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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR^® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)

Mark E. Tuttle, Esq.
State Street Bank and Trust Company
One Lincoln Street / CPH0326
Boston, MA 02111
(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.
Bingham McCutchen LLP
2020 K Street, N.W.
Washington, DC 20006

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2013

Item 1: Report to Shareholders

SPDR^® Index Shares Funds
Semi-Annual Report March 31, 2013

Precise in a world that isn’t.^SM

TABLE OF CONTENTS

Performance & Portfolio Summaries
SPDR® STOXX® Europe 50® ETF (FEU)	1
SPDR EURO STOXX 50 ETF (FEZ)	4
SPDR S&P® Emerging Asia Pacific ETF (GMF)	7
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)	10
SPDR S&P Russia ETF (RBL)	13
SPDR S&P China ETF (GXC)	16
SPDR S&P Emerging Markets ETF (GMM)	19
SPDR S&P Emerging Markets Dividend ETF (EDIV)	22
SPDR S&P BRIC 40 ETF (BIK)	25
SPDR S&P Emerging Europe ETF (GUR)	28
SPDR S&P Emerging Latin America ETF (GML)	31
SPDR S&P Emerging Middle East & Africa ETF (GAF)	34
SPDR S&P World ex-US ETF (GWL)	37
SPDR S&P International Small Cap ETF (GWX)	40
SPDR Dow Jones International Real Estate ETF (RWX)	43
SPDR S&P Global Infrastructure ETF (GII) (formerly SPDR FTSE/Macquarie Global Infrastructure 100 ETF)	46
SPDR S&P Global Natural Resources ETF (GNR)	49
SPDR MSCI ACWI ex-US ETF (CWI)	52
SPDR MSCI ACWI IMI ETF (ACIM)	55
SPDR MSCI EM 50 ETF (EMFT)	58
SPDR Russell/Nomura PRIMETM Japan ETF (JPP)	61
SPDR Russell/Nomura Small CapTM Japan ETF (JSC)	64
SPDR S&P International Dividend ETF (DWX)	67
SPDR S&P International Mid Cap ETF (MDD)	70
SPDR S&P Emerging Markets Small Cap ETF (EWX)	73
SPDR Dow Jones Global Real Estate ETF (RWO)	76
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	79
SPDR S&P International Consumer Staples Sector ETF (IPS)	82
SPDR S&P International Energy Sector ETF (IPW)	85
SPDR S&P International Financial Sector ETF (IPF)	88
SPDR S&P International Health Care Sector ETF (IRY)	91
SPDR S&P International Industrial Sector ETF (IPN)	94
SPDR S&P International Materials Sector ETF (IRV)	97
SPDR S&P International Technology Sector ETF (IPK)	100
SPDR S&P International Telecommunications Sector ETF (IST)	103
SPDR S&P International Utilities Sector ETF (IPU)	106
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)	109
SPDR EURO STOXX 50 ETF (FEZ)	110
SPDR S&P Emerging Asia Pacific ETF (GMF)	111
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)	115

SPDR S&P Russia ETF (RBL)	121
SPDR S&P China ETF (GXC)	123
SPDR S&P Emerging Markets ETF (GMM)	129
SPDR S&P Emerging Markets Dividend ETF (EDIV)	138
SPDR S&P BRIC 40 ETF (BIK)	140
SPDR S&P Emerging Europe ETF (GUR)	141
SPDR S&P Emerging Latin America ETF (GML)	143
SPDR S&P Emerging Middle East & Africa ETF (GAF)	145
SPDR S&P World ex-US ETF (GWL)	147
SPDR S&P International Small Cap ETF (GWX)	155
SPDR Dow Jones International Real Estate ETF (RWX)	164
SPDR S&P Global Infrastructure ETF (GII)	166
SPDR S&P Global Natural Resources ETF (GNR)	168
SPDR MSCI ACWI ex-US ETF (CWI)	170
SPDR MSCI ACWI IMI ETF (EMFT)	177
SPDR MSCI EM 50 ETF (ACIM)	185
SPDR Russell/Nomura PRIME Japan ETF (JPP)	186
SPDR Russell/Nomura Small Cap Japan ETF (JSC)	191
SPDR S&P International Dividend ETF (DWX)	196
SPDR S&P International Mid Cap ETF (MDD)	198
SPDR S&P Emerging Markets Small Cap ETF (EWX)	204
SPDR Dow Jones Global Real Estate ETF (RWO)	214
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	217
SPDR S&P International Consumer Staples Sector ETF (IPS)	219
SPDR S&P International Energy Sector ETF (IPW)	221
SPDR S&P International Financial Sector ETF (IPF)	223
SPDR S&P International Health Care Sector ETF (IRY)	225
SPDR S&P International Industrial Sector ETF (IPN)	227
SPDR S&P International Materials Sector ETF (IRV)	230
SPDR S&P International Technology Sector ETF (IPK)	232
SPDR S&P International Telecommunications Sector ETF (IST)	234
SPDR S&P International Utilities Sector ETF (IPU)	236
Financial Statements	238
Financial Highlights	270
Notes to Financial Statements	303
Other Information	324

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. 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, 2013 is 0.29%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		STOXX EUROPE		NET ASSET		MARKET		STOXX EUROPE
	VALUE		VALUE		50 INDEX		VALUE		VALUE		50 INDEX
SIX MONTHS		8.37%		8.42%		8.41%		N/A		N/A		N/A
ONE YEAR		9.99%		9.77%		9.89%		9.99%		9.77%		9.89%
THREE YEARS		8.59%		9.58%		8.30%		2.79%		3.10%		2.69%
FIVE YEARS		−12.97%		−12.35%		−13.30%		−2.74%		−2.60%		−2.81%
TEN YEARS		107.43%		108.63%		108.77%		7.57%		7.63%		7.64%

1

SPDR STOXX Europe 50 ETF —
Performance Summary (continued)

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

Mar-03	10000.00	10000.00
Jun-03	12157.00	12151.00
Sep-03	12356.00	12360.00
Dec-03	14933.00	14959.00
Mar-04	14662.00	14700.00
Jun-04	14814.00	14840.00
Sep-04	15091.00	15129.00
Dec-04	17210.00	17273.00
Mar-05	17118.00	17187.00
Jun-05	17103.00	17173.00
Sep-05	18351.00	18458.00
Dec-05	18483.00	18611.00
Mar-06	19984.00	20150.00
Jun-06	20612.00	20756.00
Sep-06	21543.00	21719.00
Dec-06	23426.00	23631.00
Mar-07	23882.00	24109.00
Jun-07	26142.00	26369.00
Sep-07	26761.00	27018.00
Dec-07	26620.00	26887.00
Mar-08	23837.00	24080.00
Jun-08	23262.00	23457.00
Sep-08	18929.00	19072.00
Dec-08	14917.00	15026.00
Mar-09	12542.00	12627.00
Jun-09	15588.00	15682.00
Sep-09	19060.00	19205.00
Dec-09	19792.00	19967.00
Mar-10	19104.00	19278.00
Jun-10	15802.00	15902.00
Sep-10	18579.00	18723.00
Dec-10	19091.00	19255.00
Mar-11	20312.00	20489.00
Jun-11	20958.00	21108.00
Sep-11	16467.00	16564.00
Dec-11	17557.00	17681.00
Mar-12	18865.00	18999.00
Jun-12	17757.00	17846.00
Sep-12	19147.00	19258.00
Dec-12	20159.00	20287.00
Mar-13	20743.00	20877.00

Past performance is not a guarantee of future results.

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

2

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

DESCRIPTION	NESTLE SA	HSBC HOLDINGS PLC	NOVARTIS AG	ROCHE HOLDING AG	VODAFONE GROUP PLC
MARKET VALUE	$3,489,518	2,930,428	2,877,283	2,447,465	2,092,751
% OF NET ASSETS	6.3	5.3	5.2	4.4	3.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Pharmaceuticals		19.9	%
Oil, Gas & Consumable Fuels		12.8
Commercial Banks		12.6
Food Products		9.5
Metals & Mining		4.2
Beverages		4.1
Tobacco		3.8
Wireless Telecommunication Services		3.8
Chemicals		3.2
Insurance		2.8
Electrical Equipment		2.5
Capital Markets		2.5
Industrial Conglomerates		2.4
Textiles, Apparel & Luxury Goods		2.3
Diversified Telecommunication Services		2.3
Multi-Utilities		2.1
Software		2.0
Automobiles		1.4
Household Products		1.3
Food & Staples Retailing		1.2
Communications Equipment		1.0
Specialty Retail		0.9
Diversified Financial Services		0.7
Short Term Investments		0.0	***
Other Assets & Liabilities		0.7
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Ageas VVPR Strip, which was Level 2 and part of the Insurance industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

3

SPDR EURO STOXX 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. 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 EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.29%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

EURO STOXX

NET ASSET

MARKET

EURO STOXX

VALUE

VALUE

50 INDEX

VALUE

VALUE

50 INDEX

SIX MONTHS

7.34%

7.37%

7.35%

N/A

N/A

N/A

ONE YEAR

6.53%

6.35%

5.92%

6.53%

6.35%

5.92%

THREE YEARS

−4.27%

−3.87%

−5.68%

−1.44%

−1.31%

−1.93%

FIVE YEARS

−28.61%

−28.40%

−30.10%

−6.52%

−6.46%

−6.91%

TEN YEARS

109.13%

109.72%

104.25%

7.66%

7.69%

7.40%

4

SPDR EURO STOXX 50 ETF —
Performance Summary (continued)

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

Mar-03	10000.00	10000.00
Jun-03	12742.00	12714.00
Sep-03	12840.00	12814.00
Dec-03	16023.00	16009.00
Mar-04	15787.00	15785.00
Jun-04	16050.00	16016.00
Sep-04	15948.00	15905.00
Dec-04	18909.00	18869.00
Mar-05	18759.00	18728.00
Jun-05	18537.00	18489.00
Sep-05	19907.00	19891.00
Dec-05	20360.00	20354.00
Mar-06	22521.00	22536.00
Jun-06	22984.00	22941.00
Sep-06	24383.00	24353.00
Dec-06	26883.00	26861.00
Mar-07	27591.00	27563.00
Jun-07	30710.00	30607.00
Sep-07	31639.00	31530.00
Dec-07	32751.00	32639.00
Mar-08	29296.00	29222.00
Jun-08	27694.00	27507.00
Sep-08	22463.00	22298.00
Dec-08	18020.00	17874.00
Mar-09	14611.00	14492.00
Jun-09	18414.00	18217.00
Sep-09	22991.00	22770.00
Dec-09	23397.00	23182.00
Mar-10	21848.00	21655.00
Jun-10	17847.00	17596.00
Sep-10	21271.00	20993.00
Dec-10	21343.00	21066.00
Mar-11	23574.00	23279.00
Jun-11	24204.00	23817.00
Sep-11	17255.00	16944.00
Dec-11	17827.00	17510.00
Mar-12	19633.00	19283.00
Jun-12	17653.00	17242.00
Sep-12	19485.00	19027.00
Dec-12	21494.00	20994.00
Mar-13	20913.00	20425.00

Past performance is not a guarantee of future results.

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

5

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

DESCRIPTION	SANOFI	TOTAL SA	SIEMENS AG	BAYER AG	BASF SE
MARKET VALUE	$110,017,667	95,531,457	80,501,037	76,637,126	72,318,279
% OF NET ASSETS	6.0	5.2	4.4	4.2	4.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		11.8	%
Pharmaceuticals		10.2
Oil, Gas & Consumable Fuels		9.0
Insurance		7.3
Diversified Telecommunication Services		6.4
Chemicals		5.8
Industrial Conglomerates		5.7
Automobiles		5.4
Food Products		5.2
Multi-Utilities		4.0
Software		3.7
Beverages		3.6
Textiles, Apparel & Luxury Goods		2.3
Electric Utilities		2.2
Electrical Equipment		2.0
Personal Products		1.9
Capital Markets		1.8
Specialty Retail		1.4
Diversified Financial Services		1.4
Aerospace & Defense		1.2
Semiconductors & Semiconductor Equipment		1.2
Health Care Equipment & Supplies		1.2
Construction & Engineering		1.1
Real Estate Investment Trusts		1.1
Building Products		0.8
Food & Staples Retailing		0.8
Construction Materials		0.8
Metals & Mining		0.6
Short Term Investments		0.0	***
Other Assets & Liabilities		0.1
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Ageas VVPR Strip, which was Level 2 and part of the Insurance industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

6

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.

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 S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P ASIA PACIFIC		NET ASSET		MARKET		S&P ASIA PACIFIC
	VALUE		VALUE		EMERGING BMI INDEX		VALUE		VALUE		EMERGING BMI INDEX
SIX MONTHS		4.75%		5.87%		6.66%		N/A		N/A		N/A
ONE YEAR		4.29%		4.75%		6.83%		4.29%		4.75%		6.83%
THREE YEARS		12.06%		11.89%		14.59%		3.87%		3.82%		4.64%
FIVE YEARS		13.43%		12.90%		16.14%		2.55%		2.46%		3.04%
SINCE INCEPTION (1)		44.43%		44.59%		48.58%		6.28%		6.30%		6.79%

(1) For the period March 20, 2007 to March 31, 2013.

7

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)

			S&P Asia
	SPDR S&P		Pacific Emerging
	Emerging Asia		BMI Index
	Pacific ETF
		10000		10000
3/20/2007		10190		10276
4/30/2007		10650		10718
5/31/2007		11261		11400
6/30/2007		12073		12233
7/31/2007		12790		13117
8/31/2007		12853		13016
9/30/2007		14502		14702
10/31/2007		16435		16401
11/30/2007		14889		14924
12/31/2007		14763		14986
1/31/2008		12700		12746
2/29/2008		13579		13726
3/31/2008		12734		12793
4/30/2008		13877		13876
5/31/2008		13335		13255
6/30/2008		11729		11504
7/31/2008		11657		11460
8/31/2008		11116		10950
9/30/2008		9143		8881
10/31/2008		7040		6805
11/30/2008		6707		6476
12/31/2008		7319		7064
1/31/2009		6758		6564
2/28/2009		6557		6426
3/31/2009		7511		7288
4/30/2009		8766		8471
5/31/2009		10370		10206
6/30/2009		10235		10126
7/31/2009		11317		11266
8/31/2009		10925		10865
9/30/2009		11809		11784
10/31/2009		11715		11773
11/30/2009		12224		12303
12/31/2009		12737		12817
1/31/2010		11919		12028
2/28/2010		12032		12059
3/31/2010		12887		12967
4/30/2010		13121		13194
5/31/2010		12049		12222
6/30/2010		12260		12407
7/31/2010		13010		13120
8/31/2010		12790		13024
9/30/2010		14271		14498
10/31/2010		14748		14498
11/30/2010		14357		14498
12/31/2010		15175		14498
1/31/2011		14861		14498
2/28/2011		14408		14498
3/31/2011		15245		14498
4/30/2011		15790		14987
5/31/2011		15546		14769
6/30/2011		15147		14415
7/31/2011		15275		14571
8/31/2011		13839		13150
9/30/2011		12052		11408
10/31/2011		13373		12648
11/30/2011		12227		11473
12/31/2011		12323		11561
1/31/2012		13681		12846
2/29/2012		14463		13714
3/31/2012		13849		13199
4/30/2012		13712		13080
5/31/2012		12431		11967
6/30/2012		12763		12218
7/31/2012		12906		12341
8/31/2012		12860		12321
9/30/2012		13789		13219
10/31/2012		13754		13208
11/30/2012		14106		13560
12/31/2012		14490		14009
1/31/2013		14966		14488
2/28/2013		14679		14271
3/31/2013		14443		14099

Past performance is not a guarantee of future results.

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

8

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

	TAIWAN SEMICONDUCTOR			INDUSTRIAL &
	MANUFACTURING CO.,	CHINA CONSTRUCTION		COMMERCIAL
DESCRIPTION	LTD. ADR	BANK CORP.	CHINA MOBILE, LTD.	BANK OF CHINA	PETROCHINA CO., LTD.
MARKET VALUE	$17,096,246	14,651,465	13,375,558	9,744,604	8,231,980
% OF NET ASSETS	3.4	2.9	2.7	1.9	1.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		18.2	%
Oil, Gas & Consumable Fuels		10.9
Semiconductors & Semiconductor Equipment		6.8
Wireless Telecommunication Services		6.3
Real Estate Management & Development		4.0
Electronic Equipment, Instruments & Components		3.5
Computers & Peripherals		3.5
Internet Software & Services		3.4
Insurance		3.0
Food Products		3.0
Automobiles		2.8
IT Services		2.6
Construction Materials		2.6
Independent Power Producers & Energy Traders		2.4
Metals & Mining		2.3
Chemicals		2.2
Diversified Telecommunication Services		2.1
Transportation Infrastructure		1.7
Construction & Engineering		1.5
Diversified Financial Services		1.4
Industrial Conglomerates		1.3
Hotels, Restaurants & Leisure		1.1
Electric Utilities		1.0
Pharmaceuticals		0.9
Household Products		0.9
Beverages		0.8
Thrifts & Mortgage Finance		0.8
Food & Staples Retailing		0.8
Gas Utilities		0.7
Media		0.7
Capital Markets		0.6
Tobacco		0.6
Health Care Providers & Services		0.6
Marine		0.5
Airlines		0.5
Electrical Equipment		0.5
Building Products		0.5
Textiles, Apparel & Luxury Goods		0.4
Energy Equipment & Services		0.3
Specialty Retail		0.3
Internet & Catalog Retail		0.3
Communications Equipment		0.3
Household Durables		0.2
Personal Products		0.2
Machinery		0.2
Health Care Equipment & Supplies		0.2
Diversified Consumer Services		0.1
Multiline Retail		0.1
Auto Components		0.1
Consumer Finance		0.1
Commercial Services & Supplies		0.0	***
Trading Companies & Distributors		0.0	***
Leisure Equipment & Products		0.0	***
Software		0.0	***
Short Term Investments		4.8
Other Assets & Liabilities		(4.6	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Indiabulls Financial Services, Ltd., which was Level 2 and part of the Diversified Financial Services industry representing 0.15% of net assets, and ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment industry, each representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

9

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.

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 S&P Small Cap Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.65%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P ASIA PACIFIC						S&P ASIA PACIFIC
	NET ASSET		MARKET		EMERGING UNDER USD		NET ASSET		MARKET		EMERGING UNDER USD
	VALUE		VALUE		2 BILLION INDEX		VALUE		VALUE		2 BILLION INDEX
SIX MONTHS		8.54%		10.58%		10.33%		N/A		N/A		N/A
ONE YEAR		7.21%		9.65%		9.41%		7.21%		9.65%		9.41%
SINCE INCEPTION (1)		20.56%		21.25%		25.39%		16.58%		17.12%		20.41%

(1) For the period January 11, 2012 to March 31, 2013.

10

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)

			S&P Asia
	SPDR S&P		Pacific Emerging
	Small Cap		Under USD
	Emerging Asia		2 Billion
	Pacific ETF		Index
1/11/2012		10000.00		10000.00
1/31/2012		10728.00		10811.00
2/29/2012		11708.00		11905.00
3/31/2012		11245.00		11461.00
4/30/2012		11006.00		11227.00
5/31/2012		10292.00		10480.00
6/30/2012		10363.00		10578.00
7/31/2012		10334.00		10514.00
8/31/2012		10491.00		10671.00
9/30/2012		11108.00		11364.00
10/31/2012		10787.00		11053.00
11/30/2012		11179.00		11497.00
12/31/2012		11604.00		12027.00
1/31/2013		12097.00		12481.00
2/28/2013		12104.00		12551.00
3/31/2013		12056.00		12539.00

Past performance is not a guarantee of future results.

11

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		NOVATEK	ZHEJIANG		GIANT
	TRUE CORP.	MICROELECTRONICS	SOUTHEAST	SINO	MANUFACTURING
DESCRIPTION	PCL, NVDR	CORP.	ELECTRIC POWER CO.	BIOPHARMACEUTICAL	CO., LTD.
MARKET VALUE	$13,241	12,992	11,353	11,171	11,136
% OF NET ASSETS	0.6	0.6	0.5	0.5	0.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Real Estate Management & Development		11.0	%
Semiconductors & Semiconductor Equipment		7.2
Electronic Equipment, Instruments & Components		5.7
Chemicals		5.3
Food Products		5.2
Commercial Banks		4.0
Metals & Mining		3.9
Pharmaceuticals		3.3
Computers & Peripherals		3.1
Textiles, Apparel & Luxury Goods		2.9
Machinery		2.8
Diversified Financial Services		2.5
Auto Components		2.3
Hotels, Restaurants & Leisure		2.3
Construction & Engineering		2.3
Electrical Equipment		2.3
Oil, Gas & Consumable Fuels		2.2
Independent Power Producers & Energy Traders		1.8
Multiline Retail		1.7
Automobiles		1.7
Marine		1.6
Communications Equipment		1.5
Transportation Infrastructure		1.4
Media		1.1
Leisure Equipment & Products		1.1
Specialty Retail		1.1
Capital Markets		1.0
Health Care Providers & Services		1.0
Internet Software & Services		0.9
Software		0.9
Household Durables		0.9
Water Utilities		0.9
Diversified Telecommunication Services		0.9
Health Care Equipment & Supplies		0.9
IT Services		0.8
Construction Materials		0.8
Paper & Forest Products		0.8
Airlines		0.7
Containers & Packaging		0.6
Commercial Services & Supplies		0.6
Industrial Conglomerates		0.6
Building Products		0.6
Beverages		0.5
Air Freight & Logistics		0.4
Consumer Finance		0.4
Distributors		0.4
Food & Staples Retailing		0.3
Biotechnology		0.3
Household Products		0.3
Electric Utilities		0.3
Trading Companies & Distributors		0.3
Professional Services		0.3
Aerospace & Defense		0.3
Wireless Telecommunication Services		0.2
Energy Equipment & Services		0.2
Personal Products		0.2
Insurance		0.2
Office Electronics		0.2
Gas Utilities		0.2
Diversified Consumer Services		0.2
Thrifts & Mortgage Finance		0.1
Internet & Catalog Retail		0.1
Short Term Investments		4.5
Other Assets & Liabilities		(4.1	)
TOTAL		100.0	%

*

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

**

Each security is valued based on Level 1 inputs, except for Boshiwa International Holding, Ltd., which was Level 3 and part of the Specialty Retail industry, representing 0.00% of net assets, China Metal Recycling Holdings, Ltd., which was Level 2 and part of the Metals & Mining industry, representing 0.19% of net assets, Darma Henwa PT Tbk, which was Level 2 and part of the Metals & Mining industry, representing 0.02% of net assets, China Precious Metal Resources Holdings Co., Ltd., which was Level 2 and part of the Metals & Mining industry, representing 0.17% of net assets and Indiabulls Financial Services, Ltd., which was Level 2 and part of the Diversified Financial Services industry, representing 0.30% of net assets. (Note 2)

12

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.

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 S&P Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P RUSSIA CAPPED

NET ASSET

MARKET

S&P RUSSIA CAPPED

VALUE

VALUE

BMI INDEX

VALUE

VALUE

BMI INDEX

SIX MONTHS

−2.18%

−2.11%

−1.90%

N/A

N/A

N/A

ONE YEAR

−8.85%

−9.27%

−8.08%

−8.85%

−9.27%

−8.08%

THREE YEARS

−6.11%

−5.91%

−3.00%

−2.08%

−2.01%

−1.01%

SINCE INCEPTION (1)

−3.44%

−3.31%

0.87%

−1.14%

−1.09%

0.28%

(1) For the period March 10, 2010 to March 31, 2013.

13

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

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

			S&P Russia
	SPDR S&P		Capped BMI
	Russia ETF		Index
		10000.00		10000.00
3/10/2010		10283.00		10398.00
4/30/2010		10230.00		10346.00
5/31/2010		9093.00		9212.00
6/30/2010		8784.00		8878.00
7/31/2010		9760.00		9811.00
8/31/2010		9475.00		9472.00
9/30/2010		10072.00		10246.00
10/31/2010		10646.00		10744.00
11/30/2010		10660.00		10784.00
12/31/2010		11960.00		11996.00
1/31/2011		12061.00		12381.00
2/28/2011		12812.00		13004.00
3/31/2011		13435.00		13513.00
4/30/2011		13327.00		13427.00
5/31/2011		12421.00		12672.00
6/30/2011		12379.00		12659.00
7/31/2011		12566.00		13019.00
8/31/2011		11056.00		11251.00
9/30/2011		8704.00		8921.00
10/31/2011		10150.00		10413.00
11/30/2011		10136.00		10298.00
12/31/2011		8991.00		9270.00
1/31/2012		10268.00		10599.00
2/29/2012		11256.00		11607.00
3/31/2012		10594.00		10972.00
4/30/2012		10349.00		10699.00
5/31/2012		8232.00		8597.00
6/30/2012		8931.00		9370.00
7/31/2012		9077.00		9560.00
8/31/2012		9334.00		9710.00
9/30/2012		9871.00		10280.00
10/31/2012		9491.00		9908.00
11/30/2012		9414.00		9873.00
12/31/2012		10117.00		10471.00
1/31/2013		10618.00		11124.00
2/28/2013		10085.00		10535.00
3/31/2013		9656.00		10087.00

Past performance is not a guarantee of future results.

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

14

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

			SBERBANK OF	MMC NORILSK
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	RUSSIA ADR	NICKEL OJSC ADR	MOBILE TELESYSTEMS ADR
MARKET VALUE	$5,975,336	4,686,392	3,918,941	1,719,058	1,614,169
% OF NET ASSETS	16.8	13.2	11.0	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 MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		47.7	%
Commercial Banks		12.9
Metals & Mining		9.7
Wireless Telecommunication Services		7.4
Food & Staples Retailing		5.5
Chemicals		4.3
Diversified Telecommunication Services		2.9
Electric Utilities		1.6
Energy Equipment & Services		1.4
Internet Software & Services		1.4
Real Estate Management & Development		1.1
Pharmaceuticals		1.0
Road & Rail		0.7
Household Durables		0.5
Transportation Infrastructure		0.5
Media		0.4
Short Term Investments		1.4
Other Assets & Liabilities		(0.4	)
TOTAL		100.0	%

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

15

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.

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 S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

	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
SIX MONTHS		7.32%		7.91%		8.97%		N/A		N/A		N/A
ONE YEAR		4.01%		4.67%		5.07%		4.01%		4.67%		5.07%
THREE YEARS		2.48%		2.50%		2.51%		0.82%		0.83%		0.83%
FIVE YEARS		10.11%		9.97%		9.91%		1.94%		1.92%		1.91%
SINCE INCEPTION (1)		46.45%		46.52%		47.71%		6.53%		6.54%		6.68%

(1) For the period March 20, 2007 to March 31, 2013.

16

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

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

			S&P China
	SPDR S&P		BMI Index
	China ETF
3/20/2007		10000.00		10000.00
3/31/2007		10354.00		10373.00
4/30/2007		10718.00		10820.00
5/31/2007		11549.00		11742.00
6/30/2007		12837.00		12985.00
7/31/2007		14139.00		14345.00
8/31/2007		15072.00		15260.00
9/30/2007		18062.00		18288.00
10/31/2007		21099.00		21241.00
11/30/2007		18484.00		18548.00
12/31/2007		17665.00		17839.00
1/31/2008		13857.00		14020.00
2/29/2008		15214.00		15336.00
3/31/2008		13298.00		13441.00
4/30/2008		15517.00		15470.00
5/31/2008		14889.00		14883.00
6/30/2008		13088.00		13030.00
7/31/2008		13344.00		13279.00
8/31/2008		12440.00		12240.00
9/30/2008		9888.00		9751.00
10/31/2008		7646.00		7479.00
11/30/2008		7839.00		7687.00
12/31/2008		8712.00		8523.00
1/31/2009		7945.00		7836.00
2/28/2009		7688.00		7623.00
3/31/2009		8831.00		8746.00
4/30/2009		9920.00		9833.00
5/31/2009		11667.00		11626.00
6/30/2009		12021.00		12075.00
7/31/2009		13450.00		13438.00
8/31/2009		12510.00		12481.00
9/30/2009		13157.00		13092.00
10/31/2009		13899.00		13803.00
11/30/2009		14316.00		14308.00
12/31/2009		14410.00		14458.00
1/31/2010		13151.00		13231.00
2/28/2010		13580.00		13662.00
3/31/2010		14289.00		14409.00
4/30/2010		14297.00		14417.00
5/31/2010		13465.00		13573.00
6/30/2010		13607.00		13681.00
7/31/2010		14310.00		14456.00
8/31/2010		13890.00		14082.00
9/30/2010		15245.00		15490.00
10/31/2010		15894.00		16218.00
11/30/2010		15500.00		15905.00
12/31/2010		15375.00		15787.00
1/31/2011		15383.00		15760.00
2/28/2011		15154.00		15524.00
3/31/2011		16022.00		16367.00
4/30/2011		16404.00		16739.00
5/31/2011		16295.00		16558.00
6/30/2011		15732.00		15917.00
7/31/2011		15713.00		15882.00
8/31/2011		14280.00		14342.00
9/30/2011		11746.00		11711.00
10/31/2011		13669.00		13665.00
11/30/2011		12551.00		12511.00
12/31/2011		12728.00		12641.00
1/31/2012		14115.00		14011.00
2/29/2012		15014.00		15011.00
3/31/2012		14079.00		14060.00
4/30/2012		14404.00		14396.00
5/31/2012		12899.00		12916.00
6/30/2012		13115.00		13082.00
7/31/2012		13226.00		13095.00
8/31/2012		12822.00		12769.00
9/30/2012		13644.00		13556.00
10/31/2012		14325.00		14246.00
11/30/2012		14487.00		14454.00
12/31/2012		15201.00		15241.00
1/31/2013		15877.00		16001.00
2/28/2013		15224.00		15406.00
3/31/2013		14645.00		14771.00

Past performance is not a guarantee of future results.

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

17

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

	CHINA
	CONSTRUCTION		INDUSTRIAL & COMMERCIAL	TENCENT
DESCRIPTION	BANK CORP.	CHINA MOBILE, LTD.	BANK OF CHINA	HOLDINGS, LTD.	BANK OF CHINA, LTD.
MARKET VALUE	$87,117,164	74,923,696	68,924,810	45,276,250	44,088,516
% OF NET ASSETS	7.9	6.8	6.3	4.1	4.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		22.8	%
Oil, Gas & Consumable Fuels		13.6
Internet Software & Services		8.4
Wireless Telecommunication Services		6.8
Real Estate Management & Development		6.2
Insurance		5.7
Food Products		3.6
Transportation Infrastructure		2.7
Automobiles		2.0
Independent Power Producers & Energy Traders		1.9
Diversified Telecommunication Services		1.9
Metals & Mining		1.8
Construction & Engineering		1.6
Industrial Conglomerates		1.4
Construction Materials		1.4
Airlines		1.2
Specialty Retail		1.1
Machinery		0.9
Chemicals		0.9
Food & Staples Retailing		0.9
Computers & Peripherals		0.8
Pharmaceuticals		0.8
Communications Equipment		0.8
Personal Products		0.8
Gas Utilities		0.7
Health Care Equipment & Supplies		0.7
Energy Equipment & Services		0.6
Textiles, Apparel & Luxury Goods		0.6
Electrical Equipment		0.6
Water Utilities		0.6
Electronic Equipment, Instruments & Components		0.5
Health Care Providers & Services		0.5
Marine		0.5
Hotels, Restaurants & Leisure		0.5
Paper & Forest Products		0.5
Internet & Catalog Retail		0.4
Multiline Retail		0.4
Beverages		0.4
Media		0.4
Semiconductors & Semiconductor Equipment		0.3
Diversified Consumer Services		0.3
Software		0.2
Auto Components		0.2
IT Services		0.2
Road & Rail		0.2
Household Durables		0.2
Aerospace & Defense		0.1
Commercial Services & Supplies		0.1
Diversified Financial Services		0.1
Household Products		0.1
Leisure Equipment & Products		0.1
Short Term Investments		13.2
Other Assets & Liabilities		(13.2	)
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 China Metal Recycling Holdings, Ltd., which was Level 2 and part of the Metals & Mining industry, representing 0.04% of net assets, and China Milk Products Group, Ltd., which was Level 2 and part of the Food Products industry, representing 0.00% of net assets. (Note 2)

18

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.

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 S&P Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P EMERGING BMI		NET ASSET		MARKET		S&P EMERGING BMI
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		3.71%		4.20%		5.31%		N/A		N/A		N/A
ONE YEAR		1.06%		0.89%		3.09%		1.06%		0.89%		3.09%
THREE YEARS		8.29%		7.92%		9.74%		2.69%		2.57%		3.15%
FIVE YEARS		6.74%		6.08%		8.33%		1.31%		1.19%		1.61%
SINCE INCEPTION (1)		35.62%		35.55%		38.51%		5.18%		5.17%		5.55%

(1) For the period March 20, 2007 to March 31, 2013.

19

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

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

	SPDR S&P
	Emerging Markets		S&P Emerging
	ETF		BMI Index
		10000.00		10000.00
3/20/2007		10338.00		10389.00
4/30/2007		10818.00		10863.00
5/31/2007		11292.00		11357.00
6/30/2007		11823.00		11927.00
7/31/2007		12305.00		12467.00
8/31/2007		12155.00		12226.00
9/30/2007		13520.00		13574.00
10/31/2007		15145.00		15077.00
11/30/2007		14084.00		14145.00
12/31/2007		14134.00		14293.00
1/31/2008		12447.00		12515.00
2/29/2008		13328.00		13473.00
3/31/2008		12706.00		12784.00
4/30/2008		13773.00		13742.00
5/31/2008		14123.00		14063.00
6/30/2008		12779.00		12674.00
7/31/2008		12301.00		12201.00
8/31/2008		11497.00		11336.00
9/30/2008		9494.00		9237.00
10/31/2008		6968.00		6706.00
11/30/2008		6536.00		6276.00
12/31/2008		6946.00		6651.00
1/31/2009		6403.00		6196.00
2/28/2009		6196.00		6003.00
3/31/2009		6976.00		6771.00
4/30/2009		8174.00		7888.00
5/31/2009		9622.00		9463.00
6/30/2009		9462.00		9346.00
7/31/2009		10421.00		10279.00
8/31/2009		10393.00		10276.00
9/30/2009		11208.00		11159.00
10/31/2009		11267.00		11256.00
11/30/2009		11859.00		11812.00
12/31/2009		12296.00		12280.00
1/31/2010		11531.00		11634.00
2/28/2010		11615.00		11688.00
3/31/2010		12523.00		12619.00
4/30/2010		12600.00		12744.00
5/31/2010		11477.00		11677.00
6/30/2010		11424.00		11588.00
7/31/2010		12415.00		12556.00
8/31/2010		12130.00		12383.00
9/30/2010		13478.00		13744.00
10/31/2010		13915.00		14204.00
11/30/2010		13588.00		13841.00
12/31/2010		14525.00		14742.00
1/31/2011		14011.00		14223.00
2/28/2011		14060.00		14164.00
3/31/2011		14734.00		14840.00
4/30/2011		15175.00		15274.00
5/31/2011		14729.00		14868.00
6/30/2011		14477.00		14619.00
7/31/2011		14414.00		14577.00
8/31/2011		13252.00		13331.00
9/30/2011		11314.00		11335.00
10/31/2011		12699.00		12741.00
11/30/2011		11946.00		11846.00
12/31/2011		11759.00		11690.00
1/31/2012		13079.00		13050.00
2/29/2012		13868.00		13921.00
3/31/2012		13420.00		13432.00
4/30/2012		13190.00		13226.00
5/31/2012		11662.00		11788.00
6/30/2012		12157.00		12234.00
7/31/2012		12333.00		12402.00
8/31/2012		12344.00		12419.00
9/30/2012		13077.00		13153.00
10/31/2012		12996.00		13103.00
11/30/2012		13110.00		13236.00
12/31/2012		13735.00		13894.00
1/31/2013		14027.00		14290.00
2/28/2013		13712.00		13994.00
3/31/2013		13562.00		13851.00

Past performance is not a guarantee of future results.

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

20

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

				COMPANHIA DE
				BEBIDAS DAS
	TAIWAN SEMICONDUCTOR			AMERICAS PREFERENCE	TENCENT
DESCRIPTION	MANUFACTURING CO., LTD.	CHINA MOBILE, LTD.	GAZPROM OAO ADR	SHARES ADR	HOLDINGS, LTD.
MARKET VALUE	$3,982,694	3,912,697	3,584,745	3,385,934	3,233,375
% OF NET ASSETS	1.8	1.8	1.6	1.5	1.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		17.1	%
Oil, Gas & Consumable Fuels		13.3
Metals & Mining		6.4
Wireless Telecommunication Services		6.3
Beverages		3.9
Semiconductors & Semiconductor Equipment		3.3
Real Estate Management & Development		2.8
Food Products		2.8
Internet Software & Services		2.6
Insurance		2.0
Diversified Financial Services		1.9
Multiline Retail		1.8
Automobiles		1.8
Diversified Telecommunication Services		1.8
Chemicals		1.7
IT Services		1.6
Construction & Engineering		1.6
Electronic Equipment, Instruments & Components		1.6
Food & Staples Retailing		1.4
Industrial Conglomerates		1.4
Computers & Peripherals		1.4
Media		1.4
Construction Materials		1.4
Pharmaceuticals		1.3
Independent Power Producers & Energy Traders		1.2
Electric Utilities		1.2
Specialty Retail		1.2
Transportation Infrastructure		1.1
Airlines		0.8
Thrifts & Mortgage Finance		0.7
Household Products		0.7
Hotels, Restaurants & Leisure		0.7
Household Durables		0.7
Communications Equipment		0.6
Leisure Equipment & Products		0.5
Capital Markets		0.5
Tobacco		0.5
Personal Products		0.4
Machinery		0.4
Paper & Forest Products		0.4
Water Utilities		0.4
Gas Utilities		0.4
Electrical Equipment		0.4
Energy Equipment & Services		0.3
Trading Companies & Distributors		0.3
Textiles, Apparel & Luxury Goods		0.3
Health Care Providers & Services		0.3
Marine		0.2
Aerospace & Defense		0.2
Building Products		0.2
Consumer Finance		0.1
Internet & Catalog Retail		0.1
Distributors		0.1
Air Freight & Logistics		0.1
Road & Rail		0.1
Health Care Equipment & Supplies		0.1
Diversified Consumer Services		0.1
Professional Services		0.1
Software		0.0
Containers & Packaging		0.0	***
Auto Components		0.0	***
Biotechnology		0.0	***
Real Estate Investment Trusts		0.0	***
Short Term Investments		7.0
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, except for Alok Industries Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods industry, Bintulu Port Holdings Bhd, which was Level 2 and part of the Transportation Infrastructure industry, Chaoda Modern Agriculture Holdings, Ltd., which was Level 3 and part of the Food Products industry, Interbolsa SA/Colombia, which was Level 2 and part of the Capital Markets industry, Polimex-Mostostal SA, which was Level 2 and part of the Construction & Engineering industry, and ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment industry, each representing 0.00% of net assets, Grupo Aval Acciones y Valores, which was Level 2 and part of the Commercial Banks industry, representing 0.35% of net assets and Fabricato SA, which was Level 2 and part of the Textiles, Apparel & Luxury Goods industry, representing 0.01% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

21

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.

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 S&P Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

S&P EMERGING

NET ASSET

MARKET

MARKETS DIVIDEND

NET ASSET

MARKET

MARKETS DIVIDEND

VALUE

VALUE

OPPORTUNITIES INDEX

VALUE

VALUE

OPPORTUNITIES INDEX

SIX MONTHS

3.55%

4.33%

4.87%

N/A

N/A

N/A

ONE YEAR

−6.19%

−5.90%

−4.85%

−6.19%

−5.90%

−4.85%

SINCE INCEPTION (1)

−0.24%

0.25%

5.34%

−0.12%

0.12%

2.51%

(1) For the period February 23, 2011 to March 31, 2013.

22

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)

	SPDR S&P		S&P Emerging
	Emerging Markets		Markets Dividend
	Dividend ETF		Opportunities Index
		10000.00		10000.00
2/23/2011		9970.00		10055.00
3/31/2011		10532.00		10689.00
4/30/2011		11026.00		11236.00
5/31/2011		10889.00		11112.00
6/30/2011		11016.00		11253.00
7/31/2011		11032.00		11353.00
8/31/2011		10421.00		10745.00
9/30/2011		9127.00		9409.00
10/31/2011		10001.00		10352.00
11/30/2011		9710.00		10044.00
12/31/2011		9789.00		10162.00
1/31/2012		10543.00		10944.00
2/29/2012		11342.00		11808.00
3/31/2012		10635.00		11071.00
4/30/2012		10343.00		10767.00
5/31/2012		9115.00		9465.00
6/30/2012		9556.00		9944.00
7/31/2012		9298.00		9687.00
8/31/2012		9298.00		9678.00
9/30/2012		9634.00		10045.00
10/31/2012		9497.00		9917.00
11/30/2012		9641.00		10065.00
12/31/2012		10323.00		10771.00
1/31/2013		10374.00		10919.00
2/28/2013		10191.00		10726.00
3/31/2013		9976.00		10534.00

Past performance is not a guarantee of future results.

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

23

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

					CENTRAIS ELETRICAS
					BRASILEIRAS SA
	SHIN CORP.		COMPANHIA ENERGETICA	TUPRAS-TURKIYE	PREFERENCE SHARES
DESCRIPTION	PCL, NVDR	SK TELECOM CO., LTD.	DE MINAS GERAIS ADR	PETROL RAFINERILERI AS	(CLASS H)
MARKET VALUE	$19,859,314	17,171,024	17,098,780	16,820,942	15,854,734
% OF NET ASSETS	3.9	3.3	3.4	3.3	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Electric Utilities		15.9	%
Wireless Telecommunication Services		13.2
Metals & Mining		12.4
Commercial Banks		11.2
Oil, Gas & Consumable Fuels		9.0
Computers & Peripherals		5.6
Diversified Telecommunication Services		4.8
Chemicals		3.9
Independent Power Producers & Energy Traders		3.5
Electronic Equipment, Instruments & Components		3.0
Diversified Financial Services		2.8
Communications Equipment		2.6
Real Estate Management & Development		2.4
Insurance		1.6
Textiles, Apparel & Luxury Goods		1.4
Transportation Infrastructure		1.0
Airlines		0.8
Media		0.7
Automobiles		0.6
Construction Materials		0.6
Water Utilities		0.4
Machinery		0.4
Food Products		0.3
Real Estate Investment Trusts		0.3
Capital Markets		0.2
Road & Rail		0.1
Trading Companies & Distributors		0.1
Tobacco		0.1
Gas Utilities		0.1
Household Durables		0.1
Semiconductors & Semiconductor Equipment		0.1
Industrial Conglomerates		0.0	***
Short Term Investments		9.7
Other Assets & Liabilities		(8.9	)
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)
***	Amount shown represents less than 0.05% of net assets.

24

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.

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 S&P BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

VALUE

VALUE

S&P BRIC 40 INDEX

VALUE

VALUE

S&P BRIC 40 INDEX

SIX MONTHS

2.11%

2.29%

2.38%

N/A

N/A

N/A

ONE YEAR

−3.58%

−3.49%

−2.87%

−3.58%

−3.49%

−2.87%

THREE YEARS

−1.21%

−1.80%

0.71%

−0.41%

−0.60%

0.24%

FIVE YEARS

−6.03%

−6.23%

−3.44%

−1.24%

−1.28%

−0.70%

SINCE INCEPTION (1)

8.37%

8.27%

11.67%

1.40%

1.38%

1.93%

(1) For the period June 19, 2007 to March 31, 2013.

25

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

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

	SPDR S&P
	BRIC 40		S&P BRIC
	ETF		40 Index
		10000		10000
6/19/2007		9954		9955
7/31/2007		10544		10542
8/31/2007		10727		10732
9/30/2007		12538		12554
10/31/2007		14703		14711
11/30/2007		13469		13499
12/31/2007		13469		13504
1/31/2008		11350		11379
2/29/2008		12339		12375
3/31/2008		11530		11565
4/30/2008		13090		13139
5/31/2008		13661		13731
6/30/2008		12418		12473
7/31/2008		11671		11722
8/31/2008		10591		10639
9/30/2008		8464		8510
10/31/2008		6165		6173
11/30/2008		5882		5893
12/31/2008		6058		6073
1/31/2009		5624		5640
2/28/2009		5560		5576
3/31/2009		6316		6344
4/30/2009		7313		7350
5/31/2009		8821		8870
6/30/2009		8576		8625
7/31/2009		9280		9339
8/31/2009		9111		9173
9/30/2009		10001		10086
10/31/2009		10361		10454
11/30/2009		10852		10954
12/31/2009		10976		11073
1/31/2010		10065		10166
2/28/2010		10240		10344
3/31/2010		10967		11089
4/30/2010		10984		11110
5/31/2010		10157		10290
6/30/2010		10080		10206
7/31/2010		10892		11039
8/31/2010		10455		10600
9/30/2010		11399		11575
10/31/2010		11858		12050
11/30/2010		11562		11760
12/31/2010		12119		12341
1/31/2011		11959		12172
2/28/2011		12309		12534
3/31/2011		13005		13255
4/30/2011		13041		13294
5/31/2011		12637		12926
6/30/2011		12454		12749
7/31/2011		12256		12551
8/31/2011		11181		11427
9/30/2011		9405		9595
10/31/2011		10862		11096
11/30/2011		10215		10430
12/31/2011		9962		10175
1/31/2012		11285		11536
2/29/2012		11948		12217
3/31/2012		11238		11497
4/30/2012		11107		11372
5/31/2012		9521		9797
6/30/2012		9915		10213
7/31/2012		10140		10451
8/31/2012		10072		10334
9/30/2012		10613		10907
10/31/2012		10678		10979
11/30/2012		10637		10954
12/31/2012		11227		11558
1/31/2013		11706		12053
2/28/2013		11133		11466
3/31/2013		10837		11167

Past performance is not a guarantee of future results.

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

26

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

					ITAU UNIBANCO
		INDUSTRIAL &			HOLDING SA
	CHINA CONSTRUCTION	COMMERCIAL			PREFERENCE
DESCRIPTION	BANK CORP.	BANK OF CHINA	CHINA MOBILE LTD.	GAZPROM OAO ADR	SHARES ADR
MARKET VALUE	$21,168,543	18,240,176	17,747,444	16,343,110	13,030,116
% OF NET ASSETS	7.5	6.4	6.2	5.8	4.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		35.0	%
Oil, Gas & Consumable Fuels		29.8
Wireless Telecommunication Services		7.4
Internet Software & Services		6.3
Metals & Mining		4.7
Insurance		3.7
Beverages		3.6
IT Services		2.9
Food Products		2.8
Diversified Telecommunication Services		1.4
Real Estate Management & Development		1.2
Chemicals		1.0
Short Term Investments		7.8
Other Assets & Liabilities		(7.6	)
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)

27

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.

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 S&P Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING CAPPED BMI

NET ASSET

MARKET

EMERGING CAPPED BMI

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

1.90%

2.08%

3.20%

N/A

N/A

N/A

ONE YEAR

−0.99%

−1.45%

0.81%

−0.99%

−1.45%

0.81%

THREE YEARS

−2.56%

−2.80%

0.10%

−0.86%

−0.94%

0.03%

FIVE YEARS

−25.81%

−26.27%

−25.09%

−5.80%

−5.91%

−5.61%

SINCE INCEPTION (1)

−15.78%

−15.81%

−11.59%

−2.81%

−2.81%

−2.02%

(1) For the period March 20, 2007 to March 31, 2013.

28

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

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

	SPDR S&P		S&P European
	Emerging Europe		Emerging Capped
	ETF		BMI Index
		10000.00		10000.00
3/20/2007		10598.00		10577.00
4/30/2007		10796.00		10655.00
5/31/2007		10316.00		10385.00
6/30/2007		11059.00		11109.00
7/31/2007		11387.00		11588.00
8/31/2007		10877.00		11120.00
9/30/2007		11874.00		12055.00
10/31/2007		12861.00		13155.00
11/30/2007		12586.00		13063.00
12/31/2007		13046.00		13553.00
1/31/2008		10899.00		11377.00
2/29/2008		11418.00		12109.00
3/31/2008		11352.00		11803.00
4/30/2008		11696.00		12140.00
5/31/2008		13053.00		13562.00
6/30/2008		12153.00		12547.00
7/31/2008		11429.00		11601.00
8/31/2008		9822.00		10020.00
9/30/2008		7903.00		7900.00
10/31/2008		5424.00		5140.00
11/30/2008		4677.00		4420.00
12/31/2008		4541.00		4254.00
1/31/2009		3822.00		3611.00
2/28/2009		3723.00		3424.00
3/31/2009		4311.00		4082.00
4/30/2009		5250.00		5007.00
5/31/2009		6468.00		6160.00
6/30/2009		5946.00		5858.00
7/31/2009		6613.00		6386.00
8/31/2009		6963.00		6747.00
9/30/2009		7493.00		7429.00
10/31/2009		7749.00		7646.00
11/30/2009		7843.00		7757.00
12/31/2009		8289.00		8160.00
1/31/2010		8318.00		8358.00
2/28/2010		7795.00		7904.00
3/31/2010		8643.00		8830.00
4/30/2010		8668.00		8905.00
5/31/2010		7630.00		7834.00
6/30/2010		7346.00		7536.00
7/31/2010		8279.00		8492.00
8/31/2010		7989.00		8218.00
9/30/2010		8747.00		9004.00
10/31/2010		9187.00		9445.00
11/30/2010		8776.00		9045.00
12/31/2010		9497.00		9826.00
1/31/2011		9641.00		9971.00
2/28/2011		10042.00		10298.00
3/31/2011		10588.00		10841.00
4/30/2011		10974.00		11234.00
5/31/2011		10117.00		10462.00
6/30/2011		10070.00		10386.00
7/31/2011		10026.00		10403.00
8/31/2011		8779.00		8983.00
9/30/2011		7230.00		7396.00
10/31/2011		8135.00		8360.00
11/30/2011		7940.00		8069.00
12/31/2011		7129.00		7329.00
1/31/2012		8249.00		8432.00
2/29/2012		8939.00		9144.00
3/31/2012		8507.00		8770.00
4/30/2012		8278.00		8548.00
5/31/2012		6759.00		7016.00
6/30/2012		7506.00		7821.00
7/31/2012		7581.00		7945.00
8/31/2012		7921.00		8159.00
9/30/2012		8265.00		8568.00
10/31/2012		8204.00		8496.00
11/30/2012		8196.00		8534.00
12/31/2012		8795.00		9076.00
1/31/2013		9048.00		9428.00
2/28/2013		8623.00		9021.00
3/31/2013		8422.00		8841.00

Past performance is not a guarantee of future results.

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

29

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

					MMC NORILSK
				TURKIYE GARANTI	NICKEL
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	SBERBANK	BANKASI AS	OJSC ADR
MARKET VALUE	$10,885,957	7,282,536	6,900,873	3,428,475	3,174,246
% OF NET ASSETS	11.9	8.0	7.6	3.8	3.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		34.8	%
Commercial Banks		23.2
Metals & Mining		8.3
Wireless Telecommunication Services		6.4
Food & Staples Retailing		3.5
Diversified Telecommunication Services		3.6
Electric Utilities		3.4
Chemicals		2.2
Industrial Conglomerates		2.1
Airlines		1.8
Household Durables		1.5
Beverages		1.5
Distributors		1.2
Diversified Financial Services		1.1
Insurance		1.1
Pharmaceuticals		0.9
Media		0.8
Real Estate Management & Development		0.7
Energy Equipment & Services		0.4
Software		0.3
Internet Software & Services		0.3
Road & Rail		0.3
Building Products		0.1
Hotels, Restaurants & Leisure		0.1
Food Products		0.1
Construction & Engineering		0.0	***
Biotechnology		0.0	***
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, except for Polimex-Mostostal SA, which was Level 2 and part of the Construction & Engineering industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

30

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.

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 S&P Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P LATIN AMERICA

NET ASSET

MARKET

S&P LATIN AMERICA

VALUE

VALUE

BMI INDEX

VALUE

VALUE

BMI INDEX

SIX MONTHS

5.13%

5.15%

6.40%

N/A

N/A

N/A

ONE YEAR

−4.07%

−4.32%

−1.77%

−4.07%

−4.32%

−1.77%

THREE YEARS

−0.39%

−1.10%

4.61%

−0.13%

−0.37%

1.51%

FIVE YEARS

2.31%

1.27%

9.24%

0.46%

0.25%

1.78%

SINCE INCEPTION (1)

46.52%

46.26%

57.80%

6.54%

6.51%

7.86%

(1) For the period March 20, 2007 to March 31, 2013.

31

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

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

	SPDR S&P		S&P Latin
	Emerging Latin		America BMI
	America ETF		Index
3/20/2007		10000.00		10000.00
3/31/2007		10332.00		10407.00
4/30/2007		10965.00		11050.00
5/31/2007		12151.00		12210.00
6/30/2007		12422.00		12580.00
7/31/2007		12577.00		12803.00
8/31/2007		12196.00		12391.00
9/30/2007		13648.00		13850.00
10/31/2007		15185.00		15452.00
11/30/2007		14297.00		14592.00
12/31/2007		14332.00		14711.00
1/31/2008		13705.00		13749.00
2/29/2008		14802.00		14980.00
3/31/2008		14320.00		14446.00
4/30/2008		15688.00		15782.00
5/31/2008		16912.00		17185.00
6/30/2008		15540.00		15887.00
7/31/2008		14348.00		14705.00
8/31/2008		13239.00		13505.00
9/30/2008		10890.00		10880.00
10/31/2008		7325.00		7448.00
11/30/2008		6869.00		6967.00
12/31/2008		7098.00		7139.00
1/31/2009		7013.00		7151.00
2/28/2009		6614.00		6792.00
3/31/2009		7261.00		7481.00
4/30/2009		8523.00		8808.00
5/31/2009		10316.00		10658.00
6/30/2009		10137.00		10429.00
7/31/2009		11118.00		11401.00
8/31/2009		11373.00		11762.00
9/30/2009		12739.00		13092.00
10/31/2009		13016.00		13378.00
11/30/2009		14264.00		14493.00
12/31/2009		14562.00		14848.00
1/31/2010		13138.00		13590.00
2/28/2010		13747.00		14149.00
3/31/2010		14708.00		15084.00
4/30/2010		14653.00		15082.00
5/31/2010		13131.00		13808.00
6/30/2010		13019.00		13403.00
7/31/2010		14577.00		14978.00
8/31/2010		14185.00		14700.00
9/30/2010		15762.00		16248.00
10/31/2010		16245.00		16797.00
11/30/2010		15853.00		16402.00
12/31/2010		16860.00		17452.00
1/31/2011		16041.00		16647.00
2/28/2011		16246.00		16907.00
3/31/2011		16773.00		17499.00
4/30/2011		16955.00		17684.00
5/31/2011		16558.00		17221.00
6/30/2011		16413.00		17118.00
7/31/2011		15794.00		16548.00
8/31/2011		14883.00		15635.00
9/30/2011		12172.00		12899.00
10/31/2011		14262.00		15082.00
11/30/2011		13552.00		14174.00
12/31/2011		13324.00		13952.00
1/31/2012		14930.00		15672.00
2/29/2012		15680.00		16534.00
3/31/2012		15271.00		16064.00
4/30/2012		14731.00		15569.00
5/31/2012		12817.00		13575.00
6/30/2012		13385.00		14088.00
7/31/2012		13575.00		14319.00
8/31/2012		13424.00		14280.00
9/30/2012		13936.00		14831.00
10/31/2012		13865.00		14835.00
11/30/2012		13634.00		14622.00
12/31/2012		14558.00		15572.00
1/31/2013		15054.00		16192.00
2/28/2013		14652.00		15800.00
3/31/2013		14652.00		15780.00

Past performance is not a guarantee of future results.

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

32

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

			ITAU UNIBANCO	COMPANHIA DE
			HOLDING SA	BEBIDAS DAS	BANCO BRADESCO
	PETROLEO BRASILEIRO	AMERICA MOVIL SAB	PREFERENCE	AMERICAS PREFERENCE	SA PREFERENCE
DESCRIPTION	SA ADR	DE CV	SHARES ADR	SHARES ADR	SHARES ADR
MARKET VALUE	$7,627,302	6,248,689	4,959,578	4,689,868	4,442,131
% OF NET ASSETS	6.8	5.6	4.4	4.2	4.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		19.2	%
Metals & Mining		14.3
Oil, Gas & Consumable Fuels		10.9
Beverages		7.4
Wireless Telecommunication Services		6.6
Food & Staples Retailing		4.5
Food Products		3.3
Multiline Retail		3.3
Electric Utilities		3.2
Industrial Conglomerates		2.3
Diversified Financial Services		2.2
Construction Materials		1.8
Paper & Forest Products		1.8
Transportation Infrastructure		1.6
Independent Power Producers & Energy Traders		1.6
Diversified Telecommunication Services		1.5
Media		1.4
Real Estate Management & Development		1.4
Water Utilities		1.1
Household Products		1.0
Tobacco		1.0
Personal Products		0.9
Airlines		0.9
Construction & Engineering		0.8
Household Durables		0.8
IT Services		0.7
Chemicals		0.6
Aerospace & Defense		0.6
Specialty Retail		0.5
Containers & Packaging		0.4
Road & Rail		0.3
Machinery		0.3
Software		0.3
Capital Markets		0.3
Internet & Catalog Retail		0.2
Health Care Providers & Services		0.1
Short Term Investments		10.2
Other Assets & Liabilities		(9.3	)
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)

33

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.

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 S&P Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P MID-EAST &

NET ASSET

MARKET

S&P MID-EAST &

VALUE

VALUE

AFRICA BMI INDEX

VALUE

VALUE

AFRICA BMI INDEX

SIX MONTHS

−3.69%

−2.76%

−2.94%

N/A

N/A

N/A

ONE YEAR

−2.49%

−2.53%

−1.80%

−2.49%

−2.53%

−1.80%

THREE YEARS

9.58%

9.35%

11.50%

3.10%

3.03%

3.69%

FIVE YEARS

24.27%

23.25%

23.66%

4.44%

4.27%

4.34%

SINCE INCEPTION (1)

34.43%

34.50%

42.47%

5.03%

5.04%

6.04%

(1) For the period March 20, 2007 to March 31, 2013.

34

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

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

	SPDR S&P
	Emerging Middle		S&P Mid-East
	East &		& Africa
	Africa ETF		BMI Index
3/20/2007		10000.00		10000.00
3/31/2007		10452.00		10469.00
4/30/2007		11246.00		11263.00
5/31/2007		11080.00		11158.00
6/30/2007		10891.00		11037.00
7/31/2007		10943.00		11092.00
8/31/2007		10878.00		10957.00
9/30/2007		11583.00		11653.00
10/31/2007		12810.00		12921.00
11/30/2007		12177.00		12474.00
12/31/2007		12042.00		12467.00
1/31/2008		10888.00		11424.00
2/29/2008		11521.00		12178.00
3/31/2008		10818.00		11523.00
4/30/2008		11773.00		12305.00
5/31/2008		12014.00		12508.00
6/30/2008		11245.00		11640.00
7/31/2008		11260.00		11555.00
8/31/2008		10780.00		11029.00
9/30/2008		9340.00		9663.00
10/31/2008		7178.00		7372.00
11/30/2008		6861.00		7078.00
12/31/2008		7611.00		7819.00
1/31/2009		6785.00		7020.00
2/28/2009		6634.00		6886.00
3/31/2009		7296.00		7573.00
4/30/2009		8083.00		8358.00
5/31/2009		9174.00		9472.00
6/30/2009		9372.00		9682.00
7/31/2009		10002.00		10345.00
8/31/2009		10368.00		10710.00
9/30/2009		10651.00		10998.00
10/31/2009		10669.00		11026.00
11/30/2009		11003.00		11403.00
12/31/2009		11582.00		11980.00
1/31/2010		11252.00		11683.00
2/28/2010		11259.00		11726.00
3/31/2010		12268.00		12778.00
4/30/2010		12279.00		12780.00
5/31/2010		11366.00		11696.00
6/30/2010		10851.00		11335.00
7/31/2010		11871.00		12322.00
8/31/2010		11698.00		12177.00
9/30/2010		13197.00		13757.00
10/31/2010		13452.00		14053.00
11/30/2010		13106.00		13702.00
12/31/2010		14836.00		15494.00
1/31/2011		13009.00		13649.00
2/28/2011		13704.00		14395.00
3/31/2011		14226.00		14865.00
4/30/2011		14827.00		15525.00
5/31/2011		14258.00		14943.00
6/30/2011		14018.00		14705.00
7/31/2011		13916.00		14611.00
8/31/2011		13651.00		14319.00
9/30/2011		11704.00		12268.00
10/31/2011		12640.00		13266.00
11/30/2011		12525.00		13137.00
12/31/2011		12262.00		12890.00
1/31/2012		13282.00		13976.00
2/29/2012		14267.00		15004.00
3/31/2012		13786.00		14509.00
4/30/2012		13866.00		14597.00
5/31/2012		12436.00		13085.00
6/30/2012		13059.00		13736.00
7/31/2012		13404.00		14085.00
8/31/2012		13379.00		14070.00
9/30/2012		13958.00		14678.00
10/31/2012		13600.00		14290.00
11/30/2012		13407.00		14095.00
12/31/2012		14626.00		15412.00
1/31/2013		13875.00		14655.00
2/28/2013		13626.00		14414.00
3/31/2013		13443.00		14247.00

Past performance is not a guarantee of future results.

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

35

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

				STANDARD BANK
DESCRIPTION	MTN GROUP, LTD.	NASPERS, LTD.	SASOL, LTD.	GROUP, LTD.	REMGRO, LTD.
MARKET VALUE	$5,989,481	5,628,315	4,934,904	3,695,306	2,147,984
% OF NET ASSETS	8.1	7.6	6.7	5.0	2.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Metals & Mining		11.7	%
Commercial Banks		10.9
Wireless Telecommunication Services		9.2
Oil, Gas & Consumable Fuels		7.7
Media		7.6
Diversified Financial Services		7.1
Insurance		5.8
Food & Staples Retailing		4.5
Real Estate Management & Development		4.1
Specialty Retail		3.6
Food Products		3.1
Industrial Conglomerates		2.9
Health Care Providers & Services		2.6
Construction & Engineering		2.5
Pharmaceuticals		2.3
Multiline Retail		1.8
Capital Markets		1.5
Household Durables		1.1
Distributors		1.1
Paper & Forest Products		1.0
Real Estate Investment Trusts		1.0
Chemicals		1.0
Trading Companies & Distributors		0.9
Containers & Packaging		0.8
Diversified Telecommunication Services		0.7
Construction Materials		0.6
Hotels, Restaurants & Leisure		0.5
Electronic Equipment, Instruments & Components		0.5
Tobacco		0.4
Marine		0.3
Electrical Equipment		0.1
Commercial Services & Supplies		0.1
Energy Equipment & Services		0.1
IT Services		0.1
Professional Services		0.1
Textiles, Apparel & Luxury Goods		0.0	***
Short Term Investments		12.0
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)
***	Amount shown represents less than 0.05% of net assets.

36

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.

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 S&P World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.34%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P DEVELOPED EX-US

NET ASSET

MARKET

S&P DEVELOPED EX-US

VALUE

VALUE

BMI INDEX

VALUE

VALUE

BMI INDEX

SIX MONTHS

10.35%

11.11%

10.93%

N/A

N/A

N/A

ONE YEAR

10.12%

9.91%

10.91%

10.12%

9.91%

10.91%

THREE YEARS

16.35%

16.82%

18.80%

5.18%

5.32%

5.91%

FIVE YEARS

−1.40%

−1.33%

1.49%

−0.28%

−0.27%

0.30%

SINCE INCEPTION (1)

−7.61%

−7.14%

−4.51%

−1.32%

−1.24%

−0.77%

(1) For the period April 20, 2007 to March 31, 2013.

37

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

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

	SPDR S&P		S&P Developed
	World ex-US		Ex-U.S. BMI
	ETF		Index
		10000		10000
4/20/2007		9982		9986
5/31/2007		10190		10234
6/30/2007		10233		10248
7/31/2007		10132		10164
8/31/2007		9936		9963
9/30/2007		10454		10497
10/31/2007		10900		10982
11/30/2007		10473		10501
12/31/2007		10237		10289
1/31/2008		9332		9333
2/29/2008		9495		9543
3/31/2008		9369		9407
4/30/2008		9865		9902
5/31/2008		10031		10070
6/30/2008		9228		9272
7/31/2008		8899		8935
8/31/2008		8520		8560
9/30/2008		7304		7314
10/31/2008		5847		5733
11/30/2008		5528		5410
12/31/2008		5853		5740
1/31/2009		5334		5230
2/28/2009		4776		4695
3/31/2009		5117		5036
4/30/2009		5781		5718
5/31/2009		6472		6453
6/30/2009		6414		6404
7/31/2009		7023		7009
8/31/2009		7322		7365
9/30/2009		7646		7706
10/31/2009		7490		7569
11/30/2009		7672		7748
12/31/2009		7804		7886
1/31/2010		7464		7546
2/28/2010		7438		7534
3/31/2010		7938		8038
4/30/2010		7879		7981
5/31/2010		7000		7096
6/30/2010		6906		7014
7/31/2010		7533		7656
8/31/2010		7287		7431
9/30/2010		8027		8170
10/31/2010		8286		8459
11/30/2010		7948		8130
12/31/2010		8619		8830
1/31/2011		8797		9006
2/28/2011		9072		9287
3/31/2011		8941		9188
4/30/2011		9424		9699
5/31/2011		9142		9430
6/30/2011		9013		9294
7/31/2011		8843		9171
8/31/2011		8097		8384
9/30/2011		7279		7504
10/31/2011		8002		8238
11/30/2011		7668		7849
12/31/2011		7564		7755
1/31/2012		8017		8220
2/29/2012		8472		8672
3/31/2012		8390		8611
4/30/2012		8276		8494
5/31/2012		7333		7538
6/30/2012		7776		7993
7/31/2012		7901		8094
8/31/2012		8111		8317
9/30/2012		8373		8609
10/31/2012		8412		8653
11/30/2012		8582		8819
12/31/2012		8844		9106
1/31/2013		9251		9518
2/28/2013		9173		9469
3/31/2013		9239		9549

Past performance is not a guarantee of future results.

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

38

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		SAMSUNG
		ELECTRONICS CO.,
DESCRIPTION	NESTLE SA	LTD. GDR	HSBC HOLDINGS PLC	NOVARTIS AG	ROCHE HOLDING AG
MARKET VALUE	$9,636,084	7,681,130	7,294,249	7,070,301	6,760,577
% OF NET ASSETS	1.7	1.3	1.3	1.2	1.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		12.2	%
Oil, Gas & Consumable Fuels		7.5
Pharmaceuticals		7.1
Metals & Mining		5.0
Insurance		4.2
Chemicals		3.7
Food Products		3.7
Automobiles		2.9
Machinery		2.8
Real Estate Management & Development		2.6
Food & Staples Retailing		2.3
Wireless Telecommunication Services		2.3
Beverages		2.2
Capital Markets		2.0
Diversified Telecommunication Services		2.0
Semiconductors & Semiconductor Equipment		1.9
Hotels, Restaurants & Leisure		1.8
Road & Rail		1.7
Trading Companies & Distributors		1.6
Media		1.6
Industrial Conglomerates		1.6
Real Estate Investment Trusts		1.5
Textiles, Apparel & Luxury Goods		1.4
Electric Utilities		1.3
Multi-Utilities		1.3
Construction & Engineering		1.2
Electrical Equipment		1.2
Electronic Equipment, Instruments & Components		1.2
Tobacco		1.2
Auto Components		1.1
Specialty Retail		1.0
Diversified Financial Services		1.0
Health Care Equipment & Supplies		1.0
Building Products		0.9
Commercial Services & Supplies		0.9
Software		0.8
Aerospace & Defense		0.7
Energy Equipment & Services		0.7
Household Durables		0.7
Multiline Retail		0.6
Health Care Providers & Services		0.6
IT Services		0.5
Professional Services		0.5
Household Products		0.5
Computers & Peripherals		0.5
Communications Equipment		0.5
Marine		0.4
Construction Materials		0.4
Office Electronics		0.3
Gas Utilities		0.3
Biotechnology		0.3
Air Freight & Logistics		0.3
Personal Products		0.2
Transportation Infrastructure		0.2
Paper & Forest Products		0.2
Consumer Finance		0.1
Diversified Consumer Services		0.1
Internet & Catalog Retail		0.1
Distributors		0.1
Containers & Packaging		0.1
Leisure Equipment & Products		0.1
Internet Software & Services		0.1
Independent Power Producers & Energy Traders		0.1
Life Sciences Tools & Services		0.0	***
Health Care Technology		0.0	***
Short Term Investments		8.2
Other Assets & Liabilities		(7.1	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Irish Bank Resolution Corp., Ltd., which was Level 2 and part of the Commercial Banks industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

39

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.

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 S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-US. UNDER USD2		NET ASSET		MARKET		EX-US. UNDER USD2
	VALUE		VALUE		BILLION INDEX		VALUE		VALUE		BILLION INDEX
SIX MONTHS		12.89%		13.88%		11.98%		N/A		N/A		N/A
ONE YEAR		9.62%		9.36%		9.21%		9.62%		9.36%		9.21%
THREE YEARS		25.12%		24.75%		21.20%		7.76%		7.65%		6.62%
FIVE YEARS		8.29%		8.15%		6.31%		1.61%		1.58%		1.23%
SINCE INCEPTION (1)		−0.88%		−0.54%		−4.64%		−0.15%		−0.09%		−0.80%

(1) For the period April 20, 2007 to March 31, 2013.

40

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)

			S&P Developed
	SPDR S&P		Ex-U.S. under
	International Small		USD2 Billion
	Cap ETF		Index
		10000		10000
4/20/2007		10053		10057
5/31/2007		10261		10292
6/30/2007		10250		10312
7/31/2007		10368		10408
8/31/2007		9927		9917
9/30/2007		10315		10290
10/31/2007		10885		10827
11/30/2007		10053		9972
12/31/2007		9776		9705
1/31/2008		8878		8776
2/29/2008		9238		9182
3/31/2008		9154		8971
4/30/2008		9356		9178
5/31/2008		9523		9420
6/30/2008		8849		8756
7/31/2008		8484		8329
8/31/2008		8104		7896
9/30/2008		6826		6630
10/1/2008		5150		4976
11/2/2008		4923		4753
12/3/2008		5332		5136
1/9/2009		4969		4850
2/9/2009		4440		4344
3/9/2009		4731		4650
4/30/2009		5441		5317
5/31/2009		6181		6099
6/30/2009		6283		6186
7/9/2009		6730		6625
8/31/2009		7216		7066
9/30/2009		7539		7420
10/31/2009		7423		7319
11/30/2009		7432		7354
12/31/2009		7544		7483
1/31/2010		7413		7358
2/28/2010		7410		7368
3/31/2010		7923		7868
4/30/2010		8149		8045
5/31/2010		7243		7136
6/30/2010		7246		7072
7/31/2010		7786		7592
8/31/2010		7620		7403
9/30/2010		8409		8196
10/31/2010		8680		8482
11/30/2010		8472		8307
12/31/2010		9388		9211
1/31/2011		9455		9277
2/28/2011		9657		9503
3/31/2011		9669		9509
4/30/2011		10028		9883
5/31/2011		9758		9598
6/30/2011		9668		9439
7/31/2011		9711		9494
8/31/2011		8977		8739
9/30/2011		7928		7695
10/31/2011		8500		8274
11/30/2011		8073		7821
12/31/2011		7921		7706
1/31/2012		8593		8352
2/29/2012		9036		8790
3/31/2012		9042		8733
4/30/2012		8908		8608
5/31/2012		7904		7651
6/30/2012		8172		7922
7/31/2012		8174		7935
8/31/2012		8356		8153
9/30/2012		8780		8516
10/31/2012		8783		8494
11/30/2012		8820		8538
12/31/2012		9167		8884
1/31/2013		9572		9279
2/28/2013		9707		9345
3/31/2013		9912		9536

Past performance is not a guarantee of future results.

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

41

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

				CORUS ENTERTAINMENT, INC.
DESCRIPTION	SHOCHIKU CO., LTD.	BELIMO HOLDING AG	RUBIS	(CLASS B)	INVOCARE, LTD.
MARKET VALUE	$4,952,266	4,782,639	4,318,780	3,926,794	3,720,441
% OF NET ASSETS	0.7	0.6	0.5	0.5	0.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Metals & Mining		6.4	%
Machinery		5.7
Commercial Banks		5.0
Real Estate Investment Trusts		4.9
Real Estate Management & Development		3.8
Capital Markets		3.7
Chemicals		3.7
Electronic Equipment, Instruments & Components		3.3
Hotels, Restaurants & Leisure		3.2
Specialty Retail		3.2
Media		3.2
Construction & Engineering		3.0
Oil, Gas & Consumable Fuels		3.0
Commercial Services & Supplies		2.9
Pharmaceuticals		2.2
Food Products		2.0
Software		1.8
Auto Components		1.8
Textiles, Apparel & Luxury Goods		1.6
Energy Equipment & Services		1.6
Trading Companies & Distributors		1.6
Household Durables		1.5
Building Products		1.5
Health Care Equipment & Supplies		1.4
Electrical Equipment		1.3
Professional Services		1.3
Beverages		1.3
Industrial Conglomerates		1.3
Semiconductors & Semiconductor Equipment		1.2
Road & Rail		1.1
Health Care Providers & Services		1.0
Transportation Infrastructure		1.0
Biotechnology		1.0
Marine		0.9
Communications Equipment		0.8
Food & Staples Retailing		0.8
Multiline Retail		0.8
IT Services		0.8
Diversified Financial Services		0.8
Paper & Forest Products		0.8
Consumer Finance		0.7
Containers & Packaging		0.7
Insurance		0.7
Diversified Consumer Services		0.6
Wireless Telecommunication Services		0.6
Construction Materials		0.6
Internet & Catalog Retail		0.6
Internet Software & Services		0.6
Aerospace & Defense		0.6
Gas Utilities		0.6
Thrifts & Mortgage Finance		0.4
Independent Power Producers & Energy Traders		0.4
Computers & Peripherals		0.4
Diversified Telecommunication Services		0.4
Leisure Equipment & Products		0.4
Distributors		0.4
Automobiles		0.3
Electric Utilities		0.3
Life Sciences Tools & Services		0.3
Air Freight & Logistics	��	0.2
Household Products		0.2
Airlines		0.2
Multi-Utilities		0.2
Office Electronics		0.1
Personal Products		0.1
Water Utilities		0.0	***
Health Care Technology		0.0	***
Short Term Investments		11.2
Other Assets & Liabilities		(10.1	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Dong-A Pharmaceutical Co., Ltd., which was Level 2 and part of the Pharmaceutical industry, representing 0.15% of net assets, Sundance Resources, Ltd., which was Level 2 and part of the Metals & Mining industry, representing 0.04% of net assets, China Mining Resources Group, Ltd., which was Level 3 and part of the Metals & Mining industry, representing 0.03% of net assets, AET&D Holdings No 1 Pty, Ltd., which was Level 2 and part of the Transportation Infrastructure industry, AGFA-Gevaert NV, which was Level 2 and part of the Health Care Technology industry, Amagerbanken A/S, which was Level 2 and part of the Commercial Banks industry, Carnegie Investment Bank AB, which was Level 2 and part of the Capital Markets industry, China Sandi Holdings, Ltd., which was Level 2 and part of the Paper & Forest Products industry, Great Basin Gold, 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, Platinum Australia, Ltd., which was Level 2 and part of the Metals & Mining industry, Poseidon Concepts Corp., which was Level 2 and part of the Energy Equipment & Services industry, Tessenderlo Chemie NV, which was Level 2 and part of the Chemicals industry, TT Hellenic Postbank SA, 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.

42

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.

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 Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES GLOBAL						DOW JONES GLOBAL
					EX-U.S. SELECT REAL						EX-U.S. SELECT REAL
	NET ASSET		MARKET		ESTATE SECURITIES		NET ASSET		MARKET		ESTATE SECURITIES
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		13.79%		14.46%		14.25%		N/A		N/A		N/A
ONE YEAR		24.86%		24.88%		25.76%		24.86%		24.88%		25.76%
THREE YEARS		47.95%		48.47%		50.90%		13.95%		14.08%		14.70%
FIVE YEARS		8.48%		8.20%		10.86%		1.64%		1.59%		2.08%
SINCE INCEPTION (1)		−2.02%		−1.62%		0.85%		−0.32%		−0.26%		0.13%

(1) For the period December 15, 2006 to March 31, 2013.

43

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)

			Dow Jones
	SPDR Dow		Global ex-U.S.
	Jones International		Select Real
	Real Estate		Estate Securities
	ETF		Index
		10000		10000
12/15/2006		10401		10397
1/31/2007		10546		10576
2/28/2007		10836		10871
3/31/2007		11150		11207
4/30/2007		11391		11448
5/31/2007		11606		11670
6/30/2007		10859		10949
7/31/2007		10298		10383
8/31/2007		10271		10341
9/30/2007		10810		10901
10/31/2007		11010		11113
11/30/2007		10175		10275
12/31/2007		9683		9786
1/31/2008		9172		9258
2/29/2008		9208		9285
3/31/2008		9033		9098
4/30/2008		9452		9510
5/31/2008		9251		9313
6/30/2008		8218		8250
7/31/2008		8103		8145
8/31/2008		7736		7770
9/30/2008		6661		6680
10/1/2008		4963		4954
11/2/2008		4534		4530
12/3/2008		4733		4734
1/9/2009		4281		4288
2/9/2009		3682		3691
3/9/2009		3935		3950
4/30/2009		4471		4495
5/31/2009		5141		5163
6/30/2009		5229		5255
7/9/2009		5724		5771
8/31/2009		6220		6263
9/30/2009		6560		6613
10/31/2009		6508		6557
11/30/2009		6470		6539
12/31/2009		6564		6632
1/31/2010		6297		6351
2/28/2010		6331		6398
3/31/2010		6623		6684
4/30/2010		6710		6778
5/31/2010		5988		6080
6/30/2010		5999		6076
7/31/2010		6627		6723
8/31/2010		6708		6801
9/30/2010		7357		7467
10/31/2010		7702		7814
11/30/2010		7250		7357
12/31/2010		7927		8058
1/31/2011		7902		8005
2/28/2011		8109		8201
3/31/2011		7988		8098
4/30/2011		8457		8576
5/31/2011		8403		8526
6/30/2011		8309		8429
7/31/2011		8225		8362
8/31/2011		7777		7906
9/30/2011		6860		6963
10/31/2011		7439		7558
11/30/2011		7013		7130
12/31/2011		6805		6923
1/31/2012		7363		7520
2/29/2012		7790		7977
3/31/2012		7848		8021
4/30/2012		7974		8151
5/31/2012		7394		7547
6/30/2012		7919		8086
7/31/2012		8305		8485
8/31/2012		8358		8546
9/30/2012		8611		8828
10/31/2012		8874		9092
11/30/2012		9018		9249
12/31/2012		9280		9534
1/31/2013		9453		9723
2/28/2013		9555		9855
3/31/2013		9798		10085

Past performance is not a guarantee of future results.

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

44

SPDR Dow Jones International Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

				BROOKFIELD ASSET
				MANAGEMENT, INC.
DESCRIPTION	MITSUI FUDOSAN CO., LTD.	WESTFIELD GROUP	UNIBAIL-RODAMCO SE	(CLASS A)	THE LINK REIT
MARKET VALUE	$245,487,067	230,060,446	211,362,078	203,602,879	123,663,079
% OF NET ASSETS	6.3	5.9	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 MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Real Estate Management & Development		34.4	%
Retail REITs		29.6
Diversified REITs		16.0
Office REITs		13.4
Industrial REITs		4.5
Residential REITs		0.7
Diversified Capital Markets		0.7
Specialized REITs		0.4
Short Term Investments		4.2
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, except for BGP Holdings PLC, which was Level 2 and part of the Real Estate Investment Trusts industry, and Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development industry, both representing 0.00% of net assets. (Note 2)

45

SPDR S&P Global Infrastructure 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.

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 S&P Global Infrastructure ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					MACQUARIE GLOBAL						MACQUARIE GLOBAL
	NET ASSET		MARKET		INFRASTRUCTURE 100		NET ASSET		MARKET		INFRASTRUCTURE 100
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		5.73%		5.71%		6.34%		N/A		N/A		N/A
ONE YEAR		7.51%		7.72%		8.69%		7.51%		7.72%		8.69%
THREE YEARS		14.99%		15.77%		18.52%		4.77%		5.00%		5.83%
FIVE YEARS		−7.98%		−8.46%		−3.70%		−1.65%		−1.75%		−0.75%
SINCE INCEPTION (1)		3.49%		3.54%		9.28%		0.56%		0.57%		1.45%

(1) For the period January 25, 2007 to March 31, 2013.

46

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

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

	SPDR FSTE/Macquarie		Macquarie Global
	Global Infrastructure		Infrastructure 100
	100 ETF		Index
		10000		10000
1/25/2007		10089		10089
2/28/2007		10274		10277
3/31/2007		10684		10692
4/30/2007		11113		11125
5/31/2007		11383		11425
6/30/2007		11079		11120
7/31/2007		10714		10754
8/31/2007		10893		10949
9/30/2007		11442		11508
10/31/2007		12133		12217
11/30/2007		12293		12386
12/31/2007		12244		12343
1/31/2008		11363		11453
2/29/2008		11312		11411
3/31/2008		11244		11348
4/30/2008		11652		11778
5/31/2008		12074		12219
6/30/2008		11615		11756
7/31/2008		11175		11313
8/31/2008		10799		10933
9/30/2008		9505		9614
10/31/2008		8163		8251
11/30/2008		8014		8108
12/31/2008		8385		8500
1/31/2009		7857		7968
2/28/2009		6946		7044
3/31/2009		6988		7085
4/30/2009		7367		7484
5/31/2009		7955		8099
6/30/2009		8019		8161
7/31/2009		8373		8526
8/31/2009		8697		8861
9/30/2009		8993		9166
10/31/2009		8598		8780
11/30/2009		9006		9198
12/31/2009		9312		9528
1/31/2010		8841		9048
2/28/2010		8732		8940
3/31/2010		8998		9221
4/30/2010		8889		9122
5/31/2010		8186		8388
6/30/2010		8138		8351
7/31/2010		8802		9040
8/31/2010		8784		9023
9/30/2010		9139		9409
10/31/2010		9516		9804
11/30/2010		8969		9252
12/31/2010		9415		9720
1/31/2011		9699		10014
2/28/2011		9953		10279
3/31/2011		9704		10033
4/30/2011		10162		10516
5/31/2011		9924		10285
6/30/2011		9917		10284
7/31/2011		9641		10003
8/31/2011		9339		9699
9/30/2011		9044		9389
10/31/2011		9451		9821
11/30/2011		9400		9768
12/31/2011		9424		9811
1/31/2012		9315		9711
2/29/2012		9569		9991
3/31/2012		9624		10055
4/30/2012		9593		10028
5/31/2012		9102		9524
6/30/2012		9601		10062
7/31/2012		9592		10066
8/31/2012		9586		10062
9/30/2012		9788		10276
10/31/2012		9860		10357
11/30/2012		9607		10099
12/31/2012		9746		10264
1/31/2013		10005		10549
2/28/2013		9976		10526
3/31/2013		10349		10928

Past performance is not a guarantee of future results.

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

47

SPDR S&P Global Infrastructure ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

DESCRIPTION	DUKE ENERGY CORP.	NATIONAL GRID PLC	SOUTHERN CO.	ENBRIDGE, INC.	TRANSCANADA CORP.
MARKET VALUE	$3,117,741	2,600,972	2,500,695	2,098,109	2,067,319
% OF NET ASSETS	4.3	3.6	3.5	2.9	2.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Electric Utilities		40.7	%
Multi-Utilities		30.8
Oil, Gas & Consumable Fuels		12.7
Gas Utilities		7.1
Independent Power Producers & Energy Traders		3.3
Water Utilities		2.4
Transportation Infrastructure		2.1
Road & Rail		0.5
Short Term Investments		13.4
Other Assets & Liabilities		(13.0	)
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)

48

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.

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 S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.40%.

PERFORMANCE AS OF MARCH 31, 2013

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

SIX MONTHS

−0.30%

−0.11%

−0.08%

N/A

N/A

N/A

ONE YEAR

−2.04%

−2.50%

−1.46%

−2.04%

−2.50%

−1.46%

SINCE INCEPTION (1)

4.64%

4.66%

6.17%

1.80%

1.80%

2.38%

(1) For the period September 13, 2010 to March 31, 2013.

49

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

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

	SPDR S&P		S&P Global
	Global Natural		Natural Resources
	Resources ETF		Index
9/13/2010		10000.00		10000.00
9/30/2010		10152.00		10156.00
10/31/2010		10798.00		10808.00
11/30/2010		10608.00		10624.00
12/31/2010		11794.00		11813.00
1/31/2011		11990.00		12015.00
2/28/2011		12483.00		12515.00
3/31/2011		12537.00		12578.00
4/30/2011		12782.00		12825.00
5/31/2011		12251.00		12314.00
6/30/2011		12007.00		12076.00
7/31/2011		11929.00		12000.00
8/31/2011		11094.00		11164.00
9/30/2011		9283.00		9330.00
10/31/2011		10670.00		10736.00
11/30/2011		10340.00		10401.00
12/31/2011		9988.00		10058.00
1/31/2012		10818.00		10902.00
2/29/2012		11181.00		11271.00
3/31/2012		10683.00		10774.00
4/30/2012		10508.00		10602.00
5/31/2012		9224.00		9322.00
6/30/2012		9757.00		9862.00
7/31/2012		9827.00		9938.00
8/31/2012		10003.00		10113.00
9/30/2012		10496.00		10626.00
10/31/2012		10419.00		10550.00
11/30/2012		10328.00		10467.00
12/31/2012		10627.00		10778.00
1/31/2013		11014.00		11175.00
2/28/2013		10648.00		10808.00
3/31/2013		10464.00		10617.00

Past performance is not a guarantee of future results.

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

50

SPDR S&P Global Natural Resources ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

DESCRIPTION	EXXON MOBIL CORP.	BHP BILLITON, LTD.	MONSANTO CO.	SYNGENTA AG	CHEVRON CORP.
MARKET VALUE	$28,622,000	25,220,282	24,334,828	23,330,943	20,644,975
% OF NET ASSETS	5.1	4.5	4.4	4.2	3.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		33.8	%
Metals & Mining		31.4
Chemicals		20.4
Paper & Forest Products		4.6
Food Products		4.0
Containers & Packaging		2.3
Household Products		1.7
Real Estate Investment Trusts		1.2
Short Term Investments		5.9
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)

51

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.

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 MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.34%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		MSCI ALL COUNTRY		NET ASSET		MARKET		MSCI ALL COUNTRY
	VALUE		VALUE		WORLD INDEX EX USA		VALUE		VALUE		WORLD INDEX EX USA
SIX MONTHS		8.95%		9.91%		9.35%		N/A		N/A		N/A
ONE YEAR		7.86%		8.25%		8.87%		7.86%		8.25%		8.87%
THREE YEARS		13.08%		13.30%		15.35%		4.18%		4.25%		4.87%
FIVE YEARS		−0.42%		−0.16%		0.37%		−0.08%		−0.03%		0.07%
SINCE INCEPTION (1)		7.37%		7.76%		9.86%		1.15%		1.21%		1.52%

(1) For the period January 10, 2007 to March 31, 2013.

52

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

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

			MSCI All
	SPDR MSCI		Country World
	ACWI ex-US		Index ex
	ETF		USA
		10000		10000
1/10/2007		10306		10315
2/28/2007		10362		10378
3/31/2007		10657		10671
4/30/2007		11140		11166
5/31/2007		11421		11472
6/30/2007		11494		11569
7/31/2007		11402		11537
8/31/2007		11228		11359
9/30/2007		11955		12111
10/31/2007		12607		12787
11/30/2007		12042		12213
12/31/2007		11861		12036
1/31/2008		10763		10871
2/29/2008		11010		11186
3/31/2008		10783		10944
4/30/2008		11457		11617
5/31/2008		11658		11818
6/30/2008		10709		10849
7/31/2008		10296		10461
8/31/2008		9838		9974
9/30/2008		8424		8479
10/31/2008		6670		6613
11/30/2008		6266		6233
12/31/2008		6608		6590
1/31/2009		6028		6009
2/28/2009		5457		5450
3/31/2009		5911		5890
4/30/2009		6749		6700
5/31/2009		7671		7617
6/30/2009		7572		7536
7/31/2009		8310		8275
8/31/2009		8614		8583
9/30/2009		9049		9026
10/31/2009		8915		8915
11/30/2009		9189		9173
12/31/2009		9388		9368
1/31/2010		8908		8911
2/28/2010		8896		8912
3/31/2010		9496		9522
4/30/2010		9415		9445
5/31/2010		8421		8462
6/30/2010		8315		8355
7/31/2010		9071		9112
8/31/2010		8797		8863
9/30/2010		9694		9747
10/31/2010		10032		10080
11/30/2010		9636		9693
12/31/2010		10381		10454
1/31/2011		10513		10559
2/28/2011		10803		10840
3/31/2011		10769		10819
4/30/2011		11287		11356
5/31/2011		10951		11041
6/30/2011		10776		10885
7/31/2011		10579		10740
8/31/2011		9671		9821
9/30/2011		8628		8732
10/31/2011		9533		9652
11/30/2011		9095		9162
12/31/2011		8977		9061
1/31/2012		9569		9678
2/29/2012		10082		10225
3/31/2012		9954		10090
4/30/2012		9797		9940
5/31/2012		8680		8821
6/30/2012		9212		9346
7/31/2012		9335		9481
8/31/2012		9520		9681
9/30/2012		9855		10046
10/31/2012		9884		10086
11/30/2012		10062		10280
12/31/2012		10400		10638
1/31/2013		10825		11073
2/28/2013		10701		10958
3/31/2013		10737		10986

Past performance is not a guarantee of future results.

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

53

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

				SAMSUNG
				ELECTRONICS CO.,
DESCRIPTION	NESTLE SA	HSBC HOLDINGS PLC	ROCHE HOLDING AG	LTD. GDR	NOVARTIS AG
MARKET VALUE	$7,727,049	5,203,729	4,818,148	4,440,281	4,356,987
% OF NET ASSETS	1.8	1.2	1.1	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 MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		14.7	%
Oil, Gas & Consumable Fuels		9.7
Pharmaceuticals		6.7
Metals & Mining		5.2
Insurance		4.2
Chemicals		3.5
Food Products		3.3
Automobiles		3.3
Wireless Telecommunication Services		3.3
Semiconductors & Semiconductor Equipment		3.0
Beverages		2.7
Diversified Telecommunication Services		2.3
Machinery		2.2
Real Estate Management & Development		2.0
Food & Staples Retailing		1.7
Road & Rail		1.6
Media		1.6
Capital Markets		1.5
Real Estate Investment Trusts		1.3
Industrial Conglomerates		1.3
Tobacco		1.2
Trading Companies & Distributors		1.2
Electric Utilities		1.2
Diversified Financial Services		1.1
Multi-Utilities		1.1
Textiles, Apparel & Luxury Goods		1.1
Electronic Equipment, Instruments & Components		1.1
Electrical Equipment		1.0
Hotels, Restaurants & Leisure		1.0
Construction & Engineering		0.8
Multiline Retail		0.7
Construction Materials		0.7
Auto Components		0.7
Building Products		0.7
Gas Utilities		0.6
Aerospace & Defense		0.6
Transportation Infrastructure		0.6
Software		0.6
Professional Services		0.6
Specialty Retail		0.5
Health Care Equipment & Supplies		0.5
Household Products		0.5
Communications Equipment		0.5
Household Durables		0.4
Independent Power Producers & Energy Traders		0.4
Internet Software & Services		0.4
Commercial Services & Supplies		0.4
Biotechnology		0.4
Personal Products		0.4
IT Services		0.4
Air Freight & Logistics		0.3
Office Electronics		0.3
Containers & Packaging		0.3
Health Care Providers & Services		0.3
Marine		0.2
Energy Equipment & Services		0.2
Water Utilities		0.2
Computers & Peripherals		0.2
Paper & Forest Products		0.2
Airlines		0.2
Consumer Finance		0.1
Distributors		0.1
Leisure Equipment & Products		0.1
Short Term Investment		7.9
Other Assets & Liabilities		(7.1	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Ageas VVPR Strip, which was Level 2 and part of the Insurance industry, and Anheuser-Busch InBev NV — VVPR Strip, which was Level 2 and part of the Beverages industry, each representing 0.00% of net assets. (Note 2)

54

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.

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 MSCI ACWI IMI ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.25%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		MSCI ACWI IMI INDEX		VALUE		VALUE		MSCI ACWI IMI INDEX
SIX MONTHS		10.43%		9.62%		10.10%		N/A		N/A		N/A
ONE YEAR		10.96%		9.48%		10.95%		10.96%		9.48%		10.95%
SINCE INCEPTION (1)		11.84%		10.64%		11.95%		10.80%		9.72%		10.91%

(1) For the period February 27, 2012 to March 31, 2013.

55

SPDR MSCI ACWI IMI ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI ACWI
	ACWI IMI		IMI Index
	ETF
2/27/2012		10000.00		10000.00
2/29/2012		10016.00		10026.00
3/31/2012		10079.00		10090.00
4/30/2012		9967.00		9979.00
5/31/2012		9060.00		9085.00
6/30/2012		9496.00		9518.00
7/31/2012		9627.00		9630.00
8/31/2012		9842.00		9851.00
9/30/2012		10129.00		10170.00
10/31/2012		10080.00		10102.00
11/30/2012		10217.00		10228.00
12/31/2012		10471.00		10474.00
1/31/2013		10967.00		10968.00
2/28/2013		10972.00		10978.00
3/31/2013		11184.00		11195.00

Past performance is not a guarantee of future results.

56

SPDR MSCI ACWI IMI ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

			INTERNATIONAL BUSINESS		GENERAL
DESCRIPTION	EXXON MOBIL CORP.	APPLE, INC.	MACHINES CORP.	CHEVRON CORP.	ELECTRIC CO.
MARKET VALUE	$54,066	44,263	42,660	35,646	34,657
% OF NET ASSETS	1.0	0.8	0.8	0.6	0.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		8.8	%
Commercial Banks		7.4
Pharmaceuticals		5.1
Insurance		4.5
Metals & Mining		3.2
Media		2.9
Chemicals		2.8
Real Estate Investment Trusts		2.8
Food Products		2.7
Diversified Telecommunication Services		2.5
Food & Staples Retailing		2.3
Semiconductors & Semiconductor Equipment		2.3
Machinery		2.2
Software		2.2
Capital Markets		2.1
Diversified Financial Services		2.1
Electric Utilities		1.8
Computers & Peripherals		1.8
Industrial Conglomerates		1.8
IT Services		1.7
Beverages		1.7
Aerospace & Defense		1.7
Automobiles		1.7
Biotechnology		1.7
Energy Equipment & Services		1.6
Hotels, Restaurants & Leisure		1.6
Health Care Equipment & Supplies		1.5
Wireless Telecommunication Services		1.5
Real Estate Management & Development		1.5
Specialty Retail		1.2
Household Products		1.2
Road & Rail		1.1
Electronic Equipment, Instruments & Components		1.1
Tobacco		1.1
Health Care Providers & Services		1.0
Electrical Equipment		1.0
Multiline Retail		1.0
Communications Equipment		1.0
Textiles, Apparel & Luxury Goods		0.9
Multi-Utilities		0.8
Trading Companies & Distributors		0.8
Commercial Services & Supplies		0.7
Air Freight & Logistics		0.7
Internet Software & Services		0.6
Consumer Finance		0.6
Internet & Catalog Retail		0.6
Construction & Engineering		0.6
Professional Services		0.5
Auto Components		0.5
Life Sciences Tools & Services		0.4
Leisure Equipment & Products		0.4
Thrifts & Mortgage Finance		0.4
Construction Materials		0.3
Marine		0.3
Building Products		0.3
Transportation Infrastructure		0.3
Independent Power Producers & Energy Traders		0.3
Household Durables		0.2
Personal Products		0.2
Water Utilities		0.2
Office Electronics		0.1
Airlines		0.1
Gas Utilities		0.1
Paper & Forest Products		0.1
Distributors		0.1
Containers & Packaging		0.1
Short Term Investments		7.2
Other Assets & Liabilities		(5.6	)
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)

57

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.

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 MSCI EM 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

VALUE

VALUE

MSCI EM 50 INDEX

VALUE

VALUE

MSCI EM 50 INDEX

SIX MONTHS

1.11%

2.12%

1.60%

N/A

N/A

N/A

ONE YEAR

−1.90%

−0.96%

−0.84%

−1.90%

−0.96%

−0.84%

SINCE INCEPTION (1)

−3.30%

−2.33%

−2.05%

−3.03%

−2.14%

−1.88%

(1) For the period February 27, 2012 to March 31, 2013.

58

SPDR MSCI EM 50 ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI EM
	EM 50		50 Index
	ETF
2/27/2012		10000.00		10000.00
2/29/2012		10188.00		10212.00
3/31/2012		9857.00		9878.00
4/30/2012		9788.00		9832.00
5/31/2012		8592.00		8667.00
6/30/2012		8913.00		8939.00
7/31/2012		9090.00		9152.00
8/31/2012		9025.00		9055.00
9/30/2012		9563.00		9641.00
10/31/2012		9532.00		9583.00
11/30/2012		9621.00		9693.00
12/31/2012		10087.00		10180.00
1/31/2013		10169.00		10261.00
2/28/2013		9982.00		10082.00
3/31/2013		9670.00		9795.00

Past performance is not a guarantee of future results.

59

SPDR MSCI EM 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		TAIWAN
		SEMICONDUCTOR			INDUSTRIAL &
	SAMSUNG ELECTRONICS	MANUFACTURING		CHINA CONSTRUCTION	COMMERCIAL
DESCRIPTION	CO., LTD. GDR	CO., LTD. ADR	CHINA MOBILE, LTD.	BANK CORP.	BANK OF CHINA
MARKET VALUE	$254,158	145,066	104,356	100,584	78,106
% OF NET ASSETS	10.8	6.2	4.4	4.3	3.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		23.3	%
Semiconductors & Semiconductor Equipment		18.9
Oil, Gas & Consumable Fuels		17.9
Wireless Telecommunication Services		9.5
Metals & Mining		5.7
Beverages		4.0
Automobiles		3.2
Media		2.8
Insurance		2.4
Internet Software & Services		2.3
Chemicals		2.2
Electronic Equipment, Instruments & Components		2.0
IT Services		1.7
Auto Components		1.4
Food Products		1.0
Diversified Telecommunication Services		0.9
Real Estate Management & Development		0.7
Short Term Investments		0.1
Other Assets & Liabilities		0.0	***
TOTAL		100.0	%

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

60

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.

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 Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

RUSSELL/NOMURA

NET ASSET

MARKET

RUSSELL/NOMURA

VALUE

VALUE

PRIME INDEX

VALUE

VALUE

PRIME INDEX

SIX MONTHS

16.63%

18.58%

17.22%

N/A

N/A

N/A

ONE YEAR

7.40%

7.82%

8.24%

7.40%

7.82%

8.24%

THREE YEARS

9.67%

10.86%

12.08%

3.12%

3.50%

3.87%

FIVE YEARS

−3.27%

−2.42%

−0.09%

−0.66%

−0.49%

−0.02%

SINCE INCEPTION (1)

−10.20%

−9.38%

−6.80%

−1.67%

−1.53%

−1.10%

(1) For the period November 9, 2006 to March 31, 2013.

61

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

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

	SPDR Russell/Nomura
	PRIME Japan		Russell/ Nomura
	ETF		PRIME Index
		10000		10000
11/9/2006		10321		10323
12/31/2006		10515		10520
1/31/2007		10606		10611
2/28/2007		11003		11025
3/31/2007		10859		10886
4/7/2007		10657		10688
5/7/2007		10800		10822
6/7/2007		10766		10803
7/31/2007		10718		10771
8/31/2007		10422		10451
9/30/2007		10619		10661
10/31/2007		10604		10666
11/30/2007		10408		10483
12/31/2007		9988		9921
1/31/2008		9546		9591
2/29/2008		9600		9650
3/31/2008		9284		9329
4/30/2008		9897		9944
5/31/2008		10161		10204
6/30/2008		9462		9520
7/31/2008		9152		9206
8/31/2008		8782		8844
9/30/2008		7807		7870
10/1/2008		6714		6767
11/2/2008		6691		6732
12/3/2008		7243		7322
1/9/2009		6746		6790
2/9/2009		5898		5943
3/9/2009		6037		6078
4/30/2009		6548		6609
5/31/2009		7239		7297
6/30/2009		7399		7467
7/9/2009		7654		7749
8/31/2009		7973		8074
9/30/2009		7852		7965
10/31/2009		7619		7741
11/30/2009		7531		7641
12/31/2009		7552		7693
1/31/2010		7698		7819
2/28/2010		7804		7923
3/31/2010		8189		8315
4/30/2010		8198		8329
5/31/2010		7552		7669
6/30/2010		7447		7553
7/31/2010		7675		7793
8/31/2010		7503		7626
9/30/2010		7841		7967
10/31/2010		7988		8104
11/30/2010		8127		8261
12/31/2010		8738		8841
1/31/2011		8736		8926
2/28/2011		9128		9327
3/31/2011		8308		8511
4/30/2011		8327		8498
5/31/2011		8190		8389
6/30/2011		8329		8550
7/31/2011		8631		8862
8/31/2011		7983		8199
9/30/2011		7885		8106
10/31/2011		7845		8060
11/30/2011		7507		7719
12/31/2011		7585		7793
1/31/2012		7903		8132
2/29/2012		8238		8478
3/31/2012		8361		8611
4/30/2012		8112		8294
5/31/2012		7394		7611
6/30/2012		7772		8003
7/31/2012		7584		7818
8/31/2012		7516		7757
9/30/2012		7700		7951
10/31/2012		7554		7796
11/30/2012		7690		7949
12/31/2012		8070		8371
1/31/2013		8348		8633
2/28/2013		8569		8865
3/31/2013		8980		9320

Past performance is not a guarantee of future results.

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

62

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		MITSUBISHI UFJ	HONDA MOTOR	SUMITOMO MITSUI	MIZUHO FINANCIAL
DESCRIPTION	TOYOTA MOTOR CORP.	FINANCIAL GROUP, INC.	CO., LTD.	FINANCIAL GROUP, INC.	GROUP, INC.
MARKET VALUE	$608,766	473,012	362,004	321,208	292,298
% OF NET ASSETS	3.7	2.9	2.2	2.0	1.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		10.6	%
Automobiles		8.2
Pharmaceuticals		5.7
Machinery		5.6
Electronic Equipment, Instruments & Components		5.0
Road & Rail		4.7
Trading Companies & Distributors		4.2
Chemicals		4.2
Real Estate Management & Development		4.2
Auto Components		3.2
Wireless Telecommunication Services		3.0
Insurance		2.3
Household Durables		2.2
Metals & Mining		2.1
Office Electronics		2.1
Food & Staples Retailing		1.8
Electrical Equipment		1.5
Specialty Retail		1.5
Capital Markets		1.5
Electric Utilities		1.4
Diversified Telecommunication Services		1.4
Beverages		1.3
Leisure Equipment & Products		1.3
Computers & Peripherals		1.3
Construction & Engineering		1.2
Food Products		1.2
Tobacco		1.2
Building Products		1.1
Commercial Services & Supplies		1.1
Personal Products		1.0
Gas Utilities		0.9
Oil, Gas & Consumable Fuels		0.9
Semiconductors & Semiconductor Equipment		0.8
Multiline Retail		0.8
Health Care Equipment & Supplies		0.7
Software		0.7
IT Services		0.6
Internet Software & Services		0.6
Media		0.6
Textiles, Apparel & Luxury Goods		0.6
Diversified Financial Services		0.5
Consumer Finance		0.5
Hotels, Restaurants & Leisure		0.4
Health Care Providers & Services		0.4
Airlines		0.4
Transportation Infrastructure		0.4
Internet & Catalog Retail		0.3
Marine		0.3
Air Freight & Logistics		0.3
Household Products		0.2
Industrial Conglomerates		0.2
Paper & Forest Products		0.2
Diversified Consumer Services		0.2
Construction Materials		0.1
Independent Power Producers & Energy Traders		0.1
Professional Services		0.1
Containers & Packaging		0.1
Distributors		0.1
Communications Equipment		0.0	***
Short Term Investments		23.3
Other Assets & Liabilities		(22.4	)
TOTAL		100.0	%

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

63

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.

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 Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.55%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					RUSSELL/NOMURA						RUSSELL/NOMURA
	NET ASSET		MARKET		JAPAN SMALL CAP		NET ASSET		MARKET		JAPAN SMALL CAP
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		16.90%		18.70%		17.46%		N/A		N/A		N/A
ONE YEAR		10.38%		11.07%		11.00%		10.38%		11.07%		11.00%
THREE YEARS		26.26%		26.81%		29.40%		8.08%		8.24%		8.97%
FIVE YEARS		23.30%		23.67%		27.12%		4.28%		4.34%		4.92%
SINCE INCEPTION (1)		10.06%		10.76%		14.74%		1.51%		1.61%		2.18%

(1) For the period November 9, 2006 to March 31, 2013.

64

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		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
10/31/2012		9167		9524
11/30/2012		9233		9607
12/31/2012		9560		10029
1/31/2013		9933		10372
2/28/2013		10215		10691
3/31/2013		11006		11474

Past performance is not a guarantee of future results.

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

65

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		KAKEN PHARMACEUTICAL	THE MUSASHINO	NIPPON PAPER	TOKAI TOKYO FINANCIAL
DESCRIPTION	KENEDIX, INC.	CO., LTD.	BANK, LTD.	GROUP, INC.	HOLDINGS, INC.
MARKET VALUE	$508,432	466,261	443,491	411,640	404,780
% OF NET ASSETS	0.7	0.7	0.6	0.6	0.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		8.1	%
Machinery		7.1
Auto Components		5.1
Chemicals		4.7
Specialty Retail		4.4
Electronic Equipment, Instruments & Components		4.3
Construction & Engineering		3.8
Trading Companies & Distributors		3.4
Hotels, Restaurants & Leisure		3.3
Food Products		3.0
Real Estate Management & Development		2.9
Media		2.8
Household Durables		2.7
Metals & Mining		2.6
Capital Markets		2.4
Building Products		2.4
Pharmaceuticals		2.4
Commercial Services & Supplies		2.2
Textiles, Apparel & Luxury Goods		2.1
Food & Staples Retailing		1.9
IT Services		1.7
Semiconductors & Semiconductor Equipment		1.6
Personal Products		1.6
Software		1.5
Road & Rail		1.4
Health Care Equipment & Supplies		1.3
Electrical Equipment		1.3
Diversified Financial Services		1.2
Consumer Finance		1.1
Leisure Equipment & Products		1.1
Internet Software & Services		1.0
Health Care Providers & Services		1.0
Transportation Infrastructure		1.0
Containers & Packaging		0.9
Energy Equipment & Services		0.9
Computers & Peripherals		0.8
Multiline Retail		0.8
Communications Equipment		0.8
Paper & Forest Products		0.8
Biotechnology		0.7
Professional Services		0.7
Beverages		0.6
Internet & Catalog Retail		0.5
Household Products		0.4
Distributors		0.4
Air Freight & Logistics		0.3
Life Sciences Tools & Services		0.3
Gas Utilities		0.3
Electric Utilities		0.3
Marine		0.3
Oil, Gas & Consumable Fuels		0.2
Health Care Technology		0.2
Industrial Conglomerates		0.2
Office Electronics		0.1
Airlines		0.0	***
Short Term Investments		19.0
Other Assets & Liabilities		(17.9	)
TOTAL		100.0	%

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

66

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.

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 S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.45%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P INTERNATIONAL

S&P INTERNATIONAL

DIVIDEND

DIVIDEND

NET ASSET

MARKET

OPPORTUNITIES

NET ASSET

MARKET

OPPORTUNITIES

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

8.61%

9.32%

9.79%

N/A

N/A

N/A

ONE YEAR

4.05%

4.09%

5.60%

4.05%

4.09%

5.60%

THREE YEARS

6.39%

7.11%

9.96%

2.09%

2.31%

3.21%

FIVE YEARS

−11.14%

−11.00%

−6.14%

−2.33%

−2.30%

−1.26%

SINCE INCEPTION (1)

−7.31%

−6.83%

−2.64%

−1.47%

−1.37%

−0.52%

(1) For the period February 12, 2008 to March 31, 2013.

67

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

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

	SPDR S&P		S&P International
	International Dividend		Dividend Opportunities
	ETF		Index
		10000		10000
2/12/2008		10577		10510
3/31/2008		10431		10373
4/30/2008		10433		10393
5/31/2008		10267		10264
6/30/2008		9265		9239
7/31/2008		8833		8827
8/31/2008		8777		8776
9/30/2008		7307		7289
10/31/2008		5256		5236
11/30/2008		4889		4870
12/31/2008		5261		5246
1/31/2009		4577		4577
2/28/2009		4093		4084
3/31/2009		4642		4627
4/30/2009		5828		5841
5/31/2009		6734		6769
6/30/2009		6623		6662
7/31/2009		7306		7372
8/31/2009		7784		7861
9/30/2009		8320		8419
10/31/2009		8254		8356
11/30/2009		8522		8631
12/31/2009		8704		8823
1/31/2010		8351		8475
2/28/2010		8255		8380
3/31/2010		8712		8857
4/30/2010		8589		8742
5/31/2010		7585		7725
6/30/2010		7528		7672
7/31/2010		8248		8430
8/31/2010		8029		8211
9/30/2010		8931		9144
10/31/2010		9334		9562
11/30/2010		8611		8825
12/31/2010		9322		9567
1/31/2011		9451		9671
2/28/2011		9676		9909
3/31/2011		9910		10193
4/30/2011		10749		11031
5/31/2011		10327		10616
6/30/2011		10104		10386
7/31/2011		9646		9966
8/31/2011		8999		9293
9/30/2011		7943		8199
10/31/2011		8769		9054
11/30/2011		8374		8654
12/31/2011		8264		8549
1/31/2012		8668		8944
2/29/2012		9109		9425
3/31/2012		8908		9219
4/30/2012		8648		8951
5/31/2012		7552		7822
6/30/2012		8239		8544
7/31/2012		7995		8296
8/31/2012		8361		8683
9/30/2012		8534		8868
10/31/2012		8532		8870
11/30/2012		8573		8918
12/31/2012		8975		9345
1/31/2013		9330		9775
2/28/2013		9156		9598
3/31/2013		9269		9736

Past performance is not a guarantee of future results.

