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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR^® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)

(Name and Address of Agent for Service)	Copy to:
Christopher A. Madden, Esq.	W. John McGuire, Esq.
State Street Bank and Trust Company	Morgan, Lewis & Bockius LLP
One Lincoln Street/CPH0326	2020 K Street, N.W.
Boston, Massachusetts 02111	Washington, DC 20006

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2015

Item 1: Report to Shareholders.

Semi-Annual Report
31 March 2015

SPDR^® Index Shares Funds

TABLE OF CONTENTS

Fund Performance & Portfolio Summaries
SPDR® STOXX® Europe 50 ETF (FEU)	1
SPDR EURO STOXX 50® ETF (FEZ)	4
SPDR EURO STOXX Small Cap ETF (SMEZ)	7
SPDR S&P Emerging Asia Pacific ETF (GMF)	10
SPDR S&P Russia ETF (RBL)	13
SPDR S&P China ETF (GXC)	16
SPDR S&P Emerging Markets ETF (GMM)	19
SPDR S&P Emerging Markets Dividend ETF (EDIV)	22
SPDR S&P BRIC 40 ETF (BIK)	25
SPDR S&P Emerging Europe ETF (GUR)	28
SPDR S&P Emerging Latin America ETF (GML)	31
SPDR S&P Emerging Middle East & Africa ETF (GAF)	34
SPDR S&P World ex-US ETF (GWL)	37
SPDR S&P International Small Cap ETF (GWX)	40
SPDR Dow Jones International Real Estate ETF (RWX)	43
SPDR S&P Global Infrastructure ETF (GII)	46
SPDR S&P Global Natural Resources ETF (GNR)	49
SPDR MSCI ACWI ex-US ETF (CWI)	52
SPDR MSCI ACWI IMI ETF (ACIM)	55
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	58
SPDR MSCI EM 50 ETF (EMFT)	59
SPDR MSCI EM Beyond BRIC ETF (EMBB)	62
SPDR MSCI EAFE Quality Mix ETF (QEFA)	65
SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)	68
SPDR MSCI World Quality Mix ETF (QWLD)	71
SPDR MSCI Australia Quality Mix ETF (QAUS)	74
SPDR MSCI Canada Quality Mix ETF (QCAN)	77
SPDR MSCI Germany Quality Mix ETF (QDEU)	80
SPDR MSCI Japan Quality Mix ETF (QJPN)	83
SPDR MSCI Mexico Quality Mix ETF (QMEX)	86
SPDR MSCI South Korea Quality Mix ETF (QKOR)	89
SPDR MSCI Spain Quality Mix ETF (QESP)	92
SPDR MSCI Taiwan Quality Mix ETF (QTWN)	95
SPDR MSCI United Kingdom Quality Mix ETF (QGBR)	98
SPDR Russell/Nomura PRIMETM Japan ETF (JPP)	101
SPDR Russell/Nomura Small CapTM Japan ETF (JSC)	104
SPDR S&P Global Dividend ETF (WDIV)	107
SPDR S&P International Dividend ETF (DWX)	110
SPDR S&P International Mid Cap ETF (MDD)	113
SPDR S&P Emerging Markets Small Cap ETF (EWX)	116
SPDR Dow Jones Global Real Estate ETF (RWO)	119

SPDR S&P International Consumer Discretionary Sector ETF (IPD)	122
SPDR S&P International Consumer Staples Sector ETF (IPS)	125
SPDR S&P International Energy Sector ETF (IPW)	128
SPDR S&P International Financial Sector ETF (IPF)	131
SPDR S&P International Health Care Sector ETF (IRY)	134
SPDR S&P International Industrial Sector ETF (IPN)	137
SPDR S&P International Materials Sector ETF (IRV)	140
SPDR S&P International Technology Sector ETF (IPK)	143
SPDR S&P International Telecommunications Sector ETF (IST)	146
SPDR S&P International Utilities Sector ETF (IPU)	149
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)	152
SPDR EURO STOXX 50 ETF (FEZ)	153
SPDR EURO STOXX Small Cap ETF (SMEZ)	154
SPDR S&P Emerging Asia Pacific ETF (GMF)	156
SPDR S&P Russia ETF (RBL)	164
SPDR S&P China ETF (GXC)	166
SPDR S&P Emerging Markets ETF (GMM)	173
SPDR S&P Emerging Markets Dividend ETF (EDIV)	185
SPDR S&P BRIC 40 ETF (BIK)	187
SPDR S&P Emerging Europe ETF (GUR)	188
SPDR S&P Emerging Latin America ETF (GML)	190
SPDR S&P Emerging Middle East & Africa ETF (GAF)	193
SPDR S&P World ex-US ETF (GWL)	195
SPDR S&P International Small Cap ETF (GWX)	208
SPDR Dow Jones International Real Estate ETF (RWX)	230
SPDR S&P Global Infrastructure ETF (GII)	232
SPDR S&P Global Natural Resources ETF (GNR)	234
SPDR MSCI ACWI ex-US ETF (CWI)	236
SPDR MSCI ACWI IMI ETF (ACIM)	244
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	253
SPDR MSCI EM 50 ETF (EMFT)	266
SPDR MSCI EM Beyond BRIC ETF (EMBB)	267
SPDR MSCI EAFE Quality Mix ETF (QEFA)	271
SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)	277
SPDR MSCI World Quality Mix ETF (QWLD)	284
SPDR MSCI Australia Quality Mix ETF (QAUS)	294
SPDR MSCI Canada Quality Mix ETF (QCAN)	296
SPDR MSCI Germany Quality Mix ETF (QDEU)	298
SPDR MSCI Japan Quality Mix ETF (QJPN)	300
SPDR MSCI Mexico Quality Mix ETF (QMEX)	304
SPDR MSCI South Korea Quality Mix ETF (QKOR)	305
SPDR MSCI Spain Quality Mix ETF (QESP)	307
SPDR MSCI Taiwan Quality Mix ETF (QTWN)	308

SPDR MSCI United Kingdom Quality Mix ETF (QGBR)	310
SPDR Russell/Nomura PRIME Japan ETF (JPP)	312
SPDR Russell/Nomura Small Cap Japan ETF (JSC)	318
SPDR S&P Global Dividend ETF (WDIV)	326
SPDR S&P International Dividend ETF (DWX)	328
SPDR S&P International Mid Cap ETF (MDD)	330
SPDR S&P Emerging Markets Small Cap ETF (EWX)	337
SPDR Dow Jones Global Real Estate ETF (RWO)	347
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	350
SPDR S&P International Consumer Staples Sector ETF (IPS)	353
SPDR S&P International Energy Sector ETF (IPW)	356
SPDR S&P International Financial Sector ETF (IPF)	358
SPDR S&P International Health Care Sector ETF (IRY)	361
SPDR S&P International Industrial Sector ETF (IPN)	363
SPDR S&P International Materials Sector ETF (IRV)	366
SPDR S&P International Technology Sector ETF (IPK)	369
SPDR S&P International Telecommunications Sector ETF (IST)	372
SPDR S&P International Utilities Sector ETF (IPU)	374
Financial Statements	376
Financial Highlights	422
Notes to Financial Statements	461
Other Information	487

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, 2015 (as supplemented February 3, 2015) is 0.29%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

STOXX EUROPE

NET ASSET

MARKET

STOXX EUROPE

VALUE

VALUE

50 INDEX

VALUE

VALUE

50 INDEX

SIX MONTHS

−3.49%

−2.96%

−3.55%

N/A

N/A

N/A

ONE YEAR

−5.18%

−5.27%

−5.28%

−5.18%

−5.27%

−5.28%

THREE YEARS

24.91%

24.39%

24.76%

7.70%

7.55%

7.66%

FIVE YEARS

23.33%

24.17%

22.95%

4.28%

4.42%

4.22%

TEN YEARS

37.66%

37.50%

37.90%

3.25%

3.24%

3.27%

1

SPDR STOXX Europe 50 ETF —
Performance Summary (continued)

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

	SPDR STOXX		STOXX Europe
	Europe 50		50 Index
	ETF (a)		(b)
Mar-05		10000		10000
Jun-05		9993		9992
Sep-05		10721		10739
Dec-05		10799		10829
Mar-06		11677		11724
Jun-06		12044		12077
Sep-06		12587		12637
Dec-06		13687		13749
Mar-07		13953		14027
Jun-07		15275		15342
Sep-07		15636		15719
Dec-07		15553		15643
Mar-08		13927		14011
Jun-08		13592		13648
Sep-08		11058		11097
Dec-08		8715		8742
Mar-09		7329		7347
Jun-09		9108		9124
Sep-09		11136		11174
Dec-09		11564		11617
Mar-10		11162		11216
Jun-10		9231		9252
Sep-10		10854		10893
Dec-10		11154		11203
Mar-11		11865		11921
Jun-11		12244		12281
Sep-11		9621		9638
Dec-11		10256		10287
Mar-12		11020		11054
Jun-12		10373		10383
Sep-12		11185		11205
Dec-12		11776		11804
Mar-13		12121		12147
Jun-13		12026		12039
Sep-13		13415		13440
Dec-13		14411		14446
Mar-14		14517		14558
Jun-14		15117		15147
Sep-14		14264		14298
Dec-14		13443		13469
Mar-15		13766		13790

Past performance is not a guarantee of future results.

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

2

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	NOVARTIS AG	NESTLE SA	ROCHE HOLDING AG	HSBC HOLDINGS PLC	BAYER AG
MARKET VALUE	$16,320,554	15,627,935	12,436,163	10,502,373	7,971,041
% OF NET ASSETS	6.3	6.0	4.8	4.0	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Pharmaceuticals		21.9	%
Banks		15.1
Oil, Gas & Consumable Fuels		10.9
Food Products		8.9
Insurance		6.1
Diversified Telecommunication Services		4.1
Beverages		4.0
Capital Markets		3.7
Metals & Mining		3.4
Chemicals		3.3
Tobacco		2.4
Automobiles		2.4
Electrical Equipment		2.3
Textiles, Apparel & Luxury Goods		2.2
Wireless Telecommunication Services		2.1
Industrial Conglomerates		2.1
Software		1.7
Household Products		1.4
Multi-Utilities		1.2
Short Term Investments		5.0
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.

3

SPDR EURO STOXX 50 ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.29%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

EURO STOXX

NET ASSET

MARKET

EURO STOXX

VALUE

VALUE

50 INDEX

VALUE

VALUE

50 INDEX

SIX MONTHS

−1.90%

−1.40%

−1.94%

N/A

N/A

N/A

ONE YEAR

−6.08%

−6.03%

−6.39%

−6.08%

−6.03%

−6.39%

THREE YEARS

33.70%

33.35%

32.06%

10.16%

10.07%

9.72%

FIVE YEARS

20.14%

20.53%

17.60%

3.74%

3.81%

3.30%

TEN YEARS

39.91%

40.90%

35.97%

3.42%

3.49%

3.12%

4

SPDR EURO STOXX 50 ETF —
Performance Summary (continued)

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

	SPDR EURO		EURO STOXX
	STOXX 50		50 Index
	ETF (a)		(b)
Mar-05		10000		10000
Jun-05		9881		9872
Sep-05		10611		10621
Dec-05		10852		10868
Mar-06		12005		12033
Jun-06		12253		12250
Sep-06		12998		13003
Dec-06		14332		14342
Mar-07		14706		14718
Jun-07		16371		16343
Sep-07		16865		16836
Dec-07		17457		17428
Mar-08		15616		15603
Jun-08		14763		14688
Sep-08		11975		11906
Dec-08		9607		9544
Mar-09		7789		7738
Jun-09		9817		9727
Sep-09		12255		12158
Dec-09		12473		12378
Mar-10		11645		11563
Jun-10		9513		9395
Sep-10		11339		11209
Dec-10		11377		11248
Mar-11		12566		12430
Jun-11		12902		12717
Sep-11		9199		9047
Dec-11		9502		9349
Mar-12		10465		10296
Jun-12		9410		9206
Sep-12		10386		10159
Dec-12		11456		11210
Mar-13		11148		10906
Jun-13		11458		11168
Sep-13		13304		12970
Dec-13		14601		14236
Mar-14		14897		14526
Jun-14		15428		14999
Sep-14		14261		13865
Dec-14		13384		13001
Mar-15		13991		13597

Past performance is not a guarantee of future results.

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

5

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	BAYER AG	SANOFI	TOTAL SA	BANCO SANTANDER SA	DAIMLER AG
MARKET VALUE	$229,641,648	220,368,719	218,381,258	195,583,323	177,452,131
% OF NET ASSETS	4.9	4.7	4.7	4.2	3.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		16.6	%
Pharmaceuticals		9.6
Insurance		7.6
Oil, Gas & Consumable Fuels		7.3
Automobiles		7.0
Diversified Telecommunication Services		5.8
Chemicals		5.4
Industrial Conglomerates		4.4
Food Products		4.2
Beverages		3.7
Multi-Utilities		2.9
Software		2.7
Electric Utilities		2.6
Textiles, Apparel & Luxury Goods		1.9
Electrical Equipment		1.8
Capital Markets		1.8
Personal Products		1.8
Semiconductors & Semiconductor Equipment		1.5
Aerospace & Defense		1.5
Specialty Retail		1.3
Media		1.3
Construction & Engineering		1.2
Air Freight & Logistics		1.2
Communications Equipment		1.1
Real Estate Investment Trusts		1.1
Health Care Equipment & Supplies		1.0
Building Products		0.9
Food & Staples Retailing		0.8
Metals & Mining		0.0	**
Short Term Investments		3.2
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.
**	Amount shown represents less than 0.05% of net assets.

6

SPDR EURO STOXX 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR EURO STOXX Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.45%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

EURO STOXX

NET ASSET

MARKET

EURO STOXX

VALUE

VALUE

SMALL INDEX

VALUE

VALUE

SMALL INDEX

SIX MONTHS

1.68%

2.21%

1.81%

N/A

N/A

N/A

SINCE INCEPTION (1)

−14.01%

−13.78%

−13.57%

N/A

N/A

N/A

(1) For the period June 4, 2014 to March 31, 2015.

7

SPDR EURO STOXX Small Cap ETF —
Performance Summary (continued)

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

	SPDR Euro
	Stoxx Small
	Cap ETF		Euro Stoxx
	(a)		Small Index
6/4/2014		10000		10000
6/30/2014		9752		9776
7/31/2014		9104		9130
8/31/2014		8991		9018
9/30/2014		8457		8490
10/31/2014		8211		8245
11/30/2014		8529		8568
12/31/2014		8203		8232
1/31/2015		8189		8224
2/28/2015		8713		8749
3/31/2015		8599		8643

Past Performance is not a guarantee of future results.

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

8

SPDR EURO STOXX Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

				BANCA POPOLARE DI
DESCRIPTION	HERMES INTERNATIONAL	BOLLORE SA	NN GROUP NV	MILANO SCARL	EXOR SPA
MARKET VALUE	$157,658	98,336	91,343	87,927	85,797
% OF NET ASSETS	3.1	1.9	1.8	1.7	1.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Media		10.1	%
Banks		8.9
Insurance		7.2
Diversified Financial Services		5.1
Air Freight & Logistics		4.9
Machinery		4.2
Real Estate Investment Trusts		4.1
Food & Staples Retailing		3.3
Textiles, Apparel & Luxury Goods		3.1
Chemicals		3.1
Diversified Telecommunication Services		3.0
Electrical Equipment		2.8
Oil, Gas & Consumable Fuels		2.7
Commercial Services & Supplies		2.5
Hotels, Restaurants & Leisure		2.3
Food Products		2.3
Semiconductors & Semiconductor Equipment		2.2
Real Estate Management & Development		1.9
Pharmaceuticals		1.9
Health Care Providers & Services		1.9
Energy Equipment & Services		1.8
Beverages		1.8
Auto Components		1.8
Professional Services		1.5
Wireless Telecommunication Services		1.5
Life Sciences Tools & Services		1.2
Capital Markets		1.1
Containers & Packaging		1.1
Independent Power and Renewable Electricity Producers		1.1
Building Products		1.1
Leisure Products		1.0
Construction Materials		0.9
Metals & Mining		0.9
Airlines		0.9
Transportation Infrastructure		0.9
Gas Utilities		0.9
Construction & Engineering		0.8
Industrial Conglomerates		0.7
Technology Hardware, Storage & Peripherals		0.7
Household Durables		0.7
Short Term Investments		0.0	**
Other Assets & Liabilities		0.1
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

9

SPDR S&P Emerging Asia Pacific ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.49%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P ASIA PACIFIC		NET ASSET		MARKET		S&P ASIA PACIFIC
	VALUE		VALUE		EMERGING BMI INDEX		VALUE		VALUE		EMERGING BMI INDEX
SIX MONTHS		5.71%		6.07%		5.90%		N/A		N/A		N/A
ONE YEAR		15.61%		15.93%		15.08%		15.61%		15.93%		15.08%
THREE YEARS		24.75%		25.68%		29.00%		7.65%		7.92%		8.87%
FIVE YEARS		34.05%		34.25%		38.37%		6.04%		6.07%		6.71%
SINCE INCEPTION (1)		72.77%		73.48%		79.42%		7.04%		7.10%		7.55%

(1) For the period March 20, 2007 to March 31, 2015.

10

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
3/20/2007		10000.00		10000.00
31-Mar		10191.00		10276.00
6/30/2007		12074.00		12233.00
30-Sep		14504.00		14702.00
12/31/2007		14763.00		14986.00
31-Mar		12734.00		12793.00
6/30/2008		11730.00		11504.00
30-Sep		9143.00		8881.00
12/31/2008		7320.00		7064.00
31-Mar		7511.00		7288.00
6/30/2009		10236.00		10126.00
30-Sep		11809.00		11784.00
12/31/2009		12737.00		12817.00
31-Mar		12889.00		12967.00
6/30/2010		12260.00		12407.00
30-Sep		14272.00		14498.00
12/31/2010		15176.00		15352.00
31-Mar		15246.00		15278.00
6/30/2011		15149.00		15190.00
30-Sep		12053.00		12022.00
12/31/2011		12323.00		12183.00
31-Mar		13849.00		13909.00
6/30/2012		12764.00		12875.00
30-Sep		13789.00		13930.00
12/31/2012		14490.00		14763.00
31-Mar		14443.00		14858.00
6/30/2013		13925.00		14324.00
30-Sep		14466.00		14845.00
12/31/2013		14894.00		15457.00
31-Mar		14944.00		15591.00
6/30/2014		16176.00		16825.00
30-Sep		16344.00		16940.00
12/31/2014		16470.00		17121.00
31-Mar		17277.00		17942.00

Past performance is not a guarantee of future results.

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

11

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		TAIWAN SEMICONDUCTOR
		MANUFACTURING CO.,		CHINA CONSTRUCTION
DESCRIPTION	TENCENT HOLDINGS, LTD.	LTD. ADR	CHINA MOBILE, LTD.	BANK CORP. (CLASS H)	BAIDU, INC. ADR
MARKET VALUE	$25,765,435	22,181,908	19,470,217	19,058,347	15,365,540
% OF NET ASSETS	3.5	3.0	2.6	2.6	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		16.6	%
Internet Software & Services		7.7
Semiconductors & Semiconductor Equipment		7.1
Oil, Gas & Consumable Fuels		5.8
Wireless Telecommunication Services		5.1
Electronic Equipment, Instruments & Components		3.8
Insurance		3.7
Real Estate Management & Development		3.2
Technology Hardware, Storage & Peripherals		3.0
IT Services		2.9
Automobiles		2.8
Food Products		2.6
Pharmaceuticals		2.4
Chemicals		2.3
Diversified Telecommunication Services		1.9
Construction Materials		1.9
Metals & Mining		1.8
Industrial Conglomerates		1.8
Construction & Engineering		1.6
Transportation Infrastructure		1.6
Independent Power and Renewable Electricity Producers		1.5
Thrifts & Mortgage Finance		1.4
Hotels, Restaurants & Leisure		1.2
Diversified Financial Services		1.1
Internet & Catalog Retail		1.0
Food & Staples Retailing		1.0
Capital Markets		0.9
Machinery		0.9
Electric Utilities		0.9
Textiles, Apparel & Luxury Goods		0.8
Beverages		0.8
Electrical Equipment		0.8
Household Products		0.7
Media		0.7
Health Care Providers & Services		0.6
Gas Utilities		0.6
Building Products		0.5
Tobacco		0.5
Auto Components		0.4
Software		0.4
Marine		0.4
Consumer Finance		0.4
Specialty Retail		0.3
Airlines		0.3
Water Utilities		0.3
Energy Equipment & Services		0.3
Personal Products		0.3
Household Durables		0.2
Commercial Services & Supplies		0.2
Diversified Consumer Services		0.2
Health Care Equipment & Supplies		0.1
Communications Equipment		0.1
Trading Companies & Distributors		0.1
Road & Rail		0.1
Aerospace & Defense		0.1
Leisure Products		0.1
Distributors		0.0	**
Air Freight & Logistics		0.0	**
Biotechnology		0.0	**
Short Term Investments		6.0
Other Assets & Liabilities		(5.8	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

12

SPDR S&P Russia ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.59%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P RUSSIA CAPPED

NET ASSET

MARKET

S&P RUSSIA CAPPED

VALUE

VALUE

BMI INDEX

VALUE

VALUE

BMI INDEX

SIX MONTHS

−21.93%

−21.79%

−20.49%

N/A

N/A

N/A

ONE YEAR

−25.95%

−25.97%

−25.00%

−25.95%

−25.97%

−25.00%

THREE YEARS

−40.39%

−40.79%

−38.17%

−15.84%

−16.03%

−14.82%

SINCE INCEPTION (1)

−36.85%

−36.89%

−32.15%

−8.68%

−8.70%

−7.38%

(1) For the period March 10, 2010 to March 31, 2015.

13

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

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

			S&P Russia
	SPDR S&P		Capped BMI
	Russia ETF		Index
3/10/2010		10000.00		10000.00
31-Mar		10284.00		10398.00
6/30/2010		8783.00		8878.00
30-Sep		10074.00		10246.00
12/31/2010		11958.00		11996.00
31-Mar		13435.00		13513.00
6/30/2011		12380.00		12659.00
30-Sep		8705.00		8921.00
12/31/2011		8992.00		9270.00
31-Mar		10594.00		10972.00
6/30/2012		8931.00		9370.00
30-Sep		9871.00		10280.00
12/31/2012		10116.00		10471.00
31-Mar		9656.00		10087.00
6/30/2013		8763.00		9217.00
30-Sep		9831.00		10463.00
12/31/2013		10142.00		10710.00
31-Mar		8527.00		9047.00
6/30/2014		9468.00		10146.00
30-Sep		8088.00		8534.00
12/31/2014		5680.00		5750.00
31-Mar		6315.00		6785.00

Past performance is not a guarantee of future results.

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

14

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

				MMC NORILSK
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	MAGNIT PJSC GDR	NICKEL OJSC ADR	TATNEFT OAO ADR
MARKET VALUE	$4,711,813	3,724,637	2,041,898	1,428,093	1,396,406
% OF NET ASSETS	15.5	12.2	6.7	4.7	4.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		50.2	%
Metals & Mining		11.3
Banks		9.7
Food & Staples Retailing		8.6
Wireless Telecommunication Services		6.2
Internet Software & Services		3.1
Chemicals		2.8
Diversified Telecommunication Services		1.7
Household Durables		1.5
Electric Utilities		1.1
Energy Equipment & Services		1.0
Real Estate Management & Development		0.7
IT Services		0.6
Road & Rail		0.3
Media		0.2
Pharmaceuticals		0.2
Short Term Investments		0.9
Other Assets & Liabilities		(0.1	)
TOTAL		100.0	%

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

15

SPDR S&P China ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.59%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		S&P CHINA BMI INDEX		VALUE		VALUE		S&P CHINA BMI INDEX
SIX MONTHS		10.92%		11.34%		10.87%		N/A		N/A		N/A
ONE YEAR		18.44%		18.91%		18.99%		18.44%		18.91%		18.99%
THREE YEARS		31.16%		32.85%		34.26%		9.46%		9.93%		10.33%
FIVE YEARS		29.23%		30.09%		31.00%		5.26%		5.40%		5.55%
SINCE INCEPTION (1)		84.67%		85.96%		88.76%		7.94%		8.03%		8.23%

(1) For the period March 20, 2007 to March 31, 2015.

16

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

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

			S&P China
	SPDR S&P		BMI Index
	China ETF
3/20/2007		10000.00		10000.00
31-Mar		10355.00		10373.00
6/30/2007		12838.00		12985.00
30-Sep		18064.00		18288.00
12/31/2007		17666.00		17839.00
31-Mar		13300.00		13441.00
6/30/2008		13088.00		13030.00
30-Sep		9890.00		9751.00
12/31/2008		8712.00		8524.00
31-Mar		8831.00		8747.00
6/30/2009		12022.00		12076.00
30-Sep		13158.00		13093.00
12/31/2009		14411.00		14460.00
31-Mar		14291.00		14412.00
6/30/2010		13608.00		13683.00
30-Sep		15248.00		15493.00
12/31/2010		15376.00		15790.00
31-Mar		16024.00		16370.00
6/30/2011		15733.00		15920.00
30-Sep		11746.00		11713.00
12/31/2011		12728.00		12643.00
31-Mar		14080.00		14062.00
6/30/2012		13117.00		13084.00
30-Sep		13646.00		13559.00
12/31/2012		15203.00		15244.00
31-Mar		14645.00		14774.00
6/30/2013		13860.00		14026.00
30-Sep		15857.00		16015.00
12/31/2013		16628.00		16825.00
31-Mar		15592.00		15868.00
6/30/2014		16404.00		16692.00
30-Sep		16650.00		17026.00
12/31/2014		17454.00		17813.00
31-Mar		18467.00		18876.00

Past performance is not a guarantee of future results.

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

17

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	TENCENT	CHINA	CHINA CONSTRUCTION	INDUSTRIAL & COMMERCIAL
DESCRIPTION	HOLDINGS, LTD.	MOBILE, LTD.	BANK CORP. (CLASS H)	BANK OF CHINA, LTD. (CLASS H)	BAIDU, INC. ADR
MARKET VALUE	$91,758,094	65,819,439	62,967,247	54,248,379	51,872,636
% OF NET ASSETS	8.2	5.9	5.6	4.9	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		18.6	%
Internet Software & Services		17.4
Insurance		7.1
Oil, Gas & Consumable Fuels		7.0
Wireless Telecommunication Services		5.9
Real Estate Management & Development		4.8
Food Products		2.7
Semiconductors & Semiconductor Equipment		2.2
Automobiles		2.2
Internet & Catalog Retail		2.2
Independent Power and Renewable Electricity Producers		2.0
Pharmaceuticals		1.9
Transportation Infrastructure		1.8
Construction & Engineering		1.7
Diversified Telecommunication Services		1.6
Machinery		1.5
Industrial Conglomerates		1.4
Capital Markets		1.3
Metals & Mining		1.2
Electronic Equipment, Instruments & Components		1.1
Construction Materials		1.1
Textiles, Apparel & Luxury Goods		1.0
Technology Hardware, Storage & Peripherals		0.9
Personal Products		0.9
Electrical Equipment		0.8
Water Utilities		0.7
Gas Utilities		0.7
Health Care Providers & Services		0.6
Software		0.6
Communications Equipment		0.6
Chemicals		0.5
Diversified Consumer Services		0.5
Household Durables		0.5
Airlines		0.5
Health Care Equipment & Supplies		0.4
Food & Staples Retailing		0.4
Marine		0.4
Commercial Services & Supplies		0.3
Hotels, Restaurants & Leisure		0.3
Energy Equipment & Services		0.3
Specialty Retail		0.3
IT Services		0.3
Auto Components		0.2
Paper & Forest Products		0.2
Road & Rail		0.2
Media		0.2
Beverages		0.2
Multiline Retail		0.2
Aerospace & Defense		0.1
Household Products		0.1
Diversified Financial Services		0.1
Consumer Finance		0.1
Air Freight & Logistics		0.1
Trading Companies & Distributors		0.0	**
Containers & Packaging		0.0	**
Building Products		0.0	**
Distributors		0.0	**
Short Term Investments		9.4
Other Assets & Liabilities		(9.3	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

18

SPDR S&P Emerging Markets ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.59%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P EMERGING BMI		NET ASSET		MARKET		S&P EMERGING BMI
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		−1.59%		−2.04%		−2.43%		N/A		N/A		N/A
ONE YEAR		3.62%		3.60%		2.42%		3.62%		3.60%		2.42%
THREE YEARS		3.69%		3.37%		4.39%		1.22%		1.11%		1.44%
FIVE YEARS		11.11%		10.57%		11.11%		2.13%		2.03%		2.13%
SINCE INCEPTION (1)		39.15%		38.88%		40.25%		4.20%		4.17%		4.30%

(1) For the period March 20, 2007 to March 31, 2015.

19

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

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

	SPDR S&P
	Emerging Markets		S&P Emerging
	ETF		BMI Index
3/20/2007		10000.00		10000.00
31-Mar		10338.00		10389.00
6/30/2007		11824.00		11927.00
30-Sep		13520.00		13574.00
12/31/2007		14133.00		14293.00
31-Mar		12706.00		12784.00
6/30/2008		12780.00		12674.00
30-Sep		9494.00		9237.00
12/31/2008		6946.00		6651.00
31-Mar		6977.00		6771.00
6/30/2009		9462.00		9346.00
30-Sep		11208.00		11159.00
12/31/2009		12296.00		12280.00
31-Mar		12524.00		12619.00
6/30/2010		11424.00		11588.00
30-Sep		13478.00		13744.00
12/31/2010		14525.00		14742.00
31-Mar		14736.00		14840.00
6/30/2011		14478.00		14619.00
30-Sep		11314.00		11335.00
12/31/2011		11759.00		11690.00
31-Mar		13420.00		13432.00
6/30/2012		12158.00		12234.00
30-Sep		13077.00		13153.00
12/31/2012		13734.00		13894.00
31-Mar		13562.00		13851.00
6/30/2013		12619.00		12840.00
30-Sep		13248.00		13446.00
12/31/2013		13501.00		13718.00
31-Mar		13429.00		13694.00
6/30/2014		14421.00		14736.00
30-Sep		14140.00		14374.00
12/31/2014		13665.00		13802.00
31-Mar		13915.00		14025.00

Past performance is not a guarantee of future results.

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

20

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	TENCENT		TAIWAN SEMICONDUCTOR		CHINA CONSTRUCTION
DESCRIPTION	HOLDINGS, LTD.	CHINA MOBILE, LTD.	MANUFACTURING CO., LTD.	NASPERS, LTD. (CLASS N)	BANK CORP. (CLASS H)
MARKET VALUE	$5,364,839	3,580,927	3,331,759	3,039,382	3,020,443
% OF NET ASSETS	2.7	1.8	1.7	1.5	1.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		17.8	%
Oil, Gas & Consumable Fuels		8.3
Wireless Telecommunication Services		5.7
Internet Software & Services		5.3
Semiconductors & Semiconductor Equipment		4.1
Metals & Mining		3.4
Insurance		3.3
Real Estate Management & Development		3.2
Food Products		2.8
Electronic Equipment, Instruments & Components		2.5
Automobiles		2.4
IT Services		2.3
Beverages		2.1
Media		2.1
Pharmaceuticals		2.0
Diversified Financial Services		1.8
Diversified Telecommunication Services		1.8
Technology Hardware, Storage & Peripherals		1.8
Industrial Conglomerates		1.6
Transportation Infrastructure		1.5
Construction & Engineering		1.5
Construction Materials		1.4
Independent Power and Renewable Electricity Producers		1.4
Food & Staples Retailing		1.3
Chemicals		1.3
Multiline Retail		1.2
Thrifts & Mortgage Finance		1.1
Electric Utilities		1.0
Household Durables		1.0
Specialty Retail		1.0
Hotels, Restaurants & Leisure		0.8
Capital Markets		0.7
Internet & Catalog Retail		0.7
Airlines		0.6
Household Products		0.6
Electrical Equipment		0.5
Textiles, Apparel & Luxury Goods		0.5
Health Care Providers & Services		0.5
Paper & Forest Products		0.5
Personal Products		0.5
Machinery		0.4
Gas Utilities		0.4
Tobacco		0.3
Water Utilities		0.3
Marine		0.3
Energy Equipment & Services		0.3
Air Freight & Logistics		0.2
Aerospace & Defense		0.2
Trading Companies & Distributors		0.2
Real Estate Investment Trusts		0.2
Building Products		0.1
Consumer Finance		0.1
Diversified Consumer Services		0.1
Leisure Products		0.1
Health Care Equipment & Supplies		0.1
Communications Equipment		0.1
Road & Rail		0.1
Auto Components		0.1
Software		0.1
Distributors		0.1
Commercial Services & Supplies		0.1
Professional Services		0.0	**
Containers & Packaging		0.0	**
Biotechnology		0.0	**
Short Term Investments		5.5
Other Assets & Liabilities		(3.3	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

21

SPDR S&P Emerging Markets Dividend ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.49%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

S&P EMERGING

NET ASSET

MARKET

MARKETS DIVIDEND

NET ASSET

MARKET

MARKETS DIVIDEND

VALUE

VALUE

OPPORTUNITIES INDEX

VALUE

VALUE

OPPORTUNITIES INDEX

SIX MONTHS

−8.67%

−8.38%

−8.24%

N/A

N/A

N/A

ONE YEAR

−9.07%

−8.67%

−8.54%

−9.07%

−8.67%

−8.54%

THREE YEARS

−23.74%

−23.73%

−21.96%

−8.64%

−8.63%

−7.94%

SINCE INCEPTION (1)

−18.90%

−18.73%

−13.60%

−4.98%

−4.93%

−3.51%

(1) For the period February 23, 2011 to March 31, 2015.

22

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

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

	SPDR S&P			S&P Emerging
	Emerging Markets			Markets Dividend
	Dividend ETF			Opportunities Index
	(a)			(b)
2/23/2011		10000.00			10000.00
31-Mar		10532.00			10689.00
6/30/2011		11015.00			11253.00
30-Sep		9127.00			9409.00
12/31/2011		9788.00			10162.00
31-Mar		10634.00			11071.00
6/30/2012		9556.00			9944.00
30-Sep		9633.00			10045.00
12/31/2012		10322.00			10771.00
31-Mar		9976.00	��		10534.00
6/30/2013		8908.00			9399.00
30-Sep		9363.00			9870.00
12/31/2013		9100.00			9595.00
31-Mar		8919.00			9446.00
6/30/2014		9523.00			10086.00
30-Sep		8880.00			9416.00
12/31/2014		8359.00			8887.00
31-Mar		8110.00			8640.00

Past performance is not a guarantee of future results.

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

23

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	JIANGSU EXPRESSWAY CO.,	ASUSTEK		PTT GLOBAL	ADVANCED INFO
DESCRIPTION	LTD. (CLASS H)	COMPUTER, INC.	SK TELECOM CO., LTD.	CHEMICAL PCL NVDR	SERVICE PCL NVDR
MARKET VALUE	$14,550,005	13,248,322	13,015,255	12,736,379	12,680,629
% OF NET ASSETS	3.4	3.1	3.1	3.0	3.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Wireless Telecommunication Services		14.6	%
Real Estate Management & Development		9.5
Banks		8.6
Metals & Mining		8.0
Transportation Infrastructure		7.5
Electric Utilities		5.9
Technology Hardware, Storage & Peripherals		5.4
Oil, Gas & Consumable Fuels		4.8
Chemicals		3.8
Real Estate Investment Trusts		3.7
Water Utilities		3.6
Independent Power and Renewable Electricity Producers		3.3
Electronic Equipment, Instruments & Components		2.2
Specialty Retail		1.9
Insurance		1.8
Tobacco		1.8
Semiconductors & Semiconductor Equipment		1.6
Food & Staples Retailing		1.4
Construction Materials		1.4
Automobiles		1.4
Industrial Conglomerates		1.3
Capital Markets		1.1
Auto Components		1.1
Diversified Telecommunication Services		1.1
Thrifts & Mortgage Finance		1.0
Textiles, Apparel & Luxury Goods		0.9
Multi-Utilities		0.5
Energy Equipment & Services		0.3
Machinery		0.2
Short Term Investments		14.2
Other Assets & Liabilities		(13.9	)
TOTAL		100.0	%

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

24

SPDR S&P BRIC 40 ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.49%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		S&P BRIC 40 INDEX		VALUE		VALUE		S&P BRIC 40 INDEX
SIX MONTHS		−1.35%		−1.19%		−0.94%		N/A		N/A		N/A
ONE YEAR		4.30%		4.27%		5.14%		4.30%		4.27%		5.14%
THREE YEARS		−0.91%		−0.67%		1.17%		−0.30%		−0.22%		0.39%
FIVE YEARS		1.52%		1.07%		4.91%		0.30%		0.21%		0.96%
SINCE INCEPTION (1)		11.37%		11.43%		16.32%		1.39%		1.40%		1.96%

(1) For the period June 19, 2007 to March 31, 2015.

25

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

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

	SPDR S&P
	BRIC 40		S&P BRIC
	ETF		40 Index
6/19/2007		10000.00		10000.00
30-Jun		9954.00		9955.00
9/30/2007		12540.00		12554.00
31-Dec		13472.00		13504.00
3/31/2008		11532.00		11565.00
30-Jun		12423.00		12473.00
9/30/2008		8467.00		8510.00
31-Dec		6059.00		6073.00
3/31/2009		6319.00		6344.00
30-Jun		8580.00		8625.00
9/30/2009		10002.00		10086.00
31-Dec		10978.00		11073.00
3/31/2010		10970.00		11089.00
30-Jun		10082.00		10206.00
9/30/2010		11402.00		11575.00
31-Dec		12121.00		12341.00
3/31/2011		13009.00		13255.00
30-Jun		12455.00		12749.00
9/30/2011		9407.00		9595.00
31-Dec		9966.00		10175.00
3/31/2012		11239.00		11497.00
30-Jun		9916.00		10213.00
9/30/2012		10613.00		10907.00
31-Dec		11226.00		11558.00
3/31/2013		10837.00		11167.00
30-Jun		9844.00		10158.00
9/30/2013		11139.00		11520.00
31-Dec		11346.00		11741.00
3/31/2014		10678.00		11064.00
30-Jun		11576.00		12017.00
9/30/2014		11290.00		11743.00
31-Dec		10891.00		11347.00
3/31/2015		11137.00		11632.00

Past performance is not a guarantee of future results.

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

26

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

				INDUSTRIAL &
				COMMERCIAL
	TENCENT		CHINA CONSTRUCTION	BANK OF CHINA, LTD.
DESCRIPTION	HOLDINGS, LTD.	CHINA MOBILE, LTD.	BANK CORP. (CLASS H)	(CLASS H)	BAIDU, INC. ADR
MARKET VALUE	$11,545,927	8,171,133	7,731,281	6,856,106	6,484,783
% OF NET ASSETS	10.5	7.4	7.0	6.2	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		32.3	%
Internet Software & Services		19.6
Oil, Gas & Consumable Fuels		16.8
Wireless Telecommunication Services		7.4
Insurance		5.9
IT Services		3.5
Beverages		2.7
Food Products		2.1
Metals & Mining		1.8
Food & Staples Retailing		1.5
Real Estate Management & Development		1.3
Industrial Conglomerates		1.0
Personal Products		1.0
Technology Hardware, Storage & Peripherals		1.0
Diversified Telecommunication Services		0.9
Automobiles		0.9
Short Term Investments		9.5
Other Assets & Liabilities		(9.2	)
TOTAL		100.0	%

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

27

SPDR S&P Emerging Europe ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.49%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING CAPPED BMI

NET ASSET

MARKET

EMERGING CAPPED BMI

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−19.07%

−18.53%

−18.32%

N/A

N/A

N/A

ONE YEAR

−21.95%

−21.49%

−21.80%

−21.95%

−21.49%

−21.80%

THREE YEARS

−28.85%

−28.95%

−28.06%

−10.72%

−10.77%

−10.40%

FIVE YEARS

−29.97%

−29.92%

−28.56%

−6.88%

−6.86%

−6.51%

SINCE INCEPTION (1)

−39.47%

−39.30%

−36.90%

−6.06%

−6.03%

−5.57%

(1) For the period March 20, 2007 to March 31, 2015.

28

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

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

	SPDR S&P Emerging Europe ETF (a	)	S&P European Emerging Capped BMI Index (b	)
3/20/2007	10000.00		10000.00
3/31/2007	10597.00		10577.00
6/30/2007	11058.00		11109.00
9/30/2007	11873.00		12055.00
12/31/2007	13044.00		13553.00
3/31/2008	11352.00		11803.00
6/30/2008	12151.00		12547.00
9/30/2008	7902.00		7900.00
12/31/2008	4540.00		4254.00
3/31/2009	4310.00		4082.00
6/30/2009	5945.00		5858.00
9/30/2009	7494.00		7429.00
12/31/2009	8289.00		8160.00
3/31/2010	8643.00		8830.00
6/30/2010	7346.00		7536.00
9/30/2010	8747.00		9004.00
12/31/2010	9497.00		9826.00
3/31/2011	10586.00		10841.00
6/30/2011	10070.00		10386.00
9/30/2011	7230.00		7396.00
12/31/2011	7129.00		7329.00
3/31/2012	8506.00		8770.00
6/30/2012	7506.00		7821.00
9/30/2012	8265.00		8568.00
12/31/2012	8794.00		9076.00
3/31/2013	8422.00		8841.00
6/30/2013	7697.00		8065.00
9/30/2013	8404.00		8858.00
12/31/2013	8401.00		8836.00
3/31/2014	7754.00		8070.00
6/30/2014	8443.00		8838.00
9/30/2014	7479.00		7726.00
12/31/2014	6098.00		6197.00
3/31/2015	6053.00		6310.00

Past performance is not a guarantee of future results.

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

29

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

					MMC NORILSK
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	MAGNIT PJSC GDR	SBERBANK	NICKEL OJSC ADR
MARKET VALUE	$4,203,363	3,663,403	1,694,911	1,653,319	1,396,791
% OF NET ASSETS	8.4	7.4	3.4	3.3	2.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		29.6	%
Banks		22.0
Metals & Mining		8.7
Food & Staples Retailing		5.7
Wireless Telecommunication Services		4.5
Electric Utilities		4.1
Diversified Telecommunication Services		2.8
Industrial Conglomerates		2.7
Insurance		2.3
Chemicals		1.8
Internet Software & Services		1.6
Household Durables		1.5
Diversified Financial Services		1.3
Airlines		1.3
Media		1.0
Beverages		0.9
Hotels, Restaurants & Leisure		0.8
Real Estate Investment Trusts		0.8
Pharmaceuticals		0.8
Textiles, Apparel & Luxury Goods		0.7
Real Estate Management & Development		0.6
Specialty Retail		0.6
Software		0.5
Construction Materials		0.4
Energy Equipment & Services		0.3
Distributors		0.3
Transportation Infrastructure		0.3
Marine		0.3
Automobiles		0.3
IT Services		0.2
Food Products		0.2
Construction & Engineering		0.2
Road & Rail		0.1
Machinery		0.1
Water Utilities		0.1
Independent Power and Renewable Electricity Producers		0.0	**
Short Term Investments		0.5
Other Assets & Liabilities		0.1
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

30

SPDR S&P Emerging Latin America ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.49%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P LATIN AMERICA

NET ASSET

MARKET

S&P LATIN AMERICA

VALUE

VALUE

BMI INDEX

VALUE

VALUE

BMI INDEX

SIX MONTHS

−21.83%

−21.83%

−22.13%

N/A

N/A

N/A

ONE YEAR

−20.72%

−20.57%

−21.22%

−20.72%

−20.57%

−21.22%

THREE YEARS

−35.52%

−35.72%

−33.89%

−13.61%

−13.70%

−12.89%

FIVE YEARS

−33.05%

−33.56%

−29.59%

−7.71%

−7.85%

−6.78%

SINCE INCEPTION (1)

−1.52%

−1.74%

6.20%

−0.19%

−0.22%

0.75%

(1) For the period March 20, 2007 to March 31, 2015.

31

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

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

	SPDR S&P Emerging Latin America ETF	S&P Latin America BMI Index
3/20/2007	10000.00	10000.00
3/31/2007	10333.00	10407.00
6/30/2007	12423.00	12580.00
9/30/2007	13649.00	13850.00
12/31/2007	14334.00	14711.00
3/31/2008	14321.00	14446.00
6/30/2008	15541.00	15887.00
9/30/2008	10890.00	10880.00
12/31/2008	7099.00	7139.00
3/31/2009	7263.00	7481.00
6/30/2009	10138.00	10429.00
9/30/2009	12740.00	13092.00
12/31/2009	14562.00	14848.00
3/31/2010	14709.00	15084.00
6/30/2010	13019.00	13403.00
9/30/2010	15763.00	16248.00
12/31/2010	16862.00	17452.00
3/31/2011	16774.00	17499.00
6/30/2011	16413.00	17118.00
9/30/2011	12173.00	12899.00
12/31/2011	13326.00	13952.00
3/31/2012	15273.00	16064.00
6/30/2012	13386.00	14088.00
9/30/2012	13936.00	14831.00
12/31/2012	14559.00	15572.00
3/31/2013	14652.00	15780.00
6/30/2013	12322.00	13414.00
9/30/2013	12840.00	13872.00
12/31/2013	12608.00	13549.00
3/31/2014	12422.00	13480.00
6/30/2014	13235.00	14426.00
9/30/2014	12599.00	13638.00
12/31/2014	10964.00	11829.00
3/31/2015	9848.00	10620.00

Past performance is not a guarantee of future results.

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

32

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		ITAU UNIBANCO
		HOLDING SA	BANCO BRADESCO
	AMERICA MOVIL	PREFERENCE	SA PREFERENCE	AMBEV	FOMENTO ECONOMICO
DESCRIPTION	SAB DE CV (SERIES L)	SHARES ADR	SHARES ADR	SA ADR	MEXICANO SAB DE CV
MARKET VALUE	$2,007,535	1,665,658	1,337,055	1,241,101	1,012,228
% OF NET ASSETS	6.0	5.0	4.0	3.7	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		22.0	%
Metals & Mining		8.1
Beverages		7.8
Oil, Gas & Consumable Fuels		6.9
Wireless Telecommunication Services		6.7
Food & Staples Retailing		4.4
Food Products		4.4
Multiline Retail		3.7
Electric Utilities		3.4
Industrial Conglomerates		2.6
Construction Materials		2.6
Media		2.5
Independent Power and Renewable Electricity Producers		2.2
Paper & Forest Products		2.0
Transportation Infrastructure		2.0
Diversified Financial Services		1.8
IT Services		1.5
Real Estate Investment Trusts		1.1
Diversified Telecommunication Services		1.0
Insurance		1.0
Household Products		0.9
Construction & Engineering		0.9
Tobacco		0.8
Diversified Consumer Services		0.8
Aerospace & Defense		0.8
Chemicals		0.8
Personal Products		0.7
Real Estate Management & Development		0.7
Airlines		0.6
Capital Markets		0.6
Machinery		0.6
Containers & Packaging		0.5
Water Utilities		0.5
Household Durables		0.4
Road & Rail		0.4
Software		0.4
Health Care Providers & Services		0.4
Gas Utilities		0.3
Consumer Finance		0.2
Internet & Catalog Retail		0.2
Specialty Retail		0.2
Technology Hardware, Storage & Peripherals		0.1
Pharmaceuticals		0.1
Hotels, Restaurants & Leisure		0.1
Short Term Investments		14.0
Other Assets & Liabilities		(13.7	)
TOTAL		100.0	%

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

33

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.49%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P MID-EAST &		NET ASSET		MARKET		S&P MID-EAST &
	VALUE		VALUE		AFRICA BMI INDEX		VALUE		VALUE		AFRICA BMI INDEX
SIX MONTHS		0.62%		0.83%		1.46%		N/A		N/A		N/A
ONE YEAR		0.16%		0.34%		1.72%		0.16%		0.34%		1.72%
THREE YEARS		5.91%		5.25%		9.24%		1.93%		1.72%		2.99%
FIVE YEARS		19.02%		18.09%		24.03%		3.54%		3.38%		4.40%
SINCE INCEPTION (1)		46.01%		45.24%		58.49%		4.82%		4.76%		5.90%

(1) For the period March 20, 2007 to March 31, 2015.

34

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

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

	SPDR S&P Emerging Middle East & Africa ETF	S&P Mid-East & Africa BMI Index
3/20/2007	10000.00	10000.00
3/31/2007	10452.00	10469.00
6/30/2007	10892.00	11037.00
9/30/2007	11584.00	11653.00
12/31/2007	12042.00	12467.00
3/31/2008	10818.00	11523.00
6/30/2008	11245.00	11640.00
9/30/2008	9340.00	9663.00
12/31/2008	7612.00	7819.00
3/31/2009	7297.00	7573.00
6/30/2009	9373.00	9682.00
9/30/2009	10652.00	10998.00
12/31/2009	11582.00	11980.00
3/31/2010	12267.00	12778.00
6/30/2010	10852.00	11335.00
9/30/2010	13198.00	13757.00
12/31/2010	14837.00	15494.00
3/31/2011	14226.00	14865.00
6/30/2011	14018.00	14705.00
9/30/2011	11703.00	12268.00
12/31/2011	12263.00	12890.00
3/31/2012	13786.00	14509.00	��
6/30/2012	13060.00	13736.00
9/30/2012	13958.00	14678.00
12/31/2012	14626.00	15412.00
3/31/2013	13443.00	14247.00
6/30/2013	12528.00	13281.00
9/30/2013	13625.00	14462.00
12/31/2013	13948.00	14856.00
3/31/2014	14577.00	15580.00
6/30/2014	15218.00	16334.00
9/30/2014	14511.00	15620.00
12/31/2014	14364.00	15524.00
3/31/2015	14601.00	15849.00

Past performance is not a guarantee of future results.

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

35

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	NASPERS, LTD.			STEINHOFF INTERNATIONAL
DESCRIPTION	(CLASS N)	MTN GROUP, LTD.	SASOL, LTD.	HOLDINGS, LTD.	STANDARD BANK GROUP, LTD.
MARKET VALUE	$6,762,945	2,735,279	1,819,688	1,783,198	1,750,001
% OF NET ASSETS	14.0	5.6	3.8	3.7	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		17.0	%
Media		14.0
Wireless Telecommunication Services		7.6
Diversified Financial Services		7.2
Insurance		4.9
Oil, Gas & Consumable Fuels		4.4
Metals & Mining		4.3
Real Estate Management & Development		4.0
Household Durables		3.7
Real Estate Investment Trusts		3.4
Industrial Conglomerates		2.9
Food Products		2.8
Health Care Providers & Services		2.8
Food & Staples Retailing		2.7
Specialty Retail		2.7
Pharmaceuticals		2.2
Capital Markets		1.9
Diversified Telecommunication Services		1.7
Multiline Retail		1.2
Paper & Forest Products		0.9
Transportation Infrastructure		0.8
Construction & Engineering		0.8
Distributors		0.7
Chemicals		0.7
Containers & Packaging		0.6
Hotels, Restaurants & Leisure		0.5
Marine		0.5
Trading Companies & Distributors		0.4
Construction Materials		0.4
Multi-Utilities		0.3
Energy Equipment & Services		0.3
Electronic Equipment, Instruments & Components		0.2
Airlines		0.2
Electrical Equipment		0.2
IT Services		0.1
Tobacco		0.1
Building Products		0.1
Commercial Services & Supplies		0.1
Professional Services		0.0	**
Textiles, Apparel & Luxury Goods		0.0	**
Short Term Investments		3.4
Other Assets & Liabilities		(2.7	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

36

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.34%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P DEVELOPED EX-US		NET ASSET		MARKET		S&P DEVELOPED EX-US
	VALUE		VALUE		BMI INDEX		VALUE		VALUE		BMI INDEX
SIX MONTHS		0.52%		0.89%		0.36%		N/A		N/A		N/A
ONE YEAR		−0.81%		−0.89%		−0.98%		−0.81%		−0.89%		−0.98%
THREE YEARS		26.09%		25.25%		28.71%		8.03%		7.79%		8.78%
FIVE YEARS		33.23%		33.13%		37.88%		5.91%		5.89%		6.64%
SINCE INCEPTION (1)		5.80%		5.83%		10.82%		0.71%		0.72%		1.30%

(1) For the period April 20, 2007 to March 31, 2015.

37

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

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

	SPDR S&P World ex-US ETF (a	)	S&P Developed Ex-U.S. BMI Index (b	)
	10000.00		10000.00
4/20/2007	10000.00		9986.00
6/30/2007	10235.00		10248.00
9/30/2007	10457.00		10497.00
12/31/2007	10239.00		10289.00
3/31/2008	9370.00		9407.00
6/30/2008	9230.00		9272.00
9/30/2008	7306.00		7314.00
12/31/2008	5854.00		5740.00
3/31/2009	5117.00		5036.00
6/30/2009	6415.00		6404.00
9/30/2009	7647.00		7706.00
12/31/2009	7807.00		7886.00
3/31/2010	7941.00		8038.00
6/30/2010	6908.00		7014.00
9/30/2010	8030.00		8170.00
12/31/2010	8622.00		8830.00
3/31/2011	8943.00		9188.00
6/30/2011	9014.00		9294.00
9/30/2011	7281.00		7504.00
12/31/2011	7565.00		7755.00
3/31/2012	8390.00		8611.00
6/30/2012	7777.00		7993.00
9/30/2012	8373.00		8609.00
12/31/2012	8844.00		9106.00
3/31/2013	9239.00		9549.00
6/30/2013	9028.00		9378.00
9/30/2013	10070.00		10490.00
12/31/2013	10566.00		11058.00
3/31/2014	10666.00		11192.00
6/30/2014	11171.00		11731.00
9/30/2014	10525.00		11042.00
12/31/2014	10138.00		10631.00
3/31/2015	10580.00		11082.00

Past performance is not a guarantee of future results.

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

38

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

			ROCHE	TOYOTA	SAMSUNG ELECTRONICS
DESCRIPTION	NOVARTIS AG	NESTLE SA	HOLDING AG	MOTOR CORP.	CO., LTD. GDR
MARKET VALUE	$11,085,215	10,432,805	8,894,251	8,163,717	7,315,840
% OF NET ASSETS	1.5	1.4	1.2	1.1	1.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		12.6	%
Pharmaceuticals		8.2
Oil, Gas & Consumable Fuels		5.5
Insurance		5.4
Automobiles		3.6
Food Products		3.5
Chemicals		3.4
Metals & Mining		3.3
Real Estate Management & Development		2.5
Machinery		2.4
Diversified Telecommunication Services		2.2
Media		2.1
Capital Markets		2.0
Beverages		2.0
Real Estate Investment Trusts		1.8
Food & Staples Retailing		1.7
Technology Hardware, Storage & Peripherals		1.7
Hotels, Restaurants & Leisure		1.7
Electronic Equipment, Instruments & Components		1.6
Road & Rail		1.6
Wireless Telecommunication Services		1.5
Electric Utilities		1.5
Industrial Conglomerates		1.4
Auto Components		1.4
Trading Companies & Distributors		1.4
Textiles, Apparel & Luxury Goods		1.3
Electrical Equipment		1.2
Semiconductors & Semiconductor Equipment		1.2
Tobacco		1.1
Construction & Engineering		1.1
Software		1.1
Specialty Retail		1.0
Household Durables		1.0
Aerospace & Defense		1.0
Multi-Utilities		1.0
Commercial Services & Supplies		0.8
Health Care Equipment & Supplies		0.8
Household Products		0.8
Diversified Financial Services		0.8
Building Products		0.7
IT Services		0.7
Professional Services		0.6
Personal Products		0.6
Health Care Providers & Services		0.5
Multiline Retail		0.5
Gas Utilities		0.5
Communications Equipment		0.5
Construction Materials		0.5
Biotechnology		0.4
Air Freight & Logistics		0.4
Transportation Infrastructure		0.4
Energy Equipment & Services		0.4
Marine		0.4
Internet Software & Services		0.3
Airlines		0.3
Containers & Packaging		0.3
Paper & Forest Products		0.2
Leisure Products		0.2
Internet & Catalog Retail		0.1
Independent Power and Renewable Electricity Producers		0.1
Consumer Finance		0.1
Water Utilities		0.1
Diversified Consumer Services		0.1
Thrifts & Mortgage Finance		0.1
Health Care Technology		0.0	**
Distributors		0.0	**
Life Sciences Tools & Services		0.0	**
Short Term Investments		7.4
Other Assets & Liabilities		(6.6	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

39

SPDR S&P International Small Cap ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. UNDER USD2

NET ASSET

MARKET

EX-U.S. UNDER USD2

VALUE

VALUE

BILLION INDEX

VALUE

VALUE

BILLION INDEX

SIX MONTHS

−0.33%

−0.10%

−0.69%

N/A

N/A

N/A

ONE YEAR

−3.59%

−3.27%

−3.08%

−3.59%

−3.27%

−3.08%

THREE YEARS

21.51%

20.78%

23.35%

6.71%

6.49%

7.25%

FIVE YEARS

38.69%

37.78%

36.89%

6.76%

6.62%

6.48%

SINCE INCEPTION (1)

9.87%

9.85%

7.71%

1.19%

1.19%

0.94%

(1) For the period April 20, 2007 to March 31, 2015.

40

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

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

	SPDR S&P International Small Cap ETF (a	)	S&P Developed Ex-U.S. under USD2 Billion Index (b	)
	10000.00		10000.00
4/20/2007	10000.00		10057.00
6/30/2007	10250.00		10312.00
9/30/2007	10313.00		10290.00
12/31/2007	9777.00		9705.00
3/31/2008	9152.00		8971.00
6/30/2008	8848.00		8756.00
9/30/2008	6824.00		6630.00
12/31/2008	5331.00		5136.00
3/31/2009	4730.00		4650.00
6/30/2009	6284.00		6186.00
9/30/2009	7539.00		7420.00
12/31/2009	7543.00		7483.00
3/31/2010	7921.00		7868.00
6/30/2010	7247.00		7072.00
9/30/2010	8408.00		8196.00
12/31/2010	9388.00		9211.00
3/31/2011	9670.00		9509.00
6/30/2011	9666.00		9439.00
9/30/2011	7929.00		7695.00
12/31/2011	7921.00		7706.00
3/31/2012	9042.00		8733.00
6/30/2012	8172.00		7922.00
9/30/2012	8780.00		8516.00
12/31/2012	9167.00		8884.00
3/31/2013	9912.00		9536.00
6/30/2013	9453.00		9141.00
9/30/2013	10734.00		10423.00
12/31/2013	11157.00		10775.00
3/31/2014	11396.00		11113.00
6/30/2014	11864.00		11634.00
9/30/2014	11023.00		10846.00
12/31/2014	10471.00		10273.00
3/31/2015	10987.00		10771.00

Past performance is not a guarantee of future results.

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

41

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	SHOCHIKU CO., LTD.	BELIMO HOLDING AG	FIRSTSERVICE CORP.	VIDRALA SA	INDUS HOLDING AG
MARKET VALUE	$2,968,495	2,795,810	2,623,817	2,595,968	2,450,008
% OF NET ASSETS	0.4	0.4	0.4	0.3	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Real Estate Investment Trusts		5.9	%
Banks		5.4
Real Estate Management & Development		4.6
Metals & Mining		4.6
Machinery		4.2
Electronic Equipment, Instruments & Components		3.7
Chemicals		3.6
Capital Markets		3.4
Hotels, Restaurants & Leisure		3.3
Commercial Services & Supplies		3.0
Construction & Engineering		2.9
Media		2.9
Food Products		2.8
Specialty Retail		2.7
Pharmaceuticals		2.4
Software		2.4
Oil, Gas & Consumable Fuels		2.2
Trading Companies & Distributors		2.2
Semiconductors & Semiconductor Equipment		2.1
Auto Components		2.0
Textiles, Apparel & Luxury Goods		1.8
Food & Staples Retailing		1.8
Biotechnology		1.7
Building Products		1.7
Health Care Providers & Services		1.6
Household Durables		1.6
IT Services		1.4
Electrical Equipment		1.3
Road & Rail		1.2
Paper & Forest Products		1.2
Health Care Equipment & Supplies		1.1
Communications Equipment		1.0
Insurance		0.9
Containers & Packaging		0.9
Diversified Consumer Services		0.9
Internet Software & Services		0.8
Industrial Conglomerates		0.8
Professional Services		0.8
Construction Materials		0.7
Diversified Telecommunication Services		0.7
Diversified Financial Services		0.6
Beverages		0.6
Personal Products		0.6
Energy Equipment & Services		0.5
Internet & Catalog Retail		0.5
Air Freight & Logistics		0.5
Thrifts & Mortgage Finance		0.5
Consumer Finance		0.5
Independent Power and Renewable Electricity Producers		0.4
Distributors		0.4
Marine		0.4
Aerospace & Defense		0.4
Multiline Retail		0.4
Technology Hardware, Storage & Peripherals		0.3
Airlines		0.3
Leisure Products		0.3
Electric Utilities		0.3
Transportation Infrastructure		0.3
Gas Utilities		0.2
Wireless Telecommunication Services		0.2
Multi-Utilities		0.2
Household Products		0.1
Life Sciences Tools & Services		0.1
Health Care Technology		0.1
Automobiles		0.1
Water Utilities		0.0	**
Commercial & Professional Services		0.0	**
Short Term Investments		13.3
Other Assets & Liabilities		(12.3	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

42

SPDR Dow Jones International Real Estate ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.59%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES GLOBAL						DOW JONES GLOBAL
					EX-U.S. SELECT REAL						EX-U.S. SELECT REAL
	NET ASSET		MARKET		ESTATE SECURITIES		NET ASSET		MARKET		ESTATE SECURITIES
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		5.49%		5.79%		5.62%		N/A		N/A		N/A
ONE YEAR		8.56%		8.46%		8.80%		8.56%		8.46%		8.80%
THREE YEARS		36.46%		36.01%		37.86%		10.92%		10.80%		11.30%
FIVE YEARS		61.70%		61.70%		65.42%		10.09%		10.09%		10.59%
SINCE INCEPTION (1)		7.09%		7.15%		10.56%		0.83%		0.84%		1.22%

(1) For the period December 15, 2006 to March 31, 2015.

43

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

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

	SPDR Dow Jones International Real Estate ETF (a	)	Dow Jones Global ex-U.S. Select Real Estate Securities Index (b	)
	10000.00		10000.00
12/15/2006	10400.00		10397.00
3/31/2007	11149.00		11207.00
6/30/2007	10858.00		10949.00
9/30/2007	10809.00		10901.00
12/31/2007	9683.00		9786.00
3/31/2008	9032.00		9098.00
6/30/2008	8218.00		8250.00
9/30/2008	6662.00		6680.00
12/31/2008	4734.00		4734.00
3/31/2009	3935.00		3950.00
6/30/2009	5228.00		5255.00
9/30/2009	6561.00		6613.00
12/31/2009	6563.00		6632.00
3/31/2010	6623.00		6684.00
6/30/2010	6000.00		6076.00
9/30/2010	7357.00		7467.00
12/31/2010	7927.00		8058.00
3/31/2011	7988.00		8098.00
6/30/2011	8308.00		8429.00
9/30/2011	6860.00		6963.00
12/31/2011	6806.00		6923.00
3/31/2012	7848.00		8021.00
6/30/2012	7918.00		8086.00
9/30/2012	8611.00		8828.00
12/31/2012	9279.00		9534.00
3/31/2013	9798.00		10085.00
6/30/2013	9220.00		9490.00
9/30/2013	9801.00		10080.00
12/31/2013	9740.00		10033.00
3/31/2014	9864.00		10161.00
6/30/2014	10730.00		11066.00
9/30/2014	10152.00		10468.00
12/31/2014	10307.00		10643.00
3/31/2015	10709.00		11056.00

Past performance is not a guarantee of future results.

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

44

SPDR Dow Jones International Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	BROOKFIELD ASSET
	MANAGEMENT, INC.	MITSUI FUDOSAN	UNIBAIL-		LAND SECURITIES
DESCRIPTION	(CLASS A)	CO., LTD.	RODAMCO SE	SCENTRE GROUP	GROUP PLC
MARKET VALUE	$350,008,756	333,069,431	301,725,701	173,651,620	170,082,780
% OF NET ASSETS	6.9	6.6	6.0	3.4	3.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Real Estate Management & Development		34.4	%
Retail REITs		27.3
Diversified REITs		20.3
Office REITs		11.1
Industrial REITs		4.4
Diversified Capital Markets		1.0
Residential REITs		0.8
Specialized REITs		0.5
Air Freight & Logistics		0.0	**
Short Term Investments		2.2
Other Assets & Liabilities		(2.0	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

45

SPDR S&P Global Infrastructure ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Infrastructure ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P GLOBAL		NET ASSET		MARKET		S&P GLOBAL
	VALUE		VALUE		INFRASTRUCTURE INDEX		VALUE		VALUE		INFRASTRUCTURE INDEX
SIX MONTHS		0.10%		0.62%		0.05%		N/A		N/A		N/A
ONE YEAR		4.07%		4.14%		3.93%		4.07%		4.14%		3.93%
THREE YEARS		32.17%		32.68%		31.58%		9.74%		9.88%		9.59%
FIVE YEARS		41.36%		42.59%		47.32%		7.17%		7.35%		8.06%
SINCE INCEPTION (1)		27.22%		27.53%		33.43%		2.99%		3.02%		3.59%

(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 March 31, 2015.

46

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

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

	SPDR S&P Global Infrastructure ETF (a	)(1)	S&P Global Infrastructure Index (b	)(2)
	10000.00		10000.00
1/25/2007	10000.00		10089.00
3/31/2007	10685.00		10692.00
6/30/2007	11081.00		11120.00
9/30/2007	11443.00		11508.00
12/31/2007	12245.00		12343.00
3/31/2008	11246.00		11348.00
6/30/2008	11616.00		11756.00
9/30/2008	9506.00		9614.00
12/31/2008	8385.00		8500.00
3/31/2009	6988.00		7085.00
6/30/2009	8020.00		8161.00
9/30/2009	8993.00		9166.00
12/31/2009	9312.00		9528.00
3/31/2010	9000.00		9221.00
6/30/2010	8139.00		8351.00
9/30/2010	9140.00		9409.00
12/31/2010	9416.00		9720.00
3/31/2011	9704.00		10033.00
6/30/2011	9917.00		10284.00
9/30/2011	9046.00		9389.00
12/31/2011	9424.00		9811.00
3/31/2012	9626.00		10055.00
6/30/2012	9603.00		10062.00
9/30/2012	9788.00		10277.00
12/31/2012	9747.00		10265.00
3/31/2013	10349.00		10929.00
6/30/2013	10204.00		10759.00
9/30/2013	10962.00		11554.00
12/31/2013	11433.00		12050.00
3/31/2014	12225.00		12880.00
6/30/2014	13212.00		13922.00
9/30/2014	12709.00		13379.00
12/31/2014	12831.00		13511.00
3/31/2015	12722.00		13386.00

Past performance is not a guarantee of future results.

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

(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 March 31, 2015.

47

SPDR S&P Global Infrastructure ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	KINDER MORGAN, INC.	TRANSURBAN GROUP	ATLANTIA SPA	GROUPE EUROTUNNEL SE	DUKE ENERGY CORP.
MARKET VALUE	$6,051,088	5,940,290	5,429,634	4,030,157	4,022,044
% OF NET ASSETS	5.0	4.9	4.5	3.3	3.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Transportation Infrastructure		40.2	%
Electric Utilities		21.9
Oil, Gas & Consumable Fuels		20.2
Multi-Utilities		16.0
Independent Power and Renewable Electricity Producers		1.1
Water Utilities		0.4
Gas Utilities		0.2
Short Term Investments		9.4
Other Assets & Liabilities		(9.4	)
TOTAL		100.0	%

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

48

SPDR S&P Global Natural Resources ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P GLOBAL NATURAL

NET ASSET

MARKET

S&P GLOBAL NATURAL

VALUE

VALUE

RESOURCES INDEX

VALUE

VALUE

RESOURCES INDEX

SIX MONTHS

−10.94%

−10.89%

−10.76%

N/A

N/A

N/A

ONE YEAR

−12.54%

−12.74%

−12.01%

−12.54%

−12.74%

−12.01%

THREE YEARS

−12.27%

−12.64%

−10.63%

−4.27%

−4.41%

−3.68%

SINCE INCEPTION (1)

−6.29%

−6.23%

−3.71%

−1.42%

−1.40%

−0.83%

(1) For the period September 13, 2010 to March 31, 2015.

49

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

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

	SPDR S&P Global Natural Resources ETF	S&P Global Natural Resources Index
	10000.00	10000.00
9/13/2010	10153.00	10156.00
12/31/2010	11793.00	11813.00
3/31/2011	12536.00	12578.00
6/30/2011	12007.00	12076.00
9/30/2011	9283.00	9330.00
12/31/2011	9989.00	10058.00
3/31/2012	10682.00	10774.00
6/30/2012	9757.00	9862.00
9/30/2012	10496.00	10626.00
12/31/2012	10627.00	10778.00
3/31/2013	10464.00	10617.00
6/30/2013	9454.00	9610.00
9/30/2013	10277.00	10467.00
12/31/2013	10729.00	10944.00
3/31/2014	10715.00	10943.00
6/30/2014	11427.00	11697.00
9/30/2014	10522.00	10790.00
12/31/2014	9638.00	9887.00
3/31/2015	9371.00	9629.00

Past performance is not a guarantee of future results.

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

50

SPDR S&P Global Natural Resources ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

					POTASH CORP. OF
DESCRIPTION	EXXON MOBIL CORP.	BHP BILLITON, LTD.	SYNGENTA AG	GLENCORE PLC	SASKATCHEWAN, INC.
MARKET VALUE	$33,704,370	33,254,654	29,675,839	25,488,793	25,071,376
% OF NET ASSETS	5.0	5.0	4.4	3.8	3.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		33.2	%
Metals & Mining		32.2
Chemicals		18.4
Paper & Forest Products		7.0
Food Products		4.0
Containers & Packaging		4.0
Real Estate Investment Trusts		0.7
Short Term Investments		10.5
Other Assets & Liabilities		(10.0	)
TOTAL		100.0	%

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

51

SPDR MSCI ACWI ex-US ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.34%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		MSCI ALL COUNTRY		NET ASSET		MARKET		MSCI ALL COUNTRY
	VALUE		VALUE		WORLD INDEX EX USA		VALUE		VALUE		WORLD INDEX EX USA
SIX MONTHS		−0.05%		−0.12%		−0.36%		N/A		N/A		N/A
ONE YEAR		0.05%		−0.45%		−0.57%		0.05%		−0.45%		−0.57%
THREE YEARS		20.98%		20.72%		22.11%		6.55%		6.48%		6.89%
FIVE YEARS		26.82%		26.36%		29.37%		4.87%		4.79%		5.29%
SINCE INCEPTION (1)		20.42%		20.19%		23.22%		2.29%		2.26%		2.57%

(1) For the period January 10, 2007 to March 31, 2015.

52

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

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

			MSCI All
	SPDR MSCI		Country World
	ACWI ex-US		Index ex
	ETF		USA
1/10/2007		10000.00		10000.00
31-Mar		10658.00		10671.00
6/30/2007		11494.00		11569.00
30-Sep		11956.00		12111.00
12/31/2007		11861.00		12036.00
31-Mar		10783.00		10944.00
6/30/2008		10709.00		10849.00
30-Sep		8425.00		8479.00
12/31/2008		6609.00		6590.00
31-Mar		5912.00		5890.00
6/30/2009		7571.00		7536.00
30-Sep		9050.00		9026.00
12/31/2009		9387.00		9368.00
31-Mar		9496.00		9522.00
6/30/2010		8314.00		8355.00
30-Sep		9693.00		9747.00
12/31/2010		10381.00		10454.00
31-Mar		10768.00		10819.00
6/30/2011		10776.00		10885.00
30-Sep		8629.00		8732.00
12/31/2011		8977.00		9061.00
31-Mar		9954.00		10090.00
6/30/2012		9213.00		9346.00
30-Sep		9855.00		10046.00
12/31/2012		10400.00		10638.00
31-Mar		10737.00		10986.00
6/30/2013		10367.00		10668.00
30-Sep		11428.00		11752.00
12/31/2013		11946.00		12318.00
31-Mar		12037.00		12393.00
6/30/2014		12695.00		13044.00
30-Sep		12048.00		12366.00
12/31/2014		11622.00		11895.00
31-Mar		12042.00		12322.00

Past performance is not a guarantee of future results.

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

53

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	NESTLE SA	NOVARTIS AG	TOYOTA MOTOR CORP.	ROCHE HOLDING AG	HSBC HOLDINGS PLC
MARKET VALUE	$9,332,523	8,897,810	8,283,390	7,981,447	6,661,133
% OF NET ASSETS	1.4	1.3	1.2	1.2	1.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		15.6	%
Pharmaceuticals		8.2
Oil, Gas & Consumable Fuels		7.5
Insurance		5.1
Automobiles		4.3
Chemicals		3.3
Metals & Mining		3.1
Food Products		3.0
Diversified Telecommunication Services		3.0
Wireless Telecommunication Services		2.9
Beverages		2.3
Semiconductors & Semiconductor Equipment		2.3
Media		2.2
Machinery		1.9
Capital Markets		1.8
Real Estate Management & Development		1.7
Road & Rail		1.7
Food & Staples Retailing		1.5
Technology Hardware, Storage & Peripherals		1.4
Textiles, Apparel & Luxury Goods		1.4
Electronic Equipment, Instruments & Components		1.4
Electric Utilities		1.3
Real Estate Investment Trusts		1.2
Industrial Conglomerates		1.2
Tobacco		1.2
Construction & Engineering		1.1
Multi-Utilities		1.1
Hotels, Restaurants & Leisure		1.1
Diversified Financial Services		1.0
Electrical Equipment		1.0
Trading Companies & Distributors		1.0
Internet Software & Services		0.9
Building Products		0.8
Auto Components		0.8
IT Services		0.7
Health Care Equipment & Supplies		0.7
Software		0.6
Transportation Infrastructure		0.6
Household Durables		0.6
Multiline Retail		0.6
Gas Utilities		0.6
Aerospace & Defense		0.5
Construction Materials		0.5
Household Products		0.5
Specialty Retail		0.4
Personal Products		0.4
Commercial Services & Supplies		0.4
Professional Services		0.4
Communications Equipment		0.3
Independent Power and Renewable Electricity Producers		0.3
Marine		0.3
Health Care Providers & Services		0.3
Air Freight & Logistics		0.2
Biotechnology		0.2
Water Utilities		0.2
Containers & Packaging		0.2
Paper & Forest Products		0.2
Leisure Products		0.1
Energy Equipment & Services		0.1
Thrifts & Mortgage Finance		0.1
Consumer Finance		0.1
Airlines		0.0	**
Internet & Catalog Retail		0.0	**
Diversified Consumer Services		0.0	**
Short Term Investment		6.6
Other Assets & Liabilities		(6.0	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

54

SPDR MSCI ACWI IMI ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI IMI ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.25%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		MSCI ACWI		NET ASSET		MARKET		MSCI ACWI
	VALUE		VALUE		IMI INDEX		VALUE		VALUE		IMI INDEX
SIX MONTHS		3.59%		3.53%		3.19%		N/A		N/A		N/A
ONE YEAR		6.49%		6.23%		5.12%		6.49%		6.23%		5.12%
SINCE INCEPTION (1)		39.72%		39.45%		37.82%		11.43%		11.36%		10.95%

(1) For the period February 27, 2012 to March 31, 2015.

55

SPDR MSCI ACWI IMI ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI ACWI
	ACWI IMI		IMI Index
	ETF (a)		(b)
2/27/2012		10000.00		10000.00
31-Mar		10079.00		10090.00
6/30/2012		9496.00		9518.00
30-Sep		10128.00		10170.00
12/31/2012		10470.00		10474.00
31-Mar		11184.00		11197.00
6/30/2013		11155.00		11144.00
30-Sep		12067.00		12066.00
12/31/2013		12923.00		12940.00
31-Mar		13121.00		13112.00
6/30/2014		13799.00		13746.00
30-Sep		13488.00		13358.00
12/31/2014		13660.00		13437.00
31-Mar		13972.00		13782.00

Past performance is not a guarantee of future results.

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

56

SPDR MSCI ACWI IMI ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	MICROSOFT CORP.	WELLS FARGO & CO.	GENERAL ELECTRIC CO.
MARKET VALUE	$902,366	527,425	462,329	449,834	384,853
% OF NET ASSETS	1.4	0.8	0.7	0.7	0.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		8.2	%
Oil, Gas & Consumable Fuels		6.8
Pharmaceuticals		5.7
Insurance		4.6
Media		3.4
Real Estate Investment Trusts		2.8
Technology Hardware, Storage & Peripherals		2.7
Chemicals		2.7
Software		2.6
Food Products		2.4
Semiconductors & Semiconductor Equipment		2.3
Food & Staples Retailing		2.3
Aerospace & Defense		2.3
Capital Markets		2.2
Diversified Telecommunication Services		2.2
Biotechnology		2.1
Specialty Retail		2.1
Metals & Mining		2.0
Machinery		2.0
Industrial Conglomerates		1.9
Internet Software & Services		1.8
Hotels, Restaurants & Leisure		1.8
Automobiles		1.7
IT Services		1.7
Health Care Equipment & Supplies		1.7
Electric Utilities		1.6
Health Care Providers & Services		1.6
Electronic Equipment, Instruments & Components		1.4
Real Estate Management & Development		1.4
Beverages		1.4
Wireless Telecommunication Services		1.3
Road & Rail		1.3
Household Products		1.2
Multiline Retail		1.2
Energy Equipment & Services		1.1
Communications Equipment		1.0
Tobacco		1.0
Textiles, Apparel & Luxury Goods		0.9
Electrical Equipment		0.9
Diversified Financial Services		0.9
Air Freight & Logistics		0.8
Commercial Services & Supplies		0.7
Construction & Engineering		0.6
Consumer Finance		0.6
Internet & Catalog Retail		0.6
Trading Companies & Distributors		0.6
Life Sciences Tools & Services		0.6
Auto Components		0.5
Multi-Utilities		0.5
Professional Services		0.5
Building Products		0.4
Marine		0.3
Thrifts & Mortgage Finance		0.3
Leisure Products		0.3
Construction Materials		0.3
Household Durables		0.3
Transportation Infrastructure		0.2
Personal Products		0.2
Water Utilities		0.2
Independent Power and Renewable Electricity Producers		0.1
Paper & Forest Products		0.1
Airlines		0.1
Gas Utilities		0.1
Containers & Packaging		0.1
Short Term Investments		15.3
Other Assets & Liabilities		(14.5	)
TOTAL		100.0	%

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

57

SPDR MSCI ACWI Low Carbon Target 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 MARCH 31, 2015

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	JOHNSON & JOHNSON	WELLS FARGO & CO.	GENERAL ELECTRIC CO.
MARKET VALUE	$1,769,892	770,941	714,964	682,230	676,246
% OF NET ASSETS	2.0	0.9	0.8	0.8	0.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		10.7	%
Pharmaceuticals		6.9
Insurance		5.0
Oil, Gas & Consumable Fuels		4.4
Technology Hardware, Storage & Peripherals		3.3
Media		3.1
Diversified Telecommunication Services		2.7
Automobiles		2.6
Capital Markets		2.4
Beverages		2.4
Chemicals		2.3
Food Products		2.3
Aerospace & Defense		2.3
IT Services		2.3
Software		2.2
Machinery		2.2
Food & Staples Retailing		2.2
Internet Software & Services		2.1
Semiconductors & Semiconductor Equipment		2.0
Real Estate Investment Trusts		2.0
Industrial Conglomerates		1.9
Health Care Providers & Services		1.7
Energy Equipment & Services		1.7
Biotechnology		1.6
Specialty Retail		1.6
Metals & Mining		1.5
Tobacco		1.5
Health Care Equipment & Supplies		1.5
Wireless Telecommunication Services		1.4
Diversified Financial Services		1.3
Real Estate Management & Development		1.2
Household Products		1.2
Textiles, Apparel & Luxury Goods		1.1
Hotels, Restaurants & Leisure		1.1
Road & Rail		1.1
Electrical Equipment		1.1
Communications Equipment		1.1
Trading Companies & Distributors		1.0
Gas Utilities		0.8
Internet & Catalog Retail		0.8
Electronic Equipment, Instruments & Components		0.6
Transportation Infrastructure		0.6
Electric Utilities		0.6
Water Utilities		0.6
Professional Services		0.5
Construction & Engineering		0.5
Consumer Finance		0.5
Household Durables		0.5
Multi-Utilities		0.5
Auto Components		0.4
Multiline Retail		0.4
Personal Products		0.4
Air Freight & Logistics		0.4
Life Sciences Tools & Services		0.3
Commercial Services & Supplies		0.3
Independent Power and Renewable Electricity Producers		0.3
Building Products		0.2
Containers & Packaging		0.1
Diversified Consumer Services		0.1
Health Care Technology		0.1
Leisure Products		0.1
Marine		0.0	**
Distributors		0.0	**
Short Term Investments		0.1
Other Assets & Liabilities		0.3
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

58

SPDR MSCI EM 50 ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI EM 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.50%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI EM

NET ASSET

MARKET

MSCI EM

VALUE

VALUE

50 INDEX

VALUE

VALUE

50 INDEX

SIX MONTHS

−0.83%

−0.73%

−0.14%

N/A

N/A

N/A

ONE YEAR

2.17%

2.34%

3.29%

2.17%

2.34%

3.29%

SINCE INCEPTION (1)

1.02%

1.52%

3.82%

0.33%

0.49%

1.22%

(1) For the period February 27, 2012 to March 31, 2015.

59

SPDR MSCI EM 50 ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI EM
	EM 50		50 Index
	ETF
2/27/2012		10000.00		10000.00
31-Mar		9857.00		9878.00
6/30/2012		8913.00		8939.00
30-Sep		9563.00		9641.00
12/31/2012		10087.00		10180.00
31-Mar		9670.00		9795.00
6/30/2013		8934.00		9066.00
30-Sep		9825.00		9970.00
12/31/2013		10122.00		10278.00
31-Mar		9888.00		10051.00
6/30/2014		10623.00		10838.00
30-Sep		10186.00		10396.00
12/31/2014		9854.00		10092.00
31-Mar		10102.00		10382.00

Past performance is not a guarantee of future results.

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

60

SPDR MSCI EM 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		TAIWAN
		SEMICONDUCTOR
	SAMSUNG ELECTRONICS	MANUFACTURING CO.,	TENCENT		NASPERS, LTD.
DESCRIPTION	CO., LTD. GDR	LTD. ADR	HOLDINGS, LTD.	CHINA MOBILE, LTD.	(CLASS N)
MARKET VALUE	$230,552	183,379	158,135	128,637	98,931
% OF NET ASSETS	9.9	7.9	6.8	5.5	4.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		22.9	%
Semiconductors & Semiconductor Equipment		10.7
Oil, Gas & Consumable Fuels		10.6
Technology Hardware, Storage & Peripherals		9.9
Wireless Telecommunication Services		9.8
Internet Software & Services		7.9
Media		5.4
Insurance		5.2
Automobiles		3.3
Electronic Equipment, Instruments & Components		2.5
Metals & Mining		2.3
Beverages		1.9
Diversified Financial Services		1.1
Auto Components		1.1
Food & Staples Retailing		0.9
Food Products		0.9
Diversified Telecommunication Services		0.9
Real Estate Management & Development		0.8
Construction Materials		0.8
Chemicals		0.7
Short Term Investments		4.7
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.

61

SPDR MSCI EM Beyond BRIC 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/4/13, 12/5/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI EM Beyond BRIC ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.49%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI EM BEYOND

NET ASSET

MARKET

MSCI EM BEYOND

VALUE

VALUE

BRIC INDEX

VALUE

VALUE

BRIC INDEX

SIX MONTHS

−5.41%

−6.36%

−4.81%

N/A

N/A

N/A

ONE YEAR

−3.93%

−5.04%

−2.87%

−3.93%

−5.04%

−2.87%

SINCE INCEPTION (1)

−1.27%

−2.30%

0.23%

−0.96%

−1.74%

0.18%

(1) For the period December 4, 2013 to March 31, 2015.

62

SPDR MSCI EM Beyond BRIC ETF —
Performance Summary (continued)

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

	SPDR MSCI
	EM Beyond		MSCI EM
	BRIC ETF		Beyond BRIC
	(a)		Index (b)
12/4/2013		10000.00		10000.00
31-Dec		10091.00		10092.00
3/31/2014		10277.00		10320.00
30-Jun		10775.00		10840.00
9/30/2014		10438.00		10529.00
31-Dec		9885.00		9987.00
3/31/2015		9873.00		10023.00

Past Performance is not a guarantee of future results.

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

63

SPDR MSCI EM Beyond BRIC ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		TAIWAN
		SEMICONDUCTOR
	SAMSUNG ELECTRONICS	MANUFACTURING CO.,	NASPERS, LTD.	AMERICA MOVIL SAB
DESCRIPTION	CO., LTD. GDR	LTD. ADR	(CLASS N)	DE CV (SERIES L)	MTN GROUP, LTD.
MARKET VALUE	$106,904	104,956	82,108	61,411	38,204
% OF NET ASSETS	3.7	3.6	2.8	2.1	1.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		21.6	%
Wireless Telecommunication Services		6.5
Technology Hardware, Storage & Peripherals		6.1
Semiconductors & Semiconductor Equipment		5.9
Media		4.2
Oil, Gas & Consumable Fuels		3.9
Industrial Conglomerates		3.7
Metals & Mining		3.3
Food Products		3.0
Food & Staples Retailing		2.9
Diversified Financial Services		2.7
Construction Materials		2.5
Electric Utilities		2.5
Insurance		2.5
Electronic Equipment, Instruments & Components		2.2
Chemicals		2.2
Automobiles		2.0
Diversified Telecommunication Services		1.9
Real Estate Management & Development		1.6
Beverages		1.5
Transportation Infrastructure		1.2
Pharmaceuticals		1.1
Construction & Engineering		1.0
Household Products		1.0
Household Durables		1.0
Real Estate Investment Trusts		1.0
Multiline Retail		1.0
Specialty Retail		0.9
Health Care Providers & Services		0.8
Hotels, Restaurants & Leisure		0.8
Independent Power and Renewable Electricity Producers		0.8
Auto Components		0.7
Gas Utilities		0.6
Tobacco		0.6
Machinery		0.5
Internet Software & Services		0.5
Airlines		0.5
Personal Products		0.4
Multi-Utilities		0.4
Energy Equipment & Services		0.4
Capital Markets		0.3
Trading Companies & Distributors		0.3
IT Services		0.3
Textiles, Apparel & Luxury Goods		0.3
Distributors		0.2
Consumer Finance		0.1
Commercial Services & Supplies		0.1
Air Freight & Logistics		0.1
Software		0.0	**
Short Term Investments		2.5
Other Assets & Liabilities		(2.1	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

64

SPDR MSCI EAFE Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI EAFE Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI EAFE QUALITY

NET ASSET

MARKET

MSCI EAFE QUALITY

VALUE

VALUE

MIX INDEX

VALUE

VALUE

MIX INDEX

SIX MONTHS

2.01%

2.05%

2.38%

N/A

N/A

N/A

SINCE INCEPTION (1)

−2.56%

−2.63%

−2.08%

N/A

N/A

N/A

(1) For the period June 4, 2014 to March 31, 2015.

65

SPDR MSCI EAFE Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI
	EAFE Quality		MSCI EAFE
	Mix ETF		Quality Mix
			Index
6/4/2014		10000		10000
6/30/2014		10112		10114
7/31/2014		9934		9940
8/31/2014		9951		9961
9/30/2014		9552		9565
10/31/2014		9486		9507
11/30/2014		9589		9613
12/31/2014		9303		9324
1/31/2015		9448		9479
2/28/2015		9913		9955
3/31/2015		9742		9792

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.

66

SPDR MSCI EAFE Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

				NOVO NORDISK A/S
DESCRIPTION	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	(CLASS B)	GLAXOSMITHKLINE PLC
MARKET VALUE	$141,238	134,628	125,590	83,962	77,022
% OF NET ASSETS	2.4	2.3	2.2	1.5	1.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Pharmaceuticals		12.9	%
Banks		9.6
Food Products		6.1
Oil, Gas & Consumable Fuels		4.8
Diversified Telecommunication Services		4.3
Insurance		4.1
Chemicals		3.6
Media		3.0
Metals & Mining		3.0
Beverages		2.6
Electric Utilities		2.4
Real Estate Investment Trusts		2.3
Automobiles		2.2
Tobacco		2.2
Hotels, Restaurants & Leisure		2.2
Food & Staples Retailing		2.1
Specialty Retail		1.7
Household Products		1.6
Textiles, Apparel & Luxury Goods		1.6
Machinery		1.6
Multi-Utilities		1.6
Wireless Telecommunication Services		1.6
Capital Markets		1.5
Road & Rail		1.4
Software		1.2
Trading Companies & Distributors		1.1
Health Care Equipment & Supplies		1.1
Personal Products		1.0
Health Care Providers & Services		0.9
Aerospace & Defense		0.9
Airlines		0.9
Diversified Financial Services		0.9
Professional Services		0.9
Auto Components		0.9
Commercial Services & Supplies		0.8
Gas Utilities		0.7
Real Estate Management & Development		0.7
Electrical Equipment		0.6
Biotechnology		0.6
Industrial Conglomerates		0.6
Multiline Retail		0.6
Transportation Infrastructure		0.5
Marine		0.5
Building Products		0.5
Energy Equipment & Services		0.4
Technology Hardware, Storage & Peripherals		0.4
Electronic Equipment, Instruments & Components		0.4
IT Services		0.3
Construction & Engineering		0.3
Air Freight & Logistics		0.3
Household Durables		0.3
Containers & Packaging		0.2
Construction Materials		0.2
Leisure Products		0.2
Communications Equipment		0.1
Internet Software & Services		0.1
Diversified Consumer Services		0.1
Semiconductors & Semiconductor Equipment		0.1
Health Care Technology		0.1
Independent Power and Renewable Electricity Producers		0.1
Paper & Forest Products		0.0	**
Water Utilities		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		0.5
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

67

SPDR MSCI Emerging Markets Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Emerging Markets Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI EMERGING

MSCI EMERGING

NET ASSET

MARKET

MARKETS QUALITY

NET ASSET

MARKET

MARKETS QUALITY

VALUE

VALUE

MIX INDEX

VALUE

VALUE

MIX INDEX

SIX MONTHS

−2.07%

−1.85%

−1.27%

N/A

N/A

N/A

SINCE INCEPTION (1)

−2.70%

−2.52%

−1.17%

N/A

N/A

N/A

(1) For the period June 4, 2014 to March 31, 2015.

68

SPDR MSCI Emerging Markets Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI
	Emerging Markets		MSCI Emerging
	Quality Mix		Markets Quality
	ETF		Mix Index
6/4/2014		10000		10000
6/30/2014		10202		10247
7/31/2014		10355		10430
8/31/2014		10589		10650
9/30/2014		9935		10011
10/31/2014		10074		10129
11/30/2014		9958		10008
12/31/2014		9488		9586
1/31/2015		9556		9682
2/28/2015		9823		9959
3/31/2015		9730		9883

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.

69

SPDR MSCI Emerging Markets Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	SAMSUNG ELECTRONICS		TAIWAN SEMICONDUCTOR	TENCENT HOLDINGS,
DESCRIPTION	CO., LTD. GDR	CHINA MOBILE, LTD.	MANUFACTURING CO., LTD.	LTD.	INFOSYS, LTD. ADR
MARKET VALUE	$2,732,492	2,199,379	2,071,573	1,748,959	1,484,410
% OF NET ASSETS	3.7	2.9	2.8	2.4	2.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		18.1	%
Wireless Telecommunication Services		8.2
Oil, Gas & Consumable Fuels		7.7
Technology Hardware, Storage & Peripherals		7.0
Semiconductors & Semiconductor Equipment		5.0
IT Services		3.5
Insurance		3.3
Food & Staples Retailing		3.1
Internet Software & Services		3.0
Automobiles		2.8
Metals & Mining		2.3
Electronic Equipment, Instruments & Components		2.2
Diversified Telecommunication Services		2.2
Food Products		2.1
Pharmaceuticals		2.0
Industrial Conglomerates		1.7
Transportation Infrastructure		1.6
Beverages		1.6
Gas Utilities		1.5
Health Care Providers & Services		1.4
Independent Power and Renewable Electricity Producers		1.3
Personal Products		1.3
Real Estate Management & Development		1.3
Diversified Financial Services		1.2
Construction & Engineering		1.0
Construction Materials		1.0
Tobacco		1.0
Chemicals		0.9
Electric Utilities		0.8
Textiles, Apparel & Luxury Goods		0.8
Hotels, Restaurants & Leisure		0.8
Household Products		0.8
Water Utilities		0.7
Auto Components		0.7
Specialty Retail		0.7
Multiline Retail		0.6
Household Durables		0.4
Airlines		0.4
Capital Markets		0.3
Media		0.3
Machinery		0.3
Commercial Services & Supplies		0.3
Software		0.3
Multi-Utilities		0.3
Electrical Equipment		0.3
Real Estate Investment Trusts		0.3
Leisure Products		0.2
Marine		0.2
Paper & Forest Products		0.1
Trading Companies & Distributors		0.1
Distributors		0.1
Consumer Finance		0.1
Air Freight & Logistics		0.1
Communications Equipment		0.1
Diversified Consumer Services		0.0	**
Containers & Packaging		0.0	**
Building Products		0.0	**
Aerospace & Defense		0.0	**
Energy Equipment & Services		0.0	**
Short Term Investments		0.2
Other Assets & Liabilities		0.4
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

70

SPDR MSCI World Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI World Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI WORLD

NET ASSET

MARKET

MSCI WORLD

VALUE

VALUE

QUALITY MIX INDEX

VALUE

VALUE

QUALITY MIX INDEX

SIX MONTHS

2.56%

2.26%

4.90%

N/A

N/A

N/A

SINCE INCEPTION (1)

5.12%

4.51%

4.99%

N/A

N/A

N/A

(1) For the period June 4, 2014 to March 31, 2015.

71

SPDR MSCI World Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI
	World Quality		MSCI World
	Mix ETF		Quality Mix
			Index
6/4/2014		10000		10000
6/30/2014		10121		10127
7/31/2014		9984		9997
8/31/2014		10250		10260
9/30/2014		9998		10008
10/31/2014		10160		10171
11/30/2014		10371		10369
12/31/2014		10250		10242
1/31/2015		10167		10158
2/28/2015		10665		10652
3/31/2015		10512		10499

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.

72

SPDR MSCI World Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

					THE PROCTER &
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	JOHNSON & JOHNSON	MICROSOFT CORP.	GAMBLE CO.
MARKET VALUE	$136,997	127,245	95,168	91,149	74,565
% OF NET ASSETS	2.2	2.0	1.5	1.5	1.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Pharmaceuticals		8.7	%
Banks		5.8
Oil, Gas & Consumable Fuels		5.7
Insurance		4.1
IT Services		3.9
Food Products		3.8
Diversified Telecommunication Services		3.3
Software		3.3
Specialty Retail		3.2
Hotels, Restaurants & Leisure		3.1
Household Products		2.9
Technology Hardware, Storage & Peripherals		2.9
Health Care Providers & Services		2.7
Beverages		2.6
Food & Staples Retailing		2.4
Chemicals		2.3
Real Estate Investment Trusts		2.2
Electric Utilities		2.2
Media		2.1
Aerospace & Defense		2.1
Metals & Mining		2.0
Biotechnology		1.8
Multi-Utilities		1.7
Road & Rail		1.7
Health Care Equipment & Supplies		1.6
Capital Markets		1.4
Internet Software & Services		1.4
Automobiles		1.3
Textiles, Apparel & Luxury Goods		1.3
Tobacco		1.2
Multiline Retail		1.2
Communications Equipment		1.2
Machinery		1.1
Wireless Telecommunication Services		1.0
Commercial Services & Supplies		1.0
Diversified Financial Services		0.9
Industrial Conglomerates		0.9
Professional Services		0.8
Energy Equipment & Services		0.7
Trading Companies & Distributors		0.6
Air Freight & Logistics		0.6
Semiconductors & Semiconductor Equipment		0.5
Airlines		0.4
Electronic Equipment, Instruments & Components		0.4
Auto Components		0.4
Electrical Equipment		0.3
Internet & Catalog Retail		0.3
Household Durables		0.3
Marine		0.3
Transportation Infrastructure		0.2
Real Estate Management & Development		0.2
Consumer Finance		0.2
Construction & Engineering		0.2
Thrifts & Mortgage Finance		0.1
Personal Products		0.1
Building Products		0.1
Health Care Technology		0.1
Distributors		0.1
Gas Utilities		0.1
Diversified Consumer Services		0.1
Containers & Packaging		0.1
Construction Materials		0.1
Paper & Forest Products		0.1
Life Sciences Tools & Services		0.1
Leisure Products		0.1
Water Utilities		0.0	**
Independent Power and Renewable Electricity Producers		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		0.4
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

73

SPDR MSCI Australia Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (611/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Australia Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI AUSTRALIA

MSCI AUSTRALIA

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

−1.69%

−2.20%

−1.58%

N/A

N/A

N/A

SINCE INCEPTION (1)

−8.41%

−9.19%

−8.32%

N/A

N/A

N/A

(1) For the period June 11, 2014 to March 31, 2015.

74

SPDR MSCI Australia Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI
	Australia Quality		MSCI Australia
	Mix ETF		Quality Mix
			Index
6/11/2014		10000		10000
6/30/2014		9956		9962
7/31/2014		10260		10269
8/31/2014		10404		10411
9/30/2014		9316		9315
10/31/2014		9775		9777
11/30/2014		9186		9188
12/31/2014		9003		9016
1/31/2015		8813		8829
2/28/2015		9420		9433
3/31/2015		9159		9168

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.

75

SPDR MSCI Australia Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

					COMMONWEALTH BANK
DESCRIPTION	BHP BILLITON, LTD.	WESFARMERS, LTD.	CSL, LTD.	WESTPAC BANKING CORP.	OF AUSTRALIA
MARKET VALUE	$197,063	149,479	142,158	141,126	137,711
% OF NET ASSETS	7.4	5.6	5.3	5.3	5.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		20.5	%
Metals & Mining		12.4
Food & Staples Retailing		10.7
Real Estate Investment Trusts		8.4
Biotechnology		5.3
Diversified Telecommunication Services		5.0
Insurance		4.2
Oil, Gas & Consumable Fuels		4.0
Health Care Providers & Services		3.7
Containers & Packaging		3.7
Commercial Services & Supplies		3.0
Transportation Infrastructure		2.6
Chemicals		2.0
Diversified Financial Services		1.8
Hotels, Restaurants & Leisure		1.5
Multi-Utilities		1.4
Real Estate Management & Development		1.0
Gas Utilities		0.9
Construction Materials		0.8
Capital Markets		0.8
Professional Services		0.7
Road & Rail		0.6
Health Care Equipment & Supplies		0.6
Air Freight & Logistics		0.6
Beverages		0.5
Airlines		0.3
Construction & Engineering		0.3
Electric Utilities		0.3
Multiline Retail		0.2
Media		0.2
Energy Equipment & Services		0.2
IT Services		0.1
Short Term Investments		0.1
Other Assets & Liabilities		1.6
TOTAL		100.0	%

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

76

SPDR MSCI Canada Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Canada Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI CANADA

MSCI CANADA

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

−7.58%

−7.29%

−7.48%

N/A

N/A

N/A

SINCE INCEPTION (1)

−7.82%

−7.95%

−7.75%

N/A

N/A

N/A

(1) For the period June 11, 2014 to March 31, 2015.

77

SPDR MSCI Canada Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI Canada
	Canada Quality		Quality Mix
	Mix ETF		Index
6/11/2014		10000		10000
6/30/2014		10343		10342
7/31/2014		10330		10330
8/31/2014		10638		10640
9/30/2014		9974		9971
10/31/2014		9849		9848
11/30/2014		9878		9879
12/31/2014		9795		9801
1/31/2015		9023		9030
2/28/2015		9488		9497
3/31/2015		9218		9225

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.

78

SPDR MSCI Canada Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	CANADIAN NATIONAL		THE TORONTO-	CANADIAN IMPERIAL	ROYAL BANK
DESCRIPTION	RAILWAY CO.	SUNCOR ENERGY, INC.	DOMINION BANK	BANK OF COMMERCE	OF CANADA
MARKET VALUE	$93,761	92,079	88,260	87,071	86,504
% OF NET ASSETS	3.4	3.4	3.3	3.2	3.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		20.9	%
Banks		16.1
Insurance		10.4
Food & Staples Retailing		7.3
Road & Rail		5.4
Metals & Mining		4.2
Chemicals		3.8
Multiline Retail		3.1
Diversified Telecommunication Services		2.6
Auto Components		2.6
Capital Markets		2.5
Media		2.5
Food Products		2.0
Real Estate Management & Development		1.9
IT Services		1.9
Textiles, Apparel & Luxury Goods		1.5
Real Estate Investment Trusts		1.4
Hotels, Restaurants & Leisure		1.4
Software		1.3
Multi-Utilities		1.3
Electric Utilities		1.2
Wireless Telecommunication Services		1.1
Pharmaceuticals		0.7
Trading Companies & Distributors		0.7
Diversified Financial Services		0.6
Health Care Providers & Services		0.3
Aerospace & Defense		0.2
Technology Hardware, Storage & Peripherals		0.2
Independent Power and Renewable Electricity Producers		0.1
Construction & Engineering		0.1
Paper & Forest Products		0.1
Short Term Investments		0.1
Other Assets & Liabilities		0.5
TOTAL		100.0	%

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

79

SPDR MSCI Germany Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Germany Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI GERMANY

MSCI GERMANY

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

7.33%

7.70%

7.48%

N/A

N/A

N/A

SINCE INCEPTION (1)

−4.15%

−4.52%

−3.94%

N/A

N/A

N/A

(1) For the period June 11, 2014 to March 31, 2015.

80

SPDR MSCI Germany Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI Germany
	Germany Quality		Quality Mix
	Mix ETF		Index
6/11/2014		10000		10000
6/30/2014		10025		10026
7/31/2014		9431		9433
8/31/2014		9322		9327
9/30/2014		8930		8938
10/31/2014		8794		8804
11/30/2014		9334		9347
12/31/2014		8960		8975
1/31/2015		9067		9082
2/28/2015		9572		9590
3/31/2015		9585		9606

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.

81

SPDR MSCI Germany Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	ALLIANZ SE	BASF SE	SIEMENS AG	BAYER AG	SAP SE
MARKET VALUE	$594,488	565,777	503,879	476,170	431,537
% OF NET ASSETS	6.9	6.6	5.9	5.5	5.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Insurance		13.6	%
Chemicals		10.9
Automobiles		10.2
Pharmaceuticals		8.2
Industrial Conglomerates		5.9
Health Care Providers & Services		5.7
Software		5.0
Diversified Telecommunication Services		4.5
Multi-Utilities		4.3
Textiles, Apparel & Luxury Goods		3.8
Media		3.6
Household Products		3.6
Air Freight & Logistics		3.3
Capital Markets		2.5
Personal Products		2.4
Auto Components		2.3
Machinery		1.9
Diversified Financial Services		1.5
Semiconductors & Semiconductor Equipment		1.3
Real Estate Management & Development		1.1
Biotechnology		0.9
Internet Software & Services		0.8
Banks		0.7
Trading Companies & Distributors		0.5
Food & Staples Retailing		0.3
Airlines		0.3
Construction Materials		0.3
Metals & Mining		0.3
Transportation Infrastructure		0.2
Electrical Equipment		0.1
Short Term Investments		0.0	**
Other Assets & Liabilities		0.0	**
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

82

SPDR MSCI Japan Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Japan Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI JAPAN

MSCI JAPAN

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

8.95%

8.96%

9.07%

N/A

N/A

N/A

SINCE INCEPTION (1)

9.78%

9.58%

9.98%

N/A

N/A

N/A

(1) For the period June 11, 2014 to March 31, 2015.

83

SPDR MSCI Japan Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI Japan
	Japan Quality		Quality Mix
	Mix ETF		Index
6/11/2014		10000		10000
6/30/2014		10211		10214
7/31/2014		10310		10319
8/31/2014		10170		10177
9/30/2014		10076		10083
10/31/2014		10042		10056
11/30/2014		9962		9987
12/31/2014		9829		9858
1/31/2015		10211		10239
2/28/2015		10793		10823
3/31/2015		10978		10998

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.

84

SPDR MSCI Japan Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	KAO CORP.	KEYENCE CORP.	TOYOTA MOTOR CORP.	ORIENTAL LAND CO., LTD.	KDDI CORP.
MARKET VALUE	$170,107	164,102	160,775	151,678	149,721
% OF NET ASSETS	2.6	2.5	2.5	2.3	2.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Automobiles		8.4	%
Banks		7.4
Pharmaceuticals		6.5
Electronic Equipment, Instruments & Components		6.3
Machinery		5.2
Specialty Retail		4.5
Road & Rail		3.9
Wireless Telecommunication Services		3.4
Trading Companies & Distributors		3.2
Auto Components		3.2
Chemicals		3.0
Personal Products		2.8
Hotels, Restaurants & Leisure		2.7
Technology Hardware, Storage & Peripherals		2.0
Tobacco		2.0
Real Estate Investment Trusts		2.0
Household Durables		1.8
Food & Staples Retailing		1.8
Leisure Products		1.7
Real Estate Management & Development		1.7
Food Products		1.5
Insurance		1.4
Commercial Services & Supplies		1.4
Oil, Gas & Consumable Fuels		1.4
IT Services		1.3
Gas Utilities		1.3
Airlines		1.2
Internet Software & Services		1.2
Household Products		1.2
Software		1.2
Health Care Equipment & Supplies		1.1
Diversified Telecommunication Services		1.0
Beverages		1.0
Diversified Financial Services		1.0
Electric Utilities		0.9
Building Products		0.9
Health Care Technology		0.6
Metals & Mining		0.6
Construction & Engineering		0.6
Multiline Retail		0.5
Professional Services		0.5
Air Freight & Logistics		0.5
Electrical Equipment		0.5
Textiles, Apparel & Luxury Goods		0.4
Health Care Providers & Services		0.4
Industrial Conglomerates		0.4
Media		0.3
Capital Markets		0.3
Diversified Consumer Services		0.3
Internet & Catalog Retail		0.2
Independent Power and Renewable Electricity Producers		0.2
Transportation Infrastructure		0.1
Marine		0.1
Paper & Forest Products		0.1
Construction Materials		0.0	**
Containers & Packaging		0.0	**
Consumer Finance		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		0.9
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

85

SPDR MSCI Mexico Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/17/14, 9/18/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Mexico Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI MEXICO

MSCI MEXICO

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

−13.42%

−13.70%

−13.29%

N/A

N/A

N/A

SINCE INCEPTION (1)

−16.80%

−16.98%

−16.65%

N/A

N/A

N/A

(1) For the period September 17, 2014 to March 31, 2015.

86

SPDR MSCI Mexico Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI Mexico
	Mexico Quailty		Quailty Mix
	Mix ETF		Index
9/17/2014		10000		10000
9/30/2014		9610		9613
10/31/2014		9570		9576
11/30/2014		9121		9128
12/31/2014		8465		8473
1/31/2015		8005		8016
2/28/2015		8592		8605
3/31/2015		8320		8335

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.

87

SPDR MSCI Mexico Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	AMERICA MOVIL SAB	FOMENTO ECONOMICO	WAL-MART DE MEXICO		GRUPO MEXICO SAB DE
DESCRIPTION	DE CV (SERIES L)	MEXICANO SAB DE CV	SAB DE CV	GRUPO TELEVISA SAB	CV (SERIES B)
MARKET VALUE	$386,245	202,205	199,673	149,729	139,155
% OF NET ASSETS	15.5	8.1	8.0	6.0	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Wireless Telecommunication Services		15.5	%
Beverages		12.9
Food & Staples Retailing		11.7
Banks		9.9
Metals & Mining		7.9
Transportation Infrastructure		7.0
Food Products		6.6
Media		6.0
Industrial Conglomerates		4.3
Multiline Retail		3.8
Construction & Engineering		2.7
Household Products		2.6
Construction Materials		2.5
Real Estate Investment Trusts		2.2
Consumer Finance		1.9
Chemicals		1.6
Pharmaceuticals		0.8
Short Term Investments		0.0	**
Other Assets & Liabilities		0.1
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

88

SPDR MSCI South Korea Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/17/14, 9/18/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI South Korea Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI SOUTH KOREA

MSCI SOUTH KOREA

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

−4.17%

−3.75%

−3.93%

N/A

N/A

N/A

SINCE INCEPTION (1)

−8.82%

−8.88%

−8.93%

N/A

N/A

N/A

(1) For the period September 17, 2014 to March 31, 2015.

89

SPDR MSCI South Korea Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI
	South Korea		MSCI South
	Quailty Mix		Korea Quailty
	ETF		Mix Index
9/17/2014		10000		10000
9/30/2014		9515		9479
10/31/2014		9202		9170
11/30/2014		9043		9013
12/31/2014		8746		8800
1/31/2015		9023		9026
2/28/2015		8995		8988
3/31/2015		9118		9107

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.

90

SPDR MSCI South Korea Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	SAMSUNG ELECTRONICS	HYUNDAI	HYUNDAI MOBIS	SAMSUNG ELECTRONICS CO.,
DESCRIPTION	CO., LTD.	MOTOR CO.	CO., LTD.	LTD. PREFERENCE SHARE	NAVER CORP.
MARKET VALUE	$507,847	126,058	106,648	103,489	94,954
% OF NET ASSETS	18.8	4.7	4.0	3.9	3.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Technology Hardware, Storage & Peripherals		22.7	%
Automobiles		9.8
Insurance		6.3
Auto Components		5.7
Banks		5.4
Electronic Equipment, Instruments & Components		4.1
Internet Software & Services		3.9
Chemicals		2.9
Oil, Gas & Consumable Fuels		2.7
Metals & Mining		2.6
Tobacco		2.6
Personal Products		2.6
Industrial Conglomerates		2.6
Semiconductors & Semiconductor Equipment		1.8
Household Products		1.8
Electric Utilities		1.7
Hotels, Restaurants & Leisure		1.5
Household Durables		1.5
Food Products		1.4
Machinery		1.3
IT Services		1.3
Wireless Telecommunication Services		1.2
Air Freight & Logistics		1.2
Multiline Retail		1.2
Pharmaceuticals		1.2
Software		0.9
Commercial Services & Supplies		0.9
Construction & Engineering		0.8
Diversified Telecommunication Services		0.8
Food & Staples Retailing		0.7
Aerospace & Defense		0.6
Trading Companies & Distributors		0.6
Media		0.5
Electrical Equipment		0.5
Gas Utilities		0.5
Capital Markets		0.4
Consumer Finance		0.2
Beverages		0.2
Airlines		0.2
Building Products		0.1
Specialty Retail		0.0	**
Marine		0.0	**
Road & Rail		0.0	**
Short Term Investments		0.1
Other Assets & Liabilities		1.0
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

91

SPDR MSCI Spain Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Spain Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI SPAIN

MSCI SPAIN

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

−6.03%

−5.61%

−5.97%

N/A

N/A

N/A

SINCE INCEPTION (1)

−13.70%

−13.79%

−13.61%

N/A

N/A

N/A

(1) For the period June 11, 2014 to March 31, 2015.

92

SPDR MSCI Spain Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI Spain
	Spain Quality		Quality Mix
	Mix ETF		Index
6/11/2014		10000		10000
6/30/2014		10028		10028
7/31/2014		9689		9689
8/31/2014		9549		9549
9/30/2014		9184		9184
10/31/2014		8927		8927
11/30/2014		9202		9202
12/31/2014		8630		8630
1/31/2015		8250		8250
2/28/2015		8741		8741
3/31/2015		8630		8630

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.

93

SPDR MSCI Spain Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

			BANCO BILBAO
DESCRIPTION	BANCO SANTANDER SA	TELEFONICA SA	VIZCAYA ARGENTARIA SA	IBERDROLA SA	INDITEX SA
MARKET VALUE	$373,633	278,345	169,468	157,086	156,958
% OF NET ASSETS	14.8	11.0	6.7	6.2	6.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		30.8	%
Electric Utilities		11.3
Diversified Telecommunication Services		11.2
Gas Utilities		6.5
Specialty Retail		6.2
Construction & Engineering		6.2
Oil, Gas & Consumable Fuels		4.3
IT Services		4.0
Insurance		3.7
Transportation Infrastructure		3.6
Machinery		3.2
Food & Staples Retailing		2.9
Airlines		2.4
Biotechnology		2.2
Media		1.6
Short Term Investments		0.0	**
Other Assets & Liabilities		(0.1	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

94

SPDR MSCI Taiwan Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/17/14, 9/18/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI Taiwan Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI TAIWAN

MSCI TAIWAN

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

5.34%

5.84%

5.67%

N/A

N/A

N/A

SINCE INCEPTION (1)

1.53%

1.84%

1.71%

N/A

N/A

N/A

(1) For the period September 17, 2014 to March 31, 2015.

95

SPDR MSCI Taiwan Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI Taiwan
	Taiwan Quailty		Quailty Mix
	Mix ETF		Index
9/17/2014		10000		10000
9/30/2014		9639		9625
		9866		9857
10/31/2014		9866		9857
		9978		9978
11/30/2014		9978		9978
		9838		9839
12/31/2014		9838		9839
		9979		9987
1/31/2015		9979		9987
		10254		10269
2/28/2015		10254		10269
		10153		10171
3/31/2015		10153		10171

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.

96

SPDR MSCI Taiwan Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	TAIWAN
	SEMICONDUCTOR
	MANUFACTURING		CHUNGHWA TELECOM	HON HAI PRECISION	DELTA ELECTRONICS,
DESCRIPTION	CO., LTD.	MEDIATEK, INC.	CO., LTD.	INDUSTRY CO., LTD.	INC.
MARKET VALUE	$823,058	351,902	308,453	307,382	265,101
% OF NET ASSETS	13.5	5.8	5.1	5.1	4.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Semiconductors & Semiconductor Equipment		29.2	%
Electronic Equipment, Instruments & Components		17.0
Technology Hardware, Storage & Peripherals		14.7
Banks		10.4
Diversified Telecommunication Services		5.2
Wireless Telecommunication Services		4.4
Chemicals		2.4
Food & Staples Retailing		2.2
Insurance		1.6
Metals & Mining		1.5
Textiles, Apparel & Luxury Goods		1.4
Leisure Products		1.4
Food Products		1.3
Auto Components		1.2
Construction Materials		1.2
Diversified Financial Services		1.1
Airlines		0.7
Oil, Gas & Consumable Fuels		0.5
Industrial Conglomerates		0.4
Capital Markets		0.4
Hotels, Restaurants & Leisure		0.4
Marine		0.3
Real Estate Management & Development		0.3
Specialty Retail		0.3
Electrical Equipment		0.2
Automobiles		0.1
Multiline Retail		0.1
Pharmaceuticals		0.1
Construction & Engineering		0.1
Building Products		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		(0.1	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

97

SPDR MSCI United Kingdom Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI United Kingdom Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI UK

MSCI UK

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

VALUE

A-SERIES INDEX

VALUE

VALUE

A-SERIES INDEX

SIX MONTHS

−2.96%

−2.31%

−2.80%

N/A

N/A

N/A

SINCE INCEPTION (1)

−7.67%

−6.97%

−7.45%

N/A

N/A

N/A

(1) For the period June 11, 2014 to March 31, 2015.

98

SPDR MSCI United Kingdom Quality Mix ETF —
Performance Summary (continued)

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

	SPDR MSCI
	United Kingdom		MSCI United
	Quality Mix		Kingdom Quality
	ETF		Mix Index
6/11/2014		10000		10000
6/30/2014		10112		10114
7/31/2014		9929		9933
8/31/2014		9983		9991
9/30/2014		9514		9521
10/31/2014		9321		9330
11/30/2014		9407		9426
12/31/2014		9257		9273
1/31/2015		9232		9251
2/28/2015		9761		9784
3/31/2015		9233		9255

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.

99

SPDR MSCI United Kingdom Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

			ROYAL DUTCH SHELL	BRITISH AMERICAN	RECKITT BENCKISER
DESCRIPTION	BP PLC	HSBC HOLDINGS PLC	PLC (CLASS A)	TOBACCO PLC	GROUP PLC
MARKET VALUE	$127,854	115,844	96,014	94,097	93,506
% OF NET ASSETS	4.7	4.3	3.5	3.5	3.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		11.2	%
Banks		7.9
Pharmaceuticals		7.1
Media		5.9
Aerospace & Defense		5.6
Hotels, Restaurants & Leisure		5.5
Food Products		4.9
Tobacco		4.8
Insurance		4.6
Beverages		3.7
Household Products		3.4
Metals & Mining		3.3
Multi-Utilities		2.6
Real Estate Investment Trusts		2.4
Wireless Telecommunication Services		2.2
Trading Companies & Distributors		2.1
Diversified Telecommunication Services		2.1
Capital Markets		2.0
Professional Services		2.0
Multiline Retail		2.0
Health Care Equipment & Supplies		1.7
Food & Staples Retailing		1.6
Chemicals		1.5
Commercial Services & Supplies		1.2
Textiles, Apparel & Luxury Goods		1.1
Electric Utilities		1.0
Software		0.9
Containers & Packaging		0.8
Energy Equipment & Services		0.8
Machinery		0.6
Specialty Retail		0.6
Industrial Conglomerates		0.5
Airlines		0.5
Water Utilities		0.2
Diversified Financial Services		0.2
Auto Components		0.1
Air Freight & Logistics		0.1
Household Durables		0.1
Semiconductors & Semiconductor Equipment		0.0	**
Short Term Investments		0.1
Other Assets & Liabilities		1.1
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

100

SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.30%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		RUSSELL/NOMURA		NET ASSET		MARKET		RUSSELL/NOMURA
	VALUE		VALUE		PRIME INDEX		VALUE		VALUE		PRIME INDEX
SIX MONTHS		7.47%		8.85%		7.59%		N/A		N/A		N/A
ONE YEAR		11.85%		14.04%		12.33%		11.85%		14.04%		12.33%
THREE YEARS		29.06%		30.33%		31.55%		8.88%		9.23%		9.58%
FIVE YEARS		31.79%		34.01%		36.22%		5.68%		6.03%		6.38%
SINCE INCEPTION (1)		7.92%		9.54%		13.27%		0.91%		1.09%		1.50%

(1) For the period November 9, 2006 to March 31, 2015.

101

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

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

	SPDR Russell/Nomura		Russell/Nomura PRIME
	PRIME Japan		Japan Index
	ETF (a)		(b)
11/9/2006		10000.00		10000.00
31-Dec		10514.00		10520.00
3/31/2007		10857.00		10886.00
30-Jun		10765.00		10803.00
9/30/2007		10620.00		10661.00
31-Dec		9987.00		9921.00
3/31/2008		9284.00		9329.00
30-Jun		9461.00		9520.00
9/30/2008		7807.00		7870.00
31-Dec		7243.00		7322.00
3/31/2009		6037.00		6078.00
30-Jun		7398.00		7467.00
9/30/2009		7852.00		7965.00
31-Dec		7552.00		7693.00
3/31/2010		8189.00		8315.00
30-Jun		7447.00		7553.00
9/30/2010		7840.00		7967.00
31-Dec		8738.00		8841.00
3/31/2011		8308.00		8511.00
30-Jun		8329.00		8550.00
9/30/2011		7884.00		8106.00
31-Dec		7585.00		7793.00
3/31/2012		8361.00		8611.00
30-Jun		7772.00		8003.00
9/30/2012		7700.00		7951.00
31-Dec		8070.00		8371.00
3/31/2013		8980.00		9320.00
30-Jun		9307.00		9672.00
9/30/2013		9942.00		10374.00
31-Dec		10162.00		10597.00
3/31/2014		9648.00		10084.00
30-Jun		10300.00		10776.00
9/30/2014		10042.00		10528.00
31-Dec		9767.00		10275.00
3/31/2015		10792.00		11327.00

Past performance is not a guarantee of future results.

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

102

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	TOYOTA MOTOR	MITSUBISHI UFJ	HONDA MOTOR		SUMITOMO MITSUI
DESCRIPTION	CORP.	FINANCIAL GROUP, INC.	CO., LTD.	SOFTBANK CORP.	FINANCIAL GROUP, INC.
MARKET VALUE	$802,266	442,778	305,080	280,248	276,263
% OF NET ASSETS	4.3	2.4	1.6	1.5	1.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Automobiles		8.6	%
Banks		8.5
Machinery		6.2
Electronic Equipment, Instruments & Components		5.9
Pharmaceuticals		5.7
Road & Rail		4.2
Chemicals		4.2
Wireless Telecommunication Services		3.5
Auto Components		3.4
Trading Companies & Distributors		3.4
Real Estate Management & Development		3.0
Household Durables		3.0
Technology Hardware, Storage & Peripherals		2.7
Insurance		2.5
Metals & Mining		1.9
Food & Staples Retailing		1.7
Specialty Retail		1.6
Electrical Equipment		1.6
Construction & Engineering		1.5
Food Products		1.5
Diversified Telecommunication Services		1.4
Capital Markets		1.3
Beverages		1.3
Personal Products		1.3
Building Products		1.3
Electric Utilities		1.2
Multiline Retail		1.1
Commercial Services & Supplies		1.0
Tobacco		1.0
IT Services		0.9
Leisure Products		0.9
Health Care Equipment & Supplies		0.9
Gas Utilities		0.9
Software		0.8
Industrial Conglomerates		0.8
Oil, Gas & Consumable Fuels		0.8
Diversified Financial Services		0.7
Media		0.7
Hotels, Restaurants & Leisure		0.7
Semiconductors & Semiconductor Equipment		0.6
Internet & Catalog Retail		0.5
Internet Software & Services		0.5
Airlines		0.5
Health Care Providers & Services		0.4
Consumer Finance		0.4
Textiles, Apparel & Luxury Goods		0.4
Air Freight & Logistics		0.3
Marine		0.3
Household Products		0.2
Professional Services		0.2
Paper & Forest Products		0.2
Construction Materials		0.2
Independent Power and Renewable Electricity Producers		0.1
Transportation Infrastructure		0.1
Distributors		0.1
Diversified Consumer Services		0.1
Containers & Packaging		0.1
Biotechnology		0.1
Health Care Technology		0.0	**
Communications Equipment		0.0	**
Short Term Investments		13.9
Other Assets & Liabilities		(12.8	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

103

SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					RUSSELL/NOMURA						RUSSELL/NOMURA
	NET ASSET		MARKET		JAPAN SMALL CAP		NET ASSET		MARKET		JAPAN SMALL CAP
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		4.64%		4.32%		4.59%		N/A		N/A		N/A
ONE YEAR		8.04%		8.32%		9.26%		8.04%		8.32%		9.26%
THREE YEARS		24.12%		23.78%		30.60%		7.47%		7.37%		9.31%
FIVE YEARS		41.98%		41.32%		52.25%		7.26%		7.16%		8.77%
SINCE INCEPTION (1)		23.76%		23.43%		34.99%		2.57%		2.54%		3.64%

(1) For the period November 9, 2006 to March 31, 2015.

104

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 Japan
	Cap Japan		Small Cap
	ETF (a)		Index (b)
11/9/2006		10000.00		10000.00
12/31/2006		10436.00		10359.00
3/31/2007		10934.00		10738.00
6/30/2007		10449.00		10378.00
9/30/2007		9943.00		9923.00
12/31/2007		9229.00		9164.00
3/31/2008		8927.00		9026.00
6/30/2008		8851.00		8897.00
9/30/2008		7472.00		7533.00
12/31/2008		7581.00		7681.00
3/31/2009		6434.00		6503.00
6/30/2009		8131.00		8246.00
9/30/2009		8694.00		8855.00
12/31/2009		7967.00		8131.00
3/31/2010		8717.00		8867.00
6/30/2010		8449.00		8557.00
9/30/2010		8658.00		8741.00
12/31/2010		9528.00		9602.00
3/31/2011		9442.00		9617.00
6/30/2011		9623.00		9818.00
9/30/2011		9711.00		9928.00
12/31/2011		9261.00		9481.00
3/31/2012		9971.00		10336.00
6/30/2012		9358.00		9720.00
9/30/2012		9415.00		9768.00
12/31/2012		9561.00		10029.00
3/31/2013		11006.00		11474.00
6/30/2013		10722.00		11317.00
9/30/2013		11791.00		12554.00
12/31/2013		11706.00		12572.00
3/31/2014		11455.00		12356.00
6/30/2014		12307.00		13343.00
9/30/2014		11827.00		12908.00
12/31/2014		11421.00		12514.00
3/31/2015		12376.00		13499.00

Past performance is not a guarantee of future results.

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

105

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	JAPAN AVIATION
	ELECTRONICS			NIPPON SHINYAKU	SOHGO SECURITY
DESCRIPTION	INDUSTRY, LTD.	KINDEN CORP.	SUMCO CORP.	CO., LTD.	SERVICES CO., LTD.
MARKET VALUE	$267,467	262,063	260,951	255,368	252,683
% OF NET ASSETS	0.4	0.4	0.4	0.4	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Machinery		7.5	%
Banks		7.0
Construction & Engineering		5.5
Chemicals		5.3
Auto Components		4.7
Specialty Retail		4.0
Electronic Equipment, Instruments & Components		3.9
Food Products		3.9
Hotels, Restaurants & Leisure		3.7
Metals & Mining		2.8
Food & Staples Retailing		2.8
Trading Companies & Distributors		2.7
Media		2.6
Commercial Services & Supplies		2.5
Pharmaceuticals		2.4
Building Products		2.3
IT Services		2.1
Household Durables		2.0
Software		2.0
Semiconductors & Semiconductor Equipment		1.8
Capital Markets		1.8
Real Estate Management & Development		1.7
Health Care Equipment & Supplies		1.7
Textiles, Apparel & Luxury Goods		1.6
Electrical Equipment		1.6
Personal Products		1.6
Road & Rail		1.5
Diversified Financial Services		1.3
Beverages		1.2
Consumer Finance		1.1
Technology Hardware, Storage & Peripherals		1.1
Professional Services		1.1
Health Care Providers & Services		0.8
Internet Software & Services		0.8
Oil, Gas & Consumable Fuels		0.8
Multiline Retail		0.7
Containers & Packaging		0.7
Biotechnology		0.6
Leisure Products		0.6
Internet & Catalog Retail		0.5
Communications Equipment		0.5
Industrial Conglomerates		0.5
Distributors		0.4
Air Freight & Logistics		0.4
Construction Materials		0.3
Energy Equipment & Services		0.3
Household Products		0.3
Paper & Forest Products		0.2
Transportation Infrastructure		0.2
Gas Utilities		0.2
Electric Utilities		0.2
Wireless Telecommunication Services		0.2
Marine		0.1
Diversified Consumer Services		0.1
Life Sciences Tools & Services		0.1
Health Care Technology		0.1
Aerospace & Defense		0.0	**
Short Term Investments		13.9
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.
**	Amount shown represents less than 0.05% of net assets.

106

SPDR S&P Global 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/29/13, 5/30/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P GLOBAL DIVIDEND		NET ASSET		MARKET		S&P GLOBAL DIVIDEND
	VALUE		VALUE		ARISTOCRATS INDEX		VALUE		VALUE		ARISTOCRATS INDEX
SIX MONTHS		3.65%		3.91%		3.63%		N/A		N/A		N/A
ONE YEAR		3.30%		3.29%		3.08%		3.30%		3.29%		3.08%
SINCE INCEPTION (1)		18.07%		18.21%		17.88%		9.44%		9.51%		9.37%

(1) For the period May 29, 2013 to March 31, 2015.

107

SPDR S&P Global 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 Global
	Global Dividend		Dividend Aristocrats
	ETF (a)		Index (b)
5/29/2013		10000.00		10.00,000
6/30/2013		9692.00		9.00,692
9/30/2013		10661.00		10666.00
12/31/2013		11038.00		11039.00
3/31/2014		11430.00		11436.00
6/30/2014		12150.00		12142.00
9/30/2014		11391.00		11375.00
12/31/2014		11555.00		11541.00
3/31/2015		11807.00		11788.00

Past performance is not a guarantee of future results.

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

108

SPDR S&P Global Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

			R.R. DONNELLEY &	WILLIAM MORRISON	COCA-COLA
DESCRIPTION	HOLLYFRONTIER CORP.	NEOPOST SA	SONS CO.	SUPERMARKETS PLC	AMATIL, LTD.
MARKET VALUE	$1,300,439	1,042,338	878,134	811,625	806,837
% OF NET ASSETS	2.5	2.0	1.7	1.5	1.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Electric Utilities		9.1	%
Oil, Gas & Consumable Fuels		8.8
Real Estate Investment Trusts		6.1
Insurance		5.8
Diversified Telecommunication Services		5.3
Banks		4.9
Food & Staples Retailing		3.3
Tobacco		3.3
Commercial Services & Supplies		3.2
Technology Hardware, Storage & Peripherals		3.1
Multi-Utilities		3.1
Real Estate Management & Development		3.0
Gas Utilities		3.0
Construction & Engineering		2.9
Wireless Telecommunication Services		2.8
Media		2.8
Transportation Infrastructure		2.7
Pharmaceuticals		2.2
Metals & Mining		2.2
Specialty Retail		2.1
Thrifts & Mortgage Finance		2.1
Food Products		2.1
Diversified Financial Services		1.7
Capital Markets		1.7
Beverages		1.5
Energy Equipment & Services		1.2
Machinery		1.1
Electronic Equipment, Instruments & Components		1.0
Aerospace & Defense		1.0
Hotels, Restaurants & Leisure		1.0
Personal Products		1.0
Leisure Products		0.9
Health Care Providers & Services		0.9
Textiles, Apparel & Luxury Goods		0.8
Chemicals		0.8
Industrial Conglomerates		0.7
Short Term Investments		16.6
Other Assets & Liabilities		(15.8	)
TOTAL		100.0	%

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

109

SPDR S&P International Dividend ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.45%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P INTERNATIONAL

S&P INTERNATIONAL

DIVIDEND

DIVIDEND

NET ASSET

MARKET

OPPORTUNITIES

NET ASSET

MARKET

OPPORTUNITIES

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−7.60%

−7.62%

−7.21%

N/A

N/A

N/A

ONE YEAR

−8.95%

−9.21%

−7.80%

−8.95%

−9.21%

−7.80%

THREE YEARS

1.90%

1.31%

6.03%

0.63%

0.44%

1.97%

FIVE YEARS

4.20%

4.25%

10.40%

0.83%

0.84%

2.00%

SINCE INCEPTION (1)

−9.22%

−9.31%

−2.25%

−1.35%

−1.36%

−0.32%

(1) For the period February 12, 2008 to March 31, 2015.

110

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 (a)		Index (b)
2/12/2008		10000.00		10000.00
3/31/2008		10431.00		10.00,373
6/30/2008		9265.00		9239.00
9/30/2008		7307.00		7289.00
12/31/2008		5260.00		5246.00
3/31/2009		4642.00		4627.00
6/30/2009		6624.00		6662.00
9/30/2009		8320.00		8419.00
12/31/2009		8704.00		8823.00
3/31/2010		8712.00		8857.00
6/30/2010		7528.00		7672.00
9/30/2010		8930.00		9144.00
12/31/2010		9323.00		9567.00
3/31/2011		9909.00		10193.00
6/30/2011		10105.00		10386.00
9/30/2011		7942.00		8199.00
12/31/2011		8265.00		8549.00
3/31/2012		8908.00		9219.00
6/30/2012		8239.00		8544.00
9/30/2012		8534.00		8868.00
12/31/2012		8975.00		9345.00
3/31/2013		9269.00		9736.00
6/30/2013		8696.00		9175.00
9/30/2013		9408.00		9948.00
12/31/2013		9660.00		10239.00
3/31/2014		9970.00		10602.00
6/30/2014		10748.00		11471.00
9/30/2014		9825.00		10534.00
12/31/2014		9135.00		9813.00
3/31/2015		9078.00		9775.00

Past performance is not a guarantee of future results.

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

111

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	CANADIAN OIL	BAYTEX ENERGY	CRESCENT POINT	ROYAL DUTCH	WHITECAP RESOURCES,
DESCRIPTION	SANDS, LTD.	CORP.	ENERGY CORP.	SHELL PLC (CLASS A)	INC.
MARKET VALUE	$50,054,262	41,927,226	37,399,638	36,626,169	36,257,940
% OF NET ASSETS	3.7	3.1	2.8	2.7	2.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		21.7	%
Real Estate Investment Trusts		9.7
Diversified Telecommunication Services		7.6
Wireless Telecommunication Services		7.0
Electric Utilities		6.8
Insurance		6.5
Banks		5.1
Multi-Utilities		4.5
Food & Staples Retailing		4.1
Real Estate Management & Development		3.3
Metals & Mining		3.2
Gas Utilities		2.9
Energy Equipment & Services		2.7
Hotels, Restaurants & Leisure		2.5
Household Durables		2.1
Construction & Engineering		2.0
Media		1.7
Transportation Infrastructure		0.9
Pharmaceuticals		0.8
Technology Hardware, Storage & Peripherals		0.7
Capital Markets		0.6
Textiles, Apparel & Luxury Goods		0.6
Commercial Services & Supplies		0.5
Auto Components		0.5
Chemicals		0.4
Diversified Financial Services		0.4
Independent Power and Renewable Electricity Producers		0.3
Automobiles		0.3
Short Term Investments		19.7
Other Assets & Liabilities		(19.1	)
TOTAL		100.0	%

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

112

SPDR S&P International Mid Cap ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.45%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BETWEEN						EX-U.S. BETWEEN
	NET ASSET		MARKET		USD2 BILLION AND		NET ASSET		MARKET		USD2 BILLION AND
	VALUE		VALUE		USD5 BILLION INDEX		VALUE		VALUE		USD5 BILLION INDEX
SIX MONTHS		3.23%		2.88%		4.05%		N/A		N/A		N/A
ONE YEAR		0.56%		0.35%		2.43%		0.56%		0.35%		2.43%
THREE YEARS		32.09%		31.31%		36.23%		9.72%		9.50%		10.86%
FIVE YEARS		49.17%		47.76%		54.95%		8.33%		8.12%		9.15%
SINCE INCEPTION (1)		23.48%		22.78%		29.25%		3.10%		3.02%		3.79%

(1) For the period May 7, 2008 to March 31, 2015.

113

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 Billion
	International Mid		and USD5
	Cap ETF		Billion Index
	(a)		(b)
5/7/2008		10000.00		10000.00
6/30/2008		9352.00		9309.00
9/30/2008		7346.00		7241.00
12/31/2008		5774.00		5632.00
3/31/2009		5258.00		5103.00
6/30/2009		6716.00		6622.00
9/30/2009		7852.00		7940.00
12/31/2009		7848.00		7968.00
3/31/2010		8278.00		8342.00
6/30/2010		7428.00		7486.00
9/30/2010		8723.00		8819.00
12/31/2010		9629.00		9759.00
3/31/2011		9957.00		10145.00
6/30/2011		10082.00		10293.00
9/30/2011		8201.00		8378.00
12/31/2011		8312.00		8475.00
3/31/2012		9348.00		9487.00
6/30/2012		8656.00		8773.00
9/30/2012		9289.00		9402.00
12/31/2012		9784.00		9926.00
3/31/2013		10370.00		10602.00
6/30/2013		10210.00		10476.00
9/30/2013		11432.00		11729.00
12/31/2013		11982.00		12319.00
3/31/2014		12279.00		12619.00
6/30/2014		12805.00		13224.00
9/30/2014		11961.00		12423.00
12/31/2014		11563.00		12084.00
3/31/2015		12348.00		12925.00

Past performance is not a guarantee of future results.

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

114

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

	ISETAN MITSUKOSHI	SANTEN PHARMACEUTICAL		GOLDIN FINANCIAL	SUMITOMO HEAVY
DESCRIPTION	HOLDINGS, LTD.	CO., LTD.	TOTO, LTD.	HOLDINGS, LTD.	INDUSTRIES, LTD.
MARKET VALUE	$266,890	240,775	223,265	221,203	216,560
% OF NET ASSETS	0.5	0.5	0.4	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Chemicals		5.5	%
Banks		5.4
Real Estate Investment Trusts		4.9
Machinery		4.3
Media		4.0
Real Estate Management & Development		3.5
Capital Markets		3.3
Food Products		3.2
Metals & Mining		3.0
Hotels, Restaurants & Leisure		2.9
Multiline Retail		2.7
Oil, Gas & Consumable Fuels		2.7
Electronic Equipment, Instruments & Components		2.6
Insurance		2.5
Pharmaceuticals		2.4
Commercial Services & Supplies		2.3
Auto Components		2.2
Health Care Providers & Services		2.1
Road & Rail		2.1
Diversified Financial Services		2.1
Diversified Telecommunication Services		1.9
Health Care Equipment & Supplies		1.8
Construction & Engineering		1.8
Electrical Equipment		1.7
Energy Equipment & Services		1.6
Transportation Infrastructure		1.5
Household Durables		1.4
Software		1.4
Containers & Packaging		1.3
Specialty Retail		1.2
Semiconductors & Semiconductor Equipment		1.1
Food & Staples Retailing		1.1
Air Freight & Logistics		1.1
Electric Utilities		1.1
Aerospace & Defense		1.1
IT Services		1.0
Professional Services		0.9
Trading Companies & Distributors		0.9
Industrial Conglomerates		0.9
Textiles, Apparel & Luxury Goods		0.8
Building Products		0.8
Beverages		0.7
Marine		0.7
Internet Software & Services		0.7
Consumer Finance		0.7
Construction Materials		0.7
Paper & Forest Products		0.6
Leisure Products		0.5
Independent Power and Renewable Electricity Producers		0.5
Life Sciences Tools & Services		0.5
Multi-Utilities		0.5
Wireless Telecommunication Services		0.4
Internet & Catalog Retail		0.4
Gas Utilities		0.4
Airlines		0.4
Thrifts & Mortgage Finance		0.3
Technology Hardware, Storage & Peripherals		0.3
Biotechnology		0.2
Diversified Consumer Services		0.2
Distributors		0.2
Household Products		0.2
Communications Equipment		0.1
Short Term Investments		11.0
Other Assets & Liabilities		(10.3	)
TOTAL		100.0	%

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

115

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.65%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

S&P EMERGING

NET ASSET

MARKET

MARKETS UNDER USD2

NET ASSET

MARKET

MARKETS UNDER USD2

VALUE

VALUE

BILLION INDEX

VALUE

VALUE

BILLION INDEX

SIX MONTHS

−5.16%

−4.74%

−4.64%

N/A

N/A

N/A

ONE YEAR

−2.97%

−3.20%

−0.85%

−2.97%

−3.20%

−0.85%

THREE YEARS

6.12%

4.88%

11.06%

2.00%

1.60%

3.56%

FIVE YEARS

6.86%

5.91%

17.22%

1.34%

1.16%

3.23%

SINCE INCEPTION (1)

3.17%

2.79%

21.28%

0.45%

0.40%

2.84%

(1) For the period May 12, 2008 to March 31, 2015.

116

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 (a)		Index (b)
5/12/2008		10000.00		10000.00
6/30/2008		8630.00		8648.00
9/30/2008		6253.00		6372.00
12/31/2008		4682.00		4795.00
3/31/2009		4808.00		4906.00
6/30/2009		7021.00		7239.00
9/30/2009		8454.00		8839.00
12/31/2009		9389.00		9941.00
3/31/2010		9655.00		10347.00
6/30/2010		9032.00		9593.00
9/30/2010		10758.00		11644.00
12/31/2010		11517.00		12640.00
3/31/2011		10924.00		12164.00
6/30/2011		10897.00		12118.00
9/30/2011		8246.00		9235.00
12/31/2011		8151.00		9116.00
3/31/2012		9722.00		10921.00
6/30/2012		8892.00		10039.00
9/30/2012		9573.00		10818.00
12/31/2012		10125.00		11502.00
3/31/2013		10435.00		11910.00
6/30/2013		9832.00		11240.00
9/30/2013		10176.00		11611.00
12/31/2013		10378.00		11911.00
3/31/2014		10632.00		12232.00
6/30/2014		11333.00		13111.00
9/30/2014		10878.00		12718.00
12/31/2014		10217.00		11967.00
3/31/2015		10317.00		12128.00

Past performance is not a guarantee of future results.

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

117

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

			ECLAT TEXTILE	HANA MICROELECTRONICS	HIGHWEALTH
DESCRIPTION	MONDI, LTD.	CLICKS GROUP, LTD.	CO., LTD.	PCL	CONSTRUCTION CORP.
MARKET VALUE	$2,496,079	2,393,541	2,117,338	1,939,786	1,913,499
% OF NET ASSETS	0.5	0.5	0.5	0.4	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Real Estate Management & Development		8.1	%
Semiconductors & Semiconductor Equipment		6.7
Electronic Equipment, Instruments & Components		5.0
Chemicals		4.9
Banks		4.2
Textiles, Apparel & Luxury Goods		3.6
Food Products		3.3
Metals & Mining		3.3
Hotels, Restaurants & Leisure		3.3
Construction & Engineering		3.2
Electrical Equipment		2.6
Machinery		2.5
Pharmaceuticals		2.4
Household Durables		2.1
Capital Markets		2.1
Technology Hardware, Storage & Peripherals		2.0
Marine		1.9
Transportation Infrastructure		1.8
Real Estate Investment Trusts		1.8
IT Services		1.7
Food & Staples Retailing		1.7
Media		1.7
Oil, Gas & Consumable Fuels		1.6
Diversified Financial Services		1.6
Auto Components		1.6
Software		1.2
Health Care Providers & Services		1.2
Industrial Conglomerates		1.2
Airlines		1.2
Communications Equipment		1.1
Specialty Retail		1.1
Internet Software & Services		1.1
Water Utilities		1.1
Multiline Retail		1.0
Consumer Finance		1.0
Construction Materials		0.9
Diversified Consumer Services		0.9
Automobiles		0.8
Diversified Telecommunication Services		0.8
Insurance		0.8
Health Care Equipment & Supplies		0.8
Commercial Services & Supplies		0.8
Paper & Forest Products		0.8
Electric Utilities		0.7
Trading Companies & Distributors		0.6
Beverages		0.6
Containers & Packaging		0.6
Energy Equipment & Services		0.5
Independent Power and Renewable Electricity Producers		0.4
Building Products		0.4
Personal Products		0.4
Tobacco		0.4
Air Freight & Logistics		0.4
Distributors		0.3
Biotechnology		0.3
Internet & Catalog Retail		0.3
Gas Utilities		0.3
Thrifts & Mortgage Finance		0.2
Professional Services		0.2
Road & Rail		0.2
Wireless Telecommunication Services		0.2
Multi-Utilities		0.1
Household Products		0.1
Leisure Products		0.0	**
Short Term Investments		6.3
Other Assets & Liabilities		(6.0	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

118

SPDR Dow Jones Global Real Estate ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.50%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES GLOBAL						DOW JONES GLOBAL
					SELECT REAL						SELECT REAL
	NET ASSET		MARKET		ESTATE		NET ASSET		MARKET		ESTATE
	VALUE		VALUE		SECURITIES INDEX		VALUE		VALUE		SECURITIES INDEX
SIX MONTHS		13.58%		13.56%		13.48%		N/A		N/A		N/A
ONE YEAR		17.42%		17.35%		17.13%		17.42%		17.35%		17.13%
THREE YEARS		41.71%		41.51%		41.11%		12.32%		12.27%		12.17%
FIVE YEARS		83.15%		83.06%		82.03%		12.87%		12.86%		12.73%
SINCE INCEPTION (1)		34.71%		34.91%		32.11%		4.41%		4.43%		4.12%

(1) For the period May 7, 2008 to March 31, 2015.

119

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

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

			Dow Jones
	SPDR Dow		Global Select
	Jones Global		Real Estate
	Real Estate		Securities Index
	ETF (a)		(b)
5/7/2008		10000.00		10000.00
6/30/2008		8746.00		8722.00
9/30/2008		8011.00		7955.00
12/31/2008		5216.00		5160.00
3/31/2009		3929.00		3886.00
6/30/2009		5187.00		5131.00
9/30/2009		6732.00		6660.00
12/31/2009		6996.00		6919.00
3/31/2010		7355.00		7258.00
6/30/2010		6845.00		6753.00
9/30/2010		8057.00		7959.00
12/31/2010		8667.00		8568.00
3/31/2011		8983.00		8857.00
6/30/2011		9338.00		9205.00
9/30/2011		7833.00		7709.00
12/31/2011		8432.00		8289.00
3/31/2012		9506.00		9362.00
6/30/2012		9733.00		9570.00
9/30/2012		10071.00		9919.00
12/31/2012		10545.00		10396.00
3/31/2013		11210.00		11052.00
6/30/2013		10814.00		10656.00
9/30/2013		10938.00		10765.00
12/31/2013		10838.00		10664.00
3/31/2014		11472.00		11280.00
6/30/2014		12372.00		12158.00
9/30/2014		11861.00		11642.00
12/31/2014		12910.00		12670.00
3/31/2015		13471.00		13211.00

Past performance is not a guarantee of future results.

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

120

SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		BROOKFIELD ASSET
	SIMON PROPERTY	MANAGEMENT, INC.	MITSUI FUDOSAN
DESCRIPTION	GROUP, INC.	(CLASS A)	CO., LTD.	PUBLIC STORAGE	EQUITY RESIDENTIAL
MARKET VALUE	$119,817,175	60,406,590	57,507,967	56,370,803	55,706,416
% OF NET ASSETS	5.7	2.9	2.7	2.7	2.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Retail REITs		26.3	%
Specialized REITs		16.0
Real Estate Management & Development		14.7
Office REITs		14.4
Residential REITs		11.7
Diversified REITs		11.2
Industrial REITs		5.0
Diversified Capital Markets		0.4
Unknown		0.0	**
Short Term Investments		1.7
Other Assets & Liabilities		(1.4	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Amount shown represents less than 0.05% of net assets.

121

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN							AVERAGE ANNUAL TOTAL RETURN
						S&P DEVELOPED						S&P DEVELOPED
						EX-U.S. BMI						EX-U.S. BMI
						CONSUMER						CONSUMER
	NET ASSET		��	MARKET		DISCRETIONARY		NET ASSET		MARKET		DISCRETIONARY
	VALUE			VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
SIX MONTHS		9.39%			9.47%		8.72%		N/A		N/A		N/A
ONE YEAR		4.25%			3.85%		3.63%		4.25%		3.85%		3.63%
THREE YEARS		45.00%			44.07%		45.31%		13.18%		12.94%		13.28%
FIVE YEARS		75.58%			75.42%		76.55%		11.92%		11.90%		12.04%
SINCE INCEPTION (1)		79.90%			79.51%		78.81%		9.15%		9.11%		9.05%

(1) For the period July 16, 2008 to March 31, 2015.

122

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)

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Consumer		Consumer Discertionary
	Discretionary Sector		Sector Index
	ETF (a)		(b)
7/16/2008		10000.00		10000.00
9/30/2008		8773.00		8725.00
12/31/2008		6970.00		6788.00
3/31/2009		6456.00		6289.00
6/30/2009		8220.00		8066.00
9/30/2009		9682.00		9547.00
12/31/2009		9920.00		9797.00
3/31/2010		10246.00		10129.00
6/30/2010		9286.00		9198.00
9/30/2010		10954.00		10896.00
12/31/2010		11945.00		11934.00
3/31/2011		11967.00		12033.00
6/30/2011		12858.00		12887.00
9/30/2011		10367.00		10375.00
12/31/2011		10445.00		10422.00
3/31/2012		12407.00		12305.00
6/30/2012		11363.00		11303.00
9/30/2012		11860.00		11795.00
12/31/2012		13018.00		12951.00
3/31/2013		14052.00		14009.00
6/30/2013		14672.00		14617.00
9/30/2013		16598.00		16550.00
12/31/2013		17452.00		17416.00
3/31/2014		17256.00		17255.00
6/30/2014		17793.00		17838.00
9/30/2014		16446.00		16447.00
12/31/2014		16812.00		16760.00
3/31/2015		17990.00		17881.00

Past performance is not a guarantee of future results.

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

123

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

			HONDA MOTOR	BAYERISCHE MOTOREN	LVMH MOET HENNESSY
DESCRIPTION	TOYOTA MOTOR CORP.	DAIMLER AG	CO., LTD.	WERKE AG	LOUIS VUITTON SA
MARKET VALUE	$1,146,393	565,210	305,926	287,154	284,015
% OF NET ASSETS	8.2	4.0	2.2	2.1	2.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Automobiles		28.2	%
Media		15.1
Hotels, Restaurants & Leisure		12.8
Auto Components		10.4
Textiles, Apparel & Luxury Goods		10.4
Specialty Retail		8.5
Household Durables		6.9
Multiline Retail		3.7
Leisure Products		2.0
Internet & Catalog Retail		1.0
Diversified Consumer Services		0.4
Distributors		0.2
Short Term Investments		13.4
Other Assets & Liabilities		(13.0	)
TOTAL		100.0	%

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

124

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
	NET ASSET		MARKET		CONSUMER STAPLES		NET ASSET		MARKET		CONSUMER STAPLES
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
SIX MONTHS		4.02%		3.98%		4.17%		N/A		N/A		N/A
ONE YEAR		3.46%		2.99%		4.21%		3.46%		2.99%		4.21%
THREE YEARS		29.17%		28.52%		34.21%		8.91%		8.72%		10.31%
FIVE YEARS		58.06%		57.04%		67.21%		9.59%		9.45%		10.83%
SINCE INCEPTION (1)		71.24%		70.92%		86.23%		8.35%		8.32%		9.72%

(1) For the period July 16, 2008 to March 31, 2015.

125

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)

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Consumer		Consumer Staples
	Staples Sector		Sector Index
	ETF (a)		(b)
7/16/2008		10000		10000
9/30/2008		9430		9468
12/31/2008		8171		8240
3/31/2009		7071		7180
6/30/2009		8504		8696
9/30/2009		9853		10149
12/31/2009		10599		10890
3/31/2010		10834		11137
6/30/2010		9987		10346
9/30/2010		11415		11875
12/31/2010		11866		12349
3/31/2011		11914		12413
6/30/2011		12721		13320
9/30/2011		11653		12192
12/31/2011		12334		12844
3/31/2012		13257		13877
6/30/2012		13026		13699
9/30/2012		13927		14686
12/31/2012		14283		15150
3/31/2013		15709		16713
6/30/2013		15042		16041
9/30/2013		16044		17150
12/31/2013		16489		17704
3/31/2014		16552		17872
6/30/2014		17559		19017
9/30/2014		16462		17878
12/31/2014		16239		17662
3/31/2015		17124		18623

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.

126

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

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		ANHEUSER-BUSCH	BRITISH AMERICAN
DESCRIPTION	NESTLE SA	INBEV NV	TOBACCO PLC	UNILEVER NV	DIAGEO PLC
MARKET VALUE	$4,888,396	2,049,527	1,956,661	1,513,846	1,427,059
% OF NET ASSETS	14.3	6.0	5.7	4.5	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Food Products		36.0	%
Beverages		19.5
Food & Staples Retailing		18.1
Tobacco		11.4
Household Products		7.6
Personal Products		6.7
Short Term Investments		6.6
Other Assets & Liabilities		(5.9	)
TOTAL		100.0	%

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

127

SPDR S&P International Energy Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI ENERGY

NET ASSET

MARKET

EX-U.S. BMI ENERGY

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

SIX MONTHS

−24.05%

−23.32%

−24.43%

N/A

N/A

N/A

ONE YEAR

−25.06%

−25.17%

−25.05%

−25.06%

−25.17%

−25.05%

THREE YEARS

−19.07%

−18.84%

−17.70%

−6.81%

−6.72%

−6.29%

FIVE YEARS

−13.95%

−13.60%

−10.38%

−2.96%

−2.88%

−2.17%

SINCE INCEPTION (1)

−25.41%

−25.13%

−20.85%

−4.28%

−4.22%

−3.43%

(1) For the period July 16, 2008 to March 31, 2015.

128

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)

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.

129

SPDR S&P International Energy Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

			ROYAL DUTCH	ROYAL DUTCH
DESCRIPTION	BP PLC	TOTAL SA	SHELL PLC (CLASS A)	SHELL PLC (CLASS B)	ENI SPA
MARKET VALUE	$2,706,764	2,619,602	2,565,970	1,706,584	1,034,757
% OF NET ASSETS	11.3	10.9	10.7	7.1	4.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		93.4	%
Energy Equipment & Services		6.3
Short Term Investments		11.0
Other Assets & Liabilities		(10.7	)
TOTAL		100.0	%

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

130

SPDR S&P International Financial Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

EX-U.S. BMI

EX-U.S. BMI

NET ASSET

MARKET

FINANCIALS SECTOR

NET ASSET

MARKET

FINANCIALS SECTOR

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−0.14%

−0.08%

0.72%

N/A

N/A

N/A

ONE YEAR

−1.20%

−2.00%

−0.19%

−1.20%

−2.00%

−0.19%

THREE YEARS

35.84%

35.28%

39.77%

10.75%

10.60%

11.82%

FIVE YEARS

25.60%

25.34%

32.23%

4.66%

4.62%

5.75%

SINCE INCEPTION (1)

9.58%

9.31%

14.82%

1.37%

1.34%

2.08%

(1) For the period July 16, 2008 to March 31, 2015.

131

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

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

	SPDR S&P		S&P Developed
	International Financial		Ex-U.S. BMI
	Sector ETF		Financials Sector
	(a)		Index (b)
7/16/2008		10000		10000
9/30/2008		8795		8960
12/31/2008		6128		6097
3/31/2009		5055		4998
6/30/2009		7121		7030
9/30/2009		9005		8939
12/31/2009		8670		8599
3/31/2010		8725		8684
6/30/2010		7316		7306
9/30/2010		8500		8528
12/31/2010		8725		8808
3/31/2011		9197		9270
6/30/2011		9073		9208
9/30/2011		6970		7112
12/31/2011		6983		7108
3/31/2012		8067		8215
6/30/2012		7448		7615
9/30/2012		8226		8428
12/31/2012		9059		9270
3/31/2013		9469		9771
6/30/2013		9383		9610
9/30/2013		10528		10816
12/31/2013		11164		11496
3/31/2014		11091		11503
6/30/2014		11488		11914
9/30/2014		10973		11400
12/31/2014		10652		11090
3/31/2015		10958		11482

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.

132

SPDR S&P International Financial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		COMMONWEALTH	WESTPAC BANKING		MITSUBISHI UFJ
DESCRIPTION	HSBC HOLDINGS PLC	BANK OF AUSTRALIA	CORP.	BANCO SANTANDER SA	FINANCIAL GROUP, INC.
MARKET VALUE	$384,546	312,240	259,417	240,663	221,042
% OF NET ASSETS	3.6	2.9	2.4	2.3	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 MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Banks		50.6	%
Insurance		23.8
Real Estate Management & Development		9.1
Capital Markets		6.5
Real Estate Investment Trusts		5.2
Diversified Financial Services		4.0
Consumer Finance		0.1
Short Term Investments		8.1
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.

133

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. BMI HEALTH		NET ASSET		MARKET		EX-U.S. BMI HEALTH
	VALUE		VALUE		CARE SECTOR INDEX		VALUE		VALUE		CARE SECTOR INDEX
SIX MONTHS		6.30%		6.49%		6.92%		N/A		N/A		N/A
ONE YEAR		11.82%		12.09%		12.94%		11.82%		12.09%		12.94%
THREE YEARS		68.96%		68.88%		73.23%		19.10%		19.09%		20.11%
FIVE YEARS		95.11%		94.66%		104.23%		14.30%		14.25%		15.35%
SINCE INCEPTION (1)		90.84%		91.22%		104.21%		10.11%		10.14%		11.24%

(1) For the period July 16, 2008 to March 31, 2015.

134

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)

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Health		Health Care
	Care Sector		Sector Index
	ETF (a)		(b)
7/16/2008		10000		10000
9/30/2008		9103		9082
12/31/2008		8235		8237
3/31/2009		7027		7099
6/30/2009		7971		8094
9/30/2009		9357		9532
12/31/2009		9743		9945
3/31/2010		9781		9998
6/30/2010		8909		9100
9/30/2010		9889		10223
12/31/2010		10221		10581
3/31/2011		10527		10902
6/30/2011		11346		11774
9/30/2011		10157		10573
12/31/2011		10679		11126
3/31/2012		11295		11787
6/30/2012		11385		11880
9/30/2012		12395		12958
12/31/2012		12574		13156
3/31/2013		14106		14876
6/30/2013		14156		14891
9/30/2013		15015		15902
12/31/2013		16119		17022
3/31/2014		17067		18080
6/30/2014		18010		19109
9/30/2014		17953		19097
12/31/2014		17295		18385
3/31/2015		19084		20421

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 Health Care Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	BAYER AG	SANOFI	GLAXOSMITHKLINE PLC
MARKET VALUE	$9,470,374	5,801,703	4,302,216	4,250,545	3,773,870
% OF NET ASSETS	12.6	7.8	5.7	5.7	5.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Pharmaceuticals		75.7	%
Health Care Equipment & Supplies		8.5
Health Care Providers & Services		7.9
Biotechnology		5.8
Life Sciences Tools & Services		0.7
Chemicals		0.5
Health Care Technology		0.3
Short Term Investments		6.7
Other Assets & Liabilities		(6.1	)
TOTAL		100.0	%

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

136

SPDR S&P International Industrial Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED EX-U.S.						S&P DEVELOPED EX-U.S.
	NET ASSET		MARKET		BMI INDUSTRIAL SECTOR		NET ASSET		MARKET		BMI INDUSTRIAL SECTOR
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		0.79%		0.87%		0.96%		N/A		N/A		N/A
ONE YEAR		−2.64%		−2.70%		−2.14%		−2.64%		−2.70%		−2.14%
THREE YEARS		25.73%		24.94%		28.31%		7.93%		7.70%		8.67%
FIVE YEARS		36.02%		35.21%		44.47%		6.35%		6.22%		7.64%
SINCE INCEPTION (1)		27.98%		27.64%		33.90%		3.75%		3.70%		4.45%

(1) For the period July 16, 2008 to March 31, 2015.

137

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

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

	SPDR S&P International Industrial Sector ETF	S&P Developed Ex-U.S. BMI Industrial Sector Index
	10000.00	10000.00
7/16/2008	10000.00	10271.00
9/30/2008	8049.00	8028.00
12/31/2008	6506.00	6396.00
3/31/2009	5624.00	5534.00
6/30/2009	7228.00	7141.00
9/30/2009	8724.00	8600.00
12/31/2009	8906.00	8739.00
3/31/2010	9409.00	9269.00
6/30/2010	8393.00	8286.00
9/30/2010	9764.00	9710.00
12/31/2010	10802.00	10802.00
3/31/2011	11329.00	11374.00
6/30/2011	11288.00	11444.00
9/30/2011	8726.00	8856.00
12/31/2011	9113.00	9202.00
3/31/2012	10179.00	10436.00
6/30/2012	9257.00	9478.00
9/30/2012	9819.00	10048.00
12/31/2012	10583.00	10807.00
3/31/2013	11214.00	11430.00
6/30/2013	10963.00	11222.00
9/30/2013	12489.00	12865.00
12/31/2013	13070.00	13531.00
3/31/2014	13145.00	13683.00
6/30/2014	13521.00	14154.00
9/30/2014	12698.00	13263.00
12/31/2014	12182.00	12720.00
3/31/2015	12798.00	13390.00

Past performance is not a guarantee of future results.

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

138

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

		CANADIAN NATIONAL
DESCRIPTION	SIEMENS AG	RAILWAY CO.	ABB, LTD.	SCHNEIDER ELECTRIC SE	FANUC CORP.
MARKET VALUE	$709,151	476,706	432,608	374,843	328,330
% OF NET ASSETS	3.6	2.4	2.2	1.9	1.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Machinery		19.5	%
Road & Rail		11.0
Industrial Conglomerates		10.6
Trading Companies & Distributors		9.4
Electrical Equipment		8.0
Construction & Engineering		7.3
Aerospace & Defense		6.8
Commercial Services & Supplies		5.9
Building Products		5.5
Professional Services		4.5
Transportation Infrastructure		3.1
Air Freight & Logistics		2.7
Airlines		2.3
Marine		2.2
Food Products		0.3
Auto Components		0.2
Short Term Investments		12.5
Other Assets & Liabilities		(11.8	)
TOTAL		100.0	%

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

139

SPDR S&P International Materials Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

EX-U.S.

EX-U.S. BMI

NET ASSET

MARKET

BMI MATERIALS

NET ASSET

MARKET

MATERIALS

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

SIX MONTHS

−3.05%

−2.77%

−3.16%

N/A

N/A

N/A

ONE YEAR

−8.68%

−8.58%

−8.45%

−8.68%

−8.58%

−8.45%

THREE YEARS

−12.39%

−12.55%

−10.72%

−4.31%

−4.37%

−3.71%

FIVE YEARS

−12.33%

−12.01%

−7.45%

−2.60%

−2.53%

−1.54%

SINCE INCEPTION (1)

−25.23%

−25.30%

−17.32%

−4.24%

−4.25%

−2.80%

(1) For the period July 16, 2008 to March 31, 2015.

140

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

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

	SPDR S&P International Material Sector ETF	S&P Developed Ex-U.S. BMI Materials Sector Index
	10000.00	10000.00
7/16/2008	10000.00	9987.00
9/30/2008	6857.00	6920.00
12/31/2008	5117.00	5124.00
3/31/2009	4838.00	4945.00
6/30/2009	6253.00	6428.00
9/30/2009	7466.00	7760.00
12/31/2009	8325.00	8686.00
3/31/2010	8529.00	8934.00
6/30/2010	7175.00	7686.00
9/30/2010	8623.00	9264.00
12/31/2010	10083.00	10883.00
3/31/2011	10276.00	11168.00
6/30/2011	10227.00	11106.00
9/30/2011	7577.00	8260.00
12/31/2011	7780.00	8445.00
3/31/2012	8535.00	9261.00
6/30/2012	7442.00	8053.00
9/30/2012	8016.00	8797.00
12/31/2012	8503.00	9213.00
3/31/2013	7936.00	8676.00
6/30/2013	7071.00	7682.00
9/30/2013	8050.00	8805.00
12/31/2013	8163.00	8952.00
3/31/2014	8188.00	9031.00
6/30/2014	8548.00	9474.00
9/30/2014	7713.00	8538.00
12/31/2014	7262.00	8023.00
3/31/2015	7477.00	8268.00

Past performance is not a guarantee of future results.

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

141

SPDR S&P International Materials Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	BASF SE	BHP BILLITON, LTD.	RIO TINTO PLC	BHP BILLITON PLC	GLENCORE PLC
MARKET VALUE	$402,962	329,528	231,265	216,838	206,535
% OF NET ASSETS	6.4	5.3	3.7	3.5	3.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Chemicals		45.6	%
Metals & Mining		39.4
Construction Materials		6.8
Paper & Forest Products		3.5
Containers & Packaging		3.3
Electronic Equipment, Instruments & Components		0.3
Building Products		0.1
Short Term Investments		8.7
Other Assets & Liabilities		(7.7	)
TOTAL		100.0	%

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

142

SPDR S&P International Technology Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED EX-U.S.						S&P DEVELOPED
					BMI INFORMATION						EX-U.S. BMI INFORMATION
	NET ASSET		MARKET		TECHNOLOGY SECTOR		NET ASSET		MARKET		TECHNOLOGY
	VALUE		VALUE		INDEX		VALUE		VALUE		SECTOR INDEX
SIX MONTHS		7.34%		7.47%		7.02%		N/A		N/A		N/A
ONE YEAR		6.74%		6.65%		6.34%		6.74%		6.65%		6.34%
THREE YEARS		32.10%		31.97%		35.14%		9.72%		9.69%		10.57%
FIVE YEARS		35.73%		35.15%		40.69%		6.30%		6.21%		7.07%
SINCE INCEPTION (1)		32.51%		32.30%		37.00%		4.28%		4.26%		4.81%

(1) For the period July 16, 2008 to March 31, 2015.

143

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

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

	SPDR S&P International Technology Sector ETF (a	)	S&P Developed Ex-U.S. BMI Information Technology Sector Index (b	)
	10000.00		10000.00
7/16/2008	10000.00		10224.00
9/30/2008	8019.00		8021.00
12/31/2008	6273.00		6274.00
3/31/2009	6000.00		5937.00
6/30/2009	7545.00		7508.00
9/30/2009	8967.00		8933.00
12/31/2009	8932.00		8882.00
3/31/2010	9763.00		9739.00
6/30/2010	8406.00		8470.00
9/30/2010	9132.00		9163.00
12/31/2010	10325.00		10303.00
3/31/2011	10383.00		10412.00
6/30/2011	9996.00		10025.00
9/30/2011	8245.00		8379.00
12/31/2011	8620.00		8721.00
3/31/2012	10031.00		10138.00
6/30/2012	8826.00		9012.00
9/30/2012	9240.00		9470.00
12/31/2012	10159.00		10344.00
3/31/2013	10540.00		10778.00
6/30/2013	10406.00		10655.00
9/30/2013	11599.00		11881.00
12/31/2013	12373.00		12775.00
3/31/2014	12414.00		12884.00
6/30/2014	12797.00		13313.00
9/30/2014	12345.00		12801.00
12/31/2014	12441.00		12838.00
3/31/2015	13251.00		13700.00

Past performance is not a guarantee of future results.

