)		903,000		829,102
Sinyi Realty Co.		368,000		662,003
Soft-World International Corp.		134,710		519,939
Solar Applied Materials Technology Corp.		257,307		600,250
Solartech Energy Corp.		267,516		768,711
Southeast Cement Co., Ltd.		1,010,000		487,715
Springsoft, Inc.		420,000		476,323
St. Shine Optical Co., Ltd.		104,000		1,280,261

See accompanying notes to financial statements.

174

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Standard Foods Corp.		279,050	$	759,152
Sunonwealth Electric Machine Industry Co. Ltd.		368,000		310,353
Sunrex Technology Corp.		338,000		340,224
Systex Corp.		416,000		573,642
T JOIN Transportation Co.		735,000		736,087
Ta Chong Bank Co., Ltd. (a)		1,653,600		615,745
Ta Ya Electric Wire & Cable		1,888,000		530,963
Taichung Commercial Bank (a)		1,783,628		758,178
Taiflex Scientific Co., Ltd.		270,128		613,625
Tainan Enterprises Co., Ltd.		259,000		360,230
Tainan Spinning Co., Ltd.		1,289,000		856,952
Taisun Enterprise Co., Ltd.		917,320		538,104
Taiwan Acceptance Corp.		417,000		777,093
Taiwan Business Bank (a)		3,240,400		1,289,262
Taiwan Cogeneration Corp.		1,502,120		1,034,395
Taiwan Fire & Marine Insurance Co.		543,880		466,080
Taiwan Hon Chuan Enterprise Co., Ltd.		256,840		644,578
Taiwan Hopax Chemicals Manufacturing Co., Ltd.		387,892		300,748
Taiwan IC Packaging Corp. (a)		1,171,000		342,063
Taiwan Land Development Corp. (a)		951,000		468,927
Taiwan Life Insurance Co., Ltd.		329,176		307,835
Taiwan Mask Corp.		1,242,800		511,379
Taiwan Secom		345,000		621,801
Taiwan Surface Mounting Technology Co., Ltd.		213,000		505,582
Taiyen Biotech Co., Ltd.		975,000		789,111
Tatung Co., Ltd. (a)(c)		6,061,268		1,391,310
Teco Electric & Machinery Co., Ltd.		2,688,000		1,883,012
Test-Rite International Co.		430,000		329,740
Thye Ming Industrial Co., Ltd.		515,196		711,304
Tong Hsing Electronic Industries Ltd.		129,000		644,857
Tong Yang Industry Co., Ltd.		484,000		696,213
Topco Scientific Co., Ltd.		404,000		553,660
Topoint Technology Co., Ltd.		368,000		359,784
Transcend Information, Inc.		258,000		705,395
Tripod Technology Corp.		465,255		2,048,885
TSRC Corp.		567,000		1,455,750
TTY Biopharm Co., Ltd.		110,060		581,991
Tung Ho Steel Enterprise Corp.		758,258		880,571
Tung Thih Electronic Co., Ltd.		122,372		457,753
TXC Corp.		368,000		683,277
TYC Brother Industrial Co., Ltd.		624,700		366,452
Tycoons Group Enterprise (a)		1,464,174		438,159
U-Ming Marine Transport Corp.		488,000		1,038,845
Unitech Computer Co., Ltd.		735,000		413,659
Unity Opto Technology Co., Ltd.		387,801		722,680
Universal Cement Corp.		765,800		488,285
Unizyx Holding Corp. (a)		843,000		772,579
UPC Technology Corp.		971,000		719,834
USI Corp.		863,560		1,174,652
Ve Wong Corp.		443,604		340,172
Via Technologies, Inc. (a)		858,062		904,559
Visual Photonics Epitaxy Co., Ltd.		268,833		703,931
Wafer Works Corp. (a)		236,821		417,969
Wah Hong Industrial Corp.		127,000		305,337
Walsin Lihwa Corp. (a)		3,209,000		1,685,989
Wan Hai Lines, Ltd. (a)		1,269,400		889,247
Waterland Financial Holdings Co., Ltd.		2,448,830		1,336,566
Wei Chuan Food Corp.		514,000		571,568
Weikeng Industrial Co., Ltd.		822,000		763,117
Winbond Electronics Corp. (a)		5,395,000		1,719,047
Wintek Corp. (a)		1,160,000		2,055,192
Wistron NeWeb Corp.		257,924		857,802
WPG Holdings Co., Ltd.		1,572,253		2,646,576
WUS Printed Circuit Co., Ltd. (a)		715,000		464,404
XinTec, Inc.		190,000		326,288
Yageo Corp.		3,089,000		1,507,393
Yang Ming Marine Transport Corp. (a)		1,390,899		1,087,878
Yieh Phui Enterprise Co., Ltd.		1,583,050		608,317
Young Fast Optoelectronics Co., Ltd.		121,216		890,370
Young Optics, Inc.		135,000		573,853
Yuen Foong Yu Paper Manufacturing Co., Ltd.		2,017,341		871,244
Yufo Electronics Co., Ltd.		381,000		305,121
Yungtay Engineering Co., Ltd.		490,000		771,496
Zenitron Corp.		715,000		499,660
Zinwell Corp.		387,000		705,395

				208,512,600

THAILAND — 3.1%
Airports of Thailand PCL		358,600		426,834
BEC World PCL		3,772,170		4,209,315
Cal-Comp Electronics Thailand PCL		16,396,990		1,713,159
Central Pattana PCL		2,321,205		2,187,282
Hana Microelectronics PCL		3,799,584		3,015,044
Land and Houses PCL ADR		1,921,000		441,427
Minor International PCL		3,606,129		1,430,767
Pruksa Real Estate PCL		522,800		318,053
Thai Union Frozen Products PCL		424,816		646,108
Thanachart Capital PCL		2,958,464		3,179,041
Thoresen Thai Agencies PCL		1,750,766		1,088,259
Tisco Financial Group PCL		358,333		465,021
True Corp. PCL (a)		3,130,900		605,580

				19,725,890

TURKEY — 2.8%
Akmerkez Gayrimenkul Yatirim Ortakligi AS		15,126		793,604
Albaraka Turk Katilim Bankasi (a)		1,231,492		1,834,655
Asya Katilim Bankasi AS		938,890		1,830,527
Aygaz AS		138,807		882,913
Dogan Sirketler Grubu Holdings AS (a)		1,229,744		955,852
Dogan Yayin Holding AS (a)		649,714		833,263
GSD Holding (a)		554,800		352,174
Ihlas Holding (a)		833,983		1,177,629
Ittifak Holding A.S		103,938		530,512
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (a)		2,072,822		1,168,090
Petkim Petrokimya Holding AS (a)		1,406,434		2,140,830
Sekerbank TAS		920,173		1,031,123
Sinpas Gayrimenkul Yatirim Ortakligi AS (a)		413,519		551,769
TAV Havalimanlari Holding AS (a)		191,710		913,940

See accompanying notes to financial statements.

175

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Tekfen Holding AS		167,999	$	659,438
Turk Sise ve Cam Fabrikalari AS (a)		434,901		980,313
Turkiye Sinai Kalkinma Bankasi AS		461,014		806,256
Ulker Biskuvi Sanayi AS		223,019		811,845

				18,254,733

TOTAL COMMON STOCKS —
(Cost $630,967,000)				638,859,744

RIGHTS — 0.0% (d)
BRAZIL — 0.0% (d)
B2W Companhia Global Do Varejo (expiring 4/26/11) (a) (Cost $0)		24,292		16,725

SHORT TERM INVESTMENTS — 3.2%
UNITED STATES — 3.2%
MONEY MARKET FUNDS — 3.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		17,561,183		17,561,183
State Street Institutional Liquid Reserves Fund 0.19% (f)(g)		2,816,835		2,816,835

TOTAL SHORT TERM INVESTMENTS —
(Cost $20,378,018)				20,378,018

TOTAL INVESTMENTS — 102.7%
(Cost $651,345,018)				659,254,487
OTHER ASSETS & LIABILITIES — (2.7)%				(17,544,686	)

NET ASSETS — 100.0%			$	641,709,801


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at March 31, 2011.
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

176

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 8.8%
Abacus Property Group		96,428	$	234,344
Astro Japan Property Group (a)		22,743		69,148
Bunnings Warehouse Property Trust		156,165		276,969
CFS Retail Property Trust		643,907		1,225,249
Charter Hall Office REIT		161,014		551,157
Charter Hall Retail REIT		98,625		318,218
Commonwealth Property Office Fund		951,811		846,511
Dexus Property Group		1,878,329		1,651,102
Goodman Group		2,680,174		1,898,615
GPT Group		721,472		2,342,786
ING Office Fund		941,693		603,788
Westfield Group		897,319		8,667,167
Westfield Retail Trust (b)		1,119,847		3,034,194

				21,719,248

AUSTRIA — 1.2%
Atrium European Real Estate, Ltd.		72,875		457,103
CA Immobilien Anlagen AG (a)(b)		30,515		562,950
IMMOFINANZ AG (a)(b)		406,815		1,839,313

				2,859,366

BELGIUM — 0.5%
Befimmo Sicafi S.C.A.		5,297		463,346
Cofinimmo		4,630		678,397

				1,141,743

CANADA — 5.6%
Artis REIT		14,396		210,446
Boardwalk REIT		9,213		455,654
Brookfield Asset Management, Inc. (Class A) (a)		217,243		7,037,088
Brookfield Properties Corp. (a)		100,946		1,788,763
Calloway REIT		18,560		492,262
Canadian Apartment Properties REIT		14,462		289,314
Canadian REIT		12,593		448,571
Chartwell Seniors Housing REIT		26,898		256,053
Extendicare REIT		15,126		197,482
First Capital Realty, Inc. (a)		23,247		383,327
H&R REIT		27,383		619,302
Primaris Retail REIT		13,012		284,920
RioCan REIT		49,393		1,292,774

				13,755,956

CHINA — 1.8%
Hongkong Land Holdings, Ltd.		475,000		3,325,000
Kerry Properties, Ltd.		240,635		1,203,453

				4,528,453

FRANCE — 4.8%
Fonciere Des Regions		10,244		1,093,057
Gecina SA		8,128		1,122,532
Klepierre		36,577		1,486,600
SILIC		3,645		511,572
Unibail-Rodamco SE		35,474		7,694,645

				11,908,406

GERMANY — 0.1%
IVG Immobilien AG (b)		31,754		263,794

HONG KONG — 4.4%
Champion REIT (a)		595,462		345,264
GZI REIT		277,000		144,586
Hang Lung Group, Ltd.		329,996		2,042,800
Hang Lung Properties, Ltd.		761,018		3,331,447
Hysan Development Co., Ltd.		237,027		975,144
Prosperity REIT		446,000		110,092
The Link REIT		868,013		2,717,353
Wheelock & Co., Ltd.		322,016		1,208,875

				10,875,561

ITALY — 0.1%
Beni Stabili SpA		320,006		333,097

JAPAN — 8.3%
Aeon Mall Co., Ltd.		31,000		668,026
Daibiru Corp.		22,300		193,726
Daiwa Office Investment Corp. (a)		100		348,335
Frontier Real Estate Investment Corp.		69		614,406
Fukuoka REIT Corp.		42		301,013
Global One Real Estate Investment Co., Ltd. (a)		38		309,942
Hankyu REIT, Inc.		33		170,813
Heiwa Real Estate Co., Ltd. (a)		69,500		161,004
Japan Excellent, Inc. (a)		65		358,802
Japan Hotel and Resort, Inc.		29		65,607
JAPAN OFFICE Investment Corp.		58		74,180
Japan Prime Realty Investment Corp. (a)		278		753,364
Japan Real Estate Investment Corp. (a)		190		1,804,175
Japan Retail Fund Investment Corp. (a)		656		1,030,541
Kenedix Realty Investment Corp.		91		375,507
Mitsui Fudosan Co., Ltd.		342,000		5,665,613
Mori Hills REIT Investment Corp.		71		218,020
Mori Trust Sogo REIT, Inc. (a)		67		656,419
Nippon Building Fund, Inc.		225		2,198,962
Nomura Real Estate Office Fund, Inc. (a)		113		767,604
NTT Urban Development Corp. (a)		422		354,891
Orix JREIT, Inc. (a)		97		534,858
Premier Investment Corp.		54		245,632
Shoei Co., Ltd.		13,900		126,120
Tokyu Land Corp. (a)		178,000		777,461
Tokyu REIT, Inc. (a)		66		409,315
Top REIT, Inc.		60		361,607
United Urban Investment Corp. (a)		815		1,033,500

				20,579,443

NETHERLANDS — 1.1%
Corio NV		22,420		1,570,449
Eurocommercial Properties NV		13,856		687,420
VastNed Retail NV		7,186		526,709

				2,784,578

NEW ZEALAND — 0.3%
AMP NZ Office Trust (a)		299,632		187,406
Argosy Property Trust		220,031		122,515
Goodman Property Trust (a)		295,563		209,660

See accompanying notes to financial statements.

177

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Kiwi Income Property Trust (a)		377,904	$	288,246

				807,827

SINGAPORE — 3.4%
Ascendas REIT		573,969		928,915
Cambridge Industrial Trust (a)(b)		368,473		143,238
CapitaCommercial Trust (a)		740,682		816,777
CapitaLand, Ltd.		984,500		2,577,430
CapitaMall Trust		781,860		1,166,122
Frasers Commercial Trust		186,412		117,570
Global Logistic Properties, Ltd. (b)		464,000		688,362
Guocoland, Ltd.		125,999		243,901
Mapletree Logistics Trust		499,240		358,439
Singapore Land, Ltd. (a)		41,000		226,712
Starhill Global REIT		392,524		193,070
Suntec REIT		679,274		829,894
United Industrial Corp., Ltd.		96,000		216,295

				8,506,725

SOUTH AFRICA — 0.4%
Capital Property Fund		162,050		190,592
Fountainhead Property Trust		451,780		413,051
SA Corporate Real Estate Fund		309,738		146,634
Sycom Property Fund		40,698		122,104

				872,381

SPAIN — 0.0%
Martinsa-Fadesa SA (b)(c)(d)		178		0

SWEDEN — 1.2%
Castellum AB (a)		66,827		972,468
Fabege AB (a)		55,618		601,726
Great Portland Estates PLC		121,493		751,335
Kungsleden AB		53,039		521,276

				2,846,805

SWITZERLAND — 1.1%
PSP Swiss Property AG (b)		13,528		1,118,646
Swiss Prime Site AG (b)		20,038		1,586,875

				2,705,521

UNITED KINGDOM — 6.0%
Big Yellow Group PLC		44,656		236,719
British Land Co. PLC (a)		344,061		3,047,106
Capital & Counties Properties PLC		223,267		603,038
Capital Shopping Centres Group PLC		290,078		1,780,875
Derwent London PLC		39,169		1,031,573
Grainger PLC		130,373		224,237
Hammerson PLC		275,123		1,970,866
Land Securities Group PLC		297,636		3,499,495
Segro PLC		286,098		1,474,401
Shaftesbury PLC		97,126		736,560
Workspace Group PLC		330,369		144,306

				14,749,176

UNITED STATES — 50.6%
Acadia Realty Trust (a)		15,589		294,944
Alexander’s, Inc. (a)		1,341		545,720
Alexandria Real Estate Equities, Inc.		21,562		1,681,189
AMB Property Corp.		65,424		2,353,301
American Campus Communities, Inc.		25,942		856,086
Apartment Investment & Management Co. (Class A)		45,423		1,156,924
Ashford Hospitality Trust (a)		22,779		251,025
AvalonBay Communities, Inc. (a)		33,107		3,975,489
BioMed Realty Trust, Inc. (a)		50,840		966,977
Boston Properties, Inc. (a)		53,900		5,112,415
Brandywine Realty Trust		52,244		634,242
BRE Properties, Inc.		25,226		1,190,163
Camden Property Trust		26,759		1,520,446
CBL & Associates Properties, Inc. (a)		53,567		933,137
Cedar Shopping Centers, Inc.		19,956		120,335
Colonial Properties Trust		30,185		581,061
CommonWealth REIT		28,014		727,524
Corporate Office Properties Trust (a)		26,081		942,567
Cousins Properties, Inc.		35,193		293,862
DCT Industrial Trust, Inc. (a)		94,226		522,954
Developers Diversified Realty Corp.		75,337		1,054,718
DiamondRock Hospitality Co. (a)		64,334		718,611
Digital Realty Trust, Inc. (a)		35,146		2,043,388
Douglas Emmett, Inc. (a)		47,986		899,737
Duke Realty Corp.		98,234		1,376,258
DuPont Fabros Technology, Inc. (a)		23,016		558,138
EastGroup Properties, Inc. (a)		10,468		460,278
Education Realty Trust, Inc.		27,372		219,797
Equity Lifestyle Properties, Inc. (a)		11,980		690,647
Equity One, Inc. (a)		22,601		424,221
Equity Residential (a)		110,051		6,207,977
Essex Property Trust, Inc. (a)		12,207		1,513,668
Extra Space Storage, Inc. (a)		33,586		695,566
Federal Realty Investment Trust (a)		23,734		1,935,745
FelCor Lodging Trust, Inc. (a)(b)		37,709		231,156
First Industrial Realty Trust, Inc. (b)		25,851		307,368
First Potomac Realty Trust		19,402		305,582
Forest City Enterprises, Inc. (Class A) (b)		46,976		884,558
Franklin Street Properties Corp. (a)		27,982		393,707
General Growth Properties, Inc. (b)		152,934		2,367,418
HCP, Inc.		144,256		5,473,073
Health Care REIT, Inc.		66,954		3,511,068
Healthcare Realty Trust, Inc. (a)		25,033		568,249
Hersha Hospitality Trust		58,350		346,599
Highwoods Properties, Inc. (a)		27,818		973,908
Home Properties, Inc. (a)		14,568		858,784
Hospitality Properties Trust		47,940		1,109,811
Host Hotels & Resorts, Inc.		258,967		4,560,409
Inland Real Estate Corp. (a)		29,410		280,571
Kilroy Realty Corp. (a)		20,319		788,987
Kimco Realty Corp.		156,234		2,865,332
Kite Realty Group Trust		24,466		129,914
LaSalle Hotel Properties		28,388		766,476
Liberty Property Trust (a)		44,125		1,451,712
Mack-Cali Realty Corp.		33,466		1,134,497
Mid-America Apartment Communities, Inc. (a)		13,283		852,769
Nationwide Health Properties, Inc.		49,090		2,087,798
Parkway Properties, Inc. (a)		8,518		144,806
Pennsylvania Real Estate Investment Trust		21,517		307,048

See accompanying notes to financial statements.

178

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Piedmont Office Realty Trust, Inc. (Class A)		67,273	$	1,305,769
Post Properties, Inc. (a)		18,827		738,960
ProLogis		221,210		3,534,936
PS Business Parks, Inc.		7,391		428,235
Public Storage		54,847		6,083,081
Ramco-Gershenson Properties Trust		14,744		184,742
Regency Centers Corp. (a)		31,869		1,385,664
Saul Centers, Inc. (a)		3,000		133,650
Senior Housing Properties Trust		55,271		1,273,444
Simon Property Group, Inc.		113,807		12,195,558
SL Green Realty Corp. (a)		30,277		2,276,830
Sovran Self Storage, Inc.		10,682		422,473
Sun Communities, Inc. (a)		7,470		266,306
Sunstone Hotel Investors, Inc. (b)		45,735		466,040
Tanger Factory Outlet Centers, Inc. (a)		31,301		821,338
Taubman Centers, Inc.		21,209		1,136,378
The Macerich Co.		50,450		2,498,788
U-Store-It Trust		32,842		345,498
UDR, Inc.		70,966		1,729,441
Universal Health Realty Income Trust		4,534		183,763
Ventas, Inc. (a)		63,342		3,439,471
Vornado Realty Trust		70,024		6,127,100
Washington Real Estate Investment Trust (a)		24,905		774,296
Weingarten Realty Investors (a)		46,602		1,167,846

				125,080,317

TOTAL COMMON STOCKS —
(Cost $197,346,339)				246,318,397

RIGHTS — 0.0% (e)
SINGAPORE — 0.0% (e)
Cambridge Industrial Trust (expiring 4/6/11) (b)		53,434		2,967

SOUTH AFRICA — 0.0% (e)
Fountainhead Property Trust (expiring 4/8/11) (b)		76,452		2,036

TOTAL RIGHTS —
(Cost $0)				5,003

SHORT TERM INVESTMENTS — 9.9%
UNITED STATES — 9.9%
MONEY MARKET FUNDS — 9.9%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		24,216,493		24,216,493
State Street Institutional Liquid Reserves Fund 0.19% (g)(h)		307,323		307,323

TOTAL SHORT TERM INVESTMENTS —
(Cost $24,523,816)				24,523,816

TOTAL INVESTMENTS — 109.6%
(Cost $221,870,155)				270,847,216
OTHER ASSETS & LIABILITIES — (9.6)%				(23,729,790	)

NET ASSETS — 100.0%			$	247,117,426


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Company has filed for insolvency.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 3)
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

179

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 2.0%
Aristocrat Leisure, Ltd.		19,516	$	65,593
Crown, Ltd.		18,885		159,169
Fairfax Media, Ltd.		88,941		118,652
Tatts Group, Ltd.		52,409		126,825

				470,239

AUSTRIA — 0.2%
bwin Interactive Entertainment AG		1,212		45,579

BELGIUM — 0.5%
S.A. D’Ieteren NV		1,849		126,945

CANADA — 5.2%
Canadian Tire Corp., Ltd. (Class A)		2,540		168,028
Gildan Activewear, Inc.		2,991		97,840
Lululemon Athletica, Inc. (a)		1,072		95,105
Magna International, Inc. (Class A)		4,589		219,272
Shaw Communications, Inc.		8,451		177,577
Thomson Reuters Corp.		8,450		330,529
Tim Hortons, Inc.		2,834		128,102

				1,216,453

CHINA — 0.2%
Li Heng Chemical Fibre Technologies Ltd.		405,000		54,621

FINLAND — 1.0%
Nokian Renkaat Oyj		2,274		96,908
Sanoma Oyj		5,759		130,516

				227,424

FRANCE — 11.9%
Accor SA		3,328		149,735
Compagnie Generale des Etablissements Michelin		2,988		252,720
Havas SA		21,351		114,804
Hermes International		899		197,362
Lagardere SCA		2,628		112,348
LVMH Moet Hennessy Louis Vuitton SA		3,772		597,913
Peugeot SA (a)		3,357		132,818
PPR		1,496		229,599
Renault SA (a)		3,185		176,319
Sodexo		2,385		174,406
Valeo SA (a)		1,926		112,484
Vivendi SA		18,549		530,406

				2,780,914

GERMANY — 10.1%
Adidas AG		3,743		236,131
Bayerische Motoren Werke AG		5,342		445,374
Daimler AG (a)		13,724		970,865
Porsche Automobil Holding SE Preference Shares		1,532		100,463
ProSiebenSat.1 Media AG Preference Shares		2,346		68,765
TUI AG (a)		5,533		66,215
Volkswagen AG		899		138,166
Volkswagen AG Preference Shares		2,059		334,415

				2,360,394

HONG KONG — 5.1%
Belle International Holdings, Ltd.		78,000		142,999
Esprit Holdings, Ltd.		24,332		111,678
Geely Automobile Holdings, Ltd.		105,000		39,013
Giordano International, Ltd.		178,000		108,015
GOME Electrical Appliances Holdings, Ltd. (a)		169,000		59,533
Li & Fung, Ltd.		64,000		327,891
Sands China, Ltd. (a)		50,400		112,487
Shangri-La Asia, Ltd.		34,500		89,153
SJM Holdings, Ltd.		51,000		89,303
Skyworth Digital Holdings, Ltd.		34,887		19,780
Wynn Macau, Ltd.		36,400		101,550

				1,201,402

ITALY — 1.9%
Fiat SpA		14,684		133,155
Lottomatica SpA		4,768		85,999
Mediaset SpA		16,607		105,675
Pirelli & C. SpA		13,126		115,488

				440,317

JAPAN — 32.1%
Aisin Seiki Co., Ltd.		4,700		163,774
Aoyama Trading Co., Ltd.		7,300		117,233
Benesse Holdings, Inc.		3,200		131,467
Bridgestone Corp.		12,700		267,086
Casio Computer Co., Ltd.		7,900		62,720
DeNA Co., Ltd.		2,700		97,895
Denso Corp.		6,500		216,458
Dentsu, Inc.		6,300		163,201
Fast Retailing Co., Ltd.		1,600		200,965
Fuji Heavy Industries, Ltd.		19,000		122,876
Gunze, Ltd.		31,000		112,959
Honda Motor Co., Ltd.		22,400		844,595
Isetan Mitsukoshi Holdings, Ltd.		11,000		99,409
Isuzu Motors, Ltd.		32,000		127,027
Mazda Motor Corp.		31,000		68,448
Mitsubishi Motors Corp. (a)		65,000		79,995
Namco Bandai Holdings, Inc.		9,100		99,586
Nikon Corp.		8,000		165,541
Nissan Motor Co., Ltd.		32,000		284,942
Panasonic Corp.		28,600		365,092
PARIS MIKI HOLDINGS, Inc.		8,000		82,143
Rakuten, Inc.		127		114,619
Resorttrust, Inc.		7,400		101,071
Sekisui Chemical Co., Ltd.		16,000		125,676
Sekisui House, Ltd.		16,000		150,579
Sharp Corp.		16,000		159,266
Shimano, Inc.		3,200		160,425
Sony Corp.		14,500		466,071
Stanley Electric Co., Ltd.		4,800		79,633
Sumitomo Forestry Co., Ltd.		14,200		129,527
Suzuki Motor Corp.		7,800		174,954
Toyobo Co., Ltd.		65,000		94,112
Toyota Industries Corp.		4,600		139,643
Toyota Motor Corp.		39,700		1,604,669
Yamada Denki Co., Ltd.		2,060		139,438

				7,513,095

LUXEMBOURG — 0.6%
SES		5,755		148,434

See accompanying notes to financial statements.

180

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

NETHERLANDS — 1.6%
Reed Elsevier NV		14,959	$	192,753
Wolters Kluwer NV		8,194		191,864

				384,617

NORWAY — 0.4%
Schibsted ASA		3,550		104,156

SINGAPORE — 1.4%
Genting Singapore PLC (a)		96,000		156,128
Singapore Press Holdings, Ltd.		55,000		171,916

				328,044

SOUTH KOREA — 5.4%
Hyundai Mobis		927		276,761
Hyundai Motor Co.		2,837		525,011
Kia Motors Corp.		3,522		221,540
LG Electronics, Inc.		1,375		131,615
Lotte Shopping Co., Ltd.		254		103,966

				1,258,893

SPAIN — 1.5%
Industria de Diseno Textil SA		3,574		287,169
NH Hoteles SA (a)		8,411		57,114

				344,283

SWEDEN — 2.8%
Electrolux AB		7,819		201,660
Hennes & Mauritz AB (Class B)		13,573		450,970

				652,630

SWITZERLAND — 2.3%
Compagnie Financiere Richemont SA		3,945		228,761
The Swatch Group AG		698		309,841

				538,602

UNITED KINGDOM — 12.3%
British Sky Broadcasting Group PLC		21,383		282,776
Burberry Group PLC		8,507		160,090
Carnival PLC		4,282		168,301
Compass Group PLC		33,418		300,245
GKN PLC		29,565		95,209
Home Retail Group PLC		23,605		73,064
Informa PLC		14,986		100,099
ITV PLC (a)		68,852		85,368
Kingfisher PLC		58,280		229,719
Marks & Spencer Group PLC		30,622		165,271
Next PLC		5,169		164,056
Pearson PLC		18,859		332,833
Reed Elsevier PLC		22,347		193,434
Tui Travel PLC		23,990		87,292
Whitbread PLC		6,124		161,972
WPP PLC		22,760		280,373

				2,880,102

UNITED STATES — 1.0%
Virgin Media, Inc. (b)		5,169		143,647
Virgin Media, Inc. (b)		3,669		101,157

				244,804

TOTAL COMMON STOCKS —
(Cost $20,830,818)				23,321,948

RIGHTS — 0.1%
GERMANY — 0.1%
Porsche Automobil Holding SE (expiring 4/12/11) (a) (Cost $17,076)		1,532		13,299

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.19% (c)(d) (Cost $44,141)		44,141		44,141

TOTAL INVESTMENTS — 99.7%
(Cost $20,892,035)				23,379,388
OTHER ASSETS & LIABILITIES — 0.3%				61,592

NET ASSETS — 100.0%			$	23,440,980

See accompanying notes to financial statements.

