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

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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)


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

Christopher A. Madden, Esq. State Street Bank and Trust Company One Lincoln Street/CPH0326 Boston, MA 02111		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: September 30, 2013

Item 1. Reports to Shareholders.

SPDR^® Index Shares Funds Annual Report September 30, 2013 Precise in a world that isn’t.SM

TABLE OF CONTENTS


President’s Letter to Shareholders		1
Management’s Discussion of Fund Performance & Portfolio Summaries
SPDR^® STOXX^® Europe 50 ETF (FEU)		2
SPDR EURO STOXX 50^® ETF (FEZ)		6
SPDR S&P^® Emerging Asia Pacific ETF (GMF)		10
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)		14
SPDR S&P Russia ETF (RBL)		18
SPDR S&P China ETF (GXC)		22
SPDR S&P Emerging Markets ETF (GMM)		26
SPDR S&P Emerging Markets Dividend ETF (EDIV)		30
SPDR S&P BRIC 40 ETF (BIK)		34
SPDR S&P Emerging Europe ETF (GUR)		38
SPDR S&P Emerging Latin America ETF (GML)		42
SPDR S&P Emerging Middle East & Africa ETF (GAF)		46
SPDR S&P World ex-US ETF (GWL)		50
SPDR S&P International Small Cap ETF (GWX)		54
SPDR Dow Jones International Real Estate ETF (RWX)		58
SPDR S&P Global Infrastructure ETF (GII) (formerly SPDR FTSE/Macquarie Global Infrastructure 100 ETF)		62
SPDR S&P Global Natural Resources ETF (GNR)		66
SPDR MSCI ACWI ex-US ETF (CWI)		70
SPDR MSCI ACWI IMI ETF (ACIM)		74
SPDR MSCI EM 50 ETF (EMFT)		79
SPDR Russell/Nomura PRIME^TM Japan ETF (JPP)		83
SPDR Russell/Nomura Small Cap^TM Japan ETF (JSC)		87
SPDR S&P Global Dividend ETF (WDIV)		91
SPDR S&P International Dividend ETF (DWX)		92
SPDR S&P International Mid Cap ETF (MDD)		96
SPDR S&P Emerging Markets Small Cap ETF (EWX)		100
SPDR Dow Jones Global Real Estate ETF (RWO)		104
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		109
SPDR S&P International Consumer Staples Sector ETF (IPS)		113
SPDR S&P International Energy Sector ETF (IPW)		117
SPDR S&P International Financial Sector ETF (IPF)		121
SPDR S&P International Health Care Sector ETF (IRY)		125
SPDR S&P International Industrial Sector ETF (IPN)		129
SPDR S&P International Materials Sector ETF (IRV)		133
SPDR S&P International Technology Sector ETF (IPK)		137
SPDR S&P International Telecommunications Sector ETF (IST)		141
SPDR S&P International Utilities Sector ETF (IPU)		145


Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)		149
SPDR EURO STOXX 50 ETF (FEZ)		150
SPDR S&P Emerging Asia Pacific ETF (GMF)		151
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)		155
SPDR S&P Russia ETF (RBL)		161
SPDR S&P China ETF (GXC)		162
SPDR S&P Emerging Markets ETF (GMM)		168
SPDR S&P Emerging Markets Dividend ETF (EDIV)		179
SPDR S&P BRIC 40 ETF (BIK)		181
SPDR S&P Emerging Europe ETF (GUR)		182
SPDR S&P Emerging Latin America ETF (GML)		184
SPDR S&P Emerging Middle East & Africa ETF (GAF)		187
SPDR S&P World ex-US ETF (GWL)		189
SPDR S&P International Small Cap ETF (GWX)		197
SPDR Dow Jones International Real Estate ETF (RWX)		206
SPDR S&P Global Infrastructure ETF (GII) (formerly SPDR FTSE/Macquarie Global Infrastructure 100 ETF)		208
SPDR S&P Global Natural Resources ETF (GNR)		210
SPDR MSCI ACWI ex-US ETF (CWI)		212
SPDR MSCI ACWI IMI ETF (ACIM)		219
SPDR MSCI EM 50 ETF (EMFT)		227
SPDR Russell/Nomura PRIME Japan ETF (JPP)		228
SPDR Russell/Nomura Small Cap Japan ETF (JSC)		233
SPDR S&P Global Dividend ETF (WDIV)		238
SPDR S&P International Dividend ETF (DWX)		240
SPDR S&P International Mid Cap ETF (MDD)		242
SPDR S&P Emerging Markets Small Cap ETF (EWX)		249
SPDR Dow Jones Global Real Estate ETF (RWO)		259
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		262
SPDR S&P International Consumer Staples Sector ETF (IPS)		264
SPDR S&P International Energy Sector ETF (IPW)		266
SPDR S&P International Financial Sector ETF (IPF)		268
SPDR S&P International Health Care Sector ETF (IRY)		270
SPDR S&P International Industrial Sector ETF (IPN)		272
SPDR S&P International Materials Sector ETF (IRV)		275
SPDR S&P International Technology Sector ETF (IPK)		277
SPDR S&P International Telecommunications Sector ETF (IST)		279
SPDR S&P International Utilities Sector ETF (IPU)		281
Financial Statements		284
Financial Highlights		316
Notes to Financial Statements		340
Report of Independent Registered Public Accounting Firm		363
Other Information		364

President’s Letter to Shareholders

Dear Shareholder:

We are pleased to provide you with the Annual Report for the SPDR Index Shares Funds for the fiscal year ended September 30, 2013. You will also find Management’s Discussion of Fund Performance for each of the SPDR Index Shares Funds. We hope this information will be useful as you review your portfolio.

Our complex, interconnected global economy leads investors to look worldwide for opportunities to enhance diversification and capture growth. The SPDR Index Shares Funds offer ready access to a broad spectrum of international market benchmarks and industries, enabling you to precisely target specific regions and countries as well as difficult-to-access asset classes, such as international and emerging markets small-caps.

Whether employed as part of a long-term strategic shift or a more tactical allocation, we believe that ETFs’ unique features — including transparency, low costs, and trading flexibility — make the SPDR Index Shares Funds effective choices for investment in international markets.

My colleagues and I take great pride in both State Street’s heritage as a pioneer of the ETF industry and our ongoing commitment to product innovation. With Congress negotiating only a temporary solution to end the government shutdown and raise the debt limit, fiscal challenges remain here at home, as well as around the globe. Ever mindful of those challenges, we thank you for the confidence you have placed in the SPDR Index Shares Funds and remain committed to supporting you with innovative products and services designed to help you to achieve your financial goals.

Sincerely,

Ellen M. Needham

President

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

The SPDR STOXX Europe 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the STOXX^® Europe 50 Index (the “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 19.94%, and the total return for the Index was 19.95%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, and compounding contributed to the difference between the Fund’s performance and that of the Index.

While the Fund posted a significant return for the Reporting Period, the growth was not consistent from month to month. For instance, most of the growth noted in the fourth quarter of 2012 was posted in December. The December rally gained strength when agreements on Greek debt relief allowed for the disbursement of fresh aid and peripheral bonds drew further strength from plans to unify banking supervision in the eurozone. Then, bolstered by investor relief at the orderly mitigation of a fearsome fiscal retrenchment in the United States, global equities surged as trading opened in 2013. The first quarter of 2013 saw a renewal of risk appetites in investors and a resumption of investment flows. Despite electoral indecision in Italy and banking turmoil in Cyprus during this same time, investors’ renascent optimism about the economic growth in the United States and Japan helped to drive positive performance across global financial markets. During the second quarter of 2013, the Fund experienced a decline in performance. A modest healing in economic indicators and a fresh cut in euro interest rates contributed to stabilization of European investor sentiment during the latter months of the second quarter of 2013. Investor sentiment in the Pacific region cooled during this same period because of the volatility of Japanese government bonds and increasing worries about Chinese growth. After this dip in performance, non-US equities began to recover as the third quarter progressed. The turn-around began to take shape in early in the quarter in the wake of firm US jobs data for June. Financial assets worldwide delivered healthy returns across a broad front during the third quarter of 2013, undergirded by the ongoing support of major central banks.

On an individual security level, the top contributors to the Fund’s performance were Roche Holding AG, Novartis AG, and HSBC Holdings PLC. The top detractors to the Fund’s performance were BG Group PLC, E.ON AG, and Anglo American PLC.

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

SPDR STOXX Europe 50 ETF —
Performance Summary

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

ONE YEAR		19.94%		19.76%		19.95%		19.94%		19.76%		19.95%

THREE YEARS		23.60%		24.26%		23.38%		7.32%		7.51%		7.25%

FIVE YEARS		21.31%		19.76%		21.12%		3.94%		3.67%		3.91%

TEN YEARS		85.84%		85.63%		86.89%		6.39%		6.38%		6.45%

SPDR STOXX Europe 50 ETF —
Performance Summary (continued)

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


	STOXX		STOXX
	50 Fund		50 Index
Sep-03		10000		10000
Dec-03		12086		12102
Mar-04		11866		11893
Jun-04		11990		12007
Sep-04		12213		12240
Dec-04		13929		13975
Mar-05		13854		13905
Jun-05		13842		13894
Sep-05		14852		14934
Dec-05		14959		15058
Mar-06		16173		16303
Jun-06		16682		16793
Sep-06		17436		17572
Dec-06		18959		19119
Mar-07		19328		19505
Jun-07		21157		21333
Sep-07		21658		21859
Dec-07		21544		21753
Mar-08		19292		19482
Jun-08		18826		18978
Sep-08		15320		15430
Dec-08		12073		12157
Mar-09		10150		10216
Jun-09		12616		12688
Sep-09		15425		15538
Dec-09		16018		16154
Mar-10		15462		15597
Jun-10		12789		12866
Sep-10		15037		15148
Dec-10		15451		15578
Mar-11		16439		16577
Jun-11		16962		17077
Sep-11		13327		13401
Dec-11		14209		14305
Mar-12		15268		15371
Jun-12		14371		14439
Sep-12		15496		15581
Dec-12		16315		16413
Mar-13		16794		16891
Jun-13		16662		16741
Sep-13		18584		18689

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.

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	NESTLE SA	NOVARTIS AG	HSBC HOLDINGS PLC	ROCHE HOLDING AG	VODAFONE GROUP PLC

MARKET VALUE	$6,020,589	5,551,622	5,388,757	5,057,638	4,477,843

% OF NET ASSETS	5.5	5.1	4.9	4.6	4.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Pharmaceuticals		19.7	%
Commercial Banks		14.2
Oil, Gas & Consumable Fuels		12.5
Food Products		8.2
Metals & Mining		4.4
Wireless Telecommunication Services		4.1
Capital Markets		4.0
Insurance		3.8
Beverages		3.7
Chemicals		3.2
Diversified Telecommunication Services		2.6
Textiles, Apparel & Luxury Goods		2.6
Electrical Equipment		2.5
Tobacco		2.5
Industrial Conglomerates		2.4
Automobiles		1.9
Software		1.7
Household Products		1.2
Food & Staples Retailing		1.1
Multi-Utilities		1.1
Diversified Financial Services		1.1
Communications Equipment		1.0
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)

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

The SPDR EURO STOXX 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX 50^® Index (the “Index”). In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 28.10%, and the total return for the Index was 27.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, and compounding contributed to the difference between the Fund’s performance and that of the Index.

While the Fund posted a significant return for the Reporting Period, the growth was not consistent from month to month. For instance, most of the growth noted for the fourth quarter of 2012 was posted in December. The December rally gained strength when agreements on Greek debt relief allowed for the disbursement of fresh aid and peripheral bonds drew further strength from plans to unify banking supervision in the eurozone. Then, bolstered by investor relief at the orderly mitigation of a fearsome fiscal retrenchment in the United States, global equities surged as trading opened in 2013. The first quarter of 2013 brought a renewal of risk appetites in investors and a resumption of investment flows. Despite electoral indecision in Italy and banking turmoil in Cyprus during this same period, investors’ renascent optimism about economic growth in the United States and Japan helped to drive positive performance across global financial markets. During the second quarter of 2013, the Fund experienced a decline in performance. A modest healing in economic indicators and a fresh cut in euro interest rates contributed to a stabilization of European investor sentiment during the latter months of 2013’s second quarter. Investor sentiment in the Pacific region cooled during the same period because of the volatility of Japanese government bonds and increasing worries about Chinese growth. After this dip in performance, non-US equities began to recover as the third quarter progressed. This turn-around began to take shape in early in the quarter in the wake of the firm US jobs data for June. Financial assets worldwide delivered healthy returns across a broad front during the third quarter of 2013, undergirded by the ongoing support of major central banks.

On an individual security level, the top contributors to the Fund’s performance were Daimler AG, Bayer AG, and Sanofi. The top detractors to the Fund’s performance were Deutsche Post AG, RWE AG, and E.ON AG.

SPDR EURO STOXX 50 ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		28.10%		28.14%		27.67%		28.10%		28.14%		27.67%

THREE YEARS		17.33%		18.01%		15.71%		5.47%		5.68%		4.98%

FIVE YEARS		11.10%		9.31%		8.94%		2.13%		1.80%		1.73%

TEN YEARS		94.38%		94.49%		89.57%		6.87%		6.88%		6.60%

SPDR EURO STOXX 50 ETF —
Performance Summary (continued)

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


	streetTRACKS Dow		streetTRACKS Dow
	Jones EURO		Jones EURO
	STOXX		STOXX
	50 Fund		50 Index
Sep-03		10000		10000
Dec-03		12479		12493
Mar-04		12296		12319
Jun-04		12501		12499
Sep-04		12421		12413
Dec-04		14727		14726
Mar-05		14610		14616
Jun-05		14437		14430
Sep-05		15504		15524
Dec-05		15857		15885
Mar-06		17540		17588
Jun-06		17901		17904
Sep-06		18990		19006
Dec-06		20938		20963
Mar-07		21489		21511
Jun-07		23918		23886
Sep-07		24642		24607
Dec-07		25508		25472
Mar-08		22817		22805
Jun-08		21569		21467
Sep-08		17495		17402
Dec-08		14035		13950
Mar-09		11379		11310
Jun-09		14342		14217
Sep-09		17906		17770
Dec-09		18222		18091
Mar-10		17016		16900
Jun-10		13900		13732
Sep-10		16567		16383
Dec-10		16623		16440
Mar-11		18360		18168
Jun-11		18851		18587
Sep-11		13439		13223
Dec-11		13884		13665
Mar-12		15291		15049
Jun-12		13749		13456
Sep-12		15175		14849
Dec-12		16740		16384
Mar-13		16290		15940
Jun-13		16743		16324
Sep-13		19438		18957

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.

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	TOTAL SA	SANOFI	SIEMENS AG	BAYER AG	BANCO SANTANDER SA

MARKET VALUE	$177,667,112	166,449,286	136,488,350	132,791,922	123,167,360

% OF NET ASSETS	5.4	5.1	4.2	4.0	3.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		13.7	%
Pharmaceuticals		9.1
Oil, Gas & Consumable Fuels		8.8
Insurance		7.3
Diversified Telecommunication Services		6.6
Automobiles		6.0
Chemicals		5.5
Industrial Conglomerates		5.5
Food Products		4.4
Multi-Utilities		3.7
Beverages		3.1
Software		2.9
Electric Utilities		2.2
Textiles, Apparel & Luxury Goods		2.2
Electrical Equipment		1.9
Capital Markets		1.9
Diversified Financial Services		1.8
Personal Products		1.7	%
Semiconductors & Semiconductor Equipment		1.6
Aerospace & Defense		1.5
Specialty Retail		1.3
Air Freight & Logistics		1.3
Construction & Engineering		1.3
Real Estate Investment Trusts		1.0
Health Care Equipment & Supplies		1.0
Building Products		0.9
Food & Staples Retailing		0.9
Construction Materials		0.7
Metals & Mining		0.0	***
Short Term Investments		3.8
Other Assets & Liabilities		(3.6	)

TOTAL		100.0	%


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

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

The SPDR S&P Emerging Asia Pacific ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the Asia Pacific region. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 4.91%, and the total return for the S&P Asia Pacific Emerging BMI Index (the “Index”) was 6.58%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, compounding, and security misweights between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Fund’s performance during the Reporting Period was driven by several factors. The last quarter of 2012 ended the year on a series of upbeat news. There was a smooth transition of power in China. Portfolio contributions continued to flow steadily into emerging markets equities, boosting the sector’s December return. Despite being up modestly for the first quarter of 2013, emerging markets sector returns were challenged by investor concerns over slowdown in China’s growth, speculation over a tapering of the Federal Reserve’s quantitative easing program, and strengthening of the US dollar. Emerging markets continued its downward momentum in the second quarter of 2013, when investors were faced with geopolitical risks as unrest continued in Egypt, conflict raged in Syria, and North Korea called out for increasing attention. The last quarter of the Reporting Period appeared to be more of the same as the previous quarter with more news of quantitative easing in the United States, lower growth forecasts by the International Monetary Fund, and further concerns about Syria. However, against a backdrop of sluggish economic growth and unsettled geopolitics, investors enjoyed healthy performance across most financial assets during the third quarter of 2013. Muted inflation pressures, signs of stability in Europe, and lessened concerns over growth prospects in China helped equity valuations ratchet higher across all equity markets.

On an individual security level, the top contributors to the Fund’s performance were Tencent Holdings Ltd., Ctrip.com International Ltd. ADR, and Baidu, Inc. ADR. The top detractors to the Fund’s performance were HDFC Bank, Ltd., HTC Corp., and Reliance Industries Limited GDR.

SPDR S&P Emerging Asia Pacific ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		4.91%		5.61%		6.58%		4.91%		5.61%		6.58%

THREE YEARS		1.35%		1.01%		2.42%		0.45%		0.34%		0.80%

FIVE YEARS		58.21%		56.70%		67.16%		9.61%		9.40%		10.82%

SINCE INCEPTION (1)		44.66%		44.23%		48.47%		5.81%		5.77%		6.24%


(1)		For the period March 20, 2007 to September 30, 2013.

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		14961
11/30/2010		14357		14619
12/31/2010		15175		15352
1/31/2011		14861		14945
2/28/2011		14408		14479
3/31/2011		15245		15278
4/30/2011		15790		15794
5/31/2011		15546		15564
6/30/2011		15147		15190
7/31/2011		15275		15355
8/31/2011		13839		13857
9/30/2011		12052		12022
10/31/2011		13373		13328
11/30/2011		12227		12090
12/31/2011		12323		12183
1/31/2012		13681		13537
2/29/2012		14463		14451
3/31/2012		13849		13909
4/30/2012		13712		13783
5/31/2012		12431		12611
6/30/2012		12763		12875
7/31/2012		12906		13005
8/31/2012		12860		12984
9/30/2012		13789		13930
10/31/2012		13754		13919
11/30/2012		14106		14289
12/31/2012		14490		14763
1/31/2013		14966		15268
2/28/2013		14679		15039
3/31/2013		14443		14858
4/30/2013		14836		15256
5/31/2013		14773		15232
6/30/2013		13924		14324
7/31/2013		14164		14469
8/31/2013		13785		14082
9/30/2013		14466		14847

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.

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




	TAIWAN SEMICONDUCTOR
	MANUFACTURING CO.,		CHINA CONSTRUCTION
DESCRIPTION	LTD. ADR	CHINA MOBILE, LTD.	BANK CORP.	BAIDU, INC. ADR	TENCENT HOLDINGS, LTD.

MARKET VALUE	$13,217,861	11,280,886	11,066,917	8,820,276	8,387,314

% OF NET ASSETS	3.3	2.8	2.8	2.2	2.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		17.0	%
Oil, Gas & Consumable Fuels		9.7
Semiconductors & Semiconductor Equipment		7.0
Wireless Telecommunication Services		6.5
Internet Software & Services		5.6
Electronic Equipment, Instruments & Components		3.6
Real Estate Management & Development		3.5
Computers & Peripherals		3.4
Food Products		3.2
Insurance		3.1
Automobiles		2.8
IT Services		2.6
Chemicals		2.5
Construction Materials		2.4
Metals & Mining		2.1
Diversified Telecommunication Services		2.1
Independent Power Producers & Energy Traders		1.9
Transportation Infrastructure		1.7
Construction & Engineering		1.4
Industrial Conglomerates		1.2
Hotels, Restaurants & Leisure		1.1
Diversified Financial Services		1.0
Pharmaceuticals		1.0
Internet & Catalog Retail		0.9
Electric Utilities		0.8
Thrifts & Mortgage Finance		0.8
Beverages		0.7
Household Products		0.7
Food & Staples Retailing		0.7
Tobacco		0.7
Capital Markets		0.6
Airlines		0.6
Marine		0.5
Health Care Providers & Services		0.5
Gas Utilities		0.5
Building Products		0.5
Media		0.4
Electrical Equipment		0.4
Textiles, Apparel & Luxury Goods		0.4
Energy Equipment & Services		0.4
Specialty Retail		0.3
Personal Products		0.3
Household Durables		0.2
Communications Equipment		0.2
Health Care Equipment & Supplies		0.2
Machinery		0.1
Diversified Consumer Services		0.1
Consumer Finance		0.1
Multiline Retail		0.1
Auto Components		0.1
Commercial Services & Supplies		0.0	***
Trading Companies & Distributors		0.0	***
Short Term Investments		5.8
Other Assets & Liabilities		(4.0	)

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 ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment Industry and K&N Kenanga Holdings Bhd, which was Level 3 and part of the Capital Markets Industry, both representing 0.00% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 8.31%, and the total return for the S&P Asia Pacific Emerging Under USD 2 Billion Index (the “Index”) was 9.75%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

For the Reporting Period, the Asia Pacific region outperformed the broad S&P Emerging Markets BMI Index, boosted by currency rebounds as worries about imminent deceleration of growth in China dissipated in the third quarter of 2013. The discussion surrounding the tapering of asset purchases by the US Federal Reserve created an acute disruption in many emerging markets. Although reversing capital flows exacerbated currency volatility, emerging currencies rebounded nicely on the belief that US bond yields could not maintain the 2013 highs established in the first week of September. China, Thailand and Taiwan were the strongest contributors to the Index, overall outperforming the Index. India and Indonesia were the weakest performers in the Index. Despite signs of fresh economic improvement in China, many emerging countries had to contend with volatile currency depreciation that hindered investor confidence and threatened unwelcome upticks in inflation. India was compelled to raise repo rates in September. Indonesia needed to tighten policy three separate times. Information technology, health care, and consumer discretionary were the best performing sectors in the Fund.

On an individual security level, the top contributors to the Fund’s performance were Kingsoft Corp. Ltd., Inventec Corporation, and BYD Electronic International Co., Ltd. The top detractors to the Fund’s performance were Financial Technologies India Ltd., The Federal Bank Ltd., and CORE Education and Technologies Limited.

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

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/11/2012, 1/12/2012, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Small Cap Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		8.31%		8.91%		9.75%		8.31%		8.91%		9.75%

SINCE INCEPTION (1)		20.31%		19.42%		24.73%		11.35%		10.87%		13.71%


(1)		For the period January 11, 2012 to September 30, 2013.

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		10000
1/31/2012		10728		10811
2/29/2012		11708		11905
3/31/2012		11245		11461
4/30/2012		11006		11227
5/31/2012		10292		10480
6/30/2012		10363		10578
7/31/2012		10334		10514
8/31/2012		10491		10671
9/30/2012		11108		11364
10/31/2012		10787		11053
11/30/2012		11179		11497
12/31/2012		11604		12027
1/31/2013		12097		12481
2/28/2013		12104		12551
3/31/2013		12056		12539
4/30/2013		12413		12874
5/31/2013		12716		13265
6/30/2013		11687		12157
7/31/2013		11710		12157
8/31/2013		11441		11844
9/30/2013		12031		12473

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.

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




		SPREADTRUM		TATA	FIRST
	TRINA SOLAR,	COMMUNICATIONS,	WNS HOLDINGS,	MOTORS, LTD.	TRACTOR CO.,
DESCRIPTION	LTD. ADR	INC. ADR	LTD. ADR	CLASS A	LTD.

MARKET VALUE	$26,282	21,322	21,220	20,918	19,847

% OF NET ASSETS	1.2	1.0	1.0	1.0	0.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Semiconductors & Semiconductor Equipment		9.2	%
Real Estate Management & Development		7.6
Chemicals		6.4
Electronic Equipment, Instruments & Components		6.2
Food Products		5.2
Machinery		4.0
Metals & Mining		3.6
Commercial Banks		3.4
Computers & Peripherals		2.9
Textiles, Apparel & Luxury Goods		2.9
Oil, Gas & Consumable Fuels		2.8
Construction & Engineering		2.7
Pharmaceuticals		2.5
Automobiles		2.1
Hotels, Restaurants & Leisure		2.1
Electrical Equipment		2.1
Media		2.0
Multiline Retail		1.9
Auto Components		1.9
IT Services		1.9
Communications Equipment		1.8
Capital Markets		1.8
Health Care Providers & Services		1.7
Diversified Financial Services		1.7
Marine		1.7
Consumer Finance		1.2
Health Care Equipment & Supplies		1.2
Beverages		1.1
Specialty Retail		1.0
Independent Power Producers & Energy Traders		1.0
Software		0.9
Transportation Infrastructure		0.8
Household Durables		0.8
Leisure Equipment & Products		0.7
Water Utilities		0.6
Construction Materials		0.6
Containers & Packaging		0.6
Airlines		0.5
Building Products		0.5
Paper & Forest Products		0.4
Industrial Conglomerates		0.4
Air Freight & Logistics		0.4
Distributors		0.3
Professional Services		0.3
Biotechnology		0.3
Household Products		0.3
Office Electronics		0.3
Diversified Telecommunication Services		0.3
Trading Companies & Distributors		0.3
Personal Products		0.2
Thrifts & Mortgage Finance		0.2
Commercial Services & Supplies		0.2
Insurance		0.2
Energy Equipment & Services		0.2
Electric Utilities		0.2
Internet & Catalog Retail		0.2
Internet Software & Services		0.2
Diversified Consumer Services		0.1
Gas Utilities		0.1
Short Term Investments		3.8
Other Assets & Liabilities		(2.5	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Bakrieland Development Tbk PT, which was Level 2 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets, China Metal Recycling Holdings, Ltd., which was Level 3 and part of the Metals & Mining Industry, and Boshiwa International Holding, Ltd., which was Level 3 and part of the Specialty Retail Industry, both representing 0.00% of net assets. (Note 2)

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was −0.41%, and the total return for the S&P Russia Capped BMI Index (the “Index”) was 1.75%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a slight cash drag, and optimization using depository receipts contributed to the difference between the Fund’s performance and that of the Index.

The Fund underperformed the broader emerging markets sector, as measured by the S&P Emerging Markets BMI Index, during the Reporting Period. Calendar year 2013 started in negative territory for Russian equities, as consumer demand lost its pace due to the weakness in the eurozone, which accounts for about half of Russian trade, impeding corporate investment and reducing demand for commodities. Russia’s commodity economy, which is greatly dependent on energy production and exports, with heavy weights to the energy sector, suffered from low oil prices in the first half of 2013. However, oil prices rose sharply as deployment of chemical weapons in Syria kept equity investors nervous into late August amid indications that the US might respond militarily. Delicate rapprochement with Russia took imminent missile strikes off the table, allowing firm purchasing manager surveys in early September to deliver some good news to global share prices. Higher oil prices combined with strengthening of Russia’s world image resulted in solid performance for the Fund during the third quarter of 2013. Equities drew additional strength as worries over Chinese deceleration and European fragility ebbed. Chinese August exports beat economists’ forecasts helping lift the Russian equities. In addition, emerging markets currencies, including Russia’s ruble, rebounded nicely in the third quarter on the belief that US bond yields could not maintain 2013 highs. Russia’s outlook steadily improved and was bolstered following the Federal Reserve’s intention to keep its ultra-loose monetary policy. Lower growth forecasts from the International Monetary Fund and soothing rhetoric from Federal Reserve Chairman Ben Bernanke dented the inevitability of a near-term tapering of asset purchases, even as strong gains in oil prices implied that underlying demand conditions were solid. Assets flowed back into emerging markets as investors put cheap cash to work in search of higher returns in riskier assets. Consumer staples, telecommunication services, and energy were top contributing sectors to the Fund’s performance.

On an individual security level, the top contributors to the Fund’s performance were Magnit OJSC GDR, Mobile TeleSystems OJSC ADR, and LukOil OAO ADR. The top detractors to the Fund’s performance were Rostelecom OJSC ADR, Uralkali OJSC GDR, and Gazprom OAO ADR.

SPDR S&P Russia ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P RUSSIA CAPPED

NET ASSET

MARKET

S&P RUSSIA CAPPED

VALUE

BMI INDEX

VALUE

BMI INDEX

ONE YEAR

−0.41%

−0.53%

1.75%

−0.41%

−0.53%

1.75%

THREE YEARS

−2.42%

−2.07%

2.11%

−0.81%

−0.69%

0.70%

SINCE INCEPTION (1)

−1.69%

−1.75%

4.63%

−0.48%

−0.50%

1.28%


(1)		For the period March 10, 2010 to September 30, 2013.

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		10000
3/10/2010		10283		10398
4/30/2010		10230		10346
5/31/2010		9093		9212
6/30/2010		8784		8878
7/31/2010		9760		9811
8/31/2010		9475		9472
9/30/2010		10072		10246
10/31/2010		10646		10744
11/30/2010		10660		10784
12/31/2010		11960		11996
1/31/2011		12061		12381
2/28/2011		12812		13004
3/31/2011		13435		13513
4/30/2011		13327		13427
5/31/2011		12421		12672
6/30/2011		12379		12659
7/31/2011		12566		13019
8/31/2011		11056		11251
9/30/2011		8704		8921
10/31/2011		10150		10413
11/30/2011		10136		10298
12/31/2011		8991		9270
1/31/2012		10268		10599
2/29/2012		11256		11607
3/31/2012		10594		10972
4/30/2012		10349		10699
5/31/2012		8232		8597
6/30/2012		8931		9370
7/31/2012		9077		9560
8/31/2012		9334		9710
9/30/2012		9871		10280
10/31/2012		9491		9908
11/30/2012		9414		9873
12/31/2012		10117		10471
1/31/2013		10618		11124
2/28/2013		10085		10535
3/31/2013		9657		10087
4/30/2013		9370		9886
5/31/2013		9108		9666
6/30/2013		8764		9217
7/31/2013		9072		9595
8/31/2013		9032		9543
9/30/2013		9831		10463

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.

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




		SBERBANK OF		MOBILE TELESYSTEMS
DESCRIPTION	GAZPROM OAO ADR	RUSSIA ADR	LUKOIL OAO ADR	OJSC ADR	NOVATEK OAO GDR

MARKET VALUE	$5,400,301	3,258,097	2,954,377	1,527,281	1,409,649

% OF NET ASSETS	17.3	10.4	9.4	4.9	4.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		48.1	%
Commercial Banks		12.8
Wireless Telecommunication Services		9.6
Metals & Mining		7.8
Food & Staples Retailing		5.5
Internet Software & Services		3.6
Chemicals		3.0
Diversified Telecommunication Services		2.4
Energy Equipment & Services		1.6
Electric Utilities		1.3
Real Estate Management & Development		1.0
Pharmaceuticals		0.7
Road & Rail		0.7
Household Durables		0.5
Transportation Infrastructure		0.5
Media		0.3
Short Term Investments		1.4
Other Assets & Liabilities		(0.8	)

TOTAL		100.0	%


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

SPDR^® S&P^® China ETF —
Management’s Discussion of Fund Performance

The SPDR S&P China ETF (the “Fund”) seeks to provide investments results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Chinese equity market. In seeking this objective, the Fund uses sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 16.20%, and the total return for the S&P China BMI Index (the “Index”) was 18.11%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses and the Fund’s sampling of index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Index ended the year with a significant gain of 18.11%, but the end result masked a volatile year. The first quarter of the fiscal year ended with a gain. The second and third fiscal quarters posted losses, while the final quarter posted a gain. Investor expectations of growth in China are very high, so any disappointing data can have a noticeable impact on Chinese equities. A smooth transition of political power helped boost Chinese equities in the first fiscal quarter. During the second and third fiscal quarters, increases in interbank rates, tighter property rules, political issues with North Korea and disappointing economic data all helped push markets lower. Chinese equities rebounded in the final quarter as concerns over slowing economic growth appeared to subside. We believe that expected growth in China is still high compared to most other nations, but any hiccups in the growth path are likely to impact equity markets that have built in significant expectations.

On an individual security level, the top contributors to the Fund’s performance were Tencent Holdings Ltd., Industrial and Commercial Bank of China Limited, and China Construction Bank Corporation. The top detractors to the Fund’s performance were China Life Insurance Co. Ltd., China Shenhua Energy Co. Ltd., and PetroChina Co. Ltd.

SPDR S&P China ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		16.20%		16.51%		18.11%		16.20%		16.51%		18.11%

THREE YEARS		4.00%		3.57%		3.37%		1.31%		1.18%		1.11%

FIVE YEARS		60.34%		58.46%		64.24%		9.90%		9.64%		10.43%

SINCE INCEPTION (1)		58.57%		58.20%		60.11%		7.31%		7.27%		7.47%


(1)		For the period March 20, 2007 to September 30, 2013.

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
		10000		10000
3/20/2007		10354		10373
4/30/2007		10718		10820
5/31/2007		11549		11742
6/30/2007		12837		12985
7/31/2007		14139		14345
8/31/2007		15072		15260
9/30/2007		18062		18288
10/31/2007		21099		21241
11/30/2007		18484		18548
12/31/2007		17665		17839
1/31/2008		13857		14020
2/29/2008		15214		15336
3/31/2008		13298		13441
4/30/2008		15517		15470
5/31/2008		14889		14883
6/30/2008		13088		13030
7/31/2008		13344		13279
8/31/2008		12440		12240
9/30/2008		9888		9751
10/31/2008		7646		7479
11/30/2008		7839		7687
12/31/2008		8712		8523
1/31/2009		7945		7836
2/28/2009		7688		7623
3/31/2009		8831		8746
4/30/2009		9920		9833
5/31/2009		11667		11626
6/30/2009		12021		12075
7/31/2009		13450		13438
8/31/2009		12510		12481
9/30/2009		13157		13092
10/31/2009		13899		13803
11/30/2009		14316		14308
12/31/2009		14410		14458
1/31/2010		13151		13231
2/28/2010		13580		13662
3/31/2010		14289		14409
4/30/2010		14297		14417
5/31/2010		13465		13573
6/30/2010		13607		13681
7/31/2010		14310		14456
8/31/2010		13890		14082
9/30/2010		15245		15490
10/31/2010		15894		16218
11/30/2010		15500		15905
12/31/2010		15375		15787
1/31/2011		15383		15760
2/28/2011		15154		15524
3/31/2011		16022		16367
4/30/2011		16404		16739
5/31/2011		16295		16558
6/30/2011		15732		15917
7/31/2011		15713		15882
8/31/2011		14280		14342
9/30/2011		11746		11711
10/31/2011		13669		13665
11/30/2011		12551		12511
12/31/2011		12728		12641
1/31/2012		14115		14011
2/29/2012		15014		15011
3/31/2012		14079		14060
4/30/2012		14404		14396
5/31/2012		12899		12916
6/30/2012		13115		13082
7/31/2012		13226		13095
8/31/2012		12822		12769
9/30/2012		13644		13556
10/31/2012		14325		14246
11/30/2012		14487		14454
12/31/2012		15201		15241
1/31/2013		15877		16001
2/28/2013		15224		15406
3/31/2013		14645		14772
4/30/2013		14809		14962
5/31/2013		14885		15105
6/30/2013		13860		14024
7/31/2013		14556		14716
8/31/2013		14962		15115
9/30/2013		15857		16011

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.

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$62,146,554	57,307,492	53,626,530	53,152,231	41,117,890

% OF NET ASSETS	6.9	6.4	6.0	5.9	4.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		20.4	%
Internet Software & Services		13.5
Oil, Gas & Consumable Fuels		10.9
Wireless Telecommunication Services		6.4
Real Estate Management & Development		5.8
Insurance		5.6
Food Products		3.4
Automobiles		2.4
Transportation Infrastructure		2.2
Diversified Telecommunication Services		1.8
Independent Power Producers & Energy Traders		1.8
Construction & Engineering		1.7
Metals & Mining		1.5
Machinery		1.2
Specialty Retail		1.1
Construction Materials		1.1
Personal Products		1.1
Internet & Catalog Retail		1.1
Industrial Conglomerates		1.1
Airlines		1.0
Semiconductors & Semiconductor Equipment		1.0
Pharmaceuticals		0.9
Computers & Peripherals		0.8
Food & Staples Retailing		0.8
Communications Equipment		0.8
Software		0.7
Health Care Equipment & Supplies		0.7
Electronic Equipment, Instruments & Components		0.7
Gas Utilities		0.6
Energy Equipment & Services		0.6
Chemicals		0.6
Textiles, Apparel & Luxury Goods		0.6
Beverages		0.5
Water Utilities		0.5
Diversified Consumer Services		0.5
Hotels, Restaurants & Leisure		0.5
Capital Markets		0.4
Marine		0.4
Electrical Equipment		0.4
Health Care Providers & Services		0.4
Household Durables		0.4
Multiline Retail		0.3
Auto Components		0.3
Paper & Forest Products		0.3
Commercial Services & Supplies		0.2
Road & Rail		0.2
Household Products		0.2
IT Services		0.2
Aerospace & Defense		0.1
Diversified Financial Services		0.1
Short Term Investments		11.2
Other Assets & Liabilities		(11.0	)

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 China Milk Products Group, Ltd., which was Level 2 and part of the Food Products Industry, and China Metal Recycling Holdings, Ltd., which was Level 3 and part of the Metals & Mining Industry, both representing 0.00% of net assets. (Note 2)

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

The SPDR S&P Emerging Markets ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the world. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 1.31%, and the total return for the S&P Emerging BMI Index (the “Index”) was 2.23%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and security positioning contributed to the difference between the Fund’s performance and that of the Index.

During the Reporting Period, there were a number of factors that had a significant impact on this Fund. These included a heightened level of tension within the Middle East, a result of the ongoing questions about Iran’s nuclear program and the continued deterioration of the situation in Syria. Slowing growth was also an issue in many markets, especially in China where concerns continued to abound about its ability to navigate a slowing economy without experiencing a hard landing. In addition to growth concerns, inflation developed as a concern in many emerging countries and was frequently cited as a cause for unrest among the local populace. Despite growing inflation, many of these same markets were simultaneously buffeted by declines in mineral rich, commodity prices. These commodities have historically been an important driver of performance in emerging markets. Finally, concerns about the effect on global liquidity of an impending tapering by the US Federal Reserve of its asset-purchase program contributed to currency declines and capital outflows.

The Fund invested in futures to achieve the desired exposure during the Reporting Period.

On an individual security level, the top contributors to the Fund’s performance were Tencent Holdings Ltd., Naspers Ltd., and Baidu, Inc. ADR. The top detractors to the Fund’s performance were Petroleo Brasileiro SA Sponsored ADR Preferred; Petroleo Brasileiro SA Sponsored ADR; and America Movil SAB de CV.

SPDR S&P Emerging Markets ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		1.31%		1.73%		2.23%		1.31%		1.73%		2.23%

THREE YEARS		−1.71%		−1.95%		−2.19%		−0.57%		−0.66%		−0.74%

FIVE YEARS		39.54%		38.23%		45.55%		6.89%		6.69%		7.80%

SINCE INCEPTION (1)		32.48%		32.34%		34.46%		4.40%		4.38%		4.64%


(1)		For the period March 20, 2007 to September 30, 2013.

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		10000
3/20/2007		10338		10389
4/30/2007		10818		10863
5/31/2007		11292		11357
6/30/2007		11823		11927
7/31/2007		12305		12467
8/31/2007		12155		12226
9/30/2007		13520		13574
10/31/2007		15145		15077
11/30/2007		14084		14145
12/31/2007		14134		14293
1/31/2008		12447		12515
2/29/2008		13328		13473
3/31/2008		12706		12784
4/30/2008		13773		13742
5/31/2008		14123		14063
6/30/2008		12779		12674
7/31/2008		12301		12201
8/31/2008		11497		11336
9/30/2008		9494		9237
10/31/2008		6968		6706
11/30/2008		6536		6276
12/31/2008		6946		6651
1/31/2009		6403		6196
2/28/2009		6196		6003
3/31/2009		6976		6771
4/30/2009		8174		7888
5/31/2009		9622		9463
6/30/2009		9462		9346
7/31/2009		10421		10279
8/31/2009		10393		10276
9/30/2009		11208		11159
10/31/2009		11267		11256
11/30/2009		11859		11812
12/31/2009		12296		12280
1/31/2010		11531		11634
2/28/2010		11615		11688
3/31/2010		12523		12619
4/30/2010		12600		12744
5/31/2010		11477		11677
6/30/2010		11424		11588
7/31/2010		12415		12556
8/31/2010		12130		12383
9/30/2010		13478		13744
10/31/2010		13915		14204
11/30/2010		13588		13841
12/31/2010		14525		14742
1/31/2011		14011		14223
2/28/2011		14060		14164
3/31/2011		14734		14840
4/30/2011		15175		15274
5/31/2011		14729		14868
6/30/2011		14477		14619
7/31/2011		14414		14577
8/31/2011		13252		13331
9/30/2011		11314		11335
10/31/2011		12699		12741
11/30/2011		11946		11846
12/31/2011		11759		11690
1/31/2012		13079		13050
2/29/2012		13868		13921
3/31/2012		13420		13432
4/30/2012		13190		13226
5/31/2012		11662		11788
6/30/2012		12157		12234
7/31/2012		12333		12402
8/31/2012		12344		12419
9/30/2012		13077		13153
10/31/2012		12996		13103
11/30/2012		13110		13236
12/31/2012		13735		13894
1/31/2013		14027		14290
2/28/2013		13712		13994
3/31/2013		13562		13851
4/30/2013		13720		14045
5/31/2013		13409		13710
6/30/2013		12619		12840
7/31/2013		12785		12947
8/31/2013		12435		12599
9/30/2013		13248		13446

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.

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




					CHINA
		TENCENT		TAIWAN SEMICONDUCTOR	CONSTRUCTION
DESCRIPTION	CHINA MOBILE, LTD.	HOLDINGS, LTD.	GAZPROM OAO ADR	MANUFACTURING CO., LTD.	BANK CORP.

MARKET VALUE	$3,636,883	3,388,623	2,907,626	2,641,069	2,634,509

% OF NET ASSETS	1.9	1.8	1.5	1.4	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 SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		16.5	%
Oil, Gas & Consumable Fuels		12.8
Wireless Telecommunication Services		6.6
Metals & Mining		5.3
Internet Software & Services		3.8
Semiconductors & Semiconductor Equipment		3.1
Food Products		3.1
Real Estate Management & Development		3.0
Beverages		2.9
Insurance		2.3
Chemicals		2.0
Automobiles		1.9
Electronic Equipment, Instruments & Components		1.8
Diversified Telecommunication Services		1.8
Diversified Financial Services		1.8
Media		1.7
IT Services		1.6
Pharmaceuticals		1.6
Industrial Conglomerates		1.5
Construction Materials		1.5
Food & Staples Retailing		1.4
Construction & Engineering		1.4
Multiline Retail		1.4
Computers & Peripherals		1.4
Independent Power Producers & Energy Traders		1.2
Transportation Infrastructure		1.2
Electric Utilities		1.1
Specialty Retail		1.0
Hotels, Restaurants & Leisure		0.8
Household Durables		0.7
Airlines		0.7
Thrifts & Mortgage Finance		0.6
Household Products		0.6
Personal Products		0.6
Tobacco		0.5
Capital Markets		0.5
Paper & Forest Products		0.4
Communications Equipment		0.4
Leisure Equipment & Products		0.4
Energy Equipment & Services		0.4
Textiles, Apparel & Luxury Goods		0.4
Health Care Providers & Services		0.4
Gas Utilities		0.4
Internet & Catalog Retail		0.4
Machinery		0.4
Electrical Equipment		0.3
Water Utilities		0.3
Marine		0.3
Trading Companies & Distributors		0.2
Aerospace & Defense		0.2
Air Freight & Logistics		0.2
Building Products		0.2
Diversified Consumer Services		0.2
Health Care Equipment & Supplies		0.1
Consumer Finance		0.1
Distributors		0.1
Road & Rail		0.1
Software		0.1
Auto Components		0.1
Real Estate Investment Trusts		0.1
Professional Services		0.0	***
Containers & Packaging		0.0	***
Commercial Services & Supplies		0.0	***
Biotechnology		0.0	***
Short Term Investments		8.6
Other Assets & Liabilities		(6.5	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Corporacion GEO SAB de CV, which was Level 3 and part of the Household Durables Industry, Interbolsa SA, which was Level 2 and part of the Capital Markets Industry, ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment Industry, Chaoda Modern Agriculture Holdings, Ltd., which was Level 3 and part of the Food Products Industry, Polimex-Mostostal SA, which was Level 2 and part of the Construction & Engineering Industry, Urbi Desarrollos Urbanos SA de CV, which was Level 3 and part of the Household Durables Industry, SM Development Corp., which was Level 2 and part of the Real Estate Management & Development Industry, each representing 0.00% of net assets, Fabricato SA, which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry, representing less than 0.05% of net assets, and Tableros y Maderas de Caldas SA, which was Level 2 and part of the Building Products Industry, representing 0.06% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was -2.80%, and the total return for the S&P Emerging Markets Dividend Opportunities Index (the “Index”) was -1.74%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash drag, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.

Global markets were mixed at the start of 2013, after a deal was reached in the United States that prevented the nation from going over the fiscal cliff. The fiscal-cliff-related rally seen in Asian markets after the deal did not extend to European markets. European investors were concerned not only that the deal was only a temporary measure, but also with electoral indecision in Italy and banking turmoil in Cyprus. The markets further faltered during the second quarter of 2013, as bailout headlines out of Europe sent investors back to the sidelines. A decline in the euro was a result of weak GDP news from the eurozone. Concerns that the recession in the eurozone had deepened did not bode well for the euro in the near term and led to the euro being sold across the board. Latin American markets, like Brazil, were hurt as investor concerns over political reforms and fiscal stability slowed the growth throughout the Reporting Period. Fund performance was also hurt when the World Bank suggested both slower growth in emerging market economies and falling commodity prices.

On an individual security level, the top contributors to the Fund’s performance were SK Telecom Co., Ltd., China Citic Bank Corp., Ltd., and Shin Corp. PCL NVDR. The top detractors to the Fund’s performance were Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Pfd, HTC Corp., and African Bank Investments, Ltd.

SPDR S&P Emerging Markets Dividend ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

NET ASSET

MARKET

MARKETS DIVIDEND

NET ASSET

MARKET

MARKETS DIVIDEND

VALUE

OPPORTUNITIES INDEX

VALUE

OPPORTUNITIES INDEX

ONE YEAR

−2.80%

−2.44%

−1.74%

−2.80%

−2.44%

−1.74%

SINCE INCEPTION (1)

−6.37%

−6.25%

−1.30%

−2.50%

−2.45%

−0.50%


(1)		For the period February 23, 2011 to September 30, 2013.

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		10000
2/23/2011		9970		10055
3/31/2011		10532		10689
4/30/2011		11026		11236
5/31/2011		10889		11112
6/30/2011		11016		11253
7/31/2011		11032		11353
8/31/2011		10421		10745
9/30/2011		9127		9409
10/31/2011		10001		10352
11/30/2011		9710		10044
12/31/2011		9789		10162
1/31/2012		10543		10944
2/29/2012		11342		11808
3/31/2012		10635		11071
4/30/2012		10343		10767
5/31/2012		9115		9465
6/30/2012		9556		9944
7/31/2012		9298		9687
8/31/2012		9298		9678
9/30/2012		9634		10045
10/31/2012		9497		9917
11/30/2012		9641		10065
12/31/2012		10323		10771
1/31/2013		10374		10919
2/28/2013		10191		10726
3/31/2013		9976		10534
4/30/2013		10063		10622
5/31/2013		9607		10158
6/30/2013		8909		9399
7/31/2013		8834		9305
8/31/2013		8711		9178
9/30/2013		9363		9870

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.

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




	COMPANHIA ENERGETICA	AFRICAN BANK	KGHM POLSKA	POLSKA GRUPA	BRADESPAR SA
DESCRIPTION	DE MINAS GERAIS ADR	INVESTMENTS, LTD.	MIEDZ SA	ENERGETYCZNA SA	PREFERENCE SHARES

MARKET VALUE	$14,884,862	14,567,406	14,088,472	13,212,896	11,553,187

% OF NET ASSETS	2.8	2.7	2.6	2.5	2.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		14.2	%
Electric Utilities		13.3
Commercial Banks		10.9
Real Estate Management & Development		7.8
Wireless Telecommunication Services		7.6
Oil, Gas & Consumable Fuels		5.1
Diversified Telecommunication Services		5.0
Independent Power Producers & Energy Traders		4.7
Computers & Peripherals		3.2
Insurance		2.9
Diversified Financial Services		2.7
Textiles, Apparel & Luxury Goods		2.6
Electronic Equipment, Instruments & Components		2.2
Industrial Conglomerates		1.8
Chemicals		1.8
Automobiles		1.5
Transportation Infrastructure		1.5
Semiconductors & Semiconductor Equipment		1.4
Construction Materials		1.1
Software		1.0
Household Durables		0.9
Road & Rail		0.9
Media		0.7
Construction & Engineering		0.6
Water Utilities		0.6
Capital Markets		0.5
Tobacco		0.5
Auto Components		0.5
Machinery		0.4
Gas Utilities		0.4
Real Estate Investment Trusts		0.4
Distributors		0.4
Communications Equipment		0.0	***
Short Term Investments		13.5
Other Assets & Liabilities		(12.6	)

TOTAL		100.0	%


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

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

The SPDR S&P BRIC 40 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of Brazil, Russia, India and China. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 4.95%, and the total return for the S&P BRIC 40 Index (the “Index”) was 5.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, income from securities lending, compounding, and minor misweights between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Fund’s performance during the Reporting Period was affected by the following factors: Concerns regarding the commencement of the tapering by the Federal Reserve of its quantitative easing program; tensions in the Middle East; weakening of local currencies relative to the US dollar; lower global growth projections (particularly for China); and lower commodities prices.

Emerging markets generally lagged their developed counterparts over the Reporting Period, and most of the Fund’s overall performance for the fiscal year was dictated by what transpired during the final quarter. It was during these last three months that the Fund generated the strong returns that helped to erase the losses from the previous quarters, and ultimately led to the Fund’s positive return for the Reporting Period. China’s returns were driven by better-than-expected economic data and new eases on foreign investment rules. Industrial production continued its increase into September, after a better-than-expected Flash Purchasing Managers’ Index surprised the market in late August. The Chinese National People’s Congress also announced that it would temporarily remove legal requirements for foreign investment in the Shanghai Free Trade Zone. India finished the final quarter strongly, after having surprised the market in late September by raising its repo rate. This was the first rate change in nearly two years, and signaled that Raghuram Rajan, Reserve Bank of India’s new chairman, was shifting policy objectives to target inflation. Brazil also ended the quarter strongly, and was the top Latin American performer in September. The Brazilian Industrial Federation improved the country’s outlook by increasing its 2013 growth forecast. The Brazilian central bank also signaled that it was likely to raise interest rates, shifting its policy concentration toward targeting inflation in the near future. Finally, the Russian market rebounded after a difficult second quarter and outperformed both the regional and broad market indices. As expected, Russia’s central bank once again held policy rate steady in an effort to fight inflation despite sluggish economic growth. On the economic front, GDP growth for the second quarter matched 2012’s second quarter growth rate.

On an individual security level, the top contributors to the Fund’s performance were Tencent Holdings Ltd., Baidu, Inc.; and Industrial & Commercial Bank of China. The top detractors to the Fund’s performance were ICICI Bank, Ltd. ADR, Gazprom OAO ADR, and Petroleo Brasileiro SA ADR.

SPDR S&P BRIC 40 ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		4.95%		5.17%		5.62%		4.95%		5.17%		5.62%

THREE YEARS		−2.31%		−2.40%		−0.46%		−0.78%		−0.80%		−0.15%

FIVE YEARS		31.55%		31.12%		35.37%		5.64%		5.57%		6.24%

SINCE INCEPTION (1)		11.39%		11.32%		15.20%		1.73%		1.72%		2.28%


(1)		For the period June 19, 2007 to September 30, 2013.

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
4/30/2013		10830			11188
5/31/2013		10558			10919
6/30/2013		9844			10158
7/31/2013		10300			10625
8/31/2013		10262			10604
9/30/2013		11139			11520

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.

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




			INDUSTRIAL &
	CHINA CONSTRUCTION		COMMERCIAL	TENCENT
DESCRIPTION	BANK CORP.	CHINA MOBILE, LTD.	BANK OF CHINA	HOLDINGS, LTD.	GAZPROM OAO ADR

MARKET VALUE	$17,305,822	16,229,103	15,759,475	15,138,647	14,522,756

% OF NET ASSETS	7.0	6.6	6.4	6.1	5.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		32.1	%
Oil, Gas & Consumable Fuels		28.8
Internet Software & Services		10.7
Wireless Telecommunication Services		7.9
Metals & Mining		4.1
Insurance		3.6
Beverages		3.2
Food Products		3.0
IT Services		2.6
Diversified Telecommunication Services		1.5
Real Estate Management & Development		1.3
Chemicals		0.7
Short Term Investments		5.1
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. (Note 2)

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

The SPDR S&P Emerging Europe ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon European emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 1.68%, and the total return for the S&P European Emerging Capped BMI Index (the “Index”) was 3.39%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash drag, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.

The last quarter of 2012 was a difficult one, as equity averages around the world were challenged by a weaker growth outlook for 2013. In addition, emerging markets entered 2013 further challenged by the uncertainty of the United States going over the fiscal cliff. The beginning of 2013, however, saw a renewal of risk appetites in investors and a resumption of investment flows, fueled by fresh optimism that economic activity might steadily reaccelerate through the course of the year. Continued weakness in the yen signaled the approach of new dynamism at the Bank of Japan, and the euro rallied progressively to one-year highs on further diminution of sovereign financial strains. Financial assets worldwide delivered healthy returns across a broad front during the third quarter of 2013, undergirded by the ongoing support of major central banks. Muted inflation pressures and signs of stability in Europe helped equity valuations ratchet higher and the Fund to end the fiscal year in positive territory.

On an individual security level, the top contributors to the Fund’s performance were LukOil OAO ADR, Magnit OJSC GDR, and Turk Hava Yollari Anonim Ortakligi. The top detractors to the Fund’s performance were Telekomunikacji Polskiej S.A., Uralkali OJSC GDR, and Gazprom OAO ADR.

SPDR S&P Emerging Europe ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING CAPPED BMI

NET ASSET

MARKET

EMERGING CAPPED BMI

VALUE

INDEX

VALUE

INDEX

ONE YEAR

1.68%

2.05%

3.39%

1.68%

2.05%

3.39%

THREE YEARS

−3.93%

−3.45%

−1.65%

−1.33%

−1.16%

−0.55%

FIVE YEARS

6.34%

3.87%

12.10%

1.24%

0.76%

2.31%

SINCE INCEPTION (1)

−15.96%

−15.83%

−11.42%

−2.63%

−2.60%

−1.84%


(1)		For the period March 20, 2007 to September 30, 2013.

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		10000
3/20/2007		10598		10577
4/30/2007		10796		10655
5/31/2007		10316		10385
6/30/2007		11059		11109
7/31/2007		11387		11588
8/31/2007		10877		11120
9/30/2007		11874		12055
10/31/2007		12861		13155
11/30/2007		12586		13063
12/31/2007		13046		13553
1/31/2008		10899		11377
2/29/2008		11418		12109
3/31/2008		11352		11803
4/30/2008		11696		12140
5/31/2008		13053		13562
6/30/2008		12153		12547
7/31/2008		11429		11601
8/31/2008		9822		10020
9/30/2008		7903		7900
10/31/2008		5424		5140
11/30/2008		4677		4420
12/31/2008		4541		4254
1/31/2009		3822		3611
2/28/2009		3723		3424
3/31/2009		4311		4082
4/30/2009		5250		5007
5/31/2009		6468		6160
6/30/2009		5946		5858
7/31/2009		6613		6386
8/31/2009		6963		6747
9/30/2009		7493		7429
10/31/2009		7749		7646
11/30/2009		7843		7757
12/31/2009		8289		8160
1/31/2010		8318		8358
2/28/2010		7795		7904
3/31/2010		8643		8830
4/30/2010		8668		8905
5/31/2010		7630		7834
6/30/2010		7346		7536
7/31/2010		8279		8492
8/31/2010		7989		8218
9/30/2010		8747		9004
10/31/2010		9187		9445
11/30/2010		8776		9045
12/31/2010		9497		9826
1/31/2011		9641		9971
2/28/2011		10042		10298
3/31/2011		10588		10841
4/30/2011		10974		11234
5/31/2011		10117		10462
6/30/2011		10070		10386
7/31/2011		10026		10403
8/31/2011		8779		8983
9/30/2011		7230		7396
10/31/2011		8135		8360
11/30/2011		7940		8069
12/31/2011		7129		7329
1/31/2012		8249		8432
2/29/2012		8939		9144
3/31/2012		8507		8770
4/30/2012		8278		8548
5/31/2012		6759		7016
6/30/2012		7506		7821
7/31/2012		7581		7945
8/31/2012		7921		8159
9/30/2012		8265		8568
10/31/2012		8204		8496
11/30/2012		8196		8534
12/31/2012		8795		9076
1/31/2013		9048		9428
2/28/2013		8623		9021
3/31/2013		8422		8841
4/30/2013		8351		8809
5/31/2013		8230		8667
6/30/2013		7698		8065
7/31/2013		7899		8294
8/31/2013		7689		8079
9/30/2013		8404		8858

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.

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




					MAGNIT
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	SBERBANK	NOVATEK OAO GDR	OJSC GDR

MARKET VALUE	$9,404,208	6,151,448	5,183,849	3,149,929	2,422,391

% OF NET ASSETS	12.3	8.0	6.8	4.1	3.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		34.5	%
Commercial Banks		21.9
Metals & Mining		7.5
Wireless Telecommunication Services		6.6
Food & Staples Retailing		4.4
Diversified Telecommunication Services		3.7
Electric Utilities		3.3
Chemicals		2.0
Industrial Conglomerates		2.0
Airlines		1.9
Internet Software & Services		1.9
Insurance		1.6
Household Durables		1.3
Pharmaceuticals		1.1
Beverages		1.1
Media		0.9
Diversified Financial Services		0.9
Distributors		0.9
Real Estate Management & Development		0.9
Software		0.4
Energy Equipment & Services		0.3
Road & Rail		0.2
Building Products		0.2
Hotels, Restaurants & Leisure		0.1
Food Products		0.1
Textiles, Apparel & Luxury Goods		0.0	***
Construction & Engineering		0.0	***
Short Term Investments		4.6
Other Assets & Liabilities		(4.3	)

TOTAL		100.0	%


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

SPDR^® S&P^® Emerging Latin America ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Emerging Latin America ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Latin American emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was −7.86%, and the total return for the S&P Latin America BMI Index (the “Index”) was −6.47%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, income from securities lending, compounding, and misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology contributed to the difference between the Fund’s performance and that of the Index.

The Fund’s performance during the period was affected by the following factors: Concerns regarding the commencement of the tapering by the Federal Reserve (“Fed”) of its quantitative easing program; tensions in the Middle East; weakening of local currencies relative to the US dollar; lower global growth projections (particularly for China); and lower commodities prices.

Emerging markets generally lagged their developed counterparts over the Reporting Period. Within the sector, Latin America was the worst performing region. Most of the Fund’s overall performance for the period was dictated by what transpired in the third quarter of the fiscal year, when both the Fund and the Index retreated more than 15%. All the Latin American countries posted double-digit declines for the quarter as statements from the Fed over the proposed tapering of its quantitative easing program, combined with the persistent currency weakness, wreaked havoc on the region. This situation was especially true in Brazil, the biggest country in the region, as that country saw its currency (the real) hit a four-year low in May. The economic situation in Brazil was further challenged, when May’s economic data showed a GDP rate that was weaker than expected and an inflation rate that was higher than expected. In Mexico, most of the economic data released was soft, and the dismal level of industrial production there indicated that manufacturing failed to catch up with US dynamics. The smaller Andean markets, such as Peru, were once again affected by lower gold and copper prices.

On an individual security level, the top contributors to the Fund’s performance were Alfa SAB de CV (Class A); Cemex SAB de CV; and BRF Brasil SA. The top detractors to the Fund’s performance were Petroleo Brasileiro SA, Sponsored ADR Preferred; Petroleo Brasileiro SA, Sponsored ADR; and America Movil SAB de CV.

SPDR S&P Emerging Latin America ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P LATIN AMERICA

NET ASSET

MARKET

S&P LATIN AMERICA

VALUE

BMI INDEX

VALUE

BMI INDEX

ONE YEAR

−7.86%

−7.79%

−6.47%

−7.86%

−7.79%

−6.47%

THREE YEARS

−18.54%

−18.65%

−14.62%

−6.61%

−6.65%

−5.13%

FIVE YEARS

17.91%

27.50%

3.35%

4.98%

SINCE INCEPTION (1)

28.40%

28.27%

38.72%

3.90%

3.88%

5.14%


(1)		For the period March 20, 2007 to September 30, 2013.

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
		10000		10000
3/20/2007		10332		10407
4/30/2007		10965		11050
5/31/2007		12151		12210
6/30/2007		12422		12580
7/31/2007		12577		12803
8/31/2007		12196		12391
9/30/2007		13648		13850
10/31/2007		15185		15452
11/30/2007		14297		14592
12/31/2007		14332		14711
1/31/2008		13705		13749
2/29/2008		14802		14980
3/31/2008		14320		14446
4/30/2008		15688		15782
5/31/2008		16912		17185
6/30/2008		15540		15887
7/31/2008		14348		14705
8/31/2008		13239		13505
9/30/2008		10890		10880
10/31/2008		7325		7448
11/30/2008		6869		6967
12/31/2008		7098		7139
1/31/2009		7013		7151
2/28/2009		6614		6792
3/31/2009		7261		7481
4/30/2009		8523		8808
5/31/2009		10316		10658
6/30/2009		10137		10429
7/31/2009		11118		11401
8/31/2009		11373		11762
9/30/2009		12739		13092
10/31/2009		13016		13378
11/30/2009		14264		14493
12/31/2009		14562		14848
1/31/2010		13138		13590
2/28/2010		13747		14149
3/31/2010		14708		15084
4/30/2010		14653		15082
5/31/2010		13131		13808
6/30/2010		13019		13403
7/31/2010		14577		14978
8/31/2010		14185		14700
9/30/2010		15762		16248
10/31/2010		16245		16797
11/30/2010		15853		16402
12/31/2010		16860		17452
1/31/2011		16041		16647
2/28/2011		16246		16907
3/31/2011		16773		17499
4/30/2011		16955		17684
5/31/2011		16558		17221
6/30/2011		16413		17118
7/31/2011		15794		16548
8/31/2011		14883		15635
9/30/2011		12172		12899
10/31/2011		14262		15082
11/30/2011		13552		14174
12/31/2011		13324		13952
1/31/2012		14930		15672
2/29/2012		15680		16534
3/31/2012		15271		16064
4/30/2012		14731		15569
5/31/2012		12817		13575
6/30/2012		13385		14088
7/31/2012		13575		14319
8/31/2012		13424		14280
9/30/2012		13936		14831
10/31/2012		13865		14835
11/30/2012		13634		14622
12/31/2012		14558		15572
1/31/2013		15054		16192
2/28/2013		14652		15800
3/31/2013		14652		15780
4/30/2013		14568		15742
5/31/2013		13502		14684
6/30/2013		12323		13414
7/31/2013		12186		13244
8/31/2013		11816		12824
9/30/2013		12840		13872

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.

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$3,765,230	3,101,543	3,010,413	2,649,042	2,627,998

% OF NET ASSETS	5.3	4.4	4.3	3.8	3.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		19.5	%
Metals & Mining		12.1
Oil, Gas & Consumable Fuels		10.6
Beverages		6.7
Wireless Telecommunication Services		6.4
Food Products		4.4
Food & Staples Retailing		4.3
Electric Utilities		3.6
Multiline Retail		3.0
Industrial Conglomerates		2.5
Diversified Financial Services		2.4
Construction Materials		2.0
Paper & Forest Products		1.7
Media		1.7
Transportation Infrastructure		1.6
Independent Power Producers & Energy Traders		1.6
Diversified Telecommunication Services		1.3
Real Estate Management & Development		1.2
Personal Products		1.0
Construction & Engineering		1.0
Household Products		1.0
IT Services		0.9
Tobacco		0.9
Airlines		0.7
Household Durables		0.7
Water Utilities		0.7
Chemicals		0.6
Aerospace & Defense		0.6
Diversified Consumer Services		0.6
Specialty Retail		0.5
Insurance		0.5
Machinery		0.4
Real Estate Investment Trusts		0.4
Software		0.4
Containers & Packaging		0.4
Road & Rail		0.3
Capital Markets		0.3
Gas Utilities		0.3
Health Care Providers & Services		0.2
Pharmaceuticals		0.1
Consumer Finance		0.1
Health Care Equipment & Supplies		0.1
Internet & Catalog Retail		0.1
Computers & Peripherals		0.1
Hotels, Restaurants & Leisure		0.0	***
Short Term Investments		15.8
Other Assets & Liabilities		(15.3	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Corporacion GEO SAB de CV and Urbi Desarrollos Urbanos SA de CV, which were both Level 3 and part of the Household Durables Industry, both representing 0.00% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

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

The SPDR S&P Emerging Middle East & Africa ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Middle Eastern and African emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was −2.38%, and the total return for the S&P Mid-East & Africa BMI Index (the “Index”) was −1.47%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, income from securities lending, compounding, and misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology contributed to the difference between the Fund’s performance and that of the Index.

Emerging markets generally lagged their developed counterparts over the Reporting Period, and most of the Fund’s overall performance for the fiscal year was dictated by what transpired during the middle two quarters. Egypt was a very poor performing market in the first quarter of the 2013. During the last week of that quarter, Egypt’s central bank raised its interest rates. Egypt also raised its custom duties on a large selection of goods in an effort to secure a much needed loan from the International Monetary Fund. The Egyptian central bank left the benchmark overnight deposit rate unchanged in May citing inflation risks despite any downside risks to economic growth. The Egyptian market then continued to fall due to political crises, as the continued weakness in reform progress dampened investor sentiment. By the end of June, it became abundantly clear that frustrations in Egypt had risen substantially, and this led to the huge protests that erupted around the first anniversary of President Mohammed Morsi’s election. South Africa fell significantly over the period, primarily because of disappointing economic data and a lagging China-dependent resources sector. South African resource companies continued to be pressured by continuing strike actions and weaker commodity prices. South Africa was also hurt by the underperformance of its consumer staples and telecom sectors. Investors started to become concerned as the run-up to the 2014 national elections approached and the South African economic growth outlook continued to deteriorate. In June, MSCI announced its plan to downgrade Morocco (one of the smaller and more illiquid emerging market countries) to “Frontier Market” status in late November, which could serve to put additional downward pressure on Moroccan stock prices in the fourth quarter of 2013.

On an individual security level, the top contributors to the Fund’s performance were Naspers, Ltd., Aspen Pharmacare Holdings, Ltd., and Sasol, Ltd. The top detractors to the Fund’s performance were Impala Platinum Holdings, Ltd., Gold Fields, Ltd., and AngloGold Ashanti, Ltd.

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		−2.38%		−1.75%		−1.47%		−2.38%		−1.75%		−1.47%

THREE YEARS		3.23%		3.52%		5.11%		1.07%		1.16%		1.67%

FIVE YEARS		45.88%		44.35%		49.68%		7.84%		7.62%		8.40%

SINCE INCEPTION (1)		36.25%		35.90%		44.62%		4.85%		4.81%		5.81%


(1)		For the period March 20, 2007 to September 30, 2013.

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
		10000		10000
3/20/2007		10452		10469
4/30/2007		11246		11263
5/31/2007		11080		11158
6/30/2007		10891		11037
7/31/2007		10943		11092
8/31/2007		10878		10957
9/30/2007		11583		11653
10/31/2007		12810		12921
11/30/2007		12177		12474
12/31/2007		12042		12467
1/31/2008		10888		11424
2/29/2008		11521		12178
3/31/2008		10818		11523
4/30/2008		11773		12305
5/31/2008		12014		12508
6/30/2008		11245		11640
7/31/2008		11260		11555
8/31/2008		10780		11029
9/30/2008		9340		9663
10/31/2008		7178		7372
11/30/2008		6861		7078
12/31/2008		7611		7819
1/31/2009		6785		7020
2/28/2009		6634		6886
3/31/2009		7296		7573
4/30/2009		8083		8358
5/31/2009		9174		9472
6/30/2009		9372		9682
7/31/2009		10002		10345
8/31/2009		10368		10710
9/30/2009		10651		10998
10/31/2009		10669		11026
11/30/2009		11003		11403
12/31/2009		11582		11980
1/31/2010		11252		11683
2/28/2010		11259		11726
3/31/2010		12268		12778
4/30/2010		12279		12780
5/31/2010		11366		11696
6/30/2010		10851		11335
7/31/2010		11871		12322
8/31/2010		11698		12177
9/30/2010		13197		13757
10/31/2010		13452		14053
11/30/2010		13106		13702
12/31/2010		14836		15494
1/31/2011		13009		13649
2/28/2011		13704		14395
3/31/2011		14226		14865
4/30/2011		14827		15525
5/31/2011		14258		14943
6/30/2011		14018		14705
7/31/2011		13916		14611
8/31/2011		13651		14319
9/30/2011		11704		12268
10/31/2011		12640		13266
11/30/2011		12525		13137
12/31/2011		12262		12890
1/31/2012		13282		13976
2/29/2012		14267		15004
3/31/2012		13786		14509
4/30/2012		13866		14597
5/31/2012		12436		13085
6/30/2012		13059		13736
7/31/2012		13404		14085
8/31/2012		13379		14070
9/30/2012		13958		14678
10/31/2012		13600		14290
11/30/2012		13407		14095
12/31/2012		14626		15412
1/31/2013		13875		14655
2/28/2013		13626		14414
3/31/2013		13443		14247
4/30/2013		13478		14295
5/31/2013		12741		13499
6/30/2013		12528		13281
7/31/2013		12873		13643
8/31/2013		12672		13424
9/30/2013		13625		14462

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.

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	NASPERS, LTD.	MTN GROUP, LTD.	SASOL, LTD.	STANDARD BANK GROUP, LTD.	REMGRO, LTD.

MARKET VALUE	$7,556,863	6,022,515	4,806,694	3,163,295	1,884,858

% OF NET ASSETS	11.2	8.9	7.1	4.7	2.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Media		11.2	%
Commercial Banks		10.9
Wireless Telecommunication Services		10.3
Metals & Mining		8.9
Oil, Gas & Consumable Fuels		8.0
Diversified Financial Services		6.8
Insurance		5.5
Food & Staples Retailing		3.8
Specialty Retail		3.5
Food Products		3.4
Industrial Conglomerates		2.8
Real Estate Management & Development		2.7
Pharmaceuticals		2.7
Health Care Providers & Services		2.6
Real Estate Investment Trusts		1.9
Multiline Retail		1.7
Household Durables		1.6
Capital Markets		1.5
Construction & Engineering		1.2
Distributors		1.2
Paper & Forest Products		1.1
Chemicals		1.1
Trading Companies & Distributors		0.8
Diversified Telecommunication Services		0.8
Containers & Packaging		0.6
Hotels, Restaurants & Leisure		0.6
Marine		0.6
Electronic Equipment, Instruments & Components		0.5
Construction Materials		0.5
Tobacco		0.3
IT Services		0.1
Electrical Equipment		0.1
Commercial Services & Supplies		0.1
Energy Equipment & Services		0.1
Professional Services		0.1
Textiles, Apparel & Luxury Goods		0.0	***
Short Term Investments		12.7
Other Assets & Liabilities		(12.3	)

TOTAL		100.0	%


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

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

The SPDR S&P World ex-US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-U.S.) equity markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 20.27%, and the total return for the S&P Developed Ex-U.S. BMI Index (the “Index”) was 21.86%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, compounding differences resulting from performance volatility and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Fund enjoyed some initial positive performance as equities outside the US picked up additional momentum through the final months of 2012. Non-US equities showed particular improvement in December, when the US fiscal debate diminished the previously defensive appeal of American stocks. Investor enthusiasm intensified as moves to greater financial unity in the eurozone mitigated downside risks in Europe and a change in Japanese leadership back to the Liberal Democratic Party (“LDP”) lifted hopes for more inflation-oriented policy choices in Japan. Equity markets outside the US zoomed out of the gate in early 2013. They benefited, on the one hand, from relief that fiscal constraints in the United States would not overwhelm consumer demand, and, on the other hand, from mounting confidence that the European Central Bank had more than enough ammunition to keep regional financial conditions stable. Only at the end of January, after the euro had enjoyed six solid months of steady appreciation, did investors begin to question whether the buoyant currency might act as an unwelcome headwind to already muted economic activity. Corruption worries in Spain and inconclusive elections in Italy did not help matters, but continued weakness in the Japanese yen provided a source of investment upside from an unlikely corner of the world. Share prices in Tokyo gained ground faster than the yen was declining. Developed equity markets outside the US, on average, posted solid results for the first quarter of 2013.

The second quarter of 2013 resulted in limited returns for non-US equities. Japan was unveiling its ground-breaking plans for monetary ease, fiscal stimulus, and structural reform. While a modest healing in economic indicators and a fresh cut in euro interest rates contributed to stabilization in Europe during May and June, the unrelenting combination of currency struggles and a foggy growth outlook ultimately took a toll on equity investments outside the US during the second quarter of 2013. Fund performance bounced back nicely during the final quarter of the Reporting Period as non-US equities began to find their ground. The turn-around began to take shape in early July in the wake of firm US jobs data for June. That report helped investors quickly to realize that continued US economic health would produce global benefits. The awarding of the 2020 Summer Olympics to Tokyo helped Japanese equity benchmarks revisit their highs from July, when Shinzo Abe, leader of the LDP, was reelected as prime minister. Non-US equities endured a small correction in late August as Syrian conflict intensified, but the confidence in Europe improved and the Fund finished the Reporting Period with double digit returns.

On an individual security level, the top contributors to the Fund’s performance were Roche Holding AG, Toyota Motor Corp., and Novartis AG. The top detractors to the Fund’s performance were Goldcorp Inc., Barrick Gold Corp., and Newcrest Mining, Ltd.

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.34%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		20.27%		20.62%		21.86%		20.27%		20.62%		21.86%

THREE YEARS		25.41%		25.83%		28.40%		7.84%		7.96%		8.69%

FIVE YEARS		37.84%		34.64%		43.39%		6.63%		6.13%		7.48%

SINCE INCEPTION (1)		0.70%		0.81%		4.90%		0.11%		0.13%		0.74%


(1)		For the period April 20, 2007 to September 30, 2013.

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
4/30/2013		9615		9960
5/31/2013		9398		9751
6/30/2013		9028		9378
7/31/2013		9486		9874
8/31/2013		9400		9780
9/30/2013		10070		10490

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.

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$10,315,153	8,667,924	8,464,204	8,224,070	7,999,882

% OF NET ASSETS	1.5	1.3	1.2	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 SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		12.1	%
Oil, Gas & Consumable Fuels		7.2
Pharmaceuticals		7.1
Insurance		4.3
Metals & Mining		4.3
Chemicals		3.5
Automobiles		3.4
Food Products		3.3
Machinery		2.7
Real Estate Management & Development		2.7
Wireless Telecommunication Services		2.5
Food & Staples Retailing		2.3
Diversified Telecommunication Services		2.2
Capital Markets		2.1
Beverages		2.1
Semiconductors & Semiconductor Equipment		1.9
Hotels, Restaurants & Leisure		1.8
Textiles, Apparel & Luxury Goods		1.7
Industrial Conglomerates		1.7
Media		1.6
Road & Rail		1.6
Trading Companies & Distributors		1.6
Construction & Engineering		1.5
Electric Utilities		1.4
Electrical Equipment		1.3
Real Estate Investment Trusts		1.3
Auto Components		1.3
Multi-Utilities		1.3
Electronic Equipment, Instruments & Components		1.2
Tobacco		1.1
Diversified Financial Services		1.1
Specialty Retail		1.1
Building Products		1.0
Health Care Equipment & Supplies		1.0
Commercial Services & Supplies		0.9
Aerospace & Defense		0.8
Household Durables		0.7
Software		0.7
Energy Equipment & Services		0.6
Health Care Providers & Services		0.6
Communications Equipment		0.6
Professional Services		0.6
IT Services		0.5
Multiline Retail		0.5
Household Products		0.5
Marine		0.5
Construction Materials		0.4
Air Freight & Logistics		0.3
Office Electronics		0.3
Gas Utilities		0.3
Biotechnology		0.3
Paper & Forest Products		0.3
Transportation Infrastructure		0.2
Personal Products		0.2
Computers & Peripherals		0.2
Consumer Finance		0.1
Internet & Catalog Retail		0.1
Diversified Consumer Services		0.1
Containers & Packaging		0.1
Internet Software & Services		0.1
Independent Power Producers & Energy Traders		0.1
Leisure Equipment & Products		0.1
Life Sciences Tools & Services		0.1
Health Care Technology		0.0	***
Short Term Investments		8.3
Other Assets & Liabilities		(7.4	)

TOTAL		100.0	%


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

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

The SPDR S&P International Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-U.S.) small cap equity markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 22.25%, and the total return for the S&P Developed Ex-U.S. under USD2 Billion Index (the “Index”) was 22.39%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, compounding, and security misweights between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Index posted positive returns for the fourth quarter of 2012, benefiting from three factors: (1) the moves toward a greater financial unity in the eurozone, which mitigated downside risks in Europe, (2) a change in Japanese leadership, which lifted hopes for more inflation-oriented policy choices in Tokyo, and (3) Chinese economic growth, which seemed to be pulling out of mid-year 2012 doldrums. In a positive sign that equity demand might be running deeper than the politically driven ebb and flow on the surface, small-cap stocks surged especially briskly off their mid-November lows and outperformed larger issues handily during December. This positive momentum carried over to the first quarter of 2013. The positive returns posted during the first quarter resulted from investor relief that fiscal constraints in the United States would not overwhelm consumer demand and, from mounting confidence that the European Central Bank had more than enough ammunition to keep regional financial conditions stable. The second quarter of 2013 was the worst performing quarter of the Reporting Period. While a modest healing in economic indicators and a fresh cut in euro interest rates contributed to stabilization in European investor sentiment during the latter months of the second quarter, unfortunately, investor sentiment in the Pacific region cooled because of the volatility of Japanese government bonds and increasing worries over the deceleration of Chinese growth. Also, during this quarter, the unrelenting combination of currency struggles and a foggy growth outlook ultimately took a grim toll on equity investments outside the United States. However, international small-cap stocks, as measured by the S&P International Small Cap Index, bounced back during third quarter of 2013 and delivered the best quarter of the Reporting Period. The turn-around began to take shape early in the quarter in the wake of firm US jobs data for June. Smaller firms may have benefitted disproportionately from continuation of Federal Reserve accommodation, even as larger stocks faced pressure from traders seeking to trim exposure to the fresh aggravation of fiscal battles in the United States. When added to their earlier outperformance in July, the September results for smaller stocks helped them to produce an outstanding third quarter.

On an individual security level, the top contributors to the Fund’s performance were Japan Exchange Group, Inc.; Vestas Wind Systems A/S, and JB Hi-Fi, Ltd. The top detractors to the Fund’s performance were Melrose Industries PLC, Net One Systems Co., Ltd.; and Fleetwood Corp., Ltd.

SPDR S&P International Small Cap ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		22.25%		22.52%		22.39%		22.25%		22.52%		22.39%

THREE YEARS		27.66%		27.13%		27.16%		8.48%		8.33%		8.34%

FIVE YEARS		57.28%		52.55%		57.24%		9.48%		8.81%		9.48%

SINCE INCEPTION (1)		7.34%		7.02%		4.23%		1.10%		1.06%		0.64%


(1)		For the period April 20, 2007 to September 30, 2013.

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
4/30/2013		10163		9829
5/31/2013		9807		9503
6/30/2013		9454		9141
7/31/2013		9947		9621
8/31/2013		9901		9586
9/30/2013		10734		10423

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.

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




				CORUS ENTERTAINMENT, INC.	NIPPON KONPO UNYU
DESCRIPTION	BELIMO HOLDING AG	SHOCHIKU CO., LTD.	RUBIS	(CLASS B)	SOKO CO., LTD.

MARKET VALUE	$5,386,646	4,794,069	4,730,727	3,718,745	3,564,686

% OF NET ASSETS	0.7	0.6	0.6	0.5	0.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Machinery		6.6	%
Commercial Banks		4.5
Real Estate Investment Trusts		4.2
Metals & Mining		4.0
Chemicals		3.9
Real Estate Management & Development		3.9
Hotels, Restaurants & Leisure		3.7
Capital Markets		3.5
Electronic Equipment, Instruments & Components		3.4
Specialty Retail		3.3
Construction & Engineering		3.2
Media		3.2
Oil, Gas & Consumable Fuels		3.1
Commercial Services & Supplies		2.9
Pharmaceuticals		2.1
Auto Components		2.0
Food Products		2.0
Software		1.8
Electrical Equipment		1.7
Household Durables		1.5
Energy Equipment & Services		1.5
Building Products		1.5
Professional Services		1.5
Trading Companies & Distributors		1.4
Semiconductors & Semiconductor Equipment		1.4
Health Care Equipment & Supplies		1.3
Textiles, Apparel & Luxury Goods		1.2
Beverages		1.2
Biotechnology		1.2
Road & Rail		1.1
Industrial Conglomerates		1.1
Health Care Providers & Services		1.0
IT Services		1.0
Transportation Infrastructure		0.9
Containers & Packaging		0.9
Marine		0.9
Communications Equipment		0.9
Multiline Retail		0.9
Diversified Financial Services		0.8
Insurance		0.8
Internet & Catalog Retail		0.8
Food & Staples Retailing		0.8
Aerospace & Defense		0.7
Consumer Finance		0.7
Construction Materials		0.7
Gas Utilities		0.7
Internet Software & Services		0.7
Wireless Telecommunication Services		0.6
Paper & Forest Products		0.6
Diversified Consumer Services		0.6
Thrifts & Mortgage Finance		0.5
Diversified Telecommunication Services		0.5
Computers & Peripherals		0.5
Leisure Equipment & Products		0.4
Independent Power Producers & Energy Traders		0.4
Distributors		0.4
Air Freight & Logistics		0.3
Electric Utilities		0.3
Life Sciences Tools & Services		0.3
Multi-Utilities		0.3
Household Products		0.2
Airlines		0.2
Office Electronics		0.1
Automobiles		0.1
Health Care Technology		0.1
Personal Products		0.0	***
Water Utilities		0.0	***
Short Term Investments		11.1
Other Assets & Liabilities		(9.6	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Great Basin Gold, Ltd., which was Level 2 and part of the Metals & Mining Industry, Sequana, which was Level 2 and part of the Paper & Forest Products Industry, Platinum Australia, Ltd., which was Level 2 and part of the Metals & Mining Industry, Peace Mark (Holdings), Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry, Carnegie Investment Bank AB, which was Level 2 and part of the Capital Markets Industry, Poseidon Concepts Corp., which was Level 2 and was part of the Energy Equipment & Services Industry, AET&D Holdings No 1 Pty, Ltd., which was Level 2 and part of the Transportation Infrastructure Industry, Amagerbanken A/S, which was Level 2 and part of the Commercial Banks Industry, and 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 represents less than 0.05% of net assets.

SPDR^® Dow Jones International Real Estate ETF —
Management’s Discussion of Fund Performance

The SPDR Dow Jones International Real Estate ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the international real estate market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 13.83%, and the total return for the Dow Jones Global ex-U.S. Select Real Estate Securities Index^sm (the “Index”) was 14.19%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and security misweights contributed to the difference between the Fund’s performance and that of the Index.

Global listed real estate securities had a quiet start to the Reporting Period, steadily gaining in each of the first six months. Interest rates were near record lows, which benefited investors seeking higher-yielding alternatives — such as real estate investment trusts (REITs) and listed real estate securities. Although there were signs of an improving housing market, economic growth was still slow and the unemployment rates remained elevated on a global scale. The tide turned in late May, following the testimony of US Federal Reserve (“Fed”) Chairman Ben Bernanke before Congress. The suggestion that the Fed may consider tapering its quantitative easing program caused market volatility to increase, especially in interest-rate sectors, such as REITS. The Index fell sharply from late May through the end of August, but rebounded in September after soothing comments that the Fed would maintain the pace of its asset purchases. Global listed real estate securities underperformed the broader S&P Global BMI Index over the Reporting Period as broader equities strengthened from signs of stability in Europe, ebbing worries over Chinese deceleration, and ongoing support of major central banks.

Since real estate is a capital intensive sector, the recent sudden rise in interest rates prompted a correction in the prices of global listed real estate securities, which implied an increase in the cost of capital. Although real estate fundamentals, in general, have improved, the recovery phase in the real estate cycle has been gradual on a global scale. In Europe, the struggling eurozone pulled out of recession in the last quarter of the Reporting Period as the economy expanded with the help of firm activity data points in the two largest economies, France and Germany. However, investors remained cautious as unemployment was still high. Listed real estate securities in Japan were the top performers among global listed real estate securities in the Index in 2013, helped by the Bank of Japan’s aggressive monetary policy and stimulus. Developers in Japan also rallied in September after the International Olympic Committee announced that Tokyo would host the 2020 Olympic Games. Japanese developers are expected to benefit from increasing property values, and the development of stadiums and parks. In addition, the hotel and retail sectors are also expected to benefit from the additional demand leading up to the and during the Olympics.

On an individual security level, the top contributors to the Fund’s performance were Mitsui Fudosan Co., Ltd.; Unibail-Rodamco SE, and Brooksfield Asset Management Inc. The top detractors to the Fund’s performance were Kerry Properties Limited, Hang Lung Group, Ltd., and BR Malls Participacoes SA.

SPDR Dow Jones International Real Estate ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		13.83%		14.47%		14.19%		13.83%		14.47%		14.19%

THREE YEARS		33.23%		33.29%		35.00%		10.04%		10.05%		10.52%

FIVE YEARS		47.13%		46.59%		50.90%		8.03%		7.95%		8.58%

SINCE INCEPTION (1)		−1.99%		−1.61%		0.80%		−0.29%		−0.24%		0.12%


(1)		For the period December 15, 2006 to September 30, 2013.

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
4/30/2013		10498		10809
5/31/2013		9538		9843
6/30/2013		9220		9490
7/31/2013		9335		9610
8/31/2013		9032		9289
9/30/2013		9801		10080

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.

SPDR Dow Jones International Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$296,743,083	242,029,967	213,450,635	205,884,782	116,371,644

% OF NET ASSETS	7.3	6.0	5.3	5.1	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 SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		37.8	%
Retail REITs		26.9
Diversified REITs		16.8
Office REITs		12.0
Industrial REITs		4.3
Diversified Capital Markets		0.9
Residential REITs		0.6
Specialized REITs		0.4
Short Term Investments		3.5
Other Assets & Liabilities		(3.2	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.00% of net assets. (Note 2)

SPDR^® S&P^® Global Infrastructure ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Global Infrastructure ETF (the “Fund”)¹( seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global infrastructure industry market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 11.99%, and the total return for the S&P Global Infrastructure Index (the “Index”) was 11.79%. Prior to May 1, 2013, the Fund’s benchmark was the Macquarie Global Infrastructure 100 Index, which returned 9.55% for the Reporting Period. The Fund and index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The indexes are unmanaged and index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, small security misweights, income distributions, income from securities lending, and compounding contributed to the difference between the Fund’s performance and that of the Index. The change in benchmark also contributed to the performance differential during this Reporting Period.

For the Reporting Period, global infrastructure stocks slightly lagged broader economic indices. An infrastructure index tends to track the broader environment, however, during this Reporting Period the underperformance of the utilities sector hindered both Index and Fund performance. The majority of the Fund’s holdings are in the utilities sector and, through investment in transportation companies, the industrials sector. The remaining holdings are in the energy sector. While industrial stocks posted solid gains for the last quarter of 2012, the utilities sector ended the year as the worst-performing sector. Energy stocks contributed positively to Fund performance, however, the Fund’s position in this sector was not large enough to make a noticeable difference.

In the beginning of 2013, defensive sectors began to post competitive gains relative to their cyclical counterparts. Although global utility stocks posted a small loss for the first quarter of 2013, US utilities posted a positive return for the quarter. Ample dividend yields continued to attract money to this sector, which appeared unaffected by jumpy bond yields as the group bounced back from a choppy 2011 and 2012. The positive performance in utilities, though, was short-lived as the stocks faltered during 2013’s second quarter. Thankfully, the industrial sector served as a compelling fulcrum for sector performance for both the second quarter, and the first half of 2013. The balanced results of the industrials seemed to reflect quite appropriately the tension between building economic recovery, and the policy pullback that better growth may foster. Also, for dividend-oriented sectors, like utilities, the consequences of a potential tapering of the Federal Reserve’s asset purchases seemed less ambiguous. The third quarter of 2013 continued the trend of outperformance in the cyclical sectors. While EAFE (Europe, Australasia, Far East) industrials posted a gain for the third quarter of 2013, the defensive utilities sector only achieved small positive returns for the same period. A rebound in commodity prices likely provoked concerns over costs, while rising bond yields made the income features and defensive characteristics of utilities stocks less appealing to investors.

On an individual security level, the top contributors to the Fund’s performance were Dominion Resources, Inc.; Atlantia SpA, and Iberdrola SA. The top detractors to the Fund’s performance were Transurban Group, RWE AG, and E.ON AG.

( ¹ Prior to May 1, 2013, the SPDR^® S&P Global Infrastructure ETF was known as SPDR^® FTSE/Macquarie Global Infrastructure 100 ETF.

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.

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%. As of May 1, 2013, the total expense ratio for the SPDR S&P Global Infrastructure ETF was decreased to 0.40% as reflected in the prospectus as supplemented May 1, 2013.

PERFORMANCE AS OF SEPTEMBER 30, 2013




	CUMULATIVE TOTAL RETURN								AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET				S&P GLOBAL		NET ASSET		MARKET				S&P GLOBAL
	VALUE		VALUE		MACQUARIE GLOBAL INFRASTRUCTURE 100 INDEX		INFRASTRUCTURE INDEX		VALUE		VALUE		MACQUARIE GLOBAL INFRASTRUCTURE 100 INDEX		INFRASTRUCTURE INDEX

ONE YEAR (1)		11.99%		11.64%		9.55%		11.79%		11.99%		11.64%		9.55%		11.79%

THREE YEARS (1)		19.93%		20.18%		19.67%		25.25%		6.24%		6.32%		6.17%		7.79%

FIVE YEARS (1)		15.32%		13.61%		17.09%		27.66%		2.89%		2.58%		3.21%		5.01%

SINCE INCEPTION (1)(2)		9.62%		9.36%		12.57%		15.17%		1.38%		1.35%		1.79%		2.14%


(1)		Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013.
(2)		For the period January 25, 2007 to September 30, 2013.

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 S&P		S&P Global
	Global Infrastructure		Infrastructure Index
	ETF (a)		(b)
		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
4/30/2013		11011		11612
5/31/2013		10420		10901
6/30/2013		10205		10773
7/31/2013		10628		11233
8/31/2013		10314		10787
9/30/2013		10962		11517

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.


(1)		Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013.
(2)		Index returns represent the Fund’s prior investment strategy from January 25, 2007 through April 30, 2013 and the S&P Global Infrastructure Index from May 1, 2013 through September 30, 2013.

SPDR S&P Global Infrastructure ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	TRANSURBAN GROUP	ENBRIDGE, INC.	ABERTIS INFRAESTRUCTURAS SA	TRANSCANADA CORP.	ATLANTIA SPA

MARKET VALUE	$2,528,100	1,950,276	1,831,737	1,757,394	1,698,533

% OF NET ASSETS	4.8	3.7	3.5	3.4	3.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Transportation Infrastructure		40.4	%
Oil, Gas & Consumable Fuels		19.9
Electric Utilities		19.6
Multi-Utilities		18.4
Independent Power Producers & Energy Traders		1.0
Water Utilities		0.2
Gas Utilities		0.2
Short Term Investments		15.5
Other Assets & Liabilities		(15.2	)

TOTAL		100.0	%


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

SPDR^® S&P^® Global Natural Resources ETF —
Management’s Discussion of Fund Performance

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was −2.09%, and the total return for the S&P Global Natural Resources Index (the “Index”) was −1.49%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and cumulative security misweights contributed to the difference between the Fund’s performance and that of the Index.

Overall, global natural resources stocks performed poorly for the Reporting Period. The positive returns that the sector posted in the fourth quarter of 2012, and the third quarter of 2013, were offset by the negative returns posted in the first and second quarters of 2013. Falling gold prices and poor performance of mining stocks contributed to the overall decline. Although gold is often seen as a hedge against inflation and a safe haven against uncertain economic conditions, improved global macroeconomic data and continued low consumer prices in the first half of 2013, helped push the price of gold down. Consequently, many of the companies involved in the mining of gold experienced a decline in their share prices. In addition, falling potash prices hurt natural resource stocks involved in fertilizer production. The drop in potash prices was driven in part by a broken partnership among potash producers and a resulting decline in prices in the fertilizer market. However, in the third quarter of 2013, positive corporate earnings and macroeconomic data, as well as an increase in mergers and acquisitions activity, and dovish sentiments from the Fed (which benefited all equities) contributed to Fund performance.

On an individual security level, the top contributors to the Fund’s performance were Nippon Steel Corp., Total SA, and Monsanto Co. The top detractors to the Fund’s performance were Newcrest Mining, Ltd., Potash Corp. of Saskatchewan Inc., and Barrick Gold Corp.

SPDR S&P Global Natural Resources ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P GLOBAL NATURAL

NET ASSET

MARKET

S&P GLOBAL NATURAL

VALUE

RESOURCES INDEX

VALUE

RESOURCES INDEX

ONE YEAR

−2.09%

−2.02%

−1.49%

−2.09%

−2.02%

−1.49%

THREE YEARS

1.22%

0.96%

3.07%

0.40%

0.32%

1.01%

SINCE INCEPTION (1)

2.77%

2.65%

4.68%

0.90%

0.86%

1.51%


(1)		For the period September 13, 2010 to September 30, 2013.

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		10000
9/30/2010		10152		10156
10/31/2010		10798		10808
11/30/2010		10608		10624
12/31/2010		11794		11813
1/31/2011		11990		12015
2/28/2011		12483		12515
3/31/2011		12537		12578
4/30/2011		12782		12825
5/31/2011		12251		12314
6/30/2011		12007		12076
7/31/2011		11929		12000
8/31/2011		11094		11164
9/30/2011		9283		9330
10/31/2011		10670		10736
11/30/2011		10340		10401
12/31/2011		9988		10058
1/31/2012		10818		10902
2/29/2012		11181		11271
3/31/2012		10683		10774
4/30/2012		10508		10602
5/31/2012		9224		9322
6/30/2012		9757		9862
7/31/2012		9827		9938
8/31/2012		10003		10113
9/30/2012		10496		10626
10/31/2012		10419		10550
11/30/2012		10328		10467
12/31/2012		10627		10778
1/31/2013		11014		11175
2/28/2013		10648		10808
3/31/2013		10464		10617
4/30/2013		10309		10477
5/31/2013		10124		10300
6/30/2013		9454		9610
7/31/2013		9757		9924
8/31/2013		9802		9978
9/30/2013		10277		10468

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.

SPDR S&P Global Natural Resources ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	BHP BILLITON, LTD.	SYNGENTA AG	EXXON MOBIL CORP.	MONSANTO CO.	GLENCORE XSTRATA PLC

MARKET VALUE	$20,473,649	19,896,331	19,385,844	15,764,045	15,685,958

% OF NET ASSETS	5.0	4.9	4.8	3.9	3.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		32.9	%
Metals & Mining		32.8
Chemicals		19.2
Paper & Forest Products		5.8
Food Products		4.2
Containers & Packaging		3.4
Real Estate Investment Trusts		1.0
Short Term Investments		8.0
Other Assets & Liabilities		(7.3	)

TOTAL		100.0	%


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

SPDR^® MSCI ACWI ex-US ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI ACWI ex-US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond general to the total return performance of an index based upon broad based world (ex-U.S.) equity markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 15.96%, and the total return for the MSCI All Country World Index ex USA (the “Index”) was 16.98%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The final quarter of 2012 proved broadly rewarding for investors in global equities. Global equities benefited in December from the US fiscal debate, which diminished the previously defensive appeal of American stocks. News during this period helped to boost investor enthusiasm. There were moves toward a greater financial unity in the eurozone, which mitigated downside risks in Europe. A change in Japanese leadership, back to the Liberal Democratic Party (LDP), lifted hopes for more inflation-oriented policy choices in Japan. Equity markets outside the United States zoomed out of the gate in early 2013, benefiting, on the one hand, from the belief that fiscal constraints in the United States would not overwhelm consumer demand, and, on the other hand, from mounting confidence that the European Central Bank had more than enough ammunition to keep regional financial conditions stable. Only at the end of January, after the euro had enjoyed six solid months of steady appreciation, did investors begin to question whether the buoyant currency might act as an unwelcome headwind to already muted economic activity. Corruption worries in Spain and inconclusive elections in Italy did not help matters, but continued weakness in the Japanese yen provided a source of investment upside. Share prices in Tokyo gained ground faster than the yen was declining. Developed equity markets outside the United States, on average, posted solid results for the first quarter of 2013.

The second quarter of 2013 resulted in limited returns for non-US equities. Weak jobs figures made the United States look more vulnerable just as Japan was unveiling its ground-breaking plans for monetary ease, fiscal stimulus, and structural reform. Although a modest healing in economic indicators and a fresh cut in euro interest rates contributed to stabilization in Europe during the latter months of the quarter, the unrelenting combination of currency struggles and a foggy growth outlook ultimately took a toll on equity investments outside the United States. Fund performance bounced back nicely during the final quarter of the Reporting Period as non-US equities began to find their ground. The turn-around began to take shape early in 2013’s third quarter in the wake of firm US jobs data for June. That report helped investors quickly to realize that continued US economic health would produce global benefits. The awarding of the 2020 Summer Olympics to Tokyo helped Japanese equity benchmarks revisit their highs from July, when Shinzo Abe, leader of the LDP, was reelected as prime minister. Non-US equities endured a small correction in late August as Syrian conflict intensified, but investor confidence in Europe improved. The Fund finished the Reporting Period with double digit returns.

On an individual security level, the top contributors to the Fund’s performance were Toyota Motor Corp., Roche Holding AG, and Vodafone Group PLC. The top detractors to the Fund’s performance were Goldcorp Inc., Petroleo Brasileiro SA ADR, and Barrick Gold Corp.

SPDR MSCI ACWI ex-US ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.34%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		15.96%		16.47%		16.98%		15.96%		16.47%		16.98%

THREE YEARS		17.90%		18.40%		20.54%		5.64%		5.79%		6.42%

FIVE YEARS		35.65%		33.20%		38.56%		6.29%		5.90%		6.74%

SINCE INCEPTION (1)		14.28%		14.20%		17.52%		2.00%		1.99%		2.43%


(1)		For the period January 10, 2007 to September 30, 2013.

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
4/30/2013		11122		11401
5/31/2013		10843		11148
6/30/2013		10366		10668
7/31/2013		10833		11137
8/31/2013		10685		10986
9/30/2013		11428		11752

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.

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	ROCHE HOLDING AG	HSBC HOLDINGS PLC	NESTLE SA	VODAFONE GROUP PLC	TOYOTA MOTOR CORP.

MARKET VALUE	$6,185,903	5,874,151	5,772,345	5,559,482	5,501,625

% OF NET ASSETS	1.3	1.2	1.3	1.1	1.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		14.7	%
Oil, Gas & Consumable Fuels		9.4
Pharmaceuticals		7.1
Metals & Mining		4.7
Insurance		4.4
Automobiles		3.7
Wireless Telecommunication Services		3.6
Chemicals		3.4
Diversified Telecommunication Services		2.7
Food Products		2.6
Semiconductors & Semiconductor Equipment		2.5
Beverages		2.3
Machinery		2.2
Real Estate Management & Development		2.0
Food & Staples Retailing		1.8
Capital Markets		1.6
Media		1.5
Road & Rail		1.5
Industrial Conglomerates		1.5
Textiles, Apparel & Luxury Goods		1.4
Electric Utilities		1.4
Diversified Financial Services		1.3
Tobacco		1.3
Multi-Utilities		1.3
Trading Companies & Distributors		1.2
Real Estate Investment Trusts		1.2
Electronic Equipment, Instruments & Components		1.2
Electrical Equipment		1.0
Construction & Engineering		1.0
Hotels, Restaurants & Leisure		0.9
Aerospace & Defense		0.7
Auto Components		0.7
Building Products		0.7
Gas Utilities		0.7
Transportation Infrastructure		0.6
Specialty Retail		0.6
Household Durables		0.6
Construction Materials		0.5
Internet Software & Services		0.5
Software		0.5
Multiline Retail		0.5
Professional Services		0.5
Commercial Services & Supplies		0.5
Household Products		0.5
Health Care Equipment & Supplies		0.4
Personal Products		0.4
Communications Equipment		0.4
Biotechnology		0.4
IT Services		0.4
Independent Power Producers & Energy Traders		0.3
Air Freight & Logistics		0.3
Marine		0.3
Office Electronics		0.3
Containers & Packaging		0.2
Energy Equipment & Services		0.2
Health Care Providers & Services		0.2
Water Utilities		0.2
Paper & Forest Products		0.2
Airlines		0.2
Consumer Finance		0.1
Leisure Equipment & Products		0.1
Computers & Peripherals		0.0	***
Short Term Investments		8.2
Other Assets & Liabilities		(7.3	)

TOTAL		100.0	%


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

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 19.15%, and the total return for the MSCI ACWI IMI Index (the “Index”) was 18.65%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

For the Reporting Period the Fund posted strong returns largely fueled by solid performance of small-cap equities, which outperformed large- and mid-cap names. The United States, United Kingdom and Japan were the strongest contributors to Fund performance for the fiscal year. Brazil, Indonesia and Chile were the weakest contributors. The final quarter of 2012 proved broadly rewarding for investors in global equities. Global equities benefited in December from the US fiscal debate, which diminished the previously defensive appeal of American stocks. News during this period helped to bolster investor enthusiasm. There were moves toward a greater financial unity in the eurozone, which mitigated downside risks in Europe. A change in Japanese leadership back to the Liberal Democratic Party (LDP) lifted hopes for more inflation-oriented policy choices in Japan. Equity markets outside the United States zoomed out of the gate in early 2013, benefiting, on the one hand, from the belief that fiscal constraints in the United States would not overwhelm consumer demand, and on the other hand, from mounting confidence that the European Central Bank had more than enough ammunition to keep regional financial conditions stable. Only at the end of January, after the euro had enjoyed six solid months of steady appreciation, did investors begin to question whether the buoyant currency might act as an unwelcome headwind to already muted economic activity. Corruption worries in Spain and inconclusive elections in Italy also added to investor concerns, but continued weakness in the Japanese yen provided a source of investment upside. Share prices in Tokyo gained ground faster than the yen was declining. Developed equity markets outside the United States, on average, posted solid results for the first quarter of 2013.

The second quarter of 2013 resulted in limited returns for non-US equities. Weak jobs figures made the United States look more vulnerable just as Japan was unveiling its ground-breaking plans for monetary ease, fiscal stimulus, and structural reform. Although a modest healing in economic indicators and a fresh cut in euro interest rates contributed to stabilization in Europe during the latter months of the quarter, the unrelenting combination of currency struggles and a foggy growth outlook ultimately took a toll on equity investments outside the United States. Fund performance bounced back nicely during the third quarter of 2013 as non-US equities began to find their ground. The turn-around began to take shape early in the quarter in the wake of firm US jobs data for June. That report helped investors to realize quickly that continued US economic health would produce global benefits. The awarding of the 2020 Summer Olympics to Tokyo helped Japanese equity benchmarks revisit their highs from July, when Shinzo Abe, leader of the LDP, was reelected as prime minister. Non-US equities endured a small correction in late August as Syrian conflict intensified, but investor confidence in Europe improved. The Fund finished the Reporting Period with double digit returns.

On an individual security level, the top contributors to the Fund’s performance were Gilead Sciences, Inc., Toyota Motor Corp., and Bank of America Corp. The top detractors to the Fund’s performance were Barrick Gold Corporation, IBM, and Apple Inc.

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

any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

SPDR MSCI ACWI IMI ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI IMI ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.25%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		19.15%		18.53%		18.65%		19.15%		18.53%		18.65%

SINCE INCEPTION (1)		20.67%		19.63%		20.65%		12.53%		11.92%		12.53%


(1)		For the period February 27, 2012 to September 30, 2013.

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		10000
2/29/2012		10016		10026
3/31/2012		10079		10090
4/30/2012		9967		9979
5/31/2012		9060		9085
6/30/2012		9496		9518
7/31/2012		9627		9630
8/31/2012		9842		9851
9/30/2012		10129		10170
10/31/2012		10080		10102
11/30/2012		10217		10228
12/31/2012		10471		10474
1/31/2013		10967		10968
2/28/2013		10972		10978
3/31/2013		11184		11195
4/30/2013		11474		11492
5/31/2013		11469		11477
6/30/2013		11155		11142
7/31/2013		11691		11690
8/31/2013		11459		11447
9/30/2013		12067		12065

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.

SPDR MSCI ACWI IMI ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$51,624	47,675	37,036	36,608	36,450

% OF NET ASSETS	0.9	0.8	0.6	0.6	0.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		8.5	%
Commercial Banks		7.2
Pharmaceuticals		5.1
Insurance		4.4
Media		3.1
Chemicals		2.8
Metals & Mining		2.8
Real Estate Investment Trusts		2.5
Diversified Telecommunication Services		2.4
Food & Staples Retailing		2.4
Diversified Financial Services		2.3
Machinery		2.3
Food Products		2.3
Semiconductors & Semiconductor Equipment		2.3
Capital Markets		2.3
Software		2.2
Aerospace & Defense		2.0
Biotechnology		1.9
Industrial Conglomerates		1.9
Automobiles		1.9
Computers & Peripherals		1.7
Hotels, Restaurants & Leisure		1.6
IT Services		1.6
Energy Equipment & Services		1.6
Electric Utilities		1.6
Wireless Telecommunication Services		1.6
Health Care Equipment & Supplies		1.5
Beverages		1.4
Specialty Retail		1.4
Real Estate Management & Development		1.4
Health Care Providers & Services		1.2
Electronic Equipment, Instruments & Components		1.1
Household Products		1.1
Textiles, Apparel & Luxury Goods		1.1
Electrical Equipment		1.1
Road & Rail		1.1
Communications Equipment		1.0
Tobacco		1.0
Multiline Retail		1.0
Internet Software & Services		0.7
Trading Companies & Distributors		0.7
Commercial Services & Supplies		0.7
Air Freight & Logistics		0.7
Construction & Engineering		0.7
Consumer Finance		0.6
Internet & Catalog Retail		0.6
Professional Services		0.5
Multi-Utilities		0.5
Auto Components		0.5
Life Sciences Tools & Services		0.5
Leisure Equipment & Products		0.4
Thrifts & Mortgage Finance		0.4
Marine		0.4
Building Products		0.3
Construction Materials		0.3
Household Durables		0.3
Transportation Infrastructure		0.3
Independent Power Producers & Energy Traders		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
Containers & Packaging		0.1
Short Term Investments		15.5
Other Assets & Liabilities		(13.4	)

TOTAL		100.0	%


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

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 2.74%, and the total return for the MSCI EM 50 Index (the “Index”) was 3.41%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, investment depository receipts in lieu of local stocks, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The concentrated MSCI EM 50 Index outperformed the broader MSCI Emerging Markets Index for the Reporting Period, boosted by the strength of the emerging markets of the Far East. Worries about imminent deceleration of growth in China dissipated in the third quarter of 2013. The statements concerning the tapering of asset purchases by the US Federal Reserve created an acute disruption in many emerging markets, where reversing capital flows exacerbated currency volatility. However, emerging-market currencies rebounded nicely on belief that US bond yields could not maintain the 2013 highs established in the first week of September. China and Taiwan were among the strongest contributors to the Index. Information technology, consumer discretionary, and consumer staples were the best performing sectors in the Fund. Industrials and materials were the only sectors that posted negative returns.

On an individual security level, the top contributors to the Fund’s performance were Tencent Holdings Ltd., Naspers, Ltd., and Taiwan Semiconductor Manufacturing Co., Ltd. ADR. The top detractors to the Fund’s performance were AngloGold Ashanti, Ltd., America Movil SAB de CV, and Petroleo Brasileiro SA ADR.

SPDR MSCI EM 50 ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI EM 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

VALUE

MSCI EM 50 INDEX

VALUE

MSCI EM 50 INDEX

ONE YEAR

2.74%

3.41%

2.74%

3.41%

SINCE INCEPTION (1)

−1.75%

−1.73%

−0.30%

−1.10%

−1.09%

−0.19%


(1)		For the period February 27, 2012 to September 30, 2013.

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		10000
2/29/2012		10188		10212
3/31/2012		9857		9878
4/30/2012		9788		9832
5/31/2012		8592		8667
6/30/2012		8913		8939
7/31/2012		9090		9152
8/31/2012		9025		9055
9/30/2012		9563		9641
10/31/2012		9532		9583
11/30/2012		9621		9693
12/31/2012		10087		10180
1/31/2013		10169		10261
2/28/2013		9982		10082
3/31/2013		9670		9795
4/30/2013		9717		9809
5/31/2013		9532		9630
6/30/2013		8934		9066
7/31/2013		9163		9277
8/31/2013		9175		9333
9/30/2013		9825		9970

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.

SPDR MSCI EM 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$234,784	139,411	110,112	92,496	89,174

% OF NET ASSETS	10.0	5.9	4.7	3.9	3.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		21.6	%
Semiconductors & Semiconductor Equipment		18.0
Oil, Gas & Consumable Fuels		17.4
Wireless Telecommunication Services		10.4
Metals & Mining		3.9
Internet Software & Services		3.8
Automobiles		3.7
Media		3.6
Beverages		3.3
Insurance		2.3
Electronic Equipment, Instruments & Components		2.1
Chemicals		1.7
IT Services		1.5
Auto Components		1.3
Food Products		1.2
Food & Staples Retailing		1.1
Diversified Telecommunication Services		0.9
Construction Materials		0.9
Real Estate Management & Development		0.7
Short Term Investments		4.3
Other Assets & Liabilities		(3.7	)

TOTAL		100.0	%


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

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

The SPDR Russell/Nomura PRIME Japan ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Japanese equity market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 29.11%, and the total return for the Russell/Nomura PRIME^TM Index (the “Index”) was 30.47%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, compounding differences resulting from performance volatility and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

During the first quarter of the Reporting Period, Japan was plagued by some political upheaval hinting to the possibility that the Bank of Japan might join its major western counterparts in adopting aggressive monetary measures. The Liberal Democratic Party (“LDP”) regained control in December and inveighed repeatedly against the burden of a strong yen and associated deflation, sparking vigorous enthusiasm for Japanese equities. Thanks to the huge improvement in trade terms for major exporters, Japanese stocks continued to rally through the quarter, despite the swiftly retreating yen. Japanese stocks proved similarly resilient during the first quarter of 2013, thanks to continuous excitement about the prospect of fresh accommodation from the Bank of Japan and a pronounced weakness in the yen. Japan was also actually one of the few countries to see a modest increase in corporate earnings projections. With perhaps the most durable commitments to continued official liquidity, Japan and the United States played host to some of the strongest equity markets during the first quarter. July was a very important month for Japan as Shinzo Abe, leader of the LDP, was reelected as Prime Minister, helping to remove any lingering doubts over government commitment to low real yields. The LDP outlined their plans for monetary and fiscal stimulus and a planned 2014 increase in sales tax to further help keep the fiscal picture credible. The Japanese yen remained quiet through the final quarter of this fiscal year, delivering little net movement in either direction against the US dollar and the Bank of Japan offered no fresh plans to accelerate expansion of its balance sheet. The Index still managed to enjoy its highest return of the entire period in September, when the 2020 Summer Olympics were awarded to Tokyo, helping Japanese equity benchmarks revisit their earlier highs from July.

On an individual security level, the top contributors to the Fund’s performance were Toyota Motor Corp., Mitsubishi UFJ Financial Group, Inc.; and Sumitomo Mitsui Financial Group, Inc. The top detractors to the Fund’s performance were Nintendo Co., Ltd.; Ajinomoto Co., Inc.; and Nikon Corp.

SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		29.11%		30.76%		30.47%		29.11%		30.76%		30.47%

THREE YEARS		26.80%		27.52%		30.18%		8.24%		8.44%		9.19%

FIVE YEARS		27.33%		25.44%		31.81%		4.95%		4.64%		5.68%

SINCE INCEPTION (1)		−0.58%		−0.07%		3.74%		−0.09%		−0.01%		0.53%


(1)		For the period November 9, 2006 to September 30, 2013.

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
4/30/2013		9742		10111
5/31/2013		9157		9521
6/30/2013		9307		9672
7/31/2013		9357		9751
8/31/2013		9171		9554
9/30/2013		9942		10374

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.

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$5,276,512	3,585,322	2,707,975	2,556,891	2,132,319

% OF NET ASSETS	4.2	2.8	2.1	2.0	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		10.1	%
Automobiles		8.9
Machinery		5.8
Electronic Equipment, Instruments & Components		5.3
Pharmaceuticals		4.8
Real Estate Management & Development		4.4
Road & Rail		4.1
Chemicals		4.0
Trading Companies & Distributors		4.0
Wireless Telecommunication Services		3.5
Auto Components		3.3
Metals & Mining		2.5
Household Durables		2.4
Insurance		2.4
Capital Markets		1.8
Office Electronics		1.8
Electrical Equipment		1.8
Electric Utilities		1.7
Food & Staples Retailing		1.7
Construction & Engineering		1.6
Diversified Telecommunication Services		1.5
Specialty Retail		1.4
Leisure Equipment & Products		1.3
Building Products		1.2
Tobacco		1.2
Beverages		1.2
Food Products		1.1
Commercial Services & Supplies		1.1
Personal Products		0.9
Gas Utilities		0.8
Industrial Conglomerates		0.8
Oil, Gas & Consumable Fuels		0.8
Semiconductors & Semiconductor Equipment		0.8
Health Care Equipment & Supplies		0.7
Multiline Retail		0.7
IT Services		0.7
Software		0.7
Media		0.6
Diversified Financial Services		0.6
Internet Software & Services		0.5
Airlines		0.5
Consumer Finance		0.4
Textiles, Apparel & Luxury Goods		0.4
Internet & Catalog Retail		0.4
Hotels, Restaurants & Leisure		0.4
Health Care Providers & Services		0.3
Marine		0.3
Air Freight & Logistics		0.3
Computers & Peripherals		0.3
Transportation Infrastructure		0.3
Construction Materials		0.2
Household Products		0.2
Paper & Forest Products		0.2
Independent Power Producers & Energy Traders		0.1
Professional Services		0.1
Diversified Consumer Services		0.1
Containers & Packaging		0.1
Distributors		0.1
Communications Equipment		0.0	***
Short Term Investments		22.6
Other Assets & Liabilities		(21.8	)

TOTAL		100.0	%


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

SPDR^® Russell/Nomura Small Cap^TM Japan ETF —
Management’s Discussion of Fund Performance

The SPDR Russell/Nomura Small Cap Japan ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Japanese small cap equity market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 25.23%, and the total return for the Russell/Nomura Japan Small Cap^TM Index (the “Index”) was 28.51%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, optimization and compounding contributed to the difference between the Fund’s performance and that of the Index.

During the first quarter of the Reporting Period, Japan was plagued by some political upheaval hinting to the possibility that the Bank of Japan might join its major western counterparts in adopting aggressive monetary measures. The Liberal Democratic Party (“LDP”) regained control in December and inveighed repeatedly against the burden of a strong yen and associated deflation, sparking vigorous enthusiasm for Japanese equities. Thanks to the huge improvement in trade terms for major exporters, Japanese stocks continued to rally through the quarter, even despite the swiftly retreating yen. Japanese stocks proved similarly resilient during the first quarter of 2013, thanks to continuous excitement about the prospect of fresh accommodation from the Bank of Japan and a pronounced weakness in the yen. Japan was also actually one of the few countries to see a modest increase in corporate earnings projections. With perhaps the most durable commitments to continued official liquidity, Japan and the United States played host to some of the strongest equity markets during the first quarter. July was a very important month for Japan as Shinzo Abe, leader of the LDP, was reelected as Prime Minister, helping to remove any lingering doubts over government commitment to low real yields. The LDP outlined their plans for monetary and fiscal stimulus and a planned 2014 increase in sales tax to further help keep the fiscal picture credible. The Japanese yen remained quiet through the final quarter of the fiscal year, delivering little net movement in either direction against the US dollar and the Bank of Japan offered no fresh plans to accelerate expansion of its balance sheet. The Index still managed to enjoy its highest return of the entire period in September, when the 2020 Summer Olympics were awarded to Tokyo, helping Japanese equity benchmarks revisit their earlier highs from July.

On an individual security level, the top contributors to the Fund’s performance were Kenedix, Inc.; Tokai Tokyo Financial Holdings, Inc.; and Eaccess Ltd. The top detractors to the Fund’s performance were Okamoto Industries, Inc.; H2O Retailing Corporation, and Gungho Online Entertainment, Inc.

SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.55%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		25.23%		26.61%		28.51%		25.23%		26.61%		28.51%

THREE YEARS		36.18%		36.42%		43.62%		10.84%		10.91%		12.82%

FIVE YEARS		57.80%		55.43%		66.65%		9.55%		9.22%		10.76%

SINCE INCEPTION (1)		17.91%		18.14%		25.53%		2.42%		2.45%		3.36%


(1)		For the period November 9, 2006 to September 30, 2013.

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
4/30/2013		11818		12317
5/31/2013		10855		11438
6/30/2013		10722		11317
7/31/2013		10885		11550
8/31/2013		10677		11348
9/30/2013		11791		12553

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.

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




	GUNGHO ONLINE	TOKAI TOKYO	TS TECH	MUSASHI SEIMITSU	THE MUSASHINO
DESCRIPTION	ENTERTAINMENT, INC.	FINANCIAL HOLDINGS, INC.	CO., LTD.	INDUSTRY CO., LTD.	BANK, LTD.

MARKET VALUE	$660,943	591,942	562,527	537,644	529,758

% OF NET ASSETS	0.7	0.6	0.6	0.6	0.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Machinery		8.0	%
Commercial Banks		6.9
Auto Components		5.8
Chemicals		5.1
Construction & Engineering		4.5
Electronic Equipment, Instruments & Components		4.4
Specialty Retail		4.0
Hotels, Restaurants & Leisure		3.3
Trading Companies & Distributors		3.3
Metals & Mining		2.9
Food Products		2.8
Media		2.7
Household Durables		2.6
Building Products		2.5
Real Estate Management & Development		2.4
Capital Markets		2.4
Pharmaceuticals		2.1
Textiles, Apparel & Luxury Goods		2.0
Software		2.0
IT Services		1.9
Commercial Services & Supplies		1.8
Food & Staples Retailing		1.7
Semiconductors & Semiconductor Equipment		1.5
Personal Products		1.5
Health Care Equipment & Supplies		1.4
Diversified Financial Services		1.3
Consumer Finance		1.2
Electrical Equipment		1.2
Road & Rail		1.2
Transportation Infrastructure		1.0
Leisure Equipment & Products		1.0
Containers & Packaging		1.0
Computers & Peripherals		1.0
Health Care Providers & Services		0.9
Professional Services		0.9
Communications Equipment		0.9
Internet Software & Services		0.8
Multiline Retail		0.8
Biotechnology		0.7
Paper & Forest Products		0.7
Internet & Catalog Retail		0.7
Beverages		0.7
Energy Equipment & Services		0.6
Household Products		0.5
Marine		0.4
Air Freight & Logistics		0.3
Distributors		0.3
Gas Utilities		0.3
Electric Utilities		0.3
Industrial Conglomerates		0.2
Oil, Gas & Consumable Fuels		0.2
Life Sciences Tools & Services		0.2
Health Care Technology		0.2
Office Electronics		0.2
Airlines		0.0	***
Short Term Investments		20.9
Other Assets & Liabilities		(20.1	)

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 K.K. daVinci Holdings and Suruga Corp., which were both Level 2 and part of the Real Estate Management & Development Industry, both representing 0.00% of net assets. (Note 2)
***		Amount shown represents less than 0.05% of net assets.

SPDR^® S&P^® Global Dividend ETF —
Portfolio Summary

The Fund had less than six months of operations at reporting period end and therefore does not have performance history to provide in this report.

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	GDF SUEZ	BOUYGUES SA	UGL, LTD.	ASTRAZENECA PLC	MONADELPHOUS GROUP, LTD.