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

68

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		WESTPAC	SHIN CORP. PCL,		ILUKA
DESCRIPTION	NATIONAL AUSTRALIA BANK, LTD.	BANKING CORP.	NVDR	FORTUM OYJ	RESOURCES, LTD.
MARKET VALUE	$47,492,797	45,569,544	43,056,818	41,620,123	41,034,072
% OF NET ASSETS	3.6	3.4	3.3	3.2	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Diversified Telecommunication Services		14.8	%
Electric Utilities		11.5
Oil, Gas & Consumable Fuels		8.8
Commercial Banks		8.2
Wireless Telecommunication Services		7.6
Real Estate Investment Trusts		7.1
Metals & Mining		5.2
Insurance		4.9
Construction & Engineering		3.7
Pharmaceuticals		3.1
Energy Equipment & Services		2.9
Chemicals		2.6
Paper & Forest Products		2.2
Food & Staples Retailing		2.1
Gas Utilities		2.0
Transportation Infrastructure		1.7
Multi-Utilities		1.6
Hotels, Restaurants & Leisure		1.3
Media		1.1
Personal Products		0.9
Machinery		0.9
Specialty Retail		0.9
Multiline Retail		0.8
Road & Rail		0.8
Real Estate Management & Development		0.8
Industrial Conglomerates		0.7
Office Electronics		0.6
IT Services		0.6
Diversified Financial Services		0.1
Aerospace & Defense		0.1
Health Care Providers & Services		0.0	***
Textiles, Apparel & Luxury Goods		0.0	***
Tobacco		0.0	***
Short Term Investments		6.8
Other Assets & Liabilities		(6.4	)
TOTAL		100.0	%

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

69

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.

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 S&P International Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.45%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
��					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BETWEEN						EX-U.S. BETWEEN
					USD2 BILLION AND						USD2 BILLION AND
	NET ASSET		MARKET		USD5 BILLION		NET ASSET		MARKET		USD5 BILLION
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		11.64%		13.49%		12.77%		N/A		N/A		N/A
ONE YEAR		10.93%		12.02%		11.74%		10.93%		12.02%		11.74%
THREE YEARS		25.27%		26.05%		27.09%		7.80%		8.02%		8.32%
SINCE INCEPTION (1)		3.70%		4.74%		6.02%		0.74%		0.95%		1.20%

(1) For the period May 7, 2008 to March 31, 2013.

70

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)

Past performance is not a guarantee of future results.

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

71

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

	HIROSE ELECTRIC	KEISEI ELECTRIC			THE BANK OF
DESCRIPTION	CO., LTD.	RAILWAY CO., LTD.	THE JOYO BANK, LTD.	TAKASHIMAYA CO., LTD.	KYOTO, LTD.
MARKET VALUE	$270,368	256,031	241,023	238,928	234,333
% OF NET ASSETS	0.7	0.7	0.7	0.7	0.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		7.0	%
Chemicals		5.6
Oil, Gas & Consumable Fuels		4.6
Real Estate Investment Trusts		4.6
Metals & Mining		4.3
Machinery		4.2
Insurance		3.7
Media		3.5
Construction & Engineering		3.2
Multiline Retail		3.1
Electronic Equipment, Instruments & Components		2.9
Real Estate Management & Development		2.8
Road & Rail		2.8
Food Products		2.6
Hotels, Restaurants & Leisure		2.5
Commercial Services & Supplies		2.2
Energy Equipment & Services		2.1
Diversified Financial Services		2.1
Capital Markets		2.0
Household Durables		2.0
Diversified Telecommunication Services		1.8
Food & Staples Retailing		1.7
Electric Utilities		1.6
Pharmaceuticals		1.5
Gas Utilities		1.4
Health Care Equipment & Supplies		1.4
Construction Materials		1.3
Auto Components		1.3
Industrial Conglomerates		1.3
Trading Companies & Distributors		1.2
Aerospace & Defense		1.1
Health Care Providers & Services		1.0
Textiles, Apparel & Luxury Goods		1.0
Consumer Finance		0.9
Leisure Equipment & Products		0.9
Transportation Infrastructure		0.7
Automobiles		0.7
IT Services		0.7
Internet Software & Services		0.7
Independent Power Producers & Energy Traders		0.6
Software		0.6
Marine		0.6
Electrical Equipment		0.6
Semiconductors & Semiconductor Equipment		0.6
Specialty Retail		0.6
Communications Equipment		0.5
Air Freight & Logistics		0.5
Airlines		0.5
Professional Services		0.5
Multi-Utilities		0.5
Distributors		0.4
Paper & Forest Products		0.4
Beverages		0.3
Computers & Peripherals		0.3
Biotechnology		0.3
Office Electronics		0.3
Containers & Packaging		0.2
Wireless Telecommunication Services		0.2
Personal Products		0.2
Water Utilities		0.2
Household Products		0.1
Building Products		0.1
Short Term Investments		14.5
Other Assets & Liabilities		(13.6	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for BGP Holdings PLC, which was Level 2 and part of the Real Estate Investment Trusts industry, and Neo Holdings Co., Ltd., which was Level 2 and part of the Industrial Conglomerates industry, both representing 0.00% of net assets. (Note 2)

72

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.

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 S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.65%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P EMERGING						S&P EMERGING
	NET ASSET		MARKET		MARKETS UNDER USD2		NET ASSET		MARKET		MARKETS UNDER USD2
	VALUE		VALUE		BILLION INDEX		VALUE		VALUE		BILLION INDEX
SIX MONTHS		9.00%		9.61%		10.09%		N/A		N/A		N/A
ONE YEAR		7.33%		7.01%		9.07%		7.33%		7.01%		9.07%
THREE YEARS		8.08%		8.07%		15.11%		2.62%		2.62%		4.80%
SINCE INCEPTION (1)		4.35%		4.88%		19.10%		0.87%		0.98%		3.64%

(1) For the period May 12, 2008 to March 31, 2013.

73

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)

Past performance is not a guarantee of future results.

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

74

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

	THANACHART	MEGAWORLD	MINOR	SHENZHEN INTERNATIONAL	CORONATION FUND
DESCRIPTION	CAPITAL PCL	CORP.	INTERNATIONAL PCL	HOLDINGS, LTD.	MANAGERS, LTD.
MARKET VALUE	$6,912,679	6,661,613	5,284,772	5,162,673	5,099,433
% OF NET ASSETS	0.7	0.7	0.6	0.6	0.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Real Estate Management & Development		9.6	%
Semiconductors & Semiconductor Equipment		5.2
Food Products		4.8
Chemicals		4.7
Commercial Banks		4.5
Electronic Equipment, Instruments & Components		4.3
Construction & Engineering		4.1
Metals & Mining		4.0
Pharmaceuticals		3.1
Machinery		2.5
Household Durables		2.5
Hotels, Restaurants & Leisure		2.5
Diversified Financial Services		2.4
Oil, Gas & Consumable Fuels		2.4
Textiles, Apparel & Luxury Goods		2.3
Capital Markets		2.2
Computers & Peripherals		2.2
Electrical Equipment		2.0
Auto Components		1.8
Transportation Infrastructure		1.8
Marine		1.8
Industrial Conglomerates		1.7
Media		1.6
Specialty Retail		1.4
Automobiles		1.3
Independent Power Producers & Energy Traders		1.3
Multiline Retail		1.3
Communications Equipment		1.3
Paper & Forest Products		1.2
Construction Materials		1.1
Leisure Equipment & Products		1.0
Real Estate Investment Trusts		0.9
Health Care Providers & Services		0.9
Diversified Telecommunication Services		0.9
Food & Staples Retailing		0.8
Health Care Equipment & Supplies		0.8
Commercial Services & Supplies		0.8
Software		0.8
Diversified Consumer Services		0.8
Electric Utilities		0.7
Beverages		0.7
Internet Software & Services		0.6
Water Utilities		0.6
Airlines		0.6
Consumer Finance		0.6
Trading Companies & Distributors		0.6
IT Services		0.5
Energy Equipment & Services		0.5
Tobacco		0.4
Containers & Packaging		0.4
Insurance		0.4
Air Freight & Logistics		0.4
Wireless Telecommunication Services		0.4
Biotechnology		0.3
Building Products		0.3
Personal Products		0.2
Gas Utilities		0.2
Road & Rail		0.2
Household Products		0.2
Internet & Catalog Retail		0.2
Thrifts & Mortgage Finance		0.1
Distributors		0.1
Professional Services		0.1
Aerospace & Defense		0.1
Office Electronics		0.1
Short Term Investments		5.9
Other Assets & Liabilities		(6.0	)
TOTAL		100.0	%

*

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

**

Each security is valued based on Level 1 inputs, except for Bakrie and Brothers Tbk PT, which was Level 2 and part of the Industrial Conglomerates industry, representing 0.05% of net assets, China Metal Recycling Holdings, Ltd., which was Level 2 and part of the Metals & Mining industry, representing 0.13% of net assets, Darma Henwa PT Tbk, which was Level 2 and part of the Metals & Mining industry, representing 0.02% of net assets, Indiabulls Financial Services, Ltd., which was Level 2 and part of the Diversified Financial Services industry, representing 0.31% of net assets, China Precious Metal Resources Holdings Co., Ltd., which was Level 2 and part of the Metals & Mining industry, representing 0.07% of net assets, 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, China High Precision Automation Group, Ltd., which was Level 2 and part of the Electronic Equipment, Instruments & Components industry, China Hongxing Sports, Ltd., which was Level 3 and part of the Textiles, Apparel & Luxury Goods industry, Polimex-Mostostal SA, which was Level 2 and part of the Construction & Engineering industry, Real Gold Mining, Ltd., which was Level 3 and part of the Metals & Mining industry, each representing 0.00% of net assets. (Note 2)

75

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.

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 Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES GLOBAL						DOW JONES GLOBAL
					SELECT REAL						SELECT REAL
	NET ASSET		MARKET		ESTATE		NET ASSET		MARKET		ESTATE
	VALUE		VALUE		SECURITIES INDEX		VALUE		VALUE		SECURITIES INDEX
SIX MONTHS		11.31%		11.64%		11.42%		N/A		N/A		N/A
ONE YEAR		17.92%		17.91%		18.05%		17.92%		17.91%		18.05%
THREE YEARS		52.41%		52.53%		52.27%		15.08%		15.11%		15.04%
SINCE INCEPTION (1)		12.10%		12.40%		10.52%		2.36%		2.41%		2.06%

(1) For the period May 7, 2008 to March 31, 2013.

76

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)

Past performance is not a guarantee of future results.

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

77

SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

	SIMON PROPERTY	MITSUI FUDOSAN
DESCRIPTION	GROUP, INC.	CO., LTD.	WESTFIELD GROUP	HCP, INC.	PUBLIC STORAGE
MARKET VALUE	$54,527,833	27,114,167	25,410,124	24,769,850	24,072,348
% OF NET ASSETS	5.9	3.0	2.8	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 MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Retail REITs		27.9	%
Real Estate Management & Development		16.4
Specialized REITs		15.2
Office REITs		14.6
Diversified REITs		10.7
Residential REITs		9.5
Industrial REITs		5.1
Diversified Capital Markets		0.3
Short Term Investments		8.0
Other Assets & Liabilities		(7.7	)
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 BGP Holdings PLC, which was Level 2 and part of the Real Estate Investment Trusts industry, and Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development industry, both representing 0.00% of net assets. (Note 2)

78

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.

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 S&P International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

	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
SIX MONTHS		18.48%		19.28%		18.77%		N/A		N/A		N/A
ONE YEAR		13.26%		12.69%		13.85%		13.26%		12.69%		13.85%
THREE YEARS		37.15%		37.21%		38.32%		11.10%		11.12%		11.42%
SINCE INCEPTION (1)		40.52%		40.41%		40.09%		7.49%		7.47%		7.43%

(1) For the period July 16, 2008 to March 31, 2013.

79

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

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

	SPDR S&P		S&P Developed
	International Consumer		Ex-U.S. BMI
	Discretionary Sector		Consumer Discertionary
	ETF		Sector Index
		10000.00		10000.00
7/16/2008		10235.00		10251.00
8/31/2008		10027.00		10047.00
9/30/2008		8771.00		8725.00
10/1/2008		7407.00		7187.00
11/2/2008		6560.00		6384.00
12/3/2008		6969.00		6788.00
1/9/2009		6485.00		6309.00
2/9/2009		6029.00		5887.00
3/31/2009		6455.00		6289.00
4/30/2009		7801.00		7544.00
5/31/2009		8238.00		8059.00
6/30/2009		8221.00		8066.00
7/9/2009		9099.00		8967.00
8/31/2009		9376.00		9223.00
9/30/2009		9682.00		9547.00
10/31/2009		9537.00		9449.00
11/30/2009		9573.00		9478.00
12/31/2009		9918.00		9797.00
1/31/2010		9636.00		9531.00
2/28/2010		9475.00		9385.00
3/31/2010		10245.00		10129.00
4/30/2010		10330.00		10278.00
5/31/2010		9334.00		9279.00
6/30/2010		9285.00		9198.00
7/31/2010		10042.00		9951.00
8/31/2010		9753.00		9683.00
9/30/2010		10952.00		10896.00
10/31/2010		11347.00		11316.00
11/30/2010		11258.00		11213.00
12/31/2010		11944.00		11934.00
1/31/2011		12153.00		12123.00
2/28/2011		12349.00		12367.00
3/31/2011		11967.00		12033.00
4/30/2011		12833.00		12893.00
5/31/2011		12710.00		12772.00
6/30/2011		12857.00		12887.00
7/31/2011		12696.00		12778.00
8/31/2011		11419.00		11485.00
9/30/2011		10369.00		10375.00
10/31/2011		11333.00		11334.00
11/30/2011		10671.00		10661.00
12/31/2011		10447.00		10422.00
1/31/2012		11360.00		11315.00
2/29/2012		12167.00		12108.00
3/31/2012		12407.00		12305.00
4/30/2012		12291.00		12216.00
5/31/2012		11009.00		10913.00
6/30/2012		11363.00		11303.00
7/31/2012		11406.00		11352.00
8/31/2012		11744.00		11654.00
9/30/2012		11860.00		11795.00
10/31/2012		11951.00		11887.00
11/30/2012		12488.00		12415.00
12/31/2012		13018.00		12951.00
1/31/2013		13644.00		13584.00
2/28/2013		13720.00		13725.00
3/31/2013		14052.00		14009.00

Past performance is not a guarantee of future results.

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

80

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

				LVMH MOET HENNESSY
DESCRIPTION	TOYOTA MOTOR CORP.	HONDA MOTOR CO. LTD.	DAIMLER AG	LOUIS VUITTON SA	HYUNDAI MOTOR CO.
MARKET VALUE	$723,676	302,489	271,864	235,731	229,114
% OF NET ASSETS	7.5	3.1	2.8	2.4	2.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Automobiles		26.0	%
Media		15.8
Hotels, Restaurants & Leisure		12.3
Textiles, Apparel & Luxury Goods		10.9
Auto Components		9.4
Specialty Retail		8.6
Household Durables		6.2
Multiline Retail		5.0
Leisure Equipment & Products		2.5
Distributors		1.0
Internet & Catalog Retail		0.7
Diversified Consumer Services		0.6
Chemicals		0.4
Short Term Investments		3.3
Other Assets & Liabilities		(2.7	)
TOTAL		100.0	%

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

81

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.

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 S&P International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

	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
SIX MONTHS		12.80%		13.77%		13.80%		N/A		N/A		N/A
ONE YEAR		18.49%		18.80%		20.44%		18.49%		18.80%		20.44%
THREE YEARS		45.00%		45.16%		50.06%		13.18%		13.23%		14.48%
SINCE INCEPTION (1)		57.09%		57.99%		67.13%		10.06%		10.20%		11.53%

(1) For the period July 16, 2008 to March 31, 2013.

82

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

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

	SPDR S&P		S&P Developed
	International Consumer		Ex-U.S. BMI
	Staples Sector		Consumer Staples
	ETF		Sector Index
		10000.00		10000.00
7/16/2008		10258.00		10267.00
8/31/2008		10127.00		10158.00
9/30/2008		9430.00		9468.00
10/1/2008		8001.00		8060.00
11/2/2008		7752.00		7755.00
12/3/2008		8171.00		8240.00
1/9/2009		7562.00		7669.00
2/9/2009		6954.00		7044.00
3/31/2009		7070.00		7180.00
4/30/2009		7456.00		7597.00
5/31/2009		8354.00		8508.00
6/30/2009		8504.00		8696.00
7/9/2009		9175.00		9408.00
8/31/2009		9443.00		9685.00
9/30/2009		9852.00		10149.00
10/31/2009		10126.00		10423.00
11/30/2009		10361.00		10669.00
12/31/2009		10599.00		10890.00
1/31/2010		10396.00		10676.00
2/28/2010		10475.00		10738.00
3/31/2010		10835.00		11137.00
4/30/2010		10677.00		11005.00
5/31/2010		9734.00		10076.00
6/30/2010		9987.00		10346.00
7/31/2010		10540.00		10927.00
8/31/2010		10540.00		10939.00
9/30/2010		11416.00		11875.00
10/31/2010		11691.00		12127.00
11/30/2010		11170.00		11607.00
12/31/2010		11865.00		12349.00
1/31/2011		11574.00		12071.00
2/28/2011		11938.00		12399.00
3/31/2011		11914.00		12413.00
4/30/2011		12878.00		13433.00
5/31/2011		12975.00		13566.00
6/30/2011		12723.00		13320.00
7/31/2011		12805.00		13424.00
8/31/2011		12364.00		12955.00
9/30/2011		11653.00		12192.00
10/31/2011		12488.00		13011.00
11/30/2011		12259.00		12774.00
12/31/2011		12332.00		12844.00
1/31/2012		12273.00		12818.00
2/29/2012		12924.00		13488.00
3/31/2012		13259.00		13877.00
4/30/2012		13354.00		14015.00
5/31/2012		12332.00		12961.00
6/30/2012		13028.00		13699.00
7/31/2012		13448.00		14123.00
8/31/2012		13785.00		14508.00
9/30/2012		13927.00		14686.00
10/31/2012		13875.00		14687.00
11/30/2012		14300.00		15125.00
12/31/2012		14285.00		15150.00
1/31/2013		14955.00		15881.00
2/28/2013		15190.00		16147.00
3/31/2013		15709.00		16713.00

Past performance is not a guarantee of future results.

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

83

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		BRITISH AMERICAN	ANHEUSER-BUSCH
DESCRIPTION	NESTLE SA	TOBACCO PLC	INBEV NV	DIAGEO PLC	UNILEVER NV
MARKET VALUE	$5,496,277	2,357,739	1,903,485	1,870,590	1,735,631
% OF NET ASSETS	14.9	6.4	5.2	5.1	4.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Food Products		33.9	%
Beverages		21.0
Food & Staples Retailing		20.7
Tobacco		11.8
Household Products		5.9
Personal Products		5.8
Real Estate Investment Trusts		0.0	%***
Short Term Investments		1.4
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 Anheuser-Busch InBev NV — VVPR Strip, which was Level 2 and part of the Beverages industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

84

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.

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 S&P International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI ENERGY

NET ASSET

MARKET

EX-U.S. BMI ENERGY

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

SIX MONTHS

−2.42%

−2.22%

−1.77%

N/A

N/A

N/A

ONE YEAR

−4.20%

−4.42%

−3.42%

−4.20%

−4.42%

−3.42%

THREE YEARS

1.86%

1.75%

5.17%

0.62%

0.58%

1.69%

SINCE INCEPTION (1)

−11.71%

−11.84%

−7.11%

−2.61%

−2.64%

−1.55%

(1) For the period July 16, 2008 to March 31, 2013.

85

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)

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Energy		Energy Sector
	Sector ETF		Index
		10000.00		10000.00
7/16/2008		9937.00		9918.00
8/31/2008		9760.00		9686.00
9/30/2008		7972.00		7830.00
10/1/2008		6535.00		6403.00
11/2/2008		6353.00		6197.00
12/3/2008		6234.00		6138.00
1/9/2009		5961.00		5862.00
2/9/2009		5634.00		5541.00
3/31/2009		5993.00		5924.00
4/30/2009		6519.00		6497.00
5/31/2009		7785.00		7778.00
6/30/2009		7317.00		7352.00
7/9/2009		7622.00		7681.00
8/31/2009		7860.00		7945.00
9/30/2009		8377.00		8449.00
10/31/2009		8404.00		8509.00
11/30/2009		8598.00		8701.00
12/31/2009		8859.00		8995.00
1/31/2010		8276.00		8431.00
2/28/2010		8163.00		8310.00
3/31/2010		8668.00		8832.00
4/30/2010		8645.00		8833.00
5/31/2010		7563.00		7702.00
6/30/2010		7021.00		7139.00
7/31/2010		7784.00		7952.00
8/31/2010		7454.00		7624.00
9/30/2010		8278.00		8503.00
10/31/2010		8613.00		8860.00
11/30/2010		8316.00		8620.00
12/31/2010		9292.00		9655.00
1/31/2011		9743.00		10119.00
2/28/2011		10301.00		10690.00
3/31/2011		10272.00		10688.00
4/30/2011		10640.00		11084.00
5/31/2011		10132.00		10577.00
6/30/2011		9807.00		10212.00
7/31/2011		9735.00		10197.00
8/31/2011		8817.00		9221.00
9/30/2011		7770.00		8068.00
10/31/2011		9084.00		9482.00
11/30/2011		8887.00		9268.00
12/31/2011		8876.00		9246.00
1/31/2012		9183.00		9589.00
2/29/2012		9745.00		10175.00
3/31/2012		9216.00		9618.00
4/30/2012		9179.00		9568.00
5/31/2012		7909.00		8251.00
6/30/2012		8344.00		8673.00
7/31/2012		8564.00		8918.00
8/31/2012		8950.00		9317.00
9/30/2012		9049.00		9456.00
10/31/2012		8970.00		9382.00
11/30/2012		8836.00		9253.00
12/31/2012		8926.00		9361.00
1/31/2013		9249.00		9710.00
2/28/2013		8869.00		9311.00
3/31/2013		8829.00		9289.00

Past performance is not a guarantee of future results.

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

86

SPDR S&P International Energy Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

		ROYAL DUTCH SHELL		ROYAL DUTCH
DESCRIPTION	BP PLC	PLC (CLASS A)	TOTAL SA	SHELL PLC (CLASS B)	ENI SPA
MARKET VALUE	$1,118,252	1,050,524	950,285	737,086	504,163
% OF NET ASSETS	10.2	9.6	8.7	6.7	4.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		90.2	%
Energy Equipment & Services		9.2
Short Term Investments		6.6
Other Assets & Liabilities		(6.0	)
TOTAL		100.0	%

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

87

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.

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 S&P International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

EX-U.S. BMI

EX-U.S. BMI

NET ASSET

MARKET

FINANCIALS SECTOR

NET ASSET

MARKET

FINANCIALS SECTOR

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

15.11%

15.70%

15.93%

N/A

N/A

N/A

ONE YEAR

17.38%

17.73%

18.94%

17.38%

17.73%

18.94%

THREE YEARS

8.53%

9.07%

12.53%

2.77%

2.94%

4.01%

SINCE INCEPTION (1)

−5.31%

−4.88%

−2.29%

−1.15%

−1.06%

−0.49%

(1) For the period July 16, 2008 to March 31, 2013.

88

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)

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Financial		Financials Sector
	Sector ETF		Index
		10000.00		10000.00
7/16/2008		10608.00		10703.00
8/31/2008		9988.00		10146.00
9/30/2008		8797.00		8960.00
10/1/2008		6409.00		6466.00
11/2/2008		5791.00		5875.00
12/3/2008		6129.00		6097.00
1/9/2009		5292.00		5311.00
2/9/2009		4443.00		4446.00
3/31/2009		5057.00		4998.00
4/30/2009		6233.00		6126.00
5/31/2009		7169.00		7066.00
6/30/2009		7121.00		7030.00
7/9/2009		7981.00		7909.00
8/31/2009		8728.00		8581.00
9/30/2009		9004.00		8939.00
10/31/2009		8675.00		8620.00
11/30/2009		8747.00		8675.00
12/31/2009		8671.00		8599.00
1/31/2010		8137.00		8089.00
2/28/2010		8175.00		8102.00
3/31/2010		8725.00		8684.00
4/30/2010		8581.00		8551.00
5/31/2010		7480.00		7440.00
6/30/2010		7318.00		7306.00
7/31/2010		8293.00		8291.00
8/31/2010		7827.00		7855.00
9/30/2010		8499.00		8528.00
10/31/2010		8742.00		8749.00
11/30/2010		8070.00		8107.00
12/31/2010		8725.00		8808.00
1/31/2011		9156.00		9204.00
2/28/2011		9534.00		9566.00
3/31/2011		9197.00		9270.00
4/30/2011		9678.00		9770.00
5/31/2011		9272.00		9381.00
6/30/2011		9073.00		9208.00
7/31/2011		8716.00		8896.00
8/31/2011		7856.00		8012.00
9/30/2011		6970.00		7112.00
10/31/2011		7687.00		7807.00
11/30/2011		7042.00		7185.00
12/31/2011		6982.00		7108.00
1/31/2012		7601.00		7747.00
2/29/2012		8138.00		8262.00
3/31/2012		8069.00		8215.00
4/30/2012		7844.00		7981.00
5/31/2012		6810.00		6967.00
6/30/2012		7450.00		7615.00
7/31/2012		7543.00		7707.00
8/31/2012		7836.00		8019.00
9/30/2012		8226.00		8428.00
10/31/2012		8428.00		8641.00
11/30/2012		8656.00		8864.00
12/31/2012		9059.00		9270.00
1/31/2013		9659.00		9881.00
2/28/2013		9531.00		9800.00
3/31/2013		9469.00		9771.00

Past performance is not a guarantee of future results.

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

89

SPDR S&P International Financial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

	HSBC	COMMONWEALTH	WESTPAC BANKING	ROYAL BANK	MITSUBISHI ESTATE
DESCRIPTION	HOLDINGS PLC	BANK OF AUSTRALIA	CORP.	OF CANADA	CO., LTD.
MARKET VALUE	$408,721	235,968	208,479	198,548	193,278
% OF NET ASSETS	5.2	3.0	2.6	2.5	2.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Commercial Banks		51.7	%
Insurance		19.6
Real Estate Management & Development		9.9
Capital Markets		8.7
Real Estate Investment Trusts		4.1
Diversified Financial Services		3.9
Consumer Finance		1.3
Short Term Investments		5.2
Other Assets & Liabilities		(4.4	)
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)

90

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.

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 S&P International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. BMI HEALTH		NET ASSET		MARKET		EX-U.S. BMI HEALTH
	VALUE		VALUE		CARE SECTOR INDEX		VALUE		VALUE		CARE SECTOR INDEX
SIX MONTHS		13.81%		13.75%		14.80%		N/A		N/A		N/A
ONE YEAR		24.89%		24.81%		26.20%		24.89%		24.81%		26.20%
THREE YEARS		44.21%		43.86%		48.78%		12.98%		12.89%		14.16%
SINCE INCEPTION (1)		41.06%		41.33%		48.77%		7.58%		7.62%		8.81%

(1) For the period July 16, 2008 to March 31, 2013.

91

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		Sector Index
		10000.00		10000.00
7/16/2008		10163.00		10204.00
8/31/2008		10042.00		10044.00
9/30/2008		9103.00		9082.00
10/1/2008		8048.00		8070.00
11/2/2008		7602.00		7615.00
12/3/2008		8235.00		8237.00
1/9/2009		7708.00		7708.00
2/9/2009		6852.00		6852.00
3/9/2009		7028.00		7099.00
4/30/2009		7216.00		7282.00
5/31/2009		7897.00		7978.00
6/30/2009		7972.00		8094.00
7/9/2009		8604.00		8741.00
8/31/2009		8948.00		9086.00
9/30/2009		9356.00		9532.00
10/31/2009		9267.00		9475.00
11/30/2009		9605.00		9798.00
12/31/2009		9741.00		9945.00
1/31/2010		9557.00		9766.00
2/28/2010		9557.00		9783.00
3/31/2010		9781.00		9998.00
4/30/2010		9462.00		9685.00
5/31/2010		8606.00		8835.00
6/30/2010		8909.00		9100.00
7/31/2010		9151.00		9301.00
8/31/2010		9268.00		9512.00
9/30/2010		9891.00		10223.00
10/31/2010		10075.00		10418.00
11/30/2010		9652.00		9966.00
12/31/2010		10222.00		10581.00
1/31/2011		10269.00		10633.00
2/28/2011		10569.00		10941.00
3/31/2011		10529.00		10902.00
4/30/2011		11311.00		11717.00
5/31/2011		11607.00		12029.00
6/30/2011		11347.00		11774.00
7/31/2011		11508.00		11969.00
8/31/2011		10777.00		11193.00
9/30/2011		10157.00		10573.00
10/31/2011		10563.00		11028.00
11/30/2011		10332.00		10758.00
12/31/2011		10679.00		11126.00
1/31/2012		10804.00		11258.00
2/29/2012		11153.00		11633.00
3/31/2012		11294.00		11787.00
4/30/2012		11471.00		11957.00
5/31/2012		10635.00		11082.00
6/30/2012		11384.00		11880.00
7/31/2012		11788.00		12293.00
8/31/2012		11944.00		12468.00
9/30/2012		12395.00		12960.00
10/31/2012		12341.00		12919.00
11/30/2012		12446.00		13025.00
12/31/2012		12573.00		13157.00
1/31/2013		13389.00		14055.00
2/28/2013		13539.00		14254.00
3/31/2013		14106.00		14877.00

Past performance is not a guarantee of future results.

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

92

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	SANOFI	GLAXOSMITHKLINE PLC	BAYER AG
MARKET VALUE	$3,883,530	3,417,162	2,465,062	2,344,009	1,721,502
% OF NET ASSETS	11.5	10.2	7.3	7.0	5.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Pharmaceuticals		74.6	%
Health Care Equipment & Supplies		9.9
Health Care Providers & Services		7.3
Biotechnology		6.6
Chemicals		0.4
Life Sciences Tools & Services		0.3
Health Care Technology		0.0
Short Term Investments		1.0
Other Assets & Liabilities		(0.1	)
TOTAL		100.0	%

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

93

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.

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 S&P International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. BMI INDUSTRIAL		NET ASSET		MARKET		EX-U.S. BMI INDUSTRIAL
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
SIX MONTHS		14.20%		15.14%		13.75%		N/A		N/A		N/A
ONE YEAR		10.17%		10.30%		9.52%		10.17%		10.30%		9.52%
THREE YEARS		19.18%		19.37%		23.32%		6.02%		6.08%		7.24%
SINCE INCEPTION (1)		12.14%		12.69%		14.30%		2.46%		2.57%		2.88%

(1) For the period July 16, 2008 to March 31, 2013.

94

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)

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Industrial		Industrial Sector
	Sector ETF		Index
		10000.00		10000.00
7/16/2008		10237.00		10271.00
8/31/2008		9847.00		9763.00
9/30/2008		8051.00		8028.00
10/1/2008		6121.00		5996.00
11/2/2008		6008.00		5836.00
12/3/2008		6505.00		6396.00
1/9/2009		5857.00		5783.00
2/9/2009		5276.00		5155.00
3/31/2009		5622.00		5534.00
4/30/2009		6534.00		6469.00
5/31/2009		7261.00		7186.00
6/30/2009		7228.00		7141.00
7/9/2009		7830.00		7756.00
8/31/2009		8331.00		8215.00
9/30/2009		8723.00		8600.00
10/31/2009		8517.00		8374.00
11/30/2009		8708.00		8507.00
12/31/2009		8907.00		8739.00
1/31/2010		8746.00		8567.00
2/28/2010		8708.00		8565.00
3/31/2010		9410.00		9269.00
4/30/2010		9451.00		9351.00
5/31/2010		8458.00		8338.00
6/30/2010		8391.00		8286.00
7/31/2010		9079.00		8983.00
8/31/2010		8687.00		8614.00
9/30/2010		9764.00		9710.00
10/31/2010		10080.00		10055.00
11/30/2010		9916.00		9844.00
12/31/2010		10802.00		10802.00
1/31/2011		11027.00		11063.00
2/28/2011		11214.00		11181.00
3/31/2011		11329.00		11374.00
4/30/2011		11823.00		11942.00
5/31/2011		11425.00		11526.00
6/30/2011		11290.00		11444.00
7/31/2011		11034.00		11215.00
8/31/2011		9888.00		10063.00
9/30/2011		8727.00		8856.00
10/31/2011		9605.00		9725.00
11/30/2011		9135.00		9258.00
12/31/2011		9113.00		9202.00
1/31/2012		9804.00		9968.00
2/29/2012		10299.00		10533.00
3/31/2012		10180.00		10436.00
4/30/2012		10007.00		10221.00
5/31/2012		8933.00		9109.00
6/30/2012		9258.00		9478.00
7/31/2012		9426.00		9578.00
8/31/2012		9558.00		9740.00
9/30/2012		9820.00		10048.00
10/31/2012		9907.00		10102.00
11/30/2012		10166.00		10352.00
12/31/2012		10583.00		10807.00
1/31/2013		11033.00		11228.00
2/28/2013		11150.00		11352.00
3/31/2013		11214.00		11430.00

Past performance is not a guarantee of future results.

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

95

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

					SCHNEIDER
			ROLLS-ROYCE	CANADIAN NATIONAL	ELECTRIC
DESCRIPTION	SIEMENS AG	ABB, LTD.	HOLDINGS PLC	RAILWAY CO.	SA
MARKET VALUE	$463,011	289,853	239,155	227,425	206,772
% OF NET ASSETS	4.2	2.6	2.2	2.1	1.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Machinery		22.0	%
Industrial Conglomerates		11.4
Trading Companies & Distributors		9.3
Road & Rail		8.9
Electrical Equipment		8.3
Construction & Engineering		6.5
Commercial Services & Supplies		6.0
Aerospace & Defense		6.0
Professional Services		5.4
Building Products		4.4
Transportation Infrastructure		3.1
Air Freight & Logistics		2.7
Marine		2.6
Airlines		1.9
Food Products		0.4
Short Term Investments		3.3
Other Assets & Liabilities		(2.2	)
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)

96

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.

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 S&P International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI MATERIALS

NET ASSET

MARKET

EX-U.S. BMI MATERIALS

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

SIX MONTHS

−1.00%

−0.79%

−1.38%

N/A

N/A

N/A

ONE YEAR

−7.02%

−7.35%

−6.32%

−7.02%

−7.35%

−6.32%

THREE YEARS

−6.96%

−6.77%

−2.89%

−2.38%

−2.31%

−0.97%

SINCE INCEPTION (1)

−20.64%

−20.86%

−13.24%

−4.79%

−4.85%

−2.97%

(1) For the period July 16, 2008 to March 31, 2013.

97

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
		10000.00		10000.00
7/16/2008		9968.00		9987.00
8/31/2008		9185.00		9147.00
9/30/2008		6856.00		6920.00
10/1/2008		4931.00		4926.00
11/2/2008		4711.00		4686.00
12/3/2008		5116.00		5124.00
1/9/2009		4662.00		4709.00
2/9/2009		4375.00		4415.00
3/31/2009		4839.00		4945.00
4/30/2009		5455.00		5618.00
5/31/2009		6478.00		6667.00
6/30/2009		6254.00		6428.00
7/9/2009		6978.00		7193.00
8/31/2009		7105.00		7355.00
9/30/2009		7465.00		7760.00
10/31/2009		7406.00		7699.00
11/30/2009		8090.00		8425.00
12/31/2009		8325.00		8686.00
1/31/2010		7639.00		7968.00
2/28/2010		7778.00		8138.00
3/31/2010		8528.00		8934.00
4/30/2010		8340.00		8839.00
5/31/2010		7399.00		7851.00
6/30/2010		7174.00		7686.00
7/31/2010		7815.00		8343.00
8/31/2010		7651.00		8232.00
9/30/2010		8624.00		9264.00
10/31/2010		9089.00		9778.00
11/30/2010		9036.00		9757.00
12/31/2010		10085.00		10883.00
1/31/2011		9796.00		10575.00
2/28/2011		10288.00		11049.00
3/31/2011		10277.00		11168.00
4/30/2011		10782.00		11768.00
5/31/2011		10287.00		11244.00
6/30/2011		10228.00		11106.00
7/31/2011		10063.00		11005.00
8/31/2011		9167.00		10067.00
9/30/2011		7578.00		8260.00
10/31/2011		8594.00		9349.00
11/30/2011		8186.00		8888.00
12/31/2011		7781.00		8445.00
1/31/2012		8625.00		9400.00
2/29/2012		8940.00		9755.00
3/31/2012		8537.00		9261.00
4/30/2012		8392.00		9079.00
5/31/2012		7158.00		7767.00
6/30/2012		7443.00		8053.00
7/31/2012		7389.00		8037.00
8/31/2012		7497.00		8198.00
9/30/2012		8016.00		8797.00
10/31/2012		8100.00		8821.00
11/30/2012		8085.00		8800.00
12/31/2012		8504.00		9213.00
1/31/2013		8627.00		9331.00
2/28/2013		8316.00		9037.00
3/31/2013		7936.00		8676.00

Past performance is not a guarantee of future results.

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

98

SPDR S&P International Materials Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

DESCRIPTION	BHP BILLITON LTD.	BASF SE	BHP BILLITON PLC	RIO TINTO PLC	AIR LIQUIDE SA
MARKET VALUE	$675,701	486,987	385,375	380,047	270,798
% OF NET ASSETS	7.3	5.3	4.2	4.1	2.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Metals & Mining		52.1	%
Chemicals		38.8
Construction Materials		6.1
Paper & Forest Products		1.8
Containers & Packaging		0.6
Short Term Investments		5.1
Other Assets & Liabilities		(4.5	)
TOTAL		100.0	%

*

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

**

Each security is valued based on Level 1 inputs, except for China Sandi Holdings, Ltd., which was Level 2 and part of the Paper & Forest Products industry, representing 0.01% of net assets, China Mining Resources Group, Ltd., which was Level 3 and part of the Metals & Mining industry, representing 0.02% of net assets and Tessenderlo Chemie NV, which was Level 2 and part of the Chemicals industry, representing 0.00% of net assets. (Note 2)

99

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.

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 S&P International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
					INFORMATION						INFORMATION
	NET ASSET		MARKET		TECHNOLOGY		NET ASSET		MARKET		TECHNOLOGY
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
SIX MONTHS		14.07%		14.49%		13.80%		N/A		N/A		N/A
ONE YEAR		5.07%		5.35%		6.31%		5.07%		5.35%		6.31%
THREE YEARS		7.95%		7.88%		10.67%		2.58%		2.56%		3.44%
SINCE INCEPTION (1)		5.40%		5.61%		7.78%		1.12%		1.17%		1.60%

(1) For the period July 16, 2008 to March 31, 2013.

100

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
		10000.00		10000.00
7/16/2008		10238.00		10224.00
8/31/2008		9838.00		9824.00
9/30/2008		8019.00		8021.00
10/1/2008		6327.00		6322.00
11/2/2008		5895.00		5880.00
12/3/2008		6275.00		6274.00
1/9/2009		5996.00		5988.00
2/9/2009		5349.00		5310.00
3/31/2009		6000.00		5937.00
4/30/2009		6919.00		6870.00
5/31/2009		7454.00		7445.00
6/30/2009		7544.00		7508.00
7/9/2009		8281.00		8183.00
8/31/2009		8572.00		8532.00
9/30/2009		8967.00		8933.00
10/31/2009		8474.00		8482.00
11/30/2009		8434.00		8425.00
12/31/2009		8933.00		8882.00
1/31/2010		9006.00		8956.00
2/28/2010		8867.00		8866.00
3/31/2010		9763.00		9739.00
4/30/2010		9954.00		9961.00
5/31/2010		8713.00		8736.00
6/30/2010		8406.00		8470.00
7/31/2010		8951.00		8975.00
8/31/2010		8244.00		8297.00
9/30/2010		9133.00		9163.00
10/31/2010		9351.00		9393.00
11/30/2010		9310.00		9349.00
12/31/2010		10327.00		10303.00
1/31/2011		10583.00		10585.00
2/28/2011		10761.00		10729.00
3/31/2011		10382.00		10412.00
4/30/2011		10653.00		10732.00
5/31/2011		10308.00		10365.00
6/30/2011		9996.00		10025.00
7/31/2011		9715.00		9871.00
8/31/2011		8881.00		9045.00
9/30/2011		8244.00		8379.00
10/31/2011		9147.00		9289.00
11/30/2011		8874.00		8930.00
12/31/2011		8621.00		8721.00
1/31/2012		9053.00		9202.00
2/29/2012		9723.00		9865.00
3/31/2012		10029.00		10138.00
4/30/2012		9837.00		10025.00
5/31/2012		8531.00		8705.00
6/30/2012		8825.00		9012.00
7/31/2012		8903.00		9146.00
8/31/2012		8897.00		9110.00
9/30/2012		9240.00		9470.00
10/31/2012		9278.00		9455.00
11/30/2012		9756.00		9913.00
12/31/2012		10159.00		10344.00
1/31/2013		10370.00		10530.00
2/28/2013		10541.00		10726.00
3/31/2013		10540.00		10778.00

Past performance is not a guarantee of future results.

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

101

SPDR S&P International Technology Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

	SAMSUNG ELECTRONICS			TELEFONAKTIEBOLAGET
DESCRIPTION	CO., LTD. GDR	SAP AG	CANON, INC.	LM ERICSSON (CLASS B)	HITACHI, LTD.
MARKET VALUE	$3,168,814	1,305,688	787,367	699,829	436,323
% OF NET ASSETS	19.2	7.9	4.8	4.2	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 MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Semiconductors & Semiconductor Equipment		31.1	%
Electronic Equipment, Instruments & Components		20.7
Software		14.9
IT Services		7.7
Communications Equipment		7.5
Office Electronics		6.6
Computers & Peripherals		5.9
Internet Software & Services		4.5
Short Term Investments		3.2
Other Assets & Liabilities		(2.1	)
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)

102

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.

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 S&P International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
	NET ASSET		MARKET		TELECOMMUNICATION		NET ASSET		MARKET		TELECOMMUNICATION
	VALUE		VALUE		SERVICES SECTOR INDEX		VALUE		VALUE		SERVICES SECTOR INDEX
SIX MONTHS		2.04%		2.51%		3.14%		N/A		N/A		N/A
ONE YEAR		6.95%		7.02%		9.07%		6.95%		7.02%		9.07%
THREE YEARS		17.78%		18.40%		21.96%		5.61%		5.79%		6.84%
SINCE INCEPTION (1)		6.87%		7.48%		11.99%		1.42%		1.54%		2.44%

(1) For the period July 16, 2008 to March 31, 2013.

103

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)

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Telecommunications		Telecommunication Services
	Sector ETF		Sector Index
		10000.00		10000.00
7/16/2008		9771.00		9788.00
8/31/2008		9437.00		9466.00
9/30/2008		8455.00		8456.00
10/1/2008		7129.00		7133.00
11/2/2008		7423.00		7451.00
12/3/2008		8061.00		8094.00
1/9/2009		7185.00		7195.00
2/9/2009		6770.00		6795.00
3/31/2009		6831.00		6871.00
4/30/2009		6951.00		7014.00
5/31/2009		7642.00		7711.00
6/30/2009		7796.00		7882.00
7/9/2009		8460.00		8553.00
8/31/2009		8779.00		8884.00
9/30/2009		9189.00		9302.00
10/31/2009		9111.00		9230.00
11/30/2009		9454.00		9572.00
12/31/2009		9349.00		9484.00
1/31/2010		8873.00		8978.00
2/28/2010		8783.00		8887.00
3/31/2010		9074.00		9181.00
4/30/2010		8842.00		8943.00
5/31/2010		8109.00		8189.00
6/30/2010		8303.00		8415.00
7/31/2010		9263.00		9400.00
8/31/2010		9328.00		9464.00
9/30/2010		9932.00		10096.00
10/31/2010		10525.00		10702.00
11/30/2010		9724.00		9900.00
12/31/2010		10115.00		10313.00
1/31/2011		10537.00		10762.00
2/28/2011		10851.00		11067.00
3/31/2011		10921.00		11156.00
4/30/2011		11409.00		11667.00
5/31/2011		11099.00		11395.00
6/30/2011		11016.00		11309.00
7/31/2011		11046.00		11356.00
8/31/2011		10356.00		10637.00
9/30/2011		9767.00		10003.00
10/31/2011		10518.00		10788.00
11/30/2011		10177.00		10441.00
12/31/2011		9990.00		10250.00
1/31/2012		9814.00		10070.00
2/29/2012		10038.00		10314.00
3/31/2012		9992.00		10268.00
4/30/2012		9756.00		10015.00
5/31/2012		9035.00		9292.00
6/30/2012		9909.00		10229.00
7/31/2012		9972.00		10298.00
8/31/2012		10319.00		10670.00
9/30/2012		10473.00		10859.00
10/31/2012		10046.00		10433.00
11/30/2012		10102.00		10523.00
12/31/2012		10102.00		10540.00
1/31/2013		10629.00		11109.00
2/28/2013		10157.00		10629.00
3/31/2013		10687.00		11199.00

Past performance is not a guarantee of future results.

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

104

SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

DESCRIPTION	VODAFONE GROUP PLC	TELEFONICA SA	SOFTBANK CORP.	BT GROUP PLC	DEUTSCHE TELEKOM AG
MARKET VALUE	$6,610,549	2,708,925	1,965,740	1,586,780	1,506,643
% OF NET ASSETS	21.2	8.7	6.3	5.1	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 MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Diversified Telecommunication Services		56.9	%
Wireless Telecommunication Services		42.1
Media		0.5
Short Term Investments		2.8
Other Assets & Liabilities		(2.3	)
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)

105

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.

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 S&P International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF MARCH 31, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI UTILITLES

NET ASSET

MARKET

EX-U.S. BMI UTILITLES

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

SIX MONTHS

0.29%

0.46%

0.68%

N/A

N/A

N/A

ONE YEAR

−1.65%

−1.66%

−0.17%

−1.65%

−1.66%

−0.17%

THREE YEARS

−14.74%

−14.47%

−12.59%

−5.18%

−5.08%

−4.39%

SINCE INCEPTION (1)

−33.05%

−32.73%

−30.71%

−8.17%

−8.07%

−7.50%

(1) For the period July 16, 2008 to March 31, 2013.

106

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
		10000.00		10000.00
7/16/2008		10214.00		10188.00
8/31/2008		9762.00		9715.00
9/30/2008		8613.00		8555.00
10/1/2008		7312.00		7257.00
11/2/2008		7146.00		7086.00
12/3/2008		7771.00		7738.00
1/9/2009		7027.00		7001.00
2/9/2009		6253.00		6216.00
3/31/2009		6173.00		6149.00
4/30/2009		6630.00		6572.00
5/31/2009		7249.00		7231.00
6/30/2009		7148.00		7128.00
7/9/2009		7405.00		7403.00
8/31/2009		7891.00		7890.00
9/30/2009		8186.00		8201.00
10/31/2009		7747.00		7781.00
11/30/2009		8060.00		8091.00
12/31/2009		8190.00		8217.00
1/31/2010		7739.00		7803.00
2/28/2010		7635.00		7701.00
3/31/2010		7851.00		7929.00
4/30/2010		7569.00		7652.00
5/31/2010		6868.00		6927.00
6/30/2010		6832.00		6895.00
7/31/2010		7416.00		7487.00
8/31/2010		7339.00		7409.00
9/30/2010		7637.00		7720.00
10/31/2010		8049.00		8138.00
11/30/2010		7384.00		7479.00
12/31/2010		7834.00		7944.00
1/31/2011		8142.00		8241.00
2/28/2011		8344.00		8433.00
3/31/2011		7896.00		7990.00
4/30/2011		8303.00		8398.00
5/31/2011		7813.00		7936.00
6/30/2011		7873.00		7991.00
7/31/2011		7569.00		7691.00
8/31/2011		7076.00		7186.00
9/30/2011		6762.00		6850.00
10/31/2011		6933.00		7038.00
11/30/2011		6750.00		6857.00
12/31/2011		6507.00		6630.00
1/31/2012		6582.00		6698.00
2/29/2012		6826.00		6949.00
3/31/2012		6808.00		6943.00
4/30/2012		6590.00		6730.00
5/31/2012		5987.00		6115.00
6/30/2012		6496.00		6649.00
7/31/2012		6140.00		6314.00
8/31/2012		6423.00		6613.00
9/30/2012		6676.00		6882.00
10/31/2012		6672.00		6881.00
11/30/2012		6582.00		6790.00
12/31/2012		6766.00		6993.00
1/31/2013		6795.00		7023.00
2/28/2013		6585.00		6807.00
3/31/2013		6695.00		6929.00

Past performance is not a guarantee of future results.

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

107

SPDR S&P International Utilities Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2013

					SCOTTISH & SOUTHERN
DESCRIPTION	NATIONAL GRID PLC	E.ON AG	GDF SUEZ	CENTRICA PLC	ENERGY PLC
MARKET VALUE	$2,234,412	1,874,290	1,596,457	1,591,515	1,164,164
% OF NET ASSETS	8.3	7.0	5.9	5.9	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 MARCH 31, 2013*

	PERCENT OF
INDUSTRY**	NET ASSETS
Electric Utilities		38.6	%
Multi-Utilities		37.8
Gas Utilities		14.9
Independent Power Producers & Energy Traders		4.7
Water Utilities		3.6
Short Term Investments		1.4
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)

108

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
BELGIUM — 2.0%
Ageas VVPR Strip (a)(b)		1,664	$	0
Anheuser-Busch InBev NV		11,106		1,101,678
				1,101,678
FRANCE — 10.9%
Air Liquide SA		4,658		566,911
BNP Paribas		15,802		812,465
LVMH Moet Hennessy Louis Vuitton SA		3,982		684,669
Sanofi		17,990		1,831,212
Schneider Electric SA		8,177		598,505
Total SA		33,151		1,590,171
				6,083,933
GERMANY — 14.7%
Allianz SE		6,755		919,020
BASF SE		13,723		1,203,914
Bayer AG		12,347		1,275,834
Daimler AG		14,678		800,004
Deutsche Bank AG		13,876		541,939
Deutsche Telekom AG		44,390		470,032
E.ON AG		29,815		521,447
SAP AG		13,802		1,107,696
Siemens AG		12,419		1,340,046
				8,179,932
ITALY — 1.6%
ENI SpA		39,958		899,465
NETHERLANDS — 2.5%
ING Groep NV (a)		57,541		409,120
Unilever NV		23,490		963,874
				1,372,994
SPAIN — 4.6%
Banco Bilbao Vizcaya Argentaria SA		81,188		705,066
Banco Santander SA		154,112		1,037,366
Telefonica SA		59,433		800,575
				2,543,007
SWEDEN — 1.9%
Hennes & Mauritz AB (Class B)		14,053		503,591
Telefonaktiebolaget LM Ericsson (Class B)		45,345		566,289
				1,069,880
SWITZERLAND — 21.0%
ABB, Ltd. (a)		34,690		784,321
Compagnie Financiere Richemont SA		7,778		611,923
Nestle SA		48,134		3,489,518
Novartis AG		40,395		2,877,283
Roche Holding AG		10,487		2,447,465
UBS AG (a)		53,519		822,326
Zurich Insurance Group AG (a)		2,189		610,733
				11,643,569
UNITED KINGDOM — 40.1%
Anglo American PLC		20,941		538,020
AstraZeneca PLC		18,658		934,790
Barclays PLC		169,381		748,828
BG Group PLC		50,571		866,954
BHP Billiton PLC		31,899		927,570
BP PLC		283,144		1,977,295
British American Tobacco PLC		30,224		1,618,669
Diageo PLC		37,347		1,176,724
GlaxoSmithKline PLC		72,940		1,703,978
HSBC Holdings PLC		274,716		2,930,428
Imperial Tobacco Group PLC		14,719		513,828
National Grid PLC		56,144		652,177
Reckitt Benckiser Group PLC		9,774		700,214
Rio Tinto PLC		18,733		877,532
Royal Dutch Shell PLC (Class A)		55,805		1,805,094
Standard Chartered PLC		29,339		758,906
Tesco PLC		113,502		657,591
Unilever PLC		19,560		826,873
Vodafone Group PLC		738,593		2,092,751
				22,308,222
TOTAL COMMON STOCKS —
(Cost $60,617,183)				55,202,680
SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund 0.13% (d)(e) (Cost $3,986)		3,986		3,986
TOTAL INVESTMENTS — 99.3%
(Cost $60,621,169)				55,206,666
OTHER ASSETS & LIABILITIES — 0.7%				381,590
NET ASSETS — 100.0%			$	55,588,256

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

PLC = Public Limited Company

See accompanying notes to financial statements.

109

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BELGIUM — 3.6%
Ageas VVPR Strip (a)(b)		6,468	$	0
Anheuser-Busch InBev NV		667,075		66,171,617
				66,171,617
FRANCE — 35.6%
Air Liquide SA		280,402		34,126,866
AXA SA		1,830,778		31,525,578
BNP Paribas		949,020		48,794,180
Carrefour SA		533,339		14,625,190
Compagnie de Saint-Gobain		398,665		14,804,883
Danone		532,124		37,089,526
Essilor International SA		191,025		21,279,347
France Telecom SA		1,735,515		17,583,445
GDF Suez		1,276,259		24,615,425
L’Oreal SA		213,799		33,960,491
LVMH Moet Hennessy Louis Vuitton SA		239,661		41,207,526
Sanofi		1,080,824		110,017,667
Schneider Electric SA		492,187		36,024,967
Societe Generale (a)		696,042		22,907,761
Total SA		1,991,586		95,531,457
Unibail-Rodamco SE		85,103		19,856,303
Vinci SA		454,110		20,493,834
Vivendi SA		1,127,683		23,335,437
				647,779,883
GERMANY — 32.2%
Allianz SE		405,701		55,195,749
BASF SE		824,331		72,318,279
Bayer AG		741,663		76,637,126
Bayerische Motoren Werke AG		288,305		24,918,986
Daimler AG		881,511		48,045,517
Deutsche Bank AG		835,248		32,621,345
Deutsche Telekom AG		2,671,974		28,292,684
E.ON AG		1,794,648		31,387,374
Muenchener Rueckversicherungs- Gesellschaft AG		144,380		27,049,605
RWE AG		438,921		16,387,197
SAP AG		829,013		66,533,436
Siemens AG		746,051		80,501,037
Volkswagen AG Preference Shares		129,018		25,679,147
				585,567,482
IRELAND — 0.8%
CRH PLC		650,645		14,387,185
ITALY — 7.2%
Assicurazioni Generali SpA		1,198,284		18,680,007
Enel SpA		5,715,658		18,686,296
ENI SpA		2,399,889		54,022,125
Intesa Sanpaolo SpA		12,529,065		18,373,139
UniCredit SpA (a)		4,847,123		20,726,543
				130,488,110
LUXEMBOURG — 0.6%
APERAM		1		12
ArcelorMittal		905,895		11,690,754
				11,690,766
NETHERLANDS — 8.2%
ASML Holding NV		320,069		21,565,189
European Aeronautic Defence and Space Co. NV		426,306		21,732,543
ING Groep NV (a)		3,463,573		24,626,203
Koninklijke Philips Electronics NV		815,502		24,174,278
Unilever NV		1,410,864		57,892,535
				149,990,748
SPAIN — 11.7%
Banco Bilbao Vizcaya Argentaria SA		4,886,920		42,439,788
Banco Santander SA		9,256,753		62,309,503
Iberdrola SA		4,516,314		21,069,204
Industria de Diseno Textil SA		190,124		25,243,878
Repsol YPF SA		713,467		14,521,175
Telefonica SA		3,569,365		48,080,065
				213,663,613
TOTAL COMMON STOCKS —
(Cost $1,784,413,834)				1,819,739,404
SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserve Fund 0.13% (d)(e) (Cost $35,531)		35,531		35,531
TOTAL INVESTMENTS — 99.9%
(Cost $1,784,449,365)				1,819,774,935
OTHER ASSETS & LIABILITIES — 0.1%				1,166,900
NET ASSETS — 100.0%			$	1,820,941,835

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

PLC = Public Limited Company

See accompanying notes to financial statements.

110

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
CHINA — 27.2%
Agricultural Bank of China, Ltd. (a)		4,288,000	$	2,054,886
Air China, Ltd.		1,597,414		1,419,896
Aluminum Corp. of China, Ltd. (a)(b)		1,606,304		618,713
Angang Steel Co., Ltd. (a)(b)		631,244		345,602
Anhui Conch Cement Co., Ltd. (a)		1,092,250		3,623,175
Baidu, Inc. ADR (a)(b)		70,932		6,220,736
Bank of China, Ltd.		15,618,466		7,243,207
Bank of Communications Co., Ltd. (a)		2,723,630		2,038,516
Brilliance China Automotive Holdings, Ltd. (b)		380,000		446,445
BYD Co., Ltd. (a)(b)		139,800		445,730
China Citic Bank Corp., Ltd. (a)		2,597,341		1,559,211
China Coal Energy Co., Ltd (a)		1,015,000		904,820
China Communications Construction Co., Ltd. (Class H) (a)		1,080,000		1,004,502
China Construction Bank Corp.		17,939,148		14,651,465
China COSCO Holdings Co., Ltd. (a)(b)		1,493,230		704,041
China Fangda Group Co., Ltd. (b)		126,000		44,474
China Life Insurance Co., Ltd.		2,162,708		5,599,947
China Longyuan Power Group Corp.		738,000		669,297
China Merchants Bank Co., Ltd.		1,383,380		2,929,768
China Merchants Property Development Co., Ltd.		506,184		1,563,679
China Minsheng Banking Corp., Ltd. (Class H) (a)		1,133,000		1,443,498
China National Building Material Co., Ltd. (a)		648,000		815,567
China Oilfield Services, Ltd.		424,557		889,296
China Pacific Insurance Group Co., Ltd.		249,800		822,192
China Petroleum & Chemical Corp.		5,905,174		6,952,946
China Railway Construction Corp. (Class H)		370,000		350,808
China Railway Group, Ltd.		1,067,000		542,940
China Shenhua Energy Co., Ltd.		1,217,040		4,421,239
China Shipping Container Lines Co., Ltd. (a)(b)		5,747,339		1,554,806
China Shipping Development Co., Ltd. (a)		949,215		460,995
China Telecom Corp., Ltd.		5,773,320		2,907,986
Ctrip.com International, Ltd. ADR (a)(b)		78,694		1,682,478
Dongfeng Motor Group Co., Ltd.		700,468		983,569
Focus Media Holding, Ltd. ADR (a)		39,245		1,052,158
Great Wall Motor Co., Ltd. (Class H) (a)		108,000		365,906
Guangzhou Automobile Group Co., Ltd. (a)		1,320,032		1,117,223
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		906,176		1,519,895
Hengan International Group Co., Ltd.		77,500		758,262
Huaneng Power International, Inc.		1,978,472		2,110,329
Huangshan Tourism Development Co., Ltd.		33,300		49,018
Industrial & Commercial Bank of China		13,905,138		9,744,604
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		318,005		1,825,667
Jiangsu Expressway Co., Ltd. (a)		1,888,299		1,890,087
Jiangsu Future Land Co., Ltd.		204,403		161,274
Jiangxi Copper Co., Ltd. (Class H)		859,578		1,897,956
Konka Group Co., Ltd.		293,800		97,269
Lao Feng Xiang Co., Ltd.		87,800		209,930
Livzon Pharmaceutical, Inc. Class B		14,700		72,907
Luthai Textile Co., Ltd.		82,900		81,697
Maanshan Iron & Steel (a)(b)		1,616,971		420,769
Mindray Medical International, Ltd. ADR		18,148		724,831
NetEase, Inc. ADR		54,594		2,990,113
New Oriental Education & Technology Group, Inc. ADR		22,036		396,648
PetroChina Co., Ltd.		6,277,208		8,231,980
PICC Property & Casualty Co., Ltd.		705,416		906,005
Ping An Insurance Group Co. of China, Ltd.		500,364		3,880,365
Semiconductor Manufacturing International Corp. (b)		12,178,837		721,695
SGSB Group Co., Ltd. (b)		125,600		58,906
Shandong Luoxin Pharmacy Stock Co., Ltd.		40,000		52,972
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		104,000		94,184
Shanghai Electric Group Co., Ltd. (a)		2,672,418		1,039,684
Shanghai Highly Group Co., Ltd.		177,400		103,424
Shenzhou International Group Holdings, Ltd.		26,000		73,184
Sina Corp. (b)		22,237		1,080,496
Sinopec Shanghai Petrochemical Co., Ltd.		1,973,252		866,816
Sinopharm Group Co.		76,800		247,833
Sohu.com, Inc. (a)(b)		6,269		311,005
Suntech Power Holdings Co., Ltd. ADR (a)(b)		46,271		18,046
Tencent Holdings, Ltd.		199,194		6,333,028
Tingyi Cayman Islands Holding Corp. (a)		952,383		2,484,429
Tong Ren Tang Technologies Co., Ltd.		18,000		61,332
Want Want China Holdings, Ltd.		1,683,000		2,580,008
Yanzhou Coal Mining Co., Ltd. (a)		1,086,882		1,464,550
Youku Tudou, Inc. ADR (a)(b)		2,116		35,485
Zhaojin Mining Industry Co., Ltd.		75,500		101,346
Zijin Mining Group Co., Ltd. (a)		2,412,685		795,666
				136,945,412
HONG KONG — 9.5%
Agile Property Holdings, Ltd. (a)		1,852,088		2,206,954
Beijing Enterprises Holdings, Ltd.		122,000		939,834
Belle International Holdings, Ltd.		654,000		1,086,820
C.banner International Holdings, Ltd.		276,000		119,109
Cecep Costin New Materials Group, Ltd.		223,000		93,076
Changshouhua Food Co., Ltd.		123,000		70,035
China Everbright International, Ltd.		178,000		127,722
China Haidian Holdings, Ltd.		690,000		71,999
China Leason CBM & Shale Gas Group Co., Ltd. (b)		1,440,000		60,289

See accompanying notes to financial statements.

111

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
China Mengniu Dairy Co., Ltd.		474,390	$	1,362,794
China Merchants Holdings International Co., Ltd.		566,087		1,855,927
China Mobile, Ltd.		1,263,136		13,375,558
China Overseas Land & Investment, Ltd. (a)		1,469,084		4,049,957
China Resources Enterprise, Ltd.		578,746		1,714,770
China Resources Land, Ltd. (a)		501,355		1,401,506
China Resources Power Holdings Co., Ltd.		494,000		1,479,585
China Unicom (Hong Kong), Ltd. (a)		1,348,172		1,806,212
China Yurun Food Group, Ltd. (a)(b)		286,659		196,457
Citic Pacific, Ltd. (a)		321,000		416,827
CNOOC, Ltd.		3,887,249		7,471,386
COSCO Pacific, Ltd.		757,527		1,092,965
Evergrande Real Estate Group, Ltd. (a)		252,000		101,610
Geely Automobile Holdings, Ltd. (a)		100,000		48,566
GOME Electrical Appliances Holding, Ltd. (a)(b)		1,062,000		116,288
Huabao International Holdings, Ltd. (a)		203,000		88,128
Kingboard Chemical Holdings, Ltd.		158,500		451,244
Kunlun Energy Co., Ltd.		636,000		1,351,858
Lenovo Group, Ltd.		3,019,703		2,999,222
Lijun International Pharmaceutical Holding, Ltd.		256,000		78,159
Magic Holdings International, Ltd.		336,000		137,644
NVC Lighting Holdings, Ltd.		178,000		41,045
Prince Frog International Holdings, Ltd. (a)		133,000		68,533
Sino Biopharmaceutical		272,000		189,914
Sino-Ocean Land Holdings, Ltd.		1,234,866		744,485
Skyworth Digital Holdings, Ltd.		180,664		121,255
Sunac China Holdings, Ltd.		182,000		128,247
Sunny Optical Technology Group Co., Ltd.		58,000		66,946
TCL Multimedia Technology Holdings, Ltd.		82,000		63,592
Yingde Gases		77,000		85,802
				47,882,320
INDIA — 15.5%
Anant Raj, Ltd.		103,240		119,291
Apollo Hospitals Enterprise, Ltd.		170,240		2,627,679
Axis Bank, Ltd.		38,412		919,273
Bharat Heavy Electricals, Ltd.		344,214		1,120,991
Bharti Airtel, Ltd.		571,164		3,066,000
Cipla, Ltd.		279,583		1,953,480
DLF, Ltd.		112,519		485,892
Dr Reddy’s Laboratories, Ltd.		12,802		416,094
GAIL India, Ltd.		84,165		492,834
Godrej Industries, Ltd.		32,902		178,040
Gujarat Mineral Development Corp., Ltd.		77,528		238,219
HDFC Bank, Ltd.		464,373		5,343,066
Hero Motocorp, Ltd.		22,090		626,730
Hindalco Industries, Ltd.		193,486		326,096
Hindustan Unilever, Ltd.		502,611		4,318,201
Hindustan Zinc, Ltd.		592,703		1,322,813
Housing Development & Infrastructure, Ltd. (b)		18,691		15,888
Housing Development Finance Corp., Ltd.		263,663		4,008,308
ICICI Bank, Ltd.		199		3,827
ICICI Bank, Ltd. ADR		85,310		3,659,799
Idea Cellular, Ltd. (b)		778,255		1,630,970
IDFC, Ltd.		271,017		716,063
India Infoline, Ltd.		193,795		216,259
Indiabulls Financial Services, Ltd. (c)		155,648		778,383
Indiabulls Real Estate, Ltd. (b)		30,836		30,950
Indian Hotels Co., Ltd.		913,485		900,039
Indian Oil Corp., Ltd.		128,555		666,073
Infosys Technologies, Ltd. ADR (a)		136,279		7,346,801
ITC, Ltd. GDR (a)		419,652		2,389,499
IVRCL Infrastructures & Projects, Ltd. (b)		73,339		25,976
Jaiprakash Associates, Ltd.		36,926		44,467
Jindal Steel & Power, Ltd.		93,143		595,961
JSW Steel, Ltd.		25,509		315,565
Lanco Infratech, Ltd. (b)		344,116		65,214
Larsen & Toubro, Ltd. GDR (a)		36,196		908,520
Mahindra & Mahindra, Ltd.		169,415		2,684,768
NTPC, Ltd.		248,185		648,204
Oil & Natural Gas Corp., Ltd.		516,278		2,958,031
Reliance Capital, Ltd.		58,502		336,588
Reliance Communications, Ltd.		345,576		351,616
Reliance Industries, Ltd. GDR (d)		235,718		6,713,249
Reliance Infrastructure, Ltd.		114,187		681,655
Sesa Goa, Ltd.		107,260		306,880
Siemens India, Ltd.		117,796		1,189,122
State Bank of India		31,557		1,203,492
Steel Authority of India, Ltd.		359,837		414,127
Sterlite Industries India, Ltd.		277,430		478,292
Sun Pharmaceutical Industries, Ltd.		94,696		1,426,887
Suzlon Energy, Ltd. (b)		234,042		58,564
Tata Consultancy Services, Ltd.		141,305		4,096,805
Tata Motors, Ltd.		503,768		2,494,741
Tata Steel, Ltd.		60,031		345,551
Unitech, Ltd. (b)		229,426		99,411
United Spirits, Ltd.		18,879		659,688
Wipro, Ltd. ADR (a)		179,987		1,817,869
Zee Entertainment Enterprises, Ltd.		392,641		1,520,355
				78,359,156
INDONESIA — 6.7%
Ace Hardware Indonesia Tbk PT		3,433,000		293,223
Adaro Energy Tbk PT		4,524,500		609,940
Agis Tbk PT (b)		1,820,000		85,217
Agung Podomoro Land Tbk PT (b)		1,046,500		54,923
AKR Corporindo Tbk PT		192,500		99,048
Alam Sutera Realty Tbk PT		916,000		100,861
Astra International Tbk PT		4,943,700		4,019,062
Bank Central Asia Tbk PT		3,200,296		3,754,399
Bank Mandiri Tbk PT		2,089,905		2,150,661
Bank Rakyat Indonesia Persero Tbk PT		5,841,296		5,259,721
Bekasi Fajar Industrial Estate Tbk PT (b)		1,648,500		164,553
Bhakti Investama Tbk PT		4,009,500		206,303
Bumi Resources Tbk PT		5,664,964		402,246

See accompanying notes to financial statements.

112

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
BW Plantation Tbk PT		551,000	$	75,413
Charoen Pokphand Indonesia Tbk PT		537,000		279,069
Ciputra Property Tbk PT		643,000		63,523
Ciputra Surya Tbk PT		653,000		188,155
Citra Marga Nusaphala Persada Tbk PT		439,500		82,767
Garda Tujuh Buana Tbk PT (b)		143,500		86,388
Garuda Indonesia Tbk PT (b)		5,038,000		336,990
Global Mediacom Tbk PT		514,000		122,979
Gudang Garam Tbk PT		143,000		720,334
Indocement Tunggal Prakarsa Tbk PT		497,425		1,192,694
Indomobil Sukses Internasional Tbk PT		108,000		61,127
Indosat Tbk PT		1,106,248		739,965
Indosiar Karya Media Tbk PT (b)		360,500		48,227
Intiland Development Tbk PT		1,817,000		108,450
Kalbe Farma Tbk PT		1,457,500		185,984
Kawasan Industri Jababeka Tbk PT (b)		9,095,500		280,798
Lippo Cikarang Tbk PT (b)		474,500		327,157
Lippo Karawaci Tbk PT		2,387,500		336,596
Matahari Putra Prima Tbk PT		657,000		123,050
Mayora Indah Tbk PT		91,500		255,174
Media Nusantara Citra Tbk PT		664,000		193,033
Metropolitan Land Tbk PT		3,006,500		185,634
Mitra Adiperkasa Tbk PT		120,000		112,375
MNC Sky Vision Tbk PT (b)		351,000		79,465
Modernland Realty Tbk PT (b)		4,115,000		427,697
Multistrada Arah Sarana Tbk PT		1,316,000		51,462
Pakuwon Jati Tbk PT		3,286,500		130,209
Pembangunan Perumahan Persero PT Tbk		863,500		106,632
Perusahaan Gas Negara Persero Tbk PT		4,833,640		2,959,625
Ramayana Lestari Sentosa Tbk PT		933,000		133,457
Selamat Sempurna Tbk PT		857,500		225,019
Semen Gresik Persero Tbk PT		802,500		1,461,719
Summarecon Agung Tbk PT		622,000		158,420
Surya Semesta Internusa Tbk PT		1,982,500		330,502
Telekomunikasi Indonesia Tbk PT		2,493,594		2,822,695
Tiga Pilar Sejahtera Food Tbk		1,313,500		173,016
Tower Bersama Infrastructure Tbk PT (b)		473,000		294,484
United Tractors Tbk PT		407,045		762,359
Wijaya Karya Persero Tbk PT		715,500		149,101
XL Axiata Tbk PT		156,500		84,551
				33,656,452
MALAYSIA — 6.3%
Aeon Credit Service M Bhd		64,400		270,786
AirAsia Bhd		96,300		88,012
Alliance Financial Group Bhd		1,722,110		2,447,048
Axiata Group Bhd		692,900		1,476,874
Bursa Malaysia Bhd		598,334		1,342,942
Carlsberg Brewery Malay Bhd		697,703		3,109,414
CB Industrial Product Holding Bhd		44,000		36,661
CIMB Group Holdings Bhd		551,000		1,357,704
ECM Libra Financial Group Bhd		1,566,131		359,100
Genting Bhd		944,400		3,055,995
Genting Malaysia Bhd		838,500		980,258
IJM Corp. Bhd		1,331,540		2,343,579
IOI Corp. Bhd		1,643,596		2,484,104
K&N Kenanga Holdings Bhd		700,673		122,191
Landmarks Bhd (b)		1,674,600		529,988
Lingkaran Trans Kota Holdings Bhd		98,600		138,514
Malayan Banking Bhd		644,637		1,946,506
Malaysian Airline System Bhd (b)		2,399,566		592,820
Maxis Bhd		567,200		1,196,130
OSK Holdings Bhd		2,223,525		1,055,573
Padini Holdings Bhd		105,900		65,664
PPB Group Bhd		160,600		655,574
Public Bank Bhd		266,000		1,396,790
Sime Darby Bhd		514,000		1,538,763
TAN Chong Motor Holdings Bhd		662,100		1,094,769
Tenaga Nasional Bhd		508,350		1,185,302
Wah Seong Corp. Bhd		1,642,074		874,995
				31,746,056
PHILIPPINES — 3.1%
Ayala Land, Inc.		6,073,375		4,866,439
Cebu Air, Inc.		90,770		151,246
Cebu Holdings, Inc.		1,364,600		154,483
First Gen Corp. (b)		6,415,470		3,890,784
First Philippine Holdings Corp.		1,260,494		3,243,123
GMA Holdings, Inc.		255,100		62,134
Megawide Construction Corp.		1,049,500		465,473
Philippine Long Distance Telephone Co.		35,344		2,587,794
Philweb Corp.		131,100		47,159
Puregold Price Club, Inc.		97,100		95,292
				15,563,927
TAIWAN — 25.2%
Acer, Inc. (b)		1,058,456		922,089
Advanced Semiconductor Engineering, Inc.		3,086,636		2,528,972
Asia Cement Corp.		1,579,372		1,925,194
Asustek Computer, Inc.		241,138		2,882,931
AU Optronics Corp. ADR (a)(b)		273,324		1,193,374
Catcher Technology Co., Ltd.		305,539		1,389,626
Cathay Financial Holding Co., Ltd.		1,931,650		2,645,299
Chang Hwa Commercial Bank		3,944,695		2,341,555
China Development Financial Holding Corp. (b)		5,148,272		1,472,042
China Steel Chemical Corp.		46,877		230,446
China Steel Corp.		3,272,254		2,850,672
Chinatrust Financial Holding Co., Ltd.		4,459,832		2,647,338
Chunghwa Picture Tubes, Ltd. (b)		2,226,368		84,878
Chunghwa Telecom Co., Ltd.		870,268		2,700,807
Coland Holdings, Ltd.		53,000		132,046
Compal Electronics, Inc.		2,227,431		1,579,184
Delta Electronics, Inc.		677,893		2,890,439
Epistar Corp.		309,170		557,287
Everlight Electronics Co., Ltd.		269,996		434,757
Far Eastern New Century Corp.		2,237,461		2,300,875
First Financial Holding Co., Ltd		3,270,526		2,050,744
Formosa Chemicals & Fibre Corp.		1,143,390		2,630,724
Formosa Petrochemical Corp.		418,000		1,084,752
Formosa Plastics Corp.		1,696,940		4,080,260
Foxconn Technology Co., Ltd.		520,483		1,448,179
Fubon Financial Holding Co., Ltd.		2,577,998		3,689,936
Hon Hai Precision Industry Co., Ltd.		2,673,735		7,448,278

See accompanying notes to financial statements.

113

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
HTC Corp.		195,710	$	1,600,237
Hua Nan Financial Holdings Co., Ltd.		3,069,347		1,775,761
Innolux Corp. (b)		275,928		169,788
King Yuan Electronics Co., Ltd.		3,120,898		2,139,567
Largan Precision Co., Ltd.		56,710		1,484,957
Lite-On Technology Corp.		961,165		1,549,307
Macronix International Co., Ltd.		2,296,374		661,208
MediaTek, Inc.		339,219		3,879,706
Mega Financial Holding Co., Ltd.		2,909,306		2,349,628
Motech Industries, Inc. (b)		180,507		189,848
Nan Ya Plastics Corp.		1,721,960		3,086,600
Novatek Microelectronics Corp.		261,062		1,130,592
Pegatron Corp. (b)		540,630		835,285
Powertech Technology, Inc.		596,518		987,464
ProMOS Technologies, Inc. (b)(e)		1,135,850		0
Quanta Computer, Inc.		1,346,194		2,993,793
Realtek Semiconductor Corp.		485,516		1,128,446
Shin Kong Financial Holding Co., Ltd. (b)		3,543,642		1,113,961
Siliconware Precision Industries Co.		1,178,745		1,340,267
SinoPac Financial Holdings Co., Ltd.		3,933,609		1,887,711
Synnex Technology International Corp.		345,000		632,255
Tainan Enterprises Co., Ltd.		1,160,567		1,241,975
Taishin Financial Holdings Co., Ltd.		4,067,096		1,700,149
Taiwan Cement Corp.		1,990,216		2,495,882
Taiwan FU Hsing Industrial Co., Ltd.		2,350,000		2,267,285
Taiwan Mobile Co., Ltd.		446,200		1,514,566
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		989,598		17,096,246
Tatung Co., Ltd. (b)		1,209,107		304,475
Tripod Technology Corp.		612,361		1,347,491
Uni-President Enterprises Corp.		2,260,041		4,277,847
United Integrated Services Co., Ltd.		1,735,000		1,642,020
United Microelectronics Corp. ADR		917,421		1,666,235
Via Technologies, Inc. (b)		271,490		184,307
Walsin Lihwa Corp. (b)		795,000		229,441
Wistron Corp.		1,097,096		1,219,913
Yageo Corp. (b)		5,081,000		1,638,018
Yuanta Financial Holding Co., Ltd.		2,677,823		1,361,187
				127,266,102
THAILAND — 6.3%
Advanced Info Service PCL		693,823		5,686,103
Bangkok Expressway PCL (a)		2,665,242		3,617,667
BEC World PCL		51,200		112,330
Big C Supercenter PCL		8,000		58,733
Central Plaza Hotel PCL		79,100		104,665
CP ALL PCL		1,222,600		1,930,860
Electricity Generating PCL		667,146		3,553,859
IRPC PCL (a)		4,937,939		664,350
Jasmine International PCL		535,800		124,413
Kasikornbank PCL		295,754		2,141,023
PTT Exploration & Production PCL (a)		686,953		3,471,711
PTT PCL		373,326		4,155,857
Siam Cement PCL NVDR		81,600		1,382,059
Siam Commercial Bank PCL		391,397		2,405,718
Siam Global House PCL		179,333		127,986
Thai Beverage PCL		1,043,000		512,841
Thai Oil PCL		707,305		1,581,987
Toyo-Thai Corp. PCL		52,400		83,203
				31,715,365
TOTAL COMMON STOCKS —
(Cost $476,017,433)				503,134,790
SHORT TERM INVESTMENTS — 4.8%
UNITED STATES — 4.8%
MONEY MARKET FUNDS — 4.8%
State Street Navigtor Securities Lending Prime Portfolio (f)(g)		23,787,347		23,787,347
State Street Institutional Liquid Reserves Fund 0.13% (g)(h)		514,316		514,316
TOTAL SHORT TERM INVESTMENTS —
(Cost $24,301,663)				24,301,663
TOTAL INVESTMENTS — 104.6%
(Cost $500,319,096)				527,436,453
OTHER ASSETS & LIABILITIES — (4.6)%				(23,403,888	)
NET ASSETS — 100.0%			$	504,032,565

(a)	A portion of the security was on loan at March 31, 2013.
(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)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.3% of net assets as of March 31, 2013, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2)
(f)	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

See accompanying notes to financial statements.

114

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
CHINA — 11.0%
51job, Inc. ADR (a)		100	$	5,941
Anhui Expressway Co., Ltd.		8,000		4,091
Anta Sports Products, Ltd. (b)		5,000		4,277
AsiaInfo-Linkage, Inc. (a)		295		3,502
BYD Co., Ltd. (a)(b)		2,500		7,971
BYD Electronic International Co., Ltd.		6,500		1,993
China Agri-Industries Holdings, Ltd. (b)		7,800		4,029
China Huiyuan Juice Group, Ltd. (a)		5,500		2,756
China Liansu Group Holdings		9,000		5,101
China Minzhong Food Corp., Ltd. (a)(b)		3,000		2,902
China Molybdenum Co., Ltd. (b)		9,000		3,942
China National Accord Medicines Corp., Ltd.		800		3,552
China SCE Property Holdings, Ltd.		10,000		2,422
China Shanshui Cement Group, Ltd.		11,000		6,320
China Suntien Green Energy Corp., Ltd.		14,000		3,823
China Vanadium Titano — Magnetite Mining Co., Ltd.		12,000		2,767
China Wireless Technologies, Ltd.		8,000		2,628
Chongqing Machinery & Electric Co., Ltd.		16,000		2,267
Dongyue Group (b)		6,000		3,478
E-Commerce China Dangdang, Inc. ADR (a)		400		1,660
E-House China Holdings, Ltd.		488		2,269
First Tractor Co., Ltd. (a)		2,000		1,780
Giant Interactive Group, Inc. ADR		800		5,200
Great Wall Technology Co., Ltd.		6,000		1,113
Guangzhou Automobile Group Co., Ltd.		8,000		6,771
Haitian International Holdings, Ltd.		4,000		6,225
Hangzhou Steam Turbine Co.		3,100		5,120
Harbin Electric Co., Ltd.		4,000		3,252
Home Inns & Hotels Management, Inc. ADR (a)		97		2,890
Huangshan Tourism Development Co., Ltd.		2,800		4,122
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b)		10,000		3,014
Jiangsu Future Land Co., Ltd.		8,400		6,628
Kingsoft Corp., Ltd.		7,000		6,439
Lonking Holdings, Ltd. (b)		14,000		3,192
MIE Holdings Corp.		10,000		2,473
Peak Sport Products Co., Ltd. (b)		7,000		1,127
People’s Food Holdings, Ltd.		5,000		5,078
Ports Design, Ltd. (b)		2,000		1,672
Renhe Commercial Holdings Co., Ltd. (a)(b)		58,000		3,474
Renren, Inc. ADR (a)		540		1,561
REXLot Holdings, Ltd. (b)		50,000		4,380
Semiconductor Manufacturing International Corp. (a)		127,000		7,526
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		6,800		3,536
Shanghai Dajiang Group, Class B (a)		9,600		2,746
Shanghai Diesel Engine Co., Ltd. Class B		3,520		2,710
Shanghai Haixin Group Co. (a)		5,800		2,685
Shenguan Holdings Group, Ltd.		8,000		4,153
Sohu.com, Inc. (a)		200		9,922
Sound Global, Ltd. (b)		8,000		3,547
TCL Communication Technology Holdings, Ltd.		4,000		1,180
Tong Ren Tang Technologies Co., Ltd.		2,000		6,815
Travelsky Technology, Ltd.		7,000		4,608
WuXi PharmaTech Cayman, Inc. ADR (a)		344		5,910
Xinjiang Xinxin Mining Industry Co., Ltd.		11,000		2,281
Xinyi Glass Holdings Co., Ltd.		14,000		9,883
Youku Tudou, Inc. ADR (a)		400		6,708
Zhejiang Southeast Electric Power Co.		15,300		11,353
				238,765
HONG KONG — 17.0%
361 Degrees International, Ltd. (b)		5,000		1,449
Ajisen China Holdings, Ltd.		4,000		3,169
Anxin-China Holdings, Ltd.		16,000		3,483
Asian Citrus Holdings, Ltd.		4,171		2,155
AviChina Industry & Technology Co.		12,000		5,890
Beijing Capital Land, Ltd.		12,000		4,421
Beijing Enterprises Water Group, Ltd.		18,000		5,356
Biostime International Holdings, Ltd.		1,000		5,211
Boshiwa International Holding, Ltd. (a)(c)		32,000		0
Cecep Costin New Materials Group, Ltd.		11,000		4,591
CGN Mining Co., Ltd. (a)		15,000		1,430
Chailease Holding Co., Ltd.		4,000		11,089
China Dongxiang Group Co. (b)		20,000		3,092
China Everbright International, Ltd.		12,000		8,610
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		8,000		3,762
China Lilang, Ltd.		4,000		2,484
China Lumena New Materials Corp. (b)		26,000		5,593
China Medical System Holdings, Ltd.		8,500		8,629
China Metal Recycling Holdings, Ltd. (b)(d)		3,988		4,120
China Modern Dairy Holdings, Ltd. (a)(b)		19,000		6,339
China National Materials Co., Ltd.		8,000		2,133
China Oil and Gas Group, Ltd. (a)(b)		20,000		3,942
China Power International Development, Ltd. (b)		16,000		5,153
China Precious Metal Resources Holdings Co., Ltd. (a)(d)		20,000		3,633
China Rongsheng Heavy Industries Group Holdings, Ltd. (b)		20,500		3,327
China Shineway Pharmaceutical Group, Ltd.		3,000		5,387
China Travel International Investment Hong Kong, Ltd.		24,000		4,669
China Yurun Food Group, Ltd. (a)(b)		7,000		4,797
China ZhengTong Auto Services Holdings, Ltd. (a)(b)		5,000		3,266
Citic Resources Holdings, Ltd. (a)		22,000		2,947
Comba Telecom Systems Holdings, Ltd. (b)		6,000		2,033
Cosco International Holdings, Ltd.		8,000		3,411
Dah Chong Hong Holdings, Ltd. (b)		5,000		4,734
Digital China Holdings, Ltd.		4,000		5,411
Fufeng Group, Ltd.		6,000		2,141
Global Bio-Chem Technology Group Co., Ltd.		14,000		1,208
Glorious Property Holdings, Ltd. (a)		18,000		2,852
GOME Electrical Appliances Holding, Ltd. (a)(b)		56,000		6,132
Greatview Aseptic Packaging Co., Ltd.		7,000		4,689

See accompanying notes to financial statements.

115

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Hengdeli Holdings, Ltd. (b)		12,000	$	3,355
Hidili Industry International Development, Ltd.		9,000		1,994
Hopson Development Holdings, Ltd. (a)		4,000		5,792
Hua Han Bio-Pharmaceutical Holdings, Ltd.		14,400		4,155
Ju Teng International Holdings, Ltd. (b)		6,000		3,772
Kaisa Group Holdings, Ltd. (a)(b)		14,000		3,950
Kingboard Chemical Holdings, Ltd.		3,000		8,541
Kingboard Laminates Holdings, Ltd.		6,500		2,864
Kingdee International Software Group Co., Ltd. (a)		10,000		1,649
Kingway Brewery Holdings, Ltd.		8,000		3,154
KWG Property Holding, Ltd.		9,000		5,635
Lee & Man Paper Manufacturing, Ltd.		9,000		7,049
Li Ning Co., Ltd. (a)(b)		5,000		2,944
Lianhua Supermarket Holdings Co., Ltd. (b)		3,000		2,392
Minth Group, Ltd.		4,000		5,895
North Mining Shares Co., Ltd. (a)		60,000		3,169
NVC Lighting Holdings, Ltd.		11,000		2,537
Pacific Online, Ltd.		5,000		1,881
PCD Stores, Ltd. (b)		22,000		3,316
Poly Hong Kong Investments, Ltd. (a)		12,000		7,590
Real Nutriceutical Group, Ltd.		5,000		1,230
Sany Heavy Equipment International Holdings Co., Ltd. (b)		6,000		2,775
Shenzhen International Holdings, Ltd.		60,000		7,188
Shenzhen Investment, Ltd.		14,790		5,925
Shougang Concord International Enterprises Co., Ltd. (a)		56,000		3,102
Shougang Fushan Resources Group, Ltd. (b)		24,000		10,697
Sino Biopharmaceutical		16,000		11,171
Sinopec Kantons Holdings, Ltd.		4,000		3,509
Sinotrans Shipping, Ltd.		12,500		3,333
Sinotrans, Ltd.		16,000		3,339
Sinotruk Hong Kong, Ltd.		5,500		2,969
Skyworth Digital Holdings, Ltd.		10,176		6,830
Springland International Holdings, Ltd.		8,000		4,040
Sunac China Holdings, Ltd.		12,000		8,456
The United Laboratories International Holdings, Ltd. (a)(b)		6,500		2,889
Tianjin Port Development Holdings, Ltd.		24,000		3,555
Tianneng Power International, Ltd.		6,000		4,012
United Energy Group, Ltd. (a)		24,000		3,988
Vinda International Holdings, Ltd. (b)		3,000		4,282
VODone, Ltd.		19,200		1,410
Wasion Group Holdings, Ltd.		6,000		3,440
West China Cement, Ltd.		22,000		3,628
Winsway Coking Coal Holding, Ltd. (b)		14,000		1,623
Yashili International Holdings, Ltd.		14,000		4,743
Yingde Gases (b)		8,000		8,914
Yip’s Chemical Holdings, Ltd.		4,160		4,459
Yuexiu Transport Infrastructure, Ltd.		6,000		3,138
				369,017
INDIA — 9.1%
Amtek Auto, Ltd.		1,276		1,506
Apollo Hospitals Enterprise, Ltd.		361		5,572
Arvind, Ltd.		1,703		2,424
Aurobindo Pharma, Ltd.		1,347		3,617
Bajaj Holdings and Investment, Ltd.		314		5,270
Bharat Forge, Ltd.		961		3,662
Bhushan Steel, Ltd.		656		5,531
Biocon, Ltd.		578		2,910
Core Education & Technologies, Ltd.		801		757
Coromandel International, Ltd.		788		2,682
Crompton Greaves, Ltd.		1,197		2,066
Dewan Housing Finance Corp., Ltd.		701		2,091
Dish TV India, Ltd. (a)		2,996		3,699
Era Infra Engineering, Ltd.		1,036		2,561
Federal Bank, Ltd.		908		8,030
Financial Technologies India, Ltd.		240		3,147
Fortis Healthcare, Ltd. (a)		1,548		2,855
Gateway Distriparks, Ltd.		517		1,178
Glenmark Pharmaceuticals, Ltd.		746		6,354
GMR Infrastructure, Ltd. (a)		8,571		3,406
Godrej Industries, Ltd.		563		3,047
GVK Power & Infrastructure, Ltd. (a)		4,438		747
Hexaware Technologies, Ltd.		1,194		1,857
Hindustan Construction Co. (a)		8,607		2,162
Housing Development & Infrastructure, Ltd. (a)		2,154		1,831
IFCI, Ltd.		6,473		3,108
India Cements, Ltd.		1,920		2,955
India Infoline, Ltd.		1,856		2,071
Indiabulls Financial Services, Ltd. (d)		1,305		6,526
Indiabulls Real Estate, Ltd. (a)		2,623		2,633
Indian Hotels Co., Ltd.		4,568		4,501
Jain Irrigation Systems, Ltd.		1,618		1,826
JSW Energy, Ltd.		3,677		3,701
Jubilant Foodworks, Ltd. (a)		202		4,635
Mahindra & Mahindra Financial Services, Ltd.		1,845		6,620
Manappuram Finance, Ltd.		3,108		1,235
MAX India, Ltd.		786		3,240
McLeod Russel India, Ltd.		664		4,277
Motherson Sumi Systems, Ltd.		1,236		4,415
Mphasis, Ltd.		550		3,963
Opto Circuits India, Ltd.		1,081		1,192
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		1,446		1,954
Piramal Healthcare, Ltd.		495		5,568
PTC India, Ltd.		3,347		3,692
Punj Lloyd, Ltd.		3,619		3,712
Rajesh Exports, Ltd.		1,459		3,282
REI Agro, Ltd.		5,759		1,070
Reliance Communications, Ltd.		4,547		4,626
Rolta India, Ltd.		2,124		2,575
Sintex Industries, Ltd.		2,626		2,225
Strides Arcolab,��Ltd.		143		2,294
Suzlon Energy, Ltd. (a)		7,233		1,810
Tata Chemicals, Ltd.		890		5,266
Tata Global Beverages, Ltd.		1,907		4,486
Thermax, Ltd.		421		4,366
Unitech, Ltd. (a)		8,920		3,865
United Phosphorus, Ltd.		1,963		4,240
Videocon Industries, Ltd.		659		2,467
Voltas, Ltd.		1,775		2,461
Welspun Corp., Ltd.		1,967		1,822
				197,641

See accompanying notes to financial statements.

116

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
INDONESIA — 7.5%
Ace Hardware Indonesia Tbk PT		45,000	$	3,843
AKR Corporindo Tbk PT		7,000		3,602
Alam Sutera Realty Tbk PT		75,000		8,258
Aneka Tambang Persero Tbk PT		20,500		2,890
Bakrieland Development Tbk PT (a)		274,500		1,582
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		57,000		7,567
Bank Tabungan Negara Tbk PT		15,424		2,698
Barito Pacific Tbk PT (a)		36,000		1,611
Bhakti Investama Tbk PT		112,000		5,763
Bisi International PT		13,500		1,195
Borneo Lumbung Energi & Metal Tbk PT (a)		73,000		3,531
Bumi Resources Minerals Tbk PT (a)		31,500		1,070
Bumi Resources Tbk PT		91,000		6,461
Bumi Serpong Damai PT		43,000		7,744
Ciputra Development Tbk PT		65,500		7,280
Darma Henwa PT Tbk (a)(d)		202,000		520
Delta Dunia Makmur Tbk PT (a)		52,000		1,124
Energi Mega Persada Tbk PT (a)		222,000		2,284
Gajah Tunggal Tbk PT		13,500		3,473
Garda Tujuh Buana Tbk PT (a)		5,500		3,311
Garuda Indonesia Tbk PT (a)		56,000		3,746
Harum Energy Tbk PT		4,500		2,223
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		20,000		1,811
Indika Energy Tbk PT		15,500		1,946
Indomobil Sukses Internasional Tbk PT		5,000		2,830
Indosiar Karya Media Tbk PT (a)		23,500		3,144
Japfa Comfeed Indonesia Tbk PT		8,000		7,780
Kawasan Industri Jababeka Tbk PT (a)		131,000		4,044
Matahari Putra Prima Tbk PT		19,500		3,652
Mayora Indah Tbk PT		2,500		6,972
Medco Energi Internasional Tbk PT		12,500		2,084
Mitra Adiperkasa Tbk PT		6,000		5,619
Pakuwon Jati Tbk PT		154,500		6,121
Pembangunan Perumahan Persero PT Tbk		36,000		4,446
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		22,500		4,469
Ramayana Lestari Sentosa Tbk PT		25,500		3,647
Sentul City Tbk PT (a)		109,500		3,493
Summarecon Agung Tbk PT		37,500		9,551
Surya Semesta Internusa Tbk PT		22,500		3,751
Timah Tbk PT		20,000		2,943
Trada Maritime Tbk PT (a)		27,000		3,862
				163,941
MALAYSIA — 6.3%
Aeon Co. M Bhd		900		3,668
Berjaya Corp. Bhd		17,000		2,882
Berjaya Sports Toto Bhd		8,280		11,017
Boustead Holdings Bhd		2,300		3,810
Bursa Malaysia Bhd		4,000		8,978
CapitaMalls Malaysia Trust		6,100		3,723
Carlsberg Brewery Malay Bhd		800		3,565
Dialog Group Bhd		10,900		8,307
DRB-Hicom Bhd		1,600		1,307
Eastern & Oriental Bhd		6,300		3,215
IGB Corp. Bhd		8,600		6,249
KLCC Property Holdings Bhd		2,100		4,463
KNM Group Bhd (a)		1,885		289
Kossan Rubber Industries		3,000		3,439
Malaysian Bulk Carriers Bhd		7,900		4,159
Malaysian Resources Corp. Bhd		8,600		3,972
Media Prima Bhd		6,900		5,348
Multi-Purpose Holdings Bhd		8,500		9,937
Oriental Holdings Bhd		2,500		7,856
Parkson Holdings Bhd		3,600		5,464
Sunway Bhd (a)		4,100		3,933
Sunway Real Estate Investment Trust		14,000		6,872
TAN Chong Motor Holdings Bhd		3,000		4,960
Top Glove Corp. Bhd		3,300		5,755
TSH Resources Bhd		4,000		2,829
United Plantations Bhd		400		3,514
UOA Development Bhd		4,900		3,244
Wah Seong Corp. Bhd		7,971		4,247
				137,002
PHILIPPINES — 3.6%
Belle Corp. (a)		30,000		4,190
Cebu Air, Inc.		2,190		3,649
First Philippine Holdings Corp.		2,550		6,561
GMA Holdings, Inc.		23,330		5,682
Lepanto Consolidated Mining (a)		96,000		2,705
Megaworld Corp.		96,000		9,151
Nickel Asia Corp.		6,700		3,940
Philex Petroleum Corp. (a)		2,707		2,080
Philippine National Bank (a)		2,140		5,296
Puregold Price Club, Inc.		5,000		4,907
Rizal Commercial Banking Corp.		4,900		8,405
Robinsons Land Corp.		7,000		4,374
Security Bank Corp.		1,150		5,129
Semirara Mining Corp.		1,050		6,880
SM Development Corp.		26,260		5,450
				78,399
SINGAPORE — 0.2%
Yanlord Land Group, Ltd. (a)(b)		4,000		4,836
TAIWAN — 37.4%
Ability Enterprise Co., Ltd.		3,000		2,709
Accton Technology Corp.		6,000		3,481
Adlink Technology, Inc.		1,600		1,798
Advantech Co., Ltd.		2,000		8,193
AGV Products Corp. (a)		8,000		2,809
Airtac International Group		1,000		5,117
Alcor Micro Corp.		2,000		2,247
Alpha Networks, Inc.		3,000		1,956
Altek Corp.		3,000		1,796
AmTRAN Technology Co., Ltd.		3,000		2,438
Apex Biotechnology Corp.		1,025		2,681
Asia Polymer		3,800		3,025
Asrock, Inc.		1,000		3,578
Aten International Co., Ltd.		1,000		1,669
Bank of Kaohsiung (a)		10,000		3,227
Basso Industry Corp.		3,000		1,997
BES Engineering Corp.		13,000		3,943
Biostar Microtech International Corp.		3,000		1,139
Capital Securities Corp.		17,000		6,112
Career Technology Co., Ltd.		2,000		2,555
Cathay No. 1 REIT		7,000		4,548

See accompanying notes to financial statements.

117

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Cathay Real Estate Development Co., Ltd.		10,000	$	5,518
Charoen Pokphand Enterprise		5,000		2,608
Cheng Loong Corp.		8,000		3,505
Cheng Uei Precision Industry Co., Ltd.		2,059		3,952
Chicony Electronics Co., Ltd.		2,460		6,474
Chien Kuo Construction Co., Ltd.		7,000		3,511
Chin-Poon Industrial Co.		4,000		4,869
China Bills Finance Corp.		7,000		2,716
China Chemical & Pharmaceutical Co., Ltd.		5,000		3,369
China Manmade Fibers Corp. (a)		9,000		3,416
China Motor Corp.		3,000		2,814
China Steel Chemical Corp.		1,000		4,916
China Synthetic Rubber Corp.		3,000		3,220
Chipbond Technology Corp.		3,000		6,762
Chong Hong Construction Co., Ltd.		2,040		6,720
Chroma ATE, Inc.		2,000		4,769
Chung Hung Steel Corp. (a)		11,000		3,156
Clevo Co.		3,241		4,986
CMC Magnetics Corp. (a)		19,000		3,317
Compal Communications, Inc. (a)		2,000		2,120
Coretronic Corp.		4,000		2,963
CTCI Corp.		2,000		3,906
CyberTAN Technology, Inc.		3,000		2,498
D-Link Corp.		4,000		2,361
Dimerco Express Taiwan Corp.		3,000		1,821
Dynapack International Technology Corp.		1,000		3,612
E Ink Holdings, Inc.		6,000		4,735
Elan Microelectronics Corp.		3,000		6,712
Elite Material Co., Ltd.		5,000		5,016
Elite Semiconductor Memory Technology, Inc. (a)		3,000		3,120
Entie Commercial Bank		9,000		5,087
Epistar Corp.		4,000		7,210
Eternal Chemical Co., Ltd.		4,000		3,344
Eva Airways Corp. (a)		5,000		3,001
Evergreen Marine Corp., Ltd. (a)		8,000		4,789
Everlight Chemical Industrial Corp.		4,400		3,083
Everlight Electronics Co., Ltd.		2,000		3,220
Excelsior Medical Co., Ltd.		1,100		2,130
Far Eastern Department Stores, Ltd.		5,000		4,473
Far Eastern International Bank		14,747		5,967
Faraday Technology Corp.		3,000		3,461
Farglory Land Development Co., Ltd.		2,000		3,705
Feng Hsin Iron & Steel Co., Ltd.		2,000		3,451
Feng TAY Enterprise Co., Ltd.		2,150		3,322
FLEXium Interconnect, Inc.		637		2,120
Formosa Taffeta Co., Ltd.		5,000		4,615
Formosan Rubber Group, Inc.		6,000		4,475
Formosan Union Chemical		3,700		1,856
FSP Technology, Inc.		3,000		2,829
G Tech Optoelectronics Corp.		1,000		2,348
GeoVision, Inc.		1,059		4,639
Giant Manufacturing Co., Ltd.		2,000		11,136
Gigabyte Technology Co., Ltd.		4,000		3,699
Gintech Energy Corp. (a)		2,000		1,769
Global Unichip Corp.		1,000		3,073
Gloria Material Technology Corp.		3,342		2,571
Goldsun Development & Construction Co., Ltd.		10,000		3,996
Grand Ocean Retail Group, Ltd. (a)		1,000		2,458
Grand Pacific Petrochemical		7,000		3,547
Great Wall Enterprise Co.		3,346		2,932
HannStar Display Corp. (a)		12,000		1,914
Hey Song Corp.		3,000		3,933
Highwealth Construction Corp.		1,370		2,868
Hiwin Technologies Corp.		1,000		7,458
Ho Tung Chemical Corp. (a)		7,840		3,605
Hong TAI Electric Industrial		12,000		4,013
Huaku Development Co., Ltd.		2,080		5,147
Huang Hsiang Construction Co.		1,000		2,608
I-Sheng Electric Wire & Cable Co., Ltd.		3,000		4,485
Ibase Technology, Inc.		2,048		2,870
Inotera Memories, Inc. (a)		7,000		2,105
Inventec Co., Ltd.		16,085		6,105
Jess-Link Products Co., Ltd. (a)		1,000		898
Kenda Rubber Industrial Co., Ltd.		1,091		1,999
Kerry TJ Logistics Co., Ltd.		3,000		4,670
King Yuan Electronics Co., Ltd.		8,000		5,485
King’s Town Bank (a)		6,000		5,538
Kinpo Electronics		18,000		4,226
Kinsus Interconnect Technology Corp.		2,000		6,287
LCY Chemical Corp.		3,149		3,538
Lien Hwa Industrial Corp.		5,000		3,261
Lingsen Precision Industries, Ltd.		5,000		2,784
Long Bon International Co., Ltd. (a)		3,000		2,122
Lumax International Corp., Ltd.		1,391		3,270
Lung Yen Life Service Corp.		1,000		3,411
Macronix International Co., Ltd.		20,519		5,908
Makalot Industrial Co., Ltd.		2,000		7,524
Masterlink Securities Corp.		10,000		3,160
Mayer Steel Pipe Corp. (a)		5,000		2,007
Mercuries & Associates, Ltd.		2,200		1,780
Merida Industry Co., Ltd.		1,600		9,391
Micro-Star International Co., Ltd.		7,000		3,301
Microbio Co., Ltd.		2,760		3,184
MIN AIK Technology Co., Ltd.		1,000		2,759
Mirle Automation Corp.		2,240		1,588
Mitac International Corp.		8,000		2,930
Motech Industries, Inc. (a)		2,000		2,104
Nan Kang Rubber Tire Co., Ltd.		3,704		4,373
Nantex Industry Co., Ltd.		2,100		1,384
Neo Solar Power Corp. (a)		3,000		2,262
Nien Hsing Textile Co., Ltd.		4,500		3,205
Novatek Microelectronics Corp.		3,000		12,992
Oriental Union Chemical Corp.		4,800		4,976
Pan-International Industrial Co., Ltd. (a)		3,000		2,508
Phison Electronics Corp.		1,000		7,692
PixArt Imaging, Inc.		1,020		2,238
Portwell, Inc.		2,000		1,973
Powertech Technology, Inc.		3,000		4,966
President Securities Corp. (a)		7,420		4,417
Prime Electronics Satellitics, Inc.		1,681		1,507
Prince Housing Development Corp.		5,500		3,918
Promate Electronic Co., Ltd.		3,000		2,739
Qisda Corp. (a)		11,000		2,752
Radiant Opto-Electronics Corp.		2,679		10,527
Realtek Semiconductor Corp.		3,070		7,135
RichTek Technology Corp.		1,000		5,785

See accompanying notes to financial statements.

118

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Ritek Corp. (a)		19,000	$	2,440
Ruentex Development Co., Ltd.		4,000		8,146
Ruentex Industries, Ltd.		3,000		6,902
Sampo Corp.		7,000		2,364
Sanyang Industry Co., Ltd. (a)		6,000		4,986
Senao International Co., Ltd.		1,000		3,194
Shihlin Paper Corp. (a)		2,000		3,130
Shin Zu Shing Co., Ltd.		1,000		3,043
Shinkong Synthetic Fibers Corp.		14,000		4,401
Sigurd Microelectronics Corp.		4,000		4,133
Silicon Integrated Systems Corp. (a)		5,000		1,697
Simplo Technology Co., Ltd.		1,729		8,124
Sinbon Electronics Co., Ltd.		6,000		5,709
Sinmag Bakery Machine Corp.		726		3,290
Sino-American Silicon Products, Inc.		3,000		3,943
Sinon Corp.		7,000		3,406
Sinphar Pharmaceutical Co., Ltd.		2,000		2,568
Sintek Photronic Corp. (a)		5,000		1,550
Sinyi Realty Co.		1,177		1,832
Solar Applied Materials Technology Corp.		3,599		4,231
Solartech Energy Corp. (a)		2,000		1,351
Standard Foods Corp.		582		1,752
Sunonwealth Electric Machine Industry Co., Ltd.		4,000		2,595
Systex Corp.		3,000		3,647
Ta Chong Bank Co., Ltd. (a)		10,660		3,957
Ta Ya Electric Wire & Cable		15,000		3,582
Taichung Commercial Bank		15,570		5,519
Tainan Enterprises Co., Ltd.		3,000		3,210
Tainan Spinning Co., Ltd.		8,000		3,986
Taisun Enterprise Co., Ltd.		6,360		3,254
Taiwan Business Bank (a)		19,560		6,208
Taiwan Cogeneration Corp.		5,000		3,378
Taiwan Fire & Marine Insurance Co.		3,000		2,217
Taiwan Hon Chuan Enterprise Co., Ltd.		2,000		5,190
Taiwan Land Development Corp. (a)		7,430		2,857
Taiwan Secom Co., Ltd.		2,000		4,501
Taiwan Surface Mounting Technology Co., Ltd.		1,232		2,009
Tatung Co., Ltd. (a)		13,000		3,274
Teco Electric & Machinery Co., Ltd.		11,000		8,865
Test-Rite International Co.		4,246		3,110
Thye Ming Industrial Co., Ltd.		3,000		3,180
Tong Hsing Electronic Industries, Ltd.		1,000		4,281
Tong Yang Industry Co., Ltd.		3,240		2,991
Topco Scientific Co., Ltd.		2,000		3,632
Transcend Information, Inc.		2,000		6,488
Tripod Technology Corp.		3,000		6,601
TSRC Corp.		3,700		7,300
TTY Biopharm Co., Ltd.		679		2,228
Tung Ho Steel Enterprise Corp.		5,000		4,799
TXC Corp.		3,000		4,500
U-Ming Marine Transport Corp.		2,000		3,123
Unimicron Technology Corp.		7,000		7,292
Unity Opto Technology Co., Ltd. (a)		3,000		2,889
Unizyx Holding Corp.		5,000		2,433
UPC Technology Corp.		5,499		2,915
USI Corp.		4,200		3,027
Ve Wong Corp.		4,000		2,729
Via Technologies, Inc. (a)		2,000		1,358
Visual Photonics Epitaxy Co., Ltd.		1,008		1,180
Walsin Lihwa Corp. (a)		21,000		6,061
Wan Hai Lines, Ltd. (a)		6,000		3,190
Waterland Financial Holdings Co., Ltd.		12,160		4,128
Wei Chuan Food Corp.		3,000		4,495
Weikeng Industrial Co., Ltd.		3,000		2,222
Win Semiconductors Corp.		3,000		3,336
Winbond Electronics Corp. (a)		20,000		4,073
Wintek Corp. (a)		8,000		4,147
Wistron NeWeb Corp.		2,099		3,573
Yageo Corp. (a)		13,000		4,191
Yang Ming Marine Transport Corp. (a)		7,000		3,242
Yieh Phui Enterprise Co., Ltd.		9,180		2,643
Yuen Foong Yu Paper Manufacturing Co., Ltd.		9,000		4,470
Yungtay Engineering Co., Ltd.		2,000		4,013
Zenitron Corp.		3,000		1,876
Zinwell Corp.		3,000		2,483
				813,011
THAILAND — 7.4%
Bangkok Chain Hospital PCL		16,699		6,900
Bangkok Expressway PCL		5,232		7,102
Bangkok Life Assurance PCL, NVDR		2,100		5,360
Bangkokland PCL, NVDR		72,600		4,884
BTS Group Holdings PCL, NVDR		16,500		5,296
Bumrungrad Hospital PCL		2,886		8,451
Dynasty Ceramic PCL		2,266		4,817
Electricity Generating PCL		2,066		11,005
Esso Thailand PCL, NVDR		10,400		3,391
Jasmine International PCL, NVDR		24,200		5,619
Kiatnakin Bank PCL, NVDR		3,500		8,247
MBK PCL, NVDR		800		4,972
Minor International PCL		12,278		10,188
Precious Shipping PCL		5,974		3,713
Pruksa Real Estate PCL		8,551		8,760
Siam Global House PCL, NVDR		7,116		5,078
Sri Trang Agro-Industry PCL		5,666		3,134
Thai Airways International PCL		4,638		4,514
Thai Stanley Electric PCL, NVDR		700		5,808
Thai Tap Water Supply PCL		27,504		10,237
Thai Vegetable Oil PCL		7,107		5,776
Thanachart Capital PCL		5		8
Thoresen Thai Agencies PCL (a)		8,363		5,312
Tisco Financial Group PCL		3,608		6,838
True Corp. PCL, NVDR (a)		47,290		13,241
Vinythai PCL		2,898		1,801
				160,452
TOTAL COMMON STOCKS —
(Cost $1,876,156)				2,163,064
RIGHTS — 0.1%
HONG KONG — 0.1%
Li Ning Co., Ltd. (expiring 4/15/13) (a) (Cost $0)		2,500		345

See accompanying notes to financial statements.

