SPDR EURO STOXX 50 ETF NCSR Certified annual shareholder report (management investment company)

SPDR EURO STOXX 50 ETF (FEZ) N-CSRCertified 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)


(Name and Address of Agent for Service)		Copy to:

Ryan M. Louvar, Esq.		W. John McGuire, Esq.
State Street Bank and Trust Company		Bingham McCutchen LLP
One Lincoln Street/CPH0326		2020 K Street, N.W.
Boston, MA 02111		Washington, DC 20006

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2012

TABLE OF CONTENTS


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

Item 1. Reports to Shareholders.

SPDR^® Index Shares Funds Annual Report September 30, 2012 Precise in a world that isnt. SM

TABLE OF CONTENTS


President’s Letter to Shareholders		1
Management’s Discussion of Fund Performance & Portfolio Summaries
SPDR^® STOXX^® Europe 50 ETF (FEU)		2
SPDR EURO STOXX 50^® ETF (FEZ)		6
SPDR S&P^® Emerging Asia Pacific ETF (GMF)		10
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)		15
SPDR S&P Russia ETF (RBL)		20
SPDR S&P China ETF (GXC)		24
SPDR S&P Emerging Markets ETF (GMM)		28
SPDR S&P Emerging Markets Dividend ETF (EDIV)		32
SPDR S&P BRIC 40 ETF (BIK)		36
SPDR S&P Emerging Europe ETF (GUR)		41
SPDR S&P Emerging Latin America ETF (GML)		45
SPDR S&P Emerging Middle East & Africa ETF (GAF)		50
SPDR S&P World ex-US ETF (GWL)		55
SPDR S&P International Small Cap ETF (GWX)		60
SPDR Dow Jones International Real Estate ETF (RWX)		65
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)		70
SPDR S&P Global Natural Resources ETF (GNR)		75
SPDR MSCI ACWI ex-US ETF (CWI)		80
SPDR MSCI ACWI IMI ETF (ACIM)		85
SPDR MSCI EM 50 ETF (EMFT)		90
SPDR Russell/Nomura PRIME^TM Japan ETF (JPP)		94
SPDR Russell/Nomura Small Cap^TM Japan ETF (JSC)		99
SPDR S&P International Dividend ETF (DWX)		103
SPDR S&P International Mid Cap ETF (MDD)		107
SPDR S&P Emerging Markets Small Cap ETF (EWX)		111
SPDR Dow Jones Global Real Estate ETF (RWO)		117
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		122
SPDR S&P International Consumer Staples Sector ETF (IPS)		126
SPDR S&P International Energy Sector ETF (IPW)		130
SPDR S&P International Financial Sector ETF (IPF)		135
SPDR S&P International Health Care Sector ETF (IRY)		139
SPDR S&P International Industrial Sector ETF (IPN)		144
SPDR S&P International Materials Sector ETF (IRV)		149
SPDR S&P International Technology Sector ETF (IPK)		154
SPDR S&P International Telecommunications Sector ETF (IST)		159
SPDR S&P International Utilities Sector ETF (IPU)		164
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)		168
SPDR EURO STOXX 50 ETF (FEZ)		169
SPDR S&P Emerging Asia Pacific ETF (GMF)		170


SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)		174
SPDR S&P Russia ETF (RBL)		180
SPDR S&P China ETF (GXC)		182
SPDR S&P Emerging Markets ETF (GMM)		186
SPDR S&P Emerging Markets Dividend ETF (EDIV)		193
SPDR S&P BRIC 40 ETF (BIK)		195
SPDR S&P Emerging Europe ETF (GUR)		196
SPDR S&P Emerging Latin America ETF (GML)		198
SPDR S&P Emerging Middle East & Africa ETF (GAF)		200
SPDR S&P World ex-US ETF (GWL)		202
SPDR S&P International Small Cap ETF (GWX)		210
SPDR Dow Jones International Real Estate ETF (RWX)		218
SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)		220
SPDR S&P Global Natural Resources ETF (GNR)		222
SPDR MSCI ACWI ex-US ETF (CWI)		224
SPDR MSCI ACWI IMI ETF (EMFT)		231
SPDR MSCI EM 50 ETF (ACIM)		239
SPDR Russell/Nomura PRIME Japan ETF (JPP)		240
SPDR Russell/Nomura Small Cap Japan ETF (JSC)		245
SPDR S&P International Dividend ETF (DWX)		250
SPDR S&P International Mid Cap ETF (MDD)		252
SPDR S&P Emerging Markets Small Cap ETF (EWX)		258
SPDR Dow Jones Global Real Estate ETF (RWO)		268
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		271
SPDR S&P International Consumer Staples Sector ETF (IPS)		273
SPDR S&P International Energy Sector ETF (IPW)		275
SPDR S&P International Financial Sector ETF (IPF)		277
SPDR S&P International Health Care Sector ETF (IRY)		279
SPDR S&P International Industrial Sector ETF (IPN)		281
SPDR S&P International Materials Sector ETF (IRV)		284
SPDR S&P International Technology Sector ETF (IPK)		286
SPDR S&P International Telecommunications Sector ETF (IST)		288
SPDR S&P International Utilities Sector ETF (IPU)		290
Financial Statements		292
Financial Highlights		322
Notes to Financial Statements		345
Report of Independent Registered Public Accounting Firm		369
Other Information		370

President’s Letter to Shareholders

Dear Shareholder:

We are pleased to provide you with the Annual Report for the SPDR Index Shares Funds for the fiscal year ended September 30, 2012. You will also find Management’s Discussion of Fund Performance for each of the SPDR Index Shares Funds. We hope that you will find this information useful as you review your portfolio.

With international markets accounting for more than half of the total world market capitalization, a comprehensive, globally diversified equity strategy has become more important than ever. For investors ready to move beyond the traditional exposure to large-cap equities of developed countries, SPDR Index Shares Funds offer ready access to a broad spectrum of international market benchmarks and industries.

With SPDR Index Shares Funds you can precisely target specific regions and countries, as well as difficult-to-access asset classes, such as international and emerging markets small-caps that offer additional potential sources of return and diversification. Furthermore, ETFs’ transparency and liquidity, together with their low cost and tax efficiency, offer additional value for risk-conscious investors exploring today’s challenging international markets.

My colleagues and I take great pride in both State Street’s heritage as a pioneer of the ETF industry and our ongoing commitment to product innovation. We thank you for investing in the SPDR Index Shares Funds and we pledge to continue to support you with a broad range of products and services designed to help you reach your financial goals.

Sincerely,

Ellen M. Needham

President

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

The SPDR^® STOXX Europe 50 ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of the STOXX Europe 50 Index (the “Index”). In seeking this objective, the Fund uses a replication strategy designed to track the price and yield performance of the STOXX Europe 50 Index.

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 16.25%, and the total return for the Index was 16.26%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to the expenses of managing the Fund.

The Fund is focused on the supersector leaders in Europe. At the end of 2011 the obvious theme was outperformance of defensive sectors. The Fund was helped by outperformance in energy, health care, and consumer staples. Continuing the positive performance into the first quarter of 2012 the information technology sector was among the leaders as optimism about pricing power rose among competitors as a fellow memory chip maker filed for bankruptcy. With enthusiasm for auto-related shares and apparel names consumer discretionary was on the positive side as well. The positive returns in the fourth quarter of 2011 and the first quarter of 2012 gave way in the second quarter of 2012 as news the liquidity injections of early 2012 began to lose their buzz in early April. Focus turned to banking risk and the financial sector in the Fund was down for the quarter. Materials and industrials also had negative returns due to the unease in the European region. The Fund returned to positive performance in the third quarter of 2012 with positive returns in the financial sector despite its beleaguered banks with troubled balance sheets. The aggressive plans from the European Central Bank to support sovereign borrowers and preserve regional stability produced substantial recovery in confidence in the banking system.

On an individual security level, the top positive contributors to the Fund’s performance were Anheuser-Busch Inbev NV, Bayer AG, and Diageo PLC. Anheuser-Busch saw an increase in beer shipments. Bayer AG has received approval in Japan for a new drug to treat wet (exudative) age-related macular degeneration. Diageo PLC had a strong balance sheet and strong growth in emerging markets. The top negative contributors to the Fund’s performance were Banco Santander SA, BG Group PLC, and UBS AG. Banco Santander continued stress testing in Europe possible increase in capital ratios. BG Group shows overvaluation and is less likely to outperform the market. UBS AG showed a slight decline in revenues as the economic and financial recovery remains fragile.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

SPDR STOXX Europe 50 ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. 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 SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		16.25%		18.54%		16.26%		16.25%		18.54%		16.26%

THREE YEARS		0.43%		0.70%		0.28%		0.14%		0.23%		0.09%

FIVE YEARS		−28.47%		−28.28%		−28.72%		−6.48%		−6.43%		−6.55%

SINCE INCEPTION (1)		74.75%		75.54%		75.86%		5.76%		5.81%		5.83%


(1)		For the period October 15, 2002 to September 30, 2012.

SPDR STOXX Europe 50 ETF —
Performance Summary (continued)

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

Past performance is not a guarantee of future results.


(1)		For the period October 15, 2002 to September 30, 2012.

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$2,238,294	1,849,168	1,822,947	1,544,621	1,455,212

% OF NET ASSETS	5.9	4.9	4.8	4.1	3.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Pharmaceuticals		18.7	%
Oil, Gas & Consumable Fuels		14.5
Commercial Banks		12.0
Food Products		8.9
Metals & Mining		4.8
Tobacco		4.1
Wireless Telecommunication Services		4.1
Beverages		3.8
Multi-Utilities		3.5
Chemicals		3.3
Diversified Telecommunication Services		3.4
Insurance		2.6
Industrial Conglomerates		2.4
Capital Markets		2.4
Software		1.9
Automobiles		1.4
Electrical Equipment		1.3
Food & Staples Retailing		1.2
Textiles, Apparel & Luxury Goods		1.2
Household Products		1.1
Specialty Retail		1.0
Diversified Financial Services		0.9
Communications Equipment		0.8
Short Term Investments		2.5
Other Assets & Liabilities		(1.8	)

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)

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

The SPDR^® EURO STOXX 50 ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of the EURO STOXX 50 Index (the “Index”). In seeking this objective, the Fund uses a replication strategy designed to track the price and yield performance of the EURO STOXX 50 Index.

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 12.90%, and the total return for the Index was 12.29%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund outperformed the benchmark slightly due to the difference in tax withholding between the Fund and Index.

On an individual security level, the top positive contributors to the Fund’s performance were Anheuser-Busch Inbev NV, Bayer AG, and Industria de Diseno Textil SA. Anheuser-Busch saw an increase in beer shipments. Bayer AG has received approval in Japan for a new drug to treat wet (exudative) age-related macular degeneration. Industria de Diseno Textil had strong retail sales. The top negative contributors to the Fund’s performance were Intesa Sanpaolo SpA, Danone, and Banco Santander SA. Intesa Sanpaolo faces tough challenges with lower rate environment, deteriorating asset quality, and reduced access to funding. Danone increased competition with private labels. Banco Santander continued stress testing in Europe for a possible increase in capital ratios.

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

EURO STOXX

NET ASSET

MARKET

EURO STOXX

VALUE

50 INDEX

VALUE

50 INDEX

ONE YEAR

12.90%

14.78%

12.29%

12.90%

14.78%

12.29%

THREE YEARS

−15.25%

−15.36%

−16.44%

−5.37%

−5.41%

−5.81%

FIVE YEARS

−38.42%

−38.35%

−39.66%

−9.24%

−9.22%

−9.61%

SINCE INCEPTION (1)

78.24%

78.56%

74.20%

5.97%

5.99%

5.71%


(1)		For the period October 15, 2002 to September 30, 2012.

SPDR EURO STOXX 50 ETF —
Performance Summary (continued)

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

Past performance is not a guarantee of future results.


(1)		For the period October 15, 2002 to September 30, 2012.

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




DESCRIPTION	TOTAL SA	SANOFI	SIEMENS AG	BASF SE	BANCO SANTANDER SA

MARKET VALUE	$58,137,494	54,232,743	43,813,087	40,926,743	38,831,785

% OF NET ASSETS	5.8	5.5	4.4	4.1	3.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		12.3	%
Oil, Gas & Consumable Fuels		9.8
Pharmaceuticals		9.2
Diversified Telecommunication Services		7.3
Insurance		6.7
Chemicals		6.2
Industrial Conglomerates		5.6
Multi-Utilities		5.3
Automobiles		5.2
Food Products		4.9
Software		3.5
Beverages		3.4
Electric Utilities		2.1
Textiles, Apparel & Luxury Goods		2.1
Capital Markets		2.0
Electrical Equipment		1.7
Diversified Financial Services		1.6
Personal Products		1.6
Specialty Retail		1.4
Semiconductors & Semiconductor Equipment		1.2
Construction & Engineering		1.1
Health Care Equipment & Supplies		1.1
Real Estate Investment Trusts		1.0
Building Products		0.8
Construction Materials		0.7
Metals & Mining		0.7
Food & Staples Retailing		0.7
Communications Equipment		0.5
Short Term Investments		5.6
Other Assets & Liabilities		(5.3	)

TOTAL		100.0	%


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

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

The SPDR^® S&P Emerging Asia Pacific ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the emerging markets of the Asia Pacific region. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Asia Pacific Emerging BMI Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 14.40%, and the total return for the Index was 15.87%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

In the last quarter of 2011, the Index rose slightly. Through most of 2011, investors were concerned about inflation and rate hikes in Asia and also about the prospect of a “hard landing” in China. Turmoil in the Eurozone, however, had made emerging market central bankers, in general, more cautious. Policy tightening in many countries was on hold, and in the quarter a handful of emerging countries actually eased policy. China, the largest market in the Index, rose in the fourth quarter of 2011 as investors believed inflation was peaking in China, and that measures to restrain property speculation were bearing fruit. The gains in China were offset by the decline in India during the fourth quarter of 2011. The Indian market fell sharply, a country that had been a favored destination for many global investors; however India’s stubbornly high inflation and various corporate scandals had lessened enthusiasm. Headline inflation in India was moderately high, and India has been in a tightening cycle in previous months. The Reserve Bank of India tightened policy by 25 basis points in September 2011, and expectations were for further rate increases.

In the first quarter of 2011, the Index had significant gains in a general broad based rally that occurred in January and February over announcements by the European Central Bank to inject liquidity through long-term refinancing and economic surprises led by the US employment and manufacturing data. The March 2012 Index return decreased and ended the rally that started at the beginning of the year. The equity markets were faced with downward headwinds due to increased oil prices over concerns in the Middle East and continuing concerns over Greece. In the Asia Pacific region, China was negatively affected by a downward growth target and news of a sharp decline in exports.

In the second quarter of 2012, the Index produced a loss after the strong performance of the previous quarter, it became increasingly evident that economic activity was slowing in the US, the Eurozone and China. Emerging markets investors would continue to face policy-driven markets, with the “risk on/risk off” trade leading to choppy trading. There was plenty to worry about: a potential “credit event” in the Eurozone, or a disorderly exit by Greece with resulting contagion;

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

continued downward revisions to estimates of 2012 economic activity in China; a possible conflict with Iran; political turmoil in Egypt and a bloody and widening conflict in Syria.

In the third quarter of 2012, the Index produced modest gains and Asia Pacific was the best performing region in emerging markets. The region was led by the strong performance from India. The Indian market saw most of its gains come in the month of September, after the first steps of reform were announced. On the economic front, at its recent mid-quarter monetary policy review, the Reserve Bank of India responded to the government’s reform initiatives by lowering the cash reserve ratio by 25 basis points to 4.25% to inject liquidity in the amount of 170 billion rupees or 0.2% of GDP. In addition, the monsoon season started poorly, as the early signs were suggesting a poor rainfall. The Fund uses Taiwan futures to gain temporary country exposure in the event of any basket creations. This did not have a material impact on the performance of the Fund.

On an individual security level, the top positive contributors to the Fund’s performance were Taiwan Semiconductor Manufacturing Co., Ltd. ADR, Hon Hai Precision Industry Co., Ltd. and Tencent Holdings, Ltd. The top negative contributors to the Fund’s performance were HTC Corp, Bharti Airtel, Ltd. and Ctrip.com International, Ltd.

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 SEPTEMBER 30, 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

ONE YEAR		14.40%		17.51%		15.87%		14.40%		17.51%		15.87%

THREE YEARS		16.76%		15.36%		18.19%		5.30%		4.88%		5.73%

FIVE YEARS		−4.93%		−5.88%		−5.25%		−1.01%		−1.20%		−1.07%

SINCE INCEPTION (1)		37.89%		36.57%		39.30%		5.98%		5.79%		6.17%


(1)		For the period March 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period March 20, 2007 to September 30, 2012.

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$16,161,396	11,264,552	9,998,545	6,740,636	6,655,586

% OF NET ASSETS	4.1	2.9	2.6	1.7	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		16.6	%
Oil, Gas & Consumable Fuels		11.2
Semiconductors & Semiconductor Equipment		7.5
Wireless Telecommunication Services		6.4
Internet Software & Services		4.1
Computers & Peripherals		4.0
Electronic Equipment, Instruments & Components		3.9
Real Estate Management & Development		3.1
Insurance		3.0
Food Products		2.9
Automobiles		2.7
Metals & Mining		2.6
Chemicals		2.5
Construction Materials		2.4
IT Services		2.4
Diversified Telecommunication Services		2.2
Independent Power Producers & Energy Traders		2.0
Transportation Infrastructure		1.8
Industrial Conglomerates		1.4
Construction & Engineering		1.4
Hotels, Restaurants & Leisure		1.4
Diversified Financial Services		1.2
Household Products		1.1
Electric Utilities		1.0
Capital Markets		0.8
Thrifts & Mortgage Finance		0.8
Pharmaceuticals		0.8
Tobacco		0.7
Food & Staples Retailing		0.7
Beverages		0.6
Electrical Equipment		0.6
Health Care Providers & Services		0.6
Communications Equipment		0.6
Gas Utilities		0.6
Marine		0.5
Media		0.5
Building Products		0.4
Airlines		0.4
Energy Equipment & Services		0.4
Textiles, Apparel & Luxury Goods		0.2
Machinery		0.2
Health Care Equipment & Supplies		0.1
Household Durables		0.1
Containers & Packaging		0.0	***
Short Term Investments		7.4
Other Assets & Liabilities		(5.8	)

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 ProMOS Technologies, Inc., which was Level 3, and Via Technologies, Inc., which was Level 2, both part of the Semiconductors & Semiconductor Equipment Industry, and both representing less than 0.05% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets

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

The SPDR^® S&P Small Cap Emerging Asia Pacific ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an equity index based upon the small capitalization segment of emerging markets of the Asia Pacific Region. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Asia Pacific Emerging Under USD2 Billion Index (the “Index”).

For the period since inception on January 11, 2011 through September 30, 2012 (the “Reporting Period”), the total return for the Fund was 11.08%, and the total return for the Index was 13.65%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was outside expectations. The performance differential can be attributed primarily to the expenses of managing the Fund, transaction costs and variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.

After the strong performance of emerging market equities, in the first quarter of 2012, they tumbled in the second quarter as it became increasingly evident that economic activity was slowing in the US, the Eurozone and China. The third quarter offered considerable relief to investors recovering losses from the second quarter.

Taiwan was the strongest contributor to the Fund’s performance, while China was the worst performer. The Taiwanese economy finally began to show signs of improvement in the latter part of the quarter ending six consecutive months of declines. The rebound was mainly driven by strong exports to neighboring economies in Asia as well as the low base from last year’s earthquake and tsunami in Japan. CPI has been elevated at a four year high driven by the rise in food prices due to the recent typhoon and higher oil prices. On the political front, the central bank of Taiwan and the People’s Bank of China finally signed a Memorandum of Understanding (MOU) for cross-strait currency settlement at the end of August. The MOU will go in to effect at the end of October. The Bank of Taiwan and Bank of Taiwan’s Shanghai branch was chosen as the settlement bank in mainland China.

The Chinese market, the second largest market in the Index, was the worst performing country in the region. The market has suffered throughout most of 2012, on the back of weaker earnings, slower economic growth and further worsening in external demand conditions. On the positive side, the economic data shows that the impact of policy easing has started to gain some traction. Public investment has increased significantly in recent months, especially in areas like infrastructure, railway, environment protection and clean energy. However, the recovery process is slow due to the weakness in manufacturing and export sectors. The sluggish external environment will continue to put stress on China’s export sector. Reflecting lingering growth concerns in the near term, the central and local governments have recently announced large-scale investment projects. This is positive news to the economic recovery.

SPDR S&P Small Cap Emerging Asia Pacific ETF —
Management’s Discussion of Fund Performance (continued)

Financial, information technology, and consumer discretionary were the best performing sectors. Investors believe that solid structural reforms will help alleviate some of the cyclical headwinds facing the economy.

On an individual security level, the top positive contributors to the Fund’s performance were True Corp. PCL, NVDR, Yuexiu Property Co. and Radiant Opto-Electronics Corp. True Corporation PCL, a Thailand-based integrated communications solutions provider, shares soared as investors as investors anticipated that the company is likely to win the 3G license in the auction on 2.1GHz spectrum this October. Yuexiu Property Co Ltd’s registered activity is in the real estate operations industry in China. Its stock performed well as the company focused on land purchases, sustaining its ’home base in Guangzhou and strategic expansion nationwide’ objective and the developer will be benefiting from the stronger balance sheet. Radiant Opto-Electronics’ shares rose as the company saw margin improvement, due to new mini tablets and some notebooks and all-in-one PC contributions from key customers.

The top negative contributors to the Fund’s performance were Bakrie Telecom Tbk PT, Energi Mega Persada Tbk PT, and Bakrieland Development Tbk PT. Shares of Indonesia’s mobile operator Bakrie Telecom dropped as the company suffered from the industry price war and bondholder concerns about the company’s ability to pay its debt on time. Energi Mega Persada, Indonesian exploration and production company, suffered from large capital expenditure requirements and low free cash flows. For Bakrieland Development the main culprit for the poor performance is the Kanci-Pejagan toll road, which began operations in 2010 and has not yet reached break-even point burdening Bakrieland’s balance sheet with high debt.

SPDR S&P Small Cap 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 one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/11/2012, 1/12/2012, 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 Small Cap Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 11, 2012 is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P ASIA PACIFIC

NET ASSET

MARKET

EMERGING UNDER USD

NET ASSET

MARKET

EMERGING UNDER USD

VALUE

2 BILLION INDEX

VALUE

2 BILLION INDEX

SINCE INCEPTION (1)

11.08%

9.65%

13.65%

N/A


(1)		For the period January 11, 2012 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period January 11, 2012 to September 30, 2012.

SPDR S&P Small Cap Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




		RADIANT			NOVATEK
	SIMPLO TECHNOLOGY	OPTO-ELECTRONICS		BERJAYA SPORTS TOTO	MICROELECTRONICS
DESCRIPTION	CO., LTD.	CORP.	TRUE CORP. PCL, NVDR	BHD	CORP.

MARKET VALUE	$14,369	13,777	13,474	11,475	10,848

% 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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		9.6	%
Semiconductors & Semiconductor Equipment		7.7
Electronic Equipment, Instruments & Components		6.6
Chemicals		5.5
Food Products		5.3
Metals & Mining		4.1
Computers & Peripherals		3.8
Commercial Banks		3.5
Machinery		3.0
Pharmaceuticals		2.8
Textiles, Apparel & Luxury Goods		2.6
Construction & Engineering		2.5
Electrical Equipment		2.3
Hotels, Restaurants & Leisure		2.3
Diversified Financial Services		2.2
Auto Components		2.2
Oil, Gas & Consumable Fuels		2.1
Communications Equipment		1.7
Independent Power Producers & Energy Traders		1.7
Multiline Retail		1.6
Automobiles		1.6
Media		1.4
Leisure Equipment & Products		1.4
Marine		1.3
Transportation Infrastructure		1.2
Specialty Retail		1.2
Capital Markets		1.1
Software		1.1
IT Services		1.0
Health Care Providers & Services		1.0
Internet Software & Services		1.0
Construction Materials		0.9
Health Care Equipment & Supplies		0.8
Industrial Conglomerates		0.8
Diversified Telecommunication Services		0.7
Household Durables		0.7
Water Utilities		0.6
Paper & Forest Products		0.6
Building Products		0.6
Airlines		0.6
Containers & Packaging		0.5
Commercial Services & Supplies		0.5
Beverages		0.5
Air Freight & Logistics		0.4
Consumer Finance		0.4
Distributors		0.3
Household Products		0.3
Biotechnology		0.3
Wireless Telecommunication Services		0.3
Office Electronics		0.3
Gas Utilities		0.3
Energy Equipment & Services		0.3
Insurance		0.3
Trading Companies & Distributors		0.3
Electric Utilities		0.3
Food & Staples Retailing		0.3
Personal Products		0.2
Aerospace & Defense		0.2
Professional Services		0.2
Diversified Consumer Services		0.1
Internet & Catalog Retail		0.1
Thrifts & Mortgage Finance		0.1
Short Term Investments		1.5
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, except for Bakrie and Brothers Tbk PT, which was Level 3 and part of the Industrial Conglomerates Industry, representing 0.18% of net assets, Boshiwa International Holding, Ltd., which was Level 3 and part of the Specialty Retail Industry, representing 0.16% of net assets, and Via Technologies, Inc., which was Level 2 and part of the Semiconductors & Semiconductor Equipment Industry, representing 0.16% of net assets. (Note 2)

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 13.40%, and the total return for the Index was 15.24%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Protests in Moscow erupted during the first quarter of the Reporting Period after allegedly fraudulent parliamentary elections, which saw Vladimir Putin’s United Russia party garner almost half of the vote. Despite the protests, the equity market rose moderately during the quarter on the strength of oil price firmness. Over half of the Index is in the energy sector. The market was also helped by consumer staples names which also rose moderately. On the economic front, the Central Bank of Russia cut its benchmark refinancing rate by 0.25% to 8.00% citing inflation risks and risks to the sustainability of economic growth. Also during the quarter, Russia’s MICEX and RTS exchanges completed their official merger, aiming to increase liquidity and transparency in order to attract more foreign investors.

In the second quarter of 2012, the Russian market struggled and Russia was the second worst performing market in the S&P Emerging Markets BMI Index. The Index fell double digits, led by the utilities sector. The market has been impacted by the decline in oil prices as well as what can be perceived as an increase in political risk. The recent weakness in ruble was a contributing factor for the domestic sectors. The Russian market strengthened towards the end of the Reporting Period. Putin signed a decree giving the government the right to protect OAO Gazprom from an anti-trust inquiry by the European Union. On the economic front, the central bank delivered a surprise 0.25% hike to all of its policy rates. The Index rose in the last fiscal quarter and finished the Reporting Period year up significantly.

On an individual security level, the top positive contributors to the Fund’s performance were Tatneft ADR, Sberbank of Russia ADR, and Lukoil OAO ADR. The top negative contributors to the Fund’s performance were MMC Norilsk Nickel Mining OJSC ADR, Rostelecom, and PIK Group GDR.

SPDR S&P Russia ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value the, total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/10/10, 3/11/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR

13.40%

16.94%

15.24%

13.40%

16.94%

15.24%

SINCE INCEPTION (1)

−1.29%

−1.23%

2.83%

−0.50%

−0.48%

1.10%


(1)		For the period March 10, 2010 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period March 10, 2010 to September 30, 2012.

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$7,672,441	4,913,785	3,937,281	1,785,826	1,704,821

% OF NET ASSETS	19.2	12.3	9.9	4.5	4.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		49.1	%
Commercial Banks		12.1
Metals & Mining		10.4
Wireless Telecommunication Services		6.8
Chemicals		4.6
Food & Staples Retailing		4.5
Diversified Telecommunication Services		3.1
Electric Utilities		2.1
Energy Equipment & Services		1.6
Internet Software & Services		1.5
Real Estate Management & Development		1.1
Road & Rail		0.9
Pharmaceuticals		0.7
Household Durables		0.6
Transportation Infrastructure		0.3
Media		0.3
Short Term Investments		2.3
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 —
Management’s Discussion of Fund Performance

The SPDR^® S&P China ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Chinese equity market. In seeking this objective, the Fund uses sampling strategy designed to track the total return performance of the S&P China BMI Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 16.17%, and the total return for the Index was 15.76%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology.

Global stock markets faced several major fears during the Reporting Period including the ongoing financial situation in Europe, US fiscal issues, and a slowdown or hard landing in China. The Fund is notably impacted by the third item. The Index started the Reporting Period strongly, rising slightly in the first quarter of the Reporting Period. Investors appeared to believe that inflation was cooling and measures to restrain property speculation were gaining traction. At the same time, China was loosening some economic constraints, attempting to balance continued strong growth against fears of a hard landing in the economy. During the quarter, some analysts predicted a hard landing, which is growth below 6%.

The Chinese market roared into the second quarter of the Reporting Period, with the Index rising significantly. Investors appeared encouraged by the efforts of the Chinese government to balance growth and inflation concerns. The tide turned abruptly in March when Premier Wen Jiabao announced a reduction of his growth target from 8% to 7.5%. The benchmark fell slightly in March following this news. While the quarter held a small gain, sentiment seemed to turn. In the third quarter, the Index fell again. April economic data was weak and only slightly improved in May. In June the PBOC (Peoples Bank of China) reduced benchmark interest rates in an effort to stimulate the economy, and maintain their monetary balancing act.

As the market moved into the final quarter of the Reporting Period, investors weighed slower growth, weaker earnings, and slower external demand against monetary easing and an uptick in public spending in China. The results were a slight gain for the Index during the final quarter.

At the end of an eventful Reporting Period, the Index rose significantly. This Fund’s specific focus on Chinese equities means its returns are driven significantly by the local economy, expectations for growth and Chinese government policies. As we saw during the last year, any of these variables can change very quickly.

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 SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		16.17%		19.52%		15.76%		16.17%		19.52%		15.76%

THREE YEARS		3.71%		2.88%		3.55%		1.22%		0.95%		1.17%

FIVE YEARS		−24.46%		−24.42%		−25.87%		−5.46%		−5.45%		−5.81%

SINCE INCEPTION (1)		36.46%		35.78%		35.56%		5.78%		5.68%		5.65%


(1)		For the period March 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period March 20, 2007 to September 30, 2012.

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




	CHINA	CHINA CONSTRUCTION	INDUSTRIAL & COMMERCIAL	TENCENT
DESCRIPTION	MOBILE, LTD.	BANK CORP.	BANK OF CHINA	HOLDINGS, LTD.	CNOOC, LTD.

MARKET VALUE	$59,075,600	54,503,703	42,776,275	36,239,281	33,956,724

% OF NET ASSETS	7.8	7.2	5.6	4.8	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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		20.2	%
Oil, Gas & Consumable Fuels		14.5
Internet Software & Services		10.5
Wireless Telecommunication Services		7.8
Insurance		6.0
Real Estate Management & Development		5.5
Food Products		3.7
Transportation Infrastructure		2.8
Diversified Telecommunication Services		2.3
Metals & Mining		2.2
Construction & Engineering		1.7
Automobiles		1.7
Independent Power Producers & Energy Traders		1.6
Industrial Conglomerates		1.4
Construction Materials		1.3
Specialty Retail		1.3
Airlines		1.0
Food & Staples Retailing		1.0
Machinery		0.9
Chemicals		0.8
Personal Products		0.8
Health Care Equipment & Supplies		0.8
Computers & Peripherals		0.8
Hotels, Restaurants & Leisure		0.7
Communications Equipment		0.7
Pharmaceuticals		0.6
Multiline Retail		0.6
Textiles, Apparel & Luxury Goods		0.6
Marine		0.6
Electrical Equipment		0.5
Electronic Equipment, Instruments & Components		0.5
Health Care Providers & Services		0.5
Water Utilities		0.5
Gas Utilities		0.4
Energy Equipment & Services		0.4
Media		0.4
Beverages		0.3
Diversified Consumer Services		0.3
Paper & Forest Products		0.3
Semiconductors & Semiconductor Equipment		0.2
IT Services		0.2
Road & Rail		0.1
Software		0.1
Household Durables		0.1
Household Products		0.1
Auto Components		0.1
Aerospace & Defense		0.1
Diversified Financial Services		0.1
Commercial Services & Supplies		0.1
Leisure Equipment & Products		0.0	***
Biotechnology		0.0	***
Short Term Investments		17.6
Other Assets & Liabilities		(17.3	)

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 China Milk Products Group, Ltd., which was Level 2 and part of the Food Products Industry, representing 0.00% of net assets. (Note 2)
***		Amount represents less than 0.05% of net assets.

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

The SPDR^® S&P Emerging Markets ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the emerging markets of the world. In seeking this objective, the Fund uses a sampling strategy to track the total return performance of the S&P Emerging BMI Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 15.58%, and the total return for the Index was 16.00%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

During the Reporting Period, there were a number of factors that had a significant impact on this Fund’s performance. One of the bigger concerns during the Reporting Period revolved around China and their government’s ability to navigate a slowing economy without experiencing a hard landing. Another involved Brazil, a market that had been growing rapidly but was now experiencing slowing growth and increasing inflation. A third factor that contributed to this Fund’s performance were growing concerns regarding the situation in the Middle East, especially the deteriorating situation in Syria and Iran’s ongoing nuclear program. Finally, rising commodity prices which have helped fuel emerging market returns in prior years generated a relatively lack luster return in the most recent twelve months.

The Fund invested in Taiwan futures to achieve the desired exposure during the Reporting Period. This did not have a material impact on the Fund’s performance.

On an individual security level, the top positive contributors to the Fund’s performance were Cemex SAB de CV, Great Wall Motor Co., Ltd., and Shimao Property Holdings, Ltd. Cemex SAB’s strong return was a result of improved operating margins and lower foreign exchange losses. For Great Wall Motor Co, significant increases in earnings and sales associated, in part, to successes in their SUV line fueled their positive performance. In Shimao Property’s case, strong sales, impressive financial discipline and an improving housing market all combined to drive this stock’s price higher.

The top negative contributors to the Fund’s performance were Powerchip Technology Corp., Aquarius Platinum, Ltd. and Suntech Power Holdings Co., Ltd. For Powerchip Technology, a significant internal debt overhang combined with shrinking margins which left the company operating at a loss led to this stock’s decline. In Aquarius Platinum’s case, the stock declined due in part to significant labor unrest including several strike and a general reduction in demand. Finally, Suntech’s negative return was a result of lower sales, reduced earnings and continued concerns regarding their outstanding debt.

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 SEPTEMBER 30, 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

ONE YEAR		15.58%		17.69%		16.00%		15.58%		17.69%		16.00%

THREE YEARS		16.68%		15.57%		17.85%		5.28%		4.94%		5.63%

FIVE YEARS		−3.28%		−3.98%		−3.11%		−0.66%		−0.81%		−0.63%

SINCE INCEPTION (1)		30.77%		30.08%		31.53%		4.97%		4.87%		5.08%


(1)		For the period March 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period March 20, 2007 to September 30, 2012.

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$4,215,814	3,120,617	2,766,282	2,755,682	2,744,773

% OF NET ASSETS	2.5	1.9	1.7	1.7	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY **	NET ASSETS

Oil, Gas & Consumable Fuels		15.6	%
Commercial Banks		15.0
Metals & Mining		7.6
Wireless Telecommunication Services		6.8
Semiconductors & Semiconductor Equipment		4.1
Beverages		3.6
Internet Software & Services		3.0
Insurance		2.1
Food Products		1.9
Diversified Financial Services		1.9
Diversified Telecommunication Services		1.9
Real Estate Management & Development		1.8
Automobiles		1.8
Chemicals		1.8
Multiline Retail		1.6
Construction & Engineering		1.6
Industrial Conglomerates		1.5
Food & Staples Retailing		1.5
Media		1.5
IT Services		1.5
Computers & Peripherals		1.3
Construction Materials		1.3
Electric Utilities		1.2
Specialty Retail		1.1
Electronic Equipment, Instruments & Components		1.1
Independent Power Producers & Energy Traders		1.1
Transportation Infrastructure		1.0
Pharmaceuticals		0.9
Hotels, Restaurants & Leisure		0.9
Household Products		0.7
Tobacco		0.7
Thrifts & Mortgage Finance		0.6
Communications Equipment		0.6
Capital Markets		0.5
Leisure Equipment & Products		0.5
Airlines		0.5
Machinery		0.4
Personal Products		0.4
Gas Utilities		0.4
Household Durables		0.3
Water Utilities		0.3
Electrical Equipment		0.3
Trading Companies & Distributors		0.3
Energy Equipment & Services		0.2
Marine		0.2
Health Care Providers & Services		0.1
Paper & Forest Products		0.1
Textiles, Apparel & Luxury Goods		0.1
Distributors		0.1
Aerospace & Defense		0.1
Professional Services		0.1
Software		0.1
Road & Rail		0.0	***
Health Care Equipment & Supplies		0.0	***
Containers & Packaging		0.0	***
Auto Components		0.0	***
Air Freight & Logistics		0.0	***
Building Products		0.0	***
Biotechnology		0.0	***
Short Term Investments		6.2
Other Assets & Liabilities		(1.8	)

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 ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment Industry, Chaoda Modern Agriculture Holdings, Ltd., which was Level 3 and part of the Food Products Industry, Bajaj Holdings and Investment, Ltd., which was Level 2 and part of the Hotels, Restaurants & Leisure Industry, and Avusa, Ltd., which was Level 2 and part of the Media 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 —
Management’s Discussion of Fund Performance

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

For the 12 month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 5.54%, and the total return for the Index was 6.76%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

When the International Monetary Fund proposed in mid-January 2012 a $500 billion expansion of its lending capacity, equity traders grew confident enough to push share prices into meaningfully higher territory. Relief that the Eurozone was no longer on the brink of a credit implosion flattered the euro and many other currencies, enabling emerging market equities to finish the first quarter of 2012 with generous gains. In the second quarter of 2012, however, weak Chinese data, concerns around Spain’s need for a bailout and Greece’s ability to meet its requirements under its bailout led to fresh financial tremors again in Europe. Performance stayed mixed but the markets ended the year in positive territory as several European leaders pledged to preserve the euro and the European Central Bank intervened again to stem off the debt crisis.

On an individual security level, the top positive contributors to the Fund’s performance were KGHM Polska Miedz SA, Shimao Property Holdings, Ltd. and Surgutneftegas OJSC. The top negative contributors to the Fund’s performance were Renhe Commercial Holdings, Lonking Holdings, Ltd., and HTC Corp.

SPDR S&P Emerging Markets Dividend ETF —
Performance Summary

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

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

PERFORMANCE AS OF SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

NET ASSET

MARKET

MARKETS DIVIDEND

NET ASSET

MARKET

MARKETS DIVIDEND

VALUE

OPPORTUNITIES INDEX

VALUE

OPPORTUNITIES INDEX

ONE YEAR

5.54%

7.09%

6.76%

5.54%

7.09%

6.76%

SINCE INCEPTION (1)

−3.67%

−3.91%

0.45%

−2.30%

−2.45%

0.27%


(1)		For the period February 23, 2011 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period February 23, 2011 to September 30, 2012.

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




					SURGUTNEFTEGAS
	KGHM POLSKA	BANCO DO BRASIL		SK TELECOM	OJSC ADR
DESCRIPTION	MIEDZ SA	SA ADR	THAI OIL PCL	CO., LTD.	PREFERENCE SHARES

MARKET VALUE	$12,328,148	10,894,131	10,231,615	9,978,819	9,779,637

% OF NET ASSETS	4.1	3.6	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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		14.2	%
Metals & Mining		13.9
Commercial Banks		12.8
Electric Utilities		11.5
Diversified Telecommunication Services		9.5
Wireless Telecommunication Services		8.2
Insurance		4.4
Chemicals		3.5
Communications Equipment		3.0
Real Estate Management & Development		2.7
Independent Power Producers & Energy Traders		2.3
Diversified Financial Services		2.0
Construction Materials		1.4
Computers & Peripherals		1.4
Electronic Equipment, Instruments & Components		1.3
Semiconductors & Semiconductor Equipment		1.2
Textiles, Apparel & Luxury Goods		1.1
Industrial Conglomerates		1.0
Water Utilities		0.9
Automobiles		0.8
Food Products		0.4
Machinery		0.4
Transportation Infrastructure		0.4
Gas Utilities		0.3
Tobacco		0.1
Personal Products		0.1
Household Products		0.1
Road & Rail		0.1
Trading Companies & Distributors		0.1
Media		0.1
Software		0.1
Household Durables		0.1
Short Term Investments		11.9
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. (Note 2)

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

The SPDR^® S&P BRIC 40 ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the emerging markets of Brazil, Russia, India and China. In seeking this objective, the Fund uses a replication strategy designed to track the total return performance of the S&P BRIC 40 Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 12.82%, and the total return for the Index was 13.68%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

For the Reporting Period, it was a tale of two halves. During the first six months (fourth quarter of 2011 and first quarter of 2012), the Fund had a significant return . During these first six months, China, Russia and Brazil all surged. The Chinese, who embarked upon a very large stimulus during the recession, and which had been tightening policy for several months, began a policy of modest interest rate easing. Investors began believing inflation had peaking in China, and that measures to restrain property speculation had begun to bear fruit. The hope by many investors was that China would avoid a “hard landing” (defined as growth below 6%). Brazil’s return was handcuffed to an extent, by a depreciating real, that was a result of a steep IOF tax (tax applicable to all Brazilian real purchase), but Brazil did benefit from the surge in commodities prices — particular those of metals. Despite protests in Moscow that erupted after allegedly fraudulent parliamentary elections, which saw Vladimir Putin’s United Russia party garner almost half of the vote, Russian equities rallied on the back of oil price firmness.

During the second six months of the Reporting Period in review (second and third quarter 2012), however, the Fund retreated. The second quarter of 2012 was dominated by global investors’ continued concern about the stability of the European banking system, and in particular the solvency of Spanish banks. Brazil, India and Russia all retreated by double-digit percentages during the second half of the Reporting Period. From tax incentives for key industries to increased lending by state-controlled banks, Brazil’s government made clear efforts to revive the economy, yet measures were slow to take effect and had little impact on investor sentiment. In India, the monsoon season started poorly, as the early signs were suggesting a poor rainfall. But, as the quarter progressed, the season seemed to have picked up. Russia was led down by the utilities sector. In the second six months, the market had clearly been impacted by the decline in oil prices as well as what can be perceived as an increase in political risk. The recent weakness in ruble was a contributing factor for the domestic sectors.

On an individual security level, the top positive contributors to the Fund’s performance were China Overseas Land & Investment, Ltd., Tencent Holdings, Ltd. and Ping An Insurance Group Co. of China, Ltd. As its name would suggest,

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

China Overseas Land & Investment is a firm that specializes in property development and investment. The economic data shows that the impact of policy easing has started to gain some traction in China. Public investment has increased significantly in recent months, especially in areas like infrastructure and railway. Tencent is an internet services provider, and saw steady growth in its social networking products and a big surge in revenue from advertising over the Reporting Period. Finally, Ping An Insurance Group benefited from strong growth in premium revenues.

The top negative contributors to the Fund’s performance were: Companhia Siderurgica Nacional, Vale SA ADR, and NovaTek OAO GDR. Companhia Siderurgica Nacional SA ADR, a steel producer, was hurt in particular by falling demand for iron ore as well as weak steel revenues. Along the same lines, Vale SA, a mining company, was also hampered by poor iron ore sales. Finally, Novatek OAO, a Russian energy company, was clearly affected by the decline in oil prices over the last six months of the Reporting Period, as well as what can be perceived as an increase in political risk in that country.

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 SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		12.82%		15.16%		13.68%		12.82%		15.16%		13.68%

THREE YEARS		6.11%		5.00%		8.15%		2.00%		1.64%		2.65%

FIVE YEARS		−15.36%		−15.40%		−13.12%		−3.28%		−3.29%		−2.77%

SINCE INCEPTION (1)		6.13%		5.85%		9.07%		1.13%		1.08%		1.66%


(1)		For the period June 19, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period June 19, 2007 to September 30, 2012.

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




	SBERBANK OF	GAZPROM		CHINA CONSTRUCTION	LUKOIL
DESCRIPTION	RUSSIA ADR	OAO ADR	CHINA MOBILE, LTD.	BANK CORP.	OAO ADR

MARKET VALUE	$21,742,236	20,645,250	19,488,615	17,256,392	12,735,692

% OF NET ASSETS	7.3	7.0	6.6	5.8	4.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		32.6	%
Commercial Banks		30.5
Internet Software & Services		7.7
Wireless Telecommunication Services		7.6
Metals & Mining		5.7
Insurance		4.2
Beverages		3.2
IT Services		2.0
Diversified Telecommunication Services		1.8
Chemicals		1.4
Food Products		1.3
Real Estate Management & Development		1.2
Electric Utilities		0.6
Short Term Investments		12.6
Other Assets & Liabilities		(12.4	)

TOTAL		100.0	%


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

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

The SPDR^® S&P Emerging Europe ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon European emerging markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P European Emerging Capped BMI Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 14.32%, and the total return for the Index was 15.84%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Although there was a steady erosion in the prices of risky assets last year, the first half of 2012 observed a strong rally and offered considerable relief to investors. A growing belief that European policymakers have established a somewhat orderly path to avert a major financial crisis helped in diminishing the indirect effects of the sovereign crisis on the remaining continent. Russian markets in particular, albeit its ongoing political risk and the budget’s dependence on oil, saw strong returns through the course of the year on account of robust incomes, strong lending data, and overall healthy-looking demand in most domestic sectors. As quantitative easing occurred in most developed markets, emerging markets benefited from the momentum of the liquidity flow and increasing investor confidence.

On an individual security level, the top positive contributors to the Fund’s performance were Lukoil OAO ADR, Sberbank and Gazprom OAO. The top negative contributors to the Fund’s performance were MMC Norilsk Nickel OJSC ADR, Evraz PLC, and VTB Bank OJSC GDR.

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING CAPPED BMI

NET ASSET

MARKET

EMERGING CAPPED BMI

VALUE

INDEX

VALUE

INDEX

ONE YEAR

14.32%

17.92%

15.84%

14.32%

17.92%

15.84%

THREE YEARS

10.30%

8.32%

15.29%

3.32%

2.70%

4.86%

FIVE YEARS

−30.39%

−30.71%

−28.93%

−6.99%

−7.07%

−6.60%

SINCE INCEPTION (1)

−17.35%

−17.52%

−14.32%

−3.38%

−3.42%

−2.75%


(1)		For the period March 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period March 20, 2007 to September 30, 2012.

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	SBERBANK	ROSNEFT OIL CO. GDR	NOVATEK OAO GDR

MARKET VALUE	$12,108,554	6,618,920	6,057,067	3,126,285	3,121,582

% OF NET ASSETS	14.0	7.6	7.0	3.6	3.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		37.8	%
Commercial Banks		21.3
Metals & Mining		8.8
Wireless Telecommunication Services		5.8
Diversified Telecommunication Services		4.9
Electric Utilities		4.1
Food & Staples Retailing		2.9
Chemicals		2.5
Industrial Conglomerates		1.6
Beverages		1.3
Household Durables		1.3
Pharmaceuticals		1.1
Insurance		0.9
Airlines		0.9
Diversified Financial Services		0.8
Distributors		0.6
Real Estate Management & Development		0.6
Media		0.6
Energy Equipment & Services		0.5
Road & Rail		0.4
Software		0.3
Internet Software & Services		0.3
Hotels, Restaurants & Leisure		0.1
Building Products		0.1
Construction & Engineering		0.0	***
Food Products		0.0	***
Biotechnology		0.0	***
Short Term Investments		2.0
Other Assets & Liabilities		(1.5	)

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 —
Management’s Discussion of Fund Performance

The SPDR^® S&P Emerging Latin America ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Latin American emerging markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Latin America BMI Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 14.49%, and the total return for the Index was 14.97%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

For the Reporting Period under review, it was a tale of two halves. During the first six months (fourth quarter of 2011 and first quarter of 2012), the Fund had a significant return. During these first six months, the region benefited from the rally in commodity prices that occurred. Copper, silver and tin all saw prices rise by double digits. Oil prices rose significantly to end the first quarter at $124. The central bank in Brazil also began a policy of easing interest rates. Brazil extended the reach of the IOF tax (tax applicable to all Brazilian real purchase) on capital inflows in yet another attempt to slow inflows which have driven up the value of the Real and threatened the economic recovery. The Mexican business cycle is highly correlated with the US. As the news flow out of the US modestly improved and the US market rallied, so did the Mexican market. Materials, consumer discretionary and consumer staples all rose in double digits. The rise in copper prices helped benefit many materials companies, such as Peru’s Southern Copper.

During the second six months of the Reporting Period (second and third quarter of 2012), however, the Fund retreated. The second quarter of 2012 was dominated by global investors’ continued concern about the stability of the European banking system, and in particular the solvency of Spanish banks. From tax incentives for key industries to increased lending by state-controlled banks, Brazil’s government made clear efforts to revive the economy, yet measures were low to take effect and had little impact on investor sentiment. Amongst the smaller markets, Columbia’s second quarter woes were driven by the weakness in oil prices and the only names to provide a boost to the market were Cementos Argos and Almacenes Exito . Meanwhile, the Peruvian market declined during the quarter as the mining stocks became weak after the clashes/protests over the Conga mining project.

On an individual security level, the top positive contributors to the Fund’s performance were all Mexican firms: Construction materials company Cemex SAB de CV, diversified bank Grupo Financiero Banorte SAB, and finally airport servicing firm Grupo Aeroportuario del Sureste SAB The top negative contributors to the Fund’s performance were: Brazilian energy firm OGX Petroleo e Gas Participacoes SA ADR, Mexican homebuilder Urbi Desarrollos Urbanos SA de CV, and Mexican electronics retailer Grupo Elektra SA de CV.

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

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 SEPTEMBER 30, 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

ONE YEAR		14.49%		15.28%		14.97%		14.49%		15.28%		14.97%

THREE YEARS		9.39%		8.90%		13.28%		3.04%		2.88%		4.24%

FIVE YEARS		2.11%		2.04%		7.09%		0.42%		0.40%		1.38%

SINCE INCEPTION (1)		39.36%		39.10%		48.31%		6.18%		6.15%		7.38%


(1)		For the period March 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period March 20, 2007 to September 30, 2012.

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$8,043,912	5,951,021	4,805,630	4,578,852	4,547,007

% OF NET ASSETS	7.1	5.2	4.2	4.0	4.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		17.2	%
Metals & Mining		16.1
Oil, Gas & Consumable Fuels		12.4
Wireless Telecommunication Services		7.6
Beverages		7.0
Food & Staples Retailing		4.1
Food Products		3.0
Multiline Retail		3.0
Industrial Conglomerates		2.9
Electric Utilities		2.8
Diversified Financial Services		2.0
Diversified Telecommunication Services		1.9
Paper & Forest Products		1.7
Independent Power Producers & Energy Traders		1.6
Transportation Infrastructure		1.5
Real Estate Management & Development		1.5
Construction Materials		1.4
Media		1.4
Airlines		1.0
Household Durables		1.0
Personal Products		1.0
Water Utilities		1.0
Tobacco		1.0
Household Products		0.7
Chemicals		0.7
IT Services		0.7
Specialty Retail		0.6
Construction & Engineering		0.6
Aerospace & Defense		0.5
Containers & Packaging		0.3
Capital Markets		0.3
Software		0.3
Road & Rail		0.3
Machinery		0.3
Internet & Catalog Retail		0.1
Health Care Providers & Services		0.1
Short Term Investments		11.1
Other Assets & Liabilities		(10.7	)

TOTAL		100.0	%


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

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

The SPDR^® S&P Emerging Middle East & Africa ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Middle Eastern and African emerging markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Mid-East & Africa BMI Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 19.26%, and the total return for the Index was 19.65%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

For the Reporting Period under review, it was a tale of two halves. During the first six months (fourth quarter of 2011 and first quarter of 2012), the Fund had a significant positive return. During these first six months, the region benefited from the rally in commodity prices that occurred. Copper, silver and tin all saw prices rise by double digits, all of which helped the Fund given its sizeable allocation to materials companies. Egypt rose significantly during the Reporting Period despite the strong performance foreign reserves continued to drop albeit at a slower pace. An IMF deal increasingly appears to be Egypt’s only hope in avoiding a sharp devaluation of the EGP. South Africa, by far the largest market with a weight representing almost the entire Fund, also rose significantly in the first six months of the Reporting Period. The South African Reserve Bank (SARB) left the policy rate unchanged at 5.5%. The government believes the global outlook has improved and therefore revised its GDP growth forecast for 2012.

During the second six months of the Reporting Period (second and third quarters of 2012), however, the Fund had a slight positive gain. The second quarter of 2012 was dominated by global investors’ continued concern about the stability of the European banking system, and in particular the solvency of Spanish banks. South Africa, the largest market in EMEA, was down in the second quarter as disappointing corporate earnings news from the resource sector remained the main theme. Suboptimal operating performance, together with a muted production outlook and falling commodity prices weighed on the country. The Egyptian market also fell in the second quarter during which Egypt’s first free presidential election occurred with a victory for the Muslim Brotherhood with its candidate, Mohamed Morsi.

In the third quarter of 2012, both markets clawed backthe lossesand then some. At the end of the third quarter, it was announced that the planned visit by an IMF delegation to negotiate Egypt’s potential IMF agreement has been postponed until after the IMF’s annual meetings to be held in mid-October. South Africa, the largest market in the Fund was up in the third quarter, but has struggled as the labor unrest has fully consumed both the gold and platinum sectors. The market was also impacted by the depreciation of the rand and Moody’s announcement of its downgrade of the

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

country by one notch to Baa1 from A3. The country’s sovereign debt is still investment grade, but the agency has left the country on negative outlook.

On an individual security level, the top positive contributors to the Fund’s performance were Egyptian real estate development firm Palm Hills Development Co. S.A.E., Egyptian steel company Ezz Steel Co. S.A.E., and South African media company Avusa. The top negative contributors to the Fund’s performance were all South African companies: precious metals company Aquarius Platinum Ltd., steel manufacturer Evraz Highveld Steel & Vanadium Ltd., and telecommunications company Telkom S.A. Ltd.

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

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

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

PERFORMANCE AS OF SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		19.26%		21.39%		19.65%		19.26%		21.39%		19.65%

THREE YEARS		31.04%		28.37%		33.46%		9.43%		8.68%		10.10%

FIVE YEARS		20.50%		18.99%		25.97%		3.80%		3.54%		4.72%

SINCE INCEPTION (1)		39.58%		38.31%		46.78%		6.21%		6.04%		7.18%


(1)		For the period March 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period March 20, 2007 to September 30, 2012.

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$7,819,644	6,658,040	5,868,999	4,164,404	3,409,461

% OF NET ASSETS	8.5	7.2	6.4	4.5	3.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		13.9	%
Commercial Banks		10.6
Wireless Telecommunication Services		9.9
Oil, Gas & Consumable Fuels		7.4
Media		7.4
Diversified Financial Services		6.6
Insurance		5.0
Food & Staples Retailing		4.7
Real Estate Management & Development		4.3
Specialty Retail		4.0
Food Products		3.2
Construction & Engineering		2.7
Industrial Conglomerates		2.6
Health Care Providers & Services		2.1
Pharmaceuticals		2.1
Multiline Retail		1.7
Capital Markets		1.2
Household Durables		1.2
Distributors		1.0
Construction Materials		1.1
Real Estate Investment Trusts		0.9
Paper & Forest Products		0.9
Chemicals		0.9
Diversified Telecommunication Services		0.7
Containers & Packaging		0.7
Trading Companies & Distributors		0.7
Electronic Equipment, Instruments & Components		0.5
Hotels, Restaurants & Leisure		0.4
Tobacco		0.4
Marine		0.2
Electrical Equipment		0.1
Auto Components		0.1
Energy Equipment & Services		0.1
Commercial Services & Supplies		0.1
Professional Services		0.1
IT Services		0.1
Textiles, Apparel & Luxury Goods		0.0	***
Short Term Investments		8.2
Other Assets & Liabilities		(7.8	)

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 Avusa, Ltd., which was Level 2 and part of the Media Industry, representing 0.15% of net assets. (Note 2)
***		Amount represents less than 0.05% of net assets.

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

The SPDR^® S&P World ex-US ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the developed world (ex-US) equity markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US BMI Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 14.99%, and the total return for the Index was 14.72%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations.

After a downbeat finish to 2011, solid US data on employment and manufacturing activity coupled with European figures that reflected economic stabilization, compelled more cautious investors to increase equity exposure steadily through January, and credit spreads tumbled as confidence improved. Stock markets around the world continued to rally strongly through January and February, rebounding nicely from the downbeat growth expectations that had prevailed into the end of 2011. This rebound was short-lived though, as investors became more hesitant in early March due to tepid economic figures from Europe and Japan. While healthy first-quarter earnings reports countered the hesitant tone of incoming economic indicators during April, share prices had little buffer left in May when US employment figures lost momentum. The possibility that new leadership might formally reject the euro led to fears that bank deposits could eventually face involuntary devaluation, not only in Greece, but also in other heavily indebted peripheral nations, with Spanish banks attracting particular scrutiny.

Fortunately, the selling of equities seemed to lighten up once again in June, as collapsing oil prices diminished inflation risks considerably, and as investors began contemplating the potential for new and concerted central bank measures, volatility receded and even the most defeated equity markets gingerly lifted off their 2012 low. On the last day of June, after the latest European summit had eased immediate pressure on Spain, equities enjoyed their most powerful rally of the first six months of 2012, demonstrating how ingrained investor caution had become amid the financial and economic turmoil of the spring. The late surge flattered the MSCI World Index of developed equity markets with a slight positive June return.

The final quarter of the Reporting Period produced a few more volatile months. Investors remained cautious about earnings reports from prior quarter toward the end of the quarter, as reports showed signs of diminished growth, particularly on the revenue side and particularly outside the US. One market that derived little net benefit from the central bank largesse in the US and Europe was that for Japanese equities. Even though the Bank of Japan announced expanded asset purchases of its own in July and September, the moves seemed timid by comparison, and the yen held

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

value well through the third quarter. In the end, both the Fund and the Index finished the Reporting Period with strong double digit returns.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd. GDR, Nestle SA and HSBC Holdings PLC. Samsung Electronics was able to improve its operating performance, despite uncertain macroeconomic conditions, mainly as a result of its strengthening position in the mobile handset market. Nestle S.A. announced its intention to acquire Pfizer’s PFE infant nutrition business in the second quarter of 2012. This strategic decision to enter a high growth market in addition being a leader in beverages, dairy products, confectionary and pet care has contributed to Nestle’s positive return. The top negative contributors to the Fund’s performance were Canon Inc., Telefonica SA and Nokia Oyj. Canon Inc. suffered due to a larger than expected decline in camera sales, as consumers switch to smartphones. Telefonica and Nokia both felt the stress of the European debt crisis and struggled as competition continues to rise against Apple’s iPhone.

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P DEVELOPED EX-US

NET ASSET

MARKET

S&P DEVELOPED EX-US

VALUE

BMI INDEX

VALUE

BMI INDEX

ONE YEAR

14.99%

16.32%

14.72%

14.99%

16.32%

14.72%

THREE YEARS

9.49%

8.65%

11.70%

3.07%

2.80%

3.76%

FIVE YEARS

−19.93%

−20.09%

−18.00%

−4.35%

−4.39%

−3.89%

SINCE INCEPTION (1)

−16.27%

−16.42%

−13.91%

−3.21%

−3.24%

−2.71%


(1)		For the period April 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period April 20, 2007 to September 30, 2012.

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$6,485,393	6,274,044	4,895,192	4,700,202	4,217,994

% OF NET ASSETS	1.6	1.5	1.2	1.1	1.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		11.9	%
Oil, Gas & Consumable Fuels		8.7
Pharmaceuticals		6.8
Metals & Mining		6.2
Insurance		3.9
Chemicals		3.6
Food Products		3.4
Real Estate Management & Development		2.7
Automobiles		2.7
Machinery		2.5
Diversified Telecommunication Services		2.3
Wireless Telecommunication Services		2.3
Food & Staples Retailing		2.2
Semiconductors & Semiconductor Equipment		2.2
Beverages		2.2
Capital Markets		1.9
Hotels, Restaurants & Leisure		1.7
Industrial Conglomerates		1.6
Trading Companies & Distributors		1.6
Road & Rail		1.5
Multi-Utilities		1.5
Media		1.4
Real Estate Investment Trusts		1.4
Electric Utilities		1.4
Construction & Engineering		1.3
Tobacco		1.2
Textiles, Apparel & Luxury Goods		1.2
Electronic Equipment, Instruments & Components		1.2
Electrical Equipment		1.2
Auto Components		1.0
Specialty Retail		1.0
Diversified Financial Services		1.0
Health Care Equipment & Supplies		1.0
Energy Equipment & Services		0.9
Commercial Services & Supplies		0.8
Building Products		0.8
Software		0.8
Health Care Providers & Services		0.7
Household Durables		0.6
Aerospace & Defense		0.6
Multiline Retail		0.6
IT Services		0.5
Professional Services		0.5
Household Products		0.5
Computers & Peripherals		0.4
Marine		0.4
Communications Equipment		0.4
Construction Materials		0.4
Office Electronics		0.3
Gas Utilities		0.3
Air Freight & Logistics		0.3
Biotechnology		0.3
Personal Products		0.3
Transportation Infrastructure		0.2
Paper & Forest Products		0.2
Consumer Finance		0.2
Diversified Consumer Services		0.1
Distributors		0.1
Leisure Equipment & Products		0.1
Internet & Catalog Retail		0.1
Internet Software & Services		0.1
Containers & Packaging		0.1
Independent Power Producers & Energy Traders		0.0	***
Life Sciences Tools & Services		0.0	***
Health Care Technology		0.0	***
Short Term Investments		11.5
Other Assets & Liabilities		(10.8	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		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 and Irish Bank Resolution Corp., Ltd., which was Level 2 and part of the Commercial Banks Industry, each representing 0.00% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets

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

The SPDR^® S&P International Small Cap ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the developed world (ex-US) small cap equity markets. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-U.S. Under USD2 Billion Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 10.74%, and the total return for the Index was 10.67%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations.

The Fund gained 10.74% for the Reporting Period despite the news of a global recession, decrease growth estimates in China, and the impact of economic reform in Greece to deal with the country’s debt crisis. The fourth quarter of 2011 was relatively quiet posting a small gain as measured by the S&P Developed Ex-U.S. BMI Index. The next three quarters in 2012 were very volatile as the Index posted both positive and negative returns. The first quarter gains were mainly driven by the actions taken by the European Central Bank (ECB) to provide lending to the European banks. Investors retreated in the second quarter as there was further concern over the possibility that new leadership might formally reject the euro, which led to fears that bank deposits could eventually face involuntary devaluation, not only in Greece, but also in other heavily indebted peripheral nations. A European summit during the final days of June provided for direct recapitalization of Spanish banks without subordination of existing lenders, sparking equities worldwide to finish the first half of the year with a flourish. The third quarter of 2012 produced periods of ebbs and flows but the Index return headed higher over two significant rallies; the first surge came in response to the Draghi declamation on the euro; and the second reflected anticipation of the fresh asset purchase plans from the Federal Reserve.

On an individual security level, the top positive contributors to the Fund’s performance were GN Store Nord A/S, Techtronic Industries Co., Ltd., and Paddy Power PLC. The top negative contributors to the Fund’s performance were Nippon Light Metal Co., Ltd., Central Glass Co., Ltd., and JB Hi-Fi, Ltd.

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-US. UNDER USD2

NET ASSET

MARKET

EX-US. UNDER USD2

VALUE

BILLION INDEX

VALUE

BILLION INDEX

ONE YEAR

10.74%

13.16%

10.67%

10.74%

13.16%

10.67%

THREE YEARS

16.46%

15.32%

14.79%

5.21%

4.87%

4.70%

FIVE YEARS

−14.86%

−15.78%

−17.24%

−3.17%

−3.38%

−3.71%

SINCE INCEPTION (1)

−12.20%

−12.66%

−14.84%

−2.36%

−2.45%

−2.91%


(1)		For the period April 20, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period April 20, 2007 to September 30, 2012.

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




DESCRIPTION	PADDY POWER PLC	MELROSE PLC	SHOCHIKU CO., LTD.	INVOCARE, LTD.	CHEIL COMMUNICATIONS, INC.

MARKET VALUE	$5,569,785	5,300,368	4,903,689	4,708,025	4,612,583

% 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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY **	NET ASSETS

Metals & Mining		6.5	%
Machinery		5.9
Commercial Banks		4.5
Hotels, Restaurants & Leisure		4.4
Real Estate Investment Trusts		4.0
Real Estate Management & Development		3.9
Oil, Gas & Consumable Fuels		3.9
Chemicals		3.7
Media		3.4
Construction & Engineering		3.3
Electronic Equipment, Instruments & Components		3.2
Commercial Services & Supplies		3.2
Capital Markets		3.0
Pharmaceuticals		2.7
Household Durables		2.4
Specialty Retail		2.3
Health Care Equipment & Supplies		2.0
Food Products		2.0
Professional Services		2.0
Trading Companies & Distributors		1.7
Energy Equipment & Services		1.6
Software		1.6
Auto Components		1.6
Textiles, Apparel & Luxury Goods		1.5
Building Products		1.4
Semiconductors & Semiconductor Equipment		1.4
Electrical Equipment		1.1
Health Care Providers & Services		1.1
Multiline Retail		1.1
IT Services		1.1
Beverages		1.1
Communications Equipment		1.1
Industrial Conglomerates		0.9
Construction Materials		0.9
Gas Utilities		0.9
Road & Rail		0.9
Internet Software & Services		0.8
Containers & Packaging		0.8
Diversified Consumer Services		0.8
Insurance		0.7
Consumer Finance		0.7
Marine		0.7
Food & Staples Retailing		0.6
Thrifts & Mortgage Finance		0.5
Transportation Infrastructure		0.5
Automobiles		0.5
Diversified Financial Services		0.4
Airlines		0.4
Distributors		0.4
Electric Utilities		0.4
Biotechnology		0.4
Aerospace & Defense		0.4
Diversified Telecommunication Services		0.4
Paper & Forest Products		0.3
Leisure Equipment & Products		0.3
Wireless Telecommunication Services		0.3
Internet & Catalog Retail		0.3
Life Sciences Tools & Services		0.2
Multi-Utilities		0.2
Computers & Peripherals		0.1
Independent Power Producers & Energy Traders		0.0	***
Household Products		0.0	***
Health Care Technology		0.0	***
Air Freight & Logistics		0.0	***
Short Term Investments		11.4
Other Assets & Liabilities		(9.8	)

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 AET&D Holdings No. 1 Pty, Ltd., which was Level 2 and part of the Transportation Infrastructure Industry, Platinum Australia, Ltd., which was Level 2 and part of the Metals & Mining Industry, Great Basin Gold, Ltd., which was Level 3 and part of the Metals & Mining Industry, Amagerbanken A/S, which was Level 2 and part of the Commercial Banks Industry, TT Hellenic Postbank SA, which was Level 2 and part of the Commercial Banks Industry, China Mining Resources Group, Ltd., which was Level 3 and part of the Metals & Mining Industry, Peace Mark (Holdings), Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry, Carnegie Investment Bank AB, which was Level 2 and part of the Capital Markets 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 —
Management’s Discussion of Fund Performance

The SPDR^® Dow Jones International Real Estate ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of an equity index based upon the international real estate market. In seeking this objective, the Fund uses a sampling strategy designed to track the price and yield performance of the Dow Jones Global ex-U.S. Select Real Estate Securities Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 25.52%, and the total return for the Index was 26.80%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Global real estate securities market delivered another year of strong positive returns during the Reporting Period.

The defensive characteristics of real estate along with a relatively high yield attracted capital flows to the asset class and propelled the market to new highs even amid current macro-economic uncertainty. By the end of 2011, the global real estate securities market regained positive momentum returning positive returns in the fourth quarter, on the back of a double digit sell off in the third quarter. However, the momentum was not strong enough to recover the losses from earlier in the year. Global listed real estate finished the year 2011 in negative territory, performing largely in line with broader equities. The overhang of slowing economies, austerity, and de-leveraging pressured the performance of the European listed property markets in the second half of 2011. Asia lagged all throughout the year as Asian Developers underperformed Real Estate Investment Trusts (REITs). Japan underperformed with part of the weakness in the shares of J-REITs attributed to the Bank of Japan slowing its pace of share acquisitions. Australia was one of the better performing public real estate markets globally. Although Australia was not immune to Europe-induced negative sentiment, financial job cuts or slowing retail sales, investors were attracted to the region by A-REITs’ high, sustainable dividend yields and the relatively strong Australian economy.

Conversely, so far in 2012, the overall strength of global publically traded real estate was underpinned largely by the outperformance of Japanese and Asian property markets. Global investors took notice of discounted valuations and capital flowed into the Far East early in the year. In Hong Kong and Singapore, the share prices of listed developers reacted positively to news flow from residential markets where prices and volumes continued to reach new record highs. The Bank of Japan’s vague but positive comments on inflation guidance were interpreted by investors as a positive sign of long-anticipated economic growth in Japan. Monetary easing and slowly improving operating fundamentals helped to prolong the Asian rally for much of 2012. The Australian REIT sector performed consistently throughout 2012 as well, supported by domestic investors who were positioning defensively amid downgrades in broader equities, and by

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

international flows attracted to the region by a 6.5% dividend yield. June marks the 2012 fiscal year-end for Australian REITs, during which A-REITs outperformed Australian equities significantly. This was due to widespread share buybacks, sharply lower interest rates (Reserve Bank of Australia cut the base rate 125 bps in 12 months) and increasing investor appetite for yield all despite some softening in operating fundamentals.

On an individual security level, the top positive contributors to the Fund’s performance were Frasers Commercial Trust, CapitaCommercial Trust and Prosperity REIT. Frasers Commercial Trust has been the top performer in the Singapore REIT space during the Reporting Period due to several initiatives to turnaround its portfolio including divestment of non-core assets, redevelopment activity for some core properties as well as strengthening of its balance sheet position. Among other Singapore office stocks, CapitaCommercial Trust was trading at depressed valuations towards the end of last year in anticipation of a slowdown in the office market and declines in office rentals. Office rentals took a sharp dive in the fourth quarter of 2011. Subsequently, a decline in rental rates has been on an improving trend leading to a strong rebound of CapitaCommerical Trust in 2012. The strong performance of the Hong Kong office and industrial REIT, Prosperity, was underpinned by a combination of attractive valuation and improving operating fundamentals. Prosperity’s portfolio occupancy remained in excess of 99% while effective rental rates and tenant retention each grew slightly over the last 12 months.

The top negative contributors to the Fund’s performance were IVG Immobilien AG, Hulic Co., Ltd. (Hulic), and Global One Real Estate Investment Co. IVG Immobilien AG was the worst performing stock in the benchmark due to negative cash flows, excessive leverage and some exposure to non-traditional real estate, namely oil and gas storage caverns in Northern Germany. Smaller Japanese developer Hulic underperformed on the back of its takeover of Shoei Co. in late 2011. The transaction, designed to improve Hulic’s access to capital, was initially not backed by public property investors. However, Hulic increased its total leasing space for office, apartments and nursing homes after acquiring Shoei and upon the close of the transaction in 2012, became one of the best performing stocks in Japan in the last six months. The poor performance of the Japanese office landlord Global One can be attributed to the challenges it experienced while trying to lease some of its vacant office space. Global One’s portfolio is relatively small in size and looming tenant departures coupled with inability to re-lease have potentially more pronounced negative impact on rental revenue.

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES GLOBAL

EX-U.S. SELECT REAL

NET ASSET

MARKET

ESTATE SECURITIES

NET ASSET

MARKET

ESTATE SECURITIES

VALUE

INDEX

VALUE

INDEX

ONE YEAR

25.52%

27.81%

26.80%

25.52%

27.81%

26.80%

THREE YEARS

31.25%

30.92%

33.48%

9.49%

9.40%

10.10%

FIVE YEARS

−20.34%

−20.75%

−19.01%

−4.45%

−4.55%

−4.13%

SINCE INCEPTION (1)

−13.89%

−14.04%

−11.72%

−2.55%

−2.58%

−2.12%


(1)		For the period December 15, 2006 to September 30, 2007.

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

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

Past performance is not a guarantee of future results.


(1)		For the period December 15, 2006 to September 30, 2007.

SPDR Dow Jones International Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




		BROOKFIELD ASSET
		MANAGEMENT,
DESCRIPTION	WESTFIELD GROUP	INC. (CLASS A)	UNIBAIL-RODAMCO SE	MITSUI FUDOSAN CO., LTD.	THE LINK REIT

MARKET VALUE	$206,779,288	182,743,246	171,475,129	166,626,247	101,912,337

% OF NET ASSETS	6.6	5.8	5.5	5.3	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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		33.2	%
Retail REITs		31.6
Diversified REITs		15.9
Office REITs		12.4
Industrial REITs		4.5
Residential REITs		0.9
Diversified Capital Markets		0.6
Specialized REITs		0.5
Short Term Investments		4.6
Other Assets & Liabilities		(4.2	)

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

SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Management’s Discussion of Fund Performance

The SPDR^® FTSE/Macquarie Global Infrastructure 100 ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the global infrastructure industry market. In seeking this objective, the Fund uses a sampling strategy to track the total return performance of the Macquarie Global Infrastructure 100 Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 8.20%, and the total return for the Index was 9.46%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations and the performance differential can be attributed primarily to the expenses of managing the Fund and slight variations between the Fund’s holdings and the Index constituents.

The Index lagged behind other broad market indices over the last year although this is somewhat expected given the defensive nature of the Index which is heavily invested in utilities stocks. Global equities saw both positive and negative investor sentiment regarding the Eurozone debt crisis. There were times when investors were clearly unhappy with the European Central Bank’s ability commit to asset purchases as well as positive market swings’ with respect to QE3 and the European Central Bank’s Outright Monetary Transactions. The market’s attention to growth through the Reporting Period can be seen in the broader index 2012 year-to-date returns of the MSCI Emerging Markets Index and MSCI World Index.

On an individual security level, the top positive contributors to the Fund’s performance were Williams Cos., Inc, El Paso Corp. and NextEra Energy, Inc. Williams Company is a large pipeline company that benefited from increased fee based revenue in the midstream segment in addition to benefiting from higher ethylene production margins and volumes. El Paso Corp. is an interstate gas pipeline operator and gas producer that is close to a full turnaround from missteps in the 1990’s. El Paso agreed to merge with Kinder Morgan in April 2012 to create the largest midstream company. Finally, NextEra, a leading electricity provider, has benefited from geographic diversification which provides exposure to multiple markets. Coupled with the companies wind and solar investments, NextEra has been able to post a positive return.

The top negative contributors to the Fund’s performance were Iberdrola SA, GDF Suez SA and The Kansai Electric Power Co., Inc. Iberdrola is a power distribution firm which has been directly affected by the Spanish economy due to the country contributing a significant amount to the firm’s revenue. GDF Suez is a global energy firm which faces political and regulatory risk due to its global nature. The company faces specific risk in Belgium and France which could cause further headaches with regard to regulation and taxation. Finally, Kansai Electric Power Co. Inc. is an electric generation

SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Management’s Discussion of Fund Performance (continued)

company which has been negatively affected by delays in restarts of nuclear power generation. The Japanese regulatory body is looking to create new energy policy in the wake of the Fukishima nuclear accident.

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MACQUARIE GLOBAL

NET ASSET

MARKET

INFRASTRUCTURE 100

NET ASSET

MARKET

INFRASTRUCTURE 100

VALUE

INDEX

VALUE

INDEX

ONE YEAR

8.20%

9.02%

9.46%

8.20%

9.02%

9.46%

THREE YEARS

8.84%

8.94%

12.11%

2.86%

2.90%

3.88%

FIVE YEARS

−14.46%

−14.55%

−10.70%

−3.08%

−3.10%

−2.24%

SINCE INCEPTION (1)

−2.12%

−2.05%

2.76%

−0.38%

−0.36%

0.48%


(1)		For the period January 25, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period January 25, 2007 to September 30, 2012.

SPDR FTSE/Macquarie Global Infrastructure 100 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$1,435,932	1,434,607	1,272,965	1,265,032	1,198,386

% OF NET ASSETS	3.9	3.9	3.5	3.5	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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY **	NET ASSETS

Electric Utilities		40.4	%
Multi-Utilities		32.1
Oil, Gas & Consumable Fuels		12.5
Gas Utilities		6.0
Independent Power Producers & Energy Traders		2.9
Water Utilities		2.5
Transportation Infrastructure		2.3
Road & Rail		0.4
Short Term Investments		20.1
Other Assets & Liabilities		(19.2	)

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 Global Natural Resources ETF —
Management’s Discussion of Fund Performance

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 13.07%, and the total return for the Index was 13.89%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential is primarily due to Fund expenses and slight variations between the Fund’s holdings and the Index constituents.

Global natural resource stocks performed well during the Reporting Period. Shares were helped in the fourth quarter of 2011 by increases in industrial production in developed countries like Germany, Italy, France and the United Kingdom. Central bank intervention and positive macroeconomic data such as US housing starts and unemployment also helped buoy share prices. Similarly, natural resource firms were aided in the first quarter of the 2012 by several factors, including better than expected manufacturing data in China, Europe and the US. Data also suggested that global growth was improving via higher Japanese GDP, Japanese machine orders and German industrial production. Global natural resource shares retreated in the second quarter of 2012 as markets gave back returns based on increased worries over the European sovereign debt crisis. Global natural resources stocks rebounded in the third quarter of 2012 on the back of generally positive macroeconomic data despite ongoing concerns over the European debt crisis.

On an individual security level, the top positive contributors to the Fund’s performance were Monsanto, Exxon Mobil Corp., and Chevron Corp. Monsanto’s performance over the period was driven by its strong commitment to innovation and its ability to provide drought-resistant, heartier seeds. The agricultural company has positioned itself well as the global population continues to increase and more output is required from existing or smaller plots of land. Exxon Mobil’s performance during the Reporting Period can be attributed to several factors. The energy stock thrived as a result of its diverse portfolio of global investments which helps insulate it from volatility in the gas and oil markets. Revenues for Exxon Mobil were significantly higher than the prior year. Similarly, net income was significantly better than the prior year. Like Exxon Mobil, Chevron is a leading gas and oil company that performed well for the Reporting Period. Chevron leads the industry in earnings per barrel and has many exploration positives on the horizon as well as many liquid rich assets.

The top negative contributors to the Fund’s performance were Wilmar International, Ltd., Vale SA ADR, and Anglo American PLC. Wilmar International’s poor performance for the Reporting Period resulted in a large decrease in profits, driven by losses in oilseeds and grains and lower profits from plantations and palm oil mills. Vale is one of the largest iron ore exporters in the world and the company was hurt during the Reporting Period by lackluster demand for iron ore,

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

particularly from China. Anglo American is another mining company that engages in the exploration and mining of precious, base and ferrous metals. Anglo American’s performance was hurt by a protracted dispute with its Chilean rival Codelco over its Anglo American Sur properties. The company has also been hurt by delays and cost overruns at a major iron ore project in Brazil and high costs, low platinum prices and violence at its South African platinum operation.

SPDR S&P Global Natural Resources ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2012 is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P GLOBAL NATURAL		NET ASSET		MARKET		S&P GLOBAL NATURAL
	VALUE		VALUE		RESOURCES INDEX		VALUE		VALUE		RESOURCES INDEX

ONE YEAR		13.07%		13.83%		13.89%		13.07%		13.83%		13.89%

SINCE INCEPTION (1)		4.96%		4.77%		6.26%		2.39%		2.30%		3.01%


(1)		For the period September 13, 2010 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period September 13, 2010 to September 30, 2012.

SPDR S&P Global Natural Resources ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$20,700,439	19,870,844	16,884,938	15,252,226	12,830,046

% OF NET ASSETS	5.0	4.8	4.1	3.7	3.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		33.3	%
Oil, Gas & Consumable Fuels		32.7
Chemicals		20.7
Food Products		5.0
Paper & Forest Products		4.3
Containers & Packaging		1.2
Real Estate Investment Trusts		1.1
Household Products		1.0
Short Term Investments		9.4
Other Assets & Liabilities		(8.7	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, 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 —
Management’s Discussion of Fund Performance

The SPDR^® MSCI ACWI ex-US ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon broad based world (ex-US) equity markets. In seeking this objective, the Fund uses a sampling strategy to track the total return performance of the MSCI All Country World Index ex USA (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 14.20%, and the total return for the Index was 15.04%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Global Equity markets started well in the Reporting Period due to a healthy earnings report which helped fuel a robust equity recovery from the summer months. While the Index rose sharply in October, the momentum saw a decline with further unrest in the Eurozone debt crisis. Adding to investor discontent was the disappointment of the European Central Bank (ECB) and US Federal Reserve’s failure to commit to additional asset purchases. Despite the decline, the Index was able to retain a slight fourth quarter advance.

The beginning of 2012 was particularly strong in Global Equity markets. Long Term Financing Options by the European Central Bank in addition to a strong performance of emerging market equities returned a handsome return in the first quarter. Positive investor sentiment was short lived, as concern regarding the stability of the European banking system as well as the solvency of Spanish banks created an unpleasant May and produced a negative return in the second quarter of 2012. The third quarter of 2012 saw yet another equity performance turn around with Emerging Markets returns outperforming positive developed market returns partly due to the announcement by the ECB of Outright Monetary Transactions and Quantitative Easing 3 (QE3).

On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Samsung Electronics Co., Ltd GDR and HSBC Holdings PLC. Nestle SA announced its intention to acquire Pfizer’s PFE infant nutrition business in the second quarter of 2012. This strategic decision to enter a high growth market in addition being a leader in beverages, dairy products, confectionary and pet care has contributed to Nestlé’s positive return. Samsung displayed strong revenue and profitability due to its new flagship Galaxy model in the telecom division despite legal disputes with Apple on patent infringements. In addition, Samsung moved the PC division under the Telecom division and has also seen recovery in less profitable areas such as SEMI/Displays. HSBC’s positive return seems to stem mainly from its position in Asia’s fast growing markets as well as the 2011 company reorganization which focuses on the company’s strengths, i.e., providing global financial services to corporations.

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

The top negative contributors to the Fund’s performance were Vale SA, Sharp Corp., and Canon Inc. Vale SA is experiencing a direct downturn in commodity prices; specifically iron ore and nickel. Iron ore accounts for the majority of Vale SA’s profits and weaker Chinese steel demand had been directly affecting iron ore in the spot market. Sharp started 2012 on a poor note with a shortfall of first quarter figures as well as continuous issues regarding high inventory. Compounding these issues was the companies delay in production of LCD and IGZO panels for the iPad and iPhone along with reduced earnings forecasts for main profit drivers. Finally, Canon’s sales continued to plummet over the Reporting Period as smartphones have started to replace cameras.

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 SEPTEMBER 30, 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

ONE YEAR

14.20%

15.96%

15.04%

14.20%

15.96%

15.04%

THREE YEARS

8.90%

8.00%

11.29%

2.88%

2.60%

3.63%

FIVE YEARS

−17.57%

−18.21%

−17.05%

−3.79%

−3.94%

−3.67%

SINCE INCEPTION (1)

−1.45%

−1.95%

0.46%

−0.26%

−0.34%

0.08%


(1)		For the period January 10, 2007 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period January 10, 2007 to September 30, 2012.

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




				SAMSUNG ELECTRONICS
DESCRIPTION	NESTLE SA	HSBC HOLDINGS PLC	VODAFONE GROUP PLC	CO., LTD. GDR	ROCHE HOLDING AG

MARKET VALUE	$6,523,063	4,380,319	3,938,601	3,816,078	3,743,954

% OF NET ASSETS	1.7	1.1	1.0	1.0	1.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		13.9	%
Oil, Gas & Consumable Fuels		10.8
Pharmaceuticals		6.8
Metals & Mining		6.4
Insurance		3.9
Chemicals		3.4
Wireless Telecommunication Services		3.2
Food Products		3.1
Automobiles		3.1
Diversified Telecommunication Services		3.0
Semiconductors & Semiconductor Equipment		2.8
Beverages		2.6
Machinery		2.3
Real Estate Management & Development		2.0
Food & Staples Retailing		1.8
Media		1.6
Road & Rail		1.5
Industrial Conglomerates		1.4
Tobacco		1.4
Multi-Utilities		1.3
Capital Markets		1.3
Trading Companies & Distributors		1.3
Real Estate Investment Trusts		1.2
Electric Utilities		1.2
Diversified Financial Services		1.1
Electronic Equipment, Instruments & Components		1.1
Electrical Equipment		0.9
Textiles, Apparel & Luxury Goods		0.9
Hotels, Restaurants & Leisure		0.9
Construction & Engineering		0.8
Gas Utilities		0.7
Transportation Infrastructure		0.6
Multiline Retail		0.6
Software		0.6
Auto Components		0.6
Construction Materials		0.6
Specialty Retail		0.6
Building Products		0.6
Aerospace & Defense		0.5
Health Care Equipment & Supplies		0.5
Professional Services		0.5
Internet Software & Services		0.5
Household Durables		0.5
Independent Power Producers & Energy Traders		0.4
Commercial Services & Supplies		0.4
Energy Equipment & Services		0.4
Household Products		0.4
Personal Products		0.3
IT Services		0.3
Communications Equipment		0.3
Marine		0.3
Air Freight & Logistics		0.3
Office Electronics		0.3
Health Care Providers & Services		0.3
Biotechnology		0.2
Containers & Packaging		0.2
Water Utilities		0.2
Paper & Forest Products		0.1
Computers & Peripherals		0.1
Consumer Finance		0.1
Distributors		0.1
Airlines		0.1
Leisure Equipment & Products		0.1
Short Term Investments		10.9
Other Assets & Liabilities		(10.2	)

TOTAL		100.0	%


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

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

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

For the period since inception on February 27, 2012 through September 30, 2012 (the “Reporting Period”), the total return for the Fund was 1.28%, and the total return for the Index was 1.68%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Although the last two weeks of September witnessed steady erosion in the prices of risky assets, the third quarter of 2012 as a whole offered considerable relief to investors who had suffered through a difficult 2011 fall and 2012 spring. Volatility continued to ebb during the summer as central bankers extended deployment of the ample financial resources at their disposal, and global equities wound up achieving solid gains during each month of the third quarter of 2012. This outcome would have been hard to discern in early July, when tepid US employment figures stole the thunder from fresh easing moves in the UK and Europe. Among factors contributing to a cautious atmosphere were earnings reports for the second quarter of 2012, which showed signs of tempered growth, particularly on the revenue side and particularly outside the US. But these ongoing issues, while serious, did not seem to affect equity trading as directly as developments in Europe, since the notable equity drawdowns during the third quarter came in mid-July and late September. United States, United Kingdom, and Canada were the best performing countries in the Fund. Japan, Spain and Italy were the worst contributors to the Fund returns. Health care, financials and consumer staples were the best performing sectors in the Fund, while materials, energy and industrials had negative returns lagging the Index performance.

On an individual security level, the top positive contributors to the Fund’s performance were Apple Inc., Exxon Mobil Corp. and General Electric Co. Apple shares soared after a strong iPhone 5 launch and in anticipation of the new iPad Mini. Exxon shares rose as the company benefited from rising natural gas and oil prices and the improved operating margins across the board for refiners. GE performance benefited from the management taking advantage of the market’s dip to make strategic bets in energy, health care, and transportation and generated a nice growth rate and a nice dividend yield.

The top negative contributors to the Fund’s performance were Kobe Steel, Ltd., Sony Corp., and Nokia Corp Oyj. Kobe Steel performance was impacted by lower profits from exports due to the high yen and growing competition from

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

imported materials. Sony Corp. Sony announced in April that it was planning on cutting 10,000 jobs from its global workforce in fiscal year 2012, mostly in the electronics business, as it tries to streamline operations and increase efficiency. Nokia Corp. struggled against the dominance of Samsung and the iPhone in the tough smartphone market and gave a grim outlook for the rest of the year.

SPDR MSCI ACWI IMI ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/27/12, 2/28/12, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI IMI ETF as stated in the Fees and Expenses table of the prospectus dated February 27, 2012 is 0.25%.

PERFORMANCE AS OF SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

VALUE

MSCI ACWI IMI INDEX

VALUE

MSCI ACWI IMI INDEX

SINCE INCEPTION (1)

1.28%

0.93%

1.68%

N/A


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

SPDR MSCI ACWI IMI ETF —
Performance Summary (continued)

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

Past performance is not a guarantee of future results.


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

SPDR MSCI ACWI IMI ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




			INTERNATIONAL
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	BUSINESS MACHINES CORP.	CHEVRON CORP.	GENERAL ELECTRIC CO.

MARKET VALUE	$66,726	54,870	41,490	34,968	34,042

% OF NET ASSETS	1.3	1.1	0.8	0.7	0.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY **	NET ASSETS

Oil, Gas & Consumable Fuels		9.3	%
Commercial Banks		7.2
Pharmaceuticals		5.1
Insurance		4.3
Metals & Mining		4.1
Chemicals		2.9
Diversified Telecommunication Services		2.8
Real Estate Investment Trusts		2.7
Machinery		2.6
Media		2.5
Food Products		2.5
Food & Staples Retailing		2.4
Software		2.3
Computers & Peripherals		2.3
Semiconductors & Semiconductor Equipment		2.2
Diversified Financial Services		1.9
Industrial Conglomerates		1.8
Electric Utilities		1.8
IT Services		1.7
Capital Markets		1.6
Energy Equipment & Services		1.6
Aerospace & Defense		1.6
Hotels, Restaurants & Leisure		1.6
Beverages		1.5
Automobiles		1.5
Real Estate Management & Development		1.5
Wireless Telecommunication Services		1.4
Biotechnology		1.4
Health Care Equipment & Supplies		1.4
Specialty Retail		1.2
Household Products		1.2
Tobacco		1.2
Electronic Equipment, Instruments & Components		1.1
Health Care Providers & Services		1.1
Multiline Retail		1.0
Road & Rail		1.0
Communications Equipment		1.0
Multi-Utilities		0.9
Trading Companies & Distributors		0.9
Textiles, Apparel & Luxury Goods		0.8
Electrical Equipment		0.8
Commercial Services & Supplies		0.7
Construction & Engineering		0.7
Air Freight & Logistics		0.6
Internet Software & Services		0.6
Consumer Finance		0.6
Internet & Catalog Retail		0.6
Professional Services		0.5
Auto Components		0.4
Leisure Equipment & Products		0.4
Thrifts & Mortgage Finance		0.4
Life Sciences Tools & Services		0.4
Construction Materials		0.4
Marine		0.3
Transportation Infrastructure		0.3
Independent Power Producers & Energy Traders		0.3
Building Products		0.2
Water Utilities		0.2
Household Durables		0.2
Personal Products		0.2
Office Electronics		0.2
Airlines		0.1
Gas Utilities		0.1
Paper & Forest Products		0.1
Distributors		0.1
Containers & Packaging		0.0	***
Short Term Investments		0.5
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)
***		Amount represents less than 0.05% of net assets.

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

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

For the period since inception on February 27, 2012 through September 30, 2012 (the “Reporting Period”), the total return for the Fund was −4.37%, and the total return for the Index was −3.58%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to the expenses of managing the Fund, cash drag, transaction costs, compounding differences resulting from performance volatility, slight variations between the Fund’s holdings and the Index constituents, and the Fund’s use of depositary receipts.

After the strong performance of emerging market equities in the first quarter of 2012, they tumbled in the second quarter. As the quarter unfolded; it became increasingly evident that economic activity was slowing in the US, the Eurozone and China. On June 20, the Federal Reserve reduced its forecast for US growth in 2012 to 1.9-2.4% from 2.4-2.9% predicted in April. Risks to global economic activity have clearly increased to the downside. Emerging markets investors continued to face policy-driven markets, with the “risk on/risk off” trade leading to choppy trading. Investors in global markets spent most of the third quarter focused on assessing the depth of the ongoing global slowdown and the prospects for further policy action. In particular, we saw three dramatic developments in September — the announcement by the European Central Bank of Outright Monetary Transactions (the purchase of short term government securities in secondary markets), the German Constitutional Court’s decision not to grant an injunction against the European Stability Mechanism (ESM) and the announcement of Quantitative Easing 3 (QE3). These were all considered positive for economic activity in emerging markets. The first two have bought Europe time and reduced the prospect of disorderly sovereign defaults and bank runs. The third, QE3, which anticipates an accommodative monetary policy even after the recovery strengthens, is likely to be supportive of commodity prices, developed market flows to emerging markets, and a modestly stronger US recovery.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd. GDR, Taiwan Semiconductor Manufacturing Co., Ltd. ADR, and China Mobile, Ltd. The top negative contributors to the Fund’s performance were Vale SA Preference Shares ADR, Petroleo Brasileiro SA Preference Shares ADR, and Gazprom OAO ADR.

SPDR MSCI EM 50 ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/27/12, 2/28/12, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI EM 50 ETF as stated in the Fees and Expenses table of the prospectus dated February 27, 2012 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

VALUE

MSCI EM 50 INDEX

VALUE

MSCI EM 50 INDEX

SINCE INCEPTION (1)

−4.37%

−4.36%

−3.58%

N/A


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

SPDR MSCI EM 50 ETF —
Performance Summary (continued)

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

Past performance is not a guarantee of future results.


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

SPDR MSCI EM 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




		TAIWAN
		SEMICONDUCTOR
	SAMSUNG ELECTRONICS	MANUFACTURING CO.,			CHINA CONSTRUCTION
DESCRIPTION	CO., LTD. GDR	LTD. ADR	CHINA MOBILE, LTD.	GAZPROM OAO ADR	BANK CORP.

MARKET VALUE	$463,540	273,116	231,192	186,407	174,276

% OF NET ASSETS	9.8	5.8	4.9	3.9	3.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		19.8	%
Oil, Gas & Consumable Fuels		19.1
Semiconductors & Semiconductor Equipment		17.3
Wireless Telecommunication Services		11.0
Metals & Mining		7.2
Automobiles		3.8
Beverages		3.5
Media		2.7
Chemicals		2.7
Internet Software & Services		2.5
Insurance		2.5
Electronic Equipment, Instruments & Components		2.3
IT Services		1.5
Auto Components		1.4
Diversified Telecommunication Services		0.9
Food Products		0.8
Machinery		0.7
Short Term Investments		0.2
Other Assets & Liabilities		0.1

TOTAL		100.0	%


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

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

The SPDR^® Russell/Nomura PRIME Japan ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Japanese equity market. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the Russell/Nomura PRIME Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was −2.33%, and the total return for the Index was −1.91%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to the expenses of managing the Fund, transaction costs, compounding differences resulting from performance volatility and slight variations between the Fund’s holdings and the Index constituents.

Overall, Japanese stocks and the yen currency experienced a rather unstable year, with a weak final quarter in 2011, followed by a double digit gain in the Index in first quarter of 2012. This was partly due to reaction to the tumbling of the Japanese yen in the first quarter when it appeared that the Bank of Japan was poised to expand quantitative measures aggressively. The yen then rebounded sharply in the spring when the Bank of Japan held its ground and global investors again sought out safe haven vehicles. Unfortunately, the currency strengthening that followed exacerbated profit worries for exporters and the Topix average of Japanese stocks sank to multi-decade lows. Bond yields tumbled as well, reflecting worrisome economic prospects as Prime Minister Noda pursued an increase in the consumption tax. Japanese equities still managed a solid rebound in line with the other global markets that found fresh inspiration during the June recovery in sentiment. Meanwhile, Japanese employment and industrial production continued to decline. Despite the Bank of Japan’s announcement to expand asset purchases in July and September, the reaction was mild and the yen held value well through the third quarter, causing the equity returns, and the Index, to remain in the red through the final quarter of the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Softbank Corp., Toyota Motor Corp. and Japan Tobacco, Inc. Softbank enjoyed the positive reaction to its 70 percent stake it acquired in US based Sprint. Toyota, the largest weighted name in the portfolio, was one of many names that benefited from enthusiasm in auto related stocks during the period. Japan Tobacco, Inc. had a strong ending to the year after the announcement of its launch of three new products to its smokeless product line.

The top negative contributors to the Fund’s performance were Canon, Inc., Sony Corp. and The Kansai Electric Power Co., Inc. Canon and Sony both suffered due to larger than expected sales declines camera and game products as

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

consumers switch over to smartphones. Kansai continued to suffer from delays in nuclear plant restart, which resulted in rate hikes and temporary elimination of dividend payouts.

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

RUSSELL/NOMURA

NET ASSET

MARKET

RUSSELL/NOMURA

VALUE

PRIME INDEX

VALUE

PRIME INDEX

ONE YEAR

−2.33%

−0.47%

−1.91%

−2.33%

−0.47%

−1.91%

THREE YEARS

−1.93%

−1.67%

−0.19%

−0.65%

−0.56%

−0.06%

FIVE YEARS

−27.49%

−27.61%

−25.42%

−6.23%

−6.26%

−5.70%

SINCE INCEPTION (1)

−23.00%

−23.58%

−20.49%

−4.34%

−4.46%

−3.82%


(1)		For the period November 9, 2006 to September 30, 2012.

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

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

Past performance is not a guarantee of future results.


(1)		For the period November 9, 2006 to September 30, 2012.

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$456,273	374,938	294,973	250,900	248,638

% OF NET ASSETS	3.2	2.6	2.1	1.8	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		9.4	%
Automobiles		7.3
Pharmaceuticals		5.6
Machinery		5.6
Electronic Equipment, Instruments & Components		5.2
Trading Companies & Distributors		4.6
Road & Rail		4.5
Chemicals		4.1
Real Estate Management & Development		3.5
Wireless Telecommunication Services		3.3
Auto Components		2.8
Insurance		2.4
Metals & Mining		2.2
Office Electronics		2.1
Household Durables		2.0
Food & Staples Retailing		2.0
Diversified Telecommunication Services		1.7
Electrical Equipment		1.7
Construction & Engineering		1.7
Electric Utilities		1.5
Leisure Equipment & Products		1.5
Specialty Retail		1.5
Beverages		1.4
Food Products		1.4
Tobacco		1.3
Building Products		1.1
Gas Utilities		1.1
Commercial Services & Supplies		1.1
Oil, Gas & Consumable Fuels		1.1
Personal Products		1.0
Capital Markets		1.0
Computers & Peripherals		1.0
Software		0.9
Semiconductors & Semiconductor Equipment		0.8
IT Services		0.8
Health Care Equipment & Supplies		0.7
Multiline Retail		0.7
Internet Software & Services		0.7
Media		0.6
Textiles, Apparel & Luxury Goods		0.5
Health Care Providers & Services		0.5
Consumer Finance		0.4
Diversified Financial Services		0.4
Hotels, Restaurants & Leisure		0.4
Internet & Catalog Retail		0.4
Transportation Infrastructure		0.3
Industrial Conglomerates		0.3
Air Freight & Logistics		0.3
Household Products		0.3
Marine		0.2
Diversified Consumer Services		0.2
Paper & Forest Products		0.2
Independent Power Producers & Energy Traders		0.2
Airlines		0.1
Construction Materials		0.1
Professional Services		0.1
Distributors		0.1
Containers & Packaging		0.1
Communications Equipment		0.0	***
Short Term Investments		29.3
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 —
Management’s Discussion of Fund Performance

The SPDR^® Russell/Nomura Small Cap Japan ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the total return performance of an equity index based upon the Japanese small cap equity market. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the float-adjusted Russell/Nomura Japan Small Cap Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was −3.05%, and the total return for the Index was −1.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to to the expenses of managing the Fund and slight variations between the Fund’s holdings and the Index constituents.

The Fund faltered in the fourth quarter of 2011 as concerns about decelerating Asian activity held back equity prices. The stocks suffered from flaccid confidence indicators and only tentative improvement in labor conditions. Rallying in the first quarter of 2012 the Fund picked up positive performance in the information technology and energy sectors. In the second quarter Japan faced industrial production slowdown and concerns of a larger than anticipated economic slowdown, hence the lower return in the financials and industrials sectors. The third quarter of 2012 showed slower growth for Japan and investors moving towards defensive sectors such as utilities and health care both of which saw positive performance.

On an individual security level, the top positive contributors to the Fund’s performance were MonotaRo Co., Takara Leben, and Misawa Homes Holdings, Inc. MonotaRo had an increase in retail sales. Takara Leben had strong underlying fundamentals. Misawa Homes showed above average quality and medium long term business growth.

The top negative contributors to the Fund’s performance were NPC, Ferrotec Corp., and Skymark Airlines, Inc. NPC has weak business growth and has been inefficient in its management. Ferrotec has shown mixed earnings. For Skymark Airlines, Inc. there is concern about the profitability on future international routes.

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 SEPTEMBER 30, 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

ONE YEAR

−3.05%

−2.21%

−1.61%

−3.05%

−2.21%

−1.61%

THREE YEARS

8.29%

8.27%

10.32%

2.69%

2.68%

3.33%

FIVE YEARS

−5.31%

−5.16%

−1.56%

−1.09%

−1.05%

−0.31%

SINCE INCEPTION (1)

−5.85%

−6.69%

−2.32%

−1.02%

−1.17%

−0.40%


(1)		For the period November 9, 2006 to September 30, 2012.

100

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

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


	SPDR Russell/
	Nomura Small		Russell/ Nomura
	Cap Japan		Japan Small
	ETF Fund		Cap Index
		10000		10000
11/9/2006		10421		10352
12/31/2006		10437		10359
1/31/2007		10616		10518
2/28/2007		11009		10854
3/31/2007		10935		10738
4/30/2007		10680		10511
5/31/2007		10437		10302
6/30/2007		10449		10378
7/31/2007		10447		10379
8/31/2007		9970		9893
9/30/2007		9943		9923
10/31/2007		10046		10088
11/30/2007		9760		9806
12/31/2007		9229		9164
1/31/2008		8783		8903
2/29/2008		8869		8995
3/31/2008		8927		9026
4/30/2008		9077		9166
5/31/2008		9384		9429
6/30/2008		8852		8897
7/31/2008		8560		8648
8/31/2008		8245		8304
9/30/2008		7472		7533
10/1/2008		6769		6800
11/2/2008		7049		7079
12/3/2008		7582		7681
1/9/2009		7138		7209
2/9/2009		6186		6248
3/9/2009		6434		6503
4/30/2009		6812		6899
5/31/2009		7652		7764
6/30/2009		8131		8246
7/9/2009		8316		8437
8/31/2009		8799		8933
9/30/2009		8694		8855
10/31/2009		8344		8541
11/30/2009		8080		8243
12/31/2009		7968		8131
1/31/2010		8180		8297
2/28/2010		8340		8467
3/31/2010		8717		8867
4/30/2010		8938		9159
5/31/2010		8276		8526
6/30/2010		8448		8557
7/31/2010		8520		8628
8/31/2010		8311		8405
9/30/2010		8658		8741
10/31/2010		8557		8597
11/30/2010		8712		8810
12/31/2010		9529		9602
1/31/2011		9652		9812
2/28/2011		10062		10247
3/31/2011		9443		9617
4/30/2011		9401		9542
5/31/2011		9267		9453
6/30/2011		9623		9818
7/31/2011		10024		10239
8/31/2011		9623		9850
9/30/2011		9711		9928
10/31/2011		9396		9574
11/30/2011		9177		9336
12/31/2011		9262		9481
1/31/2012		9641		9930
2/29/2012		9735		10034
3/31/2012		9970		10336
4/30/2012		9764		10065
5/31/2012		8978		9276
6/30/2012		9357		9720
7/31/2012		9199		9564
8/31/2012		9177		9517
9/30/2012		9415		9768


		Past performance is not a guarantee of future results.

101

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




		KAKEN	MABUCHI	WACOAL	NISSAN
DESCRIPTION	UMENOHANA CO., LTD.	PHARMACEUTICAL CO., LTD.	MOTOR CO., LTD.	HOLDINGS CORP.	SHATAI CO., LTD.

MARKET VALUE	$459,563	396,080	390,039	386,633	370,720

% OF NET ASSETS	0.7	0.6	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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		8.5	%
Machinery		6.0
Chemicals		4.9
Food Products		4.7
Auto Components		4.4
Construction & Engineering		4.3
Specialty Retail		4.2
Electronic Equipment, Instruments & Components		3.8
Food & Staples Retailing		3.4
Hotels, Restaurants & Leisure		2.9
Metals & Mining		2.8
Media		2.7
Textiles, Apparel & Luxury Goods		2.6
Household Durables		2.6
Pharmaceuticals		2.5
Trading Companies & Distributors		2.5
Commercial Services & Supplies		2.4
Building Products		2.4
IT Services		2.2
Real Estate Management & Development		1.9
Electrical Equipment		1.8
Health Care Equipment & Supplies		1.6
Multiline Retail		1.5
Road & Rail		1.4
Personal Products		1.4
Capital Markets		1.3
Software		1.2
Containers & Packaging		1.2
Internet Software & Services		1.1
Diversified Financial Services		1.0
Leisure Equipment & Products		1.0
Beverages		0.9
Communications Equipment		0.9
Semiconductors & Semiconductor Equipment		0.9
Health Care Providers & Services		0.8
Transportation Infrastructure		0.8
Computers & Peripherals		0.7
Professional Services		0.7
Internet & Catalog Retail		0.5
Consumer Finance		0.5
Biotechnology		0.5
Health Care Technology		0.4
Life Sciences Tools & Services		0.4
Gas Utilities		0.3
Air Freight & Logistics		0.3
Energy Equipment & Services		0.3
Household Products		0.3
Electric Utilities		0.3
Oil, Gas & Consumable Fuels		0.3
Paper & Forest Products		0.2
Distributors		0.2
Industrial Conglomerates		0.2
Marine		0.1
Wireless Telecommunication Services		0.1
Office Electronics		0.1
Airlines		0.1
Short Term Investments		24.0
Other Assets & Liabilities		(21.0	)

TOTAL		100.0	%


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

102

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

The SPDR^® S&P International Dividend ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of an index that tracks exchange-listed common stocks of companies domiciled in countries outside the United States that offer high dividend yields. In seeking this objective, the Fund uses a sampling strategy designed to track the price and yield performance of the S&P International Dividend Opportunities Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 7.45%, and the total return for the Index was 8.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to cash drag, index rebalancing and compounding differences resulting from performance volatility.

In the first quarter of 2012, markets traded lower on the back of concerns regarding slower global growth. Risk appetite remained under pressure largely on the back of Spanish and Greece bond auctions and fears whether this can have a larger impact on the entire Eurozone. The rise in sovereign bond yields and the initial round of presidential elections in France and China indicating that production was contracting were some factors that caused investors to lack conviction in the market. While worries over capital needs for banks initially kept buying enthusiasm muted, the massive injection of three-year liquidity from the European Central Bank eventually provided meaningful support to global security prices. Despite ongoing volatility, the accommodative monetary policy and government intervention to ease the sovereign debt crisis helped global equity markets to stay in the positive territory for the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Marine Harvest ASA, Shimao Property Holdings and Atlantia S.p.A. The top negative contributors to the Fund’s performance were Peugeot S.A., Lonking Holdings, and Cellcom Israel Ltd.

103

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P INTERNATIONAL

NET ASSET

MARKET

DIVIDEND

NET ASSET

MARKET

DIVIDEND

VALUE

OPPORTUNITIES INDEX

VALUE

OPPORTUNITIES INDEX

ONE YEAR

7.45%

8.60%

8.18%

7.45%

8.60%

8.18%

THREE YEARS

2.57%

1.97%

5.35%

0.85%

0.65%

1.75%

SINCE INCEPTION (1)

−14.66%

−14.77%

−11.32%

−3.36%

−3.39%

−2.56%


(1)		For the period February 12, 2008 to September 30, 2012.

104

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

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

Past performance is not a guarantee of future results.


(1)		For the period February 12, 2008 to September 30, 2012.

105

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




		WESTPAC BANKING			RED ELECTRICA
DESCRIPTION	ATLANTIA SPA	CORP.	TELE2 AB (CLASS B)	AVIVA PLC	CORPORACION SA

MARKET VALUE	$34,437,160	32,022,415	32,011,325	31,542,038	31,457,316

% OF NET ASSETS	3.4	3.2	3.2	3.2	3.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		22.7	%
Electric Utilities		11.5
Insurance		8.8
Oil, Gas & Consumable Fuels		6.5
Real Estate Investment Trusts		4.8
Commercial Banks		4.6
Metals & Mining		4.0
Transportation Infrastructure		3.4
Construction & Engineering		3.2
Multi-Utilities		3.3
Energy Equipment & Services		2.9
Paper & Forest Products		2.9
Automobiles		2.8
Gas Utilities		2.6
Food & Staples Retailing		1.7
IT Services		1.7
Hotels, Restaurants & Leisure		1.3
Wireless Telecommunication Services		1.3
Chemicals		1.1
Office Electronics		1.1
Road & Rail		1.0
Personal Products		1.0
Multiline Retail		1.0
Machinery		1.0
Pharmaceuticals		1.0
Media		0.9
Semiconductors & Semiconductor Equipment		0.8
Diversified Financial Services		0.2
Real Estate Management & Development		0.1
Internet & Catalog Retail		0.1
Aerospace & Defense		0.1
Health Care Providers & Services		0.0	***
Tobacco		0.0	***
Short Term Investments		10.6
Other Assets & Liabilities		(10.0	)

TOTAL		100.0	%


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

106

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

The SPDR^® S&P International Mid Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the mid capitalization segment of global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Developed Ex-US between USD2 Billion and USD5 Billion Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 13.27%, and the total return for the Index was 12.21%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations.

The international stock market rally that started in October 2011 was interrupted in April and May with down markets as the fear of the unknown set in. During April and May, the Greek populace had second thoughts on their debt reduction agreement, France elected a Socialist leader, Spain was on the edge of collapse, Italy was having problems with it sovereign debt rates, Europe’s economy stalled out, and China’s economy started to slow. Just as all seemed lost, Europe agreed that some stimulus would be good, Greece elected a government that want to stay in the Eurozone, and on the last trading day of the second quarter of 2012 stocks soared on Europe’s bold move to rescue debtor nations. The market’s reaction of a rally in June showed that recapitalizing euro-zone banks and separating the banking crisis from the sovereign debt crisis was a major item that needed to be addressed and solved. By the beginning of the third quarter 2012, the markets had dipped again, but as the quarter developed, there were signs of improved economic growth in the United States and stimulus commitments from the Chinese government and central banks in Europe and the U.K. By quarter end, investors had recommitted capital to the markets and mid-cap stocks were once again moving upward.

On an individual security level, the top positive contributors to the Fund’s performance were: Gemalto NV, Electrolux AB and Shimano Inc. Gemalto NV’s returns were driven by its Mobile Communications division.

The top negative contributors to the Fund’s performance were NTN Corp., Ube Industries Ltd. Japan, and Vestas Wind Systems A/S. NTN Corp suffered due to its reliance on European automakers, which struggled with weak sales. The negative impact of UBE Industries Ltd. Japan came largely as a result of weaker downstream demand for textiles and nylon in China.

107

SPDR S&P International Mid Cap ETF —
Performance Summary

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

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

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR

13.27%

14.45%

12.21%

13.27%

14.45%

12.21%

THREE YEARS

18.30%

19.05%

18.41%

5.76%

5.99%

5.79%

SINCE INCEPTION (1)

−7.11%

−7.70%

−5.98%

−1.66%

−1.81%

−1.39%


(1)		For the period May 7, 2008 to September 30, 2012.