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

144

SPDR S&P International Technology Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

				TELEFONAKTIEBOLAGET
	SAMSUNG ELECTRONICS			LM ERICSSON
DESCRIPTION	CO., LTD. GDR	SAP SE	ASML HOLDING NV	(CLASS B)	CANON, INC.
MARKET VALUE	$1,644,776	671,965	439,592	384,715	369,063
% OF NET ASSETS	14.0	5.7	3.7	3.3	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Technology Hardware, Storage & Peripherals		23.0	%
Electronic Equipment, Instruments & Components		22.6
Semiconductors & Semiconductor Equipment		16.2
Software		15.9
IT Services		10.1
Communications Equipment		7.3
Internet Software & Services		4.5
Short Term Investments		7.3
Other Assets & Liabilities		(6.9	)
TOTAL		100.0	%

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

145

SPDR S&P International Telecommunications Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED							S&P DEVELOPED
					EX-U.S. BMI							EX-U.S. BMI
	NET ASSET		MARKET		TELECOMMUNICATION		NET ASSET			MARKET		TELECOMMUNICATION
	VALUE		VALUE		SERVICES SECTOR INDEX		VALUE			VALUE		SERVICES SECTOR INDEX
SIX MONTHS		1.50%		1.41%		2.01%		N/A	��		N/A		N/A
ONE YEAR		−0.10%		−0.22%		0.68%		−0.10%			−0.22%		0.68%
THREE YEARS		40.21%		39.39%		45.99%		11.92%			11.71%		13.45%
FIVE YEARS		54.40%		54.21%		63.25%		9.08%			9.05%		10.30%
SINCE INCEPTION (1)		40.11%		39.99%		49.91%		5.15%			5.14%		6.22%

(1) For the period July 16, 2008 to March 31, 2015.

146

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

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

	SPDR S&P International Telecommunications Sector ETF (a	)	S&P Developed Ex-U.S. BMI Telecommunication Services Sector Index (b	)
	10000.00		10000.00
7/16/2008	10000.00		9788.00
9/30/2008	8454.00		8456.00
12/31/2008	8062.00		8094.00
3/31/2009	6832.00		6871.00
6/30/2009	7797.00		7882.00
9/30/2009	9189.00		9302.00
12/31/2009	9348.00		9484.00
3/31/2010	9074.00		9181.00
6/30/2010	8301.00		8415.00
9/30/2010	9932.00		10096.00
12/31/2010	10115.00		10313.00
3/31/2011	10921.00		11156.00
6/30/2011	11016.00		11309.00
9/30/2011	9768.00		10003.00
12/31/2011	9991.00		10250.00
3/31/2012	9993.00		10268.00
6/30/2012	9910.00		10229.00
9/30/2012	10474.00		10859.00
12/31/2012	10103.00		10540.00
3/31/2013	10687.00		11199.00
6/30/2013	11020.00		11626.00
9/30/2013	12849.00		13579.00
12/31/2013	14211.00		15033.00
3/31/2014	14025.00		14888.00
6/30/2014	14531.00		15458.00
9/30/2014	13803.00		14695.00
12/31/2014	13751.00		14670.00
3/31/2015	14011.00		14991.00

Past performance is not a guarantee of future results.

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

147

SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	VODAFONE GROUP PLC	TELEFONICA SA	SOFTBANK CORP.	DEUTSCHE TELEKOM AG	BT GROUP PLC
MARKET VALUE	$4,636,117	3,100,459	3,035,813	3,019,580	2,838,063
% OF NET ASSETS	10.3	6.9	6.7	6.7	6.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Diversified Telecommunication Services		66.6	%
Wireless Telecommunication Services		33.0
Short Term Investments		4.4
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.

148

SPDR S&P International Utilities Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented February 3, 2015) is 0.40%.

PERFORMANCE AS OF MARCH 31, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI UTILITIES

NET ASSET

MARKET

EX-U.S. BMI UTILITIES

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

SIX MONTHS

−8.53%

−8.58%

−8.33%

N/A

N/A

N/A

ONE YEAR

−7.96%

−8.79%

−7.35%

−7.96%

−8.79%

−7.35%

THREE YEARS

11.14%

10.26%

14.27%

3.58%

3.31%

4.55%

FIVE YEARS

−3.65%

−4.10%

0.05%

−0.74%

−0.83%

0.01%

SINCE INCEPTION (1)

−24.34%

−24.57%

−20.69%

−4.07%

−4.12%

−3.40%

(1) For the period July 16, 2008 to March 31, 2015.

149

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

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

	SPDR S&P International Utililies Sector ETF (a	)	S&P Developed Ex-U.S. BMI Utilities Sector Index (b	)
	10000.00		10000.00
7/16/2008	10000.00		10188.00
9/30/2008	8612.00		8555.00
12/31/2008	7769.00		7738.00
3/31/2009	6174.00		6149.00
6/30/2009	7148.00		7128.00
9/30/2009	8187.00		8201.00
12/31/2009	8191.00		8217.00
3/31/2010	7852.00		7929.00
6/30/2010	6831.00		6895.00
9/30/2010	7637.00		7720.00
12/31/2010	7834.00		7944.00
3/31/2011	7897.00		7990.00
6/30/2011	7873.00		7991.00
9/30/2011	6763.00		6850.00
12/31/2011	6508.00		6630.00
3/31/2012	6807.00		6943.00
6/30/2012	6495.00		6649.00
9/30/2012	6675.00		6882.00
12/31/2012	6766.00		6993.00
3/31/2013	6695.00		6929.00
6/30/2013	6889.00		7135.00
9/30/2013	7529.00		7799.00
12/31/2013	7683.00		7991.00
3/31/2014	8220.00		8561.00
6/30/2014	8713.00		9105.00
9/30/2014	8272.00		8653.00
12/31/2014	7923.00		8299.00
3/31/2015	7566.00		7931.00

Past performance is not a guarantee of future results.

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

150

SPDR S&P International Utilities Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF MARCH 31, 2015

DESCRIPTION	NATIONAL GRID PLC	IBERDROLA SA	GDF SUEZ	E.ON SE	ENEL SPA
MARKET VALUE	$2,823,769	1,972,385	1,714,231	1,703,065	1,676,664
% OF NET ASSETS	8.7	6.1	5.3	5.3	5.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2015*

	PERCENT OF
INDUSTRY	NET ASSETS
Electric Utilities		43.5	%
Multi-Utilities		31.8
Gas Utilities		15.4
Independent Power and Renewable Electricity Producers		4.8
Water Utilities		4.0
Short Term Investments		5.4
Other Assets & Liabilities		(4.9	)
TOTAL		100.0	%

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

151

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares			Value
COMMON STOCKS — 99.2%
BELGIUM — 2.3%
Ageas VVPR Strip (a)(b)		1,664		$	0
Anheuser-Busch InBev NV		49,299			6,025,381
					6,025,381
FRANCE — 12.2%
Air Liquide SA		22,116			2,845,559
AXA SA		134,413	��		3,385,952
BNP Paribas SA		71,688			4,355,488
LVMH Moet Hennessy Louis Vuitton SE		17,432			3,073,210
Sanofi		77,473			7,649,125
Schneider Electric SE		37,485			2,912,730
Total SA (c)		152,522			7,580,242
					31,802,306
GERMANY — 15.9%
Allianz SE		29,307			5,094,343
BASF SE		58,901			5,854,681
Bayer AG		53,032			7,971,041
Daimler AG (c)		63,915			6,159,488
Deutsche Bank AG		83,295			2,894,887
Deutsche Telekom AG		198,659			3,637,783
SAP SE		61,096			4,431,122
Siemens AG		50,487			5,460,258
					41,503,603
ITALY — 1.2%
ENI SpA		173,022			2,997,366
NETHERLANDS — 3.0%
ING Groep NV (a)		247,433			3,626,062
Unilever NV		100,155			4,185,948
					7,812,010
SPAIN — 5.6%
Banco Bilbao Vizcaya Argentaria SA		399,201			4,033,598
Banco Santander SA		901,695			6,795,404
Telefonica SA		262,196			3,733,995
					14,562,997
SWITZERLAND — 24.1%
ABB, Ltd. (a)		148,443			3,152,866
Cie Financiere Richemont SA		33,475			2,698,541
Credit Suisse Group AG (a)		97,748			2,634,657
Glencore PLC (a)		635,586			2,697,547
Nestle SA		206,804			15,627,935
Novartis AG		164,869			16,320,554
Roche Holding AG		45,055			12,436,163
UBS Group AG (a)		223,379			4,213,223
Zurich Insurance Group AG (a)		9,597			3,253,673
					63,035,159
UNITED KINGDOM — 34.9%
AstraZeneca PLC		81,004			5,563,390
Barclays PLC		1,058,017			3,810,342
BG Group PLC		218,967			2,694,720
BHP Billiton PLC		135,382			2,961,363
BP PLC		1,169,426			7,581,174
British American Tobacco PLC		119,545			6,190,855
BT Group PLC		522,479			3,397,218
Diageo PLC		161,316			4,453,015
GlaxoSmithKline PLC		311,878			7,157,721
HSBC Holdings PLC		1,232,523			10,502,373
Lloyds Banking Group PLC (a)		3,437,438			3,994,535
National Grid PLC		249,302			3,200,160
Prudential PLC		164,676			4,087,400
Reckitt Benckiser Group PLC		42,318			3,643,625
Rio Tinto PLC		79,688			3,279,191
Royal Dutch Shell PLC (Class A)		250,746			7,495,997
Standard Chartered PLC		129,887			2,108,458
Unilever PLC		84,350			3,524,877
Vodafone Group PLC		1,700,109			5,563,746
					91,210,160
TOTAL COMMON STOCKS —
(Cost $276,867,369)					258,948,982
RIGHTS — 0.0% (d)
SPAIN — 0.0% (d)
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (a)		399,200			57,451
Telefonica SA (expiring 4/10/15) (a)		262,196			42,240
TOTAL RIGHTS —
(Cost $56,518)					99,691
SHORT TERM INVESTMENTS — 5.0%
UNITED STATES — 5.0%
MONEY MARKET FUNDS — 5.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		10,884,258			10,884,258
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		2,247,036			2,247,036
TOTAL SHORT TERM INVESTMENT —
(Cost $13,131,294)					13,131,294
TOTAL INVESTMENTS — 104.2%
(Cost $290,055,181)					272,179,967
OTHER ASSETS & LIABILITIES — (4.2)%					(11,004,854	)
NET ASSETS — 100.0%				$	261,175,113

(a)	Non-income producing security
(b)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(c)	A portion of the security was on loan at March 31, 2015.
(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

See accompanying notes to financial statements.

152

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BELGIUM — 3.7%
Ageas VVPR Strip (a)(b)		6,468	$	0
Anheuser-Busch InBev NV		1,420,278		173,588,025
				173,588,025
FINLAND — 1.1%
Nokia Oyj		6,796,619		51,899,917
FRANCE — 33.2%
Air Liquide SA		637,186		81,983,638
AXA SA		3,872,100		97,540,762
BNP Paribas SA		2,065,314		125,480,548
Carrefour SA		1,155,997		38,599,490
Compagnie de Saint-Gobain		915,195		40,196,477
Danone SA		1,105,325		74,337,371
Essilor International SA		398,865		45,751,077
GDF Suez		3,001,070		59,322,041
L’Oreal SA		452,374		83,250,315
LVMH Moet Hennessy Louis Vuitton SE		502,221		88,540,077
Orange SA		3,575,470		57,466,401
Sanofi		2,231,971		220,368,719
Schneider Electric SE		1,079,934		83,915,056
Societe Generale SA		1,487,638		71,849,590
Total SA (c)		4,394,048		218,381,258
Unibail-Rodamco SE		181,161		48,846,008
Vinci SA		967,053		55,285,454
Vivendi SA (a)		2,371,210		58,891,945
				1,550,006,227
GERMANY — 33.0%
Allianz SE		844,350		146,770,695
BASF SE		1,696,906		168,670,195
Bayer AG		1,527,825		229,641,648
Bayerische Motoren Werke AG		592,799		74,139,746
Daimler AG (c)		1,841,363		177,452,131
Deutsche Bank AG		2,399,683		83,400,092
Deutsche Post AG		1,768,647		55,266,716
Deutsche Telekom AG		5,723,291		104,803,154
E.ON SE		3,696,927		55,130,369
Muenchener Rueckversicherungs- Gesellschaft AG		282,437		60,894,951
RWE AG		891,935		22,779,763
SAP SE		1,760,150		127,658,745
Siemens AG		1,454,482		157,304,795
Volkswagen AG Preference Shares		285,027		75,871,569
				1,539,784,569
ITALY — 7.5%
Assicurazioni Generali SpA		2,495,262		49,069,161
Enel SpA		11,945,679		54,038,507
ENI SpA		4,984,679		86,352,657
Intesa Sanpaolo SpA		26,486,408		90,061,280
UniCredit SpA		10,288,881		69,948,112
				349,469,717
LUXEMBOURG — 0.0% (d)
APERAM SA (a)		1		40
NETHERLANDS — 8.9%
Airbus Group NV		1,060,797		68,859,026
ASML Holding NV		693,277		70,578,667
ING Groep NV (a)		7,128,387		104,464,553
Koninklijke Philips NV		1,727,498		49,027,155
Unilever NV		2,885,430		120,595,671
				413,525,072
SPAIN — 12.5%
Banco Bilbao Vizcaya Argentaria SA		11,499,863		116,196,786
Banco Santander SA		25,952,321		195,583,323
Iberdrola SA		10,672,023		68,793,417
Inditex SA		1,941,653		62,309,799
Repsol SA		1,863,541		34,694,998
Telefonica SA		7,549,035		107,507,584
				585,085,907
TOTAL COMMON STOCKS —
(Cost $4,643,856,572)				4,663,359,474
RIGHTS — 0.1%
SPAIN — 0.1%
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (a)(c)		11,576,247		1,666,007
Telefonica SA (expiring 4/10/15) (a)		7,602,331		1,224,735
TOTAL RIGHTS —
(Cost $1,638,926)				2,890,742
SHORT TERM INVESTMENTS — 3.2%
UNITED STATES — 3.2%
MONEY MARKET FUNDS — 3.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		145,787,382		145,787,382
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		5,271,466		5,271,466
TOTAL SHORT TERM INVESTMENT —
(Cost $151,058,848)				151,058,848
TOTAL INVESTMENTS — 103.2%
(Cost $4,796,554,346)				4,817,309,064
OTHER ASSETS & LIABILITIES — (3.2)%				(149,083,066	)
NET ASSETS — 100.0%			$	4,668,225,998

(a)	Non-income producing security
(b)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(c)	A portion of the security was on loan at March 31, 2015.
(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.

See accompanying notes to financial statements.

153

SPDR EURO STOXX Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRIA — 2.3%
IMMOFINANZ AG (a)		18,489	$	54,349
Raiffeisen Bank International AG		2,283		31,924
Vienna Insurance Group AG Wiener Versicherung Gruppe		761		33,674
				119,947
BELGIUM — 5.0%
Ackermans & van haaren NV		445		52,166
bpost SA		1,983		55,597
Cofinimmo SA		344		40,326
Colruyt SA		1,188		51,725
Telenet Group Holding NV (a)		1,001		55,012
				254,826
FINLAND — 6.6%
Amer Sports Oyj		2,350		50,478
Huhtamaki Oyj		1,868		58,080
Kesko Oyj (Class B)		1,354		57,833
Neste Oil Oyj		2,537		66,484
Orion Oyj (Class B)		1,995		56,330
Outokumpu Oyj (a)		5,791		46,056
				335,261
FRANCE — 23.5%
Air France-KLM (a)		5,007		44,010
Bollore SA		18,471		98,336
CNP Assurances		2,962		51,885
Eurazeo SA		780		53,472
Faurecia		1,180		51,580
Fonciere Des Regions (b)		547		54,148
Fonciere Des Regions (a)(b)		33		3,181
Havas SA		2,172		16,469
Hermes International		447		157,658
ICADE		703		63,467
Imerys SA		655		48,082
JCDecaux SA		1,337		45,081
Lagardere SCA		2,025		60,765
Neopost SA		685		37,631
Orpea		791		49,825
Remy Cointreau SA		470		34,577
Rubis SCA		693		43,994
SEB SA		483		34,808
Societe BIC SA		533		75,849
Societe Television Francaise 1		2,368		41,963
Teleperformance		1,128		77,304
Vallourec SA		2,391		58,356
				1,202,441
GERMANY — 16.9%
Axel Springer SE		844		49,855
Bilfinger SE		913		52,960
Deutsche Euroshop AG		899		44,675
Dialog Semiconductor PLC (a)		1,409		63,656
Duerr AG		487		53,611
Evonik Industries AG		1,308		46,639
Fraport AG Frankfurt Airport Services Worldwide		736		44,005
Freenet AG		2,539		76,557
Fuchs Petrolub SE Preference Shares		1,378		55,114
Gerresheimer AG		590		32,545
Kabel Deutschland Holding AG (a)		411		53,411
Leoni AG		648		41,040
MorphoSys AG (a)		494		31,202
OSRAM Licht AG (a)		1,713		85,181
Rheinmetall AG		785		37,943
Stada Arzneimittel AG		1,201		40,109
Telefonica Deutschland Holding AG (a)		10,262		59,251
				867,754
GREECE — 2.8%
Alpha Bank AE (a)		85,170		25,155
Hellenic Telecommunications Organization SA (a)		4,859		43,053
National Bank of Greece SA (a)		29,786		35,189
OPAP SA		4,238		39,736
				143,133
IRELAND — 4.4%
C&C Group PLC		6,943		28,447
Glanbia PLC		3,441		63,805
Kingspan Group PLC		2,901		54,945
Paddy Power PLC		933		79,873
				227,070
ITALY — 13.3%
Azimut Holding SpA		2,063		58,870
Banca Monte dei Paschi di Siena SpA (a)		100,877		66,955
Banca Popolare dell’Emilia Romagna SC (a)		9,511		83,098
Banca Popolare di Milano Scarl (a)		86,588		87,927
Banca Popolare di Sondrio Scarl		8,990		41,054
Davide Campari-Milano SpA		4,370		30,484
Enel Green Power SpA		30,392		56,763
Exor SpA		1,889		85,797
Mediaset SpA (a)		15,510		70,862
Saipem SpA (a)		4,965		50,631
UnipolSai SpA		16,514		48,100
				680,541
LUXEMBOURG — 2.3%
Eurofins Scientific SE		172		46,320
RTL Group SA		760		73,160
				119,480
NETHERLANDS — 11.5%
Aalberts Industries NV		1,902		59,791
ASM International NV		1,037		47,946
Delta Lloyd NV		3,952		74,448
Koninklijke Vopak NV		1,307		72,151
NN Group NV (a)		3,224		91,343
OCI NV (a)		1,802		55,815
PostNL NV (a)		8,742		37,199
SBM Offshore NV (a)		3,514		43,684
TNT Express NV		9,276		58,988
Wereldhave NV		694		46,585
				587,950
PORTUGAL — 2.8%
Banco Comercial Portugues SA (a)		801,694		82,400
Jeronimo Martins SGPS SA		4,852		60,969
				143,369

See accompanying notes to financial statements.

154

SPDR EURO STOXX Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
SPAIN — 7.5%
Abengoa SA (Class B)		10,695	$	38,824
Bolsas y Mercados Espanoles SHMSF SA		1,572		70,032
Gamesa Corp. Tecnologica SA (a)		4,451		56,241
Mapfre SA		19,710		71,952
Mediaset Espana Comunicacion SA (a)		3,928		49,190
Viscofan SA		878		53,655
Zardoya Otis SA		3,336		43,030
				382,924
UNITED KINGDOM — 1.0%
Jazztel PLC (a)		3,842		52,342
TOTAL COMMON STOCKS —
(Cost $5,610,878)				5,117,038
SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e) (Cost $557)		557		557
TOTAL INVESTMENTS — 99.9%
(Cost $5,611,435)				5,117,595
OTHER ASSETS & LIABILITIES — 0.1%				2,995
NET ASSETS — 100.0%			$	5,120,590

(a)	Non-income producing security
(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)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

SCA = Societe en Commandite par Actions (partnership limited by shares)

See accompanying notes to financial statements.

155

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
CHINA — 31.6%
21Vianet Group, Inc. ADR (a)		18,336	$	323,814
58.com Inc, ADR (a)		9,424		498,341
Agricultural Bank of China, Ltd. (Class H)		5,480,000		2,714,183
Air China, Ltd.		1,225,414		1,250,221
Alibaba Group Holding, Ltd. ADR (a)		91,271		7,597,398
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		2,038,304		1,009,549
Angang Steel Co., Ltd. (b)		811,244		597,469
Anhui Conch Cement Co., Ltd. (Class H) (b)		1,054,750		3,992,869
Anta Sports Products, Ltd.		186,000		340,186
Baidu, Inc. ADR (a)		73,731		15,365,540
Bank of China, Ltd. (Class H)		18,278,466		10,561,976
Bank of Communications Co., Ltd. (Class H)		5,052,630		4,333,777
Bitauto Holdings, Ltd. ADR (a)		5,122		260,607
Boyaa Interactive International, Ltd. (b)		221,200		184,879
Brilliance China Automotive Holdings, Ltd.		706,000		1,360,450
BYD Co., Ltd. (b)		175,800		904,730
BYD Electronic International Co., Ltd.		223,500		282,508
CAR, Inc. (a)(b)		361,598		685,600
Chanjet Information Technology Co., Ltd. (Class H) (a)		184,600		421,437
China Animal Healthcare, Ltd. (b)		305,700		205,034
China Cinda Asset Management Co., Ltd. (Class H) (a)		2,211,600		1,095,381
China CITIC Bank Corp., Ltd. (Class H)		2,547,341		1,918,790
China Coal Energy Co., Ltd. (Class H) (b)		1,303,000		719,309
China Communications Construction Co., Ltd. (Class H)		1,293,000		1,821,162
China Conch Venture Holdings, Ltd.		86,000		184,134
China Construction Bank Corp. (Class H)		22,944,148		19,058,347
China COSCO Holdings Co., Ltd. (a)(b)		1,700,230		894,737
China Everbright, Ltd.		202,000		526,296
China International Marine Containers Group Co., Ltd. (Class H)		169,600		369,254
China Life Insurance Co., Ltd. (Class H)		2,008,708		8,795,975
China Longyuan Power Group Corp.		936,000		1,017,726
China Merchants Bank Co., Ltd. (Class H)		1,590,760		3,886,083
China Merchants Property Development Co., Ltd.		296,126		874,660
China Minsheng Banking Corp., Ltd. (Class H)		1,736,600		2,121,178
China National Building Material Co., Ltd. (Class H) (b)		828,000		824,470
China Oilfield Services, Ltd. (Class H) (b)		532,557		886,101
China Pacific Insurance Group Co., Ltd.		453,200		2,156,968
China Petroleum & Chemical Corp. (Class H)		6,817,726		5,425,654
China Railway Construction Corp., Ltd. (Class H)		469,000		700,501
China Railway Group, Ltd. (Class H)		1,246,000		1,276,045
China Shenhua Energy Co., Ltd. (Class H)		1,007,040		2,571,813
China Shipping Container Lines Co., Ltd. (a)		3,287,339		1,043,055
China Shipping Development Co., Ltd. (a)		937,215		684,200
China Telecom Corp., Ltd. (Class H)		4,983,320		3,194,498
China Vanke Co., Ltd. (Class H) (a)(b)		251,100		595,926
Chongqing Changan Automobile Co., Ltd. (Class B) (c)		158,400		432,517
CITIC Securities Co., Ltd. (Class H) (b)		203,000		752,768
Consun Pharmaceutical Group, Ltd.		338,400		235,259
Country Garden Holdings Co., Ltd.		1,463,333		590,765
CT Environmental Group, Ltd. (b)		194,000		209,187
Ctrip.com International, Ltd. ADR (a)		48,325		2,832,812
Datang International Power Generation Co., Ltd. (Class H)		698,000		357,416
Dongfeng Motor Group Co., Ltd. (Class H)		880,468		1,412,737
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		22,538		215,238
E-House China Holdings, Ltd. ADR		32,474		176,334
FIH Mobile, Ltd. (a)(b)		646,000		342,454
Great Wall Motor Co., Ltd. (Class H)		235,000		1,661,024
Guangzhou Automobile Group Co., Ltd. (Class H)		1,680,032		1,607,862
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		858,976		880,797
Haitian International Holdings, Ltd.		151,000		346,677
Haitong Securities Co., Ltd. (Class H) (b)		364,000		886,402
Hengan International Group Co., Ltd.		95,500		1,146,781
Huadian Power International Co., Ltd. (Class H)		384,000		319,461

See accompanying notes to financial statements.

156

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Huaneng Power International, Inc. (Class H)		1,736,472	$	2,056,070
Industrial & Commercial Bank of China, Ltd. (Class H)		19,786,138		14,597,702
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		474,950		693,427
JD.com, Inc. ADR (a)		76,114		2,236,229
Jiangsu Expressway Co., Ltd. (Class H)		1,680,299		2,258,300
Jiangsu Future Land Co., Ltd. (c)		164,103		83,200
Jiangxi Copper Co., Ltd. (Class H) (b)		981,578		1,825,650
Jingwei Textile Machinery (Class H)		202,000		269,922
Jintian Pharmaceutical Group, Ltd. (b)		468,000		179,883
Kama Co., Ltd. (Class B) (a)		1,118,920		644,498
Kangda International Environmental Co., Ltd. (a)(b)(d)		435,000		191,325
Kingsoft Corp., Ltd. (b)		205,000		601,537
Konka Group Co., Ltd.		270,100		156,074
Lao Feng Xiang Co., Ltd.		102,595		353,542
Leju Holdings, Ltd. ADR (a)(b)		1,584		12,609
Livzon Pharmaceutical Group, Inc. (Class H)		18,700		119,874
Luthai Textile Co., Ltd.		76,000		110,573
Luye Pharma Group, Ltd. (a)		408,000		493,091
Maanshan Iron & Steel (a)(b)		1,708,971		491,549
Mindray Medical International, Ltd. ADR (b)		23,211		634,821
MOBI Development Co., Ltd.		935,000		229,136
NetEase, Inc. ADR		32,464		3,418,459
New China Life Insurance Co., Ltd. (Class H)		119,400		666,837
New Oriental Education & Technology Group, Inc. ADR (a)		28,190		624,972
People’s Insurance Co. Group of China, Ltd. (Class H)		1,125,000		571,711
Perfect World Co., Ltd. ADR		20,284		376,877
PetroChina Co., Ltd. (Class H)		5,345,208		5,915,335
Phoenix Healthcare Group Co., Ltd.		144,000		254,826
PICC Property & Casualty Co., Ltd. (Class H)		1,042,289		2,059,559
Ping An Insurance Group Co. of China, Ltd. (Class H)		572,864		6,886,441
Poly Culture Group Corp., Ltd. (Class H) (a)		61,100		186,380
Qihoo 360 Technology Co., Ltd. ADR (a)(b)		22,024		1,127,629
REXLot Holdings, Ltd.		2,850,000		213,206
Semiconductor Manufacturing International Corp. (a)(b)		14,500,837		1,402,755
SGSB Group Co., Ltd. (a)		329,100		255,053
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		144,000		273,771
Shandong Weigao Group Medical Polymer Co., Ltd. (b)		472,000		415,805
Shanghai Electric Group Co., Ltd. (Class H)		1,590,418		1,050,289
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H)		83,000		276,736
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (a)(b)		472,000		453,551
Shanghai Highly Group Co., Ltd.		541,200		353,404
Shanghai Jinjiang International Travel Co., Ltd. (Class B)		431,049		1,125,469
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. (Class B)		121,185		290,117
Shanghai Mechanical and Electrical Industry Co., Ltd. (Class B)		93,435		231,625
Shanghai Prime Machinery Co., Ltd. (Class H)		1,182,000		245,454
Shenzhou International Group Holdings, Ltd.		127,000		573,323
Sihuan Pharmaceutical Holdings Group, Ltd. (b)		1,459,000		829,891
Sina Corp. (a)(b)		28,453		915,049
Sinopec Oilfield Service Corp. (Class H) (a)(b)		394,000		172,275
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		2,826,878		1,053,737
Sinopharm Group Co.		233,600		953,617
Sohu.com, Inc. (a)(b)		8,025		427,973
SouFun Holdings, Ltd. ADR		38,518		231,108
SPT Energy Group, Inc. (b)		492,000		83,131
Sunny Optical Technology Group Co., Ltd. (b)		226,800		412,467
TAL Education Group ADR (a)(b)		12,498		415,184
Tencent Holdings, Ltd.		1,357,070		25,765,435
Tingyi Cayman Islands Holding Corp.		1,098,383		2,363,074
Tong Ren Tang Technologies Co., Ltd. (Class H)		263,000		386,712
Trina Solar, Ltd. ADR (a)(b)		15,572		188,266
Tsingtao Brewery Co., Ltd. (Class H) (b)		72,000		482,442
Vipshop Holdings, Ltd. ADS (a)		73,758		2,171,436
Want Want China Holdings, Ltd. (b)		2,151,000		2,283,325
Wisdom Holdings Group		316,000		202,568
WuXi PharmaTech Cayman, Inc. ADR (a)		17,414		675,315
Xinchen China Power Holdings, Ltd. (a)		495,000		193,453
Xinyi Glass Holdings, Ltd. (b)		658,000		406,526
Xinyi Solar Holdings, Ltd. (b)		517,200		160,769
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		876,882		749,863
Yestar International Holdings Co., Ltd. (b)		800,000		305,428
Youku Tudou, Inc. ADR (a)(b)		30,174		377,175

See accompanying notes to financial statements.

157

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
YY, Inc. ADR (a)(b)		7,068	$	385,595
Zhejiang Expressway Co., Ltd. (Class H)		386,000		511,809
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		162,000		1,063,556
Zijin Mining Group Co., Ltd. (Class H) (b)		3,114,685		988,272
ZTE Corp. (Class H)		150,800		345,828
				232,929,197
HONG KONG — 10.9%
AAC Technologies Holdings, Inc.		161,000		993,654
Agile Property Holdings, Ltd.		1,085,598		652,503
AviChina Industry & Technology Co., Ltd. (Class H) (b)		872,000		626,468
Beijing Enterprises Holdings, Ltd.		158,000		1,243,124
Beijing Enterprises Water Group, Ltd. (a)		902,000		614,282
Belle International Holdings, Ltd.		1,206,000		1,404,632
C.banner International Holdings, Ltd. (b)		348,000		107,725
Carnival Group International Holdings, Ltd. (a)(b)		1,880,000		329,780
Changshouhua Food Co., Ltd.		159,000		97,003
China Everbright International, Ltd.		569,000		952,608
China Gas Holdings, Ltd.		540,000		884,555
China High Speed Transmission Equipment Group Co., Ltd. (a)		352,000		243,352
China Huishan Dairy Holdings Co., Ltd. (b)		1,181,000		210,211
China Medical System Holdings, Ltd.		325,000		499,674
China Mengniu Dairy Co., Ltd.		600,390		3,190,495
China Merchants Holdings International Co., Ltd.		737,375		2,886,520
China Mobile, Ltd.		1,491,636		19,470,217
China Modern Dairy Holdings, Ltd. (a)(b)		711,000		236,601
China Ocean Shipbuilding Industry Group, Ltd. (a)		3,357,800		72,760
China Overseas Land & Investment, Ltd.		1,399,084		4,520,422
China Pharmaceutical Group, Ltd.		590,000		499,210
China Resources Enterprise, Ltd.		778,746		1,526,746
China Resources Gas Group, Ltd.		132,000		410,316
China Resources Land, Ltd.		788,767		2,228,026
China Resources Power Holdings Co., Ltd.		638,000		1,601,367
China Singyes Solar Technologies Holdings, Ltd. (b)		142,000		194,143
China Taiping Insurance Holdings Co., Ltd. (a)		235,741		804,245
China Unicom (Hong Kong), Ltd.		1,708,172		2,599,806
China Yurun Food Group, Ltd. (a)(b)		358,659		104,548
CITIC, Ltd. (b)		1,212,000		2,076,004
Citychamp Watch & Jewellery Group, Ltd.		870,000		92,015
CNOOC, Ltd.		4,304,249		6,084,647
Comba Telecom Systems Holdings, Ltd. (b)		457,600		136,931
COSCO Pacific, Ltd.		1,027,283		1,346,205
Dawnrays Pharmaceutical Holdings, Ltd.		284,000		205,132
Digital China Holdings, Ltd.		283,000		308,805
EVA Precision Industrial Holdings, Ltd.		818,000		245,831
Evergrande Real Estate Group, Ltd. (b)		324,000		163,399
GCL Poly Energy Holdings, Ltd. (a)(b)		2,018,000		533,584
Geely Automobile Holdings, Ltd. (b)		900,000		463,173
GOME Electrical Appliances Holding, Ltd. (b)		3,108,322		449,026
Guangdong Investment, Ltd.		614,000		804,618
Haier Electronics Group Co., Ltd.		172,000		450,352
Hanergy Thin Film Power Group, Ltd. (a)(b)		4,918,000		4,427,630
Hang Fat Ginseng Holdings Co., Ltd. (b)		750,000		327,935
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H)		1,185,600		282,903
Huabao International Holdings, Ltd.		541,000		402,625
Imperial Pacific International Holdings, Ltd. (a)(b)		622,700		109,231
Kingboard Chemical Holdings, Ltd.		244,200		386,787
Kunlun Energy Co., Ltd. (b)		816,000		792,524
Lenovo Group, Ltd. (b)		2,413,703		3,524,177
Li Ning Co., Ltd. (a)(b)		601,374		341,291
Lijun International Pharmaceutical Holding Co., Ltd.		758,000		331,433
Minth Group, Ltd.		170,000		335,919
NetDragon Websoft, Inc. (b)		259,500		569,671
NVC Lighting Holdings, Ltd. (c)		170,000		38,591
Shimao Property Holdings, Ltd.		325,500		684,331
Sino Biopharmaceutical, Ltd.		780,000		789,754
Sino-Ocean Land Holdings, Ltd.		1,677,211		1,014,584
Sinotrans, Ltd. (Class H)		484,000		277,800
Skyworth Digital Holdings, Ltd.		225,835		177,684
Sun Art Retail Group, Ltd. (b)		478,500		416,594
Sunac China Holdings, Ltd.		568,000		493,050
Tech Pro Technology Development, Ltd. (a)(b)		831,200		671,131
Uni-President China Holdings, Ltd. (b)		374,000		247,466
United Laboratories International Holdings, Ltd. (a)		286,000		133,906
WH Group, Ltd. (a)(d)		1,814,500		1,032,103
				80,373,835
INDIA — 16.5%
Adani Enterprises, Ltd.		53,930		530,284
AIA Engineering, Ltd.		14,326		286,732
Apollo Hospitals Enterprise, Ltd.		109,091		2,386,776
Apollo Tyres, Ltd.		93,090		250,273
Arvind, Ltd.		55,035		230,143

See accompanying notes to financial statements.

158

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Asian Paints, Ltd.		55,693	$	722,001
Aurobindo Pharma, Ltd.		35,083		684,828
Axis Bank, Ltd.		165,316		1,479,837
Bharat Forge, Ltd.		28,312		577,652
Bharat Heavy Electricals, Ltd.		326,546		1,228,045
Bharti Airtel, Ltd.		524,280		3,294,906
Bharti Infratel Ltd.		104,429		642,447
Cipla, Ltd.		322,287		3,669,044
DLF, Ltd.		127,943		323,531
Dr Reddy’s Laboratories, Ltd.		19,192		1,069,907
Eicher Motors, Ltd.		1,746		443,833
Escorts, Ltd.		95,373		194,080
GAIL India, Ltd.		95,699		593,022
Glenmark Pharmaceuticals, Ltd.		29,995		376,799
Godrej Consumer Products, Ltd.		30,881		513,661
Godrej Industries, Ltd.		36,408		201,206
Gujarat Mineral Development Corp., Ltd.		80,603		144,446
Gujarat Pipavav Port, Ltd. (a)		73,492		284,250
Havells India, Ltd.		69,818		340,548
HCL Technologies, Ltd.		106,324		1,665,675
HDFC Bank, Ltd.		451,400		7,376,759
Hero Motocorp, Ltd.		25,467		1,074,248
Hindalco Industries, Ltd.		219,998		453,486
Hindustan Unilever, Ltd.		386,096		5,389,380
Hindustan Zinc, Ltd.		683,237		1,770,289
Housing Development & Infrastructure, Ltd. (a)		119,127		193,687
Housing Development Finance Corp., Ltd.		392,284		8,247,327
ICICI Bank Ltd.		935		4,714
ICICI Bank, Ltd. ADR		456,012		4,724,284
Idea Cellular, Ltd.		586,297		1,723,817
IDFC, Ltd.		273,744		730,276
IIFL Holdings, Ltd.		220,344		627,605
Indiabulls Housing Finance, Ltd.		143,516		1,279,418
Indian Hotels Co., Ltd. (a)		1,001,495		1,870,764
Indian Oil Corp., Ltd.		112,714		663,969
Infosys, Ltd. ADR (b)		270,639		9,494,016
ITC, Ltd. GDR (a)		445,202		2,359,571
Jaiprakash Associates, Ltd. (a)		570,010		225,886
Jindal Steel & Power, Ltd.		105,910		265,362
JSW Steel, Ltd.		29,005		420,166
Just Dial, Ltd.		11,211		237,141
Kotak Mahindra Bank, Ltd.		26,262		551,101
KPIT Technologies Ltd.		103,571		311,965
Larsen & Toubro, Ltd. GDR		69,465		1,938,074
LIC Housing Finance, Ltd.		78,495		548,877
Mahindra & Mahindra Financial Services, Ltd.		73,323		297,481
Mahindra & Mahindra, Ltd.		140,585		2,668,321
Mindtree, Ltd.		13,004		270,891
Motherson Sumi Systems, Ltd.		56,362		463,775
Mundra Port and Special Economic Zone, Ltd.		85,019		418,701
NTPC, Ltd.		286,100		671,348
Oil & Natural Gas Corp., Ltd.		499,345		2,444,412
Power Finance Corp., Ltd.		80,611		351,716
Ranbaxy Laboratories, Ltd. (a)		31,606		411,102
Reliance Capital, Ltd.		66,516		451,243
Reliance Communications, Ltd. (a)		398,365		377,160
Reliance Industries, Ltd. GDR (d)		271,375		7,152,088
Reliance Infrastructure, Ltd.		131,627		912,411
Rural Electrification Corp., Ltd.		75,424		401,578
Sesa Sterlite, Ltd.		258,595		783,042
Shriram City Union Finance, Ltd.		10,626		333,673
Shriram Transport Finance Co., Ltd.		37,951		675,773
Siemens India, Ltd.		122,886		2,742,691
Sintex Industries, Ltd.		192,823		371,896
SKS Microfinance, Ltd. (a)		57,233		418,813
State Bank of India		363,748		1,552,205
Steel Authority of India, Ltd.		409,147		440,651
Sun Pharmaceutical Industries, Ltd.		218,323		3,572,011
Suzlon Energy, Ltd. (a)		140,819		61,542
Tata Consultancy Services, Ltd.		140,388		5,729,255
Tata Motors, Ltd.		472,786		4,156,626
Tata Steel, Ltd.		68,256		345,472
Tech Mahindra, Ltd.		71,096		715,376
Unitech, Ltd. (a)		209,241		53,998
United Spirits, Ltd. (a)		19,356		1,131,181
UPL, Ltd.		60,479		427,297
Vakrangee, Ltd.		211,775		347,706
Wipro, Ltd. ADR (b)		214,948		2,863,107
WNS Holdings, Ltd. ADR (a)		19,258		468,355
Yes Bank, Ltd.		17,113		223,069
Zee Entertainment Enterprises, Ltd.		452,616		2,471,691
				121,793,765
INDONESIA — 4.5%
Ace Hardware Indonesia Tbk PT		4,391,000		246,836
Adaro Energy Tbk PT		5,320,200		386,554
AKR Corporindo Tbk PT		245,600		96,268
Astra International Tbk PT		6,324,600		4,147,873
Bank Central Asia Tbk PT		4,093,696		4,641,609
Bank Mandiri Persero Tbk PT		2,673,405		2,550,725
Bank Negara Indonesia Persero Tbk PT		1,024,400		566,064
Bank Rakyat Indonesia Persero Tbk PT		3,959,396		4,019,960
Bumi Resources Tbk PT (a)		7,248,164		43,240
Charoen Pokphand Indonesia Tbk PT		690,000		187,078
Ciputra Surya Tbk PT		835,400		196,151
Citra Marga Nusaphala Persada Tbk PT		705,500		134,895
Eagle High Plantations Tbk PT		703,100		18,176
Garda Tujuh Buana Tbk PT (a)(c)		127,500		2,535
Garuda Indonesia Tbk PT (a)		6,445,800		242,549
Global Mediacom Tbk PT		654,400		87,587
Gudang Garam Tbk PT		185,600		723,946
Indocement Tunggal Prakarsa Tbk PT		638,125		1,070,049
Indosat Tbk PT (a)		1,414,348		461,353
Intiland Development Tbk PT		2,324,200		102,211

See accompanying notes to financial statements.

159

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Kalbe Farma Tbk PT		1,861,000	$	265,451
Kawasan Industri Jababeka Tbk PT		11,879,737		300,741
Lippo Cikarang Tbk PT (a)		604,900		540,131
Lippo Karawaci Tbk PT		3,055,500		315,482
Matahari Putra Prima Tbk PT		839,800		254,349
Mayora Indah Tbk PT		133,800		295,742
Media Nusantara Citra Tbk PT		853,000		186,910
Metropolitan Land Tbk PT		3,845,500		127,644
MNC Investama Tbk PT		5,131,900		117,357
Modernland Realty Tbk PT		10,529,400		410,707
Pakuwon Jati Tbk PT		4,203,800		165,580
Pembangunan Perumahan Persero PT Tbk		1,107,300		321,392
Perusahaan Gas Negara Persero Tbk PT		6,182,540		2,269,690
Selamat Sempurna Tbk PT		1,096,700		373,255
Semen Indonesia Persero Tbk PT		1,023,100		1,068,093
Summarecon Agung Tbk PT		1,591,300		209,334
Surya Semesta Internusa Tbk PT		2,532,500		220,807
Telekomunikasi Indonesia Persero Tbk PT		15,956,670		3,526,943
Tiga Pilar Sejahtera Food Tbk		1,681,400		269,410
Tower Bersama Infrastructure Tbk PT		604,200		437,843
United Tractors Tbk PT		522,145		870,574
Wijaya Karya Persero Tbk PT		912,100		243,808
XL Axiata Tbk PT		198,200		65,940
				32,782,842
MALAYSIA — 5.4%
7-Eleven Malaysia Holdings Bhd (Class B)		403,100		174,149
Aeon Credit Service M Bhd		73,200		260,504
AirAsia Bhd		368,200		236,618
Alliance Financial Group Bhd		1,573,110		2,034,615
APM Automotive Holdings Bhd		88,200		110,741
Astro Malaysia Holdings Bhd		400,800		346,310
Axiata Group Bhd		798,500		1,526,497
Berjaya Auto Bhd		332,700		339,572
British American Tobacco Malaysia Bhd		25,800		478,312
Bursa Malaysia Bhd		688,934		1,596,072
Cahya Mata Sarawak Bhd		418,600		508,627
Carlsberg Brewery Malay Bhd		726,203		2,662,842
CB Industrial Product Holding Bhd		339,400		186,952
CIMB Group Holdings Bhd		678,006		1,138,706
Coastal Contracts Bhd		167,900		131,473
Cypark Resources Bhd		343,600		166,071
Dialog Group Bhd		1,098,100		468,475
Eastern & Oriental Bhd		598,370		323,138
ECM Libra Financial Group Bhd (a)		1,648,831		458,565
Eco World Development Group Bhd (a)		461,700		231,879
Faber Group Bhd		136,100		121,272
Genting Bhd		1,088,200		2,644,471
Genting Malaysia Bhd		967,300		1,104,814
IJM Corp. Bhd		1,183,340		2,300,540
Inari Amertron Bhd		234,162		209,282
IOI Corp. Bhd		1,894,396		2,347,854
IOI Properties Group Bhd		786,913		463,203
Karex Bhd		301,500		373,670
KNM Group Bhd (a)		1,225,000		213,346
Kuala Lumpur Kepong Bhd		92,000		565,886
Land & General Bhd		1,950,600		263,346
Landmarks Bhd (a)		1,903,700		647,674
Lingkaran Trans Kota Holdings Bhd		88,600		89,473
Malayan Banking Bhd		803,611		2,024,488
Maxis Bhd		654,000		1,269,680
Media Prima Bhd		457,000		209,775
MKH Bhd		243,800		181,031
Muhibbah Engineering M Bhd		498,700		296,244
Oldtown Bhd		304,600		141,464
OSK Holdings Bhd		1,684,925		996,351
Padini Holdings Bhd		319,600		125,993
PPB Group Bhd		185,000		768,273
Press Metal Bhd		264,000		235,950
Prestariang Bhd		321,300		225,565
Public Bank Bhd		336,520		1,715,539
Salcon Bhd		1,056,500		216,806
SapuraKencana Petroleum Bhd		324,700		206,910
Sime Darby Bhd		624,605		1,563,410
TA Enterprise Bhd		1,191,900		241,373
Tambun Indah Land Bhd		673,800		327,485
TAN Chong Motor Holdings Bhd		724,900		593,073
Telekom Malaysia Bhd		246,400		483,685
Tenaga Nasional Bhd		586,350		2,273,521
TSH Resources Bhd		318,100		194,974
Uzma Bhd		200,800		112,776
Wah Seong Corp. Bhd		1,916,700		641,746
Yinson Holdings Bhd		232,500		176,407
				39,947,468
PHILIPPINES — 3.0%
ABS-CBN Holdings Corp, PDR		343,300		482,310
Alliance Global Group, Inc.		1,464,200		868,038
Ayala Land, Inc.		4,125,275		3,553,089
BDO Unibank, Inc.		310,300		858,705
Belle Corp.		2,664,200		256,288
Cebu Air, Inc.		116,030		220,639
Cebu Holdings, Inc.		1,744,200		200,954
Cosco Capital, Inc.		3,353,900		673,781
D&L Industries, Inc.		1,483,600		665,463
First Gen Corp.		3,032,970		2,069,476
First Philippine Holdings Corp.		1,585,094		3,404,229
GMA Holdings, Inc.		325,300		46,575
JG Summit Holdings, Inc.		631,660		1,024,504
Jollibee Foods Corp.		83,110		409,042
LT Group, Inc.		994,800		362,757
Megawide Construction Corp. (a)		2,546,318		461,413
Nickel Asia Corp.		804,300		431,839
Pepsi-Cola Products Philippines, Inc. (a)		2,197,000		200,532
Philex Mining Corp.		1,672,100		272,324
Philippine Long Distance Telephone Co.		40,669		2,598,449
Puregold Price Club, Inc.		622,200		578,354

See accompanying notes to financial statements.

160

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Robinsons Retail Holdings, Inc.		316,080	$	593,976
SM Investments Corp.		22,360		449,951
SM Prime Holdings, Inc.		1,927,300		861,464
Universal Robina Corp.		65,070		328,989
				21,873,141
SINGAPORE — 0.2%
Nam Cheong, Ltd. (b)		705,000		156,758
SIIC Environment Holdings, Ltd. (a)(b)		1,429,000		179,185
Silverlake Axis, Ltd.		327,000		326,595
Yangzijiang Shipbuilding Holdings, Ltd.		548,000		505,373
				1,167,911
TAIWAN — 22.8%
Acer, Inc. (a)		1,249,395		806,577
Advanced Semiconductor Engineering, Inc.		2,323,636		3,137,540
Advantech Co., Ltd.		80,000		609,779
Airtac International Group		38,000		304,826
Asia Cement Corp.		1,895,073		2,383,225
Asustek Computer, Inc.		262,138		2,638,973
AU Optronics Corp. ADR (b)		349,653		1,751,762
Catcher Technology Co., Ltd.		260,539		2,731,122
Cathay Financial Holding Co., Ltd.		2,526,604		4,037,399
Center Laboratories, Inc. (a)		65,000		181,767
Chang Hwa Commercial Bank, Ltd.		4,971,254		2,875,669
China Development Financial Holding Corp.		5,938,272		2,059,132
China Steel Chemical Corp.		55,877		265,188
China Steel Corp.		3,887,625		3,230,369
Chunghwa Picture Tubes, Ltd. (a)		1,827,368		85,850
Chunghwa Telecom Co., Ltd.		998,268		3,174,422
Coland Holdings, Ltd.		177,411		405,964
Compal Electronics, Inc.		2,001,431		1,666,260
CTBC Financial Holding Co., Ltd.		6,141,562		4,082,598
Delta Electronics, Inc.		613,893		3,874,844
Eclat Textile Co., Ltd.		53,000		697,012
eMemory Technology, Inc.		16,000		174,113
Epistar Corp.		357,170		575,307
Everlight Electronics Co., Ltd.		305,996		693,356
Far Eastern New Century Corp.		2,674,697		2,761,033
Far EasTone Telecommunications Co., Ltd.		286,000		690,093
Firich Enterprises Co., Ltd.		58,000		197,411
First Financial Holding Co., Ltd		4,302,980		2,557,860
Formosa Chemicals & Fibre Corp.		1,350,691		3,099,380
Formosa Petrochemical Corp.		395,000		864,733
Formosa Plastics Corp.		2,028,137		4,919,642
Foxconn Technology Co., Ltd.		647,572		1,738,448
Fubon Financial Holding Co., Ltd.		2,712,998		4,872,818
Giant Manufacturing Co., Ltd.		40,000		386,066
Hermes Microvision, Inc.		9,000		519,175
Himax Technologies, Inc. ADR		36,873		233,406
Hiwin Technologies Corp.		44,000		325,535
Hon Hai Precision Industry Co., Ltd.		3,638,784		10,652,369
Hotai Motor Co., Ltd.		78,000		1,205,273
HTC Corp. (a)		225,710		1,006,281
Hua Nan Financial Holdings Co., Ltd.		3,822,729		2,186,860
Innolux Corp.		1,788,753		894,662
Inotera Memories, Inc. (a)		479,000		639,126
Inventec Corp.		710,000		513,950
King Yuan Electronics Co., Ltd.		2,110,898		1,919,305
Largan Precision Co., Ltd.		31,710		2,731,174
Lite-On Technology Corp.		1,114,907		1,444,854
Macronix International Co., Ltd. (a)		2,617,374		637,405
MediaTek, Inc.		423,219		5,728,132
Medigen Biotechnology Corp. (a)		34,000		151,582
Mega Financial Holding Co., Ltd.		3,545,986		2,940,823
Merry Electronics Co., Ltd.		48,000		154,171
MIN AIK Technology Co., Ltd.		64,000		240,332
Motech Industries, Inc.		199,507		270,026
Nan Ya Plastics Corp.		2,015,759		4,477,317
Novatek Microelectronics Corp.		301,062		1,558,710
Pegatron Corp.		618,630		1,674,591
Pou Chen Corp.		309,000		432,541
Powertech Technology, Inc.		684,518		1,179,147
President Chain Store Corp.		89,000		669,847
ProMOS Technologies, Inc. (a)(e)		1,135,850		0
Quanta Computer, Inc.		1,088,194		2,629,194
Realtek Semiconductor Corp.		346,161		1,106,299
Shin Kong Financial Holding Co., Ltd.		4,422,308		1,256,450
Siliconware Precision Industries Co., Ltd.		1,354,745		2,255,744
SinoPac Financial Holdings Co., Ltd.		5,584,570		2,329,135
Synnex Technology International Corp.		390,000		527,229
Tainan Enterprises Co., Ltd.		1,336,567		1,281,464
Taishin Financial Holding Co., Ltd.		5,800,968		2,465,736
Taiwan Cement Corp.		2,068,216		2,914,935
Taiwan FU Hsing Industrial Co., Ltd.		2,696,000		3,299,994
Taiwan Mobile Co., Ltd.		514,200		1,799,454
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		944,715		22,181,908
Tatung Co., Ltd. (a)		1,380,107		371,822
Teco Electric & Machinery Co., Ltd.		281,000		267,619
TPK Holding Co., Ltd.		61,000		426,942
Tripod Technology Corp.		700,361		1,410,123
Uni-President Enterprises Corp.		2,000,819		3,350,684
United Integrated Services Co., Ltd.		1,999,000		2,121,023
United Microelectronics Corp. ADR (b)		1,125,995		2,747,428
Via Technologies, Inc. (a)		271,490		77,655
Walsin Lihwa Corp. (a)		901,000		277,873
Wistron Corp.		1,350,736		1,148,277
Yageo Corp.		578,564		1,192,630

See accompanying notes to financial statements.

161

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Yuanta Financial Holding Co., Ltd.		3,156,618	$	1,588,902
				167,945,652
THAILAND — 4.9%
Advanced Info Service PCL		431,130		3,140,068
Airports of Thailand PCL		73,600		633,313
Bangkok Expressway PCL		2,427,642		2,909,589
Bank of Ayudhya PCL NVDR		151,600		192,179
BEC World PCL		261,900		329,991
Big C Supercenter PCL		1,000		7,068
Big C Supercenter PCL NVDR		67,400		476,398
Bumrungrad Hospital PCL		74,100		346,134
Central Plaza Hotel PCL		100,700		101,350
Charoen Pokphand Foods PCL		491,200		339,643
Chularat Hospital PCL		420,800		253,463
CP ALL PCL		1,563,700		1,970,243
E for L Aim PCL (a)		6,005,400		199,319
Electricity Generating PCL		581,146		2,705,704
Energy Absolute PCL		479,000		371,689
Gunkul Engineering PCL		398,400		410,154
Hana Microelectronics PCL		216,000		292,071
Ichitan Group PCL		283,900		184,090
Indorama Ventures PCL		353,000		282,053
IRPC PCL		6,316,939		834,752
Jasmine International PCL		686,200		121,255
Kasikornbank PCL		379,554		2,682,773
KCE Electronics PCL		333,000		542,379
MC Group PCL		630,200		282,757
Mega Lifesciences PCL		482,300		263,827
Minor International PCL		390,600		420,129
Nok Airlines PCL (a)		829,200		282,856
PTT Exploration & Production PCL		878,053		2,941,235
PTT PCL		238,555		2,367,955
Raimon Land PCL (a)		7,022,700		369,048
Siam Cement PCL NVDR		104,800		1,648,974
Siam Commercial Bank PCL		500,197		2,736,173
Siam Global House PCL		305,091		87,196
SNC Former PCL		84,000		39,754
Somboon Advance Technology PCL		349,700		208,487
Srisawad Power 1979 PCL (a)		502,700		602,498
SVI PCL		2,045,100		282,820
Thai Beverage PCL		2,098,000		1,170,059
Thai Oil PCL		903,505		1,443,831
Thai Union Frozen Products PCL		454,000		280,436
TMB Bank PCL		4,195,900		384,259
True Corp. PCL NVDR (a)(b)		2,230,500		856,830
				35,994,802
TOTAL COMMON STOCKS —
(Cost $644,171,358)				734,808,613
	Principal
	Amount		Value
CORPORATE BONDS & NOTES — 0.0% (f)
INDIA — 0.0% (f)
NTPC, Ltd. 8.49%, 3/25/2025 (Cost $0)	INR	3,576,250		58,079
Security Description	Shares		Value
PREFERRED STOCKS — 0.0% (f)
INDIA — 0.0% (f)
Zee Entertainment Enterprises, Ltd. (a) (Cost $28,252)		6,086,083		79,746
RIGHTS — 0.0% (f)
MALAYSIA — 0.0% (f)
KNM Group Bhd (expiring 4/13/15) (a) (Cost $0)		245,000		9,923
WARRANTS — 0.0% (f)
MALAYSIA — 0.0% (f)
CB Industrial Product Holding Bhd (expiring 11/6/19) (a)		55,233		7,159
Eastern & Oriental Bhd (expiring 7/21/19) (a)		102,340		11,744
Inari Amertron Bhd (expiring 2/17/20) (a)		24,462		9,643
				28,546
THAILAND — 0.0% (f)
Minor International PCL (expiring 11/3/17) (a)		19,060		2,507
TOTAL WARRANTS —
(Cost $0)				31,053
SHORT TERM INVESTMENTS — 6.0%
UNITED STATES — 6.0%
MONEY MARKET FUNDS — 6.0%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		41,876,836		41,876,836
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h)(i)		2,389,810		2,389,810
TOTAL SHORT TERM INVESTMENT —
(Cost $44,266,646)				44,266,646
TOTAL INVESTMENTS — 105.8%
(Cost $688,466,256)				779,254,060
OTHER ASSETS & LIABILITIES — (5.8)%				(42,495,246	)
NET ASSETS — 100.0%			$	736,758,814

See accompanying notes to financial statements.

162

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

March 31, 2015 (Unaudited)

(a)	Non-income producing security
(b)	A portion of the security was on loan at March 31, 2015.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees (see accompanying Notes to Schedules of Investments).
(d)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.1% of net assets as of March 31, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(f)	Amount shown represents less than 0.05% of net assets.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

INR = Indian Rupee

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PDR = Philippine Depository Receipts

See accompanying notes to financial statements.

163

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
RUSSIA — 99.2%
BANKS — 9.7%
Bank Otkritie Financial Corp. PJSC GDR (a)(b)		2,731	$	26,428
Sberbank of Russia ADR (c)		295,154		1,296,907
Sberbank of Russia ADR (c)		162,327		709,369
VTB Bank OJSC GDR		457,676		923,590
				2,956,294
CHEMICALS — 2.8%
PhosAgro OAO GDR		15,146		171,150
Uralkali PJSC GDR		50,815		678,380
				849,530
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%
Rostelecom OJSC ADR (c)		3,500		27,790
Rostelecom OJSC ADR (c)		60,505		478,595
				506,385
ELECTRIC UTILITIES — 1.1%
RusHydro JSC ADR (c)		333,465		322,794
RusHydro JSC ADR (c)		1,612		1,548
				324,342
ENERGY EQUIPMENT & SERVICES — 1.0%
Eurasia Drilling Co., Ltd. GDR		13,807		265,094
TMK OAO GDR		18,315		54,945
				320,039
FOOD & STAPLES RETAILING — 8.6%
Lenta, Ltd. GDR (a)		17,753		136,698
Magnit PJSC GDR		39,998		2,041,898
O’Key Group SA GDR		19,944		72,696
X5 Retail Group NV GDR (a)		23,885		366,635
				2,617,927
HOUSEHOLD DURABLES — 1.5%
PIK Group GDR		136,478		444,236
INTERNET SOFTWARE & SERVICES — 3.1%
Mail.ru Group, Ltd. GDR (a)		17,895		355,574
Yandex NV (Class A) (a)		39,625		600,913
				956,487
IT SERVICES — 0.6%
Luxoft Holding, Inc. (a)		1,428		73,885
QIWI PLC ADR		5,168		124,135
				198,020
MEDIA — 0.2%
CTC Media, Inc.		16,450		65,142
METALS & MINING — 11.3%
Evraz PLC		66,097		184,173
IRC, Ltd. (a)		304,000		14,508
Magnitogorsk Iron & Steel Works GDR		39,356		130,859
Mechel ADR (a)		34,755		43,096
MMC Norilsk Nickel OJSC ADR		80,388		1,428,093
Novolipetsk Steel OJSC GDR		19,132		255,412
Polymetal International PLC		34,998		299,258
Polyus Gold International, Ltd.		134,372		373,019
Severstal PAO GDR		46,061		517,265
United Co. RUSAL PLC (a)		320,000		199,354
				3,445,037
OIL, GAS & CONSUMABLE FUELS — 50.2%
Exillon Energy PLC (a)		39,109		75,475
Gazprom Neft JSC ADR		18,286		243,204
Gazprom OAO ADR		991,126		4,711,813
Lukoil OAO ADR (c)		80,411		3,724,637
Lukoil OAO ADR (c)		15,760		723,857
NOVATEK OAO GDR		17,234		1,292,550
Rosneft OAO GDR		240,007		1,033,230
Surgutneftegas OAO ADR		200,559		1,235,443
Surgutneftegas OAO ADR Preference Shares		111,286		838,540
Tatneft OAO ADR		46,875		1,396,406
				15,275,155
PHARMACEUTICALS — 0.2%
Pharmstandard OJSC GDR (a)		13,858		58,619
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%
Etalon Group, Ltd. GDR		34,416		73,478
LSR Group OJSC GDR		62,516		141,911
				215,389
ROAD & RAIL — 0.3%
Globaltrans Investment PLC GDR		22,953		103,748
WIRELESS TELECOMMUNICATION SERVICES — 6.2%
MegaFon OAO GDR		16,823		269,168
Mobile Telesystems OJSC ADR		97,558		985,336
Sistema JSFC GDR		39,907		295,312
VimpelCom, Ltd. ADR		62,405		327,002
				1,876,818
TOTAL COMMON STOCKS —
(Cost $44,133,311)				30,213,168
SHORT TERM INVESTMENT — 0.9%
UNITED STATES — 0.9%
MONEY MARKET FUND — 0.9%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e) (Cost $278,913)		278,913		278,913
TOTAL INVESTMENTS — 100.1%
(Cost $44,412,224)				30,492,081
OTHER ASSETS & LIABILITIES — (0.1)%				(40,740	)
NET ASSETS — 100.0%			$	30,451,341

(a)	Non-income producing security
(b)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

164

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

March 31, 2015 (Unaudited)

OJSC = Open Joint Stock Company

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PJSC = Private Joint Stock Company

PLC = Public Limited Company

See accompanying notes to financial statements.

165

SPDR S&P China ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co., Ltd. (Class H)		2,060,000	$	1,479,959
AIR FREIGHT & LOGISTICS — 0.1%
Sinotrans, Ltd. (Class H)		1,200,000		688,761
AIRLINES — 0.5%
Air China, Ltd.		2,152,000		2,195,564
China Eastern Airlines Corp., Ltd. (a)		2,042,000		1,298,465
China Southern Airlines Co., Ltd. (Class H)		2,086,000		1,466,352
				4,960,381
AUTO COMPONENTS — 0.2%
Minth Group, Ltd.		784,000		1,549,181
Xinyi Glass Holdings, Ltd. (b)		1,810,000		1,118,257
				2,667,438
AUTOMOBILES — 2.2%
BAIC Motor Corp., Ltd. (Class H) (a)(c)		547,500		683,576
Brilliance China Automotive Holdings, Ltd.		2,250,000		4,335,713
BYD Co., Ltd. (b)		542,000		2,789,328
Dongfeng Motor Group Co., Ltd. (Class H)		3,201,300		5,136,582
Geely Automobile Holdings, Ltd. (b)		4,045,000		2,081,703
Great Wall Motor Co., Ltd. (Class H)		951,500		6,725,379
Guangzhou Automobile Group Co., Ltd. (Class H)		2,682,637		2,567,398
				24,319,679
BANKS — 18.6%
Agricultural Bank of China, Ltd. (Class H)		21,807,000		10,800,766
Bank of China, Ltd. (Class H)		61,548,700		35,565,123
Bank of Chongqing Co., Ltd. (Class H)		1,046,000		863,454
Bank of Communications Co., Ltd. (Class H)		18,599,824		15,953,570
China CITIC Bank Corp., Ltd. (Class H)		7,338,471		5,527,717
China Construction Bank Corp. (Class H)		75,805,623		62,967,247
China Merchants Bank Co., Ltd. (Class H)		4,262,235		10,412,255
China Minsheng Banking Corp., Ltd. (Class H) (b)		5,873,300		7,173,970
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		1,614,000		1,047,126
Huishang Bank Corp., Ltd. (Class H) (b)		6,428,700		2,893,850
Industrial & Commercial Bank of China, Ltd. (Class H)		73,529,789		54,248,379
				207,453,457
BEVERAGES — 0.2%
Tibet 5100 Water Resources Holdings, Ltd. (b)		2,077,000		656,342
Tsingtao Brewery Co., Ltd. (Class H)		259,000		1,735,452
				2,391,794
BUILDING PRODUCTS — 0.0% (d)
China Lesso Group Holdings, Ltd.		548,000		324,430
CAPITAL MARKETS — 1.3%
Central China Securities Co., Ltd. (Class H) (a)		552,000		516,896
China Cinda Asset Management Co., Ltd. (Class H) (a)		10,666,400		5,282,950
China Everbright, Ltd.		780,000		2,032,233
China Financial International Investments, Ltd. (a)(b)		5,010,000		568,654
CITIC Securities Co., Ltd. (Class H) (b)		804,000		2,981,407
Guotai Junan International Holdings, Ltd. (b)		860,000		765,376
Haitong Securities Co., Ltd. (Class H) (b)		1,092,000		2,659,206
Shenyin Wanguo HK, Ltd. (b)		70,000		56,429
				14,863,151
CHEMICALS — 0.5%
China Bluechemical, Ltd. (Class H)		2,632,000		1,004,859
China Lumena New Materials Corp. (a)(b)(e)		3,654,548		0
Huabao International Holdings, Ltd. (b)		1,789,000		1,331,415
Sinopec Oilfield Service Corp. (Class H) (a)(b)		1,902,000		831,644
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		4,165,999		1,552,903
Yingde Gases Group Co., Ltd. (b)		1,449,000		1,080,249
				5,801,070
COMMERCIAL SERVICES & SUPPLIES — 0.3%
China Everbright International, Ltd.		2,141,000		3,584,419
COMMUNICATIONS EQUIPMENT — 0.6%
BYD Electronic International Co., Ltd.		727,000		918,942
China All Access Holdings, Ltd. (b)		2,690,000		1,006,185
China Fiber Optic Network System Group, Ltd.		1,112,000		301,198
Comba Telecom Systems Holdings, Ltd.		1,241,300		371,443
SIM Technology Group, Ltd. (a)		5,350,000		276,020
Suncorp Technologies, Ltd. (a)		8,250,000		734,227
Synertone Communication Corp. (b)		4,930,100		349,740
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. (Class H) (a)(c)		402,500		368,597
ZTE Corp. (Class H)		805,798		1,847,929
				6,174,281
CONSTRUCTION & ENGINEERING — 1.7%
China Communications Construction Co., Ltd. (Class H)		4,022,394		5,665,453

See accompanying notes to financial statements.

166

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
China Machinery Engineering Corp. (Class H)		695,000	$	702,794
China Railway Construction Corp., Ltd. (Class H)		1,812,875		2,707,721
China Railway Group, Ltd. (Class H)		3,679,000		3,767,712
China Singyes Solar Technologies Holdings, Ltd. (b)		381,000		520,905
China State Construction International Holdings, Ltd.		2,140,000		2,981,020
Concord New Energy Group, Ltd. (a)(b)		5,350,000		372,628
Metallurgical Corp. of China, Ltd.		3,049,000		1,120,804
Sinopec Engineering Group Co., Ltd. (Class H)		1,423,000		1,233,393
				19,072,430
CONSTRUCTION MATERIALS — 1.1%
Anhui Conch Cement Co., Ltd. (Class H) (b)		1,400,500		5,301,743
BBMG Corp. (Class H)		922,000		850,285
China National Building Material Co., Ltd. (Class H) (b)		3,742,000		3,726,048
China Resources Cement Holdings, Ltd.		1,001,163		566,887
China Shanshui Cement Group, Ltd. (b)		1,968,000		1,370,712
Dongpeng Holdings Co., Ltd.		770,000		297,947
				12,113,622
CONSUMER FINANCE — 0.1%
China Financial Services Holdings, Ltd.		3,880,000		300,269
Credit China Holdings, Ltd.		2,232,000		463,498
				763,767
CONTAINERS & PACKAGING — 0.0% (d)
Greatview Aseptic Packaging Co., Ltd.		692,000		358,806
DISTRIBUTORS — 0.0% (d)
Xinhua Winshare Publishing and Media Co., Ltd. (Class H)		324,000		315,932
DIVERSIFIED CONSUMER SERVICES — 0.5%
New Oriental Education & Technology Group, Inc. ADR (a)		149,682		3,318,450
TAL Education Group ADR (a)(b)		59,139		1,964,597
				5,283,047
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,356,000		1,240,033
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%
China Communications Services Corp., Ltd. (Class H)		2,291,600		1,016,775
China Telecom Corp., Ltd. (Class H)		14,104,951		9,041,810
China Unicom (Hong Kong), Ltd.		4,791,805		7,293,039
Citic Telecom International Holdings, Ltd.		1,724,000		620,396
				17,972,020
ELECTRICAL EQUIPMENT — 0.8%
Boer Power Holdings, Ltd.		207,000		308,642
China High Speed Transmission Equipment Group Co., Ltd. (a)		1,446,000		999,679
Shanghai Electric Group Co., Ltd. (Class H)		2,990,000		1,974,552
Tech Pro Technology Development, Ltd. (a)(b)		2,157,599		1,742,098
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H)		398,400		749,211
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		535,000		3,512,360
				9,286,542
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%
AAC Technologies Holdings, Inc. (b)		800,245		4,938,924
Anxin-China Holdings, Ltd. (b)		3,068,000		152,350
Avic International Holdings, Ltd. (a)		774,030		583,040
Digital China Holdings, Ltd.		1,051,000		1,146,834
Ju Teng International Holdings, Ltd.		1,088,000		634,300
Kingboard Chemical Holdings, Ltd.		878,499		1,391,448
Shijiazhuang Baoshi Electronic Glass Co. Ltd. (Class B) (a)		2,444,400		2,128,156
Sunny Optical Technology Group Co., Ltd. (b)		496,000		902,045
Wasion Group Holdings, Ltd.		546,000		660,576
				12,537,673
ENERGY EQUIPMENT & SERVICES — 0.3%
Anton Oilfield Services Group (b)		1,044,000		179,093
China Oilfield Services, Ltd. (Class H) (b)		1,571,900		2,615,424
Hilong Holding, Ltd. (b)		745,000		180,651
Honghua Group, Ltd. (b)		1,458,000		169,250
				3,144,418
FOOD & STAPLES RETAILING — 0.4%
China Resources Enterprise, Ltd.		1,309,854		2,567,994
Sun Art Retail Group, Ltd. (b)		1,901,000		1,655,058
Wumart Stores, Inc. (Class H) (b)		533,000		386,359
				4,609,411
FOOD PRODUCTS — 2.7%
Biostime International Holdings, Ltd. (b)		199,000		834,188
China Agri-Industries Holdings, Ltd.		2,309,600		893,687
China Huishan Dairy Holdings Co., Ltd. (b)		3,865,000		687,949
China Huiyuan Juice Group, Ltd. (a)		1,037,000		346,422
China Mengniu Dairy Co., Ltd.		1,332,110		7,078,883
China Milk Products Group, Ltd. (a)(f)		15,000		0
China Modern Dairy Holdings, Ltd. (a)(b)		2,866,000		953,725
China Yurun Food Group, Ltd. (a)(b)		1,576,000		459,401

See accompanying notes to financial statements.

167

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
CP Pokphand Co.		4,708,000	$	546,520
Imperial Pacific International Holdings, Ltd. (a)(b)		2,551,300		447,536
Shenguan Holdings Group, Ltd. (b)		2,084,000		637,050
Tingyi Cayman Islands Holding Corp.		2,133,844		4,590,776
Uni-President China Holdings, Ltd. (b)		1,401,400		927,272
Want Want China Holdings, Ltd. (b)		7,052,933		7,486,813
WH Group, Ltd. (a)(c)		5,951,606		3,385,324
YuanShengTai Dairy Farm, Ltd. (a)(b)		2,625,000		304,719
				29,580,265
GAS UTILITIES — 0.7%
China Gas Holdings, Ltd.		2,404,000		3,937,908
China Oil and Gas Group, Ltd.		2,760,000		338,190
China Resources Gas Group, Ltd.		960,000		2,984,116
				7,260,214
HEALTH CARE EQUIPMENT & SUPPLIES — 0.4%
Mindray Medical International, Ltd. ADR (b)		104,188		2,849,542
Shandong Weigao Group Medical Polymer Co., Ltd. (b)		2,080,000		1,832,363
				4,681,905
HEALTH CARE PROVIDERS & SERVICES — 0.6%
Phoenix Healthcare Group Co., Ltd. (b)		503,000		890,122
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		846,300		2,248,635
Sinopharm Group Co., Ltd. (Class H)		835,600		3,411,140
				6,549,897
HOTELS, RESTAURANTS & LEISURE — 0.3%
Ajisen China Holdings, Ltd.		524,000		301,435
China Lodging Group, Ltd. ADR (a)(b)		26,100		514,170
China Travel International Investment Hong Kong, Ltd.		3,684,000		1,197,423
Homeinns Hotel Group ADR (a)		21,452		507,769
REXLot Holdings, Ltd. (b)		6,402,210		478,945
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H)		1,596,187		514,696
				3,514,438
HOUSEHOLD DURABLES — 0.5%
Haier Electronics Group Co., Ltd.		1,204,000		3,152,462
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a)		379,000		327,034
Skyworth Digital Holdings, Ltd.		2,089,655		1,644,114
				5,123,610
HOUSEHOLD PRODUCTS — 0.1%
NVC Lighting Holdings, Ltd. (f)		2,237,000		507,816
Vinda International Holdings, Ltd.		519,000		847,478
				1,355,294
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.0%
Beijing Jingneng Clean Energy Co., Ltd. (Class H)		1,532,000		648,127
CGN Power Co., Ltd. (Class H) (a)(c)		7,075,000		3,047,897
China Datang Corp. Renewable Power Co., Ltd. (b)		2,513,000		385,715
China Longyuan Power Group Corp. (Class H)		2,753,000		2,993,376
China Power International Development, Ltd. (b)		3,040,000		1,591,941
China Resources Power Holdings Co., Ltd.		1,866,112		4,683,904
Datang International Power Generation Co., Ltd. (Class H)		3,766,287		1,928,552
Huadian Fuxin Energy Corp., Ltd. (Class H)		2,178,000		1,067,502
Huadian Power International Co., Ltd. (Class H)		1,338,000		1,113,123
Huaneng Power International, Inc. (Class H)		3,468,129		4,106,439
Huaneng Renewables Corp., Ltd. (Class H)		3,260,000		1,181,548
				22,748,124
INDUSTRIAL CONGLOMERATES — 1.4%
Beijing Enterprises Holdings, Ltd.		600,500		4,724,657
CITIC, Ltd.		4,923,000		8,432,480
Shanghai Industrial Holdings, Ltd.		784,000		2,416,804
				15,573,941
INSURANCE — 7.1%
China Life Insurance Co., Ltd. (Class H)		6,659,040		29,159,416
China Pacific Insurance Group Co., Ltd. (Class H)		1,748,600		8,322,317
China Taiping Insurance Holdings Co., Ltd. (a)		1,005,291		3,429,611
CNinsure Inc, ADR (a)		34,800		300,324
New China Life Insurance Co., Ltd. (Class H)		418,800		2,338,955
People’s Insurance Co. Group of China, Ltd. (Class H)		6,023,000		3,060,811
PICC Property & Casualty Co., Ltd. (Class H)		4,258,858		8,415,489
Ping An Insurance Group Co. of China, Ltd. (Class H)		2,058,300		24,742,980
				79,769,903
INTERNET & CATALOG RETAIL — 2.2%
Ctrip.com International, Ltd. ADR (a)		128,907		7,556,528
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		73,188		698,945
JD.com, Inc. ADR (a)		251,800		7,397,884
Qunar Cayman Islands, Ltd. ADR (a)		10,108		416,955
Vipshop Holdings, Ltd. ADS (a)		266,817		7,855,093
				23,925,405

See accompanying notes to financial statements.

168

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
INTERNET SOFTWARE & SERVICES — 17.4%
21Vianet Group, Inc. ADR (a)		58,097	$	1,025,993
58.com Inc, ADR (a)		17,789		940,682
Alibaba Group Holding, Ltd. ADR (a)(b)		323,900		26,961,436
Autohome, Inc, ADR (a)(b)		15,847		696,793
Baidu, Inc. ADR (a)		248,909		51,872,636
Bitauto Holdings, Ltd. ADR (a)		26,200		1,333,056
Leju Holdings, Ltd. ADR (a)(b)		3,909		31,116
NetEase, Inc. ADR		71,524		7,531,477
Phoenix New Media, Ltd. ADR (a)		54,826		310,863
Qihoo 360 Technology Co., Ltd. ADR (a)		76,683		3,926,170
Sina Corp. (a)(b)		76,084		2,446,861
Sohu.com, Inc. (a)		37,592		2,004,781
SouFun Holdings, Ltd. ADR		169,935		1,019,610
Tencent Holdings, Ltd.		4,832,915		91,758,094
Youku Tudou, Inc. ADR (a)(b)		128,959		1,611,988
YY, Inc. ADR (a)(b)		24,599		1,341,998
				194,813,554
IT SERVICES — 0.3%
AGTech Holdings Ltd. (a)(b)		1,904,000		208,744
Chinasoft International, Ltd. (a)		838,000		342,634
Hi Sun Technology China, Ltd. (a)		1,836,000		663,068
Travelsky Technology, Ltd. (b)		1,484,000		1,709,278
				2,923,724
MACHINERY — 1.5%
China CNR Corp., Ltd. (Class H) (a)(c)		1,545,000		2,219,939
China Conch Venture Holdings, Ltd.		577,500		1,236,481
China International Marine Containers Group Co., Ltd. (Class H)		717,100		1,561,276
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)(b)		3,236,000		283,821
CIMC Enric Holdings, Ltd. (b)		784,000		764,479
CSR Corp., Ltd. (Class H) (b)		1,745,000		2,304,745
Haitian International Holdings, Ltd.		795,000		1,825,217
Lonking Holdings, Ltd.		3,279,000		668,230
Weichai Power Co., Ltd.		669,920		2,583,578
Yangzijiang Shipbuilding Holdings, Ltd. (b)		3,040,000		2,803,528
Zoomlion Heavy Industry Science and Technology Co., Ltd. (Class H) (b)		1,274,000		879,125
				17,130,419
MARINE — 0.4%
China COSCO Holdings Co., Ltd. (a)(b)		3,161,175		1,663,551
China Shipping Container Lines Co., Ltd. (a)(b)		4,703,500		1,492,395
China Shipping Development Co., Ltd. (a)		1,533,800		1,119,728
				4,275,674
MEDIA — 0.2%
Alibaba Pictures Group, Ltd. (a)(b)(f)		5,400,000		1,991,990
Poly Culture Group Corp., Ltd. (Class H) (a)		137,400		419,127
				2,411,117
METALS & MINING — 1.2%
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		4,300,000		2,129,742
Angang Steel Co., Ltd. (b)		1,337,720		985,210
China Metal Recycling Holdings, Ltd. (a)(b)(e)		468,600		0
China Molybdenum Co., Ltd. (b)		1,518,000		1,072,951
China Precious Metal Resources Holdings Co., Ltd. (a)		5,002,000		412,906
China Zhongwang Holdings, Ltd. (b)		1,195,200		534,931
Jiangxi Copper Co., Ltd. (Class H)		1,608,000		2,990,740
Maanshan Iron & Steel (a)(b)		2,340,000		673,051
MMG, Ltd.		1,492,000		490,723
North Mining Shares Co., Ltd. (a)		11,320,000		525,625
Shougang Fushan Resources Group, Ltd.		3,840,000		782,557
Zhaojin Mining Industry Co., Ltd. (Class H) (b)		1,304,000		696,314
Zijin Mining Group Co., Ltd. (Class H) (b)		7,508,750		2,382,485
				13,677,235
MULTILINE RETAIL — 0.2%
Golden Eagle Retail Group, Ltd. (b)		886,120		1,080,070
Intime Retail Group Co., Ltd.		989,500		687,910
Parkson Retail Group, Ltd. (b)		2,099,000		454,830
				2,222,810
OIL, GAS & CONSUMABLE FUELS — 7.0%
China Coal Energy Co., Ltd. (Class H) (b)		4,024,013		2,221,419
China Petroleum & Chemical Corp. (Class H)		23,112,640		18,393,405
China Shenhua Energy Co., Ltd. (Class H)		3,132,200		7,999,118
China Suntien Green Energy Corp., Ltd. (Class H)		1,290,000		312,806
CNOOC, Ltd.		14,784,174		20,899,459
Inner Mongolia Yitai Coal Co., Ltd. (b)		604,600		594,224
Kunlun Energy Co., Ltd. (b)		3,209,400		3,117,068
Newocean Energy Holdings, Ltd. (b)		1,090,000		538,459
PetroChina Co., Ltd. (Class H)		18,664,930		20,655,755
Sinopec Kantons Holdings, Ltd. (b)		1,324,000		958,028
United Energy Group, Ltd. (a)		3,392,000		472,506
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		1,803,900		1,542,600
				77,704,847
PAPER & FOREST PRODUCTS — 0.2%
Lee & Man Paper Manufacturing, Ltd. (b)		2,494,000		1,206,299
Nine Dragons Paper Holdings, Ltd.		2,159,000		1,350,585
				2,556,884

See accompanying notes to financial statements.

169

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
PERSONAL PRODUCTS — 0.9%
Hengan International Group Co., Ltd.		798,500	$	9,588,530
PHARMACEUTICALS — 1.9%
China Animal Healthcare, Ltd. (b)		763,600		512,149
China Medical System Holdings, Ltd.		1,076,000		1,654,306
China Pharmaceutical Group, Ltd.		2,154,000		1,822,540
China Shineway Pharmaceutical Group, Ltd.		382,000		580,412
Consun Pharmaceutical Group, Ltd.		743,000		516,541
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd.		262,000		902,277
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H)		2,765,600		659,916
Lijun International Pharmaceutical Holding Co., Ltd.		2,288,000		1,000,422
Luye Pharma Group, Ltd. (a)		1,482,500		1,791,685
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		162,000		307,992
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H)		263,000		876,887
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (a)		691,000		663,990
Sihuan Pharmaceutical Holdings Group, Ltd. (b)		4,950,000		2,815,602
Sino Biopharmaceutical, Ltd.		3,212,000		3,252,165
Tong Ren Tang Technologies Co., Ltd. (Class H) (b)		492,000		723,432
United Laboratories International Holdings, Ltd. (a)		216,000		101,132
WuXi PharmaTech Cayman, Inc. ADR (a)		80,869		3,136,100
				21,317,548
REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.8%
Agile Property Holdings, Ltd.		1,788,747		1,075,133
Carnival Group International Holdings, Ltd. (a)(b)		8,990,000		1,576,979
China Overseas Land & Investment, Ltd.		3,879,862		12,535,782
China Resources Land, Ltd.		2,272,555		6,419,274
China South City Holdings, Ltd. (b)		2,926,000		958,596
China Vanke Co., Ltd. (Class H) (a)(b)		1,377,864		3,270,029
Colour Life Services Group Co., Ltd. (a)		345,000		359,994
Country Garden Holdings Co., Ltd.		7,336,500		2,961,834
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (a)(c)		161,900		1,002,341
E-House China Holdings, Ltd. ADR		80,055		434,699
Evergrande Real Estate Group, Ltd. (b)		4,860,000		2,450,984
Franshion Properties China, Ltd.		2,052,000		621,975
Greentown China Holdings, Ltd. (b)		547,000		491,048
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		1,291,024		1,323,820
Hopson Development Holdings, Ltd. (a)(b)		540,000		390,040
Hydoo International Holding Ltd. (b)		1,558,000		279,325
Kaisa Group Holdings, Ltd.		1,436,000		288,939
KWG Property Holding, Ltd.		1,059,592		751,673
Longfor Properties Co., Ltd.		1,126,500		1,595,368
Poly Property Group Co., Ltd. (b)		1,699,000		826,156
Renhe Commercial Holdings Co., Ltd. (a)(b)		12,753,000		600,389
Shenzhen Investment, Ltd.		2,289,432		847,495
Shimao Property Holdings, Ltd.		1,376,941		2,894,878
Shui On Land, Ltd. (b)		4,399,500		1,038,441
Sino-Ocean Land Holdings, Ltd.		5,215,712		3,155,105
Soho China, Ltd.		1,353,500		921,764
Sunac China Holdings, Ltd.		1,534,300		1,331,842
Yanlord Land Group, Ltd. (b)		956,000		683,006
Yuexiu Property Co., Ltd. (b)		8,158,000		1,599,391
Yuzhou Properties Co. (b)		3,646,840		865,490
				53,551,790
ROAD & RAIL — 0.2%
CAR, Inc. (a)(b)		689,000		1,306,363
Guangshen Railway Co., Ltd.		2,442,000		1,133,902
				2,440,265
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%
China Jinhai International Group, Ltd. (a)		2,961,000		101,207
GCL Poly Energy Holdings, Ltd. (a)(b)		9,779,000		2,585,686
Hanergy Thin Film Power Group, Ltd. (a)(b)		17,579,100		15,826,303
JinkoSolar Holding Co., Ltd. ADR (a)(b)		19,930		511,005
ReneSola, Ltd. ADR (a)(b)		83,740		123,098
Semiconductor Manufacturing International Corp. (a)		28,116,000		2,719,833
Shunfeng International Clean Energy, Ltd. (a)		734,000		552,887
Trina Solar, Ltd. ADR (a)(b)		79,734		963,984
Xinyi Solar Holdings, Ltd. (b)		3,458,000		1,074,903
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		117,852		218,026
				24,676,932
SOFTWARE — 0.6%
BAIOO Family Interactive, Ltd. (a)(c)		1,094,000		145,339
Boyaa Interactive International, Ltd. (b)		410,000		342,678
Cheetah Mobile, Inc. ADR (a)(b)		21,241		363,009
Kingdee International Software Group Co., Ltd. (a)(b)		1,328,000		556,684
Kingsoft Corp., Ltd. (b)		782,000		2,294,645
NetDragon Websoft, Inc. (b)		308,500		677,239
NQ Mobile, Inc. ADR (a)(b)		39,433		147,085
Perfect World Co., Ltd. ADR		48,270		896,857
Shanda Games, Ltd. ADR (a)		123,600		791,040

See accompanying notes to financial statements.

170

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
V1 Group, Ltd. (a)(b)		2,326,000	$	183,007
				6,397,583
SPECIALTY RETAIL — 0.3%
Baoxin Auto Group, Ltd. (b)		894,000		484,300
GOME Electrical Appliances Holding, Ltd. (b)		9,685,279		1,399,128
Hengdeli Holdings, Ltd. (b)		3,804,895		706,696
Zhongsheng Group Holdings, Ltd.		771,000		512,140
				3,102,264
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.9%
Coolpad Group, Ltd.		3,072,000		534,912
Lenovo Group, Ltd. (b)		6,174,000		9,014,476
TCL Communication Technology Holdings, Ltd. (b)		524,000		528,525
				10,077,913
TEXTILES, APPAREL & LUXURY GOODS — 1.0%
Anta Sports Products, Ltd.		770,000		1,408,297
Belle International Holdings, Ltd.		4,666,000		5,434,504
Bosideng International Holdings, Ltd. (b)		4,734,000		506,797
China Dongxiang Group Co.		5,815,000		1,050,038
Cosmo Lady China Holdings Co., Ltd. (a)(c)		439,000		310,860
Li Ning Co., Ltd. (a)(b)		1,862,207		1,056,837
Shenzhou International Group Holdings, Ltd.		391,000		1,765,112
				11,532,445
TRADING COMPANIES & DISTRIBUTORS — 0.0% (d)
Citic Resources Holdings, Ltd. (a)		2,598,000		361,901
TRANSPORTATION INFRASTRUCTURE — 1.8%
Anhui Expressway Co., Ltd. (Class H)		1,632,000		1,134,583
Beijing Capital International Airport Co., Ltd.		1,883,939		1,837,029
China Merchants Holdings International Co., Ltd.		1,333,828		5,221,388
Cosco International Holdings, Ltd.		916,000		426,511
COSCO Pacific, Ltd.		2,405,308		3,152,041
Dalian Port PDA Co., Ltd. (Class H)		796,000		334,702
Jiangsu Expressway Co., Ltd. (Class H)		1,878,795		2,525,076
Shenzhen Expressway Co., Ltd. (Class H)		1,046,000		817,583
Shenzhen International Holdings Ltd.		831,295		1,254,494
Xiamen International Port Co., Ltd. (Class H)		1,199,000		340,227
Zhejiang Expressway Co., Ltd. (Class H)		1,880,000		2,492,748
				19,536,382
WATER UTILITIES — 0.7%
Beijing Enterprises Water Group, Ltd. (a)		4,816,000		3,279,803
CT Environmental Group, Ltd. (b)		237,100		255,662
Guangdong Investment, Ltd.		3,204,000		4,198,688
Kangda International Environmental Co., Ltd. (a)(b)(c)		1,118,000		491,727
				8,225,880
WIRELESS TELECOMMUNICATION SERVICES — 5.9%
China Mobile, Ltd.		5,042,504		65,819,439
TOTAL COMMON STOCKS —
(Cost $1,015,395,608)				1,115,834,653
SHORT TERM INVESTMENTS — 9.4%
UNITED STATES — 9.4%
MONEY MARKET FUNDS — 9.4%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		103,521,859		103,521,859
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h)(i)		1,658,261		1,658,261
TOTAL SHORT TERM INVESTMENT —
(Cost $105,180,120)				105,180,120
TOTAL INVESTMENTS — 109.3%
(Cost $1,120,575,728)				1,221,014,773
OTHER ASSETS & LIABILITIES — (9.3)%				(103,496,297	)
NET ASSETS — 100.0%			$	1,117,518,476

(a)	Non-income producing security
(b)	A portion of the security was on loan at March 31, 2015.
(c)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.0% of net assets as of March 31, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are 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

ADS = American Depositary Shares

See accompanying notes to financial statements.

171

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

March 31, 2015 (Unaudited)

GEOGRAPHICAL BREAKDOWN AS OF
MARCH 31, 2015

	PERCENT OF
COUNTRY	NET ASSETS
China		75.0	%
Hong Kong		24.9
United States Short Term Investments		9.4
Other Assets & Liabilities		(9.3	)
Total		100.0	%

See accompanying notes to financial statements.

172

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 97.8%
BRAZIL — 7.1%
All America Latina Logistica SA		11,443	$	14,214
Ambev SA ADR (a)		222,716		1,282,844
Banco Bradesco SA Preference Shares ADR		167,921		1,558,305
Banco do Brasil SA		41,223		295,491
Banco Santander Brasil SA		1,074		4,728
BB Seguridade Participacoes SA		27,339		280,567
BM&FBovespa SA		87,480		305,459
BR Malls Participacoes SA		32,215		170,746
Bradespar SA Preference Shares		22,775		75,463
Brasil Brokers Participacoes SA		8,834		7,546
Braskem SA Preference Shares ADR (a)		8,807		61,121
BRF — Brasil Foods SA ADR		25,066		495,806
CCR SA		24,571		125,311
Centrais Eletricas Brasileiras SA ADR (a)		28,219		51,076
Cia Hering		2,228		11,432
Cielo SA		16,262		232,474
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		11,152		332,553
Companhia de Saneamento Basico do Estado de Sao Paulo		35,854		198,672
Companhia Energetica de Minas Gerais ADR		62,952		257,474
Companhia Energetica de Sao Paulo Preference Shares (Class B)		2,789		20,646
Companhia Siderurgica Nacional SA ADR (a)		72,149		121,210
Cosan Logistica SA (b)		9,007		7,524
Cosan SA Industria e Comercio		9,007		78,597
Cyrela Brazil Realty SA		25,366		105,159
Duratex SA		18,633		50,720
Embraer SA		38,747		297,625
Estacio Participacoes SA		4,453		25,831
Fibria Celulose SA ADR (a)(b)		13,883		196,167
Gafisa SA		6,144		4,133
Gerdau SA ADR (a)		53,730		171,936
Hypermarcas SA (b)		2,352		14,497
Investimentos Itau SA		17,405		55,002
Investimentos Itau SA Preference Shares		188,503		588,611
Itau Unibanco Holding SA Preference Shares ADR		141,723		1,567,456
Itausa — Investimentos Itau SA (b)(c)(d)		141		446
Itausa — Investimentos Itau SA (b)(c)(d)		1,561		4,874
JBS SA		10,169		45,180
Klabin SA		3,061		17,431
Kroton Educacional SA		39,236		126,322
Lojas Americanas SA Preference Shares		36,316		186,915
Lojas Renner SA		16,410		466,099
Metalurgica Gerdau SA Preference Shares		28,273		95,626
MMX Mineracao e Metalicos SA (b)		2,567		530
MRV Engenharia e Participacoes SA		4,919		12,359
Natura Cosmeticos SA		13,863		116,678
Oi SA, ADR (b)		522		851
Oi SA, ADR (a)(b)		2,763		4,255
PDG Realty SA Empreendimentos e Participacoes (b)		32,650		5,108
Petroleo Brasileiro SA ADR (a)		70,992		426,662
Petroleo Brasileiro SA Preference Shares ADR		107,939		657,349
Profarma Distribuidora de Produtos Farmaceuticos SA		1,557		2,733
Prumo Logistica SA (b)		15,406		1,253
Qualicorp SA (b)		1,983		14,146
Souza Cruz SA		45,765		363,703
Telefonica Brasil SA ADR (a)		10,140		155,041
Telefonica Brasil SA Preference Shares		25,611		396,493
Tim Participacoes SA ADR (a)		11,172		185,232
Tractebel Energia SA ADR		12,615		139,329
Ultrapar Participacoes SA		13,245		268,663
Usinas Siderurgicas de Minas Gerais SA ADR (a)(b)		38,693		60,941
Vale SA ADR (a)		64,632		365,171
Vale SA Preference Shares ADR		135,953		659,372
Weg SA		29,266		291,186
				14,136,344
CHILE — 1.7%
Antarchile SA		16,131		196,915
Empresa Electrica Pilmaiquen SA		19,009		93,459
Empresa Nacional de Electricidad SA ADR		8,307		374,230
Empresas COPEC SA		37,129		432,397
Empresas Iansa SA		398,674		10,264
Enersis SA ADR		31,891		518,548
Enjoy SA		184,292		15,964
Latam Airlines Group SA ADR (a)(b)		24,677		198,897
Multiexport Foods SA (b)		167,675		33,083
Parque Arauco SA		242,930		466,181
SACI Falabella		112,548		862,453
Tech Pack SA (b)		9,870		4,047
Vina Concha y Toro SA ADR		5,450		224,976
				3,431,414
CHINA — 20.3%
Agricultural Bank of China, Ltd. (Class H)		855,000		423,472
Air China, Ltd.		186,000		189,765
Alibaba Group Holding, Ltd. ADR (b)		14,950		1,244,438
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		310,000		153,540
Angang Steel Co., Ltd. (a)		64,640		47,606
Anhui Conch Cement Co., Ltd. (Class H) (a)		186,000		704,123
Anton Oilfield Services Group (a)		36,000		6,176

See accompanying notes to financial statements.

173

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Avic International Holdings, Ltd. (b)		60,000	$	45,195
Baidu, Inc. ADR (b)		14,354		2,991,374
Bank of China, Ltd. (Class H)		2,832,900		1,636,955
Bank of Communications Co., Ltd. (Class H)		803,864		689,496
Beijing Jingneng Clean Energy Co., Ltd. (Class H)		42,000		17,768
BOE Technology Group Co., Ltd. (Class B) (b)		36,700		13,207
Brilliance China Automotive Holdings, Ltd.		138,000		265,924
BYD Co., Ltd. (a)		13,000		66,903
China CITIC Bank Corp., Ltd. (Class H)		347,000		261,378
China Coal Energy Co., Ltd. (Class H) (a)		310,000		171,133
China Communications Construction Co., Ltd. (Class H)		284,000		400,008
China Communications Services Corp., Ltd. (Class H)		58,000		25,734
China Construction Bank Corp. (Class H)		3,636,280		3,020,443
China COSCO Holdings Co., Ltd. (a)(b)		217,425		114,419
China Datang Corp. Renewable Power Co., Ltd. (a)		81,000		12,433
China Fangda Group Co., Ltd.		100,200		61,906
China Life Insurance Co., Ltd. (Class H)		407,024		1,782,326
China Longyuan Power Group Corp. (Class H)		100,000		108,731
China Merchants Bank Co., Ltd. (Class H)		319,195		779,764
China Minsheng Banking Corp., Ltd. (Class H)		221,400		270,430
China National Accord Medicines Corp., Ltd.		2,000		10,368
China National Building Material Co., Ltd. (Class H) (a)		62,000		61,736
China Oilfield Services, Ltd. (Class H) (a)		248,000		412,638
China Pacific Insurance Group Co., Ltd. (Class H)		69,200		329,352
China Petroleum & Chemical Corp. (Class H)		1,419,231		1,129,446
China Railway Construction Corp., Ltd. (Class H)		158,000		235,990
China Railway Group, Ltd. (Class H)		279,000		285,728
China Shenhua Energy Co., Ltd. (Class H)		248,000		633,351
China Shipping Container Lines Co., Ltd. (a)(b)		500,350		158,758
China Shipping Development Co., Ltd. (b)		124,000		90,524
China Telecom Corp., Ltd. (Class H)		1,118,000		716,680
China Vanke Co., Ltd. (Class H) (a)(b)		43,600		103,474
Chongqing Changan Automobile Co., Ltd. (Class B) (d)		48,000		131,066
Chongqing Machinery & Electric Co., Ltd.		44,000		7,207
Coland Holdings, Ltd.		11,938		27,317
Coolpad Group, Ltd.		152,000		26,467
Country Garden Holdings Co., Ltd.		239,466		96,675
Ctrip.com International, Ltd. ADR (b)		12,533		734,684
Datang International Power Generation Co., Ltd. (Class H)		372,000		190,485
Dongfang Electric Corp., Ltd.		12,400		23,927
Dongfeng Motor Group Co., Ltd. (Class H)		310,000		497,404
Great Wall Motor Co., Ltd. (Class H)		49,750		351,642
Guangdong Electric Power Development Co. Ltd.		72,500		55,733
Guangshen Railway Co., Ltd.		248,000		115,155
Guangzhou Automobile Group Co., Ltd. (Class H)		144,636		138,423
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd.		6,000		20,663
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		111,600		114,435
Guodian Technology & Environment Group Co., Ltd. (Class H)		26,000		3,488
Haitong Securities Co., Ltd. (Class H) (a)		42,400		103,251
Hangzhou Steam Turbine Co.		15,900		18,006
Harbin Electric Co., Ltd. (Class H)		62,000		38,545
Hengan International Group Co., Ltd.		26,000		312,213
HNA Infrastructure Co., Ltd.		18,000		16,600
Huadian Power International Co., Ltd. (Class H)		372,000		309,478
Huaneng Power International, Inc. (Class H)		310,000		367,056
Huaneng Renewables Corp., Ltd. (Class H)		120,000		43,493
Huangshan Tourism Development Co., Ltd. (Class B)		28,320		48,852
Industrial & Commercial Bank of China, Ltd. (Class H)		3,555,590		2,623,222
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		9,265		13,527
JD.com, Inc. ADR (b)		11,271		331,142
Jiangsu Expressway Co., Ltd. (Class H)		188,000		252,670
Jiangsu Future Land Co., Ltd. (d)		81,100		41,118
Jiangxi Copper Co., Ltd. (Class H)		64,000		119,034
Kingsoft Corp., Ltd. (a)		28,000		82,161
Konka Group Co., Ltd.		286,500		165,550
Lao Feng Xiang Co., Ltd. (Class B)		8,201		28,261
Livzon Pharmaceutical Group, Inc. (Class H)		3,100		19,872

See accompanying notes to financial statements.

174

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Maanshan Iron & Steel (a)(b)		186,000	$	53,499
Mindray Medical International, Ltd. ADR (a)		2,559		69,989
NetEase, Inc. ADR		5,304		558,511
New Oriental Education & Technology Group, Inc. ADR (b)		5,063		112,247
Nine Dragons Paper Holdings, Ltd.		93,000		58,177
Parkson Retail Group, Ltd. (a)		77,134		16,714
People’s Insurance Co. Group of China, Ltd. (Class H)		152,000		77,244
PetroChina Co., Ltd. (Class H)		1,117,601		1,236,806
PICC Property & Casualty Co., Ltd. (Class H)		333,506		659,007
Ping An Insurance Group Co. of China, Ltd. (Class H)		95,000		1,142,002
Qihoo 360 Technology Co., Ltd. ADR (a)(b)		2,633		134,810
Renhe Commercial Holdings Co., Ltd. (a)(b)		445,000		20,950
Semiconductor Manufacturing International Corp. (b)		1,047,000		101,283
Shandong Chenming Paper Holdings Ltd. (Class B)		13,200		7,951
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		8,000		15,209
Shandong Weigao Group Medical Polymer Co., Ltd.		84,000		73,999
Shanghai Electric Group Co., Ltd. (Class H)		376,000		248,305
Shanghai Greencourt Investment Group Co., Ltd. (Class B) (b)		175,901		78,100
Shanghai Jinjiang International Industrial Investment Co. Ltd.		33,958		45,707
Shanghai Jinqiao Export Processing Zone Development Co. Ltd.		82,416		138,871
Shenzhen Expressway Co., Ltd. (Class H)		248,000		193,844
Shenzhou International Group Holdings, Ltd.		6,000		27,086
Sihuan Pharmaceutical Holdings Group, Ltd. (a)		32,000		18,202
Sina Corp. (a)(b)		3,557		114,393
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		372,000		138,665
Sinopharm Group Co., Ltd. (Class H)		32,800		133,898
Soho China, Ltd.		21,500		14,642
SPT Energy Group, Inc. (a)		20,000		3,379
Sunny Optical Technology Group Co., Ltd. (a)		27,000		49,103
Tencent Holdings, Ltd.		282,567		5,364,839
Tingyi Cayman Islands Holding Corp.		186,000		400,162
Tong Ren Tang Technologies Co., Ltd. (Class H) (a)		10,000		14,704
Travelsky Technology, Ltd. (a)		226,000		260,308
Vipshop Holdings, Ltd. ADS (b)		10,744		316,303
Want Want China Holdings, Ltd. (a)		343,000		364,101
Weiqiao Textile Co. (a)		78,000		45,776
WuXi PharmaTech Cayman, Inc. ADR (b)		620		24,044	��
Yanzhou Coal Mining Co., Ltd. (Class H) (a)		186,000		159,057
Youku Tudou, Inc. ADR (a)(b)		4,653		58,162
Zhejiang Expressway Co., Ltd. (Class H)		248,000		328,831
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		28,500		187,107
Zijin Mining Group Co., Ltd. (Class H) (a)		375,000		118,985
ZTE Corp. (Class H)		81,473		186,841
				40,513,327
COLOMBIA — 0.5%
Almacenes Exito SA		6,301		60,640
Banco Davivienda SA Preference Shares		10,594		103,178
Banco de Bogota SA		3,401		72,269
BanColombia SA		9,842		92,823
BanColombia SA ADR (a)		3,547		139,503
Bolsa de Valores de Colombia		6,424,833		44,024
Cementos Argos SA		7,002		22,992
Corp Financiera Colombiana SA		3,150		43,266
Ecopetrol SA		94,727		72,019
Empresa de Telecomunicaciones de Bogota		186,601		31,965
Grupo Argos SA		2,832		18,141
Grupo Argos SA/Colombia Preference Shares		10,717		69,886
Grupo Aval Acciones y Valores		281,707		125,795
Grupo de Inversiones Suramericana SA		3,858		49,841
Grupo Nutresa SA		3,560		31,383
Interbolsa SA/Colombia (b)(d)		52,588		0
Interconexion Electrica SA ESP		14,355		41,058
Isagen SA ESP		63,287		74,306
				1,093,089
CZECH REPUBLIC — 0.4%
CEZ AS		12,924		316,081
Komercni Banka AS		1,365		294,734
O2 Czech Republic AS		9,093		72,688
Unipetrol (b)		9,213		45,352
				728,855
EGYPT — 0.6%
Commercial International Bank Egypt SAE		139,718		1,030,757
Egyptian Financial Group-Hermes Holding Co. (b)		46,952		97,657
Egyptian Kuwait Holding Co. (b)		47,220		27,860
Global Telecom Holding GDR (b)		26,533		58,372
Global Telecom Holding SAE (b)		49,684		21,749
Orascom Telecom Media & Technology Holding SAE (b)		43,412		6,486
				1,242,881
GREECE — 0.2%
Alpha Bank AE (b)		174,702		51,598

See accompanying notes to financial statements.

175

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Diana Shipping, Inc. (b)		2,205	$	13,495
DryShips, Inc. (b)		11,254		8,553
Eurobank Ergasias SA (b)		384,700		43,382
FF Group (b)		894		26,635
Hellenic Telecommunications Organization SA (b)		6,968		61,740
JUMBO SA		2,821		29,328
National Bank of Greece SA (b)		43,201		51,038
OPAP SA		8,603		80,662
Piraeus Bank SA (b)		45,112		17,394
Public Power Corp. SA (b)		3,231		19,779
Titan Cement Co. SA		1,378		31,627
				435,231
HONG KONG — 7.2%
AAC Technologies Holdings, Inc. (a)		79,000		487,569
Agile Property Holdings, Ltd.		212,999		128,024
AMVIG Holdings, Ltd.		38,000		16,958
AviChina Industry & Technology Co., Ltd. (Class H) (a)		88,000		63,222
Beijing Capital International Airport Co., Ltd.		186,000		181,369
Beijing Capital Land, Ltd. (b)		24,000		14,828
Beijing Enterprises Holdings, Ltd.		12,000		94,414
Beijing Enterprises Water Group, Ltd. (b)		48,000		32,689
Belle International Holdings, Ltd.		161,000		187,517
Biostime International Holdings, Ltd. (a)		5,000		20,959
C.banner International Holdings, Ltd.		12,000		3,715
Chailease Holding Co., Ltd.		32,200		80,268
China All Access Holdings, Ltd. (a)		28,000		10,473
China Everbright International, Ltd.		69,000		115,518
China Gas Holdings, Ltd.		100,000		163,806
China High Speed Transmission Equipment Group Co., Ltd. (b)		36,000		24,888
China Medical System Holdings, Ltd.		69,000		106,085
China Mengniu Dairy Co., Ltd.		93,000		494,205
China Merchants Holdings International Co., Ltd.		73,682		288,435
China Mobile, Ltd.		274,339		3,580,927
China Modern Dairy Holdings, Ltd. (a)(b)		95,000		31,613
China Oil and Gas Group, Ltd.		120,000		14,704
China Overseas Grand Oceans Group, Ltd. (a)		26,000		12,140
China Overseas Land & Investment, Ltd.		251,200		811,624
China Power International Development, Ltd. (a)		310,000		162,336
China Resources Enterprise, Ltd.		62,000		121,552
China Resources Gas Group, Ltd.		8,000		24,868
China Resources Land, Ltd.		154,222		435,630
China Resources Power Holdings Co., Ltd.		129,600		325,293
China Singyes Solar Technologies Holdings, Ltd. (a)		8,000		10,938
China State Construction International Holdings, Ltd.		14,000		19,502
China Taiping Insurance Holdings Co., Ltd. (b)		26,835		91,549
China Travel International Investment Hong Kong, Ltd.		320,000		104,011
China Unicom (Hong Kong), Ltd.		253,668		386,078
China Yurun Food Group, Ltd. (a)(b)		12,000		3,498
Citic Telecom International Holdings, Ltd.		33,000		11,875
CITIC, Ltd.		151,000		258,644
CNOOC, Ltd.		1,015,000		1,434,842
Comba Telecom Systems Holdings, Ltd.		38,457		11,508
COSCO Pacific, Ltd.		138,413		181,384
Digital China Holdings, Ltd.		33,000		36,009
GCL Poly Energy Holdings, Ltd. (a)(b)		161,000		42,570
Geely Automobile Holdings, Ltd. (a)		115,000		59,183
Greatview Aseptic Packaging Co., Ltd.		10,000		5,185
Greentown China Holdings, Ltd. (a)		25,500		22,892
Guangdong Investment, Ltd.		250,000		327,613
Haier Electronics Group Co., Ltd.		28,000		73,313
Hanergy Thin Film Power Group, Ltd. (a)(b)		778,000		700,426
Hengdeli Holdings, Ltd. (a)		813,600		151,113
Honghua Group, Ltd. (a)		14,000		1,625
Hopson Development Holdings, Ltd. (a)(b)		26,000		18,780
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (a)		146,400		34,933
Huabao International Holdings, Ltd.		36,000		26,792
Ju Teng International Holdings, Ltd.		36,000		20,988
Kingboard Chemical Holdings, Ltd.		59,340		93,988
Kingboard Laminates Holdings, Ltd.		34,500		14,017
Kunlun Energy Co., Ltd.		310,000		301,081
KWG Property Holding, Ltd.		60,412		42,856
Lee & Man Paper Manufacturing, Ltd. (a)		29,000		14,027
Lenovo Group, Ltd. (a)		434,000		633,671
Li Ning Co., Ltd. (a)(b)		90,333		51,266
Minth Group, Ltd.		18,000		35,568
NetDragon Websoft, Inc.		4,500		9,879
Newocean Energy Holdings, Ltd. (a)		22,000		10,868
Poly Property Group Co., Ltd. (a)		11,000		5,349
Real Nutriceutical Group, Ltd.		21,000		6,013
Shenzhen International Holdings Ltd.		28,966		43,712
Shenzhen Investment, Ltd.		85,016		31,471

See accompanying notes to financial statements.

176

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Shimao Property Holdings, Ltd.		93,000	$	195,523
Sino Biopharmaceutical, Ltd.		120,000		121,501
Sino-Ocean Land Holdings, Ltd.		237,980		143,960
Sinotrans, Ltd. (Class H)		310,000		177,930
Skyworth Digital Holdings, Ltd.		59,411		46,744
Sun Art Retail Group, Ltd. (a)		13,000		11,318
Sunac China Holdings, Ltd.		64,000		55,555
Tianneng Power International, Ltd.		14,000		4,695
Tibet 5100 Water Resources Holdings, Ltd. (a)		20,000		6,320
V1 Group, Ltd. (a)(b)		108,200		8,513
Wasion Group Holdings, Ltd.		18,000		21,777
WH Group, Ltd. (b)(e)		159,500		90,725
Yingde Gases Group Co., Ltd. (a)		21,000		15,656
Yip’s Chemical Holdings, Ltd.		10,000		5,624
Yuexiu Property Co., Ltd.		434,000		85,087
Yuexiu Transport Infrastructure, Ltd. (a)		1,258		803
				14,356,377
HUNGARY — 0.4%
MOL Hungarian Oil and Gas PLC		4,325		187,754
OTP Bank PLC (a)		17,470		331,892
Richter Gedeon NyRt		14,960		206,297
				725,943
INDIA — 10.6%
Adani Enterprises, Ltd.		895		8,800
Alok Industries, Ltd. (b)		221,661		26,211
Amtek Auto, Ltd.		7,279		16,894
Anant Raj, Ltd.		50,006		31,882
Apollo Hospitals Enterprise, Ltd.		4,463		97,645
Ashok Leyland, Ltd. (b)		26,843		31,441
Aurobindo Pharma, Ltd.		7,280		142,107
Axis Bank, Ltd.		10,597		94,860
Bajaj Hindusthan Sugar, Ltd. (b)		76,340		17,627
Balrampur Chini Mills, Ltd. (b)		38,026		30,108
BF Investment, Ltd. (b)		8,959		24,093
Bharat Heavy Electricals, Ltd.		58,041		218,275
Bharti Airtel, Ltd.		113,530		713,494
Biocon, Ltd.		2,016		15,118
Britannia Industries, Ltd.		3,728		128,586
Cipla, Ltd.		39,619		451,039
Coal India, Ltd.		25,419		147,401
Core Education & Technologies, Ltd. (b)		9,223		1,157
DCB Bank, Ltd. (b)		105,167		186,450
Dewan Housing Finance Corp., Ltd.		13,075		97,705
Dr. Reddy’s Laboratories, Ltd. ADR		11,509		657,164
Educomp Solutions, Ltd. (b)		14,586		2,878
Era Infra Engineering, Ltd. (b)		2,563		203
Fortis Healthcare, Ltd. (b)		20,701		54,447
GAIL India, Ltd.		43,591		270,122
Gammon India, Ltd. (b)		1,730		487
Gateway Distriparks, Ltd.		12,385		81,318
Gitanjali Gems Ltd. (b)		1,620		1,064
Glenmark Pharmaceuticals, Ltd.		706		8,869
Godrej Consumer Products, Ltd.		2,418		40,220
Godrej Industries, Ltd.		21,315		117,796
Grasim Industries, Ltd. GDR		28		1,628
Gruh Finance Ltd.		34,834		135,815
GTL Infrastructure Ltd. (b)		251,247		7,829
GTL, Ltd. (b)		1,664		326
Gujarat NRE Coke, Ltd. (b)		12,414		1,032
GVK Power & Infrastructure, Ltd. (b)		109,725		16,744
HCL Technologies, Ltd.		23,026		360,726
HDFC Bank, Ltd.		73,553		1,202,000
Hero Motocorp, Ltd.		12,685		535,078
Hindalco Industries, Ltd.		40,383		83,242
Hindustan Construction Co. (b)		13,644		7,129
Hindustan Unilever, Ltd.		55,057		768,522
Housing Development & Infrastructure, Ltd. (b)		11,531		18,748
Housing Development Finance Corp., Ltd.		86,131		1,810,807
ICICI Bank, Ltd. ADR		89,303		925,179
Idea Cellular, Ltd.		4,699		13,816
IDFC, Ltd.		18		48
IIFL Holdings, Ltd.		145,677		414,931
Indiabulls Real Estate, Ltd.		16,564		17,310
Indian Hotels Co., Ltd. (b)		54,493		101,791
Infosys, Ltd. ADR (a)		51,051		1,790,869
IRB Infrastructure Developers, Ltd.		3,591		14,013
ITC, Ltd.		6,202		32,293
ITC, Ltd. GDR		31,882		166,003
IVRCL Infrastructures & Projects, Ltd. (b)		13,988		3,554
Jain Irrigation Systems, Ltd.		9,504		9,355
Jaiprakash Associates, Ltd. (b)		51,110		20,254
Jet Airways India, Ltd. (b)		11,269		87,991
Jindal Steel & Power, Ltd.		4,698		11,771
Kotak Mahindra Bank, Ltd.		12,408		260,378
Lanco Infratech, Ltd. (b)		28,515		2,483
Larsen & Toubro, Ltd. GDR		19,095		532,750
LIC Housing Finance, Ltd.		12,533		87,637
Mahanagar Telephone Nigam, Ltd. (b)		45,097		13,115
Mahindra & Mahindra Financial Services, Ltd.		11,300		45,846
Mahindra & Mahindra, Ltd. GDR		21,809		417,642
Maruti Suzuki India, Ltd.		9,565		565,108
Monnet Ispat, Ltd.		5,016		4,004
MRF, Ltd.		112		69,351
Nagarjuna Construction Co., Ltd.		8,464		15,155
NTPC, Ltd.		79,632		186,860
Oil & Natural Gas Corp., Ltd.		113,421		555,223
OnMobile Global, Ltd.		3,490		4,068
Opto Circuits India, Ltd. (b)		4,493		1,353
PTC India, Ltd.		36,466		47,140
Punj Lloyd, Ltd. (b)		9,249		4,382
RattanIndia Infrastructure, Ltd. (b)		45,209		1,517
REI Agro, Ltd. (b)		34,997		364
Reliance Capital, Ltd.		5,015		34,022
Reliance Communications, Ltd. (b)		61,705		58,420
Reliance Industries, Ltd. GDR (e)		44,980		1,185,448
Reliance Infrastructure, Ltd.		14,744		102,202
Rolta India, Ltd.		4,698		12,188
Ruchi Soya Industries Ltd.		26,809		19,213

See accompanying notes to financial statements.

177

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
SE Investments Ltd.		21,279	$	120,062
Sesa Sterlite, Ltd.		20,688		62,645
Shree Renuka Sugars, Ltd. (b)		60,643		12,452
Shriram Transport Finance Co., Ltd.		3,273		58,281
Siemens India, Ltd.		13,443		300,034
Sintex Industries, Ltd.		33,878		65,340
State Bank of India GDR		5,775		244,282
Strides Arcolab, Ltd.		1,604		30,266
Sun Pharmaceutical Industries, Ltd.		26,594		435,108
Sun TV Network, Ltd.		4,463		31,511
Suzlon Energy, Ltd. (b)		255,282		111,566
Tata Communications Ltd.		10,026		67,608
Tata Consultancy Services, Ltd.		27,334		1,115,505
Tata Motors, Ltd. ADR		14,901		671,439
Tata Power Co., Ltd.		144,676		178,241
Tata Steel, Ltd.		21,368		108,152
Tech Mahindra, Ltd.		19,332		194,521
Unitech, Ltd. (b)		93,534		24,138
United Breweries, Ltd.		3,138		50,158
United Spirits, Ltd. (b)		2,808		164,102
Videocon Industries, Ltd. (b)		16,161		40,247
VST Industries Ltd.		1,167		29,303
Wipro, Ltd. ADR (a)		34,508		459,647
Wockhardt, Ltd.		1,374		40,986
Zee Entertainment Enterprises, Ltd.		24,610		134,393
				21,250,121
INDONESIA — 3.5%
Alam Sutera Realty Tbk PT		396,600		16,835
Astra International Tbk PT		1,635,262		1,072,457
Bank Central Asia Tbk PT		1,104,500		1,252,330
Bank Danamon Indonesia Tbk PT		265,018		103,879
Bank Mandiri Persero Tbk PT		657,849		627,661
Bank Negara Indonesia Persero Tbk PT		107,000		59,126
Bank Rakyat Indonesia Persero Tbk PT		1,007,800		1,023,216
Barito Pacific Tbk PT (b)		524,700		11,236
Bekasi Fajar Industrial Estate Tbk PT		246,900		10,952
Bumi Resources Tbk PT (b)		917,400		5,473
Bumi Serpong Damai Tbk PT		210,500		34,372
Charoen Pokphand Indonesia Tbk PT		229,600		62,251
Ciputra Development Tbk PT		323,600		36,506
Citra Marga Nusaphala Persada Tbk PT		77,100		14,742
Garuda Indonesia Tbk PT (b)		703,900		26,487
Global Mediacom Tbk PT		34,200		4,577
Indocement Tunggal Prakarsa Tbk PT		28,100		47,120
Indofood Sukses Makmur Tbk PT		691,700		394,124
Indosat Tbk PT (b)		139,600		45,537
Japfa Comfeed Indonesia Tbk PT		60,500		3,609
Kalbe Farma Tbk PT		3,822,800		545,279
Kawasan Industri Jababeka Tbk PT		264,127		6,686
Lippo Cikarang Tbk PT (b)		10,200		9,108
Lippo Karawaci Tbk PT		680,300		70,241
Matahari Putra Prima Tbk PT		34,400		10,419
Mayora Indah Tbk PT		19,567		43,249
Medco Energi Internasional Tbk PT		363,300		86,136
Media Nusantara Citra Tbk PT		44,700		9,795
Modernland Realty Tbk PT		424,900		16,574
Pakuwon Jati Tbk PT		299,400		11,793
Perusahaan Gas Negara Persero Tbk PT		796,500		292,405
Semen Indonesia Persero Tbk PT		45,000		46,979
Sigmagold Inti Perkasa Tbk PT (b)		682,500		24,011
Summarecon Agung Tbk PT		231,800		30,493
Telekomunikasi Indonesia Persero Tbk PT		2,016,800		445,778
Tiga Pilar Sejahtera Food Tbk		327,100		52,411
Unilever Indonesia Tbk PT		33,400		101,286
United Tractors Tbk PT		231,318		385,677
XL Axiata Tbk PT		34,700		11,545
				7,052,355
MALAYSIA — 3.2%
Aeon Co. M Bhd		453,100		362,137
Aeon Credit Service M Bhd		5,900		20,997
AirAsia Bhd		66,800		42,928
Alliance Financial Group Bhd		256,000		331,103
Axiata Group Bhd		74,300		142,040
Berjaya Sports Toto Bhd		122,396		111,044
Bintulu Port Holdings Bhd (d)		94		180
British American Tobacco Malaysia Bhd		2,500		46,348
Bursa Malaysia Bhd		52,593		121,844
CapitaMalls Malaysia Trust		83,400		32,878
Carlsberg Brewery Malay Bhd		155,697		570,910
CIMB Group Holdings Bhd		49,430		83,017
Dialog Group Bhd		1,041,398		444,285
Digi.Com Bhd		329,500		560,510
Faber Group Bhd		42,300		37,691
Felda Global Ventures Holdings Bhd		25,300		14,824
Genting Bhd		199,100		483,840
Genting Malaysia Bhd		31,500		35,978
Guan Chong Bhd (b)		57,500		13,507
Hap Seng Plantations Holdings Bhd		8,000		5,616
IHH Healthcare Bhd		45,100		73,188
IOI Corp. Bhd		315,260		390,723
IOI Properties Group Bhd		230,850		135,886
Iskandar Waterfront City Bhd (b)		23,100		7,797
KLCC Property Holdings Bhd		33,200		62,662
KNM Group Bhd (b)		225,518		39,276
KPJ Healthcare Bhd		20,940		24,087
Lingkaran Trans Kota Holdings Bhd		21,500		21,712
Magnum Bhd		189,360		137,540
Malayan Banking Bhd		138,216		348,199
Malaysian Resources Corp. Bhd		351,000		118,469
MPHB Capital Bhd (b)		94,830		50,187
Naim Holdings Bhd		87		62
OSK Holdings Bhd		367,406		217,259
Pavilion Real Estate Investment Trust		79,600		32,885
POS Malaysia Bhd		62,200		88,845
Public Bank Bhd		46,300		236,032
SapuraKencana Petroleum Bhd		33,100		21,092

See accompanying notes to financial statements.

178

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Sime Darby Bhd		57,134	$	143,009
SP Setia Bhd		19,767		18,467
Sunway Real Estate Investment Trust		82,700		35,058
TA Enterprise Bhd		324,700		65,755
TA Global Bhd		260,456		22,505
Telekom Malaysia Bhd		40,696		79,887
Tenaga Nasional Bhd		44,300		171,769
UEM Sunrise Bhd		262,688		97,883
UMW Holdings Bhd		18,700		54,734
Unisem M Bhd		20,300		11,949
United Plantations Bhd		4,200		29,486
WCT Holdings Bhd		420,720		174,945
				6,373,025
MEXICO — 5.3%
Alfa SAB de CV (Class A) (b)		266,720		539,244
America Movil SAB de CV (Series L)		2,379,016		2,445,502
Axtel SAB de CV (a)(b)		100,936		32,267
Cemex SAB de CV (b)		652,674		619,932
Coca-Cola FEMSA SAB de CV (Series L)		38,540		308,032
Consorcio ARA SAB de CV (b)		100,289		42,066
Corporacion GEO SAB de CV (a)(b)(f)		42,565		0
Desarrolladora Homex SAB de CV (a)(b)(d)		19,859		678
Empresas ICA SAB de CV (a)(b)		41,119		33,523
Fibra Uno Administracion SA de CV REIT		85,897		227,848
Fomento Economico Mexicano SAB de CV (b)		131,216		1,232,638
Grupo Aeroportuario del Sureste SAB de CV (Class B) (a)(b)		39,740		536,119
Grupo Bimbo SAB de CV (b)		197,002		559,417
Grupo Elektra SA de CV		3,117		80,725
Grupo Financiero Banorte SAB de CV		96,564		561,094
Grupo Financiero Inbursa SAB de CV		77,407		195,725
Grupo Mexico SAB de CV (Series B)		191,058		564,988
Grupo Televisa SAB (b)		117,159		775,202
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		104,407		262,212
Industrias CH SAB, Series B (b)		26,827		109,867
Industrias Penoles SAB de CV		9,306		162,134
Kimberly-Clark de Mexico SAB de CV (Class A)		162,206		340,506
Sare Holding SAB de CV (Class B) (a)(b)		119,256		2,708
TV Azteca SAB de CV (b)		230,720		86,023
Urbi Desarrollos Urbanos SA de CV (a)(b)(f)		44,913		0
Wal-Mart de Mexico SAB de CV		339,775		849,981
				10,568,431
MONACO — 0.0% (g)
GasLog, Ltd. (a)		1,028		19,964
MOROCCO — 0.4%
Banque Marocaine du Commerce Exterieur		17,430		402,413
Banque Marocaine pour le Commerce et l’Industrie SA		1,434		97,451
Douja Promotion Groupe Addoha SA		11,016		35,164
Holcim Maroc SA		802		181,940
				716,968
PANAMA — 0.1%
Avianca Holding SA Preference Shares		94,208		132,913
PERU — 0.7%
Compania de Minas Buenaventura SA ADR		19,981		202,407
Credicorp, Ltd.		4,470		628,616
Southern Copper Corp. (a)		15,787		460,665
Volcan Compania Minera SAA (Class B)		303,310		53,839
				1,345,527
PHILIPPINES — 1.7%
Alliance Global Group, Inc.		125,100		74,164
Ayala Land, Inc.		803,080		691,691
Bank of the Philippine Islands		289,547		650,995
BDO Unibank, Inc.		205,054		567,454
Cebu Air, Inc.		87,090		165,607
Cebu Holdings, Inc.		442,100		50,935
East West Banking Corp. (b)		48,700		26,747
Filinvest Land, Inc.		3,694,000		148,752
First Philippine Holdings Corp.		24,410		52,424
GMA Holdings, Inc.		214,100		30,654
GT Capital Holdings, Inc.		570		17,062
Megawide Construction Corp. (b)		278,688		50,500
Megaworld Corp.		402,400		48,882
Philippine Long Distance Telephone Co.		6,150		392,940
Puregold Price Club, Inc.		19,800		18,405
San Miguel Corp.		8,590		12,962
SM Investments Corp.		6,590		132,611
SM Prime Holdings, Inc.		186,690		83,447
Top Frontier Investment Holding Ltd. (b)		1,001		2,307
Universal Robina Corp.		13,990		70,732
Vista Land & Lifescapes, Inc.		64,100		12,318
				3,301,589
POLAND — 1.1%
Asseco Poland SA		5,186		80,700
Bank Pekao SA		9,463		458,737
Bank Zachodni WBK SA		1,398		127,208
Bioton SA (b)		2,170		3,245
Eurocash SA		488		4,214
Getin Holding SA (b)		18,571		10,188
Getin Noble Bank SA (b)		51,687		23,039
Globe Trade Centre SA (b)		11,603		17,229
Grupa Lotos SA (b)		10,052		71,794

See accompanying notes to financial statements.

179

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
KGHM Polska Miedz SA		10,135	$	320,770
LPP SA		26		48,514
mBank		1,531		177,812
Orange Polska SA		62,043		155,946
Orbis SA		4,855		59,799
PGE Polska Grupa Energetyczna SA		35,306		194,060
Polimex- Mostostal SA (b)		48,371		893
Polski Koncern Naftowy Orlen SA		2,531		39,552
Powszechna Kasa Oszczednosci Bank Polski SA		28,051		251,545
Powszechny Zaklad Ubezpieczen SA		1,803		232,538
				2,277,783
QATAR — 0.7%
Industries Qatar QSC		2,677		102,191
Mannai Corp. QSC		1,759		50,192
Masraf Al Rayan QSC		19,080		249,684
Mazaya Qatar Real Estate Development QSC		9,357		46,769
Medicare Group		1,425		55,689
National Leasing		15,336		87,394
Ooredoo QSC		4,894		134,001
Qatar National Bank SAQ		9,078		482,415
Qatari Investors Group QSC		5,258		55,666
Vodafone Qatar QSC		18,988		92,978
				1,356,979
RUSSIA — 3.9%
Evraz PLC		12,612		35,142
Gazprom OAO ADR		275,202		1,308,310
LSR Group OJSC GDR		7,058		16,022
Lukoil OAO ADR		25,664		1,188,756
Magnit PJSC GDR		6,227		317,888
Mechel ADR (b)		16,526		20,492
MMC Norilsk Nickel OJSC ADR		39,567		702,908
Mobile Telesystems OJSC (b)		13,358		57,187
Mobile Telesystems OJSC ADR		50,767		512,747
NOVATEK OAO GDR		6,106		457,950
Novolipetsk Steel OJSC GDR		1,774		23,683
Novorossiysk Commercial Sea Port PJSC GDR		3,276		6,028
Pharmstandard OJSC GDR (b)		3,672		15,533
Polymetal International PLC		6,444		55,101
Rosneft OAO GDR		123,006		529,541
Rostelecom OJSC ADR		4,972		39,478
Sberbank of Russia ADR (c)		80,933		353,677
Sberbank of Russia ADR (c)		6,157		27,054
Severstal PAO GDR		29,483		331,094
Sistema JSFC GDR		7,832		57,957
Surgutneftegas OAO ADR		110,861		682,904
Tatneft OAO ADR		17,961		535,058
TMK OAO GDR		2,682		8,046
Uralkali PJSC GDR		4,573		61,049
VimpelCom, Ltd. ADR		31,151		163,231
VTB Bank OJSC GDR		32,107		64,792
X5 Retail Group NV GDR (b)		2,173		33,356
Yandex NV (Class A) (b)		5,985		90,762
				7,695,746
SOUTH AFRICA — 8.6%
Adcock Ingram Holdings, Ltd. (a)(b)		6,561		28,158
Adcorp Holdings, Ltd.		30,365		79,996
African Bank Investments, Ltd. (a)(b)(d)		188,976		4,835
African Rainbow Minerals, Ltd.		6,476		52,850
Allied Electronics Corp., Ltd.		36,096		41,708
Anglo American Platinum, Ltd. (b)		1,766		43,365
AngloGold Ashanti, Ltd. (b)		15,591		150,155
Aquarius Platinum, Ltd. (b)		63,977		8,462
ArcelorMittal South Africa, Ltd. (b)		12,105		18,863
Aspen Pharmacare Holdings, Ltd. (b)		21,083		668,183
Aveng, Ltd. (b)		34,942		32,415
Barclays Africa Group, Ltd.		21,003		320,690
Barloworld, Ltd.		14,947		114,481
Bidvest Group, Ltd.		21,911		594,384
Business Connexion Group, Ltd.		128,634		66,142
Coronation Fund Managers, Ltd.		51,889		420,765
Discovery, Ltd.		19,560		201,472
FirstRand, Ltd.		165,727		763,784
Foschini Group, Ltd.		19,701		293,607
Gold Fields, Ltd.		34,763		147,243
Grindrod, Ltd.		58,805		84,449
Group Five, Ltd.		16,706		34,663
Harmony Gold Mining Co., Ltd. (b)		14,073		24,554
Impala Platinum Holdings, Ltd. (b)		24,992		121,348
Imperial Holdings, Ltd.		11,540		183,735
Investec, Ltd.		12,737		105,659
Invicta Holdings, Ltd.		41,300		247,979
Kumba Iron Ore, Ltd. (a)		2,480		31,931
Lewis Group, Ltd. (a)		15,102		96,473
Massmart Holdings, Ltd.		9,834		121,746
MMI Holdings, Ltd.		55,901		151,422
MTN Group, Ltd.		76,336		1,291,561
Murray & Roberts Holdings, Ltd.		41,858		47,295
Naspers, Ltd. (Class N)		19,693		3,039,382
Nedbank Group, Ltd. (a)		22,631		444,131
Netcare, Ltd.		131,508		452,606
Northam Platinum, Ltd. (b)		17,587		66,930
PPC, Ltd.		12,804		19,370
PSG Group, Ltd.		26,059		355,734
Rand Merchant Insurance Holdings, Ltd.		69,366		264,840
Remgro, Ltd.		26,980		591,873
RMB Holdings, Ltd.		56,540		326,092
Sanlam, Ltd.		118,725		767,934
Sappi, Ltd. (b)		17,753		71,693
Sasol, Ltd.		21,807		741,829
Shoprite Holdings, Ltd.		29,808		404,132
Sibanye Gold, Ltd.		39,411		84,311
Standard Bank Group, Ltd.		57,279		794,212
Steinhoff International Holdings, Ltd. (a)		124,849		783,433

See accompanying notes to financial statements.

180

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Sun International, Ltd.		10,397	$	108,121
Telkom SA SOC, Ltd. (b)		16,826		109,986
Tiger Brands, Ltd.		12,285		309,643
Times Media Group, Ltd.		364		616
Trans Hex Group, Ltd.		1,445		377
Truworths International, Ltd.		35,622		259,486
Wilson Bayly Holmes-Ovcon, Ltd.		14,471		134,567
Woolworths Holdings, Ltd.		65,118		463,008
				17,188,679
TAIWAN — 14.2%
Acer, Inc. (b)		173,701		112,137
Adlink Technology, Inc.		29,101		74,682
Advanced Semiconductor Engineering, Inc.		433,007		584,677
Advancetek Enterprise Co. Ltd.		152,000		120,959
AGV Products Corp. (b)		311,000		80,409
APCB, Inc.		60,000		45,638
Asustek Computer, Inc.		34,340		345,705
AU Optronics Corp. ADR (a)		69,213		346,757
Audix Corp.		45,600		62,957
Bank of Kaohsiung		91,714		26,995
Basso Industry Corp.		181,000		285,181
Biostar Microtech International Corp.		121,000		38,168
C Sun Manufacturing Ltd.		58,000		40,780
Carnival Industrial Corp.		123,000		32,116
Catcher Technology Co., Ltd.		36,000		377,373
Cathay Financial Holding Co., Ltd.		314,541		502,622
Cathay No. 1 REIT		82,000		47,748
Center Laboratories, Inc. (b)		34,204		95,649
Champion Building Materials Co. Ltd.		85,000		25,182
Chang Hwa Commercial Bank, Ltd.		437,861		253,285
Chang Wah Electromaterials, Inc.		8,257		22,668
Charoen Pokphand Enterprise		258,600		239,261
Cheng Loong Corp.		36,000		14,267
Cheng Shin Rubber Industry Co., Ltd.		21,850		50,208
China Airlines, Ltd. (b)		118,000		60,527
China Chemical & Pharmaceutical Co., Ltd.		94,000		61,285
China Development Financial Holding Corp.		743,945		257,968
China Steel Chemical Corp.		39,595		187,915
China Steel Corp.		480,451		399,224
Chipbond Technology Corp.		19,000		40,137
Chong Hong Construction Co., Ltd.		7,350		14,893
Chung Hwa Pulp Corp. (b)		135,000		40,168
Chunghwa Chemical Synthesis & Biotech Co. Ltd.		37,000		37,248
Chunghwa Telecom Co., Ltd.		154,457		491,162
CMC Magnetics Corp. (b)		189,000		25,309
Compal Electronics, Inc.		311,774		259,563
Coxon Precise Industrial Co. Ltd.		10,000		23,778
CTBC Financial Holding Co., Ltd.		726,462		482,915
Da-Li Construction Co. Ltd. (b)		67,363		91,497
Delta Electronics, Inc.		123,340		778,512
Dimerco Express Taiwan Corp.		166,000		116,715
Eclat Textile Co., Ltd.		8,486		111,601
Elan Microelectronics Corp.		2,000		3,420
Elite Semiconductor Memory Technology, Inc.		98,750		157,640
Epistar Corp.		38,180		61,498
Etron Technology, Inc. (b)		12,445		8,054
Eva Airways Corp. (b)		79,782		58,517
Excelsior Medical Co., Ltd.		24,000		39,655
Far Eastern New Century Corp.		331,559		342,261
Flytech Technology Co. Ltd.		8,436		34,240
Formosa Chemicals & Fibre Corp.		164,243		376,882
Formosa Plastics Corp.		255,714		620,284
Founding Construction & Development Co. Ltd.		233,932		152,889
Foxconn Technology Co., Ltd.		78,348		210,330
Fubon Financial Holding Co., Ltd.		393,903		707,490
Fullerton Technology Co. Ltd.		30,000		26,079
Fwusow Industry Co. Ltd.		117,300		58,481
Giant Manufacturing Co., Ltd.		25,302		244,206
Grape King, Inc.		100,000		433,046
Great Wall Enterprise Co.		32,300		27,097
HannStar Display Corp.		87,500		19,155
Hermes Microvision, Inc.		2,000		115,372
Himax Technologies, Inc. ADR (a)		3,105		19,655
Hiwin Technologies Corp.		8,911		65,928
Hocheng Corp.		177,000		58,830
Hon Hai Precision Industry Co., Ltd.		543,243		1,590,318
Hong TAI Electric Industrial		113,000		38,461
Hotai Motor Co., Ltd.		41,000		633,541
HTC Corp. (b)		55,198		246,089
Hua Nan Financial Holdings Co., Ltd.		443,712		253,833
Hung Sheng Construction Co. Ltd. (b)		65,000		39,158
Ibase Technology, Inc.		111,145		214,902
Innolux Corp.		239,820		119,948
Inotera Memories, Inc. (b)		22,000		29,354
Janfusun Fancyworld Corp. (b)		358,112		52,189
KEE TAI Properties Co., Ltd.		63,000		39,664
Kenda Rubber Industrial Co., Ltd.		4,451		8,720
Kerry TJ Logistics Co., Ltd.		54,000		67,220
Kindom Construction Co.		42,000		38,188
Kung Long Batteries Industrial Co. Ltd.		9,000		32,646
Kuoyang Construction Co., Ltd.		43,225		19,133
Kwong Fong Industries		32,000		20,147
Largan Precision Co., Ltd.		3,000		258,389
Leofoo Development Co. (b)		115,000		42,082
Lite-On Technology Corp.		163,404		211,762
Long Bon International Co., Ltd.		11,000		8,050
Long Chen Paper Co. Ltd.		954,301		401,056
MediaTek, Inc.		54,329		735,325
Medigen Biotechnology Corp. (b)		5,248		23,397
Mega Financial Holding Co., Ltd.		331,921		275,275
Merida Industry Co., Ltd.		2,100		16,510
Merry Electronics Co., Ltd.		13,356		42,898
Mosel Vitelic, Inc. (b)		3,758		673
Namchow Chemical Industrial Ltd.		53,000		114,334
Nan Ya Plastics Corp.		250,486		556,369

See accompanying notes to financial statements.

181

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Nanya Technology Corp. (b)		3,603	$	9,097
National Petroleum Co., Ltd.		345,000		416,227
Neo Solar Power Corp.		15,870		14,049
New Era Electronics Co. Ltd.		24,000		26,040
Newmax Technology Co., Ltd.		25,185		29,298
Nexcom International Co. Ltd.		71,638		116,077
Novatek Microelectronics Corp.		31,225		161,663
Pacific Hospital Supply Co. Ltd.		21,000		46,510
Pan Jit International, Inc. (b)		9,000		4,128
Pegatron Corp.		55,686		150,738
Phytohealth Corp. (b)		9,000		9,075
Pihsiang Machinery Manufacturing Co. Ltd. (b)		24,000		42,953
Portwell, Inc.		25,000		44,423
Pou Chen Corp.		225,531		315,700
Powertech Technology, Inc.		67,285		115,905
Precision Silicon Corp. (b)		909		490
Promate Electronic Co., Ltd.		57,000		71,500
ProMOS Technologies, Inc. (b)(f)		130,950		0
Quanta Computer, Inc.		216,664		523,483
Sampo Corp.		208,000		91,403
Sesoda Corp.		74,475		94,373
Shih Wei Navigation Co., Ltd.		103,402		60,640
Shin Kong Financial Holding Co., Ltd.		263,437		74,847
Siliconware Precision Industries Co., Ltd.		157,578		262,378
Sinbon Electronics Co., Ltd.		71,000		115,724
Sinon Corp.		114,000		61,755
SinoPac Financial Holdings Co., Ltd.		653,230		272,440
Sinphar Pharmaceutical Co., Ltd.		75,120		92,309
Solar Applied Materials Technology Corp.		162,250		137,153
Solartech Energy Corp. (b)		10,041		6,322
Stark Technology, Inc.		53,000		49,545
Supreme Electronics Co. Ltd.		142,347		76,883
Ta Ya Electric Wire & Cable		363,000		75,291
Tainan Enterprises Co., Ltd.		40,000		38,351
Taishin Financial Holding Co., Ltd.		630,836		268,141
Taisun Enterprise Co., Ltd. (b)		147,000		58,725
Taiwan Acceptance Corp.		9,000		22,378
Taiwan Cement Corp.		276,533		389,744
Taiwan Chinsan Electronic Industrial Co. Ltd.		28,000		44,743
Taiwan Cogeneration Corp.		42,000		36,376
Taiwan Fire & Marine Insurance Co.		23,000		16,539
Taiwan FU Hsing Industrial Co., Ltd.		33,000		40,393
Taiwan Land Development Corp.		167,587		83,820
Taiwan Mobile Co., Ltd.		4,000		13,998
Taiwan Paiho Ltd.		51,000		123,058
Taiwan Pulp & Paper Corp. (b)		288,000		103,547
Taiwan Sakura Corp.		94,000		68,495
Taiwan Semiconductor Manufacturing Co., Ltd.		716,500		3,331,759
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		39,412		925,394
Taiwan Tea Corp.		98,913		54,056
Taiwan Union Technology Corp.		121,000		121,425
Taiyen Biotech Co., Ltd.		47,500		40,077
Tatung Co., Ltd. (b)		160,885		43,345
TPK Holding Co., Ltd.		8,000		55,992
Transasia Airways Corp.		239,000		88,221
Tripod Technology Corp.		67,320		135,544
Uni-President Enterprises Corp.		109,955		184,137
United Microelectronics Corp. ADR (a)		234,556		572,317
Unity Opto Technology Co., Ltd.		12,759		12,947
Ve Wong Corp.		55,000		41,834
Visual Photonics Epitaxy Co., Ltd.		145,259		181,980
Wei Chuan Food Corp.		30,000		24,017
Wei Mon Industry Co. Ltd. (b)		212,450		66,268
Weikeng Industrial Co., Ltd.		61,000		45,618
Winbond Electronics Corp. (b)		43,000		14,155
Wistron Corp.		143,126		121,673
Zeng Hsing Industrial Co. Ltd.		23,350		141,787
Zenitron Corp.		131,000		79,756
				28,435,510
THAILAND — 3.2%
Advanced Info Service PCL		98,415		716,790
Airports of Thailand PCL		16,000		137,677
Bangkok Dusit Medical Services PCL		45,000		27,243
Bangkok Expressway PCL		323,559		387,793
Bangkokland PCL		635,600		29,299
Banpu PCL		128,280		116,296
BEC World PCL (d)		24,600		30,996
Big C Supercenter PCL		3,600		25,446
BTS Group Holdings PCL		29,500		8,295
Central Pattana PCL		47,500		62,404
Central Plaza Hotel PCL		35,200		35,427
CH Karnchang PCL		6,048		4,609
Charoen Pokphand Foods PCL		17,700		12,239
CP ALL PCL		164,300		207,016
Electricity Generating PCL		73,674		343,012
IRPC PCL		825,858		109,133
Jasmine International PCL		158,700		28,043
Kasikornbank PCL (c)		51,900		366,841
Kasikornbank PCL (c)		1,200		8,445
Krung Thai Bank PCL		40,800		28,588
Land and Houses PCL		66,400		20,202
Minor International PCL		7,000		7,529
Pruksa Real Estate PCL		24,100		21,478
PTT Exploration & Production PCL		116,741		391,050
PTT Global Chemical PCL		20,200		32,435
PTT PCL		68,224		677,208
Quality Houses PCL		190,700		22,153
Sansiri PCL		231,233		13,146
Siam Cement PCL (c)		5,500		86,540
Siam Cement PCL (c)		30,800		482,729
Siam Commercial Bank PCL		106,102		580,398
Siam Future Development PCL		135,344		28,907
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		79,966		33,176
Thai Airways International PCL (b)		57,000		18,918

See accompanying notes to financial statements.

182

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Thai Beverage PCL		365,000	$	203,561
Thai Oil PCL		101,795		162,672
Thaicom PCL		36,400		38,872
Ticon Industrial Connection PCL		105,780		49,087
Tisco Financial Group PCL		153,318		215,559
TMB Bank PCL		4,132,317		378,436
Total Access Communication PCL		7,200		18,144
Toyo-Thai Corp. PCL		6,600		5,375
True Corp. PCL (b)		339,373		130,368
				6,303,535
TURKEY — 1.7%
Akbank TAS		93,539		275,592
Anadolu Efes Biracilik Ve Malt Sanayii AS (b)		20,107		168,042
Aselsan Elektronik Sanayi Ve Ticaret AS		2,781		13,174
BIM Birlesik Magazalar AS		3,661		65,000
Coca-Cola Icecek AS		420		7,109
Dogan Sirketler Grubu Holdings AS (b)		143,481		33,708
Eregli Demir ve Celik Fabrikalari TAS		138,316		215,212
Haci Omer Sabanci Holding AS		49,896		176,409
KOC Holding AS		74,887		341,772
Migros Ticaret AS (b)		781		6,271
Tupras-Turkiye Petrol Rafinerileri AS		11,336		269,156
Turk Hava Yollari AO (b)		24,562		81,259
Turkcell Iletisim Hizmetleri AS (b)		43,000		221,086
Turkiye Garanti Bankasi AS		200,784		659,614
Turkiye Halk Bankasi AS		9,566		47,342
Turkiye Is Bankasi (Class C)		116,843		264,151
Turkiye Vakiflar Bankasi Tao (Class D)		16,332		26,795
Ulker Biskuvi Sanayi AS		47,499		356,723
Yapi ve Kredi Bankasi AS		75,166		115,796
				3,344,211
UNITED ARAB EMIRATES — 0.5%
Abu Dhabi Commercial Bank PJSC		84,352		148,590
Air Arabia PJSC		194,876		75,342
Aldar Properties PJSC		163,484		105,491
Arabtec Holding PJSC (b)		86,660		53,795
DP World, Ltd.		6,681		144,310
Emaar Properties PJSC		141,174		253,682
First Gulf Bank PJSC		26,802		106,540
National Bank of Abu Dhabi PJSC		52,723		170,820
National Central Cooling Co. PJSC		146,934		43,205
				1,101,775
TOTAL COMMON STOCKS —
(Cost $216,969,749)				195,128,572
CORPORATE BONDS & NOTES — 0.0% (g)
INDIA — 0.0% (g)
NTPC, Ltd. 8.49%, 3/25/2025 (Cost $0)	INR	995,400		16,165
RIGHTS — 0.0% (g)
MALAYSIA — 0.0% (g)
KNM Group Bhd (expiring 4/13/15) (b)		45,103		1,827
PHILIPPINES — 0.0% (g)
GT Capital Holdings, Inc. (expiring 04/08/15) (b)(f)		570		0
SOUTH AFRICA — 0.0% (g)
Discovery, Ltd. (expiring 4/2/15) (b)		1,969		5,656
TOTAL RIGHTS —
(Cost $0)				7,483
WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
KNM Group Bhd (expiring 11/15/17) (b)		66,786		2,795
KPJ Healthcare Bhd (expiring 01/23/19) (b)		2,080		351
Malaysian Resources Corp. Bhd (expiring 09/16/18) (b)		123,400		6,164
				9,310
THAILAND — 0.0% (g)
Minor International PCL (expiring 11/3/17) (b)		480		63
Sansiri PCL (expiring 11/24/17) (b)		75,433		696
				759
TOTAL WARRANTS —
(Cost $9,950)				10,069
SHORT TERM INVESTMENTS — 5.5%
UNITED STATES — 5.5%
MONEY MARKET FUNDS — 5.5%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		9,213,999		9,213,999
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (i)(j)(k)		1,788,956		1,788,956
TOTAL SHORT TERM INVESTMENT —
(Cost $11,002,955)				11,002,955
					��
TOTAL INVESTMENTS — 103.3%
(Cost $227,982,654)				206,165,244
OTHER ASSETS & LIABILITIES — (3.3)%				(6,503,248	)
NET ASSETS — 100.0%			$	199,661,996

See accompanying notes to financial statements.

183

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

March 31, 2015 (Unaudited)

(a)	A portion of the security was on loan at March 31, 2015.
(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 Oversight Committee in accordance with procedures approved by the Board of Trustees (see accompanying Notes to Schedules of Investments).
(e)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of March 31, 2015, 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 Oversight 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

ADS = American Depositary Shares

GDR = Global Depositary Receipt

INR = Indian Rupee

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

At March 31, 2015, open futures contracts purchased were as follows:

	Expiration						Unrealized
Futures	Date		Contracts		Value		Depreciation
MSCI Taiwan Index Futures		4/29/2015		94	$	3,318,200	$	(29,406	)

See accompanying notes to financial statements.

184

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 18.3%
AES Tiete SA Preference Shares		414,678	$	2,231,614
Alupar Investimento SA		101,977		615,799
Banco do Brasil SA ADR (a)		513,236		3,672,204
Banco do Estado do Rio Grande do Sul SA Preference Shares		627,867		2,160,926
CCR SA		2,101,000		10,715,028
CETIP SA — Mercados Organizados		263,800		2,628,838
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,103,938		11,403,344
Companhia Energetica de Minas Gerais ADR (a)		2,663,897		10,895,339
Companhia Energetica de Sao Paulo Preference Shares (Class B)		647,000		4,789,594
EcoRodovias Infraestrutura e Logistica SA		949,300		2,670,194
Grendene SA		208,644		1,067,341
Light SA		528,235		2,379,958
Mahle-Metal Leve SA		90,475		563,328
Souza Cruz SA		746,700		5,934,163
Tractebel Energia SA		212,423		2,346,151
Tractebel Energia SA ADR		311,262		3,437,799
Transmissora Alianca de Energia Electrica SA		351,553		2,303,282
Vale SA Preference Shares ADR (a)		1,604,708		7,782,834
				77,597,736
CHILE — 1.2%
Aguas Andinas SA Class A		2,905,552		1,703,341
Banco de Chile ADR		32,498		2,179,316
Inversiones Aguas Metropolitanas SA		717,483		1,156,789
				5,039,446
CHINA — 9.0%
Bank of China, Ltd. (Class H)		5,163,536		2,983,683
China CITIC Bank Corp., Ltd. (Class H)		3,519,000		2,650,694
China Hongqiao Group, Ltd. (a)		3,080,789		1,847,746
Country Garden Holdings Co., Ltd. (a)		8,870,000		3,580,926
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		2,917,511		2,991,624
Jiangsu Expressway Co., Ltd. (Class H)		10,826,000		14,550,005
Soho China, Ltd. (a)		1,983,500		1,350,808
Xinyi Glass Holdings, Ltd. (a)		6,524,000		4,030,667
Zhejiang Expressway Co., Ltd. (Class H)		3,012,000		3,993,701
				37,979,854
COLOMBIA — 2.7%
Ecopetrol SA ADR (a)		744,301		11,328,261
CZECH REPUBLIC — 0.8%
Komercni Banka AS		15,981		3,450,658
HONG KONG — 5.9%
Agile Property Holdings, Ltd. (a)		8,932,000		5,368,612
Evergrande Real Estate Group, Ltd. (a)		13,410,000		6,762,900
Greentown China Holdings, Ltd. (a)		3,984,500		3,576,930
KWG Property Holding, Ltd.		5,062,000		3,590,974
Poly Property Group Co., Ltd. (a)		9,081,000		4,415,729
Shenzhen Investment, Ltd. (a)		3,662,829		1,355,895
				25,071,040
INDIA — 3.9%
Coal India, Ltd.		120,305		697,632
Indiabulls Housing Finance, Ltd.		497,073		4,431,312
NMDC, Ltd.		5,460,338		11,233,692
				16,362,636
INDONESIA — 2.1%
Indo Tambangraya Megah Tbk PT		2,308,700		2,984,094
Matahari Putra Prima Tbk PT		19,198,300		5,814,552
				8,798,646
MALAYSIA — 2.4%
BIMB Holdings Bhd		709,200		785,128
British American Tobacco Malaysia Bhd		84,400		1,564,710
HAP Seng Consolidated Bhd		1,514,700		1,860,911
Malayan Banking Bhd		1,616,412		4,072,128
YTL Corp. Bhd		4,574,100		2,062,575
				10,345,452
MEXICO — 2.4%
Grupo Financiero Santander Mexico SAB de CV ADR (Class B) (a)		756,921		8,265,577
PLA Administradora Industrial S de RL de CV (a)(b)		1,044,345		2,121,013
				10,386,590
POLAND — 4.2%
Bank Handlowy w Warszawie SA		30,388		868,400
Bank Pekao SA		75,847		3,676,824
PGE Polska Grupa Energetyczna SA		1,601,265		8,801,362
Powszechny Zaklad Ubezpieczen SA		34,905		4,501,792
				17,848,378
RUSSIA — 2.6%
E.ON Russia JSC (b)		22,721,756		1,150,016
Eurasia Drilling Co., Ltd. GDR		69,186		1,328,371
Gazprom Neft JSC ADR		24,847		330,465
Gazprom Neft OAO ADR		19,077		256,014
MegaFon OAO GDR		396,294		6,340,704
PhosAgro OAO GDR		132,874		1,501,476
				10,907,046
SOUTH AFRICA — 9.5%
Acucap Properties, Ltd.		127,944		600,847
Assore, Ltd. (a)		114,630		1,258,293
Capital Property Fund		1,060,160		1,224,986
Foschini Group, Ltd.		549,451		8,188,538
Growthpoint Properties, Ltd. REIT		1,527,810		3,615,171
Hyprop Investments, Ltd.		130,228		1,268,289
Kumba Iron Ore, Ltd. (a)		303,847		3,912,112
MMI Holdings, Ltd.		1,198,361		3,246,071
Redefine Properties, Ltd.		3,511,772		3,594,014
Resilient Property Income Fund, Ltd.		351,198		3,014,513
Vodacom Group, Ltd. (a)		953,592		10,443,175
				40,366,009

See accompanying notes to financial statements.

185

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
SOUTH KOREA — 3.6%
Macquarie Korea Infrastructure Fund		307,885	$	2,172,914
SK Telecom Co., Ltd.		52,990		13,015,255
				15,188,169
TAIWAN — 15.2%
Asustek Computer, Inc.		1,316,000		13,248,322
Chicony Electronics Co., Ltd.		1,107,514		3,107,693
China Steel Chemical Corp.		431,000		2,045,494
Clevo Co.		960,000		1,494,151
Far Eastern New Century Corp.		3,525,780		3,639,588
Farglory Land Development Co., Ltd.		1,039,635		1,199,451
Lite-On Technology Corp.		3,996,928		5,179,784
Radiant Opto-Electronics Corp.		1,810,300		5,635,130
Ruentex Development Co., Ltd.		1,924,000		2,951,486
Ruentex Industries, Ltd.		1,315,000		2,878,795
Synnex Technology International Corp.		2,120,000		2,865,964
Taiwan Cement Corp.		4,112,000		5,795,436
Taiwan Mobile Co., Ltd.		2,182,200		7,636,654
Transcend Information, Inc.		278,000		986,194
WPG Holdings, Ltd.		2,553,000		3,288,140
Yulon Nissan Motor Co., Ltd.		227,000		2,198,178
				64,150,460
THAILAND — 11.9%
Advanced Info Service PCL		30		218
Advanced Info Service PCL NVDR		1,741,045		12,680,629
Delta Electronics Thai PCL NVDR		1,340,616		3,100,226
Intouch Holdings PCL NVDR (a)		4,927,900		11,698,841
Kiatnakin Bank PCL NVDR (a)		592,485		710,108
Land and Houses PCL NVDR		10,582,014		3,170,702
PTT Global Chemical PCL NVDR		7,931,900		12,736,379
Thai Oil PCL (a)		1,704,400		2,723,688
Thai Oil PCL ADR		1,234,600		1,972,932
Tisco Financial Group PCL NVDR		507,700		713,807
TTW PCL NVDR		2,180,600		763,947
				50,271,477
TURKEY — 4.0%
Koza Altin Isletmeleri AS		723,442		7,843,209
Tofas Turk Otomobil Fabrikasi AS		584,879		3,547,793
Turk Telekomunikasyon AS		1,722,899		4,578,472
Turk Traktor ve Ziraat Makineleri AS		33,598		1,001,535
				16,971,009
TOTAL COMMON STOCKS —
(Cost $473,476,181)				422,062,867
SHORT TERM INVESTMENTS — 14.2%
UNITED STATES — 14.2%
MONEY MARKET FUNDS — 14.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		58,975,610		58,975,610
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e)		1,040,949		1,040,949
TOTAL SHORT TERM INVESTMENT —
(Cost $60,016,559)				60,016,559
TOTAL INVESTMENTS — 113.9%
(Cost $533,492,740)				482,079,426
OTHER ASSETS & LIABILITIES — (13.9)%				(58,882,706	)
NET ASSETS — 100.0%			$	423,196,720

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

186

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 12.4%
Ambev SA ADR (a)		518,897	$	2,988,847
Banco Bradesco SA Preference Shares ADR		287,527		2,668,250
BRF SA ADR		75,536		1,494,102
Itau Unibanco Holding SA Preference Shares ADR		314,455		3,477,872
Petroleo Brasileiro SA ADR (a)		169,503		1,018,713
Ultrapar Participacoes SA ADR		49,453		998,951
Vale SA ADR (a)		168,489		951,963
				13,598,698
CHINA — 55.0%
Agricultural Bank of China, Ltd. (Class H)		2,723,000		1,348,672
Alibaba Group Holding, Ltd. ADR (a)(b)		42,109		3,505,153
Baidu, Inc. ADR (b)		31,117		6,484,783
Bank of China, Ltd. (Class H)		7,808,254		4,511,899
Bank of Communications Co., Ltd. (Class H)		2,353,000		2,018,231
China Construction Bank Corp. (Class H)		9,307,610		7,731,281
China Life Insurance Co., Ltd. (Class H)		849,000		3,717,705
China Merchants Bank Co., Ltd. (Class H)		523,860		1,279,742
China Petroleum & Chemical Corp. (Class H)		2,903,174		2,310,392
China Shenhua Energy Co., Ltd. (Class H)		386,500		987,057
China Telecom Corp., Ltd. (Class H)		1,582,000		1,014,122
Hengan International Group Co., Ltd.		88,500		1,062,724
Industrial & Commercial Bank of China, Ltd. (Class H)		9,292,960		6,856,106
PetroChina Co., Ltd. (Class H)		2,398,171		2,653,963
Ping An Insurance Group Co. of China, Ltd. (Class H)		225,000		2,704,742
Tencent Holdings, Ltd.		608,126		11,545,927
Want Want China Holdings, Ltd. (a)		781,000		829,045
				60,561,544
HONG KONG — 13.0%
China Mobile, Ltd.		626,000		8,171,133
China Overseas Land & Investment, Ltd.		452,560		1,462,215
CITIC, Ltd.		623,000		1,067,121
CNOOC, Ltd.		1,833,221		2,591,509
Lenovo Group, Ltd. (a)		724,000		1,057,091
				14,349,069
INDIA — 9.5%
HDFC Bank, Ltd. ADR		44,921		2,645,398
ICICI Bank, Ltd. ADR		160,203		1,659,703
Infosys, Ltd. ADR (a)		109,788		3,851,363
Reliance Industries, Ltd. GDR (c)		48,471		1,282,058
Tata Motors, Ltd. ADR (a)		21,413		964,870
				10,403,392
RUSSIA — 9.8%
Gazprom OAO ADR		674,025		3,204,315
Lukoil OAO ADR (d)		1,675		76,933
Lukoil OAO ADR (d)		57,412		2,659,324
Magnit PJSC GDR		32,842		1,676,584
MMC Norilsk Nickel OJSC ADR		55,870		992,530
Sberbank of Russia ADR (d)		14,597		63,789
Sberbank of Russia ADR (d)		292,709		1,286,163
Tatneft OAO ADR		27,709		825,451
				10,785,089
TOTAL COMMON STOCKS —
(Cost $131,179,449)				109,697,792
SHORT TERM INVESTMENTS — 9.5%
UNITED STATES — 9.5%
MONEY MARKET FUNDS — 9.5%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		9,994,758		9,994,758
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		449,362		449,362
TOTAL SHORT TERM INVESTMENT —
(Cost $10,444,120)				10,444,120
TOTAL INVESTMENTS — 109.2%
(Cost $141,623,569)				120,141,912
OTHER ASSETS & LIABILITIES — (9.2)%				(10,104,691	)
NET ASSETS — 100.0%			$	110,037,221

(a)	A portion of the security was on loan at March 31, 2015.
(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 March 31, 2015, 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

OJSC = Open Joint Stock Company

PJSC = Public Joint Stock Company

See accompanying notes to financial statements.

187

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
BRITISH VIRGIN ISLANDS — 0.1%
Lenta, Ltd. GDR (a)		7,174	$	55,240
CYPRUS — 0.3%
QIWI PLC ADR		4,467		107,297
TCS Group Holding PLC GDR		11,926		28,623
				135,920
CZECH REPUBLIC — 2.7%
CEZ AS		30,155		737,499
Komercni Banka AS		2,280		492,303
O2 Czech Republic AS		13,822		110,491
				1,340,293
GREECE — 5.3%
Aegean Airlines SA (a)		4,799		38,295
Alpha Bank AE (a)		665,867		196,664
Athens Water Supply & Sewage Co. SA		4,468		25,673
Costamare, Inc.		3,309		58,271
Diana Shipping, Inc. (a)		3,696		22,619
DryShips, Inc. (a)		40,218		30,566
Ellaktor SA (a)		17,905		34,229
Eurobank Ergasias SA (a)		800,000		90,216
FF Group (a)		4,817		143,512
Fourlis Holdings SA (a)		6,626		19,214
Frigoglass SAIC (a)		6,690		11,352
GEK Terna Holding Real Estate Construction SA (a)		12,633		23,472
Grivalia Properties REIC		5,977		48,787
Hellenic Exchanges — Athens Stock Exchange SA Holding (a)		10,348		51,901
Hellenic Petroleum SA (a)		8,529		32,518
Hellenic Telecommunications Organization SA (a)		35,519		314,716
Intralot SA — Integrated Lottery Systems & Services (a)		19,869		32,009
JUMBO SA		15,878		165,073
Lamda Development SA (a)		4,173		16,359
Marfin Investment Group Holdings SA (a)		85,239		11,993
Metka SA		4,046		37,805
Motor Oil Hellas Corinth Refineries SA		8,733		64,717
Mytilineos Holdings SA (a)		12,047		72,197
National Bank of Greece SA (a)		240,114		283,671
Navios Maritime Holdings, Inc.		6,588		27,538
OPAP SA		33,752		316,459
Piraeus Bank SA (a)		251,044		96,794
Piraeus Port Authority SA		1,148		13,809
Public Power Corp. SA (a)		16,977		103,930
Safe Bulkers, Inc.		2,893		10,386
Terna Energy SA (a)		8,658		20,364
Titan Cement Co. SA		7,793		178,860
Tsakos Energy Navigation, Ltd.		3,058		25,014
				2,618,983
HUNGARY — 3.0%
Magyar Telekom Telecommunications PLC (a)		103,144		152,209
MOL Hungarian Oil and Gas PLC		8,845		383,973
OTP Bank PLC		32,272		613,098
Richter Gedeon NyRt		25,042		345,327
				1,494,607
MONACO — 0.2%
GasLog, Ltd. (b)		5,201		101,003
POLAND — 19.5%
Agora SA (a)		35,737		96,046
Asseco Poland SA		17,315		269,441
Bank Handlowy w Warszawie SA		4,672		133,512
Bank Millennium SA		23,967		42,036
Bank Pekao SA		21,371		1,035,999
Bank Zachodni WBK SA		4,375		398,094
CCC SA		3,148		151,858
Cyfrowy Polsat SA		23,933		157,491
Echo Investment SA (a)		89,046		155,945
Enea SA		17,988		78,376
Energa SA		28,425		186,676
Eurocash SA		10,858		93,760
Getin Holding SA (a)		63,181		34,661
Getin Noble Bank SA (a)		191,870		85,523
Globe Trade Centre SA (a)		42,639		63,315
Grupa Azoty SA		3,735		79,793
Grupa Kety SA		453		35,843
ING Bank Slaski SA		3,888		140,282
Jastrzebska Spolka Weglowa SA (a)		2,714		12,369
KGHM Polska Miedz SA		22,550		713,702
LPP SA		117		218,312
Lubelski Wegiel Bogdanka SA		7,879		174,350
mBank		2,510		291,515
Netia SA		171,229		266,452
Orange Polska SA		127,412		320,252
Orbis SA		5,275		64,972
PGE Polska Grupa Energetyczna SA		89,650		492,762
Polski Koncern Naftowy Orlen SA		46,656		729,096
Polskie Gornictwo Naftowe i Gazownictwo SA		264,013		382,981
Powszechna Kasa Oszczednosci Bank Polski SA		133,584		1,197,905
Powszechny Zaklad Ubezpieczen SA		8,024		1,034,877
Synthos SA		87,352		101,371
Tauron Polska Energia SA		241,505		280,901
TVN SA (a)		45,562		206,089
				9,726,557
RUSSIA — 47.3%
Bank Otkritie Financial Corp. PJSC GDR (a)(c)		7,690		74,417
CTC Media, Inc.		9,624		38,111
Etalon Group, Ltd. GDR		15,062		32,157
Eurasia Drilling Co., Ltd. GDR		7,732		148,454
Evraz PLC		76,687		213,681
Gazprom Neft OAO ADR		6,355		85,284
Gazprom OAO ADR		884,174		4,203,363
Globaltrans Investment PLC GDR		12,463		56,333
LSR Group OJSC GDR		31,131		70,667
Lukoil OAO ADR		79,089		3,663,403
Magnit PJSC (a)		1,000		194,831
Magnit PJSC GDR		33,201		1,694,911
Mail.ru Group, Ltd. GDR (a)		15,404		306,078
Mechel ADR (a)		22,467		27,859

See accompanying notes to financial statements.