181

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 9.1%
Coca-Cola Amatil, Ltd.		12,425	$	150,851
Foster’s Group, Ltd.		33,465		197,957
Wesfarmers, Ltd.		14,574		478,978
Woolworths, Ltd.		15,932		442,877

				1,270,663

BELGIUM — 4.7%
Anheuser-Busch InBev NV		8,734		498,194
Anheuser-Busch InBev NV — VVPR Strip (a)		2,040		14
Delhaize Group		1,864		151,967

				650,175

CANADA — 2.6%
Loblaw Cos., Ltd.		3,051		121,852
Shoppers Drug Mart Corp.		3,774		154,646
Viterra, Inc.		6,631		80,165

				356,663

CHINA — 0.5%
Hengan International Group Co., Ltd.		9,000		66,764

DENMARK — 1.2%
Carlsberg A/S (Class B)		1,621		174,777

FINLAND — 0.7%
Kesko Oyj (Class B) (a)		2,083		97,547

FRANCE — 10.0%
Carrefour SA		6,138		272,114
Casino Guichard-Perrachon SA		1,065		100,943
Danone		7,302		477,649
L’Oreal SA		2,689		313,672
Pernod — Ricard SA		2,488		232,674

				1,397,052

GERMANY — 2.2%
Beiersdorf AG		1,701		103,954
Henkel AG & Co. KGaA Preference Shares		3,388		210,154

				314,108

HONG KONG — 0.5%
Pacific Andes International Holdings, Ltd.		126,000		20,411
Vitasoy International Holdings, Ltd.		54,000		44,085

				64,496

IRELAND — 0.4%
Kerry Group PLC (Class A)		1,593		59,387

ITALY — 0.9%
Parmalat SpA		36,339		121,908

JAPAN — 11.6%
Aeon Co., Ltd.		10,000		116,313
Ajinomoto Co., Inc.		9,000		94,148
Asahi Breweries, Ltd.		8,100		135,163
Japan Tobacco, Inc.		62		224,795
Kao Corp.		9,000		225,326
Kirin Holdings Co., Ltd.		9,000		118,690
Lawson, Inc.		2,700		130,634
Nichirei Corp.		18,000		77,099
Oenon Holdings, Inc.		17,000		39,177
Seven & I Holdings Co., Ltd.		8,900		227,869
Shiseido Co., Ltd.		7,200		125,096
Unicharm Corp.		900		32,849
UNY Co., Ltd.		7,000		65,203

				1,612,362

LUXEMBOURG — 0.2%
Oriflame Cosmetics SA SDR		527		27,284

NETHERLANDS — 7.1%
Heineken NV		3,480		190,403
Koninklijke Ahold NV		14,551		195,508
Unilever NV		19,025		597,339

				983,250

NORWAY — 0.5%
Marine Harvest		53,186		66,053

SINGAPORE — 1.7%
Golden Agri-Resources, Ltd.		114,105		62,461
Olam International, Ltd. (b)		9,000		19,992
Wilmar International, Ltd.		36,000		155,938

				238,391

SPAIN — 0.9%
Ebro Puleva SA		4,991		117,431
SOS Corp. Alimentaria SA (a)		5,089		4,875

				122,306

SWEDEN — 1.0%
Swedish Match AB		4,053		134,856

SWITZERLAND — 16.8%
Lindt & Spruengli AG		45		130,497
Nestle SA		38,337		2,206,310

				2,336,807

UNITED KINGDOM — 26.7%
British American Tobacco PLC		20,711		830,631
Diageo PLC		28,110		533,948
Imperial Tobacco Group PLC		11,711		361,739
J Sainsbury PLC		18,562		99,765
Reckitt Benckiser Group PLC		7,145		366,728
SABMiller PLC		9,174		324,623
Tate & Lyle PLC		8,505		78,731
Tesco PLC		84,601		516,678
Unilever PLC		15,426		469,815
William Morrison Supermarkets PLC		28,541		126,269

				3,708,927

TOTAL COMMON STOCKS —
(Cost $13,057,243)				13,803,776

WARRANTS — 0.0% (c)
SINGAPORE — 0.0% (c)
Golden Agri-Resources, Ltd. (expiring 7/23/12) (a) (Cost $0)		2,970		401

SHORT TERM INVESTMENTS — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUNDS — 0.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		9,600		9,600

See accompanying notes to financial statements.

182

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.19% (e)(f)		3,852	$	3,852

TOTAL SHORT TERM INVESTMENTS —
(Cost $13,452)				13,452

TOTAL INVESTMENTS — 99.4%
(Cost $13,070,695)				13,817,629
OTHER ASSETS & LIABILITIES — 0.6%				78,415

NET ASSETS — 100.0%			$	13,896,044


(a)		Non-income producing security.
(b)		Security, or portion thereof, was on loan at March 31, 2011.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

183

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AUSTRALIA — 5.7%
Origin Energy, Ltd.		11,942	$	200,314
Paladin Energy, Ltd. (a)		10,439		38,972
Riversdale Mining, Ltd. (a)		2,364		40,411
Santos, Ltd.		15,102		242,856
Woodside Petroleum, Ltd.		7,624		368,988
WorleyParsons, Ltd.		4,310		138,083

				1,029,624

AUSTRIA — 0.7%
OMV AG		2,803		126,850

BERMUDA — 0.7%
Seadrill, Ltd.		3,602		130,230

CANADA — 29.9%
ARC Resources, Ltd.		3,200		86,682
Athabasca Oil Sands Corp. (a)		6,363		110,155
Baytex Energy Corp.		1,300		75,761
Bonavista Energy Corp.		3,719		114,695
Cameco Corp.		6,323		189,544
Canadian Natural Resources, Ltd.		12,862		633,877
Canadian Oil Sands, Ltd.		4,120		138,371
Cenovus Energy, Inc.		11,045		434,874
Chinook Energy, Inc. (a)		12,006		25,302
Crescent Point Energy Corp.		2,671		129,191
Enbridge, Inc.		5,524		337,431
EnCana Corp.		11,045		380,713
Enerplus Corp.		3,516		111,001
Husky Energy, Inc.		4,919		148,973
Imperial Oil, Ltd.		2,846		144,940
MEG Energy Corp. (a)		1,418		71,516
Nexen, Inc.		8,433		209,535
Niko Resources, Ltd.		1,189		113,675
Pacific Rubiales Energy Corp.		3,367		93,110
Penn West Petroleum, Ltd.		4,217		116,811
Petrobank Energy & Resources, Ltd. (a)		1,637		34,482
Provident Energy, Ltd.		1,059		9,831
Suncor Energy, Inc.		18,612		831,920
Talisman Energy, Inc.		12,054		297,028
TransCanada Corp.		9,294		375,582
Uranium One, Inc.		7,420		28,986
Vermilion Energy, Inc.		3,254		169,031

				5,413,017

FINLAND — 0.2%
Neste Oil Oyj		1,717		35,452

FRANCE — 11.0%
Bourbon SA		1,665		78,918
Compagnie Generale de Geophysique-Veritas (a)		2,967		107,135
Technip SA		1,609		171,821
Total SA		26,754		1,630,855

				1,988,729

HONG KONG — 0.1%
Mongolia Energy Co., Ltd. (a)		72,000		14,533

ITALY — 6.2%
ENI SpA		33,063		813,118
Saipem SpA		4,381		233,203
Saras SpA (a)		26,658		69,192

				1,115,513

JAPAN — 2.9%
Idemitsu Kosan Co., Ltd.		300		35,256
Inpex Corp.		26		197,949
JX Holdings, Inc.		37,497		253,358
TonenGeneral Sekiyu K.K.		3,000		37,174

				523,737

LUXEMBOURG — 1.2%
Acergy SA		3,470		87,632
Tenaris SA		5,608		137,918

				225,550

NETHERLANDS — 9.3%
Fugro NV		585		51,620
Royal Dutch Shell PLC (Class A)		41,582		1,509,043
SBM Offshore NV		4,345		126,280

				1,686,943

NORWAY — 3.0%
Aker Solutions ASA		6,614		151,966
Petroleum Geo-Services ASA (a)		3,602		57,724
StatoilHydro ASA		12,286		340,479

				550,169

PAPUA NEW GUINEA — 1.0%
Oil Search, Ltd.		23,498		173,019

PORTUGAL — 0.4%
Galp Energia SGPS SA (Class B)		2,943		63,085

SPAIN — 2.3%
Repsol YPF SA		11,864		407,015

UNITED KINGDOM — 25.2%
AMEC PLC		8,104		154,974
BG Group PLC		40,971		1,018,611
BP PLC		216,143		1,572,957
Cairn Energy PLC (a)		22,860		169,329
Ensco PLC ADR		1,726		99,832
Petrofac, Ltd.		1,643		39,215
Premier Oil PLC (a)		1,723		55,072
Royal Dutch Shell PLC (Class B)		30,851		1,117,629
Tullow Oil PLC		13,790		320,075

				4,547,694

TOTAL COMMON STOCKS —
(Cost $16,316,855)				18,031,160

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.19% (c)(d) (Cost $4,957)		4,957		4,957

TOTAL INVESTMENTS — 99.8%
(Cost $16,321,812)				18,036,117
OTHER ASSETS & LIABILITIES — 0.2%				39,932

NET ASSETS — 100.0%			$	18,076,049

See accompanying notes to financial statements.

184

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)

See accompanying notes to financial statements.

185

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 12.6%
AMP, Ltd.		5,205	$	29,228
ASX, Ltd.		728		25,913
Australia & New Zealand Banking Group, Ltd.		7,610		187,382
Commonwealth Bank of Australia		4,441		240,655
Macquarie Group, Ltd.		1,351		51,135
National Australia Bank, Ltd.		6,526		174,458
QBE Insurance Group, Ltd.		3,746		68,452
Stockland		17,691		67,875
Westfield Group		8,607		83,135
Westfield Retail Trust (a)		5,700		15,444
Westpac Banking Corp.		9,421		237,041

				1,180,718

AUSTRIA — 0.9%
Erste Group Bank AG		1,012		51,134
Sparkassen Immobilien AG (a)		4,990		35,732

				86,866

BELGIUM — 0.7%
Ageas		8,079		22,987
Dexia SA (a)		4,650		18,134
Groupe Bruxelles Lambert SA		256		23,937

				65,058

BERMUDA — 0.5%
Lancashire Holdings, Ltd.		5,104		48,884

CANADA — 13.8%
Bank of Montreal		1,890		122,367
Bank of Nova Scotia		3,179		194,416
Brookfield Asset Management, Inc. (Class A)		2,650		85,841
Canadian Imperial Bank of Commerce		1,235		106,138
IGM Financial, Inc.		1,349		68,383
Manulife Financial Corp.		5,362		94,700
National Bank of Canada		897		72,654
Power Corp. of Canada		890		26,286
Royal Bank of Canada		3,731		230,093
Sun Life Financial, Inc.		2,352		73,673
Toronto-Dominion Bank		2,477		218,480

				1,293,031

DENMARK — 1.2%
Danske Bank A/S (a)(b)		2,469		54,746
Danske Bank A/S (a)(b)		823		18,405
Sydbank A/S		1,341		33,894

				107,045

FINLAND — 0.9%
Pohjola Bank PLC		3,881		52,983
Technopolis Oyj		6,500		34,867

				87,850

FRANCE — 6.0%
AXA SA		5,523		115,567
BNP Paribas		3,030		221,916
Credit Agricole SA		3,117		51,222
Societe Generale		1,803		117,314
Unibail-Rodamco SE		268		58,132

				564,151

GERMANY — 6.1%
Allianz SE		1,403		197,168
Commerzbank AG (a)		2,332		18,198
Deutsche Bank AG		2,482		146,119
Deutsche Beteiligungs AG		1,882		54,336
Deutsche Boerse AG		686		52,131
Muenchener Rueckversicherungs- Gesellschaft AG		657		103,491

				571,443

HONG KONG — 5.6%
AIA Group, Ltd. (a)		12,400		38,181
Bank of East Asia, Ltd.		13,958		59,308
Cheung Kong Holdings, Ltd.		5,967		97,274
Hang Lung Properties, Ltd.		9,922		43,435
Hong Kong Exchanges and Clearing, Ltd.		2,779		60,381
New World Development Co., Ltd.		26,070		46,052
Sun Hung Kai Properties, Ltd.		6,038		95,637
The Link REIT		7,043		22,048
Wharf Holdings, Ltd.		8,933		61,615

				523,931

IRELAND — 0.6%
Willis Group Holdings PLC		1,299		52,428

ITALY — 4.2%
Assicurazioni Generali SpA		3,764		81,618
Banca Monte dei Paschi di Siena SpA (a)		24,208		30,248
Banca Popolare dell’Etruria e del Lazio Scrl (a)		7,130		31,083
Banco Popolare Societa Cooperativa Scarl		7,782		23,235
Intesa Sanpaolo SpA		28,937		85,743
UBI Banca ScpA		3,712		31,764
UniCredit SpA		46,113		114,126

				397,817

JAPAN — 11.1%
Chuo Mitsui Trust Holdings, Inc.		8,933		31,796
Daiwa House Industry Co., Ltd.		3,978		49,053
Daiwa Securities Group, Inc.		11,900		54,848
Mitsubishi Estate Co., Ltd.		5,957		101,128
Mitsubishi UFJ Financial Group, Inc.		32,249		149,416
Mizuho Financial Group, Inc.		46,225		76,967
MS&AD Insurance Group Holdings, Inc.		1,886		43,100
NKSJ Holdings, Inc.		6,956		45,573
Nomura Holdings, Inc.		12,896		67,686
ORIX Corp.		447		42,014
Resona Holdings, Inc.		5,156		24,635
Sumitomo Mitsui Financial Group, Inc.		3,669		114,479
T&D Holdings, Inc.		1,884		46,600
The Dai-ichi Life Insurance Co., Ltd.		22		33,313
The Sumitomo Trust & Banking Co., Ltd. (c)		8,933		47,376
Tokai Tokyo Financial Holdings, Inc.		9,922		33,999
Tokio Marine Holdings, Inc.		2,779		74,572

				1,036,555

NETHERLANDS — 1.6%
Aegon NV (a)		4,749		35,610

See accompanying notes to financial statements.

186

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

ING Groep NV (a)		9,036	$	114,522

				150,132

NEW ZEALAND — 0.5%
AMP NZ Office Trust		77,967		48,765

NORWAY — 0.5%
Sparebanken Rogaland		4,681		48,234

PORTUGAL — 0.2%
Banif SGPS SA		15,085		17,254

SINGAPORE — 2.6%
CapitaLand, Ltd.		9,922		25,976
Hong Leong Finance, Ltd.		17,867		41,106
Oversea-Chinese Banking Corp., Ltd.		13,001		98,810
United Overseas Bank, Ltd.		5,265		78,526

				244,418

SOUTH KOREA — 1.1%
KB Financial Group, Inc. ADR (a)		995		51,909
Shinhan Financial Group Co., Ltd. ADR (a)		585		52,984

				104,893

SPAIN — 5.6%
Banco Bilbao Vizcaya Argentaria SA		11,850		143,965
Banco de Sabadell SA		7,848		34,380
Banco Popular Espanol SA		5,841		34,382
Banco Santander SA		21,859		254,117
Bolsas y Mercados Espanoles		889		27,086
Realia Business SA (a)		8,585		21,503
Reyal Urbis SA (a)		6,934		11,611

				527,044

SWEDEN — 2.8%
Investor AB		1,387		33,683
Nordea Bank AB		9,142		100,138
Skandinaviska Enskilda Banken AB (Class A)		7,181		64,088
Svenska Handelsbanken AB (Class A) (d)		2,022		66,349

				264,258

SWITZERLAND — 6.1%
Credit Suisse Group AG		3,090		131,828
GAM Holding AG (a)		1,111		21,191
Julius Baer Group, Ltd.		925		40,302
Swiss Reinsurance Co., Ltd.		1,297		74,501
UBS AG (a)		9,146		164,755
Valiant Holding AG		63		8,663
Zurich Financial Services AG		454		127,588

				568,828

UNITED KINGDOM — 14.2%
Aviva PLC		9,510		65,976
Barclays PLC		28,283		125,831
British Land Co. PLC		5,051		44,733
HSBC Holdings PLC		45,768		470,262
Land Securities Group PLC		4,199		49,370
Lloyds Banking Group PLC (a)		102,551		95,491
Man Group PLC		7,618		30,027
Old Mutual PLC		13,778		30,036
Provident Financial PLC		2,665		41,010
Prudential PLC		8,942		101,267
Resolution, Ltd.		4,120		19,542
Royal Bank of Scotland Group PLC (a)		53,752		35,145
RSA Insurance Group PLC		21,504		45,328
Standard Chartered PLC		5,512		142,869
Standard Life PLC		11,000		36,464

				1,333,351

TOTAL COMMON STOCKS —
(Cost $10,123,845)				9,322,954

WARRANTS — 0.0% (e)
ITALY — 0.0% (e)
UBI Banca ScpA (expiring 6/30/11) (a) (Cost $0)		1,679		2

SHORT TERM INVESTMENTS — 0.3%
UNITED STATES — 0.3%
MONEY MARKET FUNDS — 0.3%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		34,627		34,627
State Street Institutional Liquid Reserves Fund 0.19% (g)(h)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $34,727)				34,727

TOTAL INVESTMENTS — 99.7%
(Cost $10,158,572)				9,357,683
OTHER ASSETS & LIABILITIES — 0.3%				24,322

NET ASSETS — 100.0%			$	9,382,005


(a)		Non-income producing security.
(b)		Reflects seperate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs.
(d)		Security, or portion thereof, was on loan at March 31, 2011.
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

187

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.0%
AUSTRALIA — 5.0%
Ansell, Ltd.		3,024	$	42,281
Cochlear, Ltd.		1,053		90,373
CSL, Ltd.		8,225		303,915
Primary Health Care, Ltd.		11,843		40,416
Ramsay Health Care, Ltd.		3,035		59,917
Sonic Healthcare, Ltd.		6,634		82,189

				619,091

BELGIUM — 1.2%
ThromboGenics NV (a)		1,781		54,592
UCB SA		2,459		93,503

				148,095

CANADA — 2.1%
SXC Health Solutions Corp. (a)		1,200		65,234
Valeant Pharmaceuticals International, Inc.		3,905		194,296

				259,530

DENMARK — 6.1%
Coloplast A/S (Class B)		436		63,233
H. Lundbeck A/S		2,061		47,856
Novo Nordisk A/S (Class B)		4,755		598,210
William Demant Holding (a)		514		44,571

				753,870

FINLAND — 0.4%
Orion OYJ (Class B)		1,788		43,439

FRANCE — 8.0%
bioMerieux		289		30,353
Essilor International SA		2,912		216,539
Sanofi-Aventis SA		10,677		749,632

				996,524

GERMANY — 10.1%
Bayer AG		7,985		619,154
Celesio AG		1,799		44,243
Fresenius Medical Care AG & Co. KGaA		2,712		182,385
Fresenius SE		1,694		156,906
Gerresheimer AG (a)		872		39,970
Merck KGaA		1,083		97,869
Rhoen-Klinikum AG		2,650		57,537
Stada Arzneimittel AG		1,372		53,231

				1,251,295

HONG KONG — 0.3%
CK Life Sciences Int’l., (Holdings), Inc. (a)		610,000		40,781

IRELAND — 0.7%
Elan Corp. PLC (a)		9,221		63,530
ICON PLC (a)		1,071		23,178

				86,708

ISRAEL — 4.1%
Teva Pharmaceutical Industries, Ltd.		10,184		511,942

JAPAN — 16.1%
Alfresa Holdings Corp.		1,000		38,550
Astellas Pharma, Inc.		6,200		230,405
Chugai Pharmaceutical Co., Ltd.		4,025		69,544
Daiichi Sankyo Co., Ltd.		9,600		186,023
Eisai Co., Ltd.		3,800		136,815
Hisamitsu Pharmaceutical Co., Inc.		1,300		52,624
Kyowa Hakko Kirin Co., Ltd.		6,422		60,439
Medipal Holdings Corp.		3,900		34,633
Miraca Holdings, Inc.		1,000		38,429
Mitsubishi Tanabe Pharma Corp.		3,400		55,381
Olympus Corp.		3,700		103,304
Ono Pharmaceutical Co., Ltd.		1,500		74,023
Santen Pharmaceutical Co., Ltd.		1,400		55,997
Shionogi & Co., Ltd.		4,800		82,181
Suzuken Co., Ltd.		1,700		45,002
Sysmex Corp.		1,400		49,696
Taisho Pharmaceutical Co., Ltd.		2,000		43,436
Takeda Pharmaceutical Co., Ltd.		9,600		449,421
Terumo Corp.		2,500		132,270
Tsumura & Co.		1,600		50,386

				1,988,559

NETHERLANDS — 0.7%
QIAGEN NV (a)		4,205		84,109

NEW ZEALAND — 0.3%
Fisher & Paykel Healthcare Corp., Ltd.		17,225		41,254

SPAIN — 0.4%
Grifols SA		3,125		54,547

SWEDEN — 1.5%
Elekta AB (Class B)		1,534		61,376
Getinge AB (Class B)		3,057		75,499
Meda AB (Class A)		4,637		44,691

				181,566

SWITZERLAND — 24.7%
Actelion, Ltd. (a)		2,000		115,538
Alcon, Inc.		1,032		170,806
Galenica AG		81		50,157
Lonza Group AG		875		73,694
Nobel Biocare Holding AG (a)		2,241		46,640
Novartis AG		24,615		1,340,459
Roche Holding AG (b)		376		61,814
Roche Holding AG (b)		6,658		954,834
Sonova Holding AG		684		61,196
Straumann Holding AG		187		48,281
Synthes, Inc.		943		128,022

				3,051,441

UNITED KINGDOM — 16.3%
AstraZeneca PLC		13,568		622,669
Genus PLC		2,847		43,080
GlaxoSmithKline PLC		49,244		938,940
Hikma Pharmaceuticals PLC		2,177		25,753
Shire PLC		8,190		237,751
Smith & Nephew PLC		13,535		152,523

				2,020,716

TOTAL COMMON STOCKS —
(Cost $11,535,572)				12,133,467

See accompanying notes to financial statements.

188

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.19% (c)(d) (Cost $5,311)		5,311	$	5,311

TOTAL INVESTMENTS — 98.1%
(Cost $11,540,883)				12,138,778
OTHER ASSETS & LIABILITIES — 1.9%				239,254

NET ASSETS — 100.0%			$	12,378,032

See accompanying notes to financial statements.

189

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.6%
AUSTRALIA — 4.3%
Bradken, Ltd.		11,117	$	90,249
Brambles, Ltd.		34,240		250,698
GWA International, Ltd.		73,404		251,265
Leighton Holdings, Ltd.		5,108		155,779
Qantas Airways, Ltd. (a)		48,008		108,231
Seek, Ltd.		18,597		130,009
Toll Holdings, Ltd.		25,321		155,281
Transurban Group		45,963		255,250

				1,396,762

AUSTRIA — 1.5%
Andritz AG		2,491		232,566
Zumtobel AG		7,598		259,962

				492,528

BELGIUM — 0.4%
Bekaert NV		1,239		141,523

CANADA — 5.1%
Bombardier, Inc. (Class B)		29,279		214,607
CAE, Inc.		13,041		172,674
Canadian National Railway Co.		8,758		658,594
Canadian Pacific Railway, Ltd.		3,692		236,531
SNC-Lavalin Group, Inc.		4,107		233,226
Toromont Industries, Ltd.		4,657		150,566

				1,666,198

DENMARK — 2.1%
A P Moller — Maersk A/S		23		216,644
FLSmidth & Co. A/S		1,569		133,843
NKT Holding A/S		2,189		128,529
Vestas Wind Systems A/S (a)		4,787		207,913

				686,929

FINLAND — 2.7%
Kone Oyj (Class B)		5,591		322,128
Metso Oyj		3,692		198,780
Wartsila Oyj		5,190		202,909
YIT Oyj		5,370		159,422

				883,239

FRANCE — 8.2%
Air France-KLM (a)		7,784		129,794
Alstom SA		4,124		244,190
Bouygues SA		5,480		263,512
Compagnie de Saint-Gobain		5,977		366,463
Eiffage SA		1,710		102,866
Safran SA		3,117		110,318
Schneider Electric SA		4,044		692,104
Vallourec SA		2,023		227,256
Vinci SA		8,751		547,596

				2,684,099

GERMANY — 10.0%
Deutsche Lufthansa AG (a)		9,174		194,697
Deutsche Post AG		14,253		257,280
GEA Group AG		4,984		164,372
Hochtief AG		1,591		171,366
Kloeckner & Co. SE (a)		3,150		105,138
MAN SE		2,035		254,133
Pfeiffer Vacuum Technology AG		1,304		183,163
SGL Carbon AG (a)		2,371		116,216
Siemens AG		13,249		1,818,308

				3,264,673

GREECE — 0.3%
DryShips, Inc. (a)		21,771		107,766

HONG KONG — 3.5%
Cathay Pacific Airways, Ltd.		39,000		93,461
CNNC International, Ltd. (a)		133,000		95,755
Hopewell Highway Infrastructure, Ltd.		273,000		186,722
Hutchison Whampoa, Ltd.		40,000		473,632
Noble Group, Ltd.		106,000		179,960
Pacific Basin Shipping, Ltd.		170,000		107,531

				1,137,061

IRELAND — 0.3%
DCC PLC		2,638		84,118

ITALY — 0.8%
Ansaldo STS SpA		5,361		78,665
Autostrada Torino-Milano SpA		5,155		78,348
Finmeccanica SpA		8,519		107,353

				264,366

JAPAN — 28.2%
Asahi Glass Co., Ltd.		22,000		277,654
Central Japan Railway Co.		24		190,830
Daikin Industries, Ltd.		4,500		135,250
East Japan Railway Co.		6,300		351,563
FANUC Corp.		3,700		562,054
Furukawa Electric Co., Ltd.		28,000		113,514
Futaba Corp.		6,300		121,546
Hankyu Hanshin Holdings, Inc.		28,000		129,730
IHI Corp.		66,000		161,655
ITOCHU Corp.		26,200		275,340
Iwatani Corp.		72,000		241,506
Kajima Corp.		43,000		120,886
Kamigumi Co., Ltd.		26,000		223,045
Kawasaki Heavy Industries, Ltd.		63,000		278,210
Kawasaki Kisen Kaisha, Ltd.		26,000		96,308
Kokuyo Co., Ltd.		19,300		148,103
Komatsu, Ltd.		15,300		521,507
Kubota Corp.		23,000		217,568
Marubeni Corp.		38,000		274,638
Meitic Corp.		8,800		176,680
MISUMI Group, Inc.		7,100		176,900
Mitsubishi Corp.		23,700		660,272
Mitsubishi Electric Corp.		38,000		450,241
Mitsubishi Heavy Industries, Ltd.		66,000		304,199
Mitsui & Co., Ltd.		26,600		478,530
Mitsui OSK Lines, Ltd.		23,000		132,927
NGK Insulators, Ltd.		4,000		71,766
Nidec Corp.		2,000		173,745
Nippon Sheet Glass Co., Ltd.		39,000		112,934
Nippon Yusen KK		27,000		105,876
Secom Co., Ltd.		6,200		289,129
SMC Corp.		600		99,107
Sojitz Corp.		60,900		121,976
Sumitomo Corp.		21,900		314,178
Sumitomo Electric Industries, Ltd.		15,500		215,257

See accompanying notes to financial statements.