108

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

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


			S&P Developed
	SPDR S&P		Ex-U.S. between
	International Mid		USD2 and
	Cap ETF		USD5 Billion
	Fund		Index
		10000		10000
5/7/2008		10042		10041
6/30/2008		9351		9309
7/31/2008		8917		8876
8/31/2008		8587		8572
9/30/2008		7346		7241
10/1/2008		5570		5462
11/2/2008		5400		5254
12/3/2008		5775		5632
1/9/2009		5371		5217
2/9/2009		4901		4693
3/9/2009		5258		5103
4/30/2009		5924		5836
5/31/2009		6611		6536
6/30/2009		6717		6622
7/9/2009		7159		7132
8/31/2009		7561		7577
9/30/2009		7851		7940
10/31/2009		7582		7681
11/30/2009		7680		7820
12/31/2009		7847		7968
1/31/2010		7664		7776
2/28/2010		7688		7776
3/31/2010		8279		8342
4/30/2010		8399		8444
5/31/2010		7457		7520
6/30/2010		7428		7486
7/31/2010		8041		8104
8/31/2010		7868		7932
9/30/2010		8723		8819
10/31/2010		9024		9137
11/30/2010		8808		8902
12/31/2010		9628		9759
1/31/2011		9766		9873
2/28/2011		9959		10083
3/31/2011		9956		10145
4/30/2011		10463		10651
5/31/2011		10197		10422
6/30/2011		10083		10293
7/31/2011		10042		10264
8/31/2011		9179		9396
9/30/2011		8200		8378
10/31/2011		8855		9065
11/30/2011		8414		8596
12/31/2011		8314		8475
1/31/2012		8890		9042
2/29/2012		9371		9515
3/31/2012		9348		9487
4/30/2012		9261		9392
5/31/2012		8239		8337
6/30/2012		8655		8773
7/31/2012		8752		8863
8/31/2012		8955		9046
9/30/2012		9289		9402


		Past performance is not a guarantee of future results.

109

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




			HIROSE ELECTRIC
DESCRIPTION	DSV A/S	SERCO GROUP PLC	CO., LTD.	PENNON GROUP PLC	COBHAM PLC

MARKET VALUE	$261,201	255,922	247,429	244,259	234,462

% OF NET ASSETS	0.7	0.7	0.7	0.7	0.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		7.0	%
Chemicals		5.1
Metals & Mining		4.6
Oil, Gas & Consumable Fuels		4.5
Real Estate Investment Trusts		4.5
Machinery		4.0
Construction & Engineering		3.8
Insurance		3.4
Media		3.3
Food Products		3.1
Real Estate Management & Development		3.0
Energy Equipment & Services		2.5
Multiline Retail		2.5
Diversified Financial Services		2.4
Electronic Equipment, Instruments & Components		2.4
Commercial Services & Supplies		2.3
Hotels, Restaurants & Leisure		2.2
Road & Rail		2.2
Food & Staples Retailing		2.0
Household Durables		2.0
Diversified Telecommunication Services		2.0
Capital Markets		1.8
Auto Components		1.7
Pharmaceuticals		1.6
Aerospace & Defense		1.5
Electric Utilities		1.4
Health Care Equipment & Supplies		1.3
Health Care Providers & Services		1.3
Construction Materials		1.3
Industrial Conglomerates		1.2
Trading Companies & Distributors		1.1
IT Services		1.1
Internet Software & Services		1.0
Leisure Equipment & Products		1.0
Consumer Finance		1.0
Gas Utilities		0.8
Textiles, Apparel & Luxury Goods		0.8
Independent Power Producers & Energy Traders		0.8
Transportation Infrastructure		0.8
Software		0.7
Water Utilities		0.7
Semiconductors & Semiconductor Equipment		0.7
Professional Services		0.6
Marine		0.5
Electrical Equipment		0.5
Specialty Retail		0.5
Paper & Forest Products		0.5
Multi-Utilities		0.5
Distributors		0.4
Automobiles		0.4
Airlines		0.4
Communications Equipment		0.4
Air Freight & Logistics		0.4
Beverages		0.3
Office Electronics		0.3
Biotechnology		0.3
Building Products		0.2
Personal Products		0.2
Containers & Packaging		0.2
Computers & Peripherals		0.2
Wireless Telecommunication Services		0.1
Short Term Investments		14.1
Other Assets & Liabilities		(13.4	)

TOTAL		100.0	%


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

110

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

The SPDR^® S&P Emerging Markets Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the small capitalization segment of global emerging market countries. In seeking this objective, the Fund uses a sampling strategy designed to track the total return performance of the S&P Emerging Markets Under USD2 Billion Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 16.09%, and the total return for the Index was 17.14%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

In the first quarter of the Reporting Period, economic releases in the United States modestly surprised to the upside, but global investors still had to contend with a very unstable situation in the Eurozone, and the growing belief that the Eurozone will enter into recession in 2012. Large and mid-cap emerging market equities, as measured by the S&P Emerging Large and Mid-Cap Index actually rallied with a slight positive return, however small cap emerging stocks, as measured by the Index were down slightly over the same period. The India market fell double digits that quarter and was the worst performing country in the Index. India’s stubbornly high inflation and various corporate scandals have lessened enthusiasm. The Indian economy is relatively “closed”, and its capital account still has restrictions. Headline inflation in India is running at moderately high, and India has been in a tightening cycle for many months.

The turn of the calendar unleashed fresh money flows across a range of risky assets, adding extra traction to the liquidity provided by the European Central Bank in late December via long-term refinancing operations (LTRO). Solid US data on employment and manufacturing activity, coupled with European figures that reflected economic stabilization, compelled more cautious investors to increase equity exposure steadily through January, and credit spreads tumbled as confidence improved. The Index rallied in January and the impressive momentum carried through February. Oil prices were also rallying as buoyant demand intersected with concern about potential supply disruptions from the restive Middle East, and March brought market results more nuanced than the uniform prosperity that marked the first two months of the year. When China tempered its GDP growth outlook for 2012 on March 5, cyclical themes and commodities began to stumble, and the US dollar gained as investors started looking to America for economic resilience. China, the second largest weight in the Index, was down slightly in March.

Performance throughout the rest of the Reporting Period was mixed. It became increasingly evident that economic activity was slowing in the US, the Eurozone and China. Risks to global economic activity have increased to the downside and emerging markets investors continue to face policy-driven markets, with the “risk on/risk off” trade leading to

111

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

choppy trading. Investors were concerned about inflation and rate hikes in Asia as well as about the prospect of a “hard landing” in China. Turmoil in the Eurozone has made emerging market central bankers, in general, more cautious. Policy tightening in many countries is on hold, and in the quarter a handful of emerging countries actually eased policy. The Index finished the fiscal year up significantly and outperformed its larger capitalization counterparts.

On an individual security level, the top positive contributors to the Fund’s performance were Promotora y Operadora de Infraestructura SAB de CV, DataTec, Ltd. and Coronation Fund Managers, Ltd. Promotora y Operadora de Infraestructura SAB de CV, one of the largest owners and operations of transportation infrastructure concessions in Mexico, was helped by the election of Mexican President Enrique Peña Nieto who vowed to improve the country’s infrastructure. DataTec Ltd, a South African based computer services company, delivered strong earnings results driven by an enhanced product mix, controlled costs and exposure to fast growing markets. Coronation Fund Managers Ltd, a South African financial services firm, produced solid financial results and maintained its attractive dividend yield.

The top negative contributors to the Fund’s performance were Chunghwa Picture Tubes, Ltd., Sterling International Enterprises, Ltd. and Lupatech. Chunghwa Picture Tubes faced financial difficulties due to very fierce competition. Sterling International Enterprises, Ltd. lagged as the company is in expansion mode. Lupatech struggled as its corporate rating by Standard and Poors was lowered after the company postponed its annual interest payment on certain convertible debentures.

112

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 SEPTEMBER 30, 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

ONE YEAR

16.09%

21.11%

17.14%

16.09%

21.11%

17.14%

THREE YEARS

13.23%

12.50%

22.40%

4.23%

4.01%

6.97%

SINCE INCEPTION (1)

−4.27%

−4.32%

8.18%

−0.99%

−1.00%

1.81%


(1)		For the period May 12, 2008 to September 30, 2012.

113

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

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


	SPDR S&P		S&P Emerging
	Emerging Markets		Markets Under
	Small Cap		USD2 Billion
	ETF Fund		Index
		10000		10000
5/12/2008		9836		9863
6/30/2008		8629		8648
7/31/2008		8394		8454
8/31/2008		7948		7961
9/30/2008		6252		6372
10/1/2008		4594		4696
11/2/2008		4320		4380
12/3/2008		4681		4795
1/9/2009		4357		4473
2/9/2009		4267		4369
3/9/2009		4809		4906
4/30/2009		5785		5893
5/31/2009		7034		7211
6/30/2009		7021		7239
7/9/2009		7878		8144
8/31/2009		7828		8150
9/30/2009		8468		8839
10/31/2009		8472		8863
11/30/2009		8820		9291
12/31/2009		9389		9941
1/31/2010		8962		9512
2/28/2010		8947		9484
3/31/2010		9656		10347
4/30/2010		9894		10597
5/31/2010		8905		9534
6/30/2010		9031		9593
7/31/2010		9760		10401
8/31/2010		9705		10439
9/30/2010		10759		11644
10/31/2010		11078		12063
11/30/2010		10920		11887
12/31/2010		11516		12640
1/31/2011		11026		12199
2/28/2011		10538		11755
3/31/2011		10925		12164
4/30/2011		11427		12721
5/31/2011		11206		12446
6/30/2011		10896		12118
7/31/2011		11020		12260
8/31/2011		9831		10937
9/30/2011		8246		9235
10/31/2011		9032		10079
11/30/2011		8268		9222
12/31/2011		8150		9116
1/31/2012		9156		10229
2/29/2012		9991		11225
3/31/2012		9721		10921
4/30/2012		9527		10735
5/31/2012		8656		9792
6/30/2012		8891		10039
7/31/2012		8933		10065
8/31/2012		9050		10220
9/30/2012		9573		10818


		Past performance is not a guarantee of future results.

114

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




	THANACHART		CORONATION FUND
DESCRIPTION	CAPITAL PCL	DATATEC, LTD.	MANAGERS, LTD.	LEWIS GROUP, LTD.	REUNERT, LTD.

MARKET VALUE	$6,229,442	6,021,536	5,471,677	5,016,529	4,971,705

% 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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		8.5	%
Semiconductors & Semiconductor Equipment		5.2
Food Products		5.0
Chemicals		5.0
Electronic Equipment, Instruments & Components		4.5
Construction & Engineering		4.2
Metals & Mining		4.0
Commercial Banks		3.9
Pharmaceuticals		2.9
Computers & Peripherals		2.6
Household Durables		2.5
Machinery		2.5
Oil, Gas & Consumable Fuels		2.4
Diversified Financial Services		2.3
Capital Markets		2.3
Hotels, Restaurants & Leisure		2.2
Textiles, Apparel & Luxury Goods		2.1
Electrical Equipment		2.1
Industrial Conglomerates		2.1
Auto Components		1.9
Transportation Infrastructure		1.7
Specialty Retail		1.7
Media		1.6
Marine		1.6
Communications Equipment		1.3
Independent Power Producers & Energy Traders		1.3
Multiline Retail		1.2
Construction Materials		1.2
Automobiles		1.1
Software		1.0
Diversified Telecommunication Services		1.0
Paper & Forest Products		1.0
Food & Staples Retailing		1.0
Health Care Providers & Services		0.9
Leisure Equipment & Products		0.9
Health Care Equipment & Supplies		0.8
Real Estate Investment Trusts		0.8
Commercial Services & Supplies		0.8
Internet Software & Services		0.7
Beverages		0.7
Electric Utilities		0.7
Diversified Consumer Services		0.7
IT Services		0.6
Airlines		0.6
Trading Companies & Distributors		0.5
Water Utilities		0.5
Tobacco		0.5
Consumer Finance		0.5
Energy Equipment & Services		0.5
Insurance		0.5
Containers & Packaging		0.4
Air Freight & Logistics		0.4
Biotechnology		0.3
Gas Utilities		0.3
Building Products		0.3
Household Products		0.2
Personal Products		0.2
Road & Rail		0.2
Wireless Telecommunication Services		0.2
Thrifts & Mortgage Finance		0.2
Office Electronics		0.2
Internet & Catalog Retail		0.1
Distributors		0.1
Professional Services		0.1
Aerospace & Defense		0.1
Short Term Investments		4.1
Other Assets & Liabilities		(3.5	)

TOTAL		100.0	%

115


*		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 3 and part of the Specialty Retail Industry, China Forestry Holdings, Ltd., which was Level 3 and part of the Paper & Forest Products Industry, and China High Precision Automation Group, Ltd., which was Level 2 and part of the Electronic Equipment, Instruments & Components Industry, each representing less than 0.05% of net assets, Bakrie and Brothers Tbk PT, which was Level 3 and part of the Industrial Conglomerates Industry representing 0.05% of net assets, and Via Technologies, Inc., which was Level 2 and part of the Semiconductors & Semiconductor Equipment Industry, representing 0.06% of net assets. (Note 2)

116

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

The SPDR^® Dow Jones Global Real Estate ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the price and yield performance of an index based upon the global real estate market. In seeking this objective, the Fund uses a sampling strategy designed to track the price and yield performance of the Dow Jones Global Select Real Estate Securities Index (the “Index”).

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 28.56%, and the total return for the Index was 28.66%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Global real estate securities market delivered another year of strong positive returns during the Reporting Period. The defensive characteristics of real estate along with a relatively high yield attracted capital flows to the asset class and propelled the market to new highs even amid current macro-economic uncertainty. By the end of 2011, the global real estate securities market regained positive momentum returning positive returns in the fourth quarter, on the back of a double digit sell off in the third quarter. However, the momentum was not strong enough to recover the losses from earlier in the year. Global listed real estate finished the year 2011 in negative territory, performing largely in line with broader equities. The overhang of slowing economies, austerity, and de-leveraging pressured the performance of the European listed property markets in the second half of 2011. Asia lagged all throughout the year as Asian Developers underperformed Real Estate Investment Trusts (REITs). Japan underperformed with part of the weakness in the shares of J-REITs attributed to the Bank of Japan slowing its pace of share acquisitions. Australia was one of the better performing public real estate markets globally. Although Australia was not immune to Europe-induced negative sentiment, financial job cuts or slowing retail sales, investors were attracted to the region by A-REITs’ high, sustainable dividend yields and the relatively strong Australian economy.

117

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

North America delivered positive returns during the Reporting Period due to the defensive nature of its market, stable operating fundamentals, declining costs of capital, higher yields and rising property valuations.

On an individual security level, the top positive contributors to the Fund’s performance were Pennsylvania Real Estate Investment Trust (PEI), FelCor Lodging Trust, Inc. (FCH), CBL & Associates Properties, Inc. (CBL). All three are US REITs that continued to benefit from central bank intervention and the commitment to keep US interest rates low for a protracted period of time. REITs’ access to cheap debt kept overall cost of capital low and extended cap rate compression into B quality assets/markets as investors had to move further along the risk curve in search of yield. REITs with relatively higher leverage and lower quality assets benefited disproportionally more. PEI, FCH and CBL each posted significant positive returns during the Reporting Period.

The top negative contributors to the Fund’s performance were IVG Immobilien AG, Hulic Co., Ltd. (Hulic), and Global One Real Estate Investment Co. (Global One). IVG Immobilien AG was the worst performing stock in the benchmark due to negative cash flows, excessive leverage and some exposure to non-traditional real estate, namely oil and gas storage caverns in Northern Germany. Smaller Japanese developer, Hulic, underperformed on the back of its takeover of Shoei Co. in late 2011. The transaction, designed to improve Hulic’s access to capital, was initially not backed by public property investors. However, Hulic increased its total leasing space for office, apartments and nursing homes after acquiring Shoei Co. and upon the close of the transaction in 2012, became one of the best performing stocks in Japan in the last six months of the Reporting Period. The poor performance of the Japanese office landlord Global One can be attributed to the challenges it experienced while trying to lease some of its vacant office space. Global One’s portfolio is relatively small in size and looming tenant departures coupled with inability to re-lease have potentially more pronounced negative impact on rental revenue.

118

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 SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		28.56%		29.26%		28.66%		28.56%		29.26%		28.66%

THREE YEARS		49.59%		48.43%		48.92%		14.37%		14.07%		14.19%

SINCE INCEPTION (1)		0.71%		0.69%		−0.81%		0.16%		0.16%		−0.18%


(1)		For the period May 7, 2008 to September 30, 2012.

119

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

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


	SPDR Dow		Dow Jones
	Jones Global		Global Select
	Real Estate		Real Estate
	ETF Fund		Securities Index
		10000		10000
5/7/2008		9840		9836
6/30/2008		8746		8722
7/31/2008		8791		8769
8/31/2008		8670		8637
9/30/2008		8011		7955
10/31/2008		5669		5618
11/30/2008		4734		4689
12/31/2008		5217		5160
1/31/2009		4510		4463
2/28/2009		3726		3687
3/31/2009		3930		3886
4/30/2009		4771		4719
5/31/2009		5216		5156
6/30/2009		5187		5131
7/31/2009		5700		5648
8/31/2009		6339		6271
9/30/2009		6732		6660
10/31/2009		6557		6486
11/30/2009		6732		6665
12/31/2009		6997		6919
1/31/2010		6662		6580
2/28/2010		6857		6776
3/31/2010		7354		7258
4/30/2010		7655		7554
5/31/2010		7037		6954
6/30/2010		6844		6753
7/31/2010		7537		7444
8/31/2010		7528		7430
9/30/2010		8058		7959
10/31/2010		8437		8333
11/30/2010		8105		7999
12/31/2010		8666		8568
1/31/2011		8805		8684
2/28/2011		9117		8983
3/31/2011		8984		8857
4/30/2011		9513		9382
5/31/2011		9558		9423
6/30/2011		9338		9205
7/31/2011		9376		9249
8/31/2011		8852		8728
9/30/2011		7833		7709
10/31/2011		8756		8617
11/30/2011		8335		8199
12/31/2011		8434		8289
1/31/2012		9039		8904
2/29/2012		9216		9093
3/31/2012		9506		9362
4/30/2012		9731		9583
5/31/2012		9166		9015
6/30/2012		9733		9570
7/31/2012		10036		9873
8/31/2012		10048		9886
9/30/2012		10071		9919


		Past performance is not a guarantee of future results.

120

SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




				BROOKFIELD ASSET
	SIMON PROPERTY			MANAGEMENT, INC.
DESCRIPTION	GROUP, INC.	WESTFIELD GROUP	PUBLIC STORAGE	(CLASS A)	HCP, INC.

MARKET VALUE	$33,979,936	16,238,455	14,801,565	14,242,348	14,096,691

% OF NET ASSETS	6.3	3.0	2.7	2.6	2.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Retail REITs		28.6	%
Real Estate Management & Development		15.5
Specialized REITs		15.0
Office REITs		14.1
Diversified REITs		10.6
Residential REITs		10.4
Industrial REITs		5.2
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. (Note 2)

121

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 14.40%, and the total return for the Index was 13.69%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations.

The consumer discretionary sector slightly lagged behind the broad market and was sixth best performer among ten sectors. The sector generally exhibits cyclical qualities, performing best during economic recoveries when both wage and investment income are rising because consumers can purchase big-ticket items like cars, jewelry, travel, and other goods at their discretion. Despite the signs of worldwide economic recovery, consumers remained cautious holding off on purchase of luxury goods and services. The sector still performed relatively well as disposable incomes kept increasing in the developing nations, where middle-class consumer spending was expected to grow going forward. Within discretionary, motor vehicles, apparel, and publishing were the strongest industries contributing to the Fund’s performance, while electronics and textiles were the bottom contributors. The auto industry was lifted by the strong sales from the companies that focused on fuel efficiency, manufacturing costs and future technological improvements.

United Kingdom, Germany and France were the best contributing countries to the fund’s performance, while Japan, China and Belgium were the bottom contributors. UK benefited from a less encumbered British pound amid Eurozone worries. Considerable volatility in the Japanese yen, which tumbled during the first quarter when it appeared that the Bank of Japan was poised to expand quantitative measures aggressively, but then rebounded sharply in the spring when the Bank of Japan held its ground and global investors again sought out safe haven vehicles. Unfortunately, the fresh currency strength exacerbated profit worries for exporters and the TOPIX average of Japanese stocks sank to multi-decade lows.

On an individual security level, the top positive contributors to the Fund’s performance were Toyota Motor Corp., Hyundai Motor Co. and Industria de Diseno Textil. The top negative contributors to the Fund’s performance were Sony Corp., Panasonic Corp., and Sharp Corp.

122

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 SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		14.40%		16.08%		13.69%		14.40%		16.08%		13.69%

THREE YEARS		22.49%		21.79%		23.56%		7.00%		6.79%		7.30%

SINCE INCEPTION (1)		18.60%		17.72%		17.95%		4.14%		3.95%		4.00%


(1)		For the period July 16, 2008 to September 30, 2012.

123

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

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


	SPDR S&P		S&P Developed
	International Consumer		Ex-U.S. BMI
	Discretionary Sector		Consumer Discertionary
	ETF Fund		Sector Index
		10000		10000
7/16/2008		10235		10251
8/31/2008		10027		10047
9/30/2008		8771		8725
10/1/2008		7407		7187
11/2/2008		6560		6384
12/3/2008		6969		6788
1/9/2009		6485		6309
2/9/2009		6029		5887
3/9/2009		6455		6289
4/30/2009		7801		7544
5/31/2009		8238		8059
6/30/2009		8221		8066
7/9/2009		9099		8967
8/31/2009		9376		9223
9/30/2009		9682		9547
10/31/2009		9537		9449
11/30/2009		9573		9478
12/31/2009		9918		9797
1/31/2010		9636		9531
2/28/2010		9475		9385
3/31/2010		10245		10129
4/30/2010		10330		10278
5/31/2010		9334		9279
6/30/2010		9285		9198
7/31/2010		10042		9951
8/31/2010		9753		9683
9/30/2010		10952		10896
10/31/2010		11347		11316
11/30/2010		11258		11213
12/31/2010		11944		11934
1/31/2011		12153		12123
2/28/2011		12349		12367
3/31/2011		11967		12033
4/30/2011		12833		12893
5/31/2011		12710		12772
6/30/2011		12857		12887
7/31/2011		12696		12778
8/31/2011		11419		11485
9/30/2011		10369		10375
10/31/2011		11333		11334
11/30/2011		10671		10661
12/31/2011		10447		10422
1/31/2012		11360		11315
2/29/2012		12167		12108
3/31/2012		12407		12305
4/30/2012		12291		12216
5/31/2012		11009		10913
6/30/2012		11363		11303
7/31/2012		11406		11352
8/31/2012		11744		11654
9/30/2012		11860		11795


		Past performance is not a guarantee of future results.

124

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$367,301	174,133	166,373	163,151	139,232

% OF NET ASSETS	6.6	3.1	3.0	3.0	2.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Automobiles		25.9	%
Media		15.4
Hotels, Restaurants & Leisure		12.5
Textiles, Apparel & Luxury Goods		10.7
Auto Components		9.1
Specialty Retail		9.1
Household Durables		5.9
Multiline Retail		4.9
Leisure Equipment & Products		2.8
Distributors		1.2
Diversified Consumer Services		0.8
Internet & Catalog Retail		0.7
Short Term Investments		2.0
Other Assets & Liabilities		(1.0	)

TOTAL		100.0	%


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

125

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 19.51%, and the total return for the Index was 20.46%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Consumer staples companies remained popular with investors as the sector outperformed the overall broad market over the Reporting Period and overall was the second best performing sector just behind financials. Amid jittery sovereign bond markets and faltering growth prospects in the Eurozone, equity volatility did remain high, and investors valued consumer staples defensive attributes, as economic uncertainty remained elevated. Due to inelasticity of demand for household products, consumer staples companies were able to increase product prices and pass on to the consumers effects of the rising commodity prices. The emerging markets of Asia, Eastern Europe, and Latin America offered abundant growth opportunities for beverage and food companies. Growth of the affluent, urban middle class population in the emerging markets was driving demand for processed and packaged foods and drinks.

On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Anheuser-Busch InBev NV, and Diageo PLC. The top negative contributors to the Fund’s performance were Wilmar International, Ltd., Shiseido Co., Ltd. and Delhaize Group.

126

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 SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		19.51%		20.34%		20.46%		19.51%		20.34%		20.46%

THREE YEARS		41.35%		40.84%		44.70%		12.23%		12.09%		13.10%

SINCE INCEPTION (1)		39.27%		38.87%		46.86%		8.18%		8.11%		9.56%


(1)		For the period July 16, 2008 to September 30, 2012.

127

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

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

Past performance is not a guarantee of future results.


(1)		For the period July 16, 2008 to September 30, 2012.

128

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$2,732,735	1,299,377	958,580	939,043	854,195

% OF NET ASSETS	14.4	6.8	5.0	4.9	4.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Food Products		34.2	%
Food & Staples Retailing		20.6
Beverages		20.6
Tobacco		13.3
Personal Products		5.5
Household Products		5.5
Short Term Investments		2.0
Other Assets & Liabilities		(1.7	)

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)

129

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 16.44%, and the total return for the Index was 17.20%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

With investors nervous about global financial conditions, trading in October both opened and closed with sharp equity declines. But the intervening weeks brought stunning appreciation to battered share prices, kicked off by indications that Europe was close to a recapitalization plan for its struggling banks and followed by an expansion of asset purchases at the Bank of England and a respectable report on US employment for September. In late October, equities, especially energy stocks, enjoyed an additional gains after the European Union agreed on deeper losses for private holders of Greek debt, expanded capacity for the European Financial Stability Facility, and imposed fresh capital requirements for European banks. Although the measures were notably vague on details, investors seemed happy to celebrate the spirit of cooperation that made them possible. The October upturn in attitudes flattered commodity markets well, with energy and metals prices responding most favorably to a less dire view of economic prospects. The Index gained over 17% that month and was the top performing sector.

Despite a strong start to the fiscal year, the energy sector exhibited mixed performance over the next few months. Warm weather and ample US supplies drove natural gas to fresh two-year lows, but West Texas Intermediate crude oil eliminated roughly two thirds of its discount to Brent prices, finishing 2011 not far from $100 per barrel. Plans to reverse pipeline flow promised to relieve excess inventory at Cushing, Oklahoma and allow WTI to respond more to global pricing factors. Signs of resilient demand and limited spare production capacity allowed crude oil to finish 2011 with a firm price.

On a cumulative basis, the energy sector remained one of the top performing sectors in the broader S&P Developed Ex-US BMI Index through April. When crude oil fell over 15% in May however, defensive sectors with above average dividend yields such as health care and consumer staples outperformed. The Index fell double digits that month. A summer surge in oil prices and consistent performance of several energy equipment and services names over the rest of the fiscal year helped the Index recover from the drop in May.

130

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

On an individual security level, the top positive contributors to the Fund’s performance (BP PLC, Total SA and Royal Dutch Shell (Class A and B)) were the largest weights in the Index. BP reached an approximate $7.8 billion settlement with the Plaintiffs’ Steering Committee to resolve the bulk of the economic loss and medical claims related to the Deepwater Horizon accident and oil spill. BP gained momentum as investors viewed this as positive news. Total SA pleased investors by increasing its dividend for the first time since 2008, supported by a strong balance sheet and reaffirming the company’s strategy to maintain a certain payout ratio in the long term. Although Royal Dutch Shell reported profits fell the prior year, the company’s growth strategy is contributing to the bottom line.

The top negative contributors to the Fund’s performance were Athabasca Oil Corp., Keyera Corp. and Chinook Energy, Inc. Athabasca Oil underperformed its peers because it is a development stage company and revenues are expected at a later stage. Keyera Corp., one of the largest natural gas midstream businesses in Canada, was challenged by low natural gas prices and concerns of oversupply in North America. Chinook Energy lagged because of lower production and guidance due to approval and operational delays on their Tunisia program.

131

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 SEPTEMBER 30, 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

ONE YEAR

16.44%

17.88%

17.20%

16.44%

17.88%

17.20%

THREE YEARS

8.03%

7.84%

11.91%

2.61%

2.55%

3.82%

SINCE INCEPTION (1)

−9.51%

−9.83%

−5.44%

−2.35%

−2.43%

−1.32%


(1)		For the period July 16, 2008 to September 30, 2012.

132

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

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


	SPDR S&P		S&P Developed
	International Energy		Ex-U.S. BMI
	Sector ETF		Energy Sector
	Fund		Index
		10000		10000
7/16/2008		9937		9918
8/31/2008		9760		9686
9/30/2008		7972		7830
10/1/2008		6535		6403
11/2/2008		6353		6197
12/3/2008		6234		6138
1/9/2009		5961		5862
2/9/2009		5634		5541
3/9/2009		5993		5924
4/30/2009		6519		6497
5/31/2009		7785		7778
6/30/2009		7317		7352
7/9/2009		7622		7681
8/31/2009		7860		7945
9/30/2009		8377		8449
10/31/2009		8404		8509
11/30/2009		8598		8701
12/31/2009		8859		8995
1/31/2010		8276		8431
2/28/2010		8163		8310
3/31/2010		8668		8832
4/30/2010		8645		8833
5/31/2010		7563		7702
6/30/2010		7021		7139
7/31/2010		7784		7952
8/31/2010		7454		7624
9/30/2010		8278		8503
10/31/2010		8613		8860
11/30/2010		8316		8620
12/31/2010		9292		9655
1/31/2011		9743		10119
2/28/2011		10301		10690
3/31/2011		10272		10688
4/30/2011		10640		11084
5/31/2011		10132		10577
6/30/2011		9807		10212
7/31/2011		9735		10197
8/31/2011		8817		9221
9/30/2011		7770		8068
10/31/2011		9084		9482
11/30/2011		8887		9268
12/31/2011		8876		9246
1/31/2012		9183		9589
2/29/2012		9745		10175
3/31/2012		9216		9618
4/30/2012		9179		9568
5/31/2012		7909		8251
6/30/2012		8344		8673
7/31/2012		8564		8918
8/31/2012		8950		9317
9/30/2012		9049		9456


		Past performance is not a guarantee of future results.

133

SPDR S&P International Energy Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$1,883,814	1,128,699	983,792	583,750	490,410

% OF NET ASSETS	16.5	9.9	8.6	5.1	4.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		90.1	%
Energy Equipment & Services		9.3
Short Term Investments		4.1
Other Assets & Liabilities		(3.5	)

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)

134

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 18.02%, and the total return for the Index was 18.50%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses, compounding, cash drag, and the optimization of the portfolio.

The Fund gained 18.02% for the year ending in September 30, 2012 despite the news of a global recession, decrease growth estimates in China, and the impact of economic reform in Greece to deal with the country’s debt crisis. The fourth quarter of 2011 was relatively quiet, posting a small losses measured by the S&P International Financial Index. The next three quarters in 2012 were very volatile as the Index posted both positive and negative returns. The first quarter gains were mainly driven by the actions taken by the European Central Bank (ECB) to provide lending to the European banks. Investors retreated in the second quarter as there was further concern over the possibility that new leadership might formally reject the euro led to fears that bank deposits could eventually face involuntary devaluation, not only in Greece, but also in other heavily indebted peripheral nations. A European summit during the final days of June provided for direct recapitalization of Spanish banks without subordination of existing lenders, sparking equities worldwide to finish the first half of 2012 with a flourish. The third quarter of 2012 produced periods of steady gains as the Index return headed higher over two significant rallies; the first surge came in response to the Draghi declamation on the euro; and the second reflected anticipation of the fresh asset purchase plans from the Federal Reserve.

On an individual security level, the top positive contributors to the Fund’s performance were HSBC Holdings PLC, Commonwealth Bank of Australia and Australia & New Zealand Banking Group, Ltd. The top negative contributors to the Fund’s performance were UniCredit SpA, Credit Suisse Group AG, and Banco Popular Espanol SA.

135

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

NET ASSET

MARKET

FINANCIALS SECTOR

NET ASSET

MARKET

FINANCIALS SECTOR

VALUE

INDEX

VALUE

INDEX

ONE YEAR

18.02%

20.05%

18.50%

18.02%

20.05%

18.50%

THREE YEARS

−8.65%

−8.77%

−5.71%

−2.97%

−3.01%

−1.94%

SINCE INCEPTION (1)

−17.74%

−17.79%

−15.72%

−4.53%

−4.54%

−3.98%


(1)		For the period July 16, 2008 to September 30, 2012.

136

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

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


	SPDR S&P		S&P Developed
	International Financial		Ex-U.S. BMI
	Sector ETF		Financials Sector
	Fund		Index
		10000		10000
7/16/2008		10608		10703
8/31/2008		9988		10146
9/30/2008		8797		8960
10/1/2008		6409		6466
11/2/2008		5791		5875
12/3/2008		6129		6097
1/9/2009		5292		5311
2/9/2009		4443		4446
3/9/2009		5057		4998
4/30/2009		6233		6126
5/31/2009		7169		7066
6/30/2009		7121		7030
7/9/2009		7981		7909
8/31/2009		8728		8581
9/30/2009		9004		8939
10/31/2009		8675		8620
11/30/2009		8747		8675
12/31/2009		8671		8599
1/31/2010		8137		8089
2/28/2010		8175		8102
3/31/2010		8725		8684
4/30/2010		8581		8551
5/31/2010		7480		7440
6/30/2010		7318		7306
7/31/2010		8293		8291
8/31/2010		7827		7855
9/30/2010		8499		8528
10/31/2010		8742		8749
11/30/2010		8070		8107
12/31/2010		8725		8808
1/31/2011		9156		9204
2/28/2011		9534		9566
3/31/2011		9197		9270
4/30/2011		9678		9770
5/31/2011		9272		9381
6/30/2011		9073		9208
7/31/2011		8716		8896
8/31/2011		7856		8012
9/30/2011		6970		7112
10/31/2011		7687		7807
11/30/2011		7042		7185
12/31/2011		6982		7108
1/31/2012		7601		7747
2/29/2012		8138		8262
3/31/2012		8069		8215
4/30/2012		7844		7981
5/31/2012		6810		6967
6/30/2012		7450		7615
7/31/2012		7543		7707
8/31/2012		7836		8019
9/30/2012		8226		8428


		Past performance is not a guarantee of future results.

137

SPDR S&P International Financial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




					THE TORONTO-
		COMMONWEALTH BANK	WESTPAC BANKING	ROYAL BANK OF	DOMINION
DESCRIPTION	HSBC HOLDINGS PLC	OF AUSTRALIA	CORP.	CANADA	BANK

MARKET VALUE	$176,673	107,175	102,178	94,353	90,744

% OF NET ASSETS	5.0	3.0	2.9	2.7	2.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		52.2	%
Insurance		19.4
Real Estate Management & Development		10.2
Capital Markets		7.5
Real Estate Investment Trusts		4.9
Diversified Financial Services		4.1
Consumer Finance		1.2
Short Term Investments		5.5
Other Assets & Liabilities		(5.0	)

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)

138

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 22.03%, and the total return for the Index was 22.55%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations.

International health care stocks performed well for the 12-month period ending September 30, 2012. Health care stocks are generally considered defensive stocks and tend to have some insulation against down markets. In fact, for the year ending September 30, the Fund had positive returns for every quarter. Much of the performance can be attributed to improving global economic conditions as well as concerted, unified movement towards resolving the European sovereign debt crisis. Additionally, international health care stocks were affected by the US Supreme Court ruling in June to uphold the requirement that individuals be insured under the Affordable Care Act. The ruling has affected various global health care stocks differently with large, multinational pharmaceuticals and biotech companies outpacing health care equipment makers and health care service providers.

On an individual security level, the top positive contributors to the Fund’s performance were Bayer AG, Novo Nordisk A/S (Class B), and Sanofi. Bayer AG, the German drug and chemical company, reported sales and profits that beat analysts’ estimates. The company’s health unit performed well as the company began selling its blood thinner, Xarelto, in partnership with Johnson & Johnson. Bayer estimates the drug’s sales will eventually exceed two billion euro per year. Bayer’s chemical division also performed well as demand for its crop chemicals from farmers was strong. The Danish company Novo Nordisk performed well on the back of being a leader in insulin drugs and the increased demand for such drugs due to the overall increase in obesity and diabetes in the population. Sanofi, the French pharmaceutical company, also performed well as it received approval from the FDA for its multiple sclerosis drug, Aubagio. The company also had mixed success with its dengue fever drug.

The top negative contributors to the Fund’s performance were Olympus Corp., Daiichi Sankyo Co., and Terumo Corp. Olympus is a Japanese manufacturer and seller of precision machineries and instruments. The company’s performance was due to ongoing effects of a 2011 accounting scam which wiped out 75% of the company’s valuation and resulted in a $15 million loss. As a result of the scam, the company announced cuts to 7% of its workforce and shutdowns of 40% of its global manufacturing plants. The Japanese pharmaceutical company, Daiichi Sankyo, was hurt by disappointing results in trials of its Effient (prasugrel) heart therapy. Another Japanese company, Terumo Corporation, engages in the

139

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

manufacture and sale of medical products and equipment. The company was hurt by a 2011 recall of its coronary ostia cannula product that is used during heart surgery. The recall included $35 million in fines to the FDA.

140

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 SEPTEMBER 30, 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

ONE YEAR		22.03%		22.83%		22.55%		22.03%		22.83%		22.55%

THREE YEARS		32.46%		32.48%		35.95%		9.82%		9.83%		10.78%

SINCE INCEPTION (1)		23.95%		24.25%		29.60%		5.23%		5.29%		6.36%


(1)		For the period July 16, 2008 to September 30, 2012.

141

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

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


	SPDR S&P		S&P Developed
	International Health		Ex-U.S. BMI
	Care Sector		Health Care
	ETF Fund		Sector Index
		10000		10000
7/16/2008		10163		10204
8/31/2008		10042		10044
9/30/2008		9103		9082
10/1/2008		8048		8070
11/2/2008		7602		7615
12/3/2008		8235		8237
1/9/2009		7708		7708
2/9/2009		6852		6852
3/9/2009		7028		7099
4/30/2009		7216		7282
5/31/2009		7897		7978
6/30/2009		7972		8094
7/9/2009		8604		8741
8/31/2009		8948		9086
9/30/2009		9356		9532
10/31/2009		9267		9475
11/30/2009		9605		9798
12/31/2009		9741		9945
1/31/2010		9557		9766
2/28/2010		9557		9783
3/31/2010		9781		9998
4/30/2010		9462		9685
5/31/2010		8606		8835
6/30/2010		8909		9100
7/31/2010		9151		9301
8/31/2010		9268		9512
9/30/2010		9891		10223
10/31/2010		10075		10418
11/30/2010		9652		9966
12/31/2010		10222		10581
1/31/2011		10269		10633
2/28/2011		10569		10941
3/31/2011		10529		10902
4/30/2011		11311		11717
5/31/2011		11607		12029
6/30/2011		11347		11774
7/31/2011		11508		11969
8/31/2011		10777		11193
9/30/2011		10157		10573
10/31/2011		10563		11028
11/30/2011		10332		10758
12/31/2011		10679		11126
1/31/2012		10804		11258
2/29/2012		11153		11633
3/31/2012		11294		11787
4/30/2012		11471		11957
5/31/2012		10635		11082
6/30/2012		11384		11880
7/31/2012		11788		12293
8/31/2012		11944		12468
9/30/2012		12395		12960


		Past performance is not a guarantee of future results.

142

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	GLAXOSMITHKLINE PLC	SANOFI	BAYER AG

MARKET VALUE	$3,140,694	2,722,783	2,175,716	1,944,569	1,347,428

% OF NET ASSETS	11.2	9.7	7.7	6.9	4.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Pharmaceuticals		75.2	%
Health Care Equipment & Supplies		10.0
Health Care Providers & Services		7.8
Biotechnology		5.6
Chemicals		0.3
Life Sciences Tools & Services		0.3
Health Care Technology		0.0	***
Short Term Investments		0.5
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.

143

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 12.53%, and the total return for the Index was 13.46%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to Fund expenses and slight variations between the Fund’s holdings and the Index constituents.

International industrial stocks performed well for the Reporting Period. The performance of many industrial stocks is driven in part by global economic health and conditions. The first six months of the Reporting Period reflected optimism regarding the European sovereign debt crisis as well as some better than expected macroeconomic data such as industrial production in Germany, France and the United Kingdom, Japanese and Chinese GDP, and Japanese machine orders. The positive momentum could not be sustained in the second quarter of 2012 as several national industrial production and manufacturing figures came in below expectations. Performance rebounded in the third quarter of 2012 on the back of positive developments in the handling of the debt crisis in Europe despite mixed global growth data.

On an individual security level, the top positive contributors to the Fund’s performance were Canadian National Railway Co., Siemens AG, and Rolls-Royce Holdings PLC. Canadian National Railway’s positive return for the period is due to several factors. The denial of the $7 billion TransCanada pipeline in January meant railroads would become the most efficient method of transporting crude and raw materials to refineries. The company has also positioned itself well vis-à-vis the decline in coal usage and transportation with coal being less than 10% of the company’s product mix. Siemens, the German conglomerate, also performed well based on its broad portfolio of businesses and continued infrastructure growth particularly in emerging markets. The company reported consistent or better profit margins and earnings versus 2011 across most business segments. Rolls-Royce, the London-based manufacturer of power systems, had positive returns as a result of an increase in profits relative to 2011 figures. The company also reported an increase in revenue and an increase in its order book.

The top negative contributors to the Fund’s performance were Asahi Glass Co., Ltd., Mitsubishi Corp., and Nippon Sheet Glass Co. Asahi Glass’s performance was hampered by the global slowdown in demand for building glass and solar-cell substrates, particularly in Western Europe. The company found itself with bloated inventory due to the decrease in demand for its products, resulting in production halts at some plants. Mitsubishi Corporation was hurt by lowered profit and revenue estimates. The company experienced weakness in commodity prices amid an economic

144

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

slowdown in China and other emerging markets. Additionally, falling coal prices and a prolonged strike at its coal mine business in Australia resulted in a 150 billion yen drop in net profit. Nippon Sheet Glass, Japan’s second largest glass maker by sales, was hurt by European demand weakness in its core construction and auto-glass operations. The company reported a net loss of 2.82 billion yen, its third annual loss in four years.

145

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 SEPTEMBER 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

NET ASSET

MARKET

INDUSTRIAL SECTOR

NET ASSET

MARKET

INDUSTRIAL SECTOR

VALUE

INDEX

VALUE

INDEX

ONE YEAR

12.53%

14.23%

13.46%

12.53%

14.23%

13.46%

THREE YEARS

12.55%

11.77%

16.83%

4.02%

3.78%

5.32%

SINCE INCEPTION (1)

−1.81%

−2.13%

0.48%

−0.43%

−0.51%

0.11%


(1)		For the period July 16, 2008 to September 30, 2012.

146

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

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


	SPDR S&P		S&P Developed
	International Industrial		Ex-U.S. BMI
	Sector ETF		Industrial Sector
	Fund		Index
		10000		10000
7/16/2008		10237		10271
8/31/2008		9847		9763
9/30/2008		8051		8028
10/1/2008		6121		5996
11/2/2008		6008		5836
12/3/2008		6505		6396
1/9/2009		5857		5783
2/9/2009		5276		5155
3/9/2009		5622		5534
4/30/2009		6534		6469
5/31/2009		7261		7186
6/30/2009		7228		7141
7/9/2009		7830		7756
8/31/2009		8331		8215
9/30/2009		8723		8600
10/31/2009		8517		8374
11/30/2009		8708		8507
12/31/2009		8907		8739
1/31/2010		8746		8567
2/28/2010		8708		8565
3/31/2010		9410		9269
4/30/2010		9451		9351
5/31/2010		8458		8338
6/30/2010		8391		8286
7/31/2010		9079		8983
8/31/2010		8687		8614
9/30/2010		9764		9710
10/31/2010		10080		10055
11/30/2010		9916		9844
12/31/2010		10802		10802
1/31/2011		11027		11063
2/28/2011		11214		11181
3/31/2011		11329		11374
4/30/2011		11823		11942
5/31/2011		11425		11526
6/30/2011		11290		11444
7/31/2011		11034		11215
8/31/2011		9888		10063
9/30/2011		8727		8856
10/31/2011		9605		9725
11/30/2011		9135		9258
12/31/2011		9113		9202
1/31/2012		9804		9968
2/29/2012		10299		10533
3/31/2012		10180		10436
4/30/2012		10007		10221
5/31/2012		8933		9109
6/30/2012		9258		9478
7/31/2012		9426		9578
8/31/2012		9558		9740
9/30/2012		9819		10048


		Past performance is not a guarantee of future results.

147

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




				CANADIAN NATIONAL	ROLLS-ROYCE
DESCRIPTION	SIEMENS AG	ABB, LTD.	FANUC CORP.	RAILWAY CO.	HOLDINGS PLC

MARKET VALUE	$411,961	211,350	177,866	175,668	166,647

% OF NET ASSETS	4.8	2.4	2.1	2.0	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 SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Machinery		21.8	%
Industrial Conglomerates		12.3
Trading Companies & Distributors		9.5
Road & Rail		8.7
Electrical Equipment		8.2
Commercial Services & Supplies		6.8
Construction & Engineering		6.4
Aerospace & Defense		5.4
PROFESSIONAL Services		5.3
Building Products		4.2
Transportation Infrastructure		3.2
Air Freight & Logistics		2.7
Marine		2.6
Airlines		1.7
Short Term Investments		0.2
Other Assets & Liabilities		1.0

TOTAL		100.0	%


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

148

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 5.79%, and the total return for the Index was 6.50%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations and the performance differential can be attributed primarily to fund expenses, compounding, cash drag and the optimization of the portfolio.

The Fund gained 5.79% for the Reporting Period despite the news of a global recession, decrease in growth estimates in China, and the impact of economic reform in Greece to deal with the country’s debt crisis. The S&P Developed Ex-U.S. BMI Industrial Sector Index gain in the fourth quarter of 2011 represented a stark contrast from the previous quarter, when defensive groups held value best. Even though the materials sectors bounced back in the fourth quarter, the gain for materials in the fourth quarter of 2011 still left the sector with a decline on the year as weak metals prices weighed on mining stocks. The next three quarters in 2012 were very volatile as the Index posted both positive and negative returns. The first quarter gains were mainly driven by the actions taken by the European Central Bank (ECB) to provide lending to the European banks. The sector was one of the worst performers in March as the sector did not take kindly to a moderating growth outlook in China. Investors retreated in the second quarter as there was further concern over the possibility that new leadership might formally reject the euro, which led to fears that bank deposits could eventually face involuntary devaluation, not only in Greece, but also in other heavily indebted peripheral nations. A European summit during the final days of June provided for direct recapitalization of Spanish banks without subordination of existing lenders, sparking equities worldwide to finish the first half of the year with a flourish. May was the worst performing month for the Index as the materials sector suffered from tumbling mining prices. The third quarter of 2012 gained positive momentum towards the end of the quarter as the Index return headed higher over two significant rallies; the first surge came in response to the Draghi declamation on the euro; and the second reflected anticipation of the fresh asset purchase plans from the Federal Reserve. While defensive themes have tended to hold value well in 2012, central bank activism during the third quarter inspired some catch-up for the materials sector, which drew strength from mining and chemical names.

On an individual security level, the top positive contributors to the Fund’s performance were BASF SE, Syngenta AG and BHP Billiton PLC. The top negative contributors to the Fund’s performance were Nippon Steel Corp. & Sumitomo Metal Corp., Anglo American PLC, and JFE Holdings, Inc.

149

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

150

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 SEPTEMBER 30, 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

ONE YEAR

5.79%

7.28%

6.50%

5.79%

7.28%

6.50%

THREE YEARS

7.37%

6.68%

13.37%

2.40%

2.18%

4.27%

SINCE INCEPTION (1)

−19.84%

−20.23%

−12.03%

−5.12%

−5.23%

−3.00%


(1)		For the period July 16, 2008 to September 30, 2012.

151

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

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


			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Material		Materials Sector
	Sector ETF		Index
		10000		10000
7/16/2008		9968		9987
8/31/2008		9185		9147
9/30/2008		6856		6920
10/1/2008		4931		4926
11/2/2008		4711		4686
12/3/2008		5116		5124
1/9/2009		4662		4709
2/9/2009		4375		4415
3/9/2009		4839		4945
4/30/2009		5455		5618
5/31/2009		6478		6667
6/30/2009		6254		6428
7/9/2009		6978		7193
8/31/2009		7105		7355
9/30/2009		7465		7760
10/31/2009		7406		7699
11/30/2009		8090		8425
12/31/2009		8325		8686
1/31/2010		7639		7968
2/28/2010		7778		8138
3/31/2010		8528		8934
4/30/2010		8340		8839
5/31/2010		7399		7851
6/30/2010		7174		7686
7/31/2010		7815		8343
8/31/2010		7651		8232
9/30/2010		8624		9264
10/31/2010		9089		9778
11/30/2010		9036		9757
12/31/2010		10085		10883
1/31/2011		9796		10575
2/28/2011		10288		11049
3/31/2011		10277		11168
4/30/2011		10782		11768
5/31/2011		10287		11244
6/30/2011		10228		11106
7/31/2011		10063		11005
8/31/2011		9167		10067
9/30/2011		7578		8260
10/31/2011		8594		9349
11/30/2011		8186		8888
12/31/2011		7781		8445
1/31/2012		8625		9400
2/29/2012		8940		9755
3/31/2012		8537		9261
4/30/2012		8392		9079
5/31/2012		7158		7767
6/30/2012		7443		8053
7/31/2012		7389		8037
8/31/2012		7497		8198
9/30/2012		8016		8797


		Past performance is not a guarantee of future results.

152

SPDR S&P International Materials Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




DESCRIPTION	BHP BILLITON, LTD.	BASF SE	BHP BILLITON PLC	RIO TINTO PLC	GOLDCORP, INC.

MARKET VALUE	$928,911	589,099	572,490	525,361	399,537

% OF NET ASSETS	7.8	5.0	4.8	4.4	3.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		56.4	%
Chemicals		34.2
Construction Materials		5.2
Paper & Forest Products		1.6
Household Products		0.7
Containers & Packaging		0.5
Oil, Gas & Consumable Fuels		0.0	***
Short Term Investments		0.9
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 Sino-Forest Corp., which was Level 3 and part of the Paper & Forest Products Industry and China Mining Resources Group, Ltd., which was Level 3, and part of the Metals & Mining Industry, each representing less than 0.05% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

153

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 12.06%, and the total return for the Index was 13.02%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to the expenses of managing the Fund, variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology, cash, transaction costs and raising funds for the dividend distribution which may cause cash drag, all contributed to the Fund underperforming the Index over the Reporting Period.

Information technology started the calendar year 2012 not far behind the surge of financials, notching a close second for first quarter. A number of hardware and software issues posted big gains, but the talk of the town was iPad maker Apple, which crushed earnings estimates for the fourth quarter of calendar year 2011 and quickly outpaced energy giant Exxon Mobil to become the largest capitalization stock in the S&P 500, sailing easily through the $500 billion barrier. By the second fiscal quarter, the tides had turned with technology being a laggard, hurt by losses in hardware names. The pattern of tough competition worldwide among semiconductor and device companies continued to hurt the technology group through the final quarter of the fiscal year ended September 30, 2012. Despite the challenges of the second half of the fiscal year, the sector was able to maintain strong positive performance for the fiscal year as a whole.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd. GDR, SAP AG, and ASML Holding NV. Samsung Electronics was able to improve its operating performance, despite uncertain macroeconomic conditions, mainly as a result of its strengthening position in the mobile handset market. SAP AG sustained continued growth, helped by applications and analytics that are now being complimented by the mobile, the cloud and HANA, all of which are experiencing tremendous growth. Leading provider of lithography systems, ASML Holding N.V., released a new product which surpassed the productivity milestone after setting the previous record only six months prior.

The top negative contributors to the Fund’s performance were Canon, Inc., Nokia Oyj, and Research in Motion, Ltd. Canon’s sales continued to plummet over the period as smartphones have started to replace cameras. Mobile phone manufacturer Nokia lost market share in the booming smartphone market throughout the year, and the launch of its

154

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

much-vaunted rescue phone, Lumia 900, was undermined by a software problem. Research in Motion’s, manufacturer of the BlackBerry device, continues to lose market share to Apple and bleed subscribers.

155

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 SEPTEMBER 30, 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

ONE YEAR

12.06%

13.81%

13.02%

12.06%

13.81%

13.02%

THREE YEARS

3.04%

2.79%

6.00%

1.00%

0.92%

1.96%

SINCE INCEPTION (1)

−7.60%

−7.75%

−5.30%

−1.86%

−1.90%

−1.29%


(1)		For the period July 16, 2008 to September 30, 2012.

156

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

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


			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Technology		Information Technology
	Sector ETF		Sector Index
		10000		10000
7/16/2008		10238		10224
8/31/2008		9838		9824
9/30/2008		8019		8021
10/1/2008		6327		6322
11/2/2008		5895		5880
12/3/2008		6275		6274
1/9/2009		5996		5988
2/9/2009		5349		5310
3/9/2009		6000		5937
4/30/2009		6919		6870
5/31/2009		7454		7445
6/30/2009		7544		7508
7/9/2009		8281		8183
8/31/2009		8572		8532
9/30/2009		8967		8933
10/31/2009		8474		8482
11/30/2009		8434		8425
12/31/2009		8933		8882
1/31/2010		9006		8956
2/28/2010		8867		8866
3/31/2010		9763		9739
4/30/2010		9954		9961
5/31/2010		8713		8736
6/30/2010		8406		8470
7/31/2010		8951		8975
8/31/2010		8244		8297
9/30/2010		9133		9163
10/31/2010		9351		9393
11/30/2010		9310		9349
12/31/2010		10327		10303
1/31/2011		10583		10585
2/28/2011		10761		10729
3/31/2011		10382		10412
4/30/2011		10653		10732
5/31/2011		10308		10365
6/30/2011		9996		10025
7/31/2011		9715		9871
8/31/2011		8881		9045
9/30/2011		8244		8379
10/31/2011		9147		9289
11/30/2011		8874		8930
12/31/2011		8621		8721
1/31/2012		9053		9202
2/29/2012		9723		9865
3/31/2012		10029		10138
4/30/2012		9837		10025
5/31/2012		8531		8705
6/30/2012		8825		9012
7/31/2012		8903		9146
8/31/2012		8897		9110
9/30/2012		9240		9470


		Past performance is not a guarantee of future results.

157

SPDR S&P International Technology Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$2,455,558	863,337	525,072	382,873	321,032

% OF NET ASSETS	22.6	7.9	4.8	3.5	3.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Semiconductors & Semiconductor Equipment		33.7	%
Electronic Equipment, Instruments & Components		19.6
Software		15.3
IT Services		7.7
Office Electronics		6.6
Communications Equipment		6.2
Computers & Peripherals		5.6
Internet Software & Services		4.5
Short Term Investments		1.4
Other Assets & Liabilities		(0.6	)

TOTAL		100.0	%


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

158

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was 7.23%, and the total return for the Index was 8.55%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to the expenses of managing the Fund, variations between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology, cash, transaction costs and raising funds for the dividend distribution all contributed to the Fund underperforming the Index over the Reporting Period.

Telecommunications services started the fiscal year as a top performer thanks to its position as a defensive sector with above-average dividend yields. However, the sector provided a distinctly middling performance during March, but because that slippage came after a thoroughly lackluster start to the year, the telecom group still ended the second fiscal quarter with a slight decline. This was behind all other EAFE sectors, making telecommunications services the only EAFE sector not to achieve positive territory over the first three months of 2012. By the end of the third fiscal quarter, the sector had begun to gain ground, climbing by double digits in June, only suffering a small loss for the quarter as a whole. The momentum continued into the final quarter of the fiscal year for telecomm. As the growth outlook stalled, commodity prices tumbled, and policy makers showed little clear intention or capacity to boost longer-term prospects, income producers like telecommunications services and utilities were among the quarterly winners.

On an individual security level, the top positive contributors to the Fund’s performance were Vodafone Group PLC, Softbank Corp., and BT Group PLC. Vodafone Group benefited from strong demand for data services and further voice penetration in emerging markets. Softbank’s deep expertise in the deployment of next generation wireless networks and track record of success in taking share in mature markets from larger telecom competitors helped growth over the period. BT Group PLC benefited from its partnership with the new Everything Everywhere venture (EE). EE is the first mover to offer 4G services across the UK and will do so by accessing the network of BT Group.

The top negative contributors to the Fund’s performance were Telefonica SA, Koninklijke (Royal) KPN NV, and France Telecom. Madrid-based Telefonica SA lagged as a result of not winning the rights to offer the new iPhone 5 on the 4G network. The mobile business of Koninklijke KPN NV, which offers service to customers across the Netherlands,

159

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

Germany, Belgium, Spain and France also lost share over the period outside of its domestic market as a result of intense competition and price pressures. Finally, France Telecom was hurt by regulation over the period that reduced revenues.

160

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 SEPTEMBER 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		7.23%		8.44%		8.55%		7.23%		8.44%		8.55%

THREE YEARS		13.99%		13.81%		16.73%		4.46%		4.41%		5.29%

SINCE INCEPTION (1)		4.74%		4.84%		8.59%		1.11%		1.13%		1.98%


(1)		For the period July 16, 2008 to September 30, 2012.

161

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

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

Past performance is not a guarantee of future results.


(1)		For the period July 16, 2008 to September 30, 2012.

162

SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$4,814,485	2,191,355	1,430,898	1,413,471	1,143,222

% OF NET ASSETS	19.2	8.7	5.7	5.6	4.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		60.1	%
Wireless Telecommunication Services		38.2
Short Term Investments		3.1
Other Assets & Liabilities		(1.4	)

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)

163

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

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

For the 12-month period ended September 30, 2012 (the “Reporting Period”), the total return for the Fund was −1.30%, and the total return for the Index was 0.51%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was outside expectations. The performance differential can be attributed primarily to the expenses of managing the Fund and mis-weights between the Fund’s holdings and the Index constituents due to optimization.

Performance throughout the Reporting Period had its ups and downs from month to month, but ended in September 2012 not too far from where it began in the third quarter of 2011. The international stock market rally that started in October 2011 was interrupted in April and May with down markets as fear of the unknown set in. Over these two months, Europe’s economy stalled out and China’s economy started to slow, but the market rallied again in June. International utility companies took action to restore or maintain financial flexibility. Selling assets, reducing capital expenditures, cash conservation, hybrid issuance and capital increases all helped move these companies in the right direction.

On an individual security level, the top positive contributors to the Fund’s performance were E.ON AG, Centrica PLC, and RWE AG. E.ON AG raised market confidence in guidance by providing more detail on the new gas contracts and cost-cutting measures. Centrica PLC was better positioned in a volatile wholesale environment and a system facing more structural (interventions/taxes) changes than most; this drove the return over the past year. Lastly, RWE AG was driven by improvements in German Generation and from RWE DEA (E&P).

The top negative contributors to the Fund’s performance were The Kansai Electric Power Co., Inc, Iberdrola SA, and GDF Suez SA. Results reflect growing uncertainty about when Kansai Electric Power would be able to restart its nuclear power plants. Weak power prices and regulatory uncertainty drove weak numbers for Iberdrola SA. Lastly, regulatory pressure proved to be a negative for GDF Suez SA.

164

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 SEPTEMBER 30, 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

ONE YEAR

−1.30%

−0.05%

0.51%

−1.30%

−0.05%

0.51%

THREE YEARS

−18.47%

−18.41%

−16.07%

−6.58%

−6.56%

−5.67%

SINCE INCEPTION (1)

−33.25%

−33.04%

−31.18%

−9.15%

−9.09%

−8.50%


(1)		For the period July 16, 2008 to September 30, 2012.

165

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

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


			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Utililies		Utilities Sector
	Sector ETF		Index
		10000		10000
7/16/2008		10214		10188
8/31/2008		9762		9715
9/30/2008		8613		8555
10/1/2008		7312		7257
11/2/2008		7146		7086
12/3/2008		7771		7738
1/9/2009		7027		7001
2/9/2009		6253		6216
3/9/2009		6173		6149
4/30/2009		6630		6572
5/31/2009		7249		7231
6/30/2009		7148		7128
7/9/2009		7405		7403
8/31/2009		7891		7890
9/30/2009		8186		8201
10/31/2009		7747		7781
11/30/2009		8060		8091
12/31/2009		8190		8217
1/31/2010		7739		7803
2/28/2010		7635		7701
3/31/2010		7851		7929
4/30/2010		7569		7652
5/31/2010		6868		6927
6/30/2010		6832		6895
7/31/2010		7416		7487
8/31/2010		7339		7409
9/30/2010		7637		7720
10/31/2010		8049		8138
11/30/2010		7384		7479
12/31/2010		7834		7944
1/31/2011		8142		8241
2/28/2011		8344		8433
3/31/2011		7896		7990
4/30/2011		8303		8398
5/31/2011		7813		7936
6/30/2011		7873		7991
7/31/2011		7569		7691
8/31/2011		7076		7186
9/30/2011		6762		6850
10/31/2011		6933		7038
11/30/2011		6750		6857
12/31/2011		6507		6630
1/31/2012		6582		6698
2/29/2012		6826		6949
3/31/2012		6808		6943
4/30/2012		6590		6718
5/31/2012		5987		6089
6/30/2012		6496		6614
7/31/2012		6140		6281
8/31/2012		6423		6578
9/30/2012		6675		6882


		Past performance is not a guarantee of future results.

166

SPDR S&P International Utilities Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2012




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

MARKET VALUE	$2,389,941	1,991,609	1,662,630	1,416,475	1,158,484

% OF NET ASSETS	9.4	7.8	6.5	5.6	4.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2012*



	PERCENT OF
INDUSTRY**	NET ASSETS

Multi-Utilities		40.2	%
Electric Utilities		36.9
Gas Utilities		13.5
Independent Power Producers & Energy Traders		4.8
Water Utilities		3.9
Short Term Investments		4.6
Other Assets & Liabilities		(3.9	)

TOTAL		100.0	%


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

167

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.3%
BELGIUM — 1.8%
Ageas VVPR Strip (a)		1,664	$	32
Anheuser-Busch InBev NV		8,182		696,515

				696,547

FRANCE — 11.5%
Air Liquide SA		3,439		426,721
BNP Paribas		11,640		553,770
France Telecom SA		21,286		257,085
GDF Suez (b)		15,068		337,299
LVMH Moet Hennessy Louis Vuitton SA		2,940		442,530
Sanofi		13,256		1,131,522
Total SA		24,427		1,213,018

				4,361,945

GERMANY — 15.1%
Allianz SE		4,976		592,726
BASF SE		10,110		853,878
Bayer AG		9,097		782,131
Daimler AG		10,812		523,906
Deutsche Bank AG		10,244		405,185
Deutsche Telekom AG		32,772		403,693
E.ON AG		22,011		522,876
SAP AG		10,168		720,901
Siemens AG		9,150		913,584

				5,718,880

ITALY — 1.7%
ENI SpA (b)		29,435		644,515

NETHERLANDS — 2.5%
ING Groep NV (a)		42,481		336,054
Unilever NV		17,304		612,862

				948,916

SPAIN — 4.9%
Banco Bilbao Vizcaya Argentaria SA (b)		59,204		465,602
Banco Santander SA (a)		108,731		810,619
Telefonica SA		43,779		584,337

				1,860,558

SWEDEN — 1.8%
Hennes & Mauritz AB (Class B)		10,375		361,098
Telefonaktiebolaget LM Ericsson (Class B)		33,477		305,585

				666,683

SWITZERLAND — 18.2%
ABB, Ltd. (a)		25,551		479,591
Nestle SA		35,473		2,238,294
Novartis AG		29,769		1,822,947
Roche Holding AG		7,728		1,444,786
UBS AG (a)		39,421		480,284
Zurich Insurance Group AG (a)		1,616		402,710

				6,868,612

UNITED KINGDOM — 41.8%
Anglo American PLC		15,460		453,610
AstraZeneca PLC		13,744		655,827
Barclays PLC		116,099		402,793
BG Group PLC		36,881		744,443
BHP Billiton PLC		23,498		730,433
BP PLC		206,454		1,455,212
British American Tobacco PLC		22,270		1,143,399
Diageo PLC		27,515		772,881
GlaxoSmithKline PLC		54,491		1,256,086
HSBC Holdings PLC		199,745		1,849,168
Imperial Tobacco Group PLC		11,015		407,678
National Grid PLC		41,449		457,144
Reckitt Benckiser Group PLC		7,216		415,408
Rio Tinto PLC		13,799		642,853
Royal Dutch Shell PLC (Class A)		40,657		1,407,010
Standard Chartered PLC		21,374		483,206
Tesco PLC		83,795		449,236
Unilever PLC		14,407		523,915
Vodafone Group PLC		544,262		1,544,621

				15,794,923

TOTAL COMMON STOCKS —
(Cost $46,957,533)				37,561,579

SHORT TERM INVESTMENTS — 2.5%
UNITED STATES — 2.5%
MONEY MARKET FUNDS — 2.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		752,366		752,366
State Street Institutional Liquid Reserves Fund 0.21% (d)(e)		191,917		191,917

TOTAL SHORT TERM INVESTMENTS —
(Cost $944,283)				944,283

TOTAL INVESTMENTS — 101.8%
(Cost $47,901,816)				38,505,862
OTHER ASSETS & LIABILITIES — (1.8)%				(697,212	)

NET ASSETS — 100.0%			$	37,808,650

PLC = Public Limited Company

See accompanying notes to financial statements.

168

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
BELGIUM — 3.4%
Ageas VVPR Strip (a)		6,468	$	125
Anheuser-Busch InBev NV		392,129		33,381,031

				33,381,156

FINLAND — 0.5%
Nokia Oyj (b)		1,974,401		5,105,533

FRANCE — 35.0%
Air Liquide SA		164,831		20,452,706
AXA SA		993,213		14,809,333
BNP Paribas		557,578		26,526,637
Carrefour SA		313,400		6,507,470
Compagnie de Saint-Gobain		234,326		8,240,417
Danone		319,076		19,666,631
Essilor International SA		112,295		10,527,345
France Telecom SA		1,020,075		12,320,117
GDF Suez (b)		722,189		16,166,268
L’Oreal SA		125,676		15,563,521
LVMH Moet Hennessy Louis Vuitton SA		140,887		21,206,375
Sanofi		635,347		54,232,743
Schneider Electric SA		289,325		17,142,431
Societe Generale (a)		409,162		11,633,147
Total SA (b)		1,170,737		58,137,494
Unibail-Rodamco SE		48,102		9,598,085
Vinci SA		267,066		11,387,969
Vivendi SA		685,857		13,389,733

				347,508,422

GERMANY — 32.7%
Allianz SE		238,484		28,407,498
BASF SE		484,577		40,926,743
Bayer AG		435,979		37,484,066
Bayerische Motoren Werke AG		169,483		12,408,646
Daimler AG		517,736		25,087,419
Deutsche Bank AG		490,992		19,420,418
Deutsche Telekom AG		1,570,698		19,348,225
E.ON AG		1,054,963		25,060,873
Muenchener Rueckversicherungs- Gesellschaft AG		84,872		13,266,317
RWE AG		258,011		11,556,179
SAP AG		487,331		34,551,277
Siemens AG		438,810		43,813,087
Volkswagen AG Preference Shares		75,838		13,849,431

				325,180,179

IRELAND — 0.7%
CRH PLC		382,474		7,380,790

ITALY — 7.7%
Assicurazioni Generali SpA		704,404		10,140,551
Enel SpA		3,359,893		11,895,523
ENI SpA (b)		1,410,618		30,887,207
Intesa Sanpaolo SpA		7,365,101		11,209,161
UniCredit SpA (a)		2,849,340		11,847,461

				75,979,903

LUXEMBOURG — 0.7%
APERAM		1		16
ArcelorMittal		487,018		6,992,281

				6,992,297

NETHERLANDS — 6.9%
ASML Holding NV		221,351		11,843,500
ING Groep NV (a)		2,036,034		16,106,426
Koninklijke Philips Electronics NV		491,003		11,468,062
Unilever NV		829,261		29,370,214

				68,788,202

SPAIN — 12.1%
Banco Bilbao Vizcaya Argentaria SA (b)		2,836,353		22,306,135
Banco Santander SA (a)		5,208,639		38,831,785
Iberdrola SA		2,068,264		9,387,376
Industria de Diseno Textil SA		111,768		13,894,378
Repsol YPF SA		410,706		7,973,150
Telefonica SA		2,098,222		28,005,879

				120,398,703

TOTAL COMMON STOCKS —
(Cost $1,009,062,066)				990,715,185

SHORT TERM INVESTMENTS — 5.6%
UNITED STATES — 5.6%
MONEY MARKET FUNDS — 5.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		51,714,846		51,714,846
State Street Institutional Liquid Reserves Fund 0.21% (d)(e)		4,222,505		4,222,505

TOTAL SHORT TERM INVESTMENTS —
(Cost $55,937,351)				55,937,351

TOTAL INVESTMENTS — 105.3%
(Cost $1,064,999,417)				1,046,652,536
OTHER ASSETS & LIABILITIES — (5.3)%				(52,832,958	)

NET ASSETS — 100.0%			$	993,819,578

PLC = Public Limited Company

See accompanying notes to financial statements.

169

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 98.4%
CHINA — 26.1%
Agricultural Bank of China, Ltd. (a)		3,443,000	$	1,341,097
Air China, Ltd. (a)		1,285,414		809,057
Aluminum Corp. of China, Ltd. (a)(b)		1,294,304		535,868
Angang Steel Co., Ltd. (a)(b)		501,244		258,598
Anhui Conch Cement Co., Ltd. (a)		877,750		2,734,036
Baidu, Inc. ADR (b)		56,973		6,655,586
Bank of China, Ltd.		12,544,466		4,772,989
Bank of Communications Co., Ltd. (a)		2,190,630		1,486,178
BYD Co., Ltd. (a)(b)		113,800		198,443
China Citic Bank Corp., Ltd.		2,091,341		992,633
China Coal Energy Co., Ltd (a)		820,000		748,796
China Communications Construction Co., Ltd. (a)		872,000		705,180
China Construction Bank Corp.		14,409,148		9,998,545
China COSCO Holdings Co., Ltd. (a)(b)		1,200,730		490,931
China Life Insurance Co., Ltd.		1,733,708		5,008,875
China Longyuan Power Group Corp.		595,000		391,384
China Merchants Bank Co., Ltd. (a)		1,110,380		1,870,385
China Merchants Property Development Co., Ltd.		406,784		784,370
China Minsheng Banking Corp., Ltd. (a)		912,000		719,884
China National Building Material Co., Ltd. (a)		518,000		572,568
China Oilfield Services, Ltd.		346,557		631,140
China Pacific Insurance Group Co., Ltd.		200,400		606,117
China Petroleum & Chemical Corp.		4,735,174		4,421,715
China Railway Construction Corp. (a)		298,500		267,190
China Railway Group, Ltd.		859,000		375,586
China Shenhua Energy Co., Ltd.		976,540		3,791,165
China Shipping Container Lines Co., Ltd. (a)(b)		5,207,339		1,061,180
China Shipping Development Co., Ltd. (a)		767,215		318,632
China Telecom Corp., Ltd.		4,629,320		2,674,924
Ctrip.com International, Ltd. ADR (a)(b)		63,207		1,066,934
Dongfeng Motor Group Co., Ltd.		570,468		665,880
Focus Media Holding, Ltd. ADR		31,524		737,662
Guangzhou Automobile Group Co., Ltd. (a)		1,060,032		695,910
Guangzhou R&F Properties Co., Ltd. (a)		729,376		840,077
Huaneng Power International, Inc.		1,588,472		1,208,781
Industrial & Commercial Bank of China (a)		11,169,138		6,597,833
Inner Mongolia Yitai Coal Co., Ltd.		255,705		1,380,296
Jiangsu Expressway Co., Ltd. (a)		1,524,299		1,264,146
Jiangxi Copper Co., Ltd. (a)		690,578		1,749,325
Lenovo Group, Ltd.		2,421,703		2,005,267
Maanshan Iron & Steel (a)(b)		1,304,971		306,329
Mindray Medical International, Ltd. ADR		14,580		490,034
Netease.com ADR (b)		43,853		2,461,907
PetroChina Co., Ltd.		5,043,208		6,608,712
PICC Property & Casualty Co., Ltd.		575,416		706,537
Ping An Insurance Group Co. of China, Ltd. (a)		402,864		3,044,895
Semiconductor Manufacturing International Corp. (b)		9,780,837		359,532
Shanghai Electric Group Co., Ltd. (a)		2,152,418		766,217
Sina Corp. (a)(b)		17,863		1,155,379
Sinopec Shanghai Petrochemical Co., Ltd. (a)		1,583,252		408,410
Sohu.com, Inc. (a)(b)		5,034		211,881
Suntech Power Holdings Co., Ltd. ADR (a)(b)		37,165		31,962
Tencent Holdings, Ltd.		160,194		5,458,776
Tingyi Cayman Islands Holding Corp. (a)		770,383		2,320,116
Want Want China Holdings, Ltd.		1,352,000		1,724,603
Yanzhou Coal Mining Co., Ltd. (a)		878,882		1,339,875
Zijin Mining Group Co., Ltd. (a)		1,944,685		785,073

				101,615,401

HONG KONG — 8.7%
Agile Property Holdings, Ltd. (a)		1,488,088		1,677,476
Beijing Enterprises Holdings, Ltd.		96,000		640,145
China Mengniu Dairy Co., Ltd. (a)		383,390		1,147,215
China Merchants Holdings International Co., Ltd.		458,144		1,412,265
China Mobile, Ltd.		1,016,136		11,264,552
China Overseas Land & Investment, Ltd. (a)		1,183,084		3,009,114
China Resources Enterprise, Ltd.		474,746		1,585,906
China Resources Land, Ltd. (a)		397,355		875,352
China Resources Power Holdings Co., Ltd.		390,000		854,119
China Unicom (Hong Kong), Ltd. (a)		1,088,172		1,785,258
China Yurun Food Group, Ltd. (a)(b)		234,659		168,278
Citic Pacific, Ltd. (a)		256,000		307,401
CNOOC, Ltd.		3,120,249		6,398,860
COSCO Pacific, Ltd.		601,527		841,009
Kingboard Chemical Holdings, Ltd.		126,000		302,598
Kunlun Energy Co., Ltd. (a)		506,000		886,271
Sino-Ocean Land Holdings, Ltd. (a)		976,558		552,941

				33,708,760

INDIA — 16.9%
Anant Raj Industries, Ltd.		82,972		112,475
Apollo Hospitals Enterprise, Ltd.		167,590		2,323,447
Axis Bank, Ltd.		30,873		664,930
Bharat Heavy Electricals, Ltd.		276,644		1,295,236
Bharti Airtel, Ltd.		479,169		2,411,516
Cipla, Ltd.		224,698		1,619,257
DLF, Ltd.		90,430		399,901
Dr Reddy’s Laboratories, Ltd.		10,291		321,080
GAIL India, Ltd.		67,643		490,859
Godrej Industries, Ltd.		26,444		143,939
Gujarat Mineral Development Corp., Ltd.		62,308		233,426
HDFC Bank, Ltd.		373,212		4,451,727
Hero Motocorp, Ltd.		17,757		633,017
Hindalco Industries, Ltd.		155,501		355,844
Hindustan Construction Co. (b)		53,697		18,274

See accompanying notes to financial statements.

170

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Hindustan Unilever, Ltd.		403,944	$	4,180,355
Hindustan Zinc, Ltd.		476,350		1,228,242
Housing Development & Infrastructure, Ltd. (b)		15,023		27,742
Housing Development Finance Corp., Ltd.		211,899		3,111,093
ICICI Bank, Ltd.		169		3,392
ICICI Bank, Ltd. ADR		68,524		2,750,553
Idea Cellular, Ltd. (b)		625,477		1,011,531
IFCI, Ltd.		12,441		7,312
India Infoline, Ltd.		155,750		170,382
Indiabulls Financial Services, Ltd.		125,095		507,424
Indiabulls Infrastructure & Power, Ltd. (b)		91,588		11,200
Indiabulls Real Estate, Ltd. (b)		24,780		27,084
Indiabulls Securities, Ltd. (b)		145,611		23,190
Indian Hotels Co., Ltd.		734,161		936,753
Indian Oil Corp., Ltd.		103,318		490,685
Infosys Technologies, Ltd. ADR (a)		109,459		5,313,140
Infrastructure Development Finance Co., Ltd.		217,815		637,814
ITC, Ltd. GDR		427,735		2,200,697
IVRCL Infrastructures & Projects, Ltd.		58,944		51,909
Jai Corp., Ltd.		27,278		32,633
Jaiprakash Associates, Ltd.		29,680		46,283
Jindal Steel & Power, Ltd.		74,859		606,238
JSW Steel, Ltd.		20,501		294,212
KEC International, Ltd.		23,675		32,946
Lanco Infratech, Ltd. (b)		276,560		78,912
Larsen & Toubro, Ltd. GDR (a)		29,072		871,288
Mahindra & Mahindra, Ltd.		136,157		2,232,154
Mercator Lines, Ltd. (b)		318,734		131,434
NTPC, Ltd.		199,460		635,685
Oil & Natural Gas Corp., Ltd.		414,925		2,209,341
Patel Engineering, Ltd.		7,862		11,500
Reliance Capital, Ltd.		47,015		384,579
Reliance Communications, Ltd.		277,735		341,212
Reliance Industries, Ltd. GDR (c)		189,332		5,960,171
Reliance Infrastructure, Ltd.		91,772		935,380
Sesa Goa, Ltd.		86,204		279,801
Siemens India, Ltd.		94,671		1,272,660
State Bank of India		25,363		1,077,417
Steel Authority of India, Ltd.		289,197		468,516
Sterlite Industries India, Ltd.		222,967		420,824
Sun Pharmaceutical Industries, Ltd.		76,106		1,003,612
Suzlon Energy, Ltd. (b)		188,100		63,300
Tata Consultancy Services, Ltd.		113,563		2,790,147
Tata Motors, Ltd.		404,874		2,053,731
Tata Steel, Ltd.		48,246		366,704
Unitech, Ltd. (b)		184,390		84,950
United Spirits, Ltd.		15,172		349,809
Wipro, Ltd. ADR (a)		144,569		1,293,893
Zee Entertainment Enterprises, Ltd.		315,563		1,168,741

				65,663,499

INDONESIA — 4.7%
Adaro Energy Tbk PT		3,634,000		569,592
Astra International Tbk PT		3,972,200		3,071,503
Bakrieland Development Tbk PT (b)		4,586,000		25,877
Bank Central Asia Tbk PT		2,569,796		2,121,357
Bank Mandiri Tbk PT		1,680,405		1,439,845
Bank Rakyat Indonesia Persero Tbk PT		4,691,796		3,652,443
Bumi Resources Tbk PT		4,550,464		347,110
Gudang Garam Tbk PT		117,000		567,884
Indocement Tunggal Prakarsa Tbk PT		399,925		850,415
Indosat Tbk PT		888,748		501,488
Perusahaan Gas Negara Tbk PT		3,881,640		1,673,121
Semen Gresik Persero Tbk PT		646,500		976,168
Telekomunikasi Indonesia Tbk PT		2,003,094		1,977,977
United Tractors Tbk PT		329,045		711,727

				18,486,507

MALAYSIA — 7.2%
Alliance Financial Group Bhd		1,384,510		1,852,657
Axiata Group Bhd		556,900		1,184,312
Bintulu Port Holdings Bhd		613,506		1,425,124
Bursa Malaysia Bhd		480,734		967,287
Carlsberg Brewery Malay Bhd		560,603		2,109,254
CIMB Group Holdings Bhd		442,500		1,085,801
ECM Libra Financial Group Bhd		3,949,516		1,137,109
Genting Bhd		758,900		2,162,610
Genting Malaysia Bhd		673,900		771,683
IJM Corp. Bhd		1,070,140		1,652,564
IJM Land Bhd		27,580		19,220
IOI Corp. Bhd		1,321,096		2,152,481
Landmarks Bhd (b)		1,346,000		407,345
Lingkaran Trans Kota Holdings Bhd		79,100		103,517
Malayan Banking Bhd		507,061		1,494,723
Malaysian Airline System Bhd (b)		1,928,466		637,249
Maxis Bhd		455,900		1,032,170
Naim Holdings Bhd		1,337,413		778,863
OSK Holdings Bhd		1,787,125		824,422
OSK Ventures International Bhd		244,764		32,833
PPB Group Bhd		129,400		510,572
Public Bank Bhd		214,000		1,006,812
Sime Darby Bhd		413,100		1,324,515
Star Publications Malaysia Bhd		75,800		78,367
TAN Chong Motor Holdings Bhd		532,600		812,012
Tenaga Nasional Bhd		408,750		912,048
Uchi Technologies Bhd		1,851,300		714,717
Wah Seong Corp. Bhd		1,307,806		748,785
Zelan Bhd (b)		1,463,100		172,327

				28,111,379

PHILIPPINES — 2.3%
Ayala Land, Inc.		4,878,275		2,789,089
First Gen Corp. (b)		5,152,770		2,467,993
First Philippine Holdings Corp.		1,012,444		1,917,370
Philippine Long Distance Telephone Co.		28,389		1,894,642

				9,069,094

TAIWAN — 27.2%
Acer, Inc. (b)		850,456		835,558
Advanced Semiconductor Engineering, Inc.		2,480,636		1,912,510
Asia Cement Corp.		1,267,372		1,601,860
Asustek Computer, Inc.		189,138		2,055,041
AU Optronics Corp. ADR (a)(b)		219,535		763,982

See accompanying notes to financial statements.

171

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

September 30, 2012


Security Description	Shares		Value

Catcher Technology Co., Ltd.		323,539	$	1,523,134
Cathay Financial Holding Co., Ltd.		1,554,650		1,670,612
Chang Hwa Commercial Bank		3,169,695		1,719,281
Chimei Innolux Corp. (b)		223,928		81,356
China Development Financial Holding Corp. (b)		4,139,272		1,023,751
China Steel Chemical Corp.		33,877		149,660
China Steel Corp.		2,629,254		2,399,323
Chinatrust Financial Holding Co., Ltd.		3,582,832		2,163,376
Chunghwa Picture Tubes, Ltd. (b)		1,824,368		52,901
Chunghwa Telecom Co., Ltd.		701,268		2,246,373
Compal Electronics, Inc.		1,790,431		1,609,424
Delta Electronics, Inc.		547,893		2,121,407
Epistar Corp.		244,170		521,434
Everlight Electronics Co., Ltd.		217,996		352,872
Far Eastern New Century Corp.		1,795,461		2,027,385
First Financial Holding Co., Ltd		2,627,526		1,626,882
Formosa Chemicals & Fibre Corp.		922,390		2,479,551
Formosa Petrochemical Corp.		340,000		1,021,850
Formosa Plastics Corp.		1,363,940		3,899,165
Foxconn Technology Co., Ltd.		416,483		1,619,700
Fubon Financial Holding Co., Ltd.		2,070,998		2,253,734
Hon Hai Precision Industry Co., Ltd.		2,147,735	��	6,740,636
HTC Corp.		225,710		2,186,762
Hua Nan Financial Holdings Co., Ltd.		2,465,347		1,383,491
King Yuan Electronics Co., Ltd.		2,509,898		1,382,805
Largan Precision Co., Ltd.		51,710		1,070,768
Lite-On Technology Corp.		771,165		995,739
Macronix International Co., Ltd.		1,846,374		616,644
MediaTek, Inc.		274,219		2,895,280
Mega Financial Holding Co., Ltd.		2,337,306		1,802,006
Motech Industries, Inc. (b)		141,507		149,166
Nan Ya Plastics Corp.		1,383,960		2,776,088
Novatek Microelectronics Corp.		209,062		755,985
Pegatron Corp.		436,630		568,251
Powerchip Technology Corp. (b)		835,422		23,940
Powertech Technology, Inc.		479,518		920,970
ProMOS Technologies, Inc. (b)(d)		1,135,850		0
Quanta Computer, Inc.		1,191,194		3,165,573
Realtek Semiconductor Corp.		394,516		781,939
Shin Kong Financial Holding Co., Ltd. (b)		2,846,642		793,391
Siliconware Precision Industries Co.		944,745		1,052,277
SinoPac Financial Holdings Co., Ltd.		3,160,609		1,331,589
Synnex Technology International Corp.		280,000		634,247
Tainan Enterprises Co., Ltd.		931,567		875,524
Taishin Financial Holdings Co., Ltd.		3,268,096		1,259,811
Taiwan Cement Corp.		1,600,216		1,981,607
Taiwan FU Hsing Industrial Co., Ltd.		1,887,000		1,544,954
Taiwan Mobile Co., Ltd.		355,200		1,296,549
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,021,580		16,161,396
Tatung Co., Ltd. (b)		975,107		251,482
Tripod Technology Corp.		495,361		1,216,709
Uni-President Enterprises Corp.		1,818,041		3,225,071
United Integrated Services Co., Ltd.		1,397,000		1,184,282
United Microelectronics Corp. ADR (a)		736,882		1,510,608
Via Technologies, Inc. (b)(e)		438,981		160,237
Walsin Lihwa Corp. (b)		639,000		223,438
Wistron Corp.		881,096		1,058,031
Yageo Corp. (b)		4,085,000		1,241,658
Yuanta Financial Holding Co., Ltd.		2,151,823		1,130,471

				106,081,497

THAILAND — 5.3%
Advanced Info Service PCL		557,323		3,874,825
Bangkok Expressway PCL		2,140,942		2,051,910
CP ALL PCL		982,100		1,132,701
Electricity Generating PCL		535,846		2,263,157
IRPC PCL		3,966,239		548,934
Kasikornbank PCL		237,254		1,406,721
PTT Exploration & Production PCL		469,145		2,476,805
PTT PCL		299,926		3,205,837
Siam Cement PCL NVDR		66,000		748,343
Siam Commercial Bank PCL		314,697		1,743,205
Thai Oil PCL		568,205		1,204,528

				20,656,966

TOTAL COMMON STOCKS —
(Cost $375,825,218)				383,393,103

PREFERRED STOCK — 0.0% (f)
MALAYSIA — 0.0% (f)
Malaysian Airline System Bhd (Cost $731)		3,528		1,149

SHORT TERM INVESTMENTS — 7.4%
UNITED STATES — 7.4%
MONEY MARKET FUNDS — 7.4%
State Street Navigtor Securities Lending Prime Portfolio (g)(h)		25,651,515		25,651,515
State Street Institutional Liquid Reserves Fund 0.21% (h)(i)		3,195,263		3,195,263

TOTAL SHORT TERM INVESTMENTS —
(Cost $28,846,778)				28,846,778

TOTAL INVESTMENTS — 105.8%
(Cost $404,672,727)				412,241,030
OTHER ASSETS & LIABILITIES — (5.8)%				(22,471,723	)

NET ASSETS — 100.0%			$	389,769,307

See accompanying notes to financial statements.

172

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

September 30, 2012


(a)		A portion of the security was on loan at September 30, 2012.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.5% of net assets as of September 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2)
(e)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i)		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.

173

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SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.2%
CHINA — 10.0%
51job, Inc. ADR (a)		100	$	4,480
Anhui Expressway Co., Ltd.		8,000		3,436
Anta Sports Products, Ltd.		7,000		5,381
AsiaInfo-Linkage, Inc. (a)		295		3,454
BYD Co., Ltd. (a)		4,500		7,847
BYD Electronic International Co., Ltd.		6,500		1,383
China Agri-Industries Holdings, Ltd.		6,000		3,397
China Huiyuan Juice Group, Ltd. (a)		5,500		1,667
China Liansu Group Holdings		9,000		4,690
China Minzhong Food Corp., Ltd. (a)		5,000		3,301
China Molybdenum Co., Ltd. (a)		9,000		3,877
China National Accord Medicines Corp., Ltd.		2,100		5,794
China SCE Property Holdings, Ltd.		16,000		3,467
China Shanshui Cement Group, Ltd.		11,000		7,165
China Suntien Green Energy Corp., Ltd.		14,000		2,564
China Vanadium Titano — Magnetite Mining Co., Ltd.		12,000		1,857
China Wireless Technologies, Ltd.		12,000		2,941
Chongqing Machinery & Electric Co., Ltd.		16,000		2,105
Dongyue Group (b)		6,000		2,670
E-Commerce China Dangdang, Inc. ADR (a)		600		2,832
E-House China Holdings, Ltd.		688		2,945
First Tractor Co., Ltd. (a)		4,000		3,080
Giant Interactive Group, Inc. ADR		800		4,152
Great Wall Technology Co., Ltd.		12,000		2,213
Guangzhou Automobile Group Co., Ltd.		8,000		5,252
Haitian International Holdings, Ltd.		4,000		4,540
Hangzhou Steam Turbine Co.		3,100		3,255
Harbin Electric Co., Ltd.		6,000		4,612
Home Inns & Hotels Management, Inc. ADR (a)		197		4,886
Huangshan Tourism Development Co., Ltd.		3,700		4,418
Hunan Non-Ferrous Metal Corp., Ltd. (a)		10,000		2,837
Jiangsu Future Land Co., Ltd.		8,400		5,082
Kingsoft Corp., Ltd.		7,000		4,424
Lonking Holdings, Ltd. (b)		14,000		2,347
MIE Holdings Corp.		10,000		2,463
Peak Sport Products Co., Ltd.		7,000		1,237
People’s Food Holdings, Ltd.		5,000		2,894
Ports Design, Ltd. (b)		2,000		1,545
Renhe Commercial Holdings Co., Ltd. (a)		76,000		3,088
Renren, Inc. ADR (a)		540		2,176
REXLot Holdings, Ltd.		50,000		3,805
Semiconductor Manufacturing International Corp. (a)		127,000		4,668
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		9,200		4,057
Shanghai Dajiang Group, Class B (a)		15,000		3,900
Shanghai Diesel Engine Co., Ltd. Class B		6,020		3,377
Shanghai Haixin Group Co. (a)		5,800		2,274
Shenguan Holdings Group, Ltd.		8,000		4,406
Sohu.com, Inc. (a)		200		8,418
Sound Global, Ltd. (b)		8,000		3,489
TCL Communication Technology Holdings, Ltd.		4,000		1,450
Tong Ren Tang Technologies Co., Ltd.		3,000		5,611
Travelsky Technology, Ltd.		7,000		3,720
WuXi PharmaTech Cayman, Inc. ADR (a)		344		5,136
Xinjiang Xinxin Mining Industry Co., Ltd.		11,000		1,986
Xinyi Glass Holdings Co., Ltd.		14,000		6,519
Youku Tudou, Inc. ADR (a)		500		9,195
Zhejiang Southeast Electric Power Co.		15,300		8,002

				221,767

HONG KONG — 14.1%
361 Degrees International, Ltd. (b)		5,000		1,322
Ajisen China Holdings, Ltd. (b)		4,000		2,657
Anxin-China Holdings, Ltd.		16,000		3,219
Asian Citrus Holdings, Ltd.		4,000		2,064
AviChina Industry & Technology Co.		12,000		4,566
Beijing Capital Land, Ltd.		14,000		4,009
Beijing Enterprises Water Group, Ltd.		18,000		4,295
Biostime International Holdings, Ltd.		1,000		2,564
Boshiwa International Holding, Ltd. (a)(c)		32,000		3,467
Cecep Costin New Materials Group, Ltd.		11,000		4,285
CGN Mining Co., Ltd. (a)		15,000		1,470
Chailease Holding Co., Ltd.		4,000		7,546
China Dongxiang Group Co.		20,000		2,141
China Everbright International, Ltd.		12,000		6,346
China High Speed Transmission Equipment Group Co., Ltd. (a)		8,000		2,353
China Lilang, Ltd.		4,000		2,105
China Lumena New Materials Corp. (b)		26,000		4,561
China Medical System Holdings, Ltd.		8,500		4,440
China Metal Recycling Holdings, Ltd. (b)		3,988		3,698
China Modern Dairy Holdings, Ltd. (a)(b)		23,000		5,992
China National Materials Co., Ltd.		8,000		2,249
China Oil and Gas Group, Ltd. (a)		20,000		2,141
China Power International Development, Ltd. (b)		16,000		4,375
China Precious Metal Resources Holdings Co., Ltd. (a)		20,000		3,869
China Rongsheng Heavy Industries Group Holdings, Ltd.		20,500		2,723
China Shineway Pharmaceutical Group, Ltd.		3,000		4,318
China Travel International Investment Hong Kong, Ltd.		24,000		4,334
China Yurun Food Group, Ltd. (a)		7,000		5,020
China ZhengTong Auto Services Holdings, Ltd. (a)		5,000		3,154
Citic Resources Holdings, Ltd. (a)		22,000		2,979
Comba Telecom Systems Holdings, Ltd. (b)		6,000		2,012
Cosco International Holdings, Ltd.		8,000		3,157
Dah Chong Hong Holdings, Ltd. (b)		5,000		4,553
Digital China Holdings, Ltd.		4,000		6,377
Fufeng Group, Ltd.		6,000		1,989
Fushan International Energy Group, Ltd.		24,000		6,501
Global Bio-Chem Technology Group Co., Ltd.		14,000		1,481
Glorious Property Holdings, Ltd. (a)		18,000		2,740

See accompanying notes to financial statements.

174

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

September 30, 2012


Security Description	Shares		Value

GOME Electrical Appliances Holdings, Ltd. (a)		65,000	$	6,875
Greatview Aseptic Packaging Co., Ltd.		7,000		3,819
Hengdeli Holdings, Ltd.		16,000		4,643
Hidili Industry International Development, Ltd. (b)		9,000		2,159
Hopson Development Holdings, Ltd. (a)		4,000		2,987
Hua Han Bio-Pharmaceutical Holdings, Ltd.		16,000		3,343
Ju Teng International Holdings, Ltd.		6,000		2,507
Kaisa Group Holdings, Ltd. (a)		14,000		2,546
Kingboard Chemical Holdings, Ltd.		3,500		8,406
Kingboard Laminates Holdings, Ltd. (b)		6,500		2,700
Kingdee International Software Group Co., Ltd. (a)		16,000		3,302
Kingway Brewery Holdings, Ltd.		8,000		2,425
KWG Property Holding, Ltd.		9,000		4,991
Lee & Man Paper Manufacturing, Ltd.		9,000		3,947
Li Ning Co., Ltd. (a)(b)		5,000		2,663
Lianhua Supermarket Holdings Co., Ltd. (b)		3,000		2,384
Minth Group, Ltd.		4,000		4,220
North Mining Shares Co., Ltd. (a)		60,000		3,598
NVC Lighting Holdings, Ltd.		14,000		3,160
Pacific Online, Ltd.		5,000		1,522
PCD Stores, Ltd.		22,000		1,759
Poly Hong Kong Investments, Ltd. (a)		12,000		6,439
Real Nutriceutical Group, Ltd.		5,000		1,548
Sany Heavy Equipment International Holdings Co., Ltd.		6,000		3,266
Shenzhen International Holdings, Ltd.		70,000		4,785
Shenzhen Investment, Ltd. (b)		24,000		5,572
Shougang Concord International Enterprises Co., Ltd. (a)		74,000		3,388
Silver Base Group Holdings, Ltd.		200		85
Sino Biopharmaceutical		16,000		5,902
Sinopec Kantons Holdings, Ltd.		4,000		3,302
Sinotrans Shipping, Ltd.		12,500		2,821
Sinotrans, Ltd.		16,000		2,084
Sinotruk Hong Kong, Ltd.		5,500		3,199
Skyworth Digital Holdings, Ltd.		10,000		4,746
Springland International Holdings, Ltd.		8,000		3,962
Sunac China Holdings, Ltd.		12,000		5,881
The United Laboratories International Holdings, Ltd. (a)		8,500		4,078
Tianjin Port Development Holdings, Ltd.		40,000		4,282
Tianneng Power International, Ltd.		6,000		3,645
United Energy Group, Ltd. (a)		24,000		3,715
Vinda International Holdings, Ltd. (b)		3,000		4,132
VODone, Ltd.		19,200		1,733
Wasion Group Holdings, Ltd.		6,000		2,167
West China Cement, Ltd.		22,000		3,859
Winsway Coking Coal Holding, Ltd.		14,000		1,914
Yashili International Holdings, Ltd.		17,000		3,223
Yingde Gases		8,000		7,089
Yip’s Chemical Holdings, Ltd.		4,160		2,715
Yuexiu Transport Infrastructure, Ltd.		6,000		2,840

				313,400

INDIA — 11.5%
Amtek Auto, Ltd.		1,276		2,142
Apollo Hospitals Enterprise, Ltd.		361		5,005
Arvind, Ltd.		1,703		2,580
Aurobindo Pharma, Ltd.		1,347		3,626
Bajaj Holdings and Investment, Ltd.		314		4,730
Bharat Forge, Ltd.		961		5,567
Bhushan Steel, Ltd.		656		6,204
Biocon, Ltd.		578		3,011
Core Education & Technologies, Ltd.		801		4,995
Coromandel International, Ltd.		788		4,303
Crompton Greaves, Ltd.		1,197		2,862
Dewan Housing Finance Corp., Ltd.		701		2,668
Dish TV India, Ltd. (a)		2,996		4,689
Era Infra Engineering, Ltd.		2,350		6,153
Federal Bank, Ltd.		908		7,694
Financial Technologies India, Ltd.		240		4,438
Fortis Healthcare, Ltd. (a)		1,548		3,020
Gateway Distriparks, Ltd.		517		1,431
Glenmark Pharmaceuticals, Ltd.		861		6,872
GMR Infrastructure, Ltd. (a)		8,571		4,030
Godrej Industries, Ltd.		563		3,065
Gujarat Gas Co., Ltd.		694		4,504
GVK Power & Infrastructure, Ltd. (a)		4,438		1,228
Hexaware Technologies, Ltd.		1,194		2,757
Hindustan Construction Co. (a)		8,607		2,929
Housing Development & Infrastructure, Ltd. (a)		3,004		5,547
IFCI, Ltd.		8,068		4,742
India Cements, Ltd.		2,803		5,043
India Infoline, Ltd.		2,505		2,740
Indiabulls Financial Services, Ltd.		1,305		5,293
Indiabulls Real Estate, Ltd. (a)		2,623		2,867
Indian Hotels Co., Ltd.		4,568		5,829
Jain Irrigation Systems, Ltd.		1,618		2,138
JSW Energy, Ltd.		4,540		5,229
Jubilant Foodworks, Ltd. (a)		202		5,257
Mahindra & Mahindra Financial Services		369		6,278
Manappuram Finance, Ltd.		3,108		2,342
MAX India, Ltd. (a)		786		3,342
McLeod Russel India, Ltd.		821		5,031
Motherson Sumi Systems, Ltd.		1,005		4,260
Mphasis, Ltd.		550		4,196
Opto Circuits India, Ltd.		1,081		2,656
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		3,167		4,710
Piramal Healthcare, Ltd.		495		4,356
PTC India, Ltd.		4,095		5,505
Punj Lloyd, Ltd.		4,536		4,696
Rajesh Exports, Ltd.		1,459		3,333
REI Agro, Ltd.		13,137		2,640
Reliance Communications, Ltd.		4,547		5,586
Rolta India, Ltd.		2,124		2,926
Sintex Industries, Ltd.		3,476		4,389
Strides Arcolab, Ltd.		143		2,399
Suzlon Energy, Ltd. (a)		7,233		2,434
Tata Chemicals, Ltd.		890		5,414
Tata Global Beverages, Ltd.		2,716		7,356
Thermax, Ltd.		421		4,481

See accompanying notes to financial statements.

175

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

September 30, 2012


Security Description	Shares		Value

Unitech, Ltd. (a)		11,195	$	5,158
United Phosphorus, Ltd.		1,963		4,900
Videocon Industries, Ltd.		965		3,137
Voltas, Ltd.		1,775		4,205
Welspun Corp., Ltd.		2,499		4,802

				255,720

INDONESIA — 6.8%
Ace Hardware Indonesia Tbk PT		4,500		2,892
AKR Corporindo Tbk PT		7,000		3,109
Alam Sutera Realty Tbk PT		75,000		3,879
Aneka Tambang Persero Tbk PT		20,500		2,892
Bakrie and Brothers Tbk PT (a)(c)		1,732,500		3,983
Bakrie Telecom Tbk PT (a)		186,000		1,458
Bakrieland Development Tbk PT (a)		274,500		1,549
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		57,000		6,552
Bank Tabungan Negara Tbk PT		23,000		3,461
Barito Pacific Tbk PT (a)		36,000		1,843
Bhakti Investama Tbk PT		112,000		5,793
Bisi International PT		25,000		2,847
Borneo Lumbung Energi & Metal Tbk PT (a)		73,000		4,119
Bumi Resources Minerals Tbk PT (a)		66,000		3,862
Bumi Resources Tbk PT		91,000		6,942
Bumi Serpong Damai PT		43,000		5,077
Ciputra Development Tbk PT		65,500		4,859
Darma Henwa PT Tbk (a)		321,500		1,680
Delta Dunia Makmur Tbk PT (a)		52,000		1,358
Energi Mega Persada Tbk PT (a)		222,000		2,088
Gajah Tunggal Tbk PT		13,500		3,209
Garda Tujuh Buana Tbk PT (a)		5,500		2,586
Garuda Indonesia Tbk PT (a)		56,000		3,628
Harum Energy Tbk PT		4,500		2,774
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		20,000		2,132
Indika Energy Tbk PT		15,500		2,624
Indomobil Sukses Internasional Tbk PT		5,000		2,978
Indosiar Karya Media Tbk PT (a)		6,500		3,973
Japfa Comfeed Indonesia Tbk PT		8,000		3,929
Kawasan Industri Jababeka Tbk PT (a)		131,000		2,943
Matahari Putra Prima Tbk PT		19,500		3,056
Mayora Indah Tbk PT		2,500		5,852
Medco Energi Internasional Tbk PT		12,500		2,234
Mitra Adiperkasa Tbk PT		6,000		4,013
Pakuwon Jati Tbk PT (a)		194,500		5,488
Pembangunan Perumahan Persero PT Tbk		36,000		2,746
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		22,500		5,760
Ramayana Lestari Sentosa Tbk PT		25,500		2,798
Sentul City Tbk PT (a)		109,500		2,403
Summarecon Agung Tbk PT		37,500		6,583
Surya Semesta Internusa Tbk PT		22,500		3,103
Timah Tbk PT		20,000		3,239
Trada Maritime Tbk PT (a)		27,000		2,172

				150,466

MALAYSIA — 7.1%
Aeon Co. M Bhd		900		3,239
Bandar Raya Developments Bhd		4,600		4,349
Berjaya Corp. Bhd		22,600		4,621
Berjaya Sports Toto Bhd		8,100		11,475
Boustead Holdings Bhd		2,300		3,913
Bursa Malaysia Bhd		5,100		10,262
CapitaMalls Malaysia Trust		6,100		3,533
Carlsberg Brewery Malay Bhd		800		3,010
Dialog Group Bhd		10,900		8,523
DRB-Hicom Bhd		1,600		1,220
Eastern & Oriental Bhd		6,300		3,401
IGB Corp. Bhd		10,400		7,894
KLCC Property Holdings Bhd		2,100		3,999
KNM Group Bhd (a)		9,400		2,076
Kossan Rubber Industries		3,000		2,984
Malaysian Bulk Carriers Bhd		7,900		3,567
Malaysian Resources Corp. Bhd		10,600		5,549
Media Prima Bhd		8,800		6,708
Multi-Purpose Holdings Bhd		8,500		9,733
Oriental Holdings Bhd		2,900		7,306
Parkson Holdings Bhd		3,600		5,677
Sapurakencana Petroleum Bhd (a)		26		20
Sunway Bhd (a)		4,100		3,085
Sunway Real Estate Investment Trust		20,200		9,583
TAN Chong Motor Holdings Bhd		4,200		6,403
Top Glove Corp. Bhd		3,300		5,290
Tradewinds Malaysia Bhd		1,900		4,482
TSH Resources Bhd		4,000		2,879
United Plantations BHD		400		3,272
UOA Development Bhd		11,300		5,878
Wah Seong Corp. Bhd		7,900		4,523

				158,454

PHILIPPINES — 2.9%
Belle Corp. (a)		30,000		3,589
Cebu Air, Inc.		2,190		2,851
First Philippine Holdings Corp.		3,170		6,003
GMA Holdings, Inc.		32,200		7,395
Lepanto Consolidated Mining (a)		96,000		2,692
Megaworld Corp.		96,000		5,132
Nickel Asia Corp.		6,700		2,811
Philex Petroleum Corp. (a)		4,100		2,408
Philippine National Bank (a)		2,840		4,987
Puregold Price Club, Inc.		5,000		3,560
Rizal Commercial Banking Corp.		5,800		6,333
Robinsons Land Corp.		7,000		3,195
Security Bank Corp.		1,150		4,521
Semirara Mining Corp.		1,050		5,588
SM Development Corp.		26,260		3,840

				64,905

SINGAPORE — 0.2%
Yanlord Land Group, Ltd. (a)(b)		4,000		3,896

TAIWAN — 41.0%
Ability Enterprise Co., Ltd.		3,000		2,717
Accton Technology Corp.		6,000		3,234
Adlink Technology, Inc.		2,600		2,838
Advantech Co., Ltd.		2,000		7,300
AGV Products Corp. (a)		8,000		2,756
Airtac International Group		1,000		5,015
Alcor Micro Corp.		2,000		2,876
Alpha Networks, Inc.		3,000		2,124

See accompanying notes to financial statements.

176

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

September 30, 2012


Security Description	Shares		Value

Altek Corp.		3,000	$	1,786
AmTRAN Technology Co., Ltd.		3,000		2,354
Apex Biotechnology Corp.		1,025		2,588
Asia Polymer		4,800		4,552
Asrock, Inc.		1,000		3,599
Aten International Co., Ltd.		2,000		3,507
Bank of Kaohsiung (a)		10,000		3,149
Basso Industry Corp.		3,000		1,939
BES Engineering Corp.		13,000		3,459
Biostar Microtech International Corp.		7,000		2,997
Capital Securities Corp.		17,000		6,466
Career Technology Co., Ltd.		2,000		2,729
Cathay No. 1 REIT		7,000		4,043
Cathay Real Estate Development Co., Ltd.		10,000		4,810
Charoen Pokphand Enterprise		8,000		3,985
Cheng Loong Corp.		8,000		3,248
Cheng Uei Precision Industry Co., Ltd.		3,059		7,326
Chicony Electronics Co., Ltd.		3,245		7,638
Chien Kuo Construction Co., Ltd.		7,000		3,391
Chin-Poon Industrial Co.		4,000		4,728
China Bills Finance Corp.		7,000		2,627
China Chemical & Pharmaceutical Co., Ltd.		5,000		3,573
China Manmade Fibers Corp. (a)		9,000		3,684
China Motor Corp.		3,000		2,896
China Steel Chemical Corp.		1,000		4,418
China Synthetic Rubber Corp.		3,000		3,214
Chipbond Technology Corp.		3,000		4,759
Chong Hong Construction Co., Ltd.		2,040		5,045
Chroma ATE, Inc.		3,000		6,315
Chung Hung Steel Corp. (a)		16,000		4,574
Clevo Co.		3,000		4,447
CMC Magnetics Corp. (a)		19,000		3,228
Compal Communications, Inc. (a)		2,000		2,183
Coretronic Corp.		4,000		3,821
CTCI Corp.		2,000		4,571
CyberTAN Technology, Inc.		3,000		2,420
D-Link Corp.		6,000		3,664
Dimerco Express Taiwan Corp.		5,000		3,650
Dynapack International Technology Corp.		1,000		4,640
Elan Microelectronics Corp.		3,000		5,301
Elite Material Co., Ltd.		6,000		6,304
Elite Semiconductor Memory Technology, Inc. (a)		3,000		2,579
Entie Commercial Bank		9,000		4,467
Epistar Corp.		4,000		8,542
Eternal Chemical Co., Ltd.		4,000		3,418
Eva Airways Corp. (a)		5,000		2,934
Evergreen Marine Corp., Ltd. (a)		8,000		4,217
Everlight Chemical Industrial Corp.		4,400		2,934
Everlight Electronics Co., Ltd.		2,000		3,237
Excelsior Medical Co., Ltd.		1,100		2,285
Far Eastern Department Stores, Ltd.		5,000		5,399
Far Eastern International Bank		14,747		5,836
Faraday Technology Corp.		3,000		4,708
Farglory Land Development Co., Ltd.		2,000		3,739
Feng Hsin Iron & Steel Co., Ltd.		2,000		3,466
Feng TAY Enterprise Co., Ltd.		2,150		2,362
FLEXium Interconnect, Inc.		2,097		8,370
Formosa Taffeta Co., Ltd.		5,000		4,793
Formosan Rubber Group, Inc.		6,000		4,298
Formosan Union Chemical		3,700		2,266
FSP Technology, Inc.		3,000		2,927
G Tech Optoelectronics Corp.		1,000		3,094
Genius Electronic Optical Co., Ltd.		1,000		8,290
GeoVision, Inc.		1,059		4,191
Giant Manufacturing Co., Ltd.		2,000		10,609
Gigabyte Technology Co., Ltd.		5,000		4,563
Gintech Energy Corp. (a)		3,000		3,075
Global Unichip Corp.		1,000		3,974
Gloria Material Technology Corp.		3,342		3,226
Goldsun Development & Construction Co., Ltd.		10,000		4,008
Grand Ocean Retail Group, Ltd. (a)		1,000		3,237
Grand Pacific Petrochemical		7,000		3,809
Great Wall Enterprise Co.		3,346		3,099
HannStar Display Corp. (a)		22,000		2,199
Hey Song Corp.		3,000		4,912
Highwealth Construction Corp.		3,000		5,040
Hiwin Technologies Corp.		1,000		7,335
Ho Tung Chemical Corp. (a)		7,840		4,319
Hong TAI Electric Industrial		12,000		4,176
Huaku Development Co., Ltd.		2,080		5,024
Huang Hsiang Construction Co.		1,000		2,657
I-Sheng Electric Wire & Cable Co., Ltd.		3,000		4,217
Ibase Technology, Inc.		3,000		3,950
Inotera Memories, Inc. (a)		15,000		2,589
Inventec Co., Ltd.		16,085		6,365
Jess-Link Products Co., Ltd. (a)		1,000		921
Kenda Rubber Industrial Co., Ltd.		2,325		2,903
King Yuan Electronics Co., Ltd.		10,000		5,509
King’s Town Bank (a)		6,000		4,196
Kinpo Electronics		18,000		4,268
Kinsus Interconnect Technology Corp.		2,000		5,874
LCY Chemical Corp.		3,000		4,355
Lien Hwa Industrial Corp.		5,000		3,343
Lingsen Precision Industries, Ltd.		5,000		2,934
Long Bon International Co., Ltd. (a)		6,000		3,961
Lumax International Corp., Ltd.		2,200		4,548
Lung Yen Life Service Corp.		1,000		3,446
Macronix International Co., Ltd.		20,519		6,853
Makalot Industrial Co., Ltd.		2,000		5,765
Masterlink Securities Corp.		10,000		3,227
Mayer Steel Pipe Corp. (a)		8,000		3,330
Mercuries & Associates, Ltd. (a)		2,200		2,161
Merida Industry Co., Ltd.		2,600		9,579
Micro-Star International Co., Ltd.		7,000		3,427
Microbio Co., Ltd.		2,760		3,399
MIN AIK Technology Co., Ltd.		1,000		3,101
Mirle Automation Corp.		4,240		2,929
Mitac International Corp.		8,000		3,084
Motech Industries, Inc. (a)		4,000		4,217
Nan Kang Rubber Tire Co., Ltd.		3,704		5,155
Nantex Industry Co., Ltd.		2,100		1,522
Neo Solar Power Corp. (a)		3,000		1,950
Nien Hsing Textile Co., Ltd.		4,500		3,201
Novatek Microelectronics Corp.		3,000		10,848
Oriental Union Chemical Corp.		4,800		5,477

See accompanying notes to financial statements.

