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, 2012

Item 1: Report to Shareholders

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 Small Cap Emerging Asia Pacific ETF (GMFS)		10
SPDR S&P Russia ETF (RBL)		11
SPDR S&P China ETF (GXC)		14
SPDR S&P Emerging Markets ETF (GMM)		17
SPDR S&P Emerging Markets Dividend ETF (EDIV)		20
SPDR S&P BRIC 40 ETF (BIK)		23
SPDR S&P Emerging Europe ETF (GUR)		26
SPDR S&P Emerging Latin America ETF (GML)		29
SPDR S&P Emerging Middle East & Africa ETF (GAF)		32
SPDR S&P World ex-US ETF (GWL)		35
SPDR S&P International Small Cap ETF (GWX)		38
SPDR Dow Jones International Real Estate ETF (RWX)		41
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)		44
SPDR S&P Global Natural Resources ETF (GNR)		47
SPDR MSCI ACWI ex-US ETF (CWI)		50
SPDR MSCI ACWI IMI ETF (EMFT)		53
SPDR MSCI EM 50 ETF (ACIM)		54
SPDR Russell/Nomura PRIME^TM Japan ETF (JPP)		55
SPDR Russell/Nomura Small Cap^TM Japan ETF (JSC)		58
SPDR S&P International Dividend ETF (DWX)		61
SPDR S&P International Mid Cap ETF (MDD)		64
SPDR S&P Emerging Markets Small Cap ETF (EWX)		67
SPDR Dow Jones Global Real Estate ETF (RWO)		70
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		73
SPDR S&P International Consumer Staples Sector ETF (IPS)		76
SPDR S&P International Energy Sector ETF (IPW)		79
SPDR S&P International Financial Sector ETF (IPF)		82
SPDR S&P International Health Care Sector ETF (IRY)		85
SPDR S&P International Industrial Sector ETF (IPN)		88
SPDR S&P International Materials Sector ETF (IRV)		91
SPDR S&P International Technology Sector ETF (IPK)		94
SPDR S&P International Telecommunications Sector ETF (IST)		97
SPDR S&P International Utilities Sector ETF (IPU)		100
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)		103
SPDR EURO STOXX 50 ETF (FEZ)		104
SPDR S&P Emerging Asia Pacific ETF (GMF)		105
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)		109


SPDR S&P Russia ETF (RBL)		114
SPDR S&P China ETF (GXC)		115
SPDR S&P Emerging Markets ETF (GMM)		120
SPDR S&P Emerging Markets Dividend ETF (EDIV)		127
SPDR S&P BRIC 40 ETF (BIK)		129
SPDR S&P Emerging Europe ETF (GUR)		130
SPDR S&P Emerging Latin America ETF (GML)		132
SPDR S&P Emerging Middle East & Africa ETF (GAF)		134
SPDR S&P World ex-US ETF (GWL)		136
SPDR S&P International Small Cap ETF (GWX)		143
SPDR Dow Jones International Real Estate ETF (RWX)		151
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)		153
SPDR S&P Global Natural Resources ETF (GNR)		155
SPDR MSCI ACWI ex-US ETF (CWI)		157
SPDR MSCI ACWI IMI ETF (EMFT)		165
SPDR MSCI EM 50 ETF (ACIM)		173
SPDR Russell/Nomura PRIME Japan ETF (JPP)		174
SPDR Russell/Nomura Small Cap Japan ETF (JSC)		179
SPDR S&P International Dividend ETF (DWX)		184
SPDR S&P International Mid Cap ETF (MDD)		186
SPDR S&P Emerging Markets Small Cap ETF (EWX)		191
SPDR Dow Jones Global Real Estate ETF (RWO)		201
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		204
SPDR S&P International Consumer Staples Sector ETF (IPS)		206
SPDR S&P International Energy Sector ETF (IPW)		208
SPDR S&P International Financial Sector ETF (IPF)		210
SPDR S&P International Health Care Sector ETF (IRY)		212
SPDR S&P International Industrial Sector ETF (IPN)		214
SPDR S&P International Materials Sector ETF (IRV)		216
SPDR S&P International Technology Sector ETF (IPK)		218
SPDR S&P International Telecommunications Sector ETF (IST)		220
SPDR S&P International Utilities Sector ETF (IPU)		222
Financial Statements		224
Financial Highlights		254
Notes to Financial Statements		280
Other Information		299

SPDR STOXX Europe 50 ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. 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 the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR STOXX Europe 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.29%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

STOXX EUROPE

NET ASSET

MARKET

STOXX EUROPE

VALUE

50 INDEX

VALUE

50 INDEX

SIX MONTHS

14.55%

17.08%

14.69%

N/A

ONE YEAR

−7.12%

−6.73%

−7.27%

−7.12%

−6.73%

−7.27%

THREE YEARS

50.37%

51.38%

50.46%

14.57%

14.82%

14.59%

FIVE YEARS

−21.02%

−20.84%

−21.20%

−4.61%

−4.57%

−4.65%

SINCE INCEPTION (1)

72.19%

73.38%

73.49%

5.91%

5.99%

6.00%


(1)		For the period October 15, 2002 to March 31, 2012.

SPDR STOXX Europe 50 ETF —
Performance Summary (continued)

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




DESCRIPTION	NESTLE SA	HSBC HOLDINGS PLC	NOVARTIS AG	BP PLC	VODAFONE GROUP PLC

MARKET VALUE	$1,817,085	1,383,889	1,265,845	1,215,365	1,192,796

% OF NET ASSETS	6.0	4.6	4.2	4.0	3.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Pharmaceuticals		17.1	%
Oil, Gas & Consumable Fuels		15.0
Commercial Banks		11.6
Food Products		8.9
Metals & Mining		5.5
Tobacco		4.2
Wireless Telecommunication Services		3.9
Diversified Telecommunication Services		3.7
Capital Markets		3.7
Chemicals		3.4
Beverages		3.3
Insurance		2.7
Industrial Conglomerates		2.5
Multi-Utilities		2.1
Software		1.9
Automobiles		1.6
Electric Utilities		1.4
Electrical Equipment		1.4
Textiles, Apparel & Luxury Goods		1.3
Food & Staples Retailing		1.2
Specialty Retail		1.0
Diversified Financial Services		0.9
Communications Equipment		0.9
Short Term Investments		0.0	***
Other Assets & Liabilities		0.8

TOTAL		100.0	%


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

SPDR EURO STOXX 50 ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.29%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

EURO STOXX

NET ASSET

MARKET

EURO STOXX

VALUE

50 INDEX

VALUE

50 INDEX

SIX MONTHS

13.76%

15.87%

13.81%

N/A

ONE YEAR

−16.72%

−16.84%

−17.17%

−16.72%

−16.84%

−17.17%

THREE YEARS

34.35%

34.69%

33.06%

10.34%

10.44%

9.99%

FIVE YEARS

−28.84%

−28.82%

−30.04%

−6.58%

−6.57%

−6.90%

SINCE INCEPTION (1)

79.59%

80.27%

76.55%

6.38%

6.43%

6.19%


(1)		For the period October 15, 2002 to March 31, 2012.

SPDR EURO STOXX 50 ETF —
Performance Summary (continued)

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




DESCRIPTION	TOTAL SA	SANOFI	SIEMENS AG	BASF SE	BANCO SANTANDER SA

MARKET VALUE	$26,727,261	22,545,553	20,537,102	18,974,649	16,464,809

% OF NET ASSETS	5.9	5.0	4.5	4.2	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		11.8	%
Oil, Gas & Consumable Fuels		10.1
Diversified Telecommunication Services		8.6
Pharmaceuticals		8.0
Insurance		6.8
Chemicals		6.2
Automobiles		5.6
Industrial Conglomerates		5.5
Food Products		4.9
Electric Utilities		4.8
Software		3.3
Multi-Utilities		3.0
Beverages		2.8
Capital Markets		2.4
Textiles, Apparel & Luxury Goods		2.4
Diversified Financial Services		2.4
Electrical Equipment		1.9
Personal Products		1.5
Construction & Engineering		1.4
Communications Equipment		1.1
Specialty Retail		1.1
Building Products		1.0
Real Estate Investment Trusts		0.9
Metals & Mining		0.9
Construction Materials		0.8
Food & Staples Retailing		0.7
Short Term Investments		0.0	***
Other Assets & Liabilities		0.1

TOTAL		100.0	%


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

SPDR S&P Emerging Asia Pacific ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012




	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		14.90%		18.77%		15.69%		N/A		N/A		N/A

ONE YEAR		−9.16%		−9.66%		−8.96%		−9.16%		−9.66%		−8.96%

THREE YEARS		84.40%		82.61%		90.79%		22.63%		22.23%		24.02%

FIVE YEARS		35.90%		36.05%		35.35%		6.33%		6.35%		6.24%

SINCE INCEPTION (1)		38.49%		38.03%		39.08%		6.68%		6.61%		6.70%


(1)		For the period March 20, 2007 to March 31, 2012.

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

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




	TAIWAN SEMICONDUCTOR
	MANUFACTURING CO.,		CHINA CONSTRUCTION		HON HAI PRECISION
DESCRIPTION	LTD. ADR	CHINA MOBILE, LTD.	BANK CORP.	BAIDU, INC. ADR	INDUSTRY CO., LTD.

MARKET VALUE	$18,705,944	13,329,672	13,056,529	9,903,760	9,013,143

% OF NET ASSETS	4.0	2.8	2.8	2.1	1.9

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		16.6	%
Oil, Gas & Consumable Fuels		12.0
Semiconductors & Semiconductor Equipment		7.4
Wireless Telecommunication Services		6.3
Computers & Peripherals		4.3
Internet Software & Services		4.3
Electronic Equipment, Instruments & Components		4.2
Insurance		2.9
Automobiles		2.9
Metals & Mining		2.8
Real Estate Management & Development		2.8
Chemicals		2.7
IT Services		2.7
Food Products		2.7
Construction Materials		2.3
Diversified Telecommunication Services		2.1
Transportation Infrastructure		1.7
Hotels, Restaurants & Leisure		1.6
Construction & Engineering		1.6
Independent Power Producers & Energy Traders		1.5
Industrial Conglomerates		1.5
Diversified Financial Services		1.2
Communications Equipment		1.2
Electric Utilities		0.9
Capital Markets		0.8
Household Products		0.8
Marine		0.8
Beverages		0.8
Thrifts & Mortgage Finance		0.7
Electrical Equipment		0.7
Food & Staples Retailing		0.7
Pharmaceuticals		0.7
Tobacco		0.6
Gas Utilities		0.5
Health Care Providers & Services		0.5
Airlines		0.4
Media		0.4
Energy Equipment & Services		0.4
Building Products		0.3
Machinery		0.3
Textiles, Apparel & Luxury Goods		0.3
Health Care Equipment & Supplies		0.1
Household Durables		0.1
Paper & Forest Products		0.1
Short Term Investments		6.3
Other Assets & Liabilities		(6.5	)

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, except for ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment Industry and Indiabulls Infrastructure & Power, Ltd., which was Level 2 and part of the Real Estate Management & Development Industry, each representing 0.00% of net assets. (Note 2)

SPDR S&P Small Cap Emerging Asia Pacific 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, 2012




		SIMPLO TECHNOLOGY		RADIANT OPTO-	BERJAYA SPORTS
DESCRIPTION	BURSA MALAYSIA BHD	CO., LTD.	BYD CO., LTD.	ELECTRONICS CORP.	TOTO BHD

MARKET VALUE	$50,107	45,232	40,527	39,946	35,519

% OF NET ASSETS	0.7	0.7	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		8.9	%
Semiconductors & Semiconductor Equipment		7.9
Electronic Equipment, Instruments & Components		6.4
Chemicals		6.3
Food Products		5.8
Computers & Peripherals		4.5
Commercial Banks		4.0
Metals & Mining		3.2
Textiles, Apparel & Luxury Goods		3.1
Electrical Equipment		2.8
Pharmaceuticals		2.7
Construction & Engineering		2.5
Machinery		2.4
Diversified Financial Services		2.3
Auto Components		2.2
Communications Equipment		2.1
Transportation Infrastructure		1.8
Independent Power Producers & Energy Traders		1.8
Hotels, Restaurants & Leisure		1.7
Construction Materials		1.7
Media		1.7
Capital Markets		1.7
IT Services		1.5
Automobiles		1.4
Oil, Gas & Consumable Fuels		1.4
Marine		1.3
Energy Equipment & Services		1.2
Industrial Conglomerates		1.2
Multiline Retail		1.0
Leisure Equipment & Products		0.8
Building Products		0.8
Beverages		0.7
Airlines		0.7
Health Care Equipment & Supplies		0.6
Health Care Providers & Services		0.6
Personal Products		0.6
Containers & Packaging		0.5
Household Durables		0.5
Food & Staples Retailing		0.5
Software		0.5
Diversified Telecommunication Services		0.5
Commercial Services & Supplies		0.5
Household Products		0.4
Air Freight & Logistics		0.4
Electric Utilities		0.4
Water Utilities		0.4
Insurance		0.4
Specialty Retail		0.4
Office Electronics		0.4
Biotechnology		0.4
Paper & Forest Products		0.3
Consumer Finance		0.3
Distributors		0.3
Gas Utilities		0.2
Wireless Telecommunication Services		0.2
Trading Companies & Distributors		0.2
Thrifts & Mortgage Finance		0.2
Internet Software & Services		0.1
Short Term Investments		0.2
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, except for Bakrie and Brothers Tbk PT, which was Level 2 and part of the Industrial Conglomerates Industry and Boshiwa International Holding, Ltd., which was Level 2 and part of the Specialty Retail Industry, representing 0.14% and 0.10% of net assets, respectively. (Note 2)

SPDR S&P Russia ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value the, total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until 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 the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P RUSSIA CAPPED

NET ASSET

MARKET

S&P RUSSIA CAPPED

VALUE

BMI INDEX

VALUE

BMI INDEX

SIX MONTHS

21.69%

26.18%

22.99%

N/A

ONE YEAR

−21.15%

−20.33%

−18.81%

−21.15%

−20.33%

−18.81%

SINCE INCEPTION (1)

5.94%

6.57%

9.74%

2.84%

3.14%

4.56%


(1)		For the period March 10, 2010 to March 31, 2012.

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

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




			SBERBANK OF
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	RUSSIA ADR	TATNEFT ADR	ROSNEFT OIL CO. GDR

MARKET VALUE	$11,757,787	6,240,814	5,267,961	2,765,873	2,638,638

% OF NET ASSETS	19.6	10.4	8.8	4.6	4.4

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		50.7	%
Commercial Banks		11.1
Metals & Mining		10.3
Wireless Telecommunication Services		7.5
Chemicals		4.2
Food & Staples Retailing		3.9
Diversified Telecommunication Services		2.9
Electric Utilities		2.7
Internet Software & Services		1.5
Energy Equipment & Services		1.4
Real Estate Management & Development		1.0
Pharmaceuticals		0.9
Road & Rail		0.7
Transportation Infrastructure		0.6
Media		0.3
Household Durables		0.3
Short Term Investments		2.0
Other Assets & Liabilities		(2.0	)

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 China ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012




	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		19.87%		23.22%		20.06%		N/A		N/A		N/A

ONE YEAR		−12.13%		−13.32%		−14.10%		−12.13%		−13.32%		−14.10%

THREE YEARS		59.43%		58.04%		60.76%		16.82%		16.48%		17.14%

FIVE YEARS		35.97%		36.39%		35.54%		6.34%		6.40%		6.27%

SINCE INCEPTION (1)		40.80%		39.98%		40.59%		7.04%		6.91%		6.93%


(1)		For the period March 20, 2007 to March 31, 2012.

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

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$70,271,729	67,562,305	48,568,961	45,072,441	40,184,912

% OF NET ASSETS	7.9	7.6	5.4	5.0	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		20.6	%
Oil, Gas & Consumable Fuels		15.3
Internet Software & Services		11.1
Wireless Telecommunication Services		7.9
Insurance		5.5
Real Estate Management & Development		4.6
Food Products		3.6
Transportation Infrastructure		3.5
Diversified Telecommunication Services		2.5
Automobiles		1.9
Metals & Mining		1.9
Independent Power Producers & Energy Traders		1.5
Construction & Engineering		1.5
Industrial Conglomerates		1.4
Construction Materials		1.4
Machinery		1.2
Food & Staples Retailing		1.0
Airlines		1.0
Chemicals		0.9
Marine		0.9
Hotels, Restaurants & Leisure		0.8
Computers & Peripherals		0.8
Multiline Retail		0.7
Textiles, Apparel & Luxury Goods		0.7
Electrical Equipment		0.7
Health Care Equipment & Supplies		0.7
Communications Equipment		0.7
Electronic Equipment, Instruments & Components		0.6
Diversified Consumer Services		0.5
Pharmaceuticals		0.5
Health Care Providers & Services		0.4
Gas Utilities		0.4
Specialty Retail		0.4
Paper & Forest Products		0.4
Water Utilities		0.4
Media		0.3
Beverages		0.3
Energy Equipment & Services		0.3
Semiconductors & Semiconductor Equipment		0.2
Household Products		0.2
IT Services		0.2
Road & Rail		0.2
Software		0.1
Diversified Financial Services		0.1
Aerospace & Defense		0.1
Auto Components		0.1
Short Term Investments		17.5
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, except for China Milk Products Group, Ltd., which was Level 2 and part of the Food Products Industry, representing 0.00% of net assets. (Note 2)

SPDR S&P Emerging Markets ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012




	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		18.61%		21.54%		18.50%		N/A		N/A		N/A

ONE YEAR		−8.93%		−8.76%		−9.49%		−8.93%		−8.76%		−9.49%

THREE YEARS		92.35%		92.20%		98.41%		24.37%		24.33%		25.65%

FIVE YEARS		29.81%		30.67%		29.32%		5.36%		5.50%		5.27%

SINCE INCEPTION (1)		34.20%		34.35%		34.35%		6.02%		6.04%		5.98%


(1)		For the period March 20, 2007 to March 31, 2012.

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

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




					TAIWAN
					SEMICONDUCTOR
				AMERICA MOVIL	MANUFACTURING
DESCRIPTION	GAZPROM OAO ADR	CHINA MOBILE, LTD.	LUKOIL OAO ADR	SAB DE CV	CO., LTD.

MARKET VALUE	$4,509,413	3,219,233	2,792,678	2,790,386	2,698,206

% OF NET ASSETS	2.5	1.8	1.6	1.6	1.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		16.5	%
Commercial Banks		15.1
Metals & Mining		8.3
Wireless Telecommunication Services		6.8
Semiconductors & Semiconductor Equipment		3.7
Beverages		3.4
Internet Software & Services		3.0
Food Products		2.1
Diversified Telecommunication Services		2.0
Automobiles		1.9
Chemicals		1.9
Real Estate Management & Development		1.9
Insurance		1.9
Diversified Financial Services		1.8
Industrial Conglomerates		1.7
IT Services		1.6
Specialty Retail		1.6
Food & Staples Retailing		1.5
Computers & Peripherals		1.5
Multiline Retail		1.4
Construction & Engineering		1.3
Media		1.3
Electronic Equipment, Instruments & Components		1.3
Electric Utilities		1.3
Construction Materials		1.1
Hotels, Restaurants & Leisure		0.9
Pharmaceuticals		0.9
Transportation Infrastructure		0.9
Communications Equipment		0.8
Independent Power Producers & Energy Traders		0.8
Tobacco		0.6
Machinery		0.6
Household Products		0.6
Capital Markets		0.5
Thrifts & Mortgage Finance		0.5
Airlines		0.5
Household Durables		0.4
Leisure Equipment & Products		0.4
Gas Utilities		0.4
Electrical Equipment		0.3
Water Utilities		0.3
Marine		0.3
Personal Products		0.2
Trading Companies & Distributors		0.2
Energy Equipment & Services		0.2
Health Care Providers & Services		0.1
Paper & Forest Products		0.1
Textiles, Apparel & Luxury Goods		0.1
Aerospace & Defense		0.1
Distributors		0.1
Professional Services		0.1
Road & Rail		0.0	***
Health Care Equipment & Supplies		0.0	***
Software		0.0	***
Air Freight & Logistics		0.0	***
Auto Components		0.0	***
Building Products		0.0	***
Biotechnology		0.0	***
Short Term Investments		8.3
Other Assets & Liabilities		(5.1	)

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 ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment Industry, Indiabulls Infrastructure & Power, Ltd., which was Level 2 and part of the Real Estate Management & Development Industry and Chaoda Modern Agriculture Holdings, Ltd., which was Level 3 and part of the Food Products Industry, each 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 —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/23/11, 2/24/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P EMERGING						S&P EMERGING
	NET ASSET		MARKET		MARKETS DIVIDEND		NET ASSET		MARKET		MARKETS DIVIDEND
	VALUE		VALUE		OPPORTUNITIES INDEX		VALUE		VALUE		OPPORTUNITIES INDEX

SIX MONTHS		16.51%		18.73%		17.67%		N/A		N/A		N/A

ONE YEAR		0.97%		0.15%		3.57%		0.97%		0.15%		3.57%

SINCE INCEPTION (1)		6.34%		6.54%		10.71%		5.73%		5.91%		9.14%


(1)		For the period February 23, 2011 to March 31, 2012.

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

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




	SURGUTNEFTEGAS
	OJSC ADR PREFERENCE	KGHM POLSKA	KOMERCNI		SHIMAO PROPERTY
DESCRIPTION	SHARES	MIEDZ SA	BANKA AS	HTC CORP.	HOLDINGS, LTD.

MARKET VALUE	$12,020,686	11,514,026	11,105,915	10,682,163	10,325,129

% OF NET ASSETS	3.6	3.5	3.4	3.2	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		12.6	%
Commercial Banks		12.4
Computers & Peripherals		10.7
Real Estate Management & Development		10.2
Diversified Telecommunication Services		9.4
Electric Utilities		7.7
Wireless Telecommunication Services		5.3
Semiconductors & Semiconductor Equipment		5.0
Oil, Gas & Consumable Fuels		3.7
Communications Equipment		3.2
Insurance		2.3
Automobiles		2.2
Airlines		1.9
Machinery		1.8
Chemicals		1.8
Trading Companies & Distributors		1.5
Textiles, Apparel & Luxury Goods		1.4
Independent Power Producers & Energy Traders		1.3
Marine		1.2
Distributors		1.1
Transportation Infrastructure		1.0
Tobacco		0.5
Construction Materials		0.2
Water Utilities		0.1
Media		0.1
Multiline Retail		0.1
Diversified Financial Services		0.1
Specialty Retail		0.1
Household Products		0.1
IT Services		0.1
Household Durables		0.1
Software		0.1
Food Products		0.0	***
Personal Products		0.0	***
Auto Components		0.0	***
Industrial Conglomerates		0.0	***
Short Term Investments		8.8
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. (Note 2)
***		Amount 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, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/07, 6/22/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P BRIC

NET ASSET

MARKET

S&P BRIC

VALUE

40 INDEX

VALUE

40 INDEX

SIX MONTHS

19.47%

22.06%

19.83%

N/A

ONE YEAR

−13.60%

−14.22%

−13.25%

−13.60%

−14.22%

−13.25%

THREE YEARS

77.86%

77.60%

81.23%

21.16%

21.10%

21.91%

SINCE INCEPTION (1)

12.39%

12.19%

14.97%

2.47%

2.43%

2.93%


(1)		For the period June 19, 2007 to March 31, 2012.

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

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




					PETROLEO
				CHINA CONSTRUCTION	BRASILEIRO
DESCRIPTION	GAZPROM OAO ADR	SBERBANK OF RUSSIA ADR	CHINA MOBILE, LTD.	BANK CORP.	SA ADR

MARKET VALUE	$31,082,294	29,860,434	24,268,064	24,110,981	18,331,075

% OF NET ASSETS	7.7	7.4	6.0	6.0	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		32.9	%
Commercial Banks		31.0
Internet Software & Services		7.2
Wireless Telecommunication Services		7.0
Metals & Mining		6.5
Insurance		3.7
Beverages		3.2
IT Services		2.2
Diversified Telecommunication Services		1.7
Food Products		1.4
Chemicals		1.2
Electric Utilities		1.0
Real Estate Management & Development		0.8
Short Term Investments		8.7
Other Assets & Liabilities		(8.5	)

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 Europe ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING CAPPED

NET ASSET

MARKET

EMERGING CAPPED

VALUE

BMI INDEX

VALUE

BMI INDEX

SIX MONTHS

17.66%

22.15%

18.59%

N/A

ONE YEAR

−19.65%

−19.42%

−19.11%

−19.65%

−19.42%

−19.11%

THREE YEARS

97.35%

98.70%

114.83%

25.43%

25.72%

29.02%

FIVE YEARS

−19.73%

−19.65%

−17.08%

−4.30%

−4.28%

−3.68%

SINCE INCEPTION (1)

−14.94%

−14.57%

−12.29%

−3.16%

−3.08%

−2.54%


(1)		For the period March 20, 2007 to March 31, 2012.

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

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$16,550,496	7,642,758	7,392,379	4,086,138	3,744,198

% OF NET ASSETS	16.1	7.4	7.2	4.0	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		40.2	%
Commercial Banks		21.2
Metals & Mining		9.1
Wireless Telecommunication Services		5.8
Diversified Telecommunication Services		5.6
Electric Utilities		3.7
Chemicals		2.1
Food & Staples Retailing		2.0
Industrial Conglomerates		1.6
Household Durables		1.3
Beverages		1.1
Media		1.1
Pharmaceuticals		1.1
Insurance		0.8
Diversified Financial Services		0.8
Distributors		0.6
Airlines		0.6
Software		0.3
Real Estate Management & Development		0.3
Energy Equipment & Services		0.3
Construction & Engineering		0.2
Building Products		0.1
Hotels, Restaurants & Leisure		0.1
Biotechnology		0.0	***
Short Term Investments		2.5
Other Assets & Liabilities		(2.5	)

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		25.46%		26.69%		24.54%		N/A		N/A		N/A

ONE YEAR		−8.95%		−8.83%		−8.20%		−8.95%		−8.83%		−8.20%

THREE YEARS		110.29%		110.87%		114.74%		28.12%		28.23%		29.01%

FIVE YEARS		47.81%		48.62%		54.36%		8.13%		8.25%		9.07%

SINCE INCEPTION (1)		52.73%		52.86%		60.64%		8.78%		8.80%		9.77%


(1)		For the period March 20, 2007 to March 31, 2012.

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

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$9,353,359	8,240,518	7,509,982	6,827,821	6,232,702

% OF NET ASSETS	6.2	5.5	5.0	4.5	4.2

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		18.0	%
Commercial Banks		17.2
Oil, Gas & Consumable Fuels		13.1
Wireless Telecommunication Services		7.0
Beverages		6.8
Food & Staples Retailing		3.9
Electric Utilities		3.5
Food Products		2.9
Multiline Retail		2.8
Industrial Conglomerates		2.8
Diversified Telecommunication Services		2.1
Independent Power Producers & Energy Traders		2.1
Paper & Forest Products		1.5
Transportation Infrastructure		1.5
Diversified Financial Services		1.4
IT Services		1.3
Household Durables		1.2
Media		1.1
Airlines		1.0
Tobacco		1.0
Household Products		0.9
Construction Materials		0.9
Real Estate Management & Development		0.9
Water Utilities		0.8
Chemicals		0.6
Specialty Retail		0.6
Construction & Engineering		0.6
Personal Products		0.6
Aerospace & Defense		0.5
Road & Rail		0.3
Health Care Providers & Services		0.2
Internet & Catalog Retail		0.1
Short Term Investments		11.2
Other Assets & Liabilities		(10.4	)

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 Middle East & Africa ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		17.80%		21.10%		18.27%		N/A		N/A		N/A

ONE YEAR		−3.09%		−2.45%		−2.41%		−3.09%		−2.45%		−2.41%

THREE YEARS		88.93%		87.38%		91.59%		23.62%		23.29%		24.19%

FIVE YEARS		31.90%		32.19%		38.59%		5.69%		5.74%		6.74%

SINCE INCEPTION (1)		37.86%		37.99%		45.09%		6.59%		6.61%		7.59%


(1)		For the period March 20, 2007 to March 31, 2012.

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$7,553,523	6,387,036	6,283,807	3,885,030	3,773,932

% OF NET ASSETS	7.6	6.4	6.3	3.9	3.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		16.8	%
Commercial Banks		10.9
Wireless Telecommunication Services		9.9
Diversified Financial Services		7.1
Media		6.5
Oil, Gas & Consumable Fuels		6.3
Food & Staples Retailing		4.8
Insurance		4.2
Specialty Retail		3.7
Real Estate Management & Development		3.7
Food Products		3.0
Construction & Engineering		3.0
Industrial Conglomerates		2.5
Pharmaceuticals		2.4
Health Care Providers & Services		1.9
Multiline Retail		1.4
Household Durables		1.3
Construction Materials		1.2
Trading Companies & Distributors		0.9
Capital Markets		0.9
Paper & Forest Products		0.9
Distributors		0.9
Containers & Packaging		0.6
Diversified Telecommunication Services		0.6
Electronic Equipment, Instruments & Components		0.5
Hotels, Restaurants & Leisure		0.5
Tobacco		0.5
Chemicals		0.5
Real Estate Investment Trusts		0.4
Marine		0.3
Electrical Equipment		0.1
Auto Components		0.1
Commercial Services & Supplies		0.1
Energy Equipment & Services		0.1
Professional Services		0.1
IT Services		0.1
Textiles, Apparel & Luxury Goods		0.0	***
Short Term Investments		6.1
Other Assets & Liabilities		(4.8	)

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.34%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P DEVELOPED

NET ASSET

MARKET

S&P DEVELOPED

VALUE

EX-US BMI INDEX

VALUE

EX-US BMI INDEX

SIX MONTHS

15.24%

17.60%

14.75%

N/A

ONE YEAR

−6.18%

−6.32%

−6.28%

−6.18%

−6.32%

−6.28%

THREE YEARS

63.98%

63.97%

70.95%

17.92%

19.57%

SINCE INCEPTION (1)

−16.10%

−15.51%

−13.90%

−3.48%

−3.35%

−2.95%


(1)		For the period April 20, 2007 to March 31, 2012.

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




	SAMSUNG ELECTRONICS
DESCRIPTION	CO., LTD. GDR	NESTLE SA	HSBC HOLDINGS PLC	NOVARTIS AG	BP PLC

MARKET VALUE	$4,022,967	2,520,478	1,822,353	1,748,724	1,736,410

% OF NET ASSETS	2.4	1.5	1.1	1.1	1.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		10.4	%
Oil, Gas & Consumable Fuels		8.8
Pharmaceuticals		6.8
Metals & Mining		6.6
Insurance		4.1
Chemicals		3.5
Machinery		3.2
Semiconductors & Semiconductor Equipment		3.1
Food Products		2.8
Automobiles		2.7
Diversified Telecommunication Services		2.5
Real Estate Management & Development		2.4
Capital Markets		2.4
Food & Staples Retailing		2.1
Wireless Telecommunication Services		2.1
Beverages		1.9
Trading Companies & Distributors		1.8
Industrial Conglomerates		1.6
Electric Utilities		1.6
Construction & Engineering		1.5
Electrical Equipment		1.4
Road & Rail		1.3
Electronic Equipment, Instruments & Components		1.2
Textiles, Apparel & Luxury Goods		1.2
Multi-Utilities		1.2
Hotels, Restaurants & Leisure		1.2
Media		1.2
Specialty Retail		1.1
Tobacco		1.1
Diversified Financial Services		1.1
Energy Equipment & Services		1.0
Health Care Equipment & Supplies		0.8
Real Estate Investment Trusts		0.8
Auto Components		0.8
Building Products		0.8
Software		0.8
Commercial Services & Supplies		0.8
Household Durables		0.7
Professional Services		0.7
Health Care Providers & Services		0.7
Aerospace & Defense		0.6
Communications Equipment		0.6
IT Services		0.6
Marine		0.6
Transportation Infrastructure		0.5
Gas Utilities		0.5
Computers & Peripherals		0.5
Office Electronics		0.5
Multiline Retail		0.4
Household Products		0.4
Construction Materials		0.3
Air Freight & Logistics		0.3
Paper & Forest Products		0.3
Biotechnology		0.2
Distributors		0.2
Life Sciences Tools & Services		0.2
Leisure Equipment & Products		0.1
Consumer Finance		0.1
Independent Power Producers & Energy Traders		0.1
Containers & Packaging		0.1
Personal Products		0.1
Health Care Technology		0.0	***
Short Term Investments		10.9
Other Assets & Liabilities		(9.9	)

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, except for Sino-Forest Corp., which was Level 3 and part of the Paper & Forest Products Industry, Irish Bank Resolution Corp., Ltd., which was Level 2 and part of the Commercial Banks Industry and Banco Popular Espanol SA Rights, which was Level 2 and part of the Commercial Banks Industry, each representing less than 0.05% of net assets. (Note 2)
***		Amount represents less than 0.05% of net assets.

SPDR S&P International Small Cap ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-US. UNDER

NET ASSET

MARKET

EX-US. UNDER

VALUE

USD2 BILLION INDEX

VALUE

USD2 BILLION INDEX

SIX MONTHS

14.04%

17.83%

13.48%

N/A

ONE YEAR

−6.50%

−6.05%

−8.17%

−6.50%

−6.05%

−8.17%

THREE YEARS

91.15%

92.50%

87.83%

24.11%

24.40%

23.38%

SINCE INCEPTION (1)

−9.58%

−9.05%

−12.68%

−2.02%

−1.90%

−2.67%


(1)		For the period April 20, 2007 to March 31, 2012.

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

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




DESCRIPTION	BELIMO HOLDING AG	SHOCHIKU CO., LTD.	SAI GLOBAL, LTD.	PADDY POWER PLC	INVOCARE, LTD.

MARKET VALUE	$4,993,607	4,881,220	4,800,766	4,717,850	4,548,541

% OF NET ASSETS	0.7	0.7	0.6	0.6	0.6

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		7.9	%
Machinery		6.1
Commercial Banks		4.5
Oil, Gas & Consumable Fuels		3.9
Hotels, Restaurants & Leisure		3.8
Chemicals		3.8
Real Estate Investment Trusts		3.6
Electronic Equipment, Instruments & Components		3.6
Real Estate Management & Development		3.5
Media		3.1
Capital Markets		3.1
Commercial Services & Supplies		3.1
Construction & Engineering		3.0
Food Products		2.3
Specialty Retail		2.2
Household Durables		2.1
Professional Services		2.0
Auto Components		1.9
Trading Companies & Distributors		1.9
Health Care Equipment & Supplies		1.8
Textiles, Apparel & Luxury Goods		1.8
Energy Equipment & Services		1.7
Pharmaceuticals		1.7
Building Products		1.6
Semiconductors & Semiconductor Equipment		1.6
Industrial Conglomerates		1.5
Software		1.4
Electrical Equipment		1.3
Health Care Providers & Services		1.1
Beverages		1.1
IT Services		1.0
Multiline Retail		0.9
Communications Equipment		0.9
Marine		0.9
Containers & Packaging		0.9
Gas Utilities		0.9
Insurance		0.8
Internet Software & Services		0.8
Construction Materials		0.8
Road & Rail		0.8
Diversified Consumer Services		0.7
Consumer Finance		0.7
Diversified Financial Services		0.6
Food & Staples Retailing		0.6
Automobiles		0.5
Distributors		0.5
Transportation Infrastructure		0.5
Thrifts & Mortgage Finance		0.5
Diversified Telecommunication Services		0.5
Paper & Forest Products		0.4
Aerospace & Defense		0.4
Electric Utilities		0.4
Airlines		0.3
Leisure Equipment & Products		0.3
Wireless Telecommunication Services		0.3
Biotechnology		0.2
Internet & Catalog Retail		0.2
Multi-Utilities		0.2
Life Sciences Tools & Services		0.2
Computers & Peripherals		0.1
Independent Power Producers & Energy Traders		0.1
Health Care Technology		0.1
Household Products		0.0	***
Air Freight & Logistics		0.0	***
Short Term Investments		12.6
Other Assets & Liabilities		(11.6	)

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 Amagerbanken A/S, which was Level 2 and part of the Commercial Banks Industry, Carnegie Investment Bank AB, which was Level 2 and part of the Capital Markets Industry, Peace Mark (Holdings), Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry, AET&D Holdings No. 1 Pty, Ltd., which was Level 2 and part of the Transportation Infrastructure Industry, Oilsands Quest, Inc., which was Level 3 and part of the Oil, Gas & Consumable Fuels Industry, Draka Holding NV, which was Level 2 and part of the Electrical Equipment Industry, China Mining Resources Group, Ltd., which was Level 3 and part of the Metals & Mining Industry, AGFA-Gevaert NV, which was Level 2 and part of the Health Care Technology Industry and Game Group PLC, which was Level 3 and part of the Specialty Retail Industry, each representing less than 0.05% 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, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/06, 12/20/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES GLOBAL

NET ASSET

MARKET

EX-U.S. SELECT REAL

NET ASSET

MARKET

EX-U.S. SELECT REAL

VALUE

ESTATE SECURITIES INDEX

VALUE

ESTATE SECURITIES INDEX

SIX MONTHS

14.39%

17.15%

15.20%

N/A

ONE YEAR

−1.76%

−1.77%

−0.95%

−1.76%

−1.77%

−0.95%

THREE YEARS

99.44%

98.51%

103.05%

25.87%

25.68%

26.62%

FIVE YEARS

−29.61%

−29.96%

−28.43%

−6.78%

−6.87%

−6.47%

SINCE INCEPTION (1)

−21.52%

−21.21%

−19.80%

−4.47%

−4.40%

−4.09%


(1)		For the period December 15, 2006 to March 31, 2012.

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

SPDR Dow Jones International Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$172,641,146	161,947,677	156,371,595	150,499,933	80,188,023

% OF NET ASSETS	6.5	6.1	5.9	5.7	3.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		33.7	%
Retail REITs		31.1
Diversified REITs		16.3
Office REITs		12.4
Industrial REITs		4.2
Residential REITs		0.7
Diversified Capital Markets		0.7
Specialized REITs		0.5
Short Term Investments		3.1
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 Japan Hotel and Resort, Inc. which was Level 2 and part of the Specialized REITs Industry and Martinsa-Fadesa SA which was Level 2 and part of the Real Estate Management & Development Industry, each 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, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR FTSE/Macquarie Global Infrastructure 100 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2012

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

6.41%

6.99%

7.10%

N/A

ONE YEAR

−0.81%

−0.90%

0.22%

−0.81%

−0.90%

0.22%

THREE YEARS

37.75%

41.94%

11.27%

12.38%

FIVE YEARS

−9.91%

−10.28%

−5.96%

−2.07%

−2.15%

−1.22%

SINCE INCEPTION (1)

−3.74%

−3.88%

0.54%

−0.73%

−0.76%

0.11%


(1)		For the period January 25, 2007 to March 31, 2012.

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

SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




DESCRIPTION	E.ON AG	GDF SUEZ	SOUTHERN CO.	NATIONAL GRID PLC	EXELON CORP.

MARKET VALUE	$1,442,023	1,377,351	1,233,194	1,134,261	1,048,044

% OF NET ASSETS	4.0	3.8	3.4	3.1	2.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Electric Utilities		43.1	%
Multi-Utilities		29.8
Oil, Gas & Consumable Fuels		12.8
Gas Utilities		5.6
Independent Power Producers & Energy Traders		3.6
Water Utilities		2.2
Transportation Infrastructure		1.9
Road & Rail		0.5
Short Term Investments		16.5
Other Assets & Liabilities		(16.0	)

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 Global Natural Resources ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until 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 the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.40%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P GLOBAL NATURAL

NET ASSET

MARKET

S&P GLOBAL NATURAL

VALUE

RESOURCES INDEX

VALUE

RESOURCES INDEX

SIX MONTHS

15.08%

16.62%

15.47%

N/A

ONE YEAR

−14.79%

−14.73%

−14.33%

−14.79%

−14.73%

−14.33%

SINCE INCEPTION (1)

6.82%

7.34%

7.74%

4.35%

4.68%

4.82%


(1)		For the period September 13, 2010 to March 31, 2012.

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

SPDR S&P Global Natural Resources ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$13,202,127	12,246,759	10,066,589	9,387,897	9,213,937

% OF NET ASSETS	5.2	4.8	4.0	3.7	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		33.3	%
Metals & Mining		31.4
Chemicals		20.2
Food Products		7.8
Paper & Forest Products		5.6
Real Estate Investment Trusts		1.1
Short Term Investments		9.1
Other Assets & Liabilities		(8.5	)

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, except for Sino-Forest Corp., which was Level 3 and part of the Paper & Forest Products Industry, representing 0.00% of net assets. (Note 2)

SPDR MSCI ACWI ex-US ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.34%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI ALL COUNTRY

NET ASSET

MARKET

MSCI ALL COUNTRY

VALUE

WORLD INDEX EX USA

VALUE

WORLD INDEX EX USA

SIX MONTHS

15.36%

17.74%

15.55%

N/A

ONE YEAR

−7.55%

−8.03%

−6.75%

−7.55%

−8.03%

−6.75%

THREE YEARS

68.37%

68.34%

71.28%

18.97%

18.96%

19.64%

FIVE YEARS

−6.60%

−7.03%

−5.44%

−1.36%

−1.45%

−1.11%

SINCE INCEPTION (1)

−0.46%

−0.44%

0.91%

−0.09%

0.17%


(1)		For the period January 10, 2007 to March 31, 2012.

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

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$7,664,245	4,968,531	4,633,010	4,399,250	4,282,535

% OF NET ASSETS	1.6	1.1	1.0	0.9	0.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		13.6	%
Oil, Gas & Consumable Fuels		11.5
Metals & Mining		7.3
Pharmaceuticals		6.2
Chemicals		3.6
Insurance		3.4
Automobiles		3.3
Diversified Telecommunication Services		3.2
Wireless Telecommunication Services		3.0
Food Products		2.9
Semiconductors & Semiconductor Equipment		2.9
Machinery		2.2
Beverages		2.1
Real Estate Management & Development		1.7
Food & Staples Retailing		1.6
Electric Utilities		1.5
Capital Markets		1.5
Industrial Conglomerates		1.5
Media		1.3
Trading Companies & Distributors		1.3
Tobacco		1.3
Diversified Financial Services		1.3
Road & Rail		1.2
Electronic Equipment, Instruments & Components		1.2
Textiles, Apparel & Luxury Goods		1.0
Hotels, Restaurants & Leisure		1.0
Construction & Engineering		1.0
Electrical Equipment		0.9
Real Estate Investment Trusts		0.9
Multi-Utilities		0.9
Multiline Retail		0.7
Specialty Retail		0.7
Household Durables		0.6
Transportation Infrastructure		0.6
Auto Components		0.6
Software		0.6
IT Services		0.6
Aerospace & Defense		0.5
Construction Materials		0.5
Building Products		0.5
Independent Power Producers & Energy Traders		0.5
Health Care Equipment & Supplies		0.5
Communications Equipment		0.5
Professional Services		0.5
Commercial Services & Supplies		0.5
Energy Equipment & Services		0.5
Gas Utilities		0.4
Office Electronics		0.4
Internet Software & Services		0.4
Marine		0.4
Household Products		0.4
Personal Products		0.4
Air Freight & Logistics		0.3
Health Care Providers & Services		0.2
Containers & Packaging		0.2
Biotechnology		0.2
Computers & Peripherals		0.2
Water Utilities		0.2
Paper & Forest Products		0.2
Airlines		0.1
Distributors		0.1
Consumer Finance		0.1
Leisure Equipment & Products		0.1
Short Term Investments		11.8
Other Assets & Liabilities		(11.3	)

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 Banco Popular Espanol SA Rights, which was Level 2 and part of the Commercial Banks Industry, representing less than 0.05% of net assets. (Note 2)

SPDR MSCI ACWI IMI 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, 2012




			INTERNATIONAL
			BUSINESS MACHINES
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	CORP.	MICROSOFT CORP.	CHEVRON CORP.

MARKET VALUE	$59,947	52,038	41,730	35,443	32,172

% OF NET ASSETS	1.2	1.0	0.8	0.7	0.6

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		9.6	%
Commercial Banks		7.0
Pharmaceuticals		4.6
Metals & Mining		4.5
Insurance		3.9
Chemicals		3.2
Machinery		2.8
Diversified Telecommunication Services		2.7
Food Products		2.6
Real Estate Investment Trusts		2.6
Media		2.5
Electric Utilities		2.4
Semiconductors & Semiconductor Equipment		2.3
Software		2.3
Computers & Peripherals		2.3
Food & Staples Retailing		2.3
Diversified Financial Services		2.1
Capital Markets		1.9
Industrial Conglomerates		1.8
Automobiles		1.7
IT Services		1.7
Energy Equipment & Services		1.7
Hotels, Restaurants & Leisure		1.6
Aerospace & Defense		1.6
Beverages		1.5
Wireless Telecommunication Services		1.4
Real Estate Management & Development		1.4
Biotechnology		1.3
Health Care Equipment & Supplies		1.2
Electronic Equipment, Instruments & Components		1.2
Specialty Retail		1.2
Communications Equipment		1.2
Tobacco		1.2
Household Products		1.1
Health Care Providers & Services		1.0
Multiline Retail		1.0
Road & Rail		0.9
Textiles, Apparel & Luxury Goods		0.9
Trading Companies & Distributors		0.9
Electrical Equipment		0.8
Multi-Utilities		0.8
Construction & Engineering		0.8
Air Freight & Logistics		0.7
Commercial Services & Supplies		0.6
Consumer Finance		0.5
Internet Software & Services		0.5
Internet & Catalog Retail		0.5
Professional Services		0.5
Auto Components		0.4
Life Sciences Tools & Services		0.4
Leisure Equipment & Products		0.4
Thrifts & Mortgage Finance		0.4
Marine		0.3
Household Durables		0.3
Construction Materials		0.3
Building Products		0.3
Independent Power Producers & Energy Traders		0.2
Transportation Infrastructure		0.2
Personal Products		0.2
Water Utilities		0.2
Office Electronics		0.2
Airlines		0.1
Distributors		0.1
Gas Utilities		0.1
Paper & Forest Products		0.1
Containers & Packaging		0.0	***
Short Term Investments		0.2
Other Assets & Liabilities		0.8

TOTAL		100.0	%


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

SPDR MSCI EM 50 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, 2012




		TAIWAN
		SEMICONDUCTOR
	SAMSUNG ELECTRONICS	MANUFACTURING			PETROLEO BRASILEIRO
DESCRIPTION	CO., LTD. GDR	CO., LTD. ADR	CHINA MOBILE, LTD.	GAZPROM OAO ADR	SA ADR

MARKET VALUE	$443,352	266,850	235,031	230,483	190,422

% OF NET ASSETS	9.0	5.4	4.8	4.7	3.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		20.7	%
Commercial Banks		20.2
Semiconductors & Semiconductor Equipment		14.4
Wireless Telecommunication Services		10.5
Metals & Mining		8.7
Beverages		3.4
Automobiles		3.3
Chemicals		2.7
Electronic Equipment, Instruments & Components		2.6
Insurance		2.3
Internet Software & Services		2.0
IT Services		1.7
Media		1.6
Diversified Telecommunication Services		1.6
Auto Components		1.2
Food Products		1.0
Machinery		0.9
Communications Equipment		0.8
Short Term Investments		0.0	***
Other Assets & Liabilities		0.4

TOTAL		100.0	%


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

SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

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

6.06%

9.46%

6.23%

N/A

ONE YEAR

0.64%

2.19%

1.16%

0.64%

2.19%

1.16%

THREE YEARS

38.49%

37.79%

41.66%

11.47%

11.28%

12.31%

FIVE YEARS

−22.99%

−22.22%

−20.91%

−5.09%

−4.90%

−4.58%

SINCE INCEPTION (1)

−16.39%

−15.95%

−13.90%

��3.26%

−3.17%

−2.74%


(1)		For the period November 9, 2006 to March 31, 2012.

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

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$506,554	399,009	365,882	335,340	264,706

% OF NET ASSETS	3.2	2.6	2.4	2.2	1.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		9.1	%
Automobiles		7.9
Machinery		6.1
Electronic Equipment, Instruments & Components		5.5
Trading Companies & Distributors		4.8
Pharmaceuticals		4.8
Chemicals		4.4
Road & Rail		3.9
Real Estate Management & Development		3.0
Auto Components		2.9
Office Electronics		2.8
Metals & Mining		2.7
Household Durables		2.7
Wireless Telecommunication Services		2.5
Insurance		2.4
Electric Utilities		2.3
Food & Staples Retailing		2.0
Electrical Equipment		1.9
Specialty Retail		1.6
Diversified Telecommunication Services		1.5
Construction & Engineering		1.4
Leisure Equipment & Products		1.4
Computers & Peripherals		1.3
Beverages		1.2
Building Products		1.1
Oil, Gas & Consumable Fuels		1.1
Capital Markets		1.1
Tobacco		1.1
Food Products		1.1
Commercial Services & Supplies		1.1
Semiconductors & Semiconductor Equipment		1.1
Software		1.0
Personal Products		0.9
Gas Utilities		0.9
IT Services		0.7
Multiline Retail		0.7
Health Care Equipment & Supplies		0.7
Media		0.6
Internet Software & Services		0.5
Textiles, Apparel & Luxury Goods		0.5
Health Care Providers & Services		0.4
Diversified Financial Services		0.4
Air Freight & Logistics		0.4
Marine		0.4
Internet & Catalog Retail		0.3
Consumer Finance		0.3
Hotels, Restaurants & Leisure		0.3
Transportation Infrastructure		0.3
Paper & Forest Products		0.3
Industrial Conglomerates		0.3
Household Products		0.2
Diversified Consumer Services		0.2
Airlines		0.2
Independent Power Producers & Energy Traders		0.2
Construction Materials		0.1
Professional Services		0.1
Containers & Packaging		0.1
Distributors		0.1
Communications Equipment		0.0	***
Short Term Investments		28.4
Other Assets & Liabilities		(27.3	)

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.55%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

RUSSELL/NOMURA

NET ASSET

MARKET

JAPAN SMALL CAP

NET ASSET

MARKET

JAPAN SMALL CAP

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

2.67%

4.50%

4.11%

N/A

ONE YEAR

5.60%

5.92%

7.48%

5.60%

5.92%

7.48%

THREE YEARS

54.97%

52.97%

58.94%

15.72%

15.22%

16.70%

FIVE YEARS

−8.81%

−9.56%

−3.73%

−1.83%

−1.99%

−0.76%

SINCE INCEPTION (1)

−0.29%

−0.28%

3.37%

−0.05%

0.62%


(1)		For the period November 9, 2006 to March 31, 2012.

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

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




	UMENOHANA CO.,	MUSASHI SEIMITSU	MABUCHI MOTOR	WACOAL	NTT URBAN
DESCRIPTION	LTD.	INDUSTRY CO., LTD.	CO., LTD.	HOLDINGS CORP.	DEVELOPMENT CORP.

MARKET VALUE	$607,631	578,744	552,105	524,503	512,697

% OF NET ASSETS	0.6	0.6	0.6	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		8.4	%
Machinery		7.3
Chemicals		5.3
Auto Components		5.2
Food Products		4.5
Construction & Engineering		4.2
Specialty Retail		4.2
Electronic Equipment, Instruments & Components		4.1
Metals & Mining		3.7
Food & Staples Retailing		3.5
Hotels, Restaurants & Leisure		2.7
Textiles, Apparel & Luxury Goods		2.7
Media		2.5
Trading Companies & Distributors		2.5
Household Durables		2.4
Building Products		2.3
Commercial Services & Supplies		2.2
IT Services		2.2
Pharmaceuticals		2.1
Electrical Equipment		2.0
Real Estate Management & Development		1.9
Capital Markets		1.5
Road & Rail		1.4
Health Care Equipment & Supplies		1.4
Semiconductors & Semiconductor Equipment		1.4
Personal Products		1.3
Software		1.2
Multiline Retail		1.2
Internet Software & Services		1.1
Leisure Equipment & Products		1.1
Containers & Packaging		1.0
Diversified Financial Services		1.0
Communications Equipment		1.0
Beverages		0.9
Transportation Infrastructure		0.8
Computers & Peripherals		0.8
Professional Services		0.7
Health Care Providers & Services		0.5
Internet & Catalog Retail		0.5
Consumer Finance		0.4
Electric Utilities		0.4
Energy Equipment & Services		0.4
Air Freight & Logistics		0.3
Biotechnology		0.3
Gas Utilities		0.3
Life Sciences Tools & Services		0.3
Oil, Gas & Consumable Fuels		0.3
Paper & Forest Products		0.2
Health Care Technology		0.2
Household Products		0.2
Distributors		0.2
Marine		0.2
Industrial Conglomerates		0.2
Wireless Telecommunication Services		0.2
Office Electronics		0.1
Airlines		0.1
Short Term Investments		18.2
Other Assets & Liabilities		(17.2	)

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, except for K.K. daVinci Holdings and Suruga Corp., which were both Level 2 and part of the Real Estate Management & Development Industry, each representing 0.00% 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, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/12/08, 2/19/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.45%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P INTERNATIONAL

NET ASSET

MARKET

DIVIDEND OPPORTUNITIES

NET ASSET

MARKET

DIVIDEND OPPORTUNITIES

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

12.17%

14.06%

12.47%

N/A

ONE YEAR

−10.10%

−10.12%

−9.54%

−10.10%

−10.12%

−9.54%

THREE YEARS

91.92%

91.80%

99.30%

24.27%

24.25%

25.84%

SINCE INCEPTION (1)

−10.92%

−10.49%

−7.80%

−2.76%

−2.65%

−1.94%


(1)		For the period February 12, 2008 to March 31, 2012.

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

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




			PROSIEBENSAT.1
	ADMIRAL	KOMERCNI	MEDIA AG	SEMBCORP
DESCRIPTION	GROUP PLC	BANKA AS	PREFERENCE SHARES	MARINE, LTD.	E.ON AG

MARKET VALUE	$31,153,440	28,853,725	28,699,397	28,164,759	27,120,313

% OF NET ASSETS	3.7	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		18.8	%
Electric Utilities		9.3
Multi-Utilities		8.4
Metals & Mining		6.9
Insurance		6.9
Commercial Banks		6.6
Media		5.8
Food Products		5.2
Machinery		5.1
Wireless Telecommunication Services		4.2
Real Estate Investment Trusts		3.2
Automobiles		2.6
Multiline Retail		2.6
Internet & Catalog Retail		2.6
Construction & Engineering		2.5
Real Estate Management & Development		2.3
Hotels, Restaurants & Leisure		2.1
Pharmaceuticals		1.5
Energy Equipment & Services		1.3
Unknown		0.4
Diversified Financial Services		0.3
Gas Utilities		0.2
Water Utilities		0.1
Personal Products		0.1
Semiconductors & Semiconductor Equipment		0.1
Paper & Forest Products		0.1
Transportation Infrastructure		0.1
Tobacco		0.1
Health Care Providers & Services		0.1
Food & Staples Retailing		0.0	***
Aerospace & Defense		0.0	***
Oil, Gas & Consumable Fuels		0.0	***
Airlines		0.0	***
Office Electronics		0.0	***
IT Services		0.0	***
Independent Power Producers & Energy Traders		0.0	***
Short Term Investments		11.8
Other Assets & Liabilities		(11.3	)

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 Peugeot SA Rights, which was Level 2 and part of the Automobiles Industry, representing 0.4% of net assets. (Note 2)
***		Amount 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, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributionsor 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, 2012 is 0.45%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BETWEEN

NET ASSET

MARKET

USD2 BILLION AND

NET ASSET

MARKET

USD2 BILLION AND

VALUE

USD5 BILLION INDEX

VALUE

USD5 BILLION INDEX

SIX MONTHS

13.99%

15.95%

13.24%

N/A

ONE YEAR

−6.12%

−6.55%

−6.48%

−6.12%

−6.55%

−6.48%

THREE YEARS

77.77%

77.14%

85.95%

21.14%

21.00%

22.96%

SINCE INCEPTION (1)

−6.52%

−6.49%

−5.12%

−1.71%

−1.34%


(1)		For the period May 7, 2008 to March 31, 2012.

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

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




		METRO, INC.			FUJI HEAVY
DESCRIPTION	SHIMANO, INC.	(CLASS A)	DSV A/S	SONIC HEALTHCARE, LTD.	INDUSTRIES, LTD.

MARKET VALUE	$333,161	311,013	283,521	279,505	274,743

% OF NET ASSETS	0.8	0.8	0.7	0.7	0.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		5.8	%
Oil, Gas & Consumable Fuels		4.9
Chemicals		4.8
Construction & Engineering		4.4
Metals & Mining		4.2
Real Estate Investment Trusts		4.2
Machinery		3.9
Media		3.8
Insurance		3.1
Energy Equipment & Services		3.0
Real Estate Management & Development		2.9
Diversified Financial Services		2.7
Road & Rail		2.7
Multiline Retail		2.6
Food Products		2.4
Electronic Equipment, Instruments & Components		2.4
Food & Staples Retailing		2.2
Hotels, Restaurants & Leisure		2.2
Health Care Providers & Services		2.0
Auto Components		2.0
Capital Markets		1.9
Aerospace & Defense		1.9
Leisure Equipment & Products		1.8
Diversified Telecommunication Services		1.7
Commercial Services & Supplies		1.6
Household Durables		1.6
Industrial Conglomerates		1.4
IT Services		1.4
Trading Companies & Distributors		1.4
Electrical Equipment		1.1
Construction Materials		1.1
Health Care Equipment & Supplies		1.0
Pharmaceuticals		1.0
Air Freight & Logistics		0.9
Electric Utilities		0.9
Automobiles		0.8
Independent Power Producers & Energy Traders		0.8
Textiles, Apparel & Luxury Goods		0.7
Computers & Peripherals		0.7
Consumer Finance		0.7
Office Electronics		0.7
Professional Services		0.7
Water Utilities		0.6
Software		0.6
Gas Utilities		0.6
Transportation Infrastructure		0.6
Containers & Packaging		0.6
Specialty Retail		0.5
Internet Software & Services		0.5
Semiconductors & Semiconductor Equipment		0.5
Distributors		0.3
Airlines		0.3
Paper & Forest Products		0.3
Health Care Technology		0.3
Multi-Utilities		0.3
Marine		0.3
Personal Products		0.2
Biotechnology		0.2
Building Products		0.2
Beverages		0.2
Diversified Consumer Services		0.1
Communications Equipment		0.1
Wireless Telecommunication Services		0.0	***
Short Term Investments		16.9
Other Assets & Liabilities		(16.2	)

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, except for Sino-Forest Corp., which was Level 3 and part of the Paper & Forest Products Industry, representing 0.00% of net assets. (Note 2)
***		Amount represents less than 0.05% of net assets.

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.65%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

NET ASSET

MARKET

MARKETS UNDER USD2

NET ASSET

MARKET

MARKETS UNDER USD2

VALUE

BILLION INDEX

VALUE

BILLION INDEX

SIX MONTHS

17.90%

24.06%

18.25%

N/A

ONE YEAR

−11.00%

−10.29%

−10.22%

−11.00%

−10.29%

−10.22%

THREE YEARS

102.19%

104.07%

122.59%

26.45%

26.84%

30.56%

SINCE INCEPTION (1)

−2.78%

−1.99%

9.20%

−0.72%

−0.52%

2.27%


(1)		For the period May 12, 2008 to March 31, 2012.

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




		MARCOPOLO SA	GRUPO
	KULIM MALAYSIA	PREFERENCE	AEROPORTUARIO DEL	LEWIS GROUP,	THANACHART
DESCRIPTION	BHD	SHARES	SURESTE SAB DE CV	LTD.	CAPITAL PCL

MARKET VALUE	$6,343,066	6,185,023	6,019,638	5,833,420	5,598,316

% OF NET ASSETS	0.7	0.7	0.6	0.6	0.6

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		8.3	%
Food Products		6.2
Semiconductors & Semiconductor Equipment		5.0
Metals & Mining		4.9
Electronic Equipment, Instruments & Components		4.6
Chemicals		4.4
Construction & Engineering		4.0
Commercial Banks		4.0
Machinery		3.3
Computers & Peripherals		3.2
Transportation Infrastructure		2.5
Pharmaceuticals		2.4
Electrical Equipment		2.4
Household Durables		2.4
Capital Markets		2.1
Textiles, Apparel & Luxury Goods		2.1
Industrial Conglomerates		2.1
Media		1.9
Diversified Financial Services		1.8
Hotels, Restaurants & Leisure		1.8
Auto Components		1.7
Construction Materials		1.7
Oil, Gas & Consumable Fuels		1.6
Communications Equipment		1.4
Food & Staples Retailing		1.4
Marine		1.3
Specialty Retail		1.2
Independent Power Producers & Energy Traders		1.0
Automobiles		1.0
IT Services		1.0
Real Estate Investment Trusts		1.0
Paper & Forest Products		1.0
Multiline Retail		1.0
Energy Equipment & Services		0.9
Beverages		0.9
Software		0.9
Trading Companies & Distributors		0.8
Leisure Equipment & Products		0.8
Health Care Equipment & Supplies		0.7
Diversified Telecommunication Services		0.7
Electric Utilities		0.7
Commercial Services & Supplies		0.6
Wireless Telecommunication Services		0.6
Tobacco		0.5
Airlines		0.5
Insurance		0.5
Personal Products		0.5
Health Care Providers & Services		0.4
Containers & Packaging		0.4
Water Utilities		0.4
Building Products		0.3
Household Products		0.3
Biotechnology		0.3
Diversified Consumer Services		0.3
Internet Software & Services		0.3
Consumer Finance		0.2
Gas Utilities		0.2
Air Freight & Logistics		0.2
Office Electronics		0.2
Distributors		0.2
Thrifts & Mortgage Finance		0.1
Road & Rail		0.1
Internet & Catalog Retail		0.1
Professional Services		0.1
Short Term Investments		4.4
Other Assets & Liabilities		(3.8	)

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 Hongxing Sports, Ltd., which was Level 3 and part of the Textiles, Apparel & Luxury Goods Industry, Real Gold Mining, Ltd., which was Level 3 and part of the Metals & Mining Industry, Boshiwa International Holding, Ltd., which was Level 2 and part of the Specialty Retail Industry, China Forestry Holdings, Ltd., which was Level 3 and part of the Paper & Forest Products Industry, China High Precision Automation Group, Ltd., which was Level 2 and part of the Electronic Equipment, Instruments & Components Industry, Indiabulls Infrastructure & Power, Ltd., which was Level 2 and part of the Real Estate Management & Development Industry, Bakrie and Brothers Tbk PT, which was Level 2 and part of the Industrial Conglomerates Industry and Pharmaniaga Bhd, which was Level 2 and part of the Health Care Providers & Services Industry, each representing less than 0.05% of net assets. (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, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

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

21.35%

22.39%

21.44%

N/A

ONE YEAR

5.82%

5.78%

5.69%

5.82%

5.78%

5.69%

THREE YEARS

141.93%

140.91%

140.93%

34.25%

34.06%

34.05%

SINCE INCEPTION (1)

−4.94%

−4.67%

−6.38%

−1.29%

−1.22%

−1.68%


(1)		For the period May 7, 2008 to March 31, 2012.

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

SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




	SIMON PROPERTY			EQUITY	UNIBAIL-
DESCRIPTION	GROUP, INC.	PUBLIC STORAGE	WESTFIELD GROUP	RESIDENTIAL	RODAMCO SE

MARKET VALUE	$26,388,621	12,055,194	12,013,984	11,409,301	11,269,813

% OF NET ASSETS	6.3	2.9	2.9	2.7	2.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Retail REITs		27.4	%
Real Estate Management & Development		15.9
Specialized REITs		14.8
Office REITs		14.3
Diversified REITs		11.0
Residential REITs		10.9
Industrial REITs		5.1
Diversified Capital Markets		0.3
Short Term Investments		7.0
Other Assets & Liabilities		(6.7	)

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 Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.00% of net assets.

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		19.67%		22.86%		18.61%		N/A		N/A		N/A

ONE YEAR		3.67%		4.76%		2.26%		3.67%		4.76%		2.26%

THREE YEARS		92.17%		91.61%		95.70%		24.33%		24.20%		25.08%

SINCE INCEPTION (1)		24.07%		24.60%		23.05%		5.98%		6.11%		5.69%


(1)		For the period July 16, 2008 to March 31, 2012.

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$624,680	313,373	306,630	240,187	240,054

% OF NET ASSETS	7.1	3.6	3.5	2.7	2.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Automobiles		28.1	%
Media		14.6
Textiles, Apparel & Luxury Goods		12.1
Hotels, Restaurants & Leisure		11.1
Specialty Retail		9.2
Auto Components		8.7
Household Durables		6.1
Multiline Retail		4.4
Leisure Equipment & Products		2.3
Distributors		1.6
Internet & Catalog Retail		0.8
Diversified Consumer Services		0.7
Short Term Investments		0.0	***
Other Assets & Liabilities		0.3

TOTAL		100.0	%


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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

SIX MONTHS		13.77%		15.25%		13.82%		N/A		N/A		N/A

ONE YEAR		11.28%		11.27%		11.80%		11.28%		11.27%		11.80%

THREE YEARS		87.49%		88.10%		93.28%		23.31%		23.44%		24.56%

SINCE INCEPTION (1)		32.57%		32.99%		38.77%		7.90%		7.99%		9.13%


(1)		For the period July 16, 2008 to March 31, 2012.

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




		BRITISH AMERICAN			ANHEUSER-BUSCH
DESCRIPTION	NESTLE SA	TOBACCO PLC	DIAGEO PLC	UNILEVER NV	INBEV NV

MARKET VALUE	$3,150,033	1,432,041	929,376	887,989	878,324

% OF NET ASSETS	15.7	7.1	4.6	4.4	4.4

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Food Products		33.8	%
Food & Staples Retailing		21.4
Beverages		19.2
Tobacco		13.8
Personal Products		6.3
Household Products		4.8
Short Term Investments		0.0	***
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)
***		Amount represents less than 0.05% of net assets.

SPDR S&P International Energy Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI ENERGY

NET ASSET

MARKET

EX-U.S. BMI ENERGY

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

SIX MONTHS

18.60%

20.60%

19.22%

N/A

ONE YEAR

−10.27%

−10.35%

−10.02%

−10.27%

−10.35%

−10.02%

THREE YEARS

53.79%

54.93%

62.37%

15.43%

15.71%

17.53%

SINCE INCEPTION (1)

−7.84%

−7.75%

−3.82%

−2.18%

−2.15%

−1.03%


(1)		For the period July 16, 2008 to March 31, 2012.

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

SPDR S&P International Energy Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




		ROYAL DUTCH		ROYAL DUTCH
DESCRIPTION	BP PLC	SHELL PLC (CLASS A)	TOTAL SA	SHELL PLC (CLASS B)	BG GROUP PLC

MARKET VALUE	$1,219,075	1,124,055	1,008,859	780,726	708,916

% OF NET ASSETS	10.3	9.5	8.6	6.6	6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		88.9	%
Energy Equipment & Services		10.8
Short Term Investments		0.0	***
Other Assets & Liabilities		0.3

TOTAL		100.0	%


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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

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

15.74%

17.98%

15.50%

N/A

ONE YEAR

−12.28%

−12.32%

−11.37%

−12.28%

−12.32%

−11.37%

THREE YEARS

59.58%

56.20%

64.37%

16.86%

16.03%

18.01%

SINCE INCEPTION (1)

−19.33%

−19.20%

−17.85%

−5.62%

−5.58%

−5.11%


(1)		For the period July 16, 2008 to March 31, 2012.

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

SPDR S&P International Financial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




					AUSTRALIA & NEW
	HSBC HOLDINGS	COMMONWEALTH	ROYAL BANK OF	THE TORONTO-	ZEALAND BANKING
DESCRIPTION	PLC	BANK OF AUSTRALIA	CANADA	DOMINION BANK	GROUP, LTD.

MARKET VALUE	$420,488	239,316	215,923	209,903	183,541

% OF NET ASSETS	5.3	3	2.7	2.7	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		52.7	%
Insurance		19.8
Capital Markets		8.9
Real Estate Management & Development		7.6
Diversified Financial Services		4.4
Real Estate Investment Trusts		4.2
Consumer Finance		1.0
Short Term Investments		0.5
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 valued based on Level 1 inputs, except for Banco Popular Espanol SA Rights, which was Level 2 and part of the Commercial Banks Industry, representing less than 0.05% 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, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012




	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		11.21%		11.93%		11.48%		N/A		N/A		N/A

ONE YEAR		7.30%		7.48%		8.11%		7.30%		7.48%		8.11%

THREE YEARS		60.73%		60.75%		66.04%		17.14%		17.14%		18.41%

SINCE INCEPTION (1)		12.95%		13.23%		17.88%		3.34%		3.41%		4.48%


(1)		For the period July 16, 2008 to March 31, 2012.

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

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




		ROCHE
DESCRIPTION	NOVARTIS AG	HOLDING AG	GLAXOSMITHKLINE PLC	SANOFI	BAYER AG

MARKET VALUE	$2,274,165	1,752,025	1,713,629	1,296,705	1,014,106

% OF NET ASSETS	11.7	9.0	8.8	6.7	5.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Pharmaceuticals		75.3	%
Health Care Equipment & Supplies		10.5
Health Care Providers & Services		6.6
Biotechnology		4.6
Health Care Technology		0.7
Chemicals		0.4
Life Sciences Tools & Services		0.3
Short Term Investments		0.0	***
Other Assets & Liabilities		1.6

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 represents less than 0.05% of net assets.

SPDR S&P International Industrial Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI INDUSTRIAL

NET ASSET

MARKET

EX-U.S. BMI INDUSTRIAL

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

SIX MONTHS

16.65%

19.24%

17.84%

N/A

ONE YEAR

−10.15%

−9.39%

−8.26%

−10.15%

−9.39%

−8.26%

THREE YEARS

81.00%

81.13%

88.55%

21.87%

21.90%

23.53%

SINCE INCEPTION (1)

1.79%

2.17%

4.36%

0.48%

0.58%

1.14%


(1)		For the period July 16, 2008 to March 31, 2012.

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

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




			CANADIAN NATIONAL
DESCRIPTION	SIEMENS AG	ABB, LTD.	RAILWAY CO.	MITSUBISHI CORP.	FANUC CORP.

MARKET VALUE	$648,673	365,482	337,559	270,636	267,574

% OF NET ASSETS	4.6	2.6	2.4	1.9	1.9

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Machinery		21.6	%
Industrial Conglomerates		11.2
Trading Companies & Distributors		9.7
Electrical Equipment		9.0
Road & Rail		8.4
Commercial Services & Supplies		6.4
Professional Services		6.1
Construction & Engineering		6.1
Aerospace & Defense		5.4
Building Products		4.6
Marine		3.2
Air Freight & Logistics		2.8
Transportation Infrastructure		2.3
Airlines		1.7
Short Term Investments		0.3
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 S&P International Materials Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

NET ASSET

MARKET

MATERIALS SECTOR

NET ASSET

MARKET

MATERIALS SECTOR

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

12.64%

14.88%

12.13%

N/A

ONE YEAR

−16.95%

−16.77%

−17.07%

−16.95%

−16.77%

−17.07%

THREE YEARS

76.40%

77.58%

87.28%

20.83%

21.10%

23.26%

SINCE INCEPTION (1)

−14.65%

−14.58%

−7.39%

−4.18%

−4.16%

−2.03%


(1)		For the period July 16, 2008 to March 31, 2012.

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

SPDR S&P International Materials Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$1,069,316	671,328	670,644	617,892	458,379

% OF NET ASSETS	7.7	4.8	4.8	4.4	3.3

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		57.8	%
Chemicals		33.4
Construction Materials		5.0
Paper & Forest Products		2.3
Containers & Packaging		0.5
Short Term Investments		0.1
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 valued based on Level 1 inputs, except for Sino-Forest Corp., which was Level 3 and part of the Metals & Mining Industry and China Mining Resources Group, Ltd., which was Level 3, and part of the Paper & Forest Products Industry, each representing less than 0.05% of net assets. (Note 2)

SPDR S&P International Technology Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

INFORMATION

NET ASSET

MARKET

TECHNOLOGY SECTOR

NET ASSET

MARKET

TECHNOLOGY SECTOR

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

21.66%

23.68%

20.99%

N/A

ONE YEAR

−3.39%

−3.34%

−2.63%

−3.39%

−3.34%

−2.63%

THREE YEARS

67.18%

66.67%

70.76%

18.69%

18.56%

19.52%

SINCE INCEPTION (1)

0.31%

0.25%

1.38%

0.08%

0.07%

0.37%


(1)		For the period July 16, 2008 to March 31, 2012.

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

SPDR S&P International Technology Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$2,844,465	1,041,245	958,460	531,408	448,758

% OF NET ASSETS	19.5	7.2	6.6	3.6	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Semiconductors & Semiconductor Equipment		31.1	%
Electronic Equipment, Instruments & Components		20.7
Software		14.8
Office Electronics		8.5
Communications Equipment		8.4
IT Services		7.1
Computers & Peripherals		5.8
Internet Software & Services		3.2
Short Term Investments		0.2
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 S&P International Telecommunications Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

TELECOMMUNICATION

NET ASSET

MARKET

SERVICES SECTOR

NET ASSET

MARKET

SERVICES SECTOR

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

2.31%

3.87%

2.65%

N/A

ONE YEAR

−8.50%

−7.86%

−7.96%

−8.50%

−7.86%

−7.96%

THREE YEARS

46.26%

47.35%

49.45%

13.51%

13.79%

14.33%

SINCE INCEPTION (1)

−0.07%

0.43%

2.68%

−0.02%

0.12%

0.71%


(1)		For the period July 16, 2008 to March 31, 2012.

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

SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$4,179,848	1,993,147	1,087,767	864,721	805,805

% OF NET ASSETS	21.7	10.3	5.6	4.5	4.2

(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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		60.7	%
Wireless Telecommunication Services		38.7
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 Utilities Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

NET ASSET

MARKET

UTILITLES SECTOR

NET ASSET

MARKET

UTILITLES SECTOR

VALUE

INDEX

VALUE

INDEX

SIX MONTHS

0.65%

2.10%

1.36%

N/A

ONE YEAR

−13.80%

−13.49%

−13.10%

−13.80%

−13.49%

−13.10%

THREE YEARS

10.25%

11.13%

12.88%

3.31%

3.58%

4.12%

SINCE INCEPTION (1)

−31.93%

−31.59%

−30.60%

−9.85%

−9.73%

−9.28%


(1)		For the period July 16, 2008 to March 31, 2012.

100

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

101

SPDR S&P International Utilities Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2012




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

MARKET VALUE	$1,284,886	1,050,921	1,003,788	766,911	669,058

% OF NET ASSETS	8.8	7.2	6.8	5.2	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, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Electric Utilities		48.3	%
Multi-Utilities		29.5
Gas Utilities		12.5
Independent Power Producers & Energy Traders		5.6
Water Utilities		3.8
Short Term Investments		0.6
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)

102

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.2%
BELGIUM — 1.6%
Anheuser-Busch InBev NV		6,518	$	475,491

FRANCE — 11.7%
Air Liquide SA		2,491		331,594
BNP Paribas		8,748		414,438
France Telecom SA		16,675		246,599
GDF Suez		11,681		301,312
LVMH Moet Hennessy Louis Vuitton SA		2,342		401,863
Sanofi		10,779		835,856
Total SA		19,458		990,883

				3,522,545

GERMANY — 15.3%
Allianz SE		3,964		472,300
BASF SE		8,054		703,486
Bayer AG		7,247		508,985
Daimler AG		7,812		470,330
Deutsche Bank AG		8,161		405,431
Deutsche Telekom AG		26,109		313,863
E.ON AG		17,535		419,390
SAP AG		8,100		564,795
Siemens AG		7,564		761,416

				4,619,996

ITALY — 1.8%
ENI SpA		23,207		543,615

NETHERLANDS — 2.5%
Ageas VVPR Strip (a)		33,296		44
ING Groep NV (a)		33,740		280,688
Unilever NV		13,608		462,377

				743,109

SPAIN — 5.0%
Banco Bilbao Vizcaya Argentaria SA		42,969		341,442
Banco Santander SA		79,538		611,163
Telefonica SA		34,874		570,536

				1,523,141

SWEDEN — 1.9%
Hennes & Mauritz AB (Class B)		8,545		308,299
Telefonaktiebolaget LM Ericsson (Class B)		26,099		269,630

				577,929

SWITZERLAND — 18.6%
ABB, Ltd. (a)		20,356		417,097
Credit Suisse Group AG (a)		10,037		285,724
Nestle SA		28,915		1,817,085
Novartis AG		22,901		1,265,845
Roche Holding AG		6,156		1,069,987
UBS AG (a)		31,405		439,534
Zurich Financial Services AG (a)		1,284		344,635

				5,639,907

UNITED KINGDOM — 40.8%
Anglo American PLC		11,760		439,112
AstraZeneca PLC		11,214		497,918
Barclays PLC		92,489		347,639
BG Group PLC		29,379		679,696
BHP Billiton PLC		18,719		570,501
BP PLC		164,452		1,215,365
British American Tobacco PLC		17,740		892,981
Diageo PLC		21,918		526,168
GlaxoSmithKline PLC		44,897		1,001,768
HSBC Holdings PLC		156,119		1,383,889
Imperial Tobacco Group PLC		8,775		355,414
National Grid PLC		32,384		326,230
Rio Tinto PLC		11,617		639,614
Royal Dutch Shell PLC (Class A)		31,906		1,115,342
Standard Chartered PLC		17,027		424,396
Tesco PLC		70,327		370,804
Unilever PLC		11,477		378,483
Vodafone Group PLC		433,535		1,192,796

				12,358,116

TOTAL COMMON STOCKS —
(Cost $40,382,089)				30,003,849

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $217)		217		217

TOTAL INVESTMENTS — 99.2%
(Cost $40,382,306)				30,004,066
OTHER ASSETS & LIABILITIES — 0.8%				255,175

NET ASSETS — 100.0%			$	30,259,241

PLC = Public Limited Company

See accompanying notes to financial statements.

103

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.9%
BELGIUM — 2.8%
Anheuser-Busch InBev NV		175,789	$	12,823,898

FINLAND — 1.1%
Nokia Oyj		885,132		4,811,576

FRANCE — 34.6%
Air Liquide SA		67,177		8,942,381
AXA SA		445,106		7,367,852
BNP Paribas		235,959		11,178,609
Carrefour SA		134,637		3,222,847
Compagnie de Saint-Gobain		102,486		4,570,052
Danone		144,815		10,086,060
France Telecom SA		451,100		6,671,104
GDF Suez		315,028		8,126,155
L’Oreal SA		56,342		6,939,583
LVMH Moet Hennessy Louis Vuitton SA		63,157		10,837,079
Sanofi		290,742		22,545,553
Schneider Electric SA		129,706		8,462,016
Societe Generale		183,434		5,365,589
Total SA		524,844		26,727,261
Unibail-Rodamco SE		21,565		4,306,280
Vinci SA		125,532		6,536,384
Vivendi SA		292,246		5,355,171

				157,239,976

GERMANY — 33.4%
Allianz SE		106,917		12,738,859
BASF SE		217,235		18,974,649
Bayer AG		195,452		13,727,346
Bayerische Motoren Werke AG		75,980		6,822,739
Daimler AG		210,693		12,685,014
Deutsche Bank AG		220,114		10,935,057
Deutsche Boerse AG		46,037		3,094,801
Deutsche Telekom AG		704,148		8,464,742
E.ON AG		472,942		11,311,509
Muenchener Rueckversicherungs- Gesellschaft AG		38,051		5,728,527
RWE AG		115,638		5,513,794
SAP AG		218,472		15,233,572
Siemens AG		204,018		20,537,102
Volkswagen AG Preference Shares		33,997		5,969,350

				151,737,061

IRELAND — 0.8%
CRH PLC		171,465		3,493,601

ITALY — 8.7%
Assicurazioni Generali SpA		315,785		4,894,979
Enel SpA		1,506,253		5,439,938
ENI SpA		625,943		14,662,464
Intesa Sanpaolo SpA		3,301,793		5,909,564
Telecom Italia SpA		2,459,161		2,919,541
UniCredit SpA		1,170,263		5,853,497

				39,679,983

LUXEMBOURG — 0.9%
APERAM		1		18
ArcelorMittal		218,330		4,166,448

				4,166,466

NETHERLANDS — 5.4%
Ageas VVPR Strip (a)		129,370		172
ING Groep NV (a)		912,762		7,593,385
Koninklijke Philips Electronics NV		218,338		4,419,562
Unilever NV		367,025		12,470,893

				24,484,012

SPAIN — 12.2%
Banco Bilbao Vizcaya Argentaria SA		1,158,491		9,205,662
Banco Santander SA		2,142,765		16,464,809
Iberdrola SA		878,078		4,977,864
Industria de Diseno Textil SA		50,109		4,792,559
Repsol YPF SA		179,299		4,491,310
Telefonica SA		940,635		15,388,724

				55,320,928

TOTAL COMMON STOCKS —
(Cost $527,036,602)				453,757,501

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $44,021)		44,021		44,021

TOTAL INVESTMENTS — 99.9%
(Cost $527,080,623)				453,801,522
OTHER ASSETS & LIABILITIES — 0.1%				529,522

NET ASSETS — 100.0%			$	454,331,044

PLC = Public Limited Company

See accompanying notes to financial statements.

104

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.2%
CHINA — 28.0%
Agricultural Bank of China, Ltd. (a)		4,108,000	$	1,761,932
Air China, Ltd. (a)		1,525,414		1,057,023
Aluminum Corp. of China, Ltd. (a)		1,534,304		739,090
Angang Steel Co., Ltd. (a)		601,244		386,426
Anhui Conch Cement Co., Ltd. (a)		1,047,750		3,319,764
Baidu, Inc. ADR (b)		67,941		9,903,760
Bank of China, Ltd.		14,619,466		5,893,731
Bank of Communications Co., Ltd. (a)		2,613,630		1,976,044
BYD Co., Ltd. (a)(b)		133,800		373,965
China Citic Bank Corp., Ltd.		2,391,341		1,438,377
China Coal Energy Co., Ltd		980,000		1,099,408
China Communications Construction Co., Ltd. (a)		1,022,000		1,025,423
China Construction Bank Corp.		16,895,148		13,056,529
China COSCO Holdings Co., Ltd. (a)		1,430,730		904,802
China Life Insurance Co., Ltd. (a)		2,103,708		5,459,778
China Longyuan Power Group Corp. (a)		705,000		589,316
China Merchants Bank Co., Ltd. (a)		1,325,380		2,710,849
China Merchants Property Development Co., Ltd.		484,084		814,289
China Minsheng Banking Corp., Ltd. (a)		1,072,000		970,654
China National Building Material Co., Ltd. (a)		618,000		779,266
China Oilfield Services, Ltd.		406,557		583,339
China Pacific Insurance Group Co., Ltd. (a)		238,400		738,475
China Petroleum & Chemical Corp.		5,651,174		6,157,771
China Railway Construction Corp. (a)		352,500		219,291
China Railway Group, Ltd. (a)		1,009,000		323,597
China Shenhua Energy Co., Ltd.		1,164,040		4,910,138
China Shipping Container Lines Co., Ltd. (a)(b)		6,200,339		2,140,251
China Shipping Development Co., Ltd.		927,215		642,506
China Telecom Corp., Ltd.		5,525,320		3,060,133
Ctrip.com International, Ltd. ADR (a)(b)		75,268		1,628,800
Dongfeng Motor Group Co., Ltd. (a)		676,468		1,221,546
Focus Media Holding, Ltd. ADR (a)		37,033		930,269
Guangzhou Automobile Group Co., Ltd. (a)		1,260,032		1,249,645
Guangzhou R&F Properties Co., Ltd. (a)		869,376		1,035,771
Huaneng Power International, Inc. (a)		1,888,472		1,026,449
Industrial & Commercial Bank of China (a)		13,170,138		8,498,505
Inner Mongolia Yitai Coal Co., Ltd.		304,432		1,625,971
Jiangsu Expressway Co., Ltd.		1,824,299		1,764,617
Jiangxi Copper Co., Ltd. (a)		820,578		1,887,625
Lenovo Group, Ltd.		2,881,703		2,594,424
Maanshan Iron & Steel (a)		1,524,971		443,899
Mindray Medical International, Ltd. ADR (a)		17,131		564,809
Netease.com ADR (b)		52,328		3,040,257
PetroChina Co., Ltd.		6,139,208		8,682,188
PICC Property & Casualty Co., Ltd.		675,416		803,818
Ping An Insurance Group Co. of China, Ltd. (a)		479,364		3,624,249
Samling Global, Ltd.		3,242,707		313,245
Semiconductor Manufacturing International Corp. (b)		11,491,837		569,855
Shanghai Electric Group Co., Ltd. (a)		2,572,418		1,308,739
Sina Corp. (a)(b)		21,271		1,382,615
Sinopec Shanghai Petrochemical Co., Ltd. (a)		1,883,252		681,600
Sohu.com, Inc. (a)(b)		5,912		326,165
Suntech Power Holdings Co., Ltd. ADR (a)(b)		43,667		133,621
Tencent Holdings, Ltd.		191,194		5,333,928
Tingyi Cayman Islands Holding Corp. (a)		930,383		2,690,250
Want Want China Holdings, Ltd. (a)		1,612,000		1,802,184
Yanzhou Coal Mining Co., Ltd.		1,048,882		2,275,009
Zijin Mining Group Co., Ltd. (a)		2,320,685		920,622

				131,396,602

HONG KONG — 8.4%
Agile Property Holdings, Ltd. (a)		1,768,088		2,040,452
Beijing Enterprises Holdings, Ltd.		116,000		707,445
China Mengniu Dairy Co., Ltd.		463,390		1,357,821
China Merchants Holdings International Co., Ltd. (a)		523,513		1,753,135
China Mobile, Ltd.		1,211,136		13,329,672
China Overseas Land & Investment, Ltd. (a)		1,403,084		2,667,377
China Resources Enterprise, Ltd.		574,746		2,006,133
China Resources Land, Ltd. (a)		477,355		825,103
China Resources Power Holdings Co., Ltd.		450,000		833,462
China Unicom (Hong Kong), Ltd. (a)		1,294,172		2,193,625
China Yurun Food Group, Ltd. (a)		274,659		390,551
Citic Pacific, Ltd. (a)		306,000		515,518
CNOOC, Ltd.		3,720,249		7,647,498
COSCO Pacific, Ltd.		708,143		1,068,964
Kingboard Chemical Holdings, Ltd.		150,000		524,536
Kunlun Energy Co., Ltd.		586,000		1,056,672
Sino-Ocean Land Holdings, Ltd. (a)		1,100,784		523,170

				39,441,134

INDIA — 16.4%
Anant Raj Industries, Ltd.		97,475		111,930
Apollo Hospitals Enterprise, Ltd.		199,988		2,507,652
Axis Bank, Ltd.		36,764		827,145
Bharat Heavy Electricals, Ltd.		329,413		1,662,745
Bharti Airtel, Ltd.		576,529		3,823,911
Cipla, Ltd.		267,554		1,602,330
DLF, Ltd.		106,242		420,735
Dr Reddy’s Laboratories, Ltd.		13,519		468,302
GAIL India, Ltd.		79,471		586,926
Godrej Industries, Ltd.		31,065		157,810
Gujarat Mineral Development Corp., Ltd.		73,201		261,581
HDFC Bank, Ltd.		442,464		4,514,965
Hero Motocorp, Ltd.		20,861		841,585
Hindalco Industries, Ltd.		185,161		470,308
Hindustan Construction Co.		60,963		30,754

See accompanying notes to financial statements.

105

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Hindustan Unilever, Ltd.		481,826	$	3,878,158
Hindustan Zinc, Ltd.		567,203		1,473,536
Housing Development & Infrastructure, Ltd. (b)		17,055		28,673
Housing Development Finance Corp., Ltd.		252,782		3,340,821
ICICI Bank, Ltd.		193		3,372
ICICI Bank, Ltd. ADR		81,775		2,851,494
Idea Cellular, Ltd. (b)		744,773		1,444,373
IFCI, Ltd.		14,184		11,666
India Infoline, Ltd. (b)		182,979		240,285
Indiabulls Financial Services, Ltd.		146,968		597,450
Indiabulls Infrastructure & Power, Ltd. (b)(c)		91,588		0
Indiabulls Real Estate, Ltd.		28,134		35,261
Indiabulls Securities, Ltd. (b)		165,318		29,854
Indian Hotels Co., Ltd.		874,187		1,093,055
Indian Oil Corp., Ltd.		123,026		634,389
Infosys Technologies, Ltd. ADR (a)		130,535		7,444,411
Infrastructure Development Finance Co., Ltd.		259,356		687,272
ITC, Ltd. GDR		427,735		1,908,126
IVRCL Infrastructures & Projects, Ltd.		69,247		89,914
Jai Corp., Ltd.		30,971		52,890
Jaiprakash Associates, Ltd.		34,869		55,919
Jindal Steel & Power, Ltd.		89,138		953,844
JSW Steel, Ltd.		24,085		341,076
KEC International, Ltd.		26,880		34,375
Lanco Infratech, Ltd. (b)		324,912		116,074
Larsen & Toubro, Ltd. GDR		34,621		882,836
Mahindra & Mahindra, Ltd.		162,481		2,233,177
Mercator Lines, Ltd. (b)		374,458		185,594
NTPC, Ltd.		237,500		758,723
Oil & Natural Gas Corp., Ltd.		495,081		2,607,812
Patel Engineering, Ltd.		8,929		18,561
Reliance Capital, Ltd.		55,234		425,436
Reliance Communications, Ltd.		326,293		538,324
Reliance Industries, Ltd. GDR (d)		225,682		6,578,630
Reliance Infrastructure, Ltd.		109,275		1,259,628
Satyam Computer Services, Ltd. ADR (a)(b)		100,352		317,534
Sesa Goa, Ltd.		101,275		387,050
Siemens India, Ltd.		112,726		1,680,546
State Bank of India		30,202		1,242,791
Steel Authority of India, Ltd.		344,356		637,070
Sterlite Industries India, Ltd.		265,495		578,726
Sun Pharmaceutical Industries, Ltd.		90,625		1,013,872
Suzlon Energy, Ltd. (b)		220,984		109,527
Tata Consultancy Services, Ltd.		135,476		3,108,143
Tata Motors, Ltd.		507,766		2,743,402
Tata Steel, Ltd.		56,681		524,865
Unitech, Ltd. (b)		216,628		122,251
United Spirits, Ltd.		17,825		212,049
Wipro, Ltd. ADR (a)		172,572		1,898,292
Zee Entertainment Enterprises, Ltd.		375,750		934,857

				76,634,663

INDONESIA — 4.9%
Adaro Energy Tbk PT		4,326,500		913,183
Astra International Tbk PT		473,220		3,827,058
Bakrieland Development Tbk PT (b)		5,387,500		72,470
Bank Central Asia Tbk PT		3,066,296		2,682,674
Bank Mandiri Tbk PT		1,949,405		1,460,348
Bank Rakyat Indonesia Persero Tbk PT		5,692,296		4,326,493
Bumi Resources Tbk PT		5,418,964		1,392,669
Gudang Garam Tbk PT		137,000		824,787
Indocement Tunggal Prakarsa Tbk PT		469,925		948,175
Indosat Tbk PT		1,043,748		576,436
Perusahaan Gas Negara Tbk PT		4,622,140		1,920,837
Semen Gresik Persero Tbk PT		761,500		1,020,163
Telekomunikasi Indonesia Tbk PT		2,390,594		1,830,070
United Tractors Tbk PT		381,545		1,376,967

				23,172,330

MALAYSIA — 7.8%
Alliance Financial Group Bhd		1,981,310		2,515,846
Axiata Group Bhd		663,200		1,125,719
Bintulu Port Holdings Bhd		730,506		1,659,645
Bursa Malaysia Bhd		572,234		1,378,517
Carlsberg Brewery Malay Bhd		994,703		3,344,358
CIMB Group Holdings Bhd		526,800		1,322,374
ECM Libra Financial Group Bhd		4,702,716		1,212,713
Genting Bhd		948,000		3,354,438
Genting Malaysia Bhd		791,900		1,013,301
IJM Corp. Bhd		1,276,940		2,346,718
IJM Land Bhd		27,580		19,626
IOI Corp. Bhd		1,576,096		2,747,300
Landmarks Bhd (b)		1,581,300		521,336
Lingkaran Trans Kota Holdings Bhd		93,100		123,688
Malayan Banking Bhd		571,225		1,653,914
Malaysian Airline System Bhd (b)		2,296,266		1,004,405
Maxis Bhd		543,100		1,079,641
Naim Holdings Bhd		1,592,413		977,227
OSK Holdings Bhd		2,076,025		1,152,029
OSK Ventures International Bhd (b)		287,764		38,512
PPB Group Bhd		152,400		840,725
Public Bank Bhd		255,000		1,135,368
Sime Darby Bhd		491,900		1,563,932
Star Publications Malaysia Bhd		88,800		95,076
TAN Chong Motor Holdings Bhd		633,900		929,072
Tenaga Nasional Bhd		486,550		1,021,223
Uchi Technologies Bhd		2,175,100		859,106
Wah Seong Corp Bhd		1,557,106		1,052,133
Zelan Bhd (b)		1,718,700		244,046

				36,331,988

PHILIPPINES — 1.9%
Ayala Land, Inc.		6,590,875		3,185,295
First Gen Corp. (b)		6,149,570		1,936,466
First Philippine Holdings Corp.		1,205,724		1,821,153
Philippine Long Distance Telephone Co.		33,879		2,130,507

				9,073,421

TAIWAN — 28.0%
Acer, Inc.		1,010,456		1,340,336
Advanced Semiconductor Engineering, Inc.		2,596,441		2,612,760
Asia Cement Corp.		1,467,061		1,786,947

See accompanying notes to financial statements.