190

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Sumitomo Heavy Industries, Ltd.		22,000	$	144,136
THK Co., Ltd.		6,700		169,117
Tokyu Corp.		42,000		174,831
Toyota Tsusho Corp.		7,200		119,189
Yamato Holdings Co., Ltd.		15,600		242,809

				9,174,706

NETHERLANDS — 4.4%
Aalberts Industries NV		8,443		200,629
European Aeronautic Defence and Space Co. NV (a)		8,408		245,079
Koninklijke BAM Groep NV		7,606		58,707
Koninklijke Philips Electronics NV (a)		15,985		511,645
Randstad Holding NV (a)		3,492		194,751
TNT NV		8,579		220,358

				1,431,169

NORWAY — 0.5%
Orkla ASA		15,025		145,585

SINGAPORE — 4.3%
Fraser and Neave, Ltd.		44,000		209,790
Haw Par Corp., Ltd.		66,000		314,684
Jardine Matheson Holdings, Ltd.		5,473		243,767
Jardine Strategic Holdings, Ltd.		2,500		66,750
K-Green Trust		800		654
Keppel Corp., Ltd.		23,000		224,435
Neptune Orient Lines, Ltd. (a)		103,750		159,679
Singapore Airlines, Ltd.		15,000		162,792

				1,382,551

SPAIN — 1.4%
Abertis Infraestructuras SA		6,294		136,925
ACS, Actividades de Construccion y Servicios SA		4,581		215,050
International Consolidated Airlines Group SA (a)		27,510		100,100

				452,075

SWEDEN — 6.2%
Alfa Laval AB		10,321		224,306
Atlas Copco AB (Class B)		17,601		425,768
B&B Tools AB		6,622		119,142
Sandvik AB		18,748		353,954
Securitas AB (Class B)		14,032		167,159
Trelleborg AB (Class B)		16,987		174,356
Volvo AB (Class A) (a)		15,155		265,700
Volvo AB (Class B) (a)		16,291		286,650

				2,017,035

SWITZERLAND — 6.2%
ABB, Ltd. (a)		36,660		883,991
Adecco SA		3,563		235,236
Geberit AG		1,226		268,022
Kuehne & Nagel International AG		1,377		193,414
SGS SA		146		260,928
Wolseley PLC (a)		5,620		189,090

				2,030,681

UNITED KINGDOM — 8.2%
Aggreko PLC		6,921		174,842
Babcock International Group PLC		12,085		120,298
BAE Systems PLC		61,435		319,953
Capita Group PLC		19,778		235,554
Charter International PLC		7,731		100,131
De La Rue PLC		8,018		101,470
Experian PLC		26,671		330,048
FirstGroup PLC		19,083		99,812
Intertek Group PLC		6,860		223,663
Invensys PLC		18,325		101,399
Rentokil Initial PLC (a)		78,048		112,596
Rolls-Royce Group PLC (a)		39,847		395,372
Serco Group PLC		17,316		154,882
Smiths Group PLC		10,128		210,563

				2,680,583

TOTAL COMMON STOCKS —
(Cost $28,666,937)				32,123,647

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.19% (b)(c) (Cost $26,059)		26,059		26,059

TOTAL INVESTMENTS — 98.7%
(Cost $28,692,996)				32,149,706
OTHER ASSETS & LIABILITIES — 1.3%				421,649

NET ASSETS — 100.0%			$	32,571,355

ADR = American Depositary Receipt

See accompanying notes to financial statements.

191

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 17.4%
Alumina, Ltd.		52,427	$	133,375
Amcor, Ltd.		15,281		111,568
BHP Billiton, Ltd.		76,121		3,665,227
BlueScope Steel, Ltd.		36,094		73,720
Boral, Ltd.		45,397		234,737
Fortescue Metals Group, Ltd.		38,235		253,456
Iluka Resources, Ltd. (a)		36,240		498,452
Incitec Pivot, Ltd.		37,814		169,326
Mineral Deposits, Ltd. (a)		2,302		17,283
Newcrest Mining, Ltd.		13,148		541,433
OneSteel, Ltd.		46,999		118,594
Orica, Ltd.		12,392		337,936
OZ Minerals, Ltd.		111,137		183,317
Rio Tinto, Ltd.		10,013		877,581
Sims Metal Management, Ltd.		7,330		132,731

				7,348,736

AUSTRIA — 0.9%
RHI AG (a)		5,429		195,689
Voestalpine AG		3,707		174,284

				369,973

BELGIUM — 1.1%
Tessenderlo Chemie NV		5,428		194,806
Tessenderlo Chemie NV (a)		116		74
Umicore		5,564		276,316

				471,196

CANADA — 19.0%
Agnico-Eagle Mines, Ltd.		4,526		299,872
Agrium, Inc.		4,539		417,761
Alacer Gold Corp. (a)		3,819		34,980
Alamos Gold, Inc.		2,385		37,611
Barrick Gold Corp.		22,535		1,167,349
Centerra Gold, Inc.		3,339		59,726
Detour Gold Corp. (a)		1,110		34,986
ECU Silver Mining, Inc. (a)		11,673		11,760
Eldorado Gold Corp.		19,106		310,528
Equinox Minerals, Ltd. (a)		23,286		137,406
First Quantum Minerals, Ltd.		2,055		264,958
Gammon Gold, Inc. (a)		2,055		21,316
Goldcorp, Inc.		16,467		818,314
HudBay Minerals, Inc.		4,806		78,012
IAMGOLD Corp.		7,947		174,585
Inmet Mining Corp.		1,716		120,221
Ivanhoe Mines, Ltd. (a)		13,116		358,524
Kinross Gold Corp.		25,529		401,011
Lundin Mining Corp. (a)		14,458		119,647
New Gold, Inc. (a)		7,155		83,925
Osisko Mining Corp. (a)		3,979		57,103
Pan American Silver Corp.		4,674		173,026
Potash Corp. of Saskatchewan, Inc.		21,727		1,277,375
Quadra FNX Mining, Ltd. (a)		6,062		84,192
SEMAFO, Inc. (a)		9,538		91,090
Sherritt International Corp.		11,240		91,977
Silver Wheaton Corp.		5,428		235,032
Sino-Forest Corp. (a)		4,434		115,323
Tanzanian Royalty Exploration Corp. (a)		3,819		24,302
Teck Resources, Ltd. (Class B)		12,376		653,819
Teranga Gold Corp. (a)		5,384		13,920
Thompson Creek Metals Co., Inc. (a)		3,036		37,921
Yamana Gold, Inc.		16,787		206,742

				8,014,314

DENMARK — 0.8%
Novozymes A/S		2,144		328,694

FINLAND — 2.0%
Rautaruukki Oyj		3,387		81,326
Stora Enso Oyj		29,109		347,199
UPM-Kymmene Oyj (a)		20,555		435,210

				863,735

FRANCE — 3.0%
Air Liquide SA		7,235		962,652
Eramet		104		38,490
Lafarge SA		4,443		277,517

				1,278,659

GERMANY — 8.7%
BASF SE		18,976		1,643,467
HeidelbergCement AG		1,561		109,177
K+S AG		4,460		337,156
Lanxess AG		5,035		377,122
Linde AG		3,763		595,151
Salzgitter AG		1,732		136,904
ThyssenKrupp AG		11,841		484,447

				3,683,424

HONG KONG — 0.6%
AMVIG Holdings, Ltd.		48,000		37,027
China Grand Forestry Green Resources Group, Ltd. (a)		378,000		10,643
China Mining Resources Group, Ltd. (a)		270,000		4,790
China Rare Earth Holdings, Ltd. (a)		262,000		115,199
Fushan International Energy Group, Ltd.		118,600		85,387
Sino Union Energy Investment Group, Ltd. (a)		250,000		21,213

				274,259

IRELAND — 0.8%
CRH PLC		15,443		354,587

ISRAEL — 0.4%
Israel Chemicals, Ltd.		9,025		148,888

ITALY — 0.3%
Buzzi Unicem SpA		9,118		133,016

JAPAN — 13.2%
Asahi Kasei Corp.		53,833		364,386
Denki Kagaku Kogyo Kabushiki Kaisha		37,855		187,265
JFE Holdings, Inc.		13,756		403,983
JSR Corp.		10,673		214,928
Kobe Steel, Ltd.		110,641		288,350
Mitsubishi Chemical Holdings Corp.		39,402		248,640
Mitsubishi Materials Corp.		53,866		183,280
Mitsui Chemicals, Inc.		49,876		176,925
Mitsui Mining & Smelting Co., Ltd.		49,809		173,682
Nippon Steel Corp.		158,506		508,719
Nitto Denko Corp.		7,676		408,436
Shin-Etsu Chemical Co., Ltd.		10,467		522,213

See accompanying notes to financial statements.

192

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

Sumitomo Chemical Co., Ltd.		51,838	$	259,565
Sumitomo Metal Industries, Ltd.		108,663		243,862
Sumitomo Metal Mining Co., Ltd.		22,927		395,856
Taiheiyo Cement Corp.		102,744		173,554
Teijin, Ltd.		57,805		259,453
Toray Industries, Inc.		51,838		378,402
Ube Industries, Ltd.		53,866		172,231

				5,563,730

LUXEMBOURG — 2.2%
APERAM		980		39,427
ArcelorMittal		19,562		708,585
Ternium SA ADR		4,768		171,362

				919,374

NETHERLANDS — 2.1%
Akzo Nobel NV		7,310		502,913
Koninklijke DSM NV		6,491		399,359

				902,272

NORWAY — 0.9%
Norsk Hydro ASA		14,773		121,138
Yara International ASA		5,050		255,798

				376,936

PORTUGAL — 0.4%
Semapa-Sociedade de Investimento e Gestao SGPS SA		14,400		172,472

SOUTH KOREA — 2.4%
POSCO ADR		8,796		1,005,295

SPAIN — 0.2%
Cementos Portland Valderrivas SA		3,799		80,059

SWEDEN — 1.5%
Boliden AB		12,836		276,726
SSAB AB (Series A) (a)		10,152		160,848
Svenska Cellulosa AB (Class B)		12,721		204,878

				642,452

SWITZERLAND — 6.0%
Givaudan SA (a)		320		323,026
Holcim, Ltd.		5,653		427,598
Syngenta AG		2,666		869,870
Xstrata PLC		39,480		922,054

				2,542,548

UNITED KINGDOM — 15.4%
Anglo American PLC		29,569		1,520,041
Antofagasta PLC		15,197		331,540
BHP Billiton PLC		50,116		1,976,202
Lonmin PLC		6,008		164,008
Randgold Resources, Ltd.		3,264		259,927
Rio Tinto PLC		30,488		2,140,049
Vedanta Resources PLC		3,238		123,478

				6,515,245

TOTAL COMMON STOCKS —
(Cost $37,637,060)				41,989,864

WARRANTS — 0.0% (b)
CANADA — 0.0% (b)
Kinross Gold Corp. (expiring 9/17/14) (a) (Cost $1,740)		365		1,013

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.19% (c)(d) (Cost $20,487)		20,487		20,487

TOTAL INVESTMENTS — 99.4%
(Cost $37,659,287)				42,011,364
OTHER ASSETS & LIABILITIES — 0.6%				255,101

NET ASSETS — 100.0%			$	42,266,465

ADR = American Depositary Receipt

See accompanying notes to financial statements.

193

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 1.0%
Computershare, Ltd.		18,115	$	173,473
Iress Market Technology, Ltd.		9,018		87,198

				260,671

BELGIUM — 0.6%
Barco NV (a)		2,016		155,462

CANADA — 4.9%
Canadian Solar, Inc. (a)		1,472		16,589
CGI Group, Inc. (Class A) (a)		10,657		222,726
MacDonald, Dettwiler & Associates, Ltd.		2,531		140,164
Open Text Corp. (a)		2,339		144,849
Research In Motion, Ltd. (a)		13,812		778,527

				1,302,855

DENMARK — 0.3%
SimCorp A/S		549		88,085

FINLAND — 4.3%
F-Secure Oyj		23,496		77,690
Nokia Oyj		108,184		926,517
Tieto Oyj		5,188		94,973
Vaisala Oyj (Class A)		1,627		53,150

				1,152,330

FRANCE — 4.5%
Alcatel-Lucent (a)		88,301		507,622
Atos Origin SA (a)		1,894		111,207
Cap Gemini SA		4,663		271,208
Dassault Systemes SA		1,472		113,282
Groupe Steria SCA		1,386		44,648
Neopost SA		1,237		108,503
UbiSoft Entertainment SA (a)		4,710		48,185

				1,204,655

GERMANY — 9.6%
Aixtron AG		4,231		185,500
Dialog Semiconductor PLC (a)		1,798		37,367
Infineon Technologies AG		34,045		349,547
Q-Cells SE (a)		3,667		15,830
SAP AG		25,763		1,579,404
Software AG		550		91,241
United Internet AG		7,716		139,062
Wincor Nixdorf AG		1,725		139,851

				2,537,802

HONG KONG — 0.9%
ASM Pacific Technology, Ltd.		13,049		163,821
VTech Holdings, Ltd.		7,371		83,630

				247,451

JAPAN — 37.5%
Advantest Corp.		5,478		99,011
Alps Electric Co., Ltd.		9,463		91,228
Brother Industries, Ltd.		9,263		136,576
Canon, Inc.		32,273		1,409,607
Citizen Holdings Co., Ltd.		11,355		65,626
CSK Corp. (a)		5,877		17,940
Dainippon Screen Manufacturing Co., Ltd.		15,937		167,677
Elpida Memory, Inc. (a)		6,176		79,808
FUJIFILM Holdings Corp.		13,148		408,654
Fujitsu, Ltd.		54,784		310,672
Hirose Electric Co., Ltd.		1,494		161,514
Hitachi High-Technologies Corp.		3,984		79,747
Hitachi, Ltd.		114,549		598,452
Horiba, Ltd.		3,586		105,356
Hoya Corp.		11,355		260,036
Ibiden Co., Ltd.		5,279		167,325
IT Holdings Corp.		5,279		55,414
Japan Digital Laboratory Co., Ltd.		4,383		51,879
Keyence Corp.		1,494		383,775
Konami Corp.		3,785		70,329
Konica Minolta Holdings, Inc.		16,933		142,402
Kyocera Corp.		3,984		405,226
Mitsumi Electric Co., Ltd.		5,279		70,510
Murata Manufacturing Co., Ltd.		5,379		388,757
NEC Corp. (a)		73,710		160,974
Nintendo Co., Ltd.		3,088		837,203
Nippon Electric Glass Co., Ltd.		16,933		240,674
Nomura Research Institute, Ltd.		5,279		116,943
NTT Data Corp.		53		164,410
Obic Co., Ltd.		588		111,953
Oki Electric Industry Co., Ltd. (a)		56,776		45,213
Omron Corp.		7,172		202,318
Ricoh Co., Ltd.		16,933		199,404
Rohm Co., Ltd.		3,586		225,423
Seiko Epson Corp.		5,279		84,841
Sumco Corp. (a)		5,478		110,842
Taiyo Yuden Co., Ltd.		3,984		53,598
TDK Corp.		3,785		224,460
Tokyo Electron, Ltd.		5,279		292,039
Toshiba Corp.		106,580		523,384
Trend Micro, Inc.		3,187		85,174
Yahoo! Japan Corp.		492		176,664
Yamatake Corp.		3,586		88,179
Yaskawa Electric Corp.		16,933		201,447
Yokogawa Electric Corp. (a)		12,849		98,290

				9,970,954

NETHERLANDS — 3.5%
ASM International NV (a)		2,994		117,691
ASML Holding NV (a)		12,460		549,910
Gemalto NV		3,599		177,250
VistaPrint NV (a)		1,782		92,486

				937,337

NORWAY — 0.3%
Nordic Semiconductor ASA		5,153		17,978
Renewable Energy Corp. ASA (a)		17,353		60,889

				78,867

SINGAPORE — 1.3%
Flextronics International, Ltd. (a)		26,725		199,636
Venture Corp., Ltd.		18,925		144,283

				343,919

SOUTH KOREA — 17.2%
LG Display Co., Ltd. ADR		25,554		401,965
Samsung Electronics Co., Ltd. GDR		9,781		4,167,684

				4,569,649

See accompanying notes to financial statements.

194

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2011 (Unaudited)


Security Description	Shares		Value

SPAIN — 1.3%
Amadeus IT Holding SA (a)		10,526	$	201,656
Amper, SA (a)		8,308		45,155
Indra Sistemas SA		4,419		88,735

				335,546

SWEDEN — 4.3%
Telefonaktiebolaget LM Ericsson (Class B)		88,355		1,140,083

SWITZERLAND — 2.0%
Logitech International SA (a)		5,799		104,843
STMicroelectronics NV		26,213		326,978
Temenos Group AG (a)		2,932		111,530

				543,351

UNITED KINGDOM — 5.9%
ARM Holdings PLC		54,304		500,518
Autonomy Corp. PLC (a)		7,324		186,549
Aveva Group PLC		3,578		92,626
Diploma PLC		28,888		148,179
Logica PLC		63,479		133,297
Misys PLC (a)		30,749		155,852
Spectris PLC		6,778		148,087
The Sage Group PLC		44,774		199,594

				1,564,702

TOTAL COMMON STOCKS —
(Cost $23,794,833)				26,433,719

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.19% (b)(c) (Cost $21,687)		21,687		21,687

TOTAL INVESTMENTS — 99.5%
(Cost $23,816,520)				26,455,406
OTHER ASSETS & LIABILITIES — 0.5%				126,153

NET ASSETS — 100.0%			$	26,581,559

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

195

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.9%
AUSTRALIA — 1.1%
Telstra Corp., Ltd.		36,436	$	106,258

AUSTRIA — 0.9%
Telekom Austria AG		5,691		83,345

BELGIUM — 2.3%
Belgacom SA		2,732		105,977
Mobistar SA		466		32,351
Telenet Group Holding NV (a)		1,497		70,243

				208,571

CANADA — 6.2%
BCE, Inc.		3,746		136,130
Bell Aliant, Inc.		1,705		47,044
Rogers Communications, Inc. (Class B)		6,315		229,866
TELUS Corp. (b)		956		48,716
TELUS Corp. (b)		2,228		108,036

				569,792

CHINA — 0.2%
PCCW, Ltd.		44,000		18,328

FINLAND — 0.6%
Elisa Oyj		2,546		56,110

FRANCE — 5.1%
France Telecom SA		19,514		437,816
Iliad SA		310		37,217

				475,033

GERMANY — 5.6%
Deutsche Telekom AG		32,294		498,155
Freenet AG		1,322		15,140

				513,295

ISRAEL — 1.2%
Bezeq The Israeli Telecommunication Corp., Ltd.		23,068		68,540
Cellcom Israel, Ltd.		631		20,747
Partner Communications Co., Ltd.		1,059		20,172

				109,459

ITALY — 3.6%
Telecom Italia SpA (b)		129,747		199,775
Telecom Italia SpA (b)		100,861		135,832

				335,607

JAPAN — 14.2%
KDDI Corp.		40		248,552
Nippon Telegraph & Telephone Corp.		6,600		297,430
NTT DoCoMo, Inc.		183		322,811
Softbank Corp.		11,100		444,643

				1,313,436

LUXEMBOURG — 1.8%
COLT Telecom Group SA (a)		10,472		25,028
Millicom International Cellular SA		1,453		139,735

				164,763

NETHERLANDS — 3.9%
Koninklijke (Royal) KPN NV		20,994		358,107

NEW ZEALAND — 0.3%
Telecom Corporation of New Zealand, Ltd.		16,803		25,761

NORWAY — 1.7%
Telenor ASA		9,725		159,981

PORTUGAL — 1.4%
Portugal Telecom SGPS SA		11,388		131,613

SINGAPORE — 2.7%
Singapore Telecommunications, Ltd.		93,000		222,817
StarHub, Ltd.		12,000		25,704

				248,521

SOUTH KOREA — 2.2%
KT Corp. ADR		4,519		88,256
SK Telecom Co., Ltd. ADR		6,203		116,679

				204,935

SPAIN — 13.4%
Telefonica SA		49,532		1,241,688

SWEDEN — 4.1%
Tele2 AB (Class B)		4,576		105,761
TeliaSonera AB		31,550		272,819

				378,580

SWITZERLAND — 1.7%
Swisscom AG		352		157,560

UNITED KINGDOM — 24.7%
BT Group PLC		105,881		315,004
Cable & Wireless Communications PLC		37,202		27,169
Cable & Wireless Worldwide PLC		37,202		31,277
Inmarsat PLC		7,113		68,867
TalkTalk Telecom Group PLC		6,227		13,755
Vodafone Group PLC		645,036		1,824,939

				2,281,011

TOTAL COMMON STOCKS —
(Cost $9,326,755)				9,141,754

RIGHTS — 0.0% (c)
SWEDEN — 0.0% (c)
TeliaSonera AB (expired 3/25/11) (a) (Cost $571)		10,000		814

SHORT TERM INVESTMENT — 0.3%
UNITED STATES — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Liquid Reserves Fund 0.19% (d)(e) (Cost $25,095)		25,095		25,095

TOTAL INVESTMENTS — 99.2%
(Cost $9,352,421)				9,167,663
OTHER ASSETS & LIABILITIES — 0.8%				69,583

NET ASSETS — 100.0%			$	9,237,246

ADR = American Depositary Receipt

See accompanying notes to financial statements.

196

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2011 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 2.4%
AGL Energy, Ltd.		7,479	$	110,679
APA Group		14,230		61,954
Envestra, Ltd.		50,590		31,391

				204,024

AUSTRIA — 0.7%
Verbund AG (a)		1,256		55,878

CANADA — 3.5%
ATCO, Ltd. (Class I)		749		45,198
Canadian Utilities, Ltd. (Class A)		350		19,052
Emera, Inc.		1,340		43,654
Fortis, Inc.		3,233		110,076
TransAlta Corp.		3,651		76,717

				294,697

FINLAND — 2.4%
Fortum Oyj (b)		5,942		202,038

FRANCE — 12.6%
EDF SA		3,589		148,822
GDF Suez		16,298		664,944
Sechilienne-Sidec SA		623		17,510
Suez Environnement Co.		2,883		59,732
Veolia Environnement		5,395		167,974

				1,058,982

GERMANY — 14.0%
E.ON AG		25,343		775,030
RWE AG		6,276		400,292

				1,175,322

HONG KONG — 5.8%
CLP Holdings, Ltd.		23,500		190,037
Hong Kong & China Gas Co., Ltd.		68,100		163,373
Hongkong Electric Holdings, Ltd.		20,500		137,050

				490,460

ITALY — 11.0%
A2A SpA		27,125		43,997
Enel Green Power SpA (b)		18,500		51,404
Enel SpA		87,420		551,809
Hera SpA		14,753		35,361
Snam Rete Gas SpA		22,611		127,258
Terna Rete Elettrica Nationale SpA		22,784		109,220

				919,049

JAPAN — 15.7%
Chubu Electric Power Co., Inc.		8,588		191,696
Electric Power Development Co., Ltd.		2,300		71,098
Hokkaido Electric Power Co., Inc.		2,100		40,870
Hokuriku Electric Power Co.		2,994		68,059
Kyushu Electric Power Co., Inc.		6,292		123,365
Osaka Gas Co., Ltd.		31,958		128,017
Shikoku Electric Power Co., Inc.		1,600		43,687
The Chugoku Electric Power Co., Inc.		3,987		73,987
The Kansai Electric Power Co., Inc.		10,198		222,835
The Tokyo Electric Power Co., Inc.		16,499		92,767
Tohoku Electric Power Co., Inc.		6,972		118,191
Tokyo Gas Co., Ltd.		30,958		141,941

				1,316,513

NEW ZEALAND — 0.3%
Vector, Ltd.		15,383		29,333

PORTUGAL — 1.3%
EDP — Energias de Portugal SA		27,945		108,977

SOUTH KOREA — 1.0%
Korea Electric Power Corp. ADR		6,655		81,457

SPAIN — 11.1%
Acciona SA		413		44,941
EDP Renovaveis SA (b)		4,597		33,062
Enagas		4,064		91,814
Gas Natural SDG SA		5,403		101,631
Iberdrola Renovables SA		12,129		52,411
Iberdrola SA		57,597		501,532
Red Electrica Corporacion SA		1,821		103,626

				929,017

SWITZERLAND — 0.3%
BKW FMB Energie AG		309		21,937

UNITED KINGDOM — 17.5%
Centrica PLC		71,576		373,226
Drax Group PLC		5,335		33,908
International Power PLC		21,520		106,246
National Grid PLC		46,516		442,903
Pennon Group PLC		6,147		61,583
Scottish & Southern Energy PLC		13,005		262,873
Severn Trent PLC		3,861		90,421
United Utilities Group PLC		9,734		92,292

				1,463,452

TOTAL COMMON STOCKS —
(Cost $10,201,624)				8,351,136

SHORT TERM INVESTMENTS — 0.4%
UNITED STATES — 0.4%
MONEY MARKET FUNDS — 0.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		29,359		29,359
State Street Institutional Liquid Reserves Fund 0.19% (d)(e)		2,507		2,507

TOTAL SHORT TERM INVESTMENTS —
(Cost $31,866)				31,866

TOTAL INVESTMENTS — 100.0%
(Cost $10,233,490)				8,383,002
OTHER ASSETS & LIABILITIES — 0.0% (f)				(1,735	)

NET ASSETS — 100.0%			$	8,381,267


(a)		Security, or portion thereof, was on loan at March 31, 2011.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

197

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2011 (Unaudited)


																			SPDR S&P												SPDR S&P
				SPDR EURO			SPDR S&P									SPDR S&P			Emerging						SPDR S&P			SPDR S&P			Emerging
	SPDR STOXX			STOXX			Emerging Asia			SPDR S&P			SPDR S&P			Emerging			Markets			SPDR S&P			Emerging			Emerging Latin			Middle East &
	Europe 50 ETF			50 ETF			Pacific ETF			Russia ETF			China ETF			Markets ETF			Dividend ETF			BRIC 40 ETF			Europe ETF			America ETF			Africa ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	37,149,686		$	171,874,782		$	728,154,379		$	145,609,845		$	717,428,345		$	217,321,147		$	13,106,541		$	556,317,280		$	278,577,502		$	229,126,132		$	157,869,223
Investments in securities of affiliated issuers, at value (Note 3)		755,499			526,684			34,918,907			124,370			99,001,938			14,595,893			100			31,228,453			4,654,385			15,706,091			6,897,630

Total Investments		37,905,185			172,401,466			763,073,286			145,734,215			816,430,283			231,917,040			13,106,641			587,545,733			283,231,887			244,832,223			164,766,853
Foreign currency, at value		123,066			331,341			1,160,743			8,485			466,624			3,866,914			39,404			1,429			617,839			603,689			428,770
Margin deposit on futures		—			—			—			—			—			620,898			—			—			—			—			—
Receivable for investments sold		—			—			18			—			—			5,440			98,650			—			1,142,215			—			—
Receivable for fund shares sold in-kind		—			2,026,523			—			—			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		93,171			145,688			4,123			—			—			3,646			—			—			12,308			—			—
Dividends and interest receivable — unaffiliated issuers		86,662			54,102			517,288			46,334			154,589			359,457			7,046			288,743			71,810			791,319			507,954
Dividends receivable — affiliated issuers		206			2,167			17,440			46			46,295			6,245			5			5,797			6,935			7,076			2,528
Receivable from broker — variation margin on open futures contracts		—			—			—			—			—			73,121			—			—			—			—			—

TOTAL ASSETS		38,208,290			174,961,287			764,772,898			145,789,080			817,097,791			236,852,761			13,251,746			587,841,702			285,082,994			246,234,307			165,706,105

LIABILITIES
Payable upon return of securities loaned		710,015			521,401			31,496,093			—			98,658,721			10,779,940			—			29,677,123			1,847,692			14,922,884			6,401,771
Payable for investments purchased		—			2,026,691			—			—			—			6,054			—			—			2,176,117			—			—
Due to custodian		—			—			—			—			—			—			113,590			—			—			—			—
Accrued advisory fee (Note 3)		28,530			119,055			1,108,601			190,490			1,017,616			337,070			4,778			637,389			337,131			389,370			235,558
Deferred foreign taxes payable		—			—			824,247			—			—			174,686			1,227			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		107			448			2,029			183			1,963			621			19			1,344			633			701			426

TOTAL LIABILITIES		738,652			2,667,595			33,430,970			190,673			99,678,300			11,298,371			119,614			30,315,856			4,361,573			15,312,955			6,637,755

NET ASSETS	$	37,469,638		$	172,293,692		$	731,341,928		$	145,598,407		$	717,419,491		$	225,554,390		$	13,132,132		$	557,525,846		$	280,721,421		$	230,921,352		$	159,068,350

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	64,390,766		$	260,846,656		$	614,862,190		$	133,332,994		$	633,165,392		$	192,592,097		$	12,586,214		$	516,167,526		$	269,670,837		$	223,214,248		$	166,151,254
Undistributed (distribution in excess of) net investment income		19,745			(223,776	)		(705,050	)		(102,292	)		(1,427,051	)		(22,571	)		2,114			767,151			351,583			(920,300	)		(1,583	)
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(14,598,375	)		(35,440,954	)		951,611			201,863			(28,761,466	)		1,228,751			(79,900	)		(63,806,063	)		(29,091,420	)		(13,544,091	)		(18,195,332	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $824,247, $0, $0, $174,686, $1,227, $0, $0, $0, $0, respectively)		(12,350,859	)		(52,899,710	)		116,226,394			12,165,778			114,433,324			31,569,331			623,469			104,397,231			39,790,336			22,154,605			11,093,312
Foreign currency		8,361			11,476			6,783			64			9,292			114,423			235			1			85			16,890			20,699
Futures		—			—			—			—			—			72,359			—			—			—			—			—

NET ASSETS	$	37,469,638		$	172,293,692		$	731,341,928		$	145,598,407		$	717,419,491		$	225,554,390		$	13,132,132		$	557,525,846		$	280,721,421		$	230,921,352		$	159,068,350

NET ASSET VALUE PER SHARE
Net asset value per share	$	35.67		$	40.53		$	85.04		$	39.89		$	79.71		$	75.18		$	52.53		$	29.34		$	55.04		$	88.82		$	75.75

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,050,370			4,250,967			8,600,000			3,650,000			9,000,000			3,000,000			250,000			19,000,000			5,100,000			2,600,000			2,100,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	49,500,545		$	224,774,492		$	611,103,738		$	133,444,067		$	602,995,021		$	185,577,130		$	12,481,845		$	451,920,049		$	238,787,166		$	206,971,527		$	146,775,911
Affiliated issuers		755,499			526,684			34,918,907			124,370			99,001,938			14,595,893			100			31,228,453			4,654,385			15,706,091			6,897,630

Total cost of investments	$	50,256,044		$	225,301,176		$	646,022,645		$	133,568,437		$	701,996,959		$	200,173,023		$	12,481,945		$	483,148,502		$	243,441,551		$	222,677,618		$	153,673,541

Foreign currency, at cost	$	123,503		$	329,801		$	1,157,970		$	8,421		$	458,181		$	3,755,870		$	39,230		$	1,430		$	610,215		$	597,854		$	420,751

* Includes investments in securities on loan, at value	$	669,878		$	490,503		$	30,015,283		$	—		$	93,103,544		$	10,329,696		$	—		$	28,764,426		$	1,765,415		$	14,677,504		$	6,117,975

See accompanying notes to financial statements.