119

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
WARRANTS — 0.0% (e)
THAILAND — 0.0% (e)
Thoresen Thai Agencies PCL (expiring 09/12/15) (a) (Cost $0)		1,194	$	308
SHORT TERM INVESTMENTS — 4.5%
UNITED STATES — 4.5%
MONEY MARKET FUNDS — 4.5%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		89,440		89,440
State Street Institutional Liquid Reserve Fund 0.13% (g)(h)		8,653		8,653
TOTAL SHORT TERM INVESTMENTS —
(Cost $98,093)				98,093
TOTAL INVESTMENTS — 104.1%
(Cost $1,974,249)				2,261,810
OTHER ASSETS & LIABILITIES — (4.1)%				(88,095	)
NET ASSETS — 100.0%			$	2,173,715

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2)
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Investments of cash collateral for securities loaned.
(g)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

120

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
RUSSIA — 99.0%
CHEMICALS — 4.3%
Phosagro OAO GDR (a)		10,040	$	138,698
Phosagro OAO GDR (a)		569		8,023
Uralkali OJSC GDR		36,971		1,367,390
				1,514,111
COMMERCIAL BANKS — 12.9%
Sberbank of Russia ADR (b)		306,777		3,918,941
VTB Bank OJSC GDR (a)		12,675		39,843
VTB Bank OJSC GDR (a)		198,526		624,061
				4,582,845
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.9%
Rostelecom OJSC ADR		43,899		1,042,071
ELECTRIC UTILITIES — 1.6%
Federal Hydrogenerating Co. JSC ADR (a)		289,596		565,107
Federal Hydrogenerating Co. JSC ADR (a)		1,612		3,102
				568,209
ENERGY EQUIPMENT & SERVICES — 1.4%
Eurasia Drilling Co., Ltd. GDR		9,680		343,640
Integra Group Holdings GDR (c)		45,642		17,116
TMK OAO GDR		12,833		156,249
				517,005
FOOD & STAPLES RETAILING — 5.5%
Magnit OJSC GDR (a)		9,259		413,729
Magnit OJSC GDR (a)		24,338		1,087,543
O’Key Group SA GDR		13,965		159,201
X5 Retail Group NV GDR (c)		16,725		280,980
				1,941,453
HOUSEHOLD DURABLES — 0.5%
PIK Group GDR (c)		95,606		188,153
INTERNET SOFTWARE & SERVICES — 1.4%
Mail.ru Group, Ltd. GDR		9,627		266,668
Yandex NV (b)(c)		9,433		218,091
				484,759
MEDIA — 0.4%
CTC Media, Inc.		11,527		135,903
METALS & MINING — 9.7%
Evraz PLC		46,308		156,102
IRC, Ltd. (c)		208,000		23,848
Magnitogorsk Iron & Steel Works GDR		27,577		95,505
Mechel OAO ADR (b)		24,351		123,457
MMC Norilsk Nickel OJSC ADR		101,605		1,719,058
Novolipetsk Steel OJSC GDR (a)		1,505		23,836
Novolipetsk Steel OJSC GDR (a)		11,905		188,549
Polymetal International PLC		24,514		322,540
Polyus Gold International, Ltd. (c)		94,128		305,510
Severstal GDR (a)		2,151		19,249
Severstal GDR (a)		30,114		269,490
United Co. RUSAL PLC (c)		411,000		205,959
				3,453,103
OIL, GAS & CONSUMABLE FUELS — 47.7%
Alliance Oil Co., Ltd. SDR (c)		19,049		152,052
Exillon Energy PLC (c)		27,400		63,656
Gazprom Neft JSC ADR		12,809		271,985
Gazprom OAO ADR		694,335		5,975,336
Lukoil OAO ADR (a)		54,874		3,548,945
Lukoil OAO ADR (a)		17,560		1,137,447
NovaTek OAO GDR		13,076		1,408,922
Rosneft Oil Co. GDR		183,035		1,406,929
RusPetro PLC (c)		22,301		11,429
Surgutneftegas OJSC ADR		135,011		1,206,565
Surgutneftegas OJSC ADR Preference Shares		71,415		496,531
Tatneft ADR		32,839		1,313,673
				16,993,470
PHARMACEUTICALS — 1.0%
Pharmstandard GDR (c)		17,910		369,842
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.1%
AFI Development PLC, GDR (c)		98,400		67,847
Etalon Group, Ltd. GDR (c)		24,109		120,545
LSR Group OJSC GDR (a)		38,194		163,478
LSR Group OJSC GDR (a)		5,604		23,987
				375,857
ROAD & RAIL — 0.7%
Globaltrans Investment PLC GDR		16,085		253,821
TRANSPORTATION INFRASTRUCTURE — 0.5%
Novorossiysk Commercial Sea Trade Port PJSC GDR (a)		1,026		8,521
Novorossiysk Commercial Sea Trade Port PJSC GDR (a)		18,613		153,536
				162,057
WIRELESS TELECOMMUNICATION SERVICES — 7.4%
Mobile TeleSystems ADR		77,716		1,614,169
Sistema JSFC GDR		27,962		516,169
VimpelCom, Ltd. ADR		43,720		519,831
				2,650,169
TOTAL COMMON STOCKS —
(Cost $46,212,915)				35,232,828
SHORT TERM INVESTMENTS — 1.4%
UNITED STATES — 1.4%
MONEY MARKET FUNDS — 1.4%
State Street Institutional Liquid Reserve Fund 0.13% (d)(e)		354,382		354,382
State Street Navigator Securities Lending Prime Portfolio (d)(f)		151,678		151,678
TOTAL SHORT TERM INVESTMENTS —
(Cost $506,060)				506,060
TOTAL INVESTMENTS — 100.4% (g)
(Cost $46,718,975)				35,738,888
OTHER ASSETS & LIABILITIES — (0.4)%				(150,266	)
NET ASSETS — 100.0%			$	35,588,622

See accompanying notes to financial statements.

121

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

March 31, 2013 (Unaudited)

(a)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Non-income producing security.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.
(f)	Investments of cash collateral for securities loaned.
(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.

122

SPDR S&P China ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co.		2,476,000	$	1,215,250
AIRLINES — 1.2%
Air China, Ltd.		4,094,000		3,639,041
China Eastern Airlines Corp., Ltd. (a)		4,108,000		1,788,698
China Southern Airlines Co., Ltd. (Class H) (b)		13,242,000		7,556,963
				12,984,702
AUTO COMPONENTS — 0.2%
Minth Group, Ltd.		940,000		1,385,300
Xinyi Glass Holdings Co., Ltd. (b)		1,578,000		1,113,981
				2,499,281
AUTOMOBILES — 2.0%
Brilliance China Automotive Holdings, Ltd. (a)(b)		3,974,000		4,668,880
BYD Co., Ltd. (a)(b)		726,000		2,314,738
Dongfeng Motor Group Co., Ltd.		4,342,300		6,097,282
Geely Automobile Holdings, Ltd. (b)		4,095,000		1,988,773
Great Wall Motor Co., Ltd. (Class H) (b)		1,195,500		4,050,376
Guangzhou Automobile Group Co., Ltd. (b)		3,134,637		2,653,033
				21,773,082
BEVERAGES — 0.4%
Tsingtao Brewery Co., Ltd. (b)		624,000		3,979,054
CHEMICALS — 0.9%
China Bluechemical, Ltd. (b)		3,258,000		2,018,767
China Lumena New Materials Corp. (b)		5,288,000		1,137,622
Dongyue Group (b)		921,000		533,903
Fufeng Group, Ltd. (b)		1,266,000		451,755
Huabao International Holdings, Ltd. (b)		1,625,000		705,461
Sinopec Shanghai Petrochemical Co., Ltd.		6,552,000		2,878,182
Yingde Gases (b)		2,028,000		2,259,821
				9,985,511
COMMERCIAL BANKS — 22.8%
Agricultural Bank of China, Ltd. (b)		34,784,000		16,669,112
Bank of China, Ltd.		95,067,700		44,088,516
Bank of Communications Co., Ltd. (b)		9,861,824		7,381,139
China Citic Bank Corp., Ltd. (b)		11,900,471		7,143,977
China Construction Bank Corp.		106,665,623		87,117,164
China Merchants Bank Co., Ltd. (b)		5,332,843		11,294,073
China Minsheng Banking Corp., Ltd. (Class H) (b)		5,358,500		6,826,994
Chongqing Rural Commercial Bank Co., Ltd. (b)		1,692,000		904,562
Industrial & Commercial Bank of China		98,352,789		68,924,810
				250,350,347
COMMERCIAL SERVICES & SUPPLIES — 0.1%
China Everbright International, Ltd.		1,597,000		1,145,909
COMMUNICATIONS EQUIPMENT — 0.8%
AAC Technologies Holdings, Inc. (b)		1,096,245		5,267,523
China All Access Holdings, Ltd. (b)		4,334,000		1,418,119
China Wireless Technologies, Ltd.		1,340,000		440,185
ZTE Corp. (b)		1,101,398		1,901,249
				9,027,076
COMPUTERS & PERIPHERALS — 0.8%
Lenovo Group, Ltd.		8,764,000		8,704,558
TPV Technology, Ltd.		2,248,000		637,102
				9,341,660
CONSTRUCTION & ENGINEERING — 1.6%
China Communications Construction Co., Ltd. (Class H)		7,391,394		6,874,697
China Railway Construction Corp. (Class H)		3,816,875		3,618,893
China Railway Group, Ltd. (b)		8,523,000		4,336,902
China State Construction International Holdings, Ltd.		968,000		1,324,311
Metallurgical Corp. of China, Ltd. (a)(b)		8,299,000		1,603,640
				17,758,443
CONSTRUCTION MATERIALS — 1.4%
Anhui Conch Cement Co., Ltd. (b)		2,043,000		6,776,970
BBMG Corp. (b)		1,033,500		842,760
China National Building Material Co., Ltd. (b)		4,402,000		5,540,317
China Resources Cement Holdings, Ltd. (b)		1,298,000		734,056
China Shanshui Cement Group, Ltd.		2,358,000		1,354,780
				15,248,883
DIVERSIFIED CONSUMER SERVICES — 0.3%
New Oriental Education & Technology Group, Inc. ADR		174,368		3,138,624
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,523,000		1,006,485
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.9%
China Communications Services Corp., Ltd.		2,517,600		1,624,854
China Telecom Corp., Ltd.		20,460,951		10,306,058
China Unicom (Hong Kong), Ltd. (b)		6,297,805		8,437,476
				20,368,388
ELECTRICAL EQUIPMENT — 0.6%
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		1,732,000		814,387
Dongfang Electric Corp., Ltd. (b)		310,800		514,887
Harbin Electric Co., Ltd.		642,000		521,860
Shanghai Electric Group Co., Ltd. (b)		7,194,000		2,798,771

See accompanying notes to financial statements.

123

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Zhuzhou CSR Times Electric Co., Ltd. (b)		633,000	$	1,793,975
				6,443,880
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%
Avic International Holdings, Ltd. (a)		2,808,000		1,023,702
Digital China Holdings, Ltd. (b)		1,259,000		1,702,962
Ju Teng International Holdings, Ltd.		844,000		530,582
Kingboard Chemical Holdings, Ltd. (b)		868,500		2,472,590
				5,729,836
ENERGY EQUIPMENT & SERVICES — 0.6%
Anton Oilfield Services Group (b)		1,214,000		844,505
China Oilfield Services, Ltd.		2,203,900		4,616,389
Honghua Group, Ltd. (b)		1,744,000		811,043
SPT Energy Group, Inc.		1,254,000		588,016
				6,859,953
FOOD & STAPLES RETAILING — 0.9%
China Resources Enterprise, Ltd. (b)		1,887,854		5,593,533
Lianhua Supermarket Holdings Co., Ltd. (b)		805,000		641,914
Sun Art Retail Group Ltd.		1,628,500		2,265,695
Wumart Stores, Inc. (b)		637,000		1,152,117
				9,653,259
FOOD PRODUCTS — 3.6%
Asian Citrus Holdings, Ltd.		1,941,323		1,002,841
China Agri-Industries Holdings, Ltd. (b)		2,764,600		1,428,126
China Mengniu Dairy Co., Ltd.		2,515,110		7,225,233
China Milk Products Group, Ltd. (a)(c)		15,000		0
China Modern Dairy Holdings, Ltd. (a)(b)		3,438,000		1,147,085
China Yurun Food Group, Ltd. (a)(b)		1,888,000		1,293,909
CP Pokphand Co.		5,644,000		625,281
People’s Food Holdings, Ltd.		1,531,000		1,554,941
Shenguan Holdings Group, Ltd. (b)		2,500,000		1,297,882
Tingyi Cayman Islands Holding Corp. (b)		2,929,844		7,642,924
Uni-President China Holdings Ltd. (b)		779,000		893,136
Want Want China Holdings, Ltd.		9,825,933		15,062,975
				39,174,333
GAS UTILITIES — 0.7%
China Gas Holdings, Ltd.		2,756,000		2,747,959
China Oil and Gas Group, Ltd. (a)(b)		3,720,000		733,203
China Resources Gas Group, Ltd. (b)		1,694,000		4,702,737
				8,183,899
HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Mindray Medical International, Ltd. ADR (b)		138,248		5,521,625
Shandong Weigao Group Medical Polymer Co., Ltd. (b)		2,496,000		2,260,424
				7,782,049
HEALTH CARE PROVIDERS & SERVICES — 0.5%
Shanghai Pharmaceuticals Holding Co., Ltd.		1,047,800		2,305,453
Sinopharm Group Co. (b)		1,002,000		3,233,445
				5,538,898
HOTELS, RESTAURANTS & LEISURE — 0.5%
Ajisen China Holdings, Ltd. (b)		628,000		497,536
China Travel International Investment Hong Kong, Ltd.		6,554,000		1,274,892
Home Inns & Hotels Management, Inc. ADR (a)		41,793		1,245,014
REXLot Holdings, Ltd.		7,550,000		661,372
Shanghai Jin Jiang International Hotels Group Co., Ltd. (b)		8,760,000		1,523,449
				5,202,263
HOUSEHOLD DURABLES — 0.2%
Haier Electronics Group Co., Ltd. (a)		649,000		1,035,036
Skyworth Digital Holdings, Ltd.		950,497		637,938
				1,672,974
HOUSEHOLD PRODUCTS — 0.1%
NVC Lighting Holdings, Ltd.		3,084,000		711,144
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.9%
China Longyuan Power Group Corp.		3,327,000		3,017,279
China Resources Power Holdings Co., Ltd.		2,868,112		8,590,314
Datang International Power Generation Co., Ltd.		7,896,287		3,489,049
Huaneng Power International, Inc.		5,058,129		5,395,233
				20,491,875
INDUSTRIAL CONGLOMERATES — 1.4%
Beijing Enterprises Holdings, Ltd. (b)		933,500		7,191,268
Citic Pacific, Ltd. (b)		2,819,000		3,660,544
Shanghai Industrial Holdings, Ltd.		1,416,000		4,450,851
				15,302,663
INSURANCE — 5.7%
China Life Insurance Co., Ltd.		10,356,040		26,815,121
China Pacific Insurance Group Co., Ltd.		2,102,200		6,919,185
China Taiping Insurance Holdings Co., Ltd. (a)		1,435,400		2,451,921
New China Life Insurance Co. Ltd. (b)		502,600		1,712,530
PICC Property & Casualty Co., Ltd.		3,774,759		4,848,131
Ping An Insurance Group Co. of China, Ltd. (b)		2,514,300		19,498,607
				62,245,495

See accompanying notes to financial statements.

124

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
INTERNET & CATALOG RETAIL — 0.4%
Ctrip.com International, Ltd. ADR (a)(b)		230,797	$	4,934,440
INTERNET SOFTWARE & SERVICES — 8.4%
Baidu, Inc. ADR (a)(b)		360,884		31,649,527
NetEase, Inc. ADR		116,398		6,375,118
Sina Corp. (a)		88,309		4,290,934
Sohu.com, Inc. (a)(b)		61,450		3,048,535
Tencent Holdings, Ltd.		1,424,083		45,276,250
Youku Tudou, Inc. ADR (a)(b)		98,244		1,647,552
				92,287,916
IT SERVICES — 0.2%
Travelsky Technology, Ltd.		3,615,000		2,379,683
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Sunny Optical Technology Group Co., Ltd.		567,000		654,457
MACHINERY — 0.9%
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd. (b)		1,529,800		1,846,563
China National Materials Co., Ltd. (b)		1,854,000		494,390
China Rongsheng Heavy Industries Group Holdings, Ltd. (b)		3,267,000		530,285
Lonking Holdings, Ltd. (b)		3,935,000		897,239
Weichai Power Co., Ltd. (b)		949,920		3,163,280
Yangzijiang Shipbuilding Holdings, Ltd. (b)		4,068,000		3,180,687
				10,112,444
MARINE — 0.5%
China COSCO Holdings Co., Ltd. (a)(b)		5,386,175		2,539,520
China Shipping Container Lines Co., Ltd. (a)(b)		6,614,500		1,789,395
China Shipping Development Co., Ltd. (b)		2,139,800		1,039,213
				5,368,128
MEDIA — 0.4%
Focus Media Holding, Ltd. ADR (b)		145,060		3,889,059
METALS & MINING — 1.8%
Aluminum Corp. of China, Ltd. (a)(b)		8,152,000		3,139,969
Angang Steel Co., Ltd. (a)(b)		2,499,720		1,368,580
China Metal Recycling Holdings, Ltd. (b)(c)		468,600		484,135
China Molybdenum Co., Ltd. (b)		2,363,000		1,034,982
Jiangxi Copper Co., Ltd. (Class H)		2,506,000		5,533,270
Maanshan Iron & Steel (a)(b)		5,054,000		1,315,154
North Mining Shares Co., Ltd. (a)		5,710,000		301,585
Shougang Fushan Resources Group, Ltd. (b)		1,018,000		453,747
Zhaojin Mining Industry Co., Ltd. (b)		1,564,000		2,099,397
Zijin Mining Group Co., Ltd. (b)		12,174,750		4,015,041
				19,745,860
MULTILINE RETAIL — 0.4%
Golden Eagle Retail Group, Ltd. (b)		1,068,120		1,926,363
Intime Department Store Group Co., Ltd.		1,184,500		1,345,840
Parkson Retail Group, Ltd. (b)		2,518,000		1,498,607
				4,770,810
OIL, GAS & CONSUMABLE FUELS — 13.6%
China Coal Energy Co., Ltd (b)		6,369,013		5,677,645
China Petroleum & Chemical Corp.		23,905,877		28,147,567
China Shenhua Energy Co., Ltd.		5,209,200		18,923,878
CNOOC, Ltd.		22,014,174		42,311,772
Inner Mongolia Yitai Coal Co. Ltd. (a)(b)		348,100		1,943,941
Kunlun Energy Co., Ltd.		3,773,400		8,020,599
MIE Holdings Corp.		1,924,000		475,879
Newocean Energy Holdings, Ltd. (b)		1,022,000		583,236
PetroChina Co., Ltd.		29,270,930		38,386,127
United Energy Group, Ltd. (a)(b)		4,068,000		676,022
Yanzhou Coal Mining Co., Ltd. (b)		3,143,900		4,236,336
				149,383,002
PAPER & FOREST PRODUCTS — 0.5%
Lee & Man Paper Manufacturing, Ltd. (b)		2,994,000		2,345,014
Nine Dragons Paper Holdings, Ltd. (b)		2,837,000		2,664,261
				5,009,275
PERSONAL PRODUCTS — 0.8%
Hengan International Group Co., Ltd.		864,500		8,458,294
PHARMACEUTICALS — 0.8%
China Medical System Holdings, Ltd.		915,000		928,832
China Shineway Pharmaceutical Group, Ltd. (b)		460,000		826,058
Guangzhou Pharmaceutical Co. Ltd.		320,000		1,071,799
Shandong Luoxin Pharmacy Stock Co., Ltd.		294,000		389,341
Sihuan Pharmaceutical Holdings Group, Ltd. (b)		2,953,000		1,460,780
Sino Biopharmaceutical		3,824,000		2,669,975
WuXi PharmaTech Cayman, Inc. ADR (a)		108,849		1,870,026
				9,216,811
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.2%
Agile Property Holdings, Ltd. (b)		2,825,109		3,366,409
China Overseas Land & Investment, Ltd. (b)		5,769,862		15,906,301
China Resources Land, Ltd. (b)		3,130,000		8,749,718
China South City Holdings, Ltd. (b)		10,966,000		1,836,460
Country Garden Holdings Co. (a)(b)		11,416,910		5,706,506
Evergrande Real Estate Group, Ltd. (b)		5,823,000		2,347,908
Franshion Properties China, Ltd. (b)		1,248,000		408,355
Greentown China Holdings, Ltd. (a)(b)		524,000		985,540

See accompanying notes to financial statements.

125

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		2,047,024	$	3,433,396
Hopson Development Holdings, Ltd. (a)		702,000		1,016,467
Kaisa Group Holdings, Ltd. (a)(b)		1,974,000		556,905
KWG Property Holding, Ltd. (b)		377,500		236,343
Longfor Properties Co., Ltd.		1,293,000		2,138,718
Poly Hong Kong Investments, Ltd. (a)		2,037,000		1,288,435
Renhe Commercial Holdings Co., Ltd. (a)(b)		16,634,000		996,414
Shenzhen Investment, Ltd.		2,470,000		989,572
Shimao Property Holdings, Ltd. (b)		2,380,941		4,570,092
Shui On Land, Ltd. (b)		1,759,000		756,837
Sino-Ocean Land Holdings, Ltd. (b)		6,455,583		3,891,986
Soho China, Ltd. (b)		1,626,500		1,357,748
Sunac China Holdings, Ltd.		1,758,000		1,238,786
Yanlord Land Group, Ltd. (a)(b)		1,882,000		2,275,512
Yuexiu Property Co., Ltd.		9,772,000		2,819,821
Yuzhou Properties Co. (b)		3,727,200		907,475
				67,781,704
ROAD & RAIL — 0.2%
Guangshen Railway Co., Ltd. (b)		4,670,000		2,286,075
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%
GCL Poly Energy Holdings, Ltd. (b)		8,298,000		1,688,964
Semiconductor Manufacturing International Corp. (a)		35,530,000		2,105,441
				3,794,405
SOFTWARE — 0.2%
AsiaInfo-Linkage, Inc. (a)(b)		122,217		1,450,716
Kingsoft Corp., Ltd.		897,000		825,051
NetDragon Websoft, Inc. (b)		373,500		427,261
				2,703,028
SPECIALTY RETAIL — 1.1%
Belle International Holdings, Ltd.		5,320,000		8,840,795
China ZhengTong Auto Services Holdings, Ltd. (a)(b)		499,000		325,911
GOME Electrical Appliances Holding, Ltd. (a)(b)		10,757,000		1,177,877
Hengdeli Holdings, Ltd. (b)		4,151,360		1,160,487
Zhongsheng Group Holdings, Ltd. (b)		927,000		1,122,529
				12,627,599
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Anta Sports Products, Ltd. (b)		926,000		792,080
Bosideng International Holdings, Ltd. (b)		5,670,000		1,760,314
Cecep Costin New Materials Group, Ltd.		1,543,000		644,022
China Dongxiang Group Co.		7,672,000		1,185,987
Li Ning Co., Ltd. (a)(b)		1,577,500		928,700
Ports Design, Ltd. (b)		853,500		713,573
Shenzhou International Group Holdings, Ltd.		208,000		585,470
				6,610,146
TRANSPORTATION INFRASTRUCTURE — 2.7%
Anhui Expressway Co., Ltd.		3,118,000		1,594,618
Beijing Capital International Airport Co., Ltd.		3,375,939		2,457,158
China Merchants Holdings International Co., Ltd.		2,215,182		7,262,518
COSCO Pacific, Ltd.		2,868,273		4,138,362
Jiangsu Expressway Co., Ltd. (b)		7,500,795		7,507,897
Shenzhen Expressway Co., Ltd.		4,392,000		1,646,438
Shenzhen International Holdings, Ltd.		7,162,500		858,099
Zhejiang Expressway Co., Ltd. (Class H)		5,020,000		3,964,187
				29,429,277
WATER UTILITIES — 0.6%
Beijing Enterprises Water Group, Ltd.		2,286,000		680,265
Guangdong Investment, Ltd. (b)		6,308,000		5,541,994
				6,222,259
WIRELESS TELECOMMUNICATION SERVICES — 6.8%
China Mobile, Ltd.		7,075,504		74,923,696
TOTAL COMMON STOCKS —
(Cost $1,143,607,692)				1,097,403,584
RIGHTS — 0.0% (d)
TEXTILES, APPAREL & LUXURY GOODS — 0.0% (d)
Li Ning Co., Ltd. (expiring 4/15/13) (a) (Cost $0)		798,750		110,099
SHORT TERM INVESTMENTS — 13.2%
UNITED STATES — 13.2%
MONEY MARKET FUNDS — 13.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		144,250,283		144,250,283
State Street Institutional Liquid Reserve Fund 0.13% (f)(g)		1,068,451		1,068,451
TOTAL SHORT TERM INVESTMENTS —
(Cost $145,318,734)				145,318,734
TOTAL INVESTMENTS — 113.2% (h)
(Cost $1,288,926,426)				1,242,832,417
OTHER ASSETS & LIABILITIES — (13.2)%				(144,848,519	)
NET ASSETS — 100.0%			$	1,097,983,898

See accompanying notes to financial statements.

126

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

March 31, 2013 (Unaudited)

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Investments of cash collateral for securities loaned.
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)	The rate shown is the annualized seven-day yield at period end.
(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

See accompanying notes to financial statements.

127

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

March 31, 2013 (Unaudited)

GEOGRAPHICAL BREAKDOWN AS OF
MARCH 31, 2013*

	PERCENT OF
COUNTRY	NET ASSETS
China		72.6	%
Hong Kong		27.4
United States Short Term Investments		13.2
Other Assets And Liabilities		(13.2	)
Total		100.0	%

See accompanying notes to financial statements.

128

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 97.8%
BRAZIL — 13.5%
All America Latina Logistica SA		12,447	$	62,348
Banco Bradesco SA Preference Shares ADR (a)		153,450		2,611,719
Banco do Brasil SA		40,461		550,824
Banco Santander Brasil SA		15,835		114,737
BM&FBOVESPA SA		95,168		643,783
BR Malls Participacoes SA		35,044		437,279
Bradespar SA Preference Shares		24,769		323,440
Brasil Brokers Participacoes SA		9,613		34,326
Braskem SA Preference Shares ADR (a)		9,660		130,796
BRF — Brasil Foods SA ADR		26,401		583,726
CCR SA		20,880		212,699
Centrais Eletricas Brasileiras SA ADR		30,938		105,808
Cia Hering		2,423		43,380
Cielo SA		2,770		81,780
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (a)		12,229		651,561
Companhia de Bebidas das Americas Preference Shares ADR		79,989		3,385,934
Companhia de Saneamento Basico do Estado de Sao Paulo (b)		13,001		621,567
Companhia Energetica de Minas Gerais ADR (a)		46,774		554,272
Companhia Energetica de Sao Paulo Preference Shares		3,040		30,681
Companhia Siderurgica Nacional SA ADR (a)		79,115		354,435
Cosan SA Industria e Comercio		9,796		220,275
Cyrela Brazil Realty SA		27,598		237,198
Cyrela Commercial Properties SA Empreendimentos e Participacoes		2,553		31,413
Diagnosticos da America SA		11,302		65,524
Duratex SA		16,758		135,470
Empresa Brasileira de Aeronautica SA		42,149		376,265
Fibria Celulose SA ADR (a)(b)		15,220		183,705
Gafisa SA (b)		6,690		13,404
Gerdau SA ADR		58,921		454,281
Hypermarcas SA (b)		2,562		20,190
Investimentos Itau SA		50,488		360,816
Investimentos Itau SA Preference Shares		264,676		1,384,845
Itau Unibanco Holding SA Preference Shares ADR		168,877		3,006,011
JBS SA (b)		11,060		37,299
LLX Logistica SA (b)		4,744		4,941
Lojas Americanas SA Preference Shares		31,607		272,751
Lojas Renner SA		17,852		669,511
Metalurgica Gerdau SA Preference Shares		30,759		297,468
MMX Mineracao e Metalicos SA (b)		16,176		17,730
MRV Engenharia e Participacoes SA		5,352		22,270
Natura Cosmeticos SA		15,082		369,355
OGX Petroleo e Gas Participacoes SA (b)		54,050		61,922
Oi SA ADR (c)		5,729		19,249
Oi SA ADR (a)(c)		30,292		92,088
PDG Realty SA Empreendimentos e Participacoes		35,519		54,784
Petroleo Brasileiro SA ADR		77,846		1,289,908
Petroleo Brasileiro SA ADR		107,108		1,944,010
Souza Cruz SA		49,786		729,377
Telefonica Brasil SA ADR		11,129		296,922
Telefonica Brasil SA Preference Shares		27,852		745,216
Tim Participacoes SA ADR		12,252		268,074
Tractebel Energia SA ADR		12,416		214,176
Usinas Siderurgicas de Minas Gerais SA ADR (b)		46,298		247,754
Vale SA ADR (a)		98,320		1,699,953
Vale SA Preference Shares ADR		149,069		2,464,111
Weg SA		24,488		316,248
				30,159,609
CHILE — 2.4%
Antarchile SA		17,542		284,465
Compania General de Electricidad SA		42,142		265,314
Empresa Electrica Pilmaiquen		21,382		99,669
Empresa Nacional de Electricidad SA ADR		9,110		483,559
Empresas COPEC SA		40,394		586,451
Empresas Iansa SA		433,685		32,525
Enersis SA ADR		33,470		643,963
Enjoy SA		188,063		46,642
Latam Airlines Group SA, ADR (a)		23,357		507,781
Madeco SA		919,864		38,023
Multiexport Foods SA		171,105		55,131
Parque Arauco SA		225,875		583,660
SACI Falabella		122,427		1,474,055
Socovesa SA		73,328		36,528
Vina Concha y Toro SA ADR		5,979		233,181
				5,370,947
CHINA — 13.8%
Agricultural Bank of China, Ltd. (a)		502,000		240,567
Air China, Ltd.		204,000		181,330
Aluminum Corp. of China, Ltd. (a)(b)		340,000		130,960
Angang Steel Co., Ltd. (a)(b)		70,640		38,675
Anhui Conch Cement Co., Ltd. (a)		204,000		676,702
Baidu, Inc. ADR (a)(b)		20,822		1,826,089
Bank of China, Ltd.		2,689,900		1,247,466
Bank of Communications Co., Ltd. (a)		543,864		407,058
Brilliance China Automotive Holdings, Ltd. (b)		150,000		176,229
China Citic Bank Corp., Ltd. (a)		380,000		228,118
China Coal Energy Co., Ltd (a)		340,000		303,092
China Communications Construction Co., Ltd. (Class H)		311,000		289,260
China Construction Bank Corp.		3,415,280		2,789,366
China COSCO Holdings Co., Ltd. (a)(b)		238,425		112,415
China Fangda Group Co., Ltd. (b)		100,300		35,403
China Life Insurance Co., Ltd.		582,000		1,506,985
China Merchants Bank Co., Ltd.		290,645		615,538
China National Building Material Co., Ltd. (a)		60,000		75,515

See accompanying notes to financial statements.

129

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
China Oilfield Services, Ltd.		272,000	$	569,744
China Petroleum & Chemical Corp.		1,314,000		1,547,147
China Railway Construction Corp. (Class H)		170,000		161,182
China Railway Group, Ltd.		306,000		155,707
China Shenhua Energy Co., Ltd.		272,000		988,116
China Shipping Container Lines Co., Ltd. (a)(b)		548,350		148,343
China Shipping Development Co., Ltd. (a)		136,000		66,050
China Telecom Corp., Ltd.		1,226,000		617,529
China Wireless Technologies, Ltd.		88,000		28,908
Chongqing Machinery & Electric Co., Ltd.		50,000		7,085
Ctrip.com International, Ltd. ADR (a)(b)		13,746		293,890
Datang International Power Generation Co., Ltd.		408,000		180,279
Dongfang Electric Corp., Ltd. (a)		13,600		22,530
Dongfeng Motor Group Co., Ltd.		340,000		477,414
Focus Media Holding, Ltd. ADR (a)		7,669		205,606
Great Wall Motor Co., Ltd. (Class H) (a)		54,250		183,800
Guangdong Electric Power Development Co. Ltd.		79,000		50,885
Guangshen Railway Co., Ltd.		272,000		133,150
Guangzhou Automobile Group Co., Ltd. (a)		156,636		132,571
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		122,400		205,297
Harbin Electric Co., Ltd.		68,000		55,275
Hengan International Group Co., Ltd.		5,000		48,920
Huadian Power International Co. (b)		408,000		193,419
Huaneng Power International, Inc.		340,000		362,660
Huangshan Tourism Development Co., Ltd.		31,400		46,221
Industrial & Commercial Bank of China		3,216,590		2,254,159
Jiangsu Expressway Co., Ltd. (a)		206,000		206,195
Jiangsu Future Land Co., Ltd.		80,700		63,672
Jiangxi Copper Co., Ltd. (Class H)		70,000		154,561
Konka Group Co., Ltd.		311,500		103,129
Maanshan Iron & Steel (a)(b)		204,000		53,085
Mindray Medical International, Ltd. ADR		652		26,041
NetEase, Inc. ADR		8,112		444,294
New Oriental Education & Technology Group, Inc. ADR		5,090		91,620
Nine Dragons Paper Holdings, Ltd. (a)		102,000		95,789
Parkson Retail Group, Ltd.		84,634		50,371
PetroChina Co., Ltd.		1,496,000		1,961,866
PICC Property & Casualty Co., Ltd.		291,200		374,004
Ping An Insurance Group Co. of China, Ltd.		96,000		744,488
Semiconductor Manufacturing International Corp. (b)		1,152,000		68,265
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		96,000		86,939
Shanghai Dajiang Group, Class B (b)		268,201		76,706
Shanghai Electric Group Co., Ltd. (a)		340,000		132,274
Shanghai Jinjiang International Industrial Investment Co. Ltd.		37,400		29,845
Shanghai Jinqiao Export Processing Zone Development Co. Ltd.		74,934		71,787
Shenzhen Expressway Co., Ltd.		272,000		101,965
Sina Corp. (b)		3,894		189,209
Sinopec Shanghai Petrochemical Co., Ltd.		272,000		119,485
Suntech Power Holdings Co., Ltd. ADR (a)(b)		6,595		2,572
Tencent Holdings, Ltd.		101,700		3,233,375
Tingyi Cayman Islands Holding Corp. (a)		204,000		532,164
Travelsky Technology, Ltd.		247,000		162,595
Want Want China Holdings, Ltd.		376,000		576,401
Weiqiao Textile Co. (a)		85,500		47,582
Yanzhou Coal Mining Co., Ltd. (a)		204,000		274,886
Zhejiang Expressway Co., Ltd. (Class H)		272,000		214,793
Zhejiang Southeast Electric Power Co.		201,500		149,513
Zhuzhou CSR Times Electric Co., Ltd. (a)		24,000		68,018
Zijin Mining Group Co., Ltd. (a)		411,000		135,541
ZTE Corp. (a)		89,273		154,104
				30,813,789
COLOMBIA — 0.6%
Almacenes Exito SA		3,848		69,466
Bancolombia SA		10,706		168,672
BanColombia SA ADR		3,886		245,790
Bolsa de Valores de Colombia		6,989,107		115,848
Empresa de Telecomunicaciones de Bogota (b)		202,992		45,862
Fabricato SA (b)(d)		1,263,333		13,822
Grupo Argos SA		3,103		36,937
Grupo Aval Acciones y Valores (d)		245,418		169,833
Grupo Nutresa SA		3,864		54,958
Grupo Odinsa SA		16,905		92,293
Interbolsa SA/Colombia (b)(d)		52,588		0
Interconexion Electrica SA ESP		15,615		76,879
Isagen SA ESP		68,843		95,657
Tableros y Maderas de Caldas SA		25,152,373		108,700
				1,294,717
CZECH REPUBLIC — 0.4%
CEZ AS		14,170		415,658
Komercni Banka AS		1,492		285,500
Telefonica O2 Czech Republic AS		9,967		150,531
Unipetrol (b)		10,098		86,019
				937,708
EGYPT — 0.5%
Commercial International Bank Egypt SAE		92,019		414,170
Egyptian Financial Group-Hermes Holding (b)		40,116		59,263
Egyptian Kuwait Holding Co.		41,882		50,259
Orascom Construction Industries (b)		11,563		409,997
Orascom Telecom Holding SAE (b)		49,368		32,002

See accompanying notes to financial statements.

130

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Orascom Telecom Holding SAE GDR (b)(e)		1,279	$	4,067
Orascom Telecom Holding SAE GDR (b)		28,985		92,172
Orascom Telecom Media & Technology Holding SAE		45,843		4,852
				1,066,782
HONG KONG — 5.9%
AAC Technologies Holdings, Inc.		136,000		653,488
Agile Property Holdings, Ltd. (a)		204,000		243,087
Beijing Capital International Airport Co., Ltd.		204,000		148,480
Belle International Holdings, Ltd.		94,000		156,210
Chailease Holding Co., Ltd.		9,000		24,951
Chaoda Modern Agriculture Holdings, Ltd. (a)(b)(f)		136,550		0
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		39,000		18,338
China Mengniu Dairy Co., Ltd.		102,000		293,018
China Merchants Holdings International Co., Ltd.		75,709		248,213
China Mobile Games & Entertainment Group, Ltd. ADR (b)		76		682
China Mobile, Ltd.		369,500		3,912,697
China Overseas Land & Investment, Ltd. (a)		275,200		758,669
China Power International Development, Ltd. (a)		340,000		109,499
China Resources Enterprise, Ltd.		68,000		201,478
China Resources Land, Ltd. (a)		136,000		380,179
China Resources Power Holdings Co., Ltd.		141,600		424,108
China Travel International Investment Hong Kong, Ltd.		340,000		66,137
China Unicom (Hong Kong), Ltd. (a)		277,668		372,005
China Yurun Food Group, Ltd. (a)(b)		12,000		8,224
Citic Pacific, Ltd. (a)		68,000		88,300
CNOOC, Ltd.		1,117,000		2,146,901
Comba Telecom Systems Holdings, Ltd. (a)		36,780		12,461
COSCO Pacific, Ltd.		139,123		200,727
Digital China Holdings, Ltd.		36,000	��	48,695
Guangdong Investment, Ltd. (a)		274,000		240,727
Hengdeli Holdings, Ltd. (a)		816,000		228,108
Kingboard Chemical Holdings, Ltd.		54,450		155,017
Kingboard Laminates Holdings, Ltd.		39,500		17,403
Kunlun Energy Co., Ltd.		340,000		722,691
KWG Property Holding, Ltd.		62,000		38,817
Lenovo Group, Ltd.		476,000		472,771
Li Ning Co., Ltd. (a)(b)		68,000		40,033
Real Nutriceutical Group, Ltd. (a)		24,000		5,905
Shimao Property Holdings, Ltd.		102,000		195,784
Sino Biopharmaceutical		124,000		86,579
Sino-Ocean Land Holdings, Ltd. (a)		244,186		147,217
Sinotrans, Ltd.		340,000		70,955
Tianneng Power International, Ltd.		22,000		14,709
VODone, Ltd.		120,200		8,826
Wasion Group Holdings, Ltd.		18,000		10,319
Yuexiu Property Co., Ltd.		476,000		137,355
Yuexiu Transport Infrastructure, Ltd.		1,258		658
				13,110,421
HUNGARY — 0.4%
MOL Hungarian Oil and Gas NyRt		4,738		333,662
OTP Bank NyRt		19,160		346,316
Richter Gedeon NyRt		1,638		229,495
				909,473
INDIA — 8.0%
Adani Enterprises, Ltd.		974		3,624
Alok Industries Ltd.		241,131		36,380
Ambuja Cements, Ltd.		13,957		44,735
Ambuja Cements, Ltd. GDR		17,217		55,008
Amtek Auto, Ltd.		7,909		9,335
Anant Raj, Ltd.		54,397		62,854
Apollo Hospitals Enterprise, Ltd.		4,856		74,953
Ashok Leyland, Ltd.		29,202		11,740
Aurobindo Pharma, Ltd.		7,914		21,252
Axis Bank, Ltd.		6,032		144,357
Bajaj Hindusthan, Ltd.		83,046		28,955
Bajaj Holdings and Investment, Ltd.		2,755		46,239
Balrampur Chini Mills, Ltd. (b)		41,369		33,187
BF Investment, Ltd. (b)		9,745		7,584
Bharat Heavy Electricals, Ltd.		63,137		205,616
Bharti Airtel, Ltd.		123,499		662,941
Biocon, Ltd.		2,194		11,047
Britannia Industries Ltd.		4,146		40,045
Cipla, Ltd.		43,096		301,117
Core Education & Technologies, Ltd.		9,243		8,733
Development Credit Bank Ltd. (b)		114,411		90,518
Dewan Housing Finance Corp., Ltd.		14,224		42,423
Dr. Reddy’s Laboratories, Ltd. ADR		12,618		408,192
Educomp Solutions, Ltd.		17,141		19,806
Era Infra Engineering, Ltd.		3,285		8,120
Fortis Healthcare, Ltd. (b)		22,522		41,542
GAIL India, Ltd.		47,417		277,653
Gammon India, Ltd.		2,919		1,238
Gateway Distriparks, Ltd.		13,476		30,696
Godrej Industries, Ltd.		23,161		125,329
Grasim Industries, Ltd. GDR (c)		180		9,317
Grasim Industries, Ltd. GDR (c)		803		41,595
Gruh Finance Ltd.		18,947		73,313
GTL Infrastructure Ltd. (b)		318,734		15,541
GTL, Ltd. (b)		2,066		565
Gujarat NRE Coke, Ltd.		13,506		4,162
GVK Power & Infrastructure, Ltd. (b)		119,356		20,094
HCL Technologies, Ltd.		12,128		177,401
HDFC Bank, Ltd.		90,585		1,042,269
Hero Motocorp, Ltd.		13,796		391,416
Hindalco Industries, Ltd.		43,925		74,030	��
Hindustan Construction Co. (b)		14,843		3,728
Hindustan Unilever, Ltd.		109,485		940,644
Housing Development & Infrastructure, Ltd. (b)		12,538		10,658
Housing Development Finance Corp., Ltd.		93,693		1,424,358
ICICI Bank, Ltd. ADR		19,584		840,154
IDFC, Ltd.		37,497		99,072
India Infoline, Ltd.		169,679		189,347

See accompanying notes to financial statements.

131

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Indiabulls Infrastructure & Power, Ltd. (b)		49,183	$	4,072
Indiabulls Real Estate, Ltd. (b)		18,012		18,078
Indian Hotels Co., Ltd.		59,274		58,402
Infosys Technologies, Ltd. ADR (a)		34,099		1,838,277
IRB Infrastructure Developers, Ltd.		3,894		8,128
ITC, Ltd. GDR (c)(e)		45,359		258,261
ITC, Ltd. GDR (c)		3,032		17,264
IVRCL Infrastructures & Projects, Ltd. (b)		15,213		5,388
Jain Irrigation Systems, Ltd. (c)		10,339		11,671
Jain Irrigation Systems, Ltd. (c)		461		252
Jaiprakash Associates, Ltd.		55,605		66,961
Jet Airways India, Ltd. (b)		12,267		116,892
Jindal Steel & Power, Ltd.		5,105		32,664
Lanco Infratech, Ltd. (b)		31,019		5,879
Larsen & Toubro, Ltd. GDR (a)		13,961		350,421
LIC Housing Finance, Ltd.		13,635		56,422
Mahanagar Telephone Nigam (b)		46,021		15,580
Mahindra & Mahindra Financial Services, Ltd.		12,295		44,113
Mahindra & Mahindra, Ltd. GDR		23,916		381,221
Maruti Suzuki India, Ltd.		10,406		245,302
Monnet Ispat, Ltd.		5,461		20,055
MRF, Ltd.		120		26,433
Nagarjuna Construction Co., Ltd.		10,226		6,247
Oil & Natural Gas Corp., Ltd.		123,387		706,950
OnMobile Global, Ltd.		3,167		2,074
Opto Circuits India, Ltd.		4,889		5,393
OVANITC, Ltd.		6,748		38,421
PTC India, Ltd.		39,663		43,750
Punj Lloyd, Ltd.		11,063		11,348
REI Agro, Ltd.		37,593		6,986
Reliance Capital, Ltd.		5,458		31,402
Reliance Communications, Ltd.		67,127		68,300
Reliance Industries, Ltd. GDR (e)		54,047		1,539,259
Reliance Infrastructure, Ltd.		16,041		95,759
Rolta India, Ltd.		5,105		6,190
Ruchi Soya Industries Ltd.		29,160		33,586
Satyam Computer Services, Ltd. (b)		39,053		92,261
SE Investments Ltd.		24,673		175,616
Sesa Goa, Ltd.		22,504		64,386
Shree Renuka Sugars, Ltd. (b)		65,970		26,946
Shriram Transport Finance Co. Ltd.		3,559		45,475
Siemens India, Ltd.		14,623		147,616
Sintex Industries, Ltd.		36,848		31,221
State Bank of India GDR		3,165		263,803
Strides Arcolab, Ltd.		2,090		33,532
Sun TV Network, Ltd.		4,856		34,890
Suzlon Energy, Ltd. (b)		298,585		74,715
Tata Communications Ltd.		10,911		46,967
Tata Consultancy Services, Ltd.		29,735		862,096
Tata Motors, Ltd. ADR		16,341		398,884
Tata Power Co., Ltd.		137,480		244,100
Tata Steel, Ltd.		23,250		133,832
Ultratech Cement, Ltd. GDR		369		12,689
Unitech, Ltd. (b)		101,750		44,089
United Breweries, Ltd.		3,411		43,907
United Spirits, Ltd.		3,552		124,117
Videocon Industries, Ltd.		17,575		65,805
VST Industries Ltd.		1,276		35,591
Wipro, Ltd. ADR (a)		34,234		345,763
Wockhardt Ltd. (b)		1,148		42,357
Zee Entertainment Enterprises, Ltd.		26,772		103,665
				17,884,607
INDONESIA — 3.7%
Agis Tbk PT (b)		421,500		19,736
Astra International Tbk PT		2,035,500		1,654,793
Bank Central Asia Tbk PT		1,210,000		1,419,501
Bank Danamon Indonesia Tbk PT		291,218		193,296
Bank Mandiri Tbk PT		721,449		742,422
Bank Rakyat Indonesia Persero Tbk PT		1,103,000		993,182
Barito Pacific Tbk PT (b)		576,000		25,784
Bumi Resources Tbk PT		1,040,500		73,882
BW Plantation Tbk PT		235,000		32,164
Garuda Indonesia Tbk PT (b)		772,000		51,639
Indofood Sukses Makmur Tbk PT		759,000		581,894
Indosat Tbk PT		153,000		102,341
Kalbe Farma Tbk PT		4,193,000		535,047
Lippo Karawaci Tbk PT		343,500		48,428
Mayora Indah Tbk PT		18,500		51,593
Medco Energi Internasional Tbk PT		396,500		66,100
Perusahaan Gas Negara Persero Tbk PT		872,000		533,923
Telekomunikasi Indonesia Tbk PT		442,500		500,900
Tiga Pilar Sejahtera Food Tbk		360,000		47,420
United Tractors Tbk PT		253,318		474,442
XL Axiata Tbk PT		39,000		21,070
				8,169,557
MALAYSIA — 3.5%
Aeon Co. M Bhd		256,400		1,044,976
Aeon Credit Service M Bhd		6,500		27,331
AirAsia Bhd		72,400		66,169
Alliance Financial Group Bhd		277,800		394,743
Berjaya Sports Toto Bhd		131,306		174,707
Bintulu Port Holdings Bhd (d)		94		213
Bursa Malaysia Bhd		57,293		128,592
Carlsberg Brewery Malay Bhd		371,697		1,656,522
Dialog Group Bhd		704,809		537,171
Digi.Com Bhd		358,600		536,192
Genting Bhd		217,000		702,193
Genting Malaysia Bhd		28,800		33,669
Guan Chong Bhd		43,600		25,063
IGB Corp. Bhd		295,653		214,829
IOI Corp. Bhd		342,460		517,589
KNM Group Bhd (b)		237,018		36,358
Malaysian Airline System Bhd (b)		320,700		79,230
Malaysian Resources Corp. Bhd		390,900		180,522
Multi-Purpose Holdings Bhd		206,660		241,598
Naim Holdings Bhd		87		61
OSK Holdings Bhd		342,306		162,503
OSK Ventures International Bhd		38,900		4,271
SP Setia Bhd		20,800		22,167
TA Enterprise Bhd		353,000		58,140
TA Global Bhd		143,240		11,333
TA Global Bhd Preference Shares		136,426		10,574
Tebrau Teguh Bhd (b)		25,200		11,800

See accompanying notes to financial statements.

132

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
UEM Land Holdings Bhd (b)		559,488	$	493,267
Unisem M Bhd		22,000		6,323
WCT Bhd		419,170		322,178
				7,700,284
MEXICO — 6.7%
Alfa SAB de CV (Class A)		361,401		883,355
America Movil SAB de CV (a)		2,813,737		2,984,956
Axtel SAB de CV (b)		110,681		33,637
Cemex SAB de CV (a)(b)		661,690		805,988
Coca-Cola Femsa SAB de CV		42,254		684,843
Consorcio ARA SAB de CV (b)		109,973		44,919
Corporacion GEO SAB de CV (a)(b)		46,695		28,155
Desarrolladora Homex SAB de CV (a)(b)		20,534		31,069
Empresas ICA SAB de CV (b)		45,087		150,581
Fomento Economico Mexicano SAB de CV		151,483		1,706,081
Grupo Aeroportuario del Sureste SAB de CV (a)		43,572		592,606
Grupo Bimbo SAB de CV (a)		216,023		691,356
Grupo Elektra SA de CV		3,417		134,765
Grupo Financiero Banorte SAB de CV		105,894		846,867
Grupo Financiero Inbursa SA (a)		84,876		247,836
Grupo Mexico SAB de CV		229,576		928,228
Grupo Modelo SAB de CV (a)		56,238		510,233
Grupo Televisa SA de CV (Series CPO) (a)		128,467		682,463
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		114,487		247,547
Industrias CH SAB, Series B (a)(b)		29,419		256,373
Industrias Penoles SA de CV		10,201		484,804
Kimberly-Clark de Mexico SAB de CV		177,871		621,438
Sare Holding SAB de CV (Class B) (a)(b)		130,764		6,369
TV Azteca SAB de CV (a)		252,996		179,611
Urbi Desarrollos Urbanos SA de CV (a)(b)		49,271		12,698
Wal-Mart de Mexico SAB de CV		372,580		1,219,876
				15,016,654
MOROCCO — 0.4%
Banque Marocaine du Commerce Exterieur		18,965		373,137
Banque Marocaine pour le Commerce et l’Industrie SA		1,671		151,795
Douja Promotion Groupe Addoha SA		11,521		78,910
Holcim Maroc SA		1,008		174,875
				778,717
PERU — 1.1%
Compania de Minas Buenaventura SA ADR		19,321		501,573
Credicorp, Ltd.		6,590		1,094,270
Southern Copper Corp. (a)		17,313		650,449
Volcan Compania Minera SAA (Class B)		267,473		228,230
				2,474,522
PHILIPPINES — 1.4%
Ayala Land, Inc.		880,680		705,666
Bank of the Philippine Islands		281,348		758,350
BDO Unibank, Inc. (b)		224,854		494,502
Cebu Air, Inc.		95,440		159,028
Cebu Holdings, Inc.		485,500		54,962
East West Banking Corp. (b)		53,500		43,786
Filinvest Land, Inc.		4,053,000		196,642
First Philippine Holdings Corp.		26,840		69,057
GMA Holdings, Inc.		235,400		57,336
Megawide Construction Corp.		161,400		71,584
Philippine Long Distance Telephone Co.		6,765		495,315
				3,106,228
POLAND — 0.9%
Asseco Poland SA		5,639		72,818
Bank Pekao SA		10,297		497,050
Bioton SA (b)		236,636		3,638
BRE Bank SA (b)		1,666		175,182
Getin Holding SA (b)		20,707		17,317
Getin Noble Bank SA (b)		56,250		30,266
Globe Trade Centre SA (b)		12,637		29,723
Grupa Lotos SA (b)		7,693		96,741
KGHM Polska Miedz SA		11,028		535,048
Orbis SA		5,276		58,382
Polimex- Mostostal SA (b)		49,351		5,614
Powszechna Kasa Oszczednosci Bank Polski SA		32,910		349,595
Rovese SA (b)		58,845		24,425
Telekomunikacja Polska SA		67,521		138,469
				2,034,268
RUSSIA — 7.4%
Evraz PLC		13,828		46,614
Gazprom OAO ADR		416,548		3,584,745
Integra Group Holdings GDR (b)		7,614		2,855
LSR Group OJSC GDR (c)		5,020		21,487
LSR Group OJSC GDR (c)		2,717		11,630
Lukoil OAO ADR		46,658		3,017,580
Mechel OAO ADR (a)		18,121		91,871
MMC Norilsk Nickel OJSC ADR		63,651		1,076,913
Mobile TeleSystems ADR		55,665		1,156,167
Mobile Telesystems OJSC		14,016		124,643
NovaTek OAO GDR		11,046		1,190,192
Novolipetsk Steel OJSC GDR (c)		1,272		20,146
Novolipetsk Steel OJSC GDR (c)		680		10,770
Novorossiysk Commercial Sea Trade Port PJSC GDR (c)		2,522		20,945
Novorossiysk Commercial Sea Trade Port PJSC GDR (c)		1,067		8,801
Pharmstandard GDR (b)		4,024		83,096
Polymetal International PLC		7,068		92,996
Rosneft Oil Co. GDR		150,172		1,154,322
Rostelecom ADR		6,287		149,053
Sberbank of Russia ADR		91,613		1,170,316
Severstal GDR		32,331		289,330
Sistema JSFC GDR		8,594		158,642
Surgutneftegas OJSC ADR (a)		169,080		1,511,032
Tatneft ADR		19,694		787,827
TMK OAO GDR		2,936		35,748
Uralkali OJSC GDR		5,018		185,593

See accompanying notes to financial statements.

133

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
VimpelCom, Ltd. ADR		34,156	$	406,115
VTB Bank OJSC GDR (e)		48,154		151,371
X5 Retail Group NV GDR (b)		2,391		40,169
				16,600,969
SOUTH AFRICA — 8.6%
ABSA Group, Ltd. (a)		23,027		389,035
Adcock Ingram Holdings, Ltd. (a)		7,190		47,484
Adcorp Holdings, Ltd.		32,449		107,875
Afgri, Ltd.		170,894		99,655
African Bank Investments, Ltd. (a)		94,627		312,417
African Rainbow Minerals, Ltd.		7,105		146,616
Allied Electronics Corp., Ltd. Preference Shares		39,584		89,743
Anglo Platinum, Ltd. (a)(b)		1,940		80,810
AngloGold Ashanti, Ltd.		17,097		400,830
Aquarius Platinum, Ltd. (a)(b)		28,391		20,477
ArcelorMittal South Africa, Ltd. (b)		13,274		41,148
Aspen Pharmacare Holdings, Ltd. (b)		36,956		769,335
Aveng, Ltd.		38,313		134,761
Barloworld, Ltd.		16,390		171,217
Bidvest Group, Ltd.		24,030		634,797
Business Connexion Group, Ltd.		141,043		89,320
Coronation Fund Managers, Ltd.		100,504		525,829
Discovery Holdings, Ltd.		21,591		184,129
FirstRand, Ltd.		181,724		637,805
Gold Fields, Ltd.		38,117		292,075
Grindrod, Ltd.		64,485		140,575
Group Five, Ltd.		18,313		71,859
Harmony Gold Mining Co., Ltd.		15,426		99,388
Impala Platinum Holdings, Ltd. (a)		27,403		405,021
Imperial Holdings, Ltd. (a)		12,652		289,917
Investec, Ltd.		13,965		97,814
Invicta Holdings, Ltd.		39,105		434,763
JD Group, Ltd.		13,775		52,266
Kagiso Media, Ltd.		71,761		176,773
Kumba Iron Ore, Ltd. (a)		2,724		146,072
Lewis Group, Ltd. (a)		16,561		116,665
Massmart Holdings, Ltd.		10,783		223,606
MMI Holdings, Ltd.		61,301		155,216
MTN Group, Ltd. (a)		96,041		1,690,423
Murray & Roberts Holdings, Ltd. (b)		45,896		117,511
Naspers, Ltd.		24,529		1,531,584
Nedbank Group, Ltd. (a)		24,813		515,303
Netcare, Ltd.		144,205		311,690
Northam Platinum, Ltd. (b)		18,387		79,565
PPC, Ltd.		14,038		49,040
PSG Group, Ltd.		28,576		195,606
Remgro, Ltd.		29,591		590,727
RMB Holdings, Ltd.		61,995		281,106
RMI Holdings		76,059		193,081
Sanlam, Ltd.		139,867		719,272
Sappi, Ltd. (b)		19,472		60,956
Sasol, Ltd.		26,525		1,177,694
Shoprite Holdings, Ltd.		35,046		698,288
Sibanye Gold, Ltd. (b)		38,117		55,631
Standard Bank Group, Ltd.		61,383		792,106
Steinhoff International Holdings, Ltd. (a)(b)		123,905		337,771
Sun International, Ltd.		11,402		125,523
Telkom SA, Ltd. (b)		18,444		30,155
The Foschini Group, Ltd.		21,603		265,609
Tiger Brands, Ltd. (a)		13,470		431,653
Times Media Group, Ltd. (b)		452		813
Trans Hex Group, Ltd. (b)		1,806		679
Truworths International, Ltd.		42,787		420,527
Wilson Bayly Holmes-Ovcon, Ltd.		15,865		266,756
Woolworths Holdings, Ltd.		78,464		603,803
				19,128,165
TAIWAN — 13.2%
Acer, Inc. (b)		173,758		151,372
Adlink Technology, Inc.		30,000		33,710
Advanced Semiconductor Engineering, Inc.		475,007		389,187
Advancetek Enterprise Co. Ltd.		167,000		165,869
AGV Products Corp. (b)		341,000		119,739
APCB, Inc.		66,000		45,247
Asustek Computer, Inc.		37,340		446,419
AU Optronics Corp. ADR (b)		75,891		331,352
Audix Corp.		71,000		65,177
Bank of Kaohsiung (b)		96,000		30,981
Basso Industry Corp.		199,000		132,434
Biostar Microtech International Corp.		133,000		50,482
C Sun Manufacturing Ltd.		64,000		46,337
Carnival Industrial Corp. (b)		135,000		42,167
Catcher Technology Co., Ltd.		39,000		177,376
Cathay Financial Holding Co., Ltd.		295,878		405,190
Cathay No. 1 REIT		91,000		59,130
Center Laboratories, Inc. (b)		30,000		41,685
Champion Building Materials Co. Ltd.		94,000		32,379
Chang Hwa Commercial Bank		439,759		261,039
Chang Wah Electromaterials, Inc.		7,608		26,842
Charoen Pokphand Enterprise		272,000		141,901
Cheng Loong Corp.		39,000		17,086
China Airlines Ltd. (b)		130,000		50,865
China Chemical & Pharmaceutical Co., Ltd.		103,000		69,407
China Development Financial Holding Corp. (b)		818,945		234,160
China Steel Chemical Corp.		265,345		1,304,430
China Steel Corp.		513,406		447,261
Chinatrust Financial Holding Co., Ltd.		661,268		392,526
Chipbond Technology Corp.		22,000		49,588
Chung Hwa Pulp Corp. (b)		147,000		49,160
Chunghwa Chemical Synthesis & Biotech Co. Ltd.		40,000		70,228
Chunghwa Telecom Co., Ltd.		169,457		525,896
CMC Magnetics Corp. (b)		207,000		36,135
Compal Electronics, Inc.		341,774		242,308
Coxon Precise Industrial Co. Ltd.		10,000		21,269
Da-Li Construction Co. Ltd.		60,000		69,727
Delta Electronics, Inc.		135,340		577,070
Dimerco Express Taiwan Corp.		181,000		109,862
Elite Semiconductor Memory Technology, Inc. (b)		107,750		112,065
Epistar Corp.		37,850		68,226
Etron Technology, Inc. (b)		12,445		4,124
Eva Airways Corp. (b)		74,000		44,421
Excelsior Medical Co., Ltd.		27,000		52,280

See accompanying notes to financial statements.

134

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Far Eastern New Century Corp.		350,131	$	360,054
Flytech Technology Co. Ltd.		7,000		17,721
Formosa Chemicals & Fibre Corp.		174,460		401,399
Formosa Epitaxy, Inc. (b)		12,000		9,330
Formosa Plastics Corp.		275,610		662,699
Founding Construction & Development Co. Ltd.		237,000		169,611
Foxconn Technology Co., Ltd.		75,051		208,820
Fubon Financial Holding Co., Ltd.		432,903		619,622
Fullerton Technology Co. Ltd.		33,000		29,907
Fwusow Industry Co. Ltd.		127,000		64,344
Giant Manufacturing Co., Ltd.		200,802		1,118,085
Grape King, Inc.		175,000		547,780
Great Wall Enterprise Co.		26,000		22,781
Hiwin Technologies Corp.		8,400		62,644
Hocheng Corp.		195,000		59,278
Hon Hai Precision Industry Co., Ltd.		466,737		1,300,199
Hong TAI Electric Industrial		125,000		41,803
Hotai Motor Co., Ltd.		102,000		851,066
HTC Corp.		61,198		500,390
Hua Nan Financial Holdings Co., Ltd.		450,368		260,559
Hung Sheng Construction Co. Ltd.		71,000		51,168
Ibase Technology, Inc.		104,393		146,278
Innolux Corp. (b)		163,383		100,535
Janfusun Fancyworld Corp. (b)		683,000		103,012
KEE TAI Properties Co., Ltd.		69,000		50,650
Kerry TJ Logistics Co., Ltd.		60,000		93,404
Kindom Construction Co.		45,000		41,384
Kung Long Batteries Industrial Co. Ltd.		13,000		28,911
Kwong Fong Industries (b)		44,000		27,075
Leofoo Development Co. (b)		127,000		62,433
Lite-On Technology Corp.		176,612		284,682
Long Chen Paper Co. Ltd. (b)		885,000		264,294
MediaTek, Inc.		43,329		495,561
Medigen Biotechnology Corp. (b)		5,000		33,108
Mega Financial Holding Co., Ltd.		333,569		269,399
Merry Electronics Co. Ltd.		12,000		19,062
Mosel Vitelic, Inc. (b)		3,758		910
Namchow Chemical Industrial Ltd.		59,000		55,542
Nan Ya Plastics Corp.		271,690		487,002
National Petroleum Co., Ltd.		378,000		377,968
Neo Solar Power Corp. (b)		12,768		9,629
New Era Electronics Co. Ltd.		27,000		25,282
Newmax Technology Co., Ltd.		25,000		76,749
Nexcom International Co. Ltd.		63,000		56,042
Novatek Microelectronics Corp.		34,225		148,220
Pacific Hospital Supply Co. Ltd.		24,000		73,679
Pan Jit International, Inc. (b)		13,000		5,043
Pegatron Corp. (b)		61,686		95,306
Phytohealth Corp. (b)		9,000		15,109
Pihsiang Machinery Manufacturing Co. Ltd. (b)		27,000		30,700
Portwell, Inc.		28,000		27,623
Pou Chen Corp.		246,531		267,122
Powertech Technology, Inc.		73,285		121,315
Precision Silicon Corp.		909		383
Promate Electronic Co., Ltd.		63,000		57,517
ProMOS Technologies, Inc. (b)(f)		130,950		0
Quanta Computer, Inc.		237,664		528,540
Sampo Corp.		229,000		77,348
Sesoda Corp.		76,000		80,823
Shih Wei Navigation Co., Ltd.		112,402		76,871
Shin Kong Financial Holding Co., Ltd. (b)		265,252		83,383
Siliconware Precision Industries Co.		172,578		196,226
Sinbon Electronics Co., Ltd.		81,000		77,065
Sinon Corp.		126,000		61,309
SinoPac Financial Holdings Co., Ltd.		582,480		279,528
Sinphar Pharmaceutical Co., Ltd.		79,000		101,450
Solar Applied Materials Technology Corp.		177,250		208,355
Solartech Energy Corp. (b)		8,993		6,075
Stark Technology, Inc.		59,000		50,412
Supreme Electronics Co. Ltd.		130,000		62,386
Ta Ya Electric Wire & Cable		399,000		95,272
Tainan Enterprises Co., Ltd.		43,000		46,016
Taishin Financial Holdings Co., Ltd.		556,495		232,629
Taisun Enterprise Co., Ltd.		162,000		82,889
Taiwan Acceptance Corp.		9,000		22,634
Taiwan Cement Corp.		303,533		380,653
Taiwan Chinsan Electronic Industrial Co. Ltd.		31,000		46,392
Taiwan Cogeneration Corp.		45,000		30,399
Taiwan Fire & Marine Insurance Co.		26,000		19,216
Taiwan FU Hsing Industrial Co., Ltd.		36,000		34,733
Taiwan Land Development Corp. (b)		174,816		67,231
Taiwan Mobile Co., Ltd.		4,000		13,577
Taiwan Paiho Ltd.		57,000		36,694
Taiwan Pulp & Paper Corp.		315,000		96,599
Taiwan Sakura Corp.		103,000		54,596
Taiwan Semiconductor Manufacturing Co., Ltd.		1,185,000		3,982,694
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		62,868		1,086,104
Taiwan Tea Corp.		107,913		62,433
Taiwan Union Technology Corp.		133,000		79,838
Taiyen Biotech Co., Ltd.		67,000		66,658
Tatung Co., Ltd. (b)		175,885		44,291
TPK Holding Co. Ltd.		5,000		99,323
Transasia Airways Corp.		263,000		128,850
Tripod Technology Corp.		73,320		161,340
Uni-President Enterprises Corp.		108,370		205,125
United Microelectronics Corp. ADR		257,200		467,131
Unity Opto Technology Co., Ltd. (b)		12,759		12,289
Ve Wong Corp.		61,000		41,615
Visual Photonics Epitaxy Co., Ltd.		160,259		187,578
Wei Chuan Food Corp.		33,000		49,441
Wei Mon Industry Co. Ltd. (b)		194,000		71,690
Weikeng Industrial Co., Ltd.		67,000		49,630
Wistron Corp.		145,355		161,627
Zeng Hsing Industrial Co. Ltd.		23,000		91,531
Zenitron Corp.		143,000		89,427
				29,342,214
THAILAND — 3.1%
Advanced Info Service PCL		123,415		1,011,426
Bangkok Expressway PCL		354,759		481,532
Bank of Ayudhya PCL, ADR		40,600		49,563

See accompanying notes to financial statements.

135

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Banpu PCL		14,008	$	180,332
BEC World PCL		17,600		38,614
Electricity Generating PCL		80,874		430,813
IRPC PCL		905,658		121,847
Jasmine International PCL		174,500		40,519
Kasikornbank PCL		58,200		421,322
PTT Exploration & Production PCL		126,441		639,005
PTT PCL		74,824		832,939
Siam Cement PCL		39,500		669,011
Siam Commercial Bank PCL		116,702		717,308
Siam Future Development PCL		109,200		37,662
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		59,266		30,761
Thai Airways International PCL		62,100		60,435
Thai Beverage PCL		179,000		88,014
Thai Oil PCL		111,995		250,493
Thaicom PCL (b)		40,000		49,513
Ticon Industrial Connection PCL		101,400		90,891
Tisco Financial Group PCL		151,653		287,408
TMB Bank PCL		4,531,317		393,018
True Corp. PCL, NVDR (b)		205,800		57,625
				6,980,051
TURKEY — 2.3%
Akbank TAS		102,573		536,248
Anadolu Efes Biracilik Ve Malt Sanayii AS		22,047		359,429
Dogan Sirketler Grubu Holdings AS (b)		148,424		88,587
Dogan Yayin Holding AS (b)		122,907		56,376
Eregli Demir ve Celik Fabrikalari TAS		133,905		173,163
Haci Omer Sabanci Holding AS		54,713		328,066
KOC Holding AS		82,111		476,466
Migros Ticaret AS (b)		860		10,765
Tupras-Turkiye Petrol Rafinerileri AS		12,429		377,781
Turkcell Iletisim Hizmetleri AS (b)		47,151		316,598
Turkiye Garanti Bankasi AS		220,169		1,175,370
Turkiye Is Bankasi (Class C)		128,119		492,793
Ulker Biskuvi Sanayi AS		52,087		392,919
Yapi ve Kredi Bankasi AS (b)		82,423		258,725
				5,043,286
TOTAL COMMON STOCKS —
(Cost $222,240,588)				217,922,968
PREFERRED STOCKS — 0.2%
COLOMBIA — 0.1%
Banco Davivienda SA Preference Shares		11,527		163,951
PANAMA — 0.1%
Avianca Taca Holding SA Preference Shares		102,484		252,005
TOTAL PREFERRED STOCKS —
(Cost $396,174)				415,956
WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
Dialog Group Bhd (expiring 2/12/17) (b)		41,450		6,091
KNM Group Bhd (expiring 11/15/17) (b)		63,006		2,136
TOTAL WARRANTS —
(Cost $0)				8,227
RIGHTS — 0.0% (g)
HONG KONG — 0.0% (g)
Li Ning Co., Ltd. (expiring 4/15/13) (b)		34,000		4,687
INDIA — 0.0%
Alok Industries Ltd. (expired 2/15/13) (b)(d)		160,754		0
POLAND — 0.0%
Polimex-Mostostal SA (expired 12/31/12) (b)(d)		35,691		0
TOTAL RIGHTS —
(Cost $0)				4,687
SHORT TERM INVESTMENTS — 7.0%
UNITED STATES — 7.0%
MONEY MARKET FUNDS — 7.0%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		12,792,104		12,792,104
State Street Institutional Liquid Reserve Fund 0.13% (i)(j)		2,858,047		2,858,047
TOTAL SHORT TERM INVESTMENTS —
(Cost $15,650,151)				15,650,151
TOTAL INVESTMENTS — 105.0%
(Cost $238,286,913)				234,001,989
OTHER ASSETS & LIABILITIES — (5.0)%				(11,037,905	)
NET ASSETS — 100.0%			$	222,964,084

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(e)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.9% of net assets as of March 31, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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.

See accompanying notes to financial statements.

136

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

March 31, 2013 (Unaudited)

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

At March 31, 2013, open futures contracts purchased were as follows:

	Expiration				Aggregate				Unrealized
Futures	Date		Contracts		Face Value		Value		Appreciation
MSCI Taiwan Index Futures		4/29/2013		107	$	3,010,898	$	3,043,080	$	32,182

See accompanying notes to financial statements.

137

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
BRAZIL — 23.8%
AES Tiete SA Preference Shares		445,075	$	4,326,367
Banco do Brasil SA		89,638		1,220,306
Banco do Brasil SA ADR		1,124,207		15,379,152
Bradespar SA Preference Shares		679,447		8,872,388
Centrais Eletricas Brasileiras SA Preference Shares (Class H)		2,517,220		15,854,734
Cia Energetica do Ceara Preference Shares		71,695		1,777,841
Companhia de Transmissao de Energia Electrica Paulista Preference Shares		352,158		5,850,816
Companhia Energetica de Minas Gerais ADR (a)		1,442,935		17,098,780
Companhia Energetica de Sao Paulo Preference Shares		703,430		7,099,363
CPFL Energia SA ADR (a)		336,038		7,036,636
EDP — Energias do Brasil SA		1,399,867		8,761,535
Eletropaulo Metropolitana SA Preference Shares		812,395		3,984,718
Oi SA ADR (a)		1,218,763		3,705,039
Tractebel Energia SA		57,525		991,107
Tractebel Energia SA ADR (a)		314,156		5,419,191
Vale SA Preference Shares ADR		810,702		13,400,904
				120,778,877
CHILE — 1.5%
Administradora de Fondos de Pensiones Provida SA ADR		10,018		1,066,917
Aguas Andinas SA Class A		2,728,064		2,139,658
Banco de Chile ADR (a)		2,465		233,731
Corpbanca SA ADR (a)		52,925		1,106,662
ENTEL Chile SA		142,146		3,010,151
				7,557,119
CHINA — 6.8%
Anta Sports Products, Ltd. (a)		4,896,000		4,187,931
Bank of China, Ltd.		33,114,536		15,357,169
China Citic Bank Corp., Ltd. (a)		658,000		395,004
China Hongqiao Group, Ltd.		1,887,289		931,166
China Southern Airlines Co., Ltd. (Class H)		7,030,000		4,011,890
Dongyue Group (a)		6,253,000		3,624,857
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		184,311		309,138
Jiangsu Expressway Co., Ltd. (a)		3,032,000		3,034,871
Lonking Holdings, Ltd. (a)		932,000		212,510
Soho China, Ltd. (a)		306,500		255,856
Zhejiang Expressway Co., Ltd. (Class H)		2,554,000		2,016,840
				34,337,232
CZECH REPUBLIC — 3.3%
CEZ AS		394,144		11,561,673
Komercni Banka AS		1,379		263,877
Telefonica O2 Czech Republic AS (a)		312,093		4,713,526
				16,539,076
EGYPT — 0.2%
Telecom Egypt		403,440		785,169
HONG KONG — 0.5%
Bosideng International Holdings, Ltd. (a)		8,453,600		2,624,513
China Mobile, Ltd.		15,837		167,701
				2,792,214
INDONESIA — 1.0%
AKR Corporindo Tbk PT		618,500		318,240
Aneka Tambang Persero Tbk PT		5,815,000		819,815
Astra Agro Lestari Tbk PT		109,500		208,464
Harum Energy Tbk PT		3,515,000		1,736,249
Indo Tambangraya Megah Tbk PT		566,000		2,067,713
				5,150,481
MALAYSIA — 3.2%
British American Tobacco Malaysia Bhd		15,400		309,144
Malayan Banking Bhd		5,186,847		15,661,882
Maxis Bhd		106,200		223,958
				16,194,984
POLAND — 5.0%
KGHM Polska Miedz SA		249,874		12,123,205
Polska Grupa Energetyczna SA		1,281,890		6,597,746
Powszechny Zaklad Ubezpieczen SA		25,340		3,147,584
Synthos SA		765,449		1,482,676
Tauron Polska Energia SA		1,396,755		1,838,033
				25,189,244
RUSSIA — 8.1%
CTC Media, Inc.		329,058		3,879,594
Gazprom Neft JSC ADR		10,013		212,616
Gazprom OAO ADR		1,619,241		13,934,929
Surgutneftegas OJSC ADR Preference Shares		1,423,725		9,898,815
TNK-BP Holding		646,987		801,334
VimpelCom, Ltd. ADR		1,046,928		12,447,974
				41,175,262
SOUTH AFRICA — 10.0%
African Bank Investments, Ltd. (a)		4,249,337		14,029,442
Capital Property Fund		1,260,093		1,531,431
Fountainhead Property Trust		1,236,315		1,207,417
Kumba Iron Ore, Ltd. (a)		233,062		12,497,699
MMI Holdings, Ltd.		1,977,789		5,007,825
Redefine Properties, Ltd.		2,447,106		2,640,632
Resilient Property Income Fund, Ltd.		41,236		244,959
Vodacom Group, Ltd. (a)		1,127,144		13,501,967
				50,661,372
SOUTH KOREA — 3.4%
KT Corp. ADR (b)		20,249		319,924
SK Telecom Co., Ltd.		105,842		17,171,024
				17,490,948
TAIWAN — 17.6%
Asia Cement Corp.		2,235,572		2,725,076
Chicony Electronics Co., Ltd.		1,139,446		2,998,893
China Development Financial Holding Corp. (b)		25,296,000		7,232,867
China Petrochemical Development Corp.		18,503,000		9,993,260

See accompanying notes to financial statements.

138

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
China Steel Chemical Corp.		194,000	$	953,699
Chunghwa Telecom Co., Ltd. ADR (a)		113,137		3,541,458
E Ink Holdings, Inc.		7,082,000		5,589,339
Far Eastern New Century Corp.		197,830		203,437
Farglory Land Development Co., Ltd.		694,000		1,285,765
Highwealth Construction Corp.		835,800		1,749,723
HTC Corp.		1,593,105		13,026,141
LCY Chemical Corp.		1,099,681		1,235,659
Lite-On Technology Corp.		2,460,754		3,966,502
Macronix International Co., Ltd.		659		190
Pou Chen Corp.		242,000		262,212
Quanta Computer, Inc.		6,939,000		15,431,603
Synnex Technology International Corp.		3,885,000		7,119,739
Taiwan Cement Corp.		179,000		224,479
Taiwan Mobile Co., Ltd.		200		679
TSRC Corp.		1,341,800		2,647,478
United Microelectronics Corp. ADR (a)		140,513		255,202
Wistron Corp.		5,464,670		6,076,424
WPG Holdings, Ltd.		2,174,000		2,493,711
				89,013,536
THAILAND — 5.0%
Advanced Info Service PCL		30		246
Advanced Info Service PCL, NVDR		38,149		312,643
BTS Group Holdings PCL		1,040,549		333,999
Land and Houses PCL, NVDR		10,387,045		4,646,416
Shin Corp. PCL, NVDR (a)		7,180,000		19,859,314
Thai Oil PCL		174,400		390,070
				25,542,688
TURKEY — 9.8%
Arcelik AS		36,361		261,229
Aygaz AS		45,605		273,454
Eregli Demir ve Celik Fabrikalari TAS		10,960,063		14,173,278
Ford Otomotiv Sanayi AS		193,467		2,811,927
Tofas Turk Otomobil Fabrikasi AS		44,720		322,518
Tupras-Turkiye Petrol Rafinerileri AS		553,409		16,820,942
Turk Telekomunikasyon AS		2,563,651		11,419,192
Turk Traktor ve Ziraat Makineleri AS		54,619		1,841,259
Ulker Biskuvi Sanayi AS		204,042		1,539,195
				49,462,994
TOTAL COMMON STOCKS —
(Cost $518,539,233)				502,671,196
SHORT TERM INVESTMENTS — 9.7%
UNITED STATES — 9.7%
MONEY MARKET FUNDS — 9.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		48,275,613		48,275,613
State Street Institutional Liquid Reserves Fund 0.13% (d)(e)		715,738		715,738
TOTAL SHORT TERM INVESTMENTS —
(Cost $48,991,351)				48,991,351
TOTAL INVESTMENTS — 108.9%
(Cost $567,530,584)				551,662,547
OTHER ASSETS & LIABILITIES — (8.9)%				(45,179,911	)
NET ASSETS — 100.0%			$	506,482,636

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Investments of cash collateral for securities loaned.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

See accompanying notes to financial statements.

139

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BRAZIL — 21.3%
Banco Bradesco SA Preference Shares ADR (a)		670,216	$	11,407,071
BRF — Brasil Foods SA ADR		212,640		4,701,470
Companhia de Bebidas das Americas Preference Shares ADR		240,953		10,199,541
Gerdau SA ADR		286,551		2,209,308
Itau Unibanco Holding SA Preference Shares ADR		732,029		13,030,116
Petroleo Brasileiro SA ADR		508,259		8,421,852
Ultrapar Participacoes SA ADR		133,374		3,385,032
Vale SA ADR (a)		412,304		7,128,736
				60,483,126
CHINA — 38.3%
Agricultural Bank of China, Ltd. (a)		7,474,000		3,581,674
Baidu, Inc. ADR (a)(b)		84,476		7,408,545
Bank of China, Ltd.		21,661,254		10,045,605
China Construction Bank Corp.		25,918,610		21,168,543
China Life Insurance Co., Ltd.		2,325,000		6,020,173
China Merchants Bank Co., Ltd.		1,225,936		2,596,328
China Petroleum & Chemical Corp.		5,388,288		6,344,348
China Shenhua Energy Co., Ltd.		1,068,000		3,879,809
China Telecom Corp., Ltd.		4,388,610		2,210,516
Industrial & Commercial Bank of China		26,027,960		18,240,176
PetroChina Co., Ltd.		6,666,171		8,742,069
Ping An Insurance Group Co. of China, Ltd.		587,500		4,556,112
Tencent Holdings, Ltd.		333,300		10,596,696
Want Want China Holdings, Ltd.		2,197,000		3,367,961
				108,758,555
HONG KONG — 11.5%
China Mobile, Ltd.		1,676,000		17,747,444
China Overseas Land & Investment, Ltd. (a)		1,210,560		3,337,260
China Unicom (Hong Kong), Ltd. (a)		1,350,000		1,808,661
CNOOC, Ltd.		5,112,221		9,825,812
				32,719,177
INDIA — 7.3%
HDFC Bank, Ltd. ADR		123,834		4,633,868
ICICI Bank, Ltd. ADR		88,721		3,806,131
Infosys Technologies, Ltd. ADR (a)		154,172		8,311,413
Reliance Industries, Ltd. GDR (c)		139,277		3,966,609
				20,718,021
RUSSIA — 21.4%
Gazprom OAO ADR		1,899,072		16,343,110
Lukoil OAO ADR (d)		164,170		10,617,603
Lukoil OAO ADR (d)		1,675		108,498
MMC Norilsk Nickel OJSC ADR		225,859		3,821,314
Mobile TeleSystems ADR		163,929		3,404,821
NovaTek OAO GDR		42,241		4,551,412
Rosneft Oil Co. GDR		331,612		2,548,991
Sberbank of Russia ADR (d)		14,597		186,470
Sberbank of Russia ADR (d)		810,624		10,412,216
Surgutneftegas OJSC ADR		309,952		2,769,975
Tatneft ADR		73,089		2,923,811
Uralkali OJSC GDR		79,251		2,931,137
				60,619,358
TOTAL COMMON STOCKS —
(Cost $314,304,381)				283,298,237
SHORT TERM INVESTMENTS — 7.8%
UNITED STATES — 7.8%
MONEY MARKET FUNDS — 7.8%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		21,345,997		21,345,997
State Street Institutional Liquid Reserve Fund 13.00% (f)(g)		830,230		830,230
TOTAL SHORT TERM INVESTMENTS —
(Cost $22,176,227)				22,176,227
TOTAL INVESTMENTS — 107.6%
(Cost $336,480,608)				305,474,464
OTHER ASSETS & LIABILITIES — (7.6)%				(21,582,176	)
NET ASSETS — 100.0%			$	283,892,288

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.4% of net assets as of March 31, 2013, 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.

140

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
CZECH REPUBLIC — 3.3%
CEZ AS		54,905	$	1,610,563
Komercni Banka AS		3,736		714,898
Telefonica O2 Czech Republic AS		22,478		339,484
Unipetrol (a)		36,820		313,650
				2,978,595
HUNGARY — 2.9%
Magyar Telekom Telecommunications PLC		182,490		317,918
MOL Hungarian Oil and Gas NyRt (b)		11,339		798,522
OTP Bank NyRt		47,362		856,064
Richter Gedeon NyRt		4,854		680,079
				2,652,583
POLAND — 12.4%
Agora SA		44,142		103,147
Asseco Poland SA		21,388		276,191
Bank Pekao SA		28,669		1,383,890
Bioton SA (a)		1,050,685		16,152
BRE Bank SA (a)		5,008		526,599
Echo Investment SA (a)		130,794		235,252
Getin Holding SA (a)		80,981		67,724
Getin Noble Bank SA (a)		236,985		127,511
Globe Trade Centre SA (a)		52,665		123,872
ING Bank Slaski SA (a)		20,506		572,474
KGHM Polska Miedz SA		34,570		1,677,242
Lubelski Wegiel Bogdanka SA		9,734		357,343
Netia SA (a)		392,574		509,358
Orbis SA		6,517		72,114
Polimex- Mostostal SA (a)		148,638		16,909
Polska Grupa Energetyczna SA		99,623		512,749
Polski Koncern Naftowy Orlen SA (a)		60,541		956,758
Powszechna Kasa Oszczednosci Bank Polski SA		147,972		1,571,871
Powszechny Zaklad Ubezpieczen SA		5,907		733,732
Rovese SA (a)		231,320		96,014
Tauron Polska Energia SA		388,390		511,094
Telekomunikacja Polska SA		303,912		623,251
TVN SA		77,757		227,836
				11,299,083
RUSSIA — 58.5%
Etalon Group, Ltd. GDR (a)		12,978		64,890
Eurasia Drilling Co., Ltd. GDR		5,177		183,784
Evraz PLC		109,398		368,776
Federal Hydrogenerating Co. JSC ADR (c)		179,421		345,256
Federal Hydrogenerating Co. JSC ADR (c)		8,603		16,788
Gazprom Neft JSC ADR		24,816		528,440
Gazprom OAO ADR		1,264,950		10,885,957
Globaltrans Investment PLC GDR		15,307		241,544
Integra Group Holdings GDR (a)		121,729		45,648
LSR Group OJSC GDR (c)		36,490		156,185
LSR Group OJSC GDR (c)		1,749		7,486
Lukoil OAO ADR		112,603		7,282,536
Magnit OJSC GDR (b)		45,527		2,034,330
Mechel OAO ADR		27,596		139,908
MMC Norilsk Nickel OJSC ADR		187,614		3,174,246
Mobile TeleSystems ADR		99,508		2,066,791
Mobile Telesystems OJSC		111,839		994,571
NovaTek OAO GDR		27,652		2,979,466
Novolipetsk Steel OJSC GDR		8,797		139,325
O’Key Group SA GDR		7,128		81,259
Pharmstandard GDR (a)		9,535		196,898
Phosagro OAO GDR		4,192		57,911
PIK Group GDR (a)		68,415		134,641
Polymetal International PLC		46,776		615,449
Polyus Gold International, Ltd. (a)		94,171		305,650
Rosneft Oil Co. GDR		325,231		2,499,943
Rostelecom ADR		46,610		1,105,035
Sberbank		2,170,086		6,900,873
Severstal GDR		68,333		611,511
Sistema JSFC GDR		30,870		569,850
Surgutneftegas OJSC ADR		322,630		2,883,276
Tatneft ADR		42,273		1,691,065
TMK OAO GDR		8,629		105,063
United Co. RUSAL PLC (a)		6,000		3,007
Uralkali OJSC GDR		44,801		1,656,987
VimpelCom, Ltd. ADR		79,548		945,826
VTB Bank OJSC GDR (b)		289,585		910,302
X5 Retail Group NV GDR (a)		13,887		233,302
Yandex NV (a)(b)		11,220		259,406
				53,423,181
TURKEY — 22.6%
Akbank TAS		318,010		1,662,545
Anadolu Anonim Turk Sigorta (a)		344,764		238,162
Anadolu Efes Biracilik Ve Malt Sanayii AS		72,791		1,186,700
Arcelik AS		151,215		1,086,375
Asya Katilim Bankasi AS (a)		103,746		136,455
BIM Birlesik Magazalar AS		18,139		887,152
Coca-Cola Icecek AS		4,810		138,891
Dogan Sirketler Grubu Holdings AS (a)		355,141		211,966
Dogan Yayin Holding AS (a)		820,144		376,192
Dogus Otomotiv Servis ve Ticaret AS		175,722		1,121,630
Enka Insaat ve Sanayi AS		149,361		467,192
Eregli Demir ve Celik Fabrikalari TAS		406,284		525,396
Haci Omer Sabanci Holding AS		166,644		999,219
KOC Holding AS		227,229		1,318,544
Koza Altin Isletmeleri AS		2,209		51,273
Tupras-Turkiye Petrol Rafinerileri AS		31,315		951,824
Turk Hava Yollari Anonim Ortakligi (a)		388,356		1,605,362
Turk Telekomunikasyon AS		55,256		246,125
Turkcell Iletisim Hizmetleri AS (a)		192,017		1,289,310
Turkiye Garanti Bankasi AS		642,218		3,428,475
Turkiye Halk Bankasi AS		42,263		456,613
Turkiye Is Bankasi (Class C)		270,353		1,039,877
Ulker Biskuvi Sanayi AS		8,824		66,564
Vestel Elektronik Sanayi (a)		179,684		198,601
Yapi ve Kredi Bankasi AS (a)		299,631		940,538
				20,630,981
TOTAL COMMON STOCKS —
(Cost $115,737,309)				90,984,423

See accompanying notes to financial statements.

141

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
RIGHTS — 0.0%
POLAND — 0.0%
Polimex-Mostostal SA (expired 12/31/12) (a)(d) (Cost $0)		141,838	$	0
SHORT TERM INVESTMENTS — 2.0%
UNITED STATES — 2.0%
MONEY MARKET FUNDS — 2.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		1,551,671		1,551,671
State Street Institutional Liquid Reserves Fund 0.13% (f)(g)		212,556		212,556
TOTAL SHORT TERM INVESTMENTS —
(Cost $1,764,227)				1,764,227
TOTAL INVESTMENTS — 101.7%
(Cost $117,501,536)				92,748,650
OTHER ASSETS & LIABILITIES — (1.7)%				(1,508,171	)
NET ASSETS — 100.0%			$	91,240,479

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(e)	Investments of cash collateral for securities loaned.
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

142

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
BRAZIL — 55.7%
AES Tiete SA Preference Shares		31,355	$	304,787
All America Latina Logistica SA		75,846		379,916
B2W Companhia Global do Varejo (a)		29,870		220,727
Banco Bradesco SA Preference Shares ADR (b)		260,995		4,442,131
Banco do Brasil SA		74,201		1,010,151
Banco do Brasil SA ADR		28,396		388,457
Banco Santander Brazil SA ADS		79,087		574,172
BM&FBOVESPA SA		253,059		1,711,868
BR Malls Participacoes SA		40,555		506,045
BR Properties SA		21,443		238,214
Bradespar SA Preference Shares		43,625		569,666
Braskem SA Preference Shares ADR (b)		19,862		268,931
BRF — Brasil Foods SA		26,155		578,527
BRF — Brasil Foods SA ADR		49,161		1,086,950
CCR SA		108,951		1,109,854
Centrais Eletricas Brasileiras SA		5,982		20,738
Centrais Eletricas Brasileiras SA ADR		43,554		148,955
CETIP SA — Balcao Organizado de Ativos e Derivativos		25,470		303,162
Cia Hering		15,546		278,330
Cielo SA		28,277		834,840
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (b)		19,622		1,045,460
Companhia de Bebidas das Americas Preference Shares ADR		110,793		4,689,868
Companhia de Saneamento Basico do Estado de Sao Paulo (a)		25,529		1,220,520
Companhia Energetica de Minas Gerais ADR (b)		81,009		959,957
Companhia Energetica de Sao Paulo Preference Shares		38,515		388,712
Companhia Paranaense de Energia Preference Shares		21,075		323,282
Companhia Siderurgica Nacional SA ADR (b)		117,357		525,759
Cosan SA Industria e Comercio		24,965		561,367
CPFL Energia SA ADR (b)		11,302		236,664
Cyrela Brazil Realty SA		52,313		449,617
Cyrela Commercial Properties SA Empreendimentos e Participacoes		40,770		501,651
Diagnosticos da America SA		24,373		141,305
Duratex SA		84,819		685,670
Empresa Brasileira de Aeronautica SA		74,560		665,599
Fertilizantes Heringer SA (a)		3,931		23,395
Fibria Celulose SA ADR (a)(b)		42,755		516,053
Gafisa SA (a)		36,820		73,773
Gerdau SA ADR		72,100		555,891
Gerdau SA Preference Shares		14,025		108,230
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		23,899		139,861
Hypermarcas SA (a)		38,017		299,596
Investimentos Itau SA		69,056		493,514
Investimentos Itau SA Preference Shares		355,397		1,859,518
Itau Unibanco Holding SA Preference Shares ADR		278,628		4,959,578
JBS SA (a)		116,020		391,269
Klabin SA Preference Shares		64,515		446,343
LLX Logistica SA (a)		68,152		70,979
Lojas Americanas SA Preference Shares		133,858		1,155,121
Lojas Renner SA		23,424		878,480
Metalurgica Gerdau SA Preference Shares		62,621		605,604
MMX Mineracao e Metalicos SA (a)		20,999		23,016
MRV Engenharia e Participacoes SA		2,213		9,208
Multiplan Empreendimentos Imobiliarios SA		9,457		272,029
Natura Cosmeticos SA		29,842		730,824
OGX Petroleo e Gas Participacoes SA (a)		94,482		108,242
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		74,346		86,985
Oi SA		473		1,630
Oi SA ADR (c)		17,746		59,627
Oi SA ADR (b)(c)		129,464		393,571
Oi SA Preference Shares		5,156		15,598
PDG Realty SA Empreendimentos e Participacoes		136,959		211,244
Petroleo Brasileiro SA ADR (c)		183,763		3,044,953
Petroleo Brasileiro SA ADR (c)		252,471		4,582,349
Souza Cruz SA		75,861		1,111,381
Telefonica Brasil SA Preference Shares		43,978		1,176,687
Tim Participacoes SA		26,616		117,745
Tim Participacoes SA ADR		25,504		558,028
Totvs SA		15,263		313,685
Tractebel Energia SA ADR (b)		3,946		68,069
Ultrapar Participacoes SA ADR		51,406		1,304,684
Usinas Siderurgicas de Minas Gerais SA ADR (a)(b)		75,810		405,682
Usinas Siderurgicas de Minas Gerais SA Preference Shares (a)		21,627		116,053
Vale SA ADR (b)		166,582		2,880,203
Vale SA Preference Shares ADR		254,963		4,214,538
Weg SA		24,345		314,402
				62,069,490
CHILE — 11.0%
Almendral SA		2,651,140		427,667
Antarchile SA		41,007		664,978
Banco de Chile ADR (b)		6,368		603,814
Banco de Credito e Inversiones		10,356		736,939
Banco Santander Chile ADR (b)		7,752		220,699
CAP SA		20,566		666,569
Cencosud SA		207,010		1,285,722
Compania General de Electricidad SA		117,249		738,165
Empresa Nacional de Electricidad SA ADR (b)		18,812		998,541
Empresas CMPC SA		208,566		759,547
Empresas COPEC SA		77,617		1,126,866
Enersis SA ADR		58,662		1,128,657
Latam Airlines Group SA, ADR (b)		38,603		839,229
SACI Falabella		134,070		1,614,240

See accompanying notes to financial statements.

143

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Sociedad Quimica y Minera de Chile SA ADR		7,249	$	401,957
				12,213,590
COLOMBIA — 4.1%
Almacenes Exito SA		25,547		461,188
BanColombia SA ADR		15,658		990,368
Ecopetrol SA, ADR (b)		23,491		1,280,729
Grupo Argos SA		37,631		447,949
Grupo Aval Acciones y Valores Preference Shares		548,387		386,991
Grupo de Inversiones Suramericana SA		27,410		584,787
Grupo Nutresa SA		30,833		438,544
				4,590,556
MEXICO — 24.5%
Alfa SAB de CV (Class A)		514,991		1,258,768
America Movil SAB de CV (b)		5,890,261		6,248,689
Cemex SAB de CV (a)(b)		1,296,399		1,579,110
Corporacion GEO SAB de CV (a)(b)		97,599		58,848
Desarrolladora Homex SAB de CV (a)(b)		48,099		72,777
Empresas ICA SAB de CV (a)		87,483		292,174
Fomento Economico Mexicano SAB de CV		232,394		2,617,344
Grupo Aeroportuario del Sureste SAB de CV (b)		46,340		630,252
Grupo Bimbo SAB de CV (b)		384,412		1,230,265
Grupo Carso SA de CV (b)		113,377		632,621
Grupo Elektra SA de CV		7,827		308,693
Grupo Financiero Banorte SAB de CV		249,719		1,997,080
Grupo Financiero Inbursa SA		368,567		1,076,206
Grupo Mexico SAB de CV		384,005		1,552,620
Grupo Modelo SAB de CV (b)		98,283		891,697
Grupo Televisa SA de CV (Series CPO) (b)		224,315		1,191,642
Grupo Televisa SA de CV ADR		1,795		47,765
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)		283,925		613,909
Industrias Penoles SA de CV		13,788		655,277
Inmuebles Carso SAB de CV (a)		153,620		152,884
Kimberly-Clark de Mexico SAB de CV		319,460		1,116,116
Minera Frisco SAB de CV (a)(b)		116,544		505,877
TV Azteca SAB de CV (b)		509,812		361,934
Urbi Desarrollos Urbanos SA de CV (a)(b)		118,040		30,421
Wal-Mart de Mexico SAB de CV		687,606		2,251,313
				27,374,282
PERU — 3.8%
Compania de Minas Buenaventura SA ADR		31,535		818,649
Compania Minera Milpo SA		156,255		133,330
Credicorp, Ltd.		9,930		1,648,876
Minsur SA		367,720		319,448
Southern Copper Corp. (b)		25,248		948,567
Volcan Compania Minera SAA (Class B)		400,864		342,049
				4,210,919
TOTAL COMMON STOCKS —
(Cost $126,840,002)				110,458,837
SHORT TERM INVESTMENTS — 10.2%
UNITED STATES — 10.2%
MONEY MARKET FUNDS — 10.2%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		11,122,062		11,122,062
State Street Institutional Liquid Reserve Fund 0.13% (e)(f)		213,181		213,181
TOTAL SHORT TERM INVESTMENTS —
(Cost $11,335,243)				11,335,243
TOTAL INVESTMENTS — 109.3%
(Cost $138,175,245)				121,794,080
OTHER ASSETS & LIABILITIES — (9.3)%				(10,314,665	)
NET ASSETS — 100.0%			$	111,479,415

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(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.

144

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
EGYPT — 3.9%
Arab Cotton Ginning		38,718	$	20,432
Commercial International Bank Egypt SAE		117,000		526,608
Eastern Tobacco		21,207		299,228
Egyptian Financial Group-Hermes Holding (a)		88,888		131,312
Egyptian Kuwait Holding Co.		134,732		161,678
ElSwedy Electric Co.		20,659		57,758
Ezz Steel		54,707		73,821
Juhayna Food Industries		78,495		90,344
Maridive & Oil Services SAE (a)		40,352		44,791
Orascom Construction Industries (a)		23,301		826,198
Orascom Telecom Holding SAE GDR (a)		14,194		45,137
Palm Hills Developments SAE (a)		104,083		31,058
Sidi Kerir Petrochemicals Co.		60,744		119,380
Six of October Development & Investment Co. (a)		25,493		72,473
Talaat Moustafa Group (a)		284,714		157,778
Telecom Egypt		99,065		192,799
				2,850,795
MOROCCO — 3.0%
Attijariwafa Bank		23,109		855,849
Banque Centrale Populaire		18,483		410,714
Banque Marocaine du Commerce Exterieur		19,928		392,084
Banque Marocaine pour le Commerce et l’Industrie SA		2,510		228,010
Douja Promotion Groupe Addoha SA		15,979		109,444
Maroc Telecom		20,789		256,001
				2,252,102
SOUTH AFRICA — 92.4%
ABSA Group, Ltd. (b)		53,152		897,989
Acucap Properties, Ltd.		23,972		130,515
Adcock Ingram Holdings, Ltd. (b)		38,177		252,129
Adcorp Holdings, Ltd.		12,379		41,153
AECI, Ltd.		32,741		364,152
Afgri, Ltd.		86,217		50,277
African Bank Investments, Ltd. (b)		169,074		558,208
African Oxygen, Ltd.		23,363		58,086
African Rainbow Minerals, Ltd.		21,591		445,543
Allied Electronics Corp., Ltd. Preference Shares		48,051		108,940
Allied Technologies, Ltd.		11,499		46,375
Anglo Platinum, Ltd. (a)(b)		11,077		461,410
AngloGold Ashanti, Ltd.		81,290		1,905,800
Aquarius Platinum, Ltd. (a)(b)		83,082		59,924
ArcelorMittal South Africa, Ltd. (a)		29,899		92,684
Aspen Pharmacare Holdings, Ltd.		66,127		1,376,605
Assore, Ltd. (b)		11,622		393,398
Astral Foods, Ltd.		9,478		97,327
Aveng, Ltd.		87,518		307,834
AVI, Ltd.		58,283		341,206
Barloworld, Ltd.		50,303		525,485
Basil Read Holdings, Ltd. (a)		31,780		41,221
Bidvest Group, Ltd.		63,453		1,676,228
Blue Label Telecoms, Ltd.		56,628		48,700
Brait SE (a)(b)		84,654		321,105
Business Connexion Group, Ltd.		65,997		41,795
Capital Property Fund		393,017		477,646
Cipla Medpro South Africa, Ltd.		87,934		89,329
City Lodge Hotels, Ltd.		5,810		72,827
Clicks Group, Ltd.		69,103		436,787
Coronation Fund Managers, Ltd.		44,153		231,005
DataTec, Ltd. (b)		64,670		355,971
Discovery Holdings, Ltd.		80,368		685,381
DRDGOLD, Ltd.		106,653		83,235
Emira Property Fund		50,096		79,722
Eqstra Holdings, Ltd.		86,767		62,892
Exxaro Resources, Ltd. (b)		40,301		717,335
FirstRand, Ltd.		509,757		1,789,118
Fountainhead Property Trust		389,057		379,963
Gold Fields, Ltd.		163,757		1,254,802
Grindrod, Ltd.		110,436		240,747
Group Five, Ltd.		24,095		94,547
Growthpoint Properties, Ltd.		278,521		818,157
Harmony Gold Mining Co., Ltd.		83,513		538,065
Hudaco Industries, Ltd.		5,467		56,252
Hyprop Investments, Ltd.		52,682		420,046
Illovo Sugar, Ltd.		44,277		153,471
Impala Platinum Holdings, Ltd. (b)		113,435		1,676,589
Imperial Holdings, Ltd. (b)		35,021		802,497
Investec, Ltd.		38,657		270,763
JD Group, Ltd.		32,247		122,353
JSE, Ltd.		17,184		133,547
Kumba Iron Ore, Ltd. (b)		17,846		956,972
Lewis Group, Ltd. (b)		19,507		137,418
Liberty Holdings, Ltd.		24,151		315,890
Life Healthcare Group Holdings, Ltd.		184,069		694,187
Massmart Holdings, Ltd.		20,703		429,317
Medi-Clinic Corp., Ltd.		81,818		572,537
Merafe Resources, Ltd. (a)		362,770		28,865
MMI Holdings, Ltd.		274,513		695,076
Mondi, Ltd.		28,792		390,716
Mpact, Ltd.		39,730		101,290
Mr. Price Group, Ltd.		60,539		771,976
MTN Group, Ltd. (b)		340,291		5,989,481
Murray & Roberts Holdings, Ltd. (a)		93,244		238,739
Nampak, Ltd.		130,929		458,101
Naspers, Ltd.		90,140		5,628,315
Nedbank Group, Ltd. (b)		51,321		1,065,807
Netcare, Ltd.		284,580		615,102
Northam Platinum, Ltd. (a)		78,934		341,566
Omnia Holdings, Ltd.		10,945		188,492
Petmin, Ltd.		124,340		29,139
Pick n Pay Stores, Ltd.		73,616		341,583
Pick’ n Pay Holdings, Ltd. (b)		52,710		106,346
Pioneer Foods, Ltd.		20,054		156,441
PPC, Ltd.		124,990		436,640
Raubex Group, Ltd.		29,816		63,373
Redefine Properties, Ltd.		579,113		624,911
Remgro, Ltd.		107,598		2,147,984
Resilient Property Income Fund, Ltd.		51,121		303,680
Reunert, Ltd.		38,875		325,214
RMB Holdings, Ltd.		143,502		650,686

See accompanying notes to financial statements.

145

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
RMI Holdings		175,801	$	446,283
SA Corporate Real Estate Fund		423,908		199,607
Sanlam, Ltd.		417,279		2,145,875
Sappi, Ltd. (a)		122,247		382,686
Sasol, Ltd.		111,148		4,934,904
Shoprite Holdings, Ltd.		75,833		1,510,965
Sibanye Gold, Ltd. (a)		178,824		260,991
Standard Bank Group, Ltd.		286,362		3,695,306
Steinhoff International Holdings, Ltd. (a)(b)		304,881		831,121
Sun International, Ltd.		18,211		200,482
Super Group, Ltd. (a)		65,083		172,383
Telkom SA, Ltd. (a)		47,856		78,243
The Foschini Group, Ltd.		42,498		522,514
The Spar Group, Ltd.		39,015		483,390
Tiger Brands, Ltd. (b)		34,465		1,104,449
Times Media Group, Ltd. (a)		2,996		5,388
Tongaat Hulett, Ltd.		19,261		301,161
Truworths International, Ltd.		97,464		957,913
Tsogo Sun Holdings, Ltd.		45,558		122,902
Village Main Reef, Ltd.		108,392		13,232
Vodacom Group, Ltd. (b)		59,008		706,852
Wilson Bayly Holmes-Ovcon, Ltd.		17,897		300,922
Woolworths Holdings, Ltd.		175,518		1,350,661
				68,221,210
TOTAL COMMON STOCKS —
(Cost $82,341,964)				73,324,107
SHORT TERM INVESTMENTS — 12.0%
UNITED STATES — 12.0%
MONEY MARKET FUNDS — 12.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		8,779,757		8,779,757
State Street Institutional Liquid Reserve Fund 0.13% (d)(e)		47,685		47,685
TOTAL SHORT TERM INVESTMENTS —
(Cost $8,827,442)				8,827,442
TOTAL INVESTMENTS — 111.3%
(Cost $91,169,406)				82,151,549
OTHER ASSETS & LIABILITIES — (11.3)%				(8,355,364	)
NET ASSETS — 100.0%			$	73,796,185

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Investments of cash collateral for securities loaned.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

146

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March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.7%
AUSTRALIA — 7.9%
Abacus Property Group		351,484	$	787,845
Alumina, Ltd. (a)(b)		271,910		314,662
Amcor, Ltd.		61,222		592,314
AMP, Ltd.		112,429		610,679
Ansell, Ltd.		49,996		837,622
APA Group		66,143		410,986
Aristocrat Leisure, Ltd. (a)		101,062		385,625
Australia & New Zealand Banking Group, Ltd.		86,942		2,585,998
BHP Billiton, Ltd.		139,716		4,771,850
Billabong International, Ltd. (b)		72,522		55,194
BlueScope Steel, Ltd. (b)		29,342		153,258
Brambles, Ltd.		96,984		856,407
Bunnings Warehouse Property Trust		131,768		326,952
Commonwealth Bank of Australia		59,074		4,188,571
Computershare, Ltd.		56,335		599,067
CSL, Ltd.		28,341		1,750,063
CSR, Ltd.		96,919		208,148
DUET Group		515,245		1,235,487
Envestra, Ltd.		408		449
GWA International, Ltd. (a)		224,173		588,953
Harvey Norman Holdings, Ltd. (a)		168,784		480,386
Hills Industries, Ltd.		193,911		225,410
Insurance Australia Group, Ltd.		128,550		765,253
Lend Lease Group		77,273		821,722
Macquarie Group, Ltd.		19,766		765,551
National Australia Bank, Ltd.		69,951		2,249,081
Newcrest Mining, Ltd.		47,658		996,201
Origin Energy, Ltd.		65,483		906,616
OZ Minerals, Ltd.		34,232		190,220
Perpetual, Ltd.		14,941		627,431
QBE Insurance Group, Ltd.		44,575		627,832
Rio Tinto, Ltd.		20,646		1,231,200
Santos, Ltd.		51,653		669,366
Shopping Centres Australasia Property Group (a)(b)		12,970		22,379
Sonic Healthcare, Ltd.		52,167		757,606
Suncorp Group, Ltd.		84,247		1,038,170
Sydney Airport		183,204		626,478
Tatts Group, Ltd.		251,651		831,677
Toll Holdings, Ltd.		57,368		354,667
Treasury Wine Estates, Ltd.		37,120		220,200
Wesfarmers, Ltd.		56,830		2,381,773
Westfield Group		68,077		770,064
Westfield Retail Trust		57,974		182,531
Westpac Banking Corp.		97,203		3,117,186
Woodside Petroleum, Ltd.		30,975		1,156,734
Woolworths, Ltd.		66,310		2,335,952
WorleyParsons, Ltd.		16,703		429,944
				46,041,760
AUSTRIA — 0.2%
Erste Group Bank AG (b)		11,081		309,198
OMV AG		11,813		503,234
Voestalpine AG		12,516		385,000
				1,197,432
BELGIUM — 1.1%
Ageas		15,598		528,475
Anheuser-Busch InBev NV		29,875		2,963,501
Bekaert NV (a)		3,312		91,778
Delhaize Group (a)		8,484		463,607
Gimv NV		9,741		487,703
KBC Groep NV		9,062		312,673
UCB SA		11,394		728,625
Umicore		16,596		780,938
				6,357,300
CANADA — 9.5%
AGF Management, Ltd. (a)		22,362		237,278
Agnico-Eagle Mines, Ltd.		9,440		387,189
Agrium, Inc. (a)		12,638		1,232,266
ARC Resources, Ltd. (a)		12,530		331,025
Bank of Montreal (a)		20,258		1,274,961
Bank of Nova Scotia (a)		40,223		2,340,254
Barrick Gold Corp.		40,483		1,189,047
BCE, Inc. (a)		9,204		429,964
Bombardier, Inc. (Class B)		99,533		394,821
Brookfield Asset Management, Inc. (Class A)		24,378		890,225
Cameco Corp. (a)		26,655		553,066
Canadian Imperial Bank of Commerce (a)		14,934		1,171,260
Canadian National Railway Co. (a)		23,247		2,336,255
Canadian Natural Resources, Ltd. (a)		50,931		1,632,780
Canadian Oil Sands, Ltd.		23,253		479,273
Canadian Pacific Railway, Ltd. (a)		11,953		1,559,379
Canadian Western Bank (a)		28,309		789,960
Cenovus Energy, Inc.		25,817		799,452
CGI Group, Inc. (Class A) (a)(b)		49,811		1,353,690
Crescent Point Energy Corp. (a)		23,896		902,024
Eldorado Gold Corp.		22,166		211,853
Enbridge, Inc.		29,699		1,382,709
EnCana Corp. (a)		31,678		616,130
Fairfax Financial Holdings, Ltd.		1,438		561,442
First Quantum Minerals, Ltd.		29,355		558,235
Fortis, Inc. (a)		8,377		281,583
Gildan Activewear, Inc.		16,818		670,932
Goldcorp, Inc.		33,690		1,133,446
Husky Energy, Inc. (a)		23,226		666,637
IAMGOLD Corp.		28,355		204,579
Imperial Oil, Ltd.		20,226		826,599
Intact Financial Corp. (a)		4,737		290,249
Kinross Gold Corp.		36,842		291,559
Lululemon Athletica, Inc. (a)(b)		3,647		227,087
Magna International, Inc. (Class A)		19,009		1,117,208
Manulife Financial Corp.		69,764		1,027,284
National Bank of Canada (a)		6,282		461,342
New Gold, Inc. (b)		20,064		182,481
Nordion, Inc.		37,060		245,863
Pacific Rubiales Energy Corp.		11,725		247,437
Pembina Pipeline Corp. (a)		10,335		326,545
Penn West Petroleum, Ltd. (a)		17,146		184,295
Potash Corp. of Saskatchewan, Inc.		42,255		1,659,505
Power Corp. of Canada (a)		12,530		336,699
Power Financial Corp. (a)		10,436		307,548
Research In Motion, Ltd. (a)(b)		21,699		322,297

See accompanying notes to financial statements.