177

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

September 30, 2012


Security Description	Shares		Value

Pan-International Industrial Co., Ltd. (a)		3,000	$	2,999
Phison Electronics Corp.		1,000		8,068
PixArt Imaging, Inc.		1,020		2,892
Portwell, Inc.		2,000		2,115
Powertech Technology, Inc.		3,000		5,762
President Securities Corp. (a)		7,420		4,012
Prime Electronics Satellitics, Inc.		3,356		3,097
Prime View International Co., Ltd.		6,000		6,550
Prince Housing Development Corp.		5,500		4,081
Promate Electronic Co., Ltd.		5,000		4,008
Qisda Corp. (a)		11,000		2,495
Radiant Opto-Electronics Corp.		3,180		13,777
Realtek Semiconductor Corp.		3,070		6,085
RichTek Technology Corp.		1,000		5,987
Ritek Corp. (a)		19,000		2,521
Ruentex Development Co., Ltd.		4,000		7,573
Ruentex Industries, Ltd.		3,000		7,041
Sampo Corp.		7,000		2,424
Sanyang Industry Co., Ltd. (a)		6,000		4,124
Senao International Co., Ltd.		1,000		3,718
Shihlin Paper Corp. (a)		2,000		3,718
Shin Zu Shing Co., Ltd.		1,000		3,616
Shinkong Synthetic Fibers Corp.		14,000		4,895
Sigurd Microelectronics Corp.		4,000		3,309
Silicon Integrated Systems Corp. (a)		12,000		4,319
Simplo Technology Co., Ltd.		2,400		14,369
Sinbon Electronics Co., Ltd.		6,000		5,281
Sinmag Bakery Machine Corp.		1,100		4,691
Sino-American Silicon Products, Inc.		3,000		4,063
Sinon Corp.		9,000		4,222
Sinphar Pharmaceutical Co., Ltd.		3,000		2,968
Sintek Photronic Corp. (a)		8,000		3,070
Sinyi Realty Co.		2,300		3,123
Solar Applied Materials Technology Corp.		3,599		4,690
Solartech Energy Corp. (a)		4,000		2,879
Springsoft, Inc.		2,000		3,814
Standard Foods Corp.		1,480		4,105
Sunonwealth Electric Machine Industry Co., Ltd.		4,000		2,497
Systex Corp. (a)		3,000		3,173
T JOIN Transportation Co.		3,000		4,268
Ta Chong Bank Co., Ltd. (a)		10,660		3,709
Ta Ya Electric Wire & Cable		22,000		5,524
Taichung Commercial Bank		15,570		5,301
Tainan Enterprises Co., Ltd.		3,000		2,820
Tainan Spinning Co., Ltd.		8,000		3,875
Taisun Enterprise Co., Ltd.		6,360		3,721
Taiwan Business Bank (a)		19,560		5,885
Taiwan Cogeneration Corp.		5,000		3,301
Taiwan Fire & Marine Insurance Co.		3,000		2,165
Taiwan Hon Chuan Enterprise Co., Ltd.		2,000		4,380
Taiwan Land Development Corp. (a)		7,000		2,901
Taiwan Secom Co., Ltd.		2,000		4,401
Taiwan Surface Mounting Technology Co., Ltd.		2,280		4,060
Tatung Co., Ltd. (a)		13,000		3,353
Teco Electric & Machinery Co., Ltd.		11,000		7,618
Test-Rite International Co.		4,246		3,049
Thye Ming Industrial Co., Ltd.		3,000		3,224
Tong Hsing Electronic Industries, Ltd.		1,000		3,343
Tong Yang Industry Co., Ltd.		3,240		3,194
Topco Scientific Co., Ltd.		3,000		4,861
Transcend Information, Inc.		2,000		5,410
Tripod Technology Corp.		3,000		7,369
TSRC Corp.		3,700		8,204
TTY Biopharm Co., Ltd.		1,480		6,033
Tung Ho Steel Enterprise Corp.		5,000		5,117
TXC Corp.		3,000		5,020
TYC Brother Industrial Co., Ltd.		60		25
U-Ming Marine Transport Corp.		2,000		3,200
Unimicron Technology Corp.		7,000		8,346
Unity Opto Technology Co., Ltd. (a)		3,000		3,224
Unizyx Holding Corp.		5,000		2,448
UPC Technology Corp.		5,499		3,030
USI Corp.		4,200		3,661
Ve Wong Corp.		4,000		3,043
Via Technologies, Inc. (a)(d)		10,000		3,650
Visual Photonics Epitaxy Co., Ltd.		2,400		3,316
Walsin Lihwa Corp. (a)		21,000		7,343
Wan Hai Lines, Ltd. (a)		6,000		3,367
Waterland Financial Holdings Co., Ltd.		15,160		4,618
Wei Chuan Food Corp.		3,000		3,613
Weikeng Industrial Co., Ltd.		5,000		3,659
Win Semiconductors Corp.		4,000		5,022
Winbond Electronics Corp. (a)		20,000		3,002
Wintek Corp. (a)		8,000		4,189
Wistron NeWeb Corp.		2,099		3,903
Yageo Corp. (a)		13,000		3,951
Yang Ming Marine Transport Corp. (a)		7,000		2,913
Yieh Phui Enterprise Co., Ltd.		9,180		2,859
Yuen Foong Yu Paper Manufacturing Co., Ltd.		9,000		3,838
Yungtay Engineering Co., Ltd.		2,000		4,128
Zenitron Corp.		5,000		3,266
Zinwell Corp.		3,000		3,004

				909,561

THAILAND — 5.6%
Bangkok Chain Hospital PCL		16,699		5,208
Bangkok Expressway PCL		7,932		7,602
Bangkok Life Assurance PCL, NVDR		2,100		3,002
Bangkokland PCL, NVDR		72,600		2,948
BTS Group Holdings PCL, NVDR		16,500		3,029
Bumrungrad Hospital PCL		2,886		7,689
Dynasty Ceramic PCL		2,266		3,736
Electricity Generating PCL		2,266		9,571
Esso Thailand PCL, NVDR		10,400		3,615
Jasmine International PCL, NVDR		24,200		3,051
Kiatnakin Bank PCL, NVDR		3,500		5,259
MBK PCL, NVDR		800		3,041
Minor International PCL		15,978		7,994
Precious Shipping PCL		5,974		2,562
Pruksa Real Estate PCL		8,551		5,001
Siam Global House PCL, NVDR		6,100		3,270
Sri Trang Agro-Industry PCL		5,666		2,853
Thai Airways International PCL (a)		4,638		3,270
Thai Stanley Electric PCL, NVDR		700		5,185
Thai Tap Water Supply PCL		27,504		6,791
Thai Vegetable Oil PCL		7,107		5,565

See accompanying notes to financial statements.

178

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

September 30, 2012


Security Description	Shares		Value

Thanachart Capital PCL		5	$	6
Thoresen Thai Agencies PCL		5,974		3,202
Tisco Financial Group PCL		3,608		5,421
True Corp. PCL, NVDR (a)		67,990		13,474
Vinythai PCL		2,898		1,742

				124,087

TOTAL COMMON STOCKS —
(Cost $2,097,227)				2,202,256

RIGHTS — 0.0% (e)
INDIA — 0.0% (e)
Bajaj Finserv, Ltd. (Expired 09/06/12) (a)		38		104
Coromandel International, Ltd. (a)		24,045		67

TOTAL RIGHTS —
(Cost $436)				171

SHORT TERM INVESTMENTS — 1.5%
UNITED STATES — 1.5%
MONEY MARKET FUNDS — 1.5%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		33,997		33,997
State Street Institutional Liquid Reserves Fund 0.21% (g)(h)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $34,097)				34,097

TOTAL INVESTMENTS — 100.7%
(Cost $2,131,760)				2,236,524
OTHER ASSETS & LIABILITIES — (0.7)%				(15,318	)

NET ASSETS — 100.0%			$	2,221,206


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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)		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)		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

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

179

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
RUSSIA — 99.7%
CHEMICALS — 4.6%
Phosagro OAO GDR		11,417	$	153,102
Uralkali OJSC GDR		40,734		1,685,166

				1,838,268

COMMERCIAL BANKS — 12.1%
NOMOS-BANK GDR (a)		9,888		123,600
Sberbank of Russia ADR		337,964		3,937,281
VTB Bank OJSC GDR		232,944		775,703

				4,836,584

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.1%
Rostelecom ADR		1,200		30,600
Rostelecom OJSC ADR (a)		47,200		1,194,160

				1,224,760

ELECTRIC UTILITIES — 2.1%
Federal Hydrogenerating Co. JSC ADR		321,244		854,509

ENERGY EQUIPMENT & SERVICES — 1.6%
Eurasia Drilling Co., Ltd. GDR		10,692		352,836
Integra Group Holdings GDR (a)		49,118		63,362
TMK OAO GDR		14,211		216,149

				632,347

FOOD & STAPLES RETAILING — 4.5%
Magnit OJSC GDR		37,040		1,258,990
O’Key Group SA GDR		15,029		144,278
X5 Retail Group NV GDR (a)		18,481		388,286

				1,791,554

HOUSEHOLD DURABLES — 0.6%
PIK Group GDR (a)		105,963		234,072

INTERNET SOFTWARE & SERVICES — 1.5%
Mail.ru Group, Ltd. GDR		10,652		355,670
Yandex NV (a)(b)		10,440		251,709

				607,379

MEDIA — 0.3%
CTC Media, Inc. (b)		12,405		113,010

METALS & MINING — 10.4%
Evraz PLC (b)		51,283		204,214
IRC, Ltd. (a)		224,000		14,446
Magnitogorsk Iron & Steel Works GDR (a)		29,677		136,514
Mechel OAO ADR (b)		26,206		184,490
MMC Norilsk Nickel OJSC ADR		111,964		1,785,826
Novolipetsk Steel OJSC GDR		14,822		293,476
Polymetal International PLC		27,076		474,387
Polyus Gold International Ltd. (a)		104,034		364,127
Severstal GDR		35,624		445,656
United Co. RUSAL PLC (a)		442,000		255,397

				4,158,533

OIL, GAS & CONSUMABLE FUELS — 49.1%
Alliance Oil Co., Ltd. SDR (a)		20,500		162,272
Exillon Energy PLC (a)		29,485		65,348
Gazprom Neft JSC ADR (c)		500		11,850
Gazprom Neft JSC ADR (c)		13,665		335,749
Gazprom OAO ADR (c)		743,209		7,454,386
Gazprom OAO ADR (c)		21,611		218,055
Lukoil OAO ADR (c)		60,519		3,727,970
Lukoil OAO ADR (c)		19,269		1,185,814
NovaTek OAO GDR		14,411		1,704,821
Rosneft Oil Co. GDR		201,730		1,355,626
RusPetro PLC (a)		24,000		41,468
Surgutneftegas OJSC ADR (c)		4,049		36,862
Surgutneftegas OJSC ADR (c)		144,783		1,305,943
Surgutneftegas OJSC ADR Preference Shares		78,842		517,046
Tatneft ADR		36,195		1,501,007

				19,624,217

PHARMACEUTICALS — 0.7%
Pharmstandard GDR (a)		19,803		281,203

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.1%
AFI Development PLC GDR (a)		105,891		44,772
Etalon Group, Ltd. GDR (a)		25,943		162,922
LSR Group OJSC GDR		48,537		225,697

				433,391

ROAD & RAIL — 0.9%
Globaltrans Investment PLC GDR		17,793		369,738

TRANSPORTATION INFRASTRUCTURE — 0.3%
Novorossiysk Commercial Sea Trade Port PJSC GDR		21,133		142,648

WIRELESS TELECOMMUNICATION SERVICES — 6.8%
Mobile TeleSystems ADR		85,657		1,500,710
Sistema JSFC GDR		30,869		628,493
VimpelCom, Ltd. ADR		48,253		574,210

				2,703,413

TOTAL COMMON STOCKS —
(Cost $50,513,250)				39,845,626

SHORT TERM INVESTMENTS — 2.3%
UNITED STATES — 2.3%
MONEY MARKET FUNDS — 2.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		367,020		367,020
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		537,150		537,150

TOTAL SHORT TERM INVESTMENTS —
(Cost $904,170)				904,170

TOTAL INVESTMENTS — 102.0% (g)
(Cost $51,417,420)				40,749,796
OTHER ASSETS & LIABILITIES — (2.0)%				(787,124	)

NET ASSETS — 100.0%			$	39,962,672

See accompanying notes to financial statements.

180

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

September 30, 2012


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

181

SPDR S&P China ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co. (a)		1,820,000	$	692,484

AIRLINES — 1.0%
Air China, Ltd. (a)		3,028,000		1,905,864
China Eastern Airlines Corp., Ltd. (a)(b)		3,042,000		925,950
China Southern Airlines Co., Ltd. (a)		10,628,000		4,674,360

				7,506,174

AUTO COMPONENTS — 0.1%
Minth Group, Ltd.		694,000		732,199

AUTOMOBILES — 1.7%
Brilliance China Automotive Holdings, Ltd. (a)(b)		3,258,000		3,592,803
BYD Co., Ltd. (a)(b)		704,500		1,228,496
Dongfeng Motor Group Co., Ltd. (a)		3,466,300		4,046,047
Geely Automobile Holdings, Ltd. (a)		780,000		295,773
Great Wall Motor Co., Ltd. (a)		741,500		1,955,783
Guangzhou Automobile Group Co., Ltd. (a)		2,314,637		1,519,557

				12,638,459

BEVERAGES — 0.3%
Tsingtao Brewery Co., Ltd.		460,000		2,539,322

CHEMICALS — 0.8%
China Bluechemical, Ltd.		3,036,000		1,797,342
China Lumena New Materials Corp. (a)		3,894,000		683,048
Dongyue Group (a)		675,000		300,358
Fufeng Group, Ltd.		922,000		305,619
Huabao International Holdings, Ltd.		1,053,000		598,940
Sinopec Shanghai Petrochemical Co., Ltd. (a)		4,830,000		1,245,929
Yingde Gases		1,495,000		1,324,689

				6,255,925

COMMERCIAL BANKS — 20.2%
Agricultural Bank of China, Ltd. (a)		25,517,000		9,939,231
Bank of China, Ltd.		69,999,700		26,633,878
Bank of Communications Co., Ltd. (a)		7,278,824		4,938,138
China Citic Bank Corp., Ltd.		8,784,471		4,169,458
China Construction Bank Corp.		78,546,623		54,503,703
China Merchants Bank Co., Ltd. (a)		3,945,343		6,645,752
China Minsheng Banking Corp., Ltd. (a)		3,951,500		3,119,102
Chongqing Rural Commercial Bank Co., Ltd. (a)		1,241,000		489,789
Industrial & Commercial Bank of China (a)		72,413,789		42,776,275

				153,215,326

COMMERCIAL SERVICES & SUPPLIES — 0.1%
China Everbright International, Ltd.		1,187,000		627,698

COMMUNICATIONS EQUIPMENT — 0.7%
AAC Technologies Holdings, Inc. (a)		927,345		3,349,003
China All Access Holdings, Ltd. (a)		3,186,000		501,328
China Wireless Technologies, Ltd.		768,000		188,205
ZTE Corp. (a)		814,398		1,306,692

				5,345,228

COMPUTERS & PERIPHERALS — 0.8%
Lenovo Group, Ltd. (a)		6,468,000		5,355,762
TPV Technology, Ltd.		1,856,000		406,952

				5,762,714

CONSTRUCTION & ENGINEERING — 1.7%
China Communications Construction Co., Ltd. (a)		5,888,394		4,761,903
China Railway Construction Corp. (a)		3,240,875		2,900,935
China Railway Group, Ltd.		6,865,000		3,001,625
China State Construction International Holdings, Ltd.		722,000		849,275
Metallurgical Corp. of China, Ltd. (a)(b)		6,126,000		1,200,983

				12,714,721

CONSTRUCTION MATERIALS — 1.3%
Anhui Conch Cement Co., Ltd. (a)		1,510,000		4,703,382
BBMG Corp.		767,000		587,622
China National Building Material Co., Ltd. (a)		3,254,000		3,596,786
China Shanshui Cement Group, Ltd.		1,743,000		1,135,285
West China Cement, Ltd.		942,000		165,237

				10,188,312

DIVERSIFIED CONSUMER SERVICES — 0.3%
New Oriental Education & Technology Group, Inc. ADR (a)		149,705		2,495,582

DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,113,000		680,440

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.3%
China Communications Services Corp., Ltd.		1,861,600		1,078,075
China Telecom Corp., Ltd.		14,994,951		8,664,415
China Unicom (Hong Kong), Ltd. (a)		4,601,805		7,549,732

				17,292,222

ELECTRICAL EQUIPMENT — 0.5%
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		1,281,000		376,704
Dongfang Electric Corp., Ltd.		228,800		311,628
Harbin Electric Co., Ltd.		478,000		367,443
Shanghai Electric Group Co., Ltd. (a)		5,308,000		1,889,540
Zhuzhou CSR Times Electric Co., Ltd. (a)		469,000		1,207,396

				4,152,711

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%
Catic Shenzhen Holdings, Ltd.		2,070,000		707,510
Digital China Holdings, Ltd. (a)		931,000		1,484,172
Ju Teng International Holdings, Ltd.		598,000		249,898

See accompanying notes to financial statements.

182

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

September 30, 2012


Security Description	Shares		Value

Kingboard Chemical Holdings, Ltd.		643,000	$	1,544,212

				3,985,792

ENERGY EQUIPMENT & SERVICES — 0.4%
China Oilfield Services, Ltd.		1,629,900		2,968,328

FOOD & STAPLES RETAILING — 1.0%
China Resources Enterprise, Ltd.		1,395,854		4,662,899
Lianhua Supermarket Holdings Co., Ltd. (a)		600,000		476,703
Sun Art Retail Group Ltd.		1,198,000		1,491,078
Wumart Stores, Inc. (a)		473,000		706,457

				7,337,137

FOOD PRODUCTS — 3.7%
Asian Citrus Holdings, Ltd.		1,385,833		714,969
China Agri-Industries Holdings, Ltd.		1,584,000		896,883
China Mengniu Dairy Co., Ltd. (a)		1,859,110		5,563,003
China Milk Products Group, Ltd. (b)(c)		15,000		0
China Modern Dairy Holdings, Ltd. (a)(b)		2,536,000		660,719
China Yurun Food Group, Ltd. (a)(b)		1,396,000		1,001,098
CP Pokphand Co.		4,168,000		510,702
People’s Food Holdings, Ltd. (a)		1,121,000		648,822
Shenguan Holdings Group, Ltd.		1,844,000		1,015,559
Tingyi Cayman Islands Holding Corp. (a)		2,321,844		6,992,559
Uni-President China Holdings Ltd.		574,000		660,378
Want Want China Holdings, Ltd. (a)		7,554,933		9,637,028

				28,301,720

GAS UTILITIES — 0.4%
China Resources Gas Group, Ltd. (a)		1,628,000		3,326,027

HEALTH CARE EQUIPMENT & SUPPLIES — 0.8%
Mindray Medical International, Ltd. ADR		102,004		3,428,354
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		1,840,000		2,377,945

				5,806,299

HEALTH CARE PROVIDERS & SERVICES — 0.5%
Shanghai Pharmaceuticals Holding Co., Ltd.		773,100		1,433,873
Sinopharm Group Co. (a)		739,600		2,370,498

				3,804,371

HOTELS, RESTAURANTS & LEISURE — 0.7%
China Travel International Investment Hong Kong, Ltd.		4,832,000		872,512
Ctrip.com International, Ltd. ADR (a)(b)		170,289		2,874,478
Home Inns & Hotels Management, Inc. ADR (b)		30,833		764,658
Shanghai Jin Jiang International Hotels Group Co., Ltd. (a)		6,464,000		875,401

				5,387,049

HOUSEHOLD DURABLES — 0.1%
Haier Electronics Group Co., Ltd. (b)		407,000		471,922
Skyworth Digital Holdings, Ltd.		690,000		327,502
TCL Multimedia Technology Holdings Ltd.		294,000		158,883

				958,307

HOUSEHOLD PRODUCTS — 0.1%
NVC Lighting Holdings, Ltd. (a)		3,646,000		822,945
Vinda International Holdings, Ltd. (a)		94,000		129,484

				952,429

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.6%
China Longyuan Power Group Corp.		2,466,000		1,622,107
China Resources Power Holdings Co., Ltd.		2,324,112		5,089,920
Datang International Power Generation Co., Ltd. (a)		5,846,287		1,968,053
Huaneng Power International, Inc.		4,206,129		3,200,743
Huaneng Renewables Corp., Ltd. (b)		1,292,000		158,308

				12,039,131

INDUSTRIAL CONGLOMERATES — 1.4%
Beijing Enterprises Holdings, Ltd. (a)		751,000		5,007,797
Citic Pacific, Ltd. (a)		2,081,000		2,498,837
Shanghai Industrial Holdings, Ltd.		1,047,000		3,112,675

				10,619,309

INSURANCE — 6.0%
China Life Insurance Co., Ltd.		7,650,040		22,101,815
China Pacific Insurance Group Co., Ltd.		1,131,400		3,421,962
China Taiping Insurance Holdings Co., Ltd. (b)		1,067,400		1,676,837
New China Life Insurance Co. Ltd.		229,900		736,854
PICC Property & Casualty Co., Ltd.		2,790,759		3,426,695
Ping An Insurance Group Co. of China, Ltd. (a)		1,858,300		14,045,256

				45,409,419

INTERNET SOFTWARE & SERVICES — 10.5%
Baidu, Inc. ADR (b)		270,816		31,636,725
Netease.com ADR (b)		85,951		4,825,289
Renren, Inc. ADR (a)(b)		38,772		156,251
Sina Corp. (a)(b)		65,153		4,214,096
Sohu.com, Inc. (a)(b)		45,332		1,908,024
Tencent Holdings, Ltd.		1,063,483		36,239,281
Youku Tudou, Inc. ADR (b)		46,253		850,593

				79,830,259

IT SERVICES — 0.2%
Travelsky Technology, Ltd.		2,672,000		1,419,874

LEISURE EQUIPMENT & PRODUCTS — 0.0% (d)
Sunny Optical Technology Group Co., Ltd.		403,000		223,506

See accompanying notes to financial statements.

183

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

September 30, 2012


Security Description	Shares		Value

MACHINERY — 0.9%
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd. (a)		1,128,000	$	1,281,744
China National Materials Co., Ltd. (a)		1,362,000		382,957
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)		2,406,000		319,631
Lonking Holdings, Ltd. (a)		2,910,000		487,924
Weichai Power Co., Ltd. (a)		679,920		2,082,752
Yangzijiang Shipbuilding Holdings, Ltd. (a)		3,002,000		2,398,272

				6,953,280

MARINE — 0.6%
China COSCO Holdings Co., Ltd. (a)(b)		3,971,675		1,623,862
China Shipping Container Lines Co., Ltd. (a)(b)		7,863,500		1,602,467
China Shipping Development Co., Ltd. (a)		2,329,800		967,589

				4,193,918

MEDIA — 0.4%
Focus Media Holding, Ltd. ADR		107,028		2,504,455
VODone, Ltd.		1,858,000		167,749

				2,672,204

METALS & MINING — 2.2%
Aluminum Corp. of China, Ltd. (a)(b)		6,020,000		2,492,400
Angang Steel Co., Ltd. (a)(b)		1,843,720		951,198
CGN Mining Co., Ltd. (b)		1,010,000		99,004
China Metal Recycling Holdings, Ltd. (a)		330,600		306,583
China Molybdenum Co., Ltd. (a)(b)		1,748,000		753,016
China Precious Metal Resources Holdings Co., Ltd. (b)		1,184,000		229,065
Fushan International Energy Group, Ltd.		772,000		209,099
Jiangxi Copper Co., Ltd. (a)		1,850,000		4,686,293
Maanshan Iron & Steel (a)(b)		3,742,000		878,398
North Mining Shares Co., Ltd. (b)		4,070,000		244,098
Winsway Coking Coal Holding, Ltd.		1,055,000		144,236
Zhaojin Mining Industry Co., Ltd. (a)		1,154,000		2,095,679
Zijin Mining Group Co., Ltd. (a)		8,976,750		3,623,929

				16,712,998

MULTILINE RETAIL — 0.6%
Golden Eagle Retail Group, Ltd. (a)		963,120		1,890,651
Intime Department Store Group Co., Ltd. (a)		877,000		950,156
Parkson Retail Group, Ltd. (a)		1,862,000		1,561,023

				4,401,830

OIL, GAS & CONSUMABLE FUELS — 14.5%
China Coal Energy Co., Ltd (a)		5,086,013		4,644,371
China Petroleum & Chemical Corp.		18,085,877		16,888,627
China Shenhua Energy Co., Ltd.		3,922,700		15,228,874
CNOOC, Ltd.		16,558,174		33,956,724
Inner Mongolia Yitai Coal Co. Ltd. (b)		91,300		511,654
Kunlun Energy Co., Ltd. (a)		2,789,400		4,885,700
MIE Holdings Corp.		1,432,000		352,771
PetroChina Co., Ltd. (a)		22,480,930		29,459,420
United Energy Group, Ltd. (b)		3,002,000		464,631
Yanzhou Coal Mining Co., Ltd. (a)		2,323,900		3,542,837

				109,935,609

PAPER & FOREST PRODUCTS — 0.3%
Lee & Man Paper Manufacturing, Ltd. (a)		2,902,000		1,272,602
Nine Dragons Paper Holdings, Ltd. (a)		2,099,000		1,055,828

				2,328,430

PERSONAL PRODUCTS — 0.8%
Hengan International Group Co., Ltd.		639,000		6,041,170

PHARMACEUTICALS — 0.6%
China Pharmaceutical Group, Ltd. (b)		412,000		117,969
China Shineway Pharmaceutical Group, Ltd.		337,000		485,077
Guangzhou Pharmaceutical Co. Ltd. (a)		242,000		456,330
Lijun International Pharmaceutical Holdings, Ltd.		702,000		178,369
Shandong Luoxin Pharmacy Stock Co., Ltd.		212,000		161,599
Sihuan Pharmaceutical Holdings Group, Ltd. (a)		2,174,000		793,528
Sino Biopharmaceutical		2,840,000		1,047,612
The United Laboratories International Holdings, Ltd. (b)		409,500		196,478
WuXi PharmaTech Cayman, Inc. ADR (b)		80,323		1,199,222

				4,636,184

REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.5%
Agile Property Holdings, Ltd. (a)		2,087,109		2,352,734
China Overseas Land & Investment, Ltd. (a)		4,407,862		11,211,174
China Resources Land, Ltd. (a)		2,310,000		5,088,808
China South City Holdings, Ltd. (a)		8,096,000		1,148,628
Country Garden Holdings Co. (b)		8,423,910		3,281,231
E-House China Holdings, Ltd.		53,872		230,572
Evergrande Real Estate Group, Ltd. (a)		4,306,000		1,705,017
Franshion Properties China, Ltd.		920,000		281,224
Glorious Property Holdings, Ltd. (b)		987,000		150,216
Greentown China Holdings, Ltd.		380,500		413,222
Guangzhou R&F Properties Co., Ltd. (a)		1,762,224		2,029,686
KWG Property Holding, Ltd. (a)		275,000		152,517
Longfor Properties Co., Ltd. (a)		746,500		1,155,386
Poly Hong Kong Investments, Ltd. (a)(b)		1,504,000		806,970
Renhe Commercial Holdings Co., Ltd. (a)(b)		12,288,000		499,238

See accompanying notes to financial statements.

184

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

September 30, 2012


Security Description	Shares		Value

Shimao Property Holdings, Ltd. (a)		1,765,941	$	3,038,423
Sino-Ocean Land Holdings, Ltd. (a)		5,269,859		2,983,869
Soho China, Ltd. (a)		1,196,000		740,438
Sunac China Holdings, Ltd.		664,000		325,438
Yanlord Land Group, Ltd. (a)(b)		1,854,000		1,806,089
Yuexiu Property Co., Ltd.		7,230,000		1,837,049
Yuzhou Properties Co.		2,743,200		661,630

				41,899,559

ROAD & RAIL — 0.1%
Guangshen Railway Co., Ltd. (a)		3,440,000		1,113,649

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.2%
GCL Poly Energy Holdings, Ltd.		2,329,000		357,464
Semiconductor Manufacturing International Corp. (b)		26,212,000		963,521
Suntech Power Holdings Co., Ltd. ADR (a)(b)		183,721		158,000

				1,478,985

SOFTWARE — 0.1%
AsiaInfo-Linkage, Inc. (b)		90,169		1,055,879

SPECIALTY RETAIL — 1.3%
Belle International Holdings, Ltd.		3,716,000		6,729,132
China ZhengTong Auto Services Holdings, Ltd. (b)		363,000		228,945
GOME Electrical Appliances Holdings, Ltd. (b)		7,875,000		832,877
Hengdeli Holdings, Ltd. (a)		4,151,360		1,204,728
Zhongsheng Group Holdings, Ltd. (a)		681,000		851,113

				9,846,795

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Anta Sports Products, Ltd. (a)		680,000		522,723
Bosideng International Holdings, Ltd. (a)		4,194,000		1,179,237
Cecep Costin New Materials Group, Ltd.		1,133,000		441,319
China Dongxiang Group Co. (a)		5,663,000		606,235
China Lilang, Ltd.		255,000		134,189
Li Ning Co., Ltd. (a)(b)		1,167,500		621,904
Ports Design, Ltd. (a)		628,000		485,180
Shenzhou International Group Holdings, Ltd.		167,000		286,473

				4,277,260

TRANSPORTATION INFRASTRUCTURE — 2.8%
Anhui Expressway Co., Ltd.		2,298,000		986,985
Beijing Capital International Airport Co., Ltd.		3,093,939		2,075,063
China Merchants Holdings International Co., Ltd.		1,626,802		5,014,744
COSCO Pacific, Ltd.		2,130,273		2,978,384
Jiangsu Expressway Co., Ltd. (a)		7,766,795		6,441,233
Shenzhen Expressway Co., Ltd.		3,244,000		1,171,535
Zhejiang Expressway Co., Ltd. (a)		3,708,000		2,582,556

				21,250,500

WATER UTILITIES — 0.5%
Guangdong Investment, Ltd. (a)		4,668,000		3,690,690

WIRELESS TELECOMMUNICATION SERVICES — 7.8%
China Mobile, Ltd.		5,329,004		59,075,600

TOTAL COMMON STOCKS —
(Cost $851,210,468)				756,773,014

SHORT TERM INVESTMENTS — 17.6%
UNITED STATES — 17.6%
MONEY MARKET FUNDS — 17.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		133,083,476		133,083,476
State Street Institutional Liquid Reserves Fund 0.21% (f)(g)		745,106		745,106

TOTAL SHORT TERM INVESTMENTS —
(Cost $133,828,582)				133,828,582

TOTAL INVESTMENTS — 117.3% (h)
(Cost $985,039,050)				890,601,596
OTHER ASSETS & LIABILITIES — (17.3)%				(131,415,636	)

NET ASSETS — 100.0%			$	759,185,960


(a)		A portion of the security was on loan at September 30, 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)		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.
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

ADR = American Depositary Receipt

GEOGRAPHICAL BREAKDOWN AS OF
SEPTEMBER 30, 2012


	PERCENT OF
COUNTRY	NET ASSETS

China		72.2	%
Hong Kong		27.5
United States Short Term Investments		17.6
Other Assets And Liabilities		(17.3	)

Total		100.0	%

See accompanying notes to financial statements.

185

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 95.6%
BRAZIL — 13.2%
All America Latina Logistica SA		9,002	$	37,183
Banco Bradesco SA Preference Shares ADR		106,847		1,717,031
Banco do Brasil SA		29,261		357,686
Banco Santander Brasil SA		11,455		83,677
BM&FBOVESPA SA		68,828		415,587
BR Malls Participacoes SA		25,344		351,653
Bradespar SA Preference Shares		17,914		248,472
Brasil Brokers Participacoes SA		6,953		24,470
Braskem SA Preference Shares ADR (a)		7,400		104,414
BRF — Brasil Foods SA ADR (a)		20,219		349,789
Centrais Eletricas Brasileiras SA ADR		23,694		140,505
Cia Hering		1,753		39,600
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		9,368		422,590
Companhia de Bebidas das Americas Preference Shares ADR (a)		61,266		2,344,650
Companhia de Saneamento Basico do Estado de Sao Paulo		9,401		384,557
Companhia Energetica de Minas Gerais ADR		35,824		434,187
Companhia Siderurgica Nacional SA ADR		60,600		341,178
Cosan SA Industria e Comercio		7,086		129,335
Cyrela Brazil Realty SA		19,958		171,170
Cyrela Commercial Properties SA Empreendimentos e Participacoes		1,877		22,935
Diagnosticos da America SA		8,172		49,142
Duratex SA		12,118		79,381
Empresa Brasileira de Aeronautica SA		30,484		204,499
Fibria Celulose SA ADR (a)(b)		11,658		108,886
Gafisa SA (b)		4,840		10,640
Gerdau SA ADR		45,129		429,177
Hypermarcas SA (b)		1,852		13,592
Investimentos Itau SA		36,515		234,158
Investimentos Itau SA Preference Shares		191,419		851,988
Itau Unibanco Holding SA Preference Shares ADR		129,347		1,976,422
LLX Logistica SA (b)		3,434		4,875
Lojas Americanas SA Preference Shares		22,857		178,796
Lojas Renner SA		12,912		432,140
Metalurgica Gerdau SA Preference Shares		22,247		267,889
MMX Mineracao e Metalicos SA (b)		8,331		20,409
MRV Engenharia e Participacoes SA		3,872		23,150
Natura Cosmeticos SA		10,909		297,083
OGX Petroleo e Gas Participacoes SA (b)		39,090		118,495
Oi SA ADR (a)(c)		4,387		21,760
Oi SA ADR (a)(c)		23,200		93,264
PDG Realty SA Empreendimentos e Participacoes		25,689		48,369
Petroleo Brasileiro SA ADR		59,625		1,367,797
Petroleo Brasileiro SA Preference Shares ADR		82,035		1,810,512
Souza Cruz SA		36,006		488,054
Telefonica Brasil SA ADR		8,527		185,377
Telefonica Brasil SA Preference Shares		20,142		439,713
Tim Participacoes SA ADR		9,386		180,399
Tractebel Energia SA ADR		9,508		149,181
Usinas Siderurgicas de Minas Gerais SA ADR		35,460		178,105
Vale SA ADR (a)		75,307		1,347,995
Vale SA Preference Shares ADR		114,179		1,982,147
Weg SA		17,708		206,163

				21,920,227

CHILE — 2.2%
Antarchile SA		12,687		205,591
Cementos Bio-Bio SA (b)		71,213		102,044
Compania General de Electricidad SA		30,479		134,877
Cuprum AFP		4,202		230,222
Empresa Nacional de Electricidad SA ADR		6,978		334,665
Empresas COPEC SA		29,214		430,930
Enersis SA ADR		17,048		279,417
Lan Airlines SA ADR (a)		17,890		452,259
Parque Arauco SA		163,358		336,320
SACI Falabella		88,542		891,857
Vina Concha y Toro SA ADR (a)		4,581		190,707
Vina San Pedro SA		20,439,654		129,215

				3,718,104

CHINA — 13.4%
Agricultural Bank of China, Ltd. (a)		382,000		148,794
Air China, Ltd. (a)		156,000		98,189
Aluminum Corp. of China, Ltd. (a)(b)		260,000		107,645
Angang Steel Co., Ltd. (a)(b)		54,640		28,189
Anhui Conch Cement Co., Ltd. (a)		156,000		485,912
Baidu, Inc. ADR (b)		16,150		1,886,643
Bank of China, Ltd.		2,057,900		783,001
Bank of Communications Co., Ltd. (a)		415,864		282,133
Brilliance China Automotive Holdings, Ltd. (b)		118,000		130,126
BYD Co., Ltd. (a)(b)		6,000		10,463
China Citic Bank Corp., Ltd.		292,000		138,595
China Coal Energy Co., Ltd (a)		260,000		237,423
China Communications Construction Co., Ltd. (a)		239,000		193,278
China Construction Bank Corp.		2,617,280		1,816,137
China COSCO Holdings Co., Ltd. (a)(b)		182,425		74,586
China Life Insurance Co., Ltd.		446,000		1,288,544
China Merchants Bank Co., Ltd. (a)		222,645		375,035
China National Building Material Co., Ltd. (a)		44,000		48,635
China Oilfield Services, Ltd.		208,000		378,804
China Petroleum & Chemical Corp.		1,014,000		946,875
China Railway Construction Corp. (a)		130,000		116,364
China Railway Group, Ltd.		234,000		102,313
China Shenhua Energy Co., Ltd.		208,000		807,507
China Shipping Container Lines Co., Ltd. (a)(b)		420,350		85,661

See accompanying notes to financial statements.

186

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

September 30, 2012


Security Description	Shares		Value

China Shipping Development Co., Ltd. (a)		104,000	$	43,192
China Telecom Corp., Ltd.		938,000		541,997
China Wireless Technologies, Ltd.		56,000		13,723
Chongqing Machinery & Electric Co., Ltd.		34,000		4,473
Ctrip.com International, Ltd. ADR (a)(b)		10,528		177,713
Datang International Power Generation Co., Ltd.		312,000		105,030
Dongfang Electric Corp., Ltd.		10,400		14,165
Dongfeng Motor Group Co., Ltd.		260,000		303,486
First Tractor Co., Ltd. (b)		16,000		12,320
Focus Media Holding, Ltd. ADR		5,871		137,381
Great Wall Motor Co., Ltd. (a)		42,250		111,439
Guangshen Railway Co., Ltd. (a)		208,000		67,337
Guangzhou Automobile Group Co., Ltd. (a)		124,636		81,823
Guangzhou R&F Properties Co., Ltd. (a)		93,600		107,806
Harbin Electric Co., Ltd.		52,000		39,973
Huadian Power International Co. (b)		312,000		86,921
Huaneng Power International, Inc.		260,000		197,853
Industrial & Commercial Bank of China (a)		2,466,590		1,457,064
Jiangsu Expressway Co., Ltd. (a)		158,000		131,034
Jiangxi Copper Co., Ltd. (a)		54,000		136,789
Lenovo Group, Ltd.		364,000		301,407
Maanshan Iron & Steel (a)(b)		156,000		36,620
Netease.com ADR (b)		6,210		348,629
Nine Dragons Paper Holdings, Ltd. (a)		78,000		39,235
Parkson Retail Group, Ltd. (a)		64,634		54,186
PetroChina Co., Ltd.		1,144,000		1,499,118
PICC Property & Casualty Co., Ltd.		227,200		278,973
Ping An Insurance Group Co. of China, Ltd. (a)		72,000		544,185
Semiconductor Manufacturing International Corp. (b)		880,000		32,348
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		64,000		82,711
Shanghai Electric Group Co., Ltd. (a)		260,000		92,555
Shenzhen Expressway Co., Ltd.		208,000		75,117
Sina Corp. (a)(b)		2,984		193,005
Sinopec Shanghai Petrochemical Co., Ltd. (a)		208,000		53,655
Suntech Power Holdings Co., Ltd. ADR (a)(b)		5,055		4,347
Tencent Holdings, Ltd.		77,700		2,647,708
Tingyi Cayman Islands Holding Corp. (a)		156,000		469,816
Travelsky Technology, Ltd.		191,000		101,496
Want Want China Holdings, Ltd.		288,000		367,371
Weiqiao Textile Co. (a)		65,500		23,908
Yanzhou Coal Mining Co., Ltd. (a)		156,000		237,825
Zhejiang Expressway Co., Ltd. (a)		208,000		144,868
Zhuzhou CSR Times Electric Co., Ltd. (a)		16,000		41,191
Zijin Mining Group Co., Ltd. (a)		315,000		127,166
ZTE Corp. (a)		68,473		109,864

				22,249,675

COLOMBIA — 0.1%
BanColombia SA ADR		2,976		177,697

CZECH REPUBLIC — 0.5%
CEZ AS		10,856		404,538
Komercni Banka AS		1,140		227,159
Telefonica O2 Czech Republic AS		7,635		154,164
Unipetrol (b)		7,734		67,519

				853,380

EGYPT — 0.6%
Commercial International Bank Egypt SAE		66,549		383,570
Egyptian Financial Group-Hermes Holding (b)		29,014		57,155
Egyptian Kuwait Holding Co.		30,292		40,591
Orascom Construction Industries		8,363		394,889
Orascom Telecom Holding SAE (b)		35,705		22,196
Orascom Telecom Holding SAE GDR (b)(d)		23,180		71,881
Orascom Telecom Media & Technology Holding SAE		33,153		2,991

				973,273

HONG KONG — 5.6%
AAC Technologies Holdings, Inc.		104,000		375,584
Agile Property Holdings, Ltd. (a)		156,000		175,854
Beijing Capital International Airport Co., Ltd.		156,000		104,627
Chaoda Modern Agriculture Holdings, Ltd. (a)(b)(e)		136,550		0
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		31,000		9,116
China Lilang, Ltd.		20,000		10,525
China Mengniu Dairy Co., Ltd. (a)		78,000		233,399
China Merchants Holdings International Co., Ltd.		59,200		182,489
China Mobile, Ltd.		281,500		3,120,617
China Mobile, Ltd. ADR		60		900
China National Materials Co., Ltd. (a)		45,000		12,653
China Overseas Land & Investment, Ltd. (a)		211,200		537,176
China Power International Development, Ltd. (a)		260,000		71,093
China Resources Enterprise, Ltd.		52,000		173,708
China Resources Land, Ltd. (a)		104,000		229,106
China Resources Power Holdings Co., Ltd.		109,600		240,029
China Travel International Investment Hong Kong, Ltd.		260,000		46,948
China Unicom (Hong Kong), Ltd. (a)		213,668		350,544
China Yurun Food Group, Ltd. (a)(b)		12,000		8,605
Citic Pacific, Ltd. (a)		52,000		62,441
CNOOC, Ltd.		853,000		1,749,292
Comba Telecom Systems Holdings, Ltd. (a)		28,780		9,651
COSCO Pacific, Ltd.		107,123		149,771
Digital China Holdings, Ltd. (a)		28,000		44,637

See accompanying notes to financial statements.

187

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

September 30, 2012


Security Description	Shares		Value

Guangdong Investment, Ltd. (a)		210,000	$	166,034
Hengdeli Holdings, Ltd. (a)		624,000		181,085
Ju Teng International Holdings, Ltd.		28,000		11,701
Kingboard Chemical Holdings, Ltd.		42,450		101,947
Kingboard Laminates Holdings, Ltd. (a)		32,500		13,498
Kunlun Energy Co., Ltd. (a)		260,000		455,396
KWG Property Holding, Ltd.		46,000		25,512
Li Ning Co., Ltd. (a)(b)		52,000		27,699
Real Nutriceutical Group, Ltd. (a)		16,000		4,953
Shimao Property Holdings, Ltd. (a)		78,000		134,204
Sino Biopharmaceutical		92,000		33,937
Sino-Ocean Land Holdings, Ltd. (a)		184,066		104,221
Sinotrans, Ltd.		260,000		33,870
Tianneng Power International, Ltd.		26,000		15,795
TPV Technology, Ltd.		56,000		12,279
VODone, Ltd.		88,200		7,963
Wasion Group Holdings, Ltd.		18,000		6,500
Yuexiu Property Co., Ltd.		364,000		92,488
Yuexiu Transport Infrastructure, Ltd.		25,258		11,956

				9,339,803

HUNGARY — 0.5%
FHB Mortgage Bank NyRt (a)(b)		17,684		37,908
MOL Hungarian Oil and Gas NyRt (a)		3,628		300,770
OTP Bank NyRt		14,675		257,955
Richter Gedeon NyRt		1,254		219,577
Tiszai Vegyi Kominat NyRt (b)		1,828		16,087

				832,297

INDIA — 7.9%
Adani Enterprises, Ltd.		704		2,685
Ambuja Cements, Ltd.		13,957		53,451
Ambuja Cements, Ltd. GDR		17,217		65,803
Amtek Auto, Ltd.		5,719		9,601
Anant Raj Industries, Ltd.		39,342		53,331
Apollo Hospitals Enterprise, Ltd.		3,514		48,718
Ashok Leyland, Ltd.		21,122		9,651
Aurobindo Pharma, Ltd.		5,724		15,410
Axis Bank, Ltd.		4,362		93,947
Bajaj Holdings and Investment, Ltd. (f)		2,107		32,659
BF Investment, Ltd. (b)		7,045		5,890
BF Utilities, Ltd. (b)		9,035		68,912
Bharat Heavy Electricals, Ltd.		45,662		213,788
Bharti Airtel, Ltd.		89,317		449,506
Biocon, Ltd.		1,584		8,253
Cipla, Ltd.		31,166		224,594
Core Education & Technologies, Ltd.		6,683		41,673
Coromandel International, Ltd.		2,287		12,488
Dish TV India, Ltd. (b)		8,182		12,805
Dr. Reddy’s Laboratories, Ltd. ADR		9,662		298,169
Era Infra Engineering, Ltd.		2,375		6,218
Fortis Healthcare, Ltd. (b)		3,079		6,007
GAIL India, Ltd.		34,294		248,858
Gammon India, Ltd.		2,109		1,913
Godrej Industries, Ltd.		16,751		91,179
Grasim Industries, Ltd. GDR (c)		180		11,310
Grasim Industries, Ltd. GDR (c)		803		50,380
GTL, Ltd. (b)		1,496		891
Gujarat NRE Coke, Ltd.		9,766		3,462
Havells India, Ltd.		1,058		12,527
HCL Technologies, Ltd.		8,768		95,992
HDFC Bank, Ltd.		65,513		781,449
Hero Motocorp, Ltd.		9,976		355,633
Hindalco Industries, Ltd.		31,765		72,690
Hindustan Construction Co. (b)		10,733		3,653
Hindustan Unilever, Ltd.		79,182		819,442
Housing Development & Infrastructure, Ltd. (b)		9,068		16,745
Housing Development Finance Corp., Ltd.		67,761		994,864
ICICI Bank, Ltd. ADR		15,000		602,100
India Infoline, Ltd.		122,716		134,244
Indiabulls Infrastructure & Power, Ltd. (b)		35,571		4,350
Indiabulls Real Estate, Ltd. (b)		13,027		14,238
Indian Hotels Co., Ltd.		42,869		54,699
Infosys Technologies, Ltd. ADR (a)		26,118		1,267,768
Infrastructure Development Finance Co., Ltd.		3,872		11,338
IRB Infrastructure Developers, Ltd.		2,814		8,112
ITC, Ltd.		4,878		25,192
ITC, Ltd. GDR (c)(d)		47,189		243,708
ITC, Ltd. GDR (c)		3,286		16,906
IVRCL Infrastructures & Projects, Ltd.		11,003		9,690
Jai Corp., Ltd.		39,150		46,836
Jain Irrigation Systems, Ltd. (c)		7,479		9,883
Jain Irrigation Systems, Ltd. (c)		331		224
Jaiprakash Associates, Ltd.		40,215		62,711
Jet Airways India, Ltd. (b)		704		4,605
Jindal Steel & Power, Ltd.		3,695		29,924
JSW Steel, Ltd.		792		11,366
Lanco Infratech, Ltd. (b)		22,434		6,401
Larsen & Toubro, Ltd. GDR (a)		10,695		320,529
Mahindra & Mahindra, Ltd. GDR		18,318		294,004
Maruti Suzuki India, Ltd.		7,526		192,712
Mercator Lines, Ltd. (b)		103,893		42,841
Monnet Ispat, Ltd.		3,951		22,881
MRF, Ltd.		90		17,529
Nagarjuna Construction Co., Ltd.		7,396		6,576
Oil & Natural Gas Corp., Ltd.		89,235		475,147
OnMobile Global, Ltd.		2,287		2,060
Opto Circuits India, Ltd.		3,539		8,696
Punj Lloyd, Ltd.		8,003		8,284
Rajesh Exports, Ltd.		4,840		11,057
REI Agro, Ltd.		27,188		5,464
Reliance Capital, Ltd.		3,948		32,294
Reliance Communications, Ltd.		48,547		59,643
Reliance Industries, Ltd. GDR (d)		41,397		1,303,178
Reliance Infrastructure, Ltd.		11,601		118,242
Reliance MediaWorks, Ltd. (b)		35,874		54,683
Rolta India, Ltd.		3,695		5,089
Satyam Computer Services, Ltd. (b)		28,243		59,303
Sesa Goa, Ltd.		16,274		52,822
Siemens India, Ltd.		10,573		142,133
Sintex Industries, Ltd.		8,094		10,220
State Bank of India GDR		2,421		208,569

See accompanying notes to financial statements.

188

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

September 30, 2012


Security Description	Shares		Value

Sun TV Network, Ltd.		3,514	$	23,255
Suzlon Energy, Ltd. (b)		215,945		72,671
Tata Consultancy Services, Ltd.		21,505		528,360
Tata Motors, Ltd. ADR		12,515		321,385
Tata Power Co., Ltd.		99,428		201,608
Tata Steel, Ltd.		16,815		127,806
Ultratech Cement, Ltd. GDR		384		14,327
Unitech, Ltd. (b)		73,588		33,903
United Breweries Holdings, Ltd.		5,808		14,794
United Breweries, Ltd.		2,469		30,593
United Spirits, Ltd.		1,584		36,521
Wipro, Ltd. ADR (a)		26,221		234,678
Zee Entertainment Enterprises, Ltd.		19,362		71,710

				13,024,409

INDONESIA — 3.1%
Astra International Tbk PT		1,560,500		1,206,656
Bank Central Asia Tbk PT		926,000		764,410
Bank Danamon Indonesia Tbk PT		223,218		145,780
Bank Mandiri Tbk PT		554,449		475,076
Bank Rakyat Indonesia Persero Tbk PT		843,000		656,254
Barito Pacific Tbk PT (b)		440,000		22,529
Bumi Resources Tbk PT		796,500		60,757
Indofood Sukses Makmur Tbk PT		581,500		343,310
Indosat Tbk PT		117,000		66,019
Kalbe Farma Tbk PT		642,000		315,298
Medco Energi Internasional Tbk PT		304,500		54,409
Perusahaan Gas Negara Tbk PT		668,000		287,931
Telekomunikasi Indonesia Tbk PT		338,500		334,255
United Tractors Tbk PT		193,318		418,149

				5,150,833

JORDAN — 0.1%
Arab Bank PLC		10,695		108,128

MALAYSIA — 3.6%
Aeon Co. M Bhd		185,400		667,234
Alliance Financial Group Bhd		200,800		268,697
Berjaya Sports Toto Bhd		98,300		139,257
Bintulu Port Holdings Bhd		84,094		195,343
Bursa Malaysia Bhd		41,293		83,086
Carlsberg Brewery Malay Bhd		298,397		1,122,711
Dialog Group Bhd		509,809		398,640
Digi.Com Bhd		259,600		448,450
Genting Bhd		157,000		447,397
Genting Malaysia Bhd		20,800		23,818
IGB Corp. Bhd		213,653		162,171
IOI Corp. Bhd		247,460		403,190
KFC Holdings Bhd		428,132		544,883
KNM Group Bhd (b)		126,012		27,829
Malaysian Airline System Bhd (b)		231,700		76,564
Malaysian Resources Corp. Bhd		282,900		148,091
Multi-Purpose Holdings Bhd		149,660		171,376
Naim Holdings Bhd		126,287		73,545
OSK Holdings Bhd		247,306		114,085
OSK Ventures International Bhd		27,900		3,742
SP Setia Bhd		14,800		17,625
TA Enterprise Bhd		255,000		42,966
TA Global Bhd		103,240		8,613
TA Global Bhd Preference Shares		98,826		7,922
Tebrau Teguh Bhd (b)		18,200		3,870
UEM Land Holdings Bhd (b)		404,488		222,326
Unisem M Bhd		16,000		5,235
WCT Bhd		234,200		206,884

				6,035,550

MEXICO — 6.4%
Alfa SAB de CV (a)		276,810		511,541
America Movil SAB de CV (a)		2,155,139		2,755,682
Axtel SAB de CV (b)		84,775		21,033
Cemex SAB de CV (a)(b)		506,811		422,170
Coca-Cola Femsa SAB de CV		33,865		438,627
Consorcio ARA SAB de CV (a)(b)		84,230		26,336
Corporacion GEO SAB de CV (a)(b)		35,766		43,924
Desarrolladora Homex SAB de CV (b)		15,726		36,082
Empresas ICA SAB de CV (b)		34,534		66,880
Fomento Economico Mexicano SAB de CV		116,025		1,069,896
Grupo Aeroportuario del Sureste SAB de CV		33,374		295,213
Grupo Bimbo SAB de CV (a)		165,458		412,318
Grupo Elektra SA de CV		4,919		202,028
Grupo Financiero Banorte SAB de CV		81,109		459,001
Grupo Financiero Inbursa SA		65,011		182,130
Grupo Mexico SAB de CV		242,241		800,358
Grupo Modelo SAB de CV (a)		43,075		388,730
Grupo Televisa SA de CV (Series CPO)		98,396		465,070
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)(b)		87,688		145,882
Industrias CH SAB, Series B (b)		22,535		134,065
Industrias Penoles SA de CV		7,813		385,313
Kimberly-Clark de Mexico SAB de CV		136,241		325,840
Sare Holding SAB de CV (Class B) (a)(b)		100,157		8,958
Telefonos de Mexico SA de CV (a)		50,610		40,505
TV Azteca SAB de CV (a)		193,777		133,684
Urbi Desarrollos Urbanos SA de CV (b)		37,739		23,276
Wal-Mart de Mexico SAB de CV (a)		298,172		839,745

				10,634,287

MOROCCO — 0.4%
Banque Marocaine du Commerce Exterieur		13,715		266,067
Banque Marocaine pour le Commerce et l’Industrie SA		1,211		116,762
Douja Promotion Groupe Addoha SA		8,331		61,864
Holcim Maroc SA		728		146,129

				590,822

PERU — 1.1%
Compania de Minas Buenaventura SA		13,971		533,605
Credicorp, Ltd.		5,050		632,664
Southern Copper Corp.		13,262		455,682
Volcan Compania Minera SAA (Class B)		193,445		217,546

				1,839,497

PHILIPPINES — 0.9%
Ayala Land, Inc.		674,680		385,739
Bank of the Philippine Islands		215,498		412,244

See accompanying notes to financial statements.

189

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

September 30, 2012


Security Description	Shares		Value

BDO Unibank, Inc.		172,234	$	267,961
Filinvest Land, Inc.		3,101,000		101,099
Philippine Long Distance Telephone Co.		5,165		344,705

				1,511,748

POLAND — 1.2%
Asseco Poland SA		4,079		56,890
Bank BPH SA (b)		868		11,434
Bank Pekao SA		7,447		366,823
Bioton SA (b)		171,139		3,740
BRE Bank SA (b)		1,206		118,885
Cersanit SA (b)		17,395		13,412
Get Bank SA (b)		40,680		21,714
Getin Holding SA (b)		14,977		9,350
Globe Trade Centre SA (b)		9,137		21,220
Grupa Lotos SA (b)		5,563		54,526
KGHM Polska Miedz SA		7,978		379,780
Orbis SA		3,816		46,218
Polimex- Mostostal SA (b)		35,691		9,136
Polski Koncern Naftowy Orlen SA GDR (b)		10,715		304,370
Powszechna Kasa Oszczednosci Bank Polski SA		23,800		264,482
Telekomunikacja Polska SA		48,831		250,744

				1,932,724

RUSSIA — 8.8%
Evraz PLC		10,594		42,186
Gazprom OAO ADR (c)		67,600		682,084
Gazprom OAO ADR (c)		352,316		3,533,730
Integra Group Holdings GDR (b)		5,834		7,526
LSR Group OJSC GDR		5,020		23,343
LSR Group OJSC GDR		903		4,199
Lukoil OAO ADR		44,558		2,744,773
Mechel OAO ADR (a)		13,881		97,722
MMC Norilsk Nickel OJSC ADR (a)		48,752		777,594
Mobile TeleSystems ADR		42,636		746,983
Mobile Telesystems OJSC		21,876		160,663
NovaTek OAO GDR		10,921		1,291,954
Novolipetsk Steel OJSC GDR		1,498		29,660
Novorossiysk Commercial Sea Trade Port PJSC GDR		2,751		18,569
Pharmstandard GDR (b)		3,082		43,764
Polymetal International PLC		5,416		94,891
Rosneft Oil Co. GDR		146,133		982,014
Rostelecom ADR		4,819		122,885
Sberbank of Russia ADR		28,810		335,637
Severstal GDR (a)		24,764		309,798
Sistema JSFC GDR		6,582		134,010
Surgutneftegas OJSC ADR		129,502		1,168,108
Tatneft ADR		15,086		625,616
TMK OAO GDR		2,250		34,223
Uralkali OJSC GDR		3,844		159,026
VimpelCom, Ltd. ADR		26,162		311,328
VTB Bank OJSC GDR (d)		36,883		122,820
X5 Retail Group NV GDR (b)		1,833		38,511

				14,643,617

SOUTH AFRICA — 10.0%
ABSA Group, Ltd.		17,635		296,013
Adcock Ingram Holdings, Ltd. (a)		5,504		39,617
Adcorp Holdings, Ltd.		24,855		84,345
Afgri, Ltd.		130,892		82,331
African Bank Investments, Ltd. (a)		70,606		282,812
African Rainbow Minerals, Ltd. (a)		8,663		171,115
Allied Electronics Corp., Ltd. Preference Shares		30,320		80,842
Anglo Platinum, Ltd. (a)		3,177		164,796
AngloGold Ashanti, Ltd.		13,095		464,086
Aquarius Platinum, Ltd.		21,747		14,661
ArcelorMittal South Africa, Ltd. (a)(b)		10,168		50,525
Aspen Pharmacare Holdings, Ltd. (b)		28,308		490,604
Aveng, Ltd.		29,343		111,274
Avusa, Ltd. (b)(f)		5,682		16,252
Barloworld, Ltd.		12,555		109,403
Bidvest Group, Ltd.		18,407		459,553
Business Connexion Group, Ltd.		108,029		65,332
Cadiz Holdings		70,690		14,650
Coronation Fund Managers, Ltd.		100,974		379,365
Discovery Holdings, Ltd.		16,535		111,220
Eqstra Holdings, Ltd.		16,175		12,742
FirstRand, Ltd.		233,833		790,387
Gold Fields, Ltd.		39,212		507,309
Grindrod, Ltd.		49,391		85,000
Group Five, Ltd.		14,023		43,168
Harmony Gold Mining Co., Ltd.		11,816		100,000
Impala Platinum Holdings, Ltd. (a)		30,144		507,810
Imperial Holdings, Ltd.		9,688		220,163
Investec, Ltd.		10,699		66,260
Invicta Holdings, Ltd.		29,953		296,584
JD Group, Ltd. (a)		10,547		59,438
Kagiso Media, Ltd.		54,962		128,227
Kumba Iron Ore, Ltd. (a)		3,061		186,573
Lewis Group, Ltd. (a)		12,686		109,945
Massmart Holdings, Ltd.		8,259		167,069
MMI Holdings, Ltd.		46,954		120,584
MTN Group, Ltd.		76,107		1,477,746
Murray & Roberts Holdings, Ltd. (b)		35,154		94,200
Naspers, Ltd.		21,992		1,372,563
Nedbank Group, Ltd.		20,245		448,984
Netcare, Ltd.		110,450		239,610
Northam Platinum, Ltd. (a)		14,081		51,231
Pretoria Portland Cement Co., Ltd.		10,753		37,793
PSG Group, Ltd.		21,887		179,050
Reinet Investments SCA ADR (b)		8,831		16,750
Remgro, Ltd.		22,666		399,003
RMB Holdings, Ltd.		47,483		212,924
RMI Holdings		58,254		152,004
Sanlam, Ltd.		107,128		487,786
Sappi, Ltd. (a)(b)		14,912		42,760
Sasol, Ltd.		24,077		1,086,349
Shoprite Holdings, Ltd.		37,761		770,400
Standard Bank Group, Ltd.		47,015		601,879
Steinhoff International Holdings, Ltd. (a)(b)		91,768		290,058
Sun International, Ltd.		8,734		89,974

See accompanying notes to financial statements.

190

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

September 30, 2012


Security Description	Shares		Value

Super Group, Ltd. (b)		6,890	$	12,818
Telkom SA, Ltd. (b)		14,127		30,133
The Foschini Group, Ltd.		16,547		253,705
Tiger Brands, Ltd.		10,314		341,402
Trans Hex Group, Ltd. (b)		1,382		504
Truworths International, Ltd.		32,773		373,361
Wilson Bayly Holmes-Ovcon, Ltd.		12,151		202,857
Woolworths Holdings, Ltd.		67,346		496,169

				16,652,068

TAIWAN — 11.5%
Acer, Inc. (b)		133,758		131,415
Advanced Semiconductor Engineering, Inc.		363,007		279,870
Asustek Computer, Inc.		29,340		318,788
AU Optronics Corp. ADR (a)(b)		58,126		202,278
Catcher Technology Co., Ltd.		31,000		145,940
Cathay Financial Holding Co., Ltd.		223,878		240,577
Chang Hwa Commercial Bank		335,759		182,120
Chimei Innolux Corp. (b)		122,383		44,463
China Development Financial Holding Corp. (b)		626,945		155,060
China Steel Chemical Corp.		201,345		889,494
China Steel Corp.		393,406		359,002
Chinatrust Financial Holding Co., Ltd.		509,268		307,505
Chipbond Technology Corp.		14,000		22,208
Chunghwa Telecom Co., Ltd.		129,457		414,690
CMC Magnetics Corp. (b)		159,000		27,012
Compal Electronics, Inc.		261,774		235,309
Delta Electronics, Inc.		103,340		400,126
Elite Semiconductor Memory Technology, Inc. (b)		83,750		71,998
Epistar Corp.		29,850		63,746
Etron Technology, Inc. (b)		12,445		4,122
Far Eastern New Century Corp.		270,131		305,024
Formosa Chemicals & Fibre Corp.		134,460		361,453
Formosa Epitaxy, Inc. (b)		12,000		8,760
Formosa Plastics Corp.		211,610		604,940
Foxconn Technology Co., Ltd.		59,051		229,649
Fubon Financial Holding Co., Ltd.		328,903		357,924
Giant Manufacturing Co., Ltd.		152,802		810,572
Grape King, Inc.		135,000		306,719
Hiwin Technologies Corp.		8,400		61,610
Hon Hai Precision Industry Co., Ltd.		339,737		1,066,260
Hotai Motor Co., Ltd.		78,000		557,456
HTC Corp.		45,198		437,895
Hua Nan Financial Holdings Co., Ltd.		346,368		194,373
Lite-On Technology Corp.		136,612		176,395
MediaTek, Inc.		35,329		373,013
Mega Financial Holding Co., Ltd.		253,569		195,496
Mosel Vitelic, Inc. (b)		6,827		536
Nan Ya Plastics Corp.		207,690		416,606
National Petroleum Co., Ltd.		290,000		306,190
Neo Solar Power Corp. (b)		12,768		8,298
Novatek Microelectronics Corp.		26,225		94,832
Pan Jit International, Inc. (b)		13,000		5,388
Pegatron Corp.		45,686		59,458
Pou Chen Corp.		190,531		194,993
Powerchip Technology Corp. (b)		85,675		2,455
Powertech Technology, Inc.		57,285		110,022
Precision Silicon Corp.		25,909		12,993
ProMOS Technologies, Inc. (b)(e)		130,950		0
Quanta Computer, Inc.		181,664		482,768
Raydium Semiconductor Corp.		10,001		26,202
Shin Kong Financial Holding Co., Ltd. (b)		201,252		56,091
Siliconware Precision Industries Co.		132,578		147,668
SinoPac Financial Holdings Co., Ltd.		446,480		188,105
Solar Applied Materials Technology Corp.		137,250		178,858
Solartech Energy Corp. (b)		8,993		6,473
Taishin Financial Holdings Co., Ltd.		428,495		165,180
Taiwan Cement Corp.		231,533		286,716
Taiwan Semiconductor Manufacturing Co., Ltd.		903,000		2,766,282
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		125,853		1,990,994
Taiwan Tea Corp.		83,913		46,804
Tatung Co., Ltd. (b)		135,885		35,045
Tripod Technology Corp.		57,320		140,790
Uni-President Enterprises Corp.		73,370		130,153
United Microelectronics Corp. ADR		196,999		403,848
Unity Opto Technology Co., Ltd. (b)		12,759		13,711
Visual Photonics Epitaxy Co., Ltd.		120,259		166,152
Wistron Corp.		113,355		136,118

				19,122,991

THAILAND — 2.5%
Advanced Info Service PCL		94,815		659,208
Bangkok Expressway PCL		271,759		260,458
Banpu PCL		10,808		137,646
Electricity Generating PCL		61,674		260,482
IRPC PCL		693,758		96,017
Kasikornbank PCL		1,200		7,115
Kasikornbank PCL		43,400		257,326
PTT Exploration & Production PCL		84,498		446,099
PTT PCL		57,224		611,654
Siam Cement PCL (c)		10,800		139,649
Siam Cement PCL (c)		19,600		222,235
Siam Commercial Bank PCL		89,702		496,887
Thai Oil PCL		85,595		181,451
Tisco Financial Group PCL		119,453		179,490
TMB Bank PCL		3,470,717		205,221

				4,160,938

TURKEY — 1.8%
Akbank TAS		78,564		310,651
Anadolu Efes Biracilik Ve Malt Sanayii AS		16,889		251,134
Dogan Sirketler Grubu Holdings AS (b)		113,686		45,586
Dogan Yayin Holding AS (b)		94,138		31,980
Eregli Demir ve Celik Fabrikalari TAS		102,562		126,232
Haci Omer Sabanci Holding AS		41,908		183,913
KOC Holding AS		62,892		251,484
Migros Ticaret AS (b)		660		6,873
Tupras-Turkiye Petrol Rafinerileri AS		9,523		217,444
Turkcell Iletisim Hizmetleri AS (b)		36,113		220,226
Turkiye Garanti Bankasi AS		168,635		704,368
Turkiye Is Bankasi		98,133		308,237

See accompanying notes to financial statements.

191

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

September 30, 2012


Security Description	Shares		Value

Ulker Biskuvi Sanayi AS		39,896	$	169,307
Yapi ve Kredi Bankasi AS (b)		63,132		150,482

				2,977,917

UNITED KINGDOM — 0.2%
British American Tobacco PLC		5,634		289,977

TOTAL COMMON STOCKS —
(Cost $167,569,711)				158,739,962

WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
Dialog Group Bhd (expiring 11/30/16) (b) (Cost $0)		41,450		6,781

RIGHTS — 0.0% (g)
INDIA — 0.0% (g)
Coromandel International, Ltd. (b) (Cost $818)		45,105		125

SHORT TERM INVESTMENTS — 6.2%
UNITED STATES — 6.2%
MONEY MARKET FUNDS — 6.2%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		9,456,178		9,456,178
State Street Institutional Liquid Reserves Fund 0.21% (i)(j)(k)		846,305		846,305

TOTAL SHORT TERM INVESTMENTS —
(Cost $10,302,483)				10,302,483

TOTAL INVESTMENTS — 101.8%
(Cost $177,873,012)				169,049,351
OTHER ASSETS & LIABILITIES — (1.8)%				(3,026,850	)

NET ASSETS — 100.0%			$	166,022,501


(a)		A portion of the security was on loan at September 30, 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 1.1% of net assets as of September 30, 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)		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)
(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

SCA = Societe en Commandite par Actions

At September 30, 2012, open futures contracts purchased were as follows:


	Expiration				Aggregate				Unrealized
Futures	Date		Contracts		Face Value		Value		Depreciation

MSCI Taiwan Index Futures		10/30/2012		177	$	4,900,085	$	4,874,580	$	(25,505	)

See accompanying notes to financial statements.

192

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.4%
BRAZIL — 20.2%
AES Tiete SA Preference Shares		203,048	$	2,281,888
Banco do Brasil SA		89,638		1,095,733
Banco do Brasil SA ADR (a)		875,734		10,894,131
Bradespar SA Preference Shares		110,814		1,537,020
Companhia de Transmissao de Energia Electrica Paulista Preference Shares		65,156		1,210,113
Companhia Energetica de Minas Gerais ADR		479,230		5,808,268
CPFL Energia SA ADR		279,453		6,122,815
EDP — Energias do Brasil SA		705,620		4,476,207
Eletropaulo Metropolitana SA Preference Shares		748,040		7,263,598
Natura Cosmeticos SA		7,685		209,284
Oi SA ADR (a)		1,755,228		7,056,017
Souza Cruz SA		9,813		133,013
Sul America SA		19,991		147,804
Tractebel Energia SA		33,105		522,161
Tractebel Energia SA ADR (a)		265,201		4,161,004
Vale SA Preference Shares ADR (a)		462,775		8,033,774

				60,952,830

CHILE — 1.4%
AES Gener SA		8,508		5,154
Aguas Andinas SA Class A		4,197,512		2,812,789
Banco de Chile ADR (a)		1,875		156,375
Corpbanca SA ADR (a)		66,536		1,202,971
ENTEL Chile SA		8,279		172,523

				4,349,812

CHINA — 7.2%
Anta Sports Products, Ltd. (a)		2,841,000		2,183,905
Bank of China, Ltd. (a)		397,536		151,257
China Citic Bank Corp., Ltd. (a)		18,099,000		8,590,503
Dongyue Group (a)		11,604,000		5,163,486
Guangzhou R&F Properties Co., Ltd. (a)		2,799,511		3,224,407
Jiangsu Expressway Co., Ltd. (a)		160,000		132,693
Lonking Holdings, Ltd. (a)		6,756,000		1,132,789
Soho China, Ltd. (a)		176,000		108,961
Zhejiang Expressway Co., Ltd. (a)		1,236,000		860,852

				21,548,853

CZECH REPUBLIC — 3.5%
CEZ AS		197,371		7,354,840
Komercni Banka AS		828		164,989
New World Resources PLC (a)		137,383		617,925
Telefonica O2 Czech Republic AS (a)		118,915		2,401,097

				10,538,851

EGYPT — 0.5%
Telecom Egypt		573,888		1,367,711

HONG KONG — 0.4%
Bosideng International Holdings, Ltd. (a)		3,083,600		867,023
China Mobile, Ltd.		15,837		175,564
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)		540,500		71,804

				1,114,391

INDONESIA — 1.9%
AKR Corporindo Tbk PT		357,500		158,765
Aneka Tambang Persero Tbk PT		11,516,000		1,624,514
Astra Agro Lestari Tbk PT		66,000		151,379
Indo Tambangraya Megah Tbk PT		876,500		3,860,447

				5,795,105

MALAYSIA — 4.3%
British American Tobacco Malaysia Bhd		7,500		148,209
Digi.Com Bhd		124,700		215,415
Malayan Banking Bhd		2,956,351		8,714,779
Maxis Bhd		1,708,400		3,867,864

				12,946,267

MEXICO — 0.1%
Grupo Aeroportuario del Pacifico SAB de CV		35,509		149,827
Kimberly-Clark de Mexico SAB de CV		86,174		206,098

				355,925

MOROCCO — 0.4%
Maroc Telecom		96,755		1,155,173

PHILIPPINES — 1.1%
Philippine Long Distance Telephone Co. ADR		51,656		3,409,813

POLAND — 8.7%
Asseco Poland SA		11,272		157,211
KGHM Polska Miedz SA		258,976		12,328,148
Powszechny Zaklad Ubezpieczen SA		85,607		9,620,115
Synthos SA		934,024		1,661,887
Tauron Polska Energia SA		1,609,577		2,461,934

				26,229,295

RUSSIA — 6.5%
CTC Media, Inc. (a)		17,321		157,794
Gazprom Neft JSC ADR (b)		286		7,027
Gazprom Neft JSC ADR (b)		5,497		130,279
Gazprom OAO ADR (b)		909,786		9,179,741
Gazprom OAO ADR (b)		42,692		428,201
Surgutneftegas OJSC ADR Preference Shares		1,491,253		9,779,637

				19,682,679

SOUTH AFRICA — 8.9%
African Bank Investments, Ltd. (a)		1,506,328		6,033,600
Kumba Iron Ore, Ltd. (a)		137,442		8,377,296
MMI Holdings, Ltd.		1,330,938		3,418,018
Redefine Properties, Ltd.		1,490,295		1,688,766
Resilient Property Income Fund, Ltd.		88,902		517,176
Vodacom Group, Ltd.		540,166		6,684,032

				26,718,888

SOUTH KOREA — 6.4%
Korea Exchange Bank (c)		392,450		2,997,863
KT Corp. ADR		397,136		6,211,207
KT&G Corp.		2,287		174,289
SK Telecom Co., Ltd.		75,447		9,978,819

				19,362,178

See accompanying notes to financial statements.

193

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

September 30, 2012


Security Description	Shares		Value

TAIWAN — 15.0%
Asia Cement Corp.		137,572	$	173,880
Chicony Electronics Co., Ltd.		653,446		1,538,123
China Development Financial Holding Corp. (c)		19,234,000		4,757,075
China Steel Chemical Corp.		211,000		932,147
Chunghwa Telecom Co., Ltd. ADR (a)		186,323		5,915,755
Compal Electronics, Inc.		150,000		134,836
Far Eastern New Century Corp.		2,643,830		2,985,340
Farglory Land Development Co., Ltd.		525,000		981,459
Highwealth Construction Corp.		935,000		1,570,906
HTC Corp.		930,105		9,011,200
LCY Chemical Corp.		94,000		136,446
Lite-On Technology Corp.		1,714,754		2,214,114
Macronix International Co., Ltd.		756,412		252,623
Pou Chen Corp.		163,000		166,817
Prime View International Co., Ltd.		3,677,000		4,013,987
Quanta Computer, Inc.		56,000		148,819
Taiwan Cement Corp.		3,411,000		4,223,969
Taiwan Mobile Co., Ltd.		53,200		194,191
TSRC Corp.		1,179,800		2,616,098
United Microelectronics Corp. ADR (a)		1,587,002		3,253,354
Wistron Corp.		118,670		142,500

				45,363,639

THAILAND — 3.6%
Advanced Info Service PCL		30		209
Advanced Info Service PCL, NVDR		20,749		144,259
BTS Group Holdings PCL (a)		880,336		161,595
Electricity Generating PCL, NVDR		1,600		6,758
Land and Houses PCL, NVDR		547,245		161,791
Thai Oil PCL (a)		4,826,500		10,231,615

				10,706,227

TURKEY — 9.3%
Arcelik AS		28,696		152,781
Aygaz AS		184,309		786,259
Eregli Demir ve Celik Fabrikalari TAS		7,769,049		9,562,040
Ford Otomotiv Sanayi AS		87,033		901,545
Tofas Turk Otomobil Fabrikasi AS		325,013		1,643,527
Tupras-Turkiye Petrol Rafinerileri AS		406,941		9,291,925
Turk Telekomunikasyon AS		1,157,845		4,616,936
Ulker Biskuvi Sanayi AS		270,677		1,148,674

				28,103,687

TOTAL COMMON STOCKS —
(Cost $311,247,820)				299,701,324

SHORT TERM INVESTMENTS — 11.9%
UNITED STATES — 11.9%
MONEY MARKET FUNDS — 11.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		28,742,094		28,742,094
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		7,076,913		7,076,913

TOTAL SHORT TERM INVESTMENTS —
(Cost $35,819,007)				35,819,007

TOTAL INVESTMENTS — 111.3%
(Cost $347,066,827)				335,520,331
OTHER ASSETS & LIABILITIES — (11.3)%				(34,004,871	)

NET ASSETS — 100.0%			$	301,515,460


(a)		A portion of the security was on loan at September 30, 2012.
(b)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		Non-income producing security.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

194

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BRAZIL — 21.1%
Banco Bradesco SA Preference Shares ADR		637,902	$	10,251,085
BRF — Brasil Foods SA ADR (a)		228,247		3,948,673
Companhia de Bebidas das Americas Preference Shares ADR		250,871		9,600,833
Companhia Energetica de Minas Gerais ADR		161,095		1,952,471
Companhia Siderurgica Nacional SA ADR (a)		263,953		1,486,055
Gerdau SA ADR (a)		311,191		2,959,426
Itau Unibanco Holding SA Preference Shares ADR		756,441		11,558,419
Petroleo Brasileiro SA ADR		550,259		12,622,942
Vale SA ADR (a)		449,913		8,053,443

				62,433,347

CHINA — 34.1%
Agricultural Bank of China, Ltd. (a)		8,337,000		3,247,379
Baidu, Inc. ADR (b)		91,323		10,668,353
Bank of China, Ltd.		20,642,254		7,854,080
China Construction Bank Corp.		24,868,610		17,256,392
China Life Insurance Co., Ltd.		2,675,000		7,728,372
China Merchants Bank Co., Ltd. (a)		1,349,936		2,273,906
China Petroleum & Chemical Corp.		5,754,288		5,373,365
China Shenhua Energy Co., Ltd. (a)		1,168,500		4,536,401
China Telecom Corp., Ltd.		4,752,610		2,746,164
Industrial & Commercial Bank of China (a)		21,284,960		12,573,452
PetroChina Co., Ltd.		7,486,171		9,810,015
Ping An Insurance Group Co. of China, Ltd. (a)		631,000		4,769,174
Tencent Holdings, Ltd.		355,900		12,127,660

				100,964,713

HONG KONG — 12.5%
China Mobile, Ltd.		1,758,000		19,488,615
China Overseas Land & Investment, Ltd. (a)		1,346,560		3,424,907
China Unicom (Hong Kong), Ltd. (a)		1,692,000		2,775,899
CNOOC, Ltd.		5,550,221		11,382,132

				37,071,553

INDIA — 4.9%
HDFC Bank, Ltd. ADR		52,254		1,963,705
ICICI Bank, Ltd. ADR		20,331		816,086
Infosys Technologies, Ltd. ADR (a)		121,790		5,911,687
Reliance Industries, Ltd. GDR (c)		183,499		5,776,549

				14,468,027

RUSSIA — 27.2%
Gazprom OAO ADR (d)		2,006,916		20,129,368
Gazprom OAO ADR (d)		51,128		515,882
Lukoil OAO ADR (d)		1,800		110,772
Lukoil OAO ADR (a)(d)		204,950		12,624,920
MMC Norilsk Nickel OJSC ADR		274,862		4,384,049
Mobile TeleSystems ADR		166,176		2,911,404
NovaTek OAO GDR		32,548		3,850,428
Rosneft Oil Co. GDR		572,288		3,845,775
Sberbank of Russia ADR (a)(d)		1,838,428		21,564,760
Sberbank of Russia ADR (d)		15,234		177,476
Surgutneftegas OJSC ADR (d)		335,564		3,026,787
Surgutneftegas OJSC ADR (d)		6,700		60,997
Tatneft ADR		85,327		3,538,511
Uralkali OJSC GDR		98,009		4,054,632

				80,795,761

TOTAL COMMON STOCKS —
(Cost $332,982,460)				295,733,401

SHORT TERM INVESTMENTS — 12.6%
UNITED STATES — 12.6%
MONEY MARKET FUNDS — 12.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		37,126,518		37,126,518
State Street Institutional Liquid Reserves Fund 0.21% (f)(g)		168,879		168,879

TOTAL SHORT TERM INVESTMENTS —
(Cost $37,295,397)				37,295,397

TOTAL INVESTMENTS — 112.4%
(Cost $370,277,857)				333,028,798
OTHER ASSETS & LIABILITIES — (12.4)%				(36,704,575	)

NET ASSETS — 100.0%			$	296,324,223


(a)		A portion of the security was on loan at September 30, 2012.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 2.0% of net assets as of September 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

195

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.5%
CZECH REPUBLIC — 3.9%
CEZ AS		52,394	$	1,952,412
Komercni Banka AS		3,565		710,370
Telefonica O2 Czech Republic AS		21,449		433,092
Unipetrol (a)		35,136		306,743

				3,402,617

HUNGARY — 3.3%
Magyar Telekom Telecommunications PLC		174,140		333,999
MOL Hungarian Oil and Gas NyRt (b)		10,819		896,922
OTP Bank NyRt (b)		45,194		794,413
Richter Gedeon NyRt		4,632		811,070

				2,836,404

POLAND — 13.6%
Agora SA		42,121		98,480
Asseco Poland SA		20,411		284,673
Bank Pekao SA		27,357		1,347,547
Bioton SA (a)		1,002,611		21,908
BRE Bank SA (a)		4,779		471,105
Cersanit SA (a)		75,894		58,516
Echo Investment SA (a)		124,809		171,033
Get Bank SA (a)		226,142		120,711
Getin Holding SA (a)		77,276		48,244
Globe Trade Centre SA (a)		50,254		116,711
ING Bank Slaski SA (a)		19,567		513,675
KGHM Polska Miedz SA		32,988		1,570,342
Lubelski Wegiel Bogdanka SA		9,289		349,401
Netia SA (a)		375,552		720,964
Orbis SA		6,219		75,322
Polimex- Mostostal SA (a)		141,838		36,306
Polska Grupa Energetyczna SA		95,065		548,985
Polski Koncern Naftowy Orlen SA (a)		57,771		820,521
Powszechna Kasa Oszczednosci Bank Polski SA		141,200		1,569,109
Powszechny Zaklad Ubezpieczen SA		5,637		633,460
Tauron Polska Energia SA		370,618		566,880
Telekomunikacja Polska SA		290,006		1,489,160
TVN SA		74,200		160,743

				11,793,796

RUSSIA — 61.2%
Etalon Group, Ltd. GDR (a)		12,385		77,778
Eurasia Drilling Co., Ltd. GDR		4,940		163,020
Evraz PLC		104,394		415,707
Federal Hydrogenerating Co. JSC ADR		179,421		477,260
Gazprom Neft JSC ADR (c)		2,276		53,941
Gazprom Neft JSC ADR (c)		21,404		525,896
Gazprom OAO ADR (c)		26,019		262,532
Gazprom OAO ADR (c)		1,181,059		11,846,022
Globaltrans Investment PLC GDR		14,608		303,554
Integra Group Holdings GDR (a)		116,159		149,845
LSR Group OJSC GDR		36,490		169,678
Lukoil OAO ADR		107,450		6,618,920
Magnit OJSC GDR		43,445		1,476,696
Mechel OAO ADR (b)		26,333		185,384
MMC Norilsk Nickel OJSC ADR		179,031		2,855,544
Mobile TeleSystems ADR		92,946		1,628,414
Mobile Telesystems OJSC		111,831		821,316
NOMOS-BANK GDR (a)		4,422		55,275
NovaTek OAO GDR		26,387		3,121,582
Novolipetsk Steel OJSC GDR		8,395		166,221
O’Key Group SA GDR		6,800		65,280
Pharmstandard GDR (a)		9,099		129,206
Phosagro OAO GDR		4,000		53,640
PIK Group GDR (a)		65,285		144,215
Polymetal International PLC		44,637		782,066
Rosneft Oil Co. GDR		465,221		3,126,285
Rostelecom ADR		44,478		1,134,189
Sberbank		2,070,792		6,057,067
Severstal GDR (b)		65,207		815,740
Sistema JSFC GDR		29,458		599,765
Surgutneftegas OJSC ADR (b)		307,870		2,776,987
Tatneft ADR		40,340		1,672,900
TMK OAO GDR		8,235		125,254
Uralkali OJSC GDR		42,752		1,768,650
VimpelCom, Ltd. ADR		75,909		903,317
VTB Bank OJSC GDR (b)		276,337		920,202
X5 Retail Group NV GDR (a)		13,251		278,403
Yandex NV (a)		10,707		258,146

				52,985,897

TURKEY — 17.1%
Akbank TAS		303,461		1,199,918
Anadolu Anonim Turk Sigorta (a)		328,991		166,731
Anadolu Efes Biracilik Ve Malt Sanayii AS		69,461		1,032,863
Arcelik AS		144,296		768,250
Asya Katilim Bankasi AS (a)		98,999		109,166
BIM Birlesik Magazalar AS		17,310		723,017
Coca-Cola Icecek AS		4,590		85,890
Dogan Sirketler Grubu Holdings AS (a)		338,894		135,890
Dogan Yayin Holding AS (a)		782,622		265,872
Dogus Otomotiv Servis ve Ticaret AS		167,682		565,913
Enka Insaat ve Sanayi AS		142,528		357,193
Eregli Demir ve Celik Fabrikalari TAS		387,696		477,171
Haci Omer Sabanci Holding AS		159,020		697,860
KOC Holding AS		216,833		867,042
Koza Altin Isletmeleri AS		2,106		45,273
Tupras-Turkiye Petrol Rafinerileri AS		29,882		682,313
Turk Hava Yollari Anonim Ortakligi (a)		370,589		776,016
Turk Telekomunikasyon AS		52,729		210,258
Turkcell Iletisim Hizmetleri AS (a)		183,232		1,117,393
Turkiye Garanti Bankasi AS		612,837		2,559,745
Turkiye Halk Bankasi AS		40,330		314,446
Turkiye Is Bankasi		257,984		810,331
Ulker Biskuvi Sanayi AS		8,421		35,736
Vestel Elektronik Sanayi (a)		171,464		174,749
Yapi ve Kredi Bankasi AS (a)		285,924		681,530

				14,860,566

UNITED KINGDOM — 0.4%
Polyus Gold International Ltd. (a)		89,862		314,524

TOTAL COMMON STOCKS —
(Cost $112,159,398)				86,193,804

See accompanying notes to financial statements.

196

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

September 30, 2012


Security Description	Shares		Value

SHORT TERM INVESTMENTS — 2.0%
UNITED STATES — 2.0%
MONEY MARKET FUNDS — 2.0%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,703,341	$	1,703,341
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,703,441)				1,703,441

TOTAL INVESTMENTS — 101.5%
(Cost $113,862,839)				87,897,245
OTHER ASSETS & LIABILITIES — (1.5)%				(1,258,192	)

NET ASSETS — 100.0%			$	86,639,053


(a)		Non-income producing security
(b)		A portion of the security was on loan at September 30, 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.

197

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BRAZIL — 57.4%
AES Tiete SA Preference Shares		33,488	$	376,344
All America Latina Logistica SA		81,001		334,576
B2W Companhia Global do Varejo (a)		31,901		167,461
Banco Bradesco SA Preference Shares ADR		253,405		4,072,218
Banco do Brasil SA		79,244		968,677
Banco do Brasil SA ADR (b)		30,327		377,268
Banco Santander Brazil SA ADS		84,466		622,514
BM&FBOVESPA SA		270,259		1,631,838
BR Malls Participacoes SA		43,311		600,949
BR Properties SA		22,900		298,553
Bradespar SA Preference Shares		46,590		646,216
Braskem SA Preference Shares ADR (b)		21,213		299,315
BRF — Brasil Foods SA		27,932		482,009
BRF — Brasil Foods SA ADR (b)		52,504		908,319
CCR SA		116,357		1,052,421
Centrais Eletricas Brasileiras SA		6,389		38,105
Centrais Eletricas Brasileiras SA ADR		46,516		275,840
CETIP SA — Balcao Organizado de Ativos e Derivativos		27,200		356,625
Cia Hering		16,600		374,989
Cielo SA		30,198		753,015
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		20,957		945,370
Companhia de Bebidas das Americas Preference Shares ADR		119,646		4,578,852
Companhia de Saneamento Basico do Estado de Sao Paulo		27,266		1,115,342
Companhia Energetica de Minas Gerais ADR		86,520		1,048,622
Companhia Energetica de Sao Paulo Preference Shares		41,132		438,933
Companhia Paranaense de Energia Preference Shares		22,505		367,170
Companhia Siderurgica Nacional SA ADR (b)		125,338		705,653
Cosan SA Industria e Comercio		26,661		486,621
CPFL Energia SA ADR (b)		12,069		264,432
Cyrela Brazil Realty SA		55,868		479,152
Cyrela Commercial Properties SA Empreendimentos e Participacoes		43,542		532,042
Diagnosticos da America SA		26,030		156,529
Duratex SA		90,584		593,386
Empresa Brasileira de Aeronautica SA		79,627		534,170
Fertilizantes Heringer SA (a)		4,198		29,569
Fibria Celulose SA ADR (a)(b)		45,663		426,492
Gafisa SA (a)		39,320		86,439
Gerdau SA ADR		77,003		732,299
Gerdau SA Preference Shares		14,977		142,329
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		25,524		145,560
Hypermarcas SA (a)		40,600		297,976
Investimentos Itau SA		73,750		472,934
Investimentos Itau SA Preference Shares		379,550		1,689,342
Itau Unibanco Holding SA Preference Shares ADR		297,579		4,547,007
JBS SA (a)		123,904		410,408
Klabin SA Preference Shares		68,900		359,986
LLX Logistica SA (a)		72,784		103,321
Lojas Americanas SA Preference Shares		142,954		1,118,240
Lojas Renner SA		25,015		837,204
Metalurgica Gerdau SA Preference Shares		66,876		805,294
MMX Mineracao e Metalicos SA (a)		14,695		35,999
MRV Engenharia e Participacoes SA		2,364		14,134
Multiplan Empreendimentos Imobiliarios SA		10,100		297,155
Natura Cosmeticos SA		31,871		867,938
OGX Petroleo e Gas Participacoes SA (a)		100,902		305,869
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		79,402		239,794
Oi SA		537		2,626
Oi SA ADR (b)(c)		138,270		555,845
Oi SA ADR (b)(c)		18,953		94,007
Oi SA Preference Shares		5,507		22,122
PDG Realty SA Empreendimentos e Participacoes		146,266		275,402
Petroleo Brasileiro SA ADR		196,265		4,502,319
Petroleo Brasileiro SA Preference Shares ADR		269,643		5,951,021
Souza Cruz SA		81,017		1,098,170
Telefonica Brasil SA Preference Shares		46,966		1,025,298
Tim Participacoes SA		28,423		109,696
Tim Participacoes SA ADR		27,239		523,534
Totvs SA		16,300		338,325
Tractebel Energia SA ADR (b)		4,211		66,071
Ultrapar Participacoes SA ADR		54,904		1,224,908
Usinas Siderurgicas de Minas Gerais SA ADR (b)		80,967		406,673
Usinas Siderurgicas de Minas Gerais SA Preference Shares		23,095		115,202
Vale SA ADR (b)		180,455		3,230,144
Vale SA Preference Shares ADR		276,822		4,805,630
Weg SA		26,000		302,701

				65,498,509

CHILE — 10.4%
Almendral SA		2,831,319		411,676
Antarchile SA		43,795		709,690
Banco de Chile ADR (b)		6,803		567,370
Banco de Credito e Inversiones		11,059		698,893
Banco Santander Chile ADR		3,187		233,416
CAP SA		21,962		765,002
Cencosud SA		197,475		1,196,377
Compania General de Electricidad SA		125,217		554,116
Empresa Nacional de Electricidad SA ADR		20,090		963,516
Empresas CMPC SA		222,739		868,802
Empresas COPEC SA		82,892		1,222,725
Enersis SA ADR		41,657		682,758
Lan Airlines SA ADR (b)		41,229		1,042,269
SACI Falabella		143,181		1,442,219

See accompanying notes to financial statements.

198

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

September 30, 2012


Security Description	Shares		Value

Sociedad Quimica y Minera de Chile SA ADR		7,743	$	477,279

				11,836,108

COLOMBIA — 4.1%
Almacenes Exito SA		27,285		446,947
BanColombia SA ADR		16,724		998,590
Ecopetrol SA, ADR (b)		25,088		1,478,436
Grupo Argos SA		40,188		443,632
Grupo Aval Acciones y Valores Preference Shares		585,657		386,991
Grupo de Inversiones Suramericana SA		29,273		494,792
Grupo Nutresa SA		32,929		384,345

				4,633,733

MEXICO — 23.6%
Alfa SAB de CV		550,020		1,016,428
America Movil SAB de CV (b)		6,290,912		8,043,912
Cemex SAB de CV (a)(b)		1,384,578		1,153,344
Corporacion GEO SAB de CV (a)(b)		104,236		128,012
Desarrolladora Homex SAB de CV (a)		51,371		117,867
Empresas ICA SAB de CV (a)		93,434		180,949
Fomento Economico Mexicano SAB de CV		267,121		2,463,191
Grupo Aeroportuario del Sureste SAB de CV		65,212		576,839
Grupo Bimbo SAB de CV (b)		490,101		1,221,321
Grupo Carso SA de CV		121,089		415,709
Grupo Elektra SA de CV		8,358		343,271
Grupo Financiero Banorte SAB de CV		266,704		1,509,295
Grupo Financiero Inbursa SA (b)		393,638		1,102,790
Grupo Mexico SAB de CV		410,125		1,355,042
Grupo Modelo SAB de CV (b)		104,969		947,291
Grupo Televisa SA de CV (Series CPO)		239,572		1,132,341
Grupo Televisa SA de CV ADR		1,918		45,092
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)		303,237		504,481
Industrias Penoles SA de CV		14,726		726,241
Inmuebles Carso SAB de CV (a)		164,071		131,438
Kimberly-Clark de Mexico SAB de CV		341,189		816,004
Minera Frisco SAB de CV (a)		124,471		526,356
TV Azteca SAB de CV (b)		544,488		375,633
Urbi Desarrollos Urbanos SA de CV (a)		126,070		77,757
Wal-Mart de Mexico SAB de CV (b)		734,378		2,068,236

				26,978,840

PERU — 4.1%
Compania de Minas Buenaventura SA ADR		33,682		1,312,251
Compania Minera Milpo SA		166,875		236,511
Credicorp, Ltd.		10,607		1,328,845
Minsur SA		392,713		373,580
Southern Copper Corp. (b)		26,965		926,517
Volcan Compania Minera SAA (Class B)		428,107		481,445

				4,659,149

TOTAL COMMON STOCKS —
(Cost $133,637,709)				113,606,339

SHORT TERM INVESTMENTS — 11.1%
UNITED STATES — 11.1%
MONEY MARKET FUNDS — 11.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		12,474,233		12,474,233
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		229,358		229,358

TOTAL SHORT TERM INVESTMENTS —
(Cost $12,703,591)				12,703,591

TOTAL INVESTMENTS — 110.7%
(Cost $146,341,300)				126,309,930
OTHER ASSETS & LIABILITIES — (10.7)%				(12,255,151	)

NET ASSETS — 100.0%			$	114,054,779


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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

ADS = American Depositary Shares

See accompanying notes to financial statements.

199

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

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.6%
EGYPT — 5.2%
Arab Cotton Ginning		45,304	$	33,513
Commercial International Bank Egypt SAE		152,475		878,824
Eastern Tobacco		25,094		365,539
Egyptian Financial Group-Hermes Holding (a)		103,812		204,499
Egyptian Kuwait Holding Co.		159,427		213,632
ElSwedy Electric Co.		24,446		108,181
Ezz Steel		64,879		130,678
Juhayna Food Industries		93,088		87,794
Maridive & Oil Services SAE (a)		47,216		56,187
Orascom Construction Industries		27,571		1,301,864
Orascom Telecom Holding SAE GDR (a)		126,968		393,728
Palm Hills Developments SAE (a)		121,785		60,326
Sidi Kerir Petrochemicals Co.		71,879		159,751
Six of October Development & Investment Co. (a)		30,232		116,133
Suez Cement Co.		34,500		143,902
Talaat Moustafa Group (a)		336,901		306,135
Telecom Egypt		117,222		279,368

				4,840,054

MOROCCO — 3.3%
Attijariwafa Bank		27,345		1,026,385
Banque Centrale Populaire		21,868		507,455
Banque Marocaine du Commerce Exterieur		26,508		514,247
Banque Marocaine pour le Commerce et l’Industrie SA		2,971		286,459
Ciments du Maroc		3,036		276,874
Douja Promotion Groupe Addoha SA		18,907		140,398
Maroc Telecom		21,491		256,584

				3,008,402

SOUTH AFRICA — 91.1%
ABSA Group, Ltd.		62,905		1,055,894
Acucap Properties, Ltd.		28,371		160,231
Adcock Ingram Holdings, Ltd. (b)		45,182		325,210
Adcorp Holdings, Ltd.		14,682		49,823
AECI, Ltd.		32,741		324,745
Afgri, Ltd.		102,261		64,322
African Bank Investments, Ltd.		192,218		769,930
African Oxygen, Ltd.		27,710		63,808
African Rainbow Minerals, Ltd.		25,551		504,694
Allied Electronics Corp., Ltd. Preference Shares		56,867		151,624
Allied Technologies, Ltd.		13,607		71,736
Anglo Platinum, Ltd. (b)		13,109		679,984
AngloGold Ashanti, Ltd.		96,204		3,409,461
Aquarius Platinum, Ltd.		98,326		66,289
ArcelorMittal South Africa, Ltd. (a)		35,383		175,818
Aspen Pharmacare Holdings, Ltd. (a)		83,215		1,442,192
Assore, Ltd. (b)		13,754		549,583
Astral Foods, Ltd.		11,217		141,382
Aveng, Ltd.		103,576		392,781
AVI, Ltd.		68,975		499,560
Avusa, Ltd. (a)(c)		48,945		139,993
Barloworld, Ltd.		59,534		518,776
Basil Read Holdings, Ltd. (a)		37,694		40,110
Bidvest Group, Ltd.		75,096		1,874,863
Blue Label Telecoms, Ltd.		67,165		52,341
Brait SE (a)		84,654		301,634
Business Connexion Group, Ltd.		78,277		47,339
Capital Property Fund		410,272		526,567
Cipla Medpro South Africa, Ltd.		104,068		83,873
City Lodge Hotels, Ltd. (b)		6,892		76,804
Clicks Group, Ltd.		81,781		573,676
Coronation Fund Managers, Ltd.		52,253		196,317
DataTec, Ltd.		76,537		488,377
Discovery Holdings, Ltd.		95,115		639,775
DRDGOLD, Ltd.		126,221		82,606
Emira Property Fund		59,289		96,214
Eqstra Holdings, Ltd.		102,688		80,894
Esorfranki, Ltd. (a)		89,345		14,293
Exxaro Resources, Ltd. (b)		47,695		930,299
FirstRand, Ltd.		662,122		2,238,062
Fountainhead Property Trust		460,440		451,447
Gold Fields, Ltd.		193,802		2,507,331
Grindrod, Ltd.		130,700		224,931
Group Five, Ltd.		28,516		87,782
Growthpoint Properties, Ltd.		329,624		993,528
Harmony Gold Mining Co., Ltd.		98,834		836,438
Hudaco Industries, Ltd.		6,470		87,666
Hyprop Investments, Ltd.		62,348		541,030
Illovo Sugar, Ltd.		52,399		193,691
Impala Platinum Holdings, Ltd. (b)		133,316		2,245,860
Imperial Holdings, Ltd.		41,446		941,873
Investec, Ltd.		45,748		283,321
JD Group, Ltd. (b)		38,163		215,071
JSE, Ltd. (b)		20,337		169,821
Kumba Iron Ore, Ltd. (b)		21,120		1,287,296
Lewis Group, Ltd. (b)		23,086		200,079
Liberty Holdings, Ltd.		28,584		343,826
Life Healthcare Group Holdings, Ltd.		217,841		838,241
Massmart Holdings, Ltd.		24,500		495,603
Medi-Clinic Corp., Ltd.		73,531		365,376
Merafe Resources, Ltd. (a)		430,280		41,718
MMI Holdings, Ltd.		324,880		834,333
Mondi, Ltd.		34,076		349,096
Mpact, Ltd.		47,019		107,986
Mr. Price Group, Ltd.		71,648		1,094,021
MTN Group, Ltd. (b)		402,728		7,819,644
Murray & Roberts Holdings, Ltd. (a)		104,961		281,256
Nampak, Ltd.		154,950		537,085
Naspers, Ltd.		106,679		6,658,040
Nedbank Group, Ltd.		60,739		1,347,040
Netcare, Ltd.		336,793		730,637
Northam Platinum, Ltd. (b)		93,417		339,877
Omnia Holdings, Ltd.		12,955		196,261
Petmin, Ltd.		147,478		42,897
Pick n Pay Stores, Ltd.		87,122		471,344
Pick’ n Pay Holdings, Ltd.		62,382		154,308
Pioneer Foods, Ltd. (b)		23,735		152,458
Pretoria Portland Cement Co., Ltd.		147,922		519,896
Raubex Group, Ltd.		35,364		64,718
Redefine Properties, Ltd.		685,366		776,640

See accompanying notes to financial statements.

200

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

September 30, 2012


Security Description	Shares		Value

Remgro, Ltd.		122,829	$	2,162,233
Resilient Property Income Fund, Ltd.		60,501		351,957
Reunert, Ltd.		46,006		384,445
RMB Holdings, Ltd.		169,830		761,556
RMI Holdings		208,058		542,893
SA Corporate Real Estate Fund		501,686		218,887
Sanlam, Ltd.		477,165		2,172,678
Sappi, Ltd. (a)(b)		144,677		414,858
Sasol, Ltd.		130,076		5,868,999
Shoprite Holdings, Ltd.		94,687		1,931,805
Standard Bank Group, Ltd.		325,297		4,164,404
Steinhoff International Holdings, Ltd. (a)(b)		348,899		1,102,790
Sun International, Ltd.		21,551		222,010
Super Group, Ltd. (a)		76,659		142,612
Telkom SA, Ltd. (a)		56,634		120,802
The Foschini Group, Ltd.		50,297		771,174
The Spar Group, Ltd.		46,172		716,266
Tiger Brands, Ltd.		40,787		1,350,084
Tongaat Hulett, Ltd.		22,796		386,097
Truworths International, Ltd.		115,345		1,314,051
Tsogo Sun Holdings, Ltd.		53,917		130,690
Village Main Reef, Ltd.		128,562		18,697
Vodacom Group, Ltd.		69,836		864,153
Wilson Bayly Holmes-Ovcon, Ltd.		21,179		353,576
Woolworths Holdings, Ltd.		214,823		1,582,699

				83,781,762

TOTAL COMMON STOCKS —
(Cost $96,136,246)				91,630,218

RIGHTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Mediclinic International Ltd. (expiring 10/5/12) (a) (Cost $0)		19,686		29,227

SHORT TERM INVESTMENTS — 8.2%
UNITED STATES — 8.2%
MONEY MARKET FUNDS — 8.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		7,443,236		7,443,236
State Street Institutional Liquid Reserves Fund 0.21% (f)(g)		93,201		93,201

TOTAL SHORT TERM INVESTMENTS —
(Cost $7,536,437)				7,536,437

TOTAL INVESTMENTS — 107.8%
(Cost $103,672,683)				99,195,882
OTHER ASSETS & LIABILITIES — (7.8)%				(7,209,814	)

NET ASSETS — 100.0%			$	91,986,068


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 2012.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

201

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

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 7.5%
Abacus Property Group		262,590	$	529,751
Alumina, Ltd. (a)		210,260		185,852
Amcor, Ltd.		46,504		375,270
AMP, Ltd.		85,962		387,067
Ansell, Ltd.		38,661		645,267
APA Group (a)		50,531		249,074
Aristocrat Leisure, Ltd. (a)		77,983		218,144
Australia & New Zealand Banking Group, Ltd.		67,229		1,730,308
BHP Billiton, Ltd.		108,039		3,712,036
Billabong International, Ltd. (a)		56,076		77,265
BlueScope Steel, Ltd. (b)		164,460		71,829
Brambles, Ltd.		74,995		547,471
Bunnings Warehouse Property Trust (a)(b)		99,296		205,483
Commonwealth Bank of Australia (a)		45,038		2,611,989
Computershare, Ltd.		43,295		373,686
CSL, Ltd.		21,918		1,048,456
CSR, Ltd. (a)		74,365		120,638
DUET Group		389,811		826,943
GWA International, Ltd. (a)		174,910		331,947
Harvey Norman Holdings, Ltd. (a)		130,516		263,304
Hills Industries, Ltd.		149,947		178,540
Insurance Australia Group, Ltd.		99,408		451,746
Lend Lease Group (a)		58,655		478,813
Macquarie Group, Ltd.		14,921		441,595
National Australia Bank, Ltd. (a)		52,149		1,382,316
Newcrest Mining, Ltd.		36,575		1,108,321
Origin Energy, Ltd.		50,695		596,765
OZ Minerals, Ltd.		26,472		185,816
Perpetual, Ltd.		11,395		307,736
QBE Insurance Group, Ltd.		34,351		462,595
Rio Tinto, Ltd.		15,963		885,772
Santos, Ltd.		39,957		472,023
Sonic Healthcare, Ltd.		39,909		562,343
Suncorp Group, Ltd.		63,235		607,605
Sydney Airport		141,668		465,533
Tatts Group, Ltd.		191,160		538,713
Toll Holdings, Ltd. (a)		44,358		203,424
Treasury Wine Estates, Ltd.		28,701		150,126
Wesfarmers, Ltd.		43,286		1,542,149
Westfield Group		52,644		556,204
Westfield Retail Trust		44,830		134,728
Westpac Banking Corp.		72,759		1,880,203
Woodside Petroleum, Ltd.		23,954		825,509
Woolworths, Ltd.		50,844		1,520,618
WorleyParsons, Ltd.		12,915		379,943

				30,830,916

AUSTRIA — 0.2%
Erste Group Bank AG (b)		8,568		191,410
OMV AG		9,135		320,070
Voestalpine AG		9,678		289,978

				801,458

BELGIUM — 1.0%
Ageas		12,060		289,513
Anheuser-Busch InBev NV		23,104		1,966,790
Bekaert NV		2,562		73,847
Delhaize Group		6,559		253,524
Gimv NV		7,533		358,090
KBC Groep NV		7,009		168,349
UCB SA (a)		8,811		485,040
Umicore (a)		12,833		671,530

				4,266,683

CANADA — 10.4%
AGF Management, Ltd.		17,294		197,555
Agnico-Eagle Mines, Ltd.		7,300		378,373
Agrium, Inc.		9,773		1,013,106
ARC Resources, Ltd. (a)		9,690		235,369
Bank of Montreal		15,667		925,101
Bank of Nova Scotia (a)		31,101		1,704,320
Barrick Gold Corp.		31,304		1,306,945
BCE, Inc. (a)		7,116		312,787
Bombardier, Inc. (Class B) (a)		76,969		288,648
Brookfield Asset Management, Inc. (Class A)		18,855		650,377
Cameco Corp.		20,612		401,158
Canadian Imperial Bank of Commerce (a)		11,546		902,957
Canadian National Railway Co. (a)		17,979		1,589,505
Canadian Natural Resources, Ltd. (a)		39,384		1,214,001
Canadian Oil Sands, Ltd.		17,982		384,695
Canadian Pacific Railway, Ltd. (a)		9,242		766,355
Canadian Western Bank		21,891		666,553
Cenovus Energy, Inc. (a)		19,966		696,208
CGI Group, Inc. (Class A) (a)(b)		38,520		1,033,516
Crescent Point Energy Corp. (a)		18,478		817,468
Eldorado Gold Corp.		17,145		261,196
Enbridge, Inc. (a)		22,966		896,280
EnCana Corp. (a)		24,499		536,067
Fairfax Financial Holdings, Ltd. (a)		1,113		429,533
First Quantum Minerals, Ltd.		22,703		483,386
Fortis, Inc. (a)		6,477		220,716
Gildan Activewear, Inc.		13,005		411,978
Goldcorp, Inc.		26,049		1,195,032
Husky Energy, Inc. (a)		17,960		482,243
IAMGOLD Corp.		21,929		347,450
Imperial Oil, Ltd. (a)		15,638		719,162
Intact Financial Corp.		3,662		222,560
Kinross Gold Corp.		28,490		291,284
Lululemon Athletica, Inc. (a)(b)		2,822		208,391
Magna International, Inc. (Class A) (a)		14,698		635,004
Manulife Financial Corp.		53,946		649,688
National Bank of Canada (a)		4,857		367,255
New Gold, Inc. (b)		15,518		190,042
Nexen, Inc.		25,655		649,230
Nordion, Inc. (a)		28,658		192,519
Pacific Rubiales Energy Corp.		9,067		216,458
Pembina Pipeline Corp. (a)		7,995		224,261
Penn West Petroleum, Ltd. (a)		13,258		188,505
Potash Corp. of Saskatchewan, Inc.		32,676		1,419,021
Power Corp. of Canada (a)		9,690		235,369
Power Financial Corp. (a)		8,071		208,429
Research In Motion, Ltd. (a)(b)		16,781		128,252
Richelieu Hardware, Ltd.		20,454		716,550

See accompanying notes to financial statements.

202

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

September 30, 2012


Security Description	Shares		Value

Rogers Communications, Inc. (Class B) (a)		19,540	$	790,378
Royal Bank of Canada (a)		41,268		2,371,353
Russel Metals, Inc. (a)		18,909		528,864
Shaw Communications, Inc. (Class B) (a)		21,158		432,643
Sherritt International Corp. (a)		42,275		213,964
Shoppers Drug Mart Corp. (a)		7,116		296,009
Silver Wheaton Corp.		10,356		411,314
Sino-Forest Corp. (a)(b)(c)		4,520		0
SNC-Lavalin Group, Inc. (a)		5,168		199,325
Sun Life Financial, Inc.		20,057		465,167
Suncor Energy, Inc.		56,500		1,857,015
Talisman Energy, Inc.		44,683		596,712
Teck Resources, Ltd. (Class B)		20,834		614,253
TELUS Corp. (a)		9,669		604,343
The Toronto-Dominion Bank (a)		25,535		2,127,765
Thomson Reuters Corp. (a)		10,997		317,633
Tim Hortons, Inc.		5,499		285,918
TMX Group, Ltd. (b)		1,362		69,598
TransCanada Corp. (a)		23,016		1,046,533
Turquoise Hill Resources, Ltd. (a)(b)		12,622		107,369
Valeant Pharmaceuticals International, Inc. (b)		8,737		481,803
Yamana Gold, Inc. (a)		34,891		665,941

				42,694,758

CHINA — 0.5%
Chong Hing Bank, Ltd.		176,000		290,562
Dah Sing Banking Group, Ltd.		345,527		322,654
Dah Sing Financial Holdings, Ltd.		39,685		137,175
Hongkong Land Holdings, Ltd.		89,000		534,890
Sino Land Co., Ltd.		193,675		362,208
Transport International Holdings, Ltd.		168,800		334,846

				1,982,335

DENMARK — 1.3%
A P Moller — Maersk A/S		86		616,215
Danske Bank A/S (b)		26,002		469,818
DSV A/S		23,723		533,855
FLSmidth & Co. A/S		6,094		353,887
GN Store Nord A/S		38,344		590,585
Novo Nordisk A/S (Class B)		14,448		2,285,161
SimCorp A/S		1,718		367,342
Vestas Wind Systems A/S (a)(b)		8,310		59,142

				5,276,005

FINLAND — 1.1%
Amer Sports Oyj (Class A)		3,498		45,542
Elisa Oyj		14,393		325,707
Fortum Oyj		11,654		214,848
Kemira Oyj (a)		19,078		265,564
Kesko Oyj (Class B)		1,946		55,203
Kone Oyj (Class B)		1,922		133,152
Konecranes OYJ (a)		1,791		51,981
Lassila & Tikanoja Oyj (b)		19,197		261,787
Metso Oyj		9,519		340,567
Neste Oil Oyj (a)		15,129		198,527
Nokia Oyj (a)		112,402		290,656
Pohjola Bank PLC		23,650		311,559
Sampo Oyj (Class A)		15,809		492,390
Sanoma Oyj		15,911		142,775
Stockmann Oyj Abp (Class B)		10,198		194,565
Stora Enso Oyj		31,016		192,887
Tikkurila Oy		4,771		90,779
UPM-Kymmene Oyj		22,592		255,623
Wartsila Oyj		6,346		220,023
YIT Oyj (a)		14,026		269,404

				4,353,539

FRANCE — 6.8%
Accor SA		8,820		294,509
Air Liquide SA		7,725		958,540
Alcatel-Lucent (a)(b)		103,078		113,912
Alstom SA		7,970		279,764
AXA SA		51,895		773,782
BNP Paribas		26,495		1,260,493
Bourbon SA		7,773		223,599
Bouygues SA (a)		9,767		238,740
Cap Gemini SA		7,379		312,560
Carrefour SA		20,655		428,883
Casino Guichard-Perrachon SA		4,207		372,854
Compagnie de Saint-Gobain		15,901		559,182
Compagnie Generale de Geophysique-Veritas (a)(b)		11,455		361,053
Compagnie Generale des Etablissements Michelin		7,232		567,170
Credit Agricole SA (b)		10,373		71,662
Danone		20,795		1,281,725
Edenred		8,820		248,101
EDF SA		7,890		165,504
Essilor International SA		10,882		1,020,157
France Telecom SA		53,950		651,590
GDF Suez (a)		40,292		901,940
Hermes International		2,394		643,695
Hi-Media SA (b)		60,652		155,277
L’Oreal SA		2,548		315,540
Lafarge SA		6,052		326,307
Lagardere SCA		8,033		219,659
LVMH Moet Hennessy Louis Vuitton SA		6,442		969,653
Nexans SA		4,388		206,274
Pernod — Ricard SA		8,144		914,769
Peugeot SA (a)(b)		10,140		80,227
PPR		3,507		538,703
Publicis Groupe SA (a)		10,354		580,104
Renault SA		7,076		332,451
Sanofi		31,090		2,653,819
Schneider Electric SA		17,462		1,034,619
Sechilienne-Sidec SA		9,681		152,444
Societe de la Tour Eiffel		2,736		143,646
Societe Generale (b)		18,913		537,728
Sodexo		5,990		451,502
Technip SA		6,311		702,383
Total SA		65,134		3,234,482
Unibail-Rodamco SE		2,488		496,446
Valeo SA		7,540		349,207
Vallourec SA		5,476		232,128
Veolia Environnement SA		19,708		212,875
Vinci SA		16,816		717,051

See accompanying notes to financial statements.