MARKET VALUE	$234,254	212,662	212,423	174,701	158,897

% OF NET ASSETS	2.5	2.2	2.2	1.8	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Electric Utilities		10.9	%
Construction & Engineering		9.5
Insurance		7.2
Multi-Utilities		6.9
Oil, Gas & Consumable Fuels		6.8
Commercial Banks		6.5
Pharmaceuticals		5.6
Real Estate Investment Trusts		3.8
Media		3.7
Food & Staples Retailing		3.5
Wireless Telecommunication Services		3.5
Diversified Telecommunication Services		2.9
Transportation Infrastructure		2.6
Thrifts & Mortgage Finance		2.3
Specialty Retail		2.1
Aerospace & Defense		2.0
Industrial Conglomerates		1.7
Tobacco		1.7
Capital Markets		1.6
Real Estate Management & Development		1.6
Independent Power Producers & Energy Traders		1.6
Commercial Services & Supplies		1.3
Gas Utilities		1.2
Professional Services		1.2
Machinery		1.0
Diversified Financial Services		1.0
Health Care Providers & Services		0.9
Beverages		0.8
Energy Equipment & Services		0.8
IT Services		0.7
Leisure Equipment & Products		0.7
Software		0.7
Office Electronics		0.7
Electronic Equipment, Instruments & Components		0.6
Short Term Investments		18.0
Other Assets & Liabilities		(17.6	)

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)

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

The SPDR S&P International Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks exchange-listed common stocks of companies domiciled in countries outside the United States that offer high dividend yields. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 10.24%, and the total return for the S&P International Dividend Opportunities^® Index (the “Index”) was 12.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash drag, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.

The final quarter of 2012 proved broadly rewarding for investors in global equities despite the fact that it was a year that endured repeated threats of a rupture of the eurozone, violent unrest across the Middle East, and escalating political rancor in the United States. Moves to greater financial unity in the eurozone mitigated downside risks in Europe. A change in Japanese leadership lifted hopes for more inflation-oriented policy choices in Tokyo, and Chinese economic growth seemed to pull the year out of doldrums. Investors in international equities were relieved by the orderly mitigation of a fearsome fiscal retrenchment in the United States and international equities surged as trading opened in 2013. That constructive momentum carried easily into April 2013, as the formal announcement of aggressive policy measures in Japan delivered an additional boost to the economic outlook and falling bond yields on the eurozone periphery relieved concerns about regional financial contagion. Non-US equities climbed briskly in early August, helped by firming data points in the United Kingdom and the eurozone. The Fund closed the third quarter of 2013 with healthy returns.

On an individual security level, the top contributors to the Fund’s performance were Bezeq The Israel Telecommunication Corp. Ltd., Atlantia SpA, and Indra Sistemas, SA. The top detractors to the Fund’s performance were Vard Holdings Ltd., ICL-Israel Chemicals Ltd., and Royal KPN NV.

SPDR S&P International Dividend ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P INTERNATIONAL

DIVIDEND

NET ASSET

MARKET

OPPORTUNITIES

NET ASSET

MARKET

OPPORTUNITIES

VALUE

INDEX

VALUE

INDEX

ONE YEAR

10.24%

10.61%

12.18%

10.24%

10.61%

12.18%

THREE YEARS

5.35%

5.63%

8.81%

1.75%

1.84%

2.85%

FIVE YEARS

28.75%

26.61%

36.50%

5.18%

4.83%

6.42%

SINCE INCEPTION (1)

−5.92%

−5.73%

−0.52%

−1.08%

−1.04%

−0.09%


(1)		For the period February 12, 2008 to September 30, 2013.

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
4/30/2013		9602		10101
5/31/2013		9130		9614
6/30/2013		8696		9175
7/31/2013		8907		9410
8/31/2013		8773		9266
9/30/2013		9408		9948

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.

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




			UPM-KYMMENE		PROSIEBENSAT.1
DESCRIPTION	FERROVIAL SA	BELGACOM SA	OYJ	TDC A/S	MEDIA AG

MARKET VALUE	$27,857,399	27,649,534	25,321,217	25,140,596	22,835,274

% OF NET ASSETS	2.1	2.1	1.9	1.9	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 SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		17.2	%
Oil, Gas & Consumable Fuels		11.3
Commercial Banks		9.2
Electric Utilities		8.6
Real Estate Investment Trusts		8.0
Construction & Engineering		7.8
Metals & Mining		4.5
Insurance		3.5
Paper & Forest Products		3.2
Transportation Infrastructure		2.6
Pharmaceuticals		2.5
Gas Utilities		2.2
Diversified Financial Services		2.0
Multi-Utilities		2.0
Wireless Telecommunication Services		1.8
Media		1.8
Chemicals		1.6
Food & Staples Retailing		1.5
Multiline Retail		1.5
Machinery		1.3
Textiles, Apparel & Luxury Goods		1.3
Hotels, Restaurants & Leisure		1.2
Aerospace & Defense		1.1
Real Estate Management & Development		0.8
Office Electronics		0.7
Automobiles		0.6
Short Term Investments		14.2
Other Assets & Liabilities		(14.0	)

TOTAL		100.0	%


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

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 23.07%, and the total return for the S&P Developed Ex-U.S. between USD2 Billion and USD5 Billion Index (the “Index”) was 24.75%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, optimization and compounding contributed to the difference between the Fund’s performance and that of the Index.

While the Fund posted a significant return for the Reporting Period, the growth was not consistent from month to month. For instance, most of the growth noted for the fourth quarter of 2012 was posted in December. The December rally gained strength when agreements on Greek debt relief allowed for the disbursement of fresh aid and peripheral bonds drew further strength from plans to unify banking supervision in the eurozone. Then, bolstered by investor relief at the orderly mitigation of a fearsome fiscal retrenchment in the United States, global equities surged as trading opened in 2013. The first quarter of 2013 brought renewal of risk appetites in investors and a resumption of investment flows. Despite electoral indecision in Italy and banking turmoil in Cyprus during this same period, investors’ renascent optimism about economic growth in the United States and Japan helped to drive positive performance across global financial markets. During the second quarter of 2013, the Fund experienced a decline in performance. A modest healing in economic indicators and a fresh cut in euro interest rates contributed to stabilization of European investor sentiment during the latter months of 2013’s second quarter. Investor sentiment in the Pacific region cooled during the same period because of the volatility of Japanese government bonds and increasing worries about Chinese growth. After this dip in performance, non-US equities began to recover as the third quarter progressed. The turn-around began to take shape early in the quarter in the wake of June’s firm US jobs data. Financial assets worldwide delivered healthy returns across a broad front during the third quarter of 2013, undergirded by the ongoing support of major central banks. Overall, the return was largely driven by strong performance in the consumer discretionary, industrial and financial sectors over the Reporting Period.

On an individual security level, the top contributors to the Fund’s performance were Mazda Motor Corp., Shinsei Bank, Ltd.; and Alcatel-Lucent SA. The top detractors to the Fund’s performance were Detour Gold Corp., Tokyu Land Corp., and IAMGOLD Corp.

SPDR S&P International Mid Cap ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		23.07%		24.52%		24.75%		23.07%		24.52%		24.75%

THREE YEARS		31.06%		31.16%		32.99%		9.43%		9.46%		9.97%

FIVE YEARS		55.62%		52.06%		61.99%		9.25%		8.74%		10.13%

SINCE INCEPTION (1)		14.32%		14.93%		17.29%		2.51%		2.61%		3.00%


(1)		For the period May 7, 2008 to September 30, 2013.

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

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


			S&P Developed
			Ex-U.S. between
	SPDR S&P		USD2 and
	International Mid		USD5 Billion
	Cap ETF		Index
		10000		10000
5/7/2008		10042		10041
6/30/2008		9351		9309
7/31/2008		8917		8876
8/31/2008		8587		8572
9/30/2008		7346		7241
10/1/2008		5570		5462
11/2/2008		5400		5254
12/3/2008		5775		5632
1/9/2009		5371		5217
2/9/2009		4901		4693
3/9/2009		5258		5103
4/30/2009		5924		5836
5/31/2009		6611		6536
6/30/2009		6717		6622
7/9/2009		7159		7132
8/31/2009		7561		7577
9/30/2009		7851		7940
10/31/2009		7582		7681
11/30/2009		7680		7820
12/31/2009		7847		7968
1/31/2010		7664		7776
2/28/2010		7688		7776
3/31/2010		8279		8342
4/30/2010		8399		8444
5/31/2010		7457		7520
6/30/2010		7428		7486
7/31/2010		8041		8104
8/31/2010		7868		7932
9/30/2010		8723		8819
10/31/2010		9024		9137
11/30/2010		8808		8902
12/31/2010		9628		9759
1/31/2011		9766		9873
2/28/2011		9959		10083
3/31/2011		9956		10145
4/30/2011		10463		10651
5/31/2011		10197		10422
6/30/2011		10083		10293
7/31/2011		10042		10264
8/31/2011		9179		9396
9/30/2011		8200		8378
10/31/2011		8855		9065
11/30/2011		8414		8596
12/31/2011		8314		8475
1/31/2012		8890		9042
2/29/2012		9371		9515
3/31/2012		9348		9487
4/30/2012		9261		9392
5/31/2012		8239		8337
6/30/2012		8655		8773
7/31/2012		8752		8863
8/31/2012		8955		9046
9/30/2012		9289		9402
10/31/2012		9290		9442
11/30/2012		9396		9549
12/31/2012		9783		9926
1/31/2013		10092		10276
2/28/2013		10203		10388
3/31/2013		10370		10602
4/30/2013		10834		11087
5/31/2013		10497		10776
6/30/2013		10210		10476
7/31/2013		10715		10993
8/31/2013		10604		10869
9/30/2013		11432		11729

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.

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




	JAPAN EXCHANGE	DOWA HOLDINGS			J FRONT RETAILING
DESCRIPTION	GROUP, INC.	CO., LTD.	SHIMADZU CORP.	TAKASHIMAYA CO., LTD.	CO., LTD.

MARKET VALUE	$310,033	281,926	265,376	262,237	258,935

% OF NET ASSETS	0.7	0.6	0.6	0.6	0.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		5.5	%
Chemicals		4.9
Oil, Gas & Consumable Fuels		4.9
Machinery		4.4
Media		4.2
Real Estate Management & Development		4.0
Real Estate Investment Trusts		3.9
Metals & Mining		3.2
Insurance		2.9
Construction & Engineering		2.6
Food Products		2.6
Road & Rail		2.6
Hotels, Restaurants & Leisure		2.5
Capital Markets		2.5
Multiline Retail		2.4
Household Durables		2.4
Energy Equipment & Services		2.4
Commercial Services & Supplies		2.2
Diversified Telecommunication Services		2.1
Electronic Equipment, Instruments & Components		1.9
Diversified Financial Services		1.9
Health Care Providers & Services		1.9
Pharmaceuticals		1.7
Specialty Retail		1.7
Software		1.6
Auto Components		1.3
Construction Materials		1.3
Industrial Conglomerates		1.3
Consumer Finance		1.3
Electric Utilities		1.2
Electrical Equipment		1.2
Leisure Equipment & Products		1.2
Health Care Equipment & Supplies		1.0
Transportation Infrastructure		1.0
Trading Companies & Distributors		1.0
Food & Staples Retailing		0.9
Professional Services		0.9
Containers & Packaging		0.9
Aerospace & Defense		0.9
IT Services		0.9
Paper & Forest Products		0.8
Gas Utilities		0.8
Air Freight & Logistics		0.7
Marine		0.7
Textiles, Apparel & Luxury Goods		0.7
Distributors		0.6
Semiconductors & Semiconductor Equipment		0.6
Internet Software & Services		0.6
Multi-Utilities		0.6
Office Electronics		0.5
Independent Power Producers & Energy Traders		0.5
Beverages		0.4
Diversified Consumer Services		0.3
Biotechnology		0.3
Internet & Catalog Retail		0.3
Building Products		0.3
Computers & Peripherals		0.3
Automobiles		0.2
Water Utilities		0.2
Wireless Telecommunication Services		0.2
Personal Products		0.2
Health Care Technology		0.2
Airlines		0.1
Thrifts & Mortgage Finance		0.1
Life Sciences Tools & Services		0.1
Household Products		0.1
Communications Equipment		0.1
Short Term Investments		11.2
Other Assets & Liabilities		(10.9	)

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, representing 0.00% of net assets. (Note 2)

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 6.29%, and the total return for the S&P Emerging Markets Under USD2 Billion Index (the “Index”) was 7.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and security misweights contributed to the difference between the Fund’s performance and that of the Index.

Most global equity markets started the first quarter of the Reporting Period strong despite the fact that the United States jumped off the fiscal cliff for a day. The continuation and spread of violent unrest across the Middle East, including an escalating political situation in Egypt, did not cause any significant amount of stress on the markets as one might have expected. Emerging market equities outperformed S&P Developed BMI Index over the first quarter, however, emerging market performance turned in 2013 as fragile currencies became a notable factor in the underperformance of emerging markets.

During the second half of the Reporting Period, the discussion surrounding the tapering by the US Federal Reserve (“Fed”) of its quantitative easing program created an acute disruption in many emerging and developed markets. The turmoil eventually provoked official reactions, including rate hikes in Brazil and Indonesia. The deployment of chemical weapons in Syria kept equity investors on edge into late August amid indications that the United States might respond militarily. Delicate rapprochement with Russia took imminent missile strikes off the table, allowing firm purchasing manager surveys in early September to deliver yet another boost to global share prices. Even though reversing capital flows exacerbated currency volatility, emerging currencies rebounded nicely on the belief that US bond yields could not maintain the 2013 highs established in the first week of September. Lower growth forecasts from the International Monetary Fund and soothing rhetoric from the Fed dented the inevitability of a near-term tapering of asset purchases, even as strong gains in oil prices implied that underlying demand conditions were solid.

Within emerging markets, small-cap stocks, as measured by the Index, managed to outperform large- and mid-cap stocks (as measured by the S&P Emerging LargeMidCap Index), despite falling sharply in June. China was among the top performing countries over the Reporting Period, helped by better-than-expected economic data and new eases on foreign investment rules. India was one of the worst performing countries. India surprised the market in late September by raising its repo rate, the first rate change in nearly two years and a signal that the new Reserve Bank of India chairman was shifting policy objectives to target inflation.

On an individual security level, the top contributors to the Fund’s performance were Coronation Fund Managers, Ltd., Promotora y Operadora de Infraestructura SA, and BYD Electronic International Co., Ltd. The top detractors to the Fund’s performance were Aveng, Ltd., JD Group, Ltd., and PDG Realty SA Empreendimentos e Participacoes.

100

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		6.29%		4.90%		7.33%		6.29%		4.90%		7.33%

THREE YEARS		−5.42%		−7.04%		−0.28%		−1.84%		−2.40%		−0.09%

FIVE YEARS		62.74%		58.51%		82.23%		10.23%		9.65%		12.75%

SINCE INCEPTION (1)		1.76%		0.37%		16.11%		0.32%		0.07%		2.81%


(1)		For the period May 12, 2008 to September 30, 2013.

101

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

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


	SPDR S&P		S&P Emerging
	Emerging Markets		Markets Under
	Small Cap		USD2 Billion
	ETF		Index
		10000		10000
5/12/2008		9836		9863
6/30/2008		8629		8648
7/31/2008		8394		8454
8/31/2008		7948		7961
9/30/2008		6252		6372
10/1/2008		4594		4696
11/2/2008		4320		4380
12/3/2008		4681		4795
1/9/2009		4357		4473
2/9/2009		4267		4369
3/9/2009		4809		4906
4/30/2009		5785		5893
5/31/2009		7034		7211
6/30/2009		7021		7239
7/9/2009		7878		8144
8/31/2009		7828		8150
9/30/2009		8468		8839
10/31/2009		8472		8863
11/30/2009		8820		9291
12/31/2009		9389		9941
1/31/2010		8962		9512
2/28/2010		8947		9484
3/31/2010		9656		10347
4/30/2010		9894		10597
5/31/2010		8905		9534
6/30/2010		9031		9593
7/31/2010		9760		10401
8/31/2010		9705		10439
9/30/2010		10759		11644
10/31/2010		11078		12063
11/30/2010		10920		11887
12/31/2010		11516		12640
1/31/2011		11026		12199
2/28/2011		10538		11755
3/31/2011		10925		12164
4/30/2011		11427		12721
5/31/2011		11206		12446
6/30/2011		10896		12118
7/31/2011		11020		12260
8/31/2011		9831		10937
9/30/2011		8246		9235
10/31/2011		9032		10079
11/30/2011		8268		9222
12/31/2011		8150		9116
1/31/2012		9156		10229
2/29/2012		9991		11225
3/31/2012		9721		10921
4/30/2012		9527		10735
5/31/2012		8656		9792
6/30/2012		8891		10039
7/31/2012		8933		10065
8/31/2012		9050		10220
9/30/2012		9573		10818
10/31/2012		9367		10611
11/30/2012		9579		10889
12/31/2012		10125		11502
1/31/2013		10476		11892
2/28/2013		10470		11929
3/31/2013		10435		11910
4/30/2013		10662		12128
5/31/2013		10671		12177
6/30/2013		9833		11240
7/31/2013		9887		11282
8/31/2013		9613		10967
9/30/2013		10176		11611

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.

102

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




	EQUATORIAL			THANACHART
DESCRIPTION	ENERGIA SA	DATATEC, LTD.	MONDI, LTD.	CAPITAL PCL	JSE, LTD.

MARKET VALUE	$3,766,774	3,735,277	3,566,678	3,460,272	3,368,953

% OF NET ASSETS	0.5	0.5	0.5	0.5	0.4

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

INDUSTRY BREAKDOWN AS OF September 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Real Estate Management & Development		8.6	%
Semiconductors & Semiconductor Equipment		5.8
Chemicals		5.1
Electronic Equipment, Instruments & Components		4.7
Food Products		4.6
Metals & Mining		4.2
Commercial Banks		4.1
Construction & Engineering		3.2
Pharmaceuticals		2.9
Hotels, Restaurants & Leisure		2.7
Household Durables		2.4
Textiles, Apparel & Luxury Goods		2.4
Machinery		2.2
Health Care Providers & Services		2.2
Oil, Gas & Consumable Fuels		2.2
Electrical Equipment		2.0
Marine		2.0
Capital Markets		1.9
Diversified Financial Services		1.9
Industrial Conglomerates		1.9
Computers & Peripherals		1.9
Auto Components		1.8
Media		1.7
Communications Equipment		1.6
Software		1.5
Transportation Infrastructure		1.4
Multiline Retail		1.3
Specialty Retail		1.2
Real Estate Investment Trusts		1.2
Electric Utilities		1.2
Automobiles		1.2
Paper & Forest Products		1.0
Food & Staples Retailing		1.0
Diversified Telecommunication Services		1.0
Construction Materials		1.0
Airlines		0.8
Health Care Equipment & Supplies		0.8
Beverages		0.7
Independent Power Producers & Energy Traders		0.7
Consumer Finance		0.6
Internet Software & Services		0.6
IT Services		0.6
Personal Products		0.6
Energy Equipment & Services		0.6
Leisure Equipment & Products		0.6
Water Utilities		0.6
Thrifts & Mortgage Finance		0.6
Containers & Packaging		0.5
Trading Companies & Distributors		0.5
Tobacco		0.5
Air Freight & Logistics		0.5
Commercial Services & Supplies		0.4
Insurance		0.4
Biotechnology		0.3
Gas Utilities		0.3
Household Products		0.3
Wireless Telecommunication Services		0.3
Building Products		0.2
Internet & Catalog Retail		0.2
Professional Services		0.2
Distributors		0.2
Office Electronics		0.1
Life Sciences Tools & Services		0.1
Diversified Consumer Services		0.1
Road & Rail		0.0
Short Term Investments		5.5
Other Assets & Liabilities		(5.4	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for Corporacion GEO SAB de CV, which was Level 3 and part of the Household Durables Industry, China Hongxing Sports, Ltd., which was Level 3 and part of the Textiles, Apparel & Luxury Goods 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, Real Gold Mining, Ltd., which was Level 3 and part of the Metals & Mining Industry, Urbi Desarrollos Urbanos SA de CV, which was Level 3 and part of the Household Durables Industry, China Metal Recycling Holdings, Ltd., which was Level 3 and part of the Metals & Mining Industry, Boshiwa International Holding, Ltd., which was Level 3 and part of the Specialty Retail Industry, each representing 0.00% of net assets, Bakrieland Development Tbk PT, which was Level 2 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets, and Bakrie and Brothers Tbk PT, which was Level 3 and part of the Industrial Conglomerates Industry, representing 0.05% of net assets. (Note 2)

103

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

The SPDR Dow Jones Global Real Estate ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global real estate market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 8.61%, and the total return for the Dow Jones Global Select Real Estate Securities Index^sm (the “Index”) was 8.53%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, security misweights and dividend tax withholding differences between the Fund and Index contributed to the difference between the Fund’s performance and that of the Index.

The recent sudden rise in interest rates prompted a correction in global listed real estate securities prices. Home prices in the United States continued to rise, helping to bolster household net worth to record levels. Known as one of the economic multipliers of the economy, the housing “wealth effect” occurs when rising home prices contribute to greater household wealth, which encourages people to spend more. Through July, home prices posted double-digit increases year-over-year as measured by the S&P/Case-Shiller 20-City Composite Home Price Index (which is published on a two-month lag). Although all metropolitan cities showed monthly gains, the monthly rates for many cities decelerated indicating that the pace of gains was slowing. Average home prices were back to their spring 2004 levels. The Pending Home Sales Index (PHSI), a leading indicator released by the National Association of Realtors, measures housing contract activity and is based on signed contracts for existing homes, condos and co-ops. The PHSI declined in August suggesting that rising home prices and tighter inventory, along with the rise in mortgage rates, may be slowing the housing recovery. At the end of the third quarter of 2013, 30-year mortgage rates were up about one percent from a year ago.

Listed real estate securities outside of the United States tracked the pattern of their US counterparts. However, their August losses were milder and their September recovery was more vigorous. In Europe, the struggling eurozone pulled out of recession as the economy expanded with the help of firm activity data points in the two largest economies, France and Germany. However, investors remained cautious since unemployment was still high. Listed real estate securities in Japan were top performers among global listed real estate securities in the Index in 2013, helped by the Bank of Japan’s aggressive monetary policy and stimulus. Developers in Japan also rallied in September after the International Olympic Committee announced that Tokyo would host the 2020 Olympic Games.

On an individual security level, the top contributors to the Fund’s performance were Mitsui Fudosan Co., Ltd., Unibail-Rodamco SE, and Public Storage. The top detractors to the Fund’s performance were American Campus Communities, Inc.; Digital Realty Trust, Inc.; and BR Malls Participacoes SA.

104

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

105

SPDR Dow Jones Global Real Estate ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		8.61%		8.94%		8.53%		8.61%		8.94%		8.53%

THREE YEARS		35.74%		35.82%		35.25%		10.72%		10.74%		10.59%

FIVE YEARS		36.54%		36.68%		35.33%		6.43%		6.45%		6.24%

SINCE INCEPTION (1)		9.38%		9.69%		7.65%		1.67%		1.73%		1.37%


(1)		For the period May 7, 2008 to September 30, 2013.

106

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

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


	SPDR Dow		Dow Jones
	Jones Global		Global Select
	Real Estate		Real Estate
	ETF		Securities Index
		10000		10000
5/7/2008		9840		9836
6/30/2008		8746		8722
7/31/2008		8791		8769
8/31/2008		8670		8637
9/30/2008		8011		7955
10/31/2008		5669		5618
11/30/2008		4734		4689
12/31/2008		5217		5160
1/31/2009		4510		4463
2/28/2009		3726		3687
3/31/2009		3930		3886
4/30/2009		4771		4719
5/31/2009		5216		5156
6/30/2009		5187		5131
7/31/2009		5700		5648
8/31/2009		6339		6271
9/30/2009		6732		6660
10/31/2009		6557		6486
11/30/2009		6732		6665
12/31/2009		6997		6919
1/31/2010		6662		6580
2/28/2010		6857		6776
3/31/2010		7354		7258
4/30/2010		7655		7554
5/31/2010		7037		6954
6/30/2010		6844		6753
7/31/2010		7537		7444
8/31/2010		7528		7430
9/30/2010		8058		7959
10/31/2010		8437		8333
11/30/2010		8105		7999
12/31/2010		8666		8568
1/31/2011		8805		8684
2/28/2011		9117		8983
3/31/2011		8984		8857
4/30/2011		9513		9382
5/31/2011		9558		9423
6/30/2011		9338		9205
7/31/2011		9376		9249
8/31/2011		8852		8728
9/30/2011		7833		7709
10/31/2011		8756		8617
11/30/2011		8335		8199
12/31/2011		8434		8289
1/31/2012		9039		8904
2/29/2012		9216		9093
3/31/2012		9506		9362
4/30/2012		9731		9583
5/31/2012		9166		9015
6/30/2012		9733		9570
7/31/2012		10036		9873
8/31/2012		10048		9886
9/30/2012		10071		9919
10/31/2012		10159		10007
11/30/2012		10204		10057
12/31/2012		10545		10396
1/31/2013		10826		10676
2/28/2013		10925		10786
3/31/2013		11210		11052
4/30/2013		11992		11825
5/31/2013		11097		10949
6/30/2013		10814		10656
7/31/2013		10918		10759
8/31/2013		10351		10193
9/30/2013		10938		10765

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 Dow Jones Global Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




					BROOKFIELD ASSET
	SIMON PROPERTY	MITSUI FUDOSAN			MANAGEMENT, INC.
DESCRIPTION	GROUP, INC.	CO., LTD.	UNIBAIL-RODAMCO SE	PUBLIC STORAGE	(CLASS A)

MARKET VALUE	$54,873,115	35,359,338	28,767,571	27,662,604	25,373,598

% OF NET ASSETS	5.5	3.5	2.9	2.8	2.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Retail REITs		26.5	%
Real Estate Management & Development		18.5
Specialized REITs		15.0
Office REITs		13.6
Diversified REITs		11.2
Residential REITs		9.4
Industrial REITs		5.1
Diversified Capital Markets		0.4
Short Term Investments		4.5
Other Assets & Liabilities		(4.2	)

TOTAL		100.0	%


*		The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**		Each security is valued based on Level 1 inputs, except for BGP Holdings PLC, which was Level 2 and part of the Diversified REITs 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)

108

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 39.94%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Discretionary Sector Index (the “Index”) was 40.31%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

The S&P International Consumer Discretionary Sector Index posted positive returns for every quarter of the Reporting Period and was the best performing sector in S&P Developed ex US BMI universe. After underperforming significantly during the first half of 2013, non-US equities began to recover as the third quarter of 2013 progressed. The turn-around began to take shape in early in the quarter in the wake of firm US jobs data for June. The continuing recovery of the housing market resulted in increased consumer confidence around the world and bolstered consumer discretionary spending. Investors quickly started to realize that continued US economic health would produce global benefits, particularly with a strong US dollar boosting the purchasing power of US consumers. Solid second-quarter growth figures in the United Kingdom and building confidence measures in France and Germany soon reinforced that perception, leading the British pound and the euro to embark on a rally that lasted through the rest of the third quarter. Easing monetary policies of the global central banks and the US Federal Reserve — which released reassuring minutes in early July and surprisingly maintained its full slate of asset purchases in September — kept the interest rates at a low level, leaving more money in consumer pockets and maintaining a buoyant investor sentiment. The automobile industry was the biggest beneficiary of the combination of low interest rates and increased consumer confidence. The industry posted a significant gain during the Reporting Period. Non-US equities endured a small correction in late August as the Syrian conflict intensified, but higher oil prices reversed course, largely due to concerns over the Middle East, and lower energy prices should leave more money in consumers’ pockets. Heading into the 2013 holiday season there continued to be some pent-up demand among consumers who have delayed purchases during volatile first part of the year. While every country in the Index had positive returns for the Reporting Period, Japan, Germany and the UK were the strongest contributors to the Fund’s performance. Japanese equities revisited their highs from July fueled by the awarding of the 2020 Summer Olympics to Tokyo.

On an individual security level, the top contributors to the Fund’s performance were Toyota Motor Corp., Daimler AG, and Compagnie Financiere Richemont SA. The top detractors to the Fund’s performance were Benesse Holdings, Inc., Hyundai Motor Co. and Nikon Corp.

109

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		39.94%		42.96%		40.31%		39.94%		42.96%		40.31%

THREE YEARS		51.52%		53.37%		51.89%		14.86%		15.32%		14.95%

FIVE YEARS		89.20%		87.75%		89.68%		13.60%		13.43%		13.66%

SINCE INCEPTION (1)		65.98%		68.29%		65.50%		10.21%		10.50%		10.16%


(1)		For the period July 16, 2008 to September 30, 2013.

110

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		10000
7/16/2008		10235		10251
8/31/2008		10027		10047
9/30/2008		8771		8725
10/1/2008		7407		7187
11/2/2008		6560		6384
12/3/2008		6969		6788
1/9/2009		6485		6309
2/9/2009		6029		5887
3/9/2009		6455		6289
4/30/2009		7801		7544
5/31/2009		8238		8059
6/30/2009		8221		8066
7/9/2009		9099		8967
8/31/2009		9376		9223
9/30/2009		9682		9547
10/31/2009		9537		9449
11/30/2009		9573		9478
12/31/2009		9918		9797
1/31/2010		9636		9531
2/28/2010		9475		9385
3/31/2010		10245		10129
4/30/2010		10330		10278
5/31/2010		9334		9279
6/30/2010		9285		9198
7/31/2010		10042		9951
8/31/2010		9753		9683
9/30/2010		10952		10896
10/31/2010		11347		11316
11/30/2010		11258		11213
12/31/2010		11944		11934
1/31/2011		12153		12123
2/28/2011		12349		12367
3/31/2011		11967		12033
4/30/2011		12833		12893
5/31/2011		12710		12772
6/30/2011		12857		12887
7/31/2011		12696		12778
8/31/2011		11419		11485
9/30/2011		10369		10375
10/31/2011		11333		11334
11/30/2011		10671		10661
12/31/2011		10447		10422
1/31/2012		11360		11315
2/29/2012		12167		12108
3/31/2012		12407		12305
4/30/2012		12291		12216
5/31/2012		11009		10913
6/30/2012		11363		11303
7/31/2012		11406		11352
8/31/2012		11744		11654
9/30/2012		11860		11795
10/31/2012		11951		11887
11/30/2012		12488		12415
12/31/2012		13018		12951
1/31/2013		13644		13584
2/28/2013		13720		13725
3/31/2013		14052		14009
4/30/2013		14678		14671
5/31/2013		14938		14876
6/30/2013		14672		14617
7/31/2013		15593		15534
8/31/2013		15332		15310
9/30/2013		16598		16550

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.

111

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$1,507,995	657,206	517,666	460,490	456,070

% OF NET ASSETS	7.9	3.5	2.7	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 SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Automobiles		27.7	%
Media		14.1
Textiles, Apparel & Luxury Goods		12.6
Hotels, Restaurants & Leisure		12.5
Auto Components		10.4
Specialty Retail		8.6
Household Durables		5.9
Multiline Retail		3.9
Leisure Equipment & Products		2.1
Internet & Catalog Retail		1.0
Diversified Consumer Services		0.4
Distributors		0.3
Short Term Investments		3.3
Other Assets & Liabilities		(2.8	)

TOTAL		100.0	%


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

112

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 15.20%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Staples Sector Index (the “Index”) was 16.77%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, optimization, and compounding contributed to the difference between the Fund’s performance and that of the Index.

Consumer staples experienced a “roller coaster” fiscal year. The sector outpaced the market in the second quarter of the Fund’s fiscal year, and modestly lagged each of the other quarters. Overall, the sector was able to produce a positive annual return. The beginning of calendar year 2013 began well for the sector as investors viewed it as a safe haven from the uncertainty of corporate profitability and economic growth. Steady demand for food and household products carried considerable appeal in an investment environment where abnormally low interest rates and uncertain economic prospects obscured the outlook of more cyclical businesses. As the year went on, the strengthening of the economy allowed investors to turn their attention away from non-cyclicals. A rebound in commodity prices introduced cost worries for the sector. Even more problematic, however, were rising bond yields and European growth prospects, which made the income features and defensive characteristics of consumer staples less appealing to investors.

On an individual security level, the top contributors to the Fund’s performance were Nestle SA, Anheuser-Busch InBev NV, and Reckitt Benckiser Group PLC. The top detractors to the Fund’s performance were Olam International, Ltd., Swedish Match AB, and Ajinomoto Co., Inc.

113

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		15.20%		15.67%		16.77%		15.20%		15.67%		16.77%

THREE YEARS		40.54%		40.70%		44.42%		12.01%		12.06%		13.03%

FIVE YEARS		70.13%		65.89%		81.13%		11.21%		10.65%		12.62%

SINCE INCEPTION (1)		60.44%		60.62%		71.50%		9.50%		9.52%		10.91%


(1)		For the period July 16, 2008 to September 30, 2013.

114

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		10000
7/16/2008		10258		10267
8/31/2008		10127		10158
9/30/2008		9430		9468
10/1/2008		8001		8060
11/2/2008		7752		7755
12/3/2008		8171		8240
1/9/2009		7562		7669
2/9/2009		6954		7044
3/9/2009		7070		7180
4/30/2009		7456		7597
5/31/2009		8354		8508
6/30/2009		8504		8696
7/9/2009		9175		9408
8/31/2009		9443		9685
9/30/2009		9852		10149
10/31/2009		10126		10423
11/30/2009		10361		10669
12/31/2009		10599		10890
1/31/2010		10396		10676
2/28/2010		10475		10738
3/31/2010		10835		11137
4/30/2010		10677		11005
5/31/2010		9734		10076
6/30/2010		9987		10346
7/31/2010		10540		10927
8/31/2010		10540		10939
9/30/2010		11416		11875
10/31/2010		11691		12127
11/30/2010		11170		11607
12/31/2010		11865		12349
1/31/2011		11574		12071
2/28/2011		11938		12399
3/31/2011		11914		12413
4/30/2011		12878		13433
5/31/2011		12975		13566
6/30/2011		12723		13320
7/31/2011		12805		13424
8/31/2011		12364		12955
9/30/2011		11653		12192
10/31/2011		12488		13011
11/30/2011		12259		12774
12/31/2011		12332		12844
1/31/2012		12273		12818
2/29/2012		12924		13488
3/31/2012		13259		13877
4/30/2012		13354		14015
5/31/2012		12332		12961
6/30/2012		13028		13699
7/31/2012		13448		14123
8/31/2012		13785		14508
9/30/2012		13927		14686
10/31/2012		13875		14687
11/30/2012		14300		15125
12/31/2012		14285		15150
1/31/2013		14955		15881
2/28/2013		15190		16147
3/31/2013		15709		16713
4/30/2013		16244		17315
5/31/2013		15450		16471
6/30/2013		15042		16041
7/31/2013		15597		16650
8/31/2013		15194		16232
9/30/2013		16044		17150

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.

115

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$5,240,255	2,333,615	1,887,410	1,828,486	1,657,472

% OF NET ASSETS	14.2	6.3	5.1	4.9	4.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Food Products		33.4	%
Food & Staples Retailing		21.1
Beverages		19.9
Tobacco		12.1
Household Products		6.6
Personal Products		5.9
Short Term Investments		1.7
Other Assets & Liabilities		(0.7	)

TOTAL		100.0	%


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

116

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 2.35%, and the total return for the S&P Developed Ex-U.S. BMI Energy Sector Index (the “Index”) was 3.42%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, and misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology contributed to the difference between the Fund’s performance and that of the Index.

Energy turned out to be a conspicuous laggard in 2012. Sector performance lagged the broader S&P Developed Ex-US BMI Index in the last quarter of 2012, and did not achieve positive returns for the fourth quarter or the full year. The first quarter of 2013 did not fare that much better as, overall, energy firms performed poorly. The positive correlation of the US dollar with broader equity performance was an unusual development, possibly indicating that US resilience and a weak yen are contributing stronger threads to the fabric of global economic growth. Sluggish global growth indicators contributed to energy’s underperformance during the first two quarters of 2013. Investor affection for the US dollar began slipping well before the Federal Reserve failed to follow through with reduced accommodation, allowing energy and metal prices to lead commodities to their best quarter of the Reporting Period — the third quarter of 2013. While the approach of potentially acrimonious US fiscal negotiations brought September to a cautious close, the month and the quarter wound up with plenty of positive returns. Perhaps the most notable result was outperformance of non-US assets, which regained considerable relative ground after lagging starkly during the first half of 2013. Although oil prices retreated modestly in September, they were still relatively strong through the third quarter. The lackluster performance of BP’s (British Petroleum) stock hindered sector performance during this time. BP is still wrestling with liabilities from the 2010 oil spill in the Gulf of Mexico. While the S&P International Energy Index posted a double-digit return for the full third quarter, it modestly underperformed the broader S&P Developed Ex-US BMI Index. The sector was up only modestly on a year-to-date basis, making it one of the weakest of the ten sectors.

On an individual security level, the top contributors to the Fund’s performance were Total SA, Eni SpA, and Suncor Energy, Inc. The top detractors to the Fund’s performance were En Cana Corp., Tullow Oil PLC, and Saipem SpA.

117

SPDR S&P International Energy Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		2.35%		2.89%		3.42%		2.35%		2.89%		3.42%

THREE YEARS		11.88%		12.02%		15.00%		3.81%		3.86%		4.77%

FIVE YEARS		16.18%		14.19%		24.89%		3.04%		2.69%		4.55%

SINCE INCEPTION (1)		−7.39%		−7.22%		−2.21%		−1.46%		−1.43%		−0.43%


(1)		For the period July 16, 2008 to September 30, 2013.

118

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		10000
7/16/2008		9937		9918
8/31/2008		9760		9686
9/30/2008		7972		7830
10/1/2008		6535		6403
11/2/2008		6353		6197
12/3/2008		6234		6138
1/9/2009		5961		5862
2/9/2009		5634		5541
3/9/2009		5993		5924
4/30/2009		6519		6497
5/31/2009		7785		7778
6/30/2009		7317		7352
7/9/2009		7622		7681
8/31/2009		7860		7945
9/30/2009		8377		8449
10/31/2009		8404		8509
11/30/2009		8598		8701
12/31/2009		8859		8995
1/31/2010		8276		8431
2/28/2010		8163		8310
3/31/2010		8668		8832
4/30/2010		8645		8833
5/31/2010		7563		7702
6/30/2010		7021		7139
7/31/2010		7784		7952
8/31/2010		7454		7624
9/30/2010		8278		8503
10/31/2010		8613		8860
11/30/2010		8316		8620
12/31/2010		9292		9655
1/31/2011		9743		10119
2/28/2011		10301		10690
3/31/2011		10272		10688
4/30/2011		10640		11084
5/31/2011		10132		10577
6/30/2011		9807		10212
7/31/2011		9735		10197
8/31/2011		8817		9221
9/30/2011		7770		8068
10/31/2011		9084		9482
11/30/2011		8887		9268
12/31/2011		8876		9246
1/31/2012		9183		9589
2/29/2012		9745		10175
3/31/2012		9216		9618
4/30/2012		9179		9568
5/31/2012		7909		8251
6/30/2012		8344		8673
7/31/2012		8564		8918
8/31/2012		8950		9317
9/30/2012		9049		9456
10/31/2012		8970		9382
11/30/2012		8836		9253
12/31/2012		8926		9361
1/31/2013		9249		9710
2/28/2013		8869		9311
3/31/2013		8829		9289
4/30/2013		8958		9438
5/31/2013		8886		9364
6/30/2013		8388		8841
7/31/2013		8909		9395
8/31/2013		8933		9418
9/30/2013		9261		9779

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.

119

SPDR S&P International Energy Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$1,280,272	1,249,988	1,176,436	854,681	615,338

% OF NET ASSETS	10.2	10.0	9.4	6.8	4.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Oil, Gas & Consumable Fuels		90.2	%
Energy Equipment & Services		9.0
Short Term Investments		7.8
Other Assets & Liabilities		(7.0	)

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)

120

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 27.98%, and the total return for the S&P Developed Ex-U.S. BMI Financials Sector Index (the “Index”) was 28.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, compounding, and security misweights between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Index posted positive returns for the fourth quarter of 2012, benefiting from three factors: (1) the moves to greater financial unity in the eurozone, which mitigated downside risks in Europe, (2) a change in Japanese leadership, which lifted hopes for more inflation-oriented policy choices in Tokyo, and, (3) Chinese economic growth, which seemed to be pulling out of mid-year 2012 doldrums. Financial stocks buoyed equity averages around the world in October 2012, staving off the headwinds of a weaker growth outlook for 2013. This positive momentum carried over to the first quarter of 2013. The positive returns posted for the first quarter resulted from investor relief that fiscal constraints in the United States would not overwhelm consumer demand and from mounting confidence that the European Central Bank had more than enough ammunition to keep regional financial conditions stable. As for the financials, despite their decline during February and March, strength in Asian banking names helped them hold enough value to retain a respectable return for the full first quarter of 2013 and to outperformed most sectors in this period. The second quarter of 2013 was the worst performing quarter of the Reporting Period. Unfortunately, while a modest healing in economic indicators and a fresh cut in euro interest rates contributed to stabilization in European investor sentiment during the latter months of the second quarter, investor sentiment in the Pacific region cooled because of the volatility of Japanese government bonds and increasing worries over the deceleration of Chinese growth. Also, during this quarter, the unrelenting combination of currency struggles and a foggy growth outlook ultimately took a grim toll on equity investments outside the United States.

International financial stocks, as measured by the S&P International Financial Index, bounced back during third quarter of 2013 and delivered the best quarter of the Reporting Period. The turn-around began to take shape early in the quarter in the wake of firm US jobs data for June. That report boosted the US dollar index to its best levels in three years, and also hindered unhedged positions in non-US assets. However, investors quickly realized that continued US economic health would produce global benefits, and that a strong US dollar would boost the purchasing power of US consumers. Solid second-quarter growth figures in the UK and building confidence measures in France and Germany soon reinforced that perception, leading the British pound and the euro on a rally that carried through the rest of the third quarter. Outperformance throughout the third quarter was concentrated in the more cyclical sectors like the financial sector. Specifically, financial stocks exposed to Greece through the country’s restructuring benefited greatly from stable regional liquidity during this period.

On an individual security level, the top contributors to the Fund’s performance were HSBC Holdings PLC, Mitsubishi Estate Co., Ltd.; and UBS AG. The top detractors to the Fund’s performance were Banco Internacional do Funchal SA, Sun Hung Kai Properties, Ltd., and Banca Popolare dell’Etruria e del Lazio.

121

SPDR S&P International Financial Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		27.98%		28.00%		28.33%		27.98%		28.00%		28.33%

THREE YEARS		23.85%		24.01%		26.84%		7.39%		7.44%		8.25%

FIVE YEARS		19.70%		16.86%		20.71%		3.66%		3.16%		3.84%

SINCE INCEPTION (1)		5.28%		5.24%		8.16%		0.99%		0.98%		1.52%


(1)		For the period July 16, 2008 to September 30, 2013.

122

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		10000
7/16/2008		10608		10703
8/31/2008		9988		10146
9/30/2008		8797		8960
10/1/2008		6409		6466
11/2/2008		5791		5875
12/3/2008		6129		6097
1/9/2009		5292		5311
2/9/2009		4443		4446
3/9/2009		5057		4998
4/30/2009		6233		6126
5/31/2009		7169		7066
6/30/2009		7121		7030
7/9/2009		7981		7909
8/31/2009		8728		8581
9/30/2009		9004		8939
10/31/2009		8675		8620
11/30/2009		8747		8675
12/31/2009		8671		8599
1/31/2010		8137		8089
2/28/2010		8175		8102
3/31/2010		8725		8684
4/30/2010		8581		8551
5/31/2010		7480		7440
6/30/2010		7318		7306
7/31/2010		8293		8291
8/31/2010		7827		7855
9/30/2010		8499		8528
10/31/2010		8742		8749
11/30/2010		8070		8107
12/31/2010		8725		8808
1/31/2011		9156		9204
2/28/2011		9534		9566
3/31/2011		9197		9270
4/30/2011		9678		9770
5/31/2011		9272		9381
6/30/2011		9073		9208
7/31/2011		8716		8896
8/31/2011		7856		8012
9/30/2011		6970		7112
10/31/2011		7687		7807
11/30/2011		7042		7185
12/31/2011		6982		7108
1/31/2012		7601		7747
2/29/2012		8138		8262
3/31/2012		8069		8215
4/30/2012		7844		7981
5/31/2012		6810		6967
6/30/2012		7450		7615
7/31/2012		7543		7707
8/31/2012		7836		8019
9/30/2012		8226		8428
10/31/2012		8428		8641
11/30/2012		8656		8864
12/31/2012		9059		9270
1/31/2013		9659		9881
2/28/2013		9531		9800
3/31/2013		9469		9771
4/30/2013		10194		10499
5/31/2013		9799		10043
6/30/2013		9382		9610
7/31/2013		10018		10234
8/31/2013		9801		10047
9/30/2013		10528		10816

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.

123

SPDR S&P International Financial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




	HSBC	COMMONWEALTH	ROYAL BANK	WESTPAC BANKING	MITSUBISHI ESTATE
DESCRIPTION	HOLDINGS PLC	BANK OF AUSTRALIA	OF CANADA	CORP.	CO., LTD.

MARKET VALUE	$310,075	167,661	157,953	156,142	147,567

% OF NET ASSETS	4.8	2.6	2.4	2.4	2.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Commercial Banks		51.1	%
Insurance		19.6
Capital Markets		9.2
Real Estate Management & Development		9.2
Diversified Financial Services		4.4
Real Estate Investment Trusts		3.9
Consumer Finance		1.2
Short Term Investments		5.3
Other Assets & Liabilities		(3.9	)

TOTAL		100.0	%


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

124

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 21.14%, and the total return for the S&P Developed Ex-U.S. BMI Health Care Sector Index (the “Index”) was 22.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and cumulative security misweights contributed to the difference between the Fund’s performance and that of the Index.

International health care stocks performed well during the Reporting Period. The sector posted positive returns each quarter, reflecting overall optimism in the markets as a result of improved macroeconomic data and growth prospects and despite occasional negative events like sovereign debt issues or political turmoil. Sector performance also benefited from the implementation of the Patient Protection and Affordable Care Act in the United States (also known as Obamacare), which proceeded after the 2012 presidential election. The ongoing need for health care products and services for the world’s aging population, combined with new therapies especially in areas like immuno-oncology, also helped spur positive returns. Overall, much of the positive performance in the sector was due to good results from companies involved in biotechnology where innovative, cutting edge new drugs are being developed.

On an individual security level, the top contributors to the Fund’s performance were Roche Holding AG, Novartis AG, and Bayer AG. The top detractors to the Fund’s performance were Kyowa Hakko Kirin Co., Ltd; Fresenius Medical Care AG &Co., KGaA, and Teva Pharmaceutical Industries, Ltd.

125

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		21.14%		20.90%		22.71%		21.14%		20.90%		22.71%

THREE YEARS		51.83%		52.09%		55.54%		14.94%		15.00%		15.86%

FIVE YEARS		64.95%		61.78%		75.09%		10.53%		10.10%		11.86%

SINCE INCEPTION (1)		50.15%		50.22%		59.03%		8.11%		8.12%		9.32%


(1)		For the period July 16, 2008 to September 30, 2013.

126

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		10000
7/16/2008		10163		10204
8/31/2008		10042		10044
9/30/2008		9103		9082
10/1/2008		8048		8070
11/2/2008		7602		7615
12/3/2008		8235		8237
1/9/2009		7708		7708
2/9/2009		6852		6852
3/9/2009		7028		7099
4/30/2009		7216		7282
5/31/2009		7897		7978
6/30/2009		7972		8094
7/9/2009		8604		8741
8/31/2009		8948		9086
9/30/2009		9356		9532
10/31/2009		9267		9475
11/30/2009		9605		9798
12/31/2009		9741		9945
1/31/2010		9557		9766
2/28/2010		9557		9783
3/31/2010		9781		9998
4/30/2010		9462		9685
5/31/2010		8606		8835
6/30/2010		8909		9100
7/31/2010		9151		9301
8/31/2010		9268		9512
9/30/2010		9891		10223
10/31/2010		10075		10418
11/30/2010		9652		9966
12/31/2010		10222		10581
1/31/2011		10269		10633
2/28/2011		10569		10941
3/31/2011		10529		10902
4/30/2011		11311		11717
5/31/2011		11607		12029
6/30/2011		11347		11774
7/31/2011		11508		11969
8/31/2011		10777		11193
9/30/2011		10157		10573
10/31/2011		10563		11028
11/30/2011		10332		10758
12/31/2011		10679		11126
1/31/2012		10804		11258
2/29/2012		11153		11633
3/31/2012		11294		11787
4/30/2012		11471		11957
5/31/2012		10635		11082
6/30/2012		11384		11880
7/31/2012		11788		12293
8/31/2012		11944		12468
9/30/2012		12395		12960
10/31/2012		12341		12919
11/30/2012		12446		13025
12/31/2012		12573		13157
1/31/2013		13389		14055
2/28/2013		13539		14254
3/31/2013		14106		14877
4/30/2013		14767		15592
5/31/2013		14352		15160
6/30/2013		14156		14892
7/31/2013		14591		15407
8/31/2013		14404		15190
9/30/2013		15015		15903

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.

127

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	SANOFI	GLAXOSMITHKLINE PLC	BAYER AG

MARKET VALUE	$6,934,321	6,491,503	4,327,040	4,154,717	3,365,381

% OF NET ASSETS	11.5	10.7	7.2	6.9	5.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Pharmaceuticals		74.9	%
Health Care Equipment & Supplies		9.8
Health Care Providers & Services		6.9
Biotechnology		6.7
Chemicals		0.4
Life Sciences Tools & Services		0.3
Health Care Technology		0.1
Short Term Investments		0.7
Other Assets & Liabilities		0.2

TOTAL		100.0	%


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

128

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 27.19%, and the total return for the S&P Developed Ex-U.S. BMI Industrial Sector Index (the “Index”) was 28.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and cumulative security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Industrials sector performed well during the Reporting Period, posting positive returns in three of the four quarters. Sector performance was driven by an overall recovery in global economies and by some degree of resolution around sovereign debt issues and the political turmoil in Egypt and Syria. European industrial production and merchandise trade volume indicated that the region may be finally emerging from the 2008-2009 recession. The economies of emerging markets also showed signs of rebound, especially in China. Finally, relatively high oil prices helped drive the positive performance of those industrial companies, which focused on greater investment in energy infrastructure, alternative energy sources, production and efficiency.

The top contributors to the Fund’s performance for the Reporting Period were Siemens AG, European Aeronautic Defence & Space Co. NV, and Schneider Electric SA. The top detractors to the Fund’s performance were Samsung Engineering Co., Ltd.; Noble Group, Ltd. and Aggreko PLC.

129

SPDR S&P International Industrial Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		27.19%		28.56%		28.03%		27.19%		28.56%		28.03%

THREE YEARS		27.90%		28.61%		32.47%		8.55%		8.75%		9.82%

FIVE YEARS		55.16%		54.32%		60.24%		9.18%		9.07%		9.89%

SINCE INCEPTION (1)		24.89%		25.82%		28.65%		4.36%		4.51%		4.96%


(1)		For the period July 16, 2008 to September 30, 2013.

130

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		10000
7/16/2008		10237		10271
8/31/2008		9847		9763
9/30/2008		8051		8028
10/1/2008		6121		5996
11/2/2008		6008		5836
12/3/2008		6505		6396
1/9/2009		5857		5783
2/9/2009		5276		5155
3/9/2009		5622		5534
4/30/2009		6534		6469
5/31/2009		7261		7186
6/30/2009		7228		7141
7/9/2009		7830		7756
8/31/2009		8331		8215
9/30/2009		8723		8600
10/31/2009		8517		8374
11/30/2009		8708		8507
12/31/2009		8907		8739
1/31/2010		8746		8567
2/28/2010		8708		8565
3/31/2010		9410		9269
4/30/2010		9451		9351
5/31/2010		8458		8338
6/30/2010		8391		8286
7/31/2010		9079		8983
8/31/2010		8687		8614
9/30/2010		9764		9710
10/31/2010		10080		10055
11/30/2010		9916		9844
12/31/2010		10802		10802
1/31/2011		11027		11063
2/28/2011		11214		11181
3/31/2011		11329		11374
4/30/2011		11823		11942
5/31/2011		11425		11526
6/30/2011		11290		11444
7/31/2011		11034		11215
8/31/2011		9888		10063
9/30/2011		8727		8856
10/31/2011		9605		9725
11/30/2011		9135		9258
12/31/2011		9113		9202
1/31/2012		9804		9968
2/29/2012		10299		10533
3/31/2012		10180		10436
4/30/2012		10007		10221
5/31/2012		8933		9109
6/30/2012		9258		9478
7/31/2012		9426		9578
8/31/2012		9558		9740
9/30/2012		9820		10048
10/31/2012		9907		10102
11/30/2012		10166		10352
12/31/2012		10583		10807
1/31/2013		11033		11228
2/28/2013		11150		11352
3/31/2013		11214		11430
4/30/2013		11526		11725
5/31/2013		11414		11650
6/30/2013		10963		11222
7/31/2013		11577		11852
8/31/2013		11451		11758
9/30/2013		12489		12865

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.

131

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




				ROLLS-ROYCE	CANADIAN NATIONAL
DESCRIPTION	SIEMENS AG	ABB, LTD.	SCHNEIDER ELECTRIC SA	HOLDINGS PLC	RAILWAY CO.

MARKET VALUE	$563,238	341,625	269,250	266,694	258,818

% OF NET ASSETS	4.1	2.5	2.0	1.9	1.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Machinery		20.2	%
Industrial Conglomerates		11.6
Trading Companies & Distributors		9.1
Road & Rail		9.1
Electrical Equipment		8.7
Construction & Engineering		7.3
Aerospace & Defense		6.3
Commercial Services & Supplies		6.2
Professional Services		5.0
Building Products		4.6
Air Freight & Logistics		3.0
Transportation Infrastructure		2.9
Marine		2.7
Airlines		1.7
Food Products		0.3
Oil, Gas & Consumable Fuels		0.2
Real Estate Investment Trusts		0.0	***
Short Term Investments		2.6
Other Assets & Liabilities		(1.5	)

TOTAL		100.0	%


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

132

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 0.43%, and the total return for the S&P Developed Ex-U.S. BMI Materials Sector Index (the “Index”) was 0.10%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, compounding, and security misweights between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Index posted positive returns for the fourth quarter of 2012, benefiting from three factors: (1) the moves to greater financial unity in the eurozone, which mitigated downside risks in Europe, (2) a change in Japanese leadership, which lifted hopes for more inflation-oriented policy choices in Tokyo, and (3) Chinese economic growth, which seemed to be pulling out of mid-year 2012 doldrums. Sector performance across developed markets produced some winners and losers during the fourth quarter of 2012. Materials was one of the better sectors during the last quarter of 2012 responding to signs that global growth prospects might be improving into 2013. However, the first half of 2013 was a difficult one for the materials sector. It was one of the worst-performing sectors during that period. Sector performance suffered from sluggish global growth indicators, attendant declines in commodity prices, and prospects for moderation in Chinese expansion. Then, international materials stocks, as measured by the S&P International Materials Index, bounced back during the third quarter of 2013, which turned out to be, for the sector, the best quarter of the Reporting Period. The sector’s best-performing stocks during this quarter were concentrated in the more cyclical sectors, such as materials. The turn-around began to take shape early in the quarter in the wake of firm US jobs data for June. As investors were lightening up on defensive names, they shifted the proceeds into more economically sensitive groups, including the materials sector. The materials group enjoyed solid outperformance in September. Shares of building materials firm CRH, a large constituent of the Index climbed to three-year highs in conjunction with the maintenance of asset purchases by the US Federal Reserve.

On an individual security level, the top contributors to the Fund’s performance were Nippon Steel Corp., Sumitomo Metal Mining Co., Ltd., BASF SE, and Taiheiyo Cement Corp. The top detractors to the Fund’s performance were Newcrest Mining, Ltd., Goldcorp, Inc., and Barrick Gold Corp.

133

SPDR S&P International Materials Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI MATERIALS

NET ASSET

MARKET

EX-U.S. BMI MATERIALS

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

ONE YEAR

0.43%

0.56%

0.10%

0.43%

0.56%

0.10%

THREE YEARS

−6.64%

−7.12%

−4.95%

−2.26%

−2.43%

−1.68%

FIVE YEARS

17.39%

14.81%

27.26%

3.26%

2.80%

4.94%

SINCE INCEPTION (1)

−19.50%

−19.78%

−11.95%

−4.08%

−4.14%

−2.41%


(1)		For the period July 16, 2008 to September 30, 2013.

134

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

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


			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Material		Materials Sector
	Sector ETF		Index
		10000		10000
7/16/2008		9968		9987
8/31/2008		9185		9147
9/30/2008		6856		6920
10/1/2008		4931		4926
11/2/2008		4711		4686
12/3/2008		5116		5124
1/9/2009		4662		4709
2/9/2009		4375		4415
3/9/2009		4839		4945
4/30/2009		5455		5618
5/31/2009		6478		6667
6/30/2009		6254		6428
7/9/2009		6978		7193
8/31/2009		7105		7355
9/30/2009		7465		7760
10/31/2009		7406		7699
11/30/2009		8090		8425
12/31/2009		8325		8686
1/31/2010		7639		7968
2/28/2010		7778		8138
3/31/2010		8528		8934
4/30/2010		8340		8839
5/31/2010		7399		7851
6/30/2010		7174		7686
7/31/2010		7815		8343
8/31/2010		7651		8232
9/30/2010		8624		9264
10/31/2010		9089		9778
11/30/2010		9036		9757
12/31/2010		10085		10883
1/31/2011		9796		10575
2/28/2011		10288		11049
3/31/2011		10277		11168
4/30/2011		10782		11768
5/31/2011		10287		11244
6/30/2011		10228		11106
7/31/2011		10063		11005
8/31/2011		9167		10067
9/30/2011		7578		8260
10/31/2011		8594		9349
11/30/2011		8186		8888
12/31/2011		7781		8445
1/31/2012		8625		9400
2/29/2012		8940		9755
3/31/2012		8537		9261
4/30/2012		8392		9079
5/31/2012		7158		7767
6/30/2012		7443		8053
7/31/2012		7389		8037
8/31/2012		7497		8198
9/30/2012		8016		8797
10/31/2012		8100		8821
11/30/2012		8085		8800
12/31/2012		8504		9213
1/31/2013		8627		9331
2/28/2013		8316		9037
3/31/2013		7936		8676
4/30/2013		7795		8486
5/31/2013		7769		8422
6/30/2013		7072		7682
7/31/2013		7386		8084
8/31/2013		7551		8257
9/30/2013		8050		8805

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.

135

SPDR S&P International Materials Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




DESCRIPTION	BHP BILLITON, LTD.	BASF SE	RIO TINTO PLC	BHP BILLITON PLC	GLENCORE XSTRATA PLC

MARKET VALUE	$661,155	532,751	397,167	390,607	336,502

% OF NET ASSETS	7.1	5.7	4.3	4.2	3.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Metals & Mining		49.7	%
Chemicals		39.3
Construction Materials		6.6
Paper & Forest Products		2.9
Containers & Packaging		0.9
Short Term Investments		6.2
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)

136

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 25.54%, and the total return for the S&P Developed Ex-U.S. BMI Information Technology Sector Index (the “Index”) was 25.45%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, optimization, cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.

Overall, it was a good year for the technology sector, which posted positive returns for three of the four quarters during the period. Sector performance was driven by an overall optimism in global macroeconomic data and growth prospects. Although semiconductors were a key driver among information technology during the Reporting Period, industry sales were not able to continue the pace of growth seen in the previous year. Despite the lag compared to the prior year, the industry benefited from the news late in the Reporting Period that several leading producers of mobile DRAM (dynamic random-access memory) were adding capacity and capability. This increase was driven in part by the complexity of the mobile DRAM devices compared to the ones manufactured for personal computers. Additionally, mobile DRAM devices are averaging a bit larger, driving the need for more silicon for the same number of mobile units.

On an individual security level, the top contributors to the Fund’s performance were ASML Holding NV, Samsung Electronics Co., Ltd. GDR; and LM Ericsson Telefon AB. The top detractors to the Fund’s performance were Nintendo Co., Ltd.; DeNa Co., Ltd.; and Mellanox Technologies, Ltd.

137

SPDR S&P International Technology Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		25.54%		25.18%		25.45%		25.54%		25.18%		25.45%

THREE YEARS		27.02%		26.79%		29.65%		8.30%		8.23%		9.04%

FIVE YEARS		44.64%		41.89%		48.14%		7.66%		7.25%		8.18%

SINCE INCEPTION (1)		15.99%		15.47%		18.81%		2.89%		2.80%		3.37%


(1)		For the period July 16, 2008 to September 30, 2013.

138

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

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


			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Technology		Information Technology
	Sector ETF		Sector Index
		10000		10000
7/16/2008		10238		10224
8/31/2008		9838		9824
9/30/2008		8019		8021
10/1/2008		6327		6322
11/2/2008		5895		5880
12/3/2008		6275		6274
1/9/2009		5996		5988
2/9/2009		5349		5310
3/9/2009		6000		5937
4/30/2009		6919		6870
5/31/2009		7454		7445
6/30/2009		7544		7508
7/9/2009		8281		8183
8/31/2009		8572		8532
9/30/2009		8967		8933
10/31/2009		8474		8482
11/30/2009		8434		8425
12/31/2009		8933		8882
1/31/2010		9006		8956
2/28/2010		8867		8866
3/31/2010		9763		9739
4/30/2010		9954		9961
5/31/2010		8713		8736
6/30/2010		8406		8470
7/31/2010		8951		8975
8/31/2010		8244		8297
9/30/2010		9133		9163
10/31/2010		9351		9393
11/30/2010		9310		9349
12/31/2010		10327		10303
1/31/2011		10583		10585
2/28/2011		10761		10729
3/31/2011		10382		10412
4/30/2011		10653		10732
5/31/2011		10308		10365
6/30/2011		9996		10025
7/31/2011		9715		9871
8/31/2011		8881		9045
9/30/2011		8244		8379
10/31/2011		9147		9289
11/30/2011		8874		8930
12/31/2011		8621		8721
1/31/2012		9053		9202
2/29/2012		9723		9865
3/31/2012		10029		10138
4/30/2012		9837		10025
5/31/2012		8531		8705
6/30/2012		8825		9012
7/31/2012		8903		9146
8/31/2012		8897		9110
9/30/2012		9240		9470
10/31/2012		9278		9455
11/30/2012		9756		9913
12/31/2012		10159		10344
1/31/2013		10370		10530
2/28/2013		10541		10726
3/31/2013		10540		10778
4/30/2013		11001		11197
5/31/2013		10933		11194
6/30/2013		10406		10655
7/31/2013		10588		10851
8/31/2013		10659		10965
9/30/2013		11599		11881

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.

139

SPDR S&P International Technology Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$1,965,678	797,764	510,091	490,203	423,383

% OF NET ASSETS	16.4	6.6	4.2	4.1	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 SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Semiconductors & Semiconductor Equipment		30.4	%
Electronic Equipment, Instruments & Components		23.0
Software		15.3
IT Services		9.7
Communications Equipment		8.4
Office Electronics		5.4
Internet Software & Services		4.8
Computers & Peripherals		2.9
Short Term Investments		1.4
Other Assets & Liabilities		(1.3	)

TOTAL		100.0	%


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

140

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 22.68%, and the total return for the S&P Developed Ex-U.S. BMI Telecommunication Services Sector Index (the “Index”) was 25.06%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Optimization, Fund expenses, cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.

Even with its often generous dividend payouts, the telecommunications sector began the fiscal year as a conspicuous laggard, consistently underperforming and facing greater concerns about unwelcome competitive pressures. However, the sector rebounded in the second quarter of the fiscal year with some decent gains. Stocks of several Japanese carriers posted big gains in March. Shares of Britain’s Vodafone also had a strong March based on indications that the company might be close to monetizing its stake in Verizon Wireless. Vodafone held its value well in the fiscal year’s third quarter as investors continued to recognize the value of its stake in Verizon Wireless and held hopes for beneficial consolidation trends in Europe. This strength continued and made telecomm a true standout of the fiscal year. Non-US telecommunications firms were key catalysts on the merger and acquisition front. Investors had taken a favorable view of Japanese provider SoftBank in connection with its acquisition of a controlling stake in US wireless giant Sprint. Near the end of the fiscal year, Vodafone announced that Verizon Communications had agreed to purchase Vodafone’s stake in Verizon Wireless.

On an individual security level, the top contributors to the Fund’s performance were Vodafone Group PLC, SoftBank Corp., and BT Group PLC. The top detractors to the Fund’s performance were Telecom Italia Rsp, Telecom Italia SpA, and Koninklijke (Royal) KPN NV.

141

SPDR S&P International Telecommunications Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 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

ONE YEAR		22.68%		22.18%		25.06%		22.68%		22.18%		25.06%

THREE YEARS		29.37%		29.24%		34.47%		8.96%		8.93%		10.37%

FIVE YEARS		51.98%		48.70%		60.60%		8.73%		8.26%		9.94%

SINCE INCEPTION (1)		28.49%		28.10%		35.80%		4.93%		4.87%		6.05%


(1)		For the period July 16, 2008 to September 30, 2013.

142

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		10000
7/16/2008		9771		9788
8/31/2008		9437		9466
9/30/2008		8455		8456
10/1/2008		7129		7133
11/2/2008		7423		7451
12/3/2008		8061		8094
1/9/2009		7185		7195
2/9/2009		6770		6795
3/9/2009		6831		6871
4/30/2009		6951		7014
5/31/2009		7642		7711
6/30/2009		7796		7882
7/9/2009		8460		8553
8/31/2009		8779		8884
9/30/2009		9189		9302
10/31/2009		9111		9230
11/30/2009		9454		9572
12/31/2009		9349		9484
1/31/2010		8873		8978
2/28/2010		8783		8887
3/31/2010		9074		9181
4/30/2010		8842		8943
5/31/2010		8109		8189
6/30/2010		8303		8415
7/31/2010		9263		9400
8/31/2010		9328		9464
9/30/2010		9932		10096
10/31/2010		10525		10702
11/30/2010		9724		9900
12/31/2010		10115		10313
1/31/2011		10537		10762
2/28/2011		10851		11067
3/31/2011		10921		11156
4/30/2011		11409		11667
5/31/2011		11099		11395
6/30/2011		11016		11309
7/31/2011		11046		11356
8/31/2011		10356		10637
9/30/2011		9767		10003
10/31/2011		10518		10788
11/30/2011		10177		10441
12/31/2011		9990		10250
1/31/2012		9814		10070
2/29/2012		10038		10314
3/31/2012		9992		10268
4/30/2012		9756		10015
5/31/2012		9035		9292
6/30/2012		9909		10229
7/31/2012		9972		10298
8/31/2012		10319		10670
9/30/2012		10473		10859
10/31/2012		10046		10433
11/30/2012		10102		10523
12/31/2012		10102		10540
1/31/2013		10629		11109
2/28/2013		10157		10629
3/31/2013		10687		11199
4/30/2013		11477		12064
5/31/2013		11026		11611
6/30/2013		11020		11626
7/31/2013		11678		12333
8/31/2013		11701		12356
9/30/2013		12849		13580

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.

143

SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$6,852,652	2,704,582	2,653,612	1,894,880	1,888,090

% OF NET ASSETS	20.4	8.0	7.9	5.6	5.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Diversified Telecommunication Services		57.9	%
Wireless Telecommunication Services		41.6
Short Term Investments		4.8
Other Assets & Liabilities		(4.3	)

TOTAL		100.0	%


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

144

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

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

For the 12-month period ended September 30, 2013 (the “Reporting Period”), the total return for the Fund was 12.79%, and the total return for the S&P Developed Ex-U.S. BMI Utilities Sector Index (the “Index”) was 13.32%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and misweights between the Fund’s holdings and the Index constituents due to optimization contributed to the difference between the Fund’s performance and that of the Index.

While the Fund posted a positive return for the Reporting Period, that growth was quite volatile from month to month. A variety of factors contributed to the overall performance of the utilities sector, and consequently, to the Fund. Utility stocks once held strong appeal because of their high dividend payouts and sturdy performance. Rising optimism about the pace of economic growth prompted ETF investors to move into sectors more closely tied to growth, like technology and industrials, in the first three quarters of the Reporting Period. In the last quarter of the period, the Fund had its strongest performance. European utility stocks, which had been on a downward trend for a few years, seemed to turn a corner. Their performance contributed to much of this growth. This Fund can be considered somewhat as a proxy for European utilities, since the majority of the Fund’s assets are invested in utility companies of Europe.

On an individual security level, the top contributors to the Fund’s performance were The Tokyo Electric Power Co., Inc., Iberdrola SA, and National Grid PLC. The top detractors to the Fund’s performance were Atlantic Power Corp., RWE AG, and E.ON AG.

145

SPDR S&P International Utilities Sector ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2013 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2013

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI UTILITIES

NET ASSET

MARKET

EX-U.S. BMI UTILITIES

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

ONE YEAR

12.79%

12.76%

13.32%

12.79%

12.76%

13.32%

THREE YEARS

−1.42%

−1.22%

1.05%

−0.48%

−0.41%

0.35%

FIVE YEARS

−12.57%

−14.56%

−8.85%

−2.65%

−3.10%

−1.84%

SINCE INCEPTION (1)

−24.71%

−24.49%

−22.01%

−5.30%

−5.25%

−4.66%


(1)		For the period July 16, 2008 to September 30, 2013.

146

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

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


			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Utililies		Utilities Sector
	Sector ETF		Index
		10000		10000
7/16/2008		10214		10188
8/31/2008		9762		9715
9/30/2008		8613		8555
10/1/2008		7312		7257
11/2/2008		7146		7086
12/3/2008		7771		7738
1/9/2009		7027		7001
2/9/2009		6253		6216
3/9/2009		6173		6149
4/30/2009		6630		6572
5/31/2009		7249		7231
6/30/2009		7148		7128
7/9/2009		7405		7403
8/31/2009		7891		7890
9/30/2009		8186		8201
10/31/2009		7747		7781
11/30/2009		8060		8091
12/31/2009		8190		8217
1/31/2010		7739		7803
2/28/2010		7635		7701
3/31/2010		7851		7929
4/30/2010		7569		7652
5/31/2010		6868		6927
6/30/2010		6832		6895
7/31/2010		7416		7487
8/31/2010		7339		7409
9/30/2010		7637		7720
10/31/2010		8049		8138
11/30/2010		7384		7479
12/31/2010		7834		7944
1/31/2011		8142		8241
2/28/2011		8344		8433
3/31/2011		7896		7990
4/30/2011		8303		8398
5/31/2011		7813		7936
6/30/2011		7873		7991
7/31/2011		7569		7691
8/31/2011		7076		7186
9/30/2011		6762		6850
10/31/2011		6933		7038
11/30/2011		6750		6857
12/31/2011		6507		6630
1/31/2012		6582		6698
2/29/2012		6826		6949
3/31/2012		6808		6943
4/30/2012		6590		6730
5/31/2012		5987		6115
6/30/2012		6496		6649
7/31/2012		6140		6314
8/31/2012		6423		6613
9/30/2012		6676		6882
10/31/2012		6672		6881
11/30/2012		6582		6790
12/31/2012		6766		6993
1/31/2013		6795		7023
2/28/2013		6585		6807
3/31/2013		6695		6929
4/30/2013		7311		7556
5/31/2013		7105		7349
6/30/2013		6890		7135
7/31/2013		7182		7454
8/31/2013		6958		7211
9/30/2013		7529		7799

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.

147

SPDR S&P International Utilities Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2013




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

MARKET VALUE	$3,114,940	2,848,181	2,611,477	2,197,391	1,960,167

% OF NET ASSETS	7.8	7.1	6.6	5.5	4.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2013*



	PERCENT OF
INDUSTRY**	NET ASSETS

Electric Utilities		41.5	%
Multi-Utilities		36.6
Gas Utilities		13.4
Independent Power Producers & Energy Traders		4.4
Water Utilities		3.6
Short Term Investments		4.3
Other Assets & Liabilities		(3.8	)

TOTAL		100.0	%


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

148

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.4%
BELGIUM — 1.8%
Anheuser-Busch InBev NV		19,853	$	1,977,391

FRANCE — 12.6%
Air Liquide SA		8,344		1,162,806
AXA SA		54,484		1,263,008
BNP Paribas		28,243		1,911,558
LVMH Moet Hennessy Louis Vuitton SA		7,132		1,405,657
Sanofi		32,164		3,264,105
Schneider Electric SA		14,825		1,254,443
Total SA (a)		60,006		3,484,239

				13,745,816

GERMANY — 14.5%
Allianz SE		12,074		1,899,170
BASF SE		24,532		2,354,430
Bayer AG		22,072		2,604,147
Daimler AG		26,233		2,046,105
Deutsche Bank AG		27,212		1,250,198
Deutsche Telekom AG		81,156		1,177,117
SAP AG		25,307		1,872,821
Siemens AG		22,203		2,676,708

				15,880,696

ITALY — 1.5%
ENI SpA (a)		71,420		1,638,688

NETHERLANDS — 2.5%
ING Groep NV (b)		103,076		1,165,206
Unilever NV		41,988		1,634,350

				2,799,556

SPAIN — 5.3%
Banco Bilbao Vizcaya Argentaria SA		152,788		1,708,346
Banco Santander SA		296,059		2,415,784
Telefonica SA (b)		106,225		1,655,041

				5,779,171

SWEDEN — 1.0%
Telefonaktiebolaget LM Ericsson (Class B)		81,228		1,081,253

SWITZERLAND — 23.0%
ABB, Ltd. (b)		61,998		1,466,560
Cie Financiere Richemont SA		13,933		1,395,997
Credit Suisse Group AG (b)		39,958		1,220,503
Glencore Xstrata PLC (b)		265,478		1,447,523
Nestle SA		86,073		6,020,589
Novartis AG		72,231		5,551,622
Roche Holding AG		18,751		5,057,638
UBS AG (b)		95,652		1,956,939
Zurich Insurance Group AG (b)		3,971		1,022,777

				25,140,148

UNITED KINGDOM — 37.2%
AstraZeneca PLC		33,348		1,736,490
Barclays PLC		328,456		1,412,198
BG Group PLC		90,387		1,727,929
BHP Billiton PLC		57,017		1,680,466
BP PLC		501,232		3,515,449
British American Tobacco PLC		51,258		2,719,730
Diageo PLC		66,763		2,124,478
GlaxoSmithKline PLC		130,408		3,289,169
HSBC Holdings PLC		497,106		5,388,757
Lloyds Banking Group PLC (b)		1,143,483		1,362,522
National Grid PLC		100,572		1,189,738
Reckitt Benckiser Group PLC		17,509		1,281,603
Rio Tinto PLC		33,481		1,639,043
Royal Dutch Shell PLC (Class A)		101,372		3,345,479
Standard Chartered PLC		52,556		1,260,466
Tesco PLC		214,203		1,245,300
Unilever PLC		34,256		1,353,569
Vodafone Group PLC		1,280,151		4,477,843

				40,750,229

TOTAL COMMON STOCKS —
(Cost $106,250,832)				108,792,948

RIGHTS — 0.1%
SPAIN — 0.1%
Banco Bilbao Vizcaya Argentaria SA (expiring 10/14/13) (b)		152,788		20,889
Barclays PLC (expiring 10/2/13) (b)		73,564		96,197

TOTAL RIGHTS —
(Cost $20,483)				117,086

SHORT TERM INVESTMENTS — 2.8%
UNITED STATES — 2.8%
MONEY MARKET FUNDS — 2.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,491,832		2,491,832
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		501,528		501,528

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,993,360)				2,993,360

TOTAL INVESTMENTS — 102.3%
(Cost $109,264,675)				111,903,394
OTHER ASSETS & LIABILITIES — (2.3)%				(2,484,024	)

NET ASSETS — 100.0%			$	109,419,370

PLC = Public Limited Company

See accompanying notes to financial statements.

149

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BELGIUM — 3.1%
Anheuser-Busch InBev NV		1,012,298	$	100,826,521

FRANCE — 35.4%
Air Liquide SA (a)		425,531		59,301,295
AXA SA		2,778,277		64,403,986
BNP Paribas		1,440,164		97,473,952
Carrefour SA		845,417		29,039,133
Compagnie de Saint-Gobain		623,650		30,902,098
Danone		795,523		59,916,506
Essilor International SA		293,245		31,557,629
France Telecom SA		2,633,703		33,045,041
GDF Suez		2,077,582		52,224,790
L’Oreal SA		324,443		55,754,219
LVMH Moet Hennessy Louis Vuitton SA		363,708		71,683,772
Sanofi		1,640,166		166,449,286
Schneider Electric SA		755,946		63,965,661
Societe Generale		1,086,811		54,182,915
Total SA (a)		3,059,805		177,667,112
Unibail-Rodamco SE		132,312		32,847,717
Vinci SA		717,231		41,718,725
Vivendi SA		1,731,203		39,850,269

				1,161,984,106

GERMANY — 32.2%
Allianz SE		615,660		96,839,756
BASF SE		1,250,947		120,058,183
Bayer AG		1,125,506		132,791,922
Bayerische Motoren Werke AG		437,530		47,067,125
Daimler AG		1,337,734		104,339,714
Deutsche Bank AG		1,387,569		63,748,952
Deutsche Post AG		1,283,073		42,604,506
Deutsche Telekom AG		4,137,845		60,016,825
E.ON AG		2,723,414		48,478,150
Muenchener Rueckversicherungs- Gesellschaft AG		219,094		42,840,512
RWE AG		666,063		22,666,643
SAP AG		1,290,432		95,497,240
Siemens AG		1,132,156		136,488,350
Volkswagen AG Preference Shares		195,778		46,178,869

				1,059,616,747

IRELAND — 0.7%
CRH PLC		987,372		23,596,911

ITALY — 7.3%
Assicurazioni Generali SpA		1,818,435		36,307,507
Enel SpA		8,673,677		33,250,878
ENI SpA (a)		3,641,909		83,561,343
Intesa Sanpaolo SpA		19,013,228		39,249,337
UniCredit SpA		7,355,660		46,917,358

				239,286,423

LUXEMBOURG — 0.0% (b)
APERAM		1		15

NETHERLANDS — 8.7%
ASML Holding NV (a)		522,198		51,601,780
European Aeronautic Defence and Space Co. NV		790,078		50,367,616
ING Groep NV (c)		5,256,090		59,416,614
Koninklijke Philips NV		1,327,316		42,815,892
Unilever NV		2,141,016		83,337,392

				287,539,294

SPAIN — 12.4%
Banco Bilbao Vizcaya Argentaria SA		7,789,418		87,094,690
Banco Santander SA		15,094,397		123,167,360
Iberdrola SA		6,853,624		39,846,489
Industria de Diseno Textil SA		288,531		44,485,946
Repsol YPF SA		1,099,498		27,273,762
Telefonica SA (c)		5,416,629		84,393,896

				406,262,143

TOTAL COMMON STOCKS —
(Cost $2,852,715,302)				3,279,112,160

RIGHTS — 0.0% (b)
SPAIN — 0.0% (b)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/14/13) (a)(c) (Cost $1,044,255)		7,789,418		1,064,959

SHORT TERM INVESTMENTS — 3.8%
UNITED STATES — 3.8%
MONEY MARKET FUNDS — 3.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		115,479,471		115,479,471
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		7,923,052		7,923,052

TOTAL SHORT TERM INVESTMENTS —
(Cost $123,402,523)				123,402,523

TOTAL INVESTMENTS — 103.6%
(Cost $2,977,162,080)				3,403,579,642
OTHER ASSETS & LIABILITIES — (3.6)%				(118,316,908	)

NET ASSETS — 100.0%			$	3,285,262,734


(a)		A portion of the security was on loan at September 30, 2013.
(b)		Amount shown represents less than 0.05% of net assets.
(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.

PLC = Public Limited Company

See accompanying notes to financial statements.

150

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 98.2%
CHINA — 29.0%
Agricultural Bank of China, Ltd. (a)		3,436,000	$	1,581,726
Air China, Ltd. (a)		1,285,414		870,186
Aluminum Corp. of China, Ltd. (a)(b)		1,294,304		480,661
Angang Steel Co., Ltd. (a)(b)		501,244		297,315
Anhui Conch Cement Co., Ltd. (a)		877,250		2,816,648
Baidu, Inc. ADR (b)		56,839		8,820,276
Bank of China, Ltd.		12,520,466		5,715,228
Bank of Communications Co., Ltd. (a)		2,177,630		1,600,548
Brilliance China Automotive Holdings, Ltd. (a)(b)		302,000		453,283
BYD Co., Ltd. (a)(b)		113,800		507,725
China Citic Bank Corp., Ltd.		2,077,341		1,076,821
China Coal Energy Co., Ltd (a)		807,000		482,838
China Communications Construction Co., Ltd. (Class H)		859,000		677,882
China Construction Bank Corp.		14,376,148		11,066,917
China COSCO Holdings Co., Ltd. (a)(b)		1,194,230		591,329
China Fangda Group Co., Ltd.		101,300		39,317
China Life Insurance Co., Ltd.		1,733,708		4,493,470
China Longyuan Power Group Corp.		595,000		618,389
China Merchants Bank Co., Ltd. (a)		1,304,760		2,372,245
China Merchants Property Development Co., Ltd.		374,584		1,148,605
China Minsheng Banking Corp., Ltd. (Class H) (a)		905,500		1,082,376
China National Building Material Co., Ltd. (a)		518,000		497,618
China Oilfield Services, Ltd.		346,557		868,722
China Pacific Insurance Group Co., Ltd.		200,400		718,377
China Petroleum & Chemical Corp.		6,153,726		4,816,556
China Railway Construction Corp. (Class H) (a)		298,500		315,623
China Railway Group, Ltd.		859,000		469,644
China Shenhua Energy Co., Ltd.		976,540		2,971,747
China Shipping Container Lines Co., Ltd. (a)(b)		4,603,339		1,204,977
China Shipping Development Co., Ltd. (a)(b)		767,215		404,623
China Telecom Corp., Ltd.		4,629,320		2,304,169
Ctrip.com International, Ltd. ADR (b)		63,064		3,684,830
Dongfeng Motor Group Co., Ltd.		570,468		866,536
Great Wall Motor Co., Ltd. (Class H) (a)		88,500		479,865
Guangzhou Automobile Group Co., Ltd. (a)		1,060,032		1,149,542
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		724,176		1,131,766
Hengan International Group Co., Ltd.		64,500		754,357
Huaneng Power International, Inc.		1,588,472		1,585,369
Huangshan Tourism Development Co., Ltd.		26,800		32,991
Industrial & Commercial Bank of China		11,144,138		7,774,161
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		510,010		1,023,080
Jiangsu Expressway Co., Ltd. (a)		1,522,299		1,796,101
Jiangsu Future Land Co., Ltd.		164,103		103,549
Jiangxi Copper Co., Ltd. (Class H) (a)		690,578		1,357,086
Konka Group Co., Ltd.		235,300		79,797
Lao Feng Xiang Co., Ltd.		75,000		182,550
Livzon Pharmaceutical, Inc. Class B		12,100		56,450
Luthai Textile Co., Ltd.		66,000		74,211
Maanshan Iron & Steel (a)(b)		1,304,971		319,716
Mindray Medical International, Ltd. ADR (a)		14,539		565,422
NetEase, Inc. ADR		43,752		3,176,833
New Oriental Education & Technology Group, Inc. ADR		17,662		439,784
PetroChina Co., Ltd.		5,029,208		5,551,152
PICC Property & Casualty Co., Ltd.		644,211		873,884
Ping An Insurance Group Co. of China, Ltd. (a)		402,864		2,994,798
Semiconductor Manufacturing International Corp. (a)(b)		9,763,837		654,687
SGSB Group Co., Ltd. (b)		106,600		51,914
Shandong Luoxin Pharmacy Stock Co., Ltd.		40,000		44,203
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		104,000		102,053
Shanghai Electric Group Co., Ltd. (a)		2,230,418		793,789
Shanghai Highly Group Co., Ltd.		142,300		79,688
Shenzhou International Group Holdings, Ltd.		26,000		84,318
Sina Corp. (a)(b)		17,824		1,446,774
Sinopec Shanghai Petrochemical Co., Ltd. (a)(b)		1,583,252		590,008
Sinopharm Group Co.		61,200		153,569
Sohu.com, Inc. (a)(b)		5,025		396,121
Tencent Holdings, Ltd.		159,894		8,387,314
Tingyi Cayman Islands Holding Corp. (a)		770,383		2,041,401
Tong Ren Tang Technologies Co., Ltd.		18,000		58,026
Want Want China Holdings, Ltd.		1,345,000		2,043,042
Yanzhou Coal Mining Co., Ltd. (a)		878,882		877,165
Youku Tudou, Inc. ADR (a)(b)		1,702		46,635
Zhaojin Mining Industry Co., Ltd. (a)		62,500		55,608
Zijin Mining Group Co., Ltd. (Class H) (a)		1,938,685		464,975

				115,790,961

HONG KONG — 10.0%
Agile Property Holdings, Ltd.		1,488,088		1,638,688
Beijing Enterprises Holdings, Ltd.		96,000		693,217
Belle International Holdings, Ltd.		524,000		760,816
C.banner International Holdings, Ltd.		224,000		81,453
Cecep Costin New Materials Group, Ltd.		12,000		5,524
Changshouhua Food Co., Ltd.		97,000		95,935
China Everbright International, Ltd. (a)		139,000		122,776
China Haidian Holdings, Ltd.		560,000		57,046
China Leason CBM & Shale Gas Group Co., Ltd. (b)		1,180,000		50,212
China Mengniu Dairy Co., Ltd.		383,390		1,717,930

See accompanying notes to financial statements.

151

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

September 30, 2013


Security Description	Shares		Value

China Merchants Holdings International Co., Ltd.		471,573	$	1,714,778
China Mobile, Ltd.		1,009,636		11,280,886
China Overseas Land & Investment, Ltd. (a)		1,183,084		3,485,873
China Resources Enterprise, Ltd.		478,746		1,521,710
China Resources Land, Ltd. (a)		397,355		1,129,788
China Resources Power Holdings Co., Ltd.		390,000		927,332
China Unicom (Hong Kong), Ltd. (a)		1,088,172		1,697,824
China Yurun Food Group, Ltd. (b)		234,659		150,990
Citic Pacific, Ltd. (a)		256,000		332,084
CNOOC, Ltd.		3,119,249		6,346,976
COSCO Pacific, Ltd.		612,370		936,501
Evergrande Real Estate Group, Ltd. (a)(b)		200,000		83,557
Geely Automobile Holdings, Ltd. (a)		100,000		51,450
GOME Electrical Appliances Holding, Ltd. (a)		854,000		109,019
Huabao International Holdings, Ltd. (a)		164,000		68,940
Kingboard Chemical Holdings, Ltd.		151,200		388,765
Kunlun Energy Co., Ltd.		506,000		707,277
Lenovo Group, Ltd. (a)		2,421,703		2,532,512
Lijun International Pharmaceutical Holding, Ltd.		204,000		68,393
Magic Holdings International, Ltd.		271,000		211,065
NVC Lighting Holdings, Ltd.		139,000		34,592
Prince Frog International Holdings, Ltd. (a)		107,000		74,781
Sino Biopharmaceutical		220,000		148,933
Sino-Ocean Land Holdings, Ltd. (a)		1,025,088		602,748
Skyworth Digital Holdings, Ltd.		154,664		73,791
Sunac China Holdings, Ltd.		143,000		92,750
Sunny Optical Technology Group Co., Ltd. (a)		45,000		46,943
TCL Multimedia Technology Holdings, Ltd.		56,000		26,645
Tonly Electronics Holdings, Ltd. (b)		4,800		3,095
Yingde Gases		64,000		62,555

				40,136,150

INDIA — 14.0%
Anant Raj, Ltd.		82,734		54,381
Apollo Hospitals Enterprise, Ltd.		137,039		2,034,954
Axis Bank, Ltd.		2,368		38,121
Bharat Heavy Electricals, Ltd.		275,836		605,381
Bharti Airtel, Ltd.		458,109		2,331,706
Cipla, Ltd.		224,045		1,547,791
DLF, Ltd.		90,166		184,422
Dr Reddy’s Laboratories, Ltd.		10,262		390,310
GAIL India, Ltd.		67,450		353,168
Godrej Industries, Ltd.		26,369		112,965
Gujarat Mineral Development Corp., Ltd.		62,126		89,212
HDFC Bank, Ltd.		372,129		3,525,135
Hero Motocorp, Ltd.		17,703		568,162
Hindalco Industries, Ltd.		155,055		277,145
Hindustan Unilever, Ltd.		282,012		2,826,427
Hindustan Zinc, Ltd.		474,962		1,013,197
Housing Development & Infrastructure, Ltd. (b)		14,980		8,662
Housing Development Finance Corp., Ltd.		211,289		2,579,309
ICICI Bank, Ltd.		199		2,809
ICICI Bank, Ltd. ADR		68,366		2,083,796
Idea Cellular, Ltd.		623,657		1,676,069
India Infoline, Ltd.		155,297		117,456
Indiabulls Housing Finance, Ltd.		155,648		454,600
Indiabulls Real Estate, Ltd.		24,709		21,313
Indian Hotels Co., Ltd.		732,023		560,666
Indian Oil Corp., Ltd.		103,016		342,015
Infosys Technologies, Ltd. ADR		109,211		5,254,141
ITC, Ltd. GDR		419,652		2,281,228
IVRCL Infrastructures & Projects, Ltd. (b)		58,768		10,748
Jaiprakash Associates, Ltd.		29,589		16,495
Jindal Steel & Power, Ltd.		74,640		280,772
JSW Steel, Ltd.		20,446		238,295
Lanco Infratech, Ltd. (b)		275,764		23,566
Larsen & Toubro, Ltd. GDR (a)		43,514		556,544
Mahindra & Mahindra, Ltd.		135,763		1,794,379
NTPC, Ltd.		198,883		468,418
Oil & Natural Gas Corp., Ltd.		413,726		1,770,090
Reliance Capital, Ltd.		46,882		236,076
Reliance Communications, Ltd.		276,927		649,576
Reliance Industries, Ltd. GDR (c)		188,897		4,966,102
Reliance Infrastructure, Ltd.		91,505		541,532
Sesa Goa, Ltd.		219,344		633,279
Siemens India, Ltd.		94,394		720,111
State Bank of India		25,287		652,280
Steel Authority of India, Ltd.		288,359		230,070
Sun Pharmaceutical Industries, Ltd.		151,770		1,438,306
Suzlon Energy, Ltd. (b)		187,547		19,622
Tata Consultancy Services, Ltd.		113,233		3,486,791
Tata Motors, Ltd.		403,698		2,144,071
Tata Steel, Ltd.		48,106		208,660
Unitech, Ltd. (b)		183,849		46,105
United Spirits, Ltd.		15,129		612,168
Wipro, Ltd. ADR (a)		159,196		1,633,351
Zee Entertainment Enterprises, Ltd.		314,646		1,148,417

				55,860,365

INDONESIA — 4.7%
Ace Hardware Indonesia Tbk PT		2,751,500		166,326
Adaro Energy Tbk PT		3,626,000		281,813
Agis Tbk PT (b)		1,456,000		55,323
Agung Podomoro Land Tbk PT		838,500		20,275
AKR Corporindo Tbk PT		153,500		53,022
Alam Sutera Realty Tbk PT		734,000		38,031
Astra International Tbk PT		3,961,700		2,206,646
Bank Central Asia Tbk PT		2,564,296		2,214,418
Bank Mandiri Tbk PT		1,673,905		1,149,183
Bank Rakyat Indonesia Persero Tbk PT		4,681,796		2,931,176
Bekasi Fajar Industrial Estate Tbk PT (b)		1,323,000		54,268
Bumi Resources Tbk PT (b)		4,540,964		178,423
BW Plantation Tbk PT		440,500		30,432
Charoen Pokphand Indonesia Tbk PT		432,500		126,986
Ciputra Property Tbk PT		513,000		35,883

See accompanying notes to financial statements.

152

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

September 30, 2013


Security Description	Shares		Value

Ciputra Surya Tbk PT		523,000	$	97,103
Citra Marga Nusaphala Persada Tbk PT (b)		354,500		97,962
Garda Tujuh Buana Tbk PT (b)		127,500		12,332
Garuda Indonesia Tbk PT (b)		4,036,500		174,288
Global Mediacom Tbk PT		410,000		68,333
Gudang Garam Tbk PT		117,000		353,627
Indocement Tunggal Prakarsa Tbk PT		399,925		621,645
Indomobil Sukses Internasional Tbk PT		88,500		42,798
Indosat Tbk PT		885,248		317,252
Intiland Development Tbk PT		1,456,000		40,235
Kalbe Farma Tbk PT		1,165,000		118,713
Kawasan Industri Jababeka Tbk PT		7,398,644		159,729
Lippo Cikarang Tbk PT (b)		377,000		169,292
Lippo Karawaci Tbk PT		1,914,000		180,161
Matahari Putra Prima Tbk PT		527,000		93,294
Mayora Indah Tbk PT		72,000		196,788
Media Nusantara Citra Tbk PT		534,000		124,508
Metropolitan Land Tbk PT		2,409,500		83,230
Mitra Adiperkasa Tbk PT		94,000		50,328
MNC Investama Tbk PT		3,215,000		97,172
MNC Sky Vision Tbk PT (b)		279,500		43,204
Modernland Realty Tbk PT (b)		3,297,000		202,148
Multistrada Arah Sarana Tbk PT		1,058,000		32,434
Pakuwon Jati Tbk PT		2,633,000		64,802
Pembangunan Perumahan Persero PT Tbk		694,000		67,123
Perusahaan Gas Negara Persero Tbk PT		3,872,640		1,739,009
Ramayana Lestari Sentosa Tbk PT		744,500		77,793
Selamat Sempurna Tbk PT		688,500		178,368
Semen Gresik Persero Tbk PT		640,000		718,480
Summarecon Agung Tbk PT		997,000		80,070
Surya Citra Media Tbk PT		157,527		34,689
Surya Semesta Internusa Tbk PT		1,586,000		98,611
Telekomunikasi Indonesia Persero Tbk PT		9,995,470		1,812,650
Tiga Pilar Sejahtera Food Tbk		1,053,500		113,720
Tower Bersama Infrastructure Tbk PT (b)		378,500		191,211
United Tractors Tbk PT		327,545		461,052
Wijaya Karya Persero Tbk PT		572,500		94,922
XL Axiata Tbk PT		124,000		45,510

				18,696,791

MALAYSIA — 6.6%
Aeon Credit Service M Bhd		51,400		255,778
AirAsia Bhd		76,800		60,318
Alliance Financial Group Bhd		1,379,710		2,120,677
Axiata Group Bhd		555,300		1,172,101
Bursa Malaysia Bhd		479,334		1,088,226
Carlsberg Brewery Malay Bhd		505,503		1,985,102
CB Industrial Product Holding Bhd		36,200		30,542
CIMB Group Holdings Bhd		457,700		1,055,961
ECM Libra Financial Group Bhd (b)		1,249,731		368,075
Genting Bhd		756,700		2,414,383
Genting Malaysia Bhd		672,000		870,023
IJM Corp. Bhd		1,067,140		1,892,336
IOI Corp. Bhd		1,316,996		2,165,700
K&N Kenanga Holdings Bhd (b)		73		13
Landmarks Bhd (b)		1,341,700		481,604
Lingkaran Trans Kota Holdings Bhd		79,100		106,534
Malayan Banking Bhd		532,781		1,608,395
Malaysian Airline System Bhd (b)		10,642,430		1,093,792
Maxis Bhd		454,100		975,211
OSK Holdings Bhd		1,645,225		832,834
Padini Holdings Bhd		85,100		45,951
PPB Group Bhd		128,100		558,853
Public Bank Bhd		212,700		1,157,631
Sime Darby Bhd		411,900		1,200,506
TAN Chong Motor Holdings Bhd		532,700		1,024,706
Tenaga Nasional Bhd		406,950		1,127,399
Wah Seong Corp. Bhd		1,315,674		686,193

				26,378,844

PHILIPPINES — 2.3%
Ayala Land, Inc.		4,481,575		2,804,844
Cebu Air, Inc.		72,720		87,685
Cebu Holdings, Inc.		1,094,300		148,286
First Gen Corp.		5,141,370		1,972,000
First Philippine Holdings Corp.		1,010,124		1,737,673
GMA Holdings, Inc.		204,400		34,176
Megawide Construction Corp. (b)		1,088,650		311,543
Philippine Long Distance Telephone Co.		28,319		1,936,931
Philweb Corp.		105,100		26,794
Puregold Price Club, Inc.		77,600		74,321

				9,134,253

TAIWAN — 26.3%
Acer, Inc. (b)		850,456		591,094
Advanced Semiconductor Engineering, Inc.		2,477,636		2,388,224
Asia Cement Corp.		1,292,719		1,635,191
Asustek Computer, Inc.		189,138		1,506,477
AU Optronics Corp. ADR (a)(b)		219,034		799,474
Catcher Technology Co., Ltd.		240,539		1,273,188
Cathay Financial Holding Co., Ltd.		1,579,292		2,248,730
Chang Hwa Commercial Bank		3,384,073		1,974,338
China Development Financial Holding Corp.		4,121,272		1,184,794
China Steel Chemical Corp.		33,877		199,364
China Steel Corp.		2,650,476		2,326,237
Chinatrust Financial Holding Co., Ltd.		4,232,662		2,762,890
Chunghwa Picture Tubes, Ltd. (b)		1,761,368		101,273
Chunghwa Telecom Co., Ltd.		701,268		2,246,088
Coland Holdings, Ltd.		40,000		111,746
Compal Electronics, Inc.		1,785,431		1,304,336
Delta Electronics, Inc.		547,893		2,659,135
Epistar Corp. (b)		244,170		462,459
Everlight Electronics Co., Ltd.		217,996		398,877
Far Eastern New Century Corp.		1,831,370		2,019,233
First Financial Holding Co., Ltd		2,793,860		1,672,517
Formosa Chemicals & Fibre Corp.		940,691		2,500,704
Formosa Petrochemical Corp.		340,000		893,496
Formosa Plastics Corp.		1,413,137		3,646,713
Foxconn Technology Co., Ltd.		437,307		1,135,901
Fubon Financial Holding Co., Ltd.		2,069,998		2,863,426
Hon Hai Precision Industry Co., Ltd.		2,354,808		6,044,912
HTC Corp.		156,710		699,622

See accompanying notes to financial statements.

153

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

September 30, 2013


Security Description	Shares		Value

Hua Nan Financial Holdings Co., Ltd.		2,583,864	$	1,476,893
Innolux Corp. (b)		223,928		107,545
King Yuan Electronics Co., Ltd.		2,496,898		1,718,533
Largan Precision Co., Ltd.		43,710		1,470,946
Lite-On Technology Corp.		769,681		1,312,001
Macronix International Co., Ltd. (b)		1,841,374		448,402
MediaTek, Inc.		274,219		3,389,828
Mega Financial Holding Co., Ltd.		2,332,306		1,912,890
Motech Industries, Inc. (b)		141,507		242,649
Nan Ya Plastics Corp.		1,400,759		2,946,772
Novatek Microelectronics Corp.		209,062		866,172
Pegatron Corp. (b)		436,630		623,188
Powertech Technology, Inc.		479,518		901,721
ProMOS Technologies, Inc. (b)(d)		1,135,850		0
Quanta Computer, Inc.		1,060,194		2,298,456
Realtek Semiconductor Corp.		400,161		977,158
Shin Kong Financial Holding Co., Ltd.		2,918,261		986,999
Siliconware Precision Industries Co.		944,745		1,103,965
SinoPac Financial Holdings Co., Ltd.		3,403,495		1,565,513
Synnex Technology International Corp.		280,000		438,462
Tainan Enterprises Co., Ltd.		926,567		1,071,755
Taishin Financial Holdings Co., Ltd.		3,551,355		1,639,530
Taiwan Cement Corp.		1,599,216		2,314,961
Taiwan FU Hsing Industrial Co., Ltd.		1,882,000		2,036,865
Taiwan Mobile Co., Ltd.		355,200		1,261,406
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		779,355		13,217,861
Tatung Co., Ltd. (b)		968,107		253,429
Tripod Technology Corp.		495,361		965,022
Uni-President Enterprises Corp.		1,912,943		3,564,892
United Integrated Services Co., Ltd.		1,384,000		1,427,673
United Microelectronics Corp. ADR (a)		735,199		1,514,510
Via Technologies, Inc. (b)		219,490		185,587
Walsin Lihwa Corp. (b)		639,000		195,156
Wistron Corp.		920,500		891,951
Yageo Corp.		2,846,900		1,011,007
Yuanta Financial Holding Co., Ltd.		2,144,823		1,098,998

				105,089,135

THAILAND — 5.3%
Advanced Info Service PCL		520,523		4,243,394
Bangkok Expressway PCL (a)		1,928,842		2,127,399
BEC World PCL		40,800		74,022
Big C Supercenter PCL		6,700		42,839
Central Plaza Hotel PCL		63,500		77,649
CP ALL PCL		979,400		1,103,704
Electricity Generating PCL		485,446		1,924,402
IRPC PCL (a)		3,956,939		397,212
Jasmine International PCL		429,600		113,306
Kasikornbank PCL		237,654		1,340,982
PTT Exploration & Production PCL		550,653		2,878,253
PTT PCL		299,426		3,024,892
Siam Cement PCL NVDR		64,700		881,145
Siam Commercial Bank PCL		313,397		1,557,968
Siam Global House PCL		144,133		82,019
Thai Beverage PCL (a)		835,000		366,009
Thai Oil PCL		566,805		1,046,451

				21,281,646

TOTAL COMMON STOCKS —
(Cost $377,939,337)				392,368,145

CORPORATE BONDS & NOTES — 0.0% (e)
MALAYSIA — 0.0% (e)
K&N Kenanga Holdings Bhd (b)(f) (Cost $0)		278,810		0

SHORT TERM INVESTMENTS — 5.8%
UNITED STATES — 5.8%
MONEY MARKET FUNDS — 5.8%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		21,583,792		21,583,792
State Street Institutional Liquid Reserves Fund 0.06% (h)(i)		1,452,271		1,452,271

TOTAL SHORT TERM INVESTMENTS —
(Cost $23,036,063)				23,036,063

TOTAL INVESTMENTS — 104.0%
(Cost $400,975,400)				415,404,208
OTHER ASSETS & LIABILITIES — (4.0)%				(15,944,038	)

NET ASSETS — 100.0%			$	399,460,170


(a)		A portion of the security was on loan at September 30, 2013.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.2% of net assets as of September 30, 2013, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (Note 2)
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(i)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

See accompanying notes to financial statements.

154

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

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 98.7%
CHINA — 13.1%
51job, Inc. ADR (a)		100	$	7,182
Anhui Expressway Co., Ltd. (b)		8,000		4,333
AsiaInfo-Linkage, Inc. (a)		295		3,404
BYD Electronic International Co., Ltd. (a)(b)		6,500		2,908
China Galaxy Securities Co., Ltd. Class H (a)		25,000		16,570
China Huiyuan Juice Group, Ltd. (a)		5,500		3,574
China Lesso Group Holdings, Ltd.		9,000		5,559
China Minzhong Food Corp., Ltd. (a)		3,000		2,690
China National Accord Medicines Corp., Ltd.		800		3,603
China SCE Property Holdings, Ltd.		12,000		2,646
China Shanshui Cement Group, Ltd.		11,000		4,241
China Suntien Green Energy Corp., Ltd.		14,000		4,242
China Vanadium Titano — Magnetite Mining Co., Ltd. (a)		12,000		1,826
China Wireless Technologies, Ltd.		8,000		3,198
Dongyue Group		6,000		2,917
E-Commerce China Dangdang, Inc. ADR (a)		400		4,192
E-House China Holdings, Ltd.		488		4,475
First Tractor Co., Ltd. (b)		32,000		19,847
Giant Interactive Group, Inc. ADR		800		7,296
Hangzhou Steam Turbine Co.		3,100		4,245
Harbin Electric Co., Ltd.		4,000		2,465
Home Inns & Hotels Management, Inc. ADR (a)		97		3,220
Huangshan Tourism Development Co., Ltd.		2,800		3,447
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b)		10,000		3,120
Jiangsu Future Land Co., Ltd.		8,400		5,300
Lonking Holdings, Ltd. (a)		14,000		2,925
MIE Holdings Corp.		10,000		2,141
Peak Sport Products Co., Ltd.		7,000		1,679
People’s Food Holdings, Ltd.		5,000		4,602
Ports Design, Ltd.		2,000		1,408
Renhe Commercial Holdings Co., Ltd. (a)(b)		58,000		3,328
Renren, Inc. ADR (a)		540		1,820
REXLot Holdings, Ltd.		50,000		3,933
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		6,800		3,142
Shanghai Dajiang Group, Class B (a)		9,600		3,331
Shanghai Diesel Engine Co., Ltd. Class B		3,520		2,693
Shanghai Haixin Group Co. (a)		5,800		2,999
Shenguan Holdings Group, Ltd.		8,000		3,425
Sinopec Engineering Group Co., Ltd. (a)		14,500		17,744
Sound Global, Ltd. (a)(b)		8,000		4,431
Spreadtrum Communications, Inc. ADR		700		21,322
TCL Communication Technology Holdings, Ltd.		4,000		2,579
Tong Ren Tang Technologies Co., Ltd. (b)		2,000		6,447
Trina Solar, Ltd. ADR (a)		1,700		26,282
WuXi PharmaTech Cayman, Inc. ADR (a)		344		9,426
Zhejiang Southeast Electric Power Co. (a)		15,300		13,005
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		29,800		18,060

				283,222

HONG KONG — 11.5%
361 Degrees International, Ltd. (b)		5,000		1,231
Ajisen China Holdings, Ltd.		4,000		4,013
Anxin-China Holdings, Ltd.		16,000		5,013
Asian Citrus Holdings, Ltd.		4,171		1,441
Beijing Capital Land, Ltd.		12,000		4,271
Boshiwa International Holding, Ltd. (a)(c)		32,000		0
CGN Mining Co., Ltd. (a)		15,000		1,257
Chailease Holding Co., Ltd.		400		939
China Dongxiang Group Co.		20,000		3,121
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		8,000		3,404
China Lilang, Ltd.		4,000		2,362
China Lumena New Materials Corp. (b)		26,000		5,062
China Medical System Holdings, Ltd.		8,500		7,267
China Metal Recycling Holdings, Ltd. (a)(b)(c)		3,988		0
China Modern Dairy Holdings, Ltd. (a)		19,000		7,423
China National Materials Co., Ltd. (b)		8,000		1,702
China Oil and Gas Group, Ltd.		20,000		2,837
China Precious Metal Resources Holdings Co., Ltd. (a)(b)		20,000		2,837
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)(b)		20,500		2,405
China Shineway Pharmaceutical Group, Ltd. (b)		3,000		4,356
China Travel International Investment Hong Kong, Ltd.		24,000		4,704
China Yurun Food Group, Ltd. (a)		7,000		4,504
China ZhengTong Auto Services Holdings, Ltd. (a)		5,000		3,127
Citic Resources Holdings, Ltd. (a)		22,000		3,121
Comba Telecom Systems Holdings, Ltd. (a)(b)		6,000		1,988
Cosco International Holdings, Ltd.		8,000		3,301
Dah Chong Hong Holdings, Ltd. (b)		5,000		4,068
Digital China Holdings, Ltd.		4,000		4,900
Fufeng Group, Ltd.		7,200		2,683
Global Bio-Chem Technology Group Co., Ltd. (a)		14,000		993
Glorious Property Holdings, Ltd. (a)		18,000		2,576
GOME Electrical Appliances Holding, Ltd. (b)		56,000		7,149
Greatview Aseptic Packaging Co., Ltd.		7,000		3,999
Hanergy Solar Group, Ltd. (a)(b)		62,000		11,193
Hengdeli Holdings, Ltd. (b)		13,200		3,166
Hidili Industry International Development, Ltd. (a)(b)		9,000		1,532
Hua Han Bio-Pharmaceutical Holdings, Ltd. (b)		14,400		3,528
Ju Teng International Holdings, Ltd. (b)		6,000		3,520
Kaisa Group Holdings, Ltd. (a)(b)		14,000		3,899
Kingboard Laminates Holdings, Ltd.		6,500		2,682
Kingdee International Software Group Co., Ltd. (a)		10,000		2,876
Kingway Brewery Holdings, Ltd. (a)		8,000		3,590

See accompanying notes to financial statements.

155

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

September 30, 2013


Security Description	Shares		Value

KWG Property Holding, Ltd.		9,000	$	5,675
Li Ning Co., Ltd. (a)(b)		5,000		3,933
Minth Group, Ltd.		4,000		7,974
NetDragon Websoft, Inc.		2,000		5,416
North Mining Shares Co., Ltd. (a)		60,000		2,708
NVC Lighting Holdings, Ltd.		11,000		2,738
Pacific Online, Ltd.		5,000		2,211
Real Nutriceutical Group, Ltd.		5,000		1,277
Sany Heavy Equipment International Holdings Co., Ltd.		6,000		1,826
Shougang Concord International Enterprises Co., Ltd. (a)(b)		56,000		2,780
Shougang Fushan Resources Group, Ltd. (b)		24,000		8,077
Sinotrans Shipping, Ltd.		12,500		3,933
Sinotrans, Ltd.		16,000		4,209
Sinotruk Hong Kong, Ltd.		5,500		2,808
Skyworth Digital Holdings, Ltd.		10,176		4,855
Springland International Holdings, Ltd.		8,000		4,333
The United Laboratories International Holdings, Ltd. (a)(b)		6,500		2,347
Tianjin Port Development Holdings, Ltd.		24,000		3,621
Tianneng Power International, Ltd.		6,000		2,337
United Energy Group, Ltd. (a)(b)		24,000		3,868
Vinda International Holdings, Ltd.		3,000		4,240
VODone, Ltd. (a)		19,200		1,436
Wasion Group Holdings, Ltd.		6,000		3,636
West China Cement, Ltd. (b)		22,000		3,319
Winsway Coking Coal Holding, Ltd. (a)		14,000		1,119
Yingde Gases		8,000		7,819
Yip’s Chemical Holdings, Ltd.		4,241		3,686
Yuexiu Transport Infrastructure, Ltd.		6,000		3,288

				249,509

INDIA — 10.9%
Amtek Auto, Ltd.		1,276		1,223
Apollo Hospitals Enterprise, Ltd.		361		5,361
Arvind, Ltd.		1,703		2,118
Aurobindo Pharma, Ltd.		1,347		4,354
Bajaj Holdings and Investment, Ltd.		314		3,892
Bharat Forge, Ltd.		961		3,846
Bhushan Steel, Ltd.		656		5,036
Biocon, Ltd.		578		3,118
Coromandel International, Ltd.		3,288		12,292
Crompton Greaves, Ltd.		1,197		1,645
Dewan Housing Finance Corp., Ltd.		701		1,163
Dish TV India, Ltd. (a)		2,996		2,417
Era Infra Engineering, Ltd.		1,036		1,817
Fortis Healthcare, Ltd. (a)		1,548		2,415
Gateway Distriparks, Ltd.		517		860
GMR Infrastructure, Ltd.		8,571		2,971
Godrej Industries, Ltd.		563		2,412
Hexaware Technologies, Ltd.		1,194		2,452
Housing Development & Infrastructure, Ltd. (a)		2,154		1,245
IDFC, Ltd.		12,000		16,877
IFCI, Ltd. (a)		6,473		2,249
India Cements, Ltd.		1,920		1,559
India Infoline, Ltd.		1,856		1,404
Indiabulls Housing Finance, Ltd.		1,305		3,811
Indiabulls Real Estate, Ltd.		2,623		2,262
Indian Hotels Co., Ltd.		4,568		3,499
Jain Irrigation Systems, Ltd.		1,618		1,498
JSW Energy, Ltd.		3,677		2,578
JSW Steel, Ltd.		1,500		17,482
Jubilant Foodworks, Ltd. (a)		202		3,731
Mahindra & Mahindra Financial Services, Ltd.		1,845		7,593
Manappuram Finance, Ltd.		3,108		720
MAX India, Ltd.		786		2,409
McLeod Russel India, Ltd.		664		2,661
Motherson Sumi Systems, Ltd.		1,236		4,540
Mphasis, Ltd.		550		3,855
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		1,446		1,205
Piramal Healthcare, Ltd.		495		4,687
PTC India, Ltd.		3,347		2,483
Punj Lloyd, Ltd. (a)		3,619		1,327
Rajesh Exports, Ltd.		1,459		2,304
REI Agro, Ltd.		5,759		731
Rolta India, Ltd.		9,624		8,539
Shriram Transport Finance Co., Ltd.		2,000		18,332
Sintex Industries, Ltd.		2,626		866
Strides Arcolab, Ltd.		143		1,966
Suzlon Energy, Ltd. (a)		7,233		757
Tata Chemicals, Ltd.		890		3,382
Tata Global Beverages, Ltd.		1,907		4,382
Tata Motors, Ltd. Class A		8,000		20,918
Thermax, Ltd.		421		3,941
Unitech, Ltd. (a)		8,920		2,237
United Phosphorus, Ltd.		1,963		4,542
Videocon Industries, Ltd. (a)		659		1,898
Voltas, Ltd.		1,775		2,095
Welspun Corp., Ltd.		1,967		939
Yes Bank, Ltd.		2,000		9,180

				236,076

INDONESIA — 5.2%
Ace Hardware Indonesia Tbk PT		45,000		2,720
AKR Corporindo Tbk PT		7,000		2,418
Alam Sutera Realty Tbk PT		75,000		3,886
Aneka Tambang Persero Tbk PT		20,500		2,514
Bakrieland Development Tbk PT (a)(d)		257,000		999
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		57,000		4,430
Bank Tabungan Negara Tbk PT		15,424		1,239
Bisi International PT		13,500		711
Borneo Lumbung Energi & Metal Tbk PT (a)		73,000		1,387
Bumi Resources Tbk PT (a)		91,000		3,576
Bumi Serpong Damai PT		43,000		5,347
Ciputra Development Tbk PT		65,500		5,543
Energi Mega Persada Tbk PT (a)		222,000		1,649
Gajah Tunggal Tbk PT		13,500		2,710
Garda Tujuh Buana Tbk PT (a)		5,500		532
Garuda Indonesia Tbk PT (a)		56,000		2,418
Global Mediacom Tbk PT		55,000		9,167
Harum Energy Tbk PT		4,500		1,049
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		20,000		2,090
Indika Energy Tbk PT		15,500		990
Indomobil Sukses Internasional Tbk PT		5,000		2,418

See accompanying notes to financial statements.

156

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

September 30, 2013


Security Description	Shares		Value

Japfa Comfeed Indonesia Tbk PT		40,000	$	4,801
Kawasan Industri Jababeka Tbk PT		133,012		2,872
Matahari Putra Prima Tbk PT		19,500		3,452
Mayora Indah Tbk PT		2,500		6,833
Medco Energi Internasional Tbk PT		12,500		2,834
Mitra Adiperkasa Tbk PT		6,000		3,212
MNC Investama Tbk PT		112,000		3,385
Pakuwon Jati Tbk PT		154,500		3,802
Pembangunan Perumahan Persero PT Tbk		36,000		3,482
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		22,500		2,468
Ramayana Lestari Sentosa Tbk PT		25,500		2,665
Sentul City Tbk PT (a)		109,500		1,938
Summarecon Agung Tbk PT		75,000		6,023
Surya Semesta Internusa Tbk PT		22,500		1,399
Timah Tbk PT		20,000		2,781
Trada Maritime Tbk PT (a)		27,000		3,637

				113,377

MALAYSIA — 8.0%
Aeon Co. M Bhd		900		4,252
Berjaya Corp. Bhd		17,000		3,051
Berjaya Sports Toto Bhd		8,280		10,441
Boustead Holdings Bhd		2,300		3,662
Bursa Malaysia Bhd		4,000		9,081
CapitaMalls Malaysia Trust		6,100		2,938
Carlsberg Brewery Malay Bhd		800		3,142
Dialog Group Bhd		10,900		8,494
DRB-Hicom Bhd		1,600		1,306
Eastern & Oriental Bhd		6,300		3,962
Guinness Anchor Bhd		2,500		13,177
Hartalega Holdings Bhd		5,600		12,851
IGB Corp. Bhd		8,600		6,860
KNM Group Bhd (a)		1,885		237
Kossan Rubber Industries		3,000		6,259
KPJ Healthcare Bhd		5,900		11,132
Magnum Bhd		8,500		8,527
Malaysian Bulk Carriers Bhd		7,900		4,460
Malaysian Resources Corp. Bhd		8,600		3,931
Media Prima Bhd		6,900		5,737
MPHB Capital Bhd (a)		50		23
Oriental Holdings Bhd		2,500		6,780
Parkson Holdings Bhd		3,600		4,241
Sunway Bhd		5,466		5,383
Sunway Real Estate Investment Trust		14,000		6,099
TAN Chong Motor Holdings Bhd		3,000		5,771
Top Glove Corp. Bhd		3,300		6,368
TSH Resources Bhd		4,000		2,970
United Plantations Bhd		400		3,264
UOA Development Bhd		5,100		3,474
Wah Seong Corp. Bhd		7,971		4,157

				172,030

PHILIPPINES — 3.5%
Belle Corp. (a)		30,000		3,376
Cebu Air, Inc.		2,190		2,641
Cosco Capital, Inc. (a)		48,700		10,928
D&L Industries, Inc.		122,100		18,340
First Philippine Holdings Corp.		2,550		4,387
GMA Holdings, Inc.		23,330		3,901
Lepanto Consolidated Mining (a)		96,000		992
Megaworld Corp.		96,000		7,188
Nickel Asia Corp.		8,375		2,977
Philippine National Bank (a)		2,140		4,296
Rizal Commercial Banking Corp.		4,900		5,120
Robinsons Land Corp.		7,000		3,312
Security Bank Corp.		1,150		3,463
Semirara Mining Corp.		1,050		5,788

				76,709

SINGAPORE — 1.0%
Asian Pay Television Trust		26,000		16,888
Yanlord Land Group, Ltd. (b)		4,000		3,905

				20,793

TAIWAN — 38.1%
Ability Enterprise Co., Ltd.		3,000		2,247
Accton Technology Corp.		6,000		3,267
Acer, Inc. (a)		14,000		9,730
Adlink Technology, Inc.		1,600		2,776
AGV Products Corp. (a)		8,000		2,587
Airtac International Group		1,070		7,527
Alpha Networks, Inc.		3,000		1,938
Altek Corp.		3,000		2,308
AmTRAN Technology Co., Ltd.		3,000		1,999
Apex Biotechnology Corp.		1,025		2,638
Asia Polymer		3,800		3,187
Asrock, Inc.		1,000		3,345
Aten International Co., Ltd.		1,000		2,391
Bank of Kaohsiung		10,180		3,261
Basso Industry Corp.		3,000		3,150
BES Engineering Corp.		13,000		3,887
Capital Securities Corp.		17,000		5,836
Career Technology Co., Ltd.		2,000		2,083
Cathay No. 1 REIT		7,000		4,737
Cathay Real Estate Development Co., Ltd.		10,000		6,917
Charoen Pokphand Enterprise		5,000		2,494
Cheng Loong Corp.		8,000		3,666
Cheng Uei Precision Industry Co., Ltd.		2,059		4,123
Chicony Electronics Co., Ltd.		2,484		6,192
Chien Kuo Construction Co., Ltd.		7,000		3,338
Chin-Poon Industrial Co.		4,000		7,333
China Bills Finance Corp.		7,000		2,711
China Chemical & Pharmaceutical Co., Ltd.		5,000		4,042
China Manmade Fibers Corp. (a)		9,000		3,866
China Motor Corp.		3,000		2,709
China Steel Chemical Corp.		1,000		5,885
China Synthetic Rubber Corp.		3,000		2,856
Chipbond Technology Corp.		3,000		6,179
Chong Hong Construction Co., Ltd.		2,040		6,900
Chroma ATE, Inc.		2,000		4,505
Chung Hung Steel Corp. (a)		11,000		3,259
Clevo Co.		3,241		6,314
CMC Magnetics Corp. (a)		19,000		3,335
Compal Communications, Inc.		2,000		2,942
Coretronic Corp.		4,000		3,382
CTCI Corp.		2,000		3,233
CyberTAN Technology, Inc.		3,000		3,485
D-Link Corp.		4,000		2,232
Dynapack International Technology Corp.		1,000		2,831

See accompanying notes to financial statements.