147

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Richelieu Hardware, Ltd.		26,450	$	1,020,562
Rogers Communications, Inc. (Class B) (a)		25,266		1,290,470
Royal Bank of Canada (a)		53,366		3,214,724
Russel Metals, Inc. (a)		24,452		694,606
Shaw Communications, Inc. (Class B) (a)		27,359		677,546
Sherritt International Corp. (a)		54,669		271,206
Shoppers Drug Mart Corp. (a)		9,204		393,817
Silver Wheaton Corp.		13,394		419,242
SNC-Lavalin Group, Inc.		6,683		279,700
Sun Life Financial, Inc. (a)		25,936		707,659
Suncor Energy, Inc.		73,071		2,189,361
Talisman Energy, Inc.		57,781		706,373
Teck Resources, Ltd. (Class B)		26,948		758,613
TELUS Corp.		12,505		863,577
The Toronto-Dominion Bank (a)		33,026		2,749,485
Thomson Reuters Corp. (a)		14,223		461,430
Tim Hortons, Inc.		7,112		386,489
TMX Group, Ltd.		1,647		90,119
TransCanada Corp. (a)		29,762		1,420,795
Turquoise Hill Resources, Ltd. (a)(b)		16,325		103,965
Valeant Pharmaceuticals International, Inc. (b)		11,300		848,209
Yamana Gold, Inc. (a)		45,120		695,042
				54,868,703
CHINA — 0.5%
Chong Hing Bank, Ltd.		226,000		554,326
Dah Sing Banking Group, Ltd.		445,527		611,816
Dah Sing Financial Holdings, Ltd.		49,685		260,181
Hongkong Land Holdings, Ltd.		114,000		844,740
Sino Land Co., Ltd.		249,047		422,209
Transport International Holdings, Ltd.		218,800		490,441
				3,183,713
DENMARK — 1.3%
A P Moller — Maersk A/S		111		868,039
Danske Bank A/S (b)		33,625		602,360
DSV A/S (a)		30,675		742,372
FLSmidth & Co. A/S (a)		7,882		478,038
GN Store Nord A/S		49,583		883,962
Novo Nordisk A/S (Class B)		18,686		3,041,645
SimCorp A/S (a)		2,218		596,000
Vestas Wind Systems A/S (a)(b)		10,748		86,088
				7,298,504
FINLAND — 1.1%
Amer Sports Oyj (Class A)		4,523		74,749
Elisa Oyj (a)		18,609		346,250
Fortum Oyj		15,069		304,183
Kemira Oyj (a)		24,671		342,778
Kesko Oyj (Class B)		2,521		78,891
Kone Oyj (Class B) (a)		2,490		196,161
Konecranes Oyj (a)		2,316		76,580
Lassila & Tikanoja Oyj		24,820		399,667
Metso Oyj (a)		12,309		524,600
Neste Oil Oyj (a)		19,567		276,386
Nokia Oyj (a)		145,355		471,105
Pohjola Bank PLC (a)		30,583		445,340
Sampo Oyj (Class A)		20,447		787,679
Sanoma Oyj (a)		20,577		189,056
Stockmann Oyj Abp (Class B) (a)		13,188		206,942
Stora Enso Oyj		40,113		259,348
Tikkurila Oyj		6,171		129,957
UPM-Kymmene Oyj		29,213		326,545
Wartsila Oyj (a)		8,207		369,378
YIT Oyj		18,139		378,500
				6,184,095
FRANCE — 6.9%
Accor SA		11,408		396,988
Air Liquide SA		9,990		1,215,852
Alcatel-Lucent (a)(b)		133,298		179,897
Alstom SA		10,308		420,259
AXA SA		67,113		1,155,671
BNP Paribas		34,266		1,761,798
Bourbon SA		10,051		278,586
Bouygues SA		12,632		343,231
Cap Gemini SA		9,544		435,068
Carrefour SA		26,709		732,413
Casino Guichard-Perrachon SA		5,435		572,145
Compagnie de Saint-Gobain		20,564		763,668
Compagnie Generale de Geophysique-Veritas (b)		17,028		384,179
Compagnie Generale des Etablissements Michelin		9,357		783,999
Credit Agricole SA (b)		13,413		110,679
Danone		26,891		1,874,327
Edenred		11,408		373,989
EDF SA (a)		10,205		196,039
Essilor International SA		14,072		1,567,559
France Telecom SA		69,773		706,908
GDF Suez		54,502		1,051,189
Hermes International (a)		2,971		1,033,309
Hi-Media SA (b)		78,432		176,250
L’Oreal SA		3,298		523,864
Lafarge SA		7,827		520,925
Lagardere SCA		10,386		383,095
LVMH Moet Hennessy Louis Vuitton SA		8,332		1,432,612
Nexans SA		5,674		261,129
Pernod — Ricard SA		10,532		1,314,681
Peugeot SA (a)(b)		13,115		95,151
PPR		4,532		997,469
Publicis Groupe SA		13,392		899,557
Renault SA		9,151		574,320
Sanofi		40,202		4,092,184
Schneider Electric SA		22,580		1,652,713
Sechilienne-Sidec SA		12,521		222,362
Societe de la Tour Eiffel		3,536		202,056
Societe Generale (b)		24,456		804,883
Sodexo		7,743		722,840
Technip SA		8,161		838,153
Total SA		84,229		4,040,257
Unibail-Rodamco SE		3,213		749,660
Valeo SA		9,751		528,585
Vallourec SA		7,077		340,784
Veolia Environnement SA		25,481		321,901
Vinci SA		21,752		981,661

See accompanying notes to financial statements.

148

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Vivendi SA		42,172	$	872,676
				39,887,521
GERMANY — 6.7%
Adidas AG		12,954		1,346,374
Allianz SE		17,486		2,378,976
BASF SE		34,001		2,982,896
Bayer AG		31,258		3,229,935
Bayerische Motoren Werke AG		14,708		1,271,252
Bilfinger SE		7,002		728,562
Commerzbank AG (a)(b)		89,221		131,181
Daimler AG		40,113		2,186,303
Deutsche Bank AG		34,409		1,343,874
Deutsche Boerse AG		9,099		552,011
Deutsche Post AG		39,823		919,182
Deutsche Telekom AG		112,870		1,195,145
E.ON AG		67,904		1,187,602
Fresenius Medical Care AG & Co. KGaA		11,636		786,685
Fresenius SE		7,856		971,362
GEA Group AG		22,578		745,394
Henkel AG & Co. KGaA Preference Shares		6,622		638,513
Hochtief AG (b)		5,793		377,444
Infineon Technologies AG		78,400		620,148
K+S AG		8,926		415,894
Lanxess AG		3,093		219,715
Linde AG		6,066		1,129,845
MAN SE		3,163		340,647
Merck KGaA		5,398		815,846
Muenchener Rueckversicherungs- Gesellschaft AG		8,719		1,633,505
Porsche Automobil Holding SE Preference Shares		8,763		641,621
Puma AG Rudolf Dassler Sport		1,328		415,237
Rheinmetall AG		1,444		66,910
RWE AG		18,126		676,738
Salzgitter AG		3,433		138,046
SAP AG		36,973		2,967,313
Siemens AG		32,504		3,507,275
ThyssenKrupp AG (b)		17,378		354,029
Volkswagen AG		3,763		709,106
Volkswagen AG Preference Shares		5,664		1,127,336
Wincor Nixdorf AG		7,497		373,042
				39,124,944
GREECE — 0.1%
Coca Cola Hellenic Bottling Co. SA		9,769		262,178
Hellenic Telecommunications Organization SA ADR (b)		72,174		221,574
National Bank of Greece SA ADR (b)		42,921		38,354
				522,106
HONG KONG — 2.4%
Bank of East Asia, Ltd. (a)		178,099		702,058
CLP Holdings, Ltd.		107,500		941,689
Esprit Holdings, Ltd. (a)		152,719		183,751
Hang Lung Group, Ltd.		115,000		645,913
Hang Lung Properties, Ltd.		216,000		806,941
Hong Kong Exchanges and Clearing, Ltd. (a)		67,297		1,146,086
Hopewell Holdings		115,500		467,943
Hysan Development Co., Ltd.		227,841		1,150,557
Li & Fung, Ltd. (a)		444,000		612,008
New World Development Co., Ltd.		556,797		942,502
Pacific Basin Shipping, Ltd. (a)		557,000		330,785
Sands China, Ltd.		85,200		441,769
Sun Hung Kai Properties, Ltd.		102,322		1,378,766
Swire Pacific, Ltd.		59,500		758,443
The Link REIT		286,005		1,558,490
Wheelock & Co., Ltd.		221,000		1,177,220
Wing Hang Bank, Ltd.		54,362		577,749
				13,822,670
IRELAND — 0.5%
CRH PLC		35,780		791,174
DCC PLC		16,288		574,128
Grafton Group PLC		81,010		531,671
Irish Bank Resolution Corp., Ltd. (b)(c)		5,635		0
Kingspan Group PLC		49,949		615,739
United Drug PLC (d)		18,161		74,815
United Drug PLC (d)		87,298		359,629
				2,947,156
ISRAEL — 0.4%
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		6,482		262,901
Shufersal, Ltd.		77,808		240,430
Strauss Group, Ltd.		25,669		360,853
Teva Pharmaceutical Industries, Ltd. ADR		42,900		1,702,272
				2,566,456
ITALY — 1.5%
Assicurazioni Generali SpA		18,748		292,262
Atlantia SpA		26,961		426,526
Banca Piccolo Credito Valtellinese Scarl		50,604		55,883
Banca Popolare dell’Etruria e del Lazio		81,614		39,028
Banca Popolare di Milano Scarl (b)		205,199		125,819
Banco Popolare Societa Cooperativa (b)		117,047		147,820
Davide Campari-Milano SpA		125,670		979,533
Enel SpA		147,664		482,760
ENI SpA		87,669		1,973,452
Falck Renewables SpA		215,891		234,671
Fiat Industrial SpA		37,892		426,723
Fiat SpA (b)		44,546		237,386
Finmeccanica SpA (a)(b)		25,928		124,853
Intesa Sanpaolo SpA		400,723		587,637
Pirelli & C. SpA		64,673		679,736
Saipem SpA		16,587		510,971
Societa Cattolica di Assicurazioni Scrl (b)		15,255		264,255
Telecom Italia SpA		430,652		304,703
UniCredit SpA (b)		173,634		742,468
				8,636,486

See accompanying notes to financial statements.

149

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
JAPAN — 19.2%
Advantest Corp. (a)		21,700	$	310,659
Aeon Co., Ltd. (a)		44,220		571,445
Aoyama Trading Co., Ltd.		33,500		843,379
Asahi Breweries, Ltd.		43,536		1,041,400
Asahi Kasei Corp. (a)		110,550		738,411
Astellas Pharma, Inc.		22,110		1,189,923
Atom Corp. (a)		36,200		220,234
Bridgestone Corp.		33,165		1,118,199
Canon, Inc.		44,016		1,591,729
Casio Computer Co., Ltd. (a)(b)		55,500		427,967
Central Japan Railway Co. (a)		11,100		1,171,155
Chubu Electric Power Co., Inc. (a)		33,165		406,714
Chugai Pharmaceutical Co., Ltd.		22,380		507,728
Chuo Mitsui Trust Holdings, Inc. (a)		233,550		1,100,432
Colowide Co., Ltd. (a)		51,500		532,966
Credit Saison Co., Ltd. (a)		33,500		835,184
Daiichi Sankyo Co., Ltd. (a)		33,165		640,231
Daikin Industries, Ltd. (a)		22,110		867,751
Daito Trust Construction Co., Ltd. (a)		11,055		943,003
Daiwa Securities Group, Inc.		110,550		771,334
DeNA Co., Ltd. (a)		6,900		187,508
Denso Corp.		22,110		937,124
East Japan Railway Co.		11,200		919,634
Eisai Co., Ltd. (a)		11,151		498,130
FANUC Corp.		9,655		1,487,991
Fast Retailing Co., Ltd. (a)		1,000		325,995
Foster Electric Co., Ltd. (a)		12,700		173,845
FUJIFILM Holdings Corp. (a)		22,110		431,759
Fujitsu, Ltd. (a)		114,513		472,570
Fukuoka Financial Group, Inc.		110,550		567,918
Furukawa Electric Co., Ltd. (a)		109,550		244,687
Hankyu Hanshin Holdings, Inc. (a)		111,513		674,866
Hankyu REIT, Inc.		32		222,251
Heiwa Real Estate REIT, Inc.		314		306,252
Hitachi, Ltd. (a)		216,475		1,250,223
Honda Motor Co., Ltd.		54,875		2,074,884
Hoya Corp. (a)		32,506		605,728
Ibiden Co., Ltd. (a)		11,500		179,313
Ichigo Real Estate Investment Corp.		437		320,708
Industrial & Infrastructure Fund Investment Corp.		20		221,655
Isuzu Motors, Ltd.		117,000		690,651
ITOCHU Corp. (a)		110,550		1,329,845
Japan Digital Laboratory Co., Ltd.		66,520		822,126
Japan Hotel REIT Investment Corp.		762		318,918
Japan Tobacco, Inc.		43,600		1,391,193
JFE Holdings, Inc. (a)		22,110		415,533
JSR Corp.		22,200		451,461
JX Holdings, Inc.		221,700		1,228,523
Kajima Corp. (a)		214,475		583,978
KDDI Corp. (a)		22,200		913,784
Kinki Nippon Tourist Co., Ltd. (a)(b)		138,000		204,020
Kintetsu Corp. (a)		215,101		997,490
Kirin Holdings Co., Ltd.		7,000		112,497
Kiyo Holdings, Inc. (a)		331,651		525,590
Komatsu, Ltd. (a)		43,920		1,050,586
Konica Minolta Holdings, Inc. (a)		55,275		404,480
Kubota Corp. (a)		106,550		1,516,315
Kurita Water Industries, Ltd. (a)		11,810		258,760
Kyocera Corp.		11,055		1,035,892
Kyodo Shiryo Co., Ltd.		178,000		213,933
Kyoritsu Maintenance Co., Ltd. (a)		9,000		254,914
Marubeni Corp. (a)		112,550		841,551
Matsuya Co., Ltd. (a)(b)		20,000		326,101
Medipal Holdings Corp.		33,699		477,062
Meiko Network Japan Co., Ltd.		19,900		264,783
MID Reit, Inc.		84		252,840
Milbon Co., Ltd. (a)		7,100		253,733
MISUMI Group, Inc. (a)		33,357		920,315
Mitsubishi Corp. (a)		65,738		1,218,691
Mitsubishi Electric Corp.		110,550		890,091
Mitsubishi Estate Co., Ltd.		7,925		218,818
Mitsubishi Heavy Industries, Ltd. (a)		221,101		1,258,126
Mitsubishi Motors Corp. (a)(b)		330,613		344,608
Mitsubishi UFJ Financial Group, Inc. (a)		429,024		2,546,218
Mitsui & Co., Ltd. (a)		98,626		1,377,323
Mitsui Chemicals, Inc. (a)		110,550		241,042
Mitsui OSK Lines, Ltd. (a)(b)		107,550		353,467
Mizuho Financial Group, Inc. (a)		540,900		1,144,853
MS&AD Insurance Group Holdings, Inc. (a)		22,399		492,197
Murata Manufacturing Co., Ltd. (a)		11,100		827,601
NGK Insulators, Ltd. (a)		3,000		32,323
Nidec Corp. (a)		11,100		664,678
Nikon Corp. (a)		21,800		517,292
Nintendo Co., Ltd. (a)		300		32,259
Nippon Steel Corp. (a)		365,101		912,558
Nippon Suisan Kaisha, Ltd.		177,000		338,864
Nippon Telegraph & Telephone Corp.		11,400		497,735
Nippon Yusen K.K. (a)		110,550		285,723
Nissan Motor Co., Ltd. (a)		88,341		850,336
Nitto Denko Corp.		21,400		1,267,794
NKSJ Holdings, Inc. (a)		22,800		476,273
Nomura Holdings, Inc. (a)		142,985		877,498
NTT Data Corp. (a)		112		373,453
NTT DoCoMo, Inc. (a)		768		1,160,740
Obayashi Corp. (a)		110,550		529,116
Olympus Corp. (b)		11,900		279,844
ORIX Corp. (a)(b)		44,110		558,764
Panasonic Corp. (a)		88,650		616,647
Resona Holdings, Inc. (a)		33,200		172,321
Ringer Hut Co., Ltd. (a)		23,000		289,885
Riso Kyoiku Co., Ltd. (a)		3,610		356,316
Rohm Co., Ltd. (a)		11,100		407,307
Rohto Pharmaceutical Co., Ltd.		7,701		105,498
Sanrio Co., Ltd. (a)		3,900		174,011
Secom Co., Ltd.		11,248		580,226
Sekisui House SI Investment Co.		33		187,077
Seven & I Holdings Co., Ltd.		43,728		1,448,763
Sharp Corp. (a)(b)		8,000		23,144
Shimizu Corp. (a)		111,513		362,933
Shin-Etsu Chemical Co., Ltd. (a)		21,917		1,456,937
Softbank Corp. (a)		43,536		2,009,639
Sony Corp. (a)		43,920		767,035
Stanley Electric Co., Ltd.		21,673		381,963
Sumitomo Chemical Co., Ltd. (a)		110,550		344,513

See accompanying notes to financial statements.

150

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Sumitomo Corp. (a)		66,175	$	829,123
Sumitomo Electric Industries, Ltd.		43,920		542,343
Sumitomo Metal Mining Co., Ltd. (a)		5,000		71,421
Sumitomo Mitsui Financial Group, Inc. (a)		33,200		1,333,014
Sumitomo Realty & Development Co., Ltd. (a)		4,000		152,946
T&D Holdings, Inc. (a)		33,400		403,557
Taisei Corp. (a)		222,438		612,757
Taiyo Yuden Co., Ltd. (a)		22,800		288,092
Takeda Pharmaceutical Co., Ltd. (a)		33,165		1,774,303
Takeuchi Manufacturing Co., Ltd. (a)		43,900		786,763
TDK Corp. (a)		11,055		384,491
Teijin, Ltd. (a)		114,550		265,602
Terumo Corp. (a)		11,248		484,518
The Akita Bank, Ltd.		110,550		308,063
The Aomori Bank, Ltd. (a)		221,101		672,568
The Awa Bank, Ltd. (a)		110,550		686,675
The Bank of Iwate, Ltd.		11,055		447,397
The Bank of Okinawa, Ltd.		11,055		465,034
The Bank of Yokohama, Ltd. (a)		110,550		640,818
The Chiba Bank, Ltd.		106,550		764,957
The Dai-ichi Life Insurance Co., Ltd.		206		277,164
The Daisan Bank, Ltd.		331,651		634,941
The Daishi Bank, Ltd.		216,176		882,914
The Eighteenth Bank, Ltd.		217,251		568,430
The Higo Bank, Ltd.		110,550		706,664
The Hokkoku Bank, Ltd. (a)		110,550		462,095
The Hyakugo Bank, Ltd.		110,550		551,457
The Kansai Electric Power Co., Inc. (b)		40,000		394,810
The Musashino Bank, Ltd.		11,055		433,875
The Nanto Bank, Ltd. (a)		108,550		517,235
The Ogaki Kyoritsu Bank, Ltd.		110,550		402,128
The San-In Godo Bank, Ltd.		105,550		904,843
The Shiga Bank, Ltd. (a)		110,550		754,872
The Shikoku Bank, Ltd. (a)		216,101		664,254
The Toho Bank, Ltd.		221,101		710,195
The Tokyo Electric Power Co., Inc. (a)(b)		44,575		120,896
The Yamagata Bank, Ltd.		118,176		556,817
The Yamanashi Chuo Bank, Ltd.		110,550		504,424
Tohoku Electric Power Co., Inc. (b)		35,300		285,344
Tokio Marine Holdings, Inc.		33,165		934,772
Tokyo Dome Corp. (a)		117,000		665,763
Tokyo Electron, Ltd. (a)		11,055		489,726
Tokyo Gas Co., Ltd. (a)		112,475		614,892
Tokyu Corp. (a)		110,550		833,652
Toray Industries, Inc. (a)		110,550		747,818
Toshiba Corp. (a)		214,513		1,076,900
Toyota Motor Corp.		88,988		4,599,890
Unihair Co., Ltd. (a)(b)		14,500		242,438
Usen Corp. (a)(b)		208,700		341,840
USS Co., Ltd. (a)		9,901		1,163,647
Warabeya Nichiyo Co., Ltd.		11,300		184,247
Yamada Denki Co., Ltd. (a)		7,728		353,029
Zenrin Co., Ltd.		20,900		284,313
				111,022,986
LUXEMBOURG — 0.2%
ArcelorMittal		33,885		437,293
Millicom International Cellular SA (a)		6,290		497,413
Tenaris SA (a)		7,413		150,876
Ternium SA ADR		9,725		197,904
				1,283,486
NETHERLANDS — 3.2%
Aegon NV		86,139		518,876
Akzo Nobel NV		14,635		930,619
ASML Holding NV		18,479		1,245,054
European Aeronautic Defence and Space Co. NV		22,051		1,124,132
Fugro NV		8,213		455,390
Heineken NV		14,072		1,062,507
ING Groep NV (b)		151,628		1,078,084
Koninklijke (Royal) KPN NV (a)		60,440		203,651
Koninklijke Ahold NV		63,560		975,735
Koninklijke DSM NV		15,804		921,546
Koninklijke Philips Electronics NV		50,562		1,498,831
PostNL NV (b)		26,450		52,985
Royal Dutch Shell PLC (Class A)		145,372		4,699,559
SBM Offshore NV (b)		18,169		301,201
TNT Express NV		22,682		166,542
Unilever NV		68,125		2,795,400
Wolters Kluwer NV		22,594		494,235
				18,524,347
NEW ZEALAND — 0.1%
Fisher & Paykel Healthcare Corp., Ltd.		264,487		580,697
NORWAY — 0.8%
DnB NOR ASA		55,780		819,127
Norsk Hydro ASA (a)		67,615		292,602
Orkla ASA		64,784		518,716
StatoilHydro ASA		45,701		1,106,384
Storebrand ASA (b)		47,337		183,991
Telenor ASA		37,622		823,717
Yara International ASA		16,708		757,983
				4,502,520
PORTUGAL — 0.2%
EDP — Energias de Portugal SA		115,165		355,216
Mota — Engil SGPS SA		96,130		229,352
Portugal Telecom SGPS SA (a)		56,655		281,109
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		133,073		562,875
				1,428,552
SINGAPORE — 1.5%
Ascendas REIT		436,000		913,751
CapitaLand, Ltd. (a)		218,000		620,297
City Developments, Ltd. (a)		111,000		1,013,727
Cosco Corp. Singapore, Ltd. (a)		447,000		327,882
Flextronics International, Ltd. (a)(b)		79,942		540,408
Genting Singapore PLC (a)		444,400		535,530
Keppel Corp., Ltd.		116,975		1,056,037
Lippo Malls Indonesia Retail Trust		655,000		271,905
SembCorp Industries, Ltd.		228,000		953,829
Singapore Exchange, Ltd.		109,000		676,527
UOL Group, Ltd.		231,000		1,299,678

See accompanying notes to financial statements.

151

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Wilmar International, Ltd. (a)		108,000	$	300,338
				8,509,909
SOUTH KOREA — 4.3%
Bioland, Ltd.		15,870		235,354
CJ CGV Co., Ltd.		11,010		494,292
Cosmochemical Co., Ltd. (b)		10,890		71,452
Credu Corp.		5,773		211,441
Crown Confectionery Co., Ltd.		1,253		297,878
Dae Han Flour Mills Co., Ltd.		1,628		193,148
Digitech Systems Co., Ltd. (b)		15,897		133,737
Dongwon Industries Co., Ltd.		1,131		297,337
Dongyang Mechatronics Corp.		13,930		155,251
Genic Co., Ltd. (b)		4,677		155,115
GS Home Shopping, Inc.		1,848		318,575
Haansoft, Inc.		22,347		378,610
Hana Tour Service, Inc.		4,976		310,832
Harim Co., Ltd. (a)(b)		89,523		283,229
Hotel Shilla Co., Ltd.		4,637		229,224
Hyundai Elevator Co., Ltd. (b)		1,410		113,043
Hyundai Engineering Plastics Co., Ltd.		53,480		256,681
Hyundai Hy Communications & Networks Co., Ltd.		61,040		328,078
Hyundai Mobis		1,873		517,659
Hyundai Securities Co., Ltd.		190,560		1,380,472
INFINITT Co., Ltd. (b)		13,908		135,005
Interpark Corp.		31,668		229,128
Kia Motors Corp.		5,599		279,799
KIWOOM Securities Co., Ltd.		13,742		844,825
Koh Young Technology, Inc.		7,157		217,103
Korea Electric Power Corp. ADR (b)		79,863		1,079,992
KT Corp. ADR (b)		47,277		746,954
KT&G Corp.		3,847		264,857
LG Chem, Ltd.		762		183,548
LG Display Co., Ltd. ADR (a)(b)		71,862		1,035,482
LG Electronics, Inc. (a)		4,510		328,744
LG Household & Health Care, Ltd.		364		201,532
Lotte Samkang Co., Ltd.		435		334,676
Modetour Network, Inc.		12,467		315,989
NHN Corp.		1,363		339,341
POSCO ADR		26,654		1,958,658
Sajo Industries Co., Ltd. (b)		5,436		254,064
Samsung Electronics Co., Ltd. GDR		11,303		7,681,130
Shinsegae Food Co., Ltd.		2,400		201,043
SK Innovation Co., Ltd.		4,323		629,450
SK Telecom Co., Ltd. ADR (a)		75,801		1,354,564
				24,977,292
SPAIN — 2.1%
Abertis Infraestructuras SA (a)		13,677		230,246
Acciona SA		3,532		192,892
Acerinox SA (a)		21,438		220,228
ACS, Actividades de Construccion y Servicios SA		12,486		291,886
Banco Bilbao Vizcaya Argentaria SA		140,851		1,223,201
Banco de Sabadell SA (a)(b)		66,366		122,036
Banco Santander SA		295,826		1,991,278
Distribuidora Internacional de Alimentacion SA		25,882		179,336
Ebro Puleva SA		3,473		69,125
Enagas		32,413		756,055
Faes Farma SA		86,946		223,853
Ferrovial SA		33,799		537,308
Gamesa Corp. Tecnologica SA		25,637		78,351
Gestevision Telecinco SA		39,494		284,050
Iberdrola SA		195,252		910,876
Indra Sistemas SA (a)		30,532		364,617
Industria de Diseno Textil SA		5,299		703,579
NH Hoteles SA (b)		72,145		227,898
Red Electrica Corporacion SA		14,140		712,669
Repsol YPF SA		37,614		765,557
Sacyr Vallehermoso SA (b)		15,823		28,567
Telefonica SA		139,472		1,878,716
				11,992,324
SWEDEN — 2.6%
Alfa Laval AB		37,680		869,850
Assa Abloy AB (Class B)		32,368		1,324,688
Atlas Copco AB (Class B)		71,266		1,804,119
Boliden AB		25,376		409,404
CDON Group AB (a)(b)		31,532		179,435
Electrolux AB (a)		24,374		621,533
Hennes & Mauritz AB (Class B)		34,387		1,232,263
Investor AB		12,526		362,564
Kinnevik Investment AB (Class B)		28,794		699,258
Nordea Bank AB (a)		84,610		960,353
Sandvik AB		51,910		799,966
Scania AB (Class B)		31,414		658,525
Securitas AB (Class B)		46,273		436,612
Skanska AB (Class B)		39,209		710,369
Tele2 AB (Class B)		31,255		545,112
Telefonaktiebolaget LM Ericsson (Class B)		139,617		1,743,602
TeliaSonera AB		85,465		611,610
Volvo AB (Class A)		75,861		1,105,480
				15,074,743
SWITZERLAND — 7.5%
ABB, Ltd.		91,747		2,074,347
Adecco SA		10,101		554,678
Clariant AG		34,828		485,484
Compagnie Financiere Richemont SA		13,054		1,027,006
Credit Suisse Group AG (a)		41,900		1,102,201
Geberit AG		3,321		819,597
Glencore International PLC (a)		87,057		470,735
Holcim, Ltd.		11,953		954,902
Julius Baer Group, Ltd.		11,106		432,887
Kuehne & Nagel International AG		4,507		492,607
Lonza Group AG		5,624		365,846
Nestle SA		132,919		9,636,084
Nobel Biocare Holding AG (a)		14,250		142,959
Novartis AG		99,262		7,070,301
PSP Swiss Property AG		10,767		983,521
Roche Holding AG		28,968		6,760,577
SGS SA		438		1,076,788
STMicroelectronics NV		27,538		211,462
Sulzer AG		4,114		704,674
Swiss Life Holding AG		2,868		426,134
Syngenta AG		4,671		1,953,341
The Swatch Group AG		2,550		1,486,456

See accompanying notes to financial statements.

152

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
UBS AG		138,591	$	2,129,467
Wolseley PLC		12,521		622,280
Zurich Insurance Group AG		5,723		1,596,723
				43,581,057
UNITED KINGDOM — 16.9%
3i Group PLC		69,819		335,013
AMEC PLC		36,936		592,263
Anglo American PLC		54,668		1,404,540
AstraZeneca PLC		45,653		2,287,274
Aviva PLC		114,022		512,831
BAE Systems PLC		147,137		880,946
Balfour Beatty PLC		102,057		363,866
Barclays PLC		454,830		2,010,789
Barratt Developments PLC (b)		62,573		260,433
BG Group PLC		136,544		2,340,816
BHP Billiton PLC		91,321		2,655,462
BP PLC		772,722		5,396,192
British American Tobacco PLC		65,459		3,505,706
British Land Co. PLC		56,816		468,890
British Sky Broadcasting Group PLC		67,733		908,159
BT Group PLC		317,380		1,339,754
Burberry Group PLC		18,461		372,547
Cable & Wireless Communications PLC		152,069		96,843
Cairn Energy PLC (b)		14,721		61,136
Capita Group PLC		31,347		427,914
Carnival PLC		14,840		519,179
Centrica PLC		203,485		1,136,127
Compass Group PLC		116,589		1,487,976
Diageo PLC		91,339		2,877,896
Experian PLC		37,278		645,295
FirstGroup PLC		52,248		159,545
G4S PLC		121,911		539,428
GlaxoSmithKline PLC		185,733		4,338,976
Hays PLC		232,829		340,989
HSBC Holdings PLC		683,807		7,294,249
ICAP PLC		53,684		236,724
Imperial Tobacco Group PLC		43,602		1,522,110
Informa PLC		77,196		617,154
Intercontinental Hotels Group PLC		37,608		1,146,115
Invensys PLC		74,057		394,481
J Sainsbury PLC		82,213		472,506
Kingfisher PLC		156,077		682,072
Land Securities Group PLC		43,563		548,369
Legal & General Group PLC		323,805		849,135
Lloyds Banking Group PLC (b)		1,340,394		990,998
Lonmin PLC (a)(b)		11,301		49,918
Man Group PLC		91,947		124,469
Marks & Spencer Group PLC		96,673		572,493
Mondi PLC		50,269		682,399
National Grid PLC		169,280		1,966,382
Next PLC		15,508		1,028,112
Old Mutual PLC		251,423		773,855
Pearson PLC		48,041		863,703
Persimmon PLC		43,241		701,898
Prudential PLC		111,108		1,796,783
Randgold Resources, Ltd.		6,945		598,992
Reckitt Benckiser Group PLC		29,855		2,138,827
Rentokil Initial PLC		231,725		352,567
Resolution, Ltd.		77,244		319,619
Rio Tinto PLC		55,716		2,609,972
Rolls-Royce Holdings PLC		94,656		1,624,154
Royal Bank of Scotland Group PLC (b)		78,821		329,734
Royal Dutch Shell PLC (Class B)		106,237		3,524,747
RSA Insurance Group PLC		216,736		383,076
SABMiller PLC		39,847		2,095,918
Scottish & Southern Energy PLC		42,242		951,873
Serco Group PLC		69,002		656,946
Shire PLC		35,839		1,090,572
Smith & Nephew PLC		69,862		806,223
Smiths Group PLC		32,834		626,700
Standard Chartered PLC		70,670		1,828,007
Standard Life PLC		150,506		834,842
Tate & Lyle PLC		59,673		770,189
Tesco PLC	��	316,694		1,834,814
The Sage Group PLC		120,222		625,603
Tullow Oil PLC		50,174		937,859
Unilever PLC		60,146		2,542,592
Vodafone Group PLC		1,916,003		5,428,858
William Hill PLC		39,709		223,035
William Morrison Supermarkets PLC		146,749		615,460
WPP PLC		66,282		1,055,776
Xstrata PLC		80,361		1,303,219
				97,690,884
TOTAL COMMON STOCKS —
(Cost $518,684,920)				571,807,643
PREFERRED STOCK — 0.2%
SOUTH KOREA — 0.2%
Hyundai Motor Co., Ltd. (Cost $1,055,452)		15,566		1,203,196
RIGHTS — 0.0% (e)
UNITED KINGDOM — 0.0% (e)
William Hill PLC (expiring 4/4/13) (b) (Cost $0)		8,502		16,008
SHORT TERM INVESTMENTS — 8.2%
UNITED STATES — 8.2%
MONEY MARKET FUNDS — 8.2%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		46,230,415		46,230,415
State Street Institutional Liquid Reserve Fund 0.13% (g)(h)		1,547,840		1,547,840
TOTAL SHORT TERM INVESTMENTS —
(Cost $47,778,255)				47,778,255
TOTAL INVESTMENTS — 107.1%
(Cost $567,518,627)				620,805,102
OTHER ASSETS & LIABILITIES — (7.1)%				(41,252,380	)
NET ASSETS — 100.0%			$	579,552,722

See accompanying notes to financial statements.

153

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

March 31, 2013 (Unaudited)

(a)	A portion of the security was on loan at March 31, 2013.
(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)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(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.

154

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 8.2%
Adelaide Brighton, Ltd.		592,880	$	2,188,098
AET&D Holdings No 1 Pty, Ltd. (a)(b)		110,316		0
Alumina, Ltd. (a)(c)		1,157,522		1,339,519
Aristocrat Leisure, Ltd.		279,082		1,064,902
Arrium, Ltd.		615,050		557,862
Atlas Iron, Ltd.		438,648		507,617
Aurora Oil & Gas, Ltd. (a)(c)		247,530		851,606
Ausenco, Ltd.		138,749		558,359
Australian Infrastructure Fund		259,014		826,307
AWE, Ltd. (c)		853,425		1,152,211
Bank of Queensland, Ltd.		5,380		54,126
Beach Energy, Ltd.		1,126,062		1,655,305
Beadell Resources, Ltd. (c)		403,688		382,987
BlueScope Steel, Ltd. (c)		294,480		1,538,120
Boart Longyear Group		268,555		358,377
Bradken, Ltd. (a)		88,570		601,124
carsales.com, Ltd.		150,094		1,470,916
Charter Hall Retail REIT		199,747		814,242
Coalspur Mines, Ltd. (a)(c)		261,382		140,339
CSR, Ltd.		304,389		653,722
David Jones, Ltd. (a)		277,288		864,369
Discovery Metals, Ltd. (a)(c)		239,231		157,128
Downer EDI, Ltd.		214,012		1,106,666
DuluxGroup, Ltd.		195,316		906,138
Energy World Corp., Ltd. (a)(c)		541,774		208,986
Evolution Mining, Ltd. (c)		265,168		405,000
Fairfax Media, Ltd. (a)		1,016,818		667,852
FKP Property Group (a)		181,782		299,436
Fleetwood Corp., Ltd. (a)		171,014		1,658,102
Goodman Fielder, Ltd. (c)		1,657,983		1,227,256
Independence Group NL		129,129		534,455
Infigen Energy (a)(c)		927,955		261,209
Investa Office Fund		360,525		1,150,148
Invocare, Ltd.		325,009		3,720,441
IOOF Holdings, Ltd.		370,072		3,202,293
JB Hi-Fi, Ltd. (a)		164,985		2,538,794
Karoon Gas Australia, Ltd. (c)		124,641		665,315
Kingsgate Consolidated, Ltd. (a)		85,965		348,633
Lynas Corp., Ltd. (a)(c)		775,581		452,806
Medusa Mining, Ltd.		98,669		442,330
Mesoblast, Ltd. (a)(c)		111,998		718,095
Mineral Resources, Ltd.		76,981		849,916
Monadelphous Group, Ltd. (a)		112,525		2,663,003
Mount Gibson Iron, Ltd.		510,119		276,549
Myer Holdings, Ltd. (a)		304,297		935,872
Navitas, Ltd. (a)		130,653		726,011
Nufarm, Ltd.		116,229		478,639
Oakton, Ltd. (a)		250,816		334,705
Pacific Brands, Ltd.		1,208,091		1,083,166
Paladin Energy, Ltd. (a)(c)		522,273		539,051
PanAust, Ltd.		245,625		635,069
Perpetual, Ltd.		21,424		899,677
Perseus Mining, Ltd. (c)		272,713		510,349
Platinum Australia, Ltd. (b)(c)		610,876		0
Primary Health Care, Ltd. (a)		220,510		1,140,267
Programmed Maintenance Services, Ltd. (a)		252,031		672,652
Resolute Mining, Ltd.		351,765		487,754
Roc Oil Co., Ltd. (c)		998,500		520,493
SAI Global, Ltd.		381,611		1,340,749
Senex Energy, Ltd. (c)		582,421		409,862
Seven West Media, Ltd. (a)		276,064		578,499
Sigma Pharmaceuticals, Ltd.		1,750,796		1,350,716
Silver Lake Resources, Ltd. (c)		141,318		310,868
Sims Metal Management, Ltd.		82,355		861,168
Southern Cross Media Group, Ltd. (a)		427,116		694,652
St Barbara, Ltd. (c)		291,150		364,246
STW Communications Group, Ltd.		778,515		1,184,995
Sundance Resources, Ltd. (b)(c)		1,231,199		269,553
Transfield Services, Ltd.		317,813		603,031
UGL, Ltd. (a)		77,034		822,392
Western Areas NL (a)		112,369		399,482
WHK Group, Ltd.		864,627		914,938
				61,109,515
AUSTRIA — 0.6%
AMS AG		5,219		590,269
Atrium European Real Estate, Ltd.		101,870		588,650
BWT AG		34,352		702,253
Schoeller-Bleckmann Oilfield Equipment AG		17,887		1,794,314
Wienerberger AG (a)		67,401		803,872
				4,479,358
BELGIUM — 1.2%
AGFA-Gevaert NV (c)(d)		196,509		353,272
AGFA-Gevaert NV (a)(b)(c)(d)		42,353		0
Barco NV		28,073		2,460,311
Bekaert NV (a)		20,685		573,199
EVS Broadcast Equipment SA		19,637		1,262,306
KBC Ancora (c)		29,352		507,319
Mobistar SA		21,650		487,069
Nyrstar (a)		81,571		380,225
RHJ International (c)		170,683		810,944
Tessenderlo Chemie NV (d)		43,264		1,152,772
Tessenderlo Chemie NV (b)(c)(d)		4,451		0
ThromboGenics NV (c)		16,167		780,370
				8,767,787
BERMUDA — 0.2%
Golden Ocean Group, Ltd. (c)		358,521		344,844
Ship Finance International, Ltd. (a)		34,067		600,942
SmarTone Telecommunications Holding, Ltd. (a)		8,953		14,763
Trinity, Ltd. (a)		614,000		314,014
				1,274,563
CANADA — 10.4%
Advantage Oil & Gas, Ltd. (c)		132,421		490,086
Alacer Gold Corp. (a)(c)		114,738		463,040
Algonquin Power & Utilities Corp.		81,951		600,143
Angle Energy, Inc. (a)(c)		81,370		247,486
Argonaut Gold, Inc. (c)		66,876		542,407
Asanko Gold, Inc. (a)(c)		54,100		173,065
Atlantic Power Corp. (a)		60,634		298,410
AuRico Gold, Inc. (a)(c)		171,029		1,077,401

See accompanying notes to financial statements.

155

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Aurizon Mines, Ltd. (c)		114,803	$	502,853
B2Gold Corp. (c)		180,637		549,405
Bankers Petroleum, Ltd. (a)(c)		151,292		397,608
Banro Corp. (a)(c)		123,004		210,667
Birchcliff Energy, Ltd. (a)(c)		62,778		529,561
BlackPearl Resources, Inc. (a)(c)		167,222		383,510
Calfrac Well Services, Ltd. (a)		20,464		549,695
Canfor Corp. (c)		45,131		944,422
Capital Power Corp. (a)		30,720		641,039
Capstone Mining Corp. (c)		206,231		458,765
CCL Industries, Inc.		11,547		680,806
Celestica, Inc. (c)		108,748		877,734
Centerra Gold, Inc.		74,648		444,530
China Gold International Resources Corp., Ltd. (c)		124,448		470,378
Cineplex, Inc. (a)		30,194		1,024,744
CML HealthCare, Inc. (a)		48,874		349,255
Cogeco Cable, Inc.		8,593		385,858
Colossus Minerals, Inc. (a)(c)		75,445		227,980
Continental Gold, Ltd. (c)		56,678		363,739
Copper Mountain Mining Corp. (c)		69,129		185,079
Corus Entertainment, Inc. (Class B) (a)		152,501		3,926,794
Cott Corp. (a)		75,017		757,591
Crew Energy, Inc. (c)		68,770		485,340
Davis & Henderson Corp. (a)		32,089		689,821
Denison Mines Corp. (a)(c)		275,868		377,436
Dominion Diamond Corp. (c)		45,630		745,566
Dorel Industries, Inc.		14,708		592,837
Dundee Corp. (Class A) (c)		93,172		3,209,823
Dundee Precious Metals, Inc. (a)(c)		58,254		452,982
Endeavour Mining Corp. (c)		227,363		335,690
Endeavour Silver Corp. (c)		61,082		380,579
FirstService Corp. (a)(c)		57,488		1,916,550
Fortuna Silver Mines, Inc. (a)(c)		75,996		327,637
Freehold Royalties, Ltd. (a)		86,771		1,996,856
Gabriel Resources, Ltd. (a)(c)		104,373		248,617
GMP Capital, Inc.		101,503		655,406
Golden Star Resources, Ltd. (a)(c)		331,472		531,817
Gran Tierra Energy, Inc. (c)		151,416		883,800
Granite Real Estate Investment Trust		24,515		937,697
Great Basin Gold, Ltd. (c)(e)		266,255		0
Great Canadian Gaming Corp. (a)(c)		57,650		531,700
Guardian Capital Group, Ltd. (Class A)		218,213		2,899,626
Home Capital Group, Inc.		49,139		2,841,109
Horizon North Logistics, Inc. (a)		73,851		415,069
HudBay Minerals, Inc.		91,543		880,334
Imax Corp. (c)		26,349		704,144
Innergex Renewable Energy, Inc.		57,178		542,542
Ithaca Energy, Inc. (a)(c)		158,846		270,489
Just Energy Group, Inc. (a)		78,865		517,771
Kelt Exploration, Ltd. (a)(c)		21,108		138,165
Kirkland Lake Gold, Inc. (a)(c)		42,138		223,143
Lake Shore Gold Corp. (c)		246,886		148,236
Legacy Oil + Gas, Inc. (c)		75,547		405,267
Linamar Corp.		77,451		1,846,413
MacDonald, Dettwiler & Associates, Ltd.		14,708		1,006,158
MAG Silver Corp. (a)(c)		51,867		492,148
Major Drilling Group International, Inc.		99,682		887,959
Maple Leaf Foods, Inc. (a)		43,052		582,248
Martinrea International, Inc. (c)		101,879		820,287
Mullen Group, Ltd. (a)		42,578		938,355
Nevsun Resources, Ltd.		108,053		416,918
Niko Resources, Ltd.		25,661		161,399
Northern Dynasty Minerals, Ltd. (a)(c)		56,887		180,860
Northland Power, Inc. (a)		36,626		666,943
Novagold Resources, Inc. (c)		115,732		424,903
NuVista Energy, Ltd. (a)(c)		102,099		653,225
OceanaGold Corp. (c)		159,368		453,343
Osisko Mining Corp. (c)		38,838		230,516
Parkland Fuel Corp. (a)		45,219		761,105
Pason Systems, Inc.		40,859		712,655
PetroBakken Energy, Ltd. (a)		60,062		522,021
Petrobank Energy & Resources, Ltd. (c)		54,105		37,279
Petrominerales, Ltd. (a)		50,059		304,508
Poseidon Concepts Corp. (b)		43,064		11,445
Premier Gold Mines, Ltd. (a)(c)		95,387		281,668
Pretium Resources, Inc. (c)		42,071		333,769
Rio Alto Mining, Ltd. (c)		105,668		485,722
Romarco Minerals, Inc. (c)		303,499		244,962
RONA, Inc.		56,772		624,746
Rubicon Minerals Corp. (a)(c)		188,357		457,938
Russel Metals, Inc. (a)		86,210		2,448,960
Sabina Gold & Silver Corp. (c)		82,364		153,224
Savanna Energy Services Corp. (a)		110,022		741,819
Seabridge Gold, Inc. (a)(c)		23,643		326,969
Secure Energy Services, Inc. (c)		54,437		654,776
SEMAFO, Inc. (a)		138,332		345,847
Sherritt International Corp. (a)		158,877		788,169
Silver Standard Resources, Inc. (a)(c)		46,109		486,528
Silvercorp Metals, Inc. (a)		103,242		410,549
Southern Pacific Resource Corp. (c)		302,645		238,315
Stantec, Inc. (a)		52,257		2,304,873
Sunshine Oilsands, Ltd. (a)(c)		932,000		248,529
Superior Plus Corp.		59,345		695,118
Tanzanian Royalty Exploration Corp. (a)(c)		85,544		334,278
The North West Co., Inc.		28,625		653,392
Thompson Creek Metals Co., Inc. (a)(c)		95,055		287,237
Torex Gold Resources, Inc. (c)		304,721		521,890
Transcontinental, Inc. (a)		40,448		502,042
TransForce, Inc.		46,810		1,009,045
TransGlobe Energy Corp. (c)		51,468		440,742
Trican Well Service, Ltd. (a)		74,147		1,087,446
Trinidad Drilling, Ltd.		74,147		537,154
Uni-Select, Inc.		88,321		1,716,085
Westport Innovations, Inc. (a)(c)		23,867		705,239
Westshore Terminals Investment Corp.		30,134		846,522
Whitecap Resources, Inc.		66,867		636,453
Wi-Lan, Inc. (a)		87,765		355,915
				78,056,709

See accompanying notes to financial statements.

156

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
CHINA — 1.7%
Allied Properties HK, Ltd.		4,972,791	$	800,756
Cafe de Coral Holdings, Ltd.		835,867		2,546,586
China Sandi Holdings, Ltd. (b)(c)		103		8
Chow Sang Sang Holding International, Ltd. (a)		251,939		743,226
Daphne International Holdings, Ltd. (a)		570,000		715,928
G-Resources Group, Ltd. (c)		9,549,000		498,199
HKR International, Ltd.		2,739,979		1,475,413
K Wah International Holdings, Ltd.		2,719,717		1,527,567
Melco International Development, Ltd.		539,000		933,207
Midland Holdings, Ltd.		785,790		347,209
Road King Infrastructure, Ltd.		1,221,544		1,153,461
Shun Tak Holdings, Ltd. (a)		1,288,749		693,960
Texwinca Holdings, Ltd.		928,050		979,141
Xinyi Glass Holdings Co., Ltd. (a)		1,194		843
				12,415,504
DENMARK — 1.0%
Amagerbanken A/S (b)(c)		308,573		0
Bang & Olufsen A/S (a)(c)		33,817		302,900
D/S Norden A/S		15,093		486,158
East Asiatic Co., Ltd. A/S (a)(c)		36,697		635,268
Genmab A/S (c)		41,233		955,273
IC Companys A/S		27,125		626,087
NKT Holding A/S		11,448		425,147
Pandora A/S (a)		27,946		770,194
SimCorp A/S (a)		8,481		2,278,935
Sydbank A/S (c)		30,080		617,092
Vestas Wind Systems A/S (a)(c)		98,492		788,886
				7,885,940
FINLAND — 1.6%
Amer Sports Oyj (Class A)		171,117		2,827,941
Citycon Oyj (a)		430,689		1,233,296
Cramo Oyj (a)		75,870		940,147
HKScan Oyj		129,738		626,403
Konecranes Oyj (a)		19,264		636,975
Lassila & Tikanoja Oyj		83,822		1,349,752
Outokumpu Oyj (a)(c)		518,478		394,806
Poyry Oyj (c)		88,526		492,218
Talvivaara Mining Co. PLC (a)(c)		86,754		25,288
Tieto Oyj (a)		72,822		1,542,926
Vacon Oyj (a)		30,130		2,031,220
				12,100,972
FRANCE — 2.5%
Air France-KLM (c)		72,522		685,403
Bourbon SA		20,991		581,813
Carbone Lorraine SA		38,372		893,821
Club Mediterranee SA (c)		35,425		613,650
Etablissements Maurel et Prom		42,424		742,516
GL Events SA		33,167		721,044
Groupe Steria SCA		36,069		488,173
Havas SA		110,408		700,226
IPSOS		44,786		1,570,014
Jacquet Metal Service		40,754		481,456
Neopost SA (a)		15,354		921,430
Rubis		70,776		4,318,780
Saft Groupe SA		47,703		1,231,233
Sequana (c)		5		10
Sequana SA (a)(c)		13,046		104,535
Societe d’Edition de Canal +		57,069		397,190
Societe de la Tour Eiffel		16,326		932,907
Societe Television Francaise 1		54,448		611,421
SOITEC (a)(c)		138,329		518,674
Technicolor SA (c)		131,453		536,780
Teleperformance		24,231		1,034,418
UbiSoft Entertainment SA (c)		63,925		691,985
				18,777,479
GERMANY — 3.5%
Aareal Bank AG (c)		24,401		517,940
Aixtron SE (a)		47,452		689,153
Alstria Office REIT-AG		47,678		538,153
Deutsche Euroshop AG		18,517		750,304
Dialog Semiconductor PLC (a)(c)		37,408		497,168
DIC Asset AG		56,430		565,057
Drillisch AG		46,542		851,944
Duerr AG		6,526		712,386
Freenet AG		55,532		1,351,655
Gerresheimer AG		24,935		1,435,252
Gildemeister AG		77,666		1,634,589
GSW Immobilien AG		21,744		861,656
Indus Holding AG		70,773		2,191,106
Jenoptik AG		148,946		1,540,228
Kloeckner & Co. SE (c)		57,263		812,522
Kontron AG		88,965		484,606
KUKA AG (c)		53,345		2,331,064
Leoni AG		45,141		1,751,138
MLP AG		65,490		437,550
Morphosys AG (c)		10,646		435,748
Patrizia Immobilien AG (c)		122,606		1,141,427
Rheinmetall AG		20,201		936,048
Stada Arzneimittel AG		32,208		1,320,983
TAG Immobilien AG		52,971		607,419
TUI AG (c)		95,565		1,027,247
Wincor Nixdorf AG		16,983		845,054
				26,267,397
GIBRALTAR — 0.1%
Bwin.Party Digital Entertainment PLC		348,593		760,105
GREECE — 0.7%
Alpha Bank AE (c)		284,287		259,188
Diana Shipping, Inc. (c)		90,703		966,894
DryShips, Inc. (c)		233,485		476,310
EFG Eurobank Ergasias (c)		2,283		718
Ellaktor SA (c)		135,750		270,191
Hellenic Exchanges SA		93,850		473,615
Hellenic Telecommunications Organization SA (c)		125,087		758,146
JUMBO SA		64,330		459,290
Marfin Investment Group SA (c)		464,093		160,308
National Bank of Greece SA (c)		453,854		386,392
Piraeus Bank SA (c)		594,639		148,897
Public Power Corp. SA (c)		58,866		420,279
Titan Cement Co. SA (c)		29,796		497,393

See accompanying notes to financial statements.

157

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
TT Hellenic Postbank SA (b)(c)		129,076	$	0
				5,277,621
HONG KONG — 0.8%
Champion REIT (a)		189		98
China Mining Resources Group, Ltd. (a)(c)(e)		20,920,000		234,461
Emperor Watch & Jewellery, Ltd.		2,690,000		273,760
Giordano International, Ltd. (a)		1,874,000		1,868,532
Luk Fook Holdings International, Ltd. (a)		192,000		615,872
Mongolia Energy Co., Ltd. (c)		723		29
Pacific Basin Shipping, Ltd.		1,555,000		923,467
Peace Mark (Holdings), Ltd. (b)(c)		504,228		0
Skyworth Digital Holdings, Ltd.		1,103		740
Stella International Holdings, Ltd.		270,000		810,419
Yanchang Petroleum International, Ltd. (c)		4,420,000		296,085
Yuexiu Real Estate Investment Trust (a)		1,108,000		629,460
				5,652,923
IRELAND — 0.8%
C&C Group PLC		284,601		1,855,785
Kenmare Resources PLC (c)		1,252,349		551,473
Kingspan Group PLC		125,732		1,549,943
Smurfit Kappa Group PLC		74,199		1,229,097
United Drug PLC		115,202		474,581
				5,660,879
ISRAEL — 0.7%
Clal Insurance Enterprise Holdings, Ltd.		21,002		348,468
Delek Group, Ltd.		2,528		710,212
Elbit Systems, Ltd.		14,763		623,952
Israel Discount Bank, Ltd. (Class A) (c)		447,393		765,711
Migdal Insurance & Financial Holding, Ltd.		250,273		407,957
Mizrahi Tefahot Bank, Ltd. (c)		62,968		672,259
NICE Systems, Ltd. (c)		38,703		1,423,840
Osem Investments, Ltd.		36,122		690,783
				5,643,182
ITALY — 2.0%
A2A SpA		798,126		474,824
Amplifon SpA		241,000		1,262,629
Ansaldo STS SpA		56,950		570,410
Astaldi SpA		228,432		1,575,179
Banca Popolare dell’Emilia Romagna Scrl		168,682		1,193,490
Banca Popolare dell’Etruria e del Lazio		239,107		114,341
Banca Popolare di Milano Scarl (c)		1,640,619		1,005,958
Banca Popolare di Sondrio Scrl		168,814		880,536
EI Towers SpA (c)		30,472		934,011
Esprinet SpA		100,012		458,221
Hera SpA		243,252		428,870
IMMSI SpA		751,145		453,625
Interpump Group SpA		270,668		2,120,144
Saras SpA (c)		292,714		356,140
Sorin SpA (c)		702,597		1,806,213
Unipol Gruppo Finanziario SpA (c)		168,302		454,277
Yoox SpA (c)		30,827		578,731
				14,667,599
JAPAN — 32.9%
Activia Properties, Inc.		52		509,381
Ain Pharmaciez, Inc.		7,400		398,256
Alps Electric Co., Ltd. (a)		185,136		1,218,881
Amada Co., Ltd.		145,000		970,060
Anritsu Corp.		63,000		973,612
Aoyama Trading Co., Ltd.		30,600		770,370
Arcs Co., Ltd.		24,600		554,429
Asahi Holdings, Inc.		48,473		1,033,183
Autobacs Seven Co., Ltd. (a)		42,000		671,410
Avex Group Holdings, Inc.		19,300		535,153
Bank of the Ryukyus, Ltd. (a)		144,900		2,108,309
Best Denki Co., Ltd. (a)(c)		243,769		502,991
Capcom Co., Ltd. (a)		23,900		375,201
Central Glass Co., Ltd. (a)		515,145		1,753,312
Chiyoda Co., Ltd.		18,900		503,357
Citizen Holdings Co., Ltd.		143,600		754,503
Cocokara fine, Inc.		13,900		510,051
COMSYS Holdings Corp. (a)		216,950		2,635,151
Cosmo Oil Co., Ltd. (a)(c)		335,000		705,488
Cosmos Pharmaceutical Corp.		5,100		663,944
CyberAgent, Inc. (a)		227		428,311
Daifuku Co., Ltd. (a)		126,500		1,037,348
Daihen Corp. (a)		253,000		731,929
DAIICHI CHUO KISEN KAISHA (a)(c)		337,834		409,626
Daiichikosho Co., Ltd.		19,200		515,227
Dainippon Screen Manufacturing Co., Ltd. (a)(c)		173,000		798,575
Daiwa Office Investment Corp.		311		1,686,982
Daiwahouse Residential Investment Corp.		118		569,794
DCM Japan Holdings Co., Ltd. (a)		175,833		1,505,484
DIC Corp.		388,000		817,103
Disco Corp. (a)		10,200		577,154
Doutor Nichires Holdings Co., Ltd. (a)		174,432		2,565,831
DTS Corp.		93,482		1,531,188
Ebara Corp.		177,000		736,088
EDION Corp. (a)		105,400		480,925
FCC Co., Ltd. (a)		105,148		2,525,252
FP Corp.		6,900		450,606
Frontier Real Estate Investment Corp.		84		947,033
Fuji Electric Holdings Co., Ltd. (a)		317,000		923,825
Fuji Oil Co., Ltd.		42,000		652,202
Fukuoka REIT Corp.		311		2,828,175
Furukawa Co., Ltd.		749,387		868,785
Furukawa Electric Co., Ltd. (a)		341,000		761,646
Glory, Ltd.		76,400		1,835,648
GS Yuasa Corp. (a)		193,000		782,100
Hanwa Co., Ltd.		421,000		1,517,964
Haseko Corp. (a)(c)		816,000		746,394
Heiwa Real Estate Co., Ltd.		68,800		1,344,973
Hitachi Kokusai Electric, Inc. (a)		112,372		1,032,646
Hitachi Zosen Corp.		850,500		1,393,076
Hokkaido Electric Power Co., Inc. (c)		91,200		963,216
Horiba, Ltd.		53,513		1,638,629

See accompanying notes to financial statements.

158

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Hosiden Corp. (a)		119,400	$	693,389
Iino Kaiun Kaisha, Ltd. (a)		147,500		1,085,620
Industrial & Infrastructure Fund Investment Corp. (a)		68		753,627
Internet Initiative Japan, Inc.		15,900		549,617
IT Holdings Corp.		98,908		1,307,622
Izumi Co., Ltd.		21,900		534,340
Izumiya Co., Ltd. (a)		262,000		1,371,027
Japan Airport Terminal Co., Ltd. (a)		100,200		1,338,558
Japan Aviation Electronics Industry, Ltd. (a)		148,000		1,114,486
Japan Excellent, Inc.		259		1,977,898
Japan Exchange Group, Inc. (a)		30,300		2,748,979
Japan Logistics Fund, Inc.		259		3,027,452
Juki Corp. (a)(c)		159,332		244,031
K’s Holdings Corp. (a)		22,100		706,344
Kaken Pharmaceutical Co., Ltd.		45,000		825,144
Kanematsu Corp. (a)(c)		797,698		1,043,574
Katakura Industries Co., Ltd.		101,174		1,211,678
Kawasaki Kisen Kaisha, Ltd. (a)(c)		443,000		937,641
Kenedix Realty Investment Corp.		138		675,176
Kitz Corp.		178,300		895,103
Kiyo Holdings, Inc. (a)		1,216,000		1,927,079
Komori Corp.		109,436		1,177,933
Kurabo Industries, Ltd. (a)		744,000		1,361,072
KYB Co., Ltd. (a)		299,832		1,466,951
KYORIN Holdings, Inc.		30,300		740,581
Kyowa Exeo Corp. (a)		141,600		1,506,063
Lion Corp.		118,000		650,117
Makino Milling Machine Co., Ltd.		177,000		1,078,717
Marudai Food Co., Ltd.		562,656		1,867,142
Maruha Nichiro Holdings, Inc.		803,485		1,495,532
Maruichi Steel Tube, Ltd.		34,800		819,847
Marusan Securities Co., Ltd.		173,598		1,290,630
Meidensha Corp. (a)		114,000		344,352
Minebea Co., Ltd. (a)		159,000		536,088
Mirait Holdings Corp.		96,700		996,621
Mitsui Mining & Smelting Co., Ltd.		704,000		1,804,552
Mitsui-Soko Co., Ltd. (a)		309,000		1,899,617
Mitsumi Electric Co., Ltd. (a)(c)		55,800		306,241
Mori Hills REIT Investment Corp.		97		723,218
Moshi Moshi Hotline, Inc. (a)		22,800		321,800
Nakanishi, Inc.		8,383		1,027,145
NET One Systems Co., Ltd. (a)		118,000		1,031,653
Neturen Co., Ltd. (a)		187,303		1,414,434
Nichi-iko Pharmaceutical Co., Ltd.		25,700		584,687
Nichirei Corp.		154,000		918,890
Nihon Dempa Kogyo Co., Ltd. (a)		26,100		265,109
Nihon Kohden Corp.		58,500		2,040,842
Nikkiso Co., Ltd.		140,000		1,707,934
Nippon Accommodations Fund, Inc. (a)		263		2,142,714
Nippon Carbon Co., Ltd. (a)		242,712		552,440
Nippon Gas Co., Ltd.		30,600		345,641
Nippon Konpo Unyu Soko Co., Ltd.		201,200		3,139,336
Nippon Light Metal Holdings Co., Ltd. (a)		950,500		1,061,503
Nippon Paper Group, Inc. (a)(c)		54,400		848,228
Nippon Seiki Co., Ltd.		80,000		1,062,753
Nippon Sheet Glass Co., Ltd. (c)		419,000		472,389
Nippon Shinyaku Co., Ltd. (a)		199,000		2,827,739
Nippon Soda Co., Ltd.		266,000		1,242,012
Nippon Suisan Kaisha, Ltd.		422,399		808,677
Nippon Thompson Co., Ltd. (a)		235,000		1,154,754
Nishi-Nippon Railroad Co., Ltd.		153,000		623,261
Nishimatsu Construction Co., Ltd. (a)		665,000		1,089,236
Nishimatsuya Chain Co., Ltd. (a)		123,393		1,003,995
Nissan Chemical Industries, Ltd.		75,400		908,617
Nissha Printing Co., Ltd. (a)(c)		23,600		417,430
Nisshin Steel Holdings Co., Ltd. (c)		52,300		413,305
Nitto Boseki Co., Ltd. (a)(c)		386,153		1,474,462
NOF Corp.		469,000		2,294,618
Nomura Real Estate Office Fund, Inc.		126		946,139
North Pacific Bank, Ltd. (a)		147,000		495,629
NSD Co., Ltd.		98,408		1,113,658
Okamura Corp.		57,000		424,984
Okasan Securities Group, Inc. (a)		268,682		2,526,217
Oki Electric Industry Co., Ltd. (a)(c)		816,000		1,015,444
Orix JREIT, Inc.		2,140		3,015,848
OSG Corp. (a)		151,000		2,075,005
Park24 Co., Ltd.		13		255
Pigeon Corp.		10,700		781,844
Pioneer Corp. (a)(c)		166,900		298,226
Point, Inc. (a)		25,110		1,239,209
Premier Investment Corp.		497		2,701,202
Rengo Co., Ltd. (a)		214,000		1,085,705
Rohto Pharmaceutical Co., Ltd.		192,000		2,630,249
Ryohin Keikaku Co., Ltd.		31,903		2,555,090
Sakai Chemical Industry Co., Ltd. (a)		329,565		1,023,537
Sanden Corp. (a)		301,000		1,200,542
Sankyu, Inc.		279,000		1,240,396
Sanyo Shokai, Ltd.		210,000		654,435
Sanyo Special Steel Co., Ltd. (a)		226,937		801,352
Sapporo Holdings, Ltd.		233,000		978,887
Sato Corp. (a)		82,600		1,489,119
Sawai Pharmaceutical Co., Ltd. (a)		7,600		906,956
SBI Holdings, Inc. (a)		92,928		821,348
SCSK Corp.		25,000		487,928
Seiko Epson Corp. (a)		84,200		817,641
Seiren Co., Ltd. (a)		203,500		1,300,824
Senshu Ikeda Holdings, Inc. (a)		104,060		586,596
Shima Seiki Manufacturing, Ltd.		73,325		1,656,481
Shimachu Co., Ltd. (a)		99,500		2,484,854
Ship Healthcare Holdings, Inc. (a)		14,200		494,629
Shochiku Co., Ltd. (a)		483,000		4,952,266
Sinfonia Technology Co., Ltd. (a)		478,000		823,612
SMK Corp. (a)		251,343		695,056
Softbank Corp.		25,895		1,195,323
Sojitz Corp. (a)		526,500		811,982
Sotetsu Holdings, Inc. (a)		143,000		524,729
Star Micronics Co., Ltd. (a)		68,800		679,073
Start Today Co., Ltd. (a)		30,000		371,410
Sumitomo Forestry Co., Ltd.		88,900		956,890
Sumitomo Osaka Cement Co., Ltd.		664,793		1,937,389
Tadano, Ltd. (a)		171,526		1,984,900
Taiyo Yuden Co., Ltd. (a)		59,100		746,765
Takara Holdings, Inc. (a)		310,000		2,604,765
Takasago International Corp.		302,694		1,648,366

See accompanying notes to financial statements.

159

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Takuma Co., Ltd. (a)		222,000	$	1,296,299
The 77 Bank, Ltd.		132,000		713,210
The Bank of Nagoya, Ltd.		255,000		1,155,392
The Bank of Okinawa, Ltd.		51,500		2,166,374
The Ehime Bank, Ltd.		661,000		1,729,483
The Eighteenth Bank, Ltd.		690,730		1,807,271
The Hokuetsu Bank, Ltd.		969,000		2,360,147
The Michinoku Bank, Ltd.		674,000		1,634,461
The Minato Bank, Ltd.		747,000		1,271,219
The Miyazaki Bank, Ltd.		652,000		1,879,302
The Musashino Bank, Ltd.		43,500		1,707,243
The Nanto Bank, Ltd.		121,000		576,558
The Nishi-Nippon City Bank, Ltd.		320,000		1,004,042
The Oita Bank, Ltd.		433,000		1,639,524
The Tochigi Bank, Ltd.		263,000		1,029,398
The Tokyo Tomin Bank, Ltd. (a)		47,200		567,284
Toagosei Co., Ltd.		539,818		2,348,283
TOC Co., Ltd.		203,800		1,560,689
Toei Co., Ltd. (a)		314,000		2,197,532
Toho Holdings Co., Ltd.		67,819		1,569,604
Toho Zinc Co., Ltd. (a)		246,000		991,640
Tokai Carbon Co., Ltd.		114,000		391,640
Tokai Tokyo Financial Holdings, Inc.		255,000		1,852,425
Tokuyama Corp. (a)		220,000		608,381
Tokyo Dome Corp.		251,000		1,428,260
Tokyo Tatemono Co., Ltd.		228,000		1,598,086
TOMONY Holdings, Inc.		276,300		1,201,943
Top REIT, Inc.		92		543,076
Topy Industries, Ltd.		535,381		1,252,753
Tosoh Corp. (a)		290,000		808,126
Toyo Corp./Chuo-ku (a)		174,548		2,461,717
Toyo Tire & Rubber Co., Ltd. (a)		422,000		1,885,131
Toyobo Co., Ltd. (a)		1,035,788		1,762,668
TSI Holdings Co., Ltd.		65,800		380,019
Tsuruha Holdings, Inc.		8,200		796,277
Ulvac, Inc. (a)(c)		49,100		392,716
Unitika, Ltd. (c)		1,048,000		568,475
Valor Co., Ltd.		31,300		592,243
Wacom Co., Ltd.		179		711,088
Yaskawa Electric Corp. (a)		107,000		1,061,806
Yodogawa Steel Works, Ltd. (a)		438,000		1,639,821
Zenrin Co., Ltd.		56,477		768,284
			��	245,672,685
LUXEMBOURG — 0.2%
AZ Electronic Materials SA		138,890		801,833
Eurofins Scientific (a)		2,835		596,301
				1,398,134
NETHERLANDS — 1.5%
Aalberts Industries NV		96,649		2,165,045
AerCap Holdings NV (c)		70,277		1,085,780
ASM International NV		57,287		1,905,629
BinckBank NV		41,796		392,544
CSM		37,615		796,973
Eurocommercial Properties NV		20,440		749,483
Exact Holding NV (a)		50,205		1,044,385
Koninklijke BAM Groep NV		140,794		571,307
PostNL NV (c)		226,600		453,924
VistaPrint NV (a)(c)		25,503		985,946
Wereldhave NV		10,551		730,672
				10,881,688
NEW ZEALAND — 0.9%
DNZ Property Fund, Ltd.		245,399		354,736
Fisher & Paykel Healthcare Corp., Ltd. (a)		852,337		1,871,358
Goodman Property Trust		349,170		305,772
Infratil, Ltd. (a)		299,373		604,608
Kiwi Income Property Trust		431,730		423,294
Mainfreight, Ltd.		59,622		564,585
Nuplex Industries, Ltd. (a)		141,538		393,781
Ryman Healthcare, Ltd.		125,007		527,970
Sky City Entertainment Group, Ltd. (a)		269,421		995,667
Trade Me, Ltd. (a)		114,982		455,759
				6,497,530
NORWAY — 1.3%
Algeta ASA (c)		28,579		962,842
Atea ASA		41,054		455,765
Deep Sea Supply PLC (c)		179,932		306,031
DNO International ASA (c)		571,506		989,663
Ekornes ASA		51,409		828,538
Norwegian Property ASA		423,139		665,270
ProSafe SE		125,675		1,217,426
Storebrand ASA (c)		154,912		602,118
Tomra Systems ASA		180,463		1,763,633
Veidekke ASA		265,217		2,114,460
				9,905,746
PORTUGAL — 0.4%
Altri SGPS SA		365,563		900,346
Banco Comercial Portugues SA (c)		6,732,629		821,309
Semapa-Sociedade de Investimento e Gestao, SGPS, SA		147,859		1,338,553
				3,060,208
SINGAPORE — 2.6%
Ascott Residence Trust (a)		361,000		401,564
Biosensors International Group, Ltd. (a)(c)		648,000		681,638
Bukit Sembawang Estates, Ltd.		271,080		1,551,401
Cache Logistics Trust (a)		499,000		524,903
Cambridge Industrial Trust		929,844		592,114
CapitaCommercial Trust (a)		818		1,045
CapitaRetail China Trust		284,000		400,613
CDL Hospitality Trusts (a)		412,000		680,800
China Yuchai International, Ltd. (a)		21,996		351,716
Cosco Corp. Singapore, Ltd. (a)		561,000		411,503
Ezion Holdings, Ltd.		335,000		585,966
Ezra Holdings, Ltd. (a)(c)		496,599		462,334
Far East Hospitality Trust		427,000		404,421
First Real Estate Investment Trust		532,000		536,031
Frasers Centrepoint Trust		265,000		457,118
Haw Par Corp., Ltd.		6,352		39,527
Hong Leong Finance, Ltd.		1,608,656		3,604,759
Hyflux, Ltd. (a)		312,000		367,177
LionGold Corp., Ltd. (a)(c)		420,000		391,020
Lippo Malls Indonesia Retail Trust		1,235,000		512,675
M1, Ltd.		303,000		722,941

See accompanying notes to financial statements.

160

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Mapletree Commercial Trust		556,000	$	602,789
Mapletree Industrial Trust		725,603		821,757
Mapletree Logistics Trust		63,383		62,075
Miclyn Express Offshore, Ltd.		375,317		817,789
Parkway Life Real Estate Investment Trust		253,000		515,952
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (a)		388,000		395,631
Singapore Post, Ltd.		621,000		623,202
Starhill Global REIT		747,000		535,894
Triyards Holdings, Ltd. (c)		50,259		32,409
Venture Corp., Ltd.		66,000		460,713
Wing Tai Holdings, Ltd.		832,299		1,278,035
				19,827,512
SOUTH KOREA — 6.5%
Able C&C Co., Ltd.		6,061		468,494
Asiana Airlines (c)		167,328		866,268
Binggrae Co., Ltd.		3,693		436,482
Cheil Communications, Inc. (c)		7		151
CJ E&M Corp. (c)		12,295		385,117
CJ Korea Express Corp. (c)		7,129		629,859
CJ O Shopping Co., Ltd.		1,949		523,599
Com2uSCorp (c)		5,266		244,226
Cosmax, Inc.		7,610		331,048
Daesang Corp.		14,250		482,855
Daum Communications Corp.		16,397		1,351,433
DGB Financial Group, Inc.		69,530		1,049,887
Dong-A Pharmaceutical Co., Ltd. (b)		9,984		1,112,723
Dongkuk Steel Mill Co., Ltd. (a)		35,020		385,579
Eugene Investment & Securities Co., Ltd. (c)		173,599		404,118
Fila Korea, Ltd.		6,064		360,265
GemVax & Kael Co., Ltd. (a)(c)		11,846		439,194
Grand Korea Leisure Co., Ltd.		19,700		571,913
Green Cross Corp.		3,938		557,464
Hana Tour Service, Inc.		17,754		1,109,027
Hanjin Heavy Industries & Construction Co., Ltd. (a)(c)		24,296		193,695
Hanjin Shipping Co., Ltd. (a)(c)		50,888		477,961
Hanmi Pharm Co., Ltd. (c)		7,406		1,108,304
Hansol Paper Co. (a)		79,519		850,509
Hanwha Securities Co.		119,772		453,747
Hite Jinro Co., Ltd.		28,374		863,257
Honam Petrochemical Corp.		2,075		369,270
Hotel Shilla Co., Ltd. (a)		33,669		1,664,385
Humax Co., Ltd.		46,988		517,349
Hyosung Corp.		10,419		523,478
Hyundai Development Co.		40,190		926,545
Hyundai Elevator Co., Ltd. (c)		4,388		351,797
Hyundai Greenfood Co., Ltd.		37,990		570,226
Hyundai Home Shopping Network Corp.		3,546		441,417
Hyundai Marine & Fire Insurance Co., Ltd.		7		200
Hyundai Securities Co., Ltd.		76,330		552,957
Jeonbuk Bank		254,044		1,285,518
Korea Investment Holdings Co., Ltd.		23,820		981,617
Korean Reinsurance Co.		112,208		1,159,799
KT Skylife Co., Ltd.		13,608		414,624
Kumho Tire Co., Inc. (a)(c)		56,100		632,802
LG Fashion Corp.		11,280		311,249
LG International Corp.		33,568		1,262,647
LG Life Sciences, Ltd. (a)(c)		25,048		1,303,505
LIG Insurance Co., Ltd.		59,720		1,274,807
Lotte Chilsung Beverage Co., Ltd.		395		527,921
Lotte Samkang Co., Ltd.		661		508,553
LS Industrial Systems Co., Ltd.		9,952		551,001
Macquarie Korea Infrastructure Fund		92,430		559,930
Medipost Co., Ltd. (c)		5,069		421,429
MegaStudy Co., Ltd.		5,756		367,316
Melfas, Inc. (a)		13,391		232,290
Meritz Finance Holdings Co., Ltd. (c)		8		29
Meritz Fire & Marine Insurance Co., Ltd.		91,058		978,018
Meritz Securities Co., Ltd.		772,517		979,012
Mirae Asset Securities Co., Ltd.		16,087		626,071
Neowiz Games Corp. (c)		10,667		191,749
NongShim Co., Ltd.		2,481		695,732
Paradise Co., Ltd.		31,717		624,305
Poongsan Corp.		38,703		947,921
Samsung Fine Chemicals Co., Ltd.		29,260		1,472,731
Samyang Holdings Corp.		4,410		280,233
Seoul Semiconductor Co., Ltd.		21,459		557,402
SFA Engineering Corp.		29,068		1,596,310
SK Broadband Co., Ltd. (c)		152,268		560,433
SK Chemicals Co., Ltd.		31,465		1,589,370
SM Entertainment Co. (a)(c)		8,146		340,820
STX Offshore & Shipbuilding Co., Ltd. (a)(c)		47,373		275,058
STX Pan Ocean Co., Ltd. (a)(c)		109,349		433,425
Taekwang Industrial Co., Ltd.		476		445,368
Tong Yang Securities, Inc.		87,030		313,671
Woori Investment & Securities Co., Ltd.		3		32
Young Poong Corp.		551		633,903
Yuhan Corp.		9,098		1,561,853
				48,473,253
SPAIN — 0.8%
Bolsas y Mercados Espanoles (a)		22,606		556,183
Construcciones y Auxiliar de Ferrocarriles SA		3,597		1,298,605
Faes Farma SA		214,097		551,218
Indra Sistemas SA (a)		37,820		451,651
Tubacex SA (c)		246,517		661,594
Tubos Reunidos SA (a)		294,539		646,752
Vidrala SA		54,928		1,795,065
Zeltia SA (c)		224,983		369,793
				6,330,861
SWEDEN — 2.4%
AarhusKarlshamn AB		20,060		1,015,032
Axfood AB (a)		16,101		656,224
Axis Communications AB (a)		27,331		712,489
Betsson AB		25,021		806,198
BillerudKorsnas AB		86,753		836,575
Carnegie Investment Bank AB (b)(c)		59,625		0
Fabege AB (a)		83,500		855,291
Haldex AB (a)		170,176		1,015,507

See accompanying notes to financial statements.

161

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Hexpol AB		14,084	$	810,122
Intrum Justitia AB		108,158		2,095,956
JM AB (a)		63,673		1,512,993
Kungsleden AB		165,295		1,067,732
New Wave Group AB (Class B)		208,949		1,169,755
Nobia AB (c)		96,867		516,962
Saab AB		42,580		923,374
Swedish Orphan Biovitrum AB (c)		117,847		759,426
Wihlborgs Fastigheter AB		192,225		3,170,737
				17,924,373
SWITZERLAND — 2.5%
Basilea Pharmaceutica AG (c)		13,383		812,633
Belimo Holding AG		2,068		4,782,639
Daetwyler Holding AG		18,689		2,072,279
Forbo Holding AG		833		545,393
Georg Fischer AG		3,127		1,327,477
Kudelski SA		65,201		860,671
Kuoni Reisen Holding (Class B)		4,682		1,483,289
Logitech International SA (a)		84,915		576,592
Mobimo Holding AG		3,115		700,665
Nobel Biocare Holding AG (a)		73,856		740,939
Straumann Holding AG (a)		4,263		575,783
Temenos Group AG (c)		73,015		1,738,728
Valiant Holding AG		6,659		594,208
Valora Holding AG		8,552		1,752,033
				18,563,329
UNITED KINGDOM — 10.9%
A.G.BARR PLC		46,371		383,746
Atkins WS PLC		39,516		547,228
Aveva Group PLC		34,648		1,191,119
BBA Aviation PLC		146,266		571,902
Bellway PLC		92,202		1,815,854
Bodycote PLC		211,067		1,717,852
Bovis Homes Group PLC		181,553		2,044,162
Britvic PLC		223,442		1,507,786
BTG PLC (c)		159,257		862,828
Cable & Wireless Communications PLC		1,308,604		833,369
Carillion PLC		144,426		597,164
Centamin PLC (c)		464,056		348,448
Chemring Group PLC		201,755		796,829
CSR PLC		150,498		1,102,170
Dairy Crest Group PLC		172,971		1,125,709
Darty PLC (a)		351,945		229,797
De La Rue PLC		29,038		430,345
Debenhams PLC		541,136		680,358
Dixons Retail PLC (c)		2,087,811		1,071,224
Domino’s Pizza UK & IRL PLC		55,577		508,455
Dunelm Group PLC		39,770		504,548
Elementis PLC		596,046		2,359,508
EnQuest PLC (c)		298,840		651,619
Enterprise Inns PLC (c)		433,624		698,601
Fenner PLC		219,426		1,296,100
Filtrona PLC		79,349		877,149
FirstGroup PLC		214,744		655,743
Galliford Try PLC		125,410		1,748,137
Gem Diamonds, Ltd. (c)		96,744		200,887
Genus PLC		33,711		807,754
Halfords Group PLC		86,105		421,918
Hays PLC		569,882		834,618
Henderson Group PLC		433,136		1,047,709
Heritage Oil PLC (a)(c)		121,668		329,773
Home Retail Group PLC (a)		363,829		857,412
Homeserve PLC (a)		136,132		414,453
Howden Joinery Group PLC		313,247		1,135,377
Hunting PLC		63,705		859,472
Intermediate Capital Group PLC		170,661		1,096,423
International Personal Finance		259,111		1,750,840
Interserve PLC		186,823		1,416,422
ITE Group PLC		507,213		2,101,816
J.D. Wetherspoon PLC		157,420		1,284,811
Jazztel PLC (c)		102,496		781,793
Jupiter Fund Management PLC		188,467		937,519
Keller Group PLC		98,179		1,215,002
Kier Group PLC		57,857		1,029,637
Laird PLC		200,623		661,974
Mcbride PLC		146,704		264,531
Michael Page International PLC		266,413		1,706,329
Micro Focus International PLC		79,541		827,941
Mitchells & Butlers PLC (c)		223,736		1,107,527
Mitie Group PLC		495,798		2,113,988
Morgan Crucible Co. PLC		301,717		1,293,794
Morgan Sindall PLC		65,702		553,697
N Brown Group PLC		204,147		1,264,748
National Express Group PLC		204,484		636,212
Pace PLC		181,017		669,022
PayPoint PLC		104,431		1,407,338
Petropavlovsk PLC		72,144		244,400
Premier Farnell PLC		459,293		1,555,930
Premier Foods PLC (a)(c)		143,562		174,938
QinetiQ Group PLC		208,409		656,336
Redrow PLC (c)		300,444		856,761
Regus PLC		309,154		744,994
Renishaw PLC		19,047		531,585
Restaurant Group PLC		332,466		2,362,115
RPS Group PLC		302,576		1,228,101
Salamander Energy PLC (c)		134,820		425,403
Senior PLC		658,964		2,385,441
Shanks Group PLC		413,746		493,179
SIG PLC		313,477		753,983
SOCO International PLC (c)		103,904		592,438
Spirent Communications PLC		335,794		751,063
Spirit Pub Co. PLC		330,397		294,744
Synthomer PLC		127,412		415,571
Tullett Prebon PLC		252,228		992,725
Ultra Electronics Holdings PLC		51,025		1,332,638
Unite Group PLC		285,624		1,392,196
Victrex PLC		110,328		2,780,959
WH Smith PLC (a)		167,079		1,893,880
Wincanton PLC (c)		229,407		152,400
				81,200,267
TOTAL COMMON STOCKS —
(Cost $742,766,695)				738,533,119

See accompanying notes to financial statements.

162

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
RIGHTS — 0.0% (f)
FINLAND — 0.0% (f)
Talvivaara Mining Co. PLC (expiring 4/5/13) (a)(c) (Cost $484,361)		86,754	$	44,783
SHORT TERM INVESTMENTS — 11.2%
UNITED STATES — 11.2%
MONEY MARKET FUNDS — 11.2%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		83,199,699		83,199,699
State Street Institutional Liquid Reserve Fund 0.13% (h)(i)		671,936		671,936
TOTAL SHORT TERM INVESTMENTS —
(Cost $83,871,635)				83,871,635
TOTAL INVESTMENTS — 110.1%
(Cost $827,122,691)				822,449,537
OTHER ASSETS & LIABILITIES — (10.1)%				(75,776,352	)
NET ASSETS — 100.0%			$	746,673,185

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(c)	Non-income producing security.
(d)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs. (Note 2)
(f)	Amount shown represents less than 0.05% of net assets.
(g)	Investments of cash collateral for securities loaned.
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

TRY = Turkish Lira

See accompanying notes to financial statements.

163

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 16.5%
Abacus Property Group (a)		2,657,709	$	5,957,206
Astro Japan Property Group (a)		683,278		2,592,958
BGP Holdings PLC (b)		32,410,441		0
Bunnings Warehouse Property Trust (a)		4,142,893		10,279,628
CFS Retail Property Trust Group (a)		23,268,650		48,760,030
Charter Hall Retail REIT		2,701,276		11,011,397
Commonwealth Property Office Fund (a)		23,228,258		26,880,438
Dexus Property Group		47,957,567		51,998,067
Goodman Group		14,995,619		74,728,972
GPT Group (a)		16,150,973		62,469,685
Investa Office Fund		6,116,919		19,514,205
Westfield Group		20,338,340		230,060,446
Westfield Retail Trust (a)		30,288,273		95,362,619
				639,615,651
AUSTRIA — 1.5%
Atrium European Real Estate, Ltd.		1,754,087		10,135,898
CA Immobilien Anlagen AG (c)		726,055		9,570,334
IMMOFINANZ AG (a)(c)		10,513,455		39,893,445
				59,599,677
BELGIUM — 0.7%
Befimmo Sicafi S.C.A.		155,115		9,876,492
Cofinimmo		153,718		17,636,722
				27,513,214
BRAZIL — 1.5%
BR Malls Participacoes SA		4,497,553		56,120,432
CANADA — 10.7%
Artis REIT		586,852		9,299,982
Boardwalk REIT		255,188		15,696,341
Brookfield Asset Management, Inc. (Class A) (a)		5,575,481		203,602,879
Brookfield Office Properties, Inc. (a)(d)		567,223		9,739,219
Brookfield Office Properties, Inc. (a)(d)		1,946,896		33,420,804
Calloway REIT		556,835		16,048,161
Canadian Apartment Properties REIT		489,920		12,161,802
Canadian REIT		332,009		14,692,775
Chartwell Retirement Residences		832,146		9,075,425
First Capital Realty, Inc. (a)		841,848		15,702,564
H&R REIT		946,987		21,802,279
Primaris Retail REIT		470,178		12,601,946
RioCan REIT		1,459,942		39,949,198
				413,793,375
CHINA — 3.1%
Hongkong Land Holdings, Ltd.		11,666,000		86,445,060
Kerry Properties, Ltd. (a)		7,556,670		33,535,878
				119,980,938
FRANCE — 8.5%
Fonciere Des Regions		368,832		28,928,520
Gecina SA (a)		261,715		30,420,879
Klepierre (a)		968,109		38,096,272
Mercialys SA		552,304		11,329,680
SILIC		85,268		9,109,782
Unibail-Rodamco SE		905,886		211,362,078
				329,247,211
GERMANY (e) — 0.0%
IVG Immobilien AG (a)(c)		1,481,603		1,244,252
HONG KONG — 8.5%
Champion REIT (a)		29,902,174		15,523,792
Hang Lung Group, Ltd.		7,295,808		40,977,917
Hang Lung Properties, Ltd. (a)		19,083,755		71,293,810
Hysan Development Co., Ltd.		6,140,846		31,010,179
Prosperity REIT		11,222,000		3,888,772
The Link REIT (a)		22,693,929		123,663,079
Wheelock & Co., Ltd.		8,191,545		43,634,633
				329,992,182
ITALY — 0.1%
Beni Stabili SpA		8,202,123		4,898,591
JAPAN — 22.3%
Aeon Mall Co., Ltd. (a)		794,640		24,104,587
Daibiru Corp. (a)		569,700		6,665,284
Daiwa Office Investment Corp. (a)		2,125		11,526,803
Frontier Real Estate Investment Corp.		2,445		27,565,412
Fukuoka REIT Corp.		1,201		10,921,666
Global One Real Estate Investment Co., Ltd.		965		7,297,543
Hankyu REIT, Inc.		847		5,882,695
Heiwa Real Estate Co., Ltd.		355,100		6,941,861
Hulic Co., Ltd. (a)		3,046,190		25,044,723
Japan Excellent, Inc.		2,080		15,884,280
Japan Prime Realty Investment Corp.		8,168		32,447,862
Japan Real Estate Investment Corp.		5,891		80,764,720
Japan Retail Fund Investment Corp.		20,603		50,882,967
Kenedix Realty Investment Corp.		2,843		13,909,594
Mitsui Fudosan Co., Ltd.		8,746,000		245,487,067
Mori Hills REIT Investment Corp. (a)		2,043		15,232,323
Mori Trust Sogo REIT, Inc. (a)		1,806		19,592,853
Nippon Building Fund, Inc.		6,864		94,907,467
Nomura Real Estate Office Fund, Inc.		2,875		21,588,492
NTT Urban Development Corp.		10,783		12,764,815
Orix JREIT, Inc.		15,750		22,196,075
Premier Investment Corp. (a)		1,959		10,647,192
Tokyu Land Corp. (a)		4,386,000		40,911,742
Tokyu REIT, Inc. (a)		1,585		11,901,829
Top REIT, Inc.		1,547		9,131,940
United Urban Investment Corp. (a)		22,710		36,859,668
				861,061,460
NETHERLANDS — 2.1%
Corio NV		953,010		44,538,725
Eurocommercial Properties NV		350,721		12,860,046
VastNed Retail NV		189,551		7,874,064

See accompanying notes to financial statements.

164

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Wereldhave NV		215,866	$	14,949,039
				80,221,874
NEW ZEALAND — 0.8%
Argosy Property, Ltd.		6,826,096		5,634,466
Goodman Property Trust		9,843,518		8,620,070
Kiwi Income Property Trust (a)		9,649,433		9,460,887
Precinct Properties (a)		7,957,257		6,901,570
				30,616,993
SINGAPORE — 8.3%
Ascendas REIT (a)		18,183,831		38,108,948
Cambridge Industrial Trust (a)		11,254,304		7,166,613
CapitaCommercial Trust (a)		20,111,676		25,694,830
CapitaLand, Ltd. (a)		25,286,999		71,951,561
CapitaMall Trust		25,344,168		42,696,527
Frasers Commercial Trust		4,793,304		5,447,814
Global Logistic Properties, Ltd. (a)		25,459,000		53,766,387
Guocoland, Ltd. (a)		3,365,666		6,294,007
Mapletree Logistics Trust (a)		14,501,279		14,202,043
Singapore Land, Ltd.		904,000		6,776,721
Starhill Global REIT		13,729,482		9,849,459
Suntec REIT (a)		21,056,351		30,550,888
United Industrial Corp., Ltd.		3,433,000		8,439,989
				320,945,787
SOUTH AFRICA — 1.1%
Capital Property Fund		16,000,541		19,445,965
Fountainhead Property Trust		11,637,752		11,365,723
SA Corporate Real Estate Fund		14,090,284		6,634,733
Sycom Property Fund (a)		1,212,903		3,792,945
				41,239,366
SPAIN — 0.0%
Martinsa-Fadesa SA (b)(c)(f)		35,998		0
SWEDEN — 1.9%
Castellum AB (a)		1,712,647		24,443,808
Fabege AB (a)		1,387,676		14,213,968
Great Portland Estates PLC		3,424,427		25,785,925
Kungsleden AB		1,359,132		8,779,383
				73,223,084
SWITZERLAND — 2.1%
PSP Swiss Property AG (c)		381,540		34,852,115
Swiss Prime Site AG (c)		592,592		48,091,974
				82,944,089
UNITED KINGDOM — 10.0%
Big Yellow Group PLC		1,255,669		6,768,684
British Land Co. PLC		9,550,953		78,821,909
Capital & Counties Properties PLC		6,149,012		25,424,573
Derwent London PLC		852,788		27,866,604
Grainger PLC		4,145,760		8,548,789
Hammerson PLC		7,063,850		52,761,725
Intu Properties PLC		6,516,697		33,079,931
Land Securities Group PLC		7,736,597		97,387,945
Segro PLC		7,388,152		28,528,759
Shaftesbury PLC		2,503,843		22,108,410
Workspace Group PLC		1,049,620		5,469,908
				386,767,237
TOTAL COMMON STOCKS —
(Cost $3,219,905,613)				3,859,025,413
SHORT TERM INVESTMENTS — 4.2%
UNITED STATES — 4.2%
MONEY MARKET FUNDS — 4.2%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		164,192,394		164,192,394
State Street Institutional Liquid Reserves Fund 0.13% (h)(i)		77,878		77,878
TOTAL SHORT TERM INVESTMENTS —
(Cost $164,270,272)				164,270,272
TOTAL INVESTMENTS — 103.9%
(Cost $3,384,175,885)				4,023,295,685
OTHER ASSETS & LIABILITIES — (3.9)%				(152,060,549	)
NET ASSETS — 100.0%			$	3,871,235,136

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(c)	Non-income producing security.
(d)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Company has filed for insolvency.
(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.

165

SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares			Value
COMMON STOCKS — 99.6%
AUSTRALIA — 2.5%
AGL Energy, Ltd.		33,862		$	559,902
APA Group		43,287			268,968
Asciano Group		60,031			349,852
Transurban Group		89,756			597,009
					1,775,731
BRAZIL — 0.6%
Centrais Eletricas Brasileiras SA ADR		18,088			61,861
Companhia Energetica de Minas Gerais ADR (a)		29,585			350,582
					412,443
CANADA — 8.8%
ATCO, Ltd. (Class I)		3,135			283,645
Canadian Utilities, Ltd. (Class A) (a)		5,421			429,593
Emera, Inc.		8,061			278,499
Enbridge, Inc.		45,065			2,098,109
Fortis, Inc. (a)		11,771			395,669
Pembina Pipeline Corp. (a)		17,916			566,075
TransAlta Corp. (a)		15,664			228,958
TransCanada Corp. (a)		43,305			2,067,319
					6,347,867
CZECH REPUBLIC — 0.4%
CEZ AS		9,845			288,789
FINLAND — 0.8%
Fortum Oyj		27,410			553,299
FRANCE — 3.3%
EDF SA		16,034			308,015
GDF Suez		80,257			1,547,930
Suez Environnement Co.		15,655			200,001
Veolia Environnement SA		23,299			294,336
					2,350,282
GERMANY — 4.3%
E.ON AG		112,585			1,969,048
RWE AG		29,766			1,111,319
					3,080,367
HONG KONG — 3.5%
CLP Holdings, Ltd.		94,727			829,799
Hong Kong & China Gas Co., Ltd.		315,859			921,619
Hongkong Electric Holdings, Ltd.		81,500			769,051
					2,520,469
ITALY — 3.6%
Atlantia SpA		19,160			303,113
Enel Green Power SpA		95,399			179,220
Enel SpA		399,341			1,305,573
Snam Rete Gas SpA		103,974			474,772
Terna Rete Elettrica Nationale SpA		80,412			333,520
					2,596,198
JAPAN — 4.8%
Chubu Electric Power Co., Inc. (a)		43,698			535,884
Electric Power Development Co., Ltd. (a)		9,041			238,189
Kyushu Electric Power Co., Inc. (a)(b)		28,618			297,381
Osaka Gas Co., Ltd. (a)		122,000			537,205
The Chugoku Electric Power Co., Inc. (a)		19,175			255,952
The Kansai Electric Power Co., Inc. (a)(b)		47,737			471,176
Tohoku Electric Power Co., Inc. (b)		29,408			237,716
Tokyo Gas Co., Ltd. (a)		154,423			844,219
					3,417,722
PORTUGAL — 0.4%
EDP — Energias de Portugal SA		101,544			313,203
SINGAPORE — 0.4%
Hutchison Port Holdings Trust		311,000			264,350
SOUTH KOREA — 0.5%
Korea Electric Power Corp. (b)		320			8,715
Korea Electric Power Corp. ADR (b)		27,722			374,886
					383,601
SPAIN — 3.5%
Abertis Infraestructuras SA (a)		22,568			379,922
Enagas		12,489			291,314
Gas Natural SDG SA		18,921			335,534
Iberdrola SA		251,747			1,174,433
Red Electrica Corporacion SA		6,660			335,670
			��		2,516,873
UNITED KINGDOM — 9.7%
Centrica PLC		317,098			1,770,467
Drax Group PLC		24,717			229,505
National Grid PLC		223,910			2,600,972
Pennon Group PLC		22,294			210,900
Scottish & Southern Energy PLC		58,986			1,329,179
Severn Trent PLC		14,653			380,918
United Utilities Group PLC		41,963			451,447
					6,973,388
UNITED STATES — 52.5%
AGL Resources, Inc. (a)		6,843			287,064
Alliant Energy Corp.		6,798			341,124
Ameren Corp.		14,902			521,868
American Electric Power Co., Inc.		29,664			1,442,560
American Water Works Co., Inc.		10,838			449,127
Aqua America, Inc. (a)		7,045			221,495
Atmos Energy Corp. (a)		5,500			234,795
Calpine Corp. (b)		23,600			486,160
CenterPoint Energy, Inc. (a)		26,296			630,052
CMS Energy Corp. (a)		16,277			454,779
Consolidated Edison, Inc. (a)		17,919			1,093,597
Dominion Resources, Inc. (a)		35,055			2,039,500
DTE Energy Co.		10,604			724,677
Duke Energy Corp.		42,950			3,117,741
Edison International		20,008			1,006,803
Entergy Corp.		10,833			685,079
Exelon Corp.		52,078			1,795,649
FirstEnergy Corp.		25,786			1,088,169
Integrys Energy Group, Inc. (a)		4,757			276,667
ITC Holdings Corp. (a)		2,929			261,443
Kinder Morgan, Inc.		40,429			1,563,794
National Fuel Gas Co. (a)		4,607			282,639
NextEra Energy, Inc.		25,964			2,016,884
NiSource, Inc.		19,034			558,458

See accompanying notes to financial statements.

166

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Northeast Utilities (a)		19,232	$	835,823
NRG Energy, Inc.		19,913		527,495
NV Energy, Inc.		14,393		288,292
OGE Energy Corp.		5,998		419,740
ONEOK, Inc. (a)		12,614		601,309
Pepco Holdings, Inc. (a)		13,988		299,343
PG&E Corp. (a)		26,999		1,202,265
Pinnacle West Capital Corp.		6,778		392,378
PPL Corp. (a)		35,507		1,111,724
Public Service Enterprise Group, Inc.		31,341		1,076,250
SCANA Corp.		7,236		370,194
Sempra Energy (a)		14,830		1,185,510
Southern Co.		53,297		2,500,695
Spectra Energy Corp. (a)		40,979		1,260,104
TECO Energy, Inc. (a)		13,223		235,634
The AES Corp.		38,179		479,910
The Williams Cos., Inc.		41,892		1,569,274
Westar Energy, Inc. (a)		7,799		258,771
Wisconsin Energy Corp. (a)		14,192		608,695
Xcel Energy, Inc.		29,946		889,396
				37,692,926
TOTAL COMMON STOCKS —
(Cost $77,549,907)				71,487,508
SHORT TERM INVESTMENTS — 13.4%
UNITED STATES — 13.4%
MONEY MARKET FUNDS — 13.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		9,516,330		9,516,330
State Street Institutional Liquid Reserve Fund 0.13% (d)(e)		132,208		132,208
TOTAL SHORT TERM INVESTMENTS —
(Cost $9,648,538)				9,648,538
TOTAL INVESTMENTS — 113.0%
(Cost $87,198,445)				81,136,046
OTHER ASSETS & LIABILITIES — (13.0)%				(9,327,399	)
NET ASSETS — 100.0%			$	71,808,647

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Investments of cash collateral for securities loaned.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

167

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 10.0%
Amcor, Ltd.		756,252	$	7,316,632
BHP Billiton, Ltd.		738,430		25,220,282
Fortescue Metals Group, Ltd. (a)		597,672		2,455,025
Incitec Pivot, Ltd. (a)		950,642		3,062,472
Newcrest Mining, Ltd.		271,538		5,675,991
Rio Tinto, Ltd. (a)		154,410		9,208,061
Woodside Petroleum, Ltd.		82,324		3,074,318
				56,012,781
BRAZIL — 2.9%
Companhia Siderurgica Nacional SA ADR (a)		263,638		1,181,098
Fibria Celulose SA ADR (a)(b)		134,634		1,625,032
Gerdau SA ADR		305,632		2,356,423
Petroleo Brasileiro SA ADR		187,318		3,103,859
Vale SA ADR		460,371		7,959,815
				16,226,227
CANADA — 12.6%
Agnico-Eagle Mines, Ltd.		56,515		2,318,008
Agrium, Inc. (a)		89,371		8,714,101
Barrick Gold Corp.		341,202		10,031,339
Canadian Natural Resources, Ltd. (a)		143,063		4,586,408
Goldcorp, Inc.		279,320		9,397,271
Imperial Oil, Ltd. (a)		33,099		1,352,695
Kinross Gold Corp.		383,685		3,036,397
Potash Corp. of Saskatchewan, Inc.		515,131		20,218,892
Suncor Energy, Inc.		199,331		5,972,376
Teck Resources, Ltd. (Class B)		164,868		4,641,198
				70,268,685
CHILE — 0.5%
Sociedad Quimica y Minera de Chile SA ADR		53,515		2,967,407
CHINA — 0.6%
PetroChina Co., Ltd.		2,336,000		3,063,449
COLOMBIA — 0.3%
Ecopetrol SA, ADR (a)		27,084		1,476,620
FINLAND — 1.0%
Stora Enso Oyj		347,222		2,244,943
UPM-Kymmene Oyj		319,768		3,574,393
				5,819,336
FRANCE — 2.7%
Total SA		312,128		14,972,009
GERMANY — 1.4%
K+S AG		103,427		4,819,030
ThyssenKrupp AG (b)		137,654		2,804,320
				7,623,350
HONG KONG — 0.6%
CNOOC, Ltd.		1,783,000		3,426,969
INDIA — 0.5%
Reliance Industries, Ltd. GDR (c)		89,979		2,562,602
ISRAEL — 0.6%
Israel Chemicals, Ltd.		262,502		3,394,812
ITALY — 1.4%
ENI SpA		355,462		8,001,542
JAPAN — 2.5%
JFE Holdings, Inc. (a)		191,200		3,593,388
Nippon Steel Corp. (a)		3,308,000		8,268,241
OJI Paper Co., Ltd. (a)		599,000		2,210,732
				14,072,361
LUXEMBOURG — 0.8%
ArcelorMittal		347,149		4,480,026
NETHERLANDS — 3.2%
Nutreco NV		21,432		1,970,215
Royal Dutch Shell PLC (Class A)		488,126		15,780,047
				17,750,262
NORWAY — 1.5%
StatoilHydro ASA		138,331		3,348,879
Yara International ASA		111,217		5,045,524
				8,394,403
PERU — 0.7%
Compania de Minas Buenaventura SA ADR		62,470		1,621,721
Southern Copper Corp. (a)		67,453		2,534,209
				4,155,930
RUSSIA — 3.8%
Gazprom OAO ADR		660,779		5,686,558
Lukoil OAO ADR (d)		56,060		3,625,649
Lukoil OAO ADR (d)		1,498		97,033
MMC Norilsk Nickel OJSC ADR		247,938		4,194,870
Novolipetsk Steel OJSC GDR (d)		21,669		343,190
Novolipetsk Steel OJSC GDR (d)		2,158		34,178
Rosneft Oil Co. GDR		119,315		917,135
Surgutneftegas OJSC ADR		110,341		986,094
Uralkali OJSC GDR		146,447		5,416,414
				21,301,121
SINGAPORE — 1.1%
Golden Agri-Resources, Ltd. (a)		3,990,000		1,865,388
Wilmar International, Ltd. (a)		1,484,000		4,126,874
				5,992,262
SOUTH AFRICA — 1.4%
AngloGold Ashanti, Ltd. ADR		128,986		3,037,620
Gold Fields, Ltd. ADR		252,081		1,953,628
Sasol, Ltd. ADR		56,727		2,515,275
Sibanye Gold, Ltd. ADR (b)		60,112		339,633
				7,846,156
SOUTH KOREA — 1.5%
POSCO ADR		115,980		8,522,742
SPAIN — 0.4%
Repsol YPF SA		116,819		2,377,614
SWEDEN — 1.7%
Svenska Cellulosa AB (Class B)		370,291		9,567,654
SWITZERLAND — 4.2%
Syngenta AG		55,791		23,330,943
UNITED KINGDOM — 8.8%
Anglo American PLC		484,248		12,441,390

See accompanying notes to financial statements.

168

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Antofagasta PLC		131,811	$	1,969,461
BG Group PLC		437,911		7,507,243
BP PLC		2,469,695		17,246,756
Xstrata PLC		596,437		9,672,451
				48,837,301
UNITED STATES — 32.7%
Alcoa, Inc. (a)		368,636		3,140,779
Anadarko Petroleum Corp.		44,402		3,882,955
Apache Corp.		34,861		2,689,875
Archer-Daniels-Midland Co.		287,539		9,698,691
Bunge, Ltd. (a)		63,454		4,684,809
CF Industries Holdings, Inc.		27,463		5,228,131
Chevron Corp.		173,750		20,644,975
ConocoPhillips (a)		106,751		6,415,735
Devon Energy Corp. (a)		34,422		1,942,089
EOG Resources, Inc.		24,672		3,159,743
Exxon Mobil Corp.		317,634		28,622,000
Freeport-McMoRan Copper & Gold, Inc.		323,813		10,718,210
International Paper Co.		183,821		8,562,382
MeadWestvaco Corp.		75,678		2,747,111
Monsanto Co.		230,378		24,334,828
Newmont Mining Corp.		169,514		7,100,942
Nucor Corp. (a)		111,467		5,144,202
Occidental Petroleum Corp.		72,769		5,702,907
Phillips 66		55,765		3,901,877
Plum Creek Timber Co., Inc. (a)		69,650		3,635,730
Rayonier, Inc.		53,529		3,194,075
Rock-Tenn Co. (Class A)		29,210		2,710,396
The Mosaic Co.		120,645		7,191,648
Weyerhaeuser Co.		238,371		7,480,082
				182,534,172
TOTAL COMMON STOCKS —
(Cost $570,583,457)				554,978,736
SHORT TERM INVESTMENTS — 5.9%
UNITED STATES — 5.9%
MONEY MARKET FUNDS — 5.9%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		31,479,670		31,479,670
State Street Institutional Liquid Reserve Fund 0.13% (f)(g)		1,216,747		1,216,747
TOTAL SHORT TERM INVESTMENTS —
(Cost $32,696,417)				32,696,417
TOTAL INVESTMENTS — 105.3%
(Cost $603,279,874)				587,675,153
OTHER ASSETS & LIABILITIES — (5.3)%				(29,582,657	)
NET ASSETS — 100.0%			$	558,092,496

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of March 31, 2013, 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

PLC = Public Limited Company

See accompanying notes to financial statements.

169

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 6.5%
Alumina, Ltd. (a)(b)		229,364	$	265,427
Amcor, Ltd.		113,032		1,093,569
AMP, Ltd.		74,501		404,666
Australia & New Zealand Banking Group, Ltd.		44,210		1,314,980
BHP Billiton, Ltd.		104,033		3,553,135
Boral, Ltd.		149,743		766,522
Brambles, Ltd.		56,671		500,427
CFS Retail Property Trust Group		171,489		359,359
Coca-Cola Amatil, Ltd.		77,103		1,171,994
Commonwealth Bank of Australia		38,769		2,748,869
CSL, Ltd.		20,595		1,271,746
Fortescue Metals Group, Ltd. (b)		62,860		258,207
Iluka Resources, Ltd. (b)		12,596		122,784
Insurance Australia Group, Ltd.		80,194		477,391
Lend Lease Group		70,152		745,997
Macquarie Group, Ltd.		20,663		800,293
National Australia Bank, Ltd.		42,411		1,363,608
Newcrest Mining, Ltd.		18,464		385,955
Origin Energy, Ltd.		61,321		848,993
OZ Minerals, Ltd.		32,146		178,628
Qantas Airways, Ltd. (a)		183,469		341,427
QBE Insurance Group, Ltd.		27,036		380,798
Rio Tinto, Ltd.		9,599		572,425
Santos, Ltd.		55,119		714,281
Sonic Healthcare, Ltd.		27,319		396,746
Suncorp Group, Ltd.		76,900		947,634
Toll Holdings, Ltd.		77,009		476,094
Transurban Group		69,739		463,867
Wesfarmers, Ltd. (c)		1,261		52,849
Wesfarmers, Ltd. (c)		14,524		617,793
Westfield Group		43,963		497,295
Westpac Banking Corp.		57,836		1,854,733
Woodside Petroleum, Ltd.		19,708		735,978
Woolworths, Ltd.		34,864		1,228,180
				27,912,650
AUSTRIA — 0.3%
Erste Group Bank AG (a)		14,579		406,805
OMV AG		7,387		314,686
Raiffeisen International Bank-Holding AG		9,840		335,031
Telekom Austria AG		15,088		99,178
				1,155,700
BELGIUM — 0.7%
Ageas		11,668		395,323
Ageas VVPR Strip (a)(d)		266		0
Anheuser-Busch InBev NV		15,729		1,560,265
Anheuser-Busch InBev NV — VVPR Strip (a)(d)		8,694		0
Delhaize Group (b)		3,334		182,186
KBC Groep NV		9,567		330,097
Solvay SA		2,952		400,483
UCB SA		4,956		316,927
				3,185,281
BRAZIL — 2.4%
Banco Bradesco SA Preference Shares ADR (b)		72,010		1,225,617
Companhia de Bebidas das Americas Preference Shares ADR		37,945		1,606,212
Companhia Energetica de Minas Gerais ADR (b)		61,528		729,107
Companhia Siderurgica Nacional SA ADR (b)		46,657		209,023
Gerdau SA ADR		69,535		536,115
Itau Unibanco Holding SA Preference Shares ADR		94,467		1,681,513
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		33,517		39,215
PDG Realty SA Empreendimentos e Participacoes ADR		24,468		75,851
Petroleo Brasileiro SA ADR		121,794		2,210,561
Tim Participacoes SA ADR		7,579		165,828
Vale SA ADR (b)		15,539		268,669
Vale SA Preference Shares ADR		102,403		1,692,722
				10,440,433
CANADA — 7.8%
Agnico-Eagle Mines, Ltd.		4,163		170,749
Agrium, Inc. (b)		5,471		533,449
Bank of Montreal (b)		17,727		1,115,669
Bank of Nova Scotia (b)		27,796		1,617,227
Barrick Gold Corp.		29,935		879,237
Brookfield Asset Management, Inc. (Class A)		18,443		673,493
Brookfield Office Properties, Inc. (b)		30,847		529,526
Cameco Corp. (b)		12,350		256,251
Canadian Imperial Bank of Commerce (b)		10,973		860,602
Canadian National Railway Co. (b)		15,846		1,592,477
Canadian Natural Resources, Ltd. (b)		34,423		1,103,555
Canadian Pacific Railway, Ltd. (b)		7,376		962,267
Canadian Tire Corp., Ltd. (Class A)		5,471		394,782
Cenovus Energy, Inc. (b)		23,961		741,978
Eldorado Gold Corp.		15,801		151,019
Enbridge, Inc.		29,715		1,383,453
EnCana Corp. (b)		24,088		468,506
Enerplus Corp. (b)		9,688		141,513
First Quantum Minerals, Ltd.		11,242		213,786
Gildan Activewear, Inc.		12,918		515,347
Goldcorp, Inc.		22,089		743,149
Husky Energy, Inc. (b)		12,481		358,232
IAMGOLD Corp.		12,882		92,943
IGM Financial, Inc. (b)		10,415		469,211
Imperial Oil, Ltd. (b)		14,004		572,318
Kinross Gold Corp.		27,750		219,607
Loblaw Cos., Ltd. (b)		9,949		418,544
Manulife Financial Corp. (b)		43,878		646,109
National Bank of Canada (b)		9,505		698,034
New Gold, Inc. (a)		15,676		142,572
Onex Corp.		17,403		829,766
Penn West Petroleum, Ltd. (b)		13,276		142,698
Potash Corp. of Saskatchewan, Inc.		29,900		1,174,280
Research In Motion, Ltd. (a)(b)		15,237		226,317

See accompanying notes to financial statements.