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199

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2011 (Unaudited)


							SPDR Dow			SPDR FTSE/
							Jones			Macquarie									SPDR Russell/											SPDR S&P
	SPDR S&P			SPDR S&P			International			Global			SPDR S&P			SPDR MSCI			Nomura			SPDR Russell/			SPDR S&P			SPDR S&P		Emerging
	World			International			Real			Infrastructure			Global Natural			ACWI			PRIME			Nomura Small			International			International		Markets Small
	ex-US ETF			Small Cap ETF			Estate ETF			100 ETF			Resources ETF			ex-US ETF			Japan ETF			Cap Japan ETF			Dividend ETF			Mid Cap ETF		Cap ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	142,797,107		$	919,463,772		$	1,762,588,103		$	51,015,358		$	124,683,394		$	466,046,588		$	15,556,451		$	118,025,215		$	398,049,163		$	42,733,805	$	638,876,469
Investments in securities of affiliated issuers, at value (Note 3)		15,725,374			123,141,768			149,784,079			4,726,163			123,331			50,170,138			4,424,772			30,920,076			30,562,577			7,790,167		20,378,018

Total Investments		158,522,481			1,042,605,540			1,912,372,182			55,741,521			124,806,725			516,216,726			19,981,223			148,945,291			428,611,740			50,523,972		659,254,487
Foreign currency, at value		508,075			3,407,432			3,681,350			25,813			282,493			634,659			7,934			101,306			404,736			139,992		576,714
Receivable for investments sold		—			1,290,569			30,963			—			—			—			5,299			268,060			34			—		61,715
Receivable for fund shares sold in-kind		—			—			27,143,734			—			—			—			—			6,433,070			—			—		—
Receivable for foreign taxes recoverable		77,325			122,107			616,496			33,435			2,348			274,559			—			—			83,365			7,001		475
Dividends and interest receivable — unaffiliated issuers		518,132			4,163,199			5,591,285			183,941			88,768			1,540,781			152,978			1,112,441			911,536			159,754		879,573
Dividends receivable — affiliated issuers		6,597			88,651			45,459			1,062			24			18,381			466			7,719			43,807			4,005		31,879

TOTAL ASSETS		159,632,610			1,051,677,498			1,949,481,469			55,985,772			125,180,358			518,685,106			20,147,900			156,867,887			430,055,218			50,834,724		660,804,843
																														��
LIABILITIES
Payable upon return of securities loaned		15,492,550			121,532,582			149,476,177			4,649,521			—			50,052,612			4,374,249			30,272,268			30,499,258			7,786,753		17,561,183
Payable for investments purchased		—			125,801			29,036,548			—			—			—			—			6,396,121			—			866		—
Accrued advisory fee (Note 3)		111,294			1,291,388			2,309,588			74,386			87,235			375,592			11,442			111,511			414,675			45,984		1,409,883
Deferred foreign taxes payable		—			—			—			—			—			142,900			—			—			1,958			—		121,199
Accrued trustees’ fees and expenses (Note 3)		327			2,195			3,969			139			137			1,138			23			193			922			104		2,777

TOTAL LIABILITIES		15,604,171			122,951,966			180,826,282			4,724,046			87,372			50,572,242			4,385,714			36,780,093			30,916,813			7,833,707		19,095,042

NET ASSETS	$	144,028,439		$	928,725,532		$	1,768,655,187		$	51,261,726		$	125,092,986		$	468,112,864		$	15,762,186		$	120,087,794		$	399,138,405		$	43,001,017	$	641,709,801

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	125,228,138		$	877,190,264		$	2,165,956,167		$	74,010,844		$	116,661,901		$	505,662,916		$	19,068,903		$	133,954,584		$	372,853,480		$	36,252,595	$	598,184,522
Undistributed (distribution in excess of) net investment income		590,946			(1,111,563	)		(66,053,630	)		366,010			213,076			1,897,479			124,918			917,081			(732,715	)		8,747		235,452
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(2,830,896	)		(18,227,200	)		(417,962,546	)		(6,148,798	)		(110,617	)		(48,435,363	)		(1,239,396	)		(6,572,119	)		3,600,442			196,046		35,488,284
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $142,900, $0, $0, $1,958, $0, $121,199, respectively)		21,023,506			70,858,348			86,752,962			(16,966,478	)		8,325,347			8,954,127			(2,191,100	)		(8,197,915	)		23,389,716			6,538,878		7,788,270
Foreign currency		16,745			15,683			(37,766	)		148			3,279			33,705			(1,139	)		(13,837	)		27,482			4,751		13,273

NET ASSETS	$	144,028,439		$	928,725,532		$	1,768,655,187		$	51,261,726		$	125,092,986		$	468,112,864		$	15,762,186		$	120,087,794		$	399,138,405		$	43,001,017	$	641,709,801

NET ASSET VALUE PER SHARE
Net asset value per share	$	26.67		$	31.59		$	38.84		$	42.72		$	62.55		$	34.93		$	39.41		$	42.89		$	58.69		$	31.85	$	53.93

Shares outstanding (unlimited amount authorized, $0.01 par value)		5,400,000			29,400,000			45,535,379			1,200,000			2,000,000			13,400,000			400,000			2,800,075			6,801,326			1,350,000		11,900,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	121,773,601		$	848,605,424		$	1,675,835,141		$	67,981,836		$	116,358,047		$	456,949,561		$	17,747,551		$	126,223,130		$	374,657,489		$	36,194,927	$	630,967,000
Affiliated issuers		15,725,374			123,141,768			149,784,079			4,726,163			123,331			50,170,138			4,424,772			30,920,076			30,562,577			7,790,167		20,378,018

Total cost of investments	$	137,498,975		$	971,747,192		$	1,825,619,220		$	72,707,999		$	116,481,378		$	507,119,699		$	22,172,323		$	157,143,206		$	405,220,066		$	43,985,094	$	651,345,018

Foreign currency, at cost	$	497,903		$	3,393,904		$	3,669,277		$	25,647		$	279,495		$	624,736		$	7,963		$	101,877		$	400,225		$	136,492	$	571,307

* Includes investments in securities on loan, at value	$	14,702,021		$	115,141,590		$	141,287,184		$	4,564,076		$	—		$	47,583,827		$	4,168,922		$	28,647,492		$	30,259,980		$	7,402,788	$	15,994,046

See accompanying notes to financial statements.

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201

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2011 (Unaudited)


				SPDR S&P			SPDR S&P
	SPDR Dow			International			International			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P
	Jones Global			Consumer			Consumer			International			International			International			International			International			International			International			International
	Real			Discretionary			Staples			Energy			Financial			Health Care			Industrial			Materials			Technology			Telecommunications			Utilities
	Estate ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	246,323,400		$	23,335,247		$	13,804,177		$	18,031,160		$	9,322,956		$	12,133,467		$	32,123,647		$	41,990,877		$	26,433,719		$	9,142,568		$	8,351,136
Investments in securities of affiliated issuers, at value (Note 3)		24,523,816			44,141			13,452			4,957			34,727			5,311			26,059			20,487			21,687			25,095			31,866

Total Investments		270,847,216			23,379,388			13,817,629			18,036,117			9,357,683			12,138,778			32,149,706			42,011,364			26,455,406			9,167,663			8,383,002
Cash		6,571			—			—			—			—			—			—			—			—			—			—
Foreign currency, at value		226,572			15,313			18,610			36,868			10,202			171,942			324,404			163,858			76,819			40,793			13,590
Receivable for investments sold		—			—			—			—			—			—			1,472,270			42,974			—			69,353			—
Receivable for fund shares sold in-kind		—			—			1,527,222			—			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		16,296			879			10,549			1,381			4,873			31,111			9,978			7,244			881			10,977			845
Dividends and interest receivable — unaffiliated issuers		639,316			74,554			69,460			22,369			52,934			51,345			132,500			92,197			81,639			23,104			23,786
Dividends receivable — affiliated issuers		7,405			8			1			6			80			6			80			43			13			10			13

TOTAL ASSETS		271,743,376			23,470,142			15,443,471			18,096,741			9,425,772			12,393,182			34,088,938			42,317,680			26,614,758			9,311,900			8,421,236

LIABILITIES
Payable upon return of securities loaned		24,216,493			—			9,600			—			34,627			—			—			—			—			—			29,359
Payable for investments purchased		143,489			—			1,522,713			—			5			—			—			—			—			59,809			—
Due to custodian		—			—			—			—			364			—			—			—			—			—			—
Payable for fund shares repurchased in-kind		—			—			—			—			—			—			1,480,436			—			—			—			—
Accrued advisory fee (Note 3)		265,483			29,103			15,080			20,651			8,752			15,119			37,077			51,119			33,131			14,840			10,588
Accrued trustees’ fees and expenses (Note 3)		485			59			34			41			19			31			70			96			68			5			22

TOTAL LIABILITIES		24,625,950			29,162			1,547,427			20,692			43,767			15,150			1,517,583			51,215			33,199			74,654			39,969

NET ASSETS	$	247,117,426		$	23,440,980		$	13,896,044		$	18,076,049		$	9,382,005		$	12,378,032		$	32,571,355		$	42,266,465		$	26,581,559		$	9,237,246		$	8,381,267

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	213,068,687		$	20,949,111		$	13,286,541		$	16,868,676		$	10,877,213		$	11,845,689		$	29,174,580		$	38,301,878		$	23,912,379		$	9,761,877		$	10,564,257
Undistributed (distribution in excess of) net investment income		(6,568,651	)		46,656			10,464			(12,192	)		7,203			31,573			61,303			109,223			57,669			10,835			13,494
Accumulated net realized gain (loss) on investments and foreign currency transactions		(8,360,219	)		(42,510	)		(149,608	)		(495,079	)		(702,281	)		(103,746	)		(131,463	)		(498,308	)		(27,515	)		(352,504	)		(346,550	)
Net unrealized appreciation (depreciation) on:
Investments		48,977,061			2,487,353			746,934			1,714,305			(800,889	)		597,895			3,456,710			4,352,077			2,638,886			(184,758	)		(1,850,488	)
Foreign currency		548			370			1,713			339			759			6,621			10,225			1,595			140			1,796			554

NET ASSETS	$	247,117,426		$	23,440,980		$	13,896,044		$	18,076,049		$	9,382,005		$	12,378,032		$	32,571,355		$	42,266,465		$	26,581,559		$	9,237,246		$	8,381,267

NET ASSET VALUE PER SHARE
Net asset value per share	$	38.02		$	29.30		$	30.88		$	30.13		$	20.85		$	30.95		$	29.61		$	31.31		$	27.98		$	26.39		$	20.95

Shares outstanding (unlimited amount authorized, $0.01 par value)		6,500,000			800,000			450,000			600,000			450,000			400,000			1,100,000			1,350,000			950,000			350,000			400,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	197,346,339		$	20,847,894		$	13,057,243		$	16,316,855		$	10,123,845		$	11,535,572		$	28,666,937		$	37,638,800		$	23,794,833		$	9,327,326		$	10,201,624
Affiliated issuers		24,523,816			44,141			13,452			4,957			34,727			5,311			26,059			20,487			21,687			25,095			31,866

Total cost of investments	$	221,870,155		$	20,892,035		$	13,070,695		$	16,321,812		$	10,158,572		$	11,540,883		$	28,692,996		$	37,659,287		$	23,816,520		$	9,352,421		$	10,233,490

Foreign currency, at cost	$	225,559		$	15,076		$	18,094		$	36,617		$	10,111		$	166,649		$	314,506		$	163,104		$	76,245		$	40,012		$	13,142

* Includes investments in securities on loan, at value	$	23,396,059		$	—		$	8,884		$	—		$	33,220		$	—		$	—		$	—		$	—		$	—		$	27,958

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2011 (Unaudited)


																			SPDR S&P
																			Emerging												SPDR S&P
							SPDR S&P									SPDR S&P			Markets						SPDR S&P			SPDR S&P			Emerging
	SPDR STOXX			SPDR EURO			Emerging Asia			SPDR S&P			SPDR S&P			Emerging			Dividend			SPDR S&P			Emerging			Emerging Latin			Middle East &
	Europe 50 ETF			STOXX 50 ETF			Pacific ETF			Russia ETF			China ETF			Markets ETF			ETF(1)			BRIC 40 ETF			Europe ETF			America ETF			Africa ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	555,329		$	1,705,570		$	2,164,724		$	124,071		$	408,721		$	1,444,944		$	29,918		$	3,289,905		$	1,314,640		$	3,168,096		$	2,167,961
Dividend income on securities of affiliated issuers (Note 3)		52			122			2,780			184			599			6,398			5			1,072			483			595			392
Affiliated securities lending — net (Note 3 and Note 8)		7,708			52,839			129,164			—			374,535			42,931			—			45,692			33,551			52,896			13,341
Interest income (Note 2)		—			161			104			—			—			2,147			—			—			—			—			5,296
Foreign taxes withheld		(45,547	)		(181,613	)		(242,260	)		(16,295	)		(18,374	)		(140,454	)		(3,365	)		(389,688	)		(280,709	)		(401,972	)		454

TOTAL INVESTMENT INCOME		517,542			1,577,079			2,054,512			107,960			765,481			1,355,966			26,558			2,946,981			1,067,965			2,819,615			2,187,444

EXPENSES
Advisory fee (Note 3)		57,440			240,810			2,210,680			209,687			2,140,781			677,014			4,778			1,250,042			694,881			761,272			464,879
Trustees’ fees and expenses (Note 3)		607			2,628			11,826			565			12,559			3,472			19			8,209			3,984			4,312			2,354
Proxy expenses		3,538			10,092			30,781			—			38,757			8,817			—			34,406			15,601			11,579			7,935
Miscellaneous expenses		—			—			13,161			—			439			5,319			—			3,003			7,835			3,489			53

TOTAL EXPENSES		61,585			253,530			2,266,448			210,252			2,192,536			694,622			4,797			1,295,660			722,301			780,652			475,221

NET INVESTMENT INCOME (LOSS)		455,957			1,323,549			(211,936	)		(102,292	)		(1,427,055	)		661,344			21,761			1,651,321			345,664			2,038,963			1,712,223

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(1,077,405	)		1,340,188			51,916,567			4,482,967			25,331,933			11,089,437			1,425			(10,920,076	)		5,584,542			3,774,270			4,544,768
Foreign currency transactions		13,465			3,726			(169,202	)		(398	)		(2,900	)		(77,701	)		(81,325	)		(801	)		57,924			(190,700	)		(74,361	)
Futures		—			—			131,412			—			—			734,719			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $824,247, $0, $0, $174,686, $1,227, $0, $0, $0, $0, respectively)		4,214,152			14,415,078			(5,152,377	)		12,118,160			4,645,996			7,559,980			623,469			76,733,620			38,807,730			6,917,763			3,159,544
Foreign currency transactions		(7,278	)		(18,952	)		(39,656	)		64			(3,935	)		10,334			235			(4,898	)		(27,144	)		8,785			17,507
Futures		—			—			—			—			—			13,905			—			—			—			—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		3,142,934			15,740,040			46,686,744			16,600,793			29,971,094			19,330,674			543,804			65,807,845			44,423,052			10,510,118			7,647,458

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,598,891		$	17,063,589		$	46,474,808		$	16,498,501		$	28,544,039		$	19,992,018		$	565,565		$	67,459,166		$	44,768,716		$	12,549,081		$	9,359,681


(1)		For the period February 23, 2011 (commencement of operations) to March 31, 2011.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2011 (Unaudited)


							SPDR Dow			SPDR FTSE/
							Jones			Macquarie									SPDR Russell/												SPDR S&P
	SPDR S&P			SPDR S&P			International			Global			SPDR S&P			SPDR MSCI			Nomura			SPDR Russell/			SPDR S&P			SPDR S&P			Emerging
	World			International			Real			Infrastructure			Global Natural			ACWI			PRIME			Nomura Small			International			International			Markets Small
	ex-US ETF			Small Cap ETF			Estate ETF			100 ETF			Resources ETF			ex-US ETF			Japan ETF			Cap Japan ETF			Dividend ETF			Mid Cap ETF			Cap ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	1,512,789		$	9,108,713		$	36,615,096		$	944,926		$	420,881		$	4,894,025		$	175,661		$	1,292,072		$	7,537,514		$	484,621		$	5,175,697
Dividend income on securities of affiliated issuers (Note 3)		118			1,027			3,288			88			71			499			16			162			286			43			4,755
Affiliated securities lending — net (Note 3 and Note 8)		27,550			334,039			287,900			14,990			—			98,320			1,531			34,060			189,377			13,315			248,567
Interest income (Note 2)		31			3,002			4,048			—			—			308			—			—			471			24			6,045
Foreign taxes withheld		(101,741	)		(703,318	)		(1,659,055	)		(38,940	)		(19,694	)		(371,759	)		(12,285	)		(90,424	)		(473,367	)		(27,054	)		(355,183	)

TOTAL INVESTMENT INCOME		1,438,747			8,743,463			35,251,277			921,064			401,258			4,621,393			164,923			1,235,870			7,254,281			470,949			5,079,881

EXPENSES
Advisory fee (Note 3)		207,513			2,409,903			4,369,368			151,530			108,106			719,432			22,120			201,649			773,082			87,323			3,284,785
Trustees’ fees and expenses (Note 3)		1,772			12,046			22,034			710			496			6,047			70			873			5,316			547			16,997
Proxy expenses		5,979			35,583			63,136			4,821			—			21,134			778			4,274			15,059			1,349			11,187
Miscellaneous expenses		—			3,318			27			216			—			—			—			111			392			195			27,704

TOTAL EXPENSES		215,264			2,460,850			4,454,565			157,277			108,602			746,613			22,968			206,907			793,849			89,414			3,340,673

NET INVESTMENT INCOME (LOSS)		1,223,483			6,282,613			30,796,712			763,787			292,656			3,874,780			141,955			1,028,963			6,460,432			381,535			1,739,208

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		297,075			3,880,303			(93,169,634	)		(1,004,477	)		(113,306	)		5,475,236			(1,790,895	)		(899,409	)		26,887,734			495,602			63,404,621
Foreign currency transactions		3,224			229,334			747,186			4,324			2,782			86,462			1,308			1,532			147,050			20,887			(1,363,936	)
Futures		—			—			—			—			—			—			—			—			—			—			154,790
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $0, $142,900, $0, $0, $1,958, $0, $121,199, respectively)		11,324,287			98,290,218			178,310,346			3,417,039			8,253,474			35,072,127			2,616,650			9,404,436			1,928,325			4,138,379			(47,118,945	)
Foreign currency transactions		(1,650	)		(66,919	)		(32,563	)		(443	)		3,213			(38,985	)		(1,751	)		(18,300	)		7,369			1,586			(237,004	)
Futures		—			—			—			—			—			—			—			—			—			—			(86,785	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		11,622,936			102,332,936			85,855,335			2,416,443			8,146,163			40,594,840			825,312			8,488,259			28,970,478			4,656,454			14,752,741

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,846,419		$	108,615,549		$	116,652,047		$	3,180,230		$	8,438,819		$	44,469,620		$	967,267		$	9,517,222		$	35,430,910		$	5,037,989		$	16,491,949

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2011 (Unaudited)


				SPDR S&P			SPDR S&P																					SPDR S&P
	SPDR Dow			International			International			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			International			SPDR S&P
	Jones Global			Consumer			Consumer			International			International			International			International			International			International			Telecommuni-			International
	Real			Discretionary			Staples			Energy			Financial			Health Care			Industrial			Materials			Technology			cations			Utilities
	Estate ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF			Sector ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	3,873,554		$	152,099		$	135,680		$	202,917		$	129,748		$	223,010		$	293,763		$	273,599		$	170,470		$	292,113		$	142,188
Dividend income on securities of affiliated issuers (Note 3)		423			20			6			6			5			10			19			7			16			19			5
Affiliated securities lending — net (Note 3 and Note 8)		38,683			31			—			5			124			—			479			269			452			244			34
Interest income (Note 2)		161			—			—			—			—			—			182			70			—			—			—
Foreign taxes withheld		(109,563	)		(9,651	)		(4,398	)		(18,422	)		(7,841	)		(20,958	)		(25,355	)		(12,856	)		(11,182	)		(27,402	)		(9,219	)

TOTAL INVESTMENT INCOME		3,803,258			142,499			131,288			184,506			122,036			202,062			269,088			261,089			159,756			264,974			133,008

EXPENSES
Advisory fee (Note 3)		456,243			54,919			31,657			38,591			17,676			28,939			65,537			90,212			61,793			38,353			20,749
Trustees’ fees and expenses (Note 3)		2,501			298			177			216			82			153			341			490			324			226			89
Proxy expenses		6,044			350			433			754			560			279			571			1,366			1,351			1,213			597
Miscellaneous expenses		—			—			—			—			—			31			—			—			—			—			—

TOTAL EXPENSES		464,788			55,567			32,267			39,561			18,318			29,402			66,449			92,068			63,468			39,792			21,435

NET INVESTMENT INCOME (LOSS)		3,338,470			86,932			99,021			144,945			103,718			172,660			202,639			169,021			96,288			225,182			111,573

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(826,543	)		415,969			877,941			156,468			2,802			48,154			419,670			1,436,948			(22,288	)		905,383			82,903
Foreign currency transactions		49,603			813			2,051			1,699			1,667			3,433			(1,370	)		3,760			1,680			(3,737	)		(413	)
Net change in unrealized appreciation (depreciation) on:
Investments		16,321,764			1,141,455			(347,571	)		3,017,718			414,516			536,293			3,132,630			3,848,303			2,931,666			(165,407	)		43,061
Foreign currency transactions		(2,114	)		(631	)		(949	)		(2,121	)		(1,888	)		3,504			8,460			(491	)		(967	)		620			(226	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		15,542,710			1,557,606			531,472			3,173,764			417,097			591,384			3,559,390			5,288,520			2,910,091			736,859			125,325

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	18,881,180		$	1,644,538		$	630,493		$	3,318,709		$	520,815		$	764,044		$	3,762,029		$	5,457,541		$	3,006,379		$	962,041		$	236,898

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX 50 ETF						SPDR S&P Emerging Asia Pacific ETF						SPDR S&P Russia ETF						SPDR S&P China ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended			For the			Six Months Ended
	3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Period			3/31/11			Year Ended
	(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			*3/10/10- 9/30/10**			(Unaudited)			9/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	455,957		$	1,450,663		$	1,323,549		$	4,815,374		$	(211,936	)	$	10,061,038		$	(102,292	)	$	31,909		$	(1,427,055	)	$	8,076,859
Net realized gain (loss) on investments, foreign currency transactions and futures		(1,063,940	)		(5,082,678	)		1,343,914			(3,410,769	)		51,878,777			14,956,324			4,482,569			1,314			25,329,033			(11,246,697	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		4,206,874			2,323,588			14,396,126			(10,673,414	)		(5,192,033	)		86,031,691			12,118,224			47,618			4,642,061			79,364,873

Net increase (decrease) in net assets resulting from operations		3,598,891			(1,308,427	)		17,063,589			(9,268,809	)		46,474,808			111,049,053			16,498,501			80,841			28,544,039			76,195,035

Net equalization credits and charges		(32,259	)		90,156			7,120			440,402			—			—			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(878,954	)		(1,567,926	)		(1,479,304	)		(5,287,503	)		(7,330,556	)		(6,011,211	)		(4,799	)		(27,110	)		(2,914,530	)		(6,488,711	)
Net realized gains		—			—			—			—			(23,251,099	)		—			(38,444	)		—			—			—

Total distributions to shareholders		(878,954	)		(1,567,926	)		(1,479,304	)		(5,287,503	)		(30,581,655	)		(6,011,211	)		(43,243	)		(27,110	)		(2,914,530	)		(6,488,711	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			9,990,383			35,853,209			67,279,490			312,368,465			153,508,670			5,949,194			81,608,501			189,444,665
Proceeds from reinvestment of distributions		—			176			—			372			—			—			—			—			—			—
Cost of shares redeemed		(3,657,465	)		(15,230,821	)		(15,681,382	)		(40,819,155	)		(64,438,779	)		(141,564,542	)		(30,368,446	)		—			(67,498,479	)		(27,009,742	)
Net income equalization (Note 2)		32,259			(90,156	)		(7,120	)		(440,402	)		—			—			—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(3,625,206	)		(15,320,801	)		(5,698,119	)		(5,405,976	)		2,840,711			170,803,923			123,140,224			5,949,194			14,110,022			162,434,923

Net increase (decrease) in net assets during the period		(937,528	)		(18,106,998	)		9,893,286			(19,521,886	)		18,733,864			275,841,765			139,595,482			6,002,925			39,739,531			232,141,247
Net assets at beginning of period		38,407,166			56,514,164			162,400,406			181,922,292			712,608,064			436,766,299			6,002,925			—			677,679,960			445,538,713

NET ASSETS END OF PERIOD (1)	$	37,469,638		$	38,407,166		$	172,293,692		$	162,400,406		$	731,341,928		$	712,608,064		$	145,598,407		$	6,002,925		$	717,419,491		$	677,679,960

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			—			250,000			1,050,000			800,000			4,200,000			4,250,000			200,000			1,000,000			2,600,000
Shares issued to shareholders from reinvestment of distributions		—			5			—			9			—			—			—			—			—			—
Shares redeemed		(100,000	)		(450,000	)		(400,000	)		(1,050,000	)		(800,000	)		(1,900,000	)		(800,000	)		—			(900,000	)		(400,000	)