203

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

September 30, 2012


Security Description	Shares		Value

Vivendi SA		32,613	$	636,692

				27,923,401

GERMANY — 6.8%
Adidas AG		10,016		822,615
Allianz SE		13,521		1,610,581
BASF SE		26,295		2,220,842
Bayer AG		24,167		2,077,801
Bayerische Motoren Werke AG		11,372		832,597
Bilfinger Berger AG		5,414		479,200
Commerzbank AG (b)		68,991		123,283
Daimler AG		31,016		1,502,912
Deutsche Bank AG		26,607		1,052,398
Deutsche Boerse AG		7,036		389,816
Deutsche Post AG		30,794		602,170
Deutsche Telekom AG		87,280		1,075,135
E.ON AG		52,506		1,247,291
Fresenius Medical Care AG & Co. KGaA		8,998		660,522
Fresenius SE		6,078		706,400
GEA Group AG		17,460		528,874
Henkel AG & Co. KGaA Preference Shares		5,122		407,821
Hochtief AG (b)		4,478		210,044
Infineon Technologies AG		67,272		427,361
K+S AG		6,901		339,722
Lanxess AG		2,393		198,662
Linde AG		4,691		808,686
MAN SE		2,438		223,475
Merck KGaA		4,173		515,382
Muenchener Rueckversicherungs- Gesellschaft AG		6,744		1,054,153
Porsche Automobil Holding SE Preference Shares		6,775		405,688
Puma AG Rudolf Dassler Sport		1,028		283,747
Rheinmetall AG		1,119		52,257
RWE AG		14,015		627,725
Salzgitter AG		2,658		102,808
SAP AG		28,592		2,027,144
Siemens AG		25,133		2,509,410
ThyssenKrupp AG		13,438		285,943
Volkswagen AG		2,913		487,934
Volkswagen AG Preference Shares		4,686		855,751
Wincor Nixdorf AG (a)		5,797		226,942

				27,983,092

GREECE — 0.1%
Coca Cola Hellenic Bottling Co. SA (b)		7,885		147,292
Hellenic Telecommunications Organization SA ADR (b)		59,744		108,734
National Bank of Greece SA ADR (a)(b)		33,190		79,656

				335,682

HONG KONG — 2.4%
Bank of East Asia, Ltd. (a)		138,099		518,322
CLP Holdings, Ltd.		82,500		701,222
Esprit Holdings, Ltd. (a)		78,273		120,338
Hang Lung Group, Ltd.		90,000		570,535
Hang Lung Properties, Ltd.		166,000		567,375
Hong Kong Exchanges and Clearing, Ltd. (a)		52,297		790,534
Hopewell Holdings		90,500		312,824
Hysan Development Co., Ltd.		177,841		809,698
Li & Fung, Ltd. (a)		344,000		533,309
New World Development Co., Ltd.		421,561		653,553
Pacific Basin Shipping, Ltd. (a)		432,000		197,801
Sands China, Ltd.		65,200		243,451
Sun Hung Kai Properties, Ltd.		75,618		1,107,949
Swire Pacific, Ltd.		47,000		575,888
The Link REIT		219,579		1,040,793
Wheelock & Co., Ltd.		171,000		737,749
Wing Hang Bank, Ltd.		41,625		390,843

				9,872,184

IRELAND — 0.5%
CRH PLC		27,390		528,558
DCC PLC		12,598		363,044
Grafton Group PLC		62,644		273,205
Irish Bank Resolution Corp., Ltd. (d)		5,635		0
Kingspan Group PLC		38,620		394,993
United Drug PLC		115,907		439,887

				1,999,687

ISRAEL — 0.4%
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		5,007		153,158
Shufersal, Ltd.		60,169		145,722
Strauss Group, Ltd. (b)		19,851		212,071
Teva Pharmaceutical Industries, Ltd. ADR		33,171		1,373,611

				1,884,562

ITALY — 1.7%
Assicurazioni Generali SpA (a)		14,498		208,712
Atlantia SpA		20,847		323,981
Banca Piccolo Credito Valtellinese Scarl		39,131		64,236
Banca Popolare dell’Etruria e del Lazio Scrl		63,109		87,198
Banca Popolare di Milano Scarl (b)		158,679		83,473
Banco Popolare Societa Cooperativa (b)		90,510		135,654
Davide Campari-Milano SpA		97,180		765,135
Enel SpA		114,186		404,270
ENI SpA (a)		67,789		1,484,323
Falck Renewables SpA		166,941		208,541
Fiat Industrial SpA		29,298		286,647
Fiat SpA (b)		34,442		183,974
Finmeccanica SpA (a)(b)		20,052		95,345
Intesa Sanpaolo SpA		309,866		471,594
Pirelli & C. SpA		50,009		539,140
Saipem SpA		12,824		616,533
Societa Cattolica di Assicurazioni Scrl (b)		11,794		183,593
Telecom Italia SpA		333,015		334,170
UniCredit SpA (b)		134,266		558,274

				7,034,793

See accompanying notes to financial statements.

204

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

September 30, 2012


Security Description	Shares		Value

JAPAN — 18.3%
Advantest Corp. (a)		16,700	$	217,873
Aeon Co., Ltd. (a)		34,220		388,384
Aoyama Trading Co., Ltd.		26,000		498,612
Asahi Breweries, Ltd.		33,536		829,348
Asahi Kasei Corp. (a)		85,550		443,145
Astellas Pharma, Inc. (a)		17,110		871,994
Atom Corp.		28,700		143,869
Bridgestone Corp.		25,665		597,091
Canon, Inc. (a)		34,016		1,090,873
Casio Computer Co., Ltd. (a)		43,000		305,643
Central Japan Railway Co. (a)		8,600		758,303
Chubu Electric Power Co., Inc. (a)		25,665		335,492
Chugai Pharmaceutical Co., Ltd.		17,380		365,248
Chuo Mitsui Trust Holdings, Inc. (a)		183,550		547,347
Colowide Co., Ltd.		39,000		335,360
Credit Saison Co., Ltd. (a)		26,000		630,617
Daiichi Sankyo Co., Ltd. (a)		25,665		425,551
Daikin Industries, Ltd. (a)		17,110		444,904
Daito Trust Construction Co., Ltd. (a)		8,555		863,197
Daiwa Securities Group, Inc. (a)		85,550		326,585
DeNA Co., Ltd.		4,400		146,591
Denso Corp. (a)		17,110		539,031
East Japan Railway Co. (a)		8,700		578,136
Eisai Co., Ltd. (a)		8,651		391,408
FANUC Corp. (a)		7,155		1,156,940
Fast Retailing Co., Ltd. (a)		1,000		233,290
Foster Electric Co., Ltd. (a)		10,200		157,195
FUJIFILM Holdings Corp. (a)		17,110		287,659
Fujitsu, Ltd. (a)		89,513		337,112
Fukuoka Financial Group, Inc.		85,550		348,578
Furukawa Electric Co., Ltd. (a)(b)		84,550		159,754
Hankyu Hanshin Holdings, Inc.		86,513		469,261
Hankyu REIT, Inc.		32		158,355
Heiwa Real Estate REIT, Inc.		239		161,586
Hitachi, Ltd. (a)		166,475		928,665
Honda Motor Co., Ltd. (a)		42,375		1,305,564
Hoya Corp. (a)		25,006		551,225
Ibiden Co., Ltd. (a)		9,000		131,992
Ichigo Real Estate Investment Corp.		337		176,730
Industrial & Infrastructure Fund Investment Corp.		20		152,185
Isuzu Motors, Ltd.		92,000		445,810
ITOCHU Corp. (a)		85,550		869,795
Japan Digital Laboratory Co., Ltd.		51,520		564,204
Japan Hotel REIT Investment Corp.		587		165,990
Japan Tobacco, Inc. (a)		33,600		1,011,455
JFE Holdings, Inc. (a)		17,110		226,521
JSR Corp. (a)		17,200		282,982
JX Holdings, Inc. (a)		171,700		942,364
Kajima Corp. (a)		164,475		450,298
KDDI Corp. (a)		8,600		669,871
Kinki Nippon Tourist Co., Ltd. (b)		113,000		146,697
Kintetsu Corp. (a)		165,101		649,369
Kirin Holdings Co., Ltd.		7,000		93,933
Kiyo Holdings, Inc.		256,651		372,771
Komatsu, Ltd. (a)		33,920		670,116
Konica Minolta Holdings, Inc. (a)		42,775		329,884
Kubota Corp. (a)		81,550		828,078
Kurita Water Industries, Ltd. (a)		9,310		206,902
Kyocera Corp. (a)		8,555		743,339
Kyodo Shiryo Co., Ltd.		128,000		153,008
Kyoritsu Maintenance Co., Ltd.		6,500		144,203
Marubeni Corp. (a)		87,550		560,410
Matsuya Co., Ltd. (b)		15,000		168,316
Medipal Holdings Corp.		26,199		361,667
Meiko Network Japan Co., Ltd.		14,900		155,320
MID Reit, Inc.		59		154,704
Milbon Co., Ltd.		4,600		154,851
MISUMI Group, Inc. (a)		25,857		642,769
Mitsubishi Corp. (a)		50,738		925,414
Mitsubishi Electric Corp. (a)		85,550		633,378
Mitsubishi Estate Co., Ltd. (a)		7,925		152,184
Mitsubishi Heavy Industries, Ltd. (a)		171,101		743,344
Mitsubishi Motors Corp. (a)(b)		255,613		236,557
Mitsubishi UFJ Financial Group, Inc. (a)		331,524		1,559,612
Mitsui & Co., Ltd. (a)		76,126		1,074,375
Mitsui Chemicals, Inc. (a)		85,550		168,241
Mitsui OSK Lines, Ltd. (a)		82,550		193,112
Mizuho Financial Group, Inc. (a)		418,400		682,992
MS&AD Insurance Group Holdings, Inc. (a)		17,399		302,134
Murata Manufacturing Co., Ltd. (a)		8,600		459,293
NGK Insulators, Ltd. (a)		3,000		36,054
Nidec Corp. (a)		8,600		631,183
Nikon Corp. (a)		16,800		463,835
Nintendo Co., Ltd. (a)		300		38,136
Nippon Steel Corp. (a)		171,101		351,879
Nippon Suisan Kaisha, Ltd.		137,000		295,835
Nippon Telegraph & Telephone Corp.		8,900		425,553
Nippon Yusen KK (a)		85,550		151,747
Nissan Motor Co., Ltd. (a)		68,341		584,149
Nitto Denko Corp. (a)		16,400		784,164
NKSJ Holdings, Inc. (a)		17,800		349,594
Nomura Holdings, Inc. (a)		110,485		396,212
NTT Data Corp. (a)		87		273,860
NTT DoCoMo, Inc. (a)		593		964,959
Obayashi Corp. (a)		85,550		391,463
Olympus Corp. (a)(b)		9,400		183,650
ORIX Corp. (a)		3,411		343,731
Panasonic Corp. (a)		68,650		455,314
Resona Holdings, Inc.		25,700		105,707
Ringer Hut Co., Ltd.		18,000		241,774
Riso Kyoiku Co., Ltd.		2,785		216,213
Rohm Co., Ltd. (a)		8,600		290,499
Rohto Pharmaceutical Co., Ltd. (a)		7,701		116,703
Sanrio Co., Ltd. (a)		3,900		140,209
Secom Co., Ltd. (a)		8,748		457,640
Sekisui House SI Investment Co.		33		149,942
Seven & I Holdings Co., Ltd.		33,728		1,039,152
Sharp Corp. (a)		8,000		19,846
Shimizu Corp. (a)		86,513		292,454
Shin-Etsu Chemical Co., Ltd. (a)		16,917		954,571
Softbank Corp. (a)		33,536		1,362,131
Sony Corp. (a)		33,920		400,675
Stanley Electric Co., Ltd.		16,673		247,738
Sumitomo Chemical Co., Ltd. (a)		85,550		218,823

See accompanying notes to financial statements.

205

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

September 30, 2012


Security Description	Shares		Value

Sumitomo Corp. (a)		51,175	$	692,638
Sumitomo Electric Industries, Ltd. (a)		33,920		359,692
Sumitomo Metal Industries, Ltd. (a)		170,101		255,807
Sumitomo Metal Mining Co., Ltd. (a)		5,000		63,303
Sumitomo Mitsui Financial Group, Inc. (a)		25,700		806,015
Sumitomo Realty & Development Co., Ltd. (a)		4,000		106,530
T&D Holdings, Inc.		25,900		281,305
Taisei Corp. (a)		172,438		496,480
Taiyo Yuden Co., Ltd. (a)		17,800		150,545
Takeda Pharmaceutical Co., Ltd. (a)		25,665		1,185,934
Takeuchi Manufacturing Co., Ltd. (a)		33,900		247,496
TDK Corp. (a)		8,555		319,548
Teijin, Ltd. (a)		89,550		219,846
Terumo Corp. (a)		8,748		377,806
The Akita Bank, Ltd.		85,550		256,210
The Aomori Bank, Ltd. (a)		171,101		541,013
The Awa Bank, Ltd. (a)		85,550		554,206
The Bank of Iwate, Ltd. (a)		8,555		412,355
The Bank of Okinawa, Ltd.		8,555		378,267
The Bank of Yokohama, Ltd.		85,550		407,957
The Chiba Bank, Ltd.		81,550		475,883
The Dai-ichi Life Insurance Co., Ltd. (a)		156		177,656
The Daisan Bank, Ltd.		256,651		471,736
The Daishi Bank, Ltd.		166,176		544,664
The Eighteenth Bank, Ltd.		167,251		444,999
The Higo Bank, Ltd.		85,550		522,317
The Hokkoku Bank, Ltd. (a)		85,550		326,585
The Hyakugo Bank, Ltd.		85,550		385,965
The Kansai Electric Power Co., Inc.		30,000		235,218
The Musashino Bank, Ltd.		8,555		264,127
The Nanto Bank, Ltd. (a)		83,550		419,898
The Ogaki Kyoritsu Bank, Ltd.		85,550		310,091
The San-In Godo Bank, Ltd. (a)		80,550		589,112
The Shiga Bank, Ltd. (a)		85,550		539,911
The Shikoku Bank, Ltd. (a)		166,101		433,400
The Toho Bank, Ltd.		171,101		589,397
The Tokyo Electric Power Co., Inc. (a)(b)		34,575		56,884
The Yamagata Bank, Ltd. (a)		93,176		435,939
The Yamanashi Chuo Bank, Ltd.		85,550		365,072
Tohoku Electric Power Co., Inc. (b)		27,800		224,401
Tokio Marine Holdings, Inc. (a)		25,665		657,789
Tokyo Dome Corp. (b)		92,000		301,542
Tokyo Electron, Ltd. (a)		8,555		365,622
Tokyo Gas Co., Ltd. (a)		87,475		483,474
Tokyu Corp. (a)		85,550		410,156
Toray Industries, Inc. (a)		85,550		508,022
Toshiba Corp. (a)		164,513		528,641
Toyota Motor Corp. (a)		68,988		2,695,675
Unihair Co., Ltd. (b)		12,000		164,730
Usen Corp. (b)		161,340		172,124
USS Co., Ltd. (a)		7,651		811,321
Warabeya Nichiyo Co., Ltd.		8,800		153,039
Yamada Denki Co., Ltd. (a)		5,978		263,170
Zenrin Co., Ltd.		15,900		212,954

				75,116,818

LUXEMBOURG — 0.3%
ArcelorMittal (a)		26,204		376,219
Millicom International Cellular SA (a)		4,865		451,910
Tenaris SA		5,735		117,164
Ternium SA ADR		7,522		147,582

				1,092,875

NETHERLANDS — 3.4%
Aegon NV		66,609		346,626
Akzo Nobel NV		11,234		635,767
ASML Holding NV		20,719		1,108,581
European Aeronautic Defence and Space Co. NV (a)		17,658		560,315
Fugro NV		7,120		484,741
Heineken NV (a)		10,882		649,446
ING Groep NV (b)		117,248		927,512
Koninklijke (Royal) KPN NV		46,737		357,516
Koninklijke Ahold NV		49,146		616,267
Koninklijke DSM NV		12,218		609,876
Koninklijke Philips Electronics NV		39,102		913,282
Royal Dutch Shell PLC (Class A)		121,889		4,216,019
SBM Offshore NV (b)		15,218		217,119
TNT Express NV		17,539		183,354
TNT NV		20,454		71,311
Unilever NV		52,009		1,842,020
Wolters Kluwer NV		17,473		328,868

				14,068,620

NEW ZEALAND — 0.1%
Fisher & Paykel Healthcare Corp., Ltd.		199,612		381,381

NORWAY — 0.8%
DnB NOR ASA		43,136		529,329
Norsk Hydro ASA		52,288		245,146
Orkla ASA		50,095		380,736
StatoilHydro ASA		35,342		913,059
Storebrand ASA (b)		36,603		168,284
Telenor ASA		29,093		567,651
Yara International ASA		12,920		647,715

				3,451,920

PORTUGAL — 0.2%
EDP — Energias de Portugal SA		89,057		245,413
Mota — Engil SGPS SA		74,337		117,152
Portugal Telecom SGPS SA (a)		43,811		216,828
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		102,903		289,261

				868,654

SINGAPORE — 1.5%
Ascendas REIT		336,000		660,113
CapitaLand, Ltd.		168,000		435,510
City Developments, Ltd. (a)		86,000		823,054
Cosco Corp. Singapore, Ltd. (a)		347,000		272,972
Flextronics International, Ltd. (b)		61,817		370,902
Genting Singapore PLC (a)		344,400		384,632
Keppel Corp., Ltd.		91,975		854,744
Lippo Malls Indonesia Retail Trust		505,000		187,311
SembCorp Industries, Ltd.		178,000		822,744
Singapore Exchange, Ltd. (a)		84,000		479,335
UOL Group, Ltd.		181,000		845,463

See accompanying notes to financial statements.

206

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

September 30, 2012


Security Description	Shares		Value

Wilmar International, Ltd. (a)		83,000	$	219,899

				6,356,679

SOUTH KOREA — 4.8%
Bioland, Ltd.		12,520		202,203
CJ CGV Co., Ltd.		8,710		225,308
Cosmochemical Co., Ltd. (b)		8,590		98,542
Credu Corp.		4,553		197,044
Crown Confectionery Co., Ltd.		990		183,049
Dae Han Flour Mills Co., Ltd.		1,441		171,791
Digitech Systems Co., Ltd. (a)(b)		12,546		128,121
Dongwon Industries Co., Ltd.		896		241,852
Dongyang Mechatronics Corp.		10,940		125,501
Genic Co., Ltd. (b)		3,330		193,851
GS Home Shopping, Inc.		1,457		144,858
Haansoft, Inc.		17,634		237,992
Hana Tour Service, Inc.		3,931		215,043
Harim Co., Ltd.		70,650		212,949
Hotel Shilla Co., Ltd.		3,690		183,931
Hyundai Elevator Co., Ltd.		1,014		88,771
Hyundai Engineering Plastics Co., Ltd.		42,200		199,339
Hyundai Hy Communications & Networks Co., Ltd. (b)		48,150		190,620
Hyundai Mobis		1,482		414,028
Hyundai Securities Co., Ltd.		159,600		1,332,603
INFINITT Co., Ltd. (b)		10,972		104,643
Interpark Corp. (b)		24,992		152,458
Kia Motors Corp.		4,421		276,058
KIWOOM Securities Co., Ltd.		13,542		796,857
Koh Young Technology, Inc.		5,651		132,196
Korea Electric Power Corp. ADR (b)		61,758		767,034
KT Corp. ADR		36,560		571,798
KT&G Corp.		3,037		231,445
LG Chem, Ltd.		601		179,258
LG Display Co., Ltd. ADR (a)(b)		55,566		698,465
LG Electronics, Inc. (a)		3,562		221,138
LG Household & Health Care, Ltd.		295		168,545
Lotte Samkang Co., Ltd.		343		176,218
Modetour Network, Inc.		9,839		223,971
NHN Corp.		1,077		281,502
POSCO ADR		20,611		1,680,621
Sajo Industries Co., Ltd.		4,286		241,019
Samsung Electronics Co., Ltd. GDR		10,422		6,274,044
Shinsegae Food Co., Ltd.		1,894		164,618
SK Innovation Co., Ltd.		3,416		517,890
SK Telecom Co., Ltd. ADR		58,618		852,306

				19,699,480

SPAIN — 2.2%
Abertis Infraestructuras SA		10,574		155,759
Acciona SA		2,732		155,667
Acerinox SA (a)		16,575		186,071
ACS, Actividades de Construccion y Servicios SA (a)		11,650		240,253
Banco Bilbao Vizcaya Argentaria SA (a)		107,351		844,248
Banco de Sabadell SA		50,669		136,238
Banco Santander SA (b)		218,559		1,629,415
Distribuidora Internacional de Alimentacion SA (b)		20,014		110,588
Ebro Puleva SA (a)		2,659		46,797
Enagas		25,065		494,978
Faes Farma SA		66,072		115,177
Ferrovial SA (a)		26,133		340,403
Gamesa Corp. Tecnologica SA (a)		19,823		41,722
Gestevision Telecinco SA (a)		30,540		165,802
Iberdrola SA		146,602		665,393
Indra Sistemas SA (a)		23,611		229,032
Industria de Diseno Textil SA		4,099		509,565
NH Hoteles SA (b)		55,791		173,696
Red Electrica Corporacion SA		10,934		518,987
Repsol YPF SA		37,495		727,901
Sacyr Vallehermoso SA (a)(b)		22,372		48,094
Telefonica SA		107,849		1,439,507

				8,975,293

SWEDEN — 2.5%
Alfa Laval AB		29,134		529,216
Assa Abloy AB (Class B) (a)		25,027		813,799
Atlas Copco AB (Class B)		55,112		1,154,926
Boliden AB		19,625		327,752
CDON Group AB (b)		24,384		153,223
Electrolux AB		18,851		465,769
Hennes & Mauritz AB (Class B)		26,591		925,490
Investor AB		9,686		213,616
Kinnevik Investment AB (Class B)		22,268		463,252
Nordea Bank AB		65,426		648,113
Sandvik AB		40,141		545,797
Scania AB (Class B)		24,293		446,467
Securitas AB (Class B)		35,784		268,956
Skanska AB (Class B)		30,321		491,584
Tele2 AB (Class B)		24,164		439,305
Telefonaktiebolaget LM Ericsson (Class B)		107,965		985,527
TeliaSonera AB		66,085		476,543
Volvo AB (Class A)		58,661		825,348

				10,174,683

SWITZERLAND — 6.9%
ABB, Ltd. (b)		70,948		1,331,690
Adecco SA (b)		7,811		372,016
Clariant AG (b)		26,932		320,674
Compagnie Financiere Richemont SA		10,093		605,709
Credit Suisse Group AG (b)		32,398		687,053
Geberit AG (b)		2,571		559,448
Glencore International PLC		67,319		372,972
Holcim, Ltd. (b)		9,242		589,057
Julius Baer Group, Ltd. (b)		7,804		272,368
Kuehne & Nagel International AG		3,482		393,476
Lonza Group AG (b)		4,349		227,631
Nestle SA		102,782		6,485,393
Nobel Biocare Holding AG (b)		11,019		110,565
Novartis AG		76,755		4,700,202
PSP Swiss Property AG (b)		8,327		757,121
Roche Holding AG		22,400		4,187,785
SGS SA		338		694,846
STMicroelectronics NV (a)		21,295		115,228
Sulzer AG		3,186		464,441
Swiss Life Holding AG (b)		2,218		264,092
Syngenta AG		3,615		1,352,067

See accompanying notes to financial statements.

207

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

September 30, 2012


Security Description	Shares		Value

The Swatch Group AG		1,975	$	788,487
UBS AG (b)		107,168		1,305,675
Wolseley PLC		10,122		431,835
Zurich Insurance Group AG (b)		4,423		1,102,220

				28,492,051

UNITED KINGDOM — 17.4%
3i Group PLC		53,992		194,164
AMEC PLC		28,562		528,557
Anglo American PLC		42,274		1,240,357
AstraZeneca PLC		35,299		1,684,374
Aviva PLC		88,168		453,745
BAE Systems PLC		113,781		597,318
Balfour Beatty PLC		78,918		387,025
Barclays PLC		351,708		1,220,214
Barratt Developments PLC (b)		48,384		132,431
BG Group PLC		114,628		2,313,765
BHP Billiton PLC		70,613		2,194,997
BP PLC		598,416		4,217,994
British American Tobacco PLC		50,617		2,598,806
British Land Co. PLC		43,931		370,305
British Sky Broadcasting Group PLC		52,379		628,864
BT Group PLC		245,423		914,285
Burberry Group PLC		14,273		230,711
Cable & Wireless Communications PLC		117,589		68,510
Cairn Energy PLC (b)		11,383		50,567
Capita Group PLC		24,243		303,198
Carnival PLC		11,475		423,036
Centrica PLC		157,346		832,881
Compass Group PLC		90,158		995,088
Diageo PLC		70,626		1,983,844
Experian PLC		28,826		478,981
FirstGroup PLC		40,404		156,586
G4S PLC		94,274		404,485
GlaxoSmithKline PLC		143,624		3,310,714
Hays PLC		180,038		224,149
HSBC Holdings PLC		528,773		4,895,192
ICAP PLC		41,515		215,260
Imperial Tobacco Group PLC		33,718		1,247,944
Informa PLC		59,694		388,178
Intercontinental Hotels Group PLC		31,159		815,112
Invensys PLC		57,267		216,483
J Sainsbury PLC		63,575		356,747
Kingfisher PLC		120,691		514,904
Land Securities Group PLC		33,684		414,202
Legal & General Group PLC		250,392		533,315
Lloyds Banking Group PLC (b)		1,036,495		649,910
Lonmin PLC (a)		8,738		78,664
Man Group PLC		71,104		94,553
Marks & Spencer Group PLC		74,759		430,732
Mondi PLC		38,872		395,454
National Grid PLC		130,900		1,443,706
Next PLC		11,993		668,137
Old Mutual PLC		194,419		533,397
Pearson PLC		37,152		725,916
Persimmon PLC		33,437		409,545
Prudential PLC		85,918		1,112,004
Randgold Resources, Ltd.		5,370		660,333
Reckitt Benckiser Group PLC		23,084		1,328,890
Rentokil Initial PLC		179,184		235,238
Resolution, Ltd.		59,733		209,408
Rio Tinto PLC		43,081		2,007,013
Rolls-Royce Holdings PLC (b)		73,192		996,345
Royal Bank of Scotland Group PLC (b)		60,946		252,928
Royal Dutch Shell PLC (Class B)		82,154		2,915,916
RSA Insurance Group PLC (a)		167,599		299,056
SABMiller PLC		30,816		1,353,517
Scottish & Southern Energy PLC		32,663		734,199
Serco Group PLC		53,354		499,705
Shire PLC		27,712		811,753
Smith & Nephew PLC		54,019		596,216
Smiths Group PLC		25,388		425,134
Standard Chartered PLC		54,647		1,235,415
Standard Life PLC		116,381		512,490
Tate & Lyle PLC		46,144		495,886
Tesco PLC		244,892		1,312,899
The Sage Group PLC		92,965		470,475
Tullow Oil PLC		38,795		858,252
Unilever PLC		46,507		1,691,240
Vodafone Group PLC		1,481,602		4,204,801
William Hill PLC		30,705		157,077
William Morrison Supermarkets PLC		113,476		522,603
WPP PLC		51,255		696,480
Xstrata PLC		62,141		960,806

				71,723,381

TOTAL COMMON STOCKS —
(Cost $394,927,981)				407,640,930

PREFERRED STOCK — 0.2%
SOUTH KOREA — 0.2%
Hyundai Motor Co., Ltd. (Cost $822,985)		12,284		857,672

RIGHTS — 0.0% (e)
FRANCE — 0.0% (e)
Cie Generale de Geophysique — Veritas (expiring 10/12/12) (a)(b) (Cost $0)		11,455		18,509

SHORT TERM INVESTMENTS — 11.5%
UNITED STATES — 11.5%
MONEY MARKET FUNDS — 11.5%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		46,696,155		46,696,155
State Street Institutional Liquid Reserves Fund 0.21% (g)(h)		332,197		332,197

TOTAL SHORT TERM INVESTMENTS —
(Cost $47,028,352)				47,028,352

TOTAL INVESTMENTS — 110.8%
(Cost $442,779,318)				455,545,463
OTHER ASSETS & LIABILITIES — (10.8)%				(44,263,153	)

NET ASSETS — 100.0%			$	411,282,310

See accompanying notes to financial statements.

208

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

September 30, 2012


(a)		A portion of the security was on loan at September 30, 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)		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)		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

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

209

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 98.4%
AUSTRALIA — 8.9%
Adelaide Brighton, Ltd. (a)		647,511	$	2,026,772
AET&D Holdings No 1 Pty, Ltd. (a)(b)(c)		110,316		0
Ansell, Ltd.		55,130		920,141
Aristocrat Leisure, Ltd. (a)		280,486		784,612
Aurora Oil & Gas, Ltd. (a)(c)		249,595		934,394
Ausenco, Ltd. (a)		139,929		389,973
AWE, Ltd.		1,078,904		1,469,757
Bank of Queensland, Ltd.		139,898		1,102,738
Bathurst Resources, Ltd. (a)(c)		458,628		195,540
Beach Energy, Ltd.		1,940,643		2,552,864
Billabong International, Ltd. (a)		210,267		289,720
BlueScope Steel, Ltd. (c)		1,785,329		779,757
Boart Longyear Group		239,267		409,299
Bradken, Ltd. (a)		81,635		472,850
carsales.com, Ltd. (a)		151,349		1,219,756
Charter Hall Retail REIT		194,428		693,497
Coal of Africa, Ltd. (a)(c)		281,895		67,423
Coalspur Mines, Ltd. (a)(c)		263,563		191,855
Consolidated Media Holdings, Ltd.		139,830		491,483
CSR, Ltd. (a)		293,722		476,489
Dart Energy, Ltd. (a)(c)		623,196		110,170
David Jones, Ltd. (a)		263,719		688,346
Downer EDI, Ltd. (c)		215,798		805,626
DUET Group		385,553		817,911
Energy World Corp., Ltd. (a)(c)		546,305		227,241
FKP Property Group (a)		1,288,646		335,016
Fleetwood Corp., Ltd.		243,693		2,574,710
Goodman Fielder, Ltd. (a)(c)		1,674,205		870,503
GrainCorp, Ltd.		114,023		1,062,410
Gryphon Minerals, Ltd. (a)(c)		201,123		194,507
Independence Group NL (a)		114,617		501,791
Infigen Energy (a)(c)		774,468		213,423
Intrepid Mines, Ltd. (a)(c)		337,124		164,770
Investa Office Fund		363,545		1,092,566
Invocare, Ltd.		527,667		4,708,025
IOOF Holdings, Ltd.		401,932		2,399,142
JB Hi-Fi, Ltd. (a)		166,385		1,569,325
Karoon Gas Australia, Ltd. (c)		125,685		705,779
Kingsgate Consolidated, Ltd. (a)		68,384		429,520
Linc Energy, Ltd. (a)(c)		199,539		130,725
Medusa Mining, Ltd.		97,633		615,263
Mirabela Nickel, Ltd. (a)(c)		295,885		132,307
Monadelphous Group, Ltd. (a)		140,507		2,878,430
Mount Gibson Iron, Ltd.		500,677		390,491
Myer Holdings, Ltd. (a)		295,165		535,614
Nufarm, Ltd. (a)		116,898		740,314
Oakton, Ltd. (a)		228,036		328,431
Pacific Brands, Ltd.		1,215,099		770,785
Paladin Energy, Ltd. (a)(c)		368,548		477,150
PaperlinX, Ltd. (c)		653,354		41,445
Perpetual, Ltd. (a)		21,332		576,096
Perseus Mining, Ltd. (c)		209,662		636,640
Platinum Australia, Ltd. (b)(c)		610,876		0
Primary Health Care, Ltd. (a)		220,563		830,296
Programmed Maintenance Services, Ltd. (a)		253,132		565,949
Regis Resources, Ltd. (c)		232,721		1,381,857
Resolute Mining, Ltd. (c)		308,379		623,729
Roc Oil Co., Ltd. (c)		1,006,850		382,164
SAI Global, Ltd.		891,954		3,932,782
Santos, Ltd.		40,338		476,523
Seek, Ltd. (a)		156,574		1,112,069
Sigma Pharmaceuticals, Ltd.		1,830,494		1,218,260
Silex Systems, Ltd. (c)		25,270		101,960
Southern Cross Media Group, Ltd. (a)		406,837		427,300
Spark Infrastructure Group (d)		1,613,174		2,734,389
St Barbara, Ltd. (a)(c)		294,001		660,380
STW Communications Group, Ltd.		785,020		828,587
Sundance Resources, Ltd. (c)		1,246,858		440,847
Transfield Services, Ltd.		265,802		483,713
Western Areas NL (a)		95,693		424,913
White Energy Co., Ltd. (a)(c)		157,295		53,978
WHK Group, Ltd.		871,850		870,371

				60,743,459

AUSTRIA — 0.7%
Atrium European Real Estate, Ltd.		102,722		537,065
BWT AG		34,627		710,312
Intercell AG (a)(c)		67,915		159,892
Schoeller-Bleckmann Oilfield Equipment AG		25,705		2,671,352
Wienerberger AG (a)		63,302		491,071

				4,569,692

BELGIUM — 1.0%
AGFA-Gevaert NV (a)(c)(e)		42,353		54
AGFA-Gevaert NV (c)(e)		157,324		263,116
Barco NV		39,009		2,654,790
EVS Broadcast Equipment SA (a)		19,807		1,094,949
KBC Ancora (c)		24,354		237,492
Nyrstar (a)(c)		71,838		452,209
RHJ International (c)		183,051		913,721
Tessenderlo Chemie NV (c)(e)		4,451		292
Tessenderlo Chemie NV (a)(e)		43,643		1,223,437

				6,840,060

BERMUDA — 0.5%
Archer, Ltd. (c)		90,590		137,037
BW Offshore, Ltd.		109,865		69,088
Golden Ocean Group, Ltd.		361,514		257,015
Johnson Electric Holdings, Ltd.		967,000		632,340
Lancashire Holdings, Ltd.		55,838		742,527
Ship Finance International, Ltd. (a)		34,353		540,029
SmarTone Telecommunications Holding, Ltd.		236,772		472,124
Trinity, Ltd.		618,000		414,484

				3,264,644

CANADA — 9.4%
Advantage Oil & Gas, Ltd. (c)		133,527		499,395
Angle Energy, Inc. (c)		67,710		271,817
Argonaut Gold, Inc. (c)		67,432		698,340
AuRico Gold, Inc. (a)(c)		173,294		1,216,994
Aurizon Mines, Ltd. (c)		89,344		468,535
Avion Gold Corp. (c)		244,183		198,533
B2Gold Corp. (c)		156,555		626,888
Bankers Petroleum, Ltd. (a)(c)		125,870		377,373

See accompanying notes to financial statements.

210

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

September 30, 2012


Security Description	Shares		Value

Banro Corp. (c)		102,038	$	473,920
Birchcliff Energy, Ltd. (a)(c)		63,301		427,175
BlackPearl Resources, Inc. (c)		157,072		577,876
Calfrac Well Services, Ltd.		17,542		421,814
Capstone Mining Corp. (c)		167,134		431,445
Celestica, Inc. (c)		109,654		783,442
China Gold International Resources Corp., Ltd. (c)		82,576		359,190
Cineplex, Inc. (a)		30,436		924,881
Colossus Minerals, Inc. (c)		76,071		433,719
Copper Mountain Mining Corp. (c)		69,698		238,714
Corus Entertainment, Inc. (Class B) (a)		153,012		3,556,466
Cott Corp. (c)		75,643		597,333
Crew Energy, Inc. (c)		67,363		495,663
Denison Mines Corp. (a)(c)		227,694		337,856
Dundee Corp. (Class A) (c)		93,954		2,360,428
Eastern Platinum, Ltd. (c)		519,842		95,098
Endeavour Silver Corp. (c)		46,973		467,844
Energy Fuels, Inc. (a)(c)		256,169		52,070
Exeter Resource Corp. (c)		66,563		111,620
FirstService Corp. (c)		68,142		1,935,636
Fortuna Silver Mines, Inc. (a)(c)		73,668		390,071
Freehold Royalties, Ltd. (a)		87,501		1,757,223
GMP Capital, Inc. (a)		102,353		606,452
Golden Star Resources, Ltd. (a)(c)		368,038		736,861
Gran Tierra Energy, Inc. (c)		152,675		788,240
Great Basin Gold, Ltd. (c)(f)		266,255		0
Great Canadian Gaming Corp. (a)(c)		57,900		590,798
Guardian Capital Group, Ltd.		340,316		3,372,205
Guyana Goldfields, Inc. (c)		48,570		163,883
Harry Winston Diamond Corp. (c)		46,016		546,702
Home Capital Group, Inc.		56,808		2,969,870
Ivanhoe Energy, Inc. (a)(c)		85,852		47,116
Jaguar Mining, Inc. (a)(c)		52,072		63,506
Just Energy Group, Inc. (a)		38,495		419,789
Keegan Resources, Inc. (a)(c)		51,423		190,756
Kirkland Lake Gold, Inc. (c)		42,490		514,742
Lake Shore Gold Corp. (c)		217,985		219,325
Legacy Oil + Gas, Inc. (c)		72,791		497,135
Linamar Corp.		78,096		1,679,467
Lions Gate Entertainment Corp. (a)(c)		78,812		1,203,459
MAG Silver Corp. (c)		52,297		639,927
Major Drilling Group International, Inc.		100,524		1,025,724
Martinrea International, Inc. (c)		102,731		737,111
Mercator Minerals, Ltd. (a)(c)		177,923		110,303
Minera Andes Acquisition Corp. (c)		57,997		268,191
Mullen Group, Ltd.		42,934		1,016,680
Nevsun Resources, Ltd.		104,774		490,887
North American Palladium, Ltd. (a)(c)		102,886		195,535
Northern Dynasty Minerals, Ltd. (a)(c)		57,364		265,264
NuVista Energy, Ltd. (c)		146,216		671,677
OceanaGold Corp. (c)		160,697		532,417
Oilsands Quest, Inc. (a)(c)		860,904		12,053
Pace Oil and Gas, Ltd. (c)		52,701		151,577
Pan American Silver Corp.		24,006		514,301
Pason Systems, Inc. (a)		41,202		687,154
Pengrowth Energy Corp. (a)		79,464		535,440
Peyto Exploration & Development Corp. (a)		2,866		70,547
Polymet Mining Corp. (a)(c)		204,992		239,586
Poseidon Concepts Corp. (a)		38,540		572,254
Premier Gold Mines, Ltd. (a)(c)		71,693		464,134
Pretium Resources, Inc. (c)		42,423		555,321
Queenston Mining, Inc. (c)		63,815		260,721
Questerre Energy Corp. (c)		138,445		98,492
Rubicon Minerals Corp. (a)(c)		128,293		481,123
Russel Metals, Inc. (a)		86,927		2,431,253
Sabina Gold & Silver Corp. (c)		76,578		255,273
Savanna Energy Services Corp. (a)		110,950		888,547
Seabridge Gold, Inc. (c)		21,543		418,621
ShawCor, Ltd. (Class A)		29,969		1,299,941
Sherritt International Corp. (a)		160,202		810,820
Silvercorp Metals, Inc. (a)		89,569		580,772
Stantec, Inc. (a)		74,461		2,535,132
Tanzanian Royalty Exploration Corp. (a)(c)		72,425		371,712
Tesco Corp. (a)(c)		28,633		305,800
Thompson Creek Metals Co., Inc. (a)(c)		95,851		272,761
TMX Group, Ltd. (c)		1,964		100,361
Torex Gold Resources, Inc. (c)		228,402		492,111
Transcontinental, Inc. (Class A) (a)		40,780		346,067
TransGlobe Energy Corp. (c)		51,902		564,410
Uni-Select, Inc. (a)		93,344		2,409,612
WestJet Airlines, Ltd.		111,845		1,997,171
Westport Innovations, Inc. (a)(c)		24,059		670,948
Wi-Lan, Inc.		70,663		397,140
Yamana Gold, Inc. (a)		2,379		45,406

				63,987,942

CHINA — 2.4%
Allied Properties HK, Ltd.		5,032,791		688,067
Cafe de Coral Holdings, Ltd.		1,317,867		3,696,980
China Gas Holdings, Ltd. (a)		2,542,000		1,396,694
Chow Sang Sang Holding International, Ltd. (a)		939		2,337
Daphne International Holdings, Ltd. (a)		574,000		575,980
Far East Consortium International, Ltd.		3,871,540		878,846
G-Resources Group, Ltd. (c)		9,624,000		415,831
Hi Sun Technology China, Ltd. (a)(c)		1,215,000		122,233
HKR International, Ltd.		2,761,579		1,207,462
K Wah International Holdings, Ltd.		2,813,109		1,342,470
Midland Holdings, Ltd.		793,790		471,979
Road King Infrastructure, Ltd.		1,231,544		883,163
Shun Tak Holdings, Ltd. (a)		1,130,749		437,526
Techtronic Industries Co., Ltd.		1,511,500		2,756,600
Texwinca Holdings, Ltd.		2,070,050		1,334,956
Xinyi Glass Holdings Co., Ltd. (a)		103,194		48,048

				16,259,172

CYPRUS — 0.0% (g)
Ocean Rig UDW, Inc. (c)		1,920		31,315

See accompanying notes to financial statements.

211

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

September 30, 2012


Security Description	Shares		Value

DENMARK — 1.4%
Amagerbanken A/S (b)		308,573	$	0
Bang & Olufsen A/S (a)(c)		34,101		467,854
D/S Norden A/S		15,215		406,461
East Asiatic Co., Ltd. A/S		37,005		791,879
Genmab A/S (c)		41,574		523,388
GN Store Nord A/S		207,899		3,202,117
IC Companys A/S (a)		27,354		483,862
Jyske Bank A/S (c)		28,972		861,970
NeuroSearch A/S (c)		35,901		25,960
NKT Holding A/S		11,539		402,250
SimCorp A/S		8,857		1,893,802
Sydbank A/S (c)		30,342		572,846

				9,632,389

FINLAND — 1.7%
Amer Sports Oyj (Class A)		172,548		2,246,467
Atria PLC		62,665		419,216
Citycon Oyj		268,762		805,626
Cramo Oyj		76,506		797,242
HKScan Oyj		130,823		604,210
Lassila & Tikanoja Oyj (c)		84,519		1,152,577
Outokumpu Oyj (c)		358,265		382,554
Outotec Oyj		17,731		842,864
Poyry Oyj (a)		89,270		390,476
Talvivaara Mining Co. PLC (c)		86,380		210,587
Tieto Oyj (a)		73,430		1,269,645
Vacon Oyj		43,552		2,252,391

				11,373,855

FRANCE — 2.1%
Canal +		40,260		248,303
Carbone Lorraine SA		38,708		1,140,370
Club Mediterranee SA (c)		35,729		575,256
GL Events SA		33,434		644,762
Groupe Steria SCA		36,364		508,055
IMS International Metal Service		41,101		448,128
IPSOS		83,993		2,689,538
Rubis		71,381		4,197,165
Saft Groupe SA		48,100		1,115,398
Sequana (a)(c)		85,033		174,485
Societe de la Tour Eiffel		15,586		818,297
SOITEC (a)(c)		139,493		416,162
Teleperformance		22,270		638,616
UbiSoft Entertainment SA (c)		64,458		514,717

				14,129,252

GERMANY — 2.8%
Aareal Bank AG (c)		24,597		504,564
Demag Cranes AG		1,012		64,537
Deutsche Wohnen AG		152,299		2,678,399
Dialog Semiconductor PLC (c)		37,728		735,822
DIC Asset AG		56,903		537,696
Freenet AG (a)		54,117		884,193
Gerresheimer AG (c)		25,144		1,315,583
Gildemeister AG		78,303		1,391,175
Indus Holding AG		71,362		1,742,041
Jenoptik AG		158,632		1,204,684
Kloeckner & Co. SE (c)		47,600		455,422
Kontron AG		89,713		400,031
KUKA AG (c)		53,786		1,549,983
Leoni AG		45,523		1,701,908
MLP AG		66,030		429,750
Nordex SE (c)		41,565		168,976
Patrizia Immobilien AG (c)		123,138		703,372
Solar Millennium AG (c)		24,804		2,425
Solarworld AG (a)		53,723		105,745
TUI AG (a)(c)		96,367		831,136
Wincor Nixdorf AG (a)		17,125		670,413
Wirecard AG		51,868		1,192,432

				19,270,287

GIBRALTAR — 0.1%
PartyGaming PLC		351,509		589,754

GREECE — 0.5%
Alpha Bank AE (c)		284,373		607,304
Diana Containerships, Inc.		937		5,257
Diana Shipping, Inc. (c)		91,464		590,857
DryShips, Inc. (c)		208,475		487,832
EFG Eurobank Ergasias (c)		187,132		255,190
Ellaktor SA (c)		135,788		242,821
Fourlis Holdings SA (c)		58,140		106,960
Hellenic Exchanges SA		93,880		423,926
Marfin Investment Group SA (c)		464,228		173,196
Titan Cement Co. SA (c)		29,805		575,162
TT Hellenic Postbank SA (b)(c)		129,076		27,897

				3,496,402

HONG KONG — 1.0%
Ajisen China Holdings, Ltd. (a)		361,000		239,790
Champion REIT		189		86
China Grand Forestry Green Resources Group, Ltd. (c)		768,103		49,039
China Mining Resources Group, Ltd. (a)(c)(f)		20,920,000		0
China Oil and Gas Group, Ltd. (a)(c)		3,800,000		406,797
China Precious Metal Resources Holdings Co., Ltd. (a)(c)		2,250,000		435,301
Emperor Watch & Jewellery, Ltd. (a)		1,890,000		204,766
Giordano International, Ltd. (a)		3,056,000		2,569,906
Hutchison Telecommunications Hong Kong Holdings, Ltd.		1,210,000		535,298
Kingdee International Software Group Co., Ltd. (a)(c)		1,212,000		250,115
Mongolia Energy Co., Ltd. (c)		3,128,723		131,150
Pacific Basin Shipping, Ltd. (a)		1,566,000		717,028
Peace Mark (Holdings), Ltd. (b)(c)		504,228		0
Skyworth Digital Holdings, Ltd. (a)		1,317,009		625,105
Xingda International Holdings, Ltd. (a)		677,000		213,056
Yanchang Petroleum International, Ltd. (c)		4,460,000		287,621

				6,665,058

IRELAND — 1.5%
C&C Group PLC		287,002		1,367,251
Glanbia PLC		47,176		418,774
Kenmare Resources PLC (c)		1,115,271		707,589
Kingspan Group PLC		126,782		1,296,685
Paddy Power PLC (e)		13,145		973,907
Paddy Power PLC (e)		61,881		4,595,878

See accompanying notes to financial statements.

212

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

September 30, 2012


Security Description	Shares		Value

Smurfit Kappa Group PLC		65,567	$	662,163

				10,022,247

ISRAEL — 0.7%
Clal Insurance Enterprise Holdings, Ltd.		20,132		220,769
Israel Discount Bank, Ltd. (Class A) (c)		425,421		507,404
Migdal Insurance & Financial Holding, Ltd.		252,365		294,694
NICE Systems, Ltd. (c)		39,028		1,292,311
Oil Refineries, Ltd. (c)		873,964		354,219
Osem Investments, Ltd.		29,769		409,466
Partner Communications Co., Ltd.		61,949		333,669
Paz Oil Co., Ltd.		4,791		571,427
Shufersal, Ltd.		56,291		136,330
Strauss Group, Ltd. (c)		29,677		317,044

				4,437,333

ITALY — 1.5%
Amplifon SpA		298,739		1,272,124
Astaldi SpA		230,344		1,496,504
Banca Popolare dell’Etruria e del Lazio Scrl		233,760		322,987
Banca Popolare di Milano Scarl (c)		1,603,203		843,364
Digital Multimedia Technologies SpA (c)		30,716		769,379
Esprinet SpA		100,849		416,473
IMMSI SpA		757,419		383,434
Interpump Group SpA		317,867		2,361,604
Saras SpA (c)		262,546		333,037
Sorin SpA (c)		990,220		2,242,095

				10,441,001

JAPAN — 28.9%
Alps Electric Co., Ltd. (a)		189,136		982,146
Anritsu Corp. (a)		63,000		819,486
Asahi Holdings, Inc. (a)		48,873		824,182
Bank of the Ryukyus, Ltd. (a)		146,100		1,909,816
Best Denki Co., Ltd. (a)(c)		245,769		429,622
Calbee, Inc. (a)		13,600		1,195,681
Capcom Co., Ltd. (a)		22,200		461,121
Casio Computer Co., Ltd. (a)		106,000		753,445
Central Glass Co., Ltd. (a)		548,145		1,634,571
COMSYS Holdings Corp. (a)		218,750		3,061,938
Daifuku Co., Ltd.		127,500		640,778
Daihen Corp. (a)		255,000		658,805
DAIICHI CHUO KISEN KAISHA (a)(c)		339,834		266,451
Dainippon Screen Manufacturing Co., Ltd. (a)		258,000		1,273,419
Daiwa Office Investment Corp.		313		1,039,176
DCM Japan Holdings Co., Ltd. (a)		177,133		1,183,922
DIC Corp.		288,000		470,129
Doutor Nichires Holdings Co., Ltd.		175,732		2,215,850
DTS Corp.		94,282		1,290,621
eAccess, Ltd. (a)		1,306		252,975
Ebara Corp. (a)		120,000		504,370
EDION Corp. (a)		106,200		470,938
FCC Co., Ltd. (a)		105,948		1,709,058
Frontier Real Estate Investment Corp.		84		737,429
Fukuoka REIT Corp.		313		2,289,165
Furukawa Co., Ltd. (a)(c)		755,387		699,073
Glory, Ltd.		77,000		1,815,141
H2O Retailing Corp. (a)		255,000		2,923,650
Hanwa Co., Ltd. (a)		425,000		1,480,398
Haseko Corp. (c)		710,500		456,620
Heiwa Real Estate Co., Ltd.		69,400		801,936
Hitachi Kokusai Electric, Inc. (a)		180,372		1,198,616
Hitachi Zosen Corp.		857,500		991,967
Horiba, Ltd. (a)		53,913		1,591,057
Hosiden Corp.		120,400		674,735
Hulic Co., Ltd. (c)		117,300		711,640
Iino Kaiun Kaisha, Ltd. (a)		148,700		512,231
IT Holdings Corp.		99,708		1,299,536
Izumiya Co., Ltd. (a)		264,000		1,347,147
Japan Airport Terminal Co., Ltd. (a)		101,000		1,204,730
Japan Aviation Electronics Industry, Ltd. (a)		169,000		1,424,987
Japan Excellent, Inc.		261		1,442,545
Japan Logistics Fund, Inc.		261		2,422,134
Japan Prime Realty Investment Corp.		304		919,033
Juki Corp. (a)		161,332		205,294
Kanematsu Corp. (a)(c)		803,698		940,058
Katakura Industries Co., Ltd.		101,974		952,893
Kawasaki Kisen Kaisha, Ltd. (a)(c)		342,000		430,797
Kayaba Industry Co., Ltd. (a)		318,832		1,139,271
Kitz Corp.		179,600		773,342
Kiyo Holdings, Inc.		1,226,000		1,780,694
Komori Corp.		116,636		602,669
Kurabo Industries, Ltd.		750,000		1,233,933
Kyowa Exeo Corp.		142,800		1,692,308
Makino Milling Machine Co., Ltd. (a)		179,000		809,871
Marudai Food Co., Ltd.		566,656		2,104,930
Maruha Nichiro Holdings, Inc.		809,485		1,310,991
Marusan Securities Co., Ltd. (a)		174,998		521,845
Meidensha Corp.		76,000		263,753
Mirait Holdings Corp.		97,500		789,524
Mitsui Mining & Smelting Co., Ltd. (a)		710,000		1,514,910
Mitsui-Soko Co., Ltd.		311,000		1,063,316
Mitsumi Electric Co., Ltd. (a)(c)		45,900		246,609
Nakanishi, Inc.		8,383		904,028
NET One Systems Co., Ltd. (a)		199,200		2,516,884
Neturen Co., Ltd. (a)		221,103		1,369,816
Nichi-iko Pharmaceutical Co., Ltd.		17,700		418,157
Nihon Dempa Kogyo Co., Ltd. (a)		26,300		296,467
Nihon Kohden Corp.		73,100		2,545,346
Nikkiso Co., Ltd. (a)		243,000		3,004,704
Nippon Accommodations Fund, Inc.		265		1,829,113
Nippon Carbon Co., Ltd.		244,712		449,792
Nippon Konpo Unyu Soko Co., Ltd.		239,200		3,108,370
Nippon Light Metal Co., Ltd.		1,530,000		1,494,602
Nippon Seiki Co., Ltd.		80,000		802,057
Nippon Shinyaku Co., Ltd.		232,000		2,964,113
Nippon Soda Co., Ltd.		268,000		1,160,874
Nippon Suisan Kaisha, Ltd. (a)		425,899		919,679
Nippon Thompson Co., Ltd. (a)		237,000		804,216
Nishimatsu Construction Co., Ltd. (a)		718,000		1,107,455

See accompanying notes to financial statements.

213

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

September 30, 2012


Security Description	Shares		Value

Nishimatsuya Chain Co., Ltd. (a)		124,393	$	1,040,872
Nissan Chemical Industries, Ltd. (a)		76,000		852,802
Nissha Printing Co., Ltd. (a)(c)		21,700		203,054
Nisshin Steel Co., Ltd. (a)		355,000		383,291
Nitto Boseki Co., Ltd. (a)		554,153		1,873,294
NOF Corp.		473,000		2,285,964
Nomura Real Estate Office Fund, Inc.		129		811,639
NSD Co., Ltd. (a)		99,208		971,677
Okasan Securities Group, Inc.		270,682		1,015,927
Oki Electric Industry Co., Ltd. (c)		1,484,000		1,697,635
Orix JREIT, Inc.		428		2,101,491
Osaka Securities Exchange Co., Ltd. (a)		305		1,330,945
OSG Corp. (a)		152,100		2,119,234
Park24 Co., Ltd. (a)		198,713		3,264,206
Pioneer Corp. (a)(c)		121,200		297,548
Point, Inc. (a)		25,300		915,418
Premier Investment Corp.		501		1,927,369
Rengo Co., Ltd. (a)		216,000		996,710
Rohto Pharmaceutical Co., Ltd.		194,000		2,939,923
Ryohin Keikaku Co., Ltd.		32,103		2,034,290
Sakai Chemical Industry Co., Ltd.		331,565		975,943
Sanden Corp. (a)		425,000		1,283,740
Sankyu, Inc.		281,000		1,065,488
Sanyo Shokai, Ltd.		212,000		664,884
Sanyo Special Steel Co., Ltd. (a)		228,937		712,118
Sapporo Holdings, Ltd. (a)		175,000		490,360
Sato Corp. (a)		126,400		1,908,997
Sawai Pharmaceutical Co., Ltd. (a)		7,600		886,015
SBI Holdings, Inc. (a)		91,280		590,152
Seiren Co., Ltd.		205,000		1,428,149
Senshu Ikeda Holdings, Inc. (a)		104,760		634,215
Shima Seiki Manufacturing, Ltd. (a)		73,925		1,068,967
Shimachu Co., Ltd. (a)		100,300		2,101,401
Shochiku Co., Ltd. (a)		491,000		4,903,689
Sinfonia Technology Co., Ltd. (a)		482,000		910,720
SMK Corp.		253,343		700,112
Star Micronics Co., Ltd. (a)		69,400		669,023
Sumitomo Osaka Cement Co., Ltd. (a)		990,793		3,540,366
Tadano, Ltd. (a)		173,526		1,318,173
Taiyo Yuden Co., Ltd. (a)		52,700		445,715
Takara Holdings, Inc. (a)		312,000		2,313,933
Takasago International Corp. (a)		327,694		1,701,650
Takuma Co., Ltd. (a)		269,000		1,376,118
The 77 Bank, Ltd.		108,000		449,769
The Bank of Nagoya, Ltd. (a)		257,000		905,116
The Bank of Okinawa, Ltd.		51,900		2,294,807
The Ehime Bank, Ltd.		726,000		1,940,977
The Eighteenth Bank, Ltd.		696,730		1,853,768
The Hokuetsu Bank, Ltd.		977,000		1,996,697
The Michinoku Bank, Ltd.		680,000		1,380,977
The Minato Bank, Ltd.		799,000		1,561,028
The Miyazaki Bank, Ltd.		658,000		1,809,923
The Musashino Bank, Ltd.		43,900		1,355,370
The Oita Bank, Ltd.		437,000		1,437,943
The Tochigi Bank, Ltd.		265,000		980,977
The Tokyo Tomin Bank, Ltd.		47,600		447,244
Toagosei Co., Ltd.		581,818		2,198,644
TOC Co., Ltd. (a)		205,300		1,103,026
Toei Co., Ltd. (a)		316,000		1,783,085
Toho Holdings Co., Ltd.		78,119		1,604,552
Toho Zinc Co., Ltd. (a)		248,000		873,419
Tokai Carbon Co., Ltd. (a)		79,000		241,671
Tokai Tokyo Financial Holdings, Inc. (a)		257,000		862,172
Tokuyama Corp. (a)		159,000		326,992
Tokyo Dome Corp. (c)		253,000		829,242
Tokyo Tatemono Co., Ltd. (c)		230,000		901,671
TOMONY Holdings, Inc.		278,400		1,248,864
Topy Industries, Ltd. (a)		770,381		1,554,625
Toyo Corp/Chuo-ku (a)		175,048		1,912,478
Toyo Tire & Rubber Co., Ltd.		426,000		1,073,213
Toyobo Co., Ltd. (a)		1,043,788		1,247,716
Ulvac, Inc. (a)(c)		49,500		376,022
Unitika, Ltd. (c)		1,056,000		515,784
UNY Co., Ltd.		75,000		585,154
Yamato Kogyo Co., Ltd. (a)		26,600		787,401
Yodogawa Steel Works, Ltd. (a)		442,000		1,494,165
Zenrin Co., Ltd.		56,877		761,772

				196,514,432

LUXEMBOURG — 0.1%
AZ Electronic Materials SA		137,661		751,801

MALTA — 0.0% (g)
Angler Gaming PLC (c)		23,301		7,499

NETHERLANDS — 1.9%
Aalberts Industries NV		97,473		1,751,824
AerCap Holdings NV (c)		70,862		885,775
ASM International NV (a)		73,068		2,460,031
BinckBank NV (a)		39,953		294,262
CSM (a)		33,296		593,697
Eurocommercial Properties NV		16,770		636,235
Exact Holding NV		50,631		1,120,352
Koninklijke BAM Groep NV (a)		122,037		373,505
Mediq NV		180,062		2,988,281
Ordina NV (c)		99,565		130,652
VistaPrint NV (a)(c)		25,722		878,406
Wereldhave NV		7,961		443,164

				12,556,184

NEW ZEALAND — 0.6%
Fisher & Paykel Appliances Holdings, Ltd. (a)(c)		1,034,202		1,030,934
Fisher & Paykel Healthcare Corp., Ltd. (a)		848,914		1,621,944
Nuplex Industries, Ltd. (a)		132,732		317,550
Sky City Entertainment Group Ltd. (a)		271,704		853,163

				3,823,591

NORWAY — 1.5%
Algeta ASA (c)		22,285		576,122
Deep Sea Supply PLC (c)		181,445		301,098
DNO International ASA (a)(c)		1,003,611		1,917,884
Ekornes ASA		90,845		1,285,363
Norske Skogindustrier ASA (a)(c)		269,679		244,486
Norwegian Property ASA (a)		426,671		652,140
ProSafe SE (a)		126,727		1,046,613
Renewable Energy Corp. ASA (a)(c)		424,266		130,286
Songa Offshore SE (a)(c)		132,585		279,538

See accompanying notes to financial statements.

214

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

September 30, 2012


Security Description	Shares		Value

Tomra Systems ASA		200,466	$	1,777,119
Veidekke ASA		267,437		2,106,870

				10,317,519

PORTUGAL — 0.2%
Altri SGPS SA		368,620		644,952
Semapa-Sociedade de Investimento e Gestao, SGPS, SA (a)		149,099		956,969

				1,601,921

SINGAPORE — 2.6%
Bukit Sembawang Estates, Ltd.		273,080		1,175,399
Cape PLC (a)		58,578		227,020
CapitaCommercial Trust		818		997
China Yuchai International, Ltd. (a)		22,172		282,693
Cosco Corp. Singapore, Ltd. (a)		565,000		444,465
Ezra Holdings, Ltd. (a)(c)		500,599		497,865
Haw Par Corp., Ltd.		809,352		4,394,134
Hong Leong Finance, Ltd. (a)		1,764,656		3,510,036
Mapletree Industrial Trust		720,000		827,586
Mapletree Logistics Trust (a)		4,324,201		3,965,702
Miclyn Express Offshore, Ltd.		378,451		846,135
Wing Tai Holdings, Ltd.		835,299		1,164,393

				17,336,425

SOUTH KOREA — 7.6%
Asiana Airlines (c)		167,318		1,044,773
Capro Corp.		14,950		227,325
Cheil Communications, Inc.		216,767		4,612,583
CJ E&M Corp. (c)		10,254		268,015
Daum Communications Corp. (a)		18,162		1,854,724
DGB Financial Group, Inc.		69,530		919,622
Dong-A Pharmaceutical Co., Ltd.		13,603		1,279,001
Dongkuk Steel Mill Co., Ltd. (a)		20,890		306,370
Eugene Investment & Securities Co., Ltd. (c)		79,229		191,403
Fila Korea, Ltd.		5,789		378,146
GemVax & Kael Co., Ltd. (a)(c)		10,952		380,858
Grand Korea Leisure Co., Ltd.		19,700		520,229
Green Cross Corp.		3,092		471,551
Hana Tour Service, Inc. (a)		26,092		1,427,351
Hanjin Heavy Industries & Construction Co., Ltd. (a)(c)		16,850		183,445
Hanjin Shipping Co., Ltd. (a)(c)		46,008		558,839
Hanmi Pharm Co., Ltd. (c)		10,260		864,981
Hansol Paper Co. (a)		79,509		668,879
Hanwha Securities Co.		119,772		447,222
Hite Jinro Co. Ltd.		28,374		622,917
Hotel Shilla Co., Ltd.		64,335		3,206,837
Humax Co., Ltd. (a)		47,006		422,935
Hyundai Development Co.		29,280		586,166
Hyundai Elevator Co., Ltd.		3,013		263,774
Hyundai Greenfood Co., Ltd. (a)		35,830		599,625
Hyundai Marine & Fire Insurance Co., Ltd.		7		218
Hyundai Securities Co., Ltd.		76,330		637,328
Jeonbuk Bank		254,234		1,031,644
Korea Express Co., Ltd. (a)(c)		7,129		621,545
Korea Investment Holdings Co., Ltd.		23,820		859,421
Korean Reinsurance Co.		128,968		1,375,055
KP Chemical Corp.		25,450		302,261
KT Skylife Co., Ltd. (c)		13,608		375,883
Kumho Tire Co, Inc. (c)		56,100		762,184
LG Fashion Corp. (a)		11,280		315,131
LG International Corp.		69,228		2,911,945
LG Life Sciences, Ltd. (a)(c)		25,050		1,064,950
LIG Insurance Co., Ltd.		59,720		1,397,053
Lotte Chilsung Beverage Co., Ltd.		395		490,096
LS Industrial Systems Co., Ltd.		9,965		625,824
MegaStudy Co., Ltd.		5,775		384,506
Melfas, Inc. (a)		13,404		268,942
Meritz Finance Holdings Co. Ltd. (c)		89,228		252,890
Meritz Fire & Marine Insurance Co., Ltd.		119,178		1,356,458
Meritz Securities Co., Ltd.		785,777		724,675
Mirae Asset Securities Co., Ltd.		14,317		436,044
Neowiz Games Corp. (a)(c)		9,166		218,547
NongShim Co., Ltd.		2,481		592,668
Poongsan Corp.		57,793		1,827,765
S1 Corp/Korea		12,780		786,515
Samsung Fine Chemicals Co., Ltd.		29,259		1,761,187
Samyang Corp. (c)		2,140		112,447
Samyang Holdings Corp.		2,857		169,915
Seoul Semiconductor Co., Ltd. (a)		21,478		423,212
SFA Engineering Corp. (a)		44,153		1,807,555
SK Broadband Co., Ltd. (c)		152,316		520,774
SK Chemicals Co., Ltd. (a)		31,464		1,848,617
STX Offshore & Shipbuilding Co., Ltd. (a)		27,163		218,003
STX Pan Ocean Co., Ltd. (a)		61,429		205,330
Taekwang Industrial Co., Ltd.		476		406,865
Tong Yang Securities, Inc.		70,520		266,490
Woori Investment & Securities Co., Ltd.		64,213		678,861
Yuhan Corp.		11,075		1,524,597

				51,870,972

SPAIN — 1.3%
Amper SA (c)		135,557		357,508
Campofrio Food Group SA (c)		186,798		1,401,040
Construcciones y Auxiliar de Ferrocarriles SA		5,386		2,629,588
Ercros SA (c)		416,305		315,454
Faes Farma SA (a)		211,411		368,533
Gamesa Corp. Tecnologica SA (a)		75,932		159,815
Tubacex SA (a)(c)		248,574		626,789
Tubos Reunidos SA (a)		296,997		725,964
Vidrala SA		72,600		1,778,334
Zeltia SA (a)(c)		144,381		270,261

				8,633,286

SWEDEN — 1.8%
Axfood AB		12,635		475,793
Axis Communications AB		27,550		684,905
Betsson AB (c)		22,905		609,603
Carnegie Investment Bank AB (a)(b)(c)		59,625		0
Fabege AB		77,291		736,767
Great Portland Estates PLC		118,657		863,957
Haldex AB (a)		171,599		868,909

See accompanying notes to financial statements.

215

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

September 30, 2012


Security Description	Shares		Value

Intrum Justitia AB		109,051	$	1,596,696
JM AB		53,800		984,657
Kungsleden AB		166,680		943,145
New Wave Group AB (Class B)		210,696		665,193
Nobia AB (c)		97,680		369,470
PA Resources AB (c)		664,559		68,923
SAS AB (a)(c)		151,603		172,260
TradeDoubler AB		93,845		200,383
Wihlborgs Fastigheter AB		193,833		2,897,177

				12,137,838

SWITZERLAND — 2.2%
Basilea Pharmaceutica AG (c)		9,390		474,596
Belimo Holding AG		2,456		4,345,955
Daetwyler Holding AG		31,983		2,666,384
Georg Fischer AG (c)		3,152		1,115,173
Kudelski SA (c)		65,745		741,538
Kuoni Reisen Holding (Class B) (c)		4,719		1,277,916
Meyer Burger Technology AG (c)		17,900		237,130
Mobimo Holding AG (c)		3,140		720,683
Nobel Biocare Holding AG (c)		48,758		489,240
Temenos Group AG (c)		73,621		1,100,633
Valora Holding AG		8,620		1,531,752

				14,701,000

UNITED KINGDOM — 13.5%
Afren PLC (c)		533,159		1,206,184
Ashtead Group PLC		263,344		1,376,952
Aveva Group PLC		34,937		1,109,708
Barratt Developments PLC (c)		458,689		1,255,471
Bellway PLC		92,977		1,382,031
Bodycote PLC		212,820		1,342,686
Booker Group PLC		779,158		1,174,515
Bovis Homes Group PLC		183,074		1,492,920
Britvic PLC		230,474		1,355,068
BTG PLC (c)		160,590		836,568
Cable & Wireless Communications PLC		1,319,545		768,793
Capital & Counties Properties PLC		281,872		991,353
Centamin PLC (c)		445,865		665,984
Chemring Group PLC		213,948		1,121,093
CSR PLC		151,759		779,537
Dairy Crest Group PLC		174,416		975,343
Debenhams PLC		545,656		902,272
Domino’s Pizza UK & IRL PLC		56,047		480,580
DS Smith PLC		724,588		2,175,149
DSG International PLC (c)		2,105,256		672,434
Elementis PLC		899,200		3,368,704
EnQuest PLC (c)		301,331		558,604
Enterprise Inns PLC (c)		437,239		444,814
Fenner PLC		357,650		2,229,277
Filtrona PLC		80,006		665,347
Galiform PLC		315,856		757,415
Galliford Try PLC		126,460		1,490,715
Game Group PLC (f)		573,405		0
Gem Diamonds, Ltd. (c)		90,508		254,305
Hays PLC		574,673		715,474
Heritage Oil PLC (c)		122,681		382,739
Hikma Pharmaceuticals PLC		60,190		706,120
Home Retail Group PLC (a)		337,877		486,133
Hunting PLC		64,236		857,314
Imagination Technologies Group PLC (c)		107,644		825,661
Intermediate Capital Group PLC		172,088		828,939
International Personal Finance		293,770		1,421,716
Interserve PLC		188,403		1,109,234
ITE Group PLC		511,448		1,702,151
J.D. Wetherspoon PLC		158,733		1,232,909
Jardine Lloyd Thompson Group PLC		3,048		37,677
Jazztel PLC (c)		81,893		488,638
JKX Oil & Gas PLC (c)		68,496		87,380
Jupiter Fund Management PLC		190,048		747,889
Keller Group PLC		98,991		885,572
Kesa Electricals PLC (a)		254,899		232,560
Kier Group PLC		58,342		1,220,028
Ladbrokes PLC		287,767		802,977
Laird PLC		202,291		735,637
Lamprell PLC		88,315		156,872
Mcbride PLC (c)		147,932		309,350
Melrose PLC		1,355,231		5,300,368
Michael Page International PLC		268,655		1,543,545
Micro Focus International PLC		88,227		839,854
Mitchells & Butlers PLC (c)		225,596		1,061,183
Mitie Group PLC		499,940		2,351,673
Morgan Crucible Co. PLC		317,631		1,354,596
Morgan Sindall PLC		66,250		712,490
N Brown Group PLC		251,758		1,116,762
National Express Group PLC		206,183		698,184
Ophir Energy PLC (c)		111,230		1,092,054
Pace PLC		182,534		469,546
PayPoint PLC		105,312		1,217,613
Premier Farnell PLC		463,135		1,287,832
Premier Foods PLC (c)		144,758		149,603
Punch Taverns PLC (c)		1,179,526		127,805
PV Crystalox Solar PLC (c)		424,582		52,518
Redrow PLC (c)		302,961		760,739
Regus PLC		311,748		512,975
Renishaw PLC		19,200		512,499
Restaurant Group PLC		335,234		1,936,899
RPS Group PLC		305,116		1,226,826
Salamander Energy PLC (c)		88,507		285,842
Senior PLC		664,466		2,192,097
Shaftesbury PLC		322,828		2,752,477
Shanks Group PLC		417,204		555,803
SIG PLC		316,088		505,314
SOCO International PLC (c)		104,772		558,313
Spirent Communications PLC		338,612		843,151
Spirit Pub Co. PLC		228,783		193,032
Taylor Wimpey PLC		1,414,373		1,240,173
Telecity Group PLC		109,096		1,577,586
Tullett Prebon PLC		254,335		1,223,886
Ultra Electronics Holdings PLC		51,455		1,281,240
Unite Group PLC		288,009		1,225,942
Victrex PLC		154,326		3,294,497
WH Smith PLC		168,474		1,758,814
Wincanton PLC (c)		231,327		209,186
Yell Group PLC (a)(c)		1,856,337		14,988

				91,844,697

See accompanying notes to financial statements.

216

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

September 30, 2012


Security Description	Shares		Value

UNITED STATES — 0.0% (g)
Molycorp, Inc. (c)		7,265	$	83,547

TOTAL COMMON STOCKS —
(Cost $751,891,638)				667,934,574

PREFERRED STOCK — 0.0% (g)
SOUTH KOREA — 0.0% (g)
Hyundai Securities Co., Ltd. (Cost $246,036)		33,293		240,840

RIGHTS — 0.0% (g)
FINLAND — 0.0% (g)
Citycon Oyj (expiring 10/1/12) (c) (Cost $0)		268,762		29,288

WARRANTS — 0.0% (g)
CANADA — 0.0% (g)
Kinross Gold Corp. (expiring 9/17/14) (c)		463		329

FRANCE — 0.0% (g)
UbiSoft Entertainment SA (expiring 10/10/13) (c)		67,783		4,186

ITALY — 0.0% (g)
Interpump Group SpA (expiring 10/31/12) (c)		8		4

TOTAL WARRANTS —
(Cost $2,207)				4,519

SHORT TERM INVESTMENTS — 11.4%
UNITED STATES — 11.4%
MONEY MARKET FUNDS — 11.4%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		75,674,265		75,674,265
State Street Institutional Liquid Reserves Fund 0.21% (i)(j)		1,771,925		1,771,925

TOTAL SHORT TERM INVESTMENTS —
(Cost $77,446,190)				77,446,190

TOTAL INVESTMENTS — 109.8%
(Cost $829,586,071)				745,655,411
OTHER ASSETS & LIABILITIES — (9.8)%				(66,575,152	)

NET ASSETS — 100.0%			$	679,080,259


(a)		A portion of the security was on loan at September 30, 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)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.4% of net assets as of September 30, 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)		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)
(g)		Amount shown represents less than 0.05% of net assets.
(h)		Investments of cash collateral for securities loaned.
(i)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(j)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

217

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 17.5%
Abacus Property Group		2,543,983	$	5,132,246
Astro Japan Property Group		566,416		1,684,586
Bunnings Warehouse Property Trust (a)		3,772,321		7,806,444
CFS Retail Property Trust (b)		22,099,983		44,354,817
Charter Hall Retail REIT (b)		2,352,852		8,392,286
Commonwealth Property Office Fund (b)		22,089,680		23,775,043
Dexus Property Group		45,544,246		44,993,385
Goodman Group (b)		13,446,786		55,373,914
GPT Group		15,335,028		54,219,441
Investa Office Fund (b)		5,779,326		17,368,671
Westfield Group		19,571,395		206,779,288
Westfield Retail Trust		26,442,896		79,469,120

				549,349,241

AUSTRIA — 1.7%
Atrium European Real Estate, Ltd.		1,649,409		8,623,662
CA Immobilien Anlagen AG (a)		694,988		7,656,194
IMMOFINANZ AG (a)		10,089,993		36,644,719

				52,924,575

BELGIUM — 0.8%
Befimmo Sicafi S.C.A.		141,981		8,384,025
Cofinimmo (b)		140,255		15,595,257

				23,979,282

CANADA — 11.8%
Artis REIT		513,508		8,548,464
Boardwalk REIT		244,079		16,121,443
Brookfield Asset Management, Inc. (Class A) (b)		5,297,885		182,743,246
Brookfield Office Properties, Inc. (c)		510,000		8,445,600
Brookfield Office Properties, Inc. (c)		1,195,886		19,859,523
Calloway REIT		500,148		15,183,110
Canadian Apartment Properties REIT		436,748		11,039,100
Canadian REIT		317,165		13,544,665
Chartwell Seniors Housing REIT		796,823		8,252,072
First Capital Realty, Inc. (b)		737,359		14,080,975
H&R REIT		868,834		22,242,928
Primaris Retail REIT		414,647		10,273,991
RioCan REIT		1,356,565		38,148,436

				368,483,553

CHINA — 3.3%
Hongkong Land Holdings, Ltd. (b)		11,047,000		66,392,470
Kerry Properties, Ltd.		7,177,670		36,289,900

				102,682,370

FRANCE — 8.6%
Fonciere Des Regions		331,570		24,954,033
Gecina SA		237,961		24,386,852
Klepierre		919,919		32,297,044
Mercialys SA		470,146		9,710,749
SILIC		80,834		8,371,429
Unibail-Rodamco SE		859,369		171,475,129

				271,195,236

GERMANY — 0.1%
IVG Immobilien AG (a)(b)		1,387,017		3,170,873

HONG KONG — 9.0%
Champion REIT (b)		24,807,174		11,326,527
Hang Lung Group, Ltd. (b)		6,835,808		43,334,081
Hang Lung Properties, Ltd.		18,106,755		61,887,467
Hysan Development Co., Ltd.		5,793,846		26,378,972
Prosperity REIT		10,565,000		2,956,960
The Link REIT		21,500,730		101,912,337
Wheelock & Co., Ltd.		7,784,545		33,585,017

				281,381,361

ITALY — 0.1%
Beni Stabili SpA		7,851,131		4,141,196

JAPAN — 18.1%
Aeon Mall Co., Ltd. (b)		749,940		18,411,123
Daibiru Corp. (b)		545,800		4,531,964
Daiwa Office Investment Corp.		2,040		6,772,905
Frontier Real Estate Investment Corp.		1,972		17,312,031
Fukuoka REIT Corp.		1,019		7,452,584
Global One Real Estate Investment Co., Ltd.		924		5,623,573
Hankyu REIT, Inc.		810		4,008,355
Heiwa Real Estate Co., Ltd.		339,700		3,925,325
Hulic Co., Ltd. (a)(b)		2,368,290		14,368,032
Japan Excellent, Inc.		1,636		9,042,159
Japan Prime Realty Investment Corp.		7,766		23,477,676
Japan Real Estate Investment Corp. (b)		5,165		52,181,105
Japan Retail Fund Investment Corp.		17,693		31,724,595
Kenedix Realty Investment Corp.		2,699		9,758,724
Mitsui Fudosan Co., Ltd.		8,294,000		166,626,247
Mori Hills REIT Investment Corp.		1,746		8,528,021
Mori Trust Sogo REIT, Inc. (b)		1,708		15,345,655
Nippon Building Fund, Inc.		5,768		62,350,745
Nomura Real Estate Office Fund, Inc. (b)		2,725		17,145,084
NTT Urban Development Corp. (b)		10,352		8,435,949
Orix JREIT, Inc. (b)		2,671		13,114,679
Premier Investment Corp.		1,869		7,190,125
Tokyu Land Corp. (b)		4,165,000		22,377,506
Tokyu REIT, Inc. (b)		1,515		7,828,149
Top REIT, Inc.		1,478		7,380,501
United Urban Investment Corp.		19,794		23,025,154

				567,937,966

NETHERLANDS — 2.2%
Corio NV		905,292		38,532,703
Eurocommercial Properties NV		334,549		12,692,412
VastNed Retail NV		181,440		7,712,279
Wereldhave NV		204,051		11,358,874

				70,296,268

NEW ZEALAND — 0.8%
AMP NZ Office Trust (b)		7,616,744		6,200,685
Argosy Property, Ltd. (b)		5,252,069		3,904,790
Goodman Property Trust (b)		7,834,245		6,638,066

See accompanying notes to financial statements.

218

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

September 30, 2012


Security Description	Shares		Value

Kiwi Income Property Trust (b)		9,269,471	$	8,547,166

				25,290,707

SINGAPORE — 8.9%
Ascendas REIT		17,270,831		33,930,629
Cambridge Industrial Trust		10,627,272		5,544,513
CapitaCommercial Trust (b)		18,984,676		23,136,945
CapitaLand, Ltd. (b)		24,002,999		62,223,475
CapitaMall Trust		23,197,168		38,198,646
Frasers Commercial Trust		4,481,304		4,292,437
Global Logistic Properties, Ltd. (b)		23,361,000		47,799,878
Guocoland, Ltd. (b)		3,164,666		5,185,439
Mapletree Logistics Trust		13,701,080		12,565,187
Singapore Land, Ltd.		865,000		4,992,419
Starhill Global REIT		13,200,482		8,232,142
Suntec REIT (b)		19,844,351		24,022,875
United Industrial Corp., Ltd.		3,283,000		7,707,704

				277,832,289

SOUTH AFRICA — 1.3%
Capital Property Fund		14,893,715		19,115,450
Fountainhead Property Trust (b)		10,943,268		10,729,539
SA Corporate Real Estate Fund		13,319,042		5,811,135
Sycom Property Fund		1,170,102		3,828,891

				39,485,015

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

SWEDEN — 2.0%
Castellum AB		1,618,907		21,938,183
Fabege AB		1,323,149		12,612,759
Great Portland Estates PLC		2,942,863		21,427,368
Kungsleden AB		1,300,970		7,361,435

				63,339,745

SWITZERLAND — 2.4%
PSP Swiss Property AG (a)		362,628		32,971,443
Swiss Prime Site AG (a)		511,712		42,306,898

				75,278,341

UNITED KINGDOM — 11.0%
Big Yellow Group PLC		1,105,021		5,602,976
British Land Co. PLC		8,367,084		70,528,263
Capital & Counties Properties PLC		5,282,556		18,578,923
Capital Shopping Centres Group PLC (b)		5,700,162		30,117,509
Derwent London PLC		806,107		25,461,272
Grainger PLC		3,968,354		6,901,519
Hammerson PLC		6,708,636		48,857,285
Land Securities Group PLC		7,342,566		90,289,307
Segro PLC		6,983,755		25,577,059
Shaftesbury PLC		2,366,791		20,179,592
Workspace Group PLC		1,004,703		4,364,239

				346,457,944

TOTAL COMMON STOCKS —
(Cost $2,916,955,505)				3,123,225,962

SHORT TERM INVESTMENTS — 4.6%
UNITED STATES — 4.6%
MONEY MARKET FUNDS — 4.6%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		115,240,095		115,240,095
State Street Institutional Liquid Reserves Fund 0.21% (h)(i)		28,395,898		28,395,898

TOTAL SHORT TERM INVESTMENTS —
(Cost $143,635,993)				143,635,993

TOTAL INVESTMENTS — 104.2%
(Cost $3,060,591,498)				3,266,861,955
OTHER ASSETS & LIABILITIES — (4.2)%				(130,204,003	)

NET ASSETS — 100.0%			$	3,136,657,952


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 2012.
(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)		Company has filed for insolvency.
(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. (See accompanying Notes to Schedules of Investments)
(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.

219

SPDR FTSE/Macquarie Global Infrastructure 100 ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 1.9%
AGL Energy, Ltd.		17,308	$	269,439
Asciano Group		31,121		141,425
Macquarie Atlas Roads Group (a)		779		1,183
Transurban Group		46,117		287,742

				699,789

BRAZIL — 0.8%
Centrais Eletricas Brasileiras SA ADR		17,132		101,593
Companhia Energetica de Minas Gerais ADR		15,335		185,860

				287,453

CANADA — 8.3%
ATCO, Ltd. (Class I)		1,588		124,270
Canadian Utilities, Ltd. (Class A) (b)		2,756		192,398
Emera, Inc.		3,849		135,700
Enbridge, Inc. (b)		25,289		986,938
Fortis, Inc. (b)		6,013		204,904
Pembina Pipeline Corp. (b)		9,100		255,257
TransAlta Corp. (b)		7,150		109,363
TransCanada Corp. (b)		22,238		1,011,157

				3,019,987

CZECH REPUBLIC — 0.7%
CEZ AS		6,820		254,141

FINLAND — 0.7%
Fortum Oyj		14,099		259,923

FRANCE — 4.6%
EDF SA		8,345		175,048
GDF Suez (b)		53,535		1,198,386
Suez Environnement Co.		12,233		138,791
Veolia Environnement SA		15,962		172,413

				1,684,638

GERMANY — 6.2%
E.ON AG		60,447		1,435,932
RWE AG		18,206		815,437

				2,251,369

HONG KONG — 4.0%
CLP Holdings, Ltd.		57,727		490,660
Hong Kong & China Gas Co., Ltd.		206,859		524,534
Hongkong Electric Holdings, Ltd.		51,000		433,154

				1,448,348

ITALY — 4.3%
Atlantia SpA		15,382		239,050
Enel Green Power SpA		62,496		105,808
Enel SpA		223,827		792,448
Snam Rete Gas SpA		53,834		238,938
Terna Rete Elettrica Nationale SpA		48,468		180,827

				1,557,071

JAPAN — 4.2%
Chubu Electric Power Co., Inc. (b)		18,198		237,884
Electric Power Development Co., Ltd. (b)		5,241		138,368
Hokuriku Electric Power Co. (b)		5,100		62,078
Kyushu Electric Power Co., Inc. (b)		11,118		92,031
Osaka Gas Co., Ltd. (b)		50,000		221,080
Shikoku Electric Power Co., Inc. (b)		4,735		53,619
The Chugoku Electric Power Co., Inc. (b)		8,875		118,295
The Kansai Electric Power Co., Inc. (b)		22,537		176,704
The Tokyo Electric Power Co., Inc. (a)		67		110
Tohoku Electric Power Co., Inc. (a)(b)		11,808		95,314
Tokyo Gas Co., Ltd. (b)		61,000		337,146

				1,532,629

PORTUGAL — 0.5%
EDP — Energias de Portugal SA		68,959		190,029

SINGAPORE — 0.3%
Hutchison Port Holdings Trust		139,000		100,775

SOUTH KOREA — 0.6%
Korea Electric Power Corp. (a)		320		8,033
Korea Electric Power Corp. ADR (a)		15,389		191,131

				199,164

SPAIN — 3.0%
Abertis Infraestructuras SA		11,862		174,732
Enagas		5,579		110,173
Gas Natural SDG SA		12,704		180,026
Iberdrola SA		140,984		639,894

				1,104,825

UNITED KINGDOM — 9.6%
Centrica PLC		162,917		862,371
Drax Group PLC		11,686		95,674
National Grid PLC		115,419		1,272,965
Pennon Group PLC		11,559		134,858
Scottish & Southern Energy PLC		29,874		671,508
Severn Trent PLC		7,516		203,777
United Utilities Group PLC		21,561		249,287

				3,490,440

UNITED STATES — 49.4%
AGL Resources, Inc.		3,739		152,963
Alliant Energy Corp.		3,472		150,650
Ameren Corp. (b)		7,690		251,232
American Electric Power Co., Inc. (b)		15,276		671,228
American Water Works Co., Inc.		5,619		208,240
Aqua America, Inc. (b)		4,311		106,740
Calpine Corp. (a)(b)		11,067		191,459
CenterPoint Energy, Inc. (b)		13,464		286,783
CMS Energy Corp.		8,330		196,172
Consolidated Edison, Inc. (b)		9,184		550,030
Dominion Resources, Inc. (b)		17,991		952,444
DTE Energy Co. (b)		5,372		321,998
Duke Energy Corp.		22,139		1,434,607
Edison International		10,302		470,698
Entergy Corp. (b)		5,561		385,377
Exelon Corp.		26,829		954,576
FirstEnergy Corp. (b)		13,220		583,002
Integrys Energy Group, Inc. (b)		2,448		127,786
ITC Holdings Corp. (b)		1,649		124,631
Kinder Morgan Management, LLC (a)		3,528		269,539
Kinder Morgan, Inc.		20,200		717,504
National Fuel Gas Co. (b)		2,669		144,233
NextEra Energy, Inc. (b)		13,348		938,765
NiSource, Inc.		8,989		229,040

See accompanying notes to financial statements.

220

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

September 30, 2012


Security Description	Shares		Value

Northeast Utilities		9,936	$	379,853
NRG Energy, Inc. (b)		7,339		156,981
NV Energy, Inc.		7,273		130,987
OGE Energy Corp.		3,129		173,534
ONEOK, Inc.		6,608		319,233
Pepco Holdings, Inc. (b)		7,337		138,669
PG&E Corp.		13,375		570,711
Pinnacle West Capital Corp. (b)		3,490		184,272
PPL Corp. (b)		18,295		531,470
Public Service Enterprise Group, Inc. (b)		16,135		519,224
SCANA Corp. (b)		4,165		201,045
Sempra Energy (b)		7,625		491,736
Southern Co. (b)		27,447		1,265,032
Spectra Energy Corp.		20,652		606,343
TECO Energy, Inc. (b)		6,732		119,426
The AES Corp. (a)		23,906		262,249
The Williams Cos., Inc.		19,826		693,315
Westar Energy, Inc. (b)		4,027		119,441
Wisconsin Energy Corp.		7,314		275,518
Xcel Energy, Inc. (b)		15,468		428,618

				17,987,354

TOTAL COMMON STOCKS —
(Cost $49,562,949)				36,067,935

SHORT TERM INVESTMENTS — 20.1%
UNITED STATES — 20.1%
MONEY MARKET FUNDS — 20.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		7,211,101		7,211,101
State Street Institutional Liquid Reserves Fund 0.21% (d)(e)		97,634		97,634

TOTAL SHORT TERM INVESTMENTS —
(Cost $7,308,735)				7,308,735

TOTAL INVESTMENTS — 119.2%
(Cost $56,871,684)				43,376,670
OTHER ASSETS & LIABILITIES — (19.2)%				(6,999,106	)

NET ASSETS — 100.0%			$	36,377,564

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

221

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 9.5%
Amcor, Ltd.		425,170	$	3,430,962
BHP Billiton, Ltd.		578,342		19,870,844
Fortescue Metals Group, Ltd. (a)		681,585		2,473,643
Incitec Pivot, Ltd.		580,009		1,797,391
Newcrest Mining, Ltd.		155,435		4,710,098
Rio Tinto, Ltd. (a)		94,291		5,232,119
Woodside Petroleum, Ltd.		55,322		1,906,522

				39,421,579

BRAZIL — 3.6%
Companhia Siderurgica Nacional SA ADR (a)		199,617		1,123,844
Fibria Celulose SA ADR (a)(b)		132,264		1,235,346
Gerdau SA ADR		150,701		1,433,166
Petroleo Brasileiro SA ADR		149,358		3,426,273
Vale SA ADR		427,969		7,660,645

				14,879,274

CANADA — 12.7%
Agnico-Eagle Mines, Ltd.		34,985		1,813,339
Agrium, Inc.		55,088		5,710,632
Barrick Gold Corp.		205,438		8,579,091
Canadian Natural Resources, Ltd.		72,908		2,247,370
Goldcorp, Inc.		164,981		7,568,720
Imperial Oil, Ltd. (a)		56,175		2,583,382
Kinross Gold Corp.		231,677		2,368,688
Potash Corp. of Saskatchewan, Inc.		295,487		12,830,046
Sino-Forest Corp. (a)(b)(c)		48,511		0
Suncor Energy, Inc.		103,476		3,401,000
Teck Resources, Ltd. (Class B)		120,434		3,550,780
Viterra, Inc.		128,593		2,105,425

				52,758,473

CHILE — 0.9%
Sociedad Quimica y Minera de Chile SA ADR		63,359		3,905,449

CHINA — 0.3%
PetroChina Co., Ltd.		846,000		1,108,614

COLOMBIA — 1.2%
Ecopetrol SA, ADR (a)		82,996		4,890,954

FINLAND — 0.8%
Stora Enso Oyj		212,507		1,321,568
UPM-Kymmene Oyj		182,889		2,069,346

				3,390,914

FRANCE — 1.9%
Total SA		157,369		7,814,769

GERMANY — 1.3%
K+S AG		66,371		3,267,306
ThyssenKrupp AG		106,315		2,262,245

				5,529,551

HONG KONG — 0.9%
CNOOC, Ltd.		1,813,000		3,718,015

INDIA — 0.5%
Reliance Industries, Ltd. GDR (d)		66,903		2,106,106

ISRAEL — 1.3%
Israel Chemicals, Ltd.		439,324		5,319,370

ITALY — 1.3%
ENI SpA (a)		245,090		5,366,545

JAPAN — 1.4%
JFE Holdings, Inc. (a)		128,900		1,706,517
Nippon Steel Corp. (a)		1,418,000		2,916,195
OJI Paper Co., Ltd. (a)		379,000		1,159,409

				5,782,121

LUXEMBOURG — 1.1%
ArcelorMittal		328,473		4,715,997

NETHERLANDS — 2.3%
Nutreco NV		12,205		905,048
Royal Dutch Shell PLC (Class A)		249,832		8,641,439

				9,546,487

NORWAY — 2.5%
StatoilHydro ASA		212,497		5,489,852
Yara International ASA		100,257		5,026,160

				10,516,012

PERU — 1.3%
Compania de Minas Buenaventura SA ADR		36,030		1,403,729
Southern Copper Corp. (a)		112,500		3,865,500

				5,269,229

RUSSIA — 5.4%
Gazprom OAO ADR (e)		22,196		223,958
Gazprom OAO ADR (e)		456,324		4,576,930
Lukoil OAO ADR (e)		2,200		135,388
Lukoil OAO ADR (e)		32,277		1,988,263
MMC Norilsk Nickel OJSC ADR		249,830		3,984,789
Novolipetsk Steel OJSC GDR		79,464		1,573,387
Rosneft Oil Co. GDR		430,878		2,895,500
Surgutneftegas OJSC ADR (e)		138,290		1,247,376
Surgutneftegas OJSC ADR (e)		7,532		68,571
Uralkali OJSC GDR		139,558		5,773,514

				22,467,676

SINGAPORE — 2.0%
Golden Agri-Resources, Ltd. (a)		4,175,000		2,246,270
Wilmar International, Ltd. (a)		2,231,000		5,910,777

				8,157,047

SOUTH AFRICA — 1.0%
AngloGold Ashanti, Ltd. ADR		50,442		1,767,992
Gold Fields, Ltd. ADR (a)		93,708		1,204,148
Sasol Ltd, ADR		25,937		1,156,271

				4,128,411

SOUTH KOREA — 1.4%
POSCO ADR		73,301		5,976,964

SPAIN — 0.4%
Repsol YPF SA		85,268		1,655,331

SWEDEN — 1.0%
Svenska Cellulosa AB (Class B)		210,428		3,915,477

SWITZERLAND — 2.9%
Syngenta AG		32,522		12,163,740

See accompanying notes to financial statements.

222

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

September 30, 2012


Security Description	Shares		Value

UNITED KINGDOM — 8.6%
Anglo American PLC		293,333	$	8,606,655
Antofagasta PLC		205,006		4,177,770
BG Group PLC		228,089		4,603,975
BP PLC		1,272,618		8,970,174
Xstrata PLC		613,297		9,482,616

				35,841,190

UNITED STATES — 31.8%
Alcoa, Inc.		217,578		1,925,565
Anadarko Petroleum Corp.		32,968		2,305,123
Apache Corp.		26,132		2,259,634
Archer-Daniels-Midland Co.		225,965		6,141,729
Bunge, Ltd.		50,759		3,403,391
CF Industries Holdings, Inc.		22,656		5,035,070
Chevron Corp.		130,853		15,252,226
ConocoPhillips (a)		84,024		4,804,492
Devon Energy Corp.		26,780		1,620,190
EOG Resources, Inc.		17,728		1,986,422
Exxon Mobil Corp. (a)		226,358		20,700,439
Freeport-McMoRan Copper & Gold, Inc. (a)		197,345		7,810,915
International Paper Co. (a)		149,293		5,422,322
MeadWestvaco Corp. (a)		59,052		1,806,991
Monsanto Co.		185,508		16,884,938
Newmont Mining Corp.		100,721		5,641,383
Nucor Corp. (a)		65,349		2,500,253
Occidental Petroleum Corp.		53,764		4,626,930
Phillips 66		41,657		1,931,635
Plum Creek Timber Co., Inc. (a)		55,495		2,432,901
Rayonier, Inc. (a)		41,825		2,049,843
Rock-Tenn Co. (Class A) (a)		24,208		1,747,333
The Mosaic Co.		147,816		8,515,680
Weyerhaeuser Co. (a)		187,514		4,901,616

				131,707,021

TOTAL COMMON STOCKS —
(Cost $425,029,024)				412,052,316

SHORT TERM INVESTMENTS — 9.4%
UNITED STATES — 9.4%
MONEY MARKET FUNDS — 9.4%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		38,015,474		38,015,474
State Street Institutional Liquid Reserves Fund 0.21% (g)(h)		691,439		691,439

TOTAL SHORT TERM INVESTMENTS —
(Cost $38,706,913)				38,706,913

TOTAL INVESTMENTS — 108.7%
(Cost $463,735,937)				450,759,229
OTHER ASSETS & LIABILITIES — (8.7)%				(35,907,457	)

NET ASSETS — 100.0%			$	414,851,772


(a)		A portion of the security was on loan at September 30, 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)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of September 30, 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.

223

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 6.1%
Alumina, Ltd. (a)		222,468	$	196,643
Amcor, Ltd.		107,360		866,355
AMP, Ltd.		71,241		320,782
Australia & New Zealand Banking Group, Ltd.		42,878		1,103,574
BHP Billiton, Ltd.		100,908		3,467,027
Boral, Ltd. (a)		144,472		576,908
Brambles, Ltd.		54,964		401,243
CFS Retail Property Trust		166,330		333,825
Coca-Cola Amatil, Ltd.		73,448		1,035,693
Commonwealth Bank of Australia (a)		36,930		2,141,763
CSL, Ltd.		19,974		955,464
Fortescue Metals Group, Ltd. (a)		60,968		221,268
Iluka Resources, Ltd. (a)		12,216		126,145
Insurance Australia Group, Ltd.		77,781		353,465
Lend Lease Group (a)		66,602		543,686
Lynas Corp., Ltd. (a)(b)		158,562		130,262
Macquarie Group, Ltd.		20,332		601,737
National Australia Bank, Ltd. (a)		41,522		1,100,626
Newcrest Mining, Ltd.		17,769		538,448
Origin Energy, Ltd.		59,478		700,155
OZ Minerals, Ltd.		31,178		218,848
Qantas Airways, Ltd. (b)		177,948		225,759
QBE Insurance Group, Ltd.		26,129		351,872
Rio Tinto, Ltd.		9,311		516,659
Santos, Ltd.		53,460		631,537
Sonic Healthcare, Ltd.		26,133		368,231
Suncorp Group, Ltd.		71,765		689,567
Toll Holdings, Ltd. (a)		74,694		342,544
Transurban Group		66,148		412,724
Wesfarmers, Ltd. (a)(c)		14,362		533,330
Wesfarmers, Ltd. (c)		793		28,252
Westfield Group		42,639		450,497
Westpac Banking Corp.		54,317		1,403,633
Woodside Petroleum, Ltd.		19,117		658,815
Woolworths, Ltd.		34,142		1,021,103

				23,568,440

AUSTRIA — 0.3%
Erste Group Bank AG (b)		14,141		315,911
OMV AG		7,162		250,941
Raiffeisen International Bank-Holding AG (a)		9,548		346,210
Telekom Austria AG		14,634		103,547

				1,016,609

BELGIUM — 0.7%
Ageas		11,320		271,749
Ageas VVPR Strip (b)		266		5
Anheuser-Busch InBev NV		15,255		1,298,623
Anheuser-Busch InBev NV — VVPR Strip (b)		8,694		11
Delhaize Group		3,237		125,119
KBC Groep NV		9,278		222,848
Solvay SA		2,867		332,177
UCB SA (a)		4,809		264,732

				2,515,264

BRAZIL — 2.7%
Banco Bradesco SA Preference Shares ADR		63,497		1,020,397
Companhia de Bebidas das Americas Preference Shares ADR		36,804		1,408,489
Companhia Energetica de Minas Gerais ADR		59,679		723,310
Companhia Siderurgica Nacional SA ADR		45,253		254,774
Gerdau SA ADR		67,445		641,402
Itau Unibanco Holding SA Preference Shares ADR		91,626		1,400,045
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		32,512		98,186
PDG Realty SA Empreendimentos e Participacoes ADR		23,731		94,687
Petroleo Brasileiro SA Preference Shares ADR		118,133		2,607,195
Tim Participacoes SA ADR		7,353		141,325
Vale SA ADR (a)		15,071		269,771
Vale SA Preference Shares ADR		99,328		1,724,334

				10,383,915

CANADA — 8.2%
Agnico-Eagle Mines, Ltd.		3,235		167,676
Agrium, Inc.		5,308		550,248
Bank of Montreal		17,194		1,015,266
Bank of Nova Scotia (a)		26,962		1,477,505
Barrick Gold Corp. (a)		29,035		1,212,214
Brookfield Asset Management, Inc. (Class A)		17,888		617,022
Brookfield Office Properties, Inc.		29,919		496,851
Cameco Corp.		11,975		233,062
Canadian Imperial Bank of Commerce (a)		10,640		832,103
Canadian National Railway Co. (a)		15,371		1,358,934
Canadian Natural Resources, Ltd. (a)		33,390		1,029,238
Canadian Pacific Railway, Ltd. (a)		7,155		593,299
Canadian Tire Corp., Ltd. (Class A) (a)		5,308		381,721
Cenovus Energy, Inc.		23,245		810,545
Eldorado Gold Corp.		10,225		155,773
Enbridge, Inc. (a)		28,821		1,124,779
EnCana Corp. (a)		23,363		511,210
Enerplus Corp. (a)		9,395		155,637
First Quantum Minerals, Ltd.		10,901		232,101
Gildan Activewear, Inc.		12,528		396,868
Goldcorp, Inc.		21,422		982,762
Husky Energy, Inc. (a)		12,102		324,950
IAMGOLD Corp.		8,896		140,951
IGM Financial, Inc. (a)		10,105		394,259
Imperial Oil, Ltd. (a)		13,584		624,703
Kinross Gold Corp.		26,914		275,171
Loblaw Cos., Ltd. (a)		9,648		334,952
Manulife Financial Corp.		42,556		512,514
National Bank of Canada (a)		9,218		697,006
New Gold, Inc. (b)		15,204		186,197
Nexen, Inc.		11,722		296,639
Onex Corp.		16,880		665,627
Penn West Petroleum, Ltd. (a)		12,878		183,102

See accompanying notes to financial statements.

224

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

September 30, 2012


Security Description	Shares		Value

Potash Corp. of Saskatchewan, Inc.		28,998	$	1,259,296
Research In Motion, Ltd. (a)(b)		14,779		112,951
Rogers Communications, Inc. (Class B)		14,415		583,075
Royal Bank of Canada (a)		34,042		1,956,131
Shaw Communications, Inc. (Class B) (a)		15,446		315,843
Shoppers Drug Mart Corp. (a)		9,714		404,080
Silver Wheaton Corp.		6,781		269,324
SNC-Lavalin Group, Inc. (a)		12,722		490,675
Sun Life Financial, Inc.		17,187		398,605
Suncor Energy, Inc.		33,855		1,112,730
Talisman Energy, Inc.		37,838		505,301
Teck Resources, Ltd. (Class B)		21,575		636,100
TELUS Corp. (a)		7,828		489,275
The Toronto-Dominion Bank		21,491		1,790,789
Thomson Reuters Corp. (a)		16,970		490,154
TMX Group, Ltd. (b)		760		38,836
TransAlta Corp. (a)		18,457		282,309
TransCanada Corp. (a)		18,167		826,050
Valeant Pharmaceuticals International, Inc. (b)		5,541		305,559
Yamana Gold, Inc.		12,223		233,292

				31,471,260

CHILE — 0.4%
Empresa Nacional de Electricidad SA ADR		15,081		723,285
Enersis SA ADR		30,591		501,387
Sociedad Quimica y Minera de Chile SA ADR		3,541		218,267

				1,442,939

CHINA — 2.6%
Agricultural Bank of China, Ltd. (a)		722,000		281,229
Bank of China, Ltd.		2,112,436		803,751
Bank of Communications Co., Ltd. (a)		454,710		308,487
China Construction Bank Corp.		1,593,720		1,105,886
China COSCO Holdings Co., Ltd. (a)(b)		304,295		124,414
China Life Insurance Co., Ltd.		248,000		716,500
China Merchants Bank Co., Ltd. (a)		152,500		256,879
China Petroleum & Chemical Corp.		638,000		595,766
China Shenhua Energy Co., Ltd.		60,500		234,876
China Telecom Corp., Ltd.		784,000		453,013
Hengan International Group Co., Ltd.		32,500		307,258
Huaneng Power International, Inc.		504,000		383,530
Industrial & Commercial Bank of China (a)		1,694,045		1,000,706
PetroChina Co., Ltd.		640,000		838,668
PICC Property & Casualty Co., Ltd.		132,400		162,570
Ping An Insurance Group Co. of China, Ltd. (a)		62,000		468,604
Tencent Holdings, Ltd.		25,600		872,346
Tingyi Cayman Islands Holding Corp. (a)		130,000		391,513
Wumart Stores, Inc. (a)		57,000		85,133
Yanzhou Coal Mining Co., Ltd. (a)		120,000		182,943
Zijin Mining Group Co., Ltd. (a)		618,000		249,488

				9,823,560

COLOMBIA — 0.0% (d)
BanColombia SA ADR		3,009		179,667

DENMARK — 0.9%
A P Moller — Maersk A/S		62		444,248
Danske Bank A/S (b)		20,941		378,374
DSV A/S		16,093		362,152
Novo Nordisk A/S (Class B)		15,131		2,393,187

				3,577,961

FINLAND — 0.9%
Elisa Oyj		10,288		232,813
Fortum Oyj		15,334		282,691
Kesko Oyj (Class B) (a)		6,181		175,338
Kone Oyj (Class B)		11,773		815,610
Metso Oyj		8,130		290,871
Neste Oil Oyj (a)		9,845		129,189
Nokia Oyj (a)		65,435		169,206
Sampo Oyj (Class A)		16,377		510,081
Stora Enso Oyj		41,758		259,690
UPM-Kymmene Oyj		26,352		298,167
Wartsila Oyj		7,402		256,636
YIT Oyj		1		19

				3,420,311

FRANCE — 5.8%
Accor SA		7,393		246,860
Air Liquide SA		9,624		1,194,174
Alcatel-Lucent (a)(b)		148,148		163,719
Alstom SA		6,592		231,393
AXA SA		41,885		624,528
BNP Paribas		26,578		1,264,442
Bouygues SA (a)		7,029		171,813
Cap Gemini SA		4,858		205,775
Carrefour SA		18,284		379,651
Credit Agricole SA (b)		23,559		162,757
Danone		15,844		976,564
Essilor International SA		10,014		938,785
France Telecom SA		55,253		667,327
GDF Suez (a)		29,519		660,786
L’Oreal SA		8,090		1,001,853
Lagardere SCA		5,604		153,239
LVMH Moet Hennessy Louis Vuitton SA		6,586		991,328
Pernod — Ricard SA		5,745		645,303
Peugeot SA (a)(b)		14,085		111,440
PPR		4,115		632,097
Publicis Groupe SA		7,363		412,527
Renault SA		13,107		615,806
Sanofi		28,995		2,474,991
Schneider Electric SA		15,057		892,123
Societe Generale (b)		17,595		500,255
Sodexo		4,368		329,242
Technip SA		4,554		506,838
Total SA (a)		60,006		2,979,831
Unibail-Rodamco SE		2,142		427,406
Vallourec SA		3,146		133,359
Veolia Environnement SA		11,767		127,101
Vinci SA		15,242		649,935

See accompanying notes to financial statements.

225

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Vivendi SA		38,309	$	747,893

				22,221,141

GERMANY — 5.5%
Adidas AG		9,406		772,516
Allianz SE		12,544		1,494,204
BASF SE		26,148		2,208,426
Bayer AG		20,526		1,764,759
Commerzbank AG (b)		100,337		179,297
Daimler AG		26,321		1,275,410
Deutsche Bank AG		22,311		882,477
Deutsche Boerse AG		7,959		440,953
Deutsche Lufthansa AG		11,512		156,247
Deutsche Post AG		30,734		600,997
Deutsche Telekom AG		83,554		1,029,238
E.ON AG		53,387		1,268,220
Fresenius Medical Care AG & Co. KGaA		8,648		634,829
Linde AG		3,939		679,048
MAN SE		4,489		411,476
Merck KGaA		3,180		392,743
Metro AG		5,666		169,659
Muenchener Rueckversicherungs- Gesellschaft AG		6,321		988,034
RWE AG		13,767		616,617
Salzgitter AG		1,880		72,716
SAP AG		26,460		1,875,987
Siemens AG		23,938		2,390,095
ThyssenKrupp AG		11,276		239,939
Volkswagen AG		3,567		597,480

				21,141,367

HONG KONG — 4.0%
AIA Group, Ltd.		137,400		512,154
Bank of East Asia, Ltd. (a)		218,556		820,299
Belle International Holdings, Ltd.		195,000		353,117
Cheung Kong Holdings, Ltd.		62,000		909,219
China Mengniu Dairy Co., Ltd.		59,000		176,545
China Merchants Holdings International Co., Ltd.		133,790		412,418
China Mobile, Ltd.		189,500		2,100,735
China Overseas Land & Investment, Ltd. (a)		126,000		320,475
China Resources Enterprise, Ltd.		122,000		407,545
China Unicom (Hong Kong), Ltd. (a)		258,000		423,275
Citic Pacific, Ltd. (a)		126,000		151,299
CNOOC, Ltd.		571,217		1,171,425
COSCO Pacific, Ltd.		263,934		369,012
Esprit Holdings, Ltd. (a)		4		6
Hang Lung Properties, Ltd.		126,000		430,658
Henderson Land Development Co., Ltd.		63,854		459,556
Hong Kong & China Gas Co., Ltd.		445,229		1,128,972
Hong Kong Exchanges and Clearing, Ltd. (a)		52,177		788,720
Hutchison Whampoa, Ltd.		62,000		601,348
Li & Fung, Ltd. (a)		252,000		390,680
New World Development Co., Ltd.		382,317		592,713
Sands China, Ltd.		78,400		292,739
Shangri-La Asia, Ltd.		130,333		252,824
Sun Hung Kai Properties, Ltd.		64,312		942,294
Swire Pacific, Ltd.		62,000		759,682
The Link REIT		159,546		756,240

				15,523,950

HUNGARY — 0.2%
MOL Hungarian Oil and Gas NyRt (a)		3,871		320,915
Richter Gedeon NyRt		2,068		362,110

				683,025

INDIA — 1.7%
Axis Bank, Ltd. GDR		8,728		185,906
Dr. Reddy’s Laboratories, Ltd. ADR		25,025		772,272
HDFC Bank, Ltd. ADR		37,637		1,414,398
ICICI Bank, Ltd. ADR		27,559		1,106,218
Infosys Technologies, Ltd. ADR (a)		17,427		845,907
Mahindra & Mahindra, Ltd. GDR		10,888		174,752
Reliance Industries, Ltd. GDR (e)		31,131		980,004
Tata Motors, Ltd. ADR		34,644		889,658

				6,369,115

INDONESIA — 0.9%
Astra Agro Lestari Tbk PT		101,500		232,803
Astra International Tbk PT		1,283,000		992,079
Bank Central Asia Tbk PT		204,500		168,814
Bank Mandiri Tbk PT		254,000		217,639
Bank Rakyat Indonesia Persero Tbk PT		1,189,600		926,073
Bumi Resources Tbk PT		784,500		59,842
Charoen Pokphand Indonesia Tbk PT		646,500		204,353
Gudang Garam Tbk PT		34,000		165,026
Telekomunikasi Indonesia Tbk PT		345,000		340,674

				3,307,303

IRELAND — 0.3%
CRH PLC		7,357		141,972
Elan Corp. PLC (b)		32,768		353,689
James Hardie Industries SE		77,332		699,632

				1,195,293

ISRAEL — 0.5%
Bank Hapoalim BM (b)		121,915		433,524
Bank Leumi Le-Israel BM (b)		111,320		310,720
Teva Pharmaceutical Industries, Ltd. ADR		28,909		1,197,121

				1,941,365

ITALY — 1.4%
Assicurazioni Generali SpA (a)		29,159		419,771
Atlantia SpA		21,067		327,401
Banca Monte dei Paschi di Siena SpA (a)(b)		184,298		53,490
Enel SpA		166,482		589,421
ENI SpA (a)		57,380		1,256,405
Fiat Industrial SpA		21,014		205,597
Fiat SpA (b)		45,168		241,267
Finmeccanica SpA (a)(b)		13,831		65,765
Intesa Sanpaolo SpA		300,334		457,087
Mediaset SpA		35,323		66,392
Mediobanca SpA		19,946		106,697
Pirelli & C. SpA		25,873		278,933
Saipem SpA		12,587		605,139

See accompanying notes to financial statements.