170

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Rogers Communications, Inc. (Class B) (b)		14,861	$	759,031
Royal Bank of Canada		35,099		2,114,335
Shaw Communications, Inc. (Class B) (b)		15,926		394,407
Shoppers Drug Mart Corp. (b)		10,017		428,603
Silver Wheaton Corp.		9,977		312,288
SNC-Lavalin Group, Inc.		13,121		549,146
Sun Life Financial, Inc. (b)		17,716		483,378
Suncor Energy, Inc.		34,906		1,045,857
Talisman Energy, Inc.		39,010		476,898
Teck Resources, Ltd. (Class B)		22,244		626,191
TELUS Corp.		8,071		557,371
The Toronto-Dominion Bank (b)		22,160		1,844,867
Thomson Reuters Corp. (b)		17,498		567,680
TransAlta Corp. (b)		19,030		278,159
TransCanada Corp. (b)		18,733		894,287
Valeant Pharmaceuticals International, Inc. (a)		5,712		428,758
Yamana Gold, Inc. (b)		18,888		290,956
				33,090,878
CHILE — 0.5%
Empresa Nacional de Electricidad SA ADR		15,549		825,341
Enersis SA ADR		47,437		912,688
Sociedad Quimica y Minera de Chile SA ADR		3,648		202,282
				1,940,311
CHINA — 2.5%
Agricultural Bank of China, Ltd. (b)		739,000		354,142
Bank of China, Ltd.		2,202,436		1,021,400
Bank of Communications Co., Ltd. (b)		437,710		327,607
China Construction Bank Corp.		1,618,720		1,322,059
China COSCO Holdings Co., Ltd. (a)(b)		314,295		148,187
China Life Insurance Co., Ltd.		256,000		662,866
China Merchants Bank Co., Ltd.		157,500		333,559
China Petroleum & Chemical Corp.		646,000		760,622
China Shenhua Energy Co., Ltd.		62,500		227,049
China Telecom Corp., Ltd.		754,000		379,785
Hengan International Group Co., Ltd.		32,000		313,089
Huaneng Power International, Inc. (b)		520,000		554,656
Industrial & Commercial Bank of China		1,748,045		1,225,015
PetroChina Co., Ltd.		646,000		847,170
PICC Property & Casualty Co., Ltd.		136,400		175,186
Ping An Insurance Group Co. of China, Ltd. (b)		64,000		496,325
Tencent Holdings, Ltd.		25,900		823,446
Tingyi Cayman Islands Holding Corp.		126,000		328,689
Wumart Stores, Inc. (b)		59,000		106,711
Yanzhou Coal Mining Co., Ltd. (b)		124,000		167,087
Zijin Mining Group Co., Ltd. (b)		638,000		210,402
				10,785,052
COLOMBIA — 0.1%
BanColombia SA ADR		4,742		299,932
DENMARK — 0.9%
A P Moller — Maersk A/S		64		500,491
Danske Bank A/S (a)		21,590		386,764
DSV A/S (b)		16,593		401,571
Novo Nordisk A/S (Class B)		15,601		2,539,479
				3,828,305
FINLAND — 0.9%
Elisa Oyj (b)		10,609		197,397
Fortum Oyj		15,810		319,141
Kesko Oyj (Class B)		6,372		199,402
Kone Oyj (Class B) (b)		12,139		956,304
Metso Oyj (b)		8,383		357,277
Neste Oil Oyj		10,152		143,398
Nokia Oyj (b)		67,461		218,646
Sampo Oyj (Class A)		16,884		650,422
Stora Enso Oyj		43,054		278,363
UPM-Kymmene Oyj		27,170		303,709
Wartsila Oyj (b)		7,631		343,454
				3,967,513
FRANCE — 5.9%
Accor SA		7,622		265,239
Air Liquide SA		9,922		1,207,576
Alstom SA		6,795		277,033
AXA SA		43,185		743,636
BNP Paribas		27,400		1,408,780
Bouygues SA		7,246		196,885
Cap Gemini SA		5,007		228,247
Carrefour SA		18,854		517,013
Credit Agricole SA (a)		24,285		200,391
Danone		16,336		1,138,634
Essilor International SA		10,327		1,150,382
France Telecom SA		56,967		577,164
GDF Suez		29,910		576,879
L’Oreal SA		8,341		1,324,910
Lagardere SCA		5,777		213,089
LVMH Moet Hennessy Louis Vuitton SA		6,789		1,167,307
Pernod — Ricard SA		5,922		739,227
Peugeot SA (a)(b)		14,521		105,352
PPR		4,240		933,201
Publicis Groupe SA		7,592		509,964
Renault SA		13,518		848,394
Sanofi		29,897		3,043,232
Schneider Electric SA		15,522		1,136,112
Societe Generale (a)		18,143		597,113
Sodexo		4,501		420,186
Technip SA		4,693		481,982
Total SA		61,865		2,967,511
Unibail-Rodamco SE		2,210		515,639
Vallourec SA		3,246		156,307
Veolia Environnement SA		12,133		153,276
Vinci SA		15,713		709,123
Vivendi SA		39,498		817,342
				25,327,126
GERMANY — 5.5%
Adidas AG		9,699		1,008,066
Allianz SE		12,937		1,760,083

See accompanying notes to financial statements.

171

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
BASF SE		26,956	$	2,364,841
Bayer AG		21,161		2,186,597
Commerzbank AG (a)(b)		103,444		152,093
Daimler AG		27,135		1,478,955
Deutsche Bank AG		23,001		898,324
Deutsche Boerse AG		8,206		497,836
Deutsche Lufthansa AG		11,866		232,138
Deutsche Post AG		31,688		731,412
Deutsche Telekom AG		86,144		912,152
E.ON AG		55,044		962,688
Fresenius Medical Care AG & Co. KGaA		8,917		602,859
Linde AG		4,058		755,837
MAN SE		4,626		498,208
Merck KGaA		3,275		494,979
Metro AG		5,841		166,359
Muenchener Rueckversicherungs- Gesellschaft AG		6,516		1,220,773
RWE AG		14,193		529,898
Salzgitter AG		1,940		78,010
SAP AG		27,278		2,189,229
Siemens AG		24,676		2,662,611
ThyssenKrupp AG (a)		11,629		236,909
Volkswagen AG		3,678		693,088
				23,313,945
HONG KONG — 3.8%
AIA Group, Ltd.		141,800		621,077
Bank of East Asia, Ltd. (b)		220,156		867,844
Belle International Holdings, Ltd.		189,000		314,081
Cheung Kong Holdings, Ltd.		64,000		944,832
China Mengniu Dairy Co., Ltd.		61,000		175,236
China Merchants Holdings International Co., Ltd.		128,941		422,736
China Mobile, Ltd.		194,000		2,054,298
China Overseas Land & Investment, Ltd. (b)		130,000		358,383
China Resources Enterprise, Ltd.		126,000		373,326
China Unicom (Hong Kong), Ltd. (b)		252,000		337,617
Citic Pacific, Ltd. (b)		130,000		168,808
CNOOC, Ltd.		582,217		1,119,035
COSCO Pacific, Ltd.		257,934		372,149
Esprit Holdings, Ltd. (b)		6		7
Hang Lung Properties, Ltd.		130,000		485,659
Henderson Land Development Co., Ltd.		63,284		432,891
Hong Kong & China Gas Co., Ltd.		453,229		1,322,440
Hong Kong Exchanges and Clearing, Ltd.		51,777		881,776
Hutchison Whampoa, Ltd.		64,000		666,989
Li & Fung, Ltd. (b)		260,000		358,383
New World Development Co., Ltd.		389,179		658,771
Sands China, Ltd.		77,600		402,363
Shangri-La Asia, Ltd.		128,333		251,288
Sun Hung Kai Properties, Ltd.		65,688		885,131
Swire Pacific, Ltd.		64,000		815,804
The Link REIT		161,774		881,534
				16,172,458
HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		3,988		280,845
INDIA — 1.6%
Axis Bank, Ltd. GDR		8,999		217,956
Dr. Reddy’s Laboratories, Ltd. ADR		25,801		834,663
HDFC Bank, Ltd. ADR		38,803		1,452,008
ICICI Bank, Ltd. ADR		28,418		1,219,132
Infosys Technologies, Ltd. ADR (b)		17,964		968,439
Mahindra & Mahindra, Ltd. GDR		11,226		178,943
Reliance Industries, Ltd. GDR (e)		32,092		913,980
Tata Motors, Ltd. ADR		35,717		871,852
				6,656,973
INDONESIA — 0.9%
Astra Agro Lestari Tbk PT		91,000		173,244
Astra International Tbk PT		1,324,000		1,076,367
Bank Central Asia Tbk PT		226,500		265,717
Bank Mandiri Tbk PT		262,000		269,617
Bank Rakyat Indonesia Persero Tbk PT		1,227,600		1,105,377
Bumi Resources Tbk PT		809,500		57,479
Charoen Pokphand Indonesia Tbk PT		664,000		345,068
Gudang Garam Tbk PT		30,500		153,638
Telekomunikasi Indonesia Tbk PT		356,000		402,984
				3,849,491
IRELAND — 0.3%
CRH PLC		7,684		169,910
Elan Corp. PLC (a)		33,781		389,059
James Hardie Industries Plc		79,731		832,066
Prothena Corp. PLC (a)(b)		735		4,917
				1,395,952
ISRAEL — 0.5%
Bank Hapoalim BM (a)		125,691		569,963
Bank Leumi Le-Israel BM (a)		114,770		404,857
Teva Pharmaceutical Industries, Ltd. ADR		29,805		1,182,662
				2,157,482
ITALY — 1.2%
Assicurazioni Generali SpA		30,063		468,651
Atlantia SpA		21,720		343,613
Banca Monte dei Paschi di Siena SpA (a)(b)		190,009		45,138
Enel SpA		171,644		561,159
ENI SpA		59,158		1,331,662
Fiat Industrial SpA		21,665		243,981
Fiat SpA (a)		46,567		248,156
Finmeccanica SpA (a)(b)		14,259		68,662
Intesa Sanpaolo SpA		309,645		454,076
Mediobanca SpA		20,563		104,828
Pirelli & C. SpA		26,673		280,343
Saipem SpA		12,687		390,830
Telecom Italia SpA		423,518		299,655
UBI Banca ScPA		30,261		111,678
UniCredit SpA (a)		18,866		80,672
				5,033,104
JAPAN — 14.7%
Aeon Co., Ltd. (b)		19,000		245,533
Aisin Seiki Co., Ltd.		12,700		466,018

See accompanying notes to financial statements.

172

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Asahi Breweries, Ltd.		19,400	$	464,057
Asahi Glass Co., Ltd.		63,000		432,195
Asahi Kasei Corp. (b)		65,000		434,163
Astellas Pharma, Inc.		19,400		1,044,076
Bridgestone Corp.		19,400		654,095
Canon, Inc.		25,600		925,760
Central Japan Railway Co. (b)		6,500		685,812
Chubu Electric Power Co., Inc. (b)		25,800		316,394
Chuo Mitsui Trust Holdings, Inc.		64,000		301,553
Credit Saison Co., Ltd. (b)		18,900		471,193
Daiichi Sankyo Co., Ltd. (b)		25,900		499,984
Daikin Industries, Ltd.		19,400		761,391
Daiwa Securities Group, Inc.		63,000		439,566
DeNA Co., Ltd. (b)		6,700		182,073
Denso Corp.		13,000		551,000
East Japan Railway Co.		12,900		1,059,221
Eisai Co., Ltd. (b)		6,500		290,364
Electric Power Development Co., Ltd. (b)		6,500		171,245
FANUC Corp.		6,400		986,343
FUJIFILM Holdings Corp. (b)		19,100		372,980
Fujitsu, Ltd. (b)		65,000		268,241
Furukawa Electric Co., Ltd. (b)		65,000		145,182
Hitachi, Ltd. (b)		129,000		745,022
Honda Motor Co., Ltd.		45,300		1,712,843
Hoya Corp.		13,000		242,246
Inpex Corp.		63		335,035
ITOCHU Corp. (b)		64,700		778,299
Japan Real Estate Investment Corp.		65		891,140
Japan Retail Fund Investment Corp.		260		642,119
Japan Tobacco, Inc.		25,900		826,420
JFE Holdings, Inc. (b)		19,100		358,963
JSR Corp.		13,000		264,369
JX Holdings, Inc.		116,608		646,169
Kajima Corp. (b)		65,000		176,984
Kamigumi Co., Ltd.		64,000		595,618
KDDI Corp. (b)		13,000		535,099
Keikyu Corp. (b)		64,423		674,927
Kintetsu Corp. (b)		129,000		598,213
Kobe Steel, Ltd. (a)(b)		130,000		150,713
Komatsu, Ltd.		32,300		772,630
Konica Minolta Holdings, Inc. (b)		32,500		237,822
Kubota Corp. (b)		64,000		910,785
Kyocera Corp.		6,400		599,702
LIXIL Group Corp. (b)		12,700		250,974
Makita Corp. (b)		6,300		286,455
Marubeni Corp. (b)		64,000		478,536
Marui Group Co., Ltd. (b)		38,900		403,398
Mitsubishi Chemical Holdings Corp. (b)		65,000		300,734
Mitsubishi Corp. (b)		45,300		839,799
Mitsubishi Electric Corp.		64,000		515,295
Mitsubishi Estate Co., Ltd.		64,618		1,784,177
Mitsubishi Heavy Industries, Ltd.		129,000		734,046
Mitsubishi UFJ Financial Group, Inc. (b)		267,500		1,587,588
Mitsui & Co., Ltd. (b)		64,700		903,543
Mitsui Chemicals, Inc. (b)		65,000		141,725
Mizuho Financial Group, Inc. (b)		370,900		785,036
MS&AD Insurance Group Holdings, Inc. (b)		19,400		426,297
Murata Manufacturing Co., Ltd. (b)		6,500		484,631
NEC Corp. (b)		62,000		161,561
Nidec Corp. (b)		6,600		395,214
Nippon Steel Corp. (b)		259,000		647,362
Nippon Telegraph & Telephone Corp.		12,900		563,226
Nippon Yusen K.K. (b)		65,000		167,996
Nissan Motor Co., Ltd. (b)		64,700		622,777
Nitto Denko Corp.		6,400		379,153
NKSJ Holdings, Inc. (b)		19,300		403,161
Nomura Holdings, Inc. (b)		70,700		433,885
NTT Data Corp. (b)		65		216,736
NTT DoCoMo, Inc. (b)		518		782,895
Obayashi Corp. (b)		65,000		311,104
ORIX Corp. (a)(b)		71,200		901,927
Osaka Gas Co., Ltd.		129,000		568,028
Panasonic Corp. (b)		66,200		460,485
Resona Holdings, Inc. (b)		19,400		100,693
Rohm Co., Ltd. (b)		6,300		231,174
Secom Co., Ltd.		6,500		335,301
Seven & I Holdings Co., Ltd.		25,900		858,099
Sharp Corp. (a)(b)		63,000		182,259
Shin-Etsu Chemical Co., Ltd. (b)		12,900		857,530
Softbank Corp. (b)		25,900		1,195,554
Sony Corp. (b)		32,100		560,606
Sumitomo Chemical Co., Ltd. (b)		65,000		202,563
Sumitomo Corp. (b)		32,400		405,948
Sumitomo Electric Industries, Ltd.		25,900		319,825
Sumitomo Mitsui Financial Group, Inc. (b)		19,400		778,930
T&D Holdings, Inc. (b)		12,700		153,448
Takeda Pharmaceutical Co., Ltd. (b)		25,900		1,385,631
TDK Corp. (b)		6,500		226,069
Teijin, Ltd. (b)		129,000		299,107
Terumo Corp. (b)		12,900		555,680
The Bank of Yokohama, Ltd.		65,000		376,782
The Chiba Bank, Ltd.		65,000		466,656
The Joyo Bank, Ltd. (b)		65,000		364,337
The Kansai Electric Power Co., Inc. (a)		31,900		314,861
The Shizuoka Bank, Ltd.		64,000		721,549
The Tokyo Electric Power Co., Inc. (a)(b)		45,200		122,591
Tohoku Electric Power Co., Inc. (a)		13,100		105,892
Tokio Marine Holdings, Inc.		19,400		546,799
Tokyo Electron, Ltd. (b)		6,500		287,944
Tokyo Gas Co., Ltd. (b)		129,000		705,233
Tokyu Corp. (b)		65,000		490,162
Toppan Printing Co., Ltd. (b)		65,000		467,347
Toray Industries, Inc. (b)		65,000		439,694
Toshiba Corp. (b)		65,000		326,314
Toyota Motor Corp.		77,700		4,016,401
Toyota Tsusho Corp.		19,400		503,261
West Japan Railway Co. (b)		12,900		619,480
Yahoo! Japan Corp. (b)		842		387,775
Yamada Denki Co., Ltd. (b)		3,810		174,048
Yamaha Corp.		25,000		248,351

See accompanying notes to financial statements.

173

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Yamaha Motor Co., Ltd. (b)		25,900	$	355,361
				62,490,556
LUXEMBOURG — 0.1%
ArcelorMittal		21,210		273,719
MEXICO — 1.3%
America Movil SAB de CV (b)		1,159,177		1,229,714
Cemex SAB de CV (a)(b)		449,878		547,985
Fomento Economico Mexicano SAB de CV		60,458		680,910
Grupo Financiero Banorte SAB de CV		134,740		1,077,557
Grupo Mexico SAB de CV		75,637		305,818
Grupo Modelo SAB de CV (b)		76,863		697,359
Grupo Televisa SA de CV (Series CPO) (b)		118,167		627,745
Industrias Penoles SA de CV		5,440		258,537
				5,425,625
NETHERLANDS — 2.9%
Akzo Nobel NV		10,359		658,714
ASML Holding NV		11,678		786,825
European Aeronautic Defence and Space Co. NV		15,208		775,285
Heineken NV		8,205		619,519
ING Groep NV (a)		79,414		564,638
Koninklijke (Royal) KPN NV (b)		61,868		208,463
Koninklijke Ahold NV		42,135		646,831
Koninklijke DSM NV		8,972		523,166
Koninklijke Philips Electronics NV		36,824		1,091,590
Reed Elsevier NV		33,647		577,449
Royal Dutch Shell PLC (Class A)		99,072		3,202,781
TNT Express NV		16,924		124,264
Unilever NV		52,946		2,172,554
Wolters Kluwer NV		16,608		363,294
				12,315,373
NORWAY — 0.6%
DnB NOR ASA		51,951		762,898
Norsk Hydro ASA		78,550		339,923
StatoilHydro ASA		31,251		756,561
Telenor ASA		25,063		548,743
Yara International ASA		6,423		291,389
				2,699,514
PERU — 0.1%
Cia de Minas Buenaventura SA ADR		4,515		117,209
Credicorp, Ltd.		1,871		310,680
				427,889
PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		3,712		263,329
POLAND — 0.0% (f)
Telekomunikacja Polska SA GDR (b)		49,784		102,097
PORTUGAL — 0.1%
Portugal Telecom SGPS SA (b)		48,473		240,511
RUSSIA — 1.3%
Federal Hydrogenerating Co. JSC ADR (c)		40,054		77,075
Federal Hydrogenerating Co. JSC ADR (c)		4,877		9,517
Gazprom OAO ADR (b)		151,333		1,302,348
Lukoil OAO ADR		18,388		1,191,080
Mechel OAO ADR (b)		30,981		157,070
MMC Norilsk Nickel OJSC ADR		9,965		168,598
Mobile TeleSystems ADR		30,223		627,735
Sberbank of Russia ADR		42,114		540,941
Surgutneftegas OJSC ADR Preference Shares		42,481		295,360
Tatneft ADR		24,535		981,484
Uralkali OJSC GDR		6,366		235,450
				5,586,658
SINGAPORE — 1.2%
CapitaLand, Ltd. (b)		129,000		367,056
DBS Group Holdings, Ltd.		64,208		828,090
Singapore Exchange, Ltd.		129,000		800,661
Singapore Press Holdings, Ltd. (b)		194,000		700,564
Singapore Telecommunications, Ltd.		453,000		1,310,874
United Overseas Bank, Ltd.		64,014		1,051,592
				5,058,837
SOUTH AFRICA — 1.3%
Anglo Platinum, Ltd. (a)(b)		5,089		211,981
AngloGold Ashanti, Ltd.		13,454		315,422
Discovery Holdings, Ltd.		29,997		255,815
FirstRand, Ltd.		126,473		443,888
Gold Fields, Ltd.		30,639		234,774
Harmony Gold Mining Co., Ltd.		26,739		172,276
Impala Platinum Holdings, Ltd. (b)		19,404		286,795
MTN Group, Ltd. (b)		47,564		837,177
Naspers, Ltd.		12,982		810,592
Sanlam, Ltd.		124,389		639,676
Sasol, Ltd.		19,537		867,431
Standard Bank Group, Ltd.		41,406		534,316
				5,610,143
SOUTH KOREA — 3.9%
Celltrion, Inc. (b)		3,988		193,199
CJ CheilJedang Corp.		689		215,816
E-Mart Co., Ltd.		788		155,815
Hana Financial Group, Inc.		15,785		561,115
Honam Petrochemical Corp.		887		157,852
Hyundai Department Store Co., Ltd.		1,327		198,585
Hyundai Development Co.		9,854		227,175
Hyundai Heavy Industries Co., Ltd.		2,130		403,946
Hyundai Hysco Co., Ltd.		5,180		155,502
Hyundai Mobis		3,124		863,410
Hyundai Motor Co.		4,432		892,296
KB Financial Group, Inc.		15,743		530,615
Kia Motors Corp.		14,785		738,851
Korea Electric Power Corp. ADR (a)		18,241		246,674
Korea Zinc Co., Ltd.		972		308,391
KT Corp. ADR (a)		13,116		207,226
KT&G Corp.		4,889		336,597
LG Chem, Ltd. Preference Shares		4,053		326,032
LG Electronics, Inc. (b)		5,782		421,463
LG Household & Health Care, Ltd.		394		218,141
NCSoft Corp.		690		97,367

See accompanying notes to financial statements.

174

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
NHN Corp.		1,699	$	422,994
POSCO ADR		9,810		720,884
Samsung C&T Corp.		9,794		602,992
Samsung Electronics Co., Ltd. GDR		6,534		4,440,281
Samsung Engineering Co., Ltd.		1,043		122,336
Samsung Fire & Marine Insurance Co., Ltd.		1,997		391,287
Samsung Heavy Industries Co., Ltd.		14,900		466,044
Samsung Securities Co., Ltd.		6,760		329,312
Shinhan Financial Group Co., Ltd.		11,891		431,778
SK Holdings Co., Ltd.		2,353		360,585
SK Hynix, Inc. (a)		9,960		257,370
SK Innovation Co., Ltd.		3,019		439,581
SK Telecom Co., Ltd. ADR (b)		15,088		269,623
				16,711,135
SPAIN — 1.7%
Abertis Infraestructuras SA (b)		24,782		417,194
Acciona SA		2,513		137,242
ACS, Actividades de Construccion y Servicios SA		11,850		277,018
Banco Bilbao Vizcaya Argentaria SA		72,289		627,784
Banco Popular Espanol SA (a)		52,760		39,159
Banco Santander SA		203,589		1,370,408
Ferrovial SA		34,589		549,866
Gas Natural SDG SA		10,792		191,379
Iberdrola SA		132,169		616,586
Industria de Diseno Textil SA		6,159		817,766
Mapfre SA (b)		73,761		228,361
Repsol YPF SA		30,875		628,398
Telefonica SA		98,993		1,333,456
				7,234,617
SWEDEN — 2.2%
Assa Abloy AB (Class B)		16,912		692,138
Atlas Copco AB (Class B)		40,319		1,020,687
Hennes & Mauritz AB (Class B)		27,639		990,447
Husqvarna AB (Class B)		78,457		464,081
Nordea Bank AB		95,276		1,081,416
Sandvik AB		34,853		537,107
Securitas AB (Class B)		21,015		198,288
Skandinaviska Enskilda Banken AB (Class A) (b)		37,602		378,507
Skanska AB (Class B)		20,954		379,634
SKF AB (Class B)		20,369		497,791
Svenska Handelsbanken AB (Class A) (b)		17,911		767,182
Tele2 AB (Class B)		26,092		455,065
Telefonaktiebolaget LM Ericsson (Class B)		88,119		1,100,471
TeliaSonera AB		61,874		442,787
Volvo AB (Class B)		36,170		527,085
				9,532,686
SWITZERLAND — 6.9%
ABB, Ltd. (a)		61,399		1,388,196
Adecco SA (a)		5,215		286,372
Compagnie Financiere Richemont SA		6,013		473,065
Credit Suisse Group AG (a)(b)		26,012		684,259
Geberit AG		1,937		478,037
Givaudan SA (a)		511		629,205
Holcim, Ltd. (a)		8,156		651,567
Kuehne & Nagel International AG		4,805		525,178
Nestle SA		106,586		7,727,049
Novartis AG		61,169		4,356,987
Roche Holding AG		20,645		4,818,148
SGS SA		259		636,731
Swiss Re AG		8,801		717,501
Syngenta AG		3,546		1,482,883
The Swatch Group AG		2,227		1,298,172
Transocean, Ltd.		3,806		197,866
UBS AG (a)		86,779		1,333,370
Wolseley PLC		15,857		788,075
Zurich Insurance Group AG (a)		4,097		1,143,067
				29,615,728
TAIWAN — 2.1%
Advanced Semiconductor Engineering Inc, ADR		198,597		826,352
AU Optronics Corp. ADR (a)(b)		85,967		375,345
Chunghwa Telecom Co., Ltd. ADR (b)		26,411		826,727
Hon Hai Precision Industry Co., Ltd. GDR		269,350		1,512,521
Siliconware Precision Industries Co. ADR (b)		128,800		749,616
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		211,219		3,649,009
United Microelectronics Corp. ADR (b)		464,747		844,081
				8,783,651
THAILAND — 0.7%
Bangkok Bank PCL		268,376		2,126,113
IRPC PCL		1,637,600		220,323
PTT PCL		52,577		585,286
				2,931,722
TURKEY — 0.4%
Akbank TAS		144,821		757,119
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		180,370		291,064
Turkiye Garanti Bankasi AS		64,775		345,801
Turkiye Is Bankasi (Class C)		106,687		410,357
				1,804,341
UNITED KINGDOM — 15.2%
3i Group PLC		76,011		364,724
Anglo American PLC		41,000		1,053,380
AstraZeneca PLC		42,869		2,147,792
BAE Systems PLC		99,329		594,708
Barclays PLC		302,845		1,338,868
BG Group PLC		101,358		1,737,611
BHP Billiton PLC		50,992		1,482,762
BP PLC		514,317		3,591,658
British American Tobacco PLC		57,503		3,079,617
British Land Co. PLC		70,808		584,363
British Sky Broadcasting Group PLC		41,743		559,687
BT Group PLC		100,623		424,759
Burberry Group PLC		17,159		346,272
Capita Group PLC		27,410		374,170
Centrica PLC		190,916		1,065,949

See accompanying notes to financial statements.

175

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Cobham PLC		90,157	$	332,664
Compass Group PLC		77,213		985,437
Diageo PLC		80,989		2,551,789
Experian PLC		48,033		831,467
Fresnillo PLC		7,055		145,264
G4S PLC		68,517		303,172
GlaxoSmithKline PLC		148,631		3,472,223
Hammerson PLC		61,210		457,193
HSBC Holdings PLC		487,829		5,203,729
ICAP PLC		70,550		311,096
Imperial Tobacco Group PLC		29,514		1,030,310
Intercontinental Hotels Group PLC		28,736		875,738
J Sainsbury PLC		64,719		371,962
Land Securities Group PLC		34,480		434,033
Lloyds Banking Group PLC (a)		628,263		464,496
Marks & Spencer Group PLC		54,241		321,213
National Grid PLC		131,938		1,532,611
Next PLC		10,868		720,500
Old Mutual PLC		345,937		1,064,759
Pearson PLC		29,163		524,306
Prudential PLC		39,910		645,404
Randgold Resources, Ltd.		1,780		153,521
Reckitt Benckiser Group PLC		21,483		1,539,053
Reed Elsevier PLC		42,459		503,525
Rio Tinto PLC		38,229		1,790,807
Rolls-Royce Holdings PLC (a)		58,496		1,003,703
Royal Bank of Scotland Group PLC (a)		71,345		298,460
Royal Dutch Shell PLC (Class B)		80,594		2,673,960
RSA Insurance Group PLC		109,707		193,905
SABMiller PLC		26,670		1,402,819
Scottish & Southern Energy PLC		35,429		798,350
Severn Trent PLC		19,184		498,705
Smith & Nephew PLC		40,431		466,583
Smiths Group PLC		16,379		312,625
Standard Chartered PLC		43,278		1,119,464
Standard Life PLC		102,830		570,388
Tesco PLC		236,460		1,369,966
The Sage Group PLC		61,688		321,008
Tullow Oil PLC		14,965		279,728
Unilever PLC		41,509		1,754,738
United Utilities Group PLC		28,420		305,749
Vodafone Group PLC		1,430,833		4,054,164
Whitbread PLC		17,005		663,090
WPP PLC		41,881		667,103
Xstrata PLC		46,181		748,920
				64,816,020
TOTAL COMMON STOCKS —
(Cost $457,617,266)				422,717,582
SHORT TERM INVESTMENTS — 7.9%
UNITED STATES — 7.9%
MONEY MARKET FUNDS — 7.9%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		32,990,476		32,990,476
State Street Institutional Liquid Reserve Fund 0.13% (h)(i)		826,426		826,426
TOTAL SHORT TERM INVESTMENTS —
(Cost $33,816,902)				33,816,902
TOTAL INVESTMENTS — 107.1%
(Cost $491,434,168)				456,534,484
OTHER ASSETS & LIABILITIES — (7.1)%				(30,267,930	)
NET ASSETS — 100.0%			$	426,266,554

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(e)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of March 31, 2013, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Amount shown represents less than 0.05% of net assets.
(g)	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

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

176

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.4%
AUSTRALIA — 3.3%
Alumina, Ltd. (a)		3,276	$	3,791
Amcor, Ltd.		280		2,709
AMP, Ltd.		960		5,214
Australia & New Zealand Banking Group, Ltd.		217		6,454
BHP Billiton, Ltd.		282		9,631
Boral, Ltd.		930		4,761
Brambles, Ltd.		688		6,075
CFS Retail Property Trust Group		3,750		7,858
Coca-Cola Amatil, Ltd.		329		5,001
Commonwealth Bank of Australia		71		5,034
CSL, Ltd.		129		7,966
Fortescue Metals Group, Ltd.		497		2,042
Iluka Resources, Ltd.		134		1,306
Insurance Australia Group, Ltd.		1,461		8,697
Lend Lease Group		775		8,241
Macquarie Group, Ltd.		142		5,500
National Australia Bank, Ltd.		275		8,842
Newcrest Mining, Ltd.		159		3,324
Origin Energy, Ltd.		321		4,444
OZ Minerals, Ltd.		486		2,701
QBE Insurance Group, Ltd.		236		3,324
Rio Tinto, Ltd.		101		6,023
Santos, Ltd.		364		4,717
Shopping Centres Australasia Property Group (a)		22		38
Sonic Healthcare, Ltd.		354		5,141
Suncorp Group, Ltd.		481		5,927
Toll Holdings, Ltd.		930		5,750
Transurban Group		456		3,033
Wesfarmers, Ltd. (b)		304		12,931
Wesfarmers, Ltd. (b)		13		545
Westfield Group		566		6,402
Westpac Banking Corp.		326		10,455
Woodside Petroleum, Ltd.		130		4,855
Woolworths, Ltd.		114		4,016
				182,748
AUSTRIA — 0.1%
OMV AG		136		5,794
BELGIUM — 0.4%
Anheuser-Busch InBev NV		79		7,836
Delhaize Group		71		3,880
Solvay SA		37		5,020
UCB SA		120		7,674
				24,410
BRAZIL — 1.1%
Banco Bradesco SA Preference Shares ADR		439		7,470
Companhia de Bebidas das Americas Preference Shares ADR		153		6,476
Companhia Energetica de Minas Gerais ADR (c)		390		4,622
Companhia Siderurgica Nacional SA ADR		505		2,262
Gerdau SA ADR		456		3,516
Itau Unibanco Holding SA Preference Shares ADR		448		7,974
OGX Petroleo e Gas Participacoes SA ADR (a)		358		419
Oi SA ADR (b)		105		353
Oi SA ADR (b)(c)		1,080		3,283
PDG Realty SA Empreendimentos e Participacoes ADR		342		1,060
Petroleo Brasileiro SA ADR		571		10,364
Tim Participacoes SA ADR		174		3,807
Vale SA Preference Shares ADR		607		10,034
				61,640
CANADA — 4.0%
Agrium, Inc.		34		3,315
Bank of Montreal		74		4,657
Bank of Nova Scotia		94		5,469
Barrick Gold Corp.		145		4,259
Brookfield Asset Management, Inc. (Class A)		144		5,258
Brookfield Office Properties, Inc.		205		3,519
Cameco Corp.		193		4,005
Canadian Imperial Bank of Commerce		34		2,667
Canadian National Railway Co.		73		7,336
Canadian Natural Resources, Ltd.		146		4,681
Canadian Pacific Railway, Ltd.		31		4,044
Canadian Tire Corp., Ltd. (Class A)		36		2,598
Cenovus Energy, Inc.		185		5,729
Eldorado Gold Corp.		199		1,902
Enbridge, Inc.		165		7,682
EnCana Corp.		271		5,271
Enerplus Corp.		213		3,111
First Quantum Minerals, Ltd.		103		1,959
Goldcorp, Inc.		142		4,777
IAMGOLD Corp.		214		1,544
IGM Financial, Inc.		57		2,568
Imperial Oil, Ltd.		106		4,332
Kinross Gold Corp.		314		2,485
Loblaw Cos., Ltd.		114		4,796
Manulife Financial Corp.		380		5,595
National Bank of Canada		100		7,344
Onex Corp.		126		6,008
Penn West Petroleum, Ltd.		164		1,763
Potash Corp. of Saskatchewan, Inc.		108		4,241
Rogers Communications, Inc. (Class B)		201		10,266
Royal Bank of Canada		176		10,602
Shaw Communications, Inc. (Class B)		134		3,318
Shoppers Drug Mart Corp.		88		3,765
Silver Wheaton Corp.		95		2,974
SNC-Lavalin Group, Inc.		84		3,516
Sun Life Financial, Inc.		207		5,648
Suncor Energy, Inc.		295		8,839
Talisman Energy, Inc.		344		4,205
Teck Resources, Ltd. (Class B)		105		2,956
TELUS Corp.		142		9,806
The Toronto-Dominion Bank		81		6,743
TMX Group, Ltd.		8		438
TransAlta Corp.		329		4,809
TransCanada Corp. (c)		59		2,817
Valeant Pharmaceuticals International, Inc. (a)		115		8,632

See accompanying notes to financial statements.

177

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Yamana Gold, Inc.		289	$	4,452
				216,701
CHILE — 0.3%
Empresa Nacional de Electricidad SA ADR		112		5,945
Enersis SA ADR		350		6,734
Sociedad Quimica y Minera de Chile SA ADR		64		3,549
				16,228
CHINA — 1.3%
Agricultural Bank of China, Ltd.		7,000		3,354
Bank of China, Ltd.		13,000		6,029
Bank of Communications Co., Ltd.		5,000		3,742
China Construction Bank Corp.		6,000		4,900
China Life Insurance Co., Ltd.		1,000		2,589
China Merchants Bank Co., Ltd.		1,000		2,118
China Petroleum & Chemical Corp.		4,000		4,710
China Shenhua Energy Co., Ltd.		500		1,816
China Telecom Corp., Ltd.		6,000		3,022
Hengan International Group Co., Ltd.		500		4,892
Huaneng Power International, Inc.		4,000		4,267
Industrial & Commercial Bank of China		11,000		7,709
PetroChina Co., Ltd.		4,000		5,246
PICC Property & Casualty Co., Ltd.		2,000		2,569
Ping An Insurance Group Co. of China, Ltd.		500		3,878
Tencent Holdings, Ltd.		200		6,359
Wumart Stores, Inc.		2,000		3,617
Yanzhou Coal Mining Co., Ltd.		2,000		2,695
				73,512
COLOMBIA — 0.1%
BanColombia SA ADR		94		5,945
DENMARK — 0.5%
A P Moller — Maersk A/S		1		7,820
Danske Bank A/S (a)		164		2,938
DSV A/S		246		5,953
Novo Nordisk A/S (Class B)		73		11,883
				28,594
FINLAND — 0.4%
Fortum Oyj		128		2,584
Metso Oyj		76		3,239
Nokia Oyj		793		2,570
Sampo Oyj (Class A)		90		3,467
UPM-Kymmene Oyj		292		3,264
Wartsila Oyj		87		3,916
				19,040
FRANCE — 3.0%
Accor SA		154		5,359
Alstom SA		119		4,852
AXA SA		309		5,321
BNP Paribas		167		8,586
Bouygues SA		93		2,527
Cap Gemini SA		116		5,288
Carrefour SA		181		4,963
Credit Agricole SA (a)		326		2,690
Danone		88		6,134
Essilor International SA		59		6,572
France Telecom SA		449		4,549
GDF Suez		164		3,163
LVMH Moet Hennessy Louis Vuitton SA		32		5,502
Pernod — Ricard SA		43		5,368
PPR		20		4,402
Publicis Groupe SA		74		4,971
Renault SA		109		6,841
Sanofi		144		14,658
Schneider Electric SA		104		7,612
Societe Generale (a)		130		4,278
Sodexo		92		8,589
Technip SA		48		4,930
Total SA		223		10,697
Unibail-Rodamco SE		35		8,166
Vallourec SA		39		1,878
Veolia Environnement SA		271		3,423
Vinci SA		131		5,912
Vivendi SA		338		6,994
				164,225
GERMANY — 2.7%
Adidas AG		79		8,211
Allianz SE		74		10,068
BASF SE		120		10,528
Bayer AG		141		14,570
Commerzbank AG (a)		943		1,387
Daimler AG		165		8,993
Deutsche Bank AG		160		6,249
Deutsche Boerse AG		57		3,458
Deutsche Lufthansa AG		342		6,691
Deutsche Post AG		284		6,555
Deutsche Telekom AG		468		4,956
E.ON AG		293		5,124
Fresenius Medical Care AG & Co. KGaA		32		2,163
Linde AG		20		3,725
MAN SE		27		2,908
Merck KGaA		50		7,557
Muenchener Rueckversicherungs- Gesellschaft AG		43		8,056
RWE AG		98		3,659
Salzgitter AG		104		4,182
SAP AG		146		11,717
Siemens AG		68		7,337
ThyssenKrupp AG (a)		183		3,728
Volkswagen AG		35		6,595
				148,417
HONG KONG — 2.3%
AIA Group, Ltd.		1,400		6,132
Bank of East Asia, Ltd.		1,032		4,068
Cheung Kong Holdings, Ltd.		1,000		14,763
China Mobile, Ltd.		500		5,295
China Overseas Land & Investment, Ltd.		2,000		5,514
China Resources Enterprise, Ltd.		2,000		5,926
China Unicom (Hong Kong), Ltd.		2,000		2,679
Citic Pacific, Ltd.		2,000		2,597
CNOOC, Ltd.		3,000		5,766
COSCO Pacific, Ltd.		2,037		2,939
Hang Lung Properties, Ltd.		1,000		3,736
Henderson Land Development Co., Ltd.		1,023		6,998
Hong Kong Exchanges and Clearing, Ltd.		310		5,279

See accompanying notes to financial statements.

178

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Hutchison Whampoa, Ltd.		1,000	$	10,422
Li & Fung, Ltd.		2,000		2,757
New World Development Co., Ltd.		3,104		5,254
Sands China, Ltd.		800		4,148
Shangri-La Asia, Ltd.		2,000		3,916
Sun Hung Kai Properties, Ltd.		1,029		13,866
Swire Pacific, Ltd.		500		6,373
The Link REIT		1,038		5,656
				124,084
HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		22		1,549
Richter Gedeon NyRt		18		2,522
				4,071
INDIA — 0.6%
Dr. Reddy’s Laboratories, Ltd. ADR		206		6,664
HDFC Bank, Ltd. ADR		156		5,838
ICICI Bank, Ltd. ADR		128		5,491
Infosys Technologies, Ltd. ADR		90		4,852
Mahindra & Mahindra, Ltd. GDR		235		3,746
Reliance Industries, Ltd. GDR (d)		159		4,528
Tata Motors, Ltd. ADR		174		4,247
				35,366
INDONESIA — 0.6%
Astra Agro Lestari Tbk PT		1,500		2,856
Astra International Tbk PT		5,000		4,065
Bank Central Asia Tbk PT		4,500		5,279
Bank Mandiri Tbk PT		4,500		4,631
Bank Rakyat Indonesia Persero Tbk PT		5,000		4,502
Gudang Garam Tbk PT		500		2,518
Telekomunikasi Indonesia Tbk PT		6,500		7,358
				31,209
IRELAND — 0.8%
Accenture PLC (Class A)		100		7,597
Covidien PLC		200		13,568
CRH PLC		151		3,339
Eaton Corp. PLC		200		12,250
Elan Corp. PLC (a)		224		2,580
Prothena Corp. PLC (a)		5		33
Seagate Technology PLC		100		3,656
				43,023
ISRAEL — 0.2%
Bank Hapoalim BM (a)		669		3,034
Bank Leumi Le-Israel BM (a)		876		3,090
Teva Pharmaceutical Industries, Ltd. ADR		115		4,563
				10,687
ITALY — 0.6%
Assicurazioni Generali SpA		278		4,334
Enel SpA		1,222		3,995
ENI SpA		260		5,853
Fiat Industrial SpA		281		3,165
Intesa Sanpaolo SpA		2,205		3,233
Mediaset SpA		1,084		2,217
Saipem SpA		55		1,694
Telecom Italia SpA		5,152		3,645
UniCredit SpA (a)		735		3,143
				31,279
JAPAN — 8.0%
Aisin Seiki Co., Ltd.		100		3,669
Asahi Breweries, Ltd.		100		2,392
Asahi Kasei Corp.		1,000		6,680
Astellas Pharma, Inc.		100		5,382
Bridgestone Corp.		100		3,372
Canon, Inc.		100		3,616
Chuo Mitsui Trust Holdings, Inc.		1,000		4,712
Credit Saison Co., Ltd.		200		4,986
Daiichi Sankyo Co., Ltd.		300		5,791
Daikin Industries, Ltd.		100		3,925
Daiwa Securities Group, Inc.		1,000		6,977
Denso Corp.		200		8,477
Eisai Co., Ltd.		100		4,467
FUJIFILM Holdings Corp.		200		3,906
Hitachi, Ltd.		1,000		5,775
Hokuhoku Financial Group, Inc.		2,000		4,042
Honda Motor Co., Ltd.		200		7,562
Hoya Corp.		200		3,727
ITOCHU Corp.		300		3,609
Japan Tobacco, Inc.		200		6,382
JFE Holdings, Inc.		200		3,759
JSR Corp.		200		4,067
JX Holdings, Inc.		500		2,771
Kajima Corp.		1,000		2,723
Kamigumi Co., Ltd.		1,000		9,307
KDDI Corp.		200		8,232
Kobe Steel, Ltd. (a)		3,000		3,478
Komatsu, Ltd.		200		4,784
Konica Minolta Holdings, Inc.		500		3,659
Kyocera Corp.		100		9,370
Makita Corp.		100		4,547
Marubeni Corp.		1,000		7,477
Marui Group Co., Ltd.		900		9,333
Mitsubishi Chemical Holdings Corp.		500		2,313
Mitsubishi Corp.		200		3,708
Mitsubishi Electric Corp.		1,000		8,052
Mitsubishi Heavy Industries, Ltd.		1,000		5,690
Mitsubishi UFJ Financial Group, Inc.		1,700		10,089
Mitsui & Co., Ltd.		200		2,793
Mizuho Financial Group, Inc.		3,600		7,620
MS&AD Insurance Group Holdings, Inc.		200		4,395
Murata Manufacturing Co., Ltd.		100		7,456
NEC Corp. (c)		2,000		5,212
Nippon Steel Corp. (c)		3,000		7,498
Nippon Yusen K.K.		2,000		5,169
Nissan Motor Co., Ltd.		400		3,850
Nitto Denko Corp.		100		5,924
NKSJ Holdings, Inc.		200		4,178
Nomura Holdings, Inc.		900		5,523
NTT Data Corp.		1		3,334
Obayashi Corp.		1,000		4,786
ORIX Corp. (a)		400		5,067
Osaka Gas Co., Ltd.		1,000		4,403
Panasonic Corp. (a)		600		4,174
Resona Holdings, Inc.		600		3,114
Rohm Co., Ltd.		100		3,669

See accompanying notes to financial statements.

179

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Secom Co., Ltd.		100	$	5,159
Seven & I Holdings Co., Ltd.		100		3,313
Shin-Etsu Chemical Co., Ltd.		100		6,648
Softbank Corp.		200		9,232
Sony Corp.		300		5,239
Sumitomo Chemical Co., Ltd.		1,000		3,116
Sumitomo Corp.		200		2,506
Sumitomo Electric Industries, Ltd.		300		3,705
Sumitomo Mitsui Financial Group, Inc.		200		8,030
T&D Holdings, Inc.		400		4,833
Takeda Pharmaceutical Co., Ltd.		100		5,350
TDK Corp.		100		3,478
Teijin, Ltd.		1,000		2,319
Terumo Corp.		100		4,308
The Joyo Bank, Ltd.		1,000		5,605
The Kansai Electric Power Co., Inc. (a)(c)		200		1,974
Tokio Marine Holdings, Inc.		200		5,637
Tokyo Electron, Ltd.		100		4,430
Tokyu Corp.		1,000		7,541
Toppan Printing Co., Ltd.		1,000		7,190
Toshiba Corp.		1,000		5,020
Toyota Motor Corp.		400		20,677
Toyota Tsusho Corp.		300		7,782
West Japan Railway Co.		100		4,802
Yamada Denki Co., Ltd.		40		1,827
Yamaha Corp.		600		5,960
				436,654
LUXEMBOURG — 0.0% (e)
ArcelorMittal		195		2,516
MEXICO — 0.8%
America Movil SAB de CV		7,481		7,936
Cemex SAB de CV (a)		3,151		3,838
Fomento Economico Mexicano SAB de CV		769		8,661
Grupo Financiero Banorte SAB de CV		740		5,918
Grupo Mexico SAB de CV		1,231		4,977
Grupo Modelo SAB de CV		753		6,832
Grupo Televisa SA de CV (Series CPO)		654		3,475
Industrias Penoles SA de CV		50		2,376
				44,013
NETHERLANDS — 1.4%
Akzo Nobel NV		74		4,705
ASML Holding NV		70		4,716
DE Master Blenders 1753 NV (a)		300		4,642
European Aeronautic Defence and Space Co. NV		66		3,365
Heineken NV		52		3,926
ING Groep NV (a)		675		4,799
Koninklijke (Royal) KPN NV		449		1,513
Koninklijke Ahold NV		345		5,296
Koninklijke DSM NV		87		5,073
Koninklijke Philips Electronics NV		266		7,885
LyondellBasell Industries NV		100		6,329
Reed Elsevier NV		344		5,904
Royal Dutch Shell PLC (Class A)		18		582
Unilever NV		197		8,084
Wolters Kluwer NV		434		9,494
				76,313
NETHERLANDS ANTILLES — 0.3%
Schlumberger, Ltd.		200		14,978
NORWAY — 0.4%
DnB NOR ASA		363		5,330
Norsk Hydro ASA		1,114		4,821
Telenor ASA		297		6,503
Yara International ASA		62		2,813
				19,467
PERU — 0.0% (e)
Compania de Minas Buenaventura SA ADR		30		779
PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		72		5,108
PORTUGAL — 0.1%
Portugal Telecom SGPS SA		848		4,208
RUSSIA — 0.7%
Federal Hydrogenerating Co. JSC ADR		824		1,586
Gazprom OAO ADR		781		6,682
Lukoil OAO ADR		96		6,218
MMC Norilsk Nickel OJSC ADR		117		1,980
Mobile TeleSystems ADR		182		3,780
Sberbank of Russia ADR		412		5,263
Surgutneftegas OJSC ADR Preference Shares		840		5,840
Tatneft ADR		97		3,880
Uralkali OJSC GDR		68		2,515
				37,744
SINGAPORE — 0.6%
CapitaLand, Ltd.		3,000		8,536
Singapore Exchange, Ltd.		2,000		12,414
Singapore Press Holdings, Ltd.		2,000		7,222
Singapore Telecommunications, Ltd.		1,000		2,894
				31,066
SOUTH AFRICA — 0.8%
AngloGold Ashanti, Ltd.		85		1,993
Discovery Holdings, Ltd.		1,162		9,909
FirstRand, Ltd.		1,067		3,745
Gold Fields, Ltd.		206		1,578
Harmony Gold Mining Co., Ltd.		228		1,469
Impala Platinum Holdings, Ltd.		154		2,276
MTN Group, Ltd.		395		6,952
Naspers, Ltd.		63		3,934
Sanlam, Ltd.		988		5,081
Sasol, Ltd.		76		3,374
Sibanye Gold, Ltd. (a)		206		301
Standard Bank Group, Ltd.		255		3,291
				43,903
SOUTH KOREA — 1.9%
E-Mart Co., Ltd.		8		1,582
Hana Financial Group, Inc.		80		2,844
Honam Petrochemical Corp.		6		1,068
Hyundai Heavy Industries Co., Ltd.		12		2,276
Hyundai Hysco Co., Ltd.		100		3,002
Hyundai Mobis		13		3,593
Hyundai Motor Co.		29		5,838
KB Financial Group, Inc.		110		3,707

See accompanying notes to financial statements.

180

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Kia Motors Corp.		65	$	3,248
Korea Electric Power Corp. ADR (a)		156		2,110
KT&G Corp.		41		2,823
LG Chem, Ltd. Preference Shares		63		5,068
LG Electronics, Inc.		34		2,478
LG Household & Health Care, Ltd.		6		3,322
NHN Corp.		16		3,983
POSCO ADR		57		4,189
Samsung C&T Corp.		68		4,187
Samsung Electronics Co., Ltd. GDR		36		24,464
Samsung Engineering Co., Ltd.		17		1,994
Samsung Fire & Marine Insurance Co., Ltd. (a)		14		2,743
Samsung Heavy Industries Co., Ltd.		110		3,441
Samsung Securities Co., Ltd. (a)		67		3,264
Shinhan Financial Group Co., Ltd.		110		3,994
SK Holdings Co., Ltd.		23		3,525
SK Hynix, Inc. (a)		130		3,359
SK Innovation Co., Ltd.		20		2,912
				105,014
SPAIN — 0.6%
Acciona SA		56		3,058
Acerinox SA		262		2,692
ACS, Actividades de Construccion y Servicios SA		197		4,605
Banco Bilbao Vizcaya Argentaria SA		777		6,748
Banco Santander SA		1,389		9,350
Repsol YPF SA		121		2,463
Telefonica SA		320		4,310
				33,226
SWEDEN — 1.2%
Assa Abloy AB (Class B)		110		4,502
Atlas Copco AB (Class B)		307		7,772
Nordea Bank AB		532		6,038
Sandvik AB		286		4,407
Securitas AB (Class B)		444		4,189
Skandinaviska Enskilda Banken AB (Class A)		671		6,754
Skanska AB (Class B)		291		5,272
SKF AB (Class B)		207		5,059
Svenska Handelsbanken AB (Class A) (c)		91		3,898
Tele2 AB (Class B)		183		3,192
Telefonaktiebolaget LM Ericsson (Class B)		543		6,781
TeliaSonera AB		468		3,349
Volvo AB (Class A)		448		6,529
				67,742
SWITZERLAND — 3.5%
ABB, Ltd. (a)		404		9,134
ACE, Ltd.		100		8,897
Adecco SA (a)		78		4,283
Compagnie Financiere Richemont SA		110		8,654
Credit Suisse Group AG (a)		237		6,235
Geberit AG		32		7,897
Givaudan SA (a)		4		4,925
Holcim, Ltd. (a)		71		5,672
Kuehne & Nagel International AG		38		4,153
Nestle SA		280		20,299
Noble Corp.		200		7,630
Novartis AG		264		18,805
Pentair, Ltd.		23		1,213
Roche Holding AG		98		22,871
SGS SA		4		9,834
Swiss Re AG		95		7,745
Syngenta AG		10		4,182
TE Connectivity, Ltd.		200		8,386
The Swatch Group AG		12		6,995
Transocean, Ltd. (a)		71		3,691
UBS AG (a)		611		9,388
Wolseley PLC		88		4,374
Zurich Insurance Group AG (a)		19		5,301
				190,564
TAIWAN — 1.1%
Advanced Semiconductor Engineering Inc, ADR		1,153		4,798
AU Optronics Corp. ADR (a)		992		4,331
Chunghwa Telecom Co., Ltd. ADR		263		8,233
Hon Hai Precision Industry Co., Ltd. GDR		1,456		8,176
Siliconware Precision Industries Co. ADR (c)		1,651		9,609
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,096		18,934
United Microelectronics Corp. ADR		2,579		4,684
				58,765
THAILAND — 0.2%
Bangkok Bank PCL		1,100		8,714
PTT PCL		200		2,227
				10,941
TURKEY — 0.4%
Akbank TAS		730		3,816
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,000		6,455
Turkiye Garanti Bankasi AS		845		4,511
Turkiye Is Bankasi (Class C)		1,939		7,458
				22,240
UNITED KINGDOM — 7.7%
3i Group PLC		1,772		8,503
Anglo American PLC		224		5,755
AstraZeneca PLC		177		8,868
BAE Systems PLC		891		5,335
Barclays PLC		2,108		9,319
BG Group PLC		446		7,646
BHP Billiton PLC		304		8,840
BP PLC		2,520		17,598
British American Tobacco PLC		51		2,731
British Land Co. PLC		629		5,191
British Sky Broadcasting Group PLC		201		2,695
BT Group PLC		2,078		8,772
Burberry Group PLC		158		3,189
Capita Group PLC		537		7,331
Cobham PLC		2,646		9,763
Compass Group PLC		479		6,113
Diageo PLC		273		8,602
Experian PLC		371		6,422
G4S PLC		623		2,757

See accompanying notes to financial statements.

181

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
GlaxoSmithKline PLC		625	$	14,601
Hammerson PLC		1,017		7,596
HSBC Holdings PLC		2,224		23,724
Imperial Tobacco Group PLC		100		3,491
Intercontinental Hotels Group PLC		273		8,320
J Sainsbury PLC		736		4,230
Land Securities Group PLC		441		5,551
Lloyds Banking Group PLC (a)		8,654		6,398
Marks & Spencer Group PLC		1,017		6,023
National Grid PLC		197		2,288
Next PLC		72		4,773
Old Mutual PLC		1,498		4,611
Pearson PLC		120		2,157
Prudential PLC		485		7,843
Randgold Resources, Ltd.		29		2,501
Reckitt Benckiser Group PLC		80		5,731
Reed Elsevier PLC		312		3,700
Rio Tinto PLC		216		10,118
Rolls-Royce Holdings PLC (a)		316		5,422
Royal Dutch Shell PLC (Class B)		760		25,215
RSA Insurance Group PLC		3,346		5,914
SABMiller PLC		131		6,891
Scottish & Southern Energy PLC		160		3,605
Severn Trent PLC		250		6,499
Smith & Nephew PLC		453		5,228
Smiths Group PLC		349		6,661
Standard Chartered PLC		353		9,131
Standard Life PLC		2,096		11,626
Tesco PLC		1,181		6,842
The Sage Group PLC		1,788		9,304
Tullow Oil PLC		178		3,327
Unilever PLC		153		6,468
United Utilities Group PLC		445		4,788
Vodafone Group PLC		6,679		18,925
Whitbread PLC		326		12,712
WPP PLC		344		5,480
Xstrata PLC		355		5,757
				418,881
UNITED STATES — 46.2%
3M Co.		100		10,631
Abbott Laboratories		200		7,064
AbbVie, Inc.		200		8,156
Adobe Systems, Inc. (a)		300		13,053
Aetna, Inc.		200		10,224
Aflac, Inc.		200		10,404
Agilent Technologies, Inc.		200		8,394
Alexion Pharmaceuticals, Inc. (a)		100		9,214
Allergan, Inc. (c)		100		11,163
Altera Corp.		100		3,547
Altria Group, Inc.		200		6,878
Amazon.com, Inc. (a)		100		26,649
American Capital Agency Corp. (c)		100		3,278
American Electric Power Co., Inc. (c)		200		9,726
American Express Co. (c)		200		13,492
American Tower Corp. (c)		100		7,692
Amgen, Inc.		200		20,502
Anadarko Petroleum Corp.		100		8,745
Annaly Capital Management, Inc. (c)		200		3,178
Apache Corp.		100		7,716
Apple, Inc.		100		44,263
Applied Materials, Inc.		699		9,423
Archer-Daniels-Midland Co.		300		10,119
AT&T, Inc. (c)		699		25,646
Automatic Data Processing, Inc. (c)		100		6,502
Baker Hughes, Inc.		200		9,282
Bank of America Corp.		1,699		20,694
Baxter International, Inc. (c)		200		14,528
Becton, Dickinson and Co.		100		9,561
Bed Bath & Beyond, Inc. (a)		100		6,442
Berkshire Hathaway, Inc. (Class B) (a)		100		10,420
Biogen Idec, Inc. (a)		100		19,291
Bristol-Myers Squibb Co. (c)		300		12,357
Broadcom Corp. (Class A)		200		6,934
C.H. Robinson Worldwide, Inc. (c)		100		5,946
Cameron International Corp. (a)		200		13,040
Capital One Financial Corp.		100		5,495
Carnival Corp.		100		3,430
Caterpillar, Inc.		100		8,697
CBS Corp.		200		9,338
Celgene Corp. (a)		100		11,591
CenturyLink, Inc.		200		7,026
CH Energy Group, Inc.		200		13,078
Chesapeake Energy Corp.		300		6,123
Chevron Corp.		300		35,646
Church & Dwight Co., Inc.		200		12,926
Cisco Systems, Inc.		999		20,889
Citigroup, Inc.		500		22,120
Citrix Systems, Inc. (a)		100		7,216
Coach, Inc.		100		4,999
Cognizant Technology Solutions Corp. (Class A) (a)		100		7,661
Colgate-Palmolive Co.		100		11,803
Comcast Corp. (Class A) Special		500		19,810
ConAgra Foods, Inc.		200		7,162
ConocoPhillips		200		12,020
Corning, Inc.		400		5,332
Costco Wholesale Corp.		100		10,611
CSX Corp.		400		9,852
Cummins, Inc.		100		11,581
CVS Caremark Corp. (c)		200		10,998
Danaher Corp. (c)		200		12,430
Deere & Co. (c)		100		8,598
Dell, Inc.		400		5,732
Devon Energy Corp. (c)		100		5,642
DIRECTV (Class A) (a)(c)		100		5,661
Discover Financial Services		200		8,968
Dollar Tree, Inc. (a)(c)		200		9,686
Duke Energy Corp. (c)		153		11,106
E. I. du Pont de Nemours & Co.		200		9,832
eBay, Inc. (a)(c)		300		16,266
Ecolab, Inc. (c)		100		8,018
Edison International (c)		200		10,064
Eli Lilly & Co.		200		11,358
EMC Corp. (a)		400		9,556
Emerson Electric Co.		200		11,174
EOG Resources, Inc.		100		12,807
Equity Residential (c)		100		5,506
Exelon Corp. (c)		200		6,896

See accompanying notes to financial statements.

182

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Express Scripts Holding Co. (a)(c)		181	$	10,435
Exxon Mobil Corp.		600		54,066
Fastenal Co.		100		5,135
FedEx Corp. (c)		100		9,820
FirstEnergy Corp. (c)		200		8,440
FMC Technologies, Inc. (a)		200		10,878
Ford Motor Co.		799		10,507
Franklin Resources, Inc. (c)		100		15,081
Freeport-McMoRan Copper & Gold, Inc.		200		6,620
General Dynamics Corp.		100		7,051
General Electric Co.		1,499		34,657
General Mills, Inc.		100		4,931
General Motors Co. (a)		200		5,564
Gilead Sciences, Inc. (a)		400		19,572
H.J. Heinz Co.		100		7,227
Halliburton Co.		200		8,082
HCP, Inc.		300		14,958
Hess Corp.		100		7,161
Hewlett-Packard Co. (c)		400		9,536
Hillshire Brands Co.		60		2,109
Honeywell International, Inc. (c)		200		15,070
Illinois Tool Works, Inc. (c)		200		12,188
Ingersoll-Rand PLC		200		11,002
Intel Corp.		799		17,458
International Business Machines Corp.		200		42,660
Intuit, Inc. (c)		100		6,565
Johnson & Johnson		300		24,459
Johnson Controls, Inc.		200		7,014
JPMorgan Chase & Co.		600		28,476
Juniper Networks, Inc. (a)		200		3,708
Kellogg Co.		100		6,443
Kimberly-Clark Corp. (c)		100		9,798
Kinder Morgan Management, LLC (a)		104		9,136
Kinder Morgan, Inc.		42		1,625
Kohl’s Corp. (c)		100		4,613
Kraft Foods Group, Inc.		33		1,700
L Brands, Inc.		200		8,932
Las Vegas Sands Corp.		100		5,635
Liberty Global, Inc. (Series A) (a)		100		7,340
Liberty Interactive Corp. (Class A) (a)(c)		200		4,276
Liberty Ventures, (Series A) (a)		14		1,058
Lockheed Martin Corp. (c)		100		9,652
Lowe’s Cos., Inc.		300		11,376
Macy’s, Inc.		200		8,368
Marathon Oil Corp.		300		10,116
Marathon Petroleum Corp.		100		8,960
Marsh & McLennan Cos., Inc.		200		7,594
Mattel, Inc.		400		17,516
McCormick & Co., Inc. (c)		300		22,065
McDonald’s Corp. (c)		100		9,969
McKesson Corp.		100		10,796
Mead Johnson Nutrition Co.		100		7,745
Medtronic, Inc. (c)		300		14,088
Merck & Co., Inc.		400		17,692
MetLife, Inc.		300		11,406
Microsoft Corp.		1,099		31,442
Mondelez International, Inc. (Class A) (c)		100		3,061
Monsanto Co.		100		10,563
Morgan Stanley		300		6,594
National Oilwell Varco, Inc.		100		7,075
NetApp, Inc. (a)		100		3,416
Newmont Mining Corp. (c)		100		4,189
News Corp. (Class A)		500		15,260
NextEra Energy, Inc. (c)		100		7,768
NIKE, Inc. (Class B) (c)		200		11,802
Noble Energy, Inc.		100		11,566
Norfolk Southern Corp.		100		7,708
Northrop Grumman Corp.		200		14,030
O’Reilly Automotive, Inc. (a)		100		10,255
Occidental Petroleum Corp.		200		15,674
Oracle Corp.		699		22,606
Parker Hannifin Corp.		100		9,158
PepsiCo, Inc.		200		15,822
Pfizer, Inc.		999		28,831
PG&E Corp. (c)		100		4,453
Philip Morris International, Inc. (c)		200		18,542
Phillips 66		100		6,997
Pioneer Natural Resources Co. (c)		100		12,425
PNC Financial Services Group, Inc.		100		6,650
PPL Corp. (c)		300		9,393
Praxair, Inc. (c)		100		11,154
ProLogis (c)		300		11,994
Prudential Financial, Inc.		200		11,798
Public Service Enterprise Group, Inc. (c)		200		6,868
Public Storage (c)		100		15,232
QUALCOMM, Inc.		300		20,085
Range Resources Corp.		100		8,104
Raytheon Co.		100		5,879
Retail Opportunity Investments Corp.		1,499		21,001
Rockville Financial, Inc.		1,599		20,723
Ross Stores, Inc.		100		6,062
Salesforce.com, Inc. (a)(c)		100		17,883
SanDisk Corp. (a)		100		5,500
Simon Property Group, Inc. (c)		100		15,856
Southern Co. (c)		100		4,692
Southwestern Energy Co. (a)		100		3,726
Spectra Energy Corp.		200		6,150
St. Jude Medical, Inc. (c)		200		8,088
Starbucks Corp.		200		11,392
State Street Corp.		100		5,909
Sysco Corp.		200		7,034
Target Corp. (c)		100		6,845
Texas Instruments, Inc. (c)		300		10,644
The ADT Corp.		50		2,447
The Allstate Corp.		200		9,814
The Bank of New York Mellon Corp.		300		8,397
The Boeing Co.		100		8,585
The Charles Schwab Corp. (c)		500		8,845
The Chubb Corp.		100		8,753
The Clorox Co. (c)		100		8,853
The Coca-Cola Co. (c)		400		16,176
The Dow Chemical Co.		300		9,552
The Estee Lauder Cos., Inc. (Class A)		100		6,403
The Goldman Sachs Group, Inc.		100		14,715
The Hershey Co.		100		8,753
The Home Depot, Inc.		200		13,956
The J.M. Smucker Co.		100		9,916
The Mosaic Co.		100		5,961

See accompanying notes to financial statements.

183

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
The Procter & Gamble Co.		200	$	15,412
The Travelers Cos., Inc.		100		8,419
The Walt Disney Co.		300		17,040
The Williams Cos., Inc.		300		11,238
Thermo Fisher Scientific, Inc.		200		15,298
Time Warner Cable, Inc.		100		9,606
Time Warner, Inc. (c)		200		11,524
TJX Cos., Inc.		200		9,350
Tyco International, Ltd.		100		3,200
Tyson Foods, Inc. (Class A)		400		9,928
U.S. Bancorp		300		10,179
Union Pacific Corp.		100		14,241
United Parcel Service, Inc. (Class B)		100		8,590
United Technologies Corp.		100		9,343
UnitedHealth Group, Inc.		200		11,442
Valero Energy Corp.		200		9,098
Vector Group, Ltd.		943		15,201
Verizon Communications, Inc.		300		14,745
Viacom, Inc. (Class B)		100		6,157
Visa, Inc. (Class A) (c)		100		16,984
Wal-Mart Stores, Inc. (c)		200		14,966
Walgreen Co. (c)		200		9,536
Waste Management, Inc.		200		7,842
Weatherford International, Ltd. (a)		500		6,070
WellPoint, Inc.		100		6,623
Wells Fargo & Co.		799		29,555
Western Digital Corp.		100		5,028
Whole Foods Market, Inc.		100		8,675
Yahoo!, Inc. (a)(c)		300		7,059
Yum! Brands, Inc. (c)		100		7,195
				2,525,756
TOTAL COMMON STOCKS —
(Cost $4,938,478)				5,376,851
SHORT TERM INVESTMENTS — 7.2%
UNITED STATES — 7.2%
MONEY MARKET FUNDS — 7.2%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		357,826		357,826
State Street Institutional Liquid Reserve Fund 0.13% (g)(h)		36,610		36,610
TOTAL SHORT TERM INVESTMENTS —
(Cost $394,436)				394,436
TOTAL INVESTMENTS — 105.6%
(Cost $5,332,914)				5,771,287
OTHER ASSETS & LIABILITIES — (5.6)%				(304,922	)
NET ASSETS — 100.0%			$	5,466,365

(a)	Non-income producing security.
(b)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)	A portion of the security was on loan at March 31, 2013.
(d)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of March 31, 2013, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Investments of cash collateral for securities loaned.
(g)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

184

SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BRAZIL — 14.0%
Banco Bradesco SA Preference Shares ADR		3,573	$	60,809
BRF — Brasil Foods SA ADR		1,117		24,697
Companhia de Bebidas das Americas Preference Shares ADR		1,297		54,902
Itau Unibanco Holding SA Preference Shares ADR		3,886		69,171
Petroleo Brasileiro SA ADR		3,573		64,850
Vale SA Preference Shares ADR		3,405		56,284
				330,713
CHINA — 20.0%
Agricultural Bank of China, Ltd.		36,000		17,252
Bank of China, Ltd.		128,196		59,452
China Construction Bank Corp.		123,154		100,584
China Life Insurance Co., Ltd.		12,584		32,584
China Petroleum & Chemical Corp.		34,000		40,033
China Shenhua Energy Co., Ltd.		5,644		20,503
Industrial & Commercial Bank of China		111,454		78,106
PetroChina Co., Ltd.		34,812		45,653
Ping An Insurance Group Co. of China, Ltd.		3,000		23,265
Tencent Holdings, Ltd.		1,700		54,048
				471,480
HONG KONG — 7.6%
China Mobile, Ltd.		9,855		104,356
China Overseas Land & Investment, Ltd.		6,000		16,541
CNOOC, Ltd.		30,362		58,357
				179,254
INDIA — 3.0%
ICICI Bank, Ltd. ADR		723		31,017
Infosys Technologies, Ltd. ADR		731		39,408
				70,425
MEXICO — 5.6%
America Movil SAB de CV, ADR, Series L		3,323		69,650
Fomento Economico Mexicano SAB de CV, ADR		338		38,363
Grupo Televisa SA de CV ADR		893		23,763
				131,776
RUSSIA — 9.6%
Gazprom OAO ADR		9,037		77,771
Lukoil OAO ADR		866		56,008
NovaTek OAO GDR		158		17,024
Sberbank of Russia ADR (a)		3,746		48,116
Sberbank of Russia ADR (a)		826		10,552
Uralkali OJSC GDR		458		16,940
				226,411
SOUTH AFRICA — 8.0%
AngloGold Ashanti, Ltd.		663		15,544
Impala Platinum Holdings, Ltd.		877		12,962
MTN Group, Ltd.		2,878		50,656
Naspers, Ltd.		662		41,335
Sasol, Ltd.		928		41,202
Standard Bank Group, Ltd.		2,049		26,441
				188,140
SOUTH KOREA — 20.6%
Hyundai Mobis		116		32,060
Hyundai Motor Co.		264		53,151
KB Financial Group, Inc. ADR (b)		638		21,364
Kia Motors Corp.		448		22,388
LG Chem, Ltd.		79		19,029
POSCO ADR		444		32,627
Samsung Electronics Co., Ltd. GDR		374		254,158
Shinhan Financial Group Co., Ltd. ADR (b)		740		26,933
SK Hynix, Inc. (b)		890		22,998
				484,708
TAIWAN — 11.5%
China Steel Corp.		19,085		16,626
Chunghwa Telecom Co., Ltd. ADR		678		21,223
Formosa Plastics Corp.		7,000		16,832
Hon Hai Precision Industry Co., Ltd. GDR		8,613		48,366
MediaTek, Inc.		2,000		22,874
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		8,397		145,066
				270,987
TOTAL COMMON STOCKS —
(Cost $2,437,307)				2,353,894
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserve Fund 0.13% (c)(d) (Cost $1,221)		1,221		1,221
TOTAL INVESTMENTS — 100.0%
(Cost $2,438,528)				2,355,115
OTHER ASSETS & LIABILITIES — 0.0% (e)				148
NET ASSETS — 100.0%			$	2,355,263

(a)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(b)	Non-income producing security.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)	The rate shown is the annualized seven-day yield at period end.
(e)	Amount shown represents less than 0.05% of net assets.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

185

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
JAPAN — 99.1%
AIR FREIGHT & LOGISTICS — 0.3%
Yamato Holdings Co., Ltd. (a)		2,380	$	44,046
AIRLINES — 0.4%
All Nippon Airways Co., Ltd. (a)		10,000		20,421
Japan Airlines Co., Ltd.		1,000		46,480
				66,901
AUTO COMPONENTS — 3.2%
Aisin Seiki Co., Ltd.		1,168		42,859
Bridgestone Corp.		3,803		128,223
Denso Corp.		2,647		112,192
FCC Co., Ltd. (a)		984		23,632
Futaba Industrial Co., Ltd. (b)		408		1,849
Keihin Corp.		556		7,711
NGK Spark Plug Co., Ltd.		2,160		32,990
NHK Spring Co., Ltd. (a)		340		3,548
Nifco, Inc. (a)		1,028		24,361
Nissin Kogyo Co., Ltd.		616		10,162
NOK Corp. (a)		1,016		14,588
Showa Corp. (a)		2,012		21,442
Stanley Electric Co., Ltd.		644		11,350
Sumitomo Rubber Industries, Inc.		1,808		30,826
Tokai Rika Co., Ltd.		20		355
Toyo Tire & Rubber Co., Ltd. (a)		3,851		17,203
Toyota Industries Corp.		1,172		42,756
				526,047
AUTOMOBILES — 8.2%
Daihatsu Motor Co., Ltd.		464		9,633
Fuji Heavy Industries, Ltd.		4,347		67,549
Honda Motor Co., Ltd.		9,574		362,004
Isuzu Motors, Ltd.		9,651		56,970
Mazda Motor Corp. (a)(b)		6,123		18,300
Mitsubishi Motors Corp. (a)(b)		26,173		27,281
Nissan Motor Co., Ltd. (a)		13,562		130,543
Suzuki Motor Corp. (a)		2,192		49,216
Toyota Motor Corp.		11,777		608,766
Yamaha Motor Co., Ltd. (a)		1,216		16,684
				1,346,946
BEVERAGES — 1.3%
Asahi Breweries, Ltd.		2,584		61,810
Ito En, Ltd. (a)		1,556		37,088
Kirin Holdings Co., Ltd.		6,207		99,753
Takara Holdings, Inc. (a)		2,479		20,830
				219,481
BUILDING PRODUCTS — 1.1%
Aica Kogyo Co., Ltd.		284		5,250
Asahi Glass Co., Ltd.		6,299		43,213
Daikin Industries, Ltd. (a)		1,432		56,202
LIXIL Group Corp. (a)		1,772		35,018
Nippon Sheet Glass Co., Ltd. (b)		6,000		6,764
TOTO, Ltd. (a)		4,444		39,467
				185,914
CAPITAL MARKETS — 1.5%
Daiwa Securities Group, Inc.		8,482		59,181
Jafco Co., Ltd. (a)		212		7,373
Nomura Holdings, Inc. (a)		17,676		108,478
Okasan Securities Group, Inc.		2,107		19,811
SBI Holdings, Inc. (a)		1,558		13,770
Tokai Tokyo Financial Holdings, Inc. (a)		3,967		28,818
				237,431
CHEMICALS — 4.2%
Asahi Kasei Corp. (a)		5,859		39,135
Daicel Chemical Industries, Ltd.		2,055		16,305
DIC Corp.		6,391		13,459
Hitachi Chemical Co., Ltd. (a)		976		14,803
JSR Corp.		1,360		27,657
Kaneka Corp.		2,224		12,892
Kansai Paint Co., Ltd.		2,092		23,274
Kuraray Co., Ltd. (a)		2,971		44,334
Mitsubishi Chemical Holdings Corp. (a)		6,123		28,329
Mitsubishi Gas Chemical Co., Inc.		2,268		14,980
Mitsui Chemicals, Inc. (a)		5,843		12,740
Nissan Chemical Industries, Ltd.		2,816		33,935
Nitto Denko Corp.		784		46,446
Shin-Etsu Chemical Co., Ltd. (a)		2,420		160,870
Showa Denko K.K.		7,723		11,582
Sumitomo Chemical Co., Ltd. (a)		9,674		30,148
Taiyo Nippon Sanso Corp. (a)		4,180		28,365
Teijin, Ltd. (a)		6,367		14,763
Tokai Carbon Co., Ltd.		1,828		6,280
Toray Industries, Inc. (a)		7,758		52,479
Tosoh Corp. (a)		5,599		15,602
Ube Industries, Ltd. (a)		9,543		18,777
Zeon Corp. (a)		2,132		22,087
				689,242
COMMERCIAL BANKS — 10.6%
Chuo Mitsui Trust Holdings, Inc. (a)		19,981		94,146
Fukuoka Financial Group, Inc.		6,000		30,823
Hokuhoku Financial Group, Inc.		9,658		19,517
Mitsubishi UFJ Financial Group, Inc. (a)		79,700		473,012
Mizuho Financial Group, Inc. (a)		138,100		292,298
Resona Holdings, Inc. (a)		9,500		49,309
Shinsei Bank, Ltd.		9,726		21,931
Sumitomo Mitsui Financial Group, Inc. (a)		8,000		321,208
Suruga Bank, Ltd.		496		8,013
The 77 Bank, Ltd.		3,803		20,548
The Awa Bank, Ltd.		3,731		23,175
The Bank of Kyoto, Ltd.		1,916		18,708
The Bank of Yokohama, Ltd.		7,947		46,066
The Chiba Bank, Ltd.		6,063		43,528
The Chugoku Bank, Ltd.		1,504		24,587
The Hachijuni Bank, Ltd.		5,719		34,611
The Hiroshima Bank, Ltd. (a)		5,811		28,431
The Hyakugo Bank, Ltd.		4,147		20,686
The Iyo Bank, Ltd.		1,180		11,157
The Joyo Bank, Ltd. (a)		4,155		23,290
The Juroku Bank, Ltd.		5,883		24,153
The Musashino Bank, Ltd.		420		16,484
The Nanto Bank, Ltd.		2,391		11,393
The Nishi-Nippon City Bank, Ltd.		7,799		24,470
The Shizuoka Bank, Ltd.		2,363		26,641

See accompanying notes to financial statements.

186

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Yamaguchi Financial Group, Inc.		2,076	$	21,020
				1,729,205
COMMERCIAL SERVICES & SUPPLIES — 1.1%
Aeon Delight Co., Ltd.		200		4,339
Dai Nippon Printing Co., Ltd. (a)		3,739		35,235
Daiseki Co., Ltd. (a)		400		6,735
Nissha Printing Co., Ltd. (b)		236		4,174
Park24 Co., Ltd.		1,000		19,613
Secom Co., Ltd.		1,368		70,568
Toppan Printing Co., Ltd. (a)		4,299		30,910
				171,574
COMMUNICATIONS EQUIPMENT — 0.0% (c)
Aiphone Co., Ltd.		200		3,325
COMPUTERS & PERIPHERALS — 1.3%
Fujitsu, Ltd. (a)		10,498		43,323
NEC Corp. (a)		11,918		31,056
Seiko Epson Corp. (a)		1,376		13,362
Toshiba Corp. (a)		23,633		118,643
				206,384
CONSTRUCTION & ENGINEERING — 1.2%
Chiyoda Corp.		1,688		18,833
COMSYS Holdings Corp. (a)		2,000		24,293
JGC Corp.		1,760		44,534
Kajima Corp. (a)		7,595		20,680
Maeda Corp.		4,855		19,622
Obayashi Corp. (a)		5,679		27,181
Shimizu Corp. (a)		5,559		18,092
Taisei Corp.		9,995		27,534
				200,769
CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp. (a)		9,607		22,582
CONSUMER FINANCE — 0.5%
Acom Co., Ltd. (a)(b)		22		631
Aeon Credit Service Co., Ltd. (a)		1,040		29,578
Credit Saison Co., Ltd. (a)		1,364		34,006
Orient Corp. (a)(b)		4,001		12,639
				76,854
CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Group Holdings, Ltd.		1,048		14,758
DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		992		14,613
DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc. (a)		628		27,018
DIVERSIFIED FINANCIAL SERVICES — 0.5%
ORIX Corp. (a)		6,160		78,032
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
Nippon Telegraph & Telephone Corp.		5,200		227,037
ELECTRIC UTILITIES — 1.4%
Chubu Electric Power Co., Inc. (a)		3,963		48,600
Hokkaido Electric Power Co., Inc. (b)		928		9,801
Hokuriku Electric Power Co. (a)		1,412		17,406
Kyushu Electric Power Co., Inc. (a)(b)		2,376		24,690
Shikoku Electric Power Co., Inc. (b)		972		14,143
The Chugoku Electric Power Co., Inc. (a)		1,648		21,998
The Kansai Electric Power Co., Inc. (a)(b)		4,811		47,486
The Okinawa Electric Power Co., Inc.		36		1,227
The Tokyo Electric Power Co., Inc. (a)(b)		8,567		23,235
Tohoku Electric Power Co., Inc. (b)		2,843		22,981
				231,567
ELECTRICAL EQUIPMENT — 1.5%
Fuji Electric Holdings Co., Ltd. (a)		6,099		17,774
Fujikura, Ltd. (a)		4,107		12,799
Furukawa Electric Co., Ltd. (a)		3,899		8,709
Mitsubishi Electric Corp.		11,974		96,408
Nidec Corp. (a)		764		45,749
Sumitomo Electric Industries, Ltd.		3,787		46,764
Tatsuta Electric Wire and Cable Co., Ltd. (a)		2,000		11,359
Ushio, Inc. (a)		1,036		10,732
				250,294
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0%
Alps Electric Co., Ltd. (a)		1,768		11,640
Amano Corp.		1,236		11,700
Citizen Holdings Co., Ltd.		3,003		15,778
FUJIFILM Holdings Corp. (a)		2,827		55,205
Hamamatsu Photonics K.K. (a)		768		30,959
Hirose Electric Co., Ltd. (a)		408		55,155
Hitachi, Ltd. (a)		25,933		149,773
Horiba, Ltd.		404		12,371
Hoya Corp. (a)		2,632		49,046
Ibiden Co., Ltd. (a)		996		15,530
Keyence Corp.		240		73,082
Kyocera Corp.		992		92,954
Murata Manufacturing Co., Ltd. (a)		1,228		91,558
Nippon Electric Glass Co., Ltd.		3,548		18,038
Oki Electric Industry Co., Ltd. (a)(b)		12,166		15,140
Omron Corp.		1,380		34,052
Shimadzu Corp. (a)		2,312		16,500
TDK Corp. (a)		996		34,641
Yaskawa Electric Corp.		1,604		15,917
Yokogawa Electric Corp. (a)		1,964		19,761
				818,800
FOOD & STAPLES RETAILING — 1.8%
Aeon Co., Ltd.		4,403		56,899
Cawachi, Ltd.		448		9,773
FamilyMart Co., Ltd.		352		16,286
Izumiya Co., Ltd.		3,740		19,571
Lawson, Inc. (a)		400		30,844
Seven & I Holdings Co., Ltd.		4,439		147,070
UNY Group Holdings Co., Ltd.		2,000		15,805
				296,248
FOOD PRODUCTS — 1.2%
Ajinomoto Co., Inc.		4,003		60,245
Hokuto Corp. (a)		400		7,445
Kikkoman Corp. (a)		2,256		39,760
MEIJI Holdings Co., Ltd. (a)		400		18,570

See accompanying notes to financial statements.

187

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Nissin Foods Holding Co., Ltd. (a)		640	$	29,849
Sakata Seed Corp.		1,584		20,672
Yakult Honsha Co., Ltd. (a)		564		22,825
				199,366
GAS UTILITIES — 0.9%
Osaka Gas Co., Ltd. (a)		12,150		53,500
Saibu Gas Co., Ltd.		10,273		23,601
Tokyo Gas Co., Ltd. (a)		13,873		75,843
				152,944
HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Nakanishi, Inc.		200		24,505
Olympus Corp. (b)		1,042		24,504
Sysmex Corp. (a)		400		24,633
Terumo Corp. (a)		956		41,181
				114,823
HEALTH CARE PROVIDERS & SERVICES — 0.4%
Medipal Holdings Corp.		1,192		16,875
Miraca Holdings, Inc.		636		31,015
Suzuken Co., Ltd.		632		23,527
				71,417
HOTELS, RESTAURANTS & LEISURE — 0.4%
Oriental Land Co., Ltd. (a)		404		65,829
Round One Corp. (a)		800		5,786
				71,615
HOUSEHOLD DURABLES — 2.2%
Casio Computer Co., Ltd. (a)		2,248		17,335
Funai Electric Co., Ltd. (a)		395		4,848
Haseko Corp. (a)(b)		9,139		8,359
Panasonic Corp. (a)		13,381		93,078
Pioneer Corp. (a)(b)		2,360		4,217
Sangetsu Co., Ltd.		176		4,751
Sekisui Chemical Co., Ltd. (a)		2,079		22,820
Sekisui House, Ltd.		3,679		50,047
Sharp Corp. (a)(b)		5,519		15,966
Sony Corp. (a)		6,811		118,950
Sumitomo Forestry Co., Ltd.		1,368		14,725
				355,096
HOUSEHOLD PRODUCTS — 0.2%
Unicharm Corp. (a)		632		37,441
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Electric Power Development Co., Ltd.		840		22,130
INDUSTRIAL CONGLOMERATES — 0.2%
Keihan Electric Railway Co., Ltd. (a)		5,747		25,551
Nisshinbo Holdings, Inc.		1,584		11,119
				36,670
INSURANCE — 2.3%
MS&AD Insurance Group Holdings, Inc. (a)		3,636		79,898
NKSJ Holdings, Inc. (a)		2,000		41,778
Sony Financial Holdings, Inc.		1,600		23,995
T&D Holdings, Inc. (a)		4,200		50,747
The Dai-ichi Life Insurance Co., Ltd.		42		56,509
Tokio Marine Holdings, Inc.		4,447		125,341
				378,268
INTERNET & CATALOG RETAIL — 0.3%
Rakuten, Inc.		5,000		50,893
INTERNET SOFTWARE & SERVICES — 0.6%
DeNA Co., Ltd. (a)		800		21,740
Gree, Inc. (a)		600		7,422
Internet Initiative Japan, Inc.		600		20,740
Yahoo! Japan Corp. (a)		104		47,896
				97,798
IT SERVICES — 0.6%
IT Holdings Corp.		832		10,999
Itochu Techno-Solutions Corp. (a)		608		30,523
NET One Systems Co., Ltd. (a)		2,000		17,486
Nomura Research Institute, Ltd. (a)		300		7,709
NTT Data Corp. (a)		8		26,675
Otsuka Corp.		12		1,303
SCSK Corp.		100		1,952
TKC Corp.		400		7,318
				103,965
LEISURE EQUIPMENT & PRODUCTS — 1.3%
Namco Bandai Holdings, Inc.		2,232		39,527
Nikon Corp. (a)		1,840		43,661
Roland Corp. (a)		200		1,717
Sankyo Co., Ltd.		640		30,326
Sega Sammy Holdings, Inc. (a)		2,031		41,281
Shimano, Inc.		592		50,057
Yamaha Corp.		1,192		11,841
				218,410
MACHINERY — 5.6%
Amada Co., Ltd.		1,527		10,216
FANUC Corp.		1,180		181,857
Glory, Ltd.		1,044		25,084
IHI Corp. (a)		10,311		31,365
JTEKT Corp.		1,408		13,358
Kawasaki Heavy Industries, Ltd. (a)		7,978		25,032
Komatsu, Ltd.		5,439		130,103
Komori Corp.		788		8,482
Kubota Corp. (a)		3,663		52,128
Kurita Water Industries, Ltd. (a)		976		21,384
Makita Corp. (a)		976		44,378
Minebea Co., Ltd. (a)		2,255		7,603
Mitsubishi Heavy Industries, Ltd.		19,676		111,962
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		7,567		13,360
Mori Seiki Co., Ltd. (a)		968		11,438
NGK Insulators, Ltd.		2,320		24,996
NSK, Ltd. (a)		2,463		18,731
NTN Corp.		2,495		6,502
OKUMA Corp.		1,648		12,182
OSG Corp.		1,012		13,907
SMC Corp. (a)		420		81,213
Sodick Co., Ltd.		1,800		10,817
Sumitomo Heavy Industries, Ltd. (a)		3,795		15,379
Takuma Co., Ltd. (a)		2,000		11,678
The Japan Steel Works, Ltd. (a)		1,708		9,101
THK Co., Ltd. (a)		1,000		19,336

See accompanying notes to financial statements.

188

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Toshiba Machine Co., Ltd.		1,944	$	9,553
				921,145
MARINE — 0.3%
Kawasaki Kisen Kaisha, Ltd. (a)(b)		5,759		12,189
Mitsui OSK Lines, Ltd. (a)(b)		4,491		14,760
Nippon Yusen K.K. (a)		7,995		20,664
				47,613
MEDIA — 0.6%
CyberAgent, Inc. (a)		4		7,547
Dentsu, Inc. (a)		1,600		47,496
Jupiter Telecommunications Co.		8		10,509
Toho Co., Ltd.		1,352		28,185
				93,737
METALS & MINING — 2.1%
Daido Steel Co., Ltd. (a)		2,199		11,975
Dowa Holdings Co., Ltd.		1,767		13,832
JFE Holdings, Inc. (a)		2,847		53,506
Kobe Steel, Ltd. (a)(b)		12,645		14,660
Mitsubishi Materials Corp.		8,027		22,880
Mitsubishi Steel Manufacturing Co., Ltd.		4,000		8,509
Mitsui Mining & Smelting Co., Ltd.		5,839		14,967
Nippon Steel Corp.		44,755		111,864
Nisshin Steel Holdings Co., Ltd. (b)		500		3,951
Sumitomo Metal Mining Co., Ltd.		3,575		51,066
Toho Zinc Co., Ltd. (a)		4,000		16,124
Tokyo Steel Manufacturing Co., Ltd.		144		605
Topy Industries, Ltd.		5,000		11,700
Yodogawa Steel Works, Ltd. (a)		3,963		14,837
				350,476
MULTILINE RETAIL — 0.8%
Isetan Mitsukoshi Holdings, Ltd.		2,441		35,257
J Front Retailing Co., Ltd.		3,778		29,294
Marui Group Co., Ltd. (a)		2,616		27,128
Ryohin Keikaku Co., Ltd.		236		18,901
Takashimaya Co., Ltd.		2,332		23,216
				133,796
OFFICE ELECTRONICS — 2.1%
Brother Industries, Ltd. (a)		1,832		19,174
Canon, Inc. (a)		7,058		255,235
Konica Minolta Holdings, Inc. (a)		4,075		29,819
Ricoh Co., Ltd. (a)		3,555		37,962
				342,190
OIL, GAS & CONSUMABLE FUELS — 0.9%
Cosmo Oil Co., Ltd. (a)(b)		5,927		12,482
Inpex Corp.		8		42,544
JX Holdings, Inc.		14,500		80,350
TonenGeneral Sekiyu K.K.		1,547		15,203
				150,579
PAPER & FOREST PRODUCTS — 0.2%
Nippon Paper Group, Inc. (a)(b)		800		12,474
OJI Paper Co., Ltd. (a)		5,839		21,550
				34,024
PERSONAL PRODUCTS — 1.0%
Kao Corp.		3,239		106,106
Mandom Corp. (a)		1,016		35,661
Shiseido Co., Ltd. (a)		1,832		25,857
				167,624
PHARMACEUTICALS — 5.7%
Astellas Pharma, Inc.		2,771		149,131
Chugai Pharmaceutical Co., Ltd.		1,616		36,662
Daiichi Sankyo Co., Ltd. (a)		4,051		78,202
Dainippon Sumitomo Pharma Co., Ltd. (a)		960		17,920
Eisai Co., Ltd. (a)		1,540		68,794
Hisamitsu Pharmaceutical Co., Inc.		404		22,086
Kissei Pharmaceutical Co., Ltd.		1,000		21,059
Kyowa Hakko Kirin Co., Ltd.		1,833		20,938
Mitsubishi Tanabe Pharma Corp.		2,000		30,738
Mochida Pharmaceutical Co., Ltd.		2,000		25,846
Nichi-iko Pharmaceutical Co., Ltd. (a)		200		4,550
Ono Pharmaceutical Co., Ltd. (a)		432		26,328
Otsuka Holdings Co., Ltd. (a)		1,500		52,648
Santen Pharmaceutical Co., Ltd.		956		45,248
Seikagaku Corp.		800		8,526
Shionogi & Co., Ltd. (a)		1,996		41,249
Taisho Pharmaceutical Holdings Co., Ltd.		300		21,761
Takeda Pharmaceutical Co., Ltd. (a)		4,655		249,039
Torii Pharmaceutical Co., Ltd.		200		4,869
Tsumura & Co.		100		3,696
				929,290
PROFESSIONAL SERVICES — 0.1%
Meitic Corp.		812		20,235
REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.2%
Daikyo, Inc. (a)		4,256		14,802
Daito Trust Construction Co., Ltd. (a)		564		48,110
Daiwa House Industry Co., Ltd. (a)		4,363		84,457
Heiwa Real Estate Co., Ltd.		900		17,594
Leopalace21 Corp. (b)		1,044		4,419
Mitsubishi Estate Co., Ltd.		7,111		196,343
Mitsui Fudosan Co., Ltd. (a)		5,923		166,250
Sumitomo Realty & Development Co., Ltd.		1,843		70,470
Tokyo Tatemono Co., Ltd.		3,540		24,812
Tokyu Land Corp. (a)		5,664		52,833
				680,090
ROAD & RAIL — 4.7%
Central Japan Railway Co.		1,000		105,510
East Japan Railway Co.		2,200		180,642
Hankyu Hanshin Holdings, Inc.��(a)		8,486		51,357
Keikyu Corp. (a)		4,355		45,625
Keisei Electric Railway Co., Ltd.		2,147		22,904
Kintetsu Corp. (a)		12,038		55,824
Nagoya Railroad Co., Ltd.		8,362		26,415
Nankai Electric Railway Co., Ltd.		6,111		25,544
Nippon Express Co., Ltd. (a)		7,555		36,883
Odakyu Electric Railway Co., Ltd. (a)		2,483		30,925
Sotetsu Holdings, Inc. (a)		8,254		30,288
Tobu Railway Co., Ltd. (a)		6,007		34,309
Tokyu Corp. (a)		6,391		48,194

See accompanying notes to financial statements.

189

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
West Japan Railway Co. (a)		1,400	$	67,230
				761,650
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%
Advantest Corp. (a)		1,216		17,408
Dainippon Screen Manufacturing Co., Ltd. (b)		364		1,680
Disco Corp. (a)		384		21,728
Rohm Co., Ltd. (a)		576		21,136
Sanken Electric Co., Ltd. (a)		2,404		9,614
Shinko Electric Industries Co., Ltd. (a)		592		4,817
Sumco Corp.		1,046		12,127
Tokyo Electron, Ltd. (a)		1,040		46,071
				134,581
SOFTWARE — 0.7%
Konami Corp.		792		15,963
Nintendo Co., Ltd. (a)		648		69,680
NSD Co., Ltd.		832		9,415
Square Enix Holdings Co., Ltd. (a)		796		8,483
Trend Micro, Inc.		368		10,478
				114,019
SPECIALTY RETAIL — 1.5%
Aoyama Trading Co., Ltd.		984		24,773
Autobacs Seven Co., Ltd.		540		8,632
Fast Retailing Co., Ltd.		176		57,375
Hikari Tsushin, Inc.		184		9,423
Nitori Holding Co., Ltd.		210		16,082
Sanrio Co., Ltd. (a)		448		19,989
Shimachu Co., Ltd. (a)		984		24,574
Shimamura Co., Ltd.		232		27,439
USS Co., Ltd. (a)		200		23,506
Yamada Denki Co., Ltd. (a)		600		27,409
				239,202
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Asics Corp. (a)		2,064		34,598
Gunze, Ltd. (a)		4,223		10,959
Onward Holdings Co., Ltd.		1,580		14,183
The Japan Wool Textile Co., Ltd.		2,031		15,467
Toyobo Co., Ltd. (a)		8,302		14,128
				89,335
TOBACCO — 1.2%
Japan Tobacco, Inc.		6,000		191,449
TRADING COMPANIES & DISTRIBUTORS — 4.2%
Hanwa Co., Ltd.		2,207		7,958
Inaba Denki Sangyo Co., Ltd.		956		28,389
ITOCHU Corp. (a)		8,566		103,043
Iwatani Corp. (a)		6,451		29,847
Kanematsu Corp. (a)(b)		19,000		24,856
Marubeni Corp. (a)		10,402		77,777
Mitsubishi Corp. (a)		7,607		141,023
Mitsui & Co., Ltd. (a)		10,002		139,679
Sojitz Corp. (a)		8,428		12,998
Sumitomo Corp. (a)		6,375		79,874
Toyota Tsusho Corp.		1,039		26,953
Yamazen Corp.		2,800		18,405
				690,802
TRANSPORTATION INFRASTRUCTURE — 0.4%
Kamigumi Co., Ltd.		2,395		22,289
Mitsubishi Logistics Corp.		2,216		41,152
				63,441
WIRELESS TELECOMMUNICATION SERVICES — 3.0%
KDDI Corp. (a)		3,600		148,181
NTT DoCoMo, Inc. (a)		88		133,002
Softbank Corp. (a)		4,415		203,798
				484,981
TOTAL COMMON STOCKS —
(Cost $18,795,157)				16,236,163
SHORT TERM INVESTMENTS — 23.3%
UNITED STATES — 23.3%
MONEY MARKET FUNDS — 23.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,811,115		3,811,115
State Street Institutional Liquid Reserves Fund 0.13% (e)(f)		13,549		13,549
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,824,664)				3,824,664
TOTAL INVESTMENTS — 122.4%
(Cost $22,619,821)				20,060,827
OTHER ASSETS & LIABILITIES — (22.4)%				(3,669,373	)
NET ASSETS — 100.0%			$	16,391,454

(a)	A portion of the security was on loan at March 31, 2013.
(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.

190

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.9%
JAPAN — 98.9%
AIR FREIGHT & LOGISTICS — 0.3%
Kintetsu World Express, Inc. (a)		6,500	$	237,476
AIRLINES — 0.0% (b)
Skymark Airlines, Inc. (c)		7,700		29,974
AUTO COMPONENTS — 5.1%
Ahresty Corp.		7,100		36,776
Exedy Corp.		4,700		109,377
FCC Co., Ltd. (a)		9,113		218,859
Futaba Industrial Co., Ltd. (a)(c)		12,794		57,969
Keihin Corp. (a)		9,341		129,554
Koito Manufacturing Co., Ltd. (a)		16,000		278,749
KYB Co., Ltd. (a)		25,902		126,728
Musashi Seimitsu Industry Co., Ltd.		16,252		362,135
Nifco, Inc. (a)		10,300		244,080
Nissan Shatai Co., Ltd. (a)		22,000		272,368
Nissin Kogyo Co., Ltd.		11,034		182,022
Press Kogyo Co., Ltd.		24,569		127,261
Showa Corp. (a)		14,639		156,012
Takata Corp. (a)		12,500		250,877
Tokai Rika Co., Ltd.		9,500		168,539
Topre Corp.		16,634		166,305
Toyo Tire & Rubber Co., Ltd. (a)		41,372		184,814
Toyota Boshoku Corp. (a)		8,800		123,548
TS Tech Co., Ltd.		11,100		316,047
Unipres Corp.		7,900		180,989
				3,693,009
BEVERAGES — 0.6%
Mikuni Coca-Cola Bottling Co., Ltd. (a)		26,345		270,119
Sapporo Holdings, Ltd.		41,000		172,251
				442,370
BIOTECHNOLOGY — 0.7%
3-D Matrix, Ltd. (c)		1,000		77,643
OncoTherapy Science, Inc. (a)(c)		81		253,889
Sosei Group Corp. (c)		5,300		184,897
				516,429
BUILDING PRODUCTS — 2.4%
Aica Kogyo Co., Ltd.		16,019		296,118
Bunka Shutter Co., Ltd.		46,577		234,817
Central Glass Co., Ltd. (a)		47,309		161,018
Nichias Corp.		26,000		153,478
Nitto Boseki Co., Ltd. (a)		54,020		206,267
Noritz Corp.		6,965		138,233
Sankyo Tateyama, Inc. (c)		11,400		229,891
Sanwa Holdings Corp.		58,910		302,633
				1,722,455
CAPITAL MARKETS — 2.4%
Jafco Co., Ltd. (a)		8,700		302,585
Matsui Securities Co., Ltd. (a)		16,100		169,528
Monex Group, Inc. (a)		893		359,973
Okasan Securities Group, Inc.		32,447		305,075
Tokai Tokyo Financial Holdings, Inc.		55,721		404,780
Toyo Securities Co., Ltd. (a)		45,457		190,009
				1,731,950
CHEMICALS — 4.7%
ADEKA Corp.		23,013		196,548
Asahi Organic Chemicals Industry Co., Ltd.		40,540		88,393
C. Uyemura & Co., Ltd.		2,076		77,281
Fujikura Kasei Co., Ltd.		20,038		82,053
Fujimi, Inc.		6,473		92,875
Ishihara Sangyo Kaisha, Ltd. (a)(c)		107,811		91,735
Japan Pure Chemical Co., Ltd.		109		256,212
Kureha Corp. (a)		29,000		103,021
Lintec Corp.		11,708		219,665
New Japan Chemical Co., Ltd. (a)(c)		6,800		18,732
Nippon Soda Co., Ltd.		31,065		145,049
Nippon Valqua Industries, Ltd.		37,025		93,330
NOF Corp.		43,731		213,957
Okamoto Industries, Inc.		59,841		201,761
Sumitomo Bakelite Co., Ltd. (a)		38,000		158,030
Taiyo Holdings Co., Ltd.		7,300		209,559
Toagosei Co., Ltd.		50,000		217,507
Tokai Carbon Co., Ltd.		38,542		132,409
Tokyo Ohka Kogyo Co., Ltd.		13,300		281,928
Toyo Ink Manufacturing Co., Ltd.		42,000		196,554
Zeon Corp.		28,000		290,066
				3,366,665
COMMERCIAL BANKS — 8.1%
Bank of the Ryukyus, Ltd. (a)		11,681		169,960
Kansai Urban Banking Corp.		99,000		130,568
Kiyo Holdings, Inc. (a)		175,754		278,529
North Pacific Bank, Ltd. (a)		60,200		202,972
The Aichi Bank, Ltd.		5,149		302,302
The Bank of Iwate, Ltd.		5,756		232,946
The Bank of Nagoya, Ltd.		35,000		158,583
The Bank of Okinawa, Ltd.		4,900		206,121
The Daishi Bank, Ltd.		57,000		232,802
The Fukushima Bank, Ltd. (a)		246,478		214,967
The Higo Bank, Ltd.		38,000		242,906
The Hokkoku Bank, Ltd. (a)		37,000		154,659
The Hyakugo Bank, Ltd.		55,000		274,356
The Hyakujushi Bank, Ltd.		46,000		189,832
The Juroku Bank, Ltd.		59,000		242,225
The Kagoshima Bank, Ltd. (a)		31,000		219,262
The Keiyo Bank, Ltd.		43,000		244,225
The Musashino Bank, Ltd.		11,300		443,491
The Nagano Bank, Ltd.		85,534		164,663
The Nanto Bank, Ltd.		43,000		204,893
The Shikoku Bank, Ltd.		62,000		190,576
The Shimizu Bank, Ltd.		4,900		146,708
The Taiko Bank, Ltd. (a)		60,000		160,817
The Tochigi Bank, Ltd.		31,846		124,647
The Tokyo Tomin Bank, Ltd. (a)		8,605		103,421
The Yachiyo Bank, Ltd.		7,000		231,919
Tomato Bank, Ltd.		98,872		181,928
TOMONY Holdings, Inc.		31,205		135,746
				5,786,024
COMMERCIAL SERVICES & SUPPLIES — 2.2%
Aeon Delight Co., Ltd.		4,900		106,318
Daiseki Co., Ltd. (a)		15,793		265,904
Duskin Co., Ltd.		14,100		281,640

See accompanying notes to financial statements.

191

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Moshi Moshi Hotline, Inc. (a)		11,744	$	165,755
Nissha Printing Co., Ltd. (a)(c)		11,000		194,565
Okamura Corp.		23,884		178,076
Pilot Corp.		131		356,272
				1,548,530
COMMUNICATIONS EQUIPMENT — 0.8%
Aiphone Co., Ltd.		7,006		116,469
Denki Kogyo Co., Ltd.		30,303		136,657
Hitachi Kokusai Electric, Inc. (a)		15,634		143,669
Icom, Inc. (a)		7,200		183,178
				579,973
COMPUTERS & PERIPHERALS — 0.8%
Eizo Nanao Corp.		7,300		127,801
Melco Holdings, Inc. (a)		4,000		68,964
Wacom Co., Ltd. (a)		101		401,228
				597,993
CONSTRUCTION & ENGINEERING — 3.8%
Chugai Ro Co., Ltd. (a)		45,522		118,138
Kandenko Co., Ltd.		26,000		120,294
Kinden Corp.		28,924		193,811
Kyowa Exeo Corp. (a)		24,776		263,518
Kyudenko Corp.		35,657		157,768
Maeda Corp. (a)		44,158		178,473
Maeda Road Construction Co., Ltd.		20,000		271,006
Mirait Holdings Corp.		20,100		207,157
Penta-Ocean Construction Co., Ltd. (a)		96,500		241,199
Sanki Engineering Co., Ltd.		18,196		95,218
SHO-BOND Holdings Co., Ltd. (a)		8,800		319,166
Taikisha, Ltd. (a)		9,900		224,177
Toda Corp. (a)		43,000		101,074
Tokyu Construction Co., Ltd. (a)(c)		47,482		106,054
Toyo Engineering Corp. (a)		27,000		117,454
				2,714,507
CONSUMER FINANCE — 1.1%
Acom Co., Ltd. (a)(c)		8,060		231,376
Aiful Corp. (a)(c)		19,300		128,297
J Trust Co., Ltd. (a)		6,900		244,751
Orient Corp. (a)(c)		63,500		200,590
				805,014
CONTAINERS & PACKAGING — 0.9%
FP Corp.		3,300		215,508
Fuji Seal International, Inc.		7,970		198,614
Taisei Lamick Co., Ltd. (a)		10,300		261,608
				675,730
DISTRIBUTORS — 0.4%
Canon Marketing Japan, Inc.		10,300		151,729
Jin Co., Ltd. (a)		2,100		114,135
				265,864
DIVERSIFIED FINANCIAL SERVICES — 1.2%
Century Tokyo Leasing Corp.		13,100		348,330
Fuyo General Lease Co., Ltd.		4,100		154,371
Japan Securities Finance Co., Ltd. (a)		19,919		153,386
Ricoh Leasing Co., Ltd.		6,567		178,948
				835,035
ELECTRIC UTILITIES — 0.3%
The Okinawa Electric Power Co., Inc.		5,700		194,304
ELECTRICAL EQUIPMENT — 1.3%
Daihen Corp.		31,971		92,492
Endo Lighting Corp. (a)		2,300		74,612
Futaba Corp.		12,800		135,460
Hitachi Cable, Ltd. (c)		43,000		67,230
Nippon Carbon Co., Ltd. (a)		34,000		77,388
Nippon Signal Co., Ltd. (a)		16,000		124,399
Sinfonia Technology Co., Ltd.		55,826		96,190
SWCC Showa Holdings Co., Ltd. (a)(c)		103,075		98,668
Tatsuta Electric Wire and Cable Co., Ltd. (a)		12,400		70,428
Toyo Tanso Co., Ltd. (a)		3,900		94,493
				931,360
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.3%
Alps Electric Co., Ltd. (a)		33,600		221,213
Amano Corp.		16,932		160,280
Daiwabo Holdings Co., Ltd. (a)		29,635		53,584
ESPEC Corp. (a)		11,531		86,341
Hakuto Co., Ltd.		17,211		164,934
Horiba, Ltd.		9,700		297,025
Hosiden Corp. (a)		20,095		116,697
Japan Cash Machine Co., Ltd.		17,624		191,573
Koa Corp.		14,091		135,335
Maruwa Co., Ltd. (a)		1,900		53,431
Nichicon Corp.		11,100		94,802
Nihon Dempa Kogyo Co., Ltd. (a)		4,795		48,705
Nippon Ceramic Co., Ltd.		6,023		105,700
Nippon Chemi-Con Corp. (a)(c)		23,432		61,060
Oki Electric Industry Co., Ltd. (a)(c)		140,000		174,218
Ryosan Co., Ltd. (a)		8,396		161,187
Ryoyo Electro Corp.		18,004		163,151
Star Micronics Co., Ltd. (a)		10,669		105,306
Taiyo Yuden Co., Ltd. (a)		23,600		298,200
Tokyo Electron Device, Ltd.		150		237,875
Topcon Corp. (a)		13,019		118,669
				3,049,286
ENERGY EQUIPMENT & SERVICES — 0.9%
Japan Drilling Co., Ltd. (a)		4,400		250,840
Modec, Inc.		8,700		256,133
Shinko Plantech Co., Ltd.		18,786		146,460
				653,433
FOOD & STAPLES RETAILING — 1.9%
Cawachi, Ltd.		6,935		151,284
Izumiya Co., Ltd.		30,933		161,870
Kato Sangyo Co., Ltd.		7,200		148,717
Matsumotokiyoshi Holdings Co., Ltd. (a)		9,100		263,457
Ministop Co., Ltd. (a)		8,894		144,260
Valor Co., Ltd.		9,900		187,323
Yokohama Reito Co., Ltd. (a)		36,280		333,010
				1,389,921
FOOD PRODUCTS — 3.0%
Ariake Japan Co., Ltd.		8,964		186,011

See accompanying notes to financial statements.

192

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Ezaki Glico Co., Ltd. (a)		16,000	$	165,752
Fuji Oil Co., Ltd.		13,100		203,425
Fujicco Co., Ltd.		10,657		125,930
Hokuto Corp. (a)		9,921		184,660
Marudai Food Co., Ltd.		79,417		263,541
Maruha Nichiro Holdings, Inc.		91,000		169,379
Megmilk Snow Brand Co., Ltd. (a)		14,000		223,208
Mitsui Sugar Co., Ltd.		35,497		110,244
Morinaga Milk Industry Co., Ltd. (a)		42,000		128,207
Nakamuraya Co., Ltd. (a)		40,952		183,809
Nippon Suisan Kaisha, Ltd.		50,775		97,208
Riken Vitamin Co., Ltd.		4,880		118,600
				2,159,974
GAS UTILITIES — 0.3%
Shizuoka Gas Co., Ltd.		29,319		205,189
HEALTH CARE EQUIPMENT & SUPPLIES — 1.3%
Asahi Intecc Co., Ltd.		3,800		210,168
Fukuda Denshi Co., Ltd.		6,286		227,318
Nakanishi, Inc.		1,647		201,802
Nipro Corp. (a)		16,600		147,779
Paramount Bed Holdings Co., Ltd.		4,400		167,071
				954,138
HEALTH CARE PROVIDERS & SERVICES — 1.0%
Message Co., Ltd. (a)		58		156,690
Ship Healthcare Holdings, Inc. (a)		8,900		310,014
Toho Holdings Co., Ltd.		11,200		259,213
				725,917
HEALTH CARE TECHNOLOGY — 0.2%
Psc, Inc. (a)		4,100		165,055
HOTELS, RESTAURANTS & LEISURE — 3.3%
Accordia Golf Co., Ltd.		280		264,454
Doutor Nichires Holdings Co., Ltd. (a)		11,175		164,380
HIS Co., Ltd.		5,700		259,174
MOS Food Services, Inc.		13,814		286,947
Ohsho Food Service Corp.		7,300		227,494
PGM Holdings K. K. (a)		131		117,875
Round One Corp.		16,700		120,783
Tokyo Dome Corp.		44,085		250,856
Umenohana Co., Ltd. (a)		19,500		388,880
Zensho Co., Ltd. (a)		20,546		271,193
				2,352,036
HOUSEHOLD DURABLES — 2.7%
Arnest One Corp. (a)		14,100		277,891
Chofu Seisakusho Co., Ltd. (a)		10,100		227,739
Clarion Co., Ltd. (a)(c)		34,000		44,118
Foster Electric Co., Ltd. (a)		7,000		95,820
France Bed Holdings Co., Ltd.		114,734		252,605
Fujitsu General, Ltd. (a)		13,000		110,615
Funai Electric Co., Ltd. (a)		7,100		87,145
Haseko Corp. (a)(c)		213,000		194,831
JVC Kenwood Holdings, Inc. (a)		23,800		62,525
Misawa Homes Holdings, Inc.		14,066		218,126
Token Corp.		5,890		397,804
				1,969,219
HOUSEHOLD PRODUCTS — 0.4%
Pigeon Corp.		4,300		314,199
INDUSTRIAL CONGLOMERATES — 0.2%
Katakura Industries Co., Ltd.		12,180		145,870
INTERNET & CATALOG RETAIL — 0.5%
Senshukai Co., Ltd.		23,824		194,859
Start Today Co., Ltd. (a)		10,400		128,756
				323,615
INTERNET SOFTWARE & SERVICES — 1.0%
GMO Internet, Inc. (a)		21,900		206,608
Internet Initiative Japan, Inc.		8,900		307,647
Zappallas, Inc.		213		232,891
				747,146
IT SERVICES — 1.7%
Digital Garage, Inc. (a)		37		119,831
Future Architect, Inc.		697		309,877
Ines Corp.		27,160		202,501
IT Holdings Corp.		14,137		186,899
NET One Systems Co., Ltd. (a)		16,700		146,005
SCSK Corp.		8,100		158,089
Transcosmos, Inc.		8,467		120,854
				1,244,056
LEISURE EQUIPMENT & PRODUCTS — 1.1%
Fields Corp.		7,200		118,622
Heiwa Corp. (a)		13,700		274,670
Roland Corp. (a)		11,076		95,068
Tamron Co., Ltd. (a)		5,600		121,506
Tomy Co., Ltd. (a)		15,500		78,802
Universal Entertainment Corp. (a)		4,800		95,112
				783,780
LIFE SCIENCES TOOLS & SERVICES — 0.3%
EPS Corp. (a)		148		213,610
MACHINERY — 7.1%
Asahi Diamond Industrial Co., Ltd. (a)		15,242		148,335
CKD Corp. (a)		12,805		82,670
Daifuku Co., Ltd. (a)		22,181		181,893
Fuji Machine Manufacturing Co., Ltd.		14,442		118,123
Furukawa Co., Ltd. (a)		88,280		102,345
Hitachi Zosen Corp.		176,226		288,649
Hoshizaki Electric Co., Ltd.		7,400		215,184
Iseki & Co., Ltd.		28,000		96,192
Juki Corp. (a)(c)		33,450		51,232
Kitz Corp.		19,102		95,896
Komori Corp.		24,040		258,759
Kyokuto Kaihatsu Kogyo Co., Ltd. (a)		29,140		305,595
Makino Milling Machine Co., Ltd.		24,739		150,771
Meidensha Corp. (a)		31,000		93,640
Minebea Co., Ltd. (a)		53,000		178,696
Miura Co., Ltd.		6,500		164,539
Mori Seiki Co., Ltd. (a)		21,500		254,058
Nachi-Fujikoshi Corp. (a)		53,418		226,694
Namura Shipbuilding Co., Ltd.		15,500		88,364
Nippon Sharyo, Ltd.		22,970		102,366
Nippon Thompson Co., Ltd. (a)		16,511		81,133
Nitto Kohki Co., Ltd.		7,300		138,360
OKUMA Corp. (a)		19,192		141,868

See accompanying notes to financial statements.