106

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Asustek Computer, Inc.		229,138	$	2,162,155
AU Optronics Corp. ADR (a)		261,430		1,192,121
Catcher Technology Co., Ltd.		383,539		2,709,444
Cathay Financial Holding Co., Ltd.		1,762,334		2,006,282
Chang Hwa Commercial Bank		3,535,220		2,018,278
Chimei Innolux Corp. (b)		249,643		116,302
China Development Financial Holding Corp.		4,931,272		1,503,717
China Steel Chemical Corp. (b)		43,877		208,128
China Steel Corp.		3,091,137		3,157,695
Chinatrust Financial Holding Co., Ltd.		3,686,173		2,316,777
Chunghwa Picture Tubes, Ltd. (b)		2,144,368		135,864
Chunghwa Telecom Co., Ltd.		841,268		2,590,973
Compal Electronics, Inc.		2,133,431		2,399,834
Delta Electronics, Inc.		657,893		1,928,128
Epistar Corp. (b)		294,170		750,512
Everlight Electronics Co., Ltd. (b)		257,996		541,962
Far Eastern New Century Corp.		2,081,128		2,407,987
First Financial Holding Co., Ltd		2,890,327		1,738,241
Formosa Chemicals & Fibre Corp.		1,102,390		3,219,638
Formosa Petrochemical Corp.		400,000		1,246,845
Formosa Plastics Corp.		1,623,940		4,781,392
Foxconn Technology Co., Ltd.		475,889		1,967,116
Fubon Financial Holding Co., Ltd.		2,352,790		2,650,571
Hon Hai Precision Industry Co., Ltd.		2,323,305		9,013,143
HTC Corp.		273,710		5,536,427
Hua Nan Financial Holdings Co., Ltd.		2,728,140		1,562,133
King Yuan Electronics Co., Ltd. (b)		2,989,898		1,129,525
Largan Precision Co., Ltd.		61,710		1,212,685
Lite-On Technology Corp.		917,105		1,109,307
Macronix International Co., Ltd. (b)		2,117,411		789,155
MediaTek, Inc.		334,219		3,198,999
Mega Financial Holding Co., Ltd.		2,750,740		1,943,212
Motech Industries, Inc.		164,507		274,229
Nan Ya Plastics Corp.		1,653,960		3,737,794
Novatek Microelectronics Corp.		249,062		758,633
Pegatron Corp.		516,630		805,197
Powerchip Technology Corp. (b)		2,368,555		88,276
Powertech Technology, Inc. (b)		569,518		1,109,532
ProMOS Technologies, Inc. (b)(e)		1,135,850		0
Quanta Computer, Inc.		1,421,194		3,722,180
Realtek Semiconductor Corp.		470,452		859,149
Shin Kong Financial Holding Co., Ltd. (b)		3,344,642		1,065,227
Siliconware Precision Industries Co.		1,124,745		1,364,274
SinoPac Financial Holdings Co., Ltd.		3,646,219		1,315,700
Synnex Technology International Corp.		330,000		819,563
Tainan Enterprises Co., Ltd. (b)		941,567		1,197,914
Taishin Financial Holdings Co., Ltd.		3,571,044		1,427,716
Taiwan Cement Corp.		1,868,216		2,186,954
Taiwan FU Hsing Industrial Co., Ltd.		2,247,000		1,450,316
Taiwan Mobile Co., Ltd.		418,200		1,273,821
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,224,211		18,705,944
Tatung Co., Ltd. (b)		1,145,107		333,276
Tripod Technology Corp.		595,361		1,997,010
Uni-President Enterprises Corp.		2,028,235		2,807,210
United Integrated Services Co., Ltd.		1,667,000		1,928,816
United Microelectronics Corp. ADR (a)		879,586		2,154,986
Via Technologies, Inc. (b)		518,981		333,216
Walsin Lihwa Corp.		749,000		237,532
Wistron Corp.		999,711		1,507,298
Yageo Corp.		4,848,000		1,456,971
Yuanta Financial Holding Co., Ltd. (b)		2,481,823		1,290,755

				131,194,080

THAILAND — 4.8%
Advanced Info Service PCL (Foreign ownership limit)		664,823		3,965,233
Bangkok Expressway PCL		2,549,542		1,785,093
CP ALL PCL		576,900		1,224,861
Electricity Generating PCL (Foreign ownership limit)		639,646		1,928,268
IRPC PCL		4,660,239		706,966
Kasikornbank PCL (Foreign ownership limit)		282,254		1,431,856
PTT Exploration & Production PCL		559,645		3,165,577
PTT PCL		357,726		4,104,862
Siam Cement PCL NVDR		78,000		897,569
Siam Commercial Bank PCL (Foreign ownership limit)		374,497		1,741,988
Thai Oil PCL		676,505		1,589,841

				22,542,114

TOTAL COMMON STOCKS —
(Cost $448,224,802)				469,786,332

PREFERRED STOCK — 0.0% (f)
MALAYSIA — 0.0% (f)
Malaysian Airline System Bhd (Cost $808)		3,887		1,116

SHORT TERM INVESTMENTS — 6.3%
UNITED STATES — 6.3%
MONEY MARKET FUNDS — 6.3%
State Street Navigtor Securities Lending Prime Portfolio (g)(h)		29,458,023		29,458,023
State Street Institutional Liquid Reserves Fund 0.23% (h)(i)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $29,458,123)				29,458,123

TOTAL INVESTMENTS — 106.5%
(Cost $477,683,733)				499,245,571
OTHER ASSETS & LIABILITIES — (6.5)%				(30,399,759	)

NET ASSETS — 100.0%			$	468,845,812

See accompanying notes to financial statements.

107

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

March 31, 2012 (Unaudited)


(a)		A portion of the security was on loan at March 31, 2012.
(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)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.4% of net assets as of March 31, 2012, is 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 3 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

NVDR = Non Voting Depositary Receipt

See accompanying notes to financial statements.

108

SPDR S&P Small Cap Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.2%
CHINA — 7.7%
Anhui Expressway Co., Ltd.		28,000	$	15,435
BYD Co., Ltd. (a)		14,500		40,527
BYD Electronic International Co., Ltd. (a)		20,500		6,179
China Huiyuan Juice Group, Ltd.		17,500		5,477
China Liansu Group Holdings		29,000		18,302
China Minzhong Food Corp., Ltd. (a)		17,000		13,521
China National Accord Mediicines Corp., Ltd (a)		6,400		12,282
China SCE Property Holdings, Ltd.		49,000		11,045
China Suntien Green Energy Corp., Ltd.		43,000		7,920
China Vanadium Titano — Magnetite Mining Co., Ltd.		38,000		8,810
China Wireless Technologies, Ltd.		36,000		5,981
Chongqing Machinery & Electric Co., Ltd.		52,000		9,711
Dongyue Group		20,000		18,393
First Tractor Co., Ltd. (a)		12,000		12,087
Great Wall Technology Co., Ltd.		40,000		9,274
Haitian International Holdings, Ltd.		12,000		13,462
Hangzhou Steam Turbine Co. (a)		15,100		19,585
Harbin Electric Co., Ltd.		18,000		18,872
Huangshan Tourism Development Co., Ltd. (a)		11,300		14,294
Hunan Non-Ferrous Metal Corp., Ltd. (a)		34,000		10,554
Jiangsu Future Land Co., Ltd. (a)		25,800		14,912
Kingsoft Corp., Ltd.		23,000		10,220
Livzon Pharmaceutical, Inc. Class B (a)		4,100		9,711
Lonking Holdings, Ltd.		43,000		15,120
MIE Holdings Corp.		30,000		9,776
Peak Sport Products Co., Ltd.		23,000		5,569
Ports Design, Ltd.		7,000		10,278
Semiconductor Manufacturing International Corp. (a)		388,000		19,240
Shandong Airlines Co., Ltd. Class B (a)		7,500		11,573
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		13,900		6,755
Shanghai Dajiang Group, Class B (a)		22,600		7,526
Shanghai Diesel Engine Co., Ltd. Class B (a)		11,600		10,475
Shanghai Haixin Group Co. (a)		17,700		7,576
Shenguan Holdings Group, Ltd.		26,000		15,404
Shenzhou International Group Holdings, Ltd.		9,000		17,295
Sound Global, Ltd.		26,000		12,304
TCL Communication Technology Holdings, Ltd.		14,000		6,257
Tong Ren Tang Technologies Co., Ltd.		9,000		11,940
Travelsky Technology, Ltd. (a)		23,000		12,057
Xinjiang Xinxin Mining Industry Co., Ltd.		35,000		9,827
Zhejiang Southeast Electric Power Co. (a)		46,900		23,075

				518,601

HONG KONG — 12.9%
361 Degrees International, Ltd.		17,000		5,167
Anxin-China Holdings, Ltd. (a)		56,000		11,396
Asian Citrus Holdings, Ltd.		14,000		9,521
Beijing Capital International Airport Co., Ltd. (a)		40,000		23,132
Beijing Capital Land, Ltd.		46,000		12,975
Boshiwa International Holding, Ltd. (b)		32,000		6,924
CGN Mining Co., Ltd. (a)		55,000		7,155
China Dongxiang Group Co.		61,000		10,057
China Everbright International, Ltd.		38,000		17,865
China High Speed Transmission Equipment Group Co., Ltd.		26,000		13,897
China Lilang, Ltd.		14,000		14,948
China Lumena New Materials Corp.		82,000		14,681
China Medical System Holdings, Ltd.		17,000		12,393
China Metal Recycling Holdings, Ltd.		12,000		14,683
China Modern Dairy Holdings, Ltd. (a)		70,000		20,015
China National Materials Co., Ltd.		26,000		10,549
China Overseas Grand Oceans Group, Ltd.		12,000		13,138
China Power International Development, Ltd.		49,000		10,729
China Shineway Pharmaceutical Group, Ltd.		9,000		13,632
China Travel International Investment Hong Kong, Ltd.		76,000		15,564
Citic 21CN Co., Ltd. (a)		116,000		7,172
Citic Resources Holdings, Ltd. (a)		70,000		11,901
Comba Telecom Systems Holdings, Ltd.		19,000		10,523
Cosco International Holdings, Ltd.		28,000		12,081
Dawnrays Pharmaceutical Holdings, Ltd.		12,000		3,138
Digital China Holdings, Ltd.		14,000		27,805
Franshion Properties China, Ltd. (a)		76,000		19,578
Fufeng Group, Ltd.		20,000		8,707
Global Bio-Chem Technology Group Co., Ltd.		46,000		9,006
Glorious Property Holdings, Ltd. (a)		55,000		8,713
Greatview Aseptic Packaging Co., Ltd. (a)		23,000		12,087
Greentown China Holdings, Ltd.		14,500		9,151
Hidili Industry International Development, Ltd.		29,000		10,309
Hua Han Bio-Pharmaceutical Holdings, Ltd.		48,000		9,645
Kaisa Group Holdings, Ltd. (a)		43,000		8,640
Kingboard Laminates Holdings, Ltd.		20,000		9,454
Kingway Brewery Holdings, Ltd.		24,000		9,243
KWG Property Holding, Ltd.		27,500		15,868
Li Ning Co., Ltd.		16,000		17,022
Lianhua Supermarket Holdings Co., Ltd. (a)		9,000		10,236
Minth Group, Ltd.		12,000		13,910
NVC Lighting Holdings, Ltd.		43,000		15,951
Pacific Online, Ltd.		17,000		7,729
PCD Stores, Ltd.		70,000		9,918
Real Nutriceutical Group, Ltd		17,000		5,452
Shenzhen International Holdings, Ltd.		217,500		15,128
Shenzhen Investment, Ltd.		76,000		16,543
Shougang Concord International Enterprises Co., Ltd.		226,000		13,244
Sichuan Expressway Co., Ltd.		24,000		8,686
Sihuan Pharmaceutical Holdings Group, Ltd.		40,000		15,611
Silver Base Group Holdings, Ltd.		12,000		8,331
Sino Biopharmaceutical		48,000		12,859
Sinotrans Shipping, Ltd.		37,500		8,984
Sinotrans, Ltd.		49,000		9,151

See accompanying notes to financial statements.

109

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Sinotruk Hong Kong, Ltd.		17,500	$	10,143
Springland International Holdings, Ltd.		24,000		17,372
Sunac China Holdings, Ltd. (a)		37,000		10,961
The United Laboratories International Holdings, Ltd.		18,000		8,949
Tianjin Port Development Holdings, Ltd.		122,000		16,971
Tianneng Power International, Ltd.		18,000		10,456
United Energy Group, Ltd. (a)		76,000		13,019
Vinda International Holdings, Ltd.		9,000		13,910
VODone, Ltd.		52,000		7,233
Wasion Group Holdings, Ltd.		18,000		8,369
West China Cement, Ltd.		70,000		14,696
Winsway Coking Coal Holding, Ltd. (a)		42,000		8,439
Yashili International Holdings, Ltd.		52,000		8,372
Yingde Gases (a)		24,500		27,832
Yip’s Chemical Holdings, Ltd.		12,000		8,655
Yuexiu Property Co., Ltd.		138,000		27,373
Yuexiu Transport Infrasctruct Ltd		18,000		8,972

				871,919

INDIA — 13.6%
Amtek Auto, Ltd.		3,911		10,206
Arvind, Ltd. (a)		5,217		8,438
Aurobindo Pharma, Ltd.		4,128		9,642
Bajaj Finserv, Ltd.		1,184		14,212
Bajaj Holdings and Investment, Ltd.		961		15,377
Bharat Forge, Ltd.		2,944		18,495
Bhushan Steel, Ltd.		2,009		16,428
Biocon, Ltd.		1,772		8,313
Bombay Rayon Fashions, Ltd.		1,592		7,795
CESC, Ltd.		2,649		14,128
Core Education & Technologies, Ltd.		2,455		13,577
Coromandel International, Ltd.		2,414		13,441
Corporation Bank		1,861		15,518
Crompton Greaves, Ltd.		3,668		9,943
Dewan Housing Finance, Corp., Ltd.		2,148		10,087
Dish TV India, Ltd. (a)		9,177		11,511
Edelweiss Capital, Ltd.		15,230		8,206
Emami, Ltd.		1,375		10,911
Era Infra Engineering, Ltd.		7,200		19,454
Federal Bank, Ltd.		2,782		23,290
Financial Technologies India, Ltd.		735		9,872
Fortis Healthcare, Ltd. (a)		4,742		9,327
Gateway Distriparks, Ltd.		5,110		15,432
Glenmark Pharmaceuticals, Ltd.		2,637		16,015
Godrej Industries, Ltd.		3,555		18,059
Gujarat Gas Co., Ltd.		2,125		16,374
GVK Power & Infrastructure, Ltd. (a)		55,980		19,120
HCL Infosystems, Ltd.		8,786		7,821
Hindustan Construction Co.		26,367		13,301
Housing Development & Infrastructure, Ltd. (a)		9,203		15,472
IFCI, Ltd.		24,717		20,329
India Cements, Ltd.		8,589		18,790
India Infoline, Ltd. (a)		7,675		10,079
Indiabulls Financial Services, Ltd.		3,998		16,253
Indiabulls Real Estate, Ltd.		8,036		10,072
Indian Hotels Co., Ltd.		13,994		17,498
Jain Irrigation Systems, Ltd.		4,959		9,583
Jammu & Kashmir Bank, Ltd.		1,028		18,544
JSW Energy, Ltd.		13,910		16,737
Jubilant Foodworks, Ltd. (a)		617		14,244
Mahindra & Mahindra Financial Services		1,129		14,857
Manappuram Finance, Ltd.		9,521		5,691
Marico, Ltd.		4,742		16,317
MAX India, Ltd. (a)		5,020		16,663
McLeod Russel India, Ltd.		2,516		13,401
Motherson Sumi Systems, Ltd.		3,080		11,266
Mphasis, Ltd.		1,685		13,399
Opto Circuits India, Ltd.		3,312		13,100
Patni Computer Systems, Ltd. (a)		1,036		10,042
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		4,768		7,487
Piramal Healthcare, Ltd.		1,517		14,037
PTC India, Ltd.		12,544		15,118
Punj Lloyd, Ltd.		13,896		15,057
Rajesh Exports, Ltd.		4,470		11,542
REI Agro, Ltd.		19,781		4,756
Rolta India, Ltd.		6,508		11,995
Satyam Computer Services, Ltd. (a)		14,828		23,459
Sintex Industries, Ltd.		5,234		8,861
Strides Arcolab, Ltd. (a)		1,225		14,111
Suzlon Energy, Ltd. (a)		22,158		10,982
Tata Chemicals, Ltd.		2,727		18,556
Tata Global Beverages, Ltd.		8,320		18,348
Thermax, Ltd.		1,291		11,771
Unitech, Ltd. (a)		34,299		19,356
United Phosphorus, Ltd.		6,013		15,356
Videocon Industries, Ltd.		2,956		9,945
Voltas, Ltd.		5,437		11,980
Welspun Corp., Ltd		3,763		9,942

				919,289

INDONESIA — 6.2%
Alam Sutera Realty Tbk PT		230,000		15,595
Bakrie and Brothers Tbk PT (a)(b)		1,732,500		9,473
Bakrie Sumatera Plantations Tbk PT		356,000		11,485
Bakrie Telecom Tbk PT (a)		570,500		15,910
Bakrieland Development Tbk PT (a)		841,000		11,313
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		175,000		21,243
Bank Tabungan Negara Tbk PT		71,000		9,318
Barito Pacific Tbk PT (a)		110,000		9,504
Bhakti Investama Tbk PT		343,000		13,691
Bisi International PT		76,500		7,195
Bumi Resources Minerals Tbk PT (a)		202,500		14,173
Ciputra Development Tbk PT		200,000		15,748
Darma Henwa PT Tbk (a)		985,500		9,592
Delta Dunia Makmur Tbk PT (a)		159,000		10,607
Energi Mega Persada Tbk PT (a)		680,500		13,619
Gajah Tunggal Tbk PT		40,500		11,848
Garuda Indonesia Tbk PT (a)		171,000		11,594
Global Mediacom Tbk PT		123,000		21,522
Holcim Indonesia Tbk PT		43,500		12,250
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		62,000		7,865
Indika Energy Tbk PT		48,000		13,255
Japfa Comfeed Indonesia Tbk PT		24,500		11,052
Kawasan Industri Jababeka Tbk PT (a)		401,000		8,552
Medco Energi Internasional Tbk PT		37,500		8,817

See accompanying notes to financial statements.

110

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Media Nusantara Citra Tbk PT		69,500	$	14,289
Mitra Adiperkasa Tbk PT		19,000		13,194
Pakuwon Jati Tbk PT (a)		596,000		13,362
Pembangunan Perumahan Persero PT Tbk		110,000		7,579
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		69,500		21,852
Sentul City Tbk PT (a)		336,000		9,186
Summarecon Agung Tbk PT		114,500		19,659
Timah Tbk PT		62,000		12,612
Trada Maritime Tbk PT		82,500		8,481

				415,435

MALAYSIA — 8.6%
Alliance Financial Group Bhd		16,500		20,952
Bandar Raya Developments Bhd		14,200		10,707
Berjaya Corp. Bhd		69,200		21,459
Berjaya Sports Toto Bhd		24,900		35,519
Boustead Holdings Bhd		13,600		24,106
Bursa Malaysia Bhd		20,800		50,107
Dialog Group Bhd		33,300		23,588
DRB-Hicom Bhd		15,900		13,079
Fraser & Neave Holdings Bhd		3,800		23,419
Genting Plantations Bhd		8,400		26,021
IGB Corp. Bhd		31,800		28,753
Kencana Petroleum Bhd (a)		33,300		34,240
KNM Group Bhd (a)		28,700		7,823
Kulim Malaysia Bhd		15,300		20,876
Lafarge Malayan Cement Bhd		7,800		18,332
Malaysian Bulk Carriers Bhd		24,300		13,564
Malaysian Resources Corp. Bhd		32,400		20,095
Media Prima Bhd		26,900		23,533
Multi-Purpose Holdings Bhd		33,600		30,271
SapuraCrest Petroleum Bhd		14,800		23,576
Sunway Real Estate Investment Trust		62,000		25,298
TAN Chong Motor Holdings Bhd		13,000		19,053
Top Glove Corp. Bhd		10,100		14,836
Tradewinds Malaysia Bhd		5,800		18,156
UOA Development Bhd (a)		30,400		13,893
Wah Seong Corp Bhd		24,300		16,419

				577,675

PHILIPPINES — 2.6%
Belle Corp. (a)		94,000		11,231
Cebu Air, Inc.		6,700		10,471
First Philippine Holdings Corp.		9,730		14,697
GMA Holdings, Inc.		98,800		20,181
Megaworld Corp.		295,000		13,467
Metro Pacific Investments Corp.		226,000		21,792
Philippine National Bank (a)		8,700		15,197
Rizal Commercial Banking Corp. (a)		17,900		17,469
Semirara Mining Corp.		3,200		18,245
SM Development Corp.		73,300		11,643
Universal Robina Corp.		16,480		24,182

				178,575

SINGAPORE — 0.2%
Yanlord Land Group, Ltd.		14,000		14,085

TAIWAN — 41.4%
Ability Enterprise Co., Ltd.		11,000		10,995
Accton Technology Corp.		19,000		11,491
Adlink Technology, Inc.		6,000		8,741
Advantech Co., Ltd. (a)		6,000		20,837
AGV Products Corp. (a)		25,000		8,513
Airtac International Group (a)		3,000		15,603
Alcor Micro Corp.		8,000		13,770
Alpha Networks, Inc. (a)		9,000		7,654
Altek Corp. (a)		11,000		10,137
AmTRAN Technology Co., Ltd. (a)		22,000		17,330
Apex Biotechnology Corp. (a)		3,000		8,040
Asia Polymer (a)		6,000		7,796
Asrock, Inc.		3,000		12,197
Aten International Co., Ltd.		3,000		5,885
Bank of Kaohsiung		31,000		9,716
Basso Industry Corp. (a)		9,000		7,318
BES Engineering Corp. (a)		42,000		11,953
Biostar Microtech International Corp. (a)		22,000		12,336
Cameo Communications, Inc.		42,000		13,320
Capital Securities Corp.		52,000		20,173
Career Technology Co., Ltd. (a)		8,000		12,875
Cathay No. 1 REIT		22,000		11,554
Cathay Real Estate Development Co., Ltd.		31,000		14,390
Charoen Pokphand Enterprise		25,000		12,790
Chaun-Choung Technology Corp. (a)		11,000		12,299
Cheng Loong Corp.		25,000		10,207
Cheng Uei Precision Industry Co., Ltd. (a)		9,000		21,528
Chicony Electronics Co., Ltd. (a)		11,000		21,617
Chien Kuo Construction Co., Ltd.		22,000		12,075
Chin-Poon Industrial Co. (a)		13,000		11,848
China Bills Finance Corp. (a)		22,000		9,541
China Chemical & Pharmaceutical Co., Ltd. (a)		16,000		11,222
China Manmade Fibers Corp. (a)		28,000		10,388
China Motor Corp.		11,000		10,752
China Steel Chemical Corp. (a)		3,000		14,230
China Synthetic Rubber Corp. (a)		11,000		10,846
Chipbond Technology Corp.		11,000		14,256
Chong Hong Construction Co., Ltd. (a)		6,000		13,681
Chroma ATE, Inc. (a)		9,000		22,931
Chung Hung Steel Corp.		25,000		8,767
Clevo Co. (a)		11,000		18,057
CMC Magnetics Corp. (a)		58,000		10,415
Compal Communications, Inc.		6,000		10,408
Coretronic Corp.		13,000		11,981
CTCI Corp. (a)		8,000		13,241
CyberTAN Technology, Inc.		11,000		10,957
D-Link Corp.		19,000		14,130
Dimerco Express Taiwan Corp. (a)		16,000		9,812
Dynamic Electronics Co., Ltd.		25,000		10,757
Dynapack International Technology Corp. (a)		3,000		16,263
Elan Microelectronics Corp. (a)		11,000		14,163
Elite Material Co., Ltd. (a)		19,000		17,607
Elite Semiconductor Memory Technology, Inc. (a)		11,000		10,286
Epistar Corp. (a)		13,000		33,167
Eternal Chemical Co., Ltd. (a)		13,000		11,320
Everlight Chemical Industrial Corp. (a)		13,000		8,853
Everlight Electronics Co., Ltd. (a)		8,000		16,805
Excelsior Medical Co., Ltd. (a)		3,000		6,343

See accompanying notes to financial statements.

111

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Far Eastern International Bank (a)		45,000	$	17,991
Faraday Technology Corp.		9,000		14,271
Farglory Land Development Co., Ltd.		6,000		12,075
Feng Hsin Iron & Steel Co., Ltd.		8,000		14,068
Feng TAY Enterprise Co., Ltd. (a)		8,000		7,644
First Insurance Co., Ltd. (a)		13,000		5,638
FLEXium Interconnect, Inc. (a)		6,000		24,293
Formosa Taffeta Co., Ltd. (a)		16,000		15,504
Formosan Rubber Group, Inc.		19,000		13,326
Formosan Union Chemical (a)		11,000		8,106
FSP Technology, Inc.		9,000		8,447
Gemtek Technology Corp.		11,000		9,821
GeoVision, Inc. (a)		3,000		14,129
Giant Manufacturing Co., Ltd. (a)		6,000		26,326
Gigabyte Technology Co., Ltd.		16,000		13,444
Gintech Energy Corp.		9,000		10,048
Global Unichip Corp. (a)		3,000		11,283
Gloria Material Technology Corp. (a)		11,000		11,628
Goldsun Development & Construction Co., Ltd. (a)		31,000		12,657
Grand Pacific Petrochemical (a)		22,000		10,212
Great Wall Enterprise Co.		11,000		11,256
GTM Corp.		13,000		6,497
Hey Song Corp. (a)		11,000		13,864
Highwealth Construction Corp. (a)		11,000		19,082
Ho Tung Chemical Corp. (a)		22,000		13,194
Hong TAI Electric Industrial		37,000		12,599
Huaku Development Co., Ltd. (a)		6,000		15,226
I-Sheng Electric Wire & Cable Co., Ltd. (a)		9,000		14,789
Ibase Technology, Inc.		16,000		23,419
Inventec Co., Ltd.		48,000		21,061
Jess-Link Products Co., Ltd. (a)		6,000		6,200
Kenda Rubber Industrial Co., Ltd. (a)		8,000		9,338
KGI Securities Co., Ltd.		60,000		25,310
King Yuan Electronics Co., Ltd. (a)		31,000		11,711
King’s Town Bank (a)		19,000		12,231
Kinpo Electronics		55,000		13,399
Kinsus Interconnect Technology Corp. (a)		6,000		19,231
Laser Tek Taiwan Co., Ltd.		9,000		9,682
LCY Chemical Corp.		11,000		17,517
Lien Hwa Industrial Corp.		16,000		10,436
Lingsen Precision Industries, Ltd. (a)		16,000		10,219
Long Bon International Co., Ltd.		19,000		9,560
Lumax International Corp., Ltd. (a)		3,000		6,526
Macronix International Co., Ltd. (a)		60,000		22,362
Makalot Industrial Co., Ltd. (a)		6,000		17,869
Masterlink Securities Corp. (a)		31,000		10,818
Mayer Steel Pipe Corp.		13,000		5,264
Mercuries & Associates, Ltd. (a)		8,000		8,389
Merida Industry Co., Ltd.		6,000		19,272
Micro-Star International Co., Ltd.		22,000		10,771
Microbio Co., Ltd.		6,000		7,491
Mildef Crete , Inc. (a)		6,000		11,811
Mirle Automation Corp.		13,000		10,637
Mitac International Corp.		25,000		9,910
Motech Industries, Inc.		6,000		10,002
Nan Kang Rubber Tire Co., Ltd. (a)		11,000		17,163
Nantex Industry Co., Ltd. (a)		8,000		7,318
Neo Solar Power Corp.		11,000		8,609
Nien Hsing Textile Co., Ltd. (a)		8,000		5,692
Novatek Microelectronics Corp.		9,000		27,414
Oriental Union Chemical Corp. (a)		13,000		16,804
Pan-International Industrial Co., Ltd.		11,000		10,585
Phison Electronics Corp. (a)		3,000		25,665
PixArt Imaging, Inc.		3,000		7,867
Portwell, Inc. (a)		8,000		7,495
Powertech Technology, Inc. (a)		11,000		21,430
President Securities Corp.		22,000		11,889
Prime Electronics Satellitics, Inc. (a)		11,000		9,541
Prince Housing Development Corp. (a)		16,000		12,008
Promate Electronic Co., Ltd. (a)		16,000		13,282
Qisda Corp.		34,000		8,133
Radiant Opto-Electronics Corp.		9,000		39,946
Realtek Semiconductor Corp.		11,000		20,088
RichTek Technology Corp.		3,000		18,499
Ritek Corp. (a)		58,000		10,003
Ruentex Development Co., Ltd.		13,000		19,160
Ruentex Industries, Ltd.		11,000		21,542
Sampo Corp. (a)		22,000		6,187
San Fang Chemical Industry Co., Ltd. (a)		9,000		7,806
Sanyang Industry Co., Ltd.		19,000		12,907
Senao International Co., Ltd. (a)		3,000		14,027
Shinkong Synthetic Fibers Corp.		45,000		15,399
Sigurd Microelectronics Corp. (a)		13,000		10,725
Silicon Integrated Systems Corp.		19,000		7,532
Simplo Technology Co., Ltd.		6,000		45,232
Sinbon Electronics Co., Ltd. (a)		19,000		15,193
Sinmag Bakery Machine Corp. (a)		3,000		11,079
Sino-American Silicon Products, Inc.		9,000		15,674
Sinon Corp. (a)		28,000		12,902
Sinphar Pharmaceutical Co., Ltd.		11,000		9,317
Sintek Photronic Corp. (a)		13,000		6,365
Sinyi Realty Co. (a)		8,000		12,740
Solar Applied Materials Technology Corp. (a)		9,000		13,112
Solartech Energy Corp.		6,000		6,831
Southeast Cement Co., Ltd. (a)		29,000		11,300
Springsoft, Inc.		8,000		12,428
Standard Foods Corp.		3,000		10,215
Sunonwealth Electric Machine Industry Co. Ltd. (a)		6,000		4,432
Systex Corp. (a)		9,000		9,880
T JOIN Transportation Co.		9,000		10,154
Ta Chong Bank Co., Ltd. (a)		34,000		13,478
Ta Ya Electric Wire & Cable		66,000		18,381
Taichung Commercial Bank (a)		48,000		15,157
Tainan Enterprises Co., Ltd. (a)		9,000		11,450
Tainan Spinning Co., Ltd. (a)		25,000		11,223
Taisun Enterprise Co., Ltd. (a)		19,000		10,203
Taiwan Business Bank (a)		58,000		18,158
Taiwan Cogeneration Corp. (a)		16,000		13,282
Taiwan Fire & Marine Insurance Co. (a)		11,000		8,237
Taiwan Hon Chuan Enterprise Co., Ltd. (a)		6,000		13,600
Taiwan Land Development Corp. (a)		22,000		9,206
Taiwan Mask Corp. (a)		28,000		11,052
Taiwan Secom Co., Ltd (a)		6,000		12,441

See accompanying notes to financial statements.

112

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Taiwan Surface Mounting Technology Co., Ltd. (a)		6,000	$	13,783
Tatung Co., Ltd. (a)		42,000		12,224
Teco Electric & Machinery Co., Ltd. (a)		34,000		23,443
Test-Rite International Co. (a)		13,000		8,963
Thye Ming Industrial Co., Ltd. (a)		9,000		8,706
Tong Hsing Electronic Industries Ltd. (a)		3,000		10,520
Tong Yang Industry Co., Ltd. (a)		9,000		9,575
Topco Scientific Co., Ltd.		9,000		16,467
Topoint Technology Co., Ltd. (a)		11,000		7,659
Transcend Information, Inc. (a)		6,000		17,320
Tripod Technology Corp.		9,000		30,189
TSRC Corp. (a)		11,000		28,139
TTY Biopharm Co., Ltd. (a)		3,000		12,807
Tung Ho Steel Enterprise Corp.		16,000		16,236
TXC Corp.		9,000		14,164
TYC Brother Industrial Co., Ltd. (a)		19,000		9,077
Tycoons Group Enterprise (a)		42,000		9,136
U-Ming Marine Transport Corp. (a)		6,000		10,347
Unity Opto Technology Co., Ltd.		9,000		10,368
Universal Cement Corp. (a)		16,000		7,779
Unizyx Holding Corp. (a)		16,000		10,219
UPC Technology Corp. (a)		16,000		9,135
USI Corp. (a)		13,000		12,817
Ve Wong Corp. (a)		13,000		9,470
Via Technologies, Inc. (a)		16,000		10,273
Visual Photonics Epitaxy Co., Ltd.		6,000		11,039
Walsin Lihwa Corp.		63,000		19,979
Wan Hai Lines, Ltd.		19,000		10,879
Waterland Financial Holdings Co., Ltd. (a)		45,000		15,475
Wei Chuan Food Corp. (a)		11,000		12,243
Weikeng Industrial Co., Ltd. (a)		16,000		13,932
Winbond Electronics Corp. (a)		60,000		11,079
Wintek Corp.		25,000		19,397
Wistron NeWeb Corp.		3,000		6,607
Yageo Corp.		42,000		12,622
Yang Ming Marine Transport Corp.		22,000		11,740
Yieh Phui Enterprise Co., Ltd.		28,000		10,246
Yuen Foong Yu Paper Manufacturing Co., Ltd. (a)		28,000		12,760
Yung Lien Life Service Corp. (a)		3,000		9,565
Yungtay Engineering Co., Ltd. (a)		8,000		12,807
Zenitron Corp. (a)		16,000		12,523
Zinwell Corp. (a)		9,000		10,886

				2,794,054

THAILAND — 6.0%
Bangkok Chain Hospital PCL		51,200		12,613
Bangkok Expressway PCL		24,300		17,014
Bumrungrad Hospital PCL		8,900		15,434
Dynasty Ceramic PCL		6,900		14,594
Electricity Generating PCL (Foreign ownership limit)		6,900		20,801
Home Product Center PCL (Foreign ownership limit)		43,400		19,555
Minor International PCL		44,500		20,627
Precious Shipping PCL		18,200		9,380
Pruksa Real Estate PCL		26,300		12,873
Robinson Department Store PCL (Foreign ownership limit)		11,800		19,603
Siam City Cement PCL		2,000		19,838
Siam Makro PCL		2,000		23,209
Sri Trang Agro-Industry PCL		17,300		11,720
Thai Airways International PCL (Foreign ownership limit) (a)		14,400		12,020
Thai Stanley Electric PCL, NVDR		2,300		13,718
Thai Tap Water Supply PCL		84,200		16,376
Thai Union Frozen Products PCL		11,200		25,686
Thai Vegetable Oil PCL (Foreign ownership limit)		21,700		14,068
Thanachart Capital PCL		21,400		23,238
Thoresen Thai Agencies PCL		18,200		11,858
Tisco Financial Group PCL		11,200		15,067
True Corp. PCL, NVDR (a)		208,400		24,859
Vanachai Group PCL		85,900		11,583
Vinythai PCL		31,200		18,508

				404,242

TOTAL COMMON STOCKS —
(Cost $5,913,246)				6,693,875

SHORT TERM INVESTMENT — 0.3%
UNITED STATES — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $16,718)		16,718		16,718

TOTAL INVESTMENTS — 99.5%
(Cost $5,929,964)				6,710,593
OTHER ASSETS & LIABILITIES — 0.5%				35,091

NET ASSETS — 100.0%			$	6,745,684

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

113

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
RUSSIA — 100.0%
CHEMICALS — 4.2%
Phosagro OAO GDR		26,729	$	276,912
Uralkali OJSC GDR		58,526		2,207,016

				2,483,928

COMMERCIAL BANKS — 11.1%
Sberbank of Russia ADR (a)		393,425		5,267,961
VTB Bank OJSC GDR		304,879		1,375,004

				6,642,965

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.9%
Rostelecom ADR (a)		32,387		948,528
Rostelecom OJSC ADR (a)		27,586		811,856

				1,760,384

ELECTRIC UTILITIES — 2.7%
Federal Hydrogenerating Co. JSC ADR		442,894		1,623,649

ENERGY EQUIPMENT & SERVICES — 1.4%
Eurasia Drilling Co., Ltd. GDR		14,707		405,472
Integra Group Holdings GDR (a)		68,712		144,295
TMK OAO GDR		19,891		266,540

				816,307

FOOD & STAPLES RETAILING — 3.9%
Magnit OJSC GDR		60,595		1,765,735
X5 Retail Group NV GDR (a)		25,486		584,649

				2,350,384

HOUSEHOLD DURABLES — 0.3%
PIK Group GDR (a)		68,501		171,390

INTERNET SOFTWARE & SERVICES — 1.5%
Mail.ru Group, Ltd. GDR (a)		12,592		496,755
Yandex NV (a)(b)		14,399		386,901

				883,656

MEDIA — 0.3%
CTC Media, Inc. (b)		17,370		202,013

METALS & MINING — 10.3%
Evraz PLC (a)		71,758		423,637
Magnitogorsk Iron & Steel Works GDR (a)		41,531		245,240
Mechel OAO ADR (b)		33,590		301,638
MMC Norilsk Nickel OJSC ADR (b)		142,680		2,611,044
Novolipetsk Steel OJSC GDR		20,442		424,369
Polymetal International PLC (a)		45,581		672,558
Polyus Gold International Ltd. GDR (a)		134,723		414,947
Severstal GDR		46,330		617,116
United Co. RUSAL PLC (a)		618,000		473,609

				6,184,158

OIL, GAS & CONSUMABLE FUELS — 50.7%
Exillon Energy PLC (a)		26,572		71,834
Gazprom Neft JSC ADR		32,068		855,895
Gazprom OAO ADR (c)		963,753		11,757,787
Gazprom OAO ADR (c)		25,676		317,612
Lukoil OAO ADR		103,668		6,240,814
NovaTek OAO GDR		19,045		2,580,597
Rosneft Oil Co. GDR		372,689		2,638,638
Surgutneftegas OJSC ADR		205,236		2,007,208
Surgutneftegas OJSC ADR Preference Shares		161,487		1,143,328
Tatneft ADR		67,791		2,765,873

				30,379,586

PHARMACEUTICALS — 0.9%
Pharmstandard GDR (a)		30,741		545,345

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.0%
Etalon Group Ltd, GDR (a)		27,910		191,183
LSR Group OJSC GDR		67,913		400,687

				591,870

ROAD & RAIL — 0.7%
Globaltrans Investment PLC GDR		23,562		402,910

TRANSPORTATION INFRASTRUCTURE — 0.6%
Novorossiysk Commercial Sea Trade Port PJSC GDR		48,385		365,791

WIRELESS TELECOMMUNICATION SERVICES — 7.5%
Mobile TeleSystems ADR (b)		121,263		2,223,964
Sistema JSFC GDR		42,547		837,752
VimpelCom, Ltd. ADR		126,207		1,408,471

				4,470,187

TOTAL COMMON STOCKS —
(Cost $66,328,391)				59,874,523

SHORT TERM INVESTMENTS — 2.0%
UNITED STATES — 2.0%
MONEY MARKET FUNDS — 2.0%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,142,799		1,142,799
State Street Institutional Liquid Reserves Fund 0.23% (e)(f)		38,914		38,914

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,181,713)				1,181,713

TOTAL INVESTMENTS — 102.0%
(Cost $67,510,104)				61,056,236
OTHER ASSETS & LIABILITIES — (2.0)%				(1,181,242	)

NET ASSETS — 100.0%			$	59,874,994


(a)		Non-income producing security.
(b)		A portion of the security was on loan at March 31, 2012.
(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

PLC = Public Limited Company

See accompanying notes to financial statements.

114

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SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co. (a)		2,044,000	$	937,228

AIRLINES — 1.0%
Air China, Ltd. (a)		3,392,000		2,350,458
China Eastern Airlines Corp., Ltd. (a)(b)		3,406,000		1,118,663
China Southern Airlines Co., Ltd. (a)(b)		11,672,000		5,577,424

				9,046,545

AUTO COMPONENTS — 0.1%
Minth Group, Ltd. (a)		778,000		901,855

AUTOMOBILES — 1.9%
Brilliance China Automotive Holdings, Ltd. (a)(b)		3,660,000		3,959,815
BYD Co., Ltd. (a)(b)		788,500		2,203,819
Dongfeng Motor Group Co., Ltd. (a)		3,920,300		7,079,161
Great Wall Motor Co., Ltd. (a)(b)		832,500		1,619,107
Guangzhou Automobile Group Co., Ltd. (a)		2,594,637		2,573,249

				17,435,151

BEVERAGES — 0.3%
Tsingtao Brewery Co., Ltd. (a)		516,000		2,788,022

CHEMICALS — 0.9%
China Bluechemical, Ltd.		3,400,000		2,574,961
China Lumena New Materials Corp. (a)		4,370,000		782,367
Dongyue Group		4,000		3,679
Fufeng Group, Ltd. (a)		1,034,000		450,144
Sinopec Shanghai Petrochemical Co., Ltd.		5,418,000		1,960,920
Yingde Gases (a)(b)		1,677,000		1,905,093

				7,677,164

COMMERCIAL BANKS — 20.6%
Agricultural Bank of China, Ltd. (a)		28,444,000		12,199,707
Bank of China, Ltd.		77,815,700		31,370,832
Bank of Communications Co., Ltd. (a)		8,042,824		6,080,806
China Citic Bank Corp., Ltd.		9,838,471		5,917,782
China Construction Bank Corp.		87,425,623		67,562,305
China Merchants Bank Co., Ltd. (a)		5,741,260		11,742,814
China Minsheng Banking Corp., Ltd. (a)		4,349,000		3,937,850
Chongqing Rural Commercial Bank Co., Ltd. (a)(b)		1,293,000		617,856
Industrial & Commercial Bank of China (a)		69,848,789		45,072,441

				184,502,393

COMMUNICATIONS EQUIPMENT — 0.7%
AAC Acoustic Technology Holdings, Inc. (a)		1,048,876		2,850,500
China All Access Holdings, Ltd. (a)		3,578,000		732,744
ZTE Corp. (a)		911,798		2,454,479

				6,037,723

COMPUTERS & PERIPHERALS — 0.8%
Lenovo Group, Ltd.		7,280,000		6,554,251
TPV Technology, Ltd. (a)		1,856,000		442,246

				6,996,497

CONSTRUCTION & ENGINEERING — 1.5%
China Communications Construction Co., Ltd.		6,665,394		6,687,715
China Railway Construction Corp. (a)		4,051,000		2,520,135
China Railway Group, Ltd. (a)		7,585,000		2,432,593
Metallurgical Corp. of China, Ltd. (a)		6,881,000		1,542,110

				13,182,553

CONSTRUCTION MATERIALS — 1.4%
Anhui Conch Cement Co., Ltd. (a)		1,694,000		5,367,388
BBMG Corp. (a)		856,500		720,369
China National Building Material Co., Ltd. (a)		3,644,000		4,594,894
China Shanshui Cement Group, Ltd. (a)		1,953,000		1,541,975

				12,224,626

DIVERSIFIED CONSUMER SERVICES — 0.5%
New Oriental Education & Technology Group, Inc. ADR (a)(b)		165,741		4,551,248

DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd. (a)(b)		1,281,000		1,026,252

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%
China Communications Services Corp., Ltd. (a)		2,413,600		1,165,765
China Telecom Corp., Ltd.		19,056,000		10,553,941
China Unicom (Hong Kong), Ltd. (a)		6,264,492		10,618,330

				22,338,036

ELECTRICAL EQUIPMENT — 0.7%
China High Speed Transmission Equipment Group Co., Ltd. (a)		1,435,000		767,034
Dongfang Electric Corp., Ltd. (a)		256,800		622,485
Harbin Electric Co., Ltd.		534,000		559,861
Shanghai Electric Group Co., Ltd. (a)		5,768,000		2,934,518
Zhuzhou CSR Times Electric Co., Ltd. (a)		525,000		1,341,577

				6,225,475

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Catic Shenzhen Holdings, Ltd.		2,322,000		939,088
Digital China Holdings, Ltd. (a)		1,043,000		2,071,492
Kingboard Chemical Holdings, Ltd.		720,000		2,517,774

				5,528,354

ENERGY EQUIPMENT & SERVICES — 0.3%
China Oilfield Services, Ltd.		1,831,900		2,628,460

See accompanying notes to financial statements.

115

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

FOOD & STAPLES RETAILING — 1.0%
China Resources Enterprise, Ltd.		2,082,000	$	7,267,156
Lianhua Supermarket Holdings Co., Ltd. (a)(b)		670,000		761,991
Wumart Stores, Inc. (a)		529,000		1,163,746

				9,192,893

FOOD PRODUCTS — 3.6%
Asian Citrus Holdings, Ltd. (a)		1,553,833		1,056,702
China Agri-Industries Holdings, Ltd. (a)		1,780,000		1,173,828
China Mengniu Dairy Co., Ltd.		2,212,000		6,481,581
China Milk Products Group, Ltd. (b)(c)		15,000		0
China Modern Dairy Holdings, Ltd. (a)(b)		1,479,000		422,898
China Yurun Food Group, Ltd. (a)		1,564,000		2,223,926
CP Pokphand Co.		4,666,000		564,920
Global Bio-Chem Technology Group Co., Ltd. (a)		14,000		2,741
People’s Food Holdings, Ltd. (b)		1,261,000		571,655
Shenguan Holdings Group, Ltd.		1,790,000		1,060,536
Tingyi Cayman Islands Holding Corp. (a)		2,874,000		8,310,317
Want Want China Holdings, Ltd. (a)		9,142,000		10,220,577

				32,089,681

GAS UTILITIES — 0.4%
China Resources Gas Group, Ltd. (a)		1,834,000		3,510,206

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Mindray Medical International, Ltd. ADR (a)		112,893		3,722,082
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		2,064,000		2,358,022

				6,080,104

HEALTH CARE PROVIDERS & SERVICES — 0.4%
Shanghai Pharmaceuticals Holding Co., Ltd. (a)(b)		867,700		1,390,287
Sinopharm Group Co. (a)		829,200		2,317,573

				3,707,860

HOTELS, RESTAURANTS & LEISURE — 0.8%
China Travel International Investment Hong Kong, Ltd.		5,420,000		1,109,969
Ctrip.com International, Ltd. ADR (a)(b)		189,670		4,104,459
Home Inns & Hotels Management, Inc. ADR (a)(b)		34,595		882,518
Shanghai Jin Jiang International Hotels Group Co., Ltd. (a)		7,242,000		1,016,716

				7,113,662

HOUSEHOLD PRODUCTS — 0.2%
NVC Lighting Holdings, Ltd. (a)		4,089,000		1,516,785

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.5%
China Longyuan Power Group Corp. (a)		2,616,000		2,186,739
China Resources Power Holdings Co., Ltd.		2,604,000		4,822,967
Datang International Power Generation Co., Ltd. (a)		7,240,000		2,555,075
Huaneng Power International, Inc. (a)		7,242,000		3,936,275
Huaneng Renewables Corp., Ltd. (a)(b)		1,460,000		353,529

				13,854,585

INDUSTRIAL CONGLOMERATES — 1.4%
Beijing Enterprises Holdings, Ltd.		776,000		4,732,560
Citic Pacific, Ltd. (a)		2,333,000		3,930,402
Shanghai Industrial Holdings, Ltd.		1,169,000		3,606,073

				12,269,035

INSURANCE — 5.5%
China Life Insurance Co., Ltd. (a)		9,256,000		24,022,205
China Pacific Insurance Group Co., Ltd.		1,282,400		3,972,401
China Taiping Insurance Holdings Co., Ltd. (a)(b)		1,198,800		2,343,867
PICC Property & Casualty Co., Ltd. (a)		3,330,759		3,963,964
Ping An Insurance Group Co. of China, Ltd. (a)		2,021,800		15,285,891

				49,588,328

INTERNET SOFTWARE & SERVICES — 11.1%
Alibaba.com, Ltd. (a)(b)		2,032,500		3,455,564
Baidu, Inc. ADR (b)		333,189		48,568,961
Netease.com ADR (b)		109,708		6,374,035
Sina Corp. (a)(b)		72,563		4,716,595
Sohu.com, Inc. (a)(b)		50,865		2,806,222
Tencent Holdings, Ltd.		1,212,300		33,820,734

				99,742,111

IT SERVICES — 0.2%
Travelsky Technology, Ltd. (b)		2,879,000		1,509,213

MACHINERY — 1.2%
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd. (a)		1,264,600		1,684,179
China National Materials Co., Ltd.		1,530,000		620,749
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)		2,696,000		711,849
CSR Corp., Ltd.		6,000		4,096
Lonking Holdings, Ltd. (a)		3,257,000		1,145,236
Weichai Power Co., Ltd. (a)		654,600		3,056,318
Yangzijiang Shipbuilding Holdings, Ltd. (a)		3,270,000		3,458,941

				10,681,368

MARINE — 0.9%
China COSCO Holdings Co., Ltd. (a)		4,453,175		2,816,214

See accompanying notes to financial statements.

116

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

China Shipping Container Lines Co., Ltd. (a)(b)		8,825,500	$	3,046,412
China Shipping Development Co., Ltd. (a)		2,609,800		1,808,439

				7,671,065

MEDIA — 0.3%
Focus Media Holding, Ltd. ADR (a)		120,065		3,016,033

METALS & MINING — 1.9%
Aluminum Corp. of China, Ltd. (a)		6,742,000		3,247,692
Angang Steel Co., Ltd. (a)		2,067,720		1,328,944
China Molybdenum Co., Ltd. (a)(b)		1,958,000		829,704
Hidili Industry International Development, Ltd. (a)		7,000		2,488
Jiangxi Copper Co., Ltd. (a)		1,940,000		4,462,700
Maanshan Iron & Steel (a)		4,184,000		1,217,908
Zhaojin Mining Industry Co., Ltd.		1,224,500		2,053,451
Zijin Mining Group Co., Ltd. (a)		9,868,750		3,914,960

				17,057,847

MULTILINE RETAIL — 0.7%
Golden Eagle Retail Group, Ltd. (a)		1,179,000		3,012,798
Intime Department Store Group Co., Ltd. (a)		982,000		1,228,132
Parkson Retail Group, Ltd. (a)		2,095,000		2,393,438

				6,634,368

OIL, GAS & CONSUMABLE FUELS — 15.3%
China Coal Energy Co., Ltd		5,749,013		6,449,498
China Petroleum & Chemical Corp.		21,122,500		23,016,016
China Shenhua Energy Co., Ltd.		4,368,700		18,427,991
CNOOC, Ltd.		19,548,600		40,184,912
Kunlun Energy Co., Ltd.		2,851,400		5,141,628
MIE Holdings Corp. (a)		1,600,000		521,381
PetroChina Co., Ltd. (a)		26,327,200		37,232,439
United Energy Group, Ltd. (b)		3,366,000		576,608
Yanzhou Coal Mining Co., Ltd. (a)		2,607,900		5,656,496

				137,206,969

PAPER & FOREST PRODUCTS — 0.4%
Lee & Man Paper Manufacturing, Ltd. (a)		3,264,000		1,521,855
Nine Dragons Paper Holdings, Ltd.		2,348,000		1,926,424

				3,448,279

PHARMACEUTICALS — 0.5%
China Shineway Pharmaceutical Group, Ltd. (a)		379,000		574,065
Shandong Luoxin Pharmacy Stock Co., Ltd.		240,000		194,745
Sihuan Pharmaceutical Holdings Group, Ltd. (a)		2,440,000		952,241
Sino Biopharmaceutical		3,176,000		850,860
The United Laboratories International Holdings, Ltd. (a)		494,000		245,600
WuXi PharmaTech Cayman, Inc. ADR (b)		90,117		1,297,685

				4,115,196

REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.6%
Agile Property Holdings, Ltd. (a)		2,624,000		3,028,212
China Overseas Land & Investment, Ltd. (a)		5,203,680		9,892,622
China Resources Land, Ltd. (a)		2,588,000		4,473,333
China South City Holdings, Ltd. (a)		9,070,000		1,226,623
Country Garden Holdings Co. (a)		9,425,058		3,617,552
E-House China Holdings, Ltd. (a)		433		2,511
Evergrande Real Estate Group, Ltd. (a)		4,918,000		2,635,095
Guangzhou R&F Properties Co., Ltd. (a)		2,128,400		2,535,768
Longfor Properties Co., Ltd. (a)		837,500		1,173,622
Poly Hong Kong Investments, Ltd. (a)		1,686,000		783,934
Renhe Commercial Holdings Co., Ltd. (a)		13,798,000		959,675
Shimao Property Holdings, Ltd. (a)		2,467,000		2,634,136
Sino-Ocean Land Holdings, Ltd. (a)		5,699,966		2,709,026
Soho China, Ltd. (a)		1,343,000		973,865
Yanlord Land Group, Ltd. (a)		2,078,000		2,090,643
Yuexiu Property Co., Ltd.		8,314,000		1,649,093
Yuzhou Properties Co. (a)		2,566,000		568,460

				40,954,170

ROAD & RAIL — 0.2%
Guangshen Railway Co., Ltd. (a)		3,860,000		1,501,442

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.2%
Semiconductor Manufacturing International Corp. (b)		29,402,000		1,457,982
Suntech Power Holdings Co., Ltd. ADR (a)(b)		206,132		630,764

				2,088,746

SOFTWARE — 0.1%
AsiaInfo-Linkage, Inc. (a)(b)		101,164		1,274,666

SPECIALTY RETAIL — 0.4%
Hengdeli Holdings, Ltd. (a)		4,655,360		1,966,716
Zhongsheng Group Holdings, Ltd. (a)		765,000		1,517,388

				3,484,104

TEXTILES, APPAREL & LUXURY GOODS — 0.7%
Anta Sports Products, Ltd. (a)		764,000		797,063
Bosideng International Holdings, Ltd.		4,488,000		1,404,668
China Dongxiang Group Co. (a)		6,362,000		1,048,861
Costin New Materials Group, Ltd.		1,273,000		565,669
Li Ning Co., Ltd. (a)		1,313,000		1,396,881
Ports Design, Ltd. (a)		705,000		1,035,162

				6,248,304

TRANSPORTATION INFRASTRUCTURE — 3.5%
Anhui Expressway Co., Ltd.		2,578,000		1,421,154
Beijing Capital International Airport Co., Ltd. (b)		3,926,000		2,270,446
China Merchants Holdings International Co., Ltd.		1,829,554		6,126,791
COSCO Pacific, Ltd.		2,338,083		3,529,409

See accompanying notes to financial statements.

117

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Jiangsu Expressway Co., Ltd. (a)		13,566,000	$	13,122,187
Shenzhen Expressway Co., Ltd.		3,636,000		1,498,609
Zhejiang Expressway Co., Ltd.		4,156,000		3,104,688

				31,073,284

WATER UTILITIES — 0.4%
Guangdong Investment, Ltd. (a)		4,908,000		3,419,923

WIRELESS TELECOMMUNICATION SERVICES — 7.9%
China Mobile, Ltd.		6,384,900		70,271,729

TOTAL COMMON STOCKS —
(Cost $919,935,986)				894,349,538

SHORT TERM INVESTMENTS — 17.5%
UNITED STATES — 17.5%
MONEY MARKET FUNDS — 17.5%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		156,118,723		156,118,723
State Street Institutional Liquid Reserves Fund 0.23% (e)(f)		578,575		578,575

TOTAL SHORT TERM INVESTMENTS —
(Cost $156,697,298)				156,697,298

TOTAL INVESTMENTS — 117.5%
(Cost $1,076,633,284)				1,051,046,836
OTHER ASSETS & LIABILITIES — (17.5)%				(156,624,467	)

NET ASSETS — 100.0%			$	894,422,369


(a)		A portion of the security was on loan at March 31, 2012.
(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)		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

See accompanying notes to financial statements.

118

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

March 31, 2012 (Unaudited)

GEOGRAPHICAL BREAKDOWN AS OF
MARCH 31, 2012*


	PERCENT OF
COUNTRY	NET ASSETS

China		74.7	%
Hong Kong		25.3
United States Short Term Investments		17.5
Other Assets and Liabilities		(17.5	)

Total		100.0	%

See accompanying notes to financial statements.

119

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 96.8%
BRAZIL — 14.3%
All America Latina Logistica SA		9,372	$	46,493
Banco Bradesco SA Preference Shares ADR (a)		111,247		1,946,822
Banco do Brasil SA		30,466		433,368
Banco Santander Brasil SA		11,928		109,845
BM&FBOVESPA SA		71,670		441,578
BR Malls Participacoes SA		26,388		344,116
Bradespar SA Preference Shares		18,653		356,435
Brasil Brokers Participacoes SA		7,238		30,987
Braskem SA Preference Shares ADR (a)		7,704		122,725
BRF — Brasil Foods SA ADR (a)		21,055		421,310
Centrais Eletricas Brasileiras SA ADR		24,669		230,902
Cia Hering		1,821		47,065
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (a)		9,755		464,533
Companhia de Bebidas das Americas Preference Shares ADR		63,789		2,635,761
Companhia de Saneamento Basico do Estado de Sao Paulo		9,789		373,788
Companhia Energetica de Minas Gerais ADR		29,841		709,619
Companhia Siderurgica Nacional SA ADR		63,097		596,898
Cosan SA Industria e Comercio		7,376		137,307
Cyrela Brazil Realty SA		20,785		184,004
Cyrela Commercial Properties SA Empreendimentos e Participacoes		1,950		20,844
Diagnosticos da America SA		8,506		65,323
Duratex SA		12,617		79,604
Empresa Brasileira de Aeronautica SA		31,743		254,737
Fibria Celulose SA ADR (a)		12,139		101,846
Gafisa SA		5,036		11,870
Gerdau SA ADR		46,988		452,494
Hypermarcas SA		1,924		13,552
Investimentos Itau SA		34,567		266,221
Investimentos Itau SA Preference Shares		181,192		1,117,366
Itau Unibanco Holding SA Preference Shares ADR		134,678		2,584,471
LLX Logistica SA (b)		3,574		6,641
Lojas Americanas SA Preference Shares		18,619		175,545
Lojas Renner SA		13,445		462,096
Metalurgica Gerdau SA Preference Shares		23,163		285,554
MMX Mineracao e Metalicos SA (b)		8,675		43,178
MRV Engenharia e Participacoes SA		4,031		28,614
Natura Cosmeticos SA		11,356		247,127
OGX Petroleo e Gas Participacoes SA (b)		40,702		336,896
Oi SA ADR (c)		8,051		128,011
Oi SA ADR (c)		4,566		28,903
PDG Realty SA Empreendimentos e Participacoes		26,752		92,531
Petroleo Brasileiro SA ADR		62,084		1,648,951
Petroleo Brasileiro SA Preference Shares ADR		85,414		2,183,182
Redecard SA		3,482		67,663
Souza Cruz SA		37,493		575,456
TAM SA ADR (a)		5,868		147,463
Telefonica Brasil SA ADR		8,875		271,841
Telefonica Brasil SA Preference Shares		20,976		649,528
Tim Participacoes SA ADR (a)		9,771		315,212
Tractebel Energia SA ADR (a)		9,898		176,877
Usinas Siderurgicas de Minas Gerais SA ADR		36,923		243,075
Vale SA Preference Shares ADR (a)		118,887		2,697,546
Weg SA		18,434		200,073

				25,613,847

CHILE — 2.2%
Antarchile SA		13,211		235,993
Cementos Bio-Bio SA		62,022		77,758
Compania General de Electricidad SA		31,735		165,777
Cuprum AFP		4,372		223,916
Empresa Nacional de Electricidad SA ADR		7,264		392,111
Empresas COPEC SA		30,417		506,586
Enersis SA ADR		17,751		358,393
Lan Airlines SA ADR (a)		11,694		340,178
Parque Arauco SA		170,092		344,958
SACI Falabella		92,193		892,373
Vina Concha y Toro SA ADR		4,767		219,091
Vina San Pedro SA		21,282,467		156,518

				3,913,652

CHINA — 13.9%
AAC Acoustic Technology Holdings, Inc.		108,000		293,508
Agricultural Bank of China, Ltd. (a)		397,000		170,274
Air China, Ltd.		162,000		112,257
Aluminum Corp. of China, Ltd. (a)		270,000		130,062
Angang Steel Co., Ltd. (a)		56,640		36,403
Anhui Conch Cement Co., Ltd. (a)		162,000		513,292
Baidu, Inc. ADR (b)		16,818		2,451,560
Bank of China, Ltd.		2,145,900		865,104
Bank of Communications Co., Ltd. (a)		431,864		326,512
Brilliance China Automotive Holdings, Ltd. (a)(b)		122,000		131,994
BYD Co., Ltd. (a)(b)		6,000		16,770
China Citic Bank Corp., Ltd.		303,000		182,253
China Coal Energy Co., Ltd		270,000		302,898
China Communications Construction Co., Ltd. (a)		248,000		248,831
China Construction Bank Corp.		2,724,280		2,105,317
China COSCO Holdings Co., Ltd. (a)		193,425		122,323
China Life Insurance Co., Ltd.		463,000		1,201,629
China Merchants Bank Co., Ltd. (a)		231,145		472,770
China National Building Material Co., Ltd. (a)		46,000		58,004
China Oilfield Services, Ltd.		216,000		309,923
China Petroleum & Chemical Corp.		1,054,000		1,148,485
China Railway Construction Corp. (a)		135,000		83,984
China Railway Group, Ltd. (a)		243,000		77,933
China Shenhua Energy Co., Ltd.		216,000		911,128

See accompanying notes to financial statements.

120

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

China Shipping Container Lines Co., Ltd. (a)(b)		436,350	$	150,621
China Shipping Development Co., Ltd.		108,000		74,838
China Telecom Corp., Ltd.		974,000		539,438
China Wireless Technologies, Ltd.		60,000		9,969
Chongqing Machinery & Electric Co., Ltd.		36,000		6,723
Ctrip.com International, Ltd. ADR (a)(b)		10,964		237,261
Datang International Power Generation Co., Ltd. (a)		324,000		114,343
Dongfang Electric Corp., Ltd. (a)		10,800		26,179
Dongfeng Motor Group Co., Ltd. (a)		270,000		487,558
First Tractor Co., Ltd. (b)		16,000		16,115
Focus Media Holding, Ltd. ADR (a)		6,114		153,584
Great Wall Motor Co., Ltd. (a)(b)		43,750		85,088
Guangshen Railway Co., Ltd.		216,000		84,019
Guangzhou Automobile Group Co., Ltd.		128,636		127,576
Guangzhou R&F Properties Co., Ltd. (a)		97,200		115,804
Harbin Electric Co., Ltd.		54,000		56,615
Huadian Power International Co. (b)		324,000		77,202
Huaneng Power International, Inc. (a)		270,000		146,754
Industrial & Commercial Bank of China (a)		2,570,590		1,658,766
Jiangsu Expressway Co., Ltd.		164,000		158,635
Jiangxi Copper Co., Ltd. (a)		56,000		128,820
Lenovo Group, Ltd.		378,000		340,317
Maanshan Iron & Steel (a)		162,000		47,156
Netease.com ADR (b)		6,465		375,616
Nine Dragons Paper Holdings, Ltd.		81,000		66,457
Parkson Retail Group, Ltd.		67,134		76,697
PetroChina Co., Ltd.		1,188,000		1,680,093
PICC Property & Casualty Co., Ltd.		235,200		279,913
Ping An Insurance Group Co. of China, Ltd. (a)		75,000		567,040
Semiconductor Manufacturing International Corp. (b)		914,000		45,323
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		68,000		77,687
Shanghai Electric Group Co., Ltd. (a)		270,000		137,365
Shenzhen Expressway Co., Ltd. (a)		216,000		89,026
Sina Corp. (a)(b)		3,108		202,020
Sinopec Shanghai Petrochemical Co., Ltd. (a)		216,000		78,176
Suntech Power Holdings Co., Ltd. ADR (a)(b)		5,265		16,111
Tencent Holdings, Ltd.		80,700		2,251,368
Tingyi Cayman Islands Holding Corp. (a)		162,000		468,431
Travelsky Technology, Ltd. (b)		198,000		103,794
Want Want China Holdings, Ltd. (a)		299,000		334,276
Weiqiao Textile Co. (a)		68,000		35,033
Yanzhou Coal Mining Co., Ltd. (a)		162,000		351,376
Zhejiang Expressway Co., Ltd. (a)		216,000		161,360
Zhuzhou CSR Times Electric Co., Ltd. (a)		17,000		43,442
Zijin Mining Group Co., Ltd. (a)		327,000		129,722
ZTE Corp. (a)		71,073		191,322

				24,878,243

COLOMBIA — 0.1%
BanColombia SA ADR		3,100		200,446

CZECH REPUBLIC — 0.5%
CEZ AS (a)		11,306		483,701
Komercni Banka AS		1,191		236,170
Telefonica O2 Czech Republic AS (a)		7,947		166,058
Unipetrol (b)		8,055		74,663

				960,592

EGYPT — 1.6%
Commercial International Bank Egypt SAE		69,289		286,448
Egyptian Co. for Mobile Services		5,522		162,926
Egyptian Financial Group-Hermes Holding (b)		27,033		60,780
Egyptian Kuwait Holding Co.		31,537		35,952
Orascom Construction Industries		8,711		375,251
Orascom Telecom Holding SAE (b)		37,175		25,173
Orascom Telecom Holding SAE GDR (b)		23,114		74,381
Orascom Telecom Holding SAE GDR (b)(d)		980		3,154
Orascom Telecom Media & Technology Holding SAE (b)		34,521		8,287
Orascom Telecom Media & Technology Holding SAE		980		1,088
Orascom Telecom Media & Technology Holding SAE GDR (b)		21,404		23,758
Vale SA ADR		78,411		1,829,329

				2,886,527

HONG KONG — 5.2%
Agile Property Holdings, Ltd. (a)		162,000		186,955
Beijing Capital International Airport Co., Ltd. (b)		162,000		93,686
Chaoda Modern Agriculture Holdings, Ltd. (a)(b)(e)		136,550		7,914
China High Speed Transmission Equipment Group Co., Ltd. (a)		40,000		21,381
China Lilang, Ltd. (a)		21,000		22,423
China Mengniu Dairy Co., Ltd.		81,000		237,345
China Merchants Holdings International Co., Ltd.		58,992		197,552
China Mobile, Ltd.		292,500		3,219,233
China National Materials Co., Ltd.		47,000		19,069
China Overseas Land & Investment, Ltd. (a)		219,200		416,717
China Power International Development, Ltd. (a)		270,000		59,119
China Resources Enterprise, Ltd.		54,000		188,485
China Resources Land, Ltd. (a)		108,000		186,677
China Resources Power Holdings Co., Ltd.		113,600		210,403
China Travel International Investment Hong Kong, Ltd.		270,000		55,294
China Unicom (Hong Kong), Ltd. (a)		221,668		375,728
China Yurun Food Group, Ltd. (a)		12,000		17,063

See accompanying notes to financial statements.

121

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Citic Pacific, Ltd. (a)		54,000	$	90,974
CNOOC, Ltd.		886,000		1,821,298
Comba Telecom Systems Holdings, Ltd. (a)		29,780		16,493
COSCO Pacific, Ltd.		108,691		164,072
Digital China Holdings, Ltd. (a)		29,000		57,597
Guangdong Investment, Ltd. (a)		218,000		151,904
Hengdeli Holdings, Ltd. (a)		648,000		273,756
Ju Teng International Holdings, Ltd.		30,000		7,728
Kingboard Chemical Holdings, Ltd.		43,950		153,689
Kingboard Laminates Holdings, Ltd.		34,000		16,072
Kunlun Energy Co., Ltd.		270,000		486,862
KWG Property Holding, Ltd. (a)		48,000		27,697
Li Ning Co., Ltd. (a)		54,000		57,450
Real Nutriceutical Group, Ltd (a)		17,000		5,452
Shimao Property Holdings, Ltd. (a)		81,000		86,488
Sino Biopharmaceutical		96,000		25,719
Sino-Ocean Land Holdings, Ltd. (a)		183,952		87,427
Sinotrans, Ltd.		270,000		50,425
Tianneng Power International, Ltd.		28,000		16,265
TPV Technology, Ltd. (a)		58,000		13,820
VODone, Ltd. (a)		82,000		11,406
Wasion Group Holdings, Ltd.		18,000		8,369
Yuexiu Property Co., Ltd.		378,000		74,977
Yuexiu Transport Infrasctruct Ltd		25,258		12,590

				9,233,574

HUNGARY — 0.5%
FHB Mortgage Bank NyRt (a)(b)		18,408		46,876
MOL Hungarian Oil and Gas NyRt (a)(b)		3,777		313,784
OTP Bank NyRt		15,279		264,147
Richter Gedeon NyRt		1,303		222,795
Tiszai Vegyi Kominat NyRt		1,899		18,863

				866,465

INDIA — 7.5%
Adani Enterprises, Ltd.		731		4,374
Ambuja Cements, Ltd.		13,957		47,176
Ambuja Cements, Ltd. GDR		17,217		57,987
Amtek Auto, Ltd.		5,956		15,543
Anant Raj Industries, Ltd.		40,960		47,034
Apollo Hospitals Enterprise, Ltd.		3,664		45,943
Ashok Leyland, Ltd.		21,994		13,103
Aurobindo Pharma, Ltd.		5,960		13,922
Axis Bank, Ltd.		4,545		102,257
Bajaj Holdings and Investment, Ltd.		2,285		35,417
BF Investment, Ltd. (b)		7,339		6,475
BF Utilities, Ltd. (b)		9,409		71,419
Bharat Heavy Electricals, Ltd.		47,547		239,998
Bharti Airtel, Ltd.		93,001		616,842
Biocon, Ltd.		1,651		7,745
Cipla, Ltd.		32,450		194,337
Core Education & Technologies, Ltd.		6,963		38,509
Coromandel International, Ltd.		2,384		13,274
Dish TV India, Ltd. (b)		8,520		10,687
Dr. Reddy’s Laboratories, Ltd. ADR (a)		10,058		347,604
Era Infra Engineering, Ltd.		2,474		6,685
Fortis Healthcare, Ltd. (b)		3,207		6,308
GAIL India, Ltd.		35,709		263,726
Gammon India, Ltd.		2,199		1,873
Godrej Industries, Ltd.		17,440		88,595
Grasim Industries, Ltd. GDR (c)		803		41,523
Grasim Industries, Ltd. GDR (c)		180		9,282
GTL, Ltd. (b)		1,557		1,271
Gujarat NRE Coke, Ltd.		10,167		4,420
Havells India, Ltd.		1,099		12,341
HCL Technologies, Ltd.		9,129		86,595
HDFC Bank, Ltd.		68,213		696,055
Hero Motocorp, Ltd.		10,387		419,038
Hindalco Industries, Ltd.		33,074		84,008
Hindustan Construction Co.		11,178		5,639
Hindustan Unilever, Ltd.		82,449		663,622
Housing Development & Infrastructure, Ltd. (b)		9,442		15,874
Housing Development Finance Corp., Ltd.		70,556		932,483
ICICI Bank, Ltd. ADR		15,618		544,600
India Infoline, Ltd. (b)		127,775		167,792
Indiabulls Infrastructure & Power, Ltd. (b)(f)		35,571		0
Indiabulls Real Estate, Ltd.		13,563		16,999
Indian Hotels Co., Ltd.		44,636		55,811
Infosys Technologies, Ltd. ADR (a)		27,190		1,550,646
Infrastructure Development Finance Co., Ltd.		4,031		10,682
IRB Infrastructure Developers, Ltd.		2,930		10,746
ITC, Ltd.		5,081		22,630
ITC, Ltd. GDR (c)		4,694		20,940
ITC, Ltd. GDR (c)(d)		47,189		210,170
IVRCL Infrastructures & Projects, Ltd.		11,454		14,872
Jai Corp., Ltd.		40,766		69,617
Jain Irrigation Systems, Ltd. (c)		7,790		15,054
Jain Irrigation Systems, Ltd. (b)(c)		331		311
Jaiprakash Associates, Ltd.		41,872		67,150
Jet Airways India, Ltd. (b)		731		4,695
Jindal Steel & Power, Ltd.		3,847		41,166
JSW Steel, Ltd.		823		11,655
Lanco Infratech, Ltd. (b)		23,365		8,347
Larsen & Toubro, Ltd. GDR (a)		11,131		283,840
Mahindra & Mahindra, Ltd. GDR		19,077		262,309
Maruti Suzuki India, Ltd.		7,835		207,698
Mercator Lines, Ltd. (b)		108,177		53,616
Monnet Ispat, Ltd.		4,113		37,771
MRF, Ltd.		94		18,327
Nagarjuna Construction Co., Ltd.		7,698		8,515
Oil & Natural Gas Corp., Ltd.		92,916		489,430
OnMobile Global, Ltd. (b)		2,384		2,812
Opto Circuits India, Ltd.		3,690		14,595
Patni Computer Systems, Ltd. (b)		2,930		28,400
Punj Lloyd, Ltd.		8,334		9,030
Rajesh Exports, Ltd.		5,036		13,004
REI Agro, Ltd.		28,312		6,808
Reliance Capital, Ltd.		4,111		31,665
Reliance Communications, Ltd.		50,551		83,400
Reliance Industries, Ltd. GDR (d)		43,106		1,256,540
Reliance Infrastructure, Ltd.		12,080		139,248	��

See accompanying notes to financial statements.

122

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Reliance MediaWorks, Ltd. (b)		37,353	$	56,347
Rolta India, Ltd.		3,847		7,091
Satyam Computer Services, Ltd. (b)		29,412		46,533
Sesa Goa, Ltd.		16,948		64,771
Siemens India, Ltd.		11,007		164,095
Sintex Industries, Ltd.		8,430		14,272
State Bank of India GDR		2,523		207,517
Sun TV Network, Ltd.		3,664		21,875
Suzlon Energy, Ltd. (b)		224,848		111,442
Tata Consultancy Services, Ltd.		22,392		513,726
Tata Motors, Ltd. ADR		13,035		351,554
Tata Power Co., Ltd.		103,528		205,146
Tata Steel, Ltd.		17,510		162,142
Ultratech Cement, Ltd. GDR		544		16,173
Unitech, Ltd. (b)		76,623		43,241
United Breweries Holdings, Ltd.		6,047		7,941
United Breweries, Ltd.		2,565		27,148
United Spirits, Ltd.		1,651		19,640
Wipro, Ltd. ADR (a)		27,297		300,267
Zee Entertainment Enterprises, Ltd.		20,159		50,155

				13,450,951

INDONESIA — 3.2%
Astra International Tbk PT		163,000		1,318,225
Bank Central Asia Tbk PT		962,000		841,645
Bank Danamon Indonesia Tbk PT		231,718		116,568
Bank Mandiri Tbk PT		579,949		434,454
Bank Rakyat Indonesia Persero Tbk PT		878,500		667,714
Barito Pacific Tbk PT (b)		457,000		39,483
Bumi Resources Tbk PT		827,500		212,667
Indofood Sukses Makmur Tbk PT		605,500		321,159
Indosat Tbk PT		121,500		67,101
Kalbe Farma Tbk PT		667,000		258,951
Medco Energi Internasional Tbk PT		316,500		74,418
Perusahaan Gas Negara Tbk PT		694,000		288,408
Telekomunikasi Indonesia Tbk PT		351,500		269,083
United Tractors Tbk PT		200,818		724,737

				5,634,613

JORDAN — 0.1%
Arab Bank PLC		11,175		128,412

MALAYSIA — 3.5%
Aeon Co. M Bhd		193,400		599,739
Alliance Financial Group Bhd		208,900		265,259
Berjaya Sports Toto Bhd		102,100		145,643
Bintulu Port Holdings Bhd		88,694		201,505
Bursa Malaysia Bhd		42,893		103,330
Carlsberg Brewery Malay Bhd		310,797		1,044,951
Dialog Group Bhd		530,609		375,852
Digi.Com Bhd		270,000		357,826
Genting Bhd		163,100		577,119
Genting Malaysia Bhd		21,600		27,639
IGB Corp. Bhd		221,953		200,689
IOI Corp. Bhd		257,860		449,477
KFC Holdings Bhd		445,732		547,071
KNM Group Bhd (b)		130,912		35,682
Malaysian Airline System Bhd (b)		241,500		105,634
Malaysian Resources Corp. Bhd		294,200		182,464
Multi-Purpose Holdings Bhd		155,760		140,329
Naim Holdings Bhd		131,987		80,997
OSK Holdings Bhd		251,250		139,424
OSK Ventures International Bhd (b)		30,100		4,028
TA Enterprise Bhd		265,700		49,870
TA Global Bhd		107,240		10,152
TA Global Bhd Preference Shares		103,026		8,576
Tebrau Teguh Bhd (b)		18,900		4,874
UEM Land Holdings Bhd (b)		420,888		307,749
Unisem M Bhd		16,600		7,965
WCT Bhd		244,100		194,419

				6,168,263

MEXICO — 6.0%
Alfa SAB de CV		28,819		413,979
America Movil SAB de CV		2,243,957		2,790,386
Axtel SAB de CV (a)(b)		88,267		29,559
Cemex SAB de CV (a)(b)		527,699		406,160
Coca-Cola Femsa SAB de CV		35,266		374,174
Consorcio ARA SAB de CV (a)		87,702		29,575
Corporacion GEO SAB de CV (b)		37,241		58,170
Desarrolladora Homex SAB de CV (b)		16,371		50,977
Empresas ICA SAB de CV (b)		35,956		68,373
Fomento Economico Mexicano SAB de CV		120,805		993,278
Grupo Aeroportuario del Sureste SAB de CV		34,748		238,914
Grupo Bimbo SAB de CV (a)		172,273		401,282
Grupo Elektra SA de CV		5,117		481,610
Grupo Financiero Banorte SAB de CV		84,452		375,635
Grupo Financiero Inbursa SA		67,688		139,334
Grupo Mexico SAB de CV		252,222		794,636
Grupo Modelo SAB de CV		44,853		312,348
Grupo Televisa SA de CV (Series CPO)		102,454		432,913
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		91,303		178,608
Industrias CH SAB, Series B (b)		23,462		112,305
Industrias Penoles SA de CV		8,137		394,073
Kimberly-Clark de Mexico SAB de CV		141,855		314,593
Sare Holding SAB de CV (Class B) (b)		104,285		11,397
Telefonos de Mexico SA de CV		52,696		41,793
TV Azteca SAB de CV (a)		201,761		126,470
Urbi Desarrollos Urbanos SA de CV (b)		39,296		46,994
Wal-Mart de Mexico SAB de CV		310,457		1,043,541

				10,661,077

MOROCCO — 0.4%
Banque Marocaine du Commerce Exterieur		14,279		350,042
Banque Marocaine pour le Commerce et l’Industrie SA		1,258		114,803
Douja Promotion Groupe Addoha SA		8,675		75,545
Holcim Maroc SA		763		182,039

				722,429

PERU — 1.1%
Compania de Minas Buenaventura SA		14,545		578,637
Credicorp, Ltd.		5,253		692,450
Southern Copper Corp. (a)		13,811		437,947

See accompanying notes to financial statements.

123

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Volcan Compania Minera SAA (Class B)		184,766	$	256,331

				1,965,365

PHILIPPINES — 0.8%
Ayala Land, Inc.		702,380		339,452
Bank of the Philippine Islands		224,358		386,689
BDO Unibank, Inc.		121,120		186,751
Filinvest Land, Inc.		3,227,000		96,957
Philippine Long Distance Telephone Co.		5,405		339,897

				1,349,746

POLAND — 1.1%
Asseco Poland SA		4,251		67,947
Bank BPH SA (b)		902		12,263
Bank Pekao SA		7,751		385,214
Bioton SA (b)		178,193		5,713
BRE Bank SA (b)		1,253		114,581
Cersanit SA (b)(c)		14,151		19,556
Cersanit SA (b)(c)		3,207		4,576
Get Bank SA (b)		42,357		26,619
Getin Holding SA (b)		15,594		11,900
Globe Trade Centre SA (b)		9,515		20,441
Grupa Lotos SA (b)		5,794		50,587
KGHM Polska Miedz SA		8,308		381,196
Orbis SA (b)		3,971		55,641
PBG SA		1,067		13,349
Polimex- Mostostal SA		37,163		16,325
Polski Koncern Naftowy Orlen SA GDR (b)		11,609		278,053
Powszechna Kasa Oszczednosci Bank Polski SA		24,784		267,007
Telekomunikacja Polska SA		50,846		278,619

				2,009,587

RUSSIA — 9.4%
Evraz PLC (b)		11,029		65,112
Gazprom OAO ADR (c)		369,624		4,509,413
Gazprom OAO ADR (c)		67,600		836,212
Integra Group Holdings GDR (b)		6,074		12,756
LSR Group GDR		5,020		29,618
LSR Group OJSC GDR		1,143		6,744
Lukoil OAO ADR		46,390		2,792,678
Mechel OAO ADR (a)		14,454		129,797
MMC Norilsk Nickel OJSC ADR		50,760		928,908
Mobile TeleSystems ADR (a)		44,397		814,241
Mobile Telesystems OJSC		28,255		220,106
NovaTek OAO GDR		11,371		1,540,770
Novolipetsk Steel OJSC GDR		1,563		32,479
Novorossiysk Commercial Sea Trade Port PJSC GDR		2,861		21,629
Pharmstandard GDR (a)(b)		3,210		56,946
Polymetal International PLC (b)		5,640		83,219
Rosneft Oil Co. GDR		152,157		1,077,271
Rostelecom ADR (b)		5,016		146,905
Sberbank of Russia ADR (b)		30,000		401,700
Severstal GDR		25,788		343,496
Sistema JSFC GDR		6,858		135,034
Surgutneftegas OJSC ADR		134,839		1,318,725
Tatneft ADR		15,709		640,927
TMK OAO GDR		2,343		31,396
Uralkali OJSC GDR		4,000		150,840
VimpelCom, Ltd. ADR		27,241		304,010
VTB Bank OJSC GDR		38,407		173,216
X5 Retail Group NV GDR (b)		1,911		43,839

				16,847,987

SOUTH AFRICA — 9.7%
ABSA Group, Ltd.		18,362		373,243
Adcock Ingram Holdings, Ltd.		5,730		43,827
Adcorp Holdings, Ltd.		25,878		92,492
Afgri, Ltd.		136,290		112,768
African Bank Investments, Ltd. (a)		73,515		381,821
African Rainbow Minerals, Ltd.		9,020		213,472
Allied Electronics Corp., Ltd. Preference Shares		31,570		98,726
Anglo Platinum, Ltd. (a)		3,306		230,034
AngloGold Ashanti, Ltd. (a)		13,635		501,726
Aquarius Platinum, Ltd.		22,641		51,368
ArcelorMittal South Africa, Ltd.		10,590		77,218
Aspen Pharmacare Holdings, Ltd. (b)		29,473		455,159
Aveng, Ltd.		30,550		155,605
Avusa, Ltd.		5,296		13,318
Barloworld, Ltd.		13,074		170,321
Bidvest Group, Ltd.		19,166		448,898
Business Connexion Group, Ltd.		112,483		66,834
Cadiz Holdings		73,605		24,361
Coronation Fund Managers, Ltd.		105,139		390,441
Discovery Holdings, Ltd.		17,218		113,006
Eqstra Holdings, Ltd.		16,844		16,571
FirstRand, Ltd.		243,471		751,870
Gold Fields, Ltd.		40,828		558,592
Grindrod, Ltd.		51,424		101,112
Group Five, Ltd.		14,598		55,561
Harmony Gold Mining Co., Ltd. (a)		12,301		133,660
Impala Platinum Holdings, Ltd. (a)		29,789		586,499
Imperial Holdings, Ltd.		10,085		203,683
Investec, Ltd.		11,143		68,474
Invicta Holdings, Ltd.		31,186		264,131
JD Group, Ltd.		10,980		70,820
Kagiso Media, Ltd.		57,225		149,129
Kumba Iron Ore, Ltd. (a)		3,188		218,521
Lewis Group, Ltd.		13,209		131,151
Massmart Holdings, Ltd. (a)		8,600		181,468
MMI Holdings, Ltd.		48,887		112,813
MTN Group, Ltd. (a)		79,242		1,394,121
Murray & Roberts Holdings, Ltd. (a)(b)		27,030		98,969
Naspers, Ltd.		22,898		1,285,944
Nedbank Group, Ltd.		21,082		450,508
Netcare, Ltd.		114,998		213,227
Northam Platinum, Ltd.		14,662		65,185
Pretoria Portland Cement Co., Ltd.		11,194		47,842
PSG Group, Ltd.		22,789		144,017
Reinet Investments SCA ADR (b)		9,196		16,716
Remgro, Ltd.		23,597		410,012
RMB Holdings, Ltd.		49,442		201,452
RMI Holdings		60,652		136,011
Sanlam, Ltd.		111,547		482,260

See accompanying notes to financial statements.

124

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Sappi, Ltd. (a)(b)		15,528	$	57,462
Sasol, Ltd.		25,068		1,210,194
Shoprite Holdings, Ltd.		39,319		703,429
Standard Bank Group, Ltd.		47,932		695,508
Steinhoff International Holdings, Ltd. (a)(b)		95,552		342,389
Sun International, Ltd.		9,090		98,900
Super Group, Ltd. (b)		7,178		12,888
Telkom SA, Ltd.		14,706		45,989
The Foschini Group, Ltd.		17,227		277,623
Tiger Brands, Ltd.		10,738		376,629
Trans Hex Group, Ltd. (b)		1,382		520
Truworths International, Ltd.		34,124		359,090
Wilson Bayly Holmes-Ovcon, Ltd.		12,652		214,314
Woolworths Holdings, Ltd.		70,124		439,957

				17,399,849

TAIWAN — 11.6%
Acer, Inc.		138,758		184,058
Advanced Semiconductor Engineering, Inc.		332,716		334,807
Asustek Computer, Inc.		30,340		286,289
AU Optronics Corp. ADR		60,519		275,967
Catcher Technology Co., Ltd.		32,000		226,058
Cathay Financial Holding Co., Ltd.		225,789		257,044
Chang Hwa Commercial Bank		326,990		186,681
Chimei Innolux Corp. (b)		116,874		54,448
China Development Financial Holding Corp.		656,945		200,325
China Steel Chemical Corp. (b)		209,345		993,014
China Steel Corp.		408,701		417,501
Chinatrust Financial Holding Co., Ltd.		462,803		290,874
Chipbond Technology Corp.		15,000		19,440
Chunghwa Telecom Co., Ltd.		134,457		414,106
CMC Magnetics Corp. (b)		165,000		29,630
Compal Electronics, Inc.		279,774		314,710
Delta Electronics, Inc.		107,340		314,588
Elite Semiconductor Memory Technology, Inc. (b)		86,750		81,123
Epistar Corp. (b)		30,850		78,707
Etron Technology, Inc.		12,445		4,217
Far Eastern New Century Corp.		277,700		321,315
Formosa Chemicals & Fibre Corp.		139,460		407,307
Formosa Epitaxy, Inc.		14,000		13,044
Formosa Plastics Corp.		219,610		646,601
Foxconn Technology Co., Ltd.		65,097		269,082
Fubon Financial Holding Co., Ltd.		328,314		369,867
Giant Manufacturing Co., Ltd. (b)		158,802		696,771
Grape King, Inc.		140,000		226,973
Hiwin Technologies Corp.		8,000		90,261
Hon Hai Precision Industry Co., Ltd.		319,398		1,239,088
Hotai Motor Co., Ltd.		81,000		653,171
HTC Corp.		47,198		954,690
Hua Nan Financial Holdings Co., Ltd.		337,922		193,494
Lite-On Technology Corp.		140,734		170,228
MediaTek, Inc.		36,329		347,725
Mega Financial Holding Co., Ltd.		258,640		182,712
Mosel Vitelic, Inc. (b)		6,827		953
Nan Ya Plastics Corp.		215,690		487,439
National Petroleum Co., Ltd.		301,000		368,161
Neo Solar Power Corp.		12,768		9,993
Novatek Microelectronics Corp.		27,225		82,926
Pan Jit International, Inc.		13,000		6,651
Pegatron Corp.		47,686		74,321
Pou Chen Corp.		197,531		171,667
Powerchip Technology Corp. (b)		214,189		7,983
Powertech Technology, Inc. (b)		59,285		115,499
Precision Silicon Corp.		26,909		16,685
ProMOS Technologies, Inc. (b)(e)		130,950		0
Quanta Computer, Inc.		188,664		494,121
Raydium Semiconductor Corp.		10,413		32,317
Shin Kong Financial Holding Co., Ltd. (b)		209,252		66,644
Siliconware Precision Industries Co.		137,578		166,877
SinoPac Financial Holdings Co., Ltd.		453,393		163,602
Solar Applied Materials Technology Corp. (b)		133,416		194,375
Solartech Energy Corp.		8,993		10,238
Taishin Financial Holdings Co., Ltd.		413,100		165,159
Taiwan Cement Corp.		240,533		281,571
Taiwan Semiconductor Manufacturing Co., Ltd.		938,000		2,698,206
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		131,043		2,002,337
Taiwan Tea Corp.		86,913		44,908
Tatung Co., Ltd. (b)		140,885		41,004
Tripod Technology Corp.		59,320		198,976
Uni-President Enterprises Corp.		70,000		96,885
United Microelectronics Corp. ADR		205,115		502,532
Unity Opto Technology Co., Ltd.		14,759		17,002
Visual Photonics Epitaxy Co., Ltd.		120,690		222,042
Wistron Corp.		118,053		177,992

				20,664,982

THAILAND — 2.3%
Advanced Info Service PCL (Foreign ownership limit)		98,515		587,577
Bangkok Expressway PCL		282,859		198,047
Banpu PCL		11,208		221,617
Electricity Generating PCL (Foreign ownership limit)		64,074		193,157
IRPC PCL		722,058		109,537
Kasikornbank PCL		13,600		67,890
Kasikornbank PCL (Foreign ownership limit)		32,700		165,885
PTT Exploration & Production PCL		87,798		496,621
PTT PCL		59,424		681,883
Siam Cement PCL (c)		20,400		234,749
Siam Cement PCL (c)		12,000		161,815
Siam Commercial Bank PCL (Foreign ownership limit)		93,202		433,533
Thai Oil PCL		88,895		208,910
Tisco Financial Group PCL		124,653		167,686
TMB Bank PCL		3,613,317		207,312

				4,136,219

TURKEY — 1.6%
Akbank TAS		81,805		321,182
Anadolu Efes Biracilik Ve Malt Sanayii AS		17,587		245,620

See accompanying notes to financial statements.

125

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Dogan Sirketler Grubu Holdings AS (b)		118,372	$	55,770
Dogan Yayin Holding AS (b)		98,021		45,082
Eregli Demir ve Celik Fabrikalari TAS		74,305		146,284
Haci Omer Sabanci Holding AS		43,637		187,481
KOC Holding AS		62,366		253,256
Migros Ticaret AS (b)		686		6,252
Tupras-Turkiye Petrol Rafinerileri AS		9,916		253,059
Turkcell Iletisim Hizmetleri AS (b)		37,602		192,344
Turkiye Garanti Bankasi AS		175,585		695,289
Turkiye Is Bankasi		102,179		251,593
Ulker Biskuvi Sanayi AS		41,540		131,407
Yapi ve Kredi Bankasi AS (b)		65,733		132,727

				2,917,346

UNITED KINGDOM — 0.2%
British American Tobacco PLC		5,865		295,751

TOTAL COMMON STOCKS —
(Cost $170,547,050)				172,905,923

WARRANT — 0.0% (g)
MALAYSIA — 0.0% (g)
Dialog Group Bhd (expiring 11/30/16) (b) (Cost $0)		41,450		7,577

RIGHTS — 0.0% (g)
SOUTH AFRICA — 0.0% (g)
Murray & Roberts Holdings, Ltd. (expiring 4/20/12) (a)(b) (Cost $0)		9,190		12,034

SHORT TERM INVESTMENTS — 8.3%
UNITED STATES — 8.3%
MONEY MARKET FUNDS — 8.3%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		12,833,746		12,833,746
State Street Institutional Liquid Reserves Fund 0.23% (i)(j)(k)		1,926,236		1,926,236

TOTAL SHORT TERM INVESTMENTS —
(Cost $14,759,982)				14,759,982

TOTAL INVESTMENTS — 105.1%
(Cost $185,307,032)				187,685,516
OTHER ASSETS & LIABILITIES — (5.1)%				(9,031,123	)

NET ASSETS — 100.0%			$	178,654,393


(a)		A portion of the security was on loan at March 31, 2012.
(b)		Non-income producing security.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.8% of net assets as of March 31, 2012, are 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 3 inputs. (Note 2)
(f)		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)
(g)		Amount shown represents less than 0.05% of net assets.
(h)		Investments of cash collateral for securities loaned.
(i)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(j)		Security, or a portion thereof, is designated on the Fund’s books of pledged as collateral for futures contracts.
(k)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

At March 31, 2012, open futures contracts purchased were as follows:


	Expiration				Aggregate				Unrealized
Futures	Date		Contracts		Face Value		Value		Depreciation

MSCI Taiwan Index Futures		4/27/2012		184	$	5,254,153	$	5,194,320	$	(59,833	)

See accompanying notes to financial statements.