188

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
MegaFon OAO GDR		15,277	$	244,432
MMC Norilsk Nickel OJSC ADR		78,626		1,396,791
Mobile Telesystems OJSC (a)		38,158		163,359
Mobile Telesystems OJSC ADR		81,015		818,252
NovaTek OAO GDR		12,364		927,300
Novolipetsk Steel OJSC GDR		13,746		183,509
O’Key Group SA GDR		5,801		21,145
Pharmstandard OJSC GDR (a)		6,162		26,065
PhosAgro OAO GDR		13,823		156,200
PIK Group GDR		55,702		181,310
Polymetal International PLC		34,497		294,974
Polyus Gold International, Ltd.		99,769		276,960
Rosneft OAO GDR		178,594		768,847
Rostelecom OJSC ADR		28,252		224,321
RusHydro JSC ADR (d)		144,826		139,033
RusHydro JSC ADR (d)		8,255		7,991
Sberbank (a)		1,540,110		1,653,319
Sberbank of Russia ADR		26,982		118,559
Severstal PAO GDR		33,627		377,631
Sistema JSFC GDR		28,027		207,400
Surgutneftegas OAO ADR		178,540		1,099,806
Surgutneftegas OAO Preference Share (a)		581,400		445,198
Tatneft OAO ADR		34,417		1,025,282
TMK OAO GDR		7,025		21,075
United Co. RUSAL PLC (a)		169,134		105,367
Uralkali PJSC GDR		35,836		478,411
VimpelCom, Ltd. ADR		33,069		173,282
VTB Bank OJSC GDR		235,762		475,768
X5 Retail Group NV GDR (a)		15,867		243,559
Yandex NV (a)		32,154		487,615
				23,552,310
TURKEY — 21.0%
Akbank TAS		258,907		762,811
Anadolu Anonim Turk Sigorta Sirketi		223,168		112,594
Anadolu Efes Biracilik Ve Malt Sanayii AS (a)		36,908		308,455
Arcelik AS		74,262		429,012
BIM Birlesik Magazalar AS		29,535		524,384
Coca-Cola Icecek AS		7,373		124,800
Dogan Sirketler Grubu Holdings AS (a)		289,138		67,928
Dogus Otomotiv Servis ve Ticaret AS		31,791		168,352
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		309,720		351,887
Enka Insaat ve Sanayi AS		156,348		313,118
Eregli Demir ve Celik Fabrikalari TAS		301,971		469,849
Ford Otomotiv Sanayi AS		6,255		80,822
Haci Omer Sabanci Holding AS		171,646		606,859
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) (a)		122,794		79,451
KOC Holding AS		170,239		776,943
Kombassan Holdings AS (a)		17,369		14,917
Koza Altin Isletmeleri AS		4,281		46,413
Petkim Petrokimya Holding AS		26,826		35,747
TAV Havalimanlari Holding AS (a)		16,819		140,887
Tekfen Holding AS (a)		8,946		16,193
Tofas Turk Otomobil Fabrikasi AS		8,266		50,140
Tupras-Turkiye Petrol Rafinerileri AS		23,706		562,864
Turk Hava Yollari AO (a)		180,224		596,235
Turk Sise ve Cam Fabrikalari AS		85,580		105,801
Turk Telekomunikasyon AS		44,988		119,552
Turkcell Iletisim Hizmetleri AS (a)		134,876		693,470
Turkiye Garanti Bankasi AS		386,436		1,269,516
Turkiye Halk Bankasi AS		70,383		348,323
Turkiye Is Bankasi (Class C)		220,105		497,599
Turkiye Vakiflar Bankasi Tao (Class D)		107,925		177,069
Ulker Biskuvi Sanayi AS		13,279		99,727
Vestel Elektronik Sanayi ve Ticaret AS (a)		34,330		76,157
Yapi ve Kredi Bankasi AS		213,789		329,350
Yazicilar Holding AS (Class A)		14,573		121,230
				10,478,455
TOTAL COMMON STOCKS —
(Cost $90,313,727)				49,503,368
SHORT TERM INVESTMENTS — 0.5%
UNITED STATES — 0.5%
MONEY MARKET FUNDS — 0.5%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		78,000		78,000
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		173,583		173,583
TOTAL SHORT TERM INVESTMENT —
(Cost $251,583)				251,583
TOTAL INVESTMENTS — 99.9%
(Cost $90,565,310)				49,754,951
OTHER ASSETS & LIABILITIES — 0.1%				34,401
NET ASSETS — 100.0%			$	49,789,352

(a)	Non-income producing security
(b)	A portion of the security was on loan at March 31, 2015.
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(d)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

GDR = Global Depositary Receipt

OJSC = Open Joint Stock Company

PIK = Payment in Kind

PJSC = Private Joint Stock Company

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIC = Real Estate Investment Company

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

189

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 47.8%
AES Tiete SA Preference Shares		14,540	$	78,248
All America Latina Logistica SA		35,170		43,686
Ambev SA ADR (a)		215,469		1,241,101
B2W Cia Digital (b)		9,847		61,465
Banco Bradesco SA		7,646		72,080
Banco Bradesco SA Preference Shares ADR		144,079		1,337,055
Banco do Brasil SA		34,407		246,633
Banco do Brasil SA ADR (a)		13,166		94,203
Banco Santander Brazil SA ADS ADR (a)		21,900		96,579
BB Seguridade Participacoes SA		32,604		334,599
Bematech SA		10,211		31,054
BM&FBovespa SA		86,795		303,067
BR Malls Participacoes SA		18,806		99,676
BR Properties SA		9,944		40,665
Bradespar SA Preference Shares		20,229		67,027
Braskem SA Preference Shares ADR		9,209		63,910
BRF SA		12,127		240,180
BRF — Brasil Foods SA ADR		22,793		450,846
CCR SA		50,521		257,655
Centrais Eletricas Brasileiras SA		2,775		5,001
Centrais Eletricas Brasileiras SA ADR (a)		20,194		36,551
CETIP SA — Mercados Organizados		11,831		117,899
Cia Hering		7,210		36,996
Cielo SA		31,470		449,881
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		8,788		262,058
Companhia de Saneamento Basico do Estado de Sao Paulo		30,440		168,672
Companhia Energetica de Minas Gerais ADR		55,428		226,701
Companhia Energetica de Sao Paulo Preference Shares (Class B)		17,859		132,206
Companhia Paranaense de Energia Preference Shares		9,772		102,884
Companhia Siderurgica Nacional SA ADR (a)		49,722		83,533
Cosan Logistica SA (b)		11,577		9,671
Cosan SA Industria e Comercio		11,577		101,024
Cosan, Ltd.		8,184		51,981
CPFL Energia SA ADR (a)		13,357		169,901
Cyrela Brazil Realty SA		24,259		100,570
Duratex SA		47,589		129,540
Embraer SA		34,573		265,563
Estacio Participacoes SA		15,134		87,790
Fibria Celulose SA ADR (a)(b)		17,193		242,937
Gafisa SA		17,074		11,486
Gerdau SA ADR (a)		33,429		106,973
Gerdau SA Preference Shares		6,503		20,672
Gol Linhas Aereas Inteligentes SA Preference Shares (b)		11,082		27,115
Grupo BTG Pactual		10,823		86,453
Hypermarcas SA (b)		17,628		108,655
Investimentos Itau SA		40,757		128,796
Investimentos Itau SA Preference Shares		155,789		486,460
Itau Unibanco Holding SA Preference Shares ADR		150,602		1,665,658
Itausa — Investimentos Itau SA (b)(c)(d)		1,173		3,663
Itausa — Investimentos Itau SA (b)(c)(d)		302		954
JBS SA		53,799		239,024
Kepler Weber SA		4,186		36,345
Klabin SA		29,915		170,349
Kroton Educacional SA		59,246		190,745
Linx SA		2,530		36,967
Localiza Rent a Car SA		7,332		83,274
Lojas Americanas SA Preference Shares		31,925		164,315
Lojas Renner SA		10,862		308,517
M Dias Branco SA		662		17,836
Metalurgica Gerdau SA Preference Shares		29,037		98,210
MRV Engenharia e Participacoes SA		6,129		15,399
Multiplan Empreendimentos Imobiliarios SA		4,476		78,496
Natura Cosmeticos SA		13,838		116,468
Oi SA (b)		28		45
Oi SA Preference Shares (b)		305		490
Oi SA, ADR (b)(c)		5,023		8,187
Oi SA, ADR (a)(b)(c)		5,354		8,245
PDG Realty SA Empreendimentos e Participacoes (b)		63,510		9,936
Petroleo Brasileiro SA ADR (a)		63,021		378,756
Petroleo Brasileiro SA Preference Shares ADR		114,107		694,912
Prumo Logistica SA (b)		115,044		9,359
Qualicorp SA (b)		5,643		40,255
Raia Drogasil SA		400		3,584
Souza Cruz SA		35,177		279,558
Telefonica Brasil SA Preference Shares		20,392		315,696
Tim Participacoes SA		12,342		41,087
Tim Participacoes SA ADR (a)		11,359		188,332
Totvs SA		7,077		80,821
Tractebel Energia SA ADR		9,806		108,304
Ultrapar Participacoes SA ADR		23,836		481,487
Usinas Siderurgicas de Minas Gerais SA ADR (a)(b)		33,444		52,674
Usinas Siderurgicas de Minas Gerais SA Preference Shares (b)		10,028		15,594
Vale SA ADR (a)		56,034		316,592
Vale SA Preference Shares ADR (a)		118,217		573,352
Weg SA		14,674		146,001
				15,897,185
CHILE — 10.5%
Antarchile SA		19,015		232,121
Banco de Chile ADR		3,002		201,314
Banco de Credito e Inversiones		4,930		220,759
Banco Santander Chile ADR		3,595		77,940
Banmedica SA		13,988		25,580
Bupa Chile SA		45,000		37,893
CAP SA		7,672		26,387
Cencosud SA		95,992		227,846
Cia Cervecerias Unidas SA		6,000		62,457
Colbun SA		31,043		9,187

See accompanying notes to financial statements.

190

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Empresa Nacional de Electricidad SA ADR		8,413	$	379,006
Empresas AquaChile SA (b)		22,933		14,347
Empresas CMPC SA		111,602		306,413
Empresas COPEC SA		35,990		419,133
Enersis SA ADR (a)		26,656		433,426
Gasco SA		2,593		21,620
Grupo Security SA		41,244		12,901
Latam Airlines Group SA ADR (a)(b)		20,448		164,811
SACI Falabella		62,168		476,392
Sociedad Matriz SAAM SA		80,937		6,491
Sociedad Quimica y Minera de Chile SA ADR		3,851		70,281
Socovesa SA		32,270		7,972
Sonda SA		18,679		44,061
Vina Concha y Toro SA		1,680		3,467
				3,481,805
COLOMBIA — 5.7%
Almacenes Exito SA		11,845		113,994
Banco Davivienda SA Preference Shares		6,813		66,354
Banco de Bogota SA		4,090		86,910
BanColombia SA		11,973		112,921
BanColombia SA ADR (a)		7,105		279,440
Bolsa de Valores de Colombia		1,214,855		8,324
Celsia SA ESP		12,429		23,109
Cementos Argos SA		15,567		51,116
Constructora Conconcreto SA		6,655		3,113
Corp Financiera Colombiana SA		4,734		65,022
Ecopetrol SA ADR (a)		10,892		165,776
Empresa de Energia de Bogota SA		103,073		64,477
Empresa de Telecomunicaciones de Bogota		58,718		10,059
Grupo Argos SA		17,450		111,778
Grupo Argos SA/Colombia Preference Shares		5,293		34,516
Grupo Aval Acciones y Valores		243,693		108,820
Grupo Aval Acciones y Valores Preference Shares		254,289		114,041
Grupo de Inversiones Suramericana SA		12,710		164,200
Grupo de Inversiones Suramericana SA Preference Shares		4,083		52,654
Grupo Nutresa SA		14,297		126,034
Grupo Odinsa SA		1,817		5,400
Interconexion Electrica SA ESP		18,147		51,904
Isagen SA ESP		39,773		46,698
Organizacion Terpel SA		1,985		12,791
				1,879,451
LUXEMBOURG — 0.1%
Ternium SA ADR		1,078		19,480
MEXICO — 31.9%
Alfa SAB de CV (Class A) (b)		200,034		404,421
Alsea SAB de CV (b)		5,200		15,220
America Movil SAB de CV (Series L)		1,952,956		2,007,535
Arca Continental SAB de CV (b)		15,726		96,714
Asesor de Activos Prisma SAPI de CV REIT		5,600		5,779
Banregio Grupo Financiero SAB de CV (b)		2,029		10,350
Bolsa Mexicana de Valores SAB de CV		6,532		11,118
Cemex SAB de CV (b)		650,136		617,521
Coca-Cola FEMSA SAB de CV (Series L)		23,924		191,213
Concentradora Fibra Danhos SA de CV		38,405		91,965
Controladora Comercial Mexicana SAB de CV		5,643		18,158
Controladora Vuela Cia de Aviacion SAB de CV (Class A) (b)		19,600		21,987
Corp Actinver SAB de CV (b)		8,300		8,728
Corporacion GEO SAB de CV (a)(b)(e)		71,361		0
Desarrolladora Homex SAB de CV (b)(d)		28,753		982
El Puerto de Liverpool SAB de CV (b)		24,537		289,933
Empresas ICA SAB de CV (a)(b)		40,562		33,069
Fibra Uno Administracion SA de CV REIT		99,312		263,433
Fomento Economico Mexicano SAB de CV (b)		107,753		1,012,228
Genomma Lab Internacional SAB de CV (Class B) (a)(b)		29,424		27,909
Gentera SAB de CV (a)(b)		35,512		64,034
Gruma SAB de CV (Class B)		12,683		161,211
Grupo Aeroportuario del Centro Norte Sab de CV (b)		1,700		8,290
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		10,475		68,759
Grupo Aeroportuario del Sureste SAB de CV (Class B) (b)		21,487		289,874
Grupo Bimbo SAB de CV (b)		56,386		160,117
Grupo Carso SAB de CV		52,569		218,741
Grupo Elektra SA de CV		3,629		93,985
Grupo Financiero Banorte SAB de CV		132,981		772,698
Grupo Financiero Inbursa SAB de CV		170,889		432,095
Grupo Financiero Santander Mexico SAB de CV (Class B) (a)		71,769		157,113
Grupo Mexico SAB de CV (Series B)		182,847		540,706
Grupo Televisa SA de CV ADR (b)		833		27,497
Grupo Televisa SAB (a)(b)		104,006		688,173
Hoteles City Express SAB de CV (b)		7,600		11,629
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		42,822		107,545
Industrias Penoles SAB de CV		6,393		111,383
Kimberly-Clark de Mexico SAB de CV (Class A)		148,121		310,938
Medica Sur SAB de CV, Series B (b)		3,600		12,997
Megacable Holdings SAB de CV (b)		10,463		41,023
Mexichem SAB de CV		44,333		115,938
Minera Frisco SAB de CV (b)		36,725		39,656
OHL Mexico SAB de CV (b)		15,854		30,190
PLA Administradora Industrial S de RL de CV (b)		400		812
Promotora y Operadora de Infraestructura SAB de CV (b)		13,170		140,663
TV Azteca SAB de CV (b)		190,594		71,062
Urbi Desarrollos Urbanos SA de CV (a)(b)(e)		86,307		0
Wal-Mart de Mexico SAB de CV (a)		318,815		797,548
				10,602,940

See accompanying notes to financial statements.

191

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
PANAMA — 0.1%
InRetail Peru Corp. (b)(f)		2,942	$	44,424
PERU — 3.5%
Alicorp SA		25,766		49,894
Compania de Minas Buenaventura SA ADR		11,967		121,226
Compania Minera Milpo SA		86,360		50,726
Credicorp, Ltd.		3,122		439,047
Enersur SA		8,613		25,852
Grana y Montero SA		7,037		10,901
Luz del Sur SAA		8,502		29,085
Minsur SA		170,513		70,990
Southern Copper Corp. (a)		11,707		341,610
Volcan Compania Minera SAA (Class B)		222,875		39,561
				1,178,892
SPAIN — 0.1%
Cemex Latam Holdings SA (b)		6,408		33,301
TOTAL COMMON STOCKS —
(Cost $59,301,032)				33,137,478
SHORT TERM INVESTMENTS — 14.0%
UNITED STATES — 14.0%
MONEY MARKET FUNDS — 14.0%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		4,630,361		4,630,361
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h)(i)		18,431		18,431
TOTAL SHORT TERM INVESTMENT —
(Cost $4,648,792)				4,648,792
TOTAL INVESTMENTS — 113.7%
(Cost $63,949,824)				37,786,270
OTHER ASSETS & LIABILITIES — (13.7)%				(4,553,377	)
NET ASSETS — 100.0%			$	33,232,893

(a)	A portion of the security was on loan at March 31, 2015.
(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 Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(e)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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

ADS = American Depositary Shares

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

192

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
EGYPT — 4.2%
Arab Cotton Ginning		24,607	$	10,643
Commercial International Bank Egypt SAE		111,539		822,869
Eastern Tobacco		2,451		66,385
Egyptian Financial Group-Hermes Holding Co. (a)		63,899		132,906
Egyptian Kuwait Holding Co. (a)		100,146		59,086
ElSwedy Electric Co. (a)		13,130		82,686
Ezz Steel (a)		34,769		62,884
Global Telecom Holding SAE GDR (a)		56,836		125,039
Juhayna Food Industries (a)		66,518		79,333
Maridive & Oil Services SAE (a)		29,309		14,654
Palm Hills Developments SAE (a)		66,151		34,853
Sidi Kerir Petrochemicals Co.		38,606		75,845
Six of October Development & Investment Co. (a)		60,873		110,416
Talaat Moustafa Group		180,952		247,829
Telecom Egypt Co.		62,962		92,256
				2,017,684
MOROCCO — 1.9%
Attijariwafa Bank		7,021		264,288
Banque Centrale Populaire		10,304		234,789
Banque Marocaine du Commerce Exterieur		9,733		224,709
Douja Promotion Groupe Addoha SA		10,535		33,629
Maroc Telecom		13,213		176,401
				933,816
QATAR — 8.2%
Aamal Co.		10,980		45,956
Al Khalij Commercial Bank QSC		9,803		54,140
Al Meera Consumer Goods Co. QSC (a)		544		32,569
Barwa Real Estate Co.		10,606		131,364
Commercial Bank of Qatar QSC		9,019		136,229
Doha Bank QSC		7,042		97,278
Gulf International Services QSC		5,066		133,563
Industries Qatar QSC		7,256		276,989
Masraf Al Rayan QSC		40,067		524,324
Medicare Group		766		29,935
Ooredoo QSC		13,268		363,287
Qatar Electricity & Water Co. QSC		2,999		160,853
Qatar Gas Transport Co., Ltd.		15,100		92,891
Qatar Insurance Co. SAQ		5,032		109,726
Qatar International Islamic Bank QSC		4,126		88,837
Qatar Islamic Bank SAQ		6,440		175,801
Qatar National Bank SAQ		19,072		1,013,507
Qatar National Cement Co. QSC		1,471		47,710
Qatar Navigation QSC		3,122		84,968
Qatari Investors Group QSC		3,385		35,837
Salam International Investment Co.		6,973		25,374
United Development Co. QSC		9,651		55,925
Vodafone Qatar QSC		50,694		248,232
				3,965,295
SOUTH AFRICA — 77.0%
Acucap Properties, Ltd.		15,235		71,546
Adcock Ingram Holdings, Ltd. (a)(b)		24,263		104,131
Adcorp Holdings, Ltd.		8,073		21,268
AECI, Ltd.		13,514		133,843
African Bank Investments, Ltd. (a)(b)(c)(d)		258,160		6,605
African Oxygen, Ltd.		14,847		16,665
African Rainbow Minerals, Ltd.		13,721		111,976
Allied Electronics Corp., Ltd.		30,537		35,285
Anglo American Platinum, Ltd. (a)		7,040		172,870
AngloGold Ashanti, Ltd. (a)		43,836		422,179
Aquarius Platinum, Ltd. (a)		158,404		20,952
ArcelorMittal South Africa, Ltd. (a)		19,002		29,610
Aspen Pharmacare Holdings, Ltd. (a)		31,303		992,085
Assore, Ltd. (b)		6,573		72,152
Astral Foods, Ltd.		6,024		89,493
Attacq, Ltd. (a)		73,521		157,706
Aveng, Ltd. (a)(b)		55,621		51,598
AVI, Ltd.		28,436		193,739
Barclays Africa Group, Ltd.		35,122		536,269
Barloworld, Ltd.		20,913		160,175
Bidvest Group, Ltd.		30,509		827,624
Blue Label Telecoms, Ltd.		35,989		25,842
Brait SE (a)		29,860		205,782
Business Connexion Group, Ltd. (b)		41,943		21,566
Capital Property Fund		159,137		183,879
Capitec Bank Holdings, Ltd.		5,908		256,000
Cashbuild, Ltd.		1,971		38,066
City Lodge Hotels, Ltd.		3,693		41,949
Clicks Group, Ltd.		22,810		172,145
Clover Industries, Ltd.		15,063		22,539
Coronation Fund Managers, Ltd.		30,511		247,412
DataTec, Ltd.		19,695		97,530
Discovery, Ltd.		35,647		367,172
DRDGOLD, Ltd.		67,781		11,860
Emira Property Fund		31,838		47,167
EOH Holdings, Ltd.		3,913		51,405
Eqstra Holdings, Ltd. (a)		55,143		20,480
Exxaro Resources, Ltd. (b)		14,835		123,051
Famous Brands, Ltd.		6,165		56,988
FirstRand, Ltd. (b)		344,271		1,586,637
Foschini Group, Ltd.		17,921		267,079
Fountainhead Property Trust		57,045		48,494
Gold Fields, Ltd.		77,286		327,355
Grindrod, Ltd.		70,186		100,793
Group Five, Ltd.		15,314		31,775
Growthpoint Properties, Ltd. REIT		189,138		447,547
Harmony Gold Mining Co., Ltd. (a)(b)		53,075		92,603
Hosken Consolidated Investments, Ltd.		6,486		77,621
Hudaco Industries, Ltd.		3,475		32,552
Hyprop Investments, Ltd.		19,422		189,151
Illovo Sugar, Ltd.		28,140		55,229
Impala Platinum Holdings, Ltd. (a)		59,966		291,163
Imperial Holdings, Ltd.		21,610		344,066
Investec, Ltd.		24,568		203,803
JSE, Ltd.		10,920		110,982
Kumba Iron Ore, Ltd. (b)		6,321		81,385
Lewis Group, Ltd. (b)		12,396		79,187
Liberty Holdings, Ltd. (b)		9,966		138,062
Life Healthcare Group Holdings, Ltd.		97,720		341,239
Massmart Holdings, Ltd. (b)		13,158		162,897

See accompanying notes to financial statements.

193

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Mediclinic International, Ltd.		42,074	$	423,614
Merafe Resources, Ltd.		230,552		15,032
MMI Holdings, Ltd.		88,998		241,074
Mondi, Ltd.		12,255		234,515
Mpact, Ltd.		25,441		90,289
Mr. Price Group, Ltd.		25,468		546,533
MTN Group, Ltd.		161,665		2,735,279
Murray & Roberts Holdings, Ltd.		59,259		66,956
Nampak, Ltd.		56,272		189,025
Naspers, Ltd. (Class N)		43,819		6,762,945
Nedbank Group, Ltd. (b)		18,916		371,224
Netcare, Ltd.		155,852		536,389
Northam Platinum, Ltd. (a)		48,727		185,437
Oceana Group, Ltd.		4,455		36,989
Omnia Holdings, Ltd.		6,956		99,033
Pick n Pay Stores, Ltd. (b)		18,331		74,814
Pick’ n Pay Holdings, Ltd.		33,499		59,443
Pioneer Foods, Ltd.		12,746		187,094
PPC, Ltd.		54,071		81,801
PSG Group, Ltd.		6,728		91,845
Quantum Foods Holdings, Ltd. (a)		12,746		4,103
Rand Merchant Insurance Holdings, Ltd.		77,791		297,007
Raubex Group, Ltd.		18,949		28,307
Redefine Properties, Ltd.		371,185		379,878
Remgro, Ltd.		48,257		1,058,637
Resilient Property Income Fund, Ltd.		34,620		297,161
Reunert, Ltd.		16,015		79,333
RMB Holdings, Ltd.		78,247		451,287
SA Corporate Real Estate Fund Nominees Pty, Ltd.		155,757		62,991
Sanlam, Ltd.		177,151		1,145,843
Santam, Ltd.		1,389		25,859
Sappi, Ltd. (a)		50,603		204,354
Sasol, Ltd.		53,492		1,819,688
Shoprite Holdings, Ltd.		41,057		556,644
Sibanye Gold, Ltd.		78,267		167,435
Spar Group, Ltd.		15,622		243,299
Standard Bank Group, Ltd.		126,211		1,750,001
Steinhoff International Holdings, Ltd. (b)		284,173		1,783,198
Sun International, Ltd. (b)		11,574		120,361
Super Group, Ltd. (a)		14,954		42,889
Telkom SA SOC, Ltd. (a)		30,414		198,806
Tiger Brands, Ltd.		20,882		526,331
Times Media Group, Ltd.		1,904		3,221
Tongaat Hulett, Ltd.		12,407		137,728
Trencor, Ltd.		13,377		67,899
Truworths International, Ltd.		39,031		284,319
Tsogo Sun Holdings, Ltd.		28,955		65,958
Vodacom Group, Ltd.		55,156		604,036
Wilson Bayly Holmes-Ovcon, Ltd.		4,673		43,455
Woolworths Holdings, Ltd.		81,116		576,758
				37,284,341
UNITED ARAB EMIRATES — 8.0%
Abu Dhabi Commercial Bank PJSC		176,919		311,652
Air Arabia PJSC		249,308		96,386
Ajman Bank PJSC (a)		27,194		15,770
Al Waha Capital PJSC (a)		103,881		80,890
Aldar Properties PJSC		342,893		221,257
Arabtec Holding PJSC (a)		234,809		145,761
Bank of Sharjah		28,482		12,873
Dana Gas PJSC (a)		371,875		40,499
Deyaar Development PJSC (a)		157,340		26,560
DP World, Ltd.		18,098		390,917
Drake & Scull International PJSC (a)		102,120		18,628
Dubai Financial Market PJSC		174,441		71,716
Dubai Investments PJSC		145,780		95,258
Dubai Islamic Bank PJSC		107,765		181,912
Emaar Malls Group PJSC (a)		205,715		163,546
Emaar Properties PJSC		382,493		687,319
Eshraq Properties Co. PJSC (a)		124,092		20,271
First Gulf Bank PJSC		122,654		487,557
Gulf Pharmaceutical Industries		19,425		14,544
National Bank of Abu Dhabi PJSC		141,998		460,066
National Bank of Ras Al-Khaimah PSC		36,551		80,110
RAK Properties PJSC		106,745		18,600
Ras Al Khaimah Ceramics		38,290		40,658
Union National Bank PJSC		119,991		184,581
Union Properties PJSC (a)		96,267		25,398
				3,892,729
TOTAL COMMON STOCKS —
(Cost $53,576,644)				48,093,865
RIGHTS — 0.0% (e)
SOUTH AFRICA — 0.0% (e)
Discovery, Ltd. (expiring 4/2/15) (a) (Cost $0)		3,881		11,147
SHORT TERM INVESTMENT — 3.4%
UNITED STATES — 3.4%
MONEY MARKET FUND — 3.4%
State Street Navigator Securities Lending Prime Portfolio (f)(g) (Cost $1,658,591)		1,658,591		1,658,591
TOTAL INVESTMENTS — 102.7%
(Cost $55,235,235)				49,763,603
OTHER ASSETS & LIABILITIES — (2.7)%				(1,300,775	)
NET ASSETS — 100.0%			$	48,462,828

(a)	Non-income producing security
(b)	A portion of the security was on loan at March 31, 2015.
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight 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).

GDR = Global Depositary Receipt

PJSC = Public Joint Stock Company

PSC = Public Stock Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

194

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 6.0%
Abacus Property Group		10,445	$	23,220
Alumina, Ltd.		266,289		326,508
Amcor, Ltd.		79,994		858,004
AMP, Ltd.		149,167		733,878
Ansell, Ltd.		23,950		504,072
APA Group		105,644		730,396
Aristocrat Leisure, Ltd.		90,862		585,160
Arrium, Ltd. (a)		155,062		20,138
Australia & New Zealand Banking Group, Ltd.		116,302		3,255,425
BHP Billiton, Ltd.		129,185		3,062,379
Billabong International, Ltd. (a)(b)		117,647		52,128
BlueScope Steel, Ltd.		34,570		110,393
Brambles, Ltd.		108,652		956,214
Bunnings Warehouse Property Trust		166,763		382,196
carsales.com, Ltd.		14,834		117,064
Commonwealth Bank of Australia		65,514		4,674,617
Computershare, Ltd.		70,129		681,475
CSL, Ltd.		24,144		1,699,136
CSR, Ltd.		97,666		300,686
Dexus Property Group		19,123		110,736
DUET Group		51,136		99,617
Fairfax Media, Ltd.		100,363		73,222
Fortescue Metals Group, Ltd. (a)		69,983		104,789
Goodman Group		30,565		148,273
GWA Group, Ltd. (a)		98,453		194,802
Harvey Norman Holdings, Ltd. (a)		183,380		623,415
Hills, Ltd. (a)		92,930		61,410
Iluka Resources, Ltd. (a)		21,623		140,411
Ingenia Communities Group		328,125		99,015
Insurance Australia Group, Ltd.		173,836		810,092
Lend Lease Group		68,322		868,518
Macquarie Group, Ltd.		19,362		1,134,072
Mirvac Group		73,588		112,997
National Australia Bank, Ltd.		92,786		2,732,573
Newcrest Mining, Ltd. (b)		35,559		363,200
Orica, Ltd. (a)		12,470		190,624
Origin Energy, Ltd.		76,591		661,767
Orora, Ltd.		76,988		133,510
OZ Minerals, Ltd.		19,560		58,875
Perpetual, Ltd. (a)		12,404		521,372
QBE Insurance Group, Ltd.		55,195		549,848
REA Group, Ltd. (a)		2,144		79,078
Recall Holdings, Ltd.		23,488		138,884
Rio Tinto, Ltd. (a)		24,321		1,063,335
Santos, Ltd.		63,585		346,831
Scentre Group		167,152		477,582
Seek, Ltd.		14,461		189,133
Sonic Healthcare, Ltd. (a)		50,368		786,503
Stockland		38,780		133,317
Suncorp Group, Ltd.		108,857		1,122,678
Sydney Airport		211,511		837,004
Tatts Group, Ltd.		234,007		711,503
Telstra Corp., Ltd.		177,064		853,542
Toll Holdings, Ltd.		69,478		470,269
TPG Telecom, Ltd.		14,805		103,715
Treasury Wine Estates, Ltd.		45,146		176,585
Wesfarmers, Ltd.		47,399		1,591,812
Westfield Corp.		82,431		601,394
Westpac Banking Corp.		131,003		3,941,141
Woodside Petroleum, Ltd.		37,500		988,933
Woolworths, Ltd. (a)		65,994		1,486,772
WorleyParsons, Ltd.		20,213		147,468
				45,113,706
AUSTRIA — 0.2%
Andritz AG		1,459		87,249
Erste Group Bank AG		14,393		354,531
OMV AG		14,309		392,802
Voestalpine AG		12,744		466,660
				1,301,242
BELGIUM — 1.1%
Aedifica SA		1,842		123,644
Ageas		18,876		677,213
Anheuser-Busch InBev NV		36,167		4,420,373
Bekaert NV		4,002		107,905
Delhaize Group		6,900		620,415
Gimv NV		12,321		554,320
KBC Groep NV (b)		10,984		679,024
Solvay SA		612		88,438
UCB SA		9,521		688,691
Umicore SA		16,478		688,074
				8,648,097
CANADA — 8.1%
AGF Management, Ltd.		27,078		178,311
Agnico-Eagle Mines, Ltd.		9,310		258,681
Agrium, Inc. (a)		9,950		1,037,031
Alamos Gold, Inc.		9,975		58,440
Alimentation Couche-Tard, Inc. (Class B)		10,261		408,901
Amaya, Inc. (a)(b)		7,538		176,770
ARC Resources, Ltd. (a)		15,167		260,587
Argonaut Gold, Inc. (a)(b)		14,223		19,765
Athabasca Oil Corp. (b)		13,945		23,122
Avigilon Corp. (a)(b)		2,769		46,066
B2Gold Corp. (b)		45,171		67,409
Badger Daylighting, Ltd. (a)		2,680		57,218
Bank of Montreal		24,540		1,470,656
Bank of Nova Scotia		48,693		2,442,916
Bankers Petroleum, Ltd. (b)		22,718		48,611
Barrick Gold Corp.		49,017		536,033
BCE, Inc. (a)		11,142		471,721
BlackBerry, Ltd. (a)(b)		26,273		234,206
Bombardier, Inc. (Class B)		97,611		192,679
Brookfield Asset Management, Inc. (Class A)		29,513		1,578,532
CAE, Inc. (a)		11,732		136,912
Cameco Corp. (a)		27,118		377,918
Canadian Energy Services & Technology Corp. (a)		12,744		54,035
Canadian Imperial Bank of Commerce (a)		18,074		1,310,347
Canadian National Railway Co.		44,289		2,966,122
Canadian Natural Resources, Ltd.		53,088		1,627,222
Canadian Oil Sands, Ltd.		28,163		219,033

See accompanying notes to financial statements.

195

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Canadian Pacific Railway, Ltd. (a)		8,096	$	1,482,402
Canadian Solar, Inc. (b)		1,846		61,638
Canadian Tire Corp., Ltd. (Class A)		3,406		347,001
Canadian Western Bank		18,032		394,810
Catamaran Corp. (b)		7,484		445,554
CCL Industries, Inc. (Class B)		1,012		113,865
Cenovus Energy, Inc.		31,249		526,779
CGI Group, Inc. (Class A) (b)		17,270		732,526
Constellation Software, Inc.		827		285,849
Crescent Point Energy Corp. (a)		28,934		645,161
CT Real Estate Investment Trust		11,855		120,750
Detour Gold Corp. (b)		7,851		66,639
Dollarama, Inc.		2,790		155,967
Eldorado Gold Corp.		26,849		123,168
Enbridge, Inc. (a)		35,973		1,734,032
Encana Corp.		38,362		428,297
Enerplus Corp. (a)		6,372		64,600
Exchange Income Corp. (a)		5,816		98,043
Fairfax Financial Holdings, Ltd.		1,548		867,809
Finning International, Inc.		5,638		104,881
Firm Capital Mortgage Investment Corp. (a)		23,646		227,778
First Majestic Silver Corp. (a)(b)		11,176		60,270
First Quantum Minerals, Ltd.		35,545		430,806
Fortis, Inc.		10,141		308,914
Franco-Nevada Corp. (a)		6,928		335,760
Gildan Activewear, Inc.		25,754		759,301
Goldcorp, Inc.		38,118		689,826
Gran Tierra Energy, Inc. (b)		20,318		55,508
Great-West Lifeco, Inc. (a)		12,333		356,600
HNZ Group, Inc.		7,851		123,979
Home Capital Group, Inc. (a)		2,761		92,782
Husky Energy, Inc. (a)		28,128		574,109
IAMGOLD Corp. (b)		34,329		63,969
Imperial Oil, Ltd. (a)		24,492		977,553
Innergex Renewable Energy, Inc.		20,506		181,340
Intact Financial Corp.		5,732		431,857
InterOil Corp. (b)		1,846		85,174
K-Bro Linen, Inc. (a)		5,638		233,577
Kinross Gold Corp. (b)		44,611		98,979
Linamar Corp.		2,035		125,474
Loblaw Cos., Ltd. (a)		9,499		464,412
Lundin Mining Corp. (b)		30,026		121,147
MacDonald, Dettwiler & Associates, Ltd.		1,846		143,060
Magna International, Inc.		31,046		1,659,791
Manulife Financial Corp.		84,479		1,434,776
Methanex Corp.		3,414		182,790
National Bank of Canada (a)		15,218		555,610
New Gold, Inc. (b)		24,299		81,540
Open Text Corp. (a)		4,437		234,234
Pacific Rubiales Energy Corp. (a)		14,197		33,853
Parex Resources, Inc. (b)		14,779		94,170
Pembina Pipeline Corp. (a)		12,513		395,397
Pengrowth Energy Corp. (a)		18,660		55,987
Penn West Petroleum, Ltd. (a)		20,758		34,255
Peyto Exploration & Development Corp. (a)		5,360		143,723
Potash Corp. of Saskatchewan, Inc. (a)		43,554		1,404,114
Power Corp. of Canada		15,167		401,420
Power Financial Corp. (a)		12,637		374,071
Precision Drilling Corp. (a)		12,572		79,810
Pure Industrial Real Estate Trust		34,174		136,264
Redknee Solutions, Inc. (a)(b)		19,387		68,578
Restaurant Brands International, Inc.		7,046		270,157
Richelieu Hardware, Ltd.		12,141		604,030
Rogers Communications, Inc. (Class B)		22,922		767,385
Royal Bank of Canada		64,623		3,890,136
Russel Metals, Inc. (a)		26,849		509,633
Saputo, Inc.		10,680		293,542
Secure Energy Services, Inc.		7,762		99,040
SEMAFO, Inc. (a)(b)		18,749		56,550
Shaw Communications, Inc. (Class B) (a)		33,118		743,161
Sherritt International Corp.		38,574		63,655
Silver Wheaton Corp.		16,214		308,021
Sirius XM Canada Holdings, Inc.		534		2,319
SNC-Lavalin Group, Inc.		8,085		251,072
Stantec, Inc. (a)		3,136		75,051
Sun Life Financial, Inc.		31,400		967,660
Suncor Energy, Inc.		73,922		2,160,168
Tahoe Resources, Inc. (a)		5,816		63,740
Talisman Energy, Inc. (a)		46,348		355,341
Teck Resources, Ltd. (Class B)		28,840		395,767
TELUS Corp.		19,122		635,186
Thomson Reuters Corp. (a)		17,233		698,709
TMX Group, Ltd. (a)		1,992		85,594
Toronto-Dominion Bank (a)		80,001		3,424,283
Tourmaline Oil Corp. (b)		5,171		156,498
TransCanada Corp. (a)		36,042		1,541,283
Trinidad Drilling, Ltd. (a)		9,247		29,716
Turquoise Hill Resources, Ltd. (b)		38,716		120,749
Valeant Pharmaceuticals International, Inc. (b)		13,685		2,703,611
West Fraser Timber Co., Ltd.		1,678		85,854
Westjet Airlines, Ltd.		6,195		145,227
Yamana Gold, Inc.		47,519		170,341
Yellow Pages, Ltd. (b)		4,577		55,509
				61,100,561
CHINA — 0.3%
China Everbright Water, Ltd. (a)(b)		99,300		68,410
Dah Sing Banking Group, Ltd.		117,325		203,384
Dah Sing Financial Holdings, Ltd.		58,885		348,614
ENN Energy Holdings, Ltd.		38,000		233,057
Hongkong Land Holdings, Ltd.		90,800		685,540
Sino Land Co., Ltd.		316,897		516,646
				2,055,651
DENMARK — 1.5%
AP Moeller — Maersk A/S (Class B) (a)		529		1,105,759
Carlsberg A/S (Class B) (a)		2,183		180,138
Coloplast A/S (Class B)		3,523		266,403
Danske Bank A/S		40,714		1,074,040
DSV A/S		24,931		775,241
FLSmidth & Co. A/S (a)		7,471		336,173
Genmab A/S (b)		2,183		164,133
GN Store Nord A/S (a)		23,113		515,690

See accompanying notes to financial statements.

196

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Jyske Bank A/S (b)		1,914	$	80,594
Novo Nordisk A/S (Class B)		96,539		5,162,810
Novozymes A/S (Class B)		8,891		406,460
Pandora A/S		2,628		239,338
SimCorp A/S (a)		10,461		342,885
TDC A/S (a)		10,620		76,032
Vestas Wind Systems A/S		10,982		454,531
				11,180,227
FINLAND — 0.9%
Amer Sports Oyj (a)		5,477		117,646
Caverion Corp.		10,661		108,087
Elisa Oyj (a)		6,198		155,766
Fortum Oyj (a)		18,239		383,155
Kemira Oyj (a)		17,342		214,936
Kesko Oyj (Class B)		3,050		130,274
Kone Oyj (Class B) (a)		7,766		344,303
Konecranes Oyj (a)		2,799		88,380
Lassila & Tikanoja Oyj		1,510		28,024
Metso Oyj (a)		11,190		326,531
Neste Oil Oyj (a)		9,938		260,431
Nokia Oyj		160,931		1,228,891
Sampo Oyj (Class A)		24,759		1,250,316
Sanoma Oyj (a)		15,255		84,049
Stockmann Oyj Abp (Class B) (a)(b)		15,964		126,018
Stora Enso Oyj (a)		33,865		348,798
Tikkurila Oyj		7,475		142,821
UPM-Kymmene Oyj		28,101		546,870
Valmet Oyj		10,960		131,365
Wartsila Oyj Abp (a)		8,172		361,777
YIT Oyj (a)		15,784		86,709
				6,465,147
FRANCE — 7.4%
Accor SA		13,995		730,188
Air Liquide SA		13,310		1,712,533
Albioma SA		12,628		241,276
Alcatel-Lucent (b)		131,908		498,675
Alstom SA (b)		12,486		385,268
Arkema SA		1,719		136,121
AtoS		3,264		225,301
AXA SA		81,272		2,047,295
BNP Paribas SA		41,503		2,521,563
Bollore SA		20,978		111,683
Bourbon SA (a)		13,797		236,347
Bouygues SA		13,133		515,391
Bureau Veritas SA		9,062		194,554
Cap Gemini SA		11,561		948,249
Carrefour SA		33,910		1,132,277
Casino Guichard-Perrachon SA		5,658		501,509
CGG SA (b)		13,752		77,541
Christian Dior SE		2,337		441,121
Compagnie de Saint-Gobain		26,249		1,152,888
Compagnie Generale des Etablissements Michelin		7,876		783,371
Credit Agricole SA		47,420		696,455
Danone SA		31,388		2,110,964
Dassault Systemes		4,153		281,625
Edenred		14,090		351,305
EDF SA		12,432		298,283
Essilor International SA		12,447		1,427,710
Eutelsat Communications SA		3,334		110,411
Faurecia		2,224		97,215
GDF Suez		66,008		1,304,778
Gecina SA		1,506		203,555
Groupe Eurotunnel SE		16,494		236,312
Hermes International		1,095		386,208
Hi-Media SA (b)		69,830		164,994
Iliad SA		895		208,875
Ingenico		1,996		219,301
Kering		4,684		914,566
L’Oreal SA		10,591		1,949,060
Lafarge SA		9,476		614,195
Lagardere SCA		12,575		377,345
Legrand SA		11,077		598,880
LVMH Moet Hennessy Louis Vuitton SE		11,670		2,057,386
Natixis SA		18,926		141,493
Nexans SA (b)		3,949		133,090
Numericable-SFR (b)		8,792		479,118
Orange SA		84,500		1,358,118
Pernod Ricard SA		8,475		1,002,602
Peugeot SA (b)		18,530		310,260
Plastic Omnium SA		2,905		76,704
Publicis Groupe SA		12,887		994,173
Renault SA		10,348		942,112
Rexel SA		11,413		215,304
Safran SA		13,837		965,961
Sanofi		48,694		4,807,694
Schneider Electric SE (c)		22,286		1,731,709
Schneider Electric SE (c)		2,000		155,552
SCOR SE		7,403		249,775
Societe Generale SA		33,677		1,626,524
Societe Television Francaise 1		4,800		85,061
Sodexo SA		4,093		399,102
Suez Environnement Co.		4,535		78,051
Technicolor SA (b)		16,773		108,193
Technip SA		5,988		362,522
Thales SA		1,321		73,350
Total SA (a)		101,986		5,068,636
UBISOFT Entertainment (b)		6,410		118,445
Unibail-Rodamco SE		3,942		1,062,872
Valeo SA		5,176		772,982
Vallourec SA		7,451		181,854
Veolia Environnement SA		34,708		656,623
Vinci SA		26,516		1,515,893
Vivendi SA		51,082		1,268,685
Zodiac Aerospace		4,873		161,352
				56,306,384
GERMANY — 7.3%
Aareal Bank AG		2,037		85,967
adidas AG		11,782		932,463
Allianz SE		21,174		3,680,610
BASF SE		41,169		4,092,144
Bayer AG		37,849		5,688,941
Bayerische Motoren Werke AG		17,802		2,226,447
Bilfinger SE		5,426		314,744
Brenntag AG		1,940		116,179
Commerzbank AG (b)		37,281		514,511

See accompanying notes to financial statements.

197

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

March 31, 2015 (Unaudited)

Security Description		Shares		Value
Continental AG			2,604	$	616,112
Daimler AG (a)			47,928		4,618,821
Deutsche Bank AG			53,237		1,850,232
Deutsche Boerse AG			11,019		900,125
Deutsche Lufthansa AG			7,279		102,255
Deutsche Post AG			48,219		1,506,748
Deutsche Telekom AG			136,673		2,502,714
DMG MORI SEIKI AG			2,896		95,175
E.ON SE			82,234		1,226,313
Fresenius Medical Care AG & Co. KGaA			12,854		1,069,350
Fresenius SE & Co. KGaA			22,447		1,340,168
GEA Group AG			15,735		761,148
Hamborner REIT AG			11,492		126,448
HeidelbergCement AG			2,410		191,045
Henkel AG & Co. KGaA			5,087		525,473
Henkel AG & Co. KGaA Preference Shares			8,018		943,371
Hochtief AG	��		3,962		300,331
Infineon Technologies AG			78,733		941,144
K+S AG			8,562		279,638
Lanxess AG			3,737		199,172
Linde AG			7,347		1,496,467
MAN SE			3,830		403,115
Merck KGaA			8,461		950,057
Metro AG			2,699		91,585
MorphoSys AG (b)			881		55,646
MTU Aero Engines AG			1,545		151,530
Muenchener Rueckversicherungs- Gesellschaft AG			8,203		1,768,611
Norma Group SE			2,001		100,716
OHB SE			4,232		96,358
OSRAM Licht AG			3,218		160,019
Porsche Automobil Holding SE Preference Shares			9,374		920,890
ProSiebenSat.1 Media AG			1,697		83,301
Puma AG Rudolf Dassler Sport (a)			1,604		297,510
Rheinmetall AG			1,743		84,249
RWE AG			21,937		560,265
Salzgitter AG			4,157		120,924
SAP SE			44,770		3,247,043
Siemens AG			35,109		3,797,100
Symrise AG			2,141		135,299
ThyssenKrupp AG			21,038		552,104
Volkswagen AG			1,562		402,705
Volkswagen AG Preference Shares			6,479		1,724,650
Wincor Nixdorf AG			8,137		382,250
Wirecard AG			2,757		116,546
					55,446,729
HONG KONG — 2.9%
AIA Group, Ltd.			502,800		3,164,773
APT Satellite Holdings, Ltd.			96,000		108,840
Bank of East Asia, Ltd.			192,382		765,503
Bloomage Biotechnology Corp., Ltd.			24,147		47,029
BOC Hong Kong Holdings, Ltd.			151,500		540,300
China Water Industry Group, Ltd. (a)(b)			728,000		172,773
Chong Hing Bank, Ltd.			1,385		3,283
CK Hutchison Holdings, Ltd.			61,000		1,249,418
CLP Holdings, Ltd.			130,500		1,140,374
Esprit Holdings, Ltd. (a)			144,219		146,394
Galaxy Entertainment Group, Ltd.			105,000		478,070
Hang Lung Group, Ltd.			121,000		551,699
Hang Lung Properties, Ltd.			222,000		624,219
Hang Seng Bank, Ltd.			30,600		554,530
HC International, Inc. (a)(b)			60,000		63,459
Henderson Land Development Co., Ltd.			53,000		372,221
HKT Trust/HKT, Ltd.			104,900		135,166
Hong Kong & China Gas Co., Ltd.			265,700		614,811
Hong Kong Exchanges and Clearing, Ltd.			47,868		1,173,076
Hopewell Highway Infrastructure, Ltd. (a)			6,975		3,320
Hopewell Holdings			138,500		519,841
Hutchison Whampoa, Ltd.			97,000		1,346,206
Hysan Development Co., Ltd.			158,841		696,577
Jardine Matheson Holdings, Ltd.			11,204		708,093
Jardine Strategic Holdings, Ltd.			4,000		140,000
Li & Fung, Ltd.			380,000		371,028
Link REIT			105,351		649,522
Melco Crown Entertainment, Ltd. ADR (a)			5,942		127,515
Melco International Development, Ltd. (a)			34,000		57,273
MTR Corp., Ltd.			58,000		276,046
New World Development Co., Ltd.			504,750		585,280
Noble Group, Ltd.			203,000		136,152
Pacific Basin Shipping, Ltd. (a)			522,000		172,361
Power Assets Holdings, Ltd.			55,000		562,553
Sands China, Ltd.			103,600		428,936
SJM Holdings, Ltd. (a)			57,000		74,549
Sun Hung Kai Properties, Ltd.			70,509		1,087,685
Swire Pacific, Ltd.			71,000		967,967
Techtronic Industries Co., Ltd.			53,000		179,104
Wharf Holdings, Ltd.			78,000		544,779
Wheelock & Co., Ltd.			132,000		675,063
Wynn Macau, Ltd. (a)			43,600		94,364
					22,310,152
IRELAND — 0.5%
Aer Lingus Group PLC			42,029		105,174
Bank of Ireland (b)			1,101,414		418,753
C&C Group PLC			15,901		65,151
CRH PLC			38,590		1,004,228
DCC PLC			3,471		207,293
FleetMatics Group PLC (a)(b)			2,176		97,594
Glanbia PLC			4,995		92,620
Grafton Group PLC			8,838		106,338
Green REIT PLC			158,745		278,925
Greencore Group PLC			20,960		100,315
Irish Bank Resolution Corp., Ltd. (b)(d)			5,635		0
James Hardie Industries PLC			17,011		198,312
Kerry Group PLC (Class A)			3,183		213,659
Kingspan Group PLC			16,990		321,790
Paddy Power PLC			1,329		113,774
Ryanair Holdings PLC ADR			5,149		343,799
Smurfit Kappa Group PLC			7,766		218,025

See accompanying notes to financial statements.

198

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

March 31, 2015 (Unaudited)

Security Description	Shares			Value
UDG Healthcare PLC		9,918		$	69,568
					3,955,318
ISRAEL — 0.7%
Bank Hapoalim BM		43,793			210,997
Bank Leumi Le-Israel BM (b)		57,360			213,043
Bezeq The Israeli Telecommunication Corp., Ltd.		86,175			160,791
Check Point Software Technologies, Ltd. (b)		5,847			479,279
Evogene, Ltd. (b)		6,818			60,110
Israel Chemicals, Ltd.		17,832			126,901
Mazor Robotics, Ltd. (b)		6,308			35,690
NICE Systems, Ltd.		2,531			155,232
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		6,543			262,924
REIT 1, Ltd.		61,250			187,907
Shufersal, Ltd. (b)		94,236			211,401
Stratasys, Ltd. (a)(b)		1,897			100,124
Strauss Group, Ltd. (b)		26,941			421,252
Teva Pharmaceutical Industries, Ltd. ADR		43,560			2,713,788
					5,339,439
ITALY — 2.0%
A2A SpA		59,338			61,658
Assicurazioni Generali SpA		27,601			542,772
Atlantia SpA		32,655			857,497
Azimut Holding SpA		3,970			113,289
Banca Generali SpA		2,914			91,291
Banca IFIS SpA		7,792			162,769
Banca Monte dei Paschi di Siena SpA (a)(b)		270,038			179,233
Banca Popolare dell’Emilia Romagna SC (b)		21,556			188,334
Banca Popolare di Milano Scarl (b)		248,492			252,335
Banca Popolare di Sondrio Scarl		29,702			135,638
Banco Popolare SC (b)		10,473			163,771
Biesse SpA		25,505			437,730
Brembo SpA		3,574			145,939
Cairo Communication SpA		20,608			122,174
Credito Valtellinese SC (b)		61,273			82,522
Davide Campari-Milano SpA (a)		96,423			672,611
Enel SpA		222,120			1,004,801
ENI SpA		106,150			1,838,902
Esprinet SpA		16,216	��		146,294
Falck Renewables SpA		184,911			238,909
Finmeccanica SpA (b)		31,383			373,455
Immobiliare Grande Distribuzione SpA		157,968			157,782
Interpump Group SpA		7,997			129,948
Intesa Sanpaolo SpA		548,217			1,864,093
Iren SpA		120,708			165,421
Luxottica Group SpA		2,179			138,308
Mediaset SpA (a)(b)		29,200			133,409
Mediobanca SpA		16,933			162,492
Pirelli & C. SpA		26,841			445,669
Prada SpA (a)		18,500			112,149
Prysmian SpA		7,312			150,701
Recordati SpA		6,323			118,162
Reply SpA		1,564			153,024
Saipem SpA (a)(b)		17,071			174,084
Salvatore Ferragamo SpA		2,736			87,625
SAVE SpA		6,603			90,844
Snam SpA		19,089			92,667
Societa Cattolica di Assicurazioni SCRL		20,262			176,594
Sogefi SpA (b)		15,490			50,840
Telecom Italia SpA (a)(b)		583,342			684,148
UBI Banca SCpA		35,569			278,295
UniCredit SpA		213,764			1,453,257
Unipol Gruppo Finanziario SpA		14,700			77,929
UnipolSai SpA		37,326			109,440
World Duty Free SpA (a)(b)		5,151			55,488
Yoox SpA (a)(b)		2,904			80,312
Zignago Vetro SpA		15,900			96,995
					15,051,600
JAPAN — 21.3%
Acom Co., Ltd. (a)(b)		23,400			81,366
Activia Properties, Inc.		10			87,471
Aderans Co., Ltd.		16,800			173,849
Advance Residence Investment Corp.		38			91,289
Advantest Corp. (a)		21,200			268,524
Aeon Co., Ltd. (a)		53,420			587,542
Aeon Credit Service Co., Ltd. (a)		3,500			88,576
AEON REIT Investment Corp. (a)		72			103,385
Ajinomoto Co., Inc. (a)		22,000			483,294
Akita Bank, Ltd. (a)		133,550			408,696
Alconix Corp.		25,200			372,773
Alps Electric Co., Ltd.		7,800			188,813
ANA Holdings, Inc.		36,000			96,600
Aomori Bank, Ltd.		10,101			32,596
Aoyama Trading Co., Ltd.		21,600			705,141
Asahi Group Holdings, Ltd.		31,436			999,635
Asahi Kasei Corp. (a)		98,550			944,206
Asics Corp.		8,200			223,590
Astellas Pharma, Inc.		120,900			1,983,496
Atom Corp. (a)		43,100			282,482
Awa Bank, Ltd.		11,550			65,587
Bandai Namco Holdings, Inc.		9,200			179,359
Bank of Iwate, Ltd. (a)		9,755			422,981
Bank of Okinawa, Ltd.		11,255			473,006
Bank of Yokohama, Ltd.		133,550			783,983
Bridgestone Corp.		37,265			1,496,504
Brother Industries, Ltd.		8,000			127,613
Calbee, Inc.		3,700			161,051
Can Do Co., Ltd. (a)		5,300			69,562
Canon, Inc.		53,216			1,885,025
Casio Computer Co., Ltd. (a)		30,700			583,409
Central Japan Railway Co.		11,700			2,121,463
Chiba Bank, Ltd.		129,550			952,788
Chubu Electric Power Co., Inc.		40,065			479,076
Chugai Pharmaceutical Co., Ltd. (a)		15,480			488,570
Chugoku Electric Power Co., Inc. (a)		6,100			79,655
COLOPL, Inc. (a)		2,000			43,210
Colowide Co., Ltd. (a)		50,900			696,493
COOKPAD, Inc. (a)		2,100			96,310
Credit Saison Co., Ltd.		24,600			442,667
CyberAgent, Inc.		2,900			166,612
Dai-ichi Life Insurance Co., Ltd.		25,200			366,784

See accompanying notes to financial statements.

199

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Daicel Corp.		10,900	$	130,246
Daifuku Co., Ltd.		5,300		70,181
Daiichi Sankyo Co., Ltd. (a)		40,065		637,098
Daiken Medical Co., Ltd.		12,600		133,959
Daikin Industries, Ltd.		17,210		1,154,652
Daishi Bank, Ltd.		136,176		480,321
Daito Trust Construction Co., Ltd. (a)		5,355		599,465
Daiwa House Industry Co., Ltd. (a)		28,200		557,533
Daiwa House REIT Investment Corp.		10		43,861
Daiwa Securities Group, Inc.		101,550		801,053
Daiwahouse Residential Investment Corp. (a)		38		83,145
Dena Co., Ltd. (a)		7,600		148,990
Denso Corp.		26,710		1,221,188
Dentsu, Inc.		8,800		377,903
Don Quijote Holdings Co., Ltd.		1,700		138,637
Dowa Holdings Co., Ltd.		22,000		188,585
East Japan Railway Co.		13,500		1,085,178
Ebara Corp. (a)		19,000		80,325
Eighteenth Bank, Ltd.		8,251		25,112
Eisai Co., Ltd. (a)		13,451		957,301
Electric Power Development Co., Ltd.		5,500		185,741
Euglena Co., Ltd. (a)(b)		5,000		82,385
F@N Communications, Inc. (a)		7,400		63,001
FANUC Corp.		9,155		2,003,909
Fast Retailing Co., Ltd. (a)		2,600		1,008,022
Feed One Holdings Co., Ltd.		199,900		190,024
Financial Products Group Co., Ltd. (a)		12,000		132,883
Foster Electric Co., Ltd.		15,000		375,235
Frontier Real Estate Investment Corp.		20		95,226
Fuji Heavy Industries, Ltd.		20,900		695,534
FUJIFILM Holdings Corp.		26,710		952,473
Fujitsu, Ltd.		94,513		645,533
Fukuoka Financial Group, Inc.		133,550		689,326
Fukuoka REIT Corp.		10		18,678
Furukawa Electric Co., Ltd. (a)		102,550		173,589
GLP J-REIT		147		152,363
GMO Internet, Inc.		3,500		43,135
GS Yuasa Corp. (a)		17,000		76,690
GungHo Online Entertainment, Inc. (a)		15,500		60,746
Gurunavi, Inc.		6,000		117,373
Hankyu Hanshin Holdings, Inc.		134,513		833,381
Hankyu REIT, Inc.		170		214,759
Heiwa Real Estate REIT, Inc. (a)		383		305,953
Higo Bank, Ltd.		117,550		722,404
Hino Motors, Ltd.		8,500		121,555
Hirose Electric Co., Ltd.		945		122,454
Hitachi Metals, Ltd.		11,000		169,231
Hitachi, Ltd. (a)		229,475		1,575,183
Hokkoku Bank, Ltd.		133,550		466,604
Honda Motor Co., Ltd. (a)		76,475		2,488,905
Hoya Corp.		29,906		1,201,352
Hulic Co., Ltd.		14,000		157,715
Hyakugo Bank, Ltd.		133,550		620,282
Ibiden Co., Ltd.		13,800		233,251
Ichigo Real Estate Investment Corp.		529		428,317
IHI Corp.		45,000		211,257
Iida Group Holdings Co., Ltd.		5,000		62,456
Industrial & Infrastructure Fund Investment Corp.		40		186,450
Infomart Corp.		11,600		106,497
Inpex Corp.		32,500		359,214
Intage Holdings, Inc.		10,000		172,191
Iriso Electronics Co., Ltd.		2,200		154,463
Isuzu Motors, Ltd.		57,100		760,619
ITOCHU Corp. (a)		98,650		1,070,611
Iwatani Corp. (a)		14,000		91,991
J Front Retailing Co., Ltd.		5,100		80,333
Jafco Co., Ltd.		2,100		78,274
Japan Airlines Co., Ltd.		4,000		124,745
Japan Airport Terminal Co., Ltd.		4,800		291,382
Japan Digital Laboratory Co., Ltd.		18,620		245,627
Japan Excellent, Inc.		76		99,305
Japan Exchange Group, Inc. (a)		13,000		377,778
Japan Hotel REIT Investment Corp.		923		657,279
Japan Logistics Fund, Inc.		37		76,916
Japan Prime Realty Investment Corp.		29		99,992
Japan Real Estate Investment Corp.		35		164,895
Japan Retail Fund Investment Corp.		47		93,510
Japan Tissue Engineering Co., Ltd. (a)(b)		2,200		23,830
Japan Tobacco, Inc.		52,800		1,673,266
JFE Holdings, Inc.		26,710		591,106
JGC Corp.		8,000		159,333
JSR Corp.		22,100		383,859
JTEKT Corp.		9,700		151,738
JX Holdings, Inc.		166,900		643,245
Kajima Corp.		94,475		439,583
Kakaku.com, Inc. (a)		11,100		184,931
Kansai Electric Power Co., Inc. (b)		49,200		470,359
Kao Corp.		21,900		1,095,685
Kawai Musical Instruments Manufacturing Co., Ltd. (a)		8,700		171,352
Kawasaki Heavy Industries, Ltd.		46,000		232,829
KDDI Corp.		75,900		1,721,792
Kenedix Office Investment Corp.		42		230,444
Kenedix, Inc. (a)		12,700		51,891
Keyence Corp.		2,000		1,094,017
Kintetsu Corp. (a)		233,101		857,182
Kirin Holdings Co., Ltd. (a)		25,200		331,377
Kiyo Bank, Ltd.		30,000		419,012
KNT-CT Holdings Co., Ltd. (b)		118,000		165,303
Koito Manufacturing Co., Ltd.		5,000		150,719
Komatsu, Ltd.		49,320		971,595
Konami Corp.		4,300		80,675
Konica Minolta Holdings, Inc.		47,075		479,288
Kubota Corp.		70,550		1,119,505
Kurita Water Industries, Ltd.		14,110		341,793
Kyocera Corp.		23,400		1,286,244
Kyoritsu Maintenance Co., Ltd. (a)		13,560		650,156
Kyoto Kimono Yuzen Co., Ltd. (a)		20,900		174,101
Kyushu Electric Power Co., Inc. (a)(b)		17,100		166,116
Leopalace21 Corp. (b)		1,600		8,392
Livesense, Inc. (a)(b)		3,000		15,360
LIXIL Group Corp. (a)		9,000		213,659
M3, Inc.		7,900		168,046
Makita Corp. (a)		5,600		291,382

See accompanying notes to financial statements.

200

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Marubeni Corp. (a)		135,550	$	786,682
Matsuya Co., Ltd.		24,600		374,359
Mazda Motor Corp.		19,400		394,552
Medipal Holdings Corp.		28,999		378,432
MEIJI Holdings Co., Ltd.		2,600		317,615
Meiko Network Japan Co., Ltd.		24,500		263,335
MID Reit, Inc.		107		259,459
Milbon Co., Ltd. (a)		11,300		363,240
Minebea Co., Ltd.		16,000		253,225
MISUMI Group, Inc.		16,257		657,465
Mitsubishi Corp. (a)		78,338		1,581,131
Mitsubishi Electric Corp.		116,550		1,388,298
Mitsubishi Estate Co., Ltd.		56,925		1,322,910
Mitsubishi Gas Chemical Co., Inc.		15,000		74,046
Mitsubishi Heavy Industries, Ltd.		191,101		1,055,378
Mitsubishi Logistics Corp.		9,000		140,713
Mitsubishi Motors Corp.		39,900		360,988
Mitsubishi UFJ Financial Group, Inc.		601,424		3,729,656
Mitsui & Co., Ltd.		94,826		1,274,626
Mitsui Chemicals, Inc.		103,550		333,294
Mitsui Fudosan Co., Ltd.		33,000		971,219
Mitsui OSK Lines, Ltd.		110,550		376,105
Mizuho Financial Group, Inc.		1,032,200		1,816,947
Mori Hills REIT Investment Corp.		60		84,703
MS&AD Insurance Group Holdings, Inc. (a)		26,999		758,696
Murata Manufacturing Co., Ltd.		12,000		1,654,534
Musashino Bank, Ltd.		13,355		449,343
Nabtesco Corp.		5,200		150,894
Nachi-Fujikoshi Corp.		15,000		82,301
Nanto Bank, Ltd.		131,550		457,422
NEC Corp.		94,000		276,690
NGK Insulators, Ltd.		12,000		256,660
NGK Spark Plug Co., Ltd.		6,000		161,601
NHK Spring Co., Ltd.		9,500		99,258
Nidec Corp.		12,500		832,499
Nikon Corp. (a)		26,400		354,421
Nintendo Co., Ltd.		4,900		722,181
Nippon Accommodations Fund, Inc.		11		41,826
Nippon Building Fund, Inc.		38		186,950
Nippon Paint Holdings Co., Ltd. (a)		8,900		326,537
Nippon Paper Industries Co., Ltd. (a)		4,200		63,250
Nippon Prologis REIT, Inc.		10		22,047
Nippon Steel & Sumitomo Metal Corp.		434,101		1,094,981
Nippon Suisan Kaisha, Ltd.		84,400		256,877
Nippon Telegraph & Telephone Corp.		13,700		845,019
Nippon Yusen K.K.		133,550		385,310
Nissan Motor Co., Ltd.		106,741		1,089,439
Nissei ASB Machine Co., Ltd.		4,300		88,851
Nitori Holding Co., Ltd.		1,700		115,389
Nitto Denko Corp.		8,600		575,843
Nomura Holdings, Inc.		172,885		1,018,064
Nomura Real Estate Residential Fund, Inc.		16		88,989
Nomura Research Institute, Ltd.		3,000		113,071
NSK, Ltd.		17,000		249,206
NTT Data Corp. (a)		10,000		436,106
NTT DoCoMo, Inc.		78,200		1,359,901
Obayashi Corp.		81,550		530,406
Ogaki Kyoritsu Bank, Ltd.		133,550		423,173
OJI Paper Co., Ltd. (a)		23,000		94,359
Oki Electric Industry Co., Ltd.		36,000		74,747
Olympus Corp. (b)		14,200		528,689
Omron Corp.		8,500		384,157
Ono Pharmaceutical Co., Ltd.		4,700		532,216
Oriental Land Co., Ltd. (a)		11,200		849,398
ORIX Corp.		53,300		750,444
Orix JREIT, Inc.		73		104,699
Osaka Gas Co., Ltd.		41,000		171,863
Otsuka Holdings Co., Ltd. (a)		16,400		514,120
Panasonic Corp.		107,050		1,407,695
Pigeon Corp.		3,100		261,338
Rakuten, Inc.		28,800		508,758
Raysum Co., Ltd. (a)(b)		3,300		34,011
Renesas Electronics Corp. (b)		9,700		72,229
Resona Holdings, Inc.		40,100		199,488
Ricoh Co., Ltd.		25,000		272,670
Ringer Hut Co., Ltd.		27,600		490,897
Riso Kyoiku Co., Ltd. (a)(b)		18,906		56,438
Rock Field Co., Ltd.		11,900		256,308
Rohm Co., Ltd.		5,700		391,169
Rohto Pharmaceutical Co., Ltd.		5,901		84,043
Ryohin Keikaku Co., Ltd.		1,000		145,591
San-In Godo Bank, Ltd.		7,550		62,389
Sankyo Seiko Co., Ltd.		48,700		200,607
Sanrio Co., Ltd. (a)		3,900		104,553
Sawai Pharmaceutical Co., Ltd.		1,600		94,859
SBI Holdings, Inc.		8,300		100,770
Secom Co., Ltd.		13,548		906,589
Sega Sammy Holdings, Inc. (a)		5,300		77,517
Seiko Epson Corp. (a)		17,400		309,188
Seino Holdings Co., Ltd.		8,400		91,267
Sekisui Chemical Co., Ltd.		17,000		220,996
Sekisui House SI Residential Investment Corp. (a)		146		157,900
Sekisui House, Ltd.		7,700		112,073
Seria Co., Ltd.		1,900		68,760
Seven & i Holdings Co., Ltd.		39,928		1,682,353
Sharp Corp. (a)(b)		72,000		141,088
Shiga Bank, Ltd.		118,550		593,121
Shikoku Bank, Ltd. (a)		262,101		539,829
Shikoku Electric Power Co., Inc. (b)		8,500		104,899
Shimano, Inc.		2,500		372,733
Shimizu Corp.		84,513		572,934
Shin-Etsu Chemical Co., Ltd.		21,317		1,395,359
Shinsei Bank, Ltd. (a)		74,000		147,475
Shiseido Co., Ltd. (a)		9,700		172,525
SMC Corp.		2,200		657,569
SMS Co., Ltd.		8,200		110,222
Softbank Corp.		42,036		2,446,623
Sompo Japan Nipponkoa Holdings, Inc.		27,400		853,358
Sony Corp. (b)		44,320		1,178,910
Square Enix Holdings Co., Ltd.		3,400		72,947
Stanley Electric Co., Ltd.		22,773		515,941
Start Today Co., Ltd.		2,700		71,257
Starts Proceed Investment Corp.		51		89,603

See accompanying notes to financial statements.

201

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Sumitomo Chemical Co., Ltd.		133,550	$	688,213
Sumitomo Corp. (a)		71,775		769,371
Sumitomo Dainippon Pharma Co., Ltd. (a)		5,300		62,933
Sumitomo Electric Industries, Ltd.		53,120		697,636
Sumitomo Heavy Industries, Ltd.		24,000		157,498
Sumitomo Metal Mining Co., Ltd.		5,000		73,317
Sumitomo Mitsui Financial Group, Inc. (a)		59,100		2,267,656
Sumitomo Mitsui Trust Holdings, Inc.		226,550		936,048
Sumitomo Precision Products Co., Ltd. (a)		46,000		176,827
Sumitomo Realty & Development Co., Ltd.		20,000		721,201
Sun Corp.		3,000		41,151
Sun Frontier Fudousan Co., Ltd. (a)		3,100		28,590
Suruga Bank, Ltd.		8,100		168,518
Suzuki Motor Corp.		12,900		388,587
Sysmex Corp.		5,800		322,585
T&D Holdings, Inc.		40,300		555,984
Tadano, Ltd.		6,000		80,851
Taiheiyo Cement Corp.		23,000		70,386
Taisei Corp. (a)		78,438		444,106
Taiyo Yuden Co., Ltd. (a)		18,600		271,730
Takeda Pharmaceutical Co., Ltd. (a)		36,665		1,834,091
Takeuchi Manufacturing Co., Ltd.		5,500		249,489
TDK Corp.		10,455		744,513
Teijin, Ltd.		137,550		467,962
Temp Holdings Co., Ltd.		2,700		93,659
Terumo Corp.		27,000		713,696
The Daisan Bank, Ltd.		352,651		555,773
THK Co., Ltd.		5,400		137,786
Toho Bank, Ltd.		12,101		49,847
Tohoku Electric Power Co., Inc.		42,200		480,677
Tokio Marine Holdings, Inc.		40,065		1,516,239
Tokyo Dome Corp. (a)		72,000		306,191
Tokyo Electric Power Co., Inc. (b)		53,775		204,024
Tokyo Electron, Ltd.		9,855		688,802
Tokyo Gas Co., Ltd.		135,475		854,252
Tokyo Tatemono Co., Ltd.		16,000		117,407
Tokyu Corp.		120,550		747,877
Tokyu Fudosan Holdings Corp.		17,700		121,026
Toray Industries, Inc.		115,550		970,263
Toshiba Corp. (a)		224,513		943,919
TOTO, Ltd.		8,000		119,074
Toyo Suisan Kaisha, Ltd.		3,000		105,816
Toyo Tire & Rubber Co., Ltd.		7,500		135,522
Toyota Industries Corp.		2,300		131,949
Toyota Motor Corp.		116,788		8,163,717
Toyota Tsusho Corp.		7,600		201,843
Trend Micro, Inc.		4,500		148,593
Unicharm Corp.		16,000		420,529
United Urban Investment Corp.		55		85,808
Usen Corp. (b)		31,330		94,049
USS Co., Ltd.		43,310		750,454
ValueCommerce Co., Ltd.		4,400		20,913
Warabeya Nichiyo Co., Ltd.		13,600		253,345
West Japan Railway Co.		7,500		394,184
Yahoo! Japan Corp. (a)		45,800		189,425
Yakult Honsha Co., Ltd. (a)		4,200		293,133
Yamada Denki Co., Ltd. (a)		71,080		293,388
Yamagata Bank, Ltd. (a)		120,176		510,065
Yamaha Corp.		9,200		161,408
Yamaha Motor Co., Ltd.		10,300		249,244
Yamanashi Chuo Bank, Ltd.		114,550		502,425
Yamato Holdings Co., Ltd. (a)		14,200		328,225
Yaskawa Electric Corp. (a)		9,100		133,626
Yokogawa Electric Corp. (a)		8,800		95,026
Zenrin Co., Ltd. (a)		25,500		315,335
				160,853,358
LUXEMBOURG — 0.1%
ArcelorMittal (a)		33,152		312,436
COLT Group SA (b)		52,159		103,834
SES SA		13,690		484,024
Tenaris SA		15,233		213,665
				1,113,959
MACAU — 0.0% (e)
MGM China Holdings, Ltd.		21,600		40,676
NETHERLANDS — 2.9%
Aegon NV		111,813		882,520
AerCap Holdings NV (a)(b)		3,324		145,093
Airbus Group NV		25,398		1,648,649
Akzo Nobel NV		13,874		1,049,305
ASML Holding NV		21,011		2,139,013
CNH Industrial NV (a)		40,520		331,611
Constellium NV (Class A) (a)(b)		3,296		66,975
Fiat Chrysler Automobiles NV (b)		43,469		707,288
Fugro NV		5,410		145,142
Gemalto NV (a)		2,924		232,922
Heineken NV		16,579		1,264,749
ING Groep NV (b)		177,929		2,607,501
Koninklijke Ahold NV		60,756		1,197,373
Koninklijke DSM NV		10,957		611,573
Koninklijke KPN NV		186,140		631,529
Koninklijke Philips NV		50,427		1,431,140
NXP Semiconductor NV (b)		13,962		1,401,226
OCI NV (b)		1,618		50,116
PostNL NV (b)		32,042		136,345
Randstad Holding NV		2,610		158,321
Reed Elsevier NV		9,685		241,215
SBM Offshore NV (a)(b)		16,920		210,342
TNT Express NV		27,912		177,497
Unilever NV (a)		80,303		3,356,239
Wolters Kluwer NV		27,366		893,489
				21,717,173
NEW ZEALAND — 0.2%
a2 Milk Co., Ltd. (a)(b)		115,016		48,300
Air New Zealand, Ltd.		50,963		104,142
Auckland International Airport, Ltd.		21,376		72,134
DNZ Property Fund, Ltd.		62,220		90,985
Fisher & Paykel Healthcare Corp., Ltd.		98,759		487,311
Fletcher Building, Ltd.		14,453		91,259
Goodman Property Trust		94,341		84,542
Infratil, Ltd.		40,314		96,136
Kiwi Income Property Group, Ltd.		84,348		81,912
Property for Industry, Ltd.		92,425		109,162

See accompanying notes to financial statements.

202

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Steel & Tube Holdings, Ltd.		60,219	$	128,701
Vital Healthcare Property Trust		80,666		104,045
Xero, Ltd. (b)		4,357		78,742
				1,577,371
NORWAY — 0.7%
Akastor ASA (a)		5,636		11,336
Aker Solutions ASA (b)		5,636		29,351
DnB ASA		48,828		785,819
DNO ASA (a)(b)		32,388		42,398
Norsk Hydro ASA		81,876		430,659
Opera Software ASA (a)		11,282		90,644
Orkla ASA		78,437		593,210
REC Silicon ASA (a)(b)		122,566		35,740
Schibsted ASA		2,837		164,466
Seadrill, Ltd. (a)		7,944		74,619
Statoil ASA		55,353		980,805
Storebrand ASA (b)		45,397		165,273
Telenor ASA		41,611		841,090
TGS Nopec Geophysical Co. ASA (a)		4,609		102,256
Yara International ASA		13,713		697,637
				5,045,303
PORTUGAL — 0.2%
Banco Comercial Portugues SA (a)(b)		1,845,793		189,714
EDP — Energias de Portugal SA		139,454		521,961
Mota-Engil SGPS SA		21,998		81,273
NOS SGPS		52,154		377,586
Portugal Telecom SGPS SA (a)		60,318		34,982
				1,205,516
SINGAPORE — 1.5%
AIMS AMP Capital Industrial REIT		118,598		128,826
Ascendas Hospitality Trust		169,200		83,878
Ascendas REIT		528,000		996,953
Cache Logistics Trust (a)		136,000		116,498
CapitaLand, Ltd.		264,000		689,014
China New Town Development Co., Ltd. (b)		1,615,400		75,370
City Developments, Ltd. (a)		122,600		899,144
Cosco Corp. Singapore, Ltd. (a)		539,200		198,510
Croesus Retail Trust		233,000		157,972
DBS Group Holdings, Ltd.		72,776		1,080,207
Flextronics International, Ltd. (b)		55,693		705,909
Genting Singapore PLC (a)		536,400		359,764
Global Logistic Properties, Ltd.		71,000		137,166
IGG, Inc. (a)		60,000		35,135
Jardine Cycle & Carriage, Ltd.		3,000		89,801
Keppel Corp., Ltd. (a)		140,375		921,029
Keppel REIT		35,513		31,068
Lippo Malls Indonesia Retail Trust		792,800		199,399
Oversea-Chinese Banking Corp., Ltd.		113,800		876,916
Oxley Holdings, Ltd.		162,800		59,342
SembCorp Industries, Ltd.		36,200		111,368
Singapore Airlines, Ltd.		19,400		169,009
Singapore Exchange, Ltd.		132,000		783,320
Singapore Telecommunications, Ltd.		138,000		440,650
Sino Grandness Food Industry Group, Ltd. (a)(b)		204,000		46,103
Soilbuild Business Space REIT		204,000		120,464
Tiger Airways Holdings, Ltd. (b)		548,649		127,993
United Overseas Bank, Ltd.		21,312		357,349
UOL Group, Ltd.		163,459		910,423
Wilmar International, Ltd.		131,000		311,336
				11,219,916
SOUTH KOREA — 4.2%
Amorepacific Corp.		110		332,642
Asiana Airlines, Inc. (b)		33,241		269,056
Bioland, Ltd.		11,554		284,828
BS Financial Group, Inc.		11,092		151,966
Celltrion, Inc. (a)(b)		3,498		220,389
CJ CGV Co., Ltd.		4,863		296,746
Coway Co., Ltd.		1,693		139,627
Credu Corp.		5,724		285,310
Crown Confectionery Co., Ltd.		657		174,102
Dae Han Flour Mills Co., Ltd.		1,839		308,310
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		3,884		63,365
Digitech Systems Co., Ltd. (b)(f)		19,094		0
Dongkuk Industries Co., Ltd.		66,256		221,560
Dongwon F&B Co., Ltd.		961		346,478
Dongwon Industries Co., Ltd. (a)		1,070		321,159
DY Corp.		10,093		72,051
DY POWER Corp. (b)		5,403		60,388
E-Mart Co., Ltd.		739		155,200
Genic Co., Ltd. (a)(b)		6,210		186,952
GS Home Shopping, Inc.		960		192,182
Haesung Industrial Co., Ltd.		2,966		80,737
Hana Financial Group, Inc.		10,790		279,609
Hana Tour Service, Inc.		3,321		335,258
Hancom, Inc.		7,810		128,823
Hankook Shell Oil Co., Ltd.		388		154,228
Hankook Tire Co., Ltd.		1,776		72,596
Hanssem Co., Ltd.		1,976		328,606
Harim Co., Ltd. (a)(b)		29,447		141,203
Hotel Shilla Co., Ltd.		3,962		349,614
Huons Co., Ltd.		3,990		220,098
Hyundai Elevator Co., Ltd. (b)		2,221		155,547
Hyundai Engineering Plastics Co., Ltd.		46,364		375,275
Hyundai Glovis Co., Ltd.		643		130,982
Hyundai Heavy Industries Co., Ltd. (b)		1,662		182,761
Hyundai Hy Communications & Networks Co., Ltd.		46,731		207,656
Hyundai Mobis Co., Ltd.		2,506		556,788
Hyundai Motor Co.		3,488		529,747
Hyundai Motor Co. Preference Shares		1,071		110,049
Hyundai Securities Co., Ltd. (a)		51,118		389,795
Hyundai Steel Co.		2,221		146,138
INFINITT Co., Ltd. (a)(b)		15,966		141,031
Infraware, Inc. (b)		10,978		65,307
Interpark Corp.		10,431		85,370
Jenax, Inc. (a)(b)		16,776		121,724
JoyCity Corp. (a)(b)		3,713		97,724
Kangwon Land, Inc.		3,855		120,398
KB Capital Co., Ltd.		4,788		88,255
KB Financial Group, Inc.		14,037		497,232
KCC Corp.		185		94,380
Kia Motors Corp.		9,149		372,739
KIWOOM Securities Co., Ltd.		7,248		461,881

See accompanying notes to financial statements.

203

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Koh Young Technology, Inc.		12,160	$	487,189
Korea Electric Power Corp. ADR (a)		30,592		627,136
Korea Zinc Co., Ltd.		630		240,768
Korean Air Lines Co., Ltd. (b)		2,903		127,037
KT Corp. ADR (b)		28,748		376,024
KT&G Corp.		4,449		355,695
Ktis Corp.		26,331		100,274
KyungDong City Gas Co., Ltd.		1,703		165,012
LG Chem, Ltd.		881		179,464
LG Chem, Ltd. Preference Shares		795		108,919
LG Display Co., Ltd. ADR (a)		39,974		572,028
LG Electronics, Inc.		5,234		277,870
LG Household & Health Care, Ltd.		424		321,406
LG Uplus Corp.		9,788		97,046
Lotte Chemical Corp.		598		109,688
Lotte Food Co., Ltd.		401		254,815
Lotte Shopping Co., Ltd.		232		49,664
Medy-Tox, Inc.		746		221,020
Modetour Network, Inc.		11,248		335,580
Muhak Co., Ltd. (b)		9,765		397,395
NAVER Corp.		1,323		800,156
NCSoft Corp.		703		115,007
Nexon GT Co., Ltd. (b)		9,431		144,510
NHN Entertainment Corp. (a)(b)		551		35,460
OCI Co., Ltd. (a)		644		60,078
Orion Corp.		131		136,733
Ottogi Corp.		342		184,032
POSCO ADR		19,652		1,074,178
S1 Corp.		1,606		121,451
Sajo Industries Co., Ltd. (a)(b)		6,326		547,385
Samchuly Bicycle Co., Ltd.		6,623		128,944
Samsung C&T Corp.		3,843		205,754
Samsung Electronics Co., Ltd. GDR		11,360		7,315,840
Samsung Engineering Co., Ltd. (b)		1,341		46,596
Samsung Fire & Marine Insurance Co., Ltd.		1,152		277,759
Samsung Heavy Industries Co., Ltd.		6,382		103,831
Samsung Life Insurance Co., Ltd.		3,375		294,166
Samsung SDI Co., Ltd.		1,311		161,297
Shinhan Financial Group Co., Ltd.		17,428		658,979
Shinsegae Food Co., Ltd.		2,410		274,789
SK C&C Co., Ltd.		689		144,389
SK Hynix, Inc.		21,433		879,961
SK Innovation Co., Ltd. (b)		5,008		430,631
SK Telecom Co., Ltd. ADR (a)		23,963		652,033
SNU Precision Co., Ltd. (b)		11,611		50,549
Woori Bank		7,652		64,695
				31,417,095
SPAIN — 2.8%
Abengoa SA (a)		14,319		55,886
Abertis Infraestructuras SA		18,171		328,546
Acciona SA (b)		3,309		255,096
Acerinox SA		26,848		450,543
ACS, Actividades de Construccion y Servicios SA		16,626		589,259
Amadeus IT Holding SA (Class A)		11,673		500,970
Atresmedia Corp. de Medios de Comunicaion SA		9,330		140,987
Banco Bilbao Vizcaya Argentaria SA		196,312		1,983,573
Banco de Sabadell SA (a)		144,012		352,490
Banco Popular Espanol SA (a)		74,370		364,063
Banco Santander SA		570,959		4,302,893
Bankia SA (b)		122,028		170,113
Bankinter SA		33,509		255,771
CaixaBank SA		41,073		194,754
Distribuidora Internacional de Alimentacion SA		31,341		245,248
Ebro Puleva SA		4,209		78,475
Enagas SA		31,302		895,256
Faes Farma SA		99,629		253,059
Ferrovial SA		42,634		906,620
Gamesa Corp. Tecnologica SA (b)		24,430		308,688
Gas Natural SDG SA		3,803		85,426
Grifols SA		8,366		359,224
Iberdrola SA		259,984		1,675,895
Inditex SA		32,077		1,029,387
Indra Sistemas SA (a)		20,423		239,742
International Consolidated Airlines Group SA (b)		27,551		246,624
Let’s GOWEX SA (a)(b)(f)		4,019		0
Mediaset Espana Comunicacion SA (b)		39,098		489,618
NH Hotel Group SA (b)		34,719		189,797
Red Electrica Corp. SA		12,027		978,333
Repsol SA		50,416		938,634
Sacyr SA (b)		19,928		83,663
Telefonica SA		141,864		2,020,319
Zeltia SA (b)		43,121		187,332
				21,156,284
SWEDEN — 2.7%
AddTech AB (Class B)		8,012		107,535
Alfa Laval AB		34,013		668,503
Assa Abloy AB (Class B)		23,919		1,425,591
Atlas Copco AB (Class A)		26,648		863,027
Atlas Copco AB (Class B)		16,318		482,309
Axis Communications AB		2,395		94,478
Bilia AB (Class A)		3,069		110,318
BillerudKorsnas AB		7,252		117,054
Boliden AB		30,716		610,470
Concentric AB		6,745		90,139
Electrolux AB (Series B) (a)		19,719		565,226
Elekta AB (Class B) (a)		10,658		95,716
Eniro AB (a)(b)		13,376		2,916
Getinge AB (Class B) (a)		3,627		89,833
Hennes & Mauritz AB (Class B)		41,636		1,687,349
Hexagon AB, (Class B)		8,234		292,733
Hexpol AB		1,278		128,851
Investor AB (Class B)		15,164		604,341
JM AB		3,380		112,562
Kinnevik Investment AB (Class B)		13,174		440,098
KNOW IT AB		15,640		105,638
Lagercrantz AB (Class B)		6,937		127,092
Lundin Petroleum AB (a)(b)		9,305		127,425
Meda AB (Class A)		8,980		142,134
Net Entertainment NE AB (Class B) (b)		9,668		332,952
Nibe Industrier AB (Class B) (a)		3,364		83,670
Nordea Bank AB (a)		102,463		1,251,077

See accompanying notes to financial statements.

204

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Opus Group AB (a)		54,494	$	55,922
Opus Group AB BTA (b)		5,863		5,813
Orexo AB (a)(b)		4,503		64,485
Qliro Group AB (a)(b)		47,002		86,112
Saab AB		4,073		108,861
Sandvik AB		62,848		702,882
Securitas AB (Class B)		56,025		803,601
Skandinaviska Enskilda Banken AB (Class A)		39,358		460,482
Skanska AB (Class B)		47,494		1,065,084
SKF AB (Class A)		10,721		278,217
Svenska Cellulosa AB (Class B)		20,126		463,708
Svenska Handelsbanken AB (Class A)		8,448		381,353
Swedbank AB (Class A) (a)		25,862		618,057
Swedish Match AB		6,460		189,964
Swedish Orphan Biovitrum AB (b)		9,000		95,019
Tele2 AB (Class B)		31,861		380,896
Telefonaktiebolaget LM Ericsson (Class B)		154,219		1,938,456
TeliaSonera AB		103,481		657,552
Tethys Oil AB (b)		12,600		86,931
Volvo AB (Class A)		91,863		1,115,260
				20,317,692
SWITZERLAND — 7.3%
ABB, Ltd. (b)		111,096		2,359,632
Actelion, Ltd. (b)		4,383		508,109
Adecco SA (b)		12,233		1,020,151
Aryzta AG (b)		1,536		94,488
Cie Financiere Richemont SA		17,059		1,375,188
Clariant AG (b)		38,517		770,895
Coca-Cola HBC AG (b)		7,102		128,097
Comet Holding AG (b)		211		170,095
Credit Suisse Group AG (b)		51,966		1,400,669
Geberit AG		1,566		588,479
Givaudan SA (b)		188		341,044
Holcim, Ltd. (b)		14,472		1,082,457
Julius Baer Group, Ltd. (b)		13,445		674,949
Kuehne + Nagel International AG		4,927		732,988
Leonteq AG (a)(b)		936		320,416
Lindt & Spruengli AG		2		126,634
Logitech International SA		6,861		90,769
Lonza Group AG (b)		6,104		763,550
Meyer Burger Technology AG (a)(b)		5,094		32,359
Nestle SA		138,057		10,432,805
Novartis AG		111,982		11,085,215
Partners Group Holding AG		450		134,588
PSP Swiss Property AG (b)		1,596		150,596
Roche Holding AG		32,223		8,894,251
SGS SA		460		880,881
Sonova Holding AG		621		86,504
STMicroelectronics NV		33,353		311,286
Sulzer AG (b)		3,430		377,854
Swatch Group AG		2,401		1,018,689
Swiss Life Holding AG (b)		3,466		858,203
Swiss Re AG		14,270		1,382,484
Syngenta AG		4,738		1,613,154
Temenos Group AG (b)		3,937		135,787
U-Blox AG (b)		742		129,867
UBS Group AG (b)		160,721		3,031,410
Youlchon Chemical Co., Ltd.		9,778		100,473
Zurich Insurance Group AG (b)		6,935		2,351,174
				55,556,190
UNITED KINGDOM — 16.4%
3i Group PLC		84,536		605,382
Aberdeen Asset Management PLC		45,640		311,391
Afren PLC (a)(b)		53,898		2,472
Aggreko PLC		8,852		200,660
Amec Foster Wheeler PLC		37,151		499,390
Anglo American PLC		63,311		951,131
Antofagasta PLC		13,972		151,931
ARM Holdings PLC		52,732		865,002
Ashtead Group PLC		17,857		287,355
Associated British Foods PLC		11,117		465,060
AstraZeneca PLC		55,277		3,796,449
Aviva PLC		138,073		1,106,835
Avon Rubber PLC		18,711		219,157
Babcock International Group PLC		21,091		308,243
BAE Systems PLC		178,165		1,384,585
Balfour Beatty PLC		109,367		389,815
Barclays PLC		680,925		2,452,283
Barratt Developments PLC		65,561		514,365
BBA Aviation PLC		21,765		108,756
Bellway PLC		4,140		121,749
Berkeley Group Holdings PLC		4,332		169,710
BG Group PLC		148,821		1,831,468
BHP Billiton PLC		76,940		1,682,995
Big Yellow Group PLC		11,347		109,069
BP PLC		819,103		5,310,094
British American Tobacco PLC		79,272		4,105,245
British Land Co. PLC		69,361		857,196
Britvic PLC		8,792		95,865
BT Group PLC		384,319		2,498,886
BTG PLC (b)		15,387		163,320
Bunzl PLC		5,929		161,157
Burberry Group PLC		22,350		574,985
Cable & Wireless Communications PLC		184,156		166,625
Cairn Energy PLC (b)		17,817		41,552
Capita PLC		37,962		628,918
Carnival PLC		12,935		632,899
Centamin PLC		92,644		79,080
Centrica PLC		246,398		925,419
Cobham PLC		33,908		153,124
Compass Group PLC		70,813		1,232,030
Croda International PLC		3,063		124,543
CSR PLC		7,820		101,403
Daily Mail & General Trust PLC		9,254		121,509
Darty PLC		36,384		35,378
Diageo PLC		110,613		3,053,394
Direct Line Insurance Group PLC		63,598		301,172
Dixons Carphone PLC		12,412		76,043
Drax Group PLC		15,647		84,527
DS Smith PLC		22,458		115,086
easyJet PLC		10,219		285,502
Experian PLC		45,135		748,423
FirstGroup PLC (b)		140,875		190,203
Foxtons Group PLC		14,836		45,204
Fresnillo PLC		8,056		81,621

See accompanying notes to financial statements.

205

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Friends Life Group, Ltd.		93,542	$	574,338
G4S PLC		147,627		648,253
GKN PLC		69,850		371,841
GlaxoSmithKline PLC		211,900		4,863,187
Glencore PLC (b)		465,218		1,974,473
Hammerson PLC		30,215		298,280
Hansteen Holdings PLC		53,897		97,852
Hargreaves Lansdown PLC		8,003		136,863
Hays PLC		249,782		565,843
Henderson Group PLC		43,976		183,574
Hikma Pharmaceuticals PLC		5,668		179,221
Homeserve PLC		17,555		99,707
Howden Joinery Group PLC		24,182		159,244
HSBC Holdings PLC		816,665		6,958,832
ICAP PLC		64,998		508,500
IMI PLC		9,402		177,955
Imperial Tobacco Group PLC		49,429		2,174,173
Indivior PLC (b)		32,740		92,345
Informa PLC		25,360		212,517
Inmarsat PLC		12,482		171,491
InterContinental Hotels Group PLC		10,577		413,579
International Personal Finance PLC		13,646		97,277
Intertek Group PLC		6,819		252,868
IP Group PLC (b)		28,482		95,556
ITV PLC		100,212		376,226
J Sainsbury PLC (a)		99,564		383,105
Jazztel PLC (b)		10,007		136,332
John Wood Group PLC		14,396		135,705
Johnson Matthey PLC		4,634		232,929
Keller Group PLC		4,083		57,491
Kingfisher PLC		158,212		893,900
Land Securities Group PLC		53,158		988,781
Legal & General Group PLC		360,987		1,492,977
Lloyds Banking Group PLC (b)		2,219,048		2,578,683
London Stock Exchange Group PLC		9,731		355,219
Lonmin PLC (a)(b)		13,686		23,872
Man Group PLC		111,332		336,825
Marks & Spencer Group PLC		101,448		805,708
Meggitt PLC		25,519		207,788
Mondi PLC		29,468		567,814
Mucklow A & J Group PLC		9,274		66,634
National Grid PLC		169,212		2,172,087
Next PLC		8,641		901,137
Ocado Group PLC (a)(b)		16,126		84,696
Old Mutual PLC		304,458		1,003,821
Ophir Energy PLC (b)		23,922		47,871
Pace PLC		14,179		72,618
Pearson PLC		48,175		1,037,695
Persimmon PLC (b)		21,452		529,591
Petrofac, Ltd. (a)		9,655		136,592
Provident Financial PLC		2,677		107,020
Prudential PLC		125,867		3,124,127
Randgold Resources, Ltd.		6,874		478,895
Reckitt Benckiser Group PLC		33,246		2,862,516
Reed Elsevier PLC		49,400		849,945
Rentokil Initial PLC		280,597		569,419
Rexam PLC		29,761		255,804
Rightmove PLC		4,147		184,502
Rio Tinto PLC		55,953		2,302,487
Rolls-Royce Holdings PLC (b)		88,040		1,245,528
Royal Bank of Scotland Group PLC (b)		70,997		358,343
Royal Dutch Shell PLC (Class A)		163,969		4,887,716
Royal Dutch Shell PLC (Class B)		103,193		3,215,461
Royal Mail PLC		18,479		120,262
RSA Insurance Group PLC		59,679		372,890
SABMiller PLC		45,013		2,365,493
Sage Group PLC		100,114		693,606
Serco Group PLC (a)		36,550		74,823
Severn Trent PLC		5,093		155,672
Shire PLC		28,102		2,238,141
Sky PLC		53,900		794,545
Smith & Nephew PLC		38,640		656,211
Smiths Group PLC		39,771		660,068
Sports Direct International PLC (b)		6,332		57,245
SSE PLC		53,355		1,186,499
Standard Chartered PLC		88,039		1,429,139
Standard Life PLC		136,645		964,750
TalkTalk Telecom Group PLC (a)		17,558		89,689
Tate & Lyle PLC		36,780		326,235
Taylor Wimpey PLC		99,457		228,701
Telecom Plus PLC (a)		2,536		32,753
Tesco PLC		383,494		1,376,845
Thomas Cook Group PLC (b)		43,292		93,637
Travis Perkins PLC		6,459		186,974
Trinity Mirror PLC (b)		19,075		51,324
Tullow Oil PLC		49,895		209,764
Unilever PLC		59,220		2,474,727
United Utilities Group PLC		28,687		397,326
Victrex PLC		3,838		106,828
Vodafone Group PLC		1,161,378		3,800,705
Weir Group PLC		4,474		112,975
Whitbread PLC		7,624		593,621
William Hill PLC		58,106		319,933
William Morrison Supermarkets PLC		159,245		457,433
Wolseley PLC		14,670		869,581
Workspace Group PLC		9,523		120,800
WPP PLC		80,268		1,824,308
Xaar PLC		7,171		43,859
				124,388,647
TOTAL COMMON STOCKS —
(Cost $716,168,535)				749,883,433
RIGHTS — 0.0% (e)
AUSTRALIA — 0.0% (e)
Abacus Property Group (expiring 4/2/15) (b)(f)		26,931		0
SPAIN — 0.0% (e)
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (b)		196,312		28,253
Banco de Sabadell SA (expiring 4/17/15) (a)(b)		144,012		36,502
Telefonica SA (expiring 4/10/15) (b)		141,864		22,854
				87,609

See accompanying notes to financial statements.

206

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
UNITED KINGDOM — 0.0% (e)
Serco Group PLC (expiring 4/16/15) (b)		36,550	$	22,246
TOTAL RIGHTS —
(Cost $82,448)				109,855
WARRANTS — 0.0% (e)
FRANCE — 0.0% (e)
Peugeot SA (expiring 4/29/17) (a)(b) (Cost $15,679)		13,373		46,118
SHORT TERM INVESTMENTS — 7.4%
UNITED STATES — 7.4%
MONEY MARKET FUNDS — 7.4%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		55,322,052		55,322,052
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h)(i)		444,227		444,227
TOTAL SHORT TERM INVESTMENT —
(Cost $55,766,279)				55,766,279
TOTAL INVESTMENTS — 106.6%
(Cost $772,032,941)				805,805,685
OTHER ASSETS & LIABILITIES — (6.6)%				(49,737,536	)
NET ASSETS — 100.0%			$	756,068,149

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions (partnership limited by shares)

See accompanying notes to financial statements.

207

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 6.2%
Acrux, Ltd. (a)		55,188	$	36,258
Adelaide Brighton, Ltd. (a)		2,745		9,500
AET&D Holdings No 1 Pty, Ltd. (a)(b)(c)		110,316		0
Ainsworth Game Technology, Ltd. (a)		64,321		142,009
ALE Property Group		75,535		220,433
Amalgamated Holdings, Ltd.		50,364		451,703
Amcom Telecommunications, Ltd. (a)		137,957		284,559
Antares Energy, Ltd. (b)		157,622		16,858
APN News & Media, Ltd. (b)		270,524		205,633
ARB Corp., Ltd.		16,064		152,297
Ardent Leisure Group		233,536		399,638
Arrium, Ltd. (a)		1,834,527		238,253
Asaleo Care, Ltd.		187,525		270,761
Aspen Group		34,430		33,405
Astro Japan Property Group		32,304		123,393
Atlas Iron, Ltd. (a)		453,443		45,033
Ausdrill, Ltd.		57,679		12,118
Austal, Ltd.		70,273		94,486
Austbrokers Holdings, Ltd.		25,294		167,727
Austin Engineering, Ltd. (b)		21,293		12,525
Australian Agricultural Co., Ltd. (a)(b)		181,650		222,728
Australian Industrial REIT		42,031		75,136
Australian Pharmaceutical Industries, Ltd.		71,272		98,824
Automotive Holdings Group, Ltd.		65,588		210,445
Aveo Group		180,239		366,265
AWE, Ltd. (a)(b)		284,216		260,552
Base Resources, Ltd. (b)		145,160		13,307
BC Iron, Ltd. (a)		24,754		6,997
Beach Energy, Ltd.		1,177,584		913,110
Beadell Resources, Ltd.		400,265		79,503
Bega Cheese, Ltd. (a)		55,082		201,983
Billabong International, Ltd. (a)(b)		309,588		137,176
Blackmores, Ltd.		3,703		154,317
Boart Longyear, Ltd. (a)(b)		266,284		40,686
Bradken, Ltd.		88,439		124,654
Breville Group, Ltd. (a)		25,261		145,701
Brickworks, Ltd.		16,416		181,218
Buru Energy, Ltd. (b)		85,006		20,781
BWP Trust		160,150		367,040
Cabcharge Australia, Ltd. (a)		58,458		207,218
Cardno, Ltd. (a)		64,325		161,183
Cash Converters International, Ltd.		29,565		20,328
Central Petroleum, Ltd. (b)		154,352		15,919
Charter Hall Group		102,517		399,421
Charter Hall Retail REIT		219,022		717,811
Coalspur Mines, Ltd. (b)		242,811		3,710
Collins Foods, Ltd.		32,883		64,310
Cooper Energy, Ltd. (b)		127,946		20,526
Corporate Travel Management, Ltd. (a)		47,958		430,124
Cover-More Group, Ltd. (a)		139,296		220,279
Credit Corp. Group, Ltd.		8,493		75,004
Cromwell Property Group		458,785		397,805
CSG, Ltd.		83,647		94,256
CSR, Ltd.		320,319		986,172
CuDeco, Ltd. (a)(b)(c)		25,679		27,661
Data#3, Ltd.		55,072		33,237
Decmil Group, Ltd.		32,566		31,596
Domino’s Pizza Enterprises, Ltd.		31,391		891,380
Downer EDI, Ltd.		224,905		768,018
Drillsearch Energy, Ltd. (a)(b)		145,273		120,970
Echo Entertainment Group, Ltd.		3,849		13,291
Emeco Holdings, Ltd. (a)(b)		250,108		22,928
Energy Resources of Australia, Ltd. (a)(b)		51,512		49,191
Energy World Corp., Ltd. (b)		537,199		158,001
ERM Power, Ltd.		38,982		67,601
Evolution Mining, Ltd.		270,306		176,558
Fairfax Media, Ltd.		1,008,229		735,576
Fleetwood Corp., Ltd. (a)		170,711		182,581
FlexiGroup, Ltd. (a)		105,943		279,226
Folkestone Education Trust		115,218		193,646
G8 Education, Ltd. (a)		156,966		402,912
GDI Property Group		208,587		147,399
Greencross, Ltd. (a)		49,026		299,253
Greenland Minerals & Energy, Ltd. (b)		150,176		7,572
GUD Holdings, Ltd.		43,743		275,360
GWA Group, Ltd.		78,041		154,414
Hills, Ltd.		66,490		43,938
Horizon Oil, Ltd. (a)(b)		426,773		35,864
Hotel Property Investments		80,202		169,106
Icon Energy, Ltd. (b)		181,652		9,992
iiNET, Ltd. (a)		69,547		469,142
Imdex, Ltd. (b)		78,420		21,567
Independence Group NL		128,034		512,533
Industria REIT (a)		95,115		145,326
Infigen Energy (a)(b)		920,118		196,819
Ingenia Communities Group		323,598		97,649
Intrepid Mines, Ltd. (b)		213,254		18,735
Invocare, Ltd. (a)		216,671		2,175,009
iProperty Group, Ltd. (a)(b)		54,829		117,701
Iress, Ltd.		51,776		415,320
iSelect, Ltd. (b)		37,709		42,780
iSentia Group, Ltd.		91,384		255,515
Jacana Minerals, Ltd. (a)(b)(c)		12,051		0
Japara Healthcare, Ltd. (a)		124,819		257,460
JB Hi-Fi, Ltd. (a)		78,327		1,117,174
Karoon Gas Australia, Ltd. (a)(b)		126,740		209,138
Kingsgate Consolidated, Ltd. (a)(b)		107,479		56,655
Kingsrose Mining, Ltd. (b)		56,862		9,340
Liquefied Natural Gas, Ltd. (b)		228,226		550,956
Lynas Corp., Ltd. (a)(b)		769,028		25,262
M2 Group, Ltd.		85,400		661,547
MACA, Ltd.		28,543		19,080
Macquarie Atlas Roads Group (a)		182,438		452,964
Maverick Drilling & Exploration, Ltd. (b)		173,050		14,542
Mayne Pharma Group, Ltd. (b)		318,232		232,173
McMillan Shakespeare, Ltd.		17,906		162,784
Medusa Mining, Ltd. (b)		97,829		71,000
Melbourne IT, Ltd.		50,708		52,103
Mesoblast, Ltd. (a)(b)		111,056		307,974
Metals X, Ltd.		100,676		92,294

See accompanying notes to financial statements.

208

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Mincor Resources NL		70,315	$	36,259
Mineral Deposits, Ltd. (b)		31,096		18,530
Mineral Resources, Ltd. (a)		82,493		425,389
MMA Offshore, Ltd. (a)		102,764		51,814
Monadelphous Group, Ltd. (a)		71,647		546,800
Mount Gibson Iron, Ltd. (a)		505,806		85,010
Myer Holdings, Ltd. (a)		301,726		312,332
Navitas, Ltd.		139,457		522,037
New South Resources, Ltd.		152,242		186,088
NewSat, Ltd. (a)(b)		237,780		20,890
NEXTDC, Ltd. (b)		59,791		117,391
NIB Holdings, Ltd.		209,354		591,763
Nine Entertainment Co., Holdings, Ltd. (a)		229,331		369,667
Northern Star Resources, Ltd. (a)		301,479		529,724
NRW Holdings, Ltd. (a)		50,102		7,655
Nufarm, Ltd.		118,432		601,666
Orocobre, Ltd. (b)		45,386		81,134
Orora, Ltd.		496,518		861,045
OZ Minerals, Ltd.		108,467		326,482
OzForex Group, Ltd. (a)		121,883		224,401
Pacific Brands, Ltd. (a)(b)		1,207,952		424,495
Pact Group Holdings, Ltd.		13,107		42,255
Paladin Energy, Ltd. (a)(b)		764,565		219,034
PanAust, Ltd.		259,033		340,368
Peet, Ltd. (a)		36,386		33,912
Perpetual, Ltd. (a)		461		19,377
Perseus Mining, Ltd. (b)		270,404		58,874
Platinum Australia, Ltd. (b)(c)		610,876		0
Premier Investments, Ltd.		39,863		390,107
Programmed Maintenance Services, Ltd. (a)		225,322		416,566
Qube Holdings, Ltd.		1,268		2,877
RCR Tomlinson, Ltd.		48,259		73,551
Recall Holdings, Ltd.		144,426		853,987
Red Fork Energy, Ltd. (b)(c)		219,356		1,005
Regis Resources, Ltd. (a)(b)		143,168		143,826
Reject Shop, Ltd. (a)		19,349		99,037
Resolute Mining, Ltd. (b)		348,781		82,600
Retail Food Group, Ltd.		73,560		396,745
Ridley Corp., Ltd.		52,256		42,715
SAI Global, Ltd.		197,164		623,581
Sandfire Resources NL		7,131		24,079
Saracen Mineral Holdings, Ltd. (b)		261,581		84,930
Select Harvests, Ltd.		29,372		166,271
Senex Energy, Ltd. (b)		577,494		138,971
Seven West Media, Ltd. (a)		262,299		268,514
Shopping Centres Australasia Property Group		264,932		408,838
Sigma Pharmaceuticals, Ltd.		1,303,531		886,291
Silex Systems, Ltd. (b)		44,759		17,268
Silver Chef, Ltd.		9,793		60,375
Silver Lake Resources, Ltd. (b)		140,121		21,409
Sino Gas & Energy Holdings, Ltd. (b)		629,335		91,348
Sirius Resources NL (a)(b)		138,269		288,372
Sirtex Medical, Ltd.		32,074		509,661
Skilled Group, Ltd.		53,285		51,087
Slater & Gordon, Ltd. (a)		90,568		522,380
Southern Cross Media Group, Ltd. (a)		466,246		409,617
Spotless Group Holdings, Ltd.		228,611		396,450
St Barbara, Ltd. (b)		270,452		45,455
Starpharma Holdings, Ltd. (a)(b)		133,668		44,931
Steadfast Group, Ltd.		230,104		267,198
STW Communications Group, Ltd. (a)		793,832		421,481
Sundance Energy Australia, Ltd. (b)		185,880		63,901
Sundance Resources, Ltd. (a)(b)		1,220,786		19,585
Sunland Group, Ltd.		27,792		40,446
Super Retail Group, Ltd. (a)		51,585		378,714
Syrah Resources, Ltd. (a)(b)		40,361		114,085
Tap Oil, Ltd. (b)		72,322		13,536
Tassal Group, Ltd.		40,786		105,939
Technology One, Ltd.		124,304		381,747
Ten Network Holdings, Ltd. (b)		484,920		75,943
TFS Corp., Ltd. (a)		143,447		192,872
Tiger Resources, Ltd. (b)		250,919		9,584
Tox Free Solutions, Ltd.		30,880		66,762
Transfield Services, Ltd. (b)		315,125		328,610
Transpacific Industries Group, Ltd. (a)		709,283		430,776
Troy Resources, Ltd. (a)(b)		56,563		19,445
UGL, Ltd. (a)		76,386		84,907
UXC, Ltd.		74,106		44,724
Veda Group, Ltd. (a)		278,681		493,924
Village Roadshow, Ltd.		7,432		31,909
Virgin Australia Holdings, Ltd. (b)		504,224		198,379
Virtus Health, Ltd. (a)		16,278		91,153
Vocation, Ltd.		46,838		5,725
Vocus Communications, Ltd. (a)		59,918		268,695
Webjet, Ltd.		56,957		171,874
Western Areas NL		111,418		303,870
Whitehaven Coal, Ltd. (a)(b)		203,943		222,018
				43,873,929
AUSTRIA — 0.5%
BUWOG AG (b)		19,216		394,392
Conwert Immobilien Invest SE (a)(b)		25,417		318,020
Flughafen Wien AG		610		53,034
Lenzing AG		2,850		191,674
POLYTEC Holding AG		3,355		29,186
Porr AG		3,846		203,432
RHI AG (a)		12,658		372,494
Schoeller-Bleckmann Oilfield Equipment AG (a)		4,749		303,577
Semperit AG Holding		5,075		238,189
UBM Realitaetenentwicklung AG		1,381		60,811
Wienerberger AG (a)		66,839		1,067,444
Zumtobel Group AG		8,923		221,422
				3,453,675
BAHAMAS — 0.0% (d)
United International Enterprises		490		77,558
BELGIUM — 1.3%
Ablynx NV (b)		31,798		309,408
Aedifica SA		669		44,907
AGFA-Gevaert NV (b)		194,839		448,856
AGFA-Gevaert NV VVPR Strip (a)(b)(c)		42,353		0
Barco NV		17,266		1,027,691
Befimmo SA		2,106		142,948
BHF Kleinwort Benson Group (b)		120,434		606,633

See accompanying notes to financial statements.

209

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Deceuninck NV		21,205	$	44,410
Econocom Group SA (a)		23,879		189,165
Euronav NV (b)		25,072		296,200
EVS Broadcast Equipment SA		15,297		568,689
Fagron (a)		15,045		585,820
Galapagos NV (b)		16,747		396,957
Ion Beam Applications (b)		11,074		284,254
Kinepolis Group NV		3,337		128,556
Lotus Bakeries		178		233,230
Melexis NV		10,121		603,282
Mobistar SA (b)		21,464		465,888
Nyrstar NV (b)		216,991		848,762
Ontex Group NV (b)		12,343		374,692
Tessenderlo Chemie NV (b)		40,105		1,144,658
Tessenderlo Chemie NV VVPR Strip (b)(e)		4,451		0
ThromboGenics NV (b)		16,034		87,859
				8,832,865
BERMUDA — 0.2%
Global Sources, Ltd. (a)(b)		8,562		50,174
Golden Ocean Group, Ltd. (a)		279,644		178,527
Ship Finance International, Ltd. (a)		33,780		499,944
SmarTone Telecommunications Holdings, Ltd.		226,749		432,847
Trinity, Ltd. (a)		610,000		125,099
				1,286,591
CANADA — 8.8%
5N Plus, Inc. (a)(b)		25,712		43,648
Advantage Oil & Gas, Ltd. (b)		131,301		707,045
Aecon Group, Inc.		11,250		99,664
Africa Oil Corp. (a)(b)		149,682		217,461
AG Growth International, Inc. (a)		712		28,930
AGF Management, Ltd. (Class B)		11,240		74,016
AGT Food & Ingredients, Inc.		10,650		227,884
Alacer Gold Corp. (b)		113,767		246,128
Alamos Gold, Inc.		54,153		317,264
Alaris Royalty Corp. (a)		13,422		349,936
Alexco Resource Corp. (b)		16,480		5,856
Algonquin Power & Utilities Corp. (a)		81,271		600,629
Altius Minerals Corp. (a)		3,271		32,697
Altus Group, Ltd. (a)		9,317		143,893
Argonaut Gold, Inc. (a)(b)		66,305		92,141
Artek Exploration, Ltd. (a)(b)		16,764		33,753
Artis REIT		16,779		198,460
Asanko Gold, Inc. (a)(b)		53,647		76,245
Atlantic Power Corp. (a)		60,124		169,002
Atrium Mortgage Investment Corp.		34,344		338,966
ATS Automation Tooling Systems, Inc. (b)		33,071		354,603
AuRico Gold, Inc. (a)		169,560		468,583
AutoCanada, Inc. (a)		8,854		221,402
Avigilon Corp. (a)(b)		15,127		251,659
B2Gold Corp. (b)		383,388		572,131
Badger Daylighting, Ltd. (a)		14,903		318,182
Ballard Power Systems, Inc. (a)(b)		70,325		146,591
Bankers Petroleum, Ltd. (b)		150,018		321,002
Banro Corp. (b)		114,266		22,555
Bellatrix Exploration, Ltd. (a)(b)		94,649		230,177
Birchcliff Energy, Ltd. (b)		62,246		333,224
Bird Construction, Inc. (a)		18,958		141,156
Black Diamond Group, Ltd. (a)		12,025		118,778
BlackPearl Resources, Inc. (a)(b)		165,822		119,146
BNK Petroleum, Inc. (a)(b)		59,995		26,528
Bonterra Energy Corp. (a)		9,639		258,080
Boyd Group Income Fund		1,516		63,441
Calfrac Well Services, Ltd. (a)		40,573		267,176
Callidus Capital Corp. (a)(b)		18,349		229,779
Canaccord Genuity Group, Inc.		47,443		244,239
Canacol Energy, Ltd. (a)(b)		40,056		90,138
Canadian Solar, Inc. (a)(b)		16,852		562,688
Canam Group, Inc.		3,703		36,255
CanElson Drilling, Inc.		25,846		79,181
Canexus Corp. (a)		89,597		108,238
CanWel Building Materials Group, Ltd.		3,972		19,162
Canyon Services Group, Inc.		25,371		132,214
Capstone Infrastructure Corp.		21,926		61,459
Capstone Mining Corp. (b)		204,498		195,375
Cardinal Energy, Ltd. (a)		13,516		155,383
Cathedral Energy Services, Ltd.		10,191		17,702
Celestica, Inc. (b)		107,831		1,197,082
Centerra Gold, Inc.		74,017		361,173
Cequence Energy, Ltd. (a)(b)		59,629		43,786
Chartwell Retirement Residences		12,485		121,843
China Gold International Resources Corp., Ltd. (a)(b)		123,402		144,204
Chinook Energy, Inc. (b)		120,767		116,333
Chorus Aviation, Inc.		79,342		372,121
Colabor Group, Inc.		10,413		8,797
Colossus Minerals, Inc. (a)(b)(c)		390		6
Computer Modelling Group, Ltd.		40,823		410,003
Concordia Healthcare Corp.		6,957		467,682
Continental Gold, Ltd. (a)(b)		56,195		85,635
Copper Mountain Mining Corp. (a)(b)		68,555		62,790
Corus Entertainment, Inc. (Class B) (a)		86,427		1,312,953
Cott Corp.		74,370		695,255
Crew Energy, Inc. (b)		68,178		256,239
DeeThree Exploration, Ltd. (b)		29,140		146,563
Delphi Energy Corp. (b)		65,585		75,605
Denison Mines Corp. (a)(b)		273,531		218,134
Descartes Systems Group, Inc. (b)		41,134		620,664
Detour Gold Corp. (b)		68,525		581,637
DHX Media, Ltd.		31,872		229,257
DirectCash Payments, Inc. (a)		2,219		29,084
DIRTT Environmental Solutions (b)		27,875		145,923
Dominion Diamond Corp. (b)		45,240		772,991
Dorel Industries, Inc. (Class B)		14,585		405,017
Dream Unlimited Corp. (Class A) (b)		81,346		592,191
Dundee Corp. (Class A) (a)(b)		61,484		569,449
Dundee Precious Metals, Inc. (b)		57,762		124,053
Eagle Energy Trust		10,626		20,640
Enbridge Income Fund Holdings, Inc. (a)		17,878		526,529
Endeavour Mining Corp. (b)		225,447		105,025
Endeavour Silver Corp. (a)(b)		60,564		114,290
EnerCare, Inc. (a)		27,015		325,289

See accompanying notes to financial statements.

210

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Enerflex, Ltd.		41,001	$	497,257
Enghouse Systems, Ltd.		11,307		448,173
Entertainment One, Ltd.		97,758		438,994
Epsilon Energy, Ltd. (a)(b)		16,961		52,899
Equitable Group, Inc.		6,475		288,908
Essential Energy Services Trust		38,514		31,322
Exchange Income Corp. (a)		12,573		211,949
Extendicare, Inc. (a)		45,055		267,164
Firm Capital Mortgage Investment Corp. (a)		30,567		294,447
First Majestic Silver Corp. (a)(b)		50,882		274,397
FirstService Corp. (a)		40,540		2,623,817
Fortuna Silver Mines, Inc. (b)		75,350		284,385
Freehold Royalties, Ltd. (a)		23,917		338,785
Gabriel Resources, Ltd. (a)(b)		103,492		31,052
Gasfrac Energy Services, Inc. (b)(e)		21,904		0
Gear Energy, Ltd. (b)		30,719		45,357
Gluskin Sheff + Associates, Inc.		12,633		266,924
GMP Capital, Inc.		100,650		457,753
Golden Star Resources, Ltd. (a)(b)		60,085		14,707
Gran Tierra Energy, Inc. (b)		150,133		410,154
Granite Real Estate Investment Trust		24,300		853,426
Great Basin Gold, Ltd. (b)(e)		266,255		0
Great Canadian Gaming Corp. (b)		28,666		521,941
Great Panther Silver, Ltd. (a)(b)		36,684		20,855
Guardian Capital Group, Ltd. (Class A)		142,477		2,008,065
Guyana Goldfields, Inc. (b)		77,862		181,360
Heroux-Devtek, Inc. (b)		4,759		37,576
High Liner Foods, Inc.		5,534		106,704
HNZ Group, Inc.		11,097		175,239
Horizon North Logistics, Inc. (a)		73,227		134,139
IAMGOLD Corp. (b)		166,478		310,216
Imax Corp. (b)(c)		25,358		854,818
Imperial Metals Corp. (b)		21,664		210,739
Innergex Renewable Energy, Inc.		56,691		501,334
Interfor Corp. (b)		27,447		415,010
InterRent Real Estate Investment Trust		8,015		41,135
Intertape Polymer Group, Inc.		18,300		253,296
Ithaca Energy, Inc. (b)		157,499		79,589
Ivanhoe Mines, Ltd. (Class A) (a)(b)		169,629		123,220
Just Energy Group, Inc. (a)		78,188		365,474
Kelso Technologies, Inc. (a)		19,854		91,236
Kelt Exploration, Ltd. (a)(b)		52,465		313,589
Kirkland Lake Gold, Inc. (a)(b)		41,787		179,488
Knight Therapeutics, Inc. (b)		22,186		143,294
KP Tissue, Inc.		6,443		82,668
Labrador Iron Ore Royalty Corp. (a)		25,073		267,459
Lake Shore Gold Corp. (a)(b)		244,807		199,093
Laurentian Bank of Canada		3,372		125,801
Legacy Oil + Gas, Inc. (a)(b)		74,909		91,086
Leucrotta Exploration, Inc. (b)		12,945		10,119
Lightstream Resources, Ltd. (a)		70,029		49,211
Liquor Stores NA, Ltd. (a)		16,011		184,066
Long Run Exploration, Ltd. (a)		49,274		26,845
Lucara Diamond Corp.		111,512		156,724
Lydian International, Ltd. (a)(b)		47,154		18,244
MAG Silver Corp. (b)		51,421		318,311
Major Drilling Group International, Inc.		98,843		536,164
Mart Resources, Inc.		209,916		82,872
Martinrea International, Inc.		67,029		665,791
MCAN Mortgage Corp. (a)		25,118		269,723
Medical Facilities Corp. (a)		16,170		218,324
Mitel Networks Corp. (a)(b)		38,179		388,280
Mood Media Corp. (a)(b)		53,298		26,512
Morguard Corp.		1,746		210,375
Morneau Shepell, Inc. (a)		19,090		261,517
MTY Food Group, Inc. (a)		9,545		260,914
Nevsun Resources, Ltd. (a)		107,134		361,202
Newalta Corp.		20,901		231,041
NGEx Resources, Inc. (b)		31,897		25,185
Niko Resources, Ltd. (a)(b)		29,835		11,779
Norbord, Inc. (a)		5,431		114,323
North American Palladium, Ltd. (a)(b)		97,003		20,297
North West Co., Inc. (a)		28,373		560,739
Northern Dynasty Minerals, Ltd. (a)(b)		52,833		20,649
Novagold Resources, Inc. (a)(b)		114,752		337,959
NuVista Energy, Ltd. (b)		101,219		608,992
Nymox Pharmaceutical Corp. (a)(b)		4,560		3,876
OceanaGold Corp.		158,015		300,684
Oncolytics Biotech, Inc. (a)(b)		22,001		16,329
Orbite Aluminae, Inc. (b)		72,366		15,427
Painted Pony Petroleum, Ltd. (b)		48,539		226,886
Parex Resources, Inc. (b)		58,981		375,821
Parkland Fuel Corp. (a)		44,844		880,592
Performance Sports Group, Ltd. (a)(b)		23,389		456,086
Perpetual Energy, Inc. (a)(b)		47,816		40,775
PHX Energy Services Corp. (a)		9,761		54,181
Pizza Pizza Royalty Corp.		22,031		248,229
Platinum Group Metals, Ltd. (b)		95,687		52,131
Poseidon Concepts Corp. (b)(c)		43,064		0
Premier Gold Mines, Ltd. (a)(b)		94,583		182,968
Premium Brands Holdings Corp. (a)		5,419		124,639
Pretium Resources, Inc. (a)(b)		41,725		210,190
Primero Mining Corp. (b)		55,171		186,009
Prometic Life Sciences, Inc. (a)(b)		244,539		467,260
Pulse Seismic, Inc. (a)		19,857		45,154
Pure Technologies, Ltd.		32,794		209,996
Raging River Exploration, Inc. (a)(b)		83,873		590,058
Redknee Solutions, Inc. (a)(b)		31,798		112,479
Regal Lifestyle Communities, Inc.		8,593		61,606
Reitmans Canada, Ltd. (Class A)		26,694		135,103
Retrocom Real Estate Investment Trust		9,277		28,933
Richelieu Hardware, Ltd.		8,364		416,120
Rio Alto Mining, Ltd. (b)		159,613		393,204
RMP Energy, Inc. (b)		54,004		121,951
Rogers Sugar, Inc. (a)		9,461		33,765
Romarco Minerals, Inc. (b)		300,921		102,168
RONA, Inc.		56,301		720,155
Rubicon Minerals Corp. (a)(b)		186,756		169,577
Sabina Gold & Silver Corp. (a)(b)		81,668		22,247
Sandstorm Gold, Ltd. (a)(b)		38,161		123,537
Sandvine Corp. (b)		36,664		105,954
Savanna Energy Services Corp. (a)		109,081		146,417

See accompanying notes to financial statements.

211

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Seabridge Gold, Inc. (a)(b)		23,441	$	128,819
Sears Canada, Inc. (a)(b)		5,016		46,417
SEMAFO, Inc. (b)		137,156		413,688
Sherritt International Corp.		157,530		259,959
Sierra Wireless, Inc. (a)(b)		16,669		552,387
Silver Standard Resources, Inc. (a)(b)		45,715		206,466
Silvercorp Metals, Inc. (a)		102,371		118,820
SilverCrest Mines, Inc. (b)		25,763		28,275
Sirius XM Canada Holdings, Inc.		41,970		182,262
Solium Capital, Inc. (a)(b)		31,324		175,850
Southern Pacific Resource Corp. (b)(e)		281,142		0
Spartan Energy Corp. (b)		123,280		278,390
Spyglass Resources Corp. (a)		40,823		9,509
Stella-Jones, Inc.		12,815		402,309
Strad Energy Services, Ltd.		24,065		53,203
Stuart Olson, Inc.		5,358		22,803
Sulliden Mining Capital, Inc. (b)		7,076		1,397
Sunshine Oilsands, Ltd. (a)(b)		1,721,000		69,923
Superior Plus Corp. (a)		58,840		659,250
Surge Energy, Inc. (a)		110,162		253,986
TAG Oil, Ltd. (a)(b)		31,257		32,824
Tanzanian Royalty Exploration Corp. (a)(b)		8,195		2,750
Taseko Mines, Ltd. (b)		26,073		16,469
Tekmira Pharmaceuticals Corp. (b)(c)		11,948		208,612
Tembec, Inc. (b)		20,995		48,405
Teranga Gold Corp. (b)		82,005		41,440
Thompson Creek Metals Co., Inc. (a)(b)		94,241		124,266
Timmins Gold Corp. (a)(b)		46,869		32,196
TORC Oil & Gas, Ltd. (a)		32,469		250,471
Torex Gold Resources, Inc. (b)		379,702		314,794
Toromont Industries, Ltd.		18,082		467,434
Torstar Corp. (Class B) (a)		20,183		102,628
Total Energy Services, Inc.		11,008		122,205
Tourmaline Oil Corp. (b)		919		27,813
Transcontinental, Inc. (Class A)		40,110		554,224
TransGlobe Energy Corp.		51,043		181,764
Trevali Mining Corp. (b)		51,566		42,751
Tricon Capital Group, Inc. (a)		36,928		326,564
Trinidad Drilling, Ltd. (a)		73,525		236,279
Twin Butte Energy, Ltd. (a)		90,548		51,476
Uex Corp. (b)		79,219		16,576
Uni-Select, Inc.		65,612		2,262,876
Vicwest, Inc.		4,023		39,928
Wajax Corp. (a)		5,437		103,846
Western Energy Services Corp. (a)		17,525		85,930
Western Forest Products, Inc.		184,290		286,657
Westport Innovations, Inc. (a)(b)		23,663		93,045
Whistler Blackcomb Holdings, Inc.		19,333		275,837
Wi-LAN, Inc. (a)		87,032		214,402
Winpak, Ltd.		11,428		359,127
Yellow Pages, Ltd. (b)		11,813		143,267
Zargon Oil & Gas, Ltd. (a)		11,487		26,121
				61,707,737
CHINA — 1.0%
Allied Properties HK, Ltd.		4,624,391		906,621
China Everbright Water, Ltd. (a)(b)		157,800		108,713
China Sandi Holdings, Ltd. (b)		103		5
Chow Sang Sang Holdings International, Ltd.		249,939		541,590
Daphne International Holdings, Ltd.		566,000		189,809
G-Resources Group, Ltd. (b)		13,262,400		388,307
Greenland Hong Kong Holdings, Ltd. (a)		191,000		113,323
HKR International, Ltd.		2,654,059		1,345,335
K Wah International Holdings, Ltd. (a)		1,519,247		750,507
Midland Holdings, Ltd. (a)(b)		777,790		342,093
Nam Tai Property, Inc.		5,568		22,105
Road King Infrastructure, Ltd.		1,183,482		1,083,796
Shun Tak Holdings, Ltd.		1,276,749		617,539
Texwinca Holdings, Ltd.		758,850		693,952
				7,103,695
DENMARK — 1.0%
ALK-Abello A/S		2,284		244,949
Amagerbanken A/S (b)(c)		308,573		0
Ambu A/S (Class B) (a)		18,267		422,799
Auriga Industries A/S (Class B) (b)		7,234		324,989
Bang & Olufsen A/S (a)(b)		33,532		308,518
Bavarian Nordic A/S (b)		16,572		850,518
D/S Norden A/S (a)		14,965		319,480
East Asiatic Co., Ltd. A/S (a)		36,388		405,415
IC Group A/S		25,988		603,373
Matas A/S		13,699		312,147
NKT Holding A/S		11,362		726,704
OW Bunker A/S (b)(e)		9,828		0
Rockwool International A/S (Class B)		2,042		238,370
Schouw & Co.		3,133		149,984
SimCorp A/S (a)		54,312		1,780,209
Solar A/S (Class B)		1,443		66,072
Spar Nord Bank A/S		32,524		313,270
Vestas Wind Systems A/S		770		31,869
				7,098,666
FINLAND — 0.9%
Caverion Corp.		32,120		325,650
Cramo Oyj		15,446		275,709
Fiskars Oyj Abp (a)		23,006		438,328
Konecranes Oyj (a)		19,095		602,936
Lassila & Tikanoja Oyj		71,937		1,335,058
Outotec Oyj (a)		56,622		346,629
PKC Group Oyj		3,209		71,273
Poyry Oyj (a)(b)		87,771		277,708
Raisio Oyj (Class V)		34,416		148,960
Ramirent Oyj (a)		17,645		125,264
Sanoma Oyj		14,933		82,275
Sponda Oyj		50,218		215,197
Stockmann Oyj Abp (Class B) (b)		3,282		25,908
Talvivaara Mining Co. PLC (a)(b)(e)		572,382		0
Tieto Oyj		28,859		678,781
Tikkurila Oyj		9,754		186,364
Uponor Oyj		14,907		252,159
Valmet Oyj (a)		50,783		608,677
YIT Oyj (a)		34,897		191,707
				6,188,583

See accompanying notes to financial statements.

212

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
FRANCE — 2.0%
AB Science SA (a)(b)		4,470	$	73,356
Albioma SA		4,937		94,329
Altarea		224		42,582
Alten SA		14,529		666,531
Altran Technologies SA		54,000		540,117
ANF Immobilier		1,899		50,172
Assystem		2,288		48,360
Belvedere SA (b)		13,988		220,689
Beneteau SA		12,719		179,563
Boiron SA		2,962		317,769
Cellectis SA (b)		14,333		500,601
CGG SA (a)(b)		84,349		475,602
DBV Technologies SA (a)(b)		6,652		304,202
Etablissements Maurel et Prom (b)		42,054		307,083
Faiveley Transport SA		2,273		133,851
Flamel Technologies SA ADR (b)		20,626		370,855
Fonciere De Paris SIIC		2,161		264,584
GameLoft SE (a)(b)		43,465		224,071
Genfit (b)		8,887		328,097
GL Events		27,995		570,364
Groupe Fnac (b)		4,229		262,615
Haulotte Group SA		3,071		50,892
Hi-Media SA (b)		12,295		29,051
Innate Pharma SA (a)(b)		25,809		223,137
Interparfums SA (a)		1,658		54,471
IPSOS		14,500		405,054
Jacquet Metal Service		34,817		728,050
LISI		4,147		112,683
Maisons France Confort SA		726		25,474
Mersen		31,360		815,745
Montupet		2,809		200,621
MPI		29,084		104,641
Naturex (a)		3,440		187,536
Nexans SA (a)(b)		12,086		407,324
NicOx SA (b)		13,856		27,947
Norbert Dentressangle SA		1,540		260,664
Pierre & Vacances SA (b)		1,038		31,081
Rubis SCA (a)		5,260		333,926
Saft Groupe SA		19,963		734,114
Sequana SA (b)		25,696		85,000
Societe d’Edition de Canal +		56,589		378,638
SOITEC (a)(b)		124,012		118,538
Solocal Group (b)		369,661		245,356
Sopra Steria Group		11,903		885,024
Stallergenes SA		416		22,786
Tarkett SA		6,810		153,556
Trigano SA		3,168		107,177
UbiSoft Entertainment (b)		63,378		1,171,109
Valneva SE (a)(b)		12,558		52,466
Virbac SA		1,838		434,480
				14,361,934
GERMANY — 2.8%
Aixtron SE (a)(b)		47,056		355,233
Alstria Office REIT-AG (a)(b)		47,281		664,961
Amadeus Fire AG		3,112		246,327
Aurelius AG		9,929		415,886
BayWa AG		2,278		89,226
Bechtle AG		5,815		415,688
Bertrandt AG		819		119,275
Biotest AG Preference Shares (a)		3,517		391,324
Borussia Dortmund GmbH & Co. KGaA (a)		39,148		148,377
CANCOM SE (a)		8,689		350,276
Cewe Stiftung & Co. KGAA		3,143		199,666
CompuGroup Medical AG		8,305		240,204
Deutz AG		35,216		148,262
DIC Asset AG		75,669		757,178
Draegerwerk AG & Co. KGaA		2,248		200,101
Draegerwerk AG & Co. KGaA Preference Shares		1,478		184,214
Elmos Semiconductor AG		10,006		194,188
Evotec AG (a)(b)		49,095		198,257
GFK SE		4,354		160,604
Grammer AG		7,386		273,396
Grenkeleasing AG		3,118		359,989
Hamborner REIT AG		9,051		99,589
Hamburger Hafen und Logistik AG (a)		6,903		144,903
Heidelberger Druckmaschinen AG (a)(b)		114,168		305,315
Hornbach Holding AG Preference Shares		2,530		199,118
Indus Holding AG		49,185		2,450,008
Isra Vision AG		515		35,311
Jenoptik AG		83,931		1,135,337
Kloeckner & Co. SE (b)		56,788		544,704
Kontron AG (b)		66,454		424,661
LPKF Laser & Electronics AG		12,865		144,042
MLP AG		64,945		270,773
Nemetschek AG		2,631		340,779
Nordex SE (b)		25,411		516,899
Norma Group SE		12,350		621,612
Patrizia Immobilien AG (b)		103,639		1,857,735
Pfeiffer Vacuum Technology AG		2,131		181,150
QSC AG (a)		20,000		41,950
RIB Software AG (a)		16,432		230,835
Sartorius AG Preference Shares		2,606		331,943
Schaltbau Holding AG		2,436		123,945
Singulus Technologies AG (a)(b)		10,015		15,069
Sixt SE		10,704		476,973
SLM Solutions Group AG (b)		2,289		44,374
SMA Solar Technology AG (a)(b)		3,526		45,292
STRATEC Biomedical AG		2,943		144,147
Stroeer Media SE		5,181		177,421
Suss Microtec AG (b)		4,146		25,479
TAG Immobilien AG (a)		52,525		724,892
Takkt AG		16,198		296,526
Vossloh AG (a)		3,413		209,230
Wacker Neuson SE		9,590		239,622
Wincor Nixdorf AG		13,452		631,931
XING AG		1,647		283,905
zooplus AG (b)		2,623		239,735
				19,667,837
GIBRALTAR — 0.1%
888 Holdings PLC		77,557		175,003
Bwin.Party Digital Entertainment PLC		345,646		411,772
				586,775

See accompanying notes to financial statements.

213

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
GREECE — 0.0% (d)
Eurobank Ergasias SA (b)		237	$	27
Fourlis Holdings SA (b)		7,209		20,904
GEK Terna Holding Real Estate Construction SA (b)		6,535		12,142
Terna Energy SA (b)		7,160		16,841
TT Hellenic Postbank SA (b)(c)		129,076		0
				49,914
HONG KONG — 2.9%
APT Satellite Holdings, Ltd.		91,000		103,171
Beijing Properties Holdings, Ltd. (a)(b)		1,282,000		110,787
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		127,924
Bloomage Biotechnology Corp., Ltd.		62,500		121,726
Century Sunshine Group Holdings, Ltd.		524,571		43,979
China Cord Blood Corp. (a)(b)		20,064		102,527
China Household Holdings, Ltd. (b)		740,000		60,131
China Innovationpay Group, Ltd. (a)(b)		2,424,000		196,970
China LNG Group, Ltd. (a)		1,615,000		279,129
China LotSynergy Holdings, Ltd.		4,640,000		389,008
China Merchants Land, Ltd. (a)		212,000		32,266
China Ocean Resources Co., Ltd. (a)(b)		27,289		91,992
China Regenerative Medicine International, Ltd. (b)		2,590,000		125,273
China Resources and Transportation Group, Ltd. (a)(b)		5,100,000		94,724
China Ruifeng Renewable Energy, Ltd. (b)		356,000		43,162
China Smarter Energy Group Holdings, Ltd. (b)		1,392,000		222,632
China Traditional Chinese Medicine Co., Ltd. (b)		668,000		450,615
China Water Industry Group, Ltd. (a)(b)		512,000		121,511
Chong Hing Bank, Ltd.		57,000		135,129
CK Life Sciences International Holdings, Inc.		2,646,000		252,551
Culturecom Holdings, Ltd. (a)(b)		375,000		45,466
Dah Sing Financial Holdings, Ltd.		99,200		587,289
Emperor Entertainment Hotel, Ltd.		100,000		21,411
Emperor Watch & Jewellery, Ltd. (a)		2,670,000		87,817
Enerchina Holdings, Ltd. (b)		3,363,000		101,935
EverChina International Holdings Co., Ltd. (b)		1,080,000		38,308
Extrawell Pharmaceutical Holdings, Ltd. (b)		1,440,000		59,435
Fairwood Holdings, Ltd.		152,500		397,328
FDG Electric Vehicles, Ltd. (a)(b)		3,620,000		219,449
Giordano International, Ltd. (a)		1,364,000		666,778
Global Brands Group Holding, Ltd. (b)		2,686,000		526,595
Goldin Properties Holdings, Ltd. (b)		654,000		1,160,710
Haier Healthwise Holdings, Ltd. (a)(b)		2,824,000		324,177
HC International, Inc. (a)(b)		168,000		177,685
Heng Tai Consumables Group, Ltd. (b)		3,375,000		37,872
Heritage International Holdings, Ltd. (a)(b)		7,470,000		568,460
HKC Holdings, Ltd. (b)		1,373,000		45,158
Honbridge Holdings, Ltd. (b)		626,000		120,306
Hong Kong Television Network, Ltd. (b)		128,000		50,685
Hopewell Highway Infrastructure, Ltd. (a)		576,000		274,142
Imagi International Holdings, Ltd. (b)		5,712,000		143,665
Inspur International, Ltd.		324,000		73,133
International Housewares Retail Co., Ltd.		65,000		14,588
Kingston Financial Group, Ltd. (a)		1,402,000		159,132
Kingwell Group, Ltd. (a)(b)		560,000		35,754
Kong Sun Holdings, Ltd. (b)		4,175,000		974,681
KuangChi Science, Ltd. (a)(b)		652,000		265,743
L’sea Resources International Holdings, Ltd. (b)		1,000,000		34,825
Landing International Development, Ltd. (b)		3,515,000		65,285
Le Saunda Holdings, Ltd.		100,000		36,889
Lee’s Pharmaceutical Holdings, Ltd. (a)		216,000		312,032
Loudong General Nice Resources China Holdings, Ltd. (b)		1,143,000		86,981
Louis XIII Holdings, Ltd. (b)		88,000		33,030
Luk Fook Holdings International, Ltd.		190,000		529,340
Man Wah Holdings, Ltd.		297,200		285,583
Mei Ah Entertainment Group, Ltd. (b)		1,840,000		154,262
Mongolia Energy Corp., Ltd. (b)		390,180		17,111
Pacific Basin Shipping, Ltd. (a)		1,558,000		514,440
Pacific Textiles Holdings, Ltd.		220,000		304,757
PAX Global Technology, Ltd. (b)		381,000		398,541
Peace Mark (Holdings), Ltd. (b)(c)		504,228		0
PetroAsian Energy Holdings, Ltd. (b)		2,284,000		76,594
Phoenix Satellite Television Holdings, Ltd.		1,028,000		326,179
Pico Far East Holdings, Ltd. (a)		202,000		46,637
Playmates Toys, Ltd.		272,000		66,307
Prosperity REIT		581,000		211,326
Redefine International PLC		206,783		180,345
Seamless Green China Holdings, Ltd. (b)		200,000		6,320
Simsen International Corp., Ltd.		344,000		151,744
Sino Oil And Gas Holdings, Ltd. (b)		6,780,000		155,660
Sinolink Worldwide Holdings, Ltd. (b)		690,000		54,288
Sparkle Roll Group, Ltd. (b)		400,000		17,284
Spring Real Estate Investment Trust (a)		253,000		119,761
Summit Ascent Holdings, Ltd. (a)(b)		564,000		301,167
Sun Hung Kai & Co., Ltd.		337,000		300,355
SUNeVision Holdings, Ltd.		141,000		46,012
Sunlight Real Estate Investment Trust		162,000		78,983
Superb Summit International Group, Ltd. (a)(b)(c)		2,505,000		471,724
TCC International Holdings, Ltd.		176,000		64,016
Texhong Textile Group, Ltd. (a)		220,500		245,725
Tongda Group Holdings, Ltd. (a)		1,060,000		161,330

See accompanying notes to financial statements.

214

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Town Health International Medical Group, Ltd. (a)		1,880,000	$	569,840
Truly International Holdings, Ltd. (a)		758,000		352,942
TSC Group Holdings, Ltd. (b)		204,000		45,257
United Photovoltaics Group, Ltd. (a)(b)		2,164,000		240,040
Value Partners Group, Ltd.		479,000		451,627
Varitronix International, Ltd.		106,000		72,052
Vitasoy International Holdings, Ltd.		576,000		900,435
Viva China Holdings, Ltd. (b)		1,808,000		184,227
VST Holdings, Ltd.		122,000		43,745
Yanchang Petroleum International, Ltd. (b)		4,380,000		163,832
Yuexiu Real Estate Investment Trust		1,098,000		625,968
Zhongyu Gas Holdings, Ltd. (a)(b)		774,000		229,613
				20,017,320
IRELAND — 0.8%
Aer Lingus Group PLC		101,644		254,356
C&C Group PLC		151,922		622,471
Dalata Hotel Group PLC (b)		79,274		310,762
FBD Holdings PLC		2,759		29,706
FleetMatics Group PLC (a)(b)		15,609		700,064
Fly Leasing, Ltd. ADR		18,080		263,245
Fyffes PLC		150,415		191,432
Green REIT PLC		312,285		548,705
Greencore Group PLC		173,325		829,539
Hibernia REIT PLC		222,346		279,395
IFG Group PLC		15,068		30,586
Irish Continental Group PLC		45,837		204,300
Kenmare Resources PLC (b)		1,241,751		67,283
Origin Enterprises PLC		13,567		118,753
Total Produce PLC		136,295		163,946
Trinity Biotech PLC ADR (a)		12,382		238,353
UDG Healthcare PLC		114,225		801,205
				5,654,101
ISRAEL — 1.4%
Africa Israel Properties, Ltd.		2,523		35,053
Africa-Israel Investments, Ltd. (b)		33,432		29,534
Airport City, Ltd. (b)		18,955		199,145
Allot Communications, Ltd. (b)		10,580		92,878
Alony Hetz Properties & Investments, Ltd.		33,766		260,588
Babylon, Ltd.		13,236		6,730
Caesarstone Sdot-Yam, Ltd. (a)		12,048		731,434
Cellcom Israel, Ltd. (b)		32,625		157,764
ClickSoftware Technologies, Ltd. (a)(b)		33,272		292,461
Compugen, Ltd. (b)		29,703		216,011
Delta-Galil Industries, Ltd.		5,629		167,311
Discount Investment Corp., Ltd.		7,878		14,767
Electra, Ltd.		315		36,952
Evogene, Ltd. (b)		20,721		182,684
EZchip Semiconductor, Ltd. (b)		17,261		331,226
Frutarom Industries, Ltd.		18,186		680,483
Harel Insurance Investments & Financial Services, Ltd.		41,848		195,207
IDI Insurance Co., Ltd.		6,806		253,297
Israel Discount Bank, Ltd. (Class A) (b)		443,602		750,733
Ituran Location and Control, Ltd.		12,963		286,140
Jerusalem Oil Exploration (b)		5,589		186,782
Matrix IT, Ltd.		11,687		58,807
Migdal Insurance & Financial Holding, Ltd.		248,163		307,154
Nitsba Holdings 1995, Ltd. (b)		13,367		214,621
Nova Measuring Instruments, Ltd. (b)		26,144		302,549
Oil Refineries, Ltd. (b)		517,968		182,351
Orbotech, Ltd. (b)		25,460		408,124
Partner Communications Co., Ltd. (b)		54,982		152,778
Paz Oil Co., Ltd.		3,194		467,048
RADWARE, Ltd. (a)(b)		27,171		568,146
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		4,683		188,182
REIT 1, Ltd.		118,489		363,509
Sarine Technologies, Ltd.		112,000		222,906
Shikun & Binui, Ltd.		75,838		168,069
Shufersal, Ltd. (b)		59,785		134,117
SodaStream International, Ltd. (a)(b)		11,424		231,450
Strauss Group, Ltd. (b)		18,978		296,741
Tower Semiconductor, Ltd. (b)		22,962		392,237
				9,765,969
ITALY — 1.7%
Amplifon SpA (a)		189,528		1,289,508
Anima Holding SpA (b)(f)		97,071		719,354
Astaldi SpA (a)		114,569		969,611
Banca Carige SpA (b)		2,950,988		226,609
Banca Popolare dell’Etruria e del Lazio SC (a)(b)(c)		46,016		28,813
Banca Popolare di Sondrio Scarl		183,318		837,148
Beni Stabili SpA (a)		136,311		106,871
Brunello Cucinelli SpA (a)		4,294		75,494
Cairo Communication SpA		4,071		24,135
CIR-Compagnie Industriali Riunite SpA (b)		49,252		57,393
Credito Emiliano SpA		3,497		30,497
Credito Valtellinese SC (b)		400,264		539,074
EI Towers SpA (b)		17,561		935,104
Esprinet SpA		43,800		395,146
Gruppo Editoriale L’Espresso SpA (a)(b)		26,858		35,913
Immobiliare Grande Distribuzione SpA		32,714		32,675
IMMSI SpA (b)		456,993		318,045
Industria Macchine Automatiche SpA		1,484		69,968
Interpump Group SpA		101,917		1,656,112
Iren SpA		187,098		256,404
Italmobiliare SpA Preference Shares		13,721		291,043
Maire Tecnimont SpA (a)(b)		16,740		46,637
MARR SpA		5,016		85,926
Piaggio & C. SpA (a)(b)		17,865		54,529
RCS MediaGroup SpA (a)(b)		85,254		103,924
Reply SpA		473		46,279
Safilo Group SpA (a)(b)		6,656		104,655
Salini Impregilo SpA (b)		22,741		97,988
Saras SpA (b)		290,240		504,047
Societa Cattolica di Assicurazioni SCRL		14,262		124,301

See accompanying notes to financial statements.

215

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Sorin SpA (a)(b)		383,461	$	1,173,735
Yoox SpA (a)(b)		27,854		770,316
				12,007,254
JAPAN — 33.9%
3-D Matrix, Ltd. (a)(b)		8,300		70,525
Access Co., Ltd. (a)(b)		6,600		48,375
Accordia Golf Co., Ltd.		38,500		370,152
Achilles Corp.		31,000		38,774
Adastria Holdings Co., Ltd. (a)		25,710		711,755
ADEKA Corp.		41,800		541,649
Aderans Co., Ltd.		18,100		187,301
Advanced Media, Inc. (b)		3,900		26,309
Adways, Inc. (a)		8,100		65,989
AEON REIT Investment Corp. (a)		375		538,462
Ahresty Corp.		8,100		51,940
Ai Holdings Corp.		20,600		376,872
Aica Kogyo Co., Ltd.		25,900		604,711
Aichi Steel Corp.		32,000		152,362
Ain Pharmaciez, Inc.		15,400		610,607
Alpine Electronics, Inc.		21,700		362,436
Amano Corp.		30,600		366,664
Amiyaki Tei Co., Ltd.		1,700		55,781
AnGes MG, Inc. (a)(b)		48,400		101,300
Anritsu Corp. (a)		64,300		449,845
AOKI Holdings, Inc.		9,800		138,757
Aoyama Trading Co., Ltd.		31,400		1,025,066
Arcs Co., Ltd.		25,200		605,388
Arisawa Manufacturing Co., Ltd.		13,100		112,512
Artnature, Inc.		15,100		138,629
As One Corp.		3,800		115,180
Asahi Diamond Industrial Co., Ltd.		29,400		337,086
Asahi Holdings, Inc.		49,573		850,295
Asahi Intecc Co., Ltd.		11,400		798,499
Asatsu-DK, Inc.		3,400		92,850
ASKA Pharmaceutical Co., Ltd.		12,800		128,080
ASKUL Corp. (a)		6,600		155,582
Asukanet Co., Ltd. (a)		5,200		130,515
Ateam, Inc. (a)		3,200		151,295
Autobacs Seven Co., Ltd.		42,900		678,602
Avex Group Holdings, Inc.		19,700		314,904
Awa Bank, Ltd.		132,000		749,568
Azbil Corp.		24,600		668,718
Bank of Iwate, Ltd.		1,800		78,049
Bank of Nagoya, Ltd. (a)		194,600		647,450
Bank of Okinawa, Ltd.		45,800		1,924,803
Bank of the Ryukyus, Ltd.		88,620		1,274,709
Best Denki Co., Ltd.		249,269		299,310
Bic Camera, Inc. (a)		62,500		651,449
Broadleaf Co., Ltd.		14,600		285,852
Broccoli Co., Ltd. (a)		18,000		94,409
Bunka Shutter Co., Ltd.		41,000		339,829
C. Uyemura & Co., Ltd.		1,400		69,577
Calsonic Kansei Corp.		56,000		372,166
Capcom Co., Ltd.		24,400		486,067
Central Glass Co., Ltd.		320,345		1,514,577
Chiome Bioscience, Inc. (a)(b)		6,600		53,273
Chiyoda Co., Ltd.		19,300		435,648
Chiyoda Integre Co., Ltd.		5,600		135,792
Chudenko Corp.		4,600		89,833
Chugoku Marine Paints, Ltd.		33,000		299,112
CKD Corp.		4,000		37,557
Clarion Co., Ltd. (a)		59,000		162,843
Coca-Cola West Co., Ltd.		16,900		279,870
Cocokara fine, Inc.		14,100		396,811
Colowide Co., Ltd. (a)		29,000		396,823
Comforia Residential REIT, Inc.		72		157,118
COOKPAD, Inc. (a)		6,200		284,344
Cosmo Oil Co., Ltd. (a)(b)		343,000		463,340
CROOZ, Inc. (a)		2,300		53,067
CYBERDYNE, Inc. (a)(b)		9,400		245,729
D.Western Therapeutics Institute, Inc. (b)		9,300		60,410
Daibiru Corp.		5,600		57,903
Daido Metal Co., Ltd.		27,300		284,780
Daido Steel Co., Ltd.		153,000		686,379
Daifuku Co., Ltd.		47,000		622,356
Daihen Corp.		48,000		236,548
DAIICHI CHUO KISEN KAISHA (a)(b)		335,834		117,615
Daiichikosho Co., Ltd.		19,600		609,614
Daikyo, Inc.		107,000		161,493
Daio Paper Corp.		47,000		403,669
Daiseki Co., Ltd.		5,700		103,092
Daishi Bank, Ltd.		181,000		638,424
Daishinku Corp.		9,000		24,390
Daito Bank, Ltd.		41,000		55,726
Daito Pharmaceutical Co., Ltd.		2,970		58,744
Daiwa House REIT Investment Corp. (a)		132		578,962
Daiwahouse Residential Investment Corp. (a)		257		562,325
DCM Holdings Co., Ltd.		75,493		566,552
Dena Co., Ltd. (a)		47,200		925,305
Denki Kagaku Kogyo Kabushiki Kaisha		167,000		660,063
Denyo Co., Ltd.		3,800		56,846
Digital Garage, Inc.		17,300		265,721
DMG Mori Seiki Co., Ltd.		48,300		743,480
Doutor Nichires Holdings Co., Ltd.		77,372		1,297,437
DTS Corp.		53,662		1,029,165
Dunlop Sports Co., Ltd.		2,600		26,298
Duskin Co., Ltd. (a)		6,400		111,003
Dynam Japan Holdings Co., Ltd.		106,000		205,627
Eagle Industry Co., Ltd.		13,700		277,941
Earth Chemical Co., Ltd.		800		27,651
EDION Corp. (a)		107,900		813,355
Ehime Bank, Ltd. (a)		651,200		1,303,215
Eidai Co., Ltd.		14,000		52,066
Eighteenth Bank, Ltd.		671,730		2,044,457
Eizo Corp. (a)		5,900		129,291
Elecom Co., Ltd. (a)		4,300		89,460
Eneres Co., Ltd. (a)(b)		13,000		39,783
Enplas Corp.		5,300		213,237
EPS Holdings, Inc.		2,900		34,314
Euglena Co., Ltd. (a)(b)		33,500		551,978
Exedy Corp.		7,000		167,113
F@N Communications, Inc. (a)		14,500		123,448
FCC Co., Ltd. (a)		82,528		1,291,683
Feed One Holdings Co., Ltd.		49,400		46,959

See accompanying notes to financial statements.

216

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Ferrotec Corp.		10,400	$	60,878
Fields Corp. (a)		3,500		53,379
FP Corp. (a)		11,100		403,552
Fudo Tetra Corp.		85,800		170,276
Fuji Kyuko Co., Ltd. (a)		27,000		254,634
Fuji Machine Manufacturing Co., Ltd.		40,800		465,411
Fuji Oil Co., Ltd.		42,900		684,683
Fuji Pharma Co., Ltd.		3,500		66,045
Fuji Seal International, Inc.		8,900		247,872
Fujibo Holdings, Inc.		72,000		179,512
Fujikura, Ltd.		132,000		580,063
Fujimori Kogyo Co., Ltd.		7,500		222,639
Fujitec Co., Ltd.		37,800		370,041
Fujitsu General, Ltd.		29,000		381,105
Fukuda Corp.		20,000		128,414
Fukuda Denshi Co., Ltd.		4,900		276,615
Fukuoka REIT Corp.		1,252		2,338,528
Fukuyama Transporting Co., Ltd. (a)		97,000		517,657
Furukawa Co., Ltd.		167,387		295,902
Furukawa Electric Co., Ltd. (a)		350,000		592,454
Furuya Metal Co., Ltd.		1,100		24,857
Fuso Pharmaceutical Industries, Ltd.		22,000		57,052
Futaba Corp.		12,900		208,143
Fuyo General Lease Co., Ltd.		9,600		386,642
Global One Real Estate Investment Corp.		52		179,512
GLOBERIDE, Inc.		68,000		108,868
GMO Internet, Inc.		31,000		382,055
GMO Payment Gateway, Inc.		6,200		147,032
GNI Group, Ltd. (a)(b)		46,000		105,099
Gree, Inc. (a)		48,000		334,209
Gulliver International Co., Ltd. (a)		30,400		250,957
Gurunavi, Inc.		13,000		254,309
Hankyu REIT, Inc.		85		107,380
Hanwa Co., Ltd.		88,000		358,090
Happinet Corp. (a)		3,700		44,119
Harmonic Drive Systems, Inc. (a)		16,200		357,974
Hazama Ando Corp.		95,200		545,361
Hearts United Group Co., Ltd. (a)		1,300		20,488
Heiwa Real Estate Co., Ltd.		15,600		219,577
Heiwa Real Estate REIT, Inc.		190		151,778
Heiwado Co., Ltd.		19,300		442,890
HI-LEX CORP.		6,800		206,679
Hibiya Engineering, Ltd.		7,500		99,250
Higo Bank, Ltd.		110,000		676,006
Hirano Tecseed Co., Ltd.		2,900		21,232
HIS Co., Ltd.		15,600		550,244
Hitachi Kokusai Electric, Inc.		20,372		273,835
Hitachi Maxell, Ltd.		11,800		204,464
Hitachi Transport System, Ltd.		9,600		145,451
Hitachi Zosen Corp.		158,600		819,946
Hogy Medical Co., Ltd. (a)		2,300		113,154
Hokkaido Electric Power Co., Inc. (b)		97,900		771,445
Hokkaido Gas Co., Ltd. (a)		12,000		28,418
Hokkoku Bank, Ltd.		152,000		531,065
Hokuetsu Bank, Ltd.		954,000		1,861,463
Hokuetsu Kishu Paper Co., Ltd. (a)		22,000		98,695
Hokuriku Electric Industry Co., Ltd.		33,000		53,934
Horiba, Ltd.		18,613		713,169
Hoshino Resorts REIT, Inc.		27		331,407
Hosiden Corp. (a)		122,100		675,024
House Foods Group, Inc.		32,000		672,420
Hulic Reit, Inc.		235		361,538
Hyakujushi Bank, Ltd.		158,000		523,044
IBJ Leasing Co., Ltd.		13,000		269,377
Ichigo Group Holdings Co., Ltd. (a)		17,100		44,773
Ichigo Real Estate Investment Corp.		418		338,443
Iino Kaiun Kaisha, Ltd.		114,880		609,245
Imasen Electric Industrial		9,500		112,725
Imperial Hotel, Ltd.		11,000		234,355
Inaba Denki Sangyo Co., Ltd.		3,000		108,818
Inabata & Co., Ltd.		3,400		33,965
Industrial & Infrastructure Fund Investment Corp.		151		703,848
Infomart Corp.		22,300		204,730
Intage Holdings, Inc.		4,000		68,876
Internet Initiative Japan, Inc. (a)		16,200		268,953
Invincible Investment Corp.		1,218		624,615
Iriso Electronics Co., Ltd.		3,300		231,695
Iseki & Co., Ltd. (a)		56,000		107,400
Ishihara Sangyo Kaisha, Ltd. (b)		84,000		81,251
IT Holdings Corp.		40,208		735,261
Itfor, Inc.		13,100		50,903
Itoham Foods, Inc. (a)		60,000		331,707
Itoki Corp.		28,600		182,439
Iwasaki Electric Co., Ltd.		27,000		51,332
Iwatani Corp.		132,000		867,342
J Trust Co., Ltd.		40,800		351,780
Jaccs Co., Ltd.		75,000		393,371
Jafco Co., Ltd.		13,700		510,644
Japan Asset Marketing Co., Ltd. (a)(b)		55,700		78,029
Japan Cash Machine Co., Ltd. (a)		3,200		46,376
Japan Communications, Inc. (a)(b)		60,500		250,223
Japan Digital Laboratory Co., Ltd.		4,000		52,766
Japan Excellent, Inc.		693		905,508
Japan Hotel REIT Investment Corp.		1,347		959,215
Japan Logistics Fund, Inc.		896		1,862,604
Japan Pile Corp. (a)		6,600		37,699
Japan Rental Housing Investments, Inc. (a)		48		35,062
Japan Securities Finance Co., Ltd.		25,800		163,287
Japan Steel Works, Ltd. (a)		161,000		677,965
Japan Tissue Engineering Co., Ltd. (b)		2,800		30,329
Japan Wind Development Co., Ltd. (b)		7,700		37,047
JCR Pharmaceuticals Co., Ltd. (a)		3,800		79,628
Jeol, Ltd.		41,000		215,726
Jin Co., Ltd. (a)		6,600		229,218
Juki Corp. (a)		162,332		531,970
Juroku Bank, Ltd.		83,000		305,216
Justsystems Corp. (b)		7,700		47,385
JVC Kenwood Corp.		77,700		239,077
K’s Holdings Corp. (a)		22,600		732,133
Kadokawa Dwango		23,400		367,610
Kaga Electronics Co., Ltd.		6,400		78,182
Kagome Co., Ltd. (a)		17,000		264,515
Kagoshima Bank, Ltd.		51,000		347,442
Kanamoto Co., Ltd.		17,600		507,784

See accompanying notes to financial statements.

217

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Kandenko Co., Ltd.		25,000	$	145,299
Kanematsu Corp.		569,498		831,037
Kasai Kogyo Co., Ltd.		8,000		65,107
Katakura Industries Co., Ltd. (a)		77,074		789,860
Kato Sangyo Co., Ltd.		15,300		318,056
KAWADA TECHNOLOGIES, Inc. (a)		1,300		41,463
Kawai Musical Instruments Manufacturing Co., Ltd. (a)		9,300		183,169
Keihin Corp.		13,500		207,242
Keiyo Bank, Ltd.		147,000		853,133
Kenedix Office Investment Corp.		136		746,200
Kenedix Residential Investment Corp.		72		223,640
Kenedix, Inc. (a)		104,400		426,567
Kintetsu World Express, Inc.		3,000		135,084
Kissei Pharmaceutical Co., Ltd.		7,900		247,029
Kitano Construction Corp.		15,000		42,402
Kito Corp. (a)		15,700		159,716
Kitz Corp.		183,100		906,912
Kiyo Bank, Ltd.		98,760		1,379,387
KLab, Inc. (a)(b)		16,200		186,417
Komeri Co., Ltd.		10,300		243,146
Komori Corp. (a)		74,136		946,443
Kumagai Gumi Co., Ltd. (b)		171,000		534,709
Kurabo Industries, Ltd.		664,600		1,169,319
Kureha Corp.		35,000		150,594
Kuroda Electric Co., Ltd.		6,500		104,173
Kusuri No Aoki Co., Ltd.		1,800		135,535
KYB Co., Ltd.		235,832		865,258
Kyoei Steel, Ltd.		4,000		67,676
Kyokuto Kaihatsu Kogyo Co., Ltd.		16,500		187,255
Kyokuyo Co., Ltd.		22,000		52,099
KYORIN Holdings, Inc.		31,000		742,914
Kyosan Electric Manufacturing Co., Ltd.		12,000		38,024
Kyowa Exeo Corp.		68,080		731,750
Kyudenko Corp.		18,000		196,923
Lasertec Corp.		4,900		62,800
Leopalace21 Corp. (b)		130,200		682,892
Life Corp.		14,300		250,287
Lintec Corp.		13,400		319,790
Lion Corp.		110,000		671,420
Maeda Corp. (a)		74,000		538,070
Maeda Road Construction Co., Ltd.		16,000		260,029
Makino Milling Machine Co., Ltd.		111,000		945,941
Mandom Corp.		8,800		322,502
Mani, Inc.		4,000		290,181
Marudai Food Co., Ltd.		521,656		1,774,740
Maruha Nichiro Corp. (a)		34,920		493,262
Marusan Securities Co., Ltd.		102,038		1,046,544
Maruwa Co., Ltd.		1,900		45,122
Marvelous, Inc. (a)		19,900		278,608
Matsumotokiyoshi Holdings Co., Ltd.		22,100		788,726
Matsuya Co., Ltd.		28,400		432,187
Medinet Co., Ltd. (a)(b)		14,600		29,583
Megmilk Snow Brand Co., Ltd.		5,600		67,476
Meidensha Corp.		133,000		430,302
Meitec Corp.		13,200		443,027
Melco Holdings, Inc. (a)		4,000		75,347
Message Co., Ltd. (a)		3,500		105,795
Michinoku Bank, Ltd.		648,200		1,102,629
Micronics Japan Co., Ltd. (a)		8,400		245,153
MID Reit, Inc.		39		94,569
Minato Bank, Ltd.		647,800		1,501,675
Mirait Holdings Corp.		43,260		484,815
Mitani Corp.		4,400		95,063
Mitsuba Corp.		18,800		416,367
Mitsubishi Kakoki Kaisha, Ltd. (a)		16,000		55,635
Mitsubishi Nichiyu Forklift Co., Ltd.		10,900		61,624
Mitsubishi Pencil Co., Ltd.		14,900		553,508
Mitsubishi Shokuhin Co., Ltd.		1,200		25,176
Mitsui Engineering & Shipbuilding Co., Ltd.		300,000		512,821
Mitsui Mining & Smelting Co., Ltd.		258,000		589,468
Mitsui Sugar Co., Ltd.		11,000		38,708
Mitsui-Soko Holdings Co., Ltd.		242,000		815,243
Mitsumi Electric Co., Ltd.		57,100		425,185
Miura Co., Ltd. (a)		49,700		561,132
Miyaji Engineering Group, Inc.		26,000		42,276
Miyazaki Bank, Ltd.		629,800		2,399,988
Miyoshi Oil & Fat Co., Ltd.		30,000		34,772
Mizuno Corp.		39,000		203,577
Mochida Pharmaceutical Co., Ltd.		3,100		203,952
Modec, Inc. (a)		9,000		141,764
Monex Group, Inc.		94,400		252,678
Monogatari Corp.		1,400		46,229
MonotaRO Co., Ltd. (a)		13,500		490,807
Morinaga & Co., Ltd.		98,000		344,849
Morinaga Milk Industry Co., Ltd.		97,000		368,831
Morita Holdings Corp.		21,500		202,047
MOS Food Services, Inc. (a)		4,700		99,898
Moshi Moshi Hotline, Inc.		23,300		254,712
Musashi Seimitsu Industry Co., Ltd.		6,100		129,299
Musashino Bank, Ltd.		33,580		1,129,834
Mutoh Holdings Co., Ltd. (a)		20,000		72,379
Nachi-Fujikoshi Corp.		84,000		460,888
Nagase & Co., Ltd.		61,000		800,108
Nakanishi, Inc.		26,180		1,022,750
Namura Shipbuilding Co., Ltd.		18,800		177,928
NanoCarrier Co., Ltd. (b)		10,800		105,366
Nanto Bank, Ltd.		134,000		465,941
NEC Networks & System Integration Corp.		3,700		74,602
NET One Systems Co., Ltd. (a)		120,700		825,299
Neturen Co., Ltd.		136,483		1,012,882
Nichi-iko Pharmaceutical Co., Ltd.		26,300		607,033
Nichias Corp.		12,000		69,343
Nichicon Corp.		11,000		103,006
Nichii Gakkan Co.		6,700		59,109
Nichirei Corp.		157,000		882,368
Nichireki Co., Ltd.		13,000		113,821
Nifco, Inc.		20,900		722,372
Nihon Dempa Kogyo Co., Ltd.		25,900		227,199
Nihon M&A Center, Inc.		16,000		553,679
Nihon Nohyaku Co., Ltd.		11,800		118,369
Nihon Parkerizing Co., Ltd.		42,800		519,275
Nihon Trim Co., Ltd. (a)		1,500		38,899
Nihon Unisys, Ltd.		10,800		102,664

See accompanying notes to financial statements.