193

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
OSG Corp.		15,600	$	214,371
Ryobi, Ltd. (a)		25,723		61,831
Shima Seiki Manufacturing, Ltd.		13,600		307,237
Sintokogio, Ltd.		14,519		129,408
Tadano, Ltd. (a)		26,913		311,437
Toshiba Machine Co., Ltd.		30,009		147,460
Tsubakimoto Chain Co.		31,124		159,890
Tsugami Corp. (a)		14,000		80,706
Union Tool Co.		7,332		148,324
				5,126,026
MARINE — 0.3%
Iino Kaiun Kaisha, Ltd. (a)		26,306		193,616
MEDIA — 2.8%
Asatsu-DK, Inc. (a)		4,900		135,399
Avex Group Holdings, Inc.		11,592		321,425
Daiichikosho Co., Ltd.		11,581		310,773
Kadokawa Group Holdings, Inc. (a)		4,087		112,238
Shochiku Co., Ltd. (a)		28,243		289,579
SKY Perfect JSAT Holdings, Inc.		322		151,548
Tokyo Broadcasting System Holdings, Inc.		12,700		190,324
TV Asahi Corp.		17,800		344,754
Zenrin Co., Ltd.		9,724		132,280
				1,988,320
METALS & MINING — 2.6%
Aichi Steel Corp.		26,000		105,637
Asahi Holdings, Inc.		11,400		242,987
Godo Steel, Ltd. (a)		26,440		46,682
Kyoei Steel, Ltd. (a)		5,800		103,576
Maruichi Steel Tube, Ltd.		13,200		310,976
Nippon Denko Co., Ltd. (a)		34,000		112,104
Nippon Yakin Kogyo Co., Ltd. (a)(c)		23,000		29,355
Nisshin Steel Holdings Co., Ltd. (c)		29,800		235,497
OSAKA Titanium Technologies Co. (a)		5,600		112,512
Sanyo Special Steel Co., Ltd. (a)		29,750		105,052
Sumitomo Light Metal Industries, Ltd.		117,135		119,602
Toho Titanium Co., Ltd. (a)		8,400		68,169
Toho Zinc Co., Ltd. (a)		45,796		184,606
Tokyo Rope Manufacturing Co., Ltd. (a)(c)		41,654		49,620
Tokyo Steel Manufacturing Co., Ltd. (a)		14,600		61,338
				1,887,713
MULTILINE RETAIL — 0.8%
Izumi Co., Ltd.		10,900		265,950
Matsuya Co., Ltd. (a)(c)		8,508		138,723
Parco Co., Ltd. (a)		17,525		182,669
				587,342
OFFICE ELECTRONICS — 0.1%
Riso Kagaku Corp.		4,547		88,309
OIL, GAS & CONSUMABLE FUELS — 0.2%
Itochu Enex Co., Ltd.		29,104		171,801
PAPER & FOREST PRODUCTS — 0.8%
Daio Paper Corp.		22,940		140,783
Nippon Paper Group, Inc. (a)(c)		26,400		411,640
				552,423
PERSONAL PRODUCTS — 1.6%
Dr Ci:Labo Co., Ltd. (a)		39		117,058
Fancl Corp. (a)		10,200		111,308
Mandom Corp. (a)		8,845		310,450
Milbon Co., Ltd.		6,600		235,865
Pola Orbis Holdings, Inc.		5,200		165,314
Unihair Co., Ltd. (a)(c)		10,704		178,969
				1,118,964
PHARMACEUTICALS — 2.4%
Kaken Pharmaceutical Co., Ltd.		25,428		466,261
KYORIN Holdings, Inc.		14,900		364,180
Mochida Pharmaceutical Co., Ltd. (a)		23,483		303,466
Nichi-iko Pharmaceutical Co., Ltd.		7,765		176,657
Torii Pharmaceutical Co., Ltd.		8,400		204,505
Towa Pharmaceutical Co., Ltd.		3,300		175,144
				1,690,213
PROFESSIONAL SERVICES — 0.7%
Meitic Corp. (a)		8,744		217,902
Nihon M&A Center, Inc.		4,300		189,571
Pasona Group, Inc.		186		93,673
				501,146
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.9%
Daibiru Corp. (a)		17,126		200,368
Daikyo, Inc. (a)		43,352		150,778
Goldcrest Co., Ltd.		4,309		104,448
Heiwa Real Estate Co., Ltd.		19,600		383,161
K.K. daVinci Holdings (c)(d)		262		0
Kenedix, Inc. (a)(c)		941		508,432
Leopalace21 Corp. (c)		26,200		110,908
NTT Urban Development Corp.		294		348,035
Suruga Corp. (c)(d)		10,689		0
TOC Co., Ltd.		31,000		237,396
				2,043,526
ROAD & RAIL — 1.4%
Hamakyorex Co., Ltd.		4,800		199,106
Hitachi Transport System, Ltd.		12,800		204,212
Kobe Electric Railway Co., Ltd. (c)		41,500		134,626
Sankyu, Inc.		54,830		243,767
Seino Holdings Co., Ltd.		25,000		216,443
				998,154
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.6%
Dainippon Screen Manufacturing Co., Ltd. (a)(c)		39,000		180,026
Ferrotec Corp. (a)		8,200		30,089
Megachips Corp. (a)		8,800		136,465
Shinko Electric Industries Co., Ltd. (a)		20,200		164,359
Sumco Corp. (a)		22,100		256,211
Tokyo Seimitsu Co., Ltd.		13,200		274,474
Ulvac, Inc. (a)(c)		16,202		129,588
				1,171,212
SOFTWARE — 1.5%
Capcom Co., Ltd. (a)		10,700		167,977

See accompanying notes to financial statements.

194

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
DTS Corp. (a)		11,732	$	192,164
Dwango Co., Ltd. (a)		51		205,584
Fuji Soft, Inc.		9,374		223,532
NSD Co., Ltd.		13,278		150,264
Square Enix Holdings Co., Ltd. (a)		13,300		141,742
				1,081,263
SPECIALTY RETAIL — 4.4%
ABC-Mart, Inc. (a)		4,900		186,838
Autobacs Seven Co., Ltd.		20,364		325,538
Bic Camera, Inc. (a)		378		176,698
Chiyoda Co., Ltd.		7,113		189,438
DCM Japan Holdings Co., Ltd.		20,100		172,096
EDION Corp. (a)		14,350		65,477
Geo Holdings Corp. (a)		131		165,109
Hikari Tsushin, Inc.		4,400		225,335
K’s Holdings Corp.		9,100		290,848
Kohnan Shoji Co., Ltd. (a)		12,600		163,363
Komeri Co., Ltd. (a)		6,630		195,826
Nishimatsuya Chain Co., Ltd.		11,666		94,921
Point, Inc. (a)		4,850		239,353
Shimachu Co., Ltd. (a)		13,000		324,654
United Arrows, Ltd.		4,829		166,154
Xebio Co., Ltd. (a)		7,161		155,604
				3,137,252
TEXTILES, APPAREL & LUXURY GOODS — 2.1%
Atsugi Co., Ltd. (a)		160,470		189,451
Daidoh, Ltd. (a)		18,911		131,142
Gunze, Ltd. (a)		47,348		122,877
Onward Holdings Co., Ltd.		25,000		224,420
Sanyo Shokai, Ltd. (a)		49,516		154,310
Seiko Holdings Corp.		20,649		92,462
The Japan Wool Textile Co., Ltd.		27,170		206,910
Toyobo Co., Ltd. (a)		128,000		217,826
TSI Holdings Co., Ltd.		17,300		99,914
Unitika, Ltd. (c)		139,084		75,444
				1,514,756
TRADING COMPANIES & DISTRIBUTORS — 3.4%
Hanwa Co., Ltd.		57,032		205,636
Inaba Denki Sangyo Co., Ltd.		8,763		260,224
Inabata & Co., Ltd.		26,675		198,318
Iwatani Corp. (a)		85,422		395,220
Kanamoto Co., Ltd.		16,000		334,397
Kuroda Electric Co., Ltd. (a)		26,700		317,492
MonotaRO Co., Ltd. (a)		4,600		222,123
Nichiden Corp.		7,700		188,937
Okaya & Co., Ltd.		10,405		125,497
Trusco Nakayama Corp.		10,400		202,757
				2,450,601
TRANSPORTATION INFRASTRUCTURE — 1.0%
Japan Airport Terminal Co., Ltd. (a)		11,048		147,589
Mitsui-Soko Co., Ltd. (a)		40,686		250,122
The Sumitomo Warehouse Co., Ltd. (a)		47,563		324,270
				721,981
TOTAL COMMON STOCKS —
(Cost $79,685,695)				71,095,724
SHORT TERM INVESTMENTS — 19.0%
UNITED STATES — 19.0%
MONEY MARKET FUNDS — 19.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		13,629,687		13,629,687
State Street Institutional Liquid Reserves Fund 0.13% (f)(g)		3,041		3,041
TOTAL SHORT TERM INVESTMENTS —
(Cost $13,632,728)				13,632,728
TOTAL INVESTMENTS — 117.9%
(Cost $93,318,423)				84,728,452
OTHER ASSETS & LIABILITIES — (17.9)%				(12,864,519	)
NET ASSETS — 100.0%			$	71,863,933

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Non-income producing security.
(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)	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.

195

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 27.4%
APA Group		4,137,581	$	25,709,254
ASX, Ltd.		19,518		736,412
Australia & New Zealand Banking Group, Ltd.		27,829		827,744
Bendigo and Adelaide Bank, Ltd. (a)		1,018,902		10,909,367
CFS Retail Property Trust Group (a)		9,092,227		19,052,986
Commonwealth Bank of Australia		11,845		839,855
Commonwealth Property Office Fund		598,684		692,815
CSR, Ltd.		4,131,431		8,872,877
David Jones, Ltd. (a)		3,580,966		11,162,670
DUET Group		3,790,169		9,088,310
Iluka Resources, Ltd. (a)		4,209,556		41,034,072
JB Hi-Fi, Ltd. (a)		730,066		11,234,279
Metcash, Ltd. (a)		6,392,403		27,590,604
Monadelphous Group, Ltd. (a)		28,284		669,366
National Australia Bank, Ltd.		1,477,123		47,492,797
OZ Minerals, Ltd. (a)		90,104		500,689
Sonic Healthcare, Ltd.		43,842		636,705
SP AusNet (a)		7,197,039		8,966,408
Spark Infrastructure Group		5,189,079		8,980,388
Stockland		10,699,123		40,713,436
Tatts Group, Ltd.		4,941,511		16,331,111
Telstra Corp., Ltd. (a)		5,028,166		23,641,927
UGL, Ltd. (a)		47,558		507,715
Westpac Banking Corp.		1,420,992		45,569,544
				361,761,331
BELGIUM — 2.4%
Belgacom SA		693,444		17,270,296
Telenet Group Holding NV		290,640		14,398,465
				31,668,761
BERMUDA — 2.9%
Seadrill, Ltd.		1,045,981		37,965,568
BRAZIL — 1.6%
Companhia Energetica de Minas Gerais ADR (a)		60,680		719,058
CPFL Energia SA ADR (a)		632,683		13,248,382
Oi SA ADR (a)		2,298,903		6,988,665
Vale SA Preference Shares ADR		29,346		485,090
				21,441,195
CANADA — 4.9%
Bell Aliant, Inc. (a)		378,287		10,031,057
Canadian Oil Sands, Ltd.		1,839,859		37,921,795
Cominar Real Estate Investment Trust		321,111		7,294,888
PetroBakken Energy, Ltd. (a)		1,160,011		10,082,088
				65,329,828
CHINA — 0.7%
Anta Sports Products, Ltd. (a)		645,000		551,719
Bank of China, Ltd.		1,555,000		721,146
Dongyue Group (a)		11,747,000		6,809,723
Soho China, Ltd. (a)		718,000		599,362
				8,681,950
CZECH REPUBLIC — 2.1%
CEZ AS (a)		656,959		19,270,989
Telefonica O2 Czech Republic AS (a)		533,030		8,050,328
				27,321,317
DENMARK — 1.4%
TDC A/S		2,441,859		18,797,120
FINLAND — 6.1%
Elisa Oyj (a)		535,761		9,968,689
Fortum Oyj (a)		2,061,827		41,620,123
Orion Oyj (Class B) (a)		21,590		568,059
Stora Enso Oyj		92,268		596,553
UPM-Kymmene Oyj (a)		2,542,366		28,418,781
				81,172,205
FRANCE — 3.7%
Fonciere Des Regions		74,708		5,859,556
France Telecom SA		3,419,644		34,646,271
Neopost SA (a)		141,688		8,503,034
				49,008,861
GERMANY — 1.8%
Freenet AG		505,814		12,311,564
ProSiebenSat.1 Media AG Preference Shares		21,394		765,096
RWE AG		303,859		11,344,632
				24,421,292
HONG KONG — 0.9%
BOC Hong Kong Holdings, Ltd.		181,000		603,905
Hang Seng Bank, Ltd. (a)		44,600		715,310
Shougang Fushan Resources Group, Ltd. (a)		1,636,000		729,204
Yuexiu Real Estate Investment Trust		17,190,000		9,765,724
				11,814,143
ISRAEL — 3.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		13,369,537		18,540,955
Israel Chemicals, Ltd.		2,145,382		27,745,189
				46,286,144
ITALY — 3.0%
Atlantia SpA		36,744		581,294
Terna Rete Elettrica Nationale SpA		9,488,071		39,353,108
				39,934,402
LUXEMBOURG — 1.7%
Millicom International Cellular SA		126,315		10,111,805
Oriflame Cosmetics SA SDR (a)		358,724		12,248,036
				22,359,841
NETHERLANDS — 3.2%
Corio NV		403,341		18,850,058
Koninklijke (Royal) KPN NV (a)		6,976,255		23,506,327
				42,356,385
NORWAY — 0.1%
Gjensidige Forsikring ASA		44,934		742,287
PORTUGAL — 1.3%
EDP — Energias de Portugal SA		5,776,422		17,816,833
SINGAPORE — 2.8%
Ascendas REIT		342,000		716,750

See accompanying notes to financial statements.

196

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Hutchison Port Holdings Trust		25,336,000	$	21,535,600
Keppel Land, Ltd. (a)		225,000		714,573
Singapore Telecommunications, Ltd.		221,846		641,969
STX OSV Holdings, Ltd.		12,413,000		12,206,884
Suntec REIT (a)		485,000		703,692
				36,519,468
SOUTH AFRICA — 2.7%
African Bank Investments, Ltd. (a)		147,850		488,136
Kumba Iron Ore, Ltd. (a)		463,383		24,848,414
MMI Holdings, Ltd.		3,735,053		9,457,273
Vodacom Group, Ltd. (a)		54,189		649,126
				35,442,949
SOUTH KOREA — 0.1%
KT Corp. ADR (b)		41,880		661,684
SPAIN — 6.4%
Enagas		28,292		659,930
Ferrovial SA		2,458,463		39,082,552
Iberdrola SA		120		560
Indra Sistemas SA (a)		634,508		7,577,372
Red Electrica Corporacion SA		12,130		611,363
Repsol YPF SA		1,793,651		36,506,131
				84,437,908
SWEDEN — 3.2%
NCC AB (B Shares)		305,197		7,651,048
Skanska AB (Class B)		37,257		675,004
Tele2 AB (Class B)		1,946,932		33,956,027
				42,282,079
SWITZERLAND — 3.0%
Zurich Insurance Group AG (b)		142,560		39,774,383
TAIWAN — 0.0% (c)
Chunghwa Telecom Co., Ltd. ADR (a)		19,142		599,190
THAILAND — 3.3%
Shin Corp. PCL, NVDR		15,566,900		43,056,818
TURKEY — 4.1%
Eregli Demir ve Celik Fabrikalari TAS		463,393		599,248
Tupras-Turkiye Petrol Rafinerileri AS		1,041,692		31,662,371
Turk Telekomunikasyon AS		4,849,623		21,601,526
				53,863,145
UNITED KINGDOM — 5.3%
Admiral Group PLC		736,289		14,892,007
AstraZeneca PLC		813,095		40,737,101
BAE Systems PLC		130,136		779,157
British American Tobacco PLC		50		2,678
Carillion PLC		137,823		569,862
FirstGroup PLC		3,648,460		11,140,953
National Grid PLC		66,242		769,477
Scottish & Southern Energy PLC		29,594		666,865
Tui Travel PLC		145,968		721,677
				70,279,777
TOTAL COMMON STOCKS —
(Cost $1,300,010,929)				1,315,796,864
SHORT TERM INVESTMENTS — 6.8%
UNITED STATES — 6.8%
MONEY MARKET FUNDS — 6.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		89,608,833		89,608,833
State Street Institutional Liquid Reserves Fund 0.13% (e)(f)		281,825		281,825
TOTAL SHORT TERM INVESTMENTS —
(Cost $89,890,658)				89,890,658
TOTAL INVESTMENTS — 106.4%
(Cost $1,389,901,587)				1,405,687,522
OTHER ASSETS & LIABILITIES — (6.4)%				(84,779,722	)
NET ASSETS — 100.0%			$	1,320,907,800

(a)	A portion of the security was on loan at March 31, 2013.
(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.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

197

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 7.1%
ALS, Ltd./Queensland (a)		7,308	$	79,770
Ansell, Ltd.		2,315		38,785
APA Group		17,976		111,696
Asciano Group		21,982		128,108
Bank of Queensland, Ltd. (a)		5,366		53,985
Bendigo and Adelaide Bank, Ltd. (a)		7,482		80,110
BGP Holdings PLC (b)(c)		31,422		0
Boral, Ltd.		16,456		84,237
Caltex Australia, Ltd.		4,373		97,336
Challenger Financial Services Group, Ltd. (a)		9,472		38,019
Cochlear, Ltd. (a)		1,771		125,645
Commonwealth Property Office Fund (a)		90,079		104,242
Computershare, Ltd.		8,227		87,486
Dexus Property Group		105,623		114,522
DUET Group		17,964		43,075
Echo Entertainment Group, Ltd.		16,121		58,488
Federation Centres Ltd.		24,434		60,118
Flight Centre Ltd. (a)		1,204		42,176
GrainCorp, Ltd.		3,702		45,079
Harvey Norman Holdings, Ltd. (a)		35,433		100,848
Iluka Resources, Ltd.		7,030		68,527
Lend Lease Group		12,503		132,957
Metcash, Ltd.		18,782		81,066
Mirvac Group		80,221		135,488
OZ Minerals, Ltd.		6,840		38,008
Qantas Airways, Ltd. (b)		24,226		45,083
REA Group Ltd.		1,179		34,060
Regis Resources, Ltd. (b)		6,250		27,106
Seek, Ltd. (a)		5,572		58,672
SP AusNet		28,973		36,096
Spark Infrastructure Group		20,307		35,144
TABCORP Holdings, Ltd.		15,115		50,899
Tatts Group, Ltd.		35,145		116,150
Toll Holdings, Ltd.		17,426		107,733
Treasury Wine Estates, Ltd.		10,860		64,423
Washington H Soul Pattinson & Co., Ltd.		2,348		34,026
Whitehaven Coal, Ltd.		10,195		22,533
				2,581,696
AUSTRIA — 0.6%
IMMOFINANZ AG (b)		24,429		92,696
Telekom Austria AG		13,053		85,802
Voestalpine AG		1,824		56,107
				234,605
BELGIUM — 0.6%
Ackermans & van haaren NV		489		41,386
Delhaize Group (a)		1,699		92,842
Sofina SA		387		35,035
Telenet Group Holding NV		1,249		61,876
				231,139
BERMUDA — 0.8%
Catlin Group, Ltd.		18,106		143,239
Hiscox, Ltd. (b)		15,278		127,594
Lancashire Holdings, Ltd.		2,769		34,015
				304,848
CANADA — 10.1%
Aimia, Inc.		7,097		107,578
Alamos Gold, Inc.		4,533		62,243
AltaGas, Ltd. (a)		1,752		60,202
Astral Media, Inc.		922		44,505
ATCO, Ltd. (Class I)		1,454		131,553
Boardwalk REIT		522		32,108
Bonavista Energy Corp. (a)		3,221		47,366
CAE, Inc.		5,073		49,584
Calloway REIT		1,148		33,086
Canadian REIT		731		32,350
Canadian Western Bank (a)		3,078		85,891
Detour Gold Corp. (b)		2,822		54,248
Dollarama, Inc. (a)		1,200		77,047
Dundee Real Estate Investment Trust		830		29,942
Emera, Inc.		2,588		89,413
Empire Co., Ltd.		1,538		100,141
Enerplus Corp. (a)		3,320		48,495
Ensign Energy Services, Inc.		2,122		36,176
Finning International, Inc.		5,586		139,162
First Capital Realty, Inc. (a)		1,879		35,048
First Majestic Silver Corp. (b)		3,765		60,962
Gibson Energy, Inc. (a)		1,712		44,285
Gildan Activewear, Inc.		3,833		152,913
H&R REIT		1,564		36,008
IAMGOLD Corp.		6,273		45,259
Industrial Alliance Insurance & Financial Services, Inc.		2,023		74,393
Inmet Mining Corp.		1,892		125,984
Keyera Corp. (a)		2,394		134,528
Lions Gate Entertainment Corp. (a)(b)		1,670		39,696
Lundin Mining Corp. (a)(b)		13,158		57,504
Methanex Corp.		2,038		83,029
New Gold, Inc. (b)		7,748		70,468
Onex Corp.		3,473		165,591
Open Text Corp. (b)		1,026		60,634
Osisko Mining Corp. (b)		6,550		38,876
Pan American Silver Corp.		2,436		40,043
Pengrowth Energy Corp. (a)		8,527		43,476
PetroBakken Energy, Ltd. (a)		4,292		37,303
Peyto Exploration & Development Corp. (a)		6,500		172,361
Precision Drilling Corp. (a)		9,921		91,696
Progressive Waste Solutions, Ltd. (a)		4,020		85,113
Quebecor, Inc. (Class B)		939		39,789
Research In Motion, Ltd. (a)(b)		7,010		104,120
Ritchie Bros Auctioneers, Inc. (a)		1,568		34,140
ShawCor, Ltd. (Class A)		1,014		42,987
Tahoe Resources, Inc. (b)		1,384		24,344
The Jean Coutu Group Pjc, Inc.		2,296		35,775
Tourmaline Oil Corp. (b)		2,348		90,781
TransAlta Corp. (a)		4,260		62,268
Trilogy Energy Corp.		1,252		36,108
Veresen, Inc. (a)		6,646		84,780
Vermilion Energy, Inc. (a)		2,014		104,273
West Fraser Timber Co., Ltd.		554		49,077
				3,664,702
CHINA — 0.5%
ENN Energy Holdings, Ltd.		22,000		121,866

See accompanying notes to financial statements.

198

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Techtronic Industries Co., Ltd.		23,500	$	57,216
				179,082
DENMARK — 1.3%
Chr Hansen Holding A/S		1,728		64,233
DSV A/S (a)		5,708		138,140
FLSmidth & Co. A/S (a)		816		49,490
GN Store Nord A/S		3,286		58,582
Jyske Bank A/S (b)		1,220		41,609
Topdanmark A/S (b)		1,680		40,282
Tryg A/S		535		43,257
William Demant Holding (a)(b)		230		19,306
				454,899
FINLAND — 1.2%
Elisa Oyj (a)		6,928		128,906
Kesko Oyj (Class B)		856		26,787
Neste Oil Oyj (a)		2,798		39,522
Orion Oyj (Class B) (a)		3,679		96,799
Outotec Oyj (a)		2,908		42,681
Pohjola Bank PLC (a)		4,258		62,004
YIT Oyj		1,143		23,851
				420,550
FRANCE — 3.5%
Alcatel-Lucent (b)		50,149		67,680
Atos Origin SA		1,179		81,284
bioMerieux		310		29,286
Compagnie Generale de Geophysique-Veritas (b)		3,356		75,717
Eiffage SA		849		35,988
Eramet		211		22,873
Euler Hermes SA		244		22,518
Eurazeo		550		27,932
Faurecia		1,027		16,353
Financiere de L’Odet		50		37,127
Fonciere Des Regions		802		62,903
Groupe Eurotunnel SA		12,128		96,774
ICADE (a)		391		34,252
Imerys SA		697		45,458
Ingenico SA		875		51,921
JCDecaux SA		1,147		31,490
Lagardere SCA		2,290		84,468
Orpea		619		25,821
Peugeot SA (a)(b)		4,064		29,485
Sa des Ciments Vicat		379		23,669
SCOR SE		3,897		112,093
SEB SA		446		30,892
Valeo SA		2,460		133,352
Vilmorin & Cie		115		13,856
Wendel		852		90,325
				1,283,517
GERMANY — 2.8%
Aurubis AG		578		36,799
Axel Springer AG		697		30,256
Bilfinger SE		1,824		189,788
Celesio AG		457		8,597
Deutsche Wohnen AG		2,486		45,266
Hochtief AG (b)		605		39,419
MTU Aero Engines Holding AG		953		90,496
Rational AG		56		16,852
Rhoen-Klinikum AG		5,678		120,705
Salzgitter AG		802		32,250
SGL Carbon AG		1,724		67,974
Sky Deutschland AG (b)		9,574		52,876
Software AG		1,203		46,590
Symrise AG		2,424		96,212
United Internet AG		2,620		63,822
Wacker Chemie AG (a)		330		23,658
Wirecard AG		1,777		49,174
				1,010,734
GREECE — 0.1%
OPAP SA		6,053		47,880
HONG KONG — 2.2%
ASM Pacific Technology, Ltd. (a)		2,800		30,768
Champion REIT (a)		66,000		34,264
Chinese Estates Holdings, Ltd.		19,623		31,851
Esprit Holdings, Ltd. (a)		65,016		78,227
First Pacific Co., Ltd.		50,000		67,760
Fosun International		57,000		38,770
Hopewell Holdings		32,500		131,672
Hysan Development Co., Ltd.		29,827		150,621
PCCW, Ltd.		100,000		46,376
Television Broadcasts, Ltd.		6,400		48,478
VTech Holdings, Ltd. (a)		2,300		28,044
Wing Hang Bank, Ltd.		4,085		43,415
Yue Yuen Industrial Holdings, Ltd.		23,000		74,962
				805,208
IRELAND — 1.4%
DCC PLC		1,143		40,289
Dragon Oil PLC		8,117		79,840
Glanbia PLC		2,893		34,404
James Hardie Industries Plc		9,451		98,630
Paddy Power PLC		1,787		161,546
The Governor & Co. of the Bank of Ireland (b)		432,712		85,569
				500,278
ISRAEL — 0.7%
Bank Hapoalim BM (b)		17,856		80,970
Bank Leumi Le-Israel BM (b)		20,947		73,892
Bezeq The Israeli Telecommunication Corp., Ltd.		31,935		44,288
Mellanox Technologies, Ltd. (b)		512		28,317
The Israel Corp., Ltd.		58		44,048
				271,515
ITALY — 1.7%
Banca Monte dei Paschi di Siena SpA (b)		123,216		29,271
Banco Popolare Societa Cooperativa (b)		70,097		88,526
Davide Campari-Milano SpA		6,622		51,615
Finmeccanica SpA (a)(b)		13,291		64,001
Lottomatica Group SpA		1,502		35,353
Mediaset SpA		35,272		72,151
Mediobanca SpA		8,476		43,210
Mediolanum SpA		2,630		14,475
Prysmian SpA		4,667		96,186
Salvatore Ferragamo Italia SpA		1,396		38,684

See accompanying notes to financial statements.

199

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
UBI Banca ScPA		27,232	$	100,500
				633,972
JAPAN — 30.2%
Advance Residence Investment Corp.		41		112,464
Advantest Corp. (a)		4,300		61,559
Aozora Bank, Ltd. (a)		24,000		67,390
Asics Corp. (a)		5,900		98,898
Brother Industries, Ltd. (a)		2,800		29,304
Casio Computer Co., Ltd. (a)(b)		4,800		37,013
Credit Saison Co., Ltd. (a)		7,500		186,981
Daicel Chemical Industries, Ltd.		24,000		190,428
Daido Steel Co., Ltd. (a)		24,000		130,696
Dainippon Sumitomo Pharma Co., Ltd. (a)		3,000		55,999
DeNA Co., Ltd. (a)		1,700		46,198
Dowa Holdings Co., Ltd. (a)		24,000		187,875
Electric Power Development Co., Ltd. (a)		3,000		79,036
Fukuoka Financial Group, Inc.		43,000		220,900
Gree, Inc. (a)		1,600		19,792
Hirose Electric Co., Ltd. (a)		2,000		270,368
Hitachi Construction Machinery Co., Ltd. (a)		2,300		49,611
Hokuhoku Financial Group, Inc.		67,000		135,397
Hokuriku Electric Power Co. (a)		4,500		55,472
Ibiden Co., Ltd. (a)		2,300		35,863
Idemitsu Kosan Co., Ltd. (a)		1,800		155,456
IHI Corp. (a)		24,000		73,006
Isetan Mitsukoshi Holdings, Ltd.		14,500		209,434
J Front Retailing Co., Ltd.		28,000		217,103
Japan Prime Realty Investment Corp.		13		51,643
Japan Retail Fund Investment Corp.		59		145,712
JSR Corp.		2,800		56,941
JTEKT Corp.		2,300		21,821
Kajima Corp. (a)		51,000		138,864
Kawasaki Heavy Industries, Ltd. (a)		25,000		78,441
Keihan Electric Railway Co., Ltd. (a)		24,000		106,701
Keisei Electric Railway Co., Ltd.		24,000		256,031
Kewpie Corp.		2,100		29,974
Kobe Steel, Ltd. (a)(b)		53,000		61,444
Konami Corp. (a)		3,500		70,543
Konica Minolta Holdings, Inc. (a)		10,000		73,176
Kuraray Co., Ltd. (a)		5,900		88,042
Kurita Water Industries, Ltd. (a)		4,300		94,214
Kyushu Electric Power Co., Inc. (a)(b)		8,100		84,170
Marui Group Co., Ltd. (a)		21,900		227,106
Mazda Motor Corp. (b)		51,000		152,425
Medipal Holdings Corp.		9,500		134,487
MISUMI Group, Inc. (a)		1,400		38,626
Mitsubishi Gas Chemical Co., Inc. (a)		24,000		158,519
Mitsubishi Materials Corp.		30,000		85,514
Mitsubishi UFJ Lease & Finance Co., Ltd.		9,900		52,332
Mitsui Chemicals, Inc. (a)		24,000		52,329
Mitsui OSK Lines, Ltd. (a)(b)		24,000		78,877
Nabtesco Corp. (a)		1,900		39,103
Nagoya Railroad Co., Ltd.		24,000		75,814
Namco Bandai Holdings, Inc.		8,800		155,839
Nankai Electric Railway Co., Ltd.		24,000		100,319
NEC Corp. (a)		44,000		114,656
NHK Spring Co., Ltd. (a)		4,100		42,779
Nippon Electric Glass Co., Ltd. (a)		24,000		122,017
Nippon Express Co., Ltd. (a)		24,000		117,167
Nippon Yusen K.K. (a)		29,000		74,952
Nissin Foods Holding Co., Ltd. (a)		1,400		65,295
NOK Corp. (a)		2,000		28,717
Obayashi Corp. (a)		42,000		201,021
Omron Corp.		3,500		86,365
Park24 Co., Ltd.		1,800		35,303
Rinnai Corp.		1,100		79,207
Rohm Co., Ltd. (a)		1,600		58,711
Sankyo Co., Ltd.		1,800		85,290
Sanrio Co., Ltd. (a)		1,800		80,313
Santen Pharmaceutical Co., Ltd.		2,000		94,661
Seven Bank, Ltd. (a)		12,700		41,199
Sharp Corp. (a)(b)		24,000		69,432
Shikoku Electric Power Co., Inc. (a)(b)		3,500		50,925
Shimadzu Corp. (a)		24,000		171,283
Shimizu Corp. (a)		28,000		91,130
Shinsei Bank, Ltd. (a)		78,000		175,877
Showa Denko K.K. (a)		67,000		100,479
Showa Shell Sekiyu K.K.		16,000		118,443
Stanley Electric Co., Ltd.		7,300		128,655
Sumitomo Chemical Co., Ltd. (a)		28,000		87,258
Sumitomo Heavy Industries, Ltd. (a)		24,000		97,256
Sumitomo Rubber Industries, Inc.		3,400		57,968
Suzuken Co., Ltd.		2,300		85,620
Sysmex Corp. (a)		1,700		104,690
Taiheiyo Cement Corp. (a)		24,000		56,414
Taisei Corp.		52,000		143,246
Taiyo Nippon Sanso Corp. (a)		24,000		162,859
Takashimaya Co., Ltd. (a)		24,000		238,928
The Bank of Kyoto, Ltd. (a)		24,000		234,333
The Gunma Bank, Ltd. (a)		28,000		168,560
The Hachijuni Bank, Ltd.		27,000		163,401
The Hiroshima Bank, Ltd. (a)		24,000		117,422
The Japan Steel Works, Ltd. (a)		24,000		127,888
The Joyo Bank, Ltd. (a)		43,000		241,023
The Tokyo Electric Power Co., Inc. (a)(b)		27,400		74,314
THK Co., Ltd. (a)		6,400		123,752
Toho Co., Ltd.		2,500		52,117
Toho Gas Co., Ltd. (a)		24,000		156,477
Tohoku Electric Power Co., Inc. (b)		8,300		67,092
Toppan Printing Co., Ltd. (a)		24,000		172,559
Toyo Seikan Group Holdings, Ltd.		2,300		32,389
Trend Micro, Inc. (a)		2,300		65,487
Tsumura & Co. (a)		1,100		40,656
Ube Industries, Ltd. (a)		51,000		100,351
United Urban Investment Corp. (a)		75		121,729
UNY Group Holdings Co., Ltd.		4,000		31,610
Yamaha Corp.		9,500		94,374
Yamaha Motor Co., Ltd. (a)		5,300		72,719
Yokogawa Electric Corp. (a)		3,800		38,234
				10,999,853
LUXEMBOURG — 0.2%
Oriflame Cosmetics SA SDR		2,202		75,184

See accompanying notes to financial statements.

200

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
NETHERLANDS — 1.5%
Corio NV		1,617	$	75,570
Delta Lloyd NV		2,365		40,634
Koninklijke Boskalis Westminster NV		3,336		132,753
Nutreco NV		805		74,003
QIAGEN NV (b)		5,136		107,237
Royal Imtech NV		2,122		24,058
SBM Offshore NV (b)		4,776		79,175
				533,430
NEW ZEALAND — 0.8%
Auckland International Airport, Ltd.		17,303		42,702
Contact Energy, Ltd.		10,025		47,885
Fletcher Building, Ltd.		23,625		169,667
Telecom Corporation of New Zealand, Ltd.		15,947		31,271
				291,525
NORWAY — 1.3%
Aker Solutions ASA		3,328		61,967
Fred Olsen Energy ASA		685		29,361
Golar LNG, Ltd.		930		34,373
Marine Harvest (b)		58,578		54,385
Petroleum Geo-Services ASA		4,754		73,358
Schibsted ASA		1,353		60,314
TGS Nopec Geophysical Co. ASA		4,355		164,269
				478,027
PORTUGAL — 0.3%
Banco Espirito Santo SA (b)		37,921		38,907
Portugal Telecom SGPS SA (a)		12,682		62,925
				101,832
SINGAPORE — 2.2%
Ascendas REIT		40,000		83,830
CapitaCommercial Trust (a)		22,000		28,107
ComfortDelGro Corp., Ltd.		79,000		121,627
Flextronics International, Ltd. (a)(b)		18,372		124,195
Keppel Land, Ltd. (a)		24,096		76,526
Mapletree Logistics Trust		31,000		30,360
Neptune Orient Lines, Ltd. (a)(b)		33,000		31,521
Olam International, Ltd. (a)		33,736		46,773
SATS Ltd.		14,000		34,306
StarHub, Ltd.		24,000		84,153
Suntec REIT (a)		46,000		66,742
UOL Group, Ltd.		11,000		61,889
				790,029
SOUTH KOREA — 5.9%
BS Financial Group, Inc.		4,410		60,644
Celltrion, Inc.		1,205		58,376
Cheil Communications, Inc. (b)		1,730		37,396
Cheil Industries, Inc.		1,734		136,837
CJ CheilJedang Corp.		114		35,708
CJ Corp.		491		65,755
Coway Co., Ltd. (b)		830		36,517
Daelim Industrial Co., Ltd.		837		68,985
Daewoo Engineering & Construction Co., Ltd. (b)		5,222		42,993
Daewoo International Corp.		1,259		42,830
Daewoo Securities Co., Ltd. (b)		5,739		59,577
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		2,240		55,366
Dongbu Insurance Co., Ltd. (b)		1,970		80,741
Doosan Corp.		491		57,149
Doosan Infracore Co., Ltd. (b)		2,490		35,360
GS Engineering & Construction Corp.		914		45,429
Hanwha Chemical Corp.		1,830		32,320
Hanwha Corp.		2,788		84,572
Hyundai Department Store Co., Ltd.		250		37,412
Hyundai Marine & Fire Insurance Co., Ltd. (b)		1,190		33,959
Hyundai Merchant Marine Co., Ltd. (b)		2,226		29,311
Hyundai Mipo Dockyard Co., Ltd.		277		29,005
Hyundai Wia Corp.		258		38,030
Kangwon Land, Inc.		2,080		58,702
KCC Corp.		149		40,913
Korea Exchange Bank		3,990		26,861
Korea Gas Corp.		501		32,061
Korea Kumho Petrochemical Co., Ltd.		568		53,859
Korean Air Lines Co., Ltd. (b)		735		27,019
LG Uplus Corp. (b)		4,670		34,251
Lotte Confectionery Co., Ltd.		22		36,205
LS Uplus Corp.		582		46,137
Mando Corp.		226		23,766
NCSoft Corp.		276		38,947
Neo Holdings Co., Ltd. (b)(c)		491		0
OCI Co., Ltd.		315		45,158
ORION Corp.		183		178,131
S1 Corp/Korea		531		30,258
Samsung Card Co., Ltd.		820		29,149
Samsung Securities Co., Ltd. (b)		1,603		78,090
Samsung Techwin Co., Ltd.		1,109		65,587
Shinsegae Co., Ltd.		162		32,907
SK C&C Co., Ltd.		392		34,035
SK Networks Co., Ltd.		1,580		11,006
Woori Investment & Securities Co., Ltd. (b)		2,690		28,409
				2,155,723
SPAIN — 1.6%
Acciona SA		563		30,747
Acerinox SA (a)		2,863		29,411
Bankia SA (a)(b)		18,474		3,914
Bankinter SA		6,184		29,953
Distribuidora Internacional de Alimentacion SA		21,100		146,202
Ebro Puleva SA		2,183		43,449
Enagas		4,168		97,221
Gestevision Telecinco SA		2,979		21,426
International Consolidated Airlines Group SA (b)		10,622		40,838
Obrascon Huarte Lain SA		917		30,192
Prosegur Cia de Seguridad SA		4,566		25,212
Tecnicas Reunidas SA		539		25,301
Viscofan SA		759		39,867
Zardoya Otis SA		2,523		33,791
				597,524
SWEDEN — 2.3%
Boliden AB		5,414		87,347

See accompanying notes to financial statements.

201

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Castellum AB (a)		6,837	$	97,581
Elekta AB (Class B)		7,783		118,445
Great Portland Estates PLC		5,336		40,180
Hakon Invest AB		917		23,637
Holmen AB		344		10,253
Hufvudstaden AB (a)		2,570		32,333
Husqvarna AB (Class B)		7,430		43,949
Lundbergforetagen AB		692		27,608
Meda AB (Class A)		4,443		52,787
Modern Times Group AB (Class B)		2,509		100,059
Ratos AB (Class B)		3,206		33,948
Securitas AB (Class B)		6,472		61,067
SSAB AB, (Series A)		5,645		43,115
SSAB AB		687		4,520
Trelleborg AB (Class B)		4,089		56,222
				833,051
SWITZERLAND — 4.3%
Aryzta AG (b)		2,171		128,501
Baloise Holding AG		1,539		144,482
Banque Cantonale Vaudoise		95		53,171
Barry Callebaut AG (b)		32		30,937
Basellandschaftliche Kantonalbank		14		15,819
Clariant AG (b)		6,956		96,963
DKSH Holding AG (b)		472		42,368
Dufry Group (b)		352		43,789
EMS-Chemie Holding AG		178		53,666
Flughafen Zuerich AG		207		96,565
Galenica AG		166		100,359
GAM Holding AG (b)		4,704		79,729
Helvetia Holding AG		92		37,161
Lonza Group AG (b)		1,155		75,134
OC Oerlikon Corp. AG (b)		2,845		33,799
Panalpina Welttransport Holding AG		439		38,803
Pargesa Holding SA		477		32,465
PSP Swiss Property AG (b)		803		73,351
Sika AG		22		53,574
Sulzer AG		516		88,384
Swiss Life Holding AG (b)		472		70,131
Swiss Prime Site AG (b)		2,051		166,449
				1,555,600
UNITED KINGDOM — 13.8%
3i Group PLC		20,896		100,265
Afren PLC (b)		18,489		39,810
African Barrick Gold, Ltd.		1,031		3,023
Alent PLC (b)		6,075		34,832
Amlin PLC		12,042		77,438
Ashmore Group PLC		4,638		24,649
Ashtead Group PLC		8,547		76,117
Balfour Beatty PLC		14,989		53,441
Barratt Developments PLC (b)		16,575		68,986
Berkeley Group Holdings PLC		4,418		136,921
Booker Group PLC		24,449		45,106
Cairn Energy PLC (b)		10,213		42,414
Capital & Counties Properties PLC		9,621		39,780
Cobham PLC		23,542		86,866
Daily Mail & General Trust PLC		6,178		66,558
Derwent London PLC		1,914		62,544
Direct Line Insurance Group PLC		11,460		35,464
Drax Group PLC		8,746		81,210
DS Smith PLC		15,721		52,231
easyJet PLC (a)		4,250		69,697
Halma PLC		6,423		50,521
Hargreaves Lansdown PLC		4,556		60,049
Hikma Pharmaceuticals PLC		3,008		47,228
ICAP PLC		9,206		40,595
IG Group Holdings PLC		6,868		55,689
Imagination Technologies Group PLC (b)		3,449		25,830
IMI PLC		7,168		140,951
Inchcape PLC		19,681		150,170
Informa PLC		22,797		182,254
Inmarsat PLC		15,086		160,924
Intu Properties PLC		10,228		51,919
Invensys PLC		19,152		102,017
Investec PLC		21,123		147,221
Jardine Lloyd Thompson Group PLC		2,862		36,983
John Wood Group PLC		7,708		101,417
Ladbrokes PLC		15,439		52,935
London Stock Exchange Group PLC		4,969		98,540
Lonmin PLC (a)(b)		3,671		16,215
Man Group PLC		30,954		41,902
Meggitt PLC		13,115		97,780
Melrose Industries PLC		21,227		85,576
Mondi PLC		6,500		88,237
Ophir Energy PLC (b)		7,459		52,451
Pennon Group PLC		7,919		74,913
Persimmon PLC		5,098		82,752
Premier Oil PLC (b)		9,797		57,824
Provident Financial PLC		5,166		122,685
PZ Cussons PLC		6,925		42,419
Rentokil Initial PLC		34,864		53,045
Resolution, Ltd.		23,341		96,580
Rightmove PLC		2,272		61,443
Rotork PLC		1,466		64,645
Segro PLC		14,850		57,342
Serco Group PLC		10,877		103,557
Shaftesbury PLC		4,297		37,942
Spectris PLC		2,555		95,284
Spirax-Sarco Engineering PLC		1,322		53,939
St. James’s Place PLC		4,506		34,758
Stagecoach Group PLC		17,787		83,889
TalkTalk Telecom Group PLC		10,974		45,391
Tate & Lyle PLC		11,065		142,814
Taylor Wimpey PLC		54,640		75,418
Telecity Group PLC		3,406		46,728
Travis Perkins PLC		5,452		120,371
Tui Travel PLC		31,474		155,610
United Business Media PLC		4,161		44,512
Vedanta Resources PLC		1,936		29,544
Vesuvius PLC		4,720		25,271
William Hill PLC		24,212		135,993
				5,029,425
TOTAL COMMON STOCKS —
(Cost $33,229,618)				36,065,828

See accompanying notes to financial statements.

202

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
RIGHTS — 0.0% (d)
UNITED KINGDOM — 0.0% (d)
William Hill PLC (expiring 4/4/13) (b) (Cost $0)		5,155	$	9,706
PREFERRED STOCK — 0.1%
GERMANY — 0.1%
Fuchs Petrolub AG Preference Shares (Cost $39,340)		607		51,116
SHORT TERM INVESTMENTS — 14.5%
UNITED STATES — 14.5%
MONEY MARKET FUNDS — 14.5%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		5,267,899		5,267,899
State Street Institutional Liquid Reserves Fund 0.13% (f)(g)		13,651		13,651
TOTAL SHORT TERM INVESTMENTS —
(Cost $5,281,550)				5,281,550
TOTAL INVESTMENTS — 113.6%
(Cost $38,550,508)				41,408,200
OTHER ASSETS & LIABILITIES — (13.6)%				(4,972,928	)
NET ASSETS — 100.0%			$	36,435,272

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Investments of cash collateral for securities loaned.
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

203

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.1%
BRAZIL — 7.3%
Aliansce Shopping Centers SA		143,175	$	1,704,168
American Banknote SA		115,811		2,240,002
Arezzo Industria e Comercio SA		65,144		1,314,608
B2W Companhia Global do Varejo (a)		145,100		1,072,229
Banco ABC Brasil SA Preference Shares		84,930		688,673
Banco Panamericano SA Preference Shares (a)		222,000		777,306
Brasil Brokers Participacoes SA		370,709		1,323,731
Brasil Insurance Participacoes e Administracao SA		100,052		1,111,496
Brookfield Incorporacoes SA		484,833		603,532
Centrais Eletricas de Santa Catarina SA Preference Shares		63,730		755,398
Cia Energetica do Ceara Preference Shares		52,073		1,291,269
Contax Participacoes SA Preference Shares		96,037		1,257,409
Cremer SA		110,419		704,785
Cyrela Commercial Properties SA Empreendimentos e Participacoes		28,408		349,544
Direcional Engenharia SA		78,669		565,725
Eletropaulo Metropolitana SA Preference Shares		147,380		722,884
Equatorial Energia SA		69,977		704,507
Estacio Participacoes SA		99,861		2,174,175
Eternit SA		214,275		946,855
Even Construtora e Incorporadora SA		410,072		1,993,060
Ez Tec Empreendimentos e Participacoes SA		181,422		2,441,034
Ferbasa-Ferro Ligas DA Bahia Preference Shares		137,828		799,756
Fleury SA		93,547		886,130
Gafisa SA (a)		681,626		1,365,720
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		136,163		796,847
Grendene SA		119,916		1,278,049
Helbor Empreendimentos SA		91,784		614,518
HRT Participacoes em Petroleo SA (a)		390,192		644,402
Iguatemi Empresa de Shopping Centers SA		129,160		1,633,437
International Meal Co. Holdings SA		117,825		1,490,087
Iochpe-Maxion SA		132,022		1,738,381
JHSF Participacoes SA		162,415		620,227
Kroton Educacional SA		280,946		3,615,716
LLX Logistica SA (a)		529,133		551,085
Log-in Logistica Intermodal SA (a)		97,156		452,930
LPS Brasil Consultoria de I moveis SA		60,492		1,076,727
Magazine Luiza SA		99,018		449,825
Magnesita Refratarios SA		400,404		1,429,766
Mahle-Metal Leve SA		43,699		606,825
Marfrig Alimentos SA (a)		186,502		780,657
Mills Estruturas e Servicos de Engenharia SA		146,946		2,375,798
MMX Mineracao e Metalicos SA (a)		411,536		451,060
OSX Brasil SA (a)		78,005		161,708
Paranapanema SA (a)		268,645		739,445
PDG Realty SA Empreendimentos e Participacoes		1,813,004		2,796,361
QGEP Participacoes SA		109,449		650,826
Randon SA Implementos e Participacoes Preference Shares		568,345		3,551,540
Refinaria de Petroleos de Manguinhos SA (a)		750,927		100,553
Restoque Comercio e Confeccoes de Roupas SA		137,924		637,514
Rossi Residencial SA		451,100		689,061
Sao Martinho SA		120,422		1,699,113
Saraiva SA Livreiros Editores Preference Shares		63,100		879,366
SLC Agricola SA		113,316		1,047,541
Sonae Sierra Brasil SA		31,762		438,699
Suzano Papel e Celulose SA (a)		408,148		1,568,749
Tecnisa SA		166,151		696,296
Tegma Gestao Logistica SA		35,200		558,633
Tempo Participacoes SA (a)		451,635		783,952
Vanguarda Agro SA (a)		2,648,700		564,853
				65,964,543
CHILE — 2.8%
Administradora de Fondos de Pensiones Provida SA		264,131		1,847,097
AFP Habitat SA		94,634		183,551
Almendral SA		13,148,436		2,121,030
Besalco SA		652,319		1,215,450
Companhia Sudamericana de Vapores SA (a)		10,059,537		1,018,215
Compania General de Electricidad SA		50,000		314,785
Cruz Blanca Salud SA		1,307,179		1,637,611
Empresas La Polar SA (a)		2,884,905		1,171,085
Inversiones Aguas Metropolitanas SA		802,606		1,692,831
Inversiones La Construccion SA		42,406		822,951
Masisa SA		12,041,162		1,212,412
Norte Grande SA		17,312,755		187,165
Parque Arauco SA		1,319,786		3,410,321
Ripley Corp. SA		1,561,499		1,787,407
Salfacorp SA		658,104		1,444,132
Sociedad Matriz SAAM SA (a)		10,832,150		1,239,928
Socovesa SA		913,436		455,024
Vina Concha y Toro SA		1,585,386		3,162,370
				24,923,365
CHINA — 7.5%
51job, Inc. ADR (a)(b)		15,023		892,516
Anhui Expressway Co., Ltd. (b)		3,004,000		1,536,315
Anta Sports Products, Ltd. (b)		1,189,000		1,017,044
AsiaInfo-Linkage, Inc. (a)(b)		84,333		1,001,033
AutoNavi Holdings, Ltd. ADR (a)(b)		24,024		257,537
BYD Co., Ltd. (a)(b)		1,132,500		3,610,800
BYD Electronic International Co., Ltd.		1,501,000		460,201
Camelot Information Systems, Inc. ADR (a)		58,688		99,770

See accompanying notes to financial statements.

204

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
China Agri-Industries Holdings, Ltd. (b)		2,593,200	$	1,339,585
China Automation Group, Ltd.		1,151,000		259,480
China Datang Corp. Renewable Power Co., Ltd.		1,122,000		211,026
China Green Holdings, Ltd. (a)(b)		2,520,000		435,006
China Hongxing Sports, Ltd. (a)(b)(c)		4,758,000		0
China Huiyuan Juice Group, Ltd. (a)		3,348,900		1,678,192
China Liansu Group Holdings (b)		1,680,810		952,711
China Minzhong Food Corp., Ltd. (a)(b)		1,459,000		1,411,253
China Molybdenum Co., Ltd. (b)		1,697,000		743,277
China National Accord Medicines Corp., Ltd.		185,782		824,964
China SCE Property Holdings, Ltd.		2,630,000		636,947
China Shanshui Cement Group, Ltd.		2,256,000		1,296,176
China Shipping Development Co., Ltd. (b)		2,660,000		1,291,853
China Suntien Green Energy Corp., Ltd.		2,960,000		808,384
China Vanadium Titano — Magnetite Mining Co., Ltd.		2,207,000		508,915
China Wireless Technologies, Ltd.		2,308,000		758,169
Chongqing Machinery & Electric Co., Ltd.		3,360,000		476,126
Danhua Chemical Technology Co., Ltd. (a)		319,000		280,401
Dongyue Group (b)		1,547,000		896,794
Double Coin Holdings, Ltd.		796,700		596,728
E-Commerce China Dangdang, Inc. ADR (a)(b)		64,230		266,554
E-House China Holdings, Ltd. (b)		106,812		496,676
First Tractor Co., Ltd. (a)		1,132,500		1,008,106
Giant Interactive Group, Inc. ADR (b)		215,567		1,401,185
Great Wall Technology Co., Ltd.		1,580,000		293,096
Guangzhou Automobile Group Co., Ltd. (b)		2,156,000		1,824,753
Haitian International Holdings, Ltd.		1,060,000		1,649,540
Hangzhou Steam Turbine Co.		938,450		1,549,848
Harbin Electric Co., Ltd. (b)		2,194,000		1,783,430
Home Inns & Hotels Management, Inc. ADR (a)		51,709		1,540,411
Huangshan Tourism Development Co., Ltd.		452,800		666,522
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b)		3,366,000		1,014,659
Jiangsu Future Land Co., Ltd.		1,011,100		797,758
Kingsoft Corp., Ltd.		1,455,000		1,338,293
LDK Solar Co., Ltd. ADR (a)(b)		86,920		95,612
Livzon Pharmaceutical, Inc. Class B		174,700		866,450
Lonking Holdings, Ltd. (b)		4,239,000		966,555
MIE Holdings Corp.		3,554,754		879,226
Peak Sport Products Co., Ltd. (b)		2,099,000		337,997
Ports Design, Ltd. (b)		1,296,000		1,083,527
Real Gold Mining, Ltd. (a)(b)(c)		251,500		0
Renren, Inc. ADR (a)(b)		209,148		604,438
REXLot Holdings, Ltd. (b)		7,900,000		692,032
Semiconductor Manufacturing International Corp. (a)(b)		39,890,000		2,363,806
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		361,300		187,876
Shanghai Dajiang Group, Class B (a)		1,361,800		389,475
Shanghai Diesel Engine Co., Ltd. Class B		402,560		309,971
Shanghai Haixin Group Co. (a)		706,700		327,202
Shanghai Highly Group Co., Ltd.		357,700		208,539
Shenguan Holdings Group, Ltd. (b)		2,576,010		1,337,342
Sinofert Holdings, Ltd. (b)		2,808,000		712,612
Sohu.com, Inc. (a)(b)		40,293		1,998,936
Sound Global, Ltd. (b)		1,855,000		822,384
Suntech Power Holdings Co., Ltd. ADR (a)(b)		136,184		53,112
TCL Communication Technology Holdings, Ltd.		1,164,000		343,383
Tong Ren Tang Technologies Co., Ltd. (b)		1,109,000		3,778,742
Travelsky Technology, Ltd.		1,967,500		1,295,167
WuXi PharmaTech Cayman, Inc. ADR (a)		119,522		2,053,388
Xinjiang Xinxin Mining Industry Co., Ltd. (b)		4,191,000		869,228
Xinyi Glass Holdings Co., Ltd. (b)		2,168,000		1,530,488
Youku Tudou, Inc. ADR (a)(b)		101,539		1,702,809
Zhejiang Southeast Electric Power Co.		2,204,233		1,635,541
				67,357,872
CZECH REPUBLIC — 0.4%
New World Resources PLC		92,968		322,987
Philip Morris CR AS		5,475		3,083,769
				3,406,756
EGYPT — 1.1%
Arab Cotton Ginning		459,386		242,420
Citadel Capital Corp./Cairo (a)		601,448		289,980
Eastern Tobacco		56,164		792,466
Egyptian Financial Group-Hermes Holding (a)		638,959		943,920
Egyptian for Tourism Resorts (a)		4,636,727		633,856
Egyptian Kuwait Holding Co.		943,501		1,132,201
ElSwedy Electric Co.		194,904		544,914
Ezz Steel		789,787		1,065,735
Juhayna Food Industries		740,444		852,217
Maridive & Oil Services SAE (a)		360,763		400,447
Orascom Telecom Media & Technology Holding SAE		4,814,128		509,503
Sidi Kerir Petrochemicals Co.		181,349		356,404
Six of October Development & Investment Co. (a)		251,652		715,407
Talaat Moustafa Group (a)		1,884,898		1,044,541
				9,524,011
HONG KONG — 11.2%
361 Degrees International, Ltd. (b)		1,808,000		524,048
Ajisen China Holdings, Ltd. (b)		581,000		460,300
Anton Oilfield Services Group (b)		1,002,000		697,030
Anxin-China Holdings, Ltd.		2,960,000		644,419

See accompanying notes to financial statements.

205

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Asian Citrus Holdings, Ltd.		1,297,833	$	670,430
AviChina Industry & Technology Co.		1,776,000		871,682
Baoxin Auto Group, Ltd. (a)(b)		979,500		757,087
Beijing Capital Land, Ltd.		2,212,400		815,116
Beijing Enterprises Water Group, Ltd. (b)		2,928,000		871,311
Biostime International Holdings, Ltd.		170,000		885,844
Boshiwa International Holding, Ltd. (a)(b)(c)		1,843,000		0
CGN Mining Co., Ltd. (a)		3,140,000		299,331
Chailease Holding Co., Ltd.		768,000		2,129,160
Chaowei Power Holdings, Ltd.		617,000		300,446
China Dongxiang Group Co. (b)		4,188,000		647,408
China Everbright International, Ltd. (b)		4,051,000		2,906,748
China Forestry Holdings, Ltd. (a)(c)		1,642,000		0
China High Precision Automation Group, Ltd. (b)(d)		1,226,000		0
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		1,868,000		878,334
China Lilang, Ltd. (b)		1,225,000		760,629
China Lumena New Materials Corp. (b)		5,912,000		1,271,865
China Medical System Holdings, Ltd.		732,300		743,370
China Metal Recycling Holdings, Ltd. (b)(d)		1,109,932		1,146,729
China Modern Dairy Holdings, Ltd. (a)(b)		2,600,000		867,487
China National Materials Co., Ltd. (b)		2,357,000		628,521
China Oil and Gas Group, Ltd. (a)(b)		2,680,000		528,222
China Pharmaceutical Group, Ltd. (a)(b)		1,490,000		635,337
China Power International Development, Ltd. (b)		11,448,000		3,686,885
China Precious Metal Resources Holdings Co., Ltd. (a)(b)(d)		3,426,000		622,295
China Rare Earth Holdings, Ltd.		970,000		172,441
China Rongsheng Heavy Industries Group Holdings, Ltd. (b)		4,570,000		741,783
China Shineway Pharmaceutical Group, Ltd. (b)		669,000		1,201,376
China Travel International Investment Hong Kong, Ltd.		12,900,000		2,509,323
China Yurun Food Group, Ltd. (a)(b)		1,964,000		1,345,994
China ZhengTong Auto Services Holdings, Ltd. (a)(b)		1,319,500		861,802
Chinasoft International, Ltd. (a)(b)		1,700,000		381,055
CIMC Enric Holdings, Ltd. (b)		1,081,000		1,164,185
Citic Resources Holdings, Ltd. (a)		6,069,000		813,093
Comba Telecom Systems Holdings, Ltd. (b)		1,290,984		437,388
Cosco International Holdings, Ltd.		660,000		281,425
Dah Chong Hong Holdings, Ltd. (b)		573,000		542,540
Digital China Holdings, Ltd. (b)		1,152,000		1,558,231
Fufeng Group, Ltd. (b)		1,428,000		509,563
Global Bio-Chem Technology Group Co., Ltd.		3,792,000		327,290
Glorious Property Holdings, Ltd. (a)(b)		4,017,000		636,498
GOME Electrical Appliances Holding, Ltd. (a)(b)		15,923,000		1,743,548
Greatview Aseptic Packaging Co., Ltd.		1,168,048		782,445
Hengdeli Holdings, Ltd. (b)		3,444,000		962,749
Hidili Industry International Development, Ltd. (b)		1,792,000		397,060
Honghua Group, Ltd. (b)		1,723,000		801,277
Hua Han Bio-Pharmaceutical Holdings, Ltd.		2,930,112		845,517
Huabao International Holdings, Ltd. (b)		2,341,000		1,016,299
Ju Teng International Holdings, Ltd. (b)		1,532,000		963,094
Kaisa Group Holdings, Ltd. (a)(b)		4,880,000		1,376,746
Kingboard Chemical Holdings, Ltd. (b)		649,500		1,849,104
Kingboard Laminates Holdings, Ltd. (b)		1,846,500		813,515
Kingdee International Software Group Co., Ltd. (a)(b)		2,204,000		363,422
Kingway Brewery Holdings, Ltd.		2,310,000		910,591
KWG Property Holding, Ltd.		2,119,500		1,326,966
Lee & Man Paper Manufacturing, Ltd. (b)		1,474,000		1,154,492
Li Ning Co., Ltd. (a)(b)		1,173,500		690,859
Lianhua Supermarket Holdings Co., Ltd. (b)		837,000		667,431
Lijun International Pharmaceutical Holding, Ltd.		2,722,000		831,049
Maoye International Holdings, Ltd.		1,984,000		472,828
Minth Group, Ltd. (b)		1,164,000		1,715,414
Newocean Energy Holdings, Ltd. (b)		1,402,000		800,095
NVC Lighting Holdings, Ltd. (b)		4,074,000		939,429
Pacific Online, Ltd.		1,654,100		622,207
PCD Stores, Ltd. (b)		5,265,000		793,550
Poly Hong Kong Investments, Ltd. (a)		2,816,000		1,781,165
Real Nutriceutical Group, Ltd. (b)		1,080,000		265,734
Sany Heavy Equipment International Holdings Co., Ltd. (b)		862,000		398,650
Shenzhen International Holdings, Ltd.		43,092,500		5,162,673
Shenzhen Investment, Ltd. (b)		5,613,698		2,249,052
Shougang Concord International Enterprises Co., Ltd. (a)(b)		16,768,000		928,837
Shougang Fushan Resources Group, Ltd. (b)		3,936,000		1,754,370
Sichuan Expressway Co., Ltd. (b)		1,698,000		549,037
Sino Biopharmaceutical		4,444,000		3,102,868
Sinopec Kantons Holdings, Ltd.		668,000		586,022
Sinotrans Shipping, Ltd.		3,818,500		1,018,247
Sinotrans, Ltd.		1,933,000		403,401
Sinotruk Hong Kong, Ltd. (b)		958,500		517,364
Skyworth Digital Holdings, Ltd.		2,901,770		1,947,559
Springland International Holdings, Ltd. (b)		1,790,000		903,918

See accompanying notes to financial statements.

206

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Sunac China Holdings, Ltd.		2,330,000	$	1,641,849
Sunny Optical Technology Group Co., Ltd.		619,000		714,478
TCL Multimedia Technology Holdings, Ltd.		618,000		479,264
Tech Pro Technology Development, Ltd. (a)		2,908,000		1,112,605
The United Laboratories International Holdings, Ltd. (a)(b)		1,116,500		496,213
Tiangong International Co., Ltd.		1,646,000		479,213
Tianjin Port Development Holdings, Ltd.		7,148,000		1,058,942
Tianneng Power International, Ltd.		1,588,000		1,061,715
TPV Technology, Ltd. (b)		2,268,000		642,770
United Energy Group, Ltd. (a)(b)		7,488,000		1,244,359
Vinda International Holdings, Ltd. (b)		838,000		1,196,117
VODone, Ltd.		4,058,999		298,046
Wasion Group Holdings, Ltd.		1,305,000		748,101
West China Cement, Ltd. (b)		4,560,000		751,908
Winsway Coking Coal Holding, Ltd. (b)		3,673,018		425,849
Yashili International Holdings, Ltd.		4,205,000		1,424,662
Yingde Gases (b)		2,144,500		2,389,638
Yip’s Chemical Holdings, Ltd.		892,059		956,108
Yuexiu Transport Infrastructure, Ltd.		2,006,549		1,049,460
				101,313,902
HUNGARY — 0.2%
Egis Gyogyszergyar Nyrt		12,170		924,035
Magyar Telekom Telecommunications PLC (b)		289,943		505,113
				1,429,148
INDIA — 6.5%
Adani Power, Ltd. (a)		200,000		149,586
Amtek Auto, Ltd.		472,010		557,119
Anant Raj, Ltd.		622,061		718,775
Apollo Hospitals Enterprise, Ltd.		81,386		1,256,205
Arvind, Ltd.		228,150		324,699
Ashok Leyland, Ltd.		815,546		327,869
Aurobindo Pharma, Ltd.		358,494		962,690
Bajaj Holdings and Investment, Ltd.		69,265		1,162,530
Balrampur Chini Mills, Ltd. (a)		535,429		429,525
Bharat Forge, Ltd.		474,717		1,808,903
Bhushan Steel, Ltd.		186,370		1,571,372
Biocon, Ltd.		159,810		804,637
Core Education & Technologies, Ltd.		160,024		151,191
Coromandel International, Ltd.		203,676		693,098
Cox & Kings, Ltd.		74,865		176,522
Crompton Greaves, Ltd.		257,828		444,973
Dewan Housing Finance Corp., Ltd.		181,728		542,008
Dish TV India, Ltd. (a)		446,567		551,327
Educomp Solutions, Ltd.		199,537		230,560
Era Infra Engineering, Ltd.		326,092		806,080
Federal Bank, Ltd.		191,111		1,690,110
Financial Technologies India, Ltd.		45,685		598,990
Fortis Healthcare, Ltd. (a)		304,772		562,160
Gateway Distriparks, Ltd.		298,627		680,221
Glenmark Pharmaceuticals, Ltd.		456,194		3,885,413
GMR Infrastructure, Ltd. (a)		1,258,388		500,114
Godrej Industries, Ltd.		213,896		1,157,439
Gujarat NRE Coke, Ltd.		1,074,653		331,195
GVK Power & Infrastructure, Ltd. (a)		2,118,070		356,584
Hexaware Technologies, Ltd.		266,782		415,021
Hindustan Construction Co. (a)		944,682		237,257
Hindustan Petroleum Corp., Ltd.		96,789		507,897
Housing Development & Infrastructure, Ltd. (a)		554,552		471,395
IFCI, Ltd.		1,314,197		631,105
India Cements, Ltd.		801,302		1,233,283
India Infoline, Ltd.		542,896		605,826
Indiabulls Financial Services, Ltd. (d)		559,314		2,797,085
Indiabulls Real Estate, Ltd. (a)		621,381		623,668
Indian Hotels Co., Ltd.		893,714		880,559
IVRCL Infrastructures & Projects, Ltd. (a)		987,384		349,717
Jain Irrigation Systems, Ltd.		320,180		361,418
Jaiprakash Power Ventures, Ltd. (a)		200,000		96,044
JSW Energy, Ltd.		635,471		639,563
Jubilant Foodworks, Ltd. (a)		40,020		918,177
Mahindra & Mahindra Financial Services, Ltd.		467,160		1,676,103
Manappuram Finance, Ltd.		542,812		215,727
MAX India, Ltd.		569,332		2,346,989
McLeod Russel India, Ltd.		101,141		651,415
Motherson Sumi Systems, Ltd.		441,721		1,577,923
Mphasis, Ltd.		123,995		893,403
Nagarjuna Construction Co., Ltd.		894,330		546,306
Opto Circuits India, Ltd.		273,980		302,210
Parsvnath Developers, Ltd. (a)		190,515		138,987
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		210,446		284,402
Piramal Healthcare, Ltd.		87,978		989,530
PTC India, Ltd.		341,577		376,772
Punj Lloyd, Ltd.		791,316		811,699
Rajesh Exports, Ltd.		425,460		956,991
REI Agro, Ltd.		1,972,013		366,464
Reliance Capital, Ltd.		122,024		702,059
Reliance Communications, Ltd.		772,058		785,553
Rolta India, Ltd.		327,539		397,145
Shree Renuka Sugars, Ltd. (a)		851,840		347,946
Sintex Industries, Ltd.		629,090		533,019
Strides Arcolab, Ltd.		99,742		1,600,276
Suzlon Energy, Ltd. (a)		1,707,794		427,341
Tata Chemicals, Ltd.		181,594		1,074,529
Tata Global Beverages, Ltd.		562,166		1,322,409
Thermax, Ltd.		78,866		817,827
Unitech, Ltd. (a)		2,090,913		905,998
United Phosphorus, Ltd.		918,348		1,983,699
Videocon Industries, Ltd.		156,655		586,556
Voltas, Ltd.		275,911		382,519
Welspun Corp., Ltd.		476,981		441,877
				58,643,584
INDONESIA — 4.7%
AKR Corporindo Tbk PT		3,452,000		1,776,177
Alam Sutera Realty Tbk PT		32,980,500		3,631,503
Aneka Tambang Persero Tbk PT		2,840,000		400,391
Bakrie and Brothers Tbk PT (a)(d)		184,600,500		474,918
Bakrie Sumatera Plantations Tbk PT		16,679,500		169,927

See accompanying notes to financial statements.

207

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Bakrieland Development Tbk PT (a)		69,665,000	$	401,465
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		11,263,500		1,495,232
Bank Tabungan Negara Tbk PT		8,201,686		1,434,820
Barito Pacific Tbk PT (a)		5,490,000		245,758
Bhakti Investama Tbk PT		23,155,500		1,191,433
Bisi International PT		3,102,000		274,527
Bumi Resources Minerals Tbk PT (a)		11,424,500		387,969
Bumi Resources Tbk PT		23,066,500		1,637,858
Bumi Serpong Damai PT		9,198,000		1,656,445
BW Plantation Tbk PT		5,375,000		735,657
Ciputra Development Tbk PT		14,499,000		1,611,414
Citra Marga Nusaphala Persada Tbk PT		1,028,500		193,687
Darma Henwa PT Tbk (a)(d)		77,531,542		199,464
Delta Dunia Makmur Tbk PT (a)		7,482,500		161,701
Energi Mega Persada Tbk PT (a)		61,706,000		634,999
Erajaya Swasembada Tbk PT (a)		1,881,500		658,307
Gajah Tunggal Tbk PT		3,652,500		939,671
Garda Tujuh Buana Tbk PT (a)		1,701,000		1,024,013
Garuda Indonesia Tbk PT (a)		17,584,000		1,176,187
Harum Energy Tbk PT		1,724,500		851,824
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		4,651,500		421,232
Indika Energy Tbk PT		4,116,500		516,813
Indosiar Karya Media Tbk PT (a)		2,236,590		299,209
Intiland Development Tbk PT		10,351,500		617,841
Japfa Comfeed Indonesia Tbk PT		2,040,000		1,983,844
Kawasan Industri Jababeka Tbk PT (a)		48,034,500		1,482,928
Matahari Putra Prima Tbk PT		1,678,500		314,368
Medco Energi Internasional Tbk PT		3,201,500		533,721
Mitra Adiperkasa Tbk PT		1,774,500		1,661,739
MNC Sky Vision Tbk PT (a)		1,711,000		387,363
Modernland Realty Tbk PT (a)		5,485,500		570,142
Multistrada Arah Sarana Tbk PT		3,777,000		147,698
Pakuwon Jati Tbk PT		34,956,900		1,384,966
Pembangunan Perumahan Persero PT Tbk		8,337,000		1,029,524
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		5,663,500		1,124,832
Ramayana Lestari Sentosa Tbk PT		2,913,500		416,750
Sentul City Tbk PT (a)		23,977,000		764,895
Summarecon Agung Tbk PT		10,642,000		2,710,466
Surya Semesta Internusa Tbk PT		6,027,000		1,004,758
Timah Tbk PT		4,947,000		727,987
Trada Maritime Tbk PT (a)		8,832,500		1,263,409
				42,729,832
MALAYSIA — 4.3%
Aeon Co. M Bhd		333,300		1,358,387
Affin Holdings Bhd		343,600		378,387
Berjaya Corp. Bhd		5,203,400		882,217
Berjaya Sports Toto Bhd		1,571,053		2,090,340
Boustead Holdings Bhd		813,660		1,347,998
Bursa Malaysia Bhd		1,251,173		2,808,220
CapitaMalls Malaysia Trust		116,300		70,986
Carlsberg Brewery Malay Bhd		50,000		222,832
Dialog Group Bhd		3,263,720		2,487,447
DRB-Hicom Bhd		1,663,700		1,359,329
Eastern & Oriental Bhd		1,499,600		765,176
Gas Malaysia Bhd		358,600		333,528
HAP Seng Consolidated Bhd		989,100		552,606
IGB Corp. Bhd		4,247,167		3,086,106
KLCC Property Holdings Bhd		396,500		842,554
KNM Group Bhd (a)		6,226,755		955,178
KPJ Healthcare Bhd		681,200		1,306,742
Malaysia Building Society Bhd		859,600		760,634
Malaysian Bulk Carriers Bhd		860,400		452,915
Malaysian Resources Corp. Bhd		2,156,300		995,805
Media Prima Bhd		2,136,100		1,655,624
Multi-Purpose Holdings Bhd		1,959,300		2,290,543
Oriental Holdings Bhd		255,500		802,847
OSK Holdings Bhd		650,100		308,622
Padini Holdings Bhd		353,400		219,127
Parkson Holdings Bhd		371,900		564,486
Pavilion Real Estate Investment Trust		215,700		110,758
POS Malaysia Bhd		592,000		810,618
Sunway Real Estate Investment Trust		5,644,500		2,770,754
TAN Chong Motor Holdings Bhd		1,135,200		1,877,030
Top Glove Corp. Bhd		1,104,100		1,925,445
UOA Development Bhd		1,976,100		1,308,253
Wah Seong Corp. Bhd		1,599,711		852,421
WCT Bhd		844,425		649,033
				39,202,948
MEXICO — 3.1%
Alsea SAB de CV (a)		301,155		865,941
Axtel SAB de CV (a)(b)		3,006,403		913,678
Banregio Grupo Financiero SAB de CV (b)		184,282		958,213
Bolsa Mexicana de Valores SAB de CV		1,048,062		3,004,255
Compartamos SAB de CV (b)		825,300		1,523,633
Consorcio ARA SAB de CV (a)		3,739,553		1,527,443
Corporacion GEO SAB de CV (a)(b)		880,606		530,969
Desarrolladora Homex SAB de CV (a)(b)		344,657		521,490
Empresas ICA SAB de CV (a)		1,307,033		4,365,198
Fibra Uno Administracion SA de CV		560,985		1,852,651
Gruma SAB de CV (a)		365,671		1,618,369
Grupo Simec SAB de CV, Series B (a)		116,873		555,327
Inmuebles Carso SAB de CV (a)(b)		440,798		438,685
Megacable Holdings SAB de CV (b)		84,521		267,006
Promotora y Operadora de Infraestructura SAB de CV (a)		626,330		5,067,328
TV Azteca SAB de CV (b)		5,997,356		4,257,736
Urbi Desarrollos Urbanos SA de CV (a)(b)		755,914		194,811
				28,462,733
MOROCCO — 0.0% (e)
Alliances Developpement Immobilier SA		1,513		85,820
Holcim Maroc SA		696		120,747
Samir (a)		5,924		189,916
				396,483

See accompanying notes to financial statements.

208

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
NETHERLANDS — 0.1%
AmRest Holdings SE (a)		19,582	$	518,382
PERU — 0.9%
Casa Grande SAA		63,216		264,824
Edegel SAA		1,165,746		1,192,752
Ferreyros SA		1,944,429		2,011,996
Grana y Montero SA		830,320		3,654,690
Luz del Sur SAA		263,790		957,384
Refineria La Pampilla SA Relapasa		1,375,516		350,518
				8,432,164
PHILIPPINES — 2.4%
Belle Corp. (a)		3,103,600		433,485
Cebu Air, Inc.		700,960		1,167,980
First Gen Corp. (a)		948,600		575,296
First Philippine Holdings Corp.		579,330		1,490,557
GMA Holdings, Inc.		5,077,300		1,236,667
Manila Water Co., Inc.		1,158,600		1,135,604
Megaworld Corp.		69,887,000		6,661,613
Philex Petroleum Corp. (a)		743,500		571,152
Philippine National Bank (a)		405,050		1,002,452
Puregold Price Club, Inc.		801,007		786,090
Rizal Commercial Banking Corp.		711,170		1,219,846
Robinsons Land Corp.		2,154,800		1,346,420
Security Bank Corp.		197,930		882,707
Semirara Mining Corp.		265,200		1,737,674
SM Development Corp.		3,672,320		762,180
Union Bank of Philippines		224,200		686,719
				21,696,442
POLAND — 2.3%
Agora SA		159,532		372,778
Asseco Poland SA		165,971		2,143,240
Bank Millennium SA (a)		1,210,952		1,787,136
Boryszew SA (a)		2,358,147		319,016
Ciech SA (a)		77,765		542,750
Cyfrowy Polsat SA (a)		263,088		1,375,116
Echo Investment SA (a)		423,242		761,262
Emperia Holding SA		30,180		535,871
Eurocash SA		114,088		1,864,372
Getin Noble Bank SA (a)		1,155,162		621,542
Globe Trade Centre SA (a)		408,259		960,255
Grupa Lotos SA (a)		114,794		1,443,550
LPP SA		1,496		2,598,779
Lubelski Wegiel Bogdanka SA		66,086		2,426,069
Netia SA (a)		928,003		1,204,069
Orbis SA		49,439		547,068
Polimex- Mostostal SA (a)		1,311,904		149,243
TVN SA		325,919		954,975
				20,607,091
RUSSIA — 0.8%
Alliance Oil Co., Ltd. SDR (a)		177,105		1,413,680
Cherkizovo Group OJSC, GDR (a)(f)		5,485		62,803
Cherkizovo Group OJSC, GDR (a)(f)		29		334
DIXY Group OJSC (a)		25,512		344,691
Integra Group Holdings GDR (a)		639,360		239,760
Novorossiysk Commercial Sea Trade Port PJSC GDR (f)		48,701		404,462
Novorossiysk Commercial Sea Trade Port PJSC GDR (f)		257		2,120
PIK Group GDR (a)		474,637		934,086
TransContainer OAO, GDR		58,774		661,776
Vsmpo-Avisma Corp.		15,804		2,847,164
				6,910,876
SINGAPORE — 0.3%
Bumitama Agri, Ltd. (a)(b)		592,000		489,118
Nam Cheong, Ltd.		2,521,000		538,502
Parkson Retail Asia, Ltd.		519,000		686,087
Yanlord Land Group, Ltd. (a)(b)		1,030,000		1,245,365
				2,959,072
SOUTH AFRICA — 8.2%
Adcock Ingram Holdings, Ltd. (b)		198,731		1,312,461
AECI, Ltd.		166,027		1,846,584
Afgri, Ltd.		2,233,704		1,302,565
Aquarius Platinum, Ltd. (a)(b)		896,945		646,934
Aveng, Ltd.		749,970		2,637,927
Brait SE (a)		288,511		1,094,363
Clicks Group, Ltd. (b)		427,940		2,704,930
Coronation Fund Managers, Ltd.		974,677		5,099,433
DataTec, Ltd. (b)		832,313		4,581,398
Emira Property Fund		223,184		355,170
Famous Brands, Ltd.		70,647		661,465
Fountainhead Property Trust		923,014		901,439
Grindrod, Ltd.		1,435,934		3,130,289
Hosken Consolidated Investments, Ltd.		219,812		2,696,123
Illovo Sugar, Ltd.		277,069		960,362
Investec, Ltd.		251,877		1,764,206
JD Group, Ltd.		597,822		2,268,276
JSE, Ltd. (b)		452,340		3,515,398
Lewis Group, Ltd. (b)		491,193		3,460,241
Merafe Resources, Ltd. (a)		7,129,179		567,260
Mondi, Ltd.		179,797		2,439,898
Mpact, Ltd.		309,351		788,682
Murray & Roberts Holdings, Ltd. (a)(b)		562,855		1,441,118
Northam Platinum, Ltd. (a)		793,783		3,434,886
Pick’ n Pay Holdings, Ltd. (b)		337,113		680,146
PPC, Ltd.		761,609		2,660,603
PSG Group, Ltd.		43,522		297,912
Resilient Property Income Fund, Ltd.		206,189		1,224,847
Reunert, Ltd.		506,268		4,235,248
SA Corporate Real Estate Fund		7,513,159		3,537,743
Sappi, Ltd. (a)		700,218		2,191,985
Sibanye Gold, Ltd. (a)(b)		999,280		1,458,437
Sun International, Ltd.		146,477		1,612,541
Super Group, Ltd. (a)		452,187		1,197,690
Telkom SA, Ltd. (a)		238,020		389,157
Tongaat Hulett, Ltd.		128,937		2,016,035
Wilson Bayly Holmes-Ovcon, Ltd.		158,890		2,671,590
				73,785,342
TAIWAN — 27.3%
A-DATA Technology Co., Ltd. (b)		414,000		692,250

See accompanying notes to financial statements.

209

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Ability Enterprise Co., Ltd.		669,000	$	604,063
Accton Technology Corp. (b)		1,613,341		936,091
Adlink Technology, Inc.		523,572		588,313
Advanced Ceramic X Corp. (b)		179,642		522,660
Advanced International Multitech Co., Ltd.		416,000		578,734
Advanced Wireless Semiconductor Co. (a)(b)		448,277		299,076
Advantech Co., Ltd.		556,200		2,278,555
AGV Products Corp. (a)(b)		2,051,926		720,516
Alcor Micro Corp. (b)		417,000		468,563
Alpha Networks, Inc. (b)		1,080,348		704,516
Altek Corp. (b)		969,309		580,240
AmTRAN Technology Co., Ltd.		1,531,717		1,244,736
Anpec Electronics Corp.		524,000		353,977
Apex Biotechnology Corp. (b)		509,915		1,333,512
Arcadyan Technology Corp.		253,718		363,151
Asia Optical Co., Inc. (a)		428,540		437,103
Asia Polymer		720,588		573,530
Asrock, Inc.		184,000		658,407
Aten International Co., Ltd.		266,000		443,889
Bank of Kaohsiung (a)		1,912,680		617,251
Basso Industry Corp.		688,000		457,861
BES Engineering Corp.		3,156,356		957,383
Biostar Microtech International Corp. (b)		983,000		373,114
Capital Securities Corp. (b)		3,008,730		1,081,644
Career Technology Co., Ltd. (b)		479,726		612,843
Cathay No. 1 REIT		1,361,000		884,349
Cathay Real Estate Development Co., Ltd. (b)		2,496,904		1,377,775
Chang Wah Electromaterials, Inc.		221,113		780,116
Charoen Pokphand Enterprise (b)		1,285,798		670,795
Cheng Loong Corp.		2,259,128		989,702
Cheng Uei Precision Industry Co., Ltd. (b)		613,915		1,178,454
Chicony Electronics Co., Ltd. (b)		825,248		2,171,959
Chien Kuo Construction Co., Ltd. (b)		1,399,501		702,032
Chin-Poon Industrial Co. (b)		959,000		1,167,381
China Bills Finance Corp.		3,454,394		1,340,054
China Chemical & Pharmaceutical Co., Ltd. (b)		910,000		613,210
China Manmade Fibers Corp. (a)		2,687,904		1,020,239
China Metal Products		200,000		260,179
China Motor Corp. (b)		1,066,000		999,960
China Petrochemical Development Corp.		2,131,575		1,151,239
China Steel Chemical Corp.		370,000		1,818,911
China Synthetic Rubber Corp.		1,150,452		1,234,997
Chipbond Technology Corp. (b)		975,000		2,197,642
Chong Hong Construction Co., Ltd. (b)		446,622		1,471,190
Chroma ATE, Inc. (b)		574,680		1,370,276
Chung Hung Steel Corp. (a)		1,002,239		287,575
Clevo Co. (b)		1,022,265		1,572,584
CMC Magnetics Corp. (a)(b)		4,064,719		709,567
Compal Communications, Inc. (a)(b)		427,000		452,668
Coretronic Corp.		654,420		484,756
CTCI Corp. (b)		960,000		1,874,893
CyberTAN Technology, Inc. (b)		965,210		803,736
D-Link Corp. (b)		1,660,904		980,351
Danen Technology Corp. (a)		411,816		183,856
Dimerco Express Taiwan Corp.		614,081		372,730
Dynapack International Technology Corp.		115,000		415,350
E Ink Holdings, Inc. (b)		956,000		754,506
Elan Microelectronics Corp.		798,899		1,787,354
Elite Material Co., Ltd.		671,782		673,972
Elite Semiconductor Memory Technology, Inc. (a)		682,674		710,013
ENG Electric Co., Ltd.		358,086		383,204
Entie Commercial Bank		512,000		289,367
Entire Technology Co., Ltd. (b)		223,942		286,832
Episil Technologies, Inc. (b)		1,195,000		359,669
Epistar Corp. (b)		1,251,000		2,254,959
Eternal Chemical Co., Ltd.		1,276,990		1,067,628
Eva Airways Corp. (a)		1,535,000		921,436
Evergreen Marine Corp., Ltd. (a)		1,589,000		951,195
Everlight Chemical Industrial Corp.		686,490		480,962
Everlight Electronics Co., Ltd. (b)		784,503		1,263,233
Excelsior Medical Co., Ltd. (b)		247,660		479,542
Far Eastern Department Stores, Ltd.		1,063,000		950,932
Far Eastern International Bank		3,631,590		1,469,517
Faraday Technology Corp. (b)		850,976		981,813
Farglory Land Development Co., Ltd. (b)		243,000		450,203
Feng Hsin Iron & Steel Co., Ltd.		745,270		1,286,044
Feng TAY Enterprise Co., Ltd. (b)		624,900		965,484
FLEXium Interconnect, Inc. (b)		360,361		1,199,094
Forhouse Corp.		898,576		458,266
Formosa Epitaxy, Inc. (a)(b)		765,000		594,808
Formosa Taffeta Co., Ltd.		1,522,000		1,404,806
Formosan Rubber Group, Inc.		1,094,124		815,951
Formosan Union Chemical		2,026,200		1,016,403
FSP Technology, Inc.		570,184		537,721
G Tech Optoelectronics Corp.		192,000		450,745
Gemtek Technology Corp. (a)		705,234		909,181
GeoVision, Inc. (b)		181,704		796,028
Giant Manufacturing Co., Ltd. (b)		583,994		3,251,735
Gigabyte Technology Co., Ltd.		502,000		464,185
Gigastorage Corp. (b)		753,114		562,899
Gintech Energy Corp. (a)(b)		745,806		659,696
Global Unichip Corp. (b)		193,669		595,207
Gloria Material Technology Corp. (b)		645,822		496,745
Goldsun Development & Construction Co., Ltd.		2,557,041		1,021,876
Grand Pacific Petrochemical		2,196,000		1,112,596
Grape King, Inc.		401,000		1,255,199
Great Wall Enterprise Co. (b)		1,274,129		1,116,368
HannStar Display Corp. (a)		2,817,237		449,401
Hey Song Corp. (b)		1,267,694		1,661,855
Highwealth Construction Corp.		794,400		1,663,053
Himax Technologies, Inc. ADR		367,557		2,003,186
Hiwin Technologies Corp.		200,000		1,491,514
Ho Tung Chemical Corp. (a)		2,404,411		1,105,615
Hong TAI Electric Industrial (b)		1,320,000		441,435
Huaku Development Co., Ltd.		444,260		1,099,414
Huang Hsiang Construction Co. (b)		434,484		1,133,342

See accompanying notes to financial statements.

210

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
I-Sheng Electric Wire & Cable Co., Ltd. (b)		579,000	$	865,523
Ibase Technology, Inc.		462,127		647,542
Inventec Co., Ltd.		4,267,022		1,619,620
ITE Technology, Inc. (a)(b)		485,000		420,082
J Touch Corp. (a)(b)		254,121		265,997
Jess-Link Products Co., Ltd. (a)(b)		476,974		428,284
Jih Sun Financial Holdings Co., Ltd.		2,089,312		642,812
KEE TAI Properties Co., Ltd. (b)		1,513,076		1,110,677
Kenda Rubber Industrial Co., Ltd. (b)		761,052		1,394,721
Kerry TJ Logistics Co., Ltd. (b)		980,000		1,525,592
King Yuan Electronics Co., Ltd.		2,328,656		1,596,437
King’s Town Bank (a)		2,115,000		1,952,145
Kinpo Electronics		2,919,371		685,360
Kinsus Interconnect Technology Corp.		405,030		1,273,232
Kuoyang Construction Co., Ltd. (b)		1,102,000		659,671
KYE Systems Corp. (a)(b)		686,000		211,518
LCY Chemical Corp.		1,109,862		1,247,099
Lien Hwa Industrial Corp.		1,622,651		1,058,162
Lingsen Precision Industries, Ltd.		1,419,694		790,499
Long Bon International Co., Ltd. (a)		1,141,000		807,028
Longwell Co.		615,000		540,908
Lumax International Corp., Ltd. (b)		344,358		809,577
Lung Yen Life Service Corp.		300,000		1,023,326
Macronix International Co., Ltd.		6,071,170		1,748,107
Makalot Industrial Co., Ltd.		440,000		1,655,380
Masterlink Securities Corp.		2,025,472		640,104
Mayer Steel Pipe Corp. (a)(b)		1,590,234		638,168
Mercuries & Associates, Ltd. (a)		631,255		510,873
Merida Industry Co., Ltd. (b)		320,950		1,883,679
Micro-Star International Co., Ltd.		1,305,000		615,350
Microbio Co., Ltd. (b)		591,802		682,791
Mirle Automation Corp. (b)		925,195		655,936
Mitac International Corp. (b)		2,114,999		774,492
Motech Industries, Inc. (a)(b)		658,885		692,983
Nan Kang Rubber Tire Co., Ltd. (b)		1,213,204		1,432,191
Nantex Industry Co., Ltd. (b)		944,427		622,196
Neo Solar Power Corp. (a)(b)		661,064		498,520
Newmax Technology Co., Ltd.		123,232		378,319
Nien Hsing Textile Co., Ltd.		575,919		410,236
Novatek Microelectronics Corp.		888,572		3,848,176
Oriental Union Chemical Corp.		1,222,500		1,267,369
Pan-International Industrial Co., Ltd. (a)		675,388		564,658
PC Home Online (b)		206,845		892,334
Phison Electronics Corp.		208,837		1,606,304
Phytohealth Corp. (a)(b)		437,511		734,489
PixArt Imaging, Inc. (b)		209,060		458,635
Portwell, Inc.		575,000		567,260
Powertech Technology, Inc.		855,000		1,415,350
President Securities Corp. (a)		1,806,850		1,075,560
Prime Electronics Satellitics, Inc.		799,670		716,701
Prince Housing Development Corp. (b)		1,900,209		1,353,547
Promate Electronic Co., Ltd. (b)		863,000		787,891
Qisda Corp. (a)(b)		2,771,641		693,316
Radiant Opto-Electronics Corp. (b)		705,778		2,773,310
Radium Life Tech Co., Ltd.		1,200,351		1,095,881
Realtek Semiconductor Corp.		830,330		1,929,870
RichTek Technology Corp.		185,477		1,073,072
Ritek Corp. (a)(b)		5,353,596		687,495
Ruentex Development Co., Ltd. (b)		1,090,071		2,220,059
Ruentex Industries, Ltd.		961,767		2,212,844
Sampo Corp.		2,833,527		957,065
Sanyang Industry Co., Ltd. (a)		2,024,945		1,682,799
ScinoPharm Taiwan, Ltd.		348,620		842,914
Senao International Co., Ltd. (b)		234,911		750,238
Sercomm Corp.		642,000		931,788
Shih Wei Navigation Co., Ltd.		771,654		527,726
Shin Zu Shing Co., Ltd.		100,000		304,322
Shinkong Insurance Co., Ltd. (b)		900,841		626,620
Shinkong Synthetic Fibers Corp.		3,123,796		981,981
Sigurd Microelectronics Corp. (b)		1,086,694		1,122,944
Silicon Integrated Systems Corp. (a)		1,172,000		397,820
Silicon Motion Technology Corp. ADR		61,824		723,341
Simplo Technology Co., Ltd.		464,129		2,180,758
Sinbon Electronics Co., Ltd. (b)		831,000		790,635
Sinmag Bakery Machine Corp.		176,920		801,694
Sino-American Silicon Products, Inc. (b)		607,058		797,839
Sinon Corp. (b)		2,023,662		984,676
Sinphar Pharmaceutical Co., Ltd. (b)		513,136		658,956
Sintek Photronic Corp. (a)		1,449,000		449,201
Sinyi Realty Co. (b)		780,035		1,214,301
Soft-World International Corp.		234,848		398,973
Solar Applied Materials Technology Corp. (b)		580,090		681,888
Solartech Energy Corp. (a)		484,091		327,017
St. Shine Optical Co., Ltd.		130,000		2,599,783
Standard Foods Corp.		610,646		1,837,911
Sunonwealth Electric Machine Industry Co., Ltd. (b)		694,000		450,250
Sunrex Technology Corp.		624,000		267,108
Systex Corp. (a)		677,000		822,973
TA Chen Stainless Pipe		512,000		242,281
Ta Chong Bank Co., Ltd. (a)		3,102,067		1,151,507
Ta Ya Electric Wire & Cable (b)		2,175,650		519,493
Taichung Commercial Bank		3,172,772		1,124,701
Taiflex Scientific Co., Ltd. (b)		481,725		584,788
Tainan Enterprises Co., Ltd.		457,000		489,056
Tainan Spinning Co., Ltd. (b)		2,244,570		1,118,438
Taisun Enterprise Co., Ltd. (b)		1,615,549		826,617
Taiwan Acceptance Corp. (b)		547,000		1,375,617
Taiwan Business Bank (a)		5,814,420		1,845,292
Taiwan Cogeneration Corp. (b)		1,652,469		1,116,290
Taiwan Fire & Marine Insurance Co.		857,004		633,385
Taiwan Hon Chuan Enterprise Co., Ltd.		480,027		1,245,718
Taiwan Land Development Corp. (a)(b)		2,246,831		864,094
Taiwan Life Insurance Co., Ltd. (a)(b)		590,684		454,334
Taiwan Secom Co., Ltd.		510,726		1,149,464
Taiwan Surface Mounting Technology Co., Ltd. (b)		474,736		773,961
Taiyen Biotech Co., Ltd. (b)		1,209,000		1,202,834
Tatung Co., Ltd. (a)		4,103,691		1,033,385

See accompanying notes to financial statements.

211

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Teco Electric & Machinery Co., Ltd. (b)		3,127,838	$	2,520,889
Test-Rite International Co.		701,896		514,055
Thye Ming Industrial Co., Ltd.		825,164		874,766
Ton Yi Industrial Corp.		500,000		305,995
Tong Hsing Electronic Industries, Ltd. (b)		237,327		1,015,897
Tong Yang Industry Co., Ltd.		878,071		810,459
Topco Scientific Co., Ltd. (b)		478,647		869,176
Transcend Information, Inc. (b)		434,484		1,409,412
Tripod Technology Corp. (b)		826,353		1,818,377
TSRC Corp. (b)		1,101,170		2,172,696
TTY Biopharm Co., Ltd. (b)		313,579		1,028,747
Tung Ho Steel Enterprise Corp.		1,310,258		1,257,567
Tung Thih Electronic Co., Ltd.		261,753		612,748
TXC Corp.		678,120		1,017,095
U-Ming Marine Transport Corp.		774,000		1,208,789
Unimicron Technology Corp.		1,299,000		1,353,193
Unity Opto Technology Co., Ltd. (a)(b)		666,307		641,740
Unizyx Holding Corp.		1,520,694		739,941
UPC Technology Corp. (b)		1,850,789		981,022
USI Corp.		1,820,318		1,311,859
Ve Wong Corp. (b)		702,604		479,329
Via Technologies, Inc. (a)		683,031		463,691
Visual Photonics Epitaxy Co., Ltd. (b)		565,162		661,506
Wafer Works Corp. (b)		448,983		248,497
Wah Hong Industrial Corp.		288,083		411,375
Walsin Lihwa Corp. (a)		5,377,000		1,551,827
Wan Hai Lines, Ltd. (a)		1,944,320		1,033,850
Waterland Financial Holdings Co., Ltd.		4,395,299		1,491,925
Wei Chuan Food Corp. (b)		822,899		1,232,869
Weikeng Industrial Co., Ltd. (b)		876,628		649,354
Winbond Electronics Corp. (a)(b)		5,821,730		1,185,665
Wintek Corp. (a)(b)		2,118,859		1,098,313
Wistron NeWeb Corp.		480,124		817,267
WUS Printed Circuit Co., Ltd. (a)		1,147,000		487,147
Yageo Corp. (a)		2,200,000		709,238
Yang Ming Marine Transport Corp. (a)		2,192,788		1,015,638
Yieh Phui Enterprise Co., Ltd.		2,645,487		761,730
Young Fast Optoelectronics Co., Ltd.		243,959		471,560
Young Optics, Inc.		204,242		544,372
Yuen Foong Yu Paper Manufacturing Co., Ltd. (b)		3,325,941		1,651,709
Yungtay Engineering Co., Ltd.		756,000		1,516,930
Zenitron Corp. (b)		869,348		543,661
Zinwell Corp.		655,674		542,695
				246,845,298
THAILAND — 5.2%
Bangkok Chain Hospital PCL, NVDR		1,260,700		520,897
Bangkok Expressway PCL, NVDR		1,260,700		1,711,211
Bangkok Life Assurance PCL, NVDR		482,100		1,230,561
BTS Group Holdings PCL		2,990,100		959,773
Bumrungrad Hospital PCL		518,600		1,518,523
Dynasty Ceramic PCL		383,600		815,404
Electricity Generating PCL, NVDR		377,600		2,011,460
Esso Thailand PCL, NVDR		1,771,600		577,728
Hana Microelectronics PCL		5,047,884		4,309,274
Hemaraj Land and Development PCL, NVDR		7,368,000		1,071,801
Jasmine International PCL, NVDR		2,997,000		695,906
Kiatnakin Bank PCL, NVDR		380,500		896,517
LPN Development PCL, ADR		1,151,200		992,583
MBK PCL, NVDR		110,200		684,869
Minor International PCL		6,368,911		5,284,772
Precious Shipping PCL		721,100		448,148
Pruksa Real Estate PCL		839,000		859,484
Pruksa Real Estate PCL, NVDR		1,196,700		1,225,918
Siam Global House PCL, NVDR		1,220,193		870,822
Sri Trang Agro-Industry PCL, NVDR		885,800		490,011
Supalai PCL, NVDR		890,200		623,155
Thai Airways International PCL, NVDR		1,567,000		1,524,996
Thai Stanley Electric PCL, NVDR		99,400		824,798
Thai Tap Water Supply PCL		3,021,500		1,124,615
Thai Vegetable Oil PCL, NVDR		826,200		671,455
Thanachart Capital PCL		4,549,164		6,912,679
Thoresen Thai Agencies PCL (a)		3,729,272		2,368,600
Tisco Financial Group PCL (f)		173,700		329,191
Tisco Financial Group PCL (f)		513,730		973,605
True Corp. PCL (a)		5,285,900		1,480,088
True Corp. PCL, NVDR (a)		8,972,128		2,512,257
Vinythai PCL, NVDR		1,032,100		641,428
				47,162,529
TURKEY — 3.5%
Akfen Holding AS (a)		88,801		547,185
Akmerkez Gayrimenkul Yatirim Ortakligi AS		65,987		711,106
Albaraka Turk Katilim Bankasi (a)		3,052,188		3,339,780
Asya Katilim Bankasi AS (a)		1,507,809		1,983,192
Aygaz AS		222,918		1,336,646
Bursa Cimento Fabrikasi AS		70,948		201,532
Dogan Sirketler Grubu Holdings AS (a)		1,824,887		1,089,184
Dogan Yayin Holding AS (a)		1,732,935		794,880
GSD Holding (a)		890,978		551,476
Ihlas Holding (a)		1,339,314		606,929
Is Finansal Kiralama AS (a)		361,033		203,511
Ittifak Holding AS (a)		146,892		412,385
Izmir Demir Celik Sanayi AS (a)		261,681		448,307
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (b)		3,328,794		3,072,167
Koza Anadolu Metal Madencilik Isletmeleri AS (a)		241,187		690,439
NET Holding AS (a)		511,729		704,175
Petkim Petrokimya Holding AS (a)(b)		2,083,655		3,604,222
Sekerbank TAS (a)		1,806,499		2,126,468
Sinpas Gayrimenkul Yatirim Ortakligi AS		796,921		629,786
TAV Havalimanlari Holding AS (a)		307,828		2,126,471
Tekfen Holding AS		269,788		1,148,034
Torunlar Gayrimenkul Yatirim Ortakligi AS		367,027		772,795
Turkiye Sinai Kalkinma Bankasi AS		1,163,446		1,600,984

See accompanying notes to financial statements.

212

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Ulker Biskuvi Sanayi AS		358,175	$	2,701,900
				31,403,554
UNITED ARAB EMIRATES — 0.0% (e)
Exillon Energy PLC (a)		143,310		332,942
TOTAL COMMON STOCKS —
(Cost $955,149,506)				904,008,869
RIGHTS — 0.0% (e)
HONG KONG — 0.0% (e)
Li Ning Co., Ltd. (expiring 4/15/13) (a)		586,750		80,877
POLAND — 0.0%
Polimex-Mostostal SA (expired 12/31/12) (a)(d)		1,311,904		0
TOTAL RIGHTS —
(Cost $0)				80,877
WARRANTS — 0.0% (e)
THAILAND — 0.0% (e)
Thoresen Thai Agencies PCL (expiring 09/12/15) (a) (Cost $0)		532,753		137,350
SHORT TERM INVESTMENTS — 5.9%
UNITED STATES — 5.9%
MONEY MARKET FUNDS — 5.9%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		51,782,970		51,782,970
State Street Institutional Liquid Reserve Fund 0.13% (h)(i)		1,363,074		1,363,074
TOTAL SHORT TERM INVESTMENTS —
(Cost $53,146,044)				53,146,044
TOTAL INVESTMENTS — 106.0%
(Cost $1,008,295,550)				957,373,140
OTHER ASSETS & LIABILITIES — (6.0)%				(54,018,074	)
NET ASSETS — 100.0%			$	903,355,066

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs. (Note 2)
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Reflects seperate holdings of the issuer’s common stock traded on different securities exchanges.
(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.

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

213

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 7.7%
Abacus Property Group		293,475	$	657,819
Astro Japan Property Group		69,895		265,243
BGP Holdings PLC (a)		1,313,937		0
Bunnings Warehouse Property Trust		457,482		1,135,135
CFS Retail Property Trust Group		2,581,709		5,410,035
Charter Hall Retail REIT		298,293		1,215,952
Commonwealth Property Office Fund (b)		2,586,286		2,992,928
Dexus Property Group		5,320,457		5,768,714
Goodman Group		1,662,953		8,287,138
GPT Group		1,791,434		6,929,014
Investa Office Fund		675,136		2,153,820
Westfield Group		2,246,365		25,410,124
Westfield Retail Trust		3,343,562		10,527,204
				70,753,126
AUSTRIA — 0.7%
Atrium European Real Estate, Ltd.		192,680		1,113,391
CA Immobilien Anlagen AG (c)		80,177		1,056,835
IMMOFINANZ AG (c)		1,166,792		4,427,408
				6,597,634
BELGIUM — 0.3%
Befimmo Sicafi S.C.A.		17,364		1,105,602
Cofinimmo		16,977		1,947,843
				3,053,445
BRAZIL — 0.7%
BR Malls Participacoes SA		498,481		6,220,042
CANADA — 5.0%
Artis REIT		60,485		958,520
Boardwalk REIT		28,243		1,737,197
Brookfield Asset Management, Inc. (Class A)		615,753		22,485,788
Brookfield Office Properties, Inc. (d)		112,711		1,934,819
Brookfield Office Properties, Inc. (b)(d)		168,951		2,900,889
Calloway REIT		59,816		1,723,916
Canadian Apartment Properties REIT		54,958		1,364,281
Canadian REIT		36,764		1,626,959
Chartwell Retirement Residences		93,538		1,020,130
First Capital Realty, Inc. (b)		92,856		1,731,996
H&R REIT		104,590		2,407,953
Primaris Retail REIT		51,132		1,370,465
RioCan REIT		160,582		4,394,094
				45,657,007
CHINA — 1.4%
Hongkong Land Holdings, Ltd.		1,291,000		9,566,310
Kerry Properties, Ltd.		838,635		3,721,793
				13,288,103
FRANCE — 4.0%
Fonciere Des Regions		40,853		3,204,214
Gecina SA		28,980		3,368,538
Klepierre (b)		107,463		4,228,800
Mercialys SA		60,671		1,244,574
SILIC		9,546		1,019,867
Unibail-Rodamco SE		100,051		23,343,983
				36,409,976
GERMANY — 0.0% (e)
IVG Immobilien AG (c)		165,653		139,116
HONG KONG — 4.0%
Champion REIT (b)		3,305,462		1,716,039
Hang Lung Group, Ltd.		810,996		4,555,072
Hang Lung Properties, Ltd.		2,115,018		7,901,364
Hysan Development Co., Ltd.		677,731		3,422,421
Prosperity REIT		1,256,000		435,243
The Link REIT		2,505,662		13,653,778
Wheelock & Co., Ltd.		906,016		4,826,156
				36,510,073
ITALY — 0.1%
Beni Stabili SpA		918,333		548,460
JAPAN — 10.3%
Aeon Mall Co., Ltd.		87,500		2,654,223
Daibiru Corp.		64,500		754,627
Daiwa Office Investment Corp.		231		1,253,031
Frontier Real Estate Investment Corp.		262		2,953,840
Fukuoka REIT Corp.		131		1,191,289
Global One Real Estate Investment Co., Ltd.		104		786,471
Hankyu REIT, Inc.		89		618,134
Heiwa Real Estate Co., Ltd. (b)		40,200		785,871
Hulic Co., Ltd. (b)		339,100		2,787,963
Japan Excellent, Inc.		227		1,733,525
Japan Prime Realty Investment Corp.		907		3,603,111
Japan Real Estate Investment Corp. (b)		652		8,938,822
Japan Retail Fund Investment Corp.		2,273		5,613,599
Kenedix Realty Investment Corp.		311		1,521,591
Mitsui Fudosan Co., Ltd. (b)		966,000		27,114,167
Mori Hills REIT Investment Corp. (b)		226		1,685,024
Mori Trust Sogo REIT, Inc. (b)		200		2,169,751
Nippon Building Fund, Inc. (b)		758		10,480,749
Nomura Real Estate Office Fund, Inc.		315		2,365,348
NTT Urban Development Corp.		1,196		1,415,814
Orix JREIT, Inc.		1,740		2,452,138
Premier Investment Corp. (b)		218		1,184,833
Tokyu Land Corp. (b)		482,000		4,496,001
Tokyu REIT, Inc. (b)		177		1,329,100
Top REIT, Inc.		173		1,021,219
United Urban Investment Corp. (b)		2,520		4,090,108
				95,000,349
NETHERLANDS — 1.0%
Corio NV		105,756		4,942,485
Eurocommercial Properties NV		39,081		1,433,001
VastNed Retail NV		21,219		881,450
Wereldhave NV		23,839		1,650,886
				8,907,822
NEW ZEALAND — 0.4%
Argosy Property, Ltd.		753,772		622,186
Goodman Property Trust		1,115,682		977,014
Kiwi Income Property Trust		1,084,219		1,063,034

See accompanying notes to financial statements.