126

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.3%
BRAZIL — 13.9%
AES Tiete SA Preference Shares		261,791	$	3,989,360
Banco do Brasil SA		17,638		250,894
Banco do Brasil SA ADR (a)		623,901		8,928,023
Companhia de Saneamento de Minas Gerais-Copasa MG		7,730		180,379
Companhia de Transmissao de Energia Electrica Paulista Preference Shares		105,002		3,596,763
Companhia Energetica de Minas Gerais ADR (a)		8,034		191,049
EDP — Energias do Brasil SA		6,690		153,581
Eletropaulo Metropolitana SA Preference Shares		429,342		9,037,293
Natura Cosmeticos SA		7,208		156,859
Oi SA ADR		213,281		3,391,168
Redecard SA		9,132		177,454
Souza Cruz SA		11,878		182,308
Sul America SA		649,985		6,092,607
Tractebel Energia SA		5,545		99,453
Tractebel Energia SA ADR (a)		2,970		53,074
Vale SA Preference Shares ADR (a)		410,710		9,319,010

				45,799,275

CHILE — 1.4%
AES Gener SA		268,348		164,807
Aguas Andinas SA Class A		256,539		153,456
Banco de Chile ADR (a)		1,727		163,944
Corpbanca SA ADR (a)		88,359		1,798,106
E.CL SA		799,045		2,213,067
ENTEL Chile SA		7,767		157,186

				4,650,566

CHINA — 6.5%
Bank of China, Ltd.		373,536		150,588
Guangzhou R&F Properties Co., Ltd. (a)		6,813,511		8,117,591
Jiangsu Expressway Co., Ltd. (a)		192,000		185,719
Lonking Holdings, Ltd. (a)		16,769,000		5,896,364
Renhe Commercial Holdings Co., Ltd. (a)		55,982,000		3,893,647
Soho China, Ltd. (a)		212,000		153,730
Zhejiang Expressway Co., Ltd.		3,846,000		2,873,107

				21,270,746

CZECH REPUBLIC — 9.2%
CEZ AS		239,248		10,235,668
Komercni Banka AS		56,007		11,105,915
New World Resources PLC (a)		329,800		2,341,313
Philip Morris CR AS		1,418		881,307
Telefonica O2 Czech Republic AS (a)		266,814		5,575,273

				30,139,476

EGYPT — 0.3%
Telecom Egypt		440,208		1,032,011

HONG KONG — 5.6%
Bosideng International Holdings, Ltd.		14,253,600		4,461,135
China Mobile, Ltd.		9,837		108,265
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)		513,500		135,584
Shimao Property Holdings, Ltd. (a)		9,670,000		10,325,129
Silver Base Group Holdings, Ltd. (a)		5,092,000		3,535,018

				18,565,131

HUNGARY — 1.1%
Magyar Telekom Telecommunications PLC		1,401,700		3,658,039

INDIA — 0.1%
Hero Motocorp, Ltd.		4,622		186,463

INDONESIA — 1.5%
AKR Corporindo Tbk PT		10,260,000		4,824,803
Astra Agro Lestari Tbk PT		62,000		158,323

				4,983,126

MALAYSIA — 4.4%
British American Tobacco Malaysia Bhd		10,400		192,214
Digi.Com Bhd		117,000		155,058
Malayan Banking Bhd		3,367,900		9,751,354
Maxis Bhd		2,039,700		4,054,765
Public Bank Bhd		36,200		161,178
UMW Holdings Bhd		65,200		155,365

				14,469,934

MEXICO — 0.1%
Grupo Aeroportuario del Pacifico SAB de CV		43,207		159,465
Kimberly-Clark de Mexico SAB de CV		80,706		178,983

				338,448

MOROCCO — 0.4%
Maroc Telecom		77,097		1,250,798

PHILIPPINES — 1.7%
Philippine Long Distance Telephone Co. ADR		90,217		5,610,595

POLAND — 3.6%
Asseco Poland SA		10,563		168,836
KGHM Polska Miedz SA		250,943		11,514,026

				11,682,862

RUSSIA — 3.7%
CTC Media, Inc. (a)		16,358		190,243
Surgutneftegas OJSC ADR Preference Shares		1,697,837		12,020,686

				12,210,929

SOUTH AFRICA — 4.7%
African Bank Investments, Ltd.		35,347		183,585
Kumba Iron Ore, Ltd. (a)		139,656		9,572,683
MMI Holdings, Ltd.		600,896		1,386,644
Redefine Properties, Ltd.		3,010,220		3,130,028
Resilient Property Income Fund, Ltd.		197,455		991,835
The Foschini Group, Ltd.		11,200		180,495
Woolworths Holdings, Ltd.		29,566		185,497

				15,630,767

SOUTH KOREA — 5.0%
Korea Exchange Bank		1,020,770		7,801,834
KT Corp. ADR		611,852		8,376,254
KT&G Corp.		2,204		156,393

See accompanying notes to financial statements.

127

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

LG Uplus Corp.		24,650	$	147,937

				16,482,418

TAIWAN — 24.5%
Acer, Inc.		7,108,000		9,428,525
Asia Cement Corp.		125,740		153,157
Chicony Electronics Co., Ltd. (b)		1,318,180		2,590,403
China Development Financial Holding Corp.		527,000		160,701
Chunghwa Telecom Co., Ltd. ADR (a)		4,538		139,589
Compal Electronics, Inc.		8,267,000		9,299,307
Epistar Corp. (b)		87,000		221,962
Far Eastern New Century Corp.		123,000		142,318
Farglory Land Development Co., Ltd.		1,467,000		2,952,440
Highwealth Construction Corp. (b)		2,610,000		4,527,673
HTC Corp.		528,105		10,682,163
LCY Chemical Corp.		3,644,000		5,802,843
Lite-On Technology Corp.		3,381,915		4,090,680
Macronix International Co., Ltd. (b)		17,807,000		6,636,636
MediaTek, Inc.		11,000		105,287
Pou Chen Corp.		155,000		134,705
Quanta Computer, Inc.		86,000		225,238
Taiwan Cement Corp.		123,000		143,985
Taiwan Mobile Co., Ltd.		31,200		95,034
TSRC Corp. (b)		38,000		97,206
United Microelectronics Corp. ADR (a)		3,889,324		9,528,844
Wistron Corp.		6,428,781		9,692,888
Yang Ming Marine Transport Corp.		7,467,000		3,984,660

				80,836,244

THAILAND — 4.3%
Advanced Info Service PCL (Foreign ownership limit)		30		179
Advanced Info Service PCL, NVDR		30,649		182,801
Electricity Generating PCL, NVDR		45,200		136,259
Land and Houses PCL, NVDR		713,645		159,616
Shin Corp. PCL, NVDR		3,961,100		7,575,523
Thai Airways International PCL, NVDR (b)		7,416,200		6,190,183
Total Access Communication PCL		10		27

				14,244,588

TURKEY — 7.3%
Arcelik AS (b)		39,192		174,978
Eregli Demir ve Celik Fabrikalari TAS		4,459,916		8,780,249
Ford Otomotiv Sanayi AS		395,694		3,728,565
Tofas Turk Otomobil Fabrikasi AS		792,300		3,386,239
Turk Telekomunikasyon AS		1,815,125		7,879,897

				23,949,928

TOTAL COMMON STOCKS —
(Cost $325,406,161)				326,992,344

SHORT TERM INVESTMENTS — 8.8%
UNITED STATES — 8.8%
MONEY MARKET FUNDS — 8.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		29,070,308		29,070,308
State Street Institutional Liquid Reserves Fund 0.23% (d)(e)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $29,070,408)				29,070,408

TOTAL INVESTMENTS — 108.1%
(Cost $354,476,569)				356,062,752
OTHER ASSETS & LIABILITIES — (8.1)%				(26,555,960	)

NET ASSETS — 100.0%			$	329,506,792

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

128

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BRAZIL — 19.9%
Banco Bradesco SA Preference Shares ADR (a)		799,993	$	13,999,877
BRF — Brasil Foods SA ADR (a)		285,958		5,722,020
Companhia de Bebidas das Americas Preference Shares ADR (a)		314,588		12,998,776
Companhia Energetica de Minas Gerais ADR		162,203		3,857,187
Companhia Siderurgica Nacional SA ADR		333,532		3,155,213
Gerdau SA ADR		392,577		3,780,517
Itau Unibanco Holding SA Preference Shares ADR		948,850		18,208,431
Petroleo Brasileiro SA ADR		690,176		18,331,075

				80,053,096

CHINA — 33.3%
Agricultural Bank of China, Ltd. (a)		10,437,000		4,476,457
Baidu, Inc. ADR (b)		114,883		16,746,495
Bank of China, Ltd.		25,880,254		10,433,436
China Construction Bank Corp.		31,199,610		24,110,981
China Life Insurance Co., Ltd.		3,355,000		8,707,271
China Merchants Bank Co., Ltd. (a)		1,706,936		3,491,260
China Petroleum & Chemical Corp.		7,250,288		7,900,237
China Shenhua Energy Co., Ltd.		1,471,500		6,207,061
China Telecom Corp., Ltd.		5,978,610		3,311,183
Industrial & Commercial Bank of China (a)		26,697,960		17,227,818
PetroChina Co., Ltd.		9,388,171		13,276,934
Ping An Insurance Group Co. of China, Ltd. (a)		797,000		6,025,747
Tencent Holdings, Ltd.		445,800		12,436,924

				134,351,804

EGYPT — 3.3%
Vale SA ADR		564,244		13,163,813

HONG KONG — 11.2%
China Mobile, Ltd.		2,205,000		24,268,064
China Overseas Land & Investment, Ltd. (a)		1,686,560		3,206,289
China Unicom (Hong Kong), Ltd. (a)		2,102,000		3,562,895
CNOOC, Ltd.		6,962,221		14,311,830

				45,349,078

INDIA — 4.6%
HDFC Bank, Ltd. ADR (a)		63,636		2,169,988
ICICI Bank, Ltd. ADR		23,665		825,198
Infosys Technologies, Ltd. ADR (a)		152,356		8,688,863
Reliance Industries, Ltd. GDR (c)		229,945		6,702,897

				18,386,946

RUSSIA — 27.5%
Gazprom OAO ADR (d)		34,375		425,219
Gazprom OAO ADR (d)		2,547,729		31,082,294
Lukoil OAO ADR		259,238		15,606,128
MMC Norilsk Nickel OJSC ADR		344,650		6,307,095
Mobile TeleSystems ADR (a)		209,418		3,840,726
NovaTek OAO GDR		40,527		5,491,408
Rosneft Oil Co. GDR		722,901		5,118,139
Sberbank of Russia ADR		2,325,579		29,860,434
Surgutneftegas OJSC ADR		425,537		4,161,752
Tatneft ADR		107,775		4,397,220
Uralkali OJSC GDR (a)(d)		112,888		4,257,006
Uralkali OJSC GDR (d)		9,828		370,614

				110,918,035

TOTAL COMMON STOCKS —
(Cost $402,117,432)				402,222,772

SHORT TERM INVESTMENTS — 8.7%
UNITED STATES — 8.7%
MONEY MARKET FUNDS — 8.7%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		33,892,530		33,892,530
State Street Institutional Liquid Reserves Fund 0.23% (f)(g)		947,770		947,770

TOTAL SHORT TERM INVESTMENTS —
(Cost $34,840,300)				34,840,300

TOTAL INVESTMENTS — 108.5%
(Cost $436,957,732)				437,063,072
OTHER ASSETS & LIABILITIES — (8.5)%				(34,063,208	)

NET ASSETS — 100.0%			$	402,999,864


(a)		A portion of the security was on loan at March 31, 2012.
(b)		Non-income producing security.
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.7% of net assets as of March 31, 2012, 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

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

129

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 100.0%
CZECH REPUBLIC — 4.1%
CEZ AS		59,878	$	2,561,741
Komercni Banka AS		4,072		807,458
Telefonica O2 Czech Republic AS		24,512		512,196
Unipetrol (a)		40,153		372,183

				4,253,578

HUNGARY — 3.7%
Magyar Telekom Telecommunications PLC		237,631		620,150
MOL Hungarian Oil and Gas NyRt (a)(b)		12,363		1,027,087
OTP Bank NyRt (b)		69,107		1,194,738
Richter Gedeon NyRt		5,291		904,687

				3,746,662

POLAND — 13.6%
Agora SA		45,932		187,039
Asseco Poland SA		22,259		355,781
Bank Pekao SA		32,211		1,600,842
Bioton SA (a)		1,093,312		35,056
BRE Bank SA (a)		5,211		476,522
Cersanit SA (a)		65,618		90,680
Cersanit SA (a)		15,720		22,430
Echo Investment SA (a)		136,100		187,646
Get Bank SA (a)		246,599		154,974
Getin Holding SA (a)		80,742		61,615
Globe Trade Centre SA (a)		54,800		117,725
ING Bank Slaski SA		25,012		708,545
KGHM Polska Miedz SA		35,972		1,650,504
Lubelski Wegiel Bogdanka SA		10,130		413,151
Netia SA (a)		574,248		1,178,398
Orbis SA (a)		6,783		95,042
PBG SA		4,463		55,838
Polimex- Mostostal SA		154,670		67,942
Polska Grupa Energetyczna SA		103,665		641,175
Polski Koncern Naftowy Orlen SA (a)		62,996		754,425
Powszechna Kasa Oszczednosci Bank Polski SA		153,973		1,658,809
Powszechny Zaklad Ubezpieczen SA		6,147		640,559
Tauron Polska Energia SA		404,146		658,286
Telekomunikacja Polska SA		320,054		1,753,791
TVN SA		80,912		280,188
Zaklad Przetworstwa Hutniczego Stalprodukt SA		1,458		112,197

				13,959,160

RUSSIA — 62.8%
Evraz PLC (a)		119,303		704,328
Gazprom Neft JSC ADR (b)(c)		25,934		692,178
Gazprom Neft JSC ADR (c)		1,128		29,734
Gazprom OAO ADR (c)		48,019		593,995
Gazprom OAO ADR (c)		1,356,598		16,550,496
Integra Group Holdings GDR (a)		132,749		278,773
Lukoil OAO ADR		122,797		7,392,379
Magnit OJSC GDR		37,994		1,107,145
Mechel OAO ADR		30,093		270,235
MMC Norilsk Nickel OJSC ADR (b)		204,601		3,744,198
Mobile TeleSystems ADR		114,353		2,097,234
Mobile Telesystems OJSC		135,721		1,057,265
NovaTek OAO GDR		30,156		4,086,138
Novolipetsk Steel OJSC GDR		9,594		199,363
Pharmstandard GDR (a)		9,216		163,492
PIK Group GDR (a)(b)		74,607		186,667
Polymetal International PLC (a)		51,013		752,708
Polyus Gold International Ltd. GDR (a)		102,696		316,304
Rosneft Oil Co. GDR		535,979		3,794,731
Rostelecom ADR (a)		49,116		1,438,475
Sberbank		2,366,179		7,642,758
Severstal GDR		74,521		992,620
Sistema JSFC GDR		31,271		615,726
Surgutneftegas OJSC ADR		351,841		3,441,005
Tatneft ADR		38,875		1,586,100
Uralkali OJSC GDR (b)		48,858		1,842,435
VimpelCom, Ltd. ADR		111,326		1,242,398
VTB Bank OJSC GDR		315,804		1,424,276
X5 Retail Group NV GDR (a)		8,988		206,185

				64,449,341

TURKEY — 15.8%
Akbank TAS		346,802		1,361,610
Anadolu Anonim Turk Sigorta (a)		375,979		204,554
Anadolu Efes Biracilik Ve Malt Sanayii AS		79,381		1,108,636
Arcelik AS (a)		206,945		923,934
Asya Katilim Bankasi AS (a)		113,137		124,375
BIM Birlesik Magazalar AS		19,783		748,978
Dogan Sirketler Grubu Holdings AS (a)		387,296		182,472
Dogan Yayin Holding AS (a)		894,397		411,356
Dogus Otomotiv Servis ve Ticaret AS (a)		216,653		624,598
Enka Insaat ve Sanayi AS		145,432		463,320
Eregli Demir ve Celik Fabrikalari TAS		308,283		606,918
Haci Omer Sabanci Holding AS		181,732		780,788
Hurriyet Gazetecilik ve Matbaacilik AS (a)		288,588		191,000
KOC Holding AS		236,002		958,357
Tupras-Turkiye Petrol Rafinerileri AS		34,151		871,541
Turk Hava Yollari Anonim Ortakligi (a)		423,517		617,614
Turk Telekomunikasyon AS		60,260		261,603
Turkcell Iletisim Hizmetleri AS (a)		209,403		1,071,151
Turkiye Garanti Bankasi AS		700,364		2,773,330
Turkiye Halk Bankasi AS		46,090		329,602
Turkiye Is Bankasi		294,830		725,954
Vestel Elektronik Sanayi (a)		195,953		245,092
Yapi ve Kredi Bankasi AS (a)		326,759		659,785

				16,246,568

TOTAL COMMON STOCKS —
(Cost $126,016,761)				102,655,309

SHORT TERM INVESTMENTS — 2.5%
UNITED STATES — 2.5%
MONEY MARKET FUNDS — 2.5%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		2,506,919		2,506,919

See accompanying notes to financial statements.

130

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.23% (e)(f)		60,836	$	60,836

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,567,755)				2,567,755

TOTAL INVESTMENTS — 102.5%
(Cost $128,584,516)				105,223,064
OTHER ASSETS & LIABILITIES — (2.5)%				(2,586,998	)

NET ASSETS — 100.0%			$	102,636,066


(a)		Non-income producing security
(b)		A portion of the security was on loan at March 31, 2012.
(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

PLC = Public Limited Company

See accompanying notes to financial statements.

131

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.2%
BRAZIL — 57.0%
AES Tiete SA Preference Shares		40,045	$	610,235
All America Latina Logistica SA		96,859		480,499
B2W Companhia Global do Varejo (a)		38,145		173,548
Banco Bradesco SA Preference Shares ADR (b)		302,983		5,302,203
Banco do Brasil SA		94,759		1,347,912
Banco do Brasil SA ADR (b)		36,261		518,895
Banco Santander Brazil SA ADS (b)		100,993		926,106
BM&FBOVESPA SA		323,168		1,991,124
BR Malls Participacoes SA		51,790		675,374
Bradespar SA Preference Shares		55,711		1,064,565
Braskem SA Preference Shares ADR (b)		25,363		404,033
BRF — Brasil Foods SA		33,401		659,122
BRF — Brasil Foods SA ADR (b)		62,777		1,256,168
CCR SA		139,137		1,127,251
Centrais Eletricas Brasileiras SA		7,639		71,771
Centrais Eletricas Brasileiras SA ADR		55,617		520,575
Cielo SA		30,093		1,020,915
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (b)		25,057		1,193,214
Companhia de Bebidas das Americas Preference Shares ADR (b)		143,055		5,911,033
Companhia de Saneamento Basico do Estado de Sao Paulo		32,603		1,244,930
Companhia Energetica de Minas Gerais ADR		82,758		1,967,985
Companhia Energetica de Sao Paulo Preference Shares		49,184		988,910
Companhia Paranaense de Energia Preference Shares		26,911		630,623
Companhia Siderurgica Nacional SA ADR		149,861		1,417,685
Cosan SA Industria e Comercio		31,881		593,476
CPFL Energia SA ADR (b)		14,430		436,508
Cyrela Brazil Realty SA		66,805		591,405
Cyrela Commercial Properties SA Empreendimentos e Participacoes		52,066		556,535
Diagnosticos da America SA		31,126		239,037
Duratex SA		108,318		683,407
Empresa Brasileira de Aeronautica SA		95,217		764,116
Fertilizantes Heringer SA (a)		4,714		32,171
Fibria Celulose SA ADR (b)		54,597		458,069
Gafisa SA		47,018		110,825
Gerdau SA ADR		92,068		886,615
Gerdau SA Preference Shares		17,908		171,394
Gol Linhas Aereas Inteligentes SA Preference Shares		30,521		203,942
Investimentos Itau SA		80,172		617,451
Investimentos Itau SA Preference Shares		412,597		2,544,382
Itau Unibanco Holding SA Preference Shares ADR		355,801		6,827,821
JBS SA (a)		148,162		609,119
LLX Logistica SA (a)		87,033		161,729
Lojas Americanas SA Preference Shares		133,716		1,260,711
Lojas Renner SA		29,913		1,028,090
Metalurgica Gerdau SA Preference Shares		79,968		985,847
MMX Mineracao e Metalicos SA (a)		17,572		87,460
MRV Engenharia e Participacoes SA		2,827		20,068
Natura Cosmeticos SA		38,109		829,319
OGX Petroleo e Gas Participacoes SA (a)		120,655		998,679
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		94,938		800,327
Oi SA ADR (c)		23,076		366,908
Oi SA ADR (c)		13,288		84,113
PDG Realty SA Empreendimentos e Participacoes		174,902		604,962
Petroleo Brasileiro SA ADR		234,665		6,232,702
Petroleo Brasileiro SA Preference Shares ADR		322,399		8,240,518
Redecard SA		43,591		847,065
Souza Cruz SA		96,878		1,486,918
TAM SA ADR (b)		16,287		409,292
Tele Norte Leste Participacoes SA ADR (b)		41,725		473,579
Tele Norte Leste Participacoes SA Preference Shares		2,859		32,660
Telefonica Brasil SA Preference Shares		56,162		1,739,073
Tim Participacoes SA		33,987		217,041
Tim Participacoes SA ADR		32,567		1,050,611
Tractebel Energia SA ADR (b)		5,035		89,975
Ultrapar Participacoes SA ADR		65,646		1,423,862
Usinas Siderurgicas de Minas Gerais SA ADR (b)		96,807		637,310
Usinas Siderurgicas de Minas Gerais SA Preference Shares		27,616		181,806
Vale SA Preference Shares ADR (b)		330,982		7,509,982

				85,631,556

CHILE — 10.1%
Almendral SA		3,178,992		455,863
Antarchile SA		49,173		878,395
Banco de Chile ADR (b)		7,985		758,016
Banco de Credito e Inversiones		18,878		1,318,734
Banco Santander Chile ADR		3,811		328,089
CAP SA		24,659		1,052,737
Cencosud SA ADR (b)(d)		13,129		1,304,738
Compania General de Electricidad SA		140,593		734,430
Empresa Nacional de Electricidad SA ADR		24,021		1,296,654
Empresas CMPC SA		250,090		1,072,802
Empresas COPEC SA		93,071		1,550,071
Enersis SA ADR		49,808		1,005,623
Lan Airlines SA ADR (b)		33,685		979,897
SACI Falabella		203,037		1,965,277
Sociedad Quimica y Minera de Chile SA ADR		9,259		543,225

				15,244,551

COLOMBIA — 2.1%
BanColombia SA ADR		19,996		1,292,941

See accompanying notes to financial statements.

132

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Ecopetrol SA, ADR (b)		29,996	$	1,832,456

				3,125,397

EGYPT — 3.4%
Vale SA ADR (b)		215,762		5,033,728

MEXICO — 22.6%
Alfa SAB de CV (b)		93,741		1,346,569
America Movil SAB de CV		7,521,733		9,353,359
Cemex SAB de CV (a)(b)		1,655,472		1,274,186
Corporacion GEO SAB de CV (a)(b)		124,631		194,674
Desarrolladora Homex SAB de CV (a)		61,422		191,259
Empresas ICA SAB de CV (a)		111,714		212,431
Fomento Economico Mexicano SAB de CV (b)		380,362		3,127,398
Grupo Aeroportuario del Sureste SAB de CV		131,416		903,565
Grupo Bimbo SAB de CV (b)		585,990		1,364,969
Grupo Carso SA de CV		144,780		453,310
Grupo Elektra SA de CV		9,993		940,538
Grupo Financiero Banorte SAB de CV		318,884		1,418,369
Grupo Financiero Inbursa SA		470,654		968,826
Grupo Mexico SAB de CV		651,096		2,051,304
Grupo Modelo SAB de CV		164,843		1,147,937
Grupo Televisa SA de CV (Series CPO)		286,445		1,210,356
Grupo Televisa SA de CV ADR		2,294		48,357
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)		362,565		709,252
Industrias Penoles SA de CV		17,607		852,704
Inmuebles Carso SAB de CV (a)		196,171		168,140
Kimberly-Clark de Mexico SAB de CV		599,127		1,328,691
Minera Frisco SAB de CV (a)(b)		156,571		716,092
TV Azteca SAB de CV (b)		651,018		408,077
Urbi Desarrollos Urbanos SA de CV (a)		150,736		180,264
Wal-Mart de Mexico SAB de CV		1,001,809		3,367,386

				33,938,013

PERU — 4.0%
Compania de Minas Buenaventura SA ADR		40,820		1,645,454
Compania Minera Milpo SA		187,366		373,749
Credicorp, Ltd.		13,728		1,809,625
Minsur SA		440,936		524,097
Southern Copper Corp. (b)		33,052		1,048,079
Volcan Compania Minera SAA (Class B)		440,933		611,718

				6,012,722

TOTAL COMMON STOCKS —
(Cost $154,443,840)				148,985,967

SHORT TERM INVESTMENTS — 11.2%
UNITED STATES — 11.2%
MONEY MARKET FUNDS — 11.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		16,305,623		16,305,623
State Street Institutional Liquid Reserves Fund 0.23% (f)(g)		473,925		473,925

TOTAL SHORT TERM INVESTMENTS —
(Cost $16,779,548)				16,779,548

TOTAL INVESTMENTS — 110.4%
(Cost $171,223,388)				165,765,515
OTHER ASSETS & LIABILITIES — (10.4)%				(15,591,720	)

NET ASSETS — 100.0%			$	150,173,795


(a)		Non-income producing security.
(b)		A portion of the security was on loan at March 31, 2012.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.9% of net assets as of March 31, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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

See accompanying notes to financial statements.

133

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.6%
EGYPT — 5.7%
Arab Cotton Ginning		45,304	$	20,927
Commercial International Bank Egypt SAE		244,070		1,009,011
Eastern Tobacco		26,744		460,360
Egyptian Co. for Mobile Services		10,017		295,551
Egyptian Financial Group-Hermes Holding (a)		102,669		230,835
Egyptian International Pharmaceutical Industrial Co.		12,324		70,353
Egyptian Kuwait Holding Co.		169,912		193,700
ElSwedy Electric Co.		26,054		98,522
Ezz Steel		69,977		80,636
Juhayna Food Industries (a)		100,401		73,140
Maridive & Oil Services SAE		47,216		62,325
Orascom Construction Industries		29,384		1,265,798
Orascom Telecom Holding SAE GDR (a)		184,122		592,505
Orascom Telecom Media and Technology Holding SAE GDR (a)		197,484		219,207
Palm Hills Developments SAE (a)		121,785		35,084
Sidi Kerir Petrochemicals Co.		76,606		178,578
Six of October Development & Investment Co.		32,607		88,751
Suez Cement Co.		40,174		145,997
Talaat Moustafa Group (a)		359,057		244,325
Telecom Egypt		124,931		292,885

				5,658,490

MOROCCO — 3.9%
Attijariwafa Bank		29,144		1,251,591
Banque Centrale Populaire		23,306		553,263
Banque Marocaine du Commerce Exterieur		45,271		1,109,795
Banque Marocaine pour le Commerce et l’Industrie SA		3,167		289,015
Ciments du Maroc		3,908		447,545
Douja Promotion Groupe Addoha SA		20,150		175,473
Maroc Telecom		4,829		78,344

				3,905,026

SOUTH AFRICA — 89.0%
ABSA Group, Ltd.		67,063		1,363,185
Acucap Properties, Ltd.		30,246		160,402
Adcock Ingram Holdings, Ltd.		48,168		368,421
Adcorp Holdings, Ltd.		15,840		56,615
Afgri, Ltd.		110,329		91,287
African Bank Investments, Ltd. (b)		204,921		1,064,317
African Oxygen, Ltd. (b)		29,896		73,624
African Rainbow Minerals, Ltd.		27,240		644,676
Allied Electronics Corp., Ltd. Preference Shares		60,625		189,588
Allied Technologies, Ltd. (b)		14,505		101,116
Anglo Platinum, Ltd. (b)		13,974		972,320
AngloGold Ashanti, Ltd.		102,561		3,773,932
Aquarius Platinum, Ltd.		104,825		237,828
ArcelorMittal South Africa, Ltd.		37,721		275,048
Aspen Pharmacare Holdings, Ltd. (a)		117,508		1,814,705
Assore, Ltd.		14,663		461,315
Astral Foods, Ltd.		11,958		194,767
Aveng, Ltd.		110,421		562,425
AVI, Ltd.		73,533		444,482
Avusa, Ltd.		52,179		131,220
Barloworld, Ltd.		63,469		826,841
Basil Read Holdings, Ltd.		40,668		83,460
Bidvest Group, Ltd.		80,059		1,875,107
Blue Label Telecoms, Ltd.		72,464		64,867
Business Connexion Group, Ltd.		84,452		50,179
Capital Property Fund		118,662		141,475
Cipla Medpro South Africa, Ltd.		110,946		95,412
City Lodge Hotels, Ltd. (b)		7,436		76,787
Clicks Group, Ltd.		87,185		508,145
Coronation Fund Managers, Ltd.		55,706		206,868
DataTec, Ltd.		81,595		467,803
Discovery Holdings, Ltd.		101,401		665,520
Distribution and Warehousing Network, Ltd. (a)		42,367		34,779
DRDGOLD, Ltd. (b)		134,562		97,837
Emira Property Fund		63,208		102,127
Eqstra Holdings, Ltd.		109,475		107,698
Esorfranki, Ltd. (a)		120,797		24,397
Evraz Highveld Steel and Vanadium, Ltd. (a)		6,450		22,742
Exxaro Resources, Ltd. (b)		50,847		1,312,691
FirstRand, Ltd. (b)		1,047,755		3,235,603
Fountainhead Property Trust (b)		490,869		466,913
Gold Fields, Ltd.		206,609		2,826,738
Grindrod, Ltd.		139,337		273,970
Group Five, Ltd.		30,400		115,705
Growthpoint Properties, Ltd.		351,409		915,777
Harmony Gold Mining Co., Ltd. (b)		105,366		1,144,884
Hudaco Industries, Ltd. (b)		6,897		94,362
Hyprop Investments, Ltd.		66,469		498,005
Illovo Sugar, Ltd. (b)		55,861		184,370
Impala Platinum Holdings, Ltd.		136,717		2,691,746
Imperial Holdings, Ltd.		44,185		892,388
Investec, Ltd.		48,771		299,697
JD Group, Ltd.		40,685		262,414
JSE, Ltd.		21,682		224,319
Kumba Iron Ore, Ltd. (b)		22,516		1,543,353
Lewis Group, Ltd.		24,612		244,371
Liberty Holdings, Ltd.		30,474		359,356
Life Healthcare Group Holdings, Ltd.		232,238		756,520
Massmart Holdings, Ltd. (b)		26,119		551,135
Medi-Clinic Corp., Ltd.		78,390		383,035
Merafe Resources, Ltd. (a)		464,227		51,416
MMI Holdings, Ltd.		346,350		799,247
Mondi, Ltd.		36,328		340,817
Mpact, Ltd. (a)		50,126		115,607
Mr. Price Group, Ltd.		76,383		938,944
MTN Group, Ltd.		429,343		7,553,523
Murray & Roberts Holdings, Ltd. (a)(b)		80,573		295,014
Nampak, Ltd.		165,190		499,366
Naspers, Ltd.		113,730		6,387,036
Nedbank Group, Ltd.		64,754		1,383,750
Netcare, Ltd. (b)		359,051		665,745
Northam Platinum, Ltd.		99,590		442,764
Omnia Holdings, Ltd.		13,811		171,410

See accompanying notes to financial statements.

134

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

March 31, 2012 (Unaudited)


Security Description	Shares			Value

Petmin, Ltd.		159,113		$	64,271
Pick n Pay Stores, Ltd.		92,879			526,446
Pick’ n Pay Holdings, Ltd.		66,505			163,781
Pioneer Foods, Ltd. (b)		25,304			196,179
Pretoria Portland Cement Co., Ltd.		157,698			673,980
Raubex Group, Ltd.		38,154			64,629
Redefine Properties, Ltd.		730,659			759,740
Remgro, Ltd.		104,724			1,819,644
Resilient Property Income Fund, Ltd.		64,500			323,990
Reunert, Ltd.		49,046			447,351
RMB Holdings, Ltd.		181,053			737,702
RMI Holdings		221,808			497,399
SA Corporate Real Estate Fund		534,841			225,099
Sanlam, Ltd.		411,812			1,780,420
Sappi, Ltd. (a)(b)		154,238			570,764
Sasol, Ltd.		130,163			6,283,807
Shoprite Holdings, Ltd.		129,651			2,319,495
Simmer & Jack Mines, Ltd. (a)		261,817			1,023
Standard Bank Group, Ltd.		267,743			3,885,030
Steinhoff International Holdings, Ltd. (a)(b)		371,956			1,332,819
Sun International, Ltd.		22,975			249,971
Super Group, Ltd. (a)		81,593			146,504
Telkom SA, Ltd. (b)		60,376			188,809
The Foschini Group, Ltd.		53,621			864,135
The Spar Group, Ltd.		49,223			742,397
Tiger Brands, Ltd.		43,482			1,525,104
Tongaat Hulett, Ltd.		24,303			329,305
Truworths International, Ltd.		122,968			1,294,004
Tsogo Sun Holdings Ltd.		57,480			136,312
Village Main Reef, Ltd. (a)		138,704			35,243
Vodacom Group, Ltd.		74,452			1,049,180
Wilson Bayly Holmes-Ovcon, Ltd.		22,579			382,468
Woolworths Holdings, Ltd.		229,021			1,436,874

					88,409,183

TOTAL COMMON STOCKS —
(Cost $101,455,192)					97,972,699

RIGHTS — 0.1%
SOUTH AFRICA — 0.1%
Murray & Roberts Holdings, Ltd. (expiring 4/20/12) (a)(b) (Cost $0)		29,383			38,478

SHORT TERM INVESTMENTS — 6.1%
UNITED STATES — 6.1%
MONEY MARKET FUNDS — 6.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		6,078,923			6,078,923
State Street Institutional Liquid Reserves Fund 0.23% (d)(e)		100			100

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,079,023)					6,079,023
			��
TOTAL INVESTMENTS — 104.8%
(Cost $107,534,215)					104,090,200
OTHER ASSETS & LIABILITIES — (4.8)%					(4,756,696	)

NET ASSETS — 100.0%				$	99,333,504

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

135

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.9%
AUSTRALIA — 7.3%
Abacus Property Group		100,546	$	206,238
Alumina, Ltd.		82,066		104,995
Amcor, Ltd.		17,914		138,072
AMP, Ltd.		33,198		148,571
Ansell, Ltd. (a)		20,743		319,537
APA Group (a)		19,556		103,321
Aristocrat Leisure, Ltd. (a)		30,118		94,226
Australia & New Zealand Banking Group, Ltd.		25,950		625,296
BHP Billiton, Ltd.		42,169		1,511,936
Billabong International, Ltd. (a)		17,353		49,976
BlueScope Steel, Ltd. (a)(b)		68,803		28,154
Brambles, Ltd.		27,897		205,189
Bunnings Warehouse Property Trust		38,071		69,414
Commonwealth Bank of Australia (a)		17,428		904,532
Computershare, Ltd. (a)		16,892		157,493
CSL, Ltd.		9,839		365,816
CSR, Ltd. (a)		28,630		53,387
DUET Group		151,363		285,384
Envestra, Ltd.		426,505		342,424
GWA International, Ltd. (a)		68,266		152,048
Harvey Norman Holdings, Ltd. (a)		50,935		106,060
Hills Industries, Ltd.		58,516		65,166
Insurance Australia Group, Ltd.		38,456		135,451
Lend Lease Group		22,607		174,945
Macquarie Group, Ltd.		5,728		172,558
National Australia Bank, Ltd. (a)		20,355		518,734
Newcrest Mining, Ltd.		14,260		438,452
Origin Energy, Ltd.		19,556		270,458
OZ Minerals, Ltd.		10,335		104,496
Perpetual, Ltd. (a)		4,467		117,494
QBE Insurance Group, Ltd.		13,443		197,335
Rio Tinto, Ltd. (a)		6,168		417,889
Santos, Ltd.		15,509		228,788
Sonic Healthcare, Ltd. (a)		15,582		202,100
Suncorp Group, Ltd.		24,324		211,667
Sydney Airport		55,287		164,378
Tatts Group, Ltd.		73,582		189,044
Toll Holdings, Ltd. (a)		17,314		105,287
Treasury Wine Estates, Ltd. (a)		11,208		47,605
Wesfarmers, Ltd.		16,641		517,522
Westfield Group		20,548		187,961
Westfield Retail Trust		17,491		46,749
Westpac Banking Corp. (a)		28,145		638,242
Woodside Petroleum, Ltd.		9,306		335,587
Woolworths, Ltd.		19,564		526,545
WorleyParsons, Ltd.		5,040		149,483

				12,136,005

AUSTRIA — 0.2%
Erste Group Bank AG		3,345		77,019
OMV AG		3,559		126,308
Voestalpine AG		3,778		126,861

				330,188

BELGIUM — 0.9%
Ageas		47,080		103,324
Anheuser-Busch InBev NV		9,019		657,941
Bekaert NV		1,002		32,231
Delhaize Group		2,556		134,281
Dexia SA (a)(b)		18,367		7,093
Gimv NV		2,820		143,644
KBC Groep NV		2,732		68,435
UCB SA		3,436		148,024
Umicore		5,010		275,579

				1,570,552

CANADA — 9.9%
AGF Management, Ltd.		6,752		104,578
Agnico-Eagle Mines, Ltd.		2,854		94,919
Agrium, Inc.		3,819		328,959
ARC Resources, Ltd. (a)		3,788		86,793
Bank of Montreal		6,113		362,700
Bank of Nova Scotia (a)		12,140		678,756
Barrick Gold Corp.		12,212		529,681
BCE, Inc.		2,777		110,974
Bombardier, Inc. (Class B) (a)		30,038		124,426
Brookfield Asset Management, Inc. (Class A)		7,360		231,747
Cameco Corp. (a)		8,042		172,274
Canadian Imperial Bank of Commerce (a)		4,504		343,574
Canadian National Railway Co.		7,021		556,861
Canadian Natural Resources, Ltd.		15,371		508,445
Canadian Oil Sands, Ltd. (a)		7,022		147,824
Canadian Pacific Railway, Ltd. (a)		3,604		273,009
Canadian Western Bank		8,541		249,364
Cenovus Energy, Inc.		7,795		279,994
CGI Group, Inc. (Class A) (b)		15,029		334,278
Crescent Point Energy Corp. (a)		7,208		309,682
Eldorado Gold Corp.		6,693		91,745
Enbridge, Inc.		8,962		347,379
EnCana Corp. (a)		9,559		187,364
Fairfax Financial Holdings, Ltd. (a)		437		176,029
First Quantum Minerals, Ltd.		8,861		168,629
Fortis, Inc. (a)		2,526		81,559
Gildan Activewear, Inc. (a)		5,078		139,468
Goldcorp, Inc.		10,170		457,495
Husky Energy, Inc. (a)		7,004		177,859
IAMGOLD Corp.		8,562		113,766
Imperial Oil, Ltd.		6,100		276,604
Ivanhoe Mines, Ltd. (a)(b)		3,915		61,460
Kinross Gold Corp.		11,114		108,421
Magna International, Inc. (Class A) (a)		5,732		272,764
Manulife Financial Corp.		21,054		284,596
National Bank of Canada (a)		1,893		150,330
New Gold, Inc. (b)		6,060		59,724
Nexen, Inc.		10,010		183,184
Nordion, Inc.		11,178		108,263
Pacific Rubiales Energy Corp.		3,536		103,096
Penn West Petroleum, Ltd. (a)		5,175		100,916
Potash Corp. of Saskatchewan, Inc.		12,752		581,046
Power Corp. of Canada (a)		3,788		100,210
Power Financial Corp. (a)		3,155		92,619
Research In Motion, Ltd. (b)		6,551		95,894
Richelieu Hardware, Ltd.		9,623		288,849

See accompanying notes to financial statements.

136

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Rogers Communications, Inc. (Class B) (a)		7,629	$	302,275
Royal Bank of Canada (a)		16,111		931,889
Russel Metals, Inc.		9,448		253,157
Shaw Communications, Inc. (Class B) (a)		8,259		174,443
Sherritt International Corp. (a)		16,496		89,788
Shoppers Drug Mart Corp. (a)		2,777		121,700
Silver Wheaton Corp. (a)		4,042		133,783
Sino-Forest Corp. (a)(b)(c)		4,520		0
SNC-Lavalin Group, Inc. (a)		2,020		80,703
Sun Life Financial, Inc.		7,832		185,485
Suncor Energy, Inc.		22,051		719,038
Talisman Energy, Inc.		17,439		218,805
Teck Resources, Ltd. (Class B)		8,134		289,811
TELUS Corp. (a)		3,771		214,122
The Toronto-Dominion Bank (a)		9,056		767,103
Thomson Reuters Corp. (a)		4,293		123,878
Tim Hortons, Inc.		2,148		114,680
TMX Group, Inc.		3,659		164,013
TransCanada Corp. (a)		8,983		384,954
Valeant Pharmaceuticals International, Inc. (b)		3,410		182,501
Yamana Gold, Inc. (a)		13,615		211,966

				16,302,201

CHINA — 0.5%
Chong Hing Bank, Ltd.		72,000		127,419
Dah Sing Banking Group, Ltd.		130,117		128,709
Dah Sing Financial Holdings, Ltd.		17,868		61,908
Hongkong Land Holdings, Ltd.		37,000		214,970
Sino Land Co., Ltd.		89,055		142,231
Transport International Holdings, Ltd.		64,800		138,046

				813,283

DENMARK — 1.1%
A P Moller — Maersk A/S		34		262,187
Danske Bank A/S (b)		10,146		171,626
DSV A/S (a)		9,257		209,612
FLSmidth & Co. A/S		2,379		166,761
GN Store Nord A/S (a)		14,960		159,467
Novo Nordisk A/S (Class B) (a)		5,637		779,476
SimCorp A/S (a)		678		118,329
Vestas Wind Systems A/S (a)(b)		3,243		32,856

				1,900,314

FINLAND — 1.3%
Amer Sports Oyj (Class A)		1,366		17,818
Elisa Oyj		5,619		134,466
Fortum Oyj (a)		4,556		110,423
Kemira Oyj		7,444		98,636
Kesko Oyj (Class B)		750		24,300
Kone Oyj (Class B)		2,334		129,829
Konecranes OYJ (a)		699		18,338
Lassila & Tikanoja Oyj		7,494		110,077
Metso Oyj		3,721		158,816
Neste Oil Oyj		5,902		72,584
Nokia Oyj		43,869		238,472
Pohjola Bank PLC (a)		9,230		102,082
Sampo Oyj (Class A)		6,167		177,967
Sanoma Oyj (a)		6,209		79,378
Stockmann Oyj Abp (Class B) (a)		3,984		85,737
Stora Enso Oyj		12,107		89,804
Tikkurila Oy		1,859		35,179
UPM-Kymmene Oyj (a)		8,819		119,909
Wartsila Oyj (a)		5,329		200,692
YIT Oyj (a)		5,475		117,532

				2,122,039

FRANCE — 7.0%
Accor SA		3,441		122,670
Air Liquide SA		2,742		365,006
Alcatel-Lucent (a)(b)		40,232		91,349
Alstom SA		3,111		121,222
AXA SA		20,257		335,315
BNP Paribas		8,460		400,794
Bourbon SA (a)		3,029		90,033
Bouygues SA (a)		3,815		116,494
Cap Gemini SA		2,883		128,847
Carrefour SA		7,808		186,902
Casino Guichard-Perrachon SA		1,608		158,247
Compagnie de Saint-Gobain		6,206		276,738
Compagnie Generale de Geophysique-Veritas (b)		4,465		131,943
Compagnie Generale des Etablissements Michelin		2,732		203,121
Credit Agricole SA		4,055		25,164
Danone		8,119		565,471
Edenred		3,441		103,378
EDF SA		3,082		70,224
Essilor International SA		4,252		378,417
France Telecom SA		21,058		311,417
GDF Suez		15,222		392,652
Guyenne et Gascogne SA		1,646		177,989
Hermes International (a)		938		315,594
L’Oreal SA		988		121,691
Lafarge SA (a)		2,361		112,513
Lagardere SCA		3,133		96,503
LVMH Moet Hennessy Louis Vuitton SA		2,518		432,062
Nexans SA		1,716		115,654
Pernod — Ricard SA		3,180		332,009
Peugeot SA (a)		4,450		71,557
PPR		1,375		236,210
Publicis Groupe SA (a)		4,040		222,385
Renault SA		2,761		145,326
Sanofi		12,138		941,240
Schneider Electric SA		6,816		444,676
Societe Generale		7,383		215,959
Sodexo		2,337		191,586
Technip SA		2,463		289,720
Total SA		25,419		1,294,442
Unibail-Rodamco SE		980		195,695
Valeo SA		2,941		153,998
Vallourec SA		2,075		131,256
Veolia Environnement SA		7,206		119,329
Vinci SA		6,564		341,784
Vivendi SA		12,319		225,736

				11,500,318

See accompanying notes to financial statements.

137

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

GERMANY — 7.0%
Adidas AG		3,909	$	304,737
Allianz SE		5,280		629,097
BASF SE		10,263		896,434
Bayer AG		9,433		662,516
Bayerische Motoren Werke AG		4,434		398,158
Bilfinger Berger AG		2,115		198,369
Commerzbank AG (b)		26,925		68,019
Daimler AG		12,107		728,916
Deutsche Bank AG		10,380		515,669
Deutsche Boerse AG		2,748		184,732
Deutsche Post AG		12,014		230,946
Deutsche Telekom AG		34,060		409,444
E.ON AG		20,496		490,209
Fresenius Medical Care AG & Co. KGaA		3,514		248,674
Fresenius SE		2,373		242,982
GEA Group AG		6,814		234,659
Henkel AG & Co. KGaA Preference Shares		2,002		146,473
Hochtief AG		1,751		106,074
Infineon Technologies AG		26,251		267,991
K+S AG		2,690		140,515
Lanxess AG		937		77,339
Linde AG		1,831		328,079
MAN SE		2,064		274,395
Merck KGaA		1,625		179,570
Muenchener Rueckversicherungs- Gesellschaft AG		2,630		395,943
Porsche Automobil Holding SE Preference Shares		2,644		155,805
Puma AG Rudolf Dassler Sport		404		144,078
Rheinmetall AG		443		26,190
RWE AG		5,555		264,871
Salzgitter AG		1,046		57,244
SAP AG		11,156		777,883
Siemens AG		9,806		987,103
ThyssenKrupp AG		5,249		130,470
Volkswagen AG		1,145		184,348
Volkswagen AG Preference Shares		1,826		320,617
Wincor Nixdorf AG		2,261		111,075

				11,519,624

GREECE — 0.1%
Hellenic Telecommunications Organization SA ADR (a)		23,317		50,132
National Bank of Greece SA ADR (a)(b)		12,954		34,587

				84,719

HONG KONG — 2.3%
Bank of East Asia, Ltd. (a)		53,093		199,680
CLP Holdings, Ltd.		30,500		263,202
Esprit Holdings, Ltd.		31,069		62,426
Giordano International, Ltd.		472,000		362,937
Hang Lung Group, Ltd. (a)		38,000		245,943
Hang Lung Properties, Ltd.		62,000		227,190
Hong Kong Exchanges and Clearing, Ltd.		19,827		333,259
Hopewell Holdings		38,500		105,622
Hysan Development Co., Ltd.		70,527		282,508
Li & Fung, Ltd. (a)		136,000		312,148
New World Development Co., Ltd.		159,863		192,107
Pacific Basin Shipping, Ltd.		172,000		93,045
Sun Hung Kai Properties, Ltd.		23,454		291,513
Swire Pacific, Ltd.		21,000		235,452
The Link REIT		86,147		320,666
Wheelock & Co., Ltd.		67,000		201,932
Wing Hang Bank, Ltd.		15,215		151,190

				3,880,820

IRELAND — 0.6%
C&C Group PLC		99		509
CRH PLC		10,540		214,753
DCC PLC		7,285		180,107
Grafton Group PLC		24,449		101,583
Irish Bank Resolution Corp., Ltd. (d)		5,635		0
Kingspan Group PLC		15,075		156,588
United Drug PLC		45,227		127,685
Willis Group Holdings PLC (a)		4,823		168,708

				949,933

ISRAEL — 0.6%
Teva Pharmaceutical Industries, Ltd. ADR		20,547		925,848

ITALY — 1.7%
Assicurazioni Generali SpA		5,662		87,767
Atlantia SpA		7,747		128,443
Banca Piccolo Credito Valtellinese Scarl (a)		15,274		35,860
Banca Popolare dell’Etruria e del Lazio Scrl (b)		23,882		39,564
Banca Popolare di Milano Scarl		61,882		34,381
Banco Popolare Societa Cooperativa		35,328		66,900
Davide Campari-Milano SpA		37,933		257,881
Enel SpA		44,563		160,942
ENI SpA		26,456		619,721
Fiat Industrial SpA (b)		11,441		121,888
Fiat SpA (a)		13,442		78,906
Finmeccanica SpA (a)		7,829		42,329
Intesa Sanpaolo SpA		120,929		216,439
Pirelli & C. SpA		19,522		231,897
Prelios SpA (a)(b)		15,885		3,217
Saipem SpA		5,002		257,987
Societa Cattolica di Assicurazioni Scrl		4,390		88,686
Telecom Italia SpA		129,966		154,297
UniCredit SpA		44,313		221,648

				2,848,753

JAPAN — 18.4%
Advantest Corp. (a)		6,300		99,826
Aeon Co., Ltd.		13,420		177,422
Aoyama Trading Co., Ltd.		10,400		221,787
Asahi Breweries, Ltd.		12,736		283,676
Asahi Kasei Corp. (a)		33,550		208,324
Astellas Pharma, Inc. (a)		6,710		277,222
Bridgestone Corp.		10,065		245,342
Canon, Inc.		13,216		627,919
Casio Computer Co., Ltd. (a)		17,000		122,085
Central Japan Railway Co. (a)		34		281,767

See accompanying notes to financial statements.

138

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Chubu Electric Power Co., Inc. (a)		10,065	$	182,722
Chugai Pharmaceutical Co., Ltd.		6,980		129,430
Chuo Mitsui Trust Holdings, Inc.		79,550		255,194
Credit Saison Co., Ltd. (a)		10,400		211,678
Daiichi Sankyo Co., Ltd. (a)		10,065		184,434
Daikin Industries, Ltd. (a)		6,710		183,700
Daito Trust Construction Co., Ltd. (a)		3,355		302,906
Daiwa Securities Group, Inc. (a)		33,550		133,311
Denso Corp. (a)		6,710		225,447
East Japan Railway Co. (a)		3,500		221,581
Eisai Co., Ltd. (a)		3,451		137,965
FANUC Corp. (a)		3,355		598,474
Fast Retailing Co., Ltd.		1,000		229,176
FUJIFILM Holdings Corp. (a)		6,710		158,261
Fujitsu, Ltd. (a)		37,513		198,744
Fukuoka Financial Group, Inc. (a)		33,550		149,618
Furukawa Electric Co., Ltd.		32,550		87,016
Hankyu Hanshin Holdings, Inc.		34,513		151,397
Hitachi, Ltd. (a)		62,475		403,114
Honda Motor Co., Ltd.		16,375		625,790
Hoya Corp. (a)		9,406		212,477
Ibiden Co., Ltd. (a)		3,800		97,753
Isuzu Motors, Ltd. (a)		40,000		235,737
ITOCHU Corp. (a)		33,550		368,135
Japan Digital Laboratory Co., Ltd.		20,320		219,509
Japan Tobacco, Inc. (a)		64		362,404
JFE Holdings, Inc. (a)		6,710		144,971
JSR Corp. (a)		6,800		137,661
JX Holdings, Inc.		67,700		422,020
Kajima Corp. (a)		60,475		185,184
KDDI Corp. (a)		34		221,447
Kintetsu Corp. (a)		61,101		233,876
Kirin Holdings Co., Ltd.		7,000		91,099
Kiyo Holdings, Inc.		100,651		150,435
Komatsu, Ltd. (a)		13,120		376,087
Konica Minolta Holdings, Inc. (a)		16,775		147,376
Kubota Corp. (a)		29,550		285,464
Kurita Water Industries, Ltd. (a)		4,110		101,283
Kyocera Corp. (a)		3,355		309,021
Marubeni Corp. (a)		35,550		257,894
Medipal Holdings Corp.		10,599		138,066
MISUMI Group, Inc. (a)		10,257		250,894
Mitsubishi Corp. (a)		19,538		455,835
Mitsubishi Electric Corp.		33,550		298,422
Mitsubishi Estate Co., Ltd. (a)		7,925		142,139
Mitsubishi Heavy Industries, Ltd. (a)		67,101		326,964
Mitsubishi Motors Corp. (a)(b)		99,613		113,781
Mitsubishi UFJ Financial Group, Inc. (a)		128,724		644,441
Mitsui & Co., Ltd. (a)		29,326		483,570
Mitsui Chemicals, Inc. (a)		33,550		102,328
Mitsui OSK Lines, Ltd. (a)		30,550		133,641
Mizuho Financial Group, Inc. (a)		163,600		268,376
MS&AD Insurance Group Holdings, Inc. (a)		6,999		144,496
Murata Manufacturing Co., Ltd. (a)		3,400		202,649
NGK Insulators, Ltd.		3,000		43,052
Nidec Corp. (a)		3,400		311,513
Nikon Corp. (a)		6,400		195,356
Nintendo Co., Ltd. (a)		300		45,386
Nippon Steel Corp. (a)		67,101		185,089
Nippon Telegraph & Telephone Corp.		3,700		168,826
Nippon Yusen KK (a)		33,550		105,997
Nissan Motor Co., Ltd. (a)		26,741		286,273
Nitto Denko Corp. (a)		6,000		243,150
NKSJ Holdings, Inc. (a)		7,400		166,353
Nomura Holdings, Inc.		42,885		190,727
NTT Data Corp. (a)		35		123,720
NTT DoCoMo, Inc. (a)		229		382,339
Obayashi Corp. (a)		33,550		147,172
Olympus Corp. (a)		4,200		69,103
ORIX Corp. (a)		1,331		127,771
Panasonic Corp. (a)		27,050		250,137
Resona Holdings, Inc. (a)		10,100		46,760
Rohm Co., Ltd.		3,400		168,771
Rohto Pharmaceutical Co., Ltd. (a)		7,701		96,666
Secom Co., Ltd. (a)		3,548		174,608
Seven & I Holdings Co., Ltd.		12,928		386,136
Sharp Corp. (a)		8,000		58,716
Shimizu Corp. (a)		34,513		139,235
Shin-Etsu Chemical Co., Ltd. (a)		6,517		378,532
Softbank Corp. (a)		12,736		378,698
Sony Corp. (a)		13,120		271,663
Stanley Electric Co., Ltd.		6,273		100,237
Sumitomo Chemical Co., Ltd. (a)		33,550		143,503
Sumitomo Corp. (a)		19,975		290,298
Sumitomo Electric Industries, Ltd.		13,120		180,630
Sumitomo Metal Industries, Ltd.		66,101		134,138
Sumitomo Metal Mining Co., Ltd.		5,000		70,660
Sumitomo Mitsui Financial Group, Inc. (a)		10,100		334,192
Sumitomo Realty & Development Co., Ltd.		4,000		96,968
T&D Holdings, Inc. (a)		10,300		120,028
Taisei Corp. (a)		68,438		179,629
Taiyo Yuden Co., Ltd. (a)		7,400		79,310
Takeda Pharmaceutical Co., Ltd. (a)		10,065		445,798
Takeuchi Manufacturing Co., Ltd. (b)		13,100		119,388
TDK Corp. (a)		3,355		191,202
Teijin, Ltd.		37,550		126,847
Terumo Corp. (a)		3,548		170,513
The Akita Bank, Ltd.		33,550		110,481
The Aomori Bank, Ltd. (a)		67,101		208,735
The Awa Bank, Ltd. (a)		33,550		207,101
The Bank of Iwate, Ltd. (a)		3,355		152,880
The Bank of Okinawa, Ltd.		3,355		150,434
The Bank of Yokohama, Ltd. (a)		33,550		168,779
The Chiba Bank, Ltd. (a)		29,550		189,591
The Daisan Bank, Ltd.		100,651		215,257
The Daishi Bank, Ltd.		62,176		219,858
The Eighteenth Bank, Ltd.		63,251		201,370
The Higo Bank, Ltd.		33,550		199,763
The Hokkoku Bank, Ltd. (a)		33,550		126,788
The Hyakugo Bank, Ltd.		33,550		155,326
The Musashino Bank, Ltd.		3,355		116,107
The Nanto Bank, Ltd. (a)		31,550		149,900
The Ogaki Kyoritsu Bank, Ltd.		33,550		121,489
The San-In Godo Bank, Ltd.		28,550		227,234

See accompanying notes to financial statements.

139

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

The Shiga Bank, Ltd.		33,550	$	201,801
The Shikoku Bank, Ltd.		62,101		233,930
The Toho Bank, Ltd.		67,101		230,750
The Tokyo Electric Power Co., Inc. (a)(b)		13,775		34,816
The Yamagata Bank, Ltd. (a)		41,176		196,636
The Yamanashi Chuo Bank, Ltd.		33,550		150,026
Tokio Marine Holdings, Inc. (a)		10,065		277,752
Tokyo Electron, Ltd.		3,355		193,036
Tokyo Gas Co., Ltd. (a)		35,475		168,118
Tokyu Corp. (a)		33,550		160,218
Toray Industries, Inc. (a)		33,550		250,315
Toshiba Corp. (a)		60,513		267,656
Toyota Motor Corp. (a)		27,388		1,188,106
USS Co., Ltd.		2,971		302,894
Yamada Denki Co., Ltd. (a)		2,338		146,880

				30,429,880

LUXEMBOURG — 0.3%
APERAM		451		8,336
ArcelorMittal		10,224		195,107
Millicom International Cellular SA (a)		1,901		214,813
Tenaris SA		2,238		42,619
Ternium SA ADR		2,933		69,454

				530,329

NETHERLANDS — 3.4%
Aegon NV (b)		24,770		137,355
Akzo Nobel NV		4,289		252,855
ASML Holding NV		8,090		403,789
European Aeronautic Defence and Space Co. NV (a)		6,894		281,895
Fugro NV		2,714		193,072
Heineken NV		4,252		235,980
ING Groep NV (b)		45,755		380,642
Koninklijke (Royal) KPN NV		18,237		200,313
Koninklijke Ahold NV		19,184		265,437
Koninklijke DSM NV		4,605		266,057
Koninklijke Philips Electronics NV		14,636		296,259
Royal Dutch Shell PLC (Class A)		46,610		1,626,077
SBM Offshore NV		5,939		121,205
TNT Express NV		6,841		84,360
TNT NV		7,200		44,393
Unilever NV		20,169		685,309
Wolters Kluwer NV		6,545		123,767

				5,598,765

NEW ZEALAND — 0.4%
Fisher & Paykel Healthcare Corp., Ltd.		130,618		239,758
Port of Tauranga, Ltd.		51,560		458,422

				698,180

NORWAY — 0.8%
DnB NOR ASA		16,835		216,043
Norsk Hydro ASA		20,404		110,926
Orkla ASA		19,556		154,485
StatoilHydro ASA		13,789		373,731
Storebrand ASA		14,285		72,126
Telenor ASA		11,353		210,180
Yara International ASA		5,045		240,219

				1,377,710

PORTUGAL — 0.1%
Banco Comercial Portugues SA (a)(b)		76,892		14,233
Mota — Engil SGPS SA		29,015		47,024
Portugal Telecom SGPS SA (a)		17,096		92,866

				154,123

SINGAPORE — 1.5%
Ascendas REIT		128,000		205,639
CapitaLand, Ltd.		64,000		158,810
City Developments, Ltd. (a)		34,000		306,915
Cosco Corp. Singapore, Ltd. (a)		139,000		128,791
Flextronics International, Ltd. (a)(b)		24,128		174,445
Genting Singapore PLC (a)(b)		136,400		184,962
K-Green Trust		4,995		3,933
Keppel Corp., Ltd.		39,975		349,406
SembCorp Industries, Ltd.		74,000		310,749
Singapore Exchange, Ltd. (a)		32,000		176,625
UOL Group, Ltd.		77,000		290,277
Wilmar International, Ltd. (a)		31,000		120,810

				2,411,362

SOUTH KOREA — 4.7%
Cosmochemical Co., Ltd. (b)		3,870		53,283
Digitech Systems Co., Ltd. (a)(b)		5,585		51,017
Dongyang Mechatronics Corp.		4,860		59,621
Haansoft, Inc.		7,408		83,034
Hyundai Elevator Co., Ltd.		452		46,076
Hyundai Securities Co., Ltd. (b)		71,000		661,092
INFINITT Co., Ltd. (b)		4,881		55,356
JNK Heaters Co., Ltd.		3,785		54,284
KIWOOM Securities Co., Ltd. (b)		6,026		377,605
Koh Young Technology, Inc.		2,513		59,329
Korea Electric Power Corp. ADR (a)(b)		24,103		234,522
KT Corp. ADR (a)		25,306		346,439
LG Display Co., Ltd. ADR (a)(b)		21,689		255,279
LG Electronics, Inc.		1,604		117,216
POSCO ADR (a)		8,041		673,032
Samsung Electronics Co., Ltd. GDR		7,114		4,022,967
SK Innovation Co., Ltd.		1,520		222,020
SK Telecom Co., Ltd. ADR		30,018		417,550
Ubivelox, Inc. (b)		2,307		49,579

				7,839,301

SPAIN — 2.1%
Abertis Infraestructuras SA		3,979		67,640
Acciona SA		1,068		74,469
Acerinox SA (a)		6,465		82,969
ACS, Actividades de Construccion y Servicios SA (a)		4,300		109,888
Banco Bilbao Vizcaya Argentaria SA		28,165		223,806
Banco de Sabadell SA (a)		21,191		57,625
Banco de Valencia SA (a)(b)		17,511		3,848
Banco Popular Espanol SA (a)		2,891		10,356
Banco Santander SA		47,991		368,758
Distribuidora Internacional de Alimentacion SA (b)		7,808		38,649
Ebro Puleva SA		1,047		20,294

See accompanying notes to financial statements.

140

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Enagas		9,781	$	187,956
Faes Farma SA		25,785		53,224
Ferrovial SA		10,202		117,084
Gamesa Corp. Tecnologica SA (a)		7,557		23,962
Gestevision Telecinco SA (a)		11,916		68,235
Iberdrola SA (a)		55,701		315,772
Indra Sistemas SA (a)		9,214		112,739
Industria de Diseno Textil SA		1,603		153,315
NH Hoteles SA (a)(b)		21,768		79,283
Red Electrica Corporacion SA		4,261		208,193
Repsol YPF SA		13,993		350,514
Sacyr Vallehermoso SA (a)		8,417		25,534
Telefonica SA		41,060		671,739

				3,425,852

SWEDEN — 2.6%
Alfa Laval AB		11,376		233,337
Assa Abloy AB (Class B)		9,770		305,968
Atlas Copco AB (Class B)		21,505		462,163
Boliden AB		7,662		119,976
Electrolux AB (a)		7,359		155,157
Hennes & Mauritz AB (Class B)		10,375		374,325
Investor AB		3,784		83,660
Kinnevik Investment AB (Class B)		8,693		201,625
Nordea Bank AB (a)		25,535		231,477
Sandvik AB		15,662		225,417
Scania AB (Class B)		9,480		196,591
Securitas AB (Class B)		13,960		134,228
Skandinaviska Enskilda Banken AB (Class C)		22,642		158,366
Skanska AB (Class B)		11,840		204,669
Tele2 AB (Class B)		9,432		191,899
Telefonaktiebolaget LM Ericsson (Class B)		42,143		435,381
TeliaSonera AB		25,792		179,349
Volvo AB (Class A)		22,900		332,179

				4,225,767

SWITZERLAND — 6.9%
ABB, Ltd. (b)		27,689		567,351
Adecco SA (b)		3,053		159,769
Bachem Holding AG (Class B)		2,862		119,534
Clariant AG (b)		10,508		144,858
Compagnie Financiere Richemont SA		3,935		246,414
Credit Suisse Group AG (b)		12,201		347,327
Geberit AG (b)		1,011		211,294
Holcim, Ltd. (b)		3,604		234,857
Julius Baer Group, Ltd. (b)		3,048		122,884
Kuehne & Nagel International AG		1,873		253,021
Lonza Group AG (b)		1,697		87,605
Nestle SA		40,108		2,520,478
Nobel Biocare Holding AG (b)		4,294		53,636
Novartis AG		31,637		1,748,724
PSP Swiss Property AG (b)		3,255		288,821
Roche Holding AG		8,738		1,518,770
SGS SA		130		252,564
STMicroelectronics NV		8,309		67,940
Sulzer AG		1,249		177,294
Swiss Life Holding AG (b)		866		102,902
Syngenta AG (b)		1,416		488,946
The Swatch Group AG		779		358,106
UBS AG (b)		41,822		585,328
Wolseley PLC		6,294		239,741
Zurich Financial Services AG (b)		1,720		461,661

				11,359,825

UNITED KINGDOM — 17.2%
3i Group PLC		21,068		72,035
AMEC PLC		11,176		197,850
Anglo American PLC		16,395		612,180
AstraZeneca PLC		15,186		674,281
Aviva PLC		34,409		182,249
BAE Systems PLC		44,410		212,797
Balfour Beatty PLC		30,800		140,497
Barclays PLC		137,980		518,626
Barratt Developments PLC (b)		18,888		42,551
BG Group PLC		44,737		1,035,010
BHP Billiton PLC		27,559		839,918
BP PLC		234,955		1,736,410
British American Tobacco PLC		19,759		994,611
British Land Co. PLC		17,147		131,476
British Sky Broadcasting Group PLC		20,443		220,801
BT Group PLC		95,783		346,476
Burberry Group PLC		5,567		133,153
Cable & Wireless Communications PLC		45,888		23,674
Cable & Wireless Worldwide PLC		47,745		25,937
Cairn Energy PLC		1,240		6,401
Capita Group PLC		19,969		233,708
Carnival PLC		4,481		143,047
Centrica PLC		61,414		310,465
Compass Group PLC		35,186		368,512
Diageo PLC		27,390		657,530
Experian PLC		21,930		341,452
FirstGroup PLC		15,895		60,367
G4S PLC		36,795		160,201
GlaxoSmithKline PLC		63,478		1,416,358
Hays PLC		69,848		94,134
HSBC Holdings PLC		205,583		1,822,353
ICAP PLC		16,202		101,683
Imperial Tobacco Group PLC		13,160		533,019
Informa PLC		22,716		160,240
Intercontinental Hotels Group PLC		12,162		282,345
International Power PLC		28,479		184,284
Invensys PLC		22,350		71,062
J Sainsbury PLC		24,916		123,927
Kingfisher PLC		47,104		230,824
Land Securities Group PLC		13,108		151,315
Legal & General Group PLC		97,726		204,077
Lloyds Banking Group PLC (b)		404,520		217,196
Lonmin PLC		3,411		55,698
Man Group PLC		27,744		59,754
Marks & Spencer Group PLC		29,179		176,693
Mondi PLC		15,171		142,892
National Grid PLC		51,412		517,915
Next PLC		4,687		223,387
Old Mutual PLC		86,715		219,739
Pearson PLC		14,496		269,826
Persimmon PLC		13,081		133,761
Prudential PLC		33,529		400,443

See accompanying notes to financial statements.

141

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Randgold Resources, Ltd.		2,094	$	179,664
Reckitt Benckiser Group PLC		8,927		503,916
Rentokil Initial PLC (b)		69,933		95,366
Resolution, Ltd.		22,288		93,051
Rio Tinto PLC		16,654		916,944
Rolls-Royce Holdings PLC (b)		28,568		370,634
Royal Bank of Scotland Group PLC (b)		237,885		105,054
Royal Dutch Shell PLC (Class B)		32,060		1,126,669
RSA Insurance Group PLC (a)		63,649		106,373
SABMiller PLC		12,028		482,269
Scottish & Southern Energy PLC		12,829		272,412
Serco Group PLC		20,826		180,515
Shire PLC		10,810		348,888
Smith & Nephew PLC		21,084		213,407
Smiths Group PLC		9,905		166,487
Standard Chartered PLC		21,125		526,539
Standard Life PLC		44,685		163,995
Tate & Lyle PLC		18,008		202,845
Tesco PLC		95,572		503,911
The Sage Group PLC		36,282		173,445
Tullow Oil PLC		15,144		369,478
Unilever PLC		18,247		601,742
Vodafone Group PLC		584,703		1,608,709
William Hill PLC		12,031		50,248
William Morrison Supermarkets PLC		44,283		210,844
WPP PLC		20,000		273,056
Xstrata PLC		24,258		413,938

				28,475,539

TOTAL COMMON STOCKS —
(Cost $155,839,898)				163,411,230

PREFERRED STOCKS — 0.1%
SOUTH KOREA — 0.1%
Hyundai Motor Co., Ltd.		995		61,559
Hyundai Securities Co., Ltd. (b)		2		16

TOTAL PREFERRED STOCKS —
(Cost $57,899)				61,575

RIGHTS — 0.0% (e)
SPAIN — 0.0% (e)
Banco Popular Espanol SA expired 3/27/12 (a)(b)(d) (Cost $138)		2,633		123

SHORT TERM INVESTMENTS — 10.9%
UNITED STATES — 10.9%
MONEY MARKET FUNDS — 10.9%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		17,753,969		17,753,969
State Street Institutional Liquid Reserves Fund 0.23% (g)(h)		309,124		309,124

TOTAL SHORT TERM INVESTMENTS —
(Cost $18,063,093)				18,063,093

TOTAL INVESTMENTS — 109.9%
(Cost $173,961,028)				181,536,021
OTHER ASSETS & LIABILITIES — (9.9)%				(16,300,272	)

NET ASSETS — 100.0%			$	165,235,749


(a)		A portion of the security was on loan at March 31, 2012.
(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 3 inputs. (Note 2)
(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

PLC = Public Limited Company

See accompanying notes to financial statements.

142

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.9%
AUSTRALIA — 9.7%
Adelaide Brighton, Ltd. (a)		680,952	$	2,045,753
AET&D Holdings No 1 Pty, Ltd. (a)(b)		110,316		0
Ansell, Ltd. (a)		57,979		893,142
Aristocrat Leisure, Ltd. (a)		290,488		908,811
Aurora Oil & Gas, Ltd. (a)(c)		262,491		1,027,886
Ausenco, Ltd.		143,684		644,518
Austar United Communications, Ltd. (a)(c)		1,026,415		1,541,805
AWE, Ltd. (c)		1,134,633		2,344,968
Bank of Queensland, Ltd. (a)		117,223		884,062
Bathurst Resources, Ltd. (a)(c)		482,318		372,245
Beach Energy, Ltd. (c)		222,624		322,878
Beach Energy, Ltd. (a)		1,780,991		2,712,175
Billabong International, Ltd. (a)		107,793		310,437
BlueScope Steel, Ltd. (a)(c)		1,833,189		750,141
Boart Longyear Group		251,622		1,084,378
Bradken, Ltd. (a)		83,367		741,003
carsales.com, Ltd. (a)		159,167		915,134
Charter Hall Office REIT		232,671		742,389
Charter Hall Retail REIT (a)		204,474		669,366
Coal of Africa, Ltd. (a)(c)		296,450		282,539
Coalspur Mines, Ltd. (a)(c)		277,178		473,785
Consolidated Media Holdings, Ltd.		147,050		443,299
CSR, Ltd. (a)		300,787		560,880
Dart Energy, Ltd. (c)		655,386		203,684
David Jones, Ltd. (a)		270,796		676,080
Downer EDI, Ltd. (c)		226,943		945,108
DUET Group (a)		401,338		756,694
Energy World Corp., Ltd. (c)		574,528		467,218
FKP Property Group		716,892		367,619
Fleetwood Corp., Ltd.		245,990		3,121,707
Gloucester Coal, Ltd. (c)		49,777		418,720
Goodman Fielder, Ltd. (a)		1,732,341		1,238,286
GrainCorp, Ltd.		109,756		1,029,000
Gryphon Minerals, Ltd. (a)(c)		211,514		236,647
Independence Group NL (a)		120,535		494,478
Infigen Energy (a)(c)		814,472		202,500
Intrepid Mines, Ltd. (a)(c)		354,541		269,956
Investa Office Fund		1,529,292		1,006,011
Invocare, Ltd. (a)		548,152		4,548,541
IOOF Holdings, Ltd.		422,694		2,531,002
JB Hi-Fi, Ltd. (a)		174,777		1,984,419
Karoon Gas Australia, Ltd. (c)		132,177		891,406
Kingsgate Consolidated, Ltd. (a)		71,865		476,470
Linc Energy, Ltd. (a)(c)		209,846		249,998
Medusa Mining, Ltd.		102,680		536,111
Mirabela Nickel, Ltd. (a)(c)		311,168		182,130
Monadelphous Group, Ltd. (a)		147,764		3,658,517
Mount Gibson Iron, Ltd.		516,762		599,580
Myer Holdings, Ltd. (a)		310,412		752,477
Nufarm, Ltd. (a)		122,539		609,332
Oakton, Ltd. (a)		239,815		311,787
Pacific Brands, Ltd.		1,277,863		807,519
Paladin Energy, Ltd. (a)(c)		387,593		736,802
PaperlinX, Ltd. (c)		687,098		56,944
Perpetual, Ltd. (a)		22,401		589,208
Perseus Mining, Ltd. (c)		220,495		536,791
Platinum Australia, Ltd. (c)		631,561		107,954
Primary Health Care, Ltd. (a)		229,633		680,360
Programmed Maintenance Services, Ltd.		258,529		674,914
Regis Resources, Ltd. (c)		244,740		1,034,436
Resolute Mining, Ltd. (c)		324,308		604,740
Roc Oil Co., Ltd. (c)		1,058,866		438,773
SAI Global, Ltd. (a)		926,834		4,800,766
Santos, Ltd.		40,067		591,065
Seek, Ltd. (a)		164,666		1,200,923
Sigma Pharmaceuticals, Ltd.		1,869,539		1,220,151
Silex Systems, Ltd. (c)		26,582		102,991
Southern Cross Media Group Ltd.		411,559		564,920
Spark Infrastructure Group		1,696,501		2,627,447
Spotless Group, Ltd.		438,442		1,067,379
St Barbara, Ltd. (c)		207,329		442,452
STW Communications Group, Ltd.		825,566		855,245
Sundance Resources, Ltd. (c)		1,311,266		611,282
Transfield Services, Ltd.		279,529		718,153
Western Areas NL (a)		100,638		565,067
White Energy Co., Ltd. (a)(c)		165,423		66,834
WHK Group, Ltd.		916,888		793,124

				71,933,312

AUSTRIA — 0.6%
Atrium European Real Estate, Ltd.		108,025		529,825
BWT AG		36,414		664,832
Intercell AG (a)(c)		71,422		258,231
Schoeller-Bleckmann Oilfield Equipment AG		27,027		2,484,518
Wienerberger AG (a)		66,571		779,345

				4,716,751

BELGIUM — 1.1%
AGFA-Gevaert NV (c)(d)		165,452		381,175
AGFA-Gevaert NV (a)(b)(c)(d)		42,353		57
Barco NV		41,030		2,960,376
EVS Broadcast Equipment SA (a)		20,825		1,078,245
KBC Ancora (c)		25,618		258,595
Nyrstar (a)(c)		75,552		627,621
RHJ International (c)		192,511		1,135,705
Tessenderlo Chemie NV (d)		43,284		1,442,762
Tessenderlo Chemie NV (c)(d)		1,969		446

				7,884,982

BERMUDA — 0.5%
Archer, Ltd. (a)(c)		95,268		236,331
BW Offshore, Ltd.		115,540		153,741
Golden Ocean Group, Ltd.		380,186		345,924
Johnson Electric Holdings, Ltd.		1,015,000		631,433
Lancashire Holdings, Ltd.		58,723		736,524
Ship Finance International, Ltd. (a)		36,128		552,758
SmarTone Telecommunications Holding, Ltd.		242,000		496,842
Trinity, Ltd.		642,000		528,385

				3,681,938

CANADA — 9.8%
Advantage Oil & Gas, Ltd. (c)		140,426		470,686
Angle Energy, Inc. (c)		71,205		401,817

See accompanying notes to financial statements.

143

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Argonaut Gold, Inc. (c)		70,915	$	603,109
AuRico Gold, Inc. (a)(c)		179,113		1,593,191
Aurizon Mines, Ltd. (c)		93,956		458,758
Avion Gold Corp. (c)		256,793		262,073
B2Gold Corp. (c)		164,647		705,077
Bankers Petroleum, Ltd. (a)(c)		132,370		545,665
Banro Corp. (c)		107,310		496,045
Birchcliff Energy, Ltd. (a)(c)		66,570		482,898
BlackPearl Resources, Inc. (a)(c)		165,188		697,477
Calfrac Well Services, Ltd. (a)		18,445		514,899
Capstone Mining Corp. (c)		175,766		497,692
Celestica, Inc. (c)		115,317		1,106,499
China Gold International Resources Corp., Ltd. (c)		86,845		427,513
Cineplex, Inc. (a)		32,012		916,047
Colossus Minerals, Inc. (c)		79,998		437,830
Copper Mountain Mining Corp. (c)		73,298		308,754
Corus Entertainment, Inc. (Class B) (a)		160,914		3,823,811
Cott Corp. (c)		79,546		523,701
Crew Energy, Inc. (c)		70,843		674,796
Denison Mines Corp. (c)		239,458		371,364
Dundee Corp. (Class A) (c)		98,806		2,470,521
Eastern Platinum, Ltd. (c)		546,696		218,799
Endeavour Silver Corp. (c)		49,402		467,106
Exeter Resource Corp. (c)		69,998		192,600
Extorre Gold Mines, Ltd. (c)		52,666		316,170
FirstService Corp. (c)		71,661		2,192,599
Fortuna Silver Mines, Inc. (c)		77,481		348,856
Freehold Royalties, Ltd. (a)		92,022		1,803,703
GMP Capital, Inc.		107,640		807,744
Golden Star Resources, Ltd. (c)		387,042		739,657
Gran Tierra Energy, Inc. (c)		160,560		1,010,478
Great Basin Gold, Ltd. (a)(c)		280,009		196,114
Great Canadian Gaming Corp. (a)(c)		126,306		1,018,587
Guardian Capital Group, Ltd.		340,316		3,398,223
Guyana Goldfields, Inc. (c)		51,083		174,800
Harry Winston Diamond Corp. (c)		48,397		710,859
Home Capital Group, Inc.		59,741		3,009,017
Ivanhoe Energy, Inc. (a)(c)		90,289		97,566
Jaguar Mining, Inc. (c)		54,765		257,537
Just Energy Group, Inc. (a)		40,483		558,973
Keegan Resources, Inc. (c)		54,080		204,535
Kirkland Lake Gold, Inc. (c)		44,691		644,799
Lake Shore Gold Corp. (a)(c)		229,245		236,252
Legacy Oil + Gas, Inc. (c)		76,550		709,243
Linamar Corp.		82,137		1,770,205
Lions Gate Entertainment Corp. (a)(c)		78,812		1,097,063
MAG Silver Corp. (c)		55,002		555,826
Major Drilling Group International, Inc.		105,631		1,749,155
Martinrea International, Inc. (c)		108,039		1,145,844
Mercator Minerals, Ltd. (a)(c)		187,116		250,873
Minefinders Corp. (c)		44,268		618,764
Minera Andes Acquisition Corp. (c)		60,990		268,504
Mullen Group, Ltd. (a)		45,153		946,928
NAL Energy Corp.		89,504		711,948
Neo Material Technologies, Inc. (c)		65,522		735,561
Nevsun Resources, Ltd.		110,185		405,704
North American Palladium, Ltd. (a)(c)		108,201		286,890
Northern Dynasty Minerals, Ltd. (c)		60,325		366,978
NuVista Energy, Ltd. (c)		153,770		567,724
OceanaGold Corp. (c)		168,996		453,159
Oilsands Quest, Inc. (a)(c)(e)		860,904		0
Open Range Energy Corp. (c)		40,991		49,216
Pace Oil and Gas, Ltd. (c)		55,419		275,584
Pason Systems, Inc. (a)		43,325		608,618
Polymet Mining Corp. (a)(c)		215,579		248,052
Poseidon Concepts Corp. (a)		38,540		540,628
Premier Gold Mines, Ltd. (c)		75,392		396,026
Pretium Resources, Inc. (a)(c)		44,611		636,503
Queenston Mining, Inc. (c)		67,108		300,809
Questerre Energy Corp. (c)		145,600		106,346
Rubicon Minerals Corp. (a)(c)		134,920		441,431
Russel Metals, Inc. (a)		91,419		2,449,548
Sabina Gold & Silver Corp. (c)		80,529		224,800
Savanna Energy Services Corp. (c)		116,684		915,306
Seabridge Gold, Inc. (a)(c)		22,663		451,922
ShawCor, Ltd. (Class A) (a)		31,521		990,304
Sherritt International Corp. (a)		168,474		917,003
Silvercorp Metals, Inc. (a)		94,193		647,462
Stantec, Inc. (a)		78,304		2,491,437
Tanzanian Royalty Exploration Corp. (a)(c)		76,164		395,509
Tesco Corp. (a)(c)		30,113		427,303
Thompson Creek Metals Co., Inc. (a)(c)		100,799		681,776
TMX Group, Inc.		23,782		1,066,020
Torex Gold Resources, Inc. (c)		240,202		480,668
Transcontinental, Inc. (Class A) (a)		42,884		535,058
TransGlobe Energy Corp. (c)		54,583		659,725
Uni-Select, Inc. (a)		98,169		2,919,188
WestJet Airlines, Ltd.		111,845		1,454,785
Westport Innovations, Inc. (a)(c)		25,293		1,035,559
Wi-Lan, Inc. (a)		74,317		384,430

				72,766,582

CHINA — 2.3%
Allied Properties HK, Ltd.		5,032,791		661,186
Cafe de Coral Holdings, Ltd.		1,389,867		3,866,709
China Gas Holdings, Ltd.		2,662,000		1,282,313
Chow Sang Sang Holding International, Ltd. (a)		939		2,425
Daphne International Holdings, Ltd. (a)		598,000		819,516
Far East Consortium International, Ltd.		4,063,540		727,501
G-Resources Group, Ltd. (c)		10,128,000		619,629
Hi Sun Technology China, Ltd. (c)		1,287,000		213,837
HKR International, Ltd.		2,905,579		1,077,804
K Wah International Holdings, Ltd. (a)		2,867,300		1,048,832
Midland Holdings, Ltd. (a)		841,790		442,363
Road King Infrastructure, Ltd.		1,291,544		841,733
Shun Tak Holdings, Ltd. (a)		1,178,749		476,722
Techtronic Industries Co., Ltd. (a)		1,589,500		2,149,633
Texwinca Holdings, Ltd.		2,192,050		2,670,890

See accompanying notes to financial statements.

144

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Xinyi Glass Holdings Co., Ltd. (a)		102,048	$	62,301

				16,963,394

CYPRUS — 0.0% (f)
Ocean Rig UDW, Inc. (a)(c)		1,920		32,448

DENMARK — 1.2%
Amagerbanken A/S (b)		308,573		0
Bang & Olufsen A/S (c)		35,864		468,638
D/S Norden A/S		15,995		475,279
East Asiatic Co., Ltd. A/S (a)		38,917		1,135,490
Genmab A/S (c)		43,727		361,616
GN Store Nord A/S (a)		218,633		2,330,525
IC Companys A/S		28,767		602,472
Jyske Bank A/S (c)		30,471		962,693
NeuroSearch A/S (a)(c)		36,059		64,546
NKT Holding A/S (a)		12,140		551,961
SimCorp A/S (a)		9,313		1,625,364
Sydbank A/S (c)		31,907		579,707

				9,158,291

FINLAND — 1.8%
Amer Sports Oyj (Class A)		181,459		2,366,951
Atria PLC		65,902		500,242
Citycon Oyj (a)		282,645		944,760
Cramo Oyj (a)		80,460		1,148,633
HKScan Oyj		137,579		978,362
Lassila & Tikanoja Oyj		88,882		1,305,556
Outokumpu Oyj (a)(c)		45,059		94,388
Outotec Oyj (a)		18,646		944,318
Poyry Oyj (a)		93,882		750,136
Talvivaara Mining Co. PLC (a)(c)		90,842		351,793
Tieto Oyj (a)		77,225		1,449,023
Vacon Oyj (a)		45,795		2,439,408

				13,273,570

FRANCE — 2.3%
Canal +		42,335		267,793
Carbone Lorraine SA		38,661		1,368,210
Club Mediterranee SA (a)(c)		37,579		795,699
GL Events SA		35,161		746,841
Groupe Steria SCA (a)		37,168		844,412
IMS International Metal Service (c)		43,230		618,871
IPSOS		87,095		3,118,240
Rubis		71,284		4,162,157
Saft Groupe SA		50,589		1,637,076
Sequana (a)		89,423		570,058
Societe de la Tour Eiffel		15,251		883,474
SOITEC (c)		146,696		843,934
Teleperformance		23,426		668,383
UbiSoft Entertainment SA (c)		67,783		499,445

				17,024,593

GERMANY — 2.9%
Aareal Bank AG (c)		25,873		521,822
Demag Cranes AG		1,036		70,362
Deutsche Wohnen AG		160,165		2,363,272
Dialog Semiconductor PLC (a)(c)		39,676		967,701
DIC Asset AG		59,840		585,315
Freenet AG (a)		56,913		919,345
Gerresheimer AG		26,441		1,154,936
Gildemeister AG (c)		82,345		1,610,340
Indus Holding AG		75,052		2,313,767
Jenoptik AG (c)		166,828		1,244,345
Kloeckner & Co. SE		50,065		724,053
Kontron AG		94,343		786,234
KUKA AG (c)		56,563		1,212,731
Leoni AG		47,880		2,486,710
MLP AG		69,441		615,881
Nordex SE (a)(c)		43,718		263,966
Patrizia Immobilien AG (c)		114,332		760,061
Solar Millennium AG (c)		24,804		3,369
Solarworld AG (a)		56,500		178,096
TUI AG (a)(c)		101,343		752,663
Wincor Nixdorf AG		18,014		884,963
Wirecard AG		54,549		1,036,977

				21,456,909

GIBRALTAR — 0.1%
PartyGaming PLC		369,662		915,473

GREECE — 0.5%
Alpha Bank AE (c)		285,544		371,893
Diana Containerships, Inc. (a)		985		5,950
Diana Shipping, Inc. (c)		96,182		860,829
DryShips, Inc. (a)(c)		219,248		762,983
EFG Eurobank Ergasias (c)		187,903		153,892
Ellaktor SA		136,352		216,080
Fourlis Holdings SA (c)		58,375		106,501
Hellenic Exchanges SA		94,267		374,095
Marfin Investment Group SA (c)		466,145		177,539
Titan Cement Co. SA		29,930		552,030
TT Hellenic Postbank SA (c)		133,415		74,621

				3,656,413

HONG KONG — 1.0%
Ajisen China Holdings, Ltd. (a)		373,000		490,031
Champion REIT		189		80
China Grand Forestry Green Resources Group, Ltd. (c)		786,766		70,935
China Mining Resources Group, Ltd. (a)(c)(e)		20,764,000		151,103
China Oil and Gas Group, Ltd. (a)(c)		4,040,000		395,466
China Precious Metal Resources Holdings Co., Ltd. (a)(c)		2,370,000		402,937
Emperor Watch & Jewellery, Ltd. (a)		2,010,000		318,431
Giordano International, Ltd.		3,226,000		2,480,580
Hutchison Telecommunications Hong Kong Holdings, Ltd.		1,282,000		543,248
Kingdee International Software Group Co., Ltd. (a)		1,284,000		309,258
Mongolia Energy Co., Ltd. (c)		3,284,723		274,996
Pacific Basin Shipping, Ltd. (a)		1,650,000		892,581
Peace Mark (Holdings), Ltd. (b)(c)		504,228		0
Sino Union Energy Investment Group, Ltd. (a)(c)		4,700,000		314,786
Skyworth Digital Holdings, Ltd. (a)		1,389,009		649,421
Xingda International Holdings, Ltd. (a)		713,000		326,011

				7,619,864

IRELAND — 1.3%
C&C Group PLC		301,618		1,550,425
Glanbia PLC		49,617		367,377

See accompanying notes to financial statements.

145

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Kenmare Resources PLC (c)		1,172,873	$	939,790
Kingspan Group PLC		133,330		1,384,933
Paddy Power PLC		75,026		4,717,850
Smurfit Kappa Group PLC (c)		68,954		627,723

				9,588,098

ISRAEL — 0.8%
Clal Insurance Enterprise Holdings, Ltd.		21,180		313,016
Israel Discount Bank, Ltd. (Class A) (c)		447,396		592,305
Migdal Insurance & Financial Holding, Ltd.		265,402		408,696
NICE Systems, Ltd. (c)		41,043		1,609,399
Oil Refineries, Ltd. (c)		919,116		532,929
Osem Investments, Ltd.		31,309		482,132
Partner Communications Co., Ltd.		65,146		502,650
Paz Oil Co., Ltd.		5,041		682,329
Shufersal, Ltd.		59,200		215,534
Strauss Group, Ltd. (c)		31,212		380,302

				5,719,292

ITALY — 1.6%
Amplifon SpA		314,172		1,619,141
Astaldi SpA		242,243		1,927,505
Banca Popolare dell’Etruria e del Lazio Scrl (c)		238,394		394,932
Banca Popolare di Milano Scarl		1,614,744		897,128
Digital Multimedia Technologies SpA (c)		32,304		820,807
Esprinet SpA		106,051		549,942
IMMSI SpA		796,547		633,274
Interpump Group SpA		334,291		2,846,896
Saras SpA (c)		276,105		368,792
Sorin SpA (c)		1,041,371		1,948,445

				12,006,862

JAPAN — 30.1%
Alps Electric Co., Ltd. (a)		198,736		1,758,063
Anritsu Corp. (a)		63,000		829,844
Asahi Holdings, Inc. (a)		51,217		1,112,155
Bank of the Ryukyus, Ltd. (a)		153,300		2,095,662
Best Denki Co., Ltd. (a)(c)		257,769		638,980
Calbee, Inc. (a)		14,800		758,029
Capcom Co., Ltd.		23,400		537,692
Casio Computer Co., Ltd. (a)		110,800		795,708
Central Glass Co., Ltd.		572,145		2,523,709
COMSYS Holdings Corp. (a)		229,550		2,499,262
Daifuku Co., Ltd.		133,500		778,662
Daihen Corp. (a)		267,000		966,839
DAIICHI CHUO KISEN KAISHA (a)(c)		351,834		508,758
Dainippon Screen Manufacturing Co., Ltd. (a)		270,000		2,444,255
Daiwa Office Investment Corp.		325		872,775
DCM Japan Holdings Co., Ltd. (a)		186,733		1,490,778
DIC Corp. (a)		300,000		608,785
Doutor Nichires Holdings Co., Ltd.		184,132		2,436,597
DTS Corp.		99,082		1,300,304
eAccess, Ltd. (a)		1,378		308,939
Ebara Corp.		132,000		476,384
EDION Corp. (a)		111,000		782,308
FCC Co., Ltd. (a)		110,748		2,488,281
Frontier Real Estate Investment Corp.		84		692,047
Fukuoka REIT Corp.		325		2,345,829
Furukawa Co., Ltd. (a)(c)		791,387		769,317
Glory, Ltd.		80,600		1,773,699
H2O Retailing Corp. (a)		267,000		2,332,742
Hanwa Co., Ltd.		449,000		2,051,449
Haseko Corp. (c)		746,500		607,759
Heiwa Real Estate Co., Ltd.		365,000		997,934
Hitachi Kokusai Electric, Inc. (a)		192,372		1,774,231
Hitachi Zosen Corp. (a)		899,500		1,180,461
Horiba, Ltd.		56,313		1,940,624
Hosiden Corp.		126,400		927,706
Iino Kaiun Kaisha, Ltd. (a)		155,900		710,402
IT Holdings Corp.		104,508		1,229,282
Izumiya Co., Ltd.		276,000		1,502,497
Japan Airport Terminal Co., Ltd. (a)		105,800		1,400,039
Japan Aviation Electronics Industry, Ltd.		181,000		1,576,973
Japan Excellent, Inc.		273		1,401,574
Japan Logistics Fund, Inc.		273		2,325,451
Japan Prime Realty Investment Corp.		316		913,499
Juki Corp. (a)		173,332		379,121
Kanematsu Corp. (a)(c)		839,698		1,010,148
Katakura Industries Co., Ltd.		106,774		988,660
Kawasaki Kisen Kaisha, Ltd. (a)(c)		354,000		782,891
Kayaba Industry Co., Ltd. (a)		330,832		2,022,097
Kitz Corp.		189,200		827,657
Kiyo Holdings, Inc.		1,286,000		1,922,085
Komori Corp. (a)		122,636		1,062,513
Kurabo Industries, Ltd. (a)		786,000		1,537,712
Kyowa Exeo Corp. (a)		150,000		1,357,920
Makino Milling Machine Co., Ltd. (a)		191,000		1,645,531
Marudai Food Co., Ltd.		590,656		2,303,914
Maruha Nichiro Holdings, Inc. (a)		845,485		1,489,706
Marusan Securities Co., Ltd. (a)		183,398		831,247
Meidensha Corp. (a)		76,000		277,976
Mirait Holdings Corp. (a)		102,300		749,583
Mitsui Mining & Smelting Co., Ltd. (a)		746,000		2,112,133
Mitsui-Soko Co., Ltd.		323,000		1,385,491
Mitsumi Electric Co., Ltd. (a)(c)		48,300		418,469
Nakanishi, Inc.		8,383		891,321
NET One Systems Co., Ltd. (a)		208,800		2,560,049
Neturen Co., Ltd.		233,403		2,164,001
Nichi-iko Pharmaceutical Co., Ltd. (a)		18,900		417,754
Nihon Dempa Kogyo Co., Ltd.		27,500		416,702
Nihon Kohden Corp.		76,700		2,065,341
Nikkiso Co., Ltd. (a)		255,000		2,686,494
Nippon Accommodations Fund, Inc.		277		1,797,412
Nippon Carbon Co., Ltd.		256,712		726,823
Nippon Konpo Unyu Soko Co., Ltd.		251,200		3,104,325
Nippon Light Metal Co., Ltd. (a)		1,602,000		2,569,585
Nippon Seiki Co., Ltd.		80,000		1,012,941
Nippon Shinyaku Co., Ltd.		244,000		3,027,207
Nippon Soda Co., Ltd.		280,000		1,289,507
Nippon Suisan Kaisha, Ltd. (a)		447,499		1,533,443

See accompanying notes to financial statements.