157

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

September 30, 2013


Security Description	Shares		Value

E Ink Holdings, Inc. (a)		6,000	$	3,572
Eclat Textile Co., Ltd.		20		176
Elan Microelectronics Corp.		3,000		5,114
Elite Material Co., Ltd.		5,000		4,219
Elite Semiconductor Memory Technology, Inc. (a)		3,000		4,023
Entie Commercial Bank		9,000		4,840
Epistar Corp. (a)		4,000		7,576
Eternal Chemical Co., Ltd.		4,000		3,382
Eva Airways Corp. (a)		5,000		2,841
Evergreen Marine Corp., Ltd. (a)		8,000		4,735
Everlight Chemical Industrial Corp.		4,620		4,047
Everlight Electronics Co., Ltd.		2,000		3,660
Excelsior Medical Co., Ltd.		1,100		2,269
Far Eastern Department Stores, Ltd.		5,150		5,417
Far Eastern International Bank		15,474		6,202
Faraday Technology Corp.		3,000		3,328
Farglory Land Development Co., Ltd.		2,000		3,720
Feng Hsin Iron & Steel Co., Ltd.		2,000		3,517
Feng TAY Enterprise Co., Ltd.		2,236		5,369
FLEXium Interconnect, Inc.		668		2,304
Formosa Taffeta Co., Ltd.		5,000		4,870
Formosan Rubber Group, Inc.		6,000		4,972
Formosan Union Chemical		3,700		1,746
FSP Technology, Inc.		3,000		2,882
G Tech Optoelectronics Corp.		1,000		1,999
GeoVision, Inc.		1,164		6,181
Gigabyte Technology Co., Ltd.		4,000		3,889
Gintech Energy Corp. (a)		2,000		1,982
Global Unichip Corp. (a)		1,000		2,946
Gloria Material Technology Corp.		3,509		2,629
Goldsun Development & Construction Co., Ltd.		10,000		3,957
Grand Ocean Retail Group, Ltd.		1,000		2,198
Grand Pacific Petrochemical		7,000		4,972
Great Wall Enterprise Co.		3,346		2,897
HannStar Display Corp. (a)		12,000		4,911
Hey Song Corp.		3,000		3,156
Highwealth Construction Corp.		1,370		3,021
Himax Technologies, Inc. ADR		1,000		10,000
Hiwin Technologies Corp.		1,030		6,898
Ho Tung Chemical Corp.		8,232		3,759
Hong TAI Electric Industrial		12,000		3,803
Huaku Development Co., Ltd.		2,080		6,092
Huang Hsiang Construction Co.		1,000		2,097
I-Sheng Electric Wire & Cable Co., Ltd.		3,000		4,302
Ibase Technology, Inc.		2,147		2,658
Jess-Link Products Co., Ltd.		1,000		866
Kenda Rubber Industrial Co., Ltd.		1,134		2,274
Kerry TJ Logistics Co., Ltd.		3,000		3,911
King Yuan Electronics Co., Ltd.		8,000		5,506
King’s Town Bank		6,000		5,104
Kinpo Electronics		18,000		6,940
Kinsus Interconnect Technology Corp.		2,000		7,035
LCY Chemical Corp.		3,149		3,983
Lien Hwa Industrial Corp.		5,000		3,205
Lingsen Precision Industries, Ltd.		5,000		2,663
Long Bon International Co., Ltd.		3,000		2,212
Lumax International Corp., Ltd.		1,391		3,288
Lung Yen Life Service Corp.		1,000		3,041
Macronix International Co., Ltd. (a)		20,519		4,997
Makalot Industrial Co., Ltd.		2,000		10,045
Masterlink Securities Corp.		10,000		3,237
Mercuries & Associates, Ltd.		2,376		1,760
Merida Industry Co., Ltd.		1,600		10,390
Micro-Star International Co., Ltd.		7,000		4,486
Microbio Co., Ltd.		3,394		3,868
MIN AIK Technology Co., Ltd.		1,000		3,974
Mirle Automation Corp.		2,240		1,803
Motech Industries, Inc. (a)		2,000		3,430
Nan Kang Rubber Tire Co., Ltd.		3,704		4,466
Nantex Industry Co., Ltd.		2,205		1,588
Neo Solar Power Corp. (a)		3,000		3,044
Nien Hsing Textile Co., Ltd.		4,155		4,040
Oriental Union Chemical Corp.		4,800		4,805
Pan-International Industrial Co., Ltd.		3,030		2,485
Phison Electronics Corp.		1,000		7,204
PixArt Imaging, Inc.		1,020		2,049
Portwell, Inc.		2,000		1,813
Powertech Technology, Inc.		3,000		5,641
President Securities Corp.		7,420		4,166
Prime Electronics Satellitics, Inc.		1,765		1,451
Prince Housing Development Corp.		6,050		3,438
Promate Electronic Co., Ltd.		3,000		2,963
Qisda Corp. (a)		11,000		2,567
Radiant Opto-Electronics Corp.		2,759		9,845
Realtek Semiconductor Corp.		3,100		7,570
RichTek Technology Corp.		1,000		4,786
Ritek Corp. (a)		19,000		3,309
Ruentex Industries, Ltd.		3,000		7,519
Sampo Corp.		7,000		2,304
Sanyang Industry Co., Ltd.		6,000		8,635
Senao International Co., Ltd.		1,000		3,179
Shihlin Paper Corp. (a)		2,000		3,013
Shin Zu Shing Co., Ltd.		1,000		2,205
Shinkong Synthetic Fibers Corp.		14,000		4,782
Sigurd Microelectronics Corp.		4,000		3,842
Silicon Integrated Systems Corp. (a)		5,000		1,615
Simplo Technology Co., Ltd.		1,729		8,392
Sinbon Electronics Co., Ltd.		6,000		7,052
Sinmag Bakery Machine Corp.		762		3,286
Sino-American Silicon Products, Inc. (a)		3,000		4,008
Sinon Corp.		7,000		3,587
Sinphar Pharmaceutical Co., Ltd.		2,000		3,653
Sintek Photronic Corp. (a)		5,000		1,750
Sinyi Realty Co.		1,271		2,205
Solar Applied Materials Technology Corp.		3,599		3,189
Solartech Energy Corp. (a)		2,000		1,414
Standard Foods Corp.		669		2,005
Systex Corp. (a)		3,000		4,941
Ta Chong Bank Co., Ltd. (a)		11,352		3,836
Taichung Commercial Bank		16,698		5,873
Tainan Enterprises Co., Ltd.		3,000		3,470
Tainan Spinning Co., Ltd.		8,120		4,998
Taisun Enterprise Co., Ltd. (a)		6,360		2,947
Taiwan Business Bank (a)		20,342		6,082
Taiwan Cogeneration Corp.		5,000		3,145
Taiwan Fire & Marine Insurance Co.		3,000		2,242

See accompanying notes to financial statements.

158

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

September 30, 2013


Security Description	Shares		Value

Taiwan Hon Chuan Enterprise Co., Ltd.		2,000	$	4,343
Taiwan Land Development Corp. (a)		7,430		2,789
Taiwan Secom Co., Ltd.		2,000		4,789
Taiwan Surface Mounting Technology Co., Ltd.		1,293		1,909
Tatung Co., Ltd. (a)		13,000		3,403
Teco Electric & Machinery Co., Ltd.		11,000		11,645
Test-Rite International Co.		4,246		3,210
Thye Ming Industrial Co., Ltd.		3,075		3,432
Tong Hsing Electronic Industries, Ltd.		1,000		4,955
Tong Yang Industry Co., Ltd.		3,321		4,981
Topco Scientific Co., Ltd.		2,039		3,400
Transcend Information, Inc.		2,000		6,298
Tripod Technology Corp.		3,000		5,844
TSRC Corp.		3,700		6,607
TTY Biopharm Co., Ltd.		739		2,724
Tung Ho Steel Enterprise Corp.		5,000		4,422
TXC Corp.		3,000		4,008
U-Ming Marine Transport Corp.		2,000		3,632
Unimicron Technology Corp.		7,000		5,966
Unity Opto Technology Co., Ltd. (a)		3,000		2,577
Unizyx Holding Corp. (a)		5,000		2,461
UPC Technology Corp.		5,608		2,655
USI Corp.		4,200		2,983
Ve Wong Corp.		4,000		3,051
Via Technologies, Inc. (a)		2,000		1,691
Visual Photonics Epitaxy Co., Ltd.		1,008		1,067
Walsin Lihwa Corp. (a)		21,000		6,414
Wan Hai Lines, Ltd.		6,000		3,440
Waterland Financial Holdings Co., Ltd.		12,524		4,278
Wei Chuan Food Corp.		3,000		5,855
Weikeng Industrial Co., Ltd.		3,000		2,131
Win Semiconductors Corp.		3,000		2,826
Winbond Electronics Corp. (a)		20,000		5,411
Wintek Corp. (a)		8,000		3,301
Wistron NeWeb Corp.		2,161		4,656
WPG Holdings, Ltd.		11,000		12,947
Yageo Corp.		9,100		3,232
Yang Ming Marine Transport Corp. (a)		7,000		3,208
Yieh Phui Enterprise Co., Ltd. (a)		9,180		2,931
Yuen Foong Yu Paper Manufacturing Co., Ltd.		9,000		4,505
Yungtay Engineering Co., Ltd.		2,000		5,256
Zenitron Corp.		3,000		1,892
Zinwell Corp.		3,000		3,424

				823,717

THAILAND — 6.4%
Bangkok Chain Hospital PCL		20,873		4,437
Bangkok Expressway PCL		5,232		5,771
Bumrungrad Hospital PCL		2,886		7,566
Dynasty Ceramic PCL		2,266		4,039
Esso Thailand PCL, NVDR		10,400		2,161
IRPC PCL, NVDR		186,500		18,721
Jasmine International PCL, NVDR		24,200		6,383
Kiatnakin Bank PCL, NVDR		3,500		4,755
MBK PCL, NVDR		800		3,939
Precious Shipping PCL		5,974		3,552
Pruksa Real Estate PCL		8,551		5,331
Robinson Department Store PCL, NVDR		6,900		10,478
Siam Global House PCL, NVDR		7,117		4,050
Sri Trang Agro-Industry PCL		5,666		2,355
Thai Airways International PCL		4,638		2,951
Thai Stanley Electric PCL, NVDR		700		4,923
Thai Tap Water Supply PCL		27,504		8,793
Thai Union Frozen Products PCL, NVDR		7,000		11,413
Thai Vegetable Oil PCL		7,107		4,112
Thai Vegetable Oil PCL, NVDR		20,000		11,573
Thanachart Capital PCL		5		5
Thoresen Thai Agencies PCL (a)		9,557		5,255
Tisco Financial Group PCL		3,969		4,790

				137,353

UNITED STATES — 1.0%
WNS Holdings, Ltd. ADR (a)		1,000		21,220

TOTAL COMMON STOCKS —
(Cost $2,031,825)				2,134,006

WARRANTS — 0.0% (e)
MALAYSIA — 0.0% (e)
Malaysian Resources Corp. Bhd (expiring 09/16/18) (a)		2,867		229

THAILAND — 0.0% (e)
Bangkokland PCL, NVDR (expiring 07/02/18) (a)		24,444		273

TOTAL WARRANTS —
(Cost $366)				502

SHORT TERM INVESTMENTS — 3.8%
UNITED STATES — 3.8%
MONEY MARKET FUNDS — 3.8%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		81,345		81,345
State Street Institutional Liquid Reserves Fund 0.06% (g)(h)		361		361

TOTAL SHORT TERM INVESTMENTS —
(Cost $81,706)				81,706

TOTAL INVESTMENTS — 102.5%
(Cost $2,113,897)				2,216,214
OTHER ASSETS & LIABILITIES — (2.5)%				(54,216	)

NET ASSETS — 100.0%			$	2,161,998


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

See accompanying notes to financial statements.

159

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

September 30, 2013

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

160

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.4%
RUSSIA — 99.4%
CHEMICALS — 3.0%
Phosagro OAO GDR		9,366	$	94,784
Uralkali OJSC GDR		32,640		848,640

				943,424

COMMERCIAL BANKS — 12.8%
Sberbank of Russia ADR		270,831		3,258,097
VTB Bank OJSC GDR		286,455		756,241

				4,014,338

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%
Rostelecom OJSC ADR		38,758		732,526

ELECTRIC UTILITIES — 1.3%
Federal Hydrogenerating Co. JSC ADR		257,086		403,625

ENERGY EQUIPMENT & SERVICES — 1.6%
Eurasia Drilling Co., Ltd. GDR		8,543		340,866
TMK OAO GDR		11,330		146,610

				487,476

FOOD & STAPLES RETAILING — 5.5%
Magnit OJSC GDR		21,662		1,337,628
O’Key Group SA GDR		12,330		146,727
X5 Retail Group NV GDR (a)		14,766		244,525

				1,728,880

HOUSEHOLD DURABLES — 0.5%
PIK Group GDR (a)		84,404		166,191

INTERNET SOFTWARE & SERVICES — 3.6%
Mail.ru Group, Ltd. GDR		8,497		324,586
Yandex NV (a)(b)		21,739		791,734

				1,116,320

MEDIA — 0.3%
CTC Media, Inc.		10,177		106,960

METALS & MINING — 7.8%
Evraz PLC (a)		40,880		84,737
IRC, Ltd. (a)		184,000		21,591
Magnitogorsk Iron & Steel Works GDR		24,345		77,514
Mechel OAO, ADR (a)(b)		21,495		68,999
MMC Norilsk Nickel OJSC ADR		88,198		1,272,697
Novolipetsk Steel OJSC GDR		11,836		192,335
Polymetal International PLC		21,642		229,208
Polyus Gold International, Ltd.		83,100		257,706
Severstal GDR		28,486		245,264

				2,450,051

OIL, GAS & CONSUMABLE FUELS — 48.1%
Alliance Oil Co., Ltd. SDR (a)		16,818		126,545
Exillon Energy PLC (a)		24,188		81,474
Gazprom Neft JSC ADR (a)		11,309		248,232
Gazprom OAO ADR		612,974		5,400,301
Lukoil OAO ADR (c)		46,599		2,954,377
Lukoil OAO ADR (c)		15,760		1,001,706
NovaTek OAO GDR		10,663		1,409,649
Rosneft OAO GDR		148,435		1,202,323
Surgutneftegas OJSC ADR		119,189		1,023,238
Surgutneftegas OJSC ADR Preference Shares		63,047		449,525
Tatneft OAO ADR		28,990		1,134,958

				15,032,328

PHARMACEUTICALS — 0.7%
Pharmstandard GDR (a)		15,809		224,488

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.0%
AFI Development PLC, GDR (a)		86,872		53,774
Etalon Group, Ltd. GDR (a)		21,285		103,019
LSR Group OJSC GDR		38,667		164,142

				320,935

ROAD & RAIL — 0.7%
Globaltrans Investment PLC GDR		14,201		205,915

TRANSPORTATION INFRASTRUCTURE — 0.5%
Novorossiysk Commercial Sea Trade Port PJSC GDR		17,339		140,446

WIRELESS TELECOMMUNICATION SERVICES — 9.6%
MegaFon OAO GDR		10,400		366,600
Mobile Telesystems OJSC ADR (a)		68,611		1,527,281
Sistema JSFC GDR		24,684		641,537
VimpelCom, Ltd. ADR		38,598		453,527

				2,988,945

TOTAL COMMON STOCKS —
(Cost $41,652,935)				31,062,848

SHORT TERM INVESTMENT — 1.4%
UNITED STATES — 1.4%
MONEY MARKET FUND — 1.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e) (Cost $447,919)		447,919		447,919

TOTAL INVESTMENTS — 100.8% (f)
(Cost $42,100,854)				31,510,767
OTHER ASSETS & LIABILITIES — (0.8)%				(246,788	)

NET ASSETS — 100.0%			$	31,263,979


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

161

SPDR S&P China ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co. (a)		1,900,000	$	970,194

AIRLINES — 1.0%
Air China, Ltd. (a)		3,158,000		2,137,870
China Eastern Airlines Corp., Ltd. (a)(b)		3,172,000		1,038,907
China Southern Airlines Co., Ltd. (Class H)		15,644,000		5,829,824

				9,006,601

AUTO COMPONENTS — 0.3%
Minth Group, Ltd.		724,000		1,443,304
Xinyi Glass Holdings Co., Ltd. (a)		1,742,000		1,603,822

				3,047,126

AUTOMOBILES — 2.4%
Brilliance China Automotive Holdings, Ltd. (a)(b)		3,170,000		4,757,974
BYD Co., Ltd. (a)(b)		533,000		2,378,007
Dongfeng Motor Group Co., Ltd.		3,336,300		5,067,808
Geely Automobile Holdings, Ltd. (a)		3,545,000		1,823,891
Great Wall Motor Co., Ltd. (Class H) (a)		968,500		5,251,404
Guangzhou Automobile Group Co., Ltd. (a)		2,326,637		2,523,100

				21,802,184

BEVERAGES — 0.5%
Tibet 5100 Water Resources Holdings, Ltd.		2,813,000		1,073,671
Tsingtao Brewery Co., Ltd. (a)		486,000		3,697,414

				4,771,085

CAPITAL MARKETS — 0.4%
China Everbright, Ltd.		466,000		608,102
CITIC Securities Co., Ltd. (Class H) (a)		838,000		1,681,370
Haitong Securities Co., Ltd. (Class H)		1,008,000		1,505,147

				3,794,619

CHEMICALS — 0.6%
China Bluechemical, Ltd.		2,432,000		1,433,143
China Lumena New Materials Corp. (a)		4,064,000		791,299
Huabao International Holdings, Ltd. (a)		1,636,000		687,718
Sinopec Shanghai Petrochemical Co., Ltd. (a)(b)		3,788,000		1,411,619
Yingde Gases		1,339,000		1,308,759

				5,632,538

COMMERCIAL BANKS — 20.4%
Agricultural Bank of China, Ltd. (a)		23,778,000		10,945,947
Bank of China, Ltd.		68,927,700		31,463,487
Bank of Communications Co., Ltd. (a)		7,628,824		5,607,151
China Citic Bank Corp., Ltd.		8,400,471		4,354,512
China Construction Bank Corp.		80,729,623		62,146,554
China Merchants Bank Co., Ltd. (a)		4,810,735		8,746,622
China Minsheng Banking Corp., Ltd. (Class H) (a)		4,940,500		5,905,551
Chongqing Rural Commercial Bank Co., Ltd. (a)		1,500,000		723,390
Industrial & Commercial Bank of China		76,872,789		53,626,530

				183,519,744

COMMERCIAL SERVICES & SUPPLIES — 0.2%
China Everbright International, Ltd. (a)		1,950,000		1,722,404

COMMUNICATIONS EQUIPMENT — 0.8%
AAC Technologies Holdings, Inc. (a)		797,245		3,623,771
China All Access Holdings, Ltd. (a)		2,780,000		1,039,567
China Wireless Technologies, Ltd.		1,540,000		615,591
ZTE Corp. (a)(b)		849,198		1,756,399

				7,035,328

COMPUTERS & PERIPHERALS — 0.8%
Lenovo Group, Ltd. (a)		6,780,000		7,090,230
TPV Technology, Ltd.		1,792,000		367,405

				7,457,635

CONSTRUCTION & ENGINEERING — 1.7%
China Communications Construction Co., Ltd. (Class H)		5,370,394		4,238,063
China Railway Construction Corp. (Class H) (a)		2,276,875		2,407,481
China Railway Group, Ltd.		5,667,000		3,098,338
China State Construction International Holdings, Ltd.		1,944,000		3,128,388
Metallurgical Corp. of China, Ltd. (a)(b)		4,852,000		944,730
Sinopec Engineering Group Co., Ltd. (b)		1,313,000		1,606,722

				15,423,722

CONSTRUCTION MATERIALS — 1.1%
Anhui Conch Cement Co., Ltd. (a)		1,451,000		4,658,827
BBMG Corp.		852,000		570,186
China National Building Material Co., Ltd. (a)		3,394,000		3,260,453
China Resources Cement Holdings, Ltd. (a)		1,010,000		670,716
China Shanshui Cement Group, Ltd.		1,818,000		700,930

				9,861,112

DIVERSIFIED CONSUMER SERVICES — 0.5%
New Oriental Education & Technology Group, Inc. ADR		134,080		3,338,592
TAL Education Group, ADR		81,686		1,184,447

				4,523,039

DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,163,000		767,820

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8%
China Communications Services Corp., Ltd. (Class H)		2,111,600		1,233,444
China Telecom Corp., Ltd.		15,296,951		7,613,809

See accompanying notes to financial statements.

162

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

September 30, 2013


Security Description	Shares		Value

China Unicom (Hong Kong), Ltd. (a)		4,843,805	$	7,557,564

				16,404,817

ELECTRICAL EQUIPMENT — 0.4%
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		1,336,000		568,500
Shanghai Electric Group Co., Ltd. (a)		3,800,000		1,352,391
Zhuzhou CSR Times Electric Co., Ltd. (a)		489,000		1,588,983

				3,509,874

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%
Anxin-China Holdings, Ltd.		2,828,000		886,126
Avic International Holdings, Ltd. (b)		1,890,000		716,504
Digital China Holdings, Ltd. (a)		971,000		1,189,468
Ju Teng International Holdings, Ltd. (a)		1,008,000		591,401
Kingboard Chemical Holdings, Ltd.		803,999		2,067,238
Sunny Optical Technology Group Co., Ltd. (a)		456,000		475,689

				5,926,426

ENERGY EQUIPMENT & SERVICES — 0.6%
Anton Oilfield Services Group (a)		964,000		638,925
China Oilfield Services, Ltd.		1,699,900		4,261,176
Honghua Group, Ltd. (a)		1,348,000		394,571
SPT Energy Group, Inc.		980,000		495,361

				5,790,033

FOOD & STAPLES RETAILING — 0.8%
China Resources Enterprise, Ltd. (a)		1,453,854		4,621,123
Sun Art Retail Group Ltd. (a)		1,312,000		1,881,258
Wumart Stores, Inc. (a)		493,000		878,547

				7,380,928

FOOD PRODUCTS — 3.4%
Asian Citrus Holdings, Ltd.		1,509,323		521,587
Biostime International Holdings, Ltd.		184,000		1,391,540
China Agri-Industries Holdings, Ltd.		2,116,600		998,918
China Mengniu Dairy Co., Ltd.		1,453,110		6,511,231
China Milk Products Group, Ltd. (b)(c)		15,000		0
China Modern Dairy Holdings, Ltd. (a)(b)		2,646,000		1,033,814
China Yurun Food Group, Ltd. (b)		1,456,000		936,853
CP Pokphand Co. (a)		4,348,000		426,101
People’s Food Holdings, Ltd. (a)		872,000		802,678
Shenguan Holdings Group, Ltd. (a)		1,924,000		823,669
Tingyi Cayman Islands Holding Corp. (a)		2,179,844		5,776,264
Uni-President China Holdings, Ltd. (a)		658,000		655,866
Want Want China Holdings, Ltd.		7,064,933		10,731,567

				30,610,088

GAS UTILITIES — 0.6%
China Gas Holdings, Ltd.		2,130,000		2,320,845
China Oil and Gas Group, Ltd.		2,560,000		363,113
China Resources Gas Group, Ltd. (a)		1,216,000		3,110,893

				5,794,851

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Mindray Medical International, Ltd. ADR (a)		106,108		4,126,540
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		1,920,000		1,884,064

				6,010,604

HEALTH CARE PROVIDERS & SERVICES — 0.4%
Shanghai Pharmaceuticals Holding Co., Ltd.		806,500		1,549,532
Sinopharm Group Co., Ltd. (Class H)		771,600		1,936,176

				3,485,708

HOTELS, RESTAURANTS & LEISURE — 0.5%
Ajisen China Holdings, Ltd. (a)		484,000		485,551
China Travel International Investment Hong Kong, Ltd.		5,042,000		988,226
Home Inns & Hotels Management, Inc. ADR (b)		32,141		1,067,081
REXLot Holdings, Ltd.		5,750,000		452,280
Shanghai Jin Jiang International Hotels Group Co., Ltd.		5,910,000		1,059,283

				4,052,421

HOUSEHOLD DURABLES — 0.4%
Haier Electronics Group Co., Ltd.		1,170,000		2,266,030
Skyworth Digital Holdings, Ltd. (a)		2,002,497		955,396

				3,221,426

HOUSEHOLD PRODUCTS — 0.2%
NVC Lighting Holdings, Ltd.		2,364,000		588,322
Vinda International Holdings, Ltd.		630,000		890,350

				1,478,672

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.8%
Beijing Jingneng Clean Energy Co., Ltd. (Class H) (a)		1,538,000		581,077
China Datang Corp. Renewable Power Co., Ltd. (a)		2,323,000		440,328
China Longyuan Power Group Corp. (Class H)		2,543,000		2,642,964
China Power International Development, Ltd. (a)		2,816,000		1,063,923
China Resources Power Holdings Co., Ltd.		1,940,112		4,613,149
Datang International Power Generation Co., Ltd.		4,854,287		2,140,727
Huaneng Power International, Inc.		3,642,129		3,635,014
Huaneng Renewables Corp., Ltd. (Class H)		2,800,000		989,278

				16,106,460

INDUSTRIAL CONGLOMERATES — 1.1%
Beijing Enterprises Holdings, Ltd.		540,500		3,902,955
Citic Pacific, Ltd. (a)		2,079,000		2,696,884
Shanghai Industrial Holdings, Ltd.		899,000		2,979,220

				9,579,059

INSURANCE — 5.6%
China Life Insurance Co., Ltd.		7,487,040		19,405,105

See accompanying notes to financial statements.

163

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

September 30, 2013


Security Description	Shares		Value

China Pacific Insurance Group Co., Ltd. (Class H)		1,655,800	$	5,935,571
China Taiping Insurance Holdings Co., Ltd. (b)		1,103,000		1,575,887
New China Life Insurance Co. Ltd. (b)		386,800		1,109,753
People’s Insurance Co. Group of China, Ltd. (Class H) (a)		5,478,000		2,571,184
PICC Property & Casualty Co., Ltd. (a)		3,655,742		4,959,080
Ping An Insurance Group Co. of China, Ltd. (a)		1,937,300		14,401,442

				49,958,022

INTERNET & CATALOG RETAIL — 1.1%
Ctrip.com International, Ltd. ADR (b)		133,988		7,828,919
E-Commerce China Dangdang, Inc. ADR (a)(b)		67,568		708,112
Vipshop Holdings, Ltd. ADS (a)(b)		19,766		1,122,709

				9,659,740

INTERNET SOFTWARE & SERVICES — 13.5%
21Vianet Group, Inc. ADR (b)		58,996		972,844
Baidu, Inc. ADR (b)		264,969		41,117,890
NetEase, Inc. ADR		74,864		5,435,875
Phoenix New Media, Ltd. ADR (b)		50,625		569,531
Qihoo 360 Technology Co., Ltd. ADR (b)		73,921		6,150,227
Sina Corp. (a)(b)		68,102		5,527,839
Sohu.com, Inc. (b)		40,495		3,192,221
SouFun Holdings, Ltd. ADR (a)		17,144		885,316
Tencent Holdings, Ltd.		1,013,283		53,152,231
Youku Tudou, Inc. ADR (a)(b)		119,024		3,261,258
YY, Inc. ADR (a)(b)		11,497		537,830

				120,803,062

IT SERVICES — 0.2%
Travelsky Technology, Ltd.		1,802,000		1,447,613

MACHINERY — 1.2%
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd. (a)		1,175,800		1,018,855
China International Marine Containers Group Co., Ltd. (Class H)		677,000		1,213,426
CIMC Enric Holdings, Ltd.		724,000		970,916
Haitian International Holdings, Ltd.		683,000		1,569,417
Lonking Holdings, Ltd. (a)(b)		3,029,000		632,738
Weichai Power Co., Ltd. (a)		638,920		2,496,312
Yangzijiang Shipbuilding Holdings, Ltd. (a)		3,019,000		2,634,633

				10,536,297

MARINE — 0.4%
China COSCO Holdings Co., Ltd. (a)(b)		3,340,675		1,654,152
China Shipping Container Lines Co., Ltd. (a)(b)		4,343,500		1,136,961
China Shipping Development Co., Ltd. (a)(b)		1,635,800		862,707

				3,653,820

METALS & MINING — 1.5%
Aluminum Corp. of China, Ltd. (a)(b)		5,386,000		2,000,178
Angang Steel Co., Ltd. (a)(b)		1,783,720		1,058,021
China Metal Recycling Holdings, Ltd. (a)(b)		468,600		0
China Molybdenum Co., Ltd. (a)		1,823,000		709,910
Jiangxi Copper Co., Ltd. (Class H) (a)		1,930,000		3,792,731
Maanshan Iron & Steel (a)(b)		3,902,000		955,984
North Mining Shares Co., Ltd. (b)		11,560,000		521,718
Shougang Fushan Resources Group, Ltd. (a)		3,540,000		1,191,389
Zhaojin Mining Industry Co., Ltd. (a)		1,204,000		1,071,236
Zijin Mining Group Co., Ltd. (Class H) (a)		8,930,750		2,141,957

				13,443,124

MULTILINE RETAIL — 0.3%
Golden Eagle Retail Group, Ltd. (a)		816,120		1,273,354
Intime Retail Group Co., Ltd. (a)		914,500		999,976
Parkson Retail Group, Ltd. (a)		1,939,000		815,089

				3,088,419

OIL, GAS & CONSUMABLE FUELS — 10.9%
China Coal Energy Co., Ltd (a)		4,887,013		2,923,959
China Petroleum & Chemical Corp.		24,394,640		19,093,823
China Shenhua Energy Co., Ltd.		3,566,700		10,853,964
CNOOC, Ltd.		15,934,174		32,422,489
Inner Mongolia Yitai Coal Co., Ltd. (a)		558,800		1,017,422
Kunlun Energy Co., Ltd.		2,941,400		4,111,433
Newocean Energy Holdings, Ltd.		840,000		561,072
PetroChina Co., Ltd.		21,008,930		23,189,292
Sinopec Kantons Holdings, Ltd.		1,224,000		1,052,730
United Energy Group, Ltd. (a)(b)		3,132,000		504,826
Yanzhou Coal Mining Co., Ltd. (a)		2,433,900		2,429,145

				98,160,155

PAPER & FOREST PRODUCTS — 0.3%
Lee & Man Paper Manufacturing, Ltd. (a)		2,304,000		1,348,802
Nine Dragons Paper Holdings, Ltd. (a)		1,930,000		1,361,302

				2,710,104

PERSONAL PRODUCTS — 1.1%
Hengan International Group Co., Ltd.		786,000		9,192,627
Magic Holdings International, Ltd.		764,000		595,031

				9,787,658

PHARMACEUTICALS — 0.9%
China Medical System Holdings, Ltd. (a)		921,000		787,377
China Shineway Pharmaceutical Group, Ltd.		352,000		511,082
Guangzhou Baiyunshan Pharmaceu (a)(b)		248,000		1,085,679

See accompanying notes to financial statements.

164

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

September 30, 2013


Security Description	Shares		Value

Sihuan Pharmaceutical Holdings Group, Ltd.		2,269,000	$	1,556,524
Sino Biopharmaceutical		2,960,000		2,003,830
WuXi PharmaTech Cayman, Inc. ADR (b)		83,698		2,293,325

				8,237,817

REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.8%
Agile Property Holdings, Ltd.		2,089,109		2,300,535
China Overseas Grand Oceans Group, Ltd. (a)		500,000		608,628
China Overseas Land & Investment, Ltd. (a)		4,083,862		12,032,810
China Resources Land, Ltd. (a)		2,178,000		6,192,646
China South City Holdings, Ltd. (a)		4,484,000		1,433,927
Country Garden Holdings Co., Ltd. (a)		7,937,657		5,076,727
E-House China Holdings, Ltd.		73,921		677,856
Evergrande Real Estate Group, Ltd. (a)(b)		4,490,000		1,875,863
Greentown China Holdings, Ltd. (a)		507,000		953,181
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		1,289,424		2,015,154
Hopson Development Holdings, Ltd. (b)		500,000		595,088
Kaisa Group Holdings, Ltd. (a)(b)		1,506,000		419,458
Longfor Properties Co., Ltd.		1,041,500		1,651,864
Poly Hong Kong Investments, Ltd. (a)		1,569,000		942,798
Renhe Commercial Holdings Co., Ltd. (b)		12,816,000		735,398
Shenzhen Investment, Ltd.		1,985,077		803,742
Shimao Property Holdings, Ltd. (a)		1,472,441		3,387,213
Shui On Land, Ltd.		4,061,500		1,304,054
Sino-Ocean Land Holdings, Ltd. (a)		4,376,531		2,573,384
Soho China, Ltd. (a)		1,248,500		1,073,802
Sunac China Holdings, Ltd.		1,487,000		964,470
Yanlord Land Group, Ltd. (a)		1,367,000		1,334,589
Yuexiu Property Co., Ltd.		7,538,000		2,070,358
Yuzhou Properties Co.		3,431,840		774,417

				51,797,962

ROAD & RAIL — 0.2%
Guangshen Railway Co., Ltd.		2,960,000		1,553,445

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0%
GCL Poly Energy Holdings, Ltd. (a)(b)		6,389,000		1,845,401
Hanergy Solar Group, Ltd. (a)(b)		10,260,000		1,852,188
Semiconductor Manufacturing International Corp. (b)		25,949,000		1,739,938
Spreadtrum Communications, Inc. ADR		44,272		1,348,525
Trina Solar, Ltd. ADR (a)(b)		73,619		1,138,150
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		108,814		755,169

				8,679,371

SOFTWARE — 0.7%
AsiaInfo-Linkage, Inc. (b)		93,981		1,084,541
Giant Interactive Group, Inc. ADR		129,892		1,184,615
Kingsoft Corp., Ltd.		756,000		1,793,698
NetDragon Websoft, Inc.		283,500		767,683
NQ Mobile, Inc. ADR (a)(b)		36,406		793,287
Perfect World Co., Ltd. ADR		44,575		887,043

				6,510,867

SPECIALTY RETAIL — 1.1%
Baoxin Auto Group, Ltd. (a)		824,000		767,139
Belle International Holdings, Ltd. (a)		4,251,000		6,172,190
GOME Electrical Appliances Holding, Ltd. (a)		8,812,000		1,124,915
Hengdeli Holdings, Ltd. (a)		3,524,895		845,413
Zhongsheng Group Holdings, Ltd.		711,000		1,120,342

				10,029,999

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Anta Sports Products, Ltd. (a)		710,000		914,605
Bosideng International Holdings, Ltd. (a)		4,374,000		1,054,703
China Dongxiang Group Co.		5,359,000		836,140
Li Ning Co., Ltd. (a)(b)		1,214,500		955,294
Ports Design, Ltd.		655,500		461,504
Shenzhou International Group Holdings, Ltd.		361,000		1,170,725

				5,392,971

TRANSPORTATION INFRASTRUCTURE — 2.2%
Anhui Expressway Co., Ltd.		2,398,000		1,298,698
Beijing Capital International Airport Co., Ltd.		2,431,939		1,593,038
China Merchants Holdings International Co., Ltd.		1,454,172		5,287,796
COSCO Pacific, Ltd.		2,176,568		3,328,639
Jiangsu Expressway Co., Ltd. (a)		3,396,795		4,007,747
Shenzhen Expressway Co., Ltd.		2,736,000		1,040,754
Shenzhen International Holdings, Ltd.		7,313,785		877,071
Zhejiang Expressway Co., Ltd. (Class H)		2,200,000		2,025,493

				19,459,236

WATER UTILITIES — 0.5%
Beijing Enterprises Water Group, Ltd. (a)		4,374,000		1,821,760
Guangdong Investment, Ltd. (a)		3,406,000		2,925,019

				4,746,779

WIRELESS TELECOMMUNICATION SERVICES — 6.4%
China Mobile, Ltd.		5,129,004		57,307,492

TOTAL COMMON STOCKS —
(Cost $921,986,600)				895,650,471

SHORT TERM INVESTMENTS — 11.2%
UNITED STATES — 11.2%
MONEY MARKET FUNDS — 11.2%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		100,375,105		100,375,105

See accompanying notes to financial statements.

165

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

September 30, 2013


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		15,502	$	15,502

TOTAL SHORT TERM INVESTMENTS —
(Cost $100,390,607)				100,390,607

TOTAL INVESTMENTS — 111.0% (g)
(Cost $1,022,377,207)				996,041,078
OTHER ASSETS & LIABILITIES — (11.0)%				(98,418,467	)

NET ASSETS — 100.0%			$	897,622,611


(a)		A portion of the security was on loan at September 30, 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)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying notes to financial statements.

166

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

September 30, 2013

GEOGRAPHICAL BREAKDOWN AS OF
SEPTEMBER 30, 2013 (Unaudited)


	PERCENT OF
COUNTRY	NET ASSETS

China		73.7	%
Hong Kong		26.1
United States Short Term Investments		11.2
Other Assets And Liabilities		(11.0	)

Total		100.0	%

See accompanying notes to financial statements.

167

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 97.8%
BRAZIL — 12.4%
All America Latina Logistica SA		11,055	$	43,504
Anhanguera Educacional Participacoes SA		4,699		27,991
Banco Bradesco SA Preference Shares ADR (a)		135,264		1,877,464
Banco do Brasil SA		35,931		417,249
Banco Santander Brasil SA		14,066		94,403
BM&FBOVESPA SA		84,523		470,068
BR Malls Participacoes SA		31,124		281,033
Bradespar SA Preference Shares		22,000		243,121
Brasil Brokers Participacoes SA		8,535		22,046
Braskem SA Preference Shares ADR (a)(b)		8,516		135,830
BRF — Brasil Foods SA ADR		24,226		594,264
CCR SA		18,544		144,533
Centrais Eletricas Brasileiras SA ADR (a)		27,272		76,634
Cia Hering		2,151		32,506
Cielo SA		5,357		144,246
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		10,778		496,004
Companhia de Bebidas das Americas Preference Shares ADR		66,147		2,536,738
Companhia de Saneamento Basico do Estado de Sao Paulo		34,640		336,744
Companhia Energetica de Minas Gerais ADR (a)		46,532		402,037
Companhia Energetica de Sao Paulo Preference Shares		2,699		28,675
Companhia Siderurgica Nacional SA ADR (a)		69,739		297,786
Cosan SA Industria e Comercio		8,700		166,961
Cyrela Brazil Realty SA		24,511		184,434
Cyrela Commercial Properties SA Empreendimentos e Participacoes		2,267		21,244
Diagnosticos da America SA		10,038		52,669
Duratex SA		16,367		96,979
Empresa Brasileira de Aeronautica SA		37,433		299,659
Estacio Participacoes SA		4,297		33,240
Fibria Celulose SA ADR (a)(b)		13,418		154,575
Gafisa SA (b)		5,939		9,551
Gerdau SA ADR		51,940		387,473
Hypermarcas SA		2,273		18,257
Investimentos Itau SA		50,786		240,692
Investimentos Itau SA Preference Shares		266,501		1,077,473
Itau Unibanco Holding SA Preference Shares ADR		163,752		2,312,178
JBS SA		9,824		34,202
Klabin SA Preference Shares		2,395		12,545
Kroton Educacional SA		8,338		118,025
LLX Logistica SA (b)		4,211		3,121
Lojas Americanas SA Preference Shares		28,071		205,295
Lojas Renner SA		15,853		452,434
Metalurgica Gerdau SA Preference Shares		27,317		259,665
MMX Mineracao e Metalicos SA (b)		14,885		10,365
MRV Engenharia e Participacoes SA		4,751		19,443
Natura Cosmeticos SA		13,393		297,816
OGX Petroleo e Gas Participacoes SA (b)		48,002		4,528
Oi SA ADR (c)		5,050		9,797
Oi SA ADR (a)(c)		26,705		49,137
PDG Realty SA Empreendimentos e Participacoes (b)		31,545		34,860
Petroleo Brasileiro SA ADR (a)(c)		104,335		1,745,525
Petroleo Brasileiro SA ADR (c)		68,622		1,062,955
Profarma Distribuidora de Produtos Farmaceuticos SA		1,500		11,927
Qualicorp SA (b)		1,914		17,411
Souza Cruz SA		44,219		525,412
Telefonica Brasil SA ADR (a)		9,809		220,114
Telefonica Brasil SA Preference Shares		24,739		546,446
Tim Participacoes SA ADR		10,800		254,556
Tractebel Energia SA ADR		12,407		204,159
Ultrapar Participacoes SA		10,796		265,093
Usinas Siderurgicas de Minas Gerais SA ADR (b)		40,812		191,816
Vale SA ADR (a)		72,553		1,132,552
Vale SA Preference Shares ADR		131,408		1,867,308
Weg SA		21,751		263,820

				23,578,588

CHILE — 2.1%
Antarchile SA		15,583		238,702
Compania General de Electricidad SA		37,422		230,327
Empresa Electrica Pilmaiquen		18,990		92,436
Empresa Nacional de Electricidad SA ADR		8,031		337,222
Empresas COPEC SA		35,872		506,017
Empresas Iansa SA		385,175		16,377
Enersis SA ADR		30,828		495,098
Enjoy SA		167,029		23,761
Invexans SA		816,973		20,452
Latam Airlines Group SA, ADR (a)		20,593		310,542
Madeco SA (b)		954,395		9,500
Multiexport Foods SA (b)		151,965		31,098
Parque Arauco SA		200,613		385,821
SACI Falabella		108,733		1,045,582
Socovesa SA		65,123		17,985
Vina Concha y Toro SA ADR		5,270		193,936

				3,954,856

CHINA — 16.5%
Agricultural Bank of China, Ltd. (a)		736,000		338,810
Air China, Ltd. (a)		180,000		121,855
Aluminum Corp. of China, Ltd. (a)(b)		300,000		111,410
Angang Steel Co., Ltd. (a)(b)		62,640		37,155
Anhui Conch Cement Co., Ltd. (a)		180,000		577,939
Anton Oilfield Services Group (a)		34,000		22,535
Avic International Holdings, Ltd. (b)		58,000		21,988
Baidu, Inc. ADR (b)		16,752		2,599,575
Bank of China, Ltd.		2,372,900		1,083,160
Bank of Communications Co., Ltd. (a)		479,864		352,698

See accompanying notes to financial statements.

168

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

September 30, 2013


Security Description	Shares		Value

Beijing Jingneng Clean Energy Co., Ltd. (Class H)		40,000	$	15,113
BOE Technology Group Co., Ltd. (Class B) (b)		35,500		8,697
Brilliance China Automotive Holdings, Ltd. (a)(b)		134,000		201,126
BYD Co., Ltd. (a)(b)		12,500		55,769
China Citic Bank Corp., Ltd.		336,000		174,171
China Coal Energy Co., Ltd (a)		300,000		179,494
China Communications Construction Co., Ltd. (Class H)		275,000		217,017
China Communications Services Corp., Ltd. (Class H)		56,000		32,711
China Construction Bank Corp.		3,422,280		2,634,509
China COSCO Holdings Co., Ltd. (a)(b)		210,425		104,193
China Datang Corp. Renewable Power Co., Ltd.		78,000		14,785
China Fangda Group Co., Ltd.		89,100		34,582
China Life Insurance Co., Ltd.		514,000		1,332,199
China Longyuan Power Group Corp. (Class H)		97,000		100,813
China Merchants Bank Co., Ltd. (a)		308,695		561,253
China Minsheng Banking Corp., Ltd. (Class H) (a)		193,500		231,297
China National Accord Medicines Corp., Ltd.		1,900		8,558
China National Building Material Co., Ltd. (a)		60,000		57,639
China Oilfield Services, Ltd.		240,000		601,613
China Pacific Insurance Group Co., Ltd. (Class H)		39,400		141,238
China Petroleum & Chemical Corp.		1,500,200		1,174,215
China Railway Construction Corp. (Class H) (a)		150,000		158,604
China Railway Group, Ltd.		270,000		147,618
China Shenhua Energy Co., Ltd.		240,000		730,353
China Shipping Container Lines Co., Ltd. (a)(b)		484,350		126,784
China Shipping Development Co., Ltd. (a)(b)		120,000		63,287
China Telecom Corp., Ltd.		1,082,000		538,548
China Vanke Co., Ltd. (Class B)		45,500		83,254
China Wireless Technologies, Ltd.		72,000		28,781
Chongqing Changan Automobile Co., Ltd. (Class B)		41,000		62,596
Chongqing Machinery & Electric Co., Ltd.		42,000		5,199
Coland Holdings, Ltd.		11,000		30,730
Country Garden Holdings Co., Ltd.		214,000		136,869
Ctrip.com International, Ltd. ADR (b)		12,113		707,763
Datang International Power Generation Co., Ltd.		360,000		158,759
Dongfang Electric Corp., Ltd. (a)		12,000		17,485
Dongfeng Motor Group Co., Ltd.		300,000		455,697
Great Wall Motor Co., Ltd. (Class H) (a)		48,250		261,621
Guangdong Electric Power Development Co. Ltd.		70,100		38,868
Guangshen Railway Co., Ltd.		240,000		125,955
Guangzhou Automobile Group Co., Ltd. (a)		140,636		152,511
Guangzhou Baiyunshan Pharmaceu (a)(b)		6,000		26,266
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		108,000		168,786
Guodian Technology & Environment Group Co., Ltd. (Class H)		25,000		5,061
Hainan Meilan International Airport Co., Ltd. (Class H)		17,000		16,594
Hangzhou Steam Turbine Co.		15,400		21,089
Harbin Electric Co., Ltd.		60,000		36,982
Hengan International Group Co., Ltd.		21,000		245,605
Huadian Power International Co.		360,000		143,440
Huaneng Power International, Inc.		300,000		299,414
Huaneng Renewables Corp., Ltd. (Class H)		116,000		40,984
Huangshan Tourism Development Co., Ltd.		27,800		34,222
Industrial & Commercial Bank of China		3,314,590		2,312,261
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		9,000		18,054
Jiangsu Expressway Co., Ltd. (a)		182,000		214,735
Jiangsu Future Land Co., Ltd.		71,500		45,117
Jiangxi Copper Co., Ltd. (Class H) (a)		62,000		121,839
Kingsoft Corp., Ltd. (a)		27,000		64,061
Konka Group Co., Ltd.		276,600		93,803
Lao Feng Xiang Co., Ltd. (Class B)		7,700		18,742
Livzon Pharmaceutical, Inc. (Class B)		2,900		13,529
Maanshan Iron & Steel (a)(b)		180,000		44,100
Mindray Medical International, Ltd. ADR (a)		2,476		96,292
NetEase, Inc. ADR		7,150		519,161
New Oriental Education & Technology Group, Inc. ADR		4,889		121,736
Nine Dragons Paper Holdings, Ltd. (a)		90,000		63,480
Parkson Retail Group, Ltd. (a)		74,634		31,374
People’s Food Holdings, Ltd.		7,000		6,444
People’s Insurance Co. Group of China, Ltd. (Class H) (a)		147,000		68,997
PetroChina Co., Ltd.		1,320,000		1,456,993
PICC Property & Casualty Co., Ltd.		287,712		390,286
Ping An Insurance Group Co. of China, Ltd. (a)		84,000		624,437
Renhe Commercial Holdings Co., Ltd. (a)(b)		280,000		16,067
Semiconductor Manufacturing International Corp. (a)(b)		1,016,000		68,125
Shandong Chenming Paper Holdings Ltd. (Class B)		12,800		6,321
Shandong Luoxin Pharmacy Stock Co., Ltd. (Class H)		8,000		8,841
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		80,000		78,503
Shanghai Dajiang Group, Class B (b)		238,401		82,725
Shanghai Electric Group Co., Ltd. (a)		340,000		121,003

See accompanying notes to financial statements.

169

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

September 30, 2013


Security Description	Shares		Value

Shanghai Jinjiang International Industrial Investment Co. Ltd.		33,000	$	28,380
Shanghai Jinqiao Export Processing Zone Development Co. Ltd.		66,534		72,855
Shenzhen Expressway Co., Ltd.		240,000		91,294
Shenzhou International Group Holdings, Ltd.		6,000		19,458
Sihuan Pharmaceutical Holdings Group, Ltd. (a)		15,000		10,290
Simcere Pharmaceutical Group, ADR (b)		1,200		11,364
Sina Corp. (a)(b)		3,434		278,738
Sinopec Shanghai Petrochemical Co., Ltd. (a)(b)		240,000		89,437
Sinopharm Group Co., Ltd. (Class H) (a)		18,000		45,167
Soho China, Ltd. (a)		21,000		18,062
SPT Energy Group, Inc. (a)		20,000		10,109
Suntech Power Holdings Co., Ltd. ADR (a)(b)		6,589		11,201
Tencent Holdings, Ltd.		64,600		3,388,623
Tingyi Cayman Islands Holding Corp. (a)		180,000		476,973
Tong Ren Tang Technologies Co., Ltd. (a)		5,000		16,118
Travelsky Technology, Ltd.		219,000		175,931
Want Want China Holdings, Ltd.		332,000		504,305
Weiqiao Textile Co. (a)		75,500		44,296
WuXi PharmaTech Cayman, Inc. ADR (b)		600		16,440
Yanzhou Coal Mining Co., Ltd. (a)		180,000		179,648
Youku Tudou, Inc. ADR (a)(b)		4,499		123,273
Zhejiang Expressway Co., Ltd. (Class H)		240,000		220,963
Zhejiang Southeast Electric Power Co. (b)		170,300		144,755
Zhuzhou CSR Times Electric Co., Ltd. (a)		20,000		64,989
Zijin Mining Group Co., Ltd. (Class H) (a)		363,000		87,062
ZTE Corp. (a)(b)		78,873		163,133

				31,217,732

COLOMBIA — 0.9%
Almacenes Exito SA		6,091		104,227
Banco Davivienda SA Preference Shares		10,237		135,971
Banco de Bogota SA		2,805		99,469
Bancolombia SA		9,510		134,197
BanColombia SA ADR		3,428		197,247
Bolsa de Valores de Colombia		6,207,345		75,870
Cementos Argos SA		6,763		35,477
Corp Financiera Colombiana SA		2,804		57,601
Ecopetrol SA		47,712		109,625
Empresa de Telecomunicaciones de Bogota		180,285		36,884
Fabricato SA (b)(d)		1,475,211		7,893
Grupo Argos SA		2,734		32,327
Grupo Aval Acciones y Valores		272,170		198,456
Grupo de Inversiones Suramericana SA		3,998		79,947
Grupo Nutresa SA		3,434		49,034
Grupo Odinsa SA		15,765		72,775
Interbolsa SA/Colombia (b)(d)		52,588		0
Interconexion Electrica SA ESP		13,871		68,762
Isagen SA ESP (b)		61,143		93,657
Tableros y Maderas de Caldas SA (d)		26,003,993		109,129

				1,698,548

CZECH REPUBLIC — 0.4%
CEZ AS		12,494		322,668
Komercni Banka AS		1,316		292,592
Telefonica O2 Czech Republic AS		8,787		139,348
Unipetrol (b)		8,902		80,302

				834,910

EGYPT — 0.4%
Commercial International Bank Egypt SAE		87,176		478,791
Egyptian Financial Group-Hermes Holding (b)		45,606		48,706
Egyptian Kuwait Holding Co.		37,201		31,993
Global Telecom Holding (b)		80,403		128,587
Orascom Telecom Holding SAE GDR (b)(e)		66		207
Orascom Telecom Media & Technology Holding SAE		40,717		3,486

				691,770

HONG KONG — 6.9%
AAC Technologies Holdings, Inc. (a)		76,500		347,721
Agile Property Holdings, Ltd.		180,000		198,217
AMVIG Holdings, Ltd.		36,000		15,551
AviChina Industry & Technology Co. (a)		84,000		42,893
Beijing Capital International Airport Co., Ltd. (a)		180,000		117,909
Beijing Capital Land, Ltd.		24,000		8,541
Beijing Enterprises Holdings, Ltd.		11,500		83,042
Beijing Enterprises Water Group, Ltd. (a)		46,000		19,159
Belle International Holdings, Ltd.		156,000		226,502
Biostime International Holdings, Ltd.		5,000		37,814
C.banner International Holdings, Ltd.		12,000		4,364
Chailease Holding Co., Ltd.		28,000		65,722
Chaoda Modern Agriculture Holdings, Ltd. (a)(b)(f)		136,550		0
China All Access Holdings, Ltd.		28,000		10,470
China Everbright International, Ltd. (a)		67,000		59,180
China Gas Holdings, Ltd. (a)		96,000		104,601
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		35,000		14,893
China Medical System Holdings, Ltd. (a)		67,000		57,279
China Mengniu Dairy Co., Ltd.		90,000		403,280
China Merchants Holdings International Co., Ltd.		69,099		251,264
China Mobile Games & Entertainment Group, Ltd. ADR (b)		68		788
China Mobile, Ltd.		325,500		3,636,883

See accompanying notes to financial statements.

170

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

September 30, 2013


Security Description	Shares		Value

China Modern Dairy Holdings, Ltd. (a)(b)		92,000	$	35,945
China Oil and Gas Group, Ltd.		120,000		17,021
China Overseas Grand Oceans Group, Ltd. (a)		25,000		30,431
China Overseas Land & Investment, Ltd. (a)		243,200		716,572
China Power International Development, Ltd. (a)		300,000		113,344
China Resources Enterprise, Ltd.		60,000		190,712
China Resources Gas Group, Ltd. (a)		8,000		20,466
China Resources Land, Ltd. (a)		120,000		341,193
China Resources Power Holdings Co., Ltd.		125,600		298,649
China Singyes Solar Technologies Holdings, Ltd.		8,000		8,902
China State Construction International Holdings, Ltd. (a)		14,000		22,530
China Taiping Insurance Holdings Co., Ltd. (b)		8,800		12,573
China Travel International Investment Hong Kong, Ltd.		300,000		58,800
China Unicom (Hong Kong), Ltd.		245,668		383,304
China Yurun Food Group, Ltd. (b)		12,000		7,721
Citic Pacific, Ltd. (a)		60,000		77,832
CITIC Telecom International Holdings, Ltd.		32,000		9,160
CNOOC, Ltd.		985,000		2,004,255
Comba Telecom Systems Holdings, Ltd. (a)(b)		32,780		10,863
COSCO Pacific, Ltd.		125,141		191,379
Digital China Holdings, Ltd.		32,000		39,200
GCL Poly Energy Holdings, Ltd. (a)(b)		156,000		45,059
Geely Automobile Holdings, Ltd. (a)		110,000		56,595
Greatview Aseptic Packaging Co., Ltd.		10,000		5,712
Greentown China Holdings, Ltd. (a)		24,500		46,061
Guangdong Investment, Ltd. (a)		242,000		207,826
Haier Electronics Group Co., Ltd.		7,000		13,557
Hanergy Solar Group, Ltd. (a)(b)		350,000		63,184
Hengdeli Holdings, Ltd. (a)		785,600		188,419
Honghua Group, Ltd. (a)		14,000		4,098
Hopson Development Holdings, Ltd. (a)(b)		26,000		30,945
Hua Han Bio-Pharmaceutical Holdings, Ltd. (a)		92,000		22,540
Huabao International Holdings, Ltd. (a)		35,000		14,713
Ju Teng International Holdings, Ltd. (a)		34,000		19,948
Kaisa Group Holdings, Ltd. (a)(b)		31,000		8,634
Kingboard Chemical Holdings, Ltd.		57,340		147,432
Kingboard Laminates Holdings, Ltd.		33,500		13,823
Kunlun Energy Co., Ltd.		300,000		419,334
KWG Property Holding, Ltd.		54,000		34,050
Lee & Man Paper Manufacturing, Ltd.		28,000		16,392
Lenovo Group, Ltd. (a)		420,000		439,218
Li Ning Co., Ltd. (a)(b)		60,000		47,194
Minth Group, Ltd.		18,000		35,883
NetDragon Websoft, Inc.		4,500		12,185
Newocean Energy Holdings, Ltd.		22,000		14,695
Poly Hong Kong Investments, Ltd. (a)		11,000		6,610
Real Nutriceutical Group, Ltd.		20,000		5,106
Shenzhen International Holdings, Ltd.		267,500		32,079
Shenzhen Investment, Ltd. (a)		77,044		31,195
Shimao Property Holdings, Ltd. (a)		90,000		207,037
Sino Biopharmaceutical		116,000		78,528
Sino-Ocean Land Holdings, Ltd. (a)		221,794		130,414
Sinotrans, Ltd.		300,000		78,915
Skyworth Digital Holdings, Ltd.		52,000		24,809
Sun Art Retail Group Ltd. (a)		12,500		17,924
Sunac China Holdings, Ltd.		62,000		40,213
Sunny Optical Technology Group Co., Ltd. (a)		26,000		27,123
Tianneng Power International, Ltd.		14,000		5,452
Tibet 5100 Water Resources Holdings, Ltd.		19,000		7,252
VODone, Ltd. (b)		104,200		7,793
Wasion Group Holdings, Ltd.		18,000		10,909
Yingde Gases		20,500		20,037
Yip’s Chemical Holdings, Ltd.		10,000		8,691
Yuexiu Property Co., Ltd.		420,000		115,356
Yuexiu Transport Infrastructure, Ltd.		1,258		689

				13,060,554

HUNGARY — 0.5%
MOL Hungarian Oil and Gas NyRt		4,175		302,191
OTP Bank NyRt (a)		16,889		334,338
Richter Gedeon NyRt		14,459		251,688

				888,217

INDIA — 7.2%
Adani Enterprises, Ltd.		866		1,947
Alok Industries Ltd. (b)		214,160		27,195
Ambuja Cements, Ltd.		31,174		90,900
Amtek Auto, Ltd.		7,030		6,737
Anant Raj, Ltd.		48,313		31,756
Apollo Hospitals Enterprise, Ltd.		4,315		64,075
Ashok Leyland, Ltd.		25,935		6,276
Aurobindo Pharma, Ltd.		7,031		22,725
Bajaj Hindusthan, Ltd.		73,759		14,433
Bajaj Holdings and Investment, Ltd.		2,102		26,055
Balrampur Chini Mills, Ltd.		36,739		24,999
BF Investment, Ltd. (b)		8,655		4,023
Bharat Heavy Electricals, Ltd.		56,074		123,066
Bharti Airtel, Ltd.		109,685		558,280
Biocon, Ltd.		1,945		10,492
Britannia Industries, Ltd.		3,685		48,384
Cipla, Ltd.		38,279		264,446
Core Education & Technologies, Ltd.		9,585		3,368
Development Credit Bank Ltd. (b)		101,608		75,145
Dewan Housing Finance Corp., Ltd.		12,635		20,969
Dr. Reddy’s Laboratories, Ltd. ADR		11,126		420,452
Educomp Solutions, Ltd. (b)		15,224		4,511
Era Infra Engineering, Ltd.		2,916		5,114
Fortis Healthcare, Ltd. (b)		20,002		31,199
GAIL India, Ltd.		42,115		220,514
Gammon India, Ltd.		2,597		492
Gateway Distriparks, Ltd.		11,966		19,907

See accompanying notes to financial statements.

171

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

Gitanjali Gems Ltd.		1,571	$	1,398
Glenmark Pharmaceuticals, Ltd.		683		5,792
Godrej Consumer Products Ltd.		2,333		31,204
Godrej Industries, Ltd.		20,573		88,135
Grasim Industries, Ltd. GDR (c)		695		29,308
Grasim Industries, Ltd. GDR (c)		180		7,608
Gruh Finance Ltd.		16,828		57,576
GTL Infrastructure Ltd. (b)		283,067		8,139
GTL, Ltd. (b)		1,829		346
Gujarat NRE Coke, Ltd.		11,993		2,395
GVK Power & Infrastructure, Ltd. (b)		106,011		10,583
HCL Technologies, Ltd.		10,772		187,067
HDFC Bank, Ltd.		80,455		762,141
Hero Motocorp, Ltd.		12,256		393,345
Hindalco Industries, Ltd.		39,013		69,732
Hindustan Construction Co. (b)		13,183		2,085
Hindustan Unilever, Ltd.		53,180		532,989
Housing Development & Infrastructure, Ltd. (b)		11,137		6,440
Housing Development Finance Corp., Ltd.		83,214		1,015,834
ICICI Bank, Ltd. ADR		17,262		526,146
Idea Cellular, Ltd.		4,534		12,185
India Infoline, Ltd.		150,700		113,979
Indiabulls Infrastructure & Power, Ltd. (b)		43,680		1,988
Indiabulls Real Estate, Ltd.		16,001		13,802
Indian Hotels Co., Ltd.		52,643		40,320
Infosys Technologies, Ltd. ADR (a)		28,627		1,377,245
IRB Infrastructure Developers, Ltd.		3,464		4,147
ITC, Ltd. GDR (c)		3,032		16,482
ITC, Ltd. GDR (c)(e)		39,256		213,447
IVRCL Infrastructures & Projects, Ltd. (b)		13,513		2,471
Jain Irrigation Systems, Ltd. (c)		9,183		8,500
Jain Irrigation Systems, Ltd. (c)		409		164
Jaiprakash Associates, Ltd.		49,383		27,529
Jet Airways India, Ltd. (b)		10,893		62,491
Jindal Steel & Power, Ltd.		4,534		17,055
Lanco Infratech, Ltd. (b)		27,549		2,354
Larsen & Toubro, Ltd. GDR (a)		18,461		236,116
LIC Housing Finance, Ltd.		12,109		36,353
Mahanagar Telephone Nigam (b)		40,875		9,696
Mahindra & Mahindra Financial Services, Ltd.		10,919		44,937
Mahindra & Mahindra, Ltd. GDR		21,082		277,228
Maruti Suzuki India, Ltd.		9,242		200,555
Monnet Ispat, Ltd.		4,852		8,990
MRF, Ltd.		108		23,091
Nagarjuna Construction Co., Ltd.		9,085		2,598
Oil & Natural Gas Corp., Ltd.		109,585		468,850
OnMobile Global, Ltd.		2,810		1,185
Opto Circuits India, Ltd.		4,344		1,426
OVANITC, Ltd.		5,990		32,569
PTC India, Ltd.		35,228		26,138
Punj Lloyd, Ltd. (b)		9,827		3,602
REI Agro, Ltd.		33,386		4,240
Reliance Capital, Ltd.		4,849		24,417
Reliance Communications, Ltd.		59,619		139,846
Reliance Industries, Ltd. GDR (e)		47,643		1,252,534
Reliance Infrastructure, Ltd.		14,248		84,321
Rolta India, Ltd.		4,534		4,023
Ruchi Soya Industries Ltd.		25,899		14,645
SE Investments Ltd.		21,913		138,188
Sesa Goa, Ltd.		19,986		57,703
Shree Renuka Sugars, Ltd.		58,588		17,874
Shriram Transport Finance Co., Ltd.		3,165		29,011
Siemens India, Ltd.		12,990		99,098
Sintex Industries, Ltd.		32,727		10,795
State Bank of India GDR		2,792		145,184
Strides Arcolab, Ltd.		1,670		22,955
Sun Pharmaceutical Industries, Ltd.		25,690		243,461
Sun TV Network, Ltd.		4,315		27,101
Suzlon Energy, Ltd. (b)		265,190		27,745
Tata Communications Ltd.		9,691		29,164
Tata Consultancy Services, Ltd.		26,410		813,245
Tata Motors, Ltd. ADR		14,404		383,434
Tata Power Co., Ltd.		122,105		158,275
Tata Steel, Ltd.		20,649		89,565
Ultratech Cement, Ltd. GDR		285		8,237
Unitech, Ltd. (b)		90,368		22,662
United Breweries, Ltd.		3,030		41,647
United Spirits, Ltd.		3,155		127,661
Videocon Industries, Ltd. (b)		15,612		44,962
VST Industries Ltd.		1,132		27,148
Wipro, Ltd. ADR (a)		33,353		342,202
Wockhardt Ltd.		1,322		11,055
Zee Entertainment Enterprises, Ltd.		23,779		86,790

				13,682,404

INDONESIA — 3.0%
Agis Tbk PT (b)		660,500		25,097
Alam Sutera Realty Tbk PT		382,500		19,819
Astra International Tbk PT		1,734,500		966,108
Bank Central Asia Tbk PT		1,067,500		921,848
Bank Danamon Indonesia Tbk PT		257,218		88,294
Bank Mandiri Tbk PT		634,949		435,911
Bank Negara Indonesia Persero Tbk PT		103,500		36,422
Bank Rakyat Indonesia Persero Tbk PT		973,000		609,175
Barito Pacific Tbk PT (b)		508,000		23,250
Bekasi Fajar Industrial Estate Tbk PT (b)		239,000		9,804
Bumi Resources Tbk PT (b)		918,000		36,070
Bumi Serpong Damai PT		202,500		25,181
BW Plantation Tbk PT		207,000		14,301
Charoen Pokphand Indonesia Tbk PT		222,500		65,328
Ciputra Development Tbk PT		313,000		26,489
Citra Marga Nusaphala Persada Tbk PT (b)		60,000		16,580
Garuda Indonesia Tbk PT (b)		679,500		29,339
Global Mediacom Tbk PT		34,500		5,750
Indocement Tunggal Prakarsa Tbk PT		26,500		41,192
Indofood Sukses Makmur Tbk PT		669,000		407,293
Indosat Tbk PT		135,000		48,381
Japfa Comfeed Indonesia Tbk PT		58,500		7,022
Kalbe Farma Tbk PT		3,696,000		376,622
Kawasan Industri Jababeka Tbk PT		254,595		5,496
Lippo Cikarang Tbk PT (b)		8,500		3,817
Lippo Karawaci Tbk PT		659,000		62,030

See accompanying notes to financial statements.

172

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

September 30, 2013


Security Description	Shares		Value

Matahari Putra Prima Tbk PT		34,000	$	6,019
Mayora Indah Tbk PT		16,500		45,097
Medco Energi Internasional Tbk PT		350,000		79,339
Media Nusantara Citra Tbk PT		42,500		9,909
Modernland Realty Tbk PT (b)		204,500		12,538
Pakuwon Jati Tbk PT		287,500		7,076
Perusahaan Gas Negara Persero Tbk PT		769,500		345,544
Semen Gresik Persero Tbk PT		43,500		48,834
Summarecon Agung Tbk PT		225,000		18,070
Telekomunikasi Indonesia Persero Tbk PT		1,950,000		353,627
Tiga Pilar Sejahtera Food Tbk		318,000		34,326
Unilever Indonesia Tbk PT		33,000		85,920
United Tractors Tbk PT		223,318		314,342
XL Axiata Tbk PT		35,000		12,845

				5,680,105

MALAYSIA — 3.5%
Aeon Co. M Bhd		109,600		517,822
Aeon Credit Service M Bhd		5,700		28,364
AirAsia Bhd		64,600		50,737
Alliance Financial Group Bhd		247,200		379,958
Axiata Group Bhd		40,900		86,330
Berjaya Sports Toto Bhd		115,706		145,897
Bintulu Port Holdings Bhd		94		223
British American Tobacco Malaysia Bhd		2,400		47,271
Bursa Malaysia Bhd		50,893		115,542
CapitaMalls Malaysia Trust		81,000		39,015
Carlsberg Brewery Malay Bhd		150,597		591,392
CIMB Group Holdings Bhd		26,500		61,138
Dialog Group Bhd		625,809		487,668
Digi.Com Bhd		318,500		474,892
Faber Group BHD		40,900		31,997
Felda Global Ventures Holdings Bhd		24,500		31,569
Genting Bhd		192,900		615,481
Genting Malaysia Bhd		30,500		39,488
Guan Chong Bhd		55,600		28,316
Hap Seng Plantations Holdings Bhd		7,700		5,977
IGB Corp. Bhd		262,853		209,670
IHH Healthcare Bhd (b)		43,600		55,512
IOI Corp. Bhd		304,660		500,990
JT International Bhd		2,400		4,683
KLCC Property Holdings Bhd		32,100		63,324
KNM Group Bhd (b)		217,618		27,373
KPJ Healthcare Bhd		12,800		24,151
KSK Group Bhd		107,600		21,292
Lingkaran Trans Kota Holdings Bhd		20,800		28,014
Magnum Bhd		183,360		183,951
Malaysian Airline System Bhd (b)		1,436,100		147,597
Malaysian Resources Corp. Bhd		339,000		154,965
MPHB Capital Bhd (b)		91,730		42,495
Naim Holdings Bhd		87		96
OSK Holdings Bhd		355,506		179,962
OSK Ventures International Bhd		34,700		4,631
Padiberas Nasional Bhd		31,200		32,545
Pavilion Real Estate Investment Trust		77,000		32,128
POS Malaysia Bhd		60,200		99,733
Sapurakencana Petroleum Bhd (b)		32,000		36,226
Sime Darby Bhd		30,400		88,603
SP Setia Bhd		18,400		18,798
Sunway Real Estate Investment Trust		80,000		34,852
TA Enterprise Bhd		313,600		66,386
TA Global Bhd		248,666		22,887
TA Global Bhd Preference Shares (b)		8,000		724
Tebrau Teguh Bhd (b)		22,300		8,620
Telekom Malaysia Bhd		37,300		59,964
Tenaga Nasional Bhd		23,200		64,272
UEM Sunrise Bhd		253,688		198,467
UMW Holdings Bhd		18,100		65,636
Unisem M Bhd		19,600		5,141
United Plantations Bhd		4,100		33,459
WCT Holdings Bhd		402,670		302,666

				6,598,890

MEXICO — 5.7%
Alfa SAB de CV (Class A)		257,810		690,953
America Movil SAB de CV (a)		2,480,334		2,449,480
Axtel SAB de CV (a)(b)		97,569		29,574
Cemex SAB de CV (a)(b)		606,617		675,568
Coca-Cola Femsa SAB de CV		37,249		466,697
Consorcio ARA SAB de CV (b)		96,943		39,031
Corporacion GEO SAB de CV (a)(b)(d)		42,565		0
Desarrolladora Homex SAB de CV (b)		18,100		6,394
Empresas ICA SAB de CV (a)(b)		39,743		84,294
Fomento Economico Mexicano SAB de CV (a)		126,834		1,223,657
Grupo Aeroportuario del Sureste SAB de CV (a)		38,408		417,349
Grupo Bimbo SAB de CV (a)		190,428		588,625
Grupo Elektra SA de CV		3,015		95,582
Grupo Financiero Banorte SAB de CV		93,342		579,534
Grupo Financiero Inbursa SA		74,821		170,459
Grupo Mexico SAB de CV		184,682		548,838
Grupo Televisa SA de CV (Series CPO) (a)		113,250		629,494
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		100,918		227,614
Industrias CH SAB, Series B (a)(b)		25,932		152,672
Industrias Penoles SA de CV		8,993		262,929
Kimberly-Clark de Mexico SAB de CV		156,790		453,918
Sare Holding SAB de CV (Class B) (b)		115,273		3,617
TV Azteca SAB de CV		223,020		125,540
Urbi Desarrollos Urbanos SA de CV (a)(b)(d)		44,913		0
Wal-Mart de Mexico SAB de CV		328,434		858,775

				10,780,594

MOROCCO — 0.4%
Banque Marocaine du Commerce Exterieur		16,842		416,886
Banque Marocaine pour le Commerce et l’Industrie SA		1,485		139,859
Douja Promotion Groupe Addoha SA		10,639		60,377
Holcim Maroc SA		776		132,396

				749,518

See accompanying notes to financial statements.

173

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

September 30, 2013


Security Description	Shares		Value

NETHERLANDS — 0.3%
VimpelCom, Ltd. ADR		30,112	$	353,816
Yandex NV (a)(b)		5,788		210,799

				564,615

PANAMA — 0.1%
Avianca Taca Holding SA Preference Shares		91,022		175,713

PERU — 0.8%
Compania de Minas Buenaventura SA ADR		19,313		226,155
Credicorp, Ltd.		5,809		746,224
Southern Copper Corp. (a)		15,259		415,655
Volcan Compania Minera SAA (Class B)		261,312		117,467

				1,505,501

PHILIPPINES — 1.4%
Alliance Global Group, Inc.		121,000		65,308
Ayala Land, Inc.		776,380		485,906
Bank of the Philippine Islands		247,998		549,081
BDO Unibank, Inc.		198,214		341,434
Cebu Air, Inc.		84,100		101,407
Cebu Holdings, Inc.		427,400		57,916
East West Banking Corp. (b)		47,100		29,045
Filinvest Land, Inc.		3,572,000		131,263
First Philippine Holdings Corp.		23,630		40,650
GMA Holdings, Inc.		207,300		34,661
GT Capital Holdings, Inc.		550		9,600
Megawide Construction Corp. (b)		185,040		52,954
Megaworld Corp.		391,000		29,276
Philippine Long Distance Telephone Co.		5,965		407,987
Puregold Price Club, Inc.		19,200		18,389
San Miguel Corp.		8,310		14,276
SM Development Corp. (d)		5,600		972
SM Investments Corp.		6,370		114,116
SM Prime Holdings, Inc.		180,890		66,556
Universal Robina Corp.		13,510		38,166
Vista Land & Lifescapes, Inc.		62,000		7,590

				2,596,553

POLAND — 1.2%
Asseco Poland SA		5,008		78,068
Bank Pekao SA		9,145		522,948
Bioton SA (b)		210,163		1,347
BRE Bank SA		1,484		213,983
Eurocash SA		472		7,276
Getin Holding SA		18,391		23,508
Getin Noble Bank SA (b)		49,958		38,091
Globe Trade Centre SA (b)		11,220		26,024
Grupa Lotos SA (b)		6,831		80,532
KGHM Polska Miedz SA		9,796		386,944
LPP SA		25		69,278
Orbis SA		4,685		53,251
Polimex- Mostostal SA (b)		46,754		2,396
Polski Koncern Naftowy Orlen SA		2,444		34,568
Powszechna Kasa Oszczednosci Bank Polski SA		29,226		347,360
Powszechny Zaklad Ubezpieczen SA		1,468		199,449
Rovese SA (b)		56,142		32,014
Telekomunikacja Polska SA		59,967		159,451

				2,276,488

RUSSIA — 6.9%
Evraz PLC (b)		12,192		25,272
Gazprom OAO ADR		330,037		2,907,626
Integra Group Holdings, GDR (b)		164		2,368
LSR Group OJSC GDR		6,819		28,947
Lukoil OAO ADR		39,622		2,512,035
Mechel OAO, ADR (a)(b)		15,974		51,276
MMC Norilsk Nickel OJSC ADR		54,962		793,102
Mobile Telesystems OJSC		11,851		118,186
Mobile Telesystems OJSC ADR (b)		49,071		1,092,320
NovaTek OAO GDR		7,048		931,745
Novolipetsk Steel OJSC GDR (a)		1,719		27,934
Novorossiysk Commercial Sea Trade Port PJSC GDR		3,165		25,636
Pharmstandard GDR (b)		3,550		50,410
Polymetal International PLC		6,226		65,939
Rosneft Oil Co. GDR		118,897		963,066
Rostelecom ADR		6,286		117,800
Sberbank of Russia ADR (c)		83,556		1,005,179
Sberbank of Russia ADR (c)		3,577		43,103
Severstal GDR (a)		28,501		245,394
Sistema JSFC GDR		7,572		196,796
Surgutneftegas OJSC ADR (a)		107,156		919,934
Tatneft OAO ADR		17,363		679,761
TMK OAO GDR		2,590		33,515
Uralkali OJSC GDR		4,421		114,946
VTB Bank OJSC GDR (e)		36,753		97,028
X5 Retail Group NV GDR (a)(b)		2,106		34,875

				13,084,193

SOUTH AFRICA — 8.8%
Adcock Ingram Holdings, Ltd.		6,343		43,206
Adcorp Holdings, Ltd.		28,601		92,364
Afgri, Ltd.		150,640		98,793
African Bank Investments, Ltd. (a)		72,890		120,955
African Rainbow Minerals, Ltd.		6,259		122,527
Allied Electronics Corp., Ltd. Preference Shares		34,891		78,874
Anglo Platinum, Ltd. (a)(b)		1,707		73,986
AngloGold Ashanti, Ltd. (a)		15,072		201,314
Aquarius Platinum, Ltd. (a)(b)		25,030		20,672
ArcelorMittal South Africa, Ltd. (b)		11,697		41,087
Aspen Pharmacare Holdings, Ltd. (b)		28,268		738,037
Aveng, Ltd.		33,774		81,887
Barclays Africa Group, Ltd. (a)		20,299		297,312
Barloworld, Ltd.		14,449		136,942
Bidvest Group, Ltd.		21,183		529,799
Business Connexion Group, Ltd.		124,336		64,863
Coronation Fund Managers, Ltd.		58,825		400,983
Discovery Holdings, Ltd.		19,031		153,326
FirstRand, Ltd. (a)		160,193		533,247
Gold Fields, Ltd.		33,600		153,881
Grindrod, Ltd.		56,843		140,755
Group Five, Ltd.		16,148		70,601
Harmony Gold Mining Co., Ltd.		13,597		46,815
Impala Platinum Holdings, Ltd.		24,154		297,300

See accompanying notes to financial statements.

174

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

September 30, 2013


Security Description	Shares		Value

Imperial Holdings, Ltd.		11,156	$	241,660
Investec, Ltd.		12,313		80,714
Invicta Holdings, Ltd. (a)		27,718		265,702
JD Group, Ltd. (a)		12,142		37,764
Kagiso Media, Ltd.		63,260		174,120
Kumba Iron Ore, Ltd. (a)		2,403		110,793
Lewis Group, Ltd. (a)		14,600		94,778
Massmart Holdings, Ltd. (a)		9,507		158,819
MMI Holdings, Ltd. (a)		54,038		131,018
MTN Group, Ltd.		84,661		1,648,844
Murray & Roberts Holdings, Ltd. (b)		40,458		110,555
Naspers, Ltd.		21,620		1,994,572
Nedbank Group, Ltd. (a)		21,872		444,449
Netcare, Ltd.		127,119		303,153
Northam Platinum, Ltd. (b)		16,210		68,295
PPC, Ltd.		12,376		37,139
PSG Group, Ltd.		25,189		204,415
Remgro, Ltd.		26,081		502,766
RMB Holdings, Ltd.		54,647		250,598
RMI Holdings		67,047		178,281
Sanlam, Ltd.		123,296		574,105
Sappi, Ltd. (b)		17,164		43,065
Sasol, Ltd. (a)		23,380		1,112,645
Shoprite Holdings, Ltd.		30,892		507,717
Sibanye Gold, Ltd.		38,099		47,701
Standard Bank Group, Ltd.		55,364		659,499
Steinhoff International Holdings, Ltd. (a)(b)		109,222		387,995
Sun International, Ltd.		10,050		97,557
Telkom SA, Ltd. (b)		16,261		39,474
The Foschini Group, Ltd. (a)		19,043		196,906
Tiger Brands, Ltd. (a)		11,872		352,854
Times Media Group, Ltd. (b)		400		795
Trans Hex Group, Ltd. (b)		1,589		537
Truworths International, Ltd. (a)		37,717		337,303
Wilson Bayly Holmes-Ovcon, Ltd.		13,984		222,327
Woolworths Holdings, Ltd.		61,954		456,725

				16,615,166

TAIWAN — 13.4%
Acer, Inc. (b)		153,758		106,867
Adlink Technology, Inc.		26,000		45,111
Advanced Semiconductor Engineering, Inc.		419,007		403,886
Advancetek Enterprise Co. Ltd.		147,000		169,040
AGV Products Corp. (b)		301,000		97,323
APCB, Inc.		58,000		35,702
Asustek Computer, Inc.		33,340		265,552
AU Optronics Corp. ADR (b)		66,899		244,181
Audix Corp.		63,000		59,235
Bank of Kaohsiung		85,782		27,475
Basso Industry Corp.		175,000		183,778
Biostar Microtech International Corp.		117,000		42,143
C Sun Manufacturing Ltd.		56,000		37,975
Carnival Industrial Corp.		119,000		35,056
Catcher Technology Co., Ltd.		35,000		185,257
Cathay Financial Holding Co., Ltd.		266,997		380,173
Cathay No. 1 REIT		79,000		53,465
Center Laboratories, Inc. (b)		29,352		67,307
Champion Building Materials Co. Ltd. (b)		82,000		34,944
Chang Hwa Commercial Bank		414,452		241,800
Chang Wah Electromaterials, Inc.		7,836		21,600
Charoen Pokphand Enterprise		240,000		119,728
Cheng Loong Corp.		35,000		16,040
Cheng Shin Rubber Industry Co. Ltd.		20,850		54,581
China Airlines Ltd. (b)		114,000		42,798
China Chemical & Pharmaceutical Co., Ltd.		91,000		73,558
China Development Financial Holding Corp.		722,945		207,834
China Steel Chemical Corp.		233,345		1,373,221
China Steel Corp.		458,090		402,051
Chinatrust Financial Holding Co., Ltd.		680,091		443,933
Chipbond Technology Corp.		18,000		37,075
Chong Hong Construction Co., Ltd.		7,000		23,675
Chung Hwa Pulp Corp. (b)		131,000		40,895
Chunghwa Chemical Synthesis & Biotech Co. Ltd.		36,000		64,044
Chunghwa Telecom Co., Ltd.		149,457		478,695
CMC Magnetics Corp. (b)		183,000		32,123
Compal Electronics, Inc.		301,774		220,459
Coxon Precise Industrial Co. Ltd.		10,000		19,718
Da-Li Construction Co. Ltd.		63,257		67,179
Delta Electronics, Inc.		119,340		579,203
Dimerco Express Taiwan Corp.		161,000		96,653
Eclat Textile Co., Ltd.		8,160		71,618
Elan Microelectronics Corp.		2,000		3,409
Elite Semiconductor Memory Technology, Inc. (b)		95,750		128,403
Epistar Corp. (b)		33,850		64,112
Etron Technology, Inc. (b)		12,445		5,177
Eva Airways Corp. (b)		66,000		37,501
Excelsior Medical Co., Ltd.		23,000		47,452
Far Eastern New Century Corp.		312,333		344,372
Flytech Technology Co. Ltd.		7,670		24,878
Formosa Chemicals & Fibre Corp.		159,243		423,327
Formosa Epitaxy, Inc. (b)		12,000		7,569
Formosa Plastics Corp.		247,714		639,246
Founding Construction & Development Co. Ltd.		217,650		141,704
Foxconn Technology Co., Ltd.		70,903		184,170
Fubon Financial Holding Co., Ltd.		380,903		526,903
Fullerton Technology Co. Ltd.		29,000		23,442
Fwusow Industry Co. Ltd.		113,300		57,288
Giant Manufacturing Co., Ltd.		106,802		727,859
Grape King, Inc.		97,000		447,813
Great Wall Enterprise Co.		22,000		19,048
HannStar Display Corp. (b)		74,000		30,284
Hermes Microvision, Inc.		2,000		58,173
Himax Technologies, Inc. ADR (a)		2,999		29,990
Hiwin Technologies Corp.		8,652		57,939
Hocheng Corp. (b)		171,000		56,389
Hon Hai Precision Industry Co., Ltd.		452,610		1,161,873
Hong TAI Electric Industrial		109,000		34,543
Hotai Motor Co., Ltd.		40,000		435,621
HTC Corp.		53,198		237,499
Hua Nan Financial Holdings Co., Ltd.		416,536		238,085

See accompanying notes to financial statements.

175

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

September 30, 2013


Security Description	Shares		Value

Hung Sheng Construction Co. Ltd.		63,000	$	49,860
Ibase Technology, Inc.		97,191		120,309
Innolux Corp. (b)		217,383		104,401
Inotera Memories, Inc. (b)		28,000		15,626
Janfusun Fancyworld Corp. (b)		346,112		70,939
KEE TAI Properties Co., Ltd.		61,000		41,262
Kenda Rubber Industrial Co., Ltd.		4,160		8,343
Kerry TJ Logistics Co., Ltd.		52,000		67,799
Kindom Construction Co.		41,000		50,267
Kung Long Batteries Industrial Co. Ltd.		9,000		24,260
Kuoyang Construction Co., Ltd.		38,000		25,833
Kwong Fong Industries		40,000		21,916
Largan Precision Co., Ltd.		3,000		100,957
Leofoo Development Co. (b)		111,000		50,118
Lite-On Technology Corp.		157,516		268,502
Long Bon International Co., Ltd.		11,000		8,110
Long Chen Paper Co. Ltd.		781,000		287,919
MediaTek, Inc.		39,329		486,175
Medigen Biotechnology Corp. (b)		5,248		35,144
Mega Financial Holding Co., Ltd.		293,569		240,777
Merida Industry Co., Ltd.		2,000		12,987
Merry Electronics Co. Ltd.		12,720		35,277
Mosel Vitelic, Inc. (b)		3,758		699
Namchow Chemical Industrial Ltd.		51,000		77,534
Nan Ya Plastics Corp.		242,486		510,117
Nanya Technology Corp. (b)		50,000		7,610
National Petroleum Co., Ltd.		334,000		293,141
Neo Solar Power Corp. (b)		12,768		12,955
New Era Electronics Co. Ltd.		23,000		25,359
Newmax Technology Co., Ltd. (b)		21,000		79,193
Nexcom International Co. Ltd.		64,736		50,358
Novatek Microelectronics Corp.		30,225		125,226
Pacific Hospital Supply Co. Ltd.		20,000		67,169
Pan Jit International, Inc. (b)		9,000		3,653
Pegatron Corp. (b)		53,686		76,624
Phytohealth Corp. (b)		9,000		12,754
Pihsiang Machinery Manufacturing Co. Ltd. (b)		23,000		24,659
Portwell, Inc.		24,000		21,754
Pou Chen Corp.		218,531		254,621
Powertech Technology, Inc.		65,285		122,767
Precision Silicon Corp. (b)		909		401
Promate Electronic Co., Ltd.		55,000		54,317
ProMOS Technologies, Inc. (b)(f)		130,950		0
Quanta Computer, Inc.		209,664		454,543
Sampo Corp.		201,000		66,146
Sesoda Corp.		71,500		76,174
Shih Wei Navigation Co., Ltd.		100,402		72,839
Shin Kong Financial Holding Co., Ltd.		239,792		81,101
Siliconware Precision Industries Co.		152,578		178,292
Sinbon Electronics Co., Ltd.		69,000		81,095
Sinon Corp.		110,000		56,364
SinoPac Financial Holdings Co., Ltd.		552,223		254,007
Sinphar Pharmaceutical Co., Ltd.		71,000		129,672
Solar Applied Materials Technology Corp.		157,250		139,343
Solartech Energy Corp. (b)		8,993		6,357
Stark Technology, Inc.		51,000		44,502
Supreme Electronics Co. Ltd.		114,000		55,907
Ta Ya Electric Wire & Cable		351,000		78,588
Tainan Enterprises Co., Ltd.		39,000		45,111
Taishin Financial Holdings Co., Ltd.		529,142		244,285
Taisun Enterprise Co., Ltd. (b)		142,000		65,796
Taiwan Acceptance Corp.		9,000		22,921
Taiwan Cement Corp.		267,533		387,270
Taiwan Chinsan Electronic Industrial Co. Ltd.		27,000		45,020
Taiwan Cogeneration Corp.		41,000		25,792
Taiwan Fire & Marine Insurance Co.		22,000		16,444
Taiwan FU Hsing Industrial Co., Ltd.		32,000		34,633
Taiwan Land Development Corp. (b)		154,816		58,121
Taiwan Mobile Co., Ltd.		4,000		14,205
Taiwan Paiho Ltd.		49,000		57,258
Taiwan Pulp & Paper Corp. (b)		279,000		118,896
Taiwan Sakura Corp.		91,000		56,631
Taiwan Semiconductor Manufacturing Co., Ltd.		777,000		2,641,069
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		38,101		646,193
Taiwan Tea Corp. (b)		95,913		65,365
Taiwan Union Technology Corp.		117,000		86,661
Taiyen Biotech Co., Ltd.		59,000		51,683
Tatung Co., Ltd. (b)		155,885		40,807
TPK Holding Co. Ltd.		8,000		72,649
Transasia Airways Corp.		231,000		98,050
Tripod Technology Corp.		65,320		127,251
Uni-President Enterprises Corp.		103,052		192,044
United Microelectronics Corp. ADR (a)		226,725		467,054
Unity Opto Technology Co., Ltd. (b)		12,759		10,961
Ve Wong Corp.		53,000		40,422
Visual Photonics Epitaxy Co., Ltd.		140,259		148,480
Wei Chuan Food Corp.		29,000		56,594
Wei Mon Industry Co. Ltd. (b)		205,450		67,541
Weikeng Industrial Co., Ltd.		59,000		41,905
Winbond Electronics Corp. (b)		42,000		11,364
Wistron Corp.		135,022		130,834
Zeng Hsing Industrial Co. Ltd.		19,999		95,372
Zenitron Corp.		127,000		80,108

				25,484,432

THAILAND — 3.1%
Advanced Info Service PCL		95,215		776,209
Airports of Thailand PCL		15,500		93,406
Bangkok Dusit Medical Services PCL		4,400		17,724
Bangkok Expressway PCL		312,959		345,175
Bangkokland PCL		614,900		29,880
Bank of Ayudhya PCL, ADR		36,200		43,688
Banpu PCL		124,080		109,086
BEC World PCL		23,800		43,179
Big C Supercenter PCL		3,500		22,379
BTS Group Holdings PCL		28,500		7,972
Central Pattana PCL		45,800		64,425
Central Plaza Hotel PCL		34,000		41,576
CH Karnchang PCL		5,700		3,809
Charoen Pokphand Foods PCL		17,100		13,120
CP ALL PCL		158,600		178,729
Electricity Generating PCL		71,274		282,544

See accompanying notes to financial statements.

176

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

September 30, 2013


Security Description	Shares		Value

IRPC PCL		798,458	$	80,152
Jasmine International PCL		153,600		40,512
Kasikornbank PCL (c)		50,200		283,258
Kasikornbank PCL (c)		1,200		6,714
Krung Thai Bank PCL		39,500		24,246
Land and Houses PCL		60,800		20,992
Minor International PCL		6,800		5,261
Pruksa Real Estate PCL		23,300		14,525
PTT Exploration & Production PCL		113,241		591,909
PTT Global Chemical PCL		19,500		46,443
PTT PCL		66,024		666,994
Quality Houses PCL		184,500		18,757
Sansiri PCL		157,400		11,574
Siam Cement PCL (c)		12,400		170,460
Siam Cement PCL (c)		22,100		300,978
Siam Commercial Bank PCL		102,202		508,069
Siam Future Development PCL		115,650		21,444
Siam Makro PCL		100		1,950
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		77,366		31,906
Thai Airways International PCL		54,900		34,927
Thai Beverage PCL (a)		353,000		154,732
Thai Oil PCL		98,795		182,398
Thaicom PCL		35,200		39,386
Ticon Industrial Connection PCL		89,400		46,586
Tisco Financial Group PCL		148,618		179,358
TMB Bank PCL		3,994,517		329,471
Total Access Communication PCL, NVDR		7,000		23,721
Toyo-Thai Corp. PCL		6,400		7,673
True Corp. PCL, NVDR (b)		235,900		58,447

				5,975,744

TURKEY — 1.9%
Akbank TAS		90,421		332,567
Anadolu Efes Biracilik Ve Malt Sanayii AS		19,435		224,821
Aselsan Elektronik Sanayi Ve Ticaret AS		2,692		11,684
BIM Birlesik Magazalar AS		3,537		72,739
Coca-Cola Icecek AS		406		10,336
Dogan Sirketler Grubu Holdings AS (b)		130,841		56,920
Dogan Yayin Holding AS (b)		108,345		35,886
Eregli Demir ve Celik Fabrikalari TAS		133,700		169,203
Haci Omer Sabanci Holding AS		48,231		232,709
KOC Holding AS		72,382		333,490
Migros Ticaret AS (b)		755		6,326
Tupras-Turkiye Petrol Rafinerileri AS		10,956		231,268
Turk Hava Yollari Anonim Ortakligi		23,736		90,351
Turkcell Iletisim Hizmetleri AS (b)		41,565		244,518
Turkiye Garanti Bankasi AS		194,081		763,717
Turkiye Halk Bankasi AS		9,251		67,684
Turkiye Is Bankasi (Class C)		112,938		298,138
Turkiye Vakiflar Bankasi Tao (Class D)		15,783		35,969
Ulker Biskuvi Sanayi AS		45,913		313,221
Yapi ve Kredi Bankasi AS		72,658		161,634

				3,693,181

TOTAL COMMON STOCKS —
(Cost $202,157,319)				185,388,272

PREFERRED STOCKS — 0.1%
COLOMBIA — 0.1%
Grupo Argos SA/Colombia Preference Shares (Cost $111,335)		10,355		121,677

WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
Dialog Group Bhd (expiring 2/12/17) (b)		41,450		7,058
KNM Group Bhd (expiring 11/15/17) (b)		63,006		2,223
Malaysian Resources Corp. Bhd (expiring 09/16/18) (b)		123,400		9,843

TOTAL WARRANTS —
(Cost $9,950)				19,124

SHORT TERM INVESTMENTS — 8.6%
UNITED STATES — 8.6%
MONEY MARKET FUNDS — 8.6%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		15,039,490		15,039,490
State Street Institutional Liquid Reserves Fund 0.06% (i)(j)(k)		1,227,230		1,227,230

TOTAL SHORT TERM INVESTMENTS —
(Cost $16,266,720)				16,266,720

TOTAL INVESTMENTS — 106.5%
(Cost $218,545,324)				201,795,793
OTHER ASSETS & LIABILITIES — (6.5)%				(12,384,283	)

NET ASSETS — 100.0%			$	189,411,510

See accompanying notes to financial statements.

177

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

September 30, 2013


(a)		A portion of the security was on loan at September 30, 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 0.8% of net assets as of September 30, 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.
(k)		Security, or a portion thereof, is designated on the Fund’s books or pledged as collateral for futures contracts.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

At September 30, 2013, open futures contracts purchased were as follows:


	Expiration						Unrealized
Futures	Date		Contracts		Value		Depreciation

MSCI Taiwan Index Futures		10/30/2013		71	$	2,038,410	$	(37,573	)

See accompanying notes to financial statements.

178

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 98.9%
BRAZIL — 21.9%
AES Tiete SA Preference Shares		529,378	$	5,112,925
Banco do Brasil SA		103,038		1,196,529
Banco do Brasil SA ADR (a)		946,930		11,126,427
Banco do Estado do Rio Grande do Sul SA Preference Shares		761,974		5,237,170
Bradespar SA Preference Shares		1,045,446		11,553,187
Centrais Eletricas Brasileiras SA Preference Shares (Class H)		2,232,097		10,498,441
Cia Energetica do Ceara Preference Shares		65,746		1,126,754
Companhia Energetica de Minas Gerais ADR (a)		1,722,785		14,884,862
Companhia Energetica de Sao Paulo Preference Shares		970,221		10,307,822
CPFL Energia SA ADR (a)		273,411		4,716,340
EDP — Energias do Brasil SA		1,507,479		8,167,021
Mahle-Metal Leve SA		209,727		2,543,801
Oi SA ADR (a)		4,097,782		7,539,919
Tractebel Energia SA		177,323		2,917,878
Tractebel Energia SA ADR (a)		373,275		6,142,298
Transmissora Alianca de Energia Electrica SA		620,978		5,941,839
Vale SA Preference Shares ADR		634,324		9,013,744

				118,026,957

CHILE — 1.6%
Aguas Andinas SA Class A		4,736,106		3,266,086
Banco de Chile ADR (a)		8,134		745,888
ENTEL Chile SA		276,810		4,498,695

				8,510,669

CHINA — 10.0%
Anta Sports Products, Ltd. (a)		2,751,000		3,543,773
Bank of China, Ltd.		16,626,536		7,589,529
China Citic Bank Corp., Ltd. (a)		10,614,000		5,501,929
China Hongqiao Group, Ltd. (a)		3,939,789		2,331,822
Giant Interactive Group, Inc. ADR		612,751		5,588,289
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		4,305,511		6,728,792
Jiangsu Expressway Co., Ltd. (a)		3,620,000		4,271,097
Soho China, Ltd. (a)		5,630,000		4,842,215
Zhejiang Expressway Co., Ltd. (Class H)		3,922,000		3,610,901
Zijin Mining Group Co., Ltd. (Class H) (a)		41,196,000		9,880,474

				53,888,821

COLOMBIA — 1.5%
Ecopetrol SA, ADR (a)		178,775		8,223,650

CZECH REPUBLIC — 3.1%
CEZ AS		371,802		9,602,107
Komercni Banka AS		30,680		6,821,203

				16,423,310

HONG KONG — 3.3%
Bosideng International Holdings, Ltd. (a)		9,989,600		2,408,793
China Mobile, Ltd. (a)		337		3,765
Citic Pacific, Ltd. (a)		4,721,000		6,124,093
Shenzhen Investment, Ltd.		8,482,000		3,434,296
Shougang Fushan Resources Group, Ltd. (a)		17,162,000		5,775,881

				17,746,828

INDIA — 0.2%
NMDC, Ltd.		535,884		1,028,028

INDONESIA — 1.4%
Aneka Tambang Persero Tbk PT		9,368,500		1,148,814
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		11,470,500		891,490
Indo Tambangraya Megah Tbk PT		1,169,000		2,654,983
Tambang Batubara Bukit Asam Persero Tbk PT		2,511,500		2,765,252

				7,460,539

MALAYSIA — 2.9%
British American Tobacco Malaysia Bhd		141,600		2,788,992
Malayan Banking Bhd		2,273,838		6,864,417
Maxis Bhd		2,629,400		5,646,817

				15,300,226

NETHERLANDS — 2.0%
VimpelCom, Ltd. ADR		905,271		10,636,934

POLAND — 9.8%
Bank Handlowy w Warszawie SA		52,738		1,875,354
Bank Pekao SA		144,447		8,260,064
KGHM Polska Miedz SA		356,668		14,088,472
Polska Grupa Energetyczna SA		2,478,609		13,212,896
Powszechny Zaklad Ubezpieczen SA		65,872		8,949,644
Synthos SA		1,685,290		2,575,311
Tauron Polska Energia SA		2,456,540		3,769,606

				52,731,347

RUSSIA — 3.4%
CTC Media, Inc.		346,666		3,643,460
E.ON Russia JSC		11,590,428		883,793
Phosagro OAO GDR		380,602		3,851,692
Polymetal International PLC		940,829		9,964,198

				18,343,143

SOUTH AFRICA — 10.0%
African Bank Investments, Ltd. (a)		8,778,607		14,567,406
Capital Property Fund		1,856,333		1,951,559
Fountainhead Property Trust (a)		2,742,158		2,144,408
Hyprop Investments, Ltd.		365,237		2,662,043
Kumba Iron Ore, Ltd. (a)		249,258		11,492,308
MMI Holdings, Ltd. (a)		2,703,865		6,555,638
Redefine Properties, Ltd.		4,924,421		4,770,896
Resilient Property Income Fund, Ltd.		340,245		1,816,218
Vodacom Group, Ltd. (a)		637,772		7,886,794

				53,847,270

SOUTH KOREA — 2.2%
KT Corp. ADR		352,179		5,906,042
Macquarie Korea Infrastructure Fund		297,659		1,830,810
SK Telecom Co., Ltd.		21,281		4,326,795

				12,063,647

See accompanying notes to financial statements.

179

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

September 30, 2013


Security Description	Shares		Value

TAIWAN — 12.9%
Asia Cement Corp.		168	$	213
Asustek Computer, Inc.		584,000		4,651,537
Chicony Electronics Co., Ltd.		1,342,990		3,347,596
China Steel Chemical Corp.		305,000		1,794,906
Chunghwa Telecom Co., Ltd. ADR (a)		129,339		4,084,526
Far Eastern New Century Corp.		3,361,726		3,706,574
Farglory Land Development Co., Ltd.		738,000		1,372,814
Highwealth Construction Corp.		1,060,800		2,339,235
HTC Corp.		105		469
LCY Chemical Corp.		542		686
Lite-On Technology Corp.		2,309,778		3,937,255
Macronix International Co., Ltd. (b)		659		160
Pou Chen Corp.		6,964,000		8,114,107
Quanta Computer, Inc.		2,381,000		5,161,907
Radiant Opto-Electronics Corp.		2,051,300		7,319,381
Ruentex Development Co., Ltd.		3,200,000		6,558,663
Synnex Technology International Corp.		3,073,000		4,812,118
Taiwan Cement Corp.		4,136,000		5,987,107
Taiwan Mobile Co., Ltd.		200		710
TSRC Corp.		749,800		1,338,974
Wistron Corp.		532		516
WPG Holdings, Ltd.		4,357,000		5,128,136

				69,657,590

THAILAND — 4.9%
Advanced Info Service PCL		30		245
Advanced Info Service PCL, NVDR		438,849		3,577,573
BTS Group Holdings PCL		16,926,549		4,734,888
Delta Electronics Thai PCL, NVDR (a)		1,143,600		1,800,585
Land and Houses PCL, NVDR		14,855,045		5,128,980
Shin Corp. PCL, NVDR		1,716,957		4,528,419
Thai Oil PCL		2,245,100		4,144,966
Tisco Financial Group PCL, NVDR (a)		2,170,300		2,619,208

				26,534,864

TURKEY — 7.8%
Arcelik AS		881,718		5,121,579
Aygaz AS		518,983		2,319,305
Dogus Otomotiv Servis ve Ticaret AS		448,449		1,937,585
Ford Otomotiv Sanayi AS		243,338		3,344,191
Tekfen Holding AS		1,479,609		3,342,716
Tofas Turk Otomobil Fabrikasi AS		783,961		4,766,899
Tupras-Turkiye Petrol Rafinerileri AS		449,067		9,479,280
Turk Telekomunikasyon AS		2,648,731		9,192,027
Turk Traktor ve Ziraat Makineleri AS		83,632		2,439,275

				41,942,857

TOTAL COMMON STOCKS —
(Cost $563,993,938)				532,366,680

SHORT TERM INVESTMENTS — 13.5%
UNITED STATES — 13.5%
MONEY MARKET FUNDS — 13.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		64,648,844		64,648,844
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		8,225,333		8,225,333

TOTAL SHORT TERM INVESTMENTS —
(Cost $72,874,177)				72,874,177

TOTAL INVESTMENTS — 112.4%
(Cost $636,868,115)				605,240,857
OTHER ASSETS & LIABILITIES — (12.4)%				(66,589,687	)

NET ASSETS — 100.0%			$	538,651,170

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

See accompanying notes to financial statements.

180

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.5%
BRAZIL — 19.2%
Banco Bradesco SA Preference Shares ADR (a)		581,630	$	8,073,024
BRF SA ADR		184,588		4,527,944
Companhia de Bebidas das Americas Preference Shares ADR		209,090		8,018,602
Gerdau SA ADR (a)		248,766		1,855,794
Itau Unibanco Holding SA Preference Shares ADR		698,826		9,867,423
Petroleo Brasileiro SA ADR		441,054		6,831,926
Ultrapar Participacoes SA ADR		115,806		2,847,670
Vale SA ADR (a)		357,820		5,585,570

				47,607,953

CHINA — 40.9%
Agricultural Bank of China, Ltd. (a)		6,491,000		2,988,062
Baidu, Inc. ADR (b)		73,328		11,379,039
Bank of China, Ltd.		18,800,254		8,581,768
China Construction Bank Corp.		22,480,610		17,305,822
China Life Insurance Co., Ltd.		2,016,000		5,225,122
China Merchants Bank Co., Ltd. (a)		1,246,360		2,266,065
China Petroleum & Chemical Corp.		6,069,174		4,750,377
China Shenhua Energy Co., Ltd.		925,500		2,816,425
China Telecom Corp., Ltd.		3,812,610		1,897,665
Industrial & Commercial Bank of China		22,590,960		15,759,475
PetroChina Co., Ltd.		5,772,171		6,371,222
Ping An Insurance Group Co. of China, Ltd. (a)		507,500		3,772,638
Tencent Holdings, Ltd.		288,600		15,138,647
Want Want China Holdings, Ltd.		1,909,000		2,899,753

				101,152,080

HONG KONG — 12.2%
China Mobile, Ltd.		1,452,500		16,229,103
China Overseas Land & Investment, Ltd. (a)		1,050,560		3,095,401
China Unicom (Hong Kong), Ltd. (a)		1,158,000		1,806,773
CNOOC, Ltd.		4,436,221		9,026,720

				30,157,997

INDIA — 6.2%
HDFC Bank, Ltd. ADR		107,510		3,309,158
ICICI Bank, Ltd. ADR		77,036		2,348,057
Infosys Technologies, Ltd. ADR		133,787		6,436,493
Reliance Industries, Ltd. GDR (c)		120,922		3,179,039

				15,272,747

RUSSIA — 21.0%
Gazprom OAO ADR		1,648,440		14,522,756
Lukoil OAO ADR (d)		142,293		9,021,376
Lukoil OAO ADR (d)		1,675		106,463
MMC Norilsk Nickel OJSC ADR (a)		196,071		2,829,304
Mobile Telesystems OJSC ADR (b)		142,301		3,167,620
NovaTek OAO GDR		36,598		4,838,256
Rosneft Oil Co. GDR		287,896		2,331,958
Sberbank of Russia ADR (d)		14,597		175,602
Sberbank of Russia ADR (d)		701,694		8,455,413
Surgutneftegas OJSC ADR (a)		269,097		2,310,198
Tatneft OAO ADR		63,435		2,483,480
Uralkali OJSC GDR		68,809		1,789,034

				52,031,460

TOTAL COMMON STOCKS —
(Cost $278,671,369)				246,222,237

SHORT TERM INVESTMENTS — 5.1%
UNITED STATES — 5.1%
MONEY MARKET FUNDS — 5.1%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		11,751,632		11,751,632
State Street Institutional Liquid Reserves Fund 0.06% (f)(g)		762,677		762,677

TOTAL SHORT TERM INVESTMENTS —
(Cost $12,514,309)				12,514,309

TOTAL INVESTMENTS — 104.6%
(Cost $291,185,678)				258,736,546
OTHER ASSETS & LIABILITIES — (4.6)%				(11,295,865	)

NET ASSETS — 100.0%			$	247,440,681


(a)		A portion of the security was on loan at September 30, 2013.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.3% of net assets as of September 30, 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.

181

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.7%
CZECH REPUBLIC — 3.3%
CEZ AS		47,309	$	1,221,796
Komercni Banka AS		3,220		715,915
Telefonica O2 Czech Republic AS (a)		19,369		307,162
Unipetrol (b)		31,726		286,189

				2,531,062

HUNGARY — 3.2%
Magyar Telekom Telecommunications PLC		157,243		218,970
MOL Hungarian Oil and Gas NyRt (a)		9,770		707,165
OTP Bank NyRt		40,810		807,882
Richter Gedeon NyRt		41,826		728,065

				2,462,082

NETHERLANDS — 2.5%
VimpelCom, Ltd. ADR		68,543		805,380
Yandex NV (a)(b)		30,668		1,116,929

				1,922,309

POLAND — 15.7%
Agora SA (b)		42,084		131,449
Asseco Poland SA		20,390		317,853
Bank Pekao SA		26,016		1,487,700
BRE Bank SA		4,774		688,380
Echo Investment SA (b)		124,697		267,251
Getin Holding SA		77,205		98,686
Getin Noble Bank SA (b)		225,938		172,267
Globe Trade Centre SA (b)		50,209		116,455
ING Bank Slaski SA (b)		19,549		701,422
KGHM Polska Miedz SA		31,372		1,239,201
LPP SA		6		16,627
Lubelski Wegiel Bogdanka SA		9,279		325,501
Netia SA (b)		373,546		586,377
Orbis SA		6,212		70,608
Polska Grupa Energetyczna SA		94,979		506,311
Polski Koncern Naftowy Orlen SA		54,940		777,063
Powszechna Kasa Oszczednosci Bank Polski SA		134,284		1,596,007
Powszechny Zaklad Ubezpieczen SA		7,860		1,067,892
Rovese SA (b)		227,612		129,793
Tauron Polska Energia SA		370,286		568,211
Telekomunikacja Polska SA		289,746		770,428
TVN SA		74,132		335,333

				11,970,815

RUSSIA — 56.3%
Etalon Group, Ltd. GDR (b)		11,182		54,121
Eurasia Drilling Co., Ltd. GDR		4,461		177,994
Evraz PLC (b)		94,262		195,389
Federal Hydrogenerating Co. JSC ADR		162,012		254,359
Gazprom Neft JSC ADR (b)		21,384		467,454
Gazprom OAO ADR		1,067,447		9,404,208
Globaltrans Investment PLC GDR		13,190		191,255
Integra Group Holdings GDR (b)		2,623		37,876
LSR Group OJSC GDR		32,948		139,864
Lukoil OAO ADR		97,026		6,151,448
Magnit OJSC GDR		39,229		2,422,391
Mail.ru Group, Ltd. GDR		7,236		276,415
Mechel OAO, ADR (b)		23,778		76,327
MegaFon OAO GDR		6,082		214,391
MMC Norilsk Nickel OJSC ADR (a)		161,657		2,332,711
Mobile Telesystems OJSC		36,625		365,249
Mobile Telesystems OJSC ADR (b)		85,741		1,908,595
NovaTek OAO GDR		23,827		3,149,929
Novolipetsk Steel OJSC GDR (a)		7,580		123,175
O’Key Group SA GDR		6,142		73,090
Pharmstandard GDR (b)		8,216		116,667
Phosagro OAO GDR		3,612		36,553
PIK Group GDR (b)		58,951		116,075
Polymetal International PLC		40,305		426,865
Rosneft Oil Co. GDR		218,852		1,772,701
Rostelecom ADR		40,164		752,673
Sberbank		1,719,353		5,183,849
Severstal GDR (a)		58,878		506,940
Sistema JSFC GDR		26,598		691,282
Surgutneftegas OJSC ADR (a)		207,995		1,785,637
Tatneft OAO ADR		36,425		1,426,039
TMK OAO GDR		7,435		96,209
Uralkali OJSC GDR		48,239		1,254,214
VTB Bank OJSC GDR		249,520		658,733
X5 Retail Group NV GDR (a)(b)		11,967		198,174

				43,038,852

TURKEY — 18.4%
Akbank TAS		274,014		1,007,818
Anadolu Anonim Turk Sigorta (b)		297,067		189,444
Anadolu Efes Biracilik Ve Malt Sanayii AS		62,720		725,535
Arcelik AS		130,296		756,842
Asya Katilim Bankasi AS (b)		89,394		84,407
BIM Birlesik Magazalar AS		31,258		642,822
Coca-Cola Icecek AS		4,145		105,528
Dogan Sirketler Grubu Holdings AS (b)		306,008		133,123
Dogan Yayin Holding AS (b)		706,679		234,063
Dogus Otomotiv Servis ve Ticaret AS		151,412		654,196
Enka Insaat ve Sanayi AS		147,083		436,265
Eregli Demir ve Celik Fabrikalari TAS		396,525		501,819
Haci Omer Sabanci Holding AS		143,589		692,799
KOC Holding AS		195,793		902,089
Koza Altin Isletmeleri AS		1,904		30,214
Tupras-Turkiye Petrol Rafinerileri AS		26,982		569,559
Turk Hava Yollari Anonim Ortakligi		384,822		1,464,829
Turk Telekomunikasyon AS		47,612		165,230
Turkcell Iletisim Hizmetleri AS (b)		165,452		973,319
Turkiye Garanti Bankasi AS		553,368		2,177,526
Turkiye Halk Bankasi AS		36,416		266,434
Turkiye Is Bankasi (Class C)		232,949		614,948
Ulker Biskuvi Sanayi AS		7,603		51,868
Vestel Elektronik Sanayi (b)		154,824		145,421
Yapi ve Kredi Bankasi AS		258,178		574,339

				14,100,437

UNITED KINGDOM — 0.3%
Polyus Gold International, Ltd.		81,143		251,637

TOTAL COMMON STOCKS —
(Cost $101,502,100)				76,277,194

See accompanying notes to financial statements.

182

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

September 30, 2013


Security Description	Shares		Value

SHORT TERM INVESTMENTS — 4.6%
UNITED STATES — 4.6%
MONEY MARKET FUNDS — 4.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		3,486,432	$	3,486,432
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		42,146		42,146

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,528,578)				3,528,578

TOTAL INVESTMENTS — 104.3%
(Cost $105,030,678)				79,805,772
OTHER ASSETS & LIABILITIES — (4.3)%				(3,320,334	)

NET ASSETS — 100.0%			$	76,485,438

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

183

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.5%
BERMUDA — 0.1%
Cosan, Ltd.		2,307	$	35,496

BRAZIL — 55.0%
AES Tiete SA Preference Shares		22,926		221,428
All America Latina Logistica SA		55,456		218,232
Anhanguera Educacional Participacoes SA		18,100		107,817
B2W Cia Digital (a)		9,639		61,357
Banco Bradesco SA Preference Shares ADR (b)		189,337		2,627,998
Banco do Brasil SA		54,254		630,024
Banco do Brasil SA ADR (b)		20,762		243,954
Banco Santander Brazil SA ADS (b)		57,826		401,891
BB Seguridade Participacoes SA		35,856		351,304
Bematech SA		16,100		56,414
BM&FBOVESPA SA		185,029		1,029,024
BR Malls Participacoes SA		29,653		267,750
BR Properties SA		15,680		138,764
Bradespar SA Preference Shares		31,899		352,515
Braskem SA Preference Shares ADR (a)(b)		14,522		231,626
BRF — Brasil Foods SA		19,123		463,890
BRF — Brasil Foods SA ADR		35,944		881,706
CCR SA		79,661		620,884
Centrais Eletricas Brasileiras SA		4,375		12,284
Centrais Eletricas Brasileiras SA ADR (b)		31,845		89,484
CETIP SA — Balcao Organizado de Ativos e Derivativos		18,637		196,580
Cia Hering		11,367		171,778
Cielo SA		24,811		668,076
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		14,347		660,249
Companhia de Bebidas das Americas Preference Shares ADR		67,957		2,606,151
Companhia de Saneamento Basico do Estado de Sao Paulo		47,998		466,601
Companhia Energetica de Minas Gerais ADR (b)		66,844		577,532
Companhia Energetica de Sao Paulo Preference Shares		28,161		299,188
Companhia Paranaense de Energia Preference Shares		15,410		217,715
Companhia Siderurgica Nacional SA ADR (b)		78,408		334,802
Cosan SA Industria e Comercio		18,254		350,311
CPFL Energia SA ADR (b)		8,264		142,554
Cremer SA		11,000		72,788
Cyrela Brazil Realty SA		38,251		287,821
Cyrela Commercial Properties SA Empreendimentos e Participacoes		29,809		279,336
Diagnosticos da America SA		17,820		93,501
Duratex SA		68,217		404,206
Empresa Brasileira de Aeronautica SA		54,515		436,404
Estacio Participacoes SA		9,000		69,621
Fibria Celulose SA ADR (a)(b)		27,112		312,330
Gafisa SA (a)		26,922		43,297
Gerdau SA ADR (b)		52,716		393,261
Gerdau SA Preference Shares		10,254		76,466
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		17,474		83,129
Hypermarcas SA		27,797		223,270
Investimentos Itau SA		57,407		272,071
Investimentos Itau SA Preference Shares		295,768		1,195,801
Itau Unibanco Holding SA Preference Shares ADR		219,656		3,101,543
JBS SA		84,830		295,336
Kepler Weber SA		6,600		71,988
Klabin SA Preference Shares		47,171		247,081
Kroton Educacional SA		17,048		241,316
Linx SA		3,989		66,751
LLX Logistica SA (a)		49,830		36,935
Lojas Americanas SA Preference Shares		82,773		605,352
Lojas Renner SA		17,127		488,793
M Dias Branco SA		1,043		47,791
Metalurgica Gerdau SA Preference Shares		45,786		435,225
MMX Mineracao e Metalicos SA (a)		15,354		10,691
MRV Engenharia e Participacoes SA		9,664		39,549
Multiplan Empreendimentos Imobiliarios SA		7,057		168,020
Natura Cosmeticos SA		21,819		485,182
OGX Petroleo e Gas Participacoes SA (a)		69,082		6,517
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		54,360		6,143
Oi SA		441		897
Oi SA ADR (b)(c)		12,977		25,175
Oi SA ADR (b)(c)		84,453		155,394
Oi SA Preference Shares		4,809		9,246
PDG Realty SA Empreendimentos e Participacoes (a)		100,142		110,667
Petroleo Brasileiro SA ADR (b)(c)		179,941		3,010,413
Petroleo Brasileiro SA ADR (c)		99,381		1,539,412
Qualicorp SA (a)		8,899		80,953
Souza Cruz SA		55,467		659,061
Telefonica Brasil SA Preference Shares		32,155		710,254
Tim Participacoes SA		19,462		89,876
Tim Participacoes SA ADR		18,647		439,510
Totvs SA		11,159		187,934
Tractebel Energia SA ADR (b)		2,910		47,885
Ultrapar Participacoes SA ADR		37,587		924,264
Usinas Siderurgicas de Minas Gerais SA ADR (a)		55,430		260,521
Usinas Siderurgicas de Minas Gerais SA Preference Shares (a)		15,812		74,725
Vale SA ADR (b)		88,363		1,379,346
Vale SA Preference Shares ADR		186,421		2,649,042
Weg SA		17,800		215,898

				38,867,871

CHILE — 10.4%
Almendral SA		1,938,430		241,088
Antarchile SA		29,982		459,268
Banco de Chile ADR (b)		4,749		435,483

See accompanying notes to financial statements.

184

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

September 30, 2013


Security Description	Shares		Value

Banco de Credito e Inversiones		7,665	$	456,192
Banco Santander Chile ADR (b)		5,669		149,038
CAP SA		12,098		269,205
Cencosud SA		151,361		677,828
Compania General de Electricidad SA		79,517		489,417
Empresa Nacional de Electricidad SA ADR (b)		13,755		577,572
Empresas CMPC SA		166,135		507,325
Empresas COPEC SA		56,750		800,527
Enersis SA ADR		42,892		688,846
Gasco SA		4,089		46,225
Latam Airlines Group SA, ADR (b)		28,225		425,633
SACI Falabella		98,027		942,633
Sociedad Quimica y Minera de Chile SA ADR (b)		5,301		161,946

				7,328,226

COLOMBIA — 5.9%
Almacenes Exito SA		18,678		319,612
Banco Davivienda SA Preference Shares		10,741		142,665
Banco de Bogota SA		5,564		197,307
BanColombia SA ADR		11,449		658,775
Bolsa de Valores de Colombia		1,915,586		23,414
Celsia SA ESP		19,599		63,846
Cementos Argos SA		3,851		20,201
Corp Financiera Colombiana SA		6,935		142,462
Ecopetrol SA, ADR (b)		17,175		790,050
Empresa de Energia de Bogota SA		162,525		131,295
Empresa de Telecomunicaciones de Bogota		92,585		18,941
Grupo Argos SA		27,515		325,336
Grupo Aval Acciones y Valores		136,163		99,285
Grupo Aval Acciones y Valores Preference Shares		400,964		292,367
Grupo de Inversiones Suramericana SA		20,041		400,757
Grupo Nutresa SA		22,544		321,905
Grupo Odinsa SA		2,771		12,792
Interconexion Electrica SA ESP		28,614		141,847
Isagen SA ESP (a)		62,715		96,065

				4,198,922

LUXEMBOURG — 0.1%
Ternium SA ADR		1,700		40,834

MEXICO — 24.9%
Alfa SAB de CV (Class A)		315,444		845,418
Alsea SAB de CV		8,200		22,836
America Movil SAB de CV (b)		3,812,657		3,765,230
Arca Continental SAB de CV		24,800		153,656
Banregio Grupo Financiero SAB de CV		3,200		18,057
Bolsa Mexicana de Valores SAB de CV		10,300		24,624
Cemex SAB de CV (a)(b)		985,797		1,097,847
Coca-Cola Femsa SAB de CV		25,200		315,733
Compartamos SAB de CV		56,000		103,970
Controladora Comercial Mexicana SAB de CV		8,900		37,375
Corporacion GEO SAB de CV (a)(b)(d)		71,361		0
Desarrolladora Homex SAB de CV (a)		35,167		12,423
El Puerto de Liverpool SAB de CV		4,400		49,402
Empresas ICA SAB de CV (a)(b)		63,965		135,668
Fibra Uno Administracion SA de CV		98,800		272,148
Fomento Economico Mexicano SAB de CV (b)		169,919		1,639,329
Genomma Lab Internacional SAB de CV (Class B) (a)		46,400		105,322
Gruma SAB de CV (Class B) (a)		20,000		110,941
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		11,000		55,795
Grupo Aeroportuario del Sureste SAB de CV (b)		33,883		368,180
Grupo Bimbo SAB de CV (b)		281,068		868,799
Grupo Carso SA de CV (b)		82,898		440,317
Grupo Elektra SA de CV		5,723		181,432
Grupo Financiero Banorte SAB de CV		182,587		1,133,631
Grupo Financiero Inbursa SA		269,483		613,943
Grupo Financiero Santander Mexico SAB de CV (Class B)		65,000		178,847
Grupo Mexico SAB de CV		247,872		736,625
Grupo Televisa SA de CV (Series CPO) (b)		164,012		911,652
Grupo Televisa SA de CV ADR		1,313		36,698
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)		207,596		468,220
Industrias Penoles SA de CV		10,081		294,739
Inmuebles Carso SAB de CV (a)		60,000		55,835
Kimberly-Clark de Mexico SAB de CV		233,578		676,225
Megacable Holdings SAB de CV		16,500		52,895
Mexichem SAB de CV		12,100		52,440
Minera Frisco SAB de CV (a)(b)		57,913		148,921
OHL Mexico SAB de CV (a)		25,000		65,616
Promotora y Operadora de Infraestructura SAB de CV (a)		3,400		32,487
TV Azteca SAB de CV		300,556		169,186
Urbi Desarrollos Urbanos SA de CV (a)(b)(d)		86,307		0
Wal-Mart de Mexico SAB de CV (b)		502,754		1,314,579

				17,567,041

PERU — 3.1%
Alicorp SA		39,734		127,174
Compania de Minas Buenaventura SA ADR		18,871		220,979
Compania Minera Milpo SA		114,248		78,474
Credicorp, Ltd.		7,260		932,620
Grana y Montero SA		11,097		44,098
Minsur SA		268,865		121,829
Southern Copper Corp. (b)		18,460		502,850
Volcan Compania Minera SAA (Class B)		322,410		144,932

				2,172,956

TOTAL COMMON STOCKS —
(Cost $92,204,629)				70,211,346

SHORT TERM INVESTMENTS — 15.8%
UNITED STATES — 15.8%
MONEY MARKET FUNDS — 15.8%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		11,046,198		11,046,198

See accompanying notes to financial statements.