214

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Precinct Properties		890,901	$	772,706
				3,434,940
SINGAPORE — 3.9%
Ascendas REIT		2,020,969		4,235,466
Cambridge Industrial Trust		1,235,942		787,034
CapitaCommercial Trust (b)		2,230,682		2,849,936
CapitaLand, Ltd.		2,799,500		7,965,690
CapitaMall Trust		2,816,860		4,745,476
Frasers Commercial Trust		529,412		601,702
Global Logistic Properties, Ltd.		2,809,000		5,932,275
Guocoland, Ltd. (b)		372,999		697,532
Mapletree Logistics Trust		1,603,949		1,570,851
Singapore Land, Ltd.		95,000		712,155
Starhill Global REIT		1,524,524		1,093,686
Suntec REIT (b)		2,326,274		3,375,216
United Industrial Corp., Ltd.		380,000		934,225
				35,501,244
SOUTH AFRICA — 0.5%
Capital Property Fund		1,766,861		2,147,322
Fountainhead Property Trust		1,278,383		1,248,501
SA Corporate Real Estate Fund		1,577,579		742,840
Sycom Property Fund		138,485		433,065
				4,571,728
SPAIN — 0.0% (e)
Martinsa-Fadesa SA (a)(c)(f)		178		0
SWEDEN — 0.9%
Castellum AB (b)		189,506		2,704,731
Fabege AB (b)		154,571		1,583,271
Great Portland Estates PLC		378,925		2,853,304
Kungsleden AB		152,173		982,969
				8,124,275
SWITZERLAND — 1.0%
PSP Swiss Property AG (c)		42,048		3,840,912
Swiss Prime Site AG (c)		65,752		5,336,123
				9,177,035
UNITED KINGDOM — 4.6%
Big Yellow Group PLC		137,511		741,253
British Land Co. PLC		1,054,587		8,703,274
Capital & Counties Properties PLC		680,089		2,811,992
Derwent London PLC		94,417		3,085,270
Grainger PLC		464,161		957,126
Hammerson PLC		783,702		5,853,673
Intu Properties PLC		718,909		3,649,312
Land Securities Group PLC		854,044		10,750,668
Segro PLC		818,051		3,158,839
Shaftesbury PLC		276,491		2,441,358
Workspace Group PLC		117,521		612,440
				42,765,205
UNITED STATES — 53.2%
Acadia Realty Trust		56,359		1,565,089
Alexandria Real Estate Equities, Inc.		70,100		4,975,698
American Campus Communities, Inc.		115,120		5,219,541
Apartment Investment & Management Co. (Class A)		159,264		4,883,034
Ashford Hospitality Trust, Inc. (b)		69,141		854,583
AvalonBay Communities, Inc.		124,641		15,788,275
BioMed Realty Trust, Inc.		184,830		3,992,328
Boston Properties, Inc.		166,078		16,783,843
Brandywine Realty Trust		157,742		2,342,469
BRE Properties, Inc.		84,809		4,128,502
Camden Property Trust		92,923		6,381,952
CBL & Associates Properties, Inc.		177,655		4,192,658
Cedar Realty Trust, Inc. (b)		61,873		378,044
Colonial Properties Trust		91,378		2,066,057
CommonWealth REIT		130,030		2,917,873
Corporate Office Properties Trust		93,164		2,485,616
Cousins Properties, Inc. (b)		101,044		1,080,160
CubeSmart (b)		132,692		2,096,534
DCT Industrial Trust, Inc. (b)		300,625		2,224,625
DDR Corp. (b)		266,929		4,649,903
DiamondRock Hospitality Co.		214,822		1,999,993
Digital Realty Trust, Inc. (b)		136,920		9,161,317
Douglas Emmett, Inc.		144,302		3,597,449
Duke Realty Corp.		353,692		6,005,690
DuPont Fabros Technology, Inc. (b)		70,658		1,714,870
EastGroup Properties, Inc. (b)		33,041		1,922,986
Education Realty Trust, Inc.		123,786		1,303,467
Equity Lifestyle Properties, Inc.		42,875		3,292,800
Equity One, Inc.		67,955		1,628,881
Equity Residential		350,959		19,323,803
Essex Property Trust, Inc. (b)		41,668		6,274,367
Extra Space Storage, Inc.		113,128		4,442,537
Federal Realty Investment Trust		71,069		7,678,295
FelCor Lodging Trust, Inc. (c)		123,222		733,171
First Industrial Realty Trust, Inc.		106,860		1,830,512
First Potomac Realty Trust (b)		56,964		844,776
Forest City Enterprises, Inc. (Class A) (c)		151,309		2,688,761
Franklin Street Properties Corp. (b)		79,378		1,160,506
General Growth Properties, Inc.		493,325		9,807,301
Glimcher Realty Trust (b)		158,319		1,836,500
HCP, Inc.		496,788		24,769,850
Health Care REIT, Inc.		285,739		19,404,535
Healthcare Realty Trust, Inc.		96,046		2,726,746
Hersha Hospitality Trust		192,553		1,124,510
Highwoods Properties, Inc. (b)		87,336		3,455,886
Home Properties, Inc. (b)		56,561		3,587,099
Hospitality Properties Trust		150,287		4,123,875
Host Hotels & Resorts, Inc.		795,879		13,919,924
Inland Real Estate Corp. (b)		86,649		874,288
Kilroy Realty Corp. (b)		82,301		4,312,572
Kimco Realty Corp. (b)		446,478		10,001,107
Kite Realty Group Trust		80,575		543,076
LaSalle Hotel Properties		103,894		2,636,830
Liberty Property Trust		130,634		5,192,702
LTC Properties, Inc. (b)		33,615		1,369,139
Mack-Cali Realty Corp. (b)		91,789		2,626,083
Mid-America Apartment Communities, Inc. (b)		46,522		3,212,809
Parkway Properties, Inc.		42,931		796,370
Pebblebrook Hotel Trust (b)		67,618		1,743,868
Pennsylvania Real Estate Investment Trust		58,676		1,137,728

See accompanying notes to financial statements.

215

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

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Piedmont Office Realty Trust, Inc. (Class A) (b)		185,087	$	3,625,854
Post Properties, Inc.		59,954		2,823,833
ProLogis		507,068		20,272,579
PS Business Parks, Inc.		19,816		1,563,879
Public Storage		158,038		24,072,348
Ramco-Gershenson Properties Trust		60,993		1,024,682
Regency Centers Corp.		99,373		5,257,825
Rouse Properties, Inc. (b)		25,954		469,767
Saul Centers, Inc.		14,242		622,945
Senior Housing Properties Trust		206,023		5,527,597
Simon Property Group, Inc.		343,894		54,527,833
SL Green Realty Corp. (b)		99,953		8,606,953
Sovran Self Storage, Inc.		33,446		2,156,933
Sun Communities, Inc. (b)		35,109		1,731,927
Sunstone Hotel Investors, Inc. (c)		175,597		2,161,599
Tanger Factory Outlet Centers, Inc. (b)		103,613		3,748,718
Taubman Centers, Inc.		69,682		5,411,504
The Macerich Co.		150,351		9,679,597
UDR, Inc.		275,103		6,654,742
Universal Health Realty Income Trust (b)		14,147		816,423
Ventas, Inc.		319,916		23,417,851
Vornado Realty Trust		185,569		15,520,991
Washington Real Estate Investment Trust (b)		73,055		2,033,851
Weingarten Realty Investors (b)		123,084		3,883,300
				489,427,294
TOTAL COMMON STOCKS —
(Cost $771,355,032)				916,086,874
SHORT TERM INVESTMENTS — 8.0%
UNITED STATES — 8.0%
MONEY MARKET FUNDS — 8.0%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		73,376,793		73,376,793
State Street Institutional Liquid Reserve Fund 0.13% (h)(i)		482,423		482,423
TOTAL SHORT TERM INVESTMENTS —
(Cost $73,859,216)				73,859,216
TOTAL INVESTMENTS — 107.7%
(Cost $845,214,248)				989,946,090
OTHER ASSETS & LIABILITIES — (7.7)%				(70,892,658	)
NET ASSETS — 100.0%			$	919,053,432

(a)	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)
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Non-income producing security.
(d)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Company has filed for insolvency.
(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.

216

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 2.1%
Aristocrat Leisure, Ltd. (a)		7,687	$	29,332
Crown, Ltd.		6,970		89,379
Fairfax Media, Ltd. (a)		32,826		21,560
Tatts Group, Ltd.		19,642		64,914
				205,185
BELGIUM — 0.3%
S.A. D’Ieteren NV		685		31,358
CANADA — 5.1%
Canadian Tire Corp., Ltd. (Class A)		941		67,902
Gildan Activewear, Inc.		1,142		45,558
Lululemon Athletica, Inc. (b)		764		47,572
Magna International, Inc. (Class A)		1,693		99,502
Shaw Communications, Inc. (Class B) (a)		3,116		77,168
Thomson Reuters Corp. (a)		3,117		101,123
Tim Hortons, Inc.		1,045		56,789
				495,614
FINLAND — 0.6%
Nokian Renkaat Oyj		836		37,251
Sanoma Oyj (a)		2,125		19,524
				56,775
FRANCE — 9.5%
Accor SA		1,229		42,768
Christian Dior SA		282		46,858
Compagnie Generale des Etablissements Michelin		1,212		101,550
Havas SA		5,121		32,478
Hermes International		145		50,431
Lagardere SCA		971		35,816
LVMH Moet Hennessy Louis Vuitton SA		1,371		235,731
Peugeot SA (a)(b)		2,031		14,735
PPR		528		116,210
Publicis Groupe SA		776		52,125
Renault SA		1,178		73,932
Sodexo		878		81,965
Valeo SA		704		38,162
				922,761
GERMANY — 9.6%
Adidas AG		1,381		143,534
Bayerische Motoren Werke AG		1,959		169,322
Continental AG		402		48,147
Daimler AG		4,988		271,864
Porsche Automobil Holding SE Preference Shares		577		42,248
ProSiebenSat.1 Media AG Preference Shares		865		30,934
TUI AG (b)		2,041		21,939
Volkswagen AG		276		52,010
Volkswagen AG Preference Shares		770		153,257
				933,255
HONG KONG — 3.7%
Esprit Holdings, Ltd.		9,482		11,409
Galaxy Entertainment Group, Ltd. (b)		8,000		33,391
Giordano International, Ltd. (a)		60,000		59,825
Li & Fung, Ltd. (a)		46,000		63,406
Sands China, Ltd.		17,600		91,258
Shangri-La Asia, Ltd.		12,500		24,476
SJM Holdings, Ltd.		18,000		44,938
Skyworth Digital Holdings, Ltd.		2,058		1,381
Wynn Macau, Ltd. (a)(b)		11,600		30,783
				360,867
ITALY — 1.1%
Fiat SpA (b)		5,417		28,867
Lottomatica Group SpA		1,791		42,156
Mediaset SpA		6,129		12,537
Pirelli & C. SpA		2,618		27,516
				111,076
JAPAN — 34.4%
Aisin Seiki Co., Ltd.		1,700		62,380
Aoyama Trading Co., Ltd.		3,000		75,526
Asics Corp.		600		10,057
Benesse Holdings, Inc.		1,200		51,627
Bookoff Corp.		1,100		8,014
Bridgestone Corp.		4,700		158,466
Can Do Co., Ltd.		6		10,051
Casio Computer Co., Ltd. (b)		2,900		22,362
Denso Corp.		2,300		97,485
Dentsu, Inc.		2,300		68,276
Fast Retailing Co., Ltd.		588		191,685
Fuji Corp., Ltd.		2,300		14,237
Fuji Heavy Industries, Ltd.		6,000		93,236
GLOBERIDE, Inc.		6,000		7,786
Gunze, Ltd.		11,000		28,547
Honda Motor Co., Ltd.		8,000		302,489
Isetan Mitsukoshi Holdings, Ltd.		3,800		54,886
Isuzu Motors, Ltd.		12,000		70,836
Kappa Create Holdings Co., Ltd.		300		6,072
Kyoritsu Maintenance Co., Ltd.		200		5,665
Mazda Motor Corp. (b)		11,000		32,876
Mitsubishi Motors Corp. (b)		23,000		23,974
Namco Bandai Holdings, Inc.		2,900		51,356
Nikon Corp.		2,900		68,814
Nissan Motor Co., Ltd.		11,400		109,732
Nitori Holding Co., Ltd.		50		3,829
Oriental Land Co., Ltd.		200		32,589
Panasonic Corp. (b)		10,200		70,951
PARIS MIKI HOLDINGS, Inc.		3,000		16,018
Pioneer Corp. (b)		2,400		4,288
Rakuten, Inc.		4,700		47,840
Resorttrust, Inc.		3,000		83,950
Ringer Hut Co., Ltd.		800		10,083
Sanrio Co., Ltd.		200		8,924
Sanyo Housing Nagoya Co., Ltd.		1,300		18,915
Sega Sammy Holdings, Inc.		500		10,163
Sekisui Chemical Co., Ltd.		6,000		65,858
Sekisui House, Ltd.		6,000		81,621
Sharp Corp. (b)		6,000		17,358
Shimano, Inc.		1,200		101,468
Sony Corp.		5,300		92,561
Stanley Electric Co., Ltd.		1,800		31,723
Suminoe Textile Co., Ltd.		5,000		13,242
Sumitomo Forestry Co., Ltd.		5,000		53,818
Suzuki Motor Corp.		2,600		58,377
Tact Home Co., Ltd.		6		9,432

See accompanying notes to financial statements.

217

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Touei Housing Corp.		1,100	$	18,684
Toyobo Co., Ltd.		23,000		39,141
Toyota Industries Corp.		1,400		51,074
Toyota Motor Corp.		14,000		723,676
Yamada Denki Co., Ltd.		740		33,805
Yamaha Motor Co., Ltd.		1,200		16,465
				3,342,288
LUXEMBOURG — 0.7%
SES		2,125		66,717
NETHERLANDS — 1.8%
Reed Elsevier NV		5,943		101,994
Wolters Kluwer NV		3,399		74,352
				176,346
NORWAY — 0.6%
Schibsted ASA		1,314		58,575
SINGAPORE — 1.1%
Genting Singapore PLC (a)		36,000		43,382
Singapore Press Holdings, Ltd. (a)		18,000		65,001
				108,383
SOUTH KOREA — 5.5%
Coway Co., Ltd. (b)		290		12,759
Credu Corp.		199		7,289
Fila Korea, Ltd.		115		6,832
Gwangju Shinsegae Co., Ltd.		37		9,312
Hanil E-Wha Co., Ltd.		1,150		12,610
Hotel Shilla Co., Ltd.		180		8,898
Hyundai Department Store Co., Ltd.		61		9,129
Hyundai Engineering Plastics Co., Ltd.		1,610		7,727
Hyundai Mobis		299		82,638
Hyundai Motor Co.		1,138		229,114
Hyundai Wia Corp.		66		9,729
Kia Motors Corp.		1,211		60,517
LG Electronics, Inc. (a)		488		35,571
Lotte Shopping Co., Ltd.		65		23,894
Mando Corp.		56		5,889
Woongjin Chemical Co., Ltd. (b)		12,320		10,630
				532,538
SPAIN — 1.7%
Industria de Diseno Textil SA		1,158		153,754
NH Hoteles SA (b)		3,103		9,802
				163,556
SWEDEN — 2.6%
Electrolux AB (a)		2,886		73,592
Hennes & Mauritz AB (Class B)		4,988		178,746
				252,338
SWITZERLAND — 3.8%
Compagnie Financiere Richemont SA		2,720		213,992
The Swatch Group AG		258		150,395
				364,387
UNITED KINGDOM — 13.5%
British Sky Broadcasting Group PLC		7,889		105,775
Burberry Group PLC		3,139		63,346
Carnival PLC		1,579		55,241
Compass Group PLC		12,036		153,610
GKN PLC		10,912		43,826
Home Retail Group PLC		8,710		20,526
Informa PLC		6,017		48,104
ITV PLC		25,680		50,458
Kingfisher PLC		21,078		92,113
Marks & Spencer Group PLC		11,305		66,948
Next PLC		1,908		126,492
Pearson PLC		6,725		120,905
Reed Elsevier PLC		8,249		97,826
Tui Travel PLC		9,307		46,014
Whitbread PLC		2,150		83,837
WPP PLC		8,213		130,821
				1,305,842
UNITED STATES — 1.7%
Virgin Media, Inc.		3,262		159,740
TOTAL COMMON STOCKS —
(Cost $9,198,792)				9,647,601
SHORT TERM INVESTMENTS — 3.3%
UNITED STATES — 3.3%
MONEY MARKET FUNDS — 3.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		300,206		300,206
State Street Institutional Liquid Reserve Fund 0.13% (d)(e)		22,010		22,010
TOTAL SHORT TERM INVESTMENTS —
(Cost $322,216)				322,216
TOTAL INVESTMENTS — 102.7%
(Cost $9,521,008)				9,969,817
OTHER ASSETS & LIABILITIES — (2.7)%				(265,787	)
NET ASSETS — 100.0%			$	9,704,030

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Investments of cash collateral for securities loaned.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

218

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 7.4%
Coca-Cola Amatil, Ltd.		17,298	$	262,936
Shopping Centres Australasia Property Group (a)(b)		3,652		6,301
Treasury Wine Estates, Ltd.		20,090		119,176
Wesfarmers, Ltd.		29,008		1,215,740
Woolworths, Ltd.		31,425		1,107,032
				2,711,185
BELGIUM — 5.8%
Anheuser-Busch InBev NV		19,189		1,903,485
Anheuser-Busch InBev NV — VVPR Strip (a)(c)		2,040		0
Delhaize Group (b)		3,981		217,541
				2,121,026
CANADA — 2.1%
Alimentation Couche-Tard, Inc. (Class B)		2,233		121,019
Loblaw Cos., Ltd. (b)		6,509		273,827
Shoppers Drug Mart Corp. (b)		8,237		352,441
SunOpta, Inc. (a)(b)		3,077		22,154
				769,441
DENMARK — 0.9%
Carlsberg A/S (Class B) (b)		3,540		345,128
FINLAND — 0.4%
Kesko Oyj (Class B)		4,440		138,943
FRANCE — 8.6%
Carrefour SA		13,928		381,933
Casino Guichard-Perrachon SA		2,328		245,070
Danone		14,419		1,005,017
L’Oreal SA		5,637		895,398
Pernod — Ricard SA		5,075		633,499
				3,160,917
GERMANY — 2.6%
Beiersdorf AG		3,629		335,706
Henkel AG & Co. KGaA		244		19,301
Henkel AG & Co. KGaA Preference Shares		6,093		587,505
				942,512
GREECE — 0.2%
Coca Cola Hellenic Bottling Co. SA (a)		2,227		59,767
HONG KONG — 0.5%
Pacific Andes International Holdings, Ltd.		1,358,346		66,494
Vitasoy International Holdings, Ltd.		114,000		128,500
				194,994
IRELAND — 0.5%
Kerry Group PLC (Class A)		3,400		202,951
JAPAN — 13.1%
Aeon Co., Ltd.		20,805		268,858
Ajinomoto Co., Inc.		18,728		281,856
Asahi Breweries, Ltd.		16,982		406,217
Calbee, Inc.		200		16,231
FamilyMart Co., Ltd.		400		18,507
Fuji Oil Co., Ltd.		1,400		21,740
Fujicco Co., Ltd.		1,000		11,817
Hokuto Corp.		1,500		27,920
Japan Tobacco, Inc.		24,700		788,130
Kao Corp.		17,274		565,879
Kewpie Corp.		1,600		22,838
KEY Coffee, Inc.		1,700		27,610
Kikkoman Corp.		2,000		35,248
Kirin Holdings Co., Ltd.		19,739		317,226
Lawson, Inc.		3,724		287,162
Lion Corp.		2,000		11,019
MEIJI Holdings Co., Ltd.		1,500		69,639
Nichirei Corp.		37,388		223,087
Nippon Meat Packers, Inc.		1,000		16,496
Oenon Holdings, Inc.		61,000		161,551
Seven & I Holdings Co., Ltd.		18,877		625,419
Shiseido Co., Ltd.		15,193		214,434
Toyo Suisan Kaisha, Ltd.		1,000		30,632
Unicharm Corp.		2,200		130,334
UNY Group Holdings Co., Ltd.		15,000		118,539
Yakult Honsha Co., Ltd.		2,200		89,034
Yamazaki Baking Co., Ltd.		1,000		13,614
				4,801,037
LUXEMBOURG — 0.1%
Oriflame Cosmetics SA SDR (b)		1,127		38,480
NETHERLANDS — 7.8%
DE Master Blenders 1753 NV (a)		5,550		85,877
Heineken NV		7,637		576,632
Koninklijke Ahold NV		31,710		486,793
Unilever NV		42,298		1,735,631
				2,884,933
NORWAY — 0.3%
Marine Harvest (a)		113,502		105,377
SINGAPORE — 1.1%
Golden Agri-Resources, Ltd. (b)		247,075		115,511
Olam International, Ltd. (b)		58,590		81,231
Wilmar International, Ltd. (b)		76,000		211,349
				408,091
SOUTH KOREA — 2.3%
Able C&C Co., Ltd.		247		19,092
Amorepacific Corp.		41		36,003
AMOREPACIFIC Group		37		13,236
Binggrae Co., Ltd.		180		21,275
CJ CheilJedang Corp.		141		44,166
Crown Confectionery Co., Ltd.		100		23,773
Dae Han Flour Mills Co., Ltd.		180		21,355
Daesang Corp.		880		29,818
Dongsuh Co., Inc.		1,061		23,221
Dongwon Industries Co., Ltd.		72		18,929
E-Mart Co., Ltd.		378		74,744
KT&G Corp.		2,257		155,389
LG Household & Health Care, Ltd.		194		107,410
Lotte Confectionery Co., Ltd.		16		26,331
Lotte Samkang Co., Ltd.		49		37,699
Maeil Dairy Industry Co., Ltd.		658		24,011
Namyang Dairy Products Co., Ltd.		18		17,278
NongShim Co., Ltd.		68		19,069

See accompanying notes to financial statements.

219

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
ORION Corp.		77	$	74,952
Ottogi Corp.		85		24,829
Sajo Industries Co., Ltd. (a)		360		16,825
				829,405
SPAIN — 0.5%
Ebro Puleva SA		9,843		195,910
SWEDEN — 1.0%
Svenska Cellulosa AB		794		20,467
Svenska Cellulosa AB (Class B)		4,888		126,297
Swedish Match AB		7,707		239,792
				386,556
SWITZERLAND — 15.7%
Lindt & Spruengli AG (a)		72		277,751
Nestle SA		75,815		5,496,277
				5,774,028
UNITED KINGDOM — 28.2%
British American Tobacco PLC		44,024		2,357,739
Diageo PLC		59,369		1,870,590
Imperial Tobacco Group PLC		23,060		805,006
J Sainsbury PLC		41,515		238,601
Reckitt Benckiser Group PLC		16,123		1,155,060
SABMiller PLC		20,172		1,061,030
Tate & Lyle PLC		18,083		233,394
Tesco PLC		185,734		1,076,077
Unilever PLC		30,893		1,305,960
William Morrison Supermarkets PLC		63,079		264,551
				10,368,008
TOTAL COMMON STOCKS —
(Cost $32,860,085)				36,438,689
SHORT TERM INVESTMENTS — 1.4%
UNITED STATES — 1.4%
MONEY MARKET FUNDS — 1.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		397,960		397,960
State Street Institutional Liquid Reserves Fund 0.13% (e)(f)		134,788		134,788
TOTAL SHORT TERM INVESTMENTS —
(Cost $532,748)				532,748
TOTAL INVESTMENTS — 100.5%
(Cost $33,392,833)				36,971,437
OTHER ASSETS & LIABILITIES — (0.5)%				(198,308	)
NET ASSETS — 100.0%			$	36,773,129

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)	Investments of cash collateral for securities loaned.
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

220

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 5.8%
Aurora Oil & Gas, Ltd. (a)(b)		2,651	$	9,121
Karoon Gas Australia, Ltd. (a)		1,394		7,441
Linc Energy, Ltd. (a)(b)		4,351		10,161
Origin Energy, Ltd.		9,667		133,840
Paladin Energy, Ltd. (a)(b)		7,807		8,058
Santos, Ltd.		11,649		150,958
Whitehaven Coal, Ltd. (b)		3,289		7,269
Woodside Petroleum, Ltd.		5,982		223,393
WorleyParsons, Ltd.		3,225		83,013
				633,254
AUSTRIA — 0.6%
OMV AG		1,597		68,032
BERMUDA — 0.9%
Seadrill, Ltd.		2,693		97,747
CANADA — 28.8%
ARC Resources, Ltd. (b)		2,393		63,220
Athabasca Oil Corp. (a)		4,758		42,571
Baytex Energy Corp. (b)		972		40,728
Bonavista Energy Corp. (b)		2,780		40,881
Cameco Corp.		4,729		98,122
Canadian Natural Resources, Ltd.		9,618		308,340
Canadian Oil Sands, Ltd.		3,983		82,095
Cenovus Energy, Inc.		6,912		214,038
Chinook Energy, Inc. (a)		8,978		10,163
Crescent Point Energy Corp. (b)		2,897		109,356
Enbridge, Inc.		7,261		338,053
EnCana Corp.		8,260		160,655
Enerplus Corp. (b)		2,628		38,387
Gran Tierra Energy, Inc. (a)		1,957		11,423
Husky Energy, Inc. (b)		2,979		85,504
Imperial Oil, Ltd. (b)		2,129		87,008
Kelt Exploration, Ltd. (a)(b)		50		327
Keyera Corp. (b)		500		28,097
MEG Energy Corp. (a)		1,060		34,024
Niko Resources, Ltd.		889		5,592
Pacific Rubiales Energy Corp.		2,518		53,138
Paramount Resources, Ltd. (a)		300		11,073
Pembina Pipeline Corp. (b)		2,400		75,831
Pengrowth Energy Corp. (b)		4,200		21,415
Penn West Petroleum, Ltd.		3,154		33,937
PetroBakken Energy, Ltd.		1,353		11,759
Petrobank Energy & Resources, Ltd. (a)		1,225		844
Petrominerales, Ltd. (b)		1,800		10,949
Peyto Exploration & Development Corp. (b)		1,100		29,169
Precision Drilling Corp. (b)		4,802		44,383
ShawCor, Ltd. (Class A)		500		21,197
Suncor Energy, Inc.		13,918		417,013
Talisman Energy, Inc. (b)		9,014		110,196
Tourmaline Oil Corp. (a)		1,060		40,983
TransCanada Corp. (b)		6,950		331,783
Trican Well Service, Ltd. (b)		2,301		33,747
Trilogy Energy Corp.		400		11,536
Uranium One, Inc. (a)		5,549		15,293
Vermilion Energy, Inc. (b)		1,634		84,599
				3,157,429
FINLAND — 0.2%
Neste Oil Oyj		1,284		18,137
FRANCE — 10.3%
Bourbon SA		870		24,114
Compagnie Generale de Geophysique-Veritas (a)		2,107		47,537
Technip SA		1,003		103,010
Total SA		19,811		950,285
				1,124,946
ITALY — 5.4%
ENI SpA		22,397		504,163
Saipem SpA		2,421		74,580
Saras SpA (a)		9,858		11,994
				590,737
JAPAN — 3.1%
Cosmo Oil Co., Ltd. (a)		4,000		8,424
Idemitsu Kosan Co., Ltd.		300		25,910
Inpex Corp.		20		106,360
Japan Petroleum Exploration Co.		200		7,945
JX Holdings, Inc.		27,997		155,142
Showa Shell Sekiyu K.K.		1,500		11,104
TonenGeneral Sekiyu K.K.		3,000		29,483
				344,368
LUXEMBOURG — 1.3%
Subsea 7 SA (b)		2,594		60,708
Tenaris SA (b)		4,194		85,361
				146,069
NETHERLANDS — 10.3%
Fugro NV		463		25,672
Royal Dutch Shell PLC (Class A)		32,496		1,050,524
SBM Offshore NV (a)		3,335		55,287
				1,131,483
NORWAY — 3.4%
Aker Solutions ASA		2,946		54,854
DNO International ASA (a)		5,418		9,382
Golar LNG, Ltd.		260		9,610
Kvaerner ASA		4,946		10,261
Petroleum Geo-Services ASA		2,693		41,555
StatoilHydro ASA		9,188		222,434
TGS Nopec Geophysical Co. ASA		534		20,142
				368,238
PAPUA NEW GUINEA — 1.0%
Oil Search, Ltd.		13,800		106,897
PORTUGAL — 0.3%
Galp Energia SGPS SA (Class B)		2,201		34,537
SINGAPORE — 0.1%
Ezion Holdings, Ltd.		6,000		10,495
SOUTH KOREA — 1.2%
GS Holdings		425		24,485
Hankook Shell Oil Co., Ltd.		35		10,066
S-Oil Corp.		342		28,649

See accompanying notes to financial statements.

221

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
SK Innovation Co., Ltd.		453	$	65,959
				129,159
SPAIN — 1.4%
Repsol YPF SA		7,724		157,206
SWEDEN — 0.3%
Lundin Petroleum AB (a)		1,602		34,740
UNITED KINGDOM — 25.0%
Afren PLC (a)		9,020		19,421
AMEC PLC		4,642		74,434
BG Group PLC		28,920		495,784
BP PLC		160,131		1,118,252
Cairn Energy PLC (a)		6,734		27,966
John Wood Group PLC		1,348		17,736
Ophir Energy PLC (a)		3,691		25,955
Petrofac, Ltd.		1,227		26,699
Premier Oil PLC (a)		5,155		30,426
Royal Dutch Shell PLC (Class B)		22,216		737,086
Tullow Oil PLC		8,844		165,313
				2,739,072
TOTAL COMMON STOCKS —
(Cost $12,811,378)				10,892,546
SHORT TERM INVESTMENTS — 6.6%
UNITED STATES — 6.6%
MONEY MARKET FUNDS — 6.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		715,413		715,413
State Street Institutional Liquid Reserve Fund 0.13% (d)(e)		2,624		2,624
TOTAL SHORT TERM INVESTMENTS —
(Cost $718,037)				718,037
TOTAL INVESTMENTS — 106.0%
(Cost $13,529,415)				11,610,583
OTHER ASSETS & LIABILITIES — (6.0)%				(658,291	)
NET ASSETS — 100.0%			$	10,952,292

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Investments of cash collateral for securities loaned.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

222

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 13.9%
AMP, Ltd.		5,339	$	29,000
ASX, Ltd.		643		24,260
Australia & New Zealand Banking Group, Ltd.		6,262		186,257
Commonwealth Bank of Australia		3,328		235,968
Macquarie Group, Ltd.		1,384		53,603
National Australia Bank, Ltd.		4,758		152,980
QBE Insurance Group, Ltd.		3,432		48,339
Stockland		15,641		59,519
Westfield Group		7,616		86,150
Westfield Retail Trust		5,042		15,875
Westpac Banking Corp.		6,501		208,479
				1,100,430
AUSTRIA — 0.6%
Erste Group Bank AG (a)		894		24,946
Sparkassen Immobilien AG		4,411		26,553
				51,499
BELGIUM — 0.5%
Ageas		712		24,123
Dexia SA (a)(b)		4,264		274
Groupe Bruxelles Lambert SA		216		16,545
				40,942
BERMUDA — 0.7%
Lancashire Holdings, Ltd.		4,200		51,594
CANADA — 12.8%
Bank of Montreal		1,676		105,481
Bank of Nova Scotia (b)		2,495		145,164
Brookfield Asset Management, Inc. (Class A) (b)		2,353		85,926
Canadian Imperial Bank of Commerce (b)		774		60,704
IGM Financial, Inc. (b)		1,198		53,972
Manulife Financial Corp. (b)		4,739		69,782
National Bank of Canada (b)		792		58,163
Power Corp. of Canada (b)		789		21,202
Royal Bank of Canada (b)		3,296		198,548
Sun Life Financial, Inc. (b)		2,076		56,643
The Toronto-Dominion Bank		1,866		155,349
				1,010,934
DENMARK — 0.9%
Danske Bank A/S (a)		2,840		50,876
Sydbank A/S (a)		1,188		24,372
				75,248
FINLAND — 1.1%
Pohjola Bank PLC (b)		3,436		50,034
Technopolis Oyj		7,391		35,495
				85,529
FRANCE — 4.5%
AXA SA		4,882		84,067
BNP Paribas		2,878		147,973
Credit Agricole SA (a)		2,754		22,725
Societe Generale (a)		1,325		43,608
Unibail-Rodamco SE		239		55,764
				354,137
GERMANY — 5.4%
Allianz SE		1,240		168,702
Commerzbank AG (a)(b)		3,360		4,940
Deutsche Bank AG		2,195		85,728
Deutsche Beteiligungs AG (b)		1,667		40,275
Deutsche Boerse AG		256		15,531
Muenchener Rueckversicherungs- Gesellschaft AG		581		108,851
				424,027
HONG KONG — 6.7%
AIA Group, Ltd.		11,000		48,179
Bank of East Asia, Ltd. (b)		12,979		51,163
Cheung Kong Holdings, Ltd.		7,967		117,617
Hang Lung Properties, Ltd.		8,922		33,331
Hong Kong Exchanges and Clearing, Ltd. (b)		2,603		44,330
New World Development Co., Ltd.		23,371		39,561
Sun Hung Kai Properties, Ltd.		7,228		97,396
The Link REIT		4,445		24,221
Wharf Holdings, Ltd.		7,933		70,718
				526,516
ITALY — 2.0%
Assicurazioni Generali SpA		3,331		51,927
Banca Monte dei Paschi di Siena SpA (a)		21,407		5,085
Banca Popolare dell’Etruria e del Lazio		6,503		3,110
Banco Popolare Societa Cooperativa (a)		6,882		8,691
Intesa Sanpaolo SpA		19,338		28,358
UBI Banca ScPA		3,285		12,123
UniCredit SpA (a)		11,348		48,525
				157,819
JAPAN — 15.8%
Chuo Mitsui Trust Holdings, Inc.		14,933		70,361
Daiwa Securities Group, Inc.		7,900		55,120
Mitsubishi Estate Co., Ltd.		7,000		193,278
Mitsubishi UFJ Financial Group, Inc.		28,649		170,029
Mizuho Financial Group, Inc.		41,525		87,891
MS&AD Insurance Group Holdings, Inc.		1,686		37,048
NKSJ Holdings, Inc.		1,500		31,334
Nomura Holdings, Inc.		11,196		68,710
ORIX Corp.		3,970		50,290
Resona Holdings, Inc.		4,156		21,571
Sumitomo Mitsui Financial Group, Inc.		3,269		131,254
T&D Holdings, Inc.		3,300		39,872
The Bank of Yokohama, Ltd.		6,000		34,780
The Dai-ichi Life Insurance Co., Ltd.		23		30,945
The Shizuoka Bank, Ltd.		8,000		90,194
Tokai Tokyo Financial Holdings, Inc.		8,922		64,813
Tokio Marine Holdings, Inc.		2,479		69,872
				1,247,362
NETHERLANDS — 1.1%
Aegon NV		4,479		26,980
ING Groep NV (a)		7,997		56,859
				83,839
NEW ZEALAND — 0.8%
Precinct Properties		68,938		59,792

See accompanying notes to financial statements.

223

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares			Value
NORWAY — 0.4%
SpareBank 1 SR Bank ASA		4,136		$	35,457
PORTUGAL — 0.0% (c)
BANIF — Banco Internacional do Funchal SA (a)		8,326			1,304
SINGAPORE — 3.0%
CapitaLand, Ltd. (b)		8,922			25,387
Hong Leong Finance, Ltd.		15,867			35,556
Oversea-Chinese Banking Corp., Ltd.		6,366	��		54,649
United Overseas Bank, Ltd.		7,355			120,824
					236,416
SOUTH KOREA — 0.8%
KB Financial Group, Inc. ADR (a)		771			25,818
Shinhan Financial Group Co., Ltd. ADR (a)		959			34,903
					60,721
SPAIN — 3.5%
Banco Bilbao Vizcaya Argentaria SA		11,611			100,834
Banco de Sabadell SA (a)(b)		12,109			22,266
Banco Popular Espanol SA (a)		19,497			14,471
Banco Santander SA		19,541			131,535
Bolsas y Mercados Espanoles (b)		470			11,564
					280,670
SWEDEN — 3.6%
Investor AB		1,229			35,574
Kinnevik Investment AB (Class B)		720			17,485
Nordea Bank AB		8,087			91,790
Skandinaviska Enskilda Banken AB (Class A) (b)		6,350			63,920
Svenska Handelsbanken AB (Class A) (b)		1,785			76,457
					285,226
SWITZERLAND — 6.0%
Credit Suisse Group AG (a)		2,896			76,181
GAM Holding AG (a)		983			16,661
Julius Baer Group, Ltd. (a)		886			34,534
Swiss Re AG (a)		1,279			104,270
UBS AG (a)		8,085			124,227
Valiant Holding AG (a)		56			4,997
Zurich Insurance Group AG (a)		405			112,996
					473,866
UNITED KINGDOM — 15.1%
Aviva PLC		8,413			37,839
Barclays PLC		25,999			114,941
British Land Co. PLC		4,527			37,360
HSBC Holdings PLC		38,316			408,721
Land Securities Group PLC		4,022			50,629
Lloyds Banking Group PLC (a)		90,673			67,038
Man Group PLC		6,730			9,110
Old Mutual PLC		11,041			33,983
Provident Financial PLC		2,509			59,585
Prudential PLC		7,900			127,755
Resolution, Ltd.		4,331			17,921
Royal Bank of Scotland Group PLC (a)		4,751			19,875
RSA Insurance Group PLC		22,685			40,095
Standard Chartered PLC		4,097			105,976
Standard Life PLC		11,404			63,257
					1,194,085
TOTAL COMMON STOCKS —
(Cost $8,678,115)					7,837,413
SHORT TERM INVESTMENTS — 5.2%
UNITED STATES — 5.2%
MONEY MARKET FUNDS — 5.2%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		396,636			396,636
State Street Institutional Liquid Reserves Fund 0.13% (e)(f)		13,774			13,774
TOTAL SHORT TERM INVESTMENTS —
(Cost $410,410)					410,410
TOTAL INVESTMENTS — 104.4%
(Cost $9,088,525)					8,247,823
OTHER ASSETS & LIABILITIES — (4.4)%					(347,668	)
NET ASSETS — 100.0%				$	7,900,155

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(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.

224

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 4.9%
Ansell, Ltd. (a)		3,303	$	55,337
Cochlear, Ltd.		2,274		161,330
CSL, Ltd.		14,536		897,601
Mesoblast, Ltd. (a)(b)		4,463		28,615
Primary Health Care, Ltd. (a)		11,545		59,700
Ramsay Health Care, Ltd.		6,547		220,466
Sigma Pharmaceuticals, Ltd.		33,032		25,484
Sonic Healthcare, Ltd.		14,499		210,565
				1,659,098
BELGIUM — 1.1%
ThromboGenics NV (b)		3,845		185,596
UCB SA		2,909		186,025
				371,621
CANADA — 2.9%
Catamaran Corp. (b)		5,885		311,816
CML HealthCare, Inc. (a)		2,551		18,230
Valeant Pharmaceuticals International, Inc. (b)		8,419		631,953
				961,999
DENMARK — 5.8%
Coloplast A/S (Class B)		4,705		253,586
GN Store Nord A/S		5,566		99,230
H. Lundbeck A/S		4,445		82,001
Novo Nordisk A/S (Class B)		8,800		1,432,435
William Demant Holding (a)(b)		1,110		93,171
				1,960,423
FINLAND — 0.4%
Orion Oyj (Class A)		1,208		31,505
Orion Oyj (Class B) (a)		3,859		101,535
				133,040
FRANCE — 9.9%
bioMerieux		623		58,856
Essilor International SA		6,531		727,525
Orpea		822		34,289
Sanofi		24,217		2,465,062
Virbac SA		127		29,305
				3,315,037
GERMANY — 9.8%
Bayer AG		16,660		1,721,502
Celesio AG		3,876		72,916
Fresenius Medical Care AG & Co. KGaA		5,846		395,235
Fresenius SE		3,656		452,050
Gerresheimer AG		1,887		108,615
Merck KGaA		2,342		353,966
Rhoen-Klinikum AG		3,547		75,403
Stada Arzneimittel AG		2,950		120,992
				3,300,679
IRELAND — 0.8%
Elan Corp. PLC (b)		21,596		248,723
United Drug PLC		6,474		26,670
				275,393
ISRAEL — 3.2%
Teva Pharmaceutical Industries, Ltd.		26,993		1,063,603
ITALY — 0.2%
DiaSorin SpA (a)		754		26,432
Recordati SpA		2,936		26,617
Sorin SpA (b)		9,217		23,695
				76,744
JAPAN — 17.1%
Alfresa Holdings Corp.		1,500		81,206
Astellas Pharma, Inc.		13,400		721,166
Chugai Pharmaceutical Co., Ltd.		6,025		136,687
Daiichi Sankyo Co., Ltd.		18,500		357,131
Dainippon Sumitomo Pharma Co., Ltd.		4,900		91,465
Eisai Co., Ltd.		8,300		370,772
Hisamitsu Pharmaceutical Co., Inc.		2,300		125,739
Kaken Pharmaceutical Co., Ltd.		2,000		36,673
Kissei Pharmaceutical Co., Ltd.		1,200		25,271
KYORIN Holdings, Inc.		1,800		43,995
Kyowa Hakko Kirin Co., Ltd.		15,422		176,167
M3, Inc.		6		11,608
Medipal Holdings Corp.		8,400		118,915
Miraca Holdings, Inc.		1,700		82,903
Mitsubishi Tanabe Pharma Corp.		7,100		109,120
Mochida Pharmaceutical Co., Ltd.		2,000		25,846
Nichi-iko Pharmaceutical Co., Ltd.		1,100		25,026
Nihon Kohden Corp.		1,300		45,352
Nikkiso Co., Ltd.		2,000		24,399
Nippon Shinyaku Co., Ltd.		2,000		28,419
Nipro Corp.		3,400		30,268
Olympus Corp. (b)		7,800		183,427
Ono Pharmaceutical Co., Ltd.		3,300		201,117
Otsuka Holdings Co., Ltd.		14,900		522,974
Rohto Pharmaceutical Co., Ltd.		3,000		41,098
Santen Pharmaceutical Co., Ltd.		2,300		108,860
Sawai Pharmaceutical Co., Ltd.		400		47,734
Shionogi & Co., Ltd.		8,100		167,393
Ship Healthcare Holdings, Inc.		1,000		34,833
Suzuken Co., Ltd.		1,900		70,730
Sysmex Corp.		2,300		141,640
Taisho Pharmaceutical Holdings Co., Ltd.		1,400		101,553
Takeda Pharmaceutical Co., Ltd.		21,200		1,134,184
Terumo Corp.		5,200		223,995
Toho Holdings Co., Ltd.		1,900		43,974
Tsumura & Co.		1,600		59,136
				5,750,776
LUXEMBOURG — 0.2%
Eurofins Scientific		223		46,905
NETHERLANDS — 0.6%
QIAGEN NV (b)		9,069		189,356
NEW ZEALAND — 0.4%
Fisher & Paykel Healthcare Corp., Ltd.		41,343		90,771
Ryman Healthcare, Ltd.		11,444		48,334
				139,105
NORWAY — 0.1%
Algeta ASA (b)		1,220		41,102

See accompanying notes to financial statements.

225

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
SINGAPORE — 0.1%
Biosensors International Group, Ltd. (b)		39,000	$	41,025
SPAIN — 0.9%
Grifols SA (b)		6,737		250,229
Grifols SA (Class B) (b)		1,631		46,872
				297,101
SWEDEN — 1.6%
Elekta AB (Class B)		13,224		201,248
Getinge AB (Class B) (a)		6,590		201,694
Meda AB (Class A)		9,995		118,750
				521,692
SWITZERLAND — 24.4%
Actelion, Ltd. (b)		3,274		178,230
Galenica AG		182		110,032
Lonza Group AG (b)		1,887		122,751
Nobel Biocare Holding AG (a)(b)		4,833		48,486
Novartis AG		54,522		3,883,530
Roche Holding AG (c)		820		192,411
Roche Holding AG (c)		14,642		3,417,162
Sonova Holding AG (b)		1,433		172,363
Straumann Holding AG (a)		403		54,431
Tecan Group AG (b)		307		28,854
				8,208,250
UNITED KINGDOM — 14.7%
AstraZeneca PLC		29,252		1,465,563
BTG PLC (b)		9,427		51,074
Dechra Pharmaceuticals PLC		2,496		28,406
Genus PLC		6,133		146,954
GlaxoSmithKline PLC		100,337		2,344,009
Hikma Pharmaceuticals PLC		3,962		62,206
Shire PLC		16,145		491,288
Smith & Nephew PLC		29,189		336,848
Synergy Health PLC		1,673		25,860
				4,952,208
TOTAL COMMON STOCKS —
(Cost $28,869,147)				33,305,157
SHORT TERM INVESTMENTS — 1.0%
UNITED STATES — 1.0%
MONEY MARKET FUNDS — 1.0%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		333,557		333,557
State Street Institutional Liquid Reserves Fund 0.13% (d)(f)		7,164		7,164
TOTAL SHORT TERM INVESTMENTS —
(Cost $340,721)				340,721
TOTAL INVESTMENTS — 100.1%
(Cost $29,209,868)				33,645,878
OTHER ASSETS & LIABILITIES — (0.1)%				(19,924	)
NET ASSETS — 100.0%			$	33,625,954

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	Investments of cash collateral for securities loaned.
(f)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

226

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 4.4%
Bradken, Ltd. (a)		4,240	$	28,777
Brambles, Ltd.		8,011		70,740
GWA International, Ltd. (a)		26,882		70,625
Leighton Holdings, Ltd.		1,956		41,886
Qantas Airways, Ltd. (b)		16,794		31,253
Seek, Ltd. (a)		6,501		68,454
Toll Holdings, Ltd.		9,126		56,420
Transurban Group		17,312		115,150
				483,305
AUSTRIA — 0.5%
Andritz AG		376		25,271
Zumtobel AG		2,658		30,718
				55,989
CANADA — 4.5%
Bombardier, Inc. (Class B)		7,617		30,215
CAE, Inc.		4,562		44,589
Canadian National Railway Co. (a)		2,263		227,425
Canadian Pacific Railway, Ltd. (a)		722		94,191
SNC-Lavalin Group, Inc.		1,432		59,933
Toromont Industries, Ltd.		1,627		37,330
				493,683
DENMARK — 1.3%
A P Moller — Maersk A/S		9		70,382
FLSmidth & Co. A/S (a)		549		33,296
NKT Holding A/S (a)		768		28,521
Vestas Wind Systems A/S (b)		1,675		13,416
				145,615
FINLAND — 3.0%
Kone Oyj (Class B)		1,956		154,092
Metso Oyj		1,293		55,107
Wartsila Oyj (a)		1,813		81,599
YIT Oyj		1,876		39,146
				329,944
FRANCE — 6.7%
Air France-KLM (a)(b)		2,718		25,688
Alstom SA		1,437		58,587
Bouygues SA		1,236		33,584
Bureau Veritas SA		278		34,663
Compagnie de Saint-Gobain		2,215		82,256
Eiffage SA		594		25,178
Legrand SA		1,264		55,218
Safran SA		1,092		48,791
Schneider Electric SA		2,825		206,772
Vallourec SA (a)		743		35,778
Vinci SA		3,060		138,097
				744,612
GERMANY — 8.7%
Brenntag AG		264		41,290
Deutsche Lufthansa AG		3,208		62,759
Deutsche Post AG		4,980		114,947
GEA Group AG		1,743		57,544
Hochtief AG (b)		557		36,291
Kloeckner & Co. SE (b)		1,478		20,972
MAN SE		712		76,681
Pfeiffer Vacuum Technology AG		457		50,497
SGL Carbon AG		824		32,489
Siemens AG		4,291		463,011
				956,481
GREECE — 0.1%
DryShips, Inc. (b)		7,620		15,545
HONG KONG — 3.1%
Cathay Pacific Airways, Ltd.		17,000		29,083
Hopewell Highway Infrastructure, Ltd.		131,500		65,219
Hutchison Whampoa, Ltd.		14,000		145,904
MTR Corp., Ltd.		7,000		27,819
Noble Group, Ltd.		39,131		38,323
Pacific Basin Shipping, Ltd.		57,000		33,851
				340,199
IRELAND — 0.3%
DCC PLC		926		32,640
ITALY — 1.2%
Ansaldo STS SpA		2,501		25,050
Atlantia SpA		1,659		26,246
Autostrada Torino-Milano SpA		1,799		21,057
Fiat Industrial SpA		4,265		48,030
Finmeccanica SpA (b)		2,978		14,340
				134,723
JAPAN — 28.1%
Asahi Glass Co., Ltd.		8,000		54,882
Central Japan Railway Co.		1,000		105,509
Dai Nippon Printing Co., Ltd.		3,000		28,271
Daikin Industries, Ltd.		1,700		66,720
East Japan Railway Co.		1,800		147,798
FANUC Corp.		1,000		154,116
Furukawa Electric Co., Ltd.		10,000		22,336
Futaba Corp.		1,800		19,049
Hankyu Hanshin Holdings, Inc.		10,000		60,519
IHI Corp.		24,000		73,006
ITOCHU Corp.		9,400		113,076
JGC Corp.		3,000		75,909
Kajima Corp.		15,000		40,842
Kamigumi Co., Ltd.		3,000		27,920
Kawasaki Heavy Industries, Ltd.		18,000		56,477
Kawasaki Kisen Kaisha, Ltd. (b)		10,000		21,166
Keikyu Corp.		3,000		31,429
Kintetsu Corp.		9,000		41,736
Kokuyo Co., Ltd.		6,600		50,683
Komatsu, Ltd.		5,500		131,562
Kubota Corp.		7,000		99,617
LIXIL Group Corp.		1,400		27,666
Makita Corp.		700		31,828
Marubeni Corp.		10,000		74,771
Meitic Corp.		100		2,492
MISUMI Group, Inc.		2,600		71,734
Mitsubishi Corp.		8,200		152,017
Mitsubishi Electric Corp.		10,000		80,515
Mitsubishi Heavy Industries, Ltd.		24,000		136,567
Mitsui & Co., Ltd.		9,800		136,858
Mitsui OSK Lines, Ltd. (b)		9,000		29,579
Nidec Corp.		600		35,929
Nippon Sheet Glass Co., Ltd. (b)		10,000		11,274

See accompanying notes to financial statements.

227

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Nippon Yusen K.K.		10,000	$	25,846
Odakyu Electric Railway Co., Ltd.		3,000		37,364
Park24 Co., Ltd.		600		11,768
Secom Co., Ltd.		2,200		113,486
SMC Corp.		300		58,009
Sojitz Corp.		21,600		33,312
Sumitomo Corp.		7,900		98,981
Sumitomo Electric Industries, Ltd.		5,700		70,386
Sumitomo Heavy Industries, Ltd.		8,000		32,419
THK Co., Ltd.		2,500		48,341
Tobu Railway Co., Ltd.		3,000		17,135
Tokyu Corp.		14,000		105,573
Toppan Printing Co., Ltd.		3,000		21,570
Toyota Tsusho Corp.		1,400		36,318
West Japan Railway Co.		1,400		67,230
Yamato Holdings Co., Ltd.		5,800		107,339
				3,098,930
NETHERLANDS — 4.1%
Aalberts Industries NV		486		10,887
European Aeronautic Defence and Space Co. NV		2,940		149,878
Koninklijke BAM Groep NV		2,968		12,043
Koninklijke Philips Electronics NV		6,212		184,145
Koninklijke Vopak NV		341		20,593
PostNL NV (b)		3,579		7,169
Randstad Holding NV		1,221		50,078
TNT Express NV		2,078		15,258
				450,051
NORWAY — 0.4%
Orkla ASA		5,255		42,076
SINGAPORE — 4.0%
Jardine Matheson Holdings, Ltd.		1,914		124,601
Jardine Strategic Holdings, Ltd.		1,500		59,370
K-Green Trust		53,800		47,920
Keppel Corp., Ltd.		14,200		128,196
Neptune Orient Lines, Ltd. (a)(b)		33,750		32,238
SembCorp Industries, Ltd.		3,000		12,550
SembCorp Marine, Ltd. (a)		2,000		7,142
Singapore Airlines, Ltd. (a)(c)		2,000		17,524
Singapore Airlines, Ltd. (c)		1,000		8,834
				438,375
SOUTH KOREA — 2.3%
Daelim Industrial Co., Ltd.		225		18,544
GS Engineering & Construction Corp.		333		16,551
Hyundai Engineering & Construction Co., Ltd.		374		22,489
Hyundai Heavy Industries Co., Ltd.		350		66,376
LG Corp.		320		18,781
Samsung C&T Corp.		738		45,437
Samsung Engineering Co., Ltd.		144		16,890
Samsung Heavy Industries Co., Ltd.		740		23,146
SK Holdings Co., Ltd.		162		24,826
				253,040
SPAIN — 1.3%
Abertis Infraestructuras SA (a)		2,390		40,235
ACS, Actividades de Construccion y Servicios SA		1,717		40,138
Ferrovial SA		2,060		32,748
International Consolidated Airlines Group SA (b)		8,104		31,158
				144,279
SWEDEN — 7.5%
Alfa Laval AB		3,608		83,291
Assa Abloy AB (Class B)		1,581		64,704
Atlas Copco AB		3,301		93,923
Atlas Copco AB (Class B)		1,994		50,479
B&B Tools AB		2,318		30,303
Sandvik AB		6,554		101,001
Scania AB (Class B)		1,573		32,974
Securitas AB (Class B)		4,903		46,263
Skanska AB (Class B)		2,103		38,101
SKF AB (Class B)		2,031		49,635
Trelleborg AB (Class B)		5,941		81,686
Volvo AB (Class A)		5,303		77,278
Volvo AB (Class B)		5,700		83,063
				832,701
SWITZERLAND — 7.0%
ABB, Ltd.		12,820		289,853
Adecco SA		1,245		68,367
Geberit AG		431		106,367
Kuehne & Nagel International AG		486		53,119
Schindler Holding AG		246		36,136
SGS SA		49		120,462
Wolseley PLC		1,947		96,764
				771,068
UNITED KINGDOM — 10.4%
Aggreko PLC		2,346		63,480
Babcock International Group PLC		4,294		70,940
BAE Systems PLC		16,730		100,167
Bunzl PLC		1,692		33,271
Capita Group PLC		3,404		46,468
De La Rue PLC		517		7,662
Experian PLC		9,328		161,471
FirstGroup PLC		6,837		20,877
G4S PLC		7,066		31,265
IMI PLC		1,640		32,249
Intertek Group PLC		822		42,350
Invensys PLC		6,404		34,112
Meggitt PLC		3,994		29,778
Melrose Industries PLC		6,469		26,080
Rentokil Initial PLC		27,290		41,521
Rolls-Royce Holdings PLC		13,938		239,155
Serco Group PLC		6,054		57,638
Smiths Group PLC		3,539		67,549
The Weir Group PLC		1,060		36,425
				1,142,458
TOTAL COMMON STOCKS —
(Cost $11,784,142)				10,905,714
SHORT TERM INVESTMENTS — 3.3%
UNITED STATES — 3.3%
MONEY MARKET FUNDS — 3.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		321,582		321,582

See accompanying notes to financial statements.

228

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
State Street Institutional Liquid Reserve Fund 0.13% (e)(f)		44,500	$	44,500
TOTAL SHORT TERM INVESTMENTS —
(Cost $366,082)				366,082
TOTAL INVESTMENTS — 102.2%
(Cost $12,150,224)				11,271,796
OTHER ASSETS & LIABILITIES — (2.2)%				(243,414	)
NET ASSETS — 100.0%			$	11,028,382

(a)	A portion of the security was on loan at March 31, 2013.
(b)	Non-income producing security.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Investments of cash collateral for securities loaned.
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

229

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 15.3%
Alumina, Ltd. (a)(b)		15,157	$	17,540
Amcor, Ltd.		5,196		50,271
Arrium, Ltd.		16,776		15,216
BHP Billiton, Ltd.		19,784		675,701
BlueScope Steel, Ltd. (a)(b)		4,040		21,102
Boral, Ltd.		14,696		75,228
Fortescue Metals Group, Ltd. (b)		11,178		45,915
Iluka Resources, Ltd. (b)		4,596		44,801
Incitec Pivot, Ltd. (b)		11,058		35,623
Mineral Deposits, Ltd. (a)		871		3,423
Newcrest Mining, Ltd.		4,783		99,980
Orica, Ltd.		3,977		101,375
OZ Minerals, Ltd. (b)		3,212		17,848
Rio Tinto, Ltd. (b)		3,067		182,897
Sims Metal Management, Ltd. (b)		2,260		23,632
				1,410,552
AUSTRIA — 0.9%
RHI AG		1,586		51,434
Voestalpine AG		1,083		33,314
				84,748
BELGIUM — 2.0%
Solvay SA		449		60,914
Tessenderlo Chemie NV (a)(c)(d)		116		0
Tessenderlo Chemie NV (c)		1,780		47,428
Umicore		1,627		76,560
				184,902
CANADA — 17.0%
Agnico-Eagle Mines, Ltd.		1,324		54,305
Agrium, Inc.		1,326		129,291
Alacer Gold Corp. (a)(b)		1,106		4,463
Alamos Gold, Inc.		688		9,447
AuRico Gold, Inc. (a)(b)		1,996		12,574
Barrick Gold Corp.		6,588		193,500
Centerra Gold, Inc.		964		5,741
Detour Gold Corp. (a)		817		15,705
Eldorado Gold Corp.		5,586		53,388
First Quantum Minerals, Ltd. (b)		2,998		57,012
Franco-Nevada Corp.		1,000		45,642
Goldcorp, Inc.		5,929		199,472
HudBay Minerals, Inc.		1,388		13,348
IAMGOLD Corp.		2,325		16,775
Inmet Mining Corp.		496		33,028
Kinross Gold Corp.		7,463		59,060
Lundin Mining Corp. (a)(b)		11,386		49,760
New Gold, Inc. (a)		2,068		18,808
Osisko Mining Corp. (a)		2,651		15,735
Pan American Silver Corp. (b)		1,366		22,454
Potash Corp. of Saskatchewan, Inc. (b)		6,353		249,505
SEMAFO, Inc.		2,756		6,890
Sherritt International Corp. (b)		3,252		16,133
Silver Wheaton Corp.		2,287		71,585
Tanzanian Royalty Exploration Corp. (a)(b)		1,106		4,322
Teck Resources, Ltd. (Class B) (b)		3,617		101,822
Thompson Creek Metals Co., Inc. (a)(b)		875		2,644
Turquoise Hill Resources, Ltd. (a)		5,795		36,905
Yamana Gold, Inc. (b)		4,910		75,635
				1,574,949
CHINA — 0.0% (e)
China Sandi Holdings, Ltd. (a)(d)		15,400		1,170
DENMARK — 1.0%
Novozymes A/S, (Class B)		2,827		96,027
FINLAND — 1.4%
Rautaruukki Oyj		981		6,238
Stora Enso Oyj		8,513		55,041
UPM-Kymmene Oyj		6,010		67,180
				128,459
FRANCE — 4.3%
Air Liquide SA		2,225		270,798
Arkema		399		36,362
Eramet		28		3,035
Lafarge SA		1,297		86,322
				396,517
GERMANY — 10.2%
BASF SE		5,551		486,987
HeidelbergCement AG		452		32,538
K+S AG		1,305		60,805
Lanxess AG		922		65,495
Linde AG		1,099		204,698
Salzgitter AG		499		20,066
ThyssenKrupp AG (a)		3,463		70,549
				941,138
HONG KONG — 0.0% (e)
China Mining Resources Group, Ltd. (a)(f)		160,000		1,793
IRELAND — 1.2%
CRH PLC		5,185		114,652
ISRAEL — 0.4%
Israel Chemicals, Ltd.		2,640		34,142
ITALY — 0.1%
Buzzi Unicem SpA (b)		739		11,378
JAPAN — 14.1%
Asahi Kasei Corp.		15,833		105,755
Denki Kagaku Kogyo Kabushiki Kaisha		10,855		38,562
JFE Holdings, Inc.		4,356		81,866
JSR Corp.		3,073		62,493
Kobe Steel, Ltd. (a)		34,641		40,160
Mitsubishi Chemical Holdings Corp.		10,902		50,440
Mitsubishi Materials Corp.		15,866		45,225
Mitsui Chemicals, Inc.		11,876		25,894
Mitsui Mining & Smelting Co., Ltd.		11,809		30,270
Nippon Steel Corp.		74,506		186,225
Nitto Denko Corp.		1,976		117,064
Shin-Etsu Chemical Co., Ltd.		2,867		190,585
Sumitomo Chemical Co., Ltd.		13,838		43,124
Sumitomo Metal Mining Co., Ltd.		3,927		56,094
Taiheiyo Cement Corp.		26,744		62,864
Teijin, Ltd.		19,805		45,921
Toray Industries, Inc.		13,838		93,607
Ube Industries, Ltd.		15,866		31,219
				1,307,368

See accompanying notes to financial statements.

230

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
LUXEMBOURG — 0.9%
APERAM (b)		409	$	5,034
ArcelorMittal		5,720		73,818
				78,852
NETHERLANDS — 2.8%
Akzo Nobel NV		2,282		145,109
Koninklijke DSM NV		1,983		115,631
				260,740
NORWAY — 0.9%
Norsk Hydro ASA		4,272		18,487
Yara International ASA		1,477		67,006
				85,493
PORTUGAL — 0.4%
Semapa-Sociedade de Investimento e Gestao, SGPS, SA		4,209		38,104
SOUTH KOREA — 3.3%
Korea Zinc Co., Ltd.		105		33,314
LG Chem, Ltd.		333		80,212
POSCO ADR		2,544		186,945
				300,471
SWEDEN — 0.9%
Boliden AB		3,754		60,565
SSAB AB, (Series A)		2,970		22,684
				83,249
SWITZERLAND — 7.0%
Givaudan SA		86		105,893
Glencore International PLC (b)		26,500		143,291
Holcim, Ltd.		1,654		132,135
Syngenta AG		629		263,038
				644,357
UNITED KINGDOM — 15.3%
Anglo American PLC		9,065		232,900
Antofagasta PLC		4,444		66,400
BHP Billiton PLC		13,253		385,375
Johnson Matthey PLC		1,551		54,168
Lonmin PLC (a)(b)		1,756		7,757
Randgold Resources, Ltd.		956		82,453
Rio Tinto PLC		8,113		380,047
Vedanta Resources PLC		934		14,253
Xstrata PLC		11,546		187,242
				1,410,595
TOTAL COMMON STOCKS —
(Cost $12,945,184)				9,189,656
SHORT TERM INVESTMENTS — 5.1%
UNITED STATES — 5.1%
MONEY MARKET FUNDS — 5.1%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		463,714		463,714
State Street Institutional Liquid Reserve Fund 0.13% (h)(i)		10,084		10,084
TOTAL SHORT TERM INVESTMENTS —
(Cost $473,798)				473,798
TOTAL INVESTMENTS — 104.5%
(Cost $13,418,982)				9,663,454
OTHER ASSETS & LIABILITIES — (4.5)%				(414,511	)
NET ASSETS — 100.0%			$	9,248,943

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Reflects seperate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.
(f)	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)
(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

PLC = Public Limited Company

See accompanying notes to financial statements.

231

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 1.0%
Computershare, Ltd.		11,485	$	122,132
Iress, Ltd. (a)		5,683		46,095
				168,227
BELGIUM — 0.5%
Barco NV		881		77,211
CANADA — 2.8%
CGI Group, Inc. (Class A) (b)		6,713		182,436
MacDonald, Dettwiler & Associates, Ltd.		893		61,089
Open Text Corp. (b)		1,477		87,287
Research In Motion, Ltd. (a)(b)		8,757		130,069
				460,881
DENMARK — 0.5%
SimCorp A/S (a)		330		88,674
FINLAND — 1.9%
F-Secure Oyj		14,805		32,319
Nokia Oyj (a)		63,554		205,983
Tieto Oyj		3,268		69,241
				307,543
FRANCE — 2.9%
Alcatel-Lucent (b)		43,530		58,748
Atos Origin SA		1,209		83,352
Cap Gemini SA		2,938		133,930
Dassault Systemes SA		927		107,347
Groupe Steria SCA		912		12,343
Neopost SA (a)		879		52,751
UbiSoft Entertainment SA (b)		2,967		32,118
				480,589
GERMANY — 10.6%
Aixtron SE (a)		2,668		38,748
Dialog Semiconductor PLC (a)(b)		1,132		15,045
Infineon Technologies AG		21,595		170,817
SAP AG		16,269		1,305,688
Software AG		1,040		40,278
United Internet AG		4,864		118,484
Wincor Nixdorf AG		1,087		54,088
				1,743,148
HONG KONG — 1.0%
ASM Pacific Technology, Ltd.		8,149		89,545
GCL Poly Energy Holdings, Ltd. (a)		107,000		21,779
VTech Holdings, Ltd. (a)		4,571		55,734
				167,058
ISRAEL — 0.7%
Ituran Location and Control, Ltd.		3,054		48,017
Mellanox Technologies, Ltd. (b)		467		25,828
NICE Systems, Ltd. (b)		1,242		45,692
				119,537
JAPAN — 34.2%
Advantest Corp.		3,378		48,360
Alps Electric Co., Ltd.		5,963		39,259
Anritsu Corp.		1,000		15,454
Azbil Corp.		2,586		54,404
Brother Industries, Ltd.		5,763		60,315
Canon, Inc.		21,773		787,367
Citizen Holdings Co., Ltd.		7,155		37,594
Dainippon Screen Manufacturing Co., Ltd. (b)		8,937		41,254
DeNA Co., Ltd.		2,300		62,503
FUJIFILM Holdings Corp.		8,248		161,065
Fujitsu, Ltd.		33,784		139,419
Gree, Inc.		2,300		28,450
Hirose Electric Co., Ltd.		794		107,336
Hitachi High-Technologies Corp.		2,584		54,417
Hitachi, Ltd.		75,549		436,323
Horiba, Ltd.		2,186		66,938
Hoya Corp.		7,455		138,919
Ibiden Co., Ltd.		3,179		49,568
IT Holdings Corp.		3,179		42,028
Japan Digital Laboratory Co., Ltd.		2,783		34,395
Kakaku.com, Inc.		800		19,706
Keyence Corp.		794		241,781
Konami Corp.		2,385		48,070
Konica Minolta Holdings, Inc.		9,933		72,686
Kyocera Corp.		2,584		242,130
Mitsumi Electric Co., Ltd. (b)		3,179		17,447
Murata Manufacturing Co., Ltd.		3,379		251,934
NEC Corp.		63,710		166,017
Nexon Co., Ltd.		2,200		21,410
Nintendo Co., Ltd.		1,988		213,770
Nippon Electric Glass Co., Ltd.		9,933		50,500
Nomura Research Institute, Ltd.		3,179		81,690
NTT Data Corp.		32		106,701
Obic Co., Ltd.		388		89,592
Oki Electric Industry Co., Ltd. (b)		35,776		44,520
Omron Corp.		4,372		107,882
Ricoh Co., Ltd.		10,933		116,749
Rohm Co., Ltd.		2,186		80,214
SCSK Corp.		3,200		62,455
Seiko Epson Corp.		3,179		30,870
SRA Holdings		9,100		102,014
Sumco Corp.		3,378		39,162
Taiyo Yuden Co., Ltd.		2,584		32,650
TDK Corp.		2,385		82,950
Tokyo Electron, Ltd.		3,179		140,827
Toshiba Corp.		67,580		339,266
Trend Micro, Inc.		2,187		62,270
Wacom Co., Ltd.		8		31,780
Yahoo! Japan Corp.		360		165,795
Yaskawa Electric Corp.		9,933		98,569
Yokogawa Electric Corp.		7,949		79,980
				5,646,755
NETHERLANDS — 4.2%
ASM International NV		1,505		50,063
ASML Holding NV		6,085		409,987
Gemalto NV		1,814		158,513
NXP Semiconductor NV (b)		872		26,387
VistaPrint NV (a)(b)		1,376		53,196
				698,146
SINGAPORE — 1.2%
Flextronics International, Ltd. (a)(b)		16,839		113,832

See accompanying notes to financial statements.

232

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
Venture Corp., Ltd.		11,925	$	83,242
				197,074
SOUTH KOREA — 24.4%
Ahnlab, Inc.		151		9,622
Com2uSCorp (b)		186		8,626
Daou Technology, Inc.		710		11,327
Daum Communications Corp.		160		13,187
GemVax & Kael Co., Ltd. (b)		322		11,938
Interflex Co., Ltd. (b)		189		6,625
LG Display Co., Ltd. ADR (b)		10,879		156,759
LG Innotek Co., Ltd. (b)		185		13,153
NCSoft Corp.		226		31,891
NHN Corp.		669		166,559
OPTRON-TEC, Inc. (b)		1,354		19,350
Partron Co., Ltd.		874		21,210
Sam Young Electronics Co., Ltd.		2,270		18,403
Samsung Electro-Mechanics Co., Ltd.		790		70,295
Samsung Electronics Co., Ltd. GDR		4,663		3,168,814
Samsung SDI Co., Ltd.		498		62,888
Seoul Semiconductor Co., Ltd.		572		14,858
SK C&C Co., Ltd.		276		23,963
SK Hynix, Inc. (b)		7,450		192,511
				4,021,979
SPAIN — 1.3%
Amadeus IT Holding SA		6,630		179,424
Indra Sistemas SA (a)		2,788		33,294
				212,718
SWEDEN — 4.8%
Hexagon AB, (Class B)		3,509		95,793
Telefonaktiebolaget LM Ericsson (Class B)		56,038		699,829
				795,622
SWITZERLAND — 1.1%
Logitech International SA (a)(b)		3,653		24,804
STMicroelectronics NV		14,242		109,363
Temenos Group AG (b)		1,812		43,150
				177,317
UNITED KINGDOM — 5.8%
ARM Holdings PLC		29,897		418,108
Aveva Group PLC		2,192		75,356
Diploma PLC		14,581		124,098
Imagination Technologies Group PLC (b)		3,420		25,612
Spectris PLC		4,269		159,204
Spirent Communications PLC		5,521		12,349
The Sage Group PLC		27,897		145,168
				959,895
TOTAL COMMON STOCKS —
(Cost $16,426,771)				16,322,374
WARRANTS — 0.0% (c)
FRANCE — 0.0% (c)
UbiSoft Entertainment SA (expiring 10/10/13) (b) (Cost $0)		2,722		517
SHORT TERM INVESTMENTS — 3.2%
UNITED STATES — 3.2%
MONEY MARKET FUNDS — 3.2%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		444,179		444,179
State Street Institutional Liquid Reserve Fund 0.13% (e)(f)		73,354		73,354
TOTAL SHORT TERM INVESTMENTS —
(Cost $517,533)				517,533
TOTAL INVESTMENTS — 102.1%
(Cost $16,944,304)				16,840,424
OTHER ASSETS & LIABILITIES — (2.1)%				(342,251	)
NET ASSETS — 100.0%			$	16,498,173

(a)	A portion of the security was on loan at March 31, 2013.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

233

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 3.0%
Telstra Corp., Ltd.		199,962	$	940,201
AUSTRIA — 0.3%
Telekom Austria AG		13,988		91,947
BELGIUM — 1.3%
Belgacom SA		7,599		189,254
Mobistar SA		1,833		41,238
Telenet Group Holding NV		3,194		158,232
				388,724
CANADA — 7.3%
BCE, Inc.		10,937		510,649
Bell Aliant, Inc. (a)		6,703		177,744
Rogers Communications, Inc. (Class B)		20,008		1,021,608
TELUS Corp. (b)		1,053		72,719
TELUS Corp. (a)(b)(c)		7,031		485,912
				2,268,632
DENMARK — 0.4%
TDC A/S		17,275		132,981
FINLAND — 0.6%
Elisa Oyj (a)		9,164		170,511
FRANCE — 8.4%
France Telecom SA		97,958		992,466
Iliad SA		1,199		255,502
Vivendi SA		66,087		1,367,555
				2,615,523
GERMANY — 5.2%
Deutsche Telekom AG		142,288		1,506,643
Freenet AG		5,202		126,617
				1,633,260
HONG KONG — 0.6%
HKT Trust/HKT, Ltd.		82,869		82,948
PCCW, Ltd.		219,000		101,563
				184,511
ISRAEL — 0.6%
Bezeq The Israeli Telecommunication Corp., Ltd.		90,758		125,864
Cellcom Israel, Ltd.		2,479		20,777
Partner Communications Co., Ltd.		4,169		25,719
				172,360
ITALY — 1.7%
Telecom Italia SpA (b)		513,792		363,528
Telecom Italia SpA (b)		275,129		169,580
				533,108
JAPAN — 16.5%
KDDI Corp.		27,262		1,122,144
Nippon Telegraph & Telephone Corp.		23,081		1,007,738
NTT DoCoMo, Inc.		697		1,053,432
Softbank Corp.		42,585		1,965,740
				5,149,054
LUXEMBOURG — 1.2%
COLT Telecom Group SA (c)		50,605		96,820
Millicom International Cellular SA		3,563		285,226
				382,046
NETHERLANDS — 0.6%
Koninklijke (Royal) KPN NV (a)		52,354		176,406
NEW ZEALAND — 0.5%
Chorus, Ltd.		14,260		33,579
Telecom Corporation of New Zealand, Ltd.		67,409		132,184
				165,763
NORWAY — 2.7%
Telenor ASA		37,612		823,498
PORTUGAL — 0.7%
Portugal Telecom SGPS SA (a)		45,835		227,422
SINGAPORE — 4.0%
Singapore Telecommunications, Ltd. (b)		358,539		1,037,526
Singapore Telecommunications, Ltd. (b)		12,000		34,629
StarHub, Ltd. (a)		52,000		182,331
				1,254,486
SOUTH KOREA — 1.9%
KT Corp. ADR (c)		15,186		239,931
SK Telecom Co., Ltd. ADR (a)		20,127		359,670
				599,601
SPAIN — 8.7%
Telefonica SA		201,105		2,708,925
SWEDEN — 3.4%
Tele2 AB (Class B)		16,944		295,517
TeliaSonera AB		108,473		776,261
				1,071,778
SWITZERLAND — 1.7%
Swisscom AG		1,145		531,056
UNITED KINGDOM — 28.2%
BT Group PLC		375,899		1,586,780
Cable & Wireless Communications PLC		146,366		93,211
Inmarsat PLC		27,510		293,452
Jazztel PLC (c)		11,630		88,708
TalkTalk Telecom Group PLC		30,412		125,792
Vodafone Group PLC		2,333,056		6,610,549
				8,798,492
TOTAL COMMON STOCKS —
(Cost $31,794,080)				31,020,285
SHORT TERM INVESTMENTS — 2.8%
UNITED STATES — 2.8%
MONEY MARKET FUNDS — 2.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		845,279		845,279

See accompanying notes to financial statements.

234

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
State Street Institutional Liquid Reserve Fund 0.13% (e)(f)		19,516	$	19,516
TOTAL SHORT TERM INVESTMENTS —
(Cost $864,795)				864,795
TOTAL INVESTMENTS — 102.3%
(Cost $32,658,875)				31,885,080
OTHER ASSETS & LIABILITIES — (2.3)%				(713,788	)
NET ASSETS — 100.0%			$	31,171,292

(a)	A portion of the security was on loan at March 31, 2013.
(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.

235

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 4.6%
AGL Energy, Ltd.		33,780	$	558,547
APA Group		46,714		290,262
DUET Group		35,080		84,117
Energy World Corp., Ltd. (a)(b)		23,414		9,032
Envestra, Ltd.		106,922		117,603
SP AusNet		89,232		111,169
Spark Infrastructure Group		38,032		65,819
				1,236,549
AUSTRIA — 0.4%
Verbund AG (b)		5,244		113,869
CANADA — 6.0%
Algonquin Power & Utilities Corp.		8,592		62,921
ATCO, Ltd. (Class I)		3,122		282,469
Atlantic Power Corp. (b)		5,863		28,855
Canadian Utilities, Ltd. (Class A)		3,216		254,855
Capital Power Corp. (b)		3,709		77,396
Emera, Inc.		5,599		193,440
Fortis, Inc. (b)		11,500		386,559
Just Energy Group, Inc. (b)		3,905		25,637
Northland Power, Inc. (b)		4,491		81,779
TransAlta Corp. (b)		15,241		222,776
				1,616,687
CHINA — 1.0%
ENN Energy Holdings, Ltd.		50,000		276,967
FINLAND — 1.8%
Fortum Oyj		24,257		489,653
FRANCE — 8.9%
EDF SA		14,982		287,806
GDF Suez		82,773		1,596,457
Sechilienne-Sidec SA		2,643		46,937
Suez Environnement Co.		12,626		161,304
Veolia Environnement SA		24,548		310,114
				2,402,618
GERMANY — 10.6%
E.ON AG		107,167		1,874,290
RWE AG		26,198		978,107
				2,852,397
HONG KONG — 9.4%
Cheung Kong Infrastructure Holdings, Ltd.		26,000		178,354
CLP Holdings, Ltd.		98,500		862,850
Hong Kong & China Gas Co., Ltd.		298,201		870,096
Hongkong Electric Holdings, Ltd.		66,000		622,790
				2,534,090
ITALY — 8.0%
A2A SpA		75,325		44,812
Enel Green Power SpA		77,247		145,119
Enel SpA		348,552		1,139,527
Hera SpA		34,052		60,036
Iren SpA		15,909		11,859
Snam Rete Gas SpA		94,400		431,055
Terna Rete Elettrica Nationale SpA		78,399		325,171
				2,157,579
JAPAN — 14.4%
Chubu Electric Power Co., Inc.		36,088		442,560
Electric Power Development Co., Ltd.		9,800		258,186
Hokkaido Electric Power Co., Inc. (a)		9,600		101,391
Hokuriku Electric Power Co.		12,094		149,085
Japan Wind Development Co., Ltd. (a)		7		8,733
Kyushu Electric Power Co., Inc. (a)		26,292		273,211
Osaka Gas Co., Ltd.		96,958		426,937
Saibu Gas Co., Ltd.		11,000		25,271
Shikoku Electric Power Co., Inc. (a)		9,700		141,136
Shizuoka Gas Co., Ltd.		1,500		10,498
The Chugoku Electric Power Co., Inc.		16,487		220,072
The Kansai Electric Power Co., Inc. (a)		42,698		421,440
The Okinawa Electric Power Co., Inc.		500		17,044
The Tokyo Electric Power Co., Inc. (a)		79,999		216,972
Toho Gas Co., Ltd.		32,000		208,636
Tohoku Electric Power Co., Inc. (a)		29,472		238,234
Tokyo Gas Co., Ltd.		130,958		715,937
				3,875,343
NEW ZEALAND — 0.6%
Contact Energy, Ltd.		5,695		27,203
Infratil, Ltd.		6,445		13,016
Vector, Ltd. (b)		44,094		105,310
				145,529
PORTUGAL — 1.4%
EDP — Energias de Portugal SA		116,677		359,879
SOUTH KOREA — 1.4%
Korea Electric Power Corp. ADR (a)		27,790		375,806
SPAIN — 8.1%
Acciona SA		1,534		83,776
EDP Renovaveis SA (a)		23,755		114,999
Enagas		11,702		272,957
Gas Natural SDG SA		19,671		348,834
Iberdrola SA		219,968		1,026,180
Red Electrica Corporacion SA		6,387		321,910
				2,168,656
UNITED KINGDOM — 23.0%
APR Energy PLC (b)		947		12,151
Centrica PLC		285,047		1,591,515
Drax Group PLC		22,282		206,896
National Grid PLC		192,354		2,234,412
Pennon Group PLC		19,268		182,274
Scottish & Southern Energy PLC		51,663		1,164,164
Severn Trent PLC		13,998		363,890
United Utilities Group PLC		38,686		416,193
				6,171,495
TOTAL COMMON STOCKS —
(Cost $30,392,958)				26,777,117
SHORT TERM INVESTMENTS — 1.4%
UNITED STATES — 1.4%
MONEY MARKET FUNDS — 1.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		359,218		359,218

See accompanying notes to financial statements.

236

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2013 (Unaudited)

Security Description	Shares		Value
State Street Institutional Liquid Reserves Fund 0.13% (d)(e)		13,959	$	13,959
TOTAL SHORT TERM INVESTMENTS —
(Cost $373,177)				373,177
TOTAL INVESTMENTS — 101.0%
(Cost $30,766,135)				27,150,294
OTHER ASSETS & LIABILITIES — (1.0)%				(268,275	)
NET ASSETS — 100.0%			$	26,882,019

(a)	Non-income producing security.
(b)	A portion of the security was on loan at March 31, 2013.
(c)	Investments of cash collateral for securities loaned.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

237

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2013 (Unaudited)

																						SPDR S&P Emerging
	SPDR STOXX			SPDR EURO			SPDR S&P Emerging			SPDR S&P Small Cap Emerging									SPDR S&P Emerging			Markets			SPDR S&P			SPDR S&P Emerging			SPDR S&P Emerging
	Europe			STOXX			Asia Pacific			Asia Pacific			SPDR S&P Russia			SPDR S&P			Markets			Dividend			BRIC			Europe			Latin America
	50 ETF			50 ETF			ETF			ETF			ETF			China ETF			ETF			ETF			40 ETF			ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	55,202,680		$	1,819,739,404		$	503,134,790		$	2,163,717		$	35,232,828		$	1,097,513,683		$	218,351,838		$	502,671,196		$	283,298,237		$	90,984,423		$	110,458,837
Investments in securities of affiliated issuers, at value (Note 3)		3,986			35,531			24,301,663			98,093			506,060			145,318,734			15,650,151			48,991,351			22,176,227			1,764,227			11,335,243
Total Investments		55,206,666			1,819,774,935			527,436,453			2,261,810			35,738,888			1,242,832,417			234,001,989			551,662,547			305,474,464			92,748,650			121,794,080
Cash		—			—			—			—			39,509			—			9			42,517			—			—			—
Foreign currency, at value		176,325			1,567,983			1,979,970			12,036			—			883,648			1,714,432			2,268,347			—			124,087			120,813
Initial margin deposit on futures		—			—			—			—			—			—			185,782			—			—			—			—
Receivable for investments sold		—			—			—			—			—			13,965,735			—			—			—			—			413,019
Receivable for fund shares sold		—			31,391,461			—			—			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		131,270			269,091			—			—			—			—			—			—			—			5,142			—
Dividends and interest receivable — unaffiliated issuers		184,456			338,468			538,627			1,386			14,165			135,753			381,737			1,939,649			147,031			57,737			445,976
Dividends receivable — affiliated issuers		1,064			167,344			19,078			261			97			129,799			5,818			61,514			5,508			509			3,568
Receivable from broker — variation margin on open futures contracts		—			—			—			—			—			—			32,503			—			—			—			—
TOTAL ASSETS		55,699,781			1,853,509,282			529,974,128			2,275,493			35,792,659			1,257,947,352			236,322,270			555,974,574			305,627,003			92,936,125			122,777,456
LIABILITIES
Payable upon return of securities loaned		—			—			23,787,347			89,440			151,678			144,250,283			12,792,104			48,275,613			21,345,997			1,551,671			11,122,062
Payable for investments purchased		73,649			31,387,910			—			—			—			—			—			9,721			—			—			297
Due to custodian		—			—			—			—			—			—			—			—			653			—			—
Payable for fund shares repurchased		—			—			—			—			—			14,005,377			—			—			—			—			—
Accrued advisory fee (Note 3)		37,826			1,178,842			725,100			3,485			52,278			1,706,572			311,729			651,392			387,510			143,828			175,476
Deferred foreign taxes payable		—			—			1,428,415			8,840			—			—			254,069			554,825			—			—			—
Accrued trustees’ fees and expenses (Note 3)		50			695			701			13			81			1,222			284			387			555			147			206
TOTAL LIABILITIES		111,525			32,567,447			25,941,563			101,778			204,037			159,963,454			13,358,186			49,491,938			21,734,715			1,695,646			11,298,041
NET ASSETS	$	55,588,256		$	1,820,941,835		$	504,032,565		$	2,173,715		$	35,588,622		$	1,097,983,898		$	222,964,084		$	506,482,636		$	283,892,288		$	91,240,479		$	111,479,415
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	82,820,475		$	1,894,512,925		$	497,196,704		$	1,896,364		$	48,959,776		$	1,207,151,022		$	233,790,595		$	542,446,660		$	399,499,279		$	148,491,408		$	142,054,495
Undistributed (distribution in excess of) net investment income		32,585			(5,520,316	)		319,960			(8,499	)		177,280			(1,546,658	)		357,566			433,457			332,000			84,372			285,271
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(21,854,799	)		(103,351,255	)		(19,185,862	)		7,093			(2,568,347	)		(61,522,498	)		(6,665,708	)		(19,941,798	)		(84,932,861	)		(32,576,013	)		(14,475,873	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $1,428,415, $8,840, $0, $0, $254,069, $554,825, $0, $0, $0, respectively)		(5,414,503	)		35,325,570			25,688,942			278,721			(10,980,087	)		(46,094,009	)		(4,538,993	)		(16,422,862	)		(31,006,144	)		(24,752,886	)		(16,381,165	)
Foreign currency		4,498			(25,089	)		12,821			36			—			(3,959	)		(11,558	)		(32,821	)		14			(6,402	)		(3,313	)
Futures		—			—			—			—			—			—			32,182			—			—			—			—
NET ASSETS	$	55,588,256		$	1,820,941,835		$	504,032,565		$	2,173,715		$	35,588,622		$	1,097,983,898		$	222,964,084		$	506,482,636		$	283,892,288		$	91,240,479		$	111,479,415
NET ASSET VALUE PER SHARE
Net asset value per share	$	33.68		$	32.99		$	76.37		$	43.47		$	27.38		$	69.94		$	65.58		$	45.02		$	23.27		$	41.47		$	74.32
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,650,370			55,200,967			6,600,000			50,000			1,300,000			15,700,000			3,400,000			11,250,000			12,200,000			2,200,000			1,500,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	60,617,183		$	1,784,413,834		$	476,017,433		$	1,876,156		$	46,212,915		$	1,143,607,692		$	222,636,762		$	518,539,233		$	314,304,381		$	115,737,309		$	126,840,002
Affiliated issuers		3,986			35,531			24,301,663			98,093			506,060			145,318,734			15,650,151			48,991,351			22,176,227			1,764,227			11,335,243
Total cost of investments	$	60,621,169		$	1,784,449,365		$	500,319,096		$	1,974,249		$	46,718,975		$	1,288,926,426		$	238,286,913		$	567,530,584		$	336,480,608		$	117,501,536		$	138,175,245
Foreign currency, at cost	$	176,275		$	1,578,130		$	1,970,984		$	12,010		$	—		$	887,579		$	1,727,038		$	2,287,589		$	(667	)	$	127,374		$	120,992
* Includes investments in securities on loan, at value	$	—		$	—		$	22,000,924		$	78,805		$	147,365		$	131,795,418		$	12,140,319		$	46,333,714		$	20,662,543		$	1,551,137		$	10,776,964

See accompanying notes to financial statements.

238

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239

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2013 (Unaudited)

	SPDR S&P Emerging															SPDR S&P Global
	Middle									SPDR Dow Jones International			SPDR S&P			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 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)	$	73,324,107		$	573,026,847		$	738,577,902		$	3,859,025,413		$	71,487,508		$	554,978,736		$	422,717,582		$	5,376,851		$	2,353,894		$	16,236,163		$	71,095,724
Investments in securities of affiliated issuers, at value (Note 3)		8,827,442			47,778,255			83,871,635			164,270,272			9,648,538			32,696,417			33,816,902			394,436			1,221			3,824,664			13,632,728
Total Investments		82,151,549			620,805,102			822,449,537			4,023,295,685			81,136,046			587,675,153			456,534,484			5,771,287			2,355,115			20,060,827			84,728,452
Cash		—			47			—			73,937			15,928			7,165			4			833			—			—			—
Foreign currency, at value		244,975			2,840,041			4,416,264			762,282			68,304			1,650,743			1,266,436			40,407			60			22,595			210,627
Receivable for investments sold		—			—			—			12,374,116			—			15,110,813			—			—			—			—			—
Receivable for fund shares sold		—			5,223,370			—			12,871,646			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		—			218,587			204,348			536,784			31,776			60,790			386,863			2,057			—			—			—
Dividends and interest receivable — unaffiliated issuers		297,758			2,247,670			3,913,543			11,753,586			167,071			927,898			1,550,794			13,375			3,110			138,768			633,551
Dividends receivable — affiliated issuers		3,864			36,623			84,387			119,010			1,840			17,184			27,035			4			—			912			7,671
TOTAL ASSETS		82,698,146			631,371,440			831,068,079			4,061,787,046			81,420,965			605,449,746			459,765,616			5,827,963			2,358,285			20,223,102			85,580,301
LIABILITIES
Payable upon return of securities loaned		8,779,757			46,230,415			83,199,699			164,192,394			9,516,330			31,479,670			32,990,476			357,826			—			3,811,115			13,629,687
Payable for investments purchased		—			5,146,600			243			20,944,300			—			10,278,103			45,318			244			—			—			—
Payable for fund shares repurchased		—			—			—			—			—			5,037,497			—			—			—			—			—
Accrued advisory fee (Note 3)		122,048			441,338			1,093,826			5,274,287			95,935			561,550			339,943			3,301			3,009			20,510			86,544
Deferred foreign taxes payable		—			—			—			—			—			—			122,621			213			—			—			—
Accrued trustees’ fees and expenses (Note 3)		156			365			101,126			140,929			53			430			704			14			13			23			137
TOTAL LIABILITIES		8,901,961			51,818,718			84,394,894			190,551,910			9,612,318			47,357,250			33,499,062			361,598			3,022			3,831,648			13,716,368
NET ASSETS	$	73,796,185		$	579,552,722		$	746,673,185		$	3,871,235,136		$	71,808,647		$	558,092,496		$	426,266,554		$	5,466,365		$	2,355,263		$	16,391,454		$	71,863,933
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	104,338,207		$	527,691,539		$	784,023,460		$	3,927,614,432		$	90,711,707		$	598,153,032		$	520,886,387		$	5,000,000		$	2,516,863		$	20,168,905		$	85,696,162
Undistributed (distribution in excess of) net investment income		71,436			2,775,233			(1,006,608	)		(147,826,850	)		388,842			2,699,869			2,052,128			25,778			750			92,376			506,083
Accumulated net realized gain (loss) on investments and foreign currency transactions		(21,596,861	)		(4,153,528	)		(31,651,535	)		(547,595,935	)		(13,226,578	)		(27,160,629	)		(61,624,051	)		3,040			(78,918	)		(1,310,462	)		(5,736,587	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $122,621, $213, $0, $0, $0, respectively)		(9,017,857	)		53,286,475			(4,673,154	)		639,119,800			(6,062,399	)		(15,604,721	)		(35,022,305	)		438,160			(83,413	)		(2,558,994	)		(8,589,971	)
Foreign currency		1,260			(46,997	)		(18,978	)		(76,311	)		(2,925	)		4,945			(25,605	)		(613	)		(19	)		(371	)		(11,754	)
NET ASSETS	$	73,796,185		$	579,552,722		$	746,673,185		$	3,871,235,136		$	71,808,647		$	558,092,496		$	426,266,554		$	5,466,365		$	2,355,263		$	16,391,454		$	71,863,933
NET ASSET VALUE PER SHARE
Net asset value per share	$	67.09		$	26.11		$	30.48		$	42.81		$	42.24		$	50.28		$	32.79		$	54.66		$	47.11		$	40.98		$	47.91
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,100,000			22,200,000			24,500,000			90,435,379			1,700,000			11,100,000			13,000,000			100,000			50,000			400,000			1,500,075
COST OF INVESTMENTS:
Unaffiliated issuers	$	82,341,964		$	519,740,372		$	743,251,056		$	3,219,905,613		$	77,549,907		$	570,583,457		$	457,617,266		$	4,938,478		$	2,437,307		$	18,795,157		$	79,685,695
Affiliated issuers		8,827,442			47,778,255			83,871,635			164,270,272			9,648,538			32,696,417			33,816,902			394,436			1,221			3,824,664			13,632,728
Total cost of investments	$	91,169,406		$	567,518,627		$	827,122,691		$	3,384,175,885		$	87,198,445		$	603,279,874		$	491,434,168		$	5,332,914		$	2,438,528		$	22,619,821		$	93,318,423
Foreign currency, at cost	$	247,566		$	2,888,385		$	4,413,908		$	758,423		$	68,182		$	1,648,533		$	1,278,763		$	41,014		$	60		$	23,331		$	223,333
* Includes investments in securities on loan, at value	$	8,365,426		$	46,627,832		$	78,240,585		$	161,482,752		$	9,330,028		$	30,119,805		$	32,916,328		$	355,587		$	—		$	3,570,974		$	12,867,247

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2013 (Unaudited)

													SPDR S&P International			SPDR S&P International
													Consumer			Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	SPDR S&P International						SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial			Materials
	Dividend			SPDR S&P			Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector			Sector
	ETF			International Mid Cap ETF			Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	1,315,796,864		$	36,126,650		$	904,227,096		$	916,086,874		$	9,647,601		$	36,438,689		$	10,892,546		$	7,837,413		$	33,305,157		$	10,905,714		$	9,189,656
Investments in securities of affiliated issuers, at value (Note 3)		89,890,658			5,281,550			53,146,044			73,859,216			322,216			532,748			718,037			410,410			340,721			366,082			473,798
Total Investments		1,405,687,522			41,408,200			957,373,140			989,946,090			9,969,817			36,971,437			11,610,583			8,247,823			33,645,878			11,271,796			9,663,454
Cash		—			—			—			393,781			—			—			—			—			—			—			—
Foreign currency, at value		2,497,097			86,596			462,683			105,191			10,794			41,395			49,932			9,659			123,374			40,616			23,386
Receivable for investments sold		—			51,239			—			2,011,804			—			—			—			—			—			—			—
Receivable for fund shares sold		19,352,674			1,512,960			—			—			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		212,875			10,678			11,106			17,040			2,174			47,839			1,859			773			110,733			7,661			4,801
Dividends and interest receivable — unaffiliated issuers		3,576,227			167,913			736,603			2,443,163			31,136			140,845			31,951			46,781			117,874			41,033			33,078
Dividends receivable — affiliated issuers		180,605			2,842			169,169			21,186			199			523			897			386			1,243			702			116
TOTAL ASSETS		1,431,507,000			43,240,428			958,752,701			994,938,255			10,014,120			37,202,039			11,695,222			8,305,422			33,999,102			11,361,808			9,724,835
																			��
LIABILITIES
Payable upon return of securities loaned		89,608,833			5,267,899			51,782,970			73,376,793			300,206			397,960			715,413			396,636			333,557			321,582			463,714
Payable for investments purchased		18,693,679			1,409,871			—			1,503,683			—			—			13,651			—			—			—			7
Due to custodian		—			89,449			—			—			—			—			—			—			—			—			—
Accrued advisory fee (Note 3)		1,391,176			37,877			1,449,773			1,003,705			9,873			30,918			13,847			8,622			39,561			11,824			12,149
Deferred foreign taxes payable		904,283			—			2,163,485			—			—			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		1,229			60			1,407			642			11			32			19			9			30			20			22
TOTAL LIABILITIES		110,599,200			6,805,156			55,397,635			75,884,823			310,090			428,910			742,930			405,267			373,148			333,426			475,892
NET ASSETS	$	1,320,907,800		$	36,435,272		$	903,355,066		$	919,053,432		$	9,704,030		$	36,773,129		$	10,952,292		$	7,900,155		$	33,625,954		$	11,028,382		$	9,248,943
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	1,386,864,965		$	33,425,284		$	1,003,850,425		$	797,063,652		$	9,310,560		$	33,224,443		$	13,495,410		$	9,728,479		$	29,289,429		$	12,181,495		$	13,654,752
Undistributed (distribution in excess of) net investment income		(723,090	)		(60,499	)		532,558			(11,987,290	)		31,001			(7,988	)		13,012			23,195			133,700			38,510			13,952
Accumulated net realized gain (loss) on investments and foreign currency transactions		(80,132,342	)		213,097			(47,947,869	)		(10,748,722	)		(86,119	)		(22,025	)		(637,331	)		(1,010,958	)		(228,645	)		(312,208	)		(664,191	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $904,283, $0, $2,163,485, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		14,881,652			2,857,692			(53,085,895	)		144,731,842			448,809			3,578,604			(1,918,832	)		(840,702	)		4,436,010			(878,428	)		(3,755,528	)
Foreign currency		16,615			(302	)		5,847			(6,050	)		(221	)		95			33			141			(4,540	)		(987	)		(42	)
NET ASSETS	$	1,320,907,800		$	36,435,272		$	903,355,066		$	919,053,432		$	9,704,030		$	36,773,129		$	10,952,292		$	7,900,155		$	33,625,954		$	11,028,382		$	9,248,943
NET ASSET VALUE PER SHARE
Net asset value per share	$	48.38		$	30.36		$	47.80		$	44.19		$	32.35		$	38.71		$	24.34		$	19.75		$	39.56		$	27.57		$	23.12
Shares outstanding (unlimited amount authorized, $0.01 par value)		27,301,326			1,200,000			18,900,000			20,800,000			300,000			950,000			450,000			400,000			850,000			400,000			400,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	1,300,010,929		$	33,268,958		$	955,149,506		$	771,355,032		$	9,198,792		$	32,860,085		$	12,811,378		$	8,678,115		$	28,869,147		$	11,784,142		$	12,945,184
Affiliated issuers		89,890,658			5,281,550			53,146,044			73,859,216			322,216			532,748			718,037			410,410			340,721			366,082			473,798
Total cost of investments	$	1,389,901,587		$	38,550,508		$	1,008,295,550		$	845,214,248		$	9,521,008		$	33,392,833		$	13,529,415		$	9,088,525		$	29,209,868		$	12,150,224		$	13,418,982
Foreign currency, at cost	$	2,496,064		$	86,383		$	461,381		$	104,735		$	10,986		$	41,552		$	49,870		$	9,642		$	125,340		$	41,424		$	23,372
* Includes investments in securities on loan, at value	$	85,862,765		$	5,037,026		$	68,847,579		$	70,558,420		$	299,298		$	498,881		$	751,349		$	485,421		$	319,658		$	354,120		$	507,204

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2013 (Unaudited)

	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	16,322,891		$	31,020,285		$	26,777,117
Investments in securities of affiliated issuers, at value (Note 3)		517,533			864,795			373,177
Total Investments		16,840,424			31,885,080			27,150,294
Foreign currency, at value		72,582			57,121			64,569
Receivable for foreign taxes recoverable		587			15,372			2,870
Dividends and interest receivable — unaffiliated issuers		46,665			93,458			56,246
Dividends receivable — affiliated issuers		837			695			385
TOTAL ASSETS		16,961,095			32,051,726			27,274,364
LIABILITIES
Payable upon return of securities loaned		444,179			845,279			359,218
Accrued advisory fee (Note 3)		18,722			35,125			33,104
Accrued trustees’ fees and expenses (Note 3)		21			30			23
TOTAL LIABILITIES		462,922			880,434			392,345
NET ASSETS	$	16,498,173		$	31,171,292		$	26,882,019
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	16,767,843		$	32,822,923		$	31,508,641
Undistributed (distribution in excess of) net investment income		34,622			43,628			(107,208	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(199,425	)		(921,808	)		(903,674	)
Net unrealized appreciation (depreciation) on:
Investments		(103,880	)		(773,795	)		(3,615,841	)
Foreign currency		(987	)		344			101
NET ASSETS	$	16,498,173		$	31,171,292		$	26,882,019
NET ASSET VALUE PER SHARE
Net asset value per share	$	27.50		$	23.09		$	16.29
Shares outstanding (unlimited amount authorized, $0.01 par value)		600,000			1,350,000			1,650,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	16,426,771		$	31,794,080		$	30,392,958
Affiliated issuers		517,533			864,795			373,177
Total cost of investments	$	16,944,304		$	32,658,875		$	30,766,135
Foreign currency, at cost	$	73,645		$	57,255		$	64,682
* Includes investments in securities on loan, at value	$	421,677		$	820,801		$	343,360

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2013 (Unaudited)

																						SPDR S&P Emerging
	SPDR STOXX			SPDR EURO			SPDR S&P Emerging			SPDR S&P Small Cap Emerging									SPDR S&P Emerging			Markets			SPDR S&P			SPDR S&P Emerging			SPDR S&P Emerging
	Europe			STOXX			Asia Pacific			Asia Pacific			SPDR S&P Russia			SPDR S&P			Markets			Dividend			BRIC			Europe			Latin America
	50 ETF			50 ETF			ETF			ETF			ETF			China ETF			ETF			ETF			40 ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	797,280		$	10,879,675		$	2,222,223		$	7,052		$	332,683		$	702,241		$	1,363,740		$	5,404,851		$	1,726,481		$	465,393		$	1,654,343
Dividend income on securities of affiliated issuers (Note 3)		29			330			857			20			169			916			1,467			648			318			199			240
Affiliated securities lending — net (Note 3 and Note 8)		6,803			348,307			117,577			1,391			349			830,254			29,509			324,175			37,922			5,566			21,318
Interest income (Note 2)		—			—			1,782			10			—			—			5,092			1,969			—			—			—
Foreign taxes withheld		(51,457	)		(1,016,759	)		(126,611	)		(1,287	)		(43,020	)		(16,667	)		(131,541	)		(541,490	)		(204,060	)		(65,250	)		(121,662	)
TOTAL INVESTMENT INCOME		752,655			10,211,553			2,215,828			7,186			290,181			1,516,744			1,268,267			5,190,153			1,560,661			405,908			1,554,239
EXPENSES
Advisory fee (Note 3)		67,502			2,009,841			1,314,045			7,094			108,531			3,037,296			557,617			1,128,912			771,771			274,464			343,103
Trustees’ fees and expenses (Note 3)		337			7,584			3,898			30			407			7,753			1,588			2,647			3,004			837			1,114
Miscellaneous expenses		—			5,210			8,148			—			2,818			125			2,082			14,698			4,043			311			1,870
TOTAL EXPENSES		67,839			2,022,635			1,326,091			7,124			111,756			3,045,174			561,287			1,146,257			778,818			275,612			346,087
NET INVESTMENT INCOME (LOSS)		684,816			8,188,918			889,737			62			178,425			(1,528,430	)		706,980			4,043,896			781,843			130,296			1,208,152
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(1,327,765	)		(15,306,159	)		(708,607	)		5,721			(400,698	)		2,828,631			(590,204	)		8,752,542			694,865			258,320			20,453
Foreign currency transactions		(381	)		12,645			(9,294	)		1,638			22			549			(87,418	)		(365,798	)		350			1,009			12,506
Futures		—			—			—			—			—			—			(46,453	)		—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $1,428,415, $8,840, $0, $0, $254,069, $554,825, $0, $0, $0, respectively)		3,981,451			53,672,451			19,121,008			184,570			(312,463	)		48,343,445			4,448,605			(4,758,818	)		6,242,915			1,212,708			3,650,205
Foreign currency transactions		(1,396	)		(13,701	)		(9,289	)		144			(91	)		(5,253	)		20,424			(69,073	)		(137	)		(9,127	)		186
Futures		—			—			—			—			—			—			57,687			—			—			—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		2,651,909			38,365,236			18,393,818			192,073			(713,230	)		51,167,372			3,802,641			3,558,853			6,937,993			1,462,910			3,683,350
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	3,336,725		$	46,554,154		$	19,283,555		$	192,135		$	(534,805	)	$	49,638,942		$	4,509,621		$	7,602,749		$	7,719,836		$	1,593,206		$	4,891,502

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2013 (Unaudited)

	SPDR S&P Emerging												SPDR S&P			SPDR S&P Global
	Middle									SPDR Dow Jones International			Global			Natural
	East & Africa						SPDR S&P International			Real Estate			Infrastructure			Resources						SPDR MSCI			SPDR MSCI EM			SPDR Russell/Nomura			SPDR Russell/Nomura
	ETF			SPDR S&P World ex-US ETF			Small Cap ETF			ETF			ETF			ETF			SPDR MSCI ACWI ex-US ETF			ACWI IMI ETF			50 ETF			PRIME Japan ETF			Small Cap Japan ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	1,327,307		$	6,077,903		$	8,944,032		$	55,755,875		$	907,300		$	6,157,622		$	4,745,647		$	60,935		$	17,431		$	166,294		$	777,372
Dividend income on securities of affiliated issuers (Note 3)		194			515			1,489			6,629			83			774			285			28			4			21			160
Affiliated securities lending — net (Note 3 and Note 8)		13,090			127,994			421,370			395,247			10,190			71,311			99,272			12			—			3,356			34,635
Interest income (Note 2)		565			559			2,755			1,847			—			431			483			—			—			—			—
Foreign taxes withheld		(156,155	)		(417,407	)		(1,542,625	)		(4,095,730	)		(25,993	)		(297,381	)		(349,824	)		(2,323	)		(2,475	)		(11,877	)		(55,431	)
TOTAL INVESTMENT INCOME		1,185,001			5,789,564			7,827,021			52,063,868			891,580			5,932,757			4,495,863			58,652			14,960			157,794			756,736
EXPENSES
Advisory fee (Note 3)		256,290			816,490			2,109,999			10,259,227			157,185			1,008,574			667,542			6,467			6,721			38,334			171,296
Trustees’ fees and expenses (Note 3)		869			3,156			6,414			27,727			355			3,371			3,775			43			32			133			670
Miscellaneous expenses		143			1,140			893			714			27			383			78			—			33			—			—
TOTAL EXPENSES		257,302			820,786			2,117,306			10,287,668			157,567			1,012,328			671,395			6,510			6,786			38,467			171,966
NET INVESTMENT INCOME		927,699			4,968,778			5,709,715			41,776,200			734,013			4,920,429			3,824,468			52,142			8,174			119,327			584,770
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		744,687			(30,587	)		2,162,017			(24,663,990	)		(3,982,058	)		(8,220,429	)		937,261			3,577			(116,095	)		1,572,036			(1,258,518	)
Foreign currency transactions		12,125			(52,925	)		(99,982	)		(1,183,553	)		(6,786	)		(22,112	)		(54,129	)		(527	)		(746	)		(12,932	)		(51,744	)
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, $122,621, $213, $0, $0, $0, respectively)		(4,541,056	)		40,520,330			79,257,506			432,849,343			7,432,615			(2,628,013	)		27,993,377			466,127			159,954			1,037,624			10,388,325
Foreign currency transactions		(1,902	)		(44,704	)		(117,333	)		(195,081	)		(79	)		(7,434	)		(20,244	)		(1,116	)		(37	)		(4,030	)		(30,425	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(3,786,146	)		40,392,114			81,202,208			406,806,719			3,443,692			(10,877,988	)		28,856,265			468,061			43,076			2,592,698			9,047,638
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(2,858,447	)	$	45,360,892		$	86,911,923		$	448,582,919		$	4,177,705		$	(5,957,559	)	$	32,680,733		$	520,203		$	51,250		$	2,712,025		$	9,632,408

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2013 (Unaudited)

													SPDR S&P International			SPDR S&P International
													Consumer			Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	SPDR S&P International						SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial			Materials
	Dividend			SPDR S&P			Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector			Sector
	ETF			International Mid Cap ETF			Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	22,487,738		$	357,877		$	4,434,849		$	12,256,458		$	58,661		$	252,744		$	185,503		$	99,230		$	532,601		$	100,897		$	82,471
Dividend income on securities of affiliated issuers (Note 3)		1,453			25			2,417			1,160			9			53			11			14			16			18			10
Affiliated securities lending — net (Note 3 and Note 8)		985,087			12,160			1,104,906			56,153			1,077			2,659			3,608			1,311			1,907			1,997			807
Interest income (Note 2)		2,994			13			1,486			72			5			—			—			—			—			—			—
Foreign taxes withheld		(1,509,178	)		(26,226	)		(685,520	)		(406,075	)		(4,386	)		(9,296	)		(15,162	)		(6,426	)		(53,873	)		(8,705	)		(4,119	)
TOTAL INVESTMENT INCOME		21,968,094			343,849			4,858,138			11,907,768			55,366			246,160			173,960			94,129			480,651			94,207			79,169
EXPENSES
Advisory fee (Note 3)		2,592,717			77,539			2,900,039			1,760,885			17,050			55,116			27,979			13,667			76,969			21,085			26,849
Trustees’ fees and expenses (Note 3)		8,579			333			8,145			4,725			60			180			107			43			226			90			116
Miscellaneous expenses		8,937			—			8,707			35			—			—			—			—			—			—			—
TOTAL EXPENSES		2,610,233			77,872			2,916,891			1,765,645			17,110			55,296			28,086			13,710			77,195			21,175			26,965
NET INVESTMENT INCOME		19,357,861			265,977			1,941,247			10,142,123			38,256			190,864			145,874			80,419			403,456			73,032			52,204
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		34,962,995			697,357			(6,983,642	)		313,024			(28,654	)		59,576			(7,455	)		(22,985	)		2,455			(412,746	)		(643,568	)
Foreign currency transactions		250,833			(7,318	)		(110,684	)		(105,000	)		(1,865	)		(4,164	)		(783	)		(1,546	)		(7,598	)		(5,285	)		(3,001	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $904,283, $0, $2,163,485, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		39,096,417			2,865,597			83,034,573			68,379,865			1,083,646			2,634,130			(413,042	)		563,617			3,685,537			1,327,193			652,732
Foreign currency transactions		25,646			(1,392	)		26,530			(14,337	)		(347	)		(197	)		168			123			(3,219	)		(1,009	)		(623	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		74,335,891			3,554,244			75,966,777			68,573,552			1,052,780			2,689,345			(421,112	)		539,209			3,677,175			908,153			5,540
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	93,693,752		$	3,820,221		$	77,908,024		$	78,715,675		$	1,091,036		$	2,880,209		$	(275,238	)	$	619,628		$	4,080,631		$	981,185		$	57,744

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2013 (Unaudited)

	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	88,650		$	313,746		$	298,036
Dividend income on securities of affiliated issuers (Note 3)		28			35			35
Affiliated securities lending — net (Note 3 and Note 8)		3,994			2,768			5,910
Foreign taxes withheld		(7,240	)		(17,745	)		(17,792	)
TOTAL INVESTMENT INCOME		85,432			298,804			286,189
EXPENSES
Advisory fee (Note 3)		32,867			66,547			65,954
Trustees’ fees and expenses (Note 3)		114			203			190
Miscellaneous expenses		—			44			—
TOTAL EXPENSES		32,981			66,794			66,144
NET INVESTMENT INCOME		52,451			232,010			220,045
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(7,659	)		(335,411	)		1,626
Foreign currency transactions		(3,721	)		(7,588	)		(7,891	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,602,829			780,867			(29,552	)
Foreign currency transactions		(1,218	)		(2,253	)		596
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		1,590,231			435,615			(35,221	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,642,682		$	667,625		$	184,824

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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended			For the Period			Six Months Ended
	3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			1/11/12*-			3/31/13			Year Ended
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	684,816		$	1,276,066		$	8,188,918		$	20,634,785		$	889,737		$	8,411,549		$	62		$	82,884		$	178,425		$	1,041,512
Net realized gain (loss) on investments and foreign currency transactions		(1,328,146	)		(3,110,501	)		(15,293,514	)		(37,116,330	)		(717,901	)		(1,859,324	)		7,359			165,953			(400,676	)		1,662,740
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,980,055			6,624,154			53,658,750			77,036,707			19,111,719			53,204,820			184,714			94,043			(312,554	)		3,465,798
Net increase (decrease) in net assets resulting from operations		3,336,725			4,789,719			46,554,154			60,555,162			19,283,555			59,757,045			192,135			342,880			(534,805	)		6,170,050
Net equalization credits and charges (Note 2)		34,694			44,870			1,294,294			5,083,733			—			—			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(690,569	)		(1,310,972	)		(10,564,090	)		(23,665,812	)		(5,038,170	)		(11,357,965	)		(79,724	)		—			(919,860	)		(734,365	)
Net realized gains		—			—			—			—			—			(6,448,372	)		(159,902	)		—			—			—
Total distributions to shareholders		(690,569	)		(1,310,972	)		(10,564,090	)		(23,665,812	)		(5,038,170	)		(17,806,337	)		(239,626	)		—			(919,860	)		(734,365	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		15,133,450			9,207,749			813,788,509			872,677,121			107,374,348			58,923,157			—			6,000,000			4,154,285			58,954,430
Cost of shares redeemed		—			(4,561,754	)		(22,656,316	)		(32,103,362	)		(7,356,475	)		(225,859,690	)		—			(4,145,479	)		(7,073,670	)		(68,038,560	)
Net income equalization (Note 2)		(34,694	)		(44,870	)		(1,294,294	)		(5,083,733	)		—			—			—			—			—			—
Other capital (Note 4)		—			—			—			—			—			—			—			23,805			—			—
Net increase (decrease) in net assets from beneficial interest transactions		15,098,756			4,601,125			789,837,899			835,490,026			100,017,873			(166,936,533	)		—			1,878,326			(2,919,385	)		(9,084,130	)
Net increase (decrease) in net assets during the period		17,779,606			8,124,742			827,122,257			877,463,109			114,263,258			(124,985,825	)		(47,491	)		2,221,206			(4,374,050	)		(3,648,445	)
Net assets at beginning of period		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
NET ASSETS END OF PERIOD (1)	$	55,588,256		$	37,808,650		$	1,820,941,835		$	993,819,578		$	504,032,565		$	389,769,307		$	2,173,715		$	2,221,206		$	35,588,622		$	39,962,672
SHARES OF BENEFICIAL INTEREST:
Shares sold		450,000			300,000			23,800,000			29,150,000			1,400,000			800,000			—			150,000			150,000			2,100,000
Shares redeemed		—			(150,000	)		(700,000	)		(1,100,000	)		(100,000	)		(3,200,000	)		—			(100,000	)		(250,000	)		(2,400,000	)
Net increase (decrease)		450,000			150,000			23,100,000			28,050,000			1,300,000			(2,400,000	)		—			50,000			(100,000	)		(300,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	32,585		$	38,338		$	(5,520,316	)	$	(3,145,144	)	$	319,960		$	4,468,393		$	(8,499	)	$	71,163		$	177,280		$	918,715

* Commencement of operations.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P China ETF						SPDR S&P Emerging Markets ETF						SPDR S&P Emerging Markets Dividend ETF						SPDR S&P BRIC 40 ETF						SPDR S&P Emerging Europe ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,528,430	)	$	19,588,798		$	706,980		$	4,196,926		$	4,043,896		$	16,289,464		$	781,843		$	7,976,747		$	130,296		$	2,231,660
Net realized gain (loss) on investments, foreign currency transactions and futures		2,829,180			19,506,762			(724,075	)		1,684,962			8,386,744			(27,157,859	)		695,215			7,153,933			259,329			(12,095,291	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		48,338,192			34,914,868			4,526,716			14,725,547			(4,827,891	)		(3,347,306	)		6,242,778			30,415,588			1,203,581			21,663,844
Net increase (decrease) in net assets resulting from operations		49,638,942			74,010,428			4,509,621			20,607,435			7,602,749			(14,215,701	)		7,719,836			45,546,268			1,593,206			11,800,213
Net equalization credits and charges (Note 2)		—			—			—			—			17,038			39,699			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(4,647,632	)		(17,799,814	)		(1,864,586	)		(3,935,967	)		(3,034,216	)		(16,170,078	)		(2,924,963	)		(8,184,641	)		(1,701,709	)		(2,483,872	)
Net realized gains		—			—			—			(1,641,948	)		—			—			—			—			—			—
Total distributions to shareholders		(4,647,632	)		(17,799,814	)		(1,864,586	)		(5,577,915	)		(3,034,216	)		(16,170,078	)		(2,924,963	)		(8,184,641	)		(1,701,709	)		(2,483,872	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		343,169,737			361,916,129			67,654,859			69,497,172			200,398,643			301,310,984			16,819,568			59,300,750			13,264,930			12,293,731
Cost of shares redeemed		(49,365,600	)		(276,074,102	)		(13,358,311	)		(73,110,940	)		—			(24,272,187	)		(34,046,376	)		(174,820,377	)		(8,555,001	)		(53,887,987	)
Net income equalization (Note 2)		—			—			—			—			(17,038	)		(39,699	)		—			—			—			—
Other capital (Note 4)		2,491			—			—			6,299			—			—			—			29,705			—			—
Net increase (decrease) in net assets from beneficial interest transactions		293,806,628			85,842,027			54,296,548			(3,607,469	)		200,381,605			276,999,098			(17,226,808	)		(115,489,922	)		4,709,929			(41,594,256	)
Net increase (decrease) in net assets during the period		338,797,938			142,052,641			56,941,583			11,422,051			204,967,176			246,653,018			(12,431,935	)		(78,128,295	)		4,601,426			(32,277,915	)
Net assets at beginning of period		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
NET ASSETS END OF PERIOD (1)	$	1,097,983,898		$	759,185,960		$	222,964,084		$	166,022,501		$	506,482,636		$	301,515,460		$	283,892,288		$	296,324,223		$	91,240,479		$	86,639,053
SHARES OF BENEFICIAL INTEREST:
Shares sold		4,800,000			5,300,000			1,000,000			1,100,000			4,350,000			6,200,000			700,000			2,400,000			300,000			300,000
Shares redeemed		(700,000	)		(4,400,000	)		(200,000	)		(1,200,000	)		—			(550,000	)		(1,400,000	)		(7,400,000	)		(200,000	)		(1,400,000	)
Net increase (decrease)		4,100,000			900,000			800,000			(100,000	)		4,350,000			5,650,000			(700,000	)		(5,000,000	)		100,000			(1,100,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	(1,546,658	)	$	4,629,404		$	357,566		$	1,515,172		$	433,457		$	(576,223	)	$	332,000		$	2,475,120		$	84,372		$	1,655,785

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)

													SPDR S&P World
	SPDR S&P Emerging Latin America ETF						SPDR S&P Emerging Middle East & Africa ETF						ex-US ETF						SPDR S&P International Small Cap ETF						SPDR Dow Jones International Real Estate ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,208,152		$	3,095,788		$	927,699		$	3,068,730		$	4,968,778		$	7,144,437		$	5,709,715		$	14,964,093		$	41,776,200		$	99,435,732
Net realized gain (loss) on investments and foreign currency transactions		32,959			(3,235,928	)		756,812			(750,461	)		(83,512	)		1,664,601			2,062,035			(8,674,720	)		(25,847,543	)		(11,848,969	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,650,391			14,647,906			(4,542,958	)		14,693,957			40,475,626			21,232,877			79,140,173			57,988,318			432,654,262			471,918,778
Net increase (decrease) in net assets resulting from operations		4,891,502			14,507,766			(2,858,447	)		17,012,226			45,360,892			30,041,915			86,911,923			64,277,691			448,582,919			559,505,541
Net equalization credits and charges (Note 2)		—			—			—			—			—			—			—			—			(226,600	)		74,316,078
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(954,227	)		(3,522,698	)		(1,513,337	)		(4,218,267	)		(4,844,959	)		(5,552,612	)		(12,119,584	)		(19,547,099	)		(151,005,157	)		(111,418,761	)
Net realized gains		—			—			—			—			—			—			—			(5,368,799	)		—			—
Total distributions to shareholders		(954,227	)		(3,522,698	)		(1,513,337	)		(4,218,267	)		(4,844,959	)		(5,552,612	)		(12,119,584	)		(24,915,898	)		(151,005,157	)		(111,418,761	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		15,218,912			15,730,530			—			—			127,754,479			276,158,565			58,375,410			21,977,675			436,999,422			949,877,415
Cost of shares redeemed		(21,731,551	)		(34,492,351	)		(13,818,099	)		(26,217,547	)		—			(9,044,674	)		(65,574,823	)		(112,179,707	)		—			(257,380,643	)
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			226,600			(74,316,078	)
Other capital (Note 4)		—			—			—			—			—			—			—			13,909			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(6,512,639	)		(18,761,821	)		(13,818,099	)		(26,217,547	)		127,754,479			267,113,891			(7,199,413	)		(90,188,123	)		437,226,022			618,180,694
Net increase (decrease) in net assets during the period		(2,575,364	)		(7,776,753	)		(18,189,883	)		(13,423,588	)		168,270,412			291,603,194			67,592,926			(50,826,330	)		734,577,184			1,140,583,552
Net assets at beginning of period		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
NET ASSETS END OF PERIOD (1)	$	111,479,415		$	114,054,779		$	73,796,185		$	91,986,068		$	579,552,722		$	411,282,310		$	746,673,185		$	679,080,259		$	3,871,235,136		$	3,136,657,952
SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			200,000			—			—			5,000,000			12,000,000			2,000,000			800,000			10,600,000			26,300,000
Shares redeemed		(300,000	)		(500,000	)		(200,000	)		(400,000	)		—			(400,000	)		(2,200,000	)		(4,400,000	)		—			(7,500,000	)
Net increase (decrease)		(100,000	)		(300,000	)		(200,000	)		(400,000	)		5,000,000			11,600,000			(200,000	)		(3,600,000	)		10,600,000			18,800,000
(1) Including undistributed (distribution in excess of) net investment income	$	285,271		$	31,346		$	71,436		$	657,074		$	2,775,233		$	2,651,414		$	(1,006,608	)	$	5,403,261		$	(147,826,850	)	$	(38,597,893	)

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Global												SPDR MSCI ACWI
	Infrastructure ETF						SPDR S&P Global Natural Resources ETF						ex-US ETF						SPDR MSCI ACWI IMI ETF						SPDR MSCI EM 50 ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended			For the Period			Six Months Ended			For the Period
	3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			2/27/12*-			3/31/13			2/27/12*-
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	734,013		$	1,436,312		$	4,920,429		$	6,029,675		$	3,824,468		$	13,019,584		$	52,142		$	87,694		$	8,174		$	86,137
Net realized gain (loss) on investments and foreign currency transactions		(3,988,844	)		(2,744,617	)		(8,242,541	)		(5,330,806	)		883,132			15,392,332			3,050			(1,581	)		(116,841	)		(65,964	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		7,432,536			4,125,001			(2,635,447	)		30,128,807			27,973,133			27,825,561			465,011			(27,464	)		159,917			(243,349	)
Net increase (decrease) in net assets resulting from operations		4,177,705			2,816,696			(5,957,559	)		30,827,676			32,680,733			56,237,477			520,203			58,649			51,250			(223,176	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(761,709	)		(1,483,636	)		(4,537,584	)		(4,463,333	)		(5,081,020	)		(13,349,211	)		(56,447	)		(54,416	)		(44,543	)		(46,280	)
Net realized gains		—			—			—			—			—			—			(1,624	)		—			—			—
Total distributions to shareholders		(761,709	)		(1,483,636	)		(4,537,584	)		(4,463,333	)		(5,081,020	)		(13,349,211	)		(58,071	)		(54,416	)		(44,543	)		(46,280	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		32,015,087			—			186,429,891			273,565,078			46,092,598			168,987,318			—			5,000,000			—			5,000,000
Cost of shares redeemed		—			—			(32,694,024	)		(48,153,926	)		(31,643,533	)		(191,370,840	)		—			—			(2,381,988	)		—
Net increase (decrease) in net assets from beneficial interest transactions		32,015,087			—			153,735,867			225,411,152			14,449,065			(22,383,522	)		—			5,000,000			(2,381,988	)		5,000,000
Net increase (decrease) in net assets during the period		35,431,083			1,333,060			143,240,724			251,775,495			42,048,778			20,504,744			462,132			5,004,233			(2,375,281	)		4,730,544
Net assets at beginning of period		36,377,564			35,044,504			414,851,772			163,076,277			384,217,776			363,713,032			5,004,233			—			4,730,544			—
NET ASSETS END OF PERIOD (1)	$	71,808,647		$	36,377,564		$	558,092,496		$	414,851,772		$	426,266,554		$	384,217,776		$	5,466,365		$	5,004,233		$	2,355,263		$	4,730,544
SHARES OF BENEFICIAL INTEREST:
Shares sold		800,000			—			3,600,000			5,550,000			1,400,000			5,800,000			—			100,000			—			100,000
Shares redeemed		—			—			(650,000	)		(950,000	)		(1,000,000	)		(6,400,000	)		—			—			(50,000	)		—
Net increase (decrease)		800,000			—			2,950,000			4,600,000			400,000			(600,000	)		—			100,000			(50,000	)		100,000
(1) Including undistributed (distribution in excess of) net investment income	$	388,842		$	416,538		$	2,699,869		$	2,317,024		$	2,052,128		$	3,308,680		$	25,778		$	30,083		$	750		$	37,119

* Commencement of operations.