218

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

March 31, 2015 (Unaudited)

Security Description	Shares			Value
Nikkiso Co., Ltd.		65,240		$	584,807
Nippon Accommodations Fund, Inc.		215			817,511
Nippon Beet Sugar Manufacturing Co., Ltd.		33,000			54,484
Nippon Carbon Co., Ltd.		248,712			777,711
Nippon Chemi-Con Corp. (b)		69,000			203,677
Nippon Chemiphar Co., Ltd.		13,000			63,631
Nippon Coke & Engineering Co., Ltd.		36,600			34,792
Nippon Concrete Industries Co., Ltd. (a)		32,100			128,480
Nippon Densetsu Kogyo Co., Ltd.		23,900			356,731
Nippon Flour Mills Co., Ltd.		54,000			267,467
Nippon Gas Co., Ltd.		31,400			777,636
Nippon Koei Co., Ltd.		17,000			67,901
Nippon Konpo Unyu Soko Co., Ltd.		134,880			2,368,624
Nippon Light Metal Holdings Co., Ltd.		241,500			358,449
Nippon Paper Industries Co., Ltd. (a)		54,700			823,750
Nippon Parking Development Co., Ltd.		43,500			62,752
Nippon Seiki Co., Ltd.		55,200			1,089,961
Nippon Sheet Glass Co., Ltd. (b)		428,000	��		421,130
Nippon Shinyaku Co., Ltd.		26,000			948,509
Nippon Signal Co., Ltd.		32,300			316,199
Nippon Soda Co., Ltd.		64,000			372,499
Nippon Steel & Sumikin Bussan Corp.		36,000			124,578
Nippon Suisan Kaisha, Ltd.		123,199			374,965
Nippon Thompson Co., Ltd.		148,600			734,791
Nippon Yakin Kogyo Co., Ltd. (a)(b)		78,500			155,134
Nipro Corp.		49,300			470,698
Nishi-Nippon Railroad Co., Ltd.		156,000			716,748
Nishimatsu Construction Co., Ltd. (a)		132,000			468,893
Nishimatsuya Chain Co., Ltd.		23,953			211,517
Nishio Rent All Co., Ltd.		7,000			201,668
Nissha Printing Co., Ltd. (a)		24,100			441,105
Nisshin Steel Co., Ltd. (a)		53,500			670,507
Nisshinbo Holdings, Inc.		62,000			596,089
Nissin Electric Co., Ltd.		8,000			48,097
Nissin Kogyo Co., Ltd.		13,600			216,375
Nitto Boseki Co., Ltd.		142,153			553,558
Nitto Kogyo Corp.		8,500			158,482
NOF Corp.		244,600			1,819,330
Nohmi Bosai, Ltd.		17,100			211,460
Nomura Real Estate Office Fund, Inc.		184			894,492
Nomura Real Estate Residential Fund, Inc.		35			194,663
Noritsu Koki Co., Ltd.		9,800			56,876
Noritz Corp.		4,700			77,285
North Pacific Bank, Ltd.		150,400			569,369
NS United Kaiun Kaisha, Ltd. (a)		19,000			46,262
NSD Co., Ltd.		19,800			292,398
Nuflare Technology, Inc.		1,000			44,528
Obara Group, Inc. (a)		3,500			198,457
Ogaki Kyoritsu Bank, Ltd.		19,000			60,204
Ohsho Food Service Corp.		6,800			242,969
Oiles Corp.		10,900			213,046
Oita Bank, Ltd.		347,800			1,354,368
Okabe Co., Ltd.		21,400			197,895
Okamura Corp.		59,000			475,247
Okasan Securities Group, Inc.		88,682			706,202
Oki Electric Industry Co., Ltd.		535,000			1,110,819
Okinawa Electric Power Co., Inc.		2,000			72,462
OKUMA Corp.		68,000			632,795
Okumura Corp.		84,000			393,646
OncoTherapy Science, Inc. (a)(b)		21,500			67,409
Onward Holdings Co., Ltd. (a)		17,000			118,791
Orient Corp. (b)		203,900			331,545
OSAKA Titanium Technologies Co., Ltd. (a)		8,500			180,454
Osaki Electric Co., Ltd. (a)		9,000			59,362
OSG Corp.		47,840			933,463
Pacific Industrial Co., Ltd. (a)		30,000			245,904
Pacific Metals Co., Ltd. (a)(b)		74,000			201,776
Pal Co., Ltd.		5,700			162,552
Paramount Bed Holdings Co., Ltd.		5,600			148,259
Penta-Ocean Construction Co., Ltd. (a)		119,100			435,980
PeptiDream, Inc. (a)(b)		3,900			289,431
Pilot Corp.		9,300			525,003
Piolax, Inc.		5,300			216,110
Pioneer Corp. (b)		170,700			311,722
Poletowin Pitcrew Holdings, Inc.		2,800			23,815
Premier Investment Corp.		352			2,028,201
Raito Kogyo Co., Ltd.		15,200			124,591
Relo Holdings, Inc.		5,900			523,460
Rengo Co., Ltd.		219,000			929,506
ReproCELL, Inc. (a)(b)		21,700			125,939
Riso Kagaku Corp.		9,200			151,895
Rohto Pharmaceutical Co., Ltd.		47,800			680,779
Roland DG Corp.		4,400			119,241
Round One Corp.		22,800			129,471
Ryobi, Ltd.		37,000			108,910
Ryosan Co., Ltd.		3,500			86,154
Sagami Chain Co., Ltd.		21,000			217,836
Saibu Gas Co., Ltd.		128,000			288,180
Sakai Chemical Industry Co., Ltd.		274,765			895,836
San-A Co., Ltd.		10,200			387,842
San-Ai Oil Co., Ltd.		17,000			110,427
San-In Godo Bank, Ltd.		11,000			90,898
Sanden Corp.		56,000			250,757
Sangetsu Co., Ltd.		17,000			257,569
Sanix, Inc. (a)(b)		10,700			33,726
Sanken Electric Co., Ltd. (a)		68,000			471,762
Sankyo Tateyama, Inc.		4,400			85,157
Sankyu, Inc.		143,000			623,631
Sanwa Holdings Corp.		90,100			670,162
Sanyo Shokai, Ltd.		214,000			551,395
Sanyo Special Steel Co., Ltd.		231,937			974,745
Sapporo Holdings, Ltd. (a)		238,000			944,657
Sato Holdings Corp.		42,440			964,344
SCREEN Holdings Co., Ltd.		176,000			1,335,501
Seika Corp.		22,000			60,171
Seikagaku Corp.		21,300			406,019
Seiko Holdings Corp. (a)		59,000			298,136
Seino Holdings Co., Ltd.		66,100			718,185
Seiren Co., Ltd.		138,780			1,244,015
Sekisui House SI Residential Investment Corp.		277			299,578
Senko Co., Ltd. (a)		42,000			273,171
Senshu Ikeda Holdings, Inc.		106,460			506,889
Senshukai Co., Ltd. (a)		17,800			129,131

See accompanying notes to financial statements.

219

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Septeni Holdings Co., Ltd.		6,900	$	57,824
Seria Co., Ltd.		7,800		282,276
Shibuya Kogyo Co., Ltd.		11,000		213,442
Shiga Bank, Ltd.		135,000		675,422
Shima Seiki Manufacturing, Ltd.		54,045		923,846
Shimachu Co., Ltd.		41,960		1,109,137
Shindengen Electric Manufacturing Co., Ltd.		41,000		205,128
Shinkawa, Ltd. (b)		9,200		58,533
Shinkin Central Bank (Class A) Preference Shares		365		728,022
Shinko Electric Industries Co., Ltd.		27,200		194,148
Shinmaywa Industries, Ltd.		26,000		276,423
Shinsho Corp.		40,000		86,387
Ship Healthcare Holdings, Inc.		14,400		329,126
SHO-BOND Holdings Co., Ltd.		11,300		497,511
Shochiku Co., Ltd.		315,600		2,968,495
Showa Aircraft Industry Co., Ltd.		7,000		68,585
Showa Corp.		23,200		234,853
Showa Denko KK		551,000		702,964
SIA Reit, Inc.		48		187,517
Sinanen Co., Ltd.		14,000		53,233
Sinfonia Technology Co., Ltd. (a)		337,400		599,260
SK Kaken Co., Ltd.		4,000		326,537
SMK Corp. (a)		132,343		574,949
SMS Co., Ltd.		9,200		123,664
Sodick Co., Ltd. (a)		24,800		271,937
Sogo Medical Co., Ltd.		2,200		62,005
Sosei Group Corp. (a)(b)		6,000		151,345
Sotetsu Holdings, Inc.		193,000		896,402
Star Micronics Co., Ltd.		18,900		265,396
Starts Corp., Inc.		14,400		219,377
Starts Proceed Investment Corp.		68		119,471
Sumitomo Bakelite Co., Ltd.		54,000		240,901
Sumitomo Forestry Co., Ltd.		90,800		994,125
Sumitomo Mitsui Construction Co., Ltd. (a)		375,400		519,628
Sumitomo Osaka Cement Co., Ltd.		191,793		590,132
Sumitomo Real Estate Sales Co., Ltd.		3,700		100,734
Sumitomo Seika Chemicals Co., Ltd.		12,000		85,654
Sumitomo Warehouse Co., Ltd.		48,000		266,166
Sun Corp.		10,000		137,169
Sun Frontier Fudousan Co., Ltd. (a)		5,800		53,490
SWCC Showa Holdings Co., Ltd. (a)		45,000		34,897
T RAD Co., Ltd.		15,000		32,020
Tabuchi Electric Co., Ltd. (a)		16,500		188,768
Tachi-S Co., Ltd. (a)		19,200		269,609
Taikisha, Ltd.		6,000		149,593
Taiko Pharmaceutical Co., Ltd.		4,200		67,627
Taiyo Holdings Co., Ltd.		4,600		162,060
Taiyo Yuden Co., Ltd.		61,200		894,079
Takaoka Toko Co., Ltd.		1,900		25,872
Takara Bio, Inc. (a)		23,800		272,482
Takara Holdings, Inc.		90,600		657,261
Takara Standard Co., Ltd.		53,000		449,014
Takasago International Corp.		265,694		1,207,448
Takasago Thermal Engineering Co., Ltd.		33,000		412,758
Takashima & Co., Ltd.		36,000		79,850
Takata Corp. (a)		16,100		176,674
Takeuchi Manufacturing Co., Ltd.		7,000		317,532
Takuma Co., Ltd.		34,000		267,067
Tamron Co., Ltd.		5,400		116,488
Tamura Corp. (a)		49,000		180,596
Tanseisha Co., Ltd. (a)		14,600		104,942
Teikoku Electric Manufacturing Co., Ltd.		3,600		34,432
Teikoku Sen-I Co., Ltd.		13,900		201,908
Tekken Corp. (a)		72,000		248,555
Toa Corp. (g)		33,000		55,034
Toa Corp. (g)		18,200		175,892
Toagosei Co., Ltd.		416,418		1,906,304
Tobishima Corp. (a)(b)		28,700		57,915
TOC Co., Ltd.		161,760		1,270,610
Tochigi Bank, Ltd.		236,000		1,216,160
Toda Corp.		136,000		574,959
Toei Co., Ltd.		281,400		2,095,395
Toho Bank, Ltd.		90,000		370,732
Toho Holdings Co., Ltd. (a)		69,319		1,173,380
Toho Zinc Co., Ltd.		53,000		167,496
Tokai Carbon Co., Ltd.		133,000		374,851
Tokai Corp.		1,600		54,501
TOKAI Holdings Corp.		58,400		253,712
Tokai Rika Co., Ltd.		18,200		423,263
Toko, Inc.		17,000		48,764
Tokuyama Corp. (a)(b)		225,000		472,795
Tokyo Dome Corp. (a)		79,000		335,960
Tokyo Ohka Kogyo Co., Ltd.		17,600		570,156
Tokyo Seimitsu Co., Ltd.		21,900		502,919
Tokyo Steel Manufacturing Co., Ltd. (a)		52,500		353,283
Tokyo Tekko Co., Ltd.		9,000		36,098
Tokyo TY Financial Group, Inc. (a)		17,800		477,932
Tokyotokeiba Co., Ltd. (a)		73,000		181,397
Tokyu Construction Co., Ltd.		15,400		87,321
Tokyu REIT, Inc.		294		381,704
Tomoe Engineering Co., Ltd.		2,800		41,910
TOMONY Holdings, Inc.		221,380		1,004,217
Tomy Co., Ltd. (a)		53,800		320,310
Top REIT, Inc.		92		383,189
Topre Corp.		23,700		371,335
Topy Industries, Ltd.		480,981		1,118,980
Torii Pharmaceutical Co., Ltd.		3,700		98,883
Torishima Pump Manufacturing Co., Ltd. (a)		5,600		41,279
Toshiba Machine Co., Ltd.		51,000		215,184
Toshiba Plant Systems & Services Corp.		10,900		150,605
Toshiba TEC Corp.		54,000		357,974
Totetsu Kogyo Co., Ltd.		13,800		308,738
Towa Pharmaceutical Co., Ltd.		2,800		160,400
Toyo Construction Co., Ltd.		9,700		38,015
Toyo Corp./Chuo-ku		140,568		1,346,780
Toyo Engineering Corp. (a)		58,000		151,862
Toyo Ink SC Holdings Co., Ltd.		60,000		281,676
Toyo Wharf & Warehouse Co., Ltd.		31,000		52,216
Toyobo Co., Ltd.		405,788		548,156
TPR Co., Ltd.		15,800		424,891

See accompanying notes to financial statements.

220

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Trusco Nakayama Corp.		10,200	$	320,225
TS Tech Co., Ltd.		21,300		576,348
TSI Holdings Co., Ltd.		67,200		453,884
Tsubakimoto Chain Co.		62,000		517,507
Tsukui Corp. (a)		4,300		32,629
Tsumura & Co. (a)		27,900		691,189
Tsurumi Manufacturing Co., Ltd.		11,000		156,573
UACJ Corp. (a)		134,000		370,965
Ube Industries, Ltd.		321,000		503,215
Ulvac, Inc. (b)		34,600		532,885
UMN Pharma, Inc. (a)(b)		4,600		114,918
Unipres Corp.		16,900		345,257
United Arrows, Ltd. (a)		13,200		392,946
UNITED, Inc. (a)		3,700		49,364
Unitika, Ltd. (b)		1,073,000		492,099
UNY Group Holdings Co., Ltd.		76,400		428,745
Usen Corp. (b)		47,110		141,418
Ushio, Inc.		43,200		538,897
UT Holdings Co., Ltd. (a)		11,800		46,246
Valor Co., Ltd.		32,100		695,667
VT Holdings Co., Ltd. (a)		22,200		97,371
Wacoal Holdings Corp.		72,000		811,707
Wacom Co., Ltd. (a)		73,700		355,210
Wakachiku Construction Co., Ltd. (a)		38,000		58,937
Wakita & Co., Ltd.		11,000		107,134
Welcia Holdings Co., Ltd.		13,600		508,618
WirelessGate, Inc. (a)		4,300		114,918
Xebio Co., Ltd. (a)		8,000		139,087
YAMABIKO Corp.		5,200		233,279
Yamazen Corp.		47,500		390,932
Yaoko Co., Ltd.		14,800		555,347
Yodogawa Steel Works, Ltd.		381,200		1,513,039
Yokogawa Bridge Holdings Corp.		17,400		187,312
Yondoshi Holdings, Inc. (a)		13,700		262,062
Yorozu Corp. (a)		13,700		288,451
Yoshinoya Holdings Co., Ltd. (a)		31,100		339,461
Yushin Precision Equipment Co., Ltd.		1,400		28,344
Zenkoku Hosho Co., Ltd.		25,400		954,155
Zenrin Co., Ltd.		57,877		715,711
Zensho Holdings Co., Ltd. (a)		19,700		191,045
ZERIA Pharmaceutical Co., Ltd.		18,700		313,577
				238,442,807
LUXEMBOURG — 0.2%
BRAAS Monier Building Group SA (b)		8,543		217,910
Grand City Properties SA (a)(b)		23,414		434,534
Oriflame Cosmetics SA SDR (a)		12,509		167,530
SAF-Holland SA		15,665		251,354
Stabilus SA (b)		5,948		205,379
				1,276,707
MALTA — 0.1%
Kambi Group PLC (b)		4,743		38,498
Unibet Group PLC, SDR		12,640		692,529
				731,027
MONGOLIA — 0.0% (d)
Mongolian Mining Corp. (a)(b)		1,232,500		44,512
NETHERLANDS — 1.5%
Amsterdam Commodities NV		15,607		424,076
AVG Technologies NV (b)		21,854		473,139
BE Semiconductor Industries NV		13,558		434,873
Beter Bed Holding NV		12,563		275,453
BinckBank NV		41,448		337,380
Bravofly Rumbo Group NV (b)		1,573		26,559
Cimpress NV (b)		13,246		1,117,698
Corbion NV		39,242		745,139
Euronext NV (b)(f)		32,704		1,383,889
Grontmij (a)(b)		8,018		32,292
IMCD Group NV (b)		12,580		423,297
InterXion Holding NV (b)		15,443		435,493
Koninklijke BAM Groep NV (a)		145,196		647,153
Koninklijke Ten Cate NV		11,261		254,464
NSI NV		11,384		51,143
Royal Imtech NV (a)(b)		52,658		302,681
Sligro Food Group NV		9,554		378,733
TKH Group NV		15,344		542,998
TomTom NV (b)		41,155		315,856
USG People NV		31,679		438,560
VastNed Retail NV		5,598		274,129
Wereldhave NV		16,885		1,133,405
Wessanen		30,128		199,872
				10,648,282
NEW ZEALAND — 1.5%
a2 Milk Co., Ltd. (a)(b)		197,213		82,818
Air New Zealand, Ltd.		240,383		491,217
Argosy Property, Ltd.		327,063		279,602
Chorus, Ltd. (a)(b)		143,443		306,569
DNZ Property Fund, Ltd.		255,062		372,978
Ebos Group, Ltd.		29,797		239,089
Freightways, Ltd.		80,885		380,311
Genesis Energy, Ltd.		187,364		314,730
Goodman Property Trust		374,650		335,735
Heartland New Zealand, Ltd. (a)		241,660		231,963
Infratil, Ltd. (a)		310,368		740,129
Kathmandu Holdings, Ltd. (a)		78,268		80,997
Kiwi Income Property Group, Ltd.		449,871		436,879
Mainfreight, Ltd.		59,115		685,790
Meridian Energy, Ltd. (a)		624,063		947,669
Metlifecare, Ltd.		66,451		235,205
New Zealand Oil & Gas, Ltd. (a)		278,895		118,166
Nuplex Industries, Ltd.		140,339		336,769
NZX, Ltd.		248,652		206,975
PGG Wrightson, Ltd.		102,726		37,362
Port of Tauranga, Ltd. (a)		23,991		304,945
Precinct Properties New Zealand, Ltd.		269,508		237,472
Property for Industry, Ltd.		215,546		254,580
Restaurant Brands New Zealand, Ltd.		121,494		368,078
Skellerup Holdings, Ltd. (a)		149,365		159,052
Sky City Entertainment Group, Ltd.		291,727		896,941
Steel & Tube Holdings, Ltd.		16,212		34,649
Summerset Group Holdings, Ltd. (a)		61,543		153,222
Tower, Ltd. (a)		135,999		236,607
Trade Me Group, Ltd.		205,798		571,013
Vital Healthcare Property Trust		213,912		275,910
Warehouse Group, Ltd. (a)		64,310		128,281

See accompanying notes to financial statements.

221

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Z Energy, Ltd.		72,193	$	277,726
				10,759,429
NORWAY — 1.3%
Archer, Ltd. (a)(b)		97,598		28,944
Atea ASA		40,712		458,440
Austevoll Seafood ASA		35,579		190,276
Avance Gas Holding, Ltd. (f)		6,468		89,085
Bakkafrost P/F		20,829		451,001
Borregaard ASA		54,686		403,745
BW LPG, Ltd. (a)(f)		28,260		227,753
BW Offshore, Ltd.		189,710		131,117
Deep Sea Supply PLC		178,406		79,915
Dolphin Group AS (b)		119,826		26,020
Ekornes ASA		46,744		568,415
Electromagnetic GeoServices ASA (a)(b)		53,846		22,717
Farstad Shipping ASA		3,657		15,428
Fred Olsen Energy ASA (a)		14,368		102,869
Frontline, Ltd. (b)		20,373		45,756
Hexagon Composites ASA (a)		52,656		163,343
Hoegh LNG Holdings, Ltd. (a)		20,440		233,970
Kongsberg Automotive ASA (b)		205,644		151,571
Kvaerner ASA		51,094		38,040
Nordic Semiconductor ASA (a)(b)		82,568		530,195
Norwegian Air Shuttle AS (a)(b)		8,531		254,053
Petroleum Geo-Services ASA (a)		105,730		544,059
ProSafe SE (a)		118,460		326,316
Protector Forsikring ASA		56,732		469,886
REC Silicon ASA (a)(b)		901,300		262,815
REC Solar ASA (b)		22,779		286,889
Solstad Offshore ASA		11,141		66,356
SpareBank 1 SMN (a)		31,522		232,726
Spectrum ASA		12,333		53,867
Thin Film Electronics ASA (b)		287,916		194,347
Tomra Systems ASA		115,982		975,020
Veidekke ASA		111,979		1,313,052
Wilh Wilhelmsen ASA (a)		4,284		25,462
				8,963,448
PANAMA — 0.0% (d)
Norstar Holdings, Inc.		6,951		180,561
PORTUGAL — 0.4%
Altri SGPS SA (a)		199,058		848,525
CTT-Correios de Portugal SA		19,118		204,978
Mota-Engil SGPS SA		8,014		29,608
Portugal Telecom SGPS SA (a)		241,542		140,085
Semapa-Sociedade de Investimento e Gestao		113,971		1,522,716
				2,745,912
SINGAPORE — 2.8%
AIMS AMP Capital Industrial REIT		247,958		269,343
Ascendas Hospitality Trust		512,000		253,816
Ascendas India Trust		605,000		396,953
Ascott Residence Trust		419,600		380,843
AusGroup, Ltd. (a)(b)		239,000		38,332
Biosensors International Group, Ltd. (a)(b)		642,000		355,705
Boustead Singapore, Ltd.		307,657		381,291
Cache Logistics Trust (a)		495,000		424,018
Cambridge Industrial Trust		1,034,855		535,647
Cape PLC		18,164		67,411
CapitaRetail China Trust		330,147		387,502
CDL Hospitality Trusts		408,000		522,009
China New Town Development Co., Ltd. (b)		449,000		20,949
China Yuchai International, Ltd.		21,814		430,608
CitySpring Infrastructure Trust (a)		743,000		292,498
Civmec, Ltd.		404,000		128,118
Cordlife Group, Ltd. (a)		249,000		187,880
Cosco Corp. Singapore, Ltd. (a)		557,000		205,063
Croesus Retail Trust		188,000		127,462
CSE Global, Ltd. (a)		148,000		59,882
CWT, Ltd. (a)		191,000		215,131
Ezra Holdings, Ltd. (a)(b)		511,102		156,494
Far East Hospitality Trust		423,000		246,701
First Real Estate Investment Trust		547,558		558,855
Fortune Real Estate Investment Trust		458,000		486,175
Frasers Centrepoint Trust		263,000		387,300
Frasers Commercial Trust		307,357		336,105
Frasers Hospitality Trust (b)		209,000		136,367
GuocoLeisure, Ltd.		409,000		274,317
Haw Par Corp., Ltd.		70,086		439,411
Hong Fok Corp., Ltd.		245,000		158,963
Hotel Properties, Ltd.		30,000		90,763
Hyflux, Ltd. (a)		312,100		208,188
IGG, Inc. (a)		444,000		259,996
International Healthway Corp., Ltd. (a)(b)		155,000		32,205
Interra Resources, Ltd. (b)		267,000		22,579
ISDN Holdings, Ltd.		112,000		16,248
Jaya Holdings, Ltd. (a)		104,000		1,516
K1 Ventures, Ltd.		262,000		39,156
Lian Beng Group, Ltd.		130,000		54,021
LionGold Corp., Ltd. (a)(b)		386,000		3,940
Lippo Malls Indonesia Retail Trust		1,225,000		308,103
Mapletree Greater China Commercial Trust		696,000		527,696
Mapletree Industrial Trust		796,437		917,380
Metro Holdings, Ltd.		331,000		234,067
Mewah International, Inc.		207,000		55,081
OM Holdings, Ltd. (b)		84,190		19,295
OSIM International, Ltd.		203,000		290,063
OUE Commercial Real Estate Investment Trust		127,000		74,069
OUE Hospitality Trust		343,333		235,280
OUE, Ltd. (a)		86,000		135,423
Oxley Holdings, Ltd.		129,000		47,022
Pacific Radiance, Ltd. (a)		227,000		110,050
Pan-United Corp., Ltd.		56,000		32,864
Parkway Life Real Estate Investment Trust		251,000		431,844
Petra Foods, Ltd.		184,000		512,415
Raffles Medical Group, Ltd.		153,200		438,927
Religare Health Trust		460,000		365,532
Rotary Engineering, Ltd.		100,000		39,367
Rowsley, Ltd. (a)(b)		1,641,000		218,928

See accompanying notes to financial statements.

222

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (a)		403,729	$	264,895
Saizen REIT		41,000		25,705
Sinarmas Land, Ltd.		595,000		329,664
Sino Grandness Food Industry Group, Ltd. (a)(b)		182,000		41,131
SMRT Corp., Ltd.		346,000		403,587
Soilbuild Business Space REIT		256,000		151,170
Stamford Land Corp., Ltd.		64,000		25,895
Starhill Global REIT		741,000		451,072
STATS ChipPAC, Ltd. (a)(b)		95,000		34,975
Super Group, Ltd. (a)		245,000		266,130
Swiber Holdings, Ltd. (a)		209,000		25,597
Tat Hong Holdings, Ltd.		73,000		35,656
Technics Oil & Gas, Ltd. (a)(b)		130,000		66,341
Tiger Airways Holdings, Ltd. (a)(b)		312,850		72,984
Tuan Sing Holdings, Ltd.		193,274		55,656
UMS Holdings, Ltd.		326,000		125,961
United Engineers, Ltd. (a)		284,000		565,226
United Envirotech, Ltd.		444,000		534,082
Venture Corp., Ltd.		75,000		467,486
Wing Tai Holdings, Ltd. (a)		557,299		780,064
XP Power, Ltd.		2,629		57,253
Yoma Strategic Holdings, Ltd. (a)(b)		726,333		251,519
Yongnam Holdings, Ltd. (a)		451,000		46,030
				19,661,246
SOUTH KOREA — 8.4%
3S Korea Co., Ltd. (b)		15,792		49,036
Able C&C Co., Ltd.		7,637		217,521
Actoz Soft Co., Ltd. (b)		1,003		32,953
Advanced Process Systems Corp. (b)		6,111		52,052
Ahnlab, Inc.		2,080		85,585
AJ Rent A Car Co., Ltd. (b)		2,756		37,759
AK Holdings, Inc.		1,831		162,066
Amicogen, Inc.		1,816		93,955
Aminologics Co., Ltd. (b)		20,430		24,675
Asiana Airlines, Inc. (b)		41,528		336,132
Basic House Co., Ltd. (b)		1,888		26,377
Binex Co., Ltd. (b)		14,331		189,883
Binggrae Co., Ltd.		3,858		285,842
Bioland, Ltd.		3,753		92,518
Bioneer Corp. (b)		3,278		24,110
Boryung Pharmaceutical Co., Ltd.		3,116		124,140
Bukwang Pharmaceutical Co., Ltd.		8,521		202,762
Celltrion Pharm, Inc. (b)		7,418		123,026
Chabiotech Co., Ltd. (b)		25,212		348,825
Chadiostech Co., Ltd. (b)		8,902		33,098
Chemtronics Co., Ltd. (b)		2,332		23,332
Choa Pharmaceutical Co. (b)		17,206		62,887
Chong Kun Dang Pharmaceutical Corp.		3,308		203,647
Chongkundang Holdings Corp.		1,883		115,752
CJ CGV Co., Ltd.		6,491		396,089
CJ E&M Corp. (b)		13,008		638,998
CJ Freshway Corp.		1,617		72,874
CNK International Co., Ltd. (b)(e)		16,071		0
Com2uSCorp (a)(b)		5,178		898,432
Corentec Co., Ltd. (b)		2,589		37,921
Cosmax BTI, Inc.		6,008		314,629
Cosmax, Inc.		5,323		654,910
Crown Confectionery Co., Ltd.		266		70,489
CrucialTec Co., Ltd. (b)		6,050		65,165
CrystalGenomics, Inc. (b)		5,088		55,262
CTC BIO, Inc. (b)		6,126		119,268
Cuckoo Electronics Co., Ltd.		1,542		260,602
D.I Corp.		8,835		64,424
Dae Han Flour Mills Co., Ltd.		459		76,952
Daeduck GDS Co., Ltd.		3,153		38,793
Daesang Corp.		15,082		569,594
Daesang Holdings Co., Ltd.		4,744		103,265
Daewon Pharmaceutical Co., Ltd.		8,688		148,004
Daewoong Pharmaceutical Co., Ltd.		1,642		88,801
Daou Technology, Inc.		6,402		99,828
Digital Power Communications Co., Ltd.		13,288		53,657
Dong-A Socio Holdings Co., Ltd.		3,917		593,137
Dong-A ST Co., Ltd.		6,610		706,012
Dongbu HiTek Co., Ltd. (a)(b)		6,980		37,686
DongKook Pharmaceutical Co., Ltd.		3,033		96,776
Dongkuk Steel Mill Co., Ltd. (a)(b)		50,318		272,578
Dongsuh Co., Inc.		31,920		880,393
Dongsung Finetec Co., Ltd.		4,119		29,144
Dongwha Pharm Co., Ltd.		29,767		201,496
Dongwon F&B Co., Ltd.		382		137,726
Dongwon Industries Co., Ltd.		1,048		314,556
Duk San Neolux Co., Ltd. (b)		954		19,261
Duksan Hi-Metal Co., Ltd. (b)		1,423		11,159
EG Corp.		2,228		36,148
EM-Tech Co., Ltd. (b)		4,514		59,403
Eo Technics Co., Ltd.		5,870		676,707
Eugene Investment & Securities Co., Ltd. (a)(b)		280,901		870,972
Eugene Technology Co., Ltd.		3,636		46,538
Eusu Holdings Co., Ltd. (b)		6,470		54,993
Fila Korea, Ltd.		6,418		624,764
Gamevil, Inc. (a)(b)		3,111		339,295
GemVax & Kael Co., Ltd. (a)(b)		12,372		210,205
Genic Co., Ltd. (b)		2,773		83,481
Golfzon Co., Ltd. (c)		12,317		331,947
Green Cross Cell Corp. (b)		1,700		65,582
Green Cross Corp.		4,703		746,071
Green Cross Holdings Corp.		12,324		304,920
GS Global Corp.		6,009		42,246
GS Home Shopping, Inc.		2,304		461,236
GS Retail Co., Ltd.		15,788		475,298
Haesung Industrial Co., Ltd.		632		17,203
Halla Holdings Corp.		2,486		158,645
Hana Tour Service, Inc.		4,280		432,070
Hanall Biopharma Co., Ltd. (b)		15,167		64,868
Hancom, Inc.		5,912		97,516
Hanil Cement Co., Ltd.		1,595		262,371
Hanil E-Hwa Co., Ltd.		3,248		46,402
Hanjin Heavy Industries & Construction Co., Ltd. (a)(b)		34,852		181,257
Hanjin Kal Corp.		7,781		250,728
Hanjin Shipping Co., Ltd. (a)(b)		64,983		411,763
Hanjin Transportation Co., Ltd.		3,860		223,017
Hankook Shell Oil Co., Ltd.		281		111,696

See accompanying notes to financial statements.

223

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Hanmi Pharm Co., Ltd. (a)(b)		7,969	$	1,626,913
Hanmi Science Co., Ltd. (b)		18,371		567,962
Hanmi Semiconductor Co., Ltd.		5,343		77,777
Hansae Co., Ltd. (a)		14,227		536,021
Hansol Chemical Co., Ltd.		1,446		68,686
Hansol Holdings Co., Ltd. (b)		38,012		299,793
Hansol Logistics Co., Ltd.		25,391		77,584
Hansol Paper Co., Ltd. (b)		23,210		465,476
Hansol Technics Co., Ltd. (b)		3,087		44,102
Hanwha Investment & Securities Co., Ltd.		126,639		586,709
Harim Co., Ltd. (a)(b)		11,918		57,149
Heung-A Shipping Co., Ltd. (a)		38,661		132,419
Hite Jinro Co., Ltd. (a)		30,032		600,938
Humax Co., Ltd.		29,957		421,226
Huons Co., Ltd.		3,942		217,450
Hwa Shin Co., Ltd.		3,127		21,082
Hyundai BNG Steel Co., Ltd.		2,390		31,559
Hyundai Corp.		3,877		95,226
Hyundai Elevator Co., Ltd. (b)		6,246		437,437
Hyundai Engineering Plastics Co., Ltd.		4,935		39,944
Hyundai Greenfood Co., Ltd.		40,115		706,880
Hyundai Home Shopping Network Corp.		3,679		424,455
Hyundai Hy Communications & Networks Co., Ltd.		7,204		32,012
Hyundai Hysco Co., Ltd.		2,585		148,420
Hyundai Rotem Co., Ltd. (a)(b)		22,640		389,764
Hyundai Securities Co., Ltd. (a)		80,660		615,065
i-SENS, Inc. (b)		1,637		72,300
Il Dong Pharmaceutical Co., Ltd.		8,594		138,269
Iljin Display Co., Ltd.		5,517		36,599
Ilyang Pharmaceutical Co., Ltd. (b)		3,840		117,507
iMarketKorea, Inc.		7,570		174,674
Infraware, Inc. (b)		7,891		46,943
InkTec Co., Ltd. (b)		1,649		16,350
Innox Corp. (b)		3,373		49,100
Interpark Corp.		30,060		246,018
iNtRON Biotechnology, Inc. (b)		4,506		92,398
JB Financial Group Co., Ltd. (a)		283,551		1,610,141
Jeil Pharmaceutical Co.		6,250		156,891
Jenax, Inc. (b)		6,776		49,166
JoyCity Corp. (b)		1,420		37,373
Jusung Engineering Co., Ltd. (b)		7,707		41,680
JW Pharmaceutical Corp.		8,430		124,233
JYP Entertainment Corp. (b)		11,912		53,631
KC Green Holdings Co., Ltd.		4,926		43,290
KCP Co., Ltd. (b)		6,110		157,507
Kginicis Co., Ltd. (a)		5,214		106,682
KGMobilians Co., Ltd.		2,844		44,219
KH Vatec Co., Ltd.		5,693		163,947
Koh Young Technology, Inc.		2,729		109,337
Kolao Holdings (a)		16,224		250,061
Kolon Industries, Inc.		8,443		381,265
Kolon Life Science, Inc.		1,865		92,456
Komipharm International Co., Ltd. (b)		13,068		127,211
KONA I Co., Ltd. (a)		5,757		157,747
Korea Electric Terminal Co., Ltd.		2,430		151,348
Korea Kolmar Co., Ltd.		9,350		574,762
Korea Line Corp. (b)		3,730		76,318
Korea Petrochemical Ind Co., Ltd.		657		64,548
Korea Real Estate Investment & Trust Co., Ltd.		49,949		167,029
Korea United Pharm, Inc.		6,616		108,234
Korean Reinsurance Co.		86,736		797,429
Kortek Corp.		6,372		77,249
KT Skylife Co., Ltd.		14,220		237,117
Ktis Corp.		13,134		50,017
Kumho Industrial Co., Ltd. (b)		7,184		142,780
Kumho Tire Co., Inc. (b)		59,383		487,610
Kwang Dong Pharmaceutical Co., Ltd.		16,469		213,016
KyungDong City Gas Co., Ltd.		494		47,866
Kyungdong Pharm Co., Ltd.		6,563		152,029
LEENO Industrial, Inc.		3,271		114,837
LF Corp.		11,784		336,701
LG Hausys, Ltd.		3,625		563,624
LG International Corp. (a)		35,525		1,205,567
LG Life Sciences, Ltd. (a)(b)		4,806		236,520
LIG Insurance Co., Ltd.		37,433		769,275
Lock & Lock Co., Ltd. (a)		3,210		37,179
Logistics Energy Korea Co., Ltd. (b)		21,705		30,911
Lotte Food Co., Ltd.		700		444,815
LOTTE Himart Co., Ltd. (a)		4,025		244,885
LS Industrial Systems Co., Ltd.		10,520		604,963
Lumens Co., Ltd. (a)		14,204		80,401
Macrogen, Inc. (b)		3,198		107,373
Maeil Dairy Industry Co., Ltd.		1,435		50,573
Mando Corp.		2,754		397,170
Medipost Co., Ltd. (a)(b)		5,294		358,357
Medy-Tox, Inc.		2,387		707,203
MegaStudy Co., Ltd.		6,002		365,708
Melfas, Inc. (b)		13,975		69,280
Meritz Financial Group, Inc.		8		99
Meritz Fire & Marine Insurance Co., Ltd.		50,983		523,869
Meritz Securities Co., Ltd.		133,941		684,524
Mirae Asset Securities Co., Ltd.		17,878		842,777
Mirae Corp. (b)		194,561		48,577
Modetour Network, Inc.		2,937		87,624
Muhak Co., Ltd. (b)		3,916		159,365
Naturalendo Tech Co., Ltd. (a)(b)		10,224		657,978
Neowiz Games Corp. (a)(b)		11,143		235,023
NEPES Corp. (b)		5,577		47,755
Nexen Tire Corp.		24,831		290,958
NH Investment & Securities Co., Ltd.		3		39
NHN Entertainment Corp. (a)(b)		9,983		642,468
NICE Holdings Co., Ltd.		5,140		92,195
NongShim Co., Ltd.		2,626		576,350
Opto Device Technology Co., Ltd.		5,781		51,325
Osstem Implant Co., Ltd. (b)		2,912		122,706
Pan Ocean Co., Ltd. (b)		70,854		210,113
Partron Co., Ltd. (a)		23,254		299,727
Pharmicell Co., Ltd. (b)		9,401		33,810
Poongsan Corp.		17,440		388,272
Posco ICT Co., Ltd.		7,593		38,531
Power Logics Co., Ltd. (b)		14,891		57,379
Redrover Co., Ltd. (b)		11,055		61,480
S&T Dynamics Co., Ltd.		7,000		74,767

See accompanying notes to financial statements.

224

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
S-Energy Co., Ltd.		5,008	$	36,112
Sajo Industries Co., Ltd. (b)		1,175		101,672
Sam Yung Trading Co., Ltd.		5,353		114,350
Samchully Co., Ltd.		472		50,201
Samchuly Bicycle Co., Ltd.		4,988		97,112
Samjin Pharmaceutical Co., Ltd.		9,625		217,321
Samsung Fine Chemicals Co., Ltd. (a)		13,687		511,358
Samyang Holdings Corp.		4,605		381,865
Sansung Life & Science Co., Ltd. (b)		8,967		547,986
Sapphire Technology Co., Ltd. (a)(b)		2,565		38,032
SeAH Steel Corp.		633		45,815
Sebang Co., Ltd.		2,497		48,952
Seegene, Inc. (a)(b)		12,862		434,163
Seoul Semiconductor Co., Ltd. (a)(b)		22,107		396,529
SEOWONINTECH Co., Ltd.		2,793		39,147
Seoyeon Co., Ltd.		4,272		60,454
SFA Engineering Corp. (a)		20,262		993,513
Silicon Works Co., Ltd.		1,784		62,793
Silla Co., Ltd.		1,516		31,770
Sindoh Co., Ltd.		813		50,783
SK Broadband Co., Ltd. (b)		161,009		661,770
SK Chemicals Co., Ltd. (a)		6,655		381,503
SK Communications Co., Ltd. (a)(b)		5,595		41,252
SKC Co., Ltd.		13,161		428,241
SM Culture & Contents Co., Ltd. (b)		14,941		42,152
SM Entertainment Co. (a)(b)		8,509		274,570
Soulbrain Co., Ltd.		1,724		72,257
Suheung Co., Ltd. (a)		1,476		70,111
SundayToz Corp. (a)(b)		10,910		142,097
Sungwoo Hitech Co., Ltd.		26,916		272,933
Suprema, Inc. (b)		3,135		78,273
Synopex, Inc. (b)		28,898		47,796
Taekwang Industrial Co., Ltd.		494		535,655
Taihan Electric Wire Co., Ltd. (b)(c)		26,608		28,780
Tera Semicon Co., Ltd. (b)		2,542		48,230
Toray Chemical Korea, Inc. (b)		3,047		53,692
Tovis Co., Ltd.		7,236		114,138
Value Added Technologies Co., Ltd.		3,465		72,145
Vieworks Co., Ltd.		1,577		41,008
ViroMed Co., Ltd. (b)		4,783		312,558
WeMade Entertainment Co., Ltd. (b)		2,148		77,928
Whanin Pharmaceutical Co., Ltd.		8,273		167,779
Wins Co., Ltd.		3,865		37,101
WiSoL Co., Ltd.		5,132		53,890
Wonik IPS Co., Ltd. (b)		42,896		429,173
Woojeon & Handan Co., Ltd. (b)		8,140		12,473
Woongjin Thinkbig Co., Ltd. (b)		7,795		65,693
Wooree ETI Co., Ltd.		11,694		30,356
YG Entertainment, Inc.		6,392		269,346
Yuanta Securities Korea (a)(b)		90,866		511,067
Yuhan Corp.		3,304		556,896
Yungjin Pharmaceutical Co., Ltd. (b)		50,989		78,590
				58,751,986
SPAIN — 0.9%
Construcciones y Auxiliar de Ferrocarriles SA		2,276		756,427
Faes Farma SA		248,097		630,169
Let’s GOWEX SA (a)(b)(e)		9,561		0
Merlin Properties Socimi SA (b)		42,135		573,808
NH Hotel Group SA (b)		17,581		96,109
Promotora de Informaciones SA (Class A) (b)		378,232		121,460
Tubacex SA		161,534		515,258
Tubos Reunidos SA (a)		216,834		416,854
Vidrala SA		53,205		2,595,968
Zeltia SA (a)(b)		177,161		769,645
				6,475,698
SWEDEN — 2.2%
Active Biotech AB (a)(b)		8,803		26,539
AddTech AB (Class B)		26,092		350,201
AF AB (Class B)		29,878		416,606
Arcam AB (b)		8,565		156,918
Avanza Bank Holding AB (a)		10,194		355,204
B&B Tools AB (Class B)		10,098		165,099
BE Group AB (b)		19,035		7,350
Beijer Alma AB		6,212		139,380
Beijer Ref AB		5,765		104,283
Betsson AB (b)		24,805		931,333
Bilia AB (Class A)		6,638		238,609
BioGaia AB (Class B)		3,944		90,322
Bufab Holding AB (b)		8,819		51,130
Byggmax Group AB		27,734		192,953
Clas Ohlson AB (Class B)		13,737		223,400
Cloetta AB (Class B) (b)		110,710		324,785
Com Hem Holding AB		41,761		338,967
Concentric AB		22,415		299,549
D. Carnegie Co. & AB (b)		30		200
Duni AB		13,765		198,318
Eniro AB (a)(b)		36,982		8,062
Fingerprint Cards AB (Class B) (a)(b)		18,825		116,782
Haldex AB		48,997		740,007
Hemfosa Fastigheter AB (b)		23,896		545,859
HIQ International AB (b)		6,891		35,158
Holmen AB (Class B)		25,074		846,068
Industrial & Financial Systems (Class B)		10,594		345,187
Indutrade AB		12,785		586,322
Investment AB Oresund		7,831		157,545
KNOW IT AB		4,732		31,962
Kungsleden AB		68,785		532,395
Lagercrantz AB (Class B)		7,774		142,426
Lindab International AB (b)		20,950		178,186
Medivir AB (Class B) (a)		11,336		102,857
Net Entertainment NE AB (Class B) (b)		13,164		453,349
New Wave Group AB (Class B)		168,545		828,649
Nobia AB		96,048		848,657
Nolato AB (Class B)		12,174		294,326
Nordnet AB (Class B)		52,441		200,666
Opus Group AB (a)		78,306		80,358
Opus Group AB BTA (b)		8,415		8,343
Orexo AB (a)(b)		7,876		112,788
Proact IT Group AB		2,219		23,093
Proffice AB (Class B)		21,457		58,718
Qliro Group AB (a)(b)		96,626		177,027
Ratos AB (Class B) (b)		55,778		382,243
Recipharm AB (Class B) (b)		8,539		181,690
Rezidor Hotel Group AB (b)		23,174		87,063

See accompanying notes to financial statements.

225

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
SAS AB (a)(b)		46,441	$	87,776
Semcon AB		4,341		30,957
SkiStar AB		2,654		32,852
Sweco AB (Class B)		10,811		138,521
Systemair AB		4,575		60,741
Tethys Oil AB (b)		8,859		61,121
Vostok Nafta Investment, Ltd. SDR (a)(b)		21,659		115,527
Wihlborgs Fastigheter AB		124,118		2,396,281
				15,640,708
SWITZERLAND — 2.9%
AFG Arbonia-Forster Holding AG (a)(b)		4,020		80,292
APG SGA SA		301		114,583
Ascom Holding AG		21,031		362,678
Autoneum Holding AG (b)		1,420		315,198
Basilea Pharmaceutica AG (a)(b)		8,652		986,077
Belimo Holding AG		1,287		2,795,810
Bell AG		79		203,742
Bobst Group SA		2,767		108,538
Bossard Holding AG (b)		2,000		237,826
Burckhardt Compression Holding AG		1,379		533,115
Cembra Money Bank AG		9,977		612,199
Comet Holding AG (b)		339		273,280
Conzzeta AG (b)		49		178,939
EFG International AG (b)		19,327		238,777
Emmi AG (b)		1,108		383,574
Evolva Holding SA (a)(b)		104,916		185,788
Gategroup Holding AG (b)		8,032		271,647
Gurit Holding AG (b)		64		28,020
HBM Healthcare Investments AG (Class A) (b)		3,115		346,361
Huber & Suhner AG		6,277		295,335
Implenia AG		4,999		328,360
Inficon Holding AG (b)		939		335,702
Interroll Holding AG (b)		402		227,633
Intershop Holdings AG		252		103,778
Kaba Holding AG (Class B) (b)		955		575,674
Kardex AG (b)		4,062		234,612
Komax Holding AG (b)		2,205		384,337
Kudelski SA (b)		50,964		627,015
Kuoni Reisen Holding (Class B) (b)		1,602		526,963
LEM Holding SA		272		223,610
Leonteq AG (a)(b)		2,011		688,415
MCH Group AG		424		29,029
Metall Zug AG (Class B)		62		169,474
Meyer Burger Technology AG (a)(b)		37,982		241,273
Micronas Semiconductor Holding AG (b)		37,735		238,150
Mobilezone Holding AG (b)		14,320		206,404
Mobimo Holding AG (b)		3,089		729,555
Myriad Group AG (a)(b)		27,449		121,518
Orascom Development Holding AG (b)		5,299		89,471
Orior AG (b)		5,740		338,620
Phoenix Mecano AG		110		61,155
Rieter Holding AG (b)		293		46,576
Santhera Pharmaceutical Holding AG (b)		2,136		206,167
Schmolz + Bickenbach AG (b)		184,417		182,271
Schweiter Technologies AG		333		286,100
Schweizerische National-Versicherungs-Gesellschaft AG (a)		7,776		699,304
Siegfried Holding AG (b)		1,736		265,771
Solvalor 61		553		144,897
Swissquote Group Holding SA		5,512		154,073
Tecan Group AG		4,664		612,231
U-Blox AG (b)		2,849		498,641
Valiant Holding AG		6,598		557,702
Valora Holding AG (b)		6,051		1,351,866
Vaudoise Assurances Holding SA		444		217,589
Zehnder Group AG		2,557		119,255
				20,374,970
UNITED ARAB EMIRATES — 0.0% (d)
Polarcus, Ltd. (b)		128,934		6,079
UNITED KINGDOM — 11.1%
4imprint Group PLC		8,176		125,014
A.G.BARR PLC		45,978		416,010
Acacia Mining PLC		38,321		149,045
Afren PLC (a)(b)		516,224		23,680
Air Berlin PLC (a)(b)		21,422		28,069
Alent PLC		102,488		569,930
Allied Minds PLC (b)		89,947		928,009
Amarin Corp. PLC ADR (a)(b)		65,544		153,373
Anite PLC		143,176		178,538
AO World PLC (a)(b)		84,855		230,772
APR Energy PLC (a)		21,508		121,568
Arrow Global Group PLC		67,829		249,465
Asia Resource Minerals PLC (b)		12,651		2,066
Avon Rubber PLC		4,294		50,294
Betfair Group PLC		32,466		1,077,176
Big Yellow Group PLC		57,919		556,726
Bloomsbury Publishing PLC		20,948		47,501
Bovis Homes Group PLC		58,742		813,164
Brammer PLC		55,552		329,868
Brewin Dolphin Holdings PLC		109,101		502,888
Cairn Energy PLC (b)		249,472		581,806
Card Factory PLC (b)		53,607		234,999
Centamin PLC		460,120		392,753
Chemring Group PLC		190,616		589,992
Chesnara PLC		50,171		255,649
Cineworld Group PLC		44,781		319,092
Circassia Pharmaceuticals PLC (b)		88,120		366,280
Clarkson PLC		3,718		124,186
Coats Group PLC (b)		571,556		212,119
Communisis PLC		51,549		40,749
Computacenter PLC		32,325		327,748
Connect Group PLC		70,244		160,848
Consort Medical PLC		11,605		148,158
Countrywide PLC		67,004		511,263
Cranswick PLC		20,782		423,583
Crest Nicholson Holdings PLC		88,785		561,079
CSR PLC		107,892		1,399,048
Daejan Holdings PLC		2,223		194,868
Dairy Crest Group PLC		63,725		418,604
Darty PLC		348,971		339,321
De La Rue PLC		37,168		306,226

See accompanying notes to financial statements.

226

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Debenhams PLC		459,410	$	513,542
Dechra Pharmaceuticals PLC		28,426		424,938
Development Securities PLC		54,420		187,425
Devro PLC		61,736		261,882
Dialight PLC		6,875		77,157
Dignity PLC		14,869		402,612
Diploma PLC		47,778		568,476
Domino Printing Sciences PLC		50,875		706,149
Domino’s Pizza Group PLC		72,313		832,489
Doric Nimrod Air Three, Ltd. Preference Shares		53,845		90,724
E2V Technologies PLC		102,721		294,305
Electrocomponents PLC		172,632		618,898
EnQuest PLC (a)(b)		296,319		153,960
Enterprise Inns PLC (b)		429,959		640,189
esure Group PLC		112,314		350,800
Exova Group PLC (b)		56,685		134,638
F&C Commercial Property Trust, Ltd.		280,065		567,508
FDM Group Holdings PLC (b)		39,979		199,412
Fenner PLC		164,526		492,752
Fidessa Group PLC		18,892		618,677
Findel PLC (b)		30,073		103,684
Flybe Group PLC (b)		120,486		103,740
Foxtons Group PLC		94,741		288,670
Fuller Smith & Turner PLC (Class A)		19,812		297,345
Galliford Try PLC		77,974		1,649,473
Games Workshop Group PLC		6,091		45,165
Gem Diamonds, Ltd. (b)		95,923		195,797
Genus PLC		33,414		679,067
Go-Ahead Group PLC		17,438		603,161
Grainger PLC		169,787		519,977
Greggs PLC		50,863		771,673
Gulf Keystone Petroleum, Ltd. (a)(b)		424,154		229,825
Gulf Marine Services PLC		83,018		154,358
Halfords Group PLC		85,370		583,980
Hansteen Holdings PLC		171,711		311,749
Hardy Oil & Gas PLC (b)		17,716		7,758
Headlam Group PLC		19,327		123,515
Helical Bar PLC		40,816		238,882
HellermannTyton Group PLC		71,566		355,160
Hilton Food Group PLC		30,686		199,068
Hochschild Mining PLC (a)(b)		61,507		81,035
Hogg Robinson Group PLC		30,608		21,356
Homeserve PLC		134,975		766,618
Huntsworth PLC		72,414		45,956
IGAS Energy PLC (b)		30,689		11,845
Imagination Technologies Group PLC (b)		86,513		270,728
Infinis Energy PLC (a)		9,547		26,630
Innovation Group PLC		558,345		234,154
Intelligent Energy Holdings PLC (b)		47,762		91,287
Interserve PLC		93,510		805,131
IP Group PLC (b)		217,506		729,727
ITE Group PLC		303,703		813,780
J.D. Wetherspoon PLC		129,690		1,448,750
James Fisher & Sons PLC		19,697		382,754
JD Sports Fashion PLC		14,085		100,260
John Menzies PLC		20,610		114,733
Johnston Press PLC (b)		28,326		61,498
Just Retirement Group PLC		62,773		153,199
Kcom Group PLC		216,503		293,277
Keller Group PLC		55,436		780,566
Kier Group PLC		23,846		562,143
Laird PLC		198,913		991,868
Lamprell PLC (b)		116,070		205,906
Lancashire Holdings, Ltd.		60,341		559,852
Lavendon Group PLC		78,892		197,925
Londonmetric Property PLC		140,831		338,265
Lookers PLC		129,223		275,758
Low & Bonar PLC		88,126		75,550
LSL Property Services PLC		39,970		200,851
Luxfer Holdings PLC ADR		8,851		118,338
Marshalls PLC		102,420		422,678
Marston’s PLC		146,320		330,814
McBride PLC (b)		145,472		200,297
McColl’s Retail Group PLC		61,648		158,324
McKay Securities PLC		53,314		197,862
Mears Group PLC		33,929		213,559
Micro Focus International PLC		67,601		1,185,178
Mitie Group PLC (a)		254,789		1,043,927
Moneysupermarket.com Group PLC		222,538		889,654
Morgan Advanced Materials PLC		176,725		893,296
Morgan Sindall PLC		65,153		760,700
Mothercare PLC (b)		59,366		181,766
Mucklow A & J Group PLC		14,497		104,161
NCC Group PLC		73,798		214,724
NMC Health PLC		12,168		120,031
Northgate PLC		48,090		421,913
Novae Group PLC		26,279		278,540
OneSavings Bank PLC (a)(b)		59,459		242,513
Ophir Energy PLC (b)		74,191		148,464
Optos PLC (b)		43,175		221,122
Oxford Immunotec Global PLC (a)(b)		2,734		38,495
Oxford Instruments PLC		23,315		289,522
Pace PLC		171,245		877,036
Paragon Group of Cos. PLC		129,164		808,968
PayPoint PLC		83,459		1,015,939
Pendragon PLC		517,307		301,418
Petra Diamonds, Ltd. (b)		174,627		472,843
Petropavlovsk PLC (a)(b)		110,179		9,372
Pets at Home Group PLC		97,666		364,638
Photo-Me International PLC		49,960		109,024
Polypipe Group PLC		37,344		153,422
Poundland Group PLC		71,977		389,789
Premier Farnell PLC		361,958		994,055
Premier Foods PLC (b)		445,561		281,110
Quintain Estates & Development PLC (b)		181,201		254,198
Rank Group PLC		13,327		36,818
Rathbone Brothers PLC		18,968		583,997
Raven Russia, Ltd. (b)		155,201		113,470
Redrow PLC		132,821		708,639
Renewables Infrastructure Group, Ltd.		97,788		149,884
Renishaw PLC		18,882		684,501
Renold PLC (b)		83,065		66,587
Ricardo PLC		15,336		177,463
Robert Walters PLC		14,223		76,011
RPC Group PLC		75,794		652,594

See accompanying notes to financial statements.

227

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
RPS Group PLC		228,260	$	763,434
Safestore Holdings PLC		78,205		338,128
Savills PLC		43,476		524,066
SDL PLC (b)		45,992		297,509
Senior PLC		459,016		2,215,944
Shanks Group PLC		410,241		644,021
SIG PLC		310,829		936,695
Skyepharma PLC (b)		45,325		207,238
Speedy Hire PLC		185,034		196,398
Spire Healthcare Group PLC (b)(f)		82,489		457,982
Spirent Communications PLC		332,965		431,265
Spirit Pub Co. PLC		327,608		552,476
SSP Group PLC (b)		125,285		552,378
ST Modwen Properties PLC		70,703		466,436
St. Ives PLC		61,539		154,389
SThree PLC		57,195		295,685
Stobart Group, Ltd.		114,475		176,736
Stock Spirits Group PLC		88,932		272,621
Stolt-Nielsen, Ltd.		13,982		215,132
SuperGroup PLC (b)		19,848		281,237
SVG Capital PLC (b)		16,177		121,395
Synergy Health PLC		21,931		756,941
Synthomer PLC		126,332		578,373
Ted Baker PLC		10,360		384,486
Telecom Plus PLC (a)		29,947		386,770
Topps Tiles PLC		26,095		45,130
Trinity Mirror PLC (b)		104,392		280,883
Tritax Big Box REIT PLC		133,728		230,779
Tullett Prebon PLC		219,707		1,217,864
Tyman PLC		61,873		287,722
Unite Group PLC		232,903		2,024,336
Urban & Civic PLC		36,759		141,060
Vectura Group PLC (b)		153,129		331,319
Vitec Group PLC		3,225		30,664
Wilmington Group PLC		21,619		74,537
Wincanton PLC (b)		227,472		534,382
Workspace Group PLC		43,705		554,401
Xaar PLC		30,981		189,484
Xchanging PLC		114,628		231,000
Zeal Network SE		4,419		237,348
Zoopla Property Group PLC (a)(f)		139,853		375,155
				77,652,962
UNITED STATES — 0.2%
Diligent Board Member Services, Inc. (b)		58,239		235,836
Eros International PLC (a)(b)		15,437		269,684
Kofax, Ltd. (a)(b)		25,345		277,528
LivePerson, Inc. (b)		30,161		319,304
Magnachip Semiconductor Corp. (a)(b)		24,063		131,625
Ormat Technologies, Inc.		8,573		324,441
				1,558,418
TOTAL COMMON STOCKS —
(Cost $770,102,715)				695,649,155
RIGHTS — 0.0% (d)
NEW ZEALAND — 0.0% (d)
Precinct Properties New Zealand, Ltd. (expired 3/18/15) (b)		37,204		698
SWEDEN — 0.0% (d)
Com Hem Holding AB (expiring 4/21/15) (b)		40,522		465
TOTAL RIGHTS —
(Cost $0)				1,163
WARRANTS — 0.0% (d)
HONG KONG — 0.0% (d)
HKC Holdings, Ltd. (expiring 10/17/15) (b)		276,200		2,850
ISRAEL — 0.0% (d)
Africa Israel Investments, Ltd. (expiring 03/31/15) (b)(c)		3,032		9
SINGAPORE — 0.0% (d)
Interra Resources, Ltd. (expiring 12/08/15) (b)		25,700		393
TOTAL WARRANTS —
(Cost $0)				3,252
SHORT TERM INVESTMENTS — 13.3%
UNITED STATES — 13.3%
MONEY MARKET FUNDS — 13.3%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		92,302,157		92,302,157
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (i)(j)		1,351,920		1,351,920
TOTAL SHORT TERM INVESTMENT —
(Cost $93,654,077)				93,654,077
TOTAL INVESTMENTS — 112.3%
(Cost $863,756,792)				789,307,647
OTHER ASSETS & LIABILITIES — (12.3)%				(86,686,419	)
NET ASSETS — 100.0%			$	702,621,228

See accompanying notes to financial statements.

228

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

March 31, 2015 (Unaudited)

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight 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)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.5% of net assets as of March 31, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(h)	Investments of cash collateral for securities loaned
(i)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(j)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions (partnership limited by shares)

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

229

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 12.8%
Astro Japan Property Group		732,903	$	2,799,507
BGP Holdings PLC (a)(b)		32,410,441		0
BWP Trust		5,587,816		12,806,438
Charter Hall Retail REIT		3,469,987		11,372,348
Dexus Property Group		10,336,596		59,856,559
Goodman Group		17,811,874		86,406,883
GPT Group		20,141,533		70,319,167
Investa Office Fund		7,011,834		20,891,096
Novion Property Group		27,085,473		51,936,795
Scentre Group		60,777,417		173,651,620
Westfield Corp.		21,821,517		159,203,756
				649,244,169
AUSTRIA — 1.4%
Atrium European Real Estate, Ltd. (a)		1,374,348		6,422,290
BUWOG AG (a)(c)		578,211		11,867,280
CA Immobilien Anlagen AG (a)(c)		927,439		17,391,368
IMMOFINANZ AG (a)(c)		12,075,204		35,495,509
				71,176,447
BELGIUM — 0.8%
Befimmo SA		219,621		14,907,166
Cofinimmo SA		198,003		23,211,310
				38,118,476
BRAZIL — 0.6%
BR Malls Participacoes SA		5,281,340		27,992,209
CANADA — 10.3%
Artis REIT		767,226		9,074,651
Boardwalk REIT		290,456		13,519,448
Brookfield Asset Management, Inc. (Class A)		6,543,934		350,008,756
Calloway REIT		757,503		17,404,925
Canadian Apartment Properties REIT		624,915		14,407,831
Canadian REIT		406,089		14,912,909
Chartwell Retirement Residences		973,017		9,495,847
Crombie Real Estate Investment Trust		726,762		7,735,296
First Capital Realty, Inc. (c)		1,159,999		18,070,888
H&R REIT		1,541,067		28,387,756
RioCan REIT		1,772,539		40,545,168
				523,563,475
CHINA — 2.6%
Hongkong Land Holdings, Ltd.		13,429,000		101,388,950
Kerry Properties, Ltd.		8,087,670		28,113,156
				129,502,106
FRANCE — 10.8%
Fonciere Des Regions (d)		519,244		51,400,248
Fonciere Des Regions (a)(c)(d)		32,413		3,124,337
Gecina SA		408,964		55,276,742
Klepierre		2,383,305		116,951,264
Mercialys SA REIT		629,301		15,974,165
Unibail-Rodamco SE		1,119,046		301,725,701
				544,452,457
HONG KONG — 7.6%
Champion REIT		29,440,174		14,011,807
Hang Lung Group, Ltd.		10,486,808		47,814,559
Hang Lung Properties, Ltd.		26,111,755		73,420,945
Hysan Development Co., Ltd.		7,988,846		35,034,053
Kerry Logistics Network, Ltd.		250		368
Link REIT		26,160,855		161,289,927
Prosperity REIT		14,259,000		5,186,395
Wheelock & Co., Ltd.		9,250,545		47,308,364
				384,066,418
ITALY — 0.2%
Beni Stabili SpA (c)		11,322,716		8,877,233
Immobiliare Grande Distribuzione SpA		3,485,859		3,481,744
				12,358,977
JAPAN — 21.0%
Activia Properties, Inc.		2,893		25,305,458
Aeon Mall Co., Ltd.		1,327,340		26,342,040
Daibiru Corp.		666,400		6,890,440
Daiwa Office Investment Corp. (c)		3,218		17,388,068
Frontier Real Estate Investment Corp.		5,325		25,353,971
Fukuoka REIT Corp.		7,082		13,228,001
Global One Real Estate Investment Corp. (c)		2,144		7,401,426
Hankyu REIT, Inc.		6,155		7,775,547
Heiwa Real Estate Co., Ltd.		415,000		5,841,317
Hoshino Resorts REIT, Inc.		489		6,002,151
Hulic Co., Ltd. (c)		4,411,590		49,698,212
Hulic Reit, Inc.		8,551		13,155,385
Japan Excellent, Inc.		13,847		18,093,182
Japan Prime Realty Investment Corp.		9,429		32,511,082
Japan Real Estate Investment Corp.		14,292		67,333,584
Japan Retail Fund Investment Corp.		27,663		55,037,664
Kenedix Office Investment Corp.		4,372		23,988,126
Kenedix Residential Investment Corp. (c)		3,972		12,337,461
Mitsui Fudosan Co., Ltd.		11,317,000		333,069,431
Mori Hills REIT Investment Corp.		13,605		19,206,391
Mori Trust Sogo REIT, Inc.		11,760		24,378,036
Nippon Building Fund, Inc.		16,118		79,296,394
Nomura Real Estate Office Fund, Inc.		4,257		20,694,859
NTT Urban Development Corp.		1,236,731		12,395,669
Orix JREIT, Inc.		25,373		36,390,711
Premier Investment Corp. (c)		2,652		15,280,650
Tokyu Fudosan Holdings Corp.		5,834,200		39,891,966
Tokyu REIT, Inc.		10,598		13,759,505
Top REIT, Inc.		2,047		8,525,966
United Urban Investment Corp.		30,192		47,103,800
				1,063,676,493
NETHERLANDS — 1.2%
Eurocommercial Properties NV		494,742		22,664,851
VastNed Retail NV		216,523		10,602,918
Wereldhave NV		400,119		26,857,979
				60,125,748

See accompanying notes to financial statements.

230

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
NEW ZEALAND — 0.8%
Argosy Property, Ltd.		8,822,290	$	7,542,053
Goodman Property Trust		11,400,792		10,216,599
Kiwi Income Property Group, Ltd.		12,924,782		12,551,522
Precinct Properties New Zealand, Ltd. (c)		10,997,126		9,689,926
				40,000,100
PHILIPPINES — 2.1%
Ayala Land, Inc.		66,827,700		57,558,534
SM Prime Holdings, Inc.		111,768,500		49,958,269
				107,516,803
SINGAPORE — 7.4%
Ascendas REIT		23,271,831		43,941,126
Cambridge Industrial Trust (c)		13,654,979		7,067,897
CapitaCommercial Trust (c)		23,900,676		30,753,585
CapitaLand, Ltd. (c)		29,753,999		77,654,966
CapitaMall Trust		29,560,668		47,410,855
Frasers Commercial Trust		5,767,804		6,307,287
Global Logistic Properties, Ltd.		35,359,200		68,310,768
Guocoland, Ltd. (c)		3,582,666		4,753,555
Keppel REIT (c)		19,572,400		17,122,461
Mapletree Logistics Trust		17,105,049		15,525,105
Starhill Global REIT		15,701,482		9,558,021
Suntec REIT (c)		28,703,351		38,816,590
United Industrial Corp., Ltd. (c)		2,268,445		5,672,353
				372,894,569
SOUTH AFRICA — 1.6%
Capital Property Fund		17,493,680		20,213,476
Fountainhead Property Trust		6,066,342		5,156,985
Growthpoint Properties, Ltd. REIT		20,184,297		47,760,965
SA Corporate Real Estate Fund Nominees Pty, Ltd.		17,017,706		6,882,225
				80,013,651
SPAIN — 0.0% (e)
Martinsa-Fadesa SA (a)(b)(f)		35,998		0
SWEDEN — 2.2%
Castellum AB		1,959,830		29,610,896
Fabege AB (c)		1,605,239		23,043,534
Great Portland Estates PLC		3,914,732		47,159,704
Kungsleden AB		1,805,209		13,972,287
				113,786,421
SWITZERLAND — 2.0%
PSP Swiss Property AG (a)		438,483		41,374,412
Swiss Prime Site AG (a)		690,648		60,084,172
				101,458,584
THAILAND — 0.4%
Central Pattana PCL NVDR		15,373,376		20,197,044
UNITED KINGDOM — 14.0%
Big Yellow Group PLC		1,690,867		16,252,858
British Land Co. PLC		11,680,211		144,349,553
Capital & Counties Properties PLC		8,461,076		50,342,389
Derwent London PLC		1,228,791		62,458,607
Grainger PLC		4,748,667		14,542,915
Hammerson PLC		8,952,548		88,378,946
Intu Properties PLC		10,748,786		55,528,913
Land Securities Group PLC		9,143,843		170,082,780
Segro PLC		8,447,019		52,277,629
Shaftesbury PLC		3,161,837		38,981,597
Workspace Group PLC		1,339,564		16,992,452
				710,188,639
TOTAL COMMON STOCKS —
(Cost $4,335,436,211)				5,050,332,786
RIGHTS — 0.0% (e)
NEW ZEALAND — 0.0% (e)
Precinct Properties New Zealand, Ltd. (expired 3/18/15) (a) (Cost $0)		1,414,454		26,517
SHORT TERM INVESTMENTS — 2.2%
UNITED STATES — 2.2%
MONEY MARKET FUNDS — 2.2%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		85,444,356		85,444,356
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h)(i)		26,690,924		26,690,924
TOTAL SHORT TERM INVESTMENT —
(Cost $112,135,280)				112,135,280
TOTAL INVESTMENTS — 102.0%
(Cost $4,447,571,491)				5,162,494,583
OTHER ASSETS & LIABILITIES — (2.0)%				(99,045,493	)
NET ASSETS — 100.0%			$	5,063,449,090

(a)	Non-income producing security
(b)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(c)	A portion of the security was on loan at March 31, 2015.
(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.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

231

SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
AUSTRALIA — 7.8%
Macquarie Atlas Roads Group (a)		194,370	$	482,589
Qube Holdings Ltd.		354,827		805,078
Sydney Airport		555,401		2,197,867
Transurban Group		815,924		5,940,290
				9,425,824
AUSTRIA — 0.4%
Flughafen Wien AG		5,370		466,869
BRAZIL — 1.0%
Companhia Energetica de Minas Gerais ADR		53,684		219,568
CPFL Energia SA ADR		20,700		263,304
Ultrapar Participacoes SA ADR		38,642		780,568
				1,263,440
CANADA — 8.0%
AltaGas, Ltd. (a)		11,920		397,741
Enbridge, Inc. (a)		75,859		3,656,685
Inter Pipeline, Ltd.		29,720		765,938
Pembina Pipeline Corp. (a)		30,324		958,205
TransCanada Corp. (a)		63,181		2,701,842
Veresen, Inc. (a)		25,486		335,655
Westshore Terminals Investment Corp. (a)		31,139		767,841
				9,583,907
CHILE — 0.7%
Empresa Nacional de Electricidad SA ADR		8,147		367,022
Enersis SA ADR		28,526		463,833
				830,855
CHINA — 0.5%
China Longyuan Power Group Corp. (Class H)		251,000		272,916
Huaneng Power International Inc, ADR		6,458		310,500
				583,416
FRANCE — 6.8%
Aeroports de Paris		16,702		1,996,493
GDF Suez		112,495		2,223,685
Groupe Eurotunnel SE		281,295		4,030,157
				8,250,335
GERMANY — 2.8%
E.ON SE		148,144		2,209,195
Fraport AG Frankfurt Airport Services Worldwide		18,891		1,129,485
				3,338,680
HONG KONG — 5.1%
Beijing Enterprises Water Group, Ltd. (b)		336,000		228,823
China Gas Holdings, Ltd.		166,000		271,919
China Merchants Holdings International Co., Ltd.		916,740		3,588,660
China Resources and Transportation Group, Ltd. (a)(b)		7,735,791		143,679
China Resources Power Holdings Co., Ltd.		132,000		331,317
COSCO Pacific, Ltd.		857,413		1,123,599
Guangdong Investment, Ltd.		212,000		277,816
Hopewell Highway Infrastructure, Ltd. (a)		504,500		240,113
				6,205,926
ITALY — 7.2%
Ansaldo STS SpA		61,373		621,575
Atlantia SpA		206,770		5,429,634
Enel SpA		480,362		2,173,007
Societa Iniziative Autostradali e Servizi SpA		34,906		405,631
				8,629,847
JAPAN — 4.4%
Japan Airport Terminal Co., Ltd. (a)		37,200		2,258,211
Kamigumi Co., Ltd.		132,000		1,249,281
Mitsubishi Logistics Corp. (a)		85,000		1,328,956
Sumitomo Warehouse Co., Ltd.		78,000		432,520
				5,268,968
MEXICO — 2.1%
Grupo Aeroportuario del Pacifico SAB de CV ADR (a)		17,502		1,147,081
Grupo Aeroportuario del Sureste SAB de CV, ADR (b)		10,344		1,390,441
				2,537,522
NETHERLANDS — 0.3%
Koninklijke Vopak NV		5,923		326,971
NEW ZEALAND — 1.3%
Auckland International Airport, Ltd.		465,952		1,572,378
SINGAPORE — 2.5%
Hutchison Port Holdings Trust (a)		2,762,000		1,919,590
SATS Ltd.		327,800		736,039
SIA Engineering Co., Ltd. (a)		126,152		368,790
				3,024,419
SPAIN — 5.1%
Abertis Infraestructuras SA		197,556		3,571,967
Iberdrola SA		396,784		2,557,728
				6,129,695
SWITZERLAND — 1.3%
Flughafen Zuerich AG		1,947		1,535,470
UNITED KINGDOM — 6.5%
BBA Aviation PLC		223,154		1,115,062
Centrica PLC		376,026		1,412,274
National Grid PLC		285,356		3,662,967
SSE PLC		73,107		1,625,741
				7,816,044
UNITED STATES — 36.2%
American Electric Power Co., Inc.		36,291		2,041,369
Cheniere Energy, Inc. (b)		19,617		1,518,356
Consolidated Edison, Inc. (a)		21,650		1,320,650
Dominion Resources, Inc.		43,543		3,085,892
Duke Energy Corp.		52,384		4,022,044
Edison International		24,092		1,505,027
Exelon Corp. (a)		63,653		2,139,377
Kinder Morgan, Inc.		143,868		6,051,088

See accompanying notes to financial statements.

232

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
NextEra Energy, Inc.		32,842	$	3,417,210
ONEOK, Inc. (a)		18,569		895,769
PG&E Corp.		35,237		1,870,028
PPL Corp.		49,388		1,662,400
Public Service Enterprise Group, Inc.		37,432		1,569,149
SemGroup Corp.(Class A)		3,875		315,193
Sempra Energy		17,145		1,869,148
Southern Co. (a)		67,392		2,984,118
Spectra Energy Corp. (a)		59,795		2,162,785
Targa Resources Corp.		4,304		412,280
Wesco Aircraft Holdings, Inc. (a)(b)		28,888		442,564
Williams Cos., Inc.		59,924		3,031,555
Xcel Energy, Inc.		37,500		1,305,375
				43,621,377
TOTAL COMMON STOCKS —
(Cost $117,811,959)				120,411,943
SHORT TERM INVESTMENTS — 9.4%
UNITED STATES — 9.4%
MONEY MARKET FUNDS — 9.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		11,133,914		11,133,914
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e)		208,226		208,226
TOTAL SHORT TERM INVESTMENT —
(Cost $11,342,140)				11,342,140
TOTAL INVESTMENTS — 109.4%
(Cost $129,154,099)				131,754,083
OTHER ASSETS & LIABILITIES — (9.4)%				(11,288,318	)
NET ASSETS — 100.0%			$	120,465,765

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

233

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 9.7%
Amcor, Ltd.		1,147,724	$	12,310,327
BHP Billiton, Ltd.		1,402,832		33,254,654
Fortescue Metals Group, Ltd. (a)		921,993		1,380,539
Newcrest Mining, Ltd. (b)		413,666		4,225,190
Rio Tinto, Ltd. (a)		236,659		10,346,936
Woodside Petroleum, Ltd.		125,890		3,319,915
				64,837,561
BRAZIL — 1.6%
Fibria Celulose SA ADR (a)(b)		208,584		2,947,292
Gerdau SA ADR (a)		484,253		1,549,610
Petroleo Brasileiro SA ADR (a)		264,515		1,589,735
Vale SA ADR (a)		805,149		4,549,092
				10,635,729
CANADA — 12.3%
Agrium, Inc. (a)		134,548		14,023,163
Barrick Gold Corp.		633,947		6,948,059
Canadian Natural Resources, Ltd. (a)		194,256		5,954,219
First Quantum Minerals, Ltd.		325,443		3,944,374
Goldcorp, Inc.		442,142		8,001,496
Imperial Oil, Ltd. (a)		45,188		1,803,595
Potash Corp. of Saskatchewan, Inc. (a)		777,407		25,071,376
Silver Wheaton Corp.		197,499		3,751,935
Suncor Energy, Inc.		258,344		7,549,397
Teck Resources, Ltd. (Class B)		252,893		3,470,415
Yamana Gold, Inc. (a)		508,108		1,821,406
				82,339,435
CHILE — 0.2%
Sociedad Quimica y Minera de Chile SA ADR		86,586		1,580,195
CHINA — 0.6%
PetroChina Co., Ltd. (Class H)		3,748,000		4,147,766
COLOMBIA — 0.1%
Ecopetrol SA ADR (a)		43,854		667,458
FINLAND — 2.3%
Stora Enso Oyj (a)		533,942		5,499,419
UPM-Kymmene Oyj		498,370		9,698,716
				15,198,135
FRANCE — 3.1%
Total SA (a)		423,852		21,065,162
GERMANY — 1.7%
K+S AG		161,506		5,274,839
ThyssenKrupp AG		236,949		6,218,296
				11,493,135
HONG KONG — 0.6%
CNOOC, Ltd.		2,855,000		4,035,934
INDIA — 0.9%
Reliance Industries, Ltd. GDR (c)		140,538		3,717,230
Sesa Sterlite, Ltd. ADR		160,614		1,991,614
				5,708,844
ISRAEL — 0.4%
Israel Chemicals, Ltd.		402,391		2,863,597
ITALY — 1.2%
ENI SpA		479,164		8,300,852
JAPAN — 4.2%
JFE Holdings, Inc.		313,900		6,946,763
Nippon Steel & Sumitomo Metal Corp.		5,164,000		13,025,725
OJI Paper Co., Ltd. (a)		925,000		3,794,872
Sumitomo Metal Mining Co., Ltd. (a)		300,000		4,398,999
				28,166,359
LUXEMBOURG — 0.8%
ArcelorMittal (a)		552,524		5,207,178
NORWAY — 2.3%
Norsk Hydro ASA		744,282		3,914,843
Statoil ASA (a)		186,957		3,312,710
Yara International ASA		166,862		8,488,965
				15,716,518
PERU — 0.5%
Southern Copper Corp. (a)		111,035		3,240,001
RUSSIA — 2.7%
Gazprom OAO ADR		1,051,537		4,999,007
Lukoil OAO ADR (d)		88,581		4,103,072
Lukoil OAO ADR (d)		3,605		165,578
MMC Norilsk Nickel OJSC ADR		265,843		4,722,701
Rosneft OAO GDR		178,364		767,857
Surgutneftegas OAO ADR		171,385		1,055,732
Uralkali PJSC GDR		181,013		2,416,523
				18,230,470
SINGAPORE — 1.1%
Golden Agri-Resources, Ltd. (a)		5,995,600		1,857,644
Wilmar International, Ltd.		2,338,800		5,558,422
				7,416,066
SOUTH AFRICA — 0.5%
Sasol, Ltd. ADR (a)		90,806		3,091,036
SOUTH KOREA — 1.4%
POSCO ADR		174,214		9,522,537
SPAIN — 0.5%
Repsol YPF SA		176,194		3,280,342
SWITZERLAND — 4.4%
Syngenta AG		87,161		29,675,839
UNITED KINGDOM — 14.4%
Anglo American PLC		755,155		11,344,807
Antofagasta PLC		208,359		2,265,690
BG Group PLC		606,120		7,459,224
BP PLC		3,333,470		21,610,273
Fresnillo PLC		99,837		1,011,520
Glencore PLC (b)		6,005,575		25,488,793
Mondi PLC		344,135		6,631,077
Royal Dutch Shell PLC (Class A)		694,672		20,707,326
				96,518,710
UNITED STATES — 32.0%
Alcoa, Inc.		640,786		8,278,955
Anadarko Petroleum Corp.		56,280		4,660,547
Apache Corp. (a)		41,608		2,510,211
Archer-Daniels-Midland Co.		267,649		12,686,563

See accompanying notes to financial statements.

234

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Bunge, Ltd.		60,460	$	4,979,486
CF Industries Holdings, Inc.		20,666		5,862,531
Chevron Corp.		209,477		21,990,895
ConocoPhillips		136,382		8,491,143
Devon Energy Corp.		42,538		2,565,467
EOG Resources, Inc.		60,749		5,570,076
Exxon Mobil Corp.		396,522		33,704,370
Freeport-McMoRan, Inc.		564,575		10,698,696
Ingredion, Inc. (a)		29,804		2,319,347
International Paper Co.		176,136		9,773,787
MeadWestvaco Corp.		69,189		3,450,455
Monsanto Co. (a)		201,361		22,661,167
Mosaic Co.		131,513		6,057,489
Newmont Mining Corp.		271,601		5,896,458
Nucor Corp. (a)		173,424		8,242,843
Occidental Petroleum Corp.		86,085		6,284,205
Packaging Corp. of America		40,973		3,203,679
Phillips 66		61,400		4,826,040
Plum Creek Timber Co., Inc.		73,453		3,191,533
Rayonier, Inc. (a)		52,587		1,417,745
Rock-Tenn Co. (Class A)		58,433		3,768,928
Sealed Air Corp.		87,943		4,006,683
Weyerhaeuser Co.		218,236		7,234,523
				214,333,822
TOTAL COMMON STOCKS —
(Cost $756,982,146)				667,272,681
SHORT TERM INVESTMENTS — 10.5%
UNITED STATES — 10.5%
MONEY MARKET FUNDS — 10.5%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		69,609,983		69,609,983
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		761,833		761,833
TOTAL SHORT TERM INVESTMENT —
(Cost $70,371,816)				70,371,816
TOTAL INVESTMENTS — 110.0%
(Cost $827,353,962)				737,644,497
OTHER ASSETS & LIABILITIES — (10.0)%				(66,852,869	)
NET ASSETS — 100.0%			$	670,791,628

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.6% of net assets as of March 31, 2015, 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

OJSC = Open Joint Stock Company

PJSC = Public Joint Stock Company

PLC = Public Limited Company

See accompanying notes to financial statements.

235

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 5.2%
Alumina, Ltd.		350,689	$	429,994
Amcor, Ltd.		114,192		1,224,807
AMP, Ltd.		125,025		615,103
Australia & New Zealand Banking Group, Ltd.		118,012		3,303,290
BHP Billiton, Ltd.		139,405		3,304,647
Boral, Ltd.		127,913		623,448
Brambles, Ltd.		86,656		762,634
Coca-Cola Amatil, Ltd.		69,387		571,428
Commonwealth Bank of Australia		64,722		4,618,105
CSL, Ltd.		24,502		1,724,330
Fortescue Metals Group, Ltd. (a)		98,322		147,222
Iluka Resources, Ltd. (a)		19,259		125,060
Insurance Australia Group, Ltd.		136,099		634,234
Lend Lease Group		67,898		863,128
Macquarie Group, Ltd.		21,047		1,232,766
National Australia Bank, Ltd.		71,320		2,100,394
Newcrest Mining, Ltd. (b)		28,402		290,098
Novion Property Group		271,068		519,777
Origin Energy, Ltd.		68,254		589,733
Qantas Airways, Ltd. (b)		35,163		83,812
QBE Insurance Group, Ltd.		42,271		421,100
Rio Tinto, Ltd. (a)		15,522		678,635
Santos, Ltd.		85,731		467,629
Scentre Group		83,758		239,311
Sonic Healthcare, Ltd. (a)		41,778		652,369
Suncorp Group, Ltd.		90,308		931,376
Sydney Airport		35,142		139,066
Toll Holdings, Ltd.		23,419		158,514
Transurban Group		66,312		482,781
Wesfarmers, Ltd.		44,378		1,490,357
Westfield Corp.		67,221		490,426
Westpac Banking Corp.		125,783		3,784,101
Woodside Petroleum, Ltd.		30,138		794,786
Woolworths, Ltd. (a)		54,824		1,235,124
				35,729,585
AUSTRIA — 0.2%
Erste Group Bank AG		24,156		595,015
OMV AG		11,290		309,926
Raiffeisen Bank International AG (a)		22,465		314,139
				1,219,080
BELGIUM — 1.0%
Ageas		17,854		640,547
Ageas VVPR Strip (b)(c)		266		0
Anheuser-Busch InBev NV		30,770		3,760,745
Anheuser-Busch InBev NV VVPR Strip (b)(c)		8,694		0
Delhaize Group		5,108		459,287
KBC Groep NV (b)		14,628		904,295
Solvay SA		4,522		653,459
UCB SA		7,584		548,580
				6,966,913
BRAZIL — 1.4%
Ambev SA ADR (a)		290,080		1,670,861
B2W Cia Digital (b)		16,900		105,489
Banco Bradesco SA Preference Shares ADR		132,128		1,226,151
Banco do Brasil SA		13,200		94,619
BM&FBovespa SA		50,800		177,381
Cielo SA		15,500		221,581
Companhia Energetica de Minas Gerais ADR		138,815		567,753
Companhia Siderurgica Nacional SA ADR (a)		71,337		119,846
EDP — Energias do Brasil SA		52,600		170,336
Embraer SA		25,700		197,408
Gerdau SA ADR (a)		106,323		340,234
Itau Unibanco Holding SA Preference Shares ADR		174,766		1,932,912
Kroton Educacional SA		48,600		156,470
Odontoprev SA		31,000		105,432
Petroleo Brasileiro SA Preference Shares ADR		186,220		1,134,080
Qualicorp SA (b)		13,830		98,659
Raia Drogasil SA		13,300		119,180
Souza Cruz SA		11,500		91,393
Sul America SA		21,800		96,924
Tim Participacoes SA ADR (a)		11,582		192,029
Totvs SA		13,100		149,604
Vale SA ADR (a)		23,761		134,250
Vale SA Preference Shares ADR (a)		156,572		759,374
				9,861,966
CANADA — 6.7%
Agnico-Eagle Mines, Ltd.		6,358		176,658
Agrium, Inc. (a)		8,371		872,461
Alimentation Couche-Tard, Inc. (Class B)		11,400		454,290
Bank of Montreal		27,106		1,624,434
Bank of Nova Scotia		42,496		2,132,014
Barrick Gold Corp.		45,771		500,536
BlackBerry, Ltd. (a)(b)		23,299		207,695
Bombardier, Inc. (Class B)		81,000		159,889
Brookfield Asset Management, Inc. (Class A)		28,196		1,508,091
CAE, Inc.		16,400		191,387
Cameco Corp. (a)		18,879		263,099
Canadian Imperial Bank of Commerce (a)		16,782		1,216,678
Canadian National Railway Co.		31,556		2,113,367
Canadian Natural Resources, Ltd.		52,626		1,613,061
Canadian Oil Sands, Ltd.		13,000		101,105
Canadian Pacific Railway, Ltd. (a)		11,278		2,065,036
Canadian Tire Corp., Ltd. (Class A)		5,540		564,411
Cenovus Energy, Inc.		36,646		617,759
CGI Group, Inc. (Class A) (b)		3,700		156,940
Constellation Software, Inc.		500		172,823
Eldorado Gold Corp.		24,162		110,842
Enbridge, Inc. (a)		38,483		1,855,023
Encana Corp.		36,839		411,294
Enerplus Corp. (a)		14,815		150,197
Fairfax Financial Holdings, Ltd.		300		168,180
First Quantum Minerals, Ltd.		18,493		224,135
Franco-Nevada Corp.		4,600		222,936
Gildan Activewear, Inc.		39,502		1,164,631

See accompanying notes to financial statements.

236

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Goldcorp, Inc.		33,782	$	611,357
Husky Energy, Inc. (a)		19,083		389,495
IGM Financial, Inc. (a)		9,714		345,225
Imperial Oil, Ltd.		21,419		854,900
Kinross Gold Corp. (b)		42,428		94,135
Loblaw Cos., Ltd. (a)		19,078		932,736
Magna International, Inc.		4,200		224,542
Manulife Financial Corp.		67,085		1,139,359
National Bank of Canada (a)		20,524		749,333
New Gold, Inc. (b)		23,976		80,456
Onex Corp.		26,609		1,545,276
Penn West Petroleum, Ltd. (a)		20,290		33,483
Potash Corp. of Saskatchewan, Inc.		38,268		1,233,701
Restaurant Brands International, Inc.		3,600		138,031
Rogers Communications, Inc. (Class B) (a)		22,717		760,522
Royal Bank of Canada		53,666		3,230,553
Shaw Communications, Inc. (Class B) (a)		24,352		546,454
Silver Wheaton Corp.		15,249		289,689
SNC-Lavalin Group, Inc.		12,712		394,759
Sun Life Financial, Inc.		27,088		834,777
Suncor Energy, Inc.		53,369		1,559,563
Talisman Energy, Inc. (a)		59,645		457,286
Teck Resources, Ltd. (Class B)		34,003		466,618
TELUS Corp.		15,941		529,521
Thomson Reuters Corp. (a)		20,001		810,937
Toronto-Dominion Bank		67,760		2,900,331
TransAlta Corp. (a)		29,092		269,902
TransCanada Corp. (a)		28,637		1,224,619
Valeant Pharmaceuticals International, Inc. (b)		10,687		2,111,326
Yamana Gold, Inc.		28,882		103,533
				45,881,391
CHILE — 0.3%
Empresa Nacional de Electricidad SA ADR		23,781		1,071,334
Enersis SA ADR (a)		73,313		1,192,069
Sociedad Quimica y Minera de Chile SA ADR		5,571		101,671
				2,365,074
CHINA — 3.3%
Agricultural Bank of China, Ltd. (Class H)		1,120,000		554,724
Bank of China, Ltd. (Class H)		3,365,436		1,944,674
Bank of Communications Co., Ltd. (Class H)		675,710		579,575
Brilliance China Automotive Holdings, Ltd.		68,000		131,035
China CITIC Bank Corp., Ltd. (Class H)		136,000		102,442
China Communications Construction Co., Ltd. (Class H)		113,000		159,158
China Construction Bank Corp. (Class H)		2,474,720		2,055,603
China COSCO Holdings Co., Ltd. (a)(b)		484,295		254,858
China Life Insurance Co., Ltd. (Class H)		392,000		1,716,537
China Merchants Bank Co., Ltd. (Class H)		286,014		698,706
China Minsheng Banking Corp., Ltd. (Class H)		95,500		116,649
China Pacific Insurance Group Co., Ltd. (Class H)		71,800		341,726
China Petroleum & Chemical Corp. (Class H)		1,317,800		1,048,726
China Shenhua Energy Co., Ltd. (Class H)		96,500		246,445
China Telecom Corp., Ltd. (Class H)		1,162,000		744,886
Great Wall Motor Co., Ltd. (Class H)		26,500		187,307
Hengan International Group Co., Ltd.		49,000		588,401
Huaneng Power International, Inc. (Class H)		792,000		937,768
Industrial & Commercial Bank of China, Ltd. (Class H)		2,672,045		1,971,366
Kingsoft Corp., Ltd.		54,000		158,454
PetroChina Co., Ltd. (Class H)		986,000		1,091,168
PICC Property & Casualty Co., Ltd. (Class H)		235,610		465,565
Ping An Insurance Group Co. of China, Ltd. (Class H)		98,000		1,178,065
Shandong Weigao Group Medical Polymer Co., Ltd.		124,000		109,237
Tencent Holdings, Ltd.		207,800		3,945,307
Tingyi Cayman Islands Holding Corp.		194,000		417,374
Yanzhou Coal Mining Co., Ltd. (Class H) (a)		192,000		164,188
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		22,000		144,433
Zijin Mining Group Co., Ltd. (Class H) (a)		978,000		310,314
				22,364,691
COLOMBIA — 0.1%
BanColombia SA ADR (a)		12,553		493,710
DENMARK — 1.2%
AP Moeller — Maersk A/S (Class B) (a)		490		1,024,238
Danske Bank A/S		33,013		870,886
DSV A/S		25,373		788,985
Novo Nordisk A/S (Class B)		96,808		5,177,196
Pandora A/S		2,705		246,351
Vestas Wind Systems A/S		5,154		213,318
				8,320,974
FINLAND — 0.9%
Elisa Oyj (a)		16,218		407,584
Fortum Oyj		24,178		507,917
Kone Oyj (Class B) (a)		24,152		1,070,772
Metso Oyj (a)		12,820		374,095
Neste Oil Oyj (a)		15,525		406,842
Nokia Oyj		103,141		787,599
Sampo Oyj (Class A)		21,199		1,070,538
Stora Enso Oyj (a)		42,720		440,001
UPM-Kymmene Oyj		30,542		594,374

See accompanying notes to financial statements.

237

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Wartsila Oyj Abp (a)		11,669	$	516,590
				6,176,312
FRANCE — 6.3%
Accor SA		11,794		615,351
Air Liquide SA		16,688		2,147,164
Alcatel-Lucent (b)		73,017		276,039
Alstom SA (b)		10,388		320,532
AXA SA		66,030		1,663,339
BNP Paribas SA		41,893		2,545,258
Bouygues SA		11,765		461,705
Cap Gemini SA		7,644		626,971
Carrefour SA		30,247		1,009,967
Credit Agricole SA		38,432		564,449
Danone SA		25,757		1,732,258
Essilor International SA		15,795		1,811,736
GDF Suez		45,707		903,489
Hermes International		504		177,762
Kering		6,486		1,266,412
L’Oreal SA		12,754		2,347,117
Lagardere SCA		8,824		264,787
LVMH Moet Hennessy Louis Vuitton SE		10,383		1,830,492
Orange SA		87,096		1,399,842
Pernod Ricard SA		9,062		1,072,044
Publicis Groupe SA		11,998		925,590
Renault SA		13,785		1,255,027
Sanofi		45,709		4,512,977
Schneider Electric SE		23,731		1,843,991
Societe Generale SA		28,172		1,360,645
Sodexo SA		6,884		671,248
Technip SA		7,178		434,566
Total SA (a)		94,590		4,701,060
Unibail-Rodamco SE		3,442		928,058
Vallourec SA		5,150		125,694
Veolia Environnement SA		20,918		395,737
Vinci SA		24,824		1,419,163
Vivendi SA		60,389		1,499,836
				43,110,306
GERMANY — 6.6%
adidas AG (a)		14,830		1,173,691
Allianz SE		19,778		3,437,947
BASF SE		41,211		4,096,318
Bayer AG		32,351		4,862,557
Bayerische Motoren Werke AG		12,812		1,602,362
Commerzbank AG (b)		29,134		402,075
Daimler AG (a)		41,490		3,998,391
Deutsche Bank AG		44,939		1,561,838
Deutsche Boerse AG		12,550		1,025,190
Deutsche Lufthansa AG		18,156		255,054
Deutsche Post AG		48,446		1,513,842
Deutsche Telekom AG		131,713		2,411,888
E.ON SE		84,158		1,255,005
Fresenius Medical Care AG & Co. KGaA		13,636		1,134,406
Linde AG		6,207		1,264,267
MAN SE		7,076		744,763
Merck KGaA		10,014		1,124,439
Metro AG		8,922		302,750
Muenchener Rueckversicherungs- Gesellschaft AG		9,965		2,148,508
OSRAM Licht AG		3,660		181,998
RWE AG		21,710		554,467
SAP SE		41,703		3,024,602
Siemens AG		37,735		4,081,107
ThyssenKrupp AG		17,784		466,709
Volkswagen AG		5,624		1,449,944
Volkswagen AG Preference Shares		5,563		1,480,819
				45,554,937
GREECE — 0.1%
Hellenic Telecommunications Organization SA (b)		10,653		94,391
JUMBO SA		13,023		135,391
National Bank of Greece SA (b)		67,305		79,514
OPAP SA		18,750		175,801
				485,097
HONG KONG — 3.9%
AAC Technologies Holdings, Inc.		17,000		104,920
AIA Group, Ltd.		471,800		2,969,649
AviChina Industry & Technology Co., Ltd. (Class H)		272,000		195,412
Bank of East Asia, Ltd.		205,890		819,253
Belle International Holdings, Ltd.		291,000		338,929
China Mengniu Dairy Co., Ltd.		119,000		632,370
China Merchants Holdings International Co., Ltd.		205,051		802,690
China Mobile, Ltd.		296,000		3,863,667
China Overseas Land & Investment, Ltd.		198,000		639,735
China Pharmaceutical Group, Ltd.		132,000		111,688
China Resources Enterprise, Ltd. (a)		194,000		380,341
China Taiping Insurance Holdings Co., Ltd. (b)	��	30,200		103,029
China Unicom (Hong Kong), Ltd.		388,000		590,529
CITIC, Ltd. (a)		198,000		339,149
CK Hutchison Holdings, Ltd.		74,556		1,527,076
CNOOC, Ltd.		888,217		1,255,617
COSCO Pacific, Ltd.		418,646		548,615
Esprit Holdings, Ltd.		6		6
Galaxy Entertainment Group, Ltd.		78,000		355,138
Geely Automobile Holdings, Ltd.		215,000		110,647
GOME Electrical Appliances Holding, Ltd.		802,000		115,856
Hanergy Thin Film Power Group, Ltd. (b)		440,000		396,128
Hang Lung Properties, Ltd.		198,000		556,736
Henderson Land Development Co., Ltd.		75,949		533,393
Hong Kong & China Gas Co., Ltd.		536,487		1,241,392
Hong Kong Exchanges and Clearing, Ltd.		61,011		1,495,165
Hutchison Whampoa, Ltd.		98,000		1,360,084
Lenovo Group, Ltd.		172,000		251,132
Li & Fung, Ltd.		396,000		386,650
Link REIT		166,286		1,025,206
New World Development Co., Ltd.		401,559		465,625
Sands China, Ltd.		118,400		490,212

See accompanying notes to financial statements.

238

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Shangri-La Asia, Ltd.		196,333	$	269,947
Sino Biopharmaceutical, Ltd.		136,000		137,701
Sun Hung Kai Properties, Ltd.		86,185		1,329,506
Swire Pacific, Ltd.		60,006		818,082
				26,561,275
HUNGARY — 0.0% (d)
MOL Hungarian Oil and Gas PLC		6,102		264,896
INDIA — 1.6%
Dr. Reddy’s Laboratories, Ltd. ADR		39,443		2,252,196
Housing Development Finance Corp., Ltd.		32,814		689,877
ICICI Bank, Ltd. ADR		217,259		2,250,803
Infosys, Ltd. ADR (a)		54,933		1,927,050
ITC, Ltd.		21,818		113,603
Mahindra & Mahindra, Ltd. GDR		17,174		328,882
Reliance Industries, Ltd. GDR (e)		49,065		1,297,769
Tata Motors, Ltd. ADR (a)		54,619		2,461,132
				11,321,312
INDONESIA — 0.8%
Astra Agro Lestari Tbk PT		139,100		258,518
Astra International Tbk PT		2,024,400		1,327,666
Bank Central Asia Tbk PT		345,500		391,743
Bank Mandiri Persero Tbk PT		398,600		380,309
Bank Rakyat Indonesia Persero Tbk PT		1,877,400		1,906,117
Bumi Resources Tbk PT (b)		1,026,000		6,121
Charoen Pokphand Indonesia Tbk PT		1,015,000		275,195
Gudang Garam Tbk PT		47,500		185,277
Telekomunikasi Indonesia Persero Tbk PT		2,715,300		600,170
				5,331,116
IRELAND — 0.3%
Bank of Ireland (b)		1,109,490		421,824
CRH PLC		25,939		675,011
James Hardie Industries PLC		68,150		794,484
Kerry Group PLC (Class A)		4,382		294,142
				2,185,461
ISRAEL — 0.5%
Bank Hapoalim BM		114,150		549,982
Bank Leumi Le-Israel BM (b)		111,166		412,886
NICE Systems, Ltd.		3,738		229,260
Teva Pharmaceutical Industries, Ltd. ADR		38,797		2,417,053
				3,609,181
ITALY — 1.4%
Assicurazioni Generali SpA		45,967		903,938
Atlantia SpA		34,697		911,119
Banca Monte dei Paschi di Siena SpA (a)(b)		148,340		98,458
Banco Popolare SC (b)		11,141		174,217
Enel SpA		262,440		1,187,196
ENI SpA		90,449		1,566,904
Finmeccanica SpA (b)		26,323		313,241
Intesa Sanpaolo SpA		473,438		1,609,823
Mediobanca SpA		31,438		301,685
Pirelli & C. SpA		40,790		677,279
Saipem SpA (a)(b)		19,384		197,671
Telecom Italia SpA (a)(b)		647,548		759,449
UBI Banca SCpA		46,265		361,981
UniCredit SpA		98,411		669,039
				9,732,000
JAPAN — 16.1%
Aeon Co., Ltd. (a)		29,200		321,157
Aisin Seiki Co., Ltd.		19,500		708,943
Asahi Glass Co., Ltd.		97,000		637,365
Asahi Group Holdings, Ltd.		29,600		941,252
Asahi Kasei Corp. (a)		99,000		948,518
Astellas Pharma, Inc.		148,000		2,428,101
Bank of Yokohama, Ltd.		99,000		581,163
Bridgestone Corp.		29,600		1,188,690
Canon, Inc.		39,200		1,388,548
Central Japan Railway Co.		9,900		1,795,084
Chiba Bank, Ltd.		99,000		728,105
Chubu Electric Power Co., Inc.		39,400		471,124
Credit Saison Co., Ltd.		29,100		523,642
Daiichi Sankyo Co., Ltd. (a)		39,500		628,113
Daikin Industries, Ltd.		29,600		1,985,921
Daiwa Securities Group, Inc.		97,000		765,162
Denso Corp.		19,800		905,261
East Japan Railway Co.		19,700		1,583,556
Eisai Co., Ltd. (a)		9,900		704,578
Electric Power Development Co., Ltd.		9,900		334,334
FANUC Corp.		9,800		2,145,091
FUJIFILM Holdings Corp.		29,300		1,044,832
Fujitsu, Ltd.		99,000		676,180
Hitachi, Ltd.		197,000		1,352,265
Honda Motor Co., Ltd. (a)		69,100		2,248,883
Hoya Corp.		19,800		795,385
Inpex Corp.		38,800		428,846
ITOCHU Corp. (a)		98,700		1,071,153
Japan Real Estate Investment Corp.		198		932,833
Japan Retail Fund Investment Corp.		396		787,872
Japan Tobacco, Inc.		39,500		1,251,780
JFE Holdings, Inc.		29,300		648,424
Joyo Bank, Ltd. (a)		99,000		510,169
JSR Corp.		19,800		343,910
JX Holdings, Inc.		177,808		685,285
Kajima Corp.		99,000		460,638
Kamigumi Co., Ltd.		98,000		927,496
Kansai Electric Power Co., Inc. (b)		48,900		467,491
KDDI Corp.		59,400		1,347,490
Keikyu Corp.		98,423		788,697
Kintetsu Corp. (a)		197,000		724,428
Kobe Steel, Ltd.		198,000		366,529
Komatsu, Ltd.		49,300		971,201
Konica Minolta Holdings, Inc.		49,500		503,977
Kubota Corp.		98,000		1,555,089
Kyocera Corp.		19,600		1,077,367
LIXIL Group Corp. (a)		19,500		462,927
Makita Corp. (a)		9,700		504,715
Marubeni Corp. (a)		98,000		568,755
Marui Group Co., Ltd. (a)		59,300		674,959
Mitsubishi Chemical Holdings Corp.		99,000		576,705
Mitsubishi Corp. (a)		69,100		1,394,676
Mitsubishi Electric Corp.		98,000		1,167,338
Mitsubishi Estate Co., Ltd.		98,618		2,291,835

See accompanying notes to financial statements.

239

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Mitsubishi Heavy Industries, Ltd.		197,000	$	1,087,956
Mitsubishi UFJ Financial Group, Inc.		408,000		2,530,161
Mitsui & Co., Ltd.		98,700		1,326,699
Mitsui Chemicals, Inc.		99,000		318,649
Mitsui Fudosan Co., Ltd.		21,000		618,049
Mizuho Financial Group, Inc.		566,400		997,015
MS&AD Insurance Group Holdings, Inc. (a)		29,600		831,787
Murata Manufacturing Co., Ltd.		9,900		1,364,991
NEC Corp.		93,000		273,746
Nidec Corp.		20,000		1,331,999
Nintendo Co., Ltd.		3,100		456,890
Nippon Steel & Sumitomo Metal Corp.		395,000		996,352
Nippon Telegraph & Telephone Corp.		19,700		1,215,100
Nippon Yusen K.K.		99,000		285,629
Nissan Motor Co., Ltd.		98,700		1,007,370
Nitto Denko Corp.		9,800		656,193
Nomura Holdings, Inc.		107,000		630,089
NTT Data Corp. (a)		9,900		431,745
NTT DoCoMo, Inc.		79,000		1,373,813
Obayashi Corp.		99,000		643,902
ORIX Corp.		108,600		1,529,048
Osaka Gas Co., Ltd.		197,000		825,782
Panasonic Corp.		100,200		1,317,619
Rakuten, Inc.		12,000		211,982
Resona Holdings, Inc.		29,600		147,253
Rohm Co., Ltd.		9,700		665,674
Secom Co., Ltd.		9,900		662,477
Seven & i Holdings Co., Ltd.		39,500		1,664,319
Sharp Corp. (a)(b)		97,000		190,077
Shin-Etsu Chemical Co., Ltd.		19,700		1,289,514
Shizuoka Bank, Ltd. (a)		98,000		980,613
Softbank Corp.		39,500		2,299,020
Sompo Japan Nipponkoa Holdings, Inc.		29,500		918,762
Sony Corp. (b)		49,100		1,306,058
Sumitomo Chemical Co., Ltd.		99,000		510,169
Sumitomo Corp. (a)		49,400		529,528
Sumitomo Electric Industries, Ltd.		39,500		518,762
Sumitomo Mitsui Financial Group, Inc. (a)		29,600		1,135,747
Sumitomo Mitsui Trust Holdings, Inc.		98,000		404,911
T&D Holdings, Inc.		19,500		269,024
Takeda Pharmaceutical Co., Ltd. (a)		39,500		1,975,906
TDK Corp.		9,900		704,991
Teijin, Ltd.		197,000		670,219
Terumo Corp.		39,400		1,041,468
Tohoku Electric Power Co., Inc.		19,900		226,670
Tokio Marine Holdings, Inc.		29,600		1,120,197
Tokyo Electric Power Co., Inc. (b)		69,000		261,789
Tokyo Electron, Ltd.		9,900		691,947
Tokyo Gas Co., Ltd.		197,000		1,242,205
Tokyu Corp.		99,000		614,184
Toppan Printing Co., Ltd. (a)		99,000		764,428
Toray Industries, Inc.		99,000		831,295
Toshiba Corp. (a)		99,000		416,225
Toyota Motor Corp.		118,500		8,283,390
Toyota Tsusho Corp.		29,600		786,125
West Japan Railway Co.		19,700		1,035,390
Yahoo! Japan Corp. (a)		128,400		531,052
Yamada Denki Co., Ltd. (a)		58,500		241,463
Yamaha Corp.		38,600		677,210
Yamaha Motor Co., Ltd.		39,500		955,839
				110,150,305
LUXEMBOURG — 0.0% (d)
ArcelorMittal		32,424		305,575
MALAYSIA — 0.4%
AirAsia Bhd		243,000		156,160
Alliance Financial Group Bhd		307,600		397,841
Berjaya Sports Toto Bhd		458,500		415,974
British American Tobacco Malaysia Bhd		16,900		313,313
CIMB Group Holdings Bhd		175,900		295,423
Genting Bhd		85,500		207,776
Genting Malaysia Bhd		218,900		250,020
Genting Plantations Bhd		94,200		257,915
Lafarge Malaysia Bhd		87,900		233,783
PPB Group Bhd		51,100		212,210
Tenaga Nasional Bhd		38,600		149,668
UEM Sunrise Bhd		352,000		131,162
				3,021,245
MEXICO — 1.1%
America Movil SAB de CV (Series L)		1,840,133		1,891,559
Cemex SAB de CV (a)(b)		743,977		706,654
Controladora Comercial Mexicana SAB de CV		52,000		167,323
Fomento Economico Mexicano SAB de CV (b)		133,271		1,251,943
Gentera SAB de CV (b)		71,200		128,386
Grupo Financiero Banorte SAB de CV		206,017		1,197,081
Grupo Mexico SAB de CV (Series B)		115,646		341,983
Grupo Televisa SAB (b)		180,673		1,195,453
Industrias Penoles SAB de CV		8,315		144,869
Kimberly-Clark de Mexico SAB de CV (Class A)		67,600		141,907
Wal-Mart de Mexico SAB de CV		79,600		199,127
				7,366,285
NETHERLANDS — 2.5%
Airbus Group NV		23,254		1,509,476
Akzo Nobel NV		12,863		972,842
ASML Holding NV		15,452		1,573,082
CNH Industrial NV (a)		33,119		271,042
Fiat Chrysler Automobiles NV (b)		74,745		1,216,183
Heineken NV		12,549		957,316
ING Groep NV (b)		121,418		1,779,347
Koninklijke Ahold NV		46,229		911,076
Koninklijke DSM NV		10,416		581,377
Koninklijke KPN NV		261,966		888,789
Koninklijke Philips NV		47,239		1,340,664
Reed Elsevier NV		39,254		977,662
TNT Express NV		26,317		167,354
Unilever NV		85,181		3,560,114
Wolters Kluwer NV		18,200		594,223
				17,300,547

See accompanying notes to financial statements.

240

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
NORWAY — 0.6%
DnB NOR ASA		79,436	$	1,278,412
Norsk Hydro ASA		120,095		631,687
Statoil ASA (a)		47,780		846,618
Telenor ASA		38,326		774,690
Yara International ASA		9,815		499,330
				4,030,737
PERU — 0.1%
Cia de Minas Buenaventura SA ADR		6,905		69,947
Credicorp, Ltd.		2,863		402,624
				472,571
PHILIPPINES — 0.2%
Jollibee Foods Corp.		54,470		268,085
Metro Pacific Investments Corp.		1,068,000		115,402
Philippine Long Distance Telephone Co. ADR (a)		12,317		769,689
				1,153,176
POLAND — 0.2%
Alior Bank SA (b)		12,501		274,649
Bank Millennium SA		65,475		114,838
CCC SA		1,994		96,190
Enea SA		29,100		126,792
Energa SA		18,123		119,020
Eurocash SA		12,362		106,747
Getin Noble Bank SA (b)		194,527		86,707
Orange Polska SA GDR (a)		62,766		157,762
				1,082,705
PORTUGAL — 0.0% (d)
Banco Comercial Portugues SA (b)		1,684,382		173,124
Jeronimo Martins SGPS SA		10,572		132,845
				305,969
RUSSIA — 0.8%
Gazprom OAO ADR		231,389		1,100,023
Lukoil OAO ADR		28,110		1,291,092
MMC Norilsk Nickel OJSC ADR		15,236		270,668
Mobile Telesystems OJSC ADR		46,205		466,671
RusHydro JSC ADR (f)		40,054		38,452
RusHydro JSC ADR (f)		28,653		27,736
Sberbank of Russia ADR		64,393		282,943
Surgutneftegas OAO ADR Preference Shares		64,954		489,428
Tatneft OAO ADR		37,522		1,117,780
Uralkali PJSC GDR		9,742		130,056
				5,214,849
SINGAPORE — 1.2%
CapitaLand, Ltd.		197,000		514,150
DBS Group Holdings, Ltd.		102,838		1,526,414
Singapore Exchange, Ltd.		197,000		1,169,046
Singapore Press Holdings, Ltd. (a)		296,000		904,163
Singapore Telecommunications, Ltd.		691,000		2,206,444
United Overseas Bank, Ltd.		99,959		1,676,064
				7,996,281
SOUTH AFRICA — 1.4%
Anglo American Platinum, Ltd. (b)		7,787		191,213
AngloGold Ashanti, Ltd. (b)		20,568		198,088
Discovery, Ltd.		45,736		471,091
FirstRand, Ltd. (a)		193,376		891,209
Gold Fields, Ltd.		46,848		198,431
Impala Platinum Holdings, Ltd. (b)		29,669		144,057
MTN Group, Ltd.		72,728		1,230,516
Naspers, Ltd. (Class N)		19,849		3,063,459
Sanlam, Ltd.		190,185		1,230,149
Sasol, Ltd.		29,870		1,016,116
Standard Bank Group, Ltd.		64,653		896,458
				9,530,787
SOUTH KOREA — 3.7%
Celltrion, Inc. (a)(b)		6,992		440,525
CJ CheilJedang Corp.		1,118		380,913
E-Mart Co., Ltd.		1,288		270,498
Hana Financial Group, Inc.		25,560		662,355
Hyundai Department Store Co., Ltd.		2,146		288,209
Hyundai Development Co.-Engineering & Construction		16,025		823,313
Hyundai Heavy Industries Co., Ltd. (a)(b)		3,455		379,927
Hyundai Mobis Co., Ltd.		5,071		1,126,686
Hyundai Motor Co.		7,193		1,092,452
Hyundai Steel Co.		3,045		200,356
KB Financial Group, Inc.		25,538		904,631
Kia Motors Corp.		23,964		976,315
Korea Electric Power Corp. ADR (a)(b)		27,893		571,807
Korea Zinc Co., Ltd.		1,558		595,423
KT Corp. ADR (b)		20,053		262,293
KT&G Corp.		7,924		633,520
LG Chem, Ltd. Preference Shares		6,576		900,944
LG Electronics, Inc. (a)		9,375		497,713
LG Household & Health Care, Ltd.		628		476,045
Lotte Chemical Corp.		1,433		262,847
NAVER Corp.		1,841		1,113,445
NCSoft Corp.		1,119		183,062
POSCO ADR		15,004		820,119
Samsung C&T Corp.		4,919		263,363
Samsung Electronics Co., Ltd. GDR		9,989		6,432,916
Samsung Engineering Co., Ltd. (b)		1,705		59,244
Samsung Fire & Marine Insurance Co., Ltd.		3,244		782,162
Samsung Heavy Industries Co., Ltd.		6,321		102,838
Samsung Securities Co., Ltd.		11,023		516,649
Shinhan Financial Group Co., Ltd.		19,326		730,746
SK Holdings Co., Ltd.		3,805		583,037
SK Hynix, Inc.		16,184		664,456
SK Innovation Co., Ltd. (b)		4,890		420,484
SK Telecom Co., Ltd. ADR		23,075		627,871
				25,047,164
SPAIN — 2.3%
Abertis Infraestructuras SA		41,778		755,379
ACS, Actividades de Construccion y Servicios SA		20,093		712,136
Amadeus IT Holding SA (Class A)		5,523		237,031
Banco Bilbao Vizcaya Argentaria SA		210,067		2,122,556
Banco Popular Espanol SA (a)		70,747		346,327
Banco Santander SA		487,006		3,670,202

See accompanying notes to financial statements.

241

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Distribuidora Internacional de Alimentacion SA		19,403	$	151,832
Ferrovial SA		55,085		1,171,393
Gas Natural SDG SA		16,503		370,702
Iberdrola SA		222,522		1,434,409
Inditex SA		47,061		1,510,240
Mapfre SA		112,782		411,713
Repsol SA		52,195		971,755
Telefonica SA		155,478		2,214,199
				16,079,874
SWEDEN — 2.4%
Assa Abloy AB (Class B)		25,864		1,541,514
Atlas Copco AB (Class B)		61,647		1,822,093
Hennes & Mauritz AB (Class B)		42,261		1,712,678
Husqvarna AB (Class B)		119,961		869,378
Nordea Bank AB		145,676		1,778,710
Sandvik AB		53,284		595,920
Securitas AB (Class B)		32,127		460,817
Skandinaviska Enskilda Banken AB (Class A)		57,496		672,694
Skanska AB (Class B)		32,032		718,339
SKF AB (Class B) (a)		31,142		804,545
Svenska Handelsbanken AB (Class A)		27,385		1,236,192
Swedbank AB (Class A) (a)		35,027		837,085
Tele2 AB (Class B)		39,901		477,014
Telefonaktiebolaget LM Ericsson (Class B)		134,732		1,693,514
TeliaSonera AB		94,600		601,119
Volvo AB (Class B)		55,299		668,791
				16,490,403
SWITZERLAND — 6.6%
ABB, Ltd. (b)		93,880		1,993,971
Adecco SA (b)		7,981		665,563
Cie Financiere Richemont SA		20,141		1,623,639
Coca-Cola HBC AG (b)		6,343		114,407
Credit Suisse Group AG (b)		53,666		1,446,490
Geberit AG		2,173		816,581
Givaudan SA (b)		560		1,015,876
Holcim, Ltd. (b)		12,465		932,340
Julius Baer Group, Ltd. (b)		6,141		308,283
Kuehne + Nagel International AG		4,620		687,316
Lonza Group AG (b)		1,082		135,347
Nestle SA		123,497		9,332,523
Novartis AG		89,885		8,897,810
Roche Holding AG		28,916		7,981,447
SGS SA		395		756,409
Sika AG		52		186,254
Sonova Holding AG		1,159		161,446
Swatch Group AG		2,249		954,198
Swiss Re AG		13,450		1,303,042
Syngenta AG		4,435		1,509,991
Transocean, Ltd. (a)		5,820		84,247
UBS Group AG (b)		132,683		2,502,577
Zurich Insurance Group AG (b)		6,256		2,120,973
				45,530,730
TAIWAN — 2.7%
Advanced Semiconductor Engineering Inc, ADR		303,649		2,186,273
Advantech Co., Ltd.		14,000		106,711
AU Optronics Corp. ADR (a)		131,443		658,529
Catcher Technology Co., Ltd.		20,000		209,652
Chicony Electronics Co., Ltd.		51,000		143,106
China Airlines, Ltd. (b)		346,000		177,478
Chunghwa Telecom Co., Ltd. ADR (a)		49,795		1,596,926
Compal Electronics, Inc.		122,000		101,569
Delta Electronics, Inc.		23,000		145,174
Eclat Textile Co., Ltd.		9,000		118,361
Eva Airways Corp. (b)		227,000		166,496
Formosa International Hotels Corp.		20,000		211,250
Giant Manufacturing Co., Ltd.		17,000		164,078
Hon Hai Precision Industry Co., Ltd. GDR		507,373		2,942,763
Largan Precision Co., Ltd.		3,000		258,389
MediaTek, Inc.		18,000		243,624
Merida Industry Co., Ltd.		28,000		220,134
Pegatron Corp.		48,000		129,933
President Chain Store Corp.		15,000		112,895
ScinoPharm Taiwan, Ltd.		127,000		201,114
Siliconware Precision Industries Co., Ltd. ADR (a)		196,938		1,610,953
Standard Foods Corp.		96,000		247,287
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		196,314		4,609,453
United Microelectronics Corp. ADR (a)		710,575		1,733,803
				18,295,951
THAILAND — 0.5%
Bangkok Bank PCL		410,976		2,342,841
IRPC PCL		2,503,700		330,852
PTT PCL		79,777		791,886
				3,465,579
TURKEY — 0.4%
Akbank TAS		247,420		728,967
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		451,518		512,990
Turkiye Garanti Bankasi AS		189,611		622,908
Turkiye Is Bankasi (Class C)		428,434		968,576
				2,833,441
UNITED KINGDOM — 14.4%
3i Group PLC		116,220		832,279
Anglo American PLC		62,691		941,816
AstraZeneca PLC		44,068		3,026,610
BAE Systems PLC		122,911		955,186
Barclays PLC		584,490		2,104,982
BG Group PLC		154,977		1,907,227
BHP Billiton PLC		77,968		1,705,482
BP PLC		806,070		5,225,604
British American Tobacco PLC		65,932		3,414,409
British Land Co. PLC		109,119		1,348,544
BT Group PLC		279,173		1,815,215
Burberry Group PLC		26,239		675,035
Capita PLC		24,712		409,404

See accompanying notes to financial statements.

242

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Centrica PLC		291,911	$	1,096,356
Cobham PLC		38,729		174,894
Compass Group PLC		111,107		1,933,079
Diageo PLC		123,833		3,418,323
Experian PLC		37,646		624,241
Fresnillo PLC		10,787		109,291
G4S PLC		58,131		255,262
GlaxoSmithKline PLC		169,799		3,896,953
Glencore PLC (b)		409,367		1,737,431
Hammerson PLC		93,588		923,894
HSBC Holdings PLC		781,728		6,661,133
ICAP PLC		107,864		843,855
Imperial Tobacco Group PLC		45,133		1,985,210
Indivior PLC (b)		29,862		84,227
InterContinental Hotels Group PLC		8,336		325,952
J Sainsbury PLC (a)		98,952		380,750
Land Securities Group PLC		53,162		988,856
Lloyds Banking Group PLC (b)		2,002,886		2,327,489
Marks & Spencer Group PLC		82,932		658,653
National Grid PLC		208,290		2,673,711
Next PLC		16,613		1,732,507
Old Mutual PLC		528,929		1,743,920
Pearson PLC		44,589		960,452
Prudential PLC		61,019		1,514,544
Randgold Resources, Ltd.		2,732		190,332
Reckitt Benckiser Group PLC		32,844		2,827,903
Reed Elsevier PLC		64,916		1,116,904
Rio Tinto PLC		58,456		2,405,486
Rolls-Royce Holdings PLC (b)		72,718		1,028,763
Royal Bank of Scotland Group PLC (b)		109,086		550,590
Royal Dutch Shell PLC (Class A)		136,222		4,060,612
Royal Dutch Shell PLC (Class B)		85,463		2,662,999
RSA Insurance Group PLC		46,130		288,232
SABMiller PLC		40,787		2,143,411
Sage Group PLC		89,661		621,186
Severn Trent PLC		29,330		896,497
Shire PLC		21,696		1,727,945
Sky PLC		63,821		940,791
Smith & Nephew PLC		61,821		1,049,887
Smiths Group PLC		14,808		245,764
SSE PLC		56,357		1,253,257
Standard Chartered PLC		68,051		1,104,673
Standard Life PLC		128,643		908,258
Tesco PLC		361,535		1,298,007
Tullow Oil PLC		22,890		96,232
Unilever PLC		63,472		2,652,413
United Utilities Group PLC		43,459		601,924
Vodafone Group PLC		1,193,294		3,905,153
Whitbread PLC		6,342		493,801
Wolseley PLC		9,841		583,336
WPP PLC		64,027		1,455,187
				98,522,319
TOTAL COMMON STOCKS —
(Cost $697,961,879)				681,731,770
RIGHTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Discovery, Ltd. (expiring 4/2/15) (b)		4,436		12,742
SPAIN — 0.0% (d)
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (b)		210,067		30,232
Telefonica SA (expiring 4/10/15) (b)		155,478		25,047
				55,279
TOTAL RIGHTS —
(Cost $29,741)				68,021
SHORT TERM INVESTMENT — 6.6%
UNITED STATES — 6.6%
MONEY MARKET FUND — 6.6%
State Street Navigator Securities Lending Prime Portfolio (g)(h) (Cost $45,593,004)		45,593,004		45,593,004
TOTAL INVESTMENTS — 106.0%
(Cost $743,584,624)				727,392,795
OTHER ASSETS & LIABILITIES — (6.0)%				(41,161,473	)
NET ASSETS — 100.0%			$	686,231,322

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight 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)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions (partnership limited by shares)

See accompanying notes to financial statements.

243

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 2.7%
Alumina, Ltd.		33,903	$	41,570
Amcor, Ltd.		2,978		31,942
AMP, Ltd.		10,248		50,419
Australia & New Zealand Banking Group, Ltd.		2,335		65,359
BHP Billiton, Ltd.		2,914		69,077
Boral, Ltd. (a)		9,483		46,220
Brambles, Ltd.		6,952		61,183
Coca-Cola Amatil, Ltd. (a)		3,452		28,429
Commonwealth Bank of Australia (a)		749		53,443
CSL, Ltd.		1,336		94,021
Fortescue Metals Group, Ltd. (a)		5,202		7,789
Iluka Resources, Ltd. (a)		1,386		9,000
Insurance Australia Group, Ltd.		15,988		74,506
Lend Lease Group		8,236		104,697
Macquarie Group, Ltd.		1,400		82,001
National Australia Bank, Ltd.		2,898		85,347
Newcrest Mining, Ltd. (b)		1,644		16,792
Novion Property Group		39,554		75,845
Origin Energy, Ltd.		3,350		28,945
Orora, Ltd.		1,469		2,547
OZ Minerals, Ltd.		5,028		15,134
QBE Insurance Group, Ltd.		2,448		24,387
Recall Holdings, Ltd.		698		4,127
Rio Tinto, Ltd. (a)		1,048		45,819
Santos, Ltd.		3,782		20,629
Scentre Group		7,300		20,857
Shopping Centres Australasia Property Group		64,131		98,966
Sonic Healthcare, Ltd. (a)		3,619		56,511
Suncorp Group, Ltd.		5,284		54,496
Sydney Airport		770		3,047
Toll Holdings, Ltd.		9,626		65,155
Transurban Group		4,922		35,834
Wesfarmers, Ltd.		3,222		108,205
Westfield Corp.		5,856		42,724
Westpac Banking Corp.		3,387		101,896
Woodside Petroleum, Ltd.		1,346		35,496
Woolworths, Ltd. (a)		1,182		26,629
				1,789,044
AUSTRIA — 0.1%
OMV AG		1,406		38,597
BELGIUM — 0.5%
Anheuser-Busch InBev NV		818		99,977
Delhaize Group		738		66,357
Solvay SA		379		54,768
UCB SA		1,237		89,477
				310,579
BRAZIL — 0.5%
Ambev SA ADR		7,912		45,573
Banco Bradesco SA Preference Shares ADR		5,446		50,535
Companhia Energetica de Minas Gerais ADR		5,953		24,348
Companhia Siderurgica Nacional SA ADR (a)		5,225		8,778
Gerdau SA ADR (a)		4,719		15,101
Itau Unibanco Holding SA Preference Shares ADR		5,605		61,991
Oi SA, ADR (b)		548		844
Petroleo Brasileiro SA Preference Shares ADR		5,906		35,968
Tim Participacoes SA ADR		1,797		29,794
Vale SA Preference Shares ADR (a)		6,276		30,439
				303,371
CANADA — 3.1%
Agrium, Inc. (a)		349		36,374
Bank of Montreal (a)		768		46,025
Bank of Nova Scotia (a)		968		48,564
Barrick Gold Corp.		1,496		16,360
Brookfield Asset Management, Inc. (Class A)		1,486		79,480
Cameco Corp. (a)		1,995		27,802
Canadian Imperial Bank of Commerce		349		25,302
Canadian National Railway Co.		1,508		100,994
Canadian Natural Resources, Ltd.		1,508		46,222
Canadian Pacific Railway, Ltd. (a)		319		58,410
Canadian Tire Corp., Ltd. (Class A)		369		37,593
Cenovus Energy, Inc.		1,915		32,282
Eldorado Gold Corp.		2,056		9,432
Enbridge, Inc. (a)		1,706		82,236
Encana Corp.		2,804		31,306
Enerplus Corp. (a)		2,204		22,345
First Quantum Minerals, Ltd.		1,067		12,932
Goldcorp, Inc.		1,466		26,530
IAMGOLD Corp. (b)		2,214		4,126
IGM Financial, Inc. (a)		589		20,932
Imperial Oil, Ltd. (a)		1,097		43,785
Kinross Gold Corp. (b)		3,243		7,195
Loblaw Cos., Ltd. (a)		1,228		60,038
Manulife Financial Corp.		3,931		66,763
National Bank of Canada		2,074		75,722
Onex Corp.		1,306		75,844
Penn West Petroleum, Ltd. (a)		1,696		2,799
Potash Corp. of Saskatchewan, Inc.		1,117		36,010
Rogers Communications, Inc. (Class B) (a)		2,076		69,501
Royal Bank of Canada (a)		1,817		109,379
Shaw Communications, Inc. (Class B) (a)		1,386		31,102
Silver Wheaton Corp.		978		18,579
SNC-Lavalin Group, Inc.		868		26,955
Sun Life Financial, Inc.		2,144		66,072
Suncor Energy, Inc. (a)		3,053		89,216
Talisman Energy, Inc. (a)		3,562		27,309
Teck Resources, Ltd. (Class B)		1,087		14,917
TELUS Corp.		2,934		97,460
TMX Group, Ltd. (a)		40		1,719
Toronto-Dominion Bank		1,676		71,738
TransAlta Corp. (a)		3,402		31,562
TransCanada Corp. (a)		609		26,043
Valeant Pharmaceuticals International, Inc. (b)		1,187		234,504

See accompanying notes to financial statements.

244

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Yamana Gold, Inc. (a)		2,992	$	10,725
				2,060,184
CHILE — 0.0% (c)
Empresa Nacional de Electricidad SA ADR		254		11,443
Enersis SA ADR		658		10,699
Sociedad Quimica y Minera de Chile SA ADR		145		2,646
				24,788
CHINA — 1.6%
Agricultural Bank of China, Ltd. (Class H)		70,000		34,670
Bank of China, Ltd. (Class H)		139,000		80,319
Bank of Communications Co., Ltd. (Class H)		50,000		42,886
China Construction Bank Corp. (Class H)		109,000		90,540
China Life Insurance Co., Ltd. (Class H)		19,000		83,200
China Merchants Bank Co., Ltd. (Class H)		14,674		35,847
China Petroleum & Chemical Corp. (Class H)		59,200		47,112
China Shenhua Energy Co., Ltd. (Class H)		9,500		24,262
China Telecom Corp., Ltd. (Class H)		60,000		38,462
Hengan International Group Co., Ltd.		5,000		60,041
Huaneng Power International, Inc. (Class H)		40,000		47,362
Industrial & Commercial Bank of China, Ltd. (Class H)		110,000		81,155
PetroChina Co., Ltd. (Class H)		40,000		44,267
PICC Property & Casualty Co., Ltd. (Class H)		21,859		43,193
Ping An Insurance Group Co. of China, Ltd. (Class H)		5,000		60,106
Tencent Holdings, Ltd.		10,000		189,861
Wumart Stores, Inc. (Class H) (a)		87,000		63,064
Yanzhou Coal Mining Co., Ltd. (Class H) (a)		20,000		17,103
				1,083,450
COLOMBIA — 0.0% (c)
BanColombia SA ADR (a)		213		8,377
DENMARK — 0.7%
AP Moeller — Maersk A/S (Class B) (a)		50		104,514
Danske Bank A/S		1,696		44,741
DSV A/S		2,545		79,138
Novo Nordisk A/S (Class B)		3,782		202,257
				430,650
FINLAND — 0.4%
Fortum Oyj (a)		1,326		27,856
Metso Oyj (a)		788		22,994
Nokia Oyj		8,209		62,685
Sampo Oyj (Class A)		928		46,863
UPM-Kymmene Oyj		3,023		58,830
Valmet Oyj (a)		172		2,062
Wartsila Oyj Abp (a)		898		39,755
				261,045
FRANCE — 3.1%
Accor SA		1,599		83,428
Alstom SA (b)		1,227		37,860
AXA SA		3,193		80,434
BNP Paribas SA		1,695		102,982
Bouygues SA		970		38,067
Cap Gemini SA		1,197		98,180
Carrefour SA		1,864		62,240
Credit Agricole SA		3,397		49,892
Danone SA		913		61,403
Essilor International SA		609		69,854
GDF Suez		1,626		32,141
Groupe Fnac (b)		885		54,957
Hermes International		16		5,643
Kering		209		40,808
LVMH Moet Hennessy Louis Vuitton SE		329		58,002
Orange SA		4,646		74,672
Pernod Ricard SA		448		52,999
Publicis Groupe SA		770		59,402
Renault SA		1,127		102,605
Sanofi		1,486		146,717
Schneider Electric SE		1,077		83,687
Societe Generale SA		1,356		65,492
Sodexo SA		948		92,438
Technip SA		498		30,150
Total SA		2,305		114,557
Unibail-Rodamco SE (a)		359		96,796
Vallourec SA		399		9,738
Veolia Environnement SA		2,856		54,031
Vinci SA		1,376		78,664
Vivendi SA		3,500		86,927
				2,024,766
GERMANY — 2.9%
adidas AG		818		64,739
Allianz SE		768		133,499
BASF SE		1,237		122,956
Bayer AG		1,456		218,846
Commerzbank AG (b)		1,376		18,990
Daimler AG (a)		1,706		164,407
Deutsche Bank AG		2,115		73,506
Deutsche Boerse AG		589		48,115
Deutsche Lufthansa AG		3,533		49,631
Deutsche Post AG		2,934		91,682
Deutsche Telekom AG		4,839		88,610
E.ON SE		3,033		45,230
Fresenius Medical Care AG & Co. KGaA		329		27,370
Linde AG		209		42,570
MAN SE		279		29,365
Merck KGaA		1,037		116,441
Muenchener Rueckversicherungs- Gesellschaft AG		448		96,591
OSRAM Licht AG		30		1,492
RWE AG		1,017		25,974
Salzgitter AG		1,077		31,329
SAP SE		1,508		109,371
Siemens AG		1,199		129,674

See accompanying notes to financial statements.

245

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
ThyssenKrupp AG		1,895	$	49,731
Volkswagen AG		359		92,555
				1,872,674
HONG KONG — 2.2%
AIA Group, Ltd.		14,000		88,120
Bank of East Asia, Ltd.		12,347		49,130
China Mobile, Ltd.		9,500		124,003
China Overseas Land & Investment, Ltd.		20,000		64,620
China Resources Enterprise, Ltd. (a)		20,000		39,210
China Unicom (Hong Kong), Ltd.		20,000		30,440
CITIC, Ltd. (a)		20,000		34,257
CK Hutchison Holdings, Ltd.		10,000		204,823
CNOOC, Ltd.		30,000		42,409
COSCO Pacific, Ltd.		20,240		26,523
Global Brands Group Holding, Ltd. (b)		6,000		1,176
Hang Lung Properties, Ltd.		10,000		28,118
Henderson Land Development Co., Ltd.		10,418		73,166
Hong Kong Exchanges and Clearing, Ltd.		3,023		74,083
Hutchison Whampoa, Ltd.		10,000		138,784
Li & Fung, Ltd.		20,000		19,528
Link REIT		10,058		62,011
New World Development Co., Ltd.		30,319		35,156
Sands China, Ltd.		8,000		33,122
Shangri-La Asia, Ltd.		20,000		27,499
Sun Hung Kai Properties, Ltd.		10,253		158,165
Swire Pacific, Ltd.		5,000		68,167
				1,422,510
HUNGARY — 0.1%
MOL Hungarian Oil and Gas PLC		229		9,941
Richter Gedeon NyRt		1,865		25,718
				35,659
INDIA — 0.6%
Dr. Reddy’s Laboratories, Ltd. ADR		2,126		121,395
ICICI Bank, Ltd. ADR		6,631		68,697
Infosys, Ltd. ADR (a)		1,856		65,108
Mahindra & Mahindra, Ltd. GDR		533		10,207
Reliance Industries, Ltd. GDR (d)		1,646		43,537
Tata Motors, Ltd. ADR (a)		1,797		80,973
				389,917
INDONESIA — 0.5%
Astra Agro Lestari Tbk PT		15,000		27,878
Astra International Tbk PT		50,800		33,316
Bank Central Asia Tbk PT		45,800		51,930
Bank Mandiri Persero Tbk PT		45,800		43,698
Bank Rakyat Indonesia Persero Tbk PT		53,100		53,912
Gudang Garam Tbk PT		5,000		19,503
Telekomunikasi Indonesia Persero Tbk PT		335,200		74,090
				304,327
IRELAND — 1.5%
Accenture PLC (Class A) (a)		1,037		97,157
Actavis PLC (a)(b)		343		102,160
Allegion PLC (a)		338		20,676
CRH PLC		1,555		40,466
Eaton Corp. PLC		2,066		140,364
Mallinckrodt PLC (a)(b)		129		16,338
Medtronic PLC		4,791		373,650
Pentair PLC (a)		119		7,484
Perrigo Co. PLC		19		3,145
Seagate Technology PLC (a)		1,037		53,955
Tyco International PLC		1,037		44,653
Weatherford International PLC (b)		5,168		63,566
				963,614
ISRAEL — 0.3%
Bank Hapoalim BM		6,923		33,356
Bank Leumi Le-Israel BM (b)		29,240		108,601
Teva Pharmaceutical Industries, Ltd. ADR		1,187		73,950
				215,907
ITALY — 0.6%
Assicurazioni Generali SpA		2,874		56,517
Banca Monte dei Paschi di Siena SpA (a)(b)		15,206		10,093
Enel SpA		12,647		57,211
ENI SpA		2,685		46,514
Intesa Sanpaolo SpA		22,821		77,598
Mediaset SpA (b)		11,220		51,262
Saipem SpA (a)(b)		569		5,802
Telecom Italia SpA (b)		53,316		62,529
UniCredit SpA		7,738		52,606
				420,132
JAPAN — 8.0%
Aisin Seiki Co., Ltd.		1,000		36,356
Asahi Group Holdings, Ltd.		1,000		31,799
Asahi Kasei Corp. (a)		10,000		95,810
Astellas Pharma, Inc.		5,000		82,030
Bridgestone Corp.		1,000		40,158
Canon, Inc.		1,000		35,422
Credit Saison Co., Ltd.		2,000		35,989
Daiichi Sankyo Co., Ltd. (a)		3,000		47,705
Daikin Industries, Ltd.		1,000		67,092
Daiwa Securities Group, Inc.		10,000		78,883
Denso Corp.		2,000		91,440
Eisai Co., Ltd. (a)		1,000		71,169
FUJIFILM Holdings Corp.		2,000		71,320
Fujitsu, Ltd.		9,000		61,471
Hitachi, Ltd. (a)		10,000		68,643
Hokuhoku Financial Group, Inc.		20,000		44,695
Honda Motor Co., Ltd.		2,000		65,091
Hoya Corp.		2,000		80,342
ITOCHU Corp. (a)		3,000		32,558
Japan Tobacco, Inc.		2,000		63,381
JFE Holdings, Inc.		2,000		44,261
Joyo Bank, Ltd. (a)		10,000		51,532
JSR Corp.		2,000		34,738
JX Holdings, Inc. (a)		5,000		19,270
Kajima Corp.		10,000		46,529
Kamigumi Co., Ltd.		10,000		94,642
Kansai Electric Power Co., Inc. (b)		2,000		19,120
KDDI Corp.		6,000		136,110
Kobe Steel, Ltd. (a)		30,000		55,535
Komatsu, Ltd.		2,000		39,400
Konica Minolta Holdings, Inc.		5,000		50,907
Kyocera Corp.		2,000		109,935

See accompanying notes to financial statements.

246

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Makita Corp.		1,000	$	52,032
Marubeni Corp. (a)		10,000		58,036
Marui Group Co., Ltd. (a)		9,000		102,439
Mitsubishi Chemical Holdings Corp.		5,000		29,127
Mitsubishi Corp. (a)		2,000		40,367
Mitsubishi Electric Corp.		10,000		119,116
Mitsubishi Heavy Industries, Ltd.		10,000		55,226
Mitsubishi UFJ Financial Group, Inc.		17,900		111,005
Mitsui & Co., Ltd.		2,000		26,883
Mizuho Financial Group, Inc.		36,900		64,954
MS&AD Insurance Group Holdings, Inc. (a)		2,000		56,202
Murata Manufacturing Co., Ltd.		1,000		137,878
NEC Corp.		2,000		5,887
Nippon Steel & Sumitomo Metal Corp.		29,000		73,150
Nippon Yusen K.K.		20,000		57,703
Nissan Motor Co., Ltd.		4,000		40,826
Nitto Denko Corp.		1,000		66,958
Nomura Holdings, Inc.		9,900		58,298
NTT Data Corp. (a)		1,000		43,611
Obayashi Corp.		10,000		65,041
ORIX Corp.		4,000		56,319
Osaka Gas Co., Ltd.		10,000		41,918
Panasonic Corp. (a)		6,000		78,899
Resona Holdings, Inc.		6,000		29,849
Rohm Co., Ltd.		1,000		68,626
Secom Co., Ltd.		1,000		66,917
Seven & i Holdings Co., Ltd.		1,000		42,135
Shin-Etsu Chemical Co., Ltd.		1,000		65,458
Softbank Corp.		2,000		116,406
Sompo Japan Nipponkoa Holdings, Inc.		2,000		62,289
Sony Corp. (b)		3,000		79,800
Sumitomo Chemical Co., Ltd.		10,000		51,532
Sumitomo Corp. (a)		2,000		21,438
Sumitomo Electric Industries, Ltd.		3,000		39,400
Sumitomo Mitsui Financial Group, Inc. (a)		2,000		76,740
Sumitomo Mitsui Trust Holdings, Inc.		10,000		41,317
T&D Holdings, Inc.		4,000		55,184
Takeda Pharmaceutical Co., Ltd. (a)		1,000		50,023
TDK Corp.		1,000		71,211
Teijin, Ltd.		10,000		34,021
Terumo Corp.		2,000		52,866
Tokio Marine Holdings, Inc.		2,000		75,689
Tokyo Electron, Ltd.		1,000		69,894
Tokyu Corp.		10,000		62,039
Toppan Printing Co., Ltd. (a)		10,000		77,215
Toshiba Corp. (a)		10,000		42,043
Toyota Motor Corp. (a)		4,000		279,608
Toyota Tsusho Corp. (a)		3,000		79,675
West Japan Railway Co.		1,000		52,558
Yamada Denki Co., Ltd. (a)		4,000		16,510
Yamaha Corp.		6,000		105,266
				5,230,917
LUXEMBOURG — 0.0% (c)
ArcelorMittal (a)		2,016		18,999
MEXICO — 0.5%
America Movil SAB de CV (Series L)		77,423		79,587
Cemex SAB de CV (b)		35,269		33,500
Fomento Economico Mexicano SAB de CV (b)		7,960		74,776
Grupo Financiero Banorte SAB de CV		7,660		44,509
Grupo Mexico SAB de CV (Series B)		12,738		37,668
Grupo Televisa SAB (b)		6,764		44,755
Industrias Penoles SAB de CV		518		9,025
				323,820
NETHERLANDS — 1.5%
Airbus Group NV		679		44,076
Akzo Nobel NV		766		57,933
ASML Holding NV		729		74,215
CNH Industrial NV (a)		1,426		11,670
Heineken NV		539		41,118
ING Groep NV (b)		6,992		102,466
Koninklijke Ahold NV		3,299		65,016
Koninklijke DSM NV		896		50,011
Koninklijke KPN NV		9,206		31,234
Koninklijke Philips NV		2,744		77,876
LyondellBasell Industries NV (Class A)		1,037		91,049
Reed Elsevier NV		3,531		87,943
Unilever NV		2,052		85,763
Wolters Kluwer NV		4,379		142,973
				963,343
NORWAY — 0.3%
DnB ASA		3,752		60,383
Norsk Hydro ASA		11,531		60,652
Telenor ASA		3,073		62,115
Yara International ASA		639		32,509
				215,659
PERU — 0.0% (c)
Compania de Minas Buenaventura SA ADR		309		3,130
PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR (a)		748		46,743
PORTUGAL — 0.0% (c)
Portugal Telecom SGPS SA (a)		8,777		5,090
RUSSIA — 0.4%
Gazprom OAO ADR (e)		781		3,682
Gazprom OAO ADR (e)		7,300		34,704
Lukoil OAO ADR		988		45,379
MMC Norilsk Nickel OJSC ADR		1,207		21,442
Mobile Telesystems OJSC ADR		1,885		19,039
RusHydro JSC ADR (e)		824		791
RusHydro JSC ADR (e)		1,044		1,011
Sberbank of Russia ADR (e)		412		1,800
Sberbank of Russia ADR (e)		3,848		16,908
Surgutneftegas OAO ADR Preference Shares		8,697		65,532
Tatneft OAO ADR		1,007		29,999
Uralkali PJSC GDR		154		2,056
				242,343
SINGAPORE — 0.4%
CapitaLand, Ltd. (a)		30,000		78,297
Singapore Exchange, Ltd.		20,000		118,685

See accompanying notes to financial statements.

247

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Singapore Press Holdings, Ltd. (a)		20,000	$	61,092
Singapore Telecommunications, Ltd.		10,000		31,931
				290,005
SOUTH AFRICA — 0.8%
AngloGold Ashanti, Ltd. (b)		878		8,456
Discovery, Ltd.		12,027		123,881
FirstRand, Ltd.		11,043		50,894
Gold Fields, Ltd.		2,126		9,005
Harmony Gold Mining Co., Ltd. (b)		2,355		4,109
Impala Platinum Holdings, Ltd. (b)		1,596		7,749
MTN Group, Ltd.		4,081		69,048
Naspers, Ltd. (Class N)		649		100,165
Sanlam, Ltd.		10,225		66,137
Sasol, Ltd.		788		26,806
Sibanye Gold, Ltd.		1,047		2,240
Standard Bank Group, Ltd.		2,642		36,633
				505,123
SOUTH KOREA — 1.4%
Actoz Soft Co., Ltd. (b)		467		15,343
E-Mart Co., Ltd.		36		7,560
Hana Financial Group, Inc.		408		10,573
Hyundai Heavy Industries Co., Ltd. (b)		53		5,828
Hyundai Hysco Co., Ltd.		141		8,096
Hyundai Mobis Co., Ltd.		102		22,663
Hyundai Motor Co.		231		35,084
Hyundai Steel Co.		39		2,566
JoyCity Corp. (b)		1,168		30,741
KB Financial Group, Inc.		559		19,801
KH Vatec Co., Ltd.		1,304		37,553
Kia Motors Corp.		329		13,404
Korea Electric Power Corp. ADR (a)(b)		774		15,867
KT&G Corp.		209		16,709
LG Chem, Ltd. Preference Shares		319		43,705
LG Electronics, Inc.		170		9,025
LG Household & Health Care, Ltd.		30		22,741
Lotte Chemical Corp.		24		4,402
NAVER Corp.		59		35,683
NHN Entertainment Corp. (b)		29		1,866
POSCO ADR		1,129		61,711
Samsung C&T Corp.		348		18,632
Samsung Electronics Co., Ltd. GDR		381		245,364
Samsung Engineering Co., Ltd. (b)		71		2,467
Samsung Fire & Marine Insurance Co., Ltd.		70		16,878
Samsung Heavy Industries Co., Ltd.		559		9,095
Samsung Securities Co., Ltd.		339		15,889
SeAH Steel Corp.		1,328		96,118
Shinhan Financial Group Co., Ltd.		559		21,137
SK Holdings Co., Ltd.		119		18,234
SK Hynix, Inc.		869		35,678
SK Innovation Co., Ltd. (b)		89		7,653
				908,066
SPAIN — 1.0%
Acciona SA (b)		1,242		95,748
Acerinox SA		2,804		47,055
ACS, Actividades de Construccion y Servicios SA		2,100		74,428
Banco Bilbao Vizcaya Argentaria SA		8,190		82,753
Banco Santander SA		18,716		141,049
Iberdrola SA		7,154		46,116
Inditex SA		2,000		64,182
Repsol SA		1,298		24,166
Telefonica SA		6,053		86,202
				661,699
SWEDEN — 1.1%
Assa Abloy AB (Class B)		1,137		67,766
Atlas Copco AB (Class B)		3,173		93,784
Nordea Bank AB		5,504		67,204
Sandvik AB		2,954		33,037
Securitas AB (Class B)		4,590		65,837
Skandinaviska Enskilda Banken AB (Class A)		6,943		81,232
Skanska AB (Class B)		3,013		67,568
SKF AB (Class B) (a)		2,144		55,390
Svenska Handelsbanken AB (Class A)		938		42,342
Tele2 AB (Class B)		1,895		22,655
Telefonaktiebolaget LM Ericsson (Class B)		5,617		70,603
TeliaSonera AB		4,839		30,749
Volvo AB (Class A)		4,630		56,210
				754,377
SWITZERLAND — 3.2%
ABB, Ltd. (b)		4,180		88,781
ACE, Ltd. (a)		1,037		115,615
Adecco SA (b)		808		67,382
Cie Financiere Richemont SA		1,137		91,658
Credit Suisse Group AG (b)		2,463		66,387
Geberit AG		329		123,633
Givaudan SA (b)		40		72,563
Holcim, Ltd. (b)		738		55,200
Kuehne + Nagel International AG		389		57,871
Nestle SA		2,894		218,696
Novartis AG		2,733		270,543
Roche Holding AG		1,017		280,714
SGS SA		40		76,598
Swatch Group AG		120		50,913
Swiss Re AG		978		94,749
Syngenta AG		100		34,047
TE Connectivity, Ltd. (a)		2,066		147,967
Transocean, Ltd. (a)		738		10,683
UBS Group AG (b)		5,683		107,189
Zurich Insurance Group AG (b)		199		67,467
				2,098,656
TAIWAN — 1.2%
Advanced Semiconductor Engineering Inc, ADR		11,940		85,968
AU Optronics Corp. ADR		10,265		51,428
Chunghwa Telecom Co., Ltd. ADR (a)		2,723		87,327
Hon Hai Precision Industry Co., Ltd. GDR		18,569		107,700
Siliconware Precision Industries Co., Ltd. ADR (a)		17,087		139,772
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		11,342		266,310

See accompanying notes to financial statements.

248

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
United Microelectronics Corp. ADR (a)		26,692	$	65,128
				803,633
THAILAND — 0.1%
Bangkok Bank PCL		11,000		62,707
PTT PCL		2,000		19,853
				82,560
TURKEY — 0.2%
Akbank TAS		7,560		22,274
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		41,396		47,032
Turkiye Garanti Bankasi AS		8,747		28,736
Turkiye Is Bankasi (Class C)		20,068		45,368
				143,410
UNITED KINGDOM — 7.4%
3i Group PLC		18,334		131,294
Anglo American PLC		2,305		34,628
AstraZeneca PLC		1,827		125,479
BAE Systems PLC		9,218		71,636
Barclays PLC		24,658		88,803
BG Group PLC		4,610		56,733
BHP Billiton PLC		3,143		68,750
BP PLC		26,491		171,736
British American Tobacco PLC		528		27,343
British Land Co. PLC		6,516		80,528
BT Group PLC		21,507		139,841
Burberry Group PLC		1,636		42,088
Capita PLC		5,556		92,046
Cobham PLC		27,382		123,653
Compass Group PLC		4,665		81,163
Diageo PLC		2,814		77,679
Experian PLC		3,839		63,658
G4S PLC		6,444		28,297
GlaxoSmithKline PLC		6,464		148,351
Glencore PLC (b)		5,496		23,326
Hammerson PLC		10,432		102,984
HSBC Holdings PLC		23,287		198,429
Imperial Tobacco Group PLC		1,037		45,613
Indivior PLC (b)		828		2,335
InterContinental Hotels Group PLC		2,605		101,860
J Sainsbury PLC (a)		7,620		29,320
Land Securities Group PLC		4,558		84,783
Liberty Global PLC (Class A) (b)		1,037		53,374
Liberty Global PLC (Series C) (b)		1,847		91,999
Lloyds Banking Group PLC (b)		89,563		104,078
Marks & Spencer Group PLC		10,524		83,583
National Grid PLC		2,050		26,315
Next PLC		748		78,006
Noble Corp. PLC (a)		2,066		29,503
Old Mutual PLC		15,510		51,138
Paragon Offshore PLC		688		894
Pearson PLC		1,237		26,645
Prudential PLC		5,018		124,551
Randgold Resources, Ltd.		299		20,831
Reckitt Benckiser Group PLC		828		71,292
Reed Elsevier PLC		3,223		55,453
Rio Tinto PLC		2,223		91,477
Rolls-Royce Holdings PLC (b)		3,272		46,290
Royal Dutch Shell PLC (Class A)		279		8,317
Royal Dutch Shell PLC (Class B)		7,870		245,227
RSA Insurance Group PLC		7,295		45,581
SABMiller PLC		1,356		71,260
Sage Group PLC		17,586		121,839
Severn Trent PLC		2,585		79,013
Sky PLC		2,076		30,603
Smith & Nephew PLC		4,686		79,581
Smiths Group PLC		3,612		59,947
SSE PLC		1,709		38,004
Standard Chartered PLC		3,642		59,121
Standard Life PLC		17,377		122,683
Tesco PLC		12,220		43,873
Tullow Oil PLC		1,837		7,723
Unilever PLC		1,585		66,235
United Utilities Group PLC		4,600		63,712
Vodafone Group PLC		37,704		123,390
Whitbread PLC		3,382		263,330
Wolseley PLC		878		52,045
WPP PLC		3,562		80,956
				4,860,225
UNITED STATES — 50.2%
3M Co.		1,037		171,053
Abbott Laboratories (a)		2,066		95,718
AbbVie, Inc.		1,017		59,535
Adobe Systems, Inc. (a)(b)		3,103		229,436
ADT Corp. (a)		251		10,422
Aetna, Inc.		2,066		220,091
Aflac, Inc. (a)		2,066		132,245
Agilent Technologies, Inc.		2,066		85,842
Alexion Pharmaceuticals, Inc. (b)		1,037		179,712
Allstate Corp. (a)		2,066		147,037
Altera Corp.		1,037		44,498
Altria Group, Inc.		2,066		103,341
Amazon.com, Inc. (a)(b)		837		311,448
American Capital Agency Corp. (a)		1,037		22,119
American Electric Power Co., Inc. (a)		2,066		116,213
American Express Co.		2,066		161,396
American Tower Corp.		1,037		97,634
Amgen, Inc.		1,766		282,295
Anadarko Petroleum Corp. (a)		1,037		85,874
Annaly Capital Management, Inc.		2,066		21,486
Anthem, Inc. (a)		1,037		160,123
Apache Corp.		1,037		62,562
Apple, Inc.		7,252		902,366
Applied Materials, Inc.		7,232		163,154
Archer-Daniels-Midland Co.		3,103		147,082
AT&T, Inc. (a)		7,232		236,125
Automatic Data Processing, Inc.		1,037		88,809
Baker Hughes, Inc.		1,566		99,566
Bank of America Corp.		17,585		270,633
Bank of New York Mellon Corp.		3,103		124,865
Baxter International, Inc.		2,066		141,521
Becton, Dickinson and Co.		1,037		148,903
Bed Bath & Beyond, Inc. (a)(b)		1,037		79,616
Berkshire Hathaway, Inc. (Class B) (b)		1,037		149,660
Biogen, Inc. (b)		637		268,967
Boeing Co.		1,037		155,633
Bristol-Myers Squibb Co. (a)		3,103		200,144

See accompanying notes to financial statements.

249

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Broadcom Corp. (Class A)		2,066	$	89,447
C.H. Robinson Worldwide, Inc. (a)		1,037		75,929
California Resources Corp. (a)		826		6,286
Cameron International Corp. (a)(b)		2,066		93,218
Capital One Financial Corp. (a)		1,037		81,736
Carnival Corp.		1,037		49,610
Caterpillar, Inc. (a)		1,037		82,991
CBS Corp. (Class B) (a)		2,053		124,473
CDK Global, Inc.		345		16,132
Celgene Corp. (a)(b)		2,074		239,091
CenturyLink, Inc. (a)		2,066		71,380
Charles Schwab Corp.		5,168		157,314
Chesapeake Energy Corp. (a)		3,103		43,938
Chevron Corp.		3,103		325,753
Chubb Corp. (a)		1,037		104,841
Church & Dwight Co., Inc.		2,066		176,478
Cisco Systems, Inc.		10,335		284,471
Citigroup, Inc.		5,168		266,255
Citrix Systems, Inc. (b)		1,037		66,233
Clorox Co. (a)		1,037		114,474
Coach, Inc. (a)		1,037		42,963
Coca-Cola Co.		4,140		167,877
Cognizant Technology Solutions Corp. (Class A) (b)		2,074		129,397
Colgate-Palmolive Co.		2,066		143,256
Comcast Corp. (Class A) Special (a)		2,668		149,581
ConAgra Foods, Inc.		2,066		75,471
ConocoPhillips (a)		2,066		128,629
Corning, Inc.		4,140		93,895
Costco Wholesale Corp.		1,037		157,100
CST Brands, Inc. (a)		110		4,821
CSX Corp.		4,140		137,117
Cummins, Inc.		1,037		143,770
CVS Health Corp.		2,066		213,232
Danaher Corp.		2,066		175,403
Deere & Co. (a)		1,037		90,935
Devon Energy Corp. (a)		1,037		62,541
DIRECTV (a)(b)		1,037		88,249
Discover Financial Services		2,066		116,419
Dollar Tree, Inc. (b)		2,066		167,646
Dow Chemical Co. (a)		3,103		148,882
Duke Energy Corp.		1,127		86,531
E. I. du Pont de Nemours & Co. (a)		2,066		147,657
eBay, Inc. (a)(b)		3,103		178,981
Ecolab, Inc.		1,037		118,612
Edison International		2,066		129,063
Eli Lilly & Co.		2,066		150,095
EMC Corp. (a)		4,140		105,818
Emerson Electric Co.		2,066		116,977
EOG Resources, Inc. (a)		2,074		190,165
Equity Residential		1,037		80,741
Estee Lauder Cos., Inc. (Class A) (a)		1,037		86,237
Exelon Corp. (a)		2,066		69,438
Express Scripts Holding Co. (b)		1,446		125,469
Exxon Mobil Corp.		6,205		527,425
Facebook, Inc. (Class A) (b)		1,000		82,215
Fastenal Co. (a)		1,037		42,968
FedEx Corp.		1,037		171,572
FirstEnergy Corp.		2,066		72,434
FMC Technologies, Inc. (a)(b)		2,066		76,463
Ford Motor Co. (a)		8,269		133,462
Franklin Resources, Inc. (a)		3,103		159,246
Freeport-McMoRan, Inc. (a)		2,066		39,151
General Dynamics Corp.		1,037		140,752
General Electric Co.		15,512		384,853
General Mills, Inc. (a)		1,037		58,694
General Motors Co.		2,066		77,475
Gilead Sciences, Inc. (a)(b)		3,240		317,941
Goldman Sachs Group, Inc.		1,037		194,925
Google, Inc. (Class A) (b)		508		281,788
Google, Inc. (Class C) (b)		508		278,384
Halliburton Co.		2,066		90,656
Halyard Health, Inc. (a)(b)		129		6,347
HCP, Inc.		3,103		134,081
Hershey Co.		1,037		104,644
Hess Corp. (a)		1,037		70,381
Hewlett-Packard Co. (a)		4,140		129,002
Home Depot, Inc.		2,066		234,718
Honeywell International, Inc.		2,066		215,504
Illinois Tool Works, Inc.		2,066		200,691
Ingersoll-Rand PLC		2,066		140,653
Intel Corp.		8,269		258,572
International Business Machines Corp. (a)		1,666		267,393
Intuit, Inc.		1,037		100,548
J.M. Smucker Co.		1,037		120,012
Johnson & Johnson		3,103		312,162
Johnson Controls, Inc.		2,066		104,209
JPMorgan Chase & Co. (a)		6,205		375,899
Juniper Networks, Inc.		2,066		46,650
Kellogg Co.		1,037		68,390
Keysight Technologies, Inc. (b)		1,033		38,376
Kimberly-Clark Corp.		1,037		111,073
Kinder Morgan, Inc.		2,985		125,549
Kohl’s Corp. (a)		1,037		81,145
Kraft Foods Group, Inc. (a)		169		14,722
L Brands, Inc. (a)		2,066		194,803
Las Vegas Sands Corp. (a)		1,037		57,077
Liberty Interactive Corp. (Class A) (b)		2,066		60,307
Liberty TripAdvisor Holdings, Inc. (Class A) (b)		140		4,451
Liberty Ventures, (Series A) (b)		433		18,190
Lockheed Martin Corp.		1,037		210,470
Lowe’s Cos., Inc.		3,103		230,832
Macy’s, Inc.		2,066		134,104
Marathon Oil Corp. (a)		3,103		81,019
Marathon Petroleum Corp.		1,037		106,178
Marsh & McLennan Cos., Inc.		2,066		115,882
Mattel, Inc. (a)		4,140		94,599
McCormick & Co., Inc. (a)		3,103		239,272
McDonald’s Corp.		1,037		101,045
McKesson Corp.		1,037		234,569
Mead Johnson Nutrition Co.		1,037		104,250
Merck & Co., Inc.		4,140		237,967
MetLife, Inc.		3,103		156,857
Microsoft Corp.		11,372		462,329
Mondelez International, Inc. (Class A)		1,037		37,425
Monsanto Co. (a)		1,037		116,704

See accompanying notes to financial statements.

250

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Morgan Stanley		3,103	$	110,746
Mosaic Co.		1,037		47,764
National Oilwell Varco, Inc. (a)		1,037		51,840
NetApp, Inc.		1,037		36,772
Newmont Mining Corp. (a)		1,037		22,513
News Corp. (Class A) (b)		629		10,070
NextEra Energy, Inc. (a)		1,037		107,900
NIKE, Inc. (Class B) (a)		2,066		207,282
Noble Energy, Inc. (a)		2,066		101,027
Norfolk Southern Corp. (a)		1,037		106,728
Northrop Grumman Corp.		1,466		235,967
NOW, Inc. (a)(b)		258		5,583
O’Reilly Automotive, Inc. (a)(b)		1,037		224,241
Occidental Petroleum Corp.		2,066		150,818
Oracle Corp. (a)		7,232		312,061
Outfront Media, Inc. (a)		3		90
Parker-Hannifin Corp. (a)		1,037		123,175
PepsiCo, Inc.		2,066		197,551
Pfizer, Inc. (a)		10,215		355,380
PG&E Corp. (a)		1,037		55,034
Philip Morris International, Inc.		2,066		155,632
Phillips 66 (a)		508		39,929
Pioneer Natural Resources Co. (a)		1,037		169,560
PNC Financial Services Group, Inc.		1,037		96,690
PPL Corp. (a)		3,103		104,447
Praxair, Inc.		1,037		125,207
Procter & Gamble Co. (a)		2,066		169,288
ProLogis, Inc.		3,103		135,167
Prudential Financial, Inc.		2,066		165,920
Public Service Enterprise Group, Inc.		2,066		86,607
Public Storage		1,037		204,434
QUALCOMM, Inc.		3,103		215,162
Range Resources Corp.		1,037		53,965
Raytheon Co.		1,037		113,292
Retail Opportunity Investments Corp. (a)		10,512		192,370
Ross Stores, Inc.		1,037		109,258
Salesforce.com, Inc. (a)(b)		3,640		243,188
SanDisk Corp. (a)		1,037		65,974
Schlumberger, Ltd.		2,066		172,387
Seventy Seven Energy, Inc. (a)(b)		218		905
Simon Property Group, Inc. (a)		1,037		202,879
Southern Co.		1,037		45,918
Southwestern Energy Co. (a)(b)		1,037		24,048
Spectra Energy Corp. (a)		2,066		74,727
St. Jude Medical, Inc. (a)		2,066		135,116
Starbucks Corp. (a)		2,066		195,650
State Street Corp. (a)(f)		1,037		76,251
Sysco Corp. (a)		2,066		77,950
Target Corp. (a)		1,037		85,107
Texas Instruments, Inc.		3,103		177,445
Thermo Fisher Scientific, Inc. (a)		2,066		277,546
Time Warner Cable, Inc.		1,037		155,426
Time Warner, Inc.		1,666		140,677
Time, Inc. (a)		258		5,790
TJX Cos., Inc.		2,066		144,723
Travelers Cos., Inc. (a)		1,037		112,131
Twenty-First Century Fox, Inc. (Class A) (a)		5,168		174,885
Tyson Foods, Inc. (Class A) (a)		4,140		158,562
U.S. Bancorp (a)		3,103		135,508
Union Pacific Corp.		2,074		224,635
United Financial Bancorp, Inc.		16,547		205,679
United Parcel Service, Inc. (Class B)		1,037		100,527
United Technologies Corp.		1,037		121,536
UnitedHealth Group, Inc.		2,066		244,387
Valero Energy Corp. (a)		2,066		131,439
Vector Group, Ltd.		10,757		236,331
Verizon Communications, Inc.		3,500		170,205
Viacom, Inc. (Class B)		1,037		70,827
Visa, Inc. (Class A) (a)		4,148		271,321
Wal-Mart Stores, Inc.		2,066		169,929
Walgreens Boots Alliance, Inc.		2,066		174,949
Walt Disney Co.		3,103		325,474
Waste Management, Inc.		2,066		112,039
Wells Fargo & Co.		8,269		449,834
Western Digital Corp.		1,037		94,377
Whole Foods Market, Inc.		2,066		107,597
Williams Cos., Inc.		3,103		156,981
WP GLIMCHER, Inc. (a)		517		8,598
Yahoo!, Inc. (a)(b)		3,103		137,882
Yum! Brands, Inc.		1,037		81,633
Zoetis, Inc. (a)		119		5,510
				32,943,550
TOTAL COMMON STOCKS —
(Cost $63,100,522)				65,060,939
RIGHTS — 0.0% (c)
SOUTH AFRICA — 0.0% (c)
Discovery, Ltd. (expiring 4/2/15) (b)		1,129		3,242
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (b)		8,190		1,179
Telefonica SA (expiring 4/10/15) (b)		6,053		975
				2,154
TOTAL RIGHTS —
(Cost $1,160)				5,396
SHORT TERM INVESTMENTS — 15.3%
UNITED STATES — 15.3%
MONEY MARKET FUNDS — 15.3%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		9,768,492		9,768,492
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h)(i)		265,637		265,637
TOTAL SHORT TERM INVESTMENT —
(Cost $10,034,129)				10,034,129
TOTAL INVESTMENTS — 114.5%
(Cost $73,135,811)				75,100,464
OTHER ASSETS & LIABILITIES — (14.5)%				(9,535,137	)
NET ASSETS — 100.0%			$	65,565,327

See accompanying notes to financial statements.