146

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Nippon Thompson Co., Ltd. (a)		249,000	$	1,579,416
Nishimatsu Construction Co., Ltd. (a)		754,000		1,777,459
Nishimatsuya Chain Co., Ltd. (a)		130,393		1,069,509
Nissan Chemical Industries, Ltd. (a)		79,600		751,555
Nissha Printing Co., Ltd. (a)(c)		22,900		301,363
Nisshin Steel Co., Ltd. (a)		367,000		619,880
Nitto Boseki Co., Ltd. (a)		578,153		2,276,221
NOF Corp.		497,000		2,433,817
Nomura Real Estate Office Fund, Inc.		129		772,009
NSD Co., Ltd.		104,008		966,840
Okasan Securities Group, Inc.		282,682		1,198,809
Oki Electric Industry Co., Ltd. (a)(c)		1,556,000		2,363,449
Orix JREIT, Inc.		452		2,120,080
Osaka Securities Exchange Co., Ltd. (a)		317		1,769,992
OSG Corp. (a)		160,500		2,441,777
Park24 Co., Ltd. (a)		208,313		2,822,395
Pioneer Corp. (a)(c)		127,200		653,814
Point, Inc.		26,620		988,202
Premier Investment Corp.		525		2,117,990
Rengo Co., Ltd. (a)		228,000		1,587,508
Rohto Pharmaceutical Co., Ltd.		206,000		2,585,795
Ryohin Keikaku Co., Ltd. (a)		33,303		1,732,023
Sakai Chemical Industry Co., Ltd.		343,565		1,331,761
Sanden Corp. (a)		449,000		1,473,115
Sankyu, Inc. (a)		293,000		1,153,557
Sanyo Shokai, Ltd. (a)		224,000		609,709
Sanyo Special Steel Co., Ltd. (a)		240,937		1,314,548
Sapporo Holdings, Ltd. (a)		187,000		695,328
Sato Corp. (a)		132,400		1,874,306
Sawai Pharmaceutical Co., Ltd. (a)		7,600		809,916
SBI Holdings, Inc. (a)(c)		9,596		910,684
Seiren Co., Ltd.		215,800		1,439,628
Senshu Ikeda Holdings, Inc. (a)		549,400		767,738
Shima Seiki Manufacturing, Ltd. (a)		77,525		1,489,362
Shimachu Co., Ltd. (a)		105,100		2,490,370
Shochiku Co., Ltd. (a)		515,000		4,881,220
Shoei Co., Ltd. (a)		123,300		506,415
Sinfonia Technology Co., Ltd. (a)		506,000		1,106,750
SMK Corp. (a)		265,343		925,371
Star Micronics Co., Ltd.		73,000		727,383
Sumitomo Osaka Cement Co., Ltd. (a)		1,038,793		3,042,094
Tadano, Ltd.		185,526		1,345,878
Taiyo Yuden Co., Ltd. (a)		55,100		590,536
Takara Holdings, Inc. (a)		324,000		2,216,562
Takasago International Corp.		339,694		1,609,826
Takuma Co., Ltd. (a)		281,000		1,406,793
The 77 Bank, Ltd.		120,000		532,232
The Bank of Nagoya, Ltd.		269,000		970,812
The Bank of Okinawa, Ltd.		54,300		2,434,741
The Ehime Bank, Ltd.		762,000		2,185,212
The Eighteenth Bank, Ltd.		732,730		2,332,769
The Hokuetsu Bank, Ltd.		1,025,000		2,204,569
The Michinoku Bank, Ltd. (a)		716,000		1,470,369
The Minato Bank, Ltd.		835,000		1,562,549
The Miyazaki Bank, Ltd.		694,000		1,981,773
The Musashino Bank, Ltd.		46,300		1,602,314
The Oita Bank, Ltd.		461,000		1,478,875
The Tochigi Bank, Ltd.		277,000		1,036,709
The Tokyo Tomin Bank, Ltd.		50,000		606,355
Toagosei Co., Ltd.		605,818		2,804,747
TOC Co., Ltd. (a)		216,100		1,221,052
Toei Co., Ltd. (a)		328,000		1,701,877
Toho Holdings Co., Ltd. (a)		81,719		1,459,711
Toho Zinc Co., Ltd. (a)		260,000		1,178,443
Tokai Carbon Co., Ltd.		79,000		423,343
Tokai Tokyo Financial Holdings, Inc.		269,000		1,010,037
Tokuyama Corp. (a)		171,000		534,018
Tokyo Dome Corp. (a)(c)		265,000		917,735
Tokyo Tatemono Co., Ltd. (c)		242,000		985,115
TOMONY Holdings, Inc.		292,800		1,430,289
Topy Industries, Ltd.		806,381		2,518,256
Toyo Corp/Chuo-ku (a)		184,748		2,020,453
Toyo Tire & Rubber Co., Ltd.		450,000		1,263,139
Toyobo Co., Ltd.		1,091,788		1,565,478
Ulvac, Inc. (a)(c)		51,900		573,268
Unitika, Ltd. (c)		1,104,000		697,588
UNY Co., Ltd.		78,600		855,770
Yamato Kogyo Co., Ltd. (a)		27,800		815,809
Yodogawa Steel Works, Ltd.		466,000		2,044,182
Zenrin Co., Ltd.		59,277		600,729

				223,503,114

LUXEMBOURG — 0.1%
AZ Electronic Materials SA		144,774		668,725

NETHERLANDS — 1.9%
Aalberts Industries NV		99,615		2,056,188
AerCap Holdings NV (a)(c)		74,528		828,006
ASM International NV		76,839		2,952,119
BinckBank NV		42,016		455,343
CSM (a)		33,146		594,352
Draka Holding NV (b)		316		7,277
Eurocommercial Properties NV		17,587		665,379
Exact Holding NV		53,252		1,255,207
Koninklijke BAM Groep NV		119,505		561,463
Mediq NV		180,122		2,828,049
Ordina NV (c)		104,708		142,786
VistaPrint NV (a)(c)		27,058		1,045,792
Wereldhave NV		8,369		663,239

				14,055,200

NEW ZEALAND — 0.4%
Fisher & Paykel Appliances Holdings, Ltd. (c)		1,087,621		441,169
Fisher & Paykel Healthcare Corp., Ltd.		853,952		1,567,487
Nuplex Industries, Ltd. (a)		139,587		293,968
Sky City Entertainment Group Ltd.		285,315		921,177

				3,223,801

NORWAY — 1.5%
Algeta ASA (c)		23,438		590,465
Deep Sea Supply PLC (c)		190,822		429,881
DNO International ASA (a)(c)		1,055,454		1,868,862
Ekornes ASA		95,538		1,658,166
Norske Skogindustrier ASA (a)(c)		283,606		283,405
Norwegian Property ASA		448,710		698,547
ProSafe SE		133,275		1,057,966
Renewable Energy Corp. ASA (a)(c)		272,003		160,988
Songa Offshore SE (c)		139,436		491,346

See accompanying notes to financial statements.

147

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Tomra Systems ASA		210,821	$	1,718,634
Veidekke ASA		281,255		2,386,505

				11,344,765

PORTUGAL — 0.2%
Altri SGPS SA		387,662		590,073
Semapa-Sociedade de Investimento e Gestao, SGPS, SA (c)		156,803		1,154,118

				1,744,191

SINGAPORE — 2.3%
Bukit Sembawang Estates, Ltd. (a)		285,080		1,108,714
Cape PLC		61,605		406,120
CapitaCommercial Trust (a)		818		794
China Yuchai International, Ltd. (a)		23,310		369,929
Cosco Corp. Singapore, Ltd. (a)		589,000		545,739
Ezra Holdings, Ltd. (a)(c)		524,599		479,810
Haw Par Corp., Ltd.		845,352		4,047,416
Hong Leong Finance, Ltd. (a)		1,855,656		3,748,651
Mapletree Industrial Trust		756,000		661,391
Mapletree Logistics Trust (a)		4,553,201		3,422,098
Miclyn Express Offshore, Ltd. (a)		398,000		923,570
Wing Tai Holdings, Ltd.		1,360,000		1,384,499

				17,098,731

SOUTH KOREA — 6.7%
Asiana Airlines (c)		167,988		1,042,280
Capro Corp.		15,010		326,549
Cheil Communications, Inc.		217,647		3,476,820
CJ E&M Corp. (c)		10,297		258,095
Daum Communications Corp. (a)		18,237		1,916,973
DGB Financial Group, Inc.		69,810		914,945
Dong-A Pharmaceutical Co., Ltd.		13,658		977,595
Dongkuk Steel Mill Co., Ltd.		21,010		401,453
Eugene Investment & Securities Co., Ltd. (c)		79,559		254,887
Fila Korea, Ltd.		5,814		440,264
GemVax & Kael Co., Ltd. (c)		10,998		376,614
Grand Korea Leisure Co., Ltd.		19,780		381,442
Green Cross Corp.		3,100		346,101
Hana Tour Service, Inc. (a)		26,252		1,041,461
Hanjin Heavy Industries & Construction Co., Ltd. (c)		16,950		282,737
Hanjin Shipping Co., Ltd. (a)(c)		46,148		639,445
Hanmi Pharm Co., Ltd. (a)(c)		10,300		548,158
Hansol Paper Co. (a)		79,839		572,166
Hanwha Securities Co. (c)		120,262		520,086
Hite Jinro Co. Ltd.		28,504		647,790
Hotel Shilla Co., Ltd.		64,602		2,751,023
Humax Co., Ltd. (a)		47,197		426,962
Hyundai Development Co.		29,400		644,799
Hyundai Elevator Co., Ltd.		3,025		308,360
Hyundai Greenfood Co., Ltd.		35,990		482,810
Hyundai Marine & Fire Insurance Co., Ltd. (c)		7		201
Hyundai Securities Co., Ltd. (c)		76,640		713,607
Jeonbuk Bank		255,274		1,146,767
Korea Express Co., Ltd. (c)		7,158		505,397
Korea Investment Holdings Co., Ltd. (c)		23,920		951,058
Korean Reinsurance Co. (c)		129,458		1,559,597
KP Chemical Corp. (a)		25,550		348,394
KT Skylife Co., Ltd. (c)		13,678		299,382
Kumho Tire Co, Inc. (c)		56,330		611,499
LG Fashion Corp.		11,330		399,482
LG International Corp. (a)		69,528		3,154,088
LG Life Sciences, Ltd. (a)(c)		25,150		799,082
LIG Insurance Co., Ltd. (c)		59,960		1,381,189
Lotte Chilsung Beverage Co., Ltd.		397		426,064
LS Industrial Systems Co., Ltd. (a)		10,007		580,257
MegaStudy Co., Ltd.		5,801		597,994
Melfas, Inc.		13,454		246,982
Meritz Finance Holdings Co. Ltd. (c)		89,588		227,320
Meritz Fire & Marine Insurance Co., Ltd. (c)		119,688		1,362,672
Meritz Securities Co., Ltd. (c)		789,037		628,834
Mirae Asset Securities Co., Ltd. (c)		14,377		503,109
Neowiz Games Corp. (c)		9,203		285,094
NongShim Co., Ltd.		2,491		500,157
Poongsan Corp.		57,983		1,542,904
S1 Corp/Korea		12,835		598,110
Samsung Fine Chemicals Co., Ltd. (a)		29,382		1,413,282
Samyang Corp. (c)		2,140		86,786
Samyang Holdings Corp.		2,858		187,162
Seoul Semiconductor Co., Ltd. (a)		21,564		452,006
SFA Engineering Corp. (a)		44,338		2,093,538
SK Broadband Co., Ltd. (c)		152,938		469,727
SK Chemicals Co., Ltd.		31,596		1,784,691
STX Offshore & Shipbuilding Co., Ltd.		27,283		343,129
STX Pan Ocean Co., Ltd. (a)		61,709		429,711
Taekwang Industrial Co., Ltd.		478		493,166
Tong Yang Securities, Inc. (c)		70,790		342,376
Woori Investment & Securities Co., Ltd. (c)		64,403		741,767
Yuhan Corp.		11,120		1,158,078

				49,344,474

SPAIN — 1.4%
Amper SA (c)		142,556		398,668
Campofrio Food Group SA		196,454		1,679,586
Construcciones y Auxiliar de Ferrocarriles SA		5,662		3,068,060
Ercros SA (c)		437,809		338,157
Faes Farma SA (a)		221,706		457,631
Gamesa Corp. Tecnologica SA (a)		77,475		245,656
Tubacex SA (a)(c)		261,418		706,705
Tubos Reunidos SA (a)		312,340		833,966
Vidrala SA (a)		76,152		1,982,597
Zeltia SA (a)(c)		151,839		325,548

				10,036,574

SWEDEN — 1.9%
Axfood AB		13,283		476,041
Axis Communications AB		28,968		781,462
Betsson AB (c)		24,088		706,084
Carnegie Investment Bank AB (a)(b)(c)		59,625		0
Fabege AB (a)		81,282		698,854
Great Portland Estates PLC		124,785		717,552

See accompanying notes to financial statements.

148

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Haldex AB		180,462	$	1,180,352
Intrum Justitia AB (c)		114,684		1,901,217
JM AB		56,574		1,044,454
Kungsleden AB		175,288		1,215,196
New Wave Group AB (Class B)		221,574		1,142,039
Nobia AB (c)		102,727		483,031
PA Resources AB (c)		698,890		180,111
SAS AB (a)(c)		159,433		200,632
TradeDoubler AB (c)		98,694		462,580
Wihlborgs Fastigheter AB		203,842		2,872,377

				14,061,982

SWITZERLAND — 2.4%
Basilea Pharmaceutica AG (c)		9,870		553,096
Belimo Holding AG		2,588		4,993,607
Daetwyler Holding AG		33,632		2,846,543
Georg Fischer AG (c)		3,321		1,517,479
Kudelski SA		69,144		494,186
Kuoni Reisen Holding (Class B) (c)		4,959		1,821,528
Meyer Burger Technology AG (a)(c)		18,825		307,207
Mobimo Holding AG (c)		3,309		806,520
Nobel Biocare Holding AG (c)		51,283		640,576
Petroplus Holdings AG (a)(c)		55,049		12,790
Temenos Group AG (c)		77,425		1,430,544
Valora Holding AG		9,064		2,073,834

				17,497,910

UNITED KINGDOM — 12.5%
Afren PLC (c)		560,701		1,195,078
Allied Gold Mining PLC (c)		125,169		237,987
Ashtead Group PLC		276,954		1,143,429
Aveva Group PLC		36,741		972,708
Barratt Developments PLC (c)		482,377		1,086,712
Bellway PLC		97,784		1,277,998
Bodycote PLC		223,816		1,381,059
Booker Group PLC		819,402		1,103,655
Bovis Homes Group PLC (a)		191,091		1,471,011
Britvic PLC		242,375		1,489,769
BTG PLC (c)		168,886		900,718
Cable & Wireless Communications PLC		1,387,704		715,935
Cable & Wireless Worldwide PLC		1,557,653		846,172
Capital & Counties Properties PLC		296,430		908,405
Centamin PLC (c)		468,900		515,065
Chemring Group PLC		224,994		1,464,898
CSR PLC		159,596		586,232
Dairy Crest Group PLC		183,423		976,197
Debenhams PLC		573,843		740,821
Domino’s Pizza UK & IRL PLC		58,944		406,471
DS Smith PLC		741,620		2,122,198
DSG International PLC (c)		2,213,995		660,081
Elementis PLC		945,644		2,789,127
EnQuest PLC (c)		316,896		638,470
Enterprise Inns PLC (c)		459,824		433,464
Fenner PLC		376,125		2,605,135
Filtrona PLC		84,143		638,588
Galiform PLC (c)		332,172		658,633
Galliford Try PLC (a)		132,993		1,328,060
Game Group PLC (e)		573,405		0
Gem Diamonds, Ltd. (c)		95,180		415,922
Hays PLC		598,079		806,033
Heritage Oil PLC (a)(c)		129,015		288,793
Hikma Pharmaceuticals PLC		63,301		686,735
Home Retail Group PLC		355,334		647,218
Hunting PLC		67,556		1,022,709
Imagination Technologies Group PLC (c)		113,205		1,238,078
Intermediate Capital Group PLC		180,981		837,125
International Personal Finance		308,722		1,322,432
Interserve PLC		197,912		921,131
ITE Group PLC		537,864		1,907,807
J.D. Wetherspoon PLC		166,933		1,097,275
Jardine Lloyd Thompson Group PLC		3,048		34,017
Jazztel PLC (c)		86,126		557,986
JKX Oil & Gas PLC		72,033		184,145
Jupiter Fund Management PLC		199,867		794,831
Keller Group PLC		104,107		733,546
Kesa Electricals PLC		268,064		299,810
Kier Group PLC		61,357		1,111,696
Ladbrokes PLC		296,000		757,168
Laird PLC		212,735		731,459
Lamprell PLC		92,831		508,295
Mcbride PLC (c)		155,573		305,737
Melrose PLC		469,689		3,175,136
Michael Page International PLC		282,386		2,165,675
Micro Focus International PLC		92,788		701,232
Misys PLC (c)		145,687		833,322
Mitchells & Butlers PLC (c)		237,252		1,024,246
Mitie Group PLC		525,762		2,347,902
Morgan Crucible Co. PLC		333,786		1,717,248
Morgan Sindall PLC		69,673		754,750
N Brown Group PLC		264,762		981,415
National Express Group PLC		216,830		834,574
Ophir Energy PLC (c)		116,977		948,518
Pace PLC		191,959		229,260
PayPoint PLC		110,751		1,100,644
Premier Farnell PLC		487,051		1,669,987
Premier Foods PLC (c)		1,522,318		395,246
Punch Taverns PLC (c)		1,240,448		232,876
PV Crystalox Solar PLC		424,582		28,831
Redrow PLC (c)		318,610		657,195
Regus PLC		327,856		595,073
Renishaw PLC		20,200		429,252
Restaurant Group PLC		352,555		1,667,916
RPS Group PLC		320,875		1,215,560
Salamander Energy PLC (c)		93,077		319,735
Senior PLC		698,788		2,231,861
Shaftesbury PLC		339,507		2,671,554
Shanks Group PLC		438,756		692,260
SIG PLC		332,416		623,532
SOCO International PLC (c)		110,183		521,093
Spirent Communications PLC		353,865		907,448
Spirit Pub Co. PLC (c)		240,598		236,416
Taylor Wimpey PLC (c)		1,487,432		1,223,921
Telecity Group PLC (c)		114,734		1,351,041
Tullett Prebon PLC		267,471		1,495,732
Ultra Electronics Holdings PLC		54,109		1,512,057
Unite Group PLC		302,882		953,342
Victrex PLC		162,295		3,500,643

See accompanying notes to financial statements.

149

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

WH Smith PLC		177,171	$	1,542,759
Wincanton PLC (c)		243,274		271,112
Yell Group PLC (a)(c)		1,952,224		116,657

				92,381,045

TOTAL COMMON STOCKS —
(Cost $780,812,093)				733,359,284

PREFERRED STOCK — 0.0% (f)
SOUTH KOREA — 0.0% (f)
Hyundai Securities Co., Ltd. (c) (Cost $246,036)		33,293		261,513

RIGHTS — 0.1%
AUSTRALIA — 0.0% (f)
Bank of Queensland, Ltd. (expiring 4/24/12) (c)		25,345		32,295

FINLAND — 0.1%
Outokumpu Oyj (expiring 4/4/12) (a)(c)		45,059		328,888

TOTAL RIGHTS —
(Cost $290,617)				361,183

WARRANTS — 0.0% (f)
CANADA — 0.0% (f)
Kinross Gold Corp. (expiring 9/17/14) (c)		463		296

ITALY — 0.0% (f)
Interpump Group SpA (expiring 10/31/12) (c)		8		7

TOTAL WARRANTS —
(Cost $2,206)				303

SHORT TERM INVESTMENTS — 12.6%
UNITED STATES — 12.6%
MONEY MARKET FUNDS — 12.6%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		93,040,192		93,040,192
State Street Institutional Liquid Reserves Fund 0.23% (h)(i)		142,102		142,102

TOTAL SHORT TERM INVESTMENTS —
(Cost $93,182,294)				93,182,294

TOTAL INVESTMENTS — 111.6%
(Cost $874,533,246)				827,164,577
OTHER ASSETS & LIABILITIES — (11.6)%				(85,911,190	)

NET ASSETS — 100.0%			$	741,253,387


(a)		A portion of the security was on loan at March 31, 2012.
(b)		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)
(c)		Non-income producing security.
(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 3 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.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

150

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 18.0%
Abacus Property Group		2,312,294	$	4,742,931
Astro Japan Property Group (a)		521,040		1,424,996
Bunnings Warehouse Property Trust		3,580,242		6,527,752
CFS Retail Property Trust (a)		14,892,668		27,616,213
Charter Hall Office REIT (a)		3,939,425		12,569,620
Charter Hall Retail REIT (a)		2,215,375		7,252,253
Commonwealth Property Office Fund (a)		21,775,073		22,219,508
Dexus Property Group (a)		42,853,432		38,622,773
Goodman Group (a)		68,765,514		49,153,945
GPT Group		16,084,630		51,988,138
Investa Office Fund		23,991,732		15,782,432
Westfield Group		18,873,177		172,641,146
Westfield Retail Trust		25,601,706		68,426,954

				478,968,661

AUSTRIA — 1.9%
Atrium European Real Estate, Ltd.		1,670,723		8,194,312
CA Immobilien Anlagen AG (b)		645,180		7,366,662
IMMOFINANZ AG (a)(b)		9,631,088		34,937,255

				50,498,229

BELGIUM — 0.9%
Befimmo Sicafi S.C.A.		130,953		8,689,858
Cofinimmo (a)		124,105		15,237,949

				23,927,807

CANADA — 10.7%
Artis REIT		433,112		7,007,275
Boardwalk REIT		207,718		11,867,225
Brookfield Asset Management, Inc. (Class A) (a)		4,966,177		156,371,595
Calloway REIT		465,659		12,630,962
Canadian Apartment Properties REIT		369,050		8,311,887
Canadian REIT		291,794		10,776,043
Chartwell Seniors Housing REIT		631,063		5,764,776
Extendicare REIT		366,403		2,896,177
First Capital Realty, Inc. (a)		591,777		10,569,032
H&R REIT		751,448		17,789,044
Primaris Retail REIT		350,843		7,596,421
RioCan REIT		1,196,626		32,362,600

				283,943,037

CHINA — 3.3%
Hongkong Land Holdings, Ltd. (a)		11,002,000		63,921,620
Kerry Properties, Ltd.		5,486,170		24,696,244

				88,617,864

FRANCE — 8.9%
Fonciere Des Regions		233,925		18,762,721
Gecina SA (a)		185,605		19,363,309
Klepierre		834,485		28,893,371
SILIC		83,243		9,169,900
Unibail-Rodamco SE		811,002		161,947,677

				238,136,978

GERMANY — 0.2%
IVG Immobilien AG (b)		1,291,262		4,126,976

HONG KONG — 9.4%
Champion REIT		13,663,174		5,789,779
Hang Lung Group, Ltd. (a)		7,538,808		48,792,517
Hang Lung Properties, Ltd.		19,790,755		72,520,219
Hysan Development Co., Ltd.		5,410,847		21,674,052
Prosperity REIT		9,600,000		2,250,386
The Link REIT (a)		20,109,750		74,854,685
Wheelock & Co., Ltd.		7,350,545		22,153,884
Yuexiu Real Estate Investment Trust		6,450,000		3,347,952

				251,383,474

ITALY — 0.2%
Beni Stabili SpA		7,336,437		4,551,811

JAPAN — 18.1%
Aeon Mall Co., Ltd.		707,440		16,530,860
Daibiru Corp. (a)		509,800		3,853,158
Daiwa Office Investment Corp. (a)		2,278		6,117,480
Frontier Real Estate Investment Corp.		1,562		12,868,777
Fukuoka REIT Corp. (a)		946		6,828,167
Global One Real Estate Investment Co., Ltd. (a)		857		5,737,979
Hankyu REIT, Inc. (a)		757		3,633,453
Heiwa Real Estate Co., Ltd.		1,587,500		4,340,331
Japan Excellent, Inc.		1,518		7,793,365
Japan Hotel and Resort, Inc. (c)		6		15,026
Japan Prime Realty Investment Corp.		6,347		18,348,032
Japan Real Estate Investment Corp.		4,834		42,821,387
Japan Retail Fund Investment Corp.		16,634		24,841,346
Kenedix Realty Investment Corp.		2,549		9,400,589
Mitsui Fudosan Co., Ltd.		7,824,000		150,499,933
Mori Hills REIT Investment Corp.		1,620		6,496,142
Mori Trust Sogo REIT, Inc. (a)		1,525		13,546,084
Nippon Building Fund, Inc.		5,142		49,111,270
Nomura Real Estate Office Fund, Inc.		2,578		15,428,216
NTT Urban Development Corp. (a)		9,633		7,889,473
Orix JREIT, Inc. (a)		2,502		11,735,488
Premier Investment Corp.		1,709		6,894,562
Shoei Co., Ltd. (a)		325,090		1,335,202
Tokyu Land Corp. (a)		4,063,000		19,995,322
Tokyu REIT, Inc. (a)		1,502		7,994,119
Top REIT, Inc.		1,377		7,998,129
United Urban Investment Corp.		18,561		21,313,743

				483,367,633

NETHERLANDS — 1.8%
Corio NV		518,743		27,321,533
Eurocommercial Properties NV		290,007		10,972,006
VastNed Retail NV		164,105		8,604,957

				46,898,496

NEW ZEALAND — 0.8%
AMP NZ Office Trust		5,954,794		4,513,681
Argosy Property, Ltd.		4,938,463		3,399,331
Goodman Property Trust (a)		7,244,524		6,144,302
Kiwi Income Property Trust (a)		8,663,821		7,561,038

				21,618,352

SINGAPORE — 7.9%
Ascendas REIT (a)		14,915,831		23,963,080

See accompanying notes to financial statements.

151

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Cambridge Industrial Trust		9,630,367	$	4,097,703
CapitaCommercial Trust (a)		17,079,676		16,572,318
CapitaLand, Ltd. (a)		22,496,999		55,824,263
CapitaMall Trust		18,844,168		27,051,913
Frasers Commercial Trust		4,328,304		2,891,618
Global Logistic Properties, Ltd. (b)		20,019,000		35,027,478
Guocoland, Ltd.		2,898,666		4,472,432
Mapletree Logistics Trust		11,384,080		8,556,055
Singapore Land, Ltd.		942,000		4,495,168
Starhill Global REIT		10,305,482		5,245,563
Suntec REIT		18,421,351		18,313,667
United Industrial Corp., Ltd.		2,174,000		4,824,003

				211,335,261

SOUTH AFRICA — 1.2%
Capital Property Fund		11,406,792		13,599,774
Fountainhead Property Trust (a)		10,316,510		9,813,021
SA Corporate Real Estate Fund		8,901,785		3,746,508
Sycom Property Fund		1,073,098		3,530,595

				30,689,898

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

SWEDEN — 2.0%
Castellum AB (a)		1,526,185		19,171,185
Fabege AB		1,270,849		10,926,618
Great Portland Estates PLC		2,774,315		15,953,153
Kungsleden AB		1,211,157		8,396,426

				54,447,382

SWITZERLAND — 2.5%
PSP Swiss Property AG (b)		308,627		27,384,948
Swiss Prime Site AG (b)		483,296		40,103,115

				67,488,063

UNITED KINGDOM — 11.8%
Big Yellow Group PLC		1,081,957		4,909,500
British Land Co. PLC		7,865,846		60,312,192
Capital & Counties Properties PLC		6,077,686		18,624,979
Capital Shopping Centres Group PLC		6,116,479		32,386,418
Derwent London PLC		896,099		24,983,907
Grainger PLC		2,988,916		4,999,992
Hammerson PLC		6,289,810		41,765,914
Land Securities Group PLC		6,946,447		80,188,023
Segro PLC		6,592,875		24,733,288
Shaftesbury PLC		2,217,900		17,452,479
Workspace Group PLC		946,744		3,558,534

				313,915,226

TOTAL COMMON STOCKS —
(Cost $2,649,419,428)				2,653,915,148

SHORT TERM INVESTMENTS — 3.1%
UNITED STATES — 3.1%
MONEY MARKET FUNDS — 3.1%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		80,346,716		80,346,716
State Street Institutional Liquid Reserves Fund 0.23% (g)(h)		1,154,937		1,154,937

TOTAL SHORT TERM INVESTMENTS —
(Cost $81,501,653)				81,501,653

TOTAL INVESTMENTS — 102.7%
(Cost $2,730,921,081)				2,735,416,801
OTHER ASSETS & LIABILITIES — (2.7)%				(72,237,700	)

NET ASSETS — 100.0%			$	2,663,179,101


(a)		A portion of the security was on loan at March 31, 2012.
(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)		Amount shown represents less than 0.05% of net assets.
(e)		Company has filed for insolvency.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

152

SPDR FTSE/Macquarie Global Infrastructure 100 ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 1.8%
AGL Energy, Ltd.		14,380	$	219,730
Asciano Group		31,523		160,016
Macquarie Atlas Roads Group (a)		779		1,372
Transurban Group		45,876		266,141

				647,259

BRAZIL — 1.2%
Centrais Eletricas Brasileiras SA ADR		17,132		160,356
Companhia Energetica de Minas Gerais ADR		12,268		291,733

				452,089

CANADA — 7.6%
Canadian Utilities, Ltd. (Class A) (b)		2,756		179,404
Emera, Inc.		3,849		130,591
Enbridge, Inc.		24,500		949,652
Fortis, Inc. (b)		5,885		190,014
Pembina Pipeline Corp. (b)		8,900		250,940
TransAlta Corp. (b)		6,963		130,280
TransCanada Corp. (b)		22,032		944,150

				2,775,031

CZECH REPUBLIC — 0.8%
CEZ AS (b)		6,701		286,687

FINLAND — 0.9%
Fortum Oyj (b)		14,099		341,717

FRANCE — 5.6%
EDF SA		8,345		190,144
GDF Suez		53,396		1,377,351
Suez Environnement Co. (b)		12,233		187,343
Veolia Environnement SA		16,633		275,437

				2,030,275

GERMANY — 6.3%
E.ON AG		60,292		1,442,023
RWE AG		18,227		869,091

				2,311,114

HONG KONG — 3.7%
CLP Holdings, Ltd.		57,727		498,159
Hong Kong & China Gas Co., Ltd.		186,872		478,974
Hongkong Electric Holdings, Ltd.		51,000		374,420

				1,351,553

ITALY — 4.4%
Atlantia SpA		14,822		245,744
Enel Green Power SpA		62,496		118,597
Enel SpA		221,008		798,186
Snam Rete Gas SpA		53,985		259,242
Terna Rete Elettrica Nationale SpA		46,967		188,513

				1,610,282

JAPAN — 5.5%
Chubu Electric Power Co., Inc. (b)		18,198		330,370
Electric Power Development Co., Ltd. (b)		5,241	��	142,910
Hokuriku Electric Power Co. (b)		5,100		92,711
Kyushu Electric Power Co., Inc. (b)		11,118		159,282
Osaka Gas Co., Ltd. (b)		49,000		197,679
Shikoku Electric Power Co., Inc. (b)		5,335		151,243
The Chugoku Electric Power Co., Inc. (b)		8,875		165,756
The Kansai Electric Power Co., Inc. (b)		22,537		351,084
The Tokyo Electric Power Co., Inc. (a)		67		169
Tohoku Electric Power Co., Inc. (a)(b)		11,808		135,449
Tokyo Gas Co., Ltd. (b)		62,000		293,821

				2,020,474

PORTUGAL — 0.6%
EDP — Energias de Portugal SA		68,959		200,287

SOUTH KOREA — 0.4%
Korea Electric Power Corp. ADR (a)		16,050		156,166

SPAIN — 3.6%
Abertis Infraestructuras SA		11,875		201,865
Enagas		5,579		107,208
Gas Natural SDG SA		12,704		202,677
Iberdrola SA (b)		140,560		796,841

				1,308,591

UNITED KINGDOM — 9.4%
Centrica PLC		162,434		821,150
International Power PLC		48,575		314,323
National Grid PLC		112,595		1,134,261
Pennon Group PLC		11,197		127,287
Scottish & Southern Energy PLC		29,357		623,370
Severn Trent PLC		7,516		185,414
United Utilities Group PLC		21,824		209,739

				3,415,544

UNITED STATES — 47.7%
AGL Resources, Inc.		3,639		142,722
Alliant Energy Corp. (b)		3,472		150,407
Ameren Corp. (b)		7,618		248,194
American Electric Power Co., Inc.		15,276		589,348
American Water Works Co., Inc.		5,430		184,783
Aqua America, Inc. (b)		4,311		96,092
Calpine Corp. (a)		11,440		196,882
CenterPoint Energy, Inc.		13,464		265,510
CMS Energy Corp. (b)		7,930		174,460
Consolidated Edison, Inc.		9,184		536,529
Dominion Resources, Inc.		17,991		921,319
DTE Energy Co. (b)		5,372		295,621
Duke Energy Corp. (b)		42,048		883,428
Edison International (b)		10,302		437,938
El Paso Corp.		24,284		717,592
Entergy Corp. (b)		5,561		373,699
Exelon Corp.		26,729		1,048,044
FirstEnergy Corp. (b)		13,220		602,700
Integrys Energy Group, Inc. (b)		2,448		129,720
ITC Holdings Corp. (b)		1,649		126,874
Kinder Morgan Management, LLC (a)		3,031		226,204
Kinder Morgan, Inc. (b)		5,400		208,710
National Fuel Gas Co. (b)		2,569		123,620
NextEra Energy, Inc. (b)		13,348		815,296
NiSource, Inc. (b)		8,789		214,012
Northeast Utilities (b)		5,643		209,468
NRG Energy, Inc. (a)(b)		7,339		115,002
NSTAR (b)		3,273		159,166
NV Energy, Inc.		7,273		117,241
OGE Energy Corp.		3,129		167,401

See accompanying notes to financial statements.

153

SPDR FTSE/Macquarie Global Infrastructure 100 ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

ONEOK, Inc. (b)		3,304	$	269,805
Pepco Holdings, Inc. (b)		7,037		132,929
PG&E Corp. (b)		13,075		567,586
Pinnacle West Capital Corp.		3,400		162,860
PPL Corp. (b)		18,195		514,191
Progress Energy, Inc.		9,245		491,002
Public Service Enterprise Group, Inc.		16,135		493,892
SCANA Corp. (b)		4,062		185,268
Sempra Energy (b)		7,547		452,518
Southern Co. (b)		27,447		1,233,194
Spectra Energy Corp.		20,652		651,571
TECO Energy, Inc. (b)		6,732		118,147
The AES Corp. (a)		24,506		320,293
The Williams Cos., Inc.		18,526		570,786
Wisconsin Energy Corp. (b)		7,314		257,307
WPX Energy, Inc. (a)(b)		6,175		111,212
Xcel Energy, Inc.		15,340		406,050

				17,416,593

TOTAL COMMON STOCKS —
(Cost $50,011,253)				36,323,662

SHORT TERM INVESTMENTS — 16.5%
UNITED STATES — 16.5%
MONEY MARKET FUNDS — 16.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		5,957,227		5,957,227
State Street Institutional Liquid Reserves Fund 0.23% (d)(e)		59,301		59,301

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,016,528)				6,016,528

TOTAL INVESTMENTS — 116.0%
(Cost $56,027,781)				42,340,190
OTHER ASSETS & LIABILITIES — (16.0)%				(5,839,521	)

NET ASSETS — 100.0%			$	36,500,669

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

154

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 8.1%
BHP Billiton, Ltd.		341,571	$	12,246,759
Incitec Pivot, Ltd.		397,113		1,295,876
Newcrest Mining, Ltd.		82,567		2,538,686
Rio Tinto, Ltd.		48,582		3,291,484
Woodside Petroleum, Ltd.		34,493		1,243,866

				20,616,671

BRAZIL — 1.7%
Companhia Siderurgica Nacional SA ADR		101,619		961,316
Gerdau SA ADR		81,844		788,158
Petroleo Brasileiro SA ADR		95,417		2,534,275

				4,283,749

CANADA — 12.6%
Agnico-Eagle Mines, Ltd.		18,298		608,560
Agrium, Inc.		37,222		3,206,205
Barrick Gold Corp.		107,658		4,680,970
Canadian Natural Resources, Ltd.		47,566		1,573,397
Goldcorp, Inc.		87,304		3,927,348
Imperial Oil, Ltd. (a)		36,725		1,665,293
Kinross Gold Corp.		123,259		1,202,437
Potash Corp. of Saskatchewan, Inc.		201,662		9,213,937
Sino-Forest Corp. (a)(b)(c)		48,511		0
Suncor Energy, Inc. (a)		67,236		2,192,427
Teck Resources, Ltd. (Class B)		63,396		2,258,774
Viterra, Inc.		86,193		1,372,085

				31,901,433

CHILE — 1.0%
Sociedad Quimica y Minera de Chile SA ADR		41,651		2,443,664

CHINA — 0.9%
China Agri-Industries Holdings, Ltd.		649,000		427,986
China Coal Energy Co., Ltd		106,000		118,915
China Petroleum & Chemical Corp.		426,000		464,188
China Shenhua Energy Co., Ltd.		89,000		375,419
PetroChina Co., Ltd.		546,000		772,164
Yanzhou Coal Mining Co., Ltd.		48,000		104,111

				2,262,783

EGYPT — 2.1%
Vale SA ADR		227,060		5,297,310

FINLAND — 1.1%
Stora Enso Oyj		145,291		1,077,706
UPM-Kymmene Oyj (a)		124,594		1,694,061

				2,771,767

FRANCE — 2.0%
Total SA		102,462		5,217,795

GERMANY — 2.1%
K+S AG		45,804		2,392,614
Suedzucker AG		44,642		1,419,363
ThyssenKrupp AG (a)		57,319		1,424,731

				5,236,708

HONG KONG — 0.9%
CNOOC, Ltd.		1,145,000		2,353,709

INDIA — 0.5%
Reliance Industries, Ltd. GDR (d)		42,380		1,235,377

ITALY — 1.6%
ENI SpA		174,242		4,081,549

JAPAN — 1.9%
JFE Holdings, Inc. (a)		67,300		1,454,030
Nippon Steel Corp. (a)		743,000		2,049,468
OJI Paper Co., Ltd. (a)		250,000		1,215,141

				4,718,639

LUXEMBOURG — 1.3%
ArcelorMittal		176,539		3,368,939

NETHERLANDS — 2.5%
Nutreco NV		8,348		599,430
Royal Dutch Shell PLC (Class A)		161,606		5,637,929

				6,237,359

NORWAY — 2.7%
StatoilHydro ASA		136,354		3,695,677
Yara International ASA		65,494		3,118,516

				6,814,193

PERU — 1.0%
Compania de Minas Buenaventura SA ADR		19,010		766,293
Southern Copper Corp. (a)		57,986		1,838,736

				2,605,029

RUSSIA — 5.9%
Gazprom OAO ADR (e)		292,060		3,563,132
Gazprom OAO ADR (e)		14,485		179,180
Lukoil OAO ADR		22,531		1,357,206
MMC Norilsk Nickel OJSC ADR		135,698		2,483,273
Novolipetsk Steel OJSC GDR		42,466		882,444
Rosneft Oil Co. GDR		276,727		1,959,227
Surgutneftegas OJSC ADR		89,355		873,892
Surgutneftegas OJSC ADR		2,632		25,846
Uralkali OJSC GDR		99,714		3,760,215

				15,084,415

SINGAPORE — 3.3%
Golden Agri-Resources, Ltd.		2,898,000		1,809,306
Wilmar International, Ltd. (a)		1,706,000		6,648,427

				8,457,733

SOUTH AFRICA — 0.6%
AngloGold Ashanti, Ltd. ADR (a)		25,805		952,721
Gold Fields, Ltd. ADR (a)		49,147		683,143

				1,635,864

SOUTH KOREA — 1.2%
POSCO ADR		36,638		3,066,601

SPAIN — 0.5%
Repsol YPF SA		53,324		1,335,727

SWEDEN — 1.0%
Svenska Cellulosa AB (Class B)		142,737		2,465,230

SWITZERLAND — 3.0%
Syngenta AG (c)		22,018		7,602,830

UNITED KINGDOM — 9.1%
Anglo American PLC		147,146		5,494,347

See accompanying notes to financial statements.

155

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Antofagasta PLC		109,930	$	2,023,381
BG Group PLC		146,689		3,393,712
BP PLC		843,702		6,235,291
Lonmin PLC		21,362		348,820
Xstrata PLC		327,486		5,588,213

				23,083,764

UNITED STATES — 30.8%
Alcoa, Inc. (a)		117,238		1,174,725
Apache Corp.		16,716		1,678,955
Archer-Daniels-Midland Co.		157,189		4,976,604
Bunge, Ltd. (a)		34,480		2,359,811
CF Industries Holdings, Inc.		15,310		2,796,372
Chevron Corp.		87,541		9,387,897
ConocoPhillips (a)		57,679		4,384,181
CONSOL Energy, Inc. (a)		10,054		342,841
Exxon Mobil Corp. (a)		152,221		13,202,127
Freeport-McMoRan Copper & Gold, Inc.		103,727		3,945,775
International Paper Co.		104,207		3,657,666
MeadWestvaco Corp. (a)		40,594		1,282,364
Monsanto Co.		126,211		10,066,589
Newmont Mining Corp.		53,234		2,729,307
Nucor Corp. (a)		35,450		1,522,578
Occidental Petroleum Corp.		35,976		3,425,994
Peabody Energy Corp.		12,277		355,542
Plum Creek Timber Co., Inc. (a)		38,762		1,610,949
Rayonier, Inc. (a)		29,184		1,286,723
The Mosaic Co.		97,461		5,388,619
Weyerhaeuser Co. (a)		127,859		2,802,669

				78,378,288

TOTAL COMMON STOCKS —
(Cost $272,573,463)				252,557,126

SHORT TERM INVESTMENTS — 9.1%
UNITED STATES — 9.1%
MONEY MARKET FUNDS — 9.1%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		22,569,168		22,569,168
State Street Institutional Liquid Reserves Fund 0.23% (g)(h)		404,289		404,289

TOTAL SHORT TERM INVESTMENTS —
(Cost $22,973,457)				22,973,457

TOTAL INVESTMENTS — 108.5%
(Cost $295,546,920)				275,530,583
OTHER ASSETS & LIABILITIES — (8.5)%				(21,510,302	)

NET ASSETS — 100.0%			$	254,020,281


(a)		A portion of the security was on loan at March 31, 2012.
(b)		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 3 inputs. (Note 2)
(c)		Non-income producing security.
(d)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of March 31, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(f)		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

PLC = Public Limited Company

See accompanying notes to financial statements.

156

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 5.9%
Alumina, Ltd.		265,446	$	339,611
Amcor, Ltd.		124,279		957,876
AMP, Ltd.		82,979		371,356
Australia & New Zealand Banking Group, Ltd.		50,926		1,227,122
BHP Billiton, Ltd.		119,443		4,282,535
BlueScope Steel, Ltd. (a)(b)		205,066		83,913
Boral, Ltd. (a)		169,482		707,566
Brambles, Ltd.		62,176		457,319
CFS Retail Property Trust		198,466		368,025
Coca-Cola Amatil, Ltd.		86,314		1,115,029
Commonwealth Bank of Australia (a)		43,052		2,234,445
CSL, Ltd.		24,298		903,405
Fortescue Metals Group, Ltd. (a)		72,746		437,848
Iluka Resources, Ltd. (a)		14,574		268,592
Insurance Australia Group, Ltd.		91,172		321,129
Lend Lease Group		78,164		604,875
Lynas Corp., Ltd. (a)(b)		189,192		214,613
Macquarie Group, Ltd.		23,351		703,458
National Australia Bank, Ltd. (a)		50,353		1,283,214
Newcrest Mining, Ltd.		21,058		647,470
Origin Energy, Ltd.		69,202		957,059
OZ Minerals, Ltd.		37,204		376,165
Qantas Airways, Ltd. (b)		212,330		392,634
QBE Insurance Group, Ltd.		31,117		456,779
Rio Tinto, Ltd. (a)		10,950		741,875
Santos, Ltd.		61,001		899,882
Sonic Healthcare, Ltd. (a)		31,181		404,420
Suncorp Group, Ltd.		83,165		723,700
Toll Holdings, Ltd. (a)		88,896		540,579
Transurban Group		76,506		443,836
Wesfarmers, Ltd. (c)		772		24,009
Wesfarmers, Ltd. (c)		15,604		499,497
Westfield Group		50,875		465,376
Westpac Banking Corp. (a)		62,427		1,415,653
Woodside Petroleum, Ltd.		22,620		815,709
Woolworths, Ltd.		40,953		1,102,208

				27,788,782

AUSTRIA — 0.3%
Erste Group Bank AG		16,867		388,364
OMV AG		8,548		303,367
Raiffeisen International Bank-Holding AG (a)		11,392		402,024
Telekom Austria AG		17,466		203,102

				1,296,857

BELGIUM — 0.6%
Ageas		135,058		296,404
Ageas VVPR Strip (b)		5,332		7
Anheuser-Busch InBev NV		18,424		1,344,040
Anheuser-Busch InBev NV — VVPR Strip (b)		8,694		35
Delhaize Group		3,861		202,840
KBC Groep NV		11,068		277,245
Solvay SA		3,419		404,177
UCB SA		5,739		247,239

				2,771,987

BRAZIL — 3.3%
Banco Bradesco SA Preference Shares ADR (a)		76,955		1,346,712
Companhia de Bebidas das Americas Preference Shares ADR (a)		44,790		1,850,723
Companhia Energetica de Minas Gerais ADR		57,782		1,374,056
Companhia Siderurgica Nacional SA ADR		53,995		510,793
Gerdau SA ADR		80,477		774,994
Itau Unibanco Holding SA Preference Shares ADR		111,538		2,140,414
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		38,792		327,017
PDG Realty SA Empreendimentos e Participacoes ADR		28,311		200,725
Petroleo Brasileiro SA Preference Shares ADR		139,733		3,571,575
Tele Norte Leste Participacoes SA ADR		53,160		603,366
Tim Participacoes SA ADR		8,775		283,081
Vale SA Preference Shares ADR (a)		120,258		2,728,654

				15,712,110

CANADA — 8.0%
Agnico-Eagle Mines, Ltd.		3,859		128,344
Agrium, Inc.		6,334		545,594
Bank of Montreal		20,874		1,238,509
Bank of Nova Scotia (a)		32,094		1,794,400
Barrick Gold Corp. (a)		33,745		1,463,651
Brookfield Asset Management, Inc. (Class A)		21,344		672,065
Brookfield Office Properties, Inc. (a)		35,705		619,823
Cameco Corp. (a)		14,293		306,182
Canadian Imperial Bank of Commerce		12,934		986,631
Canadian National Railway Co.		18,573		1,473,092
Canadian Natural Resources, Ltd.		38,646		1,278,340
Canadian Pacific Railway, Ltd. (a)		8,531		646,237
Canadian Tire Corp., Ltd. (Class A)		6,336		408,643
Cenovus Energy, Inc.		26,785		962,111
Eldorado Gold Corp.		12,199		167,218
Enbridge, Inc.		34,865		1,351,413
EnCana Corp. (a)		27,871		546,293
Enerplus Corp. (a)		11,213		250,636
First Quantum Minerals, Ltd.		13,003		247,453
Gildan Activewear, Inc. (a)		14,946		410,494
Goldcorp, Inc.		26,042		1,171,493
Husky Energy, Inc. (a)		14,444		366,790
IAMGOLD Corp.		10,614		141,032
IGM Financial, Inc. (a)		12,057		560,356
Imperial Oil, Ltd. (a)		16,206		734,860
Kinross Gold Corp.		32,114		313,284
Loblaw Cos., Ltd. (a)		11,514		391,922
Manulife Financial Corp. (a)		50,780		686,415
National Bank of Canada (a)		11,000		873,550
New Gold, Inc. (b)		18,134		178,718
Nexen, Inc.		13,992		256,055

See accompanying notes to financial statements.

157

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Onex Corp.		19,426	$	713,521
Penn West Petroleum, Ltd. (a)		15,364		299,609
Potash Corp. of Saskatchewan, Inc.		33,708		1,535,907
Research In Motion, Ltd. (b)		17,637		258,171
Rogers Communications, Inc. (Class B) (a)		17,201		681,534
Royal Bank of Canada (a)		41,376		2,393,263
Shaw Communications, Inc. (Class B) (a)		18,434		389,356
Shoppers Drug Mart Corp. (a)		11,588		507,834
Silver Wheaton Corp. (a)		8,095		267,930
SNC-Lavalin Group, Inc. (a)		15,184		606,631
Sun Life Financial, Inc. (a)		20,507		485,668
Suncor Energy, Inc.		40,995		1,336,762
Talisman Energy, Inc.		45,144		566,417
Teck Resources, Ltd. (Class B) (a)		24,905		887,355
TELUS Corp. (a)		9,342		530,450
The Toronto-Dominion Bank (a)		25,081		2,124,526
Thomson Reuters Corp. (a)		20,248		584,274
TMX Group, Inc.		9,197		412,252
TransAlta Corp. (a)		22,029		412,169
TransCanada Corp. (a)		20,959		898,168
Valeant Pharmaceuticals International, Inc. (b)		6,615		354,031
Yamana Gold, Inc. (a)		14,589		227,130

				37,644,562

CHILE — 0.4%
Empresa Nacional de Electricidad SA ADR		18,471		997,064
Enersis SA ADR		36,499		736,915
Sociedad Quimica y Minera de Chile SA ADR		4,225		247,881

				1,981,860

CHINA — 2.5%
Agricultural Bank of China, Ltd. (a)		716,000		307,094
Bank of China, Ltd.		2,426,436		978,200
Bank of Communications Co., Ltd. (a)		502,710		380,076
China Construction Bank Corp.		1,848,720		1,428,686
China COSCO Holdings Co., Ltd. (a)		363,863		230,109
China Life Insurance Co., Ltd. (a)		296,000		768,212
China Merchants Bank Co., Ltd. (a)		182,500		373,274
China Petroleum & Chemical Corp.		758,000		825,951
China Shenhua Energy Co., Ltd.		72,500		305,818
China Telecom Corp., Ltd.		870,000		481,839
Hengan International Group Co., Ltd.		36,000		363,988
Huaneng Power International, Inc. (a)		600,000		326,121
Industrial & Commercial Bank of China (a)		2,036,045		1,313,831
PetroChina Co., Ltd.		756,000		1,069,150
PICC Property & Casualty Co., Ltd.		156,400		186,133
Ping An Insurance Group Co. of China, Ltd. (a)		74,000		559,480
Tencent Holdings, Ltd.		30,600		853,678
Tingyi Cayman Islands Holding Corp. (a)		144,000		416,383
Wumart Stores, Inc. (a)		69,000		151,793
Yanzhou Coal Mining Co., Ltd. (a)		144,000		312,334
Zijin Mining Group Co., Ltd. (a)		738,000		292,767

				11,924,917

COLOMBIA — 0.0% (d)
BanColombia SA ADR		3,593		232,323

DENMARK — 0.8%
A P Moller — Maersk A/S		74		570,642
Danske Bank A/S (b)		24,983		422,603
DSV A/S (a)		19,203		434,827
Novo Nordisk A/S (Class B) (a)		17,916		2,477,398
Vestas Wind Systems A/S (a)(b)		7,979		80,839

				3,986,309

EGYPT — 0.1%
Vale SA ADR		17,977		419,404

FINLAND — 0.9%
Elisa Oyj		12,274		293,725
Fortum Oyj (a)		18,300		443,536
Kesko Oyj (Class B)		7,375		238,952
Kone Oyj (Class B)		13,535		752,886
Metso Oyj (a)		9,698		413,920
Neste Oil Oyj (a)		11,747		144,467
Nokia Oyj		78,083		424,459
Outokumpu Oyj (a)(b)		21,354		44,732
Sampo Oyj (Class A)		19,545		564,028
Stora Enso Oyj		49,826		369,588
UPM-Kymmene Oyj (a)		31,444		427,533
Wartsila Oyj (a)		8,836		332,768
YIT Oyj		1		21

				4,450,615

FRANCE — 6.0%
Accor SA		8,817		314,323
Air France-KLM (a)(b)		22,601		128,216
Air Liquide SA		10,093		1,343,547
Alcatel-Lucent (a)(b)		176,766		401,356
Alstom SA		7,864		306,425
AXA SA		49,977		827,271
BNP Paribas		30,584		1,448,924
Bouygues SA		8,391		256,226
Cap Gemini SA		5,794		258,945
Carrefour SA		20,884		499,907
Credit Agricole SA		28,103		174,399
Danone		19,209		1,337,866
Essilor International SA		12,200		1,085,769
France Telecom SA		63,599		940,535
GDF Suez		36,208		933,986
L’Oreal SA		9,796		1,206,563
Lagardere SCA		6,690		206,067
LVMH Moet Hennessy Louis Vuitton SA		8,003		1,373,231
Neopost SA (a)		3,491		224,173
Pernod — Ricard SA		6,855		715,698
Peugeot SA (a)		23,323		375,040
PPR		5,067		870,456
Publicis Groupe SA		8,785		483,577
Renault SA		15,641		823,271
Sanofi		34,319		2,661,263
Schneider Electric SA		17,398		1,135,045
Societe Generale		20,993		614,062

See accompanying notes to financial statements.

158

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Sodexo		5,214	$	427,441
Technip SA		5,430		638,726
Total SA		70,744		3,602,582
Unibail-Rodamco SE		2,389		477,055
Vallourec SA		3,594		227,341
Veolia Environnement SA		13,039		215,922
Vinci SA		17,529		912,726
Vivendi SA		42,601		780,629

				28,228,563

GERMANY — 5.6%
Adidas AG		11,520		898,073
Allianz SE		15,144		1,804,365
BASF SE		31,677		2,766,865
Bayer AG		24,745		1,737,936
Commerzbank AG (b)		119,717		302,433
Daimler AG (a)		31,075		1,870,906
Deutsche Bank AG		27,144		1,348,488
Deutsche Boerse AG		8,933		600,514
Deutsche Lufthansa AG		13,734		191,949
Deutsche Post AG		36,666		704,834
Deutsche Telekom AG		101,591		1,221,251
E.ON AG		62,040		1,483,831
Fresenius Medical Care AG & Co. KGaA		10,318		730,169
Linde AG		4,828		865,082
MAN SE		5,359		712,445
Merck KGaA		3,792		419,033
Metro AG		6,764		261,131
Muenchener Rueckversicherungs- Gesellschaft AG		7,664		1,153,805
RWE AG		18,090		862,558
Salzgitter AG		2,240		122,587
SAP AG		32,172		2,243,283
Siemens AG		28,363		2,855,110
ThyssenKrupp AG (a)		13,450		334,316
TUI AG (a)(b)		37,198		276,265
Volkswagen AG		4,389		706,640

				26,473,869

GREECE — 0.0% (d)
Hellenic Telecommunications Organization SA ADR (a)		1,380		2,967
National Bank of Greece SA ADR (a)(b)		42,752		114,148

				117,115

HONG KONG — 3.7%
AIA Group, Ltd.		163,800		600,220
Bank of East Asia, Ltd. (a)		255,886		962,374
Belle International Holdings, Ltd. (a)		216,000		387,821
Cheung Kong Holdings, Ltd.		74,000		955,976
China Mengniu Dairy Co., Ltd.		71,000		208,043
China Merchants Holdings International Co., Ltd. (a)		145,508		487,276
China Mobile, Ltd.		225,500		2,481,836
China Overseas Land & Investment, Ltd. (a)		150,000		285,162
China Resources Enterprise, Ltd.		146,000		509,608
China Unicom (Hong Kong), Ltd. (a)		290,000		491,551
Citic Pacific, Ltd. (a)		150,000		252,705
CNOOC, Ltd.		678,217		1,394,171
COSCO Pacific, Ltd.		286,594		432,623
Esprit Holdings, Ltd.		4		8
Hang Lung Properties, Ltd.		150,000		549,652
Henderson Land Development Co., Ltd.		74,684		412,186
Hong Kong & China Gas Co., Ltd.		447,118		1,146,013
Hong Kong Exchanges and Clearing, Ltd. (a)		60,506		1,017,006
Hutchison Whampoa, Ltd.		74,000		739,619
Li & Fung, Ltd. (a)		300,000		688,563
New World Development Co., Ltd.		449,225		539,834
Sands China, Ltd.		85,200		333,052
Shangri-La Asia, Ltd.		142,333		311,285
Sun Hung Kai Properties, Ltd.		75,698		940,863
Swire Pacific, Ltd.		74,000		829,688
The Link REIT		185,906		691,999

				17,649,134

HUNGARY — 0.2%
MOL Hungarian Oil and Gas NyRt (a)(b)		4,615		383,402
Richter Gedeon NyRt		2,464		421,310

				804,712

INDIA — 1.6%
Axis Bank Ltd, GDR (a)		10,414		233,274
Dr. Reddy’s Laboratories, Ltd. ADR (a)		28,785		994,810
HDFC Bank, Ltd. ADR (a)		45,503		1,551,652
ICICI Bank, Ltd. ADR		33,485		1,167,622
Infosys Technologies, Ltd. ADR (a)		21,267		1,212,857
Mahindra & Mahindra, Ltd. GDR		12,990		178,612
Reliance Industries, Ltd. GDR (e)		37,865		1,103,765
Tata Motors, Ltd. ADR		40,022		1,079,393

				7,521,985

INDONESIA — 0.8%
Astra Agro Lestari Tbk PT		105,000		268,127
Astra International Tbk PT		146,500		1,184,785
Bank Central Asia Tbk PT		246,500		215,660
Bank Mandiri Tbk PT		302,000		226,236
Bank Rakyat Indonesia Persero Tbk PT		1,350,100		1,026,159
Bumi Resources Tbk PT		934,500		240,166
Charoen Pokphand Indonesia Tbk PT		772,500		232,324
Gudang Garam Tbk PT		34,000		204,692
Telekomunikasi Indonesia Tbk PT		411,000		314,632

				3,912,781

IRELAND — 0.3%
CRH PLC		8,468		172,536
Elan Corp. PLC (b)		39,102		571,492
James Hardie Industries SE		92,274		734,140

				1,478,168

ISRAEL — 0.5%
Bank Hapoalim BM		145,471		534,335
Bank Leumi Le-Israel BM		132,830		418,407

See accompanying notes to financial statements.

159

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Teva Pharmaceutical Industries, Ltd. ADR		33,661	$	1,516,765

				2,469,507

ITALY — 1.5%
Assicurazioni Generali SpA		34,789		539,264
Atlantia SpA		23,938		396,884
Banca Monte dei Paschi di Siena SpA (a)		219,904		92,569
Enel SpA		198,652		717,446
ENI SpA		69,337		1,624,191
Fiat Industrial SpA (b)		25,078		267,171
Fiat SpA (a)		53,896		316,377
Finmeccanica SpA (a)		16,507		89,248
Intesa Sanpaolo SpA		358,356		641,387
Mediaset SpA		42,149		116,076
Mediobanca SpA		23,800		139,582
Pirelli & C. SpA		30,869		366,685
Saipem SpA		15,017		774,528
Telecom Italia SpA		490,153		581,915
UBI Banca ScPA		35,019		148,205
UniCredit SpA		21,214		106,110

				6,917,638

JAPAN — 14.6%
Aeon Co., Ltd. (a)		22,000		290,856
Aisin Seiki Co., Ltd.		14,700		519,086
Asahi Breweries, Ltd.		22,400		498,927
Asahi Glass Co., Ltd.		73,000		622,711
Asahi Kasei Corp. (a)		75,000		465,703
Astellas Pharma, Inc. (a)		22,700		937,846
Bridgestone Corp.		22,400		546,016
Canon, Inc.		30,200		1,434,862
Central Japan Railway Co. (a)		75		621,544
Chubu Electric Power Co., Inc. (a)		29,800		540,995
Chuo Mitsui Trust Holdings, Inc.		71,000		227,766
Credit Saison Co., Ltd. (a)		21,700		441,673
Daiichi Sankyo Co., Ltd. (a)		29,900		547,897
Daikin Industries, Ltd. (a)		22,100		605,034
Daiwa Securities Group, Inc. (a)		73,000		290,066
DeNA Co., Ltd. (a)		7,700		214,546
Denso Corp.		15,000		503,980
East Japan Railway Co. (a)		15,100		955,963
Eisai Co., Ltd. (a)		7,500		299,836
Electric Power Development Co., Ltd. (a)		7,500		204,508
FANUC Corp. (a)		7,500		1,337,870
FUJIFILM Holdings Corp. (a)		22,100		521,248
Fujitsu, Ltd. (a)		75,000		397,351
Furukawa Electric Co., Ltd.		75,000		200,498
Hitachi, Ltd. (a)		152,000		980,764
Hokuhoku Financial Group, Inc. (a)		150,000		287,988
Honda Motor Co., Ltd. (a)		52,700		2,013,992
Hoya Corp. (a)		15,000		338,842
Inpex Corp.		72		489,070
ITOCHU Corp.		75,800		831,732
Japan Real Estate Investment Corp.		73		646,661
Japan Retail Fund Investment Corp.		300		448,022
Japan Tobacco, Inc. (a)		146		826,733
JFE Holdings, Inc. (a)		22,100		477,475
JS Group Corp.		14,700		309,558
JSR Corp. (a)		15,000		303,664
JX Holdings, Inc.		131,508		819,778
Kajima Corp. (a)		75,000		229,662
Kamigumi Co., Ltd.		73,000		607,631
KDDI Corp. (a)		75		488,487
Keikyu Corp. (a)		74,423		654,745
Kintetsu Corp. (a)		149,000		570,326
Kobe Steel, Ltd. (a)		150,000		244,243
Komatsu, Ltd.		37,800		1,083,543
Konica Minolta Holdings, Inc. (a)		37,500		329,455
Kubota Corp. (a)		74,000		714,867
Kyocera Corp. (a)		7,300		672,386
Makita Corp. (a)		7,300		294,502
Marubeni Corp. (a)		72,000		522,316
Marui Group Co., Ltd. (a)		44,900		376,463
Mitsubishi Chemical Holdings Corp.		75,000		402,819
Mitsubishi Corp. (a)		52,900		1,234,194
Mitsubishi Electric Corp.		73,000		649,323
Mitsubishi Estate Co., Ltd.		75,618		1,356,245
Mitsubishi Heavy Industries, Ltd.		149,000		726,034
Mitsubishi UFJ Financial Group, Inc. (a)		309,000		1,546,971
Mitsui & Co., Ltd. (a)		75,500		1,244,954
Mitsui Chemicals, Inc. (a)		75,000		228,750
Mizuho Financial Group, Inc. (a)		409,400		671,596
MS&AD Insurance Group Holdings, Inc. (a)		21,700		448,002
Murata Manufacturing Co., Ltd. (a)		7,500		447,020
NEC Corp. (a)(b)		70,000		147,154
Nidec Corp. (a)		7,300		668,838
Nippon Steel Corp. (a)		221,000		609,600
Nippon Telegraph & Telephone Corp.		14,900		679,865
Nippon Yusen KK (a)		75,000		236,952
Nissan Motor Co., Ltd.		76,400		817,892
Nitto Denko Corp. (a)		7,100		287,727
NKSJ Holdings, Inc. (a)		22,300		501,306
Nomura Holdings, Inc.		81,700		363,354
NTT Data Corp. (a)		75		265,113
NTT DoCoMo, Inc. (a)		605		1,010,110
Obayashi Corp. (a)		75,000		328,999
ORIX Corp. (a)		8,110		778,528
Osaka Gas Co., Ltd. (a)		149,000		601,106
Panasonic Corp. (a)		72,800		673,198
Resona Holdings, Inc. (a)		22,400		103,705
Rohm Co., Ltd.		7,300		362,361
Secom Co., Ltd. (a)		7,500		369,099
Seven & I Holdings Co., Ltd.		30,300		905,005
Sharp Corp. (a)		73,000		535,780
Shin-Etsu Chemical Co., Ltd.		14,900		865,448
Softbank Corp. (a)		29,300		871,221
Sony Corp. (a)		37,100		768,193
Sumitomo Chemical Co., Ltd. (a)		75,000		320,797
Sumitomo Corp. (a)		37,400		543,537
Sumitomo Electric Industries, Ltd.		29,900		411,650
Sumitomo Metal Industries, Ltd.		150,000		304,393
Sumitomo Mitsui Financial Group, Inc. (a)		22,400		741,178
T&D Holdings, Inc. (a)		14,700		171,302

See accompanying notes to financial statements.

160

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Takeda Pharmaceutical Co., Ltd. (a)		30,200	$	1,337,615
TDK Corp. (a)		7,500		427,426
Teijin, Ltd.		149,000		503,336
Terumo Corp. (a)		14,900		716,076
The Bank of Yokohama, Ltd.		75,000		377,301
The Chiba Bank, Ltd. (a)		75,000		481,196
The Joyo Bank, Ltd. (a)		75,000		345,404
The Kansai Electric Power Co., Inc. (a)		36,900		574,832
The Shizuoka Bank, Ltd. (a)		73,000		755,769
The Tokyo Electric Power Co., Inc. (a)(b)		52,200		131,935
Tohoku Electric Power Co., Inc. (a)(b)		15,100		173,211
Tokio Marine Holdings, Inc. (a)		22,400		618,147
Tokyo Electron, Ltd.		7,500		431,527
Tokyo Gas Co., Ltd. (a)		149,000		706,118
Tokyu Corp. (a)		75,000		358,163
Toppan Printing Co., Ltd. (a)		75,000		588,736
Toray Industries, Inc. (a)		75,000		559,572
Toshiba Corp. (a)		75,000		331,733
Toyota Motor Corp. (a)		90,100		3,908,585
Toyota Tsusho Corp.		21,800		446,358
West Japan Railway Co. (a)		14,900		602,011
Yahoo! Japan Corp. (a)		972		316,303
Yamada Denki Co., Ltd. (a)		4,410		277,048
Yamaha Corp. (a)		29,000		302,351
Yamaha Motor Co., Ltd. (a)		29,900		402,930

				68,662,689

LUXEMBOURG — 0.1%
ArcelorMittal		24,547		468,437

MEXICO — 1.1%
America Movil SAB de CV		1,306,687		1,624,880
Cemex SAB de CV (a)(b)		520,657		400,740
Fomento Economico Mexicano SAB de CV		69,970		575,305
Grupo Elektra SA de CV		2,773		260,994
Grupo Financiero Banorte SAB de CV		155,941		693,612
Grupo Mexico SAB de CV		87,532		275,773
Grupo Modelo SAB de CV		88,954		619,459
Grupo Televisa SA de CV (Series CPO)		136,754		577,846
Industrias Penoles SA de CV		5,115		247,718

				5,276,327

NETHERLANDS — 2.9%
Akzo Nobel NV		11,465		675,912
ASML Holding NV		17,946		895,723
European Aeronautic Defence and Space Co. NV (a)		17,596		719,498
Heineken NV		9,500		527,237
ING Groep NV (b)		91,901		764,536
Koninklijke (Royal) KPN NV		71,603		786,477
Koninklijke Ahold NV		48,761		674,675
Koninklijke DSM NV		9,962		575,562
Koninklijke Philips Electronics NV		43,713		884,831
Reed Elsevier NV		37,113		473,278
Royal Dutch Shell PLC (Class A)		110,100		3,841,045
SBM Offshore NV		14,133		288,431
TNT Express NV		19,576		241,402
Unilever NV		61,811		2,100,234
Wolters Kluwer NV		18,092		342,122

				13,790,963

NORWAY — 0.7%
DnB NOR ASA		60,118		771,494
Norsk Hydro ASA		90,907		494,215
StatoilHydro ASA		34,944		947,106
Telenor ASA		29,009		537,048
Yara International ASA		7,436		354,067

				3,103,930

PERU — 0.1%
Cia de Minas Buenaventura SA ADR		5,230		210,821
Credicorp, Ltd.		2,161		284,863

				495,684

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		4,299		267,355

POLAND — 0.1%
Telekomunikacja Polska SA GDR		57,617		315,724

PORTUGAL — 0.1%
Portugal Telecom SGPS SA (a)		56,097		304,719

RUSSIA — 1.6%
Federal Hydrogenerating Co. JSC ADR		51,995		190,613
Gazprom OAO ADR (c)		7,300		90,301
Gazprom OAO ADR (c)		171,134		2,087,835
Lukoil OAO ADR		21,635		1,315,408
Mechel OAO ADR (a)		35,859		322,014
MMC Norilsk Nickel OJSC ADR		11,406		208,730
Mobile TeleSystems ADR		34,982		641,570
Sberbank of Russia ADR (b)(c)		42,766		572,637
Sberbank of Russia ADR (c)		5,974		76,706
Surgutneftegas OJSC ADR Preference Shares		49,160		348,053
Tatneft ADR		28,990		1,182,792
Uralkali OJSC GDR (a)		7,369		277,885

				7,314,544

SINGAPORE — 1.3%
CapitaLand, Ltd. (a)		149,000		369,730
DBS Group Holdings, Ltd.		75,254		848,691
Fraser and Neave, Ltd.		146,000		777,985
Singapore Exchange, Ltd. (a)		152,000		838,971
Singapore Press Holdings, Ltd. (a)		224,000		698,358
Singapore Telecommunications, Ltd. (c)		513,000		1,285,203
Singapore Telecommunications, Ltd. (c)		15,000		37,340
United Overseas Bank, Ltd.		76,014		1,109,363

				5,965,641

SOUTH AFRICA — 1.5%
Anglo Platinum, Ltd. (a)		5,894		410,108
AngloGold Ashanti, Ltd. (a)		15,567		572,818
Discovery Holdings, Ltd.		1		7
FirstRand, Ltd.		146,369		452,006
Gold Fields, Ltd.		35,457		485,108
Harmony Gold Mining Co., Ltd. (a)		30,940		336,187

See accompanying notes to financial statements.

161

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Impala Platinum Holdings, Ltd.		22,467	$	442,341
MTN Group, Ltd.		53,181		935,625
Naspers, Ltd.		15,394		864,522
Sanlam, Ltd.		143,958		622,385
Sasol, Ltd.		21,915		1,057,978
Standard Bank Group, Ltd.		46,993		681,882

				6,860,967

SOUTH KOREA — 4.0%
Celltrion, Inc.		5,359		174,763
CJ CheilJedang Corp.		799		236,939
E-Mart Co., Ltd.		908		200,344
Hana Financial Group, Inc.		17,465		658,184
Honam Petrochemical Corp.		1,027		305,005
Hynix Semiconductor, Inc. (b)		11,630		300,232
Hyundai Department Store Co., Ltd.		1,544		237,109
Hyundai Development Co.		11,384		249,673
Hyundai Heavy Industries Co., Ltd		2,318		657,726
Hyundai Hysco Co., Ltd.		5,680		201,022
Hyundai Mobis		3,408		861,738
Hyundai Motor Co.		5,129		1,054,726
KB Financial Group, Inc.		17,313		631,828
Kia Motors Corp.		16,561		1,083,068
Korea Electric Power Corp. ADR (b)		21,112		205,420
Korea Zinc Co., Ltd.		993		343,109
KT Corp. ADR		15,180		207,814
KT&G Corp.		5,662		401,769
LG Chem, Ltd. Preference Shares		4,696		480,770
LG Electronics, Inc.		6,593		481,797
LG Household & Health Care, Ltd.		454		238,410
NCSoft Corp.		800		211,465
NHN Corp.		1,971		452,284
POSCO ADR		10,991		919,947
Samsung C&T Corp.		10,795		756,474
Samsung Electronics Co., Ltd. GDR		7,559		4,274,614
Samsung Engineering Co., Ltd.		1,203		256,940
Samsung Fire & Marine Insurance Co., Ltd. (b)		2,307		435,725
Samsung Heavy Industries Co., Ltd.		17,210		573,388
Samsung Securities Co., Ltd. (b)		6,979		349,859
Shinhan Financial Group Co., Ltd.		13,721		529,803
SK Holdings Co., Ltd.		2,730		355,390
SK Innovation Co., Ltd.		3,496		510,646
SK Telecom Co., Ltd. ADR		17,466		242,952

				19,080,933

SPAIN — 2.0%
Abertis Infraestructuras SA		27,313		464,298
Acciona SA		2,903		202,420
Acerinox SA (a)		25,963		333,198
ACS, Actividades de Construccion y Servicios SA (a)		12,720		325,064
Banco Bilbao Vizcaya Argentaria SA		86,568		687,891
Banco Popular Espanol SA (a)		71,985		257,870
Banco Santander SA		231,437		1,778,341
Ferrovial SA		40,026		459,362
Gas Natural SDG SA		12,487		199,215
Iberdrola SA (a)		139,907		793,139
Indra Sistemas SA (a)		31,777		388,812
Industria de Diseno Textil SA		7,117		680,689
Mapfre SA (a)		85,361		274,412
Repsol YPF SA		33,143		830,208
Telefonica SA		115,024		1,881,785

				9,556,704

SWEDEN — 2.2%
Assa Abloy AB (Class B)		19,572		612,939
Atlas Copco AB (Class B)		45,043		968,017
Hennes & Mauritz AB (Class B)		32,579		1,175,433
Husqvarna AB (Class B) (a)		90,800		546,140
Nordea Bank AB (a)		112,715		1,021,771
Sandvik AB		40,334		580,511
Securitas AB (Class B)		24,328		233,918
Skandinaviska Enskilda Banken AB (Class A) (a)		43,519		308,257
Skanska AB (Class B)		24,251		419,208
SKF AB (Class B)		23,576		573,824
Svenska Handelsbanken AB (Class A) (a)		20,732		658,952
Tele2 AB (Class B)		30,197		614,375
Telefonaktiebolaget LM Ericsson (Class B)		104,165		1,076,132
TeliaSonera AB		71,606		497,924
Volvo AB (Class A)		65,460		949,539

				10,236,940

SWITZERLAND — 6.0%
ABB, Ltd. (b)		72,222		1,479,838
Adecco SA (b)		6,038		315,979
Compagnie Financiere Richemont SA		4,316		270,272
Credit Suisse Group AG (b)		31,140		886,466
Geberit AG (b)		2,237		467,521
Givaudan SA (b)		591		568,867
Holcim, Ltd. (b)		9,441		615,229
Kuehne & Nagel International AG		5,562		751,364
Nestle SA		121,960		7,664,245
Novartis AG		70,304		3,886,030
Roche Holding AG		24,028		4,176,355
SGS SA		290		563,412
Swiss Re AG (b)		10,191		650,010
Syngenta AG (b)		3,971		1,371,189
The Swatch Group AG		2,570		1,181,429
Transocean, Ltd.		4,405		240,025
UBS AG (b)		102,024		1,427,896
Wolseley PLC		18,948		721,736
Zurich Financial Services AG (b)		4,844		1,300,165

				28,538,028

TAIWAN — 2.2%
Advanced Semiconductor Engineering Inc, ADR (a)		194,837		999,514
AU Optronics Corp. ADR (a)		99,487		453,661
Chunghwa Telecom Co., Ltd. ADR (a)		28,062		863,187
Hon Hai Precision Industry Co., Ltd. GDR		78,242		610,288
Hon Hai Precision Industry Co., Ltd. GDR		211,164		1,647,079
Siliconware Precision Industries Co. ADR		143,696		867,924

See accompanying notes to financial statements.

162

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Taiwan Semiconductor Manufacturing Co., Ltd. ADR		242,612	$	3,707,111
United Microelectronics Corp. ADR (a)		523,783		1,283,268

				10,432,032

THAILAND — 0.6%
Bangkok Bank PCL		294,976		1,854,954
IRPC PCL		1,895,400		287,536
PTT PCL		60,577		695,114

				2,837,604

TURKEY — 0.3%
Akbank TAS		167,603		658,041
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (b)		164,185		213,646
Turkiye Garanti Bankasi AS		57,193		226,475
Turkiye Is Bankasi		123,470		304,018

				1,402,180

UNITED KINGDOM — 14.9%
3i Group PLC		87,961		300,755
Anglo American PLC		48,423		1,808,087
AstraZeneca PLC		48,445		2,151,030
BAE Systems PLC		114,959		550,844
Barclays PLC		349,399		1,313,289
BG Group PLC		118,943		2,751,797
BHP Billiton PLC		57,571		1,754,596
BP PLC		595,266		4,399,250
British American Tobacco PLC		66,067		3,325,623
British Land Co. PLC		81,946		628,329
British Sky Broadcasting Group PLC		48,309		521,775
BT Group PLC		116,449		421,232
Burberry Group PLC		19,859		474,994
Capita Group PLC		31,672		370,674
Centrica PLC		224,750		1,136,175
Cobham PLC		104,342		381,938
Compass Group PLC		91,344		956,669
Diageo PLC		93,117		2,235,385
Experian PLC		53,601		834,572
Fresnillo PLC		8,170		208,597
G4S PLC		79,140		344,565
GlaxoSmithKline PLC		170,737		3,809,584
Hammerson PLC		69,137		459,087
HSBC Holdings PLC		560,509		4,968,531
ICAP PLC		81,648		512,420
Imperial Tobacco Group PLC		34,633		1,402,739
Inchcape PLC		43		258
Intercontinental Hotels Group PLC		36,517		847,754
International Power PLC		61,333		396,879
J Sainsbury PLC		74,714		371,612
Land Securities Group PLC		39,294		453,600
Lloyds Banking Group PLC (b)		727,102		390,399
Marks & Spencer Group PLC		62,775		380,132
National Grid PLC		155,958		1,571,092
Next PLC		12,573		599,240
Old Mutual PLC		441,370		1,118,446
Pearson PLC		33,751		628,234
Prudential PLC		46,196		551,727
Randgold Resources, Ltd.		2,067		177,347
Reckitt Benckiser Group PLC		24,595		1,388,351
Reed Elsevier PLC		49,141		435,759
Rio Tinto PLC		45,029		2,479,228
Rolls-Royce Holdings PLC (b)		69,226		898,120
Royal Bank of Scotland Group PLC (b)		825,690		364,640
Royal Dutch Shell PLC (Class B)		92,600		3,254,197
RSA Insurance Group PLC (a)		118,593		198,198
SABMiller PLC		31,367		1,257,677
Scottish & Southern Energy PLC		40,840		867,201
Severn Trent PLC		22,128		545,882
Smith & Nephew PLC		46,797		473,667
Smiths Group PLC		18,959		318,669
Standard Chartered PLC		43,897		1,094,129
Standard Life PLC		112,755		413,815
Tesco PLC		266,361		1,404,409
The Sage Group PLC		71,394		341,297
Tullow Oil PLC		17,323		422,640
Unilever PLC		47,882		1,579,032
United Utilities Group PLC		32,896		316,146
Vodafone Group PLC		1,683,919		4,633,010
Whitbread PLC		19,656		579,115
WPP PLC		48,377		660,480
Xstrata PLC		51,594		880,399

				70,315,318

TOTAL COMMON STOCKS —
(Cost $515,599,611)				469,009,917

RIGHTS — 0.1%
FINLAND — 0.1%
Outokumpu Oyj (expiring 4/4/12) (a)(b)		21,354		155,864

SPAIN — 0.0% (d)
Banco Popular Espanol SA expired 3/27/12 (a)(b)(f)		71,985		3,349

TOTAL RIGHTS —
(Cost $307,751)				159,213

SHORT TERM INVESTMENTS — 11.8%
UNITED STATES — 11.8%
MONEY MARKET FUNDS — 11.8%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		55,526,020		55,526,020
State Street Institutional Liquid Reserves Fund 0.23% (h)(i)		99,290		99,290

TOTAL SHORT TERM INVESTMENTS —
(Cost $55,625,310)				55,625,310

TOTAL INVESTMENTS — 111.3%
(Cost $571,532,672)				524,794,440
OTHER ASSETS & LIABILITIES — (11.3)%				(53,096,913	)

NET ASSETS — 100.0%			$	471,697,527

See accompanying notes to financial statements.

163

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


(a)		A portion of the security was on loan at March 31, 2012.
(b)		Non-income producing security.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of March 31, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)		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)
(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

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

164

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.0%
AUSTRALIA — 3.1%
Alumina, Ltd.		3,276	$	4,191
Amcor, Ltd.		269		2,073
AMP, Ltd.		934		4,180
Australia & New Zealand Banking Group, Ltd.		211		5,084
BHP Billiton, Ltd.		282		10,111
Boral, Ltd.		896		3,741
Brambles, Ltd.		656		4,825
CFS Retail Property Trust		3,750		6,954
Coca-Cola Amatil, Ltd.		324		4,186
Commonwealth Bank of Australia		69		3,581
CSL, Ltd.		129		4,796
Fortescue Metals Group, Ltd.		497		2,991
Iluka Resources, Ltd.		134		2,470
Insurance Australia Group, Ltd.		1,440		5,072
Lend Lease Group		739		5,719
Macquarie Group, Ltd.		136		4,097
National Australia Bank, Ltd.		265		6,753
Newcrest Mining, Ltd.		158		4,858
Origin Energy, Ltd.		315		4,356
OZ Minerals, Ltd.		486		4,914
QBE Insurance Group, Ltd.		235		3,450
Rio Tinto, Ltd.		99		6,707
Santos, Ltd.		360		5,311
Sonic Healthcare, Ltd.		345		4,475
Suncorp Group, Ltd.		464		4,038
Toll Holdings, Ltd.		930		5,655
Transurban Group		434		2,518
Wesfarmers, Ltd.		304		9,731
Westfield Group		566		5,177
Westpac Banking Corp.		304		6,894
Woodside Petroleum, Ltd.		130		4,688
Woolworths, Ltd.		110		2,961

				156,557

AUSTRIA — 0.1%
OMV AG		136		4,827

BELGIUM — 0.4%
Anheuser-Busch InBev NV		79		5,763
Delhaize Group		71		3,730
Solvay SA		37		4,374
UCB SA		120		5,170

				19,037

BRAZIL — 1.7%
Banco Bradesco SA Preference Shares ADR		399		6,983
Companhia de Bebidas das Americas Preference Shares ADR		153		6,322
Companhia Energetica de Minas Gerais ADR		312		7,419
Companhia Siderurgica Nacional SA ADR		505		4,777
Gerdau SA ADR		456		4,391
Itau Unibanco Holding SA Preference Shares ADR		448		8,597
OGX Petroleo e Gas Participacoes SA ADR (a)		358		3,018
PDG Realty SA Empreendimentos e Participacoes ADR		342		2,425
Petroleo Brasileiro SA Preference Shares ADR		571		14,595
Tele Norte Leste Participacoes SA ADR		561		6,367
Tim Participacoes SA ADR		174		5,613
Vale SA Preference Shares ADR		607		13,773

				84,280

CANADA — 4.4%
Agrium, Inc.		34		2,929
Bank of Montreal		74		4,391
Bank of Nova Scotia		94		5,256
Barrick Gold Corp.		145		6,289
Brookfield Asset Management, Inc. (Class A)		144		4,534
Brookfield Office Properties, Inc.		205		3,559
Cameco Corp.		193		4,134
Canadian Imperial Bank of Commerce		34		2,594
Canadian National Railway Co.		73		5,790
Canadian Natural Resources, Ltd.		146		4,829
Canadian Pacific Railway, Ltd.		31		2,348
Canadian Tire Corp., Ltd. (Class A)		36		2,322
Cenovus Energy, Inc.		185		6,645
Eldorado Gold Corp.		199		2,728
Enbridge, Inc.		165		6,396
EnCana Corp.		271		5,312
Enerplus Corp.		213		4,761
First Quantum Minerals, Ltd.		103		1,960
Goldcorp, Inc.		142		6,388
IAMGOLD Corp.		214		2,844
IGM Financial, Inc.		57		2,649
Imperial Oil, Ltd.		106		4,807
Kinross Gold Corp.		314		3,063
Loblaw Cos., Ltd.		114		3,880
Manulife Financial Corp.		380		5,137
National Bank of Canada		100		7,941
Nexen, Inc.		192		3,514
Onex Corp.		126		4,628
Penn West Petroleum, Ltd.		164		3,198
Potash Corp. of Saskatchewan, Inc.		108		4,921
Rogers Communications, Inc. (Class B)		201		7,964
Royal Bank of Canada		176		10,180
Shaw Communications, Inc. (Class B)		134		2,830
Shoppers Drug Mart Corp.		88		3,857
Silver Wheaton Corp.		95		3,144
SNC-Lavalin Group, Inc.		84		3,356
Sun Life Financial, Inc.		207		4,902
Suncor Energy, Inc.		295		9,619
Talisman Energy, Inc.		344		4,316
Teck Resources, Ltd. (Class B)		105		3,741
TELUS Corp.		142		8,063
The Toronto-Dominion Bank		81		6,861
TMX Group, Inc.		97		4,348
TransAlta Corp.		329		6,156
TransCanada Corp.		59		2,528
Valeant Pharmaceuticals International, Inc. (a)		115		6,155
Yamana Gold, Inc.		289		4,499

				222,266

CHILE — 0.3%
Empresa Nacional de Electricidad SA ADR		112		6,046

See accompanying notes to financial statements.

165

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Enersis SA ADR		233	$	4,704
Sociedad Quimica y Minera de Chile SA ADR		64		3,755

				14,505

CHINA — 1.4%
Agricultural Bank of China, Ltd.		7,000		3,002
Bank of China, Ltd.		13,000		5,241
Bank of Communications Co., Ltd.		5,000		3,780
China Construction Bank Corp.		6,000		4,637
China Life Insurance Co., Ltd.		1,000		2,595
China Merchants Bank Co., Ltd.		1,000		2,045
China Petroleum & Chemical Corp.		4,000		4,359
China Shenhua Energy Co., Ltd.		500		2,109
China Telecom Corp., Ltd.		6,000		3,323
Hengan International Group Co., Ltd.		500		5,056
Huaneng Power International, Inc.		4,000		2,174
Industrial & Commercial Bank of China		11,000		7,098
PetroChina Co., Ltd.		4,000		5,657
PICC Property & Casualty Co., Ltd.		2,000		2,380
Ping An Insurance Group Co. of China, Ltd.		500		3,780
Tencent Holdings, Ltd.		200		5,580
Wumart Stores, Inc.		2,000		4,400
Yanzhou Coal Mining Co., Ltd.		2,000		4,338

				71,554

COLOMBIA — 0.1%
BanColombia SA ADR		94		6,078

DENMARK — 0.5%
A P Moller — Maersk A/S		1		7,712
Danske Bank A/S (a)		164		2,774
DSV A/S		246		5,570
Novo Nordisk A/S (Class B)		73		10,094

				26,150

FINLAND — 0.4%
Fortum Oyj		128		3,102
Metso Oyj		76		3,244
Nokia Oyj		793		4,311
Sampo Oyj (Class A)		90		2,597
UPM-Kymmene Oyj		292		3,970
Wartsila Oyj		87		3,277

				20,501

FRANCE — 3.1%
Accor SA		154		5,490
Alstom SA		119		4,637
AXA SA		309		5,115
BNP Paribas		160		7,580
Bouygues SA		93		2,840
Cap Gemini SA		116		5,184
Carrefour SA		174		4,165
Credit Agricole SA		326		2,023
Danone		88		6,129
Essilor International SA		59		5,251
France Telecom SA		449		6,640
GDF Suez		151		3,895
LVMH Moet Hennessy Louis Vuitton SA		32		5,491
Pernod — Ricard SA		43		4,490
PPR		20		3,436
Publicis Groupe SA		74		4,073
Renault SA		109		5,737
Sanofi		144		11,167
Schneider Electric SA		104		6,785
Societe Generale		130		3,803
Sodexo		92		7,542
Technip SA		48		5,646
Total SA		223		11,356
Unibail-Rodamco SE		35		6,989
Vallourec SA		38		2,404
Veolia Environnement SA		254		4,206
Vinci SA		131		6,821
Vivendi SA		328		6,010

				154,905

GERMANY — 2.8%
Adidas AG		79		6,159
Allianz SE		74		8,817
BASF SE		120		10,482
Bayer AG		141		9,903
Commerzbank AG (a)		943		2,382
Daimler AG		165		9,934
Deutsche Bank AG		160		7,949
Deutsche Boerse AG		57		3,832
Deutsche Lufthansa AG		342		4,780
Deutsche Post AG		284		5,459
Deutsche Telekom AG		468		5,626
E.ON AG		293		7,008
Fresenius Medical Care AG & Co. KGaA		32		2,264
Linde AG		20		3,584
MAN SE		27		3,589
Merck KGaA		50		5,525
Muenchener Rueckversicherungs- Gesellschaft AG		43		6,474
RWE AG		98		4,673
Salzgitter AG		104		5,691
SAP AG		146		10,180
Siemens AG		68		6,845
ThyssenKrupp AG		183		4,549
Volkswagen AG		35		5,635

				141,340

HONG KONG — 2.3%
AIA Group, Ltd.		1,400		5,130
Bank of East Asia, Ltd.		1,017		3,825
Cheung Kong Holdings, Ltd.		1,000		12,919
China Mobile, Ltd.		500		5,503
China Overseas Land & Investment, Ltd.		2,000		3,802
China Resources Enterprise, Ltd.		2,000		6,981
China Unicom (Hong Kong), Ltd.		2,000		3,390
Citic Pacific, Ltd.		2,000		3,369
CNOOC, Ltd.		3,000		6,167
COSCO Pacific, Ltd.		2,000		3,019
Hang Lung Properties, Ltd.		1,000		3,664
Henderson Land Development Co., Ltd.		1,000		5,519
Hong Kong Exchanges and Clearing, Ltd.		300		5,043
Hutchison Whampoa, Ltd.		1,000		9,995
Li & Fung, Ltd.		2,000		4,591
New World Development Co., Ltd.		3,000		3,605
Sands China, Ltd.		800		3,127
Shangri-La Asia, Ltd.		2,000		4,374

See accompanying notes to financial statements.

166

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Sun Hung Kai Properties, Ltd.		1,000	$	12,429
Swire Pacific, Ltd.		500		5,606
The Link REIT		1,000		3,722

				115,780

HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt (a)		22		1,827
Richter Gedeon NyRt		18		3,078

				4,905

INDIA — 0.7%
Dr. Reddy’s Laboratories, Ltd. ADR		206		7,119
HDFC Bank, Ltd. ADR		156		5,320
ICICI Bank, Ltd. ADR		128		4,463
Infosys Technologies, Ltd. ADR		90		5,133
Mahindra & Mahindra, Ltd. GDR		235		3,231
Reliance Industries, Ltd. GDR (b)		159		4,635
Tata Motors, Ltd. ADR		174		4,693

				34,594

INDONESIA — 0.5%
Astra Agro Lestari Tbk PT		1,500		3,830
Astra International Tbk PT		500		4,044
Bank Central Asia Tbk PT		4,500		3,937
Bank Mandiri Tbk PT		4,500		3,371
Bank Rakyat Indonesia Persero Tbk PT		5,000		3,800
Gudang Garam Tbk PT		500		3,010
Telekomunikasi Indonesia Tbk PT		6,500		4,976

				26,968

IRELAND — 0.5%
Accenture PLC (Class A)		100		6,450
Covidien PLC		200		10,936
CRH PLC		147		2,995
Elan Corp. PLC (a)		224		3,274
Seagate Technology PLC		100		2,695

				26,350

ISRAEL — 0.2%
Bank Hapoalim BM		669		2,457
Bank Leumi Le-Israel BM		876		2,760
Teva Pharmaceutical Industries, Ltd. ADR		115		5,182

				10,399

ITALY — 0.7%
Assicurazioni Generali SpA		278		4,309
Enel SpA		1,222		4,413
ENI SpA		260		6,090
Fiat Industrial SpA (a)		281		2,994
Intesa Sanpaolo SpA		2,205		3,947
Mediaset SpA		1,084		2,985
Saipem SpA		55		2,837
Telecom Italia SpA		5,152		6,117
UniCredit SpA		735		3,676

				37,368

JAPAN — 8.3%
Aisin Seiki Co., Ltd.		100		3,531
Asahi Breweries, Ltd.		100		2,227
Asahi Kasei Corp.		1,000		6,209
Astellas Pharma, Inc.		100		4,131
Bridgestone Corp.		100		2,438
Canon, Inc.		100		4,751
Chuo Mitsui Trust Holdings, Inc.		1,000		3,208
Credit Saison Co., Ltd.		200		4,071
Daiichi Sankyo Co., Ltd.		300		5,497
Daikin Industries, Ltd.		100		2,738
Daiwa Securities Group, Inc.		1,000		3,973
Denso Corp.		200		6,720
Eisai Co., Ltd.		100		3,998
FUJIFILM Holdings Corp.		200		4,717
Hitachi, Ltd.		1,000		6,452
Hokuhoku Financial Group, Inc.		2,000		3,840
Honda Motor Co., Ltd.		200		7,643
Hoya Corp.		200		4,518
ITOCHU Corp.		300		3,292
Japan Tobacco, Inc.		1		5,663
JFE Holdings, Inc.		200		4,321
JSR Corp.		200		4,049
JX Holdings, Inc.		500		3,117
Kajima Corp.		1,000		3,062
Kamigumi Co., Ltd.		1,000		8,324
KDDI Corp.		1		6,513
Kobe Steel, Ltd.		3,000		4,885
Komatsu, Ltd.		200		5,733
Konica Minolta Holdings, Inc.		500		4,393
Kyocera Corp.		100		9,211
Makita Corp.		100		4,034
Marubeni Corp.		1,000		7,254
Marui Group Co., Ltd.		900		7,546
Mitsubishi Chemical Holdings Corp.		500		2,685
Mitsubishi Corp.		200		4,666
Mitsubishi Electric Corp.		1,000		8,895
Mitsubishi Heavy Industries, Ltd.		1,000		4,873
Mitsubishi UFJ Financial Group, Inc.		1,700		8,511
Mitsui & Co., Ltd.		200		3,298
Mizuho Financial Group, Inc.		3,600		5,906
MS&AD Insurance Group Holdings, Inc.		200		4,129
Murata Manufacturing Co., Ltd.		100		5,960
NEC Corp. (a)		2,000		4,204
Nippon Steel Corp.		2,000		5,517
Nippon Yusen KK		2,000		6,319
Nissan Motor Co., Ltd.		400		4,282
Nitto Denko Corp.		100		4,052
NKSJ Holdings, Inc.		200		4,496
Nomura Holdings, Inc.		900		4,003
NTT Data Corp.		1		3,535
Obayashi Corp.		1,000		4,387
ORIX Corp.		40		3,840
Osaka Gas Co., Ltd.		1,000		4,034
Panasonic Corp.		600		5,548
Resona Holdings, Inc.		600		2,778
Rohm Co., Ltd.		100		4,964
Secom Co., Ltd.		100		4,921
Seven & I Holdings Co., Ltd.		100		2,987
Shin-Etsu Chemical Co., Ltd.		100		5,808
Softbank Corp.		200		5,947
Sony Corp.		300		6,212
Sumitomo Chemical Co., Ltd.		1,000		4,277
Sumitomo Corp.		200		2,907
Sumitomo Electric Industries, Ltd.		300		4,130

See accompanying notes to financial statements.