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	119,327		$	264,696		$	584,770		$	1,300,148		$	19,357,861		$	53,610,239		$	265,977		$	928,562		$	1,941,247		$	19,379,521
Net realized gain (loss) on investments and foreign currency transactions		1,559,104			(115,044	)		(1,310,262	)		890,683			35,213,828			(100,833,861	)		690,039			612,297			(7,094,326	)		(36,877,413	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		1,033,594			(503,952	)		10,357,900			(5,946,569	)		39,122,063			81,699,724			2,864,205			2,924,725			83,061,103			129,008,372
Net increase (decrease) in net assets resulting from operations		2,712,025			(354,300	)		9,632,408			(3,755,738	)		93,693,752			34,476,102			3,820,221			4,465,584			77,908,024			111,510,480
Net equalization credits and charges (Note 2)		—			—			—			—			891,281			2,358,349			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(165,921	)		(265,569	)		(654,571	)		(1,634,370	)		(20,829,941	)		(53,305,546	)		(649,330	)		(1,150,146	)		(13,089,516	)		(18,552,573	)
Net realized gains		—			—			—			—			—			—			(80,604	)		(1,065,071	)		—			(27,372,420	)
Total distributions to shareholders		(165,921	)		(265,569	)		(654,571	)		(1,634,370	)		(20,829,941	)		(53,305,546	)		(729,934	)		(2,215,217	)		(13,089,516	)		(45,924,993	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		7,800,288			—			2,352,949			2,159,743			247,522,137			541,417,351			1,512,960			—			—			55,331,166
Cost of shares redeemed		(8,181,549	)		—			(4,030,132	)		(30,742,858	)		—			(4,331,841	)		(4,161,271	)		(2,717,670	)		(59,122,434	)		(132,998,763	)
Net income equalization (Note 2)		—			—			—			—			(891,281	)		(2,358,349	)		—			—			—			—
Other capital (Note 4)		—			—			—			—			—			—			—			—			212,988			715,897
Net increase (decrease) in net assets from beneficial interest transactions		(381,261	)		—			(1,677,183	)		(28,583,115	)		246,630,856			534,727,161			(2,648,311	)		(2,717,670	)		(58,909,446	)		(76,951,700	)
Net increase (decrease) in net assets during the period		2,164,843			(619,869	)		7,300,654			(33,973,223	)		320,385,948			518,256,066			441,976			(467,303	)		5,909,062			(11,366,213	)
Net assets at beginning of period		14,226,611			14,846,480			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
NET ASSETS END OF PERIOD (1)	$	16,391,454		$	14,226,611		$	71,863,933		$	64,563,279		$	1,320,907,800		$	1,000,521,852		$	36,435,272		$	35,993,296		$	903,355,066		$	897,446,004
SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			—			50,000			50,000			5,200,000			11,500,000			50,000			—			—			1,200,000
Shares redeemed		(200,000	)		—			(100,000	)		(750,000	)		—			(100,000	)		(150,000	)		(100,000	)		(1,300,000	)		(3,400,000	)
Net increase (decrease)		—			—			(50,000	)		(700,000	)		5,200,000			11,400,000			(100,000	)		(100,000	)		(1,300,000	)		(2,200,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	92,376		$	138,970		$	506,083		$	575,884		$	(723,090	)	$	748,990		$	(60,499	)	$	322,854		$	532,558		$	11,680,827

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	10,142,123		$	11,745,792		$	38,256		$	146,056		$	190,864		$	490,756		$	145,874		$	367,844		$	80,419		$	207,954
Net realized gain (loss) on investments and foreign currency transactions		208,024			(433,986	)		(30,519	)		(32,465	)		55,412			1,199,806			(8,238	)		35,854			(24,531	)		(638,879	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		68,365,528			80,312,706			1,083,299			667,820			2,633,933			1,710,625			(412,874	)		1,423,519			563,740			939,293
Net increase (decrease) in net assets resulting from operations		78,715,675			91,624,512			1,091,036			781,411			2,880,209			3,401,187			(275,238	)		1,827,217			619,628			508,368
Net equalization credits and charges (Note 2)		1,654,356			6,111,292			(26,025	)		(36,212	)		28,146			(2,845	)		—			(7,243	)		(45,842	)		(23,755	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(15,106,194	)		(13,646,214	)		(81,752	)		(120,565	)		(200,168	)		(478,660	)		(161,838	)		(366,239	)		(143,819	)		(155,043	)
Net realized gains		—			—			—			(78,055	)		—			—			—			—			—			—
Total distributions to shareholders		(15,106,194	)		(13,646,214	)		(81,752	)		(198,620	)		(200,168	)		(478,660	)		(161,838	)		(366,239	)		(143,819	)		(155,043	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		311,967,767			195,499,178			3,165,531			2,850,617			15,107,484			7,759,841			—			1,346,823			3,890,337			2,662,828
Cost of shares redeemed		—			(3,706,930	)		—			(9,175,088	)		—			(10,936,077	)		—			(3,773,173	)		—			(7,217,238	)
Net income equalization (Note 2)		(1,654,356	)		(6,111,292	)		26,025			36,212			(28,146	)		2,845			—			7,243			45,842			23,755
Net increase (decrease) in net assets from beneficial interest transactions		310,313,411			185,680,956			3,191,556			(6,288,259	)		15,079,338			(3,173,391	)		—			(2,419,107	)		3,936,179			(4,530,655	)
Net increase (decrease) in net assets during the period		375,577,248			269,770,546			4,174,815			(5,741,680	)		17,787,525			(253,709	)		(437,076	)		(965,372	)		4,366,146			(4,201,085	)
Net assets at beginning of period		543,476,184			273,705,638			5,529,215			11,270,895			18,985,604			19,239,313			11,389,368			12,354,740			3,534,009			7,735,094
NET ASSETS END OF PERIOD (1)	$	919,053,432		$	543,476,184		$	9,704,030		$	5,529,215		$	36,773,129		$	18,985,604		$	10,952,292		$	11,389,368		$	7,900,155		$	3,534,009
SHARES OF BENEFICIAL INTEREST:
Shares sold		7,400,000			5,100,000			100,000			100,000			400,000			250,000			—			50,000			200,000			150,000
Shares redeemed		—			(100,000	)		—			(350,000	)		—			(350,000	)		—			(150,000	)		—			(450,000	)
Net increase (decrease)		7,400,000			5,000,000			100,000			(250,000	)		400,000			(100,000	)		—			(100,000	)		200,000			(300,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	(11,987,290	)	$	(7,023,219	)	$	31,001		$	74,497		$	(7,988	)	$	1,316		$	13,012		$	28,976		$	23,195		$	86,595

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended			3/31/13			Year Ended
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	403,456		$	473,106		$	73,032		$	281,599		$	52,204		$	235,788		$	52,451		$	163,085		$	232,010		$	1,145,937
Net realized gain (loss) on investments and foreign currency transactions		(5,143	)		1,484,728			(418,031	)		(2,325,873	)		(646,569	)		(1,013,664	)		(11,380	)		(14,651	)		(342,999	)		(73,593	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,682,318			1,444,628			1,326,184			2,648,001			652,109			1,997,268			1,601,611			1,454,455			778,614			125,892
Net increase in net assets resulting from operations		4,080,631			3,402,462			981,185			603,727			57,744			1,219,392			1,642,682			1,602,889			667,625			1,198,236
Net equalization credits and charges (Note 2)		3,209			(4,482	)		(69,003	)		(50,201	)		(2,855	)		7,321			(8,798	)		(16,355	)		(1,135	)		(7,414	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(368,650	)		(462,681	)		(154,133	)		(261,597	)		(134,559	)		(253,185	)		(61,498	)		(165,338	)		(223,716	)		(1,106,996	)
Net realized gains		—			—			—			—			—			—			—			(75,801	)		—			—
Total distributions to shareholders		(368,650	)		(462,681	)		(154,133	)		(261,597	)		(134,559	)		(253,185	)		(61,498	)		(241,139	)		(223,716	)		(1,106,996	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,790,834			23,394,533			4,055,522			14,628,938			—			1,070,625			4,036,324			—			5,629,249			13,700,325
Cost of shares redeemed		—			(17,417,767	)		(2,489,084	)		(26,547,201	)		(2,516,666	)		(9,597,009	)		—			(9,183,492	)		—			(1,151,079	)
Net income equalization (Note 2)		(3,209	)		4,482			69,003			50,201			2,855		��	(7,321	)		8,798			16,355			1,135			7,414
Net increase (decrease) in net assets from beneficial interest transactions		1,787,625			5,981,248			1,635,441			(11,868,062	)		(2,513,811	)		(8,533,705	)		4,045,122			(9,167,137	)		5,630,384			12,556,660
Net increase (decrease) in net assets during the period		5,502,815			8,916,547			2,393,490			(11,576,133	)		(2,593,481	)		(7,560,177	)		5,617,508			(7,821,742	)		6,073,158			12,640,486
Net assets at beginning of period		28,123,139			19,206,592			8,634,892			20,211,025			11,842,424			19,402,601			10,880,665			18,702,407			25,098,134			12,457,648
NET ASSETS END OF PERIOD (1)	$	33,625,954		$	28,123,139		$	11,028,382		$	8,634,892		$	9,248,943		$	11,842,424		$	16,498,173		$	10,880,665		$	31,171,292		$	25,098,134
SHARES OF BENEFICIAL INTEREST:
Shares sold		50,000			700,000			150,000			600,000			—			50,000			150,000			—			250,000			600,000
Shares redeemed		—			(550,000	)		(100,000	)		(1,150,000	)		(100,000	)		(400,000	)		—			(400,000	)		—			(50,000	)
Net increase (decrease)		50,000			150,000			50,000			(550,000	)		(100,000	)		(350,000	)		150,000			(400,000	)		250,000			550,000
(1) Including undistributed (distribution in excess of) net investment income	$	133,700		$	98,894		$	38,510		$	119,611		$	13,952		$	96,307		$	34,622		$	43,669		$	43,628		$	35,334

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

							��
	SPDR S&P International Utilities Sector ETF
	Six Months Ended
	3/31/13			Year Ended
	(Unaudited)			9/30/12
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	220,045		$	683,322
Net realized gain (loss) on investments and foreign currency transactions		(6,265	)		(498,357	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(28,956	)		(358,492	)
Net increase (decrease) in net assets resulting from operations		184,824			(173,527	)
Net equalization credits and charges (Note 2)		10,516			109,870
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(326,253	)		(691,902	)
Total distributions to shareholders		(326,253	)		(691,902	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,620,332			16,707,621
Net income equalization (Note 2)		(10,516	)		(109,870	)
Net increase (decrease) in net assets from beneficial interest transactions		1,609,816			16,597,751
Net increase in net assets during the period		1,478,903			15,842,192
Net assets at beginning of period		25,403,116			9,560,924
NET ASSETS END OF PERIOD (1)	$	26,882,019		$	25,403,116
SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			1,000,000
Shares redeemed		—			—
Net increase (decrease)		100,000			1,000,000
(1) Including undistributed (distribution in excess of) net investment income	$	(107,208	)	$	(1,000	)

See accompanying notes to financial statements.

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269

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR STOXX Europe 50 ETF																		SPDR EURO STOXX 50 ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	31.50		$	28.26		$	33.39		$	35.31		$	36.33		$	53.69		$	30.96		$	28.72		$	36.90		$	41.34		$	41.88		$	62.12
Income (loss) from investment operations:
Net investment income (loss)		0.49	(1)		1.25	(1)		1.23	(1)		1.02	(1)		1.11	(1)		1.88			0.20	(1)		1.42	(1)		1.63	(1)		1.13	(1)		1.21	(1)		2.17
Net realized and unrealized gain (loss) (2)		2.12			3.21			(4.73	)		(1.95	)		(1.05	)		(17.09	)		2.05			1.77			(8.23	)		(4.47	)		(0.65	)		(19.32	)
Total from investment operations		2.61			4.46			(3.50	)		(0.93	)		0.06			(15.21	)		2.25			3.19			(6.60	)		(3.34	)		0.56			(17.15	)
Net equalization credits and charges (1)		0.02			0.04			(0.03	)		0.06			(0.01	)		(0.12	)		0.03			0.35			(0.00	)(3)		0.10			0.15			(0.24	)
Distributions to shareholders from:
Net investment income		(0.45	)		(1.26	)		(1.60	)		(1.05	)		(1.07	)		(1.69	)		(0.25	)		(1.30	)		(1.58	)		(1.20	)		(1.25	)		(1.95	)
Net realized gains		—			—			—			—			—			(0.34	)		—			—			—			—			—			(0.90	)
Total distributions		(0.45	)		(1.26	)		(1.60	)		(1.05	)		(1.07	)		(2.03	)		(0.25	)		(1.30	)		(1.58	)		(1.20	)		(1.25	)		(2.85	)
Net asset value, end of period	$	33.68		$	31.50		$	28.26		$	33.39		$	35.31		$	36.33		$	32.99		$	30.96		$	28.72		$	36.90		$	41.34		$	41.88
Total return (4)		8.37	%		16.25	%		(11.37	)%		(2.52	)%		0.69	%		(29.27	)%		7.34	%		12.90	%		(18.88	)%		(7.48	)%		2.35	%		(29.00	)%
Net assets, end of period (in 000’s)	$	55,588		$	37,809		$	29,684		$	38,407		$	56,514		$	76,311		$	1,820,942		$	993,820		$	116,356		$	162,400		$	181,922		$	224,080
Ratio of expenses to average net assets		0.29	%(5)		0.29	%		0.30	%		0.31	%		0.29	%		0.29	%		0.29	%(5)		0.29	%		0.30	%		0.31	%		0.29	%		0.29	%
Ratio of net investment income (loss) to average net assets		2.94	%(5)		4.12	%		3.55	%		3.05	%		3.93	%		3.35	%		1.18	%(5)		4.78	%		4.29	%		3.03	%		3.67	%		3.53	%
Portfolio turnover rate (6)		4	%		6	%		7	%		9	%		11	%		14	%		3	%		9	%		7	%		8	%		12	%		14	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Amount is less than $0.005 per share.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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271

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Asia Pacific ETF																		SPDR S&P Small Cap Emerging Asia Pacific ETF						SPDR S&P Russia ETF
	Six Months																		Six Months			For the			Six Months									For the
	Ended																		Ended			Period			Ended									Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			1/11/12*-			3/31/13			Year Ended			Year Ended			3/10/10*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			(Unaudited)			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	73.54		$	66.85		$	82.86		$	69.33		$	54.59		$	87.74		$	44.42		$	40.00		$	28.54		$	25.65		$	30.01		$	30.00
Income (loss) from investment operations:
Net investment income (loss)		0.15	(1)		1.32	(1)		1.52	(1)		1.28	(1)		1.21	(1)		0.90			—	(1) (2)		0.70	(1)		0.14	(1)		0.57	(1)		0.57	(1)		0.20	(1)
Net realized and unrealized gain (loss) (3)		3.55			8.00			(13.63	)		13.06			13.92			(35.04	)		3.84			3.52			(0.62	)		2.80			(4.53	)		(0.01	)
Total from investment operations		3.70			9.32			(12.11	)		14.34			15.13			(34.14	)		3.84			4.22			(0.48	)		3.37			(3.96	)		0.19
Net equalization credits and charges (1)		—			—			—			—			0.43			2.13			—			—			—			—			—			—
Other Capital		—			—			—			—			—			—			—			0.20			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.87	)		(1.71	)		(1.29	)		(0.81	)		(0.82	)		(1.03	)		(1.59	)		—			(0.68	)		(0.48	)		(0.29	)		(0.18	)
Net realized gains		—			(0.92	)		(2.61	)		—			—			(0.11	)		(3.20	)		—			—			—			(0.11	)		—
Total distributions		(0.87	)		(2.63	)		(3.90	)		(0.81	)		(0.82	)		(1.14	)		(4.79	)		—			(0.68	)		(0.48	)		(0.40	)		(0.18	)
Net asset value, end of period	$	76.37		$	73.54		$	66.85		$	82.86		$	69.33		$	54.59		$	43.47		$	44.42		$	27.38		$	28.54		$	25.65		$	30.01
Total return (4)		4.75	%		14.40	%		(15.55	)%		20.85	%		29.15	%		(36.95	)%		8.54	%		11.08	%		(2.18	)%		13.40	%		(13.58	)%		0.72	%
Net assets, end of period (in 000’s)	$	504,033		$	389,769		$	514,755		$	712,608		$	436,766		$	163,780		$	2,174		$	2,221		$	35,589		$	39,963		$	43,611		$	6,003
Ratio of expenses to average net assets		0.60	%(5)		0.60	%		0.60	%		0.60	%		0.59	%		0.59	%		0.65	%(5)		0.71	%(5)		0.61	%(5)		0.59	%		0.59	%		0.59	%(5)
Ratio of net investment income (loss) to average net assets		0.40	%(5)		1.87	%		1.83	%		1.74	%		2.25	%		2.28	%		0.01	%(5)		2.27	%(5)		0.97	%(5)		2.05	%		1.56	%		1.25	%(5)
Portfolio turnover rate (6)		3	%		7	%		20	%		10	%		4	%		7	%		—	%(7)		65	%		—	%		11	%		15	%		1	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amount is less than $0.005 per share.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(7)	Amount shown represents less than 0.5%.

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273

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P China ETF																		SPDR S&P Emerging Markets ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	65.45		$	57.68		$	76.14		$	66.50		$	51.29		$	94.34		$	63.85		$	57.26		$	69.89		$	59.00		$	51.86		$	75.21
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)(1)		1.68	(1)		1.31	(1)		1.03	(1)		1.21	(1)		0.75			0.24	(1)		1.48	(1)		1.36	(1)		1.09	(1)		0.97	(1)		1.32
Net realized and unrealized gain (loss) (2)		4.93			7.56			(18.48	)		9.44			14.81			(43.64	)		2.27			7.20			(12.20	)		10.73			7.00			(23.44	)
Total from investment operations		4.82			9.24			(17.17	)		10.47			16.02			(42.89	)		2.51			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		—	(3)		—			—			—			—			—			—			—	(4)		—			—			—			—
Distributions to shareholders from:
Net investment income		(0.33	)		(1.47	)		(1.29	)		(0.83	)		(1.34	)		(0.63	)		(0.78	)		(1.41	)		(1.15	)		(0.93	)		(1.43	)		(0.65	)
Net realized gains		—			—			—			—			—			—			—			(0.68	)		(0.64	)		—			—			(0.74	)
Total distributions		(0.33	)		(1.47	)		(1.29	)		(0.83	)		(1.34	)		(0.63	)		(0.78	)		(2.09	)		(1.79	)		(0.93	)		(1.43	)		(1.39	)
Net asset value, end of period	$	69.94		$	65.45		$	57.68		$	76.14		$	66.50		$	51.29		$	65.58		$	63.85		$	57.26		$	69.89		$	59.00		$	51.86
Total return (5)		7.32	%		16.17	%		(22.95	)%		15.87	%		33.06	%		(45.26	)%		3.71	%		15.58	%		(16.06	)%		20.25	%		18.05	%		(29.77	)%
Net assets, end of period (in 000’s)	$	1,097,984		$	759,186		$	617,133		$	677,680		$	445,539		$	123,108		$	222,964		$	166,023		$	154,600		$	216,661		$	94,395		$	36,299
Ratio of expenses to average net assets		0.59	%(6)		0.59	%		0.60	%		0.61	%		0.59	%		0.59	%		0.59	%(6)		0.59	%		0.60	%		0.60	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets		(0.30	)%(6)		2.56	%		1.71	%		1.46	%		2.22	%		1.33	%		0.75	%(6)		2.39	%		1.90	%		1.73	%		2.18	%		1.97	%
Portfolio turnover rate (7)		2	%		10	%		9	%		25	%		0	%(8)		4	%		5	%		11	%		4	%		15	%		1	%		11	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Amount is less than $0.005 per share.
(4)	State Street reimbursed the Fund $6,299 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized.
(7)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(8)	Amount shown represents less than 0.5%.

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275

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
	Six Months						For the			Six Months
	Ended						Period			Ended
	3/31/13			Year Ended			2/23/11*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			9/30/11			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	43.70		$	43.89		$	50.00		$	22.97		$	20.92		$	25.84		$	23.03		$	20.29		$	30.18
Income (loss) from investment operations:
Net investment income (loss)		0.48	(1)		3.18	(1)		2.32	(1)		0.06	(1)		0.54	(1)		0.60	(1)		0.43	(1)		0.42	(1)		0.39
Net realized and unrealized gain (loss) (2)		1.21			(0.78	)		(6.96	)		0.46			2.09			(5.00	)		2.75			2.97			(10.19	)
Total from investment operations		1.69			2.40			(4.64	)		0.52			2.63			(4.40	)		3.18			3.39			(9.80	)
Net equalization credits and charges (1)		—	(3)		0.01			0.43			—			—			—			—			0.01			0.04
Other Capital		—			—			—			—			—	(4)		—			—			—			—
Distributions to shareholders from:
Net investment income		(0.37	)		(2.60	)		(1.28	)		(0.22	)		(0.58	)		(0.52	)		(0.37	)		(0.66	)		(0.13	)
Return of capital		—			—			(0.62	)		—			—			—			—			—			—
Total distributions		(0.37	)		(2.60	)		(1.90	)		(0.22	)		(0.58	)		(0.52	)		(0.37	)		(0.66	)		(0.13	)
Net asset value, end of period	$	45.02		$	43.70		$	43.89		$	23.27		$	22.97		$	20.92		$	25.84		$	23.03		$	20.29
Total return (5)		3.55	%		5.54	%		(8.73	)%		2.11	%		12.82	%		(17.49	)%		13.98	%		18.16	%		(32.50	)%
Net assets, end of period (in 000’s)	$	506,483		$	301,515		$	54,862		$	283,892		$	296,324		$	374,453		$	459,991		$	340,812		$	188,734
Ratio of expenses to average net assets		0.60	%(6)		0.61	%		0.62	%(6)		0.50	%(6)		0.50	%		0.51	%		0.52	%		0.48	%		0.40	%
Ratio of expenses to average net assets before waivers		0.60	%(6)		0.61	%		0.62	%(6)		0.50	%(6)		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets		2.11	%(6)		6.80	%		7.46	%(6)		0.51	%(6)		2.32	%		2.23	%		1.78	%		2.36	%		1.43	%
Portfolio turnover rate (7)		38	%		134	%		42	%		8	%		13	%		10	%		10	%		16	%		16	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Amount is less than $0.005 per share.
(4)	State Street reimbursed the Fund $29,705 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized.
(7)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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277

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Europe ETF																		SPDR S&P Emerging Latin America ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	41.26		$	37.16		$	45.55		$	39.42		$	42.73		$	64.57		$	71.28		$	64.12		$	84.48		$	69.92		$	61.83		$	78.49
Income (loss) from investment operations:
Net investment income (loss)		0.06	(1)		0.95	(1)		1.02	(1)		0.46	(1)		0.50	(1)		0.46			0.76	(1)		1.76	(1)		1.93	(1)(2)		1.57	(1)		1.13	(1)		1.32
Net realized and unrealized gain (loss) (3)		0.92			4.22			(8.73	)		6.06			(2.77	)		(22.41	)		2.92			7.40			(20.76	)		14.73			8.12			(17.23	)
Total from investment operations		0.98			5.17			(7.71	)		6.52			(2.27	)		(21.95	)		3.68			9.16			(18.83	)		16.30			9.25			(15.91	)
Net equalization credits and charges (1)		—			—			—			—			(0.29	)		0.51			—			—			—			—			0.37			0.25
Distributions to shareholders from:
Net investment income		(0.77	)		(1.07	)		(0.68	)		(0.39	)		(0.75	)		(0.37	)		(0.64	)		(2.00	)		(1.53	)		(1.74	)		(1.53	)		(0.95	)
Net realized gains		—			—			—			—			—			(0.03	)		—			—			—			—			—			(0.05	)
Total distributions		(0.77	)		(1.07	)		(0.68	)		(0.39	)		(0.75	)		(0.40	)		(0.64	)		(2.00	)		(1.53	)		(1.74	)		(1.53	)		(1.00	)
Net asset value, end of period	$	41.47		$	41.26		$	37.16		$	45.55		$	39.42		$	42.73		$	74.32		$	71.28		$	64.12		$	84.48		$	69.92		$	61.83
Total return (4)		1.90	%		14.32	%		(17.35	)%		16.74	%		(5.18	)%		(33.45	)%		5.13	%		14.49	%		(22.78	)%(2)		23.73	%		16.99	%		(20.21	)%
Net assets, end of period (in 000’s)	$	91,240		$	86,639		$	118,917		$	232,325		$	137,975		$	81,189		$	111,479		$	114,055		$	121,832		$	211,194		$	132,844		$	74,202
Ratio of expenses to average net assets		0.59	%(5)		0.60	%		0.61	%		0.61	%		0.59	%		0.60	%		0.60	%(5)		0.59	%		0.60	%		0.61	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets		0.28	%(5)		2.41	%		2.04	%		1.07	%		1.66	%		0.96	%		2.08	%(5)		2.43	%		2.27	%(2)		2.05	%		2.27	%		1.94	%
Portfolio turnover rate (6)		3	%		6	%		10	%		21	%		45	%		19	%		5	%		7	%		12	%		23	%		17	%		7	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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279

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Middle East & Africa ETF																		SPDR S&P World ex-US ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	70.76		$	62.01		$	71.33		$	58.74		$	54.48		$	68.63		$	23.91		$	21.37		$	24.19		$	23.58		$	23.31		$	34.05
Income (loss) from investment operations:
Net investment income (loss)		0.74	(1)		2.13	(1)		1.87	(1)		1.33	(1)		1.36	(1)		1.79	(2)		0.26	(1)		0.75	(1)		0.75	(1)		0.56	(1)		0.57	(1)		0.61
Net realized and unrealized gain (loss) (3)		(3.25	)		9.44			(9.65	)		12.51			5.97			(15.86	)		2.20			2.38			(2.89	)		0.56			(0.22	)		(11.31	)
Total from investment operations		(2.51	)		11.57			(7.78	)		13.84			7.33			(14.07	)		2.46			3.13			(2.14	)		1.12			0.35			(10.70	)
Net equalization credits and charges (1)		—			—			—			—			(0.51	)		1.04			—			—			—			—			0.56			0.62
Distributions to shareholders from:
Net investment income		(1.16	)		(2.82	)		(1.54	)		(1.25	)		(2.56	)		(1.02	)		(0.26	)		(0.59	)		(0.68	)		(0.51	)		(0.64	)		(0.57	)
Net realized gains		—			—			—			—			—			(0.10	)		—			—			—			—			—			(0.09	)
Total distributions		(1.16	)		(2.82	)		(1.54	)		(1.25	)		(2.56	)		(1.12	)		(0.26	)		(0.59	)		(0.68	)		(0.51	)		(0.64	)		(0.66	)
Net asset value, end of period	$	67.09		$	70.76		$	62.01		$	71.33		$	58.74		$	54.48		$	26.11		$	23.91		$	21.37		$	24.19		$	23.58		$	23.31
Total return (4)		(3.69	)%		19.26	%		(11.32	)%		23.91	%		14.04	%		(19.37	)%		10.35	%		14.99	%		(9.32	)%		4.99	%		4.68	%		(30.13	)%
Net assets, end of period (in 000’s)	$	73,796		$	91,986		$	105,410		$	142,664		$	129,232		$	152,538		$	579,553		$	411,282		$	119,679		$	106,453		$	84,886		$	27,973
Ratio of expenses to average net assets		0.59	%(5)		0.59	%		0.60	%		0.60	%		0.59	%		0.59	%		0.34	%(5)		0.34	%		0.35	%		0.35	%		0.34	%		0.35	%
Ratio of net investment income (loss) to average net assets		2.14	%(5)		3.17	%		2.55	%		2.12	%		2.98	%		3.88	%		2.07	%(5)		3.28	%		2.94	%		2.44	%		3.02	%		3.36	%
Portfolio turnover rate (6)		—	%(7)		7	%		4	%		27	%		12	%		7	%		1	%		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 period.
(2)	Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.38 per share.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(7)	Amount shown represents less than 0.5%.

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281

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Small Cap ETF																		SPDR Dow Jones International Real Estate ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	27.49		$	25.79		$	27.92		$	25.45		$	23.71		$	36.71		$	39.29		$	32.70		$	38.39		$	35.53		$	37.86		$	63.83
Income (loss) from investment operations:
Net investment income (loss)		0.23	(1)		0.57	(1)		0.64	(1)		0.46	(1)		0.44	(1)		0.51			0.49	(1)		1.41	(1)		1.57	(1)		1.34	(1)		1.34	(1)		1.80
Net realized and unrealized gain (loss) (2)		3.25			2.08			(2.14	)		2.42			1.74			(13.04	)		4.81			5.67			(3.82	)		2.84			(2.38	)		(26.03	)
Total from investment operations		3.48			2.65			(1.50	)		2.88			2.18			(12.53	)		5.30			7.08			(2.25	)		4.18			(1.04	)		(24.23	)
Net equalization credits and charges (1)		—			—			—			—			0.12			0.35			—	(3)		1.06			0.09			(0.01	)		0.05			0.06
Other Capital		—			—	(4)		—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.49	)		(0.75	)		(0.63	)		(0.41	)		(0.56	)		(0.30	)		(1.78	)		(1.55	)		(3.53	)		(1.31	)		(1.34	)		(1.80	)
Net realized gains		—			(0.20	)		—			—			—			(0.52	)		—			—			—			—			—			—
Total distributions		(0.49	)		(0.95	)		(0.63	)		(0.41	)		(0.56	)		(0.82	)		(1.78	)		(1.55	)		(3.53	)		(1.31	)		(1.34	)		(1.80	)
Net asset value, end of period	$	30.48		$	27.49		$	25.79		$	27.92		$	25.45		$	23.71		$	42.81		$	39.29		$	32.70		$	38.39		$	35.53		$	37.86
Total return (5)		12.89	%		10.74	%		(5.72	)%		11.54	%		10.45	%		(33.83	)%		13.79	%		25.52	%		(6.76	)%		12.15	%		(1.52	)%		(38.38	)%
Net assets, end of period (in 000’s)	$	746,673		$	679,080		$	729,907		$	622,564		$	509,033		$	331,890		$	3,871,235		$	3,136,658		$	1,996,074		$	1,314,261		$	939,265		$	811,118
Ratio of expenses to average net assets		0.59	%(6)		0.59	%		0.61	%		0.60	%		0.59	%		0.59	%		0.59	%(6)		0.59	%		0.61	%		0.60	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets		1.60	%(6)		2.16	%		2.12	%		1.81	%		2.27	%		2.38	%		2.40	%(6)		3.96	%		4.05	%		3.86	%		4.85	%		3.43	%
Portfolio turnover rate (7)		21	%		2	%		22	%		17	%		21	%		46	%		4	%		11	%		10	%		7	%		23	%		8	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Amount is less than $0.005 per share.
(4)	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. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized.
(7)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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283

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Infrastructure ETF																		SPDR S&P Global Natural Resources ETF												SPDR MSCI ACWI ex-US ETF
	Six Months																		Six Months									For the			Six Months
	Ended																		Ended									Period			Ended
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			Year Ended			Year Ended			9/13/10*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	40.42		$	38.94		$	40.91		$	41.94		$	47.03		$	57.68		$	50.90		$	45.94		$	50.76		$	50.00		$	30.49		$	27.55		$	31.77		$	30.38		$	29.39		$	42.56
Income (loss) from investment operations:
Net investment income (loss)		0.56	(1)		1.60	(1)		1.71	(1)		1.47	(1)		1.57	(1)		1.53	(2)		0.50	(1)		1.14	(1)		1.23	(1)		0.03	(1)		0.31	(1)		0.89	(1)		0.95	(1)		0.73	(1)		0.71	(1)		0.82
Net realized and unrealized gain (loss) (3)		1.77			1.53			(2.03	)		(0.88	)		(4.35	)		(11.64	)		(0.65	)		4.78			(5.44	)		0.73			2.43			2.93			(4.28	)		1.35			1.14			(13.76	)
Total from investment operations		2.33			3.13			(0.32	)		0.59			(2.78	)		(10.11	)		(0.15	)		5.92			(4.21	)		0.76			2.74			3.82			(3.33	)		2.08			1.85			(12.94	)
Net equalization credits and charges (1)		—			—			—			—			0.07			0.60			—			—			—			—			—			—			—			—			0.08			0.60
Distributions to shareholders from:
Net investment income		(0.51	)		(1.65	)		(1.65	)		(1.62	)		(2.38	)		(0.94	)		(0.47	)		(0.96	)		(0.61	)		—			(0.44	)		(0.88	)		(0.89	)		(0.69	)		(0.94	)		(0.77	)
Net realized gains		—			—			—			—			—			(0.20	)		—			—			—			—			—			—			—			—			—			(0.06	)
Total distributions		(0.51	)		(1.65	)		(1.65	)		(1.62	)		(2.38	)		(1.14	)		(0.47	)		(0.96	)		(0.61	)		—			(0.44	)		(0.88	)		(0.89	)		(0.69	)		(0.94	)		(0.83	)
Net asset value, end of period	$	42.24		$	40.42		$	38.94		$	40.91		$	41.94		$	47.03		$	50.28		$	50.90		$	45.94		$	50.76		$	32.79		$	30.49		$	27.55		$	31.77		$	30.38		$	29.39
Total return (4)		5.73	%		8.20	%		(1.04	)%		1.63	%		(5.40	)%		(16.93	)%		(0.30	)%		13.07	%		(8.56	)%		1.52	%		8.95	%		14.20	%		(10.99	)%		7.13	%		7.41	%		(29.53	)%
Net assets, end of period (in 000’s)	$	71,809		$	36,378		$	35,045		$	53,186		$	67,099		$	79,944		$	558,092		$	414,852		$	163,076		$	7,615		$	426,267		$	384,218		$	363,713		$	393,909		$	309,901		$	258,639
Ratio of expenses to average net assets		0.59	%(5)		0.59	%		0.60	%		0.61	%		0.59	%		0.59	%		0.40	%(5)		0.40	%		0.40	%		0.38	%(5)		0.34	%(5)		0.34	%		0.35	%		0.35	%		0.34	%		0.34	%
Ratio of net investment income (loss) to average net assets		2.76	%(5)		4.02	%		4.07	%		3.63	%		4.16	%		3.49	%		1.95	%(5)		2.28	%		2.13	%		1.10	%(5)		1.95	%(5)		3.03	%		2.85	%		2.43	%		2.98	%		3.00	%
Portfolio turnover rate (6)		5	%		10	%		6	%		6	%		10	%		7	%		13	%		18	%		32	%		0	%(7)		1	%		8	%		4	%		3	%		15	%		5	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of this dividend amounted to $0.44 per share.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(7)	Amount shown represents less than 0.5%.

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285

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI IMI ETF						SPDR MSCI EM 50 ETF						SPDR Russell/Nomura PRIME Japan ETF
	Six Months			For the			Six Months			For the			Six Months
	Ended			Period			Ended			Period			Ended
	3/31/13			2/27/12*-			3/31/13			2/27/12*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/12			(Unaudited)			9/30/12			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	50.04		$	50.00		$	47.31		$	50.00		$	35.57		$	37.12		$	37.80		$	38.41		$	39.64		$	55.91
Income (loss) from investment operations:
Net investment income (loss)		0.52	(1)		0.88	(1)		0.15	(1)		0.86	(1)		0.29	(1)		0.66	(1)		0.85	(1)		0.50	(1)		0.46	(1)		1.95
Net realized and unrealized gain (loss) (2)		4.68			(0.30	)		0.54			(3.09	)		5.53			(1.55	)		(0.56	)		(0.58	)		(0.64	)		(15.75	)
Total from investment operations		5.20			0.58			0.69			(2.23	)		5.82			(0.89	)		0.29			(0.08	)		(0.18	)		(13.80	)
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			0.29			(0.62	)
Distributions to shareholders from:
Net investment income		(0.56	)		(0.54	)		(0.89	)		(0.46	)		(0.41	)		(0.66	)		(0.97	)		(0.53	)		(1.34	)		(1.69	)
Net realized gains		(0.02	)		—			—			—			—			—			—			—			—			(0.16	)
Total distributions		(0.58	)		(0.54	)		(0.89	)		(0.46	)		(0.41	)		(0.66	)		(0.97	)		(0.53	)		(1.34	)		(1.85	)
Net asset value, end of period	$	54.66		$	50.04		$	47.11		$	47.31		$	40.98		$	35.57		$	37.12		$	37.80		$	38.41		$	39.64
Total return (3)		10.43	%		1.28	%		1.11	%		(4.37	)%		16.63	%		(2.33	)%		0.56	%		(0.14	)%		0.58	%		(26.48	)%
Net assets, end of period (in 000’s)	$	5,466		$	5,004		$	2,355		$	4,731		$	16,391		$	14,227		$	14,846		$	15,119		$	15,363		$	23,786
Ratio of expenses to average net assets		0.25	%(4)		0.25	%(4)		0.50	%(4)		0.50	%(4)		0.50	%(4)		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets		2.02	%(4)		3.08	%(4)		0.61	%(4)		3.16	%(4)		1.56	%(4)		1.83	%		2.16	%		1.34	%		1.32	%		0.52	%
Portfolio turnover rate (5)		—	%(6)		—	%(6)		2	%		4	%		—	%(6)		1	%		3	%		3	%		6	%		3	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)	Annualized.
(5)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(6)	Amount shown represents less than 0.5%.

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287

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell/Nomura Small Cap Japan ETF																		SPDR S&P International Dividend ETF
	Six Months																		Six Months															For the
	Ended																		Ended															Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			2/12/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	41.65		$	43.79		$	39.65		$	40.51		$	35.84		$	48.31		$	45.27		$	45.07		$	53.88		$	52.49		$	48.17		$	70.76
Income (loss) from investment operations:
Net investment income (loss)		0.40	(1)		0.64	(1)		0.69	(1)		0.53	(1)		0.60	(1)		0.71			0.79	(1)		3.29	(1)		3.48	(1)		2.32	(1)		2.09	(1)		3.56
Net realized and unrealized gain (loss) (2)		6.31			(2.00	)		4.12			(0.73	)		5.29			(12.49	)		3.11			(0.22	)		(9.35	)		1.26			3.70			(23.17	)
Total from investment operations		6.71			(1.36	)		4.81			(0.20	)		5.89			(11.78	)		3.90			3.07			(5.87	)		3.58			5.79			(19.61	)
Net equalization credits and charges (1)		—			—			—			—			(0.15	)		(0.12	)		0.04			0.14			0.37			0.06			0.40			1.30
Distributions to shareholders from:
Net investment income		(0.45	)		(0.78	)		(0.67	)		(0.66	)		(1.07	)		(0.57	)		(0.83	)		(3.01	)		(3.31	)		(2.25	)		(1.87	)		(4.28	)
Total distributions		(0.45	)		(0.78	)		(0.67	)		(0.66	)		(1.07	)		(0.57	)		(0.83	)		(3.01	)		(3.31	)		(2.25	)		(1.87	)		(4.28	)
Net asset value, end of period	$	47.91		$	41.65		$	43.79		$	39.65		$	40.51		$	35.84		$	48.38		$	45.27		$	45.07		$	53.88		$	52.49		$	48.17
Total return (3)		16.90	%		(3.05	)%		12.17	%		(0.41	)%		16.35	%		(24.85	)%		8.61	%		7.45	%		(11.06	)%		7.34	%		13.86	%		(26.93	)%
Net assets, end of period (in 000’s)	$	71,864		$	64,563		$	98,537		$	67,412		$	85,081		$	77,057		$	1,320,908		$	1,000,522		$	482,266		$	258,705		$	126,037		$	43,369
Ratio of expenses to average net assets		0.55	%(4)		0.55	%		0.56	%		0.56	%		0.55	%		0.55	%		0.45	%(4)		0.45	%		0.46	%		0.46	%		0.46	%		0.48	%(4)
Ratio of net investment income (loss) to average net assets		1.88	%(4)		1.54	%		1.63	%		1.37	%		1.74	%		1.24	%		3.36	%(4)		7.11	%		6.24	%		4.48	%		5.26	%		8.77	%(4)
Portfolio turnover rate (5)		10	%		22	%		10	%		24	%		25	%		22	%		58	%		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 period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)	Annualized.
(5)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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289

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
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			5/7/08*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			5/12/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	27.69		$	26.04		$	28.76		$	27.14		$	26.04		$	35.46		$	44.43		$	40.57		$	54.62		$	43.78		$	32.69		$	52.29
Income (loss) from investment operations:
Net investment income (loss)		0.22	(1)		0.68	(1)		0.76	(1)		0.55	(1)		0.57	(1)		0.32			0.10	(1)		0.96	(1)		0.99	(1)		1.06	(1)(2)		0.66	(1)		0.16
Net realized and unrealized gain (loss) (3)		3.06			2.57			(2.31	)		2.31			0.72			(9.74	)		3.95			5.15			(13.25	)		10.65			10.18			(20.81	)
Total from investment operations		3.28			3.25			(1.55	)		2.86			1.29			(9.42	)		4.05			6.11			(12.26	)		11.71			10.84			(20.65	)
Net equalization credits and charges (1)		—			—			—			—			0.34			—			—			—			—			—			0.56			1.05
Other Capital		—			—			—			—			—			—			0.01			0.04			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.54	)		(0.84	)		(0.70	)		(0.50	)		(0.53	)		—			(0.69	)		(0.92	)		(0.34	)		(0.19	)		(0.31	)		—
Net realized gains		(0.07	)		(0.76	)		(0.47	)		(0.74	)		—			—			—			(1.37	)		(1.45	)		(0.68	)		—			—
Total distributions		(0.61	)		(1.60	)		(1.17	)		(1.24	)		(0.53	)		—			(0.69	)		(2.29	)		(1.79	)		(0.87	)		(0.31	)		—
Net asset value, end of period	$	30.36		$	27.69		$	26.04		$	28.76		$	27.14		$	26.04		$	47.80		$	44.43		$	40.57		$	54.62		$	43.78		$	32.69
Total return (4)		11.64	%		13.27	%		(6.00	)%		11.11	%		6.87	%		(26.54	)%		9.00	%		16.09	%		(23.36	)%		27.05	%		35.45	%		(37.48	)%
Net assets, end of period (in 000’s)	$	36,435		$	35,993		$	36,461		$	30,196		$	21,716		$	5,208		$	903,355		$	897,446		$	908,812		$	797,411		$	65,674		$	9,807
Ratio of expenses to average net assets		0.45	%(5)		0.45	%		0.46	%		0.46	%		0.45	%		0.45	%(5)		0.65	%(5)		0.66	%		0.66	%		0.66	%		0.66	%		0.76	%(5)
Ratio of net investment income (loss) to average net assets		1.54	%(5)		2.56	%		2.49	%		2.07	%		2.57	%		2.22	%(5)		0.44	%(5)		2.27	%		1.85	%		2.19	%		1.93	%		3.41	%(5)
Portfolio turnover rate (6)		12	%		28	%		32	%		31	%		45	%		19	%		2	%		22	%		70	%		85	%		83	%		2	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share and the ratio of net investment income to average net assets reflect 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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291

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones Global Real Estate ETF																		SPDR S&P International Consumer Discretionary Sector ETF
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			5/7/08*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	40.56		$	32.58		$	36.00		$	31.18		$	39.33		$	49.87		$	27.65		$	25.05		$	26.90		$	24.12		$	22.37		$	25.54
Income (loss) from investment operations:
Net investment income (loss)		0.61	(1)		1.12	(1)		1.16	(1)		1.11	(1)		1.19	(1)		0.56			0.17	(1)		0.52	(1)		0.47	(1)		0.41	(1)		0.43	(1)		0.12
Net realized and unrealized gain (loss) (2)		3.82			7.52			(2.00	)		4.88			(8.23	)		(10.80	)		5.04			3.11			(1.79	)		2.69			1.77			(3.26	)
Total from investment operations		4.43			8.64			(0.84	)		5.99			(7.04	)		(10.24	)		5.21			3.63			(1.32	)		3.10			2.20			(3.14	)
Net equalization credits and charges (1)		0.10			0.58			0.08			0.02			0.31			0.33			(0.11	)		(0.13	)		(0.03	)		0.02			—			—
Distributions to shareholders from:
Net investment income		(0.90	)		(1.24	)		(2.66	)		(1.19	)		(1.42	)		(0.63	)		(0.40	)		(0.51	)		(0.50	)		(0.34	)		(0.45	)		(0.03	)
Net realized gains		—			—			—			—			—			—			—			(0.39	)		—			—			—			—
Total distributions		(0.90	)		(1.24	)		(2.66	)		(1.19	)		(1.42	)		(0.63	)		(0.40	)		(0.90	)		(0.50	)		(0.34	)		(0.45	)		(0.03	)
Net asset value, end of period	$	44.19		$	40.56		$	32.58		$	36.00		$	31.18		$	39.33		$	32.35		$	27.65		$	25.05		$	26.90		$	24.12		$	22.37
Total return (3)		11.31	%		28.56	%		(2.80	)%		19.71	%		(15.97	)%		(19.89	)%		18.48	%		14.40	%		(5.33	)%		13.12	%		10.38	%		(12.29	)%
Net assets, end of period (in 000’s)	$	919,053		$	543,476		$	273,706		$	140,388		$	81,076		$	15,731		$	9,704		$	5,529		$	11,271		$	18,833		$	4,824		$	4,475
Ratio of expenses to average net assets		0.50	%(4)		0.50	%		0.50	%		0.51	%		0.50	%		0.50	%(4)		0.50	%(4)		0.51	%		0.50	%		0.51	%		0.50	%		0.52	%(4)
Ratio of net investment income (loss) to average net assets		2.88	%(4)		2.96	%		3.08	%		3.42	%		4.84	%		3.97	%(4)		1.12	%(4)		1.96	%		1.61	%		1.67	%		2.22	%		1.88	%(4)
Portfolio turnover rate (5)		3	%		8	%		9	%		7	%		18	%		4	%		—	%(6)		5	%		9	%		11	%		7	%		1	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	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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293

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Consumer Staples Sector ETF																		SPDR S&P International Energy Sector ETF
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	34.52		$	29.60		$	29.80		$	26.31		$	25.80		$	27.47		$	25.31		$	22.46		$	24.52		$	25.48		$	25.07		$	31.62
Income (loss) from investment operations:
Net investment income (loss)		0.31	(1)		0.82	(1)		0.88	(1)		0.69	(1)		0.57	(1)		0.13			0.32	(1)		0.79	(1)		0.70	(1)		0.65	(1)		0.76	(1)		0.16
Net realized and unrealized gain (loss) (2)		4.09			4.90			(0.37	)		3.39			0.50			(1.69	)		(0.93	)		2.89			(2.10	)		(1.01	)		0.34			(6.57	)
Total from investment operations		4.40			5.72			0.51			4.08			1.07			(1.56	)		(0.61	)		3.68			(1.40	)		(0.36	)		1.10			(6.41	)
Net equalization credits and charges (1)		0.05			0.00	(3)		0.15			0.04			—			—			—			(0.02	)		0.00	(3)		0.04			0.04			—
Distributions to shareholders from:
Net investment income		(0.26	)		(0.80	)		(0.86	)		(0.63	)		(0.56	)		(0.11	)		(0.36	)		(0.81	)		(0.66	)		(0.64	)		(0.72	)		(0.14	)
Return of capital		—			—			—			—			—			—			—			—			—			—			(0.01	)		—
Total distributions		(0.26	)		(0.80	)		(0.86	)		(0.63	)		(0.56	)		(0.11	)		(0.36	)		(0.81	)		(0.66	)		(0.64	)		(0.73	)		(0.14	)
Net asset value, end of period	$	38.71		$	34.52		$	29.60		$	29.80		$	26.31		$	25.80		$	24.34		$	25.31		$	22.46		$	24.52		$	25.48		$	25.07
Total return (4)		12.80	%		19.51	%		2.08	%		15.87	%		4.48	%		(5.70	)%		(2.42	)%		16.44	%		(6.14	)%		(1.18	)%		5.09	%		(20.28	)%
Net assets, end of period (in 000’s)	$	36,773		$	18,986		$	19,239		$	14,900		$	5,262		$	5,160		$	10,952		$	11,389		$	12,355		$	12,259		$	6,369		$	5,014
Ratio of expenses to average net assets		0.50	%(5)		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%(5)		0.50	%(5)		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		1.73	%(5)		2.53	%		2.81	%		2.50	%		2.58	%		2.17	%(5)		2.61	%(5)		3.16	%		2.55	%		2.63	%		3.64	%		3.03	%(5)
Portfolio turnover rate (6)		—	%(7)		7	%		2	%		5	%		8	%		9	%		2	%		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 period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Amount is less than $0.005 per share.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(7)	Amount shown represents less than 0.5%.

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295

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
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	17.67		$	15.47		$	19.60		$	21.39		$	21.48		$	24.52		$	35.15		$	29.55		$	29.46		$	28.50		$	28.38		$	31.23
Income (loss) from investment operations:
Net investment income (loss)		0.28	(1)		0.64	(1)		0.69	(1)		0.55	(1)		0.46	(1)		0.10			0.48	(1)		0.86	(1)		0.74	(1)		0.64	(1)		0.57	(1)		0.11
Net realized and unrealized gain (loss) (2)		2.51			2.15			(4.09	)		(1.83	)		(0.11	)		(3.05	)		4.36			5.57			0.04			0.96			0.11			(2.91	)
Total from investment operations		2.79			2.79			(3.40	)		(1.28	)		0.35			(2.95	)		4.84			6.43			0.78			1.60			0.68			(2.80	)
Net equalization credits and charges (1)		(0.16	)		(0.07	)		(0.01	)		0.04			0.01			—			—	(3)		(0.01	)		0.05			(0.01	)		—			—
Distributions to shareholders from:																																	��
Net investment income		(0.55	)		(0.52	)		(0.72	)		(0.55	)		(0.45	)		(0.09	)		(0.43	)		(0.82	)		(0.74	)		(0.63	)		(0.56	)		(0.05	)
Total distributions		(0.55	)		(0.52	)		(0.72	)		(0.55	)		(0.45	)		(0.09	)		(0.43	)		(0.82	)		(0.74	)		(0.63	)		(0.56	)		(0.05	)
Net asset value, end of period	$	19.75		$	17.67		$	15.47		$	19.60		$	21.39		$	21.48		$	39.56		$	35.15		$	29.55		$	29.46		$	28.50		$	28.38
Total return (4)		15.11	%		18.02	%		(17.99	)%		(5.60	)%		2.35	%		(12.03	)%		13.81	%		22.03	%		2.69	%		5.71	%		2.78	%		(8.97	)%
Net assets, end of period (in 000’s)	$	7,900		$	3,534		$	7,735		$	8,821		$	5,348		$	4,295		$	33,626		$	28,123		$	19,207		$	10,310		$	5,701		$	5,676
Ratio of expenses to average net assets		0.50	%(5)		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%(5)		0.50	%(5)		0.50	%		0.50	%		0.51	%		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		2.94	%(5)		3.94	%		3.47	%		2.85	%		2.88	%		2.03	%(5)		2.62	%(5)		2.70	%		2.37	%		2.25	%		2.35	%		1.67	%(5)
Portfolio turnover rate (6)		2	%		6	%		4	%		6	%		25	%		0	%(7)		—	%(7)		14	%		5	%		29	%		0	%(7)		18	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Amount is less than $0.005 per share.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(7)	Amount shown represents less than 0.5%.

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297

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Industrial Sector ETF																		SPDR S&P International Materials Sector ETF
	Six Months															For the			Six Months																For the
	Ended															Period			Ended																Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-			3/31/13			Year Ended				Year Ended			Year Ended			Year Ended			7/16/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			��	9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	24.67		$	22.46		$	25.65		$	23.26		$	22.07		$	27.47		$	23.68		$	22.83			$	26.34		$	23.05		$	21.54		$	31.52
Income (loss) from investment operations:
Net investment income (loss)		0.23	(1)		0.55	(1)		0.62	(1)		0.41	(1)		0.47	(1)		0.09			0.12	(1)		0.42	(1)			0.42	(1)		0.32	(1)		0.27	(1)		0.11
Net realized and unrealized gain (loss) (2)		3.46			2.32			(3.23	)		2.27			1.25			(5.44	)		(0.33	)		0.87				(3.51	)		3.25			1.41			(10.02	)
Total from investment operations		3.69			2.87			(2.61	)		2.68			1.72			(5.35	)		(0.21	)		1.29				(3.09	)		3.57			1.68			(9.91	)
Net equalization credits and charges (1)		(0.21	)		(0.10	)		(0.01	)		0.06			—			—			(0.01	)		0.01				(0.03	)		(0.02	)		0.15			—
Distributions to shareholders from:
Net investment income		(0.58	)		(0.56	)		(0.57	)		(0.35	)		(0.53	)		(0.05	)		(0.34	)		(0.45	)			(0.39	)		(0.26	)		(0.32	)		(0.07	)
Total distributions		(0.58	)		(0.56	)		(0.57	)		(0.35	)		(0.53	)		(0.05	)		(0.34	)		(0.45	)			(0.39	)		(0.26	)		(0.32	)		(0.07	)
Net asset value, end of period	$	27.57		$	24.67		$	22.46		$	25.65		$	23.26		$	22.07		$	23.12		$	23.68			$	22.83		$	26.34		$	23.05		$	21.54
Total return (3)		14.20	%		12.53	%		(10.62	)%		11.94	%		8.35	%		(19.49	)%		(1.00	)%		5.79	%			(12.12	)%		15.53	%		8.87	%		(31.44	)%
Net assets, end of period (in 000’s)	$	11,028		$	8,635		$	20,211		$	17,955		$	4,653		$	4,413		$	9,249		$	11,842			$	19,403		$	22,387		$	9,221		$	4,309
Ratio of expenses to average net assets		0.50	%(4)		0.50	%		0.50	%		0.52	%		0.50	%		0.50	%(4)		0.50	%(4)		0.50	%			0.51	%		0.52	%		0.50	%		0.50	%(4)
Ratio of net investment income (loss) to average net assets		1.73	%(4)		2.27	%		2.22	%		1.74	%		2.59	%		1.55	%(4)		0.97	%(4)		1.77	%			1.42	%		1.31	%		1.47	%		1.99	%(4)
Portfolio turnover rate (5)		1	%		11	%		0	%(6)		20	%		3	%		0	%(6)		6	%		—	%(6)			1	%		9	%		7	%		4	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	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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299

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Technology Sector ETF																		SPDR S&P International Telecommunications Sector ETF
	Six Months															For the			Six Months															For the
	Ended															Period			Ended															Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-			3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08			(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	24.18		$	22.00		$	24.76		$	24.58		$	22.27		$	27.77		$	22.82		$	22.65		$	24.30		$	23.58		$	22.71		$	27.02
Income (loss) from investment operations:
Net investment income (loss)		0.10	(1)		0.29	(1)		0.34	(1)		0.29	(1)		0.24	(1)		0.06			0.19	(1)		1.45	(1)		1.22	(1)(2)		1.05	(1)		0.97	(1)		0.16
Net realized and unrealized gain (loss) (3)		3.37			2.37			(2.68	)		0.14			2.32			(5.56	)		0.27			0.10			(1.54	)		0.69			0.86			(4.33	)
Total from investment operations		3.47			2.66			(2.34	)		0.43			2.56			(5.50	)		0.46			1.55			(0.32	)		1.74			1.83			(4.17	)
Net equalization credits and charges (1)		(0.02	)		(0.03	)		0.00	(4)		0.01			0.01			—			—	(4)		(0.01	)		0.01			0.02			0.02			—
Distributions to shareholders from:
Net investment income		(0.13	)		(0.31	)		(0.33	)		(0.25	)		(0.26	)		—			(0.19	)		(1.37	)		(1.34	)		(1.04	)		(0.98	)		(0.14	)
Net realized gains		—			(0.14	)		(0.09	)		(0.01	)		—			—			—			—			—			—			—			—
Total distributions		(0.13	)		(0.45	)		(0.42	)		(0.26	)		(0.26	)		—			(0.19	)		(1.37	)		(1.34	)		(1.04	)		(0.98	)		(0.14	)
Net asset value, end of period	$	27.50		$	24.18		$	22.00		$	24.76		$	24.58		$	22.27		$	23.09		$	22.82		$	22.65		$	24.30		$	23.58		$	22.71
Total return (5)		14.07	%		12.06	%		(9.74	)%		1.86	%		11.81	%		(19.81	)%		2.04	%		7.23	%		(1.66	)%(2)		8.09	%		8.68	%		(15.45	)%
Net assets, end of period (in 000’s)	$	16,498		$	10,881		$	18,702		$	21,044		$	11,062		$	4,454		$	31,171		$	25,098		$	12,458		$	15,795		$	9,432		$	4,542
Ratio of expenses to average net assets		0.50	%(6)		0.50	%		0.51	%		0.52	%		0.51	%		0.50	%(6)		0.50	%(6)		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%(6)
Ratio of net investment income (loss) to average net assets		0.80	%(6)		1.21	%		1.27	%		1.20	%		1.23	%		1.04	%(6)		1.74	%(6)		6.48	%		4.84	%(2)		4.62	%		4.76	%		3.11	%(6)
Portfolio turnover rate (7)		4	%		6	%		1	%		10	%		5	%		0	%(8)		2	%		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 period.
(2)	Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.09 per share and 0.34% of average net assets. 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%.

300

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301

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Utilities Sector ETF
	Six Months															For the
	Ended															Period
	3/31/13			Year Ended			Year Ended			Year Ended			Year Ended			7/16/08*-
	(Unaudited)			9/30/12			9/30/11			9/30/10			9/30/09			9/30/08
Net asset value, beginning of period	$	16.39		$	17.38		$	20.55		$	22.78		$	24.95		$	29.47
Income (loss) from investment operations:
Net investment income (loss)		0.14	(1)		0.85	(1)		0.92	(1)(2)		0.82	(1)		0.86	(1)		0.37	(3)
Net realized and unrealized loss (4)		(0.05	)		(1.24	)		(3.20	)		(2.43	)		(2.19	)		(4.45	)
Total from investment operations		0.09			(0.39	)		(2.28	)		(1.61	)		(1.33	)		(4.08	)
Net equalization credits and charges (1)		0.01			0.14			0.02			0.04			—			—
Distributions to shareholders from:
Net investment income		(0.20	)		(0.74	)		(0.91	)		(0.66	)		(0.81	)		(0.44	)
Net realized gains		—			—			—			—			(0.03	)		—
Total distributions		(0.20	)		(0.74	)		(0.91	)		(0.66	)		(0.84	)		(0.44	)
Net asset value, end of period	$	16.29		$	16.39		$	17.38		$	20.55		$	22.78		$	24.95
Total return (5)		0.29	%		(1.30	)%		(11.45	)%(2)		(6.71	)%		(4.96	)%		(13.87	)%
Net assets, end of period (in 000’s)	$	26,882		$	25,403		$	9,561		$	8,221		$	4,557		$	4,989
Ratio of expenses to average net assets		0.50	%(6)		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%(6)
Ratio of net investment income (loss) to average net assets		1.67	%(6)		5.15	%		4.49	%(2)		3.94	%		4.23	%		6.47	%(6)
Portfolio turnover rate (7)		—	%(8)		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 period.
(2)	Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.08 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.
(8)	Amount shown represents less than 0.5%.

302

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS

March 31, 2013 (Unaudited)

1.   Organization

SPDR Index Shares Funds (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end investment management company that was organized as a Massachusetts business trust on February 14, 2002.

As of March 31, 2013, 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 S&P Global Infrastructure ETF (effective April 30, 2013 the fund changed its name from 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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asset value each business day. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the “Committee”). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Accordingly, a Fund’s net asset value may reflect certain portfolio securities’ fair values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.

The Funds continue to follow the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance for the fair value option for financial assets and financial liabilities provides funds the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three levels of inputs that may be used to measure fair value:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Funds’ net assets are computed and that may materially affect the value of the Funds’ investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Funds’ benchmark index, which, in turn, could result in a difference between the Fund’s performance and the performance of the Fund’s benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risks associated with investing in those investments.

The type of inputs used to value each security is identified in the breakdown of the Funds’ investments by industry, which appears in the Portfolio Summary.

The following table summarizes the inputs used in valuing the Funds’ investments as of March 31, 2013:

			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total
SPDR STOXX Europe 50 ETF	$	55,206,666	$	—	*	$	—		$	55,206,666
SPDR EURO STOXX 50 ETF		1,819,774,935		—	*		—			1,819,774,935
SPDR S&P Emerging Asia Pacific ETF		526,658,070		778,383			—	**		527,436,453
SPDR S&P Small Cap Emerging Asia Pacific ETF		2,247,011		14,799			—	**		2,261,810

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			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total
SPDR S&P Russia ETF	$	35,738,888	$	—		$	—		$	35,738,888
SPDR S&P China ETF		1,242,348,282		484,135			—			1,242,832,417
SPDR S&P Emerging Markets ETF		233,818,121		183,868			—	**		234,001,989
SPDR S&P Emerging Markets Dividend ETF		551,662,547		—			—			551,662,547
SPDR S&P BRIC 40 ETF		305,474,464		—			—			305,474,464
SPDR S&P Emerging Europe ETF		92,748,650		—	*		—			92,748,650
SPDR S&P Emerging Latin America ETF		121,794,080		—			—			121,794,080
SPDR S&P Emerging Middle East & Africa ETF		82,151,549		—			—			82,151,549
SPDR S&P World ex-US ETF		620,805,102		—	*		—			620,805,102
SPDR S&P International Small Cap ETF		820,821,347		1,393,729			234,461			822,449,537
SPDR Dow Jones International Real Estate ETF		4,023,295,685		—	*		—			4,023,295,685
SPDR S&P Global Infrastructure ETF		81,136,046		—			—			81,136,046
SPDR S&P Global Natural Resources ETF		587,675,153		—			—			587,675,153
SPDR MSCI ACWI ex-US ETF		456,534,484		—	*		—			456,534,484
SPDR MSCI ACWI IMI ETF		5,771,287		—			—			5,771,287
SPDR MSCI EM 50 ETF		2,355,115		—			—			2,355,115
SPDR Russell/Nomura PRIME Japan ETF		20,060,827		—			—			20,060,827
SPDR Russell/Nomura Small Cap Japan ETF		84,728,452		—	*		—			84,728,452
SPDR S&P International Dividend ETF		1,405,687,522		—			—			1,405,687,522
SPDR S&P International Mid Cap ETF		41,408,200		—	*		—			41,408,200
SPDR S&P Emerging Markets Small Cap ETF		952,132,649		5,240,491			—	**		957,373,140
SPDR Dow Jones Global Real Estate ETF		989,946,090		—	*		—			989,946,090
SPDR S&P International Consumer Discretionary Sector ETF		9,969,817		—			—			9,969,817
SPDR S&P International Consumer Staples Sector ETF		36,971,437		—	*		—			36,971,437
SPDR S&P International Energy Sector ETF		11,610,583		—			—			11,610,583
SPDR S&P International Financial Sector ETF		8,247,823		—			—			8,247,823
SPDR S&P International Health Care Sector ETF		33,645,877		—			—			33,645,877
SPDR S&P International Industrial Sector ETF		11,271,796		—			—			11,271,796
SPDR S&P International Materials Sector ETF		9,660,491		1,170			1,793			9,663,454
SPDR S&P International Technology Sector ETF		16,840,424		—			—			16,840,424
SPDR S&P International Telecommunications Sector ETF		31,885,080		—			—			31,885,080
SPDR S&P International Utilities Sector ETF		27,150,294		—			—			27,150,294

*	Fund held Level 2 securities that were valued at $0 at March 31, 2013.
**	Fund held Level 3 securities that were valued at $0 at March 31, 2013.

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			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	$	32,182	$	—	$	—	$	32,182

* 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 six months ended March 31, 2013. 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 S&P Global Infrastructure ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF no longer utilized equalization.

Investment Transactions

Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings on the ex-dividend date.

Foreign Currency Translation and Foreign Investments

The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and foreign currency transactions on the Statements of Operations. Net gains and losses on foreign currency transactions

306

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

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 Markets ETF used futures contracts during the period to meet the Fund’s objectives. The 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, the Fund may not achieve its objectives.

Equity risk relates to change in value of equity securities such as common stocks due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, or adverse investor sentiment. Equity securities generally have greater price volatility than fixed income securities.

Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity at a specified future time and at a specified price. Stock index futures contracts are settled periodically with a payment by one party to the other of a cash amount based on the difference between the level of the stock index specified in the contract from one day to the next. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges.

Futures traders are required to make a good faith margin deposit in cash or U.S. government securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded.

After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional “variation” margin will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, a Fund would expect to earn interest income on its margin deposits. Closing out an open futures position is done by taking an opposite position (“buying” a contract which has previously been “sold” or “selling” a contract previously “purchased”) in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened or closed.

Each Fund may use exchange-traded futures, together with positions in cash and money market instruments, to simulate full investment in its underlying benchmark index. Under such circumstances, the Adviser (as defined in Note 3) may seek to utilize other instruments that it believes to be correlated to the underlying index components or a subset of the components.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures

307

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NOTES TO FINANCIAL STATEMENTS (continued)

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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 futures contracts as of March 31, 2013 is included in a table following the Fund’s Schedule of Investments.

The following tables summarize the value of the Fund’s derivative instruments as of March 31, 2013 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

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

$

—

$

—

$

—

$

185,782

$

—

$

—

$

185,782

(a) Initial margin deposit on futures

Liability Derivatives

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

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(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 Markets ETF (a)	Futures Contract	$	—	$	—	$	—	$	(46,453	)	$	—	$	—	$	(46,453	)

(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

$

—

$

—

$

—

$

57,687

$

—

$

—

$

57,687

(a) Net change in unrealized appreciation (depreciation) on Futures.

The volume of derivatives held at period end is indicative of the volume held throughout the year.

Federal Income Tax

The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing,

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

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 six months ended March 31, 2013, 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	$	—
SPDR EURO STOXX 50 ETF		5,575,147
SPDR S&P Emerging Asia Pacific ETF		105,416
SPDR S&P Small Cap Emerging Asia Pacific ETF		—
SPDR S&P Russia ETF		(262,664	)
SPDR S&P China ETF		11,347,523
SPDR S&P Emerging Markets ETF		1,381,084
SPDR S&P Emerging Markets Dividend ETF		—
SPDR S&P BRIC 40 ETF		5,339,640
SPDR S&P Emerging Europe ETF		634,830
SPDR S&P Emerging Latin America ETF		420,774
SPDR S&P Emerging Middle East & Africa ETF		1,273,795
SPDR S&P World ex-US ETF		—
SPDR S&P International Small Cap ETF		12,145,026

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SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

	Net Gain (Loss)
	Reclassified to
	Paid in Capital
SPDR Dow Jones International Real Estate ETF	$	—
SPDR S&P Global Infrastructure ETF		—
SPDR S&P Global Natural Resources ETF		4,408,092
SPDR MSCI ACWI ex-US ETF		2,916,233
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		(101,149	)
SPDR Russell/Nomura PRIME Japan ETF		1,657,414
SPDR Russell/Nomura Small Cap Japan ETF		(791,293	)
SPDR S&P International Dividend ETF		—
SPDR S&P International Mid Cap ETF		470,764
SPDR S&P Emerging Markets Small Cap ETF		2,456,764
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		(424,298	)
SPDR S&P International Materials Sector ETF		(409,980	)
SPDR S&P International Technology Sector ETF		—
SPDR S&P International Telecommunications Sector ETF		—
SPDR S&P International Utilities Sector ETF		—

At March 31, 2013, 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
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

310

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term
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 S&P Global Infrastructure 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		—		—

311

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

	Amount Utilized		Amount Expired
SPDR S&P World ex-US ETF	$	—	$	—
SPDR S&P International Small Cap ETF		—		—
SPDR Dow Jones International Real Estate ETF		—		—
SPDR S&P Global Infrastructure ETF		—		—
SPDR S&P Global Natural Resources ETF		—		—
SPDR 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		—		—

312

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

	Post October			Late Year
	Capital Loss Deferral			Ordinary Loss Deferral
SPDR S&P World ex-US ETF	$	—		$	—
SPDR S&P International Small Cap ETF		—			—
SPDR Dow Jones International Real Estate ETF		—			—
SPDR S&P Global Infrastructure ETF		—			—
SPDR S&P Global Natural Resources ETF		—			—
SPDR 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		—			—

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 S&P Global Infrastructure ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI 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.

313

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

Subsequent Events

Events or transactions occurring after period end through the date the financial statements were issued have been evaluated by management in the preparation of the financial statements and no 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 S&P Global Infrastructure ETF		0.59
SPDR S&P Global Natural Resources ETF		0.40
SPDR MSCI ACWI ex-US ETF		0.34
SPDR MSCI ACWI IMI ETF		0.25
SPDR MSCI EM 50 ETF		0.50
SPDR Russell/Nomura PRIME Japan ETF		0.50
SPDR Russell/Nomura Small Cap Japan ETF		0.55
SPDR S&P International Dividend ETF		0.45
SPDR S&P International Mid Cap ETF		0.45
SPDR S&P Emerging Markets Small Cap ETF		0.65
SPDR Dow Jones Global Real Estate ETF		0.50
SPDR S&P International Consumer Discretionary Sector ETF		0.50
SPDR S&P International Consumer Staples Sector ETF		0.50
SPDR S&P International Energy Sector ETF		0.50
SPDR S&P International Financial Sector ETF		0.50
SPDR S&P International Health Care Sector ETF		0.50

314

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

	Annual Rate
SPDR S&P International Industrial Sector ETF		0.50	%
SPDR S&P International Materials Sector ETF		0.50
SPDR S&P International Technology Sector ETF		0.50
SPDR S&P International Telecommunications Sector ETF		0.50
SPDR S&P International Utilities Sector ETF		0.50

The Adviser pays all operating expenses of each Fund other than the advisory fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee’s counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

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, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007. Proceeds collected by State Street on investment of cash collateral or any fee income is allocated at 85% payment to the fund, and 15% payable to State Street (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement). 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 investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending.

For the period ended March 31, 2013, State Street earned securities lending agent fees from the following Funds:

	Securities Lending
	Agent Fees
SPDR STOXX Europe 50 ETF	$	1,200
SPDR EURO STOXX 50 ETF		61,467
SPDR S&P Emerging Asia Pacific ETF		20,755
SPDR S&P Small Cap Emerging Asia Pacific ETF		247
SPDR S&P Russia ETF		61
SPDR S&P China ETF		146,540
SPDR S&P Emerging Markets ETF		5,207
SPDR S&P Emerging Markets Dividend ETF		57,209
SPDR S&P BRIC 40 ETF		6,694
SPDR S&P Emerging Europe ETF		983
SPDR S&P Emerging Latin America ETF		3,763
SPDR S&P Emerging Middle East & Africa ETF		2,309
SPDR S&P World ex-US ETF		22,595
SPDR S&P International Small Cap ETF		74,360
SPDR Dow Jones International Real Estate ETF		69,751
SPDR S&P Global Infrastructure ETF		1,798
SPDR S&P Global Natural Resources ETF		12,585
SPDR MSCI ACWI ex-US ETF		17,523
SPDR MSCI ACWI IMI ETF		2
SPDR Russell/Nomura PRIME Japan ETF		594
SPDR Russell/Nomura Small Cap Japan ETF		6,110

315

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

	Securities Lending
	Agent Fees
SPDR S&P International Dividend ETF	$	173,841
SPDR S&P International Mid Cap ETF		2,150
SPDR S&P Emerging Markets Small Cap ETF		195,196
SPDR Dow Jones Global Real Estate ETF		9,912
SPDR S&P International Consumer Discretionary Sector ETF		190
SPDR S&P International Consumer Staples Sector ETF		469
SPDR S&P International Energy Sector ETF		637
SPDR S&P International Financial Sector ETF		231
SPDR S&P International Health Care Sector ETF		337
SPDR S&P International Industrial Sector ETF		352
SPDR S&P International Materials Sector ETF		142
SPDR S&P International Technology Sector ETF		705
SPDR S&P International Telecommunications Sector ETF		488
SPDR S&P International Utilities Sector ETF		1,043

Distributor

State Street Global Markets, LLC (the “Distributor”), an affiliate of the Adviser, acts as the principal underwriter of each Fund pursuant to a principal underwriting contract with the Trust. The Distributor may enter into agreements with other broker-dealers (affiliated and non-affiliated) and other financial institutions to authorize them to sell Shares.

The Distributor has established an assisted trading program to aid Authorized Participants in certain creation and redemption activity for which the Distributor receives commissions from Authorized Participants. In addition, the Distributor receives compensation from State Street associated with on-line creation and redemption activity of Authorized Participants.

Trustees’ Fees

The Trust, 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.

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

316

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at March 31, 2013 and for the period then ended are:

	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/12		Cost		Shares		Proceeds		Shares		3/31/13		Income
SPDR STOXX Europe 50 ETF	$	191,917	$	719,107		719,107	$	907,038		907,038	$	3,986	$	29
SPDR EURO STOXX 50 ETF		4,222,505		11,505,879		11,505,879		15,692,853		15,692,853		35,531		330
SPDR S&P Emerging Asia Pacific ETF		3,195,263		12,762,636		12,762,636		15,443,583		15,443,583		514,316		857
SPDR S&P Small Cap Emerging Asia Pacific ETF		100		256,302		256,302		247,749		247,749		8,653		20
SPDR S&P Russia ETF		537,150		1,792,782		1,792,782		1,975,550		1,975,550		354,382		169
SPDR S&P China ETF		745,106		9,789,675		9,789,675		9,466,330		9,466,330		1,068,451		916
SPDR S&P Emerging Markets ETF		846,305		16,128,431		16,128,431		14,116,689		14,116,689		2,858,047		1,467
SPDR S&P Emerging Markets Dividend ETF		7,076,913		39,927,103		39,927,103		46,288,278		46,288,278		715,738		648
SPDR S&P BRIC 40 ETF		168,879		5,705,590		5,705,590		5,044,239		5,044,239		830,230		318
SPDR S&P Emerging Europe ETF		100		3,452,282		3,452,282		3,239,826		3,239,826		212,556		199
SPDR S&P Emerging Latin America ETF		229,358		6,357,587		6,357,587		6,373,764		6,373,764		213,181		240
SPDR S&P Emerging Middle East & Africa ETF		93,201		1,900,624		1,900,624		1,946,140		1,946,140		47,685		194
SPDR S&P World ex-US ETF		332,197		7,090,967		7,090,967		5,875,324		5,875,324		1,547,840		515
SPDR S&P International Small Cap ETF		1,771,925		25,438,483		25,438,483		26,538,472		26,538,472		671,936		1,489
SPDR Dow Jones International Real Estate ETF		28,395,898		192,117,334		192,117,334		220,435,354		220,435,354		77,878		6,629
SPDR S&P Global Infrastructure ETF		97,634		2,643,311		2,643,311		2,608,737		2,608,737		132,208		83
SPDR S&P Global Natural Resources ETF		691,439		8,983,131		8,983,131		8,457,823		8,457,823		1,216,747		774
SPDR MSCI ACWI ex-US ETF		308,689		6,836,410		6,836,410		6,318,673		6,318,673		826,426		285
SPDR MSCI ACWI IMI ETF		27,030		98,179		98,179		88,599		88,599		36,610		28
SPDR MSCI EM 50 ETF		6,699		219,881		219,881		225,359		225,359		1,221		4
SPDR Russell/Nomura PRIME Japan ETF		15,805		236,217		236,217		238,473		238,473		13,549		21
SPDR Russell/Nomura Small Cap Japan ETF		332,216		462,548		462,548		791,723		791,723		3,041		160
SPDR S&P International Dividend ETF		12,374,746		39,792,138		39,792,138		51,885,059		51,885,059		281,825		1,453
SPDR S&P International Mid Cap ETF		4,149		1,000,122		1,000,122		990,620		990,620		13,651		25
SPDR S&P Emerging Markets Small Cap ETF		100		42,505,426		42,505,426		41,142,452		41,142,452		1,363,074		2,417
SPDR Dow Jones Global Real Estate ETF		4,618,351		26,899,683		26,899,683		31,035,611		31,035,611		482,423		1,160
SPDR S&P International Consumer Discretionary Sector ETF		17,545		183,024		183,024		178,559		178,559		22,010		9
SPDR S&P International Consumer Staples Sector ETF		119,841		821,420		821,420		806,473		806,473		134,788		53
SPDR S&P International Energy Sector ETF		91,062		267,430		267,430		355,868		355,868		2,624		11
SPDR S&P International Financial Sector ETF		19,287		227,243		227,243		232,756		232,756		13,774		14
SPDR S&P International Health Care Sector ETF		49,480		371,177		371,177		413,493		413,493		7,164		16
SPDR S&P International Industrial Sector ETF		18,957		330,994		330,994		305,451		305,451		44,500		18
SPDR S&P International Materials Sector ETF		54,326		177,424		177,424		221,666		221,666		10,084		10
SPDR S&P International Technology Sector ETF		56,574		240,015		240,015		223,235		223,235		73,354		28
SPDR S&P International Telecommunications Sector ETF		340,375		302,520		302,520		623,379		623,379		19,516		35
SPDR S&P International Utilities Sector ETF		228,812		436,931		436,931		651,784		651,784		13,959		35

	Value at		Purchased				Sold				Value at
Prime Portfolio	9/30/12		Cost		Shares		Proceeds		Shares		3/31/13		Income
SPDR STOXX Europe 50 ETF	$	752,366	$	7,295,416		7,295,416	$	8,047,782		8,047,782	$	—	$	6,803
SPDR EURO STOXX 50 ETF		51,714,846		252,732,235		252,732,235		304,447,081		304,447,081		—		348,307

317

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

	Value at		Purchased				Sold				Value at
Prime Portfolio	9/30/12		Cost		Shares		Proceeds		Shares		3/31/13		Income
SPDR S&P Emerging Asia Pacific ETF	$	25,651,515	$	36,401,834		36,401,834	$	38,266,002		38,266,002	$	23,787,347	$	117,506
SPDR S&P Small Cap Emerging Asia Pacific ETF		33,997		165,514		165,514		110,071		110,071		89,440		1,391
SPDR S&P Russia ETF		367,020		3,173,809		3,173,809		3,389,151		3,389,151		151,678		349
SPDR S&P China ETF		133,083,476		164,389,989		164,389,989		153,223,182		153,223,182		144,250,283		825,762
SPDR S&P Emerging Markets ETF		9,456,178		29,991,638		29,991,638		26,655,712		26,655,712		12,792,104		29,503
SPDR S&P Emerging Markets Dividend ETF		28,742,094		115,235,825		115,235,825		95,702,306		95,702,306		48,275,613		323,462
SPDR S&P BRIC 40 ETF		37,126,518		63,141,006		63,141,006		78,921,527		78,921,527		21,345,997		37,921
SPDR S&P Emerging Europe ETF		1,703,341		16,458,326		16,458,326		16,609,996		16,609,996		1,551,671		5,565
SPDR S&P Emerging Latin America ETF		12,474,233		49,517,389		49,517,389		50,869,560		50,869,560		11,122,062		21,004
SPDR S&P Emerging Middle East & Africa ETF		7,443,236		12,278,456		12,278,456		10,941,935		10,941,935		8,779,757		13,090
SPDR S&P World ex-US ETF		46,696,155		87,678,360		87,678,360		88,144,100		88,144,100		46,230,415		125,473
SPDR S&P International Small Cap ETF		75,674,265		83,405,155		83,405,155		75,879,721		75,879,721		83,199,699		421,347
SPDR Dow Jones International Real Estate ETF		115,240,095		533,240,760		533,240,760		484,288,461		484,288,461		164,192,394		392,555
SPDR S&P Global Infrastructure ETF		7,211,101		42,350,567		42,350,567		40,045,338		40,045,338		9,516,330		10,089
SPDR S&P Global Natural Resources ETF		38,015,474		177,128,113		177,128,113		183,663,917		183,663,917		31,479,670		70,194
SPDR MSCI ACWI ex-US ETF		41,429,188		62,028,131		62,028,131		70,466,843		70,466,843		32,990,476		97,588
SPDR MSCI ACWI IMI ETF		—		357,826		357,826		—		—		357,826		12
SPDR Russell/Nomura PRIME Japan ETF		4,145,222		7,609,720		7,609,720		7,943,827		7,943,827		3,811,115		3,356
SPDR Russell/Nomura Small Cap Japan ETF		15,172,472		13,838,170		13,838,170		15,380,955		15,380,955		13,629,687		34,635
SPDR S&P International Dividend ETF		94,354,018		230,552,489		230,552,489		235,297,674		235,297,674		89,608,833		981,640
SPDR S&P International Mid Cap ETF		5,053,842		6,462,037		6,462,037		6,247,980		6,247,980		5,267,899		12,105
SPDR S&P Emerging Markets Small Cap ETF		36,609,130		67,843,291		67,843,291		52,669,451		52,669,451		51,782,970		673,984
SPDR Dow Jones Global Real Estate ETF		33,497,599		157,950,945		157,950,945		118,071,751		118,071,751		73,376,793		56,153
SPDR S&P International Consumer Discretionary Sector ETF		93,078		1,036,492		1,036,492		829,364		829,364		300,206		1,053
SPDR S&P International Consumer Staples Sector ETF		251,690		2,657,022		2,657,022		2,510,752		2,510,752		397,960		2,496
SPDR S&P International Energy Sector ETF		374,253		5,050,091		5,050,091		4,708,931		4,708,931		715,413		3,566
SPDR S&P International Financial Sector ETF		174,481		1,213,576		1,213,576		991,421		991,421		396,636		1,194
SPDR S&P International Health Care Sector ETF		81,301		1,375,094		1,375,094		1,122,838		1,122,838		333,557		1,907
SPDR S&P International Industrial Sector ETF		—		1,086,275		1,086,275		764,693		764,693		321,582		1,993
SPDR S&P International Materials Sector ETF		50,009		1,668,494		1,668,494		1,254,789		1,254,789		463,714		754
SPDR S&P International Technology Sector ETF		95,113		2,200,638		2,200,638		1,851,572		1,851,572		444,179		3,994
SPDR S&P International Telecommunications Sector ETF		435,398		3,595,088		3,595,088		3,185,207		3,185,207		845,279		2,768
SPDR S&P International Utilities Sector ETF		956,439		5,372,958		5,372,958		5,970,179		5,970,179		359,218		5,720

4.   Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI EM 50 ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC

318

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

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 S&P Global Infrastructure 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 March 31, 2013 was as follows:

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR STOXX Europe 50 ETF	$	60,621,169	$	4,830,215	$	10,244,718	$	(5,414,503	)
SPDR EURO STOXX 50 ETF		1,784,449,365		119,211,555		83,885,985		35,325,570
SPDR S&P Emerging Asia Pacific ETF		500,319,096		85,938,724		58,821,367		27,117,357
SPDR S&P Small Cap Emerging Asia Pacific ETF		1,974,249		435,069		147,508		287,561
SPDR S&P Russia ETF		46,718,975		881,017		11,861,104		(10,980,087	)
SPDR S&P China ETF		1,288,926,426		61,043,750		107,137,759		(46,094,009	)
SPDR S&P Emerging Markets ETF		238,286,913		26,240,485		30,525,409		(4,284,924	)
SPDR S&P Emerging Markets Dividend ETF		567,530,584		26,113,246		41,981,283		(15,868,037	)
SPDR S&P BRIC 40 ETF		336,480,608		19,709,747		50,715,891		(31,006,144	)
SPDR S&P Emerging Europe ETF		117,501,536		8,633,629		33,386,515		(24,752,886	)
SPDR S&P Emerging Latin America ETF		138,175,245		20,497,682		36,878,847		(16,381,165	)
SPDR S&P Emerging Middle East & Africa ETF		91,169,406		9,993,453		19,011,310		(9,017,857	)
SPDR S&P World ex-US ETF		567,518,627		72,735,134		19,448,659		53,286,475
SPDR S&P International Small Cap ETF		827,122,691		105,540,096		110,213,250		(4,673,154	)
SPDR Dow Jones International Real Estate ETF		3,384,175,885		684,672,546		45,552,746		639,119,800
SPDR S&P Global Infrastructure ETF		87,198,445		6,731,939		12,794,338		(6,062,399	)
SPDR S&P Global Natural Resources ETF		603,279,874		31,792,808		47,397,529		(15,604,721	)
SPDR MSCI ACWI ex-US ETF		491,434,168		48,028,178		82,927,862		(34,899,684	)
SPDR MSCI ACWI IMI ETF		5,332,914		708,298		269,925		438,373
SPDR MSCI EM 50 ETF		2,438,528		156,156		239,569		(83,413	)
SPDR Russell/Nomura PRIME Japan ETF		22,619,821		868,895		3,427,889		(2,558,994	)
SPDR Russell/Nomura Small Cap Japan ETF		93,318,423		6,943,357		15,533,328		(8,589,971	)
SPDR S&P International Dividend ETF		1,389,901,587		96,619,750		80,833,815		15,785,935
SPDR S&P International Mid Cap ETF		38,550,508		5,289,356		2,431,664		2,857,692
SPDR S&P Emerging Markets Small Cap ETF		1,008,295,550		139,591,308		190,513,718		(50,922,410	)
SPDR Dow Jones Global Real Estate ETF		845,214,248		147,395,270		2,663,428		144,731,842

319

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR S&P International Consumer Discretionary Sector ETF	$	9,521,008	$	1,197,182	$	748,373	$	448,809
SPDR S&P International Consumer Staples Sector ETF		33,392,833		4,315,548		736,944		3,578,604
SPDR S&P International Energy Sector ETF		13,529,415		393,231		2,312,063		(1,918,832	)
SPDR S&P International Financial Sector ETF		9,088,525		427,420		1,268,122		(840,702	)
SPDR S&P International Health Care Sector ETF		29,209,868		4,849,237		413,227		4,436,010
SPDR S&P International Industrial Sector ETF		12,150,224		671,305		1,549,733		(878,428	)
SPDR S&P International Materials Sector ETF		13,418,982		298,275		4,053,803		(3,755,528	)
SPDR S&P International Technology Sector ETF		16,944,304		2,884,808		2,988,688		(103,880	)
SPDR S&P International Telecommunications Sector ETF		32,658,875		2,723,945		3,497,740		(773,795	)
SPDR S&P International Utilities Sector ETF		30,766,135		1,662,706		5,278,547		(3,615,841	)

6.   Investment Transactions

For the six months ended March 31, 2013, 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	$	15,132,701	$	—	$	—
SPDR EURO STOXX 50 ETF		811,421,474		22,657,587		5,575,147
SPDR S&P Emerging Asia Pacific ETF		63,518,061		4,316,568		105,416
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—
SPDR S&P Russia ETF		4,142,413		7,063,350		(262,664	)
SPDR S&P China ETF		341,156,963		49,238,953		11,347,523
SPDR S&P Emerging Markets ETF		45,953,622		9,037,534		1,381,084
SPDR S&P Emerging Markets Dividend ETF		116,881,519		—		—
SPDR S&P BRIC 40 ETF		16,789,933		33,996,590		5,339,640
SPDR S&P Emerging Europe ETF		10,369,232		6,675,234		634,830
SPDR S&P Emerging Latin America ETF		10,359,674		14,856,696		420,774
SPDR S&P Emerging Middle East & Africa ETF		—		12,758,362		1,273,795
SPDR S&P World ex-US ETF		124,401,767		—		—
SPDR S&P International Small Cap ETF		49,007,246		58,615,988		12,145,026
SPDR Dow Jones International Real Estate ETF		432,886,956		—		—
SPDR S&P Global Infrastructure ETF		4,106,856		—		—
SPDR S&P Global Natural Resources ETF		185,988,558		32,711,905		4,408,092
SPDR MSCI ACWI ex-US ETF		44,809,151		30,686,681		2,916,233
SPDR MSCI ACWI IMI ETF		—		—		—
SPDR MSCI EM 50 ETF		—		2,149,451		(101,149	)
SPDR Russell/Nomura PRIME Japan ETF		7,782,936		8,159,853		1,657,414
SPDR Russell/Nomura Small Cap Japan ETF		2,380,848		4,088,375		(791,293	)
SPDR S&P International Dividend ETF		240,948,942		—		—
SPDR S&P International Mid Cap ETF		1,402,354		3,800,117		470,764

320

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

					Realized
	Contributions		Redemptions		Gain/(Loss)
SPDR S&P Emerging Markets Small Cap ETF	$	—	$	25,952,167	$	2,456,764
SPDR Dow Jones Global Real Estate ETF		311,458,458		—		—
SPDR S&P International Consumer Discretionary Sector ETF		2,968,077		—		—
SPDR S&P International Consumer Staples Sector ETF		14,606,673		—		—
SPDR S&P International Energy Sector ETF		—		—		—
SPDR S&P International Financial Sector ETF		3,897,705		—		—
SPDR S&P International Health Care Sector ETF		1,783,190		—		—
SPDR S&P International Industrial Sector ETF		3,763,561		2,498,146		(424,298	)
SPDR S&P International Materials Sector ETF		—		2,525,625		(409,980	)
SPDR S&P International Technology Sector ETF		3,915,892		—		—
SPDR S&P International Telecommunications Sector ETF		5,593,346		—		—
SPDR S&P International Utilities Sector ETF		1,626,796		—		—

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 six months ended March 31, 2013, the Trust had purchases and sales of investment securities as follows:

	Purchases		Sales
SPDR STOXX Europe 50 ETF	$	1,635,247	$	1,836,885
SPDR EURO STOXX 50 ETF		45,433,248		43,976,157
SPDR S&P Emerging Asia Pacific ETF		54,050,482		12,427,466
SPDR S&P Small Cap Emerging Asia Pacific ETF		3,799		234,044
SPDR S&P Russia ETF		—		978,701
SPDR S&P China ETF		25,259,516		27,735,766
SPDR S&P Emerging Markets ETF		28,427,008		9,712,882
SPDR S&P Emerging Markets Dividend ETF		225,143,277		144,280,773
SPDR S&P BRIC 40 ETF		25,139,043		27,305,304
SPDR S&P Emerging Europe ETF		2,953,409		3,327,817
SPDR S&P Emerging Latin America ETF		5,426,461		7,747,511
SPDR S&P Emerging Middle East & Africa ETF		68,044		1,772,201
SPDR S&P World ex-US ETF		2,802,529		3,779,151
SPDR S&P International Small Cap ETF		148,547,910		149,633,813
SPDR Dow Jones International Real Estate ETF		143,297,942		257,867,964
SPDR S&P Global Infrastructure ETF		2,866,435		5,011,540
SPDR S&P Global Natural Resources ETF		66,432,315		66,143,696
SPDR MSCI ACWI ex-US ETF		4,473,556		6,772,505
SPDR MSCI ACWI IMI ETF		2,346		14,344
SPDR MSCI EM 50 ETF		63,379		322,093
SPDR Russell/Nomura PRIME Japan ETF		119,040		58,387
SPDR Russell/Nomura Small Cap Japan ETF		7,839,692		6,258,619
SPDR S&P International Dividend ETF		671,732,398		668,327,348

321

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

	Purchases		Sales
SPDR S&P International Mid Cap ETF	$	4,163,944	$	4,930,603
SPDR S&P Emerging Markets Small Cap ETF		16,351,126		56,164,982
SPDR Dow Jones Global Real Estate ETF		23,607,757		30,452,774
SPDR S&P International Consumer Discretionary Sector ETF		173,869		24,393
SPDR S&P International Consumer Staples Sector ETF		373,883		70,831
SPDR S&P International Energy Sector ETF		188,477		196,500
SPDR S&P International Financial Sector ETF		95,494		231,119
SPDR S&P International Health Care Sector ETF		—		69,026
SPDR S&P International Industrial Sector ETF		322,562		130,872
SPDR S&P International Materials Sector ETF		643,800		621,904
SPDR S&P International Technology Sector ETF		629,198		546,617
SPDR S&P International Telecommunications Sector ETF		887,884		588,150
SPDR S&P International Utilities Sector ETF		49,472		228,276

For the six months ended March 31, 2013, 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 March 31, 2013 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.

322

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2013 (Unaudited)

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.

323

SPDR INDEX SHARES FUNDS
OTHER INFORMATION

March 31, 2013 (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 October 1, 2012 and held for the six months ended March 31, 2013.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Transaction fees at scheduled amounts ranging from $500 to $12,000 per Creation Unit are charged to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/12 to
Actual	Expense Ratio			10/1/12		3/31/13		3/31/13
SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,083.70	$	1.51
SPDR EURO STOXX 50 ETF		0.29			1,000		1,073.40		1.50
SPDR S&P Emerging Asia Pacific ETF		0.60			1,000		1,047.50		3.06
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.65			1,000		1,085.40		3.38
SPDR S&P Russia ETF		0.61			1,000		978.20		3.01
SPDR S&P China ETF		0.59			1,000		1,073.20		3.05
SPDR S&P Emerging Markets ETF		0.59			1,000		1,037.10		3.00
SPDR S&P Emerging Markets Dividend ETF		0.60			1,000		1,035.50		3.04

324

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2013 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/12 to
Actual	Expense Ratio			10/1/12		3/31/13		3/31/13
SPDR S&P BRIC 40 ETF		0.50	%	$	1,000	$	1,021.10	$	2.52
SPDR S&P Emerging Europe ETF		0.59			1,000		1,019.00		2.97
SPDR S&P Emerging Latin America ETF		0.60			1,000		1,051.30		3.07
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		963.10		2.89
SPDR S&P World ex-US ETF		0.34			1,000		1,103.50		1.78
SPDR S&P International Small Cap ETF		0.59			1,000		1,128.90		3.13
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,137.90		3.14
SPDR S&P Global Infrastructure ETF		0.59			1,000		1,057.30		3.03
SPDR S&P Global Natural Resources ETF		0.40			1,000		997.00		1.99
SPDR MSCI ACWI ex-US ETF		0.34			1,000		1,089.50		1.77
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,104.30		1.31
SPDR MSCI EM 50 ETF		0.50			1,000		1,011.10		2.51
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,166.30		2.70
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,169.00		2.97
SPDR S&P International Dividend ETF		0.45			1,000		1,086.10		2.34
SPDR S&P International Mid Cap ETF		0.45			1,000		1,116.40		2.37
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		1,090.00		3.39
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,113.10		2.63
SPDR S&P International Consumer Discretionary Sector ETF		0.50			1,000		1,184.80		2.72
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,128.00		2.65
SPDR S&P International Energy Sector ETF		0.50			1,000		975.80		2.46
SPDR S&P International Financial Sector ETF		0.50			1,000		1,151.10		2.68
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,138.10		2.67
SPDR S&P International Industrial Sector ETF		0.50			1,000		1,142.00		2.67
SPDR S&P International Materials Sector ETF		0.50			1,000		990.00		2.48
SPDR S&P International Technology Sector ETF		0.50			1,000		1,140.70		2.67
SPDR S&P International Telecommunications Sector ETF		0.50			1,000		1,020.40		2.52
SPDR S&P International Utilities Sector ETF		0.50			1,000		1,002.90		2.50
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/12 to
Hypothetical	Expense Ratio			10/1/12		3/31/13		3/31/13
SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,023.45	$	1.46
SPDR EURO STOXX 50 ETF		0.29			1,000		1,023.45		1.46
SPDR S&P Emerging Asia Pacific ETF		0.60			1,000		1,021.91		3.02
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.65			1,000		1,021.66		3.28
SPDR S&P Russia ETF		0.61			1,000		1,021.86		3.07

325

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2013 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/12 to
Hypothetical	Expense Ratio			10/1/12		3/31/13		3/31/13
SPDR S&P China ETF		0.59	%	$	1,000	$	1,021.96	$	2.97
SPDR S&P Emerging Markets ETF		0.59			1,000		1,021.96		2.97
SPDR S&P Emerging Markets Dividend ETF		0.60			1,000		1,021.91		3.02
SPDR S&P BRIC 40 ETF		0.50			1,000		1,022.41		2.52
SPDR S&P Emerging Europe ETF		0.59			1,000		1,021.96		2.97
SPDR S&P Emerging Latin America ETF		0.60			1,000		1,021.91		3.02
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		1,021.96		2.97
SPDR S&P World ex-US ETF		0.34			1,000		1,023.20		1.72
SPDR S&P International Small Cap ETF		0.59			1,000		1,021.96		2.97
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,021.96		2.97
SPDR S&P Global Infrastructure ETF		0.59			1,000		1,021.96		2.97
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,022.91		2.02
SPDR MSCI ACWI ex-US ETF		0.34			1,000		1,023.20		1.72
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,023.65		1.26
SPDR MSCI EM 50 ETF		0.50			1,000		1,022.41		2.52
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,022.41		2.52
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,022.16		2.77
SPDR S&P International Dividend ETF		0.45			1,000		1,022.66		2.27
SPDR S&P International Mid Cap ETF		0.45			1,000		1,022.66		2.27
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		1,021.66		3.28
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Consumer Discretionary Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Energy Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Financial Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Industrial Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Materials Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Technology Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Telecommunications Sector ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Utilities Sector ETF		0.50			1,000		1,022.41		2.52

* Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365.

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

326

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2013 (Unaudited)

1-866-787-2257 (toll free) or (ii) on the website of the Securities and Exchange Commission, at www.sec.gov. Information regarding how the investment advisor voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

327

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 S&P Global Infrastructure 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^tm Japan ETF (JPP)

SPDR Russell/Nomura Small Cap^tm 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 Russell 1000 Low Volatility ETF (LGLV)

SPDR Russell 2000 Low Volatility ETF (SMLV)

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 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 Sector SPDR Trust

The Consumer Discretionary Select Sector SPDR Fund (XLY)

The Consumer Staples Select Sector SPDR Fund (XLP)

The Energy Select Sector SPDR Fund (XLE)

The Financial Select Sector SPDR Fund (XLF)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

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 Blackstone/GSO Senior Loan ETF (SRLN)

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
Mary Moran Zeven, Secretary
Mark E. Tuttle, Assistant Secretary
Jacqueline Angell, Chief Compliance Officer

investment manager
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111

distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111

custodian, administrator and transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

legal counsel
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 fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P Global Infrastructure 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. ^© 2013 State Street Corporation SPDRIDEXSAR

IBG-8790

For more complete information, please call 866.787.2257 or visit spdrs.com today

Item 2. Code of Ethics

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 3. Audit Committee Financial Expert

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 4. Principal Accountant Fees and Services

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 5. Audit Committee of Listed Registrants

Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

Item 6. Schedule of Investments

A Schedule of Investments for each series of the Registrant is included as a part of the semi-annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders

The Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board.

Item 11. Controls and Procedures

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the Registrant’s President and Principal Executive Officer, and Chad C. Hallett, the Registrant’s Treasurer and Principal Financial Officer, reviewed the Registrant’s disclosure controls and procedures (the “Procedures”) and evaluated their effectiveness. Based on the review, Ms. Needham and Mr. Hallett determined that the Procedures adequately ensure that information required to be disclosed by the Registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) In the Registrant’s second fiscal quarter covered by this form N-CSR filing, there were no significant changes in the Registrant’s internal controls or in other factors that have materially affected, or are reasonably likely to materially affect, its controls over financial reporting subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 12. Exhibits

(a)(1) Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.

     (2) Separate certifications as required by Rule 30a-2(a) under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the Registrant are attached.

     (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. NeedhamEllen M. Needham
	President and Principal Executive Officer
Date:	June 4, 2013

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. NeedhamEllen M. Needham
	President and Principal Executive Officer
Date:	June 4, 2013
By:	/s/ Chad C. HallettChad C. Hallett
	Treasurer and Principal Financial Officer
Date:	June 4, 2013