251

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(f)	Affiliated issuer (Note 3).
(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

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

252

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 2.7%
ALS, Ltd.		1,375	$	5,210
AMP, Ltd.		6,148		30,247
APA Group		16,243		112,300
ASX, Ltd.		648		20,500
Aurizon Holdings, Ltd.		1,467		5,435
Australia & New Zealand Banking Group, Ltd.		7,143		199,941
Brambles, Ltd.		5,427		47,761
Caltex Australia, Ltd.		2,856		76,255
Coca-Cola Amatil, Ltd.		1,884		15,515
Commonwealth Bank of Australia		4,115		293,617
Computershare, Ltd.		876		8,512
Crown Resorts, Ltd.		2,772		28,313
CSL, Ltd.		1,176		82,761
Dexus Property Group		4,670		27,043
Federation Centres		8,390		19,485
Fortescue Metals Group, Ltd.		20,667		30,946
Goodman Group		9,247		44,858
GPT Group		7,978		27,853
Harvey Norman Holdings, Ltd.		1,832		6,228
Iluka Resources, Ltd.		8,594		55,806
Insurance Australia Group, Ltd.		5,762		26,851
Lend Lease Group		1,645		20,911
Macquarie Group, Ltd.		852		49,903
Mirvac Group		17,680		27,148
National Australia Bank, Ltd.		6,243		183,858
Newcrest Mining, Ltd.		756		7,722
Novion Property Group		15,096		28,947
QBE Insurance Group, Ltd.		3,531		35,176
Ramsay Health Care, Ltd.		132		6,781
Scentre Group		17,163		49,038
Seek, Ltd.		924		12,085
Sonic Healthcare, Ltd.		708		11,056
Stockland		11,191		38,472
Suncorp Group, Ltd.		2,904		29,950
Sydney Airport		9,858		39,011
Tabcorp Holdings, Ltd.		4,432		16,049
Tatts Group, Ltd.		8,330		25,328
Telstra Corp., Ltd.		18,243		87,941
Transurban Group		9,322		67,868
Treasury Wine Estates, Ltd.		2,219		8,679
Wesfarmers, Ltd.		2,487		83,522
Westfield Corp.		8,114		59,198
Westpac Banking Corp.		7,922		238,328
Woolworths, Ltd.		3,815		85,948
WorleyParsons, Ltd.		3,011		21,967
				2,400,323
AUSTRIA — 0.1%
Andritz AG		120		7,176
Erste Group Bank AG		443		10,912
IMMOFINANZ AG		2,640		7,760
Raiffeisen Bank International AG		720		10,068
Vienna Insurance Group AG Wiener Versicherung Gruppe		228		10,089
				46,005
BELGIUM — 0.4%
Ageas		648		23,248
Anheuser-Busch InBev NV		2,183		266,809
Belgacom SA		312		10,916
Colruyt SA		540		23,512
KBC Groep NV		519		32,084
UCB SA		240		17,360
Umicore SA		144		6,013
				379,942
BERMUDA — 0.0% (a)
Marvell Technology Group, Ltd.		2,368		34,810
BRAZIL — 1.0%
AES Tiete SA Preference Shares		4,743		25,525
Ambev SA		13,272		76,615
Banco Bradesco SA		1,425		13,434
Banco Bradesco SA Preference Shares		5,691		52,831
Banco do Brasil SA		2,369		16,981
Banco Santander Brasil SA		1,188		5,230
BB Seguridade Participacoes SA		1,188		12,192
BM&FBovespa SA		3,555		12,413
BRF SA		1,188		23,529
CCR SA		3,555		18,130
Cia Energetica de Minas Gerais Preference Shares		5,931		23,790
Cielo SA		1,188		16,983
Companhia Energetica de Sao Paulo Preference Shares (Class B)		4,743		35,111
Companhia Paranaense de Energia Preference Shares		1,188		12,508
Cosan SA Industria e Comercio		4,743		41,389
CPFL Energia SA		5,931		37,968
Cyrela Brazil Realty SA		1,188		4,925
EcoRodovias Infraestrutura e Logistica SA		1,188		3,342
EDP — Energias do Brasil SA		5,931		19,206
Embraer SA		1,188		9,125
Estacio Participacoes SA		1,188		6,891
Investimentos Itau SA Preference Shares		3,555		11,101
Itau Unibanco Holding SA Preference Share		5,931		65,525
Itausa — Investimentos Itau SA (b)		26		81
Klabin SA		1,212		6,902
Kroton Educacional SA		3,555		11,445
Souza Cruz SA		1,188		9,441
Telefonica Brasil SA Preference Shares		1,188		18,392
Tim Participacoes SA		1,483		4,937
Ultrapar Participacoes SA		10,677		216,573
Vale SA		1,188		6,668
Vale SA Preference Shares		8,301		40,127
Weg SA		1,188		11,820
				871,130
BRITISH VIRGIN ISLANDS — 0.0% (a)
Michael Kors Holdings, Ltd.		519		34,124
CANADA — 3.5%
Agnico-Eagle Mines, Ltd.		1,188		33,009
Alimentation Couche-Tard, Inc. (Class B)		1,188		47,342
AltaGas, Ltd.		2,368		79,014
ARC Resources, Ltd.		9,482		162,912

See accompanying notes to financial statements.

253

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Bank of Montreal		1,188	$	71,196
Bank of Nova Scotia		2,368		118,802
Baytex Energy Corp.		1,188		18,789
BCE, Inc.		588		24,894
BlackBerry, Ltd.		732		6,525
Bombardier, Inc. (Class B)		2,368		4,674
Brookfield Asset Management, Inc. (Class A)		1,188		63,541
Cameco Corp.		4,742		66,085
Canadian Imperial Bank of Commerce		588		42,629
Canadian National Railway Co.		1,632		109,298
Canadian Pacific Railway, Ltd.		324		59,325
Catamaran Corp.		228		13,574
Crescent Point Energy Corp.		3,555		79,268
Eldorado Gold Corp.		3,555		16,308
Enbridge, Inc.		8,294		399,802
First Quantum Minerals, Ltd.		5,927		71,835
Franco-Nevada Corp.		1,188		57,576
Goldcorp, Inc.		4,742		85,817
Inter Pipeline, Ltd.		5,224		134,632
Keyera Corp.		732		48,694
Loblaw Cos., Ltd.		396		19,361
Magna International, Inc.		552		29,511
Manulife Financial Corp.		3,555		60,377
New Gold, Inc.		3,555		11,930
Paramount Resources, Ltd. (Class A)		2,368		58,335
Pembina Pipeline Corp.		3,555		112,334
PrairieSky Royalty, Ltd.		2,547		60,090
Restaurant Brands International, Inc.		151		5,790
Rogers Communications, Inc. (Class B)		1,188		39,772
Royal Bank of Canada		3,131		188,478
Silver Wheaton Corp.		2,368		44,985
Sun Life Financial, Inc.		1,188		36,611
Toronto-Dominion Bank		3,959		169,457
Tourmaline Oil Corp.		900		27,238
TransCanada Corp.		4,742		202,785
Valeant Pharmaceuticals International, Inc.		744		146,985
Vermilion Energy, Inc.		2,368		99,563
Yamana Gold, Inc.		4,742		16,999
				3,146,142
CHILE — 0.2%
Aguas Andinas SA Class A		112,426		65,908
Banco de Chile		121,648		13,658
Banco Santander Chile		202,278		11,026
Cencosud SA		3,771		8,951
Cia Cervecerias Unidas SA		567		5,902
ENTEL Chile SA		591		6,118
SACI Falabella		3,099		23,748
Sociedad Quimica y Minera de Chile SA Preference Shares		372		6,767
				142,078
CHINA — 1.7%
Agricultural Bank of China, Ltd. (Class H)		108,000		53,491
Bank of China, Ltd. (Class H)		288,000		166,417
Bank of Communications Co., Ltd. (Class H)		48,000		41,171
China Cinda Asset Management Co., Ltd. (Class H)		12,000		5,944
China CITIC Bank Corp., Ltd. (Class H)		48,000		36,156
China Communications Construction Co., Ltd. (Class H)		12,000		16,902
China Construction Bank Corp. (Class H)		240,000		199,354
China Everbright Bank Co., Ltd. (Class H)		12,000		6,609
China Life Insurance Co., Ltd. (Class H)		24,000		105,094
China Longyuan Power Group Corp. (Class H)		36,000		39,143
China Merchants Bank Co., Ltd. (Class H)		18,000		43,972
China Minsheng Banking Corp., Ltd. (Class H)		24,000		29,315
China Oilfield Services, Ltd. (Class H)		24,000		39,933
China Pacific Insurance Group Co., Ltd. (Class H)		4,800		22,845
China Telecom Corp., Ltd. (Class H)		48,000		30,770
Chongqing Changan Automobile Co., Ltd. (Class B) (b)		2,400		6,553
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		12,000		7,785
CITIC Securities Co., Ltd. (Class H)		6,000		22,249
Country Garden Holdings Co., Ltd.		12,000		4,845
Great Wall Motor Co., Ltd. (Class H)		6,000		42,409
Haitong Securities Co., Ltd. (Class H)		4,800		11,689
Industrial & Commercial Bank of China, Ltd. (Class H)		240,000		177,066
Jiangsu Expressway Co., Ltd. (Class H)		24,000		32,256
Ping An Insurance Group Co. of China, Ltd. (Class H)		6,000		72,126
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		2,400		6,377
Sinopec Engineering Group Co., Ltd. (Class H)		6,000		5,201
Sinopharm Group Co., Ltd. (Class H)		4,800		19,595
Tencent Holdings, Ltd.		12,000		227,833
Want Want China Holdings, Ltd.		12,000		12,738
Zhejiang Expressway Co., Ltd. (Class H)		24,000		31,822
				1,517,660
COLOMBIA — 0.1%
Almacenes Exito SA		1,503		14,465
Bancolombia SA Preference Shares		936		9,152
Ecopetrol SA		28,644		21,777
Isagen SA ESP		24,657		28,950
				74,344
CZECH REPUBLIC — 0.0% (a)
Komercni Banka AS		24		5,182
O2 Czech Republic AS		624		4,988
				10,170
DENMARK — 0.6%
Carlsberg A/S (Class B)		431		35,565
Coloplast A/S (Class B)		264		19,963
Danske Bank A/S		1,980		52,233
Novo Nordisk A/S (Class B)		5,135		274,615
Novozymes A/S (Class B)		1,271		58,105
Pandora A/S		300		27,322
TDC A/S		2,368		16,953
Vestas Wind Systems A/S		624		25,826

See accompanying notes to financial statements.

254

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
William Demant Holding A/S		96	$	8,143
				518,725
EGYPT — 0.0% (a)
Commercial International Bank Egypt SAE		852		6,286
Global Telecom Holding SAE		15,759		6,898
Telecom Egypt Co.		7,638		11,192
				24,376
FINLAND — 0.3%
Elisa Oyj		600		15,079
Kone Oyj (Class B)		1,503		66,635
Metso Oyj		396		11,556
Nokia Oyj		9,566		73,047
Nokian Renkaat Oyj		348		10,409
Orion Oyj (Class B)		288		8,132
Sampo Oyj (Class A)		1,716		86,657
Wartsila Oyj Abp		780		34,531
				306,046
FRANCE — 3.1%
Aeroports de Paris		252		30,123
Alcatel-Lucent		3,399		12,850
Alstom SA		636		19,624
AtoS		228		15,738
AXA SA		6,482		163,286
BNP Paribas SA		3,119		189,498
Bollore SA		5,945		31,650
Bureau Veritas SA		612		13,139
Cap Gemini SA		372		30,512
Carrefour SA		852		28,449
Christian Dior SE		240		45,301
CNP Assurances		1,800		31,530
Credit Agricole SA		3,696		54,283
Danone SA		1,644		110,565
Dassault Systemes		204		13,834
Edenred		519		12,940
Essilor International SA		519		59,531
Eutelsat Communications SA		252		8,345
Fonciere Des Regions (c)		168		16,630
Fonciere Des Regions (c)		10		964
Gecina SA		120		16,220
Groupe Eurotunnel SE		1,152		16,505
ICADE		252		22,751
Iliad SA		48		11,202
Kering		252		49,204
Klepierre		623		30,585
L’Oreal SA		792		145,752
Lagardere SCA		240		7,202
Legrand SA		960		51,903
LVMH Moet Hennessy Louis Vuitton SE		804		141,743
Natixis SA		1,872		13,995
Orange SA		5,063		81,375
Pernod Ricard SA		840		99,373
Peugeot SA		768		12,859
Publicis Groupe SA		624		48,139
Remy Cointreau SA		108		7,945
Renault SA		648		58,996
Rexel SA		1,584		29,882
Safran SA		984		68,693
Sanofi		3,023		298,469
Schneider Electric SE		1,848		143,597
SCOR SE		1,056		35,629
Societe BIC SA		72		10,246
Societe Generale SA		2,356		113,790
Sodexo SA		396		38,613
Technip SA		744		45,043
Thales SA		696		38,646
Unibail-Rodamco SE		276		74,417
Valeo SA		72		10,752
Vinci SA		1,443		82,495
Vivendi SA (d)		3,543		87,995
Zodiac Aerospace		780		25,827
				2,808,635
GERMANY — 3.4%
adidas AG		648		51,285
Allianz SE		1,443		250,832
BASF SE		1,563		155,360
Bayer AG		1,872		281,373
Bayerische Motoren Werke AG		996		124,567
Bayerische Motoren Werke AG Preference Shares		576		53,331
Beiersdorf AG		372		32,322
Brenntag AG		600		35,932
Commerzbank AG		2,463		33,992
Continental AG		192		45,428
Daimler AG		2,868		276,389
Deutsche Bank AG		4,311		149,827
Deutsche Boerse AG		495		40,436
Deutsche Post AG		1,812		56,621
Deutsche Telekom AG		7,598		139,132
Deutsche Wohnen AG		780		19,971
Fraport AG Frankfurt Airport Services Worldwide		336		20,089
Fresenius Medical Care AG & Co. KGaA		443		36,854
Fresenius SE & Co. KGaA		648		38,688
GEA Group AG		420		20,317
Hannover Rueck SE		431		44,530
Henkel AG & Co. KGaA		396		40,906
Henkel AG & Co. KGaA Preference Shares		507		59,652
Hugo Boss AG		84		10,217
Infineon Technologies AG		3,983		47,611
MAN SE		48		5,052
Merck KGaA		360		40,423
Muenchener Rueckversicherungs- Gesellschaft AG		660		142,300
Porsche Automobil Holding SE Preference Shares		912		89,594
ProSiebenSat.1 Media AG		455		22,335
SAP SE		2,475		179,505
Siemens AG		2,356		254,805
Symrise AG		840		53,083
Telefonica Deutschland Holding AG		3,251		18,771
Volkswagen AG		48		12,375
Volkswagen AG Preference Shares		564		150,132
				3,034,037

See accompanying notes to financial statements.

255

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
GREECE — 0.0% (a)
Eurobank Ergasias SA		19,974	$	2,252
FF Group		192		5,720
Hellenic Telecommunications Organization SA		555		4,918
JUMBO SA		495		5,146
National Bank of Greece SA		3,579		4,228
OPAP SA		531		4,979
Piraeus Bank SA		4,566		1,761
				29,004
HONG KONG — 2.1%
AIA Group, Ltd.		24,000		151,063
Beijing Capital International Airport Co., Ltd.		24,000		23,402
Beijing Enterprises Water Group, Ltd.		48,000		32,689
Belle International Holdings, Ltd.		12,000		13,976
BOC Hong Kong Holdings, Ltd.		6,000		21,398
Cheung Kong Infrastructure Holdings, Ltd.		12,000		103,159
China Mobile, Ltd.		18,000		234,953
China Overseas Land & Investment, Ltd.		24,000		77,544
China South City Holdings, Ltd.		24,000		7,863
China Unicom (Hong Kong), Ltd.		24,000		36,528
CITIC, Ltd.		12,000		20,554
CK Hutchison Holdings, Ltd.		12,000		245,787
COSCO Pacific, Ltd.		24,000		31,451
Franshion Properties China, Ltd.		24,000		7,275
GCL Poly Energy Holdings, Ltd.		24,000		6,346
Guangdong Investment, Ltd.		48,000		62,902
Hanergy Thin Film Power Group, Ltd.		24,000		21,607
Hang Lung Properties, Ltd.		12,000		33,742
Hong Kong & China Gas Co., Ltd.		60,000		138,836
Hong Kong Exchanges and Clearing, Ltd.		2,400		58,815
Kunlun Energy Co., Ltd.		48,000		46,619
Lenovo Group, Ltd.		24,000		35,042
Li & Fung, Ltd.		24,000		23,433
Link REIT		6,000		36,992
MTR Corp., Ltd.		12,000		57,113
New World Development Co., Ltd.		24,000		27,829
Sands China, Ltd.		4,800		19,873
Shimao Property Holdings, Ltd.		6,000		12,614
Sun Art Retail Group, Ltd.		6,000		5,224
Sun Hung Kai Properties, Ltd.		12,000		185,114
Swire Properties, Ltd.		4,800		15,633
Wharf Holdings, Ltd.		12,000		83,812
Wynn Macau, Ltd.		4,800		10,389
Yuexiu Property Co., Ltd.		48,000		9,410
				1,898,987
INDIA — 0.8%
Dr. Reddy’s Laboratories, Ltd. ADR		1,188		67,835
ICICI Bank, Ltd. ADR		5,930		61,435
Infosys, Ltd. ADR		7,110		249,419
Larsen & Toubro, Ltd. GDR		2,999		83,672
Mahindra & Mahindra, Ltd. GDR		2,391		45,788
State Bank of India GDR		1,212		51,267
Tata Motors, Ltd. ADR		2,368		106,702
Wipro, Ltd. ADR		4,742		63,163
				729,281
INDONESIA — 0.3%
Astra International Tbk PT		64,800		42,498
Bank Central Asia Tbk PT		18,000		20,409
Bank Mandiri Persero Tbk PT		24,000		22,899
Bank Negara Indonesia Persero Tbk PT		12,000		6,631
Bank Rakyat Indonesia Persero Tbk PT		24,000		24,367
Bumi Serpong Damai Tbk PT		47,200		7,707
Charoen Pokphand Indonesia Tbk PT		18,000		4,880
Jasa Marga Persero Tbk PT		24,000		13,216
Perusahaan Gas Negara Persero Tbk PT		124,800		45,816
Telekomunikasi Indonesia Persero Tbk PT		144,000		31,829
Unilever Indonesia Tbk PT		6,000		18,195
United Tractors Tbk PT		6,000		10,004
				248,451
IRELAND — 1.3%
Accenture PLC (Class A)		1,716		160,772
Actavis PLC		937		278,922
Bank of Ireland		51,284		19,498
Eaton Corp. PLC		1,575		107,006
Endo International PLC		384		34,445
Jazz Pharmaceuticals PLC		144		24,882
Kerry Group PLC (Class A)		348		23,360
Mallinckrodt PLC		276		34,955
Medtronic PLC		3,909		304,863
Pentair PLC		348		21,886
Perrigo Co. PLC		348		57,611
Seagate Technology PLC		672		34,964
Tyco International PLC		1,188		51,155
				1,154,319
ISRAEL — 0.2%
Bank Hapoalim BM		3,363		16,203
Bank Leumi Le-Israel BM		5,171		19,206
Bezeq The Israeli Telecommunication Corp., Ltd.		3,767		7,029
Teva Pharmaceutical Industries, Ltd.		2,195		137,770
				180,208
ITALY — 0.7%
Assicurazioni Generali SpA		3,744		73,626
Atlantia SpA		2,523		66,252
Banca Monte dei Paschi di Siena SpA		8,534		5,664
Banco Popolare SC		672		10,508
Enel Green Power SpA		41,147		76,850
Intesa Sanpaolo SpA (c)		18,473		62,814
Intesa Sanpaolo SpA (c)		12,601		39,220
Luxottica Group SpA		420		26,659
Mediobanca SpA		1,740		16,697
Saipem SpA		876		8,933
Snam SpA		17,307		84,017
Telecom Italia SpA (c)		8,762		10,276
Telecom Italia SpA		37,771		35,495
Terna Rete Elettrica Nazionale SpA		6,911		30,432
UBI Banca SCpA		1,128		8,826
UniCredit SpA		10,525		71,553
UnipolSai SpA		3,687		10,739
				638,561
JAPAN — 7.1%
Alfresa Holdings Corp.		1,200		16,961

See accompanying notes to financial statements.

256

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Amada Co., Ltd.		1,200	$	11,577
Asahi Group Holdings, Ltd.		1,200		38,159
Astellas Pharma, Inc.		6,000		98,437
Brother Industries, Ltd.		1,200		19,142
Canon, Inc.		3,600		127,520
Central Japan Railway Co.		1,200		217,586
Chugai Pharmaceutical Co., Ltd.		1,200		37,874
Dai-ichi Life Insurance Co., Ltd.		2,400		34,932
Daiichi Sankyo Co., Ltd.		1,200		19,082
Daikin Industries, Ltd.		1,200		80,510
Daiwa House Industry Co., Ltd.		2,400		47,450
Daiwa Securities Group, Inc.		12,000		94,659
Denso Corp.		1,200		54,864
Dentsu, Inc.		1,200		51,532
East Japan Railway Co.		1,200		96,460
FANUC Corp.		1,200		262,664
Fuji Heavy Industries, Ltd.		2,400		79,870
FUJIFILM Holdings Corp.		1,200		42,792
GungHo Online Entertainment, Inc.		1,200		4,703
Hino Motors, Ltd.		1,200		17,161
Hitachi Chemical Co., Ltd.		1,200		25,736
Hitachi Construction Machinery Co., Ltd.		1,200		21,033
Hitachi, Ltd.		12,000		82,371
Honda Motor Co., Ltd.		4,800		156,218
Hoya Corp.		1,200		48,205
Isuzu Motors, Ltd.		1,200		15,985
ITOCHU Corp.		9,600		104,185
Japan Tobacco, Inc.		3,600		114,086
JTEKT Corp.		1,200		18,772
Kao Corp.		1,200		60,038
KDDI Corp.		3,600		81,666
Kirin Holdings Co., Ltd.		1,200		15,780
Komatsu, Ltd.		3,600		70,919
Kyocera Corp.		1,200		65,961
Marubeni Corp.		15,600		90,537
Mazda Motor Corp.		1,200		24,405
Medipal Holdings Corp.		2,400		31,320
Mitsubishi Corp.		6,000		121,101
Mitsubishi Electric Corp.		12,000		142,939
Mitsubishi Heavy Industries, Ltd.		12,000		66,271
Mitsubishi Motors Corp.		1,200		10,857
Mitsubishi UFJ Financial Group, Inc.		40,800		253,016
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,400		11,907
Mitsui & Co., Ltd.		4,800		64,520
Mizuho Financial Group, Inc.		81,600		143,638
MS&AD Insurance Group Holdings, Inc.		2,400		67,442
NEC Corp.		9,000		26,492
Nidec Corp.		1,200		79,920
Nikon Corp.		1,200		16,110
Nippon Telegraph & Telephone Corp.		1,200		74,016
Nissan Motor Co., Ltd.		7,200		73,486
Nitto Denko Corp.		1,200		80,350
Nomura Holdings, Inc.		12,000		70,664
NTT DoCoMo, Inc.		6,000		104,340
Olympus Corp.		1,200		44,678
ORIX Corp.		4,800		67,582
Otsuka Holdings Co., Ltd.		1,200		37,619
Panasonic Corp.		4,800		63,119
Rakuten, Inc.		2,400		42,397
Resona Holdings, Inc.		8,400		41,788
Ricoh Co., Ltd.		2,400		26,176
SBI Holdings, Inc.		1,200		14,569
Secom Co., Ltd.		1,200		80,300
Sekisui House, Ltd.		2,400		34,932
Seven & i Holdings Co., Ltd.		2,400		101,123
Shin-Etsu Chemical Co., Ltd.		1,200		78,549
Shionogi & Co., Ltd.		1,200		40,075
Shiseido Co., Ltd.		1,200		21,343
Softbank Corp.		2,400		139,687
Sompo Japan Nipponkoa Holdings, Inc.		1,200		37,373
Sony Corp.		2,400		63,840
Sumitomo Corp.		8,400		90,041
Sumitomo Metal Mining Co., Ltd.		12,000		175,960
Sumitomo Mitsui Financial Group, Inc.		3,600		138,131
Sumitomo Mitsui Trust Holdings, Inc.		12,000		49,581
Suzuki Motor Corp.		1,200		36,148
T&D Holdings, Inc.		2,400		33,111
Takeda Pharmaceutical Co., Ltd.		2,400		120,055
Toho Gas Co., Ltd.		12,000		70,144
Tokio Marine Holdings, Inc.		2,400		90,827
Tokyo Gas Co., Ltd.		12,000		75,667
Tokyu Corp.		12,000		74,447
Tokyu Fudosan Holdings Corp.		1,200		8,205
Toshiba Corp.		12,000		50,452
Toyota Motor Corp.		7,200		503,295
Toyota Tsusho Corp.		1,200		31,870
Unicharm Corp.		1,200		31,540
Yahoo! Japan Corp.		3,600		14,889
Yamato Holdings Co., Ltd.		1,200		27,737
				6,445,471
LUXEMBOURG — 0.1%
Altice SA		132		14,297
RTL Group SA		120		11,552
SES SA		612		21,638
Subsea 7 SA		3,935		33,861
Tenaris SA		1,455		20,409
				101,757
MACAU — 0.0% (a)
MGM China Holdings, Ltd.		4,800		9,039
MALAYSIA — 0.4%
Axiata Group Bhd		6,000		11,470
Bumi Armada Bhd		60,300		16,770
CIMB Group Holdings Bhd		12,000		20,154
Gamuda Bhd		9,600		13,220
Genting Bhd		10,800		26,246
Genting Malaysia Bhd		16,800		19,188
IJM Corp. Bhd		7,200		13,998
IOI Properties Group Bhd		8,750		5,151
Malayan Banking Bhd		10,800		27,208
Petronas Chemicals Group Bhd		13,200		20,102
Petronas Dagangan Bhd		4,800		25,921
Petronas Gas Bhd		12,000		74,589
PPB Group Bhd		3,600		14,950
Public Bank Bhd		3,600		18,352
SapuraKencana Petroleum Bhd		47,300		30,141
				337,460

See accompanying notes to financial statements.

257

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
MEXICO — 0.5%
America Movil SAB de CV (Series L)		85,329	$	87,714
Coca-Cola FEMSA SAB de CV (Series L)		1,188		9,495
Fibra Uno Administracion SA de CV REIT		5,003		13,271
Fomento Economico Mexicano SAB de CV		4,742		44,546
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		1,188		7,798
Grupo Aeroportuario del Sureste SAB de CV (Class B)		1,188		16,027
Grupo Financiero Banorte SAB de CV		4,742		27,554
Grupo Financiero Santander Mexico SAB de CV (Class B)		2,368		5,184
Grupo Mexico SAB de CV (Series B)		41,482		122,668
Grupo Televisa SAB		4,742		31,376
Mexichem SAB de CV		1,188		3,107
Minera Frisco SAB de CV		20,151		21,759
OHL Mexico SAB de CV		10,334		19,679
Wal-Mart de Mexico SAB de CV		16,589		41,499
				451,677
NETHERLANDS — 1.4%
Aegon NV		8,366		66,031
Airbus Group NV		1,692		109,832
ASML Holding NV		924		94,067
Chicago Bridge & Iron Co. NV		420		20,689
CNH Industrial NV		2,415		19,764
Core Laboratories NV		264		27,585
Delta Lloyd NV		828		15,598
Gemalto NV		168		13,383
Heineken NV		660		50,349
ING Groep NV		10,034		147,046
Koninklijke Ahold NV		732		14,426
Koninklijke KPN NV		7,694		26,104
Koninklijke Philips NV		2,820		80,033
Koninklijke Vopak NV		2,040		112,615
LyondellBasell Industries NV (Class A)		495		43,461
Mylan NV		1,188		70,508
Nielsen NV		1,032		45,996
OCI NV		204		6,319
QIAGEN NV		348		8,772
Randstad Holding NV		552		33,484
Reed Elsevier NV		1,515		37,733
Sensata Technologies Holding NV		519		29,817
Unilever NV		4,265		178,254
Wolters Kluwer NV		852		27,817
				1,279,683
NEW ZEALAND — 0.0% (a)
Auckland International Airport, Ltd.		8,270		27,908
Spark New Zealand, Ltd.		3,639		8,132
				36,040
NORWAY — 0.2%
DnB ASA		3,119		50,196
Gjensidige Forsikring ASA		336		5,804
Orkla ASA		3,779		28,580
Seadrill, Ltd.		1,992		18,711
Telenor ASA		2,760		55,788
				159,079
PERU — 0.1%
Compania de Minas Buenaventura SA ADR		1,188		12,034
Credicorp, Ltd.		216		30,376
Southern Copper Corp.		1,188		34,666
				77,076
PHILIPPINES — 0.1%
Aboitiz Power Corp.		54,000		53,758
Energy Development Corp.		45,500		8,652
International Container Terminal Services, Inc.		2,400		5,799
JG Summit Holdings, Inc.		4,720		7,655
Philippine Long Distance Telephone Co.		300		19,168
SM Investments Corp.		360		7,244
SM Prime Holdings, Inc.		22,800		10,191
Universal Robina Corp.		1,440		7,281
				119,748
POLAND — 0.2%
Bank Pekao SA		420		20,360
Bank Zachodni WBK SA		96		8,735
Cyfrowy Polsat SA (d)		864		5,686
KGHM Polska Miedz SA		1,283		40,607
mBank		48		5,575
Orange Polska SA		2,111		5,306
Powszechna Kasa Oszczednosci Bank Polski SA		3,131		28,077
Powszechny Zaklad Ubezpieczen SA		204		26,310
				140,656
PORTUGAL — 0.0% (a)
Banco Comercial Portugues SA		69,158		7,108
Galp Energia SGPS SA		1,467		15,858
				22,966
QATAR — 0.1%
Barwa Real Estate Co.		627		7,766
Commercial Bank of Qatar QSC		435		6,571
Doha Bank QSC		444		6,133
Industries Qatar QSC		420		16,033
Ooredoo QSC		444		12,157
Qatar National Bank SAQ		473		25,136
				73,796
RUSSIA — 0.3%
Magnit PJSC GDR		948		48,395
MegaFon OAO GDR		1,200		19,200
Mobile Telesystems OJSC ADR		3,555		35,906
Moscow Exchange MICEX-RTS OAO		14,448		16,904
Rostelecom OJSC ADR		948		7,499
RusHydro JSC ADR		41,362		40,038
Sberbank of Russia ADR		8,294		36,444
Sberbank Preference Shares		11,858		9,237
Uralkali PJSC GDR		1,307		17,448
VTB Bank OJSC GDR		14,581		29,425
				260,496
SINGAPORE — 0.8%
Ascendas REIT		12,000		22,658
Avago Technologies, Ltd.		624		79,235
CapitaMall Trust		12,000		19,246

See accompanying notes to financial statements.

258

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
DBS Group Holdings, Ltd.		12,000	$	178,115
Genting Singapore PLC		24,000		16,097
Global Logistic Properties, Ltd.		12,000		23,183
Oversea-Chinese Banking Corp., Ltd.		12,000		92,469
Singapore Telecommunications, Ltd.		36,000		114,952
UOL Group, Ltd.		12,000		66,837
Wilmar International, Ltd.		24,000		57,039
Yangzijiang Shipbuilding Holdings, Ltd.		24,000		22,133
				691,964
SOUTH AFRICA — 0.8%
Aspen Pharmacare Holdings, Ltd.		696		22,058
Barclays Africa Group, Ltd.		780		11,910
Barloworld, Ltd.		660		5,055
Bidvest Group, Ltd.		696		18,880
Brait SE		1,152		7,939
FirstRand, Ltd.		12,337		56,857
Foschini Group, Ltd.		648		9,657
Growthpoint Properties, Ltd. REIT		13,108		31,017
Investec, Ltd.		1,068		8,860
Kumba Iron Ore, Ltd.		2,135		27,489
Liberty Holdings, Ltd.		1,283		17,774
Mediclinic International, Ltd.		696		7,008
Mr. Price Group, Ltd.		288		6,180
MTN Group, Ltd.		4,931		83,430
Naspers, Ltd. (Class N)		984		151,869
Nedbank Group, Ltd.		876		17,191
Redefine Properties, Ltd.		15,064		15,417
Remgro, Ltd.		264		5,791
RMB Holdings, Ltd.		4,787		27,609
Sanlam, Ltd.		3,923		25,375
Shoprite Holdings, Ltd.		1,044		14,154
Spar Group, Ltd.		455		7,086
Standard Bank Group, Ltd.		4,751		65,876
Steinhoff International Holdings, Ltd.		4,682		29,380
Telkom SA SOC, Ltd.		1,044		6,824
Truworths International, Ltd.		1,116		8,129
Vodacom Group, Ltd.		1,704		18,661
Woolworths Holdings, Ltd.		2,219		15,778
				723,254
SOUTH KOREA — 1.5%
AmorePacific Corp.		12		36,288
AmorePacific Group		12		16,224
BS Financial Group, Inc.		360		4,932
Celltrion, Inc.		189		11,908
Coway Co., Ltd.		120		9,897
Daelim Industrial Co., Ltd.		216		12,577
Daewoo Engineering & Construction Co., Ltd.		948		6,776
Daewoo International Corp.		240		5,743
Daewoo Securities Co., Ltd.		591		6,899
Daum Kakao Corp.		48		4,993
Dongbu Insurance Co., Ltd.		120		5,349
Doosan Corp.		60		6,300
E-Mart Co., Ltd.		72		15,121
GS Engineering & Construction Corp.		228		6,206
Hana Financial Group, Inc.		948		24,566
Hanwha Life Insurance Co., Ltd.		828		5,500
Hyundai Department Store Co., Ltd.		96		12,893
Hyundai Development Co.-Engineering & Construction		240		12,331
Hyundai Engineering & Construction Co., Ltd.		312		14,174
Hyundai Glovis Co., Ltd.		36		7,333
Hyundai Marine & Fire Insurance Co., Ltd.		240		5,365
Hyundai Mobis Co., Ltd.		264		58,656
Hyundai Motor Co.		444		67,433
Hyundai Motor Co. Preference Shares (c)		144		14,797
Hyundai Motor Co. Preference Shares (c)		144		14,407
Hyundai Wia Corp.		36		4,592
Industrial Bank of Korea		828		9,963
Kangwon Land, Inc.		591		18,458
KB Financial Group, Inc.		1,080		38,257
KEPCO Plant Service & Engineering Co., Ltd.		72		6,334
Kia Motors Corp.		888		36,178
Korea Aerospace Industries, Ltd.		120		6,100
Korea Gas Corp.		708		25,845
Korea Zinc Co., Ltd.		72		27,516
KT&G Corp.		495		39,575
LG Electronics, Inc.		132		7,008
LG Household & Health Care, Ltd.		24		18,193
Lotte Shopping Co., Ltd.		24		5,138
NAVER Corp.		72		43,546
NCSoft Corp.		48		7,853
Orion Corp.		12		12,525
Paradise Co., Ltd.		240		5,246
S1 Corp.		96		7,260
Samsung C&T Corp.		519		27,787
Samsung Card Co., Ltd.		144		5,328
Samsung Electronics Co., Ltd.		276		358,480
Samsung Electronics Co., Ltd. Preference Share		60		59,705
Samsung Fire & Marine Insurance Co., Ltd.		84		20,253
Samsung Heavy Industries Co., Ltd.		360		5,857
Samsung Life Insurance Co., Ltd.		180		15,689
Samsung SDI Co., Ltd.		96		11,811
Samsung Securities Co., Ltd.		168		7,874
Shinhan Financial Group Co., Ltd.		1,188		44,920
SK C&C Co., Ltd.		48		10,059
SK Hynix, Inc.		1,308		53,702
SK Telecom Co., Ltd.		60		14,737
Woori Bank		1,308		11,059
				1,353,516
SPAIN — 1.2%
Abertis Infraestructuras SA		3,071		55,526
Amadeus IT Holding SA (Class A)		1,008		43,260
Banco Bilbao Vizcaya Argentaria SA		14,973		151,290
Banco de Sabadell SA		6,770		16,570
Banco Popular Espanol SA		3,891		19,048
Banco Santander SA		33,757		254,401
Bankia SA		9,966		13,893
CaixaBank SA		4,463		21,163
Enagas SA		2,267		64,838
Ferrovial SA		648		13,780
Grifols SA		168		7,214

See accompanying notes to financial statements.

259

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Inditex SA		2,415	$	77,500
Mapfre SA		10,813		39,473
Red Electrica Corp. SA		1,056		85,900
Telefonica SA		12,481		177,745
				1,041,601
SWEDEN — 1.2%
Alfa Laval AB		948		18,632
Assa Abloy AB (Class B)		624		37,191
Atlas Copco AB (Class A)		972		31,479
Atlas Copco AB (Class B)		2,279		67,360
Autoliv, Inc.		192		22,612
Boliden AB		7,954		158,083
Electrolux AB (Series B)		228		6,535
Getinge AB (Class B)		288		7,133
Hennes & Mauritz AB (Class B)		2,231		90,414
Hexagon AB, (Class B)		264		9,386
ICA Gruppen AB		472		15,823
Industrivarden AB (Class C)		420		7,885
Investor AB (Class B)		1,455		57,987
Kinnevik Investment AB (Class B)		552		18,440
Lundin Petroleum AB		5,498		75,291
Nordea Bank AB		7,043		85,995
Sandvik AB		2,451		27,412
Skandinaviska Enskilda Banken AB (Class A)		2,339		27,366
SKF AB (Class B)		372		9,611
Svenska Handelsbanken AB (Class A)		483		21,803
Swedbank AB (Class A)		1,259		30,088
Swedish Match AB		495		14,556
Telefonaktiebolaget LM Ericsson (Class B)		7,370		92,637
TeliaSonera AB		8,282		52,627
Volvo AB (Class B)		4,883		59,055
				1,045,401
SWITZERLAND — 3.6%
ABB, Ltd.		5,654		120,089
ACE, Ltd.		1,188		132,450
Actelion, Ltd.		168		19,476
Adecco SA		552		46,033
Baloise Holding AG		48		6,360
Cie Financiere Richemont SA		1,319		106,329
Credit Suisse Group AG		4,288		115,577
EMS-Chemie Holding AG		84		34,269
Geberit AG		60		22,547
Givaudan SA		60		108,844
Julius Baer Group, Ltd.		348		17,470
Kuehne + Nagel International AG		168		24,993
Nestle SA		8,126		614,072
Novartis AG		5,750		569,198
Roche Holding AG		1,704		470,341
Schindler Holding AG		84		13,993
Sika AG		12		42,982
Sulzer AG		48		5,288
Swatch Group AG (c)		60		25,457
Swatch Group AG (c)		288		24,166
Swiss Life Holding AG		156		38,627
Swiss Re AG		1,343		130,110
Swisscom AG		36		20,922
Syngenta AG		408		138,912
TE Connectivity, Ltd.		1,176		84,225
UBS Group AG		9,263		174,712
Zurich Insurance Group AG		396		134,256
				3,241,698
TAIWAN — 1.1%
Advanced Semiconductor Engineering, Inc.		12,000		16,203
Cathay Financial Holding Co., Ltd.		24,000		38,351
China Development Financial Holding Corp.		48,000		16,644
Chunghwa Telecom Co., Ltd.		12,000		38,159
Compal Electronics, Inc.		12,000		9,990
CTBC Financial Holding Co., Ltd.		48,000		31,908
E.Sun Financial Holding Co., Ltd.		12,000		7,344
Far Eastern New Century Corp.		12,000		12,387
Far EasTone Telecommunications Co., Ltd.		12,000		28,955
Farglory Land Development Co., Ltd.		12,000		13,845
First Financial Holding Co., Ltd		24,000		14,267
Formosa Petrochemical Corp.		60,000		131,352
Formosa Plastics Corp.		12,000		29,108
Fubon Financial Holding Co., Ltd.		24,000		43,106
Hon Hai Precision Industry Co., Ltd.		24,000		70,259
Inotera Memories, Inc.		12,000		16,012
Inventec Corp.		12,000		8,687
Mega Financial Holding Co., Ltd.		36,000		29,856
Pou Chen Corp.		12,000		16,798
Quanta Computer, Inc.		12,000		28,993
Ruentex Development Co., Ltd.		12,000		18,409
Shin Kong Financial Holding Co., Ltd.		36,000		10,228
SinoPac Financial Holdings Co., Ltd.		24,000		10,010
Taishin Financial Holding Co., Ltd.		24,000		10,201
Taiwan Mobile Co., Ltd.		12,000		41,994
Taiwan Semiconductor Manufacturing Co., Ltd.		60,000		279,003
Teco Electric & Machinery Co., Ltd.		12,000		11,429
Yuanta Financial Holding Co., Ltd.		60,000		30,201
				1,013,699
THAILAND — 0.2%
Advanced Info Service PCL NVDR		2,400		17,480
Airports of Thailand PCL NVDR		2,400		20,652
Bangkok Bank PCL NVDR		3,600		20,412
BTS Group Holdings PCL, NVDR		22,800		6,411
CP ALL PCL, NVDR		9,600		12,096
Energy Absolute PCL, NVDR		54,000		41,902
Kasikornbank PCL NVDR		4,800		33,780
Krung Thai Bank PCL, NVDR		10,800		7,567
Siam Commercial Bank PCL, NVDR		4,800		26,257
				186,557
TURKEY — 0.1%
Akbank TAS		2,796		8,238
BIM Birlesik Magazalar AS		264		4,687
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		14,533		16,512
KOC Holding AS		6,875		31,376
TAV Havalimanlari Holding AS		720		6,031
Turkcell Iletisim Hizmetleri AS		3,287		16,900
Turkiye Garanti Bankasi AS		3,555		11,679
Turkiye Halk Bankasi AS		1,431		7,082

See accompanying notes to financial statements.

260

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Turkiye Is Bankasi (Class C)		3,351	$	7,576
Turkiye Vakiflar Bankasi Tao (Class D)		2,796		4,587
				114,668
UNITED ARAB EMIRATES — 0.0% (a)
Aldar Properties PJSC		5,985		3,862
DP World, Ltd.		594		12,830
Emaar Properties PJSC		6,597		11,855
First Gulf Bank PJSC		996		3,959
				32,506
UNITED KINGDOM — 7.2%
3i Group PLC		7,298		52,263
Aberdeen Asset Management PLC		2,904		19,813
Admiral Group PLC		324		7,359
Aggreko PLC		336		7,617
Amec Foster Wheeler PLC		7,742		104,069
Antofagasta PLC		13,876		150,887
Aon PLC		612		58,825
ARM Holdings PLC		3,579		58,709
Ashtead Group PLC		1,728		27,807
Associated British Foods PLC		720		30,120
AstraZeneca PLC		3,292		226,096
Aviva PLC		8,618		69,085
Babcock International Group PLC		1,680		24,553
BAE Systems PLC		11,329		88,042
Barclays PLC		43,954		158,296
British American Tobacco PLC		5,486		284,102
British Land Co. PLC		3,328		41,129
BT Group PLC		27,007		175,603
Bunzl PLC		1,455		39,549
Burberry Group PLC		1,319		33,933
Capita PLC		2,183		36,166
Cobham PLC		6,458		29,163
Compass Group PLC		1,415		24,619
Croda International PLC		1,008		40,986
Delphi Automotive PLC		672		53,585
Diageo PLC		7,790		215,037
Direct Line Insurance Group PLC		3,947		18,691
Dixons Carphone PLC		1,596		9,778
Ensco PLC (Class A)		1,283		27,033
Experian PLC		3,779		62,663
Fresnillo PLC		1,848		18,723
Friends Life Group, Ltd.		4,658		28,600
GlaxoSmithKline PLC		12,613		289,473
Hammerson PLC		4,151		40,978
Hargreaves Lansdown PLC		396		6,772
HSBC Holdings PLC		50,652		431,607
ICAP PLC		1,479		11,571
IMI PLC		1,420		26,877
Imperial Tobacco Group PLC		3,227		141,942
Indivior PLC		1,800		5,077
Inmarsat PLC		672		9,233
Intertek Group PLC		507		18,801
Intu Properties PLC		4,811		24,854
Investec PLC		1,680		13,991
ITV PLC		10,830		40,659
J Sainsbury PLC		1,716		6,603
Johnson Matthey PLC		1,563		78,565
Kingfisher PLC		7,610		42,997
Land Securities Group PLC		2,595		48,269
Legal & General Group PLC		16,756		69,300
Liberty Global PLC (Class A)		876		45,088
Liberty Global PLC (Series C)		1,044		52,002
Lloyds Banking Group PLC		150,444		174,826
London Stock Exchange Group PLC		612		22,340
Marks & Spencer Group PLC		4,670		37,090
Meggitt PLC		4,091		33,311
Melrose Industries PLC		4,314		17,772
National Grid PLC		11,761		150,970
Next PLC		420		43,800
Old Mutual PLC		12,089		39,858
Pearson PLC		2,368		51,007
Persimmon PLC		1,319		32,562
Petrofac, Ltd.		2,640		37,349
Prudential PLC		6,854		170,122
Randgold Resources, Ltd.		816		56,849
Reckitt Benckiser Group PLC		1,800		154,982
Reed Elsevier PLC		3,675		63,230
Rolls-Royce Holdings PLC		5,450		77,103
Royal Bank of Scotland Group PLC		6,650		33,565
Royal Dutch Shell PLC (Class B)		2,595		80,859
Royal Mail PLC		1,872		12,183
RSA Insurance Group PLC		2,040		12,746
SABMiller PLC		2,832		148,825
Sage Group PLC		2,892		20,036
Schroders PLC		648		30,783
Segro PLC		3,767		23,314
Severn Trent PLC		2,832		86,563
Shire PLC		1,491		118,748
Signet Jewelers, Ltd.		180		24,982
Sky PLC		3,483		51,343
Smith & Nephew PLC		2,844		48,299
Smiths Group PLC		1,848		30,671
Sports Direct International PLC		936		8,462
Standard Chartered PLC		6,875		111,602
Standard Life PLC		4,761		33,614
Tesco PLC		18,700		67,138
Travis Perkins PLC		1,128		32,653
Unilever PLC		3,555		148,559
United Utilities Group PLC		7,790		107,895
Vodafone Group PLC		72,795		238,228
Weir Group PLC		912		23,029
Whitbread PLC		624		48,586
William Hill PLC		3,305		18,197
Wolseley PLC		972		57,616
WPP PLC		4,835		109,888
				6,519,115
UNITED STATES — 48.8%
3M Co.		1,539		253,858
Abbott Laboratories		4,127		191,204
AbbVie, Inc.		3,995		233,867
Activision Blizzard, Inc.		1,188		26,997
Adobe Systems, Inc.		1,188		87,841
ADT Corp.		588		24,414
Advance Auto Parts, Inc.		156		23,352
Aetna, Inc.		1,188		126,558
Affiliated Managers Group, Inc.		132		28,351
Aflac, Inc.		1,716		109,841

See accompanying notes to financial statements.

261

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Agilent Technologies, Inc.		1,188	$	49,361
Akamai Technologies, Inc.		384		27,281
Alexion Pharmaceuticals, Inc.		455		78,852
Alleghany Corp.		48		23,376
Alliance Data Systems Corp.		120		35,550
Allstate Corp.		1,188		84,550
Ally Financial, Inc.		612		12,840
Altera Corp.		1,188		50,977
Altria Group, Inc.		5,927		296,469
Amazon.com, Inc.		948		352,751
American Capital Agency Corp.		1,188		25,340
American Express Co.		2,571		200,847
American International Group, Inc.		4,742		259,814
American Realty Capital Properties, Inc.		2,356		23,207
American Tower Corp.		924		86,995
American Water Works Co., Inc.		2,736		148,319
Ameriprise Financial, Inc.		576		75,364
AmerisourceBergen Corp.		564		64,110
AMETEK, Inc.		1,188		62,418
Amgen, Inc.		1,884		301,157
Amphenol Corp. (Class A)		467		27,520
Analog Devices, Inc.		1,188		74,844
Annaly Capital Management, Inc.		4,742		49,317
Antero Resources Corp.		1,283		45,316
Anthem, Inc.		840		129,704
Apple, Inc.		14,224		1,769,892
Applied Materials, Inc.		3,555		80,201
Arrow Electronics, Inc.		372		22,748
Ashland, Inc.		336		42,776
Assurant, Inc.		443		27,205
AT&T, Inc.		13,036		425,625
Autodesk, Inc.		472		27,678
Automatic Data Processing, Inc.		1,188		101,740
AutoZone, Inc.		84		57,301
AvalonBay Communities, Inc.		348		60,639
Avery Dennison Corp.		540		28,571
Avnet, Inc.		1,188		52,866
Avon Products, Inc.		1,188		9,492
Axis Capital Holdings, Ltd.		467		24,088
Baker Hughes, Inc.		2,368		150,557
Bank of America Corp.		26,071		401,233
Bank of New York Mellon Corp.		3,555		143,053
Baxter International, Inc.		1,431		98,024
BB&T Corp.		1,752		68,310
BE Aerospace, Inc.		360		22,903
Becton, Dickinson and Co.		536		76,964
Bed Bath & Beyond, Inc.		300		23,033
Berkshire Hathaway, Inc. (Class B)		2,892		417,373
Best Buy Co., Inc.		1,088		41,116
Biogen, Inc.		576		243,210
BlackRock, Inc.		408		149,263
Boeing Co.		1,872		280,950
BorgWarner, Inc.		483		29,212
Boston Properties, Inc.		276		38,772
Boston Scientific Corp.		3,555		63,101
Bristol-Myers Squibb Co.		4,091		263,870
Broadcom Corp. (Class A)		1,608		69,618
Brown-Forman Corp. (Class B)		519		46,892
C.R. Bard, Inc.		180		30,123
CA, Inc.		2,168		70,698
Cameron International Corp.		1,188		53,603
Campbell Soup Co.		408		18,992
Capital One Financial Corp.		1,932		152,280
Cardinal Health, Inc.		1,088		98,214
CarMax, Inc.		431		29,743
Caterpillar, Inc.		1,680		134,450
CBRE Group, Inc.		912		35,304
CBS Corp. (Class B)		1,188		72,028
Celanese Corp. (Series A)		1,188		66,362
Celgene Corp.		1,944		224,104
CenturyLink, Inc.		1,188		41,045
Cerner Corp.		744		54,505
Charles Schwab Corp.		2,955		89,950
Charter Communications, Inc. (Class A)		132		25,491
Cheniere Energy, Inc.		1,596		123,530
Chipotle Mexican Grill, Inc.		72		46,839
Chubb Corp.		720		72,792
Cigna Corp.		792		102,516
Cimarex Energy Co.		216		24,859
Cisco Systems, Inc.		13,549		372,936
Citigroup, Inc.		7,922		408,141
Citrix Systems, Inc.		384		24,526
CME Group, Inc.		828		78,420
Coach, Inc.		702		29,084
Cobalt International Energy, Inc.		9,482		89,226
Coca-Cola Co.		10,669		432,628
Coca-Cola Enterprises, Inc.		1,188		52,510
Cognizant Technology Solutions Corp. (Class A)		1,563		97,516
Colgate-Palmolive Co.		2,368		164,197
Comcast Corp. (Class A)		5,295		299,009
Comcast Corp. (Class A) Special		1,188		66,605
Computer Sciences Corp.		384		25,068
Consolidated Edison, Inc.		888		54,168
Constellation Brands, Inc. (Class A)		624		72,515
Cooper Cos., Inc.		120		22,490
Corning, Inc.		3,555		80,627
Costco Wholesale Corp.		1,379		208,912
Crown Castle International Corp.		756		62,400
CSX Corp.		1,188		39,347
Cummins, Inc.		588		81,520
CVS Health Corp.		3,555		366,912
D.R. Horton, Inc.		1,188		33,834
Danaher Corp.		2,028		172,177
DaVita HealthCare Partners, Inc.		300		24,384
Deere & Co.		1,188		104,176
DIRECTV		1,271		108,162
Discover Financial Services		1,188		66,944
Discovery Communications, Inc. (Series A)		1,188		36,543
DISH Network Corp. (Class A)		495		34,680
Dollar General Corp.		660		49,751
Dollar Tree, Inc.		288		23,370
Dover Corp.		636		43,960
Dr. Pepper Snapple Group, Inc.		552		43,321
E. I. du Pont de Nemours & Co.		1,860		132,934
eBay, Inc.		2,832		163,350
Ecolab, Inc.		1,563		178,776
Edwards Lifesciences Corp.		228		32,481

See accompanying notes to financial statements.

262

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Electronic Arts, Inc.		672	$	39,524
Eli Lilly & Co.		2,368		172,035
EMC Corp.		5,927		151,494
Emerson Electric Co.		2,368		134,076
EOG Resources, Inc.		1,188		108,928
Equifax, Inc.		431		40,083
Equinix, Inc.		84		19,559
Equity Residential		876		68,205
Estee Lauder Cos., Inc. (Class A)		744		61,871
Everest Re Group, Ltd.		276		48,024
Eversource Energy		2,368		119,631
Expedia, Inc.		252		23,721
Expeditors International of Washington, Inc.		1,188		57,238
Express Scripts Holding Co.		2,076		180,135
Exxon Mobil Corp.		1,188		100,980
F5 Networks, Inc.		156		17,931
Facebook, Inc. (Class A)		4,751		390,603
Fastenal Co.		1,188		49,225
Fidelity National Information Services, Inc.		1,088		74,049
Fifth Third Bancorp		2,368		44,637
Fiserv, Inc.		588		46,687
FleetCor Technologies, Inc.		156		23,544
Flowserve Corp.		564		31,860
Fluor Corp.		1,188		67,906
FMC Technologies, Inc.		1,620		59,956
FNF Group		300		11,028
Foot Locker, Inc.		324		20,412
Ford Motor Co.		8,294		133,865
Fossil Group, Inc.		132		10,883
Franklin Resources, Inc.		1,188		60,968
Freeport-McMoRan, Inc.		3,555		67,367
Frontier Communications Corp.		2,368		16,694
Gap, Inc.		612		26,518
Garmin, Ltd.		324		15,396
General Dynamics Corp.		924		125,415
General Electric Co.		27,257		676,246
General Growth Properties, Inc.		1,188		35,105
General Mills, Inc.		2,368		134,029
General Motors Co.		2,368		88,800
Genworth Financial, Inc. (Class A)		2,368		17,310
Gilead Sciences, Inc.		3,555		348,852
Goldman Sachs Group, Inc.		1,188		223,308
Google, Inc. (Class A)		684		379,415
Google, Inc. (Class C)		720		394,560
H&R Block, Inc.		1,188		38,099
Halliburton Co.		3,555		155,993
Hanesbrands, Inc.		864		28,953
Harley-Davidson, Inc.		540		32,800
Hartford Financial Services Group, Inc.		1,968		82,302
HCA Holdings, Inc.		564		42,430
HCP, Inc.		1,188		51,333
Health Care REIT, Inc.		792		61,269
Helmerich & Payne, Inc.		552		37,575
Henry Schein, Inc.		336		46,912
Hershey Co.		528		53,280
Hertz Global Holdings, Inc.		1,188		25,756
Hewlett-Packard Co.		4,742		147,761
HollyFrontier Corp.		588		23,679
Hologic, Inc.		502		16,579
Home Depot, Inc.		3,455		392,523
Honeywell International, Inc.		1,644		171,486
Host Hotels & Resorts, Inc.		1,188		23,974
Humana, Inc.		443		78,863
Huntington Bancshares, Inc.		1,188		13,127
IHS, Inc. (Class A)		192		21,842
Illinois Tool Works, Inc.		1,479		143,670
Illumina, Inc.		324		60,147
Incyte Corp.		252		23,098
Ingersoll-Rand PLC		828		56,370
Intel Corp.		13,036		407,636
Intercontinental Exchange, Inc.		276		64,383
International Business Machines Corp.		2,368		380,064
International Flavors & Fragrances, Inc.		948		111,295
Interpublic Group of Cos., Inc.		1,188		26,279
Intuit, Inc.		612		59,340
Intuitive Surgical, Inc.		84		42,423
Invesco, Ltd.		1,188		47,152
Iron Mountain, Inc.		156		5,691
J.M. Smucker Co.		431		49,880
Jacobs Engineering Group, Inc.		1,188		53,650
Johnson & Johnson		7,107		714,964
Johnson Controls, Inc.		1,188		59,923
Joy Global, Inc.		408		15,985
JPMorgan Chase & Co.		9,482		574,420
Juniper Networks, Inc.		1,188		26,825
Kansas City Southern		324		33,074
Kellogg Co.		988		65,159
Keurig Green Mountain, Inc.		312		34,860
KeyCorp		2,368		33,531
Kimberly-Clark Corp.		192		20,565
Kimco Realty Corp.		1,188		31,898
Kinder Morgan, Inc.		7,901		332,316
KLA-Tencor Corp.		528		30,777
KLX, Inc.		180		6,937
Kohl’s Corp.		396		30,987
Kraft Foods Group, Inc.		1,860		162,034
L Brands, Inc.		552		52,048
L-3 Communications Holdings, Inc.		300		37,737
Lam Research Corp.		483		33,924
Las Vegas Sands Corp.		1,188		65,388
Lennar Corp. (Class A)		507		26,268
Level 3 Communications, Inc.		300		16,152
Liberty Interactive Corp. (Class A)		1,188		34,678
Liberty Media Corp. (Class A)		472		18,196
Liberty Media Corp. (Class C)		507		19,367
Lincoln National Corp.		1,188		68,262
Linear Technology Corp.		576		26,957
LinkedIn Corp. (Class A)		240		59,966
LKQ Corp.		534		13,649
Lockheed Martin Corp.		768		155,873
Loews��Corp.		1,188		48,506
Lorillard, Inc.		1,188		77,636
Lowe’s Cos., Inc.		2,368		176,156
M&T Bank Corp.		216		27,432
Macy’s, Inc.		804		52,188
ManpowerGroup, Inc.		540		46,521
Marathon Petroleum Corp.		756		77,407

See accompanying notes to financial statements.

263

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Marsh & McLennan Cos., Inc.		853	$	47,845
Masco Corp.		1,188		31,720
Mastercard, Inc. (Class A)		2,368		204,572
Mattel, Inc.		1,188		27,146
McCormick & Co., Inc.		564		43,490
McDonald’s Corp.		2,760		268,934
McGraw Hill Financial, Inc.		588		60,799
McKesson Corp.		624		141,149
Mead Johnson Nutrition Co.		552		55,493
Merck & Co., Inc.		7,107		408,510
MetLife, Inc.		3,555		179,705
Micron Technology, Inc.		2,368		64,244
Microsoft Corp.		18,963		770,941
Molson Coors Brewing Co. (Class B)		408		30,376
Mondelez International, Inc. (Class A)		5,147		185,755
Monsanto Co.		1,836		206,623
Monster Beverage Corp.		384		53,144
Moody’s Corp.		336		34,877
Morgan Stanley		4,342		154,966
Mosaic Co.		132		6,080
Motorola Solutions, Inc.		483		32,202
NASDAQ OMX Group, Inc.		431		21,955
National Oilwell Varco, Inc.		2,368		118,376
NetApp, Inc.		1,188		42,126
Netflix, Inc.		132		55,003
News Corp. (Class A)		1,224		19,596
NIKE, Inc. (Class B)		1,824		183,002
Norfolk Southern Corp.		495		50,945
Northern Trust Corp.		600		41,790
Northrop Grumman Corp.		744		119,754
Nuance Communications, Inc.		1,188		17,048
NVIDIA Corp.		2,368		49,550
O’Reilly Automotive, Inc.		252		54,492
Oceaneering International, Inc.		1,188		64,069
Omnicom Group, Inc.		708		55,210
Oracle Corp.		9,482		409,148
PACCAR, Inc.		1,188		75,010
Pall Corp.		396		39,754
Palo Alto Networks, Inc.		96		14,024
Parker-Hannifin Corp.		483		57,371
PartnerRe, Ltd.		264		30,183
Paychex, Inc.		612		30,364
Pepco Holdings, Inc.		1,188		31,874
PepsiCo, Inc.		4,055		387,739
Pfizer, Inc.		16,589		577,131
PG&E Corp.		2,368		125,670
Philip Morris International, Inc.		4,359		328,363
Pioneer Natural Resources Co.		216		35,318
PNC Financial Services Group, Inc.		1,596		148,811
Polaris Industries, Inc.		132		18,625
PPG Industries, Inc.		168		37,891
Precision Castparts Corp.		443		93,030
Priceline Group, Inc.		132		153,668
Principal Financial Group, Inc.		839		43,099
Procter & Gamble Co.		7,107		582,348
Progressive Corp.		1,188		32,314
ProLogis, Inc.		1,431		62,334
Prudential Financial, Inc.		1,608		129,138
Public Storage		396		78,067
Pulte Group, Inc.		1,188		26,409
PVH Corp.		240		25,574
QUALCOMM, Inc.		4,542		314,942
Quanta Services, Inc.		1,188		33,894
Quest Diagnostics, Inc.		360		27,666
Ralph Lauren Corp.		204		26,826
Raymond James Financial, Inc.		324		18,397
Raytheon Co.		988		107,939
Realogy Holdings Corp.		431		19,602
Realty Income Corp.		455		23,478
Red Hat, Inc.		336		25,452
Regeneron Pharmaceuticals, Inc.		180		81,266
Regions Financial Corp.		4,742		44,812
Reynolds American, Inc.		1,188		81,865
Robert Half International, Inc.		396		23,966
Rockwell Automation, Inc.		588		68,202
Rockwell Collins, Inc.		495		47,792
Roper Industries, Inc.		348		59,856
Ross Stores, Inc.		507		53,418
Salesforce.com, Inc.		1,188		79,370
SanDisk Corp.		624		39,699
SBA Communications Corp. (Class A)		180		21,078
Schlumberger, Ltd.		4,642		387,328
Sealed Air Corp.		788		35,901
Sempra Energy		888		96,810
ServiceNow, Inc.		192		15,126
Sherwin-Williams Co.		467		132,862
Sigma-Aldrich Corp.		948		131,061
Simon Property Group, Inc.		768		150,252
Sirius XM Holdings, Inc.		5,123		19,570
Skyworks Solutions, Inc.		455		44,722
SL Green Realty Corp.		180		23,108
Snap-On, Inc.		240		35,294
Spectra Energy Corp.		5,927		214,380
Sprint Corp.		1,307		6,195
St. Jude Medical, Inc.		1,088		71,155
Stanley Black & Decker, Inc.		636		60,649
Staples, Inc.		2,368		38,563
Starbucks Corp.		2,040		193,188
State Street Corp.		1,188		87,354
Stryker Corp.		1,188		109,593
SunTrust Banks, Inc.		1,188		48,815
Superior Energy Services, Inc.		2,368		52,901
Symantec Corp.		2,368		55,328
Synopsys, Inc.		528		24,457
Sysco Corp.		2,268		85,572
T-Mobile US, Inc.		588		18,634
T. Rowe Price Group, Inc.		768		62,193
Target Corp.		1,188		97,499
TD Ameritrade Holding Corp.		1,088		40,539
Tesla Motors, Inc.		204		38,509
Tesoro Corp.		1,668		152,272
Texas Instruments, Inc.		2,368		135,414
Textron, Inc.		1,088		48,231
Thermo Fisher Scientific, Inc.		1,188		159,596
Tiffany & Co.		384		33,796
Time Warner Cable, Inc.		720		107,914
Time Warner, Inc.		2,368		199,954
TJX Cos., Inc.		1,860		130,293

See accompanying notes to financial statements.

264

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Toll Brothers, Inc.		988	$	38,868
Towers Watson & Co. (Class A)		240		31,724
Tractor Supply Co.		300		25,518
TransDigm Group, Inc.		132		28,871
Travelers Cos., Inc.		1,188		128,458
Trimble Navigation, Ltd.		1,188		29,938
TripAdvisor, Inc.		276		22,955
TRW Automotive Holdings Corp.		192		20,131
Twenty-First Century Fox, Inc. (Class A)		2,676		90,556
Twenty-First Century Fox, Inc. (Class B)		2,207		72,566
Twitter, Inc.		816		40,865
U.S. Bancorp		4,742		207,083
Under Armour, Inc. (Class A)		360		29,070
Union Pacific Corp.		2,088		226,151
United Parcel Service, Inc. (Class B)		1,367		132,517
United Rentals, Inc.		324		29,536
United Technologies Corp.		2,808		329,098
UnitedHealth Group, Inc.		2,595		306,963
Unum Group		1,188		40,071
V.F. Corp.		876		65,972
Vantiv, Inc. (Class A)		192		7,238
Varian Medical Systems, Inc.		252		23,711
Ventas, Inc.		648		47,317
Verisk Analytics, Inc. (Class A)		372		26,561
Verizon Communications, Inc.		10,669		518,833
Vertex Pharmaceuticals, Inc.		519		61,226
Viacom, Inc. (Class B)		1,188		81,140
Visa, Inc. (Class A)		5,132		335,684
VMware, Inc. (Class A)		216		17,714
Voya Financial, Inc.		443		19,098
W.W. Grainger, Inc.		228		53,765
Wabtec Corp.		396		37,624
Wal-Mart Stores, Inc.		4,276		351,701
Walgreens Boots Alliance, Inc.		2,368		200,522
Walt Disney Co.		4,359		457,216
Waters Corp.		204		25,361
Wells Fargo & Co.		12,541		682,230
Western Digital Corp.		624		56,790
Western Union Co.		1,188		24,722
Whirlpool Corp.		144		29,097
Whole Foods Market, Inc.		1,188		61,871
Williams Cos., Inc.		3,555		179,847
Workday, Inc. (Class A)		156		13,168
Wyndham Worldwide Corp.		240		21,713
Wynn Resorts, Ltd.		204		25,680
Xerox Corp.		3,555		45,682
Xilinx, Inc.		1,188		50,252
XL Group PLC		1,188		43,718
Xylem, Inc.		648		22,693
Yahoo!, Inc.		2,368		105,222
Yum! Brands, Inc.		900		70,848
Zimmer Holdings, Inc.		552		64,871
Zoetis, Inc.		984		45,549
				44,024,986
TOTAL COMMON STOCKS —
(Cost $88,351,385)				89,731,267
RIGHTS — 0.0% (a)
SPAIN — 0.0% (a)
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15)		14,973		2,155
Banco de Sabadell SA (expiring 4/17/15)		6,770		1,716
Telefonica SA (expiring 4/10/15)		12,481		2,011
TOTAL RIGHTS —
(Cost $2,120)				5,882
SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f) (Cost $131,476)		131,476		131,476
TOTAL INVESTMENTS — 99.7%
(Cost $88,484,981)				89,868,625
OTHER ASSETS & LIABILITIES — 0.3%				277,983
NET ASSETS — 100.0%			$	90,146,608

(a)	Amount shown represents less than 0.05% of net assets.
(b)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees (see accompanying Notes to Schedules of Investments).
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Non-income producing security
(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

NVDR = Non Voting Depositary Receipt

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

SCA = Societe en Commandite par Actions (partnership limited by shares)

See accompanying notes to financial statements.

265

SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
BRAZIL — 8.0%
Ambev SA ADR		7,619	$	43,886
Banco Bradesco SA Preference Shares ADR		4,022		37,328
BRF — Brasil Foods SA ADR		1,053		20,828
Itau Unibanco Holding SA Preference Shares ADR		4,512		49,903
Petroleo Brasileiro SA Preference Shares ADR		3,370		20,523
Vale SA Preference Shares ADR (a)		3,084		14,957
				187,425
CHINA — 25.9%
Agricultural Bank of China, Ltd. (Class H)		35,000		17,335
Bank of China, Ltd. (Class H)		128,196		74,077
China Construction Bank Corp. (Class H)		116,154		96,482
China Life Insurance Co., Ltd. (Class H)		11,584		50,726
China Petroleum & Chemical Corp. (Class H)		41,600		33,106
Industrial & Commercial Bank of China, Ltd. (Class H)		119,454		88,130
PetroChina Co., Ltd. (Class H)		34,812		38,525
Ping An Insurance Group Co. of China, Ltd. (Class H)		4,000		48,084
Tencent Holdings, Ltd.		8,329		158,135
				604,600
HONG KONG — 8.1%
China Mobile, Ltd.		9,855		128,637
China Overseas Land & Investment, Ltd.		6,000		19,386
CNOOC, Ltd.		29,362		41,507
				189,530
INDIA — 2.5%
ICICI Bank, Ltd. ADR		3,486		36,115
Tata Motors, Ltd. ADR (a)		487		21,944
				58,059
MALAYSIA — 1.8%
Malayan Banking Bhd		7,661		19,300
Public Bank Bhd		4,393		22,395
				41,695
MEXICO — 4.4%
America Movil SAB de CV, Series L, ADR		2,684		54,915
Cemex SAB de CV ADR (a)(b)		1,986		18,807
Grupo Televisa SA de CV ADR (a)(b)		832		27,464
				101,186
RUSSIA — 5.3%
Gazprom OAO ADR		9,568		45,486
Lukoil OAO ADR		825		38,214
Magnit PJSC GDR		420		21,441
Sberbank of Russia ADR (c)		3,649		16,034
Sberbank of Russia ADR (c)		713		3,116
				124,291
SOUTH AFRICA — 9.7%
FirstRand, Ltd.		5,441		25,076
MTN Group, Ltd.		2,689		45,496
Naspers, Ltd. (Class N)		641		98,931
Sasol, Ltd.		894		30,412
Standard Bank Group, Ltd. (a)		1,962		27,204
				227,119
SOUTH KOREA — 19.2%
Hyundai Mobis Co., Ltd.		110		24,440
Hyundai Motor Co.		251		38,121
KB Financial Group, Inc. ADR		625		21,963
Kia Motors Corp.		426		17,356
NAVER Corp.		45		27,216
POSCO ADR (a)		422		23,067
Samsung Electronics Co., Ltd. GDR		358		230,552
Shinhan Financial Group Co., Ltd. ADR		685		25,550
SK Hynix, Inc.		940		38,593
				446,858
TAIWAN — 14.7%
Cathay Financial Holding Co., Ltd.		13,650		21,812
China Steel Corp.		18,660		15,505
Chunghwa Telecom Co., Ltd. ADR (a)		648		20,781
Formosa Plastics Corp.		6,280		15,234
Hon Hai Precision Industry Co., Ltd. GDR		10,096		58,557
MediaTek, Inc.		2,000		27,069
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		7,810		183,379
				342,337
TOTAL COMMON STOCKS —
(Cost $2,486,301)				2,323,100
SHORT TERM INVESTMENTS — 4.7%
UNITED STATES — 4.7%
MONEY MARKET FUNDS — 4.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		106,619		106,619
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f)		2,807		2,807
TOTAL SHORT TERM INVESTMENT —
(Cost $109,426)				109,426
TOTAL INVESTMENTS — 104.3%
(Cost $2,595,727)				2,432,526
OTHER ASSETS & LIABILITIES — (4.3)%				(100,148	)
NET ASSETS — 100.0%			$	2,332,378

(a)	A portion of the security was on loan at March 31, 2015.
(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

PJSC = Public Joint Stock Company

See accompanying notes to financial statements.

266

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March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
CHILE — 3.3%
AES Gener SA		3,116	$	1,700
Banco de Chile		89,940		10,098
Banco Santander Chile ADR		467		10,124
Cencosud SA ADR (a)		1,152		8,099
Cia Cervecerias Unidas SA		287		2,987
Corpbanca SA		244,432		2,589
Empresa Nacional de Electricidad SA ADR		441		19,867
Empresas COPEC SA		410		4,775
Enersis SA ADR (a)		988		16,065
Latam Airlines Group SA ADR (a)(b)		1,007		8,116
SACI Falabella		657		5,035
Sociedad Quimica y Minera de Chile SA ADR		311		5,676
				95,131
COLOMBIA — 1.5%
Almacenes Exito SA		512		4,927
BanColombia SA ADR (a)		193		7,591
Cementos Argos SA		1,416		4,650
Ecopetrol SA ADR (a)		449		6,834
Grupo Argos SA/Colombia Preference Shares		1,089		7,101
Grupo de Inversiones Suramericana SA		691		8,927
Interconexion Electrica SA ESP		1,477		4,225
				44,255
CZECH REPUBLIC — 0.7%
CEZ AS		358		8,756
Komercni Banka AS		36		7,773
O2 Czech Republic AS		341		2,726
				19,255
EGYPT — 0.6%
Commercial International Bank Egypt SAE GDR		1,615		11,337
Global Telecom Holding SAE GDR (b)		2,245		4,939
				16,276
GREECE — 0.7%
Alpha Bank AE (b)		4,195		1,239
Eurobank Ergasias SA (b)		14,452		1,630
FF Group (b)		60		1,788
Hellenic Telecommunications Organization SA (b)		474		4,200
JUMBO SA		114		1,185
National Bank of Greece SA (b)		2,735		3,231
OPAP SA		432		4,051
Piraeus Bank SA (b)		3,614		1,393
Public Power Corp. SA (b)		286		1,751
Titan Cement Co. SA		55		1,262
				21,730
HUNGARY — 0.6%
MOL Hungarian Oil and Gas PLC		119		5,166
OTP Bank PLC		456		8,663
Richter Gedeon NyRt		270		3,723
				17,552
INDONESIA — 6.8%
Adaro Energy Tbk PT		34,900		2,536
Astra International Tbk PT		34,900		22,888
Bank Central Asia Tbk PT		22,000		24,945
Bank Mandiri Persero Tbk PT		21,000		20,036
Bank Negara Indonesia Persero Tbk PT		20,000		11,052
Bank Rakyat Indonesia Persero Tbk PT		19,000		19,291
Charoen Pokphand Indonesia Tbk PT		18,000		4,880
Indocement Tunggal Prakarsa Tbk PT		4,000		6,707
Indofood Sukses Makmur Tbk PT		12,500		7,122
Kalbe Farma Tbk PT		67,400		9,614
Lippo Karawaci Tbk PT		55,900		5,772
Matahari Department Store Tbk PT		3,100		4,671
Perusahaan Gas Negara Persero Tbk PT		26,000		9,545
Semen Indonesia Persero Tbk PT		7,500		7,830
Telekomunikasi Indonesia Persero Tbk PT		99,300		21,948
Unilever Indonesia Tbk PT		3,500		10,614
United Tractors Tbk PT		4,500		7,503
				196,954
MALAYSIA — 8.4%
Alliance Financial Group Bhd		3,500		4,527
AMMB Holdings Bhd		3,500		6,010
Axiata Group Bhd		4,700		8,985
British American Tobacco Malaysia Bhd		300		5,562
Bumi Armada Bhd (b)		5,300		1,474
CIMB Group Holdings Bhd		8,518		14,306
Digi.Com Bhd		7,300		12,418
Felda Global Ventures Holdings Bhd		2,900		1,699
Gamuda Bhd		6,000		8,262
Genting Bhd		4,600		11,179
Genting Malaysia Bhd		7,100		8,109
Hong Leong Bank Bhd		1,300		5,006
IHH Healthcare Bhd		6,100		9,899
IJM Corp. Bhd		3,800		7,388
IOI Corp. Bhd		5,500		6,816
IOI Properties Group Bhd		3,148		1,853
Kuala Lumpur Kepong Bhd		1,000		6,151
Malayan Banking Bhd		7,501		18,897
Malaysia Airports Holdings Bhd		1,576		2,979
Maxis Bhd		4,300		8,348
Petronas Chemicals Group Bhd		5,100		7,767
Petronas Dagangan Bhd		500		2,700
Petronas Gas Bhd		1,300		8,080
PPB Group Bhd		1,400		5,814
Public Bank Bhd		2,860		14,580
SapuraKencana Petroleum Bhd		8,300		5,289
Sime Darby Bhd		4,728		11,834
Telekom Malaysia Bhd		3,351		6,578
Tenaga Nasional Bhd		5,400		20,938
UMW Holdings Bhd		1,400		4,098
YTL Corp. Bhd		10,800		4,870
				242,416
MEXICO — 11.0%
Alfa SAB de CV (Class A) (b)		5,372		10,861
America Movil SAB de CV (Series L)		59,741		61,411
Cemex SAB de CV (b)		20,539		19,509
Coca-Cola FEMSA SAB de CV (Series L)		995		7,953
El Puerto de Liverpool SAB de CV (Class C1) (b)		300		3,545
Fibra Uno Administracion SA de CV REIT		3,106		8,239

See accompanying notes to financial statements.

267

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Fomento Economico Mexicano SAB de CV (b)		3,182	$	29,892
Genomma Lab Internacional SAB de CV (Class B) (b)		2,091		1,983
Gentera SAB de CV (b)		1,839		3,316
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		500		3,282
Grupo Aeroportuario del Sureste SAB de CV (Class B) (b)		697		9,403
Grupo Bimbo SAB de CV (b)		3,683		10,458
Grupo Carso SAB de CV		1,393		5,796
Grupo Financiero Banorte SAB de CV		4,578		26,601
Grupo Financiero Inbursa SAB de CV		4,977		12,584
Grupo Financiero Santander Mexico SAB de CV (Class B)		3,982		8,717
Grupo Mexico SAB de CV (Series B)		4,464		13,201
Grupo Televisa SAB (b)		5,174		34,235
Industrias Penoles SAB de CV		304		5,296
Kimberly-Clark de Mexico SAB de CV (Class A)		3,683		7,731
Mexichem SAB de CV		2,488		6,506
Minera Frisco SAB de CV (b)		698		754
Promotora y Operadora de Infraestructura SAB de CV (b)		549		5,864
Wal-Mart de Mexico SAB de CV		8,391		20,991
				318,128
PERU — 1.0%
Compania de Minas Buenaventura SA ADR		161		1,631
Credicorp, Ltd. (a)		132		18,563
Southern Copper Corp. (a)		298		8,696
				28,890
PHILIPPINES — 3.1%
Aboitiz Equity Ventures, Inc.		5,790		7,513
Ayala Corp.		520		9,248
Ayala Land, Inc.		15,000		12,920
BDO Unibank, Inc.		4,730		13,090
International Container Terminal Services, Inc.		2,810		6,789
JG Summit Holdings, Inc.		3,760		6,098
Philippine Long Distance Telephone Co.		115		7,348
SM Investments Corp.		400		8,049
SM Prime Holdings, Inc.		14,500		6,481
Universal Robina Corp.		2,450		12,387
				89,923
POLAND — 3.6%
Bank Pekao SA		281		13,622
Bank Zachodni WBK SA		41		3,731
Eurocash SA		111		958
KGHM Polska Miedz SA		314		9,938
LPP SA		1		1,866
mBank		39		4,529
Orange Polska SA		1,857		4,668
PGE Polska Grupa Energetyczna SA		1,662		9,135
Polski Koncern Naftowy Orlen SA		794		12,408
Polskie Gornictwo Naftowe i Gazownictwo SA		4,454		6,461
Powszechna Kasa Oszczednosci Bank Polski SA		1,773		15,899
Powszechny Zaklad Ubezpieczen SA		122		15,735
Tauron Polska Energia SA		3,880		4,513
				103,463
QATAR — 1.8%
Barwa Real Estate Co.		117		1,449
Gulf International Services QSC		78		2,057
Industries Qatar QSC		192		7,329
Masraf Al Rayan QSC		684		8,951
Ooredoo QSC		122		3,341
Qatar Electricity & Water Co. QSC		96		5,149
Qatar Islamic Bank SAQ		180		4,914
Qatar National Bank SAQ		265		14,082
Vodafone Qatar QSC		974		4,769
				52,041
SOUTH AFRICA — 14.7%
Anglo American Platinum, Ltd. (b)		75		1,842
AngloGold Ashanti, Ltd. (b)		671		6,462
Aspen Pharmacare Holdings, Ltd. (b)		498		15,783
Barclays Africa Group, Ltd.		577		8,810
Bidvest Group, Ltd.		565		15,327
Brait SE (b)		151		1,041
Discovery, Ltd.		475		4,893
Exxaro Resources, Ltd. (a)		233		1,933
FirstRand, Ltd.		2,946		13,577
Foschini Group, Ltd.		490		7,303
Gold Fields, Ltd.		1,371		5,807
Growthpoint Properties, Ltd. REIT		3,548		8,395
Impala Platinum Holdings, Ltd. (b)		962		4,671
Imperial Holdings, Ltd.		349		5,557
Kumba Iron Ore, Ltd. (a)		74		953
Life Healthcare Group Holdings, Ltd.		2,251		7,860
Mediclinic International, Ltd.		596		6,001
MMI Holdings, Ltd.		2,293		6,211
Mr. Price Group, Ltd.		266		5,708
MTN Group, Ltd.		2,258		38,204
Naspers, Ltd. (Class N)		532		82,108
Nedbank Group, Ltd.		365		7,163
Redefine Properties, Ltd.		6,367		6,516
Remgro, Ltd.		819		17,967
RMB Holdings, Ltd.		1,611		9,291
Sanlam, Ltd.		2,800		18,111
Sasol, Ltd.		806		27,418
Shoprite Holdings, Ltd.		752		10,195
Spar Group, Ltd.		360		5,607
Standard Bank Group, Ltd. (a)		1,838		25,485
Steinhoff International Holdings, Ltd. (a)		2,772		17,394
Tiger Brands, Ltd.		343		8,645
Truworths International, Ltd.		941		6,855
Vodacom Group, Ltd.		668		7,316
Woolworths Holdings, Ltd.		1,469		10,445
				426,854
SOUTH KOREA — 15.5%
AmorePacific Corp.		3		9,072
AmorePacific Group		3		4,056
Celltrion, Inc. (b)		34		2,142

See accompanying notes to financial statements.

268

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Cheil Industries, Inc. (b)		7	$	943
Cheil Worldwide, Inc. (b)		110		2,385
CJ CheilJedang Corp.		6		2,044
CJ Corp.		11		1,745
Coway Co., Ltd.		40		3,299
Daewoo Securities Co., Ltd.		50		584
Daum Kakao Corp.		23		2,392
E-Mart Co., Ltd.		27		5,670
Hana Financial Group, Inc.		290		7,515
Hankook Tire Co., Ltd.		99		4,047
Hotel Shilla Co., Ltd.		30		2,647
Hyundai Engineering & Construction Co., Ltd.		142		6,451
Hyundai Glovis Co., Ltd.		8		1,630
Hyundai Heavy Industries Co., Ltd. (b)		43		4,729
Hyundai Mobis Co., Ltd.		56		12,442
Hyundai Motor Co.		123		18,681
Hyundai Motor Co. Preference Shares		38		3,802
Hyundai Steel Co.		83		5,461
Hyundai Wia Corp.		10		1,275
KB Financial Group, Inc. ADR		363		12,756
KEPCO Plant Service & Engineering Co., Ltd.		20		1,759
Kia Motors Corp.		223		9,085
Korea Electric Power Corp. ADR		458		9,389
KT&G Corp.		133		10,633
LG Chem, Ltd.		51		10,389
LG Corp.		139		7,680
LG Display Co., Ltd. ADR		677		9,688
LG Electronics, Inc.		134		7,114
LG Household & Health Care, Ltd.		13		9,855
LG Innotek Co., Ltd.		20		2,091
Lotte Shopping Co., Ltd.		18		3,853
NAVER Corp.		21		12,701
NCSoft Corp.		7		1,145
Orion Corp.		2		2,088
POSCO ADR		223		12,189
S-Oil Corp.		94		5,448
Samsung C&T Corp.		160		8,566
Samsung Electro-Mechanics Co., Ltd.		44		3,050
Samsung Electronics Co., Ltd. GDR (c)		31		15,333
Samsung Electronics Co., Ltd. GDR (c)		166		106,904
Samsung Fire & Marine Insurance Co., Ltd.		37		8,921
Samsung Heavy Industries Co., Ltd.		210		3,417
Samsung Life Insurance Co., Ltd.		61		5,317
Samsung SDI Co., Ltd.		59		7,259
Samsung SDS Co., Ltd.		20		4,822
Shinhan Financial Group Co., Ltd. ADR		398		14,845
SK C&C Co., Ltd.		17		3,563
SK Holdings Co., Ltd.		40		6,129
SK Hynix, Inc.		510		20,939
SK Innovation Co., Ltd. (b)		75		6,449
Woori Bank		403		3,407
				449,796
TAIWAN — 16.0%
Advanced Semiconductor Engineering Inc, ADR		1,381		9,943
Asia Cement Corp.		5,120		6,439
Asustek Computer, Inc.		1,000		10,067
AU Optronics Corp. ADR (a)		1,428		7,154
Catcher Technology Co., Ltd.		1,000		10,483
Cathay Financial Holding Co., Ltd.		8,450		13,503
Chang Hwa Commercial Bank, Ltd.		8,160		4,720
Cheng Shin Rubber Industry Co., Ltd.		2,000		4,596
China Development Financial Holding Corp.		27,000		9,362
China Steel Corp.		13,260		11,018
Chunghwa Telecom Co., Ltd. ADR		299		9,589
Compal Electronics, Inc.		7,000		5,828
CTBC Financial Holding Co., Ltd.		16,591		11,029
Delta Electronics, Inc.		2,000		12,624
E.Sun Financial Holding Co., Ltd.		11,882		7,272
Far Eastern New Century Corp.		7,140		7,370
Far EasTone Telecommunications Co., Ltd.		2,000		4,826
First Financial Holding Co., Ltd		10,700		6,360
Formosa Chemicals & Fibre Corp.		3,000		6,884
Formosa Plastics Corp.		4,000		9,703
Fubon Financial Holding Co., Ltd.		7,000		12,573
Hon Hai Precision Industry Co., Ltd. GDR		4,109		23,832
HTC Corp. (b)		1,000		4,458
Hua Nan Financial Holdings Co., Ltd.		10,300		5,892
Inotera Memories, Inc. (b)		4,000		5,337
Inventec Corp.		2,000		1,448
Lite-On Technology Corp.		4,020		5,210
MediaTek, Inc.		1,000		13,535
Mega Financial Holding Co., Ltd.		12,000		9,952
Nan Ya Plastics Corp.		5,000		11,106
Pegatron Corp.		1,000		2,707
Pou Chen Corp.		4,000		5,599
President Chain Store Corp.		1,000		7,526
Quanta Computer, Inc.		4,000		9,664
Siliconware Precision Industries Co., Ltd. ADR (a)		1,121		9,170
SinoPac Financial Holdings Co., Ltd.		17,088		7,127
Taishin Financial Holding Co., Ltd.		15,886		6,752
Taiwan Cement Corp.		5,000		7,047
Taiwan Cooperative Financial Holding Co., Ltd.		11,808		5,981
Taiwan Mobile Co., Ltd.		2,000		6,999
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		4,470		104,956
Uni-President Enterprises Corp.		6,360		10,651
United Microelectronics Corp.		18,000		8,917
Yuanta Financial Holding Co., Ltd.		15,375		7,739
				462,948
THAILAND — 5.6%
Advanced Info Service PCL		2,200		16,023
Airports of Thailand PCL		1,000		8,605
Bangkok Bank PCL NVDR		1,660		9,412
BEC World PCL (d)		3,300		4,158
Central Pattana PCL		3,900		5,124
Charoen Pokphand Foods PCL		7,200		4,978
CP ALL PCL		9,600		12,096
Kasikornbank PCL		3,100		21,911
Krung Thai Bank PCL		11,100		7,778
PTT Exploration & Production PCL		2,900		9,714
PTT Global Chemical PCL		3,800		6,102
PTT PCL		1,700		16,875
Siam Cement PCL NVDR		1,000		15,734

See accompanying notes to financial statements.

269

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Siam Commercial Bank PCL		3,500	$	19,146
True Corp. PCL NVDR (b)		16,310		6,265
				163,921
TURKEY — 3.4%
Akbank TAS		3,401		10,020
Anadolu Efes Biracilik Ve Malt Sanayii AS (b)		485		4,053
BIM Birlesik Magazalar AS		395		7,013
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		4,040		4,590
Eregli Demir ve Celik Fabrikalari TAS		3,015		4,691
Haci Omer Sabanci Holding AS		2,002		7,078
KOC Holding AS		1,639		7,480
TAV Havalimanlari Holding AS (b)		160		1,340
Tupras-Turkiye Petrol Rafinerileri AS		274		6,506
Turk Hava Yollari AO (b)		1,693		5,601
Turkcell Iletisim Hizmetleri AS (b)		1,728		8,885
Turkiye Garanti Bankasi AS		4,534		14,895
Turkiye Halk Bankasi AS		887		4,390
Turkiye Is Bankasi (Class C)		4,152		9,387
Turkiye Vakiflar Bankasi Tao (Class D)		2,626		4,308
				100,237
UNITED ARAB EMIRATES — 1.3%
Abu Dhabi Commercial Bank PJSC		2,148		3,784
Aldar Properties PJSC		5,839		3,768
Arabtec Holding PJSC (b)		3,011		1,869
DP World, Ltd.		239		5,162
Dubai Financial Market PJSC		4,897		2,013
Dubai Islamic Bank PJSC		822		1,388
Emaar Properties PJSC		5,580		10,027
First Gulf Bank PJSC		1,190		4,730
National Bank of Abu Dhabi PJSC		1,346		4,361
				37,102
TOTAL COMMON STOCKS —
(Cost $3,036,584)				2,886,872
RIGHTS — 0.0% (e)
SOUTH AFRICA — 0.0% (e)
Discovery, Ltd. (expiring 4/2/15) (b) (Cost $0)		45		128
SHORT TERM INVESTMENTS — 2.5%
UNITED STATES — 2.5%
MONEY MARKET FUNDS — 2.5%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		70,666		70,666
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (g)(h)		620		620
TOTAL SHORT TERM INVESTMENT —
(Cost $71,286)				71,286
TOTAL INVESTMENTS — 102.1%
(Cost $3,107,870)				2,958,286
OTHER ASSETS & LIABILITIES — (2.1)%				(61,013	)
NET ASSETS — 100.0%			$	2,897,273

(a)	A portion of the security was on loan at March 31, 2015.
(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 Oversight Committee in accordance with procedures approved by the Board of Trustees (see accompanying Notes to Schedules of Investments).
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Investments of cash collateral for securities loaned
(g)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(h)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

270

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 6.1%
AGL Energy, Ltd.		673	$	7,815
Amcor, Ltd.		697		7,476
AMP, Ltd.		525		2,583
ASX, Ltd.		141		4,461
Australia & New Zealand Banking Group, Ltd.		387		10,833
BHP Billiton, Ltd.		1,736		41,153
Brambles, Ltd.		943		8,299
Cochlear, Ltd.		46		3,181
Commonwealth Bank of Australia		417		29,754
CSL, Ltd.		380		26,743
Federation Centres		1,761		4,090
Flight Centre Travel Group, Ltd.		53		1,605
Fortescue Metals Group, Ltd.		1,274		1,908
GPT Group		3,606		12,589
Healthscope, Ltd.		935		2,186
Lend Lease Group		209		2,657
Macquarie Group, Ltd.		47		2,753
National Australia Bank, Ltd.		352		10,366
Novion Property Group		5,359		10,276
Origin Energy, Ltd.		184		1,590
QBE Insurance Group, Ltd.		241		2,401
Ramsay Health Care, Ltd.		63		3,236
REA Group, Ltd.		61		2,250
Rio Tinto, Ltd.		256		11,193
Santos, Ltd.		196		1,069
Scentre Group		3,400		9,714
Seek, Ltd.		169		2,210
Stockland		2,622		9,014
Suncorp Group, Ltd.		209		2,155
Telstra Corp., Ltd.		7,693		37,084
Transurban Group		1,725		12,559
Wesfarmers, Ltd.		119		3,996
Westfield Corp.		1,682		12,271
Westpac Banking Corp.		424		12,756
Woodside Petroleum, Ltd.		304		8,017
Woolworths, Ltd.		1,169		26,336
WorleyParsons, Ltd.		172		1,255
				349,834
AUSTRIA — 0.1%
Erste Group Bank AG		80		1,971
OMV AG		61		1,674
Raiffeisen Bank International AG		66		923
Voestalpine AG		54		1,977
				6,545
BELGIUM — 1.4%
Ageas		60		2,153
Anheuser-Busch InBev NV		370		45,222
Belgacom SA		340		11,895
Colruyt SA		202		8,795
Delhaize Group		34		3,057
KBC Groep NV (a)		44		2,720
Solvay SA		16		2,312
Umicore SA		52		2,171
				78,325
DENMARK — 2.3%
AP Moeller — Maersk A/S (Class A)		1		2,031
AP Moeller — Maersk A/S (Class B)		1		2,090
Carlsberg A/S (Class B)		24		1,980
Coloplast A/S (Class B)		184		13,914
Danske Bank A/S		104		2,744
Novo Nordisk A/S (Class B)		1,570		83,962
Novozymes A/S (Class B)		156		7,132
Pandora A/S		66		6,011
TDC A/S		693		4,961
Tryg A/S		74		8,729
William Demant Holding A/S (a)		28		2,375
				135,929
FINLAND — 0.7%
Elisa Oyj		216		5,428
Fortum Oyj		101		2,122
Kone Oyj (Class B)		210		9,310
Metso Oyj		62		1,809
Nokia Oyj		338		2,581
Orion Oyj (Class B)		79		2,231
Sampo Oyj (Class A)		214		10,807
UPM-Kymmene Oyj		144		2,802
Wartsila Oyj Abp		80		3,542
				40,632
FRANCE — 7.2%
Aeroports de Paris		92		10,997
Air Liquide SA		260		33,453
Alcatel-Lucent (a)		255		964
Alstom SA (a)		63		1,944
AXA SA		521		13,124
BNP Paribas SA		318		19,320
Bouygues SA		55		2,158
Bureau Veritas SA		259		5,561
Cap Gemini SA		36		2,953
Carrefour SA		116		3,873
Casino Guichard-Perrachon SA		20		1,773
Christian Dior SE		12		2,265
Compagnie de Saint-Gobain		102		4,480
Compagnie Generale des Etablissements Michelin		99		9,847
Credit Agricole SA		255		3,745
Danone SA		116		7,801
Dassault Systemes		168		11,393
EDF SA		62		1,488
Essilor International SA		143		16,403
Eutelsat Communications SA		137		4,537
GDF Suez		319		6,306
Hermes International		6		2,116
Iliad SA		6		1,400
Kering		11		2,148
L’Oreal SA		141		25,948
Lafarge SA		29		1,880
Legrand SA		130		7,028
LVMH Moet Hennessy Louis Vuitton SE		125		22,037
Natixis SA		373		2,789
Orange SA		434		6,975
Pernod Ricard SA		21		2,484
Peugeot SA (a)		191		3,198

See accompanying notes to financial statements.

271

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Publicis Groupe SA		96	$	7,406
Renault SA		51		4,643
Rexel SA		105		1,981
Safran SA		39		2,723
Sanofi		155		15,304
Schneider Electric SE		55		4,274
SCOR SE		264		8,907
Societe BIC SA		19		2,704
Societe Generale SA		233		11,253
Sodexo SA		103		10,043
Technip SA		66		3,996
Total SA		1,272		63,218
Unibail-Rodamco SE		13		3,505
Valeo SA		20		2,987
Vallourec SA		64		1,562
Veolia Environnement SA		135		2,554
Vinci SA		79		4,516
Vivendi SA		703		17,460
Zodiac Aerospace		97		3,212
				414,636
GERMANY — 7.6%
adidas AG		99		7,835
Allianz SE		87		15,123
Axel Springer SE		41		2,422
BASF SE		452		44,928
Bayer AG		373		56,064
Bayerische Motoren Werke AG		51		6,378
Bayerische Motoren Werke AG Preference Shares		26		2,407
Beiersdorf AG		161		13,989
Celesio AG		59		1,743
Commerzbank AG (a)		296		4,085
Continental AG		58		13,723
Daimler AG		189		18,214
Deutsche Bank AG		459		15,952
Deutsche Boerse AG		34		2,777
Deutsche Lufthansa AG		99		1,391
Deutsche Post AG		137		4,281
Deutsche Telekom AG		717		13,130
E.ON SE		780		11,632
Fresenius Medical Care AG & Co. KGaA		290		24,126
Fresenius SE & Co. KGaA		213		12,717
Fuchs Petrolub SE Preference Shares		54		2,160
GEA Group AG		94		4,547
Hannover Rueck SE		35		3,616
HeidelbergCement AG		30		2,378
Henkel AG & Co. KGaA		90		9,297
Henkel AG & Co. KGaA Preference Shares		54		6,353
Hugo Boss AG		18		2,189
Infineon Technologies AG		211		2,522
K+S AG		69		2,254
Kabel Deutschland Holding AG (a)		44		5,718
Lanxess AG		36		1,919
Linde AG		37		7,536
MAN SE		70		7,368
Merck KGaA		64		7,186
Metro AG		62		2,104
Muenchener Rueckversicherungs- Gesellschaft AG		40		8,624
Porsche Automobil Holding SE Preference Shares		49		4,814
RWE AG		186		4,750
SAP SE		510		36,989
Siemens AG		102		11,031
Telefonica Deutschland Holding AG (a)		1,746		10,081
ThyssenKrupp AG		83		2,178
TUI AG		146		2,573
United Internet AG		62		2,824
Volkswagen AG		24		6,188
Volkswagen AG Preference Shares		33		8,784
				438,900
HONG KONG — 4.4%
AIA Group, Ltd.		1,200		7,553
BOC Hong Kong Holdings, Ltd.		5,500		19,615
Cheung Kong Infrastructure Holdings, Ltd.		2,000		17,193
CLP Holdings, Ltd.		3,000		26,216
Galaxy Entertainment Group, Ltd.		2,000		9,106
Hang Seng Bank, Ltd.		2,400		43,493
HKT Trust/HKT, Ltd.		3,540		4,561
Hong Kong & China Gas Co., Ltd.		4,400		10,181
Hong Kong Exchanges and Clearing, Ltd.		600		14,704
Li & Fung, Ltd.		4,000		3,906
Link REIT		2,500		15,413
MTR Corp., Ltd.		4,500		21,417
New World Development Co., Ltd.		2,000		2,319
Noble Group, Ltd.		3,000		2,012
Power Assets Holdings, Ltd.		3,000		30,685
Sands China, Ltd.		1,600		6,625
SJM Holdings, Ltd.		1,000		1,308
Swire Pacific, Ltd.		500		6,817
Techtronic Industries Co., Ltd.		500		1,690
WH Group, Ltd. (a)(b)		9,659		5,494
Wynn Macau, Ltd.		800		1,731
Yue Yuen Industrial Holdings, Ltd.		1,000		3,534
				255,573
IRELAND — 0.5%
CRH PLC		98		2,550
James Hardie Industries PLC		252		2,938
Kerry Group PLC (Class A)		268		17,990
Ryanair Holdings PLC		573		6,849
				30,327
ISRAEL — 0.8%
Bank Hapoalim BM		2,346		11,303
Bank Leumi Le-Israel BM (a)		1,313		4,877
Bezeq The Israeli Telecommunication Corp., Ltd.		2,408		4,493
Israel Chemicals, Ltd.		277		1,971
Mizrahi Tefahot Bank, Ltd. (a)		411		4,175
NICE Systems, Ltd.		47		2,883
Teva Pharmaceutical Industries, Ltd.		225		14,122
				43,824
ITALY — 1.2%
Assicurazioni Generali SpA		258		5,073
Banca Monte dei Paschi di Siena SpA (a)		1,725		1,145
Banco Popolare SC (a)		149		2,330
Enel SpA		1,946		8,803

See accompanying notes to financial statements.

272

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
ENI SpA		764	$	13,235
Exor SpA		72		3,270
Intesa Sanpaolo SpA		2,705		9,198
Luxottica Group SpA		73		4,634
Saipem SpA (a)		216		2,203
Snam SpA		454		2,204
Telecom Italia SpA		7,788		7,319
UBI Banca SCpA		311		2,433
UniCredit SpA		797		5,418
				67,265
JAPAN — 19.0%
ABC-Mart, Inc.		100		5,862
Aeon Co., Ltd.		300		3,300
Aisin Seiki Co., Ltd.		100		3,636
ANA Holdings, Inc.		4,000		10,733
Aozora Bank, Ltd.		1,000		3,552
Asahi Glass Co., Ltd.		1,000		6,571
Asahi Group Holdings, Ltd.		100		3,180
Astellas Pharma, Inc.		800		13,125
Bank of Yokohama, Ltd.		2,000		11,741
Benesse Holdings, Inc.		200		6,304
Bridgestone Corp.		100		4,016
Calbee, Inc.		100		4,353
Canon, Inc.		400		14,169
Chiba Bank, Ltd.		1,000		7,355
Chubu Electric Power Co., Inc.		200		2,392
Chugoku Bank, Ltd.		300		4,490
Dai-ichi Life Insurance Co., Ltd.		200		2,911
Daihatsu Motor Co., Ltd.		200		3,065
Daiichi Sankyo Co., Ltd.		200		3,180
Daito Trust Construction Co., Ltd.		100		11,195
Denso Corp.		100		4,572
Dentsu, Inc.		100		4,294
East Japan Railway Co.		200		16,077
Eisai Co., Ltd.		600		42,702
Electric Power Development Co., Ltd.		100		3,377
FamilyMart Co., Ltd.		200		8,405
Fuji Heavy Industries, Ltd.		300		9,984
FUJIFILM Holdings Corp.		100		3,566
Fujitsu, Ltd.		1,000		6,830
Fukuoka Financial Group, Inc.		1,000		5,162
Gunma Bank, Ltd.		1,000		6,771
Hino Motors, Ltd.		200		2,860
Hisamitsu Pharmaceutical Co., Inc.		100		4,111
Hitachi, Ltd.		1,000		6,864
Honda Motor Co., Ltd.		300		9,764
Hoya Corp.		200		8,034
Idemitsu Kosan Co., Ltd.		100		1,744
Inpex Corp.		200		2,211
Isuzu Motors, Ltd.		300		3,996
ITOCHU Corp.		700		7,597
Iyo Bank, Ltd.		300		3,570
Japan Airlines Co., Ltd.		400		12,474
Japan Display, Inc. (a)		200		720
Japan Prime Realty Investment Corp.		2		6,896
Japan Real Estate Investment Corp.		2		9,423
Japan Retail Fund Investment Corp.		5		9,948
Japan Tobacco, Inc.		600		19,014
JFE Holdings, Inc.		200		4,426
JX Holdings, Inc.		1,400		5,396
Kakaku.com, Inc.		100		1,666
Kansai Electric Power Co., Inc. (a)		300		2,868
Kao Corp.		400		20,013
KDDI Corp.		600		13,611
Kirin Holdings Co., Ltd.		200		2,630
Kobe Steel, Ltd.		1,000		1,851
Komatsu, Ltd.		200		3,940
Kyocera Corp.		100		5,497
Lawson, Inc.		200		13,892
M3, Inc.		200		4,254
Marubeni Corp.		1,000		5,804
McDonald’s Holdings Co. (Japan), Ltd.		200		4,434
Miraca Holdings, Inc.		100		4,611
Mitsubishi Chemical Holdings Corp.		700		4,078
Mitsubishi Corp.		600		12,110
Mitsubishi Heavy Industries, Ltd.		1,000		5,523
Mitsubishi Materials Corp.		1,000		3,369
Mitsubishi Motors Corp.		300		2,714
Mitsubishi Tanabe Pharma Corp.		700		12,036
Mitsubishi UFJ Financial Group, Inc.		4,100		25,426
Mitsui & Co., Ltd.		600		8,065
Mizuho Financial Group, Inc.		12,400		21,827
MS&AD Insurance Group Holdings, Inc.		100		2,810
Nagoya Railroad Co., Ltd.		1,000		4,003
NEC Corp.		1,000		2,944
Nippon Building Fund, Inc.		2		9,839
Nippon Express Co., Ltd.		1,000		5,604
Nippon Prologis REIT, Inc.		4		8,819
Nippon Steel & Sumitomo Metal Corp.		1,000		2,522
Nippon Telegraph & Telephone Corp.		400		24,672
Nippon Yusen K.K.		1,000		2,885
Nissan Motor Co., Ltd.		700		7,144
Nissin Foods Holding Co., Ltd.		200		9,856
Nitori Holding Co., Ltd.		200		13,575
Nomura Holdings, Inc.		600		3,533
Nomura Research Institute, Ltd.		100		3,769
NTT DoCoMo, Inc.		1,800		31,302
Oracle Corp.		100		4,311
Oriental Land Co., Ltd.		400		30,336
ORIX Corp.		200		2,816
Osaka Gas Co., Ltd.		2,000		8,384
Otsuka Corp.		100		4,269
Otsuka Holdings Co., Ltd.		800		25,079
Panasonic Corp.		400		5,260
Park24 Co., Ltd.		400		8,195
Resona Holdings, Inc.		900		4,477
Ricoh Co., Ltd.		200		2,181
Sankyo Co., Ltd.		200		7,129
Santen Pharmaceutical Co., Ltd.		500		7,296
Secom Co., Ltd.		200		13,383
Sega Sammy Holdings, Inc.		200		2,925
Sekisui House, Ltd.		200		2,911
Seven & i Holdings Co., Ltd.		100		4,213
Seven Bank, Ltd.		700		3,461
Shimamura Co., Ltd.		100		9,272
Shin-Etsu Chemical Co., Ltd.		100		6,546
Shionogi & Co., Ltd.		200		6,679
Softbank Corp.		100		5,820

See accompanying notes to financial statements.

273

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Sompo Japan Nipponkoa Holdings, Inc.		100	$	3,114
Sony Corp. (a)		200		5,320
Sumitomo Chemical Co., Ltd.		1,000		5,153
Sumitomo Corp.		500		5,360
Sumitomo Electric Industries, Ltd.		200		2,627
Sumitomo Mitsui Financial Group, Inc.		400		15,348
Sumitomo Mitsui Trust Holdings, Inc.		1,000		4,132
Suntory Beverage & Food, Ltd.		300		12,883
Suzuken Co., Ltd.		110		3,362
Suzuki Motor Corp.		100		3,012
Sysmex Corp.		100		5,562
T&D Holdings, Inc.		200		2,759
Takeda Pharmaceutical Co., Ltd.		600		30,014
Tobu Railway Co., Ltd.		1,000		4,753
Tohoku Electric Power Co., Inc.		200		2,278
Tokio Marine Holdings, Inc.		100		3,784
Tokyo Electric Power Co., Inc. (a)		700		2,656
Tokyo Gas Co., Ltd.		3,000		18,917
TonenGeneral Sekiyu K.K.		1,000		8,647
Toshiba Corp.		1,000		4,204
Toyo Suisan Kaisha, Ltd.		100		3,527
Toyota Industries Corp.		100		5,737
Toyota Motor Corp.		400		27,961
Toyota Tsusho Corp.		100		2,656
Trend Micro, Inc.		100		3,302
Unicharm Corp.		500		13,142
United Urban Investment Corp.		6		9,361
USS Co., Ltd.		700		12,129
West Japan Railway Co.		500		26,279
Yahoo! Japan Corp.		800		3,309
Yamada Denki Co., Ltd.		1,200		4,953
Yamato Holdings Co., Ltd.		400		9,246
				1,099,844
LUXEMBOURG — 0.8%
Altice SA (a)		51		5,524
ArcelorMittal		899		8,472
RTL Group SA		26		2,503
SES SA		683		24,148
Tenaris SA		477		6,691
				47,338
NETHERLANDS — 2.4%
Aegon NV		547		4,317
Airbus Group NV		66		4,284
Akzo Nobel NV		34		2,571
ASML Holding NV		31		3,156
Boskalis Westminster NV		48		2,361
CNH Industrial NV		378		3,094
Fiat Chrysler Automobiles NV (a)		371		6,037
Gemalto NV		38		3,027
Heineken NV		36		2,746
ING Groep NV (a)		881		12,911
Koninklijke Ahold NV		520		10,248
Koninklijke DSM NV		35		1,954
Koninklijke KPN NV		736		2,497
Koninklijke Philips NV		114		3,235
QIAGEN NV (a)		111		2,798
Reed Elsevier NV		471		11,731
Unilever NV		1,449		60,561
				137,528
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		2,380		8,031
Ryman Healthcare, Ltd.		367		2,158
				10,189
NORWAY — 0.6%
DnB NOR ASA		185		2,977
Gjensidige Forsikring ASA		134		2,315
Norsk Hydro ASA		459		2,414
Seadrill, Ltd.		190		1,785
Statoil ASA		478		8,470
Telenor ASA		665		13,442
Yara International ASA		52		2,645
				34,048
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		613		2,294
Jeronimo Martins SGPS SA		169		2,124
				4,418
SINGAPORE — 2.6%
ComfortDelGro Corp., Ltd.		1,000		2,107
DBS Group Holdings, Ltd.		2,031		30,146
Keppel Corp., Ltd.		1,000		6,561
Oversea-Chinese Banking Corp., Ltd.		2,375		18,301
SembCorp Industries, Ltd.		1,000		3,076
SembCorp Marine, Ltd.		1,000		2,129
Singapore Airlines, Ltd.		2,000		17,424
Singapore Exchange, Ltd.		1,000		5,934
Singapore Press Holdings, Ltd.		2,000		6,109
Singapore Technologies Engineering Ltd.		1,000		2,537
Singapore Telecommunications, Ltd.		9,000		28,738
StarHub, Ltd.		2,000		6,343
United Overseas Bank, Ltd.		1,000		16,768
Wilmar International, Ltd.		1,000		2,377
Yangzijiang Shipbuilding Holdings, Ltd.		2,000		1,844
				150,394
SPAIN — 1.6%
ACS, Actividades de Construccion y Servicios SA		64		2,268
Banco Bilbao Vizcaya Argentaria SA		1,449		14,641
Banco de Sabadell SA		780		1,909
Banco Popular Espanol SA		375		1,836
Banco Santander SA		2,558		19,278
CaixaBank SA		436		2,069
Gas Natural SDG SA		89		1,999
Iberdrola SA		1,184		7,632
Inditex SA		645		20,699
Repsol SA		355		6,609
Telefonica SA		898		12,789
Zardoya Otis SA		145		1,870
				93,599
SWEDEN — 1.9%
Alfa Laval AB		174		3,420
Assa Abloy AB (Class B)		155		9,238
Atlas Copco AB (Class A)		644		20,857
Elekta AB (Class B)		187		1,679

See accompanying notes to financial statements.

274

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Hennes & Mauritz AB (Class B)		627	$	25,410
ICA Gruppen AB		50		1,676
Industrivarden AB (Class C)		121		2,272
Investor AB (Class B)		142		5,659
Kinnevik Investment AB (Class B)		120		4,009
Nordea Bank AB		536		6,545
Sandvik AB		171		1,912
Skandinaviska Enskilda Banken AB (Class A)		260		3,042
Skanska AB (Class B)		248		5,562
Svenska Cellulosa AB (Class B)		87		2,004
Svenska Handelsbanken AB (Class A)		77		3,476
Swedbank AB (Class A)		146		3,489
Telefonaktiebolaget LM Ericsson (Class B)		358		4,500
TeliaSonera AB		585		3,717
Volvo AB (Class B)		234		2,830
				111,297
SWITZERLAND — 13.8%
ABB, Ltd. (a)		1,089		23,130
Actelion, Ltd. (a)		58		6,724
Adecco SA (a)		55		4,587
Barry Callebaut AG (a)		7		6,857
Cie Financiere Richemont SA		257		20,718
Coca-Cola HBC AG (a)		56		1,010
Credit Suisse Group AG (a)		293		7,897
EMS-Chemie Holding AG		9		3,672
Geberit AG		24		9,019
Givaudan SA (a)		19		34,467
Holcim, Ltd. (a)		31		2,319
Julius Baer Group, Ltd. (a)		400		20,080
Kuehne + Nagel International AG		151		22,464
Lindt & Spruengli AG		5		26,845
Nestle SA		1,869		141,238
Novartis AG		1,360		134,628
Partners Group Holding AG		38		11,365
Roche Holding AG		455		125,590
Schindler Holding AG (c)		27		4,498
Schindler Holding AG (c)		17		2,785
SGS SA		9		17,235
Sika AG		1		3,582
Sulzer AG (a)		17		1,873
Swatch Group AG (c)		15		6,364
Swatch Group AG (c)		40		3,356
Swiss Life Holding AG (a)		11		2,724
Swiss Prime Site AG (a)		188		16,355
Swiss Re AG		381		36,911
Swisscom AG		60		34,871
Syngenta AG		80		27,238
Transocean, Ltd.		205		2,967
UBS Group AG (a)		511		9,638
Zurich Insurance Group AG (a)		75		25,427
				798,434
UNITED KINGDOM — 24.2%
Aberdeen Asset Management PLC		632		4,312
Admiral Group PLC		237		5,383
Aggreko PLC		81		1,836
Amec Foster Wheeler PLC		167		2,245
Anglo American PLC		467		7,016
Associated British Foods PLC		179		7,488
AstraZeneca PLC		900		61,812
Aviva PLC		371		2,974
Babcock International Group PLC		488		7,132
BAE Systems PLC		2,319		18,022
Barclays PLC		4,596		16,552
BG Group PLC		1,656		20,380
BHP Billiton PLC		1,248		27,299
BP PLC		9,168		59,434
British American Tobacco PLC		1,402		72,605
BT Group PLC		1,974		12,835
Bunzl PLC		391		10,628
Burberry Group PLC		281		7,229
Capita PLC		577		9,559
Centrica PLC		7,417		27,857
Cobham PLC		687		3,102
Compass Group PLC		2,680		46,628
Croda International PLC		89		3,619
Diageo PLC		1,977		54,574
Direct Line Insurance Group PLC		1,854		8,780
easyJet PLC		96		2,682
Experian PLC		359		5,953
Fresnillo PLC		176		1,783
G4S PLC		732		3,214
GKN PLC		391		2,081
GlaxoSmithKline PLC		3,356		77,022
Glencore PLC (a)		2,175		9,231
Hargreaves Lansdown PLC		156		2,668
HSBC Holdings PLC		5,315		45,289
ICAP PLC		385		3,012
IMI PLC		183		3,464
Imperial Tobacco Group PLC		817		35,936
Inmarsat PLC		377		5,180
Intertek Group PLC		137		5,080
ITV PLC		2,331		8,751
J Sainsbury PLC		1,722		6,626
Johnson Matthey PLC		121		6,082
Kingfisher PLC		360		2,034
Land Securities Group PLC		248		4,613
Legal & General Group PLC		2,879		11,907
Lloyds Banking Group PLC (a)		5,105		5,932
London Stock Exchange Group PLC		120		4,380
Marks & Spencer Group PLC		1,471		11,683
Meggitt PLC		476		3,876
National Grid PLC		2,383		30,589
Next PLC		198		20,649
Old Mutual PLC		759		2,503
Pearson PLC		127		2,736
Petrofac, Ltd.		183		2,589
Prudential PLC		1,026		25,466
Randgold Resources, Ltd.		157		10,938
Reckitt Benckiser Group PLC		751		64,662
Reed Elsevier PLC		1,800		30,970
Rexam PLC		740		6,361
Rio Tinto PLC		807		33,208
Rolls-Royce Holdings PLC (a)		1,067		15,095
Royal Bank of Scotland Group PLC (a)		449		2,266
Royal Dutch Shell PLC (Class A)		661		19,704
Royal Dutch Shell PLC (Class B)		1,777		55,371
Royal Mail PLC		268		1,744

See accompanying notes to financial statements.

275

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares			Value
RSA Insurance Group PLC		300		$	1,875
SABMiller PLC		426			22,387
Sage Group PLC		688			4,767
Schroders PLC		70			3,325
Shire PLC		325			25,884
Sky PLC		1,566			23,085
Smith & Nephew PLC		1,129			19,173
Smiths Group PLC		257			4,265
Sports Direct International PLC (a)		203			1,835
SSE PLC		1,337			29,732
Standard Chartered PLC		736			11,948
Standard Life PLC		311			2,195
Tate & Lyle PLC		295			2,617
Tesco PLC		6,076			21,814
Tullow Oil PLC		167			702
Unilever PLC		1,319			55,119
United Utilities Group PLC		175			2,424
Vodafone Group PLC		10,258			33,570
Weir Group PLC		117			2,954
Whitbread PLC		93			7,241
William Hill PLC		530			2,918
William Morrison Supermarkets PLC		703			2,019
Wolseley PLC		149			8,832
WPP PLC		670			15,228
					1,398,540
TOTAL COMMON STOCKS —
(Cost $5,998,720)					5,747,419
RIGHTS — 0.0% (d)
SPAIN — 0.0% (d)
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (a)		1,449			208
Banco de Sabadell SA (expiring 4/17/15) (a)		780			198
Telefonica SA (expiring 4/10/15) (a)		898	��		145
TOTAL RIGHTS —
(Cost $205)					551
SHORT TERM INVESTMENT — 0.0% (d)
UNITED STATES — 0.0% (d)
MONEY MARKET FUND — 0.0% (d)
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f) (Cost $548)		548			548
TOTAL INVESTMENTS — 99.5%
(Cost $5,999,473)					5,748,518
OTHER ASSETS & LIABILITIES — 0.5%					31,541
NET ASSETS — 100.0%				$	5,780,059

(a)	Non-income producing security
(b)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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)	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

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

276

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
BRAZIL — 6.0%
AES Tiete SA Preference Shares		14,132	$	76,052
Ambev SA ADR		129,321		744,889
Banco Bradesco SA		4,622		43,572
Banco Bradesco SA Preference Shares		15,412		143,073
Banco do Brasil SA		11,568		82,921
Banco do Estado do Rio Grande do Sul SA Preference Shares		3,852		13,257
BB Seguridade Participacoes SA		23,124		237,310
BM&FBovespa SA		7,704		26,900
BR Malls Participacoes SA		2,564		13,590
Bradespar SA Preference Shares		2,564		8,496
BRF — Brasil Foods SA ADR		2,551		50,459
CCR SA		15,420		78,641
Centrais Eletricas Brasileiras SA ADR		6,415		11,611
Centrais Eletricas Brasileiras SA ADR preferred shares		3,839		8,062
CETIP SA — Mercados Organizados		5,140		51,222
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,551		13,826
Cia Paranaense de Energia, ADR		1,288		13,498
Cielo SA		32,020		457,743
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		1,288		38,408
Companhia Energetica de Minas Gerais ADR		21,783		89,092
Companhia Energetica de Sao Paulo Preference Shares (Class B)		1,288		9,535
Companhia Siderurgica Nacional SA ADR		7,678		12,899
Cosan SA Industria e Comercio		1,288		11,239
CPFL Energia SA ADR		1,288		16,383
Cyrela Brazil Realty SA		2,564		10,630
EcoRodovias Infraestrutura e Logistica SA		23,124		65,043
Embraer SA, ADR		638		19,619
Estacio Participacoes SA		2,564		14,873
Fibria Celulose SA ADR (a)		2,551		36,046
Gerdau SA Preference Shares		7,704		24,490
Investimentos Itau SA Preference Shares		89,323		278,916
Itau Unibanco Holding SA Preference Shares ADR		15,498		171,408
JBS SA		7,704		34,228
Klabin SA		3,852		21,935
Kroton Educacional SA		5,140		16,548
Lojas Renner SA		2,564		72,826
M Dias Branco SA		1,288		34,702
Metalurgica Gerdau SA Preference Shares		5,140		17,385
Natura Cosmeticos SA		7,704		64,841
Oi SA, ADR (a)		2,681		4,129
Petroleo Brasileiro SA ADR		25,180		151,332
Petroleo Brasileiro SA Preference Shares ADR		34,172		208,107
Porto Seguro SA		2,564		28,680
Souza Cruz SA		23,124		183,771
Telefonica Brasil SA ADR		2,551		39,005
Tim Participacoes SA ADR		768		12,733
Totvs SA		10,280		117,399
Tractebel Energia SA		13,072		144,376
Transmissora Alianca de Energia Electrica SA		7,704		50,475
Ultrapar Participacoes SA ADR		6,415		129,583
Usinas Siderurgicas de Minas Gerais SA Preference Shares (a)		5,140		7,993
Vale SA ADR		15,381		86,903
Vale SA Preference Shares ADR		32,076		155,569
Via Varejo SA (a)		2,564		13,149
				4,469,372
CHILE — 1.9%
AES Gener SA		82,839		45,196
Aguas Andinas SA Class A		289,847		169,919
Banco de Chile ADR		4,607		308,945
Banco de Credito e Inversiones		1,978		88,572
Banco Santander Chile ADR		794		17,214
Cencosud SA ADR		238		1,673
Cia Cervecerias Unidas SA, ADR		2,603		54,038
Colbun SA		627,359		185,662
Corpbanca SA ADR		5,504		87,899
Empresa Nacional de Electricidad SA ADR		3,865		174,118
Empresas CMPC SA		9,291		25,509
Empresas COPEC SA		2,550		29,697
Enersis SA ADR		2,108		34,276
ENTEL Chile SA		3,084		31,926
Latam Airlines Group SA ADR (a)		1,666		13,428
SACI Falabella		5,908		45,273
Sociedad Quimica y Minera de Chile SA ADR		2,446		44,640
Vina Concha y Toro SA ADR		1,770		73,066
				1,431,051
CHINA — 14.7%
Agricultural Bank of China, Ltd. (Class H)		455,000		225,357
Air China, Ltd.		26,000		26,526
Aluminum Corp. of China, Ltd. (Class H) (a)		52,000		25,755
Anhui Conch Cement Co., Ltd. (Class H)		6,500		24,607
Anta Sports Products, Ltd.		26,000		47,553
Bank of China, Ltd. (Class H)		1,583,071		914,757
Bank of Communications Co., Ltd. (Class H)		169,000		144,956
BBMG Corp. (Class H)		32,500		29,972
Brilliance China Automotive Holdings, Ltd.		78,000		150,305
China Agri-Industries Holdings, Ltd.		52,000		20,121
China Cinda Asset Management Co., Ltd. (Class H) (a)		39,000		19,316
China CITIC Bank Corp., Ltd. (Class H)		169,000		127,300
China Coal Energy Co., Ltd. (Class H)		52,000		28,706
China Communications Construction Co., Ltd. (Class H)		78,000		109,861
China Communications Services Corp., Ltd. (Class H)		182,000		80,753
China Construction Bank Corp. (Class H)		1,167,394		969,685

See accompanying notes to financial statements.

277

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
China Everbright Bank Co., Ltd. (Class H)		208,000	$	114,556
China Life Insurance Co., Ltd. (Class H)		52,000		227,704
China Longyuan Power Group Corp. (Class H)		13,000		14,135
China Merchants Bank Co., Ltd. (Class H)		52,000		127,031
China Minsheng Banking Corp., Ltd. (Class H)		97,800		119,458
China National Building Material Co., Ltd. (Class H)		52,000		51,778
China Pacific Insurance Group Co., Ltd. (Class H)		20,800		98,996
China Petroleum & Chemical Corp. (Class H)		492,395		391,856
China Railway Construction Corp., Ltd. (Class H)		39,000		58,251
China Railway Group, Ltd. (Class H)		78,000		79,881
China Shenhua Energy Co., Ltd. (Class H)		91,000		232,399
China Telecom Corp., Ltd. (Class H)		208,000		133,336
China Vanke Co., Ltd. (Class H) (a)		22,100		52,449
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		39,000		25,302
Country Garden Holdings Co., Ltd.		52,266		21,100
Datang International Power Generation Co., Ltd. (Class H)		52,000		26,627
Dongfeng Motor Group Co., Ltd. (Class H)		78,000		125,153
Great Wall Motor Co., Ltd. (Class H)		32,500		229,716
Guangzhou Automobile Group Co., Ltd. (Class H)		26,000		24,883
Guangzhou R&F Properties Co., Ltd. (Class H)		15,600		15,996
Haitian International Holdings, Ltd.		13,000		29,846
Hengan International Group Co., Ltd.		38,874		466,806
Huaneng Power International, Inc. (Class H)		52,000		61,571
Industrial & Commercial Bank of China, Ltd. (Class H)		1,141,448		842,131
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		64,200		93,732
Jiangsu Expressway Co., Ltd. (Class H)		156,000		209,662
Jiangxi Copper Co., Ltd. (Class H)		26,000		48,358
Kingsoft Corp., Ltd.		13,000		38,146
Longfor Properties Co., Ltd.		19,500		27,616
New China Life Insurance Co., Ltd. (Class H)		500		2,793
Nine Dragons Paper Holdings, Ltd.		26,000		16,265
People’s Insurance Co. Group of China, Ltd. (Class H)		52,000		26,426
PetroChina Co., Ltd. (Class H)		234,000		258,959
PICC Property & Casualty Co., Ltd. (Class H)		26,180		51,732
Ping An Insurance Group Co. of China, Ltd. (Class H)		12,000		144,253
Shanghai Electric Group Co., Ltd. (Class H)		52,000		34,340
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		91,100		242,055
Shenzhou International Group Holdings, Ltd.		52,000		234,746
Sihuan Pharmaceutical Holdings Group, Ltd.		208,000		118,312
Sinopec Engineering Group Co., Ltd. (Class H)		58,500		50,705
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		78,000		29,075
Sinopharm Group Co., Ltd. (Class H)		10,400		42,456
Soho China, Ltd.		214,500		146,079
Tencent Holdings, Ltd.		92,118		1,748,959
Tingyi Cayman Islands Holding Corp.		78,000		167,810
Tsingtao Brewery Co., Ltd. (Class H)		26,000		174,215
Want Want China Holdings, Ltd.		182,000		193,196
Yanzhou Coal Mining Co., Ltd. (Class H)		26,000		22,234
Zhejiang Expressway Co., Ltd. (Class H)		182,000		241,319
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		13,000		85,347
Zijin Mining Group Co., Ltd. (Class H)		78,000		24,749
ZTE Corp. (Class H)		15,600		35,775
				11,025,805
COLOMBIA — 0.8%
Almacenes Exito SA		3,383		32,557
Banco Davivienda SA Preference Shares		11,399		111,018
BanColombia SA ADR		599		23,559
Corp Financiera Colombiana SA		3,310		45,463
Ecopetrol SA ADR		9,903		150,724
Grupo Argos SA		7,860		50,348
Grupo Argos SA/Colombia Preference Shares		5,101		33,264
Grupo de Inversiones Suramericana SA		2,564		33,124
Grupo de Inversiones Suramericana SA Preference Shares		11,451		147,671
				627,728
CZECH REPUBLIC — 0.2%
CEZ AS		1,405		34,362
Komercni Banka AS		104		22,456
O2 Czech Republic AS		12,766		102,049
				158,867
EGYPT — 0.5%
Commercial International Bank Egypt SAE GDR		50,867		357,086
Telecom Egypt Co.		15,537		22,766
				379,852
GREECE — 0.2%
Alpha Bank AE (a)		22,902		6,764
FF Group (a)		976		29,078
Hellenic Telecommunications Organization SA (a)		1,952		17,296
National Bank of Greece SA (a)		7,821		9,240
OPAP SA		5,543		51,971
Piraeus Bank SA (a)		11,777		4,541

See accompanying notes to financial statements.

278

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Public Power Corp. SA (a)		1,523	$	9,323
				128,213
HONG KONG — 9.3%
AAC Technologies Holdings, Inc.		32,500		200,582
Beijing Enterprises Holdings, Ltd.		26,000		204,565
Beijing Enterprises Water Group, Ltd. (a)		130,000		88,533
Belle International Holdings, Ltd.		117,000		136,270
China Gas Holdings, Ltd.		52,000		85,179
China Medical System Holdings, Ltd.		77,000		118,384
China Mengniu Dairy Co., Ltd.		39,000		207,247
China Mobile, Ltd.		168,497		2,199,379
China Overseas Land & Investment, Ltd.		104,000		336,023
China Pharmaceutical Group, Ltd.		52,000		43,998
China Resources Enterprise, Ltd.		26,000		50,974
China Resources Gas Group, Ltd.		104,000		323,279
China Resources Land, Ltd.		26,444		74,696
China Resources Power Holdings Co., Ltd.		52,000		130,519
China Taiping Insurance Holdings Co., Ltd. (a)		15,610		53,254
China Unicom (Hong Kong), Ltd.		52,000		79,143
CITIC, Ltd.		26,000		44,535
CNOOC, Ltd.		169,000		238,905
COSCO Pacific, Ltd.		26,000		34,072
Evergrande Real Estate Group, Ltd.		78,000		39,337
Fosun International, Ltd.		13,000		25,185
GCL Poly Energy Holdings, Ltd. (a)		65,000		17,187
Geely Automobile Holdings, Ltd.		130,000		66,903
GOME Electrical Appliances Holding, Ltd.		117,000		16,902
Guangdong Investment, Ltd.		208,000		272,574
Haier Electronics Group Co., Ltd.		39,000		102,115
Hanergy Thin Film Power Group, Ltd. (a)		598,000		538,374
Kingboard Chemical Holdings, Ltd.		13,000		20,591
Kunlun Energy Co., Ltd.		52,000		50,504
Lenovo Group, Ltd.		336,915		491,920
New World China Land, Ltd.		26,000		16,633
Shimao Property Holdings, Ltd.		13,000		27,331
Sino Biopharmaceutical, Ltd.		208,000		210,601
Sino-Ocean Land Holdings, Ltd.		39,000		23,592
Sun Art Retail Group, Ltd.		350,332		305,008
Uni-President China Holdings, Ltd.		52,000		34,407
Yuexiu Property Co., Ltd.		104,000		20,389
				6,929,090
HUNGARY — 0.1%
MOL Hungarian Oil and Gas PLC		638		27,696
OTP Bank PLC		2,043		38,813
Richter Gedeon NyRt		1,015		13,997
				80,506
INDIA — 6.7%
Dr. Reddy’s Laboratories, Ltd. ADR		10,314		588,929
GAIL India, Ltd, GDR		8,419		312,766
ICICI Bank, Ltd. ADR		17,138		177,550
Infosys, Ltd. ADR		42,315		1,484,410
Larsen & Toubro, Ltd. GDR		11,152		311,141
Mahindra & Mahindra, Ltd. GDR		17,359		332,425
Reliance Industries, Ltd. GDR (b)		13,559		358,635
State Bank of India GDR		8,238		348,467
Tata Motors, Ltd. ADR		7,847		353,586
Tata Steel, Ltd. GDR		23,709		120,916
Wipro, Ltd. ADR		43,928		585,121
				4,973,946
INDONESIA — 4.9%
Adaro Energy Tbk PT		173,100		12,577
Astra Agro Lestari Tbk PT		32,500		60,402
Astra International Tbk PT		455,400		298,666
Bank Central Asia Tbk PT		659,025		747,231
Bank Danamon Indonesia Tbk PT		212,500		83,294
Bank Mandiri Persero Tbk PT		333,100		317,814
Bank Negara Indonesia Persero Tbk PT		287,600		158,922
Bank Rakyat Indonesia Persero Tbk PT		300,600		305,198
Bumi Serpong Damai Tbk PT		166,600		27,204
Charoen Pokphand Indonesia Tbk PT		179,600		48,695
Gudang Garam Tbk PT		6,500		25,354
Indo Tambangraya Megah Tbk PT		13,000		16,803
Indocement Tunggal Prakarsa Tbk PT		45,500		76,297
Indofood CBP Sukses Makmur Tbk PT		26,000		29,182
Indofood Sukses Makmur Tbk PT		83,300		47,463
Jasa Marga Persero Tbk PT		268,100		147,634
Kalbe Farma Tbk PT		736,500		105,053
Media Nusantara Citra Tbk PT		115,800		25,374
Perusahaan Gas Negara Persero Tbk PT		357,900		131,390
Semen Indonesia Persero Tbk PT		76,800		80,177
Surya Citra Media Tbk PT		122,300		31,756
Tambang Batubara Bukit Asam Persero Tbk PT		19,500		16,033
Telekomunikasi Indonesia Persero Tbk PT		2,005,660		443,316
Unilever Indonesia Tbk PT		109,300		331,453
United Tractors Tbk PT		39,000		65,025
				3,632,313
MALAYSIA — 4.3%
AMMB Holdings Bhd		9,100		15,627
Astro Malaysia Holdings Bhd		19,500		16,849
Axiata Group Bhd		128,800		246,228
Berjaya Sports Toto Bhd		65,100		59,062
British American Tobacco Malaysia Bhd		3,900		72,303
CIMB Group Holdings Bhd		28,632		48,087
Digi.Com Bhd		75,500		128,433
Genting Bhd		10,400		25,273
Genting Malaysia Bhd		15,600		17,818
Hong Leong Bank Bhd		53,400		205,612
IHH Healthcare Bhd		217,300		352,632
IJM Corp. Bhd		9,100		17,691
IOI Corp. Bhd		78,100		96,795
IOI Properties Group Bhd		27,300		16,070
Kuala Lumpur Kepong Bhd		2,600		15,992
Malayan Banking Bhd		148,343		373,711
Maxis Bhd		170,500		331,010
MISC Bhd		10,400		23,841
Petronas Chemicals Group Bhd		105,400		160,512
Petronas Dagangan Bhd		9,100		49,143
Petronas Gas Bhd		37,700		234,334
PPB Group Bhd		3,900		16,196
Public Bank Bhd		79,360		404,568

See accompanying notes to financial statements.

279

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
RHB Capital Bhd		7,808	$	16,698
SapuraKencana Petroleum Bhd		14,300		9,112
Sime Darby Bhd		45,617		114,181
Telekom Malaysia Bhd		9,111		17,885
Tenaga Nasional Bhd		26,000		100,813
UMW Holdings Bhd		5,200		15,220
YTL Corp. Bhd		35,100		15,827
				3,217,523
MEXICO — 2.5%
Alfa SAB de CV (Class A) (a)		11,529		23,309
America Movil SAB de CV (Series L)		186,590		191,805
Arca Continental SAB de CV (a)		5,127		31,531
Cemex SAB de CV (a)		38,440		36,512
Coca-Cola FEMSA SAB de CV (Series L)		5,127		40,978
El Puerto de Liverpool SAB de CV (a)		21,783		257,391
Fibra Uno Administracion SA de CV REIT		8,966		23,783
Fomento Economico Mexicano SAB de CV (a)		6,415		60,262
Genomma Lab Internacional SAB de CV (Class B) (a)		16,656		15,799
Gentera SAB de CV (a)		25,622		46,201
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		10,254		67,309
Grupo Aeroportuario del Sureste SAB de CV (Class B) (a)		3,839		51,791
Grupo Bimbo SAB de CV (a)		6,415		18,216
Grupo Carso SAB de CV		14,093		58,641
Grupo Financiero Banorte SAB de CV		10,254		59,582
Grupo Financiero Inbursa SAB de CV		51,257		129,604
Grupo Financiero Santander Mexico SAB de CV (Class B)		10,254		22,447
Grupo Mexico SAB de CV (Series B)		38,382		113,501
Grupo Televisa SAB (a)		6,415		42,446
Industrias Penoles SAB de CV		768		13,380
Kimberly-Clark de Mexico SAB de CV (Class A)		35,876		75,311
Mexichem SAB de CV		5,127		13,408
OHL Mexico SAB de CV (a)		6,415		12,216
Promotora y Operadora de Infraestructura SAB de CV (a)		5,127		54,759
Wal-Mart de Mexico SAB de CV		171,795		429,762
				1,889,944
PERU — 0.7%
Compania de Minas Buenaventura SA ADR		5,127		51,936
Credicorp, Ltd.		2,544		357,763
Southern Copper Corp.		3,839		112,022
				521,721
PHILIPPINES — 1.9%
Aboitiz Equity Ventures, Inc.		15,090		19,580
Aboitiz Power Corp.		134,000		133,400
Bank of the Philippine Islands		100,850		226,743
BDO Unibank, Inc.		44,240		122,427
DMCI Holdings, Inc.		84,550		29,318
International Container Terminal Services, Inc.		40,080		96,838
JG Summit Holdings, Inc.		16,660		27,021
Jollibee Foods Corp.		30,840		151,785
Metropolitan Bank & Trust		42,671		93,122
Philippine Long Distance Telephone Co.		6,419		410,127
SM Investments Corp.		1,170		23,544
Universal Robina Corp.		17,570		88,833
				1,422,738
POLAND — 0.9%
Bank Pekao SA		690		33,449
Bank Zachodni WBK SA		664		60,419
Enea SA		3,631		15,821
Energa SA		3,019		19,827
Eurocash SA		2,160		18,652
Grupa Lotos SA (a)		2,186		15,613
KGHM Polska Miedz SA		1,861		58,900
LPP SA		26		48,514
mBank		117		13,589
Orange Polska SA		5,843		14,686
PGE Polska Grupa Energetyczna SA		6,402		35,189
Polski Koncern Naftowy Orlen SA		5,400		84,386
Polskie Gornictwo Naftowe i Gazownictwo SA		13,104		19,009
Powszechna Kasa Oszczednosci Bank Polski SA		5,205		46,675
Powszechny Zaklad Ubezpieczen SA		1,483		191,266
Tauron Polska Energia SA		16,344		19,010
				695,005
QATAR — 1.1%
Commercial Bank of Qatar QSC		7,572		114,373
Doha Bank QSC		3,644		50,338
Industries Qatar QSC		4,724		180,333
Masraf Al Rayan QSC		1,405		18,386
Ooredoo QSC		1,718		47,040
Qatar Electricity & Water Co. QSC		3,566		191,264
Qatar Islamic Bank SAQ		3,735		101,959
Qatar National Bank SAQ		2,264		120,311
				824,004
RUSSIA — 3.9%
AK Transneft OAO (a)		52		110,625
Alrosa AO (a)		50,021		60,651
Gazprom OAO ADR		145,548		691,935
Lukoil OAO ADR		11,519		533,560
Magnit PJSC GDR		6,168		314,876
MegaFon OAO GDR		2,446		39,136
MMC Norilsk Nickel OJSC ADR		2,681		47,628
Mobile Telesystems OJSC ADR		14,093		142,339
Moscow Exchange MICEX-RTS OAO		25,557		29,902
NovaTek OAO GDR		2,004		150,300
Rosneft OAO GDR		28,576		123,020
Rostelecom OJSC ADR		1,666		13,228
RusHydro JSC ADR		14,743		14,271
Sberbank of Russia ADR		31,062		136,487
Sberbank Preference Shares (a)		12,883		10,036
Severstal PAO GDR		2,186		24,549
Sistema JSFC GDR		2,160		15,984

See accompanying notes to financial statements.

280

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Surgutneftegas OAO ADR		10,762	$	66,294
Surgutneftegas OAO ADR Preference Shares		14,366		108,248
Tatneft OAO ADR		6,637		197,716
Uralkali PJSC GDR		1,158		15,459
VTB Bank OJSC GDR		39,207		79,120
				2,925,364
SOUTH AFRICA — 7.1%
African Bank Investments, Ltd. (a)(c)		1,693		43
African Rainbow Minerals, Ltd.		2,511		20,492
AngloGold Ashanti, Ltd. (a)		3,071		29,576
Aspen Pharmacare Holdings, Ltd. (a)		2,082		65,985
Assore, Ltd.		885		9,715
Barclays Africa Group, Ltd.		2,056		31,393
Barloworld, Ltd.		1,861		14,254
Bidvest Group, Ltd.		9,473		256,976
Coronation Fund Managers, Ltd.		6,350		51,492
Discovery, Ltd.		13,312		137,116
Exxaro Resources, Ltd.		1,431		11,870
FirstRand, Ltd.		79,729		367,446
Foschini Group, Ltd.		7,274		108,405
Gold Fields, Ltd.		6,519		27,612
Growthpoint Properties, Ltd. REIT		17,710		41,906
Impala Platinum Holdings, Ltd. (a)		2,642		12,828
Imperial Holdings, Ltd.		4,607		73,351
Investec, Ltd.		2,225		18,457
Kumba Iron Ore, Ltd.		1,978		25,467
Liberty Holdings, Ltd.		5,101		70,666
Life Healthcare Group Holdings, Ltd.		51,075		178,354
Massmart Holdings, Ltd.		2,824		34,961
Mediclinic International, Ltd.		2,511		25,282
MMI Holdings, Ltd.		7,586		20,549
Mr. Price Group, Ltd.		8,927		191,570
MTN Group, Ltd.		39,404		666,693
Naspers, Ltd. (Class N)		338		52,166
Nedbank Group, Ltd.		6,298		123,598
Netcare, Ltd.		20,586		70,850
Pick n Pay Stores, Ltd.		12,583		51,355
PPC, Ltd.		25,258		38,211
Rand Merchant Insurance Holdings, Ltd.		14,249		54,403
Redefine Properties, Ltd.		100,862		103,224
Remgro, Ltd.		1,431		31,393
RMB Holdings, Ltd.		17,281		99,668
Sanlam, Ltd.		42,070		272,116
Sappi, Ltd. (a)		5,635		22,756
Sasol, Ltd.		15,205		517,243
Shoprite Holdings, Ltd.		19,207		260,405
Spar Group, Ltd.		10,723		167,001
Standard Bank Group, Ltd.		29,292		406,153
Steinhoff International Holdings, Ltd.		9,018		56,588
Tiger Brands, Ltd.		5,153		129,881
Truworths International, Ltd.		19,012		138,492
Vodacom Group, Ltd.		18,934		207,354
Woolworths Holdings, Ltd.		2,199		15,636
				5,310,952
SOUTH KOREA — 14.5%
AmorePacific Corp.		117		353,810
AmorePacific Group		78		105,458
BS Financial Group, Inc.		1,796		24,606
Cheil Worldwide, Inc. (a)		1,796		38,933
CJ CheilJedang Corp.		221		75,297
CJ Corp.		208		32,997
Coway Co., Ltd.		1,158		95,504
Daelim Industrial Co., Ltd.		312		18,167
Daewoo International Corp.		638		15,268
Daewoo Securities Co., Ltd.		2,316		27,033
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		1,028		16,771
DGB Financial Group, Inc.		1,693		18,464
Dongbu Insurance Co., Ltd.		4,385		195,447
Doosan Corp.		156		16,381
Doosan Heavy Industries & Construction Co., Ltd.		768		19,590
Doosan Infracore Co., Ltd. (a)		1,536		16,475
E-Mart Co., Ltd.		364		76,445
GS Engineering & Construction Corp. (a)		508		13,828
GS Holdings Corp.		638		24,670
Halla Visteon Climate Control Corp.		898		31,081
Hana Financial Group, Inc.		4,112		106,557
Hankook Tire Co., Ltd.		508		20,765
Hanwha Chemical Corp.		1,028		13,528
Hanwha Corp.		1,158		37,941
Hanwha Life Insurance Co., Ltd.		2,954		19,623
Hyosung Corp.		325		25,398
Hyundai Department Store Co., Ltd.		156		20,951
Hyundai Engineering & Construction Co., Ltd.		612		27,802
Hyundai Glovis Co., Ltd.		299		60,908
Hyundai Heavy Industries Co., Ltd. (a)		651		71,587
Hyundai Marine & Fire Insurance Co., Ltd.		7,066		157,949
Hyundai Mobis Co., Ltd.		1,751		389,041
Hyundai Motor Co.		1,301		197,592
Hyundai Motor Co. Preference Shares (d)		364		36,418
Hyundai Motor Co. Preference Shares (d)		586		60,214
Hyundai Motor Co., GDR (a)		1,262		62,469
Hyundai Steel Co.		742		48,822
Hyundai Wia Corp.		521		66,449
Industrial Bank of Korea		3,214		38,674
Kangwon Land, Inc.		7,326		228,803
KB Financial Group, Inc. ADR (a)		5,582		196,151
KCC Corp.		39		19,896
KEPCO Plant Service & Engineering Co., Ltd.		794		69,849
Kia Motors Corp.		2,850		116,112
Korea Electric Power Corp. ADR (a)		7,678		157,399
Korea Gas Corp.		508		18,544
Korea Investment Holdings Co., Ltd.		508		28,801
Korea Zinc Co., Ltd.		195		74,523
Korean Air Lines Co., Ltd. (a)		758		33,170
KT Corp. ADR (a)		12,297		160,845
KT&G Corp.		5,588		446,758
LG Chem, Ltd.		286		58,259
LG Chem, Ltd. Preference Shares		130		17,811
LG Corp.		703		38,843

See accompanying notes to financial statements.

281

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
LG Display Co., Ltd. ADR		5,387	$	77,088
LG Electronics, Inc.		1,080		57,337
LG Household & Health Care, Ltd.		247		187,234
LG Uplus Corp.		2,446		24,252
Lotte Chemical Corp.		182		33,383
Lotte Shopping Co., Ltd.		260		55,658
LS Corp.		299		14,014
NAVER Corp.		804		486,263
NCSoft Corp.		325		53,168
OCI Co., Ltd.		117		10,915
Orion Corp.		117		122,120
POSCO ADR		3,383		184,915
S-Oil Corp.		573		33,209
S1 Corp.		2,082		157,447
Samsung C&T Corp.		924		49,471
Samsung Card Co., Ltd.		508		18,796
Samsung Electro-Mechanics Co., Ltd.		703		48,727
Samsung Electronics Co., Ltd. GDR		4,243		2,732,492
Samsung Electronics Co., Ltd. GDR Preference Shares		1,077		532,684
Samsung Fire & Marine Insurance Co., Ltd.		833		200,845
Samsung Heavy Industries Co., Ltd.		1,796		29,220
Samsung Life Insurance Co., Ltd.		1,770		154,274
Samsung SDI Co., Ltd.		431		53,028
Samsung Securities Co., Ltd.		508		23,810
Shinhan Financial Group Co., Ltd. ADR (a)		4,489		167,440
Shinsegae Co., Ltd.		91		13,821
SK C&C Co., Ltd.		586		122,804
SK Holdings Co., Ltd.		950		145,568
SK Hynix, Inc.		2,316		95,087
SK Innovation Co., Ltd. (a)		1,171		100,693
SK Networks Co., Ltd.		2,316		17,034
SK Telecom Co., Ltd. ADR		8,875		241,489
Woori Bank		5,648		47,752
Yuhan Corp.		1,028		173,271
				10,809,986
SPAIN — 0.0% (e)
Cemex Latam Holdings SA (a)		4,268		22,180
TAIWAN — 13.6%
Acer, Inc. (a)		39,258		25,344
Advanced Semiconductor Engineering, Inc.		52,000		70,214
Advantech Co., Ltd.		24,867		189,542
Asia Cement Corp.		130,200		163,738
Asustek Computer, Inc.		26,000		261,745
AU Optronics Corp.		117,000		58,893
Cathay Financial Holding Co., Ltd.		26,100		41,707
Chang Hwa Commercial Bank, Ltd.		39,060		22,595
Cheng Shin Rubber Industry Co., Ltd.		13,000		29,872
Chicony Electronics Co., Ltd.		52,020		145,969
China Airlines, Ltd. (a)		260,000		133,365
China Development Financial Holding Corp.		104,000		36,063
China Life Insurance Co., Ltd.		26,200		22,817
China Steel Corp.		286,440		238,013
Chunghwa Telecom Co., Ltd.		142,540		453,267
Compal Electronics, Inc.		78,000		64,938
CTBC Financial Holding Co., Ltd.		91,258		60,664
Delta Electronics, Inc.		52,000		328,220
E.Sun Financial Holding Co., Ltd.		39,267		24,032
Eva Airways Corp. (a)		52,589		38,572
Far Eastern New Century Corp.		26,040		26,881
Far EasTone Telecommunications Co., Ltd.		168,449		406,453
First Financial Holding Co., Ltd		208,050		123,673
Formosa Chemicals & Fibre Corp.		26,000		59,661
Formosa International Hotels Corp.		6,000		63,375
Formosa Petrochemical Corp.		52,000		113,838
Formosa Plastics Corp.		52,000		126,136
Formosa Taffeta Co., Ltd.		65,000		68,448
Foxconn Technology Co., Ltd.		64,763		173,860
Fubon Financial Holding Co., Ltd.		26,000		46,699
Giant Manufacturing Co., Ltd.		13,000		125,471
Hon Hai Precision Industry Co., Ltd.		116,960		342,395
HTC Corp. (a)		39,000		173,873
Hua Nan Financial Holdings Co., Ltd.		325,750		186,351
Innolux Corp.		142,751		71,398
Inotera Memories, Inc. (a)		53,000		70,717
Inventec Corp.		26,000		18,821
Kinsus Interconnect Technology Corp.		26,000		83,509
Largan Precision Co., Ltd.		3,000		258,389
Lite-On Technology Corp.		169,065		219,098
MediaTek, Inc.		32,877		444,980
Mega Financial Holding Co., Ltd.		78,000		64,688
Nan Ya Plastics Corp.		13,000		28,875
Novatek Microelectronics Corp.		13,000		67,306
Pegatron Corp.		26,000		70,380
Pou Chen Corp.		26,000		36,395
Powertech Technology, Inc.		13,000		22,394
President Chain Store Corp.		39,000		293,528
Quanta Computer, Inc.		26,000		62,819
Radiant Opto-Electronics Corp.		13,000		40,467
Ruentex Industries, Ltd.		13,000		28,460
ScinoPharm Taiwan, Ltd.		26,080		41,300
Shin Kong Financial Holding Co., Ltd.		65,271		18,545
Siliconware Precision Industries Co., Ltd.		13,000		21,646
Simplo Technology Co., Ltd.		13,000		65,436
SinoPac Financial Holdings Co., Ltd.		52,556		21,919
Standard Foods Corp.		13,090		33,719
Synnex Technology International Corp.		78,000		105,446
Taishin Financial Holding Co., Ltd.		65,496		27,839
Taiwan Business Bank (a)		65,200		19,795
Taiwan Cement Corp.		78,000		109,933
Taiwan Cooperative Financial Holding Co., Ltd.		628,730		318,484
Taiwan Mobile Co., Ltd.		142,542		498,829
Taiwan Semiconductor Manufacturing Co., Ltd.		445,495		2,071,573
Teco Electric & Machinery Co., Ltd.		13,000		12,381
Transcend Information, Inc.		26,000		92,234
U-Ming Marine Transport Corp.		65,000		96,181
Uni-President Enterprises Corp.		26,120		43,742
Unimicron Technology Corp.		26,000		16,868
United Microelectronics Corp.		156,000		77,277
Walsin Lihwa Corp. (a)		65,000		20,046

See accompanying notes to financial statements.

282

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Wistron Corp.		52,080	$	44,274
WPG Holdings, Ltd.		13,000		16,743
Yuanta Financial Holding Co., Ltd.		52,100		26,225
				10,129,343
THAILAND — 1.8%
Advanced Info Service PCL		41,600		302,987
Bangkok Bank PCL NVDR		29,900		169,531
Bangkok Dusit Medical Services PCL		158,800		96,139
Banpu PCL		20,800		18,857
BEC World PCL (c)		29,900		37,673
Bumrungrad Hospital PCL		7,800		36,435
Charoen Pokphand Foods PCL		22,100		15,281
CP ALL PCL		88,500		111,509
Home Product Center PCL		91,087		22,814
IRPC PCL		173,100		22,874
Kasikornbank PCL NVDR		20,800		146,380
Krung Thai Bank PCL		35,100		24,594
PTT Exploration & Production PCL		18,200		60,965
PTT Global Chemical PCL		14,300		22,962
PTT PCL		19,500		193,562
Siam Cement PCL NVDR		1,300		20,455
Siam Commercial Bank PCL		9,100		49,779
Thai Oil PCL		13,000		20,774
				1,373,571
TURKEY — 0.7%
Akbank TAS		14,340		42,250
Anadolu Efes Biracilik Ve Malt Sanayii AS (a)		1,523		12,728
BIM Birlesik Magazalar AS		6,324		112,280
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		14,483		16,455
Eregli Demir ve Celik Fabrikalari TAS		12,987		20,207
Ford Otomotiv Sanayi AS		1,783		23,039
Haci Omer Sabanci Holding AS		6,155		21,761
KOC Holding AS		6,402		29,218
Tupras-Turkiye Petrol Rafinerileri AS		1,262		29,964
Turk Hava Yollari AO (a)		5,804		19,201
Turkcell Iletisim Hizmetleri AS (a)		4,852		24,947
Turkiye Garanti Bankasi AS		18,127		59,551
Turkiye Halk Bankasi AS		6,155		30,461
Turkiye Is Bankasi (Class C)		16,643		37,625
Turkiye Vakiflar Bankasi Tao (Class D)		9,109		14,945
Yapi ve Kredi Bankasi AS		9,096		14,013
				508,645
UNITED ARAB EMIRATES — 1.0%
Aldar Properties PJSC		62,604		40,396
DP World, Ltd.		9,226		199,282
Dubai Financial Market PJSC		42,187		17,344
Dubai Islamic Bank PJSC		19,988		33,740
Emaar Properties PJSC		24,959		44,850
First Gulf Bank PJSC		45,405		180,488
National Bank of Abu Dhabi PJSC		66,431		215,233
				731,333
TOTAL COMMON STOCKS —
(Cost $73,502,673)				74,219,052
RIGHTS — 0.0% (e)
SOUTH AFRICA — 0.0% (e)
Discovery, Ltd. (expiring 4/2/15) (a) (Cost $0)		1,250		3,590
SHORT TERM INVESTMENT — 0.3%
UNITED STATES — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g) (Cost $181,570)		181,570		181,570
TOTAL INVESTMENTS — 99.6%
(Cost $73,684,243)				74,404,212
OTHER ASSETS & LIABILITIES — 0.4%				322,476
NET ASSETS — 100.0%			$	74,726,688

(a)	Non-income producing security
(b)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees (see accompanying Notes to Schedules of Investments).
(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)	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

NVDR = Non Voting Depositary Receipt

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

283

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 1.5%
AGL Energy, Ltd.		87	$	1,010
Amcor, Ltd.		301		3,229
AMP, Ltd.		223		1,097
Aurizon Holdings, Ltd.		235		871
Australia & New Zealand Banking Group, Ltd.		186		5,206
BHP Billiton, Ltd.		192		4,551
Brambles, Ltd.		412		3,626
Cochlear, Ltd.		19		1,314
Commonwealth Bank of Australia		87		6,208
CSL, Ltd.		193		13,582
Flight Centre Travel Group, Ltd.		24		727
Fortescue Metals Group, Ltd.		264		395
Insurance Australia Group, Ltd.		203		946
Lend Lease Group		85		1,081
Macquarie Group, Ltd.		20		1,171
National Australia Bank, Ltd.		168		4,948
Newcrest Mining, Ltd. (a)		109		1,113
Orica, Ltd.		58		887
Origin Energy, Ltd.		79		683
QBE Insurance Group, Ltd.		110		1,096
REA Group, Ltd.		27		996
Rio Tinto, Ltd.		32		1,399
Santos, Ltd.		78		425
Scentre Group		471		1,346
Seek, Ltd.		73		955
Suncorp Group, Ltd.		84		866
Telstra Corp., Ltd.		2,662		12,832
Transurban Group		784		5,708
Wesfarmers, Ltd.		61		2,049
Westfield Corp.		106		773
Westpac Banking Corp.		201		6,047
Woodside Petroleum, Ltd.		32		844
Woolworths, Ltd.		333		7,502
				95,483
AUSTRIA — 0.1%
Erste Group Bank AG		33		813
OMV AG		30		824
Raiffeisen Bank International AG		32		447
Voestalpine AG		23		842
				2,926
BELGIUM — 0.2%
Ageas		26		933
Anheuser-Busch InBev NV		29		3,544
Belgacom SA		72		2,519
Colruyt SA		21		914
Delhaize Group		15		1,349
Groupe Bruxelles Lambert SA		10		829
KBC Groep NV (a)		19		1,175
Solvay SA		7		1,011
Umicore SA		21		877
				13,151
BRITISH VIRGIN ISLANDS — 0.1%
Michael Kors Holdings, Ltd. (a)		68		4,471
CANADA — 4.4%
Agnico-Eagle Mines, Ltd.		186		5,168
Agrium, Inc.		12		1,251
Alimentation Couche-Tard, Inc. (Class B)		96		3,826
Bank of Montreal		136		8,150
Bank of Nova Scotia		294		14,750
Barrick Gold Corp.		257		2,811
BCE, Inc.		358		15,157
Bombardier, Inc. (Class B)		295		582
Brookfield Asset Management, Inc. (Class A)		33		1,765
Canadian Imperial Bank of Commerce		81		5,873
Canadian National Railway Co.		190		12,725
Canadian Natural Resources, Ltd.		62		1,900
Canadian Oil Sands, Ltd.		120		933
Canadian Pacific Railway, Ltd.		7		1,282
Canadian Tire Corp., Ltd. (Class A)		11		1,121
Catamaran Corp. (a)		23		1,369
Cenovus Energy, Inc.		42		708
CI Financial Corp.		40		1,118
Crescent Point Energy Corp.		25		558
Dollarama, Inc.		180		10,062
Eldorado Gold Corp.		467		2,142
Enbridge, Inc.		451		21,740
Encana Corp.		45		502
Fairfax Financial Holdings, Ltd.		12		6,727
First Capital Realty, Inc.		121		1,885
First Quantum Minerals, Ltd.		52		630
Franco-Nevada Corp.		241		11,680
Gildan Activewear, Inc.		52		1,533
Goldcorp, Inc.		910		16,468
Great-West Lifeco, Inc.		37		1,070
Husky Energy, Inc.		32		653
Imperial Oil, Ltd.		21		838
Intact Financial Corp.		167		12,582
Loblaw Cos., Ltd.		26		1,271
Magna International, Inc.		32		1,711
Manulife Financial Corp.		101		1,715
Metro, Inc., (Class A)		75		2,032
National Bank of Canada		188		6,864
Onex Corp.		18		1,045
Pembina Pipeline Corp.		8		253
Potash Corp. of Saskatchewan, Inc.		208		6,706
Power Corp. of Canada		39		1,032
Power Financial Corp.		33		977
Restaurant Brands International, Inc.		88		3,374
RioCan REIT		148		3,385
Rogers Communications, Inc. (Class B)		141		4,721
Royal Bank of Canada		158		9,511
Saputo, Inc.		56		1,539
Shaw Communications, Inc. (Class B)		363		8,146
Silver Wheaton Corp.		453		8,606
Sun Life Financial, Inc.		32		986
Suncor Energy, Inc.		107		3,127
Talisman Energy, Inc.		97		744
Teck Resources, Ltd. (Class B)		67		920
TELUS Corp.		258		8,570
Thomson Reuters Corp.		150		6,082
Toronto-Dominion Bank		293		12,541
TransCanada Corp.		194		8,296

See accompanying notes to financial statements.

284

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Yamana Gold, Inc.		252	$	903
				274,616
DENMARK — 0.9%
AP Moeller — Maersk A/S (Class A)		1		2,031
AP Moeller — Maersk A/S (Class B)		1		2,090
Carlsberg A/S (Class B)		10		825
Coloplast A/S (Class B)		62		4,688
Danske Bank A/S		52		1,372
Novo Nordisk A/S (Class B)		684		36,580
Novozymes A/S (Class B)		93		4,252
Pandora A/S		34		3,096
TDC A/S		173		1,239
Tryg A/S		12		1,416
				57,589
FINLAND — 0.2%
Fortum Oyj		59		1,239
Kone Oyj (Class B)		100		4,434
Nokia Oyj		129		985
Orion Oyj (Class B)		35		988
Sampo Oyj (Class A)		24		1,212
Stora Enso Oyj		103		1,061
UPM-Kymmene Oyj		59		1,148
Wartsila Oyj Abp		36		1,594
				12,661
FRANCE — 1.9%
Aeroports de Paris		25		2,988
Air Liquide SA		15		1,930
Alcatel-Lucent (a)		267		1,009
Alstom SA (a)		27		833
Arkema SA		11		871
AXA SA		261		6,575
BNP Paribas SA		145		8,810
Bouygues SA		27		1,060
Bureau Veritas SA		56		1,202
Cap Gemini SA		14		1,148
Carrefour SA		61		2,037
Casino Guichard-Perrachon SA		8		709
Christian Dior SE		5		944
CNP Assurances		48		841
Compagnie de Saint-Gobain		38		1,669
Compagnie Generale des Etablissements Michelin		17		1,691
Credit Agricole SA		124		1,821
Danone SA		26		1,749
Dassault Systemes		76		5,154
EDF SA		27		648
Essilor International SA		15		1,721
GDF Suez		160		3,163
Iliad SA		32		7,468
Kering		5		976
L’Oreal SA		8		1,472
Lafarge SA		12		778
Lagardere SCA		30		900
Legrand SA		16		865
LVMH Moet Hennessy Louis Vuitton SE		12		2,116
Natixis SA		158		1,181
Orange SA		213		3,423
Pernod Ricard SA		10		1,183
Peugeot SA (a)		81		1,356
Publicis Groupe SA		44		3,394
Renault SA		25		2,276
Rexel SA		42		792
Safran SA		16		1,117
Sanofi		63		6,220
Schneider Electric SE		26		2,020
SCOR SE		29		979
Societe BIC SA		8		1,138
Societe Generale SA		98		4,733
Sodexo SA		10		975
Suez Environnement Co.		51		878
Technip SA		11		666
Total SA		253		12,574
Unibail-Rodamco SE		5		1,348
Valeo SA		8		1,195
Vallourec SA		19		464
Veolia Environnement SA		61		1,154
Vinci SA		37		2,115
Vivendi SA		119		2,956
				117,285
GERMANY — 2.3%
adidas AG		11		871
Allianz SE		45		7,822
BASF SE		77		7,654
Bayer AG		29		4,359
Bayerische Motoren Werke AG		31		3,877
Bayerische Motoren Werke AG Preference Shares		11		1,018
Beiersdorf AG		22		1,911
Brenntag AG		18		1,078
Celesio AG		68		2,008
Commerzbank AG (a)		145		2,001
Continental AG		6		1,420
Daimler AG		94		9,059
Deutsche Bank AG		252		8,758
Deutsche Boerse AG		15		1,225
Deutsche Lufthansa AG		41		576
Deutsche Post AG		68		2,125
Deutsche Telekom AG		283		5,182
E.ON SE		398		5,935
Fresenius Medical Care AG & Co. KGaA		125		10,399
Fresenius SE & Co. KGaA		21		1,254
Fuchs Petrolub SE Preference Shares		22		880
Hannover Rueck SE		12		1,240
HeidelbergCement AG		12		951
Henkel AG & Co. KGaA		10		1,033
Henkel AG & Co. KGaA Preference Shares		9		1,059
Hugo Boss AG		10		1,216
Infineon Technologies AG		94		1,124
K+S AG		29		947
Kabel Deutschland Holding AG (a)		27		3,509
Lanxess AG		15		799
Linde AG		10		2,037
MAN SE		45		4,736
Merck KGaA		12		1,347
Metro AG		30		1,018

See accompanying notes to financial statements.