226

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

September 30, 2012


Security Description	Shares		Value

Telecom Italia SpA		410,783	$	412,208
UBI Banca ScPA		29,351		108,598
UniCredit SpA (b)		18,296		76,074

				5,270,245

JAPAN — 13.6%
Aeon Co., Ltd. (a)		18,400		208,833
Aisin Seiki Co., Ltd. (a)		12,300		350,977
Asahi Breweries, Ltd.		18,800		464,925
Asahi Glass Co., Ltd. (a)		64,000		427,764
Asahi Kasei Corp. (a)		63,000		326,337
Astellas Pharma, Inc. (a)		19,200		978,509
Bridgestone Corp.		18,800		437,378
Canon, Inc. (a)		25,400		814,563
Central Japan Railway Co.		6,300		555,501
Chubu Electric Power Co., Inc.		25,000		326,799
Chuo Mitsui Trust Holdings, Inc. (a)		59,000		175,938
Credit Saison Co., Ltd. (a)		19,600		475,388
Daiichi Sankyo Co., Ltd. (a)		25,100		416,183
Daikin Industries, Ltd. (a)		18,500		481,048
Daiwa Securities Group, Inc. (a)		61,000		232,866
DeNA Co., Ltd. (a)		6,500		216,555
Denso Corp. (a)		12,600		396,949
East Japan Railway Co.		12,800		850,591
Eisai Co., Ltd. (a)		6,300		285,039
Electric Power Development Co., Ltd. (a)		6,300		166,326
FANUC Corp.		6,400		1,034,859
FUJIFILM Holdings Corp. (a)		18,500		311,028
Fujitsu, Ltd. (a)		63,000		237,262
Furukawa Electric Co., Ltd. (a)(b)		63,000		119,036
Hitachi, Ltd. (a)		128,000		714,036
Honda Motor Co., Ltd. (a)		44,300		1,364,873
Hoya Corp. (a)		12,600		277,751
Inpex Corp.		65		388,914
ITOCHU Corp. (a)		64,200		652,728
Japan Real Estate Investment Corp.		64		646,581
Japan Retail Fund Investment Corp.		252		451,851
Japan Tobacco, Inc. (a)		25,600		770,632
JFE Holdings, Inc. (a)		18,500		244,923
JS Group Corp. (a)		12,300		294,378
JSR Corp. (a)		12,600		207,301
JX Holdings, Inc. (a)		114,908		630,665
Kajima Corp. (a)		63,000		172,481
Kamigumi Co., Ltd.		64,000		531,414
KDDI Corp. (a)		6,300		490,720
Keikyu Corp. (a)		62,423		590,531
Kintetsu Corp. (a)		125,000		491,645
Kobe Steel, Ltd. (a)		126,000		100,411
Komatsu, Ltd. (a)		32,100		634,161
Konica Minolta Holdings, Inc. (a)		31,500		242,931
Kubota Corp. (a)		62,000		629,563
Kyocera Corp. (a)		6,400		556,093
Makita Corp. (a)		6,100		237,571
Marubeni Corp. (a)		64,000		409,666
Marui Group Co., Ltd. (a)		37,700		267,970
Mitsubishi Chemical Holdings Corp. (a)		63,000		242,121
Mitsubishi Corp. (a)		44,500		811,639
Mitsubishi Electric Corp. (a)		64,000		473,830
Mitsubishi Estate Co., Ltd. (a)		63,618		1,221,662
Mitsubishi Heavy Industries, Ltd. (a)		125,000		543,059
Mitsubishi UFJ Financial Group, Inc. (a)		259,800		1,222,195
Mitsui & Co., Ltd. (a)		63,600		897,594
Mitsui Chemicals, Inc. (a)		63,000		123,895
Mizuho Financial Group, Inc. (a)		360,000		587,661
MS&AD Insurance Group Holdings, Inc. (a)		18,100		314,307
Murata Manufacturing Co., Ltd. (a)		6,300		336,459
NEC Corp. (a)(b)		58,000		92,442
Nidec Corp. (a)		6,400		469,717
Nippon Steel Corp. (a)		185,000		380,463
Nippon Telegraph & Telephone Corp.		12,500		597,686
Nippon Yusen KK (a)		63,000		111,748
Nissan Motor Co., Ltd. (a)		64,300		549,608
Nitto Denko Corp.		6,600		315,578
NKSJ Holdings, Inc. (a)		18,700		367,270
Nomura Holdings, Inc. (a)		68,500		245,649
NTT Data Corp. (a)		63		198,312
NTT DoCoMo, Inc. (a)		509		828,270
Obayashi Corp. (a)		63,000		288,278
ORIX Corp. (a)		6,790		684,236
Osaka Gas Co., Ltd. (a)		125,000		552,699
Panasonic Corp. (a)		64,200		425,799
Resona Holdings, Inc.		18,800		77,326
Rohm Co., Ltd. (a)		6,100		206,051
Secom Co., Ltd. (a)		6,300		329,576
Seven & I Holdings Co., Ltd.		25,500		785,649
Sharp Corp. (a)		61,000		151,324
Shin-Etsu Chemical Co., Ltd. (a)		12,500		705,334
Softbank Corp. (a)		25,400		1,031,671
Sony Corp. (a)		31,100		367,364
Sumitomo Chemical Co., Ltd. (a)		63,000		161,144
Sumitomo Corp. (a)		31,400		424,990
Sumitomo Electric Industries, Ltd. (a)		25,100		266,163
Sumitomo Metal Industries, Ltd. (a)		126,000		189,486
Sumitomo Mitsui Financial Group, Inc. (a)		18,800		589,614
T&D Holdings, Inc.		12,300		133,593
Takeda Pharmaceutical Co., Ltd. (a)		25,400		1,173,689
TDK Corp. (a)		6,300		235,319
Teijin, Ltd. (a)		125,000		306,877
Terumo Corp. (a)		12,500		539,846
The Bank of Yokohama, Ltd.		63,000		300,424
The Chiba Bank, Ltd.		63,000		367,635
The Joyo Bank, Ltd. (a)		63,000		309,332
The Kansai Electric Power Co., Inc. (a)		30,900		242,275
The Shizuoka Bank, Ltd. (a)		60,000		616,195
The Tokyo Electric Power Co., Inc. (a)(b)		43,800		72,062
Tohoku Electric Power Co., Inc. (b)		12,700		102,514
Tokio Marine Holdings, Inc. (a)		18,800		481,841
Tokyo Electron, Ltd. (a)		6,300		269,248
Tokyo Gas Co., Ltd. (a)		125,000		690,874
Tokyu Corp. (a)		63,000		302,044
Toppan Printing Co., Ltd. (a)		63,000		366,825
Toray Industries, Inc. (a)		63,000		374,113

See accompanying notes to financial statements.

227

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

September 30, 2012


Security Description	Shares		Value

Toshiba Corp. (a)		63,000	$	202,442
Toyota Motor Corp. (a)		75,600		2,954,036
Toyota Tsusho Corp. (a)		18,200		390,434
West Japan Railway Co. (a)		12,500		535,829
Yahoo! Japan Corp. (a)		816		311,821
Yamada Denki Co., Ltd. (a)		3,690		162,445
Yamaha Corp. (a)		24,200		225,203
Yamaha Motor Co., Ltd. (a)		25,100		220,028

				52,345,257

LUXEMBOURG — 0.1%
ArcelorMittal		20,573		295,373

MEXICO — 1.2%
America Movil SAB de CV		1,124,319		1,437,617
Cemex SAB de CV (a)(b)		436,351		363,477
Fomento Economico Mexicano SAB de CV		58,640		540,734
Grupo Financiero Banorte SAB de CV		130,691		739,589
Grupo Mexico SAB de CV		73,364		242,393
Grupo Modelo SAB de CV (a)		74,552		672,793
Grupo Televisa SA de CV (Series CPO)		114,614		541,725
Industrias Penoles SA de CV		4,287		211,422

				4,749,750

NETHERLANDS — 2.9%
Akzo Nobel NV		9,970		564,233
ASML Holding NV		14,710		787,066
European Aeronautic Defence and Space Co. NV (a)		14,750		468,040
Heineken NV (a)		7,958		474,939
ING Groep NV (b)		77,025		609,321
Koninklijke (Royal) KPN NV		60,009		459,040
Koninklijke Ahold NV		40,867		512,452
Koninklijke DSM NV		8,701		434,321
Koninklijke Philips Electronics NV		35,717		834,221
Reed Elsevier NV		32,638		436,893
Royal Dutch Shell PLC (Class A)		93,743		3,242,477
SBM Offshore NV (b)		11,847		169,024
TNT Express NV		16,414		171,594
Unilever NV		51,300		1,816,909
Wolters Kluwer NV		16,113		303,271

				11,283,801

NORWAY — 0.7%
DnB NOR ASA		50,386		618,295
Norsk Hydro ASA		76,187		357,193
StatoilHydro ASA		30,311		783,084
Telenor ASA		24,313		474,385
Yara International ASA		6,230		312,327

				2,545,284

PERU — 0.1%
Cia de Minas Buenaventura SA ADR		4,382		170,723
Credicorp, Ltd.		1,813		227,132

				397,855

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		3,603		237,834

POLAND — 0.1%
Telekomunikacja Polska SA GDR		48,289		247,959

PORTUGAL — 0.1%
Portugal Telecom SGPS SA		47,013		232,675

RUSSIA — 1.4%
Federal Hydrogenerating Co. JSC ADR		43,577		115,915
Gazprom OAO ADR (c)		142,480		1,429,074
Gazprom OAO ADR (c)		4,300		43,387
Lukoil OAO ADR		17,835		1,097,566
Mechel OAO ADR (a)		30,049		211,545
MMC Norilsk Nickel OJSC ADR		9,664		154,141
Mobile TeleSystems ADR		29,316		513,616
Sberbank of Russia ADR (a)		40,850		479,170
Surgutneftegas OJSC ADR Preference Shares		41,200		270,190
Tatneft ADR		23,796		986,820
Uralkali OJSC GDR		6,175		255,460

				5,556,884

SINGAPORE — 1.4%
CapitaLand, Ltd. (a)		125,000		324,040
DBS Group Holdings, Ltd.		64,856		760,804
Fraser and Neave, Ltd. (a)		128,000		926,583
Singapore Exchange, Ltd. (a)		128,000		730,415
Singapore Press Holdings, Ltd. (a)		188,000		623,755
Singapore Telecommunications, Ltd.		444,000		1,158,229
United Overseas Bank, Ltd.		64,014		1,025,414

				5,549,240

SOUTH AFRICA — 1.5%
Anglo Platinum, Ltd. (a)		4,938		256,142
AngloGold Ashanti, Ltd.		13,045		462,314
Discovery Holdings, Ltd.		1		7
FirstRand, Ltd.		122,673		414,651
Gold Fields, Ltd.		29,717		384,466
Harmony Gold Mining Co., Ltd.		25,932		219,464
Impala Platinum Holdings, Ltd.		18,823		317,095
MTN Group, Ltd.		46,132		895,731
Naspers, Ltd.		12,590		785,766
Sanlam, Ltd.		120,648		549,347
Sasol, Ltd.		18,952		855,110
Standard Bank Group, Ltd.		40,160		514,122

				5,654,215

SOUTH KOREA — 4.2%
Celltrion, Inc. (a)		6,733		169,624
CJ CheilJedang Corp.		667		184,540
E-Mart Co., Ltd.		764		166,696
Hana Financial Group, Inc.		15,355		470,421
Honam Petrochemical Corp.		859		205,200
Hyundai Department Store Co., Ltd.		1,292		177,858
Hyundai Development Co.		9,554		191,265
Hyundai Heavy Industries Co., Ltd.		2,064		468,912
Hyundai Hysco Co., Ltd.		4,720		200,449
Hyundai Mobis		3,028		845,936
Hyundai Motor Co.		4,301		975,191
KB Financial Group, Inc.		15,263		545,193
Kia Motors Corp.		14,341		895,486
Korea Electric Power Corp. ADR (b)		17,696		219,784
Korea Zinc Co., Ltd.		942		414,033

See accompanying notes to financial statements.

228

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

September 30, 2012


Security Description	Shares		Value

KT Corp. ADR		12,720	$	198,941
KT&G Corp.		4,744		361,533
LG Chem, Ltd. Preference Shares		3,934		351,128
LG Electronics, Inc. (a)		5,609		348,221
LG Household & Health Care, Ltd.		382		218,251
NCSoft Corp.		668		142,745
NHN Corp.		1,647		430,487
POSCO ADR		9,513		775,690
Samsung C&T Corp.		9,500		564,141
Samsung Electronics Co., Ltd. GDR		6,339		3,816,078
Samsung Engineering Co., Ltd.		1,011		174,651
Samsung Fire & Marine Insurance Co., Ltd.		1,935		416,101
Samsung Heavy Industries Co., Ltd.		14,440		489,811
Samsung Securities Co., Ltd.		6,547		308,669
Shinhan Financial Group Co., Ltd.		11,531		393,730
SK Holdings Co., Ltd.		2,286		319,835
SK Hynix, Inc. (b)		9,710		198,756
SK Innovation Co., Ltd.		2,932		444,512
SK Telecom Co., Ltd. ADR		14,634		212,778

				16,296,646

SPAIN — 1.8%
Abertis Infraestructuras SA		24,035		354,046
Acciona SA		2,435		138,744
Acerinox SA		21,755		244,222
ACS, Actividades de Construccion y Servicios SA (a)		11,496		237,077
Banco Bilbao Vizcaya Argentaria SA (a)		71,272		560,510
Banco Popular Espanol SA (a)		64,453		141,045
Banco Santander SA (b)		194,590		1,450,720
Ferrovial SA		33,548		436,990
Gas Natural SDG SA		10,465		148,297
Iberdrola SA		124,237		563,883
Industria de Diseno Textil SA		5,969		742,033
Mapfre SA (a)		71,541		196,224
Repsol YPF SA		29,159		566,072
Telefonica SA		96,017		1,281,580

				7,061,443

SWEDEN — 2.2%
Assa Abloy AB (Class B)		16,402		533,341
Atlas Copco AB (Class B)		39,107		819,526
Hennes & Mauritz AB (Class B)		26,804		932,903
Husqvarna AB (Class B)		76,098		388,928
Nordea Bank AB		92,409		915,408
Sandvik AB		33,804		459,632
Securitas AB (Class B)		20,384		153,208
Skandinaviska Enskilda Banken AB (Class A)		36,471		305,937
Skanska AB (Class B)		20,325		329,523
SKF AB (Class B)		19,758		427,006
Svenska Handelsbanken AB (Class A)		17,376		652,203
Tele2 AB (Class B)		25,305		460,049
Telefonaktiebolaget LM Ericsson (Class B)		85,467		780,160
TeliaSonera AB		60,012		432,750
Volvo AB (Class A)		56,858		799,980

				8,390,554

SWITZERLAND — 6.2%
ABB, Ltd. (b)		59,554		1,117,826
Adecco SA (b)		5,060		240,993
Compagnie Financiere Richemont SA		3,620		217,246
Credit Suisse Group AG (b)		25,227		534,980
Geberit AG (b)		1,877		408,434
Givaudan SA (b)		495		470,087
Holcim, Ltd. (b)		7,911		504,223
Kuehne & Nagel International AG		4,662		526,819
Nestle SA		103,379		6,523,063
Novartis AG		59,329		3,633,096
Roche Holding AG		20,026		3,743,954
SGS SA		257		528,330
Swiss Re AG (b)		8,541		549,376
Syngenta AG		3,439		1,286,240
The Swatch Group AG		2,164		863,942
Transocean, Ltd.		3,691		164,756
UBS AG (b)		84,169		1,025,468
Wolseley PLC		16,078		685,936
Zurich Insurance Group AG (b)		3,976		990,827

				24,015,596

TAIWAN — 2.2%
Advanced Semiconductor Engineering Inc, ADR (a)		192,628		718,502
AU Optronics Corp. ADR (a)(b)		83,381		290,166
Chunghwa Telecom Co., Ltd. ADR (a)		24,318		772,097
Hon Hai Precision Industry Co., Ltd. GDR		261,249		1,636,726
Siliconware Precision Industries Co. ADR		124,928		688,353
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		204,866		3,240,980
United Microelectronics Corp. ADR		450,769		924,077

				8,270,901

THAILAND — 0.6%
Bangkok Bank PCL		260,676		1,702,270
IRPC PCL		1,588,200		219,809
PTT PCL		50,977		544,881

				2,466,960

TURKEY — 0.3%
Akbank TAS		140,467		555,422
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		137,597		192,342
Turkiye Garanti Bankasi AS		47,929		200,193
Turkiye Is Bankasi		103,480		325,032

				1,272,989

UNITED KINGDOM — 15.5%
3i Group PLC		73,721		265,112
Anglo American PLC		39,770		1,166,888
AstraZeneca PLC		41,581		1,984,134
BAE Systems PLC		96,343		505,773
Barclays PLC		293,737		1,019,090
BG Group PLC		98,310		1,984,386
BHP Billiton PLC		49,462		1,537,521

See accompanying notes to financial statements.

229

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

September 30, 2012


Security Description	Shares			Value

BP PLC		498,851		$	3,516,201
British American Tobacco PLC		55,773			2,863,528
British Land Co. PLC		68,678			578,904
British Sky Broadcasting Group PLC		40,487			486,088
BT Group PLC		97,597			363,582
Burberry Group PLC		16,641			268,987
Capita Group PLC		26,588			332,526
Centrica PLC		185,177			980,200
Cobham PLC		87,448			313,065
Compass Group PLC		74,892			826,594
Diageo PLC		78,554			2,206,537
Experian PLC		46,592			774,186
Fresnillo PLC		6,844			204,788
G4S PLC		66,456			285,131
GlaxoSmithKline PLC		144,162			3,323,116
Hammerson PLC		59,371			432,384
HSBC Holdings PLC		473,157			4,380,319
ICAP PLC		68,428			354,807
Imperial Tobacco Group PLC		28,624			1,059,409
Inchcape PLC		43			250
Intercontinental Hotels Group PLC		29,861			781,156
J Sainsbury PLC		62,772			352,240
Land Securities Group PLC		33,445			411,263
Lloyds Banking Group PLC (b)		609,366			382,089
Marks & Spencer Group PLC		52,611			303,124
National Grid PLC		127,970			1,411,391
Next PLC		10,539			587,134
Old Mutual PLC		335,535			920,555
Pearson PLC		28,287			552,702
Prudential PLC		38,710			501,009
Randgold Resources, Ltd.		1,731			212,856
Reckitt Benckiser Group PLC		20,838			1,199,594
Reed Elsevier PLC		41,181			393,674
Rio Tinto PLC		37,081			1,727,491
Rolls-Royce Holdings PLC (b)		56,738			772,361
Royal Bank of Scotland Group PLC (b)		69,199			287,178
Royal Dutch Shell PLC (Class B)		78,169			2,774,475
RSA Insurance Group PLC (a)		106,409			189,871
SABMiller PLC		25,865			1,136,056
Scottish & Southern Energy PLC		34,362			772,389
Severn Trent PLC		18,604			504,401
Smith & Nephew PLC		39,215			432,822
Smiths Group PLC		15,885			266,002
Standard Chartered PLC		36,553	��		826,361
Standard Life PLC		99,736			439,193
Tesco PLC		229,351			1,229,581
The Sage Group PLC		59,832			302,797
Tullow Oil PLC		14,515			321,112
Unilever PLC		40,258			1,463,993
United Utilities Group PLC		27,566			318,717
Vodafone Group PLC		1,387,804			3,938,601
Whitbread PLC		16,498			604,217
WPP PLC		40,621			551,980
Xstrata PLC		44,794			692,592

					59,574,483

TOTAL COMMON STOCKS —
(Cost $444,410,238)					381,498,429

SHORT TERM INVESTMENTS — 10.9%
UNITED STATES — 10.9%
MONEY MARKET FUNDS — 10.9%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		41,429,188			41,429,188
State Street Institutional Liquid Reserves Fund 0.21% (g)(h)		308,689			308,689

TOTAL SHORT TERM INVESTMENTS —
(Cost $41,737,877)					41,737,877

TOTAL INVESTMENTS — 110.2%
(Cost $486,148,115)					423,236,306
OTHER ASSETS & LIABILITIES — (10.2)%					(39,018,530	)

NET ASSETS — 100.0%				$	384,217,776


(a)		A portion of the security was on loan at September 30, 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 0.3% of net assets as of September 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

230

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 98.3%
AUSTRALIA — 3.2%
Alumina, Ltd.		3,276	$	2,896
Amcor, Ltd.		275		2,219
AMP, Ltd.		934		4,206
Australia & New Zealand Banking Group, Ltd.		217		5,585
BHP Billiton, Ltd.		282		9,689
Boral, Ltd.		921		3,678
Brambles, Ltd.		688		5,022
CFS Retail Property Trust		3,750		7,526
Coca-Cola Amatil, Ltd.		324		4,569
Commonwealth Bank of Australia		69		4,002
CSL, Ltd.		129		6,171
Fortescue Metals Group, Ltd.		497		1,804
Iluka Resources, Ltd.		134		1,384
Insurance Australia Group, Ltd.		1,461		6,639
Lend Lease Group		759		6,196
Macquarie Group, Ltd.		139		4,114
National Australia Bank, Ltd.		265		7,024
Newcrest Mining, Ltd.		158		4,788
Origin Energy, Ltd.		321		3,779
OZ Minerals, Ltd.		486		3,411
QBE Insurance Group, Ltd.		235		3,165
Rio Tinto, Ltd.		101		5,604
Santos, Ltd.		364		4,300
Sonic Healthcare, Ltd.		345		4,861
Suncorp Group, Ltd.		464		4,458
Toll Holdings, Ltd.		930		4,265
Transurban Group		445		2,776
Wesfarmers, Ltd.		312		11,586
Westfield Group		566		5,980
Westpac Banking Corp.		316		8,166
Woodside Petroleum, Ltd.		130		4,480
Woolworths, Ltd.		112		3,350

				157,693

AUSTRIA — 0.1%
OMV AG		136		4,765

BELGIUM — 0.4%
Anheuser-Busch InBev NV		79		6,725
Delhaize Group		71		2,744
Solvay SA		37		4,287
UCB SA		120		6,606

				20,362

BRAZIL — 1.3%
Banco Bradesco SA Preference Shares ADR		399		6,412
Companhia de Bebidas das Americas Preference Shares ADR		153		5,855
Companhia Energetica de Minas Gerais ADR		390		4,727
Companhia Siderurgica Nacional SA ADR		505		2,843
Gerdau SA ADR		456		4,337
Itau Unibanco Holding SA Preference Shares ADR		448		6,845
OGX Petroleo e Gas Participacoes SA ADR (a)		358		1,081
Oi SA ADR (b)		1,080		4,342
Oi SA ADR (b)		105		521
PDG Realty SA Empreendimentos e Participacoes ADR		342		1,365
Petroleo Brasileiro SA Preference Shares ADR		571		12,602
Tim Participacoes SA ADR		174		3,344
Vale SA Preference Shares ADR		607		10,537

				64,811

CANADA — 4.4%
Agrium, Inc.		34		3,525
Bank of Montreal		74		4,369
Bank of Nova Scotia		94		5,151
Barrick Gold Corp.		145		6,054
Brookfield Asset Management, Inc. (Class A)		144		4,967
Brookfield Office Properties, Inc.		205		3,404
Cameco Corp.		193		3,756
Canadian Imperial Bank of Commerce		34		2,659
Canadian National Railway Co.		73		6,454
Canadian Natural Resources, Ltd.		146		4,500
Canadian Pacific Railway, Ltd.		31		2,571
Canadian Tire Corp., Ltd. (Class A)		36		2,589
Cenovus Energy, Inc.		185		6,451
Eldorado Gold Corp.		199		3,032
Enbridge, Inc.		165		6,439
EnCana Corp.		271		5,930
Enerplus Corp.		213		3,529
First Quantum Minerals, Ltd.		103		2,193
Goldcorp, Inc.		142		6,514
IAMGOLD Corp.		214		3,391
IGM Financial, Inc.		57		2,224
Imperial Oil, Ltd.		106		4,875
Kinross Gold Corp.		314		3,210
Loblaw Cos., Ltd.		114		3,958
Manulife Financial Corp.		380		4,576
National Bank of Canada		100		7,561
Nexen, Inc.		192		4,859
Onex Corp.		126		4,969
Penn West Petroleum, Ltd.		164		2,332
Potash Corp. of Saskatchewan, Inc.		108		4,690
Rogers Communications, Inc. (Class B)		201		8,130
Royal Bank of Canada		176		10,113
Shaw Communications, Inc. (Class B)		134		2,740
Shoppers Drug Mart Corp.		88		3,661
Silver Wheaton Corp.		95		3,773
SNC-Lavalin Group, Inc.		84		3,240
Sun Life Financial, Inc.		207		4,801
Suncor Energy, Inc.		295		9,696
Talisman Energy, Inc.		344		4,594
Teck Resources, Ltd. (Class B)		105		3,096
TELUS Corp.		142		8,875
The Toronto-Dominion Bank		81		6,749
TMX Group, Ltd. (a)		8		409
TransAlta Corp.		329		5,032
TransCanada Corp.		59		2,683
Valeant Pharmaceuticals International, Inc. (a)		115		6,342
Yamana Gold, Inc.		289		5,516

				220,182

See accompanying notes to financial statements.

231

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

CHILE — 0.3%
Empresa Nacional de Electricidad SA ADR		112	$	5,371
Enersis SA ADR		233		3,819
Sociedad Quimica y Minera de Chile SA ADR		64		3,945

				13,135

CHINA — 1.3%
Agricultural Bank of China, Ltd.		7,000		2,727
Bank of China, Ltd.		13,000		4,946
Bank of Communications Co., Ltd.		5,000		3,392
China Construction Bank Corp.		6,000		4,163
China Life Insurance Co., Ltd.		1,000		2,889
China Merchants Bank Co., Ltd.		1,000		1,685
China Petroleum & Chemical Corp.		4,000		3,735
China Shenhua Energy Co., Ltd.		500		1,941
China Telecom Corp., Ltd.		6,000		3,467
Hengan International Group Co., Ltd.		500		4,727
Huaneng Power International, Inc.		4,000		3,044
Industrial & Commercial Bank of China		11,000		6,498
PetroChina Co., Ltd.		4,000		5,242
PICC Property & Casualty Co., Ltd.		2,000		2,456
Ping An Insurance Group Co. of China, Ltd.		500		3,779
Tencent Holdings, Ltd.		200		6,815
Wumart Stores, Inc.		2,000		2,987
Yanzhou Coal Mining Co., Ltd.		2,000		3,049

				67,542

COLOMBIA — 0.1%
BanColombia SA ADR		94		5,613

DENMARK — 0.5%
A P Moller — Maersk A/S		1		7,165
Danske Bank A/S (a)		164		2,963
DSV A/S		246		5,536
Novo Nordisk A/S (Class B)		73		11,546

				27,210

FINLAND — 0.3%
Fortum Oyj		128		2,360
Metso Oyj		76		2,719
Nokia Oyj		793		2,051
Sampo Oyj (Class A)		90		2,803
UPM-Kymmene Oyj		292		3,304
Wartsila Oyj		87		3,016

				16,253

FRANCE — 2.9%
Accor SA		154		5,142
Alstom SA		119		4,177
AXA SA		309		4,607
BNP Paribas		167		7,945
Bouygues SA		93		2,273
Cap Gemini SA		116		4,914
Carrefour SA		181		3,758
Credit Agricole SA (a)		326		2,252
Danone		88		5,424
Essilor International SA		59		5,531
France Telecom SA		449		5,423
GDF Suez		157		3,514
LVMH Moet Hennessy Louis Vuitton SA		32		4,817
Pernod — Ricard SA		43		4,830
PPR		20		3,072
Publicis Groupe SA		74		4,146
Renault SA		109		5,121
Sanofi		144		12,292
Schneider Electric SA		104		6,162
Societe Generale (a)		130		3,696
Sodexo		92		6,935
Technip SA		48		5,342
Total SA		223		11,074
Unibail-Rodamco SE		35		6,984
Vallourec SA		39		1,653
Veolia Environnement SA		271		2,927
Vinci SA		131		5,586
Vivendi SA		338		6,599

				146,196

GERMANY — 2.7%
Adidas AG		79		6,488
Allianz SE		74		8,815
BASF SE		120		10,135
Bayer AG		141		12,123
Commerzbank AG (a)		943		1,685
Daimler AG		165		7,995
Deutsche Bank AG		160		6,329
Deutsche Boerse AG		57		3,158
Deutsche Lufthansa AG		342		4,642
Deutsche Post AG		284		5,554
Deutsche Telekom AG		468		5,765
E.ON AG		293		6,960
Fresenius Medical Care AG & Co. KGaA		32		2,349
Linde AG		20		3,448
MAN SE		27		2,475
Merck KGaA		50		6,175
Muenchener Rueckversicherungs- Gesellschaft AG		43		6,721
RWE AG		98		4,389
Salzgitter AG		104		4,023
SAP AG		146		10,351
Siemens AG		68		6,789
ThyssenKrupp AG		183		3,894
Volkswagen AG		35		5,863

				136,126

HONG KONG — 2.4%
AIA Group, Ltd.		1,400		5,218
Bank of East Asia, Ltd.		1,032		3,873
Cheung Kong Holdings, Ltd.		1,000		14,665
China Mobile, Ltd.		500		5,543
China Overseas Land & Investment, Ltd.		2,000		5,087
China Resources Enterprise, Ltd.		2,000		6,681
China Unicom (Hong Kong), Ltd.		2,000		3,281
Citic Pacific, Ltd.		2,000		2,402
CNOOC, Ltd.		3,000		6,152
COSCO Pacific, Ltd.		2,037		2,848
Hang Lung Properties, Ltd.		1,000		3,418
Henderson Land Development Co., Ltd.		1,017		7,319
Hong Kong Exchanges and Clearing, Ltd.		310		4,686
Hutchison Whampoa, Ltd.		1,000		9,699
Li & Fung, Ltd.		2,000		3,101
New World Development Co., Ltd.		3,034		4,704

See accompanying notes to financial statements.

232

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Sands China, Ltd.		800	$	2,987
Shangri-La Asia, Ltd.		2,000		3,880
Sun Hung Kai Properties, Ltd.		1,008		14,769
Swire Pacific, Ltd.		500		6,126
The Link REIT		1,021		4,840

				121,279

HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		22		1,824
Richter Gedeon NyRt		18		3,152

				4,976

INDIA — 0.7%
Dr. Reddy’s Laboratories, Ltd. ADR		206		6,357
HDFC Bank, Ltd. ADR		156		5,862
ICICI Bank, Ltd. ADR		128		5,138
Infosys Technologies, Ltd. ADR		90		4,369
Mahindra & Mahindra, Ltd. GDR		235		3,772
Reliance Industries, Ltd. GDR (c)		159		5,005
Tata Motors, Ltd. ADR		174		4,468

				34,971

INDONESIA — 0.6%
Astra Agro Lestari Tbk PT		1,500		3,440
Astra International Tbk PT		5,000		3,866
Bank Central Asia Tbk PT		4,500		3,715
Bank Mandiri Tbk PT		4,500		3,856
Bank Rakyat Indonesia Persero Tbk PT		5,000		3,892
Gudang Garam Tbk PT		500		2,427
Telekomunikasi Indonesia Tbk PT		6,500		6,419

				27,615

IRELAND — 0.5%
Accenture PLC (Class A)		100		7,003
Covidien PLC		200		11,884
CRH PLC		150		2,894
Elan Corp. PLC (a)		224		2,418
Seagate Technology PLC		100		3,100

				27,299

ISRAEL — 0.2%
Bank Hapoalim BM (a)		669		2,379
Bank Leumi Le-Israel BM (a)		876		2,445
Teva Pharmaceutical Industries, Ltd. ADR		115		4,762

				9,586

ITALY — 0.7%
Assicurazioni Generali SpA		278		4,002
Enel SpA		1,222		4,326
ENI SpA		260		5,693
Fiat Industrial SpA		281		2,749
Intesa Sanpaolo SpA		2,205		3,356
Mediaset SpA		1,084		2,038
Saipem SpA		55		2,644
Telecom Italia SpA		5,152		5,170
UniCredit SpA (a)		735		3,056

				33,034

JAPAN — 7.3%
Aisin Seiki Co., Ltd.		100		2,853
Asahi Breweries, Ltd.		100		2,473
Asahi Kasei Corp.		1,000		5,180
Astellas Pharma, Inc.		100		5,096
Bridgestone Corp.		100		2,326
Canon, Inc.		100		3,207
Chuo Mitsui Trust Holdings, Inc.		1,000		2,982
Credit Saison Co., Ltd.		200		4,851
Daiichi Sankyo Co., Ltd.		300		4,974
Daikin Industries, Ltd.		100		2,600
Daiwa Securities Group, Inc.		1,000		3,817
Denso Corp.		200		6,301
Eisai Co., Ltd.		100		4,524
FUJIFILM Holdings Corp.		200		3,362
Hitachi, Ltd.		1,000		5,578
Hokuhoku Financial Group, Inc.		2,000		3,111
Honda Motor Co., Ltd.		200		6,162
Hoya Corp.		200		4,409
ITOCHU Corp.		300		3,050
Japan Tobacco, Inc.		200		6,021
JFE Holdings, Inc.		200		2,648
JSR Corp.		200		3,290
JX Holdings, Inc.		500		2,744
Kajima Corp.		1,000		2,738
Kamigumi Co., Ltd.		1,000		8,303
KDDI Corp.		100		7,789
Kobe Steel, Ltd.		3,000		2,391
Komatsu, Ltd.		200		3,951
Konica Minolta Holdings, Inc.		500		3,856
Kyocera Corp.		100		8,689
Makita Corp.		100		3,895
Marubeni Corp.		1,000		6,401
Marui Group Co., Ltd.		900		6,397
Mitsubishi Chemical Holdings Corp.		500		1,922
Mitsubishi Corp.		200		3,648
Mitsubishi Electric Corp.		1,000		7,404
Mitsubishi Heavy Industries, Ltd.		1,000		4,344
Mitsubishi UFJ Financial Group, Inc.		1,700		7,997
Mitsui & Co., Ltd.		200		2,823
Mizuho Financial Group, Inc.		3,600		5,877
MS&AD Insurance Group Holdings, Inc.		200		3,473
Murata Manufacturing Co., Ltd.		100		5,341
NEC Corp. (a)		2,000		3,188
Nippon Steel Corp.		2,000		4,113
Nippon Yusen KK		2,000		3,548
Nissan Motor Co., Ltd.		400		3,419
Nitto Denko Corp.		100		4,781
NKSJ Holdings, Inc.		200		3,928
Nomura Holdings, Inc.		900		3,228
NTT Data Corp.		1		3,148
Obayashi Corp.		1,000		4,576
ORIX Corp.		40		4,031
Osaka Gas Co., Ltd.		1,000		4,422
Panasonic Corp.		600		3,979
Resona Holdings, Inc.		600		2,468
Rohm Co., Ltd.		100		3,378
Secom Co., Ltd.		100		5,231
Seven & I Holdings Co., Ltd.		100		3,081
Shin-Etsu Chemical Co., Ltd.		100		5,643
Softbank Corp.		200		8,123
Sony Corp.		300		3,544
Sumitomo Chemical Co., Ltd.		1,000		2,558

See accompanying notes to financial statements.

233

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Sumitomo Corp.		200	$	2,707
Sumitomo Electric Industries, Ltd.		300		3,181
Sumitomo Metal Industries, Ltd.		2,000		3,008
Sumitomo Mitsui Financial Group, Inc.		200		6,272
T&D Holdings, Inc.		400		4,344
Takeda Pharmaceutical Co., Ltd.		100		4,621
TDK Corp.		100		3,735
Teijin, Ltd.		1,000		2,455
Terumo Corp.		100		4,319
The Joyo Bank, Ltd.		1,000		4,910
The Kansai Electric Power Co., Inc.		200		1,568
Tokio Marine Holdings, Inc.		200		5,126
Tokyo Electron, Ltd.		100		4,274
Tokyu Corp.		1,000		4,794
Toppan Printing Co., Ltd.		1,000		5,823
Toshiba Corp.		1,000		3,213
Toyota Motor Corp.		400		15,630
Toyota Tsusho Corp.		300		6,436
West Japan Railway Co.		100		4,287
Yamada Denki Co., Ltd.		40		1,761
Yamaha Corp.		600		5,584

				367,233

LUXEMBOURG — 0.1%
ArcelorMittal		195		2,800

MEXICO — 0.8%
America Movil SAB de CV		7,481		9,566
Cemex SAB de CV (a)		3,151		2,625
Fomento Economico Mexicano SAB de CV		769		7,091
Grupo Financiero Banorte SAB de CV		740		4,188
Grupo Mexico SAB de CV		1,231		4,067
Grupo Modelo SAB de CV		753		6,795
Grupo Televisa SA de CV (Series CPO)		654		3,091
Industrias Penoles SA de CV		50		2,466

				39,889

NETHERLANDS — 1.3%
Akzo Nobel NV		74		4,188
ASML Holding NV		92		4,922
DE Master Blenders 1753 NV (a)		300		3,618
European Aeronautic Defence and Space Co. NV		66		2,094
Heineken NV		52		3,103
ING Groep NV (a)		675		5,340
Koninklijke (Royal) KPN NV		449		3,435
Koninklijke Ahold NV		345		4,326
Koninklijke DSM NV		87		4,343
Koninklijke Philips Electronics NV		266		6,213
LyondellBasell Industries NV		100		5,166
Reed Elsevier NV		344		4,605
Royal Dutch Shell PLC (Class A)		18		623
Unilever NV		195		6,906
Wolters Kluwer NV		434		8,169

				67,051

NETHERLANDS ANTILLES — 0.3%
Schlumberger, Ltd.		200		14,466

NORWAY — 0.4%
DnB NOR ASA		363		4,454
Norsk Hydro ASA		1,114		5,223
Telenor ASA		297		5,795
Yara International ASA		62		3,108

				18,580

PERU — 0.0% (d)
Compania de Minas Buenaventura SA ADR		30		1,169

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		72		4,753

PORTUGAL — 0.1%
Portugal Telecom SGPS SA		848		4,197

RUSSIA — 0.8%
Federal Hydrogenerating Co. JSC ADR		824		2,192
Gazprom OAO ADR		781		7,880
Lukoil OAO ADR		96		5,908
MMC Norilsk Nickel OJSC ADR		117		1,866
Mobile TeleSystems ADR		182		3,189
Sberbank of Russia ADR		412		4,800
Surgutneftegas OJSC ADR Preference Shares		840		5,509
Tatneft ADR		97		4,022
Uralkali OJSC GDR		68		2,813

				38,179

SINGAPORE — 0.7%
CapitaLand, Ltd.		3,000		7,777
Fraser and Neave, Ltd.		1,000		7,239
Singapore Exchange, Ltd.		2,000		11,413
Singapore Press Holdings, Ltd.		2,000		6,636
Singapore Telecommunications, Ltd.		1,000		2,608

				35,673

SOUTH AFRICA — 0.9%
AngloGold Ashanti, Ltd.		85		3,012
Discovery Holdings, Ltd.		1,162		7,816
FirstRand, Ltd.		1,067		3,607
Gold Fields, Ltd.		206		2,665
Harmony Gold Mining Co., Ltd.		228		1,930
Impala Platinum Holdings, Ltd.		154		2,594
MTN Group, Ltd.		395		7,670
Naspers, Ltd.		63		3,932
Sanlam, Ltd.		988		4,499
Sasol, Ltd.		76		3,429
Standard Bank Group, Ltd.		255		3,264

				44,418

SOUTH KOREA — 2.1%
E-Mart Co., Ltd.		8		1,745
Hana Financial Group, Inc.		80		2,451
Honam Petrochemical Corp.		6		1,433
Hyundai Heavy Industries Co., Ltd.		12		2,726
Hyundai Hysco Co., Ltd.		100		4,247
Hyundai Mobis		13		3,632
Hyundai Motor Co.		29		6,575
KB Financial Group, Inc.		110		3,929
Kia Motors Corp.		65		4,059
Korea Electric Power Corp. ADR (a)		156		1,937
KT&G Corp.		41		3,125
LG Chem, Ltd. Preference Shares		63		5,623
LG Electronics, Inc.		34		2,111
LG Household & Health Care, Ltd.		6		3,428
NHN Corp.		16		4,182

See accompanying notes to financial statements.

234

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

POSCO ADR		57	$	4,648
Samsung C&T Corp.		68		4,038
Samsung Electronics Co., Ltd. GDR		36		21,672
Samsung Engineering Co., Ltd.		17		2,937
Samsung Fire & Marine Insurance Co., Ltd.		14		3,011
Samsung Heavy Industries Co., Ltd.		110		3,731
Samsung Securities Co., Ltd.		67		3,159
Shinhan Financial Group Co., Ltd.		110		3,756
SK Holdings Co., Ltd.		23		3,218
SK Hynix, Inc. (a)		130		2,661
SK Innovation Co., Ltd.		20		3,032

				107,066

SPAIN — 0.7%
Acciona SA		56		3,191
Acerinox SA		262		2,941
ACS, Actividades de Construccion y Servicios SA		197		4,063
Banco Bilbao Vizcaya Argentaria SA		766		6,024
Banco Santander SA (a)		1,322		9,856
Repsol YPF SA		118		2,291
Telefonica SA		320		4,271

				32,637

SWEDEN — 1.2%
Assa Abloy AB (Class B)		110		3,577
Atlas Copco AB (Class B)		307		6,433
Nordea Bank AB		532		5,270
Sandvik AB		286		3,889
Securitas AB (Class B)		444		3,337
Skandinaviska Enskilda Banken AB (Class A)		671		5,629
Skanska AB (Class B)		291		4,718
SKF AB (Class B)		207		4,474
Svenska Handelsbanken AB (Class A)		91		3,416
Tele2 AB (Class B)		183		3,327
Telefonaktiebolaget LM Ericsson (Class B)		543		4,956
TeliaSonera AB		468		3,375
Volvo AB (Class A)		448		6,303

				58,704

SWITZERLAND — 3.2%
ABB, Ltd. (a)		404		7,583
ACE, Ltd.		100		7,560
Adecco SA (a)		78		3,715
Compagnie Financiere Richemont SA		110		6,601
Credit Suisse Group AG (a)		237		5,026
Geberit AG (a)		32		6,963
Givaudan SA (a)		4		3,799
Holcim, Ltd. (a)		71		4,525
Kuehne & Nagel International AG		38		4,294
Nestle SA		280		17,668
Noble Corp. (a)		200		7,156
Novartis AG		264		16,166
Roche Holding AG		98		18,322
SGS SA		4		8,223
Swiss Re AG (a)		95		6,111
Syngenta AG		10		3,740
TE Connectivity, Ltd.		200		6,802
The Swatch Group AG		12		4,791
Transocean, Ltd.		71		3,169
UBS AG (a)		611		7,444
Wolseley PLC		92		3,925
Zurich Insurance Group AG (a)		19		4,735

				158,318

TAIWAN — 1.1%
Advanced Semiconductor Engineering Inc, ADR		1,154		4,303
AU Optronics Corp. ADR (a)		992		3,452
Chunghwa Telecom Co., Ltd. ADR		263		8,350
Hon Hai Precision Industry Co., Ltd. GDR		1,456		9,122
Siliconware Precision Industries Co. ADR		1,651		9,097
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,096		17,339
United Microelectronics Corp. ADR		2,579		5,287

				56,950

THAILAND — 0.2%
Bangkok Bank PCL		1,100		7,183
PTT PCL		200		2,138

				9,321

TURKEY — 0.4%
Akbank TAS		730		2,887
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,000		5,591
Turkiye Garanti Bankasi AS		845		3,530
Turkiye Is Bankasi		1,939		6,090

				18,098

UNITED KINGDOM — 7.9%
3i Group PLC		1,772		6,372
Anglo American PLC		224		6,572
AstraZeneca PLC		177		8,446
BAE Systems PLC		891		4,677
Barclays PLC		2,108		7,314
BG Group PLC		446		9,003
BHP Billiton PLC		304		9,450
BP PLC		2,520		17,762
British American Tobacco PLC		51		2,618
British Land Co. PLC		629		5,302
British Sky Broadcasting Group PLC		201		2,413
BT Group PLC		2,078		7,741
Burberry Group PLC		158		2,554
Capita Group PLC		537		6,716
Cobham PLC		2,646		9,473
Compass Group PLC		479		5,287
Diageo PLC		273		7,668
Experian PLC		371		6,165
G4S PLC		623		2,673
GlaxoSmithKline PLC		625		14,407
Hammerson PLC		1,017		7,407
HSBC Holdings PLC		2,224		20,589
Imperial Tobacco Group PLC		100		3,701
Intercontinental Hotels Group PLC		293		7,665
J Sainsbury PLC		736		4,130
Land Securities Group PLC		441		5,423
Lloyds Banking Group PLC (a)		8,654		5,426
Marks & Spencer Group PLC		1,017		5,860
National Grid PLC		197		2,173

See accompanying notes to financial statements.

235

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Next PLC		72	$	4,011
Old Mutual PLC		1,498		4,110
Pearson PLC		120		2,345
Prudential PLC		485		6,277
Randgold Resources, Ltd.		29		3,566
Reckitt Benckiser Group PLC		80		4,605
Reed Elsevier PLC		312		2,983
Rio Tinto PLC		216		10,063
Rolls-Royce Holdings PLC (a)		316		4,302
Royal Dutch Shell PLC (Class B)		760		26,975
RSA Insurance Group PLC		3,346		5,970
SABMiller PLC		131		5,754
Scottish & Southern Energy PLC		160		3,596
Severn Trent PLC		250		6,778
Smith & Nephew PLC		453		5,000
Smiths Group PLC		349		5,844
Standard Chartered PLC		353		7,980
Standard Life PLC		2,096		9,230
Tesco PLC		1,181		6,332
The Sage Group PLC		1,788		9,049
Tullow Oil PLC		178		3,938
Unilever PLC		153		5,564
United Utilities Group PLC		445		5,145
Vodafone Group PLC		6,679		18,955
Whitbread PLC		326		11,939
WPP PLC		344		4,674
Xstrata PLC		355		5,489

				395,461

UNITED STATES — 46.0%
3M Co.		100		9,242
Abbott Laboratories		200		13,712
Adobe Systems, Inc. (a)		300		9,738
Aetna, Inc.		200		7,920
Aflac, Inc.		200		9,576
Agilent Technologies, Inc.		200		7,690
Alexion Pharmaceuticals, Inc. (a)		100		11,440
Allergan, Inc.		100		9,158
Altera Corp.		100		3,399
Altria Group, Inc.		200		6,678
Amazon.com, Inc. (a)		100		25,432
American Capital Agency Corp.		100		3,459
American Electric Power Co., Inc.		200		8,788
American Express Co.		200		11,372
American Tower Corp.		100		7,139
Amgen, Inc.		200		16,864
Anadarko Petroleum Corp.		100		6,992
Annaly Capital Management, Inc.		200		3,368
Apache Corp.		100		8,647
Apple, Inc.		100		66,726
Applied Materials, Inc.		699		7,804
Archer-Daniels-Midland Co.		300		8,154
AT&T, Inc.		699		26,352
Automatic Data Processing, Inc.		100		5,866
Baker Hughes, Inc.		200		9,046
Bank of America Corp.		1,699		15,002
Baxter International, Inc.		200		12,052
Becton, Dickinson and Co.		100		7,856
Bed Bath & Beyond, Inc. (a)		100		6,300
Berkshire Hathaway, Inc. (Class B) (a)		100		8,820
Biogen Idec, Inc. (a)		100		14,923
Bristol-Myers Squibb Co.		300		10,125
Broadcom Corp. (Class A) (a)		200		6,916
C.H. Robinson Worldwide, Inc.		100		5,855
Cameron International Corp. (a)		200		11,214
Capital One Financial Corp.		100		5,701
Carnival Corp.		100		3,644
Caterpillar, Inc.		100		8,604
CBS Corp.		200		7,266
Celgene Corp. (a)		100		7,640
CenturyLink, Inc.		200		8,080
CH Energy Group, Inc.		200		13,042
Chesapeake Energy Corp.		300		5,661
Chevron Corp.		300		34,968
Church & Dwight Co., Inc.		200		10,798
Cisco Systems, Inc.		999		19,071
Citigroup, Inc.		500		16,360
Citrix Systems, Inc. (a)		100		7,657
Coach, Inc.		100		5,602
Cognizant Technology Solutions Corp. (Class A) (a)		100		6,992
Colgate-Palmolive Co.		100		10,722
Comcast Corp. (Class A) Special		500		17,400
ConAgra Foods, Inc.		200		5,518
ConocoPhillips		200		11,436
Corning, Inc.		400		5,260
Costco Wholesale Corp.		100		10,013
CSX Corp.		400		8,300
Cummins, Inc.		100		9,221
CVS Caremark Corp.		200		9,684
Danaher Corp.		200		11,030
Deere & Co.		100		8,249
Dell, Inc.		400		3,944
Devon Energy Corp.		100		6,050
DIRECTV (Class A) (a)		100		5,246
Discover Financial Services		200		7,946
Dollar Tree, Inc. (a)		200		9,655
Duke Energy Corp.		153		9,914
E. I. du Pont de Nemours & Co.		200		10,054
Eaton Corp.		200		9,452
eBay, Inc. (a)		300		14,523
Ecolab, Inc.		100		6,481
Edison International		200		9,138
Eli Lilly & Co.		200		9,482
EMC Corp. (a)		400		10,908
Emerson Electric Co.		200		9,654
EOG Resources, Inc.		100		11,205
Equity Residential		100		5,753
Exelon Corp.		200		7,116
Express Scripts Holding Co. (a)		181		11,343
Exxon Mobil Corp.		600		54,870
Fastenal Co.		100		4,299
FedEx Corp.		100		8,462
FirstEnergy Corp.		200		8,820
FMC Technologies, Inc. (a)		200		9,260
Ford Motor Co.		799		7,878
Franklin Resources, Inc.		100		12,507
Freeport-McMoRan Copper & Gold, Inc.		200		7,916
General Dynamics Corp.		100		6,612

See accompanying notes to financial statements.

236

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

General Electric Co.		1,499	$	34,042
General Mills, Inc.		100		3,985
General Motors Co. (a)		200		4,550
Gilead Sciences, Inc. (a)		200		13,266
H.J. Heinz Co.		100		5,595
Halliburton Co.		200		6,738
HCP, Inc.		300		13,344
Hess Corp.		100		5,372
Hewlett-Packard Co.		400		6,824
Hillshire Brands Co.		60		1,607
Honeywell International, Inc.		200		11,950
Illinois Tool Works, Inc.		200		11,894
Ingersoll-Rand PLC		200		8,964
Intel Corp.		799		18,121
International Business Machines Corp.		200		41,490
Intuit, Inc.		100		5,888
Johnson & Johnson		300		20,673
Johnson Controls, Inc.		200		5,480
JPMorgan Chase & Co.		600		24,288
Juniper Networks, Inc. (a)		200		3,422
Kellogg Co.		100		5,166
Kimberly-Clark Corp.		100		8,578
Kinder Morgan Management, LLC (a)		102		7,793
Kinder Morgan, Inc.		42		1,492
Kohl’s Corp.		100		5,122
Kraft Foods, Inc. (Class A)		100		4,135
Las Vegas Sands Corp.		100		4,637
Liberty Global, Inc. (Series A) (a)		100		6,075
Liberty Interactive Corp. (Class A) (a)		200		3,700
Liberty Ventures, Series A (a)		10		496
Limited Brands, Inc.		200		9,852
Lockheed Martin Corp.		100		9,338
Lowe’s Cos., Inc.		300		9,072
Macy’s, Inc.		200		7,524
Marathon Oil Corp.		300		8,871
Marathon Petroleum Corp.		100		5,459
Marsh & McLennan Cos., Inc.		200		6,786
Mattel, Inc.		400		14,192
McCormick & Co., Inc.		300		18,612
McDonald’s Corp.		100		9,175
McKesson Corp.		100		8,603
Mead Johnson Nutrition Co.		100		7,328
Medtronic, Inc.		300		12,936
Merck & Co., Inc.		400		18,040
MetLife, Inc.		300		10,338
Microsoft Corp.		1,099		32,728
Monsanto Co.		100		9,102
Morgan Stanley		300		5,022
National Oilwell Varco, Inc.		100		8,011
NetApp, Inc. (a)		100		3,288
Newmont Mining Corp.		100		5,601
News Corp. (Class A)		500		12,265
NextEra Energy, Inc.		100		7,033
NIKE, Inc. (Class B)		100		9,491
Noble Energy, Inc.		100		9,271
Norfolk Southern Corp.		100		6,363
Northrop Grumman Corp.		200		13,286
O’Reilly Automotive, Inc. (a)		100		8,362
Occidental Petroleum Corp.		200		17,212
Oracle Corp.		699		22,012
Parker Hannifin Corp.		100		8,358
PepsiCo, Inc.		200		14,154
Pfizer, Inc.		999		24,825
PG&E Corp.		100		4,267
Philip Morris International, Inc.		200		17,988
Phillips 66		100		4,637
Pioneer Natural Resources Co.		100		10,440
PNC Financial Services Group, Inc.		100		6,310
PPL Corp.		300		8,715
Praxair, Inc.		100		10,388
ProLogis		300		10,509
Prudential Financial, Inc.		200		10,902
Public Service Enterprise Group, Inc.		200		6,436
Public Storage		100		13,917
QUALCOMM, Inc.		300		18,747
Range Resources Corp.		100		6,987
Raytheon Co.		100		5,716
Retail Opportunity Investments Corp.		1,499		19,292
Rockville Financial, Inc.		1,599		19,588
Ross Stores, Inc.		100		6,460
Salesforce.com, Inc. (a)		100		15,269
SanDisk Corp. (a)		100		4,343
Simon Property Group, Inc.		100		15,181
Southern Co.		100		4,609
Southwestern Energy Co. (a)		100		3,478
Spectra Energy Corp.		200		5,872
St. Jude Medical, Inc.		200		8,426
Starbucks Corp.		200		10,150
State Street Corp.		100		4,196
Sysco Corp.		200		6,254
Target Corp.		100		6,347
Texas Instruments, Inc.		300		8,265
The Allstate Corp.		200		7,922
The Bank of New York Mellon Corp.		300		6,786
The Boeing Co.		100		6,962
The Charles Schwab Corp.		500		6,395
The Chubb Corp.		100		7,628
The Clorox Co.		100		7,205
The Coca-Cola Co.		400		15,172
The Dow Chemical Co.		300		8,688
The Estee Lauder Cos., Inc. (Class A)		100		6,157
The Goldman Sachs Group, Inc.		100		11,368
The Hershey Co.		100		7,089
The Home Depot, Inc.		200		12,074
The J.M. Smucker Co.		100		8,633
The Mosaic Co.		100		5,761
The Procter & Gamble Co.		200		13,872
The Travelers Cos., Inc.		100		6,826
The Walt Disney Co.		300		15,684
The Williams Cos., Inc.		300		10,491
Thermo Fisher Scientific, Inc.		200		11,766
Time Warner Cable, Inc.		100		9,506
Time Warner, Inc.		200		9,066
TJX Cos., Inc.		200		8,958
Tyco International, Ltd.		100		5,626
Tyson Foods, Inc. (Class A)		400		6,408
U.S. Bancorp		300		10,290
Union Pacific Corp.		100		11,870

See accompanying notes to financial statements.

237

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

United Parcel Service, Inc. (Class B)		100	$	7,157
United Technologies Corp.		100		7,829
UnitedHealth Group, Inc.		200		11,082
Valero Energy Corp.		200		6,336
Vector Group, Ltd.		944		15,660
Verizon Communications, Inc.		300		13,671
Viacom, Inc. (Class B)		100		5,359
Visa, Inc. (Class A)		100		13,428
Wal-Mart Stores, Inc.		200		14,760
Walgreen Co.		200		7,288
Waste Management, Inc.		200		6,416
Weatherford International, Ltd. (a)		500		6,340
WellPoint, Inc.		100		5,801
Wells Fargo & Co.		799		27,590
Western Digital Corp.		100		3,873
Whole Foods Market, Inc.		100		9,740
Yahoo!, Inc. (a)		300		4,793
Yum! Brands, Inc.		100		6,634

				2,302,878

TOTAL COMMON STOCKS —
(Cost $4,944,419)				4,916,489

RIGHTS — 0.0% (d)
UNITED STATES — 0.0% (d)
Liberty Ventures (expiring 10/9/12) (a) (Cost $22)		4		54

SHORT TERM INVESTMENT — 0.5%
UNITED STATES — 0.5%
MONEY MARKET FUND — 0.5%
State Street Institutional Liquid Reserves Fund 0.21% (e)(f) (Cost $27,030)		27,030		27,030

TOTAL INVESTMENTS — 98.8%
(Cost $4,971,471)				4,943,573
OTHER ASSETS & LIABILITIES — 1.2%				60,660

NET ASSETS — 100.0%			$	5,004,233


(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 0.1% of net assets as of September 30, 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)		The rate shown is the annualized seven-day yield at period end.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

238

SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
BRAZIL — 13.8%
Banco Bradesco SA Preference Shares ADR		6,681	$	107,364
BRF — Brasil Foods SA ADR		2,246		38,856
Companhia de Bebidas das Americas Preference Shares ADR		2,665		101,990
Itau Unibanco Holding SA Preference Shares ADR		7,992		122,118
Petroleo Brasileiro SA Preference Shares ADR		7,350		162,214
Vale SA Preference Shares ADR		7,004		121,589

				654,131

CHINA — 17.8%
Bank of China, Ltd.		262,196		99,762
China Construction Bank Corp.		251,154		174,276
China Life Insurance Co., Ltd.		25,584		73,915
China Petroleum & Chemical Corp.		58,000		54,160
China Shenhua Energy Co., Ltd.		11,644		45,205
Industrial & Commercial Bank of China		227,454		134,362
PetroChina Co., Ltd.		72,812		95,414
Ping An Insurance Group Co. of China, Ltd.		6,000		45,349
Tencent Holdings, Ltd.		3,500		119,266

				841,709

HONG KONG — 7.6%
China Mobile, Ltd.		20,855		231,192
CNOOC, Ltd.		62,362		127,889

				359,081

INDIA — 2.8%
ICICI Bank, Ltd. ADR		1,488		59,728
Infosys Technologies, Ltd. ADR		1,503		72,956

				132,684

MEXICO — 5.9%
America Movil SAB de CV, ADR, Series L		6,834		173,857
Fomento Economico Mexicano SAB de CV, ADR		696		64,018
Grupo Televisa SA de CV ADR		1,795		42,200

				280,075

RUSSIA — 9.7%
Gazprom OAO ADR		18,585		186,407
Lukoil OAO ADR		1,781		109,710
NovaTek OAO GDR		318		37,619
Sberbank of Russia ADR		7,532		88,350
Uralkali OJSC GDR		921		38,102

				460,188

SOUTH AFRICA — 9.5%
AngloGold Ashanti, Ltd.		1,334		47,277
Gold Fields, Ltd.		2,528		32,706
Impala Platinum Holdings, Ltd.		1,763		29,700
MTN Group, Ltd.		5,919		114,927
Naspers, Ltd.		1,361		84,943
Sasol, Ltd.		1,910		86,179
Standard Bank Group, Ltd.		4,238		54,254

				449,986

SOUTH KOREA — 21.1%
Hyundai Heavy Industries Co., Ltd.		146		33,169
Hyundai Mobis		238		66,490
Hyundai Motor Co.		539		122,211
KB Financial Group, Inc. ADR		1,281		45,206
Kia Motors Corp.		919		57,385
LG Chem, Ltd.		162		48,319
POSCO ADR		914		74,528
Samsung Electronics Co., Ltd. GDR		770		463,540
Shinhan Financial Group Co., Ltd. ADR		743		49,885
SK Hynix, Inc. (a)		1,820		37,254

				997,987

TAIWAN — 11.5%
China Steel Corp.		39,585		36,123
Chunghwa Telecom Co., Ltd. ADR		1,364		43,307
Formosa Plastics Corp.		14,000		40,023
Hon Hai Precision Industry Co., Ltd. GDR		17,168		107,558
MediaTek, Inc.		4,000		42,233
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		17,264		273,116

				542,360

TOTAL COMMON STOCKS —
(Cost $4,961,568)				4,718,201

SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.21% (b)(c) (Cost $6,699)		6,699		6,699

TOTAL INVESTMENTS — 99.9%
(Cost $4,968,267)				4,724,900
OTHER ASSETS & LIABILITIES — 0.1%				5,644

NET ASSETS — 100.0%			$	4,730,544

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

239

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 98.0%
JAPAN — 98.0%
AIR FREIGHT & LOGISTICS — 0.3%
Yamato Holdings Co., Ltd. (a)		2,380	$	37,810

AIRLINES — 0.1%
All Nippon Airways Co., Ltd. (a)		10,000		21,080

AUTO COMPONENTS — 2.8%
Aisin Seiki Co., Ltd. (a)		1,168		33,328
Bridgestone Corp.		3,803		88,476
Denso Corp. (a)		2,647		83,391
FCC Co., Ltd. (a)		984		15,873
Futaba Industrial Co., Ltd. (a)(b)		408		1,657
Keihin Corp. (a)		556		6,596
NGK Spark Plug Co., Ltd. (a)		2,160		22,794
NHK Spring Co., Ltd. (a)		340		2,928
Nifco, Inc. (a)		1,028		23,824
Nissin Kogyo Co., Ltd. (a)		616		8,092
NOK Corp.		1,016		16,311
Showa Corp. (a)		2,012		17,818
Stanley Electric Co., Ltd.		644		9,569
Sumitomo Rubber Industries, Inc.		1,808		21,543
Tokai Rika Co., Ltd.		20		282
Toyo Tire & Rubber Co., Ltd.		3,851		9,702
Toyota Industries Corp.		1,172		32,915

				395,099

AUTOMOBILES — 7.3%
Daihatsu Motor Co., Ltd.		464		7,765
Fuji Heavy Industries, Ltd. (a)		4,347		36,206
Honda Motor Co., Ltd. (a)		9,574		294,973
Isuzu Motors, Ltd.		9,651		46,766
Mazda Motor Corp. (a)(b)		6,123		7,162
Mitsubishi Motors Corp. (a)(b)		26,173		24,222
Nissan Motor Co., Ltd. (a)		13,562		115,922
Suzuki Motor Corp.		2,192		42,685
Toyota Motor Corp. (a)		11,677		456,273
Yamaha Motor Co., Ltd. (a)		1,216		10,660

				1,042,634

BEVERAGES — 1.4%
Asahi Breweries, Ltd.		2,584		63,903
Ito En, Ltd. (a)		1,556		31,180
Kirin Holdings Co., Ltd.		6,207		83,292
Takara Holdings, Inc. (a)		2,479		18,385

				196,760

BUILDING PRODUCTS — 1.1%
Aica Kogyo Co., Ltd.		284		4,873
Asahi Glass Co., Ltd. (a)		6,299		42,101
Daikin Industries, Ltd. (a)		1,432		37,236
JS Group Corp. (a)		1,772		42,410
Nippon Sheet Glass Co., Ltd. (a)		6,000		4,242
TOTO, Ltd. (a)		4,444		32,787

				163,649

CAPITAL MARKETS — 1.0%
Daiwa Securities Group, Inc. (a)		8,482		32,380
Jafco Co., Ltd.		212		4,134
Nomura Holdings, Inc. (a)		21,176		75,940
Okasan Securities Group, Inc.		2,107		7,908
SBI Holdings, Inc. (a)		1,580		10,215
Tokai Tokyo Financial Holdings, Inc. (a)		3,967		13,308

				143,885

CHEMICALS — 4.1%
Asahi Kasei Corp. (a)		5,859		30,349
Daicel Chemical Industries, Ltd.		2,055		12,362
DIC Corp.		6,391		10,433
Hitachi Chemical Co., Ltd. (a)		976		13,235
JSR Corp. (a)		1,360		22,375
Kaneka Corp. (a)		2,224		10,748
Kansai Paint Co., Ltd. (a)		2,092		23,259
Kuraray Co., Ltd. (a)		2,971		33,873
Mitsubishi Chemical Holdings Corp. (a)		6,123		23,532
Mitsubishi Gas Chemical Co., Inc. (a)		2,268		11,427
Mitsui Chemicals, Inc. (a)		5,843		11,491
Nissan Chemical Industries, Ltd. (a)		2,816		31,599
Nitto Denko Corp. (a)		784		37,487
Shin-Etsu Chemical Co., Ltd. (a)		2,420		136,553
Showa Denko K.K. (a)		7,723		12,309
Sumitomo Chemical Co., Ltd. (a)		9,674		24,745
Taiyo Nippon Sanso Corp. (a)		4,180		22,082
Teijin, Ltd. (a)		6,367		15,631
Tokai Carbon Co., Ltd.		1,828		5,592
Toray Industries, Inc. (a)		7,758		46,069
Tosoh Corp. (a)		5,599		10,651
Ube Industries, Ltd. (a)		9,543		20,607
Zeon Corp.		2,132		14,880

				581,289

COMMERCIAL BANKS — 9.4%
Chuo Mitsui Trust Holdings, Inc. (a)		19,981		59,583
Fukuoka Financial Group, Inc.		6,000		24,447
Hokuhoku Financial Group, Inc.		9,658		15,021
Mitsubishi UFJ Financial Group, Inc. (a)		79,700		374,938
Mizuho Financial Group, Inc. (a)		138,100		225,433
Resona Holdings, Inc.		3,200		13,162
Shinsei Bank, Ltd.		9,726		12,626
Sumitomo Mitsui Financial Group, Inc.		8,000		250,900
Suruga Bank, Ltd.		496		5,642
The 77 Bank, Ltd.		3,803		15,838
The Awa Bank, Ltd. (a)		3,731		24,170
The Bank of Kyoto, Ltd.		1,916		16,279
The Bank of Yokohama, Ltd.		7,947		37,896
The Chiba Bank, Ltd.		6,063		35,381
The Chugoku Bank, Ltd.		1,504		21,265
The Hachijuni Bank, Ltd. (a)		5,719		31,829
The Hiroshima Bank, Ltd.		5,811		19,569
The Hyakugo Bank, Ltd.		4,147		18,710
The Iyo Bank, Ltd.		1,180		9,646
The Joyo Bank, Ltd. (a)		4,155		20,401
The Juroku Bank, Ltd.		5,883		20,417
The Musashino Bank, Ltd.		420		12,967
The Nanto Bank, Ltd. (a)		2,391		12,017
The Nishi-Nippon City Bank, Ltd. (a)		7,799		18,144
The Shizuoka Bank, Ltd.		2,363		24,268
Yamaguchi Financial Group, Inc.		2,076		16,864

				1,337,413

See accompanying notes to financial statements.

240

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

COMMERCIAL SERVICES & SUPPLIES — 1.1%
Aeon Delight Co., Ltd.		200	$	4,424
Dai Nippon Printing Co., Ltd. (a)		3,739		26,144
Daiseki Co., Ltd.		400		6,237
Nissha Printing Co., Ltd. (a)(b)		236		2,208
Park24 Co., Ltd. (a)		1,000		16,427
Secom Co., Ltd. (a)		1,368		71,565
Toppan Printing Co., Ltd. (a)		4,299		25,031

				152,036

COMMUNICATIONS EQUIPMENT — 0.0% (c)
Aiphone Co., Ltd.		200		4,162

COMPUTERS & PERIPHERALS — 1.0%
Fujitsu, Ltd. (a)		10,498		39,536
NEC Corp. (a)(b)		11,918		18,995
Seiko Epson Corp. (a)		1,376		8,419
Toshiba Corp. (a)		23,633		75,942

				142,892

CONSTRUCTION & ENGINEERING — 1.7%
Chiyoda Corp.		1,688		26,340
COMSYS Holdings Corp. (a)		2,000		27,995
JGC Corp.		1,760		58,931
Kajima Corp. (a)		7,595		20,793
Maeda Corp.		5,855		27,996
Obayashi Corp. (a)		5,679		25,986
Shimizu Corp. (a)		5,559		18,792
Taisei Corp. (a)		9,995		28,777

				235,610

CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp. (a)		9,607		20,745

CONSUMER FINANCE — 0.4%
Acom Co., Ltd. (b)		22		561
Aeon Credit Service Co., Ltd. (a)		1,040		22,458
Credit Saison Co., Ltd. (a)		1,364		33,083
Orient Corp. (b)		4,001		6,171

				62,273

CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Kaisha, Ltd.		1,048		11,248

DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		992		13,745

DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc. (a)		628		30,512

DIVERSIFIED FINANCIAL SERVICES — 0.4%
ORIX Corp. (a)		616		62,075

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%
Nippon Telegraph & Telephone Corp.		5,200		248,638

ELECTRIC UTILITIES — 1.5%
Chubu Electric Power Co., Inc. (a)		3,963		51,804
Hokkaido Electric Power Co., Inc. (a)		1,228		10,007
Hokuriku Electric Power Co. (a)		1,412		17,187
Kyushu Electric Power Co., Inc. (a)		2,376		19,668
Shikoku Electric Power Co., Inc. (a)		1,572		17,801
The Chugoku Electric Power Co., Inc. (a)		1,648		21,966
The Kansai Electric Power Co., Inc. (a)		4,811		37,721
The Okinawa Electric Power Co., Inc.		36		1,207
The Tokyo Electric Power Co., Inc. (a)(b)		8,567		14,095
Tohoku Electric Power Co., Inc. (b)		2,843		22,949

				214,405

ELECTRICAL EQUIPMENT — 1.7%
Fuji Electric Holdings Co., Ltd. (a)		6,099		12,464
Fujikura, Ltd. (a)		4,107		12,353
Furukawa Electric Co., Ltd. (b)		3,899		7,367
Mitsubishi Electric Corp.		11,974		88,651
Nidec Corp. (a)		764		56,072
Sumitomo Electric Industries, Ltd.		3,787		40,158
Tatsuta Electric Wire and Cable Co., Ltd. (a)		2,000		17,969
Ushio, Inc.		1,036		12,491

				247,525

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.2%
Alps Electric Co., Ltd. (a)		1,768		9,181
Amano Corp. (a)		1,236		10,676
Citizen Holdings Co., Ltd.		3,003		15,324
FUJIFILM Holdings Corp. (a)		2,827		47,528
Hamamatsu Photonics K.K. (a)		768		26,465
Hirose Electric Co., Ltd. (a)		408		45,887
Hitachi, Ltd. (a)		25,933		144,665
Horiba, Ltd.		404		11,923
Hoya Corp. (a)		2,632		58,019
Ibiden Co., Ltd. (a)		996		14,607
Keyence Corp.		240		61,697
Kyocera Corp. (a)		992		86,194
Murata Manufacturing Co., Ltd. (a)		1,228		65,583
Nippon Electric Glass Co., Ltd. (a)		3,548		19,655
Oki Electric Industry Co., Ltd. (b)		12,166		13,917
Omron Corp.		1,380		26,607
Shimadzu Corp. (a)		2,312		16,255
TDK Corp. (a)		996		37,203
Yaskawa Electric Corp.		1,604		10,783
Yokogawa Electric Corp.		1,964		22,770

				744,939

FOOD & STAPLES RETAILING — 2.0%
Aeon Co., Ltd. (a)		4,403		49,972
Cawachi, Ltd.		448		9,363
FamilyMart Co., Ltd.		352		17,374
Izumiya Co., Ltd.		3,740		19,085
Lawson, Inc. (a)		400		30,848
Seven & I Holdings Co., Ltd.		4,439		136,765
UNY Co., Ltd.		2,000		15,604

				279,011

FOOD PRODUCTS — 1.4%
Ajinomoto Co., Inc.		4,003		62,978
Hokuto Corp. (a)		400		8,493
Kikkoman Corp. (a)		2,256		30,940
MEIJI Holdings Co., Ltd. (a)		400		19,923
Nissin Foods Holding Co., Ltd. (a)		640		25,172
Sakata Seed Corp. (a)		1,584		21,276
Yakult Honsha Co., Ltd. (a)		564		26,823

				195,605

See accompanying notes to financial statements.

241

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

GAS UTILITIES — 1.1%
Osaka Gas Co., Ltd. (a)		12,150	$	53,722
Saibu Gas Co., Ltd.		10,273		29,314
Tokyo Gas Co., Ltd.		13,873		76,676

				159,712

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Nakanishi, Inc.		200		21,568
Olympus Corp. (b)		1,042		20,358
Sysmex Corp.		400		19,306
Terumo Corp.		956		41,287

				102,519

HEALTH CARE PROVIDERS & SERVICES — 0.5%
Medipal Holdings Corp.		1,192		16,455
Miraca Holdings, Inc. (a)		636		28,653
Suzuken Co., Ltd.		632		21,080

				66,188

HOTELS, RESTAURANTS & LEISURE — 0.4%
Oriental Land Co., Ltd. (a)		404		53,382
Round One Corp. (a)		800		3,866

				57,248

HOUSEHOLD DURABLES — 2.0%
Casio Computer Co., Ltd. (a)		2,248		15,979
Funai Electric Co., Ltd.		395		5,590
Haseko Corp. (b)		9,139		5,873
Panasonic Corp. (a)		13,381		88,748
Pioneer Corp. (a)(b)		2,360		5,794
Sangetsu Co., Ltd.		176		4,864
Sekisui Chemical Co., Ltd.		2,079		16,808
Sekisui House, Ltd.		3,679		36,648
Sharp Corp. (a)		5,519		13,691
Sony Corp. (a)		6,811		80,454
Sumitomo Forestry Co., Ltd. (a)		1,368		12,203

				286,652

HOUSEHOLD PRODUCTS — 0.3%
Unicharm Corp. (a)		632		36,393

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
Electric Power Development Co., Ltd. (a)		840		22,177

INDUSTRIAL CONGLOMERATES — 0.3%
Keihan Electric Railway Co., Ltd. (a)		5,747		27,479
Nisshinbo Holdings, Inc.		1,584		10,465

				37,944

INSURANCE — 2.4%
MS&AD Insurance Group Holdings, Inc. (a)		3,636		63,139
NKSJ Holdings, Inc. (a)		2,000		39,280
Sony Financial Holdings, Inc.		1,600		27,517
T&D Holdings, Inc.		4,200		45,617
The Dai-ichi Life Insurance Co., Ltd. (a)		42		47,830
Tokio Marine Holdings, Inc.		4,447		113,976

				337,359

INTERNET & CATALOG RETAIL — 0.4%
Rakuten, Inc. (a)		5,000		51,093

INTERNET SOFTWARE & SERVICES — 0.7%
DeNA Co., Ltd. (a)		800		26,653
Gree, Inc. (a)		600		11,020
Internet Initiative Japan, Inc. (a)		600		16,419
Yahoo! Japan Corp. (a)		104		39,742

				93,834

IT SERVICES — 0.8%
IT Holdings Corp.		832		10,844
Itochu Techno-Solutions Corp.		608		31,729
NET One Systems Co., Ltd. (a)		2,000		25,270
Nomura Research Institute, Ltd. (a)		300		6,204
NTT Data Corp. (a)		8		25,182
Otsuka Corp.		12		1,080
SCSK Corp.		100		1,766
TKC Corp.		400		8,206

				110,281

LEISURE EQUIPMENT & PRODUCTS — 1.5%
Namco Bandai Holdings, Inc.		2,232		37,927
Nikon Corp. (a)		1,840		50,801
Roland Corp.		200		1,391
Sankyo Co., Ltd. (a)		640		29,902
Sega Sammy Holdings, Inc. (a)		2,031		38,662
Shimano, Inc.		592		43,220
Yamaha Corp. (a)		1,192		11,093

				212,996

MACHINERY — 5.6%
Amada Co., Ltd.		1,527		6,713
FANUC Corp. (a)		1,180		190,802
Glory, Ltd.		1,044		24,611
IHI Corp. (a)		10,311		23,061
JTEKT Corp. (a)		1,408		11,166
Kawasaki Heavy Industries, Ltd. (a)		7,978		15,894
Komatsu, Ltd. (a)		5,439		107,452
Komori Corp.		788		4,072
Kubota Corp. (a)		3,663		37,195
Kurita Water Industries, Ltd. (a)		976		21,690
Makita Corp. (a)		976		38,011
Minebea Co., Ltd. (a)		2,255		7,623
Mitsubishi Heavy Industries, Ltd.		19,676		85,482
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		7,567		8,754
Mori Seiki Co., Ltd. (a)		968		6,196
NGK Insulators, Ltd. (a)		2,320		27,882
NSK, Ltd. (a)		2,463		14,341
NTN Corp. (a)		2,495		5,035
OKUMA Corp.		1,648		9,765
OSG Corp.		1,012		14,100
SMC Corp. (a)		420		67,913
Sodick Co., Ltd.		1,800		7,658
Sumitomo Heavy Industries, Ltd.		3,795		13,024
Takuma Co., Ltd.		2,000		10,231
The Japan Steel Works, Ltd.		1,708		9,550
THK Co., Ltd. (a)		1,000		15,398
Toshiba Machine Co., Ltd.		1,944		7,546

				791,165

MARINE — 0.2%
Kawasaki Kisen Kaisha, Ltd. (a)(b)		5,759		7,254

See accompanying notes to financial statements.

242

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Mitsui OSK Lines, Ltd. (a)		4,491	$	10,506
Nippon Yusen KK (a)		7,995		14,182

				31,942

MEDIA — 0.6%
CyberAgent, Inc. (a)		4		8,658
Dentsu, Inc. (a)		1,600		40,720
Jupiter Telecommunications Co.		8		8,144
Toho Co., Ltd.		1,352		24,937

				82,459

METALS & MINING — 2.2%
Daido Steel Co., Ltd.		2,199		10,260
Dowa Holdings Co., Ltd.		1,767		12,287
JFE Holdings, Inc. (a)		3,047		40,339
Kobe Steel, Ltd. (a)		17,645		14,062
Mitsubishi Materials Corp.		8,027		25,381
Mitsubishi Steel Manufacturing Co., Ltd.		4,000		7,301
Mitsui Mining & Smelting Co., Ltd.		5,839		12,459
Nippon Steel Corp. (a)		27,755		57,080
Nisshin Steel Co., Ltd. (a)		5,951		6,425
Sumitomo Metal Industries, Ltd. (a)		24,340		36,604
Sumitomo Metal Mining Co., Ltd. (a)		3,575		45,262
Toho Zinc Co., Ltd. (a)		4,000		14,087
Tokyo Steel Manufacturing Co., Ltd. (a)		1,044		3,529
Topy Industries, Ltd. (a)		5,000		10,090
Yodogawa Steel Works, Ltd. (a)		3,963		13,397

				308,563

MULTILINE RETAIL — 0.7%
Isetan Mitsukoshi Holdings, Ltd. (a)		2,441		25,540
J Front Retailing Co., Ltd.		3,778		21,270
Marui Group Co., Ltd. (a)		2,616		18,594
Ryohin Keikaku Co., Ltd.		236		14,955
Takashimaya Co., Ltd. (a)		2,332		16,066
The Daiei, Inc. (a)(b)		1,402		2,991

				99,416

OFFICE ELECTRONICS — 2.1%
Brother Industries, Ltd. (a)		1,832		17,048
Canon, Inc. (a)		7,058		226,346
Konica Minolta Holdings, Inc. (a)		4,075		31,427
Ricoh Co., Ltd. (a)		3,555		30,112

				304,933

OIL, GAS & CONSUMABLE FUELS — 1.1%
Cosmo Oil Co., Ltd. (a)		5,927		10,970
Inpex Corp.		8		47,867
JX Holdings, Inc. (a)		14,500		79,582
TonenGeneral Sekiyu K.K.		1,547		13,462

				151,881

PAPER & FOREST PRODUCTS — 0.2%
Nippon Paper Group, Inc. (a)		800		9,471
OJI Paper Co., Ltd. (a)		5,839		17,862

				27,333

PERSONAL PRODUCTS — 1.0%
Kao Corp.		3,239		95,755
Mandom Corp.		1,016		26,719
Shiseido Co., Ltd. (a)		1,832		25,219

				147,693

PHARMACEUTICALS — 5.6%
Astellas Pharma, Inc. (a)		2,771		141,221
Chugai Pharmaceutical Co., Ltd.		1,616		33,961
Daiichi Sankyo Co., Ltd. (a)		4,051		67,170
Dainippon Sumitomo Pharma Co., Ltd. (a)		960		10,587
Eisai Co., Ltd. (a)		1,540		69,676
Hisamitsu Pharmaceutical Co., Inc. (a)		404		22,407
Kissei Pharmaceutical Co., Ltd.		1,000		17,905
Kyowa Hakko Kirin Co., Ltd.		1,833		22,217
Mitsubishi Tanabe Pharma Corp. (a)		2,000		30,514
Mochida Pharmaceutical Co., Ltd. (a)		2,000		24,833
Nichi-iko Pharmaceutical Co., Ltd. (a)		200		4,725
Ono Pharmaceutical Co., Ltd. (a)		432		26,681
Santen Pharmaceutical Co., Ltd.		956		44,114
Seikagaku Corp. (a)		800		9,275
Shionogi & Co., Ltd. (a)		1,996		30,581
Taisho Pharmaceutical Holdings Co. Ltd. (a)		300		24,563
Takeda Pharmaceutical Co., Ltd. (a)		4,655		215,099
Torii Pharmaceutical Co., Ltd.		200		4,373
Tsumura & Co.		100		3,152

				803,054

PROFESSIONAL SERVICES — 0.1%
Meitic Corp. (a)		812		18,557

REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.5%
Daikyo, Inc.		4,256		10,777
Daito Trust Construction Co., Ltd. (a)		564		56,907
Daiwa House Industry Co., Ltd.		4,363		63,538
Heiwa Real Estate Co., Ltd.		971		11,220
Leopalace21 Corp. (b)		1,044		3,154
Mitsubishi Estate Co., Ltd. (a)		7,111		136,553
Mitsui Fudosan Co., Ltd.		5,923		118,993
Sumitomo Realty & Development Co., Ltd.		1,843		49,084
Tokyo Tatemono Co., Ltd. (a)(b)		3,540		13,878
Tokyu Land Corp. (a)		5,664		30,431

				494,535

ROAD & RAIL — 4.5%
Central Japan Railway Co.		1,000		88,175
East Japan Railway Co.		2,200		146,195
Hankyu Hanshin Holdings, Inc.		8,486		46,030
Keikyu Corp. (a)		4,355		41,199
Keisei Electric Railway Co., Ltd. (a)		2,147		19,455
Kintetsu Corp. (a)		12,038		47,347
Nagoya Railroad Co., Ltd.		8,362		22,893
Nankai Electric Railway Co., Ltd.		6,111		27,806
Nippon Express Co., Ltd.		7,555		28,744
Odakyu Electric Railway Co., Ltd. (a)		2,483		26,202
Sotetsu Holdings, Inc.		8,254		27,796
Tobu Railway Co., Ltd. (a)		6,007		32,429
Tokyu Corp. (a)		6,391		30,641
West Japan Railway Co. (a)		1,400		60,013

				644,925

See accompanying notes to financial statements.

243

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%
Advantest Corp. (a)		1,216	$	15,864
Dainippon Screen Manufacturing Co., Ltd.		364		1,797
Disco Corp. (a)		384		18,558
Rohm Co., Ltd.		576		19,457
Sanken Electric Co., Ltd. (a)		2,404		7,601
Shinko Electric Industries Co., Ltd. (a)		592		3,752
Sumco Corp. (a)(b)		1,046		7,072
Tokyo Electron, Ltd. (a)		1,040		44,447

				118,548

SOFTWARE — 0.9%
Konami Corp. (a)		792		18,049
Nintendo Co., Ltd. (a)		648		82,374
NSD Co., Ltd. (a)		832		8,149
Square Enix Holdings Co., Ltd. (a)		796		12,185
Trend Micro, Inc. (a)		368		10,312

				131,069

SPECIALTY RETAIL — 1.5%
Aoyama Trading Co., Ltd. (a)		984		18,871
Autobacs Seven Co., Ltd.		180		8,179
Fast Retailing Co., Ltd.		176		41,059
Hikari Tsushin, Inc.		184		9,779
Nitori Holding Co., Ltd.		210		19,569
Sanrio Co., Ltd. (a)		448		16,106
Shimachu Co., Ltd. (a)		984		20,616
Shimamura Co., Ltd. (a)		232		27,107
USS Co., Ltd. (a)		200		21,208
Yamada Denki Co., Ltd. (a)		600		26,414

				208,908

TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Asics Corp.		2,064		27,936
Gunze, Ltd.		4,223		10,910
Onward Holdings Co., Ltd.		1,580		12,632
The Japan Wool Textile Co., Ltd.		2,031		15,245
Toyobo Co., Ltd.		8,302		9,924

				76,647

TOBACCO — 1.3%
Japan Tobacco, Inc. (a)		6,000		180,617

TRADING COMPANIES & DISTRIBUTORS — 4.6%
Hanwa Co., Ltd.		2,207		7,688
Inaba Denki Sangyo Co., Ltd.		956		27,500
ITOCHU Corp. (a)		8,566		87,091
Iwatani Corp.		6,451		23,549
Kanematsu Corp. (b)		19,000		22,224
Marubeni Corp. (a)		10,402		66,583
Mitsubishi Corp. (a)		7,607		138,745
Mitsui & Co., Ltd. (a)		10,002		141,159
Sojitz Corp. (a)		8,428		10,941
Sumitomo Corp. (a)		6,375		86,284
Toyota Tsusho Corp. (a)		1,039		22,289
Yamazen Corp. (a)		2,800		17,959

				652,012

TRANSPORTATION INFRASTRUCTURE — 0.3%
Kamigumi Co., Ltd.		2,395		19,886
Mitsubishi Logistics Corp. (a)		2,216		26,461

				46,347

WIRELESS TELECOMMUNICATION SERVICES — 3.3%
KDDI Corp. (a)		1,800		140,205
NTT DoCoMo, Inc. (a)		88		143,198
Softbank Corp.		4,415		179,324

				462,727

TOTAL COMMON STOCKS —
(Cost $17,539,385)				13,942,767

SHORT TERM INVESTMENTS — 29.3%
UNITED STATES — 29.3%
MONEY MARKET FUNDS — 29.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		4,145,222		4,145,222
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		15,805		15,805

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,161,027)				4,161,027

TOTAL INVESTMENTS — 127.3%
(Cost $21,700,412)				18,103,794
OTHER ASSETS & LIABILITIES — (27.3)%				(3,877,183	)

NET ASSETS — 100.0%			$	14,226,611


(a)		A portion of the security was on loan at September 30, 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.

244

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 97.0%
JAPAN — 97.0%
AIR FREIGHT & LOGISTICS — 0.3%
Kintetsu World Express, Inc. (a)		6,700	$	215,123

AIRLINES — 0.1%
Skymark Airlines, Inc. (b)		8,000		39,897

AUTO COMPONENTS — 4.4%
Ahresty Corp.		7,300		33,310
Exedy Corp. (a)		4,900		97,055
FCC Co., Ltd. (a)		9,413		151,842
Futaba Industrial Co., Ltd. (a)(b)		13,194		53,590
Kayaba Industry Co., Ltd. (a)		26,902		96,128
Keihin Corp. (a)		9,641		114,378
Musashi Seimitsu Industry Co., Ltd. (a)		16,952		313,329
Nissan Shatai Co., Ltd.		33,000		370,720
Nissin Kogyo Co., Ltd. (a)		11,434		150,200
Press Kogyo Co., Ltd. (a)		25,569		102,539
Showa Corp. (a)		15,139		134,072
Takata Corp. (a)		12,900		232,797
Tokai Rika Co., Ltd. (a)		9,800		138,182
Topre Corp.		17,234		146,422
Toyo Tire & Rubber Co., Ltd.		42,372		106,747
Toyoda Gosei Co., Ltd. (a)		8,000		160,720
Toyota Boshoku Corp. (a)		9,100		94,743
TS Tech Co., Ltd.		8,100		130,558
Unipres Corp.		8,200		182,234

				2,809,566

BEVERAGES — 0.9%
Ito En, Ltd. (a)		12,100		242,467
Mikuni Coca-Cola Bottling Co., Ltd. (a)		27,245		239,532
Sapporo Holdings, Ltd. (a)		42,000		117,686

				599,685

BIOTECHNOLOGY — 0.5%
OncoTherapy Science, Inc. (b)		84		114,339
Sosei Group Corp. (b)		55		173,201

				287,540

BUILDING PRODUCTS — 2.4%
Aica Kogyo Co., Ltd. (a)		16,519		283,456
Bunka Shutter Co., Ltd.		48,577		219,783
Central Glass Co., Ltd. (a)		49,309		147,040
Nichias Corp.		27,000		144,717
Nitto Boseki Co., Ltd. (a)		56,020		189,373
Noritz Corp.		7,165		126,723
Sankyo-Tateyama Holdings, Inc.		118,467		210,134
Sanwa Holdings Corp. (a)		60,910		240,352

				1,561,578

CAPITAL MARKETS — 1.3%
Jafco Co., Ltd. (a)		10,100		196,937
Matsui Securities Co., Ltd (a)		16,800		107,537
Monex Group, Inc. (a)		923		152,093
Okasan Securities Group, Inc.		33,447		125,534
Tokai Tokyo Financial Holdings, Inc. (a)		57,721		193,640
Toyo Securities Co., Ltd.		47,457		82,958

				858,699

CHEMICALS — 4.9%
ADEKA Corp. (a)		23,813		180,281
Asahi Organic Chemicals Industry Co., Ltd. (a)		41,540		100,379
C. Uyemura & Co., Ltd.		2,176		77,195
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		3,100		46,978
Fujikura Kasei Co., Ltd.		20,738		89,296
Fujimi, Inc.		6,673		98,808
Ishihara Sangyo Kaisha, Ltd. (b)		111,811		86,229
Japan Pure Chemical Co., Ltd.		113		277,416
Kureha Corp.		30,000		119,923
Lintec Corp.		12,108		221,306
New Japan Chemical Co., Ltd. (a)		7,000		34,190
Nippon Soda Co., Ltd.		32,065		138,893
Nippon Valqua Industries, Ltd.		38,025		105,082
NOF Corp.		44,731		216,181
Okamoto Industries, Inc. (a)		61,841		261,513
Sumitomo Bakelite Co., Ltd. (a)		39,000		136,350
Taiyo Holdings Co., Ltd. (a)		7,700		214,967
Toagosei Co., Ltd.		52,000		196,504
Tokai Carbon Co., Ltd. (a)		39,542		120,964
Tokyo Ohka Kogyo Co., Ltd. (a)		13,900		298,904
Toyo Ink Manufacturing Co., Ltd.		43,000		154,756

				3,176,115

COMMERCIAL BANKS — 8.5%
Bank of the Ryukyus, Ltd. (a)		12,081		157,923
Kansai Urban Banking Corp.		102,000		136,350
Kiyo Holdings, Inc.		181,754		263,987
Sapporo Hokuyo Holdings, Inc. (b)		58,200		167,568
Seven Bank, Ltd.		100		306
The 77 Bank, Ltd. (a)		36,000		149,923
The Aichi Bank, Ltd. (a)		5,349		311,108
The Bank of Iwate, Ltd. (a)		5,956		287,082
The Bank of Nagoya, Ltd. (a)		36,000		126,787
The Bank of Okinawa, Ltd.		5,100		225,501
The Daishi Bank, Ltd.		59,000		193,381
The Fukushima Bank, Ltd.		254,478		157,004
The Higo Bank, Ltd.		39,000		238,111
The Hokkoku Bank, Ltd. (a)		38,000		145,064
The Hyakugo Bank, Ltd.		57,000		257,159
The Hyakujushi Bank, Ltd.		48,000		193,728
The Juroku Bank, Ltd.		61,000		211,697
The Kagoshima Bank, Ltd. (a)		32,000		211,825
The Keiyo Bank, Ltd.		46,000		211,671
The Musashino Bank, Ltd.		7,300		225,381
The Nagano Bank, Ltd.		88,534		175,247
The Nanto Bank, Ltd. (a)		44,000		221,131
The Shikoku Bank, Ltd.		64,000		166,992
The Shimizu Bank, Ltd.		5,100		157,327
The Taiko Bank, Ltd. (a)		62,000		177,712
The Tochigi Bank, Ltd.		32,846		121,589
The Tokyo Tomin Bank, Ltd. (a)		8,905		83,670
The Yachiyo Bank, Ltd.		7,200		139,928
Tomato Bank, Ltd.		101,872		199,030

See accompanying notes to financial statements.

245

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

TOMONY Holdings, Inc.		32,405	$	145,364

				5,459,546

COMMERCIAL SERVICES & SUPPLIES — 2.4%
Aeon Delight Co., Ltd.		5,100		112,816
Daiseki Co., Ltd.		7,293		113,707
Duskin Co., Ltd.		14,600		295,002
Moshi Moshi Hotline, Inc.		12,144		178,258
Nissha Printing Co., Ltd. (a)(b)		8,300		77,666
Okamura Corp.		24,884		192,547
Park24 Co., Ltd. (a)		20,785		341,430
Pilot Corp.		135		254,730

				1,566,156

COMMUNICATIONS EQUIPMENT — 0.9%
Aiphone Co., Ltd.		7,206		149,955
Denki Kogyo Co., Ltd.		31,303		138,812
Hitachi Kokusai Electric, Inc. (a)		16,634		110,537
Icom, Inc. (a)		7,400		179,578

				578,882

COMPUTERS & PERIPHERALS — 0.7%
Eizo Nanao Corp.		7,700		137,670
Melco Holdings, Inc. (a)		4,100		79,997
Wacom Co., Ltd. (a)		104		253,183

				470,850

CONSTRUCTION & ENGINEERING — 4.3%
Chugai Ro Co., Ltd. (a)		47,522		129,494
Kandenko Co., Ltd.		27,000		129,447
Kinden Corp. (a)		29,924		189,237
Kyowa Exeo Corp.		25,576		303,099
Kyudenko Corp.		36,657		181,400
Maeda Corp. (a)		45,158		215,923
Maeda Road Construction Co., Ltd.		21,000		275,051
Mirait Holdings Corp.		20,800		168,432
Penta-Ocean Construction Co., Ltd. (a)		100,500		244,145
Sanki Engineering Co., Ltd.		19,196		90,058
SHO-BOND Holdings Co., Ltd. (a)		9,100		318,734
Taikisha, Ltd. (a)		8,000		168,432
Toda Corp. (a)		46,000		138,946
Tokyu Construction Co., Ltd.		49,112		92,164
Toyo Engineering Corp.		28,000		125,964

				2,770,526

CONSUMER FINANCE — 0.5%
Acom Co., Ltd. (b)		6,530		166,607
Aiful Corp. (a)(b)		19,950		35,131
Orient Corp. (b)		65,500		101,028

				302,766

CONTAINERS & PACKAGING — 1.2%
FP Corp. (a)		3,400		268,766
Fuji Seal International, Inc.		8,270		171,884
Taisei Lamick Co., Ltd. (a)		10,600		317,046

				757,696

DISTRIBUTORS — 0.2%
Canon Marketing Japan, Inc.		10,600		146,874

DIVERSIFIED FINANCIAL SERVICES — 1.0%
Century Tokyo Leasing Corp.		13,700		266,428
Fuyo General Lease Co., Ltd.		4,200		123,247
Japan Securities Finance Co., Ltd.		20,619		94,879
Ricoh Leasing Co., Ltd.		6,767		165,696

				650,250

ELECTRIC UTILITIES — 0.3%
The Okinawa Electric Power Co., Inc. (a)		5,900		197,779

ELECTRICAL EQUIPMENT — 1.8%
Daihen Corp. (a)		32,971		85,182
Futaba Corp.		13,200		171,362
Hitachi Cable, Ltd. (a)(b)		46,000		62,673
Mabuchi Motor Co., Ltd.		8,500		390,039
Nippon Carbon Co., Ltd.		35,000		64,332
Nippon Signal Co., Ltd. (a)		16,500		102,224
Sinfonia Technology Co., Ltd.		57,826		109,260
SWCC Showa Holdings Co., Ltd. (a)		106,075		83,169
Toyo Tanso Co., Ltd. (a)		4,000		95,784

				1,164,025

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%
Amano Corp. (a)		17,532		151,433
Daiwabo Holdings Co., Ltd.		30,635		57,884
ESPEC Corp.		11,931		100,754
Hakuto Co., Ltd.		17,811		163,916
Hosiden Corp.		12,295		68,903
Japan Cash Machine Co., Ltd. (a)		18,224		169,357
Koa Corp. (a)		14,591		124,530
Maruwa Co., Ltd. (a)		2,000		63,933
Meiko Electronics Co., Ltd. (a)		2,700		21,031
Nichicon Corp. (a)		11,500		81,594
Nidec Sankyo Corp.		16,917		85,020
Nihon Dempa Kogyo Co., Ltd. (a)		4,995		56,306
Nippon Ceramic Co., Ltd.		6,223		78,627
Nippon Chemi-Con Corp. (a)(b)		24,432		41,139
Oki Electric Industry Co., Ltd. (b)		145,000		165,874
Ryosan Co., Ltd. (a)		8,696		156,595
Ryoyo Electro Corp. (a)		18,604		196,083
Star Micronics Co., Ltd. (a)		11,069		106,706
Taiyo Yuden Co., Ltd. (a)		20,300		171,689
Tokyo Electron Device, Ltd. (a)		155		264,177
Topcon Corp. (a)		13,419		72,442
V Technology Co., Ltd. (a)		10		20,951

				2,418,944

ENERGY EQUIPMENT & SERVICES — 0.3%
Japan Drilling Co., Ltd. (a)		4,500		126,960
Shinko Plantech Co., Ltd.		10,686		87,493

				214,453

FOOD & STAPLES RETAILING — 3.4%
Cawachi, Ltd.		7,135		149,120
Izumiya Co., Ltd. (a)		31,933		162,949
Kato Sangyo Co., Ltd.		7,400		142,483
Matsumotokiyoshi Holdings Co., Ltd. (a)		9,400		232,825
Ministop Co., Ltd. (a)		9,194		153,627
Sugi Pharmacy Co., Ltd.		8,200		288,897
Sundrug Co., Ltd.		7,300		265,915
Tsuruha Holdings, Inc.		4,300		322,776
Valor Co., Ltd. (a)		10,200		169,913

See accompanying notes to financial statements.

246

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description		Shares		Value

Yokohama Reito Co., Ltd. (a)			37,480	$	276,042

					2,164,547

FOOD PRODUCTS — 4.7%
Ariake Japan Co., Ltd. (a)			9,264		208,500
Calbee, Inc. (a)			3,900		342,879
Ezaki Glico Co., Ltd. (a)			17,000		211,080
Fuji Oil Co., Ltd. (a)			13,700		191,765
Fujicco Co., Ltd.			10,657		143,144
Hokuto Corp. (a)			10,221		217,032
Marudai Food Co., Ltd. (a)			82,417		306,151
Maruha Nichiro Holdings, Inc.			94,000		152,236
Megmilk Snow Brand Co., Ltd. (a)			14,500		257,757
Mitsui Sugar Co., Ltd.			36,497		121,969
Morinaga Milk Industry Co., Ltd.			43,000		147,018
Nakamuraya Co., Ltd. (a)			41,952		222,701
Nichirei Corp. (a)			46,000		252,468
Nippon Suisan Kaisha, Ltd. (a)			52,475		113,314
Riken Vitamin Co., Ltd.			5,080		142,344

					3,030,358

GAS UTILITIES — 0.3%
Shizuoka Gas Co., Ltd.			30,319		222,911

HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%
Asahi Intecc Co., Ltd. (a)			3,900		124,319
Fukuda Denshi Co., Ltd.			6,486		208,419
Nakanishi, Inc.			1,747		188,398
Nihon Kohden Corp.			7,300		254,186
Nipro Corp. (a)			17,200		110,761
Paramount Bed Holdings Co., Ltd. (a)			4,500		148,361

					1,034,444

HEALTH CARE PROVIDERS & SERVICES — 0.8%
Message Co., Ltd. (a)	��		60		218,252
Ship Healthcare Holdings, Inc. (a)			9,200		294,684

					512,936

HEALTH CARE TECHNOLOGY — 0.4%
M3, Inc. (a)			141		268,770

HOTELS, RESTAURANTS & LEISURE — 2.9%
Accordia Golf Co., Ltd.			289		186,104
Doutor Nichires Holdings Co., Ltd.			11,575		145,952
MOS Food Services, Inc. (a)			14,314		284,072
Ohsho Food Service Corp.			7,700		191,015
PGM Holdings K. K. (a)			135		103,766
Round One Corp. (a)			10,200		49,296
Tokyo Dome Corp. (b)			47,085		154,328
Umenohana Co., Ltd. (a)			202		459,563
Zensho Co., Ltd. (a)			21,246		271,719

					1,845,815

HOUSEHOLD DURABLES — 2.6%
Arnest One Corp.			14,600		225,944
Chofu Seisakusho Co., Ltd. (a)			10,400		252,915
Clarion Co., Ltd. (a)(b)			35,000		55,784
Foster Electric Co., Ltd.			7,200		110,962
France Bed Holdings Co., Ltd. (a)			118,734		256,392
Funai Electric Co., Ltd. (a)			7,300		103,307
Haseko Corp. (b)			220,000		141,388
JVC Kenwood Holdings, Inc. (a)			13,300		47,866
Misawa Homes Holdings, Inc.			14,566		221,486
Token Corp.			6,090		259,099

					1,675,143

HOUSEHOLD PRODUCTS — 0.3%
Pigeon Corp.			4,400		201,902

INDUSTRIAL CONGLOMERATES — 0.2%
Katakura Industries Co., Ltd.			12,580		117,553

INTERNET & CATALOG RETAIL — 0.5%
Senshukai Co., Ltd.			24,624		163,000
Start Today Co. Ltd. (a)			10,900		156,915

					319,915

INTERNET SOFTWARE & SERVICES — 1.1%
Access Co., Ltd. (b)			158		129,568
GMO Internet, Inc. (a)			22,600		153,959
Internet Initiative Japan, Inc. (a)			9,200		251,758
Zappallas, Inc. (a)			220		196,530

					731,815

IT SERVICES — 2.2%
Digital Garage, Inc. (a)			38		67,355
Future Architect, Inc.			722		278,220
Ines Corp.			28,060		173,121
IT Holdings Corp.			14,637		190,770
Obic Co., Ltd. (a)			1,501		315,827
Otsuka Corp.			2,700		242,931
SCSK Corp. (a)			3,200		56,514
Transcosmos, Inc.			8,767		111,898

					1,436,636

LEISURE EQUIPMENT & PRODUCTS — 1.0%
Fields Corp. (a)			7,400		104,627
Heiwa Corp. (a)			14,200		239,101
Roland Corp.			11,476		79,801
Tomy Co., Ltd. (a)			16,000		89,460
Universal Entertainment Corp. (a)			5,000		101,735

					614,724

LIFE SCIENCES TOOLS & SERVICES — 0.4%
EPS Corp. (a)			78		224,075

MACHINERY — 6.0%
Asahi Diamond Industrial Co., Ltd. (a)			15,742		177,654
CKD Corp. (a)			13,205		75,360
Daifuku Co., Ltd. (a)			23,681		119,014
Fuji Machine Manufacturing Co., Ltd.			7,371		99,480
Furukawa Co., Ltd. (a)(b)			91,280		84,475
Hitachi Zosen Corp.			182,226		210,801
Hoshizaki Electric Co., Ltd.			7,600		221,650
Iseki & Co., Ltd. (a)			29,000		70,823
Juki Corp. (a)			34,450		43,837
Kitz Corp.			19,902		85,696
Komori Corp.			12,240		63,245
Kyokuto Kaihatsu Kogyo Co., Ltd. (a)			30,140		252,975
Makino Milling Machine Co., Ltd. (a)			20,739		93,832
Meidensha Corp.			32,000		111,054
Miura Co., Ltd.			6,700		162,764
Mori Seiki Co., Ltd. (a)			15,600		99,856
Nachi-Fujikoshi Corp.			55,418		160,983
Namura Shipbuilding Co., Ltd.			16,000		49,769
Nippon Sharyo, Ltd.			23,970		84,419

See accompanying notes to financial statements.

247

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Nippon Thompson Co., Ltd. (a)		17,511	$	59,420
Nitto Kohki Co., Ltd. (a)		7,700		182,603
OKUMA Corp. (a)		20,192		119,647
OSG Corp. (a)		16,100		224,324
Ryobi, Ltd. (a)		26,723		57,705
Shima Seiki Manufacturing, Ltd. (a)		14,100		203,888
Sintokogio, Ltd. (a)		15,019		103,666
Tadano, Ltd. (a)		27,913		212,038
Toshiba Machine Co., Ltd. (a)		31,009		120,369
Tsubakimoto Chain Co. (a)		32,124		186,633
Union Tool Co.		7,532		120,435

				3,858,415

MARINE — 0.1%
Iino Kaiun Kaisha, Ltd. (a)		27,206		93,717

MEDIA — 2.7%
Asatsu-DK, Inc. (a)		5,100		130,974
Avex Group Holdings, Inc.		9,192		189,747
Daiichikosho Co., Ltd. (a)		13,381		322,486
Kadokawa Group Holdings, Inc. (a)		4,187		124,265
Shochiku Co., Ltd. (a)		29,243		292,054
SKY Perfect JSAT Holdings, Inc.		333		150,449
Tokyo Broadcasting System Holdings, Inc.		13,100		137,567
TV Asahi Corp.		18,400		275,290
Zenrin Co., Ltd.		10,024		134,255

				1,757,087

METALS & MINING — 2.8%
Aichi Steel Corp. (a)		27,000		111,054
Asahi Holdings, Inc. (a)		5,700		96,123
Godo Steel, Ltd.		27,440		45,498
Kyoei Steel, Ltd. (a)		6,000		106,350
Maruichi Steel Tube, Ltd. (a)		13,600		291,928
Nakayama Steel Works, Ltd. (b)		51,212		26,330
Nippon Denko Co., Ltd.		35,000		89,524
Nippon Yakin Kogyo Co., Ltd. (b)		24,000		21,594
Nisshin Steel Co., Ltd. (a)		106,000		114,447
OSAKA Titanium Technologies Co. (a)		4,700		98,047
Sanyo Special Steel Co., Ltd. (a)		30,750		95,649
Sumitomo Light Metal Industries, Ltd. (a)		121,135		105,876
Toho Titanium Co., Ltd. (a)		8,700		80,179
Toho Zinc Co., Ltd. (a)		25,796		90,850
Tokyo Rope Manufacturing Co., Ltd. (a)		42,654		51,536
Tokyo Steel Manufacturing Co., Ltd. (a)		15,100		51,045
Yamato Kogyo Co., Ltd. (a)		11,400		337,458

				1,813,488

MULTILINE RETAIL — 1.5%
H2O Retailing Corp. (a)		32,107		368,116
Matsuya Co., Ltd. (a)(b)		8,808		98,835
Parco Co., Ltd.		18,125		194,762
Ryohin Keikaku Co., Ltd.		5,300		335,849

				997,562

OFFICE ELECTRONICS — 0.1%
Riso Kagaku Corp.		4,747		83,713

OIL, GAS & CONSUMABLE FUELS — 0.3%
Itochu Enex Co., Ltd. (a)		30,104		161,354

PAPER & FOREST PRODUCTS — 0.2%
Daio Paper Corp. (a)		23,940		149,240

PERSONAL PRODUCTS — 1.4%
Dr Ci:Labo Co., Ltd. (a)		40		135,270
Fancl Corp. (a)		10,500		124,030
Mandom Corp.		9,145		240,497
Milbon Co., Ltd.		6,800		228,910
Unihair Co., Ltd. (a)(b)		11,104		152,430

				881,137

PHARMACEUTICALS — 2.5%
Kaken Pharmaceutical Co., Ltd. (a)		26,428		396,080
Mochida Pharmaceutical Co., Ltd. (a)		24,483		303,992
Nichi-iko Pharmaceutical Co., Ltd.		8,065		190,533
Rohto Pharmaceutical Co., Ltd. (a)		20,493		310,556
Torii Pharmaceutical Co., Ltd. (a)		8,700		190,215
Towa Pharmaceutical Co., Ltd. (a)		3,400		228,123

				1,619,499

PROFESSIONAL SERVICES — 0.7%
Meitic Corp. (a)		9,044		206,687
Nihon M&A Center, Inc.		4,400		127,985
Pasona Group, Inc.		192		125,861

				460,533

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%
Daibiru Corp.		17,726		147,185
Daikyo, Inc.		46,352		117,369
Goldcrest Co., Ltd. (a)		4,609		71,564
Heiwa Real Estate Co., Ltd.		8,651		99,965
Hulic Co., Ltd. (a)(b)		10,198		61,870
K.K. daVinci Holdings (c)		262		0
Kenedix, Inc. (a)(b)		974		113,800
Leopalace21 Corp. (b)		27,100		81,857
NTT Urban Development Corp. (a)		446		363,450
Suruga Corp. (c)(d)		10,689		0
TOC Co., Ltd. (a)		32,200		173,003

				1,230,063

ROAD & RAIL — 1.4%
Hamakyorex Co., Ltd.		5,000		157,584
Hitachi Transport System, Ltd. (a)		13,200		222,262
Kobe Electric Railway Co., Ltd. (b)		42,500		123,458
Sankyu, Inc.		56,830		215,486
Seino Holdings Co., Ltd. (a)		26,000		165,424

				884,214

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%
Ferrotec Corp. (a)		8,500		33,104
Micronics Japan Co., Ltd. (b)		4,300		11,165
Renesas Electronics Corp. (a)(b)		5,600		21,594
Shinko Electric Industries Co., Ltd. (a)		10,200		64,635
Sumco Corp. (a)(b)		22,800		154,149
Tokyo Seimitsu Co., Ltd.		11,100		154,515

See accompanying notes to financial statements.