Net increase (decrease)		(100,000	)		(449,995	)		(150,000	)		9			—			2,300,000			3,450,000			200,000			100,000			2,200,000

(1) Including undistributed (distribution in excess of) net investment income	$	19,745		$	442,742		$	(223,776	)	$	(68,021	)	$	(705,050	)	$	6,837,442		$	(102,292	)	$	4,799		$	(1,427,051	)	$	2,914,534


*		Commencement of operations

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P Emerging Markets ETF						SPDR S&P Emerging Markets Dividend ETF			SPDR S&P BRIC 40 ETF						SPDR S&P Emerging Europe ETF						SPDR S&P Emerging Latin America ETF
	Six Months Ended									Six Months Ended						Six Months Ended						Six Months Ended
	3/31/11			Year Ended						3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended
	(Unaudited)			9/30/10			*For the Period 2/23/11- 3/31/11**			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	661,344		$	2,437,633		$	21,761		$	1,651,321		$	7,374,022		$	345,664		$	2,276,434		$	2,038,963		$	3,323,085
Net realized gain (loss) on investments, foreign currency transactions and futures		11,746,455			9,092,828			(79,900	)		(10,920,877	)		(3,757,398	)		5,642,466			(1,091,326	)		3,583,570			2,631,525
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		7,584,219			15,537,156			623,704			76,728,722			44,830,144			38,780,586			14,356,267			6,926,548			19,448,305

Net increase (decrease) in net assets resulting from operations		19,992,018			27,067,617			565,565			67,459,166			48,446,768			44,768,716			15,541,375			12,549,081			25,402,915

Net equalization credits and charges		—			—			(22,012	)		—			—			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,798,176	)		(1,886,519	)		(19,647	)		(2,372,838	)		(6,217,019	)		(406,301	)		(1,812,115	)		(3,348,558	)		(2,998,406	)
Net realized gains		(2,055,341	)		—			—			—			—			—			—			—			—

Total distributions to shareholders		(3,853,517	)		(1,886,519	)		(19,647	)		(2,372,838	)		(6,217,019	)		(406,301	)		(1,812,115	)		(3,348,558	)		(2,998,406	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		22,136,941			121,826,276			12,586,214			40,723,699			102,061,604			38,117,828			169,976,924			60,807,488			134,560,726
Cost of shares redeemed		(29,382,265	)		(24,741,000	)		—			(8,275,115	)		(25,112,802	)		(34,083,646	)		(89,356,612	)		(50,280,903	)		(78,614,528	)
Net income equalization (Note 2)		—			—			22,012			—			—			—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(7,245,324	)		97,085,276			12,608,226			32,448,584			76,948,802			4,034,182			80,620,312			10,526,585			55,946,198

Net increase (decrease) in net assets during the period		8,893,177			122,266,374			13,132,132			97,534,912			119,178,551			48,396,597			94,349,572			19,727,108			78,350,707
Net assets at beginning of period		216,661,213			94,394,839			—			459,990,934			340,812,383			232,324,824			137,975,252			211,194,244			132,843,537

NET ASSETS END OF PERIOD (1)	$	225,554,390		$	216,661,213		$	13,132,132		$	557,525,846		$	459,990,934		$	280,721,421		$	232,324,824		$	230,921,352		$	211,194,244

SHARES OF BENEFICIAL INTEREST:
Shares sold		300,000			1,900,000			250,000			1,500,000			4,100,000			700,000			3,800,000			700,000			1,700,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—			—			—			—
Shares redeemed		(400,000	)		(400,000	)		—			(300,000	)		(1,100,000	)		(700,000	)		(2,200,000	)		(600,000	)		(1,100,000	)

Net increase (decrease)		(100,000	)		1,500,000			250,000			1,200,000			3,000,000			—			1,600,000			100,000			600,000

(1) Including undistributed (distribution in excess of) net investment income	$	(22,571	)	$	1,114,261		$	2,114		$	767,151		$	1,488,668		$	351,583		$	412,220		$	(894,161	)	$	389,295


*		Commencement of operations

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


							SPDR S&P World
	SPDR S&P Emerging Middle East & Africa ETF						ex-US ETF						SPDR S&P International Small Cap ETF						SPDR Dow Jones International Real Estate ETF						SPDR FTSE/Macquarie Global Infrastructure 100 ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended
	(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,712,223		$	2,710,484		$	1,223,483		$	2,356,448		$	6,282,613		$	10,174,806		$	30,796,712		$	40,947,461		$	763,787		$	2,177,565
Net realized gain (loss) on investments and foreign currency transactions		4,470,407			1,469,286			300,299			(186,867	)		4,109,637			6,979,139			(92,422,448	)		(58,157,750	)		(1,000,153	)		(2,974,500	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,177,051			24,016,550			11,322,637			2,594,218			98,223,299			42,125,692			178,277,783			153,805,836			3,416,596			1,209,008

Net increase (decrease) in net assets resulting from operations		9,359,681			28,196,320			12,846,419			4,763,799			108,615,549			59,279,637			116,652,047			136,595,547			3,180,230			412,073

Net equalization credits and charges		—			—			—			—			—			—			(19,165,602	)		(451,793	)		—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,710,148	)		(2,572,981	)		(1,211,042	)		(2,124,908	)		(13,026,364	)		(9,113,629	)		(101,005,263	)		(40,086,120	)		(832,974	)		(2,412,780	)

Total distributions to shareholders		(2,710,148	)		(2,572,981	)		(1,211,042	)		(2,124,908	)		(13,026,364	)		(9,113,629	)		(101,005,263	)		(40,086,120	)		(832,974	)		(2,412,780	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		37,950,689			6,716,562			25,939,952			18,927,884			210,572,397			135,826,621			438,747,193			323,758,955			—			—
Proceeds from reinvestment of distributions		—			—			—			—			—			—			—			71,215			—			—
Cost of shares redeemed		(28,196,196	)		(18,907,813	)		—			—			—			(72,461,768	)		—			(45,343,162	)		(4,271,831	)		(11,911,868	)
Net income equalization (Note 2)		—			—			—			—			—			—			19,165,602			451,793			—			—

Net increase (decrease) in net assets from beneficial interest transactions		9,754,493			(12,191,251	)		25,939,952			18,927,884			210,572,397			63,364,853			457,912,795			278,938,801			(4,271,831	)		(11,911,868	)

Net increase (decrease) in net assets during the period		16,404,026			13,432,088			37,575,329			21,566,775			306,161,582			113,530,861			454,393,977			374,996,435			(1,924,575	)		(13,912,575	)
Net assets at beginning of period		142,664,324			129,232,236			106,453,110			84,886,335			622,563,950			509,033,089			1,314,261,210			939,264,775			53,186,301			67,098,876

NET ASSETS END OF PERIOD (1)	$	159,068,350		$	142,664,324		$	144,028,439		$	106,453,110		$	928,725,532		$	622,563,950		$	1,768,655,187		$	1,314,261,210		$	51,261,726		$	53,186,301

SHARES OF BENEFICIAL INTEREST:
Shares sold		500,000			100,000			1,000,000			800,000			7,100,000			5,200,000			11,300,000			9,200,000			—			—
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—			—			2,007			—			—
Shares redeemed		(400,000	)		(300,000	)		—			—			—			(2,900,000	)		—			(1,400,000	)		(100,000	)		(300,000	)

Net increase (decrease)		100,000			(200,000	)		1,000,000			800,000			7,100,000			2,300,000			11,300,000			7,802,007			(100,000	)		(300,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	(1,583	)	$	996,342		$	590,946		$	578,505		$	(1,111,563	)	$	5,632,188		$	(66,053,630	)	$	4,154,921		$	366,010		$	435,197

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


							SPDR MSCI ACWI
	SPDR S&P Global Natural Resources ETF						ex-US ETF						SPDR Russell/Nomura PRIME Japan ETF						SPDR Russell/Nomura Small Cap Japan ETF						SPDR S&P International Dividend ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/11						3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended
	(Unaudited)			*For the Period 9/13/10- 9/30/10**			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	292,656		$	2,959		$	3,874,780		$	8,807,576		$	141,955		$	201,408		$	1,028,963		$	1,016,433		$	6,460,432		$	8,922,133
Net realized gain (loss) on investments and foreign currency transactions		(110,524	)		(18	)		5,561,698			1,253,393			(1,789,587	)		(41,684	)		(897,877	)		1,912,923			27,034,784			119,000
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		8,256,687			71,939			35,033,142			12,511,633			2,614,899			(190,954	)		9,386,136			(4,060,086	)		1,935,694			3,552,985

Net increase (decrease) in net assets resulting from operations		8,438,819			74,880			44,469,620			22,572,602			967,267			(31,230	)		9,517,222			(1,130,730	)		35,430,910			12,594,118

Net equalization credits and charges		—			—			—			—			—			—			—			—			411,081			245,201

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(82,614	)		—			(4,073,796	)		(8,267,313	)		(135,745	)		(212,633	)		(570,630	)		(1,212,446	)		(6,981,960	)		(8,988,445	)

Total distributions to shareholders		(82,614	)		—			(4,073,796	)		(8,267,313	)		(135,745	)		(212,633	)		(570,630	)		(1,212,446	)		(6,981,960	)		(8,988,445	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		109,122,115			7,539,786			54,280,141			92,581,495			7,648,028			—			47,787,027			1,905,760			111,984,210			154,125,552
Proceeds from reinvestment of distributions		—			—			—			—			—			—			—			—			—			14,312
Cost of shares redeemed		—			—			(20,472,108	)		(22,878,986	)		(7,836,631	)		—			(4,057,610	)		(17,231,739	)		—			(25,077,709	)
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			(411,081	)		(245,201	)

Net increase (decrease) in net assets from beneficial interest transactions		109,122,115			7,539,786			33,808,033			69,702,509			(188,603	)		—			43,729,417			(15,325,979	)		111,573,129			128,816,954

Net increase (decrease) in net assets during the period		117,478,320			7,614,666			74,203,857			84,007,798			642,919			(243,863	)		52,676,009			(17,669,155	)		140,433,160			132,667,828
Net assets at beginning of period		7,614,666			—			393,909,007			309,901,209			15,119,267			15,363,130			67,411,785			85,080,940			258,705,245			126,037,417

NET ASSETS END OF PERIOD (1)	$	125,092,986		$	7,614,666		$	468,112,864		$	393,909,007		$	15,762,186		$	15,119,267		$	120,087,794		$	67,411,785		$	399,138,405		$	258,705,245

SHARES OF BENEFICIAL INTEREST:
Shares sold		1,850,000			150,000			1,600,000			3,000,000			200,000			—			1,200,000			50,000			2,000,000			2,900,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—			—			—			—			273
Shares redeemed		—			—			(600,000	)		(800,000	)		(200,000	)		—			(100,000	)		(450,000	)		—			(500,000	)

Net increase (decrease)		1,850,000			150,000			1,000,000			2,200,000			—			—			1,100,000			(400,000	)		2,000,000			2,400,273

(1) Including undistributed (distribution in excess of) net investment income	$	213,076		$	3,034		$	1,897,479		$	2,096,495		$	124,918		$	118,708		$	917,081		$	458,748		$	(732,715	)	$	(211,187	)


*		Commencement of operations

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P International Mid Cap ETF						SPDR S&P Emerging Markets Small Cap ETF						SPDR Dow Jones Global Real Estate ETF						SPDR S&P International Consumer Discretionary Sector ETF						SPDR S&P International Consumer Staples Sector ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended
	(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	381,535		$	487,936		$	1,739,208		$	5,623,309		$	3,338,470		$	3,793,705		$	86,932		$	128,584		$	99,021		$	199,898
Net realized gain (loss) on investments, foreign currency transactions and futures		516,489			2,034,468			62,195,475			29,775,255			(776,940	)		(1,472,418	)		416,782			(75,551	)		879,992			4,200
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		4,139,965			198,690			(47,442,734	)		49,787,906			16,319,650			18,906,551			1,140,824			1,617,391			(348,520	)		1,223,034

Net increase (decrease) in net assets resulting from operations		5,037,989			2,721,094			16,491,949			85,186,470			18,881,180			21,227,838			1,644,538			1,670,424			630,493			1,427,132

Net equalization credits and charges		—			—			—			—			(2,951,446	)		68,501			3,550			6,904			(1,119	)		11,009

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(606,965	)		(439,504	)		(3,479,144	)		(1,009,521	)		(9,008,938	)		(4,128,948	)		(69,753	)		(112,931	)		(88,182	)		(206,190	)
Net realized gains		(610,806	)		(521,348	)		(31,686,300	)		(1,762,433	)		—			—			—			—			—			—

Total distributions to shareholders		(1,217,771	)		(960,852	)		(35,165,444	)		(2,771,954	)		(9,008,938	)		(4,128,948	)		(69,753	)		(112,931	)		(88,182	)		(206,190	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		8,984,816			12,046,063			408,882,682			686,488,723			96,857,510			42,212,998			4,477,437			12,451,406			3,089,408			8,416,576
Cost of shares redeemed		—			(5,325,824	)		(545,910,051	)		(37,166,199	)		—			—			(1,444,399	)		—			(4,635,506	)		—
Net income equalization (Note 2)		—			—			—			—			2,951,446			(68,501	)		(3,550	)		(6,904	)		1,119			(11,009	)

Net increase (decrease) in net assets from beneficial interest transactions		8,984,816			6,720,239			(137,027,369	)		649,322,524			99,808,956			42,144,497			3,029,488			12,444,502			(1,544,979	)		8,405,567

Net increase (decrease) in net assets during the period		12,805,034			8,480,481			(155,700,864	)		731,737,040			106,729,752			59,311,888			4,607,823			14,008,899			(1,003,787	)		9,637,518
Net assets at beginning of period		30,195,983			21,715,502			797,410,665			65,673,625			140,387,674			81,075,786			18,833,157			4,824,258			14,899,831			5,262,313

NET ASSETS END OF PERIOD (1)	$	43,001,017		$	30,195,983		$	641,709,801		$	797,410,665		$	247,117,426		$	140,387,674		$	23,440,980		$	18,833,157		$	13,896,044		$	14,899,831

SHARES OF BENEFICIAL INTEREST:
Shares sold		300,000			450,000			7,300,000			13,900,000			2,600,000			1,300,000			150,000			500,000			100,000			300,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—			—			—			—			—
Shares redeemed		—			(200,000	)		(10,000,000	)		(800,000	)		—			—			(50,000	)		—			(150,000	)		—

Net increase (decrease)		300,000			250,000			(2,700,000	)		13,100,000			2,600,000			1,300,000			100,000			500,000			(50,000	)		300,000

(1) Including undistributed (distribution in excess of) net investment income	$	8,747		$	234,177		$	235,452		$	1,975,388		$	(6,568,651	)	$	(898,183	)	$	46,656		$	29,477		$	10,464		$	(375	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P International Energy Sector ETF						SPDR S&P International Financial Sector ETF						SPDR S&P International Health Care Sector ETF						SPDR S&P International Industrial Sector ETF						SPDR S&P International Materials Sector ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended
	(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	144,945		$	257,928		$	103,718		$	254,065		$	172,660		$	139,776		$	202,639		$	154,336		$	169,021		$	204,428
Net realized gain (loss) on investments and foreign currency transactions		158,167			(344,948	)		4,469			699,825			51,587			(181,590	)		418,300			(47,533	)		1,440,708			261,116
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,015,597			(206,617	)		412,628			(1,220,845	)		539,797			550,643			3,141,090			1,111,430			3,847,812			1,190,264

Net increase (decrease) in net assets resulting from operations		3,318,709			(293,637	)		520,815			(266,955	)		764,044			508,829			3,762,029			1,218,233			5,457,541			1,655,808

Net equalization credits and charges		2,162			17,769			(24,431	)		17,776			4,305			(1,295	)		20,954			21,033			(9,376	)		(13,822	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(157,424	)		(265,577	)		(111,189	)		(274,396	)		(162,476	)		(132,165	)		(159,592	)		(145,223	)		(96,569	)		(179,753	)

Total distributions to shareholders		(157,424	)		(265,577	)		(111,189	)		(274,396	)		(162,476	)		(132,165	)		(159,592	)		(145,223	)		(96,569	)		(179,753	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		3,928,127			7,541,236			3,202,849			10,792,976			1,466,827			5,673,901			12,494,036			13,390,135			19,071,658			15,063,093
Cost of shares redeemed		(1,272,795	)		(1,091,375	)		(3,051,815	)		(6,778,742	)		—			(1,441,597	)		(1,480,436	)		(1,160,514	)		(4,553,621	)		(3,372,651	)
Net income equalization (Note 2)		(2,162	)		(17,769	)		24,431			(17,776	)		(4,305	)		1,295			(20,954	)		(21,033	)		9,376			13,822

Net increase (decrease) in net assets from beneficial interest transactions		2,653,170			6,432,092			175,465			3,996,458			1,462,522			4,233,599			10,992,646			12,208,588			14,527,413			11,704,264

Net increase (decrease) in net assets during the period		5,816,617			5,890,647			560,660			3,472,883			2,068,395			4,608,968			14,616,037			13,302,631			19,879,009			13,166,497
Net assets at beginning of period		12,259,432			6,368,785			8,821,345			5,348,462			10,309,637			5,700,669			17,955,318			4,652,687			22,387,456			9,220,959

NET ASSETS END OF PERIOD (1)	$	18,076,049		$	12,259,432		$	9,382,005		$	8,821,345		$	12,378,032		$	10,309,637		$	32,571,355		$	17,955,318		$	42,266,465		$	22,387,456

SHARES OF BENEFICIAL INTEREST:
Shares sold		150,000			300,000			150,000			550,000			50,000			200,000			450,000			550,000			650,000			600,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—			—			—			—			—
Shares redeemed		(50,000	)		(50,000	)		(150,000	)		(350,000	)		—			(50,000	)		(50,000	)		(50,000	)		(150,000	)		(150,000	)

Net increase (decrease)		100,000			250,000			—			200,000			50,000			150,000			400,000			500,000			500,000			450,000

(1) Including undistributed (distribution in excess of) net investment income	$	(12,192	)	$	287		$	7,203		$	14,674		$	31,573		$	21,389		$	61,303		$	18,256		$	109,223		$	36,771

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P International Technology Sector ETF						SPDR S&P International Telecommunications Sector ETF						SPDR S&P International Utilities Sector ETF
	Six Months Ended						Six Months Ended						Six Months Ended
	3/31/11			Year Ended			3/31/11			Year Ended			3/31/11			Year Ended
	(Unaudited)			9/30/10			(Unaudited)			9/30/10			(Unaudited)			9/30/10

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	96,288		$	217,285		$	225,182		$	621,156		$	111,573		$	308,311
Net realized gain (loss) on investments and foreign currency transactions		(20,608	)		376,112			901,646			(75,249	)		82,490			83,169
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		2,930,699			(292,497	)		(164,787	)		135,515			42,835			(733,695	)

Net increase (decrease) in net assets resulting from operations		3,006,379			300,900			962,041			681,422			236,898			(342,215	)

Net equalization credits and charges		2,995			9,332			(14,314	)		11,285			(144	)		13,758

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(69,310	)		(202,796	)		(220,053	)		(624,359	)		(118,306	)		(284,890	)
Net realized gains		(87,145	)		(6,227	)		—			—			—			—

Total distributions to shareholders		(156,455	)		(209,023	)		(220,053	)		(624,359	)		(118,306	)		(284,890	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		2,688,113			11,117,854			5,183,495			9,607,909			1,080,588			8,360,834
Cost of shares redeemed		—			(1,227,857	)		(12,483,323	)		(3,301,651	)		(1,039,230	)		(4,069,217	)
Net income equalization (Note 2)		(2,995	)		(9,332	)		14,314			(11,285	)		144			(13,758	)

Net increase (decrease) in net assets from beneficial interest transactions		2,685,118			9,880,665			(7,285,514	)		6,294,973			41,502			4,277,859

Net increase (decrease) in net assets during the period		5,538,037			9,981,874			(6,557,840	)		6,363,321			159,950			3,664,512
Net assets at beginning of period		21,043,522			11,061,648			15,795,086			9,431,765			8,221,317			4,556,805

NET ASSETS END OF PERIOD (1)	$	26,581,559		$	21,043,522		$	9,237,246		$	15,795,086		$	8,381,267		$	8,221,317

SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			450,000			200,000			400,000			50,000			400,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		—			(50,000	)		(500,000	)		(150,000	)		(50,000	)		(200,000	)

Net increase (decrease)		100,000			400,000			(300,000	)		250,000			—			200,000

(1) Including undistributed (distribution in excess of) net investment income	$	57,669		$	30,691		$	10,835		$	5,706		$	13,494		$	20,227

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR STOXX Europe 50 ETF																		SPDR EURO STOXX 50 ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

Net asset value, beginning of period	$	33.39		$	35.31		$	36.33		$	53.69		$	44.48		$	39.31		$	36.90		$	41.34		$	41.88		$	62.12		$	49.23		$	41.31

Income (loss) from investment operations:
Net investment income (loss)		0.40	(1)		1.02	(1)		1.11	(1)		1.88			1.50			1.30	(1)		0.31	(1)		1.13	(1)		1.21	(1)		2.17			1.40			1.32	(1)
Net realized and unrealized gain (loss) (2)		2.71			(1.95	)		(1.05	)		(17.09	)		9.22			5.05			3.66			(4.47	)		(0.65	)		(19.32	)		12.80			7.92

Total from investment operations		3.11			(0.93	)		0.06			(15.21	)		10.72			6.35			3.97			(3.34	)		0.56			(17.15	)		14.20			9.24

Net equalization credits and charges (1)		(0.03	)		0.06			(0.01	)		(0.12	)		(0.03	)		0.38			—			0.10			0.15			(0.24	)		0.35			(0.08	)

Distributions to shareholders from:
Net investment income		(0.80	)		(1.05	)		(1.07	)		(1.69	)		(1.47	)		(1.41	)		(0.34	)		(1.20	)		(1.25	)		(1.95	)		(1.66	)		(1.24	)
Net realized gains		—			—			—			(0.34	)		(0.01	)		(0.15	)		—			—			—			(0.90	)		—			—

Total distributions		(0.80	)		(1.05	)		(1.07	)		(2.03	)		(1.48	)		(1.56	)		(0.34	)		(1.20	)		(1.25	)		(2.85	)		(1.66	)		(1.24	)

Net asset value, end of period	$	35.67		$	33.39		$	35.31		$	36.33		$	53.69		$	44.48		$	40.53		$	36.90		$	41.34		$	41.88		$	62.12		$	49.23

Total return (3)		9.33	%		(2.52	)%		0.69	%		(29.27	)%		24.22	%		17.40	%		10.83	%		(7.48	)%		2.35	%		(29.00	)%		29.76	%		22.48	%
Net assets, end of period (in 000’s)	$	37,470		$	38,407		$	56,514		$	76,311		$	185,256		$	71,175		$	172,294		$	162,400		$	181,922		$	224,080		$	484,541		$	233,865
Ratio of expenses to average net assets		0.30	%(4)		0.31	%		0.29	%		0.29	%		0.30	%		0.33	%		0.30	%(4)		0.31	%		0.29	%		0.29	%		0.30	%		0.33	%
Ratio of net investment income (loss) to average net assets		2.30	%(4)		3.05	%		3.93	%		3.35	%		3.16	%		3.13	%		1.59	%(4)		3.03	%		3.67	%		3.53	%		2.86	%		2.92	%
Portfolio turnover rate (5)		1	%		9	%		11	%		14	%		9	%		14	%		2	%		8	%		12	%		14	%		11	%		6	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Asia Pacific ETF															SPDR S&P Russia ETF						SPDR S&P China ETF
	Six Months												For the			Six Months			For the			Six Months												For the
	Ended												Period			Ended			Period			Ended												Period
	3/31/11			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/11			*3/10/10-**			3/31/11			Year Ended			Year Ended			Year Ended			*3/20/07-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	82.86		$	69.33		$	54.59		$	87.74		$	60.50		$	30.01		$	30.00		$	76.14		$	66.50		$	51.29		$	94.34		$	52.23

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(1)		1.28	(1)		1.21	(1)		0.90			0.64			(0.05	)(1)		0.20	(1)		(0.15	)(1)		1.03	(1)		1.21	(1)		0.75			0.50
Net realized and unrealized gain (loss) (2)		5.63			13.06			13.92			(35.04	)		25.50			10.05			(0.01	)		4.01			9.44			14.81			(43.64	)		40.90

Total from investment operations		5.61			14.34			15.13			(34.14	)		26.14			10.00			0.19			3.86			10.47			16.02			(42.89	)		41.40

Net equalization credits and charges (1)		—			—			0.43			2.13			1.10			—			—			—			—			0.53			0.47			0.71

Distributions to shareholders from:
Net investment income		(0.82	)		(0.81	)		(0.82	)		(1.03	)		—			(0.01	)		(0.18	)		(0.29	)		(0.83	)		(1.34	)		(0.63	)		—
Net realized gains		(2.61	)		—			—			(0.11	)		—			(0.11	)		—			—			—			—			—			—

Total distributions		(3.43	)		(0.81	)		(0.82	)		(1.14	)		—			(0.12	)		(0.18	)		(0.29	)		(0.83	)		(1.34	)		(0.63	)		—

Net asset value, end of period	$	85.04		$	82.86		$	69.33		$	54.59		$	87.74		$	39.89		$	30.01		$	79.71		$	76.14		$	66.50		$	51.29		$	94.34

Total return (3)		6.82	%		20.85	%		29.15	%		(36.95	)%		45.03	%		33.38	%		0.72	%		5.09	%		15.87	%		33.06	%		(45.26	)%		80.64	%
Net assets, end of period (in 000’s)	$	731,342		$	712,608		$	436,766		$	163,780		$	61,420		$	145,598		$	6,003		$	717,419		$	677,680		$	445,539		$	123,108		$	122,639
Ratio of expenses to average net assets		0.60	%(4)		0.60	%		0.59	%		0.59	%		0.63	%(4)		0.59	%(4)		0.59	%(4)		0.60	%(4)		0.61	%		0.59	%		0.59	%		0.59	%(4)
Ratio of net investment income (loss) to average net assets		(0.06	)%(4)		1.74	%		2.25	%		2.28	%		3.33	%(4)		(0.29	)%(4)		1.25	%(4)		(0.39	)%(4)		1.46	%		2.22	%		1.33	%		2.56	%(4)
Portfolio turnover rate (5)		17	%		10	%		4	%		7	%		1	%		8	%		1	%		1	%		25	%		0	%(6)		4	%		0	%(6)


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(6)		Amount shown represents less than 0.5%.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


																SPDR S&P Emerging
	SPDR S&P Emerging Markets ETF															Markets Dividend ETF			SPDR S&P BRIC 40 ETF															SPDR S&P Emerging Europe ETF
																For the
	Six Months												For the			Period			Six Months												For the			Six Months												For the
	Ended												Period			*2/23/11-**			Ended												Period			Ended												Period
	3/31/11			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/11			3/31/11			Year Ended			Year Ended			Year Ended			*6/19/07-**			3/31/11			Year Ended			Year Ended			Year Ended			*3/20/07-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	69.89		$	59.00		$	51.86		$	75.21		$	55.63		$	50.00		$	25.84		$	23.03		$	20.29		$	30.18		$	24.07		$	45.55		$	39.42		$	42.73		$	64.57		$	54.38

Income (loss) from investment operations:
Net investment income (loss)		0.21	(1)		1.09	(1)		0.97	(1)		1.32			0.42			0.14	(1)		0.09	(1)		0.43	(1)		0.42	(1)		0.39			0.07			0.07	(1)		0.46	(1)		0.50	(1)		0.46			0.22
Net realized and unrealized gain (loss) (2)		6.28			10.73			7.00			(23.44	)		18.49			2.66			3.54			2.75			2.97			(10.19	)		5.90			9.51			6.06			(2.77	)		(22.41	)		9.18

Total from investment operations		6.49			11.82			7.97			(22.12	)		18.91			2.80			3.63			3.18			3.39			(9.80	)		5.97			9.58			6.52			(2.27	)		(21.95	)		9.40

Net equalization credits and charges (1)		—			—			0.60			0.16			0.67			(0.14	)		—			—			0.01			0.04			0.14			—			—			(0.29	)		0.51			0.79

Distributions to shareholders from:
Net investment income		(0.56	)		(0.93	)		(1.43	)		(0.65	)		—			(0.13	)		(0.13	)		(0.37	)		(0.66	)		(0.13	)		—			(0.09	)		(0.39	)		(0.75	)		(0.37	)		—
Net realized gains		(0.64	)		—			—			(0.74	)		—			—			—			—			—			—			—			—			—			—			(0.03	)		—

Total distributions		(1.20	)		(0.93	)		(1.43	)		(1.39	)		—			(0.13	)		(0.13	)		(0.37	)		(0.66	)		(0.13	)		—			(0.09	)		(0.39	)		(0.75	)		(0.40	)		—

Net asset value, end of period	$	75.18		$	69.89		$	59.00		$	51.86		$	75.21		$	52.53		$	29.34		$	25.84		$	23.03		$	20.29		$	30.18		$	55.04		$	45.55		$	39.42		$	42.73		$	64.57

Total return (3)		9.33	%		20.25	%		18.05	%		(29.77	)%		35.20	%		5.32	%		14.09	%		13.98	%		18.16	%		(32.50	)%		25.38	%		21.04	%		16.74	%		(5.18	)%		(33.45	)%		18.73	%
Net assets, end of period (in 000’s)	$	225,554		$	216,661		$	94,395		$	36,299		$	45,125		$	13,132		$	557,526		$	459,991		$	340,812		$	188,734		$	156,921		$	280,721		$	232,325		$	137,975		$	81,189		$	38,741
Ratio of expenses to average net assets		0.60	%(4)		0.60	%		0.59	%		0.59	%		0.60	%(4)		0.59	%(4)		0.51	%(4)		0.52	%		0.48	%		0.40	%		0.40	%(4)		0.61	%(4)		0.61	%		0.59	%		0.60	%		0.60	%(4)
Ratio of expenses to average net assets before waivers		0.60	%(4)		0.60	%		0.59	%		0.59	%		0.60	%(4)		0.59	%(4)		0.51	%(4)		0.52	%		0.50	%		0.50	%		0.50	%(4)		0.61	%(4)		0.61	%		0.59	%		0.60	%		0.60	%(4)
Ratio of net investment income (loss) to average net assets		0.58	%(4)		1.73	%		2.18	%		1.97	%		2.42	%(4)		2.69	%(4)		0.66	%(4)		1.78	%		2.36	%		1.43	%		2.31	%(4)		0.29	%(4)		1.07	%		1.66	%		0.96	%		1.53	%(4)
Portfolio turnover rate (5)		4	%		15	%		1	%		11	%		0	%(6)		1	%		9	%		10	%		16	%		16	%		0	%(6)		4	%		21	%		45	%		19	%		3	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(6)		Amount shown represents less than 0.5%.