185

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

September 30, 2013


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.06% (f)(g)		115,178	$	115,178

TOTAL SHORT TERM INVESTMENTS —
(Cost $11,161,376)				11,161,376

TOTAL INVESTMENTS — 115.3%
(Cost $103,366,005)				81,372,722
OTHER ASSETS & LIABILITIES — (15.3)%				(10,797,687	)

NET ASSETS — 100.0%			$	70,575,035


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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)
		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying notes to financial statements.

186

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

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.6%
EGYPT — 3.3%
Arab Cotton Ginning		35,185	$	26,651
Commercial International Bank Egypt SAE		106,324		583,956
Eastern Tobacco		15,123		207,154
Egyptian Financial Group-Hermes Holding (a)		96,932		103,521
Egyptian Kuwait Holding Co.		122,438		105,297
ElSwedy Electric Co.		18,774		65,108
Ezz Steel (a)		49,715		83,393
Global Telecom Holding (a)		95,711		300,437
Juhayna Food Industries		71,333		105,371
Maridive & Oil Services SAE (a)		36,670		39,237
Palm Hills Developments SAE (a)		94,586		32,254
Sidi Kerir Petrochemicals Co.		55,201		121,911
Six of October Development & Investment Co. (a)		23,167		73,788
Talaat Moustafa Group (a)		258,735		187,719
Telecom Egypt		90,026		176,876

				2,212,673

MOROCCO — 2.8%
Attijariwafa Bank		19,110		731,459
Banque Centrale Populaire		14,734		336,776
Banque Marocaine du Commerce Exterieur		15,497		383,594
Banque Marocaine pour le Commerce et l’Industrie SA		1,784		168,019
Douja Promotion Groupe Addoha SA		15,064		85,489
Maroc Telecom		18,892		216,706

				1,922,043

SOUTH AFRICA — 93.5%
Acucap Properties, Ltd.		21,784		97,104
Adcock Ingram Holdings, Ltd. (b)		34,692		236,307
Adcorp Holdings, Ltd.		11,249		36,328
AECI, Ltd.		29,752		353,284
Afgri, Ltd.		78,347		51,381
African Bank Investments, Ltd. (b)		155,875		258,662
African Oxygen, Ltd.		21,230		46,473
African Rainbow Minerals, Ltd.		19,620		384,085
Allied Electronics Corp., Ltd. Preference Shares		43,665		98,709
Anglo Platinum, Ltd. (a)(b)		10,066		436,288
AngloGold Ashanti, Ltd.		73,870		986,671
Aquarius Platinum, Ltd. (a)(b)		75,499		62,354
ArcelorMittal South Africa, Ltd. (a)		27,170		95,438
Aspen Pharmacare Holdings, Ltd. (a)		60,091		1,568,889
Assore, Ltd. (b)		10,561		457,333
Astral Foods, Ltd. (b)		8,613		81,305
Aveng, Ltd.		79,530		192,824
AVI, Ltd.		52,963		314,976
Barclays Africa Group, Ltd. (b)		65,445		958,549
Barloworld, Ltd.		45,711		433,230
Bidvest Group, Ltd.		57,661		1,442,134
Blue Label Telecoms, Ltd.		51,459		40,906
Brait SE (a)(b)		77,508		329,248
Business Connexion Group, Ltd.		59,973		31,286
Capital Property Fund		357,144		375,465
Capitec Bank Holdings, Ltd.		1,855		37,049
Cashbuild, Ltd.		2,817		41,833
City Lodge Hotels, Ltd.		5,280		63,851
Clicks Group, Ltd. (b)		62,795		341,625
Clover Industries, Ltd.		21,537		35,846
Coronation Fund Managers, Ltd.		43,627		297,385
DataTec, Ltd.		58,767		347,390
Discovery Holdings, Ltd.		73,032		588,392
DRDGOLD, Ltd.		96,918		56,338
Emira Property Fund		45,523		66,585
EOH Holdings, Ltd.		5,595		39,679
Eqstra Holdings, Ltd.		78,847		61,895
Exxaro Resources, Ltd. (b)		36,622		598,616
Famous Brands, Ltd.		8,815		87,592
FirstRand, Ltd. (b)		492,259		1,638,621
Fountainhead Property Trust		353,545		276,477
Gold Fields, Ltd.		148,810		681,521
Grindrod, Ltd.		100,356		248,503
Group Five, Ltd.		21,896		95,732
Growthpoint Properties, Ltd.		261,875		641,433
Harmony Gold Mining Co., Ltd.		75,890		261,293
Hosken Consolidated Investments, Ltd.		9,273		120,900
Hudaco Industries, Ltd.		4,968		49,360
Hyprop Investments, Ltd.		47,873		348,924
Illovo Sugar, Ltd.		40,236		127,940
Impala Platinum Holdings, Ltd.		103,081		1,268,776
Imperial Holdings, Ltd.		38,276		829,131
Investec, Ltd.		35,129		230,278
JD Group, Ltd. (b)		29,304		91,141
JSE, Ltd. (b)		15,615		133,438
Kumba Iron Ore, Ltd. (b)		16,217		747,702
Lewis Group, Ltd. (b)		17,726		115,070
Liberty Holdings, Ltd.		21,947		255,153
Life Healthcare Group Holdings, Ltd.		173,522		616,239
Massmart Holdings, Ltd. (b)		18,813		314,281
Medi-Clinic Corp., Ltd.		74,350		548,773
Merafe Resources, Ltd. (a)		329,657		20,637
MMI Holdings, Ltd. (b)		249,456		604,817
Mondi, Ltd.		26,164		444,700
Mpact, Ltd.		36,104		96,074
Mr. Price Group, Ltd.		55,013		760,110
MTN Group, Ltd.		309,230		6,022,515
Murray & Roberts Holdings, Ltd. (a)		84,733		231,540
Nampak, Ltd.		118,978		368,978
Naspers, Ltd.		81,912		7,556,863
Nedbank Group, Ltd. (b)		46,637		947,685
Netcare, Ltd.		258,604		616,718
Northam Platinum, Ltd. (a)		71,729		302,204
Oceana Group, Ltd.		6,369		53,313
Omnia Holdings, Ltd.		9,946		199,627
Pick n Pay Stores, Ltd. (b)		66,897		276,595
Pick’ n Pay Holdings, Ltd. (b)		47,899		92,097
Pioneer Foods, Ltd.		18,224		158,450
PPC, Ltd.		113,581		340,842
PSG Group, Ltd.		9,620		78,069
Raubex Group, Ltd.		27,094		63,133
Redefine Properties, Ltd.		526,253		509,846
Remgro, Ltd.		97,777		1,884,858
Resilient Property Income Fund, Ltd.		46,455		247,975

See accompanying notes to financial statements.

187

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

September 30, 2013


Security Description	Shares		Value

Reunert, Ltd.		35,327	$	255,060
RMB Holdings, Ltd.		130,404		598,002
RMI Holdings		159,754		424,794
SA Corporate Real Estate Fund		385,215		153,110
Sanlam, Ltd.		379,191		1,765,633
Santam, Ltd.		1,985		36,884
Sappi, Ltd. (a)		111,089		278,723
Sasol, Ltd. (b)		101,003		4,806,694
Shoprite Holdings, Ltd.		71,365		1,172,900
Sibanye Gold, Ltd.		162,501		203,454
Standard Bank Group, Ltd.		265,554		3,163,295
Steinhoff International Holdings, Ltd. (a)(b)		306,404		1,088,455
Sun International, Ltd.		16,549		160,643
Super Group, Ltd. (a)		59,142		143,099
Telkom SA, Ltd. (a)		43,488		105,568
The Foschini Group, Ltd. (b)		38,619		399,324
The Spar Group, Ltd.		35,454		426,981
Tiger Brands, Ltd. (b)		35,499		1,055,084
Times Media Group, Ltd. (a)		2,723		5,409
Tongaat Hulett, Ltd.		17,503		208,827
Trencor, Ltd.		19,128		131,147
Truworths International, Ltd. (b)		88,568		792,063
Tsogo Sun Holdings, Ltd.		41,400		104,901
Vodacom Group, Ltd. (b)		53,622		663,099
Wilson Bayly Holmes-Ovcon, Ltd.		16,263		258,560
Woolworths Holdings, Ltd.		159,497		1,175,812

				63,129,158

TOTAL COMMON STOCKS —
(Cost $75,685,468)				67,263,874

SHORT TERM INVESTMENTS — 12.7%
UNITED STATES — 12.7%
MONEY MARKET FUNDS — 12.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		8,586,936		8,586,936
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		1,692		1,692

TOTAL SHORT TERM INVESTMENTS —
(Cost $8,588,628)				8,588,628

TOTAL INVESTMENTS — 112.3%
(Cost $84,274,096)				75,852,502
OTHER ASSETS & LIABILITIES — (12.3)%				(8,317,736	)

NET ASSETS — 100.0%			$	67,534,766

See accompanying notes to financial statements.

188

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

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 98.8%
AUSTRALIA — 7.1%
Abacus Property Group		402,924	$	851,464
Alumina, Ltd. (a)(b)		301,678		289,136
Amcor, Ltd.		69,184		676,662
AMP, Ltd.		127,339		548,905
Ansell, Ltd. (b)		55,468		1,082,948
APA Group		73,361		409,519
Aristocrat Leisure, Ltd. (b)		113,022		488,247
Australia & New Zealand Banking Group, Ltd.		98,713		2,841,042
BHP Billiton, Ltd.		152,812		5,106,774
Billabong International, Ltd. (a)(b)		80,079		28,079
BlueScope Steel, Ltd. (a)		31,685		138,655
Brambles, Ltd.		107,599		916,561
Bunnings Warehouse Property Trust		146,128		311,532
Commonwealth Bank of Australia		66,239		4,410,516
Computershare, Ltd.		63,367		587,773
CSL, Ltd.		31,441		1,881,529
CSR, Ltd. (b)		108,045		247,517
DUET Group		581,810		1,185,966
Envestra, Ltd.		467		478
GWA International, Ltd.		251,527		714,978
Harvey Norman Holdings, Ltd. (b)		187,260		556,810
Hills Industries, Ltd.		215,138		372,155
Insurance Australia Group, Ltd.		142,621		782,810
Lend Lease Group		87,409		830,395
Macquarie Group, Ltd.		22,218		995,327
National Australia Bank, Ltd.		79,917		2,564,609
Newcrest Mining, Ltd.		37,291		407,967
Origin Energy, Ltd.		74,600		983,541
OZ Minerals, Ltd. (b)		37,979		157,319
Perpetual, Ltd.		16,759		614,910
QBE Insurance Group, Ltd.		49,785		682,910
Rio Tinto, Ltd.		23,377		1,349,553
Santos, Ltd.		57,601		812,206
Shopping Centres Australasia Property Group (b)		14,386		20,581
Sonic Healthcare, Ltd.		57,879		876,198
Suncorp Group, Ltd.		95,253		1,164,096
Sydney Airport		203,260		746,929
Tatts Group, Ltd.		282,449		818,722
Toll Holdings, Ltd.		63,648		346,967
Treasury Wine Estates, Ltd.		41,183		170,206
Wesfarmers, Ltd.		64,570		2,483,271
Westfield Group		75,532		777,594
Westfield Retail Trust		64,319		178,620
Westpac Banking Corp.		111,153		3,401,746
Woodside Petroleum, Ltd.		34,366		1,231,050
Woolworths, Ltd.		73,931		2,419,520
WorleyParsons, Ltd.		18,527		421,311

				48,885,604

AUSTRIA — 0.3%
Erste Group Bank AG		13,301		420,594
OMV AG		13,109		647,693
Voestalpine AG		13,884		664,277

				1,732,564

BELGIUM — 1.1%
Ageas		17,302		701,221
Anheuser-Busch InBev NV		33,143		3,301,097
Bekaert NV		3,672		137,288
Delhaize Group		9,408		593,330
Gimv NV		11,365		561,525
KBC Groep NV		10,058		494,429
UCB SA		12,642		769,907
Umicore (b)		18,411		894,951

				7,453,748

CANADA — 8.7%
AGF Management, Ltd. (b)		24,810		307,741
Agnico-Eagle Mines, Ltd.		10,472		277,922
Agrium, Inc. (b)		14,018		1,180,600
ARC Resources, Ltd. (b)		13,898		355,191
Bank of Montreal (b)		22,478		1,503,417
Bank of Nova Scotia (b)		44,627		2,561,526
Barrick Gold Corp.		44,915		838,087
BCE, Inc. (b)		10,212		437,331
Blackberry, Ltd. (a)(b)		24,075		189,714
Bombardier, Inc. (Class B)		110,430		514,602
Brookfield Asset Management, Inc. (Class A)		27,046		1,014,061
Cameco Corp. (b)		29,571		534,516
Canadian Imperial Bank of Commerce (b)		16,566		1,322,508
Canadian National Railway Co.		25,791		2,618,744
Canadian Natural Resources, Ltd.		56,506		1,779,452
Canadian Oil Sands, Ltd.		25,797		500,932
Canadian Pacific Railway, Ltd.		13,261		1,639,596
Canadian Western Bank (b)		31,405		944,686
Cenovus Energy, Inc. (b)		28,641		856,527
CGI Group, Inc. (Class A) (a)		32,863		1,155,752
Crescent Point Energy Corp. (b)		26,512		1,005,903
Eldorado Gold Corp.		24,590		166,262
Enbridge, Inc.		32,951		1,379,076
EnCana Corp. (b)		35,146		608,618
Fairfax Financial Holdings, Ltd.		1,594		645,974
First Quantum Minerals, Ltd. (b)		32,571		607,755
Fortis, Inc. (b)		9,289		282,764
Gildan Activewear, Inc.		18,658		867,645
Goldcorp, Inc.		37,377		974,515
Husky Energy, Inc. (b)		25,770		742,589
IAMGOLD Corp.		31,460		150,582
Imperial Oil, Ltd.		22,438		987,324
Intact Financial Corp.		5,253		315,722
Kinross Gold Corp.		40,874		206,378
Magna International, Inc. (Class A)		21,088		1,742,801
Manulife Financial Corp. (b)		77,400		1,283,098
National Bank of Canada		6,966		576,513
New Gold, Inc. (a)		22,260		132,967
Nordion, Inc. (a)		41,116		354,400
Pacific Rubiales Energy Corp.		13,009		257,421
Pembina Pipeline Corp. (b)		11,463		380,725
Penn West Petroleum, Ltd. (b)		19,022		211,520
Potash Corp. of Saskatchewan, Inc.		46,879		1,468,988
Power Corp. of Canada (b)		13,898		393,454
Power Financial Corp. (b)		11,576		360,941
Richelieu Hardware, Ltd.		28,842		1,241,617

See accompanying notes to financial statements.

189

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

September 30, 2013


Security Description	Shares		Value

Rogers Communications, Inc. (Class B) (b)		28,030	$	1,207,752
Royal Bank of Canada (b)		59,207		3,801,597
Russel Metals, Inc. (b)		27,128		720,493
Shaw Communications, Inc. (Class B) (b)		30,356		706,407
Sherritt International Corp. (b)		60,654		227,770
Shoppers Drug Mart Corp. (b)		10,212		589,333
Silver Wheaton Corp.		14,858		368,884
SNC-Lavalin Group, Inc.		7,415		305,502
Sun Life Financial, Inc. (b)		28,777		921,066
Suncor Energy, Inc.		81,067		2,904,658
Talisman Energy, Inc.		64,108		737,189
Teck Resources, Ltd. (Class B) (b)		29,900		805,168
TELUS Corp.		27,746		921,538
The Toronto-Dominion Bank (b)		36,641		3,305,853
Thomson Reuters Corp. (b)		15,783		553,073
Tim Hortons, Inc.		7,892		458,671
TMX Group, Ltd.		1,827		87,093
TransCanada Corp. (b)		33,018		1,453,512
Turquoise Hill Resources, Ltd. (a)		18,113		80,177
Valeant Pharmaceuticals International, Inc. (a)		12,536		1,309,822
Yamana Gold, Inc. (b)		50,059		521,580

				59,865,595

CHINA — 0.6%
Chong Hing Bank, Ltd. (b)		250,000		1,062,197
Dah Sing Banking Group, Ltd.		493,527		878,213
Dah Sing Financial Holdings, Ltd.		54,485		314,047
Hongkong Land Holdings, Ltd.		126,000		831,600
Sino Land Co., Ltd.		275,226		405,290
Transport International Holdings, Ltd.		242,800		545,389

				4,036,736

DENMARK — 1.3%
A P Moller — Maersk A/S		123		1,128,502
Danske Bank A/S (a)		37,309		803,786
DSV A/S		34,035		966,136
FLSmidth & Co. A/S (b)		8,746		471,457
GN Store Nord A/S		55,011		1,158,200
Novo Nordisk A/S (Class B)		20,730		3,521,690
SimCorp A/S		24,598		828,170
Vestas Wind Systems A/S (a)		11,924		301,041

				9,178,982

FINLAND — 1.2%
Amer Sports Oyj (Class A)		5,015		101,828
Caverion Corp. (a)		18,635		151,352
Elisa Oyj (b)		20,649		492,506
Fortum Oyj		16,717		376,999
Kemira Oyj		27,371		422,008
Kesko Oyj (Class B)		2,797		83,977
Kone Oyj (Class B)		2,766		246,930
Konecranes Oyj (b)		2,568		86,522
Lassila & Tikanoja Oyj (a)		27,536		562,094
Metso Oyj (b)		12,863		505,645
Neste Oil Oyj (b)		21,707		480,423
Nokia Oyj (a)		161,268		1,060,504
Pohjola Bank PLC		33,931		564,029
Sampo Oyj (Class A)		22,683		975,186
Sanoma Oyj (b)		22,833		190,702
Stockmann Oyj Abp (Class B) (b)		14,628		249,693
Stora Enso Oyj		44,505		377,430
Tikkurila Oyj		6,843		182,482
UPM-Kymmene Oyj (b)		32,409		448,795
Wartsila Oyj (b)		9,107		411,499
YIT Oyj (b)		20,123		280,295

				8,250,899

FRANCE — 7.5%
Accor SA		12,656		526,632
Air Liquide SA (b)		11,082		1,544,369
Alcatel-Lucent (a)		147,891		530,110
Alstom SA		11,436		407,598
AXA SA		74,461		1,726,100
BNP Paribas		38,017		2,573,087
Bourbon SA (b)		12,187		318,556
Bouygues SA (b)		14,012		511,644
Cap Gemini SA		10,588		630,198
Carrefour SA		30,444		1,045,718
Casino Guichard-Perrachon SA		6,035		622,254
CGG (a)		16,392		377,990
Compagnie de Saint-Gobain		23,747		1,176,673
Compagnie Generale des Etablissements Michelin		10,791		1,197,356
Credit Agricole SA (a)		14,877		164,147
Danone		29,834		2,247,011
Edenred		12,656		411,163
EDF SA		11,389		360,443
Essilor International SA		15,171		1,632,631
France Telecom SA		77,409		971,250
GDF Suez		60,469		1,520,027
Groupe Fnac (a)		576		15,384
Hermes International		3,295		1,186,880
Hi-Media SA (a)		87,016		212,021
Kering		5,024		1,126,543
L’Oreal SA		3,658		628,613
Lafarge SA		8,679		604,922
Lagardere SCA		11,526		374,530
LVMH Moet Hennessy Louis Vuitton SA		9,244		1,821,914
Nexans SA		6,298		382,231
Pernod Ricard SA		11,684		1,451,756
Peugeot SA (a)(b)		14,555		239,384
Publicis Groupe SA (b)		15,094		1,201,810
Renault SA		10,151		809,752
Sanofi		44,603		4,526,455
Schneider Electric SA		25,052		2,119,818
Sechilienne-Sidec SA		14,199		285,424
Societe de la Tour Eiffel		4,084		269,782
Societe Generale		27,572		1,374,601
Sodexo		8,595		802,440
Technip SA		7,791		915,313
Total SA (b)		93,449		5,426,102
Unibail-Rodamco SE		3,622		899,196
Valeo SA		10,819		924,402
Vallourec SA		7,993		478,989
Veolia Environnement SA		30,421		519,890
Vinci SA		24,969		1,452,356

See accompanying notes to financial statements.

190

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

September 30, 2013


Security Description	Shares		Value

Vivendi SA		46,789	$	1,077,028

				51,622,493

GERMANY — 7.1%
Adidas AG		14,370		1,559,658
Allianz SE		19,398		3,051,193
BASF SE		37,721		3,620,229
Bayer AG		34,678		4,091,456
Bayerische Motoren Werke AG		16,316		1,755,188
Bilfinger SE		7,770		816,186
Commerzbank AG (a)		18,613		214,414
Daimler AG		44,505		3,471,272
Deutsche Bank AG		38,177		1,753,962
Deutsche Boerse AG		10,095		759,916
Deutsche Post AG		44,183		1,467,099
Deutsche Telekom AG		125,225		1,816,309
E.ON AG		75,336		1,341,019
Fresenius Medical Care AG & Co. KGaA		12,908		840,273
Fresenius SE		8,720		1,083,828
GEA Group AG		25,050		1,029,306
Henkel AG & Co. KGaA Preference Shares		7,342		757,016
Hochtief AG		6,429		561,580
Infineon Technologies AG		86,984		870,731
K+S AG (b)		9,898		256,714
Lanxess AG		3,429		222,707
Linde AG		6,726		1,332,922
MAN SE		3,511		418,900
Merck KGaA		5,986		934,676
Muenchener Rueckversicherungs- Gesellschaft AG		9,676		1,891,995
OSRAM Licht AG (a)		3,338		156,792
Porsche Automobil Holding SE Preference Shares		9,723		850,236
Puma AG Rudolf Dassler Sport		1,472		442,650
Rheinmetall AG		1,600		91,983
RWE AG		20,106		684,223
Salzgitter AG		3,805		158,202
SAP AG		41,021		3,035,722
Siemens AG		36,060		4,347,254
ThyssenKrupp AG (a)		19,278		461,372
Volkswagen AG		1,732		393,059
Volkswagen AG Preference Shares		6,288		1,483,174
Wincor Nixdorf AG		8,313		519,434

				48,542,650

GREECE — 0.1%
Hellenic Telecommunications Organization SA ADR (a)		80,074		420,869

HONG KONG — 2.2%
Bank of East Asia, Ltd. (b)		203,780		863,191
CLP Holdings, Ltd.		119,500		973,086
Esprit Holdings, Ltd. (b)		169,519		271,487
Hang Lung Group, Ltd.		127,000		677,975
Hang Lung Properties, Ltd.		240,000		817,005
Hong Kong Exchanges and Clearing, Ltd. (b)		76,411		1,224,720
Hopewell Holdings		127,500		426,636
Hysan Development Co., Ltd.		251,841		1,121,978
Li & Fung, Ltd. (b)		492,000		715,623
New World Development Co., Ltd.		621,993		935,177
Pacific Basin Shipping, Ltd. (b)		617,000		420,077
Sands China, Ltd.		94,800		586,147
Sun Hung Kai Properties, Ltd.		115,173		1,566,798
Swire Pacific, Ltd.		65,500		784,633
The Link REIT		321,851		1,579,135
Wheelock & Co., Ltd.		245,000		1,300,007
Wing Hang Bank, Ltd.		61,624		934,474

				15,198,149

IRELAND — 0.6%
CRH PLC		40,545		968,973
DCC PLC		16,735		684,833
Grafton Group PLC		89,169		843,115
Irish Bank Resolution Corp., Ltd. (a)(c)		5,635		0
Kingspan Group PLC		55,416		924,547
UDG Healthcare PLC		117,004		606,324

				4,027,792

ISRAEL — 0.4%
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		7,190		403,749
Shufersal, Ltd.		86,325		371,398
Strauss Group, Ltd.		28,477		500,730
Teva Pharmaceutical Industries, Ltd. ADR		47,596		1,798,177

				3,074,054

ITALY — 1.5%
Assicurazioni Generali SpA		20,800		415,300
Atlantia SpA (b)		29,913		608,591
Banca Piccolo Credito Valtellinese Scarl (a)		56,143		68,778
Banca Popolare dell’Etruria e del Lazio (a)		18,110		14,856
Banca Popolare di Milano Scarl (a)(b)		227,662		128,940
Banco Popolare Societa Cooperativa (a)		129,861		193,365
Davide Campari-Milano SpA		139,426		1,209,786
Enel SpA		163,829		628,045
ENI SpA (b)		97,264		2,231,662
Falck Renewables SpA (a)		239,524		340,119
Fiat SpA (a)		49,422		394,042
Finmeccanica SpA (a)		28,764		172,177
Intesa Sanpaolo SpA		444,590		917,775
Pirelli & C. SpA (b)		67,963		885,482
Saipem SpA		15,279		332,160
Societa Cattolica di Assicurazioni Scrl		16,923		377,292
Telecom Italia SpA		477,795		394,528
UniCredit SpA		192,641		1,228,742

				10,541,640

JAPAN — 19.8%
Advantest Corp. (b)		24,100		277,779
Aeon Co., Ltd.		49,020		674,915
Aoyama Trading Co., Ltd. (b)		37,100		1,011,767
Asahi Breweries, Ltd.		48,336		1,270,406
Asahi Kasei Corp.		122,550		922,950
Astellas Pharma, Inc.		24,510		1,248,917

See accompanying notes to financial statements.

191

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

September 30, 2013


Security Description	Shares		Value

Atom Corp. (b)		39,800	$	205,642
Bridgestone Corp. (b)		36,765		1,339,464
Canon, Inc.		48,816		1,557,137
Casio Computer Co., Ltd. (b)		61,500		569,090
Central Japan Railway Co.		12,300		1,576,907
Chubu Electric Power Co., Inc. (b)		36,765		504,313
Chugai Pharmaceutical Co., Ltd.		24,780		508,606
Chuo Mitsui Trust Holdings, Inc.		257,550		1,272,986
Colowide Co., Ltd. (b)		57,500		589,503
Credit Saison Co., Ltd.		37,100		1,005,339
Daiichi Sankyo Co., Ltd. (b)		36,765		666,172
Daikin Industries, Ltd. (b)		24,510		1,301,372
Daito Trust Construction Co., Ltd. (b)		12,255		1,225,188
Daiwa Securities Group, Inc. (b)		122,550		1,099,047
DeNA Co., Ltd. (b)		8,100		164,930
Denso Corp.		24,510		1,144,008
East Japan Railway Co. (b)		12,400		1,066,558
Eisai Co., Ltd. (b)		12,351		502,222
FANUC Corp.		10,855		1,793,218
Fast Retailing Co., Ltd. (b)		1,000		375,541
Foster Electric Co., Ltd. (b)		13,900		288,128
FUJIFILM Holdings Corp.		24,510		587,990
Fujitsu, Ltd. (a)		126,513		471,885
Fukuoka Financial Group, Inc. (b)		122,550		553,270
Furukawa Electric Co., Ltd. (b)		121,550		279,952
Hankyu Hanshin Holdings, Inc.		123,513		686,009
Hankyu REIT, Inc.		32		192,734
Heiwa Real Estate REIT, Inc.		350		283,210
Hitachi, Ltd.		240,475		1,585,603
Honda Motor Co., Ltd.		60,875		2,317,127
Hoya Corp.		36,106		853,297
Ibiden Co., Ltd.		12,700		207,471
Ichigo Real Estate Investment Corp.		485		321,768
Industrial & Infrastructure Fund Investment Corp. (b)		20		190,166
Isuzu Motors, Ltd. (b)		129,000		849,264
ITOCHU Corp. (b)		122,550		1,501,198
Japan Digital Laboratory Co., Ltd.		73,720		874,498
Japan Hotel REIT Investment Corp.		846		394,872
Japan Tobacco, Inc. (b)		48,400		1,741,167
JFE Holdings, Inc. (b)		24,510		635,199
JSR Corp.		24,600		456,526
JX Holdings, Inc. (b)		245,700		1,274,510
Kajima Corp. (b)		238,475		969,697
KDDI Corp. (b)		24,600		1,263,531
Kinki Nippon Tourist Co., Ltd. (a)(b)		150,000		235,414
Kintetsu Corp. (b)		239,101		891,832
Kirin Holdings Co., Ltd.		7,000		101,941
Kiyo Holdings, Inc. (a)		367,651		509,560
Komatsu, Ltd. (b)		48,720		1,210,987
Konica Minolta Holdings, Inc.		61,275		514,554
Kubota Corp.		118,550		1,711,953
Kurita Water Industries, Ltd. (b)		13,010		276,177
Kyocera Corp. (b)		24,510		1,301,372
Kyodo Shiryo Co., Ltd.		202,000		236,739
Kyoritsu Maintenance Co., Ltd.		10,200		418,395
Marubeni Corp. (b)		124,550		979,899
Matsuya Co., Ltd. (a)(b)		22,400		288,090
Medipal Holdings Corp.		37,299		460,322
Meiko Network Japan Co., Ltd. (b)		22,300		281,804
MID Reit, Inc.		96		226,976
Milbon Co., Ltd.		8,300		340,459
MISUMI Group, Inc. (b)		36,957		1,071,518
Mitsubishi Corp.		72,938		1,476,228
Mitsubishi Electric Corp.		122,550		1,286,385
Mitsubishi Estate Co., Ltd. (b)		50,925		1,502,969
Mitsubishi Heavy Industries, Ltd. (b)		245,101		1,406,286
Mitsubishi Motors Corp. (a)(b)		36,600		404,325
Mitsubishi UFJ Financial Group, Inc.		475,824		3,040,424
Mitsui & Co., Ltd. (b)		109,426		1,590,232
Mitsui Chemicals, Inc. (b)		122,550		335,959
Mitsui Fudosan Co., Ltd.		33,000		1,108,127
Mitsui OSK Lines, Ltd. (a)		119,550		539,726
Mizuho Financial Group, Inc.		599,700		1,301,769
MS&AD Insurance Group Holdings, Inc.		24,799		646,985
Murata Manufacturing Co., Ltd. (b)		12,300		938,874
NGK Insulators, Ltd.		3,000		45,493
Nidec Corp. (b)		12,300		1,015,338
Nikon Corp. (b)		24,200		422,467
Nintendo Co., Ltd. (b)		300		34,028
Nippon Steel Corp.		401,101		1,361,189
Nippon Suisan Kaisha, Ltd. (a)(b)		196,200		421,892
Nippon Telegraph & Telephone Corp.		12,600		652,311
Nippon Yusen K.K. (b)		122,550		387,164
Nissan Motor Co., Ltd. (b)		97,941		982,155
Nitto Denko Corp. (b)		23,800		1,549,880
NKSJ Holdings, Inc. (b)		25,200		647,431
Nomura Holdings, Inc.		158,585		1,236,357
NTT Data Corp. (b)		12,400		417,651
NTT DoCoMo, Inc. (b)		85,200		1,382,302
Obayashi Corp. (b)		122,550		731,865
Olympus Corp. (a)		13,100		398,240
ORIX Corp.		48,900		794,859
Panasonic Corp. (b)		98,250		949,208
Resona Holdings, Inc.		36,800		188,266
Ringer Hut Co., Ltd. (b)		25,400		364,466
Riso Kyoiku Co., Ltd. (b)		40,006		313,932
Rohm Co., Ltd. (b)		12,300		505,162
Rohto Pharmaceutical Co., Ltd.		7,701		108,697
Sanrio Co., Ltd. (b)		3,900		239,664
Secom Co., Ltd.		12,448		778,912
Sekisui House SI Investment Co. (b)		33		170,843
Seven & I Holdings Co., Ltd.		48,528		1,770,499
Sharp Corp. (a)(b)		8,000		29,350
Shimizu Corp. (b)		123,513		602,932
Shin-Etsu Chemical Co., Ltd.		24,317		1,486,899
Softbank Corp.		48,336		3,344,728
Sony Corp. (b)		48,720		1,041,677
Stanley Electric Co., Ltd. (b)		24,073		511,513
Sumitomo Chemical Co., Ltd.		122,550		467,095
Sumitomo Corp. (b)		73,375		988,553
Sumitomo Electric Industries, Ltd.		48,720		706,037
Sumitomo Metal Mining Co., Ltd. (b)		5,000		70,624
Sumitomo Mitsui Financial Group, Inc. (b)		36,800		1,779,526
Sumitomo Realty & Development Co., Ltd. (b)		4,000		189,758

See accompanying notes to financial statements.

192

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

September 30, 2013


Security Description	Shares		Value

T&D Holdings, Inc.		37,000	$	457,763
Taisei Corp. (b)		246,438		1,213,040
Taiyo Yuden Co., Ltd. (b)		25,200		327,953
Takeda Pharmaceutical Co., Ltd. (b)		36,765		1,736,619
Takeuchi Manufacturing Co., Ltd.		34,500		804,795
TDK Corp. (b)		12,255		480,833
Teijin, Ltd. (b)		126,550		291,468
Terumo Corp. (b)		12,448		638,099
The Akita Bank, Ltd. (b)		122,550		330,963
The Aomori Bank, Ltd. (b)		245,101		651,937
The Awa Bank, Ltd.		122,550		663,175
The Bank of Iwate, Ltd. (b)		12,255		590,738
The Bank of Okinawa, Ltd. (b)		12,255		488,951
The Bank of Yokohama, Ltd. (b)		122,550		700,643
The Chiba Bank, Ltd. (b)		118,550		865,037
The Dai-ichi Life Insurance Co., Ltd. (b)		23,000		328,153
The Daisan Bank, Ltd.		367,651		599,482
The Daishi Bank, Ltd.		240,176		866,469
The Eighteenth Bank, Ltd.		241,251		570,397
The Higo Bank, Ltd. (b)		122,550		718,127
The Hokkoku Bank, Ltd. (b)		122,550		465,846
The Hyakugo Bank, Ltd.		122,550		504,563
The Kansai Electric Power Co., Inc. (a)		44,800		575,266
The Musashino Bank, Ltd.		12,255		447,737
The Nanto Bank, Ltd. (b)		120,550		485,271
The Ogaki Kyoritsu Bank, Ltd.		122,550		353,444
The San-In Godo Bank, Ltd. (b)		117,550		912,847
The Shiga Bank, Ltd.		122,550		695,647
The Shikoku Bank, Ltd. (b)		240,101		552,997
The Toho Bank, Ltd. (b)		245,101		754,349
The Tokyo Electric Power Co., Inc. (a)		49,375		307,446
The Yamagata Bank, Ltd. (b)		130,176		577,086
The Yamanashi Chuo Bank, Ltd.		122,550		509,558
Tohoku Electric Power Co., Inc. (a)		38,900		478,098
Tokio Marine Holdings, Inc.		36,765		1,200,834
Tokyo Dome Corp.		128,000		1,000,520
Tokyo Electron, Ltd. (b)		12,255		656,930
Tokyo Gas Co., Ltd.		124,475		682,472
Tokyu Corp. (b)		122,550		874,242
Toray Industries, Inc. (b)		122,550		805,552
Toshiba Corp. (b)		238,513		1,069,511
Toyota Motor Corp.		118,988		7,603,106
Unihair Co., Ltd.		15,700		226,560
Usen Corp. (a)		233,460		547,218
USS Co., Ltd. (b)		109,810		1,590,217
Warabeya Nichiyo Co., Ltd.		12,500		221,529
Yamada Denki Co., Ltd. (b)		85,680		253,220
Zenrin Co., Ltd. (b)		23,300		261,672

				136,316,673

LUXEMBOURG — 0.2%
ArcelorMittal		29,425		404,685
Millicom International Cellular SA (b)		6,461		572,897
Tenaris SA (b)		8,229		193,153

				1,170,735

NETHERLANDS — 2.7%
Aegon NV		99,304		735,293
Akzo Nobel NV		16,578		1,090,063
ASML Holding NV		20,504		2,026,134
CNH Industrial NV (a)		42,041		539,496
European Aeronautic Defence and Space Co. NV		24,463		1,559,521
Fugro NV		8,476		517,342
Heineken NV		15,608		1,106,884
ING Groep NV (a)		168,225		1,901,672
Koninklijke (Royal) KPN NV (a)		184,236		587,316
Koninklijke Ahold NV		70,517		1,222,306
Koninklijke DSM NV		18,018		1,360,479
Koninklijke Philips NV		57,875		1,866,903
PostNL NV (a)(b)		29,342		126,981
SBM Offshore NV (a)		19,805		392,619
TNT Express NV		25,368		231,722
Unilever NV		76,649		2,983,503
Wolters Kluwer NV		25,066		646,548

				18,894,782

NEW ZEALAND — 0.1%
Fisher & Paykel Healthcare Corp., Ltd.		300,131		904,925

NORWAY — 0.7%
DnB NOR ASA		61,885		939,452
Norsk Hydro ASA (b)		75,016		310,953
Orkla ASA		71,876		523,452
StatoilHydro ASA		50,705		1,150,806
Storebrand ASA (a)		52,521		290,975
Telenor ASA		41,738		953,535
Yara International ASA		18,536		765,264

				4,934,437

PORTUGAL — 0.3%
EDP — Energias de Portugal SA (b)		127,769		466,978
Mota — Engil SGPS SA		106,655		423,015
Portugal Telecom SGPS SA (b)		62,856		283,418
ZON OPTIMUS SGPS SA		147,642		879,365

				2,052,776

SINGAPORE — 1.3%
Ascendas REIT		484,000		879,474
CapitaLand, Ltd.		242,000		595,959
City Developments, Ltd. (b)		123,000		1,004,782
Cosco Corp. Singapore, Ltd. (b)		495,000		309,683
Flextronics International, Ltd. (a)(b)		88,694		806,228
Genting Singapore PLC (b)		492,400		563,135
Keppel Corp., Ltd.		128,975		1,071,066
Keppel REIT (b)		34,313		33,636
Lippo Malls Indonesia Retail Trust		727,000		252,038
SembCorp Industries, Ltd.		252,000		1,062,427
Singapore Exchange, Ltd.		121,000		700,108
UOL Group, Ltd.		255,000		1,249,851
Wilmar International, Ltd. (b)		120,000		303,168

				8,831,555

SOUTH KOREA — 3.8%
Bioland, Ltd.		17,175		202,167
CJ CGV Co., Ltd.		11,910		609,533
Cosmochemical Co., Ltd. (a)(b)		11,490		120,815
Credu Corp.		6,250		304,743
Crown Confectionery Co., Ltd. (b)		1,352		308,223
Dae Han Flour Mills Co., Ltd.		1,712		242,939

See accompanying notes to financial statements.

193

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

September 30, 2013


Security Description	Shares		Value

Digitech Systems Co., Ltd. (a)(b)		16,767	$	110,774
Dongwon Industries Co., Ltd.		1,221		320,396
Dongyang Mechatronics Corp.		15,100		172,824
Genic Co., Ltd. (a)(b)		4,935		127,201
GS Home Shopping, Inc.		2,001		463,255
Haansoft, Inc. (b)		24,183		362,292
Hana Tour Service, Inc.		5,381		343,487
Harim Co., Ltd. (a)(b)		96,873		368,679
Hotel Shilla Co., Ltd.		5,009		300,631
Hyundai Elevator Co., Ltd. (a)		1,488		88,476
Hyundai Engineering Plastics Co., Ltd.		57,890		411,547
Hyundai Hy Communications & Networks Co., Ltd.		66,080		312,361
Hyundai Mobis		2,026		539,173
Hyundai Securities Co., Ltd.		206,220		1,283,748
INFINITT Co., Ltd. (a)		14,670		116,030
Interpark Corp.		34,269		286,990
Kia Motors Corp.		6,058		368,100
KIWOOM Securities Co., Ltd.		14,867		717,982
Koh Young Technology, Inc. (b)		7,742		227,648
Korea Electric Power Corp. ADR (a)(b)		74,839		1,050,740
KT Corp. ADR		52,453		879,637
KT&G Corp.		4,162		298,206
LG Chem, Ltd.		825		236,060
LG Display Co., Ltd. ADR (a)(b)		79,726		951,131
LG Electronics, Inc. (b)		4,879		323,246
LG Household & Health Care, Ltd.		391		198,288
Lotte Samkang Co., Ltd.		471		294,957
Modetour Network, Inc.		13,493		303,841
NAVER Corp.		958		496,528
NHN Entertainment Corp. (a)		441		48,422
POSCO ADR		29,570		2,177,535
Sajo Industries Co., Ltd. (a)(b)		5,886		190,052
Samsung Electronics Co., Ltd. GDR		12,539		7,999,882
Shinsegae Food Co., Ltd. (b)		2,598		232,078
SK Innovation Co., Ltd.		4,674		634,986
SK Telecom Co., Ltd. ADR (b)		57,638		1,308,383

				26,333,986

SPAIN — 2.4%
Abertis Infraestructuras SA (b)		15,177		295,120
Acciona SA (b)		3,916		222,929
Acerinox SA (b)		23,785		272,705
ACS, Actividades de Construccion y Servicios SA		14,566		463,356
Banco Bilbao Vizcaya Argentaria SA		158,785		1,775,400
Banco de Sabadell SA (b)		73,626		185,474
Banco Santander SA		346,360		2,826,231
Distribuidora Internacional de Alimentacion SA		28,714		249,110
Ebro Puleva SA		3,857		87,191
Enagas SA		35,962		881,838
Faes Farma SA		101,107		325,735
Ferrovial SA		37,498		674,590
Gamesa Corp. Tecnologica SA (a)		28,445		248,239
Gestevision Telecinco SA (a)		40,575		467,406
Iberdrola SA (b)		223,138		1,297,309
Indra Sistemas SA		31,367		470,669
Industria de Diseno Textil SA		5,875		905,812
NH Hoteles SA (a)		80,045		413,367
Red Electrica Corporacion SA		15,688		893,401
Repsol YPF SA		42,737		1,060,119
Sacyr SA (a)		18,363		84,688
Telefonica SA (a)		143,289		2,232,517

				16,333,206

SWEDEN — 2.6%
Alfa Laval AB		41,805		1,009,475
Assa Abloy AB (Class B)		35,911		1,649,320
Atlas Copco AB (Class B)		79,070		2,090,281
Boliden AB		28,152		422,076
CDON Group AB (a)(b)		51,183		188,059
Electrolux AB		27,042		702,668
Hennes & Mauritz AB (Class B)		38,152		1,657,801
Investor AB		13,894		421,810
Kinnevik Investment AB (Class B)		31,947		1,106,663
Nordea Bank AB		93,874		1,132,667
Sandvik AB		57,590		796,188
Scania AB (Class B)		34,853		747,187
Securitas AB (Class B)		51,337		586,654
Skanska AB (Class B)		43,502		837,111
Tele2 AB		34,675		443,755
Telefonaktiebolaget LM Ericsson (Class B)		154,900		2,061,925
TeliaSonera AB		94,820		726,898
Volvo AB (Class A)		84,168		1,260,600

				17,841,138

SWITZERLAND — 7.7%
ABB, Ltd. (a)		101,792		2,407,886
Adecco SA (a)		11,205		798,012
Cie Financiere Richemont SA		14,482		1,451,003
Clariant AG (a)		38,641		651,673
Coca-Cola HBC AG (a)		1,923		57,611
Credit Suisse Group AG (a)		47,617		1,454,445
Geberit AG		3,681		994,084
Glencore Xstrata PLC (a)		348,400		1,899,657
Holcim, Ltd. (a)		13,261		986,967
Julius Baer Group, Ltd. (a)		12,318		574,863
Kuehne & Nagel International AG		4,999		655,108
Lonza Group AG (a)		6,236		510,328
Nestle SA		147,470		10,315,153
Nobel Biocare Holding AG (a)(b)		15,810		233,413
Novartis AG		110,126		8,464,204
PSP Swiss Property AG (a)		11,943		1,036,799
Roche Holding AG		32,136		8,667,924
SGS SA		486		1,160,380
STMicroelectronics NV		30,550		281,621
Sulzer AG		4,570		707,548
Swiss Life Holding AG (a)		3,180		602,063
Syngenta AG		5,187		2,118,969
The Swatch Group AG		2,826		1,818,891
UBS AG (a)		153,760		3,145,767
Wolseley PLC		13,889		719,064
Zurich Insurance Group AG (a)		6,347		1,634,743

				53,348,176

UNITED KINGDOM — 17.5%
3i Group PLC		77,460		456,346

See accompanying notes to financial statements.

194

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

September 30, 2013


Security Description	Shares		Value

AMEC PLC		40,980	$	712,738
Anglo American PLC		60,653		1,491,001
AstraZeneca PLC		50,649		2,637,383
Aviva PLC		126,503		812,880
BAE Systems PLC		163,242		1,201,224
Balfour Beatty PLC		113,230		521,305
Barclays PLC		504,622		2,169,625
Barratt Developments PLC (a)		69,422		346,934
BG Group PLC		151,491		2,896,054
BHP Billiton PLC		92,470		2,725,374
BP PLC		855,298		5,998,733
British American Tobacco PLC		72,626		3,853,507
British Land Co. PLC		63,036		589,515
British Sky Broadcasting Group PLC		75,146		1,058,715
BT Group PLC		352,123		1,952,460
Burberry Group PLC		20,480		541,921
Cable & Wireless Communications PLC		168,714		108,275
Cairn Energy PLC (a)		16,329		69,360
Capita Group PLC		34,779		560,958
Carnival PLC		16,460		558,162
Centrica PLC		225,761		1,351,613
Compass Group PLC		129,349		1,780,475
Diageo PLC		101,339		3,224,728
Experian PLC		41,358		788,297
FirstGroup PLC		138,482		267,988
G4S PLC		135,256		557,002
GlaxoSmithKline PLC		206,065		5,197,400
Hays PLC		258,316		495,287
HSBC Holdings PLC		758,660		8,224,070
ICAP PLC		59,561		361,024
Imperial Tobacco Group PLC		48,375		1,791,600
Informa PLC		85,648		728,166
Intercontinental Hotels Group PLC		41,724		1,217,572
Invensys PLC		65,729		530,079
J Sainsbury PLC		91,213		578,286
Kingfisher PLC		173,164		1,082,147
Land Securities Group PLC		48,331		719,275
Legal & General Group PLC		359,250		1,141,431
Lloyds Banking Group PLC (a)		1,487,126		1,771,991
Lonmin PLC (a)		12,537		64,826
Man Group PLC		102,012		138,601
Marks & Spencer Group PLC		107,257		862,554
Mondi PLC		55,769		941,957
National Grid PLC		187,812		2,221,762
Next PLC		17,204		1,437,583
Old Mutual PLC		278,947		847,439
Pearson PLC		53,301		1,084,987
Persimmon PLC (a)		47,973		843,685
Prudential PLC		123,268		2,297,627
Randgold Resources, Ltd.		7,701		555,084
Reckitt Benckiser Group PLC		33,123		2,424,499
Rentokil Initial PLC		257,092		453,805
Resolution, Ltd.		85,699		441,046
Rio Tinto PLC		61,215		2,996,746
Rolls-Royce Holdings PLC (a)		105,016		1,891,098
Royal Bank of Scotland Group PLC (a)		87,452		509,689
Royal Dutch Shell PLC (Class A)		158,433		5,233,952
Royal Dutch Shell PLC (Class B)		117,866		4,074,165
RSA Insurance Group PLC		240,464		470,793
SABMiller PLC		44,207		2,250,393
Scottish & Southern Energy PLC		46,866		1,118,689
Serco Group PLC		76,554		677,504
Shire PLC		39,763		1,595,638
Smith & Nephew PLC		77,510		967,756
Smiths Group PLC		36,425		825,223
Standard Chartered PLC		78,405		1,880,411
Standard Life PLC		166,981		933,992
Tate & Lyle PLC		66,205		789,619
Tesco PLC		351,362		2,042,693
The Sage Group PLC		126,792		677,168
Tullow Oil PLC		55,667		923,106
Unilever PLC		66,729		2,636,686
Vodafone Group PLC		2,125,744		7,435,644
William Hill PLC		53,236		347,428
William Morrison Supermarkets PLC		162,813		738,246
WPP PLC		73,537		1,512,389

				120,215,384

UNITED STATES — 0.0% (d)
Lululemon Athletica, Inc. (a)(b)		3,746		273,795

TOTAL COMMON STOCKS —
(Cost $585,015,853)				680,283,343

PREFERRED STOCKS — 0.3%
SOUTH KOREA — 0.3%
Hyundai Motor Co., Ltd. (Cost $1,171,783)		16,844		1,771,114

RIGHTS — 0.0% (d)
HONG KONG — 0.0% (d)
New Hotel (expiring 12/31/13) (a)		7,212		0

SPAIN — 0.0% (d)
Abertis Infraestructuras SA (expiring 10/9/13) (a)(b)		15,177		14,771
Banco Bilbao Vizcaya Argentaria SA (expiring 10/14/13) (a)		158,785		21,709
Banco de Sabadell SA (expired 9/27/13) (a)(b)		73,626		15,169

				51,649

UNITED KINGDOM — 0.0% (d)
Barclays PLC (expiring 10/2/13) (a)		126,155		164,969

TOTAL RIGHTS —
(Cost $32,304)				216,618

SHORT TERM INVESTMENTS — 8.3%
UNITED STATES — 8.3%
MONEY MARKET FUNDS — 8.3%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		56,101,398		56,101,398

See accompanying notes to financial statements.

195

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

September 30, 2013


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.06% (f)(g)		1,104,348	$	1,104,348

TOTAL SHORT TERM INVESTMENTS —
(Cost $57,205,746)				57,205,746

TOTAL INVESTMENTS — 107.4%
(Cost $643,425,686)				739,476,821
OTHER ASSETS & LIABILITIES — (7.4)%				(50,721,472	)

NET ASSETS — 100.0%			$	688,755,349


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

196

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 98.5%
AUSTRALIA — 6.4%
Adelaide Brighton, Ltd.		600,199	$	2,070,886
Alumina, Ltd. (a)(b)		1,171,932		1,123,210
Aristocrat Leisure, Ltd.		287,506		1,242,005
Arrium, Ltd.		636,189		725,739
Atlas Iron, Ltd.		459,764		374,015
Aurora Oil & Gas, Ltd. (a)		250,613		782,681
Ausenco, Ltd.		140,479		213,452
Australian Infrastructure Fund		262,241		4,659
AWE, Ltd. (a)		863,960		997,689
Bank of Queensland, Ltd.		5,540		55,946
Beach Energy, Ltd.		1,160,527		1,448,676
Beadell Resources, Ltd. (a)		408,715		351,595
BlueScope Steel, Ltd. (a)		298,148		1,304,705
Boart Longyear Group (b)		271,897		110,593
Bradken, Ltd. (b)		89,656		473,655
carsales.com, Ltd.		151,965		1,626,986
Charter Hall Retail REIT		205,871		723,798
Coalspur Mines, Ltd. (a)(b)		264,634		70,522
Crowe Horwath Australasia, Ltd.		915,506		543,588
CSR, Ltd.		309,763		709,627
David Jones, Ltd. (b)		285,410		771,262
Discovery Metals, Ltd. (a)(b)		237,247		21,518
Downer EDI, Ltd.		224,743		941,453
DuluxGroup, Ltd.		201,310		993,880
Energy World Corp., Ltd. (a)		548,520		248,753
Evolution Mining, Ltd.		268,468		212,121
Fairfax Media, Ltd. (b)		1,029,474		514,996
FKP Property Group		184,044		237,485
Fleetwood Corp., Ltd.		173,087		582,642
Goodman Fielder, Ltd.		1,678,621		1,114,412
Independence Group NL		130,737		481,648
Infigen Energy (a)(b)		939,509		263,546
Investa Office Fund		365,015		1,006,856
Invocare, Ltd.		332,080		3,483,936
IOOF Holdings, Ltd.		374,643		2,914,577
JB Hi-Fi, Ltd. (b)		167,037		3,272,136
Karoon Gas Australia, Ltd. (a)		126,192		606,498
Kingsgate Consolidated, Ltd. (b)		87,632		138,889
Lynas Corp., Ltd. (a)(b)		785,239		293,695
Medusa Mining, Ltd. (a)		99,896		208,299
Mesoblast, Ltd. (a)(b)		113,395		604,371
Mineral Resources, Ltd.		79,120		806,394
Monadelphous Group, Ltd. (b)		116,124		2,082,597
Mount Gibson Iron, Ltd.		516,469		354,949
Myer Holdings, Ltd. (b)		308,083		751,870
Navitas, Ltd.		132,279		768,099
Nufarm, Ltd. (b)		118,101		523,440
Oakton, Ltd.		253,941		365,669
Pacific Brands, Ltd.		1,223,008		863,398
Paladin Energy, Ltd. (a)(b)		528,776		239,799
PanAust, Ltd.		256,176		505,424
Perpetual, Ltd.		21,964		805,889
Perseus Mining, Ltd. (a)		276,106		141,995
Platinum Australia, Ltd. (a)(c)		610,876		0
Primary Health Care, Ltd. (b)		225,868		1,017,973
Programmed Maintenance Services, Ltd.		255,142		670,383
Resolute Mining, Ltd.		356,142		214,792
Roc Oil Co., Ltd. (a)		1,010,928		467,908
SAI Global, Ltd. (b)		389,944		1,622,546
Senex Energy, Ltd. (a)		589,671		405,258
Seven West Media, Ltd.		279,499		627,229
Sigma Pharmaceuticals, Ltd.		1,772,414		961,231
Silver Lake Resources, Ltd. (a)(b)		143,076		105,689
Sims Metal Management, Ltd. (a)		83,381		743,790
Southern Cross Media Group, Ltd.		444,638		733,814
St Barbara, Ltd. (a)		294,776		152,975
STW Communications Group, Ltd.		788,209		1,205,019
Sundance Resources, Ltd. (a)		1,246,527		85,086
Transfield Services, Ltd.		321,767		336,972
UGL, Ltd. (b)		77,996		606,049
Western Areas NL (b)		113,767		304,240

				52,337,477

AUSTRIA — 0.6%
AMS AG		5,285		503,806
Atrium European Real Estate, Ltd.		103,141		584,017
BWT AG (b)		34,778		681,679
Schoeller-Bleckmann Oilfield Equipment AG		18,109		2,143,440
Wienerberger AG (b)		68,241		1,199,021

				5,111,963

BELGIUM — 1.1%
AGFA-Gevaert NV (a)		198,954		457,834
Barco NV		28,423		2,250,777
Bekaert NV		20,943		783,013
EVS Broadcast Equipment SA		19,880		1,283,365
KBC Ancora (a)		29,718		791,281
Mobistar SA		21,920		373,274
Nyrstar (a)(b)		82,585		397,977
RHJ International (a)		172,789		907,516
Tessenderlo Chemie NV (b)		46,258		1,174,698
ThromboGenics NV (a)(b)		16,368		425,074

				8,844,809

BERMUDA — 0.2%
Golden Ocean Group, Ltd.		362,982		534,130
Ship Finance International, Ltd. (b)		34,490		526,662
SmarTone Telecommunications Holding, Ltd. (b)		9,249		12,260
Trinity, Ltd. (b)		620,000		208,662

				1,281,714

CANADA — 9.4%
Advantage Oil & Gas, Ltd. (a)		134,068		516,499
Alacer Gold Corp. (b)		116,166		349,210
Algonquin Power & Utilities Corp. (b)		82,971		511,758
Angle Energy, Inc. (a)(b)		82,386		223,618
Argonaut Gold, Inc. (a)		67,707		396,533
Asanko Gold, Inc. (a)		54,772		128,418
Atlantic Power Corp. (b)		61,392		263,987
AuRico Gold, Inc.		173,143		661,983
B2Gold Corp. (a)		182,884		457,254
Bankers Petroleum, Ltd. (a)(b)		153,178		576,709
Banro Corp. (a)		124,534		81,173
Birchcliff Energy, Ltd. (a)(b)		63,558		434,685
BlackPearl Resources, Inc. (a)(b)		169,306		309,656

See accompanying notes to financial statements.

197

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

September 30, 2013


Security Description	Shares		Value

Calfrac Well Services, Ltd.		20,719	$	630,903
Canfor Corp. (a)(b)		45,692		1,033,949
Capital Power Corp.		31,101		643,260
Capstone Mining Corp. (a)		208,801		503,771
CCL Industries, Inc.		11,691		777,163
Celestica, Inc. (a)		110,101		1,214,656
Centerra Gold, Inc.		75,578		354,398
China Gold International Resources Corp., Ltd. (a)		125,996		357,922
Cineplex, Inc. (b)		30,569		1,136,338
CML HealthCare, Inc. (b)		49,483		517,023
Cogeco Cable, Inc.		8,701		410,036
Colossus Minerals, Inc. (a)(b)		76,384		59,449
Continental Gold, Ltd. (a)		57,383		208,229
Copper Mountain Mining Corp. (a)(b)		69,990		119,839
Corus Entertainment, Inc. (Class B) (b)		154,382		3,718,745
Cott Corp.		75,950		584,458
Crew Energy, Inc. (a)		69,625		377,962
Davis & Henderson Corp. (b)		32,488		851,155
Denison Mines Corp. (a)(b)		279,300		309,760
Dominion Diamond Corp. (a)		46,197		565,833
Dorel Industries, Inc.		14,891		543,256
Dream Unlimited Corp. (Class A) (a)		95,107		1,202,832
Dundee Corp. (Class A) (a)		94,335		1,754,728
Dundee Precious Metals, Inc. (a)		58,980		327,061
Endeavour Mining Corp. (a)		230,192		152,282
Endeavour Silver Corp. (a)		61,841		265,918
FirstService Corp. (b)		58,201		2,262,586
Fortuna Silver Mines, Inc. (a)(b)		76,941		281,446
Freehold Royalties, Ltd. (b)		87,851		2,032,393
Gabriel Resources, Ltd. (a)		105,672		88,411
GMP Capital, Inc. (b)		102,766		641,850
Golden Star Resources, Ltd. (a)(b)		335,566		138,745
Gran Tierra Energy, Inc. (a)		153,300		1,090,206
Granite Real Estate Investment Trust		24,821		892,242
Great Basin Gold, Ltd. (a)(c)		266,255		0
Great Canadian Gaming Corp. (a)(b)		58,349		649,394
Guardian Capital Group, Ltd. (Class A)		220,928		2,903,723
Home Capital Group, Inc. (b)		49,745		3,485,876
Horizon North Logistics, Inc. (b)		74,769		528,089
HudBay Minerals, Inc.		92,683		760,111
Imax Corp. (a)(b)		26,676		805,808
Innergex Renewable Energy, Inc.		57,889		492,780
Ithaca Energy, Inc. (a)		160,823		395,838
Just Energy Group, Inc. (b)		79,846		508,796
Kelt Exploration, Ltd. (a)		21,108		172,289
Kirkland Lake Gold, Inc. (a)(b)		42,663		144,022
Lake Shore Gold Corp. (a)(b)		249,958		98,485
Legacy Oil + Gas, Inc. (a)		76,486		492,594
Lightstream Resources, Ltd. (b)		60,062		433,564
Linamar Corp.		78,414		2,632,617
MacDonald, Dettwiler & Associates, Ltd.		14,891		1,151,557
MAG Silver Corp. (a)		52,512		310,607
Major Drilling Group International, Inc. (b)		100,926		727,563
Maple Leaf Foods, Inc.		43,589		560,606
Martinrea International, Inc. (b)		103,150		1,060,702
Mullen Group, Ltd. (b)		43,109		1,052,667
Nevsun Resources, Ltd.		109,397		349,083
Niko Resources, Ltd. (a)(b)		25,984		95,554
Northern Dynasty Minerals, Ltd. (a)(b)		57,595		85,729
Northland Power, Inc. (b)		37,082		564,581
Novagold Resources, Inc. (a)		117,172		267,880
NuVista Energy, Ltd. (a)		103,359		674,714
OceanaGold Corp. (a)		161,351		240,166
Osisko Mining Corp. (a)		38,838		196,854
Parkland Fuel Corp. (b)		45,783		811,079
Pason Systems, Inc.		41,371		914,034
Petrobank Energy & Resources, Ltd. (a)(b)		54,777		22,115
Petrominerales, Ltd. (b)		50,683		576,896
Poseidon Concepts Corp. (a)(c)		43,064		0
Premier Gold Mines, Ltd. (a)(b)		96,575		197,303
Pretium Resources, Inc. (a)		42,598		294,651
Rio Alto Mining, Ltd. (a)		106,982		214,401
Romarco Minerals, Inc. (a)		307,276		116,585
RONA, Inc.		57,482		662,114
Rubicon Minerals Corp. (a)(b)		190,700		243,036
Russel Metals, Inc. (b)		87,286		2,318,229
Sabina Gold & Silver Corp. (a)(b)		83,390		71,391
Savanna Energy Services Corp. (b)		111,390		824,670
Seabridge Gold, Inc. (a)(b)		23,937		253,133
Secure Energy Services, Inc.		55,115		732,972
SEMAFO, Inc. (b)		140,054		337,906
Sherritt International Corp. (b)		160,854		604,044
Silver Standard Resources, Inc. (a)		46,682		288,385
Silvercorp Metals, Inc. (b)		104,526		341,675
Southern Pacific Resource Corp. (a)(b)		306,415		199,726
Stantec, Inc. (b)		52,902		2,707,117
Sunshine Oilsands, Ltd. (a)(b)		944,000		223,975
Superior Plus Corp. (b)		60,083		642,974
Tanzanian Royalty Exploration Corp. (a)(b)		86,609		223,284
The North West Co., Inc. (b)		28,982		664,564
Thompson Creek Metals Co., Inc. (a)(b)		96,237		345,476
Torex Gold Resources, Inc. (a)		308,513		399,185
Transcontinental, Inc. (b)		40,952		587,248
TransForce, Inc. (b)		47,392		999,110
TransGlobe Energy Corp. (a)		52,112		409,636
Trican Well Service, Ltd.		75,071		1,023,198
Trinidad Drilling, Ltd.		75,071		726,682
Uni-Select, Inc. (b)		89,410		2,022,359
Westport Innovations, Inc. (a)(b)		24,164		586,058
Westshore Terminals Investment Corp. (b)		30,509		919,514
Whitecap Resources, Inc. (b)		67,698		796,912
Wi-Lan, Inc. (b)		88,857		344,916

				76,449,090

CHINA — 1.5%
Allied Properties HK, Ltd.		5,032,791		778,753
Cafe de Coral Holdings, Ltd.		847,867		2,629,376
China Sandi Holdings, Ltd. (a)		103		8

See accompanying notes to financial statements.

198

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

September 30, 2013


Security Description	Shares		Value

Chow Sang Sang Holding International, Ltd.		254,939	$	739,654
Daphne International Holdings, Ltd. (b)		576,000		351,312
G-Resources Group, Ltd. (a)(b)		13,532,400		444,964
HKR International, Ltd.		2,773,579		1,351,892
K Wah International Holdings, Ltd.		2,836,310		1,528,762
Melco International Development, Ltd.		545,000		1,461,738
Midland Holdings, Ltd.		797,790		324,048
Road King Infrastructure, Ltd.		1,236,544		1,273,990
Shun Tak Holdings, Ltd.		1,306,749		732,979
Texwinca Holdings, Ltd.		940,050		871,545
Xinyi Glass Holdings Co., Ltd. (b)		1,194		1,099

				12,490,120

DENMARK — 1.5%
Amagerbanken A/S (a)(c)		308,573		0
Bang & Olufsen A/S (a)		34,237		351,091
D/S Norden A/S		15,282		644,880
East Asiatic Co., Ltd. A/S (a)(b)		37,153		627,123
Genmab A/S (a)		41,746		1,712,377
IC Companys A/S		27,466		830,015
NKT Holding A/S		11,589		576,121
Pandora A/S		28,294		1,169,320
SimCorp A/S		85,862		2,890,819
Sydbank A/S (a)		30,455		794,865
Vestas Wind Systems A/S (a)		99,721		2,517,618

				12,114,229

FINLAND — 1.7%
Amer Sports Oyj (Class A)		173,247		3,517,739
Citycon Oyj		434,589		1,464,822
Cramo Oyj		76,815		1,338,231
HKScan Oyj		131,352		608,092
Konecranes Oyj (b)		19,504		657,136
Lassila & Tikanoja Oyj (a)		84,866		1,732,374
Outokumpu Oyj (a)(b)		524,933		353,583
Poyry Oyj (a)		89,627		465,883
Talvivaara Mining Co. PLC (a)(b)		607,278		85,492
Tieto Oyj		73,728		1,573,877
Vacon Oyj		30,502		2,403,023

				14,200,252

FRANCE — 2.7%
Air France-KLM (a)(b)		73,425		731,424
Bourbon SA (b)		23,394		611,496
Carbone Lorraine SA		39,987		1,244,954
Club Mediterranee SA (a)		35,866		846,713
Etablissements Maurel et Prom (b)		42,952		659,621
GL Events SA		33,581		789,132
Groupe Steria SCA (b)		37,225		639,948
Havas SA		111,782		874,291
IPSOS		45,338		1,704,909
Jacquet Metal Service		41,261		718,828
Neopost SA (b)		15,546		1,132,791
Rubis		74,867		4,730,727
Saft Groupe SA		50,436		1,392,081
Sequana (a)(c)		5		0
Sequana SA (a)(b)		13,154		112,177
Societe d’Edition de Canal +		57,780		437,998
Societe de la Tour Eiffel		17,285		1,141,815
Societe Television Francaise 1		55,126		960,004
SOITEC (a)(b)		196,071		536,131
Technicolor SA (a)		133,088		697,199
Teleperformance		25,059		1,213,020
UbiSoft Entertainment SA (a)		64,720		1,001,363

				22,176,622

GERMANY — 3.9%
Aareal Bank AG (a)		24,704		772,310
Aixtron SE (a)		48,043		812,268
Alstria Office REIT-AG (a)		48,272		600,441
Deutsche Euroshop AG (b)		18,748		812,992
Dialog Semiconductor PLC (a)(b)		37,873		725,169
DIC Asset AG		57,132		630,295
Drillisch AG		47,121		1,136,017
Duerr AG		13,214		971,093
Freenet AG (a)		56,222		1,361,137
Gerresheimer AG		25,244		1,513,117
Gildemeister AG (b)		78,632		2,143,707
GSW Immobilien AG		22,014		967,731
Indus Holding AG		71,657		2,465,218
Jenoptik AG		150,785		2,359,514
Kloeckner & Co. SE (a)		57,979		786,403
Kontron AG		90,072		577,320
KUKA AG		54,008		2,341,283
Leoni AG		45,702		2,781,121
MLP AG		66,306		424,632
Morphosys AG (a)		10,778		837,300
Patrizia Immobilien AG (a)		136,529		1,367,613
Rheinmetall AG		20,453		1,175,834
Stada Arzneimittel AG		32,610		1,654,683
TAG Immobilien AG		53,631		665,938
TUI AG (a)(b)		96,753		1,236,878
Wincor Nixdorf AG		17,193		1,074,296

				32,194,310

GIBRALTAR — 0.1%
Bwin.Party Digital Entertainment PLC		352,931		697,846

GREECE — 0.9%
Alpha Bank AE (a)		287,799		221,281
Diana Shipping, Inc. (a)		91,831		1,108,400
DryShips, Inc. (a)		236,394		836,835
Ellaktor SA (a)		137,429		455,776
Eurobank Ergasias SA (a)		228		153
Hellenic Exchanges SA		95,008		816,659
Hellenic Telecommunications Organization SA (a)		126,634		1,319,920
JUMBO SA (a)		65,125		811,921
Marfin Investment Group SA (a)		469,825		239,764
National Bank of Greece SA (a)		45,944		186,576
Piraeus Bank SA (a)		60,197		101,857
Public Power Corp. SA		59,592		675,181
Titan Cement Co. SA (a)		30,165		751,325
TT Hellenic Postbank SA (a)(c)		129,076		0

				7,525,648

HONG KONG — 0.6%
Champion REIT (b)		189		86
Emperor Watch & Jewellery, Ltd.		2,720,000		242,007

See accompanying notes to financial statements.

199

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

September 30, 2013


Security Description	Shares		Value

Giordano International, Ltd. (b)		1,898,000	$	1,730,316
Luk Fook Holdings International, Ltd.		195,000		608,499
Mongolia Energy Co., Ltd. (a)		723		22
Pacific Basin Shipping, Ltd. (b)		1,573,000		1,070,958
Peace Mark (Holdings), Ltd. (a)(c)		504,228		0
Skyworth Digital Holdings, Ltd. (b)		1,103		526
Stella International Holdings, Ltd.		273,000		701,232
Yanchang Petroleum International, Ltd. (a)(b)		4,480,000		213,742
Yuexiu Real Estate Investment Trust (b)		1,123,000		556,059

				5,123,447

IRELAND — 0.8%
C&C Group PLC		291,069		1,572,477
Kenmare Resources PLC (a)		1,267,941		585,191
Kingspan Group PLC		127,300		2,123,841
Smurfit Kappa Group PLC		75,123		1,701,279
UDG Healthcare PLC (b)		116,636		604,416

				6,587,204

ISRAEL — 0.8%
Clal Insurance Enterprise Holdings, Ltd.		21,263		384,073
Delek Group, Ltd.		2,558		834,288
Elbit Systems, Ltd.		14,946		805,372
Israel Discount Bank, Ltd. (Class A) (a)		452,963		815,744
Migdal Insurance & Financial Holding, Ltd.		253,387		423,989
Mizrahi Tefahot Bank, Ltd.		63,751		701,514
NICE Systems, Ltd.		39,186		1,613,672
Osem Investments, Ltd.		36,572		816,387

				6,395,039

ITALY — 2.2%
A2A SpA		808,061		789,747
Amplifon SpA		243,978		1,333,594
Ansaldo STS SpA		64,865		601,022
Astaldi SpA		231,278		1,894,071
Banca Popolare dell’Emilia Romagna Scrl (a)		170,782		1,226,406
Banca Popolare dell’Etruria e del Lazio (a)		48,415		39,715
Banca Popolare di Milano Scarl (a)(b)		1,661,041		940,760
Banca Popolare di Sondrio Scrl		170,914		953,194
EI Towers SpA		30,850		1,181,812
Esprinet SpA		101,257		546,348
Hera SpA		246,279		496,730
IMMSI SpA (a)		760,495		467,883
Interpump Group SpA		274,012		2,980,314
Saras SpA (a)		296,356		371,075
Sorin SpA (a)		711,272		1,925,628
Unipol Gruppo Finanziario SpA (b)		170,396		753,786
Yoox SpA (a)		31,211		1,070,584

				17,572,669

JAPAN — 32.8%
Activia Properties, Inc.		52		450,976
Adastria Holdings Co., Ltd.		25,410		1,209,322
Ain Pharmaciez, Inc.		7,400		314,099
Alps Electric Co., Ltd. (a)(b)		187,536		1,511,755
Amada Co., Ltd. (b)		148,000		1,331,811
Anritsu Corp. (b)		63,900		811,408
Aoyama Trading Co., Ltd.		30,900		842,684
Arcs Co., Ltd.		24,900		462,347
Asahi Holdings, Inc. (b)		49,073		825,177
Autobacs Seven Co., Ltd. (b)		42,600		652,947
Avex Group Holdings, Inc.		19,600		571,271
Bank of the Ryukyus, Ltd. (b)		146,700		1,838,889
Best Denki Co., Ltd. (a)(b)		246,769		394,830
Capcom Co., Ltd. (b)		24,200		465,626
Central Glass Co., Ltd. (b)		521,145		1,726,085
Chiyoda Co., Ltd.		19,200		408,361
Citizen Holdings Co., Ltd.		145,400		1,019,467
Cocokara fine, Inc.		14,200		452,229
COMSYS Holdings Corp.		219,650		3,062,229
Cosmo Oil Co., Ltd. (a)		338,000		633,804
Cosmos Pharmaceutical Corp. (b)		5,100		670,991
CyberAgent, Inc.		23,000		635,679
Daifuku Co., Ltd. (b)		128,000		1,384,031
Daihen Corp.		256,000		1,025,304
DAIICHI CHUO KISEN KAISHA (a)(b)		340,834		413,343
Daiichikosho Co., Ltd.		19,500		532,387
Dainippon Screen Manufacturing Co., Ltd. (a)(b)		176,000		964,973
Daiwa Office Investment Corp. (b)		314		1,488,000
Daiwahouse Residential Investment Corp. (b)		121		526,543
DCM Japan Holdings Co., Ltd. (b)		177,933		1,262,078
DIC Corp. (b)		394,000		1,088,143
Disco Corp. (b)		10,200		584,194
Doutor Nichires Holdings Co., Ltd.		176,532		3,097,968
DTS Corp. (b)		94,682		1,499,473
Ebara Corp.		180,000		1,008,917
EDION Corp. (b)		106,600		533,407
FCC Co., Ltd. (b)		106,348		2,451,558
FP Corp. (b)		6,900		518,950
Frontier Real Estate Investment Corp.		84		867,180
Fuji Electric Holdings Co., Ltd.		320,000		1,304,459
Fuji Oil Co., Ltd.		42,600		740,209
Fukuoka REIT Corp. (b)		314		2,588,800
Furukawa Co., Ltd. (b)		758,387		1,723,519
Furukawa Electric Co., Ltd. (b)		344,000		792,295
Glory, Ltd.		77,300		1,941,855
GS Yuasa Corp. (b)		196,000		1,138,548
Hanwa Co., Ltd. (b)		427,000		2,019,139
Haseko Corp. (a)		165,300		1,184,264
Heiwa Real Estate Co., Ltd.		69,700		1,281,414
Hitachi Kokusai Electric, Inc. (b)		112,372		1,350,182
Hitachi Zosen Corp. (b)		172,200		1,349,521
Hokkaido Electric Power Co., Inc. (a)(b)		92,400		1,245,811
Horiba, Ltd.		54,113		2,026,652
Hosiden Corp.		120,900		651,782
Iino Kaiun Kaisha, Ltd.		149,300		966,171
Industrial & Infrastructure Fund Investment Corp. (b)		68		646,563
Internet Initiative Japan, Inc.		16,200		466,725

See accompanying notes to financial statements.

200

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

September 30, 2013


Security Description	Shares		Value

IT Holdings Corp. (b)		100,108	$	1,264,039
Izumi Co., Ltd.		22,200		647,052
Izumiya Co., Ltd.		265,000		1,228,790
Japan Airport Terminal Co., Ltd. (b)		101,400		2,344,730
Japan Aviation Electronics Industry, Ltd. (b)		151,000		1,743,521
Japan Excellent, Inc.		262		1,706,171
Japan Exchange Group, Inc. (b)		153,000		3,388,219
Japan Logistics Fund, Inc. (b)		262		2,643,363
Juki Corp. (a)(b)		162,332		309,361
K’s Holdings Corp. (b)		22,400		613,389
Kaken Pharmaceutical Co., Ltd. (b)		45,000		682,853
Kanematsu Corp.		806,698		1,093,410
Katakura Industries Co., Ltd. (b)		102,374		1,388,635
Kawasaki Kisen Kaisha, Ltd. (b)		449,000		1,052,433
Kenedix Realty Investment Corp.		141		694,043
Kitz Corp. (b)		180,400		814,443
Kiyo Holdings, Inc. (a)		1,231,000		1,706,150
Komori Corp. (b)		110,936		1,630,265
Kurabo Industries, Ltd.		753,000		1,273,865
KYB Co., Ltd. (b)		302,832		1,956,642
KYORIN Holdings, Inc.		30,600		653,320
Kyowa Exeo Corp.		143,400		1,689,380
Lion Corp.		118,000		719,124
Makino Milling Machine Co., Ltd. (b)		180,000		1,273,070
Marudai Food Co., Ltd.		568,656		1,842,880
Maruha Nichiro Holdings, Inc. (b)		812,485		1,540,099
Maruichi Steel Tube, Ltd.		35,100		872,090
Marusan Securities Co., Ltd. (b)		175,698		1,470,044
Meidensha Corp.		114,000		417,080
Minebea Co., Ltd. (b)		162,000		825,478
Mirait Holdings Corp.		97,900		835,081
Mitsui Mining & Smelting Co., Ltd.		713,000		2,070,879
Mitsui-Soko Co., Ltd.		312,000		1,739,251
Mitsumi Electric Co., Ltd. (a)(b)		56,400		397,746
Mori Hills REIT Investment Corp.		97		671,215
Moshi Moshi Hotline, Inc.		23,100		269,784
Nakanishi, Inc.		8,383		1,170,416
NET One Systems Co., Ltd. (b)		119,500		904,851
Neturen Co., Ltd. (b)		189,703		1,840,482
Nichi-iko Pharmaceutical Co., Ltd.		26,000		606,777
Nichirei Corp. (b)		157,000		854,400
Nihon Dempa Kogyo Co., Ltd. (b)		26,400		246,176
Nihon Kohden Corp.		59,100		2,418,206
Nikkiso Co., Ltd.		143,000		1,505,417
Nippon Accommodations Fund, Inc.		266		1,949,085
Nippon Carbon Co., Ltd.		245,712		493,302
Nippon Gas Co., Ltd. (b)		30,900		373,162
Nippon Konpo Unyu Soko Co., Ltd. (b)		203,600		3,564,686
Nippon Light Metal Holdings Co., Ltd.		962,200		1,480,685
Nippon Paper Industries Co., Ltd. (b)		54,400		859,312
Nippon Seiki Co., Ltd. (b)		80,000		1,284,892
Nippon Sheet Glass Co., Ltd. (a)(b)		425,000		545,732
Nippon Shinyaku Co., Ltd. (b)		202,000		3,483,149
Nippon Soda Co., Ltd.		269,000		1,598,237
Nippon Suisan Kaisha, Ltd. (a)		427,799		919,904
Nippon Thompson Co., Ltd. (b)		238,000		1,350,991
Nishi-Nippon Railroad Co., Ltd. (b)		156,000		608,897
Nishimatsu Construction Co., Ltd.		674,000		1,957,605
Nishimatsuya Chain Co., Ltd.		124,893		1,004,235
Nissan Chemical Industries, Ltd.		76,300		1,148,485
Nissha Printing Co., Ltd. (a)(b)		23,900		400,667
Nisshin Steel Holdings Co., Ltd.		52,900		700,841
Nitto Boseki Co., Ltd. (b)		392,153		1,654,536
NOF Corp.		475,000		3,054,522
Nomura Real Estate Office Fund, Inc.		129		663,898
North Pacific Bank, Ltd. (b)		148,800		626,287
NSD Co., Ltd.		99,608		1,119,670
Okamura Corp. (b)		57,000		392,102
Okasan Securities Group, Inc.		271,682		2,500,167
Oki Electric Industry Co., Ltd. (a)		825,000		1,555,414
Orix JREIT, Inc.		2,167		2,758,301
OSG Corp. (b)		152,800		2,670,594
Park24 Co., Ltd.		13		231
Pigeon Corp.		21,400		1,051,190
Pioneer Corp. (a)(b)		169,000		291,067
Premier Investment Corp.		503		2,296,499
Rengo Co., Ltd. (b)		217,000		1,196,403
Rohto Pharmaceutical Co., Ltd.		195,000		2,752,357
Ryohin Keikaku Co., Ltd.		32,203		2,910,987
Sakai Chemical Industry Co., Ltd. (b)		332,565		1,196,387
Sanden Corp.		304,000		1,372,453
Sankyu, Inc.		282,000		931,139
Sanyo Shokai, Ltd.		213,000		553,529
Sanyo Special Steel Co., Ltd. (b)		229,937		1,197,430
Sapporo Holdings, Ltd.		236,000		1,024,571
Sato Corp. (b)		83,500		1,706,166
Sawai Pharmaceutical Co., Ltd. (b)		15,200		1,067,292
SBI Holdings, Inc.		94,128		1,214,431
SCSK Corp.		25,300		608,489
Seiko Epson Corp. (b)		85,100		1,393,689
Seiren Co., Ltd. (b)		205,900		1,397,497
Senshu Ikeda Holdings, Inc. (b)		105,260		542,793
Shima Seiki Manufacturing, Ltd.		74,225		1,632,383
Shimachu Co., Ltd.		100,700		2,497,873
Ship Healthcare Holdings, Inc.		14,500		565,223
Shochiku Co., Ltd. (b)		489,000		4,794,069
Sinfonia Technology Co., Ltd. (b)		484,000		863,185
SMK Corp. (b)		254,343		1,158,638
Softbank Corp.		25,895		1,791,868
Sojitz Corp.		533,100		1,043,110
Sotetsu Holdings, Inc.		146,000		560,938
Star Micronics Co., Ltd. (b)		69,700		683,326
Start Today Co., Ltd. (b)		30,300		853,804
Sumitomo Forestry Co., Ltd. (b)		90,100		976,982
Sumitomo Osaka Cement Co., Ltd. (b)		673,793		2,712,339
Tadano, Ltd.		174,526		2,235,711
Taiyo Yuden Co., Ltd. (b)		59,700		776,937
Takara Holdings, Inc.		313,000		2,854,879
Takasago International Corp.		305,694		1,598,176
Takuma Co., Ltd. (b)		225,000		2,125,605
The 77 Bank, Ltd.		135,000		664,510
The Bank of Nagoya, Ltd. (b)		258,000		988,617
The Bank of Okinawa, Ltd. (b)		52,100		2,078,690
The Ehime Bank, Ltd.		670,000		1,638,726
The Eighteenth Bank, Ltd.		699,730		1,654,393
The Hokuetsu Bank, Ltd.		981,000		2,179,445

See accompanying notes to financial statements.

201

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

September 30, 2013


Security Description	Shares		Value

The Michinoku Bank, Ltd.		683,000	$	1,378,181
The Minato Bank, Ltd.		756,000		1,286,645
The Miyazaki Bank, Ltd.		661,000		2,027,628
The Musashino Bank, Ltd.		44,100		1,611,195
The Nanto Bank, Ltd.		124,000		499,159
The Nishi-Nippon City Bank, Ltd. (b)		323,000		878,889
The Oita Bank, Ltd.		439,000		1,445,065
The Tochigi Bank, Ltd.		266,000		1,021,982
The Tokyo Tomin Bank, Ltd. (b)		47,800		550,461
Toagosei Co., Ltd.		545,818		2,430,802
TOC Co., Ltd. (b)		206,200		1,742,062
Toei Co., Ltd. (b)		317,000		1,915,730
Toho Holdings Co., Ltd.		68,719		1,253,575
Toho Zinc Co., Ltd. (b)		249,000		801,875
Tokai Carbon Co., Ltd.		114,000		395,006
Tokai Tokyo Financial Holdings, Inc. (b)		258,300		2,155,900
Tokuyama Corp. (b)		223,000		870,410
Tokyo Dome Corp.		254,000		1,985,406
Tokyo Tatemono Co., Ltd.		231,000		2,114,018
TOMONY Holdings, Inc.		279,600		1,099,879
Top REIT, Inc.		92		463,633
Topy Industries, Ltd.		541,381		1,197,245
Tosoh Corp.		293,000		1,206,339
Toyo Corp./Chuo-ku (b)		176,648		2,228,690
Toyo Tire & Rubber Co., Ltd.		428,000		2,577,814
Toyobo Co., Ltd.		1,047,788		2,007,482
TSI Holdings Co., Ltd.		66,700		450,671
Tsuruha Holdings, Inc.		8,200		723,689
Ulvac, Inc. (a)(b)		49,700		454,834
Unitika, Ltd. (a)		1,060,000		637,350
Valor Co., Ltd. (b)		31,600		478,871
Wacom Co., Ltd. (b)		73,000		698,568
Yaskawa Electric Corp.		107,000		1,503,725
Yodogawa Steel Works, Ltd. (b)		444,000		1,959,256
Zenrin Co., Ltd. (b)		57,077		641,007

				267,017,392

LUXEMBOURG — 0.2%
AZ Electronic Materials SA		140,618		671,764
Eurofins Scientific (b)		2,871		724,024

				1,395,788

NETHERLANDS — 1.7%
Aalberts Industries NV		99,710		2,658,284
AerCap Holdings NV (a)		71,155		1,384,676
ASM International NV		57,995		2,017,578
BinckBank NV		42,315		387,898
CSM		39,683		961,533
Eurocommercial Properties NV		20,680		837,985
Exact Holding NV		50,829		1,281,832
Koninklijke BAM Groep NV (b)		146,226		786,213
PostNL NV (a)		229,420		992,843
VistaPrint NV (a)(b)		25,821		1,459,403
Wereldhave NV		10,683		775,402

				13,543,647

NEW ZEALAND — 0.9%
DNZ Property Fund, Ltd.		252,173		336,056
Fisher & Paykel Healthcare Corp., Ltd. (b)		883,439		2,663,656
Goodman Property Trust		364,537		309,695
Infratil, Ltd. (b)		311,269		641,659
Kiwi Income Property Trust		450,764		407,354
Mainfreight, Ltd.		60,363		572,648
Nuplex Industries, Ltd. (b)		143,299		412,964
Ryman Healthcare, Ltd.		126,566		732,647
Sky City Entertainment Group, Ltd. (b)		272,777		911,056
Trade Me, Ltd. (b)		116,413		442,139

				7,429,874

NORWAY — 1.3%
Algeta ASA (a)		28,936		1,116,208
Atea ASA		41,564		437,116
Deep Sea Supply PLC (a)		182,175		348,341
DNO International ASA (a)(b)		578,561		1,285,210
Ekornes ASA		52,047		882,703
Norwegian Property ASA (b)		428,404		566,290
ProSafe SE		127,238		1,015,492
Storebrand ASA (a)		156,843		868,938
Tomra Systems ASA		182,694		1,716,292
Veidekke ASA		268,517		2,089,470

				10,326,060

PORTUGAL — 0.4%
Altri SGPS SA		370,116		973,959
Banco Comercial Portugues SA (a)		6,816,444		885,800
Semapa-Sociedade de Investimento e Gestao, SGPS, SA		149,698		1,406,314

				3,266,073

SINGAPORE — 2.3%
Ascott Residence Trust		364,000		365,523
Biosensors International Group, Ltd. (b)		657,000		505,284
Bukit Sembawang Estates, Ltd.		274,080		1,347,738
Cache Logistics Trust		505,000		474,915
Cambridge Industrial Trust		971,828		518,928
CapitaCommercial Trust (b)		818		945
CapitaRetail China Trust		296,302		324,698
CDL Hospitality Trusts (b)		418,000		543,009
China Yuchai International, Ltd. (b)		22,269		529,334
Cosco Corp. Singapore, Ltd. (b)		567,000		354,728
Ezion Holdings, Ltd.		338,000		592,628
Ezra Holdings, Ltd. (a)(b)		502,599		458,638
Far East Hospitality Trust		433,000		315,756
First Real Estate Investment Trust		538,000		478,079
Frasers Centrepoint Trust		268,000		394,071
Haw Par Corp., Ltd. (b)		6,986		41,201
Hong Leong Finance, Ltd.		1,629,656		3,389,840
Hyflux, Ltd. (b)		315,000		302,511
LionGold Corp., Ltd. (a)(b)		426,000		529,635
Lippo Malls Indonesia Retail Trust		1,250,000		433,353
M1, Ltd.		306,000		799,904
Mapletree Commercial Trust		569,372		551,335
Mapletree Industrial Trust		746,628		803,306
Mapletree Logistics Trust		65,185		55,587
Miclyn Express Offshore, Ltd.		383,925		753,877

See accompanying notes to financial statements.

202

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

September 30, 2013


Security Description	Shares		Value

Parkway Life Real Estate Investment Trust		256,000	$	479,458
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (b)		394,000		337,557
Singapore Post, Ltd. (b)		630,000		635,146
Starhill Global REIT		756,000		478,996
Triyards Holdings, Ltd. (a)		50,259		26,436
Venture Corp., Ltd.		66,000		401,339
Wing Tai Holdings, Ltd. (b)		841,299		1,374,507

				18,598,262

SOUTH KOREA — 6.0%
Able C&C Co., Ltd.		6,121		237,794
Asiana Airlines (a)		169,398		807,051
Binggrae Co., Ltd.		3,738		335,304
Cheil Communications, Inc. (a)		7		162
CJ E&M Corp. (a)		12,448		455,793
CJ Korea Express Corp. (a)		7,216		645,943
CJ O Shopping Co., Ltd.		1,973		643,117
Com2uSCorp (a)		5,332		145,620
Cosmax, Inc. (b)		7,700		348,575
Daesang Corp.		14,430		449,815
Daum Communications Corp. (b)		16,598		1,431,721
DGB Financial Group, Inc.		70,400		1,061,233
Dong-A Pharmaceutical Co., Ltd.		3,748		535,341
Dong-A ST Co., Ltd. (a)		6,277		785,592
Dongkuk Steel Mill Co., Ltd. (b)		35,440		488,066
Eugene Investment & Securities Co., Ltd. (a)		175,729		370,369
Fila Korea, Ltd. (b)		6,139		399,870
GemVax & Kael Co., Ltd. (a)(b)		11,993		248,860
Grand Korea Leisure Co., Ltd.		19,940		641,984
Green Cross Corp.		4,511		577,163
Hana Tour Service, Inc.		17,973		1,147,275
Hanjin Heavy Industries & Construction Co., Ltd. (a)		24,506		301,002
Hanjin Shipping Co., Ltd. (a)(b)		51,518		423,294
Hanmi Pharm Co., Ltd. (a)		7,496		1,004,419
Hansol Paper Co.		80,509		872,757
Hanwha Securities Co. (a)		121,242		407,271
Hite Jinro Co., Ltd.		28,734		731,268
Honam Petrochemical Corp.		2,075		383,267
Hotel Shilla Co., Ltd.		34,083		2,045,598
Humax Co., Ltd.		47,567		548,846
Hyosung Corp.		10,548		703,740
Hyundai Development Co. (b)		40,700		910,820
Hyundai Elevator Co., Ltd. (a)		4,439		263,942
Hyundai Greenfood Co., Ltd.		38,470		615,706
Hyundai Home Shopping Network Corp.		3,591		527,953
Hyundai Marine & Fire Insurance Co., Ltd.		7		191
Hyundai Securities Co., Ltd.		77,260		480,954
JB Financial Group Co., Ltd. (a)		257,194		1,682,438
Korea Investment Holdings Co., Ltd.		24,120		930,304
Korean Reinsurance Co.		113,588		1,352,899
KT Skylife Co., Ltd.		13,788		373,992
Kumho Tire Co., Inc. (a)		56,790		647,338
LG Fashion Corp.		11,430		321,200
LG International Corp.		33,988		1,023,111
LG Life Sciences, Ltd. (a)(b)		25,363		1,222,512
LIG Insurance Co., Ltd.		60,470		1,372,943
Lotte Chilsung Beverage Co., Ltd.		401		633,212
Lotte Samkang Co., Ltd.		670		419,578
LS Industrial Systems Co., Ltd.		10,075		609,370
Macquarie Korea Infrastructure Fund		93,570		575,521
Medipost Co., Ltd. (a)(b)		5,132		308,968
MegaStudy Co., Ltd.		5,828		412,151
Melfas, Inc. (b)		13,556		163,352
Meritz Finance Holdings Co., Ltd.		8		37
Meritz Fire & Marine Insurance Co., Ltd.		92,168		1,183,538
Meritz Securities Co., Ltd.		782,057		1,120,681
Mirae Asset Securities Co., Ltd.		16,297		558,057
Neowiz Games Corp. (a)		10,799		171,831
NongShim Co., Ltd.		2,511		599,318
Paradise Co., Ltd.		32,107		731,962
Poongsan Corp.		39,183		973,491
Samsung Fine Chemicals Co., Ltd. (b)		29,620		1,347,773
Samyang Holdings Corp.		4,464		369,689
Seoul Semiconductor Co., Ltd.		21,723		819,660
SFA Engineering Corp.		29,428		1,214,443
SK Broadband Co., Ltd. (a)		154,151		681,338
SK Chemicals Co., Ltd. (b)		31,855		1,387,223
SM Entertainment Co. (a)(b)		8,250		292,484
STX Offshore & Shipbuilding Co., Ltd. (a)(b)		47,943		194,061
STX Pan Ocean Co., Ltd. (a)		110,699		235,886
Taekwang Industrial Co., Ltd.		482		538,209
Tong Yang Securities, Inc.		88,110		201,689
Woori Investment & Securities Co., Ltd.		3		32
Young Poong Corp.		557		775,371
Yuhan Corp.		9,209		1,679,544

				49,102,882

SPAIN — 1.1%
Bolsas y Mercados Espanoles (b)		22,888		726,691
Construcciones y Auxiliar de Ferrocarriles SA		3,642		1,873,398
Faes Farma SA		228,007		734,568
Indra Sistemas SA		38,291		574,565
Tubacex SA		249,588		989,915
Tubos Reunidos SA		298,207		700,364
Vidrala SA		55,606		2,371,040
Zeltia SA (a)		227,782		806,302

				8,776,843

SWEDEN — 2.6%
AarhusKarlshamn AB		20,309		1,269,490
Axfood AB (b)		16,302		796,687
Axis Communications AB (b)		27,670		870,624
Betsson AB (a)		25,333		751,341
BillerudKorsnas AB		87,437		882,796
Carnegie Investment Bank AB (a)(c)		59,625		0
Fabege AB		84,538		934,471
Haldex AB		172,294		1,319,747
Hexpol AB		14,258		1,007,789
Intrum Justitia AB		109,507		2,932,416
JM AB (b)		64,465		1,876,813

See accompanying notes to financial statements.

203

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

September 30, 2013


Security Description	Shares		Value

Kungsleden AB		167,355	$	1,117,767
New Wave Group AB (Class B)		211,550		1,152,753
Nobia AB		98,073		786,343
Saab AB		43,111		862,475
Swedish Orphan Biovitrum AB (a)		119,314		1,188,849
Wihlborgs Fastigheter AB		194,616		3,128,412

				20,878,773

SWITZERLAND — 2.7%
Basilea Pharmaceutica AG (a)		13,553		1,169,073
Belimo Holding AG		2,095		5,386,646
Daetwyler Holding AG		18,920		2,341,330
Forbo Holding AG (a)		845		641,985
Georg Fischer AG (a)		3,166		1,927,435
Kudelski SA		66,011		897,910
Kuoni Reisen Holding (Class B) (a)		4,739		1,944,340
Logitech International SA		85,971		756,792
Mobimo Holding AG (a)		3,154		659,576
Nobel Biocare Holding AG (a)(b)		74,774		1,103,935
Straumann Holding AG (b)		4,317		784,388
Temenos Group AG (a)(b)		73,924		1,818,976
Valiant Holding AG		6,743		663,301
Valora Holding AG		8,657		1,964,519

				22,060,206

UNITED KINGDOM — 12.1%
A.G.BARR PLC		46,947		401,037
Atkins WS PLC		40,008		757,382
Aveva Group PLC		32,887		1,383,622
BBA Aviation PLC		148,087		731,426
Bellway PLC		93,353		1,987,961
Bodycote PLC		213,697		2,249,395
Bovis Homes Group PLC		183,812		2,140,211
Britvic PLC		226,199		2,097,104
BTG PLC (a)		161,242		1,000,593
Cable & Wireless Communications PLC		1,324,895		850,275
Carillion PLC (b)		146,223		740,453
Centamin PLC (a)		469,833		337,968
Chemring Group PLC		204,245		1,004,831
CSR PLC		152,370		1,270,751
Dairy Crest Group PLC		175,127		1,291,800
Darty PLC		356,325		398,152
De La Rue PLC		29,398		472,976
Debenhams PLC		547,873		906,744
Dixons Retail PLC (a)		2,113,805		1,597,558
Domino’s Pizza UK & IRL PLC		56,270		532,162
Dunelm Group PLC		40,265		602,495
Elementis PLC		603,404		2,342,233
EnQuest PLC (a)		302,562		638,919
Enterprise Inns PLC (a)(b)		439,023		1,027,328
Fenner PLC (b)		222,137		1,433,158
Filtrona PLC		80,336		973,769
FirstGroup PLC		546,215		1,057,025
Galliford Try PLC		126,970		2,138,397
Gem Diamonds, Ltd. (a)		97,947		239,509
Genus PLC		34,131		791,491
Halfords Group PLC		87,176		555,656
Hays PLC		576,976		1,106,276
Henderson Group PLC		438,529		1,341,480
Heritage Oil PLC (a)(b)		123,183		355,079
Home Retail Group PLC		368,356		1,002,742
Homeserve PLC		137,827		573,616
Howden Joinery Group PLC		317,149		1,497,117
Hunting PLC		64,497		832,960
Intermediate Capital Group PLC		172,785		1,249,062
International Personal Finance		262,309		2,593,300
Interserve PLC		189,148		1,719,909
ITE Group PLC		513,527		2,260,303
J.D. Wetherspoon PLC		159,379		1,885,407
Jazztel PLC (a)		103,771		1,128,112
Jupiter Fund Management PLC		190,813		1,134,039
Keller Group PLC		99,400		1,672,460
Kier Group PLC		58,577		1,599,332
Laird PLC		203,119		724,963
Mcbride PLC (a)		148,533		292,249
Michael Page International PLC		269,728		2,150,353
Micro Focus International PLC		80,531		988,522
Mitchells & Butlers PLC (a)		226,520		1,507,656
Mitie Group PLC (b)		501,971		2,405,346
Morgan Crucible Co. PLC		305,440		1,539,286
Morgan Sindall PLC		66,523		807,955
N Brown Group PLC		206,667		1,757,051
National Express Group PLC		207,028		859,274
Pace PLC		183,270		753,543
PayPoint PLC		105,730		1,818,347
Petropavlovsk PLC (b)		76,843		95,818
Premier Farnell PLC		465,008		1,635,589
Premier Foods PLC (a)		145,352		367,197
QinetiQ Group PLC		211,006		654,703
Redrow PLC		304,182		1,147,740
Regus PLC		313,005		922,522
Renishaw PLC		19,284		563,050
Restaurant Group PLC		336,603		2,899,903
RPS Group PLC		306,341		1,329,517
Salamander Energy PLC (a)		136,497		259,726
Senior PLC		667,168		2,921,432
Shanks Group PLC		418,894		630,872
SIG PLC		317,377		954,938
Soco International PLC		105,197		68,142
SOCO International PLC (a)		105,197		670,351
Spirent Communications PLC		339,973		702,504
Spirit Pub Co. PLC		334,512		387,322
Synthomer PLC		129,001		497,401
Tullett Prebon PLC		255,366		1,431,674
Ultra Electronics Holdings PLC		51,661		1,580,333
Unite Group PLC		289,181		1,849,315
Victrex PLC		111,690		2,888,505
WH Smith PLC		169,158		2,265,437
Wincanton PLC (a)		232,265		378,010

				98,610,121

UNITED STATES — 0.0% (d)
Hecla Mining Co.		32,553		102,216

TOTAL COMMON STOCKS —
(Cost $754,885,821)				802,210,576

See accompanying notes to financial statements.

204

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

September 30, 2013


Security Description	Shares		Value

SHORT TERM INVESTMENTS — 11.1%
UNITED STATES — 11.1%
MONEY MARKET FUNDS — 11.1%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		89,616,860	$	89,616,860
State Street Institutional Liquid Reserves Fund 0.06% (f)(g)		480,956		480,956

TOTAL SHORT TERM INVESTMENTS —
(Cost $90,097,816)				90,097,816

TOTAL INVESTMENTS — 109.6%
(Cost $844,983,637)				892,308,392
OTHER ASSETS & LIABILITIES — (9.6)%				(78,437,182	)

NET ASSETS — 100.0%			$	813,871,210


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

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

205

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 14.0%
Abacus Property Group (a)		2,760,747	$	5,834,044
Astro Japan Property Group (a)		711,979		2,296,788
Bunnings Warehouse Property Trust (a)		4,925,725		10,501,217
CFS Retail Property Trust Group (a)		23,510,149		43,966,310
Charter Hall Retail REIT (a)		2,833,729		9,962,786
Commonwealth Property Office Fund (a)		19,936,751		21,251,710
Dexus Property Group		47,080,106		44,242,345
Goodman Group		15,152,955		69,143,570
GPT Group (a)		16,318,409		53,099,655
Investa Office Fund		6,131,267		16,912,464
Westfield Group		19,998,724		205,884,782
Westfield Retail Trust		30,021,661		83,373,073

				566,468,744

AUSTRIA — 1.6%
Atrium European Real Estate, Ltd. (a)		1,795,737		10,168,039
CA Immobilien Anlagen AG (a)(b)		716,817		10,411,532
IMMOFINANZ AG (b)		10,625,278		46,413,668

				66,993,239

BELGIUM — 0.8%
Befimmo Sicafi S.C.A.		174,976		12,134,153
Cofinimmo (a)		158,226		18,546,083

				30,680,236

BRAZIL — 1.0%
BR Malls Participacoes SA		4,542,940		41,020,235

CANADA — 10.2%
Artis REIT		631,344		8,727,890
Boardwalk REIT		262,871		14,732,949
Brookfield Asset Management, Inc. (Class A)		5,692,940		213,450,635
Brookfield Office Properties, Inc. (a)(c)		344,423		6,568,147
Brookfield Office Properties, Inc. (a)(c)		2,133,954		40,980,885
Calloway REIT		573,995		13,597,411
Canadian Apartment Properties REIT		513,526		10,226,556
Canadian REIT		343,690		13,568,382
Chartwell Retirement Residences		864,225		8,491,753
Crombie Real Estate Investment Trust		261,611		3,265,365
First Capital Realty, Inc. (a)		953,115		15,698,256
H&R REIT		1,316,865		27,146,969
RioCan REIT		1,475,013		34,869,944

				411,325,142

CHINA — 2.7%
Hongkong Land Holdings, Ltd.		11,786,000		77,787,600
Kerry Properties, Ltd.		7,351,670		31,330,496

				109,118,096

FRANCE — 9.0%
Fonciere Des Regions (a)		441,309		36,625,261
Gecina SA (a)		262,983		33,651,463
Klepierre		978,438		42,449,049
Mercialys SA		565,431		11,335,516
Unibail-Rodamco SE		974,907		242,029,967

				366,091,256

HONG KONG — 8.1%
Champion REIT (a)		26,187,174		11,953,682
Hang Lung Group, Ltd.		8,515,808		45,460,688
Hang Lung Properties, Ltd.		22,887,755		77,914,255
Hysan Development Co., Ltd.		7,020,846		31,278,599
Prosperity REIT		11,635,000		3,585,701
The Link REIT		23,161,355		113,639,266
Wheelock & Co., Ltd.		8,133,545		43,157,821

				326,990,012

ITALY — 0.1%
Beni Stabili SpA (a)		8,561,984		5,325,576

JAPAN — 22.7%
Activia Properties, Inc.		1,892		16,408,581
Aeon Mall Co., Ltd.		1,140,240		33,861,497
Daibiru Corp.		586,400		6,848,554
Daiwa Office Investment Corp. (a)		2,322		11,003,618
Frontier Real Estate Investment Corp.		2,302		23,764,851
Fukuoka REIT Corp. (a)		1,165		9,604,943
Global One Real Estate Investment Co., Ltd. (a)		902		5,405,106
Hankyu REIT, Inc.		912		5,492,912
Heiwa Real Estate Co., Ltd.		370,400		6,809,698
Hulic Co., Ltd.		3,814,990		57,074,194
Japan Excellent, Inc.		2,241		14,593,620
Japan Prime Realty Investment Corp.		7,506		26,390,522
Japan Real Estate Investment Corp.		5,950		69,611,210
Japan Retail Fund Investment Corp. (a)		19,774		40,747,035
Kenedix Realty Investment Corp.		2,518		12,394,334
Mitsui Fudosan Co., Ltd.		8,837,000		296,743,083
Mori Hills REIT Investment Corp. (a)		2,365		16,365,197
Mori Trust Sogo REIT, Inc. (a)		1,716		16,421,136
Nippon Building Fund, Inc.		6,933		86,198,828
Nomura Real Estate Office Fund, Inc.		3,725		19,170,701
NTT Urban Development Corp. (a)		1,113,931		14,610,234
Orix JREIT, Inc. (a)		14,614		18,601,667
Premier Investment Corp.		1,702		7,770,660
Tokyu Land Corp. (a)(b)		4,431,000		46,104,978
Tokyu REIT, Inc. (a)		1,895		12,050,752
Top REIT, Inc.		1,364		6,873,865
United Urban Investment Corp.		23,758		36,317,962

				917,239,738

NETHERLANDS — 2.0%
Corio NV (a)		989,362		42,648,435
Eurocommercial Properties NV		364,225		14,758,956
VastNed Retail NV		195,076		8,307,477
Wereldhave NV (a)		216,337		15,702,335

				81,417,203

See accompanying notes to financial statements.

206

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

September 30, 2013


Security Description	Shares		Value

NEW ZEALAND — 0.8%
Argosy Property, Ltd.		8,145,679	$	6,343,543
Goodman Property Trust		10,509,318		8,928,278
Kiwi Income Property Trust (a)		10,050,344		9,082,463
Precinct Properties (a)		8,189,015		6,752,426

				31,106,710

PHILIPPINES — 1.6%
Ayala Land, Inc.		56,735,800		35,508,740
SM Prime Holdings, Inc.		76,453,700		28,130,186

				63,638,926

SINGAPORE — 7.8%
Ascendas REIT (a)		20,424,831		37,113,859
Cambridge Industrial Trust		11,083,403		5,918,215
CapitaCommercial Trust (a)		22,433,676		25,924,551
CapitaLand, Ltd. (a)		25,161,999		61,964,995
CapitaMall Trust		25,965,168		40,559,258
Frasers Commercial Trust (a)		4,990,304		5,011,184
Global Logistic Properties, Ltd. (a)		30,518,000		70,290,512
Guocoland, Ltd. (a)		3,558,666		5,955,926
Mapletree Logistics Trust		14,565,276		12,420,678
Singapore Land, Ltd. (a)		817,000		5,658,282
Starhill Global REIT		13,693,482		8,676,085
Suntec REIT		22,620,351		29,475,413
United Industrial Corp., Ltd.		2,597,000		6,312,692

				315,281,650

SOUTH AFRICA — 1.4%
Capital Property Fund		16,043,410		16,866,405
Fountainhead Property Trust		11,914,112		9,317,010
Growthpoint Properties, Ltd.		9,470,897		23,197,875
SA Corporate Real Estate Fund		13,999,900		5,564,486
Sycom Property Fund		1,415,188		3,646,337

				58,592,113

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

SWEDEN — 2.0%
Castellum AB		1,719,616		24,536,876
Fabege AB		1,410,193		15,588,066
Great Portland Estates PLC		3,440,443		30,030,117
Kungsleden AB		1,398,713		9,342,029

				79,497,088

SWITZERLAND — 2.0%
PSP Swiss Property AG (b)		385,518		33,467,695
Swiss Prime Site AG (b)		605,800		46,862,825

				80,330,520

THAILAND — 0.5%
Central Pattana PCL		13,448,984		18,918,008

UNITED KINGDOM — 11.4%
Big Yellow Group PLC		1,300,621		9,267,388
British Land Co. PLC		9,998,516		93,506,420
Capital & Counties Properties PLC		6,632,664		35,982,116
Derwent London PLC		856,926		32,874,736
Grainger PLC		4,266,506		12,077,240
Hammerson PLC		7,139,466		57,923,841
Intu Properties PLC		6,781,634		35,263,754
Land Securities Group PLC		7,819,478		116,371,644
Segro PLC		7,426,301		37,281,050
Shaftesbury PLC		2,513,829		24,018,265
Workspace Group PLC		1,080,184		7,941,590

				462,508,044

TOTAL COMMON STOCKS —
(Cost $3,469,268,466)				4,032,542,536

SHORT TERM INVESTMENTS — 3.5%
UNITED STATES — 3.5%
MONEY MARKET FUNDS — 3.5%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		106,184,532		106,184,532
State Street Institutional Liquid Reserves Fund 0.06% (h)(i)		35,547,697		35,547,697

TOTAL SHORT TERM INVESTMENTS —
(Cost $141,732,229)				141,732,229

TOTAL INVESTMENTS — 103.2%
(Cost $3,611,000,695)				4,174,274,765
OTHER ASSETS & LIABILITIES — (3.2)%				(128,375,711	)

NET ASSETS — 100.0%			$	4,045,899,054


(a)		A portion of the security was on loan at September 30, 2013.
(b)		Non-income producing security.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(f)		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.

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

207

SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 7.5%
Macquarie Atlas Roads Group		96,514	$	221,101
Qube Holdings Ltd.		157,471		301,849
Sydney Airport		228,417		839,374
Transurban Group (a)		397,604		2,528,100

				3,890,424

BRAZIL — 1.8%
Cia de Saneamento Basico do Estado de Sao Paulo ADR (a)		12,132		120,835
Companhia Energetica de Minas Gerais ADR (a)		19,298		166,735
CPFL Energia SA ADR (a)		4,005		69,086
Ultrapar Participacoes SA ADR		23,406		575,553

				932,209

CANADA — 10.4%
AltaGas, Ltd. (a)		6,711		239,021
Enbridge, Inc.		46,599		1,950,276
Gibson Energy, Inc. (a)		6,851		163,827
Pembina Pipeline Corp. (a)		17,439		579,208
Teekay Corp. (a)		2,101		89,818
TransCanada Corp. (a)		39,921		1,757,394
Veresen, Inc. (a)		11,376		134,356
Westshore Terminals Investment Corp. (a)		17,000		512,365

				5,426,265

CHILE — 0.7%
Empresa Nacional de Electricidad SA ADR		3,962		166,364
Enersis SA ADR		13,530		217,292

				383,656

CHINA — 0.4%
China Longyuan Power Group Corp. (Class H)		102,000		106,010
Huaneng Power International Inc, ADR (a)		2,706		108,375

				214,385

FRANCE — 7.2%
Aeroports de Paris		10,095		1,057,542
GDF Suez		53,773		1,351,708
Groupe Eurotunnel SA		147,632		1,346,337

				3,755,587

GERMANY — 5.2%
E.ON AG		70,850		1,261,166
Fraport AG Frankfurt Airport Services Worldwide (a)		9,663		678,607
Hamburger Hafen und Logistik AG		6,606		162,570
RWE AG		17,444		593,633

				2,695,976

HONG KONG — 4.2%
China Gas Holdings, Ltd.		86,000		93,706
China Merchants Holdings International Co., Ltd.		310,909		1,130,556
China Resources and Transportation Group, Ltd. (b)		3,400,000		170,983
China Resources Power Holdings Co., Ltd.		62,000		147,422
COSCO Pacific, Ltd. (a)		431,999		660,659

				2,203,326

ITALY — 6.4%
Ansaldo STS SpA		28,837		267,196
Atlantia SpA		83,485		1,698,533
Enel SpA		229,801		880,951
Gemina SpA (b)		153,964		348,467
Societa Iniziative Autostradali e Servizi SpA		16,069		158,136

				3,353,283

JAPAN — 3.7%
Japan Airport Terminal Co., Ltd. (a)		19,500		450,909
Kamigumi Co., Ltd.		69,000		586,456
Mitsubishi Logistics Corp. (a)		44,000		664,092
The Sumitomo Warehouse Co., Ltd. (a)		41,000		254,879

				1,956,336

MEXICO — 2.2%
Grupo Aeroportuario del Pacifico SAB de CV, ADR		10,547		539,479
Grupo Aeroportuario del Sureste SAB de CV, ADR		5,431		591,219

				1,130,698

NETHERLANDS — 0.4%
Koninklijke Vopak NV		3,762		215,690

NEW ZEALAND — 1.4%
Auckland International Airport, Ltd.		271,794		750,441

NORWAY — 0.2%
Golar LNG, Ltd. (a)		2,472		93,120

RUSSIA — 0.1%
Federal Hydrogenerating Co. JSC ADR		37,411		58,735

SINGAPORE — 3.5%
Hutchison Port Holdings Trust		1,450,000		1,131,000
SATS Ltd. (a)		172,000		446,878
SIA Engineering Co., Ltd.		65,000		251,763

				1,829,641

SPAIN — 5.4%
Abertis Infraestructuras SA (a)		94,200		1,831,737
Iberdrola SA (a)		170,507		991,316

				2,823,053

SWITZERLAND — 1.0%
Flughafen Zuerich AG		1,022		538,832

UNITED KINGDOM — 7.8%
BBA Aviation PLC		128,753		635,933
Centrica PLC		183,768		1,100,204
National Grid PLC		128,507		1,520,201
Scottish & Southern Energy PLC		33,944		810,241

				4,066,579

UNITED STATES — 30.0%
American Electric Power Co., Inc. (a)		17,338		751,602
Cheniere Energy, Inc. (b)		12,556		428,662
Consolidated Edison, Inc.		10,400		573,456
Dominion Resources, Inc.		20,509		1,281,402

See accompanying notes to financial statements.

208

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

September 30, 2013


Security Description	Shares		Value

Duke Energy Corp. (a)		24,995	$	1,669,166
Exelon Corp. (a)		30,299		898,062
FirstEnergy Corp. (a)		14,822		540,262
Kinder Morgan, Inc.		38,025		1,352,549
NextEra Energy, Inc.		15,007		1,202,961
PG&E Corp. (a)		15,741		644,122
PPL Corp.		22,363		679,388
Public Service Enterprise Group, Inc. (a)		17,899		589,414
SemGroup Corp.(Class A)		2,423		138,160
Sempra Energy (a)		8,087		692,247
Southern Co. (a)		30,899		1,272,421
Spectra Energy Corp.		37,710		1,290,813
The Williams Cos., Inc.		38,691		1,406,805
Wesco Aircraft Holdings, Inc. (b)		11,144		233,244

				15,644,736

TOTAL COMMON STOCKS —
(Cost $56,437,676)				51,962,972

RIGHTS — 0.2%
SPAIN — 0.2%
Abertis Infraestructuras SA (expiring 10/9/13) (a)(b) (Cost $83,153)		90,625		88,203

SHORT TERM INVESTMENTS — 15.5%
UNITED STATES — 15.5%
MONEY MARKET FUNDS — 15.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		8,057,213		8,057,213
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		54,923		54,923

TOTAL SHORT TERM INVESTMENTS —
(Cost $8,112,136)				8,112,136

TOTAL INVESTMENTS — 115.2%
(Cost $64,632,965)				60,163,311
OTHER ASSETS & LIABILITIES — (15.2)%				(7,946,591	)

NET ASSETS — 100.0%			$	52,216,720

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

209

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 9.7%
Amcor, Ltd.		657,441	$	6,430,180
BHP Billiton, Ltd.		612,641		20,473,649
Fortescue Metals Group, Ltd. (a)		427,636		1,899,339
Newcrest Mining, Ltd.		190,295		2,081,842
Rio Tinto, Ltd.		114,809		6,627,919
Woodside Petroleum, Ltd.		54,614		1,956,369

				39,469,298

BRAZIL — 2.6%
Fibria Celulose SA ADR (a)(b)		118,786		1,368,415
Gerdau SA ADR		231,098		1,723,991
Petroleo Brasileiro SA ADR		141,474		2,191,432
Vale SA ADR (a)		343,887		5,368,076

				10,651,914

CANADA — 12.7%
Agrium, Inc. (a)		79,447		6,691,047
Barrick Gold Corp.		256,411		4,774,373
Canadian Natural Resources, Ltd.		97,217		3,061,499
First Quantum Minerals, Ltd.		157,390		2,936,803
Goldcorp, Inc.		210,171		5,479,699
Imperial Oil, Ltd.		23,448		1,031,767
Kinross Gold Corp.		291,662		1,472,639
Potash Corp. of Saskatchewan, Inc.		453,662		14,190,547
Silver Wheaton Corp.		91,194		2,264,103
Suncor Energy, Inc.		131,332		4,705,669
Teck Resources, Ltd. (Class B) (a)		123,988		3,338,834
Yamana Gold, Inc. (a)		192,206		2,002,652

				51,949,632

CHILE — 0.4%
Sociedad Quimica y Minera de Chile SA ADR		47,346		1,446,420

CHINA — 0.5%
PetroChina Co., Ltd.		1,916,000		2,114,848

COLOMBIA — 0.2%
Ecopetrol SA, ADR (a)		21,985		1,011,310

FINLAND — 1.6%
Stora Enso Oyj		299,345		2,538,632
UPM-Kymmene Oyj		273,737		3,790,668

				6,329,300

FRANCE — 2.9%
Total SA		205,313		11,921,468

GERMANY — 1.2%
K+S AG (a)		91,371		2,369,794
ThyssenKrupp AG (b)		100,377		2,402,277

				4,772,071

HONG KONG — 0.7%
CNOOC, Ltd.		1,414,000		2,877,175

INDIA — 0.4%
Reliance Industries, Ltd. GDR (c)		68,675		1,805,466

ISRAEL — 0.5%
Israel Chemicals, Ltd.		227,049		1,915,042

ITALY — 1.3%
ENI SpA (a)		232,193		5,327,524

JAPAN — 3.5%
JFE Holdings, Inc. (a)		138,400		3,586,764
Nippon Steel Corp. (a)		2,432,000		8,253,310
OJI Paper Co., Ltd. (a)		518,000		2,428,331

				14,268,405

LUXEMBOURG — 0.8%
ArcelorMittal		248,671		3,419,995

NETHERLANDS — 0.5%
Nutreco NV (a)		36,816		1,924,417

NORWAY — 1.5%
StatoilHydro ASA		91,782		2,083,093
Yara International ASA		97,392		4,020,856

				6,103,949

PERU — 0.3%
Southern Copper Corp. (a)		51,169		1,393,844

RUSSIA — 4.0%
Gazprom OAO ADR		528,252		4,653,900
Lukoil OAO ADR (d)		3,605		229,134
Lukoil OAO ADR (d)		42,623		2,702,298
MMC Norilsk Nickel OJSC ADR		153,303		2,212,162
Novolipetsk Steel OJSC GDR		17,207		279,614
Rosneft Oil Co. GDR		93,370		756,297
Surgutneftegas OJSC ADR		85,408		733,228
Uralkali OJSC GDR		177,376		4,611,776

				16,178,409

SINGAPORE — 1.2%
Golden Agri-Resources, Ltd. (a)		3,543,000		1,468,308
Wilmar International, Ltd. (a)		1,333,000		3,367,691

				4,835,999

SOUTH AFRICA — 0.5%
Sasol, Ltd. ADR (a)		44,460		2,124,743

SOUTH KOREA — 1.6%
POSCO ADR		86,471		6,367,724

SPAIN — 0.4%
Repsol YPF SA		72,830		1,806,596

SWITZERLAND — 4.9%
Syngenta AG		48,704		19,896,331

UNITED KINGDOM — 14.4%
Anglo American PLC		360,426		8,860,164
Antofagasta PLC		100,141		1,327,347
BG Group PLC		297,369		5,684,805
BP PLC		1,665,265		11,679,532
Fresnillo PLC		44,192		696,323
Glencore Xstrata PLC (b)		2,876,829		15,685,958
Mondi PLC		188,885		3,190,331
Polyus Gold International, Ltd.		134,002		415,560
Royal Dutch Shell PLC (Class A)		333,340		11,012,134

				58,552,154

UNITED STATES — 31.0%
Alcoa, Inc. (a)		280,374		2,276,637
Anadarko Petroleum Corp.		29,619		2,754,271
Apache Corp.		23,258		1,980,186
Archer-Daniels-Midland Co.		185,519		6,834,520
Bunge, Ltd.		41,475		3,148,367

See accompanying notes to financial statements.

210

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

September 30, 2013


Security Description	Shares		Value

CF Industries Holdings, Inc.		16,776	$	3,536,884
Chevron Corp.		113,555		13,796,932
ConocoPhillips (a)		71,889		4,997,004
Devon Energy Corp.		22,739		1,313,405
EOG Resources, Inc.		15,853		2,683,596
Exxon Mobil Corp.		225,312		19,385,844
Freeport-McMoRan Copper & Gold, Inc.		269,363		8,910,528
International Paper Co.		124,841		5,592,877
MeadWestvaco Corp. (a)		50,011		1,919,422
Monsanto Co.		151,040		15,764,045
Newmont Mining Corp. (a)		127,392		3,579,715
Nucor Corp. (a)		84,030		4,119,151
Occidental Petroleum Corp.		46,598		4,358,777
Packaging Corp. of America		27,430		1,565,979
Phillips 66		36,840		2,130,089
Plum Creek Timber Co., Inc. (a)		45,604		2,135,635
Rayonier, Inc.		35,284		1,963,555
Rock-Tenn Co. (Class A)		20,480		2,074,010
Sealed Air Corp.		54,454		1,480,604
The Mosaic Co.		77,063		3,315,250
Weyerhaeuser Co.		161,172		4,614,354

				126,231,637

TOTAL COMMON STOCKS —
(Cost $426,355,608)				404,695,671

SHORT TERM INVESTMENTS — 8.0%
UNITED STATES — 8.0%
MONEY MARKET FUNDS — 8.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		31,623,253		31,623,253
State Street Institutional Liquid Reserves Fund 0.06% (f)(g)		1,162,069		1,162,069

TOTAL SHORT TERM INVESTMENTS —
(Cost $32,785,322)				32,785,322

TOTAL INVESTMENTS — 107.3%
(Cost $459,140,930)				437,480,993
OTHER ASSETS & LIABILITIES — (7.3)%				(29,718,110	)

NET ASSETS — 100.0%			$	407,762,883


(a)		A portion of the security was on loan at September 30, 2013.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.4% of net assets as of September 30, 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.