285

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Muenchener Rueckversicherungs- Gesellschaft AG		21	$	4,528
Porsche Automobil Holding SE Preference Shares		25		2,456
RWE AG		91		2,324
SAP SE		223		16,174
Siemens AG		51		5,516
Telefonica Deutschland Holding AG (a)		324		1,871
ThyssenKrupp AG		37		971
TUI AG		59		1,040
United Internet AG		30		1,366
Volkswagen AG		5		1,289
Volkswagen AG Preference Shares		29		7,720
				145,683
HONG KONG — 1.9%
AIA Group, Ltd.		400		2,518
Bank of East Asia, Ltd.		206		820
BOC Hong Kong Holdings, Ltd.		1,000		3,566
Cheung Kong Infrastructure Holdings, Ltd.		1,000		8,597
CLP Holdings, Ltd.		2,000		17,477
Galaxy Entertainment Group, Ltd.		1,000		4,553
Hang Seng Bank, Ltd.		1,200		21,746
HKT Trust/HKT, Ltd.		3,540		4,561
Hong Kong Exchanges and Clearing, Ltd.		300		7,352
Link REIT		3,000		18,496
MTR Corp., Ltd.		2,000		9,519
New World Development Co., Ltd.		1,000		1,159
Noble Group, Ltd.		1,000		671
Power Assets Holdings, Ltd.		1,000		10,228
Sands China, Ltd.		800		3,312
SJM Holdings, Ltd.		1,000		1,308
Wynn Macau, Ltd.		400		866
				116,749
IRELAND — 1.0%
Accenture PLC (Class A)		284		26,608
Actavis PLC (a)		32		9,616
Bank of Ireland (a)		2,748		1,045
CRH PLC		44		1,145
Eaton Corp. PLC		24		1,631
James Hardie Industries PLC		109		1,271
Kerry Group PLC (Class A)		106		7,115
Medtronic PLC		57		4,445
Pentair PLC		14		880
Perrigo Co. PLC		25		4,139
Ryanair Holdings PLC		228		2,725
Seagate Technology PLC		24		1,249
Tyco International PLC		24		1,033
Weatherford International PLC (a)		48		590
Willis Group Holdings PLC		32		1,542
				65,034
ISRAEL — 0.3%
Bank Hapoalim BM		308		1,484
Bank Leumi Le-Israel BM (a)		418		1,552
Israel Chemicals, Ltd.		122		868
Mizrahi Tefahot Bank, Ltd. (a)		89		904
NICE Systems, Ltd.		74		4,539
Teva Pharmaceutical Industries, Ltd.		188		11,800
				21,147
ITALY — 0.4%
Assicurazioni Generali SpA		123		2,419
Atlantia SpA		38		998
Banca Monte dei Paschi di Siena SpA (a)		1,318		875
Banco Popolare SC (a)		61		954
Enel SpA		939		4,248
ENI SpA		310		5,370
Intesa Sanpaolo SpA		1,159		3,941
Saipem SpA (a)		40		408
Snam SpA		185		898
Telecom Italia SpA (a)(b)		1,742		2,043
Telecom Italia SpA (b)		1,354		1,272
UBI Banca SCpA		129		1,009
UniCredit SpA		383		2,604
				27,039
JAPAN — 9.2%
Aeon Co., Ltd.		100		1,100
ANA Holdings, Inc.		2,000		5,367
Aozora Bank, Ltd.		1,000		3,552
Astellas Pharma, Inc.		400		6,562
Bank of Yokohama, Ltd.		1,000		5,870
Benesse Holdings, Inc.		100		3,152
Bridgestone Corp.		100		4,016
Calbee, Inc.		100		4,353
Canon, Inc.		400		14,169
Chubu Electric Power Co., Inc.		100		1,196
Chugai Pharmaceutical Co., Ltd.		200		6,312
Chugoku Bank, Ltd.		200		2,994
Chugoku Electric Power Co., Inc.		100		1,306
Dai-ichi Life Insurance Co., Ltd.		100		1,455
Daiichi Sankyo Co., Ltd.		100		1,590
East Japan Railway Co.		100		8,038
Eisai Co., Ltd.		300		21,351
FamilyMart Co., Ltd.		100		4,203
Fuji Heavy Industries, Ltd.		200		6,656
FUJIFILM Holdings Corp.		100		3,566
Hisamitsu Pharmaceutical Co., Inc.		100		4,111
Hitachi, Ltd.		1,000		6,864
Honda Motor Co., Ltd.		200		6,509
Idemitsu Kosan Co., Ltd.		100		1,744
Inpex Corp.		100		1,105
Isetan Mitsukoshi Holdings, Ltd.		100		1,658
ITOCHU Corp.		300		3,256
Japan Airlines Co., Ltd.		200		6,237
Japan Prime Realty Investment Corp.		1		3,448
Japan Real Estate Investment Corp.		1		4,711
Japan Retail Fund Investment Corp.		3		5,969
Japan Tobacco, Inc.		300		9,507
JFE Holdings, Inc.		100		2,213
JX Holdings, Inc.		700		2,698
Kakaku.com, Inc.		200		3,332
Kansai Electric Power Co., Inc. (a)		100		956
KDDI Corp.		300		6,806
Keio Corp.		1,000		7,863
Kirin Holdings Co., Ltd.		100		1,315
Kobe Steel, Ltd.		1,000		1,851

See accompanying notes to financial statements.

286

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Komatsu, Ltd.		100	$	1,970
Kyushu Electric Power Co., Inc. (a)		100		971
Lawson, Inc.		100		6,946
M3, Inc.		300		6,381
Marubeni Corp.		1,000		5,804
McDonald’s Holdings Co. (Japan), Ltd.		100		2,217
Miraca Holdings, Inc.		100		4,611
Mitsubishi Chemical Holdings Corp.		300		1,748
Mitsubishi Corp.		300		6,055
Mitsubishi Motors Corp.		100		905
Mitsubishi Tanabe Pharma Corp.		300		5,158
Mitsubishi UFJ Financial Group, Inc.		2,000		12,403
Mitsui & Co., Ltd.		300		4,033
Mizuho Financial Group, Inc.		3,200		5,633
MS&AD Insurance Group Holdings, Inc.		100		2,810
Nagoya Railroad Co., Ltd.		1,000		4,003
Nikon Corp.		100		1,343
Nippon Building Fund, Inc.		1		4,920
Nippon Prologis REIT, Inc.		2		4,409
Nippon Steel & Sumitomo Metal Corp.		1,000		2,522
Nippon Telegraph & Telephone Corp.		200		12,336
Nissan Motor Co., Ltd.		400		4,083
Nissin Foods Holding Co., Ltd.		100		4,928
Nitori Holding Co., Ltd.		100		6,788
Nomura Holdings, Inc.		200		1,178
Nomura Research Institute, Ltd.		100		3,769
NTT DoCoMo, Inc.		1,368		23,790
Oracle Corp.		100		4,311
Oriental Land Co., Ltd.		392		29,729
ORIX Corp.		100		1,408
Osaka Gas Co., Ltd.		1,000		4,192
Otsuka Corp.		100		4,269
Otsuka Holdings Co., Ltd.		400		12,540
Panasonic Corp.		200		2,630
Park24 Co., Ltd.		100		2,049
Resona Holdings, Inc.		400		1,990
Ricoh Co., Ltd.		100		1,091
Santen Pharmaceutical Co., Ltd.		500		7,296
Secom Co., Ltd.		200		13,383
Sekisui House, Ltd.		100		1,455
Seven & i Holdings Co., Ltd.		100		4,213
Shimamura Co., Ltd.		100		9,272
Showa Shell Sekiyu K.K.		200		1,831
Sony Corp. (a)		200		5,320
Sumitomo Corp.		200		2,144
Sumitomo Electric Industries, Ltd.		100		1,313
Sumitomo Mitsui Financial Group, Inc.		200		7,674
Sumitomo Mitsui Trust Holdings, Inc.		1,000		4,132
Suntory Beverage & Food, Ltd.		200		8,589
Suzuken Co., Ltd.		110		3,362
T&D Holdings, Inc.		100		1,380
Takeda Pharmaceutical Co., Ltd.		589		29,464
Tobu Railway Co., Ltd.		2,000		9,506
Toho Co., Ltd.		100		2,450
Tohoku Electric Power Co., Inc.		100		1,139
Tokio Marine Holdings, Inc.		100		3,784
Tokyo Electric Power Co., Inc. (a)		300		1,138
TonenGeneral Sekiyu K.K.		1,000		8,647
Toshiba Corp.		1,000		4,204
Toyota Motor Corp.		200		13,980
Unicharm Corp.		100		2,628
United Urban Investment Corp.		3		4,680
USS Co., Ltd.		300		5,198
West Japan Railway Co.		200		10,512
Yahoo! Japan Corp.		400		1,654
Yamada Denki Co., Ltd.		300		1,238
Yamato Holdings Co., Ltd.		400		9,246
				575,716
LUXEMBOURG — 0.2%
Altice SA (a)		95		10,290
ArcelorMittal		144		1,357
RTL Group SA		12		1,155
Subsea 7 SA		54		465
Tenaris SA		46		645
				13,912
NETHERLANDS — 1.1%
Aegon NV		268		2,115
Airbus Group NV		33		2,142
Akzo Nobel NV		15		1,134
ASML Holding NV		12		1,222
Chicago Bridge & Iron Co. NV		25		1,232
CNH Industrial NV		94		769
Core Laboratories NV		11		1,149
Fiat Chrysler Automobiles NV (a)		262		4,263
Heineken Holding NV		16		1,102
Heineken NV		16		1,221
ING Groep NV (a)		434		6,360
Koninklijke Ahold NV		90		1,774
Koninklijke DSM NV		14		781
Koninklijke KPN NV		337		1,143
Koninklijke Philips NV		56		1,589
LyondellBasell Industries NV (Class A)		146		12,819
Mylan NV (a)		22		1,306
Randstad Holding NV		18		1,092
Reed Elsevier NV		223		5,554
Unilever NV		471		19,685
				68,452
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		1,039		3,506
Ryman Healthcare, Ltd.		147		864
				4,370
NORWAY — 0.1%
DnB ASA		94		1,513
Norsk Hydro ASA		195		1,026
Seadrill, Ltd.		27		254
Statoil ASA		118		2,091
Telenor ASA		45		909
Yara International ASA		23		1,170
				6,963
PORTUGAL — 0.0% (c)
EDP — Energias de Portugal SA		228		853
Galp Energia SGPS SA		60		649
Jeronimo Martins SGPS SA		72		905
				2,407

See accompanying notes to financial statements.

287

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
SINGAPORE — 0.9%
ComfortDelGro Corp., Ltd.		3,000	$	6,321
Flextronics International, Ltd. (a)		104		1,318
Oversea-Chinese Banking Corp., Ltd.		966		7,444
Singapore Airlines, Ltd.		1,000		8,712
Singapore Press Holdings, Ltd.		2,000		6,109
Singapore Telecommunications, Ltd.		6,842		21,847
StarHub, Ltd.		1,000		3,171
				54,922
SPAIN — 0.7%
ACS, Actividades de Construccion y Servicios SA		26		921
Banco Bilbao Vizcaya Argentaria SA		445		4,496
Banco de Sabadell SA		314		769
Banco Popular Espanol SA		154		754
Banco Santander SA		1,097		8,267
CaixaBank SA		182		862
Ferrovial SA		49		1,042
Gas Natural SDG SA		35		786
Iberdrola SA		555		3,578
Inditex SA		295		9,467
International Consolidated Airlines Group SA (a)		161		1,444
Repsol SA		112		2,085
Telefonica SA		422		6,010
Zardoya Otis SA		62		800
				41,281
SWEDEN — 0.8%
Alfa Laval AB		76		1,494
Assa Abloy AB (Class B)		20		1,192
Atlas Copco AB (Class A)		181		5,862
Atlas Copco AB (Class B)		106		3,133
Autoliv, Inc.		10		1,178
Boliden AB		74		1,471
Electrolux AB (Series B)		42		1,204
Elekta AB (Class B)		80		719
Hennes & Mauritz AB (Class B)		299		12,117
Investor AB (Class B)		67		2,670
Kinnevik Investment AB (Class B)		25		835
Nordea Bank AB		254		3,101
Sandvik AB		70		783
Skandinaviska Enskilda Banken AB (Class A)		116		1,357
Skanska AB (Class B)		48		1,076
SKF AB (Class B)		40		1,033
Svenska Cellulosa AB (Class B)		36		829
Svenska Handelsbanken AB (Class A)		35		1,580
Swedbank AB (Class A)		67		1,601
Telefonaktiebolaget LM Ericsson (Class B)		170		2,137
TeliaSonera AB		174		1,106
Volvo AB (Class B)		108		1,306
				47,784
SWITZERLAND — 4.9%
ABB, Ltd. (a)		110		2,336
ACE, Ltd.		25		2,787
Actelion, Ltd. (a)		26		3,014
Adecco SA (a)		13		1,084
Baloise Holding AG		9		1,193
Barry Callebaut AG (a)		3		2,939
Cie Financiere Richemont SA		119		9,593
Credit Suisse Group AG (a)		141		3,801
EMS-Chemie Holding AG		3		1,224
Geberit AG		10		3,758
Givaudan SA (a)		4		7,256
Holcim, Ltd. (a)		14		1,047
Julius Baer Group, Ltd. (a)		195		9,789
Kuehne + Nagel International AG		82		12,199
Lindt & Spruengli AG		1		5,369
Nestle SA		488		36,878
Novartis AG		410		40,586
Partners Group Holding AG		27		8,075
Roche Holding AG		248		68,454
Schindler Holding AG (b)		19		3,165
Schindler Holding AG (b)		31		5,078
SGS SA		7		13,405
Swatch Group AG (b)		8		3,394
Swatch Group AG (b)		13		1,091
Swiss Life Holding AG (a)		4		991
Swiss Prime Site AG (a)		74		6,438
Swiss Re AG		39		3,778
Swisscom AG		30		17,435
Syngenta AG		34		11,576
TE Connectivity, Ltd.		102		7,305
Transocean, Ltd.		28		405
UBS Group AG (a)		249		4,697
Zurich Insurance Group AG (a)		13		4,407
				304,547
UNITED KINGDOM — 7.9%
Aberdeen Asset Management PLC		282		1,924
Admiral Group PLC		64		1,454
Aggreko PLC		70		1,587
Amec Foster Wheeler PLC		77		1,035
Anglo American PLC		148		2,223
Aon PLC		12		1,153
Associated British Foods PLC		21		879
AstraZeneca PLC		301		20,673
Aviva PLC		190		1,523
Babcock International Group PLC		12		175
BAE Systems PLC		1,094		8,502
Barclays PLC		2,243		8,078
BG Group PLC		190		2,338
BHP Billiton PLC		144		3,150
BP PLC		3,489		22,619
British American Tobacco PLC		511		26,463
British Land Co. PLC		84		1,038
BT Group PLC		425		2,763
Bunzl PLC		87		2,365
Burberry Group PLC		128		3,293
Capita PLC		264		4,374
Carnival PLC		26		1,272
Centrica PLC		1,458		5,476
Cobham PLC		301		1,359
Compass Group PLC		1,170		20,356
Croda International PLC		40		1,626
Delphi Automotive PLC		107		8,532
Diageo PLC		660		18,219
Direct Line Insurance Group PLC		244		1,155

See accompanying notes to financial statements.

288

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
easyJet PLC		39	$	1,090
Ensco PLC (Class A)		23		485
Experian PLC		60		995
Fresnillo PLC		280		2,837
Friends Life Group, Ltd.		200		1,228
G4S PLC		238		1,045
GKN PLC		158		841
GlaxoSmithKline PLC		822		18,865
Glencore PLC (a)		1,133		4,809
Hargreaves Lansdown PLC		73		1,248
HSBC Holdings PLC		2,106		17,945
ICAP PLC		156		1,220
IMI PLC		80		1,514
Imperial Tobacco Group PLC		259		11,392
Inmarsat PLC		540		7,419
Intertek Group PLC		177		6,564
ITV PLC		1,074		4,032
J Sainsbury PLC		172		662
Johnson Matthey PLC		54		2,714
Kingfisher PLC		167		944
Land Securities Group PLC		63		1,172
Legal & General Group PLC		298		1,233
Liberty Global PLC (Class A) (a)		31		1,596
Liberty Global PLC (Series C) (a)		45		2,241
Lloyds Banking Group PLC (a)		2,616		3,040
London Stock Exchange Group PLC		50		1,825
Marks & Spencer Group PLC		144		1,144
Merlin Entertainments PLC (d)		403		2,645
National Grid PLC		780		10,012
Next PLC		35		3,650
Noble Corp. PLC		34		486
Old Mutual PLC		359		1,184
Pearson PLC		53		1,142
Petrofac, Ltd.		81		1,146
Prudential PLC		124		3,078
Randgold Resources, Ltd.		111		7,733
Reckitt Benckiser Group PLC		275		23,678
Reed Elsevier PLC		385		6,624
Rexam PLC		100		860
Rio Tinto PLC		356		14,650
Rolls-Royce Holdings PLC (a)		486		6,876
Royal Bank of Scotland Group PLC (a)		227		1,146
Royal Dutch Shell PLC (Class A)		609		18,154
Royal Dutch Shell PLC (Class B)		439		13,679
Royal Mail PLC		180		1,171
RSA Insurance Group PLC		141		881
SABMiller PLC		32		1,682
Sage Group PLC		300		2,078
Schroders PLC		30		1,425
Shire PLC		155		12,345
Sky PLC		834		12,294
Smith & Nephew PLC		221		3,753
Smiths Group PLC		111		1,842
Sports Direct International PLC (a)		79		714
SSE PLC		218		4,848
Standard Chartered PLC		380		6,169
Standard Life PLC		135		953
Tate & Lyle PLC		130		1,153
Tesco PLC		1,711		6,143
Travis Perkins PLC		39		1,129
Tullow Oil PLC		74		311
Unilever PLC		367		15,336
Vodafone Group PLC		3,956		12,946
Weir Group PLC		51		1,288
Whitbread PLC		41		3,192
William Hill PLC		224		1,233
William Morrison Supermarkets PLC		345		991
Wolseley PLC		69		4,090
WPP PLC		76		1,727
				492,141
UNITED STATES — 58.4%
3M Co.		167		27,547
Abbott Laboratories		476		22,053
AbbVie, Inc.		52		3,044
Activision Blizzard, Inc.		49		1,114
Adobe Systems, Inc. (a)		17		1,257
ADT Corp.		31		1,287
Advance Auto Parts, Inc.		19		2,844
AES Corp.		74		951
Aetna, Inc.		27		2,876
Aflac, Inc.		127		8,129
AGCO Corp.		19		905
Agilent Technologies, Inc.		18		748
Air Products & Chemicals, Inc.		9		1,362
Albemarle Corp.		21		1,110
Alcoa, Inc.		85		1,098
Alleghany Corp. (a)		19		9,253
Allstate Corp.		39		2,776
Altria Group, Inc.		297		14,856
Amazon.com, Inc. (a)		5		1,860
Ameren Corp.		27		1,139
American Capital Agency Corp.		48		1,024
American Electric Power Co., Inc.		36		2,025
American Express Co.		40		3,125
American International Group, Inc.		171		9,369
American Tower Corp.		111		10,451
American Water Works Co., Inc.		49		2,656
Ameriprise Financial, Inc.		10		1,308
AmerisourceBergen Corp.		267		30,350
Amgen, Inc.		20		3,197
Amphenol Corp. (Class A)		72		4,243
Anadarko Petroleum Corp.		19		1,573
Analog Devices, Inc.		20		1,260
Annaly Capital Management, Inc.		155		1,612
Antero Resources Corp. (a)		18		636
Anthem, Inc.		30		4,632
Apache Corp.		40		2,413
Apple, Inc.		1,101		136,997
Applied Materials, Inc.		52		1,173
Arch Capital Group, Ltd. (a)		200		12,320
Archer-Daniels-Midland Co.		71		3,365
Arrow Electronics, Inc. (a)		19		1,162
Assurant, Inc.		16		983
AT&T, Inc.		943		30,789
Automatic Data Processing, Inc.		491		42,049
AutoZone, Inc. (a)		31		21,147
AvalonBay Communities, Inc.		41		7,144
Avnet, Inc.		24		1,068

See accompanying notes to financial statements.

289

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares			Value
Axis Capital Holdings, Ltd.		22		$	1,135
Baker Hughes, Inc.		27			1,717
Bank of America Corp.		922			14,190
Bank of New York Mellon Corp.		96			3,863
Baxter International, Inc.		53			3,630
BB&T Corp.		58			2,261
Becton, Dickinson and Co.		126			18,092
Bed Bath & Beyond, Inc. (a)		84			6,449
Berkshire Hathaway, Inc. (Class B) (a)	��	187			26,988
Best Buy Co., Inc.		45			1,701
Biogen, Inc. (a)		56			23,645
BlackRock, Inc.		6			2,195
Boeing Co.		196			29,416
BorgWarner, Inc.		17			1,028
Boston Scientific Corp. (a)		77			1,367
Bristol-Myers Squibb Co.		537			34,636
Broadcom Corp. (Class A)		36			1,559
Brown-Forman Corp. (Class B)		33			2,982
Bunge, Ltd.		23			1,894
C.H. Robinson Worldwide, Inc.		45			3,295
C.R. Bard, Inc.		82			13,723
CA, Inc.		86			2,804
Camden Property Trust		18			1,406
Cameron International Corp. (a)		16			722
Campbell Soup Co.		52			2,421
Capital One Financial Corp.		59			4,650
Cardinal Health, Inc.		40			3,611
CarMax, Inc. (a)		24			1,656
Carnival Corp.		25			1,196
Caterpillar, Inc.		43			3,441
CBS Corp. (Class B)		22			1,334
Celanese Corp. (Series A)		17			950
Celgene Corp. (a)		196			22,595
CenterPoint Energy, Inc.		47			959
CenturyLink, Inc.		52			1,797
CF Industries Holdings, Inc.		15			4,255
Charles Schwab Corp.		39			1,187
Chesapeake Energy Corp.		54			765
Chevron Corp.		202			21,206
Chipotle Mexican Grill, Inc. (a)		13			8,457
Chubb Corp.		190			19,209
Church & Dwight Co., Inc.		197			16,828
Cigna Corp.		17			2,200
Cimarex Energy Co.		8			921
Cisco Systems, Inc.		276			7,597
CIT Group, Inc.		25			1,128
Citigroup, Inc.		333			17,156
Citrix Systems, Inc. (a)		37			2,363
Clorox Co.		54			5,961
CME Group, Inc.		24			2,273
Coach, Inc.		96			3,977
Coca-Cola Co.		1,208			48,984
Coca-Cola Enterprises, Inc.		65			2,873
Cognizant Technology Solutions Corp. (Class A) (a)		22			1,373
Colgate-Palmolive Co.		379			26,280
Comcast Corp. (Class A)		120			6,776
Comcast Corp. (Class A) Special		31			1,738
Comerica, Inc.		23			1,038
Computer Sciences Corp.		17			1,110
ConAgra Foods, Inc.		32			1,169
ConocoPhillips		91			5,666
CONSOL Energy, Inc.		23			641
Consolidated Edison, Inc.		379			23,119
Corning, Inc.		93			2,109
Costco Wholesale Corp.		109			16,513
Crown Castle International Corp.		120			9,905
CSX Corp.		52			1,722
Cummins, Inc.		43			5,962
CVS Health Corp.		72			7,431
Danaher Corp.		26			2,207
Darden Restaurants, Inc.		22			1,525
DaVita HealthCare Partners, Inc. (a)		90			7,315
Deere & Co.		27			2,368
Delta Air Lines, Inc.		27			1,214
Devon Energy Corp.		25			1,508
Dick’s Sporting Goods, Inc.		28			1,596
DIRECTV (a)		25			2,127
Discover Financial Services		33			1,860
DISH Network Corp. (Class A) (a)		18			1,261
Dollar General Corp. (a)		85			6,407
Dollar Tree, Inc. (a)		120			9,737
Dominion Resources, Inc.		249			17,647
Dover Corp.		12			829
Dow Chemical Co.		75			3,598
Dr. Pepper Snapple Group, Inc.		49			3,846
DTE Energy Co.		16			1,291
Duke Energy Corp.		248			19,041
E. I. du Pont de Nemours & Co.		41			2,930
Eastman Chemical Co.		40			2,770
Eaton Vance Corp.		32			1,332
eBay, Inc. (a)		45			2,596
Ecolab, Inc.		171			19,559
Edison International		24			1,499
Edwards Lifesciences Corp. (a)		27			3,846
Eli Lilly & Co.		469			34,073
EMC Corp.		97			2,479
Emerson Electric Co.		161	��		9,116
Entergy Corp.		18			1,395
EOG Resources, Inc.		21			1,925
EQT Corp.		13			1,077
Equity Residential		18			1,401
Estee Lauder Cos., Inc. (Class A)		60			4,990
Everest Re Group, Ltd.		100			17,400
Eversource Energy		25			1,263
Exelon Corp.		76			2,554
Expeditors International of Washington, Inc.		48			2,313
Express Scripts Holding Co. (a)		129			11,193
Exxon Mobil Corp.		1,497			127,245
F5 Networks, Inc. (a)		18			2,069
Facebook, Inc. (Class A) (a)		18			1,480
Family Dollar Stores, Inc.		138			10,935
Fastenal Co.		74			3,066
Federal Realty Investment Trust		81			11,924
FedEx Corp.		17			2,813
Fidelity National Information Services, Inc.		59			4,016
Fifth Third Bancorp		86			1,621
FirstEnergy Corp.		45			1,578

See accompanying notes to financial statements.

290

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Fiserv, Inc. (a)		17	$	1,350
FleetCor Technologies, Inc. (a)		15		2,264
Flowserve Corp.		35		1,977
Fluor Corp.		43		2,458
FMC Corp.		33		1,889
FMC Technologies, Inc. (a)		55		2,036
Foot Locker, Inc.		36		2,268
Ford Motor Co.		533		8,603
Fossil Group, Inc. (a)		15		1,237
Franklin Resources, Inc.		102		5,235
Freeport-McMoRan, Inc.		81		1,535
Frontier Communications Corp.		177		1,248
GameStop Corp. (Class A)		36		1,367
Gap, Inc.		79		3,423
Garmin, Ltd.		29		1,378
General Dynamics Corp.		71		9,637
General Electric Co.		549		13,621
General Mills, Inc.		659		37,299
General Motors Co.		252		9,450
Genuine Parts Co.		67		6,244
Genworth Financial, Inc. (Class A) (a)		61		446
Gilead Sciences, Inc. (a)		445		43,668
Goldman Sachs Group, Inc.		42		7,895
Google, Inc. (Class A) (a)		68		37,720
Google, Inc. (Class C) (a)		63		34,524
H&R Block, Inc.		80		2,566
Halliburton Co.		36		1,580
Harris Corp.		27		2,127
Hartford Financial Services Group, Inc.		40		1,673
HCA Holdings, Inc. (a)		21		1,580
HCP, Inc.		26		1,123
Health Care REIT, Inc.		181		14,002
Helmerich & Payne, Inc.		26		1,770
Henry Schein, Inc. (a)		125		17,452
Hershey Co.		128		12,916
Hertz Global Holdings, Inc. (a)		37		802
Hess Corp.		30		2,036
Hewlett-Packard Co.		567		17,668
HollyFrontier Corp.		22		886
Home Depot, Inc.		392		44,535
Honeywell International, Inc.		179		18,671
Hormel Foods Corp.		211		11,995
Host Hotels & Resorts, Inc.		49		989
Hudson City Bancorp, Inc.		112		1,174
Humana, Inc.		13		2,314
Illinois Tool Works, Inc.		18		1,749
Ingersoll-Rand PLC		18		1,225
Intel Corp.		367		11,476
Intercontinental Exchange, Inc.		6		1,400
International Business Machines Corp.		344		55,212
International Flavors & Fragrances, Inc.		19		2,231
International Paper Co.		32		1,776
Intuit, Inc.		223		21,622
Intuitive Surgical, Inc. (a)		9		4,545
Invesco, Ltd.		29		1,151
J.B. Hunt Transport Services, Inc.		68		5,807
J.M. Smucker Co.		49		5,671
Jacobs Engineering Group, Inc. (a)		19		858
Johnson & Johnson		946		95,168
Johnson Controls, Inc.		42		2,118
Joy Global, Inc.		29		1,136
JPMorgan Chase & Co.		384		23,263
Juniper Networks, Inc.		41		926
Kellogg Co.		338		22,291
Keurig Green Mountain, Inc.		26		2,905
KeyCorp		83		1,175
Kimberly-Clark Corp.		284		30,419
Kinder Morgan, Inc.		43		1,809
KLA-Tencor Corp.		17		991
Kohl’s Corp.		22		1,721
Kraft Foods Group, Inc.		151		13,154
Kroger Co.		56		4,293
L Brands, Inc.		18		1,697
L-3 Communications Holdings, Inc.		9		1,132
Laboratory Corp. of America Holdings (a)		107		13,492
Las Vegas Sands Corp.		97		5,339
Leucadia National Corp.		40		892
Liberty Interactive Corp. (Class A) (a)		40		1,168
Liberty Media Corp. (Class A) (a)		33		1,272
Liberty Media Corp. (Class C) (a)		66		2,521
Lincoln National Corp.		22		1,264
Linear Technology Corp.		66		3,089
Lockheed Martin Corp.		78		15,831
Loews Corp.		27		1,102
Lorillard, Inc.		19		1,242
Lowe’s Cos., Inc.		54		4,017
Lululemon Athletica, Inc. (a)		29		1,857
M&T Bank Corp.		9		1,143
Macy’s, Inc.		26		1,688
ManpowerGroup, Inc.		13		1,120
Marathon Oil Corp.		61		1,593
Marathon Petroleum Corp.		94		9,625
Marsh & McLennan Cos., Inc.		156		8,750
Mastercard, Inc. (Class A)		321		27,731
Mattel, Inc.		94		2,148
McCormick & Co., Inc.		171		13,186
McDonald’s Corp.		590		57,490
McGraw Hill Financial, Inc.		78		8,065
McKesson Corp.		54		12,215
Merck & Co., Inc.		445		25,579
MetLife, Inc.		90		4,549
Mettler-Toledo International, Inc. (a)		9		2,958
MGM Resorts International (a)		41		862
Micron Technology, Inc. (a)		40		1,085
Microsoft Corp.		2,242		91,149
Molson Coors Brewing Co. (Class B)		16		1,191
Mondelez International, Inc. (Class A)		109		3,934
Monsanto Co.		15		1,688
Monster Beverage Corp. (a)		42		5,813
Morgan Stanley		106		3,783
Mosaic Co.		24		1,105
Motorola Solutions, Inc.		155		10,334
Murphy Oil Corp.		17		792
Nabors Industries, Ltd.		42		573
National Oilwell Varco, Inc.		26		1,300
Navient Corp.		70		1,423
NetApp, Inc.		29		1,028
New York Community Bancorp, Inc.		73		1,221

See accompanying notes to financial statements.

291

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Newell Rubbermaid, Inc.		67	$	2,618
Newmont Mining Corp.		684		14,850
News Corp. (Class A) (a)		63		1,009
NextEra Energy, Inc.		85		8,844
NIKE, Inc. (Class B)		185		18,561
NiSource, Inc.		28		1,236
Noble Energy, Inc.		15		734
Nordstrom, Inc.		39		3,132
Norfolk Southern Corp.		15		1,544
Northern Trust Corp.		18		1,254
Northrop Grumman Corp.		52		8,370
NRG Energy, Inc.		30		756
Nucor Corp.		21		998
NVIDIA Corp.		59		1,235
O’Reilly Automotive, Inc. (a)		63		13,623
Occidental Petroleum Corp.		52		3,796
Oceaneering International, Inc.		27		1,456
Omnicare, Inc.		88		6,781
Omnicom Group, Inc.		65		5,069
ONEOK, Inc.		16		772
Oracle Corp.		933		40,259
PACCAR, Inc.		18		1,137
Pall Corp.		25		2,510
Parker-Hannifin Corp.		9		1,069
PartnerRe, Ltd.		100		11,433
Patterson Cos., Inc.		106		5,172
Paychex, Inc.		498		24,708
People’s United Financial, Inc.		407		6,186
PepsiCo, Inc.		605		57,850
Pfizer, Inc.		624		21,709
PG&E Corp.		285		15,125
Philip Morris International, Inc.		63		4,746
Phillips 66		182		14,305
Pioneer Natural Resources Co.		5		818
PNC Financial Services Group, Inc.		54		5,035
Polaris Industries, Inc.		19		2,681
PPG Industries, Inc.		6		1,353
PPL Corp.		44		1,481
Praxair, Inc.		66		7,969
Precision Castparts Corp.		31		6,510
Priceline Group, Inc. (a)		13		15,134
Principal Financial Group, Inc.		22		1,130
Procter & Gamble Co.		910		74,565
Progressive Corp.		151		4,107
ProLogis, Inc.		27		1,176
Prudential Financial, Inc.		35		2,811
Public Service Enterprise Group, Inc.		36		1,509
Public Storage		78		15,377
Pulte Group, Inc.		54		1,200
QUALCOMM, Inc.		661		45,834
Quest Diagnostics, Inc.		18		1,383
Ralph Lauren Corp.		15		1,972
Range Resources Corp.		38		1,978
Raytheon Co.		77		8,412
Regions Financial Corp.		136		1,285
RenaissanceRe Holdings, Ltd.		100		9,973
Republic Services, Inc.		137		5,557
ResMed, Inc.		34		2,441
Reynolds American, Inc.		111		7,649
Robert Half International, Inc.		38		2,300
Rock-Tenn Co. (Class A)		22		1,419
Rockwell Automation, Inc.		37		4,292
Rockwell Collins, Inc.		38		3,669
Ross Stores, Inc.		98		10,325
Royal Caribbean Cruises, Ltd.		19		1,555
SanDisk Corp.		12		763
SBA Communications Corp. (Class A) (a)		116		13,584
SCANA Corp.		30		1,650
Schlumberger, Ltd.		300		25,032
Scripps Networks Interactive, Inc. (Class A)		21		1,440
SEI Investments Co.		39		1,720
Sempra Energy		22		2,398
Sherwin-Williams Co.		50		14,225
Sigma-Aldrich Corp.		28		3,871
Simon Property Group, Inc.		7		1,369
Skyworks Solutions, Inc.		41		4,030
Southern Co.		652		28,871
Southwest Airlines Co.		6		266
Southwestern Energy Co. (a)		78		1,809
Spectra Energy Corp.		52		1,881
St. Jude Medical, Inc.		66		4,316
Stanley Black & Decker, Inc.		12		1,144
Staples, Inc.		93		1,515
Starbucks Corp.		324		30,683
Starwood Hotels & Resorts Worldwide, Inc.		13		1,085
State Street Corp. (e)		36		2,647
Stericycle, Inc. (a)		105		14,745
Stryker Corp.		13		1,199
SunTrust Banks, Inc.		53		2,178
Symantec Corp.		46		1,075
Synopsys, Inc. (a)		194		8,986
Sysco Corp.		213		8,036
T. Rowe Price Group, Inc.		67		5,426
Target Corp.		266		21,831
TD Ameritrade Holding Corp.		61		2,273
Teradata Corp. (a)		41		1,810
Tesoro Corp.		21		1,917
Texas Instruments, Inc.		38		2,173
Textron, Inc.		28		1,241
Thermo Fisher Scientific, Inc.		13		1,746
Tiffany & Co.		29		2,552
Time Warner Cable, Inc.		14		2,098
Time Warner, Inc.		61		5,151
TJX Cos., Inc.		348		24,377
Tractor Supply Co.		39		3,317
Travelers Cos., Inc.		125		13,516
TripAdvisor, Inc. (a)		28		2,329
TRW Automotive Holdings Corp. (a)		12		1,258
Twenty-First Century Fox, Inc. (Class A)		57		1,929
Twenty-First Century Fox, Inc. (Class B)		30		986
Tyson Foods, Inc. (Class A)		28		1,072
U.S. Bancorp		189		8,254
Ulta Salon Cosmetics & Fragrance, Inc. (a)		15		2,263
Under Armour, Inc. (Class A) (a)		34		2,745
Union Pacific Corp.		229		24,803
United Parcel Service, Inc. (Class B)		137		13,281
United Technologies Corp.		39		4,571
UnitedHealth Group, Inc.		159		18,808

See accompanying notes to financial statements.

292

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Universal Health Services, Inc. (Class B)		12	$	1,413
Unum Group		30		1,012
Urban Outfitters, Inc. (a)		33		1,506
V.F. Corp.		200		15,062
Valero Energy Corp.		81		5,153
Varian Medical Systems, Inc. (a)		100		9,409
Ventas, Inc.		61		4,454
Verisk Analytics, Inc. (Class A) (a)		200		14,280
Verizon Communications, Inc.		770		37,445
Viacom, Inc. (Class B)		95		6,488
Visa, Inc. (Class A)		640		41,862
Voya Financial, Inc.		28		1,207
W.R. Berkley Corp.		239		12,072
W.W. Grainger, Inc.		16		3,773
Wabtec Corp.		22		2,090
Wal-Mart Stores, Inc.		705		57,986
Walgreens Boots Alliance, Inc.		44		3,726
Walt Disney Co.		58		6,084
Waste Management, Inc.		329		17,842
Waters Corp. (a)		21		2,611
Wells Fargo & Co.		382		20,781
Western Digital Corp.		13		1,183
Western Union Co.		68		1,415
Westlake Chemical Corp.		13		935
Weyerhaeuser Co.		34		1,127
Whirlpool Corp.		7		1,414
Whiting Petroleum Corp. (a)		14		433
Whole Foods Market, Inc.		100		5,208
Williams Cos., Inc.		22		1,113
Wisconsin Energy Corp.		194		9,603
Xcel Energy, Inc.		338		11,766
Xerox Corp.		123		1,581
Xilinx, Inc.		57		2,411
XL Group PLC		32		1,178
Yahoo!, Inc. (a)		43		1,911
Yum! Brands, Inc.		128		10,076
Zimmer Holdings, Inc.		10		1,174
				3,647,850
TOTAL COMMON STOCKS —
(Cost $6,037,226)				6,214,179
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (a)		445		64
Banco de Sabadell SA (expiring 4/17/15) (a)		314		80
Telefonica SA (expiring 4/10/15) (a)		422		68
TOTAL RIGHTS —
(Cost $63)				212
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g) (Cost $2,468)		2,468		2,468
TOTAL INVESTMENTS — 99.6%
(Cost $6,039,757)				6,216,859
OTHER ASSETS & LIABILITIES — 0.4%				26,131
NET ASSETS — 100.0%			$	6,242,990

(a)	Non-income producing security
(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)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.0% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Affiliated issuer (Note 3).
(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 (partnership limited by shares)

See accompanying notes to financial statements.

293

SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.3%
AIR FREIGHT & LOGISTICS — 0.6%
Toll Holdings, Ltd.		2,360	$	15,974
AIRLINES — 0.3%
Qantas Airways, Ltd. (a)		3,282		7,823
BANKS — 20.5%
Australia & New Zealand Banking Group, Ltd.		4,459		124,812
Bank of Queensland, Ltd.		160		1,685
Bendigo & Adelaide Bank, Ltd.		1,741		16,692
Commonwealth Bank of Australia		1,930		137,711
National Australia Bank, Ltd.		4,261		125,488
Westpac Banking Corp.		4,691		141,126
				547,514
BEVERAGES — 0.5%
Coca-Cola Amatil, Ltd.		1,563		12,872
Treasury Wine Estates, Ltd.		452		1,768
				14,640
BIOTECHNOLOGY — 5.3%
CSL, Ltd.		2,020		142,158
CAPITAL MARKETS — 0.8%
Macquarie Group, Ltd.		341		19,973
Platinum Asset Management, Ltd.		80		478
				20,451
CHEMICALS — 2.0%
Incitec Pivot, Ltd.		7,593		23,609
Orica, Ltd.		1,999		30,558
				54,167
COMMERCIAL SERVICES & SUPPLIES — 3.0%
Brambles, Ltd.		9,153		80,553
CONSTRUCTION & ENGINEERING — 0.3%
Leighton Holdings, Ltd.		444		7,174
CONSTRUCTION MATERIALS — 0.8%
Boral, Ltd.		1,515		7,384
James Hardie Industries PLC		1,293		15,074
				22,458
CONTAINERS & PACKAGING — 3.7%
Amcor, Ltd.		9,109		97,702
DIVERSIFIED FINANCIAL SERVICES — 1.8%
ASX, Ltd.		1,512		47,832
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.0%
Telstra Corp., Ltd.		26,838		129,373
TPG Telecom, Ltd.		434		3,041
				132,414
ELECTRIC UTILITIES — 0.3%
AusNet Services		6,079		6,780
ENERGY EQUIPMENT & SERVICES — 0.2%
WorleyParsons, Ltd.		785		5,727
FOOD & STAPLES RETAILING — 10.7%
Wesfarmers, Ltd.		4,451		149,479
Woolworths, Ltd.		6,105		137,539
				287,018
GAS UTILITIES — 0.9%
APA Group		3,651		25,242
HEALTH CARE EQUIPMENT & SUPPLIES — 0.6%
Cochlear, Ltd.		238		16,460
HEALTH CARE PROVIDERS & SERVICES — 3.7%
Healthscope, Ltd.		8,054		18,827
Ramsay Health Care, Ltd.		880		45,204
Sonic Healthcare, Ltd.		2,230		34,822
				98,853
HOTELS, RESTAURANTS & LEISURE — 1.5%
Crown Resorts, Ltd.		1,361		13,901
Flight Centre Travel Group, Ltd.		226		6,846
Tabcorp Holdings, Ltd.		1,313		4,755
Tatts Group, Ltd.		4,523		13,752
				39,254
INSURANCE — 4.2%
AMP, Ltd.		3,830		18,843
Insurance Australia Group, Ltd.		7,815		36,418
QBE Insurance Group, Ltd.		1,553		15,471
Suncorp Group, Ltd.		3,899		40,212
				110,944
IT SERVICES — 0.1%
Computershare, Ltd.		248		2,410
MEDIA — 0.2%
REA Group, Ltd.		159		5,864
METALS & MINING — 12.4%
Alumina, Ltd.		2,763		3,388
BHP Billiton, Ltd.		8,313		197,063
Fortescue Metals Group, Ltd.		8,188		12,260
Iluka Resources, Ltd.		1,777		11,539
Newcrest Mining, Ltd. (a)		1,707		17,435
Rio Tinto, Ltd.		2,035		88,972
				330,657
MULTI-UTILITIES — 1.4%
AGL Energy, Ltd.		3,265		37,913
MULTILINE RETAIL — 0.2%
Harvey Norman Holdings, Ltd.		1,841		6,259
OIL, GAS & CONSUMABLE FUELS — 4.0%
Caltex Australia, Ltd.		204		5,447
Origin Energy, Ltd.		1,191		10,291
Santos, Ltd.		827		4,511
Woodside Petroleum, Ltd.		3,320		87,553
				107,802
PROFESSIONAL SERVICES — 0.7%
ALS, Ltd.		1,360		5,153
Seek, Ltd.		1,087		14,217
				19,370
REAL ESTATE INVESTMENT TRUSTS — 8.4%
Dexus Property Group		1,560		9,034
Federation Centres		4,308		10,005
Goodman Group		3,881		18,827
GPT Group		9,767		34,099
Mirvac Group		4,254		6,532
Novion Property Group		13,088		25,096

See accompanying notes to financial statements.

294

SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Scentre Group		15,574	$	44,498
Stockland		6,370		21,899
Westfield Corp.		7,328		53,463
				223,453
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.0%
Lend Lease Group		2,076		26,390
ROAD & RAIL — 0.6%
Asciano, Ltd.		665		3,221
Aurizon Holdings, Ltd.		3,675		13,616
				16,837
TRANSPORTATION INFRASTRUCTURE — 2.6%
Sydney Airport		4,564		18,061
Transurban Group		7,135		51,946
				70,007
TOTAL COMMON STOCKS —
(Cost $3,000,976)				2,628,100
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (b)(c) (Cost $2,744)		2,744		2,744
TOTAL INVESTMENTS — 98.4%
(Cost $3,003,720)				2,630,844
OTHER ASSETS & LIABILITIES — 1.6%				41,595
NET ASSETS — 100.0%			$	2,672,439

(a)	Non-income producing security
(b)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(c)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

295

SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AEROSPACE & DEFENSE — 0.2%
Bombardier, Inc. (Class B)		2,094	$	4,133
CAE, Inc.		161		1,879
				6,012
AUTO COMPONENTS — 2.6%
Magna International, Inc.		1,336		71,426
BANKS — 16.1%
Bank of Montreal		1,031		61,787
Bank of Nova Scotia		1,591		79,820
Canadian Imperial Bank of Commerce		1,201		87,071
National Bank of Canada		918		33,516
Royal Bank of Canada		1,437		86,504
Toronto-Dominion Bank		2,062		88,260
				436,958
CAPITAL MARKETS — 2.5%
CI Financial Corp.		2,322		64,921
IGM Financial, Inc.		106		3,767
				68,688
CHEMICALS — 3.8%
Agrium, Inc.		214		22,304
Methanex Corp.		54		2,891
Potash Corp. of Saskatchewan, Inc.		2,438		78,597
				103,792
CONSTRUCTION & ENGINEERING — 0.1%
SNC-Lavalin Group, Inc.		107		3,323
DIVERSIFIED FINANCIAL SERVICES — 0.6%
Onex Corp.		277		16,086
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.6%
BCE, Inc.		425		17,993
TELUS Corp.		1,613		53,580
				71,573
ELECTRIC UTILITIES — 1.2%
Fortis, Inc.		1,038		31,619
FOOD & STAPLES RETAILING — 7.3%
Alimentation Couche-Tard, Inc. (Class B)		2,000		79,700
Empire Co., Ltd. (Class A)		272		18,966
George Weston, Ltd.		278		22,021
Jean Coutu Group PJC, Inc. (Class A)		52		1,111
Loblaw Cos., Ltd.		425		20,779
Metro, Inc., (Class A)		2,007		54,386
				196,963
FOOD PRODUCTS — 2.0%
Saputo, Inc.		1,980		54,421
HEALTH CARE PROVIDERS & SERVICES — 0.3%
Catamaran Corp. (a)		138		8,216
HOTELS, RESTAURANTS & LEISURE — 1.4%
Restaurant Brands International, Inc.		975		37,383
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%
TransAlta Corp.		402		3,729
INSURANCE — 10.4%
Fairfax Financial Holdings, Ltd.		63		35,318
Great-West Lifeco, Inc.		2,713		78,444
Industrial Alliance Insurance & Financial Services, Inc.		107		3,580
Intact Financial Corp.		1,078		81,218
Manulife Financial Corp.		1,352		22,962
Power Corp. of Canada		673		17,812
Power Financial Corp.		862		25,516
Sun Life Financial, Inc.		570		17,566
				282,416
IT SERVICES — 1.9%
CGI Group, Inc. (Class A) (a)		1,214		51,493
MEDIA — 2.5%
Shaw Communications, Inc. (Class B)		1,215		27,264
Thomson Reuters Corp.		981		39,775
				67,039
METALS & MINING — 4.2%
Agnico-Eagle Mines, Ltd.		298		8,280
Barrick Gold Corp.		2,653		29,012
Eldorado Gold Corp.		625		2,867
First Quantum Minerals, Ltd.		551		6,678
Franco-Nevada Corp.		198		9,596
Goldcorp, Inc.		1,267		22,929
Kinross Gold Corp. (a)		1,749		3,881
New Gold, Inc. (a)		576		1,933
Silver Wheaton Corp.		281		5,338
Teck Resources, Ltd. (Class B)		1,207		16,564
Turquoise Hill Resources, Ltd. (a)		390		1,216
Yamana Gold, Inc.		1,900		6,811
				115,105
MULTI-UTILITIES — 1.3%
Atco, Ltd. (Class I)		195		6,947
Canadian Utilities, Ltd. (Class A)		874		27,445
				34,392
MULTILINE RETAIL — 3.1%
Canadian Tire Corp., Ltd. (Class A)		144		14,671
Dollarama, Inc.		1,244		69,542
				84,213
OIL, GAS & CONSUMABLE FUELS — 20.9%
AltaGas, Ltd.		348		11,612
ARC Resources, Ltd.		268		4,605
Baytex Energy Corp.		99		1,566
Cameco Corp.		270		3,763
Canadian Natural Resources, Ltd.		2,263		69,364
Canadian Oil Sands, Ltd.		2,918		22,694
Cenovus Energy, Inc.		1,257		21,190
Crescent Point Energy Corp.		508		11,327
Enbridge, Inc.		949		45,745
Encana Corp.		627		7,000
Enerplus Corp.		172		1,744
Husky Energy, Inc.		2,636		53,802
Imperial Oil, Ltd.		1,906		76,074
Inter Pipeline, Ltd.		541		13,943
Keyera Corp.		197		13,105
MEG Energy Corp. (a)		72		1,163
Paramount Resources, Ltd. (Class A) (a)		11		271
Pembina Pipeline Corp.		511		16,147

See accompanying notes to financial statements.

296

SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Peyto Exploration & Development Corp.		661	$	17,724
PrairieSky Royalty, Ltd.		84		1,982
Suncor Energy, Inc.		3,151		92,079
Talisman Energy, Inc.		1,921		14,728
Tourmaline Oil Corp. (a)		67		2,028
TransCanada Corp.		962		41,138
Vermilion Energy, Inc.		531		22,326
				567,120
PAPER & FOREST PRODUCTS — 0.1%
West Fraser Timber Co., Ltd.		41		2,098
PHARMACEUTICALS — 0.7%
Valeant Pharmaceuticals International, Inc. (a)		95		18,768
REAL ESTATE INVESTMENT TRUSTS — 1.4%
H&R REIT		983		18,108
RioCan REIT		901		20,609
				38,717
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%
Brookfield Asset Management, Inc. (Class A)		530		28,348
First Capital Realty, Inc.		1,508		23,492
				51,840
ROAD & RAIL — 5.4%
Canadian National Railway Co.		1,400		93,761
Canadian Pacific Railway, Ltd.		290		53,100
				146,861
SOFTWARE — 1.3%
Constellation Software, Inc.		11		3,802
Open Text Corp.		616		32,519
				36,321
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.2%
BlackBerry, Ltd. (a)		445		3,967
TEXTILES, APPAREL & LUXURY GOODS — 1.5%
Gildan Activewear, Inc.		1,356		39,979
TRADING COMPANIES & DISTRIBUTORS — 0.7%
Finning International, Inc.		955		17,765
WIRELESS TELECOMMUNICATION SERVICES — 1.1%
Rogers Communications, Inc. (Class B)		857		28,691
TOTAL COMMON STOCKS —
(Cost $3,006,572)				2,696,974
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (b)(c) (Cost $1,793)		1,793		1,793
TOTAL INVESTMENTS — 99.5%
(Cost $3,008,365)				2,698,767
OTHER ASSETS & LIABILITIES — 0.5%				13,309
NET ASSETS — 100.0%			$	2,712,076

(a)	Non-income producing security
(b)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(c)	The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

297

SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
AIR FREIGHT & LOGISTICS — 3.3%
Deutsche Post AG		9,004	$	281,357
AIRLINES — 0.3%
Deutsche Lufthansa AG		2,022		28,405
AUTO COMPONENTS — 2.3%
Continental AG		825		195,197
AUTOMOBILES — 10.2%
Bayerische Motoren Werke AG		895		111,935
Bayerische Motoren Werke AG Preference Shares		1,267		117,311
Daimler AG		2,823		272,053
Porsche Automobil Holding SE Preference Shares		738		72,500
Volkswagen AG		138		35,578
Volkswagen AG Preference Shares		996		265,126
				874,503
BANKS — 0.7%
Commerzbank AG (a)		4,400		60,724
BIOTECHNOLOGY — 0.9%
QIAGEN NV (a)		3,096		78,040
CAPITAL MARKETS — 2.5%
Deutsche Bank AG		6,129		213,011
CHEMICALS — 10.9%
BASF SE		5,692		565,777
Fuchs Petrolub SE Preference Shares		1,361		54,434
K+S AG		1,446		47,227
Lanxess AG		248		13,218
Linde AG		979		199,406
Symrise AG		910		57,507
				937,569
CONSTRUCTION MATERIALS — 0.3%
HeidelbergCement AG		343		27,190
DIVERSIFIED FINANCIAL SERVICES — 1.5%
Deutsche Boerse AG		1,603		130,947
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.5%
Deutsche Telekom AG		16,300		298,481
Telefonica Deutschland Holding AG (a)		16,141		93,195
				391,676
ELECTRICAL EQUIPMENT — 0.1%
OSRAM Licht AG		171		8,503
FOOD & STAPLES RETAILING — 0.3%
Metro AG		842		28,572
HEALTH CARE PROVIDERS & SERVICES — 5.7%
Celesio AG		1,008		29,771
Fresenius Medical Care AG & Co. KGaA		3,166		263,386
Fresenius SE & Co. KGaA		3,312		197,739
				490,896
HOUSEHOLD PRODUCTS — 3.6%
Henkel AG & Co. KGaA		660		68,176
Henkel AG & Co. KGaA Preference Shares		2,025		238,255
				306,431
INDUSTRIAL CONGLOMERATES — 5.9%
Siemens AG		4,659		503,879
INSURANCE — 13.6%
Allianz SE		3,420		594,488
Hannover Rueck SE		1,503		155,288
Muenchener Rueckversicherungs- Gesellschaft AG		1,941		418,490
				1,168,266
INTERNET SOFTWARE & SERVICES — 0.8%
United Internet AG		1,562		71,138
MACHINERY — 1.9%
GEA Group AG		1,724		83,395
MAN SE		790		83,149
				166,544
MEDIA — 3.6%
Axel Springer SE		679		40,109
Kabel Deutschland Holding AG (a)		632		82,131
ProSiebenSat.1 Media AG		1,894		92,971
RTL Group SA		1,022		98,380
				313,591
METALS & MINING — 0.3%
ThyssenKrupp AG		1,030		27,030
MULTI-UTILITIES — 4.3%
E.ON SE		17,877		266,591
RWE AG		4,158		106,194
				372,785
PERSONAL PRODUCTS — 2.4%
Beiersdorf AG		2,341		203,401
PHARMACEUTICALS — 8.2%
Bayer AG		3,168		476,170
Merck KGaA		2,063		231,648
				707,818
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.1%
Deutsche Annington Immobilien SE		2,161		72,877
Deutsche Wohnen AG		894		22,890
				95,767
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
Infineon Technologies AG		9,570		114,396
SOFTWARE — 5.0%
SAP SE		5,950		431,537
TEXTILES, APPAREL & LUXURY GOODS — 3.8%
adidas AG		2,272		179,813
Hugo Boss AG		1,202		146,200
				326,013
TRADING COMPANIES & DISTRIBUTORS — 0.5%
Brenntag AG		690		41,321
TRANSPORTATION INFRASTRUCTURE — 0.2%
Fraport AG Frankfurt Airport Services Worldwide		338		20,209
TOTAL COMMON STOCKS —
(Cost $8,463,133)				8,616,716

See accompanying notes to financial statements.

298

SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (c)(d) (Cost $694)		694	$	694
TOTAL INVESTMENTS — 100.0%
(Cost $8,463,827)				8,617,410
OTHER ASSETS & LIABILITIES — 0.0% (b)				233
NET ASSETS — 100.0%			$	8,617,643

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

299

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AIR FREIGHT & LOGISTICS — 0.5%
Yamato Holdings Co., Ltd.		1,300	$	30,049
AIRLINES — 1.2%
ANA Holdings, Inc.		9,000		24,150
Japan Airlines Co., Ltd.		1,800		56,135
				80,285
AUTO COMPONENTS — 3.2%
Aisin Seiki Co., Ltd.		400		14,542
Bridgestone Corp.		1,000		40,158
Denso Corp.		900		41,148
Koito Manufacturing Co., Ltd.		600		18,086
NGK Spark Plug Co., Ltd.		1,000		26,934
NHK Spring Co., Ltd.		200		2,090
NOK Corp.		100		3,019
Stanley Electric Co., Ltd.		100		2,266
Sumitomo Electric Industries, Ltd.		700		9,193
Sumitomo Rubber Industries, Inc.		1,100		20,344
Toyoda Gosei Co., Ltd.		100		2,240
Toyota Industries Corp.		300		17,211
Yokohama Rubber Co., Ltd.		1,000		10,340
				207,571
AUTOMOBILES — 8.4%
Daihatsu Motor Co., Ltd.		1,500		22,989
Fuji Heavy Industries, Ltd.		3,200		106,493
Honda Motor Co., Ltd.		2,500		81,363
Isuzu Motors, Ltd.		4,100		54,615
Mazda Motor Corp.		200		4,068
Mitsubishi Motors Corp.		4,900		44,332
Nissan Motor Co., Ltd.		6,300		64,300
Suzuki Motor Corp.		200		6,025
Toyota Motor Corp.		2,300		160,775
Yamaha Motor Co., Ltd.		200		4,840
				549,800
BANKS — 7.4%
Aozora Bank, Ltd.		7,000		24,865
Bank of Yokohama, Ltd.		4,000		23,481
Chiba Bank, Ltd.		2,000		14,709
Chugoku Bank, Ltd.		200		2,994
Fukuoka Financial Group, Inc.		1,000		5,162
Hachijuni Bank, Ltd.		1,000		7,071
Hokuhoku Financial Group, Inc.		1,000		2,235
Iyo Bank, Ltd.		300		3,570
Joyo Bank, Ltd.		1,000		5,153
Mitsubishi UFJ Financial Group, Inc.		21,600		133,950
Mizuho Financial Group, Inc.		50,400		88,717
Resona Holdings, Inc.		6,900		34,326
Seven Bank, Ltd.		2,300		11,373
Shinsei Bank, Ltd.		1,000		1,993
Shizuoka Bank, Ltd.		1,000		10,006
Sumitomo Mitsui Financial Group, Inc.		2,300		88,251
Sumitomo Mitsui Trust Holdings, Inc.		4,000		16,527
Suruga Bank, Ltd.		300		6,241
				480,624
BEVERAGES — 1.0%
Asahi Group Holdings, Ltd.		700		22,259
Kirin Holdings Co., Ltd.		1,400		18,410
Suntory Beverage & Food, Ltd.		600		25,766
				66,435
BUILDING PRODUCTS — 0.9%
Asahi Glass Co., Ltd.		2,000		13,141
Daikin Industries, Ltd.		100		6,709
LIXIL Group Corp.		300		7,122
TOTO, Ltd.		2,000		29,769
				56,741
CAPITAL MARKETS — 0.3%
Daiwa Securities Group, Inc.		1,000		7,888
Nomura Holdings, Inc.		1,900		11,189
SBI Holdings, Inc.		100		1,214
				20,291
CHEMICALS — 3.0%
Asahi Kasei Corp.		4,000		38,324
Hitachi Chemical Co., Ltd.		100		2,145
JSR Corp.		100		1,737
Kaneka Corp.		1,000		7,054
Kuraray Co., Ltd.		700		9,497
Mitsubishi Chemical Holdings Corp.		2,800		16,311
Mitsui Chemicals, Inc.		1,000		3,219
Nippon Paint Holdings Co., Ltd.		1,000		36,689
Nitto Denko Corp.		100		6,696
Shin-Etsu Chemical Co., Ltd.		500		32,729
Sumitomo Chemical Co., Ltd.		1,000		5,153
Teijin, Ltd.		1,000		3,402
Toray Industries, Inc.		4,000		33,588
				196,544
COMMERCIAL SERVICES & SUPPLIES — 1.4%
Dai Nippon Printing Co., Ltd.		1,000		9,739
Park24 Co., Ltd.		1,600		32,781
Secom Co., Ltd.		600		40,150
Toppan Printing Co., Ltd.		1,000		7,721
				90,391
CONSTRUCTION & ENGINEERING — 0.6%
JGC Corp.		1,000		19,916
Kajima Corp.		1,000		4,653
Obayashi Corp.		1,000		6,504
Taisei Corp.		1,000		5,662
				36,735
CONSTRUCTION MATERIALS — 0.0% (a)
Taiheiyo Cement Corp.		1,000		3,060
CONSUMER FINANCE — 0.0% (a)
Acom Co., Ltd. (b)		100		348
Credit Saison Co., Ltd.		100		1,799
				2,147
CONTAINERS & PACKAGING — 0.0% (a)
Toyo Seikan Group Holdings, Ltd.		200		2,939
DIVERSIFIED CONSUMER SERVICES — 0.3%
Benesse Holdings, Inc.		600		18,912
DIVERSIFIED FINANCIAL SERVICES — 1.0%
Japan Exchange Group, Inc.		1,700		49,402
Mitsubishi UFJ Lease & Finance Co., Ltd.		500		2,481

See accompanying notes to financial statements.

300

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
ORIX Corp.		1,000	$	14,079
				65,962
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
Nippon Telegraph & Telephone Corp.		1,100		67,848
ELECTRIC UTILITIES — 0.9%
Chubu Electric Power Co., Inc.		1,500		17,936
Chugoku Electric Power Co., Inc.		300		3,918
Hokuriku Electric Power Co.		200		2,653
Kansai Electric Power Co., Inc. (b)		900		8,604
Kyushu Electric Power Co., Inc. (b)		300		2,915
Shikoku Electric Power Co., Inc. (b)		200		2,468
Tohoku Electric Power Co., Inc.		500		5,695
Tokyo Electric Power Co., Inc. (b)		3,700		14,038
				58,227
ELECTRICAL EQUIPMENT — 0.5%
Fuji Electric Holdings Co., Ltd.		1,000		4,728
Mitsubishi Electric Corp.		1,000		11,912
Nidec Corp.		200		13,320
				29,960
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 6.3%
Citizen Holdings Co., Ltd.		200		1,538
Hitachi, Ltd.		6,000		41,186
Hoya Corp.		3,000		120,513
Ibiden Co., Ltd.		100		1,690
Japan Display, Inc. (b)		1,100		3,962
Keyence Corp.		300		164,102
Kyocera Corp.		600		32,981
Murata Manufacturing Co., Ltd.		200		27,576
Nippon Electric Glass Co., Ltd.		1,000		4,895
Omron Corp.		100		4,519
TDK Corp.		100		7,121
Yaskawa Electric Corp.		100		1,468
Yokogawa Electric Corp.		100		1,080
				412,631
FOOD & STAPLES RETAILING — 1.8%
Aeon Co., Ltd.		1,500		16,498
FamilyMart Co., Ltd.		200		8,405
Lawson, Inc.		700		48,622
Seven & i Holdings Co., Ltd.		1,000		42,135
				115,660
FOOD PRODUCTS — 1.5%
Ajinomoto Co., Inc.		1,000		21,968
Calbee, Inc.		500		21,763
MEIJI Holdings Co., Ltd.		100		12,216
Nisshin Seifun Group, Inc.		100		1,179
Nissin Foods Holding Co., Ltd.		300		14,784
Toyo Suisan Kaisha, Ltd.		300		10,582
Yamazaki Baking Co., Ltd.		1,000		18,070
				100,562
GAS UTILITIES — 1.3%
Osaka Gas Co., Ltd.		8,000		33,534
Toho Gas Co., Ltd.		1,000		5,846
Tokyo Gas Co., Ltd.		7,000		44,139
				83,519
HEALTH CARE EQUIPMENT & SUPPLIES — 1.1%
Olympus Corp. (b)		100		3,723
Sysmex Corp.		1,100		61,180
Terumo Corp.		200		5,287
				70,190
HEALTH CARE PROVIDERS & SERVICES — 0.4%
Alfresa Holdings Corp.		400		5,653
Medipal Holdings Corp.		200		2,610
Miraca Holdings, Inc.		300		13,834
Suzuken Co., Ltd.		110		3,362
				25,459
HEALTH CARE TECHNOLOGY — 0.6%
M3, Inc.		2,000		42,543
HOTELS, RESTAURANTS & LEISURE — 2.7%
McDonald’s Holdings Co. (Japan), Ltd.		1,000		22,172
Oriental Land Co., Ltd.		2,000		151,678
				173,850
HOUSEHOLD DURABLES — 1.8%
Casio Computer Co., Ltd.		100		1,900
Iida Group Holdings Co., Ltd.		100		1,249
Nikon Corp.		400		5,370
Panasonic Corp.		1,500		19,725
Rinnai Corp.		300		22,289
Sekisui Chemical Co., Ltd.		1,000		13,000
Sekisui House, Ltd.		1,300		18,921
Sharp Corp. (b)		1,000		1,960
Sony Corp. (b)		1,200		31,920
				116,334
HOUSEHOLD PRODUCTS — 1.2%
Unicharm Corp.		3,000		78,849
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%
Electric Power Development Co., Ltd.		300		10,131
INDUSTRIAL CONGLOMERATES — 0.4%
Toshiba Corp.		6,000		25,226
INSURANCE — 1.4%
Dai-ichi Life Insurance Co., Ltd.		1,100		16,010
MS&AD Insurance Group Holdings, Inc.		500		14,051
Sompo Japan Nipponkoa Holdings, Inc.		300		9,343
Sony Financial Holdings, Inc.		1,100		17,721
T&D Holdings, Inc.		500		6,898
Tokio Marine Holdings, Inc.		700		26,491
				90,514
INTERNET & CATALOG RETAIL — 0.2%
Rakuten, Inc.		700		12,366
INTERNET SOFTWARE & SERVICES — 1.2%
Kakaku.com, Inc.		1,200		19,992
Mixi, Inc.		200		8,105
Yahoo! Japan Corp.		12,600		52,113
				80,210
IT SERVICES — 1.3%
Fujitsu, Ltd.		3,000		20,491
Itochu Techno-Solutions Corp.		200		4,161
Nomura Research Institute, Ltd.		600		22,614

See accompanying notes to financial statements.

301

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
NTT Data Corp.		300	$	13,083
Otsuka Corp.		600		25,616
				85,965
LEISURE PRODUCTS — 1.7%
Bandai Namco Holdings, Inc.		400		7,798
Sankyo Co., Ltd.		300		10,694
Sega Sammy Holdings, Inc.		100		1,463
Shimano, Inc.		600		89,456
Yamaha Corp.		100		1,754
				111,165
MACHINERY — 5.2%
FANUC Corp.		100		21,889
Hino Motors, Ltd.		1,800		25,741
Hitachi Construction Machinery Co., Ltd.		100		1,753
IHI Corp.		1,000		4,695
JTEKT Corp.		200		3,129
Kawasaki Heavy Industries, Ltd.		1,000		5,061
Komatsu, Ltd.		800		15,760
Kubota Corp.		7,000		111,078
Kurita Water Industries, Ltd.		100		2,422
Makita Corp.		700		36,423
Mitsubishi Heavy Industries, Ltd.		2,000		11,045
Nabtesco Corp.		100		2,902
SMC Corp.		300		89,668
Sumitomo Heavy Industries, Ltd.		1,000		6,562
THK Co., Ltd.		100		2,552
				340,680
MARINE — 0.1%
Mitsui OSK Lines, Ltd.		1,000		3,402
Nippon Yusen K.K.		2,000		5,770
				9,172
MEDIA — 0.3%
Dentsu, Inc.		300		12,883
Hakuhodo DY Holdings, Inc.		300		3,199
Toho Co., Ltd.		200		4,900
				20,982
METALS & MINING — 0.6%
JFE Holdings, Inc.		600		13,278
Kobe Steel, Ltd.		4,000		7,405
Mitsubishi Materials Corp.		1,000		3,369
Nippon Steel & Sumitomo Metal Corp.		6,000		15,134
				39,186
MULTILINE RETAIL — 0.5%
Don Quijote Holdings Co., Ltd.		100		8,155
Isetan Mitsukoshi Holdings, Ltd.		300		4,973
J Front Retailing Co., Ltd.		500		7,876
Marui Group Co., Ltd.		100		1,138
Takashimaya Co., Ltd.		1,000		9,848
				31,990
OIL, GAS & CONSUMABLE FUELS — 1.4%
Idemitsu Kosan Co., Ltd.		400		6,978
Inpex Corp.		700		7,737
JX Holdings, Inc.		9,000		34,687
Showa Shell Sekiyu K.K.		600		5,493
TonenGeneral Sekiyu K.K.		4,000		34,588
				89,483
PAPER & FOREST PRODUCTS — 0.1%
OJI Paper Co., Ltd.		1,000		4,103
PERSONAL PRODUCTS — 2.8%
Kao Corp.		3,400		170,107
Shiseido Co., Ltd.		700		12,450
				182,557
PHARMACEUTICALS — 6.5%
Astellas Pharma, Inc.		2,300		37,734
Chugai Pharmaceutical Co., Ltd.		1,500		47,342
Daiichi Sankyo Co., Ltd.		1,100		17,492
Eisai Co., Ltd.		900		64,053
Hisamitsu Pharmaceutical Co., Inc.		100		4,111
Kyowa Hakko Kirin Co., Ltd.		1,000		13,066
Mitsubishi Tanabe Pharma Corp.		1,800		30,949
Ono Pharmaceutical Co., Ltd.		100		11,324
Otsuka Holdings Co., Ltd.		3,200		100,316
Santen Pharmaceutical Co., Ltd.		1,000		14,592
Shionogi & Co., Ltd.		500		16,698
Sumitomo Dainippon Pharma Co., Ltd.		200		2,375
Taisho Pharmaceutical Holdings Co., Ltd.		100		7,455
Takeda Pharmaceutical Co., Ltd.		1,100		55,025
				422,532
PROFESSIONAL SERVICES — 0.5%
Recruit Holdings Co., Ltd.		1,000		31,270
REAL ESTATE INVESTMENT TRUSTS — 2.0%
Japan Prime Realty Investment Corp.		5		17,240
Japan Real Estate Investment Corp.		4		18,845
Japan Retail Fund Investment Corp.		12		23,875
Nippon Building Fund, Inc.		4		19,679
Nippon Prologis REIT, Inc.		9		19,842
United Urban Investment Corp.		19		29,643
				129,124
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7%
Daito Trust Construction Co., Ltd.		700		78,362
Daiwa House Industry Co., Ltd.		1,300		25,702
Nomura Real Estate Holdings, Inc.		100		1,806
NTT Urban Development Corp.		100		1,002
Tokyu Fudosan Holdings Corp.		300		2,051
				108,923
ROAD & RAIL — 3.9%
Central Japan Railway Co.		100		18,132
East Japan Railway Co.		600		48,230
Hankyu Hanshin Holdings, Inc.		4,000		24,782
Keikyu Corp.		1,000		8,013
Keio Corp.		1,000		7,863
Keisei Electric Railway Co., Ltd.		1,000		12,450
Kintetsu Corp.		4,000		14,709
Nagoya Railroad Co., Ltd.		4,000		16,010
Nippon Express Co., Ltd.		3,000		16,811
Odakyu Electric Railway Co., Ltd.		2,000		20,429
Tobu Railway Co., Ltd.		4,000		19,012
Tokyu Corp.		2,000		12,408

See accompanying notes to financial statements.

302

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
West Japan Railway Co.		700	$	36,791
				255,640
SOFTWARE — 1.2%
GungHo Online Entertainment, Inc.		300		1,176
Konami Corp.		100		1,876
Nexon Co., Ltd.		100		1,067
Nintendo Co., Ltd.		100		14,738
Oracle Corp.		700		30,177
Trend Micro, Inc.		900		29,719
				78,753
SPECIALTY RETAIL — 4.5%
ABC-Mart, Inc.		400		23,448
Fast Retailing Co., Ltd.		300		116,310
Hikari Tsushin, Inc.		100		6,496
Nitori Holding Co., Ltd.		800		54,301
Sanrio Co., Ltd.		400		10,723
Shimamura Co., Ltd.		300		27,817
USS Co., Ltd.		2,600		45,052
Yamada Denki Co., Ltd.		2,900		11,970
				296,117
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.0%
Brother Industries, Ltd.		1,500		23,927
Canon, Inc.		1,800		63,760
FUJIFILM Holdings Corp.		600		21,396
Konica Minolta Holdings, Inc.		400		4,072
NEC Corp.		2,000		5,887
Ricoh Co., Ltd.		700		7,635
Seiko Epson Corp.		200		3,554
				130,231
TEXTILES, APPAREL & LUXURY GOODS — 0.4%
Asics Corp.		1,000		27,267
TOBACCO — 2.0%
Japan Tobacco, Inc.		4,100		129,932
TRADING COMPANIES & DISTRIBUTORS — 3.2%
ITOCHU Corp.		3,100		33,643
Marubeni Corp.		5,000		29,018
Mitsubishi Corp.		3,400		68,624
Mitsui & Co., Ltd.		3,400		45,702
Sumitomo Corp.		2,500		26,798
Toyota Tsusho Corp.		300		7,967
				211,752
TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		1,000		9,464
WIRELESS TELECOMMUNICATION SERVICES — 3.4%
KDDI Corp.		6,600		149,721
NTT DoCoMo, Inc.		3,000		52,170
Softbank Corp.		400		23,281
				225,172
TOTAL COMMON STOCKS —
(Cost $5,982,253)				6,474,025
SHORT TERM INVESTMENT — 0.0% (a)
UNITED STATES — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (c)(d) (Cost $841)		841		841
TOTAL INVESTMENTS — 99.1%
(Cost $5,983,094)				6,474,866
OTHER ASSETS & LIABILITIES — 0.9%				56,541
NET ASSETS — 100.0%			$	6,531,407

(a)	Amount shown represents less than 0.05% of net assets.
(b)	Non-income producing security
(c)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

303

SPDR MSCI Mexico Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BANKS — 9.9%
Grupo Financiero Banorte SAB de CV		18,403	$	106,932
Grupo Financiero Inbursa SAB de CV		37,827		95,646
Grupo Financiero Santander Mexico SAB de CV (Class B)		20,053		43,899
				246,477
BEVERAGES — 12.9%
Arca Continental SAB de CV (a)		11,575		71,186
Coca-Cola FEMSA SAB de CV (Series L)		5,765		46,077
Fomento Economico Mexicano SAB de CV (a)		21,525		202,205
				319,468
CHEMICALS — 1.6%
Mexichem SAB de CV		15,297		40,004
CONSTRUCTION & ENGINEERING — 2.7%
Promotora y Operadora de Infraestructura SAB de CV (a)		6,177		65,974
CONSTRUCTION MATERIALS — 2.5%
Cemex SAB de CV (a)		65,146		61,878
CONSUMER FINANCE — 1.9%
Gentera SAB de CV (a)		26,220		47,279
FOOD & STAPLES RETAILING — 11.7%
Controladora Comercial Mexicana SAB de CV		11,591		37,297
Grupo Comercial Chedraui SA de CV (a)		17,732		53,716
Wal-Mart de Mexico SAB de CV		79,818		199,673
				290,686
FOOD PRODUCTS — 6.6%
Gruma SAB de CV (Class B)		3,171		40,306
Grupo Bimbo SAB de CV (a)		25,851		73,408
Grupo Lala SAB de CV		25,215		51,227
				164,941
HOUSEHOLD PRODUCTS — 2.6%
Kimberly-Clark de Mexico SAB de CV (Class A)		31,096		65,277
INDUSTRIAL CONGLOMERATES — 4.3%
Alfa SAB de CV (Class A) (a)		26,239		53,049
Grupo Carso SAB de CV		12,987		54,039
				107,088
MEDIA — 6.0%
Grupo Televisa SAB (a)		22,629		149,729
METALS & MINING — 7.9%
Grupo Mexico SAB de CV (Series B)		47,057		139,155
Industrias Penoles SAB de CV		2,554		44,497
Minera Frisco SAB de CV (a)		11,795		12,736
				196,388
MULTILINE RETAIL — 3.8%
El Puerto de Liverpool SAB de CV (a)		8,041		95,013
PHARMACEUTICALS — 0.8%
Genomma Lab Internacional SAB de CV (Class B) (a)		20,713		19,647
REAL ESTATE INVESTMENT TRUSTS — 2.2%
Fibra Uno Administracion SA de CV REIT		20,348		53,975
TRANSPORTATION INFRASTRUCTURE — 7.0%
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		10,309		67,670
Grupo Aeroportuario del Sureste SAB de CV (Class B) (a)		5,121		69,086
OHL Mexico SAB de CV (a)		18,871		35,935
				172,691
WIRELESS TELECOMMUNICATION SERVICES — 15.5%
America Movil SAB de CV (Series L)		375,744		386,245
TOTAL COMMON STOCKS —
(Cost $2,979,932)				2,482,760
SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (c)(d) (Cost $199)		199		199
TOTAL INVESTMENTS — 99.9%
(Cost $2,980,131)				2,482,959
OTHER ASSETS & LIABILITIES — 0.1%				1,508
NET ASSETS — 100.0%			$	2,484,467

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

304

SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AEROSPACE & DEFENSE — 0.6%
Korea Aerospace Industries, Ltd.		333	$	16,928
AIR FREIGHT & LOGISTICS — 1.2%
Hyundai Glovis Co., Ltd.		160		32,593
AIRLINES — 0.2%
Korean Air Lines Co., Ltd. (a)		103		4,507
AUTO COMPONENTS — 5.7%
Halla Visteon Climate Control Corp.		271		9,380
Hankook Tire Co., Ltd.		484		19,784
Hyundai Mobis Co., Ltd.		480		106,648
Hyundai Wia Corp.		130		16,580
				152,392
AUTOMOBILES — 9.8%
Hyundai Motor Co.		830		126,058
Hyundai Motor Co. Preference Shares (b)		310		31,854
Hyundai Motor Co. Preference Shares (b)		214		21,410
Kia Motors Corp.		2,065		84,130
				263,452
BANKS — 5.4%
BS Financial Group, Inc.		314		4,302
DGB Financial Group, Inc.		753		8,213
Hana Financial Group, Inc.		856		22,182
Industrial Bank of Korea		1,512		18,194
KB Financial Group, Inc.		1,147		40,630
Shinhan Financial Group Co., Ltd.		1,087		41,101
Woori Bank		1,133		9,579
				144,201
BEVERAGES — 0.2%
Hite Jinro Co., Ltd.		283		5,663
BUILDING PRODUCTS — 0.1%
KCC Corp.		4		2,041
CAPITAL MARKETS — 0.4%
Daewoo Securities Co., Ltd.		148		1,728
Korea Investment Holdings Co., Ltd.		39		2,211
Mirae Asset Securities Co., Ltd.		29		1,367
NH Investment & Securities Co., Ltd.		131		1,700
Samsung Securities Co., Ltd.		73		3,421
				10,427
CHEMICALS — 2.9%
Hanwha Chemical Corp.		230		3,027
Hanwha Corp.		171		5,603
Hyosung Corp.		54		4,220
Kumho Petrochemical Co., Ltd.		56		3,962
LG Chem, Ltd.		215		43,796
LG Chem, Ltd. Preference Shares		63		8,631
Lotte Chemical Corp.		31		5,686
OCI Co., Ltd.		26		2,426
				77,351
COMMERCIAL SERVICES & SUPPLIES — 0.9%
KEPCO Plant Service & Engineering Co., Ltd.		120		10,557
S1 Corp.		174		13,158
				23,715
CONSTRUCTION & ENGINEERING — 0.8%
Daelim Industrial Co., Ltd.		51		2,970
Daewoo Engineering & Construction Co., Ltd. (a)		83		593
GS Engineering & Construction Corp. (a)		66		1,797
Hyundai Development Co.-Engineering & Construction		33		1,695
Hyundai Engineering & Construction Co., Ltd.		340		15,445
				22,500
CONSUMER FINANCE — 0.2%
Samsung Card Co., Ltd.		164		6,068
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
KT Corp. (a)		471		12,312
LG Uplus Corp.		890		8,824
				21,136
ELECTRIC UTILITIES — 1.7%
Korea Electric Power Corp.		1,082		44,862
ELECTRICAL EQUIPMENT — 0.5%
Doosan Heavy Industries & Construction Co., Ltd.		146		3,724
LS Corp.		47		2,203
LS Industrial Systems Co., Ltd.		136		7,821
				13,748
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.1%
LG Display Co., Ltd.		1,094		30,864
LG Innotek Co., Ltd.		79		8,260
Samsung Electro-Mechanics Co., Ltd.		534		37,014
Samsung SDI Co., Ltd.		275		33,834
				109,972
FOOD & STAPLES RETAILING — 0.7%
E-Mart Co., Ltd.		96		20,161
FOOD PRODUCTS — 1.4%
CJ CheilJedang Corp.		39		13,288
Lotte Confectionery Co., Ltd.		3		4,824
Orion Corp.		19		19,831
				37,943
GAS UTILITIES — 0.5%
Korea Gas Corp.		333		12,156
HOTELS, RESTAURANTS & LEISURE — 1.5%
Kangwon Land, Inc.		1,183		36,947
Paradise Co., Ltd.		173		3,781
				40,728
HOUSEHOLD DURABLES — 1.5%
Coway Co., Ltd.		270		22,268
LG Electronics, Inc.		328		17,413
				39,681
HOUSEHOLD PRODUCTS — 1.8%
LG Household & Health Care, Ltd.		64		48,514
INDUSTRIAL CONGLOMERATES — 2.6%
CJ Corp.		27		4,283
Doosan Corp.		21		2,205
LG Corp.		586		32,378

See accompanying notes to financial statements.

305

SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
SK Holdings Co., Ltd.		202	$	30,953
				69,819
INSURANCE — 6.3%
Dongbu Insurance Co., Ltd.		533		23,757
Hanwha Life Insurance Co., Ltd.		2,445		16,242
Hyundai Marine & Fire Insurance Co., Ltd.		856		19,134
Samsung Fire & Marine Insurance Co., Ltd.		280		67,511
Samsung Life Insurance Co., Ltd.		509		44,365
				171,009
INTERNET SOFTWARE & SERVICES — 3.9%
Daum Kakao Corp.		91		9,466
NAVER Corp.		157		94,954
				104,420
IT SERVICES — 1.3%
SK C&C Co., Ltd.		166		34,787
MACHINERY — 1.3%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		211		3,442
Doosan Infracore Co., Ltd. (a)		249		2,671
Hyundai Heavy Industries Co., Ltd. (a)		188		20,673
Hyundai Mipo Dockyard Co., Ltd. (a)		9		618
Samsung Heavy Industries Co., Ltd.		475		7,728
				35,132
MARINE — 0.0% (c)
Hyundai Merchant Marine Co., Ltd. (a)		87		709
MEDIA — 0.5%
Cheil Worldwide, Inc. (a)		662		14,350
METALS & MINING — 2.6%
Hyundai Steel Co.		131		8,620
Korea Zinc Co., Ltd.		38		14,522
POSCO		214		47,161
				70,303
MULTILINE RETAIL — 1.2%
Hyundai Department Store Co., Ltd.		112		15,042
Lotte Shopping Co., Ltd.		70		14,985
Shinsegae Co., Ltd.		16		2,430
				32,457
OIL, GAS & CONSUMABLE FUELS — 2.7%
GS Holdings Corp.		515		19,914
S-Oil Corp.		424		24,574
SK Innovation Co., Ltd. (a)		340		29,236
				73,724
PERSONAL PRODUCTS — 2.6%
AmorePacific Corp.		16		48,384
AmorePacific Group		16		21,633
				70,017
PHARMACEUTICALS — 1.2%
Celltrion, Inc. (a)		218		13,735
Yuhan Corp.		110		18,541
				32,276
ROAD & RAIL — 0.0% (c)
CJ Korea Express Co., Ltd. (a)		4		703
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8%
SK Hynix, Inc.		1,186		48,693
SOFTWARE — 0.9%
NCSoft Corp.		153		25,030
SPECIALTY RETAIL — 0.0% (c)
Hotel Shilla Co., Ltd.		12		1,059
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 22.7%
Samsung Electronics Co., Ltd.		391		507,847
Samsung Electronics Co., Ltd. Preference Share		104		103,489
				611,336
TOBACCO — 2.6%
KT&G Corp.		877		70,116
TRADING COMPANIES & DISTRIBUTORS — 0.6%
Daewoo International Corp.		209		5,002
Samsung C&T Corp.		160		8,566
SK Networks Co., Ltd.		284		2,089
				15,657
WIRELESS TELECOMMUNICATION SERVICES — 1.2%
SK Telecom Co., Ltd.		134		32,913
TOTAL COMMON STOCKS —
(Cost $2,946,414)				2,665,249
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e) (Cost $2,844)		2,844		2,844
TOTAL INVESTMENTS — 99.0%
(Cost $2,949,258)				2,668,093
OTHER ASSETS & LIABILITIES — 1.0%				27,805
NET ASSETS — 100.0%			$	2,695,898

(a)	Non-income producing security
(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)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

306

SPDR MSCI Spain Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AIRLINES — 2.4%
International Consolidated Airlines Group SA (a)		6,714	$	60,225
BANKS — 30.5%
Banco Bilbao Vizcaya Argentaria SA		16,772		169,468
Banco de Sabadell SA		20,695		50,654
Banco Popular Espanol SA		10,341		50,622
Banco Santander SA		49,578		373,633
Bankia SA (a)		21,261		29,639
Bankinter SA		5,006		38,210
CaixaBank SA		12,038		57,081
				769,307
BIOTECHNOLOGY — 2.3%
Grifols SA		1,314		56,421
CONSTRUCTION & ENGINEERING — 6.2%
ACS, Actividades de Construccion y Servicios SA		1,836		65,071
Ferrovial SA		4,294		91,313
				156,384
DIVERSIFIED TELECOMMUNICATION SERVICES — 11.0%
Telefonica SA		19,545		278,345
ELECTRIC UTILITIES — 11.3%
Endesa SA		2,329		45,024
Iberdrola SA		24,369		157,086
Red Electrica Corp. SA		1,026		83,460
				285,570
FOOD & STAPLES RETAILING — 2.9%
Distribuidora Internacional de Alimentacion SA		9,159		71,671
GAS UTILITIES — 6.5%
Enagas SA		3,130		89,520
Gas Natural SDG SA		3,278		73,633
				163,153
INSURANCE — 3.7%
Grupo Catalana Occidente SA		1,333		39,943
Mapfre SA		14,697		53,651
				93,594
IT SERVICES — 4.0%
Amadeus IT Holding SA (Class A)		2,371		101,756
MACHINERY — 3.2%
Zardoya Otis SA		6,176		79,662
MEDIA — 1.6%
Mediaset Espana Comunicacion SA (a)		3,203		40,111
OIL, GAS & CONSUMABLE FUELS — 4.3%
Repsol SA		5,837		108,672
SPECIALTY RETAIL — 6.2%
Inditex SA		4,891		156,958
TRANSPORTATION INFRASTRUCTURE — 3.6%
Abertis Infraestructuras SA		3,937		71,184
Aena SA (a)(b)		204		20,488
				91,672
TOTAL COMMON STOCKS —
(Cost $3,063,635)				2,513,501
RIGHTS — 0.4%
BANKS — 0.3%
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (a)		16,772		2,414
Banco de Sabadell SA (expiring 4/17/15) (a)		20,580		5,216
				7,630
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%
Telefonica SA (expiring 4/10/15) (a)		19,473		3,137
TOTAL RIGHTS —
(Cost $2,374)				10,767
SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e) (Cost $566)		566		566
TOTAL INVESTMENTS — 100.1%
(Cost $3,066,575)				2,524,834
OTHER ASSETS & LIABILITIES — (0.1)%				(2,617	)
NET ASSETS — 100.0%			$	2,522,217

(a)	Non-income producing security
(b)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.8% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

307

SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.1%
AIRLINES — 0.7%
China Airlines, Ltd. (a)		51,000	$	26,160
Eva Airways Corp. (a)		25,240		18,513
				44,673
AUTO COMPONENTS — 1.2%
Cheng Shin Rubber Industry Co., Ltd.		33,000		75,829
AUTOMOBILES — 0.1%
China Motor Corp.		3,000		2,598
Yulon Motor Co., Ltd.		4,000		5,465
				8,063
BANKS — 10.4%
Chang Hwa Commercial Bank, Ltd.		83,000		48,012
China Development Financial Holding Corp.		166,000		57,561
CTBC Financial Holding Co., Ltd.		127,550		84,789
E.Sun Financial Holding Co., Ltd.		43,000		26,317
First Financial Holding Co., Ltd		135,000		80,249
Hua Nan Financial Holdings Co., Ltd.		138,000		78,945
Mega Financial Holding Co., Ltd.		116,000		96,203
SinoPac Financial Holdings Co., Ltd.		82,675		34,481
Taishin Financial Holding Co., Ltd.		67,000		28,479
Taiwan Business Bank (a)		28,000		8,501
Taiwan Cooperative Financial Holding Co., Ltd.		174,319		88,302
				631,839
BUILDING PRODUCTS — 0.0% (b)
Taiwan Glass Industry Corp.		2,000		1,441
CAPITAL MARKETS — 0.4%
Yuanta Financial Holding Co., Ltd.		44,000		22,148
CHEMICALS — 2.4%
Formosa Chemicals & Fibre Corp.		21,000		48,188
Formosa Plastics Corp.		23,000		55,791
Nan Ya Plastics Corp.		17,000		37,760
Taiwan Fertilizer Co., Ltd.		3,000		5,196
				146,935
CONSTRUCTION & ENGINEERING — 0.1%
CTCI Corp.		2,000		3,298
CONSTRUCTION MATERIALS — 1.2%
Asia Cement Corp.		31,000		38,985
Taiwan Cement Corp.		24,000		33,826
				72,811
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Chailease Holding Co., Ltd.		3,000		7,478
Fubon Financial Holding Co., Ltd.		34,000		61,068
				68,546
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.2%
Asia Pacific Telecom Co., Ltd.		12,000		5,484
Chunghwa Telecom Co., Ltd.		97,000		308,453
				313,937
ELECTRICAL EQUIPMENT — 0.2%
Teco Electric & Machinery Co., Ltd.		7,000		6,666
Walsin Lihwa Corp. (a)		24,000		7,402
				14,068
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 17.0%
AU Optronics Corp.		71,000		35,738
Delta Electronics, Inc.		42,000		265,101
Hon Hai Precision Industry Co., Ltd.		105,000		307,382
Innolux Corp.		92,000		46,015
Largan Precision Co., Ltd.		2,000		172,259
Simplo Technology Co., Ltd.		9,000		45,302
Synnex Technology International Corp.		40,000		54,075
TPK Holding Co., Ltd.		2,000		13,998
Unimicron Technology Corp.		13,000		8,434
WPG Holdings, Ltd.		48,000		61,822
Zhen Ding Technology Holding, Ltd.		7,000		22,819
				1,032,945
FOOD & STAPLES RETAILING — 2.2%
President Chain Store Corp.		18,000		135,475
FOOD PRODUCTS — 1.3%
Standard Foods Corp.		8,000		20,607
Uni-President Enterprises Corp.		34,000		56,939
				77,546
HOTELS, RESTAURANTS & LEISURE — 0.4%
Formosa International Hotels Corp.		2,000		21,125
INDUSTRIAL CONGLOMERATES — 0.4%
Far Eastern New Century Corp.		23,000		23,743
INSURANCE — 1.6%
Cathay Financial Holding Co., Ltd.		44,000		70,310
China Life Insurance Co., Ltd.		16,000		13,934
Shin Kong Financial Holding Co., Ltd.		47,440		13,479
				97,723
LEISURE PRODUCTS — 1.4%
Giant Manufacturing Co., Ltd.		5,000		48,258
Merida Industry Co., Ltd.		5,000		39,310
				87,568
MARINE — 0.3%
Evergreen Marine Corp., Ltd. (a)		7,000		5,202
U-Ming Marine Transport Corp.		6,000		8,878
Yang Ming Marine Transport Corp. (a)		8,000		4,602
				18,682
METALS & MINING — 1.5%
China Steel Corp.		107,000		88,910
MULTILINE RETAIL — 0.1%
Far Eastern Department Stores, Ltd.		6,000		5,072
OIL, GAS & CONSUMABLE FUELS — 0.5%
Formosa Petrochemical Corp.		15,000		32,838
PHARMACEUTICALS — 0.1%
ScinoPharm Taiwan, Ltd.		3,000		4,751
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%
Farglory Land Development Co., Ltd.		3,000		3,461
Highwealth Construction Corp.		4,000		9,460
Ruentex Development Co., Ltd.		3,000		4,602
				17,523
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 29.2%
Advanced Semiconductor Engineering, Inc.		67,000		90,468

See accompanying notes to financial statements.

308

SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Epistar Corp.		4,000	$	6,443
Hermes Microvision, Inc.		1,000		57,686
Inotera Memories, Inc. (a)		43,000		57,375
Kinsus Interconnect Technology Corp.		8,000		25,695
MediaTek, Inc.		26,000		351,902
Novatek Microelectronics Corp.		15,000		77,661
Phison Electronics Corp.		4,000		33,237
Powertech Technology, Inc. (a)		5,000		8,613
Radiant Opto-Electronics Corp.		10,000		31,128
Realtek Semiconductor Corp.		3,000		9,588
Siliconware Precision Industries Co., Ltd.		30,000		49,952
Taiwan Semiconductor Manufacturing Co., Ltd.		177,000		823,058
Transcend Information, Inc.		18,000		63,854
United Microelectronics Corp.		153,000		75,791
Vanguard International Semiconductor Corp.		8,000		13,602
				1,776,053
SPECIALTY RETAIL — 0.3%
Hotai Motor Co., Ltd.		1,000		15,452
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 14.7%
Acer, Inc. (a)		45,612		29,446
Advantech Co., Ltd.		10,000		76,223
Asustek Computer, Inc.		19,000		191,275
Catcher Technology Co., Ltd.		5,000		52,413
Chicony Electronics Co., Ltd.		20,000		56,120
Clevo Co.		8,000		12,451
Compal Electronics, Inc.		62,000		51,617
Foxconn Technology Co., Ltd.		25,000		67,114
HTC Corp. (a)		14,000		62,416
Inventec Corp.		29,000		20,992
Lite-On Technology Corp.		51,000		66,093
Pegatron Corp.		23,000		62,260
Quanta Computer, Inc.		40,000		96,644
Wistron Corp.		54,000		45,906
				890,970
TEXTILES, APPAREL & LUXURY GOODS — 1.4%
Eclat Textile Co., Ltd.		3,000		39,454
Formosa Taffeta Co., Ltd.		5,000		5,265
Pou Chen Corp.		15,000		20,997
Ruentex Industries, Ltd.		10,000		21,892
				87,608
WIRELESS TELECOMMUNICATION SERVICES — 4.4%
Far EasTone Telecommunications Co., Ltd.		42,000		101,342
Taiwan Mobile Co., Ltd.		48,000		167,977
				269,319
TOTAL COMMON STOCKS —
(Cost $5,988,232)				6,086,891
SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (c)(d) (Cost $1,740)		1,740		1,740
TOTAL INVESTMENTS — 100.1%
(Cost $5,989,972)				6,088,631
OTHER ASSETS & LIABILITIES — (0.1)%				(5,733	)
NET ASSETS — 100.0%			$	6,082,898

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

309

SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.8%
AEROSPACE & DEFENSE — 5.6%
BAE Systems PLC		9,327	$	72,483
Cobham PLC		2,527		11,412
Meggitt PLC		1,667		13,574
Rolls-Royce Holdings PLC (a)		3,917		55,415
				152,884
AIR FREIGHT & LOGISTICS — 0.1%
Royal Mail PLC		321		2,089
AIRLINES — 0.5%
easyJet PLC		473		13,215
AUTO COMPONENTS — 0.1%
GKN PLC		428		2,278
BANKS — 7.9%
Barclays PLC		10,595		38,157
HSBC Holdings PLC		13,595		115,844
Lloyds Banking Group PLC (a)		17,492		20,327
Royal Bank of Scotland Group PLC (a)		1,148		5,794
Standard Chartered PLC		2,156		34,998
				215,120
BEVERAGES — 3.7%
Coca-Cola HBC AG (a)		59		1,064
Diageo PLC		3,055		84,331
SABMiller PLC		292		15,345
				100,740
CAPITAL MARKETS — 2.0%
3i Group PLC		448		3,208
Aberdeen Asset Management PLC		2,196		14,983
Hargreaves Lansdown PLC		856		14,639
ICAP PLC		1,003		7,847
Investec PLC		228		1,899
Schroders PLC		264		12,541
				55,117
CHEMICALS — 1.5%
Croda International PLC		425		17,281
Johnson Matthey PLC		482		24,228
				41,509
COMMERCIAL SERVICES & SUPPLIES — 1.2%
Aggreko PLC		599		13,578
Babcock International Group PLC		453		6,621
G4S PLC		3,110		13,656
				33,855
CONTAINERS & PACKAGING — 0.8%
Rexam PLC		2,485		21,359
DIVERSIFIED FINANCIAL SERVICES — 0.2%
London Stock Exchange Group PLC		133		4,855
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.1%
BT Group PLC		5,970		38,817
Inmarsat PLC		1,239		17,023
				55,840
ELECTRIC UTILITIES — 1.0%
SSE PLC		1,264		28,109
ENERGY EQUIPMENT & SERVICES — 0.8%
Amec Foster Wheeler PLC		868		11,668
Petrofac, Ltd.		637		9,012
				20,680
FOOD & STAPLES RETAILING — 1.6%
J Sainsbury PLC		2,192		8,434
Tesco PLC		7,132		25,606
William Morrison Supermarkets PLC		3,428		9,847
				43,887
FOOD PRODUCTS — 4.9%
Associated British Foods PLC		921		38,528
Tate & Lyle PLC		1,391		12,338
Unilever PLC		1,945		81,279
				132,145
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%
Smith & Nephew PLC		2,736		46,465
HOTELS, RESTAURANTS & LEISURE — 5.5%
Carnival PLC		56		2,740
Compass Group PLC		5,009		87,148
InterContinental Hotels Group PLC		77		3,011
Merlin Entertainments PLC		1,491		9,786
TUI AG		229		4,035
Whitbread PLC		412		32,079
William Hill PLC		2,174		11,970
				150,769
HOUSEHOLD DURABLES — 0.1%
Persimmon PLC (a)		69		1,703
HOUSEHOLD PRODUCTS — 3.4%
Reckitt Benckiser Group PLC		1,086		93,506
INDUSTRIAL CONGLOMERATES — 0.5%
Smiths Group PLC		844		14,008
INSURANCE — 4.6%
Admiral Group PLC		1,329		30,185
Aviva PLC		1,607		12,882
Direct Line Insurance Group PLC		5,526		26,169
Friends Life Group, Ltd.		2,140		13,139
Legal & General Group PLC		2,856		11,812
Old Mutual PLC		2,124		7,003
Prudential PLC		611		15,166
RSA Insurance Group PLC		870		5,436
Standard Life PLC		483		3,409
				125,201
MACHINERY — 0.6%
IMI PLC		777		14,707
Melrose Industries PLC		248		1,022
Weir Group PLC		37		934
				16,663
MEDIA — 5.9%
ITV PLC		11,011		41,339
Pearson PLC		517		11,136
Reed Elsevier PLC		4,172		71,781
Sky PLC		2,015		29,703
WPP PLC		288		6,546
				160,505

See accompanying notes to financial statements.

310

SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

March 31, 2015 (Unaudited)

Security Description	Shares		Value
METALS & MINING — 3.3%
Anglo American PLC		792	$	11,898
Antofagasta PLC		111		1,207
BHP Billiton PLC		720		15,749
Fresnillo PLC		324		3,283
Glencore PLC (a)		5,443		23,101
Randgold Resources, Ltd.		172		11,983
Rio Tinto PLC		548		22,551
				89,772
MULTI-UTILITIES — 2.6%
Centrica PLC		5,552		20,852
National Grid PLC		3,853		49,459
				70,311
MULTILINE RETAIL — 2.0%
Marks & Spencer Group PLC		890		7,068
Next PLC		457		47,659
				54,727
OIL, GAS & CONSUMABLE FUELS — 11.2%
BG Group PLC		1,247		15,346
BP PLC		19,722		127,854
Royal Dutch Shell PLC (Class A)		3,221		96,014
Royal Dutch Shell PLC (Class B)		2,077		64,719
Tullow Oil PLC		334		1,404
				305,337
PHARMACEUTICALS — 7.1%
AstraZeneca PLC		1,139		78,227
GlaxoSmithKline PLC		2,497		57,307
Shire PLC		726		57,821
				193,355
PROFESSIONAL SERVICES — 2.0%
Capita PLC		1,725		28,578
Experian PLC		474		7,860
Intertek Group PLC		495		18,356
				54,794
REAL ESTATE INVESTMENT TRUSTS — 2.4%
British Land Co. PLC		1,281		15,831
Hammerson PLC		1,414		13,959
Intu Properties PLC		2,036		10,518
Land Securities Group PLC		1,197		22,265
Segro PLC		387		2,395
				64,968
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.0% (b)
ARM Holdings PLC		63		1,033
SOFTWARE — 0.9%
Sage Group PLC		3,359		23,272
SPECIALTY RETAIL — 0.6%
Dixons Carphone PLC		532		3,259
Kingfisher PLC		1,369		7,735
Sports Direct International PLC (a)		589		5,325
				16,319
TEXTILES, APPAREL & LUXURY GOODS — 1.1%
Burberry Group PLC		1,126		28,968
TOBACCO — 4.8%
British American Tobacco PLC		1,817		94,097
Imperial Tobacco Group PLC		801		35,232
				129,329
TRADING COMPANIES & DISTRIBUTORS — 2.1%
Ashtead Group PLC		64		1,030
Bunzl PLC		1,355		36,830
Travis Perkins PLC		517		14,966
Wolseley PLC		82		4,861
				57,687
WATER UTILITIES — 0.2%
Severn Trent PLC		53		1,620
United Utilities Group PLC		360		4,986
				6,606
WIRELESS TELECOMMUNICATION SERVICES — 2.2%
Vodafone Group PLC		18,639		60,998
TOTAL COMMON STOCKS —
(Cost $3,002,049)				2,689,978
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (c)(d) (Cost $2,673)		2,673		2,673
TOTAL INVESTMENTS — 98.9%
(Cost $3,004,722)				2,692,651
OTHER ASSETS & LIABILITIES — 1.1%				28,632
NET ASSETS — 100.0%			$	2,721,283

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

311

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.8%
JAPAN — 98.8%
AIR FREIGHT & LOGISTICS — 0.3%
Yamato Holdings Co., Ltd.		2,380	$	55,012
AIRLINES — 0.5%
All Nippon Airways Co., Ltd.		10,000		26,834
Japan Airlines Co., Ltd.		2,000		62,372
				89,206
AUTO COMPONENTS — 3.4%
Aisin Seiki Co., Ltd.		1,168		42,464
Bridgestone Corp.		3,803		152,723
Daido Metal Co., Ltd.		1,000		10,432
Denso Corp.		2,647		121,021
FCC Co., Ltd. (a)		984		15,401
Futaba Industrial Co., Ltd. (b)		408		1,902
Keihin Corp.		556		8,535
NGK Spark Plug Co., Ltd.		760		20,469
NHK Spring Co., Ltd.		340		3,552
Nifco, Inc.		1,028		35,531
Nissin Kogyo Co., Ltd.		616		9,801
NOK Corp. (a)		1,016		30,669
Showa Corp.		1,212		12,269
Stanley Electric Co., Ltd.		644		14,590
Sumitomo Electric Industries, Ltd.		3,787		49,735
Sumitomo Rubber Industries, Inc.		1,808		33,439
Tokai Rika Co., Ltd.		20		465
Toyo Tire & Rubber Co., Ltd.		900		16,263
Toyota Industries Corp.		1,172		67,237
				646,498
AUTOMOBILES — 8.6%
Daihatsu Motor Co., Ltd. (a)		264		4,046
Fuji Heavy Industries, Ltd.		3,547		118,041
Honda Motor Co., Ltd. (a)		9,374		305,080
Isuzu Motors, Ltd.		4,900		65,272
Mazda Motor Corp.		3,200		65,081
Mitsubishi Motors Corp. (a)		2,600		23,523
Nissan Motor Co., Ltd.		13,462		137,398
Suzuki Motor Corp.		2,192		66,030
Toyota Motor Corp.		11,477		802,266
Yamaha Motor Co., Ltd.		1,216		29,425
				1,616,162
BANKS — 8.5%
77 Bank, Ltd.		3,803		21,564
Awa Bank, Ltd.		3,731		21,187
Bank of Kyoto, Ltd.		1,916		20,115
Bank of Yokohama, Ltd.		7,947		46,652
Chiba Bank, Ltd.		6,063		44,591
Chugoku Bank, Ltd.		1,704		25,505
Fukuoka Financial Group, Inc.		6,000		30,969
Hachijuni Bank, Ltd.		5,719		40,439
Hiroshima Bank, Ltd.		5,811		31,399
Hokuhoku Financial Group, Inc.		9,658		21,583
Hyakugo Bank, Ltd.		4,147		19,261
Iyo Bank, Ltd.		1,580		18,801
Joyo Bank, Ltd.		4,155		21,412
Juroku Bank, Ltd.		5,883		21,633
Mitsubishi UFJ Financial Group, Inc.		71,400		442,778
Mizuho Financial Group, Inc.		137,300		241,685
Musashino Bank, Ltd.		420		14,131
Nanto Bank, Ltd.		2,391		8,314
Nishi-Nippon City Bank, Ltd.		7,799		22,696
Resona Holdings, Inc.		9,500		47,260
Shinsei Bank, Ltd. (a)		9,726		19,383
Shizuoka Bank, Ltd.		2,363		23,645
Sumitomo Mitsui Financial Group, Inc. (a)		7,200		276,263
Sumitomo Mitsui Trust Holdings, Inc.		19,981		82,556
Suruga Bank, Ltd.		296		6,158
Yamaguchi Financial Group, Inc.		2,076		23,941
				1,593,921
BEVERAGES — 1.3%
Asahi Group Holdings, Ltd.		2,584		82,169
Ito En, Ltd. (a)		1,356		29,297
Kirin Holdings Co., Ltd.		6,107		80,306
Suntory Beverage & Food, Ltd.		900		38,649
Takara Holdings, Inc.		2,279		16,533
				246,954
BIOTECHNOLOGY — 0.1%
GNI Group, Ltd. (a)(b)		3,000		6,854
Takara Bio, Inc. (a)		300		3,435
				10,289
BUILDING PRODUCTS — 1.3%
Aica Kogyo Co., Ltd.		284		6,631
Asahi Glass Co., Ltd.		6,299		41,389
Daikin Industries, Ltd.		1,432		96,076
LIXIL Group Corp. (a)		1,772		42,067
Nippon Sheet Glass Co., Ltd. (b)		6,000		5,904
TOTO, Ltd.		3,444		51,261
				243,328
CAPITAL MARKETS — 1.3%
Daiwa Securities Group, Inc.		8,482		66,908
Jafco Co., Ltd.		212		7,902
Nomura Holdings, Inc.		18,376		108,210
Okasan Securities Group, Inc.		2,107		16,779
SBI Holdings, Inc.		1,558		18,916
Tokai Tokyo Financial Holdings, Inc.		3,967		30,697
				249,412
CHEMICALS — 4.2%
Asahi Kasei Corp. (a)		5,859		56,135
C. Uyemura & Co., Ltd.		200		9,940
Daicel Chemical Industries, Ltd.		2,055		24,555
DIC Corp.		6,391		18,652
Hitachi Chemical Co., Ltd.		976		20,932
JSR Corp.		1,360		23,622
Kaneka Corp.		2,224		15,689
Kansai Paint Co., Ltd.		2,092		38,098
Kuraray Co., Ltd.		2,971		40,307
Mitsubishi Chemical Holdings Corp.		6,023		35,086
Mitsubishi Gas Chemical Co., Inc.		2,268		11,196
Mitsui Chemicals, Inc.		5,843		18,807
Nissan Chemical Industries, Ltd.		2,116		43,917
Nitto Denko Corp.		784		52,496
Shin-Etsu Chemical Co., Ltd.		2,420		158,407

See accompanying notes to financial statements.

312

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Showa Denko KK		7,723	$	9,853
Sumitomo Chemical Co., Ltd.		9,674		49,852
Teijin, Ltd.		6,367		21,661
Tokai Carbon Co., Ltd.		1,828		5,152
Toray Industries, Inc. (a)		7,758		65,143
Tosoh Corp.		5,599		28,293
Toyobo Co., Ltd.		8,302		11,215
Ube Industries, Ltd.		9,543		14,960
Zeon Corp.		2,132		19,733
				793,701
COMMERCIAL SERVICES & SUPPLIES — 1.0%
Aeon Delight Co., Ltd.		200		4,791
Dai Nippon Printing Co., Ltd. (a)		3,739		36,416
Daiseki Co., Ltd.		400		7,234
Nissha Printing Co., Ltd. (a)		236		4,320
Park24 Co., Ltd.		1,000		20,488
Secom Co., Ltd.		1,368		91,542
Toppan Printing Co., Ltd. (a)		4,299		33,195
				197,986
COMMUNICATIONS EQUIPMENT — 0.0% (c)
Denki Kogyo Co., Ltd.		1,000		4,753
CONSTRUCTION & ENGINEERING — 1.5%
Chiyoda Corp.		1,688		14,470
COMSYS Holdings Corp.		2,000		24,765
JGC Corp. (a)		1,760		35,053
Kajima Corp.		7,595		35,339
Maeda Corp.		3,855		28,030
Nishimatsu Construction Co., Ltd. (a)		2,000		7,104
Obayashi Corp.		5,679		36,937
Raito Kogyo Co., Ltd.		100		820
Shimizu Corp.		5,559		37,686
Taisei Corp. (a)		10,995		62,252
Tokyu Construction Co., Ltd.		100		567
				283,023
CONSTRUCTION MATERIALS — 0.2%
Taiheiyo Cement Corp.		9,607		29,400
CONSUMER FINANCE — 0.4%
Acom Co., Ltd. (a)(b)		200		695
Aeon Credit Service Co., Ltd. (a)		1,040		26,320
Credit Saison Co., Ltd.		1,364		24,544
J Trust Co., Ltd.		500		4,311
Jaccs Co., Ltd.		2,000		10,490
Orient Corp. (b)		4,001		6,506
				72,866
CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Group Holdings, Ltd.		1,048		15,398
DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		992		19,943
DIVERSIFIED CONSUMER SERVICES — 0.1%
Benesse Holdings, Inc.		628		19,794
DIVERSIFIED FINANCIAL SERVICES — 0.7%
Japan Exchange Group, Inc.		200		5,812
ORIX Corp.		7,600		107,005
Zenkoku Hosho Co., Ltd.		500		18,783
				131,600
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
Nippon Telegraph & Telephone Corp.		4,400		271,393
ELECTRIC UTILITIES — 1.2%
Chubu Electric Power Co., Inc.		2,363		28,256
Chugoku Electric Power Co., Inc. (a)		1,648		21,520
Hokkaido Electric Power Co., Inc. (a)(b)		928		7,313
Hokuriku Electric Power Co.		1,412		18,732
Kansai Electric Power Co., Inc. (b)		4,811		45,994
Kyushu Electric Power Co., Inc. (a)(b)		2,376		23,081
Okinawa Electric Power Co., Inc.		36		1,304
Shikoku Electric Power Co., Inc. (b)		972		11,995
Tohoku Electric Power Co., Inc.		2,843		32,383
Tokyo Electric Power Co., Inc. (b)		8,667		32,883
				223,461
ELECTRICAL EQUIPMENT — 1.6%
Fuji Electric Holdings Co., Ltd.		6,099		28,836
Fujikura, Ltd.		4,107		18,048
Furukawa Electric Co., Ltd. (a)		3,899		6,600
GS Yuasa Corp.		1,000		4,511
Mitsubishi Electric Corp.		11,974		142,630
Nidec Corp.		1,200		79,920
Tatsuta Electric Wire and Cable Co., Ltd.		1,300		5,517
Ushio, Inc.		1,036		12,923
				298,985
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.9%
Alps Electric Co., Ltd.		1,568		37,956
Amano Corp.		1,236		14,810
Anritsu Corp.		100		700
Citizen Holdings Co., Ltd.		2,903		22,319
Hamamatsu Photonics K.K.		1,536		46,557
Hirose Electric Co., Ltd.		113		14,643
Hitachi, Ltd. (a)		25,933		178,012
Horiba, Ltd.		404		15,479
Hoya Corp.		2,632		105,730
Ibiden Co., Ltd.		996		16,835
Iriso Electronics Co., Ltd.		200		14,042
Japan Aviation Electronics Industry, Ltd.		1,000		24,315
Keyence Corp.		240		131,282
Kyocera Corp.		1,900		104,439
Murata Manufacturing Co., Ltd.		1,128		155,526
Nippon Electric Glass Co., Ltd.		3,548		17,366
Oki Electric Industry Co., Ltd.		6,166		12,802
Omron Corp.		1,380		62,369
Shimadzu Corp.		2,312		25,853
TDK Corp.		796		56,684
Yaskawa Electric Corp. (a)		1,704		25,022
Yokogawa Electric Corp. (a)		1,964		21,208
				1,103,949
FOOD & STAPLES RETAILING — 1.7%
Aeon Co., Ltd. (a)		4,403		48,427
Cawachi, Ltd.		448		7,815
Cosmos Pharmaceutical Corp.		100		15,651
FamilyMart Co., Ltd.		352		14,793
Lawson, Inc.		400		27,784
Seven & i Holdings Co., Ltd.		4,439		187,036

See accompanying notes to financial statements.

313

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
UNY Group Holdings Co., Ltd.		2,000	$	11,224
				312,730
FOOD PRODUCTS — 1.5%
Ajinomoto Co., Inc. (a)		4,003		87,937
Hokuto Corp.		400		7,461
Kikkoman Corp.		1,256		39,955
MEIJI Holdings Co., Ltd.		400		48,864
Nissin Foods Holding Co., Ltd.		640		31,540
Sakata Seed Corp.		1,584		25,822
Yakult Honsha Co., Ltd.		564		39,364
				280,943
GAS UTILITIES — 0.9%
Osaka Gas Co., Ltd.		12,150		50,930
Saibu Gas Co., Ltd.	��	10,273		23,129
Tokyo Gas Co., Ltd.		13,873		87,478
				161,537
HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%
Asahi Intecc Co., Ltd.		300		21,013
Nakanishi, Inc.		300		11,720
Olympus Corp. (b)		1,042		38,795
Sysmex Corp.		800		44,495
Terumo Corp.		1,900		50,223
				166,246
HEALTH CARE PROVIDERS & SERVICES — 0.4%
BML, Inc.		200		5,687
Medipal Holdings Corp.		1,192		15,555
Miraca Holdings, Inc.		636		29,327
Nichii Gakkan Co. (a)		200		1,765
Suzuken Co., Ltd.		695		21,240
Tsukui Corp. (a)		900		6,829
				80,403
HEALTH CARE TECHNOLOGY — 0.0% (c)
M3, Inc.		300		6,381
HOTELS, RESTAURANTS & LEISURE — 0.7%
Oriental Land Co., Ltd. (a)		1,616		122,556
Round One Corp.		800		4,543
				127,099
HOUSEHOLD DURABLES — 3.0%
Casio Computer Co., Ltd. (a)		2,248		42,720
Fujitsu General, Ltd.		1,000		13,141
Funai Electric Co., Ltd. (a)(b)		395		4,558
Haseko Corp.		1,800		17,591
Nikon Corp. (a)		1,840		24,702
Panasonic Corp. (a)		12,581		165,439
Pioneer Corp. (b)		2,360		4,310
Sangetsu Co., Ltd.		352		5,333
Sekisui Chemical Co., Ltd.		2,079		27,027
Sekisui House, Ltd.		3,779		55,003
Sharp Corp. (a)(b)		5,519		10,815
Sony Corp. (b)		6,811		181,172
Sumitomo Forestry Co., Ltd.		1,368		14,978
				566,789
HOUSEHOLD PRODUCTS — 0.2%
Unicharm Corp.		1,800		47,310
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%
Electric Power Development Co., Ltd.		840		28,368
INDUSTRIAL CONGLOMERATES — 0.8%
Keihan Electric Railway Co., Ltd.		5,747		35,079
Nisshinbo Holdings, Inc.		1,584		15,229
Toshiba Corp. (a)		23,633		99,360
				149,668
INSURANCE — 2.5%
Dai-ichi Life Insurance Co., Ltd.		4,200		61,131
MS&AD Insurance Group Holdings, Inc. (a)		3,536		99,365
Sompo Japan Nipponkoa Holdings, Inc.		2,000		62,289
Sony Financial Holdings, Inc.		1,600		25,776
T&D Holdings, Inc.		4,200		57,944
Tokio Marine Holdings, Inc.		4,247		160,725
				467,230
INTERNET & CATALOG RETAIL — 0.5%
ASKUL Corp.		300		7,072
Rakuten, Inc.		5,100		90,092
				97,164
INTERNET SOFTWARE & SERVICES — 0.5%
Dena Co., Ltd. (a)		800		15,683
F@N Communications, Inc.		400		3,405
Gree, Inc. (a)		600		4,178
Gurunavi, Inc.		400		7,825
Internet Initiative Japan, Inc. (a)		600		9,961
Kakaku.com, Inc. (a)		300		4,998
Mixi, Inc. (a)		200		8,105
Yahoo! Japan Corp.		10,300		42,600
				96,755
IT SERVICES — 0.9%
Digital Garage, Inc.		300		4,608
Fujitsu, Ltd.		10,498		71,702
IT Holdings Corp.		832		15,214
Itochu Techno-Solutions Corp.		616		12,816
NET One Systems Co., Ltd. (a)		2,000		13,675
Nomura Research Institute, Ltd.		300		11,307
NTT Data Corp.		800		34,889
SCSK Corp.		100		2,806
TKC Corp.		400		8,032
				175,049
LEISURE PRODUCTS — 0.9%
Bandai Namco Holdings, Inc.		1,732		33,766
Sankyo Co., Ltd.		640		22,814
Sega Sammy Holdings, Inc. (a)		1,631		23,855
Shimano, Inc.		492		73,354
Yamaha Corp.		1,192		20,913
				174,702
MACHINERY — 6.2%
Amada Co., Ltd.		1,727		16,662
DMG Mori Seiki Co., Ltd.		968		14,900
FANUC Corp.		1,180		258,286
Glory, Ltd.		1,044		29,163
IHI Corp.		10,311		48,406

See accompanying notes to financial statements.

314

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Japan Steel Works, Ltd. (a)		1,708	$	7,192
JTEKT Corp.		1,408		22,026
Kawasaki Heavy Industries, Ltd.		7,978		40,381
Komatsu, Ltd.		5,439		107,147
Komori Corp.		788		10,060
Kubota Corp.		4,663		73,994
Kurita Water Industries, Ltd.		976		23,642
Makita Corp.		876		45,580
Minebea Co., Ltd.		2,255		35,689
Mitsubishi Heavy Industries, Ltd.		18,676		103,140
Mitsui Engineering & Shipbuilding Co., Ltd.		7,567		12,935
NGK Insulators, Ltd.		1,320		28,233
NSK, Ltd.		2,463		36,106
NTN Corp.		2,495		13,253
OKUMA Corp.		1,648		15,336
OSG Corp.		1,012		19,746
SMC Corp.		420		125,536
Sodick Co., Ltd.		100		1,097
Sumitomo Heavy Industries, Ltd.		3,795		24,904
Takuma Co., Ltd.		2,000		15,710
THK Co., Ltd.		1,000		25,516
Toshiba Machine Co., Ltd.		1,944		8,202
				1,162,842
MARINE — 0.3%
Kawasaki Kisen Kaisha, Ltd. (a)		5,759		15,511
Mitsui OSK Lines, Ltd.		4,491		15,279
Nippon Yusen K.K.		7,995		23,067
				53,857
MEDIA — 0.7%
Adways, Inc.		300		2,444
CyberAgent, Inc.		400		22,981
Dentsu, Inc.		1,600		68,710
Toho Co., Ltd.		1,352		33,122
Usen Corp. (b)		1,070		3,212
				130,469
METALS & MINING — 1.9%
Daido Steel Co., Ltd.		2,199		9,865
Dowa Holdings Co., Ltd.		1,767		15,147
JFE Holdings, Inc.		2,847		63,006
Kobe Steel, Ltd.		12,645		23,408
Mitsubishi Materials Corp.		8,027		27,041
Mitsubishi Steel Manufacturing Co., Ltd.		4,000		8,439
Mitsui Mining & Smelting Co., Ltd.		5,839		13,341
Nippon Steel & Sumitomo Metal Corp.		36,755		92,711
Nippon Yakin Kogyo Co., Ltd. (b)		300		593
Nisshin Steel Co., Ltd. (a)		500		6,266
Sumitomo Metal Mining Co., Ltd.		3,575		52,421
Toho Zinc Co., Ltd.		4,000		12,641
Tokyo Steel Manufacturing Co., Ltd.		144		969
Topy Industries, Ltd.		5,000		11,632
Yodogawa Steel Works, Ltd.		3,963		15,730
				353,210
MULTILINE RETAIL — 1.1%
H2O Retailing Corp. (a)		2,300		43,420
Isetan Mitsukoshi Holdings, Ltd.		2,441		40,465
J Front Retailing Co., Ltd.		1,900		29,928
Marui Group Co., Ltd. (a)		2,616		29,776
Ryohin Keikaku Co., Ltd.		236		34,359
Seria Co., Ltd. (a)		300		10,857
Takashimaya Co., Ltd.		2,332		22,965
				211,770
OIL, GAS & CONSUMABLE FUELS — 0.7%
Cosmo Oil Co., Ltd. (b)		5,927		8,006
Inpex Corp.		5,900		65,211
JX Holdings, Inc.		14,400		55,499
TonenGeneral Sekiyu K.K.		1,547		13,377
				142,093
PAPER & FOREST PRODUCTS — 0.2%
Nippon Paper Industries Co., Ltd. (a)		400		6,024
OJI Paper Co., Ltd. (a)		5,839		23,955
				29,979
PERSONAL PRODUCTS — 1.3%
Euglena Co., Ltd. (b)		500		8,239
Kao Corp.		3,239		162,051
Mandom Corp.		1,116		40,899
Shiseido Co., Ltd. (a)		1,832		32,584
				243,773
PHARMACEUTICALS — 5.7%
Astellas Pharma, Inc.		12,700		208,357
Chugai Pharmaceutical Co., Ltd. (a)		1,116		35,223
Daiichi Sankyo Co., Ltd. (a)		4,051		64,417
Eisai Co., Ltd. (a)		1,540		109,601
Hisamitsu Pharmaceutical Co., Inc.		404		16,608
Kissei Pharmaceutical Co., Ltd.		1,000		31,270
Kyowa Hakko Kirin Co., Ltd.		1,833		23,951
Mitsubishi Tanabe Pharma Corp.		2,000		34,388
Mochida Pharmaceutical Co., Ltd.		400		26,316
Nichi-iko Pharmaceutical Co., Ltd.		200		4,616
Ono Pharmaceutical Co., Ltd.		432		48,919
Otsuka Holdings Co., Ltd.		2,500		78,372
Santen Pharmaceutical Co., Ltd.		3,280		47,863
Seikagaku Corp. (a)		800		15,250
Shionogi & Co., Ltd.		1,996		66,658
Sumitomo Dainippon Pharma Co., Ltd. (a)		960		11,399
Taisho Pharmaceutical Holdings Co., Ltd.		300		22,364
Takeda Pharmaceutical Co., Ltd. (a)		4,355		217,850
Torii Pharmaceutical Co., Ltd.		200		5,345
Towa Pharmaceutical Co., Ltd.		100		5,729
Tsumura & Co.		100		2,477
				1,076,973
PROFESSIONAL SERVICES — 0.2%
Meitec Corp.		812		27,253
Nihon M&A Center, Inc.		400		13,842
				41,095
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.0%
Daikyo, Inc.		4,256		6,423
Daito Trust Construction Co., Ltd. (a)		564		63,137
Daiwa House Industry Co., Ltd.		2,863		56,603
Heiwa Real Estate Co., Ltd.		900		12,668
Hulic Co., Ltd.		500		5,633

See accompanying notes to financial statements.

315

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Leopalace21 Corp. (b)		1,044	$	5,476
Mitsubishi Estate Co., Ltd.		7,111		165,256
Mitsui Fudosan Co., Ltd.		4,923		144,888
Sumitomo Realty & Development Co., Ltd.		1,843		66,459
Tokyo Tatemono Co., Ltd.		3,540		25,976
Tokyu Fudosan Holdings Corp.		2,700		18,462
				570,981
ROAD & RAIL — 4.2%
Central Japan Railway Co.		900		163,190
East Japan Railway Co. (a)		1,800		144,690
Hankyu Hanshin Holdings, Inc.		8,486		52,575
Keikyu Corp.		4,355		34,898
Keio Corp.		5,000		39,316
Keisei Electric Railway Co., Ltd.		2,147		26,729
Kintetsu Corp.		12,038		44,267
Nagoya Railroad Co., Ltd. (a)		8,362		33,469
Nankai Electric Railway Co., Ltd.		6,111		25,275
Nippon Express Co., Ltd.		7,555		42,335
Odakyu Electric Railway Co., Ltd.		2,483		25,363
Sotetsu Holdings, Inc.		8,254		38,336
Tobu Railway Co., Ltd.		6,007		28,551
Tokyu Corp.		6,391		39,649
West Japan Railway Co.		1,100		57,814
				796,457
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%
Advantest Corp. (a)		1,216		15,402
Disco Corp.		184		18,841
Rohm Co., Ltd.		576		39,529
Sanken Electric Co., Ltd.		2,404		16,678
SCREEN Holdings Co., Ltd.		364		2,762
Shinko Electric Industries Co., Ltd.		592		4,226
Sumco Corp.		1,046		17,610
				115,048
SOFTWARE — 0.8%
GungHo Online Entertainment, Inc. (a)		2,100		8,230
Konami Corp.		792		14,859
Nintendo Co., Ltd.		648		95,505
NSD Co., Ltd.		900		13,291
Square Enix Holdings Co., Ltd.		396		8,496
Trend Micro, Inc.		368		12,152
				152,533
SPECIALTY RETAIL — 1.6%
Aoyama Trading Co., Ltd.		984		32,123
Arcland Sakamoto Co., Ltd.		300		6,442
Autobacs Seven Co., Ltd.		480		7,593
Fast Retailing Co., Ltd. (a)		176		68,235
Gulliver International Co., Ltd.		600		4,953
Hikari Tsushin, Inc.		184		11,952
Jin Co., Ltd. (a)		300		10,419
K’s Holdings Corp. (a)		300		9,719
Nitori Holding Co., Ltd.		400		27,150
Sanrio Co., Ltd. (a)		448		12,010
Shimachu Co., Ltd. (a)		984		26,010
Shimamura Co., Ltd.		232		21,512
USS Co., Ltd.		2,000		34,655
VT Holdings Co., Ltd.		600		2,632
Yamada Denki Co., Ltd. (a)		6,000		24,765
				300,170
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.7%
Brother Industries, Ltd.		1,832		29,223
Canon, Inc.		6,158		218,130
FUJIFILM Holdings Corp.		2,827		100,810
Konica Minolta Holdings, Inc.		4,075		41,489
NEC Corp.		11,918		35,081
Ricoh Co., Ltd.		3,655		39,864
Roland DG Corp.		300		8,130
Seiko Epson Corp.		2,152		38,240
Wacom Co., Ltd.		100		482
				511,449
TEXTILES, APPAREL & LUXURY GOODS — 0.4%
Asics Corp.		1,164		31,739
Gunze, Ltd.		4,223		11,304
Japan Wool Textile Co., Ltd.		2,031		14,700
Onward Holdings Co., Ltd.		1,580		11,040
				68,783
TOBACCO — 1.0%
Japan Tobacco, Inc.		6,000		190,144
TRADING COMPANIES & DISTRIBUTORS — 3.4%
Hanwa Co., Ltd.		2,207		8,981
Inaba Denki Sangyo Co., Ltd.		856		31,049
ITOCHU Corp. (a)		8,666		94,049
Iwatani Corp.		451		2,963
Kanematsu Corp.		6,000		8,755
Marubeni Corp. (a)		10,202		59,209
Mitsubishi Corp. (a)		7,607		153,536
Mitsui & Co., Ltd.		9,902		133,100
Nishio Rent All Co., Ltd.		300		8,643
Sojitz Corp. (a)		8,528		14,293
Sumitomo Corp. (a)		6,375		68,335
Toyota Tsusho Corp.		1,039		27,594
Yamazen Corp.		2,800		23,044
				633,551
TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		2,395		22,667
Mitsubishi Logistics Corp.		216		3,377
				26,044
WIRELESS TELECOMMUNICATION SERVICES — 3.5%
KDDI Corp.		9,900		224,582
NTT DoCoMo, Inc. (a)		8,400		146,076
Softbank Corp.		4,815		280,248
				650,906
TOTAL COMMON STOCKS —
(Cost $20,772,433)				18,617,535
SHORT TERM INVESTMENTS — 14.0%
UNITED STATES — 14.0%
MONEY MARKET FUNDS — 14.0%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		2,609,030		2,609,030

See accompanying notes to financial statements.

316

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f)		19,050	$	19,050
TOTAL SHORT TERM INVESTMENT —
(Cost $2,628,080)				2,628,080
TOTAL INVESTMENTS — 112.8%
(Cost $23,400,513)				21,245,615
OTHER ASSETS & LIABILITIES — (12.8)%				(2,405,254	)
NET ASSETS — 100.0%			$	18,840,361

(a)	A portion of the security was on loan at March 31, 2015.
(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.

317

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.4%
JAPAN — 98.4%
AEROSPACE & DEFENSE — 0.0% (a)
Jamco Corp.		1,000	$	30,561
AIR FREIGHT & LOGISTICS — 0.4%
Kintetsu World Express, Inc.		3,600		162,101
Mitsui-Soko Holdings Co., Ltd.		22,686		76,424
				238,525
AUTO COMPONENTS — 4.7%
Ahresty Corp.		4,300		27,573
Akebono Brake Industry Co., Ltd. (b)		4,400		16,143
Calsonic Kansei Corp.		13,000		86,396
Daido Metal Co., Ltd.		1,900		19,820
Eagle Industry Co., Ltd.		5,000		101,438
Exedy Corp.		3,600		85,944
FCC Co., Ltd. (b)		7,113		111,329
Futaba Industrial Co., Ltd. (c)		10,194		47,517
Keihin Corp.		7,341		112,694
KYB Co., Ltd.		19,902		73,020
Mitsuba Corp.		2,700		59,797
Musashi Seimitsu Industry Co., Ltd.		4,152		88,008
Nifco, Inc.		6,900		238,487
Nippon Seiki Co., Ltd.		5,000		98,728
Nissan Shatai Co., Ltd.		9,700		124,804
Nissin Kogyo Co., Ltd.		7,534		119,866
Piolax, Inc.		900		36,698
Press Kogyo Co., Ltd. (b)		18,569		75,406
Riken Corp.		21,000		83,177
Sanden Corp.		18,000		80,600
Showa Corp.		8,139		82,391
Sumitomo Riko Co., Ltd.		8,600		75,512
Tachi-S Co., Ltd.		5,300		74,423
Takata Corp. (b)		4,600		50,478
Tokai Rika Co., Ltd.		7,500		174,422
Topre Corp.		5,834		91,408
Toyoda Gosei Co., Ltd.		9,500		212,775
Toyota Boshoku Corp. (b)		6,800		85,280
TPR Co., Ltd.		3,500		94,121
TS Tech Co., Ltd.		6,200		167,763
Unipres Corp.		5,200		106,233
Yorozu Corp.		1,000		21,055
				2,923,306
BANKS — 7.0%
Aichi Bank, Ltd.		1,149		58,827
Akita Bank, Ltd.		9,000		27,542
Aomori Bank, Ltd.		24,000		77,448
Awa Bank, Ltd.		20,000		113,571
Bank of Iwate, Ltd.		2,956		128,174
Bank of Nagoya, Ltd. (b)		25,000		83,177
Bank of Okinawa, Ltd.		3,300		138,687
Bank of the Ryukyus, Ltd.		7,781		111,922
Daishi Bank, Ltd.		45,000		158,724
Eighteenth Bank, Ltd.		17,000		51,741
Fukui Bank, Ltd.		12,000		26,116
Fukushima Bank, Ltd.		72,478		53,788
Higashi-nippon Bank, Ltd.		15,000		47,280
Higo Bank, Ltd.		30,000		184,365
Hokkoku Bank, Ltd.		29,000		101,322
Hyakugo Bank, Ltd.		42,000		195,072
Hyakujushi Bank, Ltd.		35,000		115,864
Jimoto Holdings, Inc.		25,700		48,218
Juroku Bank, Ltd.		47,000		172,833
Kagoshima Bank, Ltd.		25,000		170,315
Kansai Urban Banking Corp.		6,400		66,495
Keiyo Bank, Ltd.		35,000		203,127
Kiyo Bank, Ltd.		12,600		175,985
Miyazaki Bank, Ltd.		16,000		60,971
Musashino Bank, Ltd.		5,700		191,782
Nagano Bank, Ltd.		35,534		58,372
Nanto Bank, Ltd.		35,000		121,701
North Pacific Bank, Ltd.		43,300		163,921
Ogaki Kyoritsu Bank, Ltd.		30,000		95,059
Oita Bank, Ltd. (b)		12,000		46,729
San-In Godo Bank, Ltd.		12,000		99,162
Senshu Ikeda Holdings, Inc.		18,200		86,656
Shiga Bank, Ltd.		20,000		100,063
Shikoku Bank, Ltd.		42,000		86,504
Shimizu Bank, Ltd.		2,500		63,269
Taiko Bank, Ltd. (b)		32,000		61,905
Tochigi Bank, Ltd.		20,846		107,424
Toho Bank, Ltd.		21,000		86,504
Tokyo TY Financial Group, Inc.		3,700		99,345
Tomato Bank, Ltd.		46,872		78,560
TOMONY Holdings, Inc.		24,705		112,066
Towa Bank, Ltd.		47,000		38,799
Yamagata Bank, Ltd. (b)		10,000		42,443
Yamanashi Chuo Bank, Ltd.		16,000		70,177
				4,382,005
BEVERAGES — 1.2%
Coca-Cola East Japan Co., Ltd. (b)		8,200		167,521
Coca-Cola West Co., Ltd.		6,400		105,986
Ito En, Ltd. (b)		8,100		175,002
Sapporo Holdings, Ltd. (b)		33,000		130,982
Takara Holdings, Inc.		23,100		167,580
				747,071
BIOTECHNOLOGY — 0.6%
3-D Matrix, Ltd. (b)(c)		3,000		25,491
D.Western Therapeutics Institute, Inc. (c)		1,500		9,744
GNI Group, Ltd. (b)(c)		11,000		25,132
Japan Tissue Engineering Co., Ltd. (c)		1,000		10,832
NanoCarrier Co., Ltd. (b)(c)		3,000		29,268
OncoTherapy Science, Inc. (b)(c)		17,700		55,495
PeptiDream, Inc. (b)(c)		1,000		74,213
ReproCELL, Inc. (b)(c)		8,600		49,911
Takara Bio, Inc. (b)		7,300		83,577
UMN Pharma, Inc. (b)(c)		1,000		24,982
				388,645
BUILDING PRODUCTS — 2.3%
Aica Kogyo Co., Ltd.		8,519		198,901
Bunka Shutter Co., Ltd.		9,577		79,379
Central Glass Co., Ltd.		35,309		166,939
Nichias Corp.		17,000		98,236
Nichiha Corp.		1,100		12,878
Nippon Sheet Glass Co., Ltd. (c)		137,000		134,801
Nitto Boseki Co., Ltd. (c)		25,020		97,430

See accompanying notes to financial statements.

318

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Noritz Corp.		5,565	$	91,509
Okabe Co., Ltd.		3,300		30,517
Sankyo Tateyama, Inc.		4,000		77,415
Sanwa Holdings Corp.		28,310		210,569
Sekisui Jushi Corp.		1,200		16,030
Takara Standard Co., Ltd.		15,000		127,080
Takasago Thermal Engineering Co., Ltd.		8,500		106,317
				1,448,001
CAPITAL MARKETS — 1.8%
Aizawa Securities Co., Ltd.		2,600		17,257
Ichigo Group Holdings Co., Ltd. (b)		12,900		33,776
Ichiyoshi Securities Co., Ltd.		7,900		85,769
Jafco Co., Ltd.		3,500		130,457
kabu.com Securities Co., Ltd (b)		5,600		36,843
Kyokuto Securities Co., Ltd.		5,500		81,222
Marusan Securities Co., Ltd.		3,600		36,923
Matsui Securities Co., Ltd. (b)		12,700		115,642
Monex Group, Inc. (b)		33,600		89,936
Okasan Securities Group, Inc.		22,447		178,752
Sawada Holdings Co., Ltd. (c)		1,800		14,334
Sparx Group Co., Ltd. (b)		7,500		13,633
Tokai Tokyo Financial Holdings, Inc.		28,221		218,379
Toyo Securities Co., Ltd.		16,457		51,049
				1,103,972
CHEMICALS — 5.3%
ADEKA Corp.		12,913		167,328
Asahi Organic Chemicals Industry Co., Ltd.		26,540		57,318
C. Uyemura & Co., Ltd.		976		48,505
Chugoku Marine Paints, Ltd.		6,000		54,384
Earth Chemical Co., Ltd.		2,500		86,408
Fujikura Kasei Co., Ltd.		8,238		37,850
Fujimi, Inc.		3,473		59,976
Fujimori Kogyo Co., Ltd.		2,500		74,213
Ihara Chemical Industry Co., Ltd. (b)		7,100		104,258
Ishihara Sangyo Kaisha, Ltd. (c)		55,811		53,984
Japan Pure Chemical Co., Ltd.		3,300		68,050
Kureha Corp.		20,000		86,054
Lintec Corp.		9,008		214,975
Nihon Nohyaku Co., Ltd.		4,000		40,125
Nihon Parkerizing Co., Ltd.		14,600		177,136
Nippon Soda Co., Ltd.		24,065		140,066
Nippon Synthetic Chemical Industry Co., Ltd.		2,000		13,292
Nippon Valqua Industries, Ltd.		29,025		75,512
NOF Corp.		24,731		183,949
Okamoto Industries, Inc.		17,841		68,284
Sakata INX Corp.		6,100		57,376
Sanyo Chemical Industries, Ltd.		11,000		86,679
Sumitomo Bakelite Co., Ltd.		30,000		133,834
T Hasegawa Co., Ltd.		5,100		75,357
Taiyo Holdings Co., Ltd.		3,500		123,306
Toagosei Co., Ltd.		38,000		173,959
Tokai Carbon Co., Ltd.		30,542		86,080
Tokuyama Corp. (b)(c)		51,000		107,167
Tokyo Ohka Kogyo Co., Ltd.		6,700		217,048
Toyo Ink SC Holdings Co., Ltd.		31,000		145,532
Toyobo Co., Ltd.		102,000		137,786
Zeon Corp. (b)		19,000		175,860
				3,331,651
COMMERCIAL SERVICES & SUPPLIES — 2.5%
Aeon Delight Co., Ltd.		3,700		88,640
Asukanet Co., Ltd.		1,300		32,629
Daiseki Co., Ltd.		7,593		137,329
Duskin Co., Ltd. (b)		9,800		169,973
Itoki Corp.		3,000		19,137
Kokuyo Co., Ltd.		10,300		96,451
Kyodo Printing Co., Ltd.		15,000		46,154
Mitsubishi Pencil Co., Ltd.		1,000		37,148
Moshi Moshi Hotline, Inc.		8,744		95,588
Nippon Parking Development Co., Ltd.		17,100		24,668
Nissha Printing Co., Ltd. (b)		4,800		87,855
Okamura Corp.		11,184		90,088
Oyo Corp.		1,100		14,896
Pilot Corp.		2,700		152,420
Prestige International, Inc.		1,400		10,261
Sanix, Inc. (b)(c)		2,900		9,141
Sato Holdings Corp.		4,100		93,162
Sohgo Security Services Co., Ltd. (b)		7,400		252,683
Toppan Forms Co., Ltd.		7,300		82,907
				1,541,130
COMMUNICATIONS EQUIPMENT — 0.5%
Aiphone Co., Ltd.		3,106		47,836
Denki Kogyo Co., Ltd.		11,303		53,723
Hitachi Kokusai Electric, Inc.		9,634		129,498
Icom, Inc.		3,000		72,245
Japan Radio Co., Ltd.		3,000		10,131
				313,433
CONSTRUCTION & ENGINEERING — 5.5%
Chudenko Corp.		4,000		78,115
Daiho Corp. (b)		7,000		36,073
Fudo Tetra Corp.		12,200		24,212
Hazama Ando Corp.		22,000		126,029
Hibiya Engineering, Ltd.		1,200		15,880
Kandenko Co., Ltd.		15,000		87,179
Kinden Corp.		20,924		262,063
Kumagai Gumi Co., Ltd. (c)		53,000		165,729
Kyowa Exeo Corp.		12,376		133,022
Kyudenko Corp.		7,657		83,769
Maeda Corp. (b)		16,158		117,488
Maeda Road Construction Co., Ltd.		11,000		178,770
Mirait Holdings Corp.		10,900		122,156
Nichireki Co., Ltd.		2,000		17,511
Nippo Corp.		10,000		165,603
Nippon Densetsu Kogyo Co., Ltd.		2,500		37,315
Nippon Koei Co., Ltd.		6,000		23,965
Nippon Road Co., Ltd.		15,000		75,422
Nishimatsu Construction Co., Ltd. (b)		43,000		152,745
Okumura Corp.		29,000		135,902
Penta-Ocean Construction Co., Ltd. (b)		38,600		141,300
Raito Kogyo Co., Ltd.		3,700		30,328
Sanki Engineering Co., Ltd.		11,496		89,150
SHO-BOND Holdings Co., Ltd.		3,900		171,707
Sumitomo Mitsui Construction Co., Ltd. (b)		126,900		175,655

See accompanying notes to financial statements.

319

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Taihei Dengyo Kaisha, Ltd.		3,000	$	21,664
Taikisha, Ltd.		4,900		122,168
Tekken Corp. (b)(c)		11,000		37,974
Toa Corp.		12,000		20,013
Tobishima Corp. (b)(c)		27,900		56,300
Toda Corp.		34,000		143,740
Tokyu Construction Co., Ltd.		12,822		72,703
Toshiba Plant Systems & Services Corp.		6,800		93,955
Totetsu Kogyo Co., Ltd.		4,600		102,913
Toyo Construction Co., Ltd.		4,000		15,676
Toyo Engineering Corp. (b)		20,000		52,366
Yahagi Construction Co. Ltd.		2,400		15,870
Yokogawa Bridge Holdings Corp.		2,800		30,142
Yurtec Corp.		3,000		20,063
				3,452,635
CONSTRUCTION MATERIALS — 0.3%
Sumitomo Osaka Cement Co., Ltd.		63,000		193,846
CONSUMER FINANCE — 1.1%
Acom Co., Ltd. (b)(c)		45,200		157,168
Aiful Corp. (b)(c)		41,900		148,838
Hitachi Capital Corp.		7,200		152,435
J Trust Co., Ltd.		10,500		90,532
Jaccs Co., Ltd.		18,000		94,409
Orient Corp. (c)		49,300		80,163
				723,545
CONTAINERS & PACKAGING — 0.7%
FP Corp. (b)		3,900		141,789
Fuji Seal International, Inc.		3,470		96,642
Rengo Co., Ltd.		25,000		106,108
Taisei Lamick Co., Ltd. (b)		3,000		69,368
				413,907
DISTRIBUTORS — 0.4%
Canon Marketing Japan, Inc.		8,200		164,855
Doshisha Co., Ltd.		4,400		68,463
Paltac Corp.		2,100		29,576
				262,894
DIVERSIFIED CONSUMER SERVICES — 0.1%
JP-Holdings, Inc. (b)		3,600		10,596
Meiko Network Japan Co., Ltd.		6,400		68,790
				79,386
DIVERSIFIED FINANCIAL SERVICES — 1.3%
Century Tokyo Leasing Corp.		6,900		210,294
Fuyo General Lease Co., Ltd.		2,900		116,798
IBJ Leasing Co., Ltd.		4,000		82,885
Japan Securities Finance Co., Ltd.		15,519		98,219
Ricoh Leasing Co., Ltd.		2,967		88,200
Zenkoku Hosho Co., Ltd.		6,300		236,660
				833,056
ELECTRIC UTILITIES — 0.2%
Okinawa Electric Power Co., Inc.		3,500		126,808
ELECTRICAL EQUIPMENT — 1.6%
Cosel Co., Ltd. (b)		6,100		68,515
Daihen Corp.		17,971		88,562
Furukawa Electric Co., Ltd. (b)		110,000		186,200
Futaba Corp.		4,000		64,540
Nippon Carbon Co., Ltd.		28,000		87,555
Nissin Electric Co., Ltd.		3,000		18,036
Nitto Kogyo Corp.		1,800		33,561
Sanyo Denki Co., Ltd.		10,000		71,461
Sinfonia Technology Co., Ltd. (b)		43,826		77,840
SWCC Showa Holdings Co., Ltd. (b)(c)		61,075		47,363
Tatsuta Electric Wire and Cable Co., Ltd.		7,000		29,710
Toyo Tanso Co., Ltd.		2,400		44,568
Ushio, Inc.		16,700		208,324
				1,026,235
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.9%
Ai Holdings Corp.		7,500		137,211
Amano Corp.		10,732		128,596
Anritsu Corp. (b)		23,800		166,506
Arisawa Manufacturing Co., Ltd. (c)		2,000		17,177
Daiwabo Holdings Co., Ltd.		23,635		38,037
Enplas Corp.		1,100		44,257
ESPEC Corp.		8,831		88,512
Hakuto Co., Ltd.		6,711		80,303
Horiba, Ltd.		5,100		195,410
Hosiden Corp. (b)		13,795		76,265
Iriso Electronics Co., Ltd.		1,000		70,211
Japan Aviation Electronics Industry, Ltd.		11,000		267,467
Japan Cash Machine Co., Ltd. (b)		2,924		42,376
Kaga Electronics Co., Ltd.		1,200		14,659
Koa Corp.		6,791		66,197
Maruwa Co., Ltd. (b)		1,200		28,498
Mitsumi Electric Co., Ltd.		15,500		115,418
Nichicon Corp.		8,700		81,468
Nihon Dempa Kogyo Co., Ltd.		3,595		31,536
Nippon Ceramic Co., Ltd. (b)		4,023		55,686
Nippon Chemi-Con Corp. (c)		17,432		51,457
Nippon Signal Co., Ltd.		10,700		104,747
Nohmi Bosai, Ltd.		1,500		18,549
Ryosan Co., Ltd.		6,596		162,363
Ryoyo Electro Corp.		7,104		90,810
Siix Corp. (b)		1,000		24,991
SMK Corp. (b)		5,000		21,722
Tabuchi Electric Co., Ltd. (b)		1,500		17,161
Taiyo Yuden Co., Ltd. (b)		14,500		211,832
Tamura Corp. (b)		7,000		25,799
				2,475,221
ENERGY EQUIPMENT & SERVICES — 0.3%
Japan Drilling Co., Ltd. (b)		1,100		36,277
Modec, Inc. (b)		3,500		55,130
Shinko Plantech Co., Ltd.		11,386		84,119
				175,526
FOOD & STAPLES RETAILING — 2.8%
Ain Pharmaciez, Inc.		3,000		118,949
Arcs Co., Ltd.		4,300		103,300
Axial Retailing, Inc.		2,100		62,602
Belc Co., Ltd.		1,600		46,496
Cawachi, Ltd.		5,435		94,809
Cocokara fine, Inc.		1,100		30,957
Cosmos Pharmaceutical Corp.		1,200		187,817

See accompanying notes to financial statements.

320

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Heiwado Co., Ltd.		3,700	$	84,906
Kato Sangyo Co., Ltd.		5,200		108,098
Kusuri No Aoki Co., Ltd.		700		52,708
Matsumotokiyoshi Holdings Co., Ltd.		5,200		185,583
Ministop Co., Ltd. (b)		5,794		81,747
S Foods, Inc.		2,300		42,385
San-A Co., Ltd.		2,400		91,257
UNY Group Holdings Co., Ltd.		18,200		102,136
Valor Co., Ltd.		5,900		127,864
Welcia Holdings Co., Ltd.		2,300		86,016
Yaoko Co., Ltd.		1,400		52,533
Yokohama Reito Co., Ltd.		12,780		88,983
				1,749,146
FOOD PRODUCTS — 3.9%
Ariake Japan Co., Ltd.		4,864		167,305
Dydo Drinco, Inc.		1,500		60,350
Ezaki Glico Co., Ltd.		4,000		162,101
Fuji Oil Co., Ltd.		8,500		135,660
Fujicco Co., Ltd.		6,657		107,855
Hokuto Corp.		5,921		110,446
House Foods Group, Inc.		7,300		153,396
Itoham Foods, Inc. (b)		10,000		55,285
J-Oil Mills, Inc.		14,000		48,797
Kagome Co., Ltd. (b)		8,600		133,814
Kameda Seika Co., Ltd.		1,500		61,101
Marudai Food Co., Ltd.		25,417		86,472
Maruha Nichiro Corp. (b)		7,100		100,291
Megmilk Snow Brand Co., Ltd.		9,400		113,263
Mitsui Sugar Co., Ltd.		19,497		68,607
Morinaga & Co., Ltd.		22,000		77,415
Morinaga Milk Industry Co., Ltd.		30,000		114,071
Nakamuraya Co., Ltd.		20,952		87,704
Nichirei Corp.		24,000		134,884
Nippon Flour Mills Co., Ltd.		9,000		44,578
Nippon Suisan Kaisha, Ltd.		33,375		101,579
Nisshin Oillio Group, Ltd.		18,000		66,942
Prima Meat Packers, Ltd.		10,000		27,934
Riken Vitamin Co., Ltd. (b)		2,980		102,377
Sakata Seed Corp.		4,500		73,358
Showa Sangyo Co., Ltd.		11,000		42,377
				2,437,962
GAS UTILITIES — 0.2%
Saibu Gas Co., Ltd.		13,000		29,268
Shizuoka Gas Co., Ltd.		15,519		103,007
				132,275
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%
Asahi Intecc Co., Ltd.		3,600		252,158
CYBERDYNE, Inc. (b)(c)		2,900		75,810
Eiken Chemical Co., Ltd. (b)		3,300		54,209
Fukuda Denshi Co., Ltd.		1,286		72,597
Hogy Medical Co., Ltd. (b)		1,600		78,716
Jeol, Ltd.		7,000		36,831
Mani, Inc.		600		43,527
Nagaileben Co., Ltd.		1,800		32,915
Nakanishi, Inc.		3,600		140,638
Nikkiso Co., Ltd.		9,100		81,572
Nipro Corp.		12,900		123,164
Paramount Bed Holdings Co., Ltd.		3,000		79,425
				1,071,562
HEALTH CARE PROVIDERS & SERVICES — 0.8%
As One Corp.		1,200		36,373
BML, Inc.		900		25,591
Message Co., Ltd. (b)		2,300		69,523
Nichii Gakkan Co. (b)		6,600		58,226
Ship Healthcare Holdings, Inc.		5,500		125,708
Toho Holdings Co., Ltd. (b)		6,800		115,105
Tokai Corp.		1,800		61,313
Tsukui Corp. (b)		1,700		12,900
Vital KSK Holdings, Inc. (b)		1,800		13,733
				518,472
HEALTH CARE TECHNOLOGY — 0.1%
FINDEX, Inc. (b)		3,000		45,353
Medinet Co., Ltd. (b)(c)		7,100		14,387
				59,740
HOTELS, RESTAURANTS & LEISURE — 3.7%
Accordia Golf Co., Ltd.		12,700		122,102
Colowide Co., Ltd. (b)		11,400		155,992
Doutor Nichires Holdings Co., Ltd.		7,775		130,378
Fuji Kyuko Co., Ltd. (b)		4,000		37,724
Hiday Hidaka Corp.		1,000		25,266
HIS Co., Ltd.		5,900		208,105
Ichibanya Co., Ltd.		1,900		84,603
Kappa Create Holdings Co., Ltd. (c)		5,600		52,720
Kisoji Co., Ltd. (b)		4,900		84,946
KNT-CT Holdings Co., Ltd. (c)		10,000		14,009
Kura Corp.		900		33,358
Kyoritsu Maintenance Co., Ltd. (b)		2,280		109,318
MOS Food Services, Inc. (b)		5,914		125,702
Ohsho Food Service Corp.		3,000		107,192
PGM Holdings K. K. (b)		9,100		99,480
Plenus Co., Ltd.		3,700		68,801
Round One Corp.		9,500		53,946
Royal Holdings Co., Ltd. (b)		6,300		118,146
Saizeriya Co., Ltd.		5,900		114,236
St Marc Holdings Co., Ltd.		3,200		109,001
Tokyo Dome Corp.		28,085		119,436
Tokyotokeiba Co., Ltd.		11,000		27,334
Toridoll.corp.		3,800		52,853
Yoshinoya Holdings Co., Ltd. (b)		9,700		105,877
Zensho Holdings Co., Ltd. (b)(c)		15,846		153,670
				2,314,195
HOUSEHOLD DURABLES — 2.0%
Alpine Electronics, Inc.		7,000		116,915
Chofu Seisakusho Co., Ltd. (b)		3,800		94,109
Clarion Co., Ltd. (b)		18,000		49,681
Foster Electric Co., Ltd.		3,600		90,056
France Bed Holdings Co., Ltd. (b)		48,734		72,740
Fujitsu General, Ltd.		10,000		131,416
Funai Electric Co., Ltd. (b)(c)		3,600		41,546
Janome Sewing Machine Co., Ltd. (c)		36,000		40,225
JVC Kenwood Corp. (c)		18,600		57,231
Misawa Homes Holdings, Inc. (b)		5,966		52,086
PanaHome Corp.		14,000		97,127
Pioneer Corp. (c)		49,000		89,481

See accompanying notes to financial statements.

321

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Sangetsu Co., Ltd.		9,200	$	139,391
Starts Corp., Inc.		1,100		16,758
Tamron Co., Ltd.		2,900		62,558
Token Corp.		1,980		99,722
West Holdings Corp.		1,100		9,723
				1,260,765
HOUSEHOLD PRODUCTS — 0.3%
Lion Corp.		27,000		164,803
INDUSTRIAL CONGLOMERATES — 0.5%
Katakura Industries Co., Ltd. (b)		4,980		51,035
Nisshinbo Holdings, Inc.		19,000		182,672
TOKAI Holdings Corp.		12,900		56,043
				289,750
INTERNET & CATALOG RETAIL — 0.5%
ASKUL Corp. (b)		2,000		47,146
Senshukai Co., Ltd. (b)		9,924		71,994
Start Today Co., Ltd.		7,400		195,297
				314,437
INTERNET SOFTWARE & SERVICES — 0.8%
Ateam, Inc. (b)		1,000		47,279
CROOZ, Inc. (b)(c)		800		18,458
F@N Communications, Inc. (b)		5,900		50,231
GMO Internet, Inc.		9,600		118,314
Gree, Inc. (b)		12,500		87,034
Gurunavi, Inc.		2,900		56,730
Infomart Corp.		3,100		28,460
Internet Initiative Japan, Inc. (b)		3,500		58,107
SMS Co., Ltd.		2,100		28,228
UNITED, Inc.		1,200		16,010
				508,851
IT SERVICES — 2.1%
Digital Garage, Inc.		4,600		70,654
DTS Corp.		4,732		90,753
Future Architect, Inc.		7,100		43,159
GMO Payment Gateway, Inc.		1,700		40,315
Ines Corp. (b)		11,660		88,380
IT Holdings Corp.		10,937		199,999
Itochu Techno-Solutions Corp.		7,200		149,794
NEC Networks & System Integration Corp.		4,100		82,667
NET One Systems Co., Ltd. (b)		13,000		88,889
Nihon Unisys, Ltd.		5,500		52,283
NS Solutions Corp.		3,300		101,951
SCSK Corp.		6,300		176,773
TKC Corp.		900		18,071
Transcosmos, Inc. (c)		4,967		104,911
				1,308,599
LEISURE PRODUCTS — 0.6%
Fields Corp. (b)		3,600		54,904
Heiwa Corp.		6,300		123,925
Mizuno Corp. (b)		8,000		41,759
Tomy Co., Ltd. (b)		12,300		73,231
Universal Entertainment Corp. (b)		3,600		58,867
				352,686
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Chiome Bioscience, Inc. (b)(c)		1,400		11,300
EPS Holdings, Inc.		4,800		56,796
				68,096
MACHINERY — 7.5%
Aida Engineering, Ltd.		3,400		39,125
Asahi Diamond Industrial Co., Ltd.		6,442		73,861
Chugai Ro Co., Ltd.		27,522		62,422
CKD Corp.		9,805		92,061
Daifuku Co., Ltd.		10,981		145,406
DMG Mori Seiki Co., Ltd.		14,600		224,737
Fuji Machine Manufacturing Co., Ltd.		11,242		128,239
Fujitec Co., Ltd. (b)		11,200		109,642
Furukawa Co., Ltd.		49,280		87,116
Harmonic Drive Systems, Inc. (b)		2,500		55,243
Hitachi Koki Co., Ltd.		12,300		100,410
Hitachi Zosen Corp. (b)		22,500		116,323
Iseki & Co., Ltd. (b)		22,000		42,193
Japan Steel Works, Ltd. (b)		50,000		210,548
Juki Corp.		24,450		80,124
Kato Works Co., Ltd.		11,000		74,480
Kitz Corp.		10,402		51,522
Komori Corp. (b)		8,240		105,194
Kyokuto Kaihatsu Kogyo Co., Ltd.		4,840		54,928
Makino Milling Machine Co., Ltd. (b)		11,739		100,040
Meidensha Corp.		25,000		80,884
Mitsubishi Kakoki Kaisha, Ltd. (b)		11,000		38,249
Mitsubishi Nichiyu Forklift Co., Ltd.		2,800		15,830
Mitsuboshi Belting Co., Ltd.		9,000		72,420
Miura Co., Ltd. (b)		15,200		171,614
Morita Holdings Corp.		7,200		67,662
Nachi-Fujikoshi Corp.		19,418		106,542
Namura Shipbuilding Co., Ltd.		4,800		45,428
Nihon Trim Co., Ltd.		500		12,966
Nippon Sharyo, Ltd. (b)(c)		12,970		37,204
Nippon Thompson Co., Ltd.		11,511		56,919
Nitta Corp.		3,700		100,888
Nitto Kohki Co., Ltd.		4,400		79,396
Obara Group, Inc. (b)		1,200		68,043
Oiles Corp.		3,900		76,228
OKUMA Corp.		13,192		122,762
OSG Corp.		11,100		216,585
Ryobi, Ltd.		15,723		46,281
Shibuya Kogyo Co., Ltd.		1,100		21,344
Shima Seiki Manufacturing, Ltd.		5,400		92,308
Shinmaywa Industries, Ltd.		15,000		159,475
Sintokogio, Ltd.		11,319		87,494
Sodick Co., Ltd. (b)		7,000		76,756
Star Micronics Co., Ltd.		6,069		85,222
Tadano, Ltd.		10,913		147,054
Takeuchi Manufacturing Co., Ltd.		1,100		49,898
Takuma Co., Ltd.		7,000		54,984
Teikoku Sen-I Co., Ltd.		1,900		27,599
Tocalo Co., Ltd.		3,800		71,421
Toshiba Machine Co., Ltd.		20,009		84,424
Tsubakimoto Chain Co.		15,124		126,238
Tsugami Corp. (b)		12,000		76,948
Tsukishima Kikai Co., Ltd. (b)		6,400		66,121
Tsurumi Manufacturing Co., Ltd.		1,000		14,234

See accompanying notes to financial statements.

322

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Union Tool Co.		3,032	$	86,719
YAMABIKO Corp.		500		22,431
				4,720,185
MARINE — 0.1%
Iino Kaiun Kaisha, Ltd.		17,506		92,840
MEDIA — 2.6%
Adways, Inc. (b)		2,100		17,108
Asatsu-DK, Inc.		3,700		101,042
Avex Group Holdings, Inc.		5,592		89,388
Broccoli Co., Ltd. (b)		3,000		15,735
COOKPAD, Inc. (b)		2,100		96,310
Daiichikosho Co., Ltd.		6,281		195,356
Kadokawa Dwango (c)		5,800		91,117
Next Co., Ltd. (b)		2,400		23,955
Septeni Holdings Co., Ltd.		1,200		10,056
Shochiku Co., Ltd.		17,243		162,186
SKY Perfect JSAT Holdings, Inc.		25,200		156,758
Toei Co., Ltd.		16,000		119,141
Tokyo Broadcasting System Holdings, Inc.		10,100		127,676
TV Asahi Holdings Corp.		8,400		140,438
Tv Tokyo Holdings Corp.		3,000		55,235
Usen Corp. (c)		11,680		35,062
ValueCommerce Co., Ltd.		1,200		5,704
Wowow, Inc.		2,600		83,252
Zenrin Co., Ltd. (b)		6,924		85,623
				1,611,142
METALS & MINING — 2.8%
Aichi Steel Corp.		19,000		90,465
Asahi Holdings, Inc.		6,500		111,491
Daido Steel Co., Ltd.		39,000		174,959
Godo Steel, Ltd. (b)		20,440		30,679
Kyoei Steel, Ltd.		3,000		50,757
Maruichi Steel Tube, Ltd. (b)		8,300		196,971
Nippon Denko Co., Ltd.		23,600		56,675
Nippon Light Metal Holdings Co., Ltd.		69,500		103,156
Nippon Yakin Kogyo Co., Ltd. (b)(c)		18,000		35,572
Nisshin Steel Co., Ltd. (b)		8,400		105,276
OSAKA Titanium Technologies Co., Ltd. (b)		3,600		76,428
Pacific Metals Co., Ltd. (b)(c)		15,000		40,901
Sanyo Special Steel Co., Ltd.		18,750		78,799
Toho Titanium Co., Ltd. (b)(c)		6,600		48,650
Toho Zinc Co., Ltd.		20,796		65,722
Tokyo Rope Manufacturing Co., Ltd. (c)		33,654		53,600
Tokyo Steel Manufacturing Co., Ltd. (b)		11,400		76,713
Tokyo Tekko Co., Ltd.		4,000		16,043
Toyo Kohan Co., Ltd.		4,000		18,311
UACJ Corp. (b)		34,000		94,126
Yamato Kogyo Co., Ltd.		5,700		138,026
Yodogawa Steel Works, Ltd.		24,000		95,260
				1,758,580
MULTILINE RETAIL — 0.7%
Izumi Co., Ltd.		6,100		223,807
Matsuya Co., Ltd.		5,308		80,776
Parco Co., Ltd.		9,225		86,077
Seria Co., Ltd.		2,200		79,616
				470,276
OIL, GAS & CONSUMABLE FUELS — 0.8%
Cosmo Oil Co., Ltd. (b)(c)		80,000		108,068
Itochu Enex Co., Ltd.		12,004		99,195
Japan Petroleum Exploration Co., Ltd.		4,500		152,908
Nippon Gas Co., Ltd.		4,000		99,062
San-Ai Oil Co., Ltd.		4,000		25,983
				485,216
PAPER & FOREST PRODUCTS — 0.2%
Daio Paper Corp.		11,940		102,549
Hokuetsu Kishu Paper Co., Ltd. (b)		9,100		40,824
Mitsubishi Paper Mills, Ltd. (c)		19,000		13,625
				156,998
PERSONAL PRODUCTS — 1.6%
Aderans Co., Ltd.		4,604		47,643
Dr Ci:Labo Co., Ltd. (b)		3,048		106,620
Euglena Co., Ltd. (b)(c)		7,300		120,282
Fancl Corp.		6,900		88,202
Kose Corp.		4,000		221,138
Mandom Corp.		3,145		115,258
Milbon Co., Ltd.		2,900		93,221
Pola Orbis Holdings, Inc.		3,600		191,219
		��		983,583
PHARMACEUTICALS — 2.4%
ASKA Pharmaceutical Co., Ltd.		2,100		21,013
JCR Pharmaceuticals Co., Ltd.		1,200		25,146
Kissei Pharmaceutical Co., Ltd.		2,400		75,047
KYORIN Holdings, Inc.		9,700		232,460
Mochida Pharmaceutical Co., Ltd.		2,400		157,899
Nichi-iko Pharmaceutical Co., Ltd.		5,965		137,679
Nippon Shinyaku Co., Ltd.		7,000		255,368
Rohto Pharmaceutical Co., Ltd.		13,700		195,118
Seikagaku Corp. (b)		5,600		106,747
Sosei Group Corp. (b)(c)		1,800		45,403
Torii Pharmaceutical Co., Ltd.		2,200		58,795
Towa Pharmaceutical Co., Ltd.		1,400		80,200
ZERIA Pharmaceutical Co., Ltd.		5,200		87,198
				1,478,073
PROFESSIONAL SERVICES — 1.1%
en-japan, Inc.		1,100		15,144
Meitec Corp.		4,844		162,577
Nihon M&A Center, Inc.		4,100		141,880
Nomura Co., Ltd.		7,300		69,028
Pasona Group, Inc.		7,400		45,847
Temp Holdings Co., Ltd.		6,200		215,068
Yumeshin Holdings Co., Ltd.		1,500		11,220
				660,764
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7%
Daibiru Corp.		10,026		103,667
Daikyo, Inc.		35,352		53,356
Goldcrest Co., Ltd. (b)		3,409		59,411
Heiwa Real Estate Co., Ltd.		7,600		106,973
K.K. daVinci Holdings (d)		262		0
Kabuki-Za Co., Ltd		1,000		41,443
Kenedix, Inc. (b)		32,700		133,608

See accompanying notes to financial statements.