228

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229

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Latin America ETF															SPDR S&P Emerging Middle East & Africa ETF															SPDR S&P World ex-US ETF
	Six Months												For the			Six Months												For the			Six Months												For the
	Ended												Period			Ended												Period			Ended												Period
	3/31/11			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/11			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/11			Year Ended			Year Ended			Year Ended			*4/20/07-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	84.48		$	69.92		$	61.83		$	78.49		$	57.51		$	71.33		$	58.74		$	54.48		$	68.63		$	59.25		$	24.19		$	23.58		$	23.31		$	34.05		$	32.57

Income (loss) from investment operations:
Net investment income (loss)		0.68	(1)		1.57	(1)		1.13	(1)		1.32			0.50			0.80	(1)		1.33	(1)		1.36	(1)		1.79	(2)		0.67			0.26	(1)		0.56	(1)		0.57	(1)		0.61			0.41
Net realized and unrealized gain (loss) (3)		4.74			14.73			8.12			(17.23	)		20.32			4.80			12.51			5.97			(15.86	)		8.49			2.48			0.56			(0.22	)		(11.31	)		1.07

Total from investment operations		5.42			16.30			9.25			(15.91	)		20.82			5.60			13.84			7.33			(14.07	)		9.16			2.74			1.12			0.35			(10.70	)		1.48

Net equalization credits and charges (1)		—			—			0.37			0.25			0.16			—			—			(0.51	)		1.04			0.22			—			—			0.56			0.62			—

Distributions to shareholders from:
Net investment income		(1.08	)		(1.74	)		(1.53	)		(0.95	)		—			(1.18	)		(1.25	)		(2.56	)		(1.02	)		—			(0.26	)		(0.51	)		(0.64	)		(0.57	)		—
Net realized gains		—			—			—			(0.05	)		—			—			—			—			(0.10	)		—			—			—			—			(0.09	)		—

Total distributions		(1.08	)		(1.74	)		(1.53	)		(1.00	)		—			(1.18	)		(1.25	)		(2.56	)		(1.12	)		—			(0.26	)		(0.51	)		(0.64	)		(0.66	)		—
																																											��
Net asset value, end of period	$	88.82		$	84.48		$	69.92		$	61.83		$	78.49		$	75.75		$	71.33		$	58.74		$	54.48		$	68.63		$	26.67		$	24.19		$	23.58		$	23.31		$	34.05

Total return (4)		6.42	%		23.73	%		16.99	%		(20.21	)%		36.49	%		7.80	%		23.91	%		14.04	%		(19.37	)%		15.84	%		11.39	%		4.99	%		4.68	%		(30.13	)%		4.56	%
Net assets, end of period (in 000’s)	$	230,921		$	211,194		$	132,844		$	74,202		$	39,244		$	159,068		$	142,664		$	129,232		$	152,538		$	27,452		$	144,028		$	106,453		$	84,886		$	27,973		$	13,621
Ratio of expenses to average net assets		0.60	%(5)		0.61	%		0.60	%		0.60	%		0.60	%(5)		0.60	%(5)		0.60	%		0.59	%		0.59	%		0.59	%(5)		0.35	%(5)		0.35	%		0.34	%		0.35	%		0.35	%(5)
Ratio of net investment income (loss) to average net assets		1.58	%(5)		2.05	%		2.27	%		1.94	%		1.98	%(5)		2.17	%(5)		2.12	%		2.98	%		3.88	%		2.65	%(5)		2.00	%(5)		2.44	%		3.02	%		3.36	%		2.89	%(5)
Portfolio turnover rate (6)		7	%		23	%		17	%		7	%		2	%		2	%		27	%		12	%		7	%		1	%		0	%(7)		7	%		12	%		4	%		0	%(7)


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.38 per share.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(7)		Amount shown represents less than 0.5%.

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231

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Small Cap ETF															SPDR Dow Jones International Real Estate ETF															SPDR FTSE/Macquarie Global Infrastructure 100 ETF
	Six Months												For the			Six Months												For the			Six Months												For the
	Ended												Period			Ended												Period			Ended												Period
	3/31/11			Year Ended			Year Ended			Year Ended			*4/20/07-**			3/31/11			Year Ended			Year Ended			Year Ended			*12/15/06-**			3/31/11			Year Ended			Year Ended			Year Ended			*1/25/07-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	27.92		$	25.45		$	23.71		$	36.71		$	35.59		$	38.39		$	35.53		$	37.86		$	63.83		$	60.28		$	40.91		$	41.94		$	47.03		$	57.68		$	50.41

Income (loss) from investment operations:
Net investment income (loss)		0.23	(1)		0.46	(1)		0.44	(1)		0.51			0.17			0.81	(1)		1.34	(1)		1.34	(1)		1.80			1.20			0.63	(1)		1.47	(1)		1.57	(1)		1.53	(2)		0.59
Net realized and unrealized gain (loss) (3)		3.94			2.42			1.74			(13.04	)		0.70			2.94			2.84			(2.38	)		(26.03	)		3.33			1.87			(0.88	)		(4.35	)		(11.64	)		6.11

Total from investment operations		4.17			2.88			2.18			(12.53	)		0.87			3.75			4.18			(1.04	)		(24.23	)		4.53			2.50			0.59			(2.78	)		(10.11	)		6.70

Net equalization credits and charges (1)		—			—			0.12			0.35			0.25			(0.50	)		(0.01	)		0.05			0.06			0.36			—			—			0.07			0.60			0.57

Distributions to shareholders from:
Net investment income		(0.50	)		(0.41	)		(0.56	)		(0.30	)		—			(2.80	)		(1.31	)		(1.34	)		(1.80	)		(1.34	)		(0.69	)		(1.62	)		(2.38	)		(0.94	)		—
Net realized gains		—			—			—			(0.52	)		—			—			—			—			—			—			—			—			—			(0.20	)		—

Total distributions		(0.50	)		(0.41	)		(0.56	)		(0.82	)		—			(2.80	)		(1.31	)		(1.34	)		(1.80	)		(1.34	)		(0.69	)		(1.62	)		(2.38	)		(1.14	)		—

Net asset value, end of period	$	31.59		$	27.92		$	25.45		$	23.71		$	36.71		$	38.84		$	38.39		$	35.53		$	37.86		$	63.83		$	42.72		$	40.91		$	41.94		$	47.03		$	57.68

Total return (4)		14.99	%		11.54	%		10.45	%		(33.83	)%		3.14	%		8.57	%		12.15	%		(1.52	)%		(38.38	)%		8.09	%		6.18	%		1.63	%		(5.40	)%		(16.93	)%		14.43	%
Net assets, end of period (in 000’s)	$	928,726		$	622,564		$	509,033		$	331,890		$	110,116		$	1,768,655		$	1,314,261		$	939,265		$	811,118		$	1,111,226		$	51,262		$	53,186		$	67,099		$	79,944		$	46,142
Ratio of expenses to average net assets		0.60	%(5)		0.60	%		0.59	%		0.59	%		0.59	%(5)		0.60	%(5)		0.60	%		0.59	%		0.59	%		0.60	%(5)		0.60	%(5)		0.61	%		0.59	%		0.59	%		0.59	%(5)
Ratio of net investment income (loss) to average net assets		1.54	%(5)		1.81	%		2.27	%		2.38	%		1.89	%(5)		4.16	%(5)		3.86	%		4.85	%		3.43	%		3.01	%(5)		2.97	%(5)		3.63	%		4.16	%		3.49	%		2.50	%(5)
Portfolio turnover rate (6)		3	%		17	%		21	%		46	%		2	%		6	%		7	%		23	%		8	%		16	%		2	%		6	%		10	%		7	%		6	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.44 per share.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

232

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233

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Global Natural Resources ETF						SPDR MSCI ACWI ex-US ETF															SPDR Russell/Nomura PRIME Japan ETF
	Six Months			For the			Six Months												For the			Six Months												For the
	Ended			Period			Ended												Period			Ended												Period
	3/31/11			*9/13/10-**			3/31/11			Year Ended			Year Ended			Year Ended			*1/10/07-**			3/31/11			Year Ended			Year Ended			Year Ended			*11/9/06-**
	(Unaudited)			9/30/10			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	50.76		$	50.00		$	31.77		$	30.38		$	29.39		$	42.56		$	35.60		$	37.80		$	38.41		$	39.64		$	55.91		$	52.65

Income (loss) from investment operations:
Net investment income (loss)		0.32	(1)		0.03	(1)		0.31	(1)		0.73	(1)		0.71	(1)		0.82			0.44			0.65	(1)		0.50	(1)		0.46	(1)		1.95			0.42
Net realized and unrealized gain (loss) (2)		11.60			0.73			3.19			1.35			1.14			(13.76	)		6.12			1.64			(0.58	)		(0.64	)		(15.75	)		2.84

Total from investment operations		11.92			0.76			3.50			2.08			1.85			(12.94	)		6.56			2.29			(0.08	)		(0.18	)		(13.80	)		3.26

Net equalization credits and charges (1)		—			—			—			—			0.08			0.60			0.40			—			—			0.29			(0.62	)		—

Distributions to shareholders from:
Net investment income		(0.13	)		—			(0.34	)		(0.69	)		(0.94	)		(0.77	)		—			(0.68	)		(0.53	)		(1.34	)		(1.69	)		(0.00	)(3)
Net realized gains		—			—			—			—			—			(0.06	)		—			—			—			—			(0.16	)		—

Total distributions		(0.13	)		—			(0.34	)		(0.69	)		(0.94	)		(0.83	)		—			(0.68	)		(0.53	)		(1.34	)		(1.85	)		—

Net asset value, end of period	$	62.55		$	50.76		$	34.93		$	31.77		$	30.38		$	29.39		$	42.56		$	39.41		$	37.80		$	38.41		$	39.64		$	55.91

Total return (4)		23.49	%		1.52	%		11.09	%		7.13	%		7.41	%		(29.53	)%		19.55	%		5.95	%		(0.14	)%		0.58	%		(26.48	)%		6.19	%
Net assets, end of period (in 000’s)	$	125,093		$	7,615		$	468,113		$	393,909		$	309,901		$	258,639		$	127,691		$	15,762		$	15,119		$	15,363		$	23,786		$	268,392
Ratio of expenses to average net assets		0.40	%(5)		0.38	%(5)		0.35	%(5)		0.35	%		0.34	%		0.34	%		0.35	%(5)		0.51	%(5)		0.51	%		0.50	%		0.50	%		0.51	%(5)
Ratio of net investment income (loss) to average net assets		1.08	%(5)		1.10	%(5)		1.83	%(5)		2.43	%		2.98	%		3.00	%		2.78	%(5)		3.21	%(5)		1.34	%		1.32	%		0.52	%		0.97	%(5)
Portfolio turnover rate (6)		8	%		0	%(7)		1	%		3	%		15	%		5	%		1	%		3	%		3	%		6	%		3	%		0	%(7)


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(7)		Amount shown represents less than 0.5%.

234

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235

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Russell/Nomura Small Cap Japan ETF															SPDR S&P International Dividend ETF												SPDR S&P International Mid Cap ETF
	Six Months												For the			Six Months									For the			Six Months									For the
	Ended												Period			Ended									Period			Ended									Period
	3/31/11			Year Ended			Year Ended			Year Ended			*11/9/06-**			3/31/11			Year Ended			Year Ended			*2/12/08-**			3/31/11			Year Ended			Year Ended			*5/7/08-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	39.65		$	40.51		$	35.84		$	48.31		$	48.70		$	53.88		$	52.49		$	48.17		$	70.76		$	28.76		$	27.14		$	26.04		$	35.46

Income (loss) from investment operations:
Net investment income (loss)		0.59	(1)		0.53	(1)		0.60	(1)		0.71			0.53			1.05	(1)		2.32	(1)		2.09	(1)		3.56			0.30	(1)		0.55	(1)		0.57	(1)		0.32
Net realized and unrealized gain (loss) (2)		3.01			(0.73	)		5.29			(12.49	)		(0.77	)		4.75			1.26			3.70			(23.17	)		3.73			2.31			0.72			(9.74	)

Total from investment operations		3.60			(0.20	)		5.89			(11.78	)		(0.24	)		5.80			3.58			5.79			(19.61	)		4.03			2.86			1.29			(9.42	)

Net equalization credits and charges (1)		—			—			(0.15	)		(0.12	)		(0.03	)		0.07			0.06			0.40			1.30			—			—			0.34			—

Distributions to shareholders from:
Net investment income		(0.36	)		(0.66	)		(1.07	)		(0.57	)		(0.12	)		(1.06	)		(2.25	)		(1.87	)		(4.28	)		(0.47	)		(0.50	)		(0.53	)		—
Net realized gains		—			—			—			—			—			—			—			—			—			(0.47	)		(0.74	)		—			—

Total distributions		(0.36	)		(0.66	)		(1.07	)		(0.57	)		(0.12	)		(1.06	)		(2.25	)		(1.87	)		(4.28	)		(0.94	)		(1.24	)		(0.53	)		—

Net asset value, end of period	$	42.89		$	39.65		$	40.51		$	35.84		$	48.31		$	58.69		$	53.88		$	52.49		$	48.17		$	31.85		$	28.76		$	27.14		$	26.04

Total return (3)		9.07	%		(0.41	)%		16.35	%		(24.85	)%		(0.57	)%		10.96	%		7.34	%		13.86	%		(26.93	)%		14.13	%		11.11	%		6.87	%		(26.54	)%
Net assets, end of period (in 000’s)	$	120,088		$	67,412		$	85,081		$	77,057		$	137,695		$	399,138		$	258,705		$	126,037		$	43,369		$	43,001		$	30,196		$	21,716		$	5,208
Ratio of expenses to average net assets		0.56	%(4)		0.56	%		0.55	%		0.55	%		0.56	%(4)		0.46	%(4)		0.46	%		0.46	%		0.48	%(4)		0.46	%(4)		0.46	%		0.45	%		0.45	%(4)
Ratio of net investment income (loss) to average net assets		2.81	%(4)		1.37	%		1.74	%		1.24	%		1.26	%(4)		3.76	%(4)		4.48	%		5.26	%		8.77	%(4)		1.97	%(4)		2.07	%		2.57	%		2.22	%(4)
Portfolio turnover rate (5)		8	%		24	%		25	%		22	%		2	%		78	%		131	%		148	%		71	%		8	%		31	%		45	%		19	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

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237

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Markets Small Cap ETF												SPDR Dow Jones Global Real Estate ETF												SPDR S&P International Consumer Discretionary Sector ETF
	Six Months									For the			Six Months									For the			Six Months									For the
	Ended									Period			Ended									Period			Ended									Period
	3/31/11			Year Ended			Year Ended			*5/12/08-**			3/31/11			Year Ended			Year Ended			*5/7/08-**			3/31/11			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	54.62		$	43.78		$	32.69		$	52.29		$	36.00		$	31.18		$	39.33		$	49.87		$	26.90		$	24.12		$	22.37		$	25.54

Income (loss) from investment operations:
Net investment income (loss)		0.10	(1)		1.06	(1)(2)		0.66	(1)		0.16			0.68	(1)		1.11	(1)		1.19	(1)		0.56			0.11	(1)		0.41	(1)		0.43	(1)		0.12
Net realized and unrealized gain (loss) (3)		0.82			10.65			10.18			(20.81	)		3.98			4.88			(8.23	)		(10.80	)		2.38			2.69			1.77			(3.26	)

Total from investment operations		0.92			11.71			10.84			(20.65	)		4.66			5.99			(7.04	)		(10.24	)		2.49			3.10			2.20			(3.14	)
								��
Net equalization credits and charges (1)		—			—			0.56			1.05			(0.60	)		0.02			0.31			0.33			—	(4)		0.02			—			—

Distributions to shareholders from:
Net investment income		(0.16	)		(0.19	)		(0.31	)		—			(2.04	)		(1.19	)		(1.42	)		(0.63	)		(0.09	)		(0.34	)		(0.45	)		(0.03	)
Net realized gains		(1.45	)		(0.68	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(1.61	)		(0.87	)		(0.31	)		—			(2.04	)		(1.19	)		(1.42	)		(0.63	)		(0.09	)		(0.34	)		(0.45	)		(0.03	)

Net asset value, end of period	$	53.93		$	54.62		$	43.78		$	32.69		$	38.02		$	36.00		$	31.18		$	39.33		$	29.30		$	26.90		$	24.12		$	22.37

Total return (5)		1.54	%		27.05	%		35.45	%		(37.48	)%		11.48	%		19.71	%		(15.97	)%		(19.89	)%		9.26	%		13.12	%		10.38	%		(12.29	)%
Net assets, end of period (in 000’s)	$	641,710		$	797,411		$	65,674		$	9,807		$	247,117		$	140,388		$	81,076		$	15,731		$	23,441		$	18,833		$	4,824		$	4,475
Ratio of expenses to average net assets		0.66	%(6)		0.66	%		0.66	%		0.76	%(6)		0.51	%(6)		0.51	%		0.50	%		0.50	%(6)		0.50	%(6)		0.51	%		0.50	%		0.52	%(6)
Ratio of net investment income (loss) to average net assets		0.34	%(6)		2.19	%(2)		1.93	%		3.41	%(6)		3.66	%(6)		3.42	%		4.84	%		3.97	%(6)		0.79	%(6)		1.67	%		2.22	%		1.88	%(6)
Portfolio turnover rate (7)		28	%		85	%		83	%		2	%		6	%		7	%		18	%		4	%		4	%		11	%		7	%		1	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Net investment income per share and the ratio of net investment income to average net assets reflect a special one time dividend from a portfolio holding (Patni Computer Systems, Ltd.). The resulting increase to net investment income amounted to $0.07 per share and 0.15% of average net assets.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

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239

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Consumer Staples Sector ETF												SPDR S&P International Energy Sector ETF												SPDR S&P International Financial Sector ETF
	Six Months									For the			Six Months									For the			Six Months									For the
	Ended									Period			Ended									Period			Ended									Period
	3/31/11			Year Ended			Year Ended			*7/16/08-**			3/31/11			Year Ended			Year Ended			*7/16/08-**			3/31/11			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	29.80		$	26.31		$	25.80		$	27.47		$	24.52		$	25.48		$	25.07		$	31.62		$	19.60		$	21.39		$	21.48		$	24.52

Income (loss) from investment operations:
Net investment income (loss)		0.24	(1)		0.69	(1)		0.57	(1)		0.13			0.26	(1)		0.65	(1)		0.76	(1)		0.16			0.30	(1)		0.55	(1)		0.46	(1)		0.10
Net realized and unrealized gain (loss) (2)		1.06			3.39			0.50			(1.69	)		5.63			(1.01	)		0.34			(6.57	)		1.36			(1.83	)		(0.11	)		(3.05	)

Total from investment operations		1.30			4.08			1.07			(1.56	)		5.89			(0.36	)		1.10			(6.41	)		1.66			(1.28	)		0.35			(2.95	)

Net equalization credits and charges (1)		—			0.04			—			—			—			0.04			0.04			—			(0.07	)		0.04			0.01			—

Distributions to shareholders from:
Net investment income		(0.22	)		(0.63	)		(0.56	)		(0.11	)		(0.28	)		(0.64	)		(0.72	)		(0.14	)		(0.34	)		(0.55	)		(0.45	)		(0.09	)
Return of capital		—			—			—			—			—			—			(0.01	)		—			—			—			—			—

Total distributions		(0.22	)		(0.63	)		(0.56	)		(0.11	)		(0.28	)		(0.64	)		(0.73	)		(0.14	)		(0.34	)		(0.55	)		(0.45	)		(0.09	)

Net asset value, end of period	$	30.88		$	29.80		$	26.31		$	25.80		$	30.13		$	24.52		$	25.48		$	25.07		$	20.85		$	19.60		$	21.39		$	21.48

Total return (3)		4.36	%		15.87	%		4.48	%		(5.70	)%		24.08	%		(1.18	)%		5.09	%		(20.28	)%		8.22	%		(5.60	)%		2.35	%		(12.03	)%
Net assets, end of period (in 000’s)	$	13,896		$	14,900		$	5,262		$	5,160		$	18,076		$	12,259		$	6,369		$	5,014		$	9,382		$	8,821		$	5,348		$	4,295
Ratio of expenses to average net assets		0.51	%(4)		0.51	%		0.50	%		0.50	%(4)		0.51	%(4)		0.51	%		0.50	%		0.50	%(4)		0.51	%(4)		0.51	%		0.50	%		0.50	%(4)
Ratio of net investment income (loss) to average net assets		1.56	%(4)		2.50	%		2.58	%		2.17	%(4)		1.88	%(4)		2.63	%		3.64	%		3.03	%(4)		2.93	%(4)		2.85	%		2.88	%		2.03	%(4)
Portfolio turnover rate (5)		1	%		5	%		8	%		9	%		4	%		11	%		6	%		1	%		4	%		6	%		25	%		0	%(6)


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(6)		Amount shown represents less than 0.5%.

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241

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Health Care Sector ETF												SPDR S&P International Industrial Sector ETF												SPDR S&P International Materials Sector ETF
	Six Months									For the			Six Months									For the			Six Months									For the
	Ended									Period			Ended									Period			Ended									Period
	3/31/11			Year Ended			Year Ended			*7/16/08-**			3/31/11			Year Ended			Year Ended			*7/16/08-**			3/31/11			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	29.46		$	28.50		$	28.38		$	31.23		$	25.65		$	23.26		$	22.07		$	27.47		$	26.34		$	23.05		$	21.54		$	31.52

Income (loss) from investment operations:
Net investment income (loss)		0.45	(1)		0.64	(1)		0.57	(1)		0.11			0.22	(1)		0.41	(1)		0.47	(1)		0.09			0.14	(1)		0.32	(1)		0.27	(1)		0.11
Net realized and unrealized gain (loss) (2)		1.44			0.96			0.11			(2.91	)		3.87			2.27			1.25			(5.44	)		4.92			3.25			1.41			(10.02	)

Total from investment operations		1.89			1.60			0.68			(2.80	)		4.09			2.68			1.72			(5.35	)		5.06			3.57			1.68			(9.91	)

Net equalization credits and charges (1)		0.01			(0.01	)		—			—			0.02			0.06			—			—			(0.01	)		(0.02	)		0.15			—

Distributions to shareholders from:
Net investment income		(0.41	)		(0.63	)		(0.56	)		(0.05	)		(0.15	)		(0.35	)		(0.53	)		(0.05	)		(0.08	)		(0.26	)		(0.32	)		(0.07	)

Total distributions		(0.41	)		(0.63	)		(0.56	)		(0.05	)		(0.15	)		(0.35	)		(0.53	)		(0.05	)		(0.08	)		(0.26	)		(0.32	)		(0.07	)

Net asset value, end of period	$	30.95		$	29.46		$	28.50		$	28.38		$	29.61		$	25.65		$	23.26		$	22.07		$	31.31		$	26.34		$	23.05		$	21.54

Total return (3)		6.45	%		5.71	%		2.78	%		(8.97	)%		16.03	%		11.94	%		8.35	%		(19.49	)%		19.17	%		15.53	%		8.87	%		(31.44	)%
Net assets, end of period (in 000’s)	$	12,378		$	10,310		$	5,701		$	5,676		$	32,571		$	17,955		$	4,653		$	4,413		$	42,266		$	22,387		$	9,221		$	4,309
Ratio of expenses to average net assets		0.51	%(4)		0.51	%		0.50	%		0.50	%(4)		0.50	%(4)		0.52	%		0.50	%		0.50	%(4)		0.51	%(4)		0.52	%		0.50	%		0.50	%(4)
Ratio of net investment income (loss) to average net assets		2.98	%(4)		2.25	%		2.35	%		1.67	%(4)		1.55	%(4)		1.74	%		2.59	%		1.55	%(4)		0.94	%(4)		1.31	%		1.47	%		1.99	%(4)
Portfolio turnover rate (5)		1	%		29	%		0	%(6)		18	%		0	%(6)		20	%		3	%		0	%(6)		0	%(6)		9	%		7	%		4	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(6)		Amount shown represents less than 0.5%.