211

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 6.1%
Alumina, Ltd. (a)(b)		254,778	$	244,186
Amcor, Ltd.		127,999		1,251,909
AMP, Ltd.		84,786		365,477
Australia & New Zealand Banking Group, Ltd.		79,078		2,275,930
BHP Billiton, Ltd.		115,562		3,861,929
Boral, Ltd. (b)		167,441		751,515
Brambles, Ltd.		62,951		536,236
CFS Retail Property Trust Group		193,678		362,197
Coca-Cola Amatil, Ltd.		86,700		993,903
Commonwealth Bank of Australia		43,628		2,904,965
CSL, Ltd.		22,876		1,368,972
Fortescue Metals Group, Ltd. (b)		69,826		310,131
Iluka Resources, Ltd. (b)		13,992		149,934
Insurance Australia Group, Ltd.		89,078		488,926
Lend Lease Group		79,524		755,486
Macquarie Group, Ltd.		23,235		1,040,887
National Australia Bank, Ltd.		48,434		1,554,291
Newcrest Mining, Ltd.		20,637		225,770
Origin Energy, Ltd.		70,064		923,738
Qantas Airways, Ltd. (a)		203,800		281,081
QBE Insurance Group, Ltd.		30,231		414,684
Rio Tinto, Ltd.		10,900		629,257
Santos, Ltd.		61,535		867,677
Sonic Healthcare, Ltd.		30,345		459,376
Suncorp Group, Ltd.		87,302		1,066,926
Toll Holdings, Ltd.		85,541		466,313
Transurban Group		78,355		498,207
Wesfarmers, Ltd. (c)		1,772		68,149
Wesfarmers, Ltd. (b)(c)		16,124		627,494
Westfield Group		48,833		502,731
Westpac Banking Corp.		66,195		2,025,843
Woodside Petroleum, Ltd.		21,891		784,174
Woolworths, Ltd.		39,084		1,279,092

				30,337,386

AUSTRIA — 0.3%
Erste Group Bank AG		17,551		554,985
OMV AG		8,206		405,444
Raiffeisen International Bank-Holding AG (b)		10,931		357,933
Telekom Austria AG		16,761		140,624

				1,458,986

BELGIUM — 0.8%
Ageas		12,963		525,368
Anheuser-Busch InBev NV		17,472		1,740,240
Delhaize Group		3,704		233,599
KBC Groep NV		10,628		522,449
Solvay SA		3,280		492,171
UCB SA		5,505		335,259

				3,849,086

BRAZIL — 2.1%
Banco Bradesco SA Preference Shares ADR (b)		79,991		1,110,275
Companhia de Bebidas das Americas Preference Shares ADR		42,149		1,616,414
Companhia Energetica de Minas Gerais ADR (b)		77,128		666,386
Companhia Siderurgica Nacional SA ADR (b)		51,825		221,293
Gerdau SA ADR (b)		77,241		576,218
Itau Unibanco Holding SA Preference Shares ADR		115,428		1,629,843
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		36,708		4,148
Petroleo Brasileiro SA ADR (b)		135,290		2,263,402
Tim Participacoes SA ADR		8,419		198,436
Vale SA ADR (b)		17,261		269,444
Vale SA Preference Shares ADR		113,749		1,616,373

				10,172,232

CANADA — 7.4%
Agnico-Eagle Mines, Ltd.		4,624		122,719
Agrium, Inc. (b)		6,080		512,059
Bank of Montreal (b)		19,692		1,317,079
Bank of Nova Scotia (b)		30,876		1,772,239
Barrick Gold Corp.		33,253		620,481
Blackberry, Ltd. (a)(b)		16,925		133,371
Brookfield Asset Management, Inc. (Class A)		20,488		768,175
Brookfield Office Properties, Inc. (b)		34,265		658,032
Cameco Corp. (b)		13,716		247,926
Canadian Imperial Bank of Commerce (b)		12,192		973,320
Canadian National Railway Co.		17,602		1,787,256
Canadian Natural Resources, Ltd.		38,236		1,204,105
Canadian Pacific Railway, Ltd.		8,196		1,013,357
Canadian Tire Corp., Ltd. (Class A) (b)		6,080		539,623
Cenovus Energy, Inc.		26,616		795,968
Eldorado Gold Corp.		17,552		118,675
Enbridge, Inc.		33,007		1,381,420
EnCana Corp. (b)		26,756		463,330
Enerplus Corp. (b)		10,761		178,495
First Quantum Minerals, Ltd. (b)		12,489		233,037
Gildan Activewear, Inc.		14,349		667,265
Goldcorp, Inc.		24,536		639,717
Husky Energy, Inc. (b)		13,864		399,505
IGM Financial, Inc. (b)		11,569		540,915
Imperial Oil, Ltd.		15,558		684,588
Kinross Gold Corp.		30,824		155,634
Loblaw Cos., Ltd.		11,052		489,324
Manulife Financial Corp. (b)		48,738		807,954
National Bank of Canada		10,559		873,873
New Gold, Inc. (a)		17,413		104,014
Onex Corp.		19,331		1,017,421
Penn West Petroleum, Ltd. (b)		14,746		163,972
Potash Corp. of Saskatchewan, Inc.		33,213		1,040,754
Rogers Communications, Inc. (Class B) (b)		16,506		711,208
Royal Bank of Canada (b)		38,988		2,503,364
Shaw Communications, Inc. (Class B) (b)		17,690		411,659
Shoppers Drug Mart Corp. (b)		11,129		642,253
Silver Wheaton Corp.		11,082		275,136
SNC-Lavalin Group, Inc.		14,576		600,539

See accompanying notes to financial statements.

212

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

September 30, 2013


Security Description	Shares		Value

Sun Life Financial, Inc.		19,678	$	629,834
Suncor Energy, Inc.		38,772		1,389,214
Talisman Energy, Inc.		43,331		498,271
Teck Resources, Ltd. (Class B)		24,708		665,354
TELUS Corp.		17,931		595,549
The Toronto-Dominion Bank (b)		24,617		2,221,014
Thomson Reuters Corp. (b)		19,438		681,153
TransAlta Corp. (b)		21,138		275,150
TransCanada Corp. (b)		20,806		915,917
Valeant Pharmaceuticals International, Inc. (a)		6,341		662,539
Yamana Gold, Inc. (b)		20,982		218,618

				36,322,375

CHILE — 0.3%
Empresa Nacional de Electricidad SA ADR (b)		17,272		725,251
Enersis SA ADR		53,259		855,340
Sociedad Quimica y Minera de Chile SA ADR (b)		4,053		123,819

				1,704,410

CHINA — 2.4%
Agricultural Bank of China, Ltd. (b)		823,000		378,859
Bank of China, Ltd.		2,447,436		1,117,183
Bank of Communications Co., Ltd. (b)		486,710		357,730
China Construction Bank Corp.		1,799,720		1,385,444
China COSCO Holdings Co., Ltd. (a)(b)		349,295		172,955
China Life Insurance Co., Ltd.		284,000		736,079
China Merchants Bank Co., Ltd. (b)		205,014		372,745
China Petroleum & Chemical Corp.		939,800		735,587
China Shenhua Energy Co., Ltd.		69,500		211,498
China Telecom Corp., Ltd.		838,000		417,101
Hengan International Group Co., Ltd.		35,500		415,189
Huaneng Power International, Inc.		576,000		574,875
Industrial & Commercial Bank of China		1,943,045		1,355,470
PetroChina Co., Ltd.		716,000		790,308
PICC Property & Casualty Co., Ltd.		164,964		223,777
Ping An Insurance Group Co. of China, Ltd. (b)		71,000		527,798
Tencent Holdings, Ltd.		28,700		1,505,472
Tingyi Cayman Islands Holding Corp. (b)		140,000		370,979
Wumart Stores, Inc. (b)		66,000		117,615
Yanzhou Coal Mining Co., Ltd. (b)		138,000		137,730
Zijin Mining Group Co., Ltd. (Class H) (b)		708,000		169,807

				12,074,201

COLOMBIA — 0.1%
BanColombia SA ADR		5,266		303,006

DENMARK — 0.9%
A P Moller — Maersk A/S		71		651,412
Danske Bank A/S (a)		23,984		516,712
DSV A/S		18,433		523,249
Novo Nordisk A/S (Class B)		17,330		2,944,085

				4,635,458

FINLAND — 1.1%
Elisa Oyj		11,784		281,064
Fortum Oyj (b)		17,561		396,033
Kesko Oyj (Class B)		7,079		212,540
Kone Oyj (Class B)		13,484		1,203,761
Metso Oyj (b)		9,313		366,094
Neste Oil Oyj (b)		11,280		249,651
Nokia Oyj (a)(b)		74,937		492,788
Sampo Oyj (Class A)		18,752		806,185
Stora Enso Oyj		47,823		405,569
UPM-Kymmene Oyj (b)		30,179		417,914
Wartsila Oyj (b)		8,479		383,122

				5,214,721

FRANCE — 6.5%
Accor SA		8,469		352,405
Air Liquide SA (b)		11,020		1,535,729
Alstom SA		7,549		269,059
AXA SA		47,970		1,112,005
BNP Paribas		30,436		2,059,986
Bouygues SA (b)		8,052		294,017
Cap Gemini SA		5,559		330,872
Carrefour SA		21,491		738,192
Credit Agricole SA (a)		26,975		297,632
Danone		18,148		1,366,855
Essilor International SA		11,472		1,234,562
France Telecom SA		63,280		793,973
GDF Suez		33,207		834,734
Kering		4,708		1,055,685
L’Oreal SA		9,267		1,592,497
Lagardere SCA		6,415		208,451
LVMH Moet Hennessy Louis Vuitton SA		7,541		1,486,267
Pernod Ricard SA		6,580		817,576
Publicis Groupe SA (b)		8,560		681,562
Renault SA		15,016		1,197,836
Sanofi		33,210		3,370,257
Schneider Electric SA		17,243		1,459,046
Societe Generale		20,465		1,020,282
Sodexo		4,998		466,620
Technip SA		5,211		612,206
Total SA (b)		68,720		3,990,216
Unibail-Rodamco SE		2,497		619,904
Vallourec SA		3,663		219,509
Veolia Environnement SA		14,457		247,068
Vinci SA		18,033		1,048,914
Vivendi SA		43,875		1,009,951

				32,323,868

GERMANY — 6.1%
Adidas AG		10,776		1,169,581
Allianz SE		14,371		2,260,475
BASF SE		29,943		2,873,745
Bayer AG		23,506		2,773,337
Commerzbank AG (a)		21,167		243,835
Daimler AG		30,141		2,350,918
Deutsche Bank AG		25,549		1,173,795
Deutsche Boerse AG		9,117		686,296
Deutsche Lufthansa AG (a)		13,183		257,238
Deutsche Post AG		35,199		1,168,785

See accompanying notes to financial statements.

213

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

September 30, 2013


Security Description	Shares		Value

Deutsche Telekom AG		95,688	$	1,387,894
E.ON AG		61,143		1,088,376
Fresenius Medical Care AG & Co. KGaA		9,906		644,851
Linde AG		4,506		892,974
MAN SE		5,136		612,780
Merck KGaA		3,638		568,050
Metro AG		6,486		257,247
Muenchener Rueckversicherungs- Gesellschaft AG		7,237		1,415,086
OSRAM Licht AG (a)		2,661		124,992
RWE AG		15,768		536,597
SAP AG		30,300		2,242,324
Siemens AG		27,411		3,304,564
ThyssenKrupp AG (a)		12,918		309,161
Volkswagen AG		4,085		927,048
Volkswagen AG Preference Shares		4,047		954,581

				30,224,530

HONG KONG — 3.9%
AIA Group, Ltd.		342,200		1,608,375
Bank of East Asia, Ltd. (b)		254,086		1,076,281
Belle International Holdings, Ltd.		210,000		304,907
Cheung Kong Holdings, Ltd.		71,000		1,081,230
China Mengniu Dairy Co., Ltd.		68,000		304,701
China Merchants Holdings International Co., Ltd.		145,588		529,401
China Mobile, Ltd.		215,000		2,402,242
China Overseas Land & Investment, Ltd. (b)		144,000		424,286
China Resources Enterprise, Ltd. (b)		140,000		444,995
China Unicom (Hong Kong), Ltd.		280,000		436,871
Citic Pacific, Ltd. (b)		144,000		186,797
CNOOC, Ltd.		645,217		1,312,873
COSCO Pacific, Ltd.		290,030		443,545
Esprit Holdings, Ltd. (b)		6		9
Hang Lung Properties, Ltd.		144,000		490,203
Henderson Land Development Co., Ltd.		77,390		478,002
Hong Kong & China Gas Co., Ltd.		555,151		1,335,773
Hong Kong Exchanges and Clearing, Ltd. (b)		58,805		942,530
Hutchison Whampoa, Ltd.		71,000		850,519
Li & Fung, Ltd. (b)		288,000		418,901
New World Development Co., Ltd. (b)		435,017		654,055
Sands China, Ltd.		86,000		531,737
Shangri-La Asia, Ltd.		142,333		235,657
Sun Hung Kai Properties, Ltd.		73,268		996,728
Swire Pacific, Ltd.		71,000		850,519
The Link REIT		182,473		895,289

				19,236,426

HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		4,428		320,504

INDIA — 1.3%
Dr. Reddy’s Laboratories, Ltd. ADR		28,660		1,083,061
HDFC Bank, Ltd. ADR		43,103		1,326,710
ICICI Bank, Ltd. ADR (b)		31,568		962,193
Infosys Technologies, Ltd. ADR (b)		19,953		959,939
Mahindra & Mahindra, Ltd. GDR		12,473		164,020
Reliance Industries, Ltd. GDR (d)		35,648		937,186
Tata Motors, Ltd. ADR		39,675		1,056,149

				6,489,258

INDONESIA — 0.6%
Astra Agro Lestari Tbk PT		101,500		170,920
Astra International Tbk PT		1,470,500		819,061
Bank Central Asia Tbk PT		251,000		216,753
Bank Mandiri Tbk PT		290,000		199,093
Bank Rakyat Indonesia Persero Tbk PT		1,363,600		853,722
Bumi Resources Tbk PT (a)		900,000		35,363
Charoen Pokphand Indonesia Tbk PT		737,500		216,537
Gudang Garam Tbk PT		34,000		102,763
Telekomunikasi Indonesia Persero Tbk PT		1,972,500		357,707

				2,971,919

IRELAND — 0.3%
CRH PLC		8,740		208,875
Elan Corp. PLC (a)		33,262		518,014
James Hardie Industries Plc		88,566		884,449

				1,611,338

ISRAEL — 0.5%
Bank Hapoalim BM		139,617		705,608
Bank Leumi Le-Israel BM (a)		127,484		473,636
Teva Pharmaceutical Industries, Ltd. ADR		33,107		1,250,783

				2,430,027

ITALY — 1.3%
Assicurazioni Generali SpA		33,395		666,776
Atlantia SpA (b)		24,901		506,620
Banca Monte dei Paschi di Siena SpA (a)(b)		211,062		58,569
Enel SpA		190,664		730,918
ENI SpA (b)		65,713		1,507,744
Fiat SpA (a)		51,727		412,420
Finmeccanica SpA (a)		15,841		94,822
Intesa Sanpaolo SpA		343,957		710,036
Mediobanca SpA		22,841		159,386
Pirelli & C. SpA (b)		29,629		386,033
Saipem SpA		14,085		306,203
Telecom Italia SpA		470,445		388,459
UBI Banca ScPA		33,613		170,080
UniCredit SpA		20,956		133,666

				6,231,732

JAPAN — 15.5%
Aeon Co., Ltd. (b)		21,100		290,508
Aisin Seiki Co., Ltd. (b)		14,100		601,361
Asahi Breweries, Ltd.		21,500		565,080
Asahi Glass Co., Ltd.		70,000		434,446
Asahi Kasei Corp.		72,000		542,247
Astellas Pharma, Inc.		21,500		1,095,541
Bridgestone Corp.		21,500		783,312
Canon, Inc.		28,400		905,906
Central Japan Railway Co. (b)		7,200		923,068
Chubu Electric Power Co., Inc. (b)		28,600		392,312
Chuo Mitsui Trust Holdings, Inc.		71,000		350,930
Credit Saison Co., Ltd.		21,000		569,060

See accompanying notes to financial statements.

214

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

Daiichi Sankyo Co., Ltd. (b)		28,700	$	520,037
Daikin Industries, Ltd. (b)		21,500		1,141,554
Daiwa Securities Group, Inc. (b)		70,000		627,771
DeNA Co., Ltd. (b)		7,400		150,677
Denso Corp.		14,400		672,122
East Japan Railway Co.		14,300		1,229,982
Eisai Co., Ltd. (b)		7,200		292,769
Electric Power Development Co., Ltd.		7,200		234,803
FANUC Corp.		7,100		1,172,902
FUJIFILM Holdings Corp.		21,200		508,584
Fujitsu, Ltd. (a)		72,000		268,555
Furukawa Electric Co., Ltd. (b)		72,000		165,829
Hitachi, Ltd.		143,000		942,889
Honda Motor Co., Ltd.		50,200		1,910,797
Hoya Corp.		14,400		340,317
Inpex Corp.		28,000		330,436
ITOCHU Corp. (b)		71,700		878,302
Japan Real Estate Investment Corp.		72		842,354
Japan Retail Fund Investment Corp.		288		593,463
Japan Tobacco, Inc.		28,700		1,032,469
JFE Holdings, Inc. (b)		21,200		549,418
JSR Corp.		14,400		267,235
JX Holdings, Inc.		129,208		670,236
Kajima Corp. (b)		72,000		292,769
Kamigumi Co., Ltd.		71,000		603,455
KDDI Corp. (b)		14,400		739,628
Keikyu Corp. (b)		71,423		675,471
Kintetsu Corp. (b)		143,000		533,381
Kobe Steel, Ltd. (a)		144,000		267,088
Komatsu, Ltd. (b)		35,800		889,847
Konica Minolta Holdings, Inc.		36,000		302,308
Kubota Corp.		71,000		1,025,294
Kyocera Corp.		14,200		753,957
LIXIL Group Corp. (b)		14,100		290,119
Makita Corp.		7,000		406,624
Marubeni Corp. (b)		71,000		558,594
Marui Group Co., Ltd.		43,100		403,658
Mitsubishi Chemical Holdings Corp. (b)		72,000		336,061
Mitsubishi Corp.		50,200		1,016,022
Mitsubishi Electric Corp.		71,000		745,274
Mitsubishi Estate Co., Ltd.		71,618		2,113,689
Mitsubishi Heavy Industries, Ltd. (b)		143,000		820,474
Mitsubishi UFJ Financial Group, Inc.		296,900		1,897,134
Mitsui & Co., Ltd. (b)		71,700		1,041,979
Mitsui Chemicals, Inc. (b)		72,000		197,381
Mitsui Fudosan Co., Ltd.		21,000		705,172
Mizuho Financial Group, Inc.		412,100		894,546
MS&AD Insurance Group Holdings, Inc.		21,500		560,917
Murata Manufacturing Co., Ltd. (b)		7,200		549,585
NEC Corp.		70,000		161,936
Nidec Corp. (b)		7,300		602,599
Nippon Steel Corp.		287,000		973,972
Nippon Telegraph & Telephone Corp.		14,300		740,321
Nippon Yusen K.K. (b)		72,000		227,465
Nissan Motor Co., Ltd. (b)		71,700		719,009
Nitto Denko Corp. (b)		7,100		462,359
NKSJ Holdings, Inc. (b)		21,400		549,803
Nomura Holdings, Inc.		78,400		611,220
NTT Data Corp. (b)		7,200		242,507
NTT DoCoMo, Inc. (b)		57,400		931,269
Obayashi Corp. (b)		72,000		429,982
ORIX Corp.		78,900		1,282,502
Osaka Gas Co., Ltd. (b)		143,000		609,162
Panasonic Corp. (b)		73,200		707,196
Resona Holdings, Inc.		21,500		109,992
Rohm Co., Ltd. (b)		7,000		287,490
Secom Co., Ltd.		7,200		450,527
Seven & I Holdings Co., Ltd.		28,700		1,047,093
Sharp Corp. (a)(b)		70,000		256,815
Shin-Etsu Chemical Co., Ltd.		14,300		874,395
Softbank Corp.		28,700		1,985,967
Sony Corp. (b)		35,600		761,160
Sumitomo Chemical Co., Ltd.		72,000		274,425
Sumitomo Corp. (b)		35,900		483,667
Sumitomo Electric Industries, Ltd.		28,700		415,912
Sumitomo Mitsui Financial Group, Inc. (b)		21,500		1,039,669
T&D Holdings, Inc.		14,100		174,445
Takeda Pharmaceutical Co., Ltd. (b)		28,700		1,355,664
TDK Corp. (b)		7,200		282,497
Teijin, Ltd. (b)		143,000		329,355
Terumo Corp. (b)		14,300		733,034
The Bank of Yokohama, Ltd. (b)		72,000		411,638
The Chiba Bank, Ltd. (b)		72,000		525,371
The Joyo Bank, Ltd. (b)		72,000		386,690
The Kansai Electric Power Co., Inc. (a)		35,400		454,563
The Shizuoka Bank, Ltd. (b)		71,000		807,501
The Tokyo Electric Power Co., Inc. (a)(b)		50,100		311,960
Tohoku Electric Power Co., Inc. (a)		14,500		178,211
Tokio Marine Holdings, Inc.		21,500		702,242
Tokyo Electron, Ltd. (b)		7,200		385,957
Tokyo Gas Co., Ltd.		143,000		784,041
Tokyu Corp. (b)		72,000		513,631
Toppan Printing Co., Ltd. (b)		72,000		580,403
Toray Industries, Inc. (b)		72,000		473,274
Toshiba Corp.		72,000		322,854
Toyota Motor Corp.		86,100		5,501,625
Toyota Tsusho Corp. (b)		21,500		561,794
West Japan Railway Co.		14,300		612,805
Yahoo! Japan Corp.		93,300		529,611
Yamada Denki Co., Ltd. (b)		42,300		125,014
Yamaha Corp.		27,800		396,637
Yamaha Motor Co., Ltd. (b)		28,700		419,422

				76,516,352

LUXEMBOURG — 0.1%
ArcelorMittal		23,560		324,023

MEXICO — 0.9%
America Movil SAB de CV (b)		1,287,619		1,271,602
Cemex SAB de CV (a)(b)		519,714		578,787
Fomento Economico Mexicano SAB de CV (b)		67,157		647,911
Grupo Financiero Banorte SAB de CV		149,670		929,259
Grupo Mexico SAB de CV		84,016		249,678

See accompanying notes to financial statements.

215

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

September 30, 2013


Security Description	Shares		Value

Grupo Televisa SA de CV (Series CPO) (b)		131,260	$	729,602
Industrias Penoles SA de CV		6,043		176,680

				4,583,519

NETHERLANDS — 2.5%
Akzo Nobel NV		11,741		772,013
ASML Holding NV		12,974		1,282,045
CNH Industrial NV (a)		24,066		308,830
European Aeronautic Defence and Space Co. NV		16,894		1,076,996
Heineken NV		9,116		646,486
ING Groep NV (a)		88,214		997,201
Koninklijke (Royal) KPN NV (a)		190,321		606,714
Koninklijke Ahold NV		46,803		811,260
Koninklijke DSM NV		10,237		772,961
Koninklijke Philips NV		42,141		1,359,363
Reed Elsevier NV		38,389		772,464
TNT Express NV		18,951		173,107
Unilever NV		59,651		2,321,869
Wolters Kluwer NV		18,448		475,844

				12,377,153

NORWAY — 0.6%
DnB NOR ASA		57,708		876,043
Norsk Hydro ASA (b)		87,250		361,665
StatoilHydro ASA		34,714		787,872
Telenor ASA		27,840		636,025
Yara International ASA		7,136		294,612

				2,956,217

PERU — 0.1%
Cia de Minas Buenaventura SA ADR		5,015		58,725
Credicorp, Ltd.		2,080		267,197

				325,922

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		4,124		279,772

POLAND — 0.0% (e)
Telekomunikacja Polska SA GDR (b)		55,301		147,045

PORTUGAL — 0.1% (e)
Portugal Telecom SGPS SA (b)		53,845		242,788

RUSSIA — 1.2%
Federal Hydrogenerating Co. JSC ADR		49,911		78,360
Gazprom OAO ADR (b)		168,103		1,480,987
Lukoil OAO ADR		20,426		1,298,277
MMC Norilsk Nickel OJSC ADR		11,070		159,740
Mobile Telesystems OJSC ADR (a)		33,571		747,291
Sberbank of Russia ADR (b)		46,782		563,723
Surgutneftegas OJSC ADR Preference Shares		47,187		336,443
Tatneft OAO ADR		27,252		1,066,916
Uralkali OJSC GDR (b)		7,073		183,898

				5,915,635

SINGAPORE — 1.1%
CapitaLand, Ltd. (b)		143,000		352,158
DBS Group Holdings, Ltd.		72,206		944,907
Singapore Exchange, Ltd.		143,000		827,400
Singapore Press Holdings, Ltd. (b)		215,000		704,244
Singapore Telecommunications, Ltd.		502,000		1,492,297
United Overseas Bank, Ltd.		71,014		1,169,842

				5,490,848

SOUTH AFRICA — 1.3%
Anglo Platinum, Ltd. (a)(b)		5,654		245,060
AngloGold Ashanti, Ltd. (b)		14,945		199,618
Discovery Holdings, Ltd.		33,320		268,447
FirstRand, Ltd. (b)		140,489		467,657
Gold Fields, Ltd.		34,034		155,869
Harmony Gold Mining Co., Ltd.		29,702		102,265
Impala Platinum Holdings, Ltd. (b)		21,554		265,298
MTN Group, Ltd.		52,834		1,028,987
Naspers, Ltd.		14,420		1,330,330
Sanlam, Ltd.		138,174		643,382
Sasol, Ltd. (b)		21,703		1,032,837
Standard Bank Group, Ltd.		46,967		559,474

				6,299,224

SOUTH KOREA — 3.9%
Celltrion, Inc. (b)		4,429		192,668
CJ CheilJedang Corp.		766		197,082
E-Mart Co., Ltd.		872		196,361
Hana Financial Group, Inc.		17,535		601,265
Honam Petrochemical Corp.		985		181,936
Hyundai Department Store Co., Ltd.		1,474		220,824
Hyundai Development Co.		10,964		245,362
Hyundai Heavy Industries Co., Ltd.		2,367		581,467
Hyundai Hysco Co., Ltd.		5,740		245,960
Hyundai Mobis		3,471		923,727
Hyundai Motor Co.		4,921		1,149,344
KB Financial Group, Inc.		17,513		612,733
Kia Motors Corp.		16,424		997,964
Korea Electric Power Corp. ADR (a)(b)		20,264		284,507
Korea Zinc Co., Ltd.		1,077		325,703
KT Corp. ADR		14,570		244,339
KT&G Corp.		5,428		388,914
LG Chem, Ltd. Preference Shares		4,500		586,224
LG Electronics, Inc.		6,423		425,540
LG Household & Health Care, Ltd.		436		221,109
NAVER Corp.		1,265		655,645
NCSoft Corp.		767		136,318
NHN Entertainment Corp. (a)		570		62,586
POSCO ADR		10,897		802,455
Samsung C&T Corp.		10,878		632,633
Samsung Electronics Co., Ltd. GDR		7,258		4,630,604
Samsung Engineering Co., Ltd.		1,161		89,235
Samsung Fire & Marine Insurance Co., Ltd.		2,220		509,205
Samsung Heavy Industries Co., Ltd.		16,570		663,000
Samsung Securities Co., Ltd.		7,540		330,106
Shinhan Financial Group Co., Ltd.		13,241		537,809
SK Holdings Co., Ltd.		2,612		471,517
SK Hynix, Inc. (a)		11,080		311,880
SK Innovation Co., Ltd.		3,354		455,658
SK Telecom Co., Ltd. ADR (b)		16,761		380,475

				19,492,155

See accompanying notes to financial statements.

216

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

September 30, 2013


Security Description	Shares		Value

SPAIN — 2.0%
Abertis Infraestructuras SA (b)		27,529	$	535,307
Acciona SA (b)		2,792		158,942
ACS, Actividades de Construccion y Servicios SA		13,873		441,311
Banco Bilbao Vizcaya Argentaria SA		81,568		912,024
Banco Popular Espanol SA (a)		11,625		62,457
Banco Santander SA		239,166		1,951,548
Ferrovial SA		38,420		691,177
Gas Natural SDG SA		11,990		250,433
Iberdrola SA (b)		151,574		881,241
Industria de Diseno Textil SA		6,841		1,054,751
Mapfre SA (b)		81,935		293,471
Repsol YPF SA		35,139		871,646
Telefonica SA (a)		109,962		1,713,265

				9,817,573

SWEDEN — 2.3%
Assa Abloy AB (Class B)		18,789		862,941
Atlas Copco AB (Class B)		44,787		1,183,982
Hennes & Mauritz AB (Class B) (b)		30,700		1,333,993
Husqvarna AB (Class B) (b)		87,152		566,215
Nordea Bank AB		105,832		1,276,950
Sandvik AB		38,714		535,225
Securitas AB (Class B)		23,344		266,764
Skandinaviska Enskilda Banken AB (Class A)		41,770		442,860
Skanska AB (Class B)		23,276		447,901
SKF AB (Class B)		22,626		630,193
Svenska Handelsbanken AB (Class A)		19,894		851,436
Tele2 AB		28,983		370,912
Telefonaktiebolaget LM Ericsson (Class B)		97,884		1,302,966
TeliaSonera AB		68,729		526,882
Volvo AB (Class B)		40,173		601,991

				11,201,211

SWITZERLAND — 6.8%
ABB, Ltd. (a)		68,203		1,613,339
Adecco SA (a)		5,794		412,644
Cie Financiere Richemont SA		6,678		669,092
Credit Suisse Group AG (a)		29,596		904,000
Geberit AG		2,153		581,435
Givaudan SA (a)		567		828,319
Glencore Xstrata PLC (a)		151,981		828,679
Holcim, Ltd. (a)		9,059		674,228
Kuehne & Nagel International AG		5,336		699,271
Nestle SA		82,524		5,772,345
Novartis AG		67,947		5,222,357
Roche Holding AG		22,934		6,185,903
SGS SA		287		685,245
Swiss Re AG (a)		9,774		808,510
Syngenta AG		3,938		1,608,734
The Swatch Group AG		2,472		1,591,047
Transocean, Ltd.		4,227		187,778
UBS AG (a)		96,395		1,972,140
Wolseley PLC		17,614		911,915
Zurich Insurance Group AG (a)		4,551		1,172,163

				33,329,144

TAIWAN — 1.6%
Advanced Semiconductor Engineering Inc, ADR		220,602		1,054,478
AU Optronics Corp. ADR (a)		95,494		348,553
Chunghwa Telecom Co., Ltd. ADR (b)		29,337		926,462
Hon Hai Precision Industry Co., Ltd. GDR		329,114		1,690,000
Siliconware Precision Industries Co. ADR		143,074		826,968
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		126,043		2,137,689
United Microelectronics Corp. ADR (b)		516,242		1,063,459

				8,047,609

THAILAND — 0.5%
Bangkok Bank PCL		297,976		1,876,639
IRPC PCL		1,819,000		182,598
PTT PCL		58,177		587,722

				2,646,959

TURKEY — 0.3%
Akbank TAS		160,867		591,666
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		200,357		270,398
Turkiye Garanti Bankasi AS		71,953		283,138
Turkiye Is Bankasi (Class C)		118,510		312,847

				1,458,049

UNITED KINGDOM — 16.1%
3i Group PLC		84,433		497,426
Anglo American PLC		45,545		1,119,609
AstraZeneca PLC		47,620		2,479,658
BAE Systems PLC		110,335		811,906
Barclays PLC		336,400		1,446,353
BG Group PLC		112,588		2,152,345
BHP Billiton PLC		56,644		1,669,472
BP PLC		571,304		4,006,908
British American Tobacco PLC		63,876		3,389,236
British Land Co. PLC		78,654		735,575
British Sky Broadcasting Group PLC		46,367		653,254
BT Group PLC		111,774		619,767
Burberry Group PLC		19,062		504,399
Capita Group PLC		30,448		491,102
Centrica PLC		212,073		1,269,664
Cobham PLC		100,146		465,933
Compass Group PLC		85,767		1,180,573
Diageo PLC		89,962		2,862,698
Experian PLC		53,356		1,016,983
Fresnillo PLC		7,840		123,533
G4S PLC		76,107		313,419
GlaxoSmithKline PLC		165,100		4,164,175
Hammerson PLC		67,993		551,640
HSBC Holdings PLC		541,883		5,874,151
ICAP PLC		78,368		475,021
Imperial Tobacco Group PLC		32,785		1,214,214
Intercontinental Hotels Group PLC		31,921		931,505
J Sainsbury PLC		71,890		455,779
Land Securities Group PLC		38,300		569,991
Lloyds Banking Group PLC (a)		697,877		831,558

See accompanying notes to financial statements.

217

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

September 30, 2013


Security Description	Shares		Value

Marks & Spencer Group PLC		60,249	$	484,519
National Grid PLC		146,557		1,733,727
Next PLC		12,071		1,008,665
Old Mutual PLC		384,269		1,167,406
Pearson PLC		32,395		659,428
Prudential PLC		44,332		826,317
Randgold Resources, Ltd.		1,976		142,429
Reckitt Benckiser Group PLC		23,864		1,746,769
Reed Elsevier PLC		47,164		636,223
Rio Tinto PLC		42,466		2,078,899
Rolls-Royce Holdings PLC (a)		64,976		1,170,069
Royal Bank of Scotland Group PLC (a)		79,250		461,886
Royal Dutch Shell PLC (Class A)		115,301		3,809,054
Royal Dutch Shell PLC (Class B)		89,545		3,095,219
RSA Insurance Group PLC		121,863		238,590
SABMiller PLC		29,626		1,508,135
Scottish & Southern Energy PLC		39,353		939,354
Severn Trent PLC		21,309		608,372
Smith & Nephew PLC		44,914		560,777
Smiths Group PLC		18,193		412,170
Standard Chartered PLC		48,076		1,153,021
Standard Life PLC		114,227		638,918
Tesco PLC		262,660		1,527,011
The Sage Group PLC		65,141		347,904
Tullow Oil PLC		16,624		275,670
Unilever PLC		46,110		1,821,960
United Utilities Group PLC		31,570		353,270
Vodafone Group PLC		1,589,376		5,559,482
Whitbread PLC		18,887		906,557
WPP PLC		46,519		956,727

				79,706,375

TOTAL COMMON STOCKS —
(Cost $503,021,719)				489,069,036

RIGHTS — 0.0% (e)
HONG KONG — 0.0% (e)
New Hotel (expiring 12/31/13) (a)		4,761		0

SPAIN — 0.0% (e)
Abertis Infraestructuras SA (expiring 10/9/13) (a)(b)		27,529		26,793
Banco Bilbao Vizcaya Argentaria SA (expiring 10/14/13) (a)		81,568		11,152

				37,945

UNITED KINGDOM — 0.0% (e)
Barclays PLC (expiring 10/2/13) (a)		82,923		108,436

TOTAL RIGHTS —
(Cost $41,423)				146,381

SHORT TERM INVESTMENTS — 8.2%
UNITED STATES — 8.2%
MONEY MARKET FUNDS — 8.2%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		39,684,611		39,684,611
State Street Institutional Liquid Reserves Fund 0.06% (g)(h)		822,596		822,596

TOTAL SHORT TERM INVESTMENTS —
(Cost $40,507,207)				40,507,207

TOTAL INVESTMENTS — 107.3%
(Cost $543,570,349)				529,722,624
OTHER ASSETS & LIABILITIES — (7.3)%				(35,898,279	)

NET ASSETS — 100.0%			$	493,824,345


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 2013.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of September 30, 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

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

218

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 97.9%
AUSTRALIA — 3.0%
Alumina, Ltd. (a)		3,276	$	3,140
Amcor, Ltd.		285		2,788
AMP, Ltd.		982		4,233
Australia & New Zealand Banking Group, Ltd.		222		6,389
BHP Billiton, Ltd.		282		9,424
Boral, Ltd.		936		4,201
Brambles, Ltd.		688		5,861
CFS Retail Property Trust Group (b)		3,816		7,136
Coca-Cola Amatil, Ltd. (b)		336		3,852
Commonwealth Bank of Australia		72		4,794
CSL, Ltd.		129		7,720
Fortescue Metals Group, Ltd. (b)		497		2,207
Iluka Resources, Ltd. (b)		134		1,436
Insurance Australia Group, Ltd.		1,461		8,019
Lend Lease Group		790		7,505
Macquarie Group, Ltd.		146		6,541
National Australia Bank, Ltd.		283		9,082
Newcrest Mining, Ltd.		159		1,739
Origin Energy, Ltd.		332		4,377
OZ Minerals, Ltd. (b)		486		2,013
QBE Insurance Group, Ltd.		237		3,251
Rio Tinto, Ltd. (b)		102		5,888
Santos, Ltd.		365		5,147
Shopping Centres Australasia Property Group		22		31
Sonic Healthcare, Ltd.		354		5,359
Suncorp Group, Ltd.		491		6,001
Toll Holdings, Ltd.		930		5,070
Transurban Group		461		2,931
Wesfarmers, Ltd. (b)(c)		304		11,831
Wesfarmers, Ltd. (c)		16		615
Westfield Group		566		5,827
Westpac Banking Corp.		336		10,283
Woodside Petroleum, Ltd.		130		4,657
Woolworths, Ltd.		116		3,796

				173,144

AUSTRIA — 0.1%
OMV AG		136		6,720

BELGIUM — 0.4%
Anheuser-Busch InBev NV		79		7,868
Delhaize Group		71		4,478
Solvay SA		37		5,552
UCB SA		120		7,308

				25,206

BRAZIL — 0.9%
Banco Bradesco SA Preference Shares ADR		438		6,079
Companhia de Bebidas das Americas Preference Shares ADR		153		5,868
Companhia Energetica de Minas Gerais ADR (b)		440		3,802
Companhia Siderurgica Nacional SA ADR (b)		505		2,156
Gerdau SA ADR		456		3,402
Itau Unibanco Holding SA Preference Shares ADR		492		6,947
OGX Petroleo e Gas Participacoes SA ADR (a)(b)		358		40
Oi SA ADR (b)(c)		105		204
Oi SA ADR (b)(c)		1,080		1,987
PDG Realty SA Empreendimentos e Participacoes ADR (a)		342		756
Petroleo Brasileiro SA ADR (b)		571		9,553
Tim Participacoes SA ADR		174		4,101
Vale SA Preference Shares ADR		607		8,625

				53,520

CANADA — 3.7%
Agrium, Inc. (b)		34		2,863
Bank of Montreal		74		4,949
Bank of Nova Scotia		94		5,395
Barrick Gold Corp.		145		2,706
Brookfield Asset Management, Inc. (Class A)		144		5,399
Brookfield Office Properties, Inc. (b)		205		3,937
Cameco Corp. (b)		193		3,489
Canadian Imperial Bank of Commerce (b)		34		2,714
Canadian National Railway Co.		73		7,412
Canadian Natural Resources, Ltd.		146		4,598
Canadian Pacific Railway, Ltd.		31		3,833
Canadian Tire Corp., Ltd. (Class A)		36		3,195
Cenovus Energy, Inc. (b)		185		5,533
Eldorado Gold Corp.		199		1,346
Enbridge, Inc.		165		6,906
EnCana Corp.		271		4,693
Enerplus Corp. (b)		213		3,533
First Quantum Minerals, Ltd.		103		1,922
Goldcorp, Inc.		142		3,702
IAMGOLD Corp.		214		1,024
IGM Financial, Inc. (b)		57		2,665
Imperial Oil, Ltd.		106		4,664
Kinross Gold Corp.		314		1,585
Loblaw Cos., Ltd.		114		5,047
Manulife Financial Corp. (b)		380		6,299
National Bank of Canada		100		8,276
Onex Corp.		126		6,632
Penn West Petroleum, Ltd. (b)		164		1,824
Potash Corp. of Saskatchewan, Inc. (b)		108		3,384
Rogers Communications, Inc. (Class B)		201		8,661
Royal Bank of Canada (b)		176		11,301
Shaw Communications, Inc. (Class B) (b)		134		3,118
Shoppers Drug Mart Corp. (b)		88		5,078
Silver Wheaton Corp.		95		2,359
SNC-Lavalin Group, Inc.		84		3,461
Sun Life Financial, Inc.		207		6,625
Suncor Energy, Inc.		295		10,570
Talisman Energy, Inc.		344		3,956
Teck Resources, Ltd. (Class B) (b)		105		2,828
TELUS Corp.		284		9,433
The Toronto-Dominion Bank (b)		81		7,308
TMX Group, Ltd.		8		381
TransAlta Corp.		329		4,283
TransCanada Corp. (b)		59		2,597
Valeant Pharmaceuticals International, Inc. (a)		115		12,016

See accompanying notes to financial statements.

219

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

Yamana Gold, Inc. (b)		289	$	3,011

				216,511

CHILE — 0.2%
Empresa Nacional de Electricidad SA ADR		112		4,703
Enersis SA ADR (b)		350		5,621
Sociedad Quimica y Minera de Chile SA ADR		64		1,955

				12,279

CHINA — 1.3%
Agricultural Bank of China, Ltd. (b)		7,000		3,222
Bank of China, Ltd.		13,000		5,934
Bank of Communications Co., Ltd. (b)		5,000		3,675
China Construction Bank Corp.		6,000		4,619
China Life Insurance Co., Ltd.		1,000		2,592
China Merchants Bank Co., Ltd.		1,174		2,135
China Petroleum & Chemical Corp.		5,200		4,070
China Shenhua Energy Co., Ltd.		500		1,522
China Telecom Corp., Ltd.		6,000		2,986
Hengan International Group Co., Ltd.		500		5,848
Huaneng Power International, Inc.		4,000		3,992
Industrial & Commercial Bank of China		11,000		7,674
PetroChina Co., Ltd.		4,000		4,415
PICC Property & Casualty Co., Ltd.		2,220		3,011
Ping An Insurance Group Co. of China, Ltd.		500		3,717
Tencent Holdings, Ltd.		200		10,491
Wumart Stores, Inc. (b)		2,000		3,564
Yanzhou Coal Mining Co., Ltd. (b)		2,000		1,996

				75,463

COLOMBIA — 0.1%
BanColombia SA ADR (b)		94		5,409

DENMARK — 0.6%
A P Moller — Maersk A/S		1		9,175
Danske Bank A/S (a)		164		3,533
DSV A/S		246		6,983
Novo Nordisk A/S (Class B)		73		12,402

				32,093

FINLAND — 0.4%
Fortum Oyj		128		2,887
Metso Oyj (b)		76		2,987
Nokia Oyj (a)		793		5,215
Sampo Oyj (Class A)		90		3,869
UPM-Kymmene Oyj		292		4,044
Wartsila Oyj		87		3,931

				22,933

FRANCE — 3.3%
Accor SA		154		6,408
Alstom SA		119		4,241
AXA SA		309		7,163
BNP Paribas		167		11,303
Bouygues SA		93		3,396
Cap Gemini SA		116		6,904
Carrefour SA		185		6,355
Credit Agricole SA (a)		326		3,597
Danone		88		6,628
Essilor International SA		59		6,349
France Telecom SA		449		5,634
GDF Suez		164		4,123
Groupe Fnac (a)		2		53
Kering		20		4,485
LVMH Moet Hennessy Louis Vuitton SA		32		6,307
Pernod Ricard SA		43		5,343
Publicis Groupe SA		74		5,892
Renault SA		109		8,695
Sanofi		144		14,614
Schneider Electric SA		104		8,800
Societe Generale		132		6,581
Sodexo		92		8,589
Technip SA		48		5,639
Total SA		223		12,949
Unibail-Rodamco SE		35		8,689
Vallourec SA		39		2,337
Veolia Environnement SA		293		5,007
Vinci SA		135		7,852
Vivendi SA		338		7,780

				191,713

GERMANY — 2.9%
Adidas AG		79		8,574
Allianz SE		74		11,640
BASF SE		120		11,517
Bayer AG		141		16,636
Commerzbank AG (a)		174		2,004
Daimler AG		165		12,870
Deutsche Bank AG		160		7,351
Deutsche Boerse AG		57		4,291
Deutsche Lufthansa AG (a)		342		6,673
Deutsche Post AG		284		9,430
Deutsche Telekom AG (b)		468		6,788
E.ON AG		293		5,216
Fresenius Medical Care AG & Co. KGaA		32		2,083
Linde AG		20		3,963
MAN SE		27		3,221
Merck KGaA		50		7,807
Muenchener Rueckversicherungs- Gesellschaft AG		43		8,408
OSRAM Licht AG (a)		6		282
RWE AG		98		3,335
Salzgitter AG		104		4,324
SAP AG		146		10,805
Siemens AG		68		8,198
ThyssenKrupp AG (a)		183		4,380
Volkswagen AG		35		7,943

				167,739

HONG KONG — 2.2%
AIA Group, Ltd.		1,400		6,580
Bank of East Asia, Ltd.		1,067		4,520
Cheung Kong Holdings, Ltd.		1,000		15,229
China Mobile, Ltd.		500		5,587
China Overseas Land & Investment, Ltd. (b)		2,000		5,893
China Resources Enterprise, Ltd. (b)		2,000		6,357
China Unicom (Hong Kong), Ltd. (b)		2,000		3,121
Citic Pacific, Ltd. (b)		2,000		2,594
CNOOC, Ltd.		3,000		6,104
COSCO Pacific, Ltd.		2,070		3,166

See accompanying notes to financial statements.

220

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

Hang Lung Properties, Ltd.		1,000	$	3,404
Henderson Land Development Co., Ltd.		1,141		7,047
Hong Kong Exchanges and Clearing, Ltd. (b)		316		5,065
Hutchison Whampoa, Ltd.		1,000		11,979
Li & Fung, Ltd. (b)		2,000		2,909
New World Development Co., Ltd.		3,134		4,712
Sands China, Ltd.		800		4,946
Shangri-La Asia, Ltd.		2,000		3,311
Sun Hung Kai Properties, Ltd.		1,038		14,121
Swire Pacific, Ltd.		500		5,990
The Link REIT		1,058		5,191

				127,826

HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		22		1,593
Richter Gedeon NyRt		180		3,133

				4,726

INDIA — 0.6%
Dr. Reddy’s Laboratories, Ltd. ADR (b)		206		7,785
HDFC Bank, Ltd. ADR		156		4,802
ICICI Bank, Ltd. ADR (b)		128		3,901
Infosys Technologies, Ltd. ADR		90		4,330
Mahindra & Mahindra, Ltd. GDR		235		3,090
Reliance Industries, Ltd. GDR (d)		159		4,180
Tata Motors, Ltd. ADR (b)		174		4,632

				32,720

INDONESIA — 0.4%
Astra Agro Lestari Tbk PT		1,500		2,526
Astra International Tbk PT		5,000		2,785
Bank Central Asia Tbk PT		4,500		3,886
Bank Mandiri Tbk PT		4,500		3,089
Bank Rakyat Indonesia Persero Tbk PT		5,000		3,131
Gudang Garam Tbk PT		500		1,511
Telekomunikasi Indonesia Persero Tbk PT		32,500		5,894

				22,822

IRELAND — 0.8%
Accenture PLC (Class A) (b)		100		7,364
Covidien PLC		200		12,188
CRH PLC		154		3,680
Eaton Corp. PLC		200		13,768
Elan Corp. PLC (a)		224		3,489
Mallinckrodt PLC (a)		25		1,102
Prothena Corp. PLC (a)(b)		5		101
Seagate Technology PLC (b)		100		4,374

				46,066

ISRAEL — 0.2%
Bank Hapoalim BM		669		3,381
Bank Leumi Le-Israel BM (a)		876		3,254
Teva Pharmaceutical Industries, Ltd. ADR		115		4,345

				10,980

ITALY — 0.6%
Assicurazioni Generali SpA		278		5,551
Enel SpA		1,222		4,685
ENI SpA		260		5,965
Intesa Sanpaolo SpA		2,205		4,552
Mediaset SpA (a)		1,084		4,402
Saipem SpA		55		1,196
Telecom Italia SpA		5,152		4,254
UniCredit SpA		735		4,688

				35,293

JAPAN — 8.4%
Aisin Seiki Co., Ltd.		100		4,265
Asahi Breweries, Ltd.		100		2,628
Asahi Kasei Corp.		1,000		7,531
Astellas Pharma, Inc.		100		5,096
Bridgestone Corp.		100		3,643
Canon, Inc.		100		3,190
Chuo Mitsui Trust Holdings, Inc.		1,000		4,943
Credit Saison Co., Ltd.		200		5,420
Daiichi Sankyo Co., Ltd. (b)		300		5,436
Daikin Industries, Ltd.		100		5,310
Daiwa Securities Group, Inc.		1,000		8,968
Denso Corp. (b)		200		9,335
Eisai Co., Ltd.		100		4,066
FUJIFILM Holdings Corp.		200		4,798
Hitachi, Ltd.		1,000		6,594
Hokuhoku Financial Group, Inc.		2,000		4,199
Honda Motor Co., Ltd. (b)		200		7,613
Hoya Corp. (b)		200		4,727
ITOCHU Corp. (b)		300		3,675
Japan Tobacco, Inc.		200		7,195
JFE Holdings, Inc. (b)		200		5,183
JSR Corp.		200		3,712
JX Holdings, Inc.		500		2,594
Kajima Corp.		1,000		4,066
Kamigumi Co., Ltd.		1,000		8,499
KDDI Corp.		200		10,273
Kobe Steel, Ltd. (a)		3,000		5,564
Komatsu, Ltd.		200		4,971
Konica Minolta Holdings, Inc.		500		4,199
Kyocera Corp.		200		10,619
Makita Corp.		100		5,809
Marubeni Corp.		1,000		7,867
Marui Group Co., Ltd. (b)		900		8,429
Mitsubishi Chemical Holdings Corp.		500		2,334
Mitsubishi Corp. (b)		200		4,048
Mitsubishi Electric Corp.		1,000		10,497
Mitsubishi Heavy Industries, Ltd.		1,000		5,738
Mitsubishi UFJ Financial Group, Inc.		1,700		10,863
Mitsui & Co., Ltd. (b)		200		2,906
Mizuho Financial Group, Inc.		3,600		7,814
MS&AD Insurance Group Holdings, Inc.		200		5,218
Murata Manufacturing Co., Ltd.		100		7,633
NEC Corp. (b)		2,000		4,627
Nippon Steel Corp. (b)		3,000		10,181
Nippon Yusen K.K. (b)		2,000		6,318
Nissan Motor Co., Ltd. (b)		400		4,011
Nitto Denko Corp.		100		6,512
NKSJ Holdings, Inc. (b)		200		5,138
Nomura Holdings, Inc. (b)		900		7,017
NTT Data Corp.		100		3,368
Obayashi Corp.		1,000		5,972
ORIX Corp.		400		6,502
Osaka Gas Co., Ltd.		1,000		4,260
Panasonic Corp. (b)		600		5,797

See accompanying notes to financial statements.

221

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

Resona Holdings, Inc.		600	$	3,070
Rohm Co., Ltd.		100		4,107
Secom Co., Ltd.		100		6,257
Seven & I Holdings Co., Ltd.		100		3,648
Shin-Etsu Chemical Co., Ltd.		100		6,115
Softbank Corp. (b)		200		13,839
Sony Corp. (b)		300		6,414
Sumitomo Chemical Co., Ltd.		1,000		3,811
Sumitomo Corp. (b)		200		2,695
Sumitomo Electric Industries, Ltd. (b)		300		4,348
Sumitomo Mitsui Financial Group, Inc. (b)		200		9,671
T&D Holdings, Inc.		400		4,949
Takeda Pharmaceutical Co., Ltd.		100		4,724
TDK Corp.		100		3,924
Teijin, Ltd.		1,000		2,303
Terumo Corp.		100		5,126
The Joyo Bank, Ltd.		1,000		5,371
The Kansai Electric Power Co., Inc. (a)		200		2,568
Tokio Marine Holdings, Inc. (b)		200		6,532
Tokyo Electron, Ltd.		100		5,360
Tokyu Corp.		1,000		7,134
Toppan Printing Co., Ltd.		1,000		8,061
Toshiba Corp.		1,000		4,484
Toyota Motor Corp. (b)		400		25,559
Toyota Tsusho Corp. (b)		300		7,839
West Japan Railway Co.		100		4,285
Yamada Denki Co., Ltd. (b)		400		1,182
Yamaha Corp. (b)		600		8,560

				489,107

LUXEMBOURG — 0.0% (e)
ArcelorMittal		195		2,682

MEXICO — 0.5%
America Movil SAB de CV		7,481		7,388
Cemex SAB de CV (a)		3,277		3,650
Fomento Economico Mexicano SAB de CV		769		7,419
Grupo Financiero Banorte SAB de CV		740		4,594
Grupo Mexico SAB de CV		1,231		3,658
Grupo Televisa SA de CV (Series CPO)		654		3,635
Industrias Penoles SA de CV		50		1,462

				31,806

NETHERLANDS — 1.5%
Akzo Nobel NV		75		4,932
ASML Holding NV		70		6,917
CNH Industrial NV (a)		281		3,606
European Aeronautic Defence and Space Co. NV		66		4,207
Heineken NV		52		3,688
ING Groep NV (a)		675		7,630
Koninklijke (Royal) KPN NV (a)		1,347		4,294
Koninklijke Ahold NV		345		5,980
Koninklijke DSM NV		87		6,569
Koninklijke Philips NV		275		8,871
LyondellBasell Industries NV		100		7,323
Reed Elsevier NV		352		7,083
Unilever NV		197		7,668
Wolters Kluwer NV		434		11,195

				89,963

NETHERLANDS ANTILLES — 0.3%
Schlumberger, Ltd. (b)		200		17,672

NORWAY — 0.3%
DnB NOR ASA		363		5,510
Norsk Hydro ASA (b)		1,114		4,618
Telenor ASA		297		6,785
Yara International ASA		62		2,560

				19,473

PERU — 0.0% (e)
Compania de Minas Buenaventura SA ADR		30		351

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		72		4,884

PORTUGAL — 0.1%
Portugal Telecom SGPS SA (b)		848		3,824

RUSSIA — 0.6%
Federal Hydrogenerating Co. JSC ADR		824		1,294
Gazprom OAO ADR		781		6,889
Lukoil OAO ADR		96		6,102
MMC Norilsk Nickel OJSC ADR (b)		117		1,688
Mobile Telesystems OJSC ADR		182		4,051
Sberbank of Russia ADR (b)		412		4,956
Surgutneftegas OJSC ADR Preference Shares		840		5,989
Tatneft OAO ADR		97		3,798
Uralkali OJSC GDR		68		1,768

				36,535

SINGAPORE — 0.5%
CapitaLand, Ltd. (b)		3,000		7,388
Singapore Exchange, Ltd. (b)		2,000		11,572
Singapore Press Holdings, Ltd. (b)		2,000		6,551
Singapore Telecommunications, Ltd.		1,000		2,973

				28,484

SOUTH AFRICA — 0.7%
AngloGold Ashanti, Ltd.		85		1,135
Discovery Holdings, Ltd.		1,162		9,362
FirstRand, Ltd. (b)		1,067		3,552
Gold Fields, Ltd.		206		943
Harmony Gold Mining Co., Ltd.		228		785
Impala Platinum Holdings, Ltd.		154		1,896
MTN Group, Ltd.		395		7,693
Naspers, Ltd.		63		5,812
Sanlam, Ltd.		988		4,600
Sasol, Ltd. (b)		76		3,617
Sibanye Gold, Ltd.		206		258
Standard Bank Group, Ltd.		260		3,097

				42,750

SOUTH KOREA — 2.0%
E-Mart Co., Ltd.		8		1,801
Hana Financial Group, Inc.		80		2,743
Honam Petrochemical Corp.		6		1,108
Hyundai Heavy Industries Co., Ltd.		12		2,948
Hyundai Hysco Co., Ltd.		100		4,285
Hyundai Mobis		13		3,460
Hyundai Motor Co.		29		6,773
KB Financial Group, Inc.		110		3,849

See accompanying notes to financial statements.

222

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

Kia Motors Corp.		65	$	3,950
Korea Electric Power Corp. ADR (a)		156		2,190
KT&G Corp.		41		2,938
LG Chem, Ltd. Preference Shares		63		8,207
LG Electronics, Inc.		34		2,253
LG Household & Health Care, Ltd.		6		3,043
NAVER Corp.		11		5,701
NHN Entertainment Corp. (a)		5		549
POSCO ADR		57		4,197
Samsung C&T Corp.		68		3,955
Samsung Electronics Co., Ltd. GDR		36		22,968
Samsung Engineering Co., Ltd.		17		1,307
Samsung Fire & Marine Insurance Co., Ltd.		14		3,211
Samsung Heavy Industries Co., Ltd.		110		4,401
Samsung Securities Co., Ltd.		67		2,933
Shinhan Financial Group Co., Ltd.		110		4,468
SK Holdings Co., Ltd.		23		4,152
SK Hynix, Inc. (a)		130		3,659
SK Innovation Co., Ltd.		20		2,717

				113,766

SPAIN — 0.7%
Acciona SA (b)		56		3,188
Acerinox SA (b)		262		3,004
ACS, Actividades de Construccion y Servicios SA		207		6,585
Banco Bilbao Vizcaya Argentaria SA		789		8,822
Banco Santander SA		1,471		12,003
Repsol YPF SA		124		3,076
Telefonica SA (a)		320		4,985

				41,663

SWEDEN — 1.2%
Assa Abloy AB (Class B)		110		5,052
Atlas Copco AB (Class B)		307		8,116
Nordea Bank AB		532		6,419
Sandvik AB		286		3,954
Securitas AB (Class B)		444		5,074
Skandinaviska Enskilda Banken AB (Class A)		671		7,114
Skanska AB (Class B)		291		5,600
SKF AB (Class B)		207		5,765
Svenska Handelsbanken AB (Class A)		91		3,894
Tele2 AB		183		2,342
Telefonaktiebolaget LM Ericsson (Class B)		543		7,228
TeliaSonera AB		468		3,588
Volvo AB (Class A)		448		6,710

				70,856

SWITZERLAND — 3.7%
ABB, Ltd. (a)		404		9,557
ACE, Ltd. (b)		100		9,356
Adecco SA (a)		78		5,555
Cie Financiere Richemont SA		110		11,021
Credit Suisse Group AG (a)		242		7,392
Geberit AG		32		8,642
Givaudan SA (a)		4		5,844
Glencore Xstrata PLC (a)		1,082		5,900
Holcim, Ltd. (a)		71		5,284
Kuehne & Nagel International AG		38		4,980
Nestle SA		280		19,585
Noble Corp. (b)		200		7,554
Novartis AG		264		20,291
Pentair, Ltd.		23		1,494
Roche Holding AG		98		26,433
SGS SA		4		9,550
Swiss Re AG (a)		95		7,858
Syngenta AG		10		4,085
TE Connectivity, Ltd.		200		10,356
The Swatch Group AG		12		7,724
Transocean, Ltd.		71		3,154
UBS AG (a)		611		12,500
Wolseley PLC		88		4,556
Zurich Insurance Group AG (a)		19		4,894

				213,565

TAIWAN — 1.0%
Advanced Semiconductor Engineering Inc, ADR		1,153		5,511
AU Optronics Corp. ADR (a)		992		3,621
Chunghwa Telecom Co., Ltd. ADR		263		8,305
Hon Hai Precision Industry Co., Ltd. GDR		1,601		8,221
Siliconware Precision Industries Co. ADR		1,651		9,543
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,096		18,588
United Microelectronics Corp. ADR (b)		2,579		5,313

				59,102

THAILAND — 0.2%
Bangkok Bank PCL		1,100		6,928
PTT PCL		200		2,020

				8,948

TURKEY — 0.3%
Akbank TAS		730		2,685
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,000		5,398
Turkiye Garanti Bankasi AS		845		3,325
Turkiye Is Bankasi (Class C)		1,939		5,119

				16,527

UNITED KINGDOM — 7.9%
3i Group PLC		1,772		10,440
Anglo American PLC		224		5,506
AstraZeneca PLC		177		9,217
BAE Systems PLC		891		6,556
Barclays PLC		2,108		9,063
BG Group PLC		446		8,526
BHP Billiton PLC		304		8,960
BP PLC		2,520		17,674
British American Tobacco PLC		51		2,706
British Land Co. PLC		629		5,882
British Sky Broadcasting Group PLC		201		2,832
BT Group PLC		2,078		11,522
Burberry Group PLC		158		4,181
Capita Group PLC		537		8,661
Cobham PLC		2,646		12,311
Compass Group PLC		479		6,593
Diageo PLC		273		8,687
Experian PLC		371		7,071
G4S PLC		623		2,566

See accompanying notes to financial statements.

223

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

GlaxoSmithKline PLC		625	$	15,764
Hammerson PLC		1,017		8,251
HSBC Holdings PLC		2,224		24,109
Imperial Tobacco Group PLC		100		3,704
Intercontinental Hotels Group PLC		273		7,967
J Sainsbury PLC		736		4,666
Land Securities Group PLC		441		6,563
Liberty Global PLC (Class A) (a)		100		7,935
Lloyds Banking Group PLC (a)		8,654		10,312
Marks & Spencer Group PLC		1,017		8,179
National Grid PLC		197		2,330
Next PLC		72		6,016
Old Mutual PLC		1,498		4,551
Pearson PLC		120		2,443
Prudential PLC		485		9,040
Randgold Resources, Ltd.		29		2,090
Reckitt Benckiser Group PLC		80		5,856
Reed Elsevier PLC		312		4,209
Rio Tinto PLC		216		10,574
Rolls-Royce Holdings PLC (a)		316		5,690
Royal Dutch Shell PLC (Class A)		38		1,255
Royal Dutch Shell PLC (Class B)		760		26,270
RSA Insurance Group PLC		3,346		6,551
SABMiller PLC		131		6,669
Scottish & Southern Energy PLC		160		3,819
Severn Trent PLC		250		7,137
Smith & Nephew PLC		453		5,656
Smiths Group PLC		349		7,907
Standard Chartered PLC		353		8,466
Standard Life PLC		2,096		11,724
Tesco PLC		1,181		6,866
The Sage Group PLC		1,699		9,074
Tullow Oil PLC		178		2,952
Unilever PLC		153		6,046
United Utilities Group PLC		445		4,980
Vodafone Group PLC		6,679		23,362
Whitbread PLC		326		15,648
WPP PLC		344		7,075

				460,660

UNITED STATES — 46.1%
3M Co. (b)		100		11,941
Abbott Laboratories		200		6,638
AbbVie, Inc.		200		8,946
Adobe Systems, Inc. (a)		300		15,582
Aetna, Inc.		200		12,804
Aflac, Inc.		200		12,398
Agilent Technologies, Inc.		200		10,250
Alexion Pharmaceuticals, Inc. (a)		100		11,616
Allergan, Inc.		100		9,045
Altera Corp. (b)		100		3,716
Altria Group, Inc.		200		6,870
Amazon.com, Inc. (a)		100		31,264
American Capital Agency Corp. (b)		100		2,257
American Electric Power Co., Inc. (b)		200		8,670
American Express Co. (b)		200		15,104
American Tower Corp.		100		7,413
Amgen, Inc.		200		22,388
Anadarko Petroleum Corp.		100		9,299
Annaly Capital Management, Inc. (b)		200		2,316
Apache Corp.		100		8,514
Apple, Inc. (b)		100		47,675
Applied Materials, Inc. (b)		699		12,261
Archer-Daniels-Midland Co.		300		11,052
AT&T, Inc. (b)		699		23,640
Automatic Data Processing, Inc.		100		7,238
Baker Hughes, Inc. (b)		200		9,820
Bank of America Corp.		1,699		23,446
Baxter International, Inc.		200		13,138
Becton, Dickinson and Co.		100		10,002
Bed Bath & Beyond, Inc. (a)(b)		100		7,736
Berkshire Hathaway, Inc. (Class B) (a)		100		11,351
Biogen Idec, Inc. (a)(b)		100		24,076
Bristol-Myers Squibb Co. (b)		300		13,884
Broadcom Corp. (Class A)		200		5,202
C.H. Robinson Worldwide, Inc. (b)		100		5,956
Cameron International Corp. (a)(b)		200		11,674
Capital One Financial Corp. (b)		100		6,874
Carnival Corp.		100		3,264
Caterpillar, Inc. (b)		100		8,337
CBS Corp.		200		11,032
Celgene Corp. (a)(b)		100		15,393
CenturyLink, Inc.		200		6,276
Chesapeake Energy Corp. (b)		300		7,764
Chevron Corp. (b)		300		36,450
Church & Dwight Co., Inc.		200		12,010
Cisco Systems, Inc.		999		23,397
Citigroup, Inc.		500		24,255
Citrix Systems, Inc. (a)		100		7,061
Coach, Inc. (b)		100		5,453
Cognizant Technology Solutions Corp. (Class A) (a)		100		8,212
Colgate-Palmolive Co. (b)		200		11,860
Comcast Corp. (Class A) Special (b)		500		21,685
ConAgra Foods, Inc.		200		6,068
ConocoPhillips (b)		200		13,902
Corning, Inc.		400		5,836
Costco Wholesale Corp.		100		11,512
CST Brands, Inc. (b)		22		656
CSX Corp. (b)		400		10,296
Cummins, Inc. (b)		100		13,287
CVS Caremark Corp.		200		11,350
Danaher Corp. (b)		200		13,864
Deere & Co. (b)		100		8,139
Dell, Inc. (b)		400		5,508
Devon Energy Corp.		100		5,776
DIRECTV (Class A) (a)(b)		100		5,975
Discover Financial Services		200		10,108
Dollar Tree, Inc. (a)		200		11,432
Duke Energy Corp.		153		10,217
E. I. du Pont de Nemours & Co.		200		11,712
eBay, Inc. (a)		300		16,737
Ecolab, Inc.		100		9,876
Edison International (b)		200		9,212
Eli Lilly & Co.		200		10,066
EMC Corp. (b)		400		10,224
Emerson Electric Co.		200		12,940
EOG Resources, Inc. (b)		100		16,928
Equity Residential (b)		100		5,357

See accompanying notes to financial statements.

224

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

Exelon Corp. (b)		200	$	5,928
Express Scripts Holding Co. (a)(b)		181		11,182
Exxon Mobil Corp.		600		51,624
Fastenal Co. (b)		100		5,025
FedEx Corp.		100		11,411
FirstEnergy Corp. (b)		200		7,290
FMC Technologies, Inc. (a)(b)		200		11,084
Ford Motor Co.		799		13,479
Franklin Resources, Inc. (b)		300		15,165
Freeport-McMoRan Copper & Gold, Inc.		200		6,616
General Dynamics Corp.		100		8,752
General Electric Co.		1,499		35,811
General Mills, Inc.		100		4,792
General Motors Co. (a)		200		7,194
Gilead Sciences, Inc. (a)(b)		400		25,136
Halliburton Co.		200		9,630
HCP, Inc.		300		12,285
Hess Corp.		100		7,734
Hewlett-Packard Co.		400		8,392
Hillshire Brands Co.		60		1,844
Honeywell International, Inc. (b)		200		16,608
Illinois Tool Works, Inc. (b)		200		15,254
Ingersoll-Rand PLC		200		12,988
Intel Corp. (b)		799		18,313
International Business Machines Corp.		200		37,036
Intuit, Inc. (b)		100		6,631
Johnson & Johnson		300		26,007
Johnson Controls, Inc.		200		8,300
JPMorgan Chase & Co.		600		31,014
Juniper Networks, Inc. (a)(b)		200		3,972
Kellogg Co. (b)		100		5,873
Kimberly-Clark Corp.		100		9,422
Kinder Morgan Management, LLC (a)		106		7,946
Kinder Morgan, Inc. (b)		42		1,494
Kohl’s Corp. (b)		100		5,175
Kraft Foods Group, Inc.		33		1,731
L Brands, Inc. (b)		200		12,220
Las Vegas Sands Corp. (b)		100		6,642
Liberty Interactive Corp. (Class A) (a)(b)		200		4,694
Liberty Ventures, (Series A) (a)(b)		14		1,234
Lockheed Martin Corp. (b)		100		12,755
Lowe’s Cos., Inc.		300		14,283
Macy’s, Inc.		200		8,654
Marathon Oil Corp.		300		10,464
Marathon Petroleum Corp.		100		6,432
Marsh & McLennan Cos., Inc.		200		8,710
Mattel, Inc.		400		16,744
McCormick & Co., Inc. (b)		300		19,410
McDonald’s Corp. (b)		100		9,621
McKesson Corp.		100		12,830
Mead Johnson Nutrition Co.		100		7,426
Medtronic, Inc.		300		15,975
Merck & Co., Inc.		400		19,044
MetLife, Inc.		300		14,085
Microsoft Corp.		1,099		36,608
Mondelez International, Inc. (Class A) (b)		100		3,142
Monsanto Co. (b)		100		10,437
Morgan Stanley (b)		300		8,085
National Oilwell Varco, Inc.		100		7,811
NetApp, Inc. (b)		100		4,262
Newmont Mining Corp. (b)		100		2,810
News Corp. (Class A) (a)(b)		124		1,991
NextEra Energy, Inc. (b)		100		8,016
NIKE, Inc. (Class B) (b)		200		14,528
Noble Energy, Inc.		200		13,402
Norfolk Southern Corp. (b)		100		7,735
Northrop Grumman Corp.		200		19,052
O’Reilly Automotive, Inc. (a)		100		12,759
Occidental Petroleum Corp.		200		18,708
Oracle Corp.		699		23,186
Parker Hannifin Corp. (b)		100		10,872
PepsiCo, Inc.		200		15,900
Pfizer, Inc. (b)		975		27,992
PG&E Corp. (b)		100		4,092
Philip Morris International, Inc.		200		17,318
Phillips 66		100		5,782
Pioneer Natural Resources Co. (b)		100		18,880
PNC Financial Services Group, Inc. (b)		100		7,245
PPL Corp.		300		9,114
Praxair, Inc.		100		12,021
ProLogis (b)		300		11,286
Prudential Financial, Inc. (b)		200		15,596
Public Service Enterprise Group, Inc. (b)		200		6,586
Public Storage		100		16,055
QUALCOMM, Inc. (b)		300		20,208
Range Resources Corp. (b)		100		7,589
Raytheon Co. (b)		100		7,707
Retail Opportunity Investments Corp.		1,499		20,716
Rockville Financial, Inc. (b)		1,599		20,787
Ross Stores, Inc.		100		7,280
Salesforce.com, Inc. (a)(b)		400		20,764
SanDisk Corp. (b)		100		5,951
Simon Property Group, Inc.		100		14,823
Southern Co. (b)		100		4,118
Southwestern Energy Co. (a)(b)		100		3,638
Spectra Energy Corp. (b)		200		6,846
St. Jude Medical, Inc. (b)		200		10,728
Starbucks Corp.		200		15,394
State Street Corp.		100		6,575
Sysco Corp. (b)		200		6,366
Target Corp. (b)		100		6,398
Texas Instruments, Inc.		300		12,081
The ADT Corp. (b)		50		2,033
The Allstate Corp. (b)		200		10,110
The Bank of New York Mellon Corp. (b)		300		9,057
The Boeing Co. (b)		100		11,750
The Charles Schwab Corp. (b)		500		10,570
The Chubb Corp. (b)		100		8,926
The Clorox Co. (b)		100		8,172
The Coca-Cola Co. (b)		400		15,152
The Dow Chemical Co. (b)		300		11,520
The Estee Lauder Cos., Inc. (Class A) (b)		100		6,990
The Goldman Sachs Group, Inc.		100		15,821
The Hershey Co. (b)		100		9,250
The Home Depot, Inc.		200		15,170
The J.M. Smucker Co.		100		10,504
The Mosaic Co.		100		4,302
The Procter & Gamble Co. (b)		200		15,118

See accompanying notes to financial statements.

225

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2013


Security Description	Shares		Value

The Travelers Cos., Inc. (b)		100	$	8,477
The Walt Disney Co. (b)		300		19,347
The Williams Cos., Inc.		300		10,908
Thermo Fisher Scientific, Inc.		200		18,430
Time Warner Cable, Inc.		100		11,160
Time Warner, Inc. (b)		200		13,162
TJX Cos., Inc.		200		11,278
Twenty-First Century Fox, Inc. (b)		500		16,750
Tyco International, Ltd.		100		3,498
Tyson Foods, Inc. (Class A) (b)		400		11,312
U.S. Bancorp (b)		300		10,974
Union Pacific Corp.		100		15,534
United Parcel Service, Inc. (Class B) (b)		100		9,137
United Technologies Corp.		100		10,782
UnitedHealth Group, Inc.		200		14,322
Valero Energy Corp. (b)		200		6,830
Vector Group, Ltd. (b)		990		15,941
Verizon Communications, Inc. (b)		300		13,998
Viacom, Inc. (Class B)		100		8,358
Visa, Inc. (Class A) (b)		100		19,110
Wal-Mart Stores, Inc. (b)		200		14,792
Walgreen Co.		200		10,760
Waste Management, Inc. (b)		200		8,248
Weatherford International, Ltd. (a)(b)		500		7,665
WellPoint, Inc.		100		8,361
Wells Fargo & Co.		799		33,015
Western Digital Corp. (b)		100		6,340
Whole Foods Market, Inc. (b)		200		11,700
Yahoo!, Inc. (a)(b)		300		9,948
Yum! Brands, Inc. (b)		100		7,139
Zoetis, Inc.		23		716

				2,682,521

TOTAL COMMON STOCKS —
(Cost $4,918,518)				5,698,302

RIGHTS — 0.0% (e)
HONG KONG — 0.0% (e)
New Hotel (expiring 12/31/13) (a)		39		0

SPAIN — 0.0% (e)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/14/13) (a)(b)		789		108

UNITED KINGDOM — 0.0% (e)
Barclays PLC (expiring 10/2/13) (a)		527		689

TOTAL RIGHTS —
(Cost $106)				797

SHORT TERM INVESTMENTS — 15.5%
UNITED STATES — 15.5%
MONEY MARKET FUNDS — 15.5%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		869,026		869,026
State Street Institutional Liquid Reserves Fund 0.06% (g)(h)		31,336		31,336

TOTAL SHORT TERM INVESTMENTS —
(Cost $900,362)				900,362

TOTAL INVESTMENTS — 113.4%
(Cost $5,818,986)				6,599,461
OTHER ASSETS & LIABILITIES — (13.4)%				(779,129	)

NET ASSETS — 100.0%			$	5,820,332


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 2013.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 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.

226

SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.4%
BRAZIL — 11.9%
Banco Bradesco SA Preference Shares ADR		3,472	$	48,191
BRF — Brasil Foods SA ADR		1,117		27,400
Companhia de Bebidas das Americas Preference Shares ADR		1,147		43,988
Itau Unibanco Holding SA Preference Shares ADR		4,174		58,937
Petroleo Brasileiro SA ADR (a)		3,473		58,103
Vale SA Preference Shares ADR		3,105		44,122

				280,741

CHINA — 20.5%
Agricultural Bank of China, Ltd.		36,000		16,572
Bank of China, Ltd.		125,196		57,148
China Construction Bank Corp.		120,154		92,496
China Life Insurance Co., Ltd.		12,584		32,616
China Petroleum & Chemical Corp.		41,600		32,561
China Shenhua Energy Co., Ltd.		5,644		17,175
Industrial & Commercial Bank of China		122,454		85,424
PetroChina Co., Ltd.		34,812		38,425
Ping An Insurance Group Co. of China, Ltd.		3,000		22,301
Tencent Holdings, Ltd.		1,700		89,174

				483,892

HONG KONG — 8.0%
China Mobile, Ltd.		9,855		110,112
China Overseas Land & Investment, Ltd. (a)		6,000		17,679
CNOOC, Ltd.		29,362		59,745

				187,536

INDIA — 2.5%
ICICI Bank, Ltd. ADR (a)		710		21,641
Infosys Technologies, Ltd. ADR (a)		762		36,660

				58,301

MEXICO — 5.8%
America Movil SAB de CV, ADR, Series L (a)		3,023		59,886
Cemex SAB de CV ADR (a)(b)		1,885		21,074
Fomento Economico Mexicano SAB de CV, ADR		338		32,816
Grupo Televisa SA de CV ADR		860		24,037

				137,813

RUSSIA — 11.1%
Gazprom OAO ADR		9,839		86,682
Lukoil OAO ADR		848		53,763
Magnit OJSC GDR		432		26,676
Mobile Telesystems OJSC ADR (b)		900		20,034
NovaTek OAO GDR		150		19,830
Sberbank of Russia ADR (c)		3,788		45,645
Sberbank of Russia ADR (c)		698		8,397

				261,027

SOUTH AFRICA — 7.7%
MTN Group, Ltd.		2,818		54,883
Naspers, Ltd.		656		60,520
Sasol, Ltd.		913		43,449
Standard Bank Group, Ltd.		2,003		23,860

				182,712

SOUTH KOREA — 20.4%
Hyundai Mobis		113		30,072
Hyundai Motor Co.		256		59,791
KB Financial Group, Inc. ADR		638		22,343
Kia Motors Corp.		434		26,371
LG Chem, Ltd.		77		22,032
POSCO ADR		432		31,813
Samsung Electronics Co., Ltd. GDR		368		234,784
Shinhan Financial Group Co., Ltd. ADR		710		28,755
SK Hynix, Inc. (b)		860		24,207

				480,168

TAIWAN — 11.5%
China Steel Corp.		19,275		16,917
Chunghwa Telecom Co., Ltd. ADR		678		21,411
Formosa Plastics Corp.		7,280		18,787
Hon Hai Precision Industry Co., Ltd. GDR		9,474		48,649
MediaTek, Inc.		2,000		24,724
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		8,220		139,411

				269,899

TOTAL COMMON STOCKS —
(Cost $2,396,503)				2,342,089

SHORT TERM INVESTMENTS — 4.3%
UNITED STATES — 4.3%
MONEY MARKET FUNDS — 4.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		92,838		92,838
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		7,495		7,495

TOTAL SHORT TERM INVESTMENTS —
(Cost $100,333)				100,333

TOTAL INVESTMENTS — 103.7%
(Cost $2,496,836)				2,442,422
OTHER ASSETS & LIABILITIES — (3.7)%				(87,215	)

NET ASSETS — 100.0%			$	2,355,207


(a)		A portion of the security was on loan at September 30, 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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

227

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.2%
JAPAN — 99.2%
AIR FREIGHT & LOGISTICS — 0.3%
Yamato Holdings Co., Ltd. (a)		16,780	$	378,266

AIRLINES — 0.5%
All Nippon Airways Co., Ltd. (a)		70,000		152,663
Japan Airlines Co., Ltd.		7,000		423,745

				576,408

AUTO COMPONENTS — 3.3%
Aisin Seiki Co., Ltd. (a)		8,368		356,893
Bridgestone Corp. (a)		26,603		969,230
Denso Corp.		18,247		851,682
FCC Co., Ltd. (a)		6,984		160,997
Futaba Industrial Co., Ltd. (a)(b)		2,808		11,618
Keihin Corp. (a)		4,156		66,792
NGK Spark Plug Co., Ltd.		14,160		312,999
NHK Spring Co., Ltd. (a)		2,740		28,035
Nifco, Inc. (a)		7,028		187,939
Nissin Kogyo Co., Ltd. (a)		4,216		80,002
NOK Corp.		7,016		109,253
Showa Corp.		14,012		188,207
Stanley Electric Co., Ltd. (a)		4,244		90,178
Sumitomo Rubber Industries, Inc.		12,608		194,147
Tokai Rika Co., Ltd.		20		423
Toyo Tire & Rubber Co., Ltd.		27,851		167,745
Toyota Industries Corp.		8,372		360,903

				4,137,043

AUTOMOBILES — 8.9%
Daihatsu Motor Co., Ltd.		464		8,984
Fuji Heavy Industries, Ltd. (a)		28,347		782,883
Honda Motor Co., Ltd.		67,174		2,556,891
Isuzu Motors, Ltd. (a)		69,651		458,543
Mazda Motor Corp. (b)		112,123		499,340
Mitsubishi Motors Corp. (a)(b)		18,200		201,058
Nissan Motor Co., Ltd. (a)		95,162		954,287
Suzuki Motor Corp. (a)		15,392		368,937
Toyota Motor Corp.		82,577		5,276,512
Yamaha Motor Co., Ltd. (a)		8,416		122,992

				11,230,427

BEVERAGES — 1.2%
Asahi Breweries, Ltd.		18,184		477,927
Ito En, Ltd. (a)		11,156		253,646
Kirin Holdings Co., Ltd.		42,207		614,663
Takara Holdings, Inc.		14,479		132,063

				1,478,299

BUILDING PRODUCTS — 1.2%
Aica Kogyo Co., Ltd. (a)		1,484		29,567
Asahi Glass Co., Ltd.		42,299		262,523
Daikin Industries, Ltd. (a)		9,832		522,035
LIXIL Group Corp. (a)		12,572		258,679
Nippon Sheet Glass Co., Ltd. (a)(b)		42,000		53,931
TOTO, Ltd. (a)		28,444		398,289

				1,525,024

CAPITAL MARKETS — 1.8%
Daiwa Securities Group, Inc. (a)		56,482		506,539
Jafco Co., Ltd.		1,412		67,632
Nomura Holdings, Inc.		156,776		1,222,254
Okasan Securities Group, Inc.		14,107		129,820
SBI Holdings, Inc.		11,158		143,960
Tokai Tokyo Financial Holdings, Inc. (a)		27,967		233,426

				2,303,631

CHEMICALS — 4.0%
Asahi Kasei Corp.		41,859		315,249
Daicel Chemical Industries, Ltd. (a)		14,055		126,764
DIC Corp. (a)		42,391		117,075
Hitachi Chemical Co., Ltd.		6,976		112,256
JSR Corp.		9,760		181,126
Kaneka Corp.		14,224		92,773
Kansai Paint Co., Ltd. (a)		14,092		186,984
Kuraray Co., Ltd. (a)		20,971		251,118
Mitsubishi Chemical Holdings Corp.		42,123		196,610
Mitsubishi Gas Chemical Co., Inc.		14,268		119,815
Mitsui Chemicals, Inc. (a)		41,843		114,708
Nissan Chemical Industries, Ltd.		19,616		295,264
Nitto Denko Corp. (a)		5,584		363,636
Shin-Etsu Chemical Co., Ltd.		16,820		1,028,484
Showa Denko K.K. (a)		55,723		75,528
Sumitomo Chemical Co., Ltd.		69,674		265,560
Taiyo Nippon Sanso Corp. (a)		28,180		188,967
Teijin, Ltd. (a)		42,367		97,579
Tokai Carbon Co., Ltd.		13,828		47,914
Toray Industries, Inc. (a)		55,758		366,511
Tosoh Corp.		41,599		171,271
Toyobo Co., Ltd.		56,302		107,870
Ube Industries, Ltd. (a)		69,543		131,113
Zeon Corp.		14,132		180,313

				5,134,488

COMMERCIAL BANKS — 10.1%
Chuo Mitsui Trust Holdings, Inc.		139,981		691,881
Fukuoka Financial Group, Inc. (a)		42,000		189,615
Hokuhoku Financial Group, Inc.		69,658		146,237
Mitsubishi UFJ Financial Group, Inc.		561,100		3,585,322
Mizuho Financial Group, Inc.		972,500		2,111,006
Resona Holdings, Inc.		67,100		343,278
Shinsei Bank, Ltd. (a)		69,726		169,119
Sumitomo Mitsui Financial Group, Inc. (a)		56,000		2,707,975
Suruga Bank, Ltd.		496		8,527
The 77 Bank, Ltd.		27,803		136,855
The Awa Bank, Ltd.		27,731		150,065
The Bank of Kyoto, Ltd. (a)		13,916		122,248
The Bank of Yokohama, Ltd. (a)		55,947		319,860
The Chiba Bank, Ltd. (a)		42,063		306,926
The Chugoku Bank, Ltd.		13,504		189,916
The Hachijuni Bank, Ltd.		41,719		259,349
The Hiroshima Bank, Ltd. (a)		41,811		178,110
The Hyakugo Bank, Ltd.		28,147		115,887
The Iyo Bank, Ltd.		13,180		138,079
The Joyo Bank, Ltd. (a)		28,155		151,212
The Juroku Bank, Ltd. (a)		41,883		164,758
The Musashino Bank, Ltd.		2,820		103,029
The Nanto Bank, Ltd. (a)		14,391		57,931
The Nishi-Nippon City Bank, Ltd. (a)		55,799		151,830

See accompanying notes to financial statements.

228

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

September 30, 2013


Security Description	Shares		Value

The Shizuoka Bank, Ltd. (a)		14,363	$	163,354
Yamaguchi Financial Group, Inc.		14,076		138,285

				12,800,654

COMMERCIAL SERVICES & SUPPLIES — 1.1%
Aeon Delight Co., Ltd.		1,400		26,923
Dai Nippon Printing Co., Ltd. (a)		27,739		293,433
Daiseki Co., Ltd. (a)		2,800		51,563
Nissha Printing Co., Ltd. (a)(b)		1,436		24,074
Park24 Co., Ltd.		7,000		124,484
Secom Co., Ltd.		9,768		611,215
Toppan Printing Co., Ltd. (a)		28,299		228,122

				1,359,814

COMMUNICATIONS EQUIPMENT — 0.0% (c)
Aiphone Co., Ltd.		1,400		23,969

COMPUTERS & PERIPHERALS — 0.3%
NEC Corp.		77,918		180,254
Seiko Epson Corp. (a)		9,776		160,102

				340,356

CONSTRUCTION & ENGINEERING — 1.6%
Chiyoda Corp.		13,688		164,605
COMSYS Holdings Corp.		14,000		195,180
JGC Corp.		13,760		496,412
Kajima Corp. (a)		55,595		226,063
Maeda Corp.		28,855		177,614
Obayashi Corp. (a)		41,679		248,906
Shimizu Corp. (a)		41,559		202,871
Taisei Corp. (a)		69,995		344,536

				2,056,187

CONSTRUCTION MATERIALS — 0.2%
Taiheiyo Cement Corp. (a)		69,607		303,611

CONSUMER FINANCE — 0.4%
Acom Co., Ltd. (b)		1,420		5,340
Aeon Credit Service Co., Ltd. (a)		7,040		221,334
Credit Saison Co., Ltd.		9,764		264,586
Orient Corp. (a)(b)		28,001		77,047

				568,307

CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Group Holdings, Ltd.		7,048		138,195

DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		6,992		92,918

DIVERSIFIED CONSUMER SERVICES — 0.1%
Benesse Holdings, Inc.		4,228		153,824

DIVERSIFIED FINANCIAL SERVICES — 0.6%
ORIX Corp.		43,300		703,832

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%
Nippon Telegraph & Telephone Corp.		36,400		1,884,453

ELECTRIC UTILITIES — 1.7%
Chubu Electric Power Co., Inc. (a)		27,963		383,574
Hokkaido Electric Power Co., Inc. (a)(b)		6,928		93,409
Hokuriku Electric Power Co. (a)		9,812		143,392
Kyushu Electric Power Co., Inc. (b)		16,776		239,523
Shikoku Electric Power Co., Inc. (b)		6,972		118,444
The Chugoku Electric Power Co., Inc. (a)		11,248		178,822
The Kansai Electric Power Co., Inc. (b)		33,611		431,591
The Okinawa Electric Power Co., Inc.		36		1,244
The Tokyo Electric Power Co., Inc. (a)(b)		60,167		374,645
Tohoku Electric Power Co., Inc. (b)		19,643		241,421

				2,206,065

ELECTRICAL EQUIPMENT — 1.8%
Fuji Electric Holdings Co., Ltd.		42,099		171,614
Fujikura, Ltd. (a)		28,107		108,847
Furukawa Electric Co., Ltd. (a)		27,899		64,257
Mitsubishi Electric Corp.		83,974		881,460
Nidec Corp. (a)		5,564		459,296
Sumitomo Electric Industries, Ltd.		26,587		385,291
Tatsuta Electric Wire and Cable Co., Ltd. (a)		14,000		107,006
Ushio, Inc.		7,036		87,121

				2,264,892

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.3%
Alps Electric Co., Ltd. (a)(b)		12,568		101,312
Amano Corp.		8,436		87,261
Citizen Holdings Co., Ltd.		21,003		147,262
FUJIFILM Holdings Corp.		19,627		470,848
Hamamatsu Photonics K.K. (a)		5,568		209,669
Hirose Electric Co., Ltd. (a)		2,808		430,965
Hitachi, Ltd.		181,933		1,199,599
Horiba, Ltd.		2,804		105,016
Hoya Corp.		18,232		430,879
Ibiden Co., Ltd.		6,996		114,289
Keyence Corp. (a)		1,440		546,650
Kyocera Corp. (a)		13,984		742,488
Murata Manufacturing Co., Ltd. (a)		8,428		643,319
Nippon Electric Glass Co., Ltd.		27,548		147,391
Oki Electric Industry Co., Ltd. (a)(b)		84,166		158,682
Omron Corp. (a)		9,780		353,326
Shimadzu Corp.		14,312		135,645
TDK Corp. (a)		6,996		274,493
Yaskawa Electric Corp.		13,604		191,184
Yokogawa Electric Corp.		13,964		198,947

				6,689,225

FOOD & STAPLES RETAILING — 1.7%
Aeon Co., Ltd. (a)		30,803		424,100
Cawachi, Ltd.		2,848		56,452
FamilyMart Co., Ltd. (a)		2,752		119,055
Izumiya Co., Ltd.		27,740		128,629
Lawson, Inc. (a)		2,800		219,434
Seven & I Holdings Co., Ltd.		30,839		1,125,133
UNY Group Holdings Co., Ltd.		14,000		90,313

				2,163,116

FOOD PRODUCTS — 1.1%
Ajinomoto Co., Inc. (a)		28,003		368,142
Hokuto Corp. (a)		2,800		50,764
Kikkoman Corp. (a)		14,256		260,785
MEIJI Holdings Co., Ltd. (a)		2,800		153,233

See accompanying notes to financial statements.

229

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

September 30, 2013


Security Description	Shares		Value

Nissin Foods Holding Co., Ltd. (a)		4,240	$	174,137
Sakata Seed Corp. (a)		11,184		154,325
Yakult Honsha Co., Ltd. (a)		4,164		208,571

				1,369,957

GAS UTILITIES — 0.8%
Osaka Gas Co., Ltd. (a)		84,150		358,468
Saibu Gas Co., Ltd.		70,273		171,162
Tokyo Gas Co., Ltd.		97,873		536,618

				1,066,248

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Nakanishi, Inc.		1,400		195,465
Olympus Corp. (b)		7,042		214,077
Sysmex Corp. (a)		2,800		178,629
Terumo Corp. (a)		6,956		356,573

				944,744

HEALTH CARE PROVIDERS & SERVICES — 0.3%
Medipal Holdings Corp.		8,392		103,569
Miraca Holdings, Inc.		4,236		189,082
Suzuken Co., Ltd. (a)		4,232		139,306

				431,957

HOTELS, RESTAURANTS & LEISURE — 0.4%
Oriental Land Co., Ltd. (a)		2,804		463,499
Round One Corp. (a)		5,600		32,359

				495,858

HOUSEHOLD DURABLES — 2.4%
Casio Computer Co., Ltd. (a)		15,448		142,948
Funai Electric Co., Ltd. (a)		2,795		30,165
Haseko Corp. (b)		12,628		90,470
Panasonic Corp. (a)		94,981		917,625
Pioneer Corp. (a)(b)		16,760		28,866
Sangetsu Co., Ltd. (a)		1,376		36,361
Sekisui Chemical Co., Ltd.		14,079		143,193
Sekisui House, Ltd.		27,679		371,780
Sharp Corp. (a)(b)		41,519		152,325
Sony Corp. (a)		47,611		1,017,966
Sumitomo Forestry Co., Ltd. (a)		9,768		105,917

				3,037,616

HOUSEHOLD PRODUCTS — 0.2%
Unicharm Corp. (a)		4,232		247,127

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Electric Power Development Co., Ltd.		5,640		183,929

INDUSTRIAL CONGLOMERATES — 0.8%
Keihan Electric Railway Co., Ltd. (a)		41,747		170,179
Nisshinbo Holdings, Inc.		13,584		111,994
Toshiba Corp.		167,633		751,679

				1,033,852

INSURANCE — 2.4%
MS&AD Insurance Group Holdings, Inc.		25,236		658,386
NKSJ Holdings, Inc. (a)		14,000		359,684
Sony Financial Holdings, Inc.		11,200		205,224
T&D Holdings, Inc.		29,400		363,736
The Dai-ichi Life Insurance Co., Ltd. (a)		29,400		419,465
Tokio Marine Holdings, Inc.		30,847		1,007,538

				3,014,033

INTERNET & CATALOG RETAIL — 0.4%
Rakuten, Inc.		35,000		529,682

INTERNET SOFTWARE & SERVICES — 0.5%
DeNA Co., Ltd. (a)		5,600		114,026
Gree, Inc. (a)		4,200		32,744
Internet Initiative Japan, Inc.		4,200		121,003
Yahoo! Japan Corp. (a)		72,900		413,812

				681,585

IT SERVICES — 0.7%
Fujitsu, Ltd. (b)		70,498		262,953
IT Holdings Corp. (a)		5,632		71,114
Itochu Techno-Solutions Corp. (a)		4,208		149,665
NET One Systems Co., Ltd. (a)		14,000		106,008
Nomura Research Institute, Ltd.		300		10,425
NTT Data Corp. (a)		5,600		188,617
Otsuka Corp.		12		1,531
SCSK Corp.		1,300		31,266
TKC Corp.		2,800		48,367

				869,946

LEISURE EQUIPMENT & PRODUCTS — 1.3%
Namco Bandai Holdings, Inc.		15,432		288,588
Nikon Corp. (a)		12,640		220,661
Roland Corp.		1,400		14,624
Sankyo Co., Ltd.		4,240		207,193
Sega Sammy Holdings, Inc. (a)		14,031		404,522
Shimano, Inc.		4,192		374,663
Yamaha Corp.		8,392		119,733

				1,629,984

MACHINERY — 5.8%
Amada Co., Ltd. (a)		13,527		121,726
FANUC Corp.		8,380		1,384,355
Glory, Ltd.		7,044		176,952
IHI Corp.		70,311		295,933
JTEKT Corp.		9,808		134,138
Kawasaki Heavy Industries, Ltd.		55,978		242,452
Komatsu, Ltd. (a)		37,839		940,528
Komori Corp. (a)		5,588		82,119
Kubota Corp.		27,663		399,475
Kurita Water Industries, Ltd. (a)		6,976		148,087
Makita Corp.		6,976		405,230
Minebea Co., Ltd. (a)		14,255		72,637
Mitsubishi Heavy Industries, Ltd. (a)		139,676		801,402
Mitsui Engineering & Shipbuilding Co., Ltd.		55,567		113,824
Mori Seiki Co., Ltd. (a)		6,968		108,150
NGK Insulators, Ltd. (a)		14,320		217,153
NSK, Ltd. (a)		14,463		147,541
NTN Corp. (b)		14,495		65,292
OKUMA Corp.		13,648		118,503
OSG Corp. (a)		7,012		122,554
SMC Corp. (a)		2,820		670,765
Sodick Co., Ltd.		12,600		60,994
Sumitomo Heavy Industries, Ltd.		27,795		126,334

See accompanying notes to financial statements.

230

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

September 30, 2013


Security Description	Shares		Value

Takuma Co., Ltd. (a)		14,000	$	132,260
The Japan Steel Works, Ltd. (a)		13,708		79,489
THK Co., Ltd. (a)		7,000		155,088
Toshiba Machine Co., Ltd. (a)		13,944		72,047

				7,395,028

MARINE — 0.3%
Kawasaki Kisen Kaisha, Ltd. (a)		41,759		97,881
Mitsui OSK Lines, Ltd. (b)		28,491		128,627
Nippon Yusen K.K. (a)		55,995		176,901

				403,409

MEDIA — 0.6%
CyberAgent, Inc. (a)		2,800		77,387
Dentsu, Inc. (a)		11,200		425,743
Toho Co., Ltd.		9,752		203,338

				706,468

METALS & MINING — 2.5%
Daido Steel Co., Ltd.		14,199		83,349
Dowa Holdings Co., Ltd. (a)		13,767		138,617
JFE Holdings, Inc. (a)		19,647		509,170
Kobe Steel, Ltd. (b)		84,645		156,998
Mitsubishi Materials Corp. (a)		56,027		231,245
Mitsubishi Steel Manufacturing Co., Ltd.		28,000		91,027
Mitsui Mining & Smelting Co., Ltd.		41,839		121,520
Nippon Steel Corp.		320,755		1,088,524
Nisshin Steel Holdings Co., Ltd.		4,100		54,318
Sumitomo Metal Mining Co., Ltd. (a)		27,575		389,493
Toho Zinc Co., Ltd. (a)		28,000		90,171
Tokyo Steel Manufacturing Co., Ltd. (a)(b)		1,344		7,944
Topy Industries, Ltd.		41,000		90,670
Yodogawa Steel Works, Ltd. (a)		27,963		123,393

				3,176,439

MULTILINE RETAIL — 0.7%
Isetan Mitsukoshi Holdings, Ltd.		16,841		249,547
J Front Retailing Co., Ltd.		27,778		224,772
Marui Group Co., Ltd. (a)		18,216		170,604
Ryohin Keikaku Co., Ltd.		1,436		129,807
Takashimaya Co., Ltd.		14,332		134,228

				908,958

OFFICE ELECTRONICS — 1.8%
Brother Industries, Ltd.		12,632		142,380
Canon, Inc.		50,258		1,603,134
Konica Minolta Holdings, Inc.		28,075		235,758
Ricoh Co., Ltd. (a)		27,555		317,602

				2,298,874

OIL, GAS & CONSUMABLE FUELS — 0.8%
Cosmo Oil Co., Ltd. (b)		41,927		78,620
Inpex Corp.		22,400		264,349
JX Holdings, Inc.		102,100		529,619
TonenGeneral Sekiyu K.K. (a)		13,547		125,219

				997,807

PAPER & FOREST PRODUCTS — 0.2%
Nippon Paper Industries Co., Ltd. (a)		2,800		44,229
OJI Paper Co., Ltd. (a)		41,839		196,137

				240,366

PERSONAL PRODUCTS — 0.9%
Kao Corp.		22,439		699,754
Mandom Corp.		7,016		245,247
Shiseido Co., Ltd. (a)		12,632		227,086

				1,172,087

PHARMACEUTICALS — 4.8%
Astellas Pharma, Inc.		19,571		997,248
Chugai Pharmaceutical Co., Ltd.		11,216		230,207
Daiichi Sankyo Co., Ltd. (a)		28,051		508,277
Dainippon Sumitomo Pharma Co., Ltd. (a)		6,960		94,762
Eisai Co., Ltd. (a)		11,140		452,979
Hisamitsu Pharmaceutical Co., Inc. (a)		2,804		156,595
Kissei Pharmaceutical Co., Ltd. (a)		7,000		160,367
Kyowa Hakko Kirin Co., Ltd.		13,833		142,101
Mitsubishi Tanabe Pharma Corp.		14,000		196,464
Mochida Pharmaceutical Co., Ltd. (a)		2,800		183,480
Nichi-iko Pharmaceutical Co., Ltd. (a)		1,400		32,673
Ono Pharmaceutical Co., Ltd. (a)		2,832		174,033
Otsuka Holdings Co., Ltd.		11,100		321,942
Santen Pharmaceutical Co., Ltd. (a)		6,956		337,787
Seikagaku Corp.		5,600		75,732
Shionogi & Co., Ltd. (a)		13,996		293,970
Taisho Pharmaceutical Holdings Co., Ltd. (a)		2,700		178,028
Takeda Pharmaceutical Co., Ltd. (a)		32,355		1,528,310
Torii Pharmaceutical Co., Ltd. (a)		1,400		37,666
Tsumura & Co.		100		2,933

				6,105,554

PROFESSIONAL SERVICES — 0.1%
Meitic Corp.		5,612		161,740

REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.4%
Daikyo, Inc.		28,256		90,131
Daito Trust Construction Co., Ltd. (a)		4,164		416,294
Daiwa House Industry Co., Ltd. (a)		28,363		534,164
Heiwa Real Estate Co., Ltd. (a)		6,900		126,854
Leopalace21 Corp. (b)		7,044		51,686
Mitsubishi Estate Co., Ltd. (a)		55,111		1,626,512
Mitsui Fudosan Co., Ltd.		41,923		1,407,758
Sumitomo Realty & Development Co., Ltd. (a)		13,843		656,705
Tokyo Tatemono Co., Ltd.		27,540		252,035
Tokyu Land Corp. (a)(b)		41,664		433,518

				5,595,657

ROAD & RAIL — 4.1%
Central Japan Railway Co.		7,000		897,427
East Japan Railway Co. (a)		15,400		1,324,596
Hankyu Hanshin Holdings, Inc.		56,486		313,731
Keikyu Corp. (a)		28,355		268,163
Keisei Electric Railway Co., Ltd.		14,147		147,345
Kintetsu Corp. (a)		84,038		313,456
Nagoya Railroad Co., Ltd. (a)		56,362		165,424
Nankai Electric Railway Co., Ltd.		42,111		159,217
Nippon Express Co., Ltd. (a)		55,555		278,554
Odakyu Electric Railway Co., Ltd. (a)		14,483		143,908

See accompanying notes to financial statements.

231

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

September 30, 2013


Security Description	Shares		Value

Sotetsu Holdings, Inc.		56,254	$	216,130
Tobu Railway Co., Ltd. (a)		42,007		221,754
Tokyu Corp. (a)		42,391		302,407
West Japan Railway Co.		9,800		419,964

				5,172,076

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%
Advantest Corp. (a)		8,416		97,004
Dainippon Screen Manufacturing Co., Ltd. (b)		364		1,996
Disco Corp. (a)		2,784		159,450
Rohm Co., Ltd. (a)		4,176		171,508
Sanken Electric Co., Ltd. (a)		14,404		73,543
Shinko Electric Industries Co., Ltd. (a)		4,192		43,917
Sumco Corp.		7,046		57,230
Tokyo Electron, Ltd.		7,040		377,380

				982,028

SOFTWARE — 0.7%
Konami Corp. (a)		5,592		129,136
Nintendo Co., Ltd. (a)		4,248		481,837
NSD Co., Ltd.		5,632		63,308
Square Enix Holdings Co., Ltd. (a)		5,596		88,680
Trend Micro, Inc.		2,768		103,104

				866,065

SPECIALTY RETAIL — 1.4%
Aoyama Trading Co., Ltd. (a)		6,984		190,463
Autobacs Seven Co., Ltd. (a)		4,080		62,536
Fast Retailing Co., Ltd. (a)		1,376		516,745
Hikari Tsushin, Inc.		1,384		87,024
Nitori Holding Co., Ltd.		1,410		129,325
Sanrio Co., Ltd. (a)		2,848		175,016
Shimachu Co., Ltd.		6,984		173,239
Shimamura Co., Ltd.		1,432		142,580
USS Co., Ltd. (a)		14,000		202,741
Yamada Denki Co., Ltd. (a)		42,000		124,127

				1,803,796

TEXTILES, APPAREL & LUXURY GOODS — 0.4%
Asics Corp. (a)		14,064		242,510
Gunze, Ltd.		28,223		76,796
Onward Holdings Co., Ltd.		13,580		119,573
The Japan Wool Textile Co., Ltd.		14,031		110,818

				549,697

TOBACCO — 1.2%
Japan Tobacco, Inc.		42,000		1,510,930

TRADING COMPANIES & DISTRIBUTORS — 4.0%
Hanwa Co., Ltd. (a)		14,207		67,180
Inaba Denki Sangyo Co., Ltd.		6,956		208,839
ITOCHU Corp. (a)		60,166		737,014
Iwatani Corp.		42,451		171,318
Kanematsu Corp.		139,000		188,403
Marubeni Corp. (a)		70,402		553,889
Mitsubishi Corp.		53,207		1,076,883
Mitsui & Co., Ltd. (a)		70,102		1,018,756
Sojitz Corp. (a)		60,028		117,456
Sumitomo Corp. (a)		44,775		603,236
Toyota Tsusho Corp. (a)		7,039		183,929
Yamazen Corp.		19,600		127,238

				5,054,141

TRANSPORTATION INFRASTRUCTURE — 0.3%
Kamigumi Co., Ltd.		14,395		122,348
Mitsubishi Logistics Corp. (a)		14,216		214,562

				336,910

WIRELESS TELECOMMUNICATION SERVICES — 3.5%
KDDI Corp. (a)		25,200		1,294,349
NTT DoCoMo, Inc. (a)		61,600		999,411
Softbank Corp.		30,815		2,132,319

				4,426,079

TOTAL COMMON STOCKS —
(Cost $126,260,530)				125,913,631

SHORT TERM INVESTMENTS — 22.6%
UNITED STATES — 22.6%
MONEY MARKET FUNDS — 22.6%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		28,480,765		28,480,765
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		218,191		218,191

TOTAL SHORT TERM INVESTMENTS —
(Cost $28,698,956)				28,698,956

TOTAL INVESTMENTS — 121.8%
(Cost $154,959,486)				154,612,587
OTHER ASSETS & LIABILITIES — (21.8)%				(27,701,478	)

NET ASSETS — 100.0%			$	126,911,109


(a)		A portion of the security was on loan at September 30, 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.

232

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.2%
JAPAN — 99.2%
AIR FREIGHT & LOGISTICS — 0.3%
Kintetsu World Express, Inc.		8,100	$	290,981

AIRLINES — 0.0% (a)
Skymark Airlines, Inc.		10,100		38,187

AUTO COMPONENTS — 5.8%
Ahresty Corp.		8,700		73,147
Exedy Corp.		6,300		154,795
FCC Co., Ltd. (b)		11,513		265,400
Futaba Industrial Co., Ltd. (b)(c)		15,994		66,176
Keihin Corp.		11,741		188,694
Koito Manufacturing Co., Ltd.		24,000		455,908
KYB Co., Ltd. (b)		33,902		219,046
Mitsuba Corp.		1,000		17,896
Musashi Seimitsu Industry Co., Ltd. (b)		21,052		537,644
Nifco, Inc. (b)		13,500		361,009
Nissan Shatai Co., Ltd. (b)		30,000		522,497
Nissin Kogyo Co., Ltd. (b)		14,234		270,101
Press Kogyo Co., Ltd. (b)		32,569		143,718
Showa Corp.		18,639		250,356
Takata Corp.		15,700		395,200
Tokai Rika Co., Ltd.		11,900		251,765
Topre Corp. (b)		21,434		275,666
Toyo Tire & Rubber Co., Ltd.		49,372		297,364
Toyota Boshoku Corp. (b)		11,200		149,866
TS Tech Co., Ltd.		14,300		562,527
Unipres Corp.		10,300		218,229

				5,677,004

BEVERAGES — 0.7%
Coca-Cola East Japan Co., Ltd.		26,500		426,160
Sapporo Holdings, Ltd.		49,000		212,729

				638,889

BIOTECHNOLOGY — 0.7%
3-D Matrix, Ltd. (b)(c)		1,800		73,834
AnGes MG, Inc. (b)(c)		20		16,856
GNI Group, Ltd. (b)(c)		13,000		66,640
NanoCarrier Co., Ltd. (c)		26		80,815
OncoTherapy Science, Inc. (c)		29,000		122,945
Sosei Group Corp. (c)		3,900		202,701
Takara Bio, Inc. (b)		6,300		152,163

				715,954

BUILDING PRODUCTS — 2.5%
Aica Kogyo Co., Ltd.		20,019		398,850
Bunka Shutter Co., Ltd.		46,577		240,658
Central Glass Co., Ltd. (b)		63,309		209,686
Nichias Corp.		34,000		229,034
Nippon Sheet Glass Co., Ltd. (b)(c)		49,000		62,920
Nitto Boseki Co., Ltd.		70,020		295,422
Noritz Corp. (b)		8,565		184,611
Sankyo Tateyama, Inc.		14,600		323,171
Sanwa Holdings Corp.		74,910		456,522

				2,400,874

CAPITAL MARKETS — 2.4%
Ichigo Group Holdings Co., Ltd. (b)		21,200		99,600
Jafco Co., Ltd.		9,200		440,662
Matsui Securities Co., Ltd. (b)		20,100		221,638
Monex Group, Inc.		82,200		345,135
Okasan Securities Group, Inc.		40,447		372,215
Tokai Tokyo Financial Holdings, Inc. (b)		70,921		591,942
Toyo Securities Co., Ltd. (b)		61,457		221,715

				2,292,907

CHEMICALS — 5.1%
ADEKA Corp.		29,413		348,310
Asahi Organic Chemicals Industry Co., Ltd. (b)		48,540		111,302
C. Uyemura & Co., Ltd.		2,876		121,342
Fujikura Kasei Co., Ltd.		25,638		134,036
Fujimi, Inc.		8,073		108,929
Ishihara Sangyo Kaisha, Ltd. (b)(c)		139,811		145,332
Japan Pure Chemical Co., Ltd.		141		309,374
Kureha Corp. (b)		37,000		133,483
Lintec Corp.		14,908		317,227
New Japan Chemical Co., Ltd. (b)(c)		8,400		26,024
Nippon Carbide Industries Co., Inc. (b)		5,000		17,274
Nippon Soda Co., Ltd.		39,065		232,101
Nippon Valqua Industries, Ltd.		45,025		126,185
NOF Corp.		51,731		332,660
Okamoto Industries, Inc.		75,841		240,372
Sumitomo Bakelite Co., Ltd. (b)		46,000		166,420
Taiyo Holdings Co., Ltd. (b)		8,900		276,637
Toagosei Co., Ltd.		66,000		293,931
Tokai Carbon Co., Ltd.		46,542		161,267
Tokuyama Corp. (b)		44,000		171,740
Tokyo Ohka Kogyo Co., Ltd.		17,300		384,346
Tosoh Corp.		29,000		119,399
Toyo Ink Manufacturing Co., Ltd.		50,000		259,873
Zeon Corp.		36,000		459,332

				4,996,896

COMMERCIAL BANKS — 6.9%
Bank of the Ryukyus, Ltd. (b)		14,881		186,534
Kansai Urban Banking Corp.		123,000		136,632
Kiyo Holdings, Inc. (c)		223,754		310,120
North Pacific Bank, Ltd. (b)		76,200		320,720
The Aichi Bank, Ltd. (b)		6,749		322,920
The Bank of Iwate, Ltd. (b)		7,356		354,587
The Bank of Nagoya, Ltd. (b)		43,000		164,770
The Bank of Okinawa, Ltd. (b)		6,500		259,338
The Daishi Bank, Ltd.		73,000		263,358
The Fukushima Bank, Ltd. (b)		310,478		275,277
The Higo Bank, Ltd. (b)		46,000		269,554
The Hokkoku Bank, Ltd. (b)		45,000		171,057
The Hyakugo Bank, Ltd.		71,000		292,321
The Hyakujushi Bank, Ltd.		62,000		246,420
The Juroku Bank, Ltd. (b)		75,000		295,032
The Kagoshima Bank, Ltd. (b)		39,000		266,293
The Keiyo Bank, Ltd.		51,000		268,189
The Musashino Bank, Ltd.		14,500		529,758
The Nagano Bank, Ltd.		109,534		195,347
The Nanto Bank, Ltd.		51,000		205,299
The Shikoku Bank, Ltd.		78,000		179,648

See accompanying notes to financial statements.

233

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

September 30, 2013


Security Description	Shares		Value

The Shimizu Bank, Ltd.		6,500	$	190,181
The Taiko Bank, Ltd. (b)		76,000		174,268
The Tochigi Bank, Ltd. (b)		39,846		153,090
The Tokyo Tomin Bank, Ltd.		11,005		126,733
The Yachiyo Bank, Ltd.		7,200		216,165
Tomato Bank, Ltd.		122,872		222,891
TOMONY Holdings, Inc.		40,005		157,370

				6,753,872

COMMERCIAL SERVICES & SUPPLIES — 1.8%
Aeon Delight Co., Ltd.		6,500		124,999
Daiseki Co., Ltd. (b)		19,793		364,494
Duskin Co., Ltd.		18,100		362,646
Moshi Moshi Hotline, Inc.		14,944		174,531
Nissha Printing Co., Ltd. (b)(c)		12,100		202,848
Okamura Corp. (b)		31,884		219,329
Pilot Corp.		7,200		271,857
Sanix, Inc. (c)		1,800		23,187

				1,743,891

COMMUNICATIONS EQUIPMENT — 0.9%
Aiphone Co., Ltd.		8,606		147,343
Denki Kogyo Co., Ltd.		38,303		244,359
Hitachi Kokusai Electric, Inc. (b)		23,634		283,969
Icom, Inc.		8,800		208,330

				884,001

COMPUTERS & PERIPHERALS — 1.0%
Eizo Nanao Corp. (b)		8,900		229,835
Melco Holdings, Inc. (b)		4,800		67,066
Seiko Epson Corp. (b)		12,000		196,525
Wacom Co., Ltd. (b)		47,100		450,720

				944,146

CONSTRUCTION & ENGINEERING — 4.5%
Chugai Ro Co., Ltd. (b)		61,522		161,760
Kandenko Co., Ltd. (b)		34,000		205,819
Kinden Corp. (b)		36,924		396,992
Kyowa Exeo Corp.		31,176		367,281
Kyudenko Corp.		43,657		234,914
Maeda Corp.		60,158		370,297
Maeda Road Construction Co., Ltd.		28,000		464,836
Mirait Holdings Corp.		25,700		219,219
Penta-Ocean Construction Co., Ltd.		124,500		347,649
Sanki Engineering Co., Ltd.		26,196		160,980
SHO-BOND Holdings Co., Ltd.		11,200		509,636
Taikisha, Ltd. (b)		12,300		293,571
Toda Corp.		51,000		174,634
Tokyu Construction Co., Ltd. (b)(c)		60,322		346,102
Toyo Engineering Corp. (b)		35,000		151,592

				4,405,282

CONSUMER FINANCE — 1.2%
Acom Co., Ltd. (c)		102,200		384,324
Aiful Corp. (c)		53,600		272,575
J Trust Co., Ltd. (b)		17,400		311,737
Orient Corp. (b)(c)		79,500		218,752

				1,187,388

CONTAINERS & PACKAGING — 1.0%
FP Corp. (b)		4,100		308,362
Fuji Seal International, Inc. (b)		10,370		313,980
Taisei Lamick Co., Ltd. (b)		13,500		336,519

				958,861

DISTRIBUTORS — 0.3%
Canon Marketing Japan, Inc.		13,500		179,404
Jin Co., Ltd. (b)		2,900		109,055

				288,459

DIVERSIFIED FINANCIAL SERVICES — 1.3%
Century Tokyo Leasing Corp. (b)		16,300		511,633
Fuyo General Lease Co., Ltd.		4,900		184,015
Japan Exchange Group, Inc. (b)		6,000		132,872
Japan Securities Finance Co., Ltd. (b)		25,519		191,409
Ricoh Leasing Co., Ltd.		8,167		228,135

				1,248,064

ELECTRIC UTILITIES — 0.3%
The Okinawa Electric Power Co., Inc.		7,300		252,199

ELECTRICAL EQUIPMENT — 1.2%
Daihen Corp.		39,971		160,088
Endo Lighting Corp. (b)		3,100		69,724
Futaba Corp.		16,000		204,963
Nippon Carbon Co., Ltd.		42,000		84,321
Nippon Signal Co., Ltd. (b)		20,000		153,274
Sinfonia Technology Co., Ltd.		71,826		128,097
SWCC Showa Holdings Co., Ltd. (c)		135,075		166,564
Tatsuta Electric Wire and Cable Co., Ltd. (b)		15,600		119,236
Toyo Tanso Co., Ltd. (b)		4,700		87,653

				1,173,920

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4%
Alps Electric Co., Ltd. (b)(c)		42,400		341,793
Amano Corp.		21,732		224,795
Daiwabo Holdings Co., Ltd. (b)		37,635		69,421
ESPEC Corp. (b)		14,731		115,296
Hakuto Co., Ltd. (b)		22,011		212,427
Horiba, Ltd.		12,100		453,172
Hosiden Corp.		25,695		138,524
Japan Cash Machine Co., Ltd. (b)		8,224		197,460
Koa Corp. (b)		18,091		179,020
Maruwa Co., Ltd.		2,700		96,031
Nichicon Corp.		14,300		157,537
Nihon Dempa Kogyo Co., Ltd. (b)		6,395		59,632
Nippon Ceramic Co., Ltd. (b)		7,623		109,927
Nippon Chemi-Con Corp. (c)		31,432		155,678
Oki Electric Industry Co., Ltd. (c)		180,000		339,363
Ryosan Co., Ltd.		10,796		197,271
Ryoyo Electro Corp.		22,804		205,672
Star Micronics Co., Ltd. (b)		13,869		135,969
Taiyo Yuden Co., Ltd. (b)		30,000		390,420
Tokyo Electron Device, Ltd. (b)		19,000		308,453
Topcon Corp. (b)		16,219		251,901

				4,339,762

ENERGY EQUIPMENT & SERVICES — 0.6%
Japan Drilling Co., Ltd. (b)		1,700		130,802
Modec, Inc.		7,600		238,166

See accompanying notes to financial statements.

234

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

September 30, 2013


Security Description	Shares		Value

Shinko Plantech Co., Ltd. (b)		23,586	$	197,101

				566,069

FOOD & STAPLES RETAILING — 1.7%
Cawachi, Ltd.		8,535		169,178
Cosmos Pharmaceutical Corp. (b)		300		39,470
Izumiya Co., Ltd.		38,933		180,530
Kato Sangyo Co., Ltd.		8,800		188,421
Matsumotokiyoshi Holdings Co., Ltd. (b)		11,500		372,102
Ministop Co., Ltd.		11,294		176,100
Valor Co., Ltd. (b)		12,300		186,396
Yokohama Reito Co., Ltd. (b)		45,880		378,261

				1,690,458

FOOD PRODUCTS — 2.8%
Ariake Japan Co., Ltd.		11,364		281,653
Ezaki Glico Co., Ltd.		24,000		227,465
Fuji Oil Co., Ltd.		16,300		283,226
Fujicco Co., Ltd.		10,657		131,522
Hokuto Corp. (b)		12,321		223,379
Marudai Food Co., Ltd.		103,417		335,150
Maruha Nichiro Holdings, Inc. (b)		115,000		217,987
Megmilk Snow Brand Co., Ltd.		18,000		266,354
Mitsui Sugar Co., Ltd.		43,497		136,974
Morinaga Milk Industry Co., Ltd.		50,000		157,962
Nakamuraya Co., Ltd. (b)		48,952		201,545
Nippon Suisan Kaisha, Ltd. (b)(c)		64,375		138,427
Riken Vitamin Co., Ltd.		6,480		165,096

				2,766,740

GAS UTILITIES — 0.3%
Shizuoka Gas Co., Ltd.		37,319		254,054

HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%
Asahi Intecc Co., Ltd. (b)		4,500		294,879
Fukuda Denshi Co., Ltd.		7,886		333,523
Nakanishi, Inc.		2,347		327,683
Nipro Corp. (b)		21,400		206,312
Paramount Bed Holdings Co., Ltd.		6,000		188,025

				1,350,422

HEALTH CARE PROVIDERS & SERVICES — 0.9%
Message Co., Ltd.		7,400		221,114
Ship Healthcare Holdings, Inc.		11,300		440,484
Toho Holdings Co., Ltd.		14,400		262,685

				924,283

HEALTH CARE TECHNOLOGY — 0.2%
Medinet Co., Ltd. (b)(c)		95		56,250
Psc, Inc.		1,800		94,471

				150,721

HOTELS, RESTAURANTS & LEISURE — 3.3%
Accordia Golf Co., Ltd.		35,800		441,822
Doutor Nichires Holdings Co., Ltd.		14,375		252,268
HIS Co., Ltd. (b)		7,300		427,027
MOS Food Services, Inc.		17,814		351,288
Ohsho Food Service Corp. (b)		8,900		297,952
PGM Holdings K. K. (b)		16,300		159,968
Round One Corp. (b)		21,500		124,234
Tokyo Dome Corp.		55,085		430,575
Umenohana Co., Ltd. (b)		23,200		468,847
Zensho Co., Ltd. (b)		26,146		303,493

				3,257,474

HOUSEHOLD DURABLES — 2.6%
Arnest One Corp.		18,100		426,099
Chofu Seisakusho Co., Ltd. (b)		12,500		286,369
Clarion Co., Ltd. (b)(c)		42,000		55,215
Foster Electric Co., Ltd. (b)		8,600		178,267
France Bed Holdings Co., Ltd. (b)		146,734		306,553
Fujitsu General, Ltd.		13,000		149,707
Funai Electric Co., Ltd. (b)		8,700		93,894
Haseko Corp. (c)		53,800		385,441
JVC Kenwood Holdings, Inc. (b)		30,200		57,861
Misawa Homes Holdings, Inc. (b)		13,966		221,179
Pioneer Corp. (b)(c)		2,200		3,789
Token Corp.		5,960		330,419

				2,494,793

HOUSEHOLD PRODUCTS — 0.5%
Pigeon Corp.		10,000		491,210

INDUSTRIAL CONGLOMERATES — 0.2%
Katakura Industries Co., Ltd. (b)		14,880		201,837

INTERNET & CATALOG RETAIL — 0.7%
Senshukai Co., Ltd.		30,224		272,286
Start Today Co., Ltd. (b)		13,600		383,225

				655,511

INTERNET SOFTWARE & SERVICES — 0.8%
GMO Internet, Inc.		27,500		357,605
Internet Initiative Japan, Inc.		8,700		250,649
Zappallas, Inc.		269		194,913

				803,167

IT SERVICES — 1.9%
Digital Garage, Inc. (b)		9,000		283,414
Future Architect, Inc.		83,700		504,119
Ines Corp. (b)		34,360		211,850
IT Holdings Corp. (b)		18,137		229,011
NET One Systems Co., Ltd. (b)		21,500		162,798
SCSK Corp.		10,500		252,535
Transcosmos, Inc.		10,867		190,706

				1,834,433

LEISURE EQUIPMENT & PRODUCTS — 1.0%
Fields Corp.		8,800		145,105
Heiwa Corp. (b)		17,700		307,732
Roland Corp.		14,276		149,125
Tamron Co., Ltd. (b)		7,200		158,932
Tomy Co., Ltd. (b)		19,500		90,023
Universal Entertainment Corp. (b)		6,400		136,381

				987,298

LIFE SCIENCES TOOLS & SERVICES — 0.2%
EPS Corp. (b)		173		169,077

MACHINERY — 8.0%
Asahi Diamond Industrial Co., Ltd.		19,242		190,802
CKD Corp.		16,005		140,762
Daifuku Co., Ltd. (b)		30,181		326,339
Fuji Machine Manufacturing Co., Ltd.		18,442		183,809
Furukawa Co., Ltd.		112,280		255,169

See accompanying notes to financial statements.