323

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
NTT Urban Development Corp.		15,400	$	154,353
Open House Co., Ltd.		2,900		68,144
Raysum Co., Ltd. (b)(c)		1,100		11,337
Relo Holdings, Inc.		1,800		159,700
Sumitomo Real Estate Sales Co., Ltd.		1,100		29,948
Sun Frontier Fudousan Co., Ltd. (b)		1,600		14,756
Takara Leben Co., Ltd.		14,800		79,476
TOC Co., Ltd.		10,000		78,549
				1,094,721
ROAD & RAIL — 1.5%
Fukuyama Transporting Co., Ltd. (b)		11,000		58,703
Hamakyorex Co., Ltd.		2,400		83,852
Hitachi Transport System, Ltd.		7,400		112,118
Kobe Electric Railway Co., Ltd. (c)		24,500		72,729
Nippon Konpo Unyu Soko Co., Ltd.		6,900		121,171
Nishi-Nippon Railroad Co., Ltd.		28,000		128,647
Sankyu, Inc.		35,830		156,257
Seino Holdings Co., Ltd.		19,000		206,437
Trancom Co., Ltd.		700		30,703
				970,617
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8%
Lasertec Corp.		4,900		62,800
Megachips Corp. (c)		4,400		51,072
Micronics Japan Co., Ltd. (b)		2,200		64,207
Renesas Electronics Corp. (c)		3,200		23,828
Sanken Electric Co., Ltd. (b)		17,000		117,940
SCREEN Holdings Co., Ltd.		29,000		220,054
Shindengen Electric Manufacturing Co., Ltd.		7,000		35,022
Shinko Electric Industries Co., Ltd.		11,200		79,943
Sumco Corp.		15,500		260,951
Tokyo Seimitsu Co., Ltd.		6,600		151,565
Ulvac, Inc. (c)		4,902		75,497
UT Holdings Co., Ltd. (c)		2,200		8,622
				1,151,501
SOFTWARE — 2.0%
Advanced Media, Inc. (c)		1,200		8,095
Broadleaf Co., Ltd.		2,900		56,779
Capcom Co., Ltd. (b)		6,800		135,461
COLOPL, Inc. (b)		5,800		125,310
Fuji Soft, Inc. (b)		3,574		72,538
Justsystems Corp. (b)(c)		2,800		17,231
KLab, Inc. (b)(c)		4,600		52,933
Koei Tecmo Holdings Co., Ltd. (b)		8,000		119,008
Marvelous, Inc. (b)		2,300		32,201
Nexon Co., Ltd.		20,400		217,736
NSD Co., Ltd. (b)		9,200		135,862
OBIC Business Consultants, Ltd.		2,200		75,947
Square Enix Holdings Co., Ltd.		8,300		178,077
				1,227,178
SPECIALTY RETAIL — 4.0%
Adastria Holdings Co., Ltd. (b)		2,550		70,594
AOKI Holdings, Inc.		6,100		86,369
Aoyama Trading Co., Ltd.		5,500		179,550
Arcland Sakamoto Co., Ltd.		2,700		57,974
AT-Group Co., Ltd.		1,000		20,246
Autobacs Seven Co., Ltd.		10,688		169,065
Bic Camera, Inc. (b)		10,800		112,570
Chiyoda Co., Ltd.		3,213		72,525
DCM Holdings Co., Ltd.		14,600		109,569
EDION Corp. (b)		11,150		84,049
Geo Holdings Corp. (b)		9,500		100,525
Gulliver International Co., Ltd. (b)		9,600		79,250
Hikari Tsushin, Inc.		2,600		168,889
Jin Co., Ltd. (b)		1,200		41,676
K’s Holdings Corp. (b)		5,900		191,132
Kohnan Shoji Co., Ltd. (b)		8,700		97,574
Komeri Co., Ltd.		5,230		123,462
Nishimatsuya Chain Co., Ltd.		8,766		77,408
Pal Co., Ltd.		2,100		59,887
Sanrio Co., Ltd. (b)		6,700		179,617
Shimachu Co., Ltd. (b)		8,200		216,752
United Arrows, Ltd. (b)		3,029		90,169
VT Holdings Co., Ltd. (b)		4,300		18,860
Xebio Co., Ltd.		4,561		79,297
Yellow Hat, Ltd.		1,000		21,413
				2,508,422
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.1%
Eizo Corp. (b)		3,800		83,272
Hitachi Maxell, Ltd.		6,300		109,163
Japan Digital Laboratory Co., Ltd.		4,700		62,001
Melco Holdings, Inc. (b)		2,200		41,441
Riso Kagaku Corp.		6,700		110,619
Roland DG Corp.		1,000		27,100
Toshiba TEC Corp.		21,000		139,212
Wacom Co., Ltd. (b)		20,900		100,731
				673,539
TEXTILES, APPAREL & LUXURY GOODS — 1.6%
Atsugi Co., Ltd.		59,470		59,011
Descente, Ltd.		5,000		62,206
Fujibo Holdings, Inc.		8,000		19,946
Gunze, Ltd.		35,348		94,615
Japan Wool Textile Co., Ltd.		12,170		88,085
Kurabo Industries, Ltd.		29,000		51,024
Onward Holdings Co., Ltd. (b)		19,000		132,766
Sanyo Shokai, Ltd.		17,516		45,132
Seiko Holdings Corp. (b)		14,649		74,024
Seiren Co., Ltd.		9,400		84,261
TSI Holdings Co., Ltd.		13,500		91,182
Unitika, Ltd. (c)		87,084		39,938
Wacoal Holdings Corp.		11,000		124,011
Yondoshi Holdings, Inc. (b)		3,300		63,124
				1,029,325
TRADING COMPANIES & DISTRIBUTORS — 2.7%
Hanwa Co., Ltd.		28,032		114,068
Inaba Denki Sangyo Co., Ltd.		3,863		140,121
Inabata & Co., Ltd.		9,475		94,651
Iwatani Corp. (b)		26,422		173,613
Kanamoto Co., Ltd.		3,500		100,980
Kanematsu Corp.		61,000		89,014
Kuroda Electric Co., Ltd.		7,000		112,187
Mitani Corp.		1,200		25,926

See accompanying notes to financial statements.

324

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
MonotaRO Co., Ltd. (b)		4,300	$	156,331
Nagase & Co., Ltd.		10,700		140,347
Nichiden Corp.		3,400		76,520
Nippon Steel & Sumikin Bussan Corp.		12,000		41,526
Nishio Rent All Co., Ltd.		2,600		74,905
Okaya & Co., Ltd.		1,100		75,305
Trusco Nakayama Corp.		4,400		138,136
Wakita & Co., Ltd.		7,200		70,124
Yamazen Corp.		12,500		102,877
				1,726,631
TRANSPORTATION INFRASTRUCTURE — 0.2%
Sumitomo Warehouse Co., Ltd.		25,563		141,750
WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Japan Communications, Inc. (b)(c)		16,800		69,484
Okinawa Cellular Telephone Co.		1,000		29,143
WirelessGate, Inc.		1,000		26,725
				125,352
TOTAL COMMON STOCKS —
(Cost $66,092,164)				61,829,391
SHORT TERM INVESTMENTS — 13.9%
UNITED STATES — 13.9%
MONEY MARKET FUNDS — 13.9%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		8,669,834		8,669,834
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		56,654		56,654
TOTAL SHORT TERM INVESTMENT —
(Cost $8,726,488)				8,726,488
TOTAL INVESTMENTS — 112.3%
(Cost $74,818,652)				70,555,879
OTHER ASSETS & LIABILITIES — (12.3)%				(7,745,224	)
NET ASSETS — 100.0%			$	62,810,655

(a)	Amount shown represents less than 0.05% of net assets.
(b)	A portion of the security was on loan at March 31, 2015.
(c)	Non-income producing security
(d)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

325

SPDR S&P Global Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 6.6%
APA Group		89,856	$	621,242
Challenger, Ltd.		80,536		441,137
Coca-Cola Amatil, Ltd. (a)		97,972		806,837
Novion Property Group		345,467		662,438
Sonic Healthcare, Ltd. (a)		28,764		449,154
Woolworths, Ltd. (a)		21,012		473,377
				3,454,185
BRAZIL — 1.0%
Natura Cosmeticos SA		59,949		504,561
CANADA — 15.6%
Bank of Montreal (a)		5,999		359,514
Bank of Nova Scotia		7,522		377,377
Canadian Imperial Bank of Commerce (a)		5,263		381,562
Cominar Real Estate Investment Trust		48,134		729,326
Emera, Inc.		14,377		467,692
Enbridge Income Fund Holdings, Inc.		13,567		399,565
Fortis, Inc. (a)		12,667		385,861
Great-West Lifeco, Inc. (a)		13,683		395,635
IGM Financial, Inc.		13,167		467,941
Labrador Iron Ore Royalty Corp. (a)		43,006		458,753
National Bank of Canada (a)		10,676		389,781
Power Corp. of Canada (a)		14,525		384,428
Power Financial Corp. (a)		13,433		397,634
RioCan REIT		21,918		501,354
Rogers Communications, Inc. (Class B) (a)		12,814		428,988
Royal Bank of Canada (a)		5,837		351,372
Shaw Communications, Inc. (Class B) (a)		17,259		387,288
TELUS Corp.		12,999		431,795
Vermilion Energy, Inc. (a)		12,200		512,949
				8,208,815
CHINA — 1.8%
Jiangsu Expressway Co., Ltd. (Class H)		394,000		529,531
Sino Land Co., Ltd.		238,887		389,464
				918,995
FINLAND — 2.4%
Fortum Oyj (a)		32,920		691,565
Konecranes Oyj (a)		18,251		576,286
				1,267,851
FRANCE — 6.6%
Klepierre		9,213		452,092
Neopost SA (a)		18,974		1,042,338
Sanofi		4,700		464,044
Total SA (a)		13,140		653,049
Unibail-Rodamco SE		1,495		403,094
Vinci SA		8,155		466,213
				3,480,830
GERMANY — 3.8%
Bilfinger SE		13,451		780,249
Deutsche Euroshop AG		7,671		381,202
Muenchener Rueckversicherungs- Gesellschaft AG		2,121		457,299
Siemens AG		3,655		395,295
				2,014,045
HONG KONG — 0.8%
CLP Holdings, Ltd.		50,500		441,294
ITALY — 2.8%
Atlantia SpA		18,410		483,433
Hera SpA		229,218		538,150
Tod’s SpA		4,667		423,544
				1,445,127
JAPAN — 2.8%
Canon, Inc.		15,700		556,128
TonenGeneral Sekiyu K.K.		50,000		432,353
UNY Group Holdings Co., Ltd.		84,900		476,445
				1,464,926
MALAYSIA — 0.6%
AMMB Holdings Bhd		197,000		338,307
NORWAY — 2.4%
Orkla ASA		82,116		621,033
Statoil ASA		36,536		647,385
				1,268,418
PORTUGAL — 1.2%
EDP — Energias de Portugal SA		167,658		627,525
SINGAPORE — 1.0%
Singapore Telecommunications, Ltd.		171,400		547,300
SOUTH AFRICA — 3.9%
Foschini Group, Ltd.		34,883		519,866
MTN Group, Ltd.		31,239		528,546
Standard Bank Group, Ltd. (a)		29,113		403,671
Truworths International, Ltd.		83,969		611,667
				2,063,750
SOUTH KOREA — 1.1%
KT&G Corp.		6,872		549,413
SPAIN — 1.8%
Abertis Infraestructuras SA		23,519		425,242
Enagas SA		18,376		525,565
				950,807
SWEDEN — 2.2%
Skanska AB (Class B)		20,482		459,323
TeliaSonera AB		108,712		690,791
				1,150,114
SWITZERLAND — 3.0%
Baloise Holding AG		2,732		361,998
PSP Swiss Property AG (b)		3,578		337,613
Swiss Prime Site AG (b)		5,440		473,263
Syngenta AG		1,231		419,120
				1,591,994
TAIWAN — 1.0%
Simplo Technology Co., Ltd.		105,000		528,524
THAILAND — 1.0%
Advanced Info Service PCL NVDR		75,100		546,979
UNITED KINGDOM — 14.4%
Aberdeen Asset Management PLC		62,757		428,176

See accompanying notes to financial statements.

326

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Amec Foster Wheeler PLC		47,167	$	634,026
Amlin PLC		71,143		533,868
BAE Systems PLC		66,153		514,099
BHP Billiton PLC		31,132		680,985
British American Tobacco PLC		8,595		445,108
Carillion PLC (a)		119,071		577,832
Centrica PLC		176,482		662,829
GlaxoSmithKline PLC		30,188		692,826
Sky PLC		30,155		444,518
Tate & Lyle PLC		54,864		486,638
United Business Media PLC		85,478		671,259
William Morrison Supermarkets PLC		282,549		811,625
				7,583,789
UNITED STATES — 21.4%
AT&T, Inc. (a)		19,479		635,989
CME Group, Inc. (a)		4,939		467,773
Consolidated Edison, Inc. (a)		6,405		390,705
Darden Restaurants, Inc. (a)		7,384		512,007
Entergy Corp.		4,946		383,266
HollyFrontier Corp. (a)		32,293		1,300,439
Mattel, Inc. (a)		20,616		471,076
National Health Investors, Inc. (a)		5,665		402,272
New York Community Bancorp, Inc. (a)		39,354		658,392
Northwest Natural Gas Co. (a)		8,545		409,733
Old Republic International Corp. (a)		34,300		512,442
People’s United Financial, Inc. (a)		29,902		454,510
Pepco Holdings, Inc.		17,283		463,703
PPL Corp.		13,464		453,198
R.R. Donnelley & Sons Co. (a)		45,760		878,134
Southern Co. (a)		9,700		429,516
UIL Holdings Corp. (a)		10,074		518,005
Universal Corp. (a)		14,189		669,153
Verizon Communications, Inc. (a)		11,479		558,224
Williams Cos., Inc. (a)		14,051		710,840
				11,279,377
TOTAL COMMON STOCKS —
(Cost $52,877,352)				52,226,926
SHORT TERM INVESTMENTS — 16.6%
UNITED STATES — 16.6%
MONEY MARKET FUNDS — 16.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		8,361,230		8,361,230
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e)		370,797		370,797
TOTAL SHORT TERM INVESTMENT —
(Cost $8,732,027)				8,732,027
TOTAL INVESTMENTS — 115.8%
(Cost $61,609,379)				60,958,953
OTHER ASSETS & LIABILITIES — (15.8)%				(8,299,178	)
NET ASSETS — 100.0%			$	52,659,775

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

327

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 14.7%
APA Group		2,611,173	$	18,052,993
ASX, Ltd.		170,077		5,380,415
Australia & New Zealand Banking Group, Ltd.		228,455		6,394,714
Bendigo & Adelaide Bank, Ltd. (a)		517,201		4,958,703
Commonwealth Bank of Australia		70,499		5,030,311
Dexus Property Group		948,651		5,493,393
DUET Group		6,318,171		12,308,257
Federation Centres		2,423,898		5,629,281
Fortescue Metals Group, Ltd. (a)		17,631,137		26,399,846
Insurance Australia Group, Ltd.		1,294,397		6,032,014
Metcash, Ltd. (a)		12,810,818		15,169,580
Mineral Resources, Ltd. (a)		1,303,745		6,722,974
National Australia Bank, Ltd.		225,256		6,633,852
Novion Property Group		6,946,710		13,320,419
Spark Infrastructure Group		3,881,629		5,871,434
Stockland		3,730,505		12,824,639
Tatts Group, Ltd.		4,540,876		13,806,631
Westpac Banking Corp.		214,199		6,444,039
WorleyParsons, Ltd.		2,776,030		20,253,147
				196,726,642
BRAZIL — 0.5%
Companhia Energetica de Minas Gerais ADR (a)		1,718,481		7,028,587
CANADA — 18.4%
Artis REIT		692,026		8,185,195
Baytex Energy Corp. (a)		2,651,065		41,927,226
Bonterra Energy Corp. (a)		221,234		5,923,446
Calloway REIT		502,520		11,546,255
Canadian Oil Sands, Ltd. (a)		6,435,911		50,054,262
Cominar Real Estate Investment Trust		585,090		8,865,280
Crescent Point Energy Corp. (a)		1,677,289		37,399,638
Dream Office Real Estate Investment Trust		454,383		9,453,606
Enerplus Corp. (a)		2,951,617		29,924,013
Freehold Royalties, Ltd. (a)		507,568		7,189,712
Whitecap Resources, Inc. (a)		3,197,819		36,257,940
				246,726,573
CHINA — 2.2%
Bank of China, Ltd. (Class H)		7,720,000		4,460,903
China CITIC Bank Corp., Ltd. (Class H)		5,267,000		3,967,378
Country Garden Holdings Co., Ltd.		13,269,200		5,356,936
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		4,361,200		4,471,987
Industrial & Commercial Bank of China, Ltd. (Class H)		6,122,000		4,516,653
Xinyi Glass Holdings, Ltd. (a)		10,454,000		6,458,705
				29,232,562
COLOMBIA — 1.1%
Ecopetrol SA ADR (a)		961,628		14,635,978
CZECH REPUBLIC — 0.4%
Komercni Banka AS		23,896		5,159,685
DENMARK — 1.7%
TDC A/S (a)		3,112,353		22,282,228
FINLAND — 4.0%
Elisa Oyj (a)		593,688		14,920,325
Fortum Oyj (a)		1,351,296		28,387,260
Orion Oyj (Class B) (a)		379,235		10,707,871
				54,015,456
FRANCE — 3.7%
Fonciere Des Regions (b)		76,141		7,537,239
Fonciere Des Regions (a)(b)(c)		4,992		481,186
Neopost SA (a)		166,681		9,156,635
Total SA (a)		645,105		32,061,289
				49,236,349
GERMANY — 5.5%
Drillisch AG (a)		401,232		15,739,464
Freenet AG		580,552		17,505,118
ProSiebenSat.1 Media AG		449,862		22,082,445
Telefonica Deutschland Holding AG (c)		3,098,449		17,889,893
				73,216,920
HONG KONG — 5.0%
Agile Property Holdings, Ltd.		13,354,000		8,026,472
China Power International Development, Ltd. (a)		7,175,000		3,757,296
Evergrande Real Estate Group, Ltd. (a)		30,496,000		15,379,671
Greentown China Holdings, Ltd. (a)		5,955,000		5,345,870
Poly Property Group Co., Ltd. (a)		13,581,000		6,603,901
SJM Holdings, Ltd. (a)		15,469,000		20,231,478
Yue Yuen Industrial Holdings, Ltd.		2,203,500		7,787,374
				67,132,062
INDONESIA — 0.6%
Matahari Putra Prima Tbk PT		24,386,100		7,385,771
ITALY — 2.5%
Mediolanum SpA		932,783		7,528,592
Terna Rete Elettrica Nazionale SpA		5,849,451		25,757,464
				33,286,056
MEXICO — 1.0%
Grupo Financiero Santander Mexico SAB de CV ADR (Class B) (a)		1,203,525		13,142,493
NETHERLANDS — 0.4%
Delta Lloyd NV		290,298		5,468,620
NEW ZEALAND — 1.1%
Spark New Zealand, Ltd. (a)		6,797,173		15,189,658
NORWAY — 2.1%
Aker Solutions ASA (c)		3,018,478		15,719,562
Gjensidige Forsikring ASA		678,974		11,727,511
				27,447,073
PORTUGAL — 1.9%
EDP — Energias de Portugal SA		6,883,618		25,764,617
RUSSIA — 1.0%
MegaFon OAO GDR		856,649		13,706,384
SINGAPORE — 2.9%
Ascendas REIT		7,058,000		13,326,689

See accompanying notes to financial statements.

328

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Hutchison Port Holdings Trust (a)		18,229,000	$	12,669,155
Keppel REIT (a)		14,954,000		13,082,161
				39,078,005
SOUTH AFRICA — 2.9%
Growthpoint Properties, Ltd. REIT		5,158,829		12,207,047
Kumba Iron Ore, Ltd. (a)		658,384		8,476,872
MMI Holdings, Ltd.		1,792,050		4,854,231
Redefine Properties, Ltd.		6,855,132		7,015,672
Vodacom Group, Ltd. (a)		531,514		5,820,827
				38,374,649
SPAIN — 1.6%
Enagas SA		750,417		21,462,385
SWEDEN — 4.5%
NCC AB (Class B) (a)		566,609		18,764,215
Ratos AB (Class B)		1,165,978		7,990,364
Swedbank AB (Class A) (a)		239,451		5,722,468
TeliaSonera AB		4,462,771		28,357,889
				60,834,936
SWITZERLAND — 1.3%
Swiss Re AG		111,546		10,806,629
Zurich Insurance Group AG (c)		19,364		6,564,980
				17,371,609
THAILAND — 1.1%
Advanced Info Service PCL		16,400		119,447
Advanced Info Service PCL NVDR		584,800		4,259,299
Intouch Holdings PCL NVDR		2,172,254		5,156,934
PTT Global Chemical PCL NVDR		3,644,000		5,851,229
				15,386,909
TURKEY — 1.2%
Koza Altin Isletmeleri AS		765,211		8,296,048
Tofas Turk Otomobil Fabrikasi AS		580,830		3,523,232
Turk Telekomunikasyon AS		1,419,418		3,771,995
				15,591,275
UNITED KINGDOM — 16.1%
Admiral Group PLC		367,342		8,343,390
Amlin PLC		789,055		5,921,189
Berkeley Group Holdings PLC		704,547		27,601,321
Carillion PLC (a)		1,766,509		8,572,575
Catlin Group, Ltd.		464,827		4,895,807
Centrica PLC		7,321,870		27,499,389
Friends Life Group, Ltd.		1,013,797		6,224,609
J Sainsbury PLC (a)		8,508,905		32,740,792
National Grid PLC		1,580,334		20,285,927
Phoenix Group Holdings		555,760		6,711,589
Royal Dutch Shell PLC (Class A)		1,228,704		36,626,169
Vodafone Group PLC		9,363,949		30,644,296
				216,067,053
TOTAL COMMON STOCKS —
(Cost $1,454,016,093)				1,330,950,535
SHORT TERM INVESTMENTS — 19.7%
UNITED STATES — 19.7%
MONEY MARKET FUNDS — 19.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		256,793,287		256,793,287
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f)		6,777,308		6,777,308
TOTAL SHORT TERM INVESTMENT —
(Cost $263,570,595)				263,570,595
TOTAL INVESTMENTS — 119.1%
(Cost $1,717,586,688)				1,594,521,130
OTHER ASSETS & LIABILITIES — (19.1)%				(256,164,005	)
NET ASSETS — 100.0%			$	1,338,357,125

(a)	A portion of the security was on loan at March 31, 2015.
(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

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.

329

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 6.2%
ALS, Ltd. (a)		11,215	$	42,496
Alumina, Ltd.		61,618		75,552
Ansell, Ltd.		4,394		92,480
Aristocrat Leisure, Ltd.		14,186		91,359
AusNet Services		42,929		47,882
Bank of Queensland, Ltd.		11,551		121,688
Bendigo & Adelaide Bank, Ltd. (a)		13,202		126,575
BGP Holdings PLC (b)(c)(d)		31,422		0
BlueScope Steel, Ltd.		16,701		53,332
Boral, Ltd.		22,880		111,517
carsales.com, Ltd.		6,718		53,016
Challenger, Ltd.		13,034		71,394
Cochlear, Ltd. (a)		1,801		124,558
DUET Group		37,256		72,577
DuluxGroup, Ltd.		22,700		110,987
Echo Entertainment Group, Ltd.		26,949		93,056
Federation Centres		44,343		102,983
Flight Centre Travel Group, Ltd. (a)		1,658		50,222
GrainCorp, Ltd.		7,005		50,357
Harvey Norman Holdings, Ltd. (a)		24,978		84,915
Healthscope, Ltd.		32,870		76,840
Iluka Resources, Ltd. (a)		12,261		79,618
Incitec Pivot, Ltd.		44,975		139,840
Investa Office Fund		23,976		71,434
IOOF Holdings, Ltd.		14,049		110,440
Metcash, Ltd. (a)		26,812		31,749
New Hope Corp., Ltd.		5,214		9,679
Perpetual, Ltd. (a)		2,788		117,187
Platinum Asset Management, Ltd. (a)		4,122		24,625
Primary Health Care, Ltd.		14,455		60,736
Qantas Airways, Ltd. (b)		33,346		79,481
Reece Australia, Ltd.		1,274		33,578
Seven Group Holdings, Ltd.		2,756		15,180
Sims Metal Management, Ltd. (a)		6,369		60,187
Spark Infrastructure Group (a)		27,950		42,278
Tabcorp Holdings, Ltd.		23,463		84,962
Tatts Group, Ltd.		50,797		154,449
Toll Holdings, Ltd.		21,054		142,506
TPG Telecom, Ltd.		7,649		53,584
Treasury Wine Estates, Ltd.		19,812		77,493
Washington H Soul Pattinson & Co., Ltd. (a)		3,234		37,282
WorleyParsons, Ltd.		6,223		45,401
				3,125,475
AUSTRIA — 0.8%
ams AG		2,040		97,978
Atrium European Real Estate, Ltd. (b)		3,755		17,547
CA Immobilien Anlagen AG (b)		6,030		113,075
IMMOFINANZ AG (b)		33,624		98,839
Mayr Melnhof Karton AG		203		20,930
Oesterreichische Post AG		859		42,253
				390,622
BELGIUM — 0.9%
Ackermans & van haaren NV		678		79,480
Bekaert NV		919		24,779
bpost SA		1,882		52,765
Cofinimmo SA		1,225		143,603
Elia System Operator SA/NV		713		30,003
Financiere de Tubize SA		433		25,828
S.A. D’Ieteren NV		457		16,010
Sofina SA		530		54,759
				427,227
BERMUDA — 0.3%
Hiscox, Ltd.		11,614		146,724
CANADA — 8.3%
Aimia, Inc.		6,653		67,817
Air Canada (b)		8,748		85,580
Allied Properties REIT		3,682		117,103
Amaya, Inc. (a)(b)		3,609		84,633
Atco, Ltd. (Class I)		3,179		113,254
Athabasca Oil Corp. (b)		8,545		14,169
Boardwalk REIT		719		33,466
Bonavista Energy Corp. (a)		4,429		22,311
CAE, Inc. (a)		6,979		81,445
Calloway REIT		1,579		36,280
Canadian Apartment Properties REIT		1,649		38,019
Canadian REIT		1,010		37,090
Canadian Western Bank		3,721		81,471
Canfor Corp. (b)		2,237		44,775
Capital Power Corp. (a)		4,857		93,995
CCL Industries, Inc. (Class B)		824		92,712
Cineplex, Inc. (a)		1,770		69,710
Cogeco Cable, Inc. (a)		470		25,201
Cominar Real Estate Investment Trust		1,883		28,531
DH Corp.		4,255		129,985
Dream Office Real Estate Investment Trust		1,144		23,801
E-L Financial Corp., Ltd.		88		45,859
Element Financial Corp. (b)		10,345		139,839
Emera, Inc.		3,564		115,939
Enerplus Corp. (a)		6,340		64,276
Ensign Energy Services, Inc.		2,921		22,902
First Capital Realty, Inc. (a)		2,589		40,332
Genworth MI Canada, Inc.		710		15,697
Gibson Energy, Inc. (a)		3,854		79,058
Home Capital Group, Inc. (a)		1,649		55,414
HudBay Minerals, Inc.		11,752		96,132
Hudson’s Bay Co.		3,408		70,555
Industrial Alliance Insurance & Financial Services, Inc.		2,787		93,237
InterOil Corp. (b)		1,060		48,908
Jean Coutu Group PJC, Inc. (Class A)		3,161		67,563
Kinross Gold Corp. (b)		37,137		82,396
Linamar Corp.		1,534		94,584
Lundin Mining Corp. (b)		18,113		73,081
MacDonald, Dettwiler & Associates, Ltd.		945		73,235
Mullen Group, Ltd. (a)		2,237		35,485
New Gold, Inc. (b)		14,317		48,044
Pan American Silver Corp.		4,802		42,162
Pason Systems, Inc.		3,841		60,534
Pengrowth Energy Corp. (a)		11,741		35,228
Penn West Petroleum, Ltd. (a)		16,221		26,768
PrairieSky Royalty, Ltd. (a)		3,511		82,834
Precision Drilling Corp. (a)		12,526		79,518

See accompanying notes to financial statements.

330

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Progressive Waste Solutions, Ltd. (a)		4,813	$	141,293
Quebecor, Inc. (Class B)		2,586		69,178
Ritchie Bros Auctioneers, Inc. (a)		2,162		53,926
Russel Metals, Inc. (a)		2,860		54,287
Secure Energy Services, Inc.		5,140		65,584
Seven Generations Energy, Ltd. (Class A) (a)(b)		5,435		69,305
ShawCor, Ltd. (Class A)		1,400		38,910
Stantec, Inc. (a)		2,598		62,176
Tahoe Resources, Inc. (a)		1,905		20,878
TMX Group, Ltd. (a)		464		19,938
TransAlta Corp. (a)		7,516		69,730
TransForce, Inc.		3,089		73,170
Trican Well Service, Ltd.		8,854		24,119
Trilogy Energy Corp. (a)		1,725		10,120
Veresen, Inc. (a)		9,145		120,441
West Fraser Timber Co., Ltd.		1,992		101,920
Westshore Terminals Investment Corp.		2,327		57,380
Whitecap Resources, Inc. (a)		9,101		103,190
				4,166,473
DENMARK — 1.1%
FLSmidth & Co. A/S (a)		1,508		67,856
Genmab A/S (b)		1,316		98,946
GN Store Nord A/S (a)		5,508		122,893
H. Lundbeck A/S (a)(b)		1,715		36,119
Royal Unibrew A/S (b)		73		12,237
Sydbank A/S		2,433		76,285
Topdanmark A/S (b)		2,315		69,323
William Demant Holding A/S (b)		702		59,543
				543,202
FINLAND — 1.5%
Amer Sports Oyj (a)		3,081		66,180
Cargotec Oyj (a)		1,085		37,522
Elisa Oyj (a)		5,634		141,591
Huhtamaki Oyj		2,204		68,527
Kemira Oyj		1,484		18,393
Kesko Oyj (Class B)		2,061		88,031
Neste Oil Oyj (a)		3,851		100,918
Nokian Renkaat Oyj (a)		3,751		112,196
Outokumpu Oyj (b)		13,705		108,996
				742,354
FRANCE — 3.5%
Air France-KLM (a)(b)		3,472		30,518
Arkema SA		2,529		200,261
bioMerieux		426		41,223
Bourbon SA		1,175		20,128
Eramet (b)		292		26,707
Eurazeo SA		847		58,065
Faurecia		1,425		62,289
Havas SA		7,651		58,013
Ipsen SA		1,579		74,626
Korian-Medica		2,970		100,510
Lagardere SCA		3,925		117,780
Mercialys SA REIT		2,902		73,664
Metropole Television SA		2,039		40,841
Neopost SA (a)		1,043		57,297
Nexity		1,019		42,589
Orpea		1,275		80,312
Plastic Omnium SA		1,832		48,373
Remy Cointreau SA		1,438		105,792
Rubis SCA (a)		1,197		75,991
Sa des Ciments Vicat		523		38,302
Sartorius Stedim Biotech		141		29,946
Schneider Electric SE		575		44,680
SEB SA		874		62,985
Societe Television Francaise 1		3,416		60,535
Technicolor SA (b)		7,926		51,126
Teleperformance		1,812		124,180
Vilmorin & Cie (a)		177		14,358
				1,741,091
GERMANY — 4.2%
Aareal Bank AG		1,644		69,381
Aurubis AG (a)		794		45,000
Bilfinger SE		1,794		104,064
Carl Zeiss Meditec AG (a)		798		20,865
CTS Eventim AG & Co. KGaA		1,576		49,594
Deutsche Annington Immobilien SE		—		10
Deutsche Euroshop AG		848		42,140
Dialog Semiconductor PLC (b)		2,795		126,272
Drillisch AG		1,852		72,650
Duerr AG		768		84,545
ElringKlinger AG		827		24,861
Freenet AG		4,167		125,646
Gerresheimer AG		1,154		63,655
Gerry Weber International AG (a)		650		22,479
KION Group AG		561		22,989
Krones AG		399		41,537
KUKA AG		826		63,624
KWS Saat AG		64		18,662
LEG Immobilien AG (b)		2,434		193,105
Leoni AG		1,193		75,557
MorphoSys AG (b)		1,160		73,268
MTU Aero Engines AG		1,547		151,726
OSRAM Licht AG		2,480		123,321
Puma AG Rudolf Dassler Sport		71		13,169
Rational AG		73		24,442
Rheinmetall AG		2,046		98,894
RHOEN-KLINIKUM AG		1,958		48,640
Salzgitter AG		1,108		32,231
SGL Carbon AG (a)(b)		1,173		19,124
Software AG		1,653		43,051
Stada Arzneimittel AG		2,008		67,059
Suedzucker AG (a)		742		9,085
Wirecard AG		3,487		147,405
				2,118,051
HONG KONG — 2.4%
ASM Pacific Technology, Ltd. (a)		6,100		63,533
Brightoil Petroleum Holdings, Ltd. (a)(b)		37,000		12,551
Cafe de Coral Holdings, Ltd.		12,000		42,951
Champion REIT		93,000		44,263
Esprit Holdings, Ltd. (a)		65,816		66,809
First Pacific Co., Ltd.		72,500		72,378
Genting Hong Kong, Ltd.		53,032		19,092
Goldin Financial Holdings, Ltd. (b)		70,000		221,203
Great Eagle Holdings, Ltd.		4,000		14,085

See accompanying notes to financial statements.

331

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Hopewell Highway Infrastructure, Ltd. (a)		2,075	$	988
Hopewell Holdings		31,500		118,231
Johnson Electric Holdings, Ltd.		10,000		35,212
Macau Legend Development, Ltd. (a)(b)		213,595		73,833
Melco International Development, Ltd. (a)		33,000		55,588
Orient Overseas International, Ltd.		2,500		15,252
PCCW, Ltd.		139,807		85,294
SA SA International Holdings, Ltd. (a)		22,000		10,754
Shangri-La Asia, Ltd.		66,000		90,746
Stella International Holdings, Ltd.		17,500		41,758
Television Broadcasts, Ltd.		9,200		56,780
Towngas China Co., Ltd. (a)		12,000		10,974
VTech Holdings, Ltd. (a)		3,200		45,649
				1,197,924
IRELAND — 1.6%
Dragon Oil PLC		11,171		96,377
Glanbia PLC		3,982		73,837
Grafton Group PLC		10,629		127,887
ICON PLC (b)		1,613		113,765
King Digital Entertainment PLC (a)		956		15,334
Kingspan Group PLC		3,251		61,574
Paddy Power PLC		1,499		128,327
Smurfit Kappa Group PLC		6,460		181,360
				798,461
ISRAEL — 0.8%
Azrieli Group		715		29,433
Bezeq The Israeli Telecommunication Corp., Ltd.		57,383		107,069
Delek Group, Ltd.		124		31,992
Gazit-Globe, Ltd.		2,295		28,394
Israel Corp., Ltd.		75		26,140
Mizrahi Tefahot Bank, Ltd. (b)		2,966		30,132
NICE Systems, Ltd.		2,057		126,160
Osem Investments, Ltd.		1,876		37,542
				416,862
ITALY — 2.8%
A2A SpA		34,230		35,568
Ansaldo STS SpA		3,537		35,822
Autogrill SpA (b)		3,000		29,111
Azimut Holding SpA		2,793		79,702
Banca Generali SpA		1,484		46,492
Banca Popolare dell’Emilia Romagna SC (b)		12,315		107,596
Banca Popolare di Milano Scarl (b)		173,483		176,166
Buzzi Unicem SpA		3,480		32,853
Davide Campari-Milano SpA (a)		9,113		63,569
De’ Longhi SpA		1,404		30,444
DiaSorin SpA		619		27,211
FinecoBank Banca Fineco SpA (b)		13,723		94,695
Gtech Spa (a)		2,068		40,978
Hera SpA		11,719		27,513
Italcementi SpA		5,792		46,188
Mediaset SpA (b)		23,410		106,955
Moncler SpA		4,196		70,347
Prysmian SpA		6,421		132,337
Recordati SpA		3,925		73,349
Tod’s SpA (a)		537		48,734
Unipol Gruppo Finanziario SpA		13,803		73,173
World Duty Free SpA (a)(b)		2,625		28,277
				1,407,080
JAPAN — 32.5%
Advance Residence Investment Corp.		60		144,140
Advantest Corp. (a)		6,100		77,264
Aeon Credit Service Co., Ltd. (a)		5,200		131,599
Aiful Corp. (a)(b)		4,800		17,051
Air Water, Inc.		7,000		125,378
Alfresa Holdings Corp.		8,800		124,378
Alps Electric Co., Ltd.		7,900		191,234
Amada Co., Ltd. (a)		11,100		107,089
Asics Corp.		7,700		209,956
Bank of Kyoto, Ltd.		11,000		115,481
Benesse Holdings, Inc. (a)		3,300		104,015
Calbee, Inc.		4,700		204,578
Canon Marketing Japan, Inc.		3,300		66,344
Chugoku Bank, Ltd.		6,400		95,793
Citizen Holdings Co., Ltd. (a)		9,700		74,575
Coca-Cola East Japan Co., Ltd. (a)		1,000		20,429
Credit Saison Co., Ltd.		3,900		70,179
CyberAgent, Inc.		700		40,217
Daicel Corp.		11,200		133,830
DIC Corp.		28,000		81,718
Disco Corp.		900		92,158
Don Quijote Holdings Co., Ltd.		2,000		163,102
Dowa Holdings Co., Ltd.		12,000		102,864
Ebara Corp. (a)		22,000		93,008
Ezaki Glico Co., Ltd.		1,000		40,525
FamilyMart Co., Ltd.		3,300		138,687
Frontier Real Estate Investment Corp.		25		119,033
Fuji Electric Holdings Co., Ltd.		33,000		156,023
Fuji Television Network, Inc.		3,300		46,889
Fukuoka Financial Group, Inc.		33,000		170,331
GLP J-REIT		117		121,268
Gunma Bank, Ltd.		17,000		115,105
Hachijuni Bank, Ltd.		14,000		98,995
Hakuhodo DY Holdings, Inc. (a)		6,600		70,389
Hamamatsu Photonics K.K.		6,600		200,050
Haseko Corp.		8,300		81,114
Hiroshima Bank, Ltd.		33,000		178,311
Hisamitsu Pharmaceutical Co., Inc.		4,400		180,880
Hitachi Capital Corp.		3,300		69,866
Hitachi Construction Machinery Co., Ltd. (a)		3,300		57,841
Hokuhoku Financial Group, Inc.		33,000		73,746
Hokuriku Electric Power Co.		6,300		83,580
Hoshizaki Electric Co., Ltd.		2,300		150,169
Ibiden Co., Ltd. (b)		3,300		55,777
Idemitsu Kosan Co., Ltd. (a)		6,400		111,643
Iida Group Holdings Co., Ltd.		8,500		106,175
Isetan Mitsukoshi Holdings, Ltd.		16,100		266,890
Iyo Bank, Ltd.		10,200		121,371
J Front Retailing Co., Ltd.		12,700		200,044
Japan Airport Terminal Co., Ltd. (a)		3,000		182,114
Japan Display, Inc. (a)(b)		20,845		75,089
Japan Prime Realty Investment Corp.		33		113,784

See accompanying notes to financial statements.

332

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Japan Retail Fund Investment Corp.		77	$	153,197
Joyo Bank, Ltd. (a)		33,000		170,056
JSR Corp.		6,200		107,689
Kakaku.com, Inc. (a)		4,000		66,642
Kamigumi Co., Ltd.		8,000		75,714
Kaneka Corp.		11,000		77,599
Kansai Paint Co., Ltd.		8,000		145,691
Kawasaki Kisen Kaisha, Ltd. (a)		28,000		75,414
Keihan Electric Railway Co., Ltd.		16,000		97,661
Keio Corp.		16,000		125,812
Keisei Electric Railway Co., Ltd.		10,000		124,494
Kewpie Corp.		3,300		80,460
Kikkoman Corp. (a)		6,000		190,869
Koito Manufacturing Co., Ltd.		4,900		147,705
Konami Corp.		4,300		80,675
Kuraray Co., Ltd.		10,200		138,381
Kurita Water Industries, Ltd.		6,100		147,763
Mabuchi Motor Co., Ltd.		1,600		84,986
Marui Group Co., Ltd. (a)		14,900		169,593
Medipal Holdings Corp.		13,100		170,953
Miraca Holdings, Inc.		3,300		152,170
MISUMI Group, Inc.		3,300		133,458
Mitsubishi Gas Chemical Co., Inc.		24,000		118,474
Mitsubishi Materials Corp. (a)		50,000		168,439
Mitsubishi UFJ Lease & Finance Co., Ltd.		17,200		85,337
Mitsui Chemicals, Inc.		33,000		106,216
Mitsui OSK Lines, Ltd.		33,000		112,270
Mixi, Inc. (a)		1,400		56,735
Nabtesco Corp.		3,300		95,760
Nagoya Railroad Co., Ltd. (a)		33,000		132,083
Nankai Electric Railway Co., Ltd.		22,000		90,990
NH Foods, Ltd. (a)		9,000		207,730
NHK Spring Co., Ltd.		7,100		74,182
Nihon Kohden Corp.		2,800		76,464
Nippon Electric Glass Co., Ltd.		12,000		58,737
Nippon Express Co., Ltd.		33,000		184,916
Nippon Kayaku Co., Ltd.		8,000		100,530
Nippon Prologis REIT, Inc.		48		105,826
Nippon Shokubai Co., Ltd.		8,000		117,607
Nippon Yusen K.K.		37,000		106,750
Nishi-Nippon City Bank, Ltd.		23,000		66,934
Nissan Chemical Industries, Ltd.		5,400		112,075
Nisshin Seifun Group, Inc.		7,700		90,788
NOK Corp. (a)		3,300		99,612
Nomura Real Estate Holdings, Inc.		3,300		59,602
NTN Corp.		25,000		132,791
NTT Urban Development Corp.		3,300		33,076
Obic Co., Ltd.		3,300		140,338
OJI Paper Co., Ltd. (a)		33,000		135,385
Orix JREIT, Inc.		70		100,396
Otsuka Corp.		800		34,155
Park24 Co., Ltd.		3,300		67,610
Pigeon Corp.		400		33,721
Rinnai Corp.		1,900		141,163
Ryohin Keikaku Co., Ltd.		1,200		174,709
Sankyo Co., Ltd.		3,300		117,636
Sanrio Co., Ltd. (a)		3,300		88,468
Santen Pharmaceutical Co., Ltd.		16,500		240,775
SBI Holdings, Inc.		6,600		80,130
Seven Bank, Ltd.		17,100		84,555
Shikoku Electric Power Co., Inc. (b)		6,300		77,749
Shimadzu Corp.		10,000		111,820
Showa Shell Sekiyu K.K.		6,000		54,934
Sohgo Security Services Co., Ltd. (a)		600		20,488
Sojitz Corp. (a)		38,900		65,198
Stanley Electric Co., Ltd.		7,000		158,591
Sumco Corp.		1,200		20,203
Sumitomo Heavy Industries, Ltd.		33,000		216,560
Sumitomo Rubber Industries, Inc.		4,200		77,679
Suruga Bank, Ltd.		9,900		205,966
Suzuken Co., Ltd.		3,630		110,936
Taiheiyo Cement Corp.		33,000		100,988
Taiyo Nippon Sanso Corp. (a)		11,000		150,336
Takashimaya Co., Ltd. (a)		17,000		167,413
Teijin, Ltd.		28,000		95,260
THK Co., Ltd.		3,700		94,409
Toho Co., Ltd.		8,000		195,989
Toho Gas Co., Ltd.		14,000		81,834
Tokyo Tatemono Co., Ltd.		17,000		124,745
Tosoh Corp.		18,000		90,957
TOTO, Ltd.		15,000		223,265
Toyo Seikan Group Holdings, Ltd.		4,300		63,178
Toyo Suisan Kaisha, Ltd.		5,000		176,360
Toyo Tire & Rubber Co., Ltd.		900		16,263
Toyota Boshoku Corp. (a)		3,300		41,386
Trend Micro, Inc.		3,300		108,968
Tsuruha Holdings, Inc.		1,000		76,715
United Urban Investment Corp.		101		157,574
Yamada Denki Co., Ltd. (a)		29,500		121,764
Yamaguchi Financial Group, Inc. (a)		8,000		92,258
Yamaha Corp.		5,300		92,985
Yaskawa Electric Corp. (a)		7,800		114,537
Yokogawa Electric Corp. (a)		5,700		61,551
Yokohama Rubber Co., Ltd.		8,000		82,718
				16,373,593
JERSEY — 0.2%
Beazley PLC		21,176		90,441
LUXEMBOURG — 0.4%
APERAM SA (b)		426		17,089
B&M European Value Retail SA		2,692		12,488
COLT Group SA (b)		29,419		58,565
Cosmo Pharmaceuticals SA		74		12,350
Eurofins Scientific SE		252		67,865
L’Occitane International SA		10,500		29,930
				198,287
NETHERLANDS — 1.5%
Aalberts Industries NV		2,586		81,293
Arcadis NV		3,257		104,661
ASM International NV		2,139		98,898
Constellium NV (Class A) (b)		2,034		41,331
Delta Lloyd NV		5,133		96,695
Eurocommercial Properties NV		1,788		81,911
Fugro NV		1,456		39,062
PostNL NV (b)		13,476		57,343
SBM Offshore NV (b)		6,575		81,737

See accompanying notes to financial statements.

333

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
TNT Express NV		10,195	$	64,832
				747,763
NEW ZEALAND — 1.0%
Auckland International Airport, Ltd.		21,436		72,337
Contact Energy, Ltd.		13,804		61,903
Fisher & Paykel Healthcare Corp., Ltd.		27,703		136,696
Mighty River Power, Ltd.		12,016		27,933
Ryman Healthcare, Ltd.		11,548		67,893
Sky Network Television, Ltd. (a)		13,083		57,983
Spark New Zealand, Ltd.		24,502		54,755
Xero, Ltd. (b)		1,570		28,374
				507,874
NORWAY — 0.6%
Akastor ASA (a)		4,583		9,218
Aker ASA		645		14,126
Det Norske Oljeselskap ASA (a)(b)		3,311		18,270
DNO ASA (a)(b)		15,442		20,215
Kongsberg Gruppen AS		1,179		23,480
Leroy Seafood Group ASA		661		19,274
Opera Software ASA (a)		4,975		39,971
Salmar ASA		1,741		25,059
SpareBank 1 SR Bank ASA		3,210		22,405
Storebrand ASA (b)		14,489		52,749
TGS Nopec Geophysical Co. ASA		3,427		76,032
				320,799
PORTUGAL — 0.3%
NOS SGPS		12,312		89,137
Portucel SA		7,032		31,486
Sonae SGPS SA		29,490		44,848
				165,471
SINGAPORE — 1.9%
Ascendas REIT		58,800		111,024
CapitaCommercial Trust		40,100		51,598
ComfortDelGro Corp., Ltd.		75,700		159,490
Ezion Holdings, Ltd. (a)		31,200		24,451
First Resources Ltd. (a)		32,900		45,331
Kenon Holdings, Ltd. (b)		524		10,146
Keppel REIT (a)		14,200		12,423
M1, Ltd.		6,200		17,628
Mapletree Logistics Trust		43,311		39,311
Neptune Orient Lines, Ltd. (a)(b)		41,000		30,039
SATS Ltd.		32,900		73,873
SIA Engineering Co., Ltd. (a)		4,500		13,155
Singapore Post, Ltd. (a)		68,600		98,022
Suntec REIT (a)		64,100		86,685
UOL Group, Ltd.		33,893		188,775
				961,951
SOUTH KOREA — 5.3%
BS Financial Group, Inc.		7,171		98,246
Celltrion, Inc. (b)		2,990		188,383
Cheil Worldwide, Inc. (b)		2,406		52,156
CJ CheilJedang Corp.		164		55,876
CJ Korea Express Co., Ltd. (b)		101		17,752
Daelim Industrial Co., Ltd.		1,043		60,731
Daewoo Engineering & Construction Co., Ltd. (b)		5,762		41,185
Daewoo International Corp.		1,742		41,687
Daewoo Securities Co., Ltd.		8,071		94,208
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)		3,048		49,726
DGB Financial Group, Inc.		6,978		76,104
Dongbu Insurance Co., Ltd.		1,814		80,853
Doosan Corp.		699		73,400
Doosan Heavy Industries & Construction Co., Ltd.		641		16,351
Doosan Infracore Co., Ltd. (b)		3,453		37,037
Grand Korea Leisure Co., Ltd.		329		11,224
GS Engineering & Construction Corp. (b)		1,594		43,390
GS Holdings Corp.		2,556		98,835
Hanssem Co., Ltd.		281		46,730
Hanwha Chemical Corp.		2,612		34,373
Hanwha Corp.		2,808		92,001
Hyosung Corp.		568		44,387
Hyundai Department Store Co., Ltd.		360		48,348
Hyundai Development Co.-Engineering & Construction		1,747		89,755
Hyundai Marine & Fire Insurance Co., Ltd.		1,677		37,487
Hyundai Merchant Marine Co., Ltd. (b)		3,891		31,705
Hyundai Mipo Dockyard Co., Ltd. (b)		396		27,198
KEPCO Plant Service & Engineering Co., Ltd.		175		15,395
Korea Aerospace Industries, Ltd.		897		45,600
Korea Gas Corp.		804		29,350
Korea Investment Holdings Co., Ltd.		1,982		112,369
Kumho Petrochemical Co., Ltd.		658		46,557
LG Innotek Co., Ltd.		217		22,689
LG Uplus Corp.		7,262		72,002
Lotte Chilsung Beverage Co., Ltd.		9		13,977
Lotte Confectionery Co., Ltd.		37		59,496
LS Corp.		2,087		97,818
NCSoft Corp.		395		64,620
NH Investment & Securities Co., Ltd.		3,754		48,725
OCI Co., Ltd.		442		41,234
Ottogi Corp.		33		17,758
Paradise Co., Ltd.		539		11,781
S1 Corp.		743		56,188
Samsung Electro-Mechanics Co., Ltd.		2,044		141,677
Samsung Engineering Co., Ltd. (b)		773		26,859
Samsung Securities Co., Ltd.		2,283		107,004
Samsung Techwin Co., Ltd. (b)		1,568		33,496
Young Poong Corp.		25		27,987
Youngone Corp.		212		10,414
				2,692,124
SPAIN — 2.2%
Abengoa SA (Class B)		4,057		14,727
Acciona SA (b)		779		60,054
Acerinox SA		4,073		68,350
Almirall SA (b)		1,842		33,869
Applus Services SA (b)		2,754		30,968
Atresmedia Corp. de Medios de Comunicaion SA		2,492		37,657
Bolsas y Mercados Espanoles SHMSF SA		2,549		113,557
Cia de Distribucion Integral Logista Holdings SAU (b)		1,166		25,165

See accompanying notes to financial statements.

334

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Corporacion Financiera Alba SA		421	$	20,474
Ebro Puleva SA (a)		3,007		56,064
Fomento de Construcciones y Contratas SA (b)		2,410		29,404
Gamesa Corp. Tecnologica SA (b)		9,644		121,858
Grupo Catalana Occidente SA		1,354		40,572
Indra Sistemas SA (a)		3,314		38,903
Inmobiliaria Colonial SA (b)		62,840		42,384
Mediaset Espana Comunicacion SA (b)		6,098		76,364
Melia Hotels International SA		2,287		28,185
Obrascon Huarte Lain SA (a)		1,259		26,820
Prosegur Cia de Seguridad SA		6,287		35,787
Sacyr SA (b)		19,622		82,378
Tecnicas Reunidas SA		746		31,327
Viscofan SA		1,514		92,521
				1,107,388
SWEDEN — 3.6%
AAK AB		756		42,472
Axfood AB (a)		458		24,190
BillerudKorsnas AB		5,216		84,191
Boliden AB		7,456		148,185
Castellum AB		7,967		120,373
Elekta AB (Class B) (a)		12,600		113,157
Great Portland Estates PLC		9,829		118,407
Hexpol AB		768		77,432
Hufvudstaden AB (a)		3,541		48,574
Husqvarna AB (Class B)		10,230		74,139
Intrum Justitia AB		2,428		68,132
JM AB		2,434		81,058
Loomis AB (Class B)		2,367		72,431
Meda AB (Class A)		8,938		141,469
Modern Times Group AB (Class B)		2,276		69,779
NCC AB (Class B)		2,409		79,778
Nibe Industrier AB (Class B) (a)		4,331		107,722
Peab AB		11,157		87,843
Saab AB		1,673		44,715
Securitas AB (Class B)		8,906		127,744
SSAB AB (b)		947		4,217
SSAB AB, (Series A) (a)(b)		7,766		38,217
Swedish Orphan Biovitrum AB (b)		1,409		14,876
Wallenstam AB		1,901		31,389
				1,820,490
SWITZERLAND — 3.0%
Allreal Holding AG (b)		158		23,099
Banque Cantonale Vaudoise		131		75,258
Basellandschaftliche Kantonalbank		24		22,312
Bucher Industries AG		191		46,133
Daetwyler Holding AG		173		24,188
Flughafen Zuerich AG		231		182,174
GAM Holding AG (b)		6,109		127,048
Georg Fischer AG		109		74,627
Helvetia Holding AG		128		68,988
Logitech International SA		5,728		75,780
Luzerner Kantonalbank AG		58		21,288
OC Oerlikon Corp. AG (b)		3,916		45,558
Panalpina Welttransport Holding AG		538		78,598
PSP Swiss Property AG (b)		1,108		104,549
St Galler Kantonalbank AG		57		20,261
Straumann Holding AG		235		64,357
Sulzer AG		714		78,655
Sunrise Communications Group AG (b)(e)		1,019		88,335
Swiss Prime Site AG (b)		1,808		157,290
Temenos Group AG (b)		3,756		129,544
Vontobel Holding AG		559		23,740
				1,531,782
UNITED KINGDOM — 12.4%
AA PLC (b)(f)		18,293		109,439
AA PLC (b)(f)		1,715		458
Abengoa Yield PLC		830		28,037
Amlin PLC		16,573		124,366
Ashmore Group PLC (a)		9,904		41,829
Aveva Group PLC		1,878		41,261
Balfour Beatty PLC		20,633		73,542
BBA Aviation PLC		14,193		70,920
Bellway PLC		3,489		102,604
Berendsen PLC		4,659		77,255
Bodycote PLC		10,113		107,942
Booker Group PLC		43,632		94,372
Britvic PLC		7,207		78,583
BTG PLC (b)		12,822		136,095
Cable & Wireless Communications PLC		142,231		128,691
Capital & Counties Properties PLC		19,434		115,630
Carillion PLC (a)		13,585		65,926
Catlin Group, Ltd.		10,660		112,277
Close Brothers Group PLC		3,099		71,721
Derwent London PLC		2,657		135,054
Drax Group PLC		12,036		65,020
DS Smith PLC		26,608		136,353
Dunelm Group PLC		2,252		28,082
Elementis PLC		16,409		70,690
Essentra PLC		6,353		93,697
Euromoney Institutional Investor PLC		1,151		19,137
FirstGroup PLC (b)		33,712		45,516
Genel Energy PLC (b)		3,969		27,722
Greene King PLC (a)		5,827		72,316
Halma PLC		8,839		91,654
Hays PLC		36,082		81,738
Henderson Group PLC		30,723		128,251
Home Retail Group PLC		41,188		100,887
Howden Joinery Group PLC		18,634		122,709
Hunting PLC		8,029		58,439
ICAP PLC		15,966		124,907
IG Group Holdings PLC		9,455		99,515
Informa PLC		24,384		204,338
Intermediate Capital Group PLC		9,845		73,586
International Personal Finance PLC		6,394		45,580
Jardine Lloyd Thompson Group PLC		3,934		61,145
Jazztel PLC (b)		5,834		79,481
John Wood Group PLC		10,606		99,978
Jupiter Fund Management PLC		9,861		59,872
Just Eat PLC (b)		6,006		38,873
Ladbrokes PLC		21,253		32,907
Lonmin PLC (a)(b)		10,730		18,716
Man Group PLC		57,839		174,987
Markit, Ltd. (a)(b)		1,714		46,107
Michael Page International PLC		6,741		52,187

See accompanying notes to financial statements.

335

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Millennium & Copthorne Hotels PLC		3,327	$	28,349
Mitchells & Butlers PLC (b)		4,320		26,871
N Brown Group PLC		5,094		24,062
National Express Group PLC		8,358		35,200
Ocado Group PLC (a)(b)		15,993		83,998
Ophir Energy PLC (b)		14,444		28,904
Phoenix Group Holdings		3,992		48,209
Playtech Plc		4,965		57,343
Premier Oil PLC		13,484		26,342
PZ Cussons PLC		9,530		48,455
QinetiQ Group PLC		25,336		71,800
Regus PLC		17,235		55,725
Rentokil Initial PLC		47,986		97,379
Restaurant Group PLC		11,197		111,949
Rightmove PLC		3,128		139,166
Rotork PLC		2,537		93,326
Segro PLC		20,439		126,495
Serco Group PLC (a)		14,970		30,645
Shaftesbury PLC		5,916		72,937
Spectris PLC		3,512		112,613
Spirax-Sarco Engineering PLC		2,229		112,835
Stagecoach Group PLC		12,588		65,255
TalkTalk Telecom Group PLC (a)		15,103		77,149
Telecity Group PLC		6,294		81,755
Thomas Cook Group PLC (b)		44,354		95,934
Ultra Electronics Holdings PLC		2,037		51,618
United Business Media PLC		10,306		80,933
Vesuvius PLC		6,493		47,336
Victrex PLC		1,920		53,442
WH Smith PLC		6,291		121,314
WS Atkins PLC		4,270		80,947
				6,258,678
TOTAL COMMON STOCKS —
(Cost $52,079,036)				49,998,187
RIGHTS — 0.0% (g)
UNITED KINGDOM — 0.0% (g)
Serco Group PLC (expiring 4/16/15) (b) (Cost $23,427)		14,970		9,111
SHORT TERM INVESTMENTS — 11.0%
UNITED STATES — 11.0%
MONEY MARKET FUNDS — 11.0%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		5,508,069		5,508,069
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (i)(j)		45,243		45,243
TOTAL SHORT TERM INVESTMENT —
(Cost $5,553,312)				5,553,312
TOTAL INVESTMENTS — 110.3%
(Cost $57,655,775)				55,560,610
OTHER ASSETS & LIABILITIES — (10.3)%				(5,196,623	)
NET ASSETS — 100.0%			$	50,363,987

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees (see accompanying Notes to Schedules of Investments).
(e)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(g)	Amount shown represents less than 0.05% of net assets.
(h)	Investments of cash collateral for securities loaned
(i)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(j)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SCA = Societe en Commandite par Actions (partnership limited by shares)

See accompanying notes to financial statements.

336

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 3.1%
Abril Educacao SA (a)		88,275	$	337,235
Aliansce Shopping Centers SA		110,023		581,768
Arezzo Industria e Comercio SA		51,322		394,216
Banco ABC Brasil SA Preference Shares		71,255		256,385
Banco ABC Brasil SA, ADR (a)		1,988		7,029
BR Properties SA		295,923		1,210,135
Brasil Brokers Participacoes SA		312,566		266,983
Brazil Pharma SA (a)		260,705		55,467
Cia Ferro Ligas da Bahia — Ferbasa Prefernce Shares		108,576		235,082
Cia Hering		145,866		748,475
Direcional Engenharia SA		69,716		136,112
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		113,771		347,425
Eternit SA		332,139		309,682
Even Construtora e Incorporadora SA		265,623		367,339
Ez Tec Empreendimentos e Participacoes SA		90,432		570,983
Fleury SA		111,761		559,487
GAEC Educacao SA		67,272		320,353
Gafisa SA		488,866		328,858
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		109,174		267,120
Helbor Empreendimentos SA		175,689		218,230
International Meal Co. Alimentacao SA		89,567		184,957
Iochpe-Maxion SA		94,788		298,057
JHSF Participacoes SA		147,492		92,295
Kepler Weber SA		16,980		147,428
Linx SA		27,349		399,612
Log-in Logistica Intermodal SA (a)		88,227		93,303
LPS Brasil Consultoria de I moveis SA		95,304		153,567
Magazine Luiza SA		90,817		146,053
Magnesita Refratarios SA		310,374		227,238
Mahle-Metal Leve SA		37,506		233,525
Marcopolo SA Preference Shares		547,068		395,397
Marfrig Alimentos SA (a)		235,611		297,822
Mills Estruturas e Servicos de Engenharia SA		95,729		237,518
MRV Engenharia e Participacoes SA		290,366		729,526
Paranapanema SA (a)		232,097		214,226
PDG Realty SA Empreendimentos e Participacoes (a)		979,040		153,162
Prumo Logistica SA (a)		624,545		50,806
QGEP Participacoes SA		92,285		189,993
Randon SA Implementos e Participacoes Preference Shares		229,067		235,080
Restoque Comercio e Confeccoes de Roupas SA		120,093		249,497
Saraiva SA Livreiros Editores Preference Shares		53,204		95,551
Ser Educacional SA		65,842		259,157
SLC Agricola SA		89,269		489,065
Tecnisa SA		140,089		170,942
Tegma Gestao Logistica SA		27,635		126,152
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		79,223		1,099,321
Vanguarda Agro SA (a)		262,572		77,225
				14,564,839
BRITISH VIRGIN ISLANDS — 0.2%
Luxoft Holding, Inc. (a)		19,682		1,018,347
CHILE — 1.8%
Administradora de Fondos de Pensiones Habitat SA		450,128		664,347
Besalco SA		563,578		292,384
E.CL SA		210,000		329,711
Inversiones Aguas Metropolitanas SA		614,758		991,166
Inversiones La Construccion SA		53,219		623,996
Parque Arauco SA		963,900		1,849,717
Ripley Corp. SA		1,231,614		594,727
Salfacorp SA		568,572		429,019
Sociedad Matriz SAAM SA		8,757,970		702,436
Vina Concha y Toro SA		825,793		1,704,440
				8,181,943
CHINA — 9.8%
21Vianet Group, Inc. ADR (a)(b)		45,068		795,901
51job, Inc. ADR (a)		25,917		836,212
Anhui Expressway Co., Ltd. (Class H)		1,536,000		1,067,843
Bank of Chongqing Co., Ltd. (Class H)		492,500		406,550
Boyaa Interactive International, Ltd. (b)		925,200		773,282
Cheetah Mobile, Inc. ADR (a)(b)		15,178		259,392
China Animal Healthcare, Ltd. (b)		1,059,700		710,745
China Child Care Corp., Ltd. (b)		706,000		134,770
China Distance Education Holdings, Ltd. ADR		39,981		670,082
China Hongxing Sports, Ltd. (a)(b)(c)		4,758,000		0
China Huiyuan Juice Group, Ltd. (a)		1,772,900		592,259
China Lesso Group Holdings, Ltd.		906,810		536,854
China Lodging Group, Ltd. ADR (a)(b)		44,469		876,039
China SCE Property Holdings, Ltd. (a)(b)		2,288,800		413,298
China Shanshui Cement Group, Ltd. (b)		1,224,000		852,516
China Suntien Green Energy Corp., Ltd. (Class H)		1,588,000		385,067
China Vanadium Titano — Magnetite Mining Co., Ltd.		1,259,000		110,424
Chinasoft International, Ltd. (a)		926,000		378,615
Colour Life Services Group Co., Ltd. (a)(b)		595,000		620,859
Consun Pharmaceutical Group, Ltd.		505,600		351,498
Coolpad Group, Ltd.		2,552,000		444,367
Credit China Holdings, Ltd.		2,064,000		428,611
CT Environmental Group, Ltd. (b)		1,126,000		1,214,149
Dongyue Group		859,000		310,226
Double Coin Holdings, Ltd. (Class B)		688,324		680,064
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		47,515		453,768
E-House China Holdings, Ltd. ADR		57,857		314,164
First Tractor Co., Ltd. (Class H) (b)		616,500		441,320

See accompanying notes to financial statements.

337

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Fu Shou Yuan International Group, Ltd.		472,000	$	222,818
Hangzhou Steam Turbine Co. (Class B)		787,050		891,301
Harbin Electric Co., Ltd. (Class H)		1,162,000		722,405
Hi Sun Technology China, Ltd. (a)		1,140,000		411,709
Hilong Holding, Ltd. (b)		1,499,000		363,485
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a)		252,000		217,447
Homeinns Hotel Group ADR (a)		28,014		663,091
Huangshan Tourism Development Co., Ltd. (Class B)		391,000		674,475
JA Solar Holdings Co., Ltd. ADR (a)(b)		62,174		594,383
Jiangsu Future Land Co., Ltd. (d)		873,600		442,915
JinkoSolar Holding Co., Ltd. ADR (a)(b)		22,595		579,336
Kangda International Environmental Co., Ltd. (a)(b)(e)		1,807,200		794,855
Lonking Holdings, Ltd.		2,288,000		466,273
MIE Holdings Corp.		1,950,754		198,773
Noah Holdings, Ltd. ADR (a)(b)		46,267		1,081,722
NQ Mobile, Inc. ADR (a)(b)		58,726		219,048
Ozner Water International Holding, Ltd. (a)(b)(e)		1,249,000		446,241
Parkson Retail Group, Ltd. (b)		2,741,500		594,053
Peak Sport Products Co., Ltd.		1,153,000		327,174
Perfect World Co., Ltd. ADR		31,835		591,494
Phoenix Healthcare Group Co., Ltd. (b)		615,500		1,089,205
Poly Culture Group Corp., Ltd. (Class H) (a)		158,800		484,405
PW Medtech Group, Ltd. (a)(b)		2,402,000		907,754
Qunar Cayman Islands, Ltd. ADR (a)		21,379		881,884
Real Gold Mining, Ltd. (a)(c)		251,500		0
Renren, Inc. ADR (a)(b)		113,296		273,043
REXLot Holdings, Ltd.		12,872,064		962,950
Shanda Games, Ltd. ADR (a)		60,287		385,837
Shanghai Diesel Engine Co., Ltd. (Class B)		378,360		298,148
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (a)		454,000		436,254
Shanghai Greencourt Investment Group Co., Ltd. (Class B) (a)		1,197,900		531,868
Shanghai Haixin Group Co. (Class B) (a)		641,700		448,548
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H)		1,022,000		329,548
Shenguan Holdings Group, Ltd. (b)		1,748,010		534,342
Sinofert Holdings, Ltd. (a)		1,518,000		307,396
Sinopec Engineering Group Co., Ltd. (Class H)		1,145,500		992,869
SPT Energy Group, Inc. (b)		1,248,000		210,869
Sunny Optical Technology Group Co., Ltd.		516,000		938,418
TAL Education Group ADR (a)(b)		49,709		1,651,333
TCL Communication Technology Holdings, Ltd. (b)		648,000		653,596
Tian Ge Interactive Holdings, Ltd. (e)		706,000		434,361
Tong Ren Tang Technologies Co., Ltd. (Class H)		428,000		629,327
Trina Solar, Ltd. ADR (a)(b)		54,389		657,563
Wisdom Holdings Group		1,184,000		758,989
Wumart Stores, Inc. (Class H) (b)		460,000		333,443
Xinchen China Power Holdings, Ltd. (a)(b)		757,000		295,846
Xinhua Winshare Publishing and Media Co., Ltd. (Class H)		495,000		482,675
Xinyi Solar Holdings, Ltd. (b)		3,962,800		1,231,818
Yestar International Holdings Co., Ltd.		3,090,000		1,179,716
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		145,433		269,051
YuanShengTai Dairy Farm, Ltd. (a)(b)		5,055,000		586,801
Zhaojin Mining Industry Co., Ltd. (Class H) (b)		933,000		498,207
				45,237,937
CYPRUS — 0.2%
Global Ports Investments PLC, GDR		30,116		149,677
QIWI PLC ADR		37,320		896,426
				1,046,103
CZECH REPUBLIC — 0.2%
Philip Morris CR AS		2,176		945,801
EGYPT — 1.5%
Arab Cotton Ginning		421,331		182,226
Citadel Capital SAE (a)		551,627		185,079
Eastern Tobacco		27,262		738,392
Egyptian Financial Group-Hermes Holding Co. (a)		412,962		858,934
Egyptian Kuwait Holding Co. (a)		694,974		410,035
ElSwedy Electric Co. (a)		133,532		840,913
Ezz Steel (a)		482,610		872,867
Juhayna Food Industries (a)		599,936		715,515
Maridive & Oil Services SAE (a)		240,889		120,444
Orascom Telecom Media & Technology Holding SAE (a)		3,859,847		576,697
Sidi Kerir Petrochemicals Co.		155,629		305,749
Six of October Development & Investment Co. (a)		535,765		971,814
				6,778,665
GREECE — 1.2%
Aegean Airlines SA (a)		54,223		432,690
Aegean Marine Petroleum Network, Inc.		22,463		322,793
Costamare, Inc.		39,708		699,258
Diana Shipping, Inc. (a)		133,156		814,915
DryShips, Inc. (a)		404,733		307,597
Ellaktor SA (a)		88,803		169,766
Grivalia Properties REIC		16,675		136,108
Hellenic Exchanges — Athens Stock Exchange SA Holding (a)		52,644		264,040
Metka SA		21,153		197,649
Motor Oil Hellas Corinth Refineries SA		18,341		135,918
Mytilineos Holdings SA (a)		71,922		431,023
Navios Maritime Holdings, Inc.		93,723		391,762

See accompanying notes to financial statements.

338

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
StealthGas, Inc. (a)		43,263	$	283,373
Tsakos Energy Navigation, Ltd.		107,136		876,372
				5,463,264
HONG KONG — 8.1%
361 Degrees International, Ltd.		962,000		275,458
Ajisen China Holdings, Ltd.		657,000		377,944
Anton Oilfield Services Group (b)		1,114,000		191,102
Anxin-China Holdings, Ltd. (a)		2,248,000		111,631
Asian Citrus Holdings, Ltd. (a)(b)		695,833		56,542
Beijing Capital Land, Ltd. (a)		1,180,400		729,276
Boshiwa International Holding, Ltd. (a)(b)(c)		1,843,000		0
Carnival Group International Holdings, Ltd. (a)(b)		2,610,000		457,833
Chaowei Power Holdings, Ltd. (b)		558,000		274,212
China Dongxiang Group Co.		4,284,000		773,579
China Forestry Holdings, Ltd. (a)(c)		1,642,000		0
China High Precision Automation Group, Ltd. (a)(c)		1,226,000		0
China High Speed Transmission Equipment Group Co., Ltd. (a)		1,008,000		696,872
China Lilang, Ltd.		971,000		748,941
China Lumena New Materials Corp. (a)(b)(c)		4,287,298		0
China Metal Recycling Holdings, Ltd. (a)(b)(c)		1,109,932		0
China National Materials Co., Ltd. (Class H) (a)		1,268,000		358,171
China Ocean Shipbuilding Industry Group, Ltd. (a)		9,687,200		209,911
China Oil and Gas Group, Ltd.		4,240,000		519,537
China Overseas Grand Oceans Group, Ltd. (b)		770,000		359,523
China Power New Energy Development Co., Ltd. (a)		5,040,000		325,033
China Precious Metal Resources Holdings Co., Ltd. (a)(b)		2,754,000		227,338
China Rare Earth Holdings, Ltd. (a)(b)		1,302,000		208,238
China Shineway Pharmaceutical Group, Ltd.		361,000		548,504
China Singyes Solar Technologies Holdings, Ltd. (b)		454,000		620,711
China Travel International Investment Hong Kong, Ltd.		4,624,000		1,502,954
China Yurun Food Group, Ltd. (a)(b)		1,076,000		313,652
China ZhengTong Auto Services Holdings, Ltd.		717,500		339,637
Citic Resources Holdings, Ltd. (a)(b)		3,317,000		462,058
Citic Telecom International Holdings, Ltd.		877,000		315,596
Comba Telecom Systems Holdings, Ltd. (b)		759,082		227,145
Concord New Energy Group, Ltd. (a)		7,980,000		555,807
Dah Chong Hong Holdings, Ltd. (b)		657,000		323,710
Dawnrays Pharmaceutical Holdings, Ltd.		584,000		421,821
Digital China Holdings, Ltd.		636,000		693,993
Fufeng Group, Ltd.		941,600		570,810
Glorious Property Holdings, Ltd. (a)		2,277,000		311,312
Greatview Aseptic Packaging Co., Ltd. (b)		964,048		499,864
Guangdong Land Holdings, Ltd. (a)		1,278,000		382,425
Guotai Junan International Holdings, Ltd. (b)		1,347,000		1,198,793
Hengdeli Holdings, Ltd. (b)		2,068,400		384,171
Honghua Group, Ltd. (b)		4,258,000		494,283
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H)		2,207,040		526,635
Imperial Pacific International Holdings, Ltd. (a)(b)		2,057,300		360,881
Ju Teng International Holdings, Ltd.		844,000		492,049
Kingboard Laminates Holdings, Ltd. (b)		992,000		403,041
Kingdee International Software Group Co., Ltd. (a)(b)		1,172,000		491,291
Li Ning Co., Ltd. (a)(b)		2,095,749		1,189,377
Lijun International Pharmaceutical Holding Co., Ltd.		1,924,000		841,264
Maoye International Holdings, Ltd.		1,571,000		249,235
MMG, Ltd.		1,020,000		335,481
NetDragon Websoft, Inc.		247,000		542,231
Newocean Energy Holdings, Ltd. (b)		1,106,000		546,363
NVC Lighting Holdings, Ltd. (d)		2,578,000		585,225
Pacific Online, Ltd.		880,100		370,064
Poly Property Group Co., Ltd. (b)		2,001,000		973,007
Real Nutriceutical Group, Ltd.		975,000		279,180
Shougang Concord International Enterprises Co., Ltd. (a)(b)		9,066,000		409,271
Shougang Fushan Resources Group, Ltd.		2,944,000		599,960
Sichuan Expressway Co., Ltd. (Class H)		1,548,000		654,896
Sinotrans Shipping, Ltd. (a)		2,061,500		478,612
Sinotruk Hong Kong, Ltd.		528,500		315,612
Skyworth Digital Holdings, Ltd.		1,633,810		1,285,461
Springland International Holdings, Ltd.		1,285,000		392,807
Tech Pro Technology Development, Ltd. (a)(b)		1,844,400		1,489,213
Tiangong International Co., Ltd. (b)		1,632,000		265,227
Tianjin Development Holdings, Ltd.		796,000		617,042
Tianjin Port Development Holdings, Ltd.		3,880,000		835,749
Tianneng Power International, Ltd.		900,000		301,817
TPV Technology, Ltd.		1,236,000		282,175
United Energy Group, Ltd. (a)(b)		4,048,000		563,886
United Laboratories International Holdings, Ltd. (a)		920,500		430,981
V1 Group, Ltd. (a)(b)		2,166,999		170,497
Wasion Group Holdings, Ltd.		717,000		867,460
West China Cement, Ltd.		2,496,000		376,667
Yingde Gases Group Co., Ltd. (b)		1,156,500		862,186
Yip’s Chemical Holdings, Ltd.		407,580		229,206
Yuexiu Transport Infrastructure, Ltd. (b)		1,128,549		720,532
				37,402,968

See accompanying notes to financial statements.

339

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
HUNGARY — 0.1%
Magyar Telekom Telecommunications PLC (a)		332,709	$	490,978
INDIA — 11.4%
AIA Engineering, Ltd.		34,003		680,563
Amtek Auto, Ltd.		180,963		420,012
Anant Raj, Ltd.		524,501		334,407
Apollo Tyres, Ltd.		373,710		1,004,721
Arvind, Ltd.		189,304		791,625
Ashok Leyland, Ltd. (a)		1,228,485		1,438,897
Bajaj Finance, Ltd.		10,370		680,789
Balkrishna Industries, Ltd.		40,186		416,782
Balrampur Chini Mills, Ltd. (a)		474,524		375,714
Bata India, Ltd.		56,612		986,800
Bhushan Steel, Ltd.		138,270		144,056
Biocon, Ltd.		123,804		928,413
CESC, Ltd.		123,427		1,190,954
Coromandel International, Ltd.		160,444		688,244
Credit Analysis & Research, Ltd.		13,216		312,454
Dewan Housing Finance Corp., Ltd.		143,152		1,069,730
Dish TV India, Ltd. (a)		905,640		1,185,933
Federal Bank, Ltd.		717,707		1,514,403
Fortis Healthcare, Ltd. (a)		244,366		642,727
Gateway Distriparks, Ltd.		199,999		1,313,166
GMR Infrastructure, Ltd.		1,079,942		286,460
Godrej Industries, Ltd.		196,660		1,086,825
Gujarat Pipavav Port, Ltd. (a)		231,492		895,358
Havells India, Ltd.		335,950		1,638,650
Hexaware Technologies, Ltd.		233,674		1,167,040
Housing Development & Infrastructure, Ltd. (a)		384,363		624,931
IFCI, Ltd.		1,035,232		551,683
IIFL Holdings, Ltd.		427,655		1,218,089
India Cements, Ltd. (a)		435,624		599,685
Indiabulls Real Estate, Ltd.		489,476		511,523
Indian Hotels Co., Ltd. (a)		704,003		1,315,058
Info Edge India, Ltd.		91,161		1,223,467
Ipca Laboratories, Ltd.		70,462		715,921
IRB Infrastructure Developers, Ltd.		224,700		876,808
Jain Irrigation Systems, Ltd.		293,656		289,052
Jammu & Kashmir Bank, Ltd.		425,252		645,884
Jubilant Foodworks, Ltd. (a)		60,944		1,439,673
Just Dial, Ltd.		48,199		1,019,529
MAX India, Ltd.		212,899		1,467,096
McLeod Russel India, Ltd.		131,650		503,723
Mindtree, Ltd.		45,438		946,533
Mphasis, Ltd.		97,675		601,521
Nirvikara Paper Mills, Ltd.		4,465		3,403
Page Industries, Ltd.		2,625		575,955
PI Industries, Ltd.		38,156		369,602
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		347,916		317,999
PTC India, Ltd.		451,912		584,195
Punj Lloyd, Ltd. (a)		689,025		326,449
Rajesh Exports, Ltd.		247,017		769,890
Rolta India, Ltd.		241,521		626,560
Shree Renuka Sugars, Ltd. (a)		800,532		164,376
Shriram City Union Finance, Ltd.		6,836		214,661
Sintex Industries, Ltd.		440,879		850,320
SKS Microfinance, Ltd. (a)		222,222		1,626,151
Strides Arcolab, Ltd.		79,318		1,496,657
Sundaram Finance, Ltd.		14,424		349,737
Suzlon Energy, Ltd. (a)		1,419,284		620,272
Tata Chemicals, Ltd.		173,960		1,232,956
Tata Global Beverages, Ltd.		523,948		1,245,796
Thermax, Ltd.		62,129		1,060,927
TVS Motor Co., Ltd.		206,264		869,634
Unitech, Ltd. (a)		1,647,082		425,053
Vakrangee, Ltd.		205,949		338,141
Videocon Industries, Ltd. (a)		135,342		337,051
Voltas, Ltd.		276,828		1,237,916
Welspun Corp., Ltd.		353,850		304,481
WNS Holdings, Ltd. ADR (a)		32,845		798,790
Wockhardt, Ltd.		14,846		442,856
				52,934,727
INDONESIA — 3.3%
AKR Corporindo Tbk PT		1,869,000		732,591
Alam Sutera Realty Tbk PT		17,867,600		758,433
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		6,103,400		466,799
Bank Tabungan Negara Tbk PT (a)		4,443,586		426,516
Ciputra Development Tbk PT		11,166,200		1,259,667
Citra Marga Nusaphala Persada Tbk PT		732,425		140,043
Eagle High Plantations Tbk PT		2,910,600		75,242
Energi Mega Persada Tbk PT (a)		33,430,700		225,002
Gajah Tunggal Tbk PT		1,979,500		200,599
Garuda Indonesia Tbk PT (a)		9,526,800		358,485
Harum Energy Tbk PT		934,800		107,243
Indah Kiat Pulp & Paper Corp. Tbk PT		2,518,600		191,664
Indosat Tbk PT (a)		473,100		154,323
Intiland Development Tbk PT		5,907,100		259,777
Japfa Comfeed Indonesia Tbk PT		5,525,600		329,634
Kawasan Industri Jababeka Tbk PT		26,571,051		672,659
Matahari Putra Prima Tbk PT		2,654,400		803,933
Medco Energi Internasional Tbk PT		1,736,900		411,808
Mitra Adiperkasa Tbk PT		962,100		386,312
MNC Investama Tbk PT		12,543,700		286,850
MNC Sky Vision Tbk PT (a)		1,559,900		196,852
Modernland Realty Tbk PT		5,942,400		231,788
Pakuwon Jati Tbk PT		18,939,000		745,972
Pembangunan Perumahan Persero PT Tbk		4,516,500		1,310,908
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,068,200		405,964
Siloam International Hospitals Tbk PT (a)		965,600		989,602
Summarecon Agung Tbk PT		11,532,800		1,517,125
Surya Semesta Internusa Tbk PT		3,265,600		284,725
Timah Persero Tbk PT		3,964,929		288,083
Wijaya Karya Persero Tbk PT		4,097,600		1,095,305
				15,313,904
MALAYSIA — 5.0%
Aeon Co. M Bhd		1,059,100		846,479
Berjaya Auto Bhd		451,400		460,724
Berjaya Corp. Bhd		4,110,800		505,040
Berjaya Sports Toto Bhd		1,209,677		1,097,479

See accompanying notes to financial statements.

340

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Boustead Holdings Bhd		627,260	$	779,100
Boustead Plantations Bhd		549,500		203,271
Bursa Malaysia Bhd		664,573		1,539,635
Cahya Mata Sarawak Bhd		449,200		545,808
Carlsberg Brewery Malay Bhd		93,100		341,379
Datasonic Group Bhd		729,600		224,583
DRB-Hicom Bhd		1,281,500		681,667
Eastern & Oriental Bhd		1,342,110		724,779
Gas Malaysia Bhd		325,600		227,705
IGB REIT		506,500		181,894
Inari Amertron Bhd		593,775		530,686
KNM Group Bhd (a)		3,319,255		578,080
KPJ Healthcare Bhd		1,160,993		1,335,448
Magnum Bhd		1,476,400		1,072,368
Malaysian Bulk Carriers Bhd		712,600		232,819
Malaysian Resources Corp. Bhd		1,673,100		564,702
Media Prima Bhd		1,603,800		736,185
Oriental Holdings Bhd		265,500		481,750
OSK Holdings Bhd		1,103,800		652,713
Padini Holdings Bhd		575,800		226,993
Parkson Holdings Bhd (a)		390,733		231,053
Pavilion Real Estate Investment Trust		794,200		328,102
POS Malaysia Bhd		703,900		1,005,436
Press Metal Bhd		713,000		637,243
Sunway Real Estate Investment Trust		3,608,200		1,529,600
TAN Chong Motor Holdings Bhd		813,500		665,561
Top Glove Corp. Bhd		807,400		1,192,515
TSH Resources Bhd		631,800		387,252
UOA Development Bhd		1,731,100		1,033,004
Wah Seong Corp. Bhd		1,317,984		441,285
WCT Holdings Bhd		1,209,050		502,751
Yinson Holdings Bhd		530,700		402,664
				23,127,753
MEXICO — 2.3%
Asesor de Activos Prisma SAPI de CV REIT (a)		384,001		396,245
Axtel SAB de CV (a)(b)		1,628,696		520,653
Banregio Grupo Financiero SAB de CV (a)		211,983		1,081,327
Bolsa Mexicana de Valores SAB de CV		567,773		966,398
Concentradora Fibra Hotelera Mexicana SA de CV (a)(b)		337,169		453,048
Consorcio ARA SAB de CV (a)(b)		1,818,144		762,620
Corp Inmobiliaria Vesta SAB de CV (b)		218,767		407,112
Corporacion GEO SAB de CV (a)(b)(c)		791,193		0
Credito Real SAB de CV SOFOM		205,403		482,286
Empresas ICA SAB de CV (a)(b)		708,074		577,270
Grupo Aeromexico SAB de CV (a)(b)		101,834		175,737
Grupo Aeroportuario del Centro Norte Sab de CV (a)		225,574		1,100,014
Hoteles City Express SAB de CV (a)		133,155		203,741
Megacable Holdings SAB de CV (a)(b)		163,195		639,850
Mexico Real Estate Management SA de CV (a)		613,879		964,283
PLA Administradora Industrial S de RL de CV (a)		363,946		739,156
Prologis Property Mexico SA de CV REIT (a)		134,065		240,246
Qualitas Controladora SAB de CV (a)		144,426		258,624
TV Azteca SAB de CV (a)		1,396,357		520,623
Urbi Desarrollos Urbanos SA de CV (a)(b)(c)		679,159		0
				10,489,233
MONACO — 0.2%
GasLog, Ltd. (b)		52,147		1,012,695
PANAMA — 0.1%
Avianca Holding SA Preference Shares		195,803		276,249
PERU — 0.4%
Ferreyros SA		2,009,661		914,514
Grana y Montero SA		99,409		153,998
Luz del Sur SAA		227,899		779,645
Minsur SA		286,701		119,362
				1,967,519
PHILIPPINES — 1.7%
Belle Corp.		2,730,400		262,656
Cebu Air, Inc.		493,770		938,936
Cosco Capital, Inc.		5,633,000		1,131,641
D&L Industries, Inc.		1,515,700		679,861
First Gen Corp.		946,300		645,686
First Philippine Holdings Corp.		313,890		674,126
Manila Water Co., Inc.		1,034,800		627,362
Philex Mining Corp.		1,155,700		188,221
Rizal Commercial Banking Corp.		385,080		388,957
Robinsons Retail Holdings, Inc.		346,340		650,840
Security Bank Corp.		371,384		1,429,039
SM Prime Holdings, Inc.		1		1
Union Bank of Philippines (a)		200,516		310,194
				7,927,520
POLAND — 2.9%
Agora SA (a)		112,669		302,808
Alior Bank SA (a)		56,031		1,231,012
Alumetal SA (a)		12,364		175,767
AmRest Holdings SE (a)		13,172		432,698
Asseco Poland SA		103,931		1,617,283
Boryszew SA (a)		171,979		282,587
CCC SA		14,566		702,656
Ciech SA		52,799		755,883
Echo Investment SA (a)		293,661		514,284
Emperia Holding SA		27,689		467,387
Eurocash SA		92,321		797,201
Fabryki Mebli Forte SA		9,151		141,941
Globe Trade Centre SA (a)		283,261		420,614
Grupa Kety SA		2,147		169,880
Grupa Lotos SA (a)		107,404		767,111
Inter Cars SA		2,882		174,790
Jastrzebska Spolka Weglowa SA (a)		56,666		258,259
KRUK SA (a)		8,146		291,980
Lubelski Wegiel Bogdanka SA		42,525		941,012
Netia SA		511,683		796,236
Orbis SA		34,305		422,536
PKP Cargo SA		14,312		333,123
Stomil Sanok SA		9,522		164,472
Synthos SA		190,473		221,042

See accompanying notes to financial statements.

341

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
TVN SA (a)		213,627	$	966,294
Zespol Elektrowni Patnow Adamow Konin SA		19,638		127,415
				13,476,271
QATAR — 0.4%
Al Meera Consumer Goods Co. QSC (a)		14,000		838,174
Mannai Corp. QSC		15,000		428,012
Medicare Group		12,000		468,960
Salam International Investment Co.		100,000		363,886
				2,099,032
RUSSIA — 0.3%
Aeroflot — Russian Airlines OJSC (a)		473,612		277,923
CTC Media, Inc.		67,169		265,989
DIXY Group OJSC (a)		22,440		187,813
Globaltrans Investment PLC GDR		63,612		287,526
Mechel ADR (a)		212,511		263,514
				1,282,765
SINGAPORE — 0.6%
Asian Pay Television Trust		790,500		512,900
Bumitama Agri, Ltd. (b)		332,900		243,905
Nam Cheong, Ltd. (b)		2,496,400		555,079
SIIC Environment Holdings, Ltd. (a)		5,601,300		702,357
Yanlord Land Group, Ltd. (b)		859,200		613,849
				2,628,090
SOUTH AFRICA — 6.7%
Acucap Properties, Ltd.		134,292		630,658
Adcock Ingram Holdings, Ltd. (a)(b)		228,433		980,379
AECI, Ltd.		89,944		890,810
African Bank Investments, Ltd. (a)(b)(d)		1,222,985		31,291
Aquarius Platinum, Ltd. (a)		1,519,180		200,940
ArcelorMittal South Africa, Ltd. (a)(b)		102,169		159,204
Attacq, Ltd. (a)		230,830		495,143
Aveng, Ltd. (a)(b)		387,583		359,553
AVI, Ltd.		97,114		661,654
Capital Property Fund (a)		987,430		1,140,949
Clicks Group, Ltd.		317,156		2,393,541
DataTec, Ltd.		343,474		1,700,893
Emira Property Fund		325,769		482,621
Famous Brands, Ltd.		38,273		353,787
Fountainhead Property Trust		703,455		598,006
Grindrod, Ltd.		638,960		917,603
Harmony Gold Mining Co., Ltd. (a)		259,439		452,660
Hosken Consolidated Investments, Ltd.		119,083		1,425,114
Hyprop Investments, Ltd.		56,017		545,549
Illovo Sugar, Ltd.		150,104		294,602
JSE, Ltd.		166,059		1,687,692
Lewis Group, Ltd. (b)		190,938		1,219,734
Merafe Resources, Ltd.		3,862,173		251,820
Mondi, Ltd.		130,437		2,496,079
Montauk Energy Holdings, Ltd. (a)		1		0
Mpact, Ltd.		213,007		755,952
Murray & Roberts Holdings, Ltd.		350,885		396,460
Northam Platinum, Ltd. (a)		447,102		1,701,506
Omnia Holdings, Ltd.		36,133		514,428
Pick’ n Pay Holdings, Ltd.		182,625		324,064
PPC, Ltd.		527,764		798,425
PSG Group, Ltd.		23,576		321,838
Reunert, Ltd.		241,662		1,197,116
SA Corporate Real Estate Fund Nominees Pty, Ltd.		3,895,868		1,575,550
Sun International, Ltd.		112,094		1,165,694
Super Group, Ltd. (a)		355,850		1,020,595
Wilson Bayly Holmes-Ovcon, Ltd.		86,081		800,474
				30,942,384
TAIWAN — 31.4%
A-DATA Technology Co., Ltd. (b)		269,652		458,469
Ability Enterprise Co., Ltd.		556,000		312,739
AcBel Polytech, Inc.		311,000		330,481
Accton Technology Corp.		1,241,341		644,672
Adlink Technology, Inc. (b)		104,719		268,742
Advanced Ceramic X Corp.		58,642		288,618
Advanced International Multitech Co., Ltd.		185,000		149,585
AGV Products Corp. (a)		1,622,926		419,606
Airtac International Group (b)		104,000		834,260
Alpha Networks, Inc.		488,348		327,750
Altek Corp. (a)		207,516		242,400
AmTRAN Technology Co., Ltd.		857,717		474,225
Anpec Electronics Corp.		224,055		257,423
Arcadyan Technology Corp.		282,172		387,772
Asia Optical Co., Inc. (a)		208,540		292,916
Asia Polymer Corp.		515,588		348,504
Asrock, Inc.		92,000		223,752
Aten International Co., Ltd.		210,000		608,725
Basso Industry Corp.		510,000		803,547
BES Engineering Corp.		2,489,356		603,046
Capital Securities Corp.		2,365,730		774,967
Career Technology Co., Ltd.		237,726		243,120
Casetek Holdings, Ltd. (b)		178,000		961,393
Cathay No. 1 REIT		1,075,000		625,967
Cathay Real Estate Development Co., Ltd.		1,777,904		1,031,287
Center Laboratories, Inc. (b)		167,000		467,002
Chang Wah Electromaterials, Inc. (b)		104,577		287,094
Charoen Pokphand Enterprise (b)		637,887		590,183
Cheng Loong Corp.		1,465,128		580,620
Cheng Uei Precision Industry Co., Ltd.		327,915		607,832
Chien Kuo Construction Co., Ltd.		543,501		202,358
Chin-Poon Industrial Co.		207,000		417,440
China Airlines, Ltd. (a)		500,000		256,472
China Bills Finance Corp.		870,394		328,241
China Chemical & Pharmaceutical Co., Ltd.		626,000		408,130
China Manmade Fibers Corp. (a)(b)		1,532,904		529,094
China Motor Corp. (b)		845,000		731,847
China Petrochemical Development Corp. (a)(b)		1,566,575		553,233
China Steel Chemical Corp. (b)		210,000		996,644
China Synthetic Rubber Corp.		626,452		649,676
Chipbond Technology Corp.		417,000		880,911
ChipMOS TECHNOLOGIES Bermuda, Ltd.		39,981		985,931
Chong Hong Construction Co., Ltd.		268,453		543,941

See accompanying notes to financial statements.

342

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Chroma ATE, Inc. (b)		315,680	$	783,903
Chung Hung Steel Corp. (a)		875,239		197,761
Clevo Co.		521,265		811,301
CMC Magnetics Corp. (a)		2,070,719		277,287
Coretronic Corp. (a)		388,065		594,066
CTCI Corp.		724,000		1,193,941
CyberTAN Technology, Inc.		518,210		389,196
D-Link Corp. (a)		1,036,242		559,683
Darwin Precisions Corp. (a)		797,576		474,110
Dynapack International Technology Corp.		89,000		219,016
E Ink Holdings, Inc. (a)(b)		748,000		344,238
Eclat Textile Co., Ltd.		161,000		2,117,338
Elan Microelectronics Corp.		590,899		1,010,326
Elite Material Co., Ltd.		509,782		873,260
Elite Semiconductor Memory Technology, Inc.		304,674		486,368
eMemory Technology, Inc. (b)		63,000		685,570
ENG Electric Co., Ltd.		277,086		203,675
Epistar Corp.		933,572		1,503,740
Eternal Materials Co., Ltd.		830,099		890,055
Eva Airways Corp. (a)(b)		1,387,069		1,017,361
Everlight Chemical Industrial Corp. (b)		548,712		520,829
Everlight Electronics Co., Ltd. (b)		500,503		1,134,090
Excelsior Medical Co., Ltd.		195,660		323,286
Far Eastern Department Stores, Ltd.		829,490		701,183
Far Eastern International Bank		2,972,584		1,035,512
Faraday Technology Corp.		612,976		891,352
Farglory Land Development Co., Ltd.		222,464		256,662
Feng Hsin Iron & Steel Co., Ltd.		509,270		639,639
Feng TAY Enterprise Co., Ltd.		315,168		1,898,663
Firich Enterprises Co., Ltd.		148,000		503,739
FLEXium Interconnect, Inc. (b)		210,549		606,279
Formosa Taffeta Co., Ltd.		1,042,000		1,097,280
Formosan Rubber Group, Inc.		739,124		749,990
FSP Technology, Inc.		452,184		362,007
Gemtek Technology Corp.		415,234		306,549
GeoVision, Inc. (b)		104,321		391,746
Gigabyte Technology Co., Ltd.		382,000		473,685
Gigastorage Corp. (a)(b)		407,114		359,754
Ginko International Co., Ltd. (b)		54,000		621,285
Gintech Energy Corp. (a)(b)		405,806		280,135
Global Unichip Corp.		104,669		277,645
Gloria Material Technology Corp.		541,913		355,906
Goldsun Development & Construction Co., Ltd. (a)		1,975,041		665,921
Grand Pacific Petrochemical		1,103,000		623,941
Grape King, Inc.		208,000		900,735
Great Wall Enterprise Co.		937,867		786,801
HannStar Display Corp. (b)		2,038,599		446,290
HannsTouch Solution, Inc. (a)		953,000		194,925
Hey Song Corp.		440,770		533,882
Highwealth Construction Corp.		809,100		1,913,499
Himax Technologies, Inc. ADR (b)		82,032		519,263
Ho Tung Chemical Corp. (a)(b)		1,764,482		515,416
Hong TAI Electric Industrial		1,043,000		355,000
Huaku Development Co., Ltd.		331,260		677,553
Huang Hsiang Construction Co.		312,484		441,912
I-Sheng Electric Wire & Cable Co., Ltd.		402,000		590,345
Ibase Technology, Inc. (b)		343,428		664,027
Ichia Technologies, Inc.		183,000		181,011
ITE Technology, Inc.		270,887		341,098
Jess-Link Products Co., Ltd.		278,974		359,751
Jih Sun Financial Holdings Co., Ltd.		1,792,971		477,323
KEE TAI Properties Co., Ltd.		1,087,076		684,417
Kenda Rubber Industrial Co., Ltd.		626,313		1,227,005
Kerry TJ Logistics Co., Ltd.		521,000		648,544
King Slide Works Co., Ltd.		69,000		1,040,844
King Yuan Electronics Co., Ltd.		1,442,656		1,311,715
King’s Town Bank		1,461,000		1,398,432
Kinpo Electronics (a)		1,318,371		602,515
Kinsus Interconnect Technology Corp.		206,030		661,745
Kuoyang Construction Co., Ltd.		960,527		425,161
KYE Systems Corp.		673,413		244,271
LCY Chemical Corp. (b)		529,862		282,796
Lingsen Precision Industries, Ltd.		800,694		369,768
Long Bon International Co., Ltd.		432,000		316,165
Longwell Co.		315,000		331,711
Lumax International Corp., Ltd.		208,358		410,856
Lung Yen Life Service Corp.		208,000		546,424
Macronix International Co., Ltd. (a)		3,291,170		801,493
Makalot Industrial Co., Ltd.		210,646		1,514,712
Masterlink Securities Corp.		1,617,477		542,777
Medigen Biotechnology Corp. (a)(b)		92,000		410,163
Mercuries & Associates Holding, Ltd.		541,835		401,744
Merry Electronics Co., Ltd. (b)		104,000		334,036
Micro-Star International Co., Ltd.		622,000		738,488
Microbio Co., Ltd. (a)(b)		583,723		487,835
MIN AIK Technology Co., Ltd.		170,000		638,383
Mirle Automation Corp.		713,195		667,837
Mitac Holdings Corp.		762,999		592,550
Motech Industries, Inc. (b)		312,885		423,480
Nan Kang Rubber Tire Co., Ltd.		849,204		831,835
Nantex Industry Co., Ltd.		675,881		369,369
Neo Solar Power Corp. (b)		509,436		450,987
Newmax Technology Co., Ltd.		115,499		134,361
Nien Hsing Textile Co., Ltd.		405,938		355,471
Oriental Union Chemical Corp.		867,500		765,197
Pan-International Industrial Co., Ltd.		544,539		320,215
Parade Technologies, Ltd.		64,000		603,388
PChome Online, Inc.		60,617		788,467
Phison Electronics Corp.		104,837		871,129
Phytohealth Corp. (a)(b)		311,511		314,099
PixArt Imaging, Inc.		104,060		347,532
Portwell, Inc.		215,000		382,039
Powertech Technology, Inc. (a)		626,000		1,078,344
President Securities Corp.		1,385,850		721,935
Primax Electronics, Ltd.		381,000		523,586
Prime Electronics Satellitics, Inc.		414,803		163,721
Prince Housing Development Corp.		1,962,996		812,426
Promate Electronic Co., Ltd.		513,000		643,504
Qisda Corp. (a)		1,562,641		711,653
Radiant Opto-Electronics Corp.		375,331		1,168,336
Radium Life Tech Co., Ltd. (a)		981,187		507,997
Realtek Semiconductor Corp.		409,053		1,307,296
RichTek Technology Corp.		105,477		578,118

See accompanying notes to financial statements.

343

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Ritek Corp. (a)(b)		2,471,596	$	260,667
Sampo Corp.		1,841,527		809,236
Sanyang Industry Co., Ltd. (a)(b)		607,945		509,049
ScinoPharm Taiwan, Ltd. (b)		265,917		421,099
Senao International Co., Ltd.		176,911		261,211
Sercomm Corp.		313,000		675,216
Shinkong Insurance Co., Ltd.		590,841		462,627
Shinkong Synthetic Fibers Corp.		2,377,796		816,916
Sigurd Microelectronics Corp.		720,694		694,437
Silicon Integrated Systems Corp. (a)(b)		1,003,000		272,147
Silicon Motion Technology Corp. ADR (b)		29,678		797,745
Simplo Technology Co., Ltd.		210,129		1,057,696
Sinbon Electronics Co., Ltd.		604,000		984,468
Sinmag Equipment Corp.		105,614		622,748
Sino-American Silicon Products, Inc. (a)		484,058		731,734
Sinon Corp.		1,257,662		681,284
Sinphar Pharmaceutical Co., Ltd. (b)		404,346		496,871
Sinyi Realty Co.		687,321		755,636
Soft-World International Corp.		100,848		277,501
Solar Applied Materials Technology Corp.		420,090		355,110
Solartech Energy Corp. (a)(b)		427,207		268,967
St. Shine Optical Co., Ltd. (b)		57,000		919,942
Standard Foods Corp.		520,539		1,340,858
Systex Corp.		320,000		582,934
Ta Chong Bank Co., Ltd. (a)		2,813,255		957,532
Taichung Commercial Bank		2,563,564		872,546
Taiflex Scientific Co., Ltd. (b)		335,725		515,014
Tainan Enterprises Co., Ltd.		388,000		372,004
Tainan Spinning Co., Ltd.		1,756,540		912,233
Taisun Enterprise Co., Ltd. (a)		862,549		344,579
Taiwan Acceptance Corp.		313,000		778,249
Taiwan Business Bank (a)		4,564,448		1,385,818
Taiwan Cogeneration Corp.		622,469		539,115
Taiwan Fertilizer Co., Ltd.		278,000		481,547
Taiwan Fire & Marine Insurance Co.		415,004		298,421
Taiwan Hon Chuan Enterprise Co., Ltd. (b)		378,027		729,717
Taiwan Land Development Corp.		1,197,276		598,829
Taiwan Life Insurance Co., Ltd. (a)		539,025		450,479
Taiwan Secom Co., Ltd.		388,961		1,050,406
Taiwan Surface Mounting Technology Co., Ltd.		401,246		504,603
Taiyen Biotech Co., Ltd. (b)		405,979		342,533
Tatung Co., Ltd. (a)		3,063,691		825,405
Test-Rite International Co.		541,896		359,359
Thye Ming Industrial Co., Ltd.		509,218		634,692
Ton Yi Industrial Corp. (b)		415,000		289,134
Tong Hsing Electronic Industries, Ltd.		103,327		356,642
Tong Yang Industry Co., Ltd.		490,872		574,174
Topco Scientific Co., Ltd.		381,520		754,749
Transcend Information, Inc.		279,484		991,458
Tripod Technology Corp.		518,353		1,043,664
TSRC Corp. (b)		625,028		668,175
TTY Biopharm Co., Ltd. (b)		273,436		560,155
Tung Ho Steel Enterprise Corp.		950,258		719,754
Tung Thih Electronic Co., Ltd.		110,893		450,093
TXC Corp.		510,120		652,934
U-Ming Marine Transport Corp. (b)		477,000		705,820
Unimicron Technology Corp.		1,023,000		663,691
Unity Opto Technology Co., Ltd. (a)		413,307		419,383
Unizyx Holding Corp.		559,694		297,824
UPC Technology Corp.		887,914		326,335
USI Corp.		1,130,318		585,208
Ve Wong Corp.		541,604		411,958
Visual Photonics Epitaxy Co., Ltd.		447,162		560,203
Wafer Works Corp. (a)(b)		466,872		205,907
Wah Hong Industrial Corp.		212,083		208,084
Walsin Lihwa Corp. (a)		3,244,000		1,000,467
Wan Hai Lines, Ltd.		1,160,320		1,431,395
Waterland Financial Holdings Co., Ltd.		2,278,311		629,830
Wei Chuan Food Corp. (b)		285,899		228,884
Weikeng Industrial Co., Ltd.		417,628		312,320
Winbond Electronics Corp. (a)		2,766,730		910,748
Wistron NeWeb Corp.		210,231		483,081
WUS Printed Circuit Co., Ltd. (b)		876,000		495,532
Yageo Corp. (a)		593,640		1,223,707
Yang Ming Marine Transport Corp. (a)(b)		1,674,788		963,445
YFY, Inc.		2,160,941		870,178
Yieh Phui Enterprise Co., Ltd.		1,854,296		560,615
Young Optics, Inc.		104,242		206,885
Yungtay Engineering Co., Ltd. (b)		429,000		996,750
Zenitron Corp.		572,348		348,457
Zinwell Corp.		507,674		522,439
				144,984,849
THAILAND — 4.1%
Bangkok Expressway PCL NVDR		658,300		788,989
Bangkokland PCL NVDR		14,449,700		666,089
Central Plaza Hotel PCL NVDR (b)		444,100		446,966
Chularat Hospital PCL NVDR		319,900		192,687
Dynasty Ceramic PCL NVDR		2,091,200		404,873
Esso Thailand PCL NVDR (a)		960,400		174,135
GFPT PCL		289,000		101,248
Hana Microelectronics PCL		1,434,560		1,939,786
Hemaraj Land and Development PCL NVDR (b)		6,122,300		842,898
Ichitan Group PCL NVDR (b)		1,445,200		937,115
Jasmine International PCL NVDR (b)		5,571,100		984,445
Kiatnakin Bank PCL NVDR		487,100		583,801
LPN Development PCL ADR NVDR		864,500		446,331
Major Cineplex Group PCL NVDR		235,500		237,020
MBK PCL NVDR		615,900		264,985
MK Restaurants Group PCL NVDR		673,900		1,190,819
Precious Shipping PCL (a)		391,600		172,092
Robinson Department Store PCL NVDR (b)		351,400		512,953
Siam Global House PCL NVDR		880,571		251,669
Sino Thai Engineering & Construction PCL NVDR		820,000		536,755
Sri Trang Agro-Industry PCL NVDR		480,200		177,087
Supalai PCL NVDR		483,000		319,130
Thai Airways International PCL NVDR (a)		850,100		282,148
Thai Vegetable Oil PCL NVDR		447,800		297,249

See accompanying notes to financial statements.

344

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Thaicom PCL NVDR		667,900	$	713,261
Thanachart Capital PCL		1,765,264		1,885,154
Thoresen Thai Agencies PCL		3,472,206		1,419,187
Tisco Financial Group PCL		308,603		433,884
TTW PCL		1,636,400		573,293
VGI Global Media PCL NVDR		3,806,712		637,572
WHA Corp. PCL NVDR		493,350		477,582
				18,891,203
TURKEY — 1.9%
Akfen Holding AS		96,207		223,798
Albaraka Turk Katilim Bankasi		1,624,772		1,076,298
Aygaz AS		120,763		441,844
Dogan Sirketler Grubu Holdings AS (a)(b)		988,621		232,258
GSD Holding (a)(b)		482,679		312,305
Ihlas Holding (a)		3		0
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) (a)(b)		1,442,827		933,545
Koza Altin Isletmeleri AS (b)		104,236		1,130,077
NET Holding AS (a)		277,227		412,130
Pegasus Hava Tasimaciligi AS (a)(b)		40,691		380,034
Petkim Petrokimya Holding AS		1,096,542		1,461,212
Sekerbank TAS (a)		1,088,708		700,228
Sinpas Gayrimenkul Yatirim Ortakligi AS (a)		3		1
Tekfen Holding AS (a)		146,167		264,581
Torunlar Gayrimenkul Yatirim Ortakligi AS		198,841		299,429
Turkiye Sinai Kalkinma Bankasi AS		859,478		658,718
Yazicilar Holding AS (Class A)		26,339		219,111
				8,745,569
UNITED ARAB EMIRATES — 0.8%
Air Arabia PJSC		1,900,000		734,569
Al Waha Capital PJSC (a)		1,150,000		895,477
Dana Gas PJSC (a)		3,150,000		343,053
Drake & Scull International PJSC (a)		1,668,076		304,286
Eshraq Properties Co. PJSC (a)		2,369,565		387,089
Exillon Energy PLC (a)		77,639		149,832
National Central Cooling Co. PJSC		700,000		205,832
RAK Properties PJSC		2,800,000		487,898
				3,508,036
TOTAL COMMON STOCKS —
(Cost $559,915,115)				460,738,644
RIGHTS — 0.0% (f)
BRAZIL — 0.0% (f)
JHSF Participacoes SA (expiring 4/13/15) (a)		31,649		198
INDIA — 0.0% (f)
GMR Infrastructure, Ltd. (expired 3/11/15) (a)		231,416		5,917
MALAYSIA — 0.0% (f)
KNM Group Bhd (expiring 4/13/15) (a)		663,851		26,887
THAILAND — 0.0% (f)
Thoresen Thai Agencies PCL (expired 2/5/15) (a)(d)		68,420		0
TOTAL RIGHTS —
(Cost $0)				33,002
WARRANTS — 0.0% (f)
MALAYSIA — 0.0% (f)
Eastern & Oriental Bhd (expiring 7/21/19) (a)		244,020		28,003
Inari Amertron Bhd (expiring 2/17/20) (a)		65,975		26,009
				54,012
THAILAND — 0.0% (f)
Thoresen Thai Agencies PCL (expiring 2/28/19) (a)(d)		337,542		0
WHA Corp. PCL (expiring 3/4/20) (a)		45,133		10,818
				10,818
TOTAL WARRANTS —
(Cost $0)				64,830
SHORT TERM INVESTMENTS — 6.3%
UNITED STATES — 6.3%
MONEY MARKET FUNDS — 6.3%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		28,727,164		28,727,164
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h)(i)		453,970		453,970
TOTAL SHORT TERM INVESTMENT —
(Cost $29,181,134)				29,181,134
TOTAL INVESTMENTS — 106.0%
(Cost $589,096,249)				490,017,610
OTHER ASSETS & LIABILITIES — (6.0)%				(27,690,876	)
NET ASSETS — 100.0%			$	462,326,734

See accompanying notes to financial statements.

345

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

March 31, 2015 (Unaudited)

(a)	Non-income producing security
(b)	A portion of the security was on loan at March 31, 2015.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (see accompanying Notes to Schedules of Investments).
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees (see accompanying Notes to Schedules of Investments).
(e)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of March 31, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Amount shown represents less than 0.05% of net assets.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

346

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 5.4%
Astro Japan Property Group		122,231	$	466,892
BGP Holdings PLC (a)(b)		1,313,937		0
BWP Trust		960,675		2,201,723
Charter Hall Retail REIT		607,812		1,992,010
Dexus Property Group		1,791,629		10,374,861
Goodman Group		3,065,164		14,869,366
GPT Group		3,464,390		12,095,059
Investa Office Fund		1,201,501		3,579,759
Novion Property Group		4,687,341		8,988,046
Scentre Group		10,468,210		29,909,491
Westfield Corp.		3,758,292		27,419,459
				111,896,666
AUSTRIA — 0.6%
Atrium European Real Estate, Ltd. (a)		240,348		1,123,140
BUWOG AG (a)		101,030		2,073,553
CA Immobilien Anlagen AG (a)(c)		160,681		3,013,096
IMMOFINANZ AG (a)(c)		2,096,632		6,163,127
				12,372,916
BELGIUM — 0.3%
Befimmo SA		36,975		2,509,744
Cofinimmo SA		33,933		3,977,866
				6,487,610
BRAZIL — 0.2%
BR Malls Participacoes SA		902,126		4,781,457
CANADA — 4.3%
Artis REIT		132,204		1,563,692
Boardwalk REIT		51,311		2,388,301
Brookfield Asset Management, Inc. (Class A)		1,129,391		60,406,590
Calloway REIT		133,073		3,057,579
Canadian Apartment Properties REIT		109,716		2,529,575
Canadian REIT		70,897		2,603,569
Chartwell Retirement Residences		172,056		1,679,125
Crombie Real Estate Investment Trust		128,234		1,364,859
First Capital Realty, Inc. (c)		198,915		3,098,771
H&R REIT		268,189		4,940,268
RioCan REIT		302,691		6,923,773
				90,556,102
CHINA — 1.1%
Hongkong Land Holdings, Ltd.		2,312,000		17,455,600
Kerry Properties, Ltd.		1,408,635		4,896,488
				22,352,088
FRANCE — 4.5%
Fonciere Des Regions (d)(e)		89,975		8,906,675
Fonciere Des Regions (a)(c)(e)		5,325		513,285
Gecina SA		71,073		9,606,430
Klepierre		410,438		20,140,621
Mercialys SA REIT		110,748		2,811,225
Unibail-Rodamco SE		192,795		51,982,855
				93,961,091
HONG KONG — 3.2%
Champion REIT		5,166,462		2,458,935
Hang Lung Group, Ltd.		1,815,996		8,280,026
Hang Lung Properties, Ltd.		4,497,018		12,644,700
Hysan Development Co., Ltd.		1,379,731		6,050,632
Link REIT		4,505,682		27,778,952
Prosperity REIT		2,534,000		921,686
Wheelock & Co., Ltd.		1,597,016		8,167,326
				66,302,257
ITALY — 0.1%
Beni Stabili SpA (c)		1,878,448		1,472,740
Immobiliare Grande Distribuzione SpA		592,487		591,788
				2,064,528
JAPAN — 8.8%
Activia Properties, Inc.		501		4,382,314
Aeon Mall Co., Ltd.		231,100		4,586,350
Daibiru Corp.		117,500		1,214,926
Daiwa Office Investment Corp. (c)		558		3,015,084
Frontier Real Estate Investment Corp.		914		4,351,837
Fukuoka REIT Corp.		1,215		2,269,418
Global One Real Estate Investment Corp.		381		1,315,272
Hankyu REIT, Inc.		1,059		1,337,824
Heiwa Real Estate Co., Ltd.		74,400		1,047,214
Hoshino Resorts REIT, Inc.		83		1,018,770
Hulic Co., Ltd. (c)		760,400		8,566,191
Hulic Reit, Inc. (c)		1,505		2,315,385
Japan Excellent, Inc.		2,445		3,194,759
Japan Prime Realty Investment Corp.		1,637		5,644,357
Japan Real Estate Investment Corp.		2,461		11,594,455
Japan Retail Fund Investment Corp.		4,765		9,480,334
Kenedix Office Investment Corp.		765		4,197,373
Kenedix Residential Investment Corp. (c)		699		2,171,169
Mitsui Fudosan Co., Ltd.		1,954,000		57,507,967
Mori Hills REIT Investment Corp.		2,338		3,300,591
Mori Trust Sogo REIT, Inc.		2,049		4,247,500
Nippon Building Fund, Inc.		2,779		13,671,962
Nomura Real Estate Office Fund, Inc.		746		3,626,583
NTT Urban Development Corp.		217,900		2,183,997
Orix JREIT, Inc.		4,367		6,263,281
Premier Investment Corp. (c)		455		2,621,680
Tokyu Fudosan Holdings Corp.		1,012,100		6,920,342
Tokyu REIT, Inc.		1,829		2,374,612
Top REIT, Inc.		352		1,466,116
United Urban Investment Corp.		5,241		8,176,703
				184,064,366
NETHERLANDS — 0.5%
Eurocommercial Properties NV		85,827		3,931,860
VastNed Retail NV		37,809		1,851,469
Wereldhave NV		68,609		4,605,378
				10,388,707
NEW ZEALAND — 0.3%
Argosy Property, Ltd.		1,573,210		1,344,915

See accompanying notes to financial statements.

347

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Goodman Property Trust		2,026,152	$	1,815,697
Kiwi Income Property Group, Ltd.		2,217,422		2,153,384
Precinct Properties New Zealand, Ltd. (c)		1,927,884		1,698,722
				7,012,718
PHILIPPINES — 0.9%
Ayala Land, Inc.		11,521,300		9,923,267
SM Prime Holdings, Inc.		19,272,100		8,614,241
				18,537,508
SINGAPORE — 3.1%
Ascendas REIT		4,044,169		7,636,070
Cambridge Industrial Trust		2,384,871		1,234,423
CapitaCommercial Trust (c)		4,099,282		5,274,647
CapitaLand, Ltd. (c)		5,119,900		13,362,428
CapitaMall Trust		5,135,260		8,236,183
Frasers Commercial Trust		972,583		1,063,552
Global Logistic Properties, Ltd.		6,082,300		11,750,452
Guocoland, Ltd. (c)		606,799		805,114
Keppel REIT (c)		3,416,600		2,988,933
Mapletree Logistics Trust		2,944,473		2,672,501
Starhill Global REIT		2,777,524		1,690,772
Suntec REIT (c)		4,947,274		6,690,379
United Industrial Corp., Ltd.		391,979		980,162
				64,385,616
SOUTH AFRICA — 0.7%
Capital Property Fund (a)		3,054,591		3,529,497
Fountainhead Property Trust		1,013,489		861,565
Growthpoint Properties, Ltd. REIT		3,476,618		8,226,525
SA Corporate Real Estate Fund Nominees Pty, Ltd.		2,918,371		1,180,235
				13,797,822
SPAIN — 0.0% (d)
Martinsa-Fadesa SA (a)(b)		178		0
SWEDEN — 0.9%
Castellum AB		341,831		5,164,694
Fabege AB (c)		275,167		3,950,078
Great Portland Estates PLC		680,068		8,192,593
Kungsleden AB		318,622		2,466,129
				19,773,494
SWITZERLAND — 0.8%
PSP Swiss Property AG (a)		76,154		7,185,745
Swiss Prime Site AG (a)		118,796		10,334,873
				17,520,618
THAILAND — 0.2%
Central Pattana PCL NVDR		2,703,040		3,551,166
UNITED KINGDOM — 5.9%
Big Yellow Group PLC		297,313		2,857,816
British Land Co. PLC		2,011,501		24,859,078
Capital & Counties Properties PLC		1,469,988		8,746,253
Derwent London PLC		211,389		10,744,758
Grainger PLC		829,337		2,539,866
Hammerson PLC		1,540,962		15,212,272
Intu Properties PLC		1,853,713		9,576,399
Land Securities Group PLC		1,574,484		29,286,659
Segro PLC		1,467,589		9,082,739
Shaftesbury PLC		549,212		6,771,115
Workspace Group PLC		235,526		2,987,662
				122,664,617
UNITED STATES — 57.9%
Acadia Realty Trust		133,430		4,654,038
Alexandria Real Estate Equities, Inc.		141,505		13,873,150
American Campus Communities, Inc.		220,121		9,436,587
American Homes 4 Rent (Class A)		278,201		4,604,227
Apartment Investment & Management Co. (Class A)		306,212		12,052,504
Ashford Hospitality Prime, Inc.		44,916		753,241
Ashford Hospitality Trust, Inc.		173,130		1,665,511
Associated Estates Realty Corp.		114,824		2,833,856
AvalonBay Communities, Inc.		259,642		45,242,618
BioMed Realty Trust, Inc.		392,538		8,894,911
Boston Properties, Inc.		301,249		42,319,460
Brandywine Realty Trust		354,317		5,661,986
Brixmor Property Group, Inc.		268,309		7,123,604
Camden Property Trust		170,340		13,308,664
CBL & Associates Properties, Inc.		336,538		6,663,452
Cedar Realty Trust, Inc.		139,405		1,044,143
Columbia Property Trust, Inc.		247,025		6,674,615
Corporate Office Properties Trust		182,725		5,368,461
Cousins Properties, Inc.		410,927		4,355,826
CubeSmart		323,170		7,804,555
DCT Industrial Trust, Inc.		174,049		6,032,538
DDR Corp. (c)		588,183		10,951,967
DiamondRock Hospitality Co.		394,964		5,580,841
Digital Realty Trust, Inc. (c)		266,281		17,563,895
Douglas Emmett, Inc.		269,474		8,033,020
Duke Realty Corp.		681,069		14,826,872
DuPont Fabros Technology, Inc. (c)		131,045		4,282,551
EastGroup Properties, Inc.		63,539		3,821,235
Education Realty Trust, Inc.		94,166		3,331,593
Equity Commonwealth (a)		254,781		6,764,436
Equity Lifestyle Properties, Inc.		157,701		8,665,670
Equity One, Inc.		154,020		4,110,794
Equity Residential		715,469		55,706,416
Essex Property Trust, Inc.		128,013		29,430,189
Extra Space Storage, Inc.		217,209		14,676,812
Federal Realty Investment Trust (c)		134,899		19,858,482
FelCor Lodging Trust, Inc.		220,171		2,529,765
First Industrial Realty Trust, Inc.		216,617		4,642,102
First Potomac Realty Trust		116,733		1,387,955
Forest City Enterprises, Inc. (Class A) (a)		331,928		8,470,803
Franklin Street Properties Corp.		180,365		2,312,279
General Growth Properties, Inc.		1,235,445		36,507,400
HCP, Inc.		905,984		39,147,569
Health Care REIT, Inc.		688,498		53,262,205
Healthcare Realty Trust, Inc.		194,979		5,416,517
Hersha Hospitality Trust		393,645		2,546,883
Highwoods Properties, Inc.		181,642		8,315,571
Home Properties, Inc.		113,438		7,860,119
Hospitality Properties Trust		296,556		9,783,382
Host Hotels & Resorts, Inc.		1,489,443		30,056,960
Inland Real Estate Corp.		173,864		1,858,606
Kilroy Realty Corp.		169,655		12,922,621
Kimco Realty Corp.		810,920		21,773,202

See accompanying notes to financial statements.

348

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Kite Realty Group Trust		163,574	$	4,607,880
LaSalle Hotel Properties		220,982		8,587,361
Liberty Property Trust		293,937		10,493,551
LTC Properties, Inc.		69,849		3,213,054
Macerich Co.		276,763		23,339,424
Mack-Cali Realty Corp.		167,956		3,238,192
Mid-America Apartment Communities, Inc.		148,889		11,504,653
New York REIT, Inc. (c)		324,687		3,402,720
Parkway Properties, Inc.		166,496		2,888,706
Pebblebrook Hotel Trust		141,207		6,576,010
Pennsylvania Real Estate Investment Trust		137,957		3,204,741
Piedmont Office Realty Trust, Inc. (Class A)		304,979		5,675,659
Post Properties, Inc.		107,680		6,130,222
ProLogis, Inc.		1,006,900		43,860,564
PS Business Parks, Inc.		38,892		3,229,592
Public Storage		285,943		56,370,803
Ramco-Gershenson Properties Trust		152,587		2,838,118
Regency Centers Corp.		185,707		12,635,504
Rexford Industrial Realty, Inc.		106,566		1,684,808
Rouse Properties, Inc. (c)		68,633		1,301,282
Saul Centers, Inc.		22,604		1,292,949
Senior Housing Properties Trust		462,941		10,272,661
Silver Bay Realty Trust Corp.		74,549		1,204,712
Simon Property Group, Inc.		612,437		119,817,175
SL Green Realty Corp.		193,883		24,890,700
Sovran Self Storage, Inc.		69,680		6,545,739
Strategic Hotels & Resorts, Inc. (a)		540,858		6,722,865
Sun Communities, Inc.		99,604		6,645,579
Sunstone Hotel Investors, Inc.		408,306		6,806,461
Tanger Factory Outlet Centers, Inc.		185,211		6,513,871
Taubman Centers, Inc.		125,299		9,664,312
UDR, Inc.		508,630		17,308,679
Universal Health Realty Income Trust		25,555		1,437,469
Urban Edge Properties		173,239		4,105,764
Ventas, Inc. (c)		650,392		47,491,624
Vornado Realty Trust		343,576		38,480,512
Washington Real Estate Investment Trust (c)		133,683		3,693,661
Weingarten Realty Investors		222,432		8,003,103
WP GLIMCHER, Inc.		365,952		6,085,782
				1,208,533,121
TOTAL COMMON STOCKS —
(Cost $1,813,559,480)				2,081,004,468
RIGHTS — 0.0% (d)
NEW ZEALAND — 0.0% (d)
Precinct Properties New Zealand, Ltd. (expired 3/18/15) (a) (Cost $0)		230,235		4,316
SHORT TERM INVESTMENTS — 1.7%
UNITED STATES — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		23,964,755		23,964,755
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (g)(h)		12,180,544		12,180,544
TOTAL SHORT TERM INVESTMENT —
(Cost $36,145,299)				36,145,299
TOTAL INVESTMENTS — 101.4%
(Cost $1,849,704,779)				2,117,154,083
OTHER ASSETS & LIABILITIES — (1.4)%				(28,705,127	)
NET ASSETS — 100.0%			$	2,088,448,956

(a)	Non-income producing security
(b)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(c)	A portion of the security was on loan at March 31, 2015.
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(f)	Investments of cash collateral for securities loaned
(g)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(h)	The rate shown is the annualized seven-day yield at period end.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

349

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 2.0%
Aristocrat Leisure, Ltd.		9,121	$	58,740
Automotive Holdings Group, Ltd.		11,117		35,670
Crown Resorts, Ltd. (a)		8,162		83,367
Fairfax Media, Ltd.		38,447		28,050
Tatts Group, Ltd.		24,050		73,124
				278,951
BELGIUM — 0.2%
S.A. D’Ieteren NV		803		28,132
CANADA — 4.8%
Amaya, Inc. (a)(b)		676		15,852
Canadian Tire Corp., Ltd. (Class A)		1,102		112,271
Gildan Activewear, Inc.		2,676		78,896
Magna International, Inc.		3,964		211,925
Restaurant Brands International, Inc.		651		24,961
Shaw Communications, Inc. (Class B) (a)		3,650		81,905
Thomson Reuters Corp.		3,651		148,029
				673,839
DENMARK — 0.4%
Pandora A/S		641		58,378
FINLAND — 0.3%
Nokian Renkaat Oyj (a)		979		29,283
Sanoma Oyj		2,489		13,713
				42,996
FRANCE — 9.6%
Accor SA		1,461		76,227
Christian Dior SE		330		62,289
Compagnie Generale des Etablissements Michelin		1,458		145,017
Havas SA		5,997		45,472
Hermes International		262		92,408
Kering		617		120,471
Lagardere SCA		1,137		34,119
LVMH Moet Hennessy Louis Vuitton SE		1,611		284,015
Peugeot SA (b)		4,116		68,917
Publicis Groupe SA		941		72,594
Renault SA		1,381		125,730
Sodexo SA		1,028		100,239
Valeo SA		525		78,403
Vivendi SA		1,500		37,254
				1,343,155
GERMANY — 11.9%
adidas AG		1,616		127,895
Bayerische Motoren Werke AG		2,296		287,154
Continental AG		472		111,676
Daimler AG		5,865		565,210
Kabel Deutschland Holding AG (b)		264		34,308
Porsche Automobil Holding SE Preference Shares		678		66,606
ProSiebenSat.1 Media AG		1,013		49,725
TUI AG		5,611		98,872
Volkswagen AG		323		83,274
Volkswagen AG Preference Shares		902		240,104
				1,664,824
HONG KONG — 3.1%
Esprit Holdings, Ltd. (a)		11,382		11,554
Fairwood Holdings, Ltd.		14,000		36,476
Galaxy Entertainment Group, Ltd.		14,000		63,743
Giordano International, Ltd.		70,000		34,219
Global Brands Group Holding, Ltd. (b)		54,000		10,587
Li & Fung, Ltd.		54,000		52,725
Pico Far East Holdings, Ltd.		94,000		21,702
Sands China, Ltd.		20,800		86,118
Shangri-La Asia, Ltd.		14,500		19,937
SJM Holdings, Ltd. (a)		21,000		27,465
Techtronic Industries Co., Ltd.		13,500		45,621
Wynn Macau, Ltd. (a)		13,600		29,434
				439,581
IRELAND — 0.2%
Paddy Power PLC		259		22,173
ITALY — 0.9%
Gtech Spa (a)		2,099		41,592
Mediaset SpA (b)		7,178		32,795
Pirelli & C. SpA		3,066		50,908
				125,295
JAPAN — 35.6%
Aisin Seiki Co., Ltd.		2,000		72,712
Aoyama Trading Co., Ltd.		1,900		62,026
Asics Corp.		700		19,087
Bandai Namco Holdings, Inc.		3,400		66,285
Benesse Holdings, Inc.		1,400		44,128
Bookoff Corp.		1,300		9,691
Bridgestone Corp.		5,500		220,871
Can Do Co., Ltd. (a)		700		9,187
Casio Computer Co., Ltd. (a)		3,400		64,612
Denso Corp.		2,700		123,445
Dentsu, Inc.		2,700		115,947
Fast Retailing Co., Ltd. (a)		588		227,968
Fuji Corp., Ltd. (a)		2,700		14,949
Fuji Heavy Industries, Ltd.		6,400		212,986
GLOBERIDE, Inc.		7,000		11,207
Gunze, Ltd.		13,000		34,797
Haseko Corp.		1,500		14,659
Honda Motor Co., Ltd.		9,400		305,926
Isetan Mitsukoshi Holdings, Ltd.		4,500		74,597
Isuzu Motors, Ltd.		7,000		93,246
Kappa Create Holdings Co., Ltd. (a)(b)		700		6,590
Kojima Co., Ltd.		8,900		24,861
Konaka Co., Ltd.		5,100		31,470
KU Holdings Co., Ltd.		6,700		38,940
Kyoritsu Maintenance Co., Ltd. (a)		360		17,261
Kyoto Kimono Yuzen Co., Ltd. (a)		3,000		24,991
Mazda Motor Corp.		3,100		63,047
Mitsubishi Motors Corp. (a)		2,700		24,428
NGK Spark Plug Co., Ltd.		1,000		26,933
Nikon Corp. (a)		3,400		45,645
Nissan Motor Co., Ltd.		13,400		136,765
Oriental Land Co., Ltd. (a)		2,800		212,349
Otsuka Kagu, Ltd.		2,500		31,270
Panasonic Corp. (a)		11,900		156,484
Pioneer Corp. (a)(b)		2,800		5,113
Rakuten, Inc.		5,500		97,159

See accompanying notes to financial statements.

350

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Resorttrust, Inc. (a)		3,500	$	91,349
Ringer Hut Co., Ltd.		1,000		17,786
Sanrio Co., Ltd. (a)		300		8,043
Sanyo Housing Nagoya Co., Ltd.		1,500		15,510
Sega Sammy Holdings, Inc. (a)		600		8,775
Sekisui Chemical Co., Ltd.		7,000		90,999
Sekisui House, Ltd.		7,000		101,884
Sharp Corp. (a)(b)		7,000		13,717
Shimano, Inc.		1,300		193,821
Sony Corp. (b)		6,200		164,920
Stanley Electric Co., Ltd.		2,100		47,577
Suminoe Textile Co., Ltd.		6,000		15,360
Sumitomo Forestry Co., Ltd.		5,900		64,596
Suzuki Motor Corp.		3,100		93,381
Toyota Industries Corp.		1,700		97,528
Toyota Motor Corp. (a)		16,400		1,146,393
Yamada Denki Co., Ltd. (a)		8,700		35,910
Yamaha Motor Co., Ltd.		1,400		33,878
				4,983,059
LUXEMBOURG — 0.6%
SES SA		2,489		88,001
NETHERLANDS — 3.0%
Fiat Chrysler Automobiles NV (b)		6,756		109,928
Reed Elsevier NV		7,131		177,605
Wolters Kluwer NV		3,981		129,978
				417,511
NORWAY — 0.4%
Schibsted ASA		909		52,696
SINGAPORE — 0.7%
Genting Singapore PLC (a)		41,900		28,102
Singapore Press Holdings, Ltd. (a)		21,000		64,147
				92,249
SOUTH KOREA — 4.3%
Cheil Worldwide, Inc. (b)		1,044		22,631
Coway Co., Ltd.		341		28,123
Credu Corp.		154		7,676
Fila Korea, Ltd.		90		8,761
Hanil E-Hwa Co., Ltd.		518		7,400
Hankook Tire Co., Ltd.		882		36,053
Hotel Shilla Co., Ltd.		139		12,266
Hyundai Department Store Co., Ltd.		48		6,447
Hyundai Engineering Plastics Co., Ltd.		1,247		10,093
Hyundai Mobis Co., Ltd.		472		104,870
Hyundai Motor Co.		1,327		201,541
Hyundai Wia Corp.		51		6,505
Kia Motors Corp.		1,920		78,223
LG Electronics, Inc.		569		30,208
Lotte Shopping Co., Ltd.		76		16,269
Seoyeon Co., Ltd.		748		10,585
Toray Chemical Korea, Inc. (b)		948		16,705
				604,356
SPAIN — 1.7%
Inditex SA		6,777		217,481
NH Hotel Group SA (b)		3,634		19,866
				237,347
SWEDEN — 2.4%
Electrolux AB (Series B) (a)		3,379		96,856
Hennes & Mauritz AB (Class B)		5,842		236,754
				333,610
SWITZERLAND — 2.8%
Cie Financiere Richemont SA		3,200		257,963
Swatch Group AG		302		128,132
				386,095
UNITED KINGDOM — 14.6%
Burberry Group PLC		3,676		94,570
Carnival PLC		1,850		90,519
Compass Group PLC		13,268		230,841
GKN PLC		12,781		68,039
Home Retail Group PLC		10,200		24,984
Informa PLC		7,047		59,054
ITV PLC		30,079		112,926
Kingfisher PLC		24,687		139,482
Marks & Spencer Group PLC		13,241		105,161
Next PLC		1,886		196,684
Ocado Group PLC (a)(b)		2,353		12,358
Pearson PLC		7,875		169,628
Reed Elsevier PLC		9,661		166,221
Sky PLC		9,241		136,223
Thomas Cook Group PLC (b)		6,096		13,185
Whitbread PLC		2,541		197,848
WPP PLC		9,619		218,618
				2,036,341
TOTAL COMMON STOCKS —
(Cost $13,322,583)				13,908,589
WARRANTS — 0.1%
FRANCE — 0.1%
Peugeot SA (expiring 4/29/17) (a)(b) (Cost $7,744)		3,417		11,784
SHORT TERM INVESTMENTS — 13.4%
UNITED STATES — 13.4%
MONEY MARKET FUNDS — 13.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		1,849,734		1,849,734
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e)		26,318		26,318
TOTAL SHORT TERM INVESTMENT —
(Cost $1,876,052)				1,876,052
TOTAL INVESTMENTS — 113.0%
(Cost $15,206,379)				15,796,425
OTHER ASSETS & LIABILITIES — (13.0)%				(1,811,385	)
NET ASSETS — 100.0%			$	13,985,040

See accompanying notes to financial statements.

351

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

March 31, 2015 (Unaudited)

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

SCA = Societe en Commandite par Actions (partnership limited by shares)

See accompanying notes to financial statements.

352

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 4.8%
Coca-Cola Amatil, Ltd. (a)		13,064	$	107,587
Treasury Wine Estates, Ltd.		16,244		63,537
Wesfarmers, Ltd.		25,806		866,649
Woolworths, Ltd. (a)		27,082		610,128
				1,647,901
BELGIUM — 6.7%
Anheuser-Busch InBev NV		16,769		2,049,527
Anheuser-Busch InBev NV VVPR Strip (b)(c)		2,040		0
Delhaize Group		2,662		239,354
				2,288,881
CANADA — 2.8%
AGT Food & Ingredients, Inc.		323		6,911
Alimentation Couche-Tard, Inc. (Class B)		7,781		310,073
Clearwater Seafoods, Inc.		671		7,338
Cott Corp.		617		5,768
Empire Co., Ltd. (Class A)		385		26,845
High Liner Foods, Inc.		273		5,264
Jean Coutu Group PJC, Inc. (Class A)		555		11,863
KP Tissue, Inc.		1,235		15,846
Liquor Stores NA, Ltd. (a)		230		2,644
Loblaw Cos., Ltd. (a)		6,784		331,674
Maple Leaf Foods, Inc. (a)		385		7,046
Metro, Inc., (Class A)		3,378		91,538
Premium Brands Holdings Corp. (a)		207		4,761
Saputo, Inc.		3,211		88,255
SunOpta, Inc. (b)		2,760		29,311
				945,137
DENMARK — 0.7%
Carlsberg A/S (Class B)		2,933		242,028
Royal Unibrew A/S (b)		34		5,699
				247,727
FINLAND — 0.4%
Kesko Oyj (Class B)		3,018		128,908
FRANCE — 8.7%
Carrefour SA		12,728		424,996
Casino Guichard-Perrachon SA		1,999		177,186
Danone SA		13,221		889,163
L’Oreal SA		5,104		939,288
Pernod Ricard SA		4,600		544,185
				2,974,818
GERMANY — 2.7%
Beiersdorf AG		2,633		228,772
Henkel AG & Co. KGaA		218		22,519
Henkel AG & Co. KGaA Preference Shares		5,525		650,053
Metro AG		636		21,582
				922,926
HONG KONG — 0.4%
Vitasoy International Holdings, Ltd.		84,000		131,313
IRELAND — 1.0%
C&C Group PLC		4,509		18,475
Fyffes PLC		2,441		3,106
Glanbia PLC		2,117		39,255
Greencore Group PLC		12,160		58,198
Kerry Group PLC (Class A)		3,049		204,664
Origin Enterprises PLC (b)		535		4,683
Total Produce PLC		4,707		5,662
				334,043
JAPAN — 16.8%
Aeon Co., Ltd. (a)		18,605		204,628
Ain Pharmaciez, Inc.		200		7,930
Ajinomoto Co., Inc. (a)		15,728		345,511
Asahi Group Holdings, Ltd.		13,382		425,535
Belc Co., Ltd.		100		2,906
Calbee, Inc.		1,800		78,349
Coca-Cola East Japan Co., Ltd. (a)		1,000		20,430
Euglena Co., Ltd. (a)(b)		1,700		28,011
Ezaki Glico Co., Ltd.		1,000		40,525
FamilyMart Co., Ltd.		1,600		67,242
Fuji Oil Co., Ltd.		1,700		27,132
Fujicco Co., Ltd.		4,000		64,807
Hokuto Corp.		1,600		29,845
Japan Tobacco, Inc.		21,878		693,328
Kao Corp.		12,108		605,779
Kewpie Corp.		3,300		80,460
KEY Coffee, Inc.		3,300		49,779
Kikkoman Corp.		4,000		127,246
Kirin Holdings Co., Ltd. (a)		16,675		219,274
Kotobuki Spirits Co., Ltd.		300		6,279
Kusuri No Aoki Co., Ltd.		100		7,530
Lawson, Inc.		2,924		203,101
Life Corp.		500		8,751
Lion Corp. (a)		16,000		97,661
Matsumotokiyoshi Holdings Co., Ltd.		700		24,982
MEIJI Holdings Co., Ltd.		1,600		195,456
NH Foods, Ltd. (a)		4,000		92,324
Nichirei Corp.		26,388		148,305
Nippon Suisan Kaisha, Ltd.		4,400		13,392
Nisshin Seifun Group, Inc.		600		7,074
Nissin Foods Holding Co., Ltd.		1,600		78,849
Oenon Holdings, Inc.		33,351		61,182
Pigeon Corp.		800		67,442
S Foods, Inc.		400		7,371
Sapporo Holdings, Ltd.		1,000		3,969
Seven & i Holdings Co., Ltd.		16,775		706,809
Shiseido Co., Ltd. (a)		12,293		218,645
Sugi Holdings Co., Ltd.		200		9,906
Sundrug Co., Ltd.		200		10,407
Suntory Beverage & Food, Ltd.		1,200		51,532
Takara Holdings, Inc. (a)		1,500		10,882
Toyo Suisan Kaisha, Ltd.		1,500		52,908
Tsuruha Holdings, Inc.		100		7,672
Unicharm Corp.		9,900		260,203
UNY Group Holdings Co., Ltd.		13,400		75,199
Yakult Honsha Co., Ltd. (a)		1,980		138,191
Yamazaki Baking Co., Ltd. (a)		3,000		54,209
Yaoko Co., Ltd.		400		15,009
				5,753,957

See accompanying notes to financial statements.

353

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
LUXEMBOURG — 0.0% (d)
Oriflame Cosmetics SA SDR (a)		1,010	$	13,527
NETHERLANDS — 7.0%
Heineken NV		5,029		383,643
Koninklijke Ahold NV		24,619		485,189
Unilever NV (a)		36,221		1,513,846
				2,382,678
NORWAY — 0.4%
Bakkafrost P/F		228		4,937
Marine Harvest		10,176		116,860
Orkla ASA		1,078		8,153
Salmar ASA		198		2,850
				132,800
PORTUGAL — 0.1%
Jeronimo Martins SGPS SA		2,929		36,805
Sonae SGPS SA		9,240		14,052
				50,857
SINGAPORE — 0.7%
Golden Agri-Resources, Ltd. (a)		221,075		68,496
Wilmar International, Ltd.		68,000		161,610
				230,106
SOUTH KOREA — 3.3%
Able C&C Co., Ltd.		268		7,633
AmorePacific Corp.		53		160,273
AmorePacific Group		42		56,785
Binggrae Co., Ltd.		178		13,188
CJ CheilJedang Corp.		127		43,270
Cosmax BTI, Inc.		70		3,666
Cosmax, Inc.		99		12,180
Crown Confectionery Co., Ltd.		98		25,970
Dae Han Flour Mills Co., Ltd.		155		25,986
Daesang Corp.		755		28,514
Dongsuh Co., Inc.		1,531		42,227
Dongwon F&B Co., Ltd.		8		2,884
Dongwon Industries Co., Ltd.		60		18,009
E-Mart Co., Ltd.		338		70,985
GS Retail Co., Ltd.		145		4,365
Korea Kolmar Co., Ltd.		168		10,327
Korea Kolmar Holdings Co., Ltd.		105		5,044
KT&G Corp.		2,341		187,162
LG Household & Health Care, Ltd.		174		131,898
Lotte Chilsung Beverage Co., Ltd.		4		6,212
Lotte Confectionery Co., Ltd.		17		27,336
Lotte Food Co., Ltd.		43		27,324
Maeil Dairy Industry Co., Ltd.		563		19,842
Muhak Co., Ltd. (b)		112		4,558
Namyang Dairy Products Co., Ltd.		18		11,941
NongShim Co., Ltd.		68		14,925
Orion Corp.		69		72,019
Ottogi Corp.		75		40,358
Pulmuone Co., Ltd.		26		3,339
Sajo Industries Co., Ltd. (b)		358		30,978
Samlip General Foods Co., Ltd.		39		10,018
Sunjin Co., Ltd.		97		2,728
				1,121,944
SPAIN — 0.5%
Distribuidora Internacional de Alimentacion SA		1,705		13,342
Ebro Puleva SA		7,799		145,409
				158,751
SWEDEN — 1.0%
ICA Gruppen AB (a)		230		7,710
Svenska Cellulosa AB		713		16,535
Svenska Cellulosa AB (Class B)		6,999		161,259
Swedish Match AB		5,402		158,852
				344,356
SWITZERLAND — 15.6%
Aryzta AG (b)		600		36,909
Coca-Cola HBC AG (b)		3,317		59,828
Lindt & Spruengli AG		68		365,099
Nestle SA		64,688		4,888,396
				5,350,232
UNITED KINGDOM — 25.7%
Associated British Foods PLC		5,765		241,169
Booker Group PLC		8,345		18,050
British American Tobacco PLC		37,783		1,956,661
Diageo PLC		51,697		1,427,059
Imperial Tobacco Group PLC		20,889		918,819
J Sainsbury PLC (a)		33,342		128,294
Reckitt Benckiser Group PLC		13,811		1,189,142
SABMiller PLC		18,276		960,428
Tate & Lyle PLC		12,878		114,226
Tesco PLC		163,218		585,996
Unilever PLC		26,217		1,095,574
William Morrison Supermarkets PLC		56,549		162,438
				8,797,856
TOTAL COMMON STOCKS —
(Cost $31,265,153)				33,958,718
SHORT TERM INVESTMENTS — 6.6%
UNITED STATES — 6.6%
MONEY MARKET FUNDS — 6.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		2,095,983		2,095,983
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		168,191		168,191
TOTAL SHORT TERM INVESTMENT —
(Cost $2,264,174)				2,264,174
TOTAL INVESTMENTS — 105.9%
(Cost $33,529,327)				36,222,892
OTHER ASSETS & LIABILITIES — (5.9)%				(2,013,503	)
NET ASSETS — 100.0%			$	34,209,389

See accompanying notes to financial statements.

354

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

March 31, 2015 (Unaudited)

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

355

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 4.3%
Beach Energy, Ltd.		28,239	$	21,897
Caltex Australia, Ltd.		3,088		82,450
Karoon Gas Australia, Ltd. (a)(b)		3,638		6,003
Origin Energy, Ltd.		29,282		253,005
Paladin Energy, Ltd. (a)(b)		29,876		8,559
Santos, Ltd.		21,850		119,183
Washington H Soul Pattinson & Co., Ltd.		2,981		34,365
Whitehaven Coal, Ltd. (a)(b)		9,189		10,003
Woodside Petroleum, Ltd.		16,712		440,722
WorleyParsons, Ltd.		9,013		65,756
				1,041,943
AUSTRIA — 0.5%
OMV AG		4,461		122,461
CANADA — 29.9%
AltaGas, Ltd. (b)		2,764		92,228
ARC Resources, Ltd. (b)		6,683		114,822
Athabasca Oil Corp. (a)		13,291		22,038
Baytex Energy Corp. (b)		3,715		58,754
Bonavista Energy Corp. (b)		7,767		39,126
Bonterra Energy Corp. (b)		750		20,081
Cameco Corp. (b)		13,206		184,039
Canadian Natural Resources, Ltd. (b)		26,869		823,572
Canadian Oil Sands, Ltd.		11,125		86,523
Cenovus Energy, Inc.		19,307		325,467
Crescent Point Energy Corp. (b)		9,094		202,775
Enbridge Income Fund Holdings, Inc. (b)		1,250		36,814
Enbridge, Inc. (b)		20,280		977,571
Encana Corp.		16,364		182,698
Enerflex, Ltd.		1,719		20,848
Enerplus Corp. (b)		7,343		74,445
Ensign Energy Services, Inc. (b)		3,014		23,631
Gibson Energy, Inc. (b)		2,872		58,914
Gran Tierra Energy, Inc. (a)		5,463		14,925
Husky Energy, Inc. (b)		8,318		169,775
Imperial Oil, Ltd. (b)		5,950		237,483
Inter Pipeline, Ltd. (b)		7,174		184,887
InterOil Corp. (a)		867		40,003
Keyera Corp. (b)		1,896		126,126
Lightstream Resources, Ltd. (b)		3,783		2,658
MEG Energy Corp. (a)		2,964		47,883
Mullen Group, Ltd. (b)		2,263		35,897
Niko Resources, Ltd. (a)(b)		1,487		587
Pacific Rubiales Energy Corp. (b)		7,032		16,768
Paramount Resources, Ltd. (Class A) (a)		1,172		28,872
Parkland Fuel Corp. (b)		1,819		35,719
Pason Systems, Inc.		1,500		23,640
Pembina Pipeline Corp. (b)		7,207		227,733
Pengrowth Energy Corp. (b)		11,736		35,213
Penn West Petroleum, Ltd. (b)		8,814		14,543
Peyto Exploration & Development Corp. (b)		3,071		82,346
PrairieSky Royalty, Ltd. (b)		3,292		77,667
Precision Drilling Corp. (b)		13,416		85,167
Secure Energy Services, Inc.		2,592		33,073
Seven Generations Energy, Ltd. (Class A) (a)		3,739		47,679
ShawCor, Ltd. (Class A)		1,396		38,799
Suncor Energy, Inc. (b)		34,364		1,004,194
Sunshine Oilsands, Ltd. (a)(b)		52,000		2,113
Talisman Energy, Inc. (b)		25,177		193,027
Tourmaline Oil Corp. (a)		3,719		112,554
TransCanada Corp. (b)		15,899		679,897
Trican Well Service, Ltd.		6,428		17,510
Trilogy Energy Corp. (b)		1,120		6,571
Veresen, Inc. (b)		4,735		62,361
Vermilion Energy, Inc. (b)		2,401		100,950
Whitecap Resources, Inc. (b)		4,739		53,732
				7,184,698
CYPRUS — 0.0% (c)
Ocean Rig UDW, Inc. (b)		852		5,615
FINLAND — 0.4%
Neste Oil Oyj (b)		3,588		94,026
FRANCE — 11.9%
Bourbon SA (b)		646		11,066
CGG SA (a)(b)		5,886		33,188
Gaztransport Et Technigaz SA		397		23,400
Technip SA		2,798		169,395
Total SA (b)		52,709		2,619,602
				2,856,651
HONG KONG — 0.1%
Brightoil Petroleum Holdings, Ltd. (a)(b)		52,000		17,639
Sino Oil And Gas Holdings, Ltd. (a)		370,000		8,495
Yanchang Petroleum International, Ltd. (a)		200,000		7,481
				33,615
IRELAND — 0.2%
Dragon Oil PLC		5,258		45,363
ISRAEL — 0.2%
Delek Group, Ltd.		101		26,058
Paz Oil Co., Ltd.		128		18,717
				44,775
ITALY — 4.8%
ENI SpA		59,731		1,034,757
Saipem SpA (a)(b)		6,769		69,028
Saras SpA (a)		27,541		47,829
				1,151,614
JAPAN — 2.7%
Cosmo Oil Co., Ltd. (a)(b)		4,000		5,403
Idemitsu Kosan Co., Ltd. (b)		2,700		47,100
Inpex Corp.		24,400		269,687
Japan Petroleum Exploration Co., Ltd.		500		16,990
JX Holdings, Inc.		55,197		212,733
Showa Shell Sekiyu K.K.		4,700		43,032
TonenGeneral Sekiyu K.K.		5,000		43,235
				638,180
LUXEMBOURG — 0.9%
Subsea 7 SA (b)		7,245		62,344
Tenaris SA (b)		10,628		149,073
				211,417

See accompanying notes to financial statements.

356

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
NETHERLANDS — 0.7%
Fugro NV		1,376	$	36,916
Koninklijke Vopak NV		1,524		84,130
SBM Offshore NV (a)(b)		4,659		57,919
				178,965
NORWAY — 3.3%
Akastor ASA (b)		8,230		16,554
Aker Solutions ASA (a)(b)		8,230		42,860
BW LPG, Ltd. (d)		1,864		15,022
DNO ASA (a)(b)		15,133		19,810
Fred Olsen Energy ASA (b)		775		5,549
Golar LNG, Ltd. (b)		1,816		60,436
Kvaerner ASA		13,814		10,285
Petroleum Geo-Services ASA (b)		7,520		38,696
ProSafe SE (b)		5,642		15,542
Seadrill, Ltd. (b)		8,242		77,418
Ship Finance International, Ltd. (b)		1,500		22,200
Statoil ASA		23,370		414,095
TGS Nopec Geophysical Co. ASA (b)		2,461		54,600
				793,067
PAPUA NEW GUINEA — 0.9%
Oil Search, Ltd.		38,883		213,874
PORTUGAL — 0.3%
Galp Energia SGPS SA		6,150		66,480
SINGAPORE — 0.1%
Ezion Holdings, Ltd. (b)		26,580		20,831
SOUTH KOREA — 1.1%
GS Holdings Corp.		1,291		49,920
Hankook Shell Oil Co., Ltd.		103		40,942
S-Oil Corp.		1,020		59,116
SK Innovation Co., Ltd. (a)		1,350		116,084
				266,062
SPAIN — 2.0%
Repsol SA		23,731		441,819
Tecnicas Reunidas SA		771		32,377
				474,196
SWEDEN — 0.3%
Lundin Petroleum AB (a)(b)		4,477		61,309
UNITED KINGDOM — 35.1%
Afren PLC (a)(b)		25,199		1,156
Amec Foster Wheeler PLC		6,944		93,342
BG Group PLC		78,405		964,892
BP PLC		417,529		2,706,764
Cairn Energy PLC (a)		18,809		43,865
Genel Energy PLC (a)		3,562		24,879
John Wood Group PLC		8,682		81,842
Ophir Energy PLC (a)		10,012		20,035
Petrofac, Ltd.		5,962		84,346
Premier Oil PLC		14,400		28,132
Royal Dutch Shell PLC (Class A)		86,081		2,565,970
Royal Dutch Shell PLC (Class B)		54,769		1,706,584
Tullow Oil PLC (a)		24,705		103,862
				8,425,669
TOTAL COMMON STOCKS —
(Cost $30,868,691)				23,930,811
SHORT TERM INVESTMENTS — 11.0%
UNITED STATES — 11.0%
MONEY MARKET FUNDS — 11.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		2,500,128		2,500,128
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		149,290		149,290
TOTAL SHORT TERM INVESTMENT —
(Cost $2,649,418)				2,649,418
TOTAL INVESTMENTS — 110.7%
(Cost $33,518,109)				26,580,229
OTHER ASSETS & LIABILITIES — (10.7)%				(2,570,714	)
NET ASSETS — 100.0%			$	24,009,515

(a)	Non-income producing security
(b)	A portion of the security was on loan at March 31, 2015.
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

357

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 12.2%
AMP, Ltd.		7,035	$	34,611
Astro Japan Property Group		364		1,390
ASX, Ltd. (a)		868		27,459
Australia & New Zealand Banking Group, Ltd.		6,671		186,729
Commonwealth Bank of Australia (a)		4,376		312,240
Insurance Australia Group, Ltd.		5,970		27,821
Macquarie Group, Ltd.		759		44,456
National Australia Bank, Ltd.		6,424		189,189
QBE Insurance Group, Ltd.		4,344		43,275
Scentre Group		17,553		50,152
Stockland		5,443		18,712
Suncorp Group, Ltd. (a)		3,280		33,828
Westfield Corp.		9,470		69,091
Westpac Banking Corp.		8,623		259,417
				1,298,370
AUSTRIA — 0.7%
Erste Group Bank AG		1,195		29,436
Sparkassen Immobilien AG (b)		5,515		50,050
				79,486
BELGIUM — 1.0%
Ageas		888		31,859
Groupe Bruxelles Lambert SA		270		22,372
KBC Groep NV (b)		840		51,928
				106,159
CANADA — 12.3%
Bank of Montreal (a)		2,084		124,892
Bank of Nova Scotia (a)		3,102		155,627
Brookfield Asset Management, Inc. (Class A)		1,430		76,485
Canadian Imperial Bank of Commerce (a)		962		69,744
CI Financial Corp. (a)		494		13,812
Fairfax Financial Holdings, Ltd.		99		55,499
Great-West Lifeco, Inc.		1,770		51,178
IGM Financial, Inc. (a)		197		7,001
Intact Financial Corp.		798		60,122
Manulife Financial Corp.		5,891		100,052
National Bank of Canada		773		28,222
Power Corp. of Canada		979		25,911
Power Financial Corp. (a)		1,893		56,035
Royal Bank of Canada		3,398		204,551
Sun Life Financial, Inc.		2,582		79,570
Toronto-Dominion Bank		4,642		198,692
				1,307,393
CHINA — 1.0%
Hongkong Land Holdings, Ltd.		7,209		54,428
Sino Land Co., Ltd.		29,417		47,959
				102,387
DENMARK — 0.9%
Danske Bank A/S		1,831		48,302
Sydbank A/S		1,486		46,592
				94,894
FINLAND — 0.6%
Sampo Oyj (Class A)		1,235		62,367
Technopolis Oyj		270		1,215
				63,582
FRANCE — 4.8%
AXA SA		6,069		152,882
BNP Paribas SA		2,451		148,913
Credit Agricole SA		3,556		52,227
Societe Generale SA		1,670		80,657
Unibail-Rodamco SE		302		81,428
				516,107
GERMANY — 4.7%
Allianz SE		1,075		186,864
Alstria Office REIT-AG (a)(b)		1,638		23,037
Commerzbank AG (b)		2,422		33,426
Deutsche Bank AG		3,507		121,884
Deutsche Beteiligungs AG		25		814
Deutsche Boerse AG		322		26,304
Hamborner REIT AG		2,547		28,025
Muenchener Rueckversicherungs- Gesellschaft AG		363		78,265
				498,619
HONG KONG — 7.0%
AIA Group, Ltd.		30,823		194,009
Bank of East Asia, Ltd.		3,421		13,613
BOC Hong Kong Holdings, Ltd.		8,949		31,915
CK Hutchison Holdings, Ltd.		2,950		60,423
Hang Lung Properties, Ltd.		10,860		30,536
Hang Seng Bank, Ltd.		1,889		34,232
Henderson Land Development Co., Ltd.		8,949		62,849
Hong Kong Exchanges and Clearing, Ltd.		3,281		80,406
Link REIT		5,501		33,915
New World Development Co., Ltd.		30,400		35,250
Redefine International PLC		3,197		2,788
Sun Hung Kai Properties, Ltd.		5,274		81,358
Swire Pacific, Ltd.		4,474		60,996
Wharf Holdings, Ltd.		3,911		27,316
				749,606
IRELAND — 0.4%
Bank of Ireland (b)		70,128		26,662
Green REIT PLC		3,002		5,275
Hibernia REIT PLC		2,941		3,696
Irish Residential Properties REIT PLC		10,463		11,293
				46,926
ISRAEL — 0.1%
REIT 1, Ltd.		2,274		6,976
ITALY — 3.3%
Assicurazioni Generali SpA		4,166		81,924
Banca Monte dei Paschi di Siena SpA (a)(b)		11,545		7,663
Banca Popolare dell’Etruria e del Lazio SC (b)		1,627		1,019
Banco Popolare SC (b)		860		13,448
Intesa Sanpaolo SpA		35,770		121,628
UBI Banca SCpA		4,108		32,141
UniCredit SpA		14,426		98,074
				355,897

See accompanying notes to financial statements.

358

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
JAPAN — 14.6%
Aiful Corp. (a)(b)		300	$	1,066
Bank of Yokohama, Ltd.		7,954		46,693
Dai-ichi Life Insurance Co., Ltd.		2,883		41,962
Daito Trust Construction Co., Ltd. (a)		472		52,838
Daiwa House Industry Co., Ltd. (a)		1,690		33,413
Daiwa Securities Group, Inc.		3,878		30,591
Japan Exchange Group, Inc. (a)		300		8,718
Keihanshin Building Co., Ltd.		1,100		6,512
Kenedix, Inc. (a)		400		1,634
Mitsubishi Estate Co., Ltd.		3,977		92,424
Mitsubishi UFJ Financial Group, Inc.		35,644		221,042
Mitsui Fudosan Co., Ltd.		2,983		87,792
Mizuho Financial Group, Inc.		51,628		90,879
MS&AD Insurance Group Holdings, Inc. (a)		2,074		58,281
Nippon Building Fund, Inc.		10		49,197
Nomura Holdings, Inc.		15,407		90,727
ORIX Corp.		4,872		68,596
Relo Holdings, Inc.		100		8,872
Resona Holdings, Inc.		5,127		25,506
Shizuoka Bank, Ltd. (a)		1,989		19,902
Sompo Japan Nipponkoa Holdings, Inc.		1,889		58,832
Sumitomo Mitsui Financial Group, Inc. (a)		4,046		155,244
Sumitomo Mitsui Trust Holdings, Inc.		18,825		77,780
Sumitomo Realty & Development Co., Ltd.		994		35,844
T&D Holdings, Inc.		4,077		56,247
Takara Leben Co., Ltd.		300		1,611
TOC Co., Ltd.		200		1,571
Tokai Tokyo Financial Holdings, Inc.		622		4,813
Tokio Marine Holdings, Inc.		3,061		115,842
Tokyo Rakutenchi Co. Ltd.		2,000		8,205
Tokyo Theatres Co., Inc.		5,000		5,795
				1,558,429
NETHERLANDS — 1.8%
Aegon NV		5,933		46,828
ING Groep NV (b)		9,943		145,712
				192,540
NEW ZEALAND — 0.0% (c)
Precinct Properties New Zealand, Ltd.		2,178		1,919
NORWAY — 0.4%
DnB ASA		2,338		37,627
SpareBank 1 SR Bank ASA		367		2,561
				40,188
PORTUGAL — 0.0% (c)
Banco Comercial Portugues SA (a)(b)		20,561		2,113
BANIF — Banco Internacional do Funchal SA (b)		8,346		69
				2,182
SINGAPORE — 2.1%
CapitaLand, Ltd. (a)		10,860		28,344
DBS Group Holdings, Ltd.		3,977		59,030
Oversea-Chinese Banking Corp., Ltd. (a)		9,541		73,521
United Overseas Bank, Ltd.		3,573		59,910
				220,805
SOUTH KOREA — 2.5%
Hana Financial Group, Inc.		669		17,336
KB Financial Group, Inc.		892		31,597
KB Financial Group, Inc. ADR (b)		957		33,629
Samsung Fire & Marine Insurance Co., Ltd.		224		54,009
Samsung Life Insurance Co., Ltd.		580		50,553
Shinhan Financial Group Co., Ltd.		1,093		41,328
Shinhan Financial Group Co., Ltd. ADR (b)		869		32,414
				260,866
SPAIN — 5.3%
Banco Bilbao Vizcaya Argentaria SA		15,329		154,887
Banco de Sabadell SA (a)		16,999		41,608
Banco Popular Espanol SA (a)		4,919		24,080
Banco Santander SA		31,934		240,663
Bankia SA (b)		32,892		45,853
Bolsas y Mercados Espanoles SHMSF SA		585		26,061
CaixaBank SA		5,986		28,385
				561,537
SWEDEN — 3.5%
Investor AB (Class B)		1,537		61,255
Kinnevik Investment AB (Class B)		903		30,166
Nordea Bank AB		10,110		123,444
Skandinaviska Enskilda Banken AB (Class A)		4,043		47,303
Svenska Handelsbanken AB (Class A) (a)		1,155		52,138
Swedbank AB (Class A)		2,583		61,729
				376,035
SWITZERLAND — 6.0%
Credit Suisse Group AG (b)		3,710		99,998
GAM Holding AG (b)		1,353		28,138
Julius Baer Group, Ltd. (b)		1,109		55,673
Swiss Life Holding AG (b)		206		51,007
Swiss Re AG		884		85,642
UBS Group AG (b)		10,110		190,688
Valiant Holding AG		70		5,917
Zurich Insurance Group AG (b)		352		119,338
				636,401
UNITED KINGDOM — 14.0%
Assura PLC		6,914		6,389
Aviva PLC		10,461		83,859
Barclays PLC		37,594		135,391
Big Yellow Group PLC		546		5,248
British Land Co. PLC		5,660		69,949
Friends Life Group, Ltd.		5,384		33,057
Hammerson PLC		182		1,797
Hansteen Holdings PLC		3,457		6,276
HSBC Holdings PLC		45,129		384,546
Lancashire Holdings, Ltd.		442		4,101
Land Securities Group PLC		1,829		34,021
Legal & General Group PLC		15,060		62,285
Lloyds Banking Group PLC (b)		112,732		131,002
London Stock Exchange Group PLC		1,610		58,771
Londonmetric Property PLC		1,183		2,841
Man Group PLC		8,368		25,317
McKay Securities PLC		1,092		4,053

See accompanying notes to financial statements.

359

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Old Mutual PLC		13,728	$	45,262
Primary Health Properties PLC		2,911		17,491
Provident Financial PLC		375		14,992
Prudential PLC		6,522		161,882
Royal Bank of Scotland Group PLC (b)		5,907		29,814
RSA Insurance Group PLC		7,546		47,149
Safestore Holdings PLC		728		3,148
Shaftesbury PLC		91		1,122
Standard Chartered PLC		5,209		84,558
Standard Life PLC		4,524		31,939
Tritax Big Box REIT PLC		4,731		8,163
				1,494,423
TOTAL COMMON STOCKS —
(Cost $11,686,080)				10,571,727
RIGHTS — 0.1%
NEW ZEALAND — 0.0% (c)
Precinct Properties New Zealand, Ltd. (expired 3/18/15) (b)		311		6
SPAIN — 0.1%
Banco Bilbao Vizcaya Argentaria SA (expiring 4/14/15) (b)		15,329		2,206
Banco de Sabadell SA (expiring 4/17/15) (a)(b)		16,999		4,309
				6,515
TOTAL RIGHTS —
(Cost $2,170)				6,521
SHORT TERM INVESTMENTS — 8.1%
UNITED STATES — 8.1%
MONEY MARKET FUNDS — 8.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		813,207		813,207
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f)		55,294		55,294
TOTAL SHORT TERM INVESTMENT —
(Cost $868,501)				868,501
TOTAL INVESTMENTS — 107.4%
(Cost $12,556,751)				11,446,749
OTHER ASSETS & LIABILITIES — (7.4)%				(784,792	)
NET ASSETS — 100.0%			$	10,661,957
��

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

360

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 4.4%
Ansell, Ltd.		10,274	$	216,235
Cochlear, Ltd. (a)		3,456		239,018
CSL, Ltd.		22,915		1,612,645
Healthscope, Ltd.		82,101		191,926
Primary Health Care, Ltd. (a)		39,756		167,044
Ramsay Health Care, Ltd.		7,939		407,811
Sirtex Medical, Ltd.		5,578		88,635
Sonic Healthcare, Ltd. (a)		24,724		386,069
				3,309,383
BELGIUM — 0.8%
Fagron (a)		2,368		92,205
UCB SA		6,463		467,494
				559,699
CANADA — 4.7%
Catamaran Corp. (b)		11,885		707,563
Valeant Pharmaceuticals International, Inc. (b)		14,274		2,819,975
				3,527,538
DENMARK — 6.4%
Coloplast A/S (Class B)		6,025		455,600
Genmab A/S (b)		3,253		244,583
GN Store Nord A/S (a)		9,539		212,831
H. Lundbeck A/S (a)(b)		5,059		106,547
Novo Nordisk A/S (Class B)		68,119		3,642,937
William Demant Holding A/S (b)		1,902		161,325
				4,823,823
FINLAND — 0.3%
Orion Oyj (Class A)		2,070		58,025
Orion Oyj (Class B)		6,606		186,523
				244,548
FRANCE — 8.4%
bioMerieux		1,067		103,251
Essilor International SA		10,720		1,229,618
Genfit (b)		1,165		43,010
Ipsen SA		3,766		177,986
Korian-Medica		6,717		227,315
Orpea		2,319		146,074
Sanofi		43,051		4,250,545
Virbac SA		314		74,226
				6,252,025
GERMANY — 10.1%
Bayer AG		28,623		4,302,216
Celesio AG		2,439		72,036
Fresenius Medical Care AG & Co. KGaA		10,370		862,701
Fresenius SE & Co. KGaA		19,056		1,137,713
Gerresheimer AG		2,532		139,667
Merck KGaA		6,747		757,598
MorphoSys AG (b)		1,393		87,984
RHOEN-KLINIKUM AG		3,091		76,785
Stada Arzneimittel AG		4,755		158,798
				7,595,498
HONG KONG — 0.4%
CK Life Sciences International Holdings, Inc.		1,572,000		150,042
Lee’s Pharmaceutical Holdings, Ltd.		71,253		102,932
Town Health International Medical Group, Ltd.		182,000		55,165
				308,139
IRELAND — 0.5%
ICON PLC (b)		3,368		237,545
UDG Healthcare PLC (c)		9,729		68,242
UDG Healthcare PLC (c)(d)		6,214		43,586
				349,373
ISRAEL — 3.9%
Taro Pharmaceutical Industries, Ltd. (b)		908		128,055
Teva Pharmaceutical Industries, Ltd.		43,924		2,756,917
				2,884,972
ITALY — 0.2%
Recordati SpA		7,813		146,006
JAPAN — 15.9%
Alfresa Holdings Corp.		11,100		156,886
Asahi Intecc Co., Ltd.		1,500		105,066
Astellas Pharma, Inc.		104,400		1,712,795
Chugai Pharmaceutical Co., Ltd.		11,125		351,120
Daiichi Sankyo Co., Ltd. (a)		35,100		558,146
Eisai Co., Ltd. (a)		12,700		903,852
Hisamitsu Pharmaceutical Co., Inc.		4,300		176,769
Kaken Pharmaceutical Co., Ltd.		5,000		145,091
Kissei Pharmaceutical Co., Ltd.		3,000		93,809
KYORIN Holdings, Inc.		3,900		93,463
Kyowa Hakko Kirin Co., Ltd.		17,422		227,645
M3, Inc.		10,200		216,971
Medipal Holdings Corp.		10,000		130,498
Miraca Holdings, Inc. (a)		2,800		129,114
Mitsubishi Tanabe Pharma Corp.		11,900		204,610
Nakanishi, Inc.		1,500		58,599
Nihon Kohden Corp.		4,600		125,620
Nippon Shinyaku Co., Ltd.		4,000		145,925
Olympus Corp. (b)		14,000		521,242
Ono Pharmaceutical Co., Ltd.		5,100		577,511
Otsuka Holdings Co., Ltd. (a)		26,800		840,147
Rohto Pharmaceutical Co., Ltd.		7,700		109,665
Santen Pharmaceutical Co., Ltd.		23,000		335,626
Sawai Pharmaceutical Co., Ltd.		2,100		124,503
Shionogi & Co., Ltd.		16,100		537,674
Ship Healthcare Holdings, Inc.		3,000		68,568
Sumitomo Dainippon Pharma Co., Ltd. (a)		8,900		105,679
Suzuken Co., Ltd.		4,510		137,829
Sysmex Corp.		7,400		411,574
Taisho Pharmaceutical Holdings Co., Ltd.		2,800		208,730
Takara Bio, Inc. (a)		8,600		98,460
Takeda Pharmaceutical Co., Ltd. (a)		34,300		1,715,787
Terumo Corp.		16,300		430,861
Toho Holdings Co., Ltd. (a)		4,000		67,709
Tsumura & Co. (a)		4,500		111,482
				11,939,026

See accompanying notes to financial statements.