167

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Sumitomo Metal Industries, Ltd.		2,000	$	4,059
Sumitomo Mitsui Financial Group, Inc.		200		6,618
T&D Holdings, Inc.		400		4,661
Takeda Pharmaceutical Co., Ltd.		100		4,429
TDK Corp.		100		5,699
Teijin, Ltd.		1,000		3,378
Terumo Corp.		100		4,806
The Joyo Bank, Ltd.		1,000		4,605
The Kansai Electric Power Co., Inc.		200		3,116
Tokio Marine Holdings, Inc.		200		5,519
Tokyo Electron, Ltd.		100		5,754
Tokyu Corp.		1,000		4,775
Toppan Printing Co., Ltd.		1,000		7,850
Toshiba Corp.		1,000		4,423
Toyota Motor Corp.		400		17,352
Toyota Tsusho Corp.		300		6,143
West Japan Railway Co.		100		4,040
Yamada Denki Co., Ltd.		40		2,513
Yamaha Corp.		600		6,256

				416,126

LUXEMBOURG — 0.1%
ArcelorMittal		195		3,721

MEXICO — 0.7%
America Movil SAB de CV		7,481		9,303
Cemex SAB de CV (a)		3,151		2,425
Fomento Economico Mexicano SAB de CV		769		6,323
Grupo Financiero Banorte SAB de CV		740		3,291
Grupo Mexico SAB de CV		1,231		3,878
Grupo Modelo SAB de CV		753		5,244
Grupo Televisa SA de CV (Series CPO)		654		2,763
Industrias Penoles SA de CV		50		2,422

				35,649

NETHERLANDS — 1.3%
Akzo Nobel NV		72		4,245
ASML Holding NV		92		4,592
European Aeronautic Defence and Space Co. NV		66		2,699
Heineken NV		52		2,886
ING Groep NV (a)		675		5,615
Koninklijke (Royal) KPN NV		449		4,932
Koninklijke Ahold NV		345		4,773
Koninklijke DSM NV		84		4,853
Koninklijke Philips Electronics NV		253		5,121
LyondellBasell Industries NV		100		4,365
Reed Elsevier NV		331		4,221
Unilever NV		194		6,592
Wolters Kluwer NV		413		7,810

				62,704

NETHERLANDS ANTILLES — 0.3%
Schlumberger, Ltd.		200		13,986

NORWAY — 0.4%
DnB NOR ASA		363		4,658
Norsk Hydro ASA		1,114		6,056
Telenor ASA		297		5,499
Yara International ASA		62		2,952

				19,165

PERU — 0.0% (c)
Compania de Minas Buenaventura SA ADR		30		1,209

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		72		4,478

PORTUGAL — 0.1%
Portugal Telecom SGPS SA		848		4,606

RUSSIA — 0.8%
Federal Hydrogenerating Co. JSC ADR		824		3,021
Gazprom OAO ADR		781		9,661
Lukoil OAO ADR		96		5,837
MMC Norilsk Nickel OJSC ADR		117		2,141
Mobile TeleSystems ADR		182		3,338
Sberbank of Russia ADR (a)		412		5,517
Surgutneftegas OJSC ADR Preference Shares		840		5,947
Tatneft ADR		97		3,957
Uralkali OJSC GDR		68		2,564

				41,983

SINGAPORE — 0.7%
CapitaLand, Ltd.		3,000		7,444
Fraser and Neave, Ltd.		1,000		5,329
Singapore Exchange, Ltd.		2,000		11,039
Singapore Press Holdings, Ltd.		2,000		6,236
Singapore Telecommunications, Ltd.		1,000		2,505

				32,553

SOUTH AFRICA — 0.9%
AngloGold Ashanti, Ltd.		85		3,128
Discovery Holdings, Ltd.		1,162		7,627
FirstRand, Ltd.		1,067		3,295
Gold Fields, Ltd.		206		2,818
Harmony Gold Mining Co., Ltd.		228		2,477
Impala Platinum Holdings, Ltd.		154		3,032
MTN Group, Ltd.		395		6,949
Naspers, Ltd.		63		3,538
Sanlam, Ltd.		988		4,272
Sasol, Ltd.		76		3,669
Standard Bank Group, Ltd.		251		3,642

				44,447

SOUTH KOREA — 2.1%
E-Mart Co., Ltd.		8		1,765
Hana Financial Group, Inc.		80		3,015
Honam Petrochemical Corp.		6		1,782
Hynix Semiconductor, Inc. (a)		130		3,356
Hyundai Heavy Industries Co., Ltd		12		3,405
Hyundai Hysco Co., Ltd.		100		3,539
Hyundai Mobis		13		3,287
Hyundai Motor Co.		29		5,964
KB Financial Group, Inc.		110		4,014
Kia Motors Corp.		65		4,251
Korea Electric Power Corp. ADR (a)		156		1,518
KT&G Corp.		41		2,909
LG Chem, Ltd. Preference Shares		63		6,450
LG Electronics, Inc.		34		2,485
LG Household & Health Care, Ltd.		6		3,151
NHN Corp.		16		3,672
POSCO ADR		57		4,771
Samsung C&T Corp.		68		4,765
Samsung Electronics Co., Ltd. GDR		36		20,358

See accompanying notes to financial statements.

168

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Samsung Engineering Co., Ltd.		17	$	3,631
Samsung Fire & Marine Insurance Co., Ltd. (a)		14		2,644
Samsung Heavy Industries Co., Ltd.		110		3,665
Samsung Securities Co., Ltd. (a)		67		3,359
Shinhan Financial Group Co., Ltd.		110		4,247
SK Holdings Co., Ltd.		23		2,994
SK Innovation Co., Ltd.		20		2,921

				107,918

SPAIN — 0.7%
Acciona SA		56		3,905
Acerinox SA		262		3,362
ACS, Actividades de Construccion y Servicios SA		184		4,702
Banco Bilbao Vizcaya Argentaria SA		751		5,968
Banco Santander SA		1,231		9,459
Repsol YPF SA		113		2,831
Telefonica SA		312		5,104

				35,331

SWEDEN — 1.2%
Assa Abloy AB (Class B)		110		3,445
Atlas Copco AB (Class B)		307		6,598
Nordea Bank AB		532		4,823
Sandvik AB		286		4,116
Securitas AB (Class B)		444		4,269
Skandinaviska Enskilda Banken AB (Class A)		671		4,753
Skanska AB (Class B)		291		5,030
SKF AB (Class B)		207		5,038
Svenska Handelsbanken AB (Class A)		91		2,892
Tele2 AB (Class B)		183		3,723
Telefonaktiebolaget LM Ericsson (Class B)		543		5,610
TeliaSonera AB		468		3,254
Volvo AB (Class A)		448		6,499

				60,050

SWITZERLAND — 3.2%
ABB, Ltd. (a)		404		8,278
ACE, Ltd.		100		7,320
Adecco SA (a)		78		4,082
Compagnie Financiere Richemont SA		110		6,888
Credit Suisse Group AG (a)		228		6,491
Geberit AG (a)		32		6,688
Givaudan SA (a)		4		3,850
Holcim, Ltd. (a)		71		4,627
Kuehne & Nagel International AG		38		5,133
Nestle SA		280		17,596
Noble Corp. (a)		200		7,494
Novartis AG		264		14,593
Roche Holding AG		98		17,034
SGS SA		4		7,771
Swiss Re AG (a)		95		6,059
Syngenta AG (a)		10		3,453
TE Connectivity, Ltd.		200		7,350
The Swatch Group AG		12		5,516
Transocean, Ltd.		71		3,869
UBS AG (a)		611		8,551
Wolseley PLC		92		3,504
Zurich Financial Services AG (a)		19		5,100

				161,247

TAIWAN — 1.2%
Advanced Semiconductor Engineering Inc, ADR		1,012		5,192
AU Optronics Corp. ADR		992		4,523
Chunghwa Telecom Co., Ltd. ADR		263		8,090
Hon Hai Precision Industry Co., Ltd. GDR		1,324		10,327
Siliconware Precision Industries Co. ADR		1,651		9,972
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,096		16,747
United Microelectronics Corp. ADR		2,579		6,319

				61,170

THAILAND — 0.2%
Bangkok Bank PCL		1,100		6,917
PTT PCL		200		2,295

				9,212

TURKEY — 0.3%
Akbank TAS		730		2,866
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (a)		4,000		5,205
Turkiye Garanti Bankasi AS		845		3,346
Turkiye Is Bankasi		1,939		4,774

				16,191

UNITED KINGDOM — 7.6%
3i Group PLC		1,772		6,059
Anglo American PLC		222		8,289
AstraZeneca PLC		177		7,859
BAE Systems PLC		891		4,269
Barclays PLC		2,108		7,923
BG Group PLC		446		10,318
BHP Billiton PLC		304		9,265
BP PLC		2,520		18,624
British American Tobacco PLC		51		2,567
British Land Co. PLC		629		4,823
British Sky Broadcasting Group PLC		201		2,171
BT Group PLC		2,078		7,517
Burberry Group PLC		158		3,779
Capita Group PLC		537		6,285
Cobham PLC		2,646		9,686
Compass Group PLC		479		5,017
Diageo PLC		271		6,506
Experian PLC		371		5,776
G4S PLC		623		2,712
GlaxoSmithKline PLC		625		13,945
Hammerson PLC		999		6,634
HSBC Holdings PLC		2,191		19,422
Imperial Tobacco Group PLC		100		4,050
Intercontinental Hotels Group PLC		293		6,802
J Sainsbury PLC		736		3,661
Land Securities Group PLC		437		5,045
Lloyds Banking Group PLC (a)		8,654		4,647
Marks & Spencer Group PLC		1,017		6,158
National Grid PLC		197		1,985
Next PLC		72		3,432
Old Mutual PLC		1,713		4,341
Pearson PLC		120		2,234

See accompanying notes to financial statements.

169

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Prudential PLC		485	$	5,792
Randgold Resources, Ltd.		29		2,488
Reckitt Benckiser Group PLC		80		4,516
Reed Elsevier PLC		312		2,767
Rio Tinto PLC		213		11,727
Rolls-Royce Holdings PLC (a)		316		4,100
Royal Dutch Shell PLC (Class B)		760		26,708
RSA Insurance Group PLC		3,172		5,301
SABMiller PLC		131		5,252
Scottish & Southern Energy PLC		160		3,397
Severn Trent PLC		250		6,167
Smith & Nephew PLC		453		4,585
Smiths Group PLC		349		5,866
Standard Chartered PLC		346		8,624
Standard Life PLC		2,010		7,377
Tesco PLC		1,181		6,227
The Sage Group PLC		1,788		8,547
Tullow Oil PLC		178		4,343
Unilever PLC		153		5,046
United Utilities Group PLC		445		4,277
Vodafone Group PLC		6,679		18,376
Whitbread PLC		326		9,605
WPP PLC		344		4,697
Xstrata PLC		355		6,058

				383,644

UNITED STATES — 45.5%
3M Co.		100		8,921
Abbott Laboratories		200		12,258
Adobe Systems, Inc. (a)		300		10,293
Aetna, Inc.		200		10,032
Aflac, Inc.		200		9,198
Agilent Technologies, Inc.		200		8,902
Alexion Pharmaceuticals, Inc. (a)		100		9,286
Allergan, Inc.		100		9,543
Altera Corp.		100		3,982
Altria Group, Inc.		200		6,174
Amazon.com, Inc. (a)		100		20,251
American Capital Agency Corp.		100		2,954
American Electric Power Co., Inc.		200		7,716
American Express Co.		200		11,572
American Tower Corp.		100		6,302
Amgen, Inc.		200		13,598
Anadarko Petroleum Corp.		100		7,834
Annaly Capital Management, Inc.		200		3,164
Apache Corp.		100		10,044
Apple, Inc. (a)		100		59,947
Applied Materials, Inc.		699		8,696
Archer-Daniels-Midland Co.		300		9,498
AT&T, Inc.		699		21,830
Automatic Data Processing, Inc.		100		5,519
Baker Hughes, Inc.		200		8,388
Bank of America Corp.		1,699		16,259
Baxter International, Inc.		200		11,956
Becton, Dickinson and Co.		100		7,765
Bed Bath & Beyond, Inc. (a)		100		6,577
Berkshire Hathaway, Inc. (Class B) (a)		100		8,115
Biogen Idec, Inc. (a)		100		12,597
Bristol-Myers Squibb Co.		300		10,125
Broadcom Corp. (Class A) (a)		200		7,860
C.H. Robinson Worldwide, Inc.		100		6,549
Cameron International Corp. (a)		200		10,566
Capital One Financial Corp.		100		5,574
Carnival Corp.		100		3,208
Caterpillar, Inc.		100		10,652
CBS Corp.		200		6,782
Celgene Corp. (a)		100		7,752
Central Vermont Public Service Corp.		300		10,560
CenturyLink, Inc.		200		7,730
CH Energy Group, Inc.		200		13,346
Chesapeake Energy Corp.		300		6,951
Chevron Corp.		300		32,172
Church & Dwight Co., Inc.		200		9,838
Cisco Systems, Inc.		999		21,129
Citigroup, Inc.		500		18,275
Citrix Systems, Inc. (a)		100		7,891
Coach, Inc.		100		7,728
Cognizant Technology Solutions Corp. (Class A) (a)		100		7,695
Colgate-Palmolive Co.		100		9,778
Comcast Corp. (Class A) Special		500		14,755
ConAgra Foods, Inc.		200		5,252
ConocoPhillips		200		15,202
Corning, Inc.		400		5,632
Costco Wholesale Corp.		100		9,080
CSX Corp.		400		8,608
Cummins, Inc.		100		12,004
CVS Caremark Corp.		200		8,960
Danaher Corp.		200		11,200
Deere & Co.		100		8,090
Dell, Inc. (a)		400		6,640
Devon Energy Corp.		100		7,112
DIRECTV (Class A) (a)		100		4,934
Discover Financial Services		200		6,668
Dollar Tree, Inc. (a)		100		9,449
Duke Energy Corp.		200		4,202
E. I. du Pont de Nemours & Co.		200		10,580
Eaton Corp.		200		9,966
eBay, Inc. (a)		300		11,067
Ecolab, Inc.		100		6,172
Edison International		200		8,502
El Paso Corp.		100		2,955
Eli Lilly & Co.		200		8,054
EMC Corp. (a)		400		11,952
Emerson Electric Co.		200		10,436
EOG Resources, Inc.		100		11,110
Equity Residential		100		6,262
Exelon Corp.		200		7,842
Express Scripts, Inc. (a)		100		5,418
Exxon Mobil Corp.		600		52,038
Fastenal Co.		100		5,410
FedEx Corp.		100		9,196
FirstEnergy Corp.		200		9,118
FMC Technologies, Inc. (a)		200		10,084
Ford Motor Co.		799		9,979
Franklin Resources, Inc.		100		12,403
Freeport-McMoRan Copper & Gold, Inc.		200		7,608
General Dynamics Corp.		100		7,338
General Electric Co.		1,499		30,085

See accompanying notes to financial statements.

170

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

General Mills, Inc.		100	$	3,945
General Motors Co. (a)		200		5,130
Gilead Sciences, Inc. (a)		200		9,770
H.J. Heinz Co.		100		5,355
Halliburton Co.		200		6,638
HCP, Inc.		300		11,838
Hess Corp.		100		5,895
Hewlett-Packard Co.		400		9,532
Honeywell International, Inc.		200		12,210
Illinois Tool Works, Inc.		200		11,424
Ingersoll-Rand PLC		200		8,270
Intel Corp.		799		22,460
International Business Machines Corp.		200		41,730
Intuit, Inc.		100		6,013
Johnson & Johnson		300		19,788
Johnson Controls, Inc.		200		6,496
JPMorgan Chase & Co.		600		27,588
Juniper Networks, Inc. (a)		200		4,576
Kellogg Co.		100		5,363
Kimberly-Clark Corp.		100		7,389
Kinder Morgan Management, LLC (a)		100		7,463
Kohl’s Corp.		100		5,003
Kraft Foods, Inc. (Class A)		100		3,801
Las Vegas Sands Corp.		100		5,757
Liberty Global, Inc. (Series A) (a)		100		5,008
Liberty Interactive Corp. (Class A) (a)		200		3,818
Limited Brands, Inc.		200		9,600
Lockheed Martin Corp.		100		8,986
Lowe’s Cos., Inc.		300		9,414
Macy’s, Inc.		200		7,946
Marathon Oil Corp.		300		9,510
Marathon Petroleum Corp.		100		4,336
Marsh & McLennan Cos., Inc.		200		6,558
Mattel, Inc.		400		13,464
McCormick & Co., Inc.		300		16,329
McDonald’s Corp.		100		9,810
McKesson Corp.		100		8,777
Mead Johnson Nutrition Co.		100		8,248
Medco Health Solutions, Inc. (a)		100		7,030
Medtronic, Inc.		300		11,757
Merck & Co., Inc.		400		15,360
MetLife, Inc.		300		11,205
Microsoft Corp.		1,099		35,443
Monsanto Co.		100		7,976
Morgan Stanley		300		5,892
Motorola Mobility Holdings, Inc. (a)		100		3,924
National Oilwell Varco, Inc.		100		7,947
NetApp, Inc. (a)		100		4,477
Newmont Mining Corp.		100		5,127
News Corp. (Class A)		500		9,845
NextEra Energy, Inc.		100		6,108
NIKE, Inc. (Class B)		100		10,844
Noble Energy, Inc.		100		9,778
Norfolk Southern Corp.		100		6,583
Northrop Grumman Corp.		200		12,216
O’Reilly Automotive, Inc. (a)		100		9,135
Occidental Petroleum Corp.		200		19,046
Oracle Corp.		699		20,383
Parker Hannifin Corp.		100		8,455
PepsiCo, Inc.		200		13,270
Pfizer, Inc.		999		22,637
PG&E Corp.		100		4,341
Philip Morris International, Inc.		200		17,722
Pioneer Natural Resources Co.		100		11,159
PNC Financial Services Group, Inc.		100		6,449
PPL Corp.		300		8,478
Praxair, Inc.		100		11,464
Progress Energy, Inc.		100		5,311
ProLogis		300		10,806
Prudential Financial, Inc.		200		12,678
Public Service Enterprise Group, Inc.		200		6,122
Public Storage		100		13,817
QUALCOMM, Inc.		300		20,406
Range Resources Corp.		100		5,814
Raytheon Co.		100		5,278
Retail Opportunity Investments Corp.		1,499		18,048
Rockville Financial, Inc.		1,599		18,628
Ross Stores, Inc.		100		5,810
Salesforce.com, Inc. (a)		100		15,451
SanDisk Corp. (a)		100		4,959
Sara Lee Corp.		300		6,459
Simon Property Group, Inc.		100		14,568
Southern Co.		100		4,493
Southwestern Energy Co. (a)		100		3,060
Spectra Energy Corp.		200		6,310
St. Jude Medical, Inc.		200		8,862
Starbucks Corp.		200		11,178
State Street Corp.		100		4,550
Sysco Corp.		200		5,972
Target Corp.		100		5,827
Texas Instruments, Inc.		300		10,083
The Allstate Corp.		200		6,584
The Bank of New York Mellon Corp.		300		7,239
The Boeing Co.		100		7,437
The Charles Schwab Corp.		500		7,185
The Chubb Corp.		100		6,911
The Clorox Co.		100		6,875
The Coca-Cola Co.		200		14,802
The Dow Chemical Co.		300		10,392
The Estee Lauder Cos., Inc. (Class A)		100		6,194
The Goldman Sachs Group, Inc.		100		12,437
The Hershey Co.		100		6,133
The Home Depot, Inc.		200		10,062
The J.M. Smucker Co.		100		8,136
The Mosaic Co.		100		5,529
The Procter & Gamble Co.		200		13,442
The Travelers Cos., Inc.		100		5,920
The Walt Disney Co.		300		13,134
The Williams Cos., Inc.		300		9,243
Thermo Fisher Scientific, Inc.		200		11,276
Time Warner Cable, Inc.		100		8,150
Time Warner, Inc.		200		7,550
TJX Cos., Inc.		200		7,942
Tyco International, Ltd.		100		5,618
Tyson Foods, Inc. (Class A)		400		7,660
U.S. Bancorp		300		9,504
Union Pacific Corp.		100		10,748
United Parcel Service, Inc. (Class B)		100		8,072

See accompanying notes to financial statements.

171

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

United Technologies Corp.		100	$	8,294
UnitedHealth Group, Inc.		200		11,788
Valero Energy Corp.		200		5,154
Vector Group, Ltd.		899		15,930
Verizon Communications, Inc.		300		11,469
Viacom, Inc. (Class B)		100		4,746
Visa, Inc. (Class A)		100		11,800
Wal-Mart Stores, Inc.		200		12,240
Walgreen Co.		200		6,698
Waste Management, Inc.		200		6,992
Weatherford International, Ltd. (a)		500		7,545
WellPoint, Inc.		100		7,380
Wells Fargo & Co.		799		27,278
Western Digital Corp. (a)		100		4,139
Whole Foods Market, Inc.		100		8,320
Yahoo!, Inc. (a)		300		4,566
Yum! Brands, Inc.		100		7,118

				2,292,106

TOTAL COMMON STOCKS —
(Cost $4,958,546)				4,985,860

SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.23% (d)(e) (Cost $10,991)		10,991		10,991

TOTAL INVESTMENTS — 99.2%
(Cost $4,969,537)				4,996,851
OTHER ASSETS & LIABILITIES — 0.8%				42,741

NET ASSETS — 100.0%			$	5,039,592

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

172

SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BRAZIL — 15.9%
Banco Bradesco SA Preference Shares ADR		6,781	$	118,668
BRF — Brasil Foods SA ADR		2,346		46,943
Companhia de Bebidas das Americas Preference Shares ADR		2,665		110,118
Itau Unibanco Holding SA Preference Shares ADR		8,092		155,285
Petroleo Brasileiro SA Preference Shares ADR		7,450		190,422
Vale SA Preference Shares ADR		7,104		161,190

				782,626

CHINA — 17.0%
Bank of China, Ltd.		237,196		95,624
China Construction Bank Corp.		213,154		164,725
China Life Insurance Co., Ltd.		26,584		68,994
China Petroleum & Chemical Corp.		60,000		65,379
China Shenhua Energy Co., Ltd.		12,144		51,226
Industrial & Commercial Bank of China		215,454		139,029
PetroChina Co., Ltd.		74,812		105,800
Ping An Insurance Group Co. of China, Ltd.		6,000		45,363
Tencent Holdings, Ltd.		3,600		100,433

				836,573

HONG KONG — 8.1%
China Mobile, Ltd.		21,355		235,031
China Unicom (Hong Kong), Ltd.		20,000		33,900
CNOOC, Ltd.		63,362		130,250

				399,181

INDIA — 2.8%
ICICI Bank, Ltd. ADR		1,511		52,688
Infosys Technologies, Ltd. ADR		1,527		87,085

				139,773

MEXICO — 4.7%
America Movil SAB de CV, ADR, Series L		7,034		174,654
Fomento Economico Mexicano SAB de CV, ADR		696		57,260

				231,914

RUSSIA — 11.2%
Gazprom OAO ADR		18,892		230,483
Lukoil OAO ADR		1,810		108,962
MMC Norilsk Nickel OJSC ADR		1,708		31,256
NovaTek OAO GDR		326		44,173
Sberbank of Russia ADR		7,654		98,277
Uralkali OJSC GDR		1,000		37,710

				550,861

SOUTH AFRICA — 9.3%
AngloGold Ashanti, Ltd.		1,355		49,860
Gold Fields, Ltd.		2,594		35,490
Impala Platinum Holdings, Ltd.		1,812		35,676
MTN Group, Ltd.		6,015		105,823
Naspers, Ltd.		1,371		76,995
Sasol, Ltd.		1,940		93,656
Standard Bank Group, Ltd.		4,223		61,277

				458,777

SOUTH KOREA — 19.3%
Hyundai Heavy Industries Co., Ltd		148		41,995
Hyundai Mobis		240		60,686
Hyundai Motor Co.		539		110,840
KB Financial Group, Inc. ADR		1,300		47,710
Kia Motors Corp.		841		55,000
LG Chem Ltd.		162		52,901
POSCO ADR		930		77,841
Samsung Electronics Co., Ltd. GDR		784		443,352
Shinhan Financial Group Co., Ltd. ADR (a)		758		58,442

				948,767

TAIWAN — 11.3%
China Steel Corp.		40,000		40,861
Chunghwa Telecom Co., Ltd. ADR		1,364		41,957
Formosa Plastics Corp.		14,000		41,220
Hon Hai Precision Industry Co., Ltd. GDR		16,108		125,642
HTC Corp.		2,000		40,455
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		17,464		266,850

				556,985

TOTAL COMMON STOCKS —
(Cost $4,983,666)				4,905,457

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $1,548)		1,548		1,548

TOTAL INVESTMENTS — 99.6%
(Cost $4,985,214)				4,907,005
OTHER ASSETS & LIABILITIES — 0.4%				21,537

NET ASSETS — 100.0%			$	4,928,542

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

173

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.9%
AIR FREIGHT & LOGISTICS — 0.4%
Yamato Holdings Co., Ltd.		3,780	$	58,747

AIRLINES — 0.2%
All Nippon Airways Co., Ltd. (a)		10,000		30,379

AUTO COMPONENTS — 2.9%
Aisin Seiki Co., Ltd. (a)		1,168		41,244
Bridgestone Corp.		3,803		92,701
Denso Corp. (a)		2,647		88,936
FCC Co., Ltd. (a)		984		22,108
Futaba Industrial Co., Ltd. (a)		408		2,315
Keihin Corp. (a)		556		10,350
NGK Spark Plug Co., Ltd.		2,160		30,998
NHK Spring Co., Ltd.		340		3,677
Nifco, Inc. (a)		1,028		28,256
Nissin Kogyo Co., Ltd. (a)		616		10,113
NOK Corp. (a)		1,016		22,222
Showa Corp. (b)		2,012		16,625
Stanley Electric Co., Ltd.		644		10,291
Sumitomo Rubber Industries, Inc.		1,808		24,145
Tokai Rika Co., Ltd.		20		345
Toyo Tire & Rubber Co., Ltd.		3,851		10,810
Toyota Industries Corp.		1,172		35,547

				450,683

AUTOMOBILES — 7.9%
Daihatsu Motor Co., Ltd.		464		8,548
Fuji Heavy Industries, Ltd. (a)		4,347		35,127
Honda Motor Co., Ltd. (a)		9,574		365,882
Isuzu Motors, Ltd.		9,651		56,877
Mazda Motor Corp. (b)		6,123		10,788
Mitsubishi Motors Corp. (a)(b)		26,173		29,896
Nissan Motor Co., Ltd. (a)		13,562		145,186
Suzuki Motor Corp.		2,192		52,659
Toyota Motor Corp. (a)		11,677		506,554
Yamaha Motor Co., Ltd. (a)		1,216		16,387

				1,227,904

BEVERAGES — 1.2%
Asahi Breweries, Ltd.		2,584		57,555
Ito En, Ltd. (a)		1,556		28,078
Kirin Holdings Co., Ltd.		6,207		80,779
Takara Holdings, Inc. (a)		2,479		16,959

				183,371

BUILDING PRODUCTS — 1.1%
Aica Kogyo Co., Ltd.		284		4,100
Asahi Glass Co., Ltd.		6,299		53,732
Daikin Industries, Ltd. (a)		1,432		39,204
JS Group Corp.		1,772		37,315
Nippon Sheet Glass Co., Ltd. (a)		6,000		9,259
TOTO, Ltd. (a)		4,444		33,643

				177,253

CAPITAL MARKETS — 1.1%
Daiwa Securities Group, Inc.		8,482		33,703
Jafco Co., Ltd. (a)		212		5,170
Nomura Holdings, Inc. (a)		21,176		94,179
Okasan Securities Group, Inc. (a)		2,107		8,935
SBI Holdings, Inc. (a)(b)		158		14,995
Tokai Tokyo Financial Holdings, Inc. (a)		3,967		14,895

				171,877

CHEMICALS — 4.4%
Asahi Kasei Corp. (a)		5,859		36,381
Daicel Chemical Industries, Ltd. (a)		2,055		13,310
DIC Corp. (a)		6,391		12,969
Hitachi Chemical Co., Ltd. (a)		976		17,671
JSR Corp. (a)		1,360		27,532
Kaneka Corp. (a)		2,224		13,485
Kansai Paint Co., Ltd. (a)		2,092		21,226
Kuraray Co., Ltd. (a)		2,971		42,275
Mitsubishi Chemical Holdings Corp.		6,123		32,886
Mitsubishi Gas Chemical Co., Inc. (a)		2,268		15,240
Mitsui Chemicals, Inc. (a)		5,843		17,821
Nissan Chemical Industries, Ltd. (a)		2,816		26,588
Nitto Denko Corp.		784		31,772
Shin-Etsu Chemical Co., Ltd.		2,420		140,563
Showa Denko K.K.		7,723		17,643
Sumitomo Chemical Co., Ltd. (a)		9,674		41,379
Taiyo Nippon Sanso Corp.		4,180		29,663
Teijin, Ltd.		6,367		21,508
Tokai Carbon Co., Ltd.		1,828		9,796
Toray Industries, Inc. (a)		7,758		57,882
Tosoh Corp.		5,599		15,648
Ube Industries, Ltd.		9,543		26,091
Zeon Corp. (a)		2,132		19,871

				689,200

COMMERCIAL BANKS — 9.1%
Chuo Mitsui Trust Holdings, Inc.		19,981		64,099
Fukuoka Financial Group, Inc.		6,000		26,757
Hokuhoku Financial Group, Inc. (a)		9,658		18,543
Mitsubishi UFJ Financial Group, Inc. (a)		79,700		399,009
Mizuho Financial Group, Inc. (a)		138,100		226,545
Resona Holdings, Inc.		3,200		14,815
Shinsei Bank, Ltd.		9,726		12,764
Sumitomo Mitsui Financial Group, Inc. (a)		8,000		264,706
Suruga Bank, Ltd.		496		5,093
The 77 Bank, Ltd.		3,803		16,867
The Awa Bank, Ltd.		3,731		23,031
The Bank of Kyoto, Ltd.		1,916		17,485
The Bank of Yokohama, Ltd.		7,947		39,979
The Chiba Bank, Ltd.		6,063		38,900
The Chugoku Bank, Ltd.		1,504		20,451
The Hachijuni Bank, Ltd.		5,719		33,913
The Hiroshima Bank, Ltd. (a)		5,811		26,691
The Hyakugo Bank, Ltd.		4,147		19,199
The Iyo Bank, Ltd.		1,180		10,510
The Joyo Bank, Ltd. (a)		4,155		19,135
The Juroku Bank, Ltd.		5,883		20,374
The Musashino Bank, Ltd.		420		14,535
The Nanto Bank, Ltd. (a)		2,391		11,360
The Nishi-Nippon City Bank, Ltd.		7,799		22,176
The Shizuoka Bank, Ltd. (a)		2,363		24,464
Yamaguchi Financial Group, Inc.		2,076		18,970

				1,410,371

See accompanying notes to financial statements.

174

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMERCIAL SERVICES & SUPPLIES — 1.1%
Aeon Delight Co., Ltd.		200	$	4,238
Dai Nippon Printing Co., Ltd. (a)		3,739		38,437
Daiseki Co., Ltd.		400		7,451
Nissha Printing Co., Ltd. (a)(b)		236		3,106
Park24 Co., Ltd. (a)		1,000		13,549
Secom Co., Ltd. (a)		1,368		67,324
Toppan Printing Co., Ltd. (a)		4,299		33,746

				167,851

COMMUNICATIONS EQUIPMENT — 0.0% (c)
Aiphone Co., Ltd.		200		3,833

COMPUTERS & PERIPHERALS — 1.3%
Fujitsu, Ltd.		10,498		55,618
NEC Corp. (a)(b)		11,918		25,054
Seiko Epson Corp. (a)		1,376		19,396
Toshiba Corp. (a)		23,633		104,531

				204,599

CONSTRUCTION & ENGINEERING — 1.4%
Chiyoda Corp.		1,688		21,558
COMSYS Holdings Corp. (a)		2,000		21,775
JGC Corp.		1,760		54,856
Kajima Corp. (a)		7,595		23,257
Maeda Corp. (a)		5,855		25,897
Obayashi Corp. (a)		5,679		24,912
Shimizu Corp. (a)		5,559		22,427
Taisei Corp. (a)		9,995		26,234

				220,916

CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp. (a)		9,607		21,480

CONSUMER FINANCE — 0.3%
Acom Co., Ltd. (b)		22		494
Aeon Credit Service Co., Ltd. (a)		1,040		16,454
Credit Saison Co., Ltd.		1,364		27,762
Orient Corp. (b)		4,001		4,522

				49,232

CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Kaisha, Ltd.		1,048		15,116

DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		992		12,790

DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc.		628		31,478

DIVERSIFIED FINANCIAL SERVICES — 0.4%
ORIX Corp. (a)		616		59,134

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%
Nippon Telegraph & Telephone Corp.		5,200		237,268

ELECTRIC UTILITIES — 2.3%
Chubu Electric Power Co., Inc.		3,963		71,945
Hokkaido Electric Power Co., Inc. (a)		1,228		18,130
Hokuriku Electric Power Co.		1,412		25,668
Kyushu Electric Power Co., Inc. (a)		2,376		34,040
Shikoku Electric Power Co., Inc. (a)		1,572		44,565
The Chugoku Electric Power Co., Inc. (a)		1,648		30,779
The Kansai Electric Power Co., Inc. (a)		4,811		74,946
The Okinawa Electric Power Co., Inc.		36		1,496
The Tokyo Electric Power Co., Inc. (a)(b)		8,567		21,653
Tohoku Electric Power Co., Inc. (a)(b)		2,843		32,612

				355,834

ELECTRICAL EQUIPMENT — 1.9%
Fuji Electric Holdings Co., Ltd. (a)		6,099		16,156
Fujikura, Ltd. (a)		4,107		13,774
Furukawa Electric Co., Ltd.		3,899		10,423
Mitsubishi Electric Corp.		11,974		106,507
Nidec Corp. (a)		764		69,999
Sumitomo Electric Industries, Ltd.		3,787		52,138
Tatsuta Electric Wire and Cable Co., Ltd. (a)		2,000		12,078
Ushio, Inc.		1,036		14,641

				295,716

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.5%
Alps Electric Co., Ltd. (a)		1,768		15,640
Citizen Holdings Co., Ltd.		3,003		19,121
FUJIFILM Holdings Corp.		2,827		66,677
Hamamatsu Photonics K.K. (a)		768		29,163
Hirose Electric Co., Ltd. (a)		408		43,083
Hitachi, Ltd.		25,933		167,330
Horiba, Ltd.		404		13,923
Hoya Corp. (a)		2,632		59,456
Ibiden Co., Ltd. (a)		996		25,622
Keyence Corp. (a)		264		62,427
Kyocera Corp. (a)		992		91,371
Murata Manufacturing Co., Ltd. (a)		1,228		73,192
Nippon Electric Glass Co., Ltd. (a)		3,548		30,998
Oki Electric Industry Co., Ltd. (a)(b)		12,166		18,479
Omron Corp.		1,380		29,849
Shimadzu Corp. (a)		2,312		20,986
TDK Corp. (a)		996		56,762
Yaskawa Electric Corp.		1,604		15,164
Yokogawa Electric Corp. (a)		1,964		19,975

				859,218

FOOD & STAPLES RETAILING — 2.0%
Aeon Co., Ltd. (a)		4,403		58,211
Cawachi, Ltd.		448		10,692
FamilyMart Co., Ltd.		952		40,488
Izumiya Co., Ltd.		3,740		20,360
Lawson, Inc.		400		25,324
Seven & I Holdings Co., Ltd.		4,439		132,585
UNY Co., Ltd.		2,000		21,775

				309,435

FOOD PRODUCTS — 1.1%
Ajinomoto Co., Inc. (a)		4,003		50,490
Hokuto Corp.		400		8,472
Kikkoman Corp. (a)		2,256		26,235
MEIJI Holdings Co., Ltd.		400		17,571
Nissin Foods Holding Co., Ltd. (a)		640		24,070
Sakata Seed Corp.		1,584		22,135
Yakult Honsha Co., Ltd. (a)		564		19,498

				168,471

See accompanying notes to financial statements.

175

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

GAS UTILITIES — 0.9%
Osaka Gas Co., Ltd. (a)		12,150	$	49,016
Saibu Gas Co., Ltd.		10,273		27,838
Tokyo Gas Co., Ltd. (a)		13,873		65,745

				142,599

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Nakanishi, Inc.		200		21,265
Olympus Corp. (a)		1,042		17,144
Sysmex Corp. (a)		400		16,234
Terumo Corp. (a)		956		45,944

				100,587

HEALTH CARE PROVIDERS & SERVICES — 0.4%
Medipal Holdings Corp.		1,192		15,527
Miraca Holdings, Inc.		636		24,962
Suzuken Co., Ltd. (a)		632		19,599

				60,088

HOTELS, RESTAURANTS & LEISURE — 0.3%
Oriental Land Co., Ltd. (a)		404		43,544
Round One Corp. (a)		800		5,308

				48,852

HOUSEHOLD DURABLES — 2.7%
Casio Computer Co., Ltd. (a)		2,248		16,144
Funai Electric Co., Ltd.		395		8,904
Haseko Corp. (b)		9,139		7,440
Panasonic Corp. (a)		13,381		123,737
Pioneer Corp. (a)(b)		2,360		12,130
Sangetsu Co., Ltd.		176		4,677
Sekisui Chemical Co., Ltd.		2,079		18,139
Sekisui House, Ltd.		3,679		36,256
Sharp Corp. (a)		5,519		40,506
Sony Corp.		6,811		141,029
Sumitomo Forestry Co., Ltd. (a)		1,368		12,517

				421,479

HOUSEHOLD PRODUCTS — 0.2%
Unicharm Corp. (a)		632		33,560

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
Electric Power Development Co., Ltd. (a)		840		22,905

INDUSTRIAL CONGLOMERATES — 0.3%
Keihan Electric Railway Co., Ltd. (a)		5,747		27,515
Nisshinbo Holdings, Inc.		1,584		15,071

				42,586

INSURANCE — 2.4%
MS&AD Insurance Group Holdings, Inc. (a)		3,636		75,066
NKSJ Holdings, Inc. (a)		2,000		44,960
Sony Financial Holdings, Inc.		1,600		28,580
T&D Holdings, Inc. (a)		4,200		48,944
The Dai-ichi Life Insurance Co., Ltd. (a)		42		58,334
Tokio Marine Holdings, Inc. (a)		4,447		122,719

				378,603

INTERNET & CATALOG RETAIL — 0.3%
Rakuten, Inc.		50		52,676

INTERNET SOFTWARE & SERVICES — 0.5%
DeNA Co., Ltd. (a)		800		22,290
Gree, Inc. (a)		600		15,231
Internet Initiative Japan, Inc.		3		10,794
Yahoo! Japan Corp. (a)		104		33,843

				82,158

IT SERVICES — 0.7%
IT Holdings Corp.		832		9,786
Itochu Techno-Solutions Corp. (a)		608		27,373
NET One Systems Co., Ltd. (a)		2,000		24,522
Nomura Research Institute, Ltd. (a)		300		7,484
NTT Data Corp. (a)		8		28,279
Otsuka Corp.		12		981
SCSK Corp.		100		1,594
TKC Corp.		400		8,778

				108,797

LEISURE EQUIPMENT & PRODUCTS — 1.4%
Namco Bandai Holdings, Inc.		2,232		32,383
Nikon Corp. (a)		1,840		56,165
Roland Corp.		200		2,139
Sankyo Co., Ltd.		640		31,574
Sega Sammy Holdings, Inc.		2,031		42,794
Shimano, Inc. (a)		592		35,860
Yamaha Corp.		1,192		12,428

				213,343

MACHINERY — 6.1%
Amada Co., Ltd.		1,527		10,354
Amano Corp.		1,236		11,550
FANUC Corp. (a)		1,180		210,491
Glory, Ltd.		1,044		22,974
IHI Corp. (a)		10,311		26,186
JTEKT Corp.		1,408		16,955
Kawasaki Heavy Industries, Ltd. (a)		7,978		24,527
Komatsu, Ltd. (a)		5,439		155,910
Komori Corp. (a)		788		6,827
Kubota Corp. (a)		3,663		35,386
Kurita Water Industries, Ltd. (a)		976		24,052
Makita Corp.		976		39,374
Minebea Co., Ltd. (a)		2,255		9,892
Mitsubishi Heavy Industries, Ltd.		19,676		95,876
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		7,567		13,241
Mori Seiki Co., Ltd. (a)		968		10,010
NGK Insulators, Ltd.		2,320		33,294
NSK, Ltd. (a)		2,463		19,065
NTN Corp.		2,495		10,611
OKUMA Corp.		1,648		13,697
OSG Corp. (a)		1,012		15,396
SMC Corp. (a)		420		67,163
Sodick Co., Ltd.		1,800		9,908
Sumitomo Heavy Industries, Ltd. (a)		3,795		21,213
Takuma Co., Ltd. (a)		2,000		10,013
The Japan Steel Works, Ltd.		1,708		11,768
THK Co., Ltd. (a)		1,000		20,451
Toshiba Machine Co., Ltd.		1,944		9,898

				956,082

See accompanying notes to financial statements.

176

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

MARINE — 0.4%
Kawasaki Kisen Kaisha, Ltd. (a)(b)		5,759	$	12,736
Mitsui OSK Lines, Ltd. (a)		4,491		19,646
Nippon Yusen KK (a)		7,995		25,259

				57,641

MEDIA — 0.6%
CyberAgent, Inc. (a)		4		10,499
Dentsu, Inc. (a)		1,600		51,250
Jupiter Telecommunications Co.		8		8,059
Toho Co., Ltd. (a)		1,352		24,955

				94,763

METALS & MINING — 2.7%
Daido Steel Co., Ltd. (a)		2,199		15,311
Dowa Holdings Co., Ltd.		1,767		11,809
JFE Holdings, Inc. (a)		3,047		65,831
Kobe Steel, Ltd. (a)		17,645		28,731
Mitsubishi Materials Corp.		8,027		25,555
Mitsubishi Steel Manufacturing Co., Ltd.		4,000		13,755
Mitsui Mining & Smelting Co., Ltd. (a)		5,839		16,532
Nippon Steel Corp.		27,755		76,559
Nisshin Steel Co., Ltd. (a)		5,951		10,052
Sumitomo Metal Industries, Ltd.		24,340		49,393
Sumitomo Metal Mining Co., Ltd.		3,575		50,522
Toho Zinc Co., Ltd. (a)		4,000		18,130
Tokyo Steel Manufacturing Co., Ltd. (a)		1,044		9,274
Topy Industries, Ltd.		5,000		15,615
Yodogawa Steel Works, Ltd.		3,963		17,384

				424,453

MULTILINE RETAIL — 0.7%
Isetan Mitsukoshi Holdings, Ltd. (a)		2,441		28,831
J Front Retailing Co., Ltd. (a)		3,778		21,209
Marui Group Co., Ltd. (a)		2,616		21,934
Ryohin Keikaku Co., Ltd. (a)		236		12,274
Takashimaya Co., Ltd. (a)		2,332		19,468
The Daiei, Inc. (a)(b)		1,402		4,583

				108,299

OFFICE ELECTRONICS — 2.8%
Brother Industries, Ltd.		1,832		24,977
Canon, Inc.		7,058		335,340
Konica Minolta Holdings, Inc. (a)		4,075		35,801
Ricoh Co., Ltd. (a)		3,555		34,774

				430,892

OIL, GAS & CONSUMABLE FUELS — 1.1%
Cosmo Oil Co., Ltd. (a)		5,927		16,565
Inpex Corp.		8		54,341
JX Holdings, Inc. (a)		14,500		90,388
TonenGeneral Sekiyu K.K.		1,547		14,324

				175,618

PAPER & FOREST PRODUCTS — 0.3%
Nippon Paper Group, Inc. (a)		800		16,749
OJI Paper Co., Ltd. (a)		5,839		28,381

				45,130

PERSONAL PRODUCTS — 0.9%
Kao Corp. (a)		3,239		85,487
Mandom Corp. (a)		1,016		25,630
Shiseido Co., Ltd. (a)		1,832		31,789

				142,906

PHARMACEUTICALS — 4.8%
Astellas Pharma, Inc. (a)		2,771		114,483
Chugai Pharmaceutical Co., Ltd.		1,616		29,966
Daiichi Sankyo Co., Ltd. (a)		4,051		74,232
Dainippon Sumitomo Pharma Co., Ltd. (a)		960		10,230
Eisai Co., Ltd. (a)		1,540		61,566
Hisamitsu Pharmaceutical Co., Inc.		404		19,268
Kissei Pharmaceutical Co., Ltd.		1,000		19,697
Kyowa Hakko Kirin Co., Ltd.		1,833		20,492
Mitsubishi Tanabe Pharma Corp.		2,000		28,216
Mochida Pharmaceutical Co., Ltd.		2,000		23,720
Nichi-iko Pharmaceutical Co., Ltd. (a)		200		4,421
Ono Pharmaceutical Co., Ltd. (a)		432		24,200
Santen Pharmaceutical Co., Ltd.		956		41,065
Seikagaku Corp.		800		8,973
Shionogi & Co., Ltd. (a)		1,996		27,747
Taisho Pharmaceutical Holdings Co. Ltd.		300		24,461
Takeda Pharmaceutical Co., Ltd. (a)		4,655		206,179
Torii Pharmaceutical Co., Ltd.		200		3,781
Tsumura & Co.		100		2,905

				745,602

PROFESSIONAL SERVICES — 0.1%
Meitic Corp. (a)		812		16,468

REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.0%
Daikyo, Inc.		4,256		11,585
Daito Trust Construction Co., Ltd. (a)		564		50,921
Daiwa House Industry Co., Ltd.		4,363		58,000
Heiwa Real Estate Co., Ltd.		4,856		13,277
Leopalace21 Corp. (a)(b)		1,044		3,565
Mitsubishi Estate Co., Ltd. (a)		7,111		127,539
Mitsui Fudosan Co., Ltd.		5,923		113,933
Sumitomo Realty & Development Co., Ltd.		1,843		44,678
Tokyo Tatemono Co., Ltd. (b)		3,540		14,410
Tokyu Land Corp. (a)		5,664		27,874

				465,782

ROAD & RAIL — 3.9%
Central Japan Railway Co. (a)		10		82,873
East Japan Railway Co. (a)		2,200		139,279
Hankyu Hanshin Holdings, Inc.		8,486		37,225
Keikyu Corp. (a)		4,355		38,314
Keisei Electric Railway Co., Ltd. (a)		2,147		16,697
Kintetsu Corp. (a)		12,038		46,078
Nagoya Railroad Co., Ltd.		8,362		23,167
Nankai Electric Railway Co., Ltd.		6,111		26,139
Nippon Express Co., Ltd.		7,555		29,653
Odakyu Electric Railway Co., Ltd. (a)		2,483		23,594
Sotetsu Holdings, Inc.		8,254		25,977
Tobu Railway Co., Ltd. (a)		6,007		32,044
Tokyu Corp. (a)		6,391		30,520
West Japan Railway Co. (a)		1,400		56,565

				608,125

See accompanying notes to financial statements.

177

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.1%
Advantest Corp. (a)		1,216	$	19,268
Dainippon Screen Manufacturing Co., Ltd.		364		3,295
Disco Corp. (a)		384		21,348
Rohm Co., Ltd.		576		28,592
Sanken Electric Co., Ltd. (a)		2,404		11,480
Shinko Electric Industries Co., Ltd. (a)		592		5,813
Sumco Corp. (a)(b)		1,046		12,799
Tokyo Electron, Ltd.		1,040		59,838

				162,433

SOFTWARE — 1.0%
Konami Corp. (a)		792		22,578
Nintendo Co., Ltd. (a)		648		98,033
NSD Co., Ltd. (a)		832		7,734
Square Enix Holdings Co., Ltd. (a)		796		16,811
Trend Micro, Inc. (a)		368		11,371

				156,527

SPECIALTY RETAIL — 1.6%
Aoyama Trading Co., Ltd.		984		20,984
Autobacs Seven Co., Ltd.		180		8,727
Fast Retailing Co., Ltd.		176		40,335
Hikari Tsushin, Inc.		184		5,438
Nitori Holding Co., Ltd.		210		19,087
Sanrio Co., Ltd. (a)		448		17,584
Shimachu Co., Ltd. (a)		984		23,316
Shimamura Co., Ltd.		232		26,105
USS Co., Ltd.		400		40,780
Yamada Denki Co., Ltd. (a)		600		37,694

				240,050

TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Asics Corp. (a)		2,064		23,475
Gunze, Ltd. (a)		4,223		12,418
Onward Holdings Co., Ltd.		1,580		12,960
The Japan Wool Textile Co., Ltd.		2,031		15,918
Toyobo Co., Ltd.		8,302		11,904

				76,675

TOBACCO — 1.1%
Japan Tobacco, Inc.		30		169,877

TRADING COMPANIES & DISTRIBUTORS — 4.8%
Hanwa Co., Ltd.		2,207		10,084
Inaba Denki Sangyo Co., Ltd.		956		28,856
ITOCHU Corp. (a)		8,566		93,992
Iwatani Corp.		6,451		21,635
Kanematsu Corp. (b)		19,000		22,857
Marubeni Corp. (a)		10,402		75,460
Mitsubishi Corp. (a)		7,607		177,477
Mitsui & Co., Ltd. (a)		10,002		164,928
Sojitz Corp. (a)		8,428		15,157
Sumitomo Corp. (a)		6,375		92,648
Toyota Tsusho Corp.		1,039		21,274
Yamazen Corp.		2,800		23,476

				747,844

TRANSPORTATION INFRASTRUCTURE — 0.3%
Kamigumi Co., Ltd.		2,395		19,935
Mitsubishi Logistics Corp. (a)		2,216		26,308

				46,243

WIRELESS TELECOMMUNICATION SERVICES — 2.5%
KDDI Corp. (a)		18		117,237
NTT DoCoMo, Inc. (a)		88		146,925
Softbank Corp. (a)		4,415		131,279

				395,441

TOTAL COMMON STOCKS —
(Cost $17,601,038)				15,387,240

SHORT TERM INVESTMENTS — 28.4%
UNITED STATES — 28.4%
MONEY MARKET FUNDS — 28.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		4,422,083		4,422,083
State Street Institutional Liquid Reserves Fund 0.23% (e)(f)		3,244		3,244

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,425,327)				4,425,327

TOTAL INVESTMENTS — 127.3%
(Cost $22,026,365)				19,812,567
OTHER ASSETS & LIABILITIES — (27.3)%				(4,245,817	)

NET ASSETS — 100.0%			$	15,566,750


(a)		A portion of the security was on loan at March 31, 2012.
(b)		Non-income producing security.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

178

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.0%
JAPAN — 99.0%
AIR FREIGHT & LOGISTICS — 0.3%
Kintetsu World Express, Inc.		9,100	$	318,906

AIRLINES — 0.1%
Skymark Airlines, Inc.		10,400		90,105

AUTO COMPONENTS — 5.2%
Ahresty Corp.		9,700		84,748
Exedy Corp.		7,300		209,256
FCC Co., Ltd. (a)		13,013		292,375
Futaba Industrial Co., Ltd. (a)		17,994		102,111
Kayaba Industry Co., Ltd. (a)		38,902		237,775
Keihin Corp. (a)		13,241		246,494
Musashi Seimitsu Industry Co., Ltd.		24,152		578,744
Nissan Shatai Co., Ltd. (a)		45,000		473,540
Nissin Kogyo Co., Ltd. (a)		16,234		266,506
Press Kogyo Co., Ltd.		37,569		255,193
Showa Corp. (b)		21,139		174,671
Takata Corp. (a)		17,700		474,251
Tokai Rika Co., Ltd.		13,400		231,054
Topre Corp.		23,234		245,341
Toyo Tire & Rubber Co., Ltd.		54,372		152,621
Toyoda Gosei Co., Ltd. (a)		11,600		227,081
Toyota Boshoku Corp. (a)		12,700		150,619
TS Tech Co., Ltd.		11,700		230,744
Unipres Corp.		11,800		367,213

				5,000,337

BEVERAGES — 0.9%
Ito En, Ltd. (a)		16,900		304,958
Mikuni Coca-Cola Bottling Co., Ltd. (a)		38,045		326,846
Sapporo Holdings, Ltd. (a)		54,000		200,790

				832,594

BIOTECHNOLOGY — 0.3%
OncoTherapy Science, Inc. (a)(b)		120		201,665
Sosei Group Corp. (b)		79		113,083

				314,748

BUILDING PRODUCTS — 2.3%
Aica Kogyo Co., Ltd.		22,519		325,081
Bunka Shutter Co., Ltd.		72,577		264,574
Central Glass Co., Ltd. (a)		73,309		323,363
Nichias Corp. (a)		39,000		217,049
Nitto Boseki Co., Ltd. (a)		80,020		315,043
Noritz Corp.		9,565		182,478
Sankyo-Tateyama Holdings, Inc. (b)		166,467		291,284
Sanwa Holdings Corp.		84,910		333,264

				2,252,136

CAPITAL MARKETS — 1.5%
Jafco Co., Ltd. (a)		13,700		334,114
Matsui Securities Co., Ltd (a)		22,800		147,669
Monex Group, Inc. (a)		1,283		282,184
Okasan Securities Group, Inc. (a)		45,447		192,733
Tokai Tokyo Financial Holdings, Inc.		81,721		306,845
Toyo Securities Co., Ltd. (a)		71,457		197,973

				1,461,518

CHEMICALS — 5.3%
ADEKA Corp.		33,413		319,128
Asahi Organic Chemicals Industry Co., Ltd.		53,540		144,430
C. Uyemura & Co., Ltd.		3,376		132,915
Daiichi Kigenso Kagaku-Kogyo Co., Ltd. (a)		4,300		154,454
Fujikura Kasei Co., Ltd.		29,138		152,603
Fujimi, Inc. (a)		9,073		113,667
Ishihara Sangyo Kaisha, Ltd. (a)(b)		159,811		163,122
Japan Pure Chemical Co., Ltd.		161		417,491
Kureha Corp.		42,000		203,123
Lintec Corp.		16,908		344,755
New Japan Chemical Co., Ltd.		9,400		67,392
Nippon Soda Co., Ltd.		44,065		202,936
Nippon Valqua Industries, Ltd.		50,025		141,635
NOF Corp.		56,731		277,813
Okamoto Industries, Inc.		85,841		330,659
Sumitomo Bakelite Co., Ltd. (a)		51,000		270,199
Taiyo Holdings Co., Ltd. (a)		11,300		304,830
Toagosei Co., Ltd.		76,000		351,856
Tokai Carbon Co., Ltd.		51,542		276,202
Tokyo Ohka Kogyo Co., Ltd. (a)		19,900		453,883
Toyo Ink Manufacturing Co., Ltd.		55,000		227,899

				5,050,992

COMMERCIAL BANKS — 8.4%
Bank of the Ryukyus, Ltd. (a)		16,881		230,769
Kansai Urban Banking Corp. (a)		138,000		211,289
Kiyo Holdings, Inc.		253,754		379,267
Sapporo Hokuyo Holdings, Inc. (a)		81,000		300,201
Seven Bank, Ltd. (a)		100		220
The 77 Bank, Ltd.		48,000		212,893
The Aichi Bank, Ltd.		7,749		470,806
The Bank of Iwate, Ltd. (a)		8,356		380,764
The Bank of Nagoya, Ltd.		48,000		173,231
The Bank of Okinawa, Ltd.		7,500		336,290
The Daishi Bank, Ltd.		83,000		293,493
The Fukushima Bank, Ltd. (a)		350,478		289,598
The Higo Bank, Ltd.		51,000		303,664
The Hokkoku Bank, Ltd. (a)		50,000		188,954
The Hyakugo Bank, Ltd.		81,000		375,005
The Hyakujushi Bank, Ltd.		72,000		336,837
The Juroku Bank, Ltd.		85,000		294,368
The Kagoshima Bank, Ltd.		44,000		282,302
The Keiyo Bank, Ltd.		58,000		279,798
The Musashino Bank, Ltd.		9,700		335,690
The Nagano Bank, Ltd.		124,534		245,149
The Nanto Bank, Ltd. (a)		56,000		266,067
The Shikoku Bank, Ltd.		88,000		331,490
The Shimizu Bank, Ltd.		6,300		249,948
The Taiko Bank, Ltd. (a)		86,000		269,615
The Tochigi Bank, Ltd.		44,846		167,842
The Tokyo Tomin Bank, Ltd.		12,505		151,649
The Yachiyo Bank, Ltd.		9,600		237,273
Tomato Bank, Ltd.		137,872		266,379
TOMONY Holdings, Inc.		44,605		217,889

				8,078,740

See accompanying notes to financial statements.

179

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMERCIAL SERVICES & SUPPLIES — 2.2%
Aeon Delight Co., Ltd.		7,500	$	158,940
Daiseki Co., Ltd.		10,893		202,916
Duskin Co., Ltd.		20,600		413,777
Moshi Moshi Hotline, Inc.		16,944		170,274
Nissha Printing Co., Ltd. (a)(b)		11,900		156,604
Okamura Corp.		36,884		258,159
Park24 Co., Ltd. (a)		29,185		395,422
Pilot Corp.		195		375,807

				2,131,899

COMMUNICATIONS EQUIPMENT — 1.0%
Aiphone Co., Ltd.		9,606		184,077
Denki Kogyo Co., Ltd.		43,303		220,475
Hitachi Kokusai Electric, Inc.		28,634		264,089
Icom, Inc.		11,000		268,400

				937,041

COMPUTERS & PERIPHERALS — 0.8%
Eizo Nanao Corp.		11,300		243,040
Melco Holdings, Inc.		6,500		165,314
Wacom Co., Ltd. (a)		152		320,088

				728,442

CONSTRUCTION & ENGINEERING — 4.2%
Chugai Ro Co., Ltd.		71,522		246,823
Kandenko Co., Ltd.		39,000		190,510
Kinden Corp.		41,924		325,529
Kyowa Exeo Corp. (a)		35,176		318,441
Kyudenko Corp.		48,657		287,348
Maeda Corp. (a)		57,158		252,816
Maeda Road Construction Co., Ltd.		33,000		412,625
Mirait Holdings Corp. (a)		29,200		213,957
Penta-Ocean Construction Co., Ltd. (a)		142,500		458,868
Sanki Engineering Co., Ltd.		31,196		169,447
SHO-BOND Holdings Co., Ltd. (a)		12,700		316,053
Taikisha, Ltd.		11,600		239,344
Toda Corp.		70,000		236,466
Tokyu Construction Co., Ltd.		68,412		176,236
Toyo Engineering Corp.		40,000		191,506

				4,035,969

CONSUMER FINANCE — 0.4%
Acom Co., Ltd. (b)		9,050		203,335
Aiful Corp. (a)(b)		27,750		57,999
Orient Corp. (b)		89,500		101,142

				362,476

CONTAINERS & PACKAGING — 1.0%
FP Corp. (a)		4,600		291,221
Fuji Seal International, Inc.		11,870		226,164
Taisei Lamick Co., Ltd. (a)		14,200		442,418

				959,803

DISTRIBUTORS — 0.2%
Canon Marketing Japan, Inc.		14,200		183,075

DIVERSIFIED FINANCIAL SERVICES — 1.0%
Century Tokyo Leasing Corp.		18,500		375,642
Fuyo General Lease Co., Ltd.		5,400		192,653
Japan Securities Finance Co., Ltd. (a)		29,019		168,906
Ricoh Leasing Co., Ltd.		9,167		214,207

				951,408

ELECTRIC UTILITIES — 0.4%
The Okinawa Electric Power Co., Inc.		8,300		344,930

ELECTRICAL EQUIPMENT — 2.0%
Daihen Corp. (a)		44,971		162,845
Futaba Corp. (a)		19,200		275,769
Hitachi Cable, Ltd. (a)(b)		58,000		164,919
Mabuchi Motor Co., Ltd. (a)		12,100		552,105
Nippon Carbon Co., Ltd.		47,000		133,070
Nippon Signal Co., Ltd.		22,500		141,351
Sinfonia Technology Co., Ltd. (a)		81,826		178,974
SWCC Showa Holdings Co., Ltd. (a)		142,075		136,387
Toyo Tanso Co., Ltd. (a)		5,200		198,092

				1,943,512

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.1%
Daiwabo Holdings Co., Ltd.		42,635		95,844
ESPEC Corp. (a)		16,731		157,765
Hakuto Co., Ltd.		25,011		250,429
Hosiden Corp.		17,095		125,468
Japan Cash Machine Co., Ltd.		25,424		247,150
Koa Corp.		20,591		221,435
Maruwa Co., Ltd. (a)		3,200		142,900
Meiko Electronics Co., Ltd. (b)		3,900		56,869
Nichicon Corp. (a)		16,300		197,474
Nidec Sankyo Corp.		28,917		175,340
Nihon Dempa Kogyo Co., Ltd.		7,395		112,055
Nippon Ceramic Co., Ltd. (a)		8,623		147,532
Nippon Chemi-Con Corp. (a)(b)		36,432		146,091
Oki Electric Industry Co., Ltd. (a)(b)		205,000		311,380
Ryosan Co., Ltd. (a)		12,296		248,624
Ryoyo Electro Corp. (a)		25,804		295,682
Star Micronics Co., Ltd.		14,869		148,157
Taiyo Yuden Co., Ltd. (a)		27,500		294,732
Tokyo Electron Device, Ltd.		215		390,577
Topcon Corp. (a)		18,219		121,763
V Technology Co., Ltd.		22		77,633

				3,964,900

ENERGY EQUIPMENT & SERVICES — 0.4%
Japan Drilling Co., Ltd. (a)		6,900		219,086
Shinko Plantech Co., Ltd.		14,286		122,385

				341,471

FOOD & STAPLES RETAILING — 3.5%
Cawachi, Ltd.		9,535		227,556
Circle K Sunkus Co., Ltd.		22,798		490,616
Izumiya Co., Ltd.		43,933		239,164
Kato Sangyo Co., Ltd.		11,000		218,409
Matsumotokiyoshi Holdings Co., Ltd. (a)		13,000		283,553
Ministop Co., Ltd.		12,794		248,744
Sugi Pharmacy Co., Ltd. (a)		11,800		362,911
Sundrug Co., Ltd. (a)		9,700		301,744
Tsuruha Holdings, Inc.		5,500		325,810
Valor Co., Ltd. (a)		13,800		231,244

See accompanying notes to financial statements.

180

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Yokohama Reito Co., Ltd.		51,880	$	405,987

				3,335,738

FOOD PRODUCTS — 4.5%
Ariake Japan Co., Ltd. (a)		12,864		249,324
Calbee, Inc. (a)		5,100		261,213
Ezaki Glico Co., Ltd. (a)		29,000		349,924
Fuji Oil Co., Ltd.		18,500		264,591
Fujicco Co., Ltd.		22,657		278,343
Hokuto Corp.		13,821		292,727
Marudai Food Co., Ltd. (a)		118,417		461,898
Maruha Nichiro Holdings, Inc. (a)		130,000		229,054
Megmilk Snow Brand Co., Ltd. (a)		20,500		384,616
Mitsui Sugar Co., Ltd.		48,497		162,649
Morinaga Milk Industry Co., Ltd. (a)		55,000		217,206
Nakamuraya Co., Ltd. (a)		65,952		326,975
Nichirei Corp. (a)		70,000		330,032
Nippon Suisan Kaisha, Ltd. (a)		72,875		249,720
Riken Vitamin Co., Ltd. (a)		7,480		205,599

				4,263,871

GAS UTILITIES — 0.3%
Shizuoka Gas Co., Ltd.		42,319		303,913

HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%
Asahi Intecc Co., Ltd. (a)		5,100		128,716
Fukuda Denshi Co., Ltd.		8,886		267,676
Nakanishi, Inc.		2,947		313,339
Nihon Kohden Corp.		9,700		261,197
Nipro Corp. (a)		23,400		175,440
Paramount Bed Holdings Co., Ltd.		5,700		168,794

				1,315,162

HEALTH CARE PROVIDERS & SERVICES — 0.5%
Message Co., Ltd.		84		252,832
Ship Healthcare Holdings, Inc.		12,800		263,792

				516,624

HEALTH CARE TECHNOLOGY — 0.2%
M3, Inc. (a)		59		215,080

HOTELS, RESTAURANTS & LEISURE — 2.7%
Accordia Golf Co., Ltd.		397		302,954
Doutor Nichires Holdings Co., Ltd.		16,375		216,689
MOS Food Services, Inc.		20,314		387,545
Ohsho Food Service Corp.		10,100		245,581
PGM Holdings K. K. (a)		195		132,693
Round One Corp. (a)		13,800		91,558
Tokyo Dome Corp. (a)(b)		71,085		246,178
Umenohana Co., Ltd.		274		607,631
Zensho Co., Ltd. (a)		29,646		366,005

				2,596,834

HOUSEHOLD DURABLES — 2.4%
Arnest One Corp.		20,600		230,794
Chofu Seisakusho Co., Ltd.		15,200		355,919
Clarion Co., Ltd. (a)(b)		47,000		126,217
Foster Electric Co. Ltd.		9,600		141,151
France Bed Holdings Co., Ltd. (a)		166,734		348,481
Funai Electric Co., Ltd.		9,700		218,646
Haseko Corp. (b)		304,000		247,500
JVC Kenwood Holdings, Inc. (a)(b)		18,100		80,718
Misawa Homes Holdings, Inc. (b)		20,566		216,918
Token Corp.		8,490		329,098

				2,295,442

HOUSEHOLD PRODUCTS — 0.2%
Pigeon Corp.		5,600		209,928

INDUSTRIAL CONGLOMERATES — 0.2%
Katakura Industries Co., Ltd.		17,380		160,928

INTERNET & CATALOG RETAIL — 0.5%
Senshukai Co., Ltd.		34,224		243,284
Start Today Co. Ltd. (a)		14,500		268,698

				511,982

INTERNET SOFTWARE & SERVICES — 1.1%
Access Co., Ltd. (b)		218		86,225
GMO Internet, Inc.		31,000		156,328
Internet Initiative Japan, Inc.		58		208,686
So-net Entertainment Corp.		63		232,341
Zappallas, Inc.		304		391,936

				1,075,516

IT SERVICES — 2.2%
Digital Garage, Inc. (a)(b)		50		131,539
Future Architect, Inc.		1,000		427,122
Ines Corp.		38,860		311,654
IT Holdings Corp.		20,637		242,744
Obic Co., Ltd.		2,101		428,395
Otsuka Corp.		3,900		318,938
SCSK Corp.		4,400		70,148
Transcosmos, Inc.		12,367		190,400

				2,120,940

LEISURE EQUIPMENT & PRODUCTS — 1.1%
Fields Corp.		98		163,145
Heiwa Corp. (a)		19,000		383,717
Roland Corp.		16,276		174,043
Tomy Co., Ltd.		22,000		161,735
Universal Entertainment Corp. (a)		7,400		166,892

				1,049,532

LIFE SCIENCES TOOLS & SERVICES — 0.3%
EPS Corp.		114		251,979

MACHINERY — 7.3%
Amano Corp.		24,732		231,107
Asahi Diamond Industrial Co., Ltd. (a)		21,742		256,270
CKD Corp.		18,005		143,305
Daifuku Co., Ltd.		35,681		208,116
Fuji Machine Manufacturing Co., Ltd.		9,771		196,500
Furukawa Co., Ltd. (a)(b)		127,280		123,731
Hitachi Zosen Corp. (a)		254,226		333,634
Hoshizaki Electric Co., Ltd. (a)		11,200		265,659
Iseki & Co., Ltd. (a)		41,000		105,122
Juki Corp. (a)		46,450		101,598
Kitz Corp.		27,102		118,558
Komori Corp. (a)		17,040		147,634
Kyokuto Kaihatsu Kogyo Co., Ltd.		42,140		419,377
Makino Milling Machine Co., Ltd. (a)		32,739		282,058
Meidensha Corp. (a)		44,000		160,933
Miura Co., Ltd.		9,100		237,189
Mori Seiki Co., Ltd. (a)		21,600		223,362
Nachi-Fujikoshi Corp. (a)		79,418		458,394

See accompanying notes to financial statements.

181

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Namura Shipbuilding Co., Ltd. (a)		22,000	$	96,239
Nippon Sharyo, Ltd.		35,970		149,483
Nippon Thompson Co., Ltd. (a)		29,511		187,189
Nitto Kohki Co., Ltd.		11,300		251,691
OKUMA Corp. (a)		32,192		267,566
OSG Corp. (a)		22,100		336,220
Ryobi, Ltd. (a)		38,723		147,749
Shima Seiki Manufacturing, Ltd.		18,900		363,095
Sintokogio, Ltd.		21,019		235,744
Tadano, Ltd. (a)		39,913		289,544
Toshiba Machine Co., Ltd. (a)		43,009		218,978
Tsubakimoto Chain Co.		44,124		273,982
Union Tool Co.		11,132		208,586

				7,038,613

MARINE — 0.2%
Iino Kaiun Kaisha, Ltd. (a)		38,006		173,185

MEDIA — 2.5%
Asatsu-DK, Inc. (a)		7,500		216,811
Avex Group Holdings, Inc.		12,792		155,441
Daiichikosho Co., Ltd.		18,181		360,107
Kadokawa Group Holdings, Inc. (a)		6,587		210,829
Shochiku Co., Ltd. (a)		41,243		390,905
SKY Perfect JSAT Holdings, Inc. (a)		465		205,957
Tokyo Broadcasting System Holdings, Inc.		17,900		268,408
TV Asahi Corp.		256		419,642
Zenrin Co., Ltd.		13,624		138,069

				2,366,169

METALS & MINING — 3.7%
Aichi Steel Corp.		39,000		202,357
Asahi Holdings, Inc. (a)		8,100		175,888
Godo Steel, Ltd. (a)		39,440		101,601
Kyoei Steel, Ltd. (a)		8,400		170,256
Maruichi Steel Tube, Ltd.		18,400		431,968
Nakayama Steel Works, Ltd. (b)		75,212		68,545
Nippon Denko Co., Ltd. (a)		47,000		231,302
Nippon Yakin Kogyo Co., Ltd. (b)		36,000		62,555
Nisshin Steel Co., Ltd. (a)		142,000		239,845
OSAKA Titanium Technologies Co. (a)		7,100		272,629
Sanyo Special Steel Co., Ltd. (a)		42,750		233,243
Sumitomo Light Metal Industries, Ltd. (a)		169,135		170,584
Toho Titanium Co., Ltd. (a)		12,300		194,749
Toho Zinc Co., Ltd. (a)		37,796		171,309
Tokyo Rope Manufacturing Co., Ltd. (a)		54,654		112,237
Tokyo Steel Manufacturing Co., Ltd. (a)		21,100		187,425
Yamato Kogyo Co., Ltd. (a)		16,200		475,400

				3,501,893

MULTILINE RETAIL — 1.2%
H2O Retailing Corp. (a)		44,107		385,357
Matsuya Co., Ltd. (a)(b)		12,408		111,875
Parco Co., Ltd.		25,325		244,956
Ryohin Keikaku Co., Ltd. (a)		7,700		400,462

				1,142,650

OFFICE ELECTRONICS — 0.1%
Riso Kagaku Corp.		7,147		118,458

OIL, GAS & CONSUMABLE FUELS — 0.3%
Itochu Enex Co., Ltd.		42,104		250,184

PAPER & FOREST PRODUCTS — 0.2%
Daio Paper Corp.		35,940		215,740

PERSONAL PRODUCTS — 1.3%
Dr Ci:Labo Co., Ltd. (a)		52		241,376
Fancl Corp. (a)		14,100		190,867
Mandom Corp. (a)		12,745		321,509
Milbon Co., Ltd.		9,200		266,626
Unihair Co., Ltd. (b)		15,904		182,047

				1,202,425

PHARMACEUTICALS — 2.1%
Kaken Pharmaceutical Co., Ltd. (a)		38,428		487,033
Mochida Pharmaceutical Co., Ltd.		36,483		432,680
Nichi-iko Pharmaceutical Co., Ltd.		10,465		231,312
Rohto Pharmaceutical Co., Ltd.		32,493		407,865
Torii Pharmaceutical Co., Ltd.		12,300		232,564
Towa Pharmaceutical Co., Ltd. (a)		4,600		229,176

				2,020,630

PROFESSIONAL SERVICES — 0.7%
Meitic Corp. (a)		12,644		256,429
Nihon M&A Center, Inc.		6,800		181,041
Pasona Group, Inc.		264		233,220

				670,690

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%
Daibiru Corp. (a)		24,926		188,395
Daikyo, Inc. (a)		58,352		158,829
Goldcrest Co., Ltd. (a)		6,409		117,752
Heiwa Real Estate Co., Ltd.		61,255		167,475
K.K. daVinci Holdings (b)(c)		262		0
Kenedix, Inc. (a)(b)		1,358		266,666
Leopalace21 Corp. (a)(b)		37,900		129,411
NTT Urban Development Corp. (a)		626		512,697
Shoei Co., Ltd. (a)		13,798		56,671
Suruga Corp. (b)(c)(d)		10,689		0
TOC Co., Ltd. (a)		44,200		249,748
	��
				1,847,644

ROAD & RAIL — 1.4%
Hamakyorex Co., Ltd.		7,400		257,352
Hitachi Transport System, Ltd. (a)		18,000		329,182
Kobe Electric Railway Co., Ltd. (b)		54,500		156,954
Sankyu, Inc. (a)		80,830		318,232
Seino Holdings Co., Ltd.		38,000		276,128

				1,337,848

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4%
Ferrotec Corp.		12,100		125,859
Micronics Japan Co., Ltd.		5,500		31,278
Renesas Electronics Corp. (a)(b)		8,000		55,994
Shinko Electric Industries Co., Ltd. (a)		13,800		135,493
Sumco Corp. (a)(b)		32,400		396,462
Tokyo Seimitsu Co., Ltd.		14,700		306,700

See accompanying notes to financial statements.

182

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Ulvac, Inc. (a)(b)		22,902	$	252,967

				1,304,753

SOFTWARE — 1.2%
DTS Corp.		16,932		222,208
Dwango Co., Ltd.		77		112,279
Fuji Soft, Inc.		13,274		255,657
NSD Co., Ltd. (a)		18,478		171,768
Square Enix Holdings Co., Ltd. (a)		18,700		394,928

				1,156,840

SPECIALTY RETAIL — 4.2%
ABC-Mart, Inc. (a)		7,500		283,887
Aoyama Trading Co., Ltd.		20,700		441,442
Autobacs Seven Co., Ltd. (a)		9,388		455,169
Bic Camera, Inc. (a)		547		291,463
Chiyoda Co., Ltd.		16,713		337,124
DCM Japan Holdings Co., Ltd. (a)		29,200		233,118
EDION Corp. (a)		20,850		146,947
Geo Holdings Corp. (a)		197		233,877
Kohnan Shoji Co., Ltd.		17,800		283,563
Komeri Co., Ltd. (a)		9,230		264,580
Nishimatsuya Chain Co., Ltd. (a)		16,866		138,338
Point, Inc.		6,930		257,259
United Arrows, Ltd.		7,429		156,623
Village Vanguard Co., Ltd.		127		211,422
Xebio Co., Ltd.		9,761		261,772

				3,996,584

TEXTILES, APPAREL & LUXURY GOODS — 2.7%
Atsugi Co., Ltd. (a)		227,470		292,992
Daidoh, Ltd. (a)		26,711		228,502
Gunze, Ltd. (a)		73,348		215,690
Onward Holdings Co., Ltd.		38,000		311,684
Sanyo Shokai, Ltd. (a)		75,516		205,548
Seiko Holdings Corp.		33,649		81,368
The Japan Wool Textile Co., Ltd.		40,170		314,839
Toyobo Co., Ltd.		180,000		258,096
Unitika, Ltd. (b)		204,084		128,955
Wacoal Holdings Corp. (a)		44,000		524,503

				2,562,177

TRADING COMPANIES & DISTRIBUTORS — 2.5%
Hanwa Co., Ltd.		83,032		379,367
Inaba Denki Sangyo Co., Ltd.		12,663		382,221
Inabata & Co., Ltd.		38,375		267,662
Iwatani Corp.		124,422		417,285
Kuroda Electric Co., Ltd.		9,100		100,736
Nichiden Corp.		11,600		313,205
Okaya & Co., Ltd.		16,905		182,824
Trusco Nakayama Corp.		15,700		322,032

				2,365,332

TRANSPORTATION INFRASTRUCTURE — 0.8%
Japan Airport Terminal Co., Ltd. (a)		16,248		215,008
Mitsui-Soko Co., Ltd.		53,686		230,283
The Sumitomo Warehouse Co., Ltd.		61,563		319,429

				764,720

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
eAccess, Ltd. (a)		661		148,192

TOTAL COMMON STOCKS —
(Cost $107,917,789)				94,693,198

SHORT TERM INVESTMENTS — 18.2%
UNITED STATES — 18.2%
MONEY MARKET FUNDS — 18.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		17,418,655		17,418,655
State Street Institutional Liquid Reserves Fund 0.23% (f)(g)		21,677		21,677

TOTAL SHORT TERM INVESTMENTS —
(Cost $17,440,332)				17,440,332

TOTAL INVESTMENTS — 117.2%
(Cost $125,358,121)				112,133,530
OTHER ASSETS & LIABILITIES — (17.2)%				(16,421,400	)

NET ASSETS — 100.0%			$	95,712,130


(a)		A portion of the security was on loan at March 31, 2012.
(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.

183

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 12.0%
ASX, Ltd.		12,362	$	425,173
Australia & New Zealand Banking Group, Ltd.		17,841		429,900
Bendigo and Adelaide Bank, Ltd.		47,281		379,601
Commonwealth Bank of Australia		7,553		392,009
David Jones, Ltd. (a)		9,024,541		22,531,015
DUET Group (a)		7,469,474		14,083,156
Metcash, Ltd. (a)		93,191		415,127
Monadelphous Group, Ltd. (a)		17,882		442,744
Seven West Media, Ltd. (a)		4,789,604		19,400,591
Sonic Healthcare, Ltd.		32,950		427,364
Tatts Group, Ltd.		6,942,807		17,837,146
Telstra Corp., Ltd.		114,995		391,934
UGL, Ltd. (a)		29,691		406,011
Westpac Banking Corp. (a)		1,092,656		24,778,089

				102,339,860

BELGIUM — 0.2%
Belgacom SA		35,324		1,133,923
Groupe Bruxelles Lambert SA		5,696		440,254

				1,574,177

BERMUDA — 1.3%
Catlin Group, Ltd.		62,912		408,303
Seadrill, Ltd. (a)		284,754		10,653,220

				11,061,523

BRAZIL — 0.1%
Companhia Energetica de Minas Gerais ADR (a)		20,939		497,929
Vale SA Preference Shares ADR (a)		17,862		405,289

				903,218

CANADA — 1.4%
Labrador Iron Ore Royalty Corp.		324,645		11,433,793
Pembina Pipeline Corp. (a)		14,261		402,096
Shaw Communications, Inc. (Class B) (a)		20,124		425,051

				12,260,940

CHINA — 2.0%
Bank of China, Ltd.		964,000		388,630
BOC Hong Kong Holdings, Ltd.		155,500		429,608
Lonking Holdings, Ltd. (a)		43,772,000		15,391,236
Soho China, Ltd. (a)		580,000		420,582

				16,630,056

CZECH REPUBLIC — 5.2%
CEZ AS		10,412		445,453
Komercni Banka AS (a)		145,509		28,853,725
Telefonica O2 Czech Republic AS (a)		696,340		14,550,533

				43,849,711

FINLAND — 1.5%
Orion OYJ (Class B) (a)		639,602		12,623,051
UPM-Kymmene Oyj (a)		34,473		468,718

				13,091,769

FRANCE — 5.5%
France Telecom SA		1,579,395		23,356,924
Neopost SA (a)		5,761		369,940
Peugeot SA (a)		1,370,698		22,041,201
Sanofi		5,517		427,815
Suez Environnement Co. (a)		34,330		525,748

				46,721,628

GERMANY — 12.4%
Aixtron AG (a)		27,064		470,697
Deutsche Telekom AG		34,752		417,763
E.ON AG		1,133,919		27,120,313
Freenet AG (a)		999,487		16,145,232
Hannover Rueckversicherung AG		7,943		471,130
ProSiebenSat.1 Media AG Preference Shares		1,118,368		28,699,397
RWE AG (b)		541,522		25,820,587
RWE AG (a)(b)		136,193		5,978,802

				105,123,921

HONG KONG — 2.3%
Cathay Pacific Airways, Ltd. (a)		210,000		388,949
Hang Seng Bank, Ltd. (a)		32,700		434,652
Shimao Property Holdings, Ltd. (a)		17,152,000		18,314,024

				19,137,625

ISRAEL — 4.6%
Bezeq The Israeli Telecommunication Corp., Ltd.		13,247,993		21,758,435
Cellcom Israel, Ltd. (a)		664,003		8,226,997
Partner Communications Co., Ltd.		1,192,297		9,199,466

				39,184,898

ITALY — 6.3%
Atlantia SpA		26,349		436,858
Snam Rete Gas SpA		91,534		439,556
Telecom Italia SpA (b)		25,588,333		25,113,995
Telecom Italia SpA (b)		363,324		431,342
Terna Rete Elettrica Nationale SpA		6,745,161		27,073,344

				53,495,095

LUXEMBOURG — 0.1%
Oriflame Cosmetics SA SDR		12,317		473,163
SES		17,321		429,150

				902,313

NETHERLANDS — 6.9%
CSM		1,186,064		21,267,714
Eurocommercial Properties NV		371,513		14,055,671
Koninklijke (Royal) KPN NV		2,157,942		23,702,532

				59,025,917

NORWAY — 2.7%
Marine Harvest		45,015,348		23,201,957

PHILIPPINES — 0.0% (c)
Philippine Long Distance Telephone Co.		5,275		331,722
Philippine Long Distance Telephone Co. ADR		900		55,971

				387,693

PORTUGAL — 2.7%
EDP — Energias de Portugal SA		7,829,871		22,741,369

See accompanying notes to financial statements.

184

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

SINGAPORE — 5.0%
Ascendas REIT (a)		241,000	$	387,179
SembCorp Marine, Ltd. (a)		6,707,000		28,164,759
Singapore Telecommunications, Ltd. (a)		159,320		399,140
Suntec REIT (a)		13,383,000		13,304,768

				42,255,846

SOUTH AFRICA — 3.1%
African Bank Investments, Ltd.		92,254		479,148
Kumba Iron Ore, Ltd. (a)		364,459		24,981,745
Vodacom Group, Ltd.		34,954		492,573

				25,953,466

SOUTH KOREA — 0.0% (c)
KT Corp. ADR (a)		26,609		364,277

SPAIN — 5.3%
ACS, Actividades de Construccion y Servicios SA (a)		805,044		20,573,156
Enagas		21,205		407,484
Ferrovial SA		33,454		383,938
Iberdrola SA		65,756		372,774
Indra Sistemas SA (a)		30,150		368,905
Mapfre SA (a)		120,987		388,940
Telefonica SA		1,380,633		22,587,062

				45,082,259

SWEDEN — 3.1%
Skanska AB (Class B)		22,933		396,424
Tele2 AB (Class B)		1,240,242		25,233,435
TeliaSonera AB		60,752		422,449

				26,052,308

SWITZERLAND — 0.1%
Swisscom AG (a)		1,041		420,270

TAIWAN — 0.0% (c)
Chunghwa Telecom Co., Ltd. ADR (a)		11,831		363,922

THAILAND — 0.1%
Advanced Info Service PCL (Foreign ownership limit)		79,873		476,390
Electricity Generating PCL (Foreign ownership limit)		25		75
Shin Corp. PCL, NVDR		295,600		565,329

				1,041,794

TURKEY — 2.7%
Eregli Demir ve Celik Fabrikalari TAS		11,639,729		22,915,166
Turk Telekomunikasyon AS		97,852		424,799

				23,339,965

UNITED KINGDOM — 12.5%
Admiral Group PLC		1,642,655		31,153,440
Amlin PLC		76,929		405,368
AstraZeneca PLC		8,360		371,196
Aviva PLC		4,704,149		24,915,725
BAE Systems PLC		84,012		402,556
British American Tobacco PLC		8,570		431,389
Carillion PLC		83,518		398,188
Home Retail Group PLC (a)		12,074,922		21,993,691
National Grid PLC		2,432,611		24,505,676
Scottish & Southern Energy PLC		25,749		546,757
Severn Trent PLC		16,503		407,117
United Utilities Group PLC		41,738		401,122
Vodafone Group PLC		144,799		398,390

				106,330,615

TOTAL COMMON STOCKS —
(Cost $871,394,172)				842,838,392

RIGHTS — 0.4%
FRANCE — 0.4%
Peugeot SA expired 3/21/12 (d)(e) (Cost $0)		1,233,016		3,224,690

SHORT TERM INVESTMENTS — 11.8%
UNITED STATES — 11.8%
MONEY MARKET FUNDS — 11.8%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		100,275,203		100,275,203
State Street Institutional Liquid Reserves Fund 0.23% (g)(h)		34,547		34,547

TOTAL SHORT TERM INVESTMENTS —
(Cost $100,309,750)				100,309,750

TOTAL INVESTMENTS — 111.3%
(Cost $971,703,922)				946,372,832
OTHER ASSETS & LIABILITIES — (11.3)%				(96,226,419	)

NET ASSETS — 100.0%			$	850,146,413


(a)		A portion of the security was on loan at March 31, 2012.
(b)		Reflects seperate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Security is valued at fair value as determined in good faith by the Trust’s 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)		Non-income producing security.
(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

NVDR = Non Voting Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

185

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 7.2%
Alumina, Ltd.		39,103	$	50,028
Asciano Group		25,704		130,477
Atlas Iron, Ltd.		34,704		103,541
Bendigo and Adelaide Bank, Ltd.		8,427		67,657
Boral, Ltd. (a)		48,301		201,651
Caltex Australia, Ltd.		5,113		73,573
Campbell Brothers, Ltd. (a)		3,848		268,001
Cochlear, Ltd. (a)		2,069		132,675
Commonwealth Property Office Fund (a)		105,330		107,480
Computershare, Ltd. (a)		9,560		89,133
Dexus Property Group		239,766		216,095
Echo Entertainment Group, Ltd.		15,709		71,442
Fairfax Media, Ltd. (a)		28,416		21,342
Harvey Norman Holdings, Ltd. (a)		41,432		86,272
Lend Lease Group		14,097		109,090
Lynas Corp., Ltd. (a)(b)		61,304		69,541
Metcash, Ltd.		51,661		230,128
Mirvac Group		93,802		113,694
OneSteel, Ltd.		28,458		36,557
OZ Minerals, Ltd.		8,000		80,887
Sims Metal Management, Ltd. (a)		2,811		42,778
Sonic Healthcare, Ltd. (a)		21,550		279,505
TABCORP Holdings, Ltd.		16,668		46,967
Tatts Group, Ltd.		39,112		100,485
Toll Holdings, Ltd.		20,377		123,913

				2,852,912

AUSTRIA — 1.0%
Andritz AG		968		94,593
IMMOFINANZ AG (b)		28,566		103,625
Telekom Austria AG		15,264		177,496

				375,714

BELGIUM — 1.1%
Ackermans & van haaren NV		2,242		189,530
Ageas		78,636		172,578
Bekaert NV (a)		968		31,138
Telenet Group Holding NV (b)		1,459		60,290

				453,536

BERMUDA — 0.6%
Catlin Group, Ltd.		21,172		137,408
Hiscox, Ltd.		17,865		113,062

				250,470

CANADA — 10.8%
Alacer Gold Corp. (a)(b)		8,500		72,205
Alamos Gold, Inc.		5,300		97,096
ATCO, Ltd. (Class I)		1,700		118,964
Bonavista Energy Corp. (a)		3,765		76,095
CAE, Inc. (a)		5,931		60,708
Canadian Tire Corp., Ltd. (Class A)		1,633		105,321
Canadian Western Bank (a)		3,600		105,106
Detour Gold Corp. (b)		3,300		82,116
Emera, Inc.		3,026		102,668
Empire Co., Ltd.		1,800		103,737
Finning International, Inc. (a)		6,531		179,505
First Majestic Silver Corp. (b)		4,400		73,080
Gildan Activewear, Inc. (a)		4,481		123,071
Groupe Aeroplan, Inc.		8,300		102,395
HudBay Minerals, Inc.		4,300		47,068
Industrial Alliance Insurance & Financial Services, Inc.		900		27,537
Inmet Mining Corp.		2,214		124,938
Keyera Corp. (a)		2,800		115,255
Lundin Mining Corp. (b)		15,387		68,818
Methanex Corp.		5,800		188,488
Metro, Inc. (Class A)		5,844		311,013
Niko Resources, Ltd. (a)		1,900		66,708
Onex Corp.		6,399		235,037
Open Text Corp. (b)		552		33,685
Pan American Silver Corp. (a)		2,850		62,763
Pembina Pipeline Corp. (a)		4,361		122,961
Pengrowth Energy Corp. (a)		3,500		32,743
Petrominerales, Ltd. (a)		1,678		31,144
Peyto Exploration & Development Corp. (a)		7,600		124,557
Precision Drilling Corp. (b)		11,600		116,296
Progressive Waste Solutions, Ltd. (a)		4,700		101,905
Provident Energy, Ltd. (a)		14,800		178,290
SEMAFO, Inc.		6,227		33,146
Silver Standard Resources, Inc. (a)(b)		3,400		51,096
Sino-Forest Corp. (a)(b)(c)		6,631		0
SXC Health Solutions Corp. (b)		1,600		119,970
TMX Group, Inc.		3,000		134,474
Tourmaline Oil Corp. (b)		2,746		60,583
TransAlta Corp. (a)		2,716		50,817
Trican Well Service, Ltd. (a)		3,700		54,235
Veresen, Inc. (a)		7,772		117,888
Vermilion Energy, Inc. (a)		2,356		108,459
Viterra, Inc.		8,845		140,801

				4,262,742

CHINA — 0.1%
ENN Energy Holdings, Ltd.		16,000		55,229
Shui On Land, Ltd.		218		88

				55,317

DENMARK — 1.1%
DSV A/S (a)		12,521		283,521
FLSmidth & Co. A/S (a)		954		66,873
Rockwool International A/S		135		12,904
Vestas Wind Systems A/S (a)(b)		6,164		62,450
William Demant Holding (a)(b)		270		25,132

				450,880

FINLAND — 1.6%
Elisa Oyj		8,099		193,814
Kesko Oyj (Class B)		1,002		32,465
Neste Oil Oyj (a)		907		11,155
Nokian Renkaat Oyj		2,716		132,161
Orion OYJ (Class B) (a)		8,979		177,208
Pohjola Bank PLC (a)		4,978		55,056
YIT Oyj (a)		1,337		28,701

				630,560

FRANCE — 4.7%
Air France-KLM (a)(b)		3,894		22,091
Arkema		1,723		160,318
Atos Origin SA		3,315		190,909

See accompanying notes to financial statements.

186

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Bourbon SA (a)		2,537	$	75,409
Compagnie Generale de Geophysique-Veritas (b)		3,344		98,817
Eiffage SA (a)		469		18,119
Euler Hermes SA		284		22,276
Eurazeo		612		31,092
Fonciere Des Regions		653		52,376
Groupe Eurotunnel SA		11,583		100,448
Imerys SA		469		28,474
Lagardere SCA		2,678		82,488
Metropole Television SA		533		9,618
Neopost SA (a)		2,041		131,062
Remy Cointreau SA		199		20,194
SCOR SE		8,894		239,962
Societe Television Francaise 1		2,477		30,285
Valeo SA		5,216		273,122
Wendel		996		84,954
Zodiac Aerospace		1,889		196,391

				1,868,405

GERMANY — 3.1%
Aixtron AG (a)		2,226		38,715
Bilfinger Berger AG		2,744		257,364
Celesio AG		533		9,632
Hamburger Hafen und Logistik AG (a)		668		22,462
Kabel Deutschland Holding AG (b)		1,674		103,237
MTU Aero Engines Holding AG		1,115		89,670
ProSiebenSat.1 Media AG Preference Shares		4,166		106,907
Rational AG		64		14,945
Rheinmetall AG		533		31,511
Rhoen-Klinikum AG		6,639		133,104
Salzgitter AG		938		51,333
SGL Carbon AG (a)(b)		2,018		92,298
SMA Solar Technology AG		207		9,367
Software AG		1,407		52,614
Symrise AG		1,875		54,183
United Internet AG (a)		8,258		155,390

				1,222,732

GREECE — 0.5%
Hellenic Telecommunications Organization SA		9,104		38,675
National Bank of Greece SA (b)		28,366		72,528
OPAP SA		6,563		63,539
Public Power Corp. SA		2,678		11,947

				186,689

HONG KONG — 2.8%
ASM Pacific Technology, Ltd. (a)		3,200		46,698
Brightoil Petroleum Holdings, Ltd. (a)		130,000		32,316
Chinese Estates Holdings, Ltd. (a)		23,623		32,617
Esprit Holdings, Ltd.		48,000		96,445
First Pacific, Co., Ltd.		58,000		64,320
Fosun International		67,000		39,869
Fushan International Energy Group, Ltd.		72,000		24,390
Geely Automobile Holdings, Ltd. (a)		50,000		19,578
HKT Trust/HKT, Ltd. (b)		2,521		1,961
Hopewell Holdings		38,500		105,622
Huabao International Holdings, Ltd. (a)		36,000		23,416
Hysan Development Co., Ltd.		33,042		132,355
New World Development Co., Ltd.		95,668		114,964
NWS Holdings, Ltd.		87,382		133,707
Orient Overseas International, Ltd.		1,000		7,116
PCCW, Ltd.		116,000		41,535
Television Broadcasts, Ltd.		8,000		53,941
VTech Holdings, Ltd. (a)		2,700		34,619
Wing Hang Bank, Ltd.		2,037		20,241
Yue Yuen Industrial Holdings, Ltd.		27,000		94,764

				1,120,474

IRELAND — 0.8%
DCC PLC		1,337		33,055
Dragon Oil PLC		9,490		93,368
James Hardie Industries SE		6,221		49,495
Paddy Power PLC		2,089		131,362
The Governor & Co. of the Bank of Ireland (b)		96,406		15,920

				323,200

ISRAEL — 0.0% (d)
Cellcom Israel, Ltd.		533		6,753

ITALY — 2.0%
Banca Carige SpA (a)		5,086		6,665
Banca Popolare dell’Emilia Romagna Scrl		3,290		23,681
Banca Popolare di Sondrio Scrl		9,144		66,974
Banco Popolare Societa Cooperativa		70,097		132,741
Davide Campari-Milano SpA		7,744		52,646
Finmeccanica SpA		15,542		84,031
Mediaset SpA (a)		41,245		113,587
Mediolanum SpA		3,076		14,599
Pirelli & C. SpA		6,877		81,690
Prysmian SpA		3,622		63,572
UBI Banca ScPA		31,842		134,760

				774,946

JAPAN — 26.2%
Advance Residence Investment Corp.		49		93,540
Advantest Corp. (a)		5,100		80,812
Aeon Mall Co., Ltd.		1,000		23,367
Amada Co., Ltd.		28,000		189,854
Aozora Bank, Ltd. (a)		28,000		81,317
Asics Corp. (a)		6,700		76,204
Benesse Holdings, Inc.		1,000		50,125
Brother Industries, Ltd.		3,200		43,628
Cosmo Oil Co., Ltd. (a)		56,000		156,510
Credit Saison Co., Ltd. (a)		8,700		177,076
Daido Steel Co., Ltd. (a)		5,000		34,814
Electric Power Development Co., Ltd. (a)		3,400		92,710
Fuji Heavy Industries, Ltd. (a)		34,000		274,743
Fukuoka Financial Group, Inc. (a)		51,000		227,438
Furukawa Electric Co., Ltd. (a)		32,000		85,546
GS Yuasa Corp. (a)		6,000		33,100
Hamamatsu Photonics K.K. (a)		1,000		37,973
Hino Motors, Ltd. (a)		2,000		14,533
Hirose Electric Co., Ltd. (a)		2,400		253,430
Hisamitsu Pharmaceutical Co., Inc.		1,000		47,694
Hitachi Construction Machinery Co., Ltd. (a)		2,700		60,073
Hitachi Metals, Ltd. (a)		3,000		37,475

See accompanying notes to financial statements.