248

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Ulvac, Inc. (a)(b)		16,902	$	128,394

				567,556

SOFTWARE — 1.2%
DTS Corp.		12,132		166,074
Dwango Co., Ltd. (a)		53		80,318
Fuji Soft, Inc.		9,674		203,552
NSD Co., Ltd. (a)		13,678		133,967
Square Enix Holdings Co., Ltd. (a)		13,900		212,788

				796,699

SPECIALTY RETAIL — 4.2%
ABC-Mart, Inc. (a)		5,100		226,157
Aoyama Trading Co., Ltd.		14,700		281,907
Autobacs Seven Co., Ltd. (a)		6,988		317,514
Bic Camera, Inc. (a)		391		199,018
Chiyoda Co., Ltd.		11,913		328,297
DCM Japan Holdings Co., Ltd. (a)		20,800		139,023
EDION Corp. (a)		14,850		65,852
Geo Holdings Corp. (a)		137		157,427
Kohnan Shoji Co., Ltd. (a)		13,000		154,062
Komeri Co., Ltd.		6,830		174,525
Nishimatsuya Chain Co., Ltd. (a)		12,066		100,964
Point, Inc. (a)		5,010		181,274
United Arrows, Ltd. (a)		5,029		134,839
Village Vanguard Co., Ltd. (a)		91		82,110
Xebio Co., Ltd.		7,361		153,559

				2,696,528

TEXTILES, APPAREL & LUXURY GOODS — 2.6%
Atsugi Co., Ltd. (a)		167,470		193,731
Daidoh, Ltd. (a)		19,511		122,634
Gunze, Ltd.		49,348		127,493
Onward Holdings Co., Ltd.		26,000		207,866
Sanyo Shokai, Ltd.		51,516		161,567
Seiko Holdings Corp. (b)		21,649		58,992
The Japan Wool Textile Co., Ltd.		28,170		211,456
Toyobo Co., Ltd. (a)		132,000		157,789
Unitika, Ltd. (b)		144,084		70,375
Wacoal Holdings Corp. (a)		32,000		386,633

				1,698,536

TRADING COMPANIES & DISTRIBUTORS — 2.5%
Hanwa Co., Ltd. (a)		59,032		205,626
Inaba Denki Sangyo Co., Ltd.		9,063		260,707
Inabata & Co., Ltd.		27,575		179,344
Iwatani Corp.		88,422		322,774
Kuroda Electric Co., Ltd.		6,700		81,899
Nichiden Corp.		8,000		222,005
Okaya & Co., Ltd.		10,905		124,048
Trusco Nakayama Corp.		10,900		199,506

				1,595,909

TRANSPORTATION INFRASTRUCTURE — 0.8%
Japan Airport Terminal Co., Ltd. (a)		11,448		136,552
Mitsui-Soko Co., Ltd. (a)		41,686		142,526
The Sumitomo Warehouse Co., Ltd.		49,563		228,703

				507,781

WIRELESS TELECOMMUNICATION SERVICES — 0.1%
eAccess, Ltd. (a)		469		90,847

TOTAL COMMON STOCKS —
(Cost $81,570,668)				62,592,372

SHORT TERM INVESTMENTS — 24.0%
UNITED STATES — 24.0%
MONEY MARKET FUNDS — 24.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		15,172,472		15,172,472
State Street Institutional Liquid Reserves Fund 0.21% (f)(g)		332,216		332,216

TOTAL SHORT TERM INVESTMENTS —
(Cost $15,504,688)				15,504,688

TOTAL INVESTMENTS — 121.0%
(Cost $97,075,356)				78,097,060
OTHER ASSETS & LIABILITIES — (21.0)%				(13,533,781	)

NET ASSETS — 100.0%			$	64,563,279


(a)		A portion of the security was on loan at September 30, 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.

249

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 13.9%
ASX, Ltd.		15,867	$	487,908
Australia & New Zealand Banking Group, Ltd.		23,001		591,989
Bendigo and Adelaide Bank, Ltd. (a)		1,079,078		8,617,982
Commonwealth Bank of Australia		9,688		561,858
David Jones, Ltd. (a)		3,928,899		10,255,011
DUET Group (a)		3,900,188		8,273,842
Metcash, Ltd. (a)		4,598,763		16,929,177
Monadelphous Group, Ltd.		22,906		469,253
OZ Minerals, Ltd.		1,643,155		11,533,838
Seven West Media, Ltd. (a)		6,118,086		7,221,094
Sonic Healthcare, Ltd.		34,625		487,888
Tatts Group, Ltd.		4,208,807		11,860,960
Telstra Corp., Ltd.		7,168,060		29,219,935
UGL, Ltd. (a)		38,168		415,564
Westpac Banking Corp.		1,239,185		32,022,415

				138,948,714

BELGIUM — 0.1%
Belgacom SA		15,900		485,814
Groupe Bruxelles Lambert SA		7,347		545,848

				1,031,662

BERMUDA — 3.0%
Catlin Group, Ltd.		66,609		511,663
Seadrill, Ltd.		759,657		29,684,054

				30,195,717

BRAZIL — 1.9%
Companhia Energetica de Minas Gerais ADR		1,509,673		18,297,237
Vale SA Preference Shares ADR		23,270		403,967

				18,701,204

CANADA — 1.6%
Bell Aliant, Inc. (a)		17,230		477,876
Pembina Pipeline Corp. (a)		18,361		515,030
PetroBakken Energy, Ltd. (Class A) (a)		1,050,489		14,893,360

				15,886,266

CHINA — 1.2%
Bank of China, Ltd.		1,264,000		480,934
BOC Hong Kong Holdings, Ltd.		144,500		459,411
Dongyue Group (a)		25,377,000		11,292,123
Soho China, Ltd. (a)		567,500		351,336

				12,583,804

CZECH REPUBLIC — 1.9%
CEZ AS		466,234		17,373,761
Komercni Banka AS		3,544		706,185
Telefonica O2 Czech Republic AS (a)		27,723		559,775

				18,639,721

DENMARK — 1.6%
TDC A/S		2,169,014		15,818,612

FINLAND — 4.3%
Elisa Oyj		237,319		5,370,417
Fortum Oyj		24,844		458,013
Orion OYJ (Class B) (a)		404,247		8,659,059
Stora Enso Oyj		74,009		460,257
UPM-Kymmene Oyj		2,471,103		27,959,947

				42,907,693

FRANCE — 10.4%
CNP Assurances		647,963		8,473,586
Fonciere Des Regions		103,802		7,812,162
France Telecom SA		2,107,361		25,451,986
Neopost SA (a)		203,738		11,262,818
Peugeot SA (a)(b)		3,517,143		27,827,539
Suez Environnement Co. (a)		2,040,661		23,152,605

				103,980,696

GERMANY — 4.3%
Deutsche Telekom AG		2,484,380		30,603,173
Freenet AG (a)		642,021		10,489,689
Hannover Rueckversicherung AG		7,825		500,575
ProSiebenSat.1 Media AG Preference Shares		26,771		675,214
RWE AG		14,562		652,224

				42,920,875

HONG KONG — 0.1%
Fushan International Energy Group, Ltd. (a)		1,716,000		464,786
Hang Seng Bank, Ltd. (a)		34,200		524,474

				989,260

INDONESIA — 0.9%
Indo Tambangraya Megah Tbk PT		2,100,500		9,251,418

ISRAEL — 2.2%
Bezeq The Israeli Telecommunication Corp., Ltd.		19,390,460		22,489,572

ITALY — 6.3%
Atlantia SpA		2,215,903		34,437,160
Terna Rete Elettrica Nationale SpA		7,776,393		29,012,547

				63,449,707

LUXEMBOURG — 1.1%
Oriflame Cosmetics SA SDR (a)		300,743		10,315,881
SES		22,037		600,040

				10,915,921

NETHERLANDS — 5.6%
Corio NV		469,866		19,999,301
Eurocommercial Properties NV		118,274		4,487,182
Koninklijke (Royal) KPN NV		3,081,303		23,570,510
Wereldhave NV		141,889		7,898,512

				55,955,505

NORWAY — 0.7%
Gjensidige Forsikring ASA		493,787		6,852,882

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co.		5,275		352,046
Philippine Long Distance Telephone Co. ADR		2,603		171,824

				523,870

See accompanying notes to financial statements.

250

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

September 30, 2012


Security Description	Shares		Value

PORTUGAL — 1.9%
EDP — Energias de Portugal SA		6,833,815	$	18,831,822

SINGAPORE — 3.7%
Ascendas REIT		290,000		569,740
Keppel Land, Ltd. (a)		173,000		500,652
SembCorp Marine, Ltd. (a)		167,000		676,604
Singapore Telecommunications, Ltd.		169,846		443,065
Straits Asia Resources, Ltd. (a)		12,140,000		18,506,399
STX OSV Holdings, Ltd.		6,926,000		9,174,819
Suntec REIT (a)		5,658,000		6,849,376

				36,720,655

SOUTH AFRICA — 2.7%
African Bank Investments, Ltd.		118,186		473,394
Kumba Iron Ore, Ltd. (a)		430,076		26,213,779
Vodacom Group, Ltd.		44,658		552,600

				27,239,773

SOUTH KOREA — 0.1%
KT Corp. ADR		34,187		534,685

SPAIN — 16.5%
ACS, Actividades de Construccion y Servicios SA (a)		1,521,811		31,383,682
Enagas		1,337,796		26,418,486
Ferrovial SA (a)		43,286		563,835
Iberdrola SA		3,368		15,287
Indra Sistemas SA (a)		1,739,055		16,869,194
Mapfre SA (a)		10,083,630		27,657,553
Red Electrica Corporacion SA		662,742		31,457,316
Telefonica SA		2,288,402		30,544,293

				164,909,646

SWEDEN — 3.3%
Skanska AB (Class B)		29,843		483,835
Tele2 AB (Class B)		1,760,784		32,011,325
TeliaSonera AB		77,629		559,787

				33,054,947

TAIWAN — 0.8%
Chunghwa Telecom Co., Ltd. ADR (a)		15,362		487,743
United Microelectronics Corp. ADR		3,806,614		7,803,559

				8,291,302

TURKEY — 3.3%
Eregli Demir ve Celik Fabrikalari TAS		484,616		596,459
Tupras-Turkiye Petrol Rafinerileri AS		961,855		21,962,606
Turk Telekomunikasyon AS		2,729,597		10,884,336

				33,443,401

UNITED KINGDOM — 5.9%
Admiral Group PLC		731,000		12,429,805
AstraZeneca PLC		10,739		512,436
Aviva PLC		6,128,993		31,542,038
BAE Systems PLC		107,139		562,449
British American Tobacco PLC		50		2,567
Carillion PLC		110,512		483,612
FirstGroup PLC		2,780,550		10,776,073
Home Retail Group PLC (a)		418,892		602,696
National Grid PLC		55,467		611,750
Scottish & Southern Energy PLC		24,373		547,856
Tui Travel PLC		169,228		639,723
Vodafone Group PLC		184,039		522,305

				59,233,310

TOTAL COMMON STOCKS —
(Cost $1,018,517,405)				994,302,640

SHORT TERM INVESTMENTS — 10.6%
UNITED STATES — 10.6%
MONEY MARKET FUNDS — 10.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		94,354,018		94,354,018
State Street Institutional Liquid Reserves Fund 0.21% (d)(e)		12,374,746		12,374,746

TOTAL SHORT TERM INVESTMENTS —
(Cost $106,728,764)				106,728,764

TOTAL INVESTMENTS — 110.0%
(Cost $1,125,246,169)				1,101,031,404
OTHER ASSETS & LIABILITIES — (10.0)%				(100,509,552	)

NET ASSETS — 100.0%			$	1,000,521,852

ADR = American Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

251

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares			Value

COMMON STOCKS — 99.2%
AUSTRALIA — 7.4%
ALS Ltd/Queensland		18,065		$	161,370
Ansell, Ltd.		2,509			41,876
APA Group (a)		11,816			58,243
Asciano Group		23,830			108,292
Bank of Queensland, Ltd.		5,698			44,914
Bendigo and Adelaide Bank, Ltd. (a)		7,983			63,756
Boral, Ltd. (a)		45,460			181,532
Caltex Australia, Ltd.		4,741			81,496
Centro Retail Australia REIT		26,174			56,886
Challenger Financial Services Group, Ltd.		10,268			34,916
Cochlear, Ltd. (a)		1,919			134,002
Commonwealth Property Office Fund (a)		97,650			105,100
Computershare, Ltd.		8,862			76,489
Dexus Property Group		222,282			219,594
DUET Group		19,206			40,744
Echo Entertainment Group, Ltd. (a)		17,475			69,600
GrainCorp, Ltd.		4,014			37,400
Harvey Norman Holdings, Ltd. (a)		38,410			77,489
Iluka Resources, Ltd.		7,622			78,706
Lend Lease Group (a)		13,263			108,269
Metcash, Ltd. (a)		47,893			176,306
Mirvac Group		86,962			129,317
OZ Minerals, Ltd.		7,416			52,055
Regis Resources, Ltd. (b)		6,775			40,229
Seek, Ltd.		6,040			42,899
SP AusNet		30,079			32,687
Spark Infrastructure Group (c)		22,013			37,313
TABCORP Holdings, Ltd.		16,061			46,097
Tatts Group, Ltd.		37,183			104,786
Toll Holdings, Ltd. (a)		18,891			86,633
Treasury Wine Estates, Ltd.		11,773			61,581
Washington H Soul Pattinson & Co., Ltd.		2,546			34,975
Whitehaven Coal Ltd.		11,052			32,985

					2,658,537

AUSTRIA — 0.7%
IMMOFINANZ AG (b)		26,484			96,184
Telekom Austria AG		14,150			100,122
Voestalpine AG		1,978			59,266

					255,572

BELGIUM — 0.8%
Ackermans & van haaren NV		2,078			167,298
Delhaize Group		1,843			71,237
Telenet Group Holding NV		1,353			60,661

					299,196

BERMUDA — 0.9%
Catlin Group, Ltd.		19,628			150,774
Hiscox, Ltd.		16,563			129,985
Lancashire Holdings, Ltd.		3,003			39,934

					320,693

CANADA — 10.4%
Aimia, Inc.		7,694			115,259
Alamos Gold, Inc.		4,914			95,438
AltaGas, Ltd.		1,900			65,171
Astral Media, Inc.		1,000			48,966
ATCO, Ltd. (Class I)		1,576			123,331
Bonavista Energy Corp. (a)		3,491			61,876
CAE, Inc.		5,499	��		58,849
Canadian Western Bank		3,338			101,638
Detour Gold Corp. (b)		3,060			85,305
Dollarama, Inc.		1,300			82,906
Dundee Real Estate Investment Trust		900			34,447
Emera, Inc.		2,806			98,928
Empire Co., Ltd.		1,668			100,322
Enerplus Corp.		3,600			59,637
Ensign Energy Services, Inc.		2,300			35,297
Finning International, Inc.		6,055			146,706
First Majestic Silver Corp. (b)		4,080			94,624
Gibson Energy, Inc.		1,855			43,418
Gildan Activewear, Inc.		4,155			131,624
H&R REIT		1,696			43,419
IAMGOLD Corp.		6,800			107,741
Industrial Alliance Insurance & Financial Services, Inc.		834			23,767
Inmet Mining Corp.		2,052			97,454
Keyera Corp. (a)		2,596			125,691
Lundin Mining Corp. (b)		14,265			72,778
Methanex Corp.		5,378			153,314
New Gold, Inc. (b)		8,400			102,871
Onex Corp.		5,933			233,955
Open Text Corp. (b)		1,112			61,265
Osisko Mining Corp. (b)		7,100			70,282
Pan American Silver Corp. (a)		2,642			56,602
Pengrowth Energy Corp. (a)		9,244			62,287
Peyto Exploration & Development Corp. (a)		7,046			173,438
Precision Drilling Corp. (b)		10,754			84,484
Progressive Waste Solutions, Ltd. (a)		4,358			89,689
Research In Motion, Ltd. (b)		7,600			58,084
Ritchie Bros Auctioneers, Inc.		1,700			32,671
ShawCor, Ltd. (Class A)		1,100			47,714
Sino-Forest Corp. (a)(b)(d)		6,631			0
Tahoe Resources, Inc. (b)		1,500			30,520
TMX Group, Ltd. (b)		248			12,673
Tourmaline Oil Corp. (a)(b)		2,546			79,411
TransAlta Corp.		4,618			70,635
Veresen, Inc. (a)		7,206			94,400
Vermilion Energy, Inc. (a)		2,184			102,547
West Fraser Timber Co., Ltd.		600			34,112
Westjet Airlines Ltd.		2,338			41,464

					3,747,010

CHINA — 0.3%
ENN Energy Holdings, Ltd.		16,000			67,378
Techtronic Industries Co., Ltd.		25,500			46,506

					113,884

DENMARK — 1.5%
Chr Hansen Holding A/S		1,874			56,531
DSV A/S		11,607			261,201
FLSmidth & Co. A/S		884			51,335
GN Store Nord A/S		3,561			54,847
Jyske Bank A/S (b)		1,322			39,332
Topdanmark A/S (b)		182			35,680

See accompanying notes to financial statements.

252

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

September 30, 2012


Security Description	Shares		Value

William Demant Holding (b)		250	$	22,435

				521,361

FINLAND — 1.4%
Elisa Oyj		7,509		169,925
Kesko Oyj (Class B)		928		26,325
Neste Oil Oyj (a)		841		11,036
Orion OYJ (Class B) (a)		8,325		178,323
Outotec Oyj		789		37,506
Pohjola Bank PLC		4,616		60,810
YIT Oyj (a)		1,239		23,798

				507,723

FRANCE — 3.8%
Alcatel-Lucent (b)		42,570		47,044
Atos Origin SA		3,111		217,085
CFAO		667		31,981
Compagnie Generale de Geophysique-Veritas (a)(b)		3,100		97,710
Eiffage SA (a)		435		14,293
Euler Hermes SA		264		17,481
Eurazeo		596		27,335
Fonciere Des Regions		658		49,521
Groupe Eurotunnel SA		10,739		75,738
ICADE		423		34,502
Imerys SA		435		25,553
Ingenico SA		743		38,235
JCDecaux SA (a)		1,243		28,240
Lagardere SCA		2,482		67,869
Peugeot SA (a)(b)		4,406		34,860
SCOR SE		8,246		212,859
SEB SA		484		33,574
Valeo SA		4,836		223,974
Wendel		924		78,099

				1,355,953

GERMANY — 2.7%
Aurubis AG		626		36,523
Axel Springer AG		755		32,752
Bilfinger Berger AG		2,544		225,172
Celesio AG		495		8,836
Deutsche Wohnen AG		2,696		47,413
MTU Aero Engines Holding AG		1,033		82,595
Rational AG		60		15,056
Rhoen-Klinikum AG		6,155		121,310
Salzgitter AG		870		33,650
SGL Carbon AG (a)		1,870		75,036
Software AG		1,305		47,042
Symrise AG		1,739		58,951
United Internet AG (a)		7,656		156,311
Wirecard AG		1,927		44,301

				984,948

GREECE — 0.1%
OPAP SA		6,563		33,773

HONG KONG — 2.0%
ASM Pacific Technology, Ltd. (a)		3,000		35,501
Chinese Estates Holdings, Ltd.		21,623		30,678
Esprit Holdings, Ltd. (a)		45,084		69,313
First Pacific, Co., Ltd.		54,000		58,713
Fosun International		62,000		29,748
Hopewell Holdings		35,500		122,710
Hysan Development Co., Ltd.		31,827		144,906
PCCW, Ltd.		108,000		44,157
Television Broadcasts, Ltd.		8,000		59,124
VTech Holdings, Ltd. (a)		2,500		30,632
Wing Hang Bank, Ltd.		2,071		19,446
Yue Yuen Industrial Holdings, Ltd.		25,000		84,158

				729,086

IRELAND — 1.1%
DCC PLC		1,239		35,705
Dragon Oil PLC		8,798		85,003
James Hardie Industries SE		5,767		52,175
Paddy Power PLC		1,937		143,860
The Governor & Co. of the Bank of Ireland (b)		469,082		58,537

				375,280

ISRAEL — 0.6%
Bank Hapoalim BM (b)		19,357		68,833
Bank Leumi Le-Israel BM (b)		22,707		63,380
Bezeq The Israeli Telecommunication Corp., Ltd.		34,618		40,151
Mellanox Technologies, Ltd. (b)		554		57,335

				229,699

ITALY — 1.6%
Banca Monte dei Paschi di Siena SpA (b)		133,572		38,767
Banco Popolare Societa Cooperativa (b)		70,097		105,059
Davide Campari-Milano SpA		7,180		56,531
Finmeccanica SpA (a)(b)		14,408		68,509
Mediaset SpA		38,237		71,869
Mediobanca SpA		9,189		49,154
Mediolanum SpA (a)		2,852		12,292
Prysmian SpA		3,358		59,963
UBI Banca ScPA		29,520		109,223

				571,367

JAPAN — 28.8%
Advance Residence Investment Corp.		45		94,974
Advantest Corp. (a)		4,700		61,317
Aeon Mall Co., Ltd. (a)		1,000		24,550
Air Water, Inc.		3,000		36,864
Alfresa Holdings Corp.		1,000		49,550
Aozora Bank, Ltd. (a)		26,000		79,871
Asics Corp.		6,300		85,269
Brother Industries, Ltd. (a)		3,000		27,918
Casio Computer Co., Ltd. (a)		5,200		36,961
Chiyoda Corp.		3,000		46,812
Credit Saison Co., Ltd. (a)		8,100		196,461
Daicel Chemical Industries, Ltd.		6,000		36,093
Daido Steel Co., Ltd. (a)		5,000		23,329
Dainippon Sumitomo Pharma Co., Ltd.		3,200		35,290
DeNA Co., Ltd. (a)		1,900		63,301
Don Quijote Co., Ltd.		1,000		38,625
Dowa Holdings Co., Ltd.		6,000		41,722
Electric Power Development Co., Ltd. (a)		3,200		84,483
FamilyMart Co., Ltd.		1,200		59,229
Fukuoka Financial Group, Inc. (a)		47,000		191,504
Gree, Inc.		1,800		33,062

See accompanying notes to financial statements.

253

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

September 30, 2012


Security Description	Shares		Value

Hamamatsu Photonics K.K. (a)		1,000	$	34,460
Hino Motors, Ltd.		5,000		32,841
Hirose Electric Co., Ltd. (a)		2,200		247,429
Hitachi Construction Machinery Co., Ltd. (a)		2,500		40,585
Hitachi Metals, Ltd. (a)		3,000		26,838
Hokuhoku Financial Group, Inc.		73,000		113,535
Hokuriku Electric Power Co. (a)		4,900		59,644
Ibiden Co., Ltd. (a)		2,500		36,665
Idemitsu Kosan Co., Ltd. (a)		2,000		164,524
IHI Corp. (a)		22,000		49,203
Isetan Mitsukoshi Holdings, Ltd. (a)		15,700		164,265
J Front Retailing Co., Ltd. (a)		30,000		168,895
Japan Prime Realty Investment Corp.		15		45,347
Japan Retail Fund Investment Corp. (a)		63		112,963
JSR Corp. (a)		3,000		49,357
JTEKT Corp. (a)		2,500		19,826
Kajima Corp. (a)		55,000		150,578
Kamigumi Co., Ltd.		5,000		41,517
Kansai Paint Co., Ltd.		5,000		55,591
Kawasaki Heavy Industries, Ltd. (a)		27,000		53,792
Keihan Electric Railway Co., Ltd.		10,000		47,815
Keisei Electric Railway Co., Ltd.		6,000		54,370
Kewpie Corp.		2,300		38,609
Kikkoman Corp.		4,000		54,859
Kobe Steel, Ltd.		57,000		45,424
Konami Corp. (a)		3,800		86,599
Konica Minolta Holdings, Inc. (a)		11,000		84,833
Kuraray Co., Ltd.		6,400		72,967
Kurita Water Industries, Ltd. (a)		4,700		104,451
Kyushu Electric Power Co., Inc.		8,700		72,015
Marui Group Co., Ltd. (a)		23,700		168,459
Mazda Motor Corp. (a)(b)		55,000		64,332
McDonald’s Holdings Co. (Japan), Ltd. (a)		1,200		34,288
Medipal Holdings Corp.		10,300		142,188
MEIJI Holdings Co., Ltd. (a)		1,000		49,807
Miraca Holdings, Inc.		1,100		49,557
MISUMI Group, Inc.		1,600		39,774
Mitsubishi Gas Chemical Co., Inc. (a)		26,000		131,003
Mitsubishi Logistics Corp.		3,000		35,823
Mitsubishi Materials Corp.		32,000		101,183
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,070		45,248
Mitsui Chemicals, Inc. (a)		22,000		43,265
Mitsui OSK Lines, Ltd.		22,000		51,465
Nabtesco Corp.		2,100		38,680
Nagoya Railroad Co., Ltd.		16,000		43,805
Namco Bandai Holdings, Inc.		9,600		163,126
Nankai Electric Railway Co., Ltd.		10,000		45,501
NEC Corp. (a)(b)		48,000		76,504
NGK Insulators, Ltd. (a)		5,000		60,090
NGK Spark Plug Co., Ltd. (a)		4,000		42,211
NHK Spring Co., Ltd.		4,500		38,753
Nippon Electric Glass Co., Ltd. (a)		10,000		55,398
Nippon Express Co., Ltd. (a)		16,000		60,874
Nippon Meat Packers, Inc. (a)		4,000		51,517
Nippon Paint Co., Ltd. (a)		4,000		33,779
Nippon Shokubai Co., Ltd.		3,000		33,663
Nippon Yusen KK (a)		31,000		54,987
Nisshin Seifun Group, Inc.		4,000		49,357
Nissin Foods Holding Co., Ltd.		1,600		62,931
NOK Corp. (a)		2,200		35,319
Nomura Research Institute, Ltd. (a)		1,000		20,681
NSK, Ltd. (a)		6,000		34,936
Obayashi Corp. (a)		46,000		210,488
OJI Paper Co., Ltd.		18,000		55,064
Omron Corp.		4,000		77,121
Park24 Co., Ltd.		2,000		32,853
Rinnai Corp. (a)		1,300		97,249
Rohm Co., Ltd. (a)		1,800		60,802
Sankyo Co., Ltd. (a)		2,000		93,445
Sanrio Co., Ltd. (a)		2,000		71,902
Santen Pharmaceutical Co., Ltd.		2,200		101,517
Sekisui Chemical Co., Ltd.		13,000		105,103
Seven Bank, Ltd.		13,700		41,910
Sharp Corp. (a)		19,000		47,134
Shikoku Electric Power Co., Inc. (a)		3,900		44,163
Shimadzu Corp. (a)		5,000		35,154
Shimizu Corp. (a)		30,000		101,414
Shinsei Bank, Ltd.		84,000		109,049
Showa Denko K.K. (a)		73,000		116,350
Showa Shell Sekiyu K.K. (a)		17,400		92,591
Stanley Electric Co., Ltd. (a)		7,900		117,383
Sumitomo Chemical Co., Ltd.		30,000		76,735
Sumitomo Heavy Industries, Ltd.		9,000		30,887
Sumitomo Rubber Industries, Inc.		3,600		42,895
Suruga Bank, Ltd.		4,000		45,501
Suzuken Co., Ltd. (a)		2,500		83,387
Sysmex Corp.		1,900		91,703
Taiheiyo Cement Corp.		23,000		49,666
Taisei Corp. (a)		56,000		161,234
Taiyo Nippon Sanso Corp.		6,000		31,697
Takashimaya Co., Ltd. (a)		22,000		151,568
Teijin, Ltd.		18,000		44,190
The Bank of Kyoto, Ltd. (a)		22,000		186,915
The Chugoku Bank, Ltd. (a)		4,000		56,555
The Gunma Bank, Ltd.		30,000		153,085
The Hachijuni Bank, Ltd. (a)		29,000		161,401
The Hiroshima Bank, Ltd.		12,000		40,411
The Iyo Bank, Ltd. (a)		6,000		49,049
The Japan Steel Works, Ltd. (a)		5,000		27,956
The Joyo Bank, Ltd. (a)		47,000		230,771
The Tokyo Electric Power Co., Inc. (b)		29,600		48,699
The Yokohama Rubber Co., Ltd.		5,000		37,018
THK Co., Ltd. (a)		7,000		107,789
Toho Co., Ltd.		2,700		49,801
Toho Gas Co., Ltd. (a)		20,000		133,419
Tohoku Electric Power Co., Inc. (b)		9,200		74,262
Tokyu Land Corp. (a)		4,000		21,491
TonenGeneral Sekiyu K.K. (a)		5,000		43,509
Toppan Printing Co., Ltd.		12,000		69,871
TOTO, Ltd.		6,000		44,267
Toyo Seikan Kaisha, Ltd.		2,500		26,832
Toyo Suisan Kaisha, Ltd. (a)		2,000		50,180
Trend Micro, Inc. (a)		2,500		70,051
Tsumura & Co.		1,300		40,972
Ube Industries, Ltd. (a)		55,000		118,766

See accompanying notes to financial statements.

254

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

September 30, 2012


Security Description	Shares		Value

United Urban Investment Corp.		81	$	94,222
UNY Co., Ltd.		4,400		34,329
Yamaguchi Financial Group, Inc.		5,000		40,617
Yamaha Corp. (a)		10,300		95,851
Yamaha Motor Co., Ltd. (a)		5,700		49,967
Yamato Kogyo Co., Ltd.		1,000		29,602
Yamazaki Baking Co., Ltd.		3,000		40,296
Yokogawa Electric Corp.		4,200		48,694
Zeon Corp.		4,000		27,918

				10,360,207

LUXEMBOURG — 0.2%
Oriflame Cosmetics SA SDR (a)		2,388		81,912

NETHERLANDS — 1.5%
Corio NV		1,753		74,614
Delta Lloyd NV		2,565		39,153
Imtech NV		2,300		60,777
Koninklijke Boskalis Westminster NV		3,615		130,824
Nutreco NV		873		64,736
QIAGEN NV (b)		5,568		102,578
SBM Offshore NV (b)		5,177		73,862

				546,544

NEW ZEALAND — 0.7%
Auckland International Airport, Ltd.		18,758		40,826
Contact Energy, Ltd. (b)		10,846		47,572
Fletcher Building, Ltd.		24,848		143,869
Telecom Corporation of New Zealand, Ltd.		17,288		34,179

				266,446

NORWAY — 1.5%
Aker Solutions ASA		3,608		68,381
Marine Harvest (b)		63,501		51,357
Petroleum Geo-Services ASA		11,547		191,011
Schibsted ASA		1,467		56,120
TGS Nopec Geophysical Co. ASA		4,721		154,129

				520,998

PORTUGAL — 0.3% (e)
Banco Espirito Santo SA (b)		41,108		29,933
Portugal Telecom SGPS SA		13,747		68,036

				97,969

SINGAPORE — 2.3%
Ascendas REIT		21,000		41,257
CapitaCommercial Trust (a)		24,000		29,249
ComfortDelGro Corp. Ltd.		85,000		118,835
Flextronics International, Ltd. (a)(b)		19,916		119,496
Keppel Land, Ltd. (a)		11,096		32,111
Neptune Orient Lines, Ltd. (a)(b)		35,000		32,241
Olam International, Ltd. (a)		35,736		59,720
StarHub, Ltd. (a)		11,000		33,358
Suntec REIT (a)		129,000		156,163
UOL Group, Ltd.		41,000		191,514

				813,944

SOUTH KOREA — 6.2%
BS Financial Group, Inc.		4,790		51,717
Celltrion, Inc.		2,273		57,263
Cheil Communications, Inc.		1,870		39,792
Cheil Industries, Inc.		1,879		171,598
CJ CheilJedang Corp.		124		34,307
CJ Corp.		533		48,196
Daelim Industrial Co. Ltd.		907		77,445
Daewoo Engineering & Construction Co., Ltd. (b)		5,662		53,236
Daewoo International Corp.		1,359		51,478
Daewoo Securities Co., Ltd.		6,219		71,343
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		2,420		56,503
Dongbu Insurance Co., Ltd.		2,130		92,757
Doosan Corp.		533		65,940
Doosan Infracore Co., Ltd. (b)		2,690		45,986
GS Engineering & Construction Corp.		994		68,507
Hanwha Chemical Corp.		1,990		38,227
Hanwha Corp.		3,028		94,401
Hyundai Department Store Co., Ltd.		270		37,168
Hyundai Marine & Fire Insurance Co., Ltd.		1,290		40,159
Hyundai Merchant Marine Co., Ltd. (b)		2,266		54,335
Hyundai Mipo Dockyard Co., Ltd.		301		36,832
Hyundai Wia Corp.		280		47,237
Kangwon Land, Inc.		2,260		50,836
KCC Corp.		161		42,226
Korea Exchange Bank (b)		4,330		33,076
Korea Kumho Petrochemical Co., Ltd.		616		68,449
Korean Air Lines Co., Ltd. (b)		795		34,012
LG Uplus Corp.		5,060		33,144
LS Uplus Corp.		630		54,927
Mando Corp.		244		33,809
NCSoft Corp.		300		64,107
OCI Co., Ltd.		341		55,226
ORION Corp.		199		173,857
Samsung Card Co., Ltd.		880		31,711
Samsung Securities Co., Ltd.		1,743		82,177
Samsung Techwin Co., Ltd.		1,203		69,598
SK C&C Co., Ltd.		426		38,253
SK Networks Co., Ltd.		1,720		15,863
Woongjin Coway Co., Ltd.		910		25,177

				2,240,875

SPAIN — 1.5%
Acerinox SA (a)		3,103		34,834
Banco Popular Espanol SA		24,748		54,157
Bankia SA (b)		20,027		33,494
Bankinter SA (a)		6,703		29,104
Distribuidora Internacional de Alimentacion SA (b)		22,874		126,391
Ebro Puleva SA (a)		2,344		41,253
Enagas		2,304		45,499
Gestevision Telecinco SA (a)		3,228		17,525
International Consolidated Airlines Group SA (b)		11,515		27,706
Obrascon Huarte Lain SA		995		22,977
Prosegur Cia de Seguridad SA		4,950		22,671
Tecnicas Reunidas SA		584		27,182
Viscofan SA		823		37,714
Zardoya Otis SA		2,734		32,183

				552,690

See accompanying notes to financial statements.

255

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

September 30, 2012


Security Description	Shares		Value

SWEDEN — 2.2%
Boliden AB		5,869	$	98,017
Castellum AB		7,413		100,455
Elekta AB (Class B) (a)		8,436		111,616
Great Portland Estates PLC		5,784		42,114
Hakon Invest AB		995		17,179
Holmen AB		374		10,239
Husqvarna AB (Class B)		8,053		41,158
Lundbergforetagen AB		750		26,024
Meda AB (Class A)		4,817		48,820
Modern Times Group AB (Class B)		2,721		120,392
Ratos AB (Class B) (a)		3,476		30,722
Securitas AB (Class B)		7,015		52,725
SSAB AB		745		4,596
SSAB AB (Series A) (a)		6,119		43,555
Trelleborg AB (Class B)		4,433		49,931

				797,543

SWITZERLAND — 4.1%
Aryzta AG (b)		2,353		112,918
Baloise Holding AG		1,669		131,329
Banque Cantonale Vaudoise		103		53,429
Barry Callebaut AG		34		31,565
Basellandschaftliche Kantonalbank		16		20,685
Clariant AG (b)		7,542		89,801
Dufry Group (b)		382		45,809
Flughafen Zuerich AG		225		92,413
Galenica AG		180		106,682
GAM Holding AG (b)		5,100		66,477
Helvetia Holding AG		100		34,901
Lonza Group AG (b)		620		32,451
OC Oerlikon Corp AG		3,085		29,675
Panalpina Welttransport Holding AG		477		45,604
Pargesa Holding SA		517		34,272
PSP Swiss Property AG (b)		871		79,195
Sika AG		24		48,981
Sulzer AG		1,251		182,365
Swiss Life Holding AG (b)		512		60,963
Swiss Prime Site AG (b)		2,223		183,791

				1,483,306

UNITED KINGDOM — 14.6%
3i Group PLC		22,652		81,460
Aegis Group PLC		15,901		60,469
Afren PLC (b)		20,043		45,344
African Barrick Gold, Ltd.		1,117		8,023
Amlin PLC		13,053		85,050
Ashmore Group PLC		5,028		27,646
Ashtead Group PLC		9,266		48,449
Balfour Beatty PLC		33,396		163,779
Barratt Developments PLC (b)		17,967		49,177
Berkeley Group Holdings PLC (b)		4,790		108,753
Booker Group PLC		26,503		39,951
Cairn Energy PLC (b)		11,073		49,190
Capital & Counties Properties PLC		10,430		36,683
Capital Shopping Centres Group PLC		11,087		58,580
Cobham PLC		65,492		234,462
Cookson Group PLC		5,117		49,330
Daily Mail & General Trust PLC		1,987		15,449
Derwent London PLC		2,074		65,508
Drax Group PLC		16,536		135,381
DS Smith PLC		17,042		51,159
easyJet PLC		4,608		43,195
Halma PLC		6,962		47,656
Hargreaves Lansdown PLC		1,615		16,391
ICAP PLC		9,980		51,748
IG Group Holdings PLC		7,446		53,626
Imagination Technologies Group PLC (b)		3,739		28,679
IMI PLC		7,769		112,908
Inchcape PLC		21,335		123,888
Informa PLC		35,555		231,207
Inmarsat PLC		16,355		155,819
Invensys PLC		20,762		78,485
Investec PLC		22,899		141,401
John Wood Group PLC		8,355		108,405
Ladbrokes PLC		16,736		46,700
London Stock Exchange Group PLC		5,387		82,031
Lonmin PLC (a)		3,978		35,812
Man Group PLC		33,555		44,621
Meggitt PLC		14,218		90,666
Melrose PLC		23,012		90,001
Mondi PLC		7,046		71,681
Ophir Energy PLC (b)		5,846		57,396
Pennon Group PLC		20,936		244,259
Persimmon PLC		5,528		67,708
Premier Oil PLC (b)		10,620		61,548
Provident Financial PLC		5,600		124,159
Rentokil Initial PLC		37,795		49,619
Resolution, Ltd.		25,303		88,705
Rightmove PLC		4,781		121,055
Rotork PLC		1,590		58,103
Segro PLC		16,098		58,957
Serco Group PLC		27,325		255,922
Shaftesbury PLC		4,659		39,723
Spectris PLC		4,549		126,714
Spirax-Sarco Engineering PLC		1,434		48,420
Stagecoach Group PLC		19,282		87,431
Tate & Lyle PLC		11,994		128,893
Taylor Wimpey PLC		59,232		51,937
Telecity Group PLC		3,691		53,374
Travis Perkins PLC		5,910		99,347
Tui Travel PLC		34,120		128,982
United Business Media PLC		4,511		51,063
Vedanta Resources PLC		2,098		34,861
William Hill PLC		26,247		134,271

				5,241,210

TOTAL COMMON STOCKS —
(Cost $35,720,192)				35,707,726

RIGHTS — 0.0% (e)
FRANCE — 0.0% (e)
Cie Generale de Geophysique — Veritas (expiring 10/12/12) (a)(b) (Cost $0)		3,100		5,009

PREFERRED STOCK — 0.1%
GERMANY — 0.1%
Fuchs Petrolub AG Preference Shares (Cost $42,054)		657		41,606

See accompanying notes to financial statements.

256

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

September 30, 2012


Security Description	Shares		Value

SHORT TERM INVESTMENTS — 14.1%
UNITED STATES — 14.1%
MONEY MARKET FUNDS — 14.1%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		5,053,842	$	5,053,842
State Street Institutional Liquid Reserves Fund 0.21% (g)(h)		4,149		4,149

TOTAL SHORT TERM INVESTMENTS —
(Cost $5,057,991)				5,057,991

TOTAL INVESTMENTS — 113.4%
(Cost $40,820,237)				40,812,332
OTHER ASSETS & LIABILITIES — (13.4)%				(4,819,036	)

NET ASSETS — 100.0%			$	35,993,296


(a)		A portion of the security was on loan at September 30, 2012.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2)
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

257

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.2%
BRAZIL — 7.1%
Aliansce Shopping Centers SA		149,119	$	1,615,554
American Banknote SA		125,827		2,353,674
Arezzo Industria e Comercio SA		67,848		1,222,655
B2W Companhia Global do Varejo (a)		151,124		793,312
Banco ABC Brasil SA Preference Shares		86,252		514,417
Brasil Brokers Participacoes SA		386,109		1,358,842
Brasil Insurance Participacoes e Administracao SA		104,204		978,453
Brazil Pharma SA		190,000		1,137,865
Brookfield Incorporacoes SA		382,725		745,152
Cia Energetica do Ceara Preference Shares		54,233		975,702
Contax Participacoes SA Preference Shares (b)		107,833		1,015,186
Cremer SA		115,003		781,689
Cyrela Commercial Properties SA Empreendimentos e Participacoes		28,408		347,119
Direcional Engenharia SA		78,669		437,782
Eletropaulo Metropolitana SA Preference Shares		140,800		1,367,192
Equatorial Energia SA		68,000		599,961
Estacio Participacoes SA		104,005		1,742,986
Eternit SA		223,171		1,078,014
Even Construtora e Incorporadora SA		427,104		1,644,165
Ez Tec Empreendimentos e Participacoes SA		188,958		2,345,210
Ferbasa-Ferro Ligas DA Bahia Preference Shares		143,548		750,004
Fleury SA		97,435		1,164,629
Gafisa SA (a)		709,938		1,560,688
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		141,819		808,777
Grendene SA		124,900		846,498
Helbor Empreendimentos SA		95,600		511,268
HRT Participacoes em Petroleo SA (a)		406,400		891,404
Iguatemi Empresa de Shopping Centers SA		67,260		1,717,636
International Meal Co. Holdings SA		122,721		1,149,300
Iochpe-Maxion SA		142,710		1,871,099
JHSF Participacoes SA		169,159		633,679
Kroton Educacional SA (a)		140,473		2,402,609
LLX Logistica SA (a)		551,109		782,331
Log-in Logistica Intermodal SA (a)		97,156		301,697
LPS Brasil Consultoria de I moveis SA		63,004		1,133,190
Magazine Luiza SA		103,130		622,196
Magnesita Refratarios SA		417,036		1,541,685
Mahle-Metal Leve SA		45,515		563,105
Marfrig Alimentos SA (a)		194,246		1,129,782
Mills Estruturas e Servicos de Engenharia SA		158,258		2,285,567
MMX Mineracao e Metalicos SA (a)		264,000		646,727
OSX Brasil SA (a)		78,005		477,919
Paranapanema SA (a)		279,805		354,445
PDG Realty SA Empreendimentos e Participacoes		1,638,300		3,084,733
QGEP Participacoes SA		113,993		679,868
Randon SA Implementos e Participacoes Preference Shares		623,193		3,615,429
Refinaria de Petroleos de Manguinhos SA (a)		750,927		285,003
Restoque Comercio e Confeccoes de Roupas SA		143,652		647,878
Rossi Residencial SA		297,180		736,798
Sao Martinho SA		125,422		1,478,753
Saraiva SA Livreiros Editores Preference Shares		65,724		745,097
SLC Agricola SA		118,020		1,265,248
Sonae Sierra Brasil SA		31,762		505,675
Suzano Papel e Celulose SA		344,300		904,534
Tecnisa SA		173,055		806,077
Tegma Gestao Logistica SA		35,200		580,710
Tempo Participacoes SA (a)		496,427		929,822
Vanguarda Agro SA (a)		1,762,461		321,427

				63,788,217

CHILE — 2.8%
Administradora de Fondos de Pensiones Provida SA		275,099		1,694,709
AFP Habitat SA		94,634		144,578
Almendral SA		13,694,508		1,991,194
Australis Seafoods SA		490,168		67,656
Besalco SA		642,318		1,159,976
CFR Pharmaceuticals SA		1,753,271		413,795
Cia Pesquera Camanchaca SA (a)		1,222,685		60,548
Clinica LAS Condes SA		517		44,669
Companhia Sudamericana de Vapores SA (a)		10,059,537		1,004,788
Cruz Blanca Salud SA		1,434,371		1,586,861
Empresas La Polar SA (a)		2,884,905		1,236,518
Inversiones Aguas Metropolitanas SA		835,942		1,532,369
Inversiones La Construccion SA (a)		42,406		684,501
Masisa SA		13,062,010		1,310,192
Norte Grande SA		17,312,755		175,079
Parque Arauco SA		1,374,594		2,830,004
Ripley Corp. SA		1,626,347		1,535,356
Salfacorp SA		605,432		1,440,381
Sigdo Koppers SA		470,483		1,144,110
Sociedad Matriz SAAM SA (a)		11,282,022		1,212,482
Socovesa SA		846,860		383,679
Vina Concha y Toro SA		1,685,386		3,530,201

				25,183,646

CHINA — 6.5%
51job, Inc. ADR (a)		16,063		719,622
Anhui Expressway Co., Ltd.		4,340,000		1,864,018
Anta Sports Products, Ltd. (c)		1,267,000		973,955
AsiaInfo-Linkage, Inc. (a)(c)		90,199		1,056,230
AutoNavi Holdings, Ltd. ADR (a)(c)		4,500		51,660
Bengang Steel Plates Co., Ltd.		186,700		55,866
BYD Co., Ltd. (a)(c)		1,210,500		2,110,852
BYD Electronic International Co., Ltd.		1,605,000		341,566

See accompanying notes to financial statements.

258

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

September 30, 2012


Security Description	Shares		Value

Camelot Information Systems, Inc. ADR (a)		62,769	$	112,357
China Agri-Industries Holdings, Ltd.		2,104,000		1,191,315
China Automation Group, Ltd. (c)		1,229,000		248,867
China Green Holdings, Ltd. (a)(c)		2,676,000		624,714
China Hongxing Sports, Ltd. (a)(c)(b)		4,758,000		0
China Huiyuan Juice Group, Ltd. (a)(c)		3,847,900		1,166,293
China Liansu Group Holdings (c)		1,797,810		936,788
China Minzhong Food Corp., Ltd. (a)(c)		1,563,000		1,032,062
China Molybdenum Co., Ltd. (a)		1,689,000		727,599
China National Accord Medicines Corp., Ltd.		185,782		512,543
China SCE Property Holdings, Ltd.		2,812,000		609,314
China Shanshui Cement Group, Ltd. (c)		1,812,000		1,180,228
China Shipping Development Co., Ltd. (c)		2,992,000		1,242,607
China Suntien Green Energy Corp., Ltd. (c)		3,168,000		580,216
China Vanadium Titano — Magnetite Mining Co., Ltd. (c)		2,363,000		365,731
China Wireless Technologies, Ltd.		2,464,000		603,824
Chongqing Machinery & Electric Co., Ltd.		3,594,000		472,819
Danhua Chemical Technology Co., Ltd. (a)		319,000		240,207
Dongyue Group (c)		1,651,000		734,653
Double Coin Holdings, Ltd.		796,700		415,081
E-Commerce China Dangdang, Inc. ADR (a)		68,700		324,264
E-House China Holdings, Ltd. (c)		114,237		488,934
First Tractor Co., Ltd. (a)(c)		1,260,500		970,585
Giant Interactive Group, Inc. ADR (c)		246,600		1,279,854
Great Wall Technology Co., Ltd.		1,684,000		310,595
Guangzhou Automobile Group Co., Ltd. (c)		1,688,000		1,108,170
Haitian International Holdings, Ltd. (c)		1,238,000		1,405,140
Hangzhou Steam Turbine Co.		1,038,450		1,090,250
Harbin Electric Co., Ltd. (c)		2,626,000		2,018,632
Home Inns & Hotels Management, Inc. ADR (a)(c)		68,141		1,689,897
Huangshan Tourism Development Co., Ltd.		452,800		540,643
Hunan Non-Ferrous Metal Corp., Ltd. (a)(c)		3,600,000		1,021,507
Jiangsu Future Land Co., Ltd.		1,011,100		611,715
Kingsoft Corp., Ltd. (c)		1,559,000		985,277
LDK Solar Co., Ltd. ADR (a)(c)		92,474		100,797
Livzon Pharmaceutical, Inc. Class B		194,700		475,873
Lonking Holdings, Ltd. (c)		4,538,000		760,894
MIE Holdings Corp.		3,796,754		935,324
Peak Sport Products Co., Ltd. (c)		2,242,000		396,162
Ports Design, Ltd. (c)		1,600,000		1,236,127
Real Gold Mining, Ltd. (c)(b)		251,500		0
Renren, Inc. ADR (a)(c)		223,695		901,491
REXLot Holdings, Ltd.		8,550,000		650,630
Semiconductor Manufacturing International Corp. (a)(c)		44,267,000		1,627,201
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		361,300		159,333
Shanghai Dajiang Group, Class B (a)		1,361,800		354,068
Shanghai Diesel Engine Co., Ltd. Class B		402,560		225,836
Shanghai Haixin Group Co. (a)		706,700		277,026
Shanghai Highly Group Co., Ltd.		357,700		173,127
Shenguan Holdings Group, Ltd.		2,758,010		1,518,938
Sinofert Holdings, Ltd.		2,990,000		586,180
Sohu.com, Inc. (a)		43,100		1,814,079
Sound Global, Ltd. (c)		1,985,000		865,717
Suntech Power Holdings Co., Ltd. ADR (a)(c)		145,658		125,266
SYP Glass Group Co., Ltd.		159,360		64,700
TCL Communication Technology Holdings, Ltd.		1,242,000		450,136
Tong Ren Tang Technologies Co., Ltd. (c)		1,400,000		2,618,257
Travelsky Technology, Ltd. (c)		2,110,500		1,121,499
WuXi PharmaTech Cayman, Inc. ADR (a)		127,831		1,908,517
Xinjiang Xinxin Mining Industry Co., Ltd. (c)		5,016,000		905,736
Xinyi Glass Holdings Co., Ltd.		2,324,000		1,082,080
Youku Tudou, Inc. ADR (a)		108,600		1,997,154
Zhejiang Southeast Electric Power Co.		2,204,233		1,152,814

				58,501,412

CZECH REPUBLIC — 0.5%
New World Resources PLC		99,432		447,227
Philip Morris CR AS		6,495		3,759,273

				4,206,500

EGYPT — 1.4%
Arab Cotton Ginning		459,386		339,825
Citadel Capital Corp./Cairo (a)		601,448		451,820
Eastern Tobacco		58,500		852,156
Egyptian Financial Group-Hermes Holding (a)		665,495		1,310,960
Egyptian for Tourism Resorts (a)		5,136,727		1,137,423
Egyptian Kuwait Holding Co.		982,685		1,316,798
ElSwedy Electric Co.		194,904		862,510
Ezz Steel		822,587		1,656,845
Juhayna Food Industries		740,444		698,332
Maridive & Oil Services SAE (a)		360,763		429,308
Orascom Telecom Media & Technology Holding SAE		4,814,128		434,292
Sidi Kerir Petrochemicals Co.		181,349		403,047
Six of October Development & Investment Co. (a)		251,652		966,694
Talaat Moustafa Group (a)		1,963,178		1,783,902

				12,643,912

HONG KONG — 9.6%
361 Degrees International, Ltd. (c)		1,938,000		512,417

See accompanying notes to financial statements.

259

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

September 30, 2012


Security Description	Shares		Value

Ajisen China Holdings, Ltd. (c)		620,000	$	411,827
Anton Oilfield Services Group		1,080,000		252,127
Anxin-China Holdings, Ltd.		3,168,000		637,420
Asian Citrus Holdings, Ltd.		1,331,773		687,079
AviChina Industry & Technology Co.		1,880,000		715,313
Baoxin Auto Group, Ltd. (a)		771,000		487,267
Beijing Capital Land, Ltd. (c)		2,368,400		678,148
Beijing Enterprises Water Group, Ltd.		3,136,000		748,280
Biostime International Holdings, Ltd.		183,000		469,228
Boshiwa International Holding, Ltd. (a)(c)(b)		1,843,000		199,674
CGN Mining Co., Ltd. (a)		3,335,000		326,908
Chailease Holding Co., Ltd. (c)		800,000		1,509,202
Chaowei Power Holdings, Ltd.		656,000		359,591
China Dongxiang Group Co. (c)		4,474,000		478,950
China Everbright International, Ltd. (c)		4,337,000		2,293,451
China Forestry Holdings, Ltd. (c)(b)		1,642,000		0
China High Precision Automation Group, Ltd. (c)(d)		1,226,000		196,078
China High Speed Transmission Equipment Group Co., Ltd. (a)(c)		1,998,000		587,552
China Lilang, Ltd.		1,316,000		692,520
China Lumena New Materials Corp. (c)		6,328,000		1,109,996
China Medical System Holdings, Ltd.		784,300		409,688
China Metal Recycling Holdings, Ltd. (c)		1,187,932		1,101,632
China Mobile, Ltd. ADR		2,172		32,571
China Modern Dairy Holdings, Ltd. (a)(c)		2,782,000		724,811
China National Materials Co., Ltd. (c)		2,526,000		710,242
China Oil and Gas Group, Ltd. (a)		2,940,000		314,733
China Pharmaceutical Group, Ltd. (a)(c)		1,594,000		456,413
China Power International Development, Ltd. (c)		13,318,000		3,641,590
China Precious Metal Resources Holdings Co., Ltd. (a)		3,660,000		708,090
China Rare Earth Holdings, Ltd.		1,048,000		232,491
China Rongsheng Heavy Industries Group Holdings, Ltd. (c)		4,888,500		649,425
China Shineway Pharmaceutical Group, Ltd. (c)		721,000		1,037,805
China Travel International Investment Hong Kong, Ltd.		13,792,000		2,490,414
China Yurun Food Group, Ltd. (a)(c)		2,098,000		1,504,515
China ZhengTong Auto Services Holdings, Ltd. (a)(c)		1,410,500		889,607
Chinasoft International, Ltd. (a)		1,830,000		455,538
CIMC Enric Holdings, Ltd.		1,259,000		755,083
Citic Resources Holdings, Ltd. (a)		6,485,000		878,245
Comba Telecom Systems Holdings, Ltd. (c)		1,381,984		463,439
Cosco International Holdings, Ltd.		712,000		281,007
Dah Chong Hong Holdings, Ltd.		612,000		557,279
Dawnrays Pharmaceutical Holdings, Ltd.		968,000		206,004
Digital China Holdings, Ltd. (c)		1,230,000		1,960,829
Fufeng Group, Ltd.		1,532,000		507,818
Fushan International Energy Group, Ltd. (c)		3,722,000		1,008,119
Global Bio-Chem Technology Group Co., Ltd. (c)		4,052,000		428,548
Glorious Property Holdings, Ltd. (a)(c)		4,290,000		652,913
GOME Electrical Appliances Holdings, Ltd. (a)		17,028,000		1,800,917
Greatview Aseptic Packaging Co., Ltd.		1,246,048		679,816
Hengdeli Holdings, Ltd. (c)		3,704,000		1,074,904
Hidili Industry International Development, Ltd. (c)		1,922,000		461,087
Honghua Group, Ltd.		1,840,000		355,980
Hua Han Bio-Pharmaceutical Holdings, Ltd. (c)		2,597,760		542,788
Huabao International Holdings, Ltd.		2,160,000		1,228,594
Ju Teng International Holdings, Ltd.		1,636,000		683,667
Kaisa Group Holdings, Ltd. (a)		5,481,000		996,770
Kingboard Chemical Holdings, Ltd. (c)		370,000		888,582
Kingboard Laminates Holdings, Ltd. (c)		1,976,500		820,860
Kingdee International Software Group Co., Ltd. (a)		2,360,000		487,022
Kingway Brewery Holdings, Ltd.		2,466,000		747,441
KWG Property Holding, Ltd. (c)		2,269,000		1,258,401
Lee & Man Paper Manufacturing, Ltd.		1,078,000		472,731
Li Ning Co., Ltd. (a)(c)		1,258,000		670,111
Lianhua Supermarket Holdings Co., Ltd. (c)		889,000		706,315
Lijun International Pharmaceutical Holdings, Ltd.		2,904,000		737,869
Maoye International Holdings, Ltd.		2,127,000		375,841
Minth Group, Ltd.		1,242,000		1,310,361
Newocean Energy Holdings, Ltd.		1,506,000		438,985
NVC Lighting Holdings, Ltd. (c)		4,360,000		984,103
Pacific Online, Ltd.		2,034,100		619,157
PCD Stores, Ltd.		5,629,000		450,131
Poly Hong Kong Investments, Ltd. (a)		3,011,000		1,615,550
Real Nutriceutical Group, Ltd. (c)		1,158,000		358,456
Sany Heavy Equipment International Holdings Co., Ltd.		927,000		504,555
Shenzhen International Holdings, Ltd.		48,242,500		3,297,782
Shenzhen Investment, Ltd. (c)		5,843,961		1,356,738
Shougang Concord International Enterprises Co., Ltd. (a)(c)		17,938,000		821,332
Sichuan Expressway Co., Ltd. (c)		1,828,000		509,268
Sino Biopharmaceutical (c)		4,756,000		1,754,382
Sinopec Kantons Holdings, Ltd.		720,000		594,331
Sinotrans Shipping, Ltd.		4,511,000		1,018,186
Sinotrans, Ltd.		2,063,000		268,743
Sinotruk Hong Kong, Ltd. (c)		1,023,500		595,361
Skyworth Digital Holdings, Ltd. (c)		3,058,000		1,451,448
Springland International Holdings, Ltd.		1,920,000		950,930

See accompanying notes to financial statements.

260

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

September 30, 2012


Security Description	Shares		Value

Sunac China Holdings, Ltd. (c)		2,486,000	$	1,218,431
Sunny Optical Technology Group Co., Ltd.		658,000		364,931
TCL Multimedia Technology Holdings Ltd.		670,000		362,080
Tech Pro Technology Development, Ltd. (a)		3,216,000		1,240,233
The United Laboratories International Holdings, Ltd. (a)		1,194,500		573,120
Tiangong International Co., Ltd.		1,750,000		356,625
Tianjin Port Development Holdings, Ltd.		8,720,000		933,492
Tianneng Power International, Ltd.		1,692,000		1,027,868
TPV Technology, Ltd.		2,424,000		531,493
United Energy Group, Ltd. (a)(c)		8,008,000		1,239,429
Vinda International Holdings, Ltd. (c)		902,000		1,242,493
VODone, Ltd.		4,344,999		392,287
Wasion Group Holdings, Ltd.		1,383,000		499,455
West China Cement, Ltd. (c)		4,872,000		854,599
Winsway Coking Coal Holding, Ltd. (c)		3,933,018		537,710
Yashili International Holdings, Ltd.		4,491,000		851,484
Yingde Gases (c)		2,294,000		2,032,668
Yip’s Chemical Holdings, Ltd.		944,059		616,121
Yuexiu Transport Infrastructure, Ltd.		2,136,549		1,011,335

				86,187,226

HUNGARY — 0.2%
Egis Gyogyszergyar Nyrt		13,015		1,033,749
Magyar Telekom Telecommunications PLC		310,109		594,787

				1,628,536

INDIA — 8.2%
Amtek Auto, Ltd.		491,610		825,331
Anant Raj Industries, Ltd.		726,013		984,168
Apollo Hospitals Enterprise, Ltd.		84,762		1,175,130
Arvind, Ltd.		228,150		345,610
Ashok Leyland, Ltd.		815,546		372,636
Aurobindo Pharma, Ltd.		373,382		1,005,218
Bajaj Holdings and Investment, Ltd.		72,145		1,086,791
Balrampur Chini Mills, Ltd. (a)		557,669		711,558
Bharat Forge, Ltd.		546,509		3,165,908
Bhushan Steel, Ltd.		194,114		1,835,701
Biocon, Ltd.		187,274		975,692
Core Education & Technologies, Ltd.		177,088		1,104,261
Coromandel International, Ltd.		212,132		1,158,290
Cox & Kings, Ltd.		74,865		197,080
Crompton Greaves, Ltd.		268,540		642,011
Dewan Housing Finance Corp., Ltd.		189,272		720,378
Dish TV India, Ltd. (a)		465,111		727,935
Educomp Solutions, Ltd.		207,825		632,991
Era Infra Engineering, Ltd.		412,540		1,080,136
Federal Bank, Ltd.		199,047		1,686,682
Financial Technologies India, Ltd.		47,581		879,903
Fortis Healthcare, Ltd. (a)		348,676		680,231
Gateway Distriparks, Ltd.		337,067		932,694
Glenmark Pharmaceuticals, Ltd.		568,874		4,540,099
GMR Infrastructure, Ltd. (a)		1,258,388		591,677
Godrej Industries, Ltd.		222,776		1,212,608
Gujarat Gas Co., Ltd.		149,432		969,771
Gujarat NRE Coke, Ltd.		1,074,653		381,003
GVK Power & Infrastructure, Ltd. (a)		2,118,070		586,289
Hexaware Technologies, Ltd.		266,782		616,059
Hindustan Construction Co. (a)		944,682		321,491
Hindustan Petroleum Corp., Ltd.		96,789		565,008
Housing Development & Infrastructure, Ltd. (a)		577,584		1,066,579
IFCI, Ltd.		1,368,781		804,478
India Cements, Ltd.		928,318		1,670,251
India Infoline, Ltd.		565,440		618,559
Indiabulls Financial Services, Ltd.		582,546		2,362,986
Indiabulls Infrastructure & Power, Ltd. (a)		1,823,943		223,044
Indiabulls Real Estate, Ltd. (a)		647,189		707,374
Indian Hotels Co., Ltd.		930,834		1,187,698
IVRCL Infrastructures & Projects, Ltd.		1,106,504		974,445
Jain Irrigation Systems, Ltd.		320,180		423,103
JSW Energy, Ltd.		661,863		762,313
Jubilant Foodworks, Ltd. (a)		41,684		1,084,835
Mahindra & Mahindra Financial Services		97,312		1,655,660
Manappuram Finance, Ltd.		542,812		409,077
MAX India, Ltd. (a)		684,332		2,910,146
McLeod Russel India, Ltd.		105,341		645,487
Motherson Sumi Systems, Ltd.		306,710		1,300,225
Mphasis, Ltd.		129,147		985,283
Nagarjuna Construction Co., Ltd.		1,061,666		944,016
Opto Circuits India, Ltd.		285,356		701,150
Parsvnath Developers, Ltd. (a)		190,515		144,841
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		210,446		313,006
Piramal Healthcare, Ltd.		91,634		806,456
PTC India, Ltd.		341,577		459,149
Punj Lloyd, Ltd.		1,084,564		1,122,707
Rajesh Exports, Ltd.		443,132		1,012,369
REI Agro, Ltd.		1,972,013		396,309
Reliance Capital, Ltd.		77,088		630,574
Reliance Communications, Ltd.		804,122		987,906
Rolta India, Ltd.		327,539		451,146
Shree Renuka Sugars, Ltd.		851,840		582,213
Sintex Industries, Ltd.		686,466		866,786
Strides Arcolab, Ltd.		114,302		1,917,313
Suzlon Energy, Ltd. (a)		1,778,722		598,584
Tata Chemicals, Ltd.		189,138		1,150,534
Tata Global Beverages, Ltd.		585,510		1,585,745
Thermax, Ltd.		87,346		929,764
Unitech, Ltd. (a)		2,177,753		1,003,306
United Phosphorus, Ltd.		1,008,564		2,517,347
Videocon Industries, Ltd.		163,159		530,356
Voltas, Ltd.		313,407		742,444
Welspun Corp., Ltd.		548,869		1,054,657

				73,950,561

INDONESIA — 4.2%
AKR Corporindo Tbk PT		3,692,500		1,639,825
Alam Sutera Realty Tbk PT		36,022,000		1,863,207
Aneka Tambang Persero Tbk PT		3,035,000		428,135
Bakrie and Brothers Tbk PT (a)(b)		184,600,500		424,369

See accompanying notes to financial statements.

261

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

September 30, 2012


Security Description	Shares		Value

Bakrie Sumatera Plantations Tbk PT		17,838,500	$	259,096
Bakrie Telecom Tbk PT (a)		44,456,500		348,405
Bakrieland Development Tbk PT (a)		74,508,500		420,424
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		12,049,500		1,385,000
Bank Tabungan Negara Tbk PT		8,050,500		1,211,360
Barito Pacific Tbk PT (a)		5,873,500		300,733
Bhakti Investama Tbk PT		24,767,000		1,281,052
Bisi International PT		3,316,500		377,741
Bumi Resources Minerals Tbk PT (a)		12,217,500		714,922
Bumi Resources Tbk PT		24,671,500		1,881,943
Bumi Serpong Damai PT		9,198,000		1,086,075
BW Plantation Tbk PT		5,747,500		900,862
Ciputra Development Tbk PT		15,506,500		1,150,430
Citra Marga Nusaphala Persada Tbk PT		1,100,000		244,253
Darma Henwa PT Tbk (a)		124,015,542		647,939
Delta Dunia Makmur Tbk PT (a)		8,002,500		209,052
Energi Mega Persada Tbk PT (a)		65,997,000		620,661
Erajaya Swasembada Tbk PT (a)		2,011,500		441,395
Gajah Tunggal Tbk PT		3,906,000		928,542
Garda Tujuh Buana Tbk PT (a)		1,701,000		799,843
Garuda Indonesia Tbk PT (a)		20,948,500		1,357,165
Harum Energy Tbk PT		1,841,500		1,135,303
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		4,976,500		530,411
Indika Energy Tbk PT		4,402,500		745,251
Indosiar Karya Media Tbk PT (a)		478,518		292,511
Intiland Development Tbk PT		11,072,500		381,810
Japfa Comfeed Indonesia Tbk PT		2,183,000		1,072,111
Kawasan Industri Jababeka Tbk PT (a)		51,376,500		1,154,226
Matahari Putra Prima Tbk PT		1,795,500		281,426
Medco Energi Internasional Tbk PT		3,422,500		611,544
Mitra Adiperkasa Tbk PT		1,898,000		1,269,300
MNC Sky Vision Tbk PT (a)		1,828,000		396,353
Modernland Realty Tbk PT (a)		5,869,000		343,432
Multistrada Arah Sarana Tbk PT		4,037,000		168,736
Pakuwon Jati Tbk PT (a)		37,387,400		1,054,817
Pembangunan Perumahan Persero PT Tbk		9,987,000		761,809
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		6,059,500		1,551,283
Ramayana Lestari Sentosa Tbk PT		3,115,000		341,771
Sentul City Tbk PT (a)		25,647,000		562,787
Summarecon Agung Tbk PT		11,382,500		1,998,182
Surya Semesta Internusa Tbk PT		6,445,000		888,966
Timah Tbk PT		5,291,500		857,035
Trada Maritime Tbk PT (a)		9,449,500		760,305

				38,081,798

MALAYSIA — 4.6%
Aeon Co. M Bhd		245,500		883,527
Affin Holdings Bhd		293,600		323,714
Bandar Raya Developments Bhd		868,100		820,811
Berjaya Corp. Bhd		5,836,200		1,193,399
Berjaya Sports Toto Bhd		1,600,900		2,267,920
Boustead Holdings Bhd		847,260		1,441,437
Bursa Malaysia Bhd		1,616,173		3,251,910
Dialog Group Bhd		3,555,320		2,780,047
DRB-Hicom Bhd		1,732,500		1,320,702
Eastern & Oriental Bhd		1,562,000		843,219
Gas Malaysia Bhd		308,600		265,538
HAP Seng Consolidated Bhd		899,100		482,422
IGB Corp. Bhd		4,767,167		3,618,462
KLCC Property Holdings Bhd		363,300		691,774
KNM Group Bhd (a)		4,323,437		954,791
KPJ Healthcare Bhd		709,200		1,415,384
Malaysia Building Society Bhd		895,600		706,166
Malaysian Bulk Carriers Bhd		1,104,400		498,633
Malaysian Resources Corp. Bhd		2,402,300		1,257,543
Media Prima Bhd		2,303,100		1,755,676
Multi-Purpose Holdings Bhd		2,144,900		2,456,126
Oriental Holdings Bhd		265,900		669,861
OSK Holdings Bhd		650,100		299,899
Padini Holdings Bhd		353,400		242,807
Parkson Holdings Bhd		287,100		452,747
POS Malaysia Bhd		720,800		733,417
Sunway Real Estate Investment Trust		6,191,700		2,937,335
TAN Chong Motor Holdings Bhd		1,286,400		1,961,271
Top Glove Corp. Bhd		1,227,900		1,968,497
Tradewinds Malaysia Bhd		236,400		557,646
UOA Development Bhd		2,162,500		1,124,939
Wah Seong Corp. Bhd		1,650,900		945,223
WCT Bhd		651,100		575,158

				41,698,001

MEXICO — 2.8%
Alsea SAB de CV (a)		322,100		502,042
Axtel SAB de CV (a)		3,215,506		797,796
Banregio Grupo Financiero SAB de CV (c)		157,100		592,733
Bolsa Mexicana de Valores SAB de CV		1,120,957		2,313,885
Compartamos SAB de CV		632,700		742,573
Consorcio ARA SAB de CV (a)(c)		4,320,512		1,350,869
Corporacion GEO SAB de CV (a)(c)		941,853		1,156,691
Desarrolladora Homex SAB de CV (a)(c)		368,630		845,794
Empresas ICA SAB de CV (a)(c)		1,451,419		2,810,891
Fibra Uno Administracion SA de CV		400,000		905,637
Gruma SAB de CV (a)		391,100		1,107,847
Grupo Aeroportuario del Sureste SAB de CV (c)		150,000		1,326,839
Industrias CH SAB, Series B (a)(c)		115,020		684,274
Inmuebles Carso SAB de CV (a)(c)		471,456		377,686
Megacable Holdings SAB de CV (a)		70,400		164,265
Promotora y Operadora de Infraestructura SAB de CV (a)		750,109		4,122,981
TV Azteca SAB de CV (c)		6,949,258		4,794,176
Urbi Desarrollos Urbanos SA de CV (a)		808,488		498,653

				25,095,632

MOROCCO — 0.1%
Alliances Developpement Immobilier SA		1,513		110,596
Holcim Maroc SA		696		139,706

See accompanying notes to financial statements.

262

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

September 30, 2012


Security Description	Shares		Value

Samir (a)		5,924	$	288,168

				538,470

NETHERLANDS — 0.1%
AmRest Holdings SE (a)		20,398		461,630

PERU — 1.1%
Alicorp SA		819,730		2,209,940
Casa Grande SAA		63,216		360,330
Edegel SAA		1,214,162		1,014,724
Ferreyros SA		2,025,181		1,832,920
Grana y Montero SA		864,808		2,930,988
Luz del Sur SAA		274,742		842,267
Refineria La Pampilla SA Relapasa		1,375,516		349,640

				9,540,809

PHILIPPINES — 1.8%
Belle Corp. (a)		3,321,000		397,262
Cebu Air, Inc.		803,200		1,045,517
First Gen Corp. (a)		1,014,900		486,101
First Philippine Holdings Corp.		619,620		1,173,438
GMA Holdings, Inc.		5,430,800		1,247,203
Manila Water Co., Inc.		1,239,200		802,071
Megaworld Corp.		80,629,000		4,310,264
Philex Petroleum Corp. (a)		795,500		467,212
Philippine National Bank (a)		433,250		760,771
Puregold Price Club, Inc.		681,907		485,500
Rizal Commercial Banking Corp.		760,600		830,525
Robinsons Land Corp.		2,104,300		960,467
Security Bank Corp.		211,710		832,325
Semirara Mining Corp.		283,650		1,509,536
SM Development Corp.		3,927,520		574,323
Union Bank of Philippines		239,800		603,596

				16,486,111

POLAND — 2.2%
Agora SA		159,532		372,991
Asseco Poland SA		193,691		2,701,414
Bank Millennium SA (a)		1,261,240		1,527,559
Boryszew SA (a)		2,358,147		419,580
Ciech SA (a)		80,997		460,918
Cyfrowy Polsat SA (a)		274,016		1,257,366
Echo Investment SA (a)		440,818		604,077
Emperia Holding SA		30,180		438,067
Eurocash SA		118,824		1,461,399
Get Bank SA (a)		1,203,138		642,214
Globe Trade Centre SA (a)		425,211		987,520
Grupa Lotos SA (a)		119,562		1,171,902
LPP SA		1,560		1,655,663
Lubelski Wegiel Bogdanka SA		68,830		2,589,008
Netia SA (a)		966,547		1,855,524
Orbis SA		51,495		623,685
Polimex- Mostostal SA (a)		1,311,904		335,803
TVN SA		339,455		735,377

				19,840,067

RUSSIA — 0.9%
Alliance Oil Co., Ltd. SDR (a)		189,429		1,499,461
Cherkizovo Group OJSC, GDR (a)		5,891		66,568
DIXY Group OJSC (a)		25,512		269,018
Integra Group Holdings GDR (a)		683,824		882,133
Novorossiysk Commercial Sea Trade Port PJSC GDR		52,363		353,450
PIK Group GDR (a)		507,647		1,121,392
TransContainer OAO, GDR		62,859		785,738
Vsmpo-Avisma Corp.		17,500		2,903,650

				7,881,410

SINGAPORE — 0.3%
Bumitama Agri, Ltd. (a)		631,000		565,827
Nam Cheong, Ltd.		2,702,000		473,571
Parkson Retail Asia, Ltd. (a)		558,000		659,575
Yanlord Land Group, Ltd. (a)(c)		1,095,000		1,066,703

				2,765,676

SOUTH AFRICA — 8.7%
Adcock Ingram Holdings, Ltd. (c)		212,550		1,529,889
AECI, Ltd. (c)		177,572		1,761,269
Afgri, Ltd.		2,389,064		1,502,729
Aquarius Platinum, Ltd. (c)		959,335		646,763
Aveng, Ltd.		818,172		3,102,671
Brait SE (a)(c)		261,193		930,667
Clicks Group, Ltd. (c)		457,701		3,210,672
Coronation Fund Managers, Ltd.		1,456,375		5,471,677
DataTec, Ltd.		943,677		6,021,536
Emira Property Fund		238,706		387,373
Famous Brands, Ltd.		21,048		184,942
Fountainhead Property Trust		287,211		281,602
Grindrod, Ltd. (c)		1,642,762		2,827,148
Hosken Consolidated Investments, Ltd.		245,793		2,603,553
Illovo Sugar, Ltd.		296,338		1,095,400
Investec, Ltd.		269,400		1,668,415
JD Group, Ltd. (c)		639,401		3,603,394
JSE, Ltd. (c)		483,799		4,039,892
Lewis Group, Ltd. (c)		578,830		5,016,529
Merafe Resources, Ltd. (a)		7,625,025		739,293
Mondi, Ltd.		192,304		1,970,084
Mpact, Ltd.		330,868		759,888
Murray & Roberts Holdings, Ltd. (a)(c)		602,000		1,613,135
Northam Platinum, Ltd. (c)		848,995		3,088,882
Pick’ n Pay Holdings, Ltd.		360,554		891,864
Pretoria Portland Cement Co., Ltd.		724,585		2,546,671
PSG Group, Ltd.		31,185		255,114
Resilient Property Income Fund, Ltd.		220,528		1,282,893
Reunert, Ltd.		594,957		4,971,705
SA Corporate Real Estate Fund		8,356,575		3,645,997
Sappi, Ltd. (a)(c)		748,919		2,147,510
Sun International, Ltd.		156,666		1,613,910
Super Group, Ltd. (a)		483,638		899,734
Telkom SA, Ltd. (a)		254,573		543,013
Tongaat Hulett, Ltd.		137,908		2,335,752
Wilson Bayly Holmes-Ovcon, Ltd.		169,941		2,837,104

				78,028,670

TAIWAN — 28.9%
A-DATA Technology Co., Ltd. (c)		414,000		487,250
Ability Enterprise Co., Ltd.		693,000		627,668
Accton Technology Corp.		1,677,341		904,088
Action Electronics Co., Ltd. (a)		1,196,000		310,898

See accompanying notes to financial statements.

263

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

September 30, 2012


Security Description	Shares		Value

Adlink Technology, Inc.		547,572	$	597,755
Advanced Ceramic X Corp. (c)		202,642		587,599
Advanced International Multitech Co., Ltd.		432,000		659,491
Advanced Wireless Semiconductor Co. (c)		448,277		399,135
Advantech Co., Ltd.		610,200		2,227,349
AGV Products Corp. (a)(c)		2,139,926		737,314
Airtac International Group		95,000		476,402
Alcor Micro Corp. (c)		417,000		599,606
Alpha Networks, Inc. (c)		1,128,348		798,718
Altek Corp. (c)		1,009,309		600,830
AmTRAN Technology Co., Ltd.		1,595,717		1,252,034
Anpec Electronics Corp.		524,000		378,072
Apex Biotechnology Corp. (c)		588,915		1,486,677
Arcadyan Technology Corp.		253,718		276,105
Asia Optical Co., Inc. (a)		428,540		489,743
Asia Polymer		752,588		713,731
Asrock, Inc.		192,000		691,013
Aten International Co., Ltd.		266,000		466,420
Bank of Kaohsiung (a)		1,992,680		627,439
Basso Industry Corp.		688,000		444,764
BES Engineering Corp.		3,492,356		929,278
Biostar Microtech International Corp.		983,000		420,852
Capital Securities Corp. (c)		3,136,730		1,193,121
Career Technology Co., Ltd. (c)		495,726		676,447
Cathay No. 1 REIT		1,417,000		818,388
Cathay Real Estate Development Co., Ltd. (c)		2,600,904		1,251,053
Chang Wah Electromaterials, Inc.		235,642		747,598
Charoen Pokphand Enterprise		1,341,798		668,301
Cheng Loong Corp.		2,355,128		956,079
Cheng Uei Precision Industry Co., Ltd. (c)		637,915		1,527,680
Chicony Electronics Co., Ltd. (c)		857,248		2,017,845
Chien Kuo Construction Co., Ltd. (c)		1,663,501		805,831
Chin-Poon Industrial Co. (c)		1,107,000		1,308,529
China Bills Finance Corp.		3,964,394		1,487,654
China Chemical & Pharmaceutical Co., Ltd. (c)		950,000		678,953
China Manmade Fibers Corp. (a)		2,799,904		1,146,190
China Motor Corp. (c)		1,114,000		1,075,484
China Petrochemical Development Corp.		1,364,000		1,156,307
China Steel Chemical Corp. (c)		386,000		1,705,255
China Synthetic Rubber Corp.		1,198,452		1,283,756
Chipbond Technology Corp. (c)		1,015,000		1,610,094
Chong Hong Construction Co., Ltd.		462,622		1,144,186
Chroma ATE, Inc. (c)		598,680		1,260,121
Chung Hung Steel Corp. (a)		1,002,239		286,515
Clevo Co.		986,053		1,461,579
CMC Magnetics Corp. (a)(c)		4,232,719		719,086
Compal Communications, Inc. (a)(c)		427,000		466,133
Coretronic Corp.		654,420		625,096
CTCI Corp. (c)		1,000,000		2,285,636
CyberTAN Technology, Inc. (c)		1,005,210		810,999
D-Link Corp.		1,732,904		1,058,181
Danen Technology Corp. (a)		411,816		205,813
Dimerco Express Taiwan Corp.		689,081		503,056
Dynapack International Technology Corp. (c)		123,000		570,659
Elan Microelectronics Corp. (c)		830,899		1,468,285
Elite Material Co., Ltd. (c)		695,782		731,065
Elite Semiconductor Memory Technology, Inc. (a)		682,674		586,876
ENG Electric Co., Ltd.		358,086		435,491
Entie Commercial Bank		512,000		254,135
Entire Technology Co., Ltd.		223,942		365,935
Episil Technologies, Inc. (c)		1,195,000		393,394
Epistar Corp. (c)		1,307,000		2,791,144
Eternal Chemical Co., Ltd.		1,332,990		1,139,113
Eva Airways Corp. (a)		1,599,000		938,230
Evergreen Marine Corp., Ltd. (a)		903,000		475,936
Everlight Chemical Industrial Corp.		686,490		457,840
Everlight Electronics Co., Ltd. (c)		816,503		1,321,680
Excelsior Medical Co., Ltd. (c)		267,660		556,075
Far Eastern Department Stores, Ltd.		1,103,000		1,190,917
Far Eastern International Bank		3,783,590		1,497,250
Faraday Technology Corp. (c)		882,976		1,385,604
Farglory Land Development Co., Ltd. (c)		243,000		454,275
Feng Hsin Iron & Steel Co., Ltd.		777,270		1,347,001
Feng TAY Enterprise Co., Ltd. (c)		648,900		712,797
First Insurance Co., Ltd.		1,060,000		522,524
FLEXium Interconnect, Inc. (c)		396,361		1,582,010
Forhouse Corp.		938,576		496,288
Formosa Epitaxy, Inc. (a)(c)		797,000		581,841
Formosa International Hotels Corp.		48,400		580,367
Formosa Taffeta Co., Ltd.		1,586,000		1,520,344
Formosan Rubber Group, Inc.		1,142,124		818,210
Formosan Union Chemical		2,169,200		1,328,301
FSP Technology, Inc. (c)		644,184		628,504
Gemtek Technology Corp.		737,234		784,679
Genius Electronic Optical Co., Ltd. (c)		58,060		481,300
GeoVision, Inc. (c)		204,704		810,059
Giant Manufacturing Co., Ltd. (c)		617,994		3,278,287
Gigabyte Technology Co., Ltd.		526,000		480,001
Gigastorage Corp. (c)		785,114		605,304
Gintech Energy Corp. (a)(c)		777,806		797,348
Global Unichip Corp. (c)		201,669		801,489
Gloria Material Technology Corp. (c)		645,822		623,493
Goldsun Development & Construction Co., Ltd.		2,661,041		1,066,650
Grand Ocean Retail Group, Ltd. (a)		78,000		252,518
Grand Pacific Petrochemical		2,284,000		1,242,765
Grape King, Inc.		452,000		1,026,940
Great Wall Enterprise Co.		1,330,129		1,231,958
HannStar Display Corp. (a)		2,817,237		281,594
Hermes Microvision, Inc.		56,000		827,196
Hey Song Corp. (c)		1,403,694		2,298,508
Highwealth Construction Corp.		1,033,000		1,735,557
Himax Technologies, Inc. ADR		521,464		1,022,069
Hiwin Technologies Corp.		208,000		1,525,577
Ho Tung Chemical Corp. (a)		2,500,411		1,377,578
Hong TAI Electric Industrial		1,534,000		533,775
Huaku Development Co., Ltd.		460,260		1,111,652
Huang Hsiang Construction Co. (c)		450,484		1,197,152

See accompanying notes to financial statements.

264

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

September 30, 2012


Security Description	Shares		Value

I-Sheng Electric Wire & Cable Co., Ltd.		638,000	$	896,706
Ibase Technology, Inc.		417,699		550,026
Inventec Co., Ltd.		4,443,022		1,758,202
ITE Technology, Inc. (a)(c)		485,000		431,004
J Touch Corp.		254,121		254,004
Jess-Link Products Co., Ltd. (a)(c)		476,974		439,330
Jih Sun Financial Holdings Co., Ltd.		2,177,312		623,182
KEE TAI Properties Co., Ltd. (c)		1,785,076		1,077,860
Kenda Rubber Industrial Co., Ltd. (c)		793,052		990,182
King Yuan Electronics Co., Ltd.		2,424,656		1,335,842
King’s Town Bank (a)		2,203,000		1,540,638
Kinpo Electronics		3,039,371		720,611
Kinsus Interconnect Technology Corp. (c)		421,030		1,236,655
Kuoyang Construction Co., Ltd. (c)		1,150,000		602,197
KYE Systems Corp. (a)(c)		686,000		245,723
Laser Tek Taiwan Co., Ltd.		82,000		67,556
LCY Chemical Corp. (c)		1,102,939		1,600,971
Lien Hwa Industrial Corp.		1,686,651		1,127,752
Lingsen Precision Industries, Ltd. (c)		1,583,694		929,249
Long Bon International Co., Ltd. (a)		1,347,000		889,162
Longwell Co.		689,000		827,359
Lumax International Corp., Ltd. (c)		360,358		744,971
Lung Yen Life Service Corp.		316,000		1,088,782
Macronix International Co., Ltd. (c)		6,327,170		2,113,122
Makalot Industrial Co., Ltd.		496,000		1,429,785
Masterlink Securities Corp.		2,113,472		682,056
Mayer Steel Pipe Corp. (a)(c)		1,654,234		688,476
Mercuries & Associates, Ltd. (a)		655,255		643,777
Merida Industry Co., Ltd. (c)		336,950		1,241,428
Micro-Star International Co., Ltd.		1,361,000		666,258
Microbio Co., Ltd. (c)		615,802		758,369
Mildef Crete, Inc.		112,000		145,380
Mirle Automation Corp. (c)		1,065,195		735,845
Mitac International Corp. (c)		2,202,999		849,230
Motech Industries, Inc. (a)(c)		682,885		719,844
Nan Kang Rubber Tire Co., Ltd. (c)		1,261,205		1,755,408
Nantex Industry Co., Ltd. (c)		984,427		713,633
Neo Solar Power Corp. (a)(c)		661,064		429,606
Newmax Technology Co., Ltd.		123,232		176,145
Nien Hsing Textile Co., Ltd.		575,919		409,638
Novatek Microelectronics Corp. (c)		958,572		3,466,274
Oriental Union Chemical Corp. (c)		1,270,500		1,449,783
Pan-International Industrial Co., Ltd. (a)		707,388		707,062
PC Home Online (c)		234,845		1,329,908
Phison Electronics Corp.		216,837		1,749,431
Phytohealth Corp. (a)		418,000		802,818
PixArt Imaging, Inc. (c)		209,060		592,658
Portwell, Inc.		649,000		686,339
Powerchip Technology Corp. (a)		897,312		25,713
Powertech Technology, Inc.		887,000		1,703,587
President Securities Corp. (a)		1,878,850		1,015,906
Prime Electronics Satellitics, Inc.		881,670		813,590
Prime View International Co., Ltd.		996,000		1,087,281
Prince Housing Development Corp.		1,980,209		1,469,273
Promate Electronic Co., Ltd. (c)		988,000		792,058
Qisda Corp. (a)(c)		2,883,641		654,177
Radiant Opto-Electronics Corp. (c)		760,778		3,296,052
Radium Life Tech Co., Ltd. (c)		1,248,352		866,630
Realtek Semiconductor Corp. (c)		862,330		1,709,157
RichTek Technology Corp.		193,477		1,158,347
Ritek Corp. (a)(c)		5,577,596		740,166
Ruentex Development Co., Ltd.		1,138,071		2,154,739
Ruentex Industries, Ltd.		1,001,767		2,351,189
Sampo Corp. (c)		3,319,527		1,149,409
San Fang Chemical Industry Co., Ltd.		286,000		232,207
Sanyang Industry Co., Ltd. (a)		2,112,945		1,452,431
ScinoPharm Taiwan, Ltd.		364,620		748,806
Senao International Co., Ltd. (c)		242,911		903,246
Sercomm Corp.		666,000		1,015,580
Shih Wei Navigation Co., Ltd.		845,968		734,470
Shinkong Insurance Co., Ltd. (c)		940,841		621,054
Shinkong Synthetic Fibers Corp.		3,251,796		1,137,050
Sigurd Microelectronics Corp. (c)		1,259,694		1,042,099
Silicon Integrated Systems Corp. (a)		1,220,000		439,081
Silicon Motion Technology Corp. ADR (a)(c)		66,126		977,342
Simplo Technology Co., Ltd.		480,129		2,874,534
Sinbon Electronics Co., Ltd. (c)		863,000		759,561
Sinmag Bakery Machine Corp.		199,920		852,508
Sino-American Silicon Products, Inc. (c)		631,058		854,658
Sinon Corp. (c)		2,186,662		1,025,691
Sinphar Pharmaceutical Co., Ltd.		587,136		580,857
Sintek Photronic Corp. (a)		1,449,000		556,100
Sinyi Realty Co. (c)		812,035		1,102,529
Soft-World International Corp.		234,848		485,503
Solar Applied Materials Technology Corp. (c)		604,090		787,222
Solartech Energy Corp. (a)(c)		484,091		348,451
Springsoft, Inc.		701,968		1,338,633
St. Shine Optical Co., Ltd.		143,000		1,839,119
Standard Foods Corp. (c)		634,646		1,760,169
Sunonwealth Electric Machine Industry Co., Ltd. (c)		694,000		433,254
Sunrex Technology Corp.		624,000		282,054
Systex Corp. (a)		709,000		749,791
T JOIN Transportation Co. (c)		1,070,000		1,522,131
TA Chen Stainless Pipe		512,000		281,208
Ta Chong Bank Co., Ltd. (a)		3,230,067		1,123,942
Ta Ya Electric Wire & Cable		2,471,650		620,579
Taichung Commercial Bank		3,300,772		1,123,772
Taiflex Scientific Co., Ltd.		505,725		631,434
Tainan Enterprises Co., Ltd.		457,000		429,507
Tainan Spinning Co., Ltd. (c)		2,340,570		1,133,815
Taisun Enterprise Co., Ltd. (c)		1,679,549		982,628
Taiwan Acceptance Corp. (c)		591,000		1,372,989
Taiwan Business Bank (a)(c)		6,054,420		1,821,686
Taiwan Cogeneration Corp. (c)		1,874,469		1,237,347
Taiwan Fire & Marine Insurance Co.		889,004		641,426
Taiwan Hon Chuan Enterprise Co., Ltd. (c)		496,027		1,086,357
Taiwan Hopax Chemicals Manufacturing Co., Ltd.		16,073		7,704
Taiwan Land Development Corp. (a)		2,206,994		914,765

See accompanying notes to financial statements.

265

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

September 30, 2012


Security Description	Shares		Value

Taiwan Life Insurance Co., Ltd. (a)(c)		590,684	$	391,929
Taiwan Secom Co., Ltd.		534,726		1,176,585
Taiwan Surface Mounting Technology Co., Ltd. (c)		490,736		873,878
Taiyen Biotech Co., Ltd. (c)		1,415,000		1,100,585
Tatung Co., Ltd. (a)		4,271,691		1,101,676
Teco Electric & Machinery Co., Ltd. (c)		3,388,838		2,346,817
Test-Rite International Co.		733,896		527,010
Thye Ming Industrial Co., Ltd.		857,164		921,100
Tong Hsing Electronic Industries, Ltd. (c)		245,327		820,170
Tong Yang Industry Co., Ltd.		918,071		905,121
Topco Scientific Co., Ltd. (c)		494,647		801,533
Transcend Information, Inc. (c)		450,484		1,218,667
Tripod Technology Corp. (c)		858,353		2,108,292
TSRC Corp. (c)		1,149,170		2,548,179
TTY Biopharm Co., Ltd. (c)		329,579		1,343,568
Tung Ho Steel Enterprise Corp. (c)		1,366,258		1,398,255
Tung Thih Electronic Co., Ltd.		257,283		621,408
TXC Corp.		710,120		1,188,237
TYC Brother Industrial Co., Ltd.		39,583		16,339
U-Ming Marine Transport Corp. (c)		836,000		1,337,554
Unimicron Technology Corp.		1,355,000		1,615,544
Unity Opto Technology Co., Ltd. (a)(c)		690,307		741,797
Unizyx Holding Corp.		1,584,694		775,764
UPC Technology Corp.		1,930,789		1,063,750
USI Corp.		1,892,318		1,649,367
Ve Wong Corp.		734,604		558,844
Via Technologies, Inc. (a)(d)		1,430,062		522,001
Visual Photonics Epitaxy Co., Ltd. (c)		589,162		813,996
Wafer Works Corp. (c)		448,983		257,319
Wah Hong Industrial Corp.		252,446		408,206
Walsin Lihwa Corp. (a)		5,601,000		1,958,492
Wan Hai Lines, Ltd. (a)		2,024,320		1,135,998
Waterland Financial Holdings Co., Ltd.		4,579,299		1,395,028
Wei Chuan Food Corp. (c)		854,899		1,029,489
Weikeng Industrial Co., Ltd. (c)		916,628		670,738
Winbond Electronics Corp. (a)(c)		6,061,730		909,875
Wintek Corp. (a)		2,206,859		1,155,621
Wistron NeWeb Corp. (c)		496,124		922,400
WUS Printed Circuit Co., Ltd. (a)		1,195,000		564,612
Yageo Corp. (a)		2,288,000		695,450
Yang Ming Marine Transport Corp. (a)		2,280,788		949,242
Yieh Phui Enterprise Co., Ltd.		2,757,487		858,849
Young Fast Optoelectronics Co., Ltd. (c)		243,959		588,394
Young Optics, Inc.		212,242		627,744
Yuen Foong Yu Paper Manufacturing Co., Ltd. (c)		3,461,941		1,476,257
Yungtay Engineering Co., Ltd.		838,000		1,729,544
Zenitron Corp. (c)		901,348		588,835
Zinwell Corp.		679,674		680,520

				259,520,117

THAILAND — 4.3%
Bangkok Chain Hospital PCL, NVDR		1,348,200		420,491
Bangkok Expressway PCL, NVDR		1,348,200		1,292,135
Bangkok Life Assurance PCL, NVDR		515,900		737,479
BTS Group Holdings PCL		3,198,000		587,027
Bumrungrad Hospital PCL		555,000		1,478,558
Cal-Comp Electronics Thailand PCL		14,696,490		1,298,715
Dynasty Ceramic PCL		410,800		677,326
Electricity Generating PCL, NVDR		403,600		1,704,613
Esso Thailand PCL, NVDR		1,895,000		658,756
Hana Microelectronics PCL		5,559,184		3,774,755
Hemaraj Land and Development PCL, NVDR		7,880,500		809,044
Jasmine International PCL, NVDR		3,205,400		404,060
Kiatnakin Bank PCL, NVDR		406,500		610,807
LPN Development PCL, ADR		1,231,700		752,305
MBK PCL, NVDR		118,000		448,538
Minor International PCL		6,812,111		3,408,269
Precious Shipping PCL		771,700		330,943
Precious Shipping PCL, NVDR		221,000		94,776
Pruksa Real Estate PCL		897,500		524,854
Pruksa Real Estate PCL, NVDR		1,279,900		748,480
Siam Global House PCL, NVDR		1,118,680		599,682
Sri Trang Agro-Industry PCL, NVDR		946,900		476,834
Supalai PCL, NVDR		952,500		606,530
Thai Airways International PCL, NVDR (a)		1,676,200		1,181,726
Thai Stanley Electric PCL, NVDR		105,900		784,444
Thai Tap Water Supply PCL		3,232,000		798,025
Thai Vegetable Oil PCL, NVDR		883,400		691,681
Thanachart Capital PCL		5,079,264		6,229,442
Thoresen Thai Agencies PCL		3,009,966		1,613,530
Tisco Financial Group PCL		185,400		277,076
Tisco Financial Group PCL		548,830		824,671
True Corp. PCL (a)		5,653,700		1,120,454
True Corp. PCL, NVDR (a)		9,595,928		1,901,727
Vinythai PCL, NVDR		1,103,600		663,307

				38,531,060

TURKEY — 2.9%
Akfen Holding AS (a)		94,978		459,127
Akmerkez Gayrimenkul Yatirim Ortakligi AS		70,575		731,062
Albaraka Turk Katilim Bankasi (a)		3,531,860		2,675,056
Asya Katilim Bankasi AS (a)(c)		1,612,683		1,778,298
Aygaz AS		238,426		1,017,121
Bursa Cimento Fabrikasi AS		75,886		202,859
Dogan Sirketler Grubu Holdings AS (a)		2,112,239		846,966
Dogan Yayin Holding AS (a)		1,853,465		629,658
GSD Holding (a)		952,952		355,579
Ihlas Holding (a)(c)		1,432,466		1,076,982
Is Finansal Kiralama AS (a)		386,138		199,994
Ittifak Holding AS (a)		178,502		501,030
Izmir Demir Celik Sanayi AS (a)		279,880		657,771
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS		3,560,312		2,319,874
Koza Anadolu Metal Madencilik Isletmeleri AS (a)		257,961		624,933
NET Holding AS (a)		547,325		554,763

See accompanying notes to financial statements.

266

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

September 30, 2012


Security Description	Shares		Value

Petkim Petrokimya Holding AS (c)		2,415,744	$	2,704,191
Sekerbank TAS (a)		2,049,796		1,438,373
Sinpas Gayrimenkul Yatirim Ortakligi AS		852,345		607,597
TAV Havalimanlari Holding AS		329,241		1,631,903
Tekfen Holding AS		288,550		1,047,753
Torunlar Gayrimenkul Yatirim Ortakligi AS		392,560		620,890
Turkiye Sinai Kalkinma Bankasi AS		1,244,364		1,386,015
Ulker Biskuvi Sanayi AS		383,084		1,625,696

				25,693,491

UNITED ARAB EMIRATES — 0.0% (e)
Exillon Energy PLC (a)		153,278		339,712

TOTAL COMMON STOCKS —
(Cost $1,025,153,225)				890,592,664

PREFERRED STOCKS — 0.2%
BRAZIL — 0.2%
Banco Panamericano SA Preference Shares		222,000		555,875
Centrais Eletricas de Santa Catarina SA Preference Shares		66,378		1,125,495

TOTAL PREFERRED STOCKS —
(Cost $1,980,388)				1,681,370

RIGHTS — 0.0% (e)
BRAZIL — 0.0% (e)
Brookfield Incorporacoes SA (expiring 10/18/12) (a)		113,900		48,282

INDIA — 0.0% (e)
Bajaj Finserv, Ltd. (Expired 09/06/12) (a)		8,591		23,617
Coromandel International, Ltd. (a)		3,181,980		8,814

				32,431

TOTAL RIGHTS —
(Cost $57,681)				80,713

WARRANTS — 0.0% (e)
MALAYSIA — 0.0% (e)
Dialog Group Bhd (expiring 11/30/16) (a) (Cost $0)		194,760		31,860

SHORT TERM INVESTMENTS — 4.1%
UNITED STATES — 4.1%
MONEY MARKET FUNDS — 4.1%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		36,609,130		36,609,130
State Street Institutional Liquid Reserves Fund 0.21% (g)(h)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $36,609,230)				36,609,230

TOTAL INVESTMENTS — 103.5%
(Cost $1,063,800,524)				928,995,837
OTHER ASSETS & LIABILITIES — (3.5)%				(31,549,833	)

NET ASSETS — 100.0%			$	897,446,004


(a)		Non-income producing security.
(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 3 inputs. (Note 2)
(c)		A portion of the security was on loan at September 30, 2012.
(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

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

267

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 7.9%
Abacus Property Group		197,502	$	398,442
Astro Japan Property Group		44,279		131,691
Bunnings Warehouse Property Trust (a)(b)		292,607		605,521
CFS Retail Property Trust		1,727,322		3,466,747
Charter Hall Retail REIT (a)		182,426		650,687
Commonwealth Property Office Fund (a)		1,735,318		1,867,717
Dexus Property Group		3,575,245		3,532,002
Goodman Group		1,056,987		4,352,676
GPT Group		1,203,994		4,256,913
Investa Office Fund		453,707		1,363,531
Westfield Group		1,536,949		16,238,455
Westfield Retail Trust		2,076,700		6,241,129

				43,105,511

AUSTRIA — 0.8%
Atrium European Real Estate, Ltd.		129,628		677,738
CA Immobilien Anlagen AG (b)		53,875		593,503
IMMOFINANZ AG (b)		792,246		2,877,270

				4,148,511

BELGIUM — 0.3%
Befimmo Sicafi S.C.A.		11,173		659,770
Cofinimmo		11,008		1,224,003

				1,883,773

CANADA — 5.4%
Artis REIT		39,749		661,709
Boardwalk REIT		18,882		1,247,158
Brookfield Asset Management, Inc. (Class A)		412,898		14,242,348
Brookfield Office Properties, Inc.		5,572		92,532
Brookfield Office Properties, Inc. (a)		176,896		2,929,398
Calloway REIT		39,232		1,190,975
Canadian Apartment Properties REIT		34,029		860,106
Canadian REIT		24,615		1,051,194
Chartwell Seniors Housing REIT		61,632		638,274
First Capital Realty, Inc.		57,079		1,090,009
H&R REIT		67,688		1,732,873
Primaris Retail REIT		32,135		796,231
RioCan REIT		105,682		2,971,920

				29,504,727

CHINA — 1.5%
Hongkong Land Holdings, Ltd.		866,000		5,204,660
Kerry Properties, Ltd.		561,135		2,837,067

				8,041,727

FRANCE — 3.9%
Fonciere Des Regions		27,266		2,052,045
Gecina SA		19,359		1,983,960
Klepierre		72,231		2,535,928
Mercialys SA		40,492		836,352
SILIC		6,277		650,066
Unibail-Rodamco SE		67,463		13,461,303

				21,519,654

GERMANY — 0.0% (c)
IVG Immobilien AG (b)		111,261		254,355

HONG KONG — 4.1%
Champion REIT (a)		1,937,462		884,612
Hang Lung Group, Ltd.		544,996		3,454,881
Hang Lung Properties, Ltd.		1,427,018		4,877,435
Hysan Development Co., Ltd.		452,731		2,061,252
Prosperity REIT		835,000		233,702
The Link REIT		1,687,438		7,998,368
Wheelock & Co., Ltd.		613,016		2,644,747

				22,154,997

ITALY — 0.1%
Beni Stabili SpA		622,191		328,184

JAPAN — 8.2%
Aeon Mall Co., Ltd. (a)		58,800		1,443,548
Daibiru Corp.		42,900		356,213
Daiwa Office Investment Corp.		157		521,248
Frontier Real Estate Investment Corp.		153		1,343,175
Fukuoka REIT Corp.		81		592,404
Global One Real Estate Investment Co., Ltd.		74		450,373
Hankyu REIT, Inc.		60		296,915
Heiwa Real Estate Co., Ltd.		27,000		311,992
Hulic Co., Ltd. (a)(b)		186,300		1,130,252
Japan Excellent, Inc.		130		718,509
Japan Prime Realty Investment Corp.		612		1,850,159
Japan Real Estate Investment Corp. (a)		405		4,091,645
Japan Retail Fund Investment Corp. (a)		1,388		2,488,766
Kenedix Realty Investment Corp.		214		773,756
Mitsui Fudosan Co., Ltd. (a)		652,000		13,098,663
Mori Hills REIT Investment Corp.		137		669,152
Mori Trust Sogo REIT, Inc. (a)		134		1,203,933
Nippon Building Fund, Inc.		450		4,864,396
Nomura Real Estate Office Fund, Inc. (a)		216		1,359,023
NTT Urban Development Corp. (a)		802		653,558
Orix JREIT, Inc.		212		1,040,925
Premier Investment Corp.		144		553,974
Tokyu Land Corp. (a)		326,000		1,751,517
Tokyu REIT, Inc. (a)		118		609,717
Top REIT, Inc.		115		574,261
United Urban Investment Corp.		1,555		1,808,837

				44,556,911

NETHERLANDS — 1.0%
Corio NV (a)		70,666		3,007,816
Eurocommercial Properties NV		26,233		995,250
VastNed Retail NV		14,064		597,804
Wereldhave NV		16,019		891,727

				5,492,597

NEW ZEALAND — 0.4%
AMP NZ Office Trust		589,008		479,503
Argosy Property, Ltd.		407,065		302,643
Goodman Property Trust		616,953		522,753

See accompanying notes to financial statements.

268

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

September 30, 2012


Security Description	Shares		Value

Kiwi Income Property Trust		718,619	$	662,622

				1,967,521

SINGAPORE — 4.0%
Ascendas REIT		1,353,969		2,660,035
Cambridge Industrial Trust		831,167		433,641
CapitaCommercial Trust (a)		1,488,682		1,814,282
CapitaLand, Ltd.		1,882,500		4,880,044
CapitaMall Trust		1,818,860		2,995,106
Frasers Commercial Trust		349,412		334,686
Global Logistic Properties, Ltd.		1,833,000		3,750,575
Guocoland, Ltd. (a)		252,999		414,550
Mapletree Logistics Trust		1,073,240		984,263
Singapore Land, Ltd.		70,000		404,011
Starhill Global REIT		1,023,524		638,294
Suntec REIT (a)		1,559,274		1,887,602
United Industrial Corp., Ltd.		253,000		593,984

				21,791,073

SOUTH AFRICA — 0.6%
Capital Property Fund		1,164,723		1,494,872
Fountainhead Property Trust		859,103		842,324
SA Corporate Real Estate Fund		1,040,722		454,070
Sycom Property Fund		91,128		298,196

				3,089,462

SPAIN — 0.0% (c)
Martinsa-Fadesa SA (b)(d)(e)		178		0

SWEDEN — 0.9%
Castellum AB		127,094		1,722,280
Fabege AB		103,904		990,453
Great Portland Estates PLC		231,028		1,682,145
Kungsleden AB		100,857		570,691

				4,965,569

SWITZERLAND — 1.1%
PSP Swiss Property AG (b)		28,472		2,588,777
Swiss Prime Site AG (b)		40,173		3,321,390

				5,910,167

UNITED KINGDOM — 5.0%
Big Yellow Group PLC		85,732		434,702
British Land Co. PLC		656,812		5,536,434
Capital & Counties Properties PLC		416,111		1,463,476
Capital Shopping Centres Group PLC		448,428		2,369,325
Derwent London PLC		63,455		2,004,256
Grainger PLC		306,729		533,444
Hammerson PLC		526,603		3,835,115
Land Securities Group PLC		576,442		7,088,333
Segro PLC		548,255		2,007,910
Shaftesbury PLC		185,789		1,584,063
Workspace Group PLC		80,272		348,686

				27,205,744

UNITED STATES — 54.5%
Acadia Realty Trust (a)		34,077		845,791
Alexandria Real Estate Equities, Inc.		46,349		3,407,578
American Campus Communities, Inc.		68,007		2,984,147
Apartment Investment & Management Co. (Class A)		107,214		2,786,492
Ashford Hospitality Trust, Inc. (a)		45,926		385,778
AvalonBay Communities, Inc.		71,790		9,762,722
BioMed Realty Trust, Inc. (a)		113,955		2,133,238
Boston Properties, Inc.		111,691		12,354,142
Brandywine Realty Trust (a)		105,956		1,291,604
BRE Properties, Inc.		56,764		2,661,664
Camden Property Trust		61,724		3,980,581
CBL & Associates Properties, Inc. (a)		117,040		2,497,634
Cedar Shopping Centers, Inc. (a)		40,017		211,290
Colonial Properties Trust		61,232		1,288,934
CommonWealth REIT		61,866		900,769
Corporate Office Properties Trust (a)		53,221		1,275,707
Cousins Properties, Inc. (a)		66,878		531,011
CubeSmart (a)		83,775		1,078,184
DCT Industrial Trust, Inc. (a)		185,934		1,202,993
DDR Corp. (a)		175,216		2,691,318
DiamondRock Hospitality Co.		144,129		1,387,962
Digital Realty Trust, Inc.		90,164		6,297,955
Douglas Emmett, Inc.		96,126		2,217,627
Duke Realty Corp.		199,239		2,928,813
DuPont Fabros Technology, Inc. (a)		46,795		1,181,574
EastGroup Properties, Inc.		21,541		1,145,981
Education Realty Trust, Inc.		81,776		891,358
Equity Lifestyle Properties, Inc.		28,709		1,955,657
Equity One, Inc. (a)		45,462		957,430
Equity Residential		222,929		12,825,105
Essex Property Trust, Inc. (a)		26,898		3,987,360
Extra Space Storage, Inc.		71,640		2,382,030
Federal Realty Investment Trust		47,359		4,986,903
FelCor Lodging Trust, Inc. (b)		81,891		388,163
First Industrial Realty Trust, Inc. (b)		65,984		867,030
First Potomac Realty Trust (a)		37,714		485,756
Forest City Enterprises, Inc. (Class A) (a)(b)		96,443		1,528,622
Franklin Street Properties Corp. (a)		53,311		590,153
General Growth Properties, Inc.		333,373		6,494,106
Glimcher Realty Trust		103,505		1,094,048
HCP, Inc.		316,922		14,096,691
Health Care REIT, Inc.		187,884		10,850,301
Healthcare Realty Trust, Inc. (a)		57,634		1,328,464
Hersha Hospitality Trust (a)		127,635		625,412
Highwoods Properties, Inc. (a)		56,361		1,838,496
Home Properties, Inc.		36,824		2,256,206
Hospitality Properties Trust (a)		91,324		2,171,685
Host Hotels & Resorts, Inc.		535,200		8,589,960
Inland Real Estate Corp. (a)		58,344		481,338
Kilroy Realty Corp. (a)		54,544		2,442,480
Kimco Realty Corp. (a)		300,661		6,094,398
Kite Realty Group Trust (a)		45,914		234,161
LaSalle Hotel Properties (a)		63,716		1,700,580
Liberty Property Trust		86,854		3,147,589
LTC Properties, Inc.		22,514		717,071
Mack-Cali Realty Corp.		61,684		1,640,794
Mid-America Apartment Communities, Inc.		30,359		1,982,746
Parkway Properties, Inc. (a)		15,903		212,623
Pebblebrook Hotel Trust (a)		43,516		1,017,839
Pennsylvania Real Estate Investment Trust		38,911		617,128

See accompanying notes to financial statements.

269

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

September 30, 2012


Security Description	Shares		Value

Piedmont Office Realty Trust, Inc. (Class A)		124,887	$	2,165,541
Post Properties, Inc.		39,999		1,918,352
ProLogis		341,194		11,952,026
PS Business Parks, Inc.		13,219		883,294
Public Storage		106,356		14,801,565
Ramco-Gershenson Properties Trust (a)		34,489		432,147
Regency Centers Corp.		66,471		3,239,132
Rouse Properties, Inc. (a)		17,128		245,787
Saul Centers, Inc.		9,356		415,406
Senior Housing Properties Trust		130,281		2,837,520
Simon Property Group, Inc.		223,832		33,979,936
SL Green Realty Corp. (a)		66,585		5,331,461
Sovran Self Storage, Inc.		21,898		1,266,799
Sun Communities, Inc. (a)		17,966		792,660
Sunstone Hotel Investors, Inc. (b)		100,828		1,109,108
Tanger Factory Outlet Centers, Inc.		69,431		2,244,704
Taubman Centers, Inc.		45,524		3,493,057
The Macerich Co.		98,341		5,628,055
UDR, Inc.		185,309		4,599,369
Universal Health Realty Income Trust (a)		9,374		431,017
Ventas, Inc.		218,745		13,616,876
Vornado Realty Trust		125,136		10,142,273
Washington Real Estate Investment Trust (a)		49,012		1,314,502
Weingarten Realty Investors (a)		82,521		2,319,665

				296,071,424

TOTAL COMMON STOCKS —
(Cost $465,639,930)				541,991,907

SHORT TERM INVESTMENTS — 7.0%
UNITED STATES — 7.0%
MONEY MARKET FUNDS — 7.0%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		33,497,599		33,497,599
State Street Institutional Liquid Reserves Fund 0.21% (g)(h)		4,618,351		4,618,351

TOTAL SHORT TERM INVESTMENTS —
(Cost $38,115,950)				38,115,950

TOTAL INVESTMENTS — 106.7%
(Cost $503,755,880)				580,107,857
OTHER ASSETS & LIABILITIES — (6.7)%				(36,631,673	)

NET ASSETS — 100.0%			$	543,476,184


(a)		A portion of the security was on loan at September 30, 2012.
(b)		Non-income producing security.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Company has filed for insolvency.
(e)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(f)		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.