235

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

September 30, 2013


Security Description	Shares		Value

Hitachi Zosen Corp.		44,845	$	351,449
Hoshizaki Electric Co., Ltd.		9,800		338,069
Iseki & Co., Ltd. (b)		36,000		127,674
Juki Corp. (b)(c)		41,450		78,993
Kitz Corp. (b)		23,902		107,909
Komori Corp. (b)		27,840		409,124
Kyokuto Kaihatsu Kogyo Co., Ltd. (b)		37,140		478,041
Makino Milling Machine Co., Ltd. (b)		32,739		231,550
Meidensha Corp.		39,000		142,685
Minebea Co., Ltd. (b)		69,000		351,592
Miura Co., Ltd. (b)		8,100		223,127
Mori Seiki Co., Ltd. (b)		27,100		420,620
Nachi-Fujikoshi Corp. (b)		69,418		386,972
Namura Shipbuilding Co., Ltd. (b)		13,400		177,529
Nippon Sharyo, Ltd. (b)		30,970		183,374
Nippon Thompson Co., Ltd. (b)		24,511		139,135
Nitto Kohki Co., Ltd.		8,900		167,071
NTN Corp. (c)		17,000		76,576
OKUMA Corp.		27,192		236,103
OSG Corp. (b)		19,600		342,563
Ryobi, Ltd. (b)		33,723		151,560
Shima Seiki Manufacturing, Ltd. (b)		15,100		332,085
Sintokogio, Ltd.		18,519		139,093
Tadano, Ltd. (b)		30,913		396,001
Toshiba Machine Co., Ltd. (b)		38,009		196,388
Tsubakimoto Chain Co. (b)		39,124		272,722
Tsugami Corp. (b)		14,000		69,055
Union Tool Co.		9,732		207,186

				7,831,127

MARINE — 0.4%
Iino Kaiun Kaisha, Ltd. (b)		33,506		216,829
Kawasaki Kisen Kaisha, Ltd. (b)		93,000		217,987

				434,816

MEDIA — 2.7%
Asatsu-DK, Inc. (b)		6,500		176,270
Avex Group Holdings, Inc.		13,292		387,415
CyberAgent, Inc. (b)		1,800		49,749
Daiichikosho Co., Ltd.		14,781		403,550
Kadokawa Group Holdings, Inc. (b)		4,887		172,570
Shochiku Co., Ltd. (b)		36,243		355,320
SKY Perfect JSAT Holdings, Inc. (b)		41,000		213,513
Tokyo Broadcasting System Holdings, Inc.		15,900		215,997
TV Asahi Corp.		22,600		525,126
Zenrin Co., Ltd. (b)		12,124		136,160

				2,635,670

METALS & MINING — 2.9%
Aichi Steel Corp. (b)		34,000		186,069
Asahi Holdings, Inc. (b)		14,600		245,503
Daido Steel Co., Ltd.		7,000		41,090
Godo Steel, Ltd.		34,440		68,090
Kyoei Steel, Ltd. (b)		7,400		135,217
Maruichi Steel Tube, Ltd.		16,400		407,472
Nippon Denko Co., Ltd. (b)		42,000		126,696
Nippon Yakin Kogyo Co., Ltd. (b)(c)		31,000		114,364
Nisshin Steel Holdings Co., Ltd.		34,200		453,096
OSAKA Titanium Technologies Co. (b)		7,200		154,456
Sanyo Special Steel Co., Ltd. (b)		37,750		196,589
Sumitomo Light Metal Industries, Ltd. (c)		149,135		173,010
Toho Titanium Co., Ltd. (b)		10,800		89,812
Toho Zinc Co., Ltd. (b)		61,796		199,007
Tokyo Rope Manufacturing Co., Ltd. (b)(c)		49,654		87,543
Tokyo Steel Manufacturing Co., Ltd. (b)(c)		18,600		109,941

				2,787,955

MULTILINE RETAIL — 0.8%
Izumi Co., Ltd.		14,100		410,966
Matsuya Co., Ltd. (b)(c)		10,908		140,289
Parco Co., Ltd. (b)		22,325		224,786

				776,041

OFFICE ELECTRONICS — 0.2%
Riso Kagaku Corp.		6,147		143,769

OIL, GAS & CONSUMABLE FUELS — 0.2%
Itochu Enex Co., Ltd.		37,104		192,846

PAPER & FOREST PRODUCTS — 0.7%
Daio Paper Corp. (b)		30,940		190,764
Nippon Paper Industries Co., Ltd. (b)		29,600		467,567

				658,331

PERSONAL PRODUCTS — 1.5%
Dr Ci:Labo Co., Ltd. (b)		47		139,766
Fancl Corp. (b)		12,600		153,447
Mandom Corp.		11,245		393,074
Milbon Co., Ltd.		8,200		336,357
Pola Orbis Holdings, Inc.		6,800		243,934
Unihair Co., Ltd.		13,904		200,643

				1,467,221

PHARMACEUTICALS — 2.1%
Kaken Pharmaceutical Co., Ltd. (b)		33,428		507,254
KYORIN Holdings, Inc.		18,900		403,521
Mochida Pharmaceutical Co., Ltd. (b)		6,296		412,568
Nichi-iko Pharmaceutical Co., Ltd.		10,165		237,227
Torii Pharmaceutical Co., Ltd. (b)		10,800		290,568
Towa Pharmaceutical Co., Ltd. (b)		4,100		203,694

				2,054,832

PROFESSIONAL SERVICES — 0.9%
Meitic Corp.		11,144		321,174
Nihon M&A Center, Inc.		5,100		390,849
Pasona Group, Inc. (b)		234		206,993

				919,016

REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.4%
Daibiru Corp.		21,926		256,073
Daikyo, Inc.		51,352		163,803
Goldcrest Co., Ltd.		5,109		138,392
Heiwa Real Estate Co., Ltd.		21,000		386,079
K.K. daVinci Holdings (c)(d)		262		0
Kenedix, Inc. (c)		62,400		330,680
Leopalace21 Corp. (c)		33,400		245,075
NTT Urban Development Corp.		37,400		490,536

See accompanying notes to financial statements.

236

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

September 30, 2013


Security Description	Shares		Value

Suruga Corp. (c)(d)(e)		10,689	$	0
TOC Co., Ltd. (b)		39,600		334,557

				2,345,195

ROAD & RAIL — 1.2%
Hamakyorex Co., Ltd.		6,400		184,124
Hitachi Transport System, Ltd.		16,000		222,736
Kobe Electric Railway Co., Ltd. (b)(c)		49,500		193,208
Sankyu, Inc. (b)		70,830		233,874
Seino Holdings Co., Ltd.		33,000		336,306

				1,170,248

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.5%
Dainippon Screen Manufacturing Co., Ltd. (b)(c)		47,000		257,692
Ferrotec Corp.		10,600		52,392
Megachips Corp. (b)		11,200		178,858
Shinko Electric Industries Co., Ltd. (b)		25,800		270,292
Sumco Corp.		28,500		231,485
Tokyo Seimitsu Co., Ltd.		16,400		300,506
Ulvac, Inc. (b)(c)		21,002		192,202

				1,483,427

SOFTWARE — 2.0%
Capcom Co., Ltd. (b)		13,900		267,447
DTS Corp. (b)		14,932		236,477
Dwango Co., Ltd. (b)		6,400		123,076
Fuji Soft, Inc.		11,774		222,821
GungHo Online Entertainment, Inc. (b)(c)		850		660,943
NSD Co., Ltd.		17,278		194,218
Square Enix Holdings Co., Ltd. (b)		17,300		274,155

				1,979,137

SPECIALTY RETAIL — 4.0%
ABC-Mart, Inc.		6,500		316,968
Adastria Holdings Co., Ltd.		6,050		287,934
Autobacs Seven Co., Ltd. (b)		25,888		396,795
Bic Camera, Inc. (b)		482		228,167
Chiyoda Co., Ltd.		8,713		185,315
DCM Japan Holdings Co., Ltd. (b)		25,700		182,290
EDION Corp. (b)		18,350		91,820
Geo Holdings Corp. (b)		16,300		152,493
Hikari Tsushin, Inc.		6,000		377,274
K’s Holdings Corp. (b)		11,500		314,910
Kohnan Shoji Co., Ltd. (b)		15,800		173,418
Komeri Co., Ltd. (b)		8,230		202,133
Nishimatsuya Chain Co., Ltd.		14,866		119,534
Shimachu Co., Ltd.		16,200		401,843
United Arrows, Ltd. (b)		6,429		270,591
Xebio Co., Ltd. (b)		8,761		197,675

				3,899,160

TEXTILES, APPAREL & LUXURY GOODS — 2.0%
Atsugi Co., Ltd.		200,470		230,860
Daidoh, Ltd. (b)		23,711		170,598
Gunze, Ltd.		63,348		172,371
Onward Holdings Co., Ltd.		33,000		290,568
Sanyo Shokai, Ltd.		65,516		170,258
Seiko Holdings Corp. (b)		28,649		122,041
The Japan Wool Textile Co., Ltd.		35,170		277,776
Toyobo Co., Ltd.		160,000		306,548
TSI Holdings Co., Ltd.		22,100		149,323
Unitika, Ltd. (c)		179,084		107,678

				1,998,021

TRADING COMPANIES & DISTRIBUTORS — 3.3%
Hanwa Co., Ltd. (b)		73,032		345,344
Inaba Denki Sangyo Co., Ltd.		11,163		335,146
Inabata & Co., Ltd. (b)		33,875		326,236
Iwatani Corp.		109,422		441,591
Kanamoto Co., Ltd. (b)		11,000		299,536
Kuroda Electric Co., Ltd.		33,900		452,576
MonotaRO Co., Ltd. (b)		11,000		321,845
Nichiden Corp.		10,100		237,665
Okaya & Co., Ltd.		14,405		171,612
Trusco Nakayama Corp.		13,600		278,306

				3,209,857

TRANSPORTATION INFRASTRUCTURE — 1.0%
Japan Airport Terminal Co., Ltd. (b)		14,248		329,465
Mitsui-Soko Co., Ltd. (b)		48,686		271,401
The Sumitomo Warehouse Co., Ltd. (b)		63,563		395,143

				996,009

TOTAL COMMON STOCKS —
(Cost $100,545,653)				96,811,762

SHORT TERM INVESTMENTS — 20.9%
UNITED STATES — 20.9%
MONEY MARKET FUNDS — 20.9%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		20,324,113		20,324,113
State Street Institutional Liquid Reserves Fund 0.06% (g)(h)		98,208		98,208

TOTAL SHORT TERM INVESTMENTS —
(Cost $20,422,321)				20,422,321

TOTAL INVESTMENTS — 120.1%
(Cost $120,967,974)				117,234,083
OTHER ASSETS & LIABILITIES — (20.1)%				(19,627,690	)

NET ASSETS — 100.0%			$	97,606,393


(a)		Amount shown represents less than 0.05% of net assets.
(b)		A portion of the security was on loan at September 30, 2013.
(c)		Non-income producing security.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(e)		Company has filed for insolvency.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

237

SPDR S&P Global Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 9.9%
ALS, Ltd. (a)		11,542	$	113,320
CFS Retail Property Trust Group		70,763		132,334
Coca-Cola Amatil, Ltd. (a)		7,064		80,980
Monadelphous Group, Ltd. (a)		8,860		158,897
Origin Energy, Ltd.		6,370		83,983
Sonic Healthcare, Ltd.		5,588		84,594
UGL, Ltd.		27,338		212,423
Woolworths, Ltd.		2,355		77,071

				943,602

CANADA — 15.4%
Bank of Montreal		1,474		98,587
Bank of Nova Scotia (a)		1,330		76,340
Canadian Imperial Bank of Commerce (a)		1,272		101,547
Cominar Real Estate Investment Trust		6,683		125,156
Emera, Inc.		2,412		69,903
Great-West Lifeco, Inc.		2,756		80,463
IGM Financial, Inc. (a)		2,045		95,615
National Bank of Canada		1,065		88,140
Power Corp. of Canada		2,856		80,854
Power Financial Corp. (a)		2,820		87,928
RioCan REIT		4,313		101,961
Royal Bank of Canada		1,244		79,876
Shaw Communications, Inc. (Class B) (a)		3,080		71,674
Sun Life Financial, Inc.		2,886		92,372
TransAlta Corp.		11,458		149,147
TransCanada Corp. (a)		1,532		67,441

				1,467,004

FINLAND — 2.7%
Fortum Oyj		6,855		154,593
Konecranes Oyj		2,895		97,539

				252,132

FRANCE — 9.5%
Bouygues SA		5,824		212,662
Casino Guichard-Perrachon SA		835		86,095
Eiffage SA		1,255		68,871
GDF Suez		9,319		234,254
Sanofi		634		64,340
Total SA (a)		2,343		136,046
Vinci SA		1,725		100,337

				902,605

GERMANY — 4.2%
Axel Springer AG		2,201		122,482
Deutsche Boerse AG		1,210		91,085
Muenchener Rueckversicherungs- Gesellschaft AG		505		98,745
Siemens AG		689		83,063

				395,375

HONG KONG — 1.5%
China Mobile, Ltd.		6,000		67,039
CLP Holdings, Ltd.		9,000		73,287

				140,326

ITALY — 1.5%
Atlantia SpA (a)		7,183		146,141

JAPAN — 5.6%
Azbil Corp. (a)		2,600		60,386
Canon, Inc. (a)		2,000		63,796
Daito Trust Construction Co., Ltd. (a)		800		79,980
Eisai Co., Ltd. (a)		1,600		65,060
Nippon Telegraph & Telephone Corp.		1,100		56,948
NTT DoCoMo, Inc. (a)		4,500		73,009
Sankyo Co., Ltd. (a)		1,400		68,413
TonenGeneral Sekiyu K.K.		7,000		64,703

				532,295

NETHERLANDS — 1.0%
Wolters Kluwer NV		3,559		91,800

RUSSIA — 1.0%
Lukoil OAO ADR (b)		360		22,882
Lukoil OAO ADR (b)		1,153		73,100

				95,982

SINGAPORE — 1.7%
Keppel Corp., Ltd.		9,000		74,740
Singapore Telecommunications, Ltd.		28,000		83,236

				157,976

SOUTH AFRICA — 2.7%
Sanlam, Ltd.		15,465		72,010
Standard Bank Group, Ltd.		7,325		87,256
The Foschini Group, Ltd. (a)		9,858		101,932

				261,198

SOUTH KOREA — 0.9%
KT&G Corp.		1,151		82,469

SPAIN — 5.2%
Abertis Infraestructuras SA (a)		5,266		102,398
Enagas SA		4,733		116,060
Indra Sistemas SA		4,608		69,144
Mapfre SA (a)		23,523		84,254
Red Electrica Corporacion SA		2,133		121,470

				493,326

SWEDEN — 3.7%
Hennes & Mauritz AB (Class B)		2,238		97,247
Securitas AB (Class B)		10,502		120,012
TeliaSonera AB		17,988		137,897

				355,156

SWITZERLAND — 3.3%
Baloise Holding AG		896		99,088
Novartis AG		973		74,784
PSP Swiss Property AG		862		74,832
Roche Holding AG		239		64,464

				313,168

THAILAND — 0.7%
Advanced Info Service PCL, NVDR		8,400		68,478

UNITED KINGDOM — 11.1%
AMEC PLC		4,218		73,361
AstraZeneca PLC		3,355		174,701
BAE Systems PLC		14,495		106,662
British American Tobacco PLC		1,409		74,761

See accompanying notes to financial statements.

238

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

September 30, 2013


Security Description	Shares		Value

Carillion PLC (a)		29,357	$	148,660
Centrica PLC		15,122		90,534
GlaxoSmithKline PLC		3,245		81,846
Tesco PLC		15,553		90,420
Vodafone Group PLC		36,419		127,390
William Morrison Supermarkets PLC		19,541		88,605

				1,056,940

UNITED STATES — 18.0%
Avista Corp. (a)		2,822		74,501
CA, Inc.		2,188		64,918
ConocoPhillips (a)		1,255		87,235
Entergy Corp. (a)		1,260		79,619
Federated Investors, Inc. (Class B) (a)		2,255		61,246
FirstEnergy Corp. (a)		2,977		108,512
Hawaiian Electric Industries, Inc. (a)		3,592		90,159
HollyFrontier Corp. (a)		2,678		112,771
Integrys Energy Group, Inc. (a)		1,448		80,929
Lockheed Martin Corp. (a)		644		82,142
Meredith Corp.		1,172		55,811
New York Community Bancorp, Inc. (a)		9,461		142,956
People’s United Financial, Inc. (a)		5,467		78,615
Pepco Holdings, Inc. (a)		4,920		90,823
PPL Corp. (a)		2,991		90,867
Public Service Enterprise Group, Inc. (a)		2,483		81,765
Southern Co. (a)		1,880		77,418
UIL Holdings Corp. (a)		2,108		78,375
United Bankshares, Inc. (a)		3,202		92,794
Vectren Corp. (a)		2,254		75,171

				1,706,627

TOTAL COMMON STOCKS —
(Cost $9,187,596)				9,462,600

RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Abertis Infraestructuras SA (expiring 10/9/13) (a)(d) (Cost $2,965)		3,451		3,359

SHORT TERM INVESTMENTS — 18.0%
UNITED STATES — 18.0%
MONEY MARKET FUNDS — 18.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		1,642,756		1,642,756
State Street Institutional Liquid Reserves Fund 0.06% (f)(g)		61,163		61,163

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,703,919)				1,703,919

TOTAL INVESTMENTS — 117.6%
(Cost $10,894,480)				11,169,878
OTHER ASSETS & LIABILITIES — (17.6)%				(1,670,917	)

NET ASSETS — 100.0%			$	9,498,961


(a)		A portion of the security was on loan at September 30, 2013.
(b)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Non-income producing security.
(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

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

239

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AUSTRALIA — 22.2%
APA Group		2,411,701	$	13,462,708
ASX, Ltd.		408,367		13,185,053
Australia & New Zealand Banking Group, Ltd.		486,961		14,015,140
Bendigo and Adelaide Bank, Ltd. (a)		1,515,539		14,199,383
CFS Retail Property Trust Group		4,437,046		8,297,716
Commonwealth Bank of Australia		188,264		12,535,536
Commonwealth Property Office Fund		6,870,150		7,323,281
DUET Group		5,876,816		11,979,349
Metcash, Ltd. (a)		6,726,385		20,126,411
Monadelphous Group, Ltd. (a)		1,047,429		18,784,855
Myer Holdings, Ltd. (a)		8,022,180		19,577,965
National Australia Bank, Ltd.		548,849		17,613,059
OZ Minerals, Ltd. (a)		4,614,972		19,116,459
SP AusNet (a)		7,501,361		8,416,973
Spark Infrastructure Group		5,812,058		9,021,374
Stockland		2,570,876		9,303,080
Tatts Group, Ltd.		5,235,570		15,176,105
Telstra Corp., Ltd.		3,407,703		15,836,265
UGL, Ltd. (a)		2,232,542		17,347,436
Westfield Retail Trust		2,803,641		7,785,984
Westpac Banking Corp.		544,167		16,653,781

				289,757,913

BELGIUM — 2.8%
Belgacom SA		1,039,486		27,649,534
Cofinimmo		69,735		8,173,822

				35,823,356

BRAZIL — 2.0%
Companhia Energetica de Minas Gerais ADR (a)		757,080		6,541,171
CPFL Energia SA ADR (a)		378,695		6,532,489
Oi SA ADR (a)		7,319,168		13,467,269

				26,540,929

CANADA — 8.6%
Artis REIT		413,259		5,713,017
Baytex Energy Corp. (a)		407,149		16,838,121
Bell Aliant, Inc. (a)		496,033		12,377,903
Canadian Oil Sands, Ltd.		864,807		16,793,022
Cominar Real Estate Investment Trust		372,428		6,974,646
Crescent Point Energy Corp. (a)		504,921		19,157,427
Dundee Real Estate Investment Trust		265,495		7,500,705
Lightstream Resources, Ltd. (a)		713,798		5,152,623
Penn West Petroleum, Ltd. (a)		1,925,692		21,413,231

				111,920,695

CHINA — 1.6%
Anta Sports Products, Ltd. (a)		5,065,000		6,524,613
Bank of China, Ltd.		14,563,000		6,647,585
Zijin Mining Group Co., Ltd. (Class H) (a)		32,592,000		7,816,885

				20,989,083

COLOMBIA — 0.6%
Ecopetrol SA, ADR (a)		157,041		7,223,886

CZECH REPUBLIC — 1.3%
CEZ AS		357,982		9,245,194
Komercni Banka AS		36,597		8,136,752

				17,381,946

DENMARK — 1.9%
TDC A/S		2,969,258		25,140,596

FINLAND — 8.3%
Elisa Oyj (a)		776,875		18,529,499
Fortum Oyj (a)		892,474		20,126,914
Metso Oyj (a)		441,665		17,361,859
Orion Oyj (Class B) (a)		420,666		10,602,877
Stora Enso Oyj		1,975,841		16,756,360
UPM-Kymmene Oyj (a)		1,828,531		25,321,217

				108,698,726

FRANCE — 4.2%
Fonciere Des Regions (a)		100,799		8,365,543
Neopost SA (a)		118,588		8,641,154
Total SA		305,079		17,714,366
Vivendi SA		856,524		19,716,181

				54,437,244

GERMANY — 3.3%
Freenet AG (b)		24,511		593,412
ProSiebenSat.1 Media AG		537,242		22,835,274
Telefonica Deutschland Holding AG		2,466,508		19,481,842

				42,910,528

HONG KONG — 2.5%
BOC Hong Kong Holdings, Ltd.		3,949,000		12,679,329
Shougang Fushan Resources Group, Ltd. (a)		16,020,000		5,391,540
Yue Yuen Industrial Holdings, Ltd.		3,593,000		10,030,554
Yuexiu Real Estate Investment Trust		9,688,000		4,797,060

				32,898,483

ISRAEL — 2.7%
Bezeq The Israeli Telecommunication Corp., Ltd.		10,860,087		19,958,413
Israel Chemicals, Ltd.		1,840,361		15,522,500

				35,480,913

ITALY — 4.1%
Atlantia SpA (a)		935,627		19,035,678
ENI SpA (a)		801,587		18,391,916
Terna Rete Elettrica Nationale SpA		3,501,601		15,812,456

				53,240,050

NETHERLANDS — 2.4%
Corio NV		265,330		11,437,582
VimpelCom, Ltd. ADR		943,083		11,081,225
Wereldhave NV		119,344		8,662,316

				31,181,123

NORWAY — 0.9%
Gjensidige Forsikring ASA		779,504		11,768,543

PORTUGAL — 1.6%
EDP — Energias de Portugal SA (a)		5,818,887		21,267,200

See accompanying notes to financial statements.

240

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

September 30, 2013


Security Description	Shares		Value

RUSSIA — 1.8%
Phosagro OAO GDR		542,090	$	5,485,951
Polymetal International PLC		1,702,960		18,035,828

				23,521,779

SINGAPORE — 2.3%
Ascendas REIT		4,363,000		7,927,986
Hutchison Port Holdings Trust		17,914,000		13,972,920
Singapore Telecommunications, Ltd.		846		2,515
Suntec REIT		5,852,000		7,625,439

				29,528,860

SOUTH AFRICA — 3.2%
African Bank Investments, Ltd. (a)		7,993,517		13,264,612
Kumba Iron Ore, Ltd. (a)		157,399		7,257,050
MMI Holdings, Ltd. (a)		2,546,623		6,174,398
Redefine Properties, Ltd.		7,003,434		6,785,093
Vodacom Group, Ltd. (a)		679,952		8,408,399

				41,889,552

SOUTH KOREA — 0.5%
KT Corp. ADR		365,314		6,126,316

SPAIN — 4.5%
Enagas SA		616,276		15,111,940
Ferrovial SA (a)		1,548,492		27,857,399
Iberdrola SA (a)		4		23
Red Electrica Corporacion SA		277,736		15,816,534

				58,785,896

SWEDEN — 4.7%
NCC AB (B Shares) (a)		453,219		13,498,279
Skanska AB (Class B)		742,116		14,280,571
Swedbank AB (Class A)		672,705		15,678,401
TeliaSonera AB		2,343,028		17,961,841

				61,419,092

SWITZERLAND — 1.3%
Zurich Insurance Group AG (b)		64,685		16,660,367

TAIWAN — 0.4%
Chunghwa Telecom Co., Ltd. ADR (a)		177,298		5,599,071

THAILAND — 0.4%
Shin Corp. PCL, NVDR		1,914,378		5,049,111

TURKEY — 1.9%
Tofas Turk Otomobil Fabrikasi AS		1,167,426		7,098,569
Tupras-Turkiye Petrol Rafinerileri AS		392,459		8,284,351
Turk Telekomunikasyon AS		2,795,261		9,700,537

				25,083,457

UNITED KINGDOM — 7.8%
Admiral Group PLC		534,449		10,671,445
AstraZeneca PLC		436,908		22,750,577
BAE Systems PLC		1,884,741		13,868,960
Carillion PLC (a)		2,370,876		12,005,787
Inmarsat PLC		1,093,275		12,552,480
National Grid PLC		1,168,707		13,825,466
Royal Dutch Shell PLC (Class A)		467,978		15,460,000

				101,134,715

TOTAL COMMON STOCKS —
(Cost $1,262,600,930)				1,301,459,430

SHORT TERM INVESTMENTS — 14.2%
UNITED STATES — 14.2%
MONEY MARKET FUNDS — 14.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		169,072,196		169,072,196
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		16,704,185		16,704,185

TOTAL SHORT TERM INVESTMENTS —
(Cost $185,776,381)				185,776,381

TOTAL INVESTMENTS — 114.0%
(Cost $1,448,377,311)				1,487,235,811
OTHER ASSETS & LIABILITIES — (14.0)%				(182,409,815	)

NET ASSETS — 100.0%			$	1,304,825,996

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

241

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 7.3%
ALS, Ltd. (a)		9,282	$	91,131
Alumina, Ltd. (b)		52,285		50,111
Ansell, Ltd. (a)		3,650		71,262
APA Group		20,996		117,205
Aristocrat Leisure, Ltd.		11,849		51,187
Asciano��Group		25,674		139,958
Bank of Queensland, Ltd.		8,617		87,019
Bendigo and Adelaide Bank, Ltd. (a)		10,841		101,571
BGP Holdings PLC (c)		31,422		0
BlueScope Steel, Ltd. (b)		14,171		62,013
Boral, Ltd. (a)		19,341		86,807
Caltex Australia, Ltd.		5,108		88,313
carsales.com, Ltd.		5,678		60,790
Challenger Financial Services Group, Ltd. (a)		11,062		56,889
Cochlear, Ltd.		2,067		116,893
Commonwealth Property Office Fund		105,210		112,149
Computershare, Ltd.		12,827		118,979
Dexus Property Group		123,366		115,930
DUET Group		30,961		63,111
Federation Centres Ltd.		37,626		80,215
Flight Centre Ltd.		1,407		63,544
GrainCorp, Ltd.		7,155		82,625
Harvey Norman Holdings, Ltd. (a)		41,385		123,057
Iluka Resources, Ltd. (a)		10,400		111,443
Incitec Pivot, Ltd.		36,655		92,198
Lend Lease Group		14,884		141,399
Metcash, Ltd. (a)		21,936		65,636
Navitas, Ltd.		7,790		45,234
New Hope Corp. Ltd.		4,426		16,099
Platinum Asset Management Ltd.		3,497		17,984
Primary Health Care, Ltd.		11,971		53,953
Qantas Airways, Ltd. (b)		28,296		39,026
REA Group Ltd.		1,377		48,657
Reece Australia Ltd.		1,056		25,920
Seek, Ltd. (a)		8,219		91,300
Seven Group Holdings Ltd.		2,338		17,839
Seven West Media, Ltd.		14,644		32,863
SP AusNet		34,364		38,558
Spark Infrastructure Group		23,718		36,815
Super Retail Group Ltd.		3,137		38,074
TABCORP Holdings, Ltd.		17,857		54,767
Tatts Group, Ltd.		41,539		120,407
Toll Holdings, Ltd.		20,353		110,951
TPG Telecom, Ltd.		6,489		26,333
Treasury Wine Estates, Ltd.		16,750		69,226
Washington H Soul Pattinson & Co., Ltd.		2,743		36,241
WorleyParsons, Ltd.		5,280		120,069

				3,391,751

AUSTRIA — 0.7%
Atrium European Real Estate, Ltd.		3,187		18,046
IMMOFINANZ AG (b)		28,532		124,634
Mayr Melnhof Karton AG		174		18,796
Oesterreichische Post AG		729		33,157
Telekom Austria AG		15,246		127,913

				322,546

BELGIUM — 0.5%
Ackermans & van haaren NV		573		58,669
Bekaert NV		780		29,162
bpost SA (b)		1,599		30,606
Elia System Operator SA/NV		603		26,855
Financiere de Tubize SA		369		19,815
S.A. D’Ieteren NV		387		17,974
Sofina SA		451		44,359

				227,440

BERMUDA — 0.8%
Catlin Group, Ltd.		21,147		165,953
Hiscox, Ltd.		15,881		166,779
Lancashire Holdings, Ltd.		3,233		40,209

				372,941

CANADA — 8.5%
Aimia, Inc.		8,289		144,749
Alamos Gold, Inc.		5,295		82,421
AltaGas, Ltd. (a)		2,547		90,715
ATCO, Ltd. (Class I) (a)		3,396		147,648
Athabasca Oil Corp. (b)		7,253		55,391
Boardwalk REIT		610		34,188
Bonavista Energy Corp. (a)		3,761		47,310
CAE, Inc.		5,925		65,020
Calloway REIT		1,340		31,743
Canadian Apartment Properties REIT		1,400		27,880
Canadian REIT		855		33,754
Canadian Western Bank (a)		3,594		108,110
Canfor Corp. (b)		1,900		42,994
CCL Industries, Inc. (Class B)		700		46,533
Cineplex, Inc.		1,500		55,759
Cogeco Cable, Inc.		400		18,850
Cominar Real Estate Investment Trust		1,600		29,964
Constellation Software, Inc.		487		86,044
Dundee Real Estate Investment Trust		970		27,404
E-L Financial Corp. Ltd.		72		45,600
Emera, Inc.		3,024		87,640
Enerplus Corp. (a)		5,378		89,206
Ensign Energy Services, Inc.		2,478		42,525
Finning International, Inc.		6,524		150,359
First Capital Realty, Inc. (a)		2,195		36,153
Genworth MI Canada, Inc.		600		16,910
Gibson Energy, Inc. (a)		3,271		78,219
Home Capital Group, Inc.		700		49,052
IAMGOLD Corp.		10,627		50,866
Industrial Alliance Insurance & Financial Services, Inc.		2,363		100,047
InterOil Corp. (b)		901		64,250
Keyera Corp. (a)		2,796		159,235
Linamar Corp.		1,300		43,645
Lions Gate Entertainment Corp. (b)		2,100		73,605
Lundin Mining Corp. (b)		15,368		67,727
MacDonald, Dettwiler & Associates, Ltd.		800		61,866
Methanex Corp.		2,381		122,490
Mullen Group, Ltd.		1,900		46,396
New Gold, Inc. (b)		12,150		72,576
Open Text Corp.		1,498		112,172
Osisko Mining Corp. (b)		11,350		57,529
Paramount Resources, Ltd. (Class A) (b)		800		27,995

See accompanying notes to financial statements.

242

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

September 30, 2013


Security Description	Shares		Value

Pengrowth Energy Corp. (a)		9,960	$	58,719
Peyto Exploration & Development Corp. (a)		7,592		224,828
Precision Drilling Corp. (a)		11,587		115,205
Progressive Waste Solutions, Ltd. (a)		4,696		121,203
Quebecor, Inc. (Class B)		2,191		52,073
Ritchie Bros Auctioneers, Inc. (a)		1,832		36,964
ShawCor, Ltd. (Class A)		1,186		50,121
Stantec, Inc.		1,100		56,290
Tahoe Resources, Inc. (b)		1,616		29,147
The Jean Coutu Group Pjc, Inc.		2,682		47,461
TMX Group, Ltd.		395		18,830
TransAlta Corp. (a)		6,376		82,995
Trilogy Energy Corp. (a)		1,464		41,774
Veresen, Inc. (a)		7,762		91,673
West Fraser Timber Co., Ltd.		846		76,287

				3,936,110

CHINA — 0.2%
Techtronic Industries Co., Ltd.		34,500		89,863

DENMARK — 1.9%
Chr Hansen Holding A/S		2,541		90,025
DSV A/S		6,667		189,253
FLSmidth & Co. A/S (a)		1,278		68,891
GN Store Nord A/S		4,675		98,427
H. Lundbeck A/S (a)		1,456		31,765
Jyske Bank A/S (b)		1,424		70,765
Pandora A/S		2,057		85,011
Topdanmark A/S (b)		1,963		50,592
Vestas Wind Systems A/S (b)		5,337		134,741
William Demant Holding (b)		597		55,207

				874,677

FINLAND — 1.6%
Amer Sports Oyj (Class A)		2,613		53,056
Cargotec Oyj		920		35,679
Elisa Oyj		8,091		192,981
Huhtamaki OYJ		1,871		40,118
Kemira Oyj		1,260		19,427
Kesko Oyj (Class B)		1,746		52,422
Neste Oil Oyj		3,268		72,328
Orion Oyj (Class B) (a)		4,297		108,306
Outotec Oyj (a)		3,396		46,521
Stora Enso Oyj		12,313		104,422

				725,260

FRANCE — 2.9%
Air France-KLM (b)		2,944		29,327
bioMerieux		362		35,086
Bourbon SA		996		26,034
CGG (b)		3,920		90,393
Eramet		247		24,943
Eurazeo		673		43,236
Faurecia (a)(b)		1,199		34,725
Fonciere Des Regions (a)		1,170		97,101
Groupe Eurotunnel SA		14,166		129,187
Havas SA		6,490		50,761
Ingenico (a)		1,274		91,901
Ipsen SA		1,340		51,560
Lagardere SCA		3,331		108,239
Metropole Television SA		1,730		37,130
Neopost SA (a)		884		64,414
Nexity		864		30,870
Orpea		1,081		54,486
Plastic Omnium SA		1,552		39,265
Rubis		923		58,323
Sa des Ciments Vicat		443		31,483
Sartorius Stedim Biotech		122		18,496
SEB SA (a)		739		64,843
Societe Television Francaise 1		2,902		50,538
Teleperformance		1,538		74,449
Vilmorin & Cie		135		16,419

				1,353,209

GERMANY — 4.0%
Aurubis AG		674		40,869
Axel Springer AG (a)		813		45,242
Bilfinger SE		2,131		223,847
Carl Zeiss Meditec AG		678		20,255
Celesio AG		2,054		46,266
CTS Eventim AG		669		29,522
Deutsche Euroshop AG		718		31,136
Deutsche Wohnen AG		3,949		70,695
Duerr AG		654		48,062
ElringKlinger AG		702		31,606
Fielmann AG		210		22,247
Freenet AG (b)		3,538		85,655
Gerry Weber International AG		550		22,689
GSW Immobilien AG		969		42,597
K+S AG (a)		4,328		112,251
KION Group AG (b)		477		17,498
Krones AG		340		28,926
KWS Saat AG		54		18,786
LEG Immobilien AG (b)		393		22,647
MTU Aero Engines AG		1,312		122,650
OSRAM Licht AG (b)		2,103		98,781
Puma AG Rudolf Dassler Sport		62		18,644
Rational AG		64		19,103
Rhoen-Klinikum AG		6,632		170,526
Salzgitter AG		938		39,000
SGL Carbon AG		2,012		76,586
Software AG		1,405		50,048
Stada Arzneimittel AG		1,704		86,464
TUI AG (a)(b)		3,288		42,033
Wincor Nixdorf AG		821		51,300
Wirecard AG		2,958		101,244

				1,837,175

GREECE — 0.4%
Hellenic Telecommunications Organization SA (b)		5,985		62,382
OPAP SA		7,070		78,955
Public Power Corp. SA		2,669		30,240

				171,577

HONG KONG — 2.7%
ASM Pacific Technology, Ltd.		5,000		50,740
Champion REIT		78,000		35,605
Chinese Estates Holdings, Ltd.		23,623		53,916
Esprit Holdings, Ltd. (a)		75,816		121,421

See accompanying notes to financial statements.

243

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

September 30, 2013


Security Description	Shares		Value

First Pacific Co., Ltd.		64,500	$	71,277
Fosun International		67,000		52,787
Genting Hong Kong Ltd. (b)		45,000		18,450
Great Eagle Holdings Ltd.		5,000		17,859
Hopewell Holdings		38,500		128,827
Hysan Development Co., Ltd.		33,827		150,703
Melco International Development, Ltd.		19,000		50,960
New World China Land Ltd.		54,000		27,156
Noble Group, Ltd.		107,000		79,307
Orient Overseas International, Ltd.		3,000		17,620
PCCW, Ltd.		116,000		51,305
SA SA International Holdings Ltd.		24,000		27,079
Shangri-La Asia, Ltd.		34,000		56,293
Television Broadcasts, Ltd.		7,600		47,922
VTech Holdings, Ltd.		2,700		34,885
Wing Hang Bank, Ltd.		4,177		63,340
Yue Yuen Industrial Holdings, Ltd.		27,000		75,376

				1,232,828

IRELAND — 1.5%
DCC PLC		1,986		81,272
Dragon Oil PLC		9,480		87,903
Glanbia PLC		3,379		44,281
ICON PLC (b)		1,369		56,033
James Hardie Industries Plc		11,038		110,229
Kingspan Group PLC		2,758		46,014
Paddy Power PLC		2,087		167,385
Smurfit Kappa Group PLC		5,484		124,194

				717,311

ISRAEL — 1.1%
Azrieli Group		605		19,200
Bank Leumi Le-Israel BM (b)		32,002		118,896
Bezeq The Israeli Telecommunication Corp., Ltd.		48,691		89,483
Delek Group, Ltd.		103		33,593
Gazit-Globe, Ltd.		1,946		26,099
Mellanox Technologies, Ltd. (b)		599		22,738
Mizrahi Tefahot Bank, Ltd.		2,517		27,697
NICE Systems, Ltd.		1,743		71,777
Osem Investments, Ltd.		1,592		35,538
Taro Pharmaceutical Industries Ltd. (b)		440		33,440
The Israel Corp., Ltd. (b)		66		34,834

				513,295

ITALY — 2.6%
A2A SpA		29,046		28,388
Autogrill SpA (b)		2,546		44,769
Azimut Holding SpA		2,371		54,208
Banca Generali SpA		1,260		28,483
Banca Monte dei Paschi di Siena SpA (a)(b)		143,913		39,936
Banca Popolare dell’Emilia Romagna Scrl (b)		7,271		52,214
Banco Popolare Societa Cooperativa (b)		73,172		108,954
Buzzi Unicem SpA		2,956		25,929
Davide Campari-Milano SpA		7,734		67,107
De’Longhi SpA		1,190		18,219
DiaSorin SpA		524		22,592
Finmeccanica SpA (b)		15,524		92,924
Gemina SpA (b)		14,460		32,727
Gtech Spa		1,754		50,193
Hera SpA		9,944		20,056
Mediaset SpA (b)		41,197		167,299
Prysmian SpA		5,451		133,555
Recordati SpA		3,330		40,028
UBI Banca ScPA		31,807		160,942
Unipol Gruppo Finanziario SpA		8,085		35,766

				1,224,289

JAPAN — 30.4%
Acom Co., Ltd. (b)		8,400		31,588
Advance Residence Investment Corp.		49		114,554
Advantest Corp. (a)		5,100		58,783
Alfresa Holdings Corp.		1,400		72,194
Amada Co., Ltd.		28,000		251,964
Aozora Bank, Ltd. (a)		28,000		83,037
Asics Corp. (a)		6,900		118,979
Benesse Holdings, Inc.		2,800		101,870
Brother Industries, Ltd. (a)		6,400		72,137
Canon Marketing Japan, Inc.		2,800		37,210
Casio Computer Co., Ltd. (a)		5,600		51,820
Credit Saison Co., Ltd.		8,700		235,753
Daicel Chemical Industries, Ltd. (a)		28,000		252,535
Daido Steel Co., Ltd.		28,000		164,362
DeNA Co., Ltd. (a)		2,800		57,013
Don Quijote Co., Ltd.		2,800		175,490
Dowa Holdings Co., Ltd.	��	28,000		281,926
Ebara Corp.		28,000		156,943
FamilyMart Co., Ltd. (a)		2,800		121,131
Fuji Electric Holdings Co., Ltd.		28,000		114,140
Fuji Television Network, Inc.		2,800		61,579
Fukuoka Financial Group, Inc. (a)		28,000		126,410
Hakuhodo DY Holdings, Inc. (a)		5,600		41,661
Hamamatsu Photonics K.K. (a)		2,800		105,437
Hitachi Capital Corp. (a)		2,800		67,485
Hitachi Construction Machinery Co., Ltd. (a)		2,800		62,634
Hokkaido Electric Power Co., Inc. (b)		5,100		68,762
Hokuhoku Financial Group, Inc.		28,000		58,782
Hokuriku Electric Power Co.		5,300		77,454
Ibiden Co., Ltd.		2,800		45,742
Idemitsu Kosan Co., Ltd. (a)		2,800		242,548
J Front Retailing Co., Ltd.		32,000		258,935
Japan Exchange Group, Inc.		14,000		310,033
Japan Prime Realty Investment Corp.		28		98,446
Japan Retail Fund Investment Corp. (a)		69		142,184
JSR Corp.		5,200		96,501
JTEKT Corp.		6,200		84,794
Kajima Corp. (a)		28,000		113,855
Kakaku.com, Inc.		3,600		83,979
Keihan Electric Railway Co., Ltd. (a)		28,000		114,140
Keio Corp.		28,000		200,887
Kewpie Corp.		2,800		44,486
Konami Corp. (a)		3,900		90,063
Konica Minolta Holdings, Inc.		14,000		117,564
Kuraray Co., Ltd. (a)		8,800		105,376
Kurita Water Industries, Ltd. (a)		5,100		108,263
M3, Inc.		28		77,530
Marui Group Co., Ltd. (a)		25,500		238,823

See accompanying notes to financial statements.

244

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

September 30, 2013


Security Description	Shares		Value

Medipal Holdings Corp.		11,100	$	136,990
MEIJI Holdings Co., Ltd. (a)		2,800		153,233
Miraca Holdings, Inc.		2,800		124,983
MISUMI Group, Inc. (a)		2,800		81,182
Mitsubishi Gas Chemical Co., Inc.		28,000		235,129
Mitsubishi UFJ Lease & Finance Co., Ltd.		14,800		78,280
Mitsui Chemicals, Inc. (a)		28,000		76,759
Mitsui OSK Lines, Ltd. (b)		28,000		126,410
Nabtesco Corp.		2,800		68,256
Nagoya Railroad Co., Ltd. (a)		28,000		82,181
Namco Bandai Holdings, Inc.		10,400		194,487
Nankai Electric Railway Co., Ltd.		28,000		105,865
NHK Spring Co., Ltd. (a)		6,200		63,437
Nippon Electric Glass Co., Ltd.		28,000		149,809
Nippon Express Co., Ltd. (a)		28,000		140,392
Nippon Yusen K.K. (a)		33,000		104,255
Nissan Chemical Industries, Ltd.		4,300		64,725
Nisshin Seifun Group, Inc.		15,400		155,373
Nissin Foods Holding Co., Ltd. (a)		2,800		114,996
NOK Corp.		2,800		43,602
Nomura Real Estate Holdings, Inc.		2,800		68,912
NTT Urban Development Corp.		2,800		36,725
Obayashi Corp. (a)		28,000		167,215
Obic Co., Ltd. (a)		2,800		90,313
OJI Paper Co., Ltd. (a)		28,000		131,261
Park24 Co., Ltd.		2,800		49,794
Rinnai Corp.		2,800		207,735
Rohm Co., Ltd. (a)		2,800		114,996
Sankyo Co., Ltd.		2,800		136,825
Sanrio Co., Ltd. (a)		2,800		172,066
Santen Pharmaceutical Co., Ltd. (a)		2,800		135,969
SBI Holdings, Inc.		5,600		72,251
Seiko Epson Corp. (a)		4,000		65,508
Seven Bank, Ltd. (a)		14,700		49,137
Sharp Corp. (a)(b)		28,000		102,726
Shikoku Electric Power Co., Inc. (b)		5,300		90,039
Shimadzu Corp.		28,000		265,376
Shimizu Corp. (a)		32,000		156,209
Showa Shell Sekiyu K.K.		18,800		210,368
Sojitz Corp.		32,900		64,375
Stanley Electric Co., Ltd. (a)		8,500		180,611
Sumitomo Heavy Industries, Ltd.		28,000		127,266
Sumitomo Rubber Industries, Inc.		3,800		58,515
Suzuken Co., Ltd. (a)		2,800		92,168
Taiheiyo Cement Corp. (a)		28,000		122,130
Taisei Corp. (a)		28,000		137,824
Taiyo Nippon Sanso Corp. (a)		28,000		187,761
Takashimaya Co., Ltd.		28,000		262,237
The Bank of Kyoto, Ltd. (a)		28,000		245,972
The Gunma Bank, Ltd.		28,000		163,791
The Hachijuni Bank, Ltd.		31,000		192,713
The Hiroshima Bank, Ltd. (a)		28,000		119,276
The Joyo Bank, Ltd. (a)		28,000		150,380
THK Co., Ltd. (a)		7,600		168,381
Toho Co., Ltd.		2,900		60,468
Toho Gas Co., Ltd. (a)		28,000		146,670
Tokyo Tatemono Co., Ltd.		28,000		256,245
Toyo Seikan Group Holdings, Ltd.		3,900		76,470
Toyota Boshoku Corp. (a)		2,800		37,467
Trend Micro, Inc.		2,800		104,296
Tsumura & Co. (a)		2,800		82,124
Ube Industries, Ltd. (a)		28,000		52,790
United Urban Investment Corp.		87		132,994
USS Co., Ltd. (a)		2,800		40,548
Yamada Denki Co., Ltd. (a)		25,000		73,885
Yamaha Corp.		11,100		158,369
Yamaha Motor Co., Ltd. (a)		7,900		115,451
Yokogawa Electric Corp.		4,600		65,537

				14,098,265

LUXEMBOURG — 0.2%
Eurofins Scientific		211		53,211
GAGFAH SA (b)		2,204		28,758
L’Occitane International SA		9,500		24,806

				106,775

NETHERLANDS — 1.8%
Aalberts Industries NV		2,162		57,639
Corio NV		2,495		107,552
Delta Lloyd NV		4,132		87,982
Koninklijke Boskalis Westminster NV		4,051		179,534
Nutreco NV		1,936		101,197
QIAGEN NV (b)		5,999		129,401
SBM Offshore NV (b)		5,578		110,580
TNT Express NV		8,572		78,301

				852,186

NEW ZEALAND — 1.0%
Auckland International Airport, Ltd.		20,209		55,798
Contact Energy, Ltd.		11,709		52,761
Fletcher Building, Ltd. (a)		28,102		222,359
Mighty River Power Ltd.		10,197		19,279
Ryman Healthcare, Ltd.		9,798		56,717
Telecom Corporation of New Zealand, Ltd. (a)		19,308		37,390

				444,304

NORWAY — 1.3%
Aker ASA		545		16,583
Aker Solutions ASA		3,888		54,594
DNO International ASA (b)		13,103		29,107
Fred Olsen Energy ASA		801		35,560
Golar LNG, Ltd. (a)		1,086		40,910
Kongsberg Gruppen AS		1,000		19,537
Marine Harvest (a)		68,417		73,033
Petroleum Geo-Services ASA		5,552		68,589
ProSafe SE		6,056		48,333
SpareBank 1 SR Bank ASA		2,721		21,581
Storebrand ASA (b)		7,489		41,490
TGS Nopec Geophysical Co. ASA		5,087		149,711

				599,028

PORTUGAL — 0.5%
Banco Comercial Portugues SA (b)		416,506		54,125
Banco Espirito Santo SA (a)(b)		60,224		64,158
Portucel SA		5,965		21,688
Portugal Telecom SGPS SA (a)		14,812		66,788
Sonae		25,025		31,233

				237,992

See accompanying notes to financial statements.

245

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

September 30, 2013


Security Description	Shares		Value

SINGAPORE — 1.9%
Ascendas REIT		48,000	$	87,221
Blumont Group Ltd. (a)(b)		38,000		74,198
CapitaCommercial Trust (a)		36,000		41,602
ComfortDelGro Corp., Ltd.		91,000		142,873
First Resources Ltd.		28,000		42,622
Keppel Land, Ltd.		28,096		79,267
M1, Ltd.		7,000		18,298
Mapletree Logistics Trust		35,938		30,646
Neptune Orient Lines, Ltd. (a)(b)		37,000		32,289
Olam International, Ltd. (a)		37,736		46,014
SATS Ltd.		18,000		46,766
SIA Engineering Co., Ltd.		5,000		19,366
Suntec REIT (a)		54,000		70,365
UOL Group, Ltd.		28,000		137,239

				868,766

SOUTH KOREA — 5.5%
Amorepacific Corp.		70		58,948
AMOREPACIFIC Group		55		20,139
BS Financial Group, Inc.		5,170		77,213
Cheil Communications, Inc. (b)		2,010		46,384
Cheil Industries, Inc.		2,026		172,875
CJ CheilJedang Corp.		134		34,476
CJ Corp.		575		62,065
Coway Co., Ltd.		1,295		71,698
Daelim Industrial Co., Ltd.		977		88,184
Daewoo Engineering & Construction Co., Ltd. (b)		6,102		49,342
Daewoo International Corp.		1,459		51,522
Daewoo Securities Co., Ltd.		6,699		61,338
Dongbu Insurance Co., Ltd.		2,290		98,447
Doosan Corp.		575		80,792
Doosan Heavy Industries & Construction Co. Ltd.		560		24,048
Doosan Infracore Co., Ltd. (b)		2,890		42,220
GS Holdings		2,115		110,997
Halla Visteon Climate Control Corp.		720		27,301
Hanwha Chemical Corp.		2,150		41,613
Hanwha Corp.		3,268		115,251
Hotel Shilla Co., Ltd.		750		45,014
Hyosung Corp.		468		31,224
Hyundai Department Store Co., Ltd.		294		44,045
Hyundai Hysco Co., Ltd.		540		23,139
Hyundai Marine & Fire Insurance Co., Ltd.		1,390		37,832
Hyundai Merchant Marine Co., Ltd. (a)(b)		2,586		42,592
Hyundai Mipo Dockyard Co., Ltd.		325		47,479
Hyundai Wia Corp.		302		47,632
Kangwon Land, Inc.		2,440		64,708
KCC Corp.		173		72,762
Korea Aerospace Industries Ltd.		720		17,955
Korea Gas Corp. (b)		97		880
Korea Gas Corp.		584		30,975
Korea Kumho Petrochemical Co., Ltd.		664		62,713
NCSoft Corp.		324		57,584
NHN Entertainment Corp. (b)		276		30,305
OCI Co., Ltd.		367		58,909
ORION Corp.		106		93,999
S1 Corp/Korea		619		37,266
Samsung Card Co., Ltd.		940		34,987
Samsung Engineering Co., Ltd.		644		49,498
Samsung Securities Co., Ltd.		1,880		82,308
Samsung Techwin Co., Ltd.		1,297		73,619
Seoul Semiconductor Co., Ltd.		819		30,903
SK C&C Co., Ltd.		456		48,796
Woori Investment & Securities Co., Ltd.		3,130		33,785
Young Poong Corp.		18		25,057

				2,560,819

SPAIN — 1.4%
Acciona SA (a)		659		37,515
Acerinox SA (a)		3,343		38,329
Almirall SA (a)		1,563		19,804
Atresmedia Corp. de Medios de Comunicaion S.A.		2,113		27,201
Bankinter SA		11,236		60,489
Bolsas y Mercados Espanoles		1,383		43,910
Corporacion Financiera Alba SA		356		19,743
Ebro Puleva SA		2,551		57,668
EDP Renovaveis SA (b)		7,172		37,290
Fomento de Construcciones y Contratas SA (a)(b)		939		18,672
Gestevision Telecinco SA (b)		5,176		59,625
Grupo Catalana Occidente SA		1,150		34,995
Indra Sistemas SA		2,811		42,180
Obrascon Huarte Lain SA		1,071		40,644
Prosegur Cia de Seguridad SA		5,333		31,186
Tecnicas Reunidas SA (a)		631		28,913
Viscofan SA		1,285		73,526

				671,690

SWEDEN — 2.6%
AarhusKarlshamn AB		642		40,131
Axfood AB		388		18,962
Boliden AB		6,324		94,814
Castellum AB		7,985		113,936
Great Portland Estates PLC		8,341		72,805
Hexpol AB		654		46,226
Hufvudstaden AB		3,002		38,231
Husqvarna AB (Class B) (a)		8,678		56,380
Intrum Justitia AB		2,059		55,137
JM AB		2,067		60,178
Lundbergforetagen AB		808		33,650
Meda AB (Class A)		6,792		81,740
Melker Schorling AB		447		18,198
Modern Times Group AB (Class B)		2,929		152,855
Ratos AB (Class B) (a)		3,745		34,896
Saab AB		1,418		28,368
Securitas AB (Class B)		7,559		86,380
SSAB AB, (Series A) (a)		6,593		43,060
SSAB AB		803		4,426
Trelleborg AB (Class B)		5,910		112,070
Wallenstam AB		1,611		22,072

				1,214,515

SWITZERLAND — 2.7%
Allreal Holding AG (b)		133		18,488
Banque Cantonale Vaudoise		111		61,162

See accompanying notes to financial statements.

246

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

September 30, 2013


Security Description	Shares		Value

Barry Callebaut AG (b)		36	$	36,149
Basellandschaftliche Kantonalbank		18		19,528
Berner Kantonalbank AG		82		21,537
Bucher Industries AG		160		40,997
Daetwyler Holding AG		149		18,439
Dufry Group (b)		536		80,615
EFG International AG (b)		1,244		17,403
Flughafen Zuerich AG		243		128,117
GAM Holding AG (b)		5,494		99,339
Georg Fischer AG (b)		95		57,835
Helvetia Holding AG		108		47,894
Lonza Group AG (b)		1,349		110,396
Luzerner Kantonalbank AG		47		18,491
OC Oerlikon Corp. AG (b)		3,323		44,466
Panalpina Welttransport Holding AG (a)		511		75,329
PSP Swiss Property AG (b)		939		81,517
St Galler Kantonalbank AG		46		18,314
Straumann Holding AG		201		36,521
Sulzer AG		604		93,514
Swiss Prime Site AG (b)		1,534		118,666
Vontobel Holding AG		475		18,490

				1,263,207

UNITED KINGDOM — 13.6%
Afren PLC (b)		21,595		48,365
Amlin PLC		14,064		92,285
Ashmore Group PLC		8,403		53,111
Aveva Group PLC		1,594		67,063
Balfour Beatty PLC		17,506		80,597
Barratt Developments PLC (b)		24,828		124,077
BBA Aviation PLC		12,041		59,472
Bellway PLC		2,961		63,055
Berendsen PLC		3,956		58,138
Berkeley Group Holdings PLC		5,160		173,138
Booker Group PLC		37,022		80,817
Britvic PLC		6,118		56,720
BTG PLC (b)		10,876		67,491
Cairn Energy PLC (b)		11,928		50,666
Capital & Counties Properties PLC		16,491		89,463
Carphone Warehouse Group PLC		7,873		30,121
Close Brothers Group PLC		2,630		49,788
Daily Mail & General Trust PLC		7,216		89,044
Debenhams PLC		15,370		25,438
Derwent London PLC		2,253		86,433
Direct Line Insurance Group PLC		13,386		46,216
Dixons Retail PLC (b)		83,608		63,189
Drax Group PLC		10,216		112,911
DS Smith PLC		22,575		105,287
Dunelm Group PLC		1,910		28,580
Euromoney Institutional Investor PLC		976		18,334
Filtrona PLC		5,390		65,333
FirstGroup PLC		28,607		55,360
Genel Energy Plc (b)		3,370		51,245
Greene King PLC		4,944		64,130
Halma PLC		7,502		68,823
Hays PLC		30,616		58,702
Henderson Group PLC		26,073		79,758
Hikma Pharmaceuticals PLC		3,512		59,148
Howden Joinery Group PLC		15,812		74,641
ICAP PLC		13,548		82,120
IG Group Holdings PLC		8,022		75,217
Inchcape PLC		22,987		227,259
Informa PLC		26,627		226,379
Inmarsat PLC		17,620		202,305
Intermediate Capital Group PLC		8,352		60,377
International Personal Finance		5,428		53,664
Intu Properties PLC		15,536		80,785
Invensys PLC		17,894		144,308
Investec PLC		24,671		159,969
Jardine Lloyd Thompson Group PLC		3,342		51,144
Jazztel PLC (b)		4,953		53,845
John Wood Group PLC		9,002		116,914
Jupiter Fund Management PLC		8,368		49,733
Ladbrokes PLC		18,032		49,408
Lonmin PLC (b)		9,108		47,095
Man Group PLC		49,083		66,688
Michael Page International PLC		5,719		45,594
Millennium & Copthorne Hotels PLC		2,824		25,381
Mitchells & Butlers PLC (b)		3,665		24,393
N Brown Group PLC		4,322		36,745
National Express Group PLC		7,094		29,444
Ocado Group PLC (b)		13,573		87,041
Ophir Energy PLC (b)		12,257		66,256
Partnership Assurance Group plc (b)		3,723		24,840
Pennon Group PLC		9,249		104,695
Perform Group PLC (b)		2,762		25,048
Phoenix Group Holdings		3,387		40,862
Playtech Plc		4,213		50,214
Premier Oil PLC		11,443		60,318
Provident Financial PLC		6,034		162,402
PZ Cussons PLC		8,088		54,211
Regus PLC		14,626		43,107
Rentokil Initial PLC		40,720		71,877
Rightmove PLC		2,654		101,817
Rotork PLC		2,154		95,123
Segro PLC		17,344		87,069
Serco Group PLC		12,703		112,422
Shaftesbury PLC		5,019		47,954
Spectris PLC		2,983		106,564
Spirax-Sarco Engineering PLC		1,890		92,279
St. James’s Place PLC		9,775		97,352
Stagecoach Group PLC		20,775		109,710
TalkTalk Telecom Group PLC		12,816		50,142
Telecity Group PLC		5,342		71,802
Thomas Cook Group PLC (b)		37,640		93,504
United Business Media PLC		4,860		56,233
Vesuvius PLC		5,512		39,882
Victrex PLC		1,629		42,129

				6,300,559

TOTAL COMMON STOCKS —
(Cost $42,822,008)				46,208,378

RIGHTS — 0.0% (d)
SOUTH KOREA — 0.0% (d)
Hyundai Merchant Marine Co., Ltd. (expires 11/5/2013) (b) (Cost $0)		204		644

See accompanying notes to financial statements.

247

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

September 30, 2013


Security Description	Shares		Value

PREFERRED STOCKS — 0.1%
ITALY — 0.1%
Fondiaria-Sai SpA (b) (Cost $37,602)		19,739	$	36,740

SHORT TERM INVESTMENTS — 11.2%
UNITED STATES — 11.2%
MONEY MARKET FUNDS — 11.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		5,111,266		5,111,266
State Street Institutional Liquid Reserves Fund 0.06% (f)(g)		91,706		91,706

TOTAL SHORT TERM INVESTMENTS —
(Cost $5,202,972)				5,202,972

TOTAL INVESTMENTS — 110.9%
(Cost $48,062,582)				51,448,734
OTHER ASSETS & LIABILITIES — (10.9)%				(5,049,289	)

NET ASSETS — 100.0%			$	46,399,445


(a)		A portion of the security was on loan at September 30, 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

See accompanying notes to financial statements.

248

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

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BRAZIL — 7.5%
Aliansce Shopping Centers SA		132,759	$	1,186,813
American Banknote SA		105,533		1,412,764
Arezzo Industria e Comercio SA		60,408		1,063,493
B2W Cia Digital (a)		136,942		871,709
Banco ABC Brasil SA Preference Shares		80,903		472,469
Banco Panamericano SA Preference Shares (a)		205,851		480,863
Brasil Brokers Participacoes SA		343,740		887,898
Brasil Insurance Participacoes e Administracao SA		92,775		829,372
Brazil Pharma SA (a)		520,000		1,822,062
Brookfield Incorporacoes SA (a)		418,129		302,414
Centrais Eletricas de Santa Catarina SA Preference Shares (a)		59,094		472,529
Cia Energetica do Ceara Preference Shares		48,288		827,559
Contax Participacoes SA Preference Shares		445,253		748,072
Cremer SA		102,386		677,499
Cyrela Commercial Properties SA Empreendimentos e Participacoes		27,748		260,023
Diagnosticos da America SA		301,100		1,579,860
Direcional Engenharia SA		74,245		401,234
Eletropaulo Metropolitana SA Preference Shares		139,092		534,236
Equatorial Energia SA		399,287		3,766,774
Eternit SA		198,689		849,720
Even Construtora e Incorporadora SA		380,240		1,441,668
Ez Tec Empreendimentos e Participacoes SA		164,704		2,250,016
Ferbasa-Ferro Ligas DA Bahia Preference Shares		127,806		814,128
Fleury SA		147,044		1,212,128
Gafisa SA (a)		632,046		1,016,475
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		128,509		611,357
Grendene SA		31,200		276,673
Helbor Empreendimentos SA		193,211		811,537
HRT Participacoes em Petroleo SA (a)		368,262		191,902
Iguatemi Empresa de Shopping Centers SA		119,765		1,307,916
International Meal Co. Holdings SA (a)		109,255		981,604
Iochpe-Maxion SA		117,783		1,449,767
JHSF Participacoes SA		153,287		440,708
LLX Logistica SA (a)		450,193		333,694
Log-in Logistica Intermodal SA (a)		91,692		418,083
LPS Brasil Consultoria de I moveis SA		112,182		877,379
Magazine Luiza SA (a)		96,710		328,007
Magnesita Refratarios SA		371,281		1,050,772
Mahle-Metal Leve SA		41,245		500,265
Marfrig Alimentos SA (a)		277,338		753,754
Mills Estruturas e Servicos de Engenharia SA		131,623		1,795,141
MMX Mineracao e Metalicos SA (a)		135,992		94,691
MRV Engenharia e Participacoes SA		360,800		1,476,556
Odontoprev SA		664,100		2,902,762
Paranapanema SA (a)		249,102		539,373
PDG Realty SA Empreendimentos e Participacoes (a)		1,681,123		1,857,803
QGEP Participacoes SA		101,489		520,655
Qualicorp SA (a)		274,327		2,495,506
Randon SA Implementos e Participacoes Preference Shares		517,729		2,879,309
Refinaria de Petroleos de Manguinhos SA (a)		169,846		9,919
Restoque Comercio e Confeccoes de Roupas SA		127,889		383,773
Rossi Residencial SA (a)		418,285		595,658
Sao Martinho SA		111,666		1,454,736
Saraiva SA Livreiros Editores Preference Shares		58,510		753,043
SLC Agricola SA		105,074		1,037,500
Sonae Sierra Brasil SA		29,978		292,905
Tecnisa SA (a)		154,062		644,333
Tegma Gestao Logistica SA		33,220		327,865
Tempo Participacoes SA		418,784		506,066
Vanguarda Agro SA (a)		272,892		475,650

				57,558,440

CHILE — 2.1%
AFP Habitat SA		223,583		371,361
Almendral SA		12,191,998		1,516,354
Besalco SA		604,873		841,228
Companhia Sudamericana de Vapores SA (a)		9,327,787		479,988
Cruz Blanca Salud SA		1,212,092		891,023
Empresas La Polar SA (a)		2,675,051		520,846
Inversiones Aguas Metropolitanas SA		744,222		1,406,322
Inversiones La Construccion SA		39,320		593,794
Masisa SA		11,165,273		816,336
Norte Grande SA		9,224,551		32,989
Parque Arauco SA		1,223,788		2,353,602
Ripley Corp. SA		1,447,914		1,323,281
Salfacorp SA		610,237		720,172
Sociedad Matriz SAAM SA		10,044,203		968,450
Socovesa SA		862,092		238,078
Vina Concha y Toro SA		1,470,064		2,752,590

				15,826,414

CHINA — 7.6%
21Vianet Group, Inc. ADR (a)		78,285		1,290,920
51job, Inc. ADR (a)(b)		20,854		1,497,734
Anhui Expressway Co., Ltd. (b)		2,620,000		1,418,928
AsiaInfo-Linkage, Inc. (a)		197,477		2,278,885
AutoNavi Holdings, Ltd. ADR (a)(b)		37,520		559,423
Bitauto Holdings, Ltd. ADR (a)		38,415		619,250
BYD Electronic International Co., Ltd. (a)(b)		1,309,000		585,705
China Automation Group, Ltd.		1,007,000		201,266
China Datang Corp. Renewable Power Co., Ltd.		978,000		185,381
China Hongxing Sports, Ltd. (a)(b)(c)		4,758,000		0

See accompanying notes to financial statements.

249

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

September 30, 2013


Security Description	Shares		Value

China Huiyuan Juice Group, Ltd. (a)		2,916,900	$	1,895,666
China Lesso Group Holdings, Ltd. (b)		1,464,810		904,746
China Minzhong Food Corp., Ltd. (a)(b)		1,267,000		1,135,983
China National Accord Medicines Corp., Ltd.		172,582		777,327
China SCE Property Holdings, Ltd.		3,657,800		806,540
China Shanshui Cement Group, Ltd.		1,968,000		758,763
China Shipping Development Co., Ltd. (a)(b)		2,324,000		1,225,658
China Suntien Green Energy Corp., Ltd.		2,576,000		780,591
China Vanadium Titano — Magnetite Mining Co., Ltd. (a)		1,919,000		291,989
China Wireless Technologies, Ltd.		2,020,000		807,463
Chinasoft International, Ltd. (a)(b)		1,460,000		399,115
Danhua Chemical Technology Co., Ltd. (a)		311,600		196,931
Dongyue Group (b)		1,355,000		658,704
Double Coin Holdings, Ltd.		738,824		515,699
E-Commerce China Dangdang, Inc. ADR (a)(b)		76,448		801,175
E-House China Holdings, Ltd.		93,092		853,654
First Tractor Co., Ltd. (b)		988,500		613,100
Giant Interactive Group, Inc. ADR		187,885		1,713,511
Hangzhou Steam Turbine Co.		869,950		1,191,321
Harbin Electric Co., Ltd. (b)		1,906,000		1,174,791
Home Inns & Hotels Management, Inc. ADR (a)(b)		45,070		1,496,324
Huangshan Tourism Development Co., Ltd.		420,000		517,020
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b)		2,934,000		915,557
Jiangsu Future Land Co., Ltd.		937,600		591,626
LDK Solar Co., Ltd. ADR (a)(b)		75,755		146,207
Livzon Pharmaceutical, Inc. (Class B)		161,800		754,843
Lonking Holdings, Ltd. (a)(b)		3,687,000		770,190
MIE Holdings Corp.		3,088,754		661,152
NQ Mobile, Inc. ADR (a)(b)		43,845		955,383
Pactera Technology International, Ltd. ADR (a)(b)		152,785		899,904
Peak Sport Products Co., Ltd. (b)		1,835,000		440,108
Perfect World Co., Ltd. ADR (b)		51,220		1,019,278
Ports Design, Ltd. (b)		1,128,000		794,166
Real Gold Mining, Ltd. (a)(b)(c)		251,500		0
Renren, Inc. ADR (a)(b)		182,282		614,290
REXLot Holdings, Ltd. (b)		6,700,000		527,005
Shanda Games, Ltd. ADR (a)		97,005		379,290
Shanghai Chlor-Alkali Chemical Co., Ltd. (a)		352,900		163,040
Shanghai Dajiang Group, Class B (a)		1,285,400		446,034
Shanghai Diesel Engine Co., Ltd. Class B		393,360		300,920
Shanghai Haixin Group Co. (a)		666,700		344,684
Shanghai Highly Group Co., Ltd.		349,300		195,608
Shenguan Holdings Group, Ltd. (b)		2,860,010		1,224,378
Sinofert Holdings, Ltd. (b)		2,438,000		405,540
Sinopec Engineering Group Co., Ltd. (a)		1,853,500		2,268,133
Sound Global, Ltd. (a)(b)		1,615,000		894,541
Spreadtrum Communications, Inc. ADR		58,105		1,769,878
SPT Energy Group, Inc. (b)		1,992,000		1,006,897
Suntech Power Holdings Co., Ltd. ADR (a)(b)		339,515		577,176
TCL Communication Technology Holdings, Ltd.		1,020,000		657,628
Tong Ren Tang Technologies Co., Ltd. (b)		679,000		2,188,868
Trina Solar, Ltd. ADR (a)(b)		87,500		1,352,750
WuXi PharmaTech Cayman, Inc. ADR (a)		104,170		2,854,258
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		126,980		881,241
YY, Inc. ADR (a)(b)		14,745		689,771
Zhejiang Southeast Electric Power Co. (a)		2,092,333		1,778,483

				57,622,390

CYPRUS — 0.0% (d)
Global Ports Investments PLC, GDR		27,445		367,763

CZECH REPUBLIC — 0.4%
New World Resources PLC		81,033		122,752
Philip Morris CR AS		4,779		2,737,400

				2,860,152

EGYPT — 1.2%
Arab Cotton Ginning		448,682		339,854
Citadel Capital Corp./Cairo (a)		587,436		274,473
Eastern Tobacco		53,010		726,128
Egyptian Financial Group-Hermes Holding (a)		710,978		759,306
Egyptian Kuwait Holding Co.		874,869		752,387
ElSwedy Electric Co.		180,730		626,774
Ezz Steel (a)		732,337		1,228,434
Juhayna Food Industries		686,579		1,014,195
Maridive & Oil Services SAE (a)		340,483		364,317
Orascom Telecom Media & Technology Holding SAE		4,543,522		388,980
Sidi Kerir Petrochemicals Co.		171,151		377,987
Six of October Development & Investment Co. (a)		233,343		743,212
Talaat Moustafa Group (a)		1,747,788		1,268,066

				8,864,113

HONG KONG — 9.1%
361 Degrees International, Ltd. (b)		1,568,000		386,180
Ajisen China Holdings, Ltd.		1,029,000		1,032,297
Anton Oilfield Services Group (b)		1,734,000		1,149,270
Anxin-China Holdings, Ltd.		3,572,000		1,119,251
Asian Citrus Holdings, Ltd.		1,129,833		390,444
Beijing Capital Land, Ltd.		1,924,400		684,880
Boshiwa International Holding, Ltd. (a)(b)(c)		1,843,000		0
CGN Mining Co., Ltd. (a)		2,780,000		233,006
Chailease Holding Co., Ltd.		71,300		167,356
Chaowei Power Holdings, Ltd. (b)		545,000		222,775
China Dongxiang Group Co. (b)		6,889,000		1,074,859
China Forestry Holdings, Ltd. (a)(c)		1,642,000		0

See accompanying notes to financial statements.

250

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

September 30, 2013


Security Description	Shares		Value

China High Precision Automation Group, Ltd. (b)(e)		1,226,000	$	0
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		1,628,000		692,753
China Lilang, Ltd.		1,530,000		903,580
China Lumena New Materials Corp. (b)		5,144,000		1,001,585
China Medical System Holdings, Ltd. (b)		636,300		543,983
China Metal Recycling Holdings, Ltd. (a)(b)		1,109,932		0
China Modern Dairy Holdings, Ltd. (a)(b)		2,264,000		884,563
China National Materials Co., Ltd. (b)		2,045,000		435,098
China Oil and Gas Group, Ltd.		6,720,000		953,173
China Precious Metal Resources Holdings Co., Ltd. (a)(b)		4,480,000		635,449
China Rare Earth Holdings, Ltd. (a)		2,046,000		329,781
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)(b)		3,982,000		467,253
China Shineway Pharmaceutical Group, Ltd. (b)		573,000		831,961
China Singyes Solar Technologies Holdings, Ltd.		753,000		837,945
China South City Holdings, Ltd.		2,536,000		810,981
China Travel International Investment Hong Kong, Ltd.		11,234,000		2,201,850
China Yurun Food Group, Ltd. (a)(b)		1,707,000		1,098,358
China ZhengTong Auto Services Holdings, Ltd. (a)(b)		1,151,500		720,138
Citic Resources Holdings, Ltd. (a)		5,301,000		751,900
Comba Telecom Systems Holdings, Ltd. (a)(b)		1,122,984		372,149
Cosco International Holdings, Ltd.		564,000		232,723
Dah Chong Hong Holdings, Ltd. (b)		1,075,000		874,677
Digital China Holdings, Ltd. (b)		1,008,000		1,234,792
Fufeng Group, Ltd.		1,499,600		558,834
Global Bio-Chem Technology Group Co., Ltd. (a)(b)		3,312,000		234,889
Glorious Property Holdings, Ltd. (a)(b)		3,502,000		501,244
GOME Electrical Appliances Holding, Ltd. (b)		13,878,000		1,771,625
Greatview Aseptic Packaging Co., Ltd.		1,573,048		898,577
Hanergy Solar Group, Ltd. (a)(b)		16,204,000		2,925,230
Hengdeli Holdings, Ltd.		3,308,400		793,489
Hidili Industry International Development, Ltd. (a)(b)		1,552,000		264,165
Honghua Group, Ltd. (b)		1,507,000		441,112
Hua Han Bio-Pharmaceutical Holdings, Ltd.		2,546,112		623,794
Huabao International Holdings, Ltd. (b)		2,992,000		1,257,735
Ju Teng International Holdings, Ltd. (b)		1,340,000		786,187
Kaisa Group Holdings, Ltd. (a)(b)		4,256,000		1,185,401
Kingboard Laminates Holdings, Ltd. (b)		1,606,500		662,889
Kingdee International Software Group Co., Ltd. (a)		1,916,000		550,947
Kingway Brewery Holdings, Ltd. (a)		2,022,000		907,340
KWG Property Holding, Ltd. (b)		1,843,500		1,162,417
Li Ning Co., Ltd. (a)(b)		1,021,000		803,092
Lijun International Pharmaceutical Holding, Ltd.		3,142,000		1,053,390
Magic Holdings International, Ltd.		1,036,000		806,875
Maoye International Holdings, Ltd.		2,501,000		470,843
Minth Group, Ltd.		1,020,000		2,033,384
NetDragon Websoft, Inc.		402,000		1,088,567
Newocean Energy Holdings, Ltd.		1,726,000		1,152,870
NVC Lighting Holdings, Ltd.		3,546,000		882,482
Pacific Online, Ltd.		1,438,100		636,053
Prince Frog International Holdings, Ltd.		1,140,000		796,735
Real Nutriceutical Group, Ltd.		1,592,000		406,460
Sany Heavy Equipment International Holdings Co., Ltd. (b)		742,000		225,801
Shougang Concord International Enterprises Co., Ltd. (a)(b)		14,608,000		725,206
Shougang Fushan Resources Group, Ltd. (b)		4,740,000		1,595,250
Sichuan Expressway Co., Ltd. (b)		2,540,000		733,654
Sinotrans Shipping, Ltd.		3,326,500		1,046,615
Sinotrans, Ltd.		1,693,000		445,345
Sinotruk Hong Kong, Ltd. (b)		838,500		428,162
Skyworth Digital Holdings, Ltd. (b)		2,517,770		1,201,234
Springland International Holdings, Ltd.		2,091,000		1,132,435
Sunny Optical Technology Group Co., Ltd. (b)		826,000		861,665
TCL Multimedia Technology Holdings, Ltd.		522,000		248,374
Tech Pro Technology Development, Ltd. (a)		2,524,000		1,116,332
The United Laboratories International Holdings, Ltd. (a)(b)		1,488,500		537,424
Tiangong International Co., Ltd. (b)		2,624,000		693,629
Tianjin Port Development Holdings, Ltd.		6,236,000		940,810
Tianneng Power International, Ltd.		1,396,000		543,628
TPV Technology, Ltd.		1,980,000		405,950
United Energy Group, Ltd. (a)(b)		6,528,000		1,052,204
Vinda International Holdings, Ltd. (b)		731,000		1,033,089
VODone, Ltd. (a)		3,530,999		264,080
Wasion Group Holdings, Ltd.		1,131,000		685,441
West China Cement, Ltd. (b)		3,984,000		601,056
Winsway Coking Coal Holding, Ltd. (a)		3,193,018		255,272
Yingde Gases		1,868,500		1,826,300
Yip’s Chemical Holdings, Ltd.		813,580		707,082
Yuexiu Transport Infrastructure, Ltd.		1,766,549		968,109

				69,205,783

HUNGARY — 0.3%
Egis Gyogyszergyar Nyrt		13,072		1,647,837

See accompanying notes to financial statements.

251

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

September 30, 2013


Security Description	Shares		Value

Magyar Telekom Telecommunications PLC (b)		535,268	$	745,392

				2,393,229

INDIA — 7.7%
Adani Power, Ltd. (a)		1,116,280		575,034
Aditya Birla Nuvo, Ltd.		64,837		1,286,487
Amtek Auto, Ltd.		437,675		419,463
Anant Raj, Ltd.		576,816		379,139
Apollo Hospitals Enterprise, Ltd.		128,873		1,913,694
Arvind, Ltd.		222,834		277,097
Ashok Leyland, Ltd.		1,400,298		338,863
Aurobindo Pharma, Ltd.		332,420		1,074,438
Bajaj Holdings and Investment, Ltd.		64,228		796,117
Balrampur Chini Mills, Ltd.		505,331		343,856
Bata India, Ltd.		76,574		1,047,671
Bharat Forge, Ltd.		440,189		1,761,670
Bhushan Steel, Ltd.		172,815		1,326,787
Biocon, Ltd.		148,185		799,330
Britannia Industries, Ltd.		76,230		1,000,895
Coromandel International, Ltd.		188,860		706,057
Cox & Kings, Ltd.		73,121		103,482
Crompton Greaves, Ltd.		243,336		334,463
Dewan Housing Finance Corp., Ltd.		168,506		279,655
Dish TV India, Ltd. (a)		1,066,053		859,926
Divi’s Laboratories, Ltd.		56,884		881,677
Era Infra Engineering, Ltd.		293,100		514,054
Federal Bank, Ltd.		177,206		805,572
Fortis Healthcare, Ltd. (a)		287,640		448,655
Gateway Distriparks, Ltd.		276,905		460,661
GMR Infrastructure, Ltd.		1,187,654		411,662
Godrej Industries, Ltd.		246,314		1,055,210
Havells India, Ltd.		86,983		883,446
Hexaware Technologies, Ltd.		392,959		806,883
Hindustan Petroleum Corp., Ltd.		138,508		425,115
Housing Development & Infrastructure, Ltd. (a)		523,384		302,636
IDFC, Ltd.		1,407,257		1,979,219
IFCI, Ltd. (a)		1,218,600		423,362
India Cements, Ltd.		743,010		603,499
India Infoline, Ltd.		503,404		380,739
Indiabulls Housing Finance, Ltd.		546,282		1,595,522
Indiabulls Real Estate, Ltd.		576,179		496,984
Indian Hotels Co., Ltd.		828,708		634,718
Ipca Laboratories, Ltd.		82,942		947,795
Jain Irrigation Systems, Ltd.		312,720		289,468
Jaiprakash Associates, Ltd.		900,860		502,197
Jaiprakash Power Ventures, Ltd. (a)		904,353		221,014
JSW Energy, Ltd.		766,924		537,784
JSW Steel, Ltd.		173,621		2,023,522
Jubilant Foodworks, Ltd. (a)		77,536		1,432,010
LIC Housing Finance, Ltd.		315,667		947,682
Mahindra & Mahindra Financial Services, Ltd.		422,759		1,739,859
Manappuram Finance, Ltd.		530,164		122,792
MAX India, Ltd.		504,734		1,546,733
McLeod Russel India, Ltd.		154,968		621,060
Motherson Sumi Systems, Ltd.		409,592		1,504,443
Mphasis, Ltd.		114,974		805,764
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		544,466		453,540
Piramal Healthcare, Ltd.		81,578		772,453
PTC India, Ltd.		531,962		394,691
Punj Lloyd, Ltd. (a)		733,756		268,983
Rajesh Exports, Ltd.		394,508		622,907
REI Agro, Ltd.		1,861,167		236,343
Reliance Capital, Ltd.		113,149		569,766
Reliance Infrastructure, Ltd.		154,437		913,967
Rolta India, Ltd.		309,123		274,288
Shree Renuka Sugars, Ltd.		831,992		253,830
Shriram Transport Finance Co., Ltd.		178,936		1,640,163
Sintex Industries, Ltd.		593,728		195,839
Strides Arcolab, Ltd.		95,711		1,315,615
Suzlon Energy, Ltd. (a)		1,668,002		174,513
Tata Chemicals, Ltd.		258,158		981,005
Tata Global Beverages, Ltd.		651,030		1,495,898
Tata Motors, Ltd. Class A		656,723		1,717,204
Thermax, Ltd.		73,130		684,517
Unitech, Ltd. (a)		1,938,819		486,215
United Phosphorus, Ltd.		851,549		1,970,240
Videocon Industries, Ltd. (a)		145,262		418,349
Voltas, Ltd.		597,496		705,294
Welspun Corp., Ltd.		450,167		214,999
Yes Bank, Ltd.		14,230		65,314

				58,801,794

INDONESIA — 3.3%
AKR Corporindo Tbk PT		3,008,000		1,039,033
Alam Sutera Realty Tbk PT		28,744,500		1,489,352
Aneka Tambang Persero Tbk PT		2,477,500		303,804
Bakrie and Brothers Tbk PT (a)(e)		137,393,250		415,265
Bakrieland Development Tbk PT (a)(e)		62,151,500		241,521
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		9,818,000		763,057
Bank Tabungan Negara Tbk PT		7,149,186		574,157
Bisi International PT		2,706,000		142,544
Bumi Resources Tbk PT (a)		20,103,500		789,904
Bumi Serpong Damai PT		8,917,500		1,108,912
BW Plantation Tbk PT		4,682,500		323,489
Ciputra Development Tbk PT		17,963,000		1,520,185
Citra Marga Nusaphala Persada Tbk PT (a)		896,500		247,737
Energi Mega Persada Tbk PT (a)		53,783,500		399,428
Erajaya Swasembada Tbk PT (a)		1,641,500		202,707
Gajah Tunggal Tbk PT		3,184,500		639,375
Garda Tujuh Buana Tbk PT (a)		1,494,000		144,497
Garuda Indonesia Tbk PT (a)		15,327,000		661,788
Harum Energy Tbk PT		1,504,000		350,674
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		4,051,500		423,343
Indika Energy Tbk PT		3,588,500		229,317
Intiland Development Tbk PT		9,023,000		249,340
Japfa Comfeed Indonesia Tbk PT		8,889,500		1,067,047
Kawasan Industri Jababeka Tbk PT		42,506,908		917,679
Matahari Putra Prima Tbk PT		4,270,000		755,915
Medco Energi Internasional Tbk PT		2,793,500		633,242
Mitra Adiperkasa Tbk PT		1,546,500		828,005
MNC Investama Tbk PT		20,180,500		609,946

See accompanying notes to financial statements.

252

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

September 30, 2013


Security Description	Shares		Value

MNC Sky Vision Tbk PT (a)		2,511,000	$	388,143
Modernland Realty Tbk PT (a)		4,781,000		293,136
Pakuwon Jati Tbk PT		30,468,900		749,882
Pembangunan Perumahan Persero PT Tbk		7,266,500		702,805
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		4,935,000		541,231
PT International Nickel Indonesia Tbk		3,452,000		670,725
Ramayana Lestari Sentosa Tbk PT		2,541,500		265,563
Sentul City Tbk PT (a)		20,897,500		369,947
Summarecon Agung Tbk PT		18,552,500		1,489,968
Surya Semesta Internusa Tbk PT		5,253,500		326,643
Timah Tbk PT		4,311,000		599,370
Trada Maritime Tbk PT (a)		14,612,000		1,968,456
Wijaya Karya Persero Tbk PT		236,000		39,130

				25,476,262

MALAYSIA — 5.3%
Aeon Co. M Bhd		309,500		1,462,279
Affin Holdings Bhd		446,200		600,957
Berjaya Corp. Bhd		4,686,000		841,022
Berjaya Sports Toto Bhd		1,421,753		1,792,730
Boustead Holdings Bhd		754,360		1,201,144
Bursa Malaysia Bhd		1,139,773		2,587,612
CapitaMalls Malaysia Trust		427,700		206,010
Carlsberg Brewery Malay Bhd		99,000		388,771
Dialog Group Bhd		2,933,520		2,285,977
DRB-Hicom Bhd		1,542,500		1,258,797
Eastern & Oriental Bhd		1,390,300		874,403
Gas Malaysia Bhd		338,600		366,700
HAP Seng Consolidated Bhd		1,570,900		1,127,751
IGB Corp. Bhd		3,872,567		3,089,024
KNM Group Bhd (a)		5,773,855		726,271
KPJ Healthcare Bhd		1,136,000		2,143,396
Magnum Bhd		1,776,500		1,782,223
Malaysia Building Society Bhd		1,637,000		1,381,117
Malaysian Bulk Carriers Bhd		812,400		458,603
Malaysian Resources Corp. Bhd		1,906,800		871,647
Media Prima Bhd		1,980,700		1,646,785
Oriental Holdings Bhd		302,300		819,859
OSK Holdings Bhd		1,258,000		636,815
Padini Holdings Bhd		598,300		323,058
Parkson Holdings Bhd		344,400		405,736
Pavilion Real Estate Investment Trust		825,200		344,308
POS Malaysia Bhd		847,400		1,403,884
Sunway Real Estate Investment Trust		5,137,600		2,238,194
TAN Chong Motor Holdings Bhd		1,030,500		1,982,278
Top Glove Corp. Bhd		999,700		1,929,165
UOA Development Bhd		1,942,400		1,322,942
Wah Seong Corp. Bhd		1,483,811		773,885
WCT Holdings Bhd		1,364,025		1,025,268

				40,298,611

MEXICO — 2.4%
Alsea SAB de CV		643,643		1,792,495
Axtel SAB de CV (a)(b)		2,620,261		794,215
Banregio Grupo Financiero SAB de CV (b)		341,036		1,924,387
Bolsa Mexicana de Valores SAB de CV (b)		913,446		2,183,735
Concentradora Fibra Hotelera Mexicana SA de CV		542,450		880,200
Consorcio ARA SAB de CV (a)		3,259,239		1,312,238
Corporacion GEO SAB de CV (a)(b)(e)		791,193		0
Desarrolladora Homex SAB de CV (a)		300,388		106,110
Empresas ICA SAB de CV (a)(b)		1,139,157		2,416,125
Grupo Aeroportuario del Centro Norte Sab de CV (a)		160,350		530,490
Grupo Simec SAB de CV, Series B (a)(b)		271,911		1,081,137
Inmuebles Carso SAB de CV (a)(b)		100,000		93,059
Megacable Holdings SAB de CV		54,799		175,673
Mexico Real Estate Management SA de CV (a)		987,610		1,673,807
TF Administradora Industrial S de RL de CV		585,520		1,153,804
TV Azteca SAB de CV (b)		3,808,272		2,143,712
Urbi Desarrollos Urbanos SA de CV (a)(b)(e)		679,159		0

				18,261,187

MOROCCO — 0.0% (d)
Alliances Developpement Immobilier SA		1,502		74,720
Holcim Maroc SA		680		116,017

				190,737

NETHERLANDS — 0.1%
AmRest Holdings SE (a)		17,594		546,730

PERU — 0.3%
Casa Grande SAA		14,487		46,367
Ferreyros SA		2,121,714		1,381,056
Luz del Sur SAA		244,599		811,020
Refineria La Pampilla SA Relapasa		1,792,190		251,359

				2,489,802

PHILIPPINES — 2.0%
Belle Corp. (a)		4,398,300		494,986
Cebu Air, Inc.		794,000		957,395
Cosco Capital, Inc. (a)		2,311,800		518,748
First Gen Corp.		1,522,900		584,116
First Philippine Holdings Corp.		504,900		868,558
GMA Holdings, Inc.		4,425,400		739,938
Manila Water Co., Inc.		1,665,800		1,080,819
Megaworld Corp.		43,353,000		3,245,999
Philex Petroleum Corp. (a)		247,300		53,845
Philippine National Bank (a)		593,490		1,191,342
Rizal Commercial Banking Corp.		620,020		647,931
Robinsons Land Corp.		2,624,000		1,241,488
Security Bank Corp.		497,920		1,499,249
Semirara Mining Corp.		231,140		1,274,084
SM Prime Holdings, Inc.		1		0
Union Bank of Philippines		195,420		547,571

				14,946,069

POLAND — 2.0%
Agora SA (a)		150,564		470,286
Alior Bank SA (a)		47,596		1,371,387
Asseco Poland SA		149,263		2,326,810

See accompanying notes to financial statements.

253

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

September 30, 2013


Security Description	Shares		Value

Boryszew SA (a)		2,225,591	$	406,403
Ciech SA (a)		72,108		542,398
Echo Investment SA (a)		392,455		841,110
Emperia Holding SA		37,003		847,578
Getin Noble Bank SA (a)		1,419,325		1,082,170
Globe Trade Centre SA (a)		378,559		878,029
Grupa Lotos SA (a)		106,446		1,254,914
Lubelski Wegiel Bogdanka SA		59,997		2,104,652
Netia SA (a)		858,904		1,348,271
Orbis SA		45,844		521,078
TVN SA		302,214		1,367,055

				15,362,141

RUSSIA — 1.2%
Aeroflot — Russian Airlines OJSC		557,500		937,070
Alliance Oil Co., Ltd. SDR (a)		154,365		1,161,505
CTC Media, Inc.		108,065		1,135,763
DIXY Group OJSC (a)		24,916		335,570
Mechel OAO, ADR (a)		195,660		628,069
Novorossiysk Commercial Sea Trade Port PJSC GDR		67,633		547,827
PIK Group GDR (a)		413,679		814,534
Russian Grids OAO (a)		30,825,171		904,133
Vsmpo-Avisma Corp.		14,378		2,599,169

				9,063,640

SINGAPORE — 0.5%
Asian Pay Television Trust		1,285,000		834,648
Bumitama Agri, Ltd. (b)		520,000		408,209
Nam Cheong, Ltd. (b)		3,992,000		890,823
Yanlord Land Group, Ltd. (b)		1,403,000		1,369,735

				3,503,415

SOUTH AFRICA — 9.6%
Acucap Properties, Ltd.		216,054		963,079
Adcock Ingram Holdings, Ltd.		367,501		2,503,261
AECI, Ltd.		144,703		1,718,247
Afgri, Ltd.		1,946,809		1,276,755
African Bank Investments, Ltd.		853,801		1,416,815
Aquarius Platinum, Ltd. (a)(b)		781,740		645,634
Aveng, Ltd.		653,643		1,584,786
AVI, Ltd.		156,243		929,191
Brait SE (a)(b)		307,008		1,304,145
Capital Property Fund		797,357		838,260
Clicks Group, Ltd. (b)		534,373		2,907,159
DataTec, Ltd.		631,886		3,735,277
Emira Property Fund		524,106		766,597
Famous Brands, Ltd.		61,575		611,849
Fountainhead Property Trust		1,131,717		885,019
Grindrod, Ltd.		1,251,501		3,098,984
Harmony Gold Mining Co., Ltd.		417,389		1,437,091
Hosken Consolidated Investments, Ltd.		191,578		2,497,772
Hyprop Investments, Ltd.		90,127		656,894
Illovo Sugar, Ltd.		241,484		767,854
Investec, Ltd.		358,235		2,348,306
JD Group, Ltd. (b)		521,039		1,620,521
JSE, Ltd. (b)		394,236		3,368,953
Lewis Group, Ltd. (b)		307,185		1,994,127
Merafe Resources, Ltd. (a)		6,213,506		388,971
Mondi, Ltd.		209,846		3,566,678
Mpact, Ltd.		340,073		904,946
Murray & Roberts Holdings, Ltd. (a)		564,497		1,542,533
Northam Platinum, Ltd. (a)		691,831		2,914,782
Omnia Holdings, Ltd.		58,133		1,166,790
Pick’ n Pay Holdings, Ltd. (b)		293,815		564,931
PPC, Ltd.		849,069		2,547,945
PSG Group, Ltd.		37,932		307,828
Resilient Property Income Fund, Ltd.		259,473		1,385,059
Reunert, Ltd.		388,794		2,807,082
SA Corporate Real Estate Fund		6,548,165		2,602,674
Sappi, Ltd. (a)		652,427		1,636,943
Sibanye Gold, Ltd.		870,935		1,090,427
Sun International, Ltd.		180,343		1,750,611
Super Group, Ltd. (a)		572,497		1,385,200
Telkom SA, Ltd. (a)		430,808		1,045,797
The Spar Group, Ltd.		112,033		1,349,239
Tongaat Hulett, Ltd.		147,061		1,754,576
Wilson Bayly Holmes-Ovcon, Ltd.		138,483		2,201,692

				72,791,280

TAIWAN — 29.4%
A-DATA Technology Co., Ltd.		388,000		1,064,254
Ability Enterprise Co., Ltd.		616,000		461,474
Accton Technology Corp. (b)		1,462,341		796,283
Adlink Technology, Inc. (b)		484,572		840,753
Advanced Ceramic X Corp.		166,642		755,235
Advanced International Multitech Co., Ltd.		396,000		431,934
AGV Products Corp. (a)		1,906,926		616,573
Alpha Networks, Inc.		1,001,348		646,861
Altek Corp.		903,309		695,041
AmTRAN Technology Co., Ltd.		1,425,717		949,932
Anpec Electronics Corp. (b)		494,000		354,206
Apex Biotechnology Corp.		470,915		1,212,048
Arcadyan Technology Corp.		249,718		346,279
Asia Optical Co., Inc. (a)		408,540		436,631
Asia Polymer (b)		667,588		559,955
Asrock, Inc.		171,000		571,986
Aten International Co., Ltd.		252,000		602,577
Bank of Kaohsiung		1,803,344		577,592
Basso Industry Corp. (b)		635,000		666,850
BES Engineering Corp.		2,931,356		876,423
Capital Securities Corp.		2,786,730		956,651
Career Technology Co., Ltd. (b)		440,726		459,105
Cathay No. 1 REIT		1,259,000		852,051
Cathay Real Estate Development Co., Ltd.		2,314,904		1,601,102
Chang Wah Electromaterials, Inc.		209,326		576,997
Charoen Pokphand Enterprise (b)		1,193,798		595,546
Cheng Loong Corp.		2,096,128		960,616
Cheng Uei Precision Industry Co., Ltd.		574,915		1,151,113
Chicony Electronics Co., Ltd.		757,950		1,889,299
Chien Kuo Construction Co., Ltd.		1,257,501		599,681
Chin-Poon Industrial Co.		870,000		1,594,819
China Bills Finance Corp.		3,203,394		1,240,534
China Chemical & Pharmaceutical Co., Ltd.		844,000		682,234
China Manmade Fibers Corp. (a)(b)		2,492,904		1,070,784

See accompanying notes to financial statements.

254

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

September 30, 2013


Security Description	Shares		Value

China Metal Products		200,000	$	262,793
China Motor Corp.		987,000		891,294
China Petrochemical Development Corp.		1,976,575		972,678
China Steel Chemical Corp.		344,000		2,024,419
China Synthetic Rubber Corp.		1,071,452		1,020,103
Chipbond Technology Corp.		899,000		1,851,696
Chong Hong Construction Co., Ltd. (b)		420,622		1,422,606
Chroma ATE, Inc.		535,680		1,206,625
Chung Hung Steel Corp. (a)		978,239		289,829
Clevo Co.		943,265		1,837,591
CMC Magnetics Corp. (a)		3,773,719		662,414
Compal Communications, Inc.		407,000		598,793
Coretronic Corp.		601,420		508,523
CTCI Corp.		894,000		1,445,301
CyberTAN Technology, Inc. (b)		899,210		1,044,674
D-Link Corp. (b)		1,491,904		832,564
Danen Technology Corp. (a)(b)		403,816		185,744
Dynapack International Technology Corp.		102,000		288,748
E Ink Holdings, Inc. (a)(b)		890,000		529,780
Elan Microelectronics Corp. (b)		715,899		1,220,324
Elite Material Co., Ltd.		618,782		522,157
Elite Semiconductor Memory Technology, Inc. (a)		615,674		825,632
ENG Electric Co., Ltd.		338,086		289,866
Entie Commercial Bank		500,000		268,881
Entire Technology Co., Ltd. (a)(b)		219,942		249,943
Episil Technologies, Inc.		1,125,000		350,433
Epistar Corp. (a)		1,132,000		2,144,012
Eternal Chemical Co., Ltd.		1,184,990		1,001,953
Eva Airways Corp. (a)(b)		1,425,000		809,686
Evergreen Marine Corp., Ltd. (a)		1,470,000		870,058
Everlight Chemical Industrial Corp.		665,964		583,369
Everlight Electronics Co., Ltd.		721,503		1,320,165
Excelsior Medical Co., Ltd.		237,660		490,319
Far Eastern Department Stores, Ltd.		1,013,520		1,066,069
Far Eastern International Bank		3,532,562		1,415,797
Faraday Technology Corp.		784,976		870,809
Farglory Land Development Co., Ltd.		233,000		433,422
Feng Hsin Iron & Steel Co., Ltd.		692,270		1,217,507
Feng TAY Enterprise Co., Ltd.		605,816		1,454,762
FLEXium Interconnect, Inc. (b)		340,876		1,175,951
Forhouse Corp.		848,576		338,661
Formosa Epitaxy, Inc. (a)(b)		712,000		449,109
Formosa Taffeta Co., Ltd.		1,416,000		1,379,267
Formosan Rubber Group, Inc.		1,015,124		841,159
Formosan Union Chemical		1,881,200		887,569
FSP Technology, Inc.		531,184		510,218
G Tech Optoelectronics Corp. (b)		182,000		363,791
Gemtek Technology Corp.		652,234		671,713
GeoVision, Inc.		180,474		958,312
Gigabyte Technology Co., Ltd.		463,000		450,206
Gigastorage Corp. (a)(b)		700,114		445,163
Gintech Energy Corp. (a)		510,806		506,193
Global Unichip Corp. (a)(b)		180,669		532,224
Gloria Material Technology Corp.		636,913		477,141
Goldsun Development & Construction Co., Ltd.		2,372,041		938,644
Grand Pacific Petrochemical		2,037,000		1,446,782
Grape King, Inc.		375,000		1,731,238
Great Wall Enterprise Co. (b)		1,182,129		1,023,523
HannStar Display Corp. (a)		2,609,237		1,067,804
Hermes Microvision, Inc.		52,000		1,512,497
Hey Song Corp.		1,175,694		1,236,652
Highwealth Construction Corp.		741,400		1,634,906
Himax Technologies, Inc. ADR (b)		131,970		1,319,700
Hiwin Technologies Corp. (b)		192,730		1,290,646
Ho Tung Chemical Corp. (b)		2,344,031		1,070,261
Hong TAI Electric Industrial		1,250,000		396,134
Huaku Development Co., Ltd.		418,260		1,225,059
Huang Hsiang Construction Co.		408,484		856,563
I-Sheng Electric Wire & Cable Co., Ltd.		520,000		745,696
Ibase Technology, Inc.		446,910		553,215
ITE Technology, Inc.		455,000		320,087
J Touch Corp. (a)(b)		250,121		217,408
Jess-Link Products Co., Ltd.		437,974		379,211
Jih Sun Financial Holdings Co., Ltd.		2,037,888		578,965
KEE TAI Properties Co., Ltd.		1,407,076		951,788
Kenda Rubber Industrial Co., Ltd.		737,016		1,478,170
Kerry TJ Logistics Co., Ltd. (b)		914,000		1,191,690
King Yuan Electronics Co., Ltd.		2,109,656		1,452,007
King’s Town Bank		1,960,000		1,667,197
Kinpo Electronics		2,707,371		1,043,867
Kinsus Interconnect Technology Corp.		379,030		1,333,213
Kuoyang Construction Co., Ltd.		1,023,000		695,448
KYE Systems Corp.		670,000		286,654
LCY Chemical Corp.		1,030,862		1,303,962
Lien Hwa Industrial Corp.		1,503,651		963,716
Lingsen Precision Industries, Ltd.		1,282,694		683,276
Long Bon International Co., Ltd. (b)		948,000		698,968
Longwell Co.		585,000		543,114
Lumax International Corp., Ltd. (b)		318,358		752,637
Lung Yen Life Service Corp.		274,000		833,111
Macronix International Co., Ltd. (a)(b)		5,192,170		1,264,370
Makalot Industrial Co., Ltd.		403,000		2,024,064
Masterlink Securities Corp.		1,880,472		608,656
Mercuries & Associates, Ltd.		639,835		473,920
Merida Industry Co., Ltd.		294,950		1,915,325
Micro-Star International Co., Ltd.		1,213,000		777,433
Microbio Co., Ltd.		683,723		779,297
Mirle Automation Corp.		834,195		671,486
Mitac Holdings Corp. (a)		979,999		808,739
Motech Industries, Inc. (a)		418,885		718,283
Nan Kang Rubber Tire Co., Ltd.		1,121,204		1,351,876
Nantex Industry Co., Ltd.		923,348		665,178
Neo Solar Power Corp. (a)(b)		561,064		569,281
Newmax Technology Co., Ltd. (a)		110,232		415,695
Nien Hsing Textile Co., Ltd.		494,938		481,262
Oriental Union Chemical Corp.		1,130,500		1,131,762
Pan-International Industrial Co., Ltd.		628,771		515,700
PC Home Online		188,845		1,085,793
Phison Electronics Corp.		195,837		1,410,805
Phytohealth Corp. (a)		411,511		583,161

See accompanying notes to financial statements.

255

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

September 30, 2013


Security Description	Shares		Value

PixArt Imaging, Inc.		199,060	$	399,911
Portwell, Inc.		536,000		485,839
Powertech Technology, Inc. (b)		789,000		1,483,695
President Securities Corp.		1,674,850		940,322
Prime Electronics Satellitics, Inc.		759,803		624,453
Prince Housing Development Corp.		1,940,629		1,102,667
Promate Electronic Co., Ltd.		812,000		801,921
Qisda Corp. (a)		2,573,641		600,606
Radiant Opto-Electronics Corp.		556,331		1,985,082
Radium Life Tech Co., Ltd. (b)		1,134,007		983,775
Realtek Semiconductor Corp. (b)		760,053		1,855,982
RichTek Technology Corp. (b)		172,477		825,430
Ritek Corp. (a)(b)		4,438,596		773,118
Ruentex Industries, Ltd. (b)		873,767		2,189,811
Sampo Corp.		2,625,527		864,017
Sanyang Industry Co., Ltd.		1,505,945		2,167,212
ScinoPharm Taiwan, Ltd.		335,844		993,890
Senao International Co., Ltd.		221,911		705,504
Sercomm Corp.		587,000		830,857
Shih Wei Navigation Co., Ltd.		718,654		521,363
Shin Zu Shing Co., Ltd.		90,000		198,465
Shinkong Insurance Co., Ltd. (b)		834,841		618,359
Shinkong Synthetic Fibers Corp.		2,898,796		990,220
Sigurd Microelectronics Corp.		987,694		948,710
Silicon Integrated Systems Corp. (a)		1,102,000		355,941
Silicon Motion Technology Corp. ADR		53,884		703,725
Simplo Technology Co., Ltd.		421,129		2,043,901
Sinbon Electronics Co., Ltd.		754,000		886,174
Sinmag Bakery Machine Corp.		172,316		743,068
Sino-American Silicon Products, Inc. (a)		568,058		758,896
Sinon Corp. (b)		1,878,662		962,618
Sinphar Pharmaceutical Co., Ltd.		474,136		865,943
Sintek Photronic Corp. (a)		993,000		347,602
Sinyi Realty Co.		782,477		1,357,631
Soft-World International Corp.		230,848		562,930
Solar Applied Materials Technology Corp.		541,090		479,472
Solartech Energy Corp. (a)(b)		419,091		296,243
St. Shine Optical Co., Ltd.		115,000		3,166,030
Standard Foods Corp.		655,192		1,963,338
Sunonwealth Electric Machine Industry Co., Ltd.		73,000		41,479
Systex Corp. (a)		624,000		1,027,795
TA Chen Stainless Pipe (a)		551,200		258,197
Ta Chong Bank Co., Ltd. (a)		3,064,496		1,035,422
Taichung Commercial Bank		3,150,760		1,108,259
Taiflex Scientific Co., Ltd.		442,725		733,707
Tainan Enterprises Co., Ltd.		427,000		493,909
Tainan Spinning Co., Ltd.		2,113,573		1,301,012
Taisun Enterprise Co., Ltd. (a)(b)		1,496,549		693,433
Taiwan Acceptance Corp. (b)		508,000		1,293,753
Taiwan Business Bank (a)		5,611,316		1,677,682
Taiwan Cogeneration Corp.		1,533,469		964,674
Taiwan Fire & Marine Insurance Co.		791,004		591,240
Taiwan Hon Chuan Enterprise Co., Ltd.		441,027		957,619
Taiwan Land Development Corp. (a)(b)		2,087,831		783,810
Taiwan Life Insurance Co., Ltd. (a)		591,025		456,757
Taiwan Secom Co., Ltd.		471,726		1,129,577
Taiwan Surface Mounting Technology Co., Ltd.		458,122		676,329
Taiyen Biotech Co., Ltd.		1,047,000		917,148
Tatung Co., Ltd. (a)		3,802,691		995,462
Teco Electric & Machinery Co., Ltd.		2,877,838		3,046,516
Test-Rite International Co.		648,896		490,507
Thye Ming Industrial Co., Ltd.		781,218		871,925
Ton Yi Industrial Corp. (b)		470,000		435,553
Tong Hsing Electronic Industries, Ltd.		224,327		1,111,506
Tong Yang Industry Co., Ltd.		832,872		1,249,294
Topco Scientific Co., Ltd.		436,393		727,641
Transcend Information, Inc.		408,484		1,286,227
Tripod Technology Corp.		763,353		1,487,102
TSRC Corp.		996,170		1,778,935
TTY Biopharm Co., Ltd.		313,885		1,157,150
Tung Ho Steel Enterprise Corp.		1,218,258		1,077,466
Tung Thih Electronic Co., Ltd.		271,893		773,369
TXC Corp.		625,120		835,128
U-Ming Marine Transport Corp. (b)		721,000		1,309,490
Unimicron Technology Corp.		1,207,000		1,028,728
Unity Opto Technology Co., Ltd. (a)		613,307		526,871
Unizyx Holding Corp. (a)		1,364,694		671,570
UPC Technology Corp.		1,753,914		830,480
USI Corp.		1,688,318		1,199,130
Ve Wong Corp.		649,604		495,436
Via Technologies, Inc. (a)		630,031		532,715
Visual Photonics Epitaxy Co., Ltd.		526,162		557,002
Wafer Works Corp. (a)(b)		436,983		232,037
Wah Hong Industrial Corp.		268,083		287,423
Walsin Lihwa Corp. (a)		4,983,000		1,521,848
Wan Hai Lines, Ltd.		1,802,320		1,033,224
Waterland Financial Holdings Co., Ltd.		4,198,497		1,434,194
Wei Chuan Food Corp.		759,899		1,482,943
Weikeng Industrial Co., Ltd.		810,628		575,750
Winbond Electronics Corp. (a)		4,754,730		1,286,496
Wintek Corp. (a)(b)		1,963,859		810,332
Wistron NeWeb Corp.		454,697		979,612
WUS Printed Circuit Co., Ltd.		1,087,000		485,284
Yageo Corp.		1,428,700		507,368
Yang Ming Marine Transport Corp. (a)(b)		2,033,788		932,047
Yieh Phui Enterprise Co., Ltd. (a)		2,450,487		782,379
Young Fast Optoelectronics Co., Ltd.		239,959		306,370
Young Optics, Inc.		191,242		424,953
Yuen Foong Yu Paper Manufacturing Co., Ltd.		3,087,941		1,545,694
Yungtay Engineering Co., Ltd.		693,000		1,821,155
Zenitron Corp.		803,348		506,728
Zinwell Corp.		602,674		687,937

				224,282,830

THAILAND — 4.7%
Bangkok Expressway PCL, NVDR		1,099,000		1,212,132
Bangkokland PCL, NVDR		23,246,800		1,129,640
Berli Jucker PLC, NVDR		667,700		944,556

See accompanying notes to financial statements.

256

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

September 30, 2013


Security Description	Shares		Value

Bumrungrad Hospital PCL		451,400	$	1,183,338
Central Plaza Hotel PCL, NVDR		716,400		876,033
Delta Electronics Thai PCL, NVDR		574,800		905,016
Dynasty Ceramic PCL		333,900		595,106
Esso Thailand PCL, NVDR		1,544,300		320,906
Hana Microelectronics PCL		3,161,184		2,334,506
Hemaraj Land and Development PCL, NVDR		9,850,200		976,203
IRPC PCL, NVDR		9,415,400		945,152
Jasmine International PCL, NVDR		8,962,700		2,363,883
Kiatnakin Bank PCL, NVDR		784,300		1,065,625
LPN Development PCL, ADR		1,391,500		911,949
MBK PCL, NVDR		95,800		471,650
MK Restaurants Group PCL, NVDR (a)		1,138,300		1,701,264
Precious Shipping PCL		628,200		373,546
Pruksa Real Estate PCL		731,000		455,707
Pruksa Real Estate PCL, NVDR		1,043,100		650,270
Robinson Department Store PCL, NVDR		567,900		862,380
Siam Global House PCL, NVDR		1,063,693		605,298
Sino Thai Engineering & Construction PCL, NVDR		1,319,800		957,783
Sri Trang Agro-Industry PCL, NVDR		772,100		320,886
Supalai PCL, NVDR		775,700		391,818
Thai Airways International PCL, NVDR		1,366,100		869,098
Thai Stanley Electric PCL, NVDR		87,400		614,706
Thai Tap Water Supply PCL		2,632,900		841,720
Thai Union Frozen Products PCL, NVDR		810,300		1,321,141
Thai Vegetable Oil PCL, NVDR		720,600		416,971
Thaicom PCL, NVDR		1,075,900		1,203,852
Thanachart Capital PCL		3,230,964		3,460,272
Thoresen Thai Agencies PCL (a)		3,793,225		2,085,789
Tisco Financial Group PCL		495,103		597,511
Tisco Financial Group PCL, NVDR		167,270		201,868
VGI Global Media PCL, NVDR		2,944,000		1,110,588
WHA Corp. PCL, NVDR		555,800		728,510

				36,006,673

TURKEY — 2.7%
Akfen Holding AS (a)		154,790		322,918
Albaraka Turk Katilim Bankasi (a)		2,660,164		2,196,146
Asya Katilim Bankasi AS (a)		1,314,140		1,240,827
Aygaz AS		194,289		868,266
Dogan Sirketler Grubu Holdings AS (a)		1,590,499		691,915
Dogan Yayin Holding AS (a)		1,510,360		500,255
GSD Holding (a)		776,541		472,178
Ihlas Holding (a)		1,167,294		444,332
Is Finansal Kiralama AS (a)		343,265		154,421
Izmir Demir Celik Sanayi AS (a)		228,069		254,807
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (a)		2,148,166		1,200,004
Koza Anadolu Metal Madencilik Isletmeleri AS (a)		210,208		428,137
NET Holding AS		446,003		529,158
Pegasus Hava Tasimaciligi AS (a)		65,467		1,080,949
Petkim Petrokimya Holding AS (a)(b)		1,816,032		2,441,905
Sekerbank TAS (a)		1,574,474		1,463,288
Sinpas Gayrimenkul Yatirim Ortakligi AS		694,565		363,961
TAV Havalimanlari Holding AS		268,285		1,889,938
Tekfen Holding AS		235,139		531,223
Torunlar Gayrimenkul Yatirim Ortakligi AS		319,891		536,090
Turkiye Sinai Kalkinma Bankasi AS (b)		1,198,379		1,060,434
Ulker Biskuvi Sanayi AS		312,167		2,129,621

				20,800,773

UNITED ARAB EMIRATES — 0.1%
Exillon Energy PLC (a)		124,906		420,727

UNITED STATES — 0.1%
WNS Holdings, Ltd. ADR (a)		33,985		721,162

TOTAL COMMON STOCKS —
(Cost $868,524,756)				758,662,117

WARRANTS — 0.0% (d)
MALAYSIA — 0.0% (d)
Malaysian Resources Corp. Bhd (expiring 09/16/18) (a) (Cost $69,953)		635,600		50,700

SHORT TERM INVESTMENTS — 5.5%
UNITED STATES — 5.5%
MONEY MARKET FUNDS — 5.5%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		32,762,843		32,762,843
State Street Institutional Liquid Reserves Fund 0.06% (g)(h)		9,061,414		9,061,414

TOTAL SHORT TERM INVESTMENTS —
(Cost $41,824,257)				41,824,257

TOTAL INVESTMENTS — 105.1%
(Cost $910,418,966)				800,537,074
OTHER ASSETS & LIABILITIES — (5.1)%				(39,071,022	)

NET ASSETS — 100.0%			$	761,466,052


(a)		Non-income producing security.
(b)		A portion of the security was on loan at September 30, 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)		Amount shown represents less than 0.05% of net assets.
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs. (Note 2)
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

257

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

September 30, 2013

ADR = American Depositary Receipt

GDR = Global 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.

258

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 6.7%
Abacus Property Group (a)		324,652	$	686,059
Astro Japan Property Group (a)		91,514		295,217
BGP Holdings PLC (b)		1,313,937		0
Bunnings Warehouse Property Trust (a)		590,013		1,257,856
CFS Retail Property Trust Group (a)		2,809,656		5,254,335
Charter Hall Retail REIT		324,327		1,140,265
Commonwealth Property Office Fund (a)		2,370,884		2,527,259
Dexus Property Group		5,593,061		5,255,938
Goodman Group		1,800,180		8,214,297
GPT Group (a)		1,937,939		6,306,000
Investa Office Fund		746,187		2,058,280
Westfield Group		2,378,526		24,486,678
Westfield Retail Trust		3,568,945		9,911,307

				67,393,491

AUSTRIA — 0.8%
Atrium European Real Estate, Ltd.		205,523		1,163,737
CA Immobilien Anlagen AG (c)		84,523		1,227,669
IMMOFINANZ AG (a)(c)		1,261,402		5,510,095

				7,901,501

BELGIUM — 0.4%
Befimmo Sicafi S.C.A.		21,381		1,482,720
Cofinimmo		18,757		2,198,557

				3,681,277

BRAZIL — 0.5%
BR Malls Participacoes SA		543,026		4,903,224

CANADA — 4.9%
Artis REIT		74,835		1,034,542
Boardwalk REIT		31,138		1,745,170
Brookfield Asset Management, Inc. (Class A)		676,739		25,373,598
Brookfield Office Properties, Inc. (a)(d)		141,651		2,701,284
Brookfield Office Properties, Inc. (a)(d)		152,004		2,919,116
Calloway REIT		68,127		1,613,865
Canadian Apartment Properties REIT		62,746		1,249,548
Canadian REIT		40,771		1,609,580
Chartwell Retirement Residences		98,606		968,889
Crombie Real Estate Investment Trust		30,300		378,197
First Capital Realty, Inc. (a)		112,463		1,852,319
H&R REIT		153,816		3,170,893
RioCan REIT		175,035		4,137,903

				48,754,904

CHINA — 1.3%
Hongkong Land Holdings, Ltd.		1,400,000		9,240,000
Kerry Properties, Ltd.		873,135		3,721,026

				12,961,026

FRANCE — 4.3%
Fonciere Des Regions (a)		52,180		4,330,540
Gecina SA (a)		31,195		3,991,731
Klepierre		116,133		5,038,373
Mercialys SA		67,117		1,345,532
Unibail-Rodamco SE		115,877		28,767,571

				43,473,747

HONG KONG — 3.9%
Champion REIT		3,099,462		1,414,814
Hang Lung Group, Ltd.		1,008,996		5,386,412
Hang Lung Properties, Ltd.		2,711,018		9,228,819
Hysan Development Co., Ltd.		829,731		3,696,538
Prosperity REIT		1,436,000		442,550
The Link REIT		2,753,682		13,510,712
Wheelock & Co., Ltd.		965,016		5,120,521

				38,800,366

ITALY — 0.1%
Beni Stabili SpA (a)		1,046,496		650,923

JAPAN — 10.9%
Activia Properties, Inc.		225		1,951,338
Aeon Mall Co., Ltd.		136,500		4,053,615
Daibiru Corp.		71,800		838,551
Daiwa Office Investment Corp. (a)		270		1,279,491
Frontier Real Estate Investment Corp.		272		2,808,010
Fukuoka REIT Corp.		149		1,228,443
Global One Real Estate Investment Co., Ltd.		116		695,113
Hankyu REIT, Inc.		109		656,499
Heiwa Real Estate Co., Ltd. (a)		45,000		827,312
Hulic Co., Ltd. (a)		451,300		6,751,678
Japan Excellent, Inc. (a)		268		1,745,243
Japan Prime Realty Investment Corp.		890		3,129,172
Japan Real Estate Investment Corp. (a)		707		8,271,450
Japan Retail Fund Investment Corp. (a)		2,351		4,844,558
Kenedix Realty Investment Corp.		295		1,452,076
Mitsui Fudosan Co., Ltd.		1,053,000		35,359,338
Mori Hills REIT Investment Corp. (a)		279		1,930,609
Mori Trust Sogo REIT, Inc. (a)		203		1,942,594
Nippon Building Fund, Inc.		826		10,269,758
Nomura Real Estate Office Fund, Inc.		434		2,233,580
NTT Urban Development Corp.		132,900		1,743,106
Orix JREIT, Inc.		1,732		2,204,604
Premier Investment Corp.		200		913,121
Tokyu Land Corp. (a)(c)		525,000		5,462,675
Tokyu REIT, Inc. (a)		227		1,443,547
Top REIT, Inc.		162		816,397
United Urban Investment Corp.		2,805		4,287,898

				109,139,776

NETHERLANDS — 1.0%
Corio NV		116,881		5,038,390
Eurocommercial Properties NV		43,192		1,750,206
VastNed Retail NV		23,155		986,076
Wereldhave NV		26,341		1,911,902

				9,686,574

NEW ZEALAND — 0.4%
Argosy Property, Ltd.		957,312		745,518

See accompanying notes to financial statements.