187

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Hokkaido Electric Power Co., Inc. (a)		5,500	$	81,202
Hokuhoku Financial Group, Inc. (a)		79,000		151,674
Hokuriku Electric Power Co.		5,300		96,346
Ibiden Co., Ltd. (a)		2,700		69,456
Idemitsu Kosan Co., Ltd. (a)		2,200		220,548
IHI Corp. (a)		24,000		60,951
Isetan Mitsukoshi Holdings, Ltd. (a)		16,900		199,609
J Front Retailing Co., Ltd. (a)		32,000		179,646
Japan Real Estate Investment Corp.		28		248,035
Japan Retail Fund Investment Corp. (a)		67		100,058
JSR Corp. (a)		3,200		64,782
JTEKT Corp.		2,700		32,514
Kajima Corp. (a)		59,000		180,667
Kawasaki Heavy Industries, Ltd. (a)		29,000		89,155
Keikyu Corp. (a)		26,000		228,738
Keio Corp. (a)		4,000		28,823
Kikkoman Corp.		1,000		11,629
Konami Corp. (a)		4,200		119,730
Konica Minolta Holdings, Inc. (a)		12,000		105,426
Kurita Water Industries, Ltd. (a)		5,100		125,680
Marui Group Co., Ltd. (a)		25,500		213,804
Mazda Motor Corp. (b)		22,000		38,763
Medipal Holdings Corp.		11,100		144,592
MEIJI Holdings Co., Ltd. (a)		1,000		43,927
Mitsubishi Gas Chemical Co., Inc. (a)		28,000		188,152
Mitsubishi Materials Corp.		18,000		57,306
Mitsui Chemicals, Inc. (a)		24,000		73,200
Namco Bandai Holdings, Inc.		10,400		150,891
Nankai Electric Railway Co., Ltd.		3,000		12,832
NGK Spark Plug Co., Ltd. (a)		4,000		57,403
Nippon Electric Glass Co., Ltd. (a)		10,000		87,369
Nippon Express Co., Ltd.		18,000		70,648
Nippon Meat Packers, Inc.		1,000		12,771
Nippon Paper Group, Inc. (a)		2,200		46,061
Nisshin Seifun Group, Inc. (a)		1,000		12,164
Nomura Real Estate Holdings, Inc.		1,000		17,729
Nomura Research Institute, Ltd. (a)		1,000		24,947
NSK, Ltd. (a)		6,000		46,443
NTN Corp.		32,000		136,096
Obayashi Corp. (a)		50,000		219,333
Rinnai Corp. (a)		1,300		94,149
Sankyo Co., Ltd.		2,200		108,536
Sanrio Co., Ltd. (a)		2,200		86,348
Santen Pharmaceutical Co., Ltd.		2,400		103,093
Seiko Epson Corp. (a)		2,200		31,010
Sekisui Chemical Co., Ltd.		13,000		113,421
Shimadzu Corp.		1,000		9,077
Shimano, Inc. (a)		5,500		333,161
Shimizu Corp. (a)		32,000		129,097
Shinsei Bank, Ltd.		90,000		118,112
Showa Denko K.K.		79,000		180,473
Showa Shell Sekiyu K.K. (a)		18,800		120,620
Sojitz Corp. (a)		33,400		60,067
Stanley Electric Co., Ltd.		8,500		135,822
Sumco Corp. (a)(b)		1,000		12,236
Sumitomo Heavy Industries, Ltd. (a)		9,000		50,307
Suzuken Co., Ltd. (a)		2,700		83,728
Sysmex Corp. (a)		2,100		85,230
Taisei Corp. (a)		60,000		157,482
Taiyo Nippon Sanso Corp. (a)		2,000		14,193
Takashimaya Co., Ltd. (a)		24,000		200,352
Teijin, Ltd.		6,000		20,269
The Bank of Kyoto, Ltd. (a)		24,000		219,017
The Chugoku Bank, Ltd.		1,000		13,597
The Gunma Bank, Ltd.		32,000		172,258
The Hachijuni Bank, Ltd.		31,000		183,826
The Japan Steel Works, Ltd. (a)		5,000		34,449
The Joyo Bank, Ltd. (a)		51,000		234,875
THK Co., Ltd. (a)		7,600		155,426
Tobu Railway Co., Ltd. (a)		7,000		37,341
Toho Co., Ltd. (a)		1,000		18,458
Toho Gas Co., Ltd. (a)		22,000		130,457
Tokyu Land Corp. (a)		4,000		19,685
TOTO, Ltd. (a)		2,000		15,141
Toyo Seikan Kaisha, Ltd.		2,700		38,944
Trend Micro, Inc. (a)		2,700		83,433
Ube Industries, Ltd.		59,000		161,310
United Urban Investment Corp.		87		99,903
Ushio, Inc.		1,000		14,132
Yakult Honsha Co., Ltd. (a)		3,400		117,541
Yamaguchi Financial Group, Inc.		2,000		18,276
Yamaha Corp. (a)		11,100		115,728

				10,351,642

LUXEMBOURG — 0.3%
Oriflame Cosmetics SA SDR (a)		2,576		98,958

NETHERLANDS — 2.5%
Fugro NV		1,344		95,611
Gemalto NV (a)		3,635		239,568
Imtech NV		2,402		76,674
Koninklijke Boskalis Westminster NV		3,705		138,965
Nutreco NV		909		65,271
QIAGEN NV (b)		6,006		93,379
SBM Offshore NV		5,585		113,980
TNT Express NV		13,758		169,657

				993,105

NEW ZEALAND — 0.7%
Contact Energy, Ltd. (b)		11,400		44,186
DNZ Property Fund Ltd.		59,524		66,337
Fletcher Building, Ltd. (a)		26,436		146,008

				256,531

NORWAY — 1.4%
Aker Solutions ASA		3,892		65,742
Marine Harvest		68,495		35,304
Petroleum Geo-Services ASA (b)		12,455		181,779
Schibsted ASA		533		19,716
Storebrand ASA		18,155		91,665
TGS Nopec Geophysical Co. ASA		5,093		139,378

				533,584

PORTUGAL — 0.0% (d)
Banco Comercial Portugues SA (a)(b)		53,950		9,987
Brisa Auto-Estradas de Portugal SA (a)		1,741		6,190

				16,177

SINGAPORE — 2.7%
Ascendas REIT		23,000		36,951
CapitaCommercial Trust (a)		26,000		25,228

See accompanying notes to financial statements.

188

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

CapitaMall Trust		111,000	$	159,347
ComfortDelGro Corp. Ltd.		91,000		112,904
Flextronics International, Ltd. (a)(b)		21,482		155,315
Keppel Land, Ltd. (a)		10,440		28,812
Neptune Orient Lines, Ltd.		37,000		41,639
Olam International, Ltd. (a)		37,736		70,829
Singapore Press Holdings, Ltd. (a)		45,000		140,295
Suntec REIT (a)		139,000		138,187
UOL Group, Ltd.		45,000		169,643

				1,079,150

SOUTH KOREA — 4.9%
BS Financial Group, Inc.		4,790		56,226
Cheil Industries, Inc.		1,879		158,870
CJ CheilJedang Corp.		124		36,772
CJ Corp.		533		40,079
Daelim Industrial Co. Ltd.		907		98,061
Daewoo Engineering & Construction Co., Ltd. (b)		5,662		50,971
Daewoo International Corp.		1,359		43,059
Daewoo Securities Co., Ltd. (b)		6,219		72,451
Daewoo Securities Co., Ltd. Preference Shares (b)		2,818		12,983
Dongbu Insurance Co., Ltd. (b)		2,130		92,020
Doosan Corp.		533		71,032
Doosan Infracore Co., Ltd. (b)		2,690		51,756
GS Engineering & Construction Corp.		994		87,640
Hanwha Chemical Corp.		1,990		47,157
Hanwha Corp.		3,028		86,988
Hyosung Corp.		552		29,231
Hyundai Department Store Co., Ltd.		270		41,463
Hyundai Merchant Marine Co., Ltd. (b)		2,266		61,397
Hyundai Mipo Dockyard Co., Ltd.		301		36,129
Hyundai Securities Co., Ltd. (b)		2		19
KCC Corp.		161		46,323
Korea Kumho Petrochemical Co., Ltd.		616		77,200
Korean Air Lines Co., Ltd. (b)		795		35,082
LG Uplus Corp.		5,060		30,368
LS Uplus Corp.		630		44,482
ORION Corp.		199		139,803
Samsung Electro-Mechanics Co., Ltd.		2,026		178,631
Samsung Securities Co., Ltd. (b)		1,743		87,377
Samsung Techwin Co., Ltd.		1,203		72,198
SK Networks Co., Ltd.		1,720		15,863
Woongjin Coway Co., Ltd.		910		30,198

				1,931,829

SPAIN — 1.8%
Abengoa SA (a)		803		14,640
Acerinox SA (a)		3,347		42,954
Bankinter SA (a)		7,231		37,873
Bolsas y Mercados Espanoles		3,822		97,825
Distribuidora Internacional de Alimentacion SA (b)		24,674		122,135
Ebro Puleva SA		2,528		49,000
Enagas		2,486		47,772
Gestevision Telecinco SA		3,482		19,939
Grupo Catalana Occidente SA		907		15,738
Indra Sistemas SA (a)		10,014		122,528
International Consolidated Airlines Group SA (b)		12,421		35,504
Obrascon Huarte Lain SA		1,073		31,893
Prosegur Cia de Seguridad SA (a)		533		31,160
Tecnicas Reunidas SA (a)		630		26,205

				695,166

SWEDEN — 3.2%
Boliden AB		6,331		99,134
Castellum AB (a)		7,995		100,429
Electrolux AB (a)		9,676		204,009
Elekta AB (Class B)		2,275		114,824
Hakon Invest AB		1,073		18,548
Holmen AB		404		11,063
Husqvarna AB		1,741		10,396
Husqvarna AB (Class B) (a)		8,687		52,250
Industrivarden AB		4,628		72,956
Lundbergforetagen AB		808		27,703
Lundin Petroleum AB (b)		6,281		134,228
Meda AB (Class A)		5,195		49,403
Modern Times Group AB (Class B)		2,935		161,184
Ratos AB (Class B)		3,750		51,910
Securitas AB (Class B)		7,567		72,758
SSAB AB (a)		803		6,553
SSAB AB (Series A) (a)		6,601		62,226

				1,249,574

SWITZERLAND — 4.2%
Aryzta AG (b)		2,539		125,286
Baloise Holding AG		1,801		144,861
Banque Cantonale Vaudoise		111		58,733
Basellandschaftliche Kantonalbank		18		26,487
Clariant AG (b)		8,136		112,159
Dufry Group (b)		135		17,625
Flughafen Zuerich AG		243		93,963
Galenica AG (a)		194		126,636
GAM Holding AG (b)		5,502		80,048
Logitech International SA (a)(b)		2,438		18,989
Lonza Group AG (b)		668		34,485
Panalpina Welttransport Holding AG (b)		515		54,956
Partners Group Holding AG		353		68,776
PSP Swiss Property AG (b)		939		83,319
Sika AG		26		56,208
Straumann Holding AG (b)		226		38,406
Sulzer AG		1,349		191,488
Swiss Life Holding AG (b)		552		65,591
Swiss Prime Site AG (b)		2,397		198,899
Valiant Holding AG		420		51,579

				1,648,494

UNITED KINGDOM — 14.0%
3i Group PLC		24,434		83,544
Aberdeen Asset Management PLC		10,643		43,703
African Barrick Gold, Ltd.		1,205		7,393
AMEC PLC		8,302		146,971
Amlin PLC		13,365		70,425
Ashmore Group PLC		5,424		31,848
Babcock International Group PLC		8,792		111,888
Balfour Beatty PLC		36,022		164,317
Berkeley Group Holdings PLC (b)		5,166		108,953

See accompanying notes to financial statements.

189

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Bunzl PLC		11,517	$	184,749
Capital Shopping Centres Group PLC		5,247		27,783
Cobham PLC		70,644		258,589
Croda International PLC		5,449		183,351
Daily Mail & General Trust PLC		2,143		15,459
Derwent London PLC		677		18,875
Drax Group PLC		17,836		155,169
easyJet PLC		4,970		38,577
FirstGroup PLC		17,741		67,378
GKN PLC		27,560		90,754
Hammerson PLC		12,789		84,922
Hargreaves Lansdown PLC		1,741		13,550
Homeserve PLC		1,741		6,495
ICAP PLC		10,764		67,554
IG Group Holdings PLC		8,032		57,749
IMI PLC		4,418		68,647
Inchcape PLC		23,013		138,325
Informa PLC		37,069		261,487
Inmarsat PLC		17,641		129,740
Intercontinental Hotels Group PLC		5,795		134,533
Invensys PLC		22,396		71,209
Investec PLC		24,701		150,879
ITV PLC		98,852		139,541
John Wood Group PLC		4,685		53,633
Logica PLC		86,456		137,583
London Stock Exchange Group PLC		5,811		96,002
Lonmin PLC		4,290		70,051
Meggitt PLC		7,899		50,975
Mondi PLC		7,600		71,582
Pennon Group PLC		22,582		256,712
Petropavlovsk PLC		4,668		41,543
Premier Oil PLC (b)		11,456		71,806
Provident Financial PLC		6,040		110,594
Rentokil Initial PLC (b)		40,767		55,593
Rexam PLC		26,446		180,890
Rightmove PLC		5,157		119,639
Rotork PLC		803		26,289
Segro PLC		16,906		63,423
Serco Group PLC		29,475		255,483
Spectris PLC		4,907		141,358
Stagecoach Group PLC		20,798		84,836
Tate & Lyle PLC		12,938		145,735
Travis Perkins PLC		3,279		56,529
Tui Travel PLC		35,246		110,545
Whitbread PLC		2,911		85,765
William Hill PLC		28,281		118,117

				5,539,040

TOTAL COMMON STOCKS —
(Cost $37,518,623)				39,228,580

SHORT TERM INVESTMENTS — 16.9%
UNITED STATES — 16.9%
MONEY MARKET FUNDS — 16.9%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		6,690,896		6,690,896
State Street Institutional Liquid Reserves Fund 0.23% (f)(g)		6,105		6,105

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,697,001)				6,697,001

TOTAL INVESTMENTS — 116.2%
(Cost $44,215,624)				45,925,581
OTHER ASSETS & LIABILITIES — (16.2)%				(6,414,295	)

NET ASSETS — 100.0%			$	39,511,286


(a)		A portion of the security was on loan at March 31, 2012.
(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 3 inputs. (Note 2)
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

190

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.3%
BRAZIL — 7.5%
Aliansce Shopping Centers SA		151,357	$	1,422,887
American Banknote SA		127,714		1,922,396
Arezzo Industria e Comercio SA		62,374		1,085,553
B2W Companhia Global do Varejo (a)		151,124		687,567
Banco ABC Brasil SA Preference Shares		83,099		604,920
BR Properties SA		285,456		3,667,757
Brasil Brokers Participacoes SA		391,902		1,677,769
Brasil Insurance Participacoes e Administracao SA		97,810		1,045,494
Brazil Pharma SA (a)		190,000		1,114,400
Brookfield Incorporacoes SA		382,725		1,223,092
Cia Energetica do Ceara Preference Shares		49,681		1,085,504
Companiha de Tecidos Norte de Minas-Coteminas Preference Shares		227,339		510,930
Confab Industrial SA Preference Shares		829,668		2,651,408
Contax Participacoes SA Preference Shares		109,450		1,234,110
Cremer SA		115,003		1,175,057
Estacio Participacoes SA		76,505		826,152
Eternit SA		226,519		1,147,309
Even Construtora e Incorporadora SA		433,512		1,670,553
Ez Tec Empreendimentos e Participacoes SA		191,793		2,365,478
Ferbasa-Ferro Ligas DA Bahia Preference Shares		143,548		889,159
Fleury SA		98,896		1,306,470
Gafisa SA		709,938		1,673,372
Gol Linhas Aereas Inteligentes SA Preference Shares		141,819		947,637
Guararapes Confeccoes SA		9,418		463,595
Iguatemi Empresa de Shopping Centers SA		68,268		1,571,702
International Meal Co. Holdings SA (a)		20,408		190,063
Iochpe-Maxion SA		144,852		2,857,657
JHSF Participacoes SA		61,956		203,429
Kroton Educacional SA (a)		84,115		1,226,014
LLX Logistica SA (a)		551,109		1,024,097
Log-in Logistica Intermodal SA (a)		96,342		422,483
LPS Brasil Consultoria de I moveis SA		63,004		1,279,558
Magazine Luiza SA (a)		75,981		498,127
Magnesita Refratarios SA (a)		423,291		1,594,041
Marcopolo SA Preference Shares		1,206,774		6,185,023
Marfrig Alimentos SA		184,746		1,164,600
Mills Estruturas e Servicos de Engenharia SA		160,631		2,051,583
Odontoprev SA		23,838		405,075
Paranapanema SA		279,805		487,738
Raia Drogasil SA		325,409		3,166,151
Randon SA Implementos e Participacoes Preference Shares		632,541		4,077,554
Refinaria de Petroleos de Manguinhos SA (a)		513,498		351,846
Restoque Comercio e Confeccoes de Roupas SA		47,884		989,545
Rossi Residencial SA		297,180		1,606,202
Sao Martinho SA		127,303		1,632,197
Saraiva SA Livreiros Editores Preference Shares		65,724		830,782
SLC Agricola SA		119,790		1,279,782
Tecnisa SA		173,055		934,381
Tempo Participacoes SA (a)		496,427		1,306,172
Vanguarda Agro SA (a)		1,428,396		336,683

				70,071,054

CHILE — 2.6%
Administradora de Fondos de Pensiones Provida SA		230,460		1,208,599
Almendral SA		13,694,508		1,963,773
Australis Seafoods SA (a)		732,562		195,105
Besalco SA		537,508		1,046,057
CFR Pharmaceuticals SA		2,982,429		745,378
Cia Pesquera Camanchaca SA (a)		1,740,219		139,032
Companhia Sudamericana de Vapores SA		7,434,147		974,518
Empresas La Polar SA		718,231		470,091
Inversiones Aguas Metropolitanas SA		848,482		1,433,981
Masisa SA		13,257,970		1,575,258
Molibdenos y Metales SA		25,512		449,459
Norte Grande SA		17,312,755		228,756
Parque Arauco SA		1,027,811		2,084,468
Ripley Corp. SA		1,337,606		1,575,588
Salfacorp SA		506,146		1,347,925
Sigdo Koppers SA		513,389		1,183,166
Sociedad Matriz SAAM SA (a)		7,999,051		1,032,347
Socovesa SA		714,304		383,381
Sonda SA		730,313		2,176,801
Vina Concha y Toro SA		1,710,670		3,924,921

				24,138,604

CHINA — 5.8%
51job, Inc. ADR (a)(b)		10,010		569,169
Anhui Expressway Co., Ltd.		4,406,000		2,428,861
AsiaInfo-Linkage, Inc. (a)(b)		72,876		918,238
BYD Co., Ltd. (a)(b)		1,228,500		3,433,597
BYD Electronic International Co., Ltd. (a)(b)		1,332,500		401,603
Camelot Information Systems, Inc. ADR (a)		53,612		203,189
China Automation Group, Ltd. (b)		1,247,000		330,863
China Green Holdings, Ltd. (b)		2,712,000		845,317
China Hongxing Sports, Ltd. (a)(b)(c)		4,758,000		0
China Huiyuan Juice Group, Ltd. (b)		3,906,400		1,222,637
China Liansu Group Holdings (b)		1,599,810		1,009,669
China Medical Technologies, Inc. ADR (a)(b)		36,314		115,478
China Minzhong Food Corp., Ltd. (a)(b)		1,587,000		1,262,178
China National Accord Mediicines Corp., Ltd (a)		147,500		283,069

See accompanying notes to financial statements.

191

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

China SCE Property Holdings, Ltd.		2,854,000	$	643,289
China Suntien Green Energy Corp., Ltd. (b)		2,103,000		387,338
China Vanadium Titano — Magnetite Mining Co., Ltd. (b)		1,637,000		379,521
China Wireless Technologies, Ltd.		2,500,000		415,379
Chongqing Machinery & Electric Co., Ltd.		3,648,000		681,298
Danhua Chemical Technology Co., Ltd. (a)		319,000		282,315
Dongyue Group (b)		1,675,000		1,540,379
Double Coin Holdings, Ltd.		796,700		439,778
E-House China Holdings, Ltd. (b)		93,926		544,771
First Tractor Co., Ltd. (a)		1,278,500		1,287,721
Giant Interactive Group, Inc. ADR (b)		250,302		1,226,480
Great Wall Technology Co., Ltd.		1,708,000		395,981
Haitian International Holdings, Ltd.		1,256,000		1,409,037
Hangzhou Steam Turbine Co. (a)		715,400		927,882
Harbin Electric Co., Ltd.		2,668,000		2,797,208
Home Inns & Hotels Management, Inc. ADR (a)(b)		69,164		1,764,374
Huangshan Tourism Development Co., Ltd. (a)		452,800		572,792
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b)		2,690,000		834,995
Jiangsu Future Land Co., Ltd. (a)		1,011,100		584,416
Kingsoft Corp., Ltd.		1,583,000		703,420
LDK Solar Co., Ltd, ADR (a)(b)		93,863		375,452
Livzon Pharmaceutical, Inc. Class B (a)		194,700		461,171
Lonking Holdings, Ltd. (b)		4,607,000		1,619,927
MIE Holdings Corp. (b)		3,856,754		1,256,773
O-Net Communications Group, Ltd. (a)(b)		1,186,000		349,812
Peak Sport Products Co., Ltd. (b)		1,542,000		373,385
Ports Design, Ltd. (b)		1,624,000		2,384,544
Real Gold Mining, Ltd. (b)(c)		251,500		0
Renren, Inc. ADR (a)(b)		118,141		652,138
Semiconductor Manufacturing International Corp. (a)		44,933,000		2,228,130
Shandong Airlines Co., Ltd. Class B (a)		212,100		327,274
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		361,300		175,592
Shanghai Dajiang Group, Class B (a)		1,361,800		453,479
Shanghai Diesel Engine Co., Ltd. Class B (a)		251,600		227,195
Shanghai Haixin Group Co. (a)		706,700		302,468
Shanghai Highly Group Co., Ltd. (a)		357,700		184,931
Shenguan Holdings Group, Ltd.		2,800,010		1,658,945
Shenzhou International Group Holdings, Ltd.		841,000		1,616,141
Sound Global, Ltd. (b)		1,595,000		754,782
Suntech Power Holdings Co., Ltd. ADR (a)(b)		147,845		452,406
SYP Glass Group Co., Ltd.		947,500		473,750
TCL Communication Technology Holdings, Ltd.		1,260,000		563,138
Tong Ren Tang Technologies Co., Ltd.		1,421,000		1,885,149
Travelsky Technology, Ltd. (a)		1,792,500		939,654
WuXi PharmaTech Cayman, Inc. ADR (a)		92,805		1,336,392
Xinjiang Xinxin Mining Industry Co., Ltd.		5,091,000		1,429,467
Zhejiang Southeast Electric Power Co. (a)		2,237,233		1,100,719

				54,425,056

CZECH REPUBLIC — 0.4%
Philip Morris CR AS		6,594		4,098,263

EGYPT — 1.6%
Amer Group Holding (a)		5,906,639		704,103
Arab Cotton Ginning		459,386		212,200
Citadel Capital Corp/Cairo (a)		601,448		305,703
Eastern Tobacco		58,500		1,006,994
Egyptian Co. for Mobile Services		82,578		2,436,461
Egyptian Financial Group-Hermes Holding (a)		665,495		1,496,262
Egyptian for Tourism Resorts (a)		5,136,727		969,515
Egyptian Kuwait Holding Co.		997,427		1,137,067
ElSwedy Electric Co.		194,904		737,021
Ezz Steel		822,587		947,882
Juhayna Food Industries (a)		740,444		539,396
Maridive & Oil Services SAE		360,763		476,207
Medinet Nasr Housing (a)		50,817		135,372
Misr Beni Suef Cement Co.		63,273		507,860
Orascom Telecom Media & Technology Holding SAE (a)		4,814,128		1,155,710
Sidi Kerir Petrochemicals Co.		181,349		422,747
Six of October Development & Investment Co.		251,652		684,960
Talaat Moustafa Group (a)		1,992,629		1,355,911

				15,231,371

HONG KONG — 7.9%
361 Degrees International, Ltd. (b)		1,037,000		315,214
Anxin-China Holdings, Ltd. (a)		1,848,000		376,074
Asian Citrus Holdings, Ltd. (b)		1,095,773		745,193
BaWang International Group Holding, Ltd. (a)(b)		1,612,000		184,786
Beijing Capital International Airport Co., Ltd. (a)		2,898,000		1,675,943
Beijing Capital Land, Ltd. (b)		2,404,400		678,212
Boshiwa International Holding, Ltd. (b)(d)		1,879,000		406,584
CGN Mining Co., Ltd. (a)		3,380,000		439,696
China Dongxiang Group Co. (b)		4,540,000		748,480
China Everbright International, Ltd. (b)		4,403,000		2,069,932
China Forestry Holdings, Ltd. (b)(c)		1,642,000		0
China High Precision Automation Group, Ltd. (b)(d)		1,226,000		78,954
China High Speed Transmission Equipment Group Co., Ltd. (b)		1,826,000		976,030
China Lilang, Ltd. (b)		1,015,000		1,083,765
China Lumena New Materials Corp. (b)		5,782,000		1,035,160

See accompanying notes to financial statements.

192

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

China Medical System Holdings, Ltd.		220,200	$	160,527
China Metal Recycling Holdings, Ltd. (b)		864,000		1,057,187
China Modern Dairy Holdings, Ltd. (a)(b)		1,829,000		522,975
China National Materials Co., Ltd. (b)		1,173,000		475,908
China Overseas Grand Oceans Group, Ltd.		723,000		791,538
China Pharmaceutical Group, Ltd.		1,618,000		370,948
China Power International Development, Ltd. (b)		13,519,000		2,960,111
China Shineway Pharmaceutical Group, Ltd. (b)		614,000		930,015
China Travel International Investment Hong Kong, Ltd.		13,996,000		2,866,260
CIMC Enric Holdings, Ltd. (a)		1,277,000		703,962
Citic 21CN Co., Ltd. (a)		4,127,500		255,178
Citic Resources Holdings, Ltd. (a)		5,663,000		962,798
Comba Telecom Systems Holdings, Ltd. (b)		1,402,984		777,026
Cosco International Holdings, Ltd.		462,000		199,343
Dawnrays Pharmaceutical Holdings, Ltd.		1,644,000		429,845
Digital China Holdings, Ltd. (b)		1,210,000		2,403,169
Franshion Properties China, Ltd. (a)(b)		5,286,000		1,361,669
Fufeng Group, Ltd.		1,244,000		541,566
Global Bio-Chem Technology Group Co., Ltd.		4,112,000		805,028
Glorious Property Holdings, Ltd. (a)		2,850,000		451,507
Greatview Aseptic Packaging Co., Ltd. (a)		1,177,048		618,541
Greentown China Holdings, Ltd.		1,128,000		711,901
Hengdeli Holdings, Ltd. (b)		1,388,000		586,378
Hidili Industry International Development, Ltd. (b)		1,619,000		575,533
Hua Han Bio-Pharmaceutical Holdings, Ltd. (b)		2,633,760		529,194
Ju Teng International Holdings, Ltd.		1,660,000		427,615
Kaisa Group Holdings, Ltd. (a)(b)		4,658,000		935,920
Kingboard Laminates Holdings, Ltd.		1,450,500		685,643
Kingway Brewery Holdings, Ltd.		2,502,000		963,547
KWG Property Holding, Ltd. (b)		1,987,000		1,146,543
Li Ning Co., Ltd. (b)		1,158,500		1,232,510
Lianhua Supermarket Holdings Co., Ltd. (a)		579,000		658,497
Lijun International Pharmaceutical Holdings, Ltd.		1,930,000		422,591
Minmetals Resources, Ltd. (a)		914,105		440,334
Minth Group, Ltd. (b)		1,094,000		1,268,161
NVC Lighting Holdings, Ltd. (b)		4,426,000		1,641,793
Pacific Online, Ltd.		2,064,100		938,469
PCD Stores, Ltd. (b)		5,713,000		809,415
Real Nutriceutical Group, Ltd		1,176,000		377,156
Shenzhen International Holdings, Ltd.		48,970,000		3,405,951
Shenzhen Investment, Ltd.		4,089,961		890,267
Shougang Concord International Enterprises Co., Ltd. (b)		18,208,000		1,067,058
Sichuan Expressway Co., Ltd.		1,372,000		496,564
Sihuan Pharmaceutical Holdings Group, Ltd. (b)		3,006,572		1,173,353
Silver Base Group Holdings, Ltd. (b)		635,000		440,836
Sino Biopharmaceutical		4,828,000		1,293,436
Sinotrans Shipping, Ltd.		4,578,500		1,096,859
Sinotrans, Ltd.		1,572,000		293,586
Sinotruk Hong Kong, Ltd.		540,500		313,273
Springland International Holdings, Ltd.		1,758,000		1,272,535
Sunac China Holdings, Ltd. (a)(b)		2,343,000		694,088
The United Laboratories International Holdings, Ltd. (b)		378,000		187,929
Tianjin Port Development Holdings, Ltd.		8,852,000		1,231,345
Tianneng Power International, Ltd.		1,716,000		996,801
TPV Technology, Ltd. (b)		2,460,000		586,167
United Energy Group, Ltd. (a)(b)		8,128,000		1,392,354
Vinda International Holdings, Ltd.		834,000		1,289,026
VODone, Ltd. (b)		4,010,000		557,805
Wasion Group Holdings, Ltd.		1,115,000		518,438
West China Cement, Ltd. (b)		4,124,000		865,806
Winsway Coking Coal Holding, Ltd. (a)		3,058,018		614,439
Yashili International Holdings, Ltd.		2,256,000		363,215
Yingde Gases (a)		2,328,500		2,645,205
Yip’s Chemical Holdings, Ltd.		798,000		575,580
Yuexiu Property Co., Ltd. (b)		17,764,000		3,523,514
Yuexiu Transport Infrasctruct Ltd		1,956,549		975,251

				73,571,005

HUNGARY — 0.1%
Egis Gyogyszergyar Nyrt		10,152		671,513

INDIA — 8.8%
Amtek Auto, Ltd.		491,610		1,282,943
Anant Raj Industries, Ltd.		726,013		833,679
Apollo Hospitals Enterprise, Ltd.		20,408		255,896
Arvind, Ltd. (a)		228,150		369,017
Ashok Leyland, Ltd.		408,172		243,165
Aurobindo Pharma, Ltd.		373,382		872,165
Bajaj Finserv, Ltd.		85,910		1,031,190
Bajaj Holdings and Investment, Ltd.		72,145		1,154,362
Balrampur Chini Mills, Ltd.		557,669		626,687
BF Utilities, Ltd. (a)		15,361		116,598
BGR Energy Systems, Ltd.		25,682		164,845
Bharat Forge, Ltd.		556,509		3,496,137
Bhushan Steel, Ltd.		141,437		1,156,593
Biocon, Ltd.		187,274		878,565
Bombay Rayon Fashions, Ltd.		22,100		108,212
CESC, Ltd.		353,963		1,887,756
Core Education & Technologies, Ltd.		177,088		979,381
Coromandel International, Ltd.		212,132		1,181,102
Corporation Bank		53,990		450,190
Cox & Kings, Ltd.		45,920		146,967
Crompton Greaves, Ltd.		268,540		727,949
Dewan Housing Finance, Corp., Ltd.		189,272		888,867
Dish TV India, Ltd. (a)		465,111		583,386
Edelweiss Capital, Ltd.		753,374		405,930
Educomp Solutions, Ltd.		207,825		787,528

See accompanying notes to financial statements.

193

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Emami, Ltd.		127,016	$	1,007,876
Era Infra Engineering, Ltd.		418,729		1,131,378
Escorts, Ltd.		361,578		486,883
Essar Ports, Ltd. (a)		261,623		423,414
Federal Bank, Ltd.		202,032		1,691,366
Financial Technologies India, Ltd.		47,581		639,068
Fortis Healthcare, Ltd. (a)		348,676		685,785
Gateway Distriparks, Ltd.		337,067		1,017,917
Glenmark Pharmaceuticals, Ltd.		588,874		3,576,359
Godrej Industries, Ltd.		222,776		1,131,699
GTL, Ltd. (a)		186,817		152,549
Gujarat Gas Co., Ltd.		149,432		1,151,429
Gujarat NRE Coke, Ltd.		909,197		395,303
GVK Power & Infrastructure, Ltd. (a)		2,118,070		723,416
HCL Infosystems, Ltd.		437,402		389,365
Hindustan Construction Co.		944,682		476,560
Housing Development & Infrastructure, Ltd. (a)		577,584		971,049
IFCI, Ltd.		1,368,781		1,125,762
India Cements, Ltd.		942,244		2,061,303
India Infoline, Ltd. (a)		565,440		742,525
Indiabulls Financial Services, Ltd.		591,285		2,403,673
Indiabulls Infrastructure & Power, Ltd. (a)(d)		1,823,943		0
Indiabulls Real Estate, Ltd.		647,189		811,130
Indian Hotels Co., Ltd.		930,834		1,163,885
IVRCL Infrastructures & Projects, Ltd.		1,106,504		1,436,750
Jain Irrigation Systems, Ltd.		320,180		618,740
Jammu & Kashmir Bank, Ltd.		76,683		1,383,289
JSW Energy, Ltd.		661,863		796,392
Jubilant Foodworks, Ltd. (a)		41,684		962,344
Mahindra & Mahindra Financial Services		98,773		1,299,783
Manappuram Finance, Ltd.		542,812		324,441
Marico, Ltd.		435,716		1,499,284
MAX India, Ltd. (a)		694,598		2,305,555
McLeod Russel India, Ltd.		105,341		561,081
Moser Baer India, Ltd. (a)		1,608,829		514,750
Motherson Sumi Systems, Ltd.		306,710		1,121,904
Mphasis, Ltd.		94,329		750,077
Nagarjuna Construction Co., Ltd.		1,061,666		1,174,303
Opto Circuits India, Ltd.		285,356		1,128,653
Parsvnath Developers, Ltd. (a)		190,515		210,167
Patni Computer Systems, Ltd. (a)		87,016		843,429
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		155,721		244,532
Piramal Healthcare, Ltd.		91,634		847,900
PTC India, Ltd.		341,577		411,676
Punj Lloyd, Ltd.		1,084,564		1,175,148
Rajesh Exports, Ltd.		449,780		1,161,420
REI Agro, Ltd.		1,972,013		474,181
Rolta India, Ltd.		327,539		603,708
Satyam Computer Services, Ltd. (a)		1,048,301		1,658,515
Shree Renuka Sugars, Ltd.		851,840		527,541
Sintex Industries, Ltd.		686,466		1,162,189
Sterling International Enterprises, Ltd. (a)		126,000		23,372
Strides Arcolab, Ltd. (a)		116,018		1,336,444
Suzlon Energy, Ltd. (a)		1,778,722		881,593
Tata Chemicals, Ltd.		189,138		1,286,970
Tata Global Beverages, Ltd.		594,294		1,310,608
Thermax, Ltd.		87,346		796,393
Unitech, Ltd. (a)		2,177,753		1,228,980
United Phosphorus, Ltd.		1,023,696		2,614,248
Videocon Industries, Ltd.		163,159		548,934
Voltas, Ltd.		313,407		690,547
Welspun Corp., Ltd		557,104		1,471,905

				82,376,550

INDONESIA — 3.9%
Alam Sutera Realty Tbk PT		36,563,500		2,479,152
Bakrie and Brothers Tbk PT (a)(d)		187,371,000		1,024,557
Bakrie Sumatera Plantations Tbk PT		18,107,000		584,161
Bakrie Telecom Tbk PT (a)		45,124,000		1,258,379
Bakrieland Development Tbk PT (a)		75,627,500		1,017,299
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		9,747,500		1,183,260
Bank Permata Tbk PT (a)		782,500		119,805
Bank Tabungan Negara Tbk PT		5,684,000		745,932
Barito Pacific Tbk PT (a)		5,962,000		515,090
Bhakti Investama Tbk PT		23,139,000		923,637
Bisi International PT		3,366,000		316,575
Bumi Resources Minerals Tbk PT (a)		12,400,500		867,927
BW Plantation Tbk PT		3,986,500		719,349
Ciputra Development Tbk PT		13,344,500		1,050,748
Darma Henwa PT Tbk (a)		191,721,042		1,866,051
Delta Dunia Makmur Tbk PT (a)		8,122,500		541,855
Energi Mega Persada Tbk PT (a)		66,987,000		1,340,619
Gajah Tunggal Tbk PT		3,964,500		1,159,781
Garuda Indonesia Tbk PT (a)		14,536,500		985,633
Global Mediacom Tbk PT		7,586,500		1,327,472
Holcim Indonesia Tbk PT		3,846,000		1,083,055
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		5,051,500		640,829
Indika Energy Tbk PT		2,987,000		824,822
Intiland Development Tbk PT (a)		11,239,000		393,316
Japfa Comfeed Indonesia Tbk PT		2,216,000		999,672
Kawasan Industri Jababeka Tbk PT (a)		52,147,500		1,112,069
Lippo Karawaci Tbk PT		10,967,250		959,514
Medco Energi Internasional Tbk PT		2,711,500		637,547
Media Nusantara Citra Tbk PT		4,655,000		957,065
Mitra Adiperkasa Tbk PT		1,057,500		734,375
Multistrada Arah Sarana Tbk PT		4,097,000		277,793
Pakuwon Jati Tbk PT (a)		37,948,400		850,768
Pembangunan Perumahan Persero PT Tbk		10,137,000		698,415
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		6,151,000		1,933,959
Sentul City Tbk PT (a)		26,032,500		711,737
Summarecon Agung Tbk PT		11,553,500		1,983,705
Timah Tbk PT		3,364,000		684,278
Tower Bersama Infrastructure Tbk PT		1,636,500		527,961
Trada Maritime Tbk PT		5,220,000		536,614

				36,574,776

LUXEMBOURG — 0.1%
O’Key Group SA GDR		1,860		16,908

See accompanying notes to financial statements.

194

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

O’Key Group SA GDR		61,349	$	555,150

				572,058

MALAYSIA — 5.8%
Aeon Co. M Bhd		225,500		699,282
Alliance Financial Group Bhd		3,464,495		4,399,179
Bandar Raya Developments Bhd		868,100		654,582
Berjaya Corp. Bhd		5,836,200		1,809,822
Berjaya Sports Toto Bhd		1,250,200		1,783,377
Boustead Holdings Bhd		605,860		1,073,876
Bursa Malaysia Bhd		1,640,473		3,951,915
Dialog Group Bhd		2,456,420		1,739,981
DRB-Hicom Bhd		944,300		776,770
Eastern & Oriental Bhd		510,400		249,910
Fraser & Neave Holdings Bhd		264,100		1,627,618
Genting Plantations Bhd		953,000		2,952,169
IGB Corp. Bhd		4,967,167		4,491,285
Kencana Petroleum Bhd (a)		2,902,000		2,983,940
KNM Group Bhd (a)		4,323,437		1,178,414
Kulim Malaysia Bhd		4,648,800		6,343,066
Lafarge Malayan Cement Bhd		901,100		2,117,813
Malaysian Bulk Carriers Bhd		1,044,400		582,969
Malaysian Resources Corp. Bhd		1,429,800		886,770
Media Prima Bhd		2,303,100		2,014,790
Multi-Purpose Holdings Bhd		1,761,600		1,587,079
Pharmaniaga Bhd (d)		8,688		14,824
SapuraCrest Petroleum Bhd		572,700		912,282
Sunway Real Estate Investment Trust		6,284,700		2,564,346
TAN Chong Motor Holdings Bhd		1,305,600		1,913,545
Top Glove Corp. Bhd		1,227,900		1,803,672
Tradewinds Malaysia Bhd		170,900		534,987
UOA Development Bhd (a)		2,017,400		921,939
Wah Seong Corp Bhd		1,650,900		1,115,509

				53,685,711

MEXICO — 3.1%
Axtel SAB de CV (a)(b)		3,263,776		1,092,978
Bolsa Mexicana de Valores SAB de CV		953,560		1,922,677
Consorcio ARA SAB de CV (b)		4,385,369		1,478,849
Corporacion GEO SAB de CV (a)(b)		955,992		1,493,260
Desarrolladora Homex SAB de CV (a)(b)		374,165		1,165,094
Empresas ICA SAB de CV (a)		1,473,208		2,801,401
Grupo Aeroportuario del Sureste SAB de CV		875,506		6,019,638
Industrias CH SAB, Series B (a)		818,311		3,917,008
Inmuebles Carso SAB de CV (a)		478,533		410,155
Promotora y Operadora de Infraestructura SAB de CV (a)		761,368		3,357,971
TV Azteca SAB de CV (b)		7,053,577		4,421,391
Urbi Desarrollos Urbanos SA de CV (a)		705,621		843,848

				28,924,270

MOROCCO — 0.1%
Alliances Developpement Immobilier SA		1,513		128,147
Holcim Maroc SA		696		166,054
Samir (a)		5,924		398,571

				692,772

NETHERLANDS — 0.0% (e)
AmRest Holdings SE (a)		10,204		231,969

PERU — 1.4%
Alicorp SA		1,124,098		2,950,388
Casa Grande SAA		63,216		414,803
Edegel SAA		1,142,666		891,168
Ferreyros SA		1,594,246		1,847,102
Grana y Montero SA		864,808		2,837,297
Luz del Sur SAA		233,695		665,948
Refineria La Pampilla SA Relapasa		860,407		341,969
Volcan Compania Minera SAA (Class B)		1,931,035		2,678,976

				12,627,651

PHILIPPINES — 1.5%
Belle Corp. (a)		2,655,000		317,227
Cebu Air, Inc.		499,070		779,960
First Philippine Holdings Corp.		420,090		634,513
GMA Holdings, Inc.		5,512,400		1,125,975
Megaworld Corp.		81,838,000		3,735,938
Metro Pacific Investments Corp.		11,617,750		1,120,240
Philex Mining Corp.		1,037,900		511,275
Philex Petroleum Corp. (a)		236,900		64,556
Philippine National Bank (a)		317,960		555,421
Rizal Commercial Banking Corp. (a)		657,000		641,162
Semirara Mining Corp.		255,530		1,456,941
SM Development Corp.		2,993,200		475,454
Union Bank of Philippines		104,080		252,837
Universal Robina Corp.		1,515,560		2,223,833

				13,895,332

POLAND — 2.2%
Agora SA		159,532		649,627
Asseco Poland SA		196,598		3,142,366
Bank Millennium SA		1,280,161		1,806,050
Boryszew SA (a)		723,308		173,939
Ciech SA (a)		80,997		428,514
Cyfrowy Polsat SA (a)		216,891		972,908
Echo Investment SA (a)		440,818		607,771
Emperia Holding SA		30,180		1,045,094
Eurocash SA		120,606		1,353,473
Get Bank SA (a)		869,151		546,215
Globe Trade Centre SA (a)		291,122		625,406
Grupa Lotos SA (a)		110,864		967,945
LPP SA		1,584		1,338,284
Lubelski Wegiel Bogdanka SA		62,141		2,534,416
Netia SA (a)		981,046		2,013,176
Orbis SA (a)		51,495		721,538
PBG SA		10,724		134,170
Polimex- Mostostal SA		1,311,904		576,282
TVN SA		339,455		1,175,489

				20,812,663

RUSSIA — 1.1%
AK Transneft OAO Preference Shares		807		1,577,632
Cherkizovo Group OJSC, GDR (a)		5,978		82,975
DIXY Group OJSC (a)		25,512		329,237
Integra Group Holdings GDR (a)		694,090		1,457,589

See accompanying notes to financial statements.

195

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

M Video OJSC		35,716	$	302,074
Novorossiysk Commercial Sea Trade Port PJSC GDR		1,566		11,839
Novorossiysk Commercial Sea Trade Port PJSC GDR		51,583		389,967
OGK-2 OAO (a)		13,234,382		332,726
PIK Group GDR (a)		515,267		1,289,198
TransContainer OAO, GDR		63,804		693,549
Vsmpo-Avisma Corp.		17,764		3,304,730
WGC-3 OJSC (a)		14,744,149		573,385

				10,344,901

SINGAPORE — 0.1%
Yanlord Land Group, Ltd. (b)		1,110,000		1,116,753

SOUTH AFRICA — 9.5%
Adcock Ingram Holdings, Ltd.		215,742		1,650,137
AECI, Ltd. (b)		142,905		1,750,340
Afgri, Ltd.		2,424,926		2,006,408
Aquarius Platinum, Ltd.		673,735		1,528,574
Aveng, Ltd. (b)		830,454		4,229,883
AVI, Ltd.		405,981		2,454,015
Barloworld, Ltd.		348,994		4,546,510
Capital Property Fund (b)		2,586,830		3,084,154
Clicks Group, Ltd.		464,571		2,707,685
Coronation Fund Managers, Ltd.		1,478,236		5,489,537
DataTec, Ltd.		957,843		5,491,539
Grindrod, Ltd. (b)		1,667,422		3,278,550
Hosken Consolidated Investments, Ltd.		249,483		2,633,135
Illovo Sugar, Ltd.		251,701		830,744
Investec, Ltd.		273,444		1,680,309
JD Group, Ltd.		648,998		4,185,965
JSE, Ltd. (b)		491,062		5,080,470
Lewis Group, Ltd. (b)		587,518		5,833,420
Merafe Resources, Ltd. (a)		7,739,487		857,192
Mondi, Ltd.		195,190		1,831,206
Mpact, Ltd. (a)		215,877		497,882
Murray & Roberts Holdings, Ltd. (a)(b)		458,280		1,677,970
Northam Platinum, Ltd. (b)		861,739		3,831,174
Pick’ n Pay Holdings, Ltd.		288,956		711,608
Pretoria Portland Cement Co., Ltd.		443,965		1,897,447
Resilient Property Income Fund, Ltd.		91,142		457,815
Reunert, Ltd.		603,888		5,508,096
SA Corporate Real Estate Fund		8,482,020		3,569,841
Sappi, Ltd. (a)(b)		760,160		2,813,005
Sun International, Ltd. (b)		159,018		1,730,134
Tongaat Hulett, Ltd.		139,978		1,896,699
Wilson Bayly Holmes-Ovcon, Ltd.		172,491		2,921,843

				88,663,287

TAIWAN — 28.7%
A-DATA Technology Co., Ltd. (a)		414,000		514,791
Ability Enterprise Co., Ltd.		693,000		692,660
Accton Technology Corp.		1,555,341		940,651
Action Electronics Co., Ltd.		2,089,981		645,805
Adlink Technology, Inc.		476,150		693,708
Advanced Ceramic X Corp.		202,642		621,359
Advanced International Multitech Co., Ltd.		432,000		572,302
Advanced Wireless Semiconductor Co.		427,746		428,985
Advantech Co., Ltd. (a)		619,200		2,150,401
AGV Products Corp. (a)		2,139,926		728,667
Airtac International Group (a)		95,000		494,079
Alcor Micro Corp.		417,000		717,735
Alpha Networks, Inc. (a)		1,128,348		959,580
Altek Corp. (a)		1,009,309		930,160
AmTRAN Technology Co., Ltd. (a)		1,619,717		1,275,929
Anpec Electronics Corp.		524,000		397,689
Apex Biotechnology Corp. (a)		583,484		1,563,760
Arcadyan Technology Corp.		253,718		369,215
Asia Optical Co., Inc. (a)		428,540		403,646
Asia Polymer (a)		627,157		814,904
Asrock, Inc.		192,000		780,633
Aten International Co., Ltd.		266,000		521,825
Bank of Kaohsiung		1,992,680		624,516
Basso Industry Corp. (a)		688,000		559,454
BES Engineering Corp. (a)		3,492,356		993,945
Biostar Microtech International Corp. (a)		983,000		551,209
Cameo Communications, Inc.		1,635,191		518,572
Capital Securities Corp.		3,136,730		1,216,878
Career Technology Co., Ltd. (a)		495,726		797,811
Cathay No. 1 REIT		1,151,000		604,466
Cathay Real Estate Development Co., Ltd.		2,639,904		1,225,387
Chang Wah Electromaterials, Inc.		229,001		682,010
Charoen Pokphand Enterprise		1,341,798		686,481
Chaun-Choung Technology Corp. (a)		460,000		514,323
Cheng Loong Corp.		2,355,128		961,537
Cheng Uei Precision Industry Co., Ltd. (a)		640,603		1,532,351
Chicony Electronics Co., Ltd. (a)		840,259		1,651,223
Chien Kuo Construction Co., Ltd.		1,663,501		913,067
Chin-Poon Industrial Co. (a)		1,125,000		1,025,343
China Bills Finance Corp. (a)		4,024,394		1,745,320
China Chemical & Pharmaceutical Co., Ltd. (a)		950,000		666,283
China Manmade Fibers Corp. (a)		2,799,904		1,038,776
China Motor Corp.		1,114,000		1,088,919
China Steel Chemical Corp. (a)		392,000		1,859,425
China Synthetic Rubber Corp. (a)		1,216,452		1,199,368
Chipbond Technology Corp.		1,030,000		1,334,852
Chong Hong Construction Co., Ltd. (a)		458,042		1,044,443
Chroma ATE, Inc. (a)		607,680		1,548,308
Chung Hung Steel Corp.		1,002,239		351,460
Chunghwa Picture Tubes, Ltd. (a)		2,274,628		144,117
Clevo Co. (a)		1,001,053		1,643,295
CMC Magnetics Corp. (a)		4,232,719		760,081
Compal Communications, Inc.		427,000		740,734
Coretronic Corp.		654,420		603,101
CTCI Corp. (a)		1,015,000		1,679,945
CyberTAN Technology, Inc.		1,005,210		1,001,310
D-Link Corp.		1,759,904		1,308,845
Danen Technology Corp.		411,816		276,269
Dimerco Express Taiwan Corp. (a)		689,081		422,584
Dynamic Electronics Co., Ltd.		1,030,585		443,458

See accompanying notes to financial statements.

196

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Dynapack International Technology Corp. (a)		126,000	$	683,054
Elan Microelectronics Corp. (a)		842,899		1,085,235
Elite Material Co., Ltd. (a)		695,782		644,756
Elite Semiconductor Memory Technology, Inc. (a)		682,674		638,391
ENG Electric Co., Ltd.		245,982		650,074
Entie Commercial Bank		512,000		248,068
Entire Technology Co., Ltd.		223,942		371,789
Episil Technologies, Inc. (a)		1,195,000		453,472
Epistar Corp. (a)		1,298,000		3,311,572
Eternal Chemical Co., Ltd. (a)		1,353,990		1,178,998
Everlight Chemical Industrial Corp. (a)		653,800		445,252
Everlight Electronics Co., Ltd. (a)		828,503		1,740,405
Excelsior Medical Co., Ltd. (a)		243,328		514,448
Far Eastern International Bank (a)		3,645,789		1,457,599
Faraday Technology Corp.		894,976		1,419,129
Farglory Land Development Co., Ltd.		243,000		489,055
Feng Hsin Iron & Steel Co., Ltd.		789,270		1,387,898
Feng TAY Enterprise Co., Ltd. (a)		630,000		601,941
First Insurance Co., Ltd. (a)		1,726,178		748,618
FLEXium Interconnect, Inc. (a)		383,849		1,554,150
Forhouse Corp.		938,576		610,570
Formosa Epitaxy, Inc.		797,000		742,601
Formosa International Hotels Corp.		44,000		622,406
Formosa Taffeta Co., Ltd. (a)		1,549,000		1,501,005
Formosan Rubber Group, Inc.		1,142,124		801,029
Formosan Union Chemical (a)		2,002,000		1,475,326
Froch Enterprise Co., Ltd. (a)		1,398,000		573,135
FSP Technology, Inc.		644,184		604,581
Gallant Precision Machining Co., Ltd.		752,000		246,637
Gemtek Technology Corp.		737,234		658,189
Genius Electronic Optical Co., Ltd.		58,060		584,249
Genmont Biotech, Inc.		216,000		309,570
GeoVision, Inc. (a)		198,743		935,990
Giant Manufacturing Co., Ltd. (a)		626,994		2,751,045
Gigabyte Technology Co., Ltd.		526,000		441,979
Gigastorage Corp.		785,114		653,054
Gintech Energy Corp.		777,806		868,343
Global Unichip Corp. (a)		201,669		758,450
Gloria Material Technology Corp. (a)		615,736		650,899
Goldsun Development & Construction Co., Ltd. (a)		2,661,041		1,086,434
Grand Pacific Petrochemical (a)		2,284,000		1,060,184
Grape King, Inc.		452,000		732,799
Great Wall Enterprise Co.		1,285,353		1,315,206
GTM Corp.		1,178,000		588,711
HannStar Display Corp. (a)		5,634,474		530,717
Hey Song Corp. (a)		1,424,694		1,795,681
Highwealth Construction Corp. (a)		1,048,000		1,818,008
Himax Technologies, Inc. ADR		529,291		1,090,339
Ho Tung Chemical Corp. (a)		2,265,510		1,358,638
Hong TAI Electric Industrial		1,534,000		522,343
Huaku Development Co., Ltd. (a)		451,236		1,145,118
Huang Hsiang Construction Co.		450,484		873,052
I-Sheng Electric Wire & Cable Co., Ltd. (a)		638,000		1,048,400
Ibase Technology, Inc.		417,699		611,381
Inventec Co., Ltd.		4,355,775		1,911,172
ITE Technology, Inc.		485,000		456,826
J Touch Corp.		254,121		365,927
Jess-Link Products Co., Ltd. (a)		476,974		492,900
Jih Sun Financial Holdings Co., Ltd.		2,041,113		636,238
Kaori Heat Treatment Co., Ltd.		440,000		552,339
KEE TAI Properties Co., Ltd.		1,785,076		988,870
Kenda Rubber Industrial Co., Ltd. (a)		744,649		869,171
KGI Securities Co., Ltd.		5,695,096		2,402,343
King Yuan Electronics Co., Ltd. (a)		2,460,656		929,588
King’s Town Bank (a)		2,236,000		1,439,428
Kinpo Electronics		3,039,371		740,418
Kinsus Interconnect Technology Corp. (a)		383,030		1,227,689
Kuoyang Construction Co., Ltd. (a)		1,150,000		506,531
KYE Systems Corp.		686,000		276,589
Laser Tek Taiwan Co., Ltd.		622,266		669,398
LCY Chemical Corp.		1,102,939		1,756,362
Lien Hwa Industrial Corp.		1,710,651		1,115,724
Lingsen Precision Industries, Ltd. (a)		1,583,694		1,011,456
Long Bon International Co., Ltd.		1,347,000		677,733
Longwell Co.		689,000		915,103
Lumax International Corp., Ltd. (a)		327,599		712,594
Macronix International Co., Ltd. (a)		6,185,656		2,305,383
Makalot Industrial Co., Ltd. (a)		502,000		1,495,055
Masterlink Securities Corp. (a)		2,113,472		737,562
Mayer Steel Pipe Corp.		1,654,234		669,776
Mercuries & Associates, Ltd. (a)		630,053		660,697
Merida Industry Co., Ltd.		293,000		941,110
Micro-Star International Co., Ltd.		1,361,000		666,332
Microbio Co., Ltd.		517,481		646,095
Mildef Crete , Inc. (a)		257,706		507,300
Mirle Automation Corp.		1,034,170		846,201
Mitac International Corp.		2,202,999		873,303
Mosel Vitelic, Inc. (a)		1,310,000		182,866
Motech Industries, Inc.		682,885		1,138,354
Nan Kang Rubber Tire Co., Ltd. (a)		1,036,227		1,616,773
Nantex Industry Co., Ltd. (a)		937,550		857,675
Neo Solar Power Corp.		661,064		517,392
Newmax Technology Co., Ltd.		123,232		240,080
Nien Hsing Textile Co., Ltd. (a)		639,910		455,305
Novatek Microelectronics Corp.		973,572		2,965,462
Oriental Union Chemical Corp. (a)		1,173,000		1,516,202
Pan-International Industrial Co., Ltd.		707,388		680,676
PC Home Online		203,132		1,145,928
Phison Electronics Corp. (a)		219,837		1,880,731
Phytohealth Corp. (a)		418,000		560,836
PixArt Imaging, Inc.		206,991		542,821
Portwell, Inc. (a)		649,000		608,001
Powerchip Technology Corp. (a)		2,243,280		83,607
Powercom Co., Ltd.		195,290		133,658
Powertech Industrial Co., Ltd.		448,000		365,813
Powertech Technology, Inc. (a)		799,000		1,556,608
President Securities Corp.		1,824,127		985,781
Prime Electronics Satellitics, Inc. (a)		838,946		727,677
Prince Housing Development Corp. (a)		1,827,190		1,371,267
Promate Electronic Co., Ltd. (a)		988,000		820,139
Qisda Corp.		2,883,641		689,780

See accompanying notes to financial statements.

197

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Radiant Opto-Electronics Corp.		750,620	$	3,331,624
Radium Life Tech Co., Ltd.		1,211,993		981,437
Realtek Semiconductor Corp.		865,793		1,581,129
RichTek Technology Corp.		196,477		1,211,568
Ritek Corp. (a)		5,577,596		961,899
Ruentex Development Co., Ltd.		1,156,071		1,703,877
Ruentex Industries, Ltd.		984,767		1,928,528
Sampo Corp. (a)		3,370,527		947,852
San Fang Chemical Industry Co., Ltd. (a)		523,110		453,730
Sanyang Industry Co., Ltd.		2,145,945		1,457,799
ScinoPharm Taiwan Ltd.		354,000		651,280
Senao International Co., Ltd. (a)		242,911		1,135,771
Sercomm Corp.		666,000		1,015,433
Shih Wei Navigation Co., Ltd.		845,968		799,692
Shinkong Insurance Co., Ltd.		940,841		612,043
Shinkong Synthetic Fibers Corp.		3,299,796		1,129,206
Sigurd Microelectronics Corp. (a)		1,259,694		1,039,270
Silicon Integrated Systems Corp.		1,220,000		483,627
Silicon Motion Technology Corp. ADR (a)(b)		67,119		1,300,095
Simplo Technology Co., Ltd.		442,481		3,335,717
Sinbon Electronics Co., Ltd. (a)		863,000		690,061
Sinmag Bakery Machine Corp. (a)		190,400		703,166
Sino-American Silicon Products, Inc.		640,058		1,114,672
Sinon Corp. (a)		2,219,662		1,022,799
Sinphar Pharmaceutical Co., Ltd.		587,136		497,328
Sintek Photronic Corp. (a)		1,449,000		709,416
Sinyi Realty Co. (a)		778,071		1,239,030
Soft-World International Corp.		234,848		527,552
Solar Applied Materials Technology Corp. (a)		549,195		800,128
Solartech Energy Corp.		484,091		551,101
Southeast Cement Co., Ltd. (a)		1,616,000		629,657
Springsoft, Inc.		701,968		1,090,489
St. Shine Optical Co., Ltd.		146,000		1,894,594
Standard Foods Corp.		520,812		1,773,420
Sunonwealth Electric Machine Industry Co. Ltd. (a)		694,000		512,602
Sunrex Technology Corp.		624,000		417,557
Systex Corp. (a)		709,000		778,316
T JOIN Transportation Co.		1,085,000		1,224,161
TA Chen Stainless Pipe (a)		512,000		285,365
Ta Chong Bank Co., Ltd. (a)		3,135,988		1,243,154
Ta Ya Electric Wire & Cable		2,471,650		688,372
Taichung Commercial Bank (a)		3,227,935		1,019,308
Taiflex Scientific Co., Ltd.		505,725		621,993
Tainan Enterprises Co., Ltd. (a)		457,000		581,421
Tainan Spinning Co., Ltd. (a)		2,376,570		1,066,918
Taisun Enterprise Co., Ltd. (a)		1,630,631		875,688
Taiwan Acceptance Corp.		600,000		1,250,233
Taiwan Business Bank (a)		5,908,558		1,849,771
Taiwan Cogeneration Corp. (a)		1,901,469		1,578,410
Taiwan Fire & Marine Insurance Co. (a)		889,004		665,672
Taiwan Hon Chuan Enterprise Co., Ltd. (a)		496,027		1,124,336
Taiwan Hopax Chemicals Manufacturing Co., Ltd.		692,229		311,936
Taiwan Land Development Corp. (a)		2,206,994		923,491
Taiwan Life Insurance Co., Ltd.		590,684		381,254
Taiwan Mask Corp. (a)		1,539,800		607,792
Taiwan Secom Co., Ltd (a)		543,726		1,127,447
Taiwan Surface Mounting Technology Co., Ltd. (a)		458,632		1,053,558
Taiyen Biotech Co., Ltd.		1,436,000		1,089,851
Tatung Co., Ltd. (a)		4,271,691		1,243,247
Teco Electric & Machinery Co., Ltd. (a)		3,439,838		2,371,739
Test-Rite International Co. (a)		712,000		490,918
Thye Ming Industrial Co., Ltd. (a)		857,164		829,153
Tong Hsing Electronic Industries Ltd. (a)		245,327		860,301
Tong Yang Industry Co., Ltd. (a)		882,761		939,155
Topco Scientific Co., Ltd.		494,647		905,011
Topoint Technology Co., Ltd. (a)		703,495		489,821
Transcend Information, Inc. (a)		456,484		1,317,740
Tripod Technology Corp.		870,353		2,919,411
TSRC Corp. (a)		1,059,700		2,710,781
TTY Biopharm Co., Ltd. (a)		265,790		1,134,681
Tung Ho Steel Enterprise Corp.		1,387,258		1,407,728
Tung Thih Electronic Co., Ltd.		257,283		592,768
TXC Corp.		722,120		1,136,474
TYC Brother Industrial Co., Ltd. (a)		1,029,251		491,705
Tycoons Group Enterprise (a)		2,544,174		553,409
U-Ming Marine Transport Corp. (a)		848,000		1,462,440
Unity Opto Technology Co., Ltd.		690,307		795,217
Universal Cement Corp. (a)		1,337,800		650,441
Unizyx Holding Corp. (a)		1,584,694		1,012,095
UPC Technology Corp. (a)		1,866,000		1,065,310
USI Corp. (a)		1,669,494		1,646,048
Ve Wong Corp. (a)		734,604		535,126
Via Technologies, Inc. (a)		1,430,062		918,182
Visual Photonics Epitaxy Co., Ltd.		544,602		1,001,944
Wafer Works Corp.		441,045		349,674
Wah Hong Industrial Corp.		252,446		480,695
Walsin Lihwa Corp.		5,494,000		1,742,325
Wan Hai Lines, Ltd.		2,024,320		1,159,125
Waterland Financial Holdings Co., Ltd. (a)		4,469,173		1,536,943
Wei Chuan Food Corp. (a)		854,899		951,513
Weikeng Industrial Co., Ltd. (a)		916,628		798,162
Winbond Electronics Corp. (a)		6,061,730		1,119,329
Wintek Corp.		2,239,859		1,737,884
Wistron NeWeb Corp.		472,509		1,040,610
WUS Printed Circuit Co., Ltd. (a)		1,195,000		528,376
Yageo Corp.		2,288,000		687,613
Yang Ming Marine Transport Corp.		2,280,788		1,217,111
Yieh Phui Enterprise Co., Ltd.		2,703,419		989,240
Young Fast Optoelectronics Co., Ltd.		243,959		600,092
Young Optics, Inc.		212,242		844,955
Yuen Foong Yu Paper Manufacturing Co., Ltd. (a)		3,512,941		1,600,876
Yung Lien Life Service Corp. (a)		322,000		1,026,621
Yungtay Engineering Co., Ltd. (a)		850,000		1,360,772
Zenitron Corp. (a)		901,348		705,455
Zinwell Corp. (a)		679,674		822,117

				268,178,497

See accompanying notes to financial statements.

198

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

THAILAND — 4.1%
Airports of Thailand PCL		421,400	$	795,674
Bangkok Chain Hospital PCL, NVDR		1,368,300		337,085
Bangkok Expressway PCL, NVDR		1,368,300		958,032
BEC World PCL		536,670		887,202
Big C Supercenter PCL		124,400		661,316
Bumrungrad Hospital PCL		563,400		977,047
Cal-Comp Electronics Thailand PCL		28,585,090		2,594,433
Dynasty Ceramic PCL		335,100		708,761
Electricity Generating PCL, NVDR		409,600		1,234,775
Hana Microelectronics PCL		5,642,584		4,005,594
Home Product Center PCL, NVDR		2,662,486		1,199,629
Minor International PCL		6,285,829		2,913,691
Precious Shipping PCL		783,400		403,762
Pruksa Real Estate PCL		911,000		445,903
Pruksa Real Estate PCL, NVDR		1,299,100		635,864
Robinson Department Store PCL, NVDR		583,000		968,517
Siam City Cement PCL, NVDR		106,500		1,056,369
Siam Global House PCL, NVDR		311,280		119,063
Siam Makro PCL, NVDR		113,100		1,312,473
Sri Trang Agro-Industry PCL, NVDR		961,000		651,050
Thai Airways International PCL, NVDR (a)		777,800		649,217
Thai Stanley Electric PCL, NVDR		95,500		569,595
Thai Tap Water Supply PCL		3,280,600		638,042
Thai Union Frozen Products PCL		740,486		1,698,197
Thai Vegetable Oil PCL, NVDR		639,100		414,327
Thanachart Capital PCL		5,155,464		5,598,316
Thoresen Thai Agencies PCL		3,055,266		1,990,627
Tisco Financial Group PCL		556,930		749,193
True Corp. PCL (a)		5,738,600		684,540
True Corp. PCL, NVDR (a)		9,739,928		1,161,846
Vanachai Group PCL, NVDR		1,297,300		174,936
Vinythai PCL, NVDR		1,120,100		664,435

				37,859,511

TURKEY — 2.9%
Adana Cimento Sanayii TAS		77,883		176,044
Akfen Holding AS (a)		96,403		543,412
Akmerkez Gayrimenkul Yatirim Ortakligi AS (a)		71,634		1,040,620
Albaraka Turk Katilim Bankasi		2,146,944		2,444,498
Asya Katilim Bankasi AS (a)		1,636,893		1,799,490
Aygaz AS		242,005		1,243,348
Bursa Cimento Fabrikasi AS		77,026		214,717
Dogan Sirketler Grubu Holdings AS (a)		2,143,946		1,010,104
Dogan Yayin Holding AS (a)		1,881,287		865,251
GSD Holding (a)		967,256		417,739
Ihlas Holding (a)		1,453,970		880,749
Is Finansal Kiralama AS (a)		341,558		216,479
Ittifak Holding A.S		181,181		550,789
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (a)		3,613,757		1,905,284
Metro Ticari ve Mali Yatirimlar Holding AS (a)		374,262		140,645
NET Holding AS (a)		301,318		273,787
Petkim Petrokimya Holding AS (a)		2,452,008		3,053,148
Sekerbank TAS		2,080,567		1,166,957
Sinpas Gayrimenkul Yatirim Ortakligi AS		865,140		655,078
TAV Havalimanlari Holding AS (a)		334,182		1,664,443
Tekfen Holding AS		292,882		1,015,206
Tofas Turk Otomobil Fabrikasi AS		195,891		837,226
Torunlar Gayrimenkul Yatirim Ortakligi AS		178,507		538,655
Turk Hava Yollari Anonim Ortakligi (a)		833,662		1,215,728
Turk Sise ve Cam Fabrikalari AS		496,990		944,975
Turkiye Sinai Kalkinma Bankasi AS		918,576		1,154,081
Ulker Biskuvi Sanayi AS		388,835		1,230,035

				27,198,488

UNITED ARAB EMIRATES — 0.1%
Exillon Energy PLC (a)		155,579		420,591

TOTAL COMMON STOCKS —
(Cost $1,015,377,286)				926,382,646

PREFERRED STOCK — 0.1%
BRAZIL — 0.1%
Centrais Eletricas de Santa Catarina SA Preference Shares (Cost $1,455,931)		67,374		1,503,109

RIGHTS — 0.0% (e)
SOUTH AFRICA — 0.0% (e)
Murray & Roberts Holdings, Ltd. (expiring 4/20/12) (a)(b) (Cost $0)		152,756		200,037

WARRANT — 0.0% (e)
MALAYSIA — 0.0% (e)
Dialog Group Bhd (expiring 11/30/16) (a) (Cost $0)		194,760		35,602

SHORT TERM INVESTMENTS — 4.4%
UNITED STATES — 4.4%
MONEY MARKET FUNDS — 4.4%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		36,047,343		36,047,343
State Street Institutional Liquid Reserves Fund 0.23% (g)(h)		4,667,867		4,667,867

TOTAL SHORT TERM INVESTMENTS —
(Cost $40,715,210)				40,715,210

TOTAL INVESTMENTS — 103.8%
(Cost $1,057,548,427)				968,836,604
OTHER ASSETS & LIABILITIES — (3.8)%				(35,632,016	)

NET ASSETS — 100.0%			$	933,204,588

See accompanying notes to financial statements.

199

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

March 31, 2012 (Unaudited)


(a)		Non-income producing security.
(b)		A portion of the security was on loan at March 31, 2012.
(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 3 inputs. (Note 2)
(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

NVDR = Non Voting Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

200

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 7.9%
Abacus Property Group (a)		160,650	$	329,522
Astro Japan Property Group (a)		37,546		102,685
Bunnings Warehouse Property Trust		251,892		459,267
CFS Retail Property Trust		1,034,524		1,918,369
Charter Hall Office REIT (a)		274,158		874,763
Charter Hall Retail REIT		155,024		507,487
Commonwealth Property Office Fund		1,512,611		1,543,484
Dexus Property Group		2,976,825		2,682,941
Goodman Group		4,776,816		3,414,493
GPT Group		1,117,323		3,611,369
Investa Office Fund		1,669,677		1,098,360
Westfield Group		1,313,372		12,013,984
Westfield Retail Trust		1,781,606		4,761,787

				33,318,511

AUSTRIA — 0.8%
Atrium European Real Estate, Ltd.		117,549		576,537
CA Immobilien Anlagen AG (b)		45,390		518,263
IMMOFINANZ AG (a)(b)		669,026		2,426,925

				3,521,725

BELGIUM — 0.4%
Befimmo Sicafi S.C.A.		9,114		604,792
Cofinimmo		8,636		1,060,352

				1,665,144

CANADA — 5.4%
Artis REIT		30,146		487,729
Boardwalk REIT		14,590		833,547
Brookfield Asset Management, Inc. (Class A)		345,581		10,881,419
Brookfield Office Properties, Inc. (a)		159,928		2,790,744
Calloway REIT		32,400		878,847
Canadian Apartment Properties REIT		25,915		583,668
Canadian REIT		20,472		756,037
Chartwell Seniors Housing REIT		44,018		402,106
Extendicare REIT		25,499		201,553
First Capital Realty, Inc.		41,228		736,325
H&R REIT		52,297		1,238,028
Primaris Retail REIT		24,541		531,359
RioCan REIT		83,338		2,253,866

				22,575,228

CHINA — 1.5%
Hongkong Land Holdings, Ltd. (a)		766,000		4,450,460
Kerry Properties, Ltd.		381,135		1,715,697

				6,166,157

FRANCE — 3.9%
Fonciere Des Regions		16,279		1,305,710
Gecina SA (a)		12,917		1,347,571
Klepierre		57,967		2,007,061
SILIC		5,794		638,257
Unibail-Rodamco SE		56,437		11,269,813

				16,568,412

GERMANY — 0.1%
IVG Immobilien AG (b)		89,865		287,216

HONG KONG — 4.1%
Champion REIT		963,462		408,268
Hang Lung Group, Ltd. (a)		523,996		3,391,396
Hang Lung Properties, Ltd.		1,376,018		5,042,209
Hysan Development Co., Ltd.		377,027		1,510,245
Prosperity REIT		679,000		159,168
The Link REIT		1,399,513		5,209,418
Wheelock & Co., Ltd.		511,016		1,540,156
Yuexiu Real Estate Investment Trust		448,000		232,540

				17,493,400

ITALY — 0.1%
Beni Stabili SpA		516,163		320,248

JAPAN — 8.0%
Aeon Mall Co., Ltd.		49,300		1,152,001
Daibiru Corp.		35,100		265,292
Daiwa Office Investment Corp. (a)		157		421,617
Frontier Real Estate Investment Corp.		109		898,013
Fukuoka REIT Corp. (a)		67		483,602
Global One Real Estate Investment Co., Ltd. (a)		61		408,421
Hankyu REIT, Inc.		52		249,590
Heiwa Real Estate Co., Ltd. (a)		112,500		307,582
Japan Excellent, Inc.		107		549,335
Japan Prime Realty Investment Corp.		444		1,283,524
Japan Real Estate Investment Corp.		336		2,976,414
Japan Retail Fund Investment Corp. (a)		1,156		1,726,379
Kenedix Realty Investment Corp.		178		656,455
Mitsui Fudosan Co., Ltd. (a)		544,000		10,464,208
Mori Hills REIT Investment Corp.		113		453,126
Mori Trust Sogo REIT, Inc. (a)		107		950,447
Nippon Building Fund, Inc.		358		3,419,260
Nomura Real Estate Office Fund, Inc.		180		1,077,222
NTT Urban Development Corp. (a)		673		551,190
Orix JREIT, Inc. (a)		175		820,828
Premier Investment Corp.		119		480,078
Shoei Co., Ltd. (a)		22,600		92,822
Tokyu Land Corp. (a)		283,000		1,392,733
Tokyu REIT, Inc. (a)		106		564,165
Top REIT, Inc.		96		557,604
United Urban Investment Corp.		1,291		1,482,466

				33,684,374

NETHERLANDS — 0.8%
Corio NV		36,035		1,897,918
Eurocommercial Properties NV		20,183		763,595
VastNed Retail NV		11,588		607,625

				3,269,138

NEW ZEALAND — 0.4%
AMP NZ Office Trust		416,703		315,857
Argosy Property, Ltd.		343,488		236,436
Goodman Property Trust		504,174		427,605
Kiwi Income Property Trust		609,561		531,973

				1,511,871

SINGAPORE — 3.5%
Ascendas REIT		1,038,969		1,669,159
Cambridge Industrial Trust		671,907		285,895
CapitaCommercial Trust (a)		1,187,682		1,152,401

See accompanying notes to financial statements.

201

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

CapitaLand, Ltd.		1,564,500	$	3,882,165
CapitaMall Trust		1,308,860		1,878,946
Frasers Commercial Trust		309,412		206,709
Global Logistic Properties, Ltd. (b)		1,391,000		2,433,849
Guocoland, Ltd.		200,999		310,127
Mapletree Logistics Trust		793,240		596,184
Singapore Land, Ltd.		67,000		319,720
Starhill Global REIT		716,524		364,716
Suntec REIT (a)		1,282,274		1,274,778
United Industrial Corp., Ltd.		150,000		332,843

				14,707,492

SOUTH AFRICA — 0.5%
Capital Property Fund		793,842		946,460
Fountainhead Property Trust		717,967		682,927
SA Corporate Real Estate Fund		622,929		262,173
Sycom Property Fund		75,095		247,070

				2,138,630

SPAIN — 0.0% (c)
Martinsa-Fadesa SA (b)(d)(e)		178		0

SWEDEN — 0.9%
Castellum AB (a)		106,214		1,334,208
Fabege AB		88,442		760,414
Great Portland Estates PLC		193,075		1,110,240
Kungsleden AB		84,289		584,339

				3,789,201

SWITZERLAND — 1.1%
PSP Swiss Property AG (b)		21,438		1,902,226
Swiss Prime Site AG (b)		33,573		2,785,833

				4,688,059

UNITED KINGDOM — 5.2%
Big Yellow Group PLC		76,123		345,417
British Land Co. PLC		546,403		4,189,602
Capital & Counties Properties PLC		422,971		1,296,188
Capital Shopping Centres Group PLC		424,883		2,249,732
Derwent London PLC		62,247		1,735,493
Grainger PLC		210,290		351,783
Hammerson PLC		436,923		2,901,278
Land Securities Group PLC		483,399		5,580,235
Segro PLC		457,976		1,718,105
Shaftesbury PLC		154,353		1,214,591
Workspace Group PLC		66,605		250,349

				21,832,773

UNITED STATES — 55.1%
Acadia Realty Trust (a)		26,591		599,361
Alexandria Real Estate Equities, Inc.		38,222		2,795,175
American Campus Communities, Inc.		42,944		1,920,456
Apartment Investment & Management Co. (Class A)		74,605		1,970,318
Ashford Hospitality Trust, Inc. (a)		42,458		382,547
AvalonBay Communities, Inc.		58,770		8,307,139
BioMed Realty Trust, Inc.		94,683		1,797,083
Boston Properties, Inc. (a)		90,085		9,458,024
Brandywine Realty Trust (a)		82,989		952,714
BRE Properties, Inc.		46,155		2,333,135
Camden Property Trust		48,661		3,199,461
CBL & Associates Properties, Inc. (a)		86,913		1,644,394
Cedar Shopping Centers, Inc. (a)		33,201		169,989
Colonial Properties Trust		53,806		1,169,204
CommonWealth REIT		51,665		962,002
Corporate Office Properties Trust (a)		44,447		1,031,615
Cousins Properties, Inc.		52,586		398,602
CubeSmart		71,054		845,543
DCT Industrial Trust, Inc. (a)		153,116		903,384
DDR Corp. (a)		148,586		2,169,356
DiamondRock Hospitality Co.		103,877		1,068,894
Digital Realty Trust, Inc. (a)		64,853		4,797,176
Douglas Emmett, Inc. (a)		78,849		1,798,546
Duke Realty Corp. (a)		155,657		2,232,121
DuPont Fabros Technology, Inc. (a)		38,907		951,276
EastGroup Properties, Inc.		16,685		837,921
Education Realty Trust, Inc.		56,197		609,175
Equity Lifestyle Properties, Inc.		25,491		1,777,742
Equity One, Inc. (a)		38,266		773,739
Equity Residential		182,199		11,409,301
Essex Property Trust, Inc. (a)		20,912		3,168,377
Extra Space Storage, Inc. (a)		58,234		1,676,557
Federal Realty Investment Trust		39,387		3,812,268
FelCor Lodging Trust, Inc. (b)		78,191		281,488
First Industrial Realty Trust, Inc. (b)		49,273		608,522
First Potomac Realty Trust (a)		31,252		377,837
Forest City Enterprises, Inc. (Class A) (b)		81,732		1,279,923
Franklin Street Properties Corp.		46,166		489,360
General Growth Properties, Inc.		237,556		4,036,076
HCP, Inc.		251,183		9,911,681
Health Care REIT, Inc.		130,091		7,149,801
Healthcare Realty Trust, Inc. (a)		48,081		1,057,782
Hersha Hospitality Trust		94,168		514,157
Highwoods Properties, Inc. (a)		44,660		1,488,071
Home Properties, Inc.		29,794		1,817,732
Hospitality Properties Trust		76,178		2,016,432
Host Hotels & Resorts, Inc.		436,818		7,172,552
Inland Real Estate Corp. (a)		48,293		428,359
Kilroy Realty Corp. (a)		41,387		1,929,048
Kimco Realty Corp.		251,485		4,843,601
Kite Realty Group Trust		38,014		200,334
LaSalle Hotel Properties		52,579		1,479,573
Liberty Property Trust		70,691		2,525,083
Mack-Cali Realty Corp.		53,676		1,546,942
Mid-America Apartment Communities, Inc. (a)		22,984		1,540,618
Parkway Properties, Inc. (a)		13,770		144,310
Pebblebrook Hotel Trust		31,476		710,728
Pennsylvania Real Estate Investment Trust		34,733		530,373
Piedmont Office Realty Trust, Inc. (Class A)		106,583		1,891,848
Post Properties, Inc.		32,852		1,539,445
ProLogis		283,936		10,227,375
PS Business Parks, Inc.		11,685		765,835
Public Storage		87,249		12,055,194
Ramco-Gershenson Properties Trust		24,486		299,219
Regency Centers Corp.		55,552		2,470,953
Rouse Properties, Inc. (a)(b)		8,995		121,792
Saul Centers, Inc.		4,978		200,912

See accompanying notes to financial statements.

202

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

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Senior Housing Properties Trust		100,460	$	2,215,143
Simon Property Group, Inc.		181,141		26,388,621
SL Green Realty Corp. (a)		52,839		4,097,664
Sovran Self Storage, Inc.		17,141		854,136
Sun Communities, Inc. (a)		14,685		636,301
Sunstone Hotel Investors, Inc. (b)		72,640		707,514
Tanger Factory Outlet Centers, Inc. (a)		53,070		1,577,771
Taubman Centers, Inc.		35,726		2,606,212
The Macerich Co.		81,615		4,713,266
UDR, Inc.		135,325		3,614,531
Universal Health Realty Income Trust (a)		7,415		293,856
Ventas, Inc.		178,143		10,171,965
Vornado Realty Trust		113,980		9,597,116
Washington Real Estate Investment Trust (a)		40,714		1,209,206
Weingarten Realty Investors (a)		74,663		1,973,343

				232,232,196

TOTAL COMMON STOCKS —
(Cost $362,688,131)				419,769,775

SHORT TERM INVESTMENTS — 7.0%
UNITED STATES — 7.0%
MONEY MARKET FUNDS — 7.0%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		29,201,488		29,201,488
State Street Institutional Liquid Reserves Fund 0.23% (g)(h)		439,006		439,006

TOTAL SHORT TERM INVESTMENTS —
(Cost $29,640,494)				29,640,494

TOTAL INVESTMENTS — 106.7%
(Cost $392,328,625)				449,410,269
OTHER ASSETS & LIABILITIES — (6.7)%				(28,113,782	)

NET ASSETS — 100.0%			$	421,296,487


(a)		A portion of the security was on loan at March 31, 2012.
(b)		Non-income producing security.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Security is valued at fair value as determined in good faith by the Trust’s 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)		Company has filed for insolvency.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

203

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares			Value

COMMON STOCKS — 99.7%
AUSTRALIA — 1.8%
Aristocrat Leisure, Ltd.		7,358		$	23,020
Crown, Ltd.		6,960			62,657
Fairfax Media, Ltd.		32,777			24,618
Tatts Group, Ltd.		19,096			49,060

					159,355

BELGIUM — 0.4%
S.A. D’Ieteren NV		683			31,721

CANADA — 5.1%
Canadian Tire Corp., Ltd. (Class A)		937			60,432
Gildan Activewear, Inc.		1,140			31,310
Lululemon Athletica, Inc. (a)		876			65,307
Magna International, Inc. (Class A)		1,691			80,468
Shaw Communications, Inc. (Class B)		3,112			65,731
Thomson Reuters Corp.		3,113			89,828
Tim Hortons, Inc.		1,043			55,685

					448,761

CHINA — 0.2%
Li Heng Chemical Fibre Technologies, Ltd.		148,000			18,245

FINLAND — 0.8%
Nokian Renkaat Oyj		836			40,680
Sanoma Oyj		2,123			27,141

					67,821

FRANCE — 10.6%
Accor SA		1,227			43,742
Christian Dior SA		282			43,206
Compagnie Generale des Etablissements Michelin		1,136			84,460
Havas SA		7,867			45,678
Hermes International		324			109,011
Lagardere SCA		969			29,847
LVMH Moet Hennessy Louis Vuitton SA		1,399			240,054
Peugeot SA		1,765			28,382
PPR		536			92,079
Publicis Groupe SA		776			42,716
Renault SA		1,176	��		61,899
Sodexo		878			71,978
Valeo SA		702			36,758

					929,810

GERMANY — 10.2%
Adidas AG		1,379			107,504
Bayerische Motoren Werke AG		1,981			177,887
Continental AG (a)		400			37,698
Daimler AG		5,093			306,630
Porsche Automobil Holding SE Preference Shares		577			34,001
ProSiebenSat.1 Media AG Preference Shares		863			22,146
TUI AG (a)		2,039			15,143
Volkswagen AG		332			53,453
Volkswagen AG Preference Shares		778			136,605

					891,067

HONG KONG — 5.2%
Belle International Holdings, Ltd.		28,000			50,273
Esprit Holdings, Ltd.		9,332			18,751
Galaxy Entertainment Group, Ltd. (a)		10,000			27,627
Geely Automobile Holdings, Ltd.		30,000			11,746
Giordano International, Ltd.		72,000			55,363
GOME Electrical Appliances Holdings, Ltd.		52,000			10,783
Li & Fung, Ltd.		46,000			105,580
Sands China, Ltd.		18,400			71,927
Shangri-La Asia, Ltd.		12,500			27,338
SJM Holdings, Ltd.		18,000			36,631
Skyworth Digital Holdings, Ltd.		9,838			4,600
Wynn Macau, Ltd.		11,600			33,915

					454,534

ITALY — 1.6%
Fiat SpA		5,411			31,763
Lottomatica SpA (a)		1,791			33,964
Mediaset SpA		6,119			16,851
Pirelli & C. SpA		4,838			57,470

					140,048

JAPAN — 33.3%
Aisin Seiki Co., Ltd.		1,700			60,030
Aoyama Trading Co., Ltd.		3,000			63,977
Benesse Holdings, Inc.		1,200			60,149
Bridgestone Corp.		4,700			114,566
Casio Computer Co., Ltd.		2,900			20,826
Denso Corp.		2,300			77,277
Dentsu, Inc.		2,300			73,672
Fast Retailing Co., Ltd.		600			137,505
Fuji Heavy Industries, Ltd.		6,000			48,484
Gunze, Ltd.		11,000			32,347
Honda Motor Co., Ltd.		8,200			313,373
Isetan Mitsukoshi Holdings, Ltd.		4,000			47,245
Isuzu Motors, Ltd.		12,000			70,721
Mazda Motor Corp. (a)		11,000			19,382
Mitsubishi Motors Corp. (a)		23,000			26,271
Namco Bandai Holdings, Inc.		2,900			42,075
Nikon Corp.		2,900			88,521
Nissan Motor Co., Ltd.		11,600			124,183
Oriental Land Co., Ltd.		400			43,113
Panasonic Corp.		10,400			96,171
PARIS MIKI HOLDINGS, Inc.		3,000			21,034
Rakuten, Inc.		47			49,516
Resorttrust, Inc.		3,000			48,958
Sekisui Chemical Co., Ltd.		6,000			52,348
Sekisui House, Ltd.		6,000			59,129
Sharp Corp.		6,000			44,037
Shimano, Inc.		1,200			72,690
Sony Corp.		5,300			109,742
Stanley Electric Co., Ltd.		1,800			28,762
Sumitomo Forestry Co., Ltd.		5,200			47,580
Suzuki Motor Corp.		2,800			67,265
Toyobo Co., Ltd.		23,000			32,979
Toyota Industries Corp.		1,600			48,528
Toyota Motor Corp.		14,400			624,680
Yamada Denki Co., Ltd.		760			47,745

					2,914,881

LUXEMBOURG — 0.6%
SES		2,121			52,550

See accompanying notes to financial statements.

204

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

NETHERLANDS — 1.5%
Reed Elsevier NV		5,580	$	71,158
Wolters Kluwer NV		3,148		59,529

				130,687

NORWAY — 0.6%
Schibsted ASA		1,310		48,458

SINGAPORE — 1.2%
Genting Singapore PLC (a)		36,000		48,817
Singapore Press Holdings, Ltd.		18,000		56,118

				104,935

SOUTH KOREA — 5.0%
Hyundai Mobis		232		58,663
Hyundai Motor Co.		1,168		240,187
Kia Motors Corp.		1,241		81,160
LG Electronics, Inc.		506		36,977
Lotte Shopping Co., Ltd.		75		23,498

				440,485

SPAIN — 1.5%
Industria de Diseno Textil SA		1,286		122,997
NH Hoteles SA (a)		3,099		11,287

				134,284

SWEDEN — 2.8%
Electrolux AB		2,880		60,722
Hennes & Mauritz AB (Class B)		5,034		181,624

				242,346

SWITZERLAND — 3.4%
Compagnie Financiere Richemont SA		2,783		174,274
The Swatch Group AG		260		119,522

				293,796

UNITED KINGDOM — 13.0%
British Sky Broadcasting Group PLC		7,879		85,099
Burberry Group PLC		3,135		74,984
Carnival PLC		1,577		50,343
Compass Group PLC		12,160		127,355
GKN PLC		10,897		35,883
Home Retail Group PLC		8,698		15,843
Informa PLC		5,666		39,968
ITV PLC		25,554		36,072
Kingfisher PLC		21,326		104,504
Marks & Spencer Group PLC		11,287		68,348
Next PLC		1,904		90,746
Pearson PLC		6,793		126,443
Reed Elsevier PLC		8,235		73,024
Tui Travel PLC		8,841		27,729
Whitbread PLC		2,334		68,766
WPP PLC		8,307		113,414

				1,138,521

UNITED STATES — 0.9%
Virgin Media, Inc.		3,258		81,386

TOTAL COMMON STOCKS —
(Cost $8,703,668)				8,723,691

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $2,643)		2,643		2,643

TOTAL INVESTMENTS — 99.7%
(Cost $8,706,311)				8,726,334
OTHER ASSETS & LIABILITIES — 0.3%				26,359

NET ASSETS — 100.0%			$	8,752,693

PLC = Public Limited Company

See accompanying notes to financial statements.

205

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 7.3%
Coca-Cola Amatil, Ltd.		17,229	$	222,569
Treasury Wine Estates, Ltd.		12,605		53,539
Wesfarmers, Ltd.		20,651		642,230
Woolworths, Ltd.		20,468		550,875

				1,469,213

BELGIUM — 5.0%
Anheuser-Busch InBev NV		12,040		878,324
Anheuser-Busch InBev NV — VVPR Strip (a)		2,040		8
Delhaize Group		2,497		131,182

				1,009,514

CANADA — 2.5%
Loblaw Cos., Ltd.		4,085		139,048
Shoppers Drug Mart Corp.		5,169		226,527
Viterra, Inc.		8,875		141,279

				506,854

CHINA — 0.7%
Hengan International Group Co., Ltd.		14,000		141,551

DENMARK — 0.9%
Carlsberg A/S (Class B)		2,222		183,359

FINLAND — 0.5%
Kesko Oyj (Class B)		2,787		90,300

FRANCE — 9.1%
Carrefour SA		8,398		201,026
Casino Guichard-Perrachon SA		1,426		140,336
Danone		10,055		700,310
L’Oreal SA		3,713		457,326
Pernod — Ricard SA		3,184		332,426

				1,831,424

GERMANY — 2.5%
Beiersdorf AG		2,277		148,354
Henkel AG & Co. KGaA Preference Shares		4,686		342,845

				491,199

HONG KONG — 0.6%
Pacific Andes International Holdings, Ltd.		854,346		63,823
Vitasoy International Holdings, Ltd.		72,000		55,734

				119,557

IRELAND — 0.5%
Kerry Group PLC (Class A)		2,133		98,566

JAPAN — 13.1%
Aeon Co., Ltd.		13,105		173,258
Ajinomoto Co., Inc.		11,728		147,927
Asahi Breweries, Ltd.		10,682		237,926
Japan Tobacco, Inc.		84		475,655
Kao Corp.		11,874		313,389
Kirin Holdings Co., Ltd.		12,739		165,787
Lawson, Inc.		3,524		223,100
Nichirei Corp.		23,388		110,268
Oenon Holdings, Inc.		40,000		96,725
Seven & I Holdings Co., Ltd.		11,877		354,744
Shiseido Co., Ltd.		9,593		166,460
Unicharm Corp.		1,300		69,032
UNY Co., Ltd.		9,400		102,344

				2,636,615

LUXEMBOURG — 0.1%
Oriflame Cosmetics SA SDR		706		27,121

NETHERLANDS — 7.1%
Heineken NV		4,761		264,229
Koninklijke Ahold NV		19,897		275,302
Unilever NV		26,134		887,989

				1,427,520

NORWAY — 0.2%
Marine Harvest		71,216		36,706

SINGAPORE — 1.8%
Golden Agri-Resources, Ltd.		153,105		95,588
Olam International, Ltd.		37,590		70,555
Wilmar International, Ltd.		48,000		187,060

				353,203

SPAIN — 0.6%
Ebro Puleva SA		6,679		129,458

SWEDEN — 1.0%
Swedish Match AB		4,836		191,972

SWITZERLAND — 16.6%
Lindt & Spruengli AG		59		189,301
Nestle SA		50,126		3,150,033

				3,339,334

UNITED KINGDOM — 29.2%
British American Tobacco PLC		28,449		1,432,041
Diageo PLC		38,714		929,376
Imperial Tobacco Group PLC		16,135		653,515
J Sainsbury PLC		26,048		129,558
Reckitt Benckiser Group PLC		9,934		560,760
SABMiller PLC		12,658		507,529
Tate & Lyle PLC		11,346		127,803
Tesco PLC		116,537		614,450
Unilever PLC		21,439		707,006
William Morrison Supermarkets PLC		39,579		188,447

				5,850,485

TOTAL COMMON STOCKS —
(Cost $19,343,186)				19,933,951

WARRANT — 0.0% (b)
SINGAPORE — 0.0% (b)
Golden Agri-Resources, Ltd. (expiring 7/23/12) (a) (Cost $0)		2,970		496

See accompanying notes to financial statements.