270

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.0%
AUSTRALIA — 1.9%
Aristocrat Leisure, Ltd.		5,131	$	14,353
Crown, Ltd.		4,648		43,985
Fairfax Media, Ltd. (a)		21,891		9,447
Tatts Group, Ltd.		13,291		37,456

				105,241

BELGIUM — 0.4%
S.A. D’Ieteren NV		457		22,341

CANADA — 5.3%
Canadian Tire Corp., Ltd. (Class A)		627		45,090
Gildan Activewear, Inc.		762		24,139
Lululemon Athletica, Inc. (b)		510		37,661
Magna International, Inc. (Class A)		1,129		48,777
Shaw Communications, Inc. (Class B) (a)		2,078		42,491
Thomson Reuters Corp.		2,079		60,049
Tim Hortons, Inc.		697		36,240

				294,447

FINLAND — 0.6%
Nokian Renkaat Oyj		558		22,721
Sanoma Oyj		1,417		12,715

				35,436

FRANCE — 9.3%
Accor SA		819		27,347
Christian Dior SA		188		25,250
Compagnie Generale des Etablissements Michelin		808		63,367
Havas SA		3,415		17,609
Hermes International		97		26,081
Lagardere SCA		647		17,692
LVMH Moet Hennessy Louis Vuitton SA		925		139,232
Peugeot SA (b)		1,355		10,721
PPR		352		54,070
Publicis Groupe SA		518		29,022
Renault SA		786		36,929
Sodexo		586		44,170
Valeo SA		470		21,768

				513,258

GERMANY — 9.7%
Adidas AG		921		75,642
Bayerische Motoren Werke AG		1,307		95,692
Continental AG		268		26,272
Daimler AG		3,367		163,151
Porsche Automobil Holding SE Preference Shares		385		23,054
ProSiebenSat.1 Media AG Preference Shares		577		14,553
TUI AG (b)		1,361		11,738
Volkswagen AG		184		30,821
Volkswagen AG Preference Shares		514		93,866

				534,789

HONG KONG — 4.0%
Esprit Holdings, Ltd.		6,443		9,906
Galaxy Entertainment Group, Ltd. (b)		6,000		20,121
Giordano International, Ltd.		42,000		35,319
Li & Fung, Ltd. (a)		30,000		46,509
Sands China, Ltd.		12,000		44,807
Shangri-La Asia, Ltd.		8,500		16,489
SJM Holdings, Ltd.		12,000		26,095
Skyworth Digital Holdings, Ltd.		1,838		872
Wynn Macau, Ltd.		7,600		20,536

				220,654

ITALY — 1.3%
Fiat SpA (b)		3,613		19,299
Lottomatica SpA		1,195		26,320
Mediaset SpA		4,087		7,682
Pirelli & C. SpA		1,746		18,823

				72,124

JAPAN — 32.3%
Aisin Seiki Co., Ltd.		1,100		31,388
Aoyama Trading Co., Ltd.		2,000		38,355
Asics Corp.		400		5,414
Benesse Holdings, Inc.		800		38,869
Bookoff Corp.		700		6,001
Bridgestone Corp.		3,100		72,121
Can Do Co., Ltd.		4		5,404
Casio Computer Co., Ltd.		1,900		13,505
Denso Corp.		1,500		47,256
Dentsu, Inc.		1,500		38,175
Fast Retailing Co., Ltd.		400		93,316
Fuji Corp., Ltd.		1,500		8,310
Fuji Heavy Industries, Ltd.		4,000		33,316
GLOBERIDE, Inc.		4,000		4,679
Gunze, Ltd.		7,000		18,085
Honda Motor Co., Ltd.		5,400		166,373
Isetan Mitsukoshi Holdings, Ltd.		2,600		27,203
Isuzu Motors, Ltd.		8,000		38,766
Kappa Create Holdings Co., Ltd.		200		4,583
Kyoritsu Maintenance Co., Ltd.		200		4,437
Mazda Motor Corp. (b)		7,000		8,188
Mitsubishi Motors Corp. (b)		15,000		13,882
Namco Bandai Holdings, Inc.		1,900		32,285
Nikon Corp.		1,900		52,458
Nissan Motor Co., Ltd.		7,600		64,961
Nitori Holding Co., Ltd.		50		4,659
Oriental Land Co., Ltd.		200		26,427
Panasonic Corp.		6,800		45,100
PARIS MIKI HOLDINGS, Inc.		2,000		11,825
Pioneer Corp. (b)		1,600		3,928
Rakuten, Inc.		3,100		31,677
Resorttrust, Inc.		2,000		37,429
Ringer Hut Co., Ltd.		600		8,059
Sanrio Co., Ltd.		200		7,190
Sanyo Housing Nagoya Co., Ltd.		9		9,243
Sega Sammy Holdings, Inc.		300		5,711
Sekisui Chemical Co., Ltd.		4,000		32,339
Sekisui House, Ltd.		4,000		39,846
Sharp Corp.		4,000		9,923
Shimano, Inc.		800		58,406
Sony Corp.		3,500		41,343
Stanley Electric Co., Ltd.		1,200		17,830
Suminoe Textile Co., Ltd.		3,000		5,707
Sumitomo Forestry Co., Ltd.		3,400		30,329
Suzuki Motor Corp.		1,800		35,051
Tact Home Co., Ltd.		4		4,833

See accompanying notes to financial statements.

271

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Touei Housing Corp.		700	$	7,486
Toyobo Co., Ltd.		15,000		17,931
Toyota Industries Corp.		1,000		28,085
Toyota Motor Corp.		9,400		367,301
Yamada Denki Co., Ltd.		500		22,012
Yamaha Motor Co., Ltd.		800		7,013

				1,784,013

LUXEMBOURG — 0.7%
SES		1,417		38,583

NETHERLANDS — 1.7%
Reed Elsevier NV		3,963		53,049
Wolters Kluwer NV		2,267		42,668

				95,717

NORWAY — 0.6%
Schibsted ASA		876		33,511

SINGAPORE — 1.2%
Genting Singapore PLC (a)		24,000		26,804
Singapore Press Holdings, Ltd.		12,000		39,814

				66,618

SOUTH KOREA — 6.8%
Credu Corp.		133		5,756
Fila Korea, Ltd.		77		5,030
Gwangju Shinsegae Co., Ltd.		25		5,297
Hanil E-Wha Co., Ltd.		770		6,755
Hotel Shilla Co., Ltd.		120		5,981
Hyundai Department Store Co., Ltd.		41		5,644
Hyundai Engineering Plastics Co., Ltd.		1,070		5,054
Hyundai Mobis		199		55,595
Hyundai Motor Co.		768		174,133
Hyundai Wia Corp.		44		7,423
Kia Motors Corp.		811		50,641
LG Electronics, Inc. (a)		326		20,239
Lotte Shopping Co., Ltd.		43		12,380
Mando Corp.		38		5,265
Woongjin Chemical Co., Ltd. (b)		8,220		3,728
Woongjin Coway Co., Ltd.		190		5,257

				374,178

SPAIN — 1.8%
Industria de Diseno Textil SA		772		95,971
NH Hoteles SA (b)		2,069		6,441

				102,412

SWEDEN — 3.0%
Electrolux AB		1,924		47,538
Hennes & Mauritz AB (Class B)		3,326		115,760

				163,298

SWITZERLAND — 3.2%
Compagnie Financiere Richemont SA		1,837		110,244
The Swatch Group AG		172		68,668

				178,912

UNITED KINGDOM — 14.0%
British Sky Broadcasting Group PLC		5,261		63,164
Burberry Group PLC		2,093		33,832
Carnival PLC		1,053		38,820
Compass Group PLC		8,026		88,584
GKN PLC		7,277		25,241
Home Retail Group PLC		5,808		8,356
Informa PLC		4,013		26,096
ITV PLC		17,126		24,447
Kingfisher PLC		14,056		59,967
Marks & Spencer Group PLC		7,539		43,437
Next PLC		1,272		70,864
Pearson PLC		4,485		87,633
Reed Elsevier PLC		5,501		52,587
Tui Travel PLC		6,207		23,464
Whitbread PLC		1,434		52,518
WPP PLC		5,477		74,424

				773,434

UNITED STATES — 1.2%
Virgin Media, Inc. (a)		2,176		64,061

TOTAL COMMON STOCKS —
(Cost $6,107,864)				5,473,027

SHORT TERM INVESTMENTS — 2.0%
UNITED STATES — 2.0%
MONEY MARKET FUNDS — 2.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		93,078		93,078
State Street Institutional Liquid Reserves Fund 0.21% (d)(e)		17,545		17,545

TOTAL SHORT TERM INVESTMENTS —
(Cost $110,623)				110,623

TOTAL INVESTMENTS — 101.0%
(Cost $6,218,487)				5,583,650
OTHER ASSETS & LIABILITIES — (1.0)%				(54,435	)

NET ASSETS — 100.0%			$	5,529,215

PLC = Public Limited Company

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

272

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 7.0%
Coca-Cola Amatil, Ltd.		9,765	$	137,697
Treasury Wine Estates, Ltd.		11,548		60,404
Wesfarmers, Ltd.		16,803		598,640
Woolworths, Ltd.		17,799		532,324

				1,329,065

BELGIUM — 5.4%
Anheuser-Busch InBev NV		11,031		939,043
Anheuser-Busch InBev NV — VVPR Strip (a)		2,040		3
Delhaize Group		2,288		88,438

				1,027,484

CANADA — 2.9%
Alimentation Couche-Tard, Inc. (Class B)		1,283		58,911
Loblaw Cos., Ltd.		3,743		129,947
Shoppers Drug Mart Corp. (b)		4,736		197,006
SunOpta, Inc. (a)		1,768		11,298
Viterra, Inc.		8,875		145,308

				542,470

DENMARK — 0.9%
Carlsberg A/S (Class B)		2,036		180,600

FINLAND — 0.4%
Kesko Oyj (Class B)		2,553		72,422

FRANCE — 8.0%
Carrefour SA		8,006		166,237
Casino Guichard-Perrachon SA		1,338		118,583
Danone		8,289		510,902
L’Oreal SA		3,240		401,237
Pernod — Ricard SA		2,917		327,650

				1,524,609

GERMANY — 2.3%
Beiersdorf AG		2,086		153,236
Henkel AG & Co. KGaA		140		9,144
Henkel AG & Co. KGaA Preference Shares		3,503		278,914

				441,294

GREECE — 0.2%
Coca Cola Hellenic Bottling Co. SA (a)		2,227		41,600

HONG KONG — 0.5%
Pacific Andes International Holdings, Ltd.		782,346		39,353
Vitasoy International Holdings, Ltd.		66,000		57,800

				97,153

IRELAND — 0.5%
Kerry Group PLC (Class A)		1,954		100,176

JAPAN — 14.3%
Aeon Co., Ltd.		12,005		136,252
Ajinomoto Co., Inc.		10,728		168,780
Asahi Breweries, Ltd.		9,782		241,910
Calbee, Inc.		200		17,584
FamilyMart Co., Ltd.		400		19,743
Fuji Oil Co., Ltd.		600		8,398
Fujicco Co., Ltd.		1,000		13,432
Hokuto Corp.		700		14,864
Japan Tobacco, Inc.		14,300		430,470
Kao Corp.		10,074		297,817
Kewpie Corp.		800		13,429
KEY Coffee, Inc.		900		17,676
Kikkoman Corp.		2,000		27,429
Kirin Holdings Co., Ltd.		11,739		157,526
Lawson, Inc.		2,224		171,517
Lion Corp.		2,000		11,697
MEIJI Holdings Co., Ltd.		700		34,865
Nichirei Corp.		21,388		117,387
Nippon Meat Packers, Inc.		1,000		12,879
Oenon Holdings, Inc.		37,000		93,213
Seven & I Holdings Co., Ltd.		10,877		335,118
Shiseido Co., Ltd.		8,793		121,045
Toyo Suisan Kaisha, Ltd.		1,000		25,090
Unicharm Corp.		1,400		80,617
UNY Co., Ltd.		8,600		67,098
Yakult Honsha Co., Ltd.		1,400		66,581
Yamazaki Baking Co., Ltd.		1,000		13,432

				2,715,849

LUXEMBOURG — 0.1%
Oriflame Cosmetics SA SDR (b)		647		22,193

NETHERLANDS — 7.3%
DE Master Blenders 1753 NV (a)		3,191		38,487
Heineken NV		4,362		260,327
Koninklijke Ahold NV		18,229		228,583
Unilever NV		24,118		854,195

				1,381,592

NORWAY — 0.3%
Marine Harvest (a)		65,246		52,768

SINGAPORE — 1.3%
Golden Agri-Resources, Ltd. (b)		143,075		76,978
Olam International, Ltd. (b)		34,590		57,805
Wilmar International, Ltd. (b)		44,000		116,573

				251,356

SOUTH KOREA — 2.8%
Able C&C Co., Ltd.		149		12,092
Amorepacific Corp.		29		30,789
AMOREPACIFIC Group		25		11,089
Binggrae Co., Ltd.		120		11,391
CJ CheilJedang Corp.		93		25,731
Crown Confectionery Co., Ltd.		65		12,018
Dae Han Flour Mills Co., Ltd.		120		14,306
Daesang Corp.		580		12,264
Dongsuh Co., Inc.		351		10,043
Dongwon Industries Co., Ltd.		48		12,956
E-Mart Co., Ltd.		252		54,984
KT&G Corp.		1,496		114,008
LG Household & Health Care, Ltd.		128		73,131
Lotte Confectionery Co., Ltd.		10		13,964
Lotte Samkang Co., Ltd.		31		15,926
Maeil Dairy Industry Co., Ltd.		436		11,729
Namyang Dairy Products Co., Ltd.		17		15,816
NongShim Co., Ltd.		44		10,511
ORION Corp.		53		46,304
Ottogi Corp.		55		12,322

See accompanying notes to financial statements.

273

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Sajo Industries Co., Ltd.		240	$	13,496

				534,870

SPAIN — 0.5%
Ebro Puleva SA		5,601		98,574

SWEDEN — 1.3%
Svenska Cellulosa AB		458		8,550
Svenska Cellulosa AB (Class B)		2,810		52,286
Swedish Match AB		4,431		179,495

				240,331

SWITZERLAND — 15.1%
Lindt & Spruengli AG (a)		40		126,665
Nestle SA		43,309		2,732,735

				2,859,400

UNITED KINGDOM — 28.6%
British American Tobacco PLC		25,308		1,299,377
Diageo PLC		34,126		958,580
Imperial Tobacco Group PLC		13,255		490,583
J Sainsbury PLC		23,864		133,911
Reckitt Benckiser Group PLC		9,268		533,537
SABMiller PLC		11,597		509,370
Tate & Lyle PLC		10,395		111,710
Tesco PLC		106,767		572,392
Unilever PLC		17,757		645,738
William Morrison Supermarkets PLC		36,261		166,997

				5,422,195

TOTAL COMMON STOCKS —
(Cost $17,991,527)				18,936,001

SHORT TERM INVESTMENTS — 2.0%
UNITED STATES — 2.0%
MONEY MARKET FUNDS — 2.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		251,690		251,690
State Street Institutional Liquid Reserves Fund 0.21% (d)(e)		119,841		119,841

TOTAL SHORT TERM INVESTMENTS —
(Cost $371,531)				371,531

TOTAL INVESTMENTS — 101.7%
(Cost $18,363,058)				19,307,532
OTHER ASSETS & LIABILITIES — (1.7)%				(321,928	)

NET ASSETS — 100.0%			$	18,985,604

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

274

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 4.9%
Origin Energy, Ltd.		9,667	$	113,797
Paladin Energy, Ltd. (a)		7,807		10,108
Santos, Ltd.		11,649		137,613
Woodside Petroleum, Ltd.		5,982		206,153
WorleyParsons, Ltd.		3,225		94,875

				562,546

AUSTRIA — 0.5%
OMV AG		1,597		55,955

BERMUDA — 0.9%
Seadrill, Ltd.		2,693		105,231

CANADA — 30.0%
ARC Resources, Ltd.		2,393		58,126
Athabasca Oil Corp. (a)		4,758		63,733
Baytex Energy Corp.		972		46,153
Bonavista Energy Corp.		2,780		49,274
Cameco Corp.		4,729		92,037
Canadian Natural Resources, Ltd.		9,618		296,472
Canadian Oil Sands, Ltd.		3,983		85,210
Celtic Exploration, Ltd. (a)		1,000		18,578
Cenovus Energy, Inc.		6,912		241,019
Chinook Energy, Inc. (a)		8,978		14,325
Crescent Point Energy Corp. (b)		2,897		128,163
Enbridge, Inc.		7,261		283,370
EnCana Corp. (b)		8,260		180,739
Enerplus Corp.		2,628		43,535
Husky Energy, Inc. (b)		2,979		79,989
Imperial Oil, Ltd.		2,129		97,909
Keyera Corp.		500		24,209
MEG Energy Corp. (a)		1,060		40,280
Nexen, Inc.		6,306		159,581
Niko Resources, Ltd.		889		12,270
Pacific Rubiales Energy Corp.		2,518		60,113
Pembina Pipeline Corp.		2,400		67,320
Pengrowth Energy Corp.		4,200		28,300
Penn West Petroleum, Ltd. (b)		3,154		44,913
Petrobank Energy & Resources, Ltd. (a)		1,225		17,168
Petrominerales, Ltd. (b)		1,800		14,562
Peyto Exploration & Development Corp.		1,100		27,077
Precision Drilling Corp. (a)		4,802		37,725
Progress Energy Resources Corp.		1,500		33,386
ShawCor, Ltd. (Class A)		500		21,688
Suncor Energy, Inc.		13,918		457,450
Talisman Energy, Inc.		9,014		120,376
Tourmaline Oil Corp. (a)		1,060		33,062
TransCanada Corp.		6,950		316,015
Trican Well Service, Ltd.		2,301		29,910
Uranium One, Inc. (a)		5,549		13,253
Vermilion Energy, Inc. (b)		1,634		76,722

				3,414,012

FINLAND — 0.2%
Neste Oil Oyj		1,284		16,849

FRANCE — 10.3%
Bourbon SA		870		25,027
Compagnie Generale de Geophysique-Veritas (a)(b)		1,819		57,333
Technip SA		1,003		111,629
Total SA		19,811		983,792

				1,177,781

ITALY — 5.4%
ENI SpA (b)		22,397		490,410
Saipem SpA		2,421		116,393
Saras SpA (a)		9,858		12,505

				619,308

JAPAN — 2.9%
Idemitsu Kosan Co., Ltd.		300		24,679
Inpex Corp.		20		119,666
JX Holdings, Inc.		27,997		153,660
TonenGeneral Sekiyu K.K.		3,000		26,105

				324,110

LUXEMBOURG — 1.3%
Subsea 7 SA		2,594		59,902
Tenaris SA		4,194		85,682

				145,584

NETHERLANDS — 10.3%
Fugro NV		463		31,522
Royal Dutch Shell PLC (Class A)		31,666		1,095,295
SBM Offshore NV (a)		3,335		47,581

				1,174,398

NORWAY — 3.1%
Aker Solutions ASA		2,946		55,834
Kvaerner ASA		4,946		12,786
Petroleum Geo-Services ASA		2,693		44,548
StatoilHydro ASA		9,188		237,372

				350,540

PAPUA NEW GUINEA — 0.9%
Oil Search, Ltd.		13,755		106,134

PORTUGAL — 0.3%
Galp Energia SGPS SA (Class B)		2,201		35,735

SOUTH KOREA — 1.1%
GS Holdings		425		25,544
S-Oil Corp.		342		32,617
SK Innovation Co., Ltd.		453		68,678

				126,839

SPAIN — 1.3%
Repsol YPF SA		7,498		145,561

SWEDEN — 0.4%
Lundin Petroleum AB (a)		1,602		39,118

UNITED KINGDOM — 25.6%
Afren PLC (a)		9,020		20,406
AMEC PLC		4,642		85,903
BG Group PLC		28,920		583,750
BP PLC		160,131		1,128,699
Cairn Energy PLC (a)		6,734		29,914
Ophir Energy PLC (a)		2,637		25,890
Petrofac, Ltd.		1,227		31,603
Premier Oil PLC (a)		5,155		29,876
Royal Dutch Shell PLC (Class B)		22,216		788,519

See accompanying notes to financial statements.

275

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Tullow Oil PLC		8,844	$	195,654

				2,920,214

TOTAL COMMON STOCKS —
(Cost $12,828,644)				11,319,915

RIGHTS — 0.0% (c)
FRANCE — 0.0% (c)
Cie Generale de Geophysique — Veritas (expiring 10/12/12) (a)(b) (Cost $0)		1,819		2,939

SHORT TERM INVESTMENTS — 4.1%
UNITED STATES — 4.1%
MONEY MARKET FUNDS — 4.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		374,253		374,253
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		91,062		91,062

TOTAL SHORT TERM INVESTMENTS —
(Cost $465,315)				465,315

TOTAL INVESTMENTS — 103.5%
(Cost $13,293,959)				11,788,169
OTHER ASSETS & LIABILITIES — (3.5)%				(398,801	)

NET ASSETS — 100.0%			$	11,389,368


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 2012.
(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.

PLC = Public Limited Company

See accompanying notes to financial statements.

276

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 14.3%
AMP, Ltd.		2,600	$	11,708
ASX, Ltd.		320		9,840
Australia & New Zealand Banking Group, Ltd.		3,119		80,275
Commonwealth Bank of Australia		1,848		107,175
Macquarie Group, Ltd.		677		20,036
National Australia Bank, Ltd.		2,873		76,155
QBE Insurance Group, Ltd.		1,702		22,920
Stockland		7,790		27,057
Westfield Group		3,793		40,075
Westfield Retail Trust		2,512		7,549
Westpac Banking Corp.		3,954		102,178

				504,968

AUSTRIA — 0.7%
Erste Group Bank AG (a)		445		9,941
Sparkassen Immobilien AG		2,197		13,482

				23,423

BELGIUM — 0.5%
Ageas		355		8,522
Dexia SA (a)		2,124		601
Groupe Bruxelles Lambert SA		108		8,024

				17,147

BERMUDA — 0.8%
Lancashire Holdings, Ltd.		2,092		27,819

CANADA — 14.4%
Bank of Montreal		835		49,305
Bank of Nova Scotia (b)		1,402		76,829
Brookfield Asset Management, Inc. (Class A)		1,172		40,426
Canadian Imperial Bank of Commerce (b)		545		42,622
IGM Financial, Inc.		597		23,293
Manulife Financial Corp.		2,361		28,434
National Bank of Canada		395		29,867
Power Corp. of Canada		393		9,546
Royal Bank of Canada (b)		1,642		94,353
Sun Life Financial, Inc.		1,034		23,981
The Toronto-Dominion Bank (b)		1,089		90,744

				509,400

DENMARK — 1.0%
Danske Bank A/S (a)		1,414		25,549
Sydbank A/S (a)		591		11,158

				36,707

FINLAND — 1.1%
Pohjola Bank PLC		1,711		22,540
Technopolis Oyj		3,682		15,916

				38,456

FRANCE — 4.4%
AXA SA		2,432		36,262
BNP Paribas		1,433		68,175
Credit Agricole SA (a)		1,372		9,478
Societe Generale (a)		660		18,765
Unibail-Rodamco SE		119		23,745

				156,425

GERMANY — 5.5%
Allianz SE		618		73,614
Commerzbank AG (a)		1,674		2,991
Deutsche Bank AG		1,093		43,232
Deutsche Beteiligungs AG		830		20,662
Deutsche Boerse AG		128		7,092
Muenchener Rueckversicherungs- Gesellschaft AG		289		45,174

				192,765

HONG KONG — 6.9%
AIA Group, Ltd.		5,400		20,128
Bank of East Asia, Ltd.		6,579		24,693
Cheung Kong Holdings, Ltd.		3,967		58,175
Hang Lung Properties, Ltd.		4,922		16,823
Hong Kong Exchanges and Clearing, Ltd.		1,403		21,208
New World Development Co., Ltd.		11,115		17,232
Sun Hung Kai Properties, Ltd.		3,162		46,329
The Link REIT		2,405		11,400
Wharf Holdings, Ltd.		3,933		27,317

				243,305

IRELAND — 0.6%
Willis Group Holdings PLC (b)		574		21,192

ITALY — 1.7%
Assicurazioni Generali SpA		1,659		23,883
Banca Monte dei Paschi di Siena SpA (a)		10,662		3,094
Banca Popolare dell’Etruria e del Lazio Scrl		3,239		4,475
Banco Popolare Societa Cooperativa (a)		3,428		5,138
Intesa Sanpaolo SpA		9,632		14,659
UBI Banca ScPA		1,636		6,053
UniCredit SpA (a)		966		4,017

				61,319

JAPAN — 13.3%
Chuo Mitsui Trust Holdings, Inc.		6,933		20,674
Daiwa Securities Group, Inc.		3,900		14,888
Japan Real Estate Investment Corp.		1		10,103
Mitsubishi Estate Co., Ltd.		4,000		76,812
Mitsubishi UFJ Financial Group, Inc.		14,249		67,033
Mizuho Financial Group, Inc.		20,725		33,831
MS&AD Insurance Group Holdings, Inc.		886		15,385
Nippon Building Fund, Inc.		1		10,810
NKSJ Holdings, Inc.		700		13,748
Nomura Holdings, Inc.		5,596		20,068
ORIX Corp.		197		19,852
Resona Holdings, Inc.		2,156		8,868
Sumitomo Mitsui Financial Group, Inc.		1,669		52,344
T&D Holdings, Inc.		1,700		18,464
The Bank of Yokohama, Ltd.		2,000		9,537
The Chiba Bank, Ltd.		1,000		5,836
The Dai-ichi Life Insurance Co., Ltd.		11		12,527
The Shizuoka Bank, Ltd.		1,000		10,270
Tokai Tokyo Financial Holdings, Inc.		4,922		16,512
Tokio Marine Holdings, Inc.		1,279		32,781

				470,343

NETHERLANDS — 1.2%
Aegon NV		2,241		11,662

See accompanying notes to financial statements.

277

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

ING Groep NV (a)		3,983	$	31,508

				43,170

NEW ZEALAND — 0.8%
AMP NZ Office Trust		34,336		27,952

NORWAY — 0.4%
SpareBank 1 SR Bank ASA		2,060		13,278

PORTUGAL — 0.0% (c)
Banif SGPS SA (a)		6,645		1,428

SINGAPORE — 2.8%
CapitaLand, Ltd.		4,922		12,759
Hong Leong Finance, Ltd.		7,867		15,648
Oversea-Chinese Banking Corp., Ltd.		2,366		18,015
United Overseas Bank, Ltd.		3,355		53,742

				100,164

SOUTH KOREA — 0.8%
KB Financial Group, Inc. ADR		384		13,551
Shinhan Financial Group Co., Ltd. ADR		239		16,047

				29,598

SPAIN — 4.2%
Banco Bilbao Vizcaya Argentaria SA (b)		5,712		44,921
Banco de Sabadell SA		5,955		16,012
Banco Popular Espanol SA		2,861		6,261
Banco Santander SA (a)		9,461		70,534
Bolsas y Mercados Espanoles		234		4,926
Realia Business SA (a)		3,780		3,453
Reyal Urbis SA (a)		4,615		879

				146,986

SWEDEN — 3.4%
Investor AB		612		13,497
Kinnevik Investment AB (Class B)		359		7,468
Nordea Bank AB		4,028		39,902
Skandinaviska Enskilda Banken AB (Class A)		3,163		26,533
Svenska Handelsbanken AB (Class A)		889		33,368

				120,768

SWITZERLAND — 5.6%
Credit Suisse Group AG (a)		1,442		30,580
GAM Holding AG (a)		490		6,387
Julius Baer Group, Ltd. (a)		408		14,240
Swiss Re AG (a)		686		44,125
UBS AG (a)		4,027		49,063
Valiant Holding AG (a)		28		2,436
Zurich Insurance Group AG (a)		201		50,089

				196,920

UNITED KINGDOM — 15.1%
Aviva PLC		4,191		21,569
Barclays PLC		12,949		44,925
British Land Co. PLC		2,255		19,008
HSBC Holdings PLC		19,084		176,673
Land Securities Group PLC		2,003		24,630
Lloyds Banking Group PLC (a)		45,161		28,317
Man Group PLC		3,352		4,458
Old Mutual PLC		5,499		15,087
Provident Financial PLC		1,250		27,714
Prudential PLC		3,935		50,929
Resolution, Ltd.		2,157		7,562
Royal Bank of Scotland Group PLC (a)		2,366		9,819
RSA Insurance Group PLC		11,299		20,161
Standard Chartered PLC		2,619		59,208
Standard Life PLC		5,680		25,012

				535,072

TOTAL COMMON STOCKS —
(Cost $4,922,924)				3,518,605

SHORT TERM INVESTMENTS — 5.5%
UNITED STATES — 5.5%
MONEY MARKET FUNDS — 5.5%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		174,481		174,481
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		19,287		19,287

TOTAL SHORT TERM INVESTMENTS —
(Cost $193,768)				193,768

TOTAL INVESTMENTS — 105.0%
(Cost $5,116,692)				3,712,373
OTHER ASSETS & LIABILITIES — (5.0)%				(178,364	)

NET ASSETS — 100.0%			$	3,534,009


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 2012.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

278

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AUSTRALIA — 4.6%
Ansell, Ltd.		3,107	$	51,857
Cochlear, Ltd.		2,139		149,365
CSL, Ltd.		13,815		660,846
Mesoblast, Ltd. (a)		4,198		29,336
Primary Health Care, Ltd.		10,704		40,294
Ramsay Health Care, Ltd.		6,159		153,842
Sigma Pharmaceuticals, Ltd.		31,073		20,680
Sonic Healthcare, Ltd.		13,457		189,618

				1,295,838

BELGIUM — 1.0%
ThromboGenics NV (a)		3,617		145,089
UCB SA		2,736		150,615

				295,704

CANADA — 2.6%
Catamaran Corp. (a)		2,768		271,047
CML HealthCare, Inc.		2,400		21,709
Valeant Pharmaceuticals International, Inc. (a)		7,920		436,749

				729,505

DENMARK — 6.2%
Coloplast A/S (Class B)		885		184,496
GN Store Nord A/S		5,236		80,646
H. Lundbeck A/S		4,181		77,781
Novo Nordisk A/S (Class B)		8,278		1,309,286
William Demant Holding (a)		1,044		93,687

				1,745,896

FINLAND — 0.4%
Orion Oyj (Class A)		1,136		24,173
Orion OYJ (Class B)		3,630		77,755

				101,928

FRANCE — 9.3%
bioMerieux		586		54,454
Essilor International SA		6,144		575,983
Orpea		773		31,027
Sanofi		22,781		1,944,569
Virbac SA		119		20,637

				2,626,670

GERMANY — 9.7%
Bayer AG		15,672		1,347,428
Celesio AG		3,646		65,082
Fresenius Medical Care AG & Co. KGaA		5,499		403,669
Fresenius SE		3,439		399,689
Gerresheimer AG (a)		1,775		92,871
Merck KGaA		2,203		272,079
Rhoen-Klinikum AG		3,337		65,769
Stada Arzneimittel AG		2,775		80,879

				2,727,466

IRELAND — 0.9%
Elan Corp. PLC (a)		20,315		219,275
United Drug PLC		6,474		24,570

				243,845

ISRAEL — 3.7%
Teva Pharmaceutical Industries, Ltd.		25,392		1,029,143

ITALY — 0.2%
DiaSorin SpA		709		24,718
Recordati SpA		2,762		19,650
Sorin SpA (a)		8,670		19,631

				63,999

JAPAN — 17.7%
Alfresa Holdings Corp.		1,400		69,370
Astellas Pharma, Inc.		12,600		642,146
Chugai Pharmaceutical Co., Ltd.		5,625		118,212
Daiichi Sankyo Co., Ltd.		17,400		288,509
Dainippon Sumitomo Pharma Co., Ltd.		4,600		50,730
Eisai Co., Ltd.		7,800		352,905
Hisamitsu Pharmaceutical Co., Inc.		2,200		122,018
Kaken Pharmaceutical Co., Ltd.		2,000		29,974
Kissei Pharmaceutical Co., Ltd.		1,100		19,695
KYORIN Holdings, Inc.		1,700		41,976
Kyowa Hakko Kirin Co., Ltd.		14,422		174,806
M3, Inc.		6		11,437
Medipal Holdings Corp.		7,900		109,057
Miraca Holdings, Inc.		1,800		81,092
Mitsubishi Tanabe Pharma Corp.		6,700		102,222
Mochida Pharmaceutical Co., Ltd.		2,000		24,833
Nichi-iko Pharmaceutical Co., Ltd.		1,000		23,625
Nihon Kohden Corp.		1,200		41,784
Nikkiso Co., Ltd.		2,000		24,730
Nippon Shinyaku Co., Ltd.		2,000		25,553
Nipro Corp.		3,200		20,607
Olympus Corp. (a)		7,300		142,622
Ono Pharmaceutical Co., Ltd.		3,100		191,459
Otsuka Holdings Co., Ltd.		14,000		435,476
Rohto Pharmaceutical Co., Ltd.		3,000		45,463
Santen Pharmaceutical Co., Ltd.		2,200		101,517
Sawai Pharmaceutical Co., Ltd.		400		46,632
Shionogi & Co., Ltd.		7,600		116,442
Ship Healthcare Holdings, Inc.		900		28,828
Suzuken Co., Ltd.		1,800		60,039
Sysmex Corp.		2,200		106,182
Taisho Pharmaceutical Holdings Co. Ltd.		1,300		106,440
Takeda Pharmaceutical Co., Ltd.		19,900		919,544
Terumo Corp.		4,900		211,619
Toho Holdings Co., Ltd.		1,800		36,972
Tsumura & Co.		1,500		47,275

				4,971,791

LUXEMBOURG — 0.1%
Eurofins Scientific		210		29,826

NETHERLANDS — 0.6%
Mediq NV		1,529		25,375
QIAGEN NV (a)		8,531		157,164

				182,539

NEW ZEALAND — 0.4%
Fisher & Paykel Healthcare Corp., Ltd.		37,937		72,483
Ryman Healthcare Ltd.		10,765		36,664

				109,147

See accompanying notes to financial statements.

279

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

NORWAY — 0.1%
Algeta ASA (a)		1,148	$	29,679

SINGAPORE — 0.1%
Biosensors International Group, Ltd. (a)		37,000		36,798

SPAIN — 0.9%
Grifols SA (a)		6,337		209,521
Grifols SA (Class B) (a)		1,534		34,733

				244,254

SWEDEN — 1.6%
Elekta AB (Class B) (b)		12,440		164,593
Getinge AB (Class B)		6,199		187,390
Meda AB (Class A)		9,402		95,288

				447,271

SWITZERLAND — 23.0%
Actelion, Ltd. (a)		3,080		154,295
Galenica AG		171		101,348
Lonza Group AG (a)		1,775		92,905
Nobel Biocare Holding AG (a)		4,546		45,615
Novartis AG		51,288		3,140,694
Roche Holding AG (c)		771		147,670
Roche Holding AG (c)		13,774		2,575,113
Sonova Holding AG (a)		1,348		136,335
Straumann Holding AG		379		50,450
Tecan Group AG (a)		289		21,003

				6,465,428

UNITED KINGDOM — 16.1%
AstraZeneca PLC		27,517		1,313,037
BTG PLC (a)		8,868		46,196
Dechra Pharmaceuticals PLC		2,348		22,086
Genus PLC		5,769		140,855
GlaxoSmithKline PLC		94,386		2,175,716
Hikma Pharmaceuticals PLC		4,416		51,806
Shire PLC		15,187		444,865
Smith & Nephew PLC		27,458		303,058
Synergy Health PLC		1,574		23,384

				4,521,003

TOTAL COMMON STOCKS —
(Cost $27,147,257)				27,897,730

SHORT TERM INVESTMENTS — 0.5%
UNITED STATES — 0.5%
MONEY MARKET FUNDS — 0.5%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		81,301		81,301
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		49,480		49,480

TOTAL SHORT TERM INVESTMENTS —
(Cost $130,781)				130,781

TOTAL INVESTMENTS — 99.7%
(Cost $27,278,038)				28,028,511
OTHER ASSETS & LIABILITIES — 0.3%				94,628

NET ASSETS — 100.0%			$	28,123,139


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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.

PLC = Public Limited Company

See accompanying notes to financial statements.

280

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 98.8%
AUSTRALIA — 4.2%
Bradken, Ltd.		3,653	$	21,159
Brambles, Ltd.		11,040		80,593
GWA International, Ltd.		22,545		42,786
Leighton Holdings, Ltd.		1,717		29,675
Qantas Airways, Ltd. (a)		14,750		18,713
Seek, Ltd.		5,710		40,556
Toll Holdings, Ltd.		8,014		36,752
Transurban Group		15,085		94,121

				364,355

AUSTRIA — 0.5%
Andritz AG		331		18,766
Zumtobel AG		2,333		25,212

				43,978

CANADA — 4.3%
Bombardier, Inc. (Class B)		6,690		25,089
CAE, Inc.		4,006		42,871
Canadian National Railway Co.		1,987		175,668
Canadian Pacific Railway, Ltd.		635		52,655
SNC-Lavalin Group, Inc.		1,258		48,520
Toromont Industries, Ltd.		1,429		30,324

				375,127

DENMARK — 1.4%
A P Moller — Maersk A/S		8		57,322
FLSmidth & Co. A/S		482		27,990
NKT Holding A/S		676		23,566
Vestas Wind Systems A/S (a)		1,469		10,455

				119,333

FINLAND — 2.9%
Kone Oyj (Class B)		1,717		118,950
Metso Oyj		1,135		40,608
Wartsila Oyj		1,592		55,196
YIT Oyj		1,647		31,635

				246,389

FRANCE — 6.5%
Air France-KLM (a)		2,389		15,499
Alstom SA		1,263		44,334
Bouygues SA		1,085		26,521
Bureau Veritas SA		243		24,984
Compagnie de Saint-Gobain		1,945		68,399
Eiffage SA		521		17,119
Legrand SA		1,109		41,846
Safran SA		957		34,455
Schneider Electric SA		2,481		146,999
Vallourec SA		654		27,723
Vinci SA		2,688		114,619

				562,498

GERMANY — 9.0%
Brenntag AG		231		29,599
Deutsche Lufthansa AG		2,818		38,248
Deutsche Post AG		4,374		85,533
GEA Group AG		1,530		46,345
Hochtief AG (a)		489		22,937
Kloeckner & Co. SE (a)		1,299		12,428
MAN SE		627		57,473
Pfeiffer Vacuum Technology AG		402		42,982
SGL Carbon AG		725		29,091
Siemens AG		4,126		411,961

				776,597

GREECE — 0.2%
DryShips, Inc. (a)		6,692		15,659

HONG KONG — 3.3%
Cathay Pacific Airways, Ltd.		15,000		24,415
Hopewell Highway Infrastructure, Ltd.		115,000		59,775
Hutchison Whampoa, Ltd.		12,000		116,390
MTR Corp., Ltd.		6,000		22,752
Noble Group, Ltd.		34,131		36,866
Pacific Basin Shipping, Ltd.		50,000		22,894

				283,092

IRELAND — 0.3%
DCC PLC		814		23,458

ITALY — 1.2%
Ansaldo STS SpA		2,195		17,988
Atlantia SpA		1,455		22,612
Autostrada Torino-Milano SpA		1,579		14,321
Fiat Industrial SpA		3,746		36,650
Finmeccanica SpA (a)		2,617		12,444

				104,015

JAPAN — 29.4%
Asahi Glass Co., Ltd.		7,000		46,787
Central Japan Railway Co.		900		79,357
Dai Nippon Printing Co., Ltd.		4,000		27,969
Daikin Industries, Ltd.		1,500		39,004
East Japan Railway Co.		1,800		119,614
FANUC Corp.		1,100		177,866
Furukawa Electric Co., Ltd. (a)		9,000		17,005
Futaba Corp.		1,800		23,368
Hankyu Hanshin Holdings, Inc.		9,000		48,817
IHI Corp.		21,000		46,967
ITOCHU Corp.		8,200		83,370
JGC Corp.		2,000		66,967
JS Group Corp.		1,200		28,720
Kajima Corp.		13,000		35,591
Kamigumi Co., Ltd.		2,000		16,607
Kawasaki Heavy Industries, Ltd.		18,000		35,861
Kawasaki Kisen Kaisha, Ltd. (a)		11,000		13,856
Keikyu Corp.		4,000		37,841
Kintetsu Corp.		8,000		31,465
Kokuyo Co., Ltd.		5,800		47,265
Komatsu, Ltd.		4,800		94,828
Kubota Corp.		8,000		81,234
Makita Corp.		600		23,368
Marubeni Corp.		9,000		57,609
Meitic Corp.		100		2,285
MISUMI Group, Inc.		2,500		62,147
Mitsubishi Corp.		7,200		131,321
Mitsubishi Electric Corp.		9,000		66,632
Mitsubishi Heavy Industries, Ltd.		21,000		91,234
Mitsui & Co., Ltd.		8,600		121,373
Mitsui OSK Lines, Ltd.		8,000		18,715
Nidec��Corp.		500		36,697
Nippon Sheet Glass Co., Ltd.		9,000		6,362

See accompanying notes to financial statements.

281

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Nippon Yusen KK		9,000	$	15,964
Odakyu Electric Railway Co., Ltd.		4,000		42,211
Park24 Co., Ltd.		300		4,928
Secom Co., Ltd.		1,700		88,933
SMC Corp.		400		64,679
Sojitz Corp.		18,900		24,536
Sumitomo Corp.		6,900		93,389
Sumitomo Electric Industries, Ltd.		5,000		53,021
Sumitomo Heavy Industries, Ltd.		7,000		24,023
THK Co., Ltd.		2,200		33,877
Tobu Railway Co., Ltd.		4,000		21,594
Tokyu Corp.		12,000		57,532
Toppan Printing Co., Ltd.		4,000		23,290
Toyota Tsusho Corp.		2,300		49,341
West Japan Railway Co.		1,000		42,866
Yamato Holdings Co., Ltd.		5,100		81,023

				2,539,309

NETHERLANDS — 3.6%
Aalberts Industries NV		427		7,674
European Aeronautic Defence and Space Co. NV		2,581		81,899
Koninklijke BAM Groep NV		2,606		7,976
Koninklijke Philips Electronics NV		5,455		127,409
Koninklijke Vopak NV		298		20,948
Randstad Holding NV		1,072		35,671
TNT Express NV		1,825		19,079
TNT NV		3,142		10,954

				311,610

NORWAY — 0.4%
Orkla ASA		4,616		35,083

SINGAPORE — 4.6%
Fraser and Neave, Ltd.		5,000		36,194
Jardine Matheson Holdings, Ltd.		1,680		95,592
Jardine Strategic Holdings, Ltd.		2,000		67,840
K-Green Trust		44,800		37,434
Keppel Corp., Ltd.		10,200		94,791
Neptune Orient Lines, Ltd. (a)		31,750		29,247
Singapore Airlines, Ltd.		4,000		35,021

				396,119

SOUTH KOREA — 1.2%
Daelim Industrial Co. Ltd.		141		12,039
GS Engineering & Construction Corp.		207		14,267
Hyundai Heavy Industries Co., Ltd.		218		49,526
Samsung Engineering Co., Ltd.		90		15,548
Samsung Heavy Industries Co., Ltd.		470		15,943

				107,323

SPAIN — 1.2%
Abertis Infraestructuras SA		2,100		30,934
ACS, Actividades de Construccion y Servicios SA		1,508		31,099
Ferrovial SA		1,810		23,577
International Consolidated Airlines Group SA (a)		7,116		17,121

				102,731

SWEDEN — 7.2%
Alfa Laval AB		3,168		57,546
Assa Abloy AB (Class B)		1,389		45,166
Atlas Copco AB		2,899		67,782
Atlas Copco AB (Class B)		1,750		36,673
B&B Tools AB		2,035		15,519
Sandvik AB		5,756		78,264
Scania AB (Class B)		1,382		25,399
Securitas AB (Class B)		4,306		32,364
Skanska AB (Class B)		1,847		29,945
SKF AB (Class B)		1,784		38,555
Trelleborg AB (Class B)		5,218		58,773
Volvo AB (Class A)		4,656		65,509
Volvo AB (Class B)		5,005		70,305

				621,800

SWITZERLAND — 6.8%
ABB, Ltd. (a)		11,260		211,350
Adecco SA (a)		1,093		52,056
Geberit AG (a)		379		82,470
Kuehne & Nagel International AG		425		48,026
Schindler Holding AG		215		26,446
SGS SA		45		92,509
Wolseley PLC		1,787		76,239

				589,096

UNITED KINGDOM — 10.6%
Aggreko PLC		2,060		76,942
Babcock International Group PLC		3,772		56,464
BAE Systems PLC		14,692		77,129
Bunzl PLC		1,486		26,611
Capita Group PLC		2,989		37,382
De La Rue PLC		454		7,426
Experian PLC		8,192		136,121
FirstGroup PLC		6,006		23,276
G4S PLC		6,206		26,627
IMI PLC		1,440		20,928
Intertek Group PLC		721		31,901
Invensys PLC		5,625		21,264
Meggitt PLC		3,509		22,376
Melrose PLC		5,682		22,223
Rentokil Initial PLC		23,968		31,466
Rolls-Royce Holdings PLC (a)		12,242		166,647
Serco Group PLC		5,317		49,798
Smiths Group PLC		3,109		52,062
The Weir Group PLC		929		26,523

				913,166

TOTAL COMMON STOCKS —
(Cost $10,736,359)				8,530,738

SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.21% (b)(c) (Cost $18,957)		18,957		18,957

TOTAL INVESTMENTS — 99.0%
(Cost $10,755,316)				8,549,695
OTHER ASSETS & LIABILITIES — 1.0%				85,197

NET ASSETS — 100.0%			$	8,634,892

See accompanying notes to financial statements.

282

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012

PLC = Public Limited Company

See accompanying notes to financial statements.

283

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 98.6%
AUSTRALIA — 15.7%
Alumina, Ltd.		19,049	$	16,838
Amcor, Ltd.		6,239		50,346
Arrium, Ltd.		19,412		11,002
BHP Billiton, Ltd.		27,036		928,911
BlueScope Steel, Ltd. (a)		26,945		11,768
Boral, Ltd.		17,983		71,810
Fortescue Metals Group, Ltd. (b)		14,050		50,991
Iluka Resources, Ltd.		11,518		118,937
Incitec Pivot, Ltd.		13,898		43,068
Mineral Deposits, Ltd. (a)		1,093		6,672
Newcrest Mining, Ltd.		4,964		150,422
Orica, Ltd.		4,876		126,105
OZ Minerals, Ltd.		4,038		28,344
Rio Tinto, Ltd.		3,829		212,468
Sims Metal Management, Ltd. (b)		2,810		27,994

				1,855,676

AUSTRIA — 0.8%
RHI AG		1,994		53,063
Voestalpine AG		1,361		40,779

				93,842

BELGIUM — 1.4%
Tessenderlo Chemie NV (a)		116		8
Tessenderlo Chemie NV		2,208		61,896
Umicore		2,045		107,012

				168,916

CANADA — 20.0%
Agnico-Eagle Mines, Ltd.		1,664		86,248
Agrium, Inc.		1,668		172,911
Alacer Gold Corp. (a)		1,390		10,256
Alamos Gold, Inc.		866		16,819
AuRico Gold, Inc. (a)		748		5,253
Barrick Gold Corp.		8,280		345,691
Centerra Gold, Inc.		1,212		15,163
Detour Gold Corp. (a)		399		11,123
Eldorado Gold Corp.		7,020		106,946
First Quantum Minerals, Ltd.		3,768		80,227
Goldcorp, Inc.		8,709		399,537
HudBay Minerals, Inc.		1,744		17,157
IAMGOLD Corp.		2,921		46,281
Inmet Mining Corp.		624		29,635
Kinross Gold Corp.		9,381		95,912
Lundin Mining Corp. (a)		12,934		65,988
New Gold, Inc. (a)		2,600		31,841
Osisko Mining Corp. (a)		1,447		14,324
Pan American Silver Corp.		1,716		36,764
Potash Corp. of Saskatchewan, Inc.		7,985		346,765
SEMAFO, Inc. (b)		3,464		15,807
Sherritt International Corp.		4,086		20,680
Silver Wheaton Corp.		1,995		79,237
Sino-Forest Corp. (a)(c)		3,077		0
Tanzanian Royalty Exploration Corp. (a)		1,390		7,134
Teck Resources, Ltd. (Class B)		4,547		134,060
Thompson Creek Metals Co., Inc. (a)		1,101		3,133
Turquoise Hill Resources, Ltd. (a)		6,829		58,091
Yamana Gold, Inc.		6,170		117,763

				2,370,746

DENMARK — 0.9%
Novozymes A/S (Class B)		3,933		108,530

FINLAND — 1.4%
Rautaruukki Oyj		1,233		7,773
Stora Enso Oyj		10,699		66,536
UPM-Kymmene Oyj		7,554		85,472

				159,781

FRANCE — 3.8%
Air Liquide SA		2,923		362,694
Eramet		36		4,224
Lafarge SA		1,631		87,939

				454,857

GERMANY — 10.2%
BASF SE		6,975		589,099
HeidelbergCement AG		568		29,792
K+S AG		1,639		80,685
Lanxess AG		1,850		153,583
Linde AG		1,381		238,072
Salzgitter AG		627		24,251
ThyssenKrupp AG		4,353		92,626

				1,208,108

HONG KONG — 0.4%
AMVIG Holdings, Ltd.		14,000		4,171
China Grand Forestry Green Resources Group, Ltd. (a)		15,400		983
China Mining Resources Group, Ltd. (a)(c)		160,000		0
China Rare Earth Holdings, Ltd.		92,000		20,410
Fushan International Energy Group, Ltd.		50,600		13,705
Yanchang Petroleum International, Ltd. (a)		80,000		5,159

				44,428

IRELAND — 1.0%
CRH PLC		6,320		121,960

ISRAEL — 0.3%
Israel Chemicals, Ltd.		3,318		40,175

ITALY — 0.3%
Buzzi Unicem SpA		3,315		36,741

JAPAN — 11.9%
Asahi Kasei Corp.		19,833		102,734
Denki Kagaku Kogyo Kabushiki Kaisha		12,855		39,986
JFE Holdings, Inc.		5,356		70,909
JSR Corp.		3,873		63,720
Kobe Steel, Ltd.		42,641		33,981
Mitsubishi Chemical Holdings Corp.		13,902		53,428
Mitsubishi Materials Corp.		19,866		62,815
Mitsui Chemicals, Inc.		15,876		31,221
Mitsui Mining & Smelting Co., Ltd.		15,809		33,731
Nippon Steel Corp.		57,506		118,264
Nitto Denko Corp.		2,576		123,171
Shin-Etsu Chemical Co., Ltd.		3,667		206,917
Sumitomo Chemical Co., Ltd.		17,838		45,627
Sumitomo Metal Industries, Ltd.		40,663		61,151
Sumitomo Metal Mining Co., Ltd.		5,927		75,040

See accompanying notes to financial statements.

284

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

Taiheiyo Cement Corp.		34,744	$	75,026
Teijin, Ltd.		23,805		58,442
Toray Industries, Inc.		17,838		105,928
Ube Industries, Ltd.		19,866		42,898

				1,404,989

LUXEMBOURG — 1.2%
APERAM		513		8,286
ArcelorMittal		7,190		103,229
Ternium SA ADR		1,753		34,394

				145,909

NETHERLANDS — 2.4%
Akzo Nobel NV		2,808		158,914
Koninklijke DSM NV		2,512		125,389

				284,303

NORWAY — 1.0%
Norsk Hydro ASA		5,368		25,167
Yara International ASA		1,857		93,097

				118,264

PORTUGAL — 0.3%
Semapa-Sociedade de Investimento e Gestao, SGPS, SA		5,291		33,959

SOUTH KOREA — 2.2%
POSCO ADR		3,196		260,602

SPAIN — 0.1%
Cementos Portland Valderrivas SA (a)		1,379		6,795

SWEDEN — 1.6%
Boliden AB		4,718		78,794
SSAB AB (Series A)		3,732		26,564
Svenska Cellulosa AB (Class B)		4,675		86,989

				192,347

SWITZERLAND — 5.2%
Givaudan SA (a)		118		112,061
Holcim, Ltd. (a)		2,078		132,445
Syngenta AG		979		366,162

				610,668

UNITED KINGDOM — 16.5%
Anglo American PLC		11,315		331,992
Antofagasta PLC		5,586		113,836
BHP Billiton PLC		18,417		572,490
Lonmin PLC		2,208		19,878
Randgold Resources, Ltd.		1,200		147,560
Rio Tinto PLC		11,277		525,361
Vedanta Resources PLC		1,174		19,508
Xstrata PLC		14,510		224,349

				1,954,974

TOTAL COMMON STOCKS —
(Cost $16,084,830)				11,676,570

SHORT TERM INVESTMENTS — 0.9%
UNITED STATES — 0.9%
MONEY MARKET FUNDS — 0.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		50,009		50,009
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		54,326		54,326

TOTAL SHORT TERM INVESTMENTS —
(Cost $104,335)				104,335

TOTAL INVESTMENTS — 99.5%
(Cost $16,189,165)				11,780,905
OTHER ASSETS & LIABILITIES — 0.5%				61,519

NET ASSETS — 100.0%			$	11,842,424


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

285

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AUSTRALIA — 1.0%
Computershare, Ltd.		8,544	$	73,745
Iress Market Technology, Ltd.		4,254		32,912

				106,657

BELGIUM — 0.6%
Barco NV		953		64,857

CANADA — 2.6%
CGI Group, Inc. (Class A) (a)		5,024		134,797
MacDonald, Dettwiler & Associates, Ltd.		668		34,895
Open Text Corp. (a)		1,105		60,879
Research In Motion, Ltd. (a)(b)		6,555		50,098

				280,669

DENMARK — 0.5%
SimCorp A/S		246		52,600

FINLAND — 1.8%
F-Secure Oyj		11,082		24,522
Nokia Oyj		51,358		132,805
Tieto Oyj		2,446		42,292

				199,619

FRANCE — 3.1%
Alcatel-Lucent (a)		41,920		46,326
Atos Origin SA		906		63,220
Cap Gemini SA		2,200		93,188
Dassault Systemes SA		693		72,893
Groupe Steria SCA		683		9,542
Neopost SA		657		36,320
UbiSoft Entertainment SA (a)		2,220		17,727

				339,216

GERMANY — 10.5%
Aixtron AG		1,996		26,641
Dialog Semiconductor PLC (a)		847		16,519
Infineon Technologies AG		16,164		102,686
SAP AG		12,177		863,337
Software AG		779		28,081
United Internet AG		3,640		74,317
Wincor Nixdorf AG		814		31,867

				1,143,448

HONG KONG — 1.2%
ASM Pacific Technology, Ltd.		6,049		71,582
GCL Poly Energy Holdings, Ltd.		80,000		12,279
VTech Holdings, Ltd.		3,371		41,305

				125,166

ISRAEL — 0.5%
Ituran Location and Control Ltd.		2,286		26,799
NICE Systems, Ltd. (a)		930		30,795

				57,594

JAPAN — 34.1%
Advantest Corp.		2,478		32,329
Alps Electric Co., Ltd.		4,463		23,175
Brother Industries, Ltd.		4,263		39,671
Canon, Inc.		16,373		525,072
Citizen Holdings Co., Ltd.		5,355		27,326
Dainippon Screen Manufacturing Co., Ltd.		5,937		29,303
DeNA Co., Ltd.		2,300		76,627
FUJIFILM Holdings Corp.		6,148		103,362
Fujitsu, Ltd.		24,784		93,338
Gree, Inc.		2,200		40,409
Hirose Electric Co., Ltd.		494		55,559
Hitachi High-Technologies Corp.		1,984		48,019
Hitachi, Ltd.		57,549		321,032
Horiba, Ltd.		1,586		46,805
Hoya Corp.		5,655		124,657
Ibiden Co., Ltd.		2,279		33,423
IT Holdings Corp.		2,279		29,703
Japan Digital Laboratory Co., Ltd.		2,183		23,906
Keyence Corp.		494		126,992
Konami Corp.		1,785		40,679
Konica Minolta Holdings, Inc.		6,933		53,468
Kyocera Corp.		1,984		172,389
Mitsumi Electric Co., Ltd. (a)		2,279		12,244
Murata Manufacturing Co., Ltd.		2,479		132,394
NEC Corp. (a)		69,710		111,106
Nintendo Co., Ltd.		1,388		176,444
Nippon Electric Glass Co., Ltd.		6,933		38,408
Nomura Research Institute, Ltd.		2,279		47,133
NTT Data Corp.		23		72,400
Obic Co., Ltd.		298		62,703
Oki Electric Industry Co., Ltd. (a)		26,776		30,631
Omron Corp.		3,172		61,157
Ricoh Co., Ltd.		6,933		58,726
Rohm Co., Ltd.		1,586		53,573
SCSK Corp.		2,300		40,620
Seiko Epson Corp.		2,279		13,943
SRA Holdings		6,700		76,731
Sumco Corp. (a)		2,478		16,754
Taiyo Yuden Co., Ltd.		1,984		16,780
TDK Corp.		1,785		66,674
Tokyo Electron, Ltd.		2,279		97,399
Toshiba Corp.		49,580		159,319
Trend Micro, Inc.		1,587		44,469
Yahoo! Japan Corp.		270		103,176
Yamatake Corp.		1,986		40,052
Yaskawa Electric Corp.		6,933		46,606
Yokogawa Electric Corp.		5,849		67,812

				3,714,498

NETHERLANDS — 5.1%
ASM International NV		1,412		47,539
ASML Holding NV		5,916		316,538
Gemalto NV		1,697		149,439
VistaPrint NV (a)(b)		1,031		35,209

				548,725

SINGAPORE — 1.2%
Flextronics International, Ltd. (a)(b)		12,603		75,618
Venture Corp., Ltd.		8,925		58,569

				134,187

SOUTH KOREA — 25.3%
LG Display Co., Ltd. ADR (a)		8,143		102,358
NCSoft Corp.		89		19,018
NHN Corp.		394		102,982
Samsung Electronics Co., Ltd. GDR		4,079		2,455,558

See accompanying notes to financial statements.

286

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

SK Hynix, Inc. (a)		3,680	$	75,327

				2,755,243

SPAIN — 1.3%
Amadeus IT Holding SA		4,962		115,735
Indra Sistemas SA (b)		2,086		20,234

				135,969

SWEDEN — 4.0%
Hexagon AB (Class B)		2,627		56,414
Telefonaktiebolaget LM Ericsson (Class B)		41,944		382,873

				439,287

SWITZERLAND — 1.0%
Logitech International SA (a)(b)		2,735		25,086
STMicroelectronics NV		12,444		67,335
Temenos Group AG (a)		1,356		20,272

				112,693

UNITED KINGDOM — 5.4%
ARM Holdings PLC		24,539		227,847
Aveva Group PLC		1,640		52,091
Diploma PLC		12,252		94,036
Imagination Technologies Group PLC (a)		2,559		19,628
Spectris PLC		3,195		88,998
The Sage Group PLC		20,880		105,670

				588,270

TOTAL COMMON STOCKS —
(Cost $12,505,575)				10,798,698

WARRANTS — 0.0% (c)
FRANCE — 0.0% (c)
UbiSoft Entertainment SA (expiring 10/10/13) (a) (Cost $0)		2,722		168

SHORT TERM INVESTMENTS — 1.4%
UNITED STATES — 1.4%
MONEY MARKET FUNDS — 1.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		95,113		95,113
State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		56,574		56,574

TOTAL SHORT TERM INVESTMENTS —
(Cost $151,687)				151,687

TOTAL INVESTMENTS — 100.6%
(Cost $12,657,262)				10,950,553
OTHER ASSETS & LIABILITIES — (0.6)%				(69,888	)

NET ASSETS — 100.0%			$	10,880,665


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 2012.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

287

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 98.3%
AUSTRALIA — 1.9%
Telstra Corp., Ltd.		115,048	$	468,983

AUSTRIA — 0.3%
Telekom Austria AG		12,519		88,581

BELGIUM — 1.4%
Belgacom SA		6,203		189,529
Mobistar SA		1,489		47,028
Telenet Group Holding NV		2,594		116,300

				352,857

CANADA — 7.3%
BCE, Inc.		10,594		465,500
Bell Aliant, Inc.		5,445		151,018
Rogers Communications, Inc. (Class B) (a)		17,852		721,221
TELUS Corp. (b)		5,740		358,922
TELUS Corp. (b)		2,353		148,290

				1,844,951

DENMARK — 0.4%
TDC A/S		14,030		102,321

FINLAND — 0.7%
Elisa Oyj		8,039		181,919

FRANCE — 8.7%
France Telecom SA		79,971		965,862
Iliad SA		979		159,576
Vivendi SA		53,953		1,053,305

				2,178,743

GERMANY — 6.0%
Deutsche Telekom AG		116,161		1,430,898
Freenet AG		4,224		69,014

				1,499,912

HONG KONG — 0.3%
HKT Trust/HKT, Ltd.		1,869		1,586
PCCW, Ltd.		179,000		73,186

				74,772

ISRAEL — 0.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		73,706		85,486
Cellcom Israel, Ltd.		2,014		17,276
Partner Communications Co., Ltd.		3,385		18,232

				120,994

ITALY — 2.5%
Telecom Italia SpA (b)		419,450		420,906
Telecom Italia SpA (b)		237,895		208,574

				629,480

JAPAN — 16.5%
KDDI Corp.		11,200		872,391
Nippon Telegraph & Telephone Corp.		19,200		918,046
NTT DoCoMo, Inc.		570		927,532
Softbank Corp.		34,800		1,413,471

				4,131,440

LUXEMBOURG — 1.4%
COLT Telecom Group SA (c)		41,098		79,041
Millicom International Cellular SA		3,022		280,924

				359,965

NETHERLANDS — 1.8%
Koninklijke (Royal) KPN NV		58,330		446,197

NEW ZEALAND — 0.6%
Chorus, Ltd.		11,580		31,264
Telecom Corporation of New Zealand, Ltd.		55,623		109,970

				141,234

NORWAY — 2.4%
Telenor ASA		30,706		599,123

PORTUGAL — 0.8%
Portugal Telecom SGPS SA		38,599		191,033

SINGAPORE — 3.6%
Singapore Telecommunications, Ltd.		301,539		786,602
StarHub, Ltd. (a)		42,000		127,366

				913,968

SOUTH KOREA — 2.0%
KT Corp. ADR		14,330		224,121
SK Telecom Co., Ltd. ADR		19,636		285,508

				509,629

SPAIN — 8.7%
Telefonica SA		164,178		2,191,355

SWEDEN — 3.6%
Tele2 AB (Class B)		14,449		262,685
TeliaSonera AB		88,555		638,575

				901,260

SWITZERLAND — 1.5%
Swisscom AG		935		376,069

UNITED KINGDOM — 25.4%
BT Group PLC		306,877		1,143,222
Cable & Wireless Communications PLC		118,867		69,254
Inmarsat PLC		22,459		213,974
Jazztel PLC (c)		9,444		56,350
TalkTalk Telecom Group PLC		24,698		73,942
Vodafone Group PLC		1,696,430		4,814,485

				6,371,227

TOTAL COMMON STOCKS —
(Cost $26,230,675)				24,676,013

SHORT TERM INVESTMENTS — 3.1%
UNITED STATES — 3.1%
MONEY MARKET FUNDS — 3.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		435,398		435,398

See accompanying notes to financial statements.

288

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		340,375	$	340,375

TOTAL SHORT TERM INVESTMENTS —
(Cost $775,773)				775,773

TOTAL INVESTMENTS — 101.4%
(Cost $27,006,448)				25,451,786
OTHER ASSETS & LIABILITIES — (1.4)%				(353,652	)

NET ASSETS — 100.0%			$	25,098,134


(a)		A portion of the security was on loan at September 30, 2012.
(b)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		Non-income producing security.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

289

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 4.2%
AGL Energy, Ltd.		31,738	$	494,075
APA Group (a)		43,233		213,101
DUET Group		32,076		68,046
Energy World Corp., Ltd. (b)		21,980		9,143
Envestra, Ltd.		94,991		89,397
Hastings Diversified Utilities Fund		13,917		37,628
SP AusNet		80,714		87,711
Spark Infrastructure Group (c)		35,703		60,518

				1,059,619

AUSTRIA — 0.4%
Verbund AG		4,923		101,968

CANADA — 6.3%
Algonquin Power & Utilities Corp.		8,066		54,678
ATCO, Ltd. (Class I)		2,931		229,368
Atlantic Power Corp.		5,504		82,340
Canadian Utilities, Ltd. (Class A)		3,019		210,758
Capital Power Corp.		3,482		75,341
Emera, Inc.		5,256		185,305
Fortis, Inc.		12,673		431,857
Just Energy Group, Inc.		3,666		39,978
Northland Power, Inc.		4,216		81,582
TransAlta Corp.		14,308		218,848

				1,610,055

CHINA — 0.8%
ENN Energy Holdings, Ltd.		46,000		193,712

FINLAND — 1.6%
Fortum Oyj		22,772		419,814

FRANCE — 9.4%
EDF SA		14,065		295,033
GDF Suez (a)		74,274		1,662,630
Sechilienne-Sidec SA		2,481		39,068
Suez Environnement Co.		11,853		134,480
Veolia Environnement SA		23,045		248,919

				2,380,130

GERMANY — 13.7%
E.ON AG		100,607		2,389,941
RWE AG		24,594		1,101,553

				3,491,494

HONG KONG — 8.8%
Cheung Kong Infrastructure Holdings, Ltd.		24,000		145,332
CLP Holdings, Ltd.		92,500		786,219
Hong Kong & China Gas Co., Ltd.		308,201		781,509
Hongkong Electric Holdings, Ltd.		62,000		526,579

				2,239,639

ITALY — 8.2%
A2A SpA		70,713		35,033
Enel Green Power SpA		72,518		122,775
Enel SpA		327,214		1,158,484
Hera SpA		31,967		51,613
Iren SpA		14,935		8,562
Snam Rete Gas SpA		88,621		393,337
Terna Rete Elettrica Nationale SpA		82,987		309,612

				2,079,416

JAPAN — 13.3%
Chubu Electric Power Co., Inc.		33,888		442,983
Electric Power Development Co., Ltd.		9,200		242,890
Hokkaido Electric Power Co., Inc.		9,000		73,342
Hokuriku Electric Power Co.		11,294		137,473
Japan Wind Development Co., Ltd. (b)		7		8,800
Kyushu Electric Power Co., Inc.		24,692		204,391
Osaka Gas Co., Ltd.		90,958		402,179
Saibu Gas Co., Ltd.		11,000		31,388
Shikoku Electric Power Co., Inc.		9,100		103,048
Shizuoka Gas Co., Ltd.		1,500		11,028
The Chugoku Electric Power Co., Inc.		15,487		206,427
The Kansai Electric Power Co., Inc.		40,098		314,393
The Okinawa Electric Power Co., Inc.		500		16,761
The Tokyo Electric Power Co., Inc. (b)		75,099		123,556
Toho Gas Co., Ltd.		22,000		146,761
Tohoku Electric Power Co., Inc. (b)		27,672		223,368
Tokyo Gas Co., Ltd.		122,958		679,588

				3,368,376

NEW ZEALAND — 0.5%
Contact Energy, Ltd. (b)		5,346		23,448
Infratil, Ltd.		5,957		10,713
Vector, Ltd.		41,395		98,003

				132,164

PORTUGAL — 1.2%
EDP — Energias de Portugal SA		109,534		301,841

SOUTH KOREA — 1.3%
Korea Electric Power Corp. ADR (b)		26,088		324,013

SPAIN — 7.3%
Acciona SA		1,440		82,050
EDP Renovaveis SA (b)		22,301		99,985
Enagas		10,985		216,929
Gas Natural SDG SA		18,467		261,692
Iberdrola SA		199,382		904,949
Red Electrica Corporacion SA		5,996		284,603

				1,850,208

UNITED KINGDOM — 22.3%
APR Energy PLC		889		11,994
Centrica PLC		267,597		1,416,475
Drax Group PLC		20,918		171,256
National Grid PLC		180,578		1,991,609
Pennon Group PLC		18,088		211,031
Scottish & Southern Energy PLC		48,501		1,090,206
Severn Trent PLC		13,141		356,285
United Utilities Group PLC		36,317		419,897

				5,668,753

TOTAL COMMON STOCKS —
(Cost $28,807,491)				25,221,202

SHORT TERM INVESTMENTS — 4.6%
UNITED STATES — 4.6%
MONEY MARKET FUNDS — 4.6%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		956,439		956,439

See accompanying notes to financial statements.

290

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2012


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.21% (e)(f)		228,812	$	228,812

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,185,251)				1,185,251

TOTAL INVESTMENTS — 103.9%
(Cost $29,992,742)				26,406,453
OTHER ASSETS & LIABILITIES — (3.9)%				(1,003,337	)

NET ASSETS — 100.0%			$	25,403,116


(a)		A portion of the security was on loan at September 30, 2012.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of September 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

291

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2012


																						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)	$	37,561,579		$	990,715,185		$	383,394,252		$	2,202,427		$	39,845,626		$	756,773,014		$	158,746,868		$	299,701,324		$	295,733,401		$	86,193,804		$	113,606,339
Investments in securities of affiliated issuers, at value (Note 3)		944,283			55,937,351			28,846,778			34,097			904,170			133,828,582			10,302,483			35,819,007			37,295,397			1,703,441			12,703,591

Total Investments		38,505,862			1,046,652,536			412,241,030			2,236,524			40,749,796			890,601,596			169,049,351			335,520,331			333,028,798			87,897,245			126,309,930
Cash		—			—			—			46,062			—			42,274			—			—			—			—			—
Foreign currency, at value		106,893			1,667,832			4,201,046			—			—			3,616,732			6,202,581			3,133,310			413,145			374,873			13,526
Initial margin deposit on futures		—			—			—			—			—			—			408,556			—			—			—			—
Receivable for investments sold		—			—			—			—			2,062,803			451,028			19,637			—			—			178,437			413,568
Receivable for fund shares sold		—			—			—			—			—			—			—			8,708,266			—			—			—
Receivable for foreign taxes recoverable		101,746			513,091			—			—			—			—			—			5,221			—			8,763			—
Dividends and interest receivable — unaffiliated issuers		59,683			1,431,463			535,649			3,085			36,116			1,389,107			271,227			1,646,897			364,287			174,669			274,416
Dividends receivable — affiliated issuers		2,257			161,079			16,351			97			237			100,222			7,297			61,677			6,583			1,557			4,137

TOTAL ASSETS		38,776,441			1,050,426,001			416,994,076			2,285,768			42,848,952			896,200,959			175,958,649			349,075,702			333,812,813			88,635,544			127,015,577

LIABILITIES
Payable upon return of securities loaned		752,366			51,714,846			25,651,515			33,997			367,020			133,083,476			9,456,178			28,742,094			37,126,518			1,703,341			12,474,233
Payable for investments purchased		—			—			—			—			2,428,483			2,797,939			—			10,069,852			—			—			—
Due to custodian		—			—			—			14,211			—			—			—			—			—			172,778			318,735
Payable for variation margin on futures contracts		—			—			—			—			—			—			24,974			—			—			—			—
Distributions payable		190,890			4,307,565			—			—			—			—			—			8,185,021			—			—			—
Accrued advisory fee (Note 3)		24,473			583,199			571,960			5,730			90,673			1,132,019			290,700			445,245			361,366			120,182			167,569
Deferred foreign taxes payable		—			—			1,000,369			10,613			—			—			163,937			117,548			—			—			—
Accrued trustees’ fees and expenses (Note 3)		62			813			925			11			104			1,565			359			482			706			190			261

TOTAL LIABILITIES		967,791			56,606,423			27,224,769			64,562			2,886,280			137,014,999			9,936,148			47,560,242			37,488,590			1,996,491			12,960,798

NET ASSETS	$	37,808,650		$	993,819,578		$	389,769,307		$	2,221,206		$	39,962,672		$	759,185,960		$	166,022,501		$	301,515,460		$	296,324,223		$	86,639,053		$	114,054,779

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	67,687,025		$	1,097,805,585		$	397,073,415		$	1,896,364		$	52,141,825		$	901,996,871		$	178,112,963		$	342,048,017		$	411,386,447		$	143,146,649		$	148,146,360
Undistributed (distribution in excess of) net investment income		38,338			(3,145,144	)		4,468,393			71,163			918,715			4,629,404			1,515,172			(576,223	)		2,475,120			1,655,785			31,346
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(20,526,653	)		(82,482,594	)		(18,362,545	)		159,636			(2,430,335	)		(53,004,155	)		(4,560,549	)		(28,328,542	)		(80,288,436	)		(32,200,512	)		(14,088,058	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $1,000,369, $10,613, $0, $0, $163,937, $117,548, $0, $0, $0, respectively)		(9,395,954	)		(18,346,881	)		6,567,934			94,151			(10,667,624	)		(94,437,454	)		(8,987,598	)		(11,664,044	)		(37,249,059	)		(25,965,594	)		(20,031,370	)
Foreign currency		5,894			(11,388	)		22,110			(108	)		91			1,294			(31,982	)		36,252			151			2,725			(3,499	)
Futures		—			—			—			—			—			—			(25,505	)		—			—			—			—

NET ASSETS	$	37,808,650		$	993,819,578		$	389,769,307		$	2,221,206		$	39,962,672		$	759,185,960		$	166,022,501		$	301,515,460		$	296,324,223		$	86,639,053		$	114,054,779

NET ASSET VALUE PER SHARE
Net asset value per share	$	31.50		$	30.96		$	73.54		$	44.42		$	28.54		$	65.45		$	63.85		$	43.70		$	22.97		$	41.26		$	71.28

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,200,370			32,100,967			5,300,000			50,000			1,400,000			11,600,000			2,600,000			6,900,000			12,900,000			2,100,000			1,600,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	46,957,533		$	1,009,062,066		$	375,825,949		$	2,097,663		$	50,513,250		$	851,210,468		$	167,570,529		$	311,247,820		$	332,982,460		$	112,159,398		$	133,637,709
Affiliated issuers		944,283			55,937,351			28,846,778			34,097			904,170			133,828,582			10,302,483			35,819,007			37,295,397			1,703,441			12,703,591

Total cost of investments	$	47,901,816		$	1,064,999,417		$	404,672,727		$	2,131,760		$	51,417,420		$	985,039,050		$	177,873,012		$	347,066,827		$	370,277,857		$	113,862,839		$	146,341,300

Foreign currency, at cost	$	106,812		$	1,665,207		$	4,183,278		$	(14,061	)	$	—		$	3,615,901		$	6,235,723		$	3,131,118		$	413,118		$	373,863		$	10,731

* Includes investments in securities on loan, at value	$	696,937		$	47,775,870		$	24,234,047		$	31,259		$	355,690		$	124,252,712		$	9,104,133		$	27,232,798		$	35,127,777		$	1,591,429		$	11,725,095

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2012


	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			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			50 ETF			PRIME Japan ETF			Small Cap Japan ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	91,659,445		$	408,517,111		$	668,209,221		$	3,123,225,962		$	36,067,935		$	412,052,316		$	381,498,429		$	4,916,543		$	4,718,201		$	13,942,767		$	62,592,372
Investments in securities of affiliated issuers, at value (Note 3)		7,536,437			47,028,352			77,446,190			143,635,993			7,308,735			38,706,913			41,737,877			27,030			6,699			4,161,027			15,504,688

Total Investments		99,195,882			455,545,463			745,655,411			3,266,861,955			43,376,670			450,759,229			423,236,306			4,943,573			4,724,900			18,103,794			78,097,060
Cash		—			373			6,699			—			—			—			297			—			—			—			—
Foreign currency, at value		1,057,950			1,676,826			7,090,469			8,494,670			59,615			2,175,941			1,241,224			51,142			8,159			146,442			1,247,511
Receivable for investments sold		2,374,808			—			—			32,534,942			—			—			—			—			—			—			—
Receivable for fund shares sold		—			—			—			19,678,072			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		—			142,897			214,961			496,384			38,927			62,943			363,885			1,604			—			—			—
Dividends and interest receivable — unaffiliated issuers		44,905			1,384,334			2,798,342			8,394,027			163,892			240,446			1,224,402			11,031			3,167			138,331			480,252
Dividends receivable — affiliated issuers		7,693			22,340			58,240			29,835			2,785			20,743			21,253			4			1			1,044			4,682

TOTAL ASSETS		102,681,238			458,772,233			755,824,122			3,336,489,885			43,641,889			453,259,302			426,087,367			5,007,354			4,736,227			18,389,611			79,829,505

LIABILITIES
Payable upon return of securities loaned		7,443,236			46,696,155			75,674,265			115,240,095			7,211,101			38,015,474			41,429,188			—			—			4,145,222			15,172,472
Payable for investments purchased		3,119,721			495,485			—			51,945,763			—			—			—			—			—			—			—
Distributions payable		—			—			—			28,113,523			—			—			—			—			—			—			—
Accrued advisory fee (Note 3)		132,015			297,860			968,186			4,390,750			53,151			391,535			335,651			3,042			5,674			17,749			93,579
Deferred foreign taxes payable		—			—			—			—			—			—			103,873			69			—			—			—
Accrued trustees’ fees and expenses (Note 3)		198			423			101,412			141,802			73			521			879			10			9			29			175

TOTAL LIABILITIES		10,695,170			47,489,923			76,743,863			199,831,933			7,264,325			38,407,530			41,869,591			3,121			5,683			4,163,000			15,266,226

NET ASSETS	$	91,986,068		$	411,282,310		$	679,080,259		$	3,136,657,952		$	36,377,564		$	414,851,772		$	384,217,776		$	5,004,233		$	4,730,544		$	14,226,611		$	64,563,279

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	116,882,511		$	399,937,060		$	779,077,847		$	3,490,615,010		$	58,696,620		$	440,009,073		$	503,521,089		$	5,000,000		$	5,000,000		$	18,892,752		$	88,164,638
Undistributed (distribution in excess of) net investment income		657,074			2,651,414			5,403,261			(38,597,893	)		416,538			2,317,024			3,308,680			30,083			37,119			138,970			575,884
Accumulated net realized gain (loss) on investments and foreign currency transactions		(21,079,878	)		(4,070,016	)		(21,568,544	)		(521,748,392	)		(9,237,734	)		(14,509,996	)		(59,590,950	)		1,614			(63,226	)		(1,212,152	)		(5,217,618	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $103,873, $69, $0, $0, $0, respectively)		(4,476,801	)		12,766,145			(83,930,660	)		206,270,457			(13,495,014	)		(12,976,708	)		(63,015,682	)		(27,967	)		(243,367	)		(3,596,618	)		(18,978,296	)
Foreign currency		3,162			(2,293	)		98,355			118,770			(2,846	)		12,379			(5,361	)		503			18			3,659			18,671

NET ASSETS	$	91,986,068		$	411,282,310		$	679,080,259		$	3,136,657,952		$	36,377,564		$	414,851,772		$	384,217,776		$	5,004,233		$	4,730,544		$	14,226,611		$	64,563,279

NET ASSET VALUE PER SHARE
Net asset value per share	$	70.76		$	23.91		$	27.49		$	39.29		$	40.42		$	50.90		$	30.49		$	50.04		$	47.31		$	35.57		$	41.65

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,300,000			17,200,000			24,700,000			79,835,379			900,000			8,150,000			12,600,000			100,000			100,000			400,000			1,550,075

COST OF INVESTMENTS:
Unaffiliated issuers	$	96,136,246		$	395,750,966		$	752,139,881		$	2,916,955,505		$	49,562,949		$	425,029,024		$	444,410,238		$	4,944,441		$	4,961,568		$	17,539,385		$	81,570,668
Affiliated issuers		7,536,437			47,028,352			77,446,190			143,635,993			7,308,735			38,706,913			41,737,877			27,030			6,699			4,161,027			15,504,688

Total cost of investments	$	103,672,683		$	442,779,318		$	829,586,071		$	3,060,591,498		$	56,871,684		$	463,735,937		$	486,148,115		$	4,971,471		$	4,968,267		$	21,700,412		$	97,075,356

Foreign currency, at cost	$	1,057,300		$	1,681,058		$	6,995,278		$	8,492,487		$	58,802		$	2,161,817		$	1,234,998		$	50,645		$	8,142		$	142,818		$	1,229,250

* Includes investments in securities on loan, at value	$	7,088,715		$	44,449,588		$	71,049,939		$	108,632,768		$	6,970,923		$	36,483,297		$	39,117,270		$	—		$	—		$	3,915,982		$	14,444,173

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2012


													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)	$	994,302,640		$	35,754,341		$	892,386,607		$	541,991,907		$	5,473,027		$	18,936,001		$	11,322,854		$	3,518,605		$	27,897,730		$	8,530,738		$	11,676,570
Investments in securities of affiliated issuers, at value (Note 3)		106,728,764			5,057,991			36,609,230			38,115,950			110,623			371,531			465,315			193,768			130,781			18,957			104,335

Total Investments		1,101,031,404			40,812,332			928,995,837			580,107,857			5,583,650			19,307,532			11,788,169			3,712,373			28,028,511			8,549,695			11,780,905
Cash		—			—			—			10,767			—			—			—			—			—			—			—
Foreign currency, at value		1,310,228			303,515			3,028,431			1,704,298			36,798			29,487			46,571			2,800			520,872			—			149,211
Receivable for investments sold		329,550			—			16,236,834			260,162			—			1,661,228			—			—			1,025,957			446,223			—
Receivable for foreign taxes recoverable		494,442			11,935			11,275			31,397			5,427			48,609			1,862			1,871			60,843			8,482			9,390
Dividends and interest receivable — unaffiliated issuers		4,798,770			138,004			1,330,192			1,273,461			15,190			69,889			16,905			15,508			86,701			34,539			21,661
Dividends receivable — affiliated issuers		189,339			2,031			146,666			7,070			23			59			1,041			23			12			1			8

TOTAL ASSETS		1,108,153,733			41,267,817			949,749,235			583,395,012			5,641,088			21,116,804			11,854,548			3,732,575			29,722,896			9,038,940			11,961,175

LIABILITIES
Payable upon return of securities loaned		94,354,018			5,053,842			36,609,130			33,497,599			93,078			251,690			374,253			174,481			81,301			—			50,009
Payable for investments purchased		—			181,500			6,197,912			1,436,359			—			—			—			—			1,446,642			362,372			—
Due to custodian		—			—			6,781,324			—			—			—			—			—			—			14,719			—
Payable for fund shares repurchased		—			—			—			—			—			1,734,744			—			—			—			—			—
Distributions payable		12,262,681			—			—			4,367,805			9,992			119,322			76,862			19,187			48,272			16,356			54,214
Accrued advisory fee (Note 3)		1,013,674			39,105			1,397,346			616,270			8,788			25,405			14,041			4,887			23,508			10,575			14,500
Deferred foreign taxes payable		—			—			1,315,781			—			—			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		1,508			74			1,738			795			15			39			24			11			34			26			28

TOTAL LIABILITIES		107,631,881			5,274,521			52,303,231			39,918,828			111,873			2,131,200			465,180			198,566			1,599,757			404,048			118,751

NET ASSETS	$	1,000,521,852		$	35,993,296		$	897,446,004		$	543,476,184		$	5,529,215		$	18,985,604		$	11,389,368		$	3,534,009		$	28,123,139		$	8,634,892		$	11,842,424

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	1,139,342,828		$	35,602,831		$	1,060,303,107		$	485,095,885		$	6,145,029		$	18,116,959		$	13,495,410		$	5,838,142		$	27,498,595		$	11,039,355		$	16,581,398
Undistributed (distribution in excess of) net investment income		748,990			322,854			11,680,827			(7,023,219	)		74,497			1,316			28,976			86,595			98,894			119,611			96,307
Accumulated net realized gain (loss) on investments and foreign currency transactions		(115,346,170	)		74,426			(38,396,779	)		(10,956,746	)		(55,600	)		(77,437	)		(629,093	)		(986,427	)		(223,502	)		(318,475	)		(427,602	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $1,315,781, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		(24,214,765	)		(7,905	)		(136,120,468	)		76,351,977			(634,837	)		944,474			(1,505,790	)		(1,404,319	)		750,473			(2,205,621	)		(4,408,260	)
Foreign currency		(9,031	)		1,090			(20,683	)		8,287			126			292			(135	)		18			(1,321	)		22			581

NET ASSETS	$	1,000,521,852		$	35,993,296		$	897,446,004		$	543,476,184		$	5,529,215		$	18,985,604		$	11,389,368		$	3,534,009		$	28,123,139		$	8,634,892		$	11,842,424

NET ASSET VALUE PER SHARE
Net asset value per share	$	45.27		$	27.69		$	44.43		$	40.56		$	27.65		$	34.52		$	25.31		$	17.67		$	35.15		$	24.67		$	23.68

Shares outstanding (unlimited amount authorized, $0.01 par value)		22,101,326			1,300,000			20,200,000			13,400,000			200,000			550,000			450,000			200,000			800,000			350,000			500,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	1,018,517,405		$	35,762,246		$	1,027,191,294		$	465,639,930		$	6,107,864		$	17,991,527		$	12,828,644		$	4,922,924		$	27,147,257		$	10,736,359		$	16,084,830
Affiliated issuers		106,728,764			5,057,991			36,609,230			38,115,950			110,623			371,531			465,315			193,768			130,781			18,957			104,335

Total cost of investments	$	1,125,246,169		$	40,820,237		$	1,063,800,524		$	503,755,880		$	6,218,487		$	18,363,058		$	13,293,959		$	5,116,692		$	27,278,038		$	10,755,316		$	16,189,165
																													��
Foreign currency, at cost	$	1,305,128		$	303,642		$	3,032,391		$	1,700,964		$	36,656		$	29,485		$	46,570		$	2,791		$	519,419		$	(14,928	)	$	148,537

* Includes investments in securities on loan, at value	$	91,288,793		$	4,766,652		$	60,907,651		$	32,179,093		$	87,927		$	235,286		$	348,995		$	164,587		$	77,069		$	—		$	47,302

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2012


	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)	$	10,798,866		$	24,676,013		$	25,221,202
Investments in securities of affiliated issuers, at value (Note 3)		151,687			775,773			1,185,251

Total Investments		10,950,553			25,451,786			26,406,453
Foreign currency, at value		21,597			144,898			38,386
Receivable for foreign taxes recoverable		3,002			15,653			14,709
Dividends and interest receivable — unaffiliated issuers		28,265			89,505			144,513
Dividends receivable — affiliated issuers		38			25			1,008

TOTAL ASSETS		11,003,455			25,701,867			26,605,069

LIABILITIES
Payable upon return of securities loaned		95,113			435,398			956,439
Distributions payable		13,665			140,415			225,662
Accrued advisory fee (Note 3)		13,984			27,885			19,826
Accrued trustees’ fees and expenses (Note 3)		28			35			26

TOTAL LIABILITIES		122,790			603,733			1,201,953

NET ASSETS	$	10,880,665		$	25,098,134		$	25,403,116

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	12,731,519		$	27,193,674		$	29,888,309
Undistributed (distribution in excess of) net investment income		43,669			35,334			(1,000	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(188,045	)		(578,809	)		(897,409	)
Net unrealized appreciation (depreciation) on:
Investments		(1,706,709	)		(1,554,662	)		(3,586,289	)
Foreign currency		231			2,597			(495	)

NET ASSETS	$	10,880,665		$	25,098,134		$	25,403,116

NET ASSET VALUE PER SHARE
Net asset value per share	$	24.18		$	22.82		$	16.39

Shares outstanding (unlimited amount authorized, $0.01 par value)		450,000			1,100,000			1,550,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	12,505,575		$	26,230,675		$	28,807,491
Affiliated issuers		151,687			775,773			1,185,251

Total cost of investments	$	12,657,262		$	27,006,448		$	29,992,742

Foreign currency, at cost	$	21,429		$	142,277		$	38,152

* Includes investments in securities on loan, at value	$	92,250		$	424,309		$	883,025

See accompanying notes to financial statements.

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299

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2012


																						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)	$	1,455,068		$	24,132,310		$	12,554,919		$	125,702		$	1,550,694		$	24,659,988		$	5,815,742		$	19,403,493		$	10,700,605		$	3,212,119		$	4,135,142
Dividend income on securities of affiliated issuers (Note 3)		59			1,075			1,369			37			461			949			3,117			1,017			1,487			372			689
Affiliated securities lending — net (Note 3 and Note 8)		26,417			839,406			271,841			586			12,726			1,527,028			97,776			670,159			210,608			96,211			78,263
Interest income (Note 2)		92			—			4,475			71			—			—			8,132			2,451			—			—			—
Foreign taxes withheld		(115,089	)		(3,079,801	)		(1,736,800	)		(17,672	)		(222,028	)		(2,066,673	)		(687,131	)		(2,332,201	)		(1,208,424	)		(525,368	)		(361,941	)

TOTAL INVESTMENT INCOME		1,366,547			21,892,990			11,095,804			108,724			1,341,853			24,121,292			5,237,636			17,744,919			9,704,276			2,783,334			3,852,153

EXPENSES
Advisory fee (Note 3)		89,734			1,251,406			2,654,583			23,899			299,317			4,512,719			1,035,273			1,413,582			1,715,824			546,641			751,432
Trustees’ fees and expenses (Note 3)		747			5,844			11,739			66			1,024			17,821			3,809			4,395			9,086			2,261			3,050
Miscellaneous expenses		—			955			17,933			1,875			—			1,954			1,628			37,478			2,619			2,772			1,883

TOTAL EXPENSES		90,481			1,258,205			2,684,255			25,840			300,341			4,532,494			1,040,710			1,455,455			1,727,529			551,674			756,365

NET INVESTMENT INCOME		1,276,066			20,634,785			8,411,549			82,884			1,041,512			19,588,798			4,196,926			16,289,464			7,976,747			2,231,660			3,095,788

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(3,104,903	)		(36,951,775	)		(1,691,950	)		172,654			1,662,500			19,485,395			1,458,720			(26,679,063	)		7,272,319			(12,076,576	)		(3,087,134	)
Foreign currency transactions		(5,598	)		(164,555	)		(417,218	)		(6,701	)		240			21,367			(421,348	)		(478,796	)		(118,386	)		(18,715	)		(148,794	)
Futures		—			—			249,844			—			—			—			647,590			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $1,000,369, $10,613, $0, $0, $163,937, $117,548, $0, $0, $0, respectively)		6,623,222			77,037,151			52,950,780			94,151			3,465,700			34,909,330			14,611,054			(3,393,643	)		30,417,187			21,628,518			14,633,279
Foreign currency transactions		932			(444	)		254,040			(108	)		98			5,538			272,629			46,337			(1,599	)		35,326			14,627
Futures		—			—			—			—			—			—			(158,136	)		—			—			—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		3,513,653			39,920,377			51,345,496			259,996			5,128,538			54,421,630			16,410,509			(30,505,165	)		37,569,521			9,568,553			11,411,978

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	4,789,719		$	60,555,162		$	59,757,045		$	342,880		$	6,170,050		$	74,010,428		$	20,607,435		$	(14,215,701	)	$	45,546,268		$	11,800,213		$	14,507,766


(1)		For the period January 11, 2012 (commencement of operations) to September 30, 2012.

See accompanying notes to financial statements.

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301

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2012


	SPDR S&P Emerging															SPDR S&P Global
	Middle									SPDR Dow Jones International			SPDR FTSE/Macquarie			Natural						SPDR MSCI			SPDR MSCI EM
	East & Africa						SPDR S&P International			Real Estate			Global			Resources						ACWI IMI			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)	$	3,739,930		$	8,348,308		$	19,477,773		$	121,307,599		$	1,709,513		$	7,494,714		$	15,438,195		$	101,253		$	113,123		$	354,867		$	1,830,426
Dividend income on securities of affiliated issuers (Note 3)		210			996			2,093			5,923			147			744			1,000			24			6			24			241
Affiliated securities lending — net (Note 3 and Note 8)		32,702			193,077			864,393			1,312,071			43,825			138,916			348,443			—			—			7,217			64,947
Interest income (Note 2)		2,004			667			5,316			5,214			—			428			818			—			—			—			—
Foreign taxes withheld		(132,099	)		(653,161	)		(1,285,262	)		(8,320,848	)		(105,454	)		(543,858	)		(1,298,389	)		(6,378	)		(13,270	)		(24,841	)		(128,175	)

TOTAL INVESTMENT INCOME		3,642,747			7,889,887			19,064,313			114,309,959			1,648,031			7,090,944			14,490,067			94,899			99,859			337,267			1,767,439

EXPENSES
Advisory fee (Note 3)		571,053			741,585			4,080,439			14,814,307			210,605			1,055,975			1,459,133			7,122			13,620			72,200			465,000
Trustees’ fees and expenses (Note 3)		2,440			3,840			17,470			57,167			869			5,292			10,779			35			34			371			2,290
Miscellaneous expenses		524			25			2,311			2,753			245			2			571			48			68			—			1

TOTAL EXPENSES		574,017			745,450			4,100,220			14,874,227			211,719			1,061,269			1,470,483			7,205			13,722			72,571			467,291

NET INVESTMENT INCOME		3,068,730			7,144,437			14,964,093			99,435,732			1,436,312			6,029,675			13,019,584			87,694			86,137			264,696			1,300,148

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(616,184	)		1,641,799			(8,545,656	)	��	(11,041,655	)		(2,735,855	)		(5,239,881	)		15,473,112			1,614			(63,226	)		(119,902	)		857,590
Foreign currency transactions		(134,277	)		22,802			(129,064	)		(807,314	)		(8,762	)		(90,925	)		(80,780	)		(3,195	)		(2,738	)		4,858			33,093
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, $103,873, $69, $0, $0, $0, respectively)		14,615,910			21,201,183			57,793,004			471,638,153			4,123,456			30,089,199			27,763,396			(27,967	)		(243,367	)		(506,519	)		(5,970,460	)
Foreign currency transactions		78,047			31,694			195,314			280,625			1,545			39,608			62,165			503			18			2,567			23,891

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		13,943,496			22,897,478			49,313,598			460,069,809			1,380,384			24,798,001			43,217,893			(29,045	)		(309,313	)		(618,996	)		(5,055,886	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	17,012,226		$	30,041,915		$	64,277,691		$	559,505,541		$	2,816,696		$	30,827,676		$	56,237,477		$	58,649		$	(223,176	)	$	(354,300	)	$	(3,755,738	)


(1)		For the period February 27, 2012 (commencement of operations) to September 30, 2012.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2012


													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)	$	60,258,138		$	1,142,518		$	26,968,904		$	14,209,533		$	201,313		$	632,396		$	466,233		$	248,426		$	618,920		$	375,897		$	326,912
Dividend income on securities of affiliated issuers (Note 3)		2,974			108			8,064			1,198			21			51			21			49			34			55			32
Affiliated securities lending — net (Note 3 and Note 8)		2,165,063			37,007			1,223,148			129,447			23			87			1,080			172			47			—			5
Interest income (Note 2)		1,683			80			5,734			336			9			—			—			—			—			—			—
Foreign taxes withheld		(5,396,257	)		(86,942	)		(3,223,801	)		(599,419	)		(17,650	)		(44,355	)		(41,055	)		(14,117	)		(57,899	)		(31,893	)		(24,252	)

TOTAL INVESTMENT INCOME		57,031,601			1,092,771			24,982,049			13,741,095			183,716			588,179			426,279			234,530			561,102			344,059			302,697

EXPENSES
Advisory fee (Note 3)		3,392,434			162,977			5,550,403			1,986,614			37,278			96,908			58,133			26,418			87,545			62,079			66,577
Trustees’ fees and expenses (Note 3)		16,582			923			21,085			8,686			176			512			302			158			451			381			332
Miscellaneous expenses		12,346			309			31,040			3			206			3			—			—			—			—			—

TOTAL EXPENSES		3,421,362			164,209			5,602,528			1,995,303			37,660			97,423			58,435			26,576			87,996			62,460			66,909

NET INVESTMENT INCOME		53,610,239			928,562			19,379,521			11,745,792			146,056			490,756			367,844			207,954			473,106			281,599			235,788

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(100,579,608	)		621,617			(36,750,387	)		(376,536	)		(31,903	)		1,207,952			36,013			(640,325	)		1,487,644			(2,310,711	)		(1,008,197	)
Foreign currency transactions		(254,253	)		(9,320	)		(127,026	)		(57,450	)		(562	)		(8,146	)		(159	)		1,446			(2,916	)		(15,162	)		(5,467	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $1,315,781, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		81,526,726			2,915,760			128,961,925			80,297,381			666,622			1,707,714			1,422,947			938,478			1,443,794			2,636,754			1,992,213
Foreign currency transactions		172,998			8,965			46,447			15,325			1,198			2,911			572			815			834			11,247			5,055

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(19,134,137	)		3,537,022			92,130,959			79,878,720			635,355			2,910,431			1,459,373			300,414			2,929,356			322,128			983,604

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	34,476,102		$	4,465,584		$	111,510,480		$	91,624,512		$	781,411		$	3,401,187		$	1,827,217		$	508,368		$	3,402,462		$	603,727		$	1,219,392

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2012


	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)	$	255,486		$	1,349,450		$	823,711
Dividend income on securities of affiliated issuers (Note 3)		43			71			20
Affiliated securities lending — net (Note 3 and Note 8)		605			15			1,975
Foreign taxes withheld		(25,355	)		(114,708	)		(75,637	)

TOTAL INVESTMENT INCOME		230,779			1,234,828			750,069

EXPENSES
Advisory fee (Note 3)		67,322			88,441			66,286
Trustees’ fees and expenses (Note 3)		372			397			300
Miscellaneous expenses		—			53			161

TOTAL EXPENSES		67,694			88,891			66,747

NET INVESTMENT INCOME		163,085			1,145,937			683,322

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(17,569	)		(75,499	)		(490,932	)
Foreign currency transactions		2,918			1,906			(7,425	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,451,574			122,647			(359,594	)
Foreign currency transactions		2,881			3,245			1,102

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		1,439,804			52,299			(856,849	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	1,602,889		$	1,198,236		$	(173,527	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX 50 ETF						SPDR S&P Emerging Asia Pacific ETF						SPDR S&P Small Cap Emerging Asia Pacific ETF			SPDR S&P Russia ETF
																			For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*1/11/12-**			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/12			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,276,066		$	1,349,950		$	20,634,785		$	6,949,490		$	8,411,549		$	13,145,498		$	82,884		$	1,041,512		$	1,250,315
Net realized gain (loss) on investments, foreign currency transactions and futures		(3,110,501	)		(5,536,317	)		(37,116,330	)		(6,168,975	)		(1,859,324	)		56,614,429			165,953			1,662,740			(2,996,831	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		6,624,154			535,158			77,036,707			(28,110,616	)		53,204,820			(168,039,986	)		94,043			3,465,798			(14,180,949	)

Net increase (decrease) in net assets resulting from operations		4,789,719			(3,651,209	)		60,555,162			(27,330,101	)		59,757,045			(98,280,059	)		342,880			6,170,050			(15,927,465	)

Net equalization credits and charges (Note 2)		44,870			(35,813	)		5,083,733			(10,290	)		—			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,310,972	)		(1,722,185	)		(23,665,812	)		(6,825,929	)		(11,357,965	)		(11,323,304	)		—			(734,365	)		(644,694	)
Net realized gains		—			—			—			—			(6,448,372	)		(23,251,099	)		—			—			(38,444	)

Total distributions to shareholders		(1,310,972	)		(1,722,185	)		(23,665,812	)		(6,825,929	)		(17,806,337	)		(34,574,403	)		—			(734,365	)		(683,138	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		9,207,749			1,776,314			872,677,121			14,244,357			58,923,157			99,434,496			6,000,000			58,954,430			171,810,579
Cost of shares redeemed		(4,561,754	)		(5,126,178	)		(32,103,362	)		(26,132,264	)		(225,859,690	)		(164,432,966	)		(4,145,479	)		(68,038,560	)		(117,591,784	)
Net income equalization (Note 2)		(44,870	)		35,813			(5,083,733	)		10,290			—			—			—			—			—
Other capital (Note 4)		—			—			—			—			—			—			23,805			—			—

Net increase (decrease) in net assets from beneficial interest transactions		4,601,125			(3,314,051	)		835,490,026			(11,877,617	)		(166,936,533	)		(64,998,470	)		1,878,326			(9,084,130	)		54,218,795

Net increase (decrease) in net assets during the year		8,124,742			(8,723,258	)		877,463,109			(46,043,937	)		(124,985,825	)		(197,852,932	)		2,221,206			(3,648,445	)		37,608,192
Net assets at beginning of year		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 YEAR (1)	$	37,808,650		$	29,683,908		$	993,819,578		$	116,356,469		$	389,769,307		$	514,755,132		$	2,221,206		$	39,962,672		$	43,611,117

SHARES OF BENEFICIAL INTEREST:
Shares sold		300,000			50,000			29,150,000			350,000			800,000			1,200,000			150,000			2,100,000			4,950,000
Shares redeemed		(150,000	)		(150,000	)		(1,100,000	)		(700,000	)		(3,200,000	)		(2,100,000	)		(100,000	)		(2,400,000	)		(3,450,000	)

Net increase (decrease)		150,000			(100,000	)		28,050,000			(350,000	)		(2,400,000	)		(900,000	)		50,000			(300,000	)		1,500,000

(1) Including undistributed (distribution in excess of) net investment income	$	38,338		$	78,842		$	(3,145,144	)	$	50,438		$	4,468,393		$	8,075,824		$	71,163		$	918,715		$	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
																For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/23/11-**			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	19,588,798		$	12,637,445		$	4,196,926		$	4,118,805		$	16,289,464		$	1,379,593		$	7,976,747		$	11,272,538		$	2,231,660		$	4,796,402
Net realized gain (loss) on investments, foreign currency transactions and futures		19,506,762			29,207,934			1,684,962			14,650,694			(27,157,859	)		(1,002,603	)		7,153,933			54,900			(12,095,291	)		12,555,375
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		34,914,868			(239,151,583	)		14,725,547			(47,942,526	)		(3,347,306	)		(8,280,486	)		30,415,588			(95,333,006	)		21,663,844			(48,636,548	)

Net increase (decrease) in net assets resulting from operations		74,010,428			(197,306,204	)		20,607,435			(29,173,027	)		(14,215,701	)		(7,903,496	)		45,546,268			(84,005,568	)		11,800,213			(31,284,771	)

Net equalization credits and charges (Note 2)		—			—			—			—			39,699			256,420			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,799,814	)		(12,717,627	)		(3,935,967	)		(3,449,980	)		(16,170,078	)		(1,145,654	)		(8,184,641	)		(9,949,352	)		(2,483,872	)		(3,314,025	)
Net realized gains		—			—			(1,641,948	)		(2,055,341	)		—			—			—			—			—			—
Return of capital		—			—			—			—			—			(369,715	)		—			—			—			—

Total distributions to shareholders		(17,799,814	)		(12,717,627	)		(5,577,915	)		(5,505,321	)		(16,170,078	)		(1,515,369	)		(8,184,641	)		(9,949,352	)		(2,483,872	)		(3,314,025	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		361,916,129			249,488,320			69,497,172			22,136,942			301,310,984			66,655,329			59,300,750			58,652,018			12,293,731			83,485,831
Cost of shares redeemed		(276,074,102	)		(100,011,130	)		(73,110,940	)		(49,519,357	)		(24,272,187	)		(2,374,022	)		(174,820,377	)		(50,235,514	)		(53,887,987	)		(162,294,891	)
Net income equalization (Note 2)		—			—			—			—			(39,699	)		(256,420	)		—			—			—			—
Other capital (Note 4)		—			—			6,299			—			—			—			29,705			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		85,842,027			149,477,190			(3,607,469	)		(27,382,415	)		276,999,098			64,024,887			(115,489,922	)		8,416,504			(41,594,256	)		(78,809,060	)

Net increase (decrease) in net assets during the year		142,052,641			(60,546,641	)		11,422,051			(62,060,763	)		246,653,018			54,862,442			(78,128,295	)		(85,538,416	)		(32,277,915	)		(113,407,856	)
Net assets at beginning of year		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 YEAR (1)	$	759,185,960		$	617,133,319		$	166,022,501		$	154,600,450		$	301,515,460		$	54,862,442		$	296,324,223		$	374,452,518		$	86,639,053		$	118,916,968

SHARES OF BENEFICIAL INTEREST:
Shares sold		5,300,000			3,200,000			1,100,000			300,000			6,200,000			1,300,000			2,400,000			2,100,000			300,000			1,500,000
Shares redeemed		(4,400,000	)		(1,400,000	)		(1,200,000	)		(700,000	)		(550,000	)		(50,000	)		(7,400,000	)		(2,000,000	)		(1,400,000	)		(3,400,000	)

Net increase (decrease)		900,000			1,800,000			(100,000	)		(400,000	)		5,650,000			1,250,000			(5,000,000	)		100,000			(1,100,000	)		(1,900,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	4,629,404		$	2,818,514		$	1,515,172		$	1,653,719		$	(576,223	)	$	—		$	2,475,120		$	2,801,400		$	1,655,785		$	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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,095,788		$	5,055,046		$	3,068,730		$	3,777,880		$	7,144,437		$	3,817,629		$	14,964,093		$	18,470,279		$	99,435,732		$	73,410,429
Net realized gain (loss) on investments and foreign currency transactions		(3,235,928	)		4,810,272			(750,461	)		8,043,294			1,664,601			724,421			(8,674,720	)		28,772,713			(11,848,969	)		(121,700,778	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		14,647,906			(49,927,722	)		14,693,957			(27,104,556	)		21,232,877			(18,186,639	)		57,988,318			(114,471,355	)		471,918,778			(173,966,964	)

Net increase (decrease) in net assets resulting from operations		14,507,766			(40,062,404	)		17,012,226			(15,283,382	)		30,041,915			(13,644,589	)		64,277,691			(67,228,363	)		559,505,541			(222,257,313	)

Net equalization credits and charges (Note 2)		—			—			—			—			—			—			—			—			74,316,078			4,006,396

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,522,698	)		(4,376,380	)		(4,218,267	)		(3,403,851	)		(5,552,612	)		(3,469,047	)		(19,547,099	)		(17,128,845	)		(111,418,761	)		(143,046,493	)
Net realized gains		—			—			—			—			—			—			(5,368,799	)		—			—			—

Total distributions to shareholders		(3,522,698	)		(4,376,380	)		(4,218,267	)		(3,403,851	)		(5,552,612	)		(3,469,047	)		(24,915,898	)		(17,128,845	)		(111,418,761	)		(143,046,493	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		15,730,530			60,807,488			—			37,950,689			276,158,565			30,339,642			21,977,675			258,796,089			949,877,415			1,072,202,027
Cost of shares redeemed		(34,492,351	)		(105,731,416	)		(26,217,547	)		(56,518,124	)		(9,044,674	)		—			(112,179,707	)		(67,096,242	)		(257,380,643	)		(25,085,031	)
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			(74,316,078	)		(4,006,396	)
Other capital (Note 4)		—			—			—			—			—			—			13,909			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(18,761,821	)		(44,923,928	)		(26,217,547	)		(18,567,435	)		267,113,891			30,339,642			(90,188,123	)		191,699,847			618,180,694			1,043,110,600

Net increase (decrease) in net assets during the year		(7,776,753	)		(89,362,712	)		(13,423,588	)		(37,254,668	)		291,603,194			13,226,006			(50,826,330	)		107,342,639			1,140,583,552			681,813,190
Net assets at beginning of year		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 YEAR (1)	$	114,054,779		$	121,831,532		$	91,986,068		$	105,409,656		$	411,282,310		$	119,679,116		$	679,080,259		$	729,906,589		$	3,136,657,952		$	1,996,074,400

SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			700,000			—			500,000			12,000,000			1,200,000			800,000			8,600,000			26,300,000			27,500,000
Shares redeemed		(500,000	)		(1,300,000	)		(400,000	)		(800,000	)		(400,000	)		—			(4,400,000	)		(2,600,000	)		(7,500,000	)		(700,000	)

Net increase (decrease)		(300,000	)		(600,000	)		(400,000	)		(300,000	)		11,600,000			1,200,000			(3,600,000	)		6,000,000			18,800,000			26,800,000

(1) Including undistributed (distribution in excess of) net investment income	$	31,346		$	759,509		$	657,074		$	1,811,801		$	2,651,414		$	1,005,177		$	5,403,261		$	9,131,277		$	(38,551,036	)	$	(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
																			For the Period			For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/27/12-**			*2/27/12-**			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/12			9/30/12			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,436,312		$	1,926,810		$	6,029,675		$	2,416,667		$	13,019,584		$	12,368,479		$	87,694		$	86,137		$	264,696		$	262,079
Net realized gain (loss) on investments and foreign currency transactions		(2,744,617	)		(4,259,672	)		(5,330,806	)		(4,671,549	)		15,392,332			5,571,341			(1,581	)		(65,964	)		(115,044	)		(1,813,273	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		4,125,001			2,760,065			30,128,807			(43,165,075	)		27,825,561			(64,801,294	)		(27,464	)		(243,349	)		(503,952	)		1,718,131

Net increase (decrease) in net assets resulting from operations		2,816,696			427,203			30,827,676			(45,419,957	)		56,237,477			(46,861,474	)		58,649			(223,176	)		(354,300	)		166,937

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,483,636	)		(1,879,120	)		(4,463,333	)		(1,451,147	)		(13,349,211	)		(11,384,970	)		(54,416	)		(46,280	)		(265,569	)		(251,121	)

Total distributions to shareholders		(1,483,636	)		(1,879,120	)		(4,463,333	)		(1,451,147	)		(13,349,211	)		(11,384,970	)		(54,416	)		(46,280	)		(265,569	)		(251,121	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			273,565,078			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	)		(48,153,926	)		—			(191,370,840	)		(26,229,672	)		—			—			—			(7,836,631	)

Net increase (decrease) in net assets from beneficial interest transactions		—			(16,689,880	)		225,411,152			202,332,715			(22,383,522	)		28,050,469			5,000,000			5,000,000			—			(188,603	)

Net increase (decrease) in net assets during the year		1,333,060			(18,141,797	)		251,775,495			155,461,611			20,504,744			(30,195,975	)		5,004,233			4,730,544			(619,869	)		(272,787	)
Net assets at beginning of year		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 YEAR (1)	$	36,377,564		$	35,044,504		$	414,851,772		$	163,076,277		$	384,217,776		$	363,713,032		$	5,004,233		$	4,730,544		$	14,226,611		$	14,846,480

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			—			5,550,000			3,400,000			5,800,000			1,600,000			100,000			100,000			—			200,000
Shares redeemed		—			(400,000	)		(950,000	)		—			(6,400,000	)		(800,000	)		—			—			—			(200,000	)

Net increase (decrease)		—			(400,000	)		4,600,000			3,400,000			(600,000	)		800,000			100,000			100,000			—			—

(1) Including undistributed (distribution in excess of) net investment income	$	416,538		$	472,624		$	2,317,024		$	966,359		$	3,308,680		$	3,385,288		$	30,083		$	37,119		$	138,970		$	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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,300,148		$	1,551,253		$	53,610,239		$	26,924,639		$	928,562		$	1,015,808		$	19,379,521		$	16,894,898		$	11,745,792		$	7,425,660
Net realized gain (loss) on investments and foreign currency transactions		890,683			6,010,909			(100,833,861	)		10,520,450			612,297			1,519,924			(36,877,413	)		48,301,233			(433,986	)		3,593,571
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(5,946,569	)		4,584,832			81,699,724			(127,405,024	)		2,924,725			(5,335,204	)		129,008,372			(320,393,800	)		80,312,706			(36,610,401	)

Net increase (decrease) in net assets resulting from operations		(3,755,738	)		12,146,994			34,476,102			(89,959,935	)		4,465,584			(2,799,472	)		111,510,480			(255,197,669	)		91,624,512			(25,591,170	)

Net equalization credits and charges (Note 2)		—			—			2,358,349			2,875,839			—			—			—			—			6,111,292			539,256

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,634,370	)		(1,442,652	)		(53,305,546	)		(29,270,143	)		(1,150,146	)		(930,965	)		(18,552,573	)		(5,451,836	)		(13,646,214	)		(14,119,218	)
Net realized gains		—			—			—			—			(1,065,071	)		(610,806	)		(27,372,420	)		(31,686,300	)		—			—

Total distributions to shareholders		(1,634,370	)		(1,442,652	)		(53,305,546	)		(29,270,143	)		(2,215,217	)		(1,541,771	)		(45,924,993	)		(37,138,136	)		(13,646,214	)		(14,119,218	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		2,159,743			67,273,565			541,417,351			368,301,694			—			10,605,859			55,331,166			1,110,345,330			195,499,178			183,298,714
Cost of shares redeemed		(30,742,858	)		(46,853,190	)		(4,331,841	)		(25,511,075	)		(2,717,670	)		—			(132,998,763	)		(706,607,973	)		(3,706,930	)		(10,270,362	)
Net income equalization (Note 2)		—			—			(2,358,349	)		(2,875,839	)		—			—			—			—			(6,111,292	)		(539,256	)
Other capital (Note 4)		—			—			—			—			—			—			715,897			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(28,583,115	)		20,420,375			534,727,161			339,914,780			(2,717,670	)		10,605,859			(76,951,700	)		403,737,357			185,680,956			172,489,096