259

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

September 30, 2013


Security Description	Shares		Value

Goodman Property Trust		1,235,975	$	1,050,033
Kiwi Income Property Trust		1,181,874		1,068,055
Precinct Properties		1,015,234		837,133

				3,700,739

PHILIPPINES — 0.7%
Ayala Land, Inc.		6,732,600		4,213,674
SM Prime Holdings, Inc.		9,083,600		3,342,197

				7,555,871

SINGAPORE — 3.7%
Ascendas REIT		2,431,969		4,419,119
Cambridge Industrial Trust		1,300,103		694,217
CapitaCommercial Trust (a)		2,651,682		3,064,307
CapitaLand, Ltd.		2,989,500		7,362,068
CapitaMall Trust		3,106,860		4,853,115
Frasers Commercial Trust (a)		598,412		600,916
Global Logistic Properties, Ltd.		3,612,000		8,319,331
Guocoland, Ltd. (a)		432,999		724,684
Mapletree Logistics Trust		1,796,194		1,531,721
Singapore Land, Ltd. (a)		93,000		644,088
Starhill Global REIT		1,616,524		1,024,217
Suntec REIT (a)		2,679,274		3,491,224
United Industrial Corp., Ltd.		308,000		748,675

				37,477,682

SOUTH AFRICA — 0.7%
Capital Property Fund		1,952,796		2,052,971
Fountainhead Property Trust		1,459,280		1,141,178
Growthpoint Properties, Ltd.		1,093,743		2,678,998
SA Corporate Real Estate Fund		1,660,273		659,902
Sycom Property Fund		178,361		459,560

				6,992,609

SPAIN — 0.0% (e)
Martinsa-Fadesa SA (b)(c)(f)		178		0

SWEDEN — 0.9%
Castellum AB		209,019		2,982,453
Fabege AB		170,835		1,888,385
Great Portland Estates PLC		408,032		3,561,532
Kungsleden AB		166,025		1,108,884

				9,541,254

SWITZERLAND — 0.9%
PSP Swiss Property AG (c)		45,735		3,970,359
Swiss Prime Site AG (c)		72,675		5,621,915

				9,592,274

THAILAND — 0.2%
Central Pattana PCL		1,639,300		2,305,921

UNITED KINGDOM — 5.5%
Big Yellow Group PLC		157,256		1,120,505
British Land Co. PLC		1,188,240		11,112,456
Capital & Counties Properties PLC		785,841		4,263,177
Derwent London PLC		101,649		3,899,618
Grainger PLC		505,971		1,432,257
Hammerson PLC		847,954		6,879,612
Intu Properties PLC		811,909		4,221,838
Land Securities Group PLC		929,436		13,832,125
Segro PLC		881,226		4,423,875
Shaftesbury PLC		305,581		2,919,660
Workspace Group PLC		128,216		942,653

				55,047,776

UNITED STATES — 51.9%
Acadia Realty Trust		67,046		1,654,695
Alexandria Real Estate Equities, Inc.		85,641		5,468,178
American Campus Communities, Inc.		124,513		4,252,119
American Homes 4 Rent (Class A) (c)		53,900		870,485
Apartment Investment & Management Co. (Class A)		173,457		4,846,389
Ashford Hospitality Trust, Inc.		87,880		1,084,439
Associated Estates Realty Corp. (a)		61,222		912,820
AvalonBay Communities, Inc.		144,977		18,425,127
BioMed Realty Trust, Inc.		226,391		4,208,609
Boston Properties, Inc.		181,589		19,411,864
Brandywine Realty Trust		185,540		2,445,417
BRE Properties, Inc.		91,689		4,654,134
Camden Property Trust		101,403		6,230,200
CBL & Associates Properties, Inc.		202,468		3,867,139
Cedar Realty Trust, Inc.		70,412		364,734
Colonial Properties Trust		96,691		2,174,581
CommonWealth REIT		132,036		2,892,909
Corporate Office Properties Trust		104,208		2,407,205
Cousins Properties, Inc.		204,359		2,102,854
CubeSmart		151,740		2,707,042
DCT Industrial Trust, Inc.		381,624		2,743,877
DDR Corp. (a)		307,746		4,834,690
DiamondRock Hospitality Co.		237,528		2,534,424
Digital Realty Trust, Inc. (a)		152,845		8,116,069
Douglas Emmett, Inc.		154,071		3,616,046
Duke Realty Corp.		390,934		6,036,021
DuPont Fabros Technology, Inc. (a)		78,258		2,016,709
EastGroup Properties, Inc. (a)		36,733		2,174,961
Education Realty Trust, Inc.		141,478		1,287,450
Equity Lifestyle Properties, Inc.		95,112		3,249,977
Equity One, Inc.		75,285		1,645,730
Equity Residential		399,125		21,381,126
Essex Property Trust, Inc.		45,283		6,688,299
Extra Space Storage, Inc.		125,918		5,760,748
Federal Realty Investment Trust		78,205		7,933,897
FelCor Lodging Trust, Inc. (a)(c)		140,407		864,907
First Industrial Realty Trust, Inc.		118,849		1,933,673
First Potomac Realty Trust (a)		69,684		875,928
Forest City Enterprises, Inc. (Class A) (c)		187,192		3,545,416
Franklin Street Properties Corp. (a)		108,192		1,378,366
General Growth Properties, Inc.		657,240		12,678,160
Glimcher Realty Trust		175,631		1,712,402
HCP, Inc.		542,549		22,217,382
Health Care REIT, Inc.		341,782		21,320,361
Healthcare Realty Trust, Inc.		116,121		2,683,556
Hersha Hospitality Trust		219,815		1,228,766
Highwoods Properties, Inc.		106,609		3,764,364
Home Properties, Inc. (a)		68,189		3,937,915
Hospitality Properties Trust		166,036		4,698,819
Host Hotels & Resorts, Inc.		893,676		15,791,255
Inland Real Estate Corp.		105,305		1,077,270
Kilroy Realty Corp.		96,399		4,815,130
Kimco Realty Corp.		487,829		9,844,389

See accompanying notes to financial statements.

260

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

September 30, 2013


Security Description	Shares		Value

Kite Realty Group Trust (a)		107,445	$	637,149
LaSalle Hotel Properties		116,063		3,310,117
Liberty Property Trust		171,836		6,117,362
LTC Properties, Inc.		41,617		1,580,614
Mack-Cali Realty Corp. (a)		101,485		2,226,581
Mid-America Apartment Communities, Inc.		50,652		3,165,750
Parkway Properties, Inc.		51,460		914,444
Pebblebrook Hotel Trust (a)		74,678		2,144,005
Pennsylvania Real Estate Investment Trust		81,142		1,517,355
Piedmont Office Realty Trust, Inc. (Class A)		198,771		3,450,665
Post Properties, Inc.		66,348		2,986,987
ProLogis		594,391		22,360,989
PS Business Parks, Inc.		21,907		1,634,700
Public Storage		172,299		27,662,604
Ramco-Gershenson Properties Trust		73,529		1,133,082
Regency Centers Corp.		109,670		5,302,545
Rouse Properties, Inc. (a)		29,502		607,151
Saul Centers, Inc.		16,242		751,193
Senior Housing Properties Trust		223,582		5,218,404
Simon Property Group, Inc.		370,189		54,873,115
SL Green Realty Corp.		109,492		9,727,269
Sovran Self Storage, Inc.		38,283		2,897,257
Sun Communities, Inc. (a)		40,185		1,712,685
Sunstone Hotel Investors, Inc.		192,836		2,456,731
Tanger Factory Outlet Centers, Inc.		112,085		3,659,575
Taubman Centers, Inc.		75,881		5,107,550
The Macerich Co.		168,132		9,489,370
UDR, Inc.		298,391		7,071,867
Universal Health Realty Income Trust		16,115		674,735
Ventas, Inc.		349,563		21,498,124
Vornado Realty Trust		207,201		17,417,316
Washington Real Estate Investment Trust (a)		80,801		2,041,841
Weingarten Realty Investors (a)		133,212		3,907,108

				520,625,263

TOTAL COMMON STOCKS —
(Cost $934,797,600)				1,000,186,198

SHORT TERM INVESTMENTS — 4.5%
UNITED STATES — 4.5%
MONEY MARKET FUNDS — 4.5%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		36,032,319		36,032,319
State Street Institutional Liquid Reserves Fund 0.06% (h)(i)		8,826,471		8,826,471

TOTAL SHORT TERM INVESTMENTS —
(Cost $44,858,790)				44,858,790

TOTAL INVESTMENTS — 104.2%
(Cost $979,656,390)				1,045,044,988
OTHER ASSETS & LIABILITIES — (4.2)%				(41,667,598	)

NET ASSETS — 100.0%			$	1,003,377,390


(a)		A portion of the security was on loan at September 30, 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.

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

261

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

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 1.8%
Aristocrat Leisure, Ltd. (a)		12,952	$	55,952
Crown, Ltd.		11,725		170,482
Fairfax Media, Ltd. (a)		55,225		27,626
Tatts Group, Ltd.		33,492		97,082

				351,142

BELGIUM — 0.3%
S.A. D’Ieteren NV		1,152		53,503

CANADA — 4.6%
Canadian Tire Corp., Ltd. (Class A)		1,583		140,497
Gildan Activewear, Inc.		1,922		89,378
Magna International, Inc. (Class A)		2,849		235,453
Shaw Communications, Inc. (Class B) (a)		5,243		122,009
Thomson Reuters Corp. (a)		5,244		183,762
Tim Hortons, Inc.		1,759		102,231

				873,330

FINLAND — 0.5%
Nokian Renkaat Oyj (a)		1,406		71,447
Sanoma Oyj		3,575		29,859

				101,306

FRANCE — 9.7%
Accor SA		2,066		85,969
Christian Dior SA		474		93,004
Compagnie Generale des Etablissements Michelin		2,095		232,459
Groupe Fnac (b)		99		2,644
Havas SA		8,616		67,389
Hermes International		245		88,251
Kering		887		198,894
Lagardere SCA		1,633		53,063
LVMH Moet Hennessy Louis Vuitton SA		2,314		456,070
Peugeot SA (a)(b)		3,418		56,215
Publicis Groupe SA		1,319		105,021
Renault SA		1,983		158,185
Sodexo		1,476		137,801
Valeo SA		1,186		101,335

				1,836,300

GERMANY — 10.7%
Adidas AG		2,322		252,020
Bayerische Motoren Werke AG		3,297		354,673
Continental AG		677		114,828
Daimler AG		8,426		657,206
Kabel Deutschland Holding AG (a)		381		48,480
Porsche Automobil Holding SE Preference Shares		972		84,997
ProSiebenSat.1 Media AG		1,455		61,844
TUI AG (a)(b)		3,433		43,887
Volkswagen AG		464		105,300
Volkswagen AG Preference Shares		1,296		305,692

				2,028,927

HONG KONG — 3.8%
Esprit Holdings, Ltd.		16,182		25,916
Galaxy Entertainment Group, Ltd. (b)		16,000		112,235
Giordano International, Ltd. (a)		100,000		91,165
Li & Fung, Ltd. (a)		78,000		113,452
Sands China, Ltd.		30,400		187,963
Shangri-La Asia, Ltd.		20,500		33,941
SJM Holdings, Ltd.		30,000		84,331
Wynn Macau, Ltd. (a)		19,600		66,849

				715,852

ITALY — 1.4%
Fiat SpA (b)		9,115		72,674
Gtech Spa		3,015		86,278
Mediaset SpA (b)		10,310		41,868
Pirelli & C. SpA (a)		4,404		57,379

				258,199

JAPAN — 34.2%
Aisin Seiki Co., Ltd.		2,900		123,684
Aoyama Trading Co., Ltd.		5,000		136,357
Asics Corp.		1,000		17,243
Benesse Holdings, Inc.		2,000		72,764
Bookoff Corp.		1,900		13,012
Bridgestone Corp.		7,900		287,822
Can Do Co., Ltd.		1,000		17,508
Casio Computer Co., Ltd.		4,900		45,342
Denso Corp.		3,900		182,033
Dentsu, Inc.		3,900		148,250
Fast Retailing Co., Ltd.		988		371,035
Fuji Corp., Ltd.		3,900		28,020
Fuji Heavy Industries, Ltd.		10,000		276,178
GLOBERIDE, Inc.		10,000		14,675
Gunze, Ltd.		19,000		51,699
Haseko Corp. (b)		2,100		15,045
Honda Motor Co., Ltd.		13,600		517,666
Isetan Mitsukoshi Holdings, Ltd.		6,600		97,798
Isuzu Motors, Ltd.		20,000		131,669
Kappa Create Holdings Co., Ltd.		500		9,580
Kyoritsu Maintenance Co., Ltd.		600		24,611
Mazda Motor Corp. (b)		23,000		102,431
Mitsubishi Motors Corp. (b)		3,900		43,084
Namco Bandai Holdings, Inc.		4,900		91,633
Nikon Corp.		4,900		85,541
Nissan Motor Co., Ltd.		19,200		192,538
Nitori Holding Co., Ltd.		50		4,586
Oriental Land Co., Ltd.		600		99,180
Panasonic Corp.		17,000		164,240
PARIS MIKI HOLDINGS, Inc.		5,000		24,510
Pioneer Corp. (b)		4,000		6,889
Rakuten, Inc.		7,900		119,557
Resorttrust, Inc.		5,000		179,363
Ringer Hut Co., Ltd.		1,600		22,958
Sanrio Co., Ltd.		600		36,871
Sanyo Housing Nagoya Co., Ltd.		2,100		24,076
Sega Sammy Holdings, Inc.		900		25,948
Sekisui Chemical Co., Ltd.		10,000		101,707
Sekisui House, Ltd.		10,000		134,318
Sharp Corp. (b)		10,000		36,688
Shimano, Inc.		2,000		178,752
Sony Corp.		8,900		190,290
Stanley Electric Co., Ltd.		3,000		63,745
Suminoe Textile Co., Ltd.		9,000		23,113
Sumitomo Forestry Co., Ltd.		8,600		93,252
Suzuki Motor Corp.		4,600		110,259

See accompanying notes to financial statements.

262

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

September 30, 2013


Security Description	Shares		Value

Tact Home Co., Ltd.		10	$	22,115
Touei Housing Corp.		1,900		44,671
Toyota Industries Corp.		2,600		112,082
Toyota Motor Corp.		23,600		1,507,995
Yamada Denki Co., Ltd.		12,600		37,238
Yamaha Motor Co., Ltd.		2,000		29,228

				6,490,849

LUXEMBOURG — 0.5%
SES		3,575		102,351

NETHERLANDS — 1.9%
Reed Elsevier NV		10,222		205,687
Wolters Kluwer NV		5,719		147,515

				353,202

NORWAY — 0.6%
Schibsted ASA		2,211		113,964

SINGAPORE — 0.9%
Genting Singapore PLC (a)		60,000		68,619
Singapore Press Holdings, Ltd. (a)		30,000		98,267

				166,886

SOUTH KOREA — 5.5%
Cheil Communications, Inc. (b)		1,330		30,692
Coway Co., Ltd.		434		24,029
Credu Corp.		266		12,970
Fila Korea, Ltd.		154		10,031
Gwangju Shinsegae Co., Ltd.		49		12,174
Hanil E-Wha Co., Ltd.		1,540		26,152
Hankook Tire Co., Ltd.		1,126		64,332
Hotel Shilla Co., Ltd.		240		14,404
Hyundai Department Store Co., Ltd.		82		12,285
Hyundai Engineering Plastics Co., Ltd.		2,150		15,285
Hyundai Mobis		602		160,208
Hyundai Motor Co.		1,692		395,182
Hyundai Wia Corp.		88		13,880
Kia Motors Corp.		2,449		148,807
LG Electronics, Inc. (a)		726		48,099
Lotte Shopping Co., Ltd.		97		34,344
Mando Corp.		75		8,898
Woongjin Chemical Co., Ltd. (b)		1,652		15,680

				1,047,452

SPAIN — 1.7%
Industria de Diseno Textil SA		1,947		300,190
NH Hoteles SA (b)		5,220		26,957

				327,147

SWEDEN — 2.6%
Electrolux AB		4,855		126,154
Hennes & Mauritz AB (Class B)		8,391		364,610

				490,764

SWITZERLAND — 3.9%
Cie Financiere Richemont SA		4,596		460,490
The Swatch Group AG		434		279,334

				739,824

UNITED KINGDOM — 14.2%
British Sky Broadcasting Group PLC		13,273		187,000
Burberry Group PLC		5,280		139,714
Carnival PLC		2,656		90,066
Compass Group PLC		20,250		278,739
GKN PLC		18,358		101,673
Home Retail Group PLC		14,653		39,889
Informa PLC		10,122		86,056
ITV PLC		43,204		122,648
Kingfisher PLC		35,462		221,611
Marks & Spencer Group PLC		19,020		152,958
Next PLC		3,210		268,231
Ocado Group PLC (b)		3,378		21,662
Pearson PLC		11,313		230,286
Reed Elsevier PLC		13,877		187,195
Thomas Cook Group PLC (b)		8,757		21,754
Tui Travel PLC		15,659		93,242
Whitbread PLC		3,617		173,612
WPP PLC		13,817		284,165

				2,700,501

UNITED STATES — 0.7%
Lululemon Athletica, Inc. (a)(b)		1,842		134,632

TOTAL COMMON STOCKS —
(Cost $16,292,016)				18,886,131

SHORT TERM INVESTMENTS — 3.3%
UNITED STATES — 3.3%
MONEY MARKET FUNDS — 3.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		586,985		586,985
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		27,262		27,262

TOTAL SHORT TERM INVESTMENTS —
(Cost $614,247)				614,247

TOTAL INVESTMENTS — 102.8%
(Cost $16,906,263)				19,500,378
OTHER ASSETS & LIABILITIES — (2.8)%				(524,435	)

NET ASSETS — 100.0%			$	18,975,943

PLC = Public Limited Company

SCA = Societe en Commandite par Actions

See accompanying notes to financial statements.

263

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

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.0%
AUSTRALIA — 6.5%
Coca-Cola Amatil, Ltd.		15,864	$	181,860
Treasury Wine Estates, Ltd.		20,090		83,030
Wesfarmers, Ltd.		29,348		1,128,683
Woolworths, Ltd.		31,393		1,027,391

				2,420,964

BELGIUM — 5.4%
Anheuser-Busch InBev NV		18,358		1,828,486
Delhaize Group		2,967		187,119

				2,015,605

CANADA — 2.3%
Alimentation Couche-Tard, Inc. (Class B)		2,233		139,511
Loblaw Cos., Ltd.		6,509		288,184
Shoppers Drug Mart Corp. (a)		6,537		377,250
SunOpta, Inc. (a)(b)		3,077		29,908

				834,853

DENMARK — 1.0%
Carlsberg A/S (Class B)		3,540		364,945

FINLAND — 0.4%
Kesko Oyj (Class B)		4,440		133,306

FRANCE — 9.2%
Carrefour SA		13,913		477,896
Casino Guichard-Perrachon SA		2,328		240,034
Danone		14,419		1,085,998
L’Oreal SA		5,637		968,696
Pernod Ricard SA		5,075		630,577

				3,403,201

GERMANY — 2.6%
Beiersdorf AG		3,629		322,450
Henkel AG & Co. KGaA		244		21,624
Henkel AG & Co. KGaA Preference Shares		6,093		628,234

				972,308

HONG KONG — 0.6%
Pacific Andes International Holdings, Ltd.		1,358,346		63,931
Vitasoy International Holdings, Ltd.		114,000		143,912

				207,843

IRELAND — 0.6%
Kerry Group PLC (Class A)		3,400		206,901

JAPAN — 14.7%
Aeon Co., Ltd.		20,805		286,446
Ajinomoto Co., Inc.		18,728		246,208
Asahi Breweries, Ltd.		16,982		446,334
Calbee, Inc.		2,000		58,008
Euglena Co. Ltd. (b)		500		8,290
FamilyMart Co., Ltd.		1,800		77,870
Fuji Oil Co., Ltd.		1,400		24,326
Fujicco Co., Ltd.		4,000		49,366
Hokuto Corp.		1,500		27,195
Japan Tobacco, Inc.		24,278		873,389
Kao Corp.		16,808		524,153
Kewpie Corp.		3,700		58,785
KEY Coffee, Inc.		3,300		52,565
Kikkoman Corp.		4,000		73,172
Kirin Holdings Co., Ltd.		18,675		271,965
Lawson, Inc.		3,724		291,848
Lion Corp.		18,000		109,697
MEIJI Holdings Co., Ltd.		1,800		98,507
Nichirei Corp.		33,388		181,699
Nippon Meat Packers, Inc.		3,000		42,955
Oenon Holdings, Inc.		37,351		95,162
Pigeon Corp.		500		24,560
Seven & I Holdings Co., Ltd.		18,675		681,340
Shiseido Co., Ltd.		15,193		273,126
Suntory Beverage & Food Ltd. (b)		200		6,757
Takara Holdings, Inc.		2,000		18,242
Toyo Suisan Kaisha, Ltd.		2,000		58,660
Unicharm Corp.		3,700		216,061
UNY Group Holdings Co., Ltd.		15,000		96,764
Yakult Honsha Co., Ltd.		2,768		138,647
Yamazaki Baking Co., Ltd.		3,000		32,408

				5,444,505

LUXEMBOURG — 0.1%
Oriflame Cosmetics SA SDR (a)		1,127		35,829

NETHERLANDS — 7.2%
Heineken NV		6,247		443,023
Koninklijke Ahold NV		31,710		549,645
Unilever NV		42,582		1,657,472

				2,650,140

NORWAY — 0.3%
Marine Harvest		113,502		121,159

SINGAPORE — 1.0%
Golden Agri-Resources, Ltd. (a)		247,075		102,394
Olam International, Ltd. (a)		58,590		71,443
Wilmar International, Ltd. (a)		76,000		192,006

				365,843

SOUTH KOREA — 2.2%
Able C&C Co., Ltd.		248		9,634
Amorepacific Corp.		41		34,527
AMOREPACIFIC Group		37		13,548
Binggrae Co., Ltd.		180		16,146
CJ CheilJedang Corp.		141		36,277
Crown Confectionery Co., Ltd.		100		22,798
Dae Han Flour Mills Co., Ltd.		180		25,543
Daesang Corp.		880		27,431
Dongsuh Co., Inc.		1,061		27,841
Dongwon Industries Co., Ltd.		72		18,893
E-Mart Co., Ltd.		378		85,120
KT&G Corp.		2,611		187,077
LG Household & Health Care, Ltd.		194		98,383
Lotte Confectionery Co., Ltd.		16		25,384
Lotte Samkang Co., Ltd.		49		30,686
Maeil Dairy Industry Co., Ltd.		658		23,297
Namyang Dairy Products Co., Ltd.		18		14,790
NongShim Co., Ltd.		68		16,230
ORION Corp.		77		68,282
Ottogi Corp.		85		29,621

See accompanying notes to financial statements.

264

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

September 30, 2013


Security Description	Shares		Value

Sajo Industries Co., Ltd. (b)		360	$	11,624

				823,132

SPAIN — 0.6%
Ebro Puleva SA		9,843		222,511

SWEDEN — 1.1%
Svenska Cellulosa AB		794		20,100
Svenska Cellulosa AB (Class B)		6,455		162,805
Swedish Match AB		6,028		212,849

				395,754

SWITZERLAND — 15.2%
Coca-Cola HBC AG (b)		2,227		66,718
Lindt & Spruengli AG		76		311,901
Nestle SA		74,917		5,240,255

				5,618,874

UNITED KINGDOM — 28.0%
British American Tobacco PLC		43,981		2,333,615
Diageo PLC		59,313		1,887,410
Imperial Tobacco Group PLC		23,060		854,042
J Sainsbury PLC		41,515		263,203
Reckitt Benckiser Group PLC		16,123		1,180,153
SABMiller PLC		20,172		1,026,872
Tate & Lyle PLC		18,083		215,674
Tesco PLC		185,734		1,079,791
Unilever PLC		30,852		1,219,066
William Morrison Supermarkets PLC		63,079		286,020

				10,345,846

TOTAL COMMON STOCKS —
(Cost $32,802,032)				36,583,519

SHORT TERM INVESTMENTS — 1.7%
UNITED STATES — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		431,089		431,089
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		201,536		201,536

TOTAL SHORT TERM INVESTMENTS —
(Cost $632,625)				632,625

TOTAL INVESTMENTS — 100.7%
(Cost $33,434,657)				37,216,144
OTHER ASSETS & LIABILITIES — (0.7)%				(274,645	)

NET ASSETS — 100.0%			$	36,941,499

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

265

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AUSTRALIA — 5.5%
Aurora Oil & Gas, Ltd. (a)		2,951	$	9,216
Karoon Gas Australia, Ltd. (a)		1,552		7,459
Linc Energy, Ltd. (a)(b)		4,843		6,566
Origin Energy, Ltd.		11,143		146,912
Paladin Energy, Ltd. (a)(b)		8,689		3,941
Santos, Ltd.		13,031		183,744
Whitehaven Coal, Ltd. (a)(b)		3,661		6,881
Woodside Petroleum, Ltd.		6,658		238,501
WorleyParsons, Ltd.		3,589		81,615

				684,835

AUSTRIA — 0.7%
OMV AG		1,777		87,798

BERMUDA — 1.1%
Seadrill, Ltd.		2,997		134,446

CANADA — 27.9%
ARC Resources, Ltd. (b)		2,663		68,058
Athabasca Oil Corp. (a)		5,296		40,445
Baytex Energy Corp. (b)		1,082		44,747
Bonavista Energy Corp. (b)		3,094		38,920
Cameco Corp. (b)		5,263		95,132
Canadian Natural Resources, Ltd.		10,705		337,115
Canadian Oil Sands, Ltd. (b)		4,433		86,081
Cenovus Energy, Inc. (b)		7,693		230,064
Crescent Point Energy Corp. (b)		3,224		122,323
Enbridge, Inc.		8,081		338,209
EnCana Corp. (b)		9,193		159,194
Enerplus Corp. (b)		2,925		48,518
Gran Tierra Energy, Inc. (a)		2,178		15,489
Husky Energy, Inc.		3,316		95,554
Imperial Oil, Ltd.		2,370		104,285
Keyera Corp. (b)		556		31,665
Lightstream Resources, Ltd. (b)		1,506		10,871
MEG Energy Corp. (a)		1,180		40,799
Niko Resources, Ltd. (a)(b)		989		3,637
Pacific Rubiales Energy Corp.		2,802		55,446
Paramount Resources, Ltd. (Class A) (a)		334		11,688
Pembina Pipeline Corp. (b)		2,671		88,713
Pengrowth Energy Corp. (b)		4,675		27,561
Penn West Petroleum, Ltd. (b)		3,510		39,066
Petrominerales, Ltd. (b)		2,003		22,799
Peyto Exploration & Development Corp. (b)		1,224		36,247
Precision Drilling Corp. (b)		5,345		53,143
ShawCor, Ltd. (Class A)		556		23,497
Suncor Energy, Inc.		15,491		555,048
Talisman Energy, Inc. (b)		10,032		115,360
Tourmaline Oil Corp. (a)		1,180		48,043
TransCanada Corp. (b)		7,735		340,509
Trican Well Service, Ltd. (b)		2,561		34,906
Trilogy Energy Corp. (b)		445		12,698
Uranium One, Inc. (a)		5,549		15,385
Vermilion Energy, Inc. (b)		1,819		100,196

				3,491,411

FINLAND — 0.2%
Neste Oil Oyj		1,429		31,627

FRANCE — 11.9%
Bourbon SA (b)		1,064		27,812
CGG (a)		2,345		54,074
Technip SA		1,116		131,112
Total SA		22,049		1,280,272

				1,493,270

ITALY — 5.1%
ENI SpA		24,928		571,958
Saipem SpA		2,695		58,588
Saras SpA (a)		10,972		13,738

				644,284

JAPAN — 2.8%
Cosmo Oil Co., Ltd. (a)		4,000		7,501
Idemitsu Kosan Co., Ltd.		300		25,987
Inpex Corp.		8,800		103,851
Japan Petroleum Exploration Co.		200		8,601
JX Holdings, Inc.		31,197		161,827
Showa Shell Sekiyu K.K.		1,700		19,023
TonenGeneral Sekiyu K.K.		3,000		27,730

				354,520

LUXEMBOURG — 1.4%
Subsea 7 SA		2,887		60,003
Tenaris SA		4,668		109,569

				169,572

NETHERLANDS — 0.8%
Fugro NV		535		32,654
SBM Offshore NV (a)		3,712		73,588

				106,242

NORWAY — 2.9%
Aker Solutions ASA		3,279		46,043
DNO International ASA (a)		6,030		13,395
Golar LNG, Ltd.		289		10,887
Kvaerner ASA		5,505		9,071
Petroleum Geo-Services ASA		2,997		37,025
StatoilHydro ASA		10,226		232,090
TGS Nopec Geophysical Co. ASA		594		17,481

				365,992

PAPUA NEW GUINEA — 1.0%
Oil Search, Ltd.		15,395		123,798

PORTUGAL — 0.3%
Galp Energia SGPS SA (Class B)		2,450		40,776

SINGAPORE — 0.1%
Ezion Holdings, Ltd.		7,000		12,273

SOUTH KOREA — 1.1%
GS Holdings		473		24,823
Hankook Shell Oil Co., Ltd.		39		15,006
S-Oil Corp.		381		27,618
SK Innovation Co., Ltd.		504		68,471

				135,918

SPAIN — 1.7%
Repsol YPF SA		8,823		218,860

SWEDEN — 0.3%
Lundin Petroleum AB (a)		1,783		38,474

See accompanying notes to financial statements.

266

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

September 30, 2013


Security Description	Shares		Value

UNITED KINGDOM — 34.4%
Afren PLC (a)		10,039	$	22,484
AMEC PLC		5,166		89,849
BG Group PLC		32,188		615,338
BP PLC		178,223		1,249,988
Cairn Energy PLC (a)		7,495		31,836
John Wood Group PLC		1,500		19,481
Ophir Energy PLC (a)		3,989		21,563
Petrofac, Ltd.		1,366		31,080
Premier Oil PLC		5,737		30,240
Royal Dutch Shell PLC (Class A)		35,611		1,176,436
Royal Dutch Shell PLC (Class B)		24,726		854,681
Tullow Oil PLC		9,843		163,223

				4,306,199

TOTAL COMMON STOCKS —
(Cost $13,993,846)				12,440,295

SHORT TERM INVESTMENTS — 7.8%
UNITED STATES — 7.8%
MONEY MARKET FUNDS — 7.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		848,710		848,710
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		125,388		125,388

TOTAL SHORT TERM INVESTMENTS —
(Cost $974,098)				974,098

TOTAL INVESTMENTS — 107.0%
(Cost $14,967,944)				13,414,393
OTHER ASSETS & LIABILITIES — (7.0)%				(879,595	)

NET ASSETS — 100.0%			$	12,534,798

PLC = Public Limited Company

See accompanying notes to financial statements.

267

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 98.4%
AUSTRALIA — 12.4%
AMP, Ltd.		4,109	$	17,712
ASX, Ltd.		549		17,726
Australia & New Zealand Banking Group, Ltd.		4,831		139,040
Commonwealth Bank of Australia		2,518		167,661
Macquarie Group, Ltd.		1,073		48,068
National Australia Bank, Ltd.		3,704		118,865
QBE Insurance Group, Ltd.		2,582		35,418
Stockland		11,677		42,255
Westfield Group		5,686		58,537
Westfield Retail Trust		3,764		10,453
Westpac Banking Corp.		5,102		156,142

				811,877

AUSTRIA — 0.7%
Erste Group Bank AG		744		23,526
Sparkassen Immobilien AG (a)		3,293		20,639

				44,165

BELGIUM — 0.5%
Ageas		532		21,561
Dexia SA (a)		4,264		288
Groupe Bruxelles Lambert SA		162		13,787

				35,636

BERMUDA — 0.6%
Lancashire Holdings, Ltd.		3,136		39,002

CANADA — 12.3%
Bank of Montreal (b)		1,252		83,739
Bank of Nova Scotia		1,863		106,933
Brookfield Asset Management, Inc. (Class A)		1,757		65,877
Canadian Imperial Bank of Commerce (b)		578		46,143
IGM Financial, Inc. (b)		894		41,799
Manulife Financial Corp. (b)		3,537		58,635
National Bank of Canada		590		48,829
Power Corp. of Canada (b)		589		16,675
Royal Bank of Canada (b)		2,460		157,953
Sun Life Financial, Inc. (b)		1,550		49,611
The Toronto-Dominion Bank (b)		1,394		125,770

				801,964

DENMARK — 1.1%
Danske Bank A/S (a)		2,120		45,673
Sydbank A/S (a)		888		23,177

				68,850

FINLAND — 1.2%
Pohjola Bank PLC		2,566		42,654
Technopolis Oyj		5,517		36,444

				79,098

FRANCE — 5.3%
AXA SA		3,644		84,473
BNP Paribas		2,148		145,382
Credit Agricole SA (a)		2,056		22,685
Societe Generale		1,011		50,403
Unibail-Rodamco SE		183		45,432

				348,375

GERMANY — 5.5%
Allianz SE		926		145,655
Commerzbank AG (a)		570		6,566
Deutsche Bank AG		1,639		75,300
Deutsche Beteiligungs AG		1,245		32,273
Deutsche Boerse AG		192		14,453
Muenchener Rueckversicherungs- Gesellschaft AG		433		84,667

				358,914

HONG KONG — 6.1%
AIA Group, Ltd.		8,200		38,541
Bank of East Asia, Ltd.		10,203		43,219
Cheung Kong Holdings, Ltd.		5,967		90,869
Hang Lung Properties, Ltd.		6,922		23,564
Hong Kong Exchanges and Clearing, Ltd. (b)		2,061		33,034
New World Development Co., Ltd. (b)		17,601		26,463
Sun Hung Kai Properties, Ltd.		5,291		71,978
The Link REIT		3,533		17,334
Wharf Holdings, Ltd.		5,933		51,411

				396,413

ITALY — 2.4%
Assicurazioni Generali SpA		2,487		49,656
Banca Monte dei Paschi di Siena SpA (a)(b)		15,981		4,435
Banca Popolare dell’Etruria e del Lazio (a)		970		796
Banco Popolare Societa Cooperativa (a)		5,138		7,651
Intesa Sanpaolo SpA		14,436		29,800
UBI Banca ScPA		2,453		12,412
UniCredit SpA		8,472		54,038

				158,788

JAPAN — 15.8%
Chuo Mitsui Trust Holdings, Inc.		10,933		54,038
Daiwa Securities Group, Inc.		5,900		52,912
Mitsubishi Estate Co., Ltd.		5,000		147,567
Mitsubishi UFJ Financial Group, Inc.		21,449		137,055
Mizuho Financial Group, Inc.		30,925		67,129
MS&AD Insurance Group Holdings, Inc.		1,286		33,550
NKSJ Holdings, Inc.		1,100		28,261
Nomura Holdings, Inc.		8,396		65,457
ORIX Corp.		2,900		47,139
Resona Holdings, Inc.		3,156		16,146
Sumitomo Mitsui Financial Group, Inc.		2,469		119,392
T&D Holdings, Inc.		2,500		30,930
The Bank of Yokohama, Ltd.		4,000		22,869
The Dai-ichi Life Insurance Co., Ltd.		1,700		24,255
The Shizuoka Bank, Ltd.		6,000		68,239
Tokai Tokyo Financial Holdings, Inc.		6,522		54,436
Tokio Marine Holdings, Inc.		1,879		61,373

				1,030,748

NETHERLANDS — 1.4%
Aegon NV		3,505		25,953
ING Groep NV (a)		5,969		67,475

				93,428

NEW ZEALAND — 0.7%
Precinct Properties		51,464		42,436

See accompanying notes to financial statements.

268

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

September 30, 2013


Security Description	Shares		Value

NORWAY — 0.4%
SpareBank 1 SR Bank ASA		3,088	$	24,491

PORTUGAL — 0.0% (c)
BANIF — Banco Internacional do Funchal SA (a)		8,326		113

SINGAPORE — 2.5%
CapitaLand, Ltd. (b)		6,922		17,046
Hong Leong Finance, Ltd.		11,867		24,685
Oversea-Chinese Banking Corp., Ltd.		4,366		35,840
United Overseas Bank, Ltd.		5,355		88,215

				165,786

SOUTH KOREA — 0.8%
KB Financial Group, Inc. ADR		575		20,137
Shinhan Financial Group Co., Ltd. ADR		715		28,957

				49,094

SPAIN — 4.3%
Banco Bilbao Vizcaya Argentaria SA		8,873		99,210
Banco de Sabadell SA (b)		9,047		22,791
Banco Popular Espanol SA (a)		2,911		15,640
Banco Santander SA		15,859		129,406
Bolsas y Mercados Espanoles (b)		350		11,113

				278,160

SWEDEN — 3.5%
Investor AB		917		27,839
Kinnevik Investment AB (Class B)		538		18,637
Nordea Bank AB		6,037		72,841
Skandinaviska Enskilda Banken AB (Class A)		4,740		50,255
Svenska Handelsbanken AB (Class A)		1,333		57,051

				226,623

SWITZERLAND — 6.0%
Credit Suisse Group AG (a)		2,214		67,626
GAM Holding AG (a)		733		13,254
Julius Baer Group, Ltd. (a)		662		30,895
Swiss Re AG (a)		929		76,847
UBS AG (a)		6,035		123,470
Valiant Holding AG		42		4,131
Zurich Insurance Group AG (a)		303		78,041

				394,264

UNITED KINGDOM — 14.9%
Aviva PLC		6,281		40,360
Barclays PLC		19,409		83,449
British Land Co. PLC		3,379		31,601
HSBC Holdings PLC		28,604		310,075
Land Securities Group PLC		3,002		44,677
Lloyds Banking Group PLC (a)		67,689		80,655
Man Group PLC		5,024		6,826
Old Mutual PLC		8,243		25,042
Provident Financial PLC		1,873		50,411
Prudential PLC		5,898		109,934
Resolution, Ltd.		3,233		16,638
Royal Bank of Scotland Group PLC (a)		3,547		20,673
RSA Insurance Group PLC		16,935		33,156
Standard Chartered PLC		3,059		73,365
Standard Life PLC		8,514		47,622

				974,484

TOTAL COMMON STOCKS —
(Cost $6,915,012)				6,422,709

RIGHTS — 0.2%
HONG KONG — 0.0% (c)
New Hotel (expiring 12/31/13) (a)		295		0

SPAIN — 0.1%
Banco Bilbao Vizcaya Argentaria SA (expiring 10/14/13) (a)(b)		8,873		1,213
Banco de Sabadell SA (expired 9/27/13) (a)(b)		9,047		1,864

				3,077

UNITED KINGDOM — 0.1%
Barclays PLC (expiring 10/2/13) (a)		4,852		6,345

TOTAL RIGHTS —
(Cost $1,190)				9,422

SHORT TERM INVESTMENTS — 5.3%
UNITED STATES — 5.3%
MONEY MARKET FUNDS — 5.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		319,909		319,909
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		28,813		28,813

TOTAL SHORT TERM INVESTMENTS —
(Cost $348,722)				348,722

TOTAL INVESTMENTS — 103.9%
(Cost $7,264,924)				6,780,853
OTHER ASSETS & LIABILITIES — (3.9)%				(253,095	)

NET ASSETS — 100.0%			$	6,527,758


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

269

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

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 4.2%
Ansell, Ltd. (a)		5,655	$	110,407
Cochlear, Ltd.		3,139		177,516
CSL, Ltd.		23,900		1,430,252
Mesoblast, Ltd. (a)(b)		7,643		40,736
Primary Health Care, Ltd. (a)		19,766		89,084
Ramsay Health Care, Ltd.		9,232		312,578
Sonic Healthcare, Ltd.		24,715		374,147

				2,534,720

BELGIUM — 0.8%
ThromboGenics NV (a)(b)		2,671		69,365
UCB SA		6,292		383,188

				452,553

CANADA — 3.4%
Catamaran Corp. (b)		10,315		474,857
CML HealthCare, Inc. (a)		4,366		45,618
Valeant Pharmaceuticals International, Inc. (b)		14,615		1,527,047

				2,047,522

DENMARK — 6.7%
Coloplast A/S (Class B)		7,000		398,809
Genmab A/S (b)		1,445		59,272
GN Store Nord A/S		9,533		200,708
H. Lundbeck A/S (a)		7,613		166,087
Novo Nordisk A/S (Class B)		15,071		2,560,318
Novozymes A/S (Class B)		13,069		500,259
William Demant Holding (b)		1,902		175,886

				4,061,339

FINLAND — 0.4%
Orion Oyj (Class A)		2,070		52,287
Orion Oyj (Class B)		6,607		166,529

				218,816

FRANCE — 9.4%
bioMerieux		1,067		103,415
Essilor International SA		10,776		1,159,662
Orpea		1,410		71,069
Sanofi		42,638		4,327,040
Virbac SA		223		45,280

				5,706,466

GERMANY — 10.2%
Bayer AG		28,524		3,365,381
Celesio AG		5,635		126,927
Fresenius Medical Care AG & Co. KGaA		10,410		677,660
Fresenius SE		6,509		809,018
Gerresheimer AG		3,229		193,545
Merck KGaA		4,008		625,824
Rhoen-Klinikum AG		6,077		156,255
Stada Arzneimittel AG		4,750		241,023

				6,195,633

IRELAND — 0.7%
Elan Corp. PLC (b)		25,115		391,135
UDG Healthcare PLC (c)		6,474		33,549
UDG Healthcare PLC (c)		1,040		5,389

				430,073

ISRAEL — 3.1%
Teva Pharmaceutical Industries, Ltd.		50,573		1,903,300

ITALY — 0.3%
DiaSorin SpA		1,294		55,789
Recordati SpA		5,024		60,391
Sorin SpA (b)		15,779		42,718

				158,898

JAPAN — 15.3%
Alfresa Holdings Corp.		2,700		139,231
Astellas Pharma, Inc.		22,000		1,121,019
Chugai Pharmaceutical Co., Ltd.		10,825		222,181
Daiichi Sankyo Co., Ltd.		35,100		636,003
Dainippon Sumitomo Pharma Co., Ltd.		8,500		115,730
Eisai Co., Ltd.		14,300		581,473
Hisamitsu Pharmaceutical Co., Inc.		3,500		195,465
Kaken Pharmaceutical Co., Ltd.		4,000		60,698
Kissei Pharmaceutical Co., Ltd.		2,400		54,983
KYORIN Holdings, Inc.		3,000		64,051
Kyowa Hakko Kirin Co., Ltd.		20,422		209,787
M3, Inc.		29		80,299
Medipal Holdings Corp.		12,300		151,799
Miraca Holdings, Inc.		2,900		129,447
Mitsubishi Tanabe Pharma Corp.		11,900		166,994
Nichi-iko Pharmaceutical Co., Ltd.		2,800		65,345
Nihon Kohden Corp.		2,500		102,293
Nippon Shinyaku Co., Ltd.		3,000		51,730
Nipro Corp.		5,800		55,916
Olympus Corp. (b)		13,800		419,520
Ono Pharmaceutical Co., Ltd.		5,500		337,987
Otsuka Holdings Co., Ltd.		25,700		745,398
Rohto Pharmaceutical Co., Ltd.		4,000		56,459
Santen Pharmaceutical Co., Ltd.		3,500		169,962
Sawai Pharmaceutical Co., Ltd.		1,200		84,260
Shionogi & Co., Ltd.		15,100		317,158
Ship Healthcare Holdings, Inc.		2,200		85,758
Suzuken Co., Ltd.		4,600		151,419
Sysmex Corp.		4,200		267,944
Taisho Pharmaceutical Holdings Co., Ltd.		2,600		171,434
Takara Bio, Inc.		1,900		45,891
Takeda Pharmaceutical Co., Ltd.		34,000		1,606,013
Terumo Corp.		8,800		451,098
Toho Holdings Co., Ltd.		3,100		56,550
Tsumura & Co.		3,700		108,521

				9,279,816

LUXEMBOURG — 0.2%
Eurofins Scientific		379		95,578

NETHERLANDS — 0.5%
QIAGEN NV (b)		14,924		321,917

NEW ZEALAND — 0.4%
Fisher & Paykel Healthcare Corp., Ltd.		51,988		156,749
Ryman Healthcare, Ltd.		19,597		113,440

				270,189

NORWAY — 0.1%
Algeta ASA (b)		2,084		80,390

See accompanying notes to financial statements.

270

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

September 30, 2013


Security Description	Shares		Value

SINGAPORE — 0.1%
Biosensors International Group, Ltd. (a)		63,000	$	48,452

SPAIN — 0.9%
Grifols SA		11,535		473,896
Grifols SA (Class B)		2,171		66,637

				540,533

SWEDEN — 1.6%
Elekta AB (Class B)		22,112		355,962
Getinge AB (Class B)		11,280		403,390
Meda AB (Class A)		17,110		205,914

				965,266

SWITZERLAND — 25.4%
Actelion, Ltd. (b)		5,602		397,731
Galenica AG		314		265,993
Lonza Group AG (b)		3,229		264,248
Nobel Biocare Holding AG (b)		8,275		122,169
Novartis AG		90,221		6,934,321
Roche Holding AG (c)		1,408		378,373
Roche Holding AG (c)		24,067		6,491,503
Sonova Holding AG (b)		2,453		304,912
Straumann Holding AG (a)		691		125,553
Tecan Group AG		523		55,235

				15,340,038

UNITED KINGDOM — 15.4%
AstraZeneca PLC		54,326		2,828,852
BTG PLC (b)		16,143		100,176
Dechra Pharmaceuticals PLC		4,271		49,660
Genus PLC		7,610		176,474
GlaxoSmithKline PLC		164,725		4,154,717
Hikma Pharmaceuticals PLC		7,190		121,092
Shire PLC		29,382		1,179,062
Smith & Nephew PLC		49,975		623,966
Synergy Health PLC		2,861		50,779

				9,284,778

TOTAL COMMON STOCKS —
(Cost $52,343,649)				59,936,277

SHORT TERM INVESTMENTS — 0.7%
UNITED STATES — 0.7%
MONEY MARKET FUNDS — 0.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		301,903		301,903
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		109,397		109,397

TOTAL SHORT TERM INVESTMENTS —
(Cost $411,300)				411,300

TOTAL INVESTMENTS — 99.8%
(Cost $52,754,949)				60,347,577
OTHER ASSETS & LIABILITIES — 0.2%				131,498

NET ASSETS — 100.0%			$	60,479,075


(a)		A portion of the security was on loan at September 30, 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.

271

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 98.9%
AUSTRALIA — 3.1%
Bradken, Ltd.		3,943	$	20,831
Brambles, Ltd.		9,025		76,878
GWA International, Ltd.		13,434		38,187
Leighton Holdings, Ltd. (a)		2,110		37,979
Qantas Airways, Ltd. (b)		18,919		26,093
Seek, Ltd.		4,479		49,755
Toll Holdings, Ltd. (a)		10,281		56,045
Transurban Group		19,897		126,512

				432,280

AUSTRIA — 0.4%
Andritz AG		424		24,941
Zumtobel AG		1,898		30,574

				55,515

CANADA — 4.3%
Bombardier, Inc. (Class B)		10,881		50,705
CAE, Inc.		5,139		56,395
Canadian National Railway Co.		2,549		258,818
Canadian Pacific Railway, Ltd.		913		112,884
SNC-Lavalin Group, Inc.		1,613		66,456
Toromont Industries, Ltd.		1,833		40,355

				585,613

DENMARK — 1.5%
A P Moller — Maersk A/S		10		91,748
FLSmidth & Co. A/S (a)		618		33,314
NKT Holding A/S		865		43,001
Vestas Wind Systems A/S (b)		1,809		45,671

				213,734

FINLAND — 2.2%
Caverion Corp. (b)		1,876		15,237
Kone Oyj (Class B)		1,417		126,500
Metso Oyj (a)		1,457		57,275
Wartsila Oyj		1,682		76,001
YIT Oyj (a)		2,113		29,432

				304,445

FRANCE — 7.5%
Air France-KLM (a)(b)		3,062		30,502
Alstom SA		1,619		57,704
Bouygues SA		1,392		50,829
Bureau Veritas SA		1,253		39,520
Compagnie de Saint-Gobain		2,604		129,029
Eiffage SA		669		36,713
Legrand SA		1,424		79,060
Safran SA		1,230		75,815
Schneider Electric SA		3,182		269,250
Vallourec SA		851		50,997
Vinci SA		3,576		208,003

				1,027,422

GERMANY — 8.7%
Brenntag AG		297		49,470
Deutsche Lufthansa AG (b)		3,614		70,520
Deutsche Post AG		5,610		186,280
GEA Group AG		1,964		80,701
Hochtief AG		536		46,820
Kloeckner & Co. SE (b)		1,665		22,584
MAN SE		802		95,687
OSRAM Licht AG (b)		428		20,104
Pfeiffer Vacuum Technology AG		299		36,629
SGL Carbon AG		576		21,925
Siemens AG		4,672		563,238

				1,193,958

GREECE — 0.2%
DryShips, Inc. (b)		6,452		22,840

HONG KONG — 3.0%
Cathay Pacific Airways, Ltd.		19,000		37,240
Hopewell Highway Infrastructure, Ltd.		148,000		74,428
Hutchison Whampoa, Ltd.		16,000		191,666
MTR Corp., Ltd.		8,000		31,669
Noble Group, Ltd.		44,951		33,317
Pacific Basin Shipping, Ltd.		64,000		43,574

				411,894

IRELAND — 0.3%
DCC PLC		1,043		42,682

ITALY — 0.8%
Ansaldo STS SpA		3,169		29,363
Atlantia SpA		1,869		38,025
Autostrada Torino-Milano SpA		2,027		24,969
Finmeccanica SpA (a)(b)		3,355		20,083

				112,440

JAPAN — 31.0%
Asahi Glass Co., Ltd.		9,000		55,857
Central Japan Railway Co.		1,200		153,845
Dai Nippon Printing Co., Ltd.		5,000		52,892
Daikin Industries, Ltd.		1,900		100,882
East Japan Railway Co.		2,300		197,829
FANUC Corp.		1,100		181,717
Furukawa Electric Co., Ltd.		11,000		25,335
Futaba Corp.		2,000		25,620
Hankyu Hanshin Holdings, Inc.		11,000		61,096
IHI Corp.		24,000		101,014
ITOCHU Corp.		10,600		129,847
JGC Corp.		2,000		72,153
Kajima Corp.		14,000		56,927
Kamigumi Co., Ltd.		6,000		50,996
Kawasaki Heavy Industries, Ltd.		20,000		86,624
Kawasaki Kisen Kaisha, Ltd.		11,000		25,783
Keikyu Corp.		3,000		28,372
Kintetsu Corp.		11,000		41,029
Kitano Construction Corp.		18,000		41,274
Kokuyo Co., Ltd.		7,400		57,616
Komatsu, Ltd.		6,200		154,108
Kubota Corp.		8,000		115,526
LIXIL Group Corp.		1,800		37,036
Makita Corp.		900		52,280
Marubeni Corp.		11,000		86,543
MISUMI Group, Inc.		2,700		78,283
Mitsubishi Corp.		9,200		186,203
Mitsubishi Electric Corp.		12,000		125,962
Mitsubishi Heavy Industries, Ltd.		25,000		143,439
Mitsui & Co., Ltd.		11,000		159,857
Mitsui OSK Lines, Ltd. (b)		10,000		45,147
Nidec Corp.		800		66,038

See accompanying notes to financial statements.

272

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

September 30, 2013


Security Description	Shares		Value

Nippon Express Co., Ltd.		9,000	$	45,126
Nippon Sheet Glass Co., Ltd. (b)		11,000		14,125
Nippon Yusen K.K.		13,000		41,070
NSK, Ltd.		3,000		30,604
Odakyu Electric Railway Co., Ltd.		5,000		49,682
Park24 Co., Ltd.		1,300		23,118
Secom Co., Ltd.		2,500		156,433
SMC Corp.		400		95,144
Sojitz Corp.		24,300		47,548
Sumitomo Corp.		8,900		119,906
Sumitomo Electric Industries, Ltd.		6,400		92,747
Sumitomo Heavy Industries, Ltd.		9,000		40,907
Taisei Corp.		8,000		39,378
THK Co., Ltd.		2,200		48,742
Tobu Railway Co., Ltd.		10,000		52,790
Tokyu Corp.		16,000		114,140
Toppan Printing Co., Ltd.		6,000		48,367
Toshiba Corp.		24,000		107,618
TOTO, Ltd.		3,000		42,008
Toyota Tsusho Corp.		1,600		41,808
West Japan Railway Co.		1,600		68,566
Yamato Holdings Co., Ltd.		6,100		137,510

				4,254,467

NETHERLANDS — 4.9%
Aalberts Industries NV		557		14,850
CNH Industrial NV (b)		4,805		61,661
European Aeronautic Defence and Space Co. NV		3,312		211,140
Koninklijke BAM Groep NV (a)		3,429		18,437
Koninklijke Philips NV		7,077		228,286
Koninklijke Vopak NV		384		22,016
PostNL NV (a)(b)		4,032		17,449
Randstad Holding NV		1,374		77,447
TNT Express NV		2,359		21,548

				672,834

NORWAY — 0.3%
Orkla ASA		5,163		37,601

SINGAPORE — 2.7%
Jardine Matheson Holdings, Ltd.		1,356		74,444
Jardine Strategic Holdings, Ltd. (a)		1,500		50,775
K-Green Trust		60,800		48,941
Keppel Corp., Ltd. (a)		16,200		134,532
Keppel REIT		136		133
Neptune Orient Lines, Ltd. (a)(b)		37,750		32,944
Singapore Airlines, Ltd. (a)		3,000		24,961

				366,730

SOUTH KOREA — 3.1%
Daelim Industrial Co., Ltd.		311		28,071
GS Engineering & Construction Corp.		423		14,741
Hyundai Engineering & Construction Co., Ltd.		814		46,810
Hyundai Heavy Industries Co., Ltd.		394		96,788
LG Corp.		1,040		64,064
Samsung C&T Corp.		1,173		68,218
Samsung Engineering Co., Ltd.		262		20,137
Samsung Heavy Industries Co., Ltd.		1,290		51,616
SK Holdings Co., Ltd.		231		41,700

				432,145

SPAIN — 1.5%
Abertis Infraestructuras SA (a)		2,692		52,346
ACS, Actividades de Construccion y Servicios SA		2,029		64,544
Ferrovial SA		2,321		41,755
International Consolidated Airlines Group SA (b)		9,129		50,013

				208,658

SWEDEN — 6.6%
Alfa Laval AB		4,065		98,158
Assa Abloy AB (Class B)		1,781		81,798
Atlas Copco AB		3,719		108,968
Atlas Copco AB (Class B)		2,246		59,375
B&B Tools AB		2,040		28,505
Sandvik AB		7,172		99,154
Scania AB (Class B)		1,772		37,989
Securitas AB (Class B)		5,259		60,097
Skanska AB (Class B)		2,369		45,587
SKF AB (Class B)		2,288		63,727
Trelleborg AB (Class B)		3,652		69,252
Volvo AB (Class A)		4,074		61,017
Volvo AB (Class B)		6,421		96,218

				909,845

SWITZERLAND — 6.8%
ABB, Ltd. (b)		14,442		341,625
Adecco SA (b)		1,403		99,921
Geberit AG		483		130,438
Kuehne & Nagel International AG		547		71,683
Schindler Holding AG		277		41,600
SGS SA		55		131,319
Wolseley PLC		2,193		113,536

				930,122

UNITED KINGDOM — 10.0%
Aggreko PLC		2,556		66,393
Babcock International Group PLC		4,837		93,683
BAE Systems PLC		18,847		138,687
Bunzl PLC		1,906		41,298
Capita Group PLC		3,835		61,856
Experian PLC		9,421		179,567
FirstGroup PLC		15,909		30,787
G4S PLC		7,960		32,780
IMI PLC		1,848		43,543
Intertek Group PLC		926		49,561
Invensys PLC		5,771		46,541
Meggitt PLC		4,499		39,998
Melrose Industries PLC		7,287		35,378
Rentokil Initial PLC		30,743		54,266
Rolls-Royce Holdings PLC (b)		14,810		266,694
Serco Group PLC		6,819		60,348
Smiths Group PLC		3,987		90,327
The Weir Group PLC		1,194		45,052

				1,376,759

TOTAL COMMON STOCKS —
(Cost $13,249,672)				13,591,984

See accompanying notes to financial statements.

273

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

September 30, 2013


Security Description	Shares		Value

RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Abertis Infraestructuras SA (expiring 10/9/13) (a)(b) (Cost $2,327)		2,692	$	2,620

SHORT TERM INVESTMENTS — 2.6%
UNITED STATES — 2.6%
MONEY MARKET FUNDS — 2.6%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		284,325		284,325
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		63,911		63,911

TOTAL SHORT TERM INVESTMENTS —
(Cost $348,236)				348,236

TOTAL INVESTMENTS — 101.5%
(Cost $13,600,235)				13,942,840
OTHER ASSETS & LIABILITIES — (1.5)%				(203,095	)

NET ASSETS — 100.0%			$	13,739,745


(a)		A portion of the security was on loan at September 30, 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.

PLC = Public Limited Company

See accompanying notes to financial statements.

274

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 13.9%
Alumina, Ltd. (a)(b)		15,157	$	14,527
Amcor, Ltd.		5,294		51,779
Arrium, Ltd. (b)		17,129		19,540
BHP Billiton, Ltd.		19,784		661,155
BlueScope Steel, Ltd. (a)		4,040		17,679
Boral, Ltd. (b)		14,792		66,390
Fortescue Metals Group, Ltd. (b)		11,178		49,647
Iluka Resources, Ltd. (b)		4,596		49,249
Incitec Pivot, Ltd.		11,058		27,814
Mineral Deposits, Ltd. (a)		871		2,264
Newcrest Mining, Ltd. (b)		4,810		52,622
Orica, Ltd.		4,014		75,291
OZ Minerals, Ltd. (b)		3,212		13,305
Rio Tinto, Ltd. (b)		3,113		179,713
Sims Metal Management, Ltd. (a)(b)		2,260		20,160

				1,301,135

AUSTRIA — 1.1%
RHI AG (b)		1,586		52,384
Voestalpine AG		1,083		51,816

				104,200

BELGIUM — 2.1%
Solvay SA		449		67,373
Tessenderlo Chemie NV (b)		1,878		47,691
Umicore		1,627		79,088

				194,152

CANADA — 13.1%
Agnico-Eagle Mines, Ltd.		1,324		35,138
Agrium, Inc. (b)		1,326		111,676
Alacer Gold Corp. (b)		1,106		3,325
Alamos Gold, Inc.		688		10,709
AuRico Gold, Inc.		1,996		7,631
Barrick Gold Corp.		6,588		122,928
Centerra Gold, Inc.		964		4,520
Detour Gold Corp. (a)		817		6,939
Eldorado Gold Corp.		5,586		37,769
First Quantum Minerals, Ltd.		3,801		70,924
Franco-Nevada Corp.		1,000		45,462
Goldcorp, Inc.		5,929		154,584
HudBay Minerals, Inc.		1,388		11,383
IAMGOLD Corp.		2,325		11,129
Kinross Gold Corp.		7,463		37,682
Lundin Mining Corp. (a)		11,386		50,179
New Gold, Inc. (a)		2,068		12,353
Osisko Mining Corp. (a)		2,651		13,437
Pan American Silver Corp. (b)		1,366		14,459
Potash Corp. of Saskatchewan, Inc. (b)		6,353		199,076
SEMAFO, Inc. (b)		2,756		6,649
Sherritt International Corp. (b)		3,252		12,212
Silver Wheaton Corp.		2,287		56,780
Tanzanian Royalty Exploration Corp. (a)(b)		1,106		2,851
Teck Resources, Ltd. (Class B) (b)		3,617		97,401
Thompson Creek Metals Co., Inc. (a)(b)		875		3,141
Turquoise Hill Resources, Ltd. (a)		5,795		25,652
Yamana Gold, Inc. (b)		4,910		51,159

				1,217,148

FINLAND — 1.8%
Rautaruukki Oyj		981		7,609
Stora Enso Oyj		8,513		72,195
UPM-Kymmene Oyj		6,010		83,226

				163,030

FRANCE — 4.8%
Air Liquide SA		2,225		310,072
Arkema		399		44,478
Eramet		28		2,828
Lafarge SA		1,297		90,400

				447,778

GERMANY — 11.2%
BASF SE		5,551		532,751
HeidelbergCement AG		852		65,750
K+S AG		1,305		33,847
Lanxess AG		922		59,882
Linde AG		1,099		217,794
Salzgitter AG		499		20,747
Symrise AG		600		26,595
ThyssenKrupp AG (a)		3,463		82,878

				1,040,244

IRELAND — 1.4%
CRH PLC		5,319		127,117

ISRAEL — 0.2%
Israel Chemicals, Ltd.		2,640		22,267

ITALY — 0.1%
Buzzi Unicem SpA (b)		739		11,524

JAPAN — 16.4%
Asahi Kasei Corp.		15,833		119,242
Denki Kagaku Kogyo Kabushiki Kaisha		10,855		42,258
JFE Holdings, Inc.		4,356		112,890
JSR Corp.		3,073		57,029
Kobe Steel, Ltd. (a)		34,641		64,251
Mitsubishi Chemical Holdings Corp.		10,902		50,885
Mitsubishi Materials Corp.		15,866		65,485
Mitsui Chemicals, Inc.		11,876		32,557
Mitsui Mining & Smelting Co., Ltd.		11,809		34,299
Nippon Steel Corp.		74,506		252,846
Nitto Denko Corp.		1,976		128,679
OJI Paper Co., Ltd.		8,000		37,503
Shin-Etsu Chemical Co., Ltd.		2,867		175,307
Sumitomo Chemical Co., Ltd.		13,838		52,743
Sumitomo Metal Mining Co., Ltd.		3,927		55,468
Taiheiyo Cement Corp.		18,744		81,757
Teijin, Ltd.		19,805		45,615
Toray Industries, Inc.		13,838		90,961
Ube Industries, Ltd.		15,866		29,913

				1,529,688

LUXEMBOURG — 0.9%
APERAM (b)		409		6,306
ArcelorMittal		5,720		78,668

				84,974

NETHERLANDS — 3.3%
Akzo Nobel NV		2,333		153,403

See accompanying notes to financial statements.

275

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

September 30, 2013


Security Description	Shares		Value

Koninklijke DSM NV		2,040	$	154,034

				307,437

NORWAY — 0.9%
Norsk Hydro ASA		4,272		17,708
Yara International ASA		1,477		60,978

				78,686

PORTUGAL — 0.4%
Semapa-Sociedade de Investimento e Gestao, SGPS, SA		4,209		39,541

SOUTH KOREA — 3.7%
Cheil Industries, Inc.		400		34,131
Korea Zinc Co., Ltd.		105		31,754
LG Chem, Ltd.		333		95,283
POSCO ADR		2,544		187,340

				348,508

SWEDEN — 0.8%
Boliden AB		3,754		56,283
SSAB AB, (Series A)		2,970		19,397

				75,680

SWITZERLAND — 9.0%
Givaudan SA (a)		86		125,636
Glencore Xstrata PLC (a)		61,715		336,502
Holcim, Ltd. (a)		1,654		123,101
Syngenta AG		629		256,956

				842,195

UNITED KINGDOM — 14.3%
Anglo American PLC		9,065		222,840
Antofagasta PLC		4,444		58,904
BHP Billiton PLC		13,253		390,607
Croda International PLC		800		34,396
Johnson Matthey PLC		1,551		70,528
Lonmin PLC (a)		1,756		9,080
Mondi PLC		2,000		33,781
Randgold Resources, Ltd.		956		68,908
Rexam PLC		4,500		35,096
Rio Tinto PLC		8,113		397,167
Vedanta Resources PLC		934		16,365

				1,337,672

TOTAL COMMON STOCKS —
(Cost $13,054,536)				9,272,976

SHORT TERM INVESTMENTS — 6.2%
UNITED STATES — 6.2%
MONEY MARKET FUNDS — 6.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		532,054		532,054
State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		48,218		48,218

TOTAL SHORT TERM INVESTMENTS —
(Cost $580,272)				580,272

TOTAL INVESTMENTS — 105.6%
(Cost $13,634,808)				9,853,248
OTHER ASSETS & LIABILITIES — (5.6)%				(520,357	)

NET ASSETS — 100.0%			$	9,332,891

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

276

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.9%
AUSTRALIA — 1.2%
carsales.com, Ltd.		3,435	$	36,776
Computershare, Ltd.		7,744		71,831
Iress, Ltd.		3,764		31,993

				140,600

BELGIUM — 0.2%
Barco NV		344		27,241

CANADA — 3.1%
Blackberry, Ltd. (a)(b)		6,222		49,030
Celestica, Inc. (a)		3,300		36,406
CGI Group, Inc. (Class A) (a)		3,447		121,227
Constellation Software, Inc.		309		54,594
Davis & Henderson Corp.		1,600		41,919
Open Text Corp.		978		73,234

				376,410

DENMARK — 0.4%
SimCorp A/S		1,485		49,997

FINLAND — 2.7%
Nokia Oyj (a)(b)		42,875		281,948
Tieto Oyj		2,165		46,216

				328,164

FRANCE — 4.2%
Alcatel-Lucent (a)		28,453		101,989
Atos Origin SA		814		63,611
Cap Gemini SA		1,947		115,885
Dassault Systemes SA		743		99,249
Ingenico		636		45,879
Neopost SA		583		42,481
UbiSoft Entertainment SA (a)		2,032		31,440

				500,534

GERMANY — 9.8%
Aixtron SE (a)		1,768		29,892
Dialog Semiconductor PLC (a)(b)		1,063		20,354
Infineon Technologies AG		13,439		134,528
SAP AG		10,780		797,764
Software AG		788		28,069
United Internet AG		1,938		73,454
Wincor Nixdorf AG		719		44,926
Wirecard AG		1,258		43,058

				1,172,045

HONG KONG — 0.7%
ASM Pacific Technology, Ltd.		4,649		47,179
VTech Holdings, Ltd.		2,571		33,218

				80,397

ISRAEL — 1.4%
Check Point Software Technologies, Ltd. (a)		1,819		102,883
Ituran Location and Control, Ltd.		1,552		28,918
NICE Systems, Ltd.		923		38,009

				169,810

JAPAN — 32.4%
Advantest Corp.		2,778		32,020
Alps Electric Co., Ltd. (a)		3,963		31,946
Anritsu Corp.		2,100		26,666
Azbil Corp.		1,786		41,481
Brother Industries, Ltd.		3,763		42,414
Canon, Inc.		13,273		423,383
Citizen Holdings Co., Ltd.		4,755		33,340
Dainippon Screen Manufacturing Co., Ltd. (a)		4,937		27,069
DeNA Co., Ltd.		1,500		30,543
FUJIFILM Holdings Corp.		5,648		135,494
Fujitsu, Ltd. (a)		23,784		88,713
GungHo Online Entertainment, Inc. (a)		43		33,436
Hamamatsu Photonics K.K.		1,000		37,656
Hirose Electric Co., Ltd.		394		60,470
Hitachi High-Technologies Corp.		1,684		37,756
Hitachi, Ltd.		55,549		366,270
Horiba, Ltd.		986		36,928
Hoya Corp.		5,055		119,465
Ibiden Co., Ltd.		2,279		37,230
IT Holdings Corp.		1,979		24,988
Japan Digital Laboratory Co., Ltd.		1,683		19,965
Kakaku.com, Inc.		2,000		46,655
Keyence Corp.		494		187,531
Konami Corp.		1,585		36,602
Konica Minolta Holdings, Inc.		6,433		54,021
Kyocera Corp.		4,368		231,921
Mitsumi Electric Co., Ltd. (a)		1,979		13,956
Murata Manufacturing Co., Ltd.		2,479		189,225
NEC Corp.		36,710		84,924
Nexon Co., Ltd.		2,100		25,596
Nintendo Co., Ltd.		1,288		146,094
Nippon Electric Glass Co., Ltd.		5,933		31,743
Nomura Research Institute, Ltd.		1,879		65,298
NTT Data Corp.		2,000		67,363
Obic Co., Ltd.		2,580		83,217
Oki Electric Industry Co., Ltd. (a)		11,776		22,202
Omron Corp.		2,772		100,145
Otsuka Corp.		300		38,278
Ricoh Co., Ltd.		7,933		91,437
Rohm Co., Ltd.		1,386		56,923
SCSK Corp.		1,200		28,861
Seiko Epson Corp.		2,079		34,048
Shimadzu Corp.		4,000		37,911
Sumco Corp.		2,178		17,690
Taiyo Yuden Co., Ltd.		1,984		25,820
TDK Corp.		1,685		66,112
Tokyo Electron, Ltd.		2,179		116,806
Trend Micro, Inc.		1,387		51,664
Wacom Co., Ltd.		2,500		23,924
Yahoo! Japan Corp.		20,100		114,096
Yaskawa Electric Corp.		4,933		69,326
Yokogawa Electric Corp.		3,449		49,138

				3,895,760

NETHERLANDS — 6.5%
ASM International NV		997		34,685
ASML Holding NV		5,162		510,091
Gemalto NV		1,073		115,282
NXP Semiconductor NV (a)		1,944		72,336

See accompanying notes to financial statements.

277

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

September 30, 2013


Security Description	Shares		Value

VistaPrint NV (a)		812	$	45,894

				778,288

SINGAPORE — 1.3%
Flextronics International, Ltd. (a)		11,158		101,426
Venture Corp., Ltd. (b)		7,925		48,191

				149,617

SOUTH KOREA — 23.2%
LG Display Co., Ltd. ADR (a)(b)		6,429		76,698
LG Innotek Co., Ltd. (a)		267		21,342
NAVER Corp.		355		183,995
NCSoft Corp.		226		40,166
NHN Entertainment Corp. (a)		318		34,917
Partron Co., Ltd.		1,120		18,394
Sam Young Electronics Co., Ltd.		3,700		30,263
Samsung Electro-Mechanics Co., Ltd.		838		67,294
Samsung Electronics Co., Ltd. GDR		3,081		1,965,678
Samsung SDI Co., Ltd.		498		86,887
Seoul Semiconductor Co., Ltd.		748		28,224
SK C&C Co., Ltd.		342		36,597
SK Hynix, Inc. (a)		7,000		197,036

				2,787,491

SPAIN — 1.6%
Amadeus IT Holding SA		4,631		164,241
Indra Sistemas SA		1,848		27,730

				191,971

SWEDEN — 4.9%
Hexagon AB, (Class B)		3,147		94,952
Telefonaktiebolaget LM Ericsson (Class B)		36,826		490,203

				585,155

SWITZERLAND — 1.1%
Logitech International SA		2,421		21,312
STMicroelectronics NV		8,624		79,499
Temenos Group AG (a)(b)		1,259		30,979

				131,790

UNITED KINGDOM — 5.2%
ARM Holdings PLC		16,342		260,937
Aveva Group PLC		1,325		55,745
Diploma PLC		3,971		41,992
Imagination Technologies Group PLC (a)(b)		3,454		18,235
Spectris PLC		2,003		71,555
Spirent Communications PLC		12,025		24,848
Telecity Group PLC		3,419		45,955
The Sage Group PLC		19,542		104,369

				623,636

TOTAL COMMON STOCKS —
(Cost $12,082,528)				11,988,906

WARRANTS — 0.0% (c)
FRANCE — 0.0% (c)
UbiSoft Entertainment SA (expiring 10/10/13) (a) (Cost $0)		2,722		1,474

SHORT TERM INVESTMENTS — 1.4%
UNITED STATES — 1.4%
MONEY MARKET FUNDS — 1.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		139,316		139,316
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		32,199		32,199

TOTAL SHORT TERM INVESTMENTS —
(Cost $171,515)				171,515

TOTAL INVESTMENTS — 101.3%
(Cost $12,254,043)				12,161,895
OTHER ASSETS & LIABILITIES — (1.3)%				(154,858	)

NET ASSETS — 100.0%			$	12,007,037


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

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

278

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 3.1%
Telstra Corp., Ltd. (a)		214,141	$	995,155
TPG Telecom, Ltd.		13,831		56,128

				1,051,283

AUSTRIA — 0.3%
Telekom Austria AG		12,936		108,532

BELGIUM — 0.6%
Belgacom SA		7,025		186,860

CANADA — 5.5%
BCE, Inc.		10,113		431,825
Bell Aliant, Inc. (a)		6,199		154,689
Rogers Communications, Inc. (Class B)		18,501		795,728
TELUS Corp. (b)		2,106		69,947
TELUS Corp. (b)(c)		12,474		413,139

				1,865,328

DENMARK — 0.7%
TDC A/S		26,367		223,248

FINLAND — 0.6%
Elisa Oyj		8,476		202,164

FRANCE — 8.9%
France Telecom SA		106,510		1,336,380
Iliad SA		1,109		258,957
Vivendi SA		61,109		1,406,657

				3,001,994

GERMANY — 6.2%
Deutsche Telekom AG		130,642		1,894,880
Freenet AG (c)		4,810		116,450
Telefonica Deutschland Holding AG		7,997		63,165

				2,074,495

GREECE — 0.3%
Hellenic Telecommunications Organization SA (c)		10,243		106,764

HONG KONG — 0.6%
HKT Trust/HKT, Ltd.		108,869		102,199
PCCW, Ltd.		249,000		110,129

				212,328

ISRAEL — 0.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		89,210		163,948

ITALY — 1.7%
Telecom Italia SpA (b)		479,146		395,644
Telecom Italia SpA (b)		254,408		169,056

				564,700

JAPAN — 18.6%
KDDI Corp.		26,362		1,354,033
Nippon Telegraph & Telephone Corp.		21,281		1,101,732
NTT DoCoMo, Inc.		66,300		1,075,665
Softbank Corp.		39,085		2,704,582

				6,236,012

LUXEMBOURG — 1.1%
COLT Telecom Group SA (c)		46,793		88,279
Millicom International Cellular SA (a)		3,294		291,035

				379,314

NETHERLANDS — 1.4%
Koninklijke (Royal) KPN NV (c)		148,695		474,017

NEW ZEALAND — 0.4%
Telecom Corporation of New Zealand, Ltd. (a)		64,556		125,012

NORWAY — 2.4%
Telenor ASA		34,777		794,506

PORTUGAL — 0.6%
Portugal Telecom SGPS SA		42,382		191,101

SINGAPORE — 3.6%
Singapore Telecommunications, Ltd.		356,539		1,059,885
StarHub, Ltd. (a)		48,000		164,112

				1,223,997

SOUTH KOREA — 2.3%
KT Corp. ADR (a)		14,214		238,369
LG Uplus Corp. (c)		10,060		108,119
SK Telecom Co., Ltd. ADR (a)		18,611		422,470

				768,958

SPAIN — 7.9%
Telefonica SA (c)		170,316		2,653,612

SWEDEN — 2.9%
Tele2 AB		15,668		200,512
TeliaSonera AB		100,304		768,939

				969,451

SWITZERLAND — 1.5%
Swisscom AG		1,059		508,976

UNITED KINGDOM — 27.8%
BT Group PLC		340,514		1,888,090
Cable & Wireless Communications PLC		135,344		86,859
Inmarsat PLC		25,439		292,079
Jazztel PLC (c)		10,754		116,909
TalkTalk Telecom Group PLC		28,121		110,022
Vodafone Group PLC		1,959,075		6,852,652

				9,346,611

TOTAL COMMON STOCKS —
(Cost $29,923,674)				33,433,211

SHORT TERM INVESTMENTS — 4.8%
UNITED STATES — 4.8%
MONEY MARKET FUNDS — 4.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,185,249		1,185,249
State Street Institutional Liquid Reserves Fund 0.06% (e)(f)		433,837		433,837

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,619,086)				1,619,086

TOTAL INVESTMENTS — 104.3%
(Cost $31,542,760)				35,052,297
OTHER ASSETS & LIABILITIES — (4.3)%				(1,434,370	)

NET ASSETS — 100.0%			$	33,617,927

See accompanying notes to financial statements.

279

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

September 30, 2013


(a)		A portion of the security was on loan at September 30, 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.

280

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2013


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 3.8%
AGL Energy, Ltd.		47,067	$	678,634
APA Group (a)		63,953		357,001
DUET Group		48,707		99,285
Energy World Corp., Ltd. (b)		32,052		14,536
Envestra, Ltd.		150,643		154,240
SP AusNet (a)		123,701		138,800
Spark Infrastructure Group (a)		52,068		80,819

				1,523,315

AUSTRIA — 0.4%
Verbund AG (a)		7,176		162,512

CANADA — 4.6%
Algonquin Power & Utilities Corp. (a)		11,759		72,529
ATCO, Ltd. (Class I) (a)		5,396		234,602
Atlantic Power Corp.		8,023		34,499
Canadian Utilities, Ltd. (Class A)		8,807		303,563
Capital Power Corp.		5,077		105,007
Emera, Inc.		7,663		222,085
Fortis, Inc. (a)		15,747		479,350
Just Energy Group, Inc. (a)		5,345		34,059
Northland Power, Inc. (a)		6,147		93,589
TransAlta Corp. (a)		20,867		271,622

				1,850,905

CHINA — 1.0%
ENN Energy Holdings, Ltd. (a)		74,000		411,262

FINLAND — 1.9%
Fortum Oyj (a)		33,207		748,878

FRANCE — 11.2%
EDF SA		20,608		652,209
GDF Suez		113,305		2,848,181
Sechilienne-Sidec SA		3,678		73,934
Suez Environnement Co.		17,281		280,476
Veolia Environnement SA		36,367		621,506

				4,476,306

GERMANY — 9.6%
E.ON AG		146,708		2,611,477
RWE AG		35,867		1,220,582

				3,832,059

HONG KONG — 7.9%
Cheung Kong Infrastructure Holdings, Ltd.		38,000		263,373
CLP Holdings, Ltd.		134,500		1,095,230
Hong Kong & China Gas Co., Ltd.		405,021		974,539
Hongkong Electric Holdings, Ltd.		90,000		805,400

				3,138,542

ITALY — 8.6%
A2A SpA		103,110		100,773
Enel Green Power SpA		105,751		226,893
Enel SpA		477,145		1,829,154
Hera SpA		46,613		94,016
Iren SpA		21,776		26,588
Snam Rete Gas SpA		129,227		654,931
Terna Rete Elettrica Nationale SpA		107,323		484,647

				3,417,002

JAPAN — 15.4%
Chubu Electric Power Co., Inc.		49,288		676,093
Electric Power Development Co., Ltd.		9,700		316,331
Hokkaido Electric Power Co., Inc. (b)		13,200		177,973
Hokuriku Electric Power Co.		16,894		246,889
Japan Wind Development Co., Ltd. (b)		700		4,894
Kyushu Electric Power Co., Inc. (b)		35,892		512,456
Osaka Gas Co., Ltd.		132,958		566,384
Saibu Gas Co., Ltd.		11,000		26,792
Shikoku Electric Power Co., Inc. (b)		13,300		225,948
Shizuoka Gas Co., Ltd.		1,500		10,211
The Chugoku Electric Power Co., Inc.		22,487		357,500
The Kansai Electric Power Co., Inc. (b)		58,298		748,591
The Okinawa Electric Power Co., Inc.		500		17,274
The Tokyo Electric Power Co., Inc. (b)		84,999		529,268
Toho Gas Co., Ltd.		44,000		230,482
Tohoku Electric Power Co., Inc. (b)		40,272		494,961
Tokyo Gas Co., Ltd.		178,958		981,191

				6,123,238

NEW ZEALAND — 0.5%
Contact Energy, Ltd.		7,795		35,124
Infratil, Ltd.		9,093		18,745
Vector, Ltd. (a)		60,362		133,230

				187,099

PORTUGAL — 1.5%
EDP — Energias de Portugal SA (a)		159,721		583,757

SOUTH KOREA — 1.3%
Korea Electric Power Corp. ADR (b)		38,047		534,180

SPAIN — 9.7%
Acciona SA (a)		2,098		119,435
EDP Renovaveis SA		32,524		169,104
Enagas SA		16,021		392,857
Endesa SA (b)		6,217		162,043
Gas Natural SDG SA		26,929		562,461
Iberdrola SA (a)		337,150		1,960,167
Red Electrica Corporacion SA		8,739		497,669

				3,863,736

UNITED KINGDOM — 22.1%
APR Energy PLC (a)		1,295		20,374
Centrica PLC		367,032		2,197,391
Drax Group PLC		30,500		337,098
National Grid PLC		263,315		3,114,940
Pennon Group PLC		26,382		298,634
Scottish & Southern Energy PLC		70,726		1,688,226
Severn Trent PLC		19,157		546,932
United Utilities Group PLC		52,962		592,647

				8,796,242

TOTAL COMMON STOCKS —
(Cost $39,934,920)				39,649,033

SHORT TERM INVESTMENTS — 4.3%
UNITED STATES — 4.3%
MONEY MARKET FUNDS — 4.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		1,320,157		1,320,157

See accompanying notes to financial statements.

281

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

September 30, 2013


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.06% (d)(e)		405,720	$	405,720

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,725,877)				1,725,877

TOTAL INVESTMENTS — 103.8%
(Cost $41,660,797)				41,374,910
OTHER ASSETS & LIABILITIES — (3.8)%				(1,506,556	)

NET ASSETS — 100.0%			$	39,868,354

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

282

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283

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2013


																							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)	$	108,910,034		$	3,280,177,119		$	392,368,145		$	2,134,508		$	31,062,848		$	895,650,471			$	185,529,073		$	532,366,680		$	246,222,237		$	76,277,194		$	70,211,346
Investments in securities of affiliated issuers, at value (Note 3)		2,993,360			123,402,523			23,036,063			81,706			447,919			100,390,607				16,266,720			72,874,177			12,514,309			3,528,578			11,161,376

Total Investments		111,903,394			3,403,579,642			415,404,208			2,216,214			31,510,767			996,041,078				201,795,793			605,240,857			258,736,546			79,805,772			81,372,722
Foreign currency, at value		326,791			5,421,213			6,208,352			33,435			121,421			1,233,059				2,588,574			3,462,866			347,984			113,401			103,144
Initial margin deposit on futures		—			—			—			—			—			—				149,915			—			—			—			—
Receivable for investments sold		863			—			—			—			494,880			—				8,999			1,093,566			—			—			43,286
Receivable for foreign taxes recoverable		119,464			1,391,421			—			—			—			—				—			—			—			17			—
Dividends and interest receivable — unaffiliated issuers		132,455			1,336,027			744,981			2,958			14,108			2,003,177				349,803			3,111,398			395,324			156,518			206,467
Dividends receivable — affiliated issuers		6			103			81			1			25			36				98			155			43			32			15

TOTAL ASSETS		112,482,973			3,411,728,406			422,357,622			2,252,608			32,141,201			999,277,350				204,893,182			612,908,842			259,479,897			80,075,740			81,725,634

LIABILITIES
Payable upon return of securities loaned		2,491,832			115,479,471			21,583,792			81,345			447,919			100,375,105				15,039,490			64,648,844			11,751,632			3,486,432			11,046,198
Payable for investments purchased		20,475			1,043,870			—			—			272,336			—				—			—			—			—			—
Due to custodian		—			—			—			—			109,761			—				—			—			—			—			—
Payable for variation margin on futures contracts		—			—			—			—			—			—				37,360			—			—			—			—
Distributions payable		490,041			7,916,336			—			—			—			—				—			8,679,049			—			—			—
Accrued advisory fee (Note 3)		61,209			2,024,512			562,704			3,473			47,179			1,278,869				289,030			746,836			287,369			103,805			104,323
Deferred foreign taxes payable		—			—			750,621			5,790			—			—				115,640			182,592			—			—			—
Accrued trustees’ fees and expenses (Note 3)		46			1,483			335			2			27			765				152			351			215			65			78

TOTAL LIABILITIES		3,063,603			126,465,672			22,897,452			90,610			877,222			101,654,739				15,481,672			74,257,672			12,039,216			3,590,302			11,150,599

NET ASSETS	$	109,419,370		$	3,285,262,734		$	399,460,170		$	2,161,998		$	31,263,979		$	897,622,611			$	189,411,510		$	538,651,170		$	247,440,681		$	76,485,438		$	70,575,035

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	130,539,286		$	3,002,965,294		$	406,078,330		$	1,896,362		$	44,853,071		$	996,786,237			$	213,585,591		$	634,826,237		$	363,616,244		$	134,461,786		$	109,456,230
Undistributed (distribution in excess of) net investment income		(107,213	)		(7,250,958	)		3,576,922			40,569			176,955			5,299,506				1,289,206			(1,642,479	)		1,102,194			452,011			187,682
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(23,658,935	)		(136,932,831	)		(23,961,059	)		128,566			(3,176,051	)		(78,126,923	)	��		(8,559,006	)		(62,704,611	)		(84,828,597	)		(33,209,867	)		(17,071,450	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $0, $365,184, $0, $0, $0, respectively)		2,638,719			426,417,562			13,678,187			96,527			(10,590,087	)		(26,336,129	)			(16,865,171	)		(31,809,850	)		(32,449,132	)		(25,224,906	)		(21,993,283	)
Foreign currency		7,513			63,667			87,790			(26	)		91			(80	)			(1,750	)		(18,127	)		(28	)		6,414			(4,144	)
Futures		—			—			—			—			—			—				(37,360	)		—			—			—			—

NET ASSETS	$	109,419,370		$	3,285,262,734		$	399,460,170		$	2,161,998		$	31,263,979		$	897,622,611			$	189,411,510		$	538,651,170		$	247,440,681		$	76,485,438		$	70,575,035

NET ASSET VALUE PER SHARE
Net asset value per share	$	36.47		$	38.33		$	75.37		$	43.24		$	27.19		$	74.18			$	63.14		$	40.34		$	23.34		$	40.26		$	64.16

Shares outstanding (unlimited amount authorized, $0.01 par value)		3,000,370			85,700,967			5,300,000			50,000			1,150,000			12,100,000				3,000,000			13,350,000			10,600,000			1,900,000			1,100,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	106,271,315		$	2,853,759,557		$	377,939,337		$	2,032,191		$	41,652,935		$	921,986,600			$	202,278,604		$	563,993,938		$	278,671,369		$	101,502,100		$	92,204,629
Affiliated issuers		2,993,360			123,402,523			23,036,063			81,706			447,919			100,390,607				16,266,720			72,874,177			12,514,309			3,528,578			11,161,376

Total cost of investments	$	109,264,675		$	2,977,162,080		$	400,975,400		$	2,113,897		$	42,100,854		$	1,022,377,207			$	218,545,324		$	636,868,115		$	291,185,678		$	105,030,678		$	103,366,005

Foreign currency, at cost	$	325,153		$	5,405,557		$	6,122,854		$	33,475		$	121,330		$	1,233,120			$	2,590,241		$	3,460,537		$	348,024		$	111,049		$	102,966

* Includes investments in securities on loan, at value	$	2,337,240		$	108,935,863		$	20,061,664		$	69,266		$	430,347		$	93,635,532			$	14,118,639		$	59,999,219		$	11,189,601		$	3,285,259		$	10,451,100

See accompanying notes to financial statements.

284

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285

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

September 30, 2013


	SPDR S&P Emerging															SPDR S&P Global
	Middle									SPDR Dow Jones International			SPDR S&P 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

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	67,263,874		$	682,271,075		$	802,210,576		$	4,032,542,536		$	52,051,175		$	404,695,671		$	489,215,417		$	5,699,099	$	2,342,089		$	125,913,631		$	96,811,762
Investments in securities of affiliated issuers, at value (Note 3)		8,588,628			57,205,746			90,097,816			141,732,229			8,112,136			32,785,322			40,507,207			900,362		100,333			28,698,956			20,422,321

Total Investments		75,852,502			739,476,821			892,308,392			4,174,274,765			60,163,311			437,480,993			529,722,624			6,599,461		2,442,422			154,612,587			117,234,083
Cash		—			5,115			—			27,901			—			18,643			1,833			48		81			—			—
Foreign currency, at value		737,074			3,746,421			9,511,356			6,567,765			94,969			1,820,639			2,631,076			78,244		5,117			36,656			263,988
Receivable for investments sold		51,119			—			—			—			1,607,320			—			—			—		—			—			—
Receivable for fund shares sold		—			—			—			4,190,396			—			—			—			—		—			—			—
Receivable for foreign taxes recoverable		—			269,136			128,079			852,989			34,361			152,467			199,985			2,517		—			—			—
Dividends and interest receivable — unaffiliated issuers		28,328			1,902,084			2,685,200			8,542,204			147,714			399,043			1,422,602			12,708		3,245			867,602			565,203
Dividends receivable — affiliated issuers		—			71			29			517			5			79			43			1		—			13			4

TOTAL ASSETS		76,669,023			745,399,648			904,633,056			4,194,456,537			62,047,680			439,871,864			533,978,163			6,692,979		2,450,865			155,516,858			118,063,278

LIABILITIES
Payable upon return of securities loaned		8,586,936			56,101,398			89,616,860			106,184,532			8,057,213			31,623,253			39,684,611			869,026		92,838			28,480,765			20,324,113
Payable for investments purchased		446,058			—			—			9,738,518			1,708,064			67,740			—			—		—			—			—
Distributions payable		—			—			—			26,742,617			—			—			—			—		—			—			—
Accrued advisory fee (Note 3)		101,202			542,476			1,144,413			5,673,475			65,635			417,623			396,277			3,570		2,818			124,954			132,712
Deferred foreign taxes payable		—			—			—			78,713			—			—			72,606			47		—			—			—
Accrued trustees’ fees and expenses (Note 3)		61			425			573			139,628			48			365			324			4		2			30			60

TOTAL LIABILITIES		9,134,257			56,644,299			90,761,846			148,557,483			9,830,960			32,108,981			40,153,818			872,647		95,658			28,605,749			20,456,885

NET ASSETS	$	67,534,766		$	688,755,349		$	813,871,210		$	4,045,899,054		$	52,216,720		$	407,762,883		$	493,824,345		$	5,820,332	$	2,355,207		$	126,911,109		$	97,606,393

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	97,599,755		$	594,318,552		$	793,597,141		$	4,213,534,854		$	71,240,724		$	478,811,529		$	566,911,924		$	5,000,000	$	2,516,839		$	127,758,521		$	106,764,260
Undistributed (distribution in excess of) net investment income		609,789			3,473,984			7,402,345			(134,416,995	)		708,703			2,887,492			2,784,587			31,067		11,886			790,129			573,482
Accumulated net realized gain (loss) on investments and foreign currency transactions		(22,260,953	)		(5,216,926	)		(34,654,647	)		(596,561,679	)		(15,263,718	)		(52,310,496	)		(61,981,769	)		8,771		(119,103	)		(1,297,670	)		(6,002,132	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $78,713, $0, $0, $0, $0, $0, $0, $0, respectively)		(8,421,594	)		96,051,135			47,324,755			563,195,357			(4,469,654	)		(21,659,937	)		(13,920,331	)		780,428		(54,414	)		(346,899	)		(3,733,891	)
Foreign currency		7,769			128,604			201,616			147,517			665			34,295			29,934			66		(1	)		7,028			4,674

NET ASSETS	$	67,534,766		$	688,755,349		$	813,871,210		$	4,045,899,054		$	52,216,720		$	407,762,883		$	493,824,345		$	5,820,332	$	2,355,207		$	126,911,109		$	97,606,393

NET ASSET VALUE PER SHARE
Net asset value per share	$	67.53		$	28.00		$	32.82		$	42.00		$	43.51		$	48.54		$	34.29		$	58.20	$	47.10		$	45.33		$	51.37

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,000,000			24,600,000			24,800,000			96,335,379			1,200,000			8,400,000			14,400,000			100,000		50,000			2,800,000			1,900,075

COST OF INVESTMENTS:
Unaffiliated issuers	$	75,685,468		$	586,219,940		$	754,885,821		$	3,469,268,466		$	56,520,829		$	426,355,608		$	503,063,142		$	4,918,624	$	2,396,503		$	126,260,530		$	100,545,653
Affiliated issuers		8,588,628			57,205,746			90,097,816			141,732,229			8,112,136			32,785,322			40,507,207			900,362		100,333			28,698,956			20,422,321

Total cost of investments	$	84,274,096		$	643,425,686		$	844,983,637		$	3,611,000,695		$	64,632,965		$	459,140,930		$	543,570,349		$	5,818,986	$	2,496,836		$	154,959,486		$	120,967,974

Foreign currency, at cost	$	737,834		$	3,652,375		$	9,335,452		$	6,561,162		$	94,283		$	1,794,068		$	2,625,589		$	78,389	$	5,118		$	36,492		$	263,280

* Includes investments in securities on loan, at value	$	8,161,612		$	53,511,801		$	84,660,823		$	100,962,651		$	7,725,540		$	30,206,759		$	38,268,954		$	847,271	$	89,937		$	27,094,982		$	19,372,069

See accompanying notes to financial statements.

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

September 30, 2013


														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 Global		SPDR S&P International					SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial
	Dividend		Dividend			SPDR S&P		Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector
	ETF		ETF			International Mid Cap ETF		Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	9,465,959	$	1,301,459,430		$	46,245,762	$	758,712,817		$	1,000,186,198		$	18,886,131		$	36,583,519		$	12,440,295		$	6,432,131		$	59,936,277		$	13,594,604
Investments in securities of affiliated issuers, at value (Note 3)		1,703,919		185,776,381			5,202,972		41,824,257			44,858,790			614,247			632,625			974,098			348,722			411,300			348,236

Total Investments		11,169,878		1,487,235,811			51,448,734		800,537,074			1,045,044,988			19,500,378			37,216,144			13,414,393			6,780,853			60,347,577			13,942,840
Cash		—		—			—		—			9,285			—			—			—			—			—			—
Foreign currency, at value		10,076		1,819,153			285,424		2,977,422			1,212,958			60,692			237,920			57,228			77,163			336,541			72,475
Receivable for investments sold		—		—			—		15,826,384			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		173		589,451			12,916		11,572			61,042			4,595			57,263			2,090			1,940			97,164			6,329
Dividends and interest receivable — unaffiliated issuers		21,554		5,198,115			142,976		1,199,167			2,357,674			42,433			90,882			15,719			21,875			163,962			36,324
Dividends receivable — affiliated issuers		1		233			5		274			141			2			3			—			2			2			2
Due from Investment Adviser		—		—			—		86,411			—			—			—			—			—			—			—

TOTAL ASSETS		11,201,682		1,494,842,763			51,890,055		820,638,304			1,048,686,088			19,608,100			37,602,212			13,489,430			6,881,833			60,945,246			14,057,970

LIABILITIES
Payable upon return of securities loaned		1,642,756		169,072,196			5,111,266		32,762,843			36,032,319			586,985			431,089			848,710			319,909			301,903			284,325
Payable for investments purchased		449		—			330,243		459,495			660,008			91			—			—			—			—			—
Due to custodian		—		—			—		440,335			—			—			—			—			—			—			—
Payable for fund shares repurchased		—		—			—		23,234,966			—			—			—			—			—			—			—
Distributions payable		53,221		19,391,954			—		—			7,381,499			22,956			184,076			90,528			25,758			89,559			18,995
Accrued advisory fee (Note 3)		6,290		1,461,769			49,072		1,279,642			1,225,843			22,117			45,526			15,385			8,403			74,676			14,897
Deferred foreign taxes payable		—		89,883			—		994,295			8,372			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		5		965			29		676			657			8			22			9			5			33			8

TOTAL LIABILITIES		1,702,721		190,016,767			5,490,610		59,172,252			45,308,698			632,157			660,713			954,632			354,075			466,171			318,225

NET ASSETS	$	9,498,961	$	1,304,825,996		$	46,399,445	$	761,466,052		$	1,003,377,390		$	18,975,943		$	36,941,499		$	12,534,798		$	6,527,758		$	60,479,075		$	13,739,745

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	9,183,687	$	1,436,923,050		$	39,503,072	$	898,886,667		$	970,711,703		$	16,307,334		$	33,224,444		$	14,720,580		$	7,915,425		$	53,332,213		$	13,678,494
Undistributed (distribution in excess of) net investment income		13,226		3,946,190			449,668		9,096,769			(14,482,696	)		100,029			(27,093	)		23,087			112,024			47,578			117,992
Accumulated net realized gain (loss) on investments and foreign currency transactions		26,313		(174,877,537	)		3,056,329		(35,634,851	)		(18,239,845	)		(27,463	)		(41,573	)		(655,430	)		(1,016,973	)		(500,079	)		(399,785	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $8,372, $0, $0, $0, $0, $0, $0, respectively)		275,398		38,768,617			3,386,152		(110,876,187	)		65,380,225			2,594,115			3,781,487			(1,553,551	)		(484,071	)		7,592,628			342,605
Foreign currency		337		65,676			4,224		(6,346	)		8,003			1,928			4,234			112			1,353			6,735			439

NET ASSETS	$	9,498,961	$	1,304,825,996		$	46,399,445	$	761,466,052		$	1,003,377,390		$	18,975,943		$	36,941,499		$	12,534,798		$	6,527,758		$	60,479,075		$	13,739,745

NET ASSET VALUE PER SHARE
Net asset value per share	$	63.33	$	46.60		$	33.14	$	46.15		$	42.16		$	37.95		$	38.89		$	25.07		$	21.76		$	41.71		$	30.53

Shares outstanding (unlimited amount authorized, $0.01 par value)		150,000		28,001,326			1,400,000		16,500,000			23,800,000			500,000			950,000			500,000			300,000			1,450,000			450,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	9,190,561	$	1,262,600,930		$	42,859,610	$	868,594,709		$	934,797,600		$	16,292,016		$	32,802,032		$	13,993,846		$	6,916,202		$	52,343,649		$	13,251,999
Affiliated issuers		1,703,919		185,776,381			5,202,972		41,824,257			44,858,790			614,247			632,625			974,098			348,722			411,300			348,236

Total cost of investments	$	10,894,480	$	1,448,377,311		$	48,062,582	$	910,418,966		$	979,656,390		$	16,906,263		$	33,434,657		$	14,967,944		$	7,264,924		$	52,754,949		$	13,600,235

Foreign currency, at cost	$	10,002	$	1,811,709		$	283,282	$	2,974,956		$	1,221,286		$	59,239		$	236,630		$	57,220		$	76,135		$	334,923		$	72,519

* Includes investments in securities on loan, at value	$	1,613,623	$	162,540,609		$	4,877,605	$	37,300,558		$	34,463,933		$	561,099		$	403,918		$	829,930		$	317,058		$	285,777		$	267,724

See accompanying notes to financial statements.

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

September 30, 2013


	SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	Materials			Technology			Telecommunications			Utilities
	Sector			Sector			Sector			Sector
	ETF			ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	9,272,976		$	11,990,380		$	33,433,211		$	39,649,033
Investments in securities of affiliated issuers, at value (Note 3)		580,272			171,515			1,619,086			1,725,877

Total Investments		9,853,248			12,161,895			35,052,297			41,374,910
Cash		475			—			—			—
Foreign currency, at value		43,882			32,645			87,929			73,652
Receivable for investments sold		—			578,524			348,995			—
Receivable for foreign taxes recoverable		6,129			1,603			19,141			17,558
Dividends and interest receivable — unaffiliated issuers		16,250			19,808			83,670			88,738
Dividends receivable — affiliated issuers		1			1			9			5

TOTAL ASSETS		9,919,985			12,794,476			35,592,041			41,554,863

LIABILITIES
Payable upon return of securities loaned		532,054			139,316			1,185,249			1,320,157
Payable for investments purchased		—			625,613			639,986			—
Distributions payable		43,770			8,271			107,524			326,806
Accrued advisory fee (Note 3)		11,262			14,229			41,331			39,524
Accrued trustees’ fees and expenses (Note 3)		8			10			24			22

TOTAL LIABILITIES		587,094			787,439			1,974,114			1,686,509

NET ASSETS	$	9,332,891		$	12,007,037		$	33,617,927		$	39,868,354

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	13,652,441		$	12,418,680		$	31,358,539		$	41,596,195
Undistributed (distribution in excess of) net investment income		95,475			93,663			14,152			(162,572	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(634,442	)		(413,821	)		(1,267,680	)		(1,282,045	)
Net unrealized appreciation (depreciation) on:
Investments		(3,781,560	)		(92,148	)		3,509,537			(285,887	)
Foreign currency		977			663			3,379			2,663	��

NET ASSETS	$	9,332,891		$	12,007,037		$	33,617,927		$	39,868,354

NET ASSET VALUE PER SHARE
Net asset value per share	$	23.33		$	30.02		$	26.89		$	17.72

Shares outstanding (unlimited amount authorized, $0.01 par value)		400,000			400,000			1,250,000			2,250,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	13,054,536		$	12,082,528		$	29,923,674		$	39,934,920
Affiliated issuers		580,272			171,515			1,619,086			1,725,877

Total cost of investments	$	13,634,808		$	12,254,043		$	31,542,760		$	41,660,797

Foreign currency, at cost	$	43,231		$	32,413		$	86,532		$	72,502

* Includes investments in securities on loan, at value	$	503,514		$	130,803		$	1,134,785		$	1,243,155

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2013


																						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)	$	2,380,743		$	78,787,661		$	12,984,862		$	64,505		$	1,322,147		$	29,534,980		$	5,995,208		$	31,942,432		$	9,238,953		$	3,024,011		$	3,169,611
Dividend income on securities of affiliated issuers (Note 3)		65			2,118			1,326			23			322			1,062			2,355			1,209			574			296			427
Affiliated securities lending — net (Note 3 and Note 8)		32,917			2,599,230			192,251			2,809			722			1,389,551			62,851			659,931			57,513			11,352			41,088
Interest income (Note 2)		—			—			6,132			23			—			—			7,530			4,812			—			—			—
Foreign taxes withheld		(175,172	)		(9,608,748	)		(1,419,958	)		(8,499	)		(223,630	)		(2,363,677	)		(712,626	)		(4,055,412	)		(1,118,182	)		(459,503	)		(278,667	)

TOTAL INVESTMENT INCOME (LOSS)		2,238,553			71,780,261			11,764,613			58,861			1,099,561			28,561,916			5,355,318			28,552,972			8,178,858			2,576,156			2,932,459

EXPENSES
Advisory fee (Note 3)		172,382			5,597,583			2,540,969			14,142			204,993			5,797,751			1,152,540			2,671,597			1,382,949			495,274			588,317
Trustees’ fees and expenses (Note 3)		861			25,130			8,176			42			727			17,911			3,478			7,033			5,726			1,685			2,131
Miscellaneous expenses		116			7,793			13,137			—			2,818			18,697			3,579			25,103			7,725			1,025			2,206

TOTAL EXPENSES		173,359			5,630,506			2,562,282			14,184			208,538			5,834,359			1,159,597			2,703,733			1,396,400			497,984			592,654

NET INVESTMENT INCOME		2,065,194			66,149,755			9,202,331			44,677			891,023			22,727,557			4,195,721			25,849,239			6,782,458			2,078,172			2,339,805

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(3,132,282	)		(30,266,612	)		3,994,110			132,428			(1,344,659	)		18,896,683			3,480,624			(35,359,928	)		(1,296,449	)		(2,330,836	)		(8,539,639	)
Foreign currency transactions		27,566			132,471			(384,866	)		3,921			69			(80,058	)		(251,055	)		(769,150	)		(15,338	)		(4,065	)		(53,207	)
Futures		—			—			—			—			—			—			172,362			—			—			—			—
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, $0, $365,184, $0, $0, $0, respectively)		12,034,673			444,764,443			7,110,253			2,376			77,537			68,101,325			(7,877,573	)		(20,145,806	)		4,799,927			740,688			(1,961,913	)
Foreign currency transactions		1,619			75,055			65,680			82			—			(1,374	)		30,232			(54,379	)		(179	)		3,689			(645	)
Futures		—			—			—			—			—			—			(11,855	)		—			—			—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		8,931,576			414,705,357			10,785,177			138,807			(1,267,053	)		86,916,576			(4,457,265	)		(56,329,263	)		3,487,961			(1,590,524	)		(10,555,404	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	10,996,770		$	480,855,112		$	19,987,508		$	183,484		$	(376,030	)	$	109,644,133		$	(261,544	)	$	(30,480,024	)	$	10,270,419		$	487,648		$	(8,215,599	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2013


	SPDR S&P Emerging															SPDR S&P Global
	Middle									SPDR Dow Jones International			SPDR S&P 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)	$	2,487,307		$	18,245,581		$	21,342,560		$	148,649,220		$	3,400,441		$	14,948,940		$	13,863,803		$	149,624		$	70,852		$	1,138,450		$	1,492,356
Dividend income on securities of affiliated issuers (Note 3)		219			1,172			1,905			10,520			232			1,414			669			43			7			77			182
Affiliated securities lending — net (Note 3 and Note 8)		32,229			393,723			828,863			1,169,461			42,858			203,791			263,629			1,277			96			9,787			87,641
Interest income (Note 2)		—			999			4,861			2,693			—			681			898			13			—			—			—
Foreign taxes withheld		(284,671	)		(1,413,136	)		(1,530,480	)		(13,108,726	)		(201,157	)		(988,091	)		(1,152,372	)		(7,788	)		(9,620	)		(81,352	)		(106,385	)

TOTAL INVESTMENT INCOME (LOSS)		2,235,084			17,228,339			20,647,709			136,723,168			3,242,374			14,166,735			12,976,627			143,169			61,335			1,066,962			1,473,794

EXPENSES
Advisory fee (Note 3)		462,379			1,868,295			4,354,064			21,870,342			307,297			1,871,347			1,420,322			13,498			12,390			199,028			429,362
Trustees’ fees and expenses (Note 3)		1,634			8,577			13,415			64,233			962			8,410			7,589			88			47			355			1,327
Miscellaneous expenses		350			1,644			10,376			7,022			75			420			406			—			35			��			33

TOTAL EXPENSES		464,363			1,878,516			4,377,855			21,941,597			308,334			1,880,177			1,428,317			13,586			12,472			199,383			430,722

NET INVESTMENT INCOME		1,770,721			15,349,823			16,269,854			114,781,571			2,934,040			12,286,558			11,548,310			129,583			48,863			867,579			1,043,072

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(141,241	)		1,036,227			1,917,864			(28,198,007	)		(4,433,193	)		(24,418,291	)		2,415,124			8,543			(157,050	)		1,571,895			(105,557	)
Foreign currency transactions		15,499			(143,138	)		(418,611	)		(2,057,930	)		(7,942	)		(20,814	)		(95,580	)		(795	)		(837	)		(22,885	)		(110,009	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $78,713, $0, $0, $0, $0, $0, $0, $0, respectively)		(3,944,793	)		83,284,990			131,255,415			356,924,900			9,025,360			(8,683,229	)		49,095,351			808,395			188,953			3,249,719			15,244,405
Foreign currency transactions		4,607			130,897			103,261			28,747			3,511			21,916			35,295			(437	)		(19	)		3,369			(13,997	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(4,065,928	)		84,308,976			132,857,929			326,697,710			4,587,736			(33,100,418	)		51,450,190			815,706			31,047			4,802,098			15,014,842

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(2,295,207	)	$	99,658,799		$	149,127,783		$	441,479,281		$	7,521,776		$	(20,813,860	)	$	62,998,500		$	945,289		$	79,910		$	5,669,677		$	16,057,914

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2013


																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 Global			SPDR S&P International						SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial
	Dividend			Dividend			SPDR S&P			Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector
	ETF (1)			ETF			International Mid Cap ETF			Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	90,157		$	97,733,331		$	1,063,926		$	24,817,779		$	28,480,503		$	286,136		$	927,551		$	465,127		$	271,059		$	1,139,323		$	296,869
Dividend income on securities of affiliated issuers (Note 3)		4			3,323			46			3,261			2,197			22			93			17			24			36			28
Affiliated securities lending — net (Note 3 and Note 8)		573			2,495,167			29,378			1,786,191			142,374			5,953			12,703			9,321			4,431			12,757			5,105
Interest income (Note 2)		—			36			16			3,275			207			5			—			—			—			—			—
Foreign taxes withheld		(6,550	)		(7,967,980	)		(82,428	)		(3,208,102	)		(1,449,284	)		(25,252	)		(70,980	)		(37,584	)		(16,968	)		(107,519	)		(23,682	)

TOTAL INVESTMENT INCOME (LOSS)		84,184			92,263,877			1,010,938			23,402,404			27,175,997			266,864			869,367			436,881			258,546			1,044,597			278,320

EXPENSES
Advisory fee (Note 3)		8,401			5,590,883			169,653			5,637,722			4,235,421			52,607			146,454			57,390			32,273			210,644			49,885
Trustees’ fees and expenses (Note 3)		11			20,895			675			16,682			12,931			141			444			213			104			599			174
Miscellaneous expenses		—			14,431			—			8,812			1,453			—			—			—			—			55			—

TOTAL EXPENSES		8,412			5,626,209			170,328			5,663,216			4,249,805			52,748			146,898			57,603			32,377			211,298			50,059

NET INVESTMENT INCOME		75,772			86,637,668			840,610			17,739,188			22,926,192			214,116			722,469			379,278			226,169			833,299			228,261

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		26,147			(47,287,717	)		3,789,143			7,140,757			34,019,488			27,810			36,664			(26,338	)		237,551			(276,577	)		(505,295	)
Foreign currency transactions		426			351,819			(11,315	)		(517,467	)		(192,102	)		(4,111	)		(1,973	)		(1,347	)		(2,922	)		(3,824	)		(8,913	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $8,372, $0, $0, $0, $0, $0, $0, respectively)		275,398			62,983,382			3,394,057			25,244,281			(10,971,752	)		3,228,952			2,837,013			(47,761	)		920,248			6,842,155			2,548,226
Foreign currency transactions		337			74,707			3,134			14,337			(284	)		1,802			3,942			247			1,335			8,056			417

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		302,308			16,122,191			7,175,019			31,881,908			22,855,350			3,254,453			2,875,646			(75,199	)		1,156,212			6,569,810			2,034,435

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	378,080		$	102,759,859		$	8,015,629		$	49,621,096		$	45,781,542		$	3,468,569		$	3,598,115		$	304,079		$	1,382,381		$	7,403,109		$	2,262,696


(1)		For the period May 29, 2013 (commencement of operations) to September 30, 2013.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2013


	SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	Materials			Technology			Telecommunications			Utilities
	Sector			Sector			Sector			Sector
	ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	249,774		$	230,340		$	1,491,505		$	1,311,951
Dividend income on securities of affiliated issuers (Note 3)		16			45			80			57
Affiliated securities lending — net (Note 3 and Note 8)		4,830			9,583			22,779			31,439
Foreign taxes withheld		(18,554	)		(22,371	)		(102,975	)		(112,737	)

TOTAL INVESTMENT INCOME (LOSS)		236,066			217,597			1,411,389			1,230,710

EXPENSES
Advisory fee (Note 3)		49,231			66,803			150,728			140,860
Trustees’ fees and expenses (Note 3)		208			246			494			470
Miscellaneous expenses		—			—			45			—

TOTAL EXPENSES		49,439			67,049			151,267			141,330

NET INVESTMENT INCOME		186,627			150,548			1,260,122			1,089,380

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(616,819	)		1,140,049			380,047			(384,636	)
Foreign currency transactions		(3,101	)		(7,384	)		(2,344	)		5,568
Net change in unrealized appreciation (depreciation) on:
Investments		626,700			1,614,561			5,064,199			3,300,402
Foreign currency transactions		396			432			782			3,158

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		7,176			2,747,658			5,442,684			2,924,492

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	193,803		$	2,898,206		$	6,702,806		$	4,013,872

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX 50 ETF						SPDR S&P Emerging Asia Pacific ETF						SPDR S&P Small Cap Emerging Asia Pacific ETF						SPDR S&P Russia ETF
																						For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*1/11/12-**			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,065,194		$	1,276,066		$	66,149,755		$	20,634,785		$	9,202,331		$	8,411,549		$	44,677		$	82,884		$	891,023		$	1,041,512
Net realized gain (loss) on investments and foreign currency transactions		(3,104,716	)		(3,110,501	)		(30,134,141	)		(37,116,330	)		3,609,244			(1,859,324	)		136,349			165,953			(1,344,590	)		1,662,740
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		12,036,292			6,624,154			444,839,498			77,036,707			7,175,933			53,204,820			2,458			94,043			77,537			3,465,798

Net increase (decrease) in net assets resulting from operations		10,996,770			4,789,719			480,855,112			60,555,162			19,987,508			59,757,045			183,484			342,880			(376,030	)		6,170,050

Net equalization credits and charges (Note 2)		223,606			44,870			7,095,433			5,083,733			—			—			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,238,311	)		(1,310,972	)		(70,388,040	)		(23,665,812	)		(9,689,381	)		(11,357,965	)		(82,790	)		—			(1,635,671	)		(734,365	)
Net realized gains		—			—			—			—			—			(6,448,372	)		(159,902	)		—			—			—

Total distributions to shareholders		(2,238,311	)		(1,310,972	)		(70,388,040	)		(23,665,812	)		(9,689,381	)		(17,806,337	)		(242,692	)		—			(1,635,671	)		(734,365	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		62,852,261			9,207,749			1,969,784,076			872,677,121			136,076,085			58,923,157			—			6,000,000			8,112,863			58,954,430
Cost of shares redeemed		—			(4,561,754	)		(88,807,992	)		(32,103,362	)		(136,683,349	)		(225,859,690	)		—			(4,145,479	)		(14,799,855	)		(68,038,560	)
Net income equalization (Note 2)		(223,606	)		(44,870	)		(7,095,433	)		(5,083,733	)		—			—			—			—			—			—
Other capital (Note 4)		—			—			—			—			—			—			—			23,805			—			—

Net increase (decrease) in net assets from beneficial interest transactions		62,628,655			4,601,125			1,873,880,651			835,490,026			(607,264	)		(166,936,533	)		—			1,878,326			(6,686,992	)		(9,084,130	)

Net increase (decrease) in net assets during the year		71,610,720			8,124,742			2,291,443,156			877,463,109			9,690,863			(124,985,825	)		(59,208	)		2,221,206			(8,698,693	)		(3,648,445	)
Net assets at beginning of year		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 YEAR (1)	$	109,419,370		$	37,808,650		$	3,285,262,734		$	993,819,578		$	399,460,170		$	389,769,307		$	2,161,998		$	2,221,206		$	31,263,979		$	39,962,672

SHARES OF BENEFICIAL INTEREST:
Shares sold		1,800,000			300,000			56,150,000			29,150,000			1,800,000			800,000			—			150,000			300,000			2,100,000
Shares redeemed		—			(150,000	)		(2,550,000	)		(1,100,000	)		(1,800,000	)		(3,200,000	)		—			(100,000	)		(550,000	)		(2,400,000	)

Net increase (decrease)		1,800,000			150,000			53,600,000			28,050,000			—			(2,400,000	)		—			50,000			(250,000	)		(300,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	(107,213	)	$	38,338		$	(7,250,958	)	$	(3,145,144	)	$	3,576,922		$	4,468,393		$	40,569		$	71,163		$	176,955		$	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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	22,727,557		$	19,588,798		$	4,195,721		$	4,196,926		$	25,849,239		$	16,289,464		$	6,782,458		$	7,976,747		$	2,078,172		$	2,231,660
Net realized gain (loss) on investments, foreign currency transactions and futures		18,816,625			19,506,762			3,401,931			1,684,962			(36,129,078	)		(27,157,859	)		(1,311,787	)		7,153,933			(2,334,901	)		(12,095,291	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		68,099,951			34,914,868			(7,859,196	)		14,725,547			(20,200,185	)		(3,347,306	)		4,799,748			30,415,588			744,377			21,663,844

Net increase (decrease) in net assets resulting from operations		109,644,133			74,010,428			(261,544	)		20,607,435			(30,480,024	)		(14,215,701	)		10,270,419			45,546,268			487,648			11,800,213

Net equalization credits and charges (Note 2)		—			—			—			—			915,330			39,699			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(22,082,234	)		(17,799,814	)		(4,153,364	)		(3,935,967	)		(25,279,698	)		(16,170,078	)		(8,143,671	)		(8,184,641	)		(3,277,881	)		(2,483,872	)
Net realized gains		—			—			—			(1,641,948	)		—			—			—			—			—			—

Total distributions to shareholders		(22,082,234	)		(17,799,814	)		(4,153,364	)		(5,577,915	)		(25,279,698	)		(16,170,078	)		(8,143,671	)		(8,184,641	)		(3,277,881	)		(2,483,872	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		388,373,083			361,916,129			110,762,999			69,497,172			310,124,018			301,310,984			28,801,793			59,300,750			17,309,678			12,293,731
Cost of shares redeemed		(337,502,530	)		(276,074,102	)		(82,959,082	)		(73,110,940	)		(17,752,518	)		(24,272,187	)		(79,812,083	)		(174,820,377	)		(24,673,060	)		(53,887,987	)
Net income equalization (Note 2)		—			—			—			—			(915,330	)		(39,699	)		—			—			—			—
Other capital (Note 4)		4,199			—			—			6,299			523,932			—			—			29,705			—			—

Net increase (decrease) in net assets from beneficial interest transactions		50,874,752			85,842,027			27,803,917			(3,607,469	)		291,980,102			276,999,098			(51,010,290	)		(115,489,922	)		(7,363,382	)		(41,594,256	)

Net increase (decrease) in net assets during the year		138,436,651			142,052,641			23,389,009			11,422,051			237,135,710			246,653,018			(48,883,542	)		(78,128,295	)		(10,153,615	)		(32,277,915	)
Net assets at beginning of year		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 YEAR (1)	$	897,622,611		$	759,185,960		$	189,411,510		$	166,022,501		$	538,651,170		$	301,515,460		$	247,440,681		$	296,324,223		$	76,485,438		$	86,639,053

SHARES OF BENEFICIAL INTEREST:
Shares sold		5,400,000			5,300,000			1,700,000			1,100,000			6,900,000			6,200,000			1,200,000			2,400,000			400,000			300,000
Shares redeemed		(4,900,000	)		(4,400,000	)		(1,300,000	)		(1,200,000	)		(450,000	)		(550,000	)		(3,500,000	)		(7,400,000	)		(600,000	)		(1,400,000	)

Net increase (decrease)		500,000			900,000			400,000			(100,000	)		6,450,000			5,650,000			(2,300,000	)		(5,000,000	)		(200,000	)		(1,100,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	5,299,506		$	4,629,404		$	1,289,206		$	1,515,172		$	(1,642,479	)	$	(576,223	)	$	1,102,194		$	2,475,120		$	452,011		$	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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,339,805		$	3,095,788		$	1,770,721		$	3,068,730		$	15,349,823		$	7,144,437		$	16,269,854		$	14,964,093		$	114,781,571		$	99,435,732
Net realized gain (loss) on investments and foreign currency transactions		(8,592,846	)		(3,235,928	)		(125,742	)		(750,461	)		893,089			1,664,601			1,499,253			(8,674,720	)		(30,255,937	)		(11,848,969	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(1,962,558	)		14,647,906			(3,940,186	)		14,693,957			83,415,887			21,232,877			131,358,676			57,988,318			356,953,647			471,918,778

Net increase (decrease) in net assets resulting from operations		(8,215,599	)		14,507,766			(2,295,207	)		17,012,226			99,658,799			30,041,915			149,127,783			64,277,691			441,479,281			559,505,541

Net equalization credits and charges (Note 2)		—			—			—			—			—			—			—			—			1,545,942			74,316,078

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,132,567	)		(3,522,698	)		(1,967,723	)		(4,218,267	)		(14,411,748	)		(5,552,612	)		(17,144,709	)		(19,547,099	)		(229,349,200	)		(111,418,761	)
Net realized gains		—			—			—			—			—			—			—			(5,368,799	)		—			—

Total distributions to shareholders		(2,132,567	)		(3,522,698	)		(1,967,723	)		(4,218,267	)		(14,411,748	)		(5,552,612	)		(17,144,709	)		(24,915,898	)		(229,349,200	)		(111,418,761	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		15,218,912			15,730,530			—			—			197,451,754			276,158,565			74,024,552			21,977,675			836,455,196			949,877,415
Cost of shares redeemed		(48,350,490	)		(34,492,351	)		(20,188,372	)		(26,217,547	)		(5,225,766	)		(9,044,674	)		(71,216,675	)		(112,179,707	)		(139,344,175	)		(257,380,643	)
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			(1,545,942	)		(74,316,078	)
Other capital (Note 4)		—			—			—			—			—			—			—			13,909			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(33,131,578	)		(18,761,821	)		(20,188,372	)		(26,217,547	)		192,225,988			267,113,891			2,807,877			(90,188,123	)		695,565,079			618,180,694

Net increase (decrease) in net assets during the year		(43,479,744	)		(7,776,753	)		(24,451,302	)		(13,423,588	)		277,473,039			291,603,194			134,790,951			(50,826,330	)		909,241,102			1,140,583,552
Net assets at beginning of year		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 YEAR (1)	$	70,575,035		$	114,054,779		$	67,534,766		$	91,986,068		$	688,755,349		$	411,282,310		$	813,871,210		$	679,080,259		$	4,045,899,054		$	3,136,657,952

SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			200,000			—			—			7,600,000			12,000,000			2,500,000			800,000			19,900,000			26,300,000
Shares redeemed		(700,000	)		(500,000	)		(300,000	)		(400,000	)		(200,000	)		(400,000	)		(2,400,000	)		(4,400,000	)		(3,400,000	)		(7,500,000	)

Net increase (decrease)		(500,000	)		(300,000	)		(300,000	)		(400,000	)		7,400,000			11,600,000			100,000			(3,600,000	)		16,500,000			18,800,000

(1) Including undistributed (distribution in excess of) net investment income	$	187,682		$	31,346		$	609,789		$	657,074		$	3,473,984		$	2,651,414		$	7,402,345		$	5,403,261		$	(134,416,995	)	$	(38,551,036	)

See accompanying notes to financial statements.