242

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243

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Technology Sector ETF												SPDR S&P International Telecommunications Sector ETF												SPDR S&P International Utilities Sector ETF
	Six Months									For the			Six Months									For the			Six Months									For the
	Ended									Period			Ended									Period			Ended									Period
	3/31/11			Year Ended			Year Ended			*7/16/08-**			3/31/11			Year Ended			Year Ended			*7/16/08-**			3/31/11			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	24.76		$	24.58		$	22.27		$	27.77		$	24.30		$	23.58		$	22.71		$	27.02		$	20.55		$	22.78		$	24.95		$	29.47

Income (loss) from investment operations:
Net investment income (loss)		0.11	(1)		0.29	(1)		0.24	(1)		0.06			0.37	(1)		1.05	(1)		0.97	(1)		0.16			0.28	(1)		0.82	(1)		0.86	(1)		0.37	(2)
Net realized and unrealized gain (loss) (3)		3.27			0.14			2.32			(5.56	)		2.04			0.69			0.86			(4.33	)		0.42			(2.43	)		(2.19	)		(4.45	)

Total from investment operations		3.38			0.43			2.56			(5.50	)		2.41			1.74			1.83			(4.17	)		0.70			(1.61	)		(1.33	)		(4.08	)

Net equalization credits and charges (1)		—			0.01			0.01			—			(0.02	)		0.02			0.02			—			—	(4)		0.04			—			—

Distributions to shareholders from:
Net investment income		(0.07	)		(0.25	)		(0.26	)		—			(0.30	)		(1.04	)		(0.98	)		(0.14	)		(0.30	)		(0.66	)		(0.81	)		(0.44	)
Net realized gains		(0.09	)		(0.01	)		—			—			—			—			—			—			—			—			(0.03	)		—

Total distributions		(0.16	)		(0.26	)		(0.26	)		—			(0.30	)		(1.04	)		(0.98	)		(0.14	)		(0.30	)		(0.66	)		(0.84	)		(0.44	)

Net asset value, end of period	$	27.98		$	24.76		$	24.58		$	22.27		$	26.39		$	24.30		$	23.58		$	22.71		$	20.95		$	20.55		$	22.78		$	24.95

Total return (5)		13.68	%		1.86	%		11.81	%		(19.81	)%		9.95	%		8.09	%		8.68	%		(15.45	)%		3.40	%		(6.71	)%		(4.96	)%		(13.87	)%
Net assets, end of period (in 000’s)	$	26,582		$	21,044		$	11,062		$	4,454		$	9,237		$	15,795		$	9,432		$	4,542		$	8,381		$	8,221		$	4,557		$	4,989
Ratio of expenses to average net assets		0.51	%(6)		0.52	%		0.51	%		0.50	%(6)		0.51	%(6)		0.52	%		0.50	%		0.50	%(6)		0.51	%(6)		0.52	%		0.50	%		0.50	%(6)
Ratio of net investment income (loss) to average net assets		0.78	%(6)		1.20	%		1.23	%		1.04	%(6)		2.94	%(6)		4.62	%		4.76	%		3.11	%(6)		2.69	%(6)		3.94	%		4.23	%		6.47	%(6)
Portfolio turnover rate (7)		0	%(8)		10	%		5	%		0	%(8)		1	%		6	%		5	%		0	%(8)		1	%		5	%		7	%		1	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.31 per share.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(8)		Amount shown represents less than 0.5%.

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NOTES TO FINANCIAL STATEMENTS

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1.	Organization

SPDR Index Shares Funds (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end investment management company that was organized as a Massachusetts business trust on February 14, 2002.

As of March 31, 2011, the Trust offered thirty-three (33) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a “Fund” and collectively the “Funds”). The financial statements herein relate to the following Funds: SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

Each Fund’s investments are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

An investment in a Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of each Fund’s shares will decline, more or less, in correlation with any decline in the value of the Fund’s benchmark index. The values of equity securities could decline generally or could underperform other investments. Generally, a Fund will not sell an equity security because the security’s issuer is in financial trouble, unless that security is removed from the Fund’s benchmark index.


2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation

The value of each Fund’s portfolio securities, including exchange-traded futures contracts, is based on the securities’ last sale price on local markets when available. Investments in open-end investment companies are valued at their net asset value each business day. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee

246

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

(the “Committee”). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Accordingly, a Fund’s net asset value may reflect certain portfolio securities’ fair values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.

The Funds continue to follow the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance for the fair value option for financial assets and financial liabilities provides funds the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three levels of inputs that may be used to measure fair value:


•	Level 1 — quoted prices in active markets for identical investments.

•	Level 2 — other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•	Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Funds’ net assets are computed and that may materially affect the value of the Funds’ investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

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’ benchmark index, which, in turn, could result in a difference between the Fund’s performance and the performance of the Fund’s benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risks associated with investing in those investments. The type of inputs used to value each security is identified in the breakdown of the Funds’ investments by industry, which appears in the Portfolio Summary.

247

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

The following table summarizes the inputs used in valuing the Funds’ investments as of March 31, 2011:


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Fund	Prices		Inputs		Inputs		Total

SPDR STOXX Europe 50 ETF	$	37,905,185	$	—	$	—	$	37,905,185
SPDR EURO STOXX 50 ETF		172,401,466		—		—		172,401,466
SPDR S&P Emerging Asia Pacific ETF		762,236,379		836,907		—		763,073,286
SPDR S&P Russia ETF		145,734,215		—		—		145,734,215
SPDR S&P China ETF		816,430,283		—*		—		816,430,283
SPDR S&P Emerging Markets ETF		231,832,110		84,930		—		231,917,040
SPDR S&P Emerging Markets Dividend ETF		13,106,641		—		—		13,106,641
SPDR S&P BRIC 40 ETF		587,545,733		—		—		587,545,733
SPDR S&P Emerging Europe ETF		283,231,887		—		—		283,231,887
SPDR S&P Emerging Latin America ETF		244,832,223		—		—		244,832,223
SPDR S&P Emerging Middle East & Africa ETF		164,766,853		—		—		164,766,853
SPDR S&P World ex-US ETF		158,381,674		140,807		—		158,522,481
SPDR S&P International Small Cap ETF		1,040,850,121		1,755,419		—		1,042,605,540
SPDR Dow Jones International Real Estate ETF		1,912,372,182		—*		—		1,912,372,182
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		55,741,521		—		—		55,741,521
SPDR S&P Global Natural Resources ETF		124,806,725		—		—		124,806,725
SPDR MSCI ACWI ex-US ETF		515,861,395		355,331		—		516,216,726
SPDR Russell/Nomura PRIME Japan ETF		19,930,130		51,093		—		19,981,223
SPDR Russell/Nomura Small Cap Japan ETF		148,945,291		—*		—		148,945,291
SPDR S&P International Dividend ETF		428,611,740		—		—		428,611,740
SPDR S&P International Mid Cap ETF		50,523,972		—*		—		50,523,972
SPDR S&P Emerging Markets Small Cap ETF		656,822,735		2,431,752		—		659,254,487
SPDR Dow Jones Global Real Estate ETF		270,847,216		—*		—		270,847,216
SPDR S&P International Consumer Discretionary Sector ETF		23,379,388		—		—		23,379,388
SPDR S&P International Consumer Staples Sector ETF		13,817,629		—		—		13,817,629
SPDR S&P International Energy Sector ETF		18,036,117		—		—		18,036,117
SPDR S&P International Financial Sector ETF		9,310,307		47,376		—		9,357,683
SPDR S&P International Health Care Sector ETF		12,138,778		—		—		12,138,778
SPDR S&P International Industrial Sector ETF		32,149,706		—		—		32,149,706
SPDR S&P International Materials Sector ETF		42,011,364		—		—		42,011,364
SPDR S&P International Technology Sector ETF		26,455,406		—		—		26,455,406
SPDR S&P International Telecommunications Sector ETF		9,167,663		—		—		9,167,663
SPDR S&P International Utilities Sector ETF		8,383,002		—		—		8,383,002


*		Fund held Level 2 securities that were valued at $0 at March 31, 2011.

248

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

Level 2 —

Level 3 —

Level 1 —

Other Significant

Significant

Quoted

Observable

Unobservable

SPDR Index Shares Funds - Other Financial Instruments*

Prices

Inputs

Total

SPDR S&P Emerging Markets ETF

—

72,359

—

72,359


*		Other financial instruments are derivative instruments not reflected in the Schedules of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

Investment Income

Dividend income is recorded on the ex-dividend date, except for certain foreign dividends for which the Funds may not record until they receive notice of the dividend which could result in the Funds recording on pay date. Interest income is recorded on the accrual basis. The value of certain additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities.

Expenses

Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees’ fees and other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds.

Equalization

Certain Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes.

Effective February 23, 2010, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF no longer utilized equalization.

Investment Transactions

Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings on the ex-dividend date.

Foreign Currency Translation and Foreign Investments

The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and foreign currency transactions on the Statements of Operations. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include

249

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government.

Some foreign markets in which the Funds invest are considered emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market.

Futures

SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Emerging Markets ETF and SPDR S&P Emerging Markets Small Cap ETF use futures contracts to meet each Fund’s objectives. Other Funds may also use futures contracts, although they did not do so during the period. Each Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on analysis of various risk factors, and if the strategies for investment do not work as intended, each Fund may not achieve its objectives.

Equity risk relates to change in value of equity securities such as common stocks due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, or adverse investor sentiment. Equity securities generally have greater price volatility than fixed income securities.

Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity at a specified future time and at a specified price. Stock index futures contracts are settled periodically with a payment by one party to the other of a cash amount based on the difference between the level of the stock index specified in the contract from one day to the next. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges.

Futures traders are required to make a good faith margin deposit in cash or U.S. government securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded.

After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional “variation” margin will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, a Fund would expect to earn interest income on its margin deposits. Closing out an open futures position is done by taking an opposite position (“buying” a contract which has previously been “sold” or “selling” a contract previously “purchased”) in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened or closed.

Each Fund may use exchange-traded futures, together with positions in cash and money market instruments, to simulate full investment in its underlying benchmark index. Under such circumstances, the Adviser (as defined in Note 3) may seek to utilize other instruments that it believes to be correlated to the underlying index components or a subset of the components.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statements of Assets and Liabilities.

A summary of the open future contracts as of March 31, 2011 is included in a table following the Fund’s Schedule of Investments.

250

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

The following tables summarize the value of the Fund’s derivative instruments as of March 31, 2011 and the related location in the accompanying Statements of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

Asset Derivative

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Risk

Total

SPDR S&P Emerging Markets ETF(a)

Futures Contract

—

73,121

—

73,121


(a)		Receivable from broker-variation margin on open end Futures Contracts


		Realized Gain (Loss)
		Interest		Foreign
		Rate		Exchange		Credit		Equity		Commodity		Other
		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
		Risk		Risk		Risk		Risk		Risk		Risk		Total

SPDR S&P Emerging Asia Pacific ETF(a)	Futures Contract	$	—	$	—	$	—	$	131,412	$	—	$	—	$	131,412
SPDR S&P Emerging Markets ETF(a)	Futures Contract		—		—		—		734,719		—		—		734,719
SPDR S&P Emerging Markets Small Cap ETF(a)	Futures Contract		—		—		—		154,790		��		—		154,790


(a)		Net realized gain on Futures


		Change In Appreciation (Depreciation)
		Interest		Foreign
		Rate		Exchange		Credit		Equity			Commodity		Other
		Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
		Risk		Risk		Risk		Risk			Risk		Risk		Total

SPDR S&P Emerging Asia Pacific ETF(a)	Futures Contract	$	—	$	—	$	—	$	—		$	—	$	—	$	—
SPDR S&P Emerging Markets ETF(a)	Futures Contract		—		—		—		13,905			—		—		13,905
SPDR S&P Emerging Markets Small Cap ETF(a)	Futures Contract		—		—		—		(86,785	)		—		—		(86,785	)


(a)		Net change in unrealized appreciation (depreciation) on Futures

Federal Income Tax

The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, losses deferred due to wash sales and the realization of unrealized gains on investments in passive foreign investment companies.

Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes.

251

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

The Funds have reviewed the tax positions for the open tax years as of September 30, 2010 and have determined that no provision for income tax is required in the Funds’ Financial Statements. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Funds’ major tax jurisdiction, which include the United States of America and the Commonwealth of Massachusetts. The Funds recognized interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations.

For the six months ended March 31, 2011, the following Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:


	Net Gain (Loss)
	Reclassified
	to Paid in Capital

SPDR STOXX Europe 50 ETF	$	(663,263	)
SPDR EURO STOXX 50 ETF		3,260,720
SPDR S&P Emerging Asia Pacific ETF		9,618,732
SPDR S&P Russia ETF		4,242,262
SPDR S&P China ETF		26,222,356
SPDR S&P Emerging Markets ETF		9,100,765
SPDR S&P Emerging Markets Dividend ETF		—
SPDR S&P BRIC 40 ETF		3,288,170
SPDR S&P Emerging Europe ETF		5,129,038
SPDR S&P Emerging Latin America ETF		5,598,387
SPDR S&P Emerging Middle East & Africa ETF		6,850,733
SPDR S&P World ex-US ETF		—
SPDR S&P International Small Cap ETF		—
SPDR Dow Jones International Real Estate ETF		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		(230,906	)
SPDR S&P Global Natural Resources ETF		—
SPDR MSCI ACWI ex-US ETF		7,115,928
SPDR Russell/Nomura PRIME Japan ETF		(1,624,433	)
SPDR Russell/Nomura Small Cap Japan ETF		210,067
SPDR S&P International Dividend ETF		—
SPDR S&P International Mid Cap ETF		—
SPDR S&P Emerging Markets Small Cap ETF		19,755,318
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		356,667
SPDR S&P International Consumer Staples Sector ETF		922,085
SPDR S&P International Energy Sector ETF		213,122
SPDR S&P International Financial Sector ETF		55,187
SPDR S&P International Health Care Sector ETF		—
SPDR S&P International Industrial Sector ETF		416,149
SPDR S&P International Materials Sector ETF		1,435,867
SPDR S&P International Technology Sector ETF		—
SPDR S&P International Telecommunications Sector ETF		940,661
SPDR S&P International Utilities Sector ETF		97,906

252

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

At September 30, 2010, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring September 30:


	2016		2017		2018

SPDR STOXX Europe 50 ETF	$	—	$	5,783,115	$	6,195,941
SPDR EURO STOXX 50 ETF		—		6,389,360		14,945,357
SPDR S&P Emerging Asia Pacific ETF		—		1,375,979		1,915,651
SPDR S&P Russia ETF		—		—		—
SPDR S&P China ETF		—		2,685,375		3,455,043
SPDR S&P Emerging Markets ETF		—		—		—
SPDR S&P BRIC 40 ETF		—		399,946		37,661,979
SPDR S&P Emerging Europe ETF		—		5,912,354		8,992,073
SPDR S&P Emerging Latin America ETF		—		3,111,522		3,011,912
SPDR S&P Emerging Middle East & Africa ETF		—		1,967,866		10,818,457
SPDR S&P World ex-US ETF		—		75,751		2,819,383
SPDR S&P International Small Cap ETF		—		11,957,401		2,841,618
SPDR Dow Jones International Real Estate ETF		2,568,760		37,378,612		162,058,595
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—		246,762		3,044,553
SPDR S&P Global Natural Resources ETF		—		—		—
SPDR MSCI ACWI ex-US ETF		—		2,856,017		36,957,682
SPDR Russell/Nomura PRIME Japan ETF		—		367,543		574,285
SPDR Russell/Nomura Small Cap Japan ETF		—		1,997,862		3,384,329
SPDR S&P International Dividend ETF		—		5,689,152		14,493,148
SPDR S&P International Mid Cap ETF		—		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		—		—
SPDR Dow Jones Global Real Estate ETF		—		103,944		4,030,131
SPDR S&P International Consumer Discretionary Sector ETF		—		—		19,705
SPDR S&P International Consumer Staples Sector ETF		—		7		96,735
SPDR S&P International Energy Sector ETF		—		4,624		119,106
SPDR S&P International Financial Sector ETF		—		39,777		563,119
SPDR S&P International Health Care Sector ETF		—		64,517		3,109
SPDR S&P International Industrial Sector ETF		—		4,087		41,800
SPDR S&P International Materials Sector ETF		—		65,728		154,398
SPDR S&P International Technology Sector ETF		—		—		—
SPDR S&P International Telecommunications Sector ETF		—		2,618		97,364
SPDR S&P International Utilities Sector ETF		—		16,137		130,798

Under current tax laws, capital losses realized after October 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds incurred the following losses during the period November 1, 2009 through September 30, 2010 that are deferred for tax purposes until fiscal 2011:


	Deferred Losses

SPDR STOXX Europe 50 ETF	$	(2,040,429	)
SPDR EURO STOXX 50 ETF		(8,848,501	)
SPDR S&P Emerging Asia Pacific ETF		(5,075,196	)
SPDR S&P China ETF		(20,756,155	)
SPDR S&P BRIC 40 ETF		(9,994,393	)
SPDR S&P Emerging Europe ETF		(8,891,374	)

253

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


	Deferred Losses

SPDR S&P Emerging Latin America ETF	$	(2,442,958	)
SPDR S&P Emerging Middle East & Africa ETF		(1,720,227	)
SPDR S&P World ex-US ETF		(172,404	)
SPDR Dow Jones International Real Estate ETF		(64,649,745	)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		(1,642,333	)
SPDR MSCI ACWI ex-US ETF		(2,443,415	)
SPDR Russell/Nomura PRIME Japan ETF		(52,740	)
SPDR S&P International Dividend ETF		(3,015,444	)
SPDR Dow Jones Global Real Estate ETF		(1,104,773	)
SPDR S&P International Consumer Discretionary Sector ETF		(62,282	)
SPDR S&P International Consumer Staples Sector ETF		(4,306	)
SPDR S&P International Energy Sector ETF		(316,378	)
SPDR S&P International Financial Sector ETF		(43,812	)
SPDR S&P International Health Care Sector ETF		(84,638	)
SPDR S&P International Industrial Sector ETF		(85,376	)
SPDR S&P International Materials Sector ETF		(268,959	)
SPDR S&P International Technology Sector ETF		(5,746	)
SPDR S&P International Telecommunications Sector ETF		(213,502	)
SPDR S&P International Utilities Sector ETF		(182,287	)

Distributions

Each Fund declares and distributes dividends from net investment income, if any, to its shareholders quarterly for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P International Dividend ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF. The following Funds distribute net investment income semi-annually: SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF. The Trust declares and distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

Effective October 30, 2009, the Trust’s Dividend Reinvestment Service is no longer available. Broker-dealers, at their own discretion, may offer a dividend reinvestment service under which additional shares of the Fund(s) are purchased in the secondary market at current market prices. Investors should consult their broker-dealer for further information regarding any dividend reinvestment service offered by such broker-dealer.

Subsequent Events

Management has determined there are no subsequent events or transactions that would have materially impacted the Funds’ financial statements as presented.

254

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


3.	Related Party Fees and Transactions

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the “Adviser” or “SSgA FM”). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid quarterly, based on a percentage of each Fund’s average daily net assets as shown in the following table:


	Annual Rate

SPDR STOXX Europe 50 ETF		0.29	%
SPDR EURO STOXX 50 ETF		0.29
SPDR S&P Emerging Asia Pacific ETF		0.59
SPDR S&P Russia ETF		0.59
SPDR S&P China ETF		0.59
SPDR S&P Emerging Markets ETF		0.59
SPDR S&P Emerging Markets Dividend ETF		0.59
SPDR S&P BRIC 40 ETF		0.50
SPDR S&P Emerging Europe ETF		0.59
SPDR S&P Emerging Latin America ETF		0.59
SPDR S&P Emerging Middle East & Africa ETF		0.59
SPDR S&P World ex-US ETF		0.34
SPDR S&P International Small Cap ETF		0.59
SPDR Dow Jones International Real Estate ETF		0.59
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		0.59
SPDR S&P Global Natural Resources ETF		0.40
SPDR MSCI ACWI ex-US ETF		0.34
SPDR Russell/Nomura PRIME Japan ETF		0.50
SPDR Russell/Nomura Small Cap Japan ETF		0.55
SPDR S&P International Dividend ETF		0.45
SPDR S&P International Mid Cap ETF		0.45
SPDR S&P Emerging Markets Small Cap ETF		0.65
SPDR Dow Jones Global Real Estate ETF		0.50
SPDR S&P International Consumer Discretionary Sector ETF		0.50
SPDR S&P International Consumer Staples Sector ETF		0.50
SPDR S&P International Energy Sector ETF		0.50
SPDR S&P International Financial Sector ETF		0.50
SPDR S&P International Health Care Sector ETF		0.50
SPDR S&P International Industrial Sector ETF		0.50
SPDR S&P International Materials Sector ETF		0.50
SPDR S&P International Technology Sector ETF		0.50
SPDR S&P International Telecommunications Sector ETF		0.50
SPDR S&P International Utilities Sector ETF		0.50

The Adviser pays all operating expenses of each Fund other than the advisory fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee’s counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

The Tuckerman Group, LLC, an affiliate of the Adviser, receives fees for its services as the sub-adviser to the SPDR Dow Jones International Real Estate ETF and the SPDR Dow Jones Global Real Estate ETF from the Adviser.

255

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser.

State Street also acts as the securities lending agent for the Funds and receives a portion of any lending income. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”) for which SSgA FM serves as the investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending.

For the six months ended March 31, 2011, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR STOXX Europe 50 ETF	$	1,223
SPDR EURO STOXX 50 ETF		9,319
SPDR S&P Emerging Asia Pacific ETF		22,795
SPDR S&P China ETF		66,099
SPDR S&P Emerging Markets ETF		7,574
SPDR S&P BRIC 40 ETF		8,062
SPDR S&P Emerging Europe ETF		5,920
SPDR S&P Emerging Latin America ETF		9,335
SPDR S&P Emerging Middle East & Africa ETF		2,355
SPDR S&P World ex-US ETF		4,799
SPDR S&P International Small Cap ETF		58,948
SPDR Dow Jones International Real Estate ETF		45,771
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		2,646
SPDR MSCI ACWI ex-US ETF		17,268
SPDR Russell/Nomura PRIME Japan ETF		259
SPDR Russell/Nomura Small Cap Japan ETF		6,000
SPDR S&P International Dividend ETF		33,265
SPDR S&P International Mid Cap ETF		2,307
SPDR S&P Emerging Markets Small Cap ETF		43,868
SPDR Dow Jones Global Real Estate ETF		6,362
SPDR S&P International Consumer Discretionary Sector ETF		1
SPDR S&P International Consumer Staples Sector ETF		—	*
SPDR S&P International Energy Sector ETF		1
SPDR S&P International Financial Sector ETF		22
SPDR S&P International Industrial Sector ETF		85
SPDR S&P International Materials Sector ETF		48
SPDR S&P International Technology Sector ETF		80
SPDR S&P International Telecommunications Sector ETF		43
SPDR S&P International Utilities Sector ETF		6


*		Amount shown represents less than $0.50.

Distributor

State Street Global Markets, LLC (the “Distributor”), an affiliate of the Adviser, acts as the principal underwriter of each Fund pursuant to a principal underwriting contract with the Trust. The Distributor may enter into agreements

256

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)

with other broker-dealers (affiliated and non-affiliated) and other financial institutions to authorize them to sell Shares.

The Distributor has established an assisted trading program to aid Authorized Participants in certain creation and redemption activity for which the Distributor receives commissions from Authorized Participants. In addition, the Distributor receives compensation from State Street associated with on-line creation and redemption activity of Authorized Participants.

Trustees’ Fees

The Trust and SPDR Series Trust (“SST Trust”) pay, in the aggregate, each Independent Trustee an annual fee of $132,500 plus $7,500 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $37,500 and the Chairman of the Audit Committee receives an additional annual fee of $15,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated between the Trust and SST Trust and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Transactions with Affiliates

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at March 31, 2011 and for the period then ended are:


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	9/30/10		Cost		Shares		Proceeds		Shares		3/31/11		Income		Gain/(Loss)

SPDR STOXX Europe 50 ETF	$	28,224	$	1,584,974		1,584,974	$	1,567,714		1,567,714	$	45,484	$	52	$	—
SPDR EURO STOXX 50 ETF		35,491		2,911,878		2,911,878		2,942,086		2,942,086		5,283		122		—
SPDR S&P Emerging Asia Pacific ETF		5,262,887		53,857,802		53,857,802		55,697,875		55,697,875		3,422,814		2,780		—
SPDR S&P Russia ETF		27,492		3,871,252		3,871,252		3,774,374		3,774,374		124,370		184		—
SPDR S&P China ETF		581,308		4,965,562		4,965,562		5,203,653		5,203,653		343,217		599		—
SPDR S&P Emerging Markets ETF		7,924,744		17,701,171		17,701,171		21,809,962		21,809,962		3,815,953		6,398		—
SPDR S&P Emerging Markets Dividend ETF		—		513,459		513,459		513,359		513,359		100		5		—
SPDR S&P BRIC 40 ETF		721,997		8,141,829		8,141,829		7,312,496		7,312,496		1,551,330		1,072		—
SPDR S&P Emerging Europe ETF		1,082,787		6,330,350		6,330,350		4,606,444		4,606,444		2,806,693		483		—
SPDR S&P Emerging Latin America ETF		100		9,757,203		9,757,203		8,974,096		8,974,096		783,207		595		—
SPDR S&P Emerging Middle East & Africa ETF		180,865		4,426,307		4,426,307		4,111,313		4,111,313		495,859		392		—
SPDR S&P World ex-US ETF		15,399		1,628,365		1,628,365		1,410,940		1,410,940		232,824		118		—

257

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	9/30/10		Cost		Shares		Proceeds		Shares		3/31/11		Income		Gain/(Loss)

SPDR S&P International Small Cap ETF	$	204,973	$	22,804,211		22,804,211	$	21,399,998		21,399,998	$	1,609,186	$	1,027	$	—
SPDR Dow Jones International Real Estate ETF		185,468		85,481,796		85,481,796		85,359,362		85,359,362		307,902		3,288		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		79,812		1,235,430		1,235,430		1,238,600		1,238,600		76,642		88		—
SPDR S&P Global Natural Resources ETF		15,911		1,487,410		1,487,410		1,379,990		1,379,990		123,331		71		—
SPDR MSCI ACWI ex-US ETF		445,786		6,672,926		6,672,926		7,001,186		7,001,186		117,526		499		—
SPDR Russell/Nomura PRIME Japan ETF		47,675		247,710		247,710		244,862		244,862		50,523		16		—
SPDR Russell/Nomura Small Cap Japan ETF		40,262		1,249,112		1,249,112		641,566		641,566		647,808		162		—
SPDR S&P International Dividend ETF		37,858		14,002,139		14,002,139		13,976,678		13,976,678		63,319		286		—
SPDR S&P International Mid Cap ETF		17,129		722,365		722,365		736,080		736,080		3,414		43		—
SPDR S&P Emerging Markets Small Cap ETF		2,644,711		140,212,000		140,212,000		140,039,876		140,039,876		2,816,835		4,755		—
SPDR Dow Jones Global Real Estate ETF		117,888		10,475,876		10,475,876		10,286,441		10,286,441		307,323		423		—
SPDR S&P International Consumer Discretionary Sector ETF		37,365		328,035		328,035		321,259		321,259		44,141		20		—
SPDR S&P International Consumer Staples Sector ETF		32,839		121,548		121,548		150,535		150,535		3,852		6		—
SPDR S&P International Energy Sector ETF		3,231		136,566		136,566		134,840		134,840		4,957		6		—
SPDR S&P International Financial Sector ETF		45,993		187,651		187,651		233,544		233,544		100		5		—
SPDR S&P International Health Care Sector ETF		5,401		174,300		174,300		174,390		174,390		5,311		10		—
SPDR S&P International Industrial Sector ETF		100		250,572		250,572		224,613		224,613		26,059		19		—
SPDR S&P International Materials Sector ETF		3,440		139,462		139,462		122,415		122,415		20,487		7		—
SPDR S&P International Technology Sector ETF		12,357		201,914		201,914		192,584		192,584		21,687		16		—
SPDR S&P International Telecommunications Sector ETF		4,471		259,868		259,868		239,244		239,244		25,095		19		—
SPDR S&P International Utilities Sector ETF		13,853		137,739		137,739		149,085		149,085		2,507		5		—


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	9/30/10		Cost		Shares		Proceeds		Shares		3/31/11		Income		Gain/(Loss)

SPDR STOXX Europe 50 ETF	$	—	$	11,062,292		11,062,292	$	10,352,277		10,352,277	$	710,015	$	7,708	$	—
SPDR EURO STOXX 50 ETF		2,638,555		40,720,434		40,720,434		42,837,588		42,837,588		521,401		52,839		—
SPDR S&P Emerging Asia Pacific ETF		39,876,959		94,337,596		94,337,596		102,718,462		102,718,462		31,496,093		128,905		—

258

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	9/30/10		Cost		Shares		Proceeds		Shares		3/31/11		Income		Gain/(Loss)

SPDR S&P China ETF	$	81,587,164	$	198,841,077		198,841,077	$	181,769,520		181,769,520	$	98,658,721	$	373,480	$	—
SPDR S&P Emerging Markets ETF		16,982,427		41,635,513		41,635,513		47,838,000		47,838,000		10,779,940		42,909		—
SPDR S&P BRIC 40 ETF		66,514,013		176,517,760		176,517,760		213,354,650		213,354,650		29,677,123		45,692		—
SPDR S&P Emerging Europe ETF		5,750,349		65,573,687		65,573,687		69,476,344		69,476,344		1,847,692		33,551		—
SPDR S&P Emerging Latin America ETF		37,791,628		105,270,836		105,270,836		128,139,580		128,139,580		14,922,884		52,896		—
SPDR S&P Emerging Middle East & Africa ETF		3,556,136		13,735,547		13,735,547		10,889,912		10,889,912		6,401,771		13,341		—
SPDR S&P World ex-US ETF		11,131,537		28,770,072		28,770,072		24,409,059		24,409,059		15,492,550		27,550		—
SPDR S&P International Small Cap ETF		54,714,094		146,478,245		146,478,245		79,659,757		79,659,757		121,532,582		331,771		—
SPDR Dow Jones International Real Estate ETF		112,065,820		378,397,588		378,397,588		340,987,231		340,987,231		149,476,177		287,900		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		8,314,380		27,059,133		27,059,133		30,723,992		30,723,992		4,649,521		14,990		—
SPDR MSCI ACWI ex-US ETF		45,034,661		78,094,136		78,094,136		73,076,185		73,076,185		50,052,612		98,289		—
SPDR Russell/Nomura PRIME Japan ETF		4,289,364		6,357,890		6,357,890		6,273,005		6,273,005		4,374,249		1,531		—
SPDR Russell/Nomura Small Cap Japan ETF		17,896,056		39,510,027		39,510,027		27,133,815		27,133,815		30,272,268		34,058		—
SPDR S&P International Dividend ETF		22,773,247		97,090,568		97,090,568		89,364,557		89,364,557		30,499,258		185,673		—
SPDR S&P International Mid Cap ETF		3,868,805		11,150,733		11,150,733		7,232,785		7,232,785		7,786,753		13,261		—
SPDR S&P Emerging Markets Small Cap ETF		11,858,876		55,791,597		55,791,597		50,089,290		50,089,290		17,561,183		248,567		—
SPDR Dow Jones Global Real Estate ETF		28,861,180		74,960,405		74,960,405		79,605,092		79,605,092		24,216,493		38,683		—
SPDR S&P International Consumer Discretionary Sector ETF		—		67,838		67,838		67,838		67,838		—		31		—
SPDR S&P International Consumer Staples Sector ETF		—		9,800		9,800		200		200		9,600		—		—
SPDR S&P International Energy Sector ETF		—		72,731		72,731		72,731		72,731		—		5		—
SPDR S&P International Financial Sector ETF		13,054		195,011		195,011		173,438		173,438		34,627		124		—
SPDR S&P International Industrial Sector ETF		91,074		351,209		351,209		442,283		442,283		—		479		—
SPDR S&P International Materials Sector ETF		7,975		2,014,874		2,014,874		2,022,849		2,022,849		—		269		—
SPDR S&P International Technology Sector ETF		198,250		738,487		738,487		936,737		936,737		—		452		—
SPDR S&P International Telecommunications Sector ETF		81,963		525,740		525,740		607,703		607,703		—		244		—
SPDR S&P International Utilities Sector ETF		44,915		180,887		180,887		196,443		196,443		29,359		34		—

259

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


4.	Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Russia ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P Global Natural Resources ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging Markets Small Cap ETF and SPDR Dow Jones Global Real Estate ETF and 200,000 shares for SPDR World ex-US ETF, SPDR MSCI ACWI ex-US ETF and SPDR Russell/Nomura PRIME Japan ETF. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Funds on the transaction date. Transaction fees ranging from $500 to $12,000 per Creation Unit for each Fund, regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.