206

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $100)		100	$	100

TOTAL INVESTMENTS — 99.3%
(Cost $19,343,286)				19,934,547
OTHER ASSETS & LIABILITIES — 0.7%				132,543

NET ASSETS — 100.0%			$	20,067,090

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

207

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 5.3%
Origin Energy, Ltd.		9,467	$	130,928
Paladin Energy, Ltd. (a)		7,807		14,841
Santos, Ltd.		11,494		169,558
Woodside Petroleum, Ltd.		5,896		212,618
WorleyParsons, Ltd.		3,225		95,651

				623,596

AUSTRIA — 0.6%
OMV AG		2,097		74,422

BERMUDA — 0.9%
Seadrill, Ltd.		2,693		100,751

CANADA — 27.9%
ARC Resources, Ltd.		2,393		54,830
Athabasca Oil Sands Corp. (a)		4,758		52,795
Baytex Energy Corp.		972		50,368
Bonavista Energy Corp.		2,780		56,187
Cameco Corp.		4,729		101,304
Canadian Natural Resources, Ltd.		9,618		318,146
Canadian Oil Sands, Ltd.		3,983		83,849
Cenovus Energy, Inc.		7,512		269,829
Chinook Energy, Inc. (a)		8,978		13,025
Crescent Point Energy Corp.		1,997		85,798
Enbridge, Inc.		8,261		320,207
EnCana Corp.		8,260		161,903
Enerplus Corp.		2,628		58,742
Husky Energy, Inc.		3,679		93,425
Imperial Oil, Ltd.		2,129		96,539
Keyera Corp.		500		20,581
MEG Energy Corp. (a)		1,060		40,790
Nexen, Inc.		6,306		115,400
Niko Resources, Ltd.		889		31,212
Pacific Rubiales Energy Corp.		2,518		73,415
Penn West Petroleum, Ltd.		3,154		61,724
Petrobank Energy & Resources, Ltd. (a)		1,225		19,390
Petrominerales, Ltd.		1,800		33,408
Precision Drilling Corp. (a)		4,802		48,143
Suncor Energy, Inc.		13,918		453,837
Talisman Energy, Inc.		9,014		113,098
TransCanada Corp.		6,950		297,832
Trican Well Service, Ltd.		2,301		33,728
Uranium One, Inc. (a)		5,549		15,379
Vermilion Energy, Inc.		2,434		112,050

				3,286,934

FINLAND — 0.1%
Neste Oil Oyj		1,284		15,791

FRANCE — 10.6%
Bourbon SA		1,370		40,721
Compagnie Generale de Geophysique-Veritas (a)		2,219		65,573
Technip SA		1,203		141,508
Total SA		19,811		1,008,859

				1,256,661

ITALY — 5.9%
ENI SpA		23,785		557,154
Saipem SpA		2,421		124,868
Saras SpA (a)		9,858		13,167

				695,189

JAPAN — 3.1%
Idemitsu Kosan Co., Ltd.		300		30,075
Inpex Corp.		20		135,853
JX Holdings, Inc.		27,997		174,524
TonenGeneral Sekiyu K.K.		3,000		27,778

				368,230

LUXEMBOURG — 1.3%
Subsea 7 SA (a)		2,594		68,578
Tenaris SA		4,194		79,868

				148,446

NETHERLANDS — 10.4%
Fugro NV		449		31,942
Royal Dutch Shell PLC (Class A)		32,220		1,124,055
SBM Offshore NV		3,335		68,062

				1,224,059

NORWAY — 3.3%
Aker Solutions ASA		4,946		83,545
Kvaerner ASA (a)		4,946		14,047
Petroleum Geo-Services ASA (a)		2,693		39,304
StatoilHydro ASA		9,188		249,028

				385,924

PAPUA NEW GUINEA — 1.1%
Oil Search, Ltd.		17,706		127,847

PORTUGAL — 0.3%
Galp Energia SGPS SA (Class B)		2,201		36,169

SPAIN — 1.5%
Repsol YPF SA		7,172		179,653

SWEDEN — 0.3%
Lundin Petroleum AB (a)		1,602		34,235

UNITED KINGDOM — 27.1%
AMEC PLC		6,142		108,732
BG Group PLC		30,642		708,916
BP PLC		164,954		1,219,075
Cairn Energy PLC		6,734		34,763
Ensco PLC ADR		1,289		68,227
Petrofac, Ltd.		1,227		34,112
Premier Oil PLC (a)		5,155		32,311
Royal Dutch Shell PLC (Class B)		22,216		780,726
Tullow Oil PLC		8,844		215,773

				3,202,635

TOTAL COMMON STOCKS —
(Cost $12,891,838)				11,760,542

See accompanying notes to financial statements.

208

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $3,296)		3,296	$	3,296

TOTAL INVESTMENTS — 99.7%
(Cost $12,895,134)				11,763,838
OTHER ASSETS & LIABILITIES — 0.3%				33,846

NET ASSETS — 100.0%			$	11,797,684

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

209

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.6%
AUSTRALIA — 13.5%
AMP, Ltd.		5,500	$	24,614
ASX, Ltd.		730		25,107
Australia & New Zealand Banking Group, Ltd.		7,617		183,541
Commonwealth Bank of Australia		4,611		239,316
Macquarie Group, Ltd.		1,422		42,838
National Australia Bank, Ltd.		6,531		166,438
QBE Insurance Group, Ltd.		3,803		55,826
Stockland		17,704		53,921
Westfield Group		8,615		78,805
Westfield Retail Trust		5,705		15,248
Westpac Banking Corp.		8,011		181,665

				1,067,319

AUSTRIA — 0.7%
Erste Group Bank AG		1,012		23,301
Sparkassen Immobilien AG (a)		4,993		29,842

				53,143

BELGIUM — 0.5%
Ageas		8,084		17,742
Dexia SA (a)		4,830		1,865
Groupe Bruxelles Lambert SA		253		19,555

				39,162

BERMUDA — 0.4%
Lancashire Holdings, Ltd.		2,262		28,371

CANADA — 15.0%
Bank of Montreal		1,892		112,257
Bank of Nova Scotia		3,183		177,964
Brookfield Asset Management, Inc. (Class A)		2,656		83,630
Canadian Imperial Bank of Commerce		1,237		94,361
IGM Financial, Inc.		1,354		62,928
Manulife Financial Corp.		5,367		72,548
National Bank of Canada		897		71,234
Power Corp. of Canada		890		23,545
Royal Bank of Canada		3,733		215,923
Sun Life Financial, Inc.		2,353		55,726
The Toronto-Dominion Bank		2,478		209,903

				1,180,019

DENMARK — 1.0%
Danske Bank A/S (a)		3,210		54,299
Sydbank A/S (a)		1,343		24,401

				78,700

FINLAND — 1.0%
Pohjola Bank PLC		3,887		42,989
Technopolis Oyj		6,505		34,391

				77,380

FRANCE — 4.5%
AXA SA		5,528		91,505
BNP Paribas		3,034		143,736
Credit Agricole SA		3,121		19,368
Societe Generale		1,497		43,789
Unibail-Rodamco SE		269		53,716

				352,114

GERMANY — 6.0%
Allianz SE		1,405		167,402
Commerzbank AG (a)		3,805		9,612
Deutsche Bank AG		2,485		123,452
Deutsche Beteiligungs AG		1,884		42,689
Deutsche Boerse AG		481		32,335
Muenchener Rueckversicherungs- Gesellschaft AG		659		99,212

				474,702

HONG KONG — 5.9%
AIA Group, Ltd.		12,400		45,438
Bank of East Asia, Ltd.		14,478		54,451
Cheung Kong Holdings, Ltd.		5,967		77,085
Hang Lung Properties, Ltd.		9,922		36,358
Hong Kong Exchanges and Clearing, Ltd.		2,848		47,870
New World Development Co., Ltd.		41,643		50,042
Sun Hung Kai Properties, Ltd.		6,114		75,992
The Link REIT		7,314		27,225
Wharf Holdings, Ltd.		8,933		48,554

				463,015

IRELAND — 0.6%
Willis Group Holdings PLC		1,301		45,509

ITALY — 2.3%
Assicurazioni Generali SpA		3,770		58,439
Banca Monte dei Paschi di Siena SpA		24,226		10,198
Banca Popolare dell’Etruria e del Lazio Scrl (a)		7,136		11,822
Banco Popolare Societa Cooperativa		7,788		14,748
Intesa Sanpaolo SpA		21,887		39,173
UBI Banca ScPA		3,717		15,731
UniCredit SpA		5,499		27,505

				177,616

JAPAN — 12.5%
Chuo Mitsui Trust Holdings, Inc.		20,933		67,152
Daiwa Securities Group, Inc.		11,900		47,285
Japan Real Estate Investment Corp.		1		8,858
Mitsubishi Estate Co., Ltd.		4,157		74,558
Mitsubishi UFJ Financial Group, Inc.		32,249		161,451
Mizuho Financial Group, Inc.		46,725		76,649
MS&AD Insurance Group Holdings, Inc.		1,886		38,937
Nippon Building Fund, Inc.		1		9,551
NKSJ Holdings, Inc.		1,700		38,216
Nomura Holdings, Inc.		12,596		56,020
ORIX Corp.		447		42,910
Resona Holdings, Inc.		5,156		23,871
Sumitomo Mitsui Financial Group, Inc.		3,669		121,401
T&D Holdings, Inc.		3,700		43,117
The Bank of Yokohama, Ltd.		2,000		10,061
The Chiba Bank, Ltd.		1,000		6,416
The Dai-ichi Life Insurance Co., Ltd.		26		36,112
The Shizuoka Bank, Ltd.		1,000		10,353
Tokai Tokyo Financial Holdings, Inc.		9,922		37,255
Tokio Marine Holdings, Inc.		2,779		76,689

				986,862

NETHERLANDS — 1.3%
Aegon NV (a)		4,755		26,367

See accompanying notes to financial statements.

210

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

ING Groep NV (a)		9,045	$	75,247

				101,614

NEW ZEALAND — 0.7%
AMP NZ Office Trust		78,027		59,144

NORWAY — 0.4%
SpareBank 1 SR Bank ASA		4,683		33,661

PORTUGAL — 0.1%
Banif SGPS SA (a)		15,100		5,630

SINGAPORE — 2.4%
CapitaLand, Ltd.		9,922		24,621
Hong Leong Finance, Ltd.		17,867		36,093
Oversea-Chinese Banking Corp., Ltd.		7,366		52,256
United Overseas Bank, Ltd.		5,355		78,152

				191,122

SOUTH KOREA — 1.0%
KB Financial Group, Inc. ADR		986		36,186
Shinhan Financial Group Co., Ltd. ADR (a)		584		45,027

				81,213

SPAIN — 4.4%
Banco Bilbao Vizcaya Argentaria SA		12,278		97,564
Banco de Sabadell SA		10,091		27,441
Banco Popular Espanol SA		5,898		21,128
Banco Santander SA		22,701		174,433
Bolsas y Mercados Espanoles		529		13,540
Realia Business SA (a)		8,590		10,753
Reyal Urbis SA (a)		6,940		2,911

				347,770

SWEDEN — 3.0%
Investor AB		1,389		30,709
Kinnevik Investment AB (Class B)		359		8,327
Nordea Bank AB		9,150		82,945
Skandinaviska Enskilda Banken AB (Class A)		7,188		50,915
Svenska Handelsbanken AB (Class A)		2,021		64,236

				237,132

SWITZERLAND — 6.3%
Credit Suisse Group AG (a)		3,094		88,077
GAM Holding AG (a)		1,112		16,178
Julius Baer Group, Ltd. (a)		925		37,293
Swiss Re AG (a)		1,563		99,692
UBS AG (a)		9,151		128,075
Valiant Holding AG		63		7,737
Zurich Financial Services AG (a)		456		122,394

				499,446

UNITED KINGDOM — 15.1%
Aviva PLC		9,520		50,423
Barclays PLC		28,797		108,240
British Land Co. PLC		5,126		39,304
HSBC Holdings PLC		47,436		420,488
Land Securities Group PLC		4,346		50,169
Lloyds Banking Group PLC (a)		102,629		55,104
Man Group PLC		7,622		16,416
Old Mutual PLC		14,005		35,489
Provident Financial PLC		2,742		50,207
Prudential PLC		8,947		106,856
Resolution, Ltd.		4,357		18,190
Royal Bank of Scotland Group PLC (a)		53,796		23,757
RSA Insurance Group PLC		22,414		37,459
Standard Chartered PLC		5,640		140,576
Standard Life PLC		11,577		42,487

				1,195,165

TOTAL COMMON STOCKS —
(Cost $9,363,403)				7,775,809

RIGHTS — 0.0% (b)
SPAIN — 0.0% (b)
Banco Popular Espanol SA expired 3/27/12 (a)(c) (Cost $310)		5,898		275

SHORT TERM INVESTMENT — 0.5%
UNITED STATES — 0.5%
MONEY MARKET FUND — 0.5%
State Street Institutional Liquid Reserves Fund 0.23% (d)(e) (Cost $40,791)		40,791		40,791

TOTAL INVESTMENTS — 99.1%
(Cost $9,404,504)				7,816,875
OTHER ASSETS & LIABILITIES — 0.9%				72,406

NET ASSETS — 100.0%			$	7,889,281

ADR = American Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

211

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.4%
AUSTRALIA — 4.1%
Ansell, Ltd.		4,577	$	70,507
Cochlear, Ltd.		1,596		102,344
CSL, Ltd.		9,295		345,590
Primary Health Care, Ltd.		18,394		54,498
Ramsay Health Care, Ltd.		4,596		93,082
Sonic Healthcare, Ltd.		10,044		130,272

				796,293

BELGIUM — 0.9%
ThromboGenics NV (a)		2,698		89,572
UCB SA		2,042		87,970

				177,542

CANADA — 2.3%
SXC Health Solutions Corp. (a)		1,816		136,166
Valeant Pharmaceuticals International, Inc. (a)		5,913		316,460

				452,626

DENMARK — 6.4%
Coloplast A/S (Class B)		658		113,778
H. Lundbeck A/S		3,122		62,478
Novo Nordisk A/S (Class B)		7,201		995,744
William Demant Holding (a)		777		72,324

				1,244,324

FINLAND — 0.3%
Orion OYJ (Class B)		2,709		53,464

FRANCE — 8.9%
bioMerieux		438		34,455
Essilor International SA		4,411		392,568
Sanofi		16,722		1,296,705

				1,723,728

GERMANY — 10.3%
Bayer AG		14,439		1,014,106
Celesio AG		2,722		49,190
Fresenius Medical Care AG & Co. KGaA		4,105		290,497
Fresenius SE		2,566		262,744
Gerresheimer AG		1,322		57,745
Merck KGaA		1,642		181,448
Rhoen-Klinikum AG		4,012		80,435
Stada Arzneimittel AG		2,076		68,037

				2,004,202

HONG KONG — 0.3%
CK Life Sciences Int’l., (Holdings), Inc.		924,000		52,365

IRELAND — 1.1%
Elan Corp. PLC (a)		13,960		204,031

ISRAEL — 3.5%
Teva Pharmaceutical Industries, Ltd.		15,417		681,874

JAPAN — 14.8%
Alfresa Holdings Corp.		800		38,253
Astellas Pharma, Inc.		7,900		326,387
Chugai Pharmaceutical Co., Ltd.		6,025		111,722
Daiichi Sankyo Co., Ltd.		11,200		205,232
Eisai Co., Ltd.		5,800		231,873
Hisamitsu Pharmaceutical Co., Inc.		2,100		100,158
Kyowa Hakko Kirin Co., Ltd.		10,422		116,511
Medipal Holdings Corp.		5,900		76,855
Miraca Holdings, Inc.		1,400		54,949
Mitsubishi Tanabe Pharma Corp.		5,000		70,539
Olympus Corp.		4,000		65,812
Ono Pharmaceutical Co., Ltd.		2,300		128,841
Otsuka Holdings Co., Ltd.		8,200		244,122
Santen Pharmaceutical Co., Ltd.		1,400		60,137
Shionogi & Co., Ltd.		5,300		73,676
Suzuken Co., Ltd.		1,400		43,414
Sysmex Corp.		1,400		56,820
Taisho Pharmaceutical Holdings Co. Ltd.		900		73,382
Takeda Pharmaceutical Co., Ltd.		12,300		544,790
Terumo Corp.		3,700		177,818
Tsumura & Co.		2,400		69,730

				2,871,021

NETHERLANDS — 0.5%
QIAGEN NV (a)		6,369		99,023

NEW ZEALAND — 0.3%
Fisher & Paykel Healthcare Corp., Ltd.		27,575		50,616

SPAIN — 0.5%
Grifols SA (a)		4,730		100,783

SWEDEN — 1.6%
Elekta AB (Class B)		2,323		117,247
Getinge AB (Class B)		4,628		131,404
Meda AB (Class A)		7,018		66,739

				315,390

SWITZERLAND — 24.9%
Actelion, Ltd. (a)		3,029		110,590
Galenica AG		122		79,637
Lonza Group AG (a)		1,325		68,402
Nobel Biocare Holding AG (a)		3,395		42,407
Novartis AG		41,143		2,274,165
Roche Holding AG (b)		572		105,053
Roche Holding AG (b)		10,080		1,752,025
Sonova Holding AG (a)		1,035		114,854
Straumann Holding AG (a)		283		48,093
Synthes, Inc. (c)		1,430		247,760

				4,842,986

UNITED KINGDOM — 16.8%
AstraZeneca PLC		20,542		912,095
Genus PLC		4,309		87,780
GlaxoSmithKline PLC		76,801		1,713,629
Hikma Pharmaceuticals PLC		3,295		35,746
Shire PLC		9,819		316,904
Smith & Nephew PLC		20,492		207,415

				3,273,569

UNITED STATES — 0.9%
Perrigo Co.		1,634		168,424

TOTAL COMMON STOCKS —
(Cost $18,768,284)				19,112,261

See accompanying notes to financial statements.

212

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

SHORT TERM INVESTMENT — 0.0% (d)
UNITED STATES — 0.0% (d)
MONEY MARKET FUND — 0.0% (d)
State Street Institutional Liquid Reserves Fund 0.23% (e)(f) (Cost $8,865)		8,865	$	8,865

TOTAL INVESTMENTS — 98.4%
(Cost $18,777,149)				19,121,126
OTHER ASSETS & LIABILITIES — 1.6%				312,588

NET ASSETS — 100.0%			$	19,433,714


(a)		Non-income producing security.
(b)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.3% of net assets as of March 31, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

213

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 98.5%
AUSTRALIA — 4.5%
Bradken, Ltd.		5,597	$	49,749
Brambles, Ltd.		16,659		122,531
GWA International, Ltd.		35,714		79,546
Leighton Holdings, Ltd.		2,721		60,097
Qantas Airways, Ltd. (a)		23,364		43,204
Seek, Ltd.		9,044		65,959
Toll Holdings, Ltd.		12,697		77,211
Transurban Group		23,293		135,130

				633,427

AUSTRIA — 1.2%
Andritz AG		1,220		119,219
Zumtobel AG		3,694		52,095

				171,314

BELGIUM — 0.1%
Bekaert NV		606		19,493

CANADA — 5.1%
Bombardier, Inc. (Class B)		14,241		58,990
CAE, Inc.		6,347		64,966
Canadian National Railway Co.		4,256		337,559
Canadian Pacific Railway, Ltd.		1,796		136,050
SNC-Lavalin Group, Inc.		1,994		79,664
Toromont Industries, Ltd.		2,265		52,418

				729,647

DENMARK — 1.5%
A P Moller — Maersk A/S		12		92,537
FLSmidth & Co. A/S		766		53,694
NKT Holding A/S		1,072		48,740
Vestas Wind Systems A/S (a)		2,329		23,596

				218,567

FINLAND — 2.7%
Kone Oyj (Class B)		2,721		151,356
Metso Oyj		1,796		76,655
Wartsila Oyj		2,524		95,055
YIT Oyj		2,611		56,050

				379,116

FRANCE — 6.5%
Air France-KLM (a)		3,786		21,478
Alstom SA		2,003		78,048
Bouygues SA		1,721		52,552
Compagnie de Saint-Gobain		3,082		137,433
Eiffage SA		825		31,872
Safran SA		1,514		55,556
Schneider Electric SA		3,930		256,393
Vallourec SA		993		62,813
Vinci SA		4,257		221,660

				917,805

GERMANY — 8.9%
Deutsche Lufthansa AG		4,463		62,376
Deutsche Post AG		6,931		133,235
GEA Group AG		2,423		83,443
Hochtief AG		777		47,070
Kloeckner & Co. SE		2,056		29,734
MAN SE		995		132,279
Pfeiffer Vacuum Technology AG		638		72,176
SGL Carbon AG (a)		1,149		52,552
Siemens AG		6,444		648,673

				1,261,538

GREECE — 0.3%
DryShips, Inc. (a)		10,599		36,885

HONG KONG — 2.7%
Cathay Pacific Airways, Ltd.		17,000		31,486
Hopewell Highway Infrastructure, Ltd.		135,500		69,984
Hutchison Whampoa, Ltd.		18,000		179,907
Noble Group, Ltd.		52,131		57,216
Pacific Basin Shipping, Ltd.		82,000		44,359

				382,952

IRELAND — 0.2%
DCC PLC		1,290		31,893

ITALY — 0.9%
Ansaldo STS SpA		3,045		30,170
Autostrada Torino-Milano SpA		2,503		17,183
Fiat Industrial SpA (a)		5,025		53,534
Finmeccanica SpA		4,146		22,416

				123,303

JAPAN — 30.9%
Asahi Glass Co., Ltd.		11,000		93,833
Central Japan Railway Co.		13		107,734
Dai Nippon Printing Co., Ltd.		4,000		41,120
Daikin Industries, Ltd.		2,300		62,967
East Japan Railway Co.		3,000		189,927
FANUC Corp.		1,500		267,574
Furukawa Electric Co., Ltd.		17,000		45,446
Futaba Corp.		3,000		43,089
Hankyu Hanshin Holdings, Inc.		17,000		74,573
IHI Corp.		33,000		83,808
ITOCHU Corp.		13,000		142,645
Iwatani Corp.		1,000		3,354
JGC Corp.		2,000		62,337
JS Group Corp.		2,000		42,117
Kajima Corp.		21,000		64,305
Kamigumi Co., Ltd.		2,000		16,648
Kawasaki Heavy Industries, Ltd.		30,000		92,229
Kawasaki Kisen Kaisha, Ltd. (a)		15,000		33,173
Keikyu Corp.		4,000		35,191
Kintetsu Corp.		12,000		45,932
Kokuyo Co., Ltd.		9,400		70,590
Komatsu, Ltd.		7,600		217,855
Kubota Corp.		12,000		115,925
Marubeni Corp.		16,000		116,070
Meitic Corp.		4,400		89,235
MISUMI Group, Inc.		3,800		92,951
Mitsubishi Corp.		11,600		270,636
Mitsubishi Electric Corp.		16,000		142,317
Mitsubishi Heavy Industries, Ltd.		33,000		160,800
Mitsui & Co., Ltd.		13,400		220,959
Mitsui OSK Lines, Ltd.		12,000		52,494
Nidec Corp.		900		82,460
Nippon Sheet Glass Co., Ltd.		17,000		26,235
Nippon Yusen KK		16,000		50,550
Odakyu Electric Railway Co., Ltd.		4,000		38,010

See accompanying notes to financial statements.

214

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares			Value

Park24 Co., Ltd.		700		$	9,484
Secom Co., Ltd.		2,900			142,718
SMC Corp.		400			63,965
Sojitz Corp.		30,100			54,132
Sumitomo Corp.		10,900			158,411
Sumitomo Electric Industries, Ltd.		7,800			107,387
Sumitomo Heavy Industries, Ltd.		11,000			61,486
THK Co., Ltd.		3,400			69,533
Tobu Railway Co., Ltd.		7,000			37,341
Tokyu Corp.		20,000			95,510
Toppan Printing Co., Ltd.		4,000			31,399
Toyota Tsusho Corp.		3,900			79,853
West Japan Railway Co.		1,400			56,565
Yamato Holdings Co., Ltd.		7,900			122,779

					4,385,652

NETHERLANDS — 3.9%
Aalberts Industries NV		4,161			85,889
European Aeronautic Defence and Space Co. NV		4,090			167,239
Koninklijke BAM Groep NV		3,717			17,463
Koninklijke Philips Electronics NV		8,024			162,421
Randstad Holding NV		1,697			63,932
TNT Express NV		2,892			35,663
TNT NV		4,331			26,704

			��		559,311

NORWAY — 0.4%
Orkla ASA		7,310			57,746

SINGAPORE — 3.7%
Fraser and Neave, Ltd.		22,000			117,231
Jardine Matheson Holdings, Ltd.		2,661			133,050
Jardine Strategic Holdings, Ltd.		2,000			61,020
K-Green Trust		800			630
Keppel Corp., Ltd.		14,200			124,117
Neptune Orient Lines, Ltd.		48,750			54,862
Singapore Airlines, Ltd.		4,000			34,262

					525,172

SPAIN — 1.0%
Abertis Infraestructuras SA		3,169			53,870
ACS, Actividades de Construccion y Servicios SA		2,229			56,963
International Consolidated Airlines Group SA (a)		11,274			32,226

					143,059

SWEDEN — 7.1%
Alfa Laval AB		5,017			102,905
Assa Abloy AB (Class B)		2,201			68,929
Atlas Copco AB (Class B)		8,566			184,091
B&B Tools AB		3,224			28,788
Sandvik AB		9,118			131,232
Securitas AB (Class B)		6,823			65,604
Skanska AB (Class B)		2,927			50,597
SKF AB (Class B)		2,828			68,832
Trelleborg AB (Class B)		8,264			86,061
Volvo AB (Class A)		7,374			106,965
Volvo AB (Class B)		7,930			115,209

					1,009,213

SWITZERLAND — 6.7%
ABB, Ltd. (a)		17,837			365,482
Adecco SA (a)		1,733			90,691
Geberit AG (a)		599			125,188
Kuehne & Nagel International AG		673			90,915
Schindler Holding AG		339			40,732
SGS SA		69			134,053
Wolseley PLC		2,806			106,881

					953,942

UNITED KINGDOM — 10.2%
Aggreko PLC		3,261			117,231
Babcock International Group PLC		5,977			76,064
BAE Systems PLC		29,895			143,246
Capita Group PLC		9,689			113,395
De La Rue PLC		3,906			56,167
Experian PLC		12,976			202,037
FirstGroup PLC		9,513			36,129
G4S PLC		9,829			42,794
Intertek Group PLC		3,343			134,120
Invensys PLC		8,911			28,333
Rentokil Initial PLC (a)		37,969			51,778
Rolls-Royce Holdings PLC (a)		19,391			251,574
Serco Group PLC		8,423			73,009
Smiths Group PLC		4,926			82,798
The Weir Group PLC		1,473			41,514

					1,450,189

TOTAL COMMON STOCKS —
(Cost $15,851,873)					13,990,224

SHORT TERM INVESTMENT — 0.3%
UNITED STATES — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Liquid Reserves Fund 0.23% (b)(c) (Cost $47,306)		47,306			47,306

TOTAL INVESTMENTS — 98.8%
(Cost $15,899,179)					14,037,530
OTHER ASSETS & LIABILITIES — 1.2%					171,549

NET ASSETS — 100.0%				$	14,209,079

PLC = Public Limited Company

See accompanying notes to financial statements.

215

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.0%
AUSTRALIA — 16.8%
Alumina, Ltd.		20,969	$	26,828
Amcor, Ltd.		6,654		51,285
BHP Billiton, Ltd.		29,824		1,069,316
BlueScope Steel, Ltd. (a)		28,275		11,570
Boral, Ltd.		19,138		79,899
Fortescue Metals Group, Ltd.		15,467		93,094
Iluka Resources, Ltd.		12,861		237,022
Incitec Pivot, Ltd.		15,298		49,921
Mineral Deposits, Ltd. (a)		1,203		7,826
Newcrest Mining, Ltd.		5,431		166,987
OneSteel, Ltd.		20,683		26,569
Orica, Ltd.		5,272		152,759
OZ Minerals, Ltd.		4,445		44,943
Rio Tinto, Ltd.		4,106		278,186
Sims Metal Management, Ltd.		3,081		46,887

				2,343,092

AUSTRIA — 0.8%
RHI AG		2,195		55,451
Voestalpine AG		1,498		50,301

				105,752

BELGIUM — 1.4%
Tessenderlo Chemie NV		2,303		76,765
Umicore		2,251		123,818

				200,583

CANADA — 18.3%
Agnico-Eagle Mines, Ltd.		1,832		60,929
Agrium, Inc.		1,836		158,148
Alacer Gold Corp. (a)		1,530		12,997
Alamos Gold, Inc.		953		17,459
AuRico Gold, Inc. (a)		823		7,320
Barrick Gold Corp.		9,115		395,353
Centerra Gold, Inc.		1,334		20,702
Detour Gold Corp. (a)		439		10,924
Eldorado Gold Corp.		7,728		105,932
First Quantum Minerals, Ltd.		4,148		78,938
Goldcorp, Inc.		9,586		431,224
HudBay Minerals, Inc.		1,920		21,016
IAMGOLD Corp.		3,215		42,719
Inmet Mining Corp.		687		38,768
Ivanhoe Mines, Ltd. (a)		5,569		87,426
Kinross Gold Corp.		10,327		100,744
Lundin Mining Corp. (a)		13,698		61,264
New Gold, Inc. (a)		2,862		28,206
Osisko Mining Corp. (a)		1,593		18,457
Pan American Silver Corp.		1,889		41,600
Potash Corp. of Saskatchewan, Inc.		8,790		400,517
SEMAFO, Inc.		3,813		20,296
Sherritt International Corp.		4,498		24,482
Silver Wheaton Corp.		2,196		72,684
Sino-Forest Corp. (a)(b)		3,077		0
Tanzanian Royalty Exploration Corp. (a)		1,530		7,945
Teck Resources, Ltd. (Class B)		5,006		178,362
Thompson Creek Metals Co., Inc. (a)		1,212		8,197
Yamana Gold, Inc.		6,792		105,742

				2,558,351

DENMARK — 0.9%
Novozymes A/S (Class B)		4,331		125,979

FINLAND — 1.5%
Rautaruukki Oyj		1,357		14,222
Stora Enso Oyj		11,777		87,356
UPM-Kymmene Oyj		8,316		113,070

				214,648

FRANCE — 3.4%
Air Liquide SA		2,926		389,500
Eramet		40		5,646
Lafarge SA		1,796		85,588

				480,734

GERMANY — 10.0%
BASF SE		7,678		670,644
HeidelbergCement AG		625		37,775
K+S AG		1,803		94,181
Lanxess AG		2,037		168,131
Linde AG		1,520		272,354
Salzgitter AG		690		37,761
ThyssenKrupp AG		4,792		119,111

				1,399,957

HONG KONG — 0.5%
AMVIG Holdings, Ltd.		16,000		8,655
China Grand Forestry Green Resources Group, Ltd. (a)		15,400		1,389
China Mining Resources Group, Ltd. (a)(b)		170,000		1,237
China Rare Earth Holdings, Ltd. (a)		102,000		29,034
Fushan International Energy Group, Ltd.		54,600		18,495
Sino Union Energy Investment Group, Ltd. (a)		90,000		6,028

				64,838

IRELAND — 1.0%
CRH PLC		6,728		137,083

ISRAEL — 0.3%
Israel Chemicals, Ltd.		3,652		41,563

ITALY — 0.3%
Buzzi Unicem SpA (a)		3,648		42,726

JAPAN — 13.8%
Asahi Kasei Corp.		21,833		135,569
Denki Kagaku Kogyo Kabushiki Kaisha		13,855		55,726
JFE Holdings, Inc.		5,856		126,520
JSR Corp.		4,273		86,504
Kobe Steel, Ltd.		46,641		75,945
Mitsubishi Chemical Holdings Corp.		15,402		82,723
Mitsubishi Materials Corp.		21,866		69,614
Mitsui Chemicals, Inc.		17,876		54,522
Mitsui Mining & Smelting Co., Ltd.		17,809		50,422
Nippon Steel Corp.		63,506		175,173
Nitto Denko Corp.		2,876		116,550
Shin-Etsu Chemical Co., Ltd.		4,067		236,226
Sumitomo Chemical Co., Ltd.		19,838		84,853
Sumitomo Metal Industries, Ltd.		44,663		90,634
Sumitomo Metal Mining Co., Ltd.		6,927		97,893
Taiheiyo Cement Corp.		38,744		86,626
Teijin, Ltd.		25,805		87,172

See accompanying notes to financial statements.

216

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

Toray Industries, Inc.		19,838	$	148,011
Ube Industries, Ltd.		21,866		59,783

				1,920,466

LUXEMBOURG — 1.5%
APERAM		565		10,444
ArcelorMittal		7,915		151,044
Ternium SA ADR		1,930		45,702

				207,190

NETHERLANDS — 2.4%
Akzo Nobel NV		2,989		176,214
Koninklijke DSM NV		2,664		153,915

				330,129

NORWAY — 0.9%
Norsk Hydro ASA		5,909		32,124
Yara International ASA		2,044		97,326

				129,450

PORTUGAL — 0.3%
Semapa-Sociedade de Investimento e Gestao, SGPS, SA (a)		5,825		42,874

SOUTH KOREA — 2.1%
POSCO ADR		3,518		294,457

SPAIN — 0.1%
Cementos Portland Valderrivas SA (a)		1,518		14,232

SWEDEN — 1.5%
Boliden AB		5,194		81,331
SSAB AB (Series A)		4,108		38,725
Svenska Cellulosa AB (Class B)		5,147		88,894

				208,950

SWITZERLAND — 4.6%
Givaudan SA (a)		130		125,132
Holcim, Ltd. (a)		2,288		149,099
Syngenta AG (a)		1,078		372,234

				646,465

UNITED KINGDOM — 16.6%
Anglo American PLC		12,276		458,379
Antofagasta PLC		6,149		113,179
BHP Billiton PLC		20,274		617,892
Lonmin PLC		2,431		39,696
Randgold Resources, Ltd.		1,321		113,341
Rio Tinto PLC		12,193		671,328
Vedanta Resources PLC		1,293		25,369
Xstrata PLC		15,972		272,545

				2,311,729

TOTAL COMMON STOCKS —
(Cost $17,439,258)				13,821,248

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $18,715)		18,715		18,715

TOTAL INVESTMENTS — 99.1%
(Cost $17,457,973)				13,839,963
OTHER ASSETS & LIABILITIES — 0.9%				118,678

NET ASSETS — 100.0%			$	13,958,641

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

217

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 0.9%
Computershare, Ltd.		10,478	$	97,692
Iress Market Technology, Ltd.		5,216		37,825

				135,517

BELGIUM — 0.6%
Barco NV		1,169		84,345

CANADA — 2.6%
CGI Group, Inc. (Class A) (a)		6,162		137,057
MacDonald, Dettwiler & Associates, Ltd.		820		37,265
Open Text Corp. (a)		1,355		82,687
Research In Motion, Ltd. (a)		8,039		117,675

				374,684

DENMARK — 0.4%
SimCorp A/S		302		52,707

FINLAND — 3.0%
F-Secure Oyj (a)		13,590		36,196
Nokia Oyj		62,982		342,370
Tieto Oyj		3,000		56,291

				434,857

FRANCE — 3.2%
Alcatel-Lucent (a)		51,408		116,724
Atos Origin SA		1,095		63,060
Cap Gemini SA		2,698		120,579
Dassault Systemes SA		849		78,001
Groupe Steria SCA		812		18,448
Neopost SA		744		47,776
UbiSoft Entertainment SA (a)		2,722		20,056

				464,644

GERMANY — 10.2%
Aixtron AG		2,448		42,576
Dialog Semiconductor PLC (a)		1,039		25,341
Infineon Technologies AG		19,822		202,359
SAP AG		14,933		1,041,245
Software AG		955		35,711
United Internet AG		4,464		83,999
Wincor Nixdorf AG		998		49,028

				1,480,259

HONG KONG — 1.3%
ASM Pacific Technology, Ltd.		7,449		108,703
GCL Poly Energy Holdings, Ltd.		98,000		27,264
VTech Holdings, Ltd.		4,171		53,481

				189,448

ISRAEL — 0.6%
Ituran Location and Control Ltd.		2,804		37,689
NICE Systems, Ltd. (a)		1,140		44,702

				82,391

JAPAN — 38.9%
Advantest Corp.		3,078		48,772
Alps Electric Co., Ltd.		5,463		48,327
Brother Industries, Ltd.		5,263		71,755
Canon, Inc.		20,173		958,460
Citizen Holdings Co., Ltd.		6,555		41,738
Dainippon Screen Manufacturing Co., Ltd.		7,937		71,852
DeNA Co., Ltd.		2,700		75,231
FUJIFILM Holdings Corp.		7,548		178,026
Fujitsu, Ltd.		30,784		163,094
Gree, Inc.		2,600		65,999
Hirose Electric Co., Ltd.		694		73,283
Hitachi High-Technologies Corp.		2,384		57,214
Hitachi, Ltd.		69,549		448,758
Horiba, Ltd.		1,986		68,440
Hoya Corp.		7,055		159,369
Ibiden Co., Ltd.		2,879		74,061
IT Holdings Corp.		2,879		33,864
Japan Digital Laboratory Co., Ltd.		2,783		30,064
Keyence Corp.		763		180,424
Konami Corp.		2,185		62,288
Konica Minolta Holdings, Inc.		8,933		78,481
Kyocera Corp.		2,384		219,585
Mitsumi Electric Co., Ltd. (a)		2,879		24,943
Murata Manufacturing Co., Ltd.		3,079		183,517
NEC Corp. (a)		69,710		146,544
Nintendo Co., Ltd.		1,788		270,498
Nippon Electric Glass Co., Ltd.		8,933		78,046
Nomura Research Institute, Ltd.		2,879		71,822
NTT Data Corp.		29		102,510
Obic Co., Ltd.		358		72,996
Oki Electric Industry Co., Ltd. (a)		32,776		49,784
Omron Corp.		3,972		85,912
Ricoh Co., Ltd.		8,933		87,381
Rohm Co., Ltd.		1,986		98,582
SCSK Corp.		2,900		46,234
Seiko Epson Corp.		2,879		40,581
SRA Holdings		8,100		94,883
Sumco Corp. (a)		3,078		37,664
Taiyo Yuden Co., Ltd.		2,384		25,551
TDK Corp.		2,185		124,523
Tokyo Electron, Ltd.		2,879		165,649
Toshiba Corp.		59,580		263,529
Trend Micro, Inc.		1,987		61,400
Yahoo! Japan Corp.		330		107,387
Yamatake Corp.		2,386		53,058
Yaskawa Electric Corp.		8,933		84,451
Yokogawa Electric Corp.		7,249		73,728

				5,660,258

NETHERLANDS — 4.1%
ASM International NV		1,732		66,543
ASML Holding NV		7,254		362,062
Gemalto NV		2,081		137,150
VistaPrint NV (a)		1,031		39,848

				605,603

SINGAPORE — 1.3%
Flextronics International, Ltd. (a)		15,455		111,740
Venture Corp., Ltd.		10,925		74,029

				185,769

SOUTH KOREA — 20.3%
LG Display Co., Ltd. ADR (a)(b)		9,981		117,476
Samsung Electronics Co., Ltd. GDR		5,030		2,844,465

				2,961,941

See accompanying notes to financial statements.

218

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)


Security Description	Shares		Value

SPAIN — 1.0%
Amadeus IT Holding SA		6,086	$	114,682
Indra Sistemas SA		2,558		31,299

				145,981

SWEDEN — 4.1%
Hexagon AB (Class B)		3,221		62,329
Telefonaktiebolaget LM Ericsson (Class B)		51,438		531,408

				593,737

SWITZERLAND — 1.2%
Logitech International SA (a)		3,355		26,132
STMicroelectronics NV		15,260		124,775
Temenos Group AG (a)		1,662		30,708

				181,615

UNITED KINGDOM — 5.9%
ARM Holdings PLC		30,093		284,640
Aveva Group PLC		2,010		53,214
Diploma PLC		15,024		108,021
Imagination Technologies Group PLC (a)		3,139		34,330
Logica PLC		38,094		60,621
Misys PLC (a)		15,785		90,289
Spectris PLC		3,919		112,897
The Sage Group PLC		25,606		122,409

				866,421

TOTAL COMMON STOCKS —
(Cost $14,873,554)				14,500,177

SHORT TERM INVESTMENTS — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUNDS — 0.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		32,400		32,400
State Street Institutional Liquid Reserves Fund 0.23% (d)(e)		1,243		1,243

TOTAL SHORT TERM INVESTMENTS —
(Cost $33,643)				33,643

TOTAL INVESTMENTS — 99.8%
(Cost $14,907,197)				14,533,820
OTHER ASSETS & LIABILITIES — 0.2%				28,511

NET ASSETS — 100.0%			$	14,562,331

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

219

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 1.6%
Telstra Corp., Ltd.		89,620	$	305,450

AUSTRIA — 0.6%
Telekom Austria AG		9,752		113,400

BELGIUM — 1.5%
Belgacom SA		4,832		155,110
Mobistar SA		1,146		57,001
Telenet Group Holding NV (a)		1,855		76,654

				288,765

CANADA — 6.6%
BCE, Inc.		5,955		238,557
Bell Aliant, Inc.		4,191		114,477
Rogers Communications, Inc. (Class B)		13,242		525,707
TELUS Corp. (b)		4,519		256,860
TELUS Corp. (b)		2,353		136,267

				1,271,868

FINLAND — 0.8%
Elisa Oyj		6,262		149,854

FRANCE — 8.1%
France Telecom SA		53,537		791,733
Iliad SA		763		104,962
Vivendi SA		36,022		660,074

				1,556,769

GERMANY — 5.9%
Deutsche Telekom AG		90,487		1,087,767
Freenet AG		3,252		52,531

				1,140,298

HONG KONG — 0.2%
HKT Trust/HKT, Ltd. (a)		1,869		1,454
PCCW, Ltd.		104,000		37,239

				38,693

ISRAEL — 0.7%
Bezeq The Israeli Telecommunication Corp., Ltd.		56,740		93,190
Cellcom Israel, Ltd.		1,551		19,651
Partner Communications Co., Ltd.		2,606		20,107

				132,948

ITALY — 2.9%
Telecom Italia SpA (b)		326,743		387,912
Telecom Italia SpA (b)		185,315		181,880

				569,792

JAPAN — 14.2%
KDDI Corp.		84		547,105
Nippon Telegraph & Telephone Corp.		14,900		679,865
NTT DoCoMo, Inc.		428		714,590
Softbank Corp.		27,100		805,805

				2,747,365

LUXEMBOURG — 1.6%
COLT Telecom Group SA (a)		31,637		52,974
Millicom International Cellular SA		2,354		266,075

				319,049

NETHERLANDS — 2.6%
Koninklijke (Royal) KPN NV		45,438		499,085

NEW ZEALAND — 0.6%
Chorus, Ltd. (a)		8,915		27,030
Telecom Corporation of New Zealand, Ltd.		41,325		82,120

				109,150

NORWAY — 2.3%
Telenor ASA		23,919		442,816

PORTUGAL — 0.8%
Portugal Telecom SGPS SA		30,068		163,329

SINGAPORE — 3.3%
Singapore Telecommunications, Ltd.		221,539		555,015
StarHub, Ltd.		32,000		78,896

				633,911

SOUTH KOREA — 1.9%
KT Corp. ADR		11,131		152,383
SK Telecom Co., Ltd. ADR		15,316		213,046

				365,429

SPAIN — 10.3%
Telefonica SA		121,831		1,993,147

SWEDEN — 3.7%
Tele2 AB (Class B)		11,256		229,010
TeliaSonera AB		68,983		479,684

				708,694

SWITZERLAND — 1.5%
Swisscom AG		729		294,310

UNITED KINGDOM — 27.7%
BT Group PLC		239,051		864,721
Cable & Wireless Communications PLC		91,505		47,209
Cable & Wireless Worldwide PLC		95,197		51,714
Inmarsat PLC		17,495		128,666
Jazztel PLC (a)		7,270		47,100
TalkTalk Telecom Group PLC		15,316		33,403
Vodafone Group PLC		1,519,212		4,179,848

				5,352,661

TOTAL COMMON STOCKS —
(Cost $21,091,136)				19,196,783

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.23% (c)(d) (Cost $13,753)		13,753		13,753

TOTAL INVESTMENTS — 99.5%
(Cost $21,104,889)				19,210,536
OTHER ASSETS & LIABILITIES — 0.5%				89,740

NET ASSETS — 100.0%			$	19,300,276

See accompanying notes to financial statements.

220

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2012 (Unaudited)

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

221

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 3.4%
AGL Energy, Ltd.		16,262	$	248,487
APA Group (a)		30,933		163,430
Envestra, Ltd.		113,567		91,179

				503,096

AUSTRIA — 0.6%
Verbund AG		2,685		81,560

CANADA — 4.3%
ATCO, Ltd. (Class I)		1,601		112,035
Canadian Utilities, Ltd. (Class A)		747		48,627
Emera, Inc.		2,864		97,172
Fortis, Inc.		6,909		223,076
TransAlta Corp.		7,802		145,978

				626,888

FINLAND — 2.1%
Fortum Oyj		12,701		307,833

FRANCE — 10.2%
EDF SA		7,671		174,787
GDF Suez		38,914		1,003,788
Sechilienne-Sidec SA		1,333		22,775
Suez Environnement Co.		6,467		99,039
Veolia Environnement SA		11,578		191,728

				1,492,117

GERMANY — 13.1%
E.ON AG		53,722		1,284,886
RWE AG		13,414		639,600

				1,924,486

HONG KONG — 7.3%
CLP Holdings, Ltd.		50,500		435,793
Hong Kong & China Gas Co., Ltd.		152,910		391,925
Hongkong Electric Holdings, Ltd.		34,000		249,614

				1,077,332

ITALY — 8.6%
A2A SpA		57,976		46,440
Enel Green Power SpA		39,542		75,038
Enel SpA		185,254		669,058
Hera SpA		31,533		44,932
Snam Rete Gas SpA		48,327		232,071
Terna Rete Elettrica Nationale SpA		48,697		195,457

				1,262,996

JAPAN — 15.6%
Chubu Electric Power Co., Inc.		18,488		335,635
Electric Power Development Co., Ltd.		5,000		136,339
Hokkaido Electric Power Co., Inc.		4,800		70,867
Hokuriku Electric Power Co.		6,594		119,869
Kyushu Electric Power Co., Inc.		13,492		193,293
Osaka Gas Co., Ltd.		64,958		262,058
Shikoku Electric Power Co., Inc.		3,400		96,388
The Chugoku Electric Power Co., Inc.		8,487		158,509
The Kansai Electric Power Co., Inc.		21,898		341,129
The Tokyo Electric Power Co., Inc. (b)		35,399		89,471
Tohoku Electric Power Co., Inc. (b)		15,072		172,890
Tokyo Gas Co., Ltd.		66,958		317,317

				2,293,765

NEW ZEALAND — 0.5%
Vector, Ltd.		32,879		69,782

PORTUGAL — 1.2%
EDP — Energias de Portugal SA		59,728		173,476

SOUTH KOREA — 0.9%
Korea Electric Power Corp. ADR (b)		14,224		138,400

SPAIN — 9.0%
Acciona SA		882		61,500
EDP Renovaveis SA (b)		9,827		48,761
Enagas		8,685		166,894
Gas Natural SDG SA		11,420		182,192
Iberdrola SA		117,101		663,851
Red Electrica Corporacion SA		3,893		190,212

				1,313,410

UNITED KINGDOM — 22.9%
Centrica PLC		151,705		766,911
Drax Group PLC		11,404		99,212
International Power PLC		45,996		297,635
National Grid PLC		104,322		1,050,921
Pennon Group PLC		13,137		149,341
Scottish & Southern Energy PLC		28,034		595,277
Severn Trent PLC		8,367		206,408
United Utilities Group PLC		20,807		199,965

				3,365,670

TOTAL COMMON STOCKS —
(Cost $17,830,272)				14,630,811

SHORT TERM INVESTMENTS — 0.6%
UNITED STATES — 0.6%
MONEY MARKET FUNDS — 0.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		85,836		85,836
State Street Institutional Liquid Reserves Fund 0.23% (d)(e)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $85,936)				85,936

TOTAL INVESTMENTS — 100.3%
(Cost $17,916,208)				14,716,747
OTHER ASSETS & LIABILITIES — (0.3)%				(49,570	)

NET ASSETS — 100.0%			$	14,667,177

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

222

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223

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2012 (Unaudited)


																						SPDR S&P Emerging
	SPDR STOXX			SPDR EURO			SPDR S&P Emerging			SPDR S&P Small Cap Emerging									SPDR S&P Emerging			Markets			SPDR S&P			SPDR S&P Emerging			SPDR S&P Emerging
	Europe			STOXX			Asia Pacific			Asia Pacific			SPDR S&P Russia			SPDR S&P			Markets			Dividend			BRIC			Europe			Latin America
	50 ETF			50 ETF			ETF			ETF			ETF			China ETF			ETF			ETF			40 ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	30,003,849		$	453,757,501		$	469,787,448		$	6,693,875		$	59,874,523		$	894,349,538		$	172,925,534		$	326,992,344		$	402,222,772		$	102,655,309		$	148,985,967
Investments in securities of affiliated issuers, at value (Note 3)		217			44,021			29,458,123			16,718			1,181,713			156,697,298			14,759,982			29,070,408			34,840,300			2,567,755			16,779,548

Total Investments		30,004,066			453,801,522			499,245,571			6,710,593			61,056,236			1,051,046,836			187,685,516			356,062,752			437,063,072			105,223,064			165,765,515
Cash		—			—			—			—			—			40,012			—			—			—			—			—
Foreign currency, at value		53,104			501,118			3,937,506			67,481			74			390,021			3,509,865			1,977,107			401			11,941			117,466
Initial margin deposit on futures		—			—			—			—			—			—			378,096			—			—			—			—
Receivable for fund shares sold		—			—			—			—			—			13,841,074			—			—			—			—			—
Receivable for foreign taxes recoverable		126,290			144,448			—			—			—			—			—			—			—			9,000			—
Dividends and interest receivable — unaffiliated issuers		96,666			86,174			341,193			3,898			23,013			29,338			413,113			1,370,288			299,199			43,980			797,439
Dividends receivable — affiliated issuers		776			14,677			25,639			3			517			160,172			8,066			82,641			12,070			813			8,640

TOTAL ASSETS		30,280,902			454,547,939			503,549,909			6,781,975			61,079,840			1,065,507,453			191,994,656			359,492,788			437,374,742			105,288,798			166,689,060

LIABILITIES
Payable upon return of securities loaned		—			—			29,458,023			—			1,142,799			156,118,723			12,833,746			29,070,308			33,892,530			2,506,919			16,305,623
Payable for investments purchased		—			—			—			—			—			13,782,902			19,102			—			—			—			—
Due to custodian		—			—			3,489,389			—			—			—			—			304,571			—			—			—
Payable for variation margin on futures contracts		—			—			—			—			—			—			59,281			—			—			—			—
Accrued advisory fee (Note 3)		21,580			216,645			709,831			9,500			61,770			1,182,215			248,848			372,643			481,159			144,935			208,945
Deferred foreign taxes payable		—			—			1,044,975			26,767			—			—			178,714			238,101			—			—			—
Accrued trustees’ fees and expenses (Note 3)		81			250			1,879			24			277			1,244			572			373			1,189			878			697

TOTAL LIABILITIES		21,661			216,895			34,704,097			36,291			1,204,846			171,085,084			13,340,263			29,985,996			34,374,878			2,652,732			16,515,265

NET ASSETS	$	30,259,241		$	454,331,044		$	468,845,812		$	6,745,684		$	59,874,994		$	894,422,369		$	178,654,393		$	329,506,792		$	402,999,864		$	102,636,066		$	150,173,795

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	60,174,800		$	574,111,279		$	466,358,215		$	6,000,000		$	67,836,942		$	964,488,379		$	178,457,171		$	323,248,848		$	483,828,363		$	157,482,777		$	170,138,417
Undistributed (distribution in excess of) net investment income		65,456			(735,021	)		(417,265	)		(2,737	)		(34,253	)		(888,977	)		301,364			1,227,081			45,848			(112,467	)		54,796
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(19,613,318	)		(45,769,101	)		(17,615,769	)		(32,594	)		(1,473,830	)		(43,593,672	)		(2,181,678	)		3,684,657			(80,979,693	)		(31,368,294	)		(14,553,587	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $1,044,975, $26,767, $0, $0, $178,714, $238,101, $0, $0, $0, respectively)		(10,378,240	)		(73,279,101	)		20,516,863			780,629			(6,453,868	)		(25,586,448	)		2,199,770			1,348,082			105,340			(23,361,452	)		(5,457,873	)
Foreign currency		10,543			2,988			3,768			386			3			3,087			(62,953	)		(1,876	)		6			(4,498	)		(7,958	)
Futures		—			—			—			—			—			—			(59,281	)		—			—			—			—

NET ASSETS	$	30,259,241		$	454,331,044		$	468,845,812		$	6,745,684		$	59,874,994		$	894,422,369		$	178,654,393		$	329,506,792		$	402,999,864		$	102,636,066		$	150,173,795

NET ASSET VALUE PER SHARE
Net asset value per share	$	31.84		$	32.33		$	74.42		$	44.97		$	30.71		$	68.80		$	66.17		$	50.69		$	24.72		$	42.77		$	79.04

Shares outstanding (unlimited amount authorized, $0.01 par value)		950,370			14,050,967			6,300,000			150,000			1,950,000			13,000,000			2,700,000			6,500,000			16,300,000			2,400,000			1,900,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	40,382,089		$	527,036,602		$	448,225,610		$	5,913,246		$	66,328,391		$	919,935,986		$	170,547,050		$	325,406,161		$	402,117,432		$	126,016,761		$	154,443,840
Affiliated issuers		217			44,021			29,458,123			16,718			1,181,713			156,697,298			14,759,982			29,070,408			34,840,300			2,567,755			16,779,548

Total cost of investments	$	40,382,306		$	527,080,623		$	477,683,733		$	5,929,964		$	67,510,104		$	1,076,633,284		$	185,307,032		$	354,476,569		$	436,957,732		$	128,584,516		$	171,223,388

Foreign currency, at cost	$	52,389		$	496,466		$	3,931,988		$	67,066		$	71		$	386,982		$	3,568,993		$	1,980,121		$	401		$	12,200		$	119,066

* Includes investments in securities on loan, at value	$	—		$	—		$	28,048,568		$	—		$	1,469,640		$	146,393,259		$	12,324,553		$	26,838,881		$	32,458,932		$	2,408,254		$	15,836,931

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2012 (Unaudited)


	SPDR S&P Emerging															SPDR S&P Global
	Middle									SPDR Dow Jones International			SPDR FTSE/Macquarie			Natural
	East & Africa						SPDR S&P International			Real Estate			Global			Resources						SPDR MSCI			SPDR MSCI EM 50			SPDR Russell/Nomura			SPDR Russell/Nomura
	ETF			SPDR S&P World ex-US ETF			Small Cap ETF			ETF			Infrastructure 100 ETF			ETF			SPDR MSCI ACWI ex-US ETF			ACWI IMI ETF			ETF			PRIME Japan ETF			Small Cap Japan ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	98,011,177		$	163,472,928		$	733,982,283		$	2,653,915,148		$	36,323,662		$	252,557,126		$	469,169,130		$	4,985,860		$	4,905,457		$	15,387,240		$	94,693,198
Investments in securities of affiliated issuers, at value (Note 3)		6,079,023			18,063,093			93,182,294			81,501,653			6,016,528			22,973,457			55,625,310			10,991			1,548			4,425,327			17,440,332

Total Investments		104,090,200			181,536,021			827,164,577			2,735,416,801			42,340,190			275,530,583			524,794,440			4,996,851			4,907,005			19,812,567			112,133,530
Cash		—			497			—			—			—			—			2,748			80			—			—			—
Foreign currency, at value		1,502,165			739,425			4,288,747			1,999,290			40,481			955,412			795,633			31,868			15,673			37,910			162,929
Receivable for investments sold		31,111			176			—			—			61,182			—			—			—			—			—			—
Receivable for fund shares sold		—			4,827,946			—			—			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		—			82,899			136,947			786,878			32,416			20,345			267,232			286			—			—			—
Dividends and interest receivable — unaffiliated issuers		711,718			689,908			4,096,749			9,204,923			134,685			306,136			1,865,670			11,678			8,131			155,904			950,805
Dividends receivable — affiliated issuers		2,824			9,811			89,216			44,566			3,252			9,916			30,373			3			—			996			7,937

TOTAL ASSETS		106,338,018			187,886,683			835,776,236			2,747,452,458			42,612,206			276,822,392			527,756,096			5,040,766			4,930,809			20,007,377			113,255,201

LIABILITIES
Payable upon return of securities loaned		6,078,923			17,753,969			93,040,192			80,346,716			5,957,227			22,569,168			55,526,020			—			—			4,422,083			17,418,655
Payable for investments purchased		168,773			4,771,821			330,944			304,507			101,623			—			—			—			—			—			—
Due to custodian		605,128			—			—			—			—			—			—			—			—			—			—
Accrued advisory fee (Note 3)		151,300			124,990			1,049,907			3,484,272			52,575			232,787			413,212			1,130			2,254			18,539			124,282
Deferred foreign taxes payable		—			—			—			—			—			—			118,834			31			—			—			—
Accrued trustees’ fees and expenses (Note 3)		390			154			101,806			137,862			112			156			503			13			13			5			134

TOTAL LIABILITIES		7,004,514			22,650,934			94,522,849			84,273,357			6,111,537			22,802,111			56,058,569			1,174			2,267			4,440,627			17,543,071

NET ASSETS	$	99,333,504		$	165,235,749		$	741,253,387		$	2,663,179,101		$	36,500,669		$	254,020,281		$	471,697,527		$	5,039,592		$	4,928,542		$	15,566,750		$	95,712,130

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	123,229,100		$	160,596,065		$	805,954,916		$	3,208,268,301		$	58,696,620		$	279,883,072		$	570,914,669		$	5,000,000		$	5,000,000		$	18,892,752		$	113,746,154
Undistributed (distribution in excess of) net investment income		810,780			963,596			2,652,075			(68,253,259	)		221,252			946,104			2,784,992			15,330			8,901			113,358			787,847
Accumulated net realized gain (loss) on investments and foreign currency transactions		(21,275,714	)		(3,900,567	)		(19,976,331	)		(481,320,406	)		(8,727,414	)		(6,788,605	)		(55,143,601	)		(2,922	)		(2,028	)		(1,225,003	)		(5,598,378	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $118,834, $31, $0, $0, $0, respectively)		(3,444,015	)		7,574,993			(47,368,669	)		4,495,720			(13,687,591	)		(20,016,337	)		(46,857,066	)		27,314			(78,209	)		(2,213,798	)		(13,224,591	)
Foreign currency		13,353			1,662			(8,604	)		(11,255	)		(2,198	)		(3,953	)		(1,467	)		(130	)		(122	)		(559	)		1,098

NET ASSETS	$	99,333,504		$	165,235,749		$	741,253,387		$	2,663,179,101		$	36,500,669		$	254,020,281		$	471,697,527		$	5,039,592		$	4,928,542		$	15,566,750		$	95,712,130

NET ASSET VALUE PER SHARE
Net asset value per share	$	70.95		$	24.30		$	28.62		$	36.67		$	40.56		$	52.38		$	31.45		$	50.40		$	49.29		$	38.92		$	44.52

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,400,000			6,800,000			25,900,000			72,635,379			900,000			4,850,000			15,000,000			100,000			100,000			400,000			2,150,075

COST OF INVESTMENTS:
Unaffiliated issuers	$	101,455,192		$	155,897,935		$	781,350,952		$	2,649,419,428		$	50,011,253		$	272,573,463		$	515,907,362		$	4,958,546		$	4,983,666		$	17,601,038		$	107,917,789
Affiliated issuers		6,079,023			18,063,093			93,182,294			81,501,653			6,016,528			22,973,457			55,625,310			10,991			1,548			4,425,327			17,440,332

Total cost of investments	$	107,534,215		$	173,961,028		$	874,533,246		$	2,730,921,081		$	56,027,781		$	295,546,920		$	571,532,672		$	4,969,537		$	4,985,214		$	22,026,365		$	125,358,121

Foreign currency, at cost	$	1,482,951		$	738,482		$	4,296,807		$	1,994,771		$	40,479		$	956,493		$	796,913		$	32,025		$	15,738		$	39,349		$	166,504

* Includes investments in securities on loan, at value	$	5,821,792		$	16,930,910		$	87,629,238		$	76,463,387		$	5,943,235		$	21,968,046		$	52,849,349		$	—		$	—		$	4,176,571		$	16,428,585

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2012 (Unaudited)


													SPDR S&P International			SPDR S&P International
													Consumer			Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	SPDR S&P International						SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial			Materials
	Dividend			SPDR S&P			Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector			Sector
	ETF			International Mid Cap ETF			Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	846,063,082		$	39,228,580		$	928,121,394		$	419,769,775		$	8,723,691		$	19,934,447		$	11,760,542		$	7,776,084		$	19,112,261		$	13,990,224		$	13,821,248
Investments in securities of affiliated issuers, at value (Note 3)		100,309,750			6,697,001			40,715,210			29,640,494			2,643			100			3,296			40,791			8,865			47,306			18,715

Total Investments		946,372,832			45,925,581			968,836,604			449,410,269			8,726,334			19,934,547			11,763,838			7,816,875			19,121,126			14,037,530			13,839,963
Foreign currency, at value		474,795			110,650			1,549,009			382,105			1,767			24,721			30,870			24,007			184,653			113,625			74,911
Receivable for foreign taxes recoverable		59,218			5,305			11,582			35,946			1,580			26,675			1,915			561			61,407			7,540			3,451
Dividends and interest receivable — unaffiliated issuers		4,206,419			200,772			790,315			1,136,391			31,201			109,304			15,211			55,133			88,521			64,985			57,906
Dividends receivable — affiliated issuers		184,401			4,388			94,627			9,629			3			3			3			11			12			11			4

TOTAL ASSETS		951,297,665			46,246,696			971,282,137			450,974,340			8,760,885			20,095,250			11,811,837			7,896,587			19,455,719			14,223,691			13,976,235

LIABILITIES
Payable upon return of securities loaned		100,275,203			6,690,896			36,047,343			29,201,488			—			—			—			—			—			—			—
Due to custodian		—			—			—			—			—			6,432			—			—			—			—			—
Payable for investments purchased		—			1,857			—			—			—			—			—			—			—			—			—
Accrued advisory fee (Note 3)		838,931			42,587			1,396,872			475,612			8,119			21,687			14,114			7,296			22,002			14,536			17,469
Deferred foreign taxes payable		35,677			—			631,780			—			—			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		1,441			70			1,554			753			73			41			39			10			3			76			125

TOTAL LIABILITIES		101,151,252			6,735,410			38,077,549			29,677,853			8,192			28,160			14,153			7,306			22,005			14,612			17,594

NET ASSETS	$	850,146,413		$	39,511,286		$	933,204,588		$	421,296,487		$	8,752,693		$	20,067,090		$	11,797,684		$	7,889,281		$	19,433,714		$	14,209,079		$	13,958,641

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	913,220,202		$	37,875,104		$	1,070,588,016		$	378,346,677		$	8,748,741		$	19,596,398		$	13,511,016		$	10,353,326		$	19,251,031		$	16,307,278		$	17,994,838
Undistributed (distribution in excess of) net investment income		551,271			99,158			1,042,695			(4,811,849	)		32,145			15,930			7,260			22,650			62,115			43,220			14,760
Accumulated net realized gain (loss) on investments and foreign currency transactions		(38,222,592	)		(174,784	)		(49,077,293	)		(9,323,104	)		(48,351	)		(138,091	)		(589,222	)		(899,477	)		(226,127	)		(280,669	)		(432,659	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $35,677, $0, $631,780, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		(25,366,767	)		1,709,957			(89,343,603	)		57,081,644			20,023			591,261			(1,131,296	)		(1,587,629	)		343,977			(1,861,649	)		(3,618,010	)
Foreign currency		(35,701	)		1,851			(5,227	)		3,119			135			1,592			(74	)		411			2,718			899			(288	)

NET ASSETS	$	850,146,413		$	39,511,286		$	933,204,588		$	421,296,487		$	8,752,693		$	20,067,090		$	11,797,684		$	7,889,281		$	19,433,714		$	14,209,079		$	13,958,641

NET ASSET VALUE PER SHARE
Net asset value per share	$	49.71		$	28.22		$	45.52		$	39.01		$	29.18		$	33.45		$	26.22		$	17.53		$	32.39		$	25.83		$	25.38

Shares outstanding (unlimited amount authorized, $0.01 par value)		17,101,326			1,400,000			20,500,000			10,800,000			300,000			600,000			450,000			450,000			600,000			550,000			550,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	871,394,172		$	37,518,623		$	1,016,833,217		$	362,688,131		$	8,703,668		$	19,343,186		$	12,891,838		$	9,363,713		$	18,768,284		$	15,851,873		$	17,439,258
Affiliated issuers		100,309,750			6,697,001			40,715,210			29,640,494			2,643			100			3,296			40,791			8,865			47,306			18,715

Total cost of investments	$	971,703,922		$	44,215,624		$	1,057,548,427		$	392,328,625		$	8,706,311		$	19,343,286		$	12,895,134		$	9,404,504		$	18,777,149		$	15,899,179		$	17,457,973

Foreign currency, at cost	$	476,653		$	109,348		$	1,550,358		$	379,230		$	1,753		$	24,684		$	30,741		$	23,625		$	183,352		$	112,964		$	74,852

* Includes investments in securities on loan, at value	$	97,935,364		$	6,390,697		$	32,456,473		$	28,329,718		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2012 (Unaudited)


	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	14,500,177		$	19,196,783		$	14,630,811
Investments in securities of affiliated issuers, at value (Note 3)		33,643			13,753			85,936

Total Investments		14,533,820			19,210,536			14,716,747
Foreign currency, at value		29,177			54,482			32,546
Receivable for foreign taxes recoverable		452			9,824			1,502
Dividends and interest receivable — unaffiliated issuers		48,120			45,518			44,576
Dividends receivable — affiliated issuers		14			2			58

TOTAL ASSETS		14,611,583			19,320,362			14,795,429

LIABILITIES
Payable upon return of securities loaned		32,400			—			85,836
Due to custodian		—			—			26,405
Payable for investments purchased		—			1,377			—
Accrued advisory fee (Note 3)		16,789			18,700			15,985
Accrued trustees’ fees and expenses (Note 3)		63			9			26

TOTAL LIABILITIES		49,252			20,086			128,252

NET ASSETS	$	14,562,331		$	19,300,276		$	14,667,177

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	15,105,554		$	21,660,027		$	18,349,254
Undistributed (distribution in excess of) net investment income		22,099			(5,317	)		(966	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(192,305	)		(461,306	)		(481,835	)
Net unrealized appreciation (depreciation) on:
Investments		(373,377	)		(1,894,353	)		(3,199,461	)
Foreign currency		360			1,225			185

NET ASSETS	$	14,562,331		$	19,300,276		$	14,667,177

NET ASSET VALUE PER SHARE
Net asset value per share	$	26.48		$	22.71		$	17.26

Shares outstanding (unlimited amount authorized, $0.01 par value)		550,000			850,000			850,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	14,873,554		$	21,091,136		$	17,830,272
Affiliated issuers		33,643			13,753			85,936

Total cost of investments	$	14,907,197		$	21,104,889		$	17,916,208

Foreign currency, at cost	$	29,147		$	53,958		$	32,380

* Includes investments in securities on loan, at value	$	31,779		$	—		$	81,712

See accompanying notes to financial statements.

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231

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2012 (Unaudited)


																						SPDR S&P Emerging
	SPDR STOXX			SPDR EURO			SPDR S&P Emerging			SPDR S&P Small Cap Emerging									SPDR S&P Emerging			Markets			SPDR S&P			SPDR S&P Emerging			SPDR S&P Emerging
	Europe			STOXX			Asia Pacific			Asia Pacific			SPDR S&P Russia			SPDR S&P			Markets			Dividend			BRIC			Europe			Latin America
	50 ETF			50 ETF			ETF			ETF (1)			ETF			China ETF			ETF			ETF			40 ETF			ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	561,733		$	1,975,310		$	1,427,527		$	9,151		$	119,364		$	505,817		$	1,165,869		$	3,243,712		$	1,998,698		$	190,221		$	2,068,353
Dividend income on securities of affiliated issuers (Note 3)		24			94			930			9			158			643			1,176			160			745			121			200
Affiliated securities lending — net (Note 3 and Note 8)		6,968			67,906			143,472			—			10,664			762,267			48,831			145,794			173,908			83,363			41,517
Interest income (Note 2)		—			45			3,769			65			—			—			4,061			1,179			—			—			—
Foreign taxes withheld		(39,705	)		(248,414	)		(146,266	)		(555	)		(18,977	)		(23,423	)		(84,050	)		(204,707	)		(260,661	)		(72,589	)		(210,588	)

TOTAL INVESTMENT INCOME		529,020			1,794,941			1,429,432			8,670			111,209			1,245,304			1,135,887			3,186,138			1,912,690			201,116			1,899,482

EXPENSES
Advisory fee (Note 3)		43,821			310,590			1,452,246			9,500			122,066			2,126,448			460,719			521,792			955,262			302,532			395,489
Trustees’ fees and expenses (Note 3)		380			1,597			6,577			32			606			7,775			1,899			1,575			4,843			1,687			1,776
Miscellaneous expenses		—			69			7,635			1,875			—			57			331			19,173			329			1,826			380

TOTAL EXPENSES		44,201			312,256			1,466,458			11,407			122,672			2,134,280			462,949			542,540			960,434			306,045			397,645

NET INVESTMENT INCOME (LOSS)		484,819			1,482,685			(37,026	)		(2,737	)		(11,463	)		(888,976	)		672,938			2,643,598			952,256			(104,929	)		1,501,837

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(2,078,507	)		(2,945,672	)		802,204			(26,245	)		(323,356	)		7,273,928			(939,994	)		4,550,493			(963,855	)		(8,685,279	)		(2,494,932	)
Foreign currency transactions		(5,840	)		(12,313	)		(487,831	)		(6,349	)		168			15,314			(288,299	)		(185,305	)		2,469			(40,732	)		(30,415	)
Futures		—			—			249,844			—			—			—			564,111			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $1,044,975, $26,767, $0, $0, $178,714, $238,101, $0, $0, $0, respectively)		5,640,936			22,104,931			66,899,709			780,629			7,679,456			103,760,336			25,798,422			9,618,483			67,771,586			24,232,660			29,206,776
Foreign currency transactions		5,581			13,932			235,698			386			10			7,331			241,658			8,209			(1,744	)		28,103			10,168
Futures		—			—			—			—			—			—			(191,912	)		—			—			—			—

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		3,562,170			19,160,878			67,699,624			748,421			7,356,278			111,056,909			25,183,986			13,991,880			66,808,456			15,534,752			26,691,597

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,046,989		$	20,643,563		$	67,662,598		$	745,684		$	7,344,815		$	110,167,933		$	25,856,924		$	16,635,478		$	67,760,712		$	15,429,823		$	28,193,434


(1)		For the period January 11, 2012 (commencement of operations) to March 31, 2012.

See accompanying notes to financial statements.

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233

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2012 (Unaudited)


	SPDR S&P Emerging															SPDR S&P Global
	Middle									SPDR Dow Jones International			SPDR FTSE/Macquarie			Natural						SPDR MSCI			SPDR MSCI
	East & Africa						SPDR S&P International			Real Estate			Global			Resources						ACWI IMI			EM 50			SPDR Russell/Nomura			SPDR Russell/Nomura
	ETF			SPDR S&P World ex-US ETF			Small Cap ETF			ETF			Infrastructure 100 ETF			ETF			SPDR MSCI ACWI ex-US ETF			ETF (1)			ETF (1)			PRIME Japan ETF			Small Cap Japan ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	2,223,800		$	1,986,270		$	8,282,234		$	45,308,432		$	644,183		$	2,006,612		$	5,855,723		$	17,405		$	11,589		$	183,587		$	1,175,257
Dividend income on securities of affiliated issuers (Note 3)		91			135			635			2,296			62			238			451			3			—			9			59
Affiliated securities lending — net (Note 3 and Note 8)		12,326			42,821			423,398			360,212			15,328			38,620			127,183			—			—			3,664			35,876
Interest income (Note 2)		1,125			311			1,938			1,776			—			105			342			—			—			—			—
Foreign taxes withheld		(258	)		(139,820	)		(515,849	)		(3,029,801	)		(29,881	)		(139,320	)		(429,360	)		(935	)		(421	)		(12,851	)		(82,268	)

TOTAL INVESTMENT INCOME		2,237,084			1,889,717			8,192,356			42,642,915			629,692			1,906,255			5,554,339			16,473			11,168			174,409			1,128,924

EXPENSES
Advisory fee (Note 3)		304,269			233,795			2,096,871			6,579,353			105,514			404,815			768,701			1,130			2,254			36,592			251,616
Trustees’ fees and expenses (Note 3)		1,346			1,467			8,801			23,298			451			2,135			4,691			13			13			159			1,087
Miscellaneous expenses		172			—			2,331			2,733			—			—			428			—			—			—			—

TOTAL EXPENSES		305,787			235,262			2,108,003			6,605,384			105,965			406,950			773,820			1,143			2,267			36,751			252,703

NET INVESTMENT INCOME		1,931,297			1,654,455			6,084,353			36,037,531			523,727			1,499,305			4,780,519			15,330			8,901			137,658			876,221

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(880,869	)		1,863,589			(9,810,569	)		(7,670,127	)		(2,222,991	)		79,826			15,232,274			(15	)		(146	)		(131,336	)		1,515,147
Foreign currency transactions		(92,228	)		(44,431	)		(129,661	)		(51,219	)		(2,544	)		(23,682	)		(37,423	)		(2,907	)		(1,882	)		(1,417	)		(28,924	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $118,834, $31, $0, $0, $0, respectively)		15,648,696			16,010,031			94,354,995			269,863,416			3,930,879			23,049,570			43,922,012			27,314			(78,209	)		876,301			(216,755	)
Foreign currency transactions		88,238			35,649			88,355			150,600			2,193			23,276			66,059			(130	)		(122	)		(1,651	)		6,318

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		14,763,837			17,864,838			84,503,120			262,292,670			1,707,537			23,128,990			59,182,922			24,262			(80,359	)		741,897			1,275,786

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	16,695,134		$	19,519,293		$	90,587,473		$	298,330,201		$	2,231,264		$	24,628,295		$	63,963,441		$	39,592		$	(71,458	)	$	879,555		$	2,152,007


(1)		For the period February 27, 2012 (commencement of operations) to March 31, 2012.

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, 2012 (Unaudited)


													SPDR S&P International			SPDR S&P International
													Consumer			Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	SPDR S&P International						SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial			Materials
	Dividend			SPDR S&P			Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector			Sector
	ETF			International Mid Cap ETF			Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	13,703,355		$	471,293		$	4,888,635		$	6,710,687		$	63,075		$	206,070		$	216,911		$	132,001		$	374,972		$	176,426		$	125,774
Dividend income on securities of affiliated issuers (Note 3)		796			86			4,891			455			10			17			9			7			20			43			13
Affiliated securities lending — net (Note 3 and Note 8)		681,089			17,685			559,439			50,912			—			—			—			75			17			—			—
Interest income (Note 2)		1,017			41			2,434			103			7			—			—			—			—			—			—
Foreign taxes withheld		(845,965	)		(33,459	)		(382,723	)		(217,164	)		(4,178	)		(7,289	)		(16,936	)		(7,083	)		(36,727	)		(15,346	)		(6,232	)

TOTAL INVESTMENT INCOME		13,540,292			455,646			5,072,676			6,544,993			58,914			198,798			199,984			125,000			338,282			161,123			119,555

EXPENSES
Advisory fee (Note 3)		1,476,363			84,407			2,749,463			852,318			18,362			47,362			30,604			15,474			44,077			38,023			37,316
Trustees’ fees and expenses (Note 3)		7,570			444			9,956			4,017			137			269			164			82			198			249			249
Miscellaneous expenses		7,563			282			28,746			—			206			3			—			—			—			—			—

TOTAL EXPENSES		1,491,496			85,133			2,788,165			856,335			18,705			47,634			30,768			15,556			44,275			38,272			37,565

NET INVESTMENT INCOME		12,048,796			370,513			2,284,511			5,688,658			40,209			151,164			169,216			109,444			294,007			122,851			81,990

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(24,292,423	)		(153,794	)		(50,058,080	)		(843,281	)		(225,200	)		897,987			88,486			(330,603	)		511,495			(1,709,008	)		(861,811	)
Foreign currency transactions		(22,340	)		(11,312	)		146,779			9,473			(827	)		(5,993	)		(604	)		1,205			(2,648	)		(14,751	)		(4,733	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $35,677, $0, $631,780, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		80,374,724			4,633,622			175,738,790			61,027,048			1,321,482			1,354,501			1,797,441			755,168			1,037,298			2,980,726			2,782,463
Foreign currency transactions		146,328			9,726			61,903			10,157			1,207			4,211			633			1,208			4,873			12,124			4,186

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		56,206,289			4,478,242			125,889,392			60,203,397			1,096,662			2,250,706			1,885,956			426,978			1,551,018			1,269,091			1,920,105

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,255,085		$	4,848,755		$	128,173,903		$	65,892,055		$	1,136,871		$	2,401,870		$	2,055,172		$	536,422		$	1,845,025		$	1,391,942		$	2,002,095

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, 2012 (Unaudited)


	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	91,966		$	363,356		$	192,946
Dividend income on securities of affiliated issuers (Note 3)		20			4			2
Affiliated securities lending — net (Note 3 and Note 8)		374			—			353
Foreign taxes withheld		(7,281	)		(24,989	)		(16,395	)

TOTAL INVESTMENT INCOME		85,079			338,371			176,906

EXPENSES
Advisory fee (Note 3)		36,818			37,843			29,511
Trustees’ fees and expenses (Note 3)		223			166			143
Miscellaneous expenses		—			53			—

TOTAL EXPENSES		37,041			38,062			29,654

NET INVESTMENT INCOME		48,038			300,309			147,252

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		156,024			48,187			(71,423	)
Foreign currency transactions		221			(6,183	)		(3,935	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,784,906			(217,044	)		27,234
Foreign currency transactions		3,010			1,873			1,782

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		2,944,161			(173,167	)		(46,342	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,992,199		$	127,142		$	100,910

See accompanying notes to financial statements.

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239

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 Small Cap Emerging Asia Pacific ETF			SPDR S&P Russia ETF
	Six Months Ended						Six Months Ended						Six Months Ended						For the Period			Six Months Ended
	3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			*1/11/12-**			3/31/12			Year Ended
	(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			3/31/12			(Unaudited)			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	484,819		$	1,349,950		$	1,482,685		$	6,949,490		$	(37,026	)	$	13,145,498		$	(2,737	)	$	(11,463	)	$	1,250,315
Net realized gain (loss) on investments, foreign currency transactions and futures		(2,084,347	)		(5,536,317	)		(2,957,985	)		(6,168,975	)		564,217			56,614,429			(32,594	)		(323,188	)		(2,996,831	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		5,646,517			535,158			22,118,863			(28,110,616	)		67,135,407			(168,039,986	)		781,015			7,679,466			(14,180,949	)

Net increase (decrease) in net assets resulting from operations		4,046,989			(3,651,209	)		20,643,563			(27,330,101	)		67,662,598			(98,280,059	)		745,684			7,344,815			(15,927,465	)

Net equalization credits and charges		(7,020	)		(35,813	)		798,780			(10,290	)		—			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(498,205	)		(1,722,185	)		(2,268,144	)		(6,825,929	)		(8,456,063	)		(11,323,304	)		—			(627,240	)		(644,694	)
Net realized gains		—			—			—			—			(6,448,372	)		(23,251,099	)		—			—			(38,444	)

Total distributions to shareholders		(498,205	)		(1,722,185	)		(2,268,144	)		(6,825,929	)		(14,904,435	)		(34,574,403	)		—			(627,240	)		(683,138	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,588,303			1,776,314			321,200,641			14,244,357			58,923,157			99,434,496			6,000,000			20,319,376			171,810,579
Cost of shares redeemed		(4,561,754	)		(5,126,178	)		(1,601,485	)		(26,132,264	)		(157,590,640	)		(164,432,966	)		—			(10,773,074	)		(117,591,784	)
Net income equalization (Note 2)		7,020			35,813			(798,780	)		10,290			—			—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(2,966,431	)		(3,314,051	)		318,800,376			(11,877,617	)		(98,667,483	)		(64,998,470	)		6,000,000			9,546,302			54,218,795

Net increase (decrease) in net assets during the period		575,333			(8,723,258	)		337,974,575			(46,043,937	)		(45,909,320	)		(197,852,932	)		6,745,684			16,263,877			37,608,192
Net assets at beginning of period		29,683,908			38,407,166			116,356,469			162,400,406			514,755,132			712,608,064			—			43,611,117			6,002,925

NET ASSETS END OF PERIOD (1)	$	30,259,241		$	29,683,908		$	454,331,044		$	116,356,469		$	468,845,812		$	514,755,132		$	6,745,684		$	59,874,994		$	43,611,117

SHARES OF BENEFICIAL INTEREST:
Shares sold		50,000			50,000			10,050,000			350,000			800,000			1,200,000			150,000			650,000			4,950,000
Shares redeemed		(150,000	)		(150,000	)		(50,000	)		(700,000	)		(2,200,000	)		(2,100,000	)		—			(400,000	)		(3,450,000	)

Net increase (decrease)		(100,000	)		(100,000	)		10,000,000			(350,000	)		(1,400,000	)		(900,000	)		150,000			250,000			1,500,000

(1) Including undistributed (distribution in excess of) net investment income	$	65,456		$	78,842		$	(735,021	)	$	50,438		$	(417,265	)	$	8,075,824		$	(2,737	)	$	(34,253	)	$	604,450


*		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 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
	Six Months Ended						Six Months Ended						Six Months Ended			For the Period			Six Months Ended						Six Months Ended
	3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			*2/23/11-**			3/31/12			Year Ended			3/31/12			Year Ended
	(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(888,976	)	$	12,637,445		$	672,938		$	4,118,805		$	2,643,598		$	1,379,593		$	952,256		$	11,272,538		$	(104,929	)	$	4,796,402
Net realized gain (loss) on investments, foreign currency transactions and futures		7,289,242			29,207,934			(664,182	)		14,650,694			4,365,188			(1,002,603	)		(961,386	)		54,900			(8,726,011	)		12,555,375
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		103,767,667			(239,151,583	)		25,848,168			(47,942,526	)		9,626,692			(8,280,486	)		67,769,842			(95,333,006	)		24,260,763			(48,636,548	)

Net increase (decrease) in net assets resulting from operations		110,167,933			(197,306,204	)		25,856,924			(29,173,027	)		16,635,478			(7,903,496	)		67,760,712			(84,005,568	)		15,429,823			(31,284,771	)

Net equalization credits and charges		—			—			—			—			(77,696	)		256,420			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,818,515	)		(12,717,627	)		(2,025,293	)		(3,449,980	)		(1,416,517	)		(1,145,654	)		(3,707,808	)		(9,949,352	)		(1,934,251	)		(3,314,025	)
Net realized gains		—			—			(1,641,948	)		(2,055,341	)		—			—			—			—			—			—
Return of capital		—			—			—			—			—			(369,715	)		—			—			—			—

Total distributions to shareholders		(2,818,515	)		(12,717,627	)		(3,667,241	)		(5,505,321	)		(1,416,517	)		(1,515,369	)		(3,707,808	)		(9,949,352	)		(1,934,251	)		(3,314,025	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		269,648,905			249,488,320			25,379,217			22,136,942			259,425,389			66,655,329			54,652,833			58,652,018			4,458,235			83,485,831
Cost of shares redeemed		(99,709,273	)		(100,011,130	)		(23,521,886	)		(49,519,357	)		—			(2,374,022	)		(90,188,096	)		(50,235,514	)		(34,234,709	)		(162,294,891	)
Net income equalization (Note 2)		—			—			—			—			77,696			(256,420	)		—			—			—			—
Other capital (Note 4)		—			—			6,929			—			—			—			29,705			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		169,939,632			149,477,190			1,864,260			(27,382,415	)		259,503,085			64,024,887			(35,505,558	)		8,416,504			(29,776,474	)		(78,809,060	)

Net increase (decrease) in net assets during the period		277,289,050			(60,546,641	)		24,053,943			(62,060,763	)		274,644,350			54,862,442			28,547,346			(85,538,416	)		(16,280,902	)		(113,407,856	)
Net assets at beginning of period		617,133,319			677,679,960			154,600,450			216,661,213			54,862,442			—			374,452,518			459,990,934			118,916,968			232,324,824

NET ASSETS END OF PERIOD (1)	$	894,422,369		$	617,133,319		$	178,654,393		$	154,600,450		$	329,506,792		$	54,862,442		$	402,999,864		$	374,452,518		$	102,636,066		$	118,916,968

SHARES OF BENEFICIAL INTEREST:
Shares sold		3,900,000			3,200,000			400,000			300,000			5,250,000			1,300,000			2,200,000			2,100,000			100,000			1,500,000
Shares redeemed		(1,600,000	)		(1,400,000	)		(400,000	)		(700,000	)		—			(50,000	)		(3,800,000	)		(2,000,000	)		(900,000	)		(3,400,000	)

Net increase (decrease)		2,300,000			1,800,000			—			(400,000	)		5,250,000			1,250,000			(1,600,000	)		100,000			(800,000	)		(1,900,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	(888,977	)	$	2,818,514		$	301,364		$	1,653,719		$	1,227,081		$	—		$	45,848		$	2,801,400		$	(112,467	)	$	1,926,713


*		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 Latin America ETF						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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended
	(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,501,837		$	5,055,046		$	1,931,297		$	3,777,880		$	1,654,455		$	3,817,629		$	6,084,353		$	18,470,279		$	36,037,531		$	73,410,429
Net realized gain (loss) on investments and foreign currency transactions		(2,525,347	)		4,810,272			(973,097	)		8,043,294			1,819,158			724,421			(9,940,230	)		28,772,713			(7,721,346	)		(121,700,778	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		29,216,944			(49,927,722	)		15,736,934			(27,104,556	)		16,045,680			(18,186,639	)		94,443,350			(114,471,355	)		270,014,016			(173,966,964	)

Net increase (decrease) in net assets resulting from operations		28,193,434			(40,062,404	)		16,695,134			(15,283,382	)		19,519,293			(13,644,589	)		90,587,473			(67,228,363	)		298,330,201			(222,257,313	)

Net equalization credits and charges		—			—			—			—			—			—			—			—			73,723,637			(46,680,728	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,206,550	)		(4,376,380	)		(2,932,318	)		(3,403,851	)		(1,696,036	)		(3,469,047	)		(12,563,555	)		(17,128,845	)		(45,217,907	)		(143,046,493	)
Net realized gains		—			—			—			—			—			—			(5,368,799	)		—			—			—

Total distributions to shareholders		(2,206,550	)		(4,376,380	)		(2,932,318	)		(3,403,851	)		(1,696,036	)		(3,469,047	)		(17,932,354	)		(17,128,845	)		(45,217,907	)		(143,046,493	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		15,730,531			60,807,488			—			37,950,689			36,778,050			30,339,642			—			258,796,089			500,019,731			1,072,202,027
Cost of shares redeemed		(13,375,152	)		(105,731,416	)		(19,838,968	)		(56,518,124	)		(9,044,674	)		—			(61,322,230	)		(67,096,242	)		(86,027,324	)		(25,085,031	)
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			(73,723,637	)		46,680,728
Other capital (Note 4)		—			—			—			—			—			—			13,909			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		2,355,379			(44,923,928	)		(19,838,968	)		(18,567,435	)		27,733,376			30,339,642			(61,308,321	)		191,699,847			340,268,770			1,093,797,724

Net increase (decrease) in net assets during the period		28,342,263			(89,362,712	)		(6,076,152	)		(37,254,668	)		45,556,633			13,226,006			11,346,798			107,342,639			667,104,701			681,813,190
Net assets at beginning of period		121,831,532			211,194,244			105,409,656			142,664,324			119,679,116			106,453,110			729,906,589			622,563,950			1,996,074,400			1,314,261,210

NET ASSETS END OF PERIOD (1)	$	150,173,795		$	121,831,532		$	99,333,504		$	105,409,656		$	165,235,749		$	119,679,116		$	741,253,387		$	729,906,589		$	2,663,179,101		$	1,996,074,400

SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			700,000			—			500,000			1,600,000			1,200,000			—			8,600,000			14,300,000			27,500,000
Shares redeemed		(200,000	)		(1,300,000	)		(300,000	)		(800,000	)		(400,000	)		—			(2,400,000	)		(2,600,000	)		(2,700,000	)		(700,000	)

Net increase (decrease)		—			(600,000	)		(300,000	)		(300,000	)		1,200,000			1,200,000			(2,400,000	)		6,000,000			11,600,000			26,800,000

(1) Including undistributed (distribution in excess of) net investment income	$	54,796		$	759,509		$	810,780		$	1,811,801		$	963,596		$	1,005,177		$	2,652,075		$	9,131,277		$	(68,253,259	)	$	(59,072,883	)

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 FTSE/Macquarie Global Infrastructure 100 ETF						SPDR S&P Global Natural Resources ETF						ex-US ETF						SPDR MSCI ACWI IMI ETF			SPDR MSCI EM 50 ETF			SPDR Russell/Nomura PRIME Japan ETF
	Six Months Ended						Six Months Ended						Six Months Ended						For the Period			For the Period			Six Months Ended
	3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			*2/27/12-**			*2/27/12-**			3/31/12			Year Ended
	(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			3/31/12			3/31/12			(Unaudited)			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	523,727		$	1,926,810		$	1,499,305		$	2,416,667		$	4,780,519		$	12,368,479		$	15,330		$	8,901		$	137,658		$	262,079
Net realized gain (loss) on investments and foreign currency transactions		(2,225,535	)		(4,259,672	)		56,144			(4,671,549	)		15,194,851			5,571,341			(2,922	)		(2,028	)		(132,753	)		(1,813,273	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,933,072			2,760,065			23,072,846			(43,165,075	)		43,988,071			(64,801,294	)		27,184			(78,331	)		874,650			1,718,131

Net increase (decrease) in net assets resulting from operations		2,231,264			427,203			24,628,295			(45,419,957	)		63,963,441			(46,861,474	)		39,592			(71,458	)		879,555			166,937

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(775,099	)		(1,879,120	)		(1,519,560	)		(1,451,147	)		(5,380,815	)		(11,384,970	)		—			—			(159,285	)		(251,121	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			95,819,923			202,332,715			168,987,318			54,280,141			5,000,000			5,000,000			—			7,648,028
Cost of shares redeemed		—			(16,689,880	)		(27,984,654	)		—			(119,585,449	)		(26,229,672	)		—			—			—			(7,836,631	)

Net increase (decrease) in net assets from beneficial interest transactions		—			(16,689,880	)		67,835,269			202,332,715			49,401,869			28,050,469			5,000,000			5,000,000			—			(188,603	)

Net increase (decrease) in net assets during the period		1,456,165			(18,141,797	)		90,944,004			155,461,611			107,984,495			(30,195,975	)		5,039,592			4,928,542			720,270			(272,787	)
Net assets at beginning of period		35,044,504			53,186,301			163,076,277			7,614,666			363,713,032			393,909,007			—			—			14,846,480			15,119,267

NET ASSETS END OF PERIOD (1)	$	36,500,669		$	35,044,504		$	254,020,281		$	163,076,277		$	471,697,527		$	363,713,032		$	5,039,592		$	4,928,542		$	15,566,750		$	14,846,480

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			—			1,850,000			3,400,000			5,800,000			1,600,000			100,000			100,000			—			200,000
Shares redeemed		—			(400,000	)		(550,000	)		—			(4,000,000	)		(800,000	)		—			—			—			(200,000	)

Net increase (decrease)		—			(400,000	)		1,300,000			3,400,000			1,800,000			800,000			100,000			100,000			—			—

(1) Including undistributed (distribution in excess of) net investment income	$	221,252		$	472,624		$	946,104		$	966,359		$	2,784,992		$	3,385,288		$	15,330		$	8,901		$	113,358		$	134,985


*		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 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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended
	(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	876,221		$	1,551,253		$	12,048,796		$	26,924,639		$	370,513		$	1,015,808		$	2,284,511		$	16,894,898		$	5,688,658		$	7,425,660
Net realized gain (loss) on investments and foreign currency transactions		1,486,223			6,010,909			(24,314,763	)		10,520,450			(165,106	)		1,519,924			(49,911,301	)		48,301,233			(833,808	)		3,593,571
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(210,437	)		4,584,832			80,521,052			(127,405,024	)		4,643,348			(5,335,204	)		175,800,693			(320,393,800	)		61,037,205			(36,610,401	)

Net increase (decrease) in net assets resulting from operations		2,152,007			12,146,994			68,255,085			(89,959,935	)		4,848,755			(2,799,472	)		128,173,903			(255,197,669	)		65,892,055			(25,591,170	)

Net equalization credits and charges		—			—			1,073,357			2,875,839			—			—			—			—			5,597,302			(5,168,955	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(871,526	)		(1,442,652	)		(11,488,374	)		(29,270,143	)		(732,997	)		(930,965	)		(11,184,280	)		(5,451,836	)		(4,829,855	)		(14,119,218	)
Net realized gains		—			—			—			—			(1,065,071	)		(610,806	)		(27,372,420	)		(31,686,300	)		—			—