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


													SPDR MSCI ACWI
	SPDR S&P Global Infrastructure ETF						SPDR S&P Global Natural Resources ETF						ex-US ETF						SPDR MSCI ACWI IMI ETF						SPDR MSCI EM 50 ETF
																						For the Period						For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/27/12-**			Year Ended			*2/27/12-**
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,934,040		$	1,436,312		$	12,286,558		$	6,029,675		$	11,548,310		$	13,019,584		$	129,583		$	87,694		$	48,863		$	86,137
Net realized gain (loss) on investments and foreign currency transactions		(4,441,135	)		(2,744,617	)		(24,439,105	)		(5,330,806	)		2,319,544			15,392,332			7,748			(1,581	)		(157,887	)		(65,964	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		9,028,871			4,125,001			(8,661,313	)		30,128,807			49,130,646			27,825,561			807,958			(27,464	)		188,934		��	(243,349	)

Net increase (decrease) in net assets resulting from operations		7,521,776			2,816,696			(20,813,860	)		30,827,676			62,998,500			56,237,477			945,289			58,649			79,910			(223,176	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,633,933	)		(1,483,636	)		(11,695,276	)		(4,463,333	)		(12,088,605	)		(13,349,211	)		(127,566	)		(54,416	)		(73,259	)		(46,280	)
Net realized gains		—			—			—			—			—			—			(1,624	)		—			—			—

Total distributions to shareholders		(2,633,933	)		(1,483,636	)		(11,695,276	)		(4,463,333	)		(12,088,605	)		(13,349,211	)		(129,190	)		(54,416	)		(73,259	)		(46,280	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		36,254,564			—			267,091,861			273,565,078			103,437,802			168,987,318			—			5,000,000			—			5,000,000
Cost of shares redeemed		(25,303,251	)		—			(241,671,614	)		(48,153,926	)		(44,741,128	)		(191,370,840	)		—			—			(2,381,988	)		—

Net increase (decrease) in net assets from beneficial interest transactions		10,951,313			—			25,420,247			225,411,152			58,696,674			(22,383,522	)		—			5,000,000			(2,381,988	)		5,000,000

Net increase (decrease) in net assets during the year		15,839,156			1,333,060			(7,088,889	)		251,775,495			109,606,569			20,504,744			816,099			5,004,233			(2,375,337	)		4,730,544
Net assets at beginning of year		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 YEAR (1)	$	52,216,720		$	36,377,564		$	407,762,883		$	414,851,772		$	493,824,345		$	384,217,776		$	5,820,332		$	5,004,233		$	2,355,207		$	4,730,544

SHARES OF BENEFICIAL INTEREST:
Shares sold		900,000			—			5,300,000			5,550,000			3,200,000			5,800,000			—			100,000			—			100,000
Shares redeemed		(600,000	)		—			(5,050,000	)		(950,000	)		(1,400,000	)		(6,400,000	)		—			—			(50,000	)		—

Net increase (decrease)		300,000			—			250,000			4,600,000			1,800,000			(600,000	)		—			100,000			(50,000	)		100,000

(1) Including undistributed (distribution in excess of) net investment income	$	708,703		$	416,538		$	2,887,492		$	2,317,024		$	2,784,587		$	3,308,680		$	31,067		$	30,083		$	11,886		$	37,119


*		Commencement of operations.

See accompanying notes to financial statements.

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


	SPDR Russell/Nomura PRIME Japan ETF						SPDR Russell/Nomura Small Cap Japan ETF						SPDR S&P Global Dividend ETF			SPDR S&P International Dividend ETF						SPDR S&P International Mid Cap ETF
													For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			*5/29/13-**			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	867,579		$	264,696		$	1,043,072		$	1,300,148		$	75,772		$	86,637,668		$	53,610,239		$	840,610		$	928,562
Net realized gain (loss) on investments and foreign currency transactions		1,549,010			(115,044	)		(215,566	)		890,683			26,573			(46,935,898	)		(100,833,861	)		3,777,828			612,297
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,253,088			(503,952	)		15,230,408			(5,946,569	)		275,735			63,058,089			81,699,724			3,397,191			2,924,725

Net increase (decrease) in net assets resulting from operations		5,669,677			(354,300	)		16,057,914			(3,755,738	)		378,080			102,759,859			34,476,102			8,015,629			4,465,584

Net equalization credits and charges (Note 2)		—			—			—			—			1,376			(6,819	)		2,358,349			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(236,411	)		(265,569	)		(1,106,374	)		(1,634,370	)		(62,806	)		(85,860,472	)		(53,305,546	)		(911,027	)		(1,150,146	)
Net realized gains		—			—			—			—			—			—			—			(80,604	)		(1,065,071	)

Total distributions to shareholders		(236,411	)		(265,569	)		(1,106,374	)		(1,634,370	)		(62,806	)		(85,860,472	)		(53,305,546	)		(991,631	)		(2,215,217	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		115,432,782			—			31,587,380			2,159,743			9,183,687			426,274,114			541,417,351			7,543,422			—
Cost of shares redeemed		(8,181,550	)		—			(13,495,806	)		(30,742,858	)		—			(138,869,357	)		(4,331,841	)		(4,161,271	)		(2,717,670	)
Net income equalization (Note 2)		—			—			—			—			(1,376	)		6,819			(2,358,349	)		—			—

Net increase (decrease) in net assets from beneficial interest transactions		107,251,232			—			18,091,574			(28,583,115	)		9,182,311			287,411,576			534,727,161			3,382,151			(2,717,670	)

Net increase (decrease) in net assets during the year		112,684,498			(619,869	)		33,043,114			(33,973,223	)		9,498,961			304,304,144			518,256,066			10,406,149			(467,303	)
Net assets at beginning of year		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

NET ASSETS END OF YEAR (1)	$	126,911,109		$	14,226,611		$	97,606,393		$	64,563,279		$	9,498,961		$	1,304,825,996		$	1,000,521,852		$	46,399,445		$	35,993,296

SHARES OF BENEFICIAL INTEREST:
Shares sold		2,600,000			—			650,000			50,000			150,000			8,900,000			11,500,000			250,000			—
Shares redeemed		(200,000	)		—			(300,000	)		(750,000	)		—			(3,000,000	)		(100,000	)		(150,000	)		(100,000	)

Net increase (decrease)		2,400,000			—			350,000			(700,000	)		150,000			5,900,000			11,400,000			100,000			(100,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	790,129		$	138,970		$	573,482		$	575,884		$	13,226		$	3,946,190		$	748,990		$	449,668		$	322,854


*		Commencement of operations.

See accompanying notes to financial statements.

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


	SPDR S&P Emerging Markets 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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	17,739,188		$	19,379,521		$	22,926,192		$	11,745,792		$	214,116		$	146,056		$	722,469		$	490,756		$	379,278		$	367,844
Net realized gain (loss) on investments and foreign currency transactions		6,623,290			(36,877,413	)		33,827,386			(433,986	)		23,699			(32,465	)		34,691			1,199,806			(27,685	)		35,854
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		25,258,618			129,008,372			(10,972,036	)		80,312,706			3,230,754			667,820			2,840,955			1,710,625			(47,514	)		1,423,519

Net increase in net assets resulting from operations		49,621,096			111,510,480			45,781,542			91,624,512			3,468,569			781,411			3,598,115			3,401,187			304,079			1,827,217

Net equalization credits and charges (Note 2)		—			—			2,059,831			6,111,292			(5,822	)		(36,212	)		28,146			(2,845	)		12,017			(7,243	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(20,055,509	)		(18,552,573	)		(36,887,834	)		(13,646,214	)		(184,061	)		(120,565	)		(749,704	)		(478,660	)		(383,819	)		(366,239	)
Net realized gains		—			(27,372,420	)		—			—			—			(78,055	)		—			—			—			—

Total distributions to shareholders		(20,055,509	)		(45,924,993	)		(36,887,834	)		(13,646,214	)		(184,061	)		(198,620	)		(749,704	)		(478,660	)		(383,819	)		(366,239	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			55,331,166			545,280,932			195,499,178			10,162,220			2,850,617			15,107,484			7,759,841			1,225,170			1,346,823
Cost of shares redeemed		(166,152,320	)		(132,998,763	)		(94,273,434	)		(3,706,930	)		—			(9,175,088	)		—			(10,936,077	)		—			(3,773,173	)
Net income equalization (Note 2)		—			—			(2,059,831	)		(6,111,292	)		5,822			36,212			(28,146	)		2,845			(12,017	)		7,243
Other capital (Note 4)		606,781			715,897			—			—			—			—			—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(165,545,539	)		(76,951,700	)		448,947,667			185,680,956			10,168,042			(6,288,259	)		15,079,338			(3,173,391	)		1,213,153			(2,419,107	)

Net increase (decrease) in net assets during the year		(135,979,952	)		(11,366,213	)		459,901,206			269,770,546			13,446,728			(5,741,680	)		17,955,895			(253,709	)		1,145,430			(965,372	)
Net assets at beginning of year		897,446,004			908,812,217			543,476,184			273,705,638			5,529,215			11,270,895			18,985,604			19,239,313			11,389,368			12,354,740

NET ASSETS END OF YEAR (1)	$	761,466,052		$	897,446,004		$	1,003,377,390		$	543,476,184		$	18,975,943		$	5,529,215		$	36,941,499		$	18,985,604		$	12,534,798		$	11,389,368

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			1,200,000			12,600,000			5,100,000			300,000			100,000			400,000			250,000			50,000			50,000
Shares redeemed		(3,700,000	)		(3,400,000	)		(2,200,000	)		(100,000	)		—			(350,000	)		—			(350,000	)		—			(150,000	)

Net increase (decrease)		(3,700,000	)		(2,200,000	)		10,400,000			5,000,000			300,000			(250,000	)		400,000			(100,000	)		50,000			(100,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	9,096,769		$	11,680,827		$	(14,482,696	)	$	(7,018,706	)	$	100,029		$	74,497		$	(27,093	)	$	1,316		$	23,087		$	28,976

See accompanying notes to financial statements.

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


	SPDR S&P International 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
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	226,169		$	207,954		$	833,299		$	473,106		$	228,261		$	281,599		$	186,627		$	235,788		$	150,548		$	163,085
Net realized gain (loss) on investments and foreign currency transactions		234,629			(638,879	)		(280,401	)		1,484,728			(514,208	)		(2,325,873	)		(619,920	)		(1,013,664	)		1,132,665			(14,651	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		921,583			939,293			6,850,211			1,444,628			2,548,643			2,648,001			627,096			1,997,268			1,614,993			1,454,455

Net increase in net assets resulting from operations		1,382,381			508,368			7,403,109			3,402,462			2,262,696			603,727			193,803			1,219,392			2,898,206			1,602,889

Net equalization credits and charges (Note 2)		(36,364	)		(23,755	)		80,293			(4,482	)		(75,203	)		(50,201	)		(2,855	)		7,321			(30,814	)		(16,355	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(222,351	)		(155,043	)		(880,788	)		(462,681	)		(221,282	)		(261,597	)		(186,670	)		(253,185	)		(126,851	)		(165,338	)
Net realized gains		—			—			—			—			—			—			—			—			—			(75,801	)

Total distributions to shareholders		(222,351	)		(155,043	)		(880,788	)		(462,681	)		(221,282	)		(261,597	)		(186,670	)		(253,185	)		(126,851	)		(241,139	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		3,890,337			2,662,828			25,833,615			23,394,533			5,552,523			14,628,938			—			1,070,625			4,036,324			—
Cost of shares redeemed		(2,056,618	)		(7,217,238	)		—			(17,417,767	)		(2,489,084	)		(26,547,201	)		(2,516,666	)		(9,597,009	)		(5,681,307	)		(9,183,492	)
Net income equalization (Note 2)		36,364			23,755			(80,293	)		4,482			75,203			50,201			2,855			(7,321	)		30,814			16,355

Net increase (decrease) in net assets from beneficial interest transactions		1,870,083			(4,530,655	)		25,753,322			5,981,248			3,138,642			(11,868,062	)		(2,513,811	)		(8,533,705	)		(1,614,169	)		(9,167,137	)

Net increase (decrease) in net assets during the year		2,993,749			(4,201,085	)		32,355,936			8,916,547			5,104,853			(11,576,133	)		(2,509,533	)		(7,560,177	)		1,126,372			(7,821,742	)
Net assets at beginning of year		3,534,009			7,735,094			28,123,139			19,206,592			8,634,892			20,211,025			11,842,424			19,402,601			10,880,665			18,702,407

NET ASSETS END OF YEAR (1)	$	6,527,758		$	3,534,009		$	60,479,075		$	28,123,139		$	13,739,745		$	8,634,892		$	9,332,891		$	11,842,424		$	12,007,037		$	10,880,665

SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			150,000			650,000			700,000			200,000			600,000			—			50,000			150,000			—
Shares redeemed		(100,000	)		(450,000	)		—			(550,000	)		(100,000	)		(1,150,000	)		(100,000	)		(400,000	)		(200,000	)		(400,000	)

Net increase (decrease)		100,000			(300,000	)		650,000			150,000			100,000			(550,000	)		(100,000	)		(350,000	)		(50,000	)		(400,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	112,024		$	86,595		$	47,578		$	104,548		$	117,992		$	119,611		$	95,475		$	96,307		$	93,663		$	43,669

See accompanying notes to financial statements.

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


	SPDR S&P International Telecommunications Sector ETF						SPDR S&P International Utilities Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,260,122		$	1,145,937		$	1,089,380		$	683,322
Net realized gain (loss) on investments and foreign currency transactions		377,703			(73,593	)		(379,068	)		(498,357	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		5,064,981			125,892			3,303,560			(358,492	)

Net increase (decrease) in net assets resulting from operations		6,702,806			1,198,236			4,013,872			(173,527	)

Net equalization credits and charges (Note 2)		8,672			(7,414	)		97,264			109,870

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,278,960	)		(1,106,996	)		(1,256,520	)		(691,902	)

Total distributions to shareholders		(1,278,960	)		(1,106,996	)		(1,256,520	)		(691,902	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		7,986,601			13,700,325			11,707,886			16,707,621
Cost of shares redeemed		(4,890,654	)		(1,151,079	)		—			—
Net income equalization (Note 2)		(8,672	)		7,414			(97,264	)		(109,870	)

Net increase (decrease) in net assets from beneficial interest transactions		3,087,275			12,556,660			11,610,622			16,597,751

Net increase in net assets during the year		8,519,793			12,640,486			14,465,238			15,842,192
Net assets at beginning of year		25,098,134			12,457,648			25,403,116			9,560,924

NET ASSETS END OF YEAR (1)	$	33,617,927		$	25,098,134		$	39,868,354		$	25,403,116

SHARES OF BENEFICIAL INTEREST:
Shares sold		350,000			600,000			700,000			1,000,000
Shares redeemed		(200,000	)		(50,000	)		—			—

Net increase (decrease)		150,000			550,000			700,000			1,000,000

(1) Including undistributed (distribution in excess of) net investment income	$	14,152		$	35,334		$	(162,572	)	$	(1,000	)

See accompanying notes to financial statements.

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315

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR STOXX Europe 50 ETF															SPDR EURO STOXX 50 ETF																SPDR S&P Emerging Asia Pacific ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09				9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	31.50		$	28.26		$	33.39		$	35.31		$	36.33		$	30.96		$	28.72		$	36.90		$	41.34		$	41.88			$	73.54		$	66.85		$	82.86		$	69.33		$	54.59

Income (loss) from investment operations:
Net investment income (loss) (1)		1.19			1.25			1.23			1.02			1.11			1.19			1.42			1.63			1.13			1.21				1.62			1.32			1.52			1.28			1.21
Net realized and unrealized gain (loss) (2)		4.84			3.21			(4.73	)		(1.95	)		(1.05	)		7.19			1.77			(8.23	)		(4.47	)		(0.65	)			1.96			8.00			(13.63	)		13.06			13.92

Total from investment operations		6.03			4.46			(3.50	)		(0.93	)		0.06			8.38			3.19			(6.60	)		(3.34	)		0.56				3.58			9.32			(12.11	)		14.34			15.13

Net equalization credits and charges (1)		0.13			0.04			(0.03	)		0.06			(0.01	)		0.13			0.35			(0.00	)(3)		0.10			0.15				—			—			—			—			0.43

Distributions to shareholders from:
Net investment income		(1.19	)		(1.26	)		(1.60	)		(1.05	)		(1.07	)		(1.14	)		(1.30	)		(1.58	)		(1.20	)		(1.25	)			(1.75	)		(1.71	)		(1.29	)		(0.81	)		(0.82	)
Net realized gains		—			—			—			—			—			—			—			—			—			—				—			(0.92	)		(2.61	)		—			—

Total distributions		(1.19	)		(1.26	)		(1.60	)		(1.05	)		(1.07	)		(1.14	)		(1.30	)		(1.58	)		(1.20	)		(1.25	)			(1.75	)		(2.63	)		(3.90	)		(0.81	)		(0.82	)

Net asset value, end of period	$	36.47		$	31.50		$	28.26		$	33.39		$	35.31		$	38.33		$	30.96		$	28.72		$	36.90		$	41.34			$	75.37		$	73.54		$	66.85		$	82.86		$	69.33

Total return (4)		19.94	%(5)		16.25	%		(11.37	)%		(2.52	)%		0.69	%		28.10	%(5)		12.90	%		(18.88	)%		(7.48	)%		2.35	%			4.91	%		14.40	%		(15.55	)%		20.85	%		29.15	%
Net assets, end of period (in 000’s)	$	109,419		$	37,809		$	29,684		$	38,407		$	56,514		$	3,285,263		$	993,820		$	116,356		$	162,400		$	181,922			$	399,460		$	389,769		$	514,755		$	712,608		$	436,766
Ratio of expenses to average net assets		0.29	%		0.29	%		0.30	%		0.31	%		0.29	%		0.29	%		0.29	%		0.30	%		0.31	%		0.29	%			0.59	%		0.60	%		0.60	%		0.60	%		0.59	%
Ratio of net investment income (loss) to average net assets		3.47	%		4.12	%		3.55	%		3.05	%		3.93	%		3.43	%		4.78	%		4.29	%		3.03	%		3.67	%	��		2.14	%		1.87	%		1.83	%		1.74	%		2.25	%
Portfolio turnover rate (6)		12	%		6	%		7	%		9	%		11	%		8	%		9	%		7	%		8	%		12	%			16	%		7	%		20	%		10	%		4	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 19.93% for SPDR STOXX Europe 50 ETF and would have remained 28.10% for SPDR EURO STOXX 50 ETF.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Small Cap Emerging Asia Pacific ETF						SPDR S&P Russia ETF												SPDR S&P China ETF															SPDR S&P Emerging Markets ETF
				For the												For the
				Period												Period
	Year Ended			*1/11/12-**			Year Ended			Year Ended			Year Ended			*3/10/10-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/13			9/30/12			9/30/11			9/30/10			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	44.42		$	40.00		$	28.54		$	25.65		$	30.01		$	30.00		$	65.45		$	57.68		$	76.14		$	66.50		$	51.29		$	63.85		$	57.26		$	69.89		$	59.00		$	51.86

Income (loss) from investment operations:
Net investment income (loss) (1)		0.89			0.70			0.70			0.57			0.57			0.20			1.63			1.68			1.31			1.03			1.21			1.38			1.48			1.36			1.09			0.97
Net realized and unrealized gain (loss) (2)		2.79			3.52			(0.82	)		2.80			(4.53	)		(0.01	)		8.72			7.56			(18.48	)		9.44			14.81			(0.55	)		7.20			(12.20	)		10.73			7.00

Total from investment operations		3.68			4.22			(0.12	)		3.37			(3.96	)		0.19			10.35			9.24			(17.17	)		10.47			16.02			0.83			8.68			(10.84	)		11.82			7.97

Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			0.53			—			—			—			—			0.60

Other capital		—			0.20			—			—			—			—			—			—			—			—			—			—			0.00	(3)		—			—			—

Distributions to shareholders from:
Net investment income		(1.66	)		—			(1.23	)		(0.48	)		(0.29	)		(0.18	)		(1.62	)		(1.47	)		(1.29	)		(0.83	)		(1.34	)		(1.54	)		(1.41	)		(1.15	)		(0.93	)		(1.43	)
Net realized gains		(3.20	)		—			—			—			(0.11	)		—			—			—			—			—			—			—			(0.68	)		(0.64	)		—			—

Total distributions		(4.86	)		—			(1.23	)		(0.48	)		(0.40	)		(0.18	)		(1.62	)		(1.47	)		(1.29	)		(0.83	)		(1.34	)		(1.54	)		(2.09	)		(1.79	)		(0.93	)		(1.43	)

Net asset value, end of period	$	43.24		$	44.42		$	27.19		$	28.54		$	25.65		$	30.01		$	74.18		$	65.45		$	57.68		$	76.14		$	66.50		$	63.14		$	63.85		$	57.26		$	69.89		$	59.00

Total return (4)		8.31	%(5)		11.08	%		(0.41	)%		13.40	%		(13.58	)%		0.72	%		16.20	%		16.17	%		(22.95	)%		15.87	%		33.06	%		1.31	%		15.58	%		(16.06	)%		20.25	%		18.05	%
Net assets, end of period (in 000’s)	$	2,162		$	2,221		$	31,264		$	39,963		$	43,611		$	6,003		$	897,623		$	759,186		$	617,133		$	677,680		$	445,539		$	189,412		$	166,023		$	154,600		$	216,661		$	94,395
Ratio of expenses to average net assets		0.65	%		0.71	%(6)		0.60	%		0.59	%		0.59	%		0.59	%(6)		0.59	%		0.59	%		0.60	%		0.61	%		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%		0.59	%
Ratio of net investment income (loss) to average net assets		2.05	%		2.27	%(6)		2.56	%		2.05	%		1.56	%		1.25	%(6)		2.31	%		2.56	%		1.71	%		1.46	%		2.22	%		2.15	%		2.39	%		1.90	%		1.73	%		2.18	%
Portfolio turnover rate (7)		21	%		65	%		3	%		11	%		15	%		1	%		12	%		10	%		9	%		25	%		0	%(8)		21	%		11	%		4	%		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 year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		State Street reimbursed the Fund $6,299 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 8.23% for SPDR S&P Small Cap Emerging Asia Pacific ETF.
(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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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Markets Dividend ETF									SPDR S&P BRIC 40 ETF															SPDR S&P Emerging Europe ETF
							For the
							Period
	Year Ended			Year Ended			*2/23/11-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	43.70		$	43.89		$	50.00		$	22.97		$	20.92		$	25.84		$	23.03		$	20.29		$	41.26		$	37.16		$	45.55		$	39.42		$	42.73

Income (loss) from investment operations:
Net investment income (loss) (1)		2.45			3.18			2.32			0.57			0.54			0.60			0.43			0.42			1.02			0.95			1.02			0.46			0.50
Net realized and unrealized gain (loss) (2)		(3.87	)		(0.78	)		(6.96	)		0.49			2.09			(5.00	)		2.75			2.97			(0.37	)		4.22			(8.73	)		6.06			(2.77	)

Total from investment operations		(1.42	)		2.40			(4.64	)		1.06			2.63			(4.40	)		3.18			3.39			0.65			5.17			(7.71	)		6.52			(2.27	)

Net equalization credits and charges (1)		0.09			0.01			0.43			—			—			—			—			0.01			—			—			—			—			(0.29	)

Other capital		0.05			—			—			—			0.00	(3)		—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(2.08	)		(2.60	)		(1.28	)		(0.69	)		(0.58	)		(0.52	)		(0.37	)		(0.66	)		(1.65	)		(1.07	)		(0.68	)		(0.39	)		(0.75	)
Return of capital		—			—			(0.62	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(2.08	)		(2.60	)		(1.90	)		(0.69	)		(0.58	)		(0.52	)		(0.37	)		(0.66	)		(1.65	)		(1.07	)		(0.68	)		(0.39	)		(0.75	)

Net asset value, end of period	$	40.34		$	43.70		$	43.89		$	23.34		$	22.97		$	20.92		$	25.84		$	23.03		$	40.26		$	41.26		$	37.16		$	45.55		$	39.42

Total return (4)		(2.80	)%		5.54	%		(8.73	)%		4.95	%		12.82	%		(17.49	)%		13.98	%		18.16	%		1.68	%		14.32	%		(17.35	)%		16.74	%		(5.18	)%
Net assets, end of period (in 000’s)	$	538,651		$	301,515		$	54,862		$	247,441		$	296,324		$	374,453		$	459,991		$	340,812		$	76,485		$	86,639		$	118,917		$	232,325		$	137,975
Ratio of expenses to average net assets		0.60	%		0.61	%		0.62	%(5)		0.50	%		0.50	%		0.51	%		0.52	%		0.48	%		0.59	%		0.60	%		0.61	%		0.61	%		0.59	%
Ratio of expenses to average net assets before waivers		0.60	%		0.61	%		0.62	%(5)		0.50	%		0.50	%		0.51	%		0.52	%		0.50	%		0.59	%		0.60	%		0.61	%		0.61	%		0.59	%
Ratio of net investment income (loss) to average net assets		5.71	%		6.80	%		7.46	%(5)		2.45	%		2.32	%		2.23	%		1.78	%		2.36	%		2.48	%		2.41	%		2.04	%		1.07	%		1.66	%
Portfolio turnover rate (6)		85	%		134	%		42	%		9	%		13	%		10	%		10	%		16	%		6	%		6	%		10	%		21	%		45	%


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

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321

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Latin America ETF															SPDR S&P Emerging Middle East & Africa ETF																SPDR S&P World ex-US ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10				9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	71.28		$	64.12		$	84.48		$	69.92		$	61.83		$	70.76		$	62.01		$	71.33		$	58.74			$	54.48		$	23.91		$	21.37		$	24.19		$	23.58		$	23.31

Income (loss) from investment operations:
Net investment income (loss) (1)		1.65			1.76			1.93	(2)		1.57			1.13			1.52			2.13			1.87			1.33				1.36			0.73			0.75			0.75			0.56			0.57
Net realized and unrealized gain (loss) (3)		(7.23	)		7.40			(20.76	)		14.73			8.12			(3.17	)		9.44			(9.65	)		12.51				5.97			4.04			2.38			(2.89	)		0.56			(0.22	)
																												��
Total from investment operations		(5.58	)		9.16			(18.83	)		16.30			9.25			(1.65	)		11.57			(7.78	)		13.84				7.33			4.77			3.13			(2.14	)		1.12			0.35

Net equalization credits and charges (1)		—			—			—			—			0.37			—			—			—			—				(0.51	)		—			—			—			—			0.56

Distributions to shareholders from:
Net investment income		(1.54	)		(2.00	)		(1.53	)		(1.74	)		(1.53	)		(1.58	)		(2.82	)		(1.54	)		(1.25	)			(2.56	)		(0.68	)		(0.59	)		(0.68	)		(0.51	)		(0.64	)

Total distributions		(1.54	)		(2.00	)		(1.53	)		(1.74	)		(1.53	)		(1.58	)		(2.82	)		(1.54	)		(1.25	)			(2.56	)		(0.68	)		(0.59	)		(0.68	)		(0.51	)		(0.64	)

Net asset value, end of period	$	64.16		$	71.28		$	64.12		$	84.48		$	69.92		$	67.53		$	70.76		$	62.01		$	71.33			$	58.74		$	28.00		$	23.91		$	21.37		$	24.19		$	23.58

Total return (4)		(7.86	)%		14.49	%		(22.78	)%(2)		23.73	%		16.99	%		(2.38	)%		19.26	%		(11.32	)%		23.91	%			14.04	%		20.27	%		14.99	%		(9.32	)%		4.99	%		4.68	%
Net assets, end of period (in 000’s)	$	70,575		$	114,055		$	121,832		$	211,194		$	132,844		$	67,535		$	91,986		$	105,410		$	142,664			$	129,232		$	688,755		$	411,282		$	119,679		$	106,453		$	84,886
Ratio of expenses to average net assets		0.59	%		0.59	%		0.60	%		0.61	%		0.60	%		0.59	%		0.59	%		0.60	%		0.60	%			0.59	%		0.34	%		0.34	%		0.35	%		0.35	%		0.34	%
Ratio of net investment income (loss) to average net assets		2.35	%		2.43	%		2.27	%(2)		2.05	%		2.27	%		2.26	%		3.17	%		2.55	%		2.12	%			2.98	%		2.79	%		3.28	%		2.94	%		2.44	%		3.02	%
Portfolio turnover rate (5)		10	%		7	%		12	%		23	%		17	%		2	%		7	%		4	%		27	%			12	%		2	%		8	%		2	%		7	%		12	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%.
(3)		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. Broker commission charges are not included in this calculation.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Small Cap ETF															SPDR Dow Jones International Real Estate ETF															SPDR S&P Global Infrastructure ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	27.49		$	25.79		$	27.92		$	25.45		$	23.71		$	39.29		$	32.70		$	38.39		$	35.53		$	37.86		$	40.42		$	38.94		$	40.91		$	41.94		$	47.03

Income (loss) from investment operations:
Net investment income (loss) (1)		0.65			0.57			0.64			0.46			0.44			1.29			1.41			1.57			1.34			1.34			1.99			1.60			1.71			1.47			1.57
Net realized and unrealized gain (loss) (2)		5.37			2.08			(2.14	)		2.42			1.74			4.01			5.67			(3.82	)		2.84			(2.38	)		2.71			1.53			(2.03	)		(0.88	)		(4.35	)

Total from investment operations		6.02			2.65			(1.50	)		2.88			2.18			5.30			7.08			(2.25	)		4.18			(1.04	)		4.70			3.13			(0.32	)		0.59			(2.78	)

Net equalization credits and charges (1)		—			—			—			—			0.12			0.02			1.06			0.09			(0.01	)		0.05			—			—			—			—			0.07

Other capital		—			0.00	(3)		—			—			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(0.69	)		(0.75	)		(0.63	)		(0.41	)		(0.56	)		(2.61	)		(1.55	)		(3.53	)		(1.31	)		(1.34	)		(1.61	)		(1.65	)		(1.65	)		(1.62	)		(2.38	)
Net realized gains		—			(0.20	)		—			—			—			—			—			—			—			—			—			—			—			—			—

Total distributions		(0.69	)		(0.95	)		(0.63	)		(0.41	)		(0.56	)		(2.61	)		(1.55	)		(3.53	)		(1.31	)		(1.34	)		(1.61	)		(1.65	)		(1.65	)		(1.62	)		(2.38	)

Net asset value, end of period	$	32.82		$	27.49		$	25.79		$	27.92		$	25.45		$	42.00		$	39.29		$	32.70		$	38.39		$	35.53		$	43.51		$	40.42		$	38.94		$	40.91		$	41.94

Total return (4)		22.25	%		10.74	%		(5.72	)%		11.54	%		10.45	%		13.83	%(5)		25.52	%		(6.76	)%		12.15	%		(1.52	)%		11.99	%		8.20	%		(1.04	)%		1.63	%		(5.40	)%
Net assets, end of period (in 000’s)	$	813,871		$	679,080		$	729,907		$	622,564		$	509,033		$	4,045,899		$	3,136,658		$	1,996,074		$	1,314,261		$	939,265		$	52,217		$	36,378		$	35,045		$	53,186		$	67,099
Ratio of expenses to average net assets		0.59	%		0.59	%		0.61	%		0.60	%		0.59	%		0.59	%		0.59	%		0.61	%		0.60	%		0.59	%		0.50	%		0.59	%		0.60	%		0.61	%		0.59	%
Ratio of net investment income (loss) to average net assets		2.20	%		2.16	%		2.12	%		1.81	%		2.27	%		3.10	%		3.96	%		4.05	%		3.86	%		4.85	%		4.79	%		4.02	%		4.07	%		3.63	%		4.16	%
Portfolio turnover rate (6)		21	%		2	%		22	%		17	%		21	%		11	%		11	%		10	%		7	%		23	%		74	%		10	%		6	%		6	%		10	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 13.83% for SPDR Dow Jones International Real Estate ETF.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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325

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Global Natural Resources ETF												SPDR MSCI ACWI ex-US ETF															SPDR MSCI ACWI IMI ETF						SPDR MSCI EM 50 ETF
										For the																					For the						For the
										Period																					Period						Period
	Year Ended			Year Ended			Year Ended			*9/13/10-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/27/12-**			Year Ended			*2/27/12-**
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/13			9/30/12

Net asset value, beginning of period	$	50.90		$	45.94		$	50.76		$	50.00		$	30.49		$	27.55		$	31.77		$	30.38		$	29.39		$	50.04		$	50.00		$	47.31		$	50.00

Income (loss) from investment operations:
Net investment income (loss) (1)		1.30			1.14			1.23			0.03			0.90			0.89			0.95			0.73			0.71			1.30			0.88			0.92			0.86
Net realized and unrealized gain (loss) (2)		(2.41	)		4.78			(5.44	)		0.73			3.88			2.93			(4.28	)		1.35			1.14			8.16			(0.30	)		0.34			(3.09	)

Total from investment operations		(1.11	)		5.92			(4.21	)		0.76			4.78			3.82			(3.33	)		2.08			1.85			9.46			0.58			1.26			(2.23	)

Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			0.08			—			—			—			—

Distributions to shareholders from:
Net investment income		(1.25	)		(0.96	)		(0.61	)		—			(0.98	)		(0.88	)		(0.89	)		(0.69	)		(0.94	)		(1.28	)		(0.54	)		(1.47	)		(0.46	)
Net realized gains		—			—			—			—			—			—			—			—			—			(0.02	)		—			—			—

Total distributions		(1.25	)		(0.96	)		(0.61	)		—			(0.98	)		(0.88	)		(0.89	)		(0.69	)		(0.94	)		(1.30	)		(0.54	)		(1.47	)		(0.46	)

Net asset value, end of period	$	48.54		$	50.90		$	45.94		$	50.76		$	34.29		$	30.49		$	27.55		$	31.77		$	30.38		$	58.20		$	50.04		$	47.10		$	47.31

Total return (3)		(2.09	)%		13.07	%		(8.56	)%		1.52	%		15.96	%		14.20	%		(10.99	)%		7.13	%		7.41	%		19.15	%		1.28	%		2.74	%		(4.37	)%
Net assets, end of period (in 000’s)	$	407,763		$	414,852		$	163,076		$	7,615		$	493,824		$	384,218		$	363,713		$	393,909		$	309,901		$	5,820		$	5,004		$	2,355		$	4,731
Ratio of expenses to average net assets		0.40	%		0.40	%		0.40	%		0.38	%(4)		0.34	%		0.34	%		0.35	%		0.35	%		0.34	%		0.25	%		0.25	%(4)		0.50	%		0.50	%(4)
Ratio of net investment income (loss) to average net assets		2.63	%		2.28	%		2.13	%		1.10	%(4)		2.76	%		3.03	%		2.85	%		2.43	%		2.98	%		2.40	%		3.08	%(4)		1.97	%		3.16	%(4)
Portfolio turnover rate (5)		31	%		18	%		32	%		0	%(6)		2	%		8	%		4	%		3	%		15	%		0	%(6)		0	%(6)		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 year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(6)		Amount shown represents less than 0.5%.

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327

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


																															SPDR S&P
																															Global
	SPDR Russell/Nomura PRIME Japan ETF															SPDR Russell/Nomura Small Cap Japan ETF															Dividend ETF
																															For the
																															Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*5/29/13-**
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13

Net asset value, beginning of period	$	35.57		$	37.12		$	37.80		$	38.41		$	39.64		$	41.65		$	43.79		$	39.65		$	40.51		$	35.84		$	60.00

Income (loss) from investment operations:
Net investment income (loss) (1)		0.92			0.66			0.85			0.50			0.46			0.61			0.64			0.69			0.53			0.60			0.75
Net realized and unrealized gain (loss) (2)		9.34			(1.55	)		(0.56	)		(0.58	)		(0.64	)		9.79			(2.00	)		4.12			(0.73	)		5.29			3.20

Total from investment operations		10.26			(0.89	)		0.29			(0.08	)		(0.18	)		10.40			(1.36	)		4.81			(0.20	)		5.89			3.95

Net equalization credits and charges (1)		—			—			—			—			0.29			—			—			—			—			(0.15	)		0.01

Distributions to shareholders from:
Net investment income		(0.50	)		(0.66	)		(0.97	)		(0.53	)		(1.34	)		(0.68	)		(0.78	)		(0.67	)		(0.66	)		(1.07	)		(0.63	)

Total distributions		(0.50	)		(0.66	)		(0.97	)		(0.53	)		(1.34	)		(0.68	)		(0.78	)		(0.67	)		(0.66	)		(1.07	)		(0.63	)

Net asset value, end of period	$	45.33		$	35.57		$	37.12		$	37.80		$	38.41		$	51.37		$	41.65		$	43.79		$	39.65		$	40.51		$	63.33

Total return (3)		29.11	%		(2.33	)%		0.56	%		(0.14	)%		0.58	%		25.23	%		(3.05	)%		12.17	%		(0.41	)%		16.35	%		6.61	%
Net assets, end of period (in 000’s)	$	126,911		$	14,227		$	14,846		$	15,119		$	15,363		$	97,606		$	64,563		$	98,537		$	67,412		$	85,081		$	9,499
Ratio of expenses to average net assets		0.50	%		0.50	%		0.51	%		0.51	%		0.50	%		0.55	%		0.55	%		0.56	%		0.56	%		0.55	%		0.40	%(4)
Ratio of net investment income (loss) to average net assets		2.18	%		1.83	%		2.16	%		1.34	%		1.32	%		1.34	%		1.54	%		1.63	%		1.37	%		1.74	%		3.61	%(4)
Portfolio turnover rate (5)		0	%(6)		1	%		3	%		3	%		6	%		13	%		22	%		10	%		24	%		25	%		10	%


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

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Dividend ETF															SPDR S&P International Mid Cap ETF															SPDR S&P Emerging Markets Small Cap ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10		��	9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	45.27		$	45.07		$	53.88		$	52.49		$	48.17		$	27.69		$	26.04		$	28.76		$	27.14		$	26.04		$	44.43		$	40.57		$	54.62		$	43.78		$	32.69

Income (loss) from investment operations:
Net investment income (loss) (1)		3.27			3.29			3.48			2.32			2.09			0.67			0.68			0.76			0.55			0.57			0.95			0.96			0.99			1.06			0.66
Net realized and unrealized gain (loss) (2)		1.20			(0.22	)		(9.35	)		1.26			3.70			5.60			2.57			(2.31	)		2.31			0.72			1.81			5.15			(13.25	)		10.65			10.18

Total from investment operations		4.47			3.07			(5.87	)		3.58			5.79			6.27			3.25			(1.55	)		2.86			1.29			2.76			6.11			(12.26	)		11.71			10.84

Net equalization credits and charges (1)		(0.00	)(3)		0.14			0.37			0.06			0.40			—			—			—			—			0.34			—			—			—			—			0.56

Other capital		—			—			—			—			—			—			—			—			—			—			0.03			0.04			—			—			—

Distributions to shareholders from:
Net investment income		(3.14	)		(3.01	)		(3.31	)		(2.25	)		(1.87	)		(0.75	)		(0.84	)		(0.70	)		(0.50	)		(0.53	)		(1.07	)		(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		(3.14	)		(3.01	)		(3.31	)		(2.25	)		(1.87	)		(0.82	)		(1.60	)		(1.17	)		(1.24	)		(0.53	)		(1.07	)		(2.29	)		(1.79	)		(0.87	)		(0.31	)

Net asset value, end of period	$	46.60		$	45.27		$	45.07		$	53.88		$	52.49		$	33.14		$	27.69		$	26.04		$	28.76		$	27.14		$	46.15		$	44.43		$	40.57		$	54.62		$	43.78

Total return (4)		10.24	%		7.45	%		(11.06	)%		7.34	%		13.86	%		23.07	%		13.27	%		(6.00	)%		11.11	%		6.87	%		6.29	%(5)		16.09	%		(23.36	)%		27.05	%		35.45	%
Net assets, end of period (in 000’s)	$	1,304,826		$	1,000,522		$	482,266		$	258,705		$	126,037		$	46,399		$	35,993		$	36,461		$	30,196		$	21,716		$	761,466		$	897,446		$	908,812		$	797,411		$	65,674
Ratio of expenses to average net assets		0.45	%		0.45	%		0.46	%		0.46	%		0.46	%		0.45	%		0.45	%		0.46	%		0.46	%		0.45	%		0.65	%		0.66	%		0.66	%		0.66	%		0.66	%
Ratio of net investment income (loss) to average net assets		6.97	%		7.11	%		6.24	%		4.48	%		5.26	%		2.23	%		2.56	%		2.49	%		2.07	%		2.57	%		2.05	%		2.27	%		1.85	%		2.19	%		1.93	%
Portfolio turnover rate (6)		121	%		127	%		142	%		131	%		148	%		53	%		28	%		32	%		31	%		45	%		18	%		22	%		70	%		85	%		83	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 6.29% for SPDR S&P Emerging Markets Small Cap ETF.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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331

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															SPDR S&P International Consumer Staples Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	40.56		$	32.58		$	36.00		$	31.18		$	39.33		$	27.65		$	25.05		$	26.90		$	24.12		$	22.37		$	34.52		$	29.60		$	29.80		$	26.31		$	25.80

Income (loss) from investment operations:
Net investment income (loss) (1)		1.16			1.12			1.16			1.11			1.19			0.68			0.52			0.47			0.41			0.43			0.92			0.82			0.88			0.69			0.57
Net realized and unrealized gain (loss) (2)		2.21			7.52			(2.00	)		4.88			(8.23	)		10.26			3.11			(1.79	)		2.69			1.77			4.25			4.90			(0.37	)		3.39			0.50

Total from investment operations		3.37			8.64			(0.84	)		5.99			(7.04	)		10.94			3.63			(1.32	)		3.10			2.20			5.17			5.72			0.51			4.08			1.07

Net equalization credits and charges (1)		0.10			0.58			0.08			0.02			0.31			(0.02	)		(0.13	)		(0.03	)		0.02			—			0.04			(0.00	)(3)		0.15			0.04			—

Distributions to shareholders from:
Net investment income		(1.87	)		(1.24	)		(2.66	)		(1.19	)		(1.42	)		(0.62	)		(0.51	)		(0.50	)		(0.34	)		(0.45	)		(0.84	)		(0.80	)		(0.86	)		(0.63	)		(0.56	)
Net realized gains		—			—			—			—			—			—			(0.39	)		—			—			—			—			—			—			—			—

Total distributions		(1.87	)		(1.24	)		(2.66	)		(1.19	)		(1.42	)		(0.62	)		(0.90	)		(0.50	)		(0.34	)		(0.45	)		(0.84	)		(0.80	)		(0.86	)		(0.63	)		(0.56	)

Net asset value, end of period	$	42.16		$	40.56		$	32.58		$	36.00		$	31.18		$	37.95		$	27.65		$	25.05		$	26.90		$	24.12		$	38.89		$	34.52		$	29.60		$	29.80		$	26.31

Total return (4)		8.61	%		28.56	%		(2.80	)%		19.71	%		(15.97	)%		39.94	%		14.40	%		(5.33	)%		13.12	%		10.38	%		15.20	%		19.51	%		2.08	%		15.87	%		4.48	%
Net assets, end of period (in 000’s)	$	1,003,377		$	543,476		$	273,706		$	140,388		$	81,076		$	18,976		$	5,529		$	11,271		$	18,833		$	4,824		$	36,941		$	18,986		$	19,239		$	14,900		$	5,262
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%		0.51	%		0.50	%		0.50	%		0.51	%		0.50	%		0.51	%		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%		0.50	%
Ratio of net investment income (loss) to average net assets		2.71	%		2.96	%		3.08	%		3.42	%		4.84	%		2.04	%		1.96	%		1.61	%		1.67	%		2.22	%		2.47	%		2.53	%		2.81	%		2.50	%		2.58	%
Portfolio turnover rate (5)		8	%		8	%		9	%		7	%		18	%		2	%		5	%		9	%		11	%		7	%		4	%		7	%		2	%		5	%		8	%


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

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333

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Energy Sector ETF															SPDR S&P International Financial Sector ETF															SPDR S&P International Health Care Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	25.31		$	22.46		$	24.52		$	25.48		$	25.07		$	17.67		$	15.47		$	19.60		$	21.39		$	21.48		$	35.15		$	29.55		$	29.46		$	28.50		$	28.38

Income (loss) from investment operations:
Net investment income (loss) (1)		0.81			0.79			0.70			0.65			0.76			0.70			0.64			0.69			0.55			0.46			0.77			0.86			0.74			0.64			0.57
Net realized and unrealized gain (loss) (2)		(0.28	)		2.89			(2.10	)		(1.01	)		0.34			4.27			2.15			(4.09	)		(1.83	)		(0.11	)		6.53			5.57			0.04			0.96			0.11

Total from investment operations		0.53			3.68			(1.40	)		(0.36	)		1.10			4.97			2.79			(3.40	)		(1.28	)		0.35			7.30			6.43			0.78			1.60			0.68

Net equalization credits and charges (1)		0.03			(0.02	)		0.00	(3)		0.04			0.04			(0.11	)		(0.07	)		(0.01	)		0.04			0.01			0.07			(0.01	)		0.05			(0.01	)		—

Distributions to shareholders from:
Net investment income		(0.80	)		(0.81	)		(0.66	)		(0.64	)		(0.72	)		(0.77	)		(0.52	)		(0.72	)		(0.55	)		(0.45	)		(0.81	)		(0.82	)		(0.74	)		(0.63	)		(0.56	)
Return of capital		—			—			—			—			(0.01	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(0.80	)		(0.81	)		(0.66	)		(0.64	)		(0.73	)		(0.77	)		(0.52	)		(0.72	)		(0.55	)		(0.45	)		(0.81	)		(0.82	)		(0.74	)		(0.63	)		(0.56	)

Net asset value, end of period	$	25.07		$	25.31		$	22.46		$	24.52		$	25.48		$	21.76		$	17.67		$	15.47		$	19.60		$	21.39		$	41.71		$	35.15		$	29.55		$	29.46		$	28.50

Total return (4)		2.35	%		16.44	%		(6.14	)%		(1.18	)%		5.09	%		27.98	%		18.02	%		(17.99	)%		(5.60	)%		2.35	%		21.14	%		22.03	%		2.69	%		5.71	%		2.78	%
Net assets, end of period (in 000’s)	$	12,535		$	11,389		$	12,355		$	12,259		$	6,369		$	6,528		$	3,534		$	7,735		$	8,821		$	5,348		$	60,479		$	28,123		$	19,207		$	10,310		$	5,701
Ratio of expenses to average net assets		0.50	%		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%		0.50	%
Ratio of net investment income (loss) to average net assets		3.30	%		3.16	%		2.55	%		2.63	%		3.64	%		3.50	%		3.94	%		3.47	%		2.85	%		2.88	%		1.98	%		2.70	%		2.37	%		2.25	%		2.35	%
Portfolio turnover rate (5)		2	%		6	%		4	%		11	%		6	%		2	%		6	%		4	%		6	%		25	%		8	%		14	%		5	%		29	%		0	%(6)


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

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335

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															SPDR S&P International Technology Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	24.67		$	22.46		$	25.65		$	23.26		$	22.07		$	23.68		$	22.83		$	26.34		$	23.05		$	21.54		$	24.18		$	22.00		$	24.76		$	24.58		$	22.27

Income (loss) from investment operations:
Net investment income (loss) (1)		0.63			0.55			0.62			0.41			0.47			0.44			0.42			0.42			0.32			0.27			0.31			0.29			0.34			0.29			0.24
Net realized and unrealized gain (loss) (2)		6.18			2.32			(3.23	)		2.27			1.25			(0.31	)		0.87			(3.51	)		3.25			1.41			5.89			2.37			(2.68	)		0.14			2.32

Total from investment operations		6.81			2.87			(2.61	)		2.68			1.72			0.13			1.29			(3.09	)		3.57			1.68			6.20			2.66			(2.34	)		0.43			2.56

Net equalization credits and charges (1)		(0.21	)		(0.10	)		(0.01	)		0.06			—			(0.01	)		0.01			(0.03	)		(0.02	)		0.15			(0.06	)		(0.03	)		0.00	(3)		0.01			0.01

Distributions to shareholders from:
Net investment income		(0.74	)		(0.56	)		(0.57	)		(0.35	)		(0.53	)		(0.47	)		(0.45	)		(0.39	)		(0.26	)		(0.32	)		(0.30	)		(0.31	)		(0.33	)		(0.25	)		(0.26	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			—			(0.14	)		(0.09	)		(0.01	)		—

Total distributions		(0.74	)		(0.56	)		(0.57	)		(0.35	)		(0.53	)		(0.47	)		(0.45	)		(0.39	)		(0.26	)		(0.32	)		(0.30	)		(0.45	)		(0.42	)		(0.26	)		(0.26	)

Net asset value, end of period	$	30.53		$	24.67		$	22.46		$	25.65		$	23.26		$	23.33		$	23.68		$	22.83		$	26.34		$	23.05		$	30.02		$	24.18		$	22.00		$	24.76		$	24.58

Total return (4)		27.19	%		12.53	%		(10.62	)%		11.94	%		8.35	%		0.43	%		5.79	%		(12.12	)%		15.53	%		8.87	%		25.54	%		12.06	%		(9.74	)%		1.86	%		11.81	%
Net assets, end of period (in 000’s)	$	13,740		$	8,635		$	20,211		$	17,955		$	4,653		$	9,333		$	11,842		$	19,403		$	22,387		$	9,221		$	12,007		$	10,881		$	18,702		$	21,044		$	11,062
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%		0.52	%		0.50	%		0.50	%		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%		0.50	%		0.51	%		0.52	%		0.51	%
Ratio of net investment income (loss) to average net assets		2.29	%		2.27	%		2.22	%		1.74	%		2.59	%		1.90	%		1.77	%		1.42	%		1.31	%		1.47	%		1.13	%		1.21	%		1.27	%		1.20	%		1.23	%
Portfolio turnover rate (5)		7	%		11	%		0	%(6)		20	%		3	%		8	%		0	%(6)		1	%		9	%		7	%		13	%		6	%		1	%		10	%		5	%


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

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337

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Telecommunications Sector ETF															SPDR S&P International Utilities Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/13			9/30/12			9/30/11			9/30/10			9/30/09			9/30/13			9/30/12			9/30/11			9/30/10			9/30/09

Net asset value, beginning of period	$	22.82		$	22.65		$	24.30		$	23.58		$	22.71		$	16.39		$	17.38		$	20.55		$	22.78		$	24.95

Income (loss) from investment operations:
Net investment income (loss) (1)		0.98			1.45			1.22	(2)		1.05			0.97			0.65			0.85			0.92	(3)		0.82			0.86
Net realized and unrealized gain (loss) (4)		4.01			0.10			(1.54	)		0.69			0.86			1.33			(1.24	)		(3.20	)		(2.43	)		(2.19	)

Total from investment operations		4.99			1.55			(0.32	)		1.74			1.83			1.98			(0.39	)		(2.28	)		(1.61	)		(1.33	)

Net equalization credits and charges (1)		0.01			(0.01	)		0.01			0.02			0.02			0.06			0.14			0.02			0.04			—

Distributions to shareholders from:
Net investment income		(0.93	)		(1.37	)		(1.34	)		(1.04	)		(0.98	)		(0.71	)		(0.74	)		(0.91	)		(0.66	)		(0.81	)
Net realized gains		—			—			—			—			—			—			—			—			—			(0.03	)

Total distributions		(0.93	)		(1.37	)		(1.34	)		(1.04	)		(0.98	)		(0.71	)		(0.74	)		(0.91	)		(0.66	)		(0.84	)

Net asset value, end of period	$	26.89		$	22.82		$	22.65		$	24.30		$	23.58		$	17.72		$	16.39		$	17.38		$	20.55		$	22.78

Total return (5)		22.68	%		7.23	%		(1.66	)%(2)		8.09	%		8.68	%		12.79	%		(1.30	)%		(11.45	)%(3)		(6.71	)%		(4.96	)%
Net assets, end of period (in 000’s)	$	33,618		$	25,098		$	12,458		$	15,795		$	9,432		$	39,868		$	25,403		$	9,561		$	8,221		$	4,557
Ratio of expenses to average net assets		0.50	%		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%		0.50	%		0.51	%		0.52	%		0.50	%
Ratio of net investment income (loss) to average net assets		4.18	%		6.48	%		4.84	%(2)		4.62	%		4.76	%		3.87	%		5.15	%		4.49	%(3)		3.94	%		4.23	%
Portfolio turnover rate (6)		7	%		3	%		8	%		6	%		5	%		1	%		8	%		2	%		5	%		7	%


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

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339

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS

September 30, 2013


1.	Organization

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

As of September 30, 2013, the Trust offered thirty-seven (37) 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 (formerly SPDR FTSE/Macquire 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 Global Dividend 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 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

340

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

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. 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 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three levels of inputs that may be used to measure fair value:


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

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

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

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

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

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

The following table summarizes the inputs used in valuing the Funds’ investments as of September 30, 2013:


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total

SPDR STOXX Europe 50 ETF	$	111,903,394	$	—		$	—		$	111,903,394
SPDR EURO STOXX 50 ETF		3,403,579,642		—			—			3,403,579,642
SPDR S&P Emerging Asia Pacific ETF		415,404,208		—	*		—	**		415,404,208
SPDR S&P Small Cap Emerging Asia Pacific ETF		2,215,215		999			—	**		2,216,214
SPDR S&P Russia ETF		31,510,767		—			—			31,510,767
SPDR S&P China ETF		996,041,078		—	*		—			996,041,078
SPDR S&P Emerging Markets ETF		201,677,799		117,994			—	**		201,795,793
SPDR S&P Emerging Markets Dividend ETF		605,240,857		—			—			605,240,857
SPDR S&P BRIC 40 ETF		258,736,546		—			—			258,736,546
SPDR S&P Emerging Europe ETF		79,805,772		—			—			79,805,772

341

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total

SPDR S&P Emerging Latin America ETF	$	81,372,722	$	—	*	$	—		$	81,372,722
SPDR S&P Emerging Middle East & Africa ETF		75,852,502		—			—			75,852,502
SPDR S&P World ex-US ETF		739,476,821		—	*		—			739,476,821
SPDR S&P International Small Cap ETF		892,308,392		—	*		—			892,308,392
SPDR Dow Jones International Real Estate ETF		4,174,274,765		—	*		—			4,174,274,765
SPDR S&P Global Infrastructure ETF		60,163,311		—			—			60,163,311
SPDR S&P Global Natural Resources ETF		437,480,993		—			—			437,480,993
SPDR MSCI ACWI ex-US ETF		529,722,624		—			—			529,722,624
SPDR MSCI ACWI IMI ETF		6,599,461		—			—			6,599,461
SPDR MSCI EM 50 ETF		2,442,422		—			—			2,442,422
SPDR Russell/Nomura PRIME Japan ETF		154,612,587		—			—			154,612,587
SPDR Russell/Nomura Small Cap Japan ETF		117,234,083		—	*		—			117,234,083
SPDR S&P Global Dividend ETF		11,169,878		—			—			11,169,878
SPDR S&P International Dividend ETF		1,487,235,811		—			—			1,487,235,811
SPDR S&P International Mid Cap ETF		51,448,734		—	*		—			51,448,734
SPDR S&P Emerging Markets Small Cap ETF		799,880,288		656,786			—	**		800,537,074
SPDR Dow Jones Global Real Estate ETF		1,045,044,988		—	*		—			1,045,044,988
SPDR S&P International Consumer Discretionary Sector ETF		19,500,378		—			—			19,500,378
SPDR S&P International Consumer Staples Sector ETF		37,216,144		—			—			37,216,144
SPDR S&P International Energy Sector ETF		13,414,393		—			—			13,414,393
SPDR S&P International Financial Sector ETF		6,780,853		—			—			6,780,853
SPDR S&P International Health Care Sector ETF		60,347,577		—			—			60,347,577
SPDR S&P International Industrial Sector ETF		13,942,840		—			—			13,942,840
SPDR S&P International Materials Sector ETF		9,853,248		—			—			9,853,248
SPDR S&P International Technology Sector ETF		12,161,895		—			—			12,161,895
SPDR S&P International Telecommunications Sector ETF		35,052,297		—			—			35,052,297
SPDR S&P International Utilities Sector ETF		41,374,910		—			—			41,374,910


*		Fund held Level 2 securities that were valued at $0 at September 30, 2013.
**		Fund held Level 3 securities that were valued at $0 at September 30, 2013.


				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	$	(37,573	)	$	—	$	—	$	(37,573	)


*		Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

There were no material transfers between levels for the year ended September 30, 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.

342

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

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

Funds that declare and distribute dividends from net investment income to shareholders quarterly 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.

Investment Transactions

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

Foreign Currency Translation and Foreign Investments

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

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include 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.

343

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

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

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

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

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

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

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statements of Assets and Liabilities.

A summary of the open futures contracts as of September 30, 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 September 30, 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

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

—

149,915

—

149,915


(a)		Initial margin deposit on futures

344

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

Liability Derivatives

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

—

37,360

—

37,360


(a)		Payable for variation margin on futures contracts

Realized Gain (Loss)

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

—

172,362

—

172,362


(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	$	—	$	—	$	—	$	(11,855	)	$	—	$	—	$	(11,855	)


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

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

Federal Income Tax

The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, losses deferred due to wash sales and the realization of unrealized gains on investments in passive foreign investment companies.

Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes.

Accounting Standards Codification 740, Income Taxes (“ASC 740”) established financial accounting and disclosure requirements for recognition and measurement of tax positions taken, and whether those tax positions are more likely than not to be sustained upon examination by the applicable taxing authority based on the technical merits of the position. The Funds have not recognized any liabilities for unrecognized tax benefits, related to the current year or prior years impacting the NAVs of the Funds. The Funds may be subject to potential examinations by certain taxing authorities for all open tax years (the current and prior years, as applicable). Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Funds’ investments may change over time based on factors including, but not limited to new tax laws, regulations, and interpretations thereof.

345

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

For the year ended September 30, 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		24,183,626
SPDR S&P Emerging Asia Pacific ETF		9,613,958
SPDR S&P Small Cap Emerging Asia Pacific ETF		—
SPDR S&P Russia ETF		(598,945	)
SPDR S&P China ETF		44,019,200
SPDR S&P Emerging Markets ETF		7,751,852
SPDR S&P Emerging Markets Dividend ETF		(116,101	)
SPDR S&P BRIC 40 ETF		3,243,712
SPDR S&P Emerging Europe ETF		(1,321,479	)
SPDR S&P Emerging Latin America ETF		(5,557,219	)
SPDR S&P Emerging Middle East & Africa ETF		1,040,214
SPDR S&P World ex-US ETF		2,177,772
SPDR S&P International Small Cap ETF		12,941,672
SPDR Dow Jones International Real Estate ETF		42,187,463
SPDR S&P Global Infrastructure ETF		1,592,790
SPDR S&P Global Natural Resources ETF		13,382,210
SPDR MSCI ACWI ex-US ETF		4,810,793
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		(101,173	)
SPDR Russell/Nomura PRIME Japan ETF		1,657,414
SPDR Russell/Nomura Small Cap Japan ETF		656,455
SPDR S&P Global Dividend ETF		—
SPDR S&P International Dividend ETF		10,679,470
SPDR S&P International Mid Cap ETF		468,944
SPDR S&P Emerging Markets Small Cap ETF		4,354,538
SPDR Dow Jones Global Real Estate ETF		40,400,312
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		263,609
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		1,361,689
SPDR S&P International Telecommunications Sector ETF		1,068,917
SPDR S&P International Utilities Sector ETF		—

346

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

At September 30, 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		2020		Short Term		Long Term

SPDR STOXX Europe 50 ETF	$	—	$	5,783,115	$	6,195,941	$	2,032,222	$	—	$	302,813	$	8,893,475
SPDR EURO STOXX 50 ETF		—		6,389,360		14,945,357		8,709,645		—		6,321,977		89,452,480
SPDR S&P Emerging Asia Pacific ETF		—		—		—		—		—		792,469		21,972,832
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—		—		—		—		—
SPDR S&P Russia ETF		—		—		—		—		—		1,483,229		1,684,065
SPDR S&P China ETF		—		2,685,375		3,455,043		20,718,358		—		9,056,337		40,079,546
SPDR S&P Emerging Markets ETF		—		—		—		—		—		—		5,546,170
SPDR S&P Emerging Markets Dividend ETF		—		—		—		362,314		—		37,756,485		22,543,452
SPDR S&P BRIC 40 ETF		—		399,946		37,661,979		9,992,324		—		4,342,182		32,295,948
SPDR S&P Emerging Europe ETF		—		5,912,354		8,992,073		9,348,438		—		973,646		7,553,702
SPDR S&P Emerging Latin America ETF		—		3,111,521		3,011,913		2,259,987		—		2,864,204		5,756,728
SPDR S&P Emerging Middle East & Africa ETF		—		1,967,866		10,818,456		1,720,229		—		580,550		7,125,373
SPDR S&P World ex-US ETF		—		—		2,423,514		—		—		—		2,637,681
SPDR S&P International Small Cap ETF		—		—		—		—		—		4,136,069		28,113,898
SPDR Dow Jones International Real Estate ETF		2,568,760		37,378,612		162,058,595		64,649,806		—		37,171,108		279,603,740
SPDR S&P Global Infrastructure ETF		—		246,762		3,044,553		1,744,492		—		—		9,496,974
SPDR S&P Global Natural Resources ETF		—		—		—		—		—		13,623,694		37,795,968
SPDR MSCI ACWI ex-US ETF		—		2,856,017		36,957,682		2,453,209		—		2,959,825		15,255,024
SPDR MSCI ACWI IMI ETF		—		—		—		—		—		—		—
SPDR MSCI EM 50 ETF		—		—		—		—		—		65,400		52,225
SPDR Russell/Nomura PRIME Japan ETF		—		367,543		574,285		91,148		—		6,159		258,532
SPDR Russell/Nomura Small Cap Japan ETF		—		1,812,297		3,384,327		20,536		—		—		784,972
SPDR S&P Global Dividend ETF		—		—		—		—		—		—		—
SPDR S&P International Dividend ETF		—		—		13,759,514		—		—		76,567,504		83,195,012
SPDR S&P International Mid Cap ETF		—		—		—		—		—		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		—		—		—		—		10,899,298		21,945,045
SPDR Dow Jones Global Real Estate ETF		—		103,944		4,030,131		1,089,710		—		9,634,292		2,020,663
SPDR S&P International Consumer Discretionary Sector ETF		—		—		—		—		—		9,053		16,144
SPDR S&P International Consumer Staples Sector ETF		—		—		12,851		3,931		—		—		—
SPDR S&P International Energy Sector ETF		—		4,624		119,106		316,377		—		—		209,542
SPDR S&P International Financial Sector ETF		—		39,777		563,054		43,972		—		12,132		356,555
SPDR S&P International Health Care Sector ETF		—		64,517		3,109		41,551		—		226,888		161,812
SPDR S&P International Industrial Sector ETF		—		4,087		41,800		85,376		—		10,404		258,025
SPDR S&P International Materials Sector ETF		—		60,733		154,398		205,070		—		—		—
SPDR S&P International Technology Sector ETF		—		—		—		—		—		3,937		409,847

347

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


											Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		2020		Short Term		Long Term

SPDR S&P International Telecommunications Sector ETF	$	—	$	2,618	$	97,364	$	213,502	$	—	$	24,060	$	888,527
SPDR S&P International Utilities Sector ETF		—		16,137		130,798		182,287		—		—		850,341

During the tax year ended September 30, 2013, the Funds utilized/expired capital loss carryforwards in the following amounts:


	Amount Utilized		Amount Expired

SPDR STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR S&P Emerging Asia Pacific ETF		—		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—
SPDR S&P Russia ETF		—		—
SPDR S&P China ETF		—		—
SPDR S&P Emerging Markets ETF		—		—
SPDR S&P Emerging Markets Dividend ETF		—		—
SPDR S&P BRIC 40 ETF		—		—
SPDR S&P Emerging Europe ETF		—		—
SPDR S&P Emerging Latin America ETF		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		—
SPDR S&P World ex-US ETF		—		—
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 Global Dividend 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		28,033		—
SPDR S&P International Consumer Staples Sector ETF		59,911		—
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		7,396		—
SPDR S&P International Technology Sector ETF		—		—
SPDR S&P International Telecommunications Sector ETF		—		—
SPDR S&P International Utilities Sector ETF		—		—

348

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

Under current tax laws, certain capital and foreign currency losses realized after October 31 and ordinary income losses realized after December 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds elected for federal income tax purposes to defer the following current year post October 31 and post December 31 losses, as applicable, as though the losses were incurred on the first day of the next fiscal year:


	Post October			Late Year
	Capital Loss Deferral			Ordinary Loss Deferral

SPDR STOXX Europe 50 ETF	$	—		$	—
SPDR EURO STOXX 50 ETF		—			—
SPDR S&P Emerging Asia Pacific ETF		—			—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—			—
SPDR S&P Russia ETF		—			—
SPDR S&P China ETF		—			—
SPDR S&P Emerging Markets ETF		—			—
SPDR S&P Emerging Markets Dividend ETF		—			—
SPDR S&P BRIC 40 ETF		—			—
SPDR S&P Emerging Europe ETF		—			—
SPDR S&P Emerging Latin America ETF		—			—
SPDR S&P Emerging Middle East & Africa ETF		—			—
SPDR S&P World ex-US ETF		—			—
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 Global Dividend 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		(214,241	)		—
SPDR S&P International Technology Sector ETF		—			—
SPDR S&P International Telecommunications Sector ETF		—			—
SPDR S&P International Utilities Sector ETF		—			—

For the year ended September 30, 2013, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.

349

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

The tax character of distributions paid during the year ended September 30, 2013 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR STOXX Europe 50 ETF	$	2,238,311	$	—	$	—
SPDR EURO STOXX 50 ETF		70,388,040		—		—
SPDR S&P Emerging Asia Pacific ETF		9,689,381		—		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		242,692		—		—
SPDR S&P Russia ETF		1,635,671		—		—
SPDR S&P China ETF		22,082,234		—		—
SPDR S&P Emerging Markets ETF		4,153,364		—		—
SPDR S&P Emerging Markets Dividend ETF		25,279,698		—		—
SPDR S&P BRIC 40 ETF		8,143,671		—		—
SPDR S&P Emerging Europe ETF		3,277,881		—		—
SPDR S&P Emerging Latin America ETF		2,132,567		—		—
SPDR S&P Emerging Middle East & Africa ETF		1,967,723		—		—
SPDR S&P World ex-US ETF		14,411,748		—		—
SPDR S&P International Small Cap ETF		17,144,709		—		—
SPDR Dow Jones International Real Estate ETF		229,349,200		—		—
SPDR S&P Global Infrastructure ETF		2,633,933		—		—
SPDR S&P Global Natural Resources ETF		11,695,276		—		—
SPDR MSCI ACWI ex-US ETF		12,088,605		—		—
SPDR MSCI ACWI IMI ETF		129,190		—		—
SPDR MSCI EM 50 ETF		73,259		—		—
SPDR Russell/Nomura PRIME Japan ETF		236,411		—		—
SPDR Russell/Nomura Small Cap Japan ETF		1,106,374		—		—
SPDR S&P Global Dividend ETF		62,806		—		—
SPDR S&P International Dividend ETF		85,860,472		—		—
SPDR S&P International Mid Cap ETF		991,631		—		—
SPDR S&P Emerging Markets Small Cap ETF		20,055,509		—		—
SPDR Dow Jones Global Real Estate ETF		36,887,834		—		—
SPDR S&P International Consumer Discretionary Sector ETF		184,061		—		—
SPDR S&P International Consumer Staples Sector ETF		749,704		—		—
SPDR S&P International Energy Sector ETF		383,819		—		—
SPDR S&P International Financial Sector ETF		222,351		—		—
SPDR S&P International Health Care Sector ETF		880,788		—		—
SPDR S&P International Industrial Sector ETF		221,282		—		—
SPDR S&P International Materials Sector ETF		186,670		—		—
SPDR S&P International Technology Sector ETF		126,851		—		—
SPDR S&P International Telecommunications Sector ETF		1,278,960		—		—
SPDR S&P International Utilities Sector ETF		1,256,520		—		—

The tax character of distributions paid during the year ended September 30, 2012 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR STOXX Europe 50 ETF	$	1,310,972	$	—	$	—
SPDR EURO STOXX 50 ETF		23,665,812		—		—

350

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR S&P Emerging Asia Pacific ETF	$	11,357,965	$	6,448,372	$	—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—
SPDR S&P Russia ETF		734,365		—		—
SPDR S&P China ETF		17,799,814		—		—
SPDR S&P Emerging Markets ETF		3,935,966		1,641,949		—
SPDR S&P Emerging Markets Dividend ETF		16,170,078		—		—
SPDR S&P BRIC 40 ETF		8,184,641		—		—
SPDR S&P Emerging Europe ETF		2,483,872		—		—
SPDR S&P Emerging Latin America ETF		3,522,698		—		—
SPDR S&P Emerging Middle East & Africa ETF		4,218,267		—		—
SPDR S&P World ex-US ETF		5,552,612		—		—
SPDR S&P International Small Cap ETF		19,547,097		5,368,801		—
SPDR Dow Jones International Real Estate ETF		111,418,761		—		—
SPDR S&P Global Infrastructure ETF		1,483,636		—		—
SPDR S&P Global Natural Resources ETF		4,463,333		—		—
SPDR MSCI ACWI ex-US ETF		13,349,211		—		—
SPDR MSCI ACWI IMI ETF		54,416		—		—
SPDR MSCI EM 50 ETF		46,280		—		—
SPDR Russell/Nomura PRIME Japan ETF		265,569		—		—
SPDR Russell/Nomura Small Cap Japan ETF		1,634,370		—		—
SPDR S&P International Dividend ETF		53,305,546		—		—
SPDR S&P International Mid Cap ETF		1,577,246		637,971		—
SPDR S&P Emerging Markets Small Cap ETF		28,780,358		17,144,635		—
SPDR Dow Jones Global Real Estate ETF		13,646,214		—		—
SPDR S&P International Consumer Discretionary Sector ETF		198,620		—		—
SPDR S&P International Consumer Staples Sector ETF		478,660		—		—
SPDR S&P International Energy Sector ETF		366,239		—		—
SPDR S&P International Financial Sector ETF		155,043		—		—
SPDR S&P International Health Care Sector ETF		462,681		—		—
SPDR S&P International Industrial Sector ETF		261,597		—		—
SPDR S&P International Materials Sector ETF		253,185		—		—
SPDR S&P International Technology Sector ETF		165,361		75,778		—
SPDR S&P International Telecommunications Sector ETF		1,106,996		—		—
SPDR S&P International Utilities Sector ETF		691,902		—		—

For the year ended September 30, 2013, significant differences between the book basis and the tax basis of components of net assets included differences in the net unrealized appreciation (depreciation) in the value of investments attributable to the tax deferral of losses on wash sales, the cumulative return of capital payment, PFICs (Passive Foreign Investment Companies), redemptions in-kind, dividend payables and the deferral of post-October losses.

351

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:


	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)

SPDR STOXX Europe 50 ETF	$	382,828	$	—	$	2,194,863
SPDR EURO STOXX 50 ETF		665,378		—		415,367,217
SPDR S&P Emerging Asia Pacific ETF		3,607,452		—		12,539,689
SPDR S&P Small Cap Emerging Asia Pacific ETF		78,937		101,013		85,686
SPDR S&P Russia ETF		176,955		—		(10,598,753	)
SPDR S&P China ETF		5,342,115		—		(28,511,082	)
SPDR S&P Emerging Markets ETF		1,435,156		—		(20,063,067	)
SPDR S&P Emerging Markets Dividend ETF		7,310,405		—		(34,144,172	)
SPDR S&P BRIC 40 ETF		1,102,194		—		(32,585,379	)
SPDR S&P Emerging Europe ETF		452,011		—		(25,648,145	)
SPDR S&P Emerging Latin America ETF		216,308		—		(22,093,150	)
SPDR S&P Emerging Middle East & Africa ETF		770,265		—		(8,622,778	)
SPDR S&P World ex-US ETF		4,897,253		—		94,600,740
SPDR S&P International Small Cap ETF		15,142,846		—		37,381,190
SPDR Dow Jones International Real Estate ETF		68,605,220		—		373,932,218
SPDR S&P Global Infrastructure ETF		708,703		—		(5,199,925	)
SPDR S&P Global Natural Resources ETF		2,887,492		—		(22,516,476	)
SPDR MSCI ACWI ex-US ETF		3,785,966		—		(16,391,788	)
SPDR MSCI ACWI IMI ETF		41,536		5,843		772,953
SPDR MSCI EM 50 ETF		11,886		—		(55,894	)
SPDR Russell/Nomura PRIME Japan ETF		1,002,265		—		(552,010	)
SPDR Russell/Nomura Small Cap Japan ETF		1,641,815		—		(4,797,550	)
SPDR S&P Global Dividend ETF		93,432		—		275,063
SPDR S&P International Dividend ETF		25,839,730		—		34,977,200
SPDR S&P International Mid Cap ETF		2,043,267		1,688,485		3,164,621
SPDR S&P Emerging Markets Small Cap ETF		11,229,724		—		(115,805,996	)
SPDR Dow Jones Global Real Estate ETF		7,920,653		—		49,005,273
SPDR S&P International Consumer Discretionary Sector ETF		141,467		—		2,575,295
SPDR S&P International Consumer Staples Sector ETF		156,983		—		3,760,930
SPDR S&P International Energy Sector ETF		130,022		—		(1,575,626	)
SPDR S&P International Financial Sector ETF		179,177		—		(525,596	)
SPDR S&P International Health Care Sector ETF		168,149		—		7,566,150
SPDR S&P International Industrial Sector ETF		142,071		—		337,867
SPDR S&P International Materials Sector ETF		141,326		—		(3,782,665	)
SPDR S&P International Technology Sector ETF		117,247		—		(106,835	)
SPDR S&P International Telecommunications Sector ETF		122,265		—		3,470,718
SPDR S&P International Utilities Sector ETF		165,623		—		(387,095	)

Distributions

The following Funds declare and distribute dividends from net investment income, if any, to shareholders quarterly: 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 Global Dividend ETF, SPDR S&P International

352

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

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 declare and distribute dividends from net investment income, if any, to shareholders 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.


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		0.40	*
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 Global Dividend ETF		0.40

353

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


	Annual Rate

SPDR S&P International Dividend ETF		0.45	%
SPDR S&P International Mid Cap ETF		0.45
SPDR S&P Emerging Markets Small Cap ETF		0.65
SPDR Dow Jones Global Real Estate ETF		0.50
SPDR S&P International Consumer Discretionary Sector ETF		0.50
SPDR S&P International Consumer Staples Sector ETF		0.50
SPDR S&P International Energy Sector ETF		0.50
SPDR S&P International Financial Sector ETF		0.50
SPDR S&P International Health Care Sector ETF		0.50
SPDR S&P International Industrial Sector ETF		0.50
SPDR S&P International Materials Sector ETF		0.50
SPDR S&P International Technology Sector ETF		0.50
SPDR S&P International Telecommunications Sector ETF		0.50
SPDR S&P International Utilities Sector ETF		0.50


*		As of May 1, 2013, the advisory fee rate for the SPDR S&P Global Infrastructure ETF was decreased to from 0.59% to 0.40%.

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.

On December 26, 2012 the Adviser agreed to make contributions to the SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR Dow Jones International Real Estate ETF and SPDR S&P Emerging Markets Small Cap ETF for $5,326, $6,052, $1,564, $1,063 and $140, respectively, in connection with a portfolio investment matter. As a result of these payments, the performance of each Fund for periods as of and after December 26, 2012, is expected to be impacted by the increase in the Fund’s NAV, if any. If the voluntary payment had not been made, the total return for the period(s) indicated in the financial highlights would have been lower. The amounts are included in net realized gain (loss) on Foreign Currency Transactions in the Statement of Operations.

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 as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street. 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 year ended September 30, 2013, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR STOXX Europe 50 ETF	$	5,809
SPDR EURO STOXX 50 ETF		458,689
SPDR S&P Emerging Asia Pacific ETF		33,938
SPDR S&P Small Cap Emerging Asia Pacific ETF		497
SPDR S&P Russia ETF		127

354

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


	Securities Lending
	Agent Fees

SPDR S&P China ETF	$	245,252
SPDR S&P Emerging Markets ETF		11,087
SPDR S&P Emerging Markets Dividend ETF		116,461
SPDR S&P BRIC 40 ETF		10,151
SPDR S&P Emerging Europe ETF		2,004
SPDR S&P Emerging Latin America ETF		7,253
SPDR S&P Emerging Middle East & Africa ETF		5,687
SPDR S&P World ex-US ETF		69,487
SPDR S&P International Small Cap ETF		146,277
SPDR Dow Jones International Real Estate ETF		206,380
SPDR S&P Global Infrastructure ETF		7,564
SPDR S&P Global Natural Resources ETF		35,966
SPDR MSCI ACWI ex-US ETF		46,524
SPDR MSCI ACWI IMI ETF		199
SPDR MSCI EM 50 ETF		18
SPDR Russell/Nomura PRIME Japan ETF		1,730
SPDR Russell/Nomura Small Cap Japan ETF		15,463
SPDR S&P Global Dividend ETF		101
SPDR S&P International Dividend ETF		440,329
SPDR S&P International Mid Cap ETF		5,184
SPDR S&P Emerging Markets Small Cap ETF		316,355
SPDR Dow Jones Global Real Estate ETF		25,130
SPDR S&P International Consumer Discretionary Sector ETF		1,049
SPDR S&P International Consumer Staples Sector ETF		2,241
SPDR S&P International Energy Sector ETF		1,645
SPDR S&P International Financial Sector ETF		780
SPDR S&P International Health Care Sector ETF		2,251
SPDR S&P International Industrial Sector ETF		901
SPDR S&P International Materials Sector ETF		851
SPDR S&P International Technology Sector ETF		1,691
SPDR S&P International Telecommunications Sector ETF		4,020
SPDR S&P International Utilities Sector ETF		5,548

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.

355

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

Trustees’ Fees

Effective July 1, 2013 the Trust, SSgA Master Trust, SSgA Active ETF Trust and SPDR Series Trust (together, the “Trusts”) pay, in the aggregate, each Independent Trustee an annual fee of $170,000 plus $10,000 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $50,000 and the Chairman of the Audit Committee receives an additional annual fee of $20,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Prior to July 1, 2013, the Trusts paid, 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 received an additional annual fee of $50,000 and the Chairman of the Audit Committee received an additional annual fee of $20,000. The Trust also reimbursed each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees were allocated among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Transactions with Affiliates

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at September 30, 2013 and for the period then ended are:


	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/12		Cost		Shares		Proceeds		Shares		9/30/13		Income

SPDR STOXX Europe 50 ETF	$	191,917	$	2,303,324		2,303,324	$	1,993,713		1,993,713	$	501,528	$	6
SPDR EURO STOXX 50 ETF		4,222,505		72,497,097		72,497,097		68,796,550		68,796,550		7,923,052		104
SPDR S&P Emerging Asia Pacific ETF		3,195,263		44,721,151		44,721,151		46,464,143		46,464,143		1,452,271		82
SPDR S&P Small Cap Emerging Asia Pacific ETF		100		330,372		330,372		330,111		330,111		361		1
SPDR S&P Russia ETF		537,150		3,024,772		3,024,772		3,561,922		3,561,922		—		26
SPDR S&P China ETF		745,106		23,993,930		23,993,930		24,723,534		24,723,534		15,502		36
SPDR S&P Emerging Markets ETF		846,305		34,255,100		34,255,100		33,874,175		33,874,175		1,227,230		100
SPDR S&P Emerging Markets Dividend ETF		7,076,913		90,482,925		90,482,925		89,334,505		89,334,505		8,225,333		156
SPDR S&P BRIC 40 ETF		168,879		10,029,225		10,029,225		9,435,427		9,435,427		762,677		43
SPDR S&P Emerging Europe ETF		100		5,990,069		5,990,069		5,948,023		5,948,023		42,146		32
SPDR S&P Emerging Latin America ETF		229,358		11,258,064		11,258,064		11,372,244		11,372,244		115,178		15
SPDR S&P Emerging Middle East & Africa ETF		93,201		2,940,916		2,940,916		3,032,425		3,032,425		1,692		—
SPDR S&P World ex-US ETF		332,197		15,267,026		15,267,026		14,494,875		14,494,875		1,104,348		71
SPDR S&P International Small Cap ETF		1,771,925		33,197,019		33,197,019		34,487,988		34,487,988		480,956		30
SPDR Dow Jones International Real Estate ETF		28,395,898		379,681,929		379,681,929		372,530,130		372,530,130		35,547,697		520
SPDR S&P Global Infrastructure ETF		97,634		12,485,966		12,485,966		12,528,677		12,528,677		54,923		5
SPDR S&P Global Natural Resources ETF		691,439		31,528,518		31,528,518		31,057,888		31,057,888		1,162,069		80

356

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/12		Cost		Shares		Proceeds		Shares		9/30/13		Income

SPDR MSCI ACWI ex-US ETF	$	308,689	$	15,999,057		15,999,057	$	15,485,150		15,485,150	$	822,596	$	44
SPDR MSCI ACWI IMI ETF		27,030		169,578		169,578		165,272		165,272		31,336		1
SPDR MSCI EM 50 ETF		6,699		310,462		310,462		309,666		309,666		7,495		—
SPDR Russell/Nomura PRIME Japan ETF		15,805		560,420		560,420		358,034		358,034		218,191		13
SPDR Russell/Nomura Small Cap Japan ETF		332,216		1,106,554		1,106,554		1,340,562		1,340,562		98,208		4
SPDR S&P Global Dividend ETF		—		90,974		90,974		29,811		29,811		61,163		1
SPDR S&P International Dividend ETF		12,374,746		139,972,367		139,972,367		135,642,928		135,642,928		16,704,185		239
SPDR S&P International Mid Cap ETF		4,149		1,697,796		1,697,796		1,610,239		1,610,239		91,706		5
SPDR S&P Emerging Markets Small Cap ETF		100		101,529,912		101,529,912		92,468,598		92,468,598		9,061,414		277
SPDR Dow Jones Global Real Estate ETF		4,618,351		70,146,571		70,146,571		65,938,451		65,938,451		8,826,471		142
SPDR S&P International Consumer Discretionary Sector ETF		17,545		351,743		351,743		342,026		342,026		27,262		2
SPDR S&P International Consumer Staples Sector ETF		119,841		1,552,067		1,552,067		1,470,372		1,470,372		201,536		3
SPDR S&P International Energy Sector ETF		91,062		539,991		539,991		505,665		505,665		125,388		1
SPDR S&P International Financial Sector ETF		19,287		313,778		313,778		304,252		304,252		28,813		2
SPDR S&P International Health Care Sector ETF		49,480		1,032,262		1,032,262		972,345		972,345		109,397		2
SPDR S&P International Industrial Sector ETF		18,957		513,457		513,457		468,503		468,503		63,911		2
SPDR S&P International Materials Sector ETF		54,326		252,625		252,625		258,733		258,733		48,218		1
SPDR S&P International Technology Sector ETF		56,574		386,831		386,831		411,206		411,206		32,199		1
SPDR S&P International Telecommunications Sector ETF		340,375		1,771,529		1,771,529		1,678,067		1,678,067		433,837		9
SPDR S&P International Utilities Sector ETF		228,812		1,475,789		1,475,789		1,298,881		1,298,881		405,720		5


	Value at		Purchased				Sold				Value at
Prime Portfolio	9/30/12		Cost		Shares		Proceeds		Shares		9/30/13		Income

SPDR STOXX Europe 50 ETF	$	752,366	$	29,081,974		29,081,974	$	27,342,508		27,342,508	$	2,491,832	$	32,917
SPDR EURO STOXX 50 ETF		51,714,846		1,020,408,316		1,020,408,316		956,643,691		956,643,691		115,479,471		2,599,230
SPDR S&P Emerging Asia Pacific ETF		25,651,515		80,991,933		80,991,933		85,059,656		85,059,656		21,583,792		191,716
SPDR S&P Small Cap Emerging Asia Pacific ETF		33,997		370,213		370,213		322,865		322,865		81,345		2,809
SPDR S&P Russia ETF		367,020		8,342,517		8,342,517		8,261,618		8,261,618		447,919		722
SPDR S&P China ETF		133,083,476		276,696,863		276,696,863		309,405,234		309,405,234		100,375,105		1,382,973
SPDR S&P Emerging Markets ETF		9,456,178		65,950,351		65,950,351		60,367,039		60,367,039		15,039,490		62,840
SPDR S&P Emerging Markets Dividend ETF		28,742,094		224,377,462		224,377,462		188,470,712		188,470,712		64,648,844		659,218
SPDR S&P BRIC 40 ETF		37,126,518		134,386,941		134,386,941		159,761,827		159,761,827		11,751,632		57,513
SPDR S&P Emerging Europe ETF		1,703,341		35,659,298		35,659,298		33,876,207		33,876,207		3,486,432		11,350
SPDR S&P Emerging Latin America ETF		12,474,233		99,809,447		99,809,447		101,237,482		101,237,482		11,046,198		40,773
SPDR S&P Emerging Middle East & Africa ETF		7,443,236		26,564,101		26,564,101		25,420,401		25,420,401		8,586,936		32,229
SPDR S&P World ex-US ETF		46,696,155		203,390,286		203,390,286		193,985,043		193,985,043		56,101,398		388,257
SPDR S&P International Small Cap ETF		75,674,265		164,141,879		164,141,879		150,199,284		150,199,284		89,616,860		828,429
SPDR Dow Jones International Real Estate ETF		115,240,095		1,224,595,674		1,224,595,674		1,233,651,237		1,233,651,237		106,184,532		1,154,316
SPDR S&P Global Infrastructure ETF		7,211,101		104,182,840		104,182,840		103,336,728		103,336,728		8,057,213		41,694
SPDR S&P Global Natural Resources ETF		38,015,474		380,914,266		380,914,266		387,306,487		387,306,487		31,623,253		201,300
SPDR MSCI ACWI ex-US ETF		41,429,188		144,134,124		144,134,124		145,878,701		145,878,701		39,684,611		260,179
SPDR MSCI ACWI IMI ETF		—		3,817,737		3,817,737		2,948,711		2,948,711		869,026		1,271
SPDR MSCI EM 50 ETF		—		639,456		639,456		546,618		546,618		92,838		96
SPDR Russell/Nomura PRIME Japan ETF		4,145,222		45,163,059		45,163,059		20,827,516		20,827,516		28,480,765		9,787
SPDR Russell/Nomura Small Cap Japan ETF		15,172,472		38,758,918		38,758,918		33,607,277		33,607,277		20,324,113		87,502
SPDR S&P Global Dividend ETF		—		1,693,687		1,693,687		50,931		50,931		1,642,756		573
SPDR S&P International Dividend ETF		94,354,018		639,665,681		639,665,681		564,947,503		564,947,503		169,072,196		2,477,907

357

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


	Value at		Purchased				Sold				Value at
Prime Portfolio	9/30/12		Cost		Shares		Proceeds		Shares		9/30/13		Income

SPDR S&P International Mid Cap ETF	$	5,053,842	$	14,823,129		14,823,129	$	14,765,705		14,765,705	$	5,111,266	$	29,309
SPDR S&P Emerging Markets Small Cap ETF		36,609,130		126,891,975		126,891,975		130,738,262		130,738,262		32,762,843		1,171,437
SPDR Dow Jones Global Real Estate ETF		33,497,599		316,050,534		316,050,534		313,515,814		313,515,814		36,032,319		141,666
SPDR S&P International Consumer Discretionary Sector ETF		93,078		3,311,561		3,311,561		2,817,654		2,817,654		586,985		5,882
SPDR S&P International Consumer Staples Sector ETF		251,690		9,014,666		9,014,666		8,835,267		8,835,267		431,089		12,539
SPDR S&P International Energy Sector ETF		374,253		12,201,591		12,201,591		11,727,134		11,727,134		848,710		9,097
SPDR S&P International Financial Sector ETF		174,481		2,927,067		2,927,067		2,781,639		2,781,639		319,909		4,204
SPDR S&P International Health Care Sector ETF		81,301		6,929,934		6,929,934		6,709,332		6,709,332		301,903		12,757
SPDR S&P International Industrial Sector ETF		—		2,951,371		2,951,371		2,667,046		2,667,046		284,325		5,097
SPDR S&P International Materials Sector ETF		50,009		4,762,801		4,762,801		4,280,756		4,280,756		532,054		4,719
SPDR S&P International Technology Sector ETF		95,113		5,564,290		5,564,290		5,520,087		5,520,087		139,316		9,411
SPDR S&P International Telecommunications Sector ETF		435,398		10,741,253		10,741,253		9,991,402		9,991,402		1,185,249		22,753
SPDR S&P International Utilities Sector ETF		956,439		14,783,080		14,783,080		14,419,362		14,419,362		1,320,157		31,191


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 Global Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR 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 September 30, 2013 was as follows:


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR STOXX Europe 50 ETF	$	109,716,044	$	7,765,392	$	5,578,042	$	2,187,350
SPDR EURO STOXX 50 ETF		2,988,276,092		421,559,685		6,256,135		415,303,550

358

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR S&P Emerging Asia Pacific ETF	$	402,201,688	$	70,848,374	$	57,645,854	$	13,202,520
SPDR S&P Small Cap Emerging Asia Pacific ETF		2,124,712		303,549		212,047		91,502
SPDR S&P Russia ETF		42,109,611		1,268,685		11,867,529		(10,598,844	)
SPDR S&P China ETF		1,024,552,080	��	89,100,642		117,611,644		(28,511,002	)
SPDR S&P Emerging Markets ETF		221,704,110		18,316,256		38,224,573		(19,908,317	)
SPDR S&P Emerging Markets Dividend ETF		639,184,310		23,760,721		57,704,174		(33,943,453	)
SPDR S&P BRIC 40 ETF		291,321,896		22,743,497		55,328,847		(32,585,350	)
SPDR S&P Emerging Europe ETF		105,460,331		7,607,347		33,261,906		(25,654,559	)
SPDR S&P Emerging Latin America ETF		103,461,728		9,355,025		31,444,031		(22,089,006	)
SPDR S&P Emerging Middle East & Africa ETF		84,483,049		10,907,854		19,538,401		(8,630,547	)
SPDR S&P World ex-US ETF		645,004,685		110,521,838		16,049,702		94,472,136
SPDR S&P International Small Cap ETF		855,128,818		146,982,315		109,802,741		37,179,574
SPDR Dow Jones International Real Estate ETF		3,800,411,351		440,165,436		66,302,022		373,863,414
SPDR S&P Global Infrastructure ETF		65,363,902		2,424,752		7,625,343		(5,200,591	)
SPDR S&P Global Natural Resources ETF		460,031,764		22,440,582		44,991,353		(22,550,771	)
SPDR MSCI ACWI ex-US ETF		546,071,740		58,192,700		74,541,816		(16,349,116	)
SPDR MSCI ACWI IMI ETF		5,826,527		1,027,705		254,771		772,934
SPDR MSCI EM 50 ETF		2,498,315		199,419		255,312		(55,893	)
SPDR Russell/Nomura PRIME Japan ETF		155,171,625		4,328,560		4,887,598		(559,038	)
SPDR Russell/Nomura Small Cap Japan ETF		122,036,307		10,721,527		15,523,751		(4,802,224	)
SPDR S&P Global Dividend ETF		10,895,152		423,414		148,688		274,726
SPDR S&P International Dividend ETF		1,452,234,404		84,815,860		49,814,453		35,001,407
SPDR S&P International Mid Cap ETF		48,288,316		4,791,886		1,631,468		3,160,418
SPDR S&P Emerging Markets Small Cap ETF		915,346,544		73,440,683		188,250,153		(114,809,470	)
SPDR Dow Jones Global Real Estate ETF		996,039,345		67,189,967		18,184,324		49,005,643
SPDR S&P International Consumer Discretionary Sector ETF		16,927,011		3,073,003		499,636		2,573,367
SPDR S&P International Consumer Staples Sector ETF		33,459,448		4,322,493		565,797		3,756,696
SPDR S&P International Energy Sector ETF		14,990,132		443,009		2,018,748		(1,575,739	)
SPDR S&P International Financial Sector ETF		7,307,802		403,186		930,135		(526,949	)
SPDR S&P International Health Care Sector ETF		52,788,162		8,134,148		574,733		7,559,415
SPDR S&P International Industrial Sector ETF		13,605,412		1,314,499		977,071		337,428
SPDR S&P International Materials Sector ETF		13,636,889		493,406		4,277,047		(3,783,641	)
SPDR S&P International Technology Sector ETF		12,269,154		2,106,793		2,214,052		(107,259	)
SPDR S&P International Telecommunications Sector ETF		31,584,369		5,342,251		1,874,323		3,467,928
SPDR S&P International Utilities Sector ETF		41,764,668		2,556,324		2,946,082		(389,758	)

359

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


6.	Investment Transactions

For the year ended September 30, 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	$	62,847,924	$	—	$	—
SPDR EURO STOXX 50 ETF		1,964,941,493		88,806,035		24,566,269
SPDR S&P Emerging Asia Pacific ETF		80,635,279		80,090,344		9,613,958
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—
SPDR S&P Russia ETF		8,085,429		14,785,503		(598,945	)
SPDR S&P China ETF		386,117,111		335,859,241		45,388,339
SPDR S&P Emerging Markets ETF		75,239,195		56,033,420		7,756,073
SPDR S&P Emerging Markets Dividend ETF		180,701,579		8,092,345		133,269
SPDR S&P BRIC 40 ETF		28,780,155		79,698,353		3,418,746
SPDR S&P Emerging Europe ETF		13,507,958		19,264,226		(1,308,088	)
SPDR S&P Emerging Latin America ETF		10,359,674		32,843,927		(5,557,135	)
SPDR S&P Emerging Middle East & Africa ETF		—		18,754,744		1,040,214
SPDR S&P World ex-US ETF		192,164,927		5,060,644		2,182,929
SPDR S&P International Small Cap ETF		63,230,510		63,770,275		13,055,312
SPDR Dow Jones International Real Estate ETF		827,262,223		137,747,606		42,744,773
SPDR S&P Global Infrastructure ETF		35,383,582		25,350,404		1,927,605
SPDR S&P Global Natural Resources ETF		266,637,921		241,696,767		16,367,536
SPDR MSCI ACWI ex-US ETF		100,351,273		43,421,392		5,348,867
SPDR MSCI ACWI IMI ETF		—		—		—
SPDR MSCI EM 50 ETF		—		2,149,451		(101,149	)
SPDR Russell/Nomura PRIME Japan ETF		114,822,348		8,159,853		1,657,414
SPDR Russell/Nomura Small Cap Japan ETF		32,238,463		13,660,047		658,013
SPDR S&P Global Dividend ETF		9,083,563		—		—
SPDR S&P International Dividend ETF		412,224,757		135,659,808		11,194,353
SPDR S&P International Mid Cap ETF		7,045,978		3,800,117		470,764
SPDR S&P Emerging Markets Small Cap ETF		—		72,420,091		4,401,613
SPDR Dow Jones Global Real Estate ETF		543,898,373		93,923,606		41,033,741
SPDR S&P International Consumer Discretionary Sector ETF		9,693,721		—		—
SPDR S&P International Consumer Staples Sector ETF		14,606,673		—		—
SPDR S&P International Energy Sector ETF		1,203,602		—		—
SPDR S&P International Financial Sector ETF		3,897,705		2,064,769		269,467
SPDR S&P International Health Care Sector ETF		25,642,012		—		—
SPDR S&P International Industrial Sector ETF		5,194,213		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		5,509,391		1,361,689
SPDR S&P International Telecommunications Sector ETF		7,950,392		4,899,883		1,068,920
SPDR S&P International Utilities Sector ETF		11,718,947		—		—

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

360

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013

transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transaction.

For the year ended September 30, 2013, the Trust had purchases and sales of investment securities as follows:


	Purchases		Sales

SPDR STOXX Europe 50 ETF	$	6,959,020	$	7,516,027
SPDR EURO STOXX 50 ETF		158,124,260		167,299,011
SPDR S&P Emerging Asia Pacific ETF		67,188,951		70,381,605
SPDR S&P Small Cap Emerging Asia Pacific ETF		455,042		656,723
SPDR S&P Russia ETF		1,130,798		1,946,380
SPDR S&P China ETF		115,051,498		114,150,399
SPDR S&P Emerging Markets ETF		52,360,647		40,497,005
SPDR S&P Emerging Markets Dividend ETF		491,908,310		377,411,700
SPDR S&P BRIC 40 ETF		25,407,815		27,510,759
SPDR S&P Emerging Europe ETF		4,801,726		7,371,922
SPDR S&P Emerging Latin America ETF		10,060,721		20,471,593
SPDR S&P Emerging Middle East & Africa ETF		1,904,497		3,445,645
SPDR S&P World ex-US ETF		8,215,235		8,341,681
SPDR S&P International Small Cap ETF		151,138,256		151,337,943
SPDR Dow Jones International Real Estate ETF		416,126,609		547,817,640
SPDR S&P Global Infrastructure ETF		44,864,398		43,774,840
SPDR S&P Global Natural Resources ETF		142,474,917		143,037,198
SPDR MSCI ACWI ex-US ETF		9,977,236		12,282,579
SPDR MSCI ACWI IMI ETF		6,879		50,867
SPDR MSCI EM 50 ETF		165,705		424,850
SPDR Russell/Nomura PRIME Japan ETF		556,902		70,147
SPDR Russell/Nomura Small Cap Japan ETF		10,687,851		10,185,725
SPDR S&P Global Dividend ETF		715,969		643,231
SPDR S&P International Dividend ETF		1,473,257,412		1,478,550,785
SPDR S&P International Mid Cap ETF		20,104,100		19,932,701
SPDR S&P Emerging Markets Small Cap ETF		157,396,906		249,934,971
SPDR Dow Jones Global Real Estate ETF		70,964,158		84,524,023
SPDR S&P International Consumer Discretionary Sector ETF		696,861		191,208
SPDR S&P International Consumer Staples Sector ETF		1,341,775		1,138,774
SPDR S&P International Energy Sector ETF		201,972		276,463
SPDR S&P International Financial Sector ETF		105,292		239,503
SPDR S&P International Health Care Sector ETF		3,525,186		3,704,117
SPDR S&P International Industrial Sector ETF		990,011		696,761
SPDR S&P International Materials Sector ETF		867,280		764,125
SPDR S&P International Technology Sector ETF		1,786,650		1,689,357
SPDR S&P International Telecommunications Sector ETF		2,284,012		2,109,931
SPDR S&P International Utilities Sector ETF		344,275		770,660

For the year ended September 30, 2013, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.

361

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2013


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 the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

The market value of securities on loan as of September 30, 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.

9. Recent Accounting Pronouncements

In December 2011, FASB issued ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11“). 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 Fund’s financial position. They are also intended to improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 is intended to facilitate 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 statement of 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.

In January 2013, Accounting Standard Update 2013-01 (ASU 2013-01), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. As described above, ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. The ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Funds’ financial statements.

362

SPDR INDEX SHARES FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of

the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the thirty-seven funds, listed in footnote 1, (each a “Fund”) comprising the SPDR Index Shares Funds (the “Trust”) at September 30, 2013, the results of each of their operations for the period then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2013 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 26, 2013

363

SPDR INDEX SHARES FUNDS
OTHER INFORMATION

September 30, 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 April 1, 2013 and held for the six months ended September 30, 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		4/1/13 to
Actual	Expense Ratio			4/1/13		9/30/13		9/30/13

SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,106.70	$	1.53
SPDR EURO STOXX 50 ETF		0.29			1,000		1,193.30		1.59
SPDR S&P Emerging Asia Pacific ETF		0.59			1,000		1,001.50		2.96
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.65			1,000		997.90		3.26
SPDR S&P Russia ETF		0.59			1,000		1,018.10		2.98
SPDR S&P China ETF		0.60			1,000		1,082.80		3.13
SPDR S&P Emerging Markets ETF		0.59			1,000		976.80		2.92
SPDR S&P Emerging Markets Dividend ETF		0.60			1,000		938.60		2.92
SPDR S&P BRIC 40 ETF		0.51			1,000		1,027.80		2.59
SPDR S&P Emerging Europe ETF		0.59			1,000		997.80		2.95

364

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2013 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/13 to
Actual	Expense Ratio			4/1/13		9/30/13		9/30/13

SPDR S&P Emerging Latin America ETF		0.59	%	$	1,000	$	876.40	$	2.78
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		1,013.50		2.98
SPDR S&P World ex-US ETF		0.34			1,000		1,089.90		1.78
SPDR S&P International Small Cap ETF		0.59			1,000		1,082.90		3.08
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,000.30		2.96
SPDR S&P Global Infrastructure ETF		0.44			1,000		1,059.20		2.27
SPDR S&P Global Natural Resources ETF		0.40			1,000		982.10		1.99
SPDR MSCI ACWI ex-US ETF		0.34			1,000		1,064.30		1.76
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,079.00		1.30
SPDR MSCI EM 50 ETF		0.50			1,000		1,016.10		2.53
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,107.00		2.64
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,071.30		2.86
SPDR S&P Global Dividend ETF**		0.40			1,000		1,000.00		1.36
SPDR S&P International Dividend ETF		0.45			1,000		1,015.00		2.27
SPDR S&P International Mid Cap ETF		0.45			1,000		1,102.40		2.37
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		975.20		3.22
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		975.70		2.48
SPDR S&P International Consumer Discretionary Sector ETF		0.50			1,000		1,181.20		2.73
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,021.30		2.53
SPDR S&P International Energy Sector ETF		0.50			1,000		1,048.90		2.57
SPDR S&P International Financial Sector ETF		0.50			1,000		1,111.80		2.65
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,064.50		2.59
SPDR S&P International Industrial Sector ETF		0.50			1,000		1,113.70		2.65
SPDR S&P International Materials Sector ETF		0.50			1,000		1,014.40		2.52
SPDR S&P International Technology Sector ETF		0.50			1,000		1,100.50		2.63
SPDR S&P International Telecommunications Sector ETF		0.50			1,000		1,202.20		2.76
SPDR S&P International Utilities Sector ETF		0.50			1,000		1,124.60		2.66
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/13 to
Hypothetical	Expense Ratio			4/1/13		9/30/13		9/30/13

SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,023.65	$	1.47
SPDR EURO STOXX 50 ETF		0.29			1,000		1,023.65		1.47
SPDR S&P Emerging Asia Pacific ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.65			1,000		1,021.84		3.29
SPDR S&P Russia ETF		0.59			1,000		1,022.14		2.99
SPDR S&P China ETF		0.60			1,000		1,022.09		3.04
SPDR S&P Emerging Markets ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Markets Dividend ETF		0.60			1,000		1,022.09		3.04

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OTHER INFORMATION (continued)

September 30, 2013 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/13 to
Hypothetical	Expense Ratio			4/1/13		9/30/13		9/30/13

SPDR S&P BRIC 40 ETF		0.51	%	$	1,000	$	1,022.54	$	2.59
SPDR S&P Emerging Europe ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Latin America ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		1,022.14		2.99
SPDR S&P World ex-US ETF		0.34			1,000		1,023.40		1.72
SPDR S&P International Small Cap ETF		0.59			1,000		1,022.14		2.99
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Global Infrastructure ETF		0.44			1,000		1,022.89		2.23
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,023.09		2.03
SPDR MSCI ACWI ex-US ETF		0.34			1,000		1,023.40		1.72
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,023.85		1.27
SPDR MSCI EM 50 ETF		0.50			1,000		1,022.59		2.54
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,022.59		2.54
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,022.34		2.79
SPDR S&P Global Dividend ETF**		0.40			1,000		1,023.09		2.03
SPDR S&P International Dividend ETF		0.45			1,000		1,022.84		2.28
SPDR S&P International Mid Cap ETF		0.45			1,000		1,022.84		2.28
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		1,021.84		3.29
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Consumer Discretionary Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Energy Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Financial Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Industrial Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Materials Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Technology Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Telecommunications Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Utilities Sector ETF		0.50			1,000		1,022.59		2.54


*		Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365.
**		Actual period is from commencement of operations 5/29/13. Hypothetical period is from 4/1/13.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2013.

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OTHER INFORMATION (continued)

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Percentage of distributions which qualify for the corporate dividends received deduction:


	Percentage

SPDR S&P Russia ETF		0.46	%
SPDR S&P Emerging Markets Dividend ETF		0.38
SPDR S&P Global Infrastructure ETF		23.24
SPDR S&P Global Natural Resources ETF		21.71
SPDR MSCI ACWI IMI ETF		33.17
SPDR S&P Global Dividend ETF		17.61
SPDR S&P International Consumer Discretionary Sector ETF		0.12
SPDR S&P International Health Care Sector ETF		0.11

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2013, are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. These amounts are noted below:


	Amount

SPDR STOXX Europe 50 ETF	$	1,873,115
SPDR EURO STOXX 50 ETF		49,256,841
SPDR S&P Emerging Asia Pacific ETF		6,720,597
SPDR S&P Small Cap Emerging Asia Pacific ETF		14,439
SPDR S&P Russia ETF		1,179,680
SPDR S&P China ETF		21,845,199
SPDR S&P Emerging Markets ETF		3,090,083
SPDR S&P Emerging Markets Dividend ETF		14,139,141
SPDR S&P BRIC 40 ETF		7,955,207
SPDR S&P Emerging Europe ETF		2,634,313
SPDR S&P Emerging Latin America ETF		333,108
SPDR S&P Emerging Middle East & Africa ETF		1,930,226
SPDR S&P World ex-US ETF		10,641,257
SPDR S&P International Small Cap ETF		15,723,251
SPDR Dow Jones International Real Estate ETF		20,723,589
SPDR S&P Global Infrastructure ETF		2,379,701
SPDR S&P Global Natural Resources ETF		10,667,611
SPDR MSCI ACWI ex-US ETF		9,608,110
SPDR MSCI ACWI IMI ETF		117,363
SPDR MSCI EM 50 ETF		48,001
SPDR Russell/Nomura PRIME Japan ETF		1,076,418
SPDR Russell/Nomura Small Cap Japan ETF		1,324,481
SPDR S&P Global Dividend ETF		70,675
SPDR S&P International Dividend ETF		57,097,731
SPDR S&P International Mid Cap ETF		672,154
SPDR S&P Emerging Markets Small Cap ETF		7,600,487
SPDR Dow Jones Global Real Estate ETF		2,164,564
SPDR S&P International Consumer Discretionary Sector ETF		211,893
SPDR S&P International Consumer Staples Sector ETF		—

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	Amount

SPDR S&P International Energy Sector ETF	$	338,141
SPDR S&P International Financial Sector ETF		187,160
SPDR S&P International Health Care Sector ETF		999,651
SPDR S&P International Industrial Sector ETF		226,273
SPDR S&P International Materials Sector ETF		195,117
SPDR S&P International Technology Sector ETF		185,034
SPDR S&P International Telecommunications Sector ETF		1,108,647
SPDR S&P International Utilities Sector ETF		784,342

For the fiscal year ended September 30, 2013, certain dividends paid by SPDR STOXX Europe ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR 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 Global Dividend ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue Code. The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2013 form 1099-DIV.

Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2013:


	Amount

SPDR S&P International Mid Cap ETF	$	90,698

Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2013, the total amount of foreign taxes that will be passed through are:


	Amount

SPDR STOXX Europe 50 ETF	$	105,760
SPDR EURO STOXX 50 ETF		5,001,233
SPDR S&P Emerging Asia Pacific ETF		1,073,557
SPDR S&P Small Cap Emerging Asia Pacific ETF		3,981
SPDR S&P Russia ETF		215,108
SPDR S&P China ETF		2,203,519
SPDR S&P Emerging Markets ETF		544,353
SPDR S&P Emerging Markets Dividend ETF		3,899,817
SPDR S&P BRIC 40 ETF		930,703
SPDR S&P Emerging Europe ETF		408,076
SPDR S&P Emerging Latin America ETF		139,045
SPDR S&P Emerging Middle East & Africa ETF		227,271

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September 30, 2013 (Unaudited)


	Amount

SPDR S&P World ex-US ETF	$	775,477
SPDR S&P International Small Cap ETF		1,126,852
SPDR Dow Jones International Real Estate ETF		6,871,600
SPDR S&P Global Infrastructure ETF		136,869
SPDR S&P Global Natural Resources ETF		669,745
SPDR MSCI ACWI ex-US ETF		720,857
SPDR MSCI ACWI IMI ETF		5,576
SPDR MSCI EM 50 ETF		7,831
SPDR Russell/Nomura PRIME Japan ETF		76,912
SPDR Russell/Nomura Small Cap Japan ETF		94,705
SPDR S&P Global Dividend ETF		5,964
SPDR S&P International Dividend ETF		6,617,269
SPDR S&P International Mid Cap ETF		53,803
SPDR S&P Emerging Markets Small Cap ETF		1,847,236
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		16,506
SPDR S&P International Consumer Staples Sector ETF		56,175
SPDR S&P International Energy Sector ETF		20,251
SPDR S&P International Financial Sector ETF		10,429
SPDR S&P International Health Care Sector ETF		83,515
SPDR S&P International Industrial Sector ETF		16,856
SPDR S&P International Materials Sector ETF		12,623
SPDR S&P International Technology Sector ETF		17,164
SPDR S&P International Telecommunications Sector ETF		64,942
SPDR S&P International Utilities Sector ETF		59,405

The amount of foreign source income earned on the following Funds during the year ended September 30, 2013 were as follows:


	Amount

SPDR STOXX Europe 50 ETF	$	2,380,420
SPDR EURO STOXX 50 ETF		78,787,661
SPDR S&P Emerging Asia Pacific ETF		12,983,898
SPDR S&P Small Cap Emerging Asia Pacific ETF		64,501
SPDR S&P Russia ETF		1,311,831
SPDR S&P China ETF		29,528,229
SPDR S&P Emerging Markets ETF		5,995,351
SPDR S&P Emerging Markets Dividend ETF		31,780,434
SPDR S&P BRIC 40 ETF		9,238,286
SPDR S&P Emerging Europe ETF		3,024,000
SPDR S&P Emerging Latin America ETF		3,169,180
SPDR S&P Emerging Middle East & Africa ETF		2,486,599
SPDR S&P World ex-US ETF		14,296,137
SPDR S&P International Small Cap ETF		21,342,479
SPDR Dow Jones International Real Estate ETF		148,642,413

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OTHER INFORMATION (continued)

September 30, 2013 (Unaudited)


	Amount

SPDR S&P Global Infrastructure ETF	$	2,430,375
SPDR S&P Global Natural Resources ETF		14,942,002
SPDR MSCI ACWI ex-US ETF		13,861,985
SPDR MSCI ACWI IMI ETF		91,624
SPDR MSCI EM 50 ETF		70,852
SPDR Russell/Nomura PRIME Japan ETF		1,138,436
SPDR Russell/Nomura Small Cap Japan ETF		1,491,902
SPDR S&P Global Dividend ETF		71,049
SPDR S&P International Dividend ETF		97,728,127
SPDR S&P International Mid Cap ETF		1,063,894
SPDR S&P Emerging Markets Small Cap ETF		24,885,923
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		285,779
SPDR S&P International Consumer Staples Sector ETF		927,525
SPDR S&P International Energy Sector ETF		464,848
SPDR S&P International Financial Sector ETF		271,006
SPDR S&P International Health Care Sector ETF		1,139,249
SPDR S&P International Industrial Sector ETF		296,871
SPDR S&P International Materials Sector ETF		249,760
SPDR S&P International Technology Sector ETF		230,318
SPDR S&P International Telecommunications Sector ETF		1,491,597
SPDR S&P International Utilities Sector ETF		1,311,648

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the website of the Securities and Exchange Commission, at www.sec.gov. Information regarding how the investment advisor voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

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

Approval of Advisory Agreement

At in-person meetings held prior to September 30, 2013, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSgA Funds Management, Inc. (the “Adviser”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue and/or approve, as the case may be, the Agreement with respect to SPDR S&P Global Dividend ETF and the previously approved non-operational series of the Trust and (collectively, the “New ETFs” and together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust

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within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent and Custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by, or to be provided by, the Adviser with respect to the SPDR ETFs under the Agreement, (ii) the investment performance of the Current ETFs, (iii) the costs to the Adviser of its services and profits realized by the Adviser and its affiliates from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the SPDR ETFs grow and whether the fee levels in the Agreement reflect these economies of scale.

The Board considered the nature, extent and quality of services provided by, or expected to be provided by, the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs, as exchange-traded funds (“ETFs”), and the experience and expertise of the Adviser with ETFs. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and ETFs in particular. The Board also considered the Adviser’s experience in managing equity ETFs.

The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each Current ETF achieved its objective as a passively managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking, noting that each Current ETF satisfactorily tracked its benchmark index.

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.

The Board considered whether the Adviser benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

The Board recognized that the Adviser is likely to realize economies of scale in managing the SPDR ETFs as assets grow in size. The Board noted the Adviser’s assertion that such economies of scale are currently shared with the SPDR ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board reviewed the universe of similar ETFs for the SPDR ETFs based upon data from Lipper Analytical Services and related comparative information for similar ETFs, including comparative information with respect to fees. The Board also reviewed the historical expense ratios of the Current ETFs and SPDR S&P Global Dividend ETF, estimated expense ratios of the New ETFs, and the unitary fee structure. In doing so, the Board used a fund-by-fund analysis of the data.

The Board, including the Independent Trustees voting separately, approved the Agreement after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services provided or

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expected to be provided by the Adviser with respect to the Current ETFs and the New ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF and SPDR S&P Global Dividend ETF had been satisfactory; (c) the Adviser’s fees for each SPDR ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust.

TRUSTEES


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

Independent Trustees


FRANK NESVET c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chairman	Term: Unlimited Served: since September 2000	Chief Executive Officer, Libra Group, Inc. (1998-present) (a financial services consulting company).	172	SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DAVID M. KELLY c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee, Audit Committee Chairman	Term: Unlimited Served: since September 2000	Retired.	172	Penson Worldwide Inc. (Former Director, retired); SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


BONNY EUGENIA BOATMAN c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired (2005-present); Managing Director, Columbia Management Group, Bank of America (1984-2005).	172	SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DWIGHT D. CHURCHILL c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; Head of Fixed Income and other Senior Management roles, Fidelity Investments (1993-2009).	172	Affiliated Managers Group, Inc. (Director); SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).

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OTHER INFORMATION (continued)

September 30, 2013 (Unaudited)


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

CARL G. VERBONCOEUR c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009; Chief Executive Officer, Rydex Investments (2003-2009).	172	The Motley Fool Funds Trust (Trustee); SPDR Series Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


Interested Trustee


JAMES E. ROSS* SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Chairman and Director, SSgA Funds Management, Inc. (2005-present); President, SSgA Funds Management, Inc. (2005-2012); Senior Managing Director and Principal, State Street Global Advisors (2006-present).	201	SPDR Series Trust (Trustee); The Select Sector SPDR Trust (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee); State Street Master Funds (Trustee); and State Street Institutional Investment Trust (Trustee).


*		Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

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OFFICERS


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years

ELLEN M. NEEDHAM SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	President	Term: Unlimited Served: since October 2012	President and Director, SSgA Funds Management, Inc. (June 2012-present); Chief Operating Officer, SSgA Funds Management, Inc. (May 2010-June 2012); Senior Managing Director, SSgA Funds Management, Inc. (1992-2012); Senior Managing Director, State Street Global Advisors (1992-present).


ANN M. CARPENTER SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966	Vice President	Term: Unlimited Served: since August 2012	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2005-present).*


MICHAEL P. RILEY SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Vice President	Term: Unlimited Served: since February 2005	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSgA Funds Management, Inc. (2005-2008)


CHRISTOPHER A. MADDEN State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1967	Secretary	Term: Unlimited Served: since August 2013	Senior Vice President and Managing Counsel, State Street Bank and Trust Company (2013-present); Counsel, Atlantic Fund Services (2009-2013); Vice President, Citigroup Fund Services, LLC (2005-2009).*


DANIO MASTROPIERI State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1972	Assistant Secretary	Term: Unlimited Served: since August 2013	Vice President and Counsel, State Street Bank and Trust Company (2013-present); Vice President, Citi Fund Services Ohio, Inc. (2007-2013).*


CHAD C. HALLETT State Street Bank and Trust Company Four Copley Place, CPH0328 Boston, MA 02116 1969	Treasurer	Term: Unlimited Served: since November 2010	Vice President, State Street Bank and Trust Company (2001-present).*


MATTHEW FLAHERTY State Street Bank and Trust Company Four Copley Place, CPH0328 Boston, MA 02116 1971	Assistant Treasurer	Term: Unlimited Served: since May 2005	Vice President, State Street Bank and Trust Company (1994-present).*

374

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2013 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years

LAURA F. DELL State Street Bank and Trust Company Four Copley Place, CPH0328 Boston, MA 02116 1964	Assistant Treasurer	Term: Unlimited Served: since November 2007	Vice President, State Street Bank and Trust Company (2002-present).*


BRIAN HARRIS** SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer	Unlimited Elected: November 2013	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2013-Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010-2013); Director of Compliance, AARP Financial Inc. (2008-2010).


*		Served in various capacities and/or with various affiliated companies during noted time period.
**		The Officers Table is reflective of information as of November 20, 2013.

375

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 Global Dividend ETF (WDIV)

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 Russell 3000^® ETF (THRK)

SPDR Russell 1000 ETF (ONEK)

SPDR Russell 2000 ETF (TWOK)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR Russell Small Cap Completeness ETF (RSCO)

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 1-10 Year TIPS ETF (TIPX)

SPDR Barclays Short Term Treasury ETF (SST)

SPDR Barclays Intermediate Term Treasury ETF (ITE)

SPDR Barclays Long Term Treasury ETF (TLO)

SPDR 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 SSgA Ultra Short Term Bond ETF (ULST)

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 ALPS Portfolio Solutions Distributors, Inc. is the distributor for 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
Ann M. Carpenter, Vice President
Michael P. Riley, Vice President
Chad Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Dell, Assistant Treasurer
Christopher A. Madden, Secretary
Danio Mastropieri, Assistant Secretary
Brian Harris, 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 State Street Street Financial Global Advisors Center One Boston, Lincoln MA 02111 Street The investment return and principal value of an investment in the Funds will ?uctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased. ETFs trade like stocks, are subject to investment risk, ?uctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Paci?c ETF, SPDR S&P Small Cap Emerging Asia Paci?c 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, SPDR MSCI ACWI ex-US ETF, SPDR Russell/ Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P Global Dividend 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 ?uctuation. For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable ?uctuations 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 af?liates. 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, tr ansfer 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 SPDRIDEXAR IBG-10255 For more complete information, please call 866.787.2257 or visit spdrs.com today

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

The Code of Ethics is attached hereto as Exhibit 12(a)(1).

Item 3. Audit Committee Financial Expert.

(a)(1) The Board of Trustees of the registrant has determined that the registrant has five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2) Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur are the registrant’s audit committee financial experts. The Board also determined that each of the foregoing persons are not “interested person(s)” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

For the fiscal years ending September 30, 2013 and September 30, 2012, the aggregate audit fees billed for professional services rendered by the principal accountant were $643,245 and $629,500, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-SAR; and (5) Rule 17f-2 securities counts.

(b) Audit-Related Fees.

For the fiscal years ending September 30, 2013 and September 30, 2012, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements that are not reported under paragraph (a) of this Item.

For the fiscal years ending September 30, 2013 and September 30, 2012, the aggregate tax fees billed for professional services rendered by the principal accountant were $306,175 and $297,900, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.

(d) All Other Fees.

There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2013 and September 30, 2012.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:

The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting;

The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.

Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person).

(e)(2) Percentage of Services.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2012 and December 31, 2011 were approximately $4,502,162 and $5,512,332, respectively. Such information is not readily available on a fiscal year basis.

(h) The principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.

Item 5. Disclosure of Audit Committees for Listed Companies.

The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant’s audit committee are Bonny Boatman, Dwight Churchill, Frank Nesvet, David Kelly and Carl Verboncoeur.

Item 6. Schedule of Investments.

The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Chad C. Hallett, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics referred to in Item 2.

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

(a)(3) Not applicable

(b) A single certification required by Rule 30a-2(b) under the 1940 Act, 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:		Ellen M. Needham
		Ellen M. Needham
		President and Principal Executive Officer

Date:		December 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. Needham
		Ellen M. Needham
		President and Principal Executive Officer

Date:		December 4, 2013

By:		/s/ Chad C. Hallett
		Chad C. Hallett
		Treasurer and Principal Financial Officer

Date:		December 4, 2013

A portion of the security was on loan at September 30, 2013.

Non-income producing security.

Investments of cash collateral for securities loaned.

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

The rate shown is the annualized seven-day yield at period end.