Net increase (decrease) in net assets during the year		(33,973,223	)		31,124,717			518,256,066			223,560,541			(467,303	)		6,264,616			(11,366,213	)		111,401,552			269,770,546			133,317,964
Net assets at beginning of year		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 YEAR (1)	$	64,563,279		$	98,536,502		$	1,000,521,852		$	482,265,786		$	35,993,296		$	36,460,599		$	897,446,004		$	908,812,217		$	543,476,184		$	273,705,638

SHARES OF BENEFICIAL INTEREST:
Shares sold		50,000			1,650,000			11,500,000			6,400,000			—			350,000			1,200,000			20,800,000			5,100,000			4,800,000
Shares redeemed		(750,000	)		(1,100,000	)		(100,000	)		(500,000	)		(100,000	)		—			(3,400,000	)		(13,000,000	)		(100,000	)		(300,000	)

Net increase (decrease)		(700,000	)		550,000			11,400,000			5,900,000			(100,000	)		350,000			(2,200,000	)		7,800,000			5,000,000			4,500,000

(1) Including undistributed (distribution in excess of) net investment income	$	575,884		$	783,152		$	748,990		$	(9,151	)	$	322,854		$	461,642		$	11,680,827		$	9,942,464		$	(7,018,706	)	$	(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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	146,056		$	309,196		$	490,756		$	438,066		$	367,844		$	407,284		$	207,954		$	240,493		$	473,106		$	340,942
Net realized gain (loss) on investments and foreign currency transactions		(32,465	)		2,066,849			1,199,806			1,195,030			35,854			265,809			(638,879	)		(78,609	)		1,484,728			245,857
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		667,820			(2,649,430	)		1,710,625			(1,863,026	)		1,423,519			(1,628,491	)		939,293			(1,130,836	)		1,444,628			(760,195	)

Net increase (decrease) in net assets resulting from operations		781,411			(273,385	)		3,401,187			(229,930	)		1,827,217			(955,398	)		508,368			(968,952	)		3,402,462			(173,396	)

Net equalization credits and charges (Note 2)		(36,212	)		(22,669	)		(2,845	)		72,660			(7,243	)		2,190			(23,755	)		(1,810	)		(4,482	)		24,177

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(120,565	)		(293,003	)		(478,660	)		(500,869	)		(366,239	)		(385,397	)		(155,043	)		(269,250	)		(462,681	)		(335,264	)
Net realized gains		(78,055	)		—			—			—			—			—			—			—			—			—

Total distributions to shareholders		(198,620	)		(293,003	)		(478,660	)		(500,869	)		(366,239	)		(385,397	)		(155,043	)		(269,250	)		(462,681	)		(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			23,394,533			10,955,852
Cost of shares redeemed		(9,175,088	)		(11,473,311	)		(10,936,077	)		(6,275,094	)		(3,773,173	)		(2,492,025	)		(7,217,238	)		(7,172,380	)		(17,417,767	)		(1,550,237	)
Net income equalization (Note 2)		36,212			22,669			2,845			(72,660	)		7,243			(2,190	)		23,755			1,810			4,482			(24,177	)

Net increase (decrease) in net assets from beneficial interest transactions		(6,288,259	)		(6,973,205	)		(3,173,391	)		4,997,621			(2,419,107	)		1,433,913			(4,530,655	)		153,761			5,981,248			9,381,438

Net increase (decrease) in net assets during the year		(5,741,680	)		(7,562,262	)		(253,709	)		4,339,482			(965,372	)		95,308			(4,201,085	)		(1,086,251	)		8,916,547			8,896,955
Net assets at beginning of year		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 YEAR (1)	$	5,529,215		$	11,270,895		$	18,985,604		$	19,239,313		$	11,389,368		$	12,354,740		$	3,534,009		$	7,735,094		$	28,123,139		$	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			700,000			350,000
Shares redeemed		(350,000	)		(400,000	)		(350,000	)		(200,000	)		(150,000	)		(100,000	)		(450,000	)		(350,000	)		(550,000	)		(50,000	)

Net increase (decrease)		(250,000	)		(250,000	)		(100,000	)		150,000			(100,000	)		50,000			(300,000	)		50,000			150,000			300,000

(1) Including undistributed (distribution in excess of) net investment income	$	74,497		$	48,611		$	1,316		$	(2,634	)	$	28,976		$	23,922		$	86,595		$	19,652		$	104,548		$	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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11			9/30/12			9/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	281,599		$	573,956		$	235,788		$	491,947		$	163,085		$	312,033		$	1,145,937		$	612,496		$	683,322		$	363,501
Net realized gain (loss) on investments and foreign currency transactions		(2,325,873	)		2,663,932			(1,013,664	)		3,972,012			(14,651	)		231,319			(73,593	)		802,984			(498,357	)		19,390
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		2,648,001			(5,179,445	)		1,997,268			(6,910,807	)		1,454,455			(2,869,260	)		125,892			(1,659,782	)		(358,492	)		(1,335,523	)

Net increase (decrease) in net assets resulting from operations		603,727			(1,941,557	)		1,219,392			(2,446,848	)		1,602,889			(2,325,908	)		1,198,236			(244,302	)		(173,527	)		(952,632	)

Net equalization credits and charges (Note 2)		(50,201	)		(5,760	)		7,321			(37,269	)		(16,355	)		1,865			(7,414	)		5,114			109,870			8,510

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(261,597	)		(541,188	)		(253,185	)		(443,679	)		(165,338	)		(310,694	)		(1,106,996	)		(615,543	)		(691,902	)		(365,549	)
Net realized gains		—			—			—			—			(75,801	)		(87,145	)		—			—			—			—

Total distributions to shareholders		(261,597	)		(541,188	)		(253,185	)		(443,679	)		(241,139	)		(397,839	)		(1,106,996	)		(615,543	)		(691,902	)		(365,549	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		14,628,938			15,361,044			1,070,625			19,071,659			—			2,688,113			13,700,325			10,005,730			16,707,621			3,697,018
Cost of shares redeemed		(26,547,201	)		(10,622,592	)		(9,597,009	)		(19,165,987	)		(9,183,492	)		(2,305,481	)		(1,151,079	)		(12,483,323	)		—			(1,039,230	)
Net income equalization (Note 2)		50,201			5,760			(7,321	)		37,269			16,355			(1,865	)		7,414			(5,114	)		(109,870	)		(8,510	)

Net increase (decrease) in net assets from beneficial interest transactions		(11,868,062	)		4,744,212			(8,533,705	)		(57,059	)		(9,167,137	)		380,767			12,556,660			(2,482,707	)		16,597,751			2,649,278

Net increase (decrease) in net assets during the year		(11,576,133	)		2,255,707			(7,560,177	)		(2,984,855	)		(7,821,742	)		(2,341,115	)		12,640,486			(3,337,438	)		15,842,192			1,339,607
Net assets at beginning of year		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 YEAR (1)	$	8,634,892		$	20,211,025		$	11,842,424		$	19,402,601		$	10,880,665		$	18,702,407		$	25,098,134		$	12,457,648		$	25,403,116		$	9,560,924

SHARES OF BENEFICIAL INTEREST:
Shares sold		600,000			550,000			50,000			650,000			—			100,000			600,000			400,000			1,000,000			200,000
Shares redeemed		(1,150,000	)		(350,000	)		(400,000	)		(650,000	)		(400,000	)		(100,000	)		(50,000	)		(500,000	)		—			(50,000	)

Net increase (decrease)		(550,000	)		200,000			(350,000	)		—			(400,000	)		—			550,000			(100,000	)		1,000,000			150,000

(1) Including undistributed (distribution in excess of) net investment income	$	119,611		$	100,829		$	96,307		$	112,829		$	43,669		$	34,932		$	35,334		$	(5,513	)	$	(1,000	)	$	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															SPDR S&P Emerging Asia Pacific ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	28.26		$	33.39		$	35.31		$	36.33		$	53.69		$	28.72		$	36.90		$	41.34		$	41.88		$	62.12		$	66.85		$	82.86		$	69.33		$	54.59		$	87.74

Income (loss) from investment operations:
Net investment income (loss)		1.25	(1)		1.23	(1)		1.02	(1)		1.11	(1)		1.88			1.42	(1)		1.63	(1)		1.13	(1)		1.21	(1)		2.17			1.32	(1)		1.52	(1)		1.28	(1)		1.21	(1)		0.90
Net realized and unrealized gain (loss) (2)		3.21			(4.73	)		(1.95	)		(1.05	)		(17.09	)		1.77			(8.23	)		(4.47	)		(0.65	)		(19.32	)		8.00			(13.63	)		13.06			13.92			(35.04	)

Total from investment operations		4.46			(3.50	)		(0.93	)		0.06			(15.21	)		3.19			(6.60	)		(3.34	)		0.56			(17.15	)		9.32			(12.11	)		14.34			15.13			(34.14	)

Net equalization credits and charges (1)		0.04			(0.03	)		0.06			(0.01	)		(0.12	)		0.35			(0.00	)(3)		0.10			0.15			(0.24	)		—			—			—			0.43			2.13

Distributions to shareholders from:
Net investment income		(1.26	)		(1.60	)		(1.05	)		(1.07	)		(1.69	)		(1.30	)		(1.58	)		(1.20	)		(1.25	)		(1.95	)		(1.71	)		(1.29	)		(0.81	)		(0.82	)		(1.03	)
Net realized gains		—			—			—			—			(0.34	)		—			—			—			—			(0.90	)		(0.92	)		(2.61	)		—			—			(0.11	)

Total distributions		(1.26	)		(1.60	)		(1.05	)		(1.07	)		(2.03	)		(1.30	)		(1.58	)		(1.20	)		(1.25	)		(2.85	)		(2.63	)		(3.90	)		(0.81	)		(0.82	)		(1.14	)

Net asset value, end of period	$	31.50		$	28.26		$	33.39		$	35.31		$	36.33		$	30.96		$	28.72		$	36.90		$	41.34		$	41.88		$	73.54		$	66.85		$	82.86		$	69.33		$	54.59

Total return (4)		16.25	%		(11.37	)%		(2.52	)%		0.69	%		(29.27	)%		12.90	%		(18.88	)%		(7.48	)%		2.35	%		(29.00	)%		14.40	%		(15.55	)%		20.85	%		29.15	%		(36.95	)%
Net assets, end of period (in 000’s)	$	37,809		$	29,684		$	38,407		$	56,514		$	76,311		$	993,820		$	116,356		$	162,400		$	181,922		$	224,080		$	389,769		$	514,755		$	712,608		$	436,766		$	163,780
Ratio of expenses to average net assets		0.29	%		0.30	%		0.31	%		0.29	%		0.29	%		0.29	%		0.30	%		0.31	%		0.29	%		0.29	%		0.60	%		0.60	%		0.60	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets		4.12	%		3.55	%		3.05	%		3.93	%		3.35	%		4.78	%		4.29	%		3.03	%		3.67	%		3.53	%		1.87	%		1.83	%		1.74	%		2.25	%		2.28	%
Portfolio turnover rate (5)		6	%		7	%		9	%		11	%		14	%		9	%		7	%		8	%		12	%		14	%		7	%		20	%		10	%		4	%		7	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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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
	Pacific ETF			SPDR S&P Russia ETF									SPDR S&P China ETF															SPDR S&P Emerging Markets ETF
	For the									For the
	Period									Period
	*1/11/12-**			Year Ended			Year Ended			*3/10/10-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/12			9/30/11			9/30/10			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	40.00		$	25.65		$	30.01		$	30.00		$	57.68		$	76.14		$	66.50		$	51.29		$	94.34		$	57.26		$	69.89		$	59.00		$	51.86		$	75.21

Income (loss) from investment operations:
Net investment income (loss)		0.70	(1)		0.57	(1)		0.57	(1)		0.20	(1)		1.68	(1)		1.31	(1)		1.03	(1)		1.21	(1)		0.75			1.48	(1)		1.36	(1)		1.09	(1)		0.97	(1)		1.32
Net realized and unrealized gain (loss) (2)		3.52			2.80			(4.53	)		(0.01	)		7.56			(18.48	)		9.44			14.81			(43.64	)		7.20			(12.20	)		10.73			7.00			(23.44	)

Total from investment operations		4.22			3.37			(3.96	)		0.19			9.24			(17.17	)		10.47			16.02			(42.89	)		8.68			(10.84	)		11.82			7.97			(22.12	)

Net equalization credits and charges (1)		—			—			—			—			—			—			—			0.53			0.47			—			—			—			0.60			0.16

Other Capital		0.20			—			—			—			—			—			—			—			—			—	(3)		—			—			—			—

Distributions to shareholders from:
Net investment income		—			(0.48	)		(0.29	)		(0.18	)		(1.47	)		(1.29	)		(0.83	)		(1.34	)		(0.63	)		(1.41	)		(1.15	)		(0.93	)		(1.43	)		(0.65	)
Net realized gains		—			—			(0.11	)		—			—			—			—			—			—			(0.68	)		(0.64	)		—			—			(0.74	)

Total distributions		—			(0.48	)		(0.40	)		(0.18	)		(1.47	)		(1.29	)		(0.83	)		(1.34	)		(0.63	)		(2.09	)		(1.79	)		(0.93	)		(1.43	)		(1.39	)

Net asset value, end of period	$	44.42		$	28.54		$	25.65		$	30.01		$	65.45		$	57.68		$	76.14		$	66.50		$	51.29		$	63.85		$	57.26		$	69.89		$	59.00		$	51.86

Total return (4)		11.08	%		13.40	%		(13.58	)%		0.72	%		16.17	%		(22.95	)%		15.87	%		33.06	%		(45.26	)%		15.58	%		(16.06	)%		20.25	%		18.05	%		(29.77	)%
Net assets, end of period (in 000’s)	$	2,221		$	39,963		$	43,611		$	6,003		$	759,186		$	617,133		$	677,680		$	445,539		$	123,108		$	166,023		$	154,600		$	216,661		$	94,395		$	36,299
Ratio of expenses to average net assets		0.71	%(5)		0.59	%		0.59	%		0.59	%(5)		0.59	%		0.60	%		0.61	%		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets		2.27	%(5)		2.05	%		1.56	%		1.25	%(5)		2.56	%		1.71	%		1.46	%		2.22	%		1.33	%		2.39	%		1.90	%		1.73	%		2.18	%		1.97	%
Portfolio turnover rate (6)		65	%		11	%		15	%		1	%		10	%		9	%		25	%		0	%(7)		4	%		11	%		4	%		15	%		1	%		11	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		State Street reimbursed the Fund $6,299 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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325

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Markets Dividend ETF						SPDR S&P BRIC 40 ETF															SPDR S&P Emerging Europe ETF
				For the
				Period
	Year Ended			*2/23/11-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	43.89		$	50.00		$	20.92		$	25.84		$	23.03		$	20.29		$	30.18		$	37.16		$	45.55		$	39.42		$	42.73		$	64.57

Income (loss) from investment operations:
Net investment income (loss)		3.18	(1)		2.32	(1)		0.54	(1)		0.60	(1)		0.43	(1)		0.42	(1)		0.39			0.95	(1)		1.02	(1)		0.46	(1)		0.50	(1)		0.46
Net realized and unrealized gain (loss) (2)		(0.78	)		(6.96	)		2.09			(5.00	)		2.75			2.97			(10.19	)		4.22			(8.73	)		6.06			(2.77	)		(22.41	)

Total from investment operations		2.40			(4.64	)		2.63			(4.40	)		3.18			3.39			(9.80	)		5.17			(7.71	)		6.52			(2.27	)		(21.95	)

Net equalization credits and charges (1)		0.01			0.43			—			—			—			0.01			0.04			—			—			—			(0.29	)		0.51

Other Capital		—			—			—	(3)		—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(2.60	)		(1.28	)		(0.58	)		(0.52	)		(0.37	)		(0.66	)		(0.13	)		(1.07	)		(0.68	)		(0.39	)		(0.75	)		(0.37	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			—			(0.03	)
Return of capital		—			(0.62	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(2.60	)		(1.90	)		(0.58	)		(0.52	)		(0.37	)		(0.66	)		(0.13	)		(1.07	)		(0.68	)		(0.39	)		(0.75	)		(0.40	)

Net asset value, end of period	$	43.70		$	43.89		$	22.97		$	20.92		$	25.84		$	23.03		$	20.29		$	41.26		$	37.16		$	45.55		$	39.42		$	42.73

Total return (4)		5.54	%		(8.73	)%		12.82	%		(17.49	)%		13.98	%		18.16	%		(32.50	)%		14.32	%		(17.35	)%		16.74	%		(5.18	)%		(33.45	)%
Net assets, end of period (in 000’s)	$	301,515		$	54,862		$	296,324		$	374,453		$	459,991		$	340,812		$	188,734		$	86,639		$	118,917		$	232,325		$	137,975		$	81,189
Ratio of expenses to average net assets		0.61	%		0.62	%(5)		0.50	%		0.51	%		0.52	%		0.48	%		0.40	%		0.60	%		0.61	%		0.61	%		0.59	%		0.60	%
Ratio of expenses to average net assets before waivers		0.61	%		0.62	%(5)		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%		0.60	%		0.61	%		0.61	%		0.59	%		0.60	%
Ratio of net investment income (loss) to average net assets		6.80	%		7.46	%(5)		2.32	%		2.23	%		1.78	%		2.36	%		1.43	%		2.41	%		2.04	%		1.07	%		1.66	%		0.96	%
Portfolio turnover rate (6)		134	%		42	%		13	%		10	%		10	%		16	%		16	%		6	%		10	%		21	%		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 year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		State Street reimbursed the Fund $29,705 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)		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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327

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Latin America ETF															SPDR S&P Emerging Middle East & Africa ETF															SPDR S&P World ex-US ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	64.12		$	84.48		$	69.92		$	61.83		$	78.49		$	62.01		$	71.33		$	58.74		$	54.48		$	68.63		$	21.37		$	24.19		$	23.58		$	23.31		$	34.05

Income (loss) from investment operations:
Net investment income (loss)		1.76	(1)		1.93	(1)(2)		1.57	(1)		1.13	(1)		1.32			2.13	(1)		1.87	(1)		1.33	(1)		1.36	(1)		1.79	(3)		0.75	(1)		0.75	(1)		0.56	(1)		0.57	(1)		0.61
Net realized and unrealized gain (loss) (4)		7.40			(20.76	)		14.73			8.12			(17.23	)		9.44			(9.65	)		12.51			5.97			(15.86	)		2.38			(2.89	)		0.56			(0.22	)		(11.31	)

Total from investment operations		9.16			(18.83	)		16.30			9.25			(15.91	)		11.57			(7.78	)		13.84			7.33			(14.07	)		3.13			(2.14	)		1.12			0.35			(10.70	)

Net equalization credits and charges (1)		—			—			—			0.37			0.25			—			—			—			(0.51	)		1.04			—			—			—			0.56			0.62

Distributions to shareholders from:
Net investment income		(2.00	)		(1.53	)		(1.74	)		(1.53	)		(0.95	)		(2.82	)		(1.54	)		(1.25	)		(2.56	)		(1.02	)		(0.59	)		(0.68	)		(0.51	)		(0.64	)		(0.57	)
Net realized gains		—			—			—			—			(0.05	)		—			—			—			—			(0.10	)		—			—			—			—			(0.09	)

Total distributions		(2.00	)		(1.53	)		(1.74	)		(1.53	)		(1.00	)		(2.82	)		(1.54	)		(1.25	)		(2.56	)		(1.12	)		(0.59	)		(0.68	)		(0.51	)		(0.64	)		(0.66	)

Net asset value, end of period	$	71.28		$	64.12		$	84.48		$	69.92		$	61.83		$	70.76		$	62.01		$	71.33		$	58.74		$	54.48		$	23.91		$	21.37		$	24.19		$	23.58		$	23.31

Total return (5)		14.49	%		(22.78	)%(2)		23.73	%		16.99	%		(20.21	)%		19.26	%		(11.32	)%		23.91	%		14.04	%		(19.37	)%		14.99	%		(9.32	)%		4.99	%		4.68	%		(30.13	)%
Net assets, end of period (in 000’s)	$	114,055		$	121,832		$	211,194		$	132,844		$	74,202		$	91,986		$	105,410		$	142,664		$	129,232		$	152,538		$	411,282		$	119,679		$	106,453		$	84,886		$	27,973
Ratio of expenses to average net assets		0.59	%		0.60	%		0.61	%		0.60	%		0.60	%		0.59	%		0.60	%		0.60	%		0.59	%		0.59	%		0.34	%		0.35	%		0.35	%		0.34	%		0.35	%
Ratio of net investment income (loss) to average net assets		2.43	%		2.27	%(2)		2.05	%		2.27	%		1.94	%		3.17	%		2.55	%		2.12	%		2.98	%		3.88	%		3.28	%		2.94	%		2.44	%		3.02	%		3.36	%
Portfolio turnover rate (6)		7	%		12	%		23	%		17	%		7	%		7	%		4	%		27	%		12	%		7	%		8	%		2	%		7	%		12	%		4	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%.
(3)		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.
(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)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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329

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Small Cap ETF															SPDR Dow Jones International Real Estate ETF															SPDR FTSE/Macquarie Global Infrastructure 100 ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	25.79		$	27.92		$	25.45		$	23.71		$	36.71		$	32.70		$	38.39		$	35.53		$	37.86		$	63.83		$	38.94		$	40.91		$	41.94		$	47.03		$	57.68

Income (loss) from investment operations:																																						��
Net investment income (loss)		0.57	(1)		0.64	(1)		0.46	(1)		0.44	(1)		0.51			1.41	(1)		1.57	(1)		1.34	(1)		1.34	(1)		1.80			1.60	(1)		1.71	(1)		1.47	(1)		1.57	(1)		1.53	(2)
Net realized and unrealized gain (loss) (3)		2.08			(2.14	)		2.42			1.74			(13.04	)		5.67			(3.82	)		2.84			(2.38	)		(26.03	)		1.53			(2.03	)		(0.88	)		(4.35	)		(11.64	)

Total from investment operations		2.65			(1.50	)		2.88			2.18			(12.53	)		7.08			(2.25	)		4.18			(1.04	)		(24.23	)		3.13			(0.32	)		0.59			(2.78	)		(10.11	)

Net equalization credits and charges (1)		—			—			—			0.12			0.35			1.06			0.09			(0.01	)		0.05			0.06			—			—			—			0.07			0.60

Other Capital		—	(4)		—			—			—			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(0.75	)		(0.63	)		(0.41	)		(0.56	)		(0.30	)		(1.55	)		(3.53	)		(1.31	)		(1.34	)		(1.80	)		(1.65	)		(1.65	)		(1.62	)		(2.38	)		(0.94	)
Net realized gains		(0.20	)		—			—			—			(0.52	)		—			—			—			—			—			—			—			—			—			(0.20	)

Total distributions		(0.95	)		(0.63	)		(0.41	)		(0.56	)		(0.82	)		(1.55	)		(3.53	)		(1.31	)		(1.34	)		(1.80	)		(1.65	)		(1.65	)		(1.62	)		(2.38	)		(1.14	)

Net asset value, end of period	$	27.49		$	25.79		$	27.92		$	25.45		$	23.71		$	39.29		$	32.70		$	38.39		$	35.53		$	37.86		$	40.42		$	38.94		$	40.91		$	41.94		$	47.03

Total return (5)		10.74	%		(5.72	)%		11.54	%		10.45	%		(33.83	)%		25.52	%		(6.76	)%		12.15	%		(1.52	)%		(38.38	)%		8.20	%		(1.04	)%		1.63	%		(5.40	)%		(16.93	)%
Net assets, end of period (in 000’s)	$	679,080		$	729,907		$	622,564		$	509,033		$	331,890		$	3,136,658		$	1,996,074		$	1,314,261		$	939,265		$	811,118		$	36,378		$	35,045		$	53,186		$	67,099		$	79,944
Ratio of expenses to average net assets		0.59	%		0.61	%		0.60	%		0.59	%		0.59	%		0.59	%		0.61	%		0.60	%		0.59	%		0.59	%		0.59	%		0.60	%		0.61	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets		2.16	%		2.12	%		1.81	%		2.27	%		2.38	%		3.96	%		4.05	%		3.86	%		4.85	%		3.43	%		4.02	%		4.07	%		3.63	%		4.16	%		3.49	%
Portfolio turnover rate (6)		2	%		22	%		17	%		21	%		46	%		11	%		10	%		7	%		23	%		8	%		10	%		6	%		6	%		10	%		7	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share 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)		State Street reimbursed the Fund $13,909 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. Broker commission charges are not included in this calculation.
(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			SPDR
																									MSCI			MSCI EM
	SPDR S&P Global Natural Resources ETF									SPDR MSCI ACWI ex-US ETF															ACWI IMI ETF			50 ETF
							For the																		For the			For the
							Period																		Period			Period
	Year Ended			Year Ended			*9/13/10-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/27/12-**			*2/27/12-**
	9/30/12			9/30/11			9/30/10			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/12

Net asset value, beginning of period	$	45.94		$	50.76		$	50.00		$	27.55		$	31.77		$	30.38		$	29.39		$	42.56		$	50.00		$	50.00

Income (loss) from investment operations:
Net investment income (loss)		1.14	(1)		1.23	(1)		0.03	(1)		0.89	(1)		0.95	(1)		0.73	(1)		0.71	(1)		0.82			0.88	(1)		0.86	(1)
Net realized and unrealized gain (loss) (2)		4.78			(5.44	)		0.73			2.93			(4.28	)		1.35			1.14			(13.76	)		(0.30	)		(3.09	)

Total from investment operations		5.92			(4.21	)		0.76			3.82			(3.33	)		2.08			1.85			(12.94	)		0.58			(2.23	)

Net equalization credits and charges (1)		—			—			—			—			—			—			0.08			0.60			—			—

Distributions to shareholders from:
Net investment income		(0.96	)		(0.61	)		—			(0.88	)		(0.89	)		(0.69	)		(0.94	)		(0.77	)		(0.54	)		(0.46	)
Net realized gains		—			—			—			—			—			—			—			(0.06	)		—			—

Total distributions		(0.96	)		(0.61	)		—			(0.88	)		(0.89	)		(0.69	)		(0.94	)		(0.83	)		(0.54	)		(0.46	)

Net asset value, end of period	$	50.90		$	45.94		$	50.76		$	30.49		$	27.55		$	31.77		$	30.38		$	29.39		$	50.04		$	47.31

Total return (3)		13.07	%		(8.56	)%		1.52	%		14.20	%		(10.99	)%		7.13	%		7.41	%		(29.53	)%		1.28	%		(4.37	)%
Net assets, end of period (in 000’s)	$	414,852		$	163,076		$	7,615		$	384,218		$	363,713		$	393,909		$	309,901		$	258,639		$	5,004		$	4,731
Ratio of expenses to average net assets		0.40	%		0.40	%		0.38	%(4)		0.34	%		0.35	%		0.35	%		0.34	%		0.34	%		0.25	%(4)		0.50	%(4)
Ratio of net investment income (loss) to average net assets		2.28	%		2.13	%		1.10	%(4)		3.03	%		2.85	%		2.43	%		2.98	%		3.00	%		3.08	%(4)		3.16	%(4)
Portfolio turnover rate (5)		18	%		32	%		0	%(6)		8	%		4	%		3	%		15	%		5	%		—	%(6)		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 year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(6)		Amount shown represents less than 0.5%.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Russell/Nomura PRIME Japan ETF															SPDR Russell/Nomura Small Cap Japan ETF															SPDR S&P International Dividend ETF
																																											For the
																																											Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/12/08-**
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	37.12		$	37.80		$	38.41		$	39.64		$	55.91		$	43.79		$	39.65		$	40.51		$	35.84		$	48.31		$	45.07		$	53.88		$	52.49		$	48.17		$	70.76

Income (loss) from investment operations:
Net investment income (loss)		0.66	(1)		0.85	(1)		0.50	(1)		0.46	(1)		1.95			0.64	(1)		0.69	(1)		0.53	(1)		0.60	(1)		0.71			3.29	(1)		3.48	(1)		2.32	(1)		2.09	(1)		3.56
Net realized and unrealized gain (loss) (2)		(1.55	)		(0.56	)		(0.58	)		(0.64	)		(15.75	)		(2.00	)		4.12			(0.73	)		5.29			(12.49	)		(0.22	)		(9.35	)		1.26			3.70			(23.17	)

Total from investment operations		(0.89	)		0.29			(0.08	)		(0.18	)		(13.80	)		(1.36	)		4.81			(0.20	)		5.89			(11.78	)		3.07			(5.87	)		3.58			5.79			(19.61	)

Net equalization credits and charges (1)		—			—			—			0.29			(0.62	)		—			—			—			(0.15	)		(0.12	)		0.14			0.37			0.06			0.40			1.30

Distributions to shareholders from:
Net investment income		(0.66	)		(0.97	)		(0.53	)		(1.34	)		(1.69	)		(0.78	)		(0.67	)		(0.66	)		(1.07	)		(0.57	)		(3.01	)		(3.31	)		(2.25	)		(1.87	)		(4.28	)
Net realized gains		—			—			—			—			(0.16	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(0.66	)		(0.97	)		(0.53	)		(1.34	)		(1.85	)		(0.78	)		(0.67	)		(0.66	)		(1.07	)		(0.57	)		(3.01	)		(3.31	)		(2.25	)		(1.87	)		(4.28	)

Net asset value, end of period	$	35.57		$	37.12		$	37.80		$	38.41		$	39.64		$	41.65		$	43.79		$	39.65		$	40.51		$	35.84		$	45.27		$	45.07		$	53.88		$	52.49		$	48.17

Total return (3)		(2.33	)%		0.56	%		(0.14	)%		0.58	%		(26.48	)%		(3.05	)%		12.17	%		(0.41	)%		16.35	%		(24.85	)%		7.45	%		(11.06	)%		7.34	%		13.86	%		(26.93	)%
Net assets, end of period (in 000’s)	$	14,227		$	14,846		$	15,119		$	15,363		$	23,786		$	64,563		$	98,537		$	67,412		$	85,081		$	77,057		$	1,000,522		$	482,266		$	258,705		$	126,037		$	43,369
Ratio of expenses to average net assets		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%		0.55	%		0.56	%		0.56	%		0.55	%		0.55	%		0.45	%		0.46	%		0.46	%		0.46	%		0.48	%(4)
Ratio of net investment income (loss) to average net assets		1.83	%		2.16	%		1.34	%		1.32	%		0.52	%		1.54	%		1.63	%		1.37	%		1.74	%		1.24	%		7.11	%		6.24	%		4.48	%		5.26	%		8.77	%(4)
Portfolio turnover rate (5)		1	%		3	%		3	%		6	%		3	%		22	%		10	%		24	%		25	%		22	%		127	%		142	%		131	%		148	%		71	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Mid Cap ETF															SPDR S&P Emerging Markets Small Cap ETF															SPDR Dow Jones Global Real Estate ETF
													For the															For the															For the
													Period															Period															Period
	Year Ended			Year Ended			Year Ended			Year Ended			*5/7/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*5/12/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*5/7/08-**
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	26.04		$	28.76		$	27.14		$	26.04		$	35.46		$	40.57		$	54.62		$	43.78		$	32.69		$	52.29		$	32.58		$	36.00		$	31.18		$	39.33		$	49.87

Income (loss) from investment operations:
Net investment income (loss)		0.68	(1)		0.76	(1)		0.55	(1)		0.57	(1)		0.32			0.96	(1)		0.99	(1)		1.06	(1)(2)		0.66	(1)		0.16			1.12	(1)		1.16	(1)		1.11	(1)		1.19	(1)		0.56
Net realized and unrealized gain (loss) (3)		2.57			(2.31	)		2.31			0.72			(9.74	)		5.15			(13.25	)		10.65			10.18			(20.81	)		7.52			(2.00	)		4.88			(8.23	)		(10.80	)

Total from investment operations		3.25			(1.55	)		2.86			1.29			(9.42	)		6.11			(12.26	)		11.71			10.84			(20.65	)		8.64			(0.84	)		5.99			(7.04	)		(10.24	)

Net equalization credits and charges (1)		—			—			—			0.34			—			—			—			—			0.56			1.05			0.58			0.08			0.02			0.31			0.33

Other Capital		—			—			—			—			—			0.04			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(0.84	)		(0.70	)		(0.50	)		(0.53	)		—			(0.92	)		(0.34	)		(0.19	)		(0.31	)		—			(1.24	)		(2.66	)		(1.19	)		(1.42	)		(0.63	)
Net realized gains		(0.76	)		(0.47	)		(0.74	)		—			—			(1.37	)		(1.45	)		(0.68	)		—			—			—			—			—			—			—

Total distributions		(1.60	)		(1.17	)		(1.24	)		(0.53	)		—			(2.29	)		(1.79	)		(0.87	)		(0.31	)		—			(1.24	)		(2.66	)		(1.19	)		(1.42	)		(0.63	)

Net asset value, end of period	$	27.69		$	26.04		$	28.76		$	27.14		$	26.04		$	44.43		$	40.57		$	54.62		$	43.78		$	32.69		$	40.56		$	32.58		$	36.00		$	31.18		$	39.33

Total return (4)		13.27	%		(6.00	)%		11.11	%		6.87	%		(26.54	)%		16.09	%		(23.36	)%		27.05	%		35.45	%		(37.48	)%		28.56	%		(2.80	)%		19.71	%		(15.97	)%		(19.89	)%
Net assets, end of period (in 000’s)	$	35,993		$	36,461		$	30,196		$	21,716		$	5,208		$	897,446		$	908,812		$	797,411		$	65,674		$	9,807		$	543,476		$	273,706		$	140,388		$	81,076		$	15,731
Ratio of expenses to average net assets		0.45	%		0.46	%		0.46	%		0.45	%		0.45	%(5)		0.66	%		0.66	%		0.66	%		0.66	%		0.76	%(5)		0.50	%		0.50	%		0.51	%		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		2.56	%		2.49	%		2.07	%		2.57	%		2.22	%(5)		2.27	%		1.85	%		2.19	%		1.93	%		3.41	%(5)		2.96	%		3.08	%		3.42	%		4.84	%		3.97	%(5)
Portfolio turnover rate (6)		28	%		32	%		31	%		45	%		19	%		22	%		70	%		85	%		83	%		2	%		8	%		9	%		7	%		18	%		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 year.
(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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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Consumer Discretionary Sector ETF															SPDR S&P International Consumer Staples Sector ETF															SPDR S&P International Energy Sector ETF
													For the															For the															For the
													Period															Period															Period
	Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	25.05		$	26.90		$	24.12		$	22.37		$	25.54		$	29.60		$	29.80		$	26.31		$	25.80		$	27.47		$	22.46		$	24.52		$	25.48		$	25.07		$	31.62

Income (loss) from investment operations:
Net investment income (loss)		0.52	(1)		0.47	(1)		0.41	(1)		0.43	(1)		0.12			0.82	(1)		0.88	(1)		0.69	(1)		0.57	(1)		0.13			0.79	(1)		0.70	(1)		0.65	(1)		0.76	(1)		0.16
Net realized and unrealized gain (loss) (2)		3.11			(1.79	)		2.69			1.77			(3.26	)		4.90			(0.37	)		3.39			0.50			(1.69	)		2.89			(2.10	)		(1.01	)		0.34			(6.57	)

Total from investment operations		3.63			(1.32	)		3.10			2.20			(3.14	)		5.72			0.51			4.08			1.07			(1.56	)		3.68			(1.40	)		(0.36	)		1.10			(6.41	)

Net equalization credits and charges (1)		(0.13	)		(0.03	)		0.02			—			—			—	(3)		0.15			0.04			—			—			(0.02	)		0.00	(3)		0.04			0.04			—

Distributions to shareholders from:
Net investment income		(0.51	)		(0.50	)		(0.34	)		(0.45	)		(0.03	)		(0.80	)		(0.86	)		(0.63	)		(0.56	)		(0.11	)		(0.81	)		(0.66	)		(0.64	)		(0.72	)		(0.14	)
Net realized gains		(0.39	)		—			—			—			—			—			—			—			—			—			—			—			—			—			—
Return of capital		—			—			—			—			—			—			—			—			—			—			—			—			—			(0.01	)		—

Total distributions		(0.90	)		(0.50	)		(0.34	)		(0.45	)		(0.03	)		(0.80	)		(0.86	)		(0.63	)		(0.56	)		(0.11	)		(0.81	)		(0.66	)		(0.64	)		(0.73	)		(0.14	)

Net asset value, end of period	$	27.65		$	25.05		$	26.90		$	24.12		$	22.37		$	34.52		$	29.60		$	29.80		$	26.31		$	25.80		$	25.31		$	22.46		$	24.52		$	25.48		$	25.07

Total return (4)		14.40	%		(5.33	)%		13.12	%		10.38	%		(12.29	)%		19.51	%		2.08	%		15.87	%		4.48	%		(5.70	)%		16.44	%		(6.14	)%		(1.18	)%		5.09	%		(20.28	)%
Net assets, end of period (in 000’s)	$	5,529		$	11,271		$	18,833		$	4,824		$	4,475		$	18,986		$	19,239		$	14,900		$	5,262		$	5,160		$	11,389		$	12,355		$	12,259		$	6,369		$	5,014
Ratio of expenses to average net assets		0.51	%		0.50	%		0.51	%		0.50	%		0.52	%(5)		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%(5)		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		1.96	%		1.61	%		1.67	%		2.22	%		1.88	%(5)		2.53	%		2.81	%		2.50	%		2.58	%		2.17	%(5)		3.16	%		2.55	%		2.63	%		3.64	%		3.03	%(5)
Portfolio turnover rate (6)		5	%		9	%		11	%		7	%		1	%		7	%		2	%		5	%		8	%		9	%		6	%		4	%		11	%		6	%		1	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		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.

338

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339

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Financial Sector ETF															SPDR S&P International Health Care Sector ETF															SPDR S&P International Industrial Sector ETF
													For the															For the															For the
													Period															Period															Period
	Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	15.47		$	19.60		$	21.39		$	21.48		$	24.52		$	29.55		$	29.46		$	28.50		$	28.38		$	31.23		$	22.46		$	25.65		$	23.26		$	22.07		$	27.47

Income (loss) from investment operations:
Net investment income (loss)		0.64	(1)		0.69	(1)		0.55	(1)		0.46	(1)		0.10			0.86	(1)		0.74	(1)		0.64	(1)		0.57	(1)		0.11			0.55	(1)		0.62	(1)		0.41	(1)		0.47	(1)		0.09
Net realized and unrealized gain (loss) (2)		2.15			(4.09	)		(1.83	)		(0.11	)		(3.05	)		5.57			0.04			0.96			0.11			(2.91	)		2.32			(3.23	)		2.27			1.25			(5.44	)

Total from investment operations		2.79			(3.40	)		(1.28	)		0.35			(2.95	)		6.43			0.78			1.60			0.68			(2.80	)		2.87			(2.61	)		2.68			1.72			(5.35	)

Net equalization credits and charges (1)		(0.07	)		(0.01	)		0.04			0.01			—			(0.01	)		0.05			(0.01	)		—			—			(0.10	)		(0.01	)		0.06			—			—

Distributions to shareholders from:
Net investment income		(0.52	)		(0.72	)		(0.55	)		(0.45	)		(0.09	)		(0.82	)		(0.74	)		(0.63	)		(0.56	)		(0.05	)		(0.56	)		(0.57	)		(0.35	)		(0.53	)		(0.05	)

Total distributions		(0.52	)		(0.72	)		(0.55	)		(0.45	)		(0.09	)		(0.82	)		(0.74	)		(0.63	)		(0.56	)		(0.05	)		(0.56	)		(0.57	)		(0.35	)		(0.53	)		(0.05	)

Net asset value, end of period	$	17.67		$	15.47		$	19.60		$	21.39		$	21.48		$	35.15		$	29.55		$	29.46		$	28.50		$	28.38		$	24.67		$	22.46		$	25.65		$	23.26		$	22.07

Total return (3)		18.02	%		(17.99	)%		(5.60	)%		2.35	%		(12.03	)%		22.03	%		2.69	%		5.71	%		2.78	%		(8.97	)%		12.53	%		(10.62	)%		11.94	%		8.35	%		(19.49	)%
Net assets, end of period (in 000’s)	$	3,534		$	7,735		$	8,821		$	5,348		$	4,295		$	28,123		$	19,207		$	10,310		$	5,701		$	5,676		$	8,635		$	20,211		$	17,955		$	4,653		$	4,413
Ratio of expenses to average net assets		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%(4)		0.50	%		0.50	%		0.51	%		0.50	%		0.50	%(4)		0.50	%		0.50	%		0.52	%		0.50	%		0.50	%(4)
Ratio of net investment income (loss) to average net assets		3.94	%		3.47	%		2.85	%		2.88	%		2.03	%(4)		2.70	%		2.37	%		2.25	%		2.35	%		1.67	%(4)		2.27	%		2.22	%		1.74	%		2.59	%		1.55	%(4)
Portfolio turnover rate (5)		6	%		4	%		6	%		25	%		0	%(6)		14	%		5	%		29	%		0	%(6)		18	%		11	%		0	%(6)		20	%		3	%		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 year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(6)		Amount shown represents less than 0.5%.

340

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341

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Materials Sector ETF															SPDR S&P International Technology Sector ETF															SPDR S&P International Telecommunications Sector ETF
													For the															For the															For the
													Period															Period															Period
	Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**			Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	22.83		$	26.34		$	23.05		$	21.54		$	31.52		$	22.00		$	24.76		$	24.58		$	22.27		$	27.77		$	22.65		$	24.30		$	23.58		$	22.71		$	27.02

Income (loss) from investment operations:
Net investment income (loss)		0.42	(1)		0.42	(1)		0.32	(1)		0.27	(1)		0.11			0.29	(1)		0.34	(1)		0.29	(1)		0.24	(1)		0.06			1.45	(1)		1.22	(1)(2)		1.05	(1)		0.97	(1)		0.16
Net realized and unrealized gain (loss) (3)		0.87			(3.51	)		3.25			1.41			(10.02	)		2.37			(2.68	)		0.14			2.32			(5.56	)		0.10			(1.54	)		0.69			0.86			(4.33	)

Total from investment operations		1.29			(3.09	)		3.57			1.68			(9.91	)		2.66			(2.34	)		0.43			2.56			(5.50	)		1.55			(0.32	)		1.74			1.83			(4.17	)

Net equalization credits and charges (1)		0.01			(0.03	)		(0.02	)		0.15			—			(0.03	)		0.00	(4)		0.01			0.01			—			(0.01	)		0.01			0.02			0.02			—

Distributions to shareholders from:
Net investment income		(0.45	)		(0.39	)		(0.26	)		(0.32	)		(0.07	)		(0.31	)		(0.33	)		(0.25	)		(0.26	)		—			(1.37	)		(1.34	)		(1.04	)		(0.98	)		(0.14	)
Net realized gains		—			—			—			—			—			(0.14	)		(0.09	)		(0.01	)		—			—			—			—			—			—			—

Total distributions		(0.45	)		(0.39	)		(0.26	)		(0.32	)		(0.07	)		(0.45	)		(0.42	)		(0.26	)		(0.26	)		—			(1.37	)		(1.34	)		(1.04	)		(0.98	)		(0.14	)

Net asset value, end of period	$	23.68		$	22.83		$	26.34		$	23.05		$	21.54		$	24.18		$	22.00		$	24.76		$	24.58		$	22.27		$	22.82		$	22.65		$	24.30		$	23.58		$	22.71

Total return (5)		5.79	%		(12.12	)%		15.53	%		8.87	%		(31.44	)%		12.06	%		(9.74	)%		1.86	%		11.81	%		(19.81	)%		7.23	%		(1.66	)%(2)		8.09	%		8.68	%		(15.45	)%
Net assets, end of period (in 000’s)	$	11,842		$	19,403		$	22,387		$	9,221		$	4,309		$	10,881		$	18,702		$	21,044		$	11,062		$	4,454		$	25,098		$	12,458		$	15,795		$	9,432		$	4,542
Ratio of expenses to average net assets		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%(6)		0.50	%		0.51	%		0.52	%		0.51	%		0.50	%(6)		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%(6)
Ratio of net investment income (loss) to average net assets		1.77	%		1.42	%		1.31	%		1.47	%		1.99	%(6)		1.21	%		1.27	%		1.20	%		1.23	%		1.04	%(6)		6.48	%		4.84	%(2)		4.62	%		4.76	%		3.11	%(6)
Portfolio turnover rate (7)		—	%(8)		1	%		9	%		7	%		4	%		6	%		1	%		10	%		5	%		0	%(8)		3	%		8	%		6	%		5	%		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 year.
(2)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.09 per share and 0.34% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (2.00)%.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(8)		Amount shown represents less than 0.5%.

342

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343

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Utilities Sector ETF
													For the
													Period
	Year Ended			Year Ended			Year Ended			Year Ended			*7/16/08-**
	9/30/12			9/30/11			9/30/10			9/30/09			9/30/08

Net asset value, beginning of period	$	17.38		$	20.55		$	22.78		$	24.95		$	29.47

Income (loss) from investment operations:
Net investment income (loss)		0.85	(1)		0.92	(1)(2)		0.82	(1)		0.86	(1)		0.37	(3)
Net realized and unrealized gain (loss) (4)		(1.24	)		(3.20	)		(2.43	)		(2.19	)		(4.45	)

Total from investment operations		(0.39	)		(2.28	)		(1.61	)		(1.33	)		(4.08	)

Net equalization credits and charges (1)		0.14			0.02			0.04			—			—

Distributions to shareholders from:
Net investment income		(0.74	)		(0.91	)		(0.66	)		(0.81	)		(0.44	)
Net realized gains		—			—			—			(0.03	)		—

Total distributions		(0.74	)		(0.91	)		(0.66	)		(0.84	)		(0.44	)

Net asset value, end of period	$	16.39		$	17.38		$	20.55		$	22.78		$	24.95

Total return (5)		(1.30	)%		(11.45	)%(2)		(6.71	)%		(4.96	)%		(13.87	)%
Net assets, end of period (in 000’s)	$	25,403		$	9,561		$	8,221		$	4,557		$	4,989
Ratio of expenses to average net assets		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%(6)
Ratio of net investment income (loss) to average net assets		5.15	%		4.49	%(2)		3.94	%		4.23	%		6.47	%(6)
Portfolio turnover rate (7)		8	%		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 year.
(2)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.08 per share and 0.39% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (11.75)%.
(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)		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.

344

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS

September 30, 2012


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 September 30, 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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September 30, 2012

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 September 30, 2012:


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Fund	Prices		Inputs		Inputs			Total

SPDR STOXX Europe 50 ETF	$	38,505,862	$	—	$	—		$	38,505,862
SPDR EURO STOXX 50 ETF		1,046,652,536		—		—			1,046,652,536
SPDR S&P Emerging Asia Pacific ETF		412,080,793		160,237		—	**		412,241,030
SPDR S&P Small Cap Emerging Asia Pacific ETF		2,225,424		3,650		7,450			2,236,524

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September 30, 2012


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total

SPDR S&P Russia ETF	$	40,749,796	$	—		$	—		$	40,749,796
SPDR S&P China ETF		890,601,596		—	*		—			890,601,596
SPDR S&P Emerging Markets ETF		169,000,440		48,911			—	**		169,049,351
SPDR S&P Emerging Markets Dividend ETF		335,520,331		—			—			335,520,331
SPDR S&P BRIC 40 ETF		333,028,798		—			—			333,028,798
SPDR S&P Emerging Europe ETF		87,897,245		—			—			87,897,245
SPDR S&P Emerging Latin America ETF		126,309,930		—			—			126,309,930
SPDR S&P Emerging Middle East & Africa ETF		99,055,889		139,993			—			99,195,882
SPDR S&P World ex-US ETF		455,545,463		—	*		—	**		455,545,463
SPDR S&P International Small Cap ETF		745,627,514		27,897			—	**		745,655,411
SPDR Dow Jones International Real Estate ETF		3,266,861,955		—	*		—			3,266,861,955
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		43,376,670		—			—			43,376,670
SPDR S&P Global Natural Resources ETF		450,759,229		—			—	**		450,759,229
SPDR MSCI ACWI ex-US ETF		423,236,306		—			—			423,236,306
SPDR MSCI ACWI IMI ETF		4,943,573		—			—			4,943,573
SPDR MSCI EM 50 ETF		4,724,900		—			—			4,724,900
SPDR Russell/Nomura PRIME Japan ETF		18,103,794		—			—			18,103,794
SPDR Russell/Nomura Small Cap Japan ETF		78,097,060		—	*		—			78,097,060
SPDR S&P International Dividend ETF		1,101,031,404		—			—			1,101,031,404
SPDR S&P International Mid Cap ETF		40,812,332		—			—	**		40,812,332
SPDR S&P Emerging Markets Small Cap ETF		927,653,715		718,079			624,043			928,995,837
SPDR Dow Jones Global Real Estate ETF		580,107,857		—	*		—			580,107,857
SPDR S&P International Consumer Discretionary Sector ETF		5,583,650		—			—			5,583,650
SPDR S&P International Consumer Staples Sector ETF		19,307,532		—			—			19,307,532
SPDR S&P International Energy Sector ETF		11,788,169		—			—			11,788,169
SPDR S&P International Financial Sector ETF		3,712,373		—			—			3,712,373
SPDR S&P International Health Care Sector ETF		28,028,511		—			—			28,028,511
SPDR S&P International Industrial Sector ETF		8,549,695		—			—			8,549,695
SPDR S&P International Materials Sector ETF		11,780,905		—			—	**		11,780,905
SPDR S&P International Technology Sector ETF		10,950,553		—			—			10,950,553
SPDR S&P International Telecommunications Sector ETF		25,451,786		—			—			25,451,786
SPDR S&P International Utilities Sector ETF		26,406,453		—			—			26,406,453


*		Fund held Level 2 securities that were valued at $0 at September 30, 2012.
**		Fund held Level 3 securities that were valued at $0 at September 30, 2012.

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September 30, 2012


				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	$	(25,505	)	$	—	$	—	$	(25,505	)


*		Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

There were no material transfers between levels for the year ended September 30, 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 in Net Assets.

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)

September 30, 2012

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)

September 30, 2012

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 September 30, 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 September 30, 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

—

408,556

—

408,556


(a)		Initial margin deposit on futures

Liability Derivatives

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

—

24,974

—

24,974


(a)		Payable for variation margin on 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		—		—		—		647,590		—		—		647,590


(a)		Net realized gain/loss 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 Markets ETF (a)	Futures Contract	$	—	$	—	$	—	$	(158,136	)	$	—	$	—	$	(158,136	)


(a)		Net change in unrealized appreciation (depreciation) on Futures.

The volume of derivatives held at year end is indicative of the volume held throughout the year.

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September 30, 2012

Federal Income Tax

The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, losses deferred due to wash sales and the realization of unrealized gains on investments in passive foreign investment companies.

Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes.

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 year ended September 30, 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	$	(1,406,695	)
SPDR EURO STOXX 50 ETF		2,971,575
SPDR S&P Emerging Asia Pacific ETF		6,812,741
SPDR S&P Small Cap Emerging Asia Pacific ETF		(510	)
SPDR S&P Russia ETF		3,602,519
SPDR S&P China ETF		39,674,298
SPDR S&P Emerging Markets ETF		5,599,621
SPDR S&P Emerging Markets Dividend ETF		1,188,021
SPDR S&P BRIC 40 ETF		23,233,593
SPDR S&P Emerging Europe ETF		(9,165,963	)
SPDR S&P Emerging Latin America ETF		2,805,070

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	Net Gain (Loss)
	Reclassified to
	Paid in Capital

SPDR S&P Emerging Middle East & Africa ETF	$	1,419,739
SPDR S&P World ex-US ETF		3,226,910
SPDR S&P International Small Cap ETF		5,289,152
SPDR Dow Jones International Real Estate ETF		50,135,901
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—
SPDR S&P Global Natural Resources ETF		4,725,737
SPDR MSCI ACWI ex-US ETF		26,325,917
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		—
SPDR Russell/Nomura PRIME Japan ETF		—
SPDR Russell/Nomura Small Cap Japan ETF		(714,458	)
SPDR S&P International Dividend ETF		166,806
SPDR S&P International Mid Cap ETF		409,837
SPDR S&P Emerging Markets Small Cap ETF		(6,608,860	)
SPDR Dow Jones Global Real Estate ETF		1,818,710
SPDR S&P International Consumer Discretionary Sector ETF		(130,302	)
SPDR S&P International Consumer Staples Sector ETF		1,134,053
SPDR S&P International Energy Sector ETF		161,886
SPDR S&P International Financial Sector ETF		(531,710	)
SPDR S&P International Health Care Sector ETF		1,522,112
SPDR S&P International Industrial Sector ETF		(2,136,706	)
SPDR S&P International Materials Sector ETF		(1,005,929	)
SPDR S&P International Technology Sector ETF		48,201
SPDR S&P International Telecommunications Sector ETF		60,319
SPDR S&P International Utilities Sector ETF		—

At September 30, 2012, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring September 30:


									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term

SPDR STOXX Europe 50 ETF	$	—	$	5,783,115	$	6,195,941	$	2,032,222	$	123,590	$	6,186,846
SPDR EURO STOXX 50 ETF		—		6,389,360		14,945,357		8,709,645		2,303,512		42,335,859
SPDR S&P Emerging Asia Pacific ETF		—		—		—		—		1,312,470		14,161,878
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—		—		—		—
SPDR S&P Russia ETF		—		—		—		—		1,606,561		815,018
SPDR S&P China ETF		—		2,685,375		3,455,043		20,718,358		7,930,197		16,159,601
SPDR S&P Emerging Markets ETF		—		—		—		—		—		4,318,295
SPDR S&P Emerging Markets Dividend ETF		—		—		—		362,314		23,688,436		1,609,549
SPDR S&P BRIC 40 ETF		—		399,946		37,661,979		9,992,324		3,996,266		27,879,445
SPDR S&P Emerging Europe ETF		—		5,912,354		8,992,073		9,348,438		890,145		5,814,446
SPDR S&P Emerging Latin America ETF		—		3,111,522		3,011,912		2,259,986		2,485,720		1,698,887

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term

SPDR S&P Emerging Middle East & Africa ETF	$	—	$	1,967,866	$	10,818,456	$	1,720,229	$	587,197	$	5,512,594
SPDR S&P World ex-US ETF		—		—		2,423,514		—		—		1,550,596
SPDR S&P International Small Cap ETF		—		—		—		—		4,263,504		12,568,678
SPDR Dow Jones International Real Estate ETF		2,568,760		37,378,612		162,058,595		64,649,806		9,925,294		218,292,563
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—		246,762		3,044,553		1,744,492		1,134		3,439,838
SPDR S&P Global Natural Resources ETF		—		—		—		—		7,990,822		6,092,675
SPDR MSCI ACWI ex-US ETF		—		2,856,017		36,957,682		2,453,209		2,779,144		12,094,928
SPDR MSCI ACWI IMI ETF		—		—		—		—		—		—
SPDR MSCI EM 50 ETF		—		—		—		—		63,202		—
SPDR Russell/Nomura PRIME Japan ETF		—		367,543		574,285		91,148		5,867		173,309
SPDR Russell/Nomura Small Cap Japan ETF		—		1,812,297		3,384,327		20,536		—		—
SPDR S&P International Dividend ETF		—		—		13,759,514		—		67,258,345		31,503,155
SPDR S&P International Mid Cap ETF		—		—		—		—		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		—		—		—		20,724,113		11,383,030
SPDR Dow Jones Global Real Estate ETF		—		103,944		4,030,131		1,089,711		2,814,951		1,766,583
SPDR S&P International Consumer Discretionary Sector ETF		—		—		—		—		14,577		38,653
SPDR S&P International Consumer Staples Sector ETF		—		—		72,762		3,931		—		—
SPDR S&P International Energy Sector ETF		—		4,624		119,106		316,377		—		185,938
SPDR S&P International Financial Sector ETF		—		39,777		563,054		43,972		13,091		319,324
SPDR S&P International Health Care Sector ETF		—		64,517		3,109		41,551		41,691		69,802
SPDR S&P International Industrial Sector ETF		—		4,087		41,800		85,376		30,716		156,494
SPDR S&P International Materials Sector ETF		—		65,728		154,398		205,070		48		2,353
SPDR S&P International Technology Sector ETF		—		—		—		—		—		—
SPDR S&P International Telecommunications Sector ETF		—		2,618		97,364		213,502		—		224,454
SPDR S&P International Utilities Sector ETF		—		16,137		130,798		182,287		—		462,021

During the tax year ended September 30, 2012, the Funds utilized/expired capital loss carryforwards in the following amounts:


	Amount Utilized		Amount Expired

SPDR STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR 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		—		—

353

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Amount Utilized		Amount Expired

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		185,565		—
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		23,980		—
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		5,746		—
SPDR S&P International Telecommunications Sector ETF		—		—
SPDR S&P International Utilities Sector ETF		—		—

Under current tax laws, certain capital and foreign currency losses realized after October 31 and ordinary income losses realized after December 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds elected for federal income tax purposes to defer the following current year post October 31 and post December 31 losses, as applicable, as though the losses were incurred on the first day of the next fiscal year:


	Post October		Late Year
	Capital Loss Deferral		Ordinary Loss Deferral

SPDR STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR 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		—		—

354

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Post October			Late Year
	Capital Loss Deferral			Ordinary Loss Deferral

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		(188,045	)		—
SPDR S&P International Telecommunications Sector ETF		—			—
SPDR S&P International Utilities Sector ETF		—			—

For the year ended September 30, 2012, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.

The tax character of distributions paid during the year ended September 30, 2012 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR STOXX Europe 50 ETF	$	1,310,972	$	—	$	—
SPDR EURO STOXX 50 ETF		23,665,812		—		—
SPDR S&P Emerging Asia Pacific ETF		11,357,965		6,448,372		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—
SPDR S&P Russia ETF		734,365		—		—
SPDR S&P China ETF		17,799,814		—		—
SPDR S&P Emerging Markets ETF		3,935,966		1,641,949		—
SPDR S&P Emerging Markets Dividend ETF		16,170,078		—		—
SPDR S&P BRIC 40 ETF		8,184,641		—		—
SPDR S&P Emerging Europe ETF		2,483,872		—		—
SPDR S&P Emerging Latin America ETF		3,522,698		—		—
SPDR S&P Emerging Middle East & Africa ETF		4,218,267		—		—
SPDR S&P World ex-US ETF		5,552,612		—		—

355

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR S&P International Small Cap ETF	$	19,547,097	$	5,368,801	$	—
SPDR Dow Jones International Real Estate ETF		111,418,761		—		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		1,483,636		—		—
SPDR S&P Global Natural Resources ETF		4,463,333		—		—
SPDR MSCI ACWI ex-US ETF		13,349,211		—		—
SPDR MSCI ACWI IMI ETF		54,416		—		—
SPDR MSCI EM 50 ETF		46,280		—		—
SPDR Russell/Nomura PRIME Japan ETF		265,569		—		—
SPDR Russell/Nomura Small Cap Japan ETF		1,634,370		—		—
SPDR S&P International Dividend ETF		53,305,546		—		—
SPDR S&P International Mid Cap ETF		1,577,246		637,971		—
SPDR S&P Emerging Markets Small Cap ETF		28,780,358		17,144,635		—
SPDR Dow Jones Global Real Estate ETF		13,646,214		—		—
SPDR S&P International Consumer Discretionary Sector ETF		198,620		—		—
SPDR S&P International Consumer Staples Sector ETF		478,660		—		—
SPDR S&P International Energy Sector ETF		366,239		—		—
SPDR S&P International Financial Sector ETF		155,043		—		—
SPDR S&P International Health Care Sector ETF		462,681		—		—
SPDR S&P International Industrial Sector ETF		261,597		—		—
SPDR S&P International Materials Sector ETF		253,185		—		—
SPDR S&P International Technology Sector ETF		165,361		75,778		—
SPDR S&P International Telecommunications Sector ETF		1,106,996		—		—
SPDR S&P International Utilities Sector ETF		691,902		—		—

The tax character of distributions paid during the year ended September 30, 2011 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR STOXX Europe 50 ETF	$	1,722,185	$	—	$	—
SPDR EURO STOXX 50 ETF		6,825,929		—		—
SPDR S&P Emerging Asia Pacific ETF		11,323,304		23,251,099		—
SPDR S&P Russia ETF		683,138		—		—
SPDR S&P China ETF		12,717,627		—		—
SPDR S&P Emerging Markets ETF		4,745,315		760,006		—
SPDR S&P Emerging Markets Dividend ETF		1,145,654		—		369,715
SPDR S&P BRIC 40 ETF		9,949,352		—		—
SPDR S&P Emerging Europe ETF		3,314,025		—		—
SPDR S&P Emerging Latin America ETF		4,376,380		—		—
SPDR S&P Emerging Middle East & Africa ETF		3,403,851		—		—
SPDR S&P World ex-US ETF		3,469,047		—		—
SPDR S&P International Small Cap ETF		17,128,845		—		—
SPDR Dow Jones International Real Estate ETF		143,046,493		—		—
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		1,879,120		—		—

356

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR S&P Global Natural Resources ETF	$	1,451,147	$	—	$	—
SPDR MSCI ACWI ex-US ETF		11,384,970		—		—
SPDR Russell/Nomura PRIME Japan ETF		251,121		—		—
SPDR Russell/Nomura Small Cap Japan ETF		1,442,652		—		—
SPDR S&P International Dividend ETF		29,270,143		—		—
SPDR S&P International Mid Cap ETF		1,360,464		181,307		—
SPDR S&P Emerging Markets Small Cap ETF		31,183,329		5,954,807		—
SPDR Dow Jones Global Real Estate ETF		14,119,218		—		—
SPDR S&P International Consumer Discretionary Sector ETF		293,003		—		—
SPDR S&P International Consumer Staples Sector ETF		500,869		—		—
SPDR S&P International Energy Sector ETF		385,397		—		—
SPDR S&P International Financial Sector ETF		269,250		—		—
SPDR S&P International Health Care Sector ETF		335,264		—		—
SPDR S&P International Industrial Sector ETF		541,188		—		—
SPDR S&P International Materials Sector ETF		443,679		—		—
SPDR S&P International Technology Sector ETF		397,839		—		—
SPDR S&P International Telecommunications Sector ETF		615,543		—		—
SPDR S&P International Utilities Sector ETF		365,549		—		—

For the year ended September 30, 2012, there were no significant differences between the book basis and the tax basis of components of net assets other than differences in the net unrealized appreciation (depreciation) in the value of investments attributable to the tax deferral of losses on wash sales, the cumulative return of capital payment, PFICs (Passive Foreign Investment Companies), redemptions in-kind, dividend payables and the deferral of post-October losses.

As of September 30, 2012, the components of distributable earnings on a tax basis were as follows:


	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)

SPDR STOXX Europe 50 ETF	$	229,228	$	—	$	(9,594,998	)
SPDR EURO STOXX 50 ETF		1,162,420		—		(26,157,129	)
SPDR S&P Emerging Asia Pacific ETF		5,038,170		—		3,132,073
SPDR S&P Small Cap Emerging Asia Pacific ETF		237,244		—		87,598
SPDR S&P Russia ETF		918,804		—		(10,676,379	)
SPDR S&P China ETF		4,635,305		—		(96,497,641	)
SPDR S&P Emerging Markets ETF		1,662,999		—		(9,435,168	)
SPDR S&P Emerging Markets Dividend ETF		7,626,334		—		(14,313,570	)
SPDR S&P BRIC 40 ETF		2,475,120		—		(37,607,385	)
SPDR S&P Emerging Europe ETF		1,655,785		—		(27,205,923	)
SPDR S&P Emerging Latin America ETF		121,201		—		(21,644,752	)
SPDR S&P Emerging Middle East & Africa ETF		900,203		—		(5,190,305	)
SPDR S&P World ex-US ETF		3,105,754		—		12,213,603
SPDR S&P International Small Cap ETF		10,578,054		—		(93,743,453	)

357

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)

SPDR Dow Jones International Real Estate ETF	$	112,371,727	$	—	$	56,658,345
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		416,538		—		(14,258,816	)
SPDR S&P Global Natural Resources ETF		2,317,024		—		(13,390,827	)
SPDR MSCI ACWI ex-US ETF		3,573,624		—		(65,735,956	)
SPDR MSCI ACWI IMI ETF		33,175		—		(28,942	)
SPDR MSCI EM 50 ETF		37,119		—		(243,373	)
SPDR Russell/Nomura PRIME Japan ETF		149,314		—		(3,603,303	)
SPDR Russell/Nomura Small Cap Japan ETF		626,439		—		(19,010,635	)
SPDR S&P International Dividend ETF		14,731,376		—		(28,768,654	)
SPDR S&P International Mid Cap ETF		601,318		—		(210,849	)
SPDR S&P Emerging Markets Small Cap ETF		13,331,052		—		(144,081,020	)
SPDR Dow Jones Global Real Estate ETF		9,699,377		—		62,854,034
SPDR S&P International Consumer Discretionary Sector ETF		84,490		—		(637,081	)
SPDR S&P International Consumer Staples Sector ETF		121,243		—		943,416
SPDR S&P International Energy Sector ETF		119,076		—		(1,522,211	)
SPDR S&P International Financial Sector ETF		114,046		—		(1,419,771	)
SPDR S&P International Health Care Sector ETF		169,637		—		723,848
SPDR S&P International Industrial Sector ETF		135,967		—		(2,205,599	)
SPDR S&P International Materials Sector ETF		155,321		—		(4,412,482	)
SPDR S&P International Technology Sector ETF		67,495		—		(1,716,639	)
SPDR S&P International Telecommunications Sector ETF		175,749		—		(1,592,936	)
SPDR S&P International Utilities Sector ETF		224,662		—		(3,692,950	)

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.

358

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012

Subsequent Events

The Tuckerman Group LLC (“Tuckerman”), an affiliate of the Adviser, is responsible for the day to day management of the Dow Jones International Real Estate ETF and the Dow Jones Global Real Estate ETF’s investments, subject to the supervision of the Adviser and the Board of Trustees. It is anticipated that after December 31, 2012, Tuckerman will no longer serve as sub-adviser to these Funds and SSgA FM will directly manage the assets of these Funds.

Events or transactions occurring after year end through the date the financial statements were issued have been evaluated by management in the preparation of the financial statements and no additional items were noted requiring 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

359

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Annual Rate

SPDR S&P International Energy Sector ETF		0.50	%
SPDR S&P International Financial Sector ETF		0.50
SPDR S&P International Health Care Sector ETF		0.50
SPDR S&P International Industrial Sector ETF		0.50
SPDR S&P International Materials Sector ETF		0.50
SPDR S&P International Technology Sector ETF		0.50
SPDR S&P International Telecommunications Sector ETF		0.50
SPDR S&P International Utilities Sector ETF		0.50

The Adviser pays all operating expenses of each Fund other than the advisory fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee’s counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

The Tuckerman Group, LLC, an affiliate of the Adviser, receives fees for its services as the sub-adviser to the SPDR Dow Jones International Real Estate ETF and the SPDR Dow Jones Global Real Estate ETF from the Adviser.

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 year ended September 30, 2012, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR STOXX Europe 50 ETF	$	3,682
SPDR EURO STOXX 50 ETF		126,037
SPDR S&P Emerging Asia Pacific ETF		44,529
SPDR S&P Small Cap Emerging Asia Pacific ETF		87
SPDR S&P Russia ETF		911
SPDR S&P China ETF		248,173
SPDR S&P Emerging Markets ETF		15,643
SPDR S&P Emerging Markets Dividend ETF		99,423
SPDR S&P BRIC 40 ETF		36,202
SPDR S&P Emerging Europe ETF		16,567
SPDR S&P Emerging Latin America ETF		12,455
SPDR S&P Emerging Middle East & Africa ETF		5,194
SPDR S&P World ex-US ETF		30,505
SPDR S&P International Small Cap ETF		142,287
SPDR Dow Jones International Real Estate ETF		188,765
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		7,036
SPDR S&P Global Natural Resources ETF		22,842
SPDR MSCI ACWI ex-US ETF		56,255

360

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Securities Lending
	Agent Fees

SPDR Russell/Nomura PRIME Japan ETF	$	1,210
SPDR Russell/Nomura Small Cap Japan ETF		10,686
SPDR S&P International Dividend ETF		344,297
SPDR S&P International Mid Cap ETF		6,024
SPDR S&P Emerging Markets Small Cap ETF		225,804
SPDR Dow Jones Global Real Estate ETF		19,687
SPDR S&P International Consumer Discretionary Sector ETF		4
SPDR S&P International Consumer Staples Sector ETF		15
SPDR S&P International Energy Sector ETF		191
SPDR S&P International Financial Sector ETF		30
SPDR S&P International Health Care Sector ETF		8
SPDR S&P International Materials Sector ETF		1
SPDR S&P International Technology Sector ETF		105
SPDR S&P International Telecommunications Sector ETF		3
SPDR S&P International Utilities Sector ETF		338

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

Effective July 1, 2012, the Trust, SSgA Master Trust, SSgA Active ETF Trust and SPDR Series Trust pay, in the aggregate, each Independent Trustee an annual fee of $150,000 plus $10,000 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $50,000 and the Chairman of the Audit Committee receives an additional annual fee of $20,000. The 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 among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Prior to July 1, 2012, each Independent Trustee received 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 received an additional annual fee of $37,500 and the Chairman of the Audit Committee received an additional annual fee of $15,000. The Trust also reimbursed 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 were allocated among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

361

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012

Transactions with Affiliates

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at September 30, 2012 and for the period then ended are:


	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/11		Cost		Shares		Proceeds		Shares		9/30/12		Income

SPDR STOXX Europe 50 ETF	$	3,457	$	1,348,763		1,348,763	$	1,160,303		1,160,303	$	191,917	$	59
SPDR EURO STOXX 50 ETF		1,944		24,571,638		24,571,638		20,351,077		20,351,077		4,222,505		1,075
SPDR S&P Emerging Asia Pacific ETF		1,650,870		58,953,129		58,953,129		57,408,736		57,408,736		3,195,263		1,369
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		1,279,301		1,279,301		1,279,201		1,279,201		100		37
SPDR S&P Russia ETF		462,494		3,904,053		3,904,053		3,829,397		3,829,397		537,150		461
SPDR S&P China ETF		887,638		14,111,273		14,111,273		14,253,805		14,253,805		745,106		949
SPDR S&P Emerging Markets ETF		1,723,265		28,737,255		28,737,255		29,614,215		29,614,215		846,305		3,117
SPDR S&P Emerging Markets Dividend ETF		100		51,854,299		51,854,299		44,777,486		44,777,486		7,076,913		1,017
SPDR S&P BRIC 40 ETF		365,852		19,572,605		19,572,605		19,769,578		19,769,578		168,879		1,487
SPDR S&P Emerging Europe ETF		100		7,127,605		7,127,605		7,127,605		7,127,605		100		372
SPDR S&P Emerging Latin America ETF		8,374		10,731,921		10,731,921		10,510,937		10,510,937		229,358		689
SPDR S&P Emerging Middle East & Africa ETF		153,489		4,801,272		4,801,272		4,861,560		4,861,560		93,201		210
SPDR S&P World ex-US ETF		149,788		7,719,731		7,719,731		7,537,322		7,537,322		332,197		996
SPDR S&P International Small Cap ETF		887,157		33,033,191		33,033,191		32,148,423		32,148,423		1,771,925		2,093
SPDR Dow Jones International Real Estate ETF		1,906,808		130,616,951		130,616,951		104,127,861		104,127,861		28,395,898		5,923
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		24,077		2,617,600		2,617,600		2,544,043		2,544,043		97,634		147
SPDR S&P Global Natural Resources ETF		543,009		12,493,741		12,493,741		12,345,311		12,345,311		691,439		744
SPDR MSCI ACWI ex-US ETF		210,664		21,022,583		21,022,583		20,924,558		20,924,558		308,689		1,000
SPDR MSCI ACWI IMI ETF		—		177,641		177,641		150,611		150,611		27,030		24
SPDR MSCI EM 50 ETF		—		70,389		70,389		63,690		63,690		6,699		6
SPDR Russell/Nomura PRIME Japan ETF		6,856		320,699		320,699		311,750		311,750		15,805		24
SPDR Russell/Nomura Small Cap Japan ETF		78,887		2,330,975		2,330,975		2,077,646		2,077,646		332,216		241
SPDR S&P International Dividend ETF		100		94,735,286		94,735,286		82,360,640		82,360,640		12,374,746		2,974
SPDR S&P International Mid Cap ETF		3,271		2,981,203		2,981,203		2,980,325		2,980,325		4,149		108
SPDR S&P Emerging Markets Small Cap ETF		17,023,636		121,948,006		121,948,006		138,971,542		138,971,542		100		8,064
SPDR Dow Jones Global Real Estate ETF		470,118		20,182,605		20,182,605		16,034,372		16,034,372		4,618,351		1,198
SPDR S&P International Consumer Discretionary Sector ETF		2,672		511,180		511,180		496,307		496,307		17,545		21
SPDR S&P International Consumer Staples Sector ETF		7,154		708,769		708,769		596,082		596,082		119,841		51
SPDR S&P International Energy Sector ETF		12,423		402,071		402,071		323,432		323,432		91,062		21
SPDR S&P International Financial Sector ETF		1,355		267,030		267,030		249,098		249,098		19,287		49
SPDR S&P International Health Care Sector ETF		56,731		479,630		479,630		486,881		486,881		49,480		34
SPDR S&P International Industrial Sector ETF		11,314		676,759		676,759		669,116		669,116		18,957		55
SPDR S&P International Materials Sector ETF		2,366		410,805		410,805		358,845		358,845		54,326		32
SPDR S&P International Technology Sector ETF		4,203		479,412		479,412		427,041		427,041		56,574		43
SPDR S&P International Telecommunications Sector ETF		100		1,114,982		1,114,982		774,707		774,707		340,375		71
SPDR S&P International Utilities Sector ETF		9,298		689,210		689,210		469,696		469,696		228,812		20

362

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Value at		Purchased				Sold				Value at
Prime Portfolio	9/30/11		Cost		Shares		Proceeds		Shares		9/30/12		Income

SPDR STOXX Europe 50 ETF	$	235,551	$	16,449,596		16,449,596	$	15,932,781		15,932,781	$	752,366	$	26,417
SPDR EURO STOXX 50 ETF		1,763,778	$	292,083,868	$	292,083,868	$	242,132,800	$	242,132,800		51,714,846		839,406
SPDR S&P Emerging Asia Pacific ETF		39,643,667	$	139,731,373	$	139,731,373	$	153,723,525	$	153,723,525		25,651,515		271,761
SPDR S&P Small Cap Emerging Asia Pacific ETF		—	$	144,318	$	144,318	$	110,321	$	110,321		33,997		586
SPDR S&P Russia ETF		1,946,540	$	32,903,190	$	32,903,190	$	34,482,710	$	34,482,710		367,020		12,692
SPDR S&P China ETF		127,819,868	$	413,635,368	$	413,635,368	$	408,371,760	$	408,371,760		133,083,476		1,524,824
SPDR S&P Emerging Markets ETF		13,503,128	$	65,243,720	$	65,243,720	$	69,290,670	$	69,290,670		9,456,178		97,751
SPDR S&P Emerging Markets Dividend ETF		2,355,737	$	141,539,069	$	141,539,069	$	115,152,712	$	115,152,712		28,742,094		670,015
SPDR S&P BRIC 40 ETF		58,945,702	$	238,071,426	$	238,071,426	$	259,890,610	$	259,890,610		37,126,518		210,547
SPDR S&P Emerging Europe ETF		2,806,395	$	35,362,248	$	35,362,248	$	36,465,302	$	36,465,302		1,703,341		96,211
SPDR S&P Emerging Latin America ETF		16,548,616	$	105,927,400	$	105,927,400	$	110,001,783	$	110,001,783		12,474,233		78,263
SPDR S&P Emerging Middle East & Africa ETF		6,142,225	$	30,266,599	$	30,266,599	$	28,965,588	$	28,965,588		7,443,236		32,702
SPDR S&P World ex-US ETF		13,616,714	$	99,903,984	$	99,903,984	$	66,824,543	$	66,824,543		46,696,155		192,215
SPDR S&P International Small Cap ETF		90,541,104	$	148,877,358	$	148,877,358	$	163,744,197	$	163,744,197		75,674,265		864,178
SPDR Dow Jones International Real Estate ETF		143,622,533	$	723,630,195	$	723,630,195	$	752,012,633	$	752,012,633		115,240,095		1,312,071
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		5,703,625	$	66,388,851	$	66,388,851	$	64,881,375	$	64,881,375		7,211,101		43,649
SPDR S&P Global Natural Resources ETF		22,020,663	$	328,038,537	$	328,038,537	$	312,043,726	$	312,043,726		38,015,474		138,751
SPDR MSCI ACWI ex-US ETF		46,062,418	$	170,684,594	$	170,684,594	$	175,317,824	$	175,317,824		41,429,188		347,952
SPDR Russell/Nomura PRIME Japan ETF		4,380,135	$	11,514,218	$	11,514,218	$	11,749,131	$	11,749,131		4,145,222		7,217
SPDR Russell/Nomura Small Cap Japan ETF		25,131,842	$	34,454,651	$	34,454,651	$	44,414,021	$	44,414,021		15,172,472		64,947
SPDR S&P International Dividend ETF		62,234,614	$	508,150,890	$	508,150,890	$	476,031,486	$	476,031,486		94,354,018		2,157,458
SPDR S&P International Mid Cap ETF		5,911,913	$	13,885,838	$	13,885,838	$	14,743,909	$	14,743,909		5,053,842		36,984
SPDR S&P Emerging Markets Small Cap ETF		43,303,701	$	90,719,263	$	90,719,263	$	97,413,834	$	97,413,834		36,609,130		903,289
SPDR Dow Jones Global Real Estate ETF		29,583,281	$	195,057,974	$	195,057,974	$	191,143,656	$	191,143,656		33,497,599		129,447
SPDR S&P International Consumer Discretionary Sector ETF		—	$	99,794	$	99,794	$	6,716	$	6,716		93,078		23
SPDR S&P International Consumer Staples Sector ETF		—	$	260,390	$	260,390	$	8,700	$	8,700		251,690		87
SPDR S&P International Energy Sector ETF		—	$	952,004	$	952,004	$	577,751	$	577,751		374,253		1,080
SPDR S&P International Financial Sector ETF		—	$	880,723	$	880,723	$	706,242	$	706,242		174,481		172
SPDR S&P International Health Care Sector ETF		58,553	$	375,145	$	375,145	$	352,397	$	352,397		81,301		47
SPDR S&P International Materials Sector ETF		—	$	100,019	$	100,019	$	50,010	$	50,010		50,009		5
SPDR S&P International Technology Sector ETF		21,668	$	660,455	$	660,455	$	587,010	$	587,010		95,113		605
SPDR S&P International Telecommunications Sector ETF		—	$	435,398	$	435,398	$	—	$	—		435,398		15
SPDR S&P International Utilities Sector ETF		—	$	1,186,926	$	1,186,926	$	230,487	$	230,487		956,439		1,975


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

363

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012

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 S&P World ex-US ETF, SPDR MSCI ACWI ex-US ETF and SPDR Russell/Nomura PRIME Japan ETF. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Funds on the transaction date. Transaction fees ranging from $500 to $12,000 per Creation Unit for each Fund, regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.


5.	Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation at September 30, 2012 was as follows:


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR STOXX Europe 50 ETF	$	48,106,754	$	2,460,119	$	12,061,011	$	(9,600,892	)
SPDR EURO STOXX 50 ETF		1,072,798,277		40,653,895		66,799,636		(26,145,741	)
SPDR S&P Emerging Asia Pacific ETF		408,130,698		70,278,515		66,168,183		4,110,332
SPDR S&P Small Cap Emerging Asia Pacific ETF		2,138,205		244,234		145,915		98,319
SPDR S&P Russia ETF		51,426,177		515,430		11,191,811		(10,676,381	)
SPDR S&P China ETF		987,100,531		47,259,781		143,758,716		(96,498,935	)
SPDR S&P Emerging Markets ETF		178,263,095		20,109,525		29,323,269		(9,213,744	)
SPDR S&P Emerging Markets Dividend ETF		349,754,797		15,908,788		30,143,254		(14,234,466	)
SPDR S&P BRIC 40 ETF		370,636,334		23,318,690		60,926,226		(37,607,536	)
SPDR S&P Emerging Europe ETF		115,105,893		5,690,975		32,899,623		(27,208,648	)
SPDR S&P Emerging Latin America ETF		147,951,183		16,184,306		37,825,559		(21,641,253	)
SPDR S&P Emerging Middle East & Africa ETF		104,389,349		12,965,147		18,158,614		(5,193,467	)
SPDR S&P World ex-US ETF		443,329,567		31,346,051		19,130,155		12,215,896
SPDR S&P International Small Cap ETF		839,497,219		80,715,428		174,557,236		(93,841,808	)
SPDR Dow Jones International Real Estate ETF		3,210,322,380		141,073,615		84,534,040		56,539,575
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		57,632,640		3,419,044		17,675,014		(14,255,970	)
SPDR S&P Global Natural Resources ETF		464,162,435		18,603,185		32,006,391		(13,403,206	)
SPDR MSCI ACWI ex-US ETF		488,863,028		30,894,943		96,521,665		(65,626,722	)
SPDR MSCI ACWI IMI ETF		4,972,949		293,106		322,482		(29,376	)
SPDR MSCI EM 50 ETF		4,968,291		230,672		474,063		(243,391	)
SPDR Russell/Nomura PRIME Japan ETF		27,710,756		953,424		4,560,386		(3,606,962	)
SPDR Russell/Nomura Small Cap Japan ETF		97,126,366		3,616,518		22,645,824		(19,029,306	)
SPDR S&P International Dividend ETF		1,129,791,027		66,252,147		95,011,770		(28,759,623	)
SPDR S&P International Mid Cap ETF		41,024,271		3,019,106		3,231,045		(211,939	)
SPDR S&P Emerging Markets Small Cap ETF		1,071,748,743		64,695,810		207,448,716		(142,752,906	)
SPDR Dow Jones Global Real Estate ETF		517,262,110		66,958,737		4,112,990		62,845,747

364

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR S&P International Consumer Discretionary Sector ETF	$	6,220,857	$	465,163	$	1,102,370	$	(637,207	)
SPDR S&P International Consumer Staples Sector ETF		18,364,408		1,917,380		974,256		943,124
SPDR S&P International Energy Sector ETF		13,310,245		515,695		2,037,771		(1,522,076	)
SPDR S&P International Financial Sector ETF		5,132,162		77,179		1,496,968		(1,419,789	)
SPDR S&P International Health Care Sector ETF		27,303,281		1,246,444		521,214		725,230
SPDR S&P International Industrial Sector ETF		10,755,316		292,392		2,498,013		(2,205,621	)
SPDR S&P International Materials Sector ETF		16,193,968		355,147		4,768,210		(4,413,063	)
SPDR S&P International Technology Sector ETF		12,667,423		2,034,035		3,750,905		(1,716,870	)
SPDR S&P International Telecommunications Sector ETF		27,047,319		1,191,865		2,787,398		(1,595,533	)
SPDR S&P International Utilities Sector ETF		30,098,908		876,357		4,568,812		(3,692,455	)


6.	Investment Transactions

For the year ended September 30, 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	$	9,206,557	$	4,558,114	$	(1,299,474	)
SPDR EURO STOXX 50 ETF		872,497,529		32,089,712		3,275,721
SPDR S&P Emerging Asia Pacific ETF		33,733,706		128,019,484		6,812,741
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		1,397,879		(510	)
SPDR S&P Russia ETF		57,304,727		68,017,711		3,627,612
SPDR S&P China ETF		356,795,157		275,348,260		43,740,033
SPDR S&P Emerging Markets ETF		49,225,525		51,324,244		5,599,638
SPDR S&P Emerging Markets Dividend ETF		162,281,237		14,522,178		1,188,024
SPDR S&P BRIC 40 ETF		59,247,573		174,618,893		23,927,319
SPDR S&P Emerging Europe ETF		9,737,362		43,781,289		(9,110,010	)
SPDR S&P Emerging Latin America ETF		11,372,459		25,062,803		(2,805,052	)
SPDR S&P Emerging Middle East & Africa ETF		—		23,795,667		1,429,929
SPDR S&P World ex-US ETF		271,567,975		8,897,163		3,234,862
SPDR S&P International Small Cap ETF		19,904,828		101,117,091		5,800,063
SPDR Dow Jones International Real Estate ETF		946,512,967		256,604,543		59,505,440
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—		—		—
SPDR S&P Global Natural Resources ETF		273,642,122		48,183,492		5,102,541
SPDR MSCI ACWI ex-US ETF		163,658,613		185,681,558		29,032,182
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		31,105,879		(632,929	)
SPDR S&P International Dividend ETF		537,551,233		4,325,526		166,806
SPDR S&P International Mid Cap ETF		—		2,488,946		414,254

365

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR S&P Emerging Markets Small Cap ETF	$	21,793,453	$	52,424,923	$	(6,608,860	)
SPDR Dow Jones Global Real Estate ETF		195,843,160		3,709,285		1,861,580
SPDR S&P International Consumer Discretionary Sector ETF		2,731,927		8,717,838		(129,868	)
SPDR S&P International Consumer Staples Sector ETF		7,748,904		10,862,032		1,140,864
SPDR S&P International Energy Sector ETF		1,334,648		3,750,715		173,884
SPDR S&P International Financial Sector ETF		2,690,328		7,257,891		(529,832	)
SPDR S&P International Health Care Sector ETF		23,407,771		17,426,408		1,522,349
SPDR S&P International Industrial Sector ETF		14,255,149		26,183,962		(2,136,688	)
SPDR S&P International Materials Sector ETF		1,075,072		9,627,486		(1,005,798	)
SPDR S&P International Technology Sector ETF		—		9,311,406		52,333
SPDR S&P International Telecommunications Sector ETF		13,653,945		1,149,745		60,319
SPDR S&P International Utilities Sector ETF		16,772,049		—		—

The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes in Net Assets. The table represents the accumulation of a Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transaction.

For the year ended September 30, 2012, the Trust had purchases and sales of investment securities as follows:


	Purchases		Sales

SPDR STOXX Europe 50 ETF	$	1,997,663	$	2,118,123
SPDR EURO STOXX 50 ETF		38,937,210		47,380,043
SPDR S&P Emerging Asia Pacific ETF		30,695,434		107,868,633
SPDR S&P Small Cap Emerging Asia Pacific ETF		6,515,928		3,200,429
SPDR S&P Russia ETF		7,627,347		5,659,806
SPDR S&P China ETF		81,645,764		72,762,573
SPDR S&P Emerging Markets ETF		19,219,737		20,952,729
SPDR S&P Emerging Markets Dividend ETF		439,710,464		312,999,948
SPDR S&P BRIC 40 ETF		44,708,622		43,848,840
SPDR S&P Emerging Europe ETF		5,980,852		13,562,468
SPDR S&P Emerging Latin America ETF		9,241,912		14,959,312
SPDR S&P Emerging Middle East & Africa ETF		6,879,302		9,591,226
SPDR S&P World ex-US ETF		20,663,688		17,263,237
SPDR S&P International Small Cap ETF		10,375,344		35,278,177
SPDR Dow Jones International Real Estate ETF		275,226,028		287,610,509
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		3,511,025		3,866,022
SPDR S&P Global Natural Resources ETF		48,202,943		48,782,670
SPDR MSCI ACWI ex-US ETF		32,700,008		36,794,251
SPDR MSCI ACWI IMI ETF		4,962,813		15,303
SPDR MSCI EM 50 ETF		655,543		190,005
SPDR Russell/Nomura PRIME Japan ETF		150,066		240,274
SPDR Russell/Nomura Small Cap Japan ETF		18,615,848		19,180,916
SPDR S&P International Dividend ETF		951,727,579		958,679,114

366

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


	Purchases		Sales

SPDR S&P International Mid Cap ETF	$	10,151,257	$	11,620,178
SPDR S&P Emerging Markets Small Cap ETF		187,474,093		241,360,137
SPDR Dow Jones Global Real Estate ETF		32,699,425		33,089,427
SPDR S&P International Consumer Discretionary Sector ETF		338,452		774,740
SPDR S&P International Consumer Staples Sector ETF		1,418,374		1,535,952
SPDR S&P International Energy Sector ETF		647,749		832,593
SPDR S&P International Financial Sector ETF		343,979		327,654
SPDR S&P International Health Care Sector ETF		2,419,386		2,428,515
SPDR S&P International Industrial Sector ETF		1,545,940		1,299,923
SPDR S&P International Materials Sector ETF		17,926		54,799
SPDR S&P International Technology Sector ETF		819,397		761,245
SPDR S&P International Telecommunications Sector ETF		542,587		1,014,253
SPDR S&P International Utilities Sector ETF		1,071,834		1,415,494

For the year ended September 30, 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 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 is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

The market value of securities on loan as of September 30, 2012 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Funds and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

367

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2012


9.	Recent Accounting Pronouncements

In December 2011, FASB issued ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities.” These common disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a portfolio’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the financial position; and disclose instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2011-11 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the implications of ASU 2011-11 and its impact on financial statement disclosures.

368

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

September 30, 2012

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of

the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the thirty-six funds, listed in footnote 1, (each a “Fund”) comprising the SPDR Index Shares Funds (the “Trust”) at September 30, 2012, the results of each of their operations for the period then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2012 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 27, 2012

369

SPDR INDEX SHARES FUNDS
OTHER INFORMATION

September 30, 2012 (Unaudited)

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the Exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the net asset value of the Fund during the past calendar year can be found at http://www.spdrs.com.

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on April 1, 2012 and held for the six months ended September 30, 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		4/1/12 to
Actual	Expense Ratio			4/1/12		9/30/12		9/30/12

SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,014.90	$	1.46
SPDR EURO STOXX 50 ETF		0.29			1,000		992.50		1.44
SPDR S&P Emerging Asia Pacific ETF		0.60			1,000		995.60		2.99
SPDR S&P Small Cap Emerging Asia Pacific ETF**		0.65			1,000		987.70		3.23
SPDR S&P Russia ETF		0.59			1,000		931.80		2.85
SPDR S&P China ETF		0.59			1,000		969.20		2.90
SPDR S&P Emerging Markets ETF		0.59			1,000		974.40		2.91
SPDR S&P Emerging Markets Dividend ETF		0.60			1,000		905.90		2.86

370

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/12 to
Actual	Expense Ratio			4/1/12		9/30/12		9/30/12

SPDR S&P BRIC 40 ETF		0.50	%	$	1,000	$	944.30	$	2.43
SPDR S&P Emerging Europe ETF		0.59			1,000		971.70		2.91
SPDR S&P Emerging Latin America ETF		0.59			1,000		912.50		2.82
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		1,012.40		2.97
SPDR S&P World ex-US ETF		0.34			1,000		997.90		1.70
SPDR S&P International Small Cap ETF		0.59			1,000		971.10		2.91
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,097.30		3.09
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		0.59			1,000		1,016.90		2.97
SPDR S&P Global Natural Resources ETF		0.40			1,000		982.60		1.98
SPDR MSCI ACWI ex-US ETF***		0.34			1,000		990.00		1.69
SPDR MSCI ACWI IMI ETF***		0.25			1,000		1,004.80		1.25
SPDR MSCI EM 50 ETF		0.50			1,000		970.20		2.46
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		920.90		2.40
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		944.30		2.67
SPDR S&P International Dividend ETF		0.45			1,000		958.00		2.20
SPDR S&P International Mid Cap ETF		0.45			1,000		993.70		2.24
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		984.70		3.23
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,059.40		2.57
SPDR S&P International Consumer Discretionary Sector ETF		0.50			1,000		955.90		2.44
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,050.50		2.56
SPDR S&P International Energy Sector ETF		0.50			1,000		981.80		2.48
SPDR S&P International Financial Sector ETF		0.50			1,000		1,019.70		2.52
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,097.40		2.62
SPDR S&P International Industrial Sector ETF		0.50			1,000		964.70		2.46
SPDR S&P International Materials Sector ETF		0.50			1,000		939.20		2.42
SPDR S&P International Technology Sector ETF		0.50			1,000		921.10		2.40
SPDR S&P International Telecommunications Sector ETF		0.50			1,000		1,048.10		2.56
SPDR S&P International Utilities Sector ETF		0.50			1,000		980.60		2.48
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/12 to
Hypothetical	Expense Ratio			4/1/12		9/30/12		9/30/12

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		0.65			1,000		1,021.75		3.29
SPDR S&P Russia ETF		0.59			1,000		1,022.05		2.98

371

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/12 to
Hypothetical	Expense Ratio			4/1/12		9/30/12		9/30/12

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		0.60			1,000		1,022.00		3.03
SPDR S&P BRIC 40 ETF		0.50			1,000		1,022.50		2.53
SPDR S&P Emerging Europe ETF		0.59			1,000		1,022.05		2.98
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		0.65			1,000		1,021.75		3.29
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,022.50		2.53
SPDR S&P International Consumer Discretionary Sector ETF		0.50			1,000		1,022.50		2.53
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.

372

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2012.

Percentage of distributions which qualify for the corporate dividends received deduction:


	Percentage

SPDR S&P Russia ETF		0.57	%
SPDR S&P Emerging Markets Dividend ETF		0.02
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		29.40
SPDR S&P Global Natural Resources ETF		17.80
SPDR MSCI ACWI IMI ETF		30.11
SPDR S&P International Consumer Discretionary Sector ETF		0.22
SPDR S&P International Health Care Sector ETF		0.56

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2012, are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 15% depending on the individual’s tax bracket. These amounts are noted below:


	Amount

SPDR STOXX Europe 50 ETF	$	1,166,459
SPDR EURO STOXX 50 ETF		15,844,728
SPDR S&P Emerging Asia Pacific ETF		6,006,299
SPDR S&P Small Cap Emerging Asia Pacific ETF		33,462
SPDR S&P Russia ETF		1,155,383
SPDR S&P China ETF		17,675,879
SPDR S&P Emerging Markets ETF		3,375,770
SPDR S&P Emerging Markets Dividend ETF		10,135,448
SPDR S&P BRIC 40 ETF		10,421,544
SPDR S&P Emerging Europe ETF		2,366,219
SPDR S&P Emerging Latin America ETF		1,991,448
SPDR S&P Emerging Middle East & Africa ETF		3,118,802
SPDR S&P World ex-US ETF		6,243,745
SPDR S&P International Small Cap ETF		13,207,490
SPDR Dow Jones International Real Estate ETF		9,529,926
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		1,107,513
SPDR S&P Global Natural Resources ETF		5,382,008
SPDR MSCI ACWI ex-US ETF		10,543,238
SPDR MSCI ACWI IMI ETF		90,878
SPDR MSCI EM 50 ETF		80,871
SPDR Russell/Nomura PRIME Japan ETF		230,633
SPDR Russell/Nomura Small Cap Japan ETF		1,559,761
SPDR S&P International Dividend ETF		38,332,438
SPDR S&P International Mid Cap ETF		787,597
SPDR S&P Emerging Markets Small Cap ETF		9,287,570

373

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)


	Amount

SPDR Dow Jones Global Real Estate ETF	$	693,704
SPDR S&P International Consumer Discretionary Sector ETF		185,012
SPDR S&P International Consumer Staples Sector ETF		617,102
SPDR S&P International Energy Sector ETF		452,035
SPDR S&P International Financial Sector ETF		188,660
SPDR S&P International Health Care Sector ETF		614,670
SPDR S&P International Industrial Sector ETF		334,049
SPDR S&P International Materials Sector ETF		323,032
SPDR S&P International Technology Sector ETF		244,944
SPDR S&P International Telecommunications Sector ETF		1,309,761
SPDR S&P International Utilities Sector ETF		775,425

For the fiscal year ended September 30, 2012, certain dividends paid by SPDR STOXX Europe ETF, SPDR EURO STOXX 50 ETF, 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 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 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 may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue Code. The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2012 form 1099-DIV.

Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2012:


	Amount

SPDR S&P Emerging Asia Pacific ETF	$	6,448,372
SPDR S&P Emerging Markets ETF		1,641,949
SPDR S&P International Small Cap ETF		5,368,801
SPDR S&P International Mid Cap ETF		686,879
SPDR S&P Emerging Markets Small Cap ETF		17,144,635
SPDR S&P International Technology Sector ETF		75,778

Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2012, the total amount of foreign taxes that will be passed through are:


	Amount

SPDR STOXX Europe 50 ETF	$	74,336
SPDR EURO STOXX 50 ETF		1,654,867

374

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)


	Amount

SPDR S&P Emerging Asia Pacific ETF	$	835,859
SPDR S&P Small Cap Emerging Asia Pacific ETF		17,564
SPDR S&P Russia ETF		185,518
SPDR S&P China ETF		1,777,421
SPDR S&P Emerging Markets ETF		408,029
SPDR S&P Emerging Markets Dividend ETF		1,465,989
SPDR S&P BRIC 40 ETF		932,161
SPDR S&P Emerging Europe ETF		341,365
SPDR S&P Emerging Latin America ETF		183,970
SPDR S&P Emerging Middle East & Africa ETF		81,238
SPDR S&P World ex-US ETF		435,069
SPDR S&P International Small Cap ETF		872,393
SPDR Dow Jones International Real Estate ETF		2,662,548
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—
SPDR S&P Global Natural Resources ETF		374,441
SPDR MSCI ACWI ex-US ETF		849,487
SPDR MSCI ACWI IMI ETF		5,575
SPDR MSCI EM 50 ETF		8,918
SPDR Russell/Nomura PRIME Japan ETF		15,928
SPDR Russell/Nomura Small Cap Japan ETF		102,668
SPDR S&P International Dividend ETF		4,085,713
SPDR S&P International Mid Cap ETF		51,588
SPDR S&P Emerging Markets Small Cap ETF		744,994
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		16,606
SPDR S&P International Consumer Staples Sector ETF		42,375
SPDR S&P International Energy Sector ETF		38,647
SPDR S&P International Financial Sector ETF		12,638
SPDR S&P International Health Care Sector ETF		55,128
SPDR S&P International Industrial Sector ETF		30,647
SPDR S&P International Materials Sector ETF		23,390
SPDR S&P International Technology Sector ETF		24,562
SPDR S&P International Telecommunications Sector ETF		107,523
SPDR S&P International Utilities Sector ETF		65,719

The amount of foreign source income earned on the following Funds during the year ended September 30, 2012 were as follows:


	Amount

SPDR STOXX Europe 50 ETF	$	1,456,145
SPDR EURO STOXX 50 ETF		24,133,286
SPDR S&P Emerging Asia Pacific ETF		12,555,941
SPDR S&P Small Cap Emerging Asia Pacific ETF		125,708
SPDR S&P Russia ETF		1,540,383

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OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)


	Amount

SPDR S&P China ETF	$	24,667,478
SPDR S&P Emerging Markets ETF		5,815,852
SPDR S&P Emerging Markets Dividend ETF		19,397,359
SPDR S&P BRIC 40 ETF		10,701,205
SPDR S&P Emerging Europe ETF		3,212,264
SPDR S&P Emerging Latin America ETF		4,135,561
SPDR S&P Emerging Middle East & Africa ETF		3,740,155
SPDR S&P World ex-US ETF		8,351,376
SPDR S&P International Small Cap ETF		19,482,330
SPDR Dow Jones International Real Estate ETF		121,313,273
SPDR FTSE/Macquarie Global Infrastructure 100 ETF		—
SPDR S&P Global Natural Resources ETF		5,502,855
SPDR MSCI ACWI ex-US ETF		15,440,552
SPDR MSCI ACWI IMI ETF		70,929
SPDR MSCI EM 50 ETF		113,123
SPDR Russell/Nomura PRIME Japan ETF		354,961
SPDR Russell/Nomura Small Cap Japan ETF		1,831,066
SPDR S&P International Dividend ETF		60,267,936
SPDR S&P International Mid Cap ETF		1,142,759
SPDR S&P Emerging Markets Small Cap ETF		26,898,520
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		200,950
SPDR S&P International Consumer Staples Sector ETF		632,431
SPDR S&P International Energy Sector ETF		466,274
SPDR S&P International Financial Sector ETF		248,474
SPDR S&P International Health Care Sector ETF		618,921
SPDR S&P International Industrial Sector ETF		375,897
SPDR S&P International Materials Sector ETF		326,914
SPDR S&P International Technology Sector ETF		255,502
SPDR S&P International Telecommunications Sector ETF		1,349,460
SPDR S&P International Utilities Sector ETF		824,022

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

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SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)

and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

Approval of Advisory Agreement

At in-person meetings held during the six-month period ended September 30, 2012, the Board of Trustees of the Trust (the “Board”) evaluated the proposals to continue the Investment Advisory Agreement (the “Agreement”) with respect to the operational series of the Trust (each a “SPDR ETF” and collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent, Custodian and Securities Lending Agent (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by, or to be provided by, the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) costs to the Adviser of its services and profits realized by the Adviser from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the SPDR ETFs grow and whether the fee levels in the Agreement reflect these economies of scale.

The Board considered the nature, extent and quality of services provided by, or 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 responsibilities for managing the investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objective, investment policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, 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 exchange-traded funds in particular. The Board considered the Adviser’s experience in managing equity exchange-traded funds. The Board then determined that the nature, extent and quality of services provided by the Adviser to the Trust were necessary and appropriate.

The Board then reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. The Board was more concerned with the extent to which each SPDR ETF achieved its objective as a passively managed index fund. The Board reviewed information regarding the SPDR ETFs’ index tracking and tracking error, noting that each SPDR ETF satisfactorily tracked its benchmark index. The Board then determined that the performance of each SPDR ETF was satisfactory.

The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser, including data on the SPDR ETFs’ historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser’s relationships with the SPDR ETFs had been profitable, profitability was not excessive.

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OTHER INFORMATION (continued)

September 30, 2012 (Unaudited)

The Board considered whether the Adviser or its affiliates benefited in other ways from their 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 benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser’s fees with respect to the SPDR ETFs to be excessive.

The Board determined that the Adviser is likely to realize economies of scale in managing the SPDR ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the SPDR 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 SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board evaluated the SPDR ETFs’ unitary fee through the review of comparative information with respect to fees paid by similar funds — i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the SPDR ETFs based upon data from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the SPDR ETFs, estimated expense ratios of the new SPDR ETFs, and the unitary fee structure. The Board used a fund-by-fund analysis of the data. The Board concluded, based on the information presented, that each SPDR ETF’s fees were fair and reasonable in light of those of their direct competitors.

The Board, including the Independent Trustees voting separately, approved the Agreement after weighing the foregoing factors, none of which was dispositive in itself and each Trustee may have weighed each factor differently. The Board’s conclusions regarding the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory; (c) the Adviser’s fees for each SPDR ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with the SPDR ETFs by way of the relatively low fee structure of the Trust.

The Board also considered the renewal of the Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Trust and The Tuckerman Group LLC, an affiliate of the Adviser (the “Sub-Adviser”) with respect to the real estate series of the Trust (the “Real Estate ETFs”), after review of materials provided to them at their request by the Adviser, Sub-Adviser and State Street. In deciding whether to approve the Sub-Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Sub-Adviser with respect to the Real Estate ETFs under the Sub-Advisory Agreement, (ii) investment performance of the Real Estate ETFs, (iii) fees charged by the Sub-Adviser and any additional benefits received by the Sub-Adviser due to its relationship with the Adviser and the Trust, and (iv) the extent to which economies of scale would be realized if and as the Real Estate ETFs grow and whether fee levels in the Sub-Advisory Agreement reflect these economies of scale.

The Board considered the background and experience of the Sub-Adviser’s senior management and in particular the Sub-Adviser’s experience in investing in real estate investment trusts and international real estate securities. The Board considered that each Real Estate ETF satisfactorily tracked its benchmark index. The Board determined that the unitary fee paid to the Adviser by the Real Estate ETFs was fair and reasonable and that the Sub-Adviser’s fees are paid by the Adviser and were also considered as reasonable in light of the services provided.

The Board, including the Independent Trustees voting separately, approved the Sub-Advisory Agreement after weighing the foregoing factors, none of which was dispositive in itself and each Trustee may have weighed each factor differently. The Board’s conclusions with respect to the Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by the Sub-Adviser to each Real Estate ETF was appropriate; (b) the performance and, more importantly, the index tracking, of each Real Estate ETF had been satisfactory; (c) the Sub-Adviser’s fees for each Real Estate ETF and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional benefits to the Sub-Adviser were not of a magnitude to materially affect the Board’s conclusions; and (e) the fees paid to the Sub-Adviser adequately shared the economies of scale with the Real Estate ETFs.

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OTHER INFORMATION (continued)

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TRUSTEES


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

Independent Trustees


FRANK NESVET c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Chief Executive Officer, Libra Group, Inc. (1998-present) (a financial services consulting company).	140	SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DAVID M. KELLY c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since September 2000	Retired.	140	Penson Worldwide Inc. (Director); CHX Holdings, Inc. and Chicago Stock Exchange (Director); SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired (2005-present); Managing Director, Columbia Management Group, Bank of America (1984-2005).	140	SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; Head of Fixed Income and other Senior Management roles, Fidelity Investments (1993-2009).	140	Affiliated Managers Group, Inc. (Director); SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


CARL G. VERBONCOEUR c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009; Chief Executive Officer, Rydex Investments (2003-2009).	140	SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee); Motley Fool Funds Trust (Trustee).

379

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OTHER INFORMATION (continued)

October 1, 2012 (Unaudited)


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

Interested Trustee


JAMES E. ROSS* SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Chairman and Director, SSgA Funds Management, Inc. (2005-present); President, SSgA Funds Management, Inc. (2005-2012); Senior Managing Director, State Street Global Advisors (2006-present); Principal, State Street Global Advisors (2006-present).	170	SPDR Series Trust (Trustee); Select Sector SPDR Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee); State Street Master Funds (Trustee); and State Street Institutional Investment Trust (Trustee).


*		Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

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OTHER INFORMATION (continued)

October 1, 2012 (Unaudited)

OFFICERS


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years

ELLEN M. NEEDHAM SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	President	Term: Unlimited Served: since October 2012	President and Director (June 2012-present); Chief Operating Officer (May 2010-June 2012), SSgA Funds Management, Inc.; Senior Managing Director, SSgA Funds Management, Inc. (1992-2012); Senior Managing Director, State Street Global Advisors (1992-present).


MICHAEL P. RILEY SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Vice President	Term: Unlimited Served: since February 2005	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSgA Funds Management, Inc. (2005-2008)


RYAN M. LOUVAR State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1972	Secretary	Term: Unlimited Served: since August 2008	Vice President and Senior Counsel, State Street Bank and Trust Company (2005-present).*


MARK E. TUTTLE State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1970	Assistant Secretary	Term: Unlimited Served: since August 2007	Vice President and Counsel, State Street Bank and Trust Company (2007-present); Assistant Counsel, BISYS Group, Inc. (2005-2007) (a financial services company).


SCOTT E. HABEEB State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1968	Assistant Secretary	Term: Unlimited Served: since August 2011	Vice President and Counsel, State Street Bank and Trust Company (2007-present)*; Legal Analyst, Verizon Communications (2004-2007).


CHAD C. HALLETT State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1969	Treasurer	Term: Unlimited Served: since November 2010	Vice President, State Street Bank and Trust Company (2001-present)*.


MATTHEW FLAHERTY State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1971	Assistant Treasurer	Term: Unlimited Served: since May 2005	Assistant Vice President, State Street Bank and Trust Company (1994-present)*.

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OTHER INFORMATION (continued)

October 1, 2012 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years

LAURA F. DELL State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1964	Assistant Treasurer	Term: Unlimited Served: since November 2007	Vice President, State Street Bank and Trust Company (2002-present)*.


JACQUELINE ANGELL State Street Bank and Trust Company 20 Churchill Place London, UK E14 5HJ 1974	Chief Compliance Officer	Term: Unlimited Served: since February 2011	Head of UK Compliance, State Street Bank and Trust Company (July 2012-present); Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-June 2012); Director of Investment Adviser Oversight, Fidelity Investments (2006-2008).


*		Served in various capacities and/or with various affiliated companies during noted time period.

382

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 S&P 1500 Value Tilt ETF (VLU)

SPDR S&P 1500 Momentum Tilt ETF (MMTM)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays 1-3 Month T-Bill ETF (BIL)

SPDR Barclays TIPS ETF (IPE)

SPDR Barclays Short Term Treasury ETF (SST)

SPDR Barclays Intermediate Term Treasury ETF (ITE)

SPDR Barclays Long Term Treasury ETF (TLO)

SDPR Barclays Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Long Term Corporate Bond ETF (LWC)

SPDR Barclays Issuer Scored Corporate Bond ETF (CBND)

SPDR Barclays Convertible Securities ETF (CWB)

SPDR Barclays Mortgage Backed Bond ETF (MBG)

SPDR Barclays Aggregate Bond ETF (LAG)SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)

SPDR Nuveen Barclays Municipal Bond ETF (TFI)

SPDR Nuveen Barclays California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)

SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Build America Bond ETF (BABS)

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays International Treasury Bond ETF (BWX)

SPDR Barclays International Corporate Bond ETF (IBND)

SPDR Barclays Emerging Markets Local Bond ETF (EBND)

SPDR Barclays High Yield Bond ETF (JNK)

SPDR Barclays Short Term High Yield Bond ETF (SJNK)

SPDR Barclays Investment Grade Floating Rate ETF (FLRN)

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)

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, SPDR Index Shares Funds, and SSgA Active ETF Trust. 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
Ellen M. Needham, 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
Bingham McCutchen LLP
2020 K Street NW
Washington, DC 20006

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 ?uctuate 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, ?uctuate 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. This information must be preceded or accompanied by a current prospectus or summary prospectus. Read the prospectus carefully before you invest or send money. ^© 2012 State Street Corporation SPDRIDEXAR IBG-7474 For more complete information, please call 866.787.2257 or visit spdrs.com today

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

The Code of Ethics is attached hereto as Exhibit 12(a)(1).

Item 3. Audit Committee Financial Expert.

(a)(1) The Board of Trustees of the registrant has determined that the registrant has five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2) Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur are the registrant’s audit committee financial experts. The Board also determined that each of the foregoing persons are not “interested person(s)” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

For the fiscal years ending September 30, 2012 and September 30, 2011, the aggregate audit fees billed for professional services rendered by the principal accountant were $629,500 and $576,600, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-SAR; and (5) Rule 17f-2 securities counts.

(b) Audit-Related Fees.

For the fiscal years ending September 30, 2012 and September 30, 2011, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements that are not reported under paragraph (a) of this Item.

For the fiscal years ending September 30, 2012 and September 30, 2011, the aggregate tax fees billed for professional services rendered by the principal accountant were $297,900 and $272,550, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.

(d) All Other Fees.

There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2012 and September 30, 2011.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:

	a.		The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting;

			or

	b.		The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

	c.		De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

	d.		Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.

	e.		Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person).

(e)(2) Percentage of Services.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2011 and December 31, 2010 were approximately $5,512,332 and $2,518,417, respectively. Such information is not readily available on a fiscal year basis.

(h) The principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.

Item 5. Disclosure of Audit Committees for Listed Companies.

The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant’s audit committee are Bonny Boatman, Dwight Churchill, Frank Nesvet, David Kelly and Carl Verboncoeur.

Item 6. Schedule of Investments.

The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Chad C. Hallett, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 12. Exhibits.

(a)(1) Code of Ethics referred to in Item 2.

(a)(2) Separate certifications required by Rule 30a-2 under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are attached.

(a)(3) Not applicable

(b) A single certification required by Rule 30a-2(b) under the 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.

SIGNATURES

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

SPDR^® Index Shares Funds


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

Date:		December 5, 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/ Ellen M. Needham
		Ellen M. Needham
		President and Principal Executive Officer

Date:		December 5, 2012

By:		/s/ Chad C. Hallett
		Chad C. Hallett
		Treasurer and Principal Financial Officer

Date:		December 5, 2012

Non-income producing security.

A portion of the security was on loan at September 30, 2012.

Investments of cash collateral for securities loaned.

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

The rate shown is the annualized seven-day yield at period end.