5.	Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same as cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at March 31, 2011 was as follows:


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR STOXX Europe 50 ETF	$	50,256,044	$	2,420,094	$	14,770,953	$	(12,350,859	)
SPDR EURO STOXX 50 ETF		225,301,176		5,734,220		58,633,930		(52,899,710	)
SPDR S&P Emerging Asia Pacific ETF		646,022,645		142,252,359		25,201,718		117,050,641
SPDR S&P Russia ETF		133,568,437		12,909,094		743,316		12,165,778
SPDR S&P China ETF		701,996,959		149,585,341		35,152,017		114,433,324
SPDR S&P Emerging Markets ETF		200,173,023		39,029,593		7,285,576		31,744,017
SPDR S&P Emerging Markets Dividend ETF		12,481,945		712,783		88,087		624,696
SPDR S&P BRIC 40 ETF		483,148,502		115,609,309		11,212,078		104,397,231
SPDR S&P Emerging Europe ETF		243,441,551		44,997,549		5,207,213		39,790,336
SPDR S&P Emerging Latin America ETF		222,677,618		30,891,629		8,737,024		22,154,605
SPDR S&P Emerging Middle East & Africa ETF		153,673,541		22,284,997		11,191,685		11,093,312
SPDR S&P World ex-US ETF		137,498,975		26,611,752		5,588,246		21,023,506
SPDR S&P International Small Cap ETF		971,747,192		143,943,501		73,085,153		70,858,348
SPDR Dow Jones International Real Estate ETF		1,825,619,220		158,023,336		71,270,374		86,752,962
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		72,707,999		2,040,281		19,006,759		(16,966,478	)
SPDR S&P Global Natural Resources ETF		116,481,378		9,087,345		761,998		8,325,347
SPDR MSCI ACWI ex-US ETF		507,119,699		57,827,352		48,730,325		9,097,027
SPDR Russell/Nomura PRIME Japan ETF		22,172,323		557,791		2,748,891		(2,191,100	)

260

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR Russell/Nomura Small Cap Japan ETF	$	157,143,206	$	7,032,307	$	15,230,222	$	(8,197,915	)
SPDR S&P International Dividend ETF		405,220,066		29,603,321		6,211,647		23,391,674
SPDR S&P International Mid Cap ETF		43,985,094		7,603,917		1,065,039		6,538,878
SPDR S&P Emerging Markets Small Cap ETF		651,345,018		56,717,610		48,808,141		7,909,469
SPDR Dow Jones Global Real Estate ETF		221,870,155		49,508,236		531,175		48,977,061
SPDR S&P International Consumer Discretionary Sector ETF		20,892,035		2,972,493		485,140		2,487,353
SPDR S&P International Consumer Staples Sector ETF		13,070,695		1,013,026		266,092		746,934
SPDR S&P International Energy Sector ETF		16,321,812		2,248,032		533,727		1,714,305
SPDR S&P International Financial Sector ETF		10,158,572		367,694		1,168,583		(800,889	)
SPDR S&P International Health Care Sector ETF		11,540,883		1,014,414		416,519		597,895
SPDR S&P International Industrial Sector ETF		28,692,996		4,091,523		634,813		3,456,710
SPDR S&P International Materials Sector ETF		37,659,287		5,111,832		759,756		4,352,076
SPDR S&P International Technology Sector ETF		23,816,520		4,321,912		1,683,026		2,638,886
SPDR S&P International Telecommunications Sector ETF		9,352,421		293,838		478,596		(184,758	)
SPDR S&P International Utilities Sector ETF		10,233,490		163,465		2,013,953		(1,850,488	)


6.	Investment Transactions

For the six months ended March 31, 2011, the following Funds had in-kind contributions, in-kind redemptions and in-kind net realized gain/loss as follows:


					Realized
	Contributions		Redemptions		Gain/Loss

SPDR STOXX Europe 50 ETF	$	—	$	3,657,199	$	(663,263	)
SPDR EURO STOXX 50 ETF		9,989,353		15,682,696		3,260,720
SPDR S&P Emerging Asia Pacific ETF		36,776,509		35,726,502		9,618,732
SPDR S&P Russia ETF		153,184,338		29,986,913		4,242,262
SPDR S&P China ETF		81,447,291		67,427,326		26,222,356
SPDR S&P Emerging Markets ETF		15,341,240		20,520,595		9,100,765
SPDR S&P Emerging Markets Dividend ETF		5,609,027		—		—
SPDR S&P BRIC 40 ETF		40,775,132		8,287,653		3,288,170
SPDR S&P Emerging Europe ETF		31,053,872		27,504,445		5,129,038
SPDR S&P Emerging Latin America ETF		44,094,507		36,992,349		5,598,387
SPDR S&P Emerging Middle East & Africa ETF		33,454,315		25,020,869		6,850,733
SPDR S&P World ex-US ETF		25,738,398		—		—
SPDR S&P International Small Cap ETF		195,548,001		—		—
SPDR Dow Jones International Real Estate ETF		435,877,332		—		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—		4,265,816		(230,906	)
SPDR S&P Global Natural Resources ETF		108,949,073		—		—
SPDR MSCI ACWI ex-US ETF		52,855,806		20,003,370		7,115,928
SPDR Russell/Nomura PRIME Japan ETF		7,600,587		7,883,092		(1,624,433	)
SPDR Russell/Nomura Small Cap Japan ETF		47,113,053		4,105,488		210,067
SPDR S&P International Dividend ETF		112,230,051		—		—

261

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


					Realized
	Contributions		Redemptions		Gain/Loss

SPDR S&P International Mid Cap ETF	$	8,063,208	$	—	$	—
SPDR S&P Emerging Markets Small Cap ETF		168,076,985		211,128,943		19,755,318
SPDR Dow Jones Global Real Estate ETF		96,867,227		—		—
SPDR S&P International Consumer Discretionary Sector ETF		4,285,074		1,378,463		356,667
SPDR S&P International Consumer Staples Sector ETF		3,081,469		4,625,832		922,085
SPDR S&P International Energy Sector ETF		3,917,908		1,271,422		213,122
SPDR S&P International Financial Sector ETF		3,247,214		3,093,372		55,187
SPDR S&P International Health Care Sector ETF		1,462,627		—		—
SPDR S&P International Industrial Sector ETF		12,437,821		1,472,270		416,149
SPDR S&P International Materials Sector ETF		19,146,797		4,569,711		1,435,867
SPDR S&P International Technology Sector ETF		2,748,302		—		—
SPDR S&P International Telecommunications Sector ETF		5,190,832		12,512,157		940,661
SPDR S&P International Utilities Sector ETF		1,085,249		1,043,815		97,906

The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes. The table represents the accumulation of the Funds’ daily net shareholder transactions while the Statements of Changes reflects gross shareholder transactions including any cash component of the transaction.

For the six months ended March 31, 2011, the Trust had purchases and sales of investment securities as follows:


	Purchases		Sales

SPDR STOXX Europe 50 ETF	$	513,535	$	874,473
SPDR EURO STOXX 50 ETF		3,392,310		2,692,284
SPDR S&P Emerging Asia Pacific ETF		122,644,749		148,139,982
SPDR S&P Russia ETF		5,649,224		5,734,052
SPDR S&P China ETF		8,372,023		9,666,127
SPDR S&P Emerging Markets ETF		8,907,058		8,807,971
SPDR S&P Emerging Markets Dividend ETF		6,982,966		114,530
SPDR S&P BRIC 40 ETF		47,901,034		46,929,096
SPDR S&P Emerging Europe ETF		8,840,936		9,072,841
SPDR S&P Emerging Latin America ETF		18,283,355		17,504,811
SPDR S&P Emerging Middle East & Africa ETF		3,600,494		3,821,915
SPDR S&P World ex-US ETF		339,260		873,938
SPDR S&P International Small Cap ETF		36,055,275		25,840,376
SPDR Dow Jones International Real Estate ETF		93,737,562		165,503,462
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		1,151,840		1,111,780
SPDR S&P Global Natural Resources ETF		4,826,240		4,864,455
SPDR MSCI ACWI ex-US ETF		5,013,413		3,809,644
SPDR Russell/Nomura PRIME Japan ETF		276,754		298,117
SPDR Russell/Nomura Small Cap Japan ETF		6,456,740		6,896,215
SPDR S&P International Dividend ETF		262,918,774		264,663,542
SPDR S&P International Mid Cap ETF		3,076,256		2,909,135
SPDR S&P Emerging Markets Small Cap ETF		264,770,555		384,146,672
SPDR Dow Jones Global Real Estate ETF		10,794,695		17,040,944

262

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2011 (Unaudited)


	Purchases		Sales

SPDR S&P International Consumer Discretionary Sector ETF	$	911,328	$	777,585
SPDR S&P International Consumer Staples Sector ETF		106,797		146,334
SPDR S&P International Energy Sector ETF		580,338		664,837
SPDR S&P International Financial Sector ETF		267,113		284,045
SPDR S&P International Health Care Sector ETF		101,908		210,814
SPDR S&P International Industrial Sector ETF		—		111,463
SPDR S&P International Materials Sector ETF		25,889		195,536
SPDR S&P International Technology Sector ETF		11,229		182,551
SPDR S&P International Telecommunications Sector ETF		150,801		223,961
SPDR S&P International Utilities Sector ETF		88,418		108,337

For the six months ended March 31, 2011, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.


7.	Concentration of Risk

The Funds’ assets may be concentrated in one or more foreign countries. By concentrating their assets in a single country or group of countries, the Funds are subject to the risk that economic, political or other conditions that have a negative effect on that country or group of countries will negatively impact the Funds to a greater extent than if the Funds’ assets were invested in a wider variety of countries. In addition, the Funds’ assets may be concentrated in certain industries, subjecting them to greater risk than Funds that invest in a wider range of industries.


8.	Securities Lending

Each Fund may lend securities up to 331/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral held with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

The market value of securities on loan as of March 31, 2011 and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

263

SPDR INDEX SHARES FUNDS
OTHER INFORMATION

March 31, 2011 (Unaudited)

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested on October 1, 2010 and held for the six months ended March 31, 2011.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid during Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees at scheduled amounts ranging from $500 to $12,000 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/10 to
	Expense Ratio			10/1/10		3/31/11		3/31/11

Actual
SPDR STOXX Europe 50 ETF		0.31	%	$	1,000	$	1,093.30	$	1.62
SPDR EURO STOXX 50 ETF		0.31			1,000		1,108.30		1.63
SPDR S&P Emerging Asia Pacific ETF		0.60			1,000		1,068.20		3.09
SPDR S&P Russia ETF		0.59			1,000		1,333.80		3.43
SPDR S&P China ETF		0.60			1,000		1,050.90		3.07
SPDR S&P Emerging Markets ETF		0.61			1,000		1,093.30		3.18
SPDR S&P Emerging Markets Dividend ETF**		0.59			1,000		1,053.20		0.60
SPDR S&P BRIC 40 ETF		0.52			1,000		1,140.90		2.78
SPDR S&P Emerging Europe ETF		0.61			1,000		1,210.40		3.36
SPDR S&P Emerging Latin America ETF		0.61			1,000		1,064.20		3.14
SPDR S&P Emerging Middle East & Africa ETF		0.60			1,000		1,078.00		3.11
SPDR S&P World ex-US ETF		0.35			1,000		1,113.90		1.84
SPDR S&P International Small Cap ETF		0.60			1,000		1,149.90		3.22
SPDR Dow Jones International Real Estate ETF		0.60			1,000		1,085.70		3.12

264

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2011 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/10 to
	Expense Ratio			10/1/10		3/31/11		3/31/11

SPDR FTSE/Macquarie Global Infrastructure 100 ETF		0.61	%	$	1,000	$	1,061.80	$	3.14
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,234.90		2.23
SPDR MSCI ACWI ex-US ETF		0.35			1,000		1,110.90		1.84
SPDR Russell/Nomura PRIME Japan ETF		0.52			1,000		1,059.50		2.67
SPDR Russell/Nomura Small Cap Japan ETF		0.56			1,000		1,090.70		2.92
SPDR S&P International Dividend ETF		0.46			1,000		1,109.60		2.42
SPDR S&P International Mid Cap ETF		0.46			1,000		1,141.30		2.46
SPDR S&P Emerging Markets Small Cap ETF		0.66			1,000		1,015.40		3.32
SPDR Dow Jones Global Real Estate ETF		0.51			1,000		1,114.80		2.69
SPDR S&P International Consumer Discretionary Sector ETF		0.51			1,000		1,092.60		2.66
SPDR S&P International Consumer Staples Sector ETF		0.51			1,000		1,043.60		2.60
SPDR S&P International Energy Sector ETF		0.51			1,000		1,240.80		2.85
SPDR S&P International Financial Sector ETF		0.52			1,000		1,082.20		2.70
SPDR S&P International Health Care Sector ETF		0.51			1,000		1,064.50		2.63
SPDR S&P International Industrial Sector ETF		0.51			1,000		1,160.30		2.75
SPDR S&P International Materials Sector ETF		0.51			1,000		1,191.70		2.79
SPDR S&P International Technology Sector ETF		0.51			1,000		1,136.80		2.72
SPDR S&P International Telecommunications Sector ETF		0.52			1,000		1,099.50		2.72
SPDR S&P International Utilities Sector ETF		0.52			1,000		1,034.00		2.64
Hypothetical				��
SPDR STOXX Europe 50 ETF		0.31			1,000		1,023.39		1.56
SPDR EURO STOXX 50 ETF		0.31			1,000		1,023.39		1.56
SPDR S&P Emerging Asia Pacific ETF		0.60			1,000		1,021.94		3.02
SPDR S&P Russia ETF		0.59			1,000		1,021.99		2.97
SPDR S&P China ETF		0.60			1,000		1,021.94		3.02
SPDR S&P Emerging Markets ETF		0.61			1,000		1,021.89		3.07
SPDR S&P Emerging Markets Dividend ETF**		0.59			1,000		1,021.99		2.97
SPDR S&P BRIC 40 ETF		0.52			1,000		1,022.34		2.62
SPDR S&P Emerging Europe ETF		0.61			1,000		1,021.89		3.07
SPDR S&P Emerging Latin America ETF		0.61			1,000		1,021.89		3.07
SPDR S&P Emerging Middle East & Africa ETF		0.60			1,000		1,021.94		3.02
SPDR S&P World ex-US ETF		0.35			1,000		1,023.19		1.77
SPDR S&P International Small Cap ETF		0.60			1,000		1,021.94		3.02
SPDR Dow Jones International Real Estate ETF		0.60			1,000		1,021.94		3.02
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		0.61			1,000		1,021.89		3.07

265

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2011 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/10 to
	Expense Ratio			10/1/10		3/31/11		3/31/11

SPDR S&P Global Natural Resources ETF		0.40	%	$	1,000	$	1,022.94	$	2.02
SPDR MSCI ACWI ex-US ETF		0.35			1,000		1,023.19		1.77
SPDR Russell/Nomura PRIME Japan ETF		0.52			1,000		1,022.34		2.62
SPDR Russell/Nomura Small Cap Japan ETF		0.56			1,000		1,022.14		2.82
SPDR S&P International Dividend ETF		0.46			1,000		1,022.64		2.32
SPDR S&P International Mid Cap ETF		0.46			1,000		1,022.64		2.32
SPDR S&P Emerging Markets Small Cap ETF		0.66			1,000		1,021.64		3.33
SPDR Dow Jones Global Real Estate ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Consumer Discretionary Sector ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Consumer Staples Sector ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Energy Sector ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Financial Sector ETF		0.52			1,000		1,022.34		2.62
SPDR S&P International Health Care Sector ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Industrial Sector ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Materials Sector ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Technology Sector ETF		0.51			1,000		1,022.39		2.57
SPDR S&P International Telecommunications Sector ETF		0.52			1,000		1,022.34		2.62
SPDR S&P International Utilities Sector ETF		0.52			1,000		1,022.34		2.62


*		Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365.
**		Actual period is from commencement of operations 2/23/11. Hypothetical period is from 10/1/10.

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the website of the Securities and Exchange Commission, at www.sec.gov. Information regarding how the investment advisor voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Fund’s website at www.spdrs.com.

Quarterly Portfolio Schedule

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-800-843-2639 (toll free) and on the Funds’ website at www.spdrs.com.

266

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2011 (Unaudited)

Approval of Advisory Agreement

At an in-person meeting held prior to March 31, 2011, the Board of Trustees of the Trust (the “Board”) evaluated various proposals related to advisory arrangements for new series of the Trust, including a proposal to approve the Investment Advisory Agreement (the “Agreement”) with respect to SPDR S&P Emerging Markets Dividend ETF, the new series of the Trust (“New ETF”), which commenced operations during the most recent fiscal half-year period covered by this Semi-Annual Report. The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent and Custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services to be provided by the Adviser with respect to the New ETF under the Agreement, (ii) costs to the Adviser of its services, and (iii) the extent to which economies of scale would be realized if and as the New ETF grows and whether the fee in the Agreement reflects these economies of scale.

The Board considered the nature, extent and quality of services to be provided by the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s anticipated responsibilities for managing investment operations of the New ETF, in accordance with the New ETF’s investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the New ETF, as an exchange-traded fund (“ETF”), and the experience and expertise of the Adviser with ETFs. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and compliance of the New ETF. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing the New ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisers, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and ETFs in particular. The Board also considered the Adviser’s experience in managing ETFs. The Board then determined that the nature, extent and quality of services anticipated to be provided by the Adviser to the Trust were necessary and appropriate.

The Board considered whether the Adviser benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions. The Board concluded that, to the extent that the Adviser derives other benefits from its relationship with the Trust, those benefits are not so significant as to cause the Adviser’s fees with respect to the New ETF to be excessive.

The Board determined that the Adviser is likely to realize economies of scale in managing the New ETF as assets grow in size. The Board further determined that such economies of scale are shared with the New ETF by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as the New ETF grows in size and assess whether fee breakpoints may be warranted.

The Board evaluated the New ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds—i.e., index tracking ETFs. The Board reviewed the universe of similar ETFs for the New ETF based upon data from Lipper Analytical Services and related comparative information for similar ETFs. The Board also reviewed the estimated expense ratio of the New ETF. The Board used a fund by fund analysis of the data. The Board concluded, based on the information presented, that the New ETF’s fees were fair and reasonable in light of those of its direct competitors.

The Board’s conclusions in approving the Agreement, including the Independent Trustees voting separately, were as follows: (a) the nature and extent of the services expected to be provided by the Adviser with respect to the New ETF were appropriate; (b) the Adviser’s fee for the New ETF and the unitary fee, considered in relation to services expected to be provided, were fair and reasonable; (c) any additional benefits to the Adviser were not of a magnitude

267

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2011 (Unaudited)

to materially affect the Board’s conclusions; and (d) fees expected to be paid to the Adviser were expected to share economies of scale with respect to the New ETF by way of the relatively low fee structure of the Trust.

268

The SPDR^® Family of Exchange Traded Funds

The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. Please call 1-866-787-2257 to obtain a prospectus for any SPDR ETF. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.

SPDR Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)

SPDR S&P Global Natural Resources ETF (GNR)

SPDR MSCI ACWI ex-US ETF (CWI)

SPDR Russell/Nomura PRIME Japan ETF (JPP)

SPDR Russell/Nomura Small Cap Japan ETF (JSC)

SPDR S&P International Dividend ETF (DWX)

SPDR S&P International Mid Cap ETF (MDD)

SPDR S&P Emerging Markets Small Cap ETF (EWX)

SPDR Dow Jones Global Real Estate ETF (RWO)

SPDR S&P International Consumer Discretionary Sector ETF (IPD)

SPDR S&P International Consumer Staples Sector ETF (IPS)

SPDR S&P International Energy Sector ETF (IPW)

SPDR S&P International Financial Sector ETF (IPF)

SPDR S&P International Health Care Sector ETF (IRY)

SPDR S&P International Industrial Sector ETF (IPN)

SPDR S&P International Materials Sector ETF (IRV)

SPDR S&P International Technology Sector ETF (IPK)

SPDR S&P International Telecommunications Sector ETF (IST)

SPDR S&P International Utilities Sector ETF (IPU)

SPDR Series Trust

SPDR Dow Jones Total Market ETF (TMW)

SPDR Dow Jones Large Cap ETF (ELR)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR Dow Jones Mid Cap ETF (EMM)

SPDR S&P 400 Mid Cap Growth ETF (MDYG)

SPDR S&P 400 Mid Cap Value ETF (MDYV)

SPDR S&P 600 Small Cap ETF (SLY)

SPDR S&P 600 Small Cap Growth ETF (SLYG)

SPDR S&P 600 Small Cap Value ETF (SLYV)

SPDR DJ Global Titans ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR KBW Bank ETF (KBE)

SPDR KBW Capital Markets ETF (KCE)

SPDR KBW Insurance ETF (KIE)

SPDR KBW Mortgage Finance ETF(KME)

SPDR KBW Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)

SPDR Barclays Capital TIPS ETF (IPE)

SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)

SPDR Barclays Capital Long Term Treasury ETF (TLO)

SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)

SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)

SPDR Barclays Capital Convertible Securities ETF (CWB)

SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)

SPDR Barclays Capital Aggregate Bond ETF (LAG)

SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)

SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)

SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays Capital International Treasury Bond ETF (BWX)

SPDR Barclays Capital International Corporate Bond ETF (IBND)

SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)

SPDR Barclays Capital High Yield Bond ETF (JNK)

The Select Sector SPDR Trust

The Consumer Discretionary Select Sector SPDR Fund (XLY)

The Consumer Staples Select Sector SPDR Fund (XLP)

The Energy Select Sector SPDR Fund (XLE)

The Financial Select Sector SPDR Fund (XLF)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P 500 ETF Trust (SPY)

State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average ETF Trust (DIA), both unit investment trusts, and all investment portfolios of The Select Sector SPDR Trust.

SPDR Index Shares Funds

trustees
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur

officers
James E. Ross, President
Ellen M. Needham, Vice President
Michael P. Riley, Vice President
Anthony Rochte, Vice President
Chad Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Healy, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Jacqueline Angell, Chief Compliance Officer

investment manager
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111

distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111

custodian, administrator and transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

legal counsel
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

independent registered public accounting firm
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110

Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation.

State Street Global Markets, LLC; member FINRA, SIPC.

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

Please read the prospectus carefully before you invest.

State Street Global Advisors
State Street Financial Center
One Lincoln Street
Boston, MA 02111

The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR FTSE/ Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/ Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P Global Natural Resources ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, SPDR S&P International Utilities Sector ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation.

For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may acquire Fund Shares and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company, Time Inc., FTSE International Limited, Macquarie Bank Limited, The London Stock Exchange Place, The Financial Times Limited, Morgan Stanley Capital International Inc., Russell Investment Group, Standard & Poor’s and Wilshire Associates. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, administrator, securities lending agent, transfer agent and shareholder servicing agent.

“SPDR” is a registered trademark of Standard & Poor Financial Services LLC (“S&P”) and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors’ rights are described in the prospectus for the applicable product.

This information must be preceded or accompanied by a current prospectus or summary prospectus. Read the prospectus carefully before you invest or send money.

For more complete information, please call 866.787.2257 or visit spdrs.com today


Item 2.		Code of Ethics

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.


Item 3.		Audit Committee Financial Expert

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.


Item 4.		Principal Accountant Fees and Services

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.


Item 5.		Audit Committee of Listed Registrants

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.


Item 6.		Schedule of Investments

A Schedule of Investments for each series of the Registrant is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.


Item 7.		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to the Registrant.


Item 8.		Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the Registrant.


Item 9.		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to the Registrant.


Item 10.		Submission of Matters to a Vote of Security Holders

Not applicable to the Registrant.


Item 11.		Controls and Procedures

(a) Within 90 days of the filing date of this Form N-CSR, James E. Ross, the Registrant’s President and Principal Executive Officer, and Chad C. Hallett, the Registrant’s Treasurer and Principal Financial Officer, reviewed the Registrant’s disclosure controls and procedures (the “Procedures”) and evaluated their effectiveness. Based on the review, Messrs. Ross and Hallett determined that the Procedures adequately ensure that information required to be disclosed by

the Registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission’s rules and regulations.

(b) In the Registrant’s second fiscal quarter covered by this form N-CSR filing, there were no significant changes in the Registrant’s internal controls or in other factors that have materially affected, or are reasonably likely to materially affect, its controls over financial reporting subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


Item 12.		Exhibits

(a)(1) Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

(2) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(3) Not applicable

(b) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 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/ James E. Ross James E. Ross
		President and Principal Executive Officer

Date:		June 3, 2011

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/ James E. Ross James E. Ross
		President and Principal Executive Officer

Date:		June 3, 2011

By:		/s/ Chad C. Hallett Chad C. Hallett
		Treasurer and Principal Financial Officer

Date:		June 3, 2011

Security, or portion thereof, was on loan at March 31, 2011.

Non-income producing security.

Investments of cash collateral for securities loaned.

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

The rate shown is the annualized seven-day yield at period end.