Total distributions to shareholders		(871,526	)		(1,442,652	)		(11,488,374	)		(29,270,143	)		(1,798,068	)		(1,541,771	)		(38,556,700	)		(37,138,136	)		(4,829,855	)		(14,119,218	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		2,159,742			67,273,565			311,113,916			368,301,694			—			10,605,859			55,331,166			1,110,345,330			86,528,649			183,298,714
Cost of shares redeemed		(6,264,595	)		(46,853,190	)		—			(25,511,075	)		—			—			(121,212,728	)		(706,607,973	)		—			(10,270,362	)
Net income equalization (Note 2)		—			—			(1,073,357	)		(2,875,839	)		—			—			—			—			(5,597,302	)		5,168,955
Other capital (Note 4)		—			—			—			—			—			—			656,730			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(4,104,853	)		20,420,375			310,040,559			339,914,780			—			10,605,859			(65,224,832	)		403,737,357			80,931,347			178,197,307

Net increase (decrease) in net assets during the period		(2,824,372	)		31,124,717			367,880,627			223,560,541			3,050,687			6,264,616			24,392,371			111,401,552			147,590,849			133,317,964
Net assets at beginning of period		98,536,502			67,411,785			482,265,786			258,705,245			36,460,599			30,195,983			908,812,217			797,410,665			273,705,638			140,387,674

NET ASSETS END OF PERIOD (1)	$	95,712,130		$	98,536,502		$	850,146,413		$	482,265,786		$	39,511,286		$	36,460,599		$	933,204,588		$	908,812,217		$	421,296,487		$	273,705,638

SHARES OF BENEFICIAL INTEREST:
Shares sold		50,000			1,650,000			6,400,000			6,400,000			—			350,000			1,200,000			20,800,000			2,400,000			4,800,000
Shares issued to shareholders from reinvestment of distributions		—			—			—			(500,000	)		—			—			—			—			—			—
Shares redeemed		(150,000	)		(1,100,000	)		—			—			—			—			(3,100,000	)		(13,000,000	)		—			(300,000	)

Net increase (decrease)		(100,000	)		550,000			6,400,000			5,900,000			—			350,000			(1,900,000	)		7,800,000			2,400,000			4,500,000

(1) Including undistributed (distribution in excess of) net investment income	$	787,847		$	783,152		$	551,271		$	(9,151	)	$	99,158		$	461,642		$	1,042,695		$	9,942,464		$	(4,811,849	)	$	(5,670,652	)

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 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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended
	(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	40,209		$	309,196		$	151,164		$	438,066		$	169,216		$	407,284		$	109,444		$	240,493		$	294,007		$	340,942
Net realized gain (loss) on investments and foreign currency transactions		(226,027	)		2,066,849			891,994			1,195,030			87,882			265,809			(329,398	)		(78,609	)		508,847			245,857
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		1,322,689			(2,649,430	)		1,358,712			(1,863,026	)		1,798,074			(1,628,491	)		756,376			(1,130,836	)		1,042,171			(760,195	)

Net increase (decrease) in net assets resulting from operations		1,136,871			(273,385	)		2,401,870			(229,930	)		2,055,172			(955,398	)		536,422			(968,952	)		1,845,025			(173,396	)

Net equalization credits and charges		(33,071	)		(22,669	)		(980	)		72,660			(7,243	)		2,190			(33,865	)		(1,810	)		(14,091	)		24,177

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(56,675	)		(293,003	)		(132,600	)		(500,869	)		(185,878	)		(385,397	)		(106,446	)		(269,250	)		(269,039	)		(335,264	)
Net realized gains		(78,055	)		—			—			—			—			—			—			—			—			—

Total distributions to shareholders		(134,730	)		(293,003	)		(132,600	)		(500,869	)		(185,878	)		(385,397	)		(106,446	)		(269,250	)		(269,039	)		(335,264	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		2,850,617			4,477,437			7,759,841			11,345,375			1,346,823			3,928,128			2,662,828			7,324,331			3,191,424			10,955,852
Cost of shares redeemed		(6,370,960	)		(11,473,311	)		(9,201,334	)		(6,275,094	)		(3,773,173	)		(2,492,025	)		(2,938,617	)		(7,172,380	)		(4,540,288	)		(1,550,237	)
Net income equalization (Note 2)		33,071			22,669			980			(72,660	)		7,243			(2,190	)		33,865			1,810			14,091			(24,177	)

Net increase (decrease) in net assets from beneficial interest transactions		(3,487,272	)		(6,973,205	)		(1,440,513	)		4,997,621			(2,419,107	)		1,433,913			(241,924	)		153,761			(1,334,773	)		9,381,438

Net increase (decrease) in net assets during the period		(2,518,202	)		(7,562,262	)		827,777			4,339,482			(557,056	)		95,308			154,187			(1,086,251	)		227,122			8,896,955
Net assets at beginning of period		11,270,895			18,833,157			19,239,313			14,899,831			12,354,740			12,259,432			7,735,094			8,821,345			19,206,592			10,309,637

NET ASSETS END OF PERIOD (1)	$	8,752,693		$	11,270,895		$	20,067,090		$	19,239,313		$	11,797,684		$	12,354,740		$	7,889,281		$	7,735,094		$	19,433,714		$	19,206,592

SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			150,000			250,000			350,000			50,000			150,000			150,000			400,000			100,000			350,000
Shares redeemed		(250,000	)		(400,000	)		(300,000	)		(200,000	)		(150,000	)		(100,000	)		(200,000	)		(350,000	)		(150,000	)		(50,000	)

Net increase (decrease)		(150,000	)		(250,000	)		(50,000	)		150,000			(100,000	)		50,000			(50,000	)		50,000			(50,000	)		300,000

(1) Including undistributed (distribution in excess of) net investment income	$	32,145		$	48,611		$	15,930		$	(2,634	)	$	7,260		$	23,922		$	22,650		$	19,652		$	62,115		$	37,147

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 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
��	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended			3/31/12			Year Ended
	(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11			(Unaudited)			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	122,851		$	573,956		$	81,990		$	491,947		$	48,038		$	312,033		$	300,309		$	612,496		$	147,252		$	363,501
Net realized gain (loss) on investments and foreign currency transactions		(1,723,759	)		2,663,932			(866,544	)		3,972,012			156,245			231,319			42,004			802,984			(75,358	)		19,390
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		2,992,850			(5,179,445	)		2,786,649			(6,910,807	)		2,787,916			(2,869,260	)		(215,171	)		(1,659,782	)		29,016			(1,335,523	)

Net increase (decrease) in net assets resulting from operations		1,391,942			(1,941,557	)		2,002,095			(2,446,848	)		2,992,199			(2,325,908	)		127,142			(244,302	)		100,910			(952,632	)

Net equalization credits and charges		(24,490	)		(5,760	)		2,106			(37,269	)		(13,598	)		1,865			(15,293	)		5,114			18,607			8,510

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(180,460	)		(541,188	)		(180,059	)		(443,679	)		(60,871	)		(310,694	)		(300,113	)		(615,543	)		(163,223	)		(365,549	)
Net realized gains		—			—			—			—			(75,801	)		(87,145	)		—			—			—			—

Total distributions to shareholders		(180,460	)		(541,188	)		(180,059	)		(443,679	)		(136,672	)		(397,839	)		(300,113	)		(615,543	)		(163,223	)		(365,549	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		14,628,938			15,361,044			—			19,071,659			—			2,688,113			8,166,678			10,005,730			5,168,566			3,697,018
Cost of shares redeemed		(21,842,366	)		(10,622,592	)		(7,265,996	)		(19,165,987	)		(6,995,603	)		(2,305,481	)		(1,151,079	)		(12,483,323	)		—			(1,039,230	)
Net income equalization (Note 2)		24,490			5,760			(2,106	)		37,269			13,598			(1,865	)		15,293			(5,114	)		(18,607	)		(8,510	)

Net increase (decrease) in net assets from beneficial interest transactions		(7,188,938	)		4,744,212			(7,268,102	)		(57,059	)		(6,982,005	)		380,767			7,030,892			(2,482,707	)		5,149,959			2,649,278

Net increase (decrease) in net assets during the period		(6,001,946	)		2,255,707			(5,443,960	)		(2,984,855	)		(4,140,076	)		(2,341,115	)		6,842,628			(3,337,438	)		5,106,253			1,339,607
Net assets at beginning of period		20,211,025			17,955,318			19,402,601			22,387,456			18,702,407			21,043,522			12,457,648			15,795,086			9,560,924			8,221,317

NET ASSETS END OF PERIOD (1)	$	14,209,079		$	20,211,025		$	13,958,641		$	19,402,601		$	14,562,331		$	18,702,407		$	19,300,276		$	12,457,648		$	14,667,177		$	9,560,924

SHARES OF BENEFICIAL INTEREST:
Shares sold		600,000			550,000			—			650,000			—			100,000			350,000			400,000			300,000			200,000
Shares redeemed		(950,000	)		(350,000	)		(300,000	)		(650,000	)		(300,000	)		(100,000	)		(50,000	)		(500,000	)		—			(50,000	)

Net increase (decrease)		(350,000	)		200,000			(300,000	)		—			(300,000	)		—			300,000			(100,000	)		300,000			150,000

(1) Including undistributed (distribution in excess of) net investment income	$	43,220		$	100,829		$	14,760		$	112,829		$	22,099		$	34,932		$	(5,317	)	$	(5,513	)	$	(966	)	$	15,005

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
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	28.26		$	33.39		$	35.31		$	36.33		$	53.69		$	44.48		$	28.72		$	36.90		$	41.34		$	41.88		$	62.12		$	49.23

Income (loss) from investment operations:
Net investment income (loss)		0.49	(1)		1.23	(1)		1.02	(1)		1.11	(1)		1.88			1.50			0.22	(1)		1.63	(1)		1.13	(1)		1.21	(1)		2.17			1.40
Net realized and unrealized gain (loss) (2)		3.61			(4.73	)		(1.95	)		(1.05	)		(17.09	)		9.22			3.59			(8.23	)		(4.47	)		(0.65	)		(19.32	)		12.80

Total from investment operations		4.10			(3.50	)		(0.93	)		0.06			(15.21	)		10.72			3.81			(6.60	)		(3.34	)		0.56			(17.15	)		14.20

Net equalization credits and charges (1)		(0.01	)		(0.03	)		0.06			(0.01	)		(0.12	)		(0.03	)		0.12			(0.00	)(3)		0.10			0.15			(0.24	)		0.35

Distributions to shareholders from:
Net investment income		(0.51	)		(1.60	)		(1.05	)		(1.07	)		(1.69	)		(1.47	)		(0.32	)		(1.58	)		(1.20	)		(1.25	)		(1.95	)		(1.66	)
Net realized gains		—			—			—			—			(0.34	)		(0.01	)		—			—			—			—			(0.90	)		—

Total distributions		(0.51	)		(1.60	)		(1.05	)		(1.07	)		(2.03	)		(1.48	)		(0.32	)		(1.58	)		(1.20	)		(1.25	)		(2.85	)		(1.66	)

Net asset value, end of period	$	31.84		$	28.26		$	33.39		$	35.31		$	36.33		$	53.69		$	32.33		$	28.72		$	36.90		$	41.34		$	41.88		$	62.12

Total return (4)		14.55	%		(11.37	)%		(2.52	)%		0.69	%		(29.27	)%		24.22	%		13.76	%		(18.88	)%		(7.48	)%		2.35	%		(29.00	)%		29.76	%
Net assets, end of period (in 000’s)	$	30,259		$	29,684		$	38,407		$	56,514		$	76,311		$	185,256		$	454,331		$	116,356		$	162,400		$	181,922		$	224,080		$	484,541
Ratio of expenses to average net assets		0.29	%(5)		0.30	%		0.31	%		0.29	%		0.29	%		0.30	%		0.29	%(5)		0.30	%		0.31	%		0.29	%		0.29	%		0.30	%
Ratio of net investment income (loss) to average net assets		3.21	%(5)		3.55	%		3.05	%		3.93	%		3.35	%		3.16	%		1.38	%(5)		4.29	%		3.03	%		3.67	%		3.53	%		2.86	%
Portfolio turnover rate (6)		3	%		7	%		9	%		11	%		14	%		9	%		2	%		7	%		8	%		12	%		14	%		11	%


(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.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


																			SPDR S&P
																			Small Cap
																			Emerging
																			Asia
	SPDR S&P Emerging Asia Pacific ETF																		Pacific ETF			SPDR S&P Russia ETF									SPDR S&P China ETF
																			For the
	Six Months															For the			Period			Six Months						For the			Six Months															For the
	Ended															Period			*1/11/12-**			Ended						Period			Ended															Period
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/12			3/31/12			Year Ended			*3/10/10-**			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*3/20/07-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			(Unaudited)			9/30/11			9/30/10			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	66.85		$	82.86		$	69.33		$	54.59		$	87.74		$	60.50		$	40.00		$	25.65		$	30.01		$	30.00		$	57.68		$	76.14		$	66.50		$	51.29		$	94.34		$	52.23

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(1)		1.52	(1)		1.28	(1)		1.21	(1)		0.90			0.64			(0.02	)(1)		(0.01	)(1)		0.57	(1)		0.20	(1)		(0.08	)(1)		1.31	(1)		1.03	(1)		1.21	(1)		0.75			0.50
Net realized and unrealized gain (loss) (2)		9.71			(13.63	)		13.06			13.92			(35.04	)		25.50			4.99			5.50			(4.53	)		(0.01	)		11.50			(18.48	)		9.44			14.81			(43.64	)		40.90

Total from investment operations		9.70			(12.11	)		14.34			15.13			(34.14	)		26.14			4.97			5.49			(3.96	)		0.19			11.42			(17.17	)		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		(1.21	)		(1.29	)		(0.81	)		(0.82	)		(1.03	)		—			—			(0.43	)		(0.29	)		(0.18	)		(0.30	)		(1.29	)		(0.83	)		(1.34	)		(0.63	)		—
Net realized gains		(0.92	)		(2.61	)		—			—			(0.11	)		—			—			—			(0.11	)		—			—			—			—			—			—			—

Total distributions		(2.13	)		(3.90	)		(0.81	)		(0.82	)		(1.14	)		—			—			(0.43	)		(0.40	)		(0.18	)		(0.30	)		(1.29	)		(0.83	)		(1.34	)		(0.63	)		—

Net asset value, end of period	$	74.42		$	66.85		$	82.86		$	69.33		$	54.59		$	87.74		$	44.97		$	30.71		$	25.65		$	30.01		$	68.80		$	57.68		$	76.14		$	66.50		$	51.29		$	94.34

Total return (3)		14.90	%		(15.55	)%		20.85	%		29.15	%		(36.95	)%		45.03	%		12.46	%		21.69	%		(13.58	)%		0.72	%		19.87	%		(22.95	)%		15.87	%		33.06	%		(45.26	)%		80.64	%
Net assets, end of period (in 000’s)	$	468,846		$	514,755		$	712,608		$	436,766		$	163,780		$	61,420		$	6,746		$	59,875		$	43,611		$	6,003		$	894,422		$	617,133		$	677,680		$	445,539		$	123,108		$	122,639
Ratio of expenses to average net assets		0.60	%(4)		0.60	%		0.60	%		0.59	%		0.59	%		0.63	%(4)		0.78	%(4)		0.59	%(4)		0.59	%		0.59	%(4)		0.59	%(4)		0.60	%		0.61	%		0.59	%		0.59	%		0.59	%(4)
Ratio of net investment income (loss) to average net assets		(0.02	)%(4)		1.83	%		1.74	%		2.25	%		2.28	%		3.33	%(4)		(0.19	)%(4)		(0.06	)%(4)		1.56	%		1.25	%(4)		(0.25	)%(4)		1.71	%		1.46	%		2.22	%		1.33	%		2.56	%(4)
Portfolio turnover rate (5)		6	%		20	%		10	%		4	%		7	%		1	%		0	%(6)		5	%		15	%		1	%		3	%		9	%		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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257

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Markets ETF																		SPDR S&P Emerging Markets Dividend ETF						SPDR S&P BRIC 40 ETF
	Six Months															For the			Six Months			For the			Six Months															For the
	Ended															Period			Ended			Period			Ended															Period
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/12			*2/23/11-**			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*6/19/07-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/11			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	57.26		$	69.89		$	59.00		$	51.86		$	75.21		$	55.63		$	43.89		$	50.00		$	20.92		$	25.84		$	23.03		$	20.29		$	30.18		$	24.07

Income (loss) from investment operations:
Net investment income (loss)		0.27	(1)		1.36	(1)		1.09	(1)		0.97	(1)		1.32			0.42			0.74	(1)		2.32	(1)		0.06	(1)		0.60	(1)		0.43	(1)		0.42	(1)		0.39			0.07
Net realized and unrealized gain (loss) (2)		10.16			(12.20	)		10.73			7.00			(23.44	)		18.49			6.49			(6.96	)		3.98			(5.00	)		2.75			2.97			(10.19	)		5.90

Total from investment operations		10.43			(10.84	)		11.82			7.97			(22.12	)		18.91			7.23			(4.64	)		4.04			(4.40	)		3.18			3.39			(9.80	)		5.97

Net equalization credits and charges (1)		—			—			—			0.60			0.16			0.67			(0.02	)		0.43			—			—			—			0.01			0.04			0.14

Other Capital		0.00	(3)		—			—			—			—			—			—			—			0.00	(4)		—			—			—			—			—

Distributions to shareholders from:
Net investment income		(0.84	)		(1.15	)		(0.93	)		(1.43	)		(0.65	)		—			(0.41	)		(1.28	)		(0.24	)		(0.52	)		(0.37	)		(0.66	)		(0.13	)		—
Net realized gains		(0.68	)		(0.64	)		—			—			(0.74	)		—			—			—			—			—			—			—			—			—
Return of capital		—			—			—			—			—			—			—			(0.62	)		—			—			—			—			—			—

Total distributions		(1.52	)		(1.79	)		(0.93	)		(1.43	)		(1.39	)		—			(0.41	)		(1.90	)		(0.24	)		(0.52	)		(0.37	)		(0.66	)		(0.13	)		—

Net asset value, end of period	$	66.17		$	57.26		$	69.89		$	59.00		$	51.86		$	75.21		$	50.69		$	43.89		$	24.72		$	20.92		$	25.84		$	23.03		$	20.29		$	30.18

Total return (5)		18.61	%		(16.06	)%		20.25	%		18.05	%		(29.77	)%		35.20	%		16.51	%		(8.73	)%		19.47	%		(17.49	)%		13.98	%		18.16	%		(32.50	)%		25.38	%
Net assets, end of period (in 000’s)	$	178,654		$	154,600		$	216,661		$	94,395		$	36,299		$	45,125		$	329,507		$	54,862		$	403,000		$	374,453		$	459,991		$	340,812		$	188,734		$	156,921
Ratio of expenses to average net assets		0.59	%(6)		0.60	%		0.60	%		0.59	%		0.59	%		0.60	%(6)		0.60	%(6)		0.62	%(6)		0.50	%(6)		0.51	%		0.52	%		0.48	%		0.40	%		0.40	%(6)
Ratio of expenses to average net assets before waivers		0.59	%(6)		0.60	%		0.60	%		0.59	%		0.59	%		0.60	%(6)		0.60	%(6)		0.62	%(6)		0.50	%(6)		0.51	%		0.52	%		0.50	%		0.50	%		0.50	%(6)
Ratio of net investment income (loss) to average net assets		0.86	%(6)		1.90	%		1.73	%		2.18	%		1.97	%		2.42	%(6)		2.99	%(6)		7.46	%(6)		0.50	%(6)		2.23	%		1.78	%		2.36	%		1.43	%		2.31	%(6)
Portfolio turnover rate (7)		5	%		4	%		15	%		1	%		11	%		0	%(8)		74	%		42	%		11	%		10	%		10	%		16	%		16	%		0	%(8)


*		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)		State Street reimbursed the Fund $6,929 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)		State Street reimbursed the Fund $29,705 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(8)		Amount shown represents less than 0.5%.

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259

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Europe ETF																		SPDR S&P Emerging Latin America ETF
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*3/20/07-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	37.16		$	45.55		$	39.42		$	42.73		$	64.57		$	54.38		$	64.12		$	84.48		$	69.92		$	61.83		$	78.49		$	57.51

Income (loss) from investment operations:
Net investment income (loss)		(0.04	)(1)		1.02	(1)		0.46	(1)		0.50	(1)		0.46			0.22			0.83	(1)		1.93	(1)(2)		1.57	(1)		1.13	(1)		1.32			0.50
Net realized and unrealized gain (loss) (3)		6.46			(8.73	)		6.06			(2.77	)		(22.41	)		9.18			15.32			(20.76	)		14.73			8.12			(17.23	)		20.32

Total from investment operations		6.42			(7.71	)		6.52			(2.27	)		(21.95	)		9.40			16.15			(18.83	)		16.30			9.25			(15.91	)		20.82

Net equalization credits and charges (1)		—			—			—			(0.29	)		0.51			0.79			—			—			—			0.37			0.25			0.16

Distributions to shareholders from:
Net investment income		(0.81	)		(0.68	)		(0.39	)		(0.75	)		(0.37	)		—			(1.23	)		(1.53	)		(1.74	)		(1.53	)		(0.95	)		—
Net realized gains		—			—			—			—			(0.03	)		—			—			—			—			—			(0.05	)		—

Total distributions		(0.81	)		(0.68	)		(0.39	)		(0.75	)		(0.40	)		—			(1.23	)		(1.53	)		(1.74	)		(1.53	)		(1.00	)		—

Net asset value, end of period	$	42.77		$	37.16		$	45.55		$	39.42		$	42.73		$	64.57		$	79.04		$	64.12		$	84.48		$	69.92		$	61.83		$	78.49

Total return (4)		17.66	%		(17.35	)%		16.74	%		(5.18	)%		(33.45	)%		18.73	%		25.46	%		(22.78	)%(2)		23.73	%		16.99	%		(20.21	)%		36.49	%
Net assets, end of period (in 000’s)	$	102,636		$	118,917		$	232,325		$	137,975		$	81,189		$	38,741		$	150,174		$	121,832		$	211,194		$	132,844		$	74,202		$	39,244
Ratio of expenses to average net assets		0.60	%(5)		0.61	%		0.61	%		0.59	%		0.60	%		0.60	%(5)		0.59	%(5)		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%(5)
Ratio of net investment income (loss) to average net assets		(0.20	)%(5)		2.04	%		1.07	%		1.66	%		0.96	%		1.53	%(5)		2.24	%(5)		2.27	%(2)		2.05	%		2.27	%		1.94	%		1.98	%(5)
Portfolio turnover rate (6)		2	%		10	%		21	%		45	%		19	%		3	%		3	%		12	%		23	%		17	%		7	%		2	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. 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.

260

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261

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Middle East & Africa ETF																		SPDR S&P World ex-US ETF
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*3/20/07-**			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*4/20/07-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	62.01		$	71.33		$	58.74		$	54.48		$	68.63		$	59.25		$	21.37		$	24.19		$	23.58		$	23.31		$	34.05		$	32.57

Income (loss) from investment operations:
Net investment income (loss)		1.24	(1)		1.87	(1)		1.33	(1)		1.36	(1)		1.79	(2)		0.67			0.28	(1)		0.75	(1)		0.56	(1)		0.57	(1)		0.61			0.41
Net realized and unrealized gain (loss) (3)		9.53			(9.65	)		12.51			5.97			(15.86	)		8.49			2.94			(2.89	)		0.56			(0.22	)		(11.31	)		1.07

Total from investment operations		10.77			(7.78	)		13.84			7.33			(14.07	)		9.16			3.22			(2.14	)		1.12			0.35			(10.70	)		1.48

Net equalization credits and charges (1)		—			—			—			(0.51	)		1.04			0.22			—			—			—			0.56			0.62			—

Distributions to shareholders from:
Net investment income		(1.83	)		(1.54	)		(1.25	)		(2.56	)		(1.02	)		—			(0.29	)		(0.68	)		(0.51	)		(0.64	)		(0.57	)		—
Net realized gains		—			—			—			—			(0.10	)		—			—			—			—			—			(0.09	)		—

Total distributions		(1.83	)		(1.54	)		(1.25	)		(2.56	)		(1.12	)		—			(0.29	)		(0.68	)		(0.51	)		(0.64	)		(0.66	)		—

Net asset value, end of period	$	70.95		$	62.01		$	71.33		$	58.74		$	54.48		$	68.63		$	24.30		$	21.37		$	24.19		$	23.58		$	23.31		$	34.05

Total return (4)		17.80	%		(11.32	)%		23.91	%		14.04	%		(19.37	)%		15.84	%		15.24	%		(9.32	)%		4.99	%		4.68	%		(30.13	)%		4.56	%
Net assets, end of period (in 000’s)	$	99,334		$	105,410		$	142,664		$	129,232		$	152,538		$	27,452		$	165,236		$	119,679		$	106,453		$	84,886		$	27,973		$	13,621
Ratio of expenses to average net assets		0.59	%(5)		0.60	%		0.60	%		0.59	%		0.59	%		0.59	%(5)		0.34	%(5)		0.35	%		0.35	%		0.34	%		0.35	%		0.35	%(5)
Ratio of net investment income (loss) to average net assets		3.74	%(5)		2.55	%		2.12	%		2.98	%		3.88	%		2.65	%(5)		2.41	%(5)		2.94	%		2.44	%		3.02	%		3.36	%		2.89	%(5)
Portfolio turnover rate (6)		2	%		4	%		27	%		12	%		7	%		1	%		1	%		2	%		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%.

262

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263

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
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*4/20/07-**			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*12/15/06-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	25.79		$	27.92		$	25.45		$	23.71		$	36.71		$	35.59		$	32.70		$	38.39		$	35.53		$	37.86		$	63.83		$	60.28

Income (loss) from investment operations:
Net investment income (loss)		0.23	(1)		0.64	(1)		0.46	(1)		0.44	(1)		0.51			0.17			0.55	(1)		1.57	(1)		1.34	(1)		1.34	(1)		1.80			1.20
Net realized and unrealized gain (loss) (2)		3.28			(2.14	)		2.42			1.74			(13.04	)		0.70			2.96			(3.82	)		2.84			(2.38	)		(26.03	)		3.33

Total from investment operations		3.51			(1.50	)		2.88			2.18			(12.53	)		0.87			3.51			(2.25	)		4.18			(1.04	)		(24.23	)		4.53

Net equalization credits and charges (1)		—			—			—			0.12			0.35			0.25			1.13			0.09			(0.01	)		0.05			0.06			0.36

Other Capital		0.00	(3)		—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(0.48	)		(0.63	)		(0.41	)		(0.56	)		(0.30	)		—			(0.67	)		(3.53	)		(1.31	)		(1.34	)		(1.80	)		(1.34	)
Net realized gains		(0.20	)		—			—			—			(0.52	)		—			—			—			—			—			—			—

Total distributions		(0.68	)		(0.63	)		(0.41	)		(0.56	)		(0.82	)		—			(0.67	)		(3.53	)		(1.31	)		(1.34	)		(1.80	)		(1.34	)

Net asset value, end of period	$	28.62		$	25.79		$	27.92		$	25.45		$	23.71		$	36.71		$	36.67		$	32.70		$	38.39		$	35.53		$	37.86		$	63.83

Total return (4)		14.04	%		(5.72	)%		11.54	%		10.45	%		(33.83	)%		3.14	%		14.39	%		(6.76	)%		12.15	%		(1.52	)%		(38.38	)%		8.09	%
Net assets, end of period (in 000’s)	$	741,253		$	729,907		$	622,564		$	509,033		$	331,890		$	110,116		$	2,663,179		$	1,996,074		$	1,314,261		$	939,265		$	811,118		$	1,111,226
Ratio of expenses to average net assets		0.59	%(5)		0.61	%		0.60	%		0.59	%		0.59	%		0.59	%(5)		0.59	%(5)		0.61	%		0.60	%		0.59	%		0.59	%		0.60	%(5)
Ratio of net investment income (loss) to average net assets		1.71	%(5)		2.12	%		1.81	%	��	2.27	%		2.38	%		1.89	%(5)		3.23	%(5)		4.05	%		3.86	%		4.85	%		3.43	%		3.01	%(5)
Portfolio turnover rate (6)		0	%(7)		22	%		17	%		21	%		46	%		2	%		4	%		10	%		7	%		23	%		8	%		16	%


*		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)		State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. 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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265

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR FTSE/Macquarie Global Infrastructure 100 ETF																		SPDR S&P Global Natural Resources ETF									SPDR MSCI ACWI ex-US ETF
	Six Months															For the			Six Months						For the			Six Months															For the
	Ended															Period			Ended						Period			Ended															Period
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*1/25/07-**			3/31/12			Year Ended			*9/13/10-**			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*1/10/07-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/11			9/30/10			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	38.94		$	40.91		$	41.94		$	47.03		$	57.68		$	50.41		$	45.94		$	50.76		$	50.00		$	27.55		$	31.77		$	30.38		$	29.39		$	42.56		$	35.60

Income (loss) from investment operations:
Net investment income (loss)		0.58	(1)		1.71	(1)		1.47	(1)		1.57	(1)		1.53	(2)		0.59			0.38	(1)		1.23	(1)		0.03	(1)		0.31	(1)		0.95	(1)		0.73	(1)		0.71	(1)		0.82			0.44
Net realized and unrealized gain (loss) (3)		1.90			(2.03	)		(0.88	)		(4.35	)		(11.64	)		6.11			6.51			(5.44	)		0.73			3.89			(4.28	)		1.35			1.14			(13.76	)		6.12

Total from investment operations		2.48			(0.32	)		0.59			(2.78	)		(10.11	)		6.70			6.89			(4.21	)		0.76			4.20			(3.33	)		2.08			1.85			(12.94	)		6.56

Net equalization credits and charges (1)		—			—			—			0.07			0.60			0.57			—			—			—			—			—			—			0.08			0.60			0.40

Distributions to shareholders from:
Net investment income		(0.86	)		(1.65	)		(1.62	)		(2.38	)		(0.94	)		—			(0.45	)		(0.61	)		—			(0.30	)		(0.89	)		(0.69	)		(0.94	)		(0.77	)		—
Net realized gains		—			—			—			—			(0.20	)		—			—			—			—			—			—			—			—			(0.06	)		—

Total distributions		(0.86	)		(1.65	)		(1.62	)		(2.38	)		(1.14	)		—			(0.45	)		(0.61	)		—			(0.30	)		(0.89	)		(0.69	)		(0.94	)		(0.83	)		—

Net asset value, end of period	$	40.56		$	38.94		$	40.91		$	41.94		$	47.03		$	57.68		$	52.38		$	45.94		$	50.76		$	31.45		$	27.55		$	31.77		$	30.38		$	29.39		$	42.56

Total return (4)		6.41	%		(1.04	)%		1.63	%		(5.40	)%		(16.93	)%		14.43	%		15.08	%		(8.56	)%		1.52	%		15.36	%		(10.99	)%		7.13	%		7.41	%		(29.53	)%		19.55	%
Net assets, end of period (in 000’s)	$	36,501		$	35,045		$	53,186		$	67,099		$	79,944		$	46,142		$	254,020		$	163,076		$	7,615		$	471,698		$	363,713		$	393,909		$	309,901		$	258,639		$	127,691
Ratio of expenses to average net assets		0.59	%(5)		0.60	%		0.61	%		0.59	%		0.59	%		0.59	%(5)		0.40	%(5)		0.40	%		0.38	%(5)		0.34	%(5)		0.35	%		0.35	%		0.34	%		0.34	%		0.35	%(5)
Ratio of net investment income (loss) to average net assets		2.93	%(5)		4.07	%		3.63	%		4.16	%		3.49	%		2.50	%(5)		1.48	%(5)		2.13	%		1.10	%(5)		2.11	%(5)		2.85	%		2.43	%		2.98	%		3.00	%		2.78	%(5)
Portfolio turnover rate (6)		4	%		6	%		6	%		10	%		7	%		6	%		5	%		32	%		0	%(7)		5	%		4	%		3	%		15	%		5	%		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 $0.44 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.
(7)		Amount shown represents less than 0.5%.

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267

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR			SPDR
	MSCI			MSCI EM
	ACWI IMI ETF			50 ETF			SPDR Russell/Nomura PRIME Japan ETF
	For the			For the
	Period			Period			Six Months															For the
	*2/27/12-**			*2/27/12-**			Ended															Period
	3/31/12			3/31/12			3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*11/9/06-**
	(Unaudited)			(Unaudited)			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07

Net asset value, beginning of period	$	50.00		$	50.00		$	37.12		$	37.80		$	38.41		$	39.64		$	55.91		$	52.65

Income (loss) from investment operations:
Net investment income (loss)		0.15	(1)		0.09	(1)		0.34	(1)		0.85	(1)		0.50	(1)		0.46	(1)		1.95			0.42
Net realized and unrealized gain (loss) (2)		0.25			(0.80	)		1.86			(0.56	)		(0.58	)		(0.64	)		(15.75	)		2.84

Total from investment operations		0.40			(0.71	)		2.20			0.29			(0.08	)		(0.18	)		(13.80	)		3.26

Net equalization credits and charges (1)		—			—			—			—			—			0.29			(0.62	)		—

Distributions to shareholders from:
Net investment income		—			—			(0.40	)		(0.97	)		(0.53	)		(1.34	)		(1.69	)		(0.00	)(3)
Net realized gains		—			—			—			—			—			—			(0.16	)		—

Total distributions		—			—			(0.40	)		(0.97	)		(0.53	)		(1.34	)		(1.85	)		—

Net asset value, end of period	$	50.40		$	49.29		$	38.92		$	37.12		$	37.80		$	38.41		$	39.64		$	55.91

Total return (4)		0.79	%		(1.43	)%		6.06	%		0.56	%		(0.14	)%		0.58	%		(26.48	)%		6.19	%
Net assets, end of period (in 000’s)	$	5,040		$	4,929		$	15,567		$	14,846		$	15,119		$	15,363		$	23,786		$	268,392
Ratio of expenses to average net assets		0.25	%(5)		0.50	%(5)		0.50	%(5)		0.51	%		0.51	%		0.50	%		0.50	%		0.51	%(5)
Ratio of net investment income (loss) to average net assets		3.39	%(5)		1.97	%(5)		1.88	%(5)		2.16	%		1.34	%		1.32	%		0.52	%		0.97	%(5)
Portfolio turnover rate (6)		0	%(7)		1	%		2	%		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%.

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269

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
	3/31/12			Year Ended			Year Ended			Year Ended			Year Ended			*11/9/06-**			3/31/12			Year Ended			Year Ended			Year Ended			*2/12/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*5/7/08-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			9/30/07			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	43.79		$	39.65		$	40.51		$	35.84		$	48.31		$	48.70		$	45.07		$	53.88		$	52.49		$	48.17		$	70.76		$	26.04		$	28.76		$	27.14		$	26.04		$	35.46

Income (loss) from investment operations:
Net investment income (loss)		0.41	(1)		0.69	(1)		0.53	(1)		0.60	(1)		0.71			0.53			0.89	(1)		3.48	(1)		2.32	(1)		2.09	(1)		3.56			0.26	(1)		0.76	(1)		0.55	(1)		0.57	(1)		0.32
Net realized and unrealized gain (loss) (2)		0.73			4.12			(0.73	)		5.29			(12.49	)		(0.77	)		4.47			(9.35	)		1.26			3.70			(23.17	)		3.20			(2.31	)		2.31			0.72			(9.74	)

Total from investment operations		1.14			4.81			(0.20	)		5.89			(11.78	)		(0.24	)		5.36			(5.87	)		3.58			5.79			(19.61	)		3.46			(1.55	)		2.86			1.29			(9.42	)

Net equalization credits and charges (1)		—			—			—			(0.15	)		(0.12	)		(0.03	)		0.08			0.37			0.06			0.40			1.30			—			—			—			0.34			—

Distributions to shareholders from:
Net investment income		(0.41	)		(0.67	)		(0.66	)		(1.07	)		(0.57	)		(0.12	)		(0.80	)		(3.31	)		(2.25	)		(1.87	)		(4.28	)		(0.52	)		(0.70	)		(0.50	)		(0.53	)		—
Net realized gains		—			—			—			—			—			—			—			—			—			—			—			(0.76	)		(0.47	)		(0.74	)		—			—

Total distributions		(0.41	)		(0.67	)		(0.66	)		(1.07	)		(0.57	)		(0.12	)		(0.80	)		(3.31	)		(2.25	)		(1.87	)		(4.28	)		(1.28	)		(1.17	)		(1.24	)		(0.53	)		—

Net asset value, end of period	$	44.52		$	43.79		$	39.65		$	40.51		$	35.84		$	48.31		$	49.71		$	45.07		$	53.88		$	52.49		$	48.17		$	28.22		$	26.04		$	28.76		$	27.14		$	26.04

Total return (3)		2.67	%		12.17	%		(0.41	)%		16.35	%		(24.85	)%		(0.57	)%		12.17	%		(11.06	)%		7.34	%		13.86	%		(26.93	)%		13.99	%		(6.00	)%		11.11	%		6.87	%		(26.54	)%
Net assets, end of period (in 000’s)	$	95,712		$	98,537		$	67,412		$	85,081		$	77,057		$	137,695		$	850,146		$	482,266		$	258,705		$	126,037		$	43,369		$	39,511		$	36,461		$	30,196		$	21,716		$	5,208
Ratio of expenses to average net assets		0.55	%(4)		0.56	%		0.56	%		0.55	%		0.55	%		0.56	%(4)		0.45	%(4)		0.46	%		0.46	%		0.46	%		0.48	%(4)		0.45	%(4)		0.46	%		0.46	%		0.45	%		0.45	%(4)
Ratio of net investment income (loss) to average net assets		1.92	%(4)		1.63	%		1.37	%		1.74	%		1.24	%		1.26	%(4)		3.67	%(4)		6.24	%		4.48	%		5.26	%		8.77	%(4)		1.98	%(4)		2.49	%		2.07	%		2.57	%		2.22	%(4)
Portfolio turnover rate (5)		20	%		10	%		24	%		25	%		22	%		2	%		72	%		142	%		131	%		148	%		71	%		2	%		32	%		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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271

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
	3/31/12			Year Ended			Year Ended			Year Ended			*5/12/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*5/7/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	40.57		$	54.62		$	43.78		$	32.69		$	52.29		$	32.58		$	36.00		$	31.18		$	39.33		$	49.87		$	25.05		$	26.90		$	24.12		$	22.37		$	25.54

Income (loss) from investment operations:
Net investment income (loss)		0.11	(1)		0.99	(1)		1.06	(1)(2)		0.66	(1)		0.16			0.60	(1)		1.16	(1)		1.11	(1)		1.19	(1)		0.56			0.14	(1)		0.47	(1)		0.41	(1)		0.43	(1)		0.12
Net realized and unrealized gain (loss) (3)		6.74			(13.25	)		10.65			10.18			(20.81	)		5.74			(2.00	)		4.88			(8.23	)		(10.80	)		4.78			(1.79	)		2.69			1.77			(3.26	)

Total from investment operations		6.85			(12.26	)		11.71			10.84			(20.65	)		6.34			(0.84	)		5.99			(7.04	)		(10.24	)		4.92			(1.32	)		3.10			2.20			(3.14	)

Net equalization credits and charges (1)		—			—			—			0.56			1.05			0.59			0.08			0.02			0.31			0.33			(0.12	)		(0.03	)		0.02			—			—

Other Capital		0.03			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(1.07	)		(0.34	)		(0.19	)		(0.31	)		—			(0.50	)		(2.66	)		(1.19	)		(1.42	)		(0.63	)		(0.28	)		(0.50	)		(0.34	)		(0.45	)		(0.03	)
Net realized gains		(0.86	)		(1.45	)		(0.68	)		—			—			—			—			—			—			—			(0.39	)		—			—			—			—

Total distributions		(1.93	)		(1.79	)		(0.87	)		(0.31	)		—			(0.50	)		(2.66	)		(1.19	)		(1.42	)		(0.63	)		(0.67	)		(0.50	)		(0.34	)		(0.45	)		(0.03	)

Net asset value, end of period	$	45.52		$	40.57		$	54.62		$	43.78		$	32.69		$	39.01		$	32.58		$	36.00		$	31.18		$	39.33		$	29.18		$	25.05		$	26.90		$	24.12		$	22.37

Total return (4)		17.90	%		(23.36	)%		27.05	%		35.45	%		(37.48	)%		21.35	%		(2.80	)%		19.71	%		(15.97	)%		(19.89	)%		19.67	%		(5.33	)%		13.12	%		10.38	%		(12.29	)%
Net assets, end of period (in 000’s)	$	933,205		$	908,812		$	797,411		$	65,674		$	9,807		$	421,296		$	273,706		$	140,388		$	81,076		$	15,731		$	8,753		$	11,271		$	18,833		$	4,824		$	4,475
Ratio of expenses to average net assets		0.66	%(5)		0.66	%		0.66	%		0.66	%		0.76	%(5)		0.50	%(5)		0.50	%		0.51	%		0.50	%		0.50	%(5)		0.51	%(5)		0.50	%		0.51	%		0.50	%		0.52	%(5)
Ratio of net investment income (loss) to average net assets		0.54	%(5)		1.85	%		2.19	%		1.93	%		3.41	%(5)		3.34	%(5)		3.08	%		3.42	%		4.84	%		3.97	%(5)		1.09	%(5)		1.61	%		1.67	%		2.22	%		1.88	%(5)
Portfolio turnover rate (6)		5	%		70	%		85	%		83	%		2	%		2	%		9	%		7	%		18	%		4	%		2	%		9	%		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)		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.

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273

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
	3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	29.60		$	29.80		$	26.31		$	25.80		$	27.47		$	22.46		$	24.52		$	25.48		$	25.07		$	31.62		$	15.47		$	19.60		$	21.39		$	21.48		$	24.52

Income (loss) from investment operations:
Net investment income (loss)		0.25	(1)		0.88	(1)		0.69	(1)		0.57	(1)		0.13			0.36	(1)		0.70	(1)		0.65	(1)		0.76	(1)		0.16			0.29	(1)		0.69	(1)		0.55	(1)		0.46	(1)		0.10
Net realized and unrealized gain (loss) (2)		3.82			(0.37	)		3.39			0.50			(1.69	)		3.83			(2.10	)		(1.01	)		0.34			(6.57	)		2.19			(4.09	)		(1.83	)		(0.11	)		(3.05	)

Total from investment operations		4.07			0.51			4.08			1.07			(1.56	)		4.19			(1.40	)		(0.36	)		1.10			(6.41	)		2.48			(3.40	)		(1.28	)		0.35			(2.95	)

Net equalization credits and charges (1)		0.00	(3)		0.15			0.04			—			—			(0.02	)		0.00	(3)		0.04			0.04			—			(0.09	)		(0.01	)		0.04			0.01			—

Distributions to shareholders from:
Net investment income		(0.22	)		(0.86	)		(0.63	)		(0.56	)		(0.11	)		(0.41	)		(0.66	)		(0.64	)		(0.72	)		(0.14	)		(0.33	)		(0.72	)		(0.55	)		(0.45	)		(0.09	)
Return of capital		—			—			—			—			—			—			—			—			(0.01	)		—			—			—			—			—			—

Total distributions		(0.22	)		(0.86	)		(0.63	)		(0.56	)		(0.11	)		(0.41	)		(0.66	)		(0.64	)		(0.73	)		(0.14	)		(0.33	)		(0.72	)		(0.55	)		(0.45	)		(0.09	)

Net asset value, end of period	$	33.45		$	29.60		$	29.80		$	26.31		$	25.80		$	26.22		$	22.46		$	24.52		$	25.48		$	25.07		$	17.53		$	15.47		$	19.60		$	21.39		$	21.48

Total return (4)		13.77	%		2.08	%		15.87	%		4.48	%		(5.70	)%		18.60	%		(6.14	)%		(1.18	)%		5.09	%		(20.28	)%		15.74	%		(17.99	)%		(5.60	)%		2.35	%		(12.03	)%
Net assets, end of period (in 000’s)	$	20,067		$	19,239		$	14,900		$	5,262		$	5,160		$	11,798		$	12,355		$	12,259		$	6,369		$	5,014		$	7,889		$	7,735		$	8,821		$	5,348		$	4,295
Ratio of expenses to average net assets		0.50	%(5)		0.51	%		0.51	%		0.50	%		0.50	%(5)		0.50	%(5)		0.51	%		0.51	%		0.50	%		0.50	%(5)		0.50	%(5)		0.51	%		0.51	%		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		1.60	%(5)		2.81	%		2.50	%		2.58	%		2.17	%(5)		2.76	%(5)		2.55	%		2.63	%		3.64	%		3.03	%(5)		3.54	%(5)		3.47	%		2.85	%		2.88	%		2.03	%(5)
Portfolio turnover rate (6)		2	%		2	%		5	%		8	%		9	%		2	%		4	%		11	%		6	%		1	%		1	%		4	%		6	%		25	%		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%.

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275

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
	3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	29.55		$	29.46		$	28.50		$	28.38		$	31.23		$	22.46		$	25.65		$	23.26		$	22.07		$	27.47		$	22.83		$	26.34		$	23.05		$	21.54		$	31.52

Income (loss) from investment operations:
Net investment income (loss)		0.51	(1)		0.74	(1)		0.64	(1)		0.57	(1)		0.11			0.19	(1)		0.62	(1)		0.41	(1)		0.47	(1)		0.09			0.14	(1)		0.42	(1)		0.32	(1)		0.27	(1)		0.11
Net realized and unrealized gain (loss) (2)		2.81			0.04			0.96			0.11			(2.91	)		3.55			(3.23	)		2.27			1.25			(5.44	)		2.72			(3.51	)		3.25			1.41			(10.02	)

Total from investment operations		3.32			0.78			1.60			0.68			(2.80	)		3.74			(2.61	)		2.68			1.72			(5.35	)		2.86			(3.09	)		3.57			1.68			(9.91	)

Net equalization credits and charges (1)		(0.02	)		0.05			(0.01	)		—			—			(0.04	)		(0.01	)		0.06			—			—			0.00	(3)		(0.03	)		(0.02	)		0.15			—

Distributions to shareholders from:
Net investment income		(0.46	)		(0.74	)		(0.63	)		(0.56	)		(0.05	)		(0.33	)		(0.57	)		(0.35	)		(0.53	)		(0.05	)		(0.31	)		(0.39	)		(0.26	)		(0.32	)		(0.07	)

Total distributions		(0.46	)		(0.74	)		(0.63	)		(0.56	)		(0.05	)		(0.33	)		(0.57	)		(0.35	)		(0.53	)		(0.05	)		(0.31	)		(0.39	)		(0.26	)		(0.32	)		(0.07	)

Net asset value, end of period	$	32.39		$	29.55		$	29.46		$	28.50		$	28.38		$	25.83		$	22.46		$	25.65		$	23.26		$	22.07		$	25.38		$	22.83		$	26.34		$	23.05		$	21.54

Total return (4)		11.21	%		2.69	%		5.71	%		2.78	%		(8.97	)%		16.65	%		(10.62	)%		11.94	%		8.35	%		(19.49	)%		12.64	%		(12.12	)%		15.53	%		8.87	%		(31.44	)%
Net assets, end of period (in 000’s)	$	19,434		$	19,207		$	10,310		$	5,701		$	5,676		$	14,209		$	20,211		$	17,955		$	4,653		$	4,413		$	13,959		$	19,403		$	22,387		$	9,221		$	4,309
Ratio of expenses to average net assets		0.50	%(5)		0.50	%		0.51	%		0.50	%		0.50	%(5)		0.50	%(5)		0.50	%		0.52	%		0.50	%		0.50	%(5)		0.50	%(5)		0.51	%		0.52	%		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		3.34	%(5)		2.37	%		2.25	%		2.35	%		1.67	%(5)		1.62	%(5)		2.22	%		1.74	%		2.59	%		1.55	%(5)		1.10	%(5)		1.42	%		1.31	%		1.47	%		1.99	%(5)
Portfolio turnover rate (6)		1	%		5	%		29	%		0	%(7)		18	%		5	%		0	%(7)		20	%		3	%		0	%(7)		0	%(7)		1	%		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)		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%.

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277

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
	3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**			3/31/12			Year Ended			Year Ended			Year Ended			*7/16/08-**
	(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	22.00		$	24.76		$	24.58		$	22.27		$	27.77		$	22.65		$	24.30		$	23.58		$	22.71		$	27.02		$	17.38		$	20.55		$	22.78		$	24.95		$	29.47

Income (loss) from investment operations:
Net investment income (loss)		0.08	(1)		0.34	(1)		0.29	(1)		0.24	(1)		0.06			0.45	(1)		1.22	(1)(2)		1.05	(1)		0.97	(1)		0.16			0.21	(1)		0.92	(1)(2)		0.82	(1)		0.86	(1)		0.37	(3)
Net realized and unrealized gain (loss) (4)		4.67			(2.68	)		0.14			2.32			(5.56	)		0.09			(1.54	)		0.69			0.86			(4.33	)		(0.13	)		(3.20	)		(2.43	)		(2.19	)		(4.45	)

Total from investment operations		4.75			(2.34	)		0.43			2.56			(5.50	)		0.54			(0.32	)		1.74			1.83			(4.17	)		0.08			(2.28	)		(1.61	)		(1.33	)		(4.08	)

Net equalization credits and charges (1)		(0.02	)		0.00	(5)		0.01			0.01			—			(0.02	)		0.01			0.02			0.02			—			0.03			0.02			0.04			—			—

Distributions to shareholders from:
Net investment income		(0.11	)		(0.33	)		(0.25	)		(0.26	)		—			(0.46	)		(1.34	)		(1.04	)		(0.98	)		(0.14	)		(0.23	)		(0.91	)		(0.66	)		(0.81	)		(0.44	)
Net realized gains		(0.14	)		(0.09	)		(0.01	)		—			—			—			—			—			—			—			—			—			—			(0.03	)		—

Total distributions		(0.25	)		(0.42	)		(0.26	)		(0.26	)		—			(0.46	)		(1.34	)		(1.04	)		(0.98	)		(0.14	)		(0.23	)		(0.91	)		(0.66	)		(0.84	)		(0.44	)

Net asset value, end of period	$	26.48		$	22.00		$	24.76		$	24.58		$	22.27		$	22.71		$	22.65		$	24.30		$	23.58		$	22.71		$	17.26		$	17.38		$	20.55		$	22.78		$	24.95

Total return (6)		21.66	%		(9.74	)%		1.86	%		11.81	%		(19.81	)%		2.31	%		(1.66	)%(2)		8.09	%		8.68	%		(15.45	)%		0.65	%		(11.45	)%(2)		(6.71	)%		(4.96	)%		(13.87	)%
Net assets, end of period (in 000’s)	$	14,562		$	18,702		$	21,044		$	11,062		$	4,454		$	19,300		$	12,458		$	15,795		$	9,432		$	4,542		$	14,667		$	9,561		$	8,221		$	4,557		$	4,989
Ratio of expenses to average net assets		0.50	%(7)		0.51	%		0.52	%		0.51	%		0.50	%(7)		0.50	%(7)		0.51	%		0.52	%		0.50	%		0.50	%(7)		0.50	%(7)		0.51	%		0.52	%		0.50	%		0.50	%(7)
Ratio of net investment income (loss) to average net assets		0.65	%(7)		1.27	%		1.20	%		1.23	%		1.04	%(7)		3.97	%(7)		4.84	%(2)		4.62	%		4.76	%		3.11	%(7)		2.49	%(7)		4.49	%(2)		3.94	%		4.23	%		6.47	%(7)
Portfolio turnover rate (8)		4	%		1	%		10	%		5	%		0	%(9)		0	%(9)		8	%		6	%		5	%		0	%(9)		0	%(9)		2	%		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 and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.09 per share and 0.34% of average net assets, and $0.08 per share and 0.39% of average net assets, respectively. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (2.00)% and (11.75)%, respectively.
(3)		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.
(4)		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.
(5)		Amount is less than $0.005 per share.
(6)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(7)		Annualized.
(8)		Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.
(9)		Amount shown represents less than 0.5%.

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279

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS

March 31, 2012 (Unaudited)


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, 2012, the Trust offered thirty-six (36) 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 Small Cap 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 MSCI ACWI IMI ETF, SPDR MSCI EM 50 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.	Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles 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. These financial statements are presented in United States dollars.

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

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March 31, 2012 (Unaudited)

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 (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.

The following table summarizes the inputs used in valuing the Funds’ investments as of March 31, 2012:


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total

SPDR STOXX Europe 50 ETF	$	30,004,066	$	—		$	—		$	30,004,066
SPDR EURO STOXX 50 ETF		453,801,522		—			—			453,801,522
SPDR S&P Emerging Asia Pacific ETF		499,245,571		—	*		—	**		499,245,571
SPDR S&P Small Cap Emerging Asia Pacific ETF		6,694,196		16,397			—			6,710,593

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March 31, 2012 (Unaudited)


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total

SPDR S&P Russia ETF	$	61,056,236	$	—		$	—		$	61,056,236
SPDR S&P China ETF		1,051,046,836		—	*		—			1,051,046,836
SPDR S&P Emerging Markets ETF		187,677,602		—	*		7,914			187,685,516
SPDR S&P Emerging Markets Dividend ETF		356,062,752		—			—			356,062,752
SPDR S&P BRIC 40 ETF		437,063,072		—			—			437,063,072
SPDR S&P Emerging Europe ETF		105,223,064		—			—			105,223,064
SPDR S&P Emerging Latin America ETF		165,765,515		—			—			165,765,515
SPDR S&P Emerging Middle East & Africa ETF		104,090,200		—			—			104,090,200
SPDR S&P World ex-US ETF		181,535,898		123			—	**		181,536,021
SPDR S&P International Small Cap ETF		827,006,140		7,334			151,103			827,164,577
SPDR Dow Jones International Real Estate ETF		2,735,401,775		15,026			—			2,735,416,801
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		42,340,190		—			—			42,340,190
SPDR S&P Global Natural Resources ETF		275,530,583		—			—	**		275,530,583
SPDR MSCI ACWI ex-US ETF		524,791,091		3,349			—			524,794,440
SPDR MSCI ACWI IMI ETF		4,996,851		—			—			4,996,851
SPDR MSCI EM 50 ETF		4,907,005		—			—			4,907,005
SPDR Russell/Nomura PRIME Japan ETF		19,812,567		—			—			19,812,567
SPDR Russell/Nomura Small Cap Japan ETF		112,133,530		—	*		—			112,133,530
SPDR S&P International Dividend ETF		943,148,142		3,224,690			—			946,372,832
SPDR S&P International Mid Cap ETF		45,925,581		—			—	**		45,925,581
SPDR S&P Emerging Markets Small Cap ETF		967,311,685		1,524,919			—	**		968,836,604
SPDR Dow Jones Global Real Estate ETF		449,410,269		—	*		—			449,410,269
SPDR S&P International Consumer Discretionary Sector ETF		8,726,334		—			—			8,726,334
SPDR S&P International Consumer Staples Sector ETF		19,934,547		—			—			19,934,547
SPDR S&P International Energy Sector ETF		11,763,838		—			—			11,763,838
SPDR S&P International Financial Sector ETF		7,816,600		275			—			7,816,875
SPDR S&P International Health Care Sector ETF		19,121,126		—			—			19,121,126
SPDR S&P International Industrial Sector ETF		14,037,530		—			—			14,037,530
SPDR S&P International Materials Sector ETF		13,838,726		—			1,237			13,839,963
SPDR S&P International Technology Sector ETF		14,533,820		—			—			14,533,820
SPDR S&P International Telecommunications Sector ETF		19,210,536		—			—			19,210,536
SPDR S&P International Utilities Sector ETF		14,716,747		—			—			14,716,747


*		Fund held Level 2 securities that were valued at $0 at March 31, 2012.
**		Fund held Level 3 securities that were valued at $0 at March 31, 2012.

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund — Other Financial Instruments*	Prices		Inputs			Inputs		Total

SPDR S&P Emerging Markets ETF	$	—	$	(59,833	)	$	—	$	(59,833	)


*		Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as forward foreign currency contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

There were no material transfers between levels for the six months ended March 31, 2012. The transfers that did occur were the result of fair value pricing using significant observable inputs for Level 2 securities and significant unobservable inputs for Level 3 securities.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)

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 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 and SPDR S&P Emerging Markets ETF used futures contracts during the period to meet each Fund’s objectives. 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)

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, 2012 is included in a table following the Fund’s Schedule of Investments.

The following tables summarize the value of the Fund’s derivative instruments as of March 31, 2012 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

—

378,096

—

378,096


(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	$	—	$	—	$	—	$	249,844	$	—	$	—	$	249,844
SPDR S&P Emerging Markets ETF (a)	Futures Contract		—		—		—		564,111		—		—		564,111


(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		—		—		—		(191,912	)		—		—		(191,912	)


(a)		Net change in unrealized appreciation (depreciation) on Futures.

The volume of derivatives held at period end is indicative of the volume held throughout the year.

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

285

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)

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.

Accounting Standards Codification 740, Income Taxes (“ASC 740”) established financial accounting and disclosure requirements for recognition and measurement of tax positions taken, and whether those tax positions are more likely than not to be sustained upon examination by the applicable taxing authority based on the technical merits of the position. The Funds have not recognized any liabilities for unrecognized tax benefits, related to the current year or prior years impacting the NAVs of the Funds. The Funds may be subject to potential examinations by certain taxing authorities for all open tax years (the current and prior years, as applicable). Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Funds’ investments may change over time based on factors including, but not limited to new tax laws, regulations, and interpretations thereof.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernizes several of the federal income and excise tax provisions related to RICs, and, with certain exceptions, is effective for taxable years beginning after December 22, 2010. Among the changes made are changes to the capital loss carryforward rules allowing for capital losses to be carried forward indefinitely. Rules in effect previously limit the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after the effective date of the Act must be fully used before capital loss carryforwards generated in taxable years prior to the effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.

For the six months ended March 31, 2012, 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	$	(1,299,474	)
SPDR EURO STOXX 50 ETF		251,872
SPDR S&P Emerging Asia Pacific ETF		7,797,333
SPDR S&P Small Cap Emerging Asia Pacific ETF		—
SPDR S&P Russia ETF		667,204
SPDR S&P China ETF		18,067,662
SPDR S&P Emerging Markets ETF		369,677
SPDR S&P Emerging Markets Dividend ETF		—
SPDR S&P BRIC 40 ETF		15,691,145
SPDR S&P Emerging Europe ETF		(6,647,617	)
SPDR S&P Emerging Latin America ETF		(1,740,213	)
SPDR S&P Emerging Middle East & Africa ETF		1,258,662
SPDR S&P World ex-US ETF		3,234,861
SPDR S&P International Small Cap ETF		2,594,170
SPDR Dow Jones International Real Estate ETF		19,244,178
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—
SPDR S&P Global Natural Resources ETF		2,175,302

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


	Net Gain (Loss)
	Reclassified to
	Paid in Capital

SPDR MSCI ACWI ex-US ETF	$	21,548,197
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		—
SPDR Russell/Nomura PRIME Japan ETF		—
SPDR Russell/Nomura Small Cap Japan ETF		299,262
SPDR S&P International Dividend ETF		—
SPDR S&P International Mid Cap ETF		—
SPDR S&P Emerging Markets Small Cap ETF		(6,616,832	)
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		(331,675	)
SPDR S&P International Consumer Staples Sector ETF		878,749
SPDR S&P International Energy Sector ETF		173,884
SPDR S&P International Financial Sector ETF		(307,733	)
SPDR S&P International Health Care Sector ETF		552,476
SPDR S&P International Industrial Sector ETF		(1,587,542	)
SPDR S&P International Materials Sector ETF		(859,219	)
SPDR S&P International Technology Sector ETF		233,501
SPDR S&P International Telecommunications Sector ETF		60,319
SPDR S&P International Utilities Sector ETF		—

At September 30, 2011, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring September 30:


	2012		2013		2014		2015		2016			2017			2018			2019

SPDR STOXX Europe 50 ETF	$	—	$	—	$	—	$	—	$	—		$	(5,783,115	)	$	(6,195,941	)	$	(2,032,222	)
SPDR EURO STOXX 50 ETF		—		—		—		—		—			(6,389,360	)		(14,945,357	)		(8,709,645	)
SPDR S&P Emerging Asia Pacific ETF		—		—		—		—		—			—			—			—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—		—		—			—			—			—
SPDR S&P Russia ETF		—		—		—		—		—			—			—			—
SPDR S&P China ETF		—		—		—		—		—			(2,685,375	)		(3,455,043	)		(20,718,358	)
SPDR S&P Emerging Markets ETF		—		—		—		—		—			—			—			—
SPDR S&P Emerging Markets Dividend ETF		—		—		—		—		—			—			—			—
SPDR S&P BRIC 40 ETF		—		—		—		—		—			(399,946	)		(37,661,979	)		(9,992,324	)
SPDR S&P Emerging Europe ETF		—		—		—		—		—			(5,912,354	)		(8,992,073	)		(9,348,438	)
SPDR S&P Emerging Latin America ETF		—		—		—		—		—			(3,111,522	)		(3,011,912	)		(2,259,986	)
SPDR S&P Emerging Middle East & Africa ETF		—		—		—		—		—			(1,967,866	)		(10,818,456	)		(1,720,229	)
SPDR S&P World ex-US ETF		—		—		—		—		—			—			(2,423,513	)		—
SPDR S&P International Small Cap ETF		—		—		—		—		—			—			—			—
SPDR Dow Jones International Real Estate ETF		—		—		—		—		(2,568,760	)		(37,378,612	)		(162,058,595	)		(64,649,806	)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—		—		—		—		—			(246,762	)		(3,044,553	)		(1,744,492	)
SPDR S&P Global Natural Resources ETF		—		—		—		—		—			—			—			—
SPDR MSCI ACWI ex-US ETF		—		—		—		—		—			(2,856,017	)		(36,957,682	)		(2,453,209	)

287

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


	2012		2013		2014		2015		2016		2017			2018			2019

SPDR MSCI ACWI IMI ETF	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
SPDR MSCI EM 50 ETF		—		—		—		—		—		—			—			—
SPDR Russell/Nomura PRIME Japan ETF		—		—		—		—		—		(367,543	)		(574,285	)		(91,148	)
SPDR Russell/Nomura Small Cap Japan ETF		—		—		—		—		—		(1,997,862	)		(3,384,327	)		(20,536	)
SPDR S&P International Dividend ETF		—		—		—		—		—		—			(13,759,514	)		—
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	)		(1,089,711	)
SPDR S&P International Consumer Discretionary Sector ETF		—		—		—		—		—		—			—			—
SPDR S&P International Consumer Staples Sector ETF		—		—		—		—		—		(7	)		(96,735	)		(3,931	)
SPDR S&P International Energy Sector ETF		—		—		—		—		—		(4,624	)		(119,106	)		(316,377	)
SPDR S&P International Financial Sector ETF		—		—		—		—		—		(39,777	)		(563,054	)		(43,972	)
SPDR S&P International Health Care Sector ETF		—		—		—		—		—		(64,517	)		(3,109	)		(41,551	)
SPDR S&P International Industrial Sector ETF		—		—		—		—		—		(4,087	)		(41,800	)		(85,376	)
SPDR S&P International Materials Sector ETF		—		—		—		—		—		(65,728	)		(154,398	)		(205,070	)
SPDR S&P International Technology Sector ETF		—		—		—		—		—		—			—			(5,746	)
SPDR S&P International Telecommunications Sector ETF		—		—		—		—		—		(2,618	)		(97,364	)		(213,502	)
SPDR S&P International Utilities Sector ETF		—		—		—		—		—		(16,137	)		(130,798	)		(182,287	)

At September 30, 2011, SPDR S&P Emerging Markets Dividend ETF had capital loss carryforwards that are short term and will not expire of ($362,314).

Under current tax laws, capital and Passive Foreign Investment Company 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, 2010 through September 30, 2011 that are deferred for tax purposes until fiscal 2012:


	Deferred Losses

SPDR STOXX Europe 50 ETF	$	(4,660,893	)
SPDR EURO STOXX 50 ETF		(9,828,366	)
SPDR S&P Emerging Asia Pacific ETF		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—
SPDR S&P Russia ETF		(455,086	)
SPDR S&P China ETF		(4,297,703	)
SPDR S&P Emerging Markets ETF		—
SPDR S&P Emerging Markets Dividend ETF		—
SPDR S&P BRIC 40 ETF		(15,032,769	)
SPDR S&P Emerging Europe ETF		(2,324,525	)
SPDR S&P Emerging Latin America ETF		(2,722,344	)
SPDR S&P Emerging Middle East & Africa ETF		(3,253,594	)
SPDR S&P World ex-US ETF		—
SPDR S&P International Small Cap ETF		—
SPDR Dow Jones International Real Estate ETF		(119,908,870	)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		(1,282,309	)
SPDR S&P Global Natural Resources ETF		(4,448,744	)
SPDR MSCI ACWI ex-US ETF		(2,054,754	)

288

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


	Deferred Losses

SPDR MSCI ACWI IMI ETF	$	—
SPDR MSCI EM 50 ETF		—
SPDR Russell/Nomura PRIME Japan ETF		(59,274	)
SPDR Russell/Nomura Small Cap Japan ETF		(1,300,627	)
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		(2,997,296	)
SPDR S&P International Consumer Discretionary Sector ETF		(153,740	)
SPDR S&P International Consumer Staples Sector ETF		(44,066	)
SPDR S&P International Energy Sector ETF		(53,267	)
SPDR S&P International Financial Sector ETF		(229,048	)
SPDR S&P International Health Care Sector ETF		(70,252	)
SPDR S&P International Industrial Sector ETF		(13,188	)
SPDR S&P International Materials Sector ETF		—
SPDR S&P International Technology Sector ETF		(33,341	)
SPDR S&P International Telecommunications Sector ETF		(133,594	)
SPDR S&P International Utilities Sector ETF		(57,591	)

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 Small Cap 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 MSCI ACWI IMI ETF, SPDR MSCI EM 50 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.

289

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)

Subsequent Events

Events or transactions occuring after period end through the date the financial statements were issued have been evaluated by management in the preparation of the financial statements and no items were noted requiring additional disclosure or adjustment.


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 Small Cap Emerging Asia Pacific ETF		0.65
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 MSCI ACWI IMI ETF		0.25
SPDR MSCI EM 50 ETF		0.50
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

290

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


	Annual Rate

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.

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 period ended March 31, 2012, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR STOXX Europe 50 ETF	$	1,230
SPDR EURO STOXX 50 ETF		11,984
SPDR S&P Emerging Asia Pacific ETF		25,323
SPDR S&P Small Cap Emerging Asia Pacific ETF		—
SPDR S&P Russia ETF		1,882
SPDR S&P China ETF		134,528
SPDR S&P Emerging Markets ETF		8,621
SPDR S&P Emerging Markets Dividend ETF		25,731
SPDR S&P BRIC 40 ETF		30,687
SPDR S&P Emerging Europe ETF		14,711
SPDR S&P Emerging Latin America ETF		7,327
SPDR S&P Emerging Middle East & Africa ETF		2,176
SPDR S&P World ex-US ETF		7,549
SPDR S&P International Small Cap ETF		74,718
SPDR Dow Jones International Real Estate ETF		63,564
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		2,705
SPDR S&P Global Natural Resources ETF		6,817
SPDR MSCI ACWI ex-US ETF		22,441
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		—
SPDR Russell/Nomura PRIME Japan ETF		646

291

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


	Securities Lending
	Agent Fees

SPDR Russell/Nomura Small Cap Japan ETF	$	6,330
SPDR S&P International Dividend ETF		120,194
SPDR S&P International Mid Cap ETF		3,122
SPDR S&P Emerging Markets Small Cap ETF		98,732
SPDR Dow Jones Global Real Estate ETF		8,985
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		13
SPDR S&P International Health Care Sector ETF		3
SPDR S&P International Industrial Sector ETF		—
SPDR S&P International Materials Sector ETF		—
SPDR S&P International Technology Sector ETF		66
SPDR S&P International Telecommunications Sector ETF		—
SPDR S&P International Utilities Sector ETF		62

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 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 (“Series 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 Series 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

292

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)

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, 2012 and for the period then ended are:


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	9/30/11		Cost		Shares		Proceeds		Shares		3/31/12		Income		Gain/(Loss)

SPDR STOXX Europe 50 ETF	$	3,457	$	486,546		486,546	$	489,786		489,786	$	217	$	25	$	—
SPDR EURO STOXX 50 ETF		1,944		2,370,644		2,370,644		2,328,567		2,328,567		44,021		98		—
SPDR S&P Emerging Asia Pacific ETF		1,650,870		46,188,901		46,188,901		47,839,671		47,839,671		100		931		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		43,601		43,601		26,883		26,883		16,718		8		—
SPDR S&P Russia ETF		462,494		2,197,440		2,197,440		2,621,020		2,621,020		38,914		158		—
SPDR S&P China ETF		887,638		9,720,169		9,720,169		10,029,232		10,029,232		578,575		643		—
SPDR S&P Emerging Markets ETF		1,723,265		11,100,363		11,100,363		10,897,392		10,897,392		1,926,236		1,177		—
SPDR S&P Emerging Markets Dividend ETF		100		9,212,403		9,212,403		9,212,403		9,212,403		100		160		—
SPDR S&P BRIC 40 ETF		365,852		15,791,536		15,791,536		15,209,618		15,209,618		947,770		745		—
SPDR S&P Emerging Europe ETF		100		3,394,007		3,394,007		3,333,271		3,333,271		60,836		121		—
SPDR S&P Emerging Latin America ETF		8,374		4,286,466		4,286,466		3,820,915		3,820,915		473,925		200		—
SPDR S&P Emerging Middle East & Africa ETF		153,489		3,449,208		3,449,208		3,602,597		3,602,597		100		91		—
SPDR S&P World ex-US ETF		149,788		2,183,680		2,183,680		2,024,344		2,024,344		309,124		135		—
SPDR S&P International Small Cap ETF		887,157		19,698,619		19,698,619		20,443,674		20,443,674		142,102		635		—
SPDR Dow Jones International Real Estate ETF		1,906,808		53,966,097		53,966,097		54,717,968		54,717,968		1,154,937		2,296		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		24,077		1,155,136		1,155,136		1,119,912		1,119,912		59,301		62		—
SPDR S&P Global Natural Resources ETF		543,009		2,549,205		2,549,205		2,687,925		2,687,925		404,289		238		—
SPDR MSCI ACWI ex-US ETF		210,664		8,305,051		8,305,051		8,416,425		8,416,425		99,290		451		—
SPDR MSCI ACWI IMI ETF		—		103,203		103,203		92,212		92,212		10,991		3		—
SPDR MSCI EM 50 ETF		—		1,548		1,548		—		—		1,548		—		—
SPDR Russell/Nomura PRIME Japan ETF		6,856		180,664		180,664		184,276		184,276		3,244		9		—
SPDR Russell/Nomura Small Cap Japan ETF		78,887		1,020,280		1,020,280		1,077,490		1,077,490		21,677		59		—
SPDR S&P International Dividend ETF		100		26,186,697		26,186,697		26,152,250		26,152,250		34,547		796		—
SPDR S&P International Mid Cap ETF		3,271		2,123,366		2,123,366		2,120,532		2,120,532		6,105		86		—
SPDR S&P Emerging Markets Small Cap ETF		17,023,636		97,629,061		97,629,061		109,984,830		109,984,830		4,667,867		4,901		—
SPDR Dow Jones Global Real Estate ETF		470,118		7,154,814		7,154,814		7,185,926		7,185,926		439,006		455		—
SPDR S&P International Consumer Discretionary Sector ETF		2,672		394,299		394,299		394,328		394,328		2,643		10		—
SPDR S&P International Consumer Staples Sector ETF		7,154		301,965		301,965		309,019		309,019		100		17		—
SPDR S&P International Energy Sector ETF		12,423		193,194		193,194		202,321		202,321		3,296		9		—
SPDR S&P International Financial Sector ETF		1,355		175,698		175,698		136,262		136,262		40,791		7		—
SPDR S&P International Health Care Sector ETF		56,731		273,539		273,539		321,405		321,405		8,865		20		—
SPDR S&P International Industrial Sector ETF		11,314		563,032		563,032		527,040		527,040		47,306		43		—
SPDR S&P International Materials Sector ETF		2,366		319,426		319,426		303,077		303,077		18,715		13		—
SPDR S&P International Technology Sector ETF		4,203		196,031		196,031		198,991		198,991		1,243		20		—
SPDR S&P International Telecommunications Sector ETF		100		45,665		45,665		32,012		32,012		13,753		4		—
SPDR S&P International Utilities Sector ETF		9,298		138,051		138,051		147,249		147,249		100		2		—

293

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	9/30/11		Cost		Shares		Proceeds		Shares		3/31/12		Income		Gain/(Loss)

SPDR STOXX Europe 50 ETF	$	235,551	$	6,561,777		6,561,777	$	6,797,328		6,797,328	$	—	$	6,968	$	—
SPDR EURO STOXX 50 ETF		1,763,778		43,608,906		43,608,906		45,372,684		45,372,684		—		67,906		—
SPDR S&P Emerging Asia Pacific ETF		39,643,667		91,899,430		91,899,430		102,085,074		102,085,074		29,458,023		143,455		—
SPDR S&P Russia ETF		1,946,540		19,459,752		19,459,752		20,263,493		20,263,493		1,142,799		10,662		—
SPDR S&P China ETF		127,819,868		261,297,099		261,297,099		232,998,244		232,998,244		156,118,723		761,432		—
SPDR S&P Emerging Markets ETF		13,503,128		32,449,233		32,449,233		33,118,615		33,118,615		12,833,746		48,830		—
SPDR S&P Emerging Markets Dividend ETF		2,355,737		57,462,249		57,462,249		30,747,678		30,747,678		29,070,308		145,794		—
SPDR S&P BRIC 40 ETF		58,945,702		141,941,377		141,941,377		166,994,549		166,994,549		33,892,530		173,849		—
SPDR S&P Emerging Europe ETF		2,806,395		14,820,146		14,820,146		15,119,622		15,119,622		2,506,919		83,363		—
SPDR S&P Emerging Latin America ETF		16,548,616		62,510,345		62,510,345		62,753,338		62,753,338		16,305,623		41,517		—
SPDR S&P Emerging Middle East & Africa ETF		6,142,225		10,309,733		10,309,733		10,373,035		10,373,035		6,078,923		12,326		—
SPDR S&P World ex-US ETF		13,616,714		29,279,916		29,279,916		25,142,661		25,142,661		17,753,969		42,538		—
SPDR S&P International Small Cap ETF		90,541,104		75,514,631		75,514,631		73,015,543		73,015,543		93,040,192		423,183		—
SPDR Dow Jones International Real Estate ETF		143,622,533		258,579,967		258,579,967		321,855,784		321,855,784		80,346,716		360,212		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		5,703,625		26,232,163		26,232,163		25,978,561		25,978,561		5,957,227		15,188		—
SPDR S&P Global Natural Resources ETF		22,020,663		141,913,249		141,913,249		141,364,744		141,364,744		22,569,168		38,465		—
SPDR MSCI ACWI ex-US ETF		46,062,418		94,914,856		94,914,856		85,451,254		85,451,254		55,526,020		126,805		—
SPDR Russell/Nomura PRIME Japan ETF		4,380,135		5,767,947		5,767,947		5,725,999		5,725,999		4,422,083		3,664		—
SPDR Russell/Nomura Small Cap Japan ETF		25,131,842		17,559,504		17,559,504		25,272,691		25,272,691		17,418,655		35,876		—
SPDR S&P International Dividend ETF		62,234,614		182,540,463		182,540,463		144,499,874		144,499,874		100,275,203		680,291		—
SPDR S&P International Mid Cap ETF		5,911,913		6,933,422		6,933,422		6,154,439		6,154,439		6,690,896		17,665		—
SPDR S&P Emerging Markets Small Cap ETF		43,303,701		46,667,886		46,667,886		53,924,244		53,924,244		36,047,343		556,377		—
SPDR Dow Jones Global Real Estate ETF		29,583,281		71,914,601		71,914,601		72,296,394		72,296,394		29,201,488		5,012		—
SPDR S&P International Financial Sector ETF		—		481,630		481,630		481,630		481,630		—		75		—
SPDR S&P International Health Care Sector ETF		58,553		100,255		100,255		158,808		158,808		—		17		—
SPDR S&P International Technology Sector ETF		21,668		243,103		243,103		232,371		232,371		32,400		374		—
SPDR S&P International Utilities Sector ETF		—		206,309		206,309		120,473		120,473		85,836		353		—


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 Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI EM 50 ETF, SPDR 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 MSCI ACWI IMI 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

294

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)

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, 2012 was as follows:


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR STOXX Europe 50 ETF	$	40,382,306	$	2,007,921	$	12,386,161	$	(10,378,240	)
SPDR EURO STOXX 50 ETF		527,080,623		10,761,492		84,040,593		(73,279,101	)
SPDR S&P Emerging Asia Pacific ETF		477,683,733		79,369,280		57,807,442		21,561,838
SPDR S&P Small Cap Emerging Asia Pacific ETF		5,929,964		849,648		69,019		780,629
SPDR S&P Russia ETF		67,510,104		831,197		7,285,065		(6,453,868	)
SPDR S&P China ETF		1,076,633,284		81,099,137		106,685,585		(25,586,448	)
SPDR S&P Emerging Markets ETF		185,307,032		24,649,858		22,271,374		2,378,484
SPDR S&P Emerging Markets Dividend ETF		354,476,569		14,052,025		12,465,842		1,586,183
SPDR S&P BRIC 40 ETF		436,957,732		41,292,566		41,187,226		105,340
SPDR S&P Emerging Europe ETF		128,584,516		7,889,211		31,250,663		(23,361,452	)
SPDR S&P Emerging Latin America ETF		171,223,388		23,170,696		28,628,569		(5,457,873	)
SPDR S&P Emerging Middle East & Africa ETF		107,534,215		11,791,846		15,235,861		(3,444,015	)
SPDR S&P World ex-US ETF		173,961,028		21,350,331		13,775,338		7,574,993
SPDR S&P International Small Cap ETF		874,533,246		80,956,693		128,325,362		(47,368,669	)
SPDR Dow Jones International Real Estate ETF		2,730,921,081		121,206,838		116,711,118		4,495,720
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		56,027,781		2,992,089		16,679,680		(13,687,591	)
SPDR S&P Global Natural Resources ETF		295,546,920		6,561,283		26,577,620		(20,016,337	)
SPDR MSCI ACWI ex-US ETF		571,532,672		34,724,862		81,463,094		(46,738,232	)
SPDR MSCI ACWI IMI ETF		4,969,537		138,067		110,753		27,314
SPDR MSCI EM 50 ETF		4,985,214		136,021		214,230		(78,209	)
SPDR Russell/Nomura PRIME Japan ETF		22,026,365		832,669		3,046,467		(2,213,798	)
SPDR Russell/Nomura Small Cap Japan ETF		125,358,121		4,394,895		17,619,486		(13,224,591	)
SPDR S&P International Dividend ETF		971,703,922		29,119,081		54,450,171		(25,331,090	)
SPDR S&P International Mid Cap ETF		44,215,624		4,963,828		3,253,871		1,709,957
SPDR S&P Emerging Markets Small Cap ETF		1,057,548,427		71,573,849		160,285,672		(88,711,823	)
SPDR Dow Jones Global Real Estate ETF		392,328,625		60,450,473		3,368,829		57,081,644
SPDR S&P International Consumer Discretionary Sector ETF		8,706,311		709,060		689,037		20,023
SPDR S&P International Consumer Staples Sector ETF		19,343,286		1,328,904		737,643		591,261
SPDR S&P International Energy Sector ETF		12,895,134		624,344		1,755,640		(1,131,296	)
SPDR S&P International Financial Sector ETF		9,404,504		73,564		1,661,193		(1,587,629	)

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR S&P International Health Care Sector ETF	$	18,777,149	$	1,099,923	$	755,946	$	343,977
SPDR S&P International Industrial Sector ETF		15,899,179		369,071		2,230,720		(1,861,649	)
SPDR S&P International Materials Sector ETF		17,457,973		475,625		4,093,635		(3,618,010	)
SPDR S&P International Technology Sector ETF		14,907,197		2,513,082		2,886,459		(373,377	)
SPDR S&P International Telecommunications Sector ETF		21,104,889		347,767		2,242,120		(1,894,353	)
SPDR S&P International Utilities Sector ETF		17,916,208		353,322		3,552,783		(3,199,461	)


6.	Investment Transactions

For the six months ended March 31, 2012, 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	$	1,588,102	$	4,558,114	$	(1,299,474	)
SPDR EURO STOXX 50 ETF		321,180,491		1,601,665		251,872
SPDR S&P Emerging Asia Pacific ETF		33,733,706		89,320,868		7,797,333
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—
SPDR S&P Russia ETF		18,668,741		10,757,743		667,204
SPDR S&P China ETF		264,798,718		99,316,596		18,067,662
SPDR S&P Emerging Markets ETF		18,054,956		16,410,513		369,677
SPDR S&P Emerging Markets Dividend ETF		137,714,293		—		—
SPDR S&P BRIC 40 ETF		54,608,027		90,063,279		15,691,145
SPDR S&P Emerging Europe ETF		3,534,416		28,261,679		(6,647,617	)
SPDR S&P Emerging Latin America ETF		11,372,459		9,787,635		(1,740,213	)
SPDR S&P Emerging Middle East & Africa ETF		—		18,000,126		1,258,662
SPDR S&P World ex-US ETF		36,160,374		8,897,163		3,234,861
SPDR S&P International Small Cap ETF		—		55,240,945		2,594,170
SPDR Dow Jones International Real Estate ETF		497,748,137		85,570,652		19,244,178
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—		—		—
SPDR S&P Global Natural Resources ETF		95,932,960		28,009,169		2,175,302
SPDR MSCI ACWI ex-US ETF		163,658,613		116,176,566		21,548,197
SPDR MSCI ACWI IMI ETF		—		—		—
SPDR MSCI EM 50 ETF		4,558,190		—		—
SPDR Russell/Nomura PRIME Japan ETF		—		—		—
SPDR Russell/Nomura Small Cap Japan ETF		2,206,689		6,280,852		299,262
SPDR S&P International Dividend ETF		308,120,597		—		—
SPDR S&P International Mid Cap ETF		—		—		—
SPDR S&P Emerging Markets Small Cap ETF		21,810,244		47,680,324		(6,616,832	)
SPDR Dow Jones Global Real Estate ETF		86,611,190		—		—
SPDR S&P International Consumer Discretionary Sector ETF		2,731,927		6,038,488		(331,675	)
SPDR S&P International Consumer Staples Sector ETF		7,748,904		9,200,931		878,749
SPDR S&P International Energy Sector ETF		1,334,648		3,750,715		173,884

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR S&P International Financial Sector ETF	$	2,690,328	$	2,947,831	$	(307,733	)
SPDR S&P International Health Care Sector ETF		3,202,814		4,532,420		552,476
SPDR S&P International Industrial Sector ETF		14,255,149		21,618,347		(1,587,542	)
SPDR S&P International Materials Sector ETF		—		7,286,711		(859,219	)
SPDR S&P International Technology Sector ETF		—		7,089,797		233,501
SPDR S&P International Telecommunications Sector ETF		8,166,719		1,149,745		60,319
SPDR S&P International Utilities Sector ETF		5,174,622		—		—

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 a Fund’s 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, 2012, the Trust had purchases and sales of investment securities as follows:


	Purchases		Sales

SPDR STOXX Europe 50 ETF	$	787,170	$	831,181
SPDR EURO STOXX 50 ETF		4,876,795		6,107,773
SPDR S&P Emerging Asia Pacific ETF		30,579,499		76,688,150
SPDR S&P Small Cap Emerging Asia Pacific ETF		5,941,417		28,693
SPDR S&P Russia ETF		3,222,805		2,078,251
SPDR S&P China ETF		28,376,422		22,308,669
SPDR S&P Emerging Markets ETF		7,495,894		7,531,538
SPDR S&P Emerging Markets Dividend ETF		251,424,315		131,320,106
SPDR S&P BRIC 40 ETF		42,161,958		43,848,840
SPDR S&P Emerging Europe ETF		1,812,107		6,578,199
SPDR S&P Emerging Latin America ETF		4,366,674		5,138,914
SPDR S&P Emerging Middle East & Africa ETF		2,438,281		5,499,997
SPDR S&P World ex-US ETF		1,954,683		2,326,854
SPDR S&P International Small Cap ETF		3,254,424		23,841,469
SPDR Dow Jones International Real Estate ETF		53,173,602		61,304,453
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		1,487,153		1,796,856
SPDR S&P Global Natural Resources ETF		9,702,064		10,124,839
SPDR MSCI ACWI ex-US ETF		24,093,310		24,554,543
SPDR MSCI ACWI IMI ETF		4,962,620		—
SPDR MSCI EM 50 ETF		467,136		41,514
SPDR Russell/Nomura PRIME Japan ETF		167,187		150,066
SPDR Russell/Nomura Small Cap Japan ETF		18,615,848		18,316,378
SPDR S&P International Dividend ETF		471,477,177		471,207,554
SPDR S&P International Mid Cap ETF		589,164		1,942,617
SPDR S&P Emerging Markets Small Cap ETF		40,315,347		96,417,420
SPDR Dow Jones Global Real Estate ETF		8,609,537		8,345,841
SPDR S&P International Consumer Discretionary Sector ETF		157,548		470,896
SPDR S&P International Consumer Staples Sector ETF		328,845		373,275

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2012 (Unaudited)


	Purchases		Sales

SPDR S&P International Energy Sector ETF	$	204,636	$	319,496
SPDR S&P International Financial Sector ETF		77,896		202,279
SPDR S&P International Health Care Sector ETF		158,655		225,829
SPDR S&P International Industrial Sector ETF		934,226		724,525
SPDR S&P International Materials Sector ETF		5,327		54,606
SPDR S&P International Technology Sector ETF		633,618		599,772
SPDR S&P International Telecommunications Sector ETF		—		200,624
SPDR S&P International Utilities Sector ETF		37,487		91,319

For the six months ended March 31, 2012, 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, 2012 and the value of the invested cash collateral are disclosed in the Funds’ 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.

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OTHER INFORMATION

March 31, 2012 (Unaudited)

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on October 1, 2011 and held for the six months ended March 31, 2012.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Transaction fees at scheduled amounts ranging from $500 to $12,000 per Creation Unit are charged to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/11 to
Actual	Expense Ratio			10/1/11		3/31/12		3/31/12

SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,145.50	$	1.56
SPDR EURO STOXX 50 ETF		0.29			1,000		1,137.60		1.55
SPDR S&P Emerging Asia Pacific ETF		0.60			1,000		1,149.00		3.22
SPDR S&P Small Cap Emerging Asia Pacific ETF**		0.78			1,000		1,124.60		1.81
SPDR S&P Russia ETF		0.59			1,000		1,216.90		3.27
SPDR S&P China ETF		0.59			1,000		1,198.70		3.24
SPDR S&P Emerging Markets ETF		0.59			1,000		1,186.10		3.22
SPDR S&P Emerging Markets Dividend ETF		0.61			1,000		1,165.10		3.30
SPDR S&P BRIC 40 ETF		0.50			1,000		1,194.70		2.74
SPDR S&P Emerging Europe ETF		0.60			1,000		1,176.60		3.26
SPDR S&P Emerging Latin America ETF		0.59			1,000		1,254.60		3.33
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		1,178.00		3.21
SPDR S&P World ex-US ETF		0.34			1,000		1,152.40		1.83

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OTHER INFORMATION (continued)

March 31, 2012 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/11 to
Actual	Expense Ratio			10/1/11		3/31/12		3/31/12

SPDR S&P International Small Cap ETF		0.59	%	$	1,000	$	1,140.40	$	3.16
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,143.90		3.16
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		0.59			1,000		1,064.10		3.04
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,150.80		2.15
SPDR MSCI ACWI ex-US ETF		0.34			1,000		1,153.60		1.83
SPDR MSCI ACWI IMI ETF***		0.25			1,000		1,007.90		0.23
SPDR MSCI EM 50 ETF***		0.50			1,000		985.70		0.45
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,060.60		2.58
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,026.70		2.79
SPDR S&P International Dividend ETF		0.45			1,000		1,121.70		2.39
SPDR S&P International Mid Cap ETF		0.45			1,000		1,139.90		2.41
SPDR S&P Emerging Markets Small Cap ETF		0.66			1,000		1,179.00		3.60
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,213.50		2.77
SPDR S&P International Consumer Discretionary Sector ETF		0.51			1,000		1,196.70		2.80
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,137.70		2.67
SPDR S&P International Energy Sector ETF		0.50			1,000		1,186.00		2.73
SPDR S&P International Financial Sector ETF		0.50			1,000		1,157.40		2.70
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,112.10		2.64
SPDR S&P International Industrial Sector ETF		0.50			1,000		1,166.50		2.71
SPDR S&P International Materials Sector ETF		0.50			1,000		1,126.40		2.66
SPDR S&P International Technology Sector ETF		0.50			1,000		1,216.60		2.77
SPDR S&P International Telecommunications Sector ETF		0.50			1,000		1,023.10		2.53
SPDR S&P International Utilities Sector ETF		0.50			1,000		1,006.50		2.51
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/11 to
Hypothetical	Expense Ratio			10/1/11		3/31/12		3/31/12

SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,023.55	$	1.47
SPDR EURO STOXX 50 ETF		0.29			1,000		1,023.55		1.47
SPDR S&P Emerging Asia Pacific ETF		0.60			1,000		1,022.00		3.03
SPDR S&P Small Cap Emerging Asia Pacific ETF**		0.78			1,000		1,021.10		3.94
SPDR S&P Russia ETF		0.59			1,000		1,022.05		2.98
SPDR S&P China ETF		0.59			1,000		1,022.05		2.98
SPDR S&P Emerging Markets ETF		0.59			1,000		1,022.05		2.98
SPDR S&P Emerging Markets Dividend ETF		0.61			1,000		1,021.95		3.08
SPDR S&P BRIC 40 ETF		0.50			1,000		1,022.50		2.53
SPDR S&P Emerging Europe ETF		0.60			1,000		1,022.00		3.03

300

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2012 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/11 to
Hypothetical	Expense Ratio			10/1/11		3/31/12		3/31/12

SPDR S&P Emerging Latin America ETF		0.59	%	$	1,000	$	1,022.05	$	2.98
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		1,022.05		2.98
SPDR S&P World ex-US ETF		0.34			1,000		1,023.30		1.72
SPDR S&P International Small Cap ETF		0.59			1,000		1,022.05		2.98
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,022.05		2.98
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		0.59			1,000		1,022.05		2.98
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,023.00		2.02
SPDR MSCI ACWI ex-US ETF		0.34			1,000		1,023.30		1.72
SPDR MSCI ACWI IMI ETF***		0.25			1,000		1,023.75		1.26
SPDR MSCI EM 50 ETF***		0.50			1,000		1,022.50		2.53
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,022.50		2.53
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,022.25		2.78
SPDR S&P International Dividend ETF		0.45			1,000		1,022.75		2.28
SPDR S&P International Mid Cap ETF		0.45			1,000		1,022.75		2.28
SPDR S&P Emerging Markets Small Cap ETF		0.66			1,000		1,021.70		3.34
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Consumer Discretionary Sector ETF		0.51			1,000		1,022.45		2.58
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Energy Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Financial Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Industrial Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Materials Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Technology Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Telecommunications Sector ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Utilities Sector ETF		0.50			1,000		1,022.50		2.53


*		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 366.
**		Actual period is from commencement of operations 1/11/12. Hypothetical period is from 10/1/11.
***		Actual period is from commencement of operations 2/28/12. Hypothetical period is from 10/1/11.

301

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2012 (Unaudited)

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 Funds’ 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.

Approval of Advisory Agreement

At an in-person meeting held prior to March 31, 2012, 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 Small Cap Emerging Asia Pacific ETF, SPDR MSCI ACWI IMI ETF and SPDR MSCI EM 50 ETF, the new series of the Trust (“New ETFs”), 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 ETFs 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 ETFs grow 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 ETFs, in accordance with the New ETFs’ investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the New ETFs, as exchange-traded funds (“ETFs”), 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 ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing the New ETFs’ compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, 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.

302

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2012 (Unaudited)

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 or its affiliates derive other benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser’s fees with respect to the New ETFs to be excessive.

The Board determined that the Adviser is likely to realize economies of scale in managing the New ETFs as assets grow in size. The Board further determined that such economies of scale are shared with the New ETFs 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 ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board evaluated the New ETFs’ 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 ETFs based upon data from Lipper Analytical Services and related comparative information for similar ETFs. The Board also reviewed the estimated expense ratios of the New ETFs. The Board used a fund by fund analysis of the data. The Board concluded, based on the information presented, that the New ETFs’ fees were fair and reasonable in light of those of their direct competitors.

The Board, including the Independent Trustees voting separately, approved the Agreement for each New ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services expected to be provided by the Adviser with respect to the New ETFs were appropriate; (b) the Adviser’s fee for the New ETFs 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 materially to 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 ETFs by way of the relatively low fee structure of the Trust.

303

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 Small Cap Emerging Asia Pacific ETF (GMFS)

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 MSCI ACWI IMI ETF (ACIM)

SPDR MSCI EM 50 ETF (EMFT)

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 Global Dow ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR S&P Bank ETF (KBE)

SPDR S&P Capital Markets ETF (KCE)

SPDR S&P Insurance ETF (KIE)

SPDR S&P Mortgage Finance ETF (KME)

SPDR S&P Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Aerospace & Defense ETF (XAR)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Health Care Services ETF (XHS)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Software & Services ETF (XSW)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR 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 Short Term Treasury ETF (SST)

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)

SPDR Barclays Capital Short Term High Yield Bond ETF (SJNK)

SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)

The Select Sectors 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)

SSgA Active ETF Trust

SPDR SSgA Multi-Asset Real Return ETF (RLY)

SPDR SSgA Income Allocation ETF (INKM)

SPDR SSgA Global Allocation ETF (GAL)

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
Chad Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Dell, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Scott E. Habeeb, 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 Small Cap 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 MSCI ACWI IMI ETF, SPDR MSCI EM 50 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.

SPDRIDEXSAR

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) Separate certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Not applicable

(b) Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached 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 4, 2012

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 4, 2012

By:		/s/ Chad C. Hallett Chad C. Hallett
		Treasurer and Principal Financial Officer

Date:		June 4, 2012

Non-income producing security.

Amount shown represents less than 0.05% of net assets.

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

The rate shown is the annualized seven-day yield at period end.