361

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
LUXEMBOURG — 0.2%
Eurofins Scientific SE		538	$	144,886
NETHERLANDS — 0.5%
QIAGEN NV (b)		13,578		342,258
NEW ZEALAND — 0.5%
Fisher & Paykel Healthcare Corp., Ltd.		41,799		206,251
Ryman Healthcare, Ltd.		31,195		183,402
				389,653
SINGAPORE — 0.4%
Biosensors International Group, Ltd. (a)(b)		141,000		78,122
Haw Par Corp., Ltd.		22,000		137,931
Raffles Medical Group, Ltd. (a)		40,000		114,602
				330,655
SOUTH KOREA — 0.2%
Celltrion, Inc. (b)		1,700		107,107
SPAIN — 0.8%
Grifols SA		12,681		544,503
Grifols SA (Class B)		2,092		70,022
				614,525
SWEDEN — 1.0%
Elekta AB (Class B) (a)		18,892		169,663
Getinge AB (Class B) (a)		9,273		229,673
Meda AB (Class A)		15,311		242,340
Swedish Orphan Biovitrum AB (b)		12,532		132,309
				773,985
SWITZERLAND — 25.1%
Actelion, Ltd. (b)		5,998		695,331
Basilea Pharmaceutica AG (b)		1,649		187,938
Galenica AG		308		269,536
Lonza Group AG (b)		3,122		390,531
Novartis AG		95,669		9,470,374
Roche Holding AG (c)		4,988		1,366,013
Roche Holding AG (c)		21,019		5,801,703
Sonova Holding AG		2,456		342,115
Straumann Holding AG		622		170,341
Tecan Group AG		718		94,250
				18,788,132
UNITED KINGDOM — 14.7%
AstraZeneca PLC		49,242		3,381,963
BTG PLC (b)		19,296		204,811
Dechra Pharmaceuticals PLC		7,282		108,858
Genus PLC		7,478		151,974
GlaxoSmithKline PLC		164,436		3,773,870
Hikma Pharmaceuticals PLC		7,363		232,817
Shire PLC		27,659		2,202,859
Smith & Nephew PLC		47,619		808,699
Synergy Health PLC		3,931		135,677
				11,001,528
TOTAL COMMON STOCKS —
(Cost $63,009,714)				74,432,759
SHORT TERM INVESTMENTS — 6.7%
UNITED STATES — 6.7%
MONEY MARKET FUNDS — 6.7%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		4,520,492		4,520,492
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		516,236		516,236
TOTAL SHORT TERM INVESTMENT —
(Cost $5,036,728)				5,036,728
TOTAL INVESTMENTS — 106.1%
(Cost $68,046,442)				79,469,487
OTHER ASSETS & LIABILITIES — (6.1)%				(4,567,659	)
NET ASSETS — 100.0%			$	74,901,828

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

362

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 2.7%
Brambles, Ltd.		13,104	$	115,325
GWA Group, Ltd. (a)		20,914		41,381
Leighton Holdings, Ltd. (a)		1,843		29,778
Seek, Ltd. (a)		6,502		85,039
Toll Holdings, Ltd.		11,438		77,419
Transurban Group		25,663		186,838
				535,780
AUSTRIA — 0.4%
Andritz AG		616		36,837
Zumtobel Group AG		1,775		44,046
				80,883
CANADA — 5.9%
Bombardier, Inc. (Class B)		17,911		35,355
CAE, Inc.		7,606		88,762
Canadian National Railway Co.		7,118		476,706
Canadian Pacific Railway, Ltd. (a)		1,326		242,795
Cargojet, Inc.		1,952		41,352
K-Bro Linen, Inc. (a)		1,432		59,326
SNC-Lavalin Group, Inc.		2,342		72,729
Toromont Industries, Ltd. (a)		4,309		111,391
Westjet Airlines, Ltd. (a)		1,349		31,624
				1,160,040
DENMARK — 1.8%
AP Moeller — Maersk A/S (Class B) (a)		70		146,320
FLSmidth & Co. A/S		985		44,322
NKT Holding A/S		1,259		80,524
Vestas Wind Systems A/S		2,132		88,241
				359,407
FINLAND — 1.7%
Kone Oyj (Class B)		3,767		167,009
Metso Oyj (a)		1,753		51,153
Valmet Oyj		2,114		25,338
Wartsila Oyj Abp (a)		1,941		85,929
				329,429
FRANCE — 7.3%
Air France-KLM (a)(b)		4,272		37,549
Alstom SA (b)		2,352		72,573
Bouygues SA		2,156		84,610
Bureau Veritas SA		1,817		39,010
Compagnie de Saint-Gobain		3,981		174,850
Eiffage SA		953		56,683
Legrand SA		2,069		111,861
Safran SA		2,433		169,848
Schneider Electric SE		4,824		374,843
Vallourec SA		1,264		30,850
Vinci SA		4,900		280,128
				1,432,805
GERMANY — 7.4%
Brenntag AG		1,300		77,852
Deutsche Lufthansa AG		4,128		57,990
Deutsche Post AG		8,146		254,546
GEA Group AG		2,852		137,960
Hochtief AG		743		56,322
MAN SE		923		97,148
OSRAM Licht AG		777		38,637
Pfeiffer Vacuum Technology AG		434		36,893
Siemens AG		6,557		709,151
				1,466,499
HONG KONG — 3.4%
Cathay Pacific Airways, Ltd.		27,000		62,476
Hopewell Highway Infrastructure, Ltd.		155,500		74,009
Hutchison Whampoa, Ltd.		19,000		263,690
Jardine Matheson Holdings, Ltd.		1,979		125,073
Jardine Strategic Holdings, Ltd.		1,302		45,570
MTR Corp., Ltd.		12,000		57,113
Noble Group, Ltd.		64,951		43,562
				671,493
IRELAND — 0.9%
DCC PLC		1,517		90,598
Ryanair Holdings PLC ADR (a)		1,146		76,518
				167,116
ISRAEL — 0.3%
Inrom Construction Industries, Ltd.		28,340		61,138
ITALY — 1.3%
Ansaldo STS SpA		5,114		51,794
Atlantia SpA		3,048		80,038
Autostrada Torino-Milano SpA		2,944		41,705
Finmeccanica SpA (b)		7,123		84,763
				258,300
JAPAN — 32.0%
Asahi Glass Co., Ltd.		13,000		85,420
Central Japan Railway Co.		1,600		290,115
Dai Nippon Printing Co., Ltd. (a)		9,000		87,655
Daikin Industries, Ltd.		2,400		161,021
East Japan Railway Co. (a)		3,500		281,342
FANUC Corp.		1,500		328,330
Futaba Corp.		2,800		45,178
Hankyu Hanshin Holdings, Inc.		15,000		92,933
IHI Corp.		21,000		98,587
ITOCHU Corp. (a)		15,400		167,130
JGC Corp.		3,000		59,750
JTEKT Corp. (a)		2,900		45,365
Kajima Corp.		18,000		83,752
Kamigumi Co., Ltd.		10,000		94,642
Kawasaki Heavy Industries, Ltd.		23,000		116,414
Kawasaki Kisen Kaisha, Ltd. (a)		19,000		51,174
Keikyu Corp.		5,000		40,067
Keisei Electric Railway Co., Ltd.		4,000		49,798
Kintetsu Corp.		15,000		55,159
Kitano Construction Corp.		16,000		45,228
Kokuyo Co., Ltd.		9,200		86,150
Komatsu, Ltd.		8,900		175,328
Kubota Corp.		11,000		174,551
LIXIL Group Corp. (a)		2,600		61,724
Makita Corp. (a)		1,300		67,642
Marubeni Corp. (a)		14,600		84,733
Minebea Co., Ltd.		5,000		79,133
MISUMI Group, Inc.		1,900		76,840
Mitsubishi Corp. (a)		13,200		266,421
Mitsubishi Electric Corp.		18,000		214,409

See accompanying notes to financial statements.

363

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Mitsubishi Heavy Industries, Ltd.		35,000	$	193,292
Mitsui & Co., Ltd.		14,900		200,282
Mitsui OSK Lines, Ltd.		12,000		40,826
NGK Insulators, Ltd.		3,000		64,165
Nidec Corp. (a)		2,400		159,840
Nippon Air Conditioning Services Co., Ltd.		4,900		33,504
Nippon Express Co., Ltd.		13,000		72,846
Nippon Yusen K.K.		17,000		49,047
NSK, Ltd.		6,000		87,955
Odakyu Electric Railway Co., Ltd. (a)		9,000		91,932
Park24 Co., Ltd.		1,900		38,927
Secom Co., Ltd.		3,000		200,750
SMC Corp.		600		179,337
Sojitz Corp.		35,100		58,829
Sumitomo Corp. (a)		11,800		126,487
Sumitomo Electric Industries, Ltd.		3,626		47,621
Sumitomo Heavy Industries, Ltd.		13,000		85,312
Taisei Corp. (a)		12,000		67,942
THK Co., Ltd. (a)		3,000		76,548
Tobu Railway Co., Ltd.		14,000		66,542
Tokyu Corp.		18,000		111,670
Tomoe Corp.		21,900		81,629
Toppan Printing Co., Ltd. (a)		10,000		77,215
Toshiba Corp. (a)		36,000		151,355
TOTO, Ltd. (a)		5,000		74,421
Toyota Tsusho Corp. (a)		1,900		50,461
West Japan Railway Co.		2,400		126,139
Yamato Holdings Co., Ltd. (a)		5,000		115,572
				6,296,437
NETHERLANDS — 4.8%
Aalberts Industries NV		1,127		35,428
AerCap Holdings NV (a)(b)		1,758		76,737
Airbus Group NV		4,810		312,229
Boskalis Westminster NV		1,466		72,111
CNH Industrial NV		8,050		65,880
Koninklijke Philips NV		9,569		271,573
Randstad Holding NV		1,995		121,016
				954,974
NEW ZEALAND — 0.2%
Metro Performance Glass, Ltd. (b)		32,185		44,168
NORWAY — 0.3%
Orkla ASA		6,657		50,346
SINGAPORE — 1.5%
ComfortDelGro Corp., Ltd.		39,000		82,168
Keppel Corp., Ltd.		20,800		136,473
Keppel Infrastructure Trust		61,387		49,004
Neptune Orient Lines, Ltd. (a)(b)		38,650		28,318
				295,963
SOUTH KOREA — 3.4%
Cheil Industries, Inc. (b)		525		70,744
GS Global Corp.		9,293		65,335
Hyundai Engineering & Construction Co., Ltd.		1,161		52,742
Hyundai Glovis Co., Ltd.		228		46,445
Hyundai Heavy Industries Co., Ltd. (b)		453		49,814
KCC Corp.		77		39,282
Korea Aerospace Industries, Ltd.		845		42,956
LG Corp.		1,508		83,321
Samsung C&T Corp.		1,472		78,811
Samsung Heavy Industries Co., Ltd.		1,901		30,928
SK Holdings Co., Ltd.		349		53,477
Young Poong Precision Corp.		6,548		63,742
				677,597
SPAIN — 2.1%
Abengoa SA (Class B)		14,300		51,911
Abertis Infraestructuras SA		4,220		76,301
ACS, Actividades de Construccion y Servicios SA		3,102		109,941
Ferrovial SA		3,520		74,853
International Consolidated Airlines Group SA (b)		10,997		98,440
				411,446
SWEDEN — 6.1%
Alfa Laval AB		4,678		91,943
Assa Abloy AB (Class B)		2,586		154,128
Atlas Copco AB (Class A)		5,400		174,885
Atlas Copco AB (Class B)		3,261		96,385
B&B Tools AB (Class B)		2,203		36,018
Sandvik AB		10,413		116,457
Securitas AB (Class B)		5,535		79,392
Skanska AB (Class B)		3,438		77,100
SKF AB (Class B) (a)		3,321		85,797
Trelleborg AB (Class B)		5,302		104,884
Volvo AB (Class A)		5,916		71,823
Volvo AB (Class B)		9,325		112,777
				1,201,589
SWITZERLAND — 5.7%
ABB, Ltd. (b)		20,368		432,608
Adecco SA (b)		2,036		169,789
Geberit AG		515		193,529
Kuehne + Nagel International AG		796		118,421
Schindler Holding AG		414		68,964
SGS SA		73		139,792
				1,123,103
UNITED KINGDOM — 10.1%
Aggreko PLC		3,497		79,271
Ashtead Group PLC		5,064		81,490
Babcock International Group PLC		7,620		111,366
BAE Systems PLC		27,367		212,679
Balfour Beatty PLC		11,729		41,806
Bunzl PLC		2,768		75,238
Capita PLC		5,568		92,245
Cobham PLC		15,924		71,910
easyJet PLC		2,888		80,686
Experian PLC		10,925		181,157
FirstGroup PLC (b)		23,100		31,189
G4S PLC		11,558		50,753
IMI PLC		2,864		54,208
Intertek Group PLC		1,344		49,839
Meggitt PLC		8,198		66,752
Melrose Industries PLC		13,074		53,858
Rentokil Initial PLC		44,642		90,593
Rolls-Royce Holdings PLC (b)		17,453		246,913

See accompanying notes to financial statements.

364

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Smiths Group PLC		5,789	$	96,078
Weir Group PLC		1,946		49,139
Wolseley PLC		3,080		182,570
				1,999,740
TOTAL COMMON STOCKS —
(Cost $19,854,905)				19,578,253
SHORT TERM INVESTMENTS — 12.5%
UNITED STATES — 12.5%
MONEY MARKET FUNDS — 12.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,364,841		2,364,841
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (d)(e)		91,650		91,650
TOTAL SHORT TERM INVESTMENT —
(Cost $2,456,491)				2,456,491
TOTAL INVESTMENTS — 111.8%
(Cost $22,311,396)				22,034,744
OTHER ASSETS & LIABILITIES — (11.8)%				(2,326,569	)
NET ASSETS — 100.0%			$	19,708,175

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

365

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 11.0%
Alumina, Ltd.		11,337	$	13,901
Amcor, Ltd.		4,200		45,048
Arrium, Ltd.		16,540		2,148
BHP Billiton, Ltd.		13,901		329,528
BlueScope Steel, Ltd.		3,022		9,650
Boral, Ltd. (a)		8,374		40,815
DuluxGroup, Ltd.		1,570		7,676
Fortescue Metals Group, Ltd. (a)		8,553		12,807
Iluka Resources, Ltd. (a)		1,916		12,442
Incitec Pivot, Ltd.		8,426		26,199
Mineral Deposits, Ltd. (b)		652		388
Newcrest Mining, Ltd. (b)		3,598		36,750
Orica, Ltd. (a)		2,209		33,768
Orora, Ltd.		4,030		6,989
OZ Minerals, Ltd.		2,402		7,230
Rio Tinto, Ltd. (a)		2,038		89,103
Sims Metal Management, Ltd. (a)		1,690		15,971
				690,413
AUSTRIA — 0.7%
RHI AG (a)		449		13,213
Voestalpine AG		810		29,661
				42,874
BELGIUM — 1.0%
Solvay SA		259		37,427
Tessenderlo Chemie NV (b)		120		3,425
Tessenderlo Chemie NV VVPR Strip (b)(c)		116		0
Umicore SA		485		20,252
				61,104
CANADA — 12.0%
Agnico-Eagle Mines, Ltd.		1,134		31,509
Agrium, Inc. (a)		917		95,574
Alacer Gold Corp. (b)		827		1,789
Alamos Gold, Inc.		515		3,017
AuRico Gold, Inc. (a)		1,493		4,126
B2Gold Corp. (b)		3,366		5,023
Barrick Gold Corp.		4,928		53,891
Canam Group, Inc.		573		5,610
Canexus Corp.		996		1,203
Canfor Corp. (b)		299		5,985
CCL Industries, Inc. (Class B)		150		16,877
Centerra Gold, Inc.		721		3,518
Detour Gold Corp. (b)		611		5,186
Eldorado Gold Corp.		4,178		19,166
First Majestic Silver Corp. (a)(b)		673		3,629
First Quantum Minerals, Ltd.		2,843		34,457
Franco-Nevada Corp. (a)		748		36,251
Goldcorp, Inc.		4,135		74,832
HudBay Minerals, Inc.		1,038		8,491
IAMGOLD Corp. (b)		1,739		3,241
Interfor Corp. (b)		529		7,999
Intertape Polymer Group, Inc.		575		7,959
Kinross Gold Corp. (b)		5,582		12,385
Labrador Iron Ore Royalty Corp. (a)		287		3,062
Lundin Mining Corp. (b)		2,308		9,312
Methanex Corp. (a)		374		20,025
New Gold, Inc. (b)		1,547		5,191
Osisko Gold Royalties, Ltd. (a)		198		2,617
Pan American Silver Corp. (a)		1,022		8,973
Potash Corp. of Saskatchewan, Inc.		4,303		138,722
SEMAFO, Inc. (b)		2,061		6,216
Sherritt International Corp.		2,432		4,013
Silver Wheaton Corp.		1,711		32,504
Tanzanian Royalty Exploration Corp. (a)(b)		827		278
Teck Resources, Ltd. (Class B)		2,107		28,914
Thompson Creek Metals Co., Inc. (a)(b)		654		862
Turquoise Hill Resources, Ltd. (b)		5,035		15,703
West Fraser Timber Co., Ltd.		150		7,675
Winpak, Ltd.		332		10,433
Yamana Gold, Inc. (a)		4,197		15,045
				751,263
DENMARK — 1.1%
Chr Hansen Holding A/S		446		20,466
Novozymes A/S (Class B)		1,027		46,951
				67,417
FINLAND — 1.8%
Stora Enso Oyj (a)		4,630		47,688
UPM-Kymmene Oyj		3,262		63,481
				111,169
FRANCE — 4.6%
Air Liquide SA		1,506		193,770
Arkema SA		341		27,002
Eramet (a)(b)		21		1,921
Lafarge SA		970		62,871
				285,564
GERMANY — 12.5%
BASF SE		4,054		402,962
Evonik Industries AG		251		8,950
Fuchs Petrolub SE Preference Shares		196		7,839
HeidelbergCement AG		637		50,496
K+S AG		976		31,877
Lanxess AG		363		19,347
Linde AG		822		167,428
Salzgitter AG		373		10,851
Symrise AG		449		28,374
ThyssenKrupp AG		1,862		48,865
Wacker Chemie AG		68		7,869
				784,858
GREECE — 0.1%
Titan Cement Co. SA		310		7,115
HONG KONG — 0.2%
Fosun International, Ltd. (a)		7,500		14,530
IRELAND — 2.4%
CRH PLC		3,979		103,546
James Hardie Industries PLC		1,875		21,858
Smurfit Kappa Group PLC		809		22,712
				148,116
ISRAEL — 0.5%
Caesarstone Sdot-Yam, Ltd. (a)		131		7,953
Frutarom Industries, Ltd.		319		11,936

See accompanying notes to financial statements.

366

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Israel Chemicals, Ltd.		1,975	$	14,055
				33,944
ITALY — 0.1%
Buzzi Unicem SpA (a)		552		8,270
JAPAN — 19.1%
Air Water, Inc.		1,000		17,911
Asahi Kasei Corp. (a)		5,833		55,886
Daicel Corp.		1,700		20,314
Denki Kagaku Kogyo Kabushiki Kaisha		6,855		27,094
DIC Corp. (a)		3,000		8,755
Fuji Seal International, Inc.		300		8,355
Hitachi Metals, Ltd.		1,000		15,385
JFE Holdings, Inc.		3,256		72,057
JSR Corp.		1,973		34,269
Kaneka Corp.		2,000		14,109
Kansai Paint Co., Ltd.		1,000		18,211
Kobe Steel, Ltd. (a)		21,641		40,061
Kuraray Co., Ltd. (a)		900		12,210
Maruichi Steel Tube, Ltd. (a)		300		7,119
Mitsubishi Chemical Holdings Corp.		8,102		47,197
Mitsubishi Gas Chemical Co., Inc.		2,000		9,873
Mitsubishi Materials Corp. (a)		5,866		19,761
Mitsui Chemicals, Inc.		8,876		28,569
Mitsui Mining & Smelting Co., Ltd.		2,809		6,418
Nihon Nohyaku Co., Ltd.		800		8,025
Nippon Kayaku Co., Ltd.		1,000		12,566
Nippon Paint Holdings Co., Ltd.		900		33,021
Nippon Paper Industries Co., Ltd. (a)		400		6,024
Nippon Shokubai Co., Ltd.		1,000		14,701
Nippon Steel & Sumitomo Metal Corp.		50,506		127,397
Nissan Chemical Industries, Ltd.		400		8,302
Nitto Denko Corp.		876		58,656
OJI Paper Co., Ltd. (a)		6,000		24,615
Pack Corp.		300		6,482
Rengo Co., Ltd.		2,000		8,489
Shin-Etsu Chemical Co., Ltd.		2,067		135,301
Showa Denko KK		4,000		5,103
Sumitomo Chemical Co., Ltd.		9,838		50,697
Sumitomo Metal Mining Co., Ltd.		2,927		42,920
T&K Toka Co., Ltd.		300		6,016
Taiheiyo Cement Corp.		10,744		32,879
Teijin, Ltd.		3,805		12,945
Tomoku Co., Ltd.		3,000		7,079
Toray Industries, Inc. (a)		9,838		82,609
Tosoh Corp.		3,000		15,159
Toyo Seikan Group Holdings, Ltd. (a)		600		8,815
Ube Industries, Ltd.		11,866		18,602
Zeon Corp.		1,000		9,256
				1,199,213
LUXEMBOURG — 0.8%
APERAM SA (a)(b)		306		12,275
ArcelorMittal (a)		4,278		40,317
				52,592
NETHERLANDS — 2.0%
Akzo Nobel NV		1,085		82,060
Koninklijke DSM NV		825		46,048
				128,108
NEW ZEALAND — 0.2%
Fletcher Building, Ltd.		2,000		12,628
NORWAY — 1.4%
Norsk Hydro ASA		5,907		31,070
Yara International ASA		1,105		56,216
				87,286
PORTUGAL — 0.4%
Semapa-Sociedade de Investimento e Gestao		1,898		25,358
SOUTH KOREA — 4.6%
Aekyung Petrochemical Co., Ltd.		150		9,302
ENF Technology Co., Ltd.		1,029		12,521
Hanwha Chemical Corp.		377		4,961
Hanwha Corp.		265		8,682
Hyosung Corp.		116		9,065
Hyundai Steel Co.		263		17,305
Korea Zinc Co., Ltd.		79		30,192
Kukdo Chemical Co., Ltd.		163		7,449
LG Chem, Ltd.		249		50,722
Lotte Chemical Corp.		72		13,207
OCI Co., Ltd.		88		8,209
POSCO ADR		1,368		74,775
Samsung SDI Co., Ltd.		177		21,777
Samyoung Chemical Co., Ltd. (b)		4,710		7,175
Taekwang Industrial Co., Ltd.		6		6,506
Wonik Materials Co., Ltd. (b)		197		8,532
				290,380
SWEDEN — 0.8%
Boliden AB		1,252		24,883
Hexpol AB		114		11,494
SSAB AB, (Series A) (a)(b)		2,221		10,930
				47,307
SWITZERLAND — 5.4%
Clariant AG (b)		1,263		25,278
EMS-Chemie Holding AG		37		15,095
Givaudan SA (b)		34		61,678
Holcim, Ltd. (b)		1,007		75,320
Sika AG		4		14,327
Syngenta AG		411		139,934
Youlchon Chemical Co., Ltd.		719		7,388
				339,020
UNITED KINGDOM — 16.3%
Alent PLC		1,157		6,434
Anglo American PLC		6,365		95,622
Antofagasta PLC		1,760		19,138
BHP Billiton PLC		9,913		216,838
Croda International PLC		599		24,356
DS Smith PLC		2,767		14,180
Elementis PLC		1,585		6,828
Essentra PLC		1,051		15,501
Fresnillo PLC		635		6,434
Glencore PLC (b)		48,663		206,535
Johnson Matthey PLC		1,160		58,308
Lonmin PLC (a)(b)		1,314		2,292
Mondi PLC		1,496		28,826
Randgold Resources, Ltd.		603		42,010
Rexam PLC		2,992		25,717

See accompanying notes to financial statements.

367

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Rio Tinto PLC		5,620	$	231,265
RPC Group PLC		969		8,343
Vedanta Resources PLC (a)		699		5,188
Victrex PLC		378		10,521
				1,024,336
TOTAL COMMON STOCKS —
(Cost $9,459,545)				6,212,865
SHORT TERM INVESTMENTS — 8.7%
UNITED STATES — 8.7%
MONEY MARKET FUNDS — 8.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		515,765		515,765
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f)		31,778		31,778
TOTAL SHORT TERM INVESTMENT —
(Cost $547,543)				547,543
TOTAL INVESTMENTS — 107.7%
(Cost $10,007,088)				6,760,408
OTHER ASSETS & LIABILITIES — (7.7)%				(484,072	)
NET ASSETS — 100.0%			$	6,276,336

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

368

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 1.0%
carsales.com, Ltd. (a)		3,036	$	23,959
Computershare, Ltd. (a)		6,891		66,963
iProperty Group, Ltd. (b)		937		2,011
Iress, Ltd. (a)		3,289		26,383
				119,316
AUSTRIA — 0.2%
ams AG		394		18,923
BELGIUM — 0.2%
Barco NV		301		17,916
CANADA — 3.7%
Avigilon Corp. (a)(b)		261		4,342
Blackberry, Ltd. (a)(b)		5,472		48,779
Canadian Solar, Inc. (b)		341		11,386
Celestica, Inc. (b)		2,902		32,217
CGI Group, Inc. (Class A) (b)		3,021		128,139
Constellation Software, Inc.		271		93,670
DH Corp.		1,408		43,013
Mitel Networks Corp. (a)(b)		101		1,027
Open Text Corp. (a)		1,364		72,007
Redknee Solutions, Inc. (a)(b)		549		1,942
Sandvine Corp. (b)		700		2,023
				438,545
DENMARK — 0.3%
SimCorp A/S (a)		1,163		38,120
FINLAND — 2.6%
Nokia Oyj		35,954		274,549
Tieto Oyj		1,325		31,165
				305,714
FRANCE — 4.5%
Alcatel-Lucent (b)		29,255		110,598
AtoS		721		49,768
Cap Gemini SA		1,707		140,010
Criteo SA ADR (b)		220		8,690
Dassault Systemes		1,312		88,970
Ingenico		563		61,857
Inside Secure SA (b)		255		627
Neopost SA		512		28,127
SOITEC (a)(b)		968		925
Sopra Steria Group		27		2,007
UbiSoft Entertainment (b)		1,980		36,587
				528,166
GERMANY — 8.7%
Aixtron SE (a)(b)		1,545		11,663
Dialog Semiconductor PLC (b)		929		41,970
Infineon Technologies AG		11,778		140,790
RIB Software AG (a)		90		1,264
SAP SE		9,265		671,965
Software AG		689		17,945
United Internet AG		1,423		64,808
Wincor Nixdorf AG		630		29,595
Wirecard AG		1,104		46,669
				1,026,669
HONG KONG — 0.7%
ASM Pacific Technology, Ltd. (a)		4,049		42,172
China Innovationpay Group, Ltd. (a)(b)		40,000		3,250
China Mobile Games & Entertainment Group, Ltd. ADR (b)		88		1,467
Landing International Development, Ltd. (b)		25,000		464
PAX Global Technology, Ltd. (b)		3,000		3,138
United Photovoltaics Group, Ltd. (a)(b)		24,000		2,662
VTech Holdings, Ltd. (a)		2,271		32,397
Yunbo Digital Synergy Group, Ltd. (b)		2,000		1,058
				86,608
IRELAND — 0.1%
FleetMatics Group PLC (a)(b)		230		10,315
King Digital Entertainment PLC (a)		365		5,855
				16,170
ISRAEL — 1.9%
Check Point Software Technologies, Ltd. (b)		1,577		129,267
EZchip Semiconductor, Ltd. (b)		36		691
Ituran Location and Control, Ltd.		1,002		22,118
NICE Systems, Ltd.		812		49,802
Stratasys, Ltd. (a)(b)		359		18,948
Tower Semiconductor, Ltd. (b)		98		1,674
Wix.com, Ltd. (b)		54		1,034
				223,534
JAPAN — 34.1%
Advantest Corp. (a)		2,478		31,387
Alps Electric Co., Ltd.		2,547		61,655
Anritsu Corp. (a)		1,800		12,593
Azbil Corp.		1,586		43,113
Brother Industries, Ltd.		3,248		51,811
Canon, Inc.		10,419		369,063
Citizen Holdings Co., Ltd. (a)		4,155		31,944
COLOPL, Inc. (a)		300		6,482
Dena Co., Ltd. (a)		1,300		25,485
FUJIFILM Holdings Corp.		4,925		175,624
Fujitsu, Ltd.		20,688		141,301
GungHo Online Entertainment, Inc. (a)		3,800		14,893
Hamamatsu Photonics K.K.		1,800		54,559
Hirose Electric Co., Ltd.		413		53,517
Hitachi High-Technologies Corp.		1,177		35,970
Hitachi, Ltd. (a)		46,325		317,988
Horiba, Ltd.		886		33,948
Hoya Corp.		4,435		178,158
Ibiden Co., Ltd.		1,970		33,297
IT Holdings Corp.		1,779		32,532
Japan Digital Laboratory Co., Ltd.		1,483		19,563
Japan Display, Inc. (a)		2,350		8,465
Kakaku.com, Inc. (a)		1,700		28,323
Keyence Corp.		392		214,427
Konami Corp.		1,385		25,985
Konica Minolta Holdings, Inc.		5,806		59,113
Kyocera Corp.		3,783		207,943
Mitsumi Electric Co., Ltd.		1,779		13,247
Murata Manufacturing Co., Ltd.		2,169		299,057
NEC Corp.		28,578		84,120

See accompanying notes to financial statements.

369

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Nexon Co., Ltd.		1,800	$	19,212
Nintendo Co., Ltd.		1,083		159,617
Nippon Electric Glass Co., Ltd.		6,933		33,935
Nomura Research Institute, Ltd.		1,372		51,711
NTT Data Corp. (a)		1,792		78,150
Obic Co., Ltd.		1,090		46,354
Oki Electric Industry Co., Ltd.		10,776		22,374
Omron Corp.		2,461		111,225
Otsuka Corp.		800		34,155
Renesas Electronics Corp. (b)		1,500		11,169
Ricoh Co., Ltd.		6,901		75,268
Rohm Co., Ltd.		1,180		80,979
SCREEN Holdings Co., Ltd.		6,937		52,639
SCSK Corp.		1,000		28,059
Seiko Epson Corp.		3,140		55,796
Sumco Corp.		1,878		31,617
Taiyo Yuden Co., Ltd.		1,784		26,063
TDK Corp.		1,478		105,250
Tokyo Electron, Ltd.		1,870		130,701
Trend Micro, Inc.		1,181		38,997
Wacom Co., Ltd. (a)		2,200		10,603
Yahoo! Japan Corp.		13,919		57,568
Yaskawa Electric Corp. (a)		3,312		48,634
Yokogawa Electric Corp. (a)		3,035		32,773
				4,008,412
NETHERLANDS — 7.1%
ASM International NV		877		40,549
ASML Holding NV		4,318		439,592
Cimpress NV (b)		629		53,075
Gemalto NV (a)		939		74,799
NXP Semiconductor NV (a)(b)		2,250		225,810
				833,825
NEW ZEALAND — 0.1%
Xero, Ltd. (a)(b)		650		11,747
NORWAY — 0.1%
Nordic Semiconductor ASA (b)		394		2,530
Opera Software ASA (a)		862		6,926
REC Silicon ASA (a)(b)		14,061		4,100
REC Solar ASA (b)		138		1,738
				15,294
SINGAPORE — 1.4%
Flextronics International, Ltd. (b)		9,102		115,368
IGG, Inc. (a)		4,000		2,342
Venture Corp., Ltd.		6,925		43,165
				160,875
SOUTH KOREA — 20.9%
Actoz Soft Co., Ltd. (b)		64		2,103
AfreecaTV Co., Ltd.		97		2,199
Bluecom Co., Ltd.		137		1,716
Com2uSCorp (b)		76		13,187
Daum Kakao Corp.		109		11,338
Dongbu HiTek Co., Ltd. (b)		320		1,728
Eo Technics Co., Ltd.		37		4,265
Gamevil, Inc. (b)		54		5,889
GemVax & Kael Co., Ltd. (b)		231		3,925
Gigalane Co., Ltd.		108		919
Joymax Co., Ltd. (b)		49		1,261
KCP Co., Ltd. (b)		116		2,990
KH Vatec Co., Ltd.		67		1,929
LG Display Co., Ltd. ADR		5,153		73,739
LG Innotek Co., Ltd.		207		21,643
Lumens Co., Ltd.		293		1,659
NAVER Corp.		289		174,788
NCSoft Corp.		175		28,629
Neowiz Games Corp. (b)		57		1,202
Nexon GT Co., Ltd. (b)		93		1,425
NHN Entertainment Corp. (b)		320		20,594
Partron Co., Ltd.		870		11,214
Sam Young Electronics Co., Ltd.		2,239		29,465
Samsung Electro-Mechanics Co., Ltd.		652		45,192
Samsung Electronics Co., Ltd. GDR		2,554		1,644,776
Samsung SDI Co., Ltd.		388		47,737
Seoul Semiconductor Co., Ltd. (b)		581		10,421
SK C&C Co., Ltd.		230		48,200
SK Communications Co., Ltd. (b)		218		1,607
SK Hynix, Inc.		5,448		223,675
SundayToz Corp. (b)		190		2,475
Texcell-NetCom Co., Ltd. (b)		1,134		2,244
Tovis Co., Ltd.		124		1,956
WeMade Entertainment Co., Ltd. (b)		78		2,830
Wonik IPS Co., Ltd. (b)		334		3,342
				2,452,262
SPAIN — 1.7%
Amadeus IT Holding SA		4,059		174,200
Indra Sistemas SA (a)		1,626		19,087
				193,287
SWEDEN — 4.1%
Hexagon AB, (Class B)		2,757		98,016
Net Entertainment NE AB (Class B) (b)		105		3,616
Telefonaktiebolaget LM Ericsson (Class B)		30,607		384,715
				486,347
SWITZERLAND — 1.2%
Logitech International SA		2,115		27,981
Myriad Group AG (b)		738		3,267
STMicroelectronics NV		7,558		70,539
Temenos Group AG (b)		1,109		38,249
				140,036
UNITED KINGDOM — 4.9%
ARM Holdings PLC		14,322		234,934
Aveva Group PLC		1,162		25,530
CSR PLC		1,237		16,040
Fidessa Group PLC		165		5,403
Imagination Technologies Group PLC (b)		3,019		9,447
Just Eat PLC (a)(b)		2,393		15,489
Micro Focus International PLC		734		12,869
Moneysupermarket.com Group PLC		1,271		5,081
Pace PLC		1,626		8,328
Playtech PLC		492		5,682
RM PLC		531		1,131
Sage Group PLC		16,691		115,638
Spectris PLC		1,756		56,307
Spirent Communications PLC		10,510		13,613
Telecity Group PLC		3,007		39,059
Xaar PLC		447		2,734

See accompanying notes to financial statements.

370

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
Zoopla Property Group PLC (a)(c)		1,428	$	3,831
				571,116
UNITED STATES — 0.1%
Kofax, Ltd. (a)(b)		268		2,935
LivePerson, Inc. (b)		297		3,144
				6,079
TOTAL COMMON STOCKS —
(Cost $11,154,273)				11,698,961
SHORT TERM INVESTMENTS — 7.3%
UNITED STATES — 7.3%
MONEY MARKET FUNDS — 7.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		844,206		844,206
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)(f)		14,630		14,630
TOTAL SHORT TERM INVESTMENT —
(Cost $858,836)				858,836
TOTAL INVESTMENTS — 106.9%
(Cost $12,013,109)				12,557,797
OTHER ASSETS & LIABILITIES — (6.9)%				(810,373	)
NET ASSETS — 100.0%			$	11,747,424

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.0% of net assets as of March 31, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

371

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 4.8%
M2 Group, Ltd.		21,373	$	165,565
Telstra Corp., Ltd.		370,195		1,784,534
TPG Telecom, Ltd.		31,958		223,879
				2,173,978
BELGIUM — 0.9%
Belgacom SA		11,892		416,048
CANADA — 4.2%
BCE, Inc. (a)		3,131		132,558
BCE, Inc. (a)		15,487		656,029
Rogers Communications, Inc. (Class B)		15,545		520,446
TELUS Corp.		18,070		600,647
				1,909,680
DENMARK — 1.1%
TDC A/S		71,494		511,846
FINLAND — 0.7%
Elisa Oyj		13,156		330,631
FRANCE — 5.6%
Iliad SA		2,252		525,572
Orange SA		123,635		1,987,112
				2,512,684
GERMANY — 8.7%
Deutsche Telekom AG		164,899		3,019,580
Drillisch AG		4,747		186,215
Freenet AG		12,280		370,273
Telefonica Deutschland Holding AG (b)		59,156		341,556
				3,917,624
HONG KONG — 1.9%
Alibaba Health Information Technology, Ltd. (b)(c)		196,000		171,401
HKT Trust/HKT, Ltd.		336,064		433,027
PCCW, Ltd.		443,111		270,334
				874,762
ISRAEL — 0.7%
Bezeq The Israeli Telecommunication Corp., Ltd.		174,204		325,042
ITALY — 3.3%
Telecom Italia SpA (a)(b)		978,707		1,147,835
Telecom Italia SpA (a)		333,015		312,951
				1,460,786
JAPAN — 20.7%
KDDI Corp.		99,831		2,264,667
Nippon Telegraph & Telephone Corp.		31,713		1,956,065
NTT DoCoMo, Inc. (d)		118,587		2,062,232
Softbank Corp.		52,159		3,035,813
				9,318,777
LUXEMBOURG — 1.3%
COLT Group SA (b)		86,922		173,037
Millicom International Cellular SA		5,700		412,428
				585,465
NETHERLANDS — 2.1%
Koninklijke KPN NV		274,184		930,242
NEW ZEALAND — 0.6%
Chorus, Ltd. (b)		36,306		77,594
Spark New Zealand, Ltd.		86,720		193,793
				271,387
NORWAY — 2.6%
Telenor ASA		58,124		1,174,871
SINGAPORE — 5.1%
Singapore Telecommunications, Ltd.		652,839		2,084,592
StarHub, Ltd.		71,000		225,158
				2,309,750
SOUTH KOREA — 3.0%
KT Corp. ADR (b)		22,912		299,689
LG Uplus Corp.		19,829		196,601
SK Telecom Co., Ltd. ADR (d)		30,690		835,075
				1,331,365
SPAIN — 6.9%
Telefonica SA		217,710		3,100,459
SWEDEN — 3.4%
Tele2 AB		27,031		323,154
TeliaSonera AB		187,022		1,188,398
				1,511,552
SWITZERLAND — 2.5%
Swisscom AG		1,896		1,101,917
UNITED KINGDOM — 19.5%
BT Group PLC		436,483		2,838,063
Cable & Wireless Communications PLC		273,125		247,124
Inmarsat PLC		39,141		537,761
Jazztel PLC (b)		18,063		246,085
TalkTalk Telecom Group PLC (d)		48,825		249,406
Vodafone Group PLC		1,416,654		4,636,117
				8,754,556
TOTAL COMMON STOCKS —
(Cost $43,649,248)				44,823,422
RIGHTS — 0.1%
SPAIN — 0.1%
Telefonica SA (expiring 4/10/15) (b) (Cost $0)		217,710		35,073
SHORT TERM INVESTMENTS — 4.4%
UNITED STATES — 4.4%
MONEY MARKET FUNDS — 4.4%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		1,932,023		1,932,023
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (f)(g)		45,930		45,930
TOTAL SHORT TERM INVESTMENT —
(Cost $1,977,953)				1,977,953
TOTAL INVESTMENTS — 104.1%
(Cost $45,627,201)				46,836,448
OTHER ASSETS & LIABILITIES — (4.1)%				(1,824,416	)
NET ASSETS — 100.0%			$	45,012,032

See accompanying notes to financial statements.

372

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

March 31, 2015 (Unaudited)

(a)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(b)	Non-income producing security
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(d)	A portion of the security was on loan at March 31, 2015.
(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

PLC = Public Limited Company

See accompanying notes to financial statements.

373

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

March 31, 2015 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 4.1%
AGL Energy, Ltd.		39,051	$	453,462
APA Group		63,615		439,818
AusNet Services (a)		94,349		105,234
DUET Group (a)		79,415		154,706
Energy World Corp., Ltd. (b)		43,549		12,809
ERM Power, Ltd.		8,612		14,935
Infigen Energy (b)		47,614		10,185
Spark Infrastructure Group (a)		78,289		118,421
				1,309,570
AUSTRIA — 0.3%
EVN AG		1,641		18,453
Verbund AG (a)		3,711		62,096
				80,549
BELGIUM — 0.3%
Elia System Operator SA/NV		1,950		82,055
CANADA — 5.5%
Algonquin Power & Utilities Corp. (a)		9,659		71,384
Atco, Ltd. (Class I)		4,378		155,970
Atlantic Power Corp. (a)		6,667		18,740
Boralex, Inc. (Class A)		996		10,444
Canadian Utilities, Ltd. (Class A)		6,885		216,199
Capital Power Corp. (a)		4,835		93,570
Capstone Infrastructure Corp.		5,486		15,377
Emera, Inc.		8,316		270,524
Fortis, Inc. (a)		15,894		484,161
Innergex Renewable Energy, Inc.		4,795		42,403
Just Energy Group, Inc. (a)		6,225		29,098
Northland Power, Inc. (a)		6,063		82,867
Superior Plus Corp. (a)		7,547		84,557
TransAlta Corp. (a)		15,593		144,665
TransAlta Renewables, Inc.		1,276		12,644
Valener, Inc. (a)		2,250		30,770
				1,763,373
CHINA — 1.2%
China Everbright Water, Ltd. (c)(d)		155,781		106,894
China Everbright Water, Ltd. (b)(d)		31,200		21,495
ENN Energy Holdings, Ltd.		43,000		263,722
				392,111
FINLAND — 1.6%
Fortum Oyj (a)		24,817		521,341
FRANCE — 9.7%
Albioma SA		969		18,514
EDF SA		16,935		406,324
GDF Suez		86,722		1,714,231
Rubis SCA (a)		2,104		133,571
Suez Environnement Co.		19,627		337,797
Theolia SA (b)		11,016		8,163
Veolia Environnement SA		27,213		514,829
				3,133,429
GERMANY — 7.6%
E.ON SE		114,204		1,703,065
RWE AG		29,285		747,931
				2,450,996
HONG KONG — 9.1%
Canvest Environment Protection Group Co., Ltd. (b)		34,000		13,463
Cheung Kong Infrastructure Holdings, Ltd.		32,000		275,092
China Ruifeng Renewable Energy, Ltd. (b)		80,000		9,699
China Water Industry Group, Ltd. (a)(b)		57,045		13,538
CLP Holdings, Ltd.		110,000		961,235
Hong Kong & China Gas Co., Ltd.		366,223		847,414
Power Assets Holdings, Ltd.		75,500		772,232
Towngas China Co., Ltd. (a)		50,000		45,724
Zhongyu Gas Holdings, Ltd. (b)		46,000		13,646
				2,952,043
ITALY — 9.4%
A2A SpA		77,742		80,781
ACEA SpA		2,682		34,421
Ascopiave SpA		4,528		11,506
Edison SpA		6,490		5,831
Enel Green Power SpA		89,892		167,890
Enel SpA		370,641		1,676,664
Falck Renewables SpA		4,331		5,596
Hera SpA		35,722		83,867
Iren SpA		30,626		41,970
Snam SpA		121,874		591,635
Terna Rete Elettrica Nazionale SpA		79,960		352,096
				3,052,257
JAPAN — 13.2%
Chubu Electric Power Co., Inc.		41,088		491,309
Chugoku Electric Power Co., Inc. (a)		17,587		229,654
Electric Power Development Co., Ltd.		9,700		327,580
Eneres Co., Ltd. (a)(b)		2,100		6,427
Hokkaido Electric Power Co., Inc. (a)(b)		12,300		96,923
Hokuriku Electric Power Co.		11,594		153,813
Japan Wind Development Co., Ltd. (b)		700		3,368
K&O Energy Group, Inc.		797		9,975
Kansai Electric Power Co., Inc. (b)		46,298		442,615
Kyushu Electric Power Co., Inc. (a)(b)		27,092		263,183
Okinawa Electric Power Co., Inc.		1,000		36,231
Osaka Gas Co., Ltd.		119,958		502,838
Saibu Gas Co., Ltd.		20,000		45,028
Shikoku Electric Power Co., Inc. (a)(b)		11,800		145,624
Shizuoka Gas Co., Ltd.		3,900		25,886
Toho Gas Co., Ltd.		29,000		169,514
Tohoku Electric Power Co., Inc.		28,672		326,587
Tokyo Electric Power Co., Inc. (b)		45,899		174,143
Tokyo Gas Co., Ltd.		130,958		825,770
				4,276,468
NEW ZEALAND — 1.4%
Contact Energy, Ltd.		20,375		91,370
Genesis Energy, Ltd.		28,311		47,556
Infratil, Ltd.		30,827		73,513
Meridian Energy, Ltd.		73,450		111,537
Mighty River Power, Ltd.		38,388		89,240
TrustPower, Ltd.		3,162		18,851
Vector, Ltd.		14,749		34,066
				466,133

See accompanying notes to financial statements.

374

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

March 31, 2015 (Unaudited)

Security Description	Shares		Value
NORWAY — 0.0% (e)
Scatec Solar ASA (b)(c)		1,836	$	8,201
PORTUGAL — 1.8%
EDP — Energias de Portugal SA		148,003		553,959
REN — Redes Energeticas Nacionais SGPS SA		4,386		12,869
				566,828
SINGAPORE — 0.2%
CitySpring Infrastructure Trust (a)		56,400		22,203
Hyflux, Ltd. (a)		36,800		24,548
Kenon Holdings, Ltd. (b)		1,065		20,621
				67,372
SOUTH KOREA — 2.2%
Busan City Gas Co., Ltd.		58		1,754
E1 Corp.		123		7,262
Hanjin Heavy Industries & Construction Holdings Co., Ltd.		683		4,734
Kg Eco Technology Service Co., Ltd.		1,156		5,710
Korea District Heating Corp.		174		8,657
Korea Electric Power Corp. ADR (b)		29,576		606,308
Korea Gas Corp.		1,533		55,961
KyungDong City Gas Co., Ltd.		125		12,112
Samchully Co., Ltd.		120		12,763
				715,261
SPAIN — 11.1%
Acciona SA (b)		1,448		111,629
EDP Renovaveis SA (a)		12,067		82,944
Enagas SA		12,266		350,815
Endesa SA		4,963		95,944
Gas Natural SDG SA		20,514		460,800
Iberdrola SA		305,979		1,972,385
Red Electrica Corp. SA		6,164		501,409
				3,575,926
SWITZERLAND — 0.2%
Alpiq Holding AG (a)(b)		276		22,250
BKW AG		629		21,953
Energiedienst Holding AG		351		10,624
				54,827
UNITED KINGDOM — 20.7%
Abengoa Yield PLC		2,012		67,965
Centrica PLC		291,272		1,093,956
Drax Group PLC		23,341		126,090
Infinis Energy PLC		5,546		15,470
National Grid PLC		219,980		2,823,769
Pennon Group PLC		22,672		278,004
Renewables Infrastructure Group, Ltd.		20,651		31,653
Severn Trent PLC		13,555		414,321
SSE PLC		56,408		1,254,391
Telecom Plus PLC (a)		3,720		48,044
United Utilities Group PLC		38,857		538,185
				6,691,848
TOTAL COMMON STOCKS —
(Cost $37,005,529)				32,160,588
WARRANTS — 0.0% (e)
FRANCE — 0.0% (e)
Theolia SA (expiring 6/9/16) (b) (Cost $0)		12,075		830
SHORT TERM INVESTMENTS — 5.3%
UNITED STATES — 5.3%
MONEY MARKET FUNDS — 5.3%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		1,662,199		1,662,199
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (g)(h)		62,071		62,071
TOTAL SHORT TERM INVESTMENT —
(Cost $1,724,270)				1,724,270
TOTAL INVESTMENTS — 104.9%
(Cost $38,729,799)				33,885,688
OTHER ASSETS & LIABILITIES — (4.9)%				(1,581,531	)
NET ASSETS — 100.0%			$	32,304,157

(a)	A portion of the security was on loan at March 31, 2015.
(b)	Non-income producing security
(c)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of March 31, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)	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

PLC = Public Limited Company

SCA = Societe en Commandite par Actions (partnership limited by shares)

See accompanying notes to financial statements.

375

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2015 (Unaudited)

																						SPDR S&P
																						Emerging						SPDR S&P
	SPDR STOXX			SPDR EURO			SPDR EURO			SPDR S&P Emerging									SPDR S&P Emerging			Markets			SPDR S&P			Emerging
	Europe			STOXX			STOXX			Asia Pacific			SPDR S&P Russia			SPDR S&P			Markets			Dividend			BRIC			Europe
	50 ETF			50 ETF			Small Cap ETF			ETF			ETF			China ETF			ETF			ETF			40 ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	259,048,673		$	4,666,250,216		$	5,117,038		$	734,987,414		$	30,213,168		$	1,115,834,653		$	195,162,289		$	422,062,867		$	109,697,792		$	49,503,368
Investments in securities of affiliated issuers, at value* (Notes 2 and 3)		13,131,294			151,058,848			557			44,266,646			278,913			105,180,120			11,002,955			60,016,559			10,444,120			251,583
Total Investments		272,179,967			4,817,309,064			5,117,595			779,254,060			30,492,081			1,221,014,773			206,165,244			482,079,426			120,141,912			49,754,951
Cash		—			—			—			15,674			—			80,150			982			—			—			—
Foreign currency, at value		796,644			3,665,357			1,018			1,098,255			370			69,228			2,913,918			279,708			4,221			129,134
Initial margin deposit on futures		—			—			—			—			—			—			200,459			—			—			—
Receivable for investments sold		—			46,517,570			—			—			—			1,010,925			—			—			2,248,300			—
Receivable for fund shares sold		—			15,911,003			—			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		452,523			1,085,863			3,384			—			—			—			408			16,405			3,183			1,677
Dividends and interest receivable — unaffiliated issuers		961,048			1,766,323			4,151			670,798			—			420,858			279,650			1,672,844			25,564			46,830
Dividends receivable — affiliated issuers		50			249			—			177			14			106			157			39			28			13
TOTAL ASSETS		274,390,232			4,886,255,429			5,126,148			781,038,964			30,492,465			1,222,596,040			209,560,818			484,048,422			122,423,208			49,932,605
LIABILITIES
Payable upon return of securities loaned		10,884,258			145,787,382			—			41,876,836			—			103,521,859			9,213,999			58,975,610			9,994,758			78,000
Payable for investments purchased		—			64,049,937			—			—			—			—			110,043			—			—			—
Payable for fund shares repurchased		—			—			—			—			—			—			—			—			2,245,658			—
Payable for variation margin on futures contracts		—			—			—			—			—			—			29,406			—			—			—
Distributions payable		2,153,716			5,210,641			—			—			—			—			—			1,009,137			—			—
Accrued advisory fee (Note 3)		176,943			2,977,260			5,546			918,786			41,120			1,555,355			313,738			561,346			145,414			65,181
Deferred foreign taxes payable		—			—			—			1,484,128			—			—			231,299			305,263			—			—
Accrued trustees’ fees and expenses (Note 3)		202			4,211			12			400			4			350			337			346			157			72
TOTAL LIABILITIES		13,215,119			218,029,431			5,558			44,280,150			41,124			105,077,564			9,898,822			60,851,702			12,385,987			143,253
NET ASSETS	$	261,175,113		$	4,668,225,998		$	5,120,590		$	736,758,814		$	30,451,341		$	1,117,518,476		$	199,661,996		$	423,196,720		$	110,037,221		$	49,789,352
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	308,675,149		$	4,816,252,234		$	6,262,493		$	685,616,620		$	49,228,196		$	1,125,195,682		$	236,737,792		$	616,232,462		$	231,532,372		$	133,309,201
Undistributed (distribution in excess of) net investment income		(784,655	)		(11,661,841	)		32,426			(550,706	)		(89,452	)		(1,145,157	)		402,986			(636,733	)		(44,889	)		(70,635	)
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(28,790,651	)		(156,766,032	)		(679,797	)		(37,602,458	)		(4,767,253	)		(106,971,214	)		(15,339,804	)		(140,670,167	)		(99,968,604	)		(42,631,394	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $1,484,128, $0, $0, $231,299, $306,439, $0, $0, respectively)		(17,875,214	)		20,754,718			(493,840	)		89,303,676			(13,920,143	)		100,439,045			(22,048,709	)		(51,719,753	)		(21,481,657	)		(40,810,359	)
Foreign currency		(49,516	)		(353,081	)		(692	)		(8,318	)		(7	)		120			(60,863	)		(9,089	)		(1	)		(7,461	)
Futures		—			—			—			—			—			—			(29,406	)		—			—			—
NET ASSETS	$	261,175,113		$	4,668,225,998		$	5,120,590		$	736,758,814		$	30,451,341		$	1,117,518,476		$	199,661,996		$	423,196,720		$	110,037,221		$	49,789,352
NET ASSET VALUE PER SHARE
Net asset value per share	$	35.06		$	38.77		$	51.21		$	87.71		$	16.46		$	84.02		$	64.41		$	33.19		$	22.46		$	27.66
Shares outstanding (unlimited amount authorized, $0.01 par value)		7,450,370			120,400,967			100,000			8,400,000			1,850,000			13,300,000			3,100,000			12,750,000			4,900,000			1,800,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	276,923,887		$	4,645,495,498		$	5,610,878		$	644,199,610		$	44,133,311		$	1,015,395,608		$	216,979,699		$	473,476,181		$	131,179,449		$	90,313,727
Affiliated issuers		13,131,294			151,058,848			557			44,266,646			278,913			105,180,120			11,002,955			60,016,559			10,444,120			251,583
Total cost of investments	$	290,055,181		$	4,796,554,346		$	5,611,435		$	688,466,256		$	44,412,224		$	1,120,575,728		$	227,982,654		$	533,492,740		$	141,623,569		$	90,565,310
Foreign currency, at cost	$	809,832		$	3,743,162		$	1,050		$	1,104,353		$	377		$	69,303		$	2,967,668		$	281,531		$	4,222		$	136,347
* Includes investments in securities on loan, at value	$	10,138,605		$	136,642,628		$	—		$	40,672,029		$	—		$	101,853,712		$	10,327,589		$	55,794,805		$	10,370,354		$	75,738

See accompanying notes to financial statements.

376

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377

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

March 31, 2015 (Unaudited)

				SPDR S&P													SPDR S&P												SPDR MSCI
	SPDR S&P			Emerging Middle				SPDR S&P			SPDR S&P			SPDR Dow Jones			Global			SPDR S&P			SPDR MSCI						ACWI Low
	Emerging Latin			East & Africa				World ex-US			International			International			Infrastructure			Global Natural			ACWI ex-US			SPDR MSCI			Carbon Target
	America ETF			ETF				ETF			Small Cap ETF			Real Estate ETF			ETF			Resources ETF			ETF			ACWI IMI ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	33,137,478		$	48,105,012			$	750,039,406		$	695,653,570		$	5,050,359,303		$	120,411,943		$	667,272,681		$	681,799,791		$	64,990,084		$	89,649,795
Investments in securities of affiliated issuers, at value* (Notes 2 and 3)		4,648,792			1,658,591				55,766,279			93,654,077			112,135,280			11,342,140			70,371,816			45,593,004			10,110,380			218,830
Total Investments		37,786,270			49,763,603				805,805,685			789,307,647			5,162,494,583			131,754,083			737,644,497			727,392,795			75,100,464			89,868,625
Cash		—			—				998			2,105			148			—			—			—			—			—
Foreign currency, at value		44,866			692,275				1,990,806			1,869,408			5,039,424			210,993			1,812,520			5,453,795			79,821			87,949
Receivable for investments sold		—			2,184				215,814			1,188,981			—			6,124,648			—			20,894,376			23,015			9,525
Receivable for fund shares sold		—			—				—			—			—			—			12,971,570			—			—			—
Receivable for foreign currency contracts sold		—			270,187				—			—			5,602,754			3,790,099			—			14,611,155			—			—
Receivable for foreign taxes recoverable		174			—				689,404			247,911			1,260,587			25,707			232,295			480,632			12,561			12,353
Dividends and interest receivable — unaffiliated issuers		77,648			105,147				3,297,288			3,269,439			13,953,026			156,531			1,396,103			2,550,579			157,676			206,698
Dividends receivable — affiliated issuers		4			2				18			110			653			9			76			39			329			364
Due from Investment Adviser		—			—				—			—			—			—			—			—			—			27,012
TOTAL ASSETS		37,908,962			50,833,398				812,000,013			795,885,601			5,188,351,175			142,062,070			754,057,061			771,383,371			75,373,866			90,212,526
LIABILITIES
Payable upon return of securities loaned		4,630,361			1,658,591				55,322,052			92,302,157			85,444,356			11,133,914			69,609,983			45,593,004			9,768,492			—
Payable for investments purchased		69			—				—			193,341			7,553,872			6,555,409			13,000,601			20,907,762			—			—
Due to custodian		—			368,376				—			—			—			—			—			3,435,473			—			—
Payable for foreign currency contracts purchased		—			272,431				—			—			5,595,496			3,795,545			—			14,570,166			—			—
Distributions payable		—			—				—			—			18,891,378			—			—			—			—			—
Accrued advisory fee (Note 3)		45,579			71,130				609,281			768,074			7,414,087			111,365			654,626			585,962			40,030			65,848
Deferred foreign taxes payable		—			—				—			—			—			—			—			59,656			—			22
Accrued trustees’ fees and expenses (Note 3)		60			42				531			801			2,896			72			223			26			17			48
TOTAL LIABILITIES		4,676,069			2,370,570				55,931,864			93,264,373			124,902,085			21,596,305			83,265,433			85,152,049			9,808,539			65,918
NET ASSETS	$	33,232,893		$	48,462,828			$	756,068,149		$	702,621,228		$	5,063,449,090		$	120,465,765		$	670,791,628		$	686,231,322		$	65,565,327		$	90,146,608
							��
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	77,329,688		$	77,024,483			$	720,487,310		$	789,853,483		$	5,175,531,072		$	135,092,196		$	832,660,293		$	762,556,883		$	63,053,507		$	88,300,106
Undistributed (distribution in excess of) net investment income		154,298			251,437				2,815,730			(2,389,166	)		(190,351,082	)		453,908			4,274,920			3,522,466			366,701			430,864
Accumulated net realized gain (loss) on investments and foreign currency transactions		(18,080,673	)		(23,334,912	)			(897,400	)		(10,286,060	)		(636,359,909	)		(17,666,978	)		(76,393,079	)		(63,482,753	)		182,303			35,259
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $0, $58,254, $0, $22, respectively)		(26,163,554	)		(5,471,632	)			33,772,744			(74,449,145	)		714,923,092			2,599,984			(89,709,465	)		(16,250,083	)		1,964,653			1,383,622
Foreign currency		(6,866	)		(6,548	)			(110,235	)		(107,884	)		(294,083	)		(13,345	)		(41,041	)		(115,191	)		(1,837	)		(3,243	)
NET ASSETS	$	33,232,893		$	48,462,828			$	756,068,149		$	702,621,228		$	5,063,449,090		$	120,465,765		$	670,791,628		$	686,231,322		$	65,565,327		$	90,146,608
NET ASSET VALUE PER SHARE
Net asset value per share	$	47.48		$	69.23			$	28.21		$	28.91		$	43.30		$	48.19		$	42.86		$	34.66		$	65.57		$	75.12
Shares outstanding (unlimited amount authorized, $0.01 par value)		700,000			700,000				26,800,000			24,300,000			116,935,379			2,500,000			15,650,000			19,800,000			1,000,000			1,200,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	59,301,032		$	53,576,644			$	716,266,662		$	770,102,715		$	4,335,436,211		$	117,811,959		$	756,982,146		$	697,991,620		$	63,032,301		$	88,260,501
Affiliated issuers		4,648,792			1,658,591				55,766,279			93,654,077			112,135,280			11,342,140			70,371,816			45,593,004			10,103,510			224,480
Total cost of investments	$	63,949,824		$	55,235,235			$	772,032,941		$	863,756,792		$	4,447,571,491		$	129,154,099		$	827,353,962		$	743,584,624		$	73,135,811		$	88,484,981
Foreign currency, at cost	$	46,389		$	696,398			$	2,011,748		$	1,909,437		$	5,131,308		$	211,840		$	1,826,149		$	5,495,969		$	80,541		$	89,581
* Includes investments in securities on loan, at value	$	4,835,948		$	1,719,001			$	56,544,104		$	87,962,039		$	80,670,877		$	14,997,254		$	72,410,933		$	47,203,239		$	10,623,360		$	—

See accompanying notes to financial statements.

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

March 31, 2015 (Unaudited)

											SPDR MSCI
		SPDR MSCI			SPDR MSCI			SPDR MSCI			Emerging			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI
		EM			EM Beyond			EAFE			Markets Quality			World			Australia Quality			Canada Quality			Germany Quality			Japan			Mexico Quality
		50 ETF			BRIC ETF			Quality Mix ETF			Mix ETF			Quality Mix ETF			Mix ETF			Mix ETF			Mix ETF			Quality Mix ETF			Mix ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)		$	2,323,100		$	2,887,000		$	5,747,970		$	74,222,642		$	6,211,744		$	2,628,100		$	2,696,974		$	8,616,716		$	6,474,025		$	2,482,760
Investments in securities of affiliated issuers, at value* (Notes 2 and 3)			109,426			71,286			548			181,570			5,115			2,744			1,793			694			841			199
Total Investments			2,432,526			2,958,286			5,748,518			74,404,212			6,216,859			2,630,844			2,698,767			8,617,410			6,474,866			2,482,959
Cash			—			—			—			3,343			—			—			11			—			—			—
Foreign currency, at value			7,502			10,892			16,193			254,508			15,540			—			10,168			3,956			13,848			3,967
Receivable for investments sold			—			—			411			—			179			15,847			—			—			—			—
Receivable for foreign taxes recoverable			—			224			3,681			252			1,749			—			—			2,418			5,834			—
Dividends and interest receivable — unaffiliated issuers			1,835			5,389			20,650			105,005			13,227			54,740			5,162			—			41,443			—
Dividends receivable — affiliated issuers			—			—			—			15			12			—			—			—			—			—
TOTAL ASSETS			2,441,863			2,974,791			5,789,453			74,767,335			6,247,566			2,701,431			2,714,108			8,623,784			6,535,991			2,486,926
LIABILITIES
Payable upon return of securities loaned			106,619			70,666			—			—			—			—			—			—			—			—
Payable for investments purchased			—			—			5,191			36			—			16,891			—			—			—			—
Due to custodian			—			—			—			—			—			6,601			—			—			—			—
Accrued advisory fee (Note 3)			2,864			3,665			4,200			37,445			4,573			5,493			2,030			6,137			4,580			2,457
Deferred foreign taxes payable			—			3,184			—			3,162			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)			2			3			3			4			3			7			2			4			4			2
TOTAL LIABILITIES			109,485			77,518			9,394			40,647			4,576			28,992			2,032			6,141			4,584			2,459
	��
NET ASSETS		$	2,332,378		$	2,897,273		$	5,780,059		$	74,726,688		$	6,242,990		$	2,672,439		$	2,712,076		$	8,617,643		$	6,531,407		$	2,484,467
NET ASSETS CONSIST OF:
Paid in capital (Note 4)		$	2,644,309		$	3,040,224		$	6,000,000		$	73,917,015		$	6,000,000		$	3,065,463		$	2,981,989		$	8,473,312		$	6,000,000		$	3,000,000
Undistributed (distribution in excess of) net investment income			(1,863	)		5,181			42,762			205,248			35,445			64,629			14,030			8,263			39,739			(3,471	)
Accumulated net realized gain (loss) on investments and foreign currency transactions			(146,744	)		4,935			(11,451	)		(102,230	)		31,081			(84,074	)		25,777			(17,220	)		501			(14,852	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $3,184, $0, $3,162, $0, $0, $0, $0, $0, $0, respectively)			(163,201	)		(152,768	)		(250,955	)		716,807			177,102			(372,876	)		(309,598	)		153,583			491,772			(497,172	)
Foreign currency			(123	)		(299	)		(297	)		(10,152	)		(638	)		(703	)		(122	)		(295	)		(605	)		(38	)
NET ASSETS		$	2,332,378		$	2,897,273		$	5,780,059		$	74,726,688		$	6,242,990		$	2,672,439		$	2,712,076		$	8,617,643		$	6,531,407		$	2,484,467
NET ASSET VALUE PER SHARE
Net asset value per share		$	46.65		$	57.95		$	57.80		$	57.48		$	62.43		$	53.45		$	54.24		$	57.45		$	65.31		$	24.84
Shares outstanding (unlimited amount authorized, $0.01 par value)			50,000			50,000			100,000			1,300,000			100,000			50,000			50,000			150,000			100,000			100,000
COST OF INVESTMENTS:
Unaffiliated issuers		$	2,486,301		$	3,036,584		$	5,998,925		$	73,502,673		$	6,034,901		$	3,000,976		$	3,006,572		$	8,463,133		$	5,982,253		$	2,979,932
Affiliated issuers			109,426			71,286			548			181,570			4,856			2,744			1,793			694			841			199
Total cost of investments		$	2,595,727		$	3,107,870		$	5,999,473		$	73,684,243		$	6,039,757		$	3,003,720		$	3,008,365		$	8,463,827		$	5,983,094		$	2,980,131
Foreign currency, at cost		$	7,611		$	11,102		$	16,234		$	263,743		$	16,048		$	(6,753	)	$	10,265		$	4,025		$	13,882		$	4,005
* Includes investments in securities on loan, at value		$	102,488		$	67,950		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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

March 31, 2015 (Unaudited)

	SPDR MSCI
	South			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR Russell/			SPDR Russell/			SPDR S&P			SPDR S&P			SPDR S&P
	Korea			Spain			Taiwan Quality			United Kingdom			Nomura PRIME			Nomura Small			Global Dividend			International			International
	Quality Mix ETF			Quality Mix ETF			Mix ETF			Quality Mix ETF			Japan ETF			Cap Japan ETF			ETF			Dividend ETF			Mid Cap ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	2,665,249		$	2,524,268		$	6,086,891		$	2,689,978		$	18,617,535		$	61,829,391		$	52,226,926		$	1,330,950,535		$	50,007,298
Investments in securities of affiliated issuers, at value* (Notes 2 and 3)		2,844			566			1,740			2,673			2,628,080			8,726,488			8,732,027			263,570,595			5,553,312
Total Investments		2,668,093			2,524,834			6,088,631			2,692,651			21,245,615			70,555,879			60,958,953			1,594,521,130			55,560,610
Foreign currency, at value		4,644			6,846			208			2,881			27,999			489,094			210,114			3,114,011			153,987
Receivable for investments sold		—			—			—			1,377			—			—			—			—			—
Receivable for foreign taxes recoverable		—			563			—			178			54,974			28,572			21,477			130,551			16,896
Dividends and interest receivable — unaffiliated issuers		25,778			—			—			28,080			137,166			474,320			168,486			5,456,307			200,926
Dividends receivable — affiliated issuers		—			—			—			—			1			4			12			170			9
TOTAL ASSETS		2,698,515			2,532,243			6,088,839			2,725,167			21,465,755			71,547,869			61,359,042			1,603,222,169			55,932,428
LIABILITIES
Payable upon return of securities loaned		—			—			—			—			2,609,030			8,669,834			8,361,230			256,793,287			5,508,069
Payable for investments purchased		—			4,937			—			—			—			—			—			—			—
Distributions payable		—			—			—			—			—			—			292,244			6,452,139			—
Accrued advisory fee (Note 3)		2,615			5,082			5,938			3,880			16,311			67,310			45,769			1,522,089			60,284
Deferred foreign taxes payable		—			—			—			—			—			—			—			96,260			—
Accrued trustees’ fees and expenses (Note 3)		2			7			3			4			53			70			24			1,269			88
TOTAL LIABILITIES		2,617			10,026			5,941			3,884			2,625,394			8,737,214			8,699,267			264,865,044			5,568,441
NET ASSETS	$	2,695,898		$	2,522,217		$	6,082,898		$	2,721,283		$	18,840,361		$	62,810,655		$	52,659,775		$	1,338,357,125		$	50,363,987
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	3,000,000		$	3,119,919		$	6,000,000		$	3,139,490		$	22,782,413		$	74,441,874		$	52,545,772		$	1,647,447,905		$	53,677,487
Undistributed (distribution in excess of) net investment income		313			31,614			(12,313	)		47,453			26,873			(91,430	)		41,387			408,839			86,105
Accumulated net realized gain (loss) on investments and foreign currency transactions		(22,936	)		(87,320	)		(3,451	)		(153,428	)		(1,803,507	)		(7,267,660	)		730,710			(186,206,525	)		(1,298,898	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $0, $96,260, $0, respectively)		(281,165	)		(541,741	)		98,659			(312,071	)		(2,154,898	)		(4,262,773	)		(650,426	)		(123,161,818	)		(2,095,165	)
Foreign currency		(314	)		(255	)		3			(161	)		(10,520	)		(9,356	)		(7,668	)		(131,276	)		(5,542	)
NET ASSETS	$	2,695,898		$	2,522,217		$	6,082,898		$	2,721,283		$	18,840,361		$	62,810,655		$	52,659,775		$	1,338,357,125		$	50,363,987
NET ASSET VALUE PER SHARE
Net asset value per share	$	26.96		$	50.44		$	60.83		$	54.43		$	47.10		$	52.34		$	65.82		$	41.95		$	30.52
Shares outstanding (unlimited amount authorized, $0.01 par value)		100,000			50,000			100,000			50,000			400,000			1,200,075			800,000			31,901,326			1,650,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	2,946,414		$	3,066,009		$	5,988,232		$	3,002,049		$	20,772,433		$	66,092,164		$	52,877,352		$	1,454,016,093		$	52,102,463
Affiliated issuers		2,844			566			1,740			2,673			2,628,080			8,726,488			8,732,027			263,570,595			5,553,312
Total cost of investments	$	2,949,258		$	3,066,575		$	5,989,972		$	3,004,722		$	23,400,513		$	74,818,652		$	61,609,379		$	1,717,586,688		$	57,655,775
Foreign currency, at cost	$	4,683		$	6,998		$	205		$	2,880		$	28,133		$	490,474		$	211,970		$	3,144,494		$	155,992
* Includes investments in securities on loan, at value	$	—		$	—		$	—		$	—		$	2,487,487		$	8,303,015		$	8,848,149		$	258,017,609		$	5,420,808

See accompanying notes to financial statements.

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

March 31, 2015 (Unaudited)

							SPDR S&P			SPDR S&P
	SPDR S&P						International			International			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P
	Emerging			SPDR Dow Jones			Consumer			Consumer			International			International			International			International			International
	Markets Small			Global Real			Discretionary			Staples Sector			Energy Sector			Financial Sector			Health Care			Industrial Sector			Materials Sector
	Cap ETF			Estate ETF			Sector ETF			ETF			ETF			ETF			Sector ETF			ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	460,836,476		$	2,081,008,784		$	13,920,373		$	33,958,718		$	23,930,811		$	10,578,248		$	74,432,759		$	19,578,253		$	6,212,865
Investments in securities of affiliated issuers, at value* (Notes 2 and 3)		29,181,134			36,145,299			1,876,052			2,264,174			2,649,418			868,501			5,036,728			2,456,491			547,543
Total Investments		490,017,610			2,117,154,083			15,796,425			36,222,892			26,580,229			11,446,749			79,469,487			22,034,744			6,760,408
Cash		—			224			—			—			—			—			—			—			79
Foreign currency, at value		825,108			1,438,053			9,727			57,059			78,297			21,406			125,035			23,908			24,869
Receivable for investments sold		1,003,349			—			—			—			—			5,991			—			—			10,377
Receivable for fund shares sold		—			14,882,060			—			—			—			—			—			—			—
Receivable for foreign currency contracts sold		992,908			827,944			—			—			25,000			—			—			—			—
Receivable for foreign taxes recoverable		9,653			165,720			7,849			69,034			2,048			2,213			222,471			15,890			4,970
Dividends and interest receivable — unaffiliated issuers		506,767			5,472,478			52,649			133,523			38,985			61,452			172,031			88,076			28,082
Dividends receivable — affiliated issuers		61			270			1			6			4			1			11			4			1
TOTAL ASSETS		493,355,456			2,139,940,832			15,866,651			36,482,514			26,724,563			11,537,812			79,989,035			22,162,622			6,828,786
LIABILITIES
Payable upon return of securities loaned		28,727,164			23,964,755			1,849,734			2,095,983			2,500,128			813,207			4,520,492			2,364,841			515,765
Payable for investments purchased		—			15,857,169			—			—			—			—			—			—			—
Payable for foreign currency contracts purchased		993,158			826,355			—			—			25,052			—			—			—			—
Distributions payable		—			8,466,627			15,791			140,202			164,250			51,261			487,466			66,373			29,331
Accrued advisory fee (Note 3)		756,174			2,376,724			16,069			36,902			25,606			11,377			79,199			23,212			7,346
Deferred foreign taxes payable		551,813			—			—			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		413			246			17			38			12			10			50			21			8
TOTAL LIABILITIES		31,028,722			51,491,876			1,881,611			2,273,125			2,715,048			875,855			5,087,207			2,454,447			552,450
NET ASSETS	$	462,326,734		$	2,088,448,956		$	13,985,040		$	34,209,389		$	24,009,515		$	10,661,957		$	74,901,828		$	19,708,175		$	6,276,336
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	604,012,901		$	1,859,259,247		$	13,285,508		$	31,670,031		$	32,088,890		$	12,861,631		$	63,288,454		$	21,042,372		$	10,715,126
Undistributed (distribution in excess of) net investment income		(60,373	)		(17,531,918	)		71,890			(79,125	)		(4,194	)		4,270			60,083			33,949			11,545
Accumulated net realized gain (loss) on investments and foreign currency transactions		(41,989,084	)		(20,675,786	)		39,363			(67,657	)		(1,134,621	)		(1,092,929	)		147,119			(1,089,208	)		(1,202,205	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $544,706, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		(99,623,345	)		267,449,304			590,046			2,693,565			(6,937,880	)		(1,110,002	)		11,423,045			(276,652	)		(3,246,680	)
Foreign currency		(13,365	)		(51,891	)		(1,767	)		(7,425	)		(2,680	)		(1,013	)		(16,873	)		(2,286	)		(1,450	)
NET ASSETS	$	462,326,734		$	2,088,448,956		$	13,985,040		$	34,209,389		$	24,009,515		$	10,661,957		$	74,901,828		$	19,708,175		$	6,276,336
NET ASSET VALUE PER SHARE
Net asset value per share	$	44.89		$	49.61		$	39.96		$	40.25		$	19.21		$	21.32		$	51.66		$	30.32		$	20.92
Shares outstanding (unlimited amount authorized, $0.01 par value)		10,300,000			42,100,000			350,000			850,000			1,250,000			500,000			1,450,000			650,000			300,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	559,915,115		$	1,813,559,480		$	13,330,327		$	31,265,153		$	30,868,691		$	11,688,250		$	63,009,714		$	19,854,905		$	9,459,545
Affiliated issuers		29,181,134			36,145,299			1,876,052			2,264,174			2,649,418			868,501			5,036,728			2,456,491			547,543
Total cost of investments	$	589,096,249		$	1,849,704,779		$	15,206,379		$	33,529,327		$	33,518,109		$	12,556,751		$	68,046,442		$	22,311,396		$	10,007,088
Foreign currency, at cost	$	828,014		$	1,464,187		$	10,021		$	58,106		$	80,117		$	21,584		$	127,473		$	24,140		$	25,008
* Includes investments in securities on loan, at value	$	34,895,772		$	22,684,843		$	1,783,246		$	1,993,402		$	3,203,070		$	997,059		$	4,455,802		$	2,413,019		$	607,339

See accompanying notes to financial statements.

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

March 31, 2015 (Unaudited)

	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	11,698,961		$	44,858,495		$	32,161,418
Investments in securities of affiliated issuers, at value* (Notes 2 and 3)		858,836			1,977,953			1,724,270
Total Investments		12,557,797			46,836,448			33,885,688
Foreign currency, at value		22,463			57,836			110,585
Receivable for foreign taxes recoverable		2,357			15,275			23,063
Dividends and interest receivable — unaffiliated issuers		28,333			125,999			43,258
Dividends receivable — affiliated issuers		1			6			4
TOTAL ASSETS		12,610,951			47,035,564			34,062,598
LIABILITIES
Payable upon return of securities loaned		844,206			1,932,023			1,662,199
Distributions payable		6,101			39,396			50,177
Accrued advisory fee (Note 3)		13,210			52,095			46,005
Accrued trustees’ fees and expenses (Note 3)		10			18			60
TOTAL LIABILITIES		863,527			2,023,532			1,758,441
NET ASSETS	$	11,747,424		$	45,012,032		$	32,304,157
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	11,577,293		$	47,321,283		$	41,118,937
Undistributed (distribution in excess of) net investment income		(20,140	)		63,660			(255,174	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(352,962	)		(3,578,377	)		(3,707,522	)
Net unrealized appreciation (depreciation) on:
Investments		544,688			1,209,247			(4,844,111	)
Foreign currency		(1,455	)		(3,781	)		(7,973	)
NET ASSETS	$	11,747,424		$	45,012,032		$	32,304,157
NET ASSET VALUE PER SHARE
Net asset value per share	$	33.56		$	25.72		$	17.00
Shares outstanding (unlimited amount authorized, $0.01 par value)		350,000			1,750,000			1,900,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	11,154,273		$	43,649,248		$	37,005,529
Affiliated issuers		858,836			1,977,953			1,724,270
Total cost of investments	$	12,013,109		$	45,627,201		$	38,729,799
Foreign currency, at cost	$	23,326		$	59,032		$	112,064
* Includes investments in securities on loan, at value	$	885,983		$	1,841,543		$	1,973,217

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2015 (Unaudited)

										SPDR S&P												SPDR S&P
	SPDR STOXX			SPDR EURO			SPDR EURO			Emerging Asia									SPDR S&P			Emerging Markets			SPDR S&P			SPDR S&P
	Europe			STOXX			STOXX			Pacific			SPDR S&P Russia			SPDR S&P			Emerging Markets			Dividend			BRIC			Emerging Europe
	50 ETF			50 ETF			Small Cap ETF			ETF			ETF			China ETF			ETF			ETF			40 ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	4,197,791		$	43,286,963		$	78,156		$	2,275,238		$	287,376		$	1,048,816		$	1,760,130		$	5,868,280		$	669,353		$	391,871
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		92			1,079			2			1,295			80			787			755			446			129			58
Affiliated securities lending — net (Note 3 and Note 8)		41,808			1,893,395			—			286,957			—			1,127,234			58,143			336,816			15,146			661
Interest income (Note 2)		26			—			—			2,354			—			—			868			1,817			—			—
Foreign taxes withheld		(270,171	)		(4,044,424	)		(9,250	)		(233,563	)		(34,788	)		(16,520	)		(156,679	)		(587,589	)		(65,799	)		(36,941	)
TOTAL INVESTMENT INCOME (LOSS)		3,969,546			41,137,013			68,908			2,332,281			252,668			2,160,317			1,663,217			5,619,770			618,829			355,649
EXPENSES
Advisory fee (Note 3)		359,850			6,083,950			13,427			1,946,546			74,596			3,027,423			703,435			1,237,187			320,563			152,866
Trustees’ fees and expenses (Note 3)		2,395			40,768			54			6,654			212			9,289			2,583			4,348			1,321			565
Miscellaneous expenses		1,880			3,781			473			12,443			438			4,979			1,256			2,478			837			529
TOTAL EXPENSES		364,125			6,128,499			13,954			1,965,643			75,246			3,041,691			707,274			1,244,013			322,721			153,960
NET INVESTMENT INCOME (LOSS)		3,605,421			35,008,514			54,954			366,638			177,422			(881,374	)		955,943			4,375,757			296,108			201,689
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		830,728			147,128,236			(678,203	)		(3,254,440	)		(788,777	)		(16,584,418	)		(735,668	)		(36,597,038	)		(13,119,269	)		(2,143,028	)
Foreign currency transactions		(77,413	)		(743,508	)		373			(84,217	)		—			(10,446	)		(144,787	)		(148,868	)		(389	)		(20,657	)
Futures		—			—			—			—			—			—			271,676			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $1,484,128, $0, $0, $231,299, $306,439, $0, $0, respectively)		(13,804,411	)		(294,768,570	)		641,723			41,525,550			(4,109,305	)		124,835,608			(7,627,917	)		(8,655,430	)		10,200,425			(10,246,866	)
Foreign currency transactions		(9,885	)		(135,725	)		(423	)		984			(8	)		4,683			(28,131	)		49,919			994			(127	)
Futures		—			—			—			—			—			—			19,987			—			—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		(13,060,981	)		(148,519,567	)		(36,530	)		38,187,877			(4,898,090	)		108,245,427			(8,244,840	)		(45,351,417	)		(2,918,239	)		(12,410,678	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(9,455,560	)	$	(113,511,053	)	$	18,424		$	38,554,515		$	(4,720,668	)	$	107,364,053		$	(7,288,897	)	$	(40,975,660	)	$	(2,622,131	)	$	(12,208,989	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2015 (Unaudited)

	SPDR S&P			SPDR S&P						SPDR S&P			SPDR Dow Jones			SPDR S&P			SPDR S&P Global									SPDR MSCI
	Emerging Latin			Emerging Middle			SPDR S&P World			International Small			International Real			Global Infrastructure			Natural Resources			SPDR MSCI			SPDR MSCI			ACWI Low Carbon
	America ETF			East & Africa ETF			ex-US ETF			Cap ETF			Estate ETF			ETF			ETF			ACWI ex-US ETF			ACWI IMI ETF			Target ETF (1)
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	543,559		$	1,103,767		$	9,091,670		$	7,485,298		$	73,388,092		$	1,635,062		$	8,901,003		$	8,011,125		$	709,514		$	670,351
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		52			17			201			2,011			2,348			83			551			202			726			727
Affiliated securities lending — net (Note 3 and Note 8)		10,004			7,433			225,966			696,039			858,112			33,030			119,886			153,335			13,554			—
Interest income (Note 2)		—			—			150			487			1,057			—			388			447			24			1
Foreign taxes withheld		(44,645	)		(92,094	)		(741,185	)		(665,960	)		(7,430,971	)		(88,747	)		(488,631	)		(644,811	)		(28,755	)		(36,205	)
TOTAL INVESTMENT INCOME (LOSS)		508,970			1,019,123			8,576,802			7,517,875			66,818,638			1,579,428			8,533,197			7,520,298			695,063			634,874
EXPENSES
Advisory fee (Note 3)		111,943			155,598			1,224,514			1,833,847			14,700,324			224,406			1,258,235			1,063,945			77,124			82,630
Trustees’ fees and expenses (Note 3)		435			537			6,922			6,925			46,539			1,060			5,599			5,344			565			224
Miscellaneous expenses		254			310			4,386			22,624			440,750			690			4,581			12,996			304			249
TOTAL EXPENSES		112,632			156,445			1,235,822			1,863,396			15,187,613			226,156			1,268,415			1,082,285			77,993			83,103
Expenses waived by Adviser (Note 3)		—			—			—			—			—			—			—			—			—			(27,012	)
NET EXPENSES		—			—			—			—			—			—			—			—			—			56,091
NET INVESTMENT INCOME		396,338			862,678			7,340,980			5,654,479			51,631,025			1,353,272			7,264,782			6,438,013			617,070			578,783
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(2,674,060	)		(384,905	)		26,976,471			(7,017,618	)		37,385,768			(1,235,770	)		(4,993,171	)		4,179,053			191,322			41,325
Foreign currency transactions		(38,883	)		(24,806	)		(285,594	)		(677,490	)		(1,611,648	)		(54,067	)		(158,221	)		(221,784	)		(10,163	)		(6,066	)
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, $58,254, $0, $22, respectively)		(7,567,349	)		(351,045	)		(35,405,842	)		(5,063,138	)		174,527,121			301,504			(72,151,771	)		(4,483,662	)		1,453,848			1,383,622
Foreign currency transactions		(3,445	)		996			(12,823	)		(83,340	)		(56,694	)		2,114			12,508			(38,126	)		1,453			(3,243	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(10,283,737	)		(759,760	)		(8,727,788	)		(12,841,586	)		210,244,547			(986,219	)		(77,290,655	)		(564,519	)		1,636,460			1,415,638
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(9,887,399	)	$	102,918		$	(1,386,808	)	$	(7,187,107	)	$	261,875,572		$	367,053		$	(70,025,873	)	$	5,873,494		$	2,253,530		$	1,994,421

(1) For the period November 26, 2014 (commencement of operations) to March 31, 2015.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2015 (Unaudited)

							SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI			SPDR MSCI
	SPDR MSCI EM			SPDR MSCI EM			EAFE			Emerging Markets			World			Australia Quality			Canada Quality Mix			Germany Quality			Japan			Mexico Quality Mix
	50 ETF			Beyond BRIC ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Mix ETF			ETF			Mix ETF			Quality Mix ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	11,209		$	25,962		$	74,185		$	301,428		$	72,789		$	191,854		$	40,086		$	20,574		$	63,704		$	12,900
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		3			1			3			91			28			4			2			—			1			—
Affiliated securities lending — net (Note 3 and Note 8)		255			181			—			—			—			—			—			—			—			—
Interest income (Note 2)		—			—			—			10			—			—			—			—			—			—
Foreign taxes withheld		(1,719	)		(3,144	)		(4,652	)		(31,816	)		(2,582	)		(2,478	)		(6,013	)		(2,772	)		(6,366	)		(86	)
TOTAL INVESTMENT INCOME (LOSS)		9,748			23,000			69,536			269,713			70,235			189,380			34,075			17,802			57,339			12,814
EXPENSES
Advisory fee (Note 3)		5,841			7,856			8,447			41,855			9,150			11,731			4,241			9,489			9,063			5,194
Trustees’ fees and expenses (Note 3)		22			28			43			45			46			66			20			50			46			21
Miscellaneous expenses		12			15			—			2			—			—			—			—			—			—
TOTAL EXPENSES		5,875			7,899			8,490			41,902			9,196			11,797			4,261			9,539			9,109			5,215
NET INVESTMENT INCOME		3,873			15,101			61,046			227,811			61,039			177,583			29,814			8,263			48,230			7,599
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(38,908	)		5,777			(7,979	)		(43,871	)		32,496			(318,035	)		27,064			(383,171	)		4,796			(13,341	)
Foreign currency transactions		(510	)		(709	)		(3,355	)		(58,355	)		(1,236	)		(3,176	)		(1,045	)		(323	)		(3,685	)		(828	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $3,184, $0, $3,162, $0, $0, $0, $0, $0, $0, respectively)		14,224			(188,121	)		61,830			826,840			214,507			142,518			(279,711	)		793,991			486,276			(380,374	)
Foreign currency transactions		95			(41	)		426			(9,378	)		(341	)		2,456			9			(252	)		(242	)		(42	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(25,099	)		(183,094	)		50,922			715,236			245,426			(176,237	)		(253,683	)		410,245			487,145			(394,585	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(21,226	)	$	(167,993	)	$	111,968		$	943,047		$	306,465		$	1,346		$	(223,869	)	$	418,508		$	535,375		$	(386,986	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2015 (Unaudited)

	SPDR MSCI																					SPDR S&P
	South			SPDR MSCI			SPDR MSCI			SPDR MSCI						SPDR Russell/Nomura			SPDR S&P Global			International			SPDR S&P
	Korea			Spain			Taiwan Quality Mix			United Kingdom			SPDR Russell/Nomura			Small Cap			Dividend			Dividend			International Mid
	Quality Mix ETF			Quality Mix ETF			ETF			Quality Mix ETF			PRIME Japan ETF			Japan ETF			ETF			ETF			Cap ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	39,326		$	154,088		$	—		$	91,714		$	192,964		$	613,462		$	738,905		$	26,922,901		$	565,513
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		2			4			3			2			20			19			30			997			147
Affiliated securities lending — net (Note 3 and Note 8)		—			—			—			—			3,590			46,617			23,046			1,121,048			31,169
Interest income (Note 2)		—			—			—			—			—			—			7			814			2
Foreign taxes withheld		(8,651	)		(5,659	)		(458	)		(1,187	)		(19,933	)		(63,635	)		(59,251	)		(2,663,185	)		(54,096	)
TOTAL INVESTMENT INCOME (LOSS)		30,677			148,433			(455	)		90,529			176,641			596,463			702,737			25,382,575			542,735
EXPENSES
Advisory fee (Note 3)		5,325			11,073			11,813			8,061			49,173			158,980			80,918			3,108,212			134,793
Trustees’ fees and expenses (Note 3)		21			61			45			42			205			635			343			13,432			635
Miscellaneous expenses		—			—			—			—			125			383			1,221			35,846			716
TOTAL EXPENSES		5,346			11,134			11,858			8,103			49,503			159,998			82,482			3,157,490			136,144
NET INVESTMENT INCOME (LOSS)		25,331			137,299			(12,313	)		82,426			127,138			436,465			620,255			22,225,085			406,591
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(22,559	)		(980,509	)		(1,195	)		(183,929	)		(760,693	)		114,429			758,667			(61,131,637	)		2,061,291
Foreign currency transactions		774			(1,843	)		(2,256	)		(3,801	)		(17,721	)		(64,485	)		(17,666	)		(291,254	)		(50,943	)
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, $96,260, $0, respectively)		(123,829	)		308,107			324,225			39,353			1,785,864			1,733,465			(352,987	)		(75,195,873	)		(1,469,471	)
Foreign currency transactions		(314	)		(187	)		24			463			(2,661	)		7,935			(5,142	)		25,593			(969	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(145,928	)		(674,432	)		320,798			(147,914	)		1,004,789			1,791,344			382,872			(136,593,171	)		539,908
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(120,597	)	$	(537,133	)	$	308,485		$	(65,488	)	$	1,131,927		$	2,227,809		$	1,003,127		$	(114,368,086	)	$	946,499

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2015 (Unaudited)

							SPDR S&P			SPDR S&P						SPDR S&P			SPDR S&P			SPDR S&P			SPDR S&P
							International			International			SPDR S&P			International			International			International			International
	SPDR S&P			SPDR Dow Jones			Consumer			Consumer Staples			International			Financial			Health			Industrial			Materials
	Emerging Markets			Global Real Estate			Discretionary			Sector			Energy Sector			Sector			Care Sector			Sector			Sector
	Small Cap ETF			ETF			Sector ETF			ETF			ETF			ETF			ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers* (Note 2)	$	3,356,325		$	30,560,677		$	170,897		$	334,920		$	406,447		$	167,177		$	888,341		$	221,789		$	64,787
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		596			1,458			11			17			12			15			28			10			4
Affiliated securities lending — net (Note 3 and Note 8)		418,516			150,717			7,348			4,170			10,999			3,447			7,164			6,499			1,207
Interest income (Note 2)		540			—			3			1			1			—			—			—			1
Foreign taxes withheld		(240,881	)		(1,148,150	)		(17,090	)		(18,254	)		(39,958	)		(10,789	)		(94,322	)		(22,243	)		(4,139	)
TOTAL INVESTMENT INCOME (LOSS)		3,535,096			29,564,702			161,169			320,854			377,501			159,850			801,211			206,055			61,860
EXPENSES
Advisory fee (Note 3)		1,582,930			4,392,441			36,419			82,838			45,669			25,496			173,860			51,215			15,991
Trustees’ fees and expenses (Note 3)		4,749			15,024			157			351			175			107			686			219			68
Miscellaneous expenses		3,196			10,069			674			657			210			257			495			1,332			557
TOTAL EXPENSES		1,590,875			4,417,534			37,250			83,846			46,054			25,860			175,041			52,766			16,616
NET INVESTMENT INCOME		1,944,221			25,147,168			123,919			237,008			331,447			133,990			626,170			153,289			45,244
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(16,568,524	)		1,906,569			896,482			1,878,887			(347,572	)		21,725			4,815,090			59,215			(483,836	)
Foreign currency transactions		116,363			(242,724	)		(7,422	)		(11,839	)		(11,511	)		(7,336	)		(38,304	)		(12,870	)		(4,171	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $544,706, $0, $0, $0, $0, $0, $0, $0, $0, respectively)		(13,068,385	)		176,396,113			218,762			(941,336	)		(4,871,217	)		(188,663	)		(1,194,630	)		(231,199	)		151,221
Foreign currency transactions		25,288			(12,517	)		2,158			2,782			19			775			(4,033	)		(473	)		(560	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(29,495,258	)		178,047,441			1,109,980			928,494			(5,230,281	)		(173,499	)		3,578,123			(185,327	)		(337,346	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(27,551,037	)	$	203,194,609		$	1,233,899		$	1,165,502		$	(4,898,834	)	$	(39,509	)	$	4,204,293		$	(32,038	)	$	(292,102	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2015 (Unaudited)

	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	60,617		$	535,221		$	801,208
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		6			51			26
Affiliated securities lending — net (Note 3 and Note 8)		3,926			8,486			26,742
Interest income (Note 2)		3			1			1
Foreign taxes withheld		(6,869	)		(28,436	)		(71,127	)
TOTAL INVESTMENT INCOME (LOSS)		57,683			515,323			756,850
EXPENSES
Advisory fee (Note 3)		26,974			106,334			126,228
Trustees’ fees and expenses (Note 3)		112			415			602
Miscellaneous expenses		1,128			1,959			326
TOTAL EXPENSES		28,214			108,708			127,156
NET INVESTMENT INCOME		29,469			406,615			629,694
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		358,784			(863,058	)		3,647,605
Foreign currency transactions		(4,700	)		(16,463	)		(21,674	)
Net change in unrealized appreciation (depreciation) on:
Investments		434,810			1,163,092			(9,137,247	)
Foreign currency transactions		(535	)		(601	)		(3,598	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		788,359			282,970			(5,514,914	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	817,828		$	689,585		$	(4,885,220	)

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 EURO STOXX Small Cap ETF						SPDR S&P Emerging Asia Pacific ETF						SPDR S&P Russia ETF
	Six Months Ended						Six Months Ended						Six Months Ended			For the Period			Six Months Ended						Six Months Ended
	3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			6/4/14*-			3/31/15			Year Ended			3/31/15			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,605,421		$	11,761,626		$	35,008,514		$	160,808,940		$	54,954		$	23,277		$	366,638		$	9,792,541		$	177,422		$	735,713
Net realized gain (loss) on investments and foreign currency transactions		753,315			1,664,411			146,384,728			194,543,394			(677,830	)		(265,612	)		(3,338,657	)		(2,280,917	)		(788,777	)		(5,423,988	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(13,814,296	)		(6,756,666	)		(294,904,295	)		(111,175,297	)		641,300			(1,135,832	)		41,526,534			34,002,847			(4,109,313	)		779,159
Net increase (decrease) in net assets resulting from operations		(9,455,560	)		6,669,371			(113,511,053	)		244,177,037			18,424			(1,378,167	)		38,554,515			41,514,471			(4,720,668	)		(3,909,116	)
Net equalization credits and charges (Note 2)		119,698			660,097			(1,613,432	)		6,844,538			(13,257	)		—			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,748,956	)		(12,279,995	)		(36,177,274	)		(165,590,424	)		(28,097	)		(16,160	)		(7,198,452	)		(6,695,981	)		(811,458	)		(447,722	)
Total distributions to shareholders		(3,748,956	)		(12,279,995	)		(36,177,274	)		(165,590,424	)		(28,097	)		(16,160	)		(7,198,452	)		(6,695,981	)		(811,458	)		(447,722	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		26,543,995			178,982,848			755,140,426			2,213,989,332			—			8,982,073			60,126,123			283,492,388			16,037,528			18,178,584
Cost of shares redeemed		(13,893,913	)		(21,062,047	)		(886,714,363	)		(628,350,417	)		(2,467,346	)		—			(42,217,776	)		(30,276,644	)		(3,189,059	)		(21,950,727	)
Net income equalization (Note 2)		(119,698	)		(660,097	)		1,613,432			(6,844,538	)		13,257			—			—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		12,530,384			157,260,704			(129,960,505	)		1,578,794,377			(2,454,089	)		8,982,073			17,908,347			253,215,744			12,848,469			(3,772,143	)
Voluntary contribution from Adviser		—			—			—			—			—			9,863			—			—			—			—
Net increase (decrease) in net assets during the period		(554,434	)		152,310,177			(281,262,264	)		1,664,225,528			(2,477,019	)		7,597,609			49,264,410			288,034,234			7,316,343			(8,128,981	)
Net assets at beginning of period		261,729,547			109,419,370			4,949,488,262			3,285,262,734			7,597,609			—			687,494,404			399,460,170			23,134,998			31,263,979
NET ASSETS END OF PERIOD (1)	$	261,175,113		$	261,729,547		$	4,668,225,998		$	4,949,488,262		$	5,120,590		$	7,597,609		$	736,758,814		$	687,494,404		$	30,451,341		$	23,134,998
SHARES OF BENEFICIAL INTEREST:
Shares sold		750,000			4,650,000			19,650,000			53,800,000			—			150,000			700,000			3,300,000			1,000,000			750,000
Shares redeemed		(400,000	)		(550,000	)		(23,350,000	)		(15,400,000	)		(50,000	)		—			(500,000	)		(400,000	)		(200,000	)		(850,000	)
Net increase (decrease)		350,000			4,100,000			(3,700,000	)		38,400,000			(50,000	)		150,000			200,000			2,900,000			800,000			(100,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	(784,655	)	$	(641,120	)	$	(11,661,841	)	$	(10,493,081	)	$	32,426		$	5,569		$	(550,706	)	$	6,281,108		$	(89,452	)	$	544,584

* Commencement of operations.

See accompanying notes to financial statements.

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

	SPDR S&P China ETF						SPDR S&P Emerging Markets ETF						SPDR S&P Emerging Markets Dividend ETF						SPDR S&P BRIC 40 ETF						SPDR S&P Emerging Europe ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(881,374	)	$	19,849,632		$	955,943		$	4,771,977		$	4,375,757		$	22,769,170		$	296,108		$	4,415,712		$	201,689		$	2,238,045
Net realized gain (loss) on investments, foreign currency transactions and futures		(16,594,864	)		11,688,452			(608,779	)		(407,687	)		(36,745,906	)		(42,536,752	)		(13,119,658	)		(7,465,068	)		(2,163,685	)		(6,285,718	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		124,840,291			1,935,083			(7,636,061	)		2,401,364			(8,605,511	)		(11,295,354	)		10,201,419			766,083			(10,246,993	)		(5,352,335	)
Net increase (decrease) in net assets resulting from operations		107,364,053			33,473,167			(7,288,897	)		6,765,654			(40,975,660	)		(31,062,936	)		(2,622,131	)		(2,283,273	)		(12,208,989	)		(9,400,008	)
Net equalization credits and charges (Note 2)		—			—			—			—			(62,125	)		529,331			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(9,270,922	)		(16,237,703	)		(2,943,509	)		(3,629,968	)		(3,729,625	)		(21,592,591	)		(2,490,730	)		(3,386,072	)		(1,469,011	)		(1,481,279	)
Total distributions to shareholders		(9,270,922	)		(16,237,703	)		(2,943,509	)		(3,629,968	)		(3,729,625	)		(21,592,591	)		(2,490,730	)		(3,386,072	)		(1,469,011	)		(1,481,279	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		79,698,707			233,346,479			13,257,750			135,365,420			19,279,524			53,666,361			—			29,041,852			—			23,596,442
Cost of shares redeemed		(8,009,525	)		(200,601,610	)		(88,647,909	)		(42,628,055	)		(42,649,073	)		(48,575,340	)		(40,512,376	)		(115,150,730	)		(3,397,827	)		(22,335,414	)
Net income equalization (Note 2)		—			—			—			—			62,125			(529,331	)		—			—			—			—
Other capital (Note 4)		131,562			1,657			—			—			54,558			130,332			—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		71,820,744			32,746,526			(75,390,159	)		92,737,365			(23,252,866	)		4,692,022			(40,512,376	)		(86,108,878	)		(3,397,827	)		1,261,028
Net increase (decrease) in net assets during the period		169,913,875			49,981,990			(85,622,565	)		95,873,051			(68,020,276	)		(47,434,174	)		(45,625,237	)		(91,778,223	)		(17,075,827	)		(9,620,259	)
Net assets at beginning of period		947,604,601			897,622,611			285,284,561			189,411,510			491,216,996			538,651,170			155,662,458			247,440,681			66,865,179			76,485,438
NET ASSETS END OF PERIOD (1)	$	1,117,518,476		$	947,604,601		$	199,661,996		$	285,284,561		$	423,196,720		$	491,216,996		$	110,037,221		$	155,662,458		$	49,789,352		$	66,865,179
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,000,000			3,000,000			200,000			2,000,000			550,000			1,350,000			—			1,200,000			—			600,000
Shares redeemed		(100,000	)		(2,700,000	)		(1,400,000	)		(700,000	)		(1,200,000	)		(1,300,000	)		(1,800,000	)		(5,100,000	)		(100,000	)		(600,000	)
Net increase (decrease)		900,000			300,000			(1,200,000	)		1,300,000			(650,000	)		50,000			(1,800,000	)		(3,900,000	)		(100,000	)		—
(1) Including undistributed (distribution in excess of) net investment income	$	(1,145,157	)	$	9,007,139		$	402,986		$	2,390,552		$	(636,733	)	$	(1,282,865	)	$	(44,889	)	$	2,149,733		$	(70,635	)	$	1,196,687

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 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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	396,338		$	1,425,351		$	862,678		$	1,370,932		$	7,340,980		$	26,174,088		$	5,654,479		$	13,431,467		$	51,631,025		$	147,080,831
Net realized gain (loss) on investments and foreign currency transactions		(2,712,943	)		(5,587,888	)		(409,711	)		(777,282	)		26,690,877			34,415,149			(7,695,108	)		126,291,899			35,774,120			2,009,479
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(7,570,794	)		3,397,801			(350,049	)		3,285,694			(35,418,665	)		(27,098,565	)		(5,146,478	)		(116,936,922	)		174,470,427			(23,184,292	)
Net increase (decrease) in net assets resulting from operations		(9,887,399	)		(764,736	)		102,918			3,879,344			(1,386,808	)		33,490,672			(7,187,107	)		22,786,444			261,875,572			125,906,018
Net equalization credits and charges (Note 2)		—			—			—			—			—			—			—			—			656,393			(6,049,389	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(465,093	)		(1,382,090	)		(1,052,305	)		(1,674,967	)		(9,934,106	)		(24,777,954	)		(9,792,874	)		(23,935,017	)		(57,942,000	)		(207,509,734	)
Net realized gains		—			—			—			—			—			—			(71,368,674	)		—			—			—
Total distributions to shareholders		(465,093	)		(1,382,090	)		(1,052,305	)		(1,674,967	)		(9,934,106	)		(24,777,954	)		(81,161,548	)		(23,935,017	)		(57,942,000	)		(207,509,734	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			—			—			82,962,158			207,812,677			42,280,334			61,081,608			123,857,869			1,012,403,593
Cost of shares redeemed		(5,623,087	)		(19,219,737	)		(13,728,647	)		(6,598,281	)		(141,016,522	)		(79,837,317	)		(44,029,328	)		(81,085,368	)		(167,398,629	)		(73,642,653	)
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			(656,393	)		6,049,389
Net increase (decrease) in net assets from beneficial interest transactions		(5,623,087	)		(19,219,737	)		(13,728,647	)		(6,598,281	)		(58,054,364	)		127,975,360			(1,748,994	)		(20,003,760	)		(44,197,153	)		944,810,329
Net increase (decrease) in net assets during the period		(15,975,579	)		(21,366,563	)		(14,678,034	)		(4,393,904	)		(69,375,278	)		136,688,078			(90,097,649	)		(21,152,333	)		160,392,812			857,157,224
Net assets at beginning of period		49,208,472			70,575,035			63,140,862			67,534,766			825,443,427			688,755,349			792,718,877			813,871,210			4,903,056,278			4,045,899,054
NET ASSETS END OF PERIOD (1)	$	33,232,893		$	49,208,472		$	48,462,828		$	63,140,862		$	756,068,149		$	825,443,427		$	702,621,228		$	792,718,877		$	5,063,449,090		$	4,903,056,278
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			—			—			—			3,000,000			7,200,000			1,500,000			1,800,000			2,900,000			23,500,000
Shares redeemed		(100,000	)		(300,000	)		(200,000	)		(100,000	)		(5,200,000	)		(2,800,000	)		(1,400,000	)		(2,400,000	)		(4,000,000	)		(1,800,000	)
Net increase (decrease)		(100,000	)		(300,000	)		(200,000	)		(100,000	)		(2,200,000	)		4,400,000			100,000			(600,000	)		(1,100,000	)		21,700,000
(1) Including undistributed (distribution in excess of) net investment income	$	154,298		$	223,053		$	251,437		$	441,064		$	2,815,730		$	5,408,856		$	(2,389,166	)	$	1,749,229		$	(190,351,082	)	$	(184,040,107	)

See accompanying notes to financial statements.

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

	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 ACWI Low Carbon Target ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,353,272		$	3,513,800		$	7,264,782		$	13,876,435		$	6,438,013		$	17,894,597		$	617,070		$	488,149		$	578,783
Net realized gain (loss) on investments and foreign currency transactions		(1,289,837	)		3,645,942			(5,151,392	)		(9,607,560	)		3,957,269			6,590,053			181,159			(410	)		35,259
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		303,618			6,752,010			(72,139,263	)		4,014,399			(4,521,788	)		2,046,911			1,455,301			(272,979	)		1,380,379
Net increase (decrease) in net assets resulting from operations		367,053			13,911,752			(70,025,873	)		8,283,274			5,873,494			26,531,561			2,253,530			214,760			1,994,421
Net equalization credits and charges (Note 2)		—			—			—			—			—			—			—			—			31,015
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,627,774	)		(3,517,695	)		(6,711,282	)		(12,447,584	)		(6,880,327	)		(16,800,571	)		(524,619	)		(241,004	)		(147,919	)
Net realized gains		—			—			—			—			—			—			(2,549	)		(8,630	)		—
Total distributions to shareholders		(1,627,774	)		(3,517,695	)		(6,711,282	)		(12,447,584	)		(6,880,327	)		(16,800,571	)		(527,168	)		(249,634	)		(147,919	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		9,393,423			74,978,089			180,758,960			230,193,788			132,783,739			93,043,547			6,405,301			51,648,206			88,300,106
Cost of shares redeemed		—			(25,255,803	)		(28,847,143	)		(38,175,395	)		(21,039,419	)		(21,105,047	)		—			—			—
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			(31,015	)
Net increase (decrease) in net assets from beneficial interest transactions		9,393,423			49,722,286			151,911,817			192,018,393			111,744,320			71,938,500			6,405,301			51,648,206			88,269,091
Net increase in net assets during the period		8,132,702			60,116,343			75,174,662			187,854,083			110,737,487			81,669,490			8,131,663			51,613,332			90,146,608
Net assets at beginning of period		112,333,063			52,216,720			595,616,966			407,762,883			575,493,835			493,824,345			57,433,664			5,820,332			—
NET ASSETS END OF PERIOD (1)	$	120,465,765		$	112,333,063		$	670,791,628		$	595,616,966		$	686,231,322		$	575,493,835		$	65,565,327		$	57,433,664		$	90,146,608
SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			1,600,000			4,050,000			4,600,000			4,000,000			2,600,000			100,000			800,000			1,200,000
Shares redeemed		—			(500,000	)		(650,000	)		(750,000	)		(600,000	)		(600,000	)		—			—			—
Net increase (decrease)		200,000			1,100,000			3,400,000			3,850,000			3,400,000			2,000,000			100,000			800,000			1,200,000
(1) Including undistributed (distribution in excess of) net investment income	$	453,908		$	728,410		$	4,274,920		$	3,721,420		$	3,522,466		$	3,964,780		$	366,701		$	274,250		$	430,864

* 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 MSCI EM 50 ETF						SPDR MSCI EM Beyond BRIC ETF						SPDR MSCI EAFE Quality Mix ETF						SPDR MSCI Emerging Markets Quality Mix ETF						SPDR MSCI World Quality Mix ETF
	Six Months Ended						Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period
	3/31/15			Year Ended			3/31/15			12/4/13*-			3/31/15			6/4/14*-			3/31/15			6/4/14*-			3/31/15			6/4/14*-
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,873		$	88,865		$	15,101		$	62,113		$	61,046		$	45,327		$	227,811		$	77,331		$	61,039		$	37,275
Net realized gain (loss) on investments and foreign currency transactions		(39,418	)		411,161			5,068			196,923			(11,334	)		(636	)		(102,226	)		(12,635	)		31,260			(773	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		14,319			(123,228	)		(188,162	)		35,095			62,256			(313,508	)		817,462			(110,807	)		214,166			(37,702	)
Net increase (decrease) in net assets resulting from operations		(21,226	)		376,798			(167,993	)		294,131			111,968			(268,817	)		943,047			(46,111	)		306,465			(1,200	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(51,150	)		(55,039	)		(41,607	)		(29,342	)		(59,714	)		(3,253	)		(85,521	)		(1,381	)		(57,828	)		(4,196	)
Net realized gains		—			—			—			—			(125	)		—			(361	)		—			(251	)		—
Total distributions to shareholders		(51,150	)		(55,039	)		(41,607	)		(29,342	)		(59,839	)		(3,253	)		(85,882	)		(1,381	)		(58,079	)		(4,196	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			2,311,108			—			8,954,559			—			6,000,000			67,741,541			6,000,000			—			6,000,000
Cost of shares redeemed		—			(2,583,320	)		—			(6,112,475	)		—			—			—			—			—			—
Other capital (Note 4)		—			—			—			—			—			—			169,354			6,120			—			—
Net increase (decrease) in net assets from beneficial interest transactions		—			(272,212	)		—			2,842,084			—			6,000,000			67,910,895			6,006,120			—			6,000,000
Net increase (decrease) in net assets during the period		(72,376	)		49,547			(209,600	)		3,106,873			52,129			5,727,930			68,768,060			5,958,628			248,386			5,994,604
Net assets at beginning of period		2,404,754			2,355,207			3,106,873			—			5,727,930			—			5,958,628			—			5,994,604			—
NET ASSETS END OF PERIOD (1)	$	2,332,378		$	2,404,754		$	2,897,273		$	3,106,873		$	5,780,059		$	5,727,930		$	74,726,688		$	5,958,628		$	6,242,990		$	5,994,604
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			50,000			—			150,000			—			100,000			1,200,000			100,000			—			100,000
Shares redeemed		—			(50,000	)		—			(100,000	)		—			—			—			—			—			—
Net increase (decrease)		—			—			—			50,000			—			100,000			1,200,000			100,000			—			100,000
(1) Including undistributed (distribution in excess of) net investment income	$	(1,863	)	$	45,414		$	5,181		$	31,687		$	42,762		$	41,430		$	205,248		$	62,958		$	35,445		$	32,234

* 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 MSCI Australia Quality Mix ETF						SPDR MSCI Canada Quality Mix ETF						SPDR MSCI Germany Quality Mix ETF						SPDR MSCI Japan Quality Mix ETF						SPDR MSCI Mexico Quality Mix ETF
	Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period
	3/31/15			6/11/14*-			3/31/15			6/11/14*-			3/31/15			6/11/14*-			3/31/15			6/11/14*-			3/31/15			9/16/14*-
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	177,583		$	110,356		$	29,814		$	37,670		$	8,263		$	1,867		$	48,230		$	40,992		$	7,599		$	390
Net realized gain (loss) on investments and foreign currency transactions		(321,211	)		(1,923	)		26,019			56,136			(383,494	)		(3,196	)		1,111			(382	)		(14,169	)		(704	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		144,974			(518,553	)		(279,702	)		(30,018	)		793,739			(640,451	)		486,034			5,133			(380,416	)		(116,794	)
Net increase (decrease) in net assets resulting from operations		1,346			(410,120	)		(223,869	)		63,788			418,508			(641,780	)		535,375			45,743			(386,986	)		(117,108	)
Net equalization credits and charges (Note 2)		(24,354	)		—			—			—			(6,740	)		—			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(221,362	)		—			(55,152	)		(2,368	)		(2,601	)		(344	)		(49,101	)		—			(11,439	)		—
Net realized gains		(205	)		—			—			—			—			—			(610	)		—			—			—
Total distributions to shareholders		(221,567	)		—			(55,152	)		(2,368	)		(2,601	)		(344	)		(49,711	)		—			(11,439	)		—
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		2,803,579			6,000,000			—			6,000,000			5,467,589			6,000,000			—			6,000,000			—			3,000,000
Cost of shares redeemed		(5,500,799	)		—			—			(3,070,323	)		(2,623,729	)		—			—			—			—			—
Net income equalization (Note 2)		24,354			—			—			—			6,740			—			—			—			—			—
						��
Net increase (decrease) in net assets from beneficial interest transactions		(2,672,866	)		6,000,000			—			2,929,677			2,850,600			6,000,000			—			6,000,000			—			3,000,000
Net increase (decrease) in net assets during the period		(2,917,441	)		5,589,880			(279,021	)		2,991,097			3,259,767			5,357,876			485,664			6,045,743			(398,425	)		2,882,892
Net assets at beginning of period		5,589,880			—			2,991,097			—			5,357,876			—			6,045,743			—			2,882,892			—
NET ASSETS END OF PERIOD (1)	$	2,672,439		$	5,589,880		$	2,712,076		$	2,991,097		$	8,617,643		$	5,357,876		$	6,531,407		$	6,045,743		$	2,484,467		$	2,882,892
SHARES OF BENEFICIAL INTEREST:
Shares sold		50,000			100,000			—			100,000			100,000			100,000			—			100,000			—			100,000
Shares redeemed		(100,000	)		—			—			(50,000	)		(50,000	)		—			—			—			—			—
Net increase (decrease)		(50,000	)		100,000			—			50,000			50,000			100,000			—			100,000			—			100,000
(1) Including undistributed (distribution in excess of) net investment income	$	64,629		$	108,408		$	14,030		$	39,368		$	8,263		$	2,601		$	39,739		$	40,610		$	(3,471	)	$	369

* 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 MSCI South Korea Quality Mix ETF						SPDR MSCI Spain Quality Mix ETF						SPDR MSCI Taiwan Quality Mix ETF						SPDR MSCI United Kingdom Quality Mix ETF						SPDR Russell/Nomura PRIME Japan ETF
	Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended
	3/31/15			9/16/14*-			3/31/15			6/11/14*-			3/31/15			9/16/14*-			3/31/15			6/11/14*-			3/31/15			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	25,331		$	(419	)	$	137,299		$	94,572		$	(12,313	)	$	(773	)	$	82,426		$	61,755		$	127,138		$	1,094,248
Net realized gain (loss) on investments and foreign currency transactions		(21,785	)		12,121			(982,352	)		(4,936	)		(3,451	)		9,685			(187,730	)		(1,040	)		(778,414	)		5,486,630
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(124,143	)		(157,336	)		307,920			(849,916	)		324,249			(225,587	)		39,816			(352,048	)		1,783,203			(3,608,750	)
Net increase (decrease) in net assets resulting from operations		(120,597	)		(145,634	)		(537,133	)		(760,280	)		308,485			(216,675	)		(65,488	)		(291,333	)		1,131,927			2,972,128
Net equalization credits and charges (Note 2)		—			—			(19,841	)		—			—			—			(22,732	)		—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(37,871	)		—			(193,429	)		(5,821	)		(8,912	)		—			(95,126	)		(610	)		(799,652	)		(1,581,813	)
Total distributions to shareholders		(37,871	)		—			(193,429	)		(5,821	)		(8,912	)		—			(95,126	)		(610	)		(799,652	)		(1,581,813	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			3,000,000			—			9,023,738			—			6,000,000			—			6,000,000			—			18,324,183
Cost of shares redeemed		—			—			(5,004,858	)		—			—			—			(2,826,160	)		—			(8,613,583	)		(119,503,938	)
Net income equalization (Note 2)		—			—			19,841			—			—			—			22,732			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		—			3,000,000			(4,985,017	)		9,023,738			—			6,000,000			(2,803,428	)		6,000,000			(8,613,583	)		(101,179,755	)
Net increase (decrease) in net assets during the period		(158,468	)		2,854,366			(5,735,420	)		8,257,637			299,573			5,783,325			(2,986,774	)		5,708,057			(8,281,308	)		(99,789,440	)
Net assets at beginning of period		2,854,366			—			8,257,637			—			5,783,325			—			5,708,057			—			27,121,669			126,911,109
NET ASSETS END OF PERIOD (1)	$	2,695,898		$	2,854,366		$	2,522,217		$	8,257,637		$	6,082,898		$	5,783,325		$	2,721,283		$	5,708,057		$	18,840,361		$	27,121,669
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			100,000			—			150,000			—			100,000			—			100,000			—			400,000
Shares redeemed		—			—			(100,000	)		—			—			—			(50,000	)		—			(200,000	)		(2,600,000	)
Net increase (decrease)		—			100,000			(100,000	)		150,000			—			100,000			(50,000	)		100,000			(200,000	)		(2,200,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	313		$	12,853		$	31,614		$	87,744		$	(12,313	)	$	8,912		$	47,453		$	60,153		$	26,873		$	699,387

* Commencement of operations.

See accompanying notes to financial statements.

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

	SPDR Russell/Nomura Small Cap Japan ETF						SPDR S&P Global Dividend ETF						SPDR S&P International Dividend ETF						SPDR S&P International Mid Cap ETF						SPDR S&P Emerging Markets Small Cap ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	436,465		$	836,771		$	620,255		$	775,811		$	22,225,085		$	70,444,331		$	406,591		$	1,166,533		$	1,944,221		$	14,165,333
Net realized gain (loss) on investments and foreign currency transactions		49,944			1,146,097			741,001			285,553			(61,422,891	)		67,019,027			2,010,348			4,345,928			(16,452,161	)		4,826,776
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		1,741,400			(2,284,312	)		(358,129	)		(575,700	)		(75,170,280	)		(86,957,107	)		(1,470,440	)		(4,020,643	)		(13,043,097	)		24,288,920
Net increase (decrease) in net assets resulting from operations		2,227,809			(301,444	)		1,003,127			485,664			(114,368,086	)		50,506,251			946,499			1,491,818			(27,551,037	)		43,281,029
Net equalization credits and charges (Note 2)		—			—			64,886			15,686			401,323			871,464			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(184,004	)		(2,287,511	)		(614,209	)		(774,129	)		(27,602,623	)		(71,478,207	)		(902,067	)		(1,269,253	)		(9,871,567	)		(15,106,089	)
Net realized gains		—			—			(301,724	)		—			—			—			(4,175,861	)		(3,056,290	)		—			—
Total distributions to shareholders		(184,004	)		(2,287,511	)		(915,933	)		(774,129	)		(27,602,623	)		(71,478,207	)		(5,077,928	)		(4,325,543	)		(9,871,567	)		(15,106,089	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			23,372,910			19,989,175			98,405,854			251,950,147			17,811,610			26,880,442			—			—
Cost of shares redeemed		(11,983,786	)		(22,266,802	)		—			—			(68,191,955	)		(85,690,252	)		(33,762,356	)		—			(70,332,848	)		(220,214,602	)
Net income equalization (Note 2)		—			—			(64,886	)		(15,686	)		(401,323	)		(871,464	)		—			—			—			—
Other capital (Note 4)		—			—			—			—			—			—			—			—			—			655,796
Net increase (decrease) in net assets from beneficial interest transactions		(11,983,786	)		(22,266,802	)		23,308,024			19,973,489			29,812,576			165,388,431			(15,950,746	)		26,880,442			(70,332,848	)		(219,558,806	)
Net increase (decrease) in net assets during the period		(9,939,981	)		(24,855,757	)		23,460,104			19,700,710			(111,756,810	)		145,287,939			(20,082,175	)		24,046,717			(107,755,452	)		(191,383,866	)
Net assets at beginning of period		72,750,636			97,606,393			29,199,671			9,498,961			1,450,113,935			1,304,825,996			70,446,162			46,399,445			570,082,186			761,466,052
NET ASSETS END OF PERIOD (1)	$	62,810,655		$	72,750,636		$	52,659,775		$	29,199,671		$	1,338,357,125		$	1,450,113,935		$	50,363,987		$	70,446,162		$	462,326,734		$	570,082,186
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			—			350,000			300,000			2,200,000			5,100,000			600,000			800,000			—			—
Shares redeemed		(250,000	)		(450,000	)		—			—			(1,600,000	)		(1,800,000	)		(1,150,000	)		—			(1,500,000	)		(4,700,000	)
Net increase (decrease)		(250,000	)		(450,000	)		350,000			300,000			600,000			3,300,000			(550,000	)		800,000			(1,500,000	)		(4,700,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	(91,430	)	$	(343,891	)	$	41,387		$	35,341		$	408,839		$	5,786,377		$	86,105		$	581,581		$	(60,373	)	$	7,866,973

See accompanying notes to financial statements.

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

	SPDR Dow Jones Global Real Estate ETF						SPDR S&P International Consumer Discretionary Sector ETF						SPDR S&P International Consumer Staples Sector ETF						SPDR S&P International Energy Sector ETF						SPDR S&P International Financial Sector ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	25,147,168		$	32,752,784		$	123,919		$	385,898		$	237,008		$	976,690		$	331,447		$	536,448		$	133,990		$	322,674
Net realized gain (loss) on investments and foreign currency transactions		1,663,845			15,272,479			889,060			1,704,705			1,867,048			13,653			(359,083	)		70,669			14,389			431,422
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		176,383,596			25,625,589			220,920			(2,228,684	)		(938,554	)		(161,027	)		(4,871,198	)		(515,923	)		(187,888	)		(440,409	)
Net increase (decrease) in net assets resulting from operations		203,194,609			73,650,852			1,233,899			(138,081	)		1,165,502			829,316			(4,898,834	)		91,194			(39,509	)		313,687
Net equalization credits and charges (Note 2)		772,662			1,802,684			(15,439	)		(4,040	)		941			42,871			4,182			31,461			16,362			(81,523	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(23,194,690	)		(40,259,506	)		(112,857	)		(441,020	)		(241,235	)		(1,023,722	)		(337,301	)		(554,858	)		(260,211	)		(339,282	)
Total distributions to shareholders		(23,194,690	)		(40,259,506	)		(112,857	)		(441,020	)		(241,235	)		(1,023,722	)		(337,301	)		(554,858	)		(260,211	)		(339,282	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		448,557,584			486,791,879			—			5,846,832			—			6,105,682			12,262,822			8,581,829			1,083,518			6,700,984
Cost of shares redeemed		(13,240,376	)		(50,428,622	)		(5,540,577	)		(5,839,099	)		(9,567,653	)		—			(2,329,192	)		(1,340,943	)		(1,045,344	)		(2,279,644	)
Net income equalization (Note 2)		(772,662	)		(1,802,684	)		15,439			4,040			(941	)		(42,871	)		(4,182	)		(31,461	)		(16,362	)		81,523
Other capital (Note 4)		—			(164	)		—			—			—			—			—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		434,544,546			434,560,409			(5,525,138	)		11,773			(9,568,594	)		6,062,811			9,929,448			7,209,425			21,812			4,502,863
Net increase (decrease) in net assets during the period		615,317,127			469,754,439			(4,419,535	)		(571,368	)		(8,643,386	)		5,911,276			4,697,495			6,777,222			(261,546	)		4,395,745
Net assets at beginning of period		1,473,131,829			1,003,377,390			18,404,575			18,975,943			42,852,775			36,941,499			19,312,020			12,534,798			10,923,503			6,527,758
NET ASSETS END OF PERIOD (1)	$	2,088,448,956		$	1,473,131,829		$	13,985,040		$	18,404,575		$	34,209,389		$	42,852,775		$	24,009,515		$	19,312,020		$	10,661,957		$	10,923,503
SHARES OF BENEFICIAL INTEREST:
Shares sold		9,100,000			10,700,000			—			150,000			—			150,000			600,000			300,000			50,000			300,000
Shares redeemed		(300,000	)		(1,200,000	)		(150,000	)		(150,000	)		(250,000	)		—			(100,000	)		(50,000	)		(50,000	)		(100,000	)
Net increase (decrease)		8,800,000			9,500,000			(150,000	)		—			(250,000	)		150,000			500,000			250,000			—			200,000
(1) Including undistributed (distribution in excess of) net investment income	$	(17,531,918	)	$	(19,484,396	)	$	71,890		$	60,828		$	(79,125	)	$	(74,898	)	$	(4,194	)	$	1,660		$	4,270		$	130,491

See accompanying notes to financial statements.

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417

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

	SPDR S&P International Health Care Sector ETF						SPDR S&P International Industrial Sector ETF						SPDR S&P International Materials Sector ETF						SPDR S&P International Technology Sector ETF						SPDR S&P International Telecommunications Sector ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended			3/31/15			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	626,170		$	1,076,313		$	153,289		$	536,137		$	45,244		$	179,174		$	29,469		$	131,861		$	406,615		$	4,194,166
Net realized gain (loss) on investments and foreign currency transactions		4,776,786			4,554,473			46,345			194,008			(488,007	)		(804,084	)		354,084			496,168			(879,521	)		1,157,507
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(1,198,663	)		5,005,472			(231,672	)		(390,310	)		150,661			381,792			434,275			200,443			1,162,491			(3,469,941	)
Net increase (decrease) in net assets resulting from operations		4,204,293			10,636,258			(32,038	)		339,835			(292,102	)		(243,118	)		817,828			828,472			689,585			1,881,732
Net equalization credits and charges (Note 2)		25,678			25,355			5,191			(55,237	)		717			(453	)		(1,504	)		(1,072	)		646			(133,997	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(594,933	)		(1,109,173	)		(225,085	)		(544,065	)		(44,093	)		(262,845	)		(74,152	)		(206,790	)		(498,213	)		(4,048,039	)
Net realized gains		(6,327	)		—			—			—			—			—			—			—			—			—
Total distributions to shareholders		(601,260	)		(1,109,173	)		(225,085	)		(544,065	)		(44,093	)		(262,845	)		(74,152	)		(206,790	)		(498,213	)		(4,048,039	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		21,588,777			9,716,923			—			12,363,293			—			—			—			1,543,488			3,867,632			20,600,179
Cost of shares redeemed		(16,414,653	)		(13,598,412	)		(4,358,557	)		(1,574,953	)		(990,508	)		(1,223,889	)		(1,587,743	)		(1,580,716	)		(2,611,578	)		(8,487,193	)
Net income equalization (Note 2)		(25,678	)		(25,355	)		(5,191	)		55,237			(717	)		453			1,504			1,072			(646	)		133,997
Net increase (decrease) in net assets from beneficial interest transactions		5,148,446			(3,906,844	)		(4,363,748	)		10,843,577			(991,225	)		(1,223,436	)		(1,586,239	)		(36,156	)		1,255,408			12,246,983
Net increase (decrease) in net assets during the period		8,777,157			5,645,596			(4,615,680	)		10,584,110			(1,326,703	)		(1,729,852	)		(844,067	)		584,454			1,447,426			9,946,679
Net assets at beginning of period		66,124,671			60,479,075			24,323,855			13,739,745			7,603,039			9,332,891			12,591,491			12,007,037			43,564,606			33,617,927
NET ASSETS END OF PERIOD (1)	$	74,901,828		$	66,124,671		$	19,708,175		$	24,323,855		$	6,276,336		$	7,603,039		$	11,747,424		$	12,591,491		$	45,012,032		$	43,564,606
SHARES OF BENEFICIAL INTEREST:
Shares sold		450,000			200,000			—			400,000			—			—			—			50,000			150,000			750,000
Shares redeemed		(350,000	)		(300,000	)		(150,000	)		(50,000	)		(50,000	)		(50,000	)		(50,000	)		(50,000	)		(100,000	)		(300,000	)
Net increase (decrease)		100,000			(100,000	)		(150,000	)		350,000			(50,000	)		(50,000	)		(50,000	)		—			50,000			450,000
(1) Including undistributed (distribution in excess of) net investment income	$	60,083		$	28,846		$	33,949		$	105,745		$	11,545		$	10,394		$	(20,140	)	$	24,543		$	63,660		$	155,258

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 Utilities Sector ETF
	Six Months Ended
	3/31/15			Year Ended
	(Unaudited)			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	629,694		$	2,191,775
Net realized gain (loss) on investments and foreign currency transactions		3,625,931			(1,888,802	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(9,140,845	)		4,571,985
Net increase (decrease) in net assets resulting from operations		(4,885,220	)		4,874,958
Net equalization credits and charges (Note 2)		(5,701	)		63,992
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(680,958	)		(2,223,595	)
Total distributions to shareholders		(680,958	)		(2,223,595	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		2,732,569			27,067,122
Cost of shares redeemed		(34,449,073	)		—
Net income equalization (Note 2)		5,701			(63,992	)
Net increase (decrease) in net assets from beneficial interest transactions		(31,710,803	)		27,003,130
Net increase (decrease) in net assets during the period		(37,282,682	)		29,718,485
Net assets at beginning of period		69,586,839			39,868,354
NET ASSETS END OF PERIOD (1)	$	32,304,157		$	69,586,839
SHARES OF BENEFICIAL INTEREST:
Shares sold		150,000			1,450,000
Shares redeemed		(1,950,000	)		—
Net increase (decrease)		(1,800,000	)		1,450,000
(1) Including undistributed (distribution in excess of) net investment income	$	(255,174	)	$	(203,910	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR STOXX Europe 50 ETF																		SPDR EURO STOXX 50 ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	36.86		$	36.47		$	31.50		$	28.26		$	33.39		$	35.31		$	39.88		$	38.33		$	30.96		$	28.72		$	36.90		$	41.34
Income (loss) from investment operations:
Net investment income (loss) (1)		0.51			2.03	(2)		1.19			1.25			1.23			1.02			0.32			1.32			1.19			1.42			1.63			1.13
Net realized and unrealized gain (loss) (3)		(1.82	)		0.22			4.84			3.21			(4.73	)		(1.95	)		(1.08	)		1.46			7.19			1.77			(8.23	)		(4.47	)
Total from investment operations		(1.31	)		2.25			6.03			4.46			(3.50	)		(0.93	)		(0.76	)		2.78			8.38			3.19			(6.60	)		(3.34	)
Net equalization credits and charges (1)		0.02			0.11			0.13			0.04			(0.03	)		0.06			(0.01	)		0.06			0.13			0.35			(0.00	)(4)		0.10
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.51	)		(1.97	)		(1.19	)		(1.26	)		(1.60	)		(1.05	)		(0.34	)		(1.29	)		(1.14	)		(1.30	)		(1.58	)		(1.20	)
Total distributions		(0.51	)		(1.97	)		(1.19	)		(1.26	)		(1.60	)		(1.05	)		(0.34	)		(1.29	)		(1.14	)		(1.30	)		(1.58	)		(1.20	)
Net asset value, end of period	$	35.06		$	36.86		$	36.47		$	31.50		$	28.26		$	33.39		$	38.77		$	39.88		$	38.33		$	30.96		$	28.72		$	36.90
Total return (5)		(3.49	)%		6.33	%(2)		19.94	%(6)		16.25	%		(11.37	)%		(2.52	)%		(1.90	)%		7.20	%		28.10	%(6)		12.90	%		(18.88	)%		(7.48	)%
Net assets, end of period (in 000’s)	$	261,175		$	261,730		$	109,419		$	37,809		$	29,684		$	38,407		$	4,668,226		$	4,949,488		$	3,285,263		$	993,820		$	116,356		$	162,400
Ratio of expenses to average net assets		0.29	%(7)		0.29	%		0.29	%		0.29	%		0.30	%		0.31	%		0.29	%(7)		0.29	%		0.29	%		0.29	%		0.30	%		0.31	%
Ratio of net investment income (loss) to average net assets		2.91	%(7)		5.28	%(2)		3.47	%		4.12	%		3.55	%		3.05	%		1.67	%(7)		3.16	%		3.43	%		4.78	%		4.29	%		3.03	%
Portfolio turnover rate (8)		1	%		9	%		12	%		6	%		7	%		9	%		1	%		6	%		8	%		9	%		7	%		8	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share and 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 $0.76 per share and 1.96% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 4.56%.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Amount is less than $0.005 per share.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	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.
(7)	Annualized
(8)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX Small Cap ETF						SPDR S&P Emerging Asia Pacific ETF
	Six Months			For the			Six Months
	Ended			Period			Ended
	3/31/15			6/4/14*-			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14*			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	50.65		$	60.00		$	83.84		$	75.37		$	73.54		$	66.85		$	82.86		$	69.33
Income (loss) from investment operations:
Net investment income (loss) (1)		0.46			0.16			0.04			1.74			1.62			1.32			1.52			1.28
Net realized and unrealized gain (loss) (2)		0.49			(9.47	)		4.71			7.95			1.96			8.00			(13.63	)		13.06
Total from investment operations		0.95			(9.31	)		4.75			9.69			3.58			9.32			(12.11	)		14.34
Net equalization credits and charges (1)		(0.11	)		—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—		��	—			—
Distributions to shareholders from:
Net investment income		(0.28	)		(0.11	)		(0.88	)		(1.22	)		(1.75	)		(1.71	)		(1.29	)		(0.81	)
Net realized gains		—			—			—			—			—			(0.92	)		(2.61	)		—
Total distributions		(0.28	)		(0.11	)		(0.88	)		(1.22	)		(1.75	)		(2.63	)		(3.90	)		(0.81	)
Voluntary contribution from Adviser		—			0.07			—			—			—			—			—			—
Net asset value, end of period	$	51.21		$	50.65		$	87.71		$	83.84		$	75.37		$	73.54		$	66.85		$	82.86
Total return (3)		1.68	%		(15.43	)%(4)		5.71	%		12.99	%		4.91	%		14.40	%		(15.55	)%		20.85	%
Net assets, end of period (in 000’s)	$	5,121		$	7,598		$	736,759		$	687,494		$	399,460		$	389,769		$	514,755		$	712,608
Ratio of expenses to average net assets		0.47	%(5)		0.45	%(5)		0.56	%(5)		0.59	%		0.59	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets		1.84	%(5)		0.89	%(5)		0.11	%(5)		2.17	%		2.14	%		1.87	%		1.83	%		1.74	%
Portfolio turnover rate (6)		27	%		30	%		8	%		15	%		16	%		7	%		20	%		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 period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)	If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%.
(5)	Annualized
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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425

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Russia ETF																		SPDR S&P China ETF
	Six Months															For the			Six Months
	Ended															Period			Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			3/10/10*-			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	22.03		$	27.19		$	28.54		$	25.65		$	30.01		$	30.00		$	76.42		$	74.18		$	65.45		$	57.68		$	76.14		$	66.50
Income (loss) from investment operations:
Net investment income (loss) (1)		0.12			0.75			0.70			0.57			0.57			0.20			(0.07	)		1.77			1.63			1.68			1.31			1.03
Net realized and unrealized gain (loss) (2)		(5.04	)		(5.51	)		(0.82	)		2.80			(4.53	)		(0.01	)		8.37			1.93			8.72			7.56			(18.48	)		9.44
Total from investment operations		(4.92	)		(4.76	)		(0.12	)		3.37			(3.96	)		0.19			8.30			3.70			10.35			9.24			(17.17	)		10.47
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			0.01			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.65	)		(0.40	)		(1.23	)		(0.48	)		(0.29	)		(0.18	)		(0.71	)		(1.46	)		(1.62	)		(1.47	)		(1.29	)		(0.83	)
Net realized gains		—			—			—			—			(0.11	)		—			—			—			—			—			—			—
Total distributions		(0.65	)		(0.40	)		(1.23	)		(0.48	)		(0.40	)		(0.18	)		(0.71	)		(1.46	)		(1.62	)		(1.47	)		(1.29	)		(0.83	)
Net asset value, end of period	$	16.46		$	22.03		$	27.19		$	28.54		$	25.65		$	30.01		$	84.02		$	76.42		$	74.18		$	65.45		$	57.68		$	76.14
Total return (3)		(21.93	)%		(17.72	)%		(0.41	)%		13.40	%		(13.58	)%		0.72	%		10.92	%		5.00	%		16.20	%		16.17	%		(22.95	)%		15.87	%
Net assets, end of period (in 000’s)	$	30,451		$	23,135		$	31,264		$	39,963		$	43,611		$	6,003		$	1,117,518		$	947,605		$	897,623		$	759,186		$	617,133		$	677,680
Ratio of expenses to average net assets		0.60	%(4)		0.60	%		0.60	%		0.59	%		0.59	%		0.59	%(4)		0.59	%(4)		0.59	%		0.59	%		0.59	%		0.60	%		0.61	%
Ratio of net investment income (loss) to average net assets		1.40	%(4)		2.94	%		2.56	%		2.05	%		1.56	%		1.25	%(4)		(0.17	)%(4)		2.33	%		2.31	%		2.56	%		1.71	%		1.46	%
Portfolio turnover rate (5)		1	%		4	%		3	%		11	%		15	%		1	%		8	%		10	%		12	%		10	%		9	%		25	%

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

See accompanying notes to financial statements.

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427

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets ETF																		SPDR S&P Emerging Markets Dividend ETF
	Six Months																		Six Months												For the
	Ended																		Ended												Period
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			2/23/11*-
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11
Net asset value, beginning of period	$	66.35		$	63.14		$	63.85		$	57.26		$	69.89		$	59.00		$	36.66		$	40.34		$	43.70		$	43.89		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (1)		0.26			1.39			1.38			1.48			1.36			1.09			0.34			1.77			2.45			3.18			2.32
Net realized and unrealized gain (loss) (2)		(1.33	)		2.85			(0.55	)		7.20			(12.20	)		10.73			(3.51	)		(3.86	)		(3.87	)		(0.78	)		(6.96	)
Total from investment operations		(1.07	)		4.24			0.83			8.68			(10.84	)		11.82			(3.17	)		(2.09	)		(1.42	)		2.40			(4.64	)
Net equalization credits and charges (1)		—			—			—			—			—			—			—	(3)		0.04			0.09			0.01			0.43
Other capital		—			—			—			0.00	(4)		—			—			—	(3)		0.01			0.05			—			—
Distributions to shareholders from:
Net investment income		(0.87	)		(1.03	)		(1.54	)		(1.41	)		(1.15	)		(0.93	)		(0.30	)		(1.64	)		(2.08	)		(2.60	)		(1.28	)
Net realized gains		—			—			—			(0.68	)		(0.64	)		—			—			—			—			—			—
Return of capital		—			—			—			—			—			—			—			—			—			—			(0.62	)
Total distributions		(0.87	)		(1.03	)		(1.54	)		(2.09	)		(1.79	)		(0.93	)		(0.30	)		(1.64	)		(2.08	)		(2.60	)		(1.90	)
Net asset value, end of period	$	64.41		$	66.35		$	63.14		$	63.85		$	57.26		$	69.89		$	33.19		$	36.66		$	40.34		$	43.70		$	43.89
Total return (5)		(1.59	)%		6.73	%		1.31	%		15.58	%		(16.06	)%		20.25	%		(8.67	)%		(5.16	)%		(2.80	)%		5.54	%		(8.73	)%
Net assets, end of period (in 000’s)	$	199,662		$	285,285		$	189,412		$	166,023		$	154,600		$	216,661		$	423,197		$	491,217		$	538,651		$	301,515		$	54,862
Ratio of expenses to average net assets		0.59	%(6)		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%		0.56	%(6)		0.59	%		0.60	%		0.61	%		0.62	%(6)
Ratio of net investment income (loss) to average net assets		0.80	%(6)		2.12	%		2.15	%		2.39	%		1.90	%		1.73	%		1.98	%(6)		4.50	%		5.71	%		6.80	%		7.46	%(6)
Portfolio turnover rate (7)		4	%		9	%		21	%		11	%		4	%		15	%		38	%		67	%		85	%		134	%		42	%

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

See accompanying notes to financial statements.

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429

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P BRIC 40 ETF																		SPDR S&P Emerging Europe ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	23.23		$	23.34		$	22.97		$	20.92		$	25.84		$	23.03		$	35.19		$	40.26		$	41.26		$	37.16		$	45.55		$	39.42
Income (loss) from investment operations:
Net investment income (loss) (1)		0.05			0.54			0.57			0.54			0.60			0.43			0.11			1.07			1.02			0.95			1.02			0.46
Net realized and unrealized gain (loss) (2)		(0.37	)		(0.22	)		0.49			2.09			(5.00	)		2.75			(6.82	)		(5.43	)		(0.37	)		4.22			(8.73	)		6.06
Total from investment operations		(0.32	)		0.32			1.06			2.63			(4.40	)		3.18			(6.71	)		(4.36	)		0.65			5.17			(7.71	)		6.52
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			0.00	(3)		—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.45	)		(0.43	)		(0.69	)		(0.58	)		(0.52	)		(0.37	)		(0.82	)		(0.71	)		(1.65	)		(1.07	)		(0.68	)		(0.39	)
Total distributions		(0.45	)		(0.43	)		(0.69	)		(0.58	)		(0.52	)		(0.37	)		(0.82	)		(0.71	)		(1.65	)		(1.07	)		(0.68	)		(0.39	)
Net asset value, end of period	$	22.46		$	23.23		$	23.34		$	22.97		$	20.92		$	25.84		$	27.66		$	35.19		$	40.26		$	41.26		$	37.16		$	45.55
Total return (4)		(1.35	)%		1.35	%		4.95	%		12.82	%		(17.49	)%		13.98	%		(19.07	)%		(11.01	)%		1.68	%		14.32	%		(17.35	)%		16.74	%
Net assets, end of period (in 000’s)	$	110,037		$	155,662		$	247,441		$	296,324		$	374,453		$	459,991		$	49,789		$	66,865		$	76,485		$	86,639		$	118,917		$	232,325
Ratio of expenses to average net assets		0.50	%(5)		0.50	%		0.50	%		0.50	%		0.51	%		0.52	%		0.57	%(5)		0.59	%		0.59	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income (loss) to average net assets		0.46	%(5)		2.30	%		2.45	%		2.32	%		2.23	%		1.78	%		0.74	%(5)		2.77	%		2.48	%		2.41	%		2.04	%		1.07	%
Portfolio turnover rate (6)		9	%		7	%		9	%		13	%		10	%		10	%		1	%		15	%		6	%		6	%		10	%		21	%

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

See accompanying notes to financial statements.

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431

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
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)				9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	61.51		$	64.16		$	71.28		$	64.12		$	84.48		$	69.92		$	70.16			$	67.53		$	70.76		$	62.01		$	71.33		$	58.74
Income (loss) from investment operations:
Net investment income (loss) (1)		0.54			1.58			1.65			1.76			1.93	(2)		1.57			1.08				1.47			1.52			2.13			1.87			1.33
Net realized and unrealized gain (loss) (3)		(13.91	)		(2.77	)		(7.23	)		7.40			(20.76	)		14.73			(0.69	)			2.87			(3.17	)		9.44			(9.65	)		12.51
Total from investment operations		(13.37	)		(1.19	)		(5.58	)		9.16			(18.83	)		16.30			0.39				4.34			(1.65	)		11.57			(7.78	)		13.84
Net equalization credits and charges (1)		—			—			—			—			—			—			—				—			—			—			—			—
Other capital		—			—			—			—			—			—			—		��		—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.66	)		(1.46	)		(1.54	)		(2.00	)		(1.53	)		(1.74	)		(1.32	)			(1.71	)		(1.58	)		(2.82	)		(1.54	)		(1.25	)
Total distributions		(0.66	)		(1.46	)		(1.54	)		(2.00	)		(1.53	)		(1.74	)		(1.32	)			(1.71	)		(1.58	)		(2.82	)		(1.54	)		(1.25	)
Net asset value, end of period	$	47.48		$	61.51		$	64.16		$	71.28		$	64.12		$	84.48		$	69.23			$	70.16		$	67.53		$	70.76		$	62.01		$	71.33
Total return (4)		(21.83	)%		(1.88	)%		(7.86	)%		14.49	%		(22.78	)%(2)		23.73	%		0.62	%			6.51	%		(2.38	)%		19.26	%		(11.32	)%		23.91	%
Net assets, end of period (in 000’s)	$	33,233		$	49,208		$	70,575		$	114,055		$	121,832		$	211,194		$	48,463			$	63,141		$	67,535		$	91,986		$	105,410		$	142,664
Ratio of expenses to average net assets		0.57	%(5)		0.59	%		0.59	%		0.59	%		0.60	%		0.61	%		0.56	%(5)			0.59	%		0.59	%		0.59	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets		1.99	%(5)		2.50	%		2.35	%		2.43	%		2.27	%(2)		2.05	%		3.10	%(5)			2.09	%		2.26	%		3.17	%		2.55	%		2.12	%
Portfolio turnover rate (6)		2	%		5	%		10	%		7	%		12	%		23	%		1	%			23	%		2	%		7	%		4	%		27	%

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

See accompanying notes to financial statements.

432

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433

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P World ex-US ETF																		SPDR S&P International Small Cap ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	28.46		$	28.00		$	23.91		$	21.37		$	24.19		$	23.58		$	32.76		$	32.82		$	27.49		$	25.79		$	27.92		$	25.45
Income (loss) from investment operations:
Net investment income (loss) (1)		0.28			0.89			0.73			0.75			0.75			0.56			0.24			0.54			0.65			0.57			0.64			0.46
Net realized and unrealized gain (loss) (2)		(0.15	)		0.40			4.04			2.38			(2.89	)		0.56			(0.53	)		0.36			5.37			2.08			(2.14	)		2.42
Total from investment operations		0.13			1.29			4.77			3.13			(2.14	)		1.12			(0.29	)		0.90			6.02			2.65			(1.50	)		2.88
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			—			—			0.00	(3)		—			—
Distributions to shareholders from:
Net investment income		(0.38	)		(0.83	)		(0.68	)		(0.59	)		(0.68	)		(0.51	)		(0.43	)		(0.96	)		(0.69	)		(0.75	)		(0.63	)		(0.41	)
Net realized gains		—			—			—			—			—			—			(3.13	)		—			—			(0.20	)		—			—
Total distributions		(0.38	)		(0.83	)		(0.68	)		(0.59	)		(0.68	)		(0.51	)		(3.56	)		(0.96	)		(0.69	)		(0.95	)		(0.63	)		(0.41	)
Net asset value, end of period	$	28.21		$	28.46		$	28.00		$	23.91		$	21.37		$	24.19		$	28.91		$	32.76		$	32.82		$	27.49		$	25.79		$	27.92
Total return (4)		0.52	%		4.52	%		20.27	%		14.99	%		(9.32	)%		4.99	%		(0.33	)%		2.69	%		22.25	%		10.74	%		(5.72	)%		11.54	%
Net assets, end of period (in 000’s)	$	756,068		$	825,443		$	688,755		$	411,282		$	119,679		$	106,453		$	702,621		$	792,719		$	813,871		$	679,080		$	729,907		$	622,564
Ratio of expenses to average net assets		0.34	%(5)		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%		0.54	%(5)		0.60	%		0.59	%		0.59	%		0.61	%		0.60	%
Ratio of net investment income (loss) to average net assets		2.04	%(5)		3.06	%		2.79	%		3.28	%		2.94	%		2.44	%		1.64	%(5)		1.59	%		2.20	%		2.16	%		2.12	%		1.81	%
Portfolio turnover rate (6)		1	%		17	%		2	%		8	%		2	%		7	%		2	%		51	%		21	%		2	%		22	%		17	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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435

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones International Real Estate ETF																		SPDR S&P Global Infrastructure ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	41.54		$	42.00		$	39.29		$	32.70		$	38.39		$	35.53		$	48.84		$	43.51		$	40.42		$	38.94		$	40.91		$	41.94
Income (loss) from investment operations:
Net investment income (loss) (1)		0.44			1.39			1.29			1.41			1.57			1.34			0.58			1.68			1.99			1.60			1.71			1.47
Net realized and unrealized gain (loss) (2)		1.80			0.16			4.01			5.67			(3.82	)		2.84			(0.52	)		5.20			2.71			1.53			(2.03	)		(0.88	)
Total from investment operations		2.24			1.55			5.30			7.08			(2.25	)		4.18			0.06			6.88			4.70			3.13			(0.32	)		0.59
Net equalization credits and charges (1)		0.01			(0.06	)		0.02			1.06			0.09			(0.01	)		—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.49	)		(1.95	)		(2.61	)		(1.55	)		(3.53	)		(1.31	)		(0.71	)		(1.55	)		(1.61	)		(1.65	)		(1.65	)		(1.62	)
Total distributions		(0.49	)		(1.95	)		(2.61	)		(1.55	)		(3.53	)		(1.31	)		(0.71	)		(1.55	)		(1.61	)		(1.65	)		(1.65	)		(1.62	)
Net asset value, end of period	$	43.30		$	41.54		$	42.00		$	39.29		$	32.70		$	38.39		$	48.19		$	48.84		$	43.51		$	40.42		$	38.94		$	40.91
Total return (3)		5.49	%		3.57	%		13.83	%(4)		25.52	%		(6.76	)%		12.15	%		0.10	%		15.95	%		11.99	%		8.20	%		(1.04	)%		1.63	%
Net assets, end of period (in 000’s)	$	5,063,449		$	4,903,056		$	4,045,899		$	3,136,658		$	1,996,074		$	1,314,261		$	120,466		$	112,333		$	52,217		$	36,378		$	35,045		$	53,186
Ratio of expenses to average net assets		0.60	%(5)		0.59	%		0.59	%		0.59	%		0.61	%		0.60	%		0.40	%(5)		0.41	%		0.50	%		0.59	%		0.60	%		0.61	%
Ratio of net investment income (loss) to average net assets		2.07	%(5)		3.27	%		3.10	%		3.96	%		4.05	%		3.86	%		2.41	%(5)		3.51	%		4.79	%		4.02	%		4.07	%		3.63	%
Portfolio turnover rate (6)		2	%		8	%		11	%		11	%		10	%		7	%		7	%		14	%		74	%		10	%		6	%		6	%

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

See accompanying notes to financial statements.

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437

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
	Six Months															For the			Six Months
	Ended															Period			Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			9/13/10*-			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	48.62		$	48.54		$	50.90		$	45.94		$	50.76		$	50.00		$	35.09		$	34.29		$	30.49		$	27.55		$	31.77		$	30.38
Income (loss) from investment operations:
Net investment income (loss) (1)		0.52			1.33			1.30			1.14			1.23			0.03			0.35			1.17			0.90			0.89			0.95			0.73
Net realized and unrealized gain (loss) (2)		(5.83	)		(0.10	)		(2.41	)		4.78			(5.44	)		0.73			(0.38	)		0.72			3.88			2.93			(4.28	)		1.35
Total from investment operations		(5.31	)		1.23			(1.11	)		5.92			(4.21	)		0.76			(0.03	)		1.89			4.78			3.82			(3.33	)		2.08
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.45	)		(1.15	)		(1.25	)		(0.96	)		(0.61	)		—			(0.40	)		(1.09	)		(0.98	)		(0.88	)		(0.89	)		(0.69	)
Total distributions		(0.45	)		(1.15	)		(1.25	)		(0.96	)		(0.61	)		—			(0.40	)		(1.09	)		(0.98	)		(0.88	)		(0.89	)		(0.69	)
Net asset value, end of period	$	42.86		$	48.62		$	48.54		$	50.90		$	45.94		$	50.76		$	34.66		$	35.09		$	34.29		$	30.49		$	27.55		$	31.77
Total return (3)		(10.94	)%		2.39	%		(2.09	)%		13.07	%		(8.56	)%		1.52	%		(0.05	)%		5.43	%		15.96	%		14.20	%		(10.99	)%		7.13	%
Net assets, end of period (in 000’s)	$	670,792		$	595,617		$	407,763		$	414,852		$	163,076		$	7,615		$	686,231		$	575,494		$	493,824		$	384,218		$	363,713		$	393,909
Ratio of expenses to average net assets		0.40	%(4)		0.40	%		0.40	%		0.40	%		0.40	%		0.38	%(4)		0.35	%(4)		0.35	%		0.34	%		0.34	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		2.31	%(4)		2.63	%		2.63	%		2.28	%		2.13	%		1.10	%(4)		2.06	%(4)		3.25	%		2.76	%		3.03	%		2.85	%		2.43	%
Portfolio turnover rate (5)		8	%		18	%		31	%		18	%		32	%		0	%(6)		4	%		3	%		2	%		8	%		4	%		3	%

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

See accompanying notes to financial statements.

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439

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

													SPDR MSCI ACWI Low
													Carbon
	SPDR MSCI ACWI IMI ETF												Target ETF			SPDR MSCI EM 50 ETF												SPDR MSCI EM Beyond BRIC ETF						SPDR MSCI EAFE Quality Mix ETF						SPDR MSCI Emerging Markets Quality Mix ETF
													For the
	Six Months									For the			Period			Six Months									For the			Six Months			For the			Six Months			For the			Six Months			For the
	Ended									Period			11/26/14*-			Ended									Period			Ended			Period			Ended			Period			Ended			Period
	3/31/15			Year Ended			Year Ended			2/27/12*-			3/31/15			3/31/15			Year Ended			Year Ended			2/27/12*-			3/31/15			12/4/13*-			3/31/15			6/4/14*-			3/31/15			6/4/14*-
	(Unaudited)			9/30/14			9/30/13			9/30/12			(Unaudited)			(Unaudited)			9/30/14			9/30/13			9/30/12			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
Net asset value, beginning of period	$	63.82		$	58.20		$	50.04		$	50.00		$	75.00		$	48.10		$	47.10		$	47.31		$	50.00		$	62.14		$	60.00		$	57.28		$	60.00		$	59.59		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (1)		0.64			1.48			1.30			0.88			0.54			0.08			1.15			0.92			0.86			0.30			0.77			0.61			0.45			0.47			0.77
Net realized and unrealized gain (loss) (2)		1.64			5.39			8.16			(0.30	)		(0.32	)		(0.51	)		0.59			0.34			(3.09	)		(3.66	)		1.86			0.51			(3.14	)		(2.07	)		(1.23	)
Total from investment operations		2.28			6.87			9.46			0.58			0.22			(0.43	)		1.74			1.26			(2.23	)		(3.36	)		2.63			1.12			(2.69	)		(1.60	)		(0.46	)
Net equalization credits and charges (1)		—			—			—			—			0.03			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			—			—			—			—			—			—			0.35			0.06
Distributions to shareholders from:
Net investment income		(0.53	)		(1.21	)		(1.28	)		(0.54	)		(0.13	)		(1.02	)		(0.74	)		(1.47	)		(0.46	)		(0.83	)		(0.49	)		(0.60	)		(0.03	)		(0.86	)		(0.01	)
Net realized gains		(0.00	)(3)		(0.04	)		(0.02	)		—			—			—			—			—			—			—			—			(0.00	)(3)		—			(0.00	)(3)		—
Total distributions		(0.53	)		(1.25	)		(1.30	)		(0.54	)		(0.13	)		(1.02	)		(0.74	)		(1.47	)		(0.46	)		(0.83	)		(0.49	)		(0.60	)		(0.03	)		(0.86	)		(0.01	)
Net asset value, end of period	$	65.57		$	63.82		$	58.20		$	50.04		$	75.12		$	46.65		$	48.10		$	47.10		$	47.31		$	57.95		$	62.14		$	57.80		$	57.28		$	57.48		$	59.59
Total return (4)		3.59	%		11.77	%		19.15	%		1.28	%		0.35	%		(0.83	)%		3.67	%		2.74	%		(4.37	)%		(5.41	)%		4.38	%		2.01	%		(4.48	)%		(2.07	)%		(0.65	)%
Net assets, end of period (in 000’s)	$	65,565		$	57,434		$	5,820		$	5,004		$	90,147		$	2,332		$	2,405		$	2,355		$	4,731		$	2,897		$	3,107		$	5,780		$	5,728		$	74,727		$	5,959
Ratio of expenses to average net assets		0.25	%(5)		0.25	%		0.25	%		0.25	%(5)		0.20	%(5)		0.50	%(5)		0.50	%		0.50	%		0.50	%(5)		0.53	%(5)		0.56	%(5)		0.30	%(5)		0.30	%(5)		0.30	%(5)		0.31	%(5)
Ratio of expenses to average net assets before waivers		0.25	%(5)		0.25	%		0.25	%		0.25	%(5)		0.30	%(5)		0.50	%(5)		0.50	%		0.50	%		0.50	%(5)		0.53	%(5)		0.56	%(5)		0.30	%(5)		0.30	%(5)		0.30	%(5)		0.31	%(5)
Ratio of net investment income (loss) to average net assets		2.00	%(5)		2.31	%		2.40	%		3.08	%(5)		2.10	%(5)		0.33	%(5)		2.39	%		1.97	%		3.16	%(5)		1.02	%(5)		1.52	%(5)		2.17	%(5)		2.35	%(5)		1.63	%(5)		3.85	%(5)
Portfolio turnover rate (6)		2	%		0	%(7)		0	%(7)		0	%(7)		1	%		5	%		17	%		7	%		4	%		4	%		50	%		4	%		0	%(7)		1	%		0	%(7)

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

See accompanying notes to financial statements.

440

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441

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI World Quality Mix ETF						SPDR MSCI Australia Quality Mix ETF						SPDR MSCI Canada Quality Mix ETF						SPDR MSCI Germany Quality Mix ETF						SPDR MSCI Japan Quality Mix ETF						SPDR MSCI Mexico Quality Mix ETF						SPDR MSCI South Korea Quality Mix ETF
	Six Months			For the			Six Months			For the			Six Months			For the			Six Months			For the			Six Months			For the			Six Months			For the			Six Months			For the
	Ended			Period			Ended			Period			Ended			Period			Ended			Period			Ended			Period			Ended			Period			Ended			Period
	3/31/15			6/4/14*-			3/31/15			6/11/14*-			3/31/15			6/11/14*-			3/31/15			6/11/14*-			3/31/15			6/11/14*-			3/31/15			9/16/14*-			3/31/15			9/16/14*-
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14
Net asset value, beginning of period	$	59.95		$	60.00		$	55.90		$	60.00		$	59.82		$	60.00		$	53.58		$	60.00		$	60.46		$	60.00		$	28.83		$	30.00		$	28.54		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (1)		0.61			0.37			1.23			1.10			0.60			0.39			0.07			0.02	(2)		0.48			0.41			0.08			0.00	(3)		0.25			0.00	(3)
Net realized and unrealized gain (loss) (4)		2.45			(0.38	)		(2.03	)		(5.20	)		(5.08	)		(0.55	)		3.91			(6.44	)		4.87			0.05			(3.96	)		(1.17	)		(1.45	)		(1.46	)
Total from investment operations		3.06			(0.01	)		(0.80	)		(4.10	)		(4.48	)		(0.16	)		3.98			(6.42	)		5.35			0.46			(3.88	)		(1.17	)		(1.20	)		(1.46	)
Net equalization credits and charges (1)		—			—			(0.17	)		—			—			—			(0.06	)		—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.58	)		(0.04	)		(1.48	)		—			(1.10	)		(0.02	)		(0.05	)		(0.00	)(3)		(0.49	)		—			(0.11	)		—			(0.38	)		—
Net realized gains		(0.00	)(3)		—			(0.00	)(3)		—			—			—			—			—			(0.01	)		—			—			—			—			—
Total distributions		(0.58	)		(0.04	)		(1.48	)		—			(1.10	)		(0.02	)		(0.05	)		—			(0.50	)		—			(0.11	)		—			(0.38	)		—
Net asset value, end of period	$	62.43		$	59.95		$	53.45		$	55.90		$	54.24		$	59.82		$	57.45		$	53.58		$	65.31		$	60.46		$	24.84		$	28.83		$	26.96		$	28.54
Total return (5)		2.56	%		(0.02	)%		(1.69	)%		(6.84	)%		(7.58	)%		(0.26	)%		7.33	%		(10.70	)%(2)		8.95	%		0.76	%		(13.42	)%		(3.90	)%		(4.17	)%		(4.85	)%
Net assets, end of period (in 000’s)	$	6,243		$	5,995		$	2,672		$	5,590		$	2,712		$	2,991		$	8,618		$	5,358		$	6,531		$	6,046		$	2,484		$	2,883		$	2,696		$	2,854
Ratio of expenses to average net assets		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.40	%(6)		0.40	%(6)		0.40	%(6)		0.40	%(6)
Ratio of net investment income (loss) to average net assets		2.00	%(6)		1.90	%(6)		4.54	%(6)		5.99	%(6)		2.11	%(6)		2.06	%(6)		0.26	%(6)		0.11	%(2) (6)		1.60	%(6)		2.21	%(6)		0.59	%(6)		0.37	%(6)		1.90	%(6)		(0.40	)%(6)
Portfolio turnover rate (7)		5	%		0	%(8)		7	%		1	%		11	%		2	%		5	%		1	%		11	%		0	%		5	%		0	%		7	%		1	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share and 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 $0.02 per share and 0.04% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (10.73)%.
(3)	Amount is less than $0.005 per share.
(4)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized
(7)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(8)	Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

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443

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Spain Quality Mix ETF						SPDR MSCI Taiwan Quality Mix ETF						SPDR MSCI United Kingdom Quality Mix ETF						SPDR Russell/Nomura PRIME Japan ETF
	Six Months			For the			Six Months			For the			Six Months			For the			Six Months
	Ended			Period			Ended			Period			Ended			Period			Ended
	3/31/15			6/11/14*-			3/31/15			9/16/14*-			3/31/15			6/11/14*-			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	55.05		$	60.00		$	57.83		$	60.00		$	57.08		$	60.00		$	45.20		$	45.33		$	35.57		$	37.12		$	37.80		$	38.41
Income (loss) from investment operations:
Net investment income (loss) (1)		0.95			0.67	(2)		(0.12	)		(0.01	)		0.85			0.62	(3)		0.26			0.47			0.92			0.66			0.85			0.50
Net realized and unrealized gain (loss) (4)		(4.13	)		(5.56	)		3.21			(2.16	)		(2.32	)		(3.53	)		2.97			(0.01	)		9.34			(1.55	)		(0.56	)		(0.58	)
Total from investment operations		(3.18	)		(4.89	)		3.09			(2.17	)		(1.47	)		(2.91	)		3.23			0.46			10.26			(0.89	)		0.29			(0.08	)
Net equalization credits and charges (1)		(0.14	)		—			—			—			(0.23	)		—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(1.29	)		(0.06	)		(0.09	)		—			(0.95	)		(0.01	)		(1.33	)		(0.59	)		(0.50	)		(0.66	)		(0.97	)		(0.53	)
Total distributions		(1.29	)		(0.06	)		(0.09	)		—			(0.95	)		(0.01	)		(1.33	)		(0.59	)		(0.50	)		(0.66	)		(0.97	)		(0.53	)
Net asset value, end of period	$	50.44		$	55.05		$	60.83		$	57.83		$	54.43		$	57.08		$	47.10		$	45.20		$	45.33		$	35.57		$	37.12		$	37.80
Total return (5)		(6.03	)%		(8.16	)%(2)		5.34	%		(3.61	)%		(2.96	)%		(4.86	)%(3)		7.47	%		1.01	%		29.11	%		(2.33	)%		0.56	%		(0.14	)%
Net assets, end of period (in 000’s)	$	2,522		$	8,258		$	6,083		$	5,783		$	2,721		$	5,708		$	18,840		$	27,122		$	126,911		$	14,227		$	14,846		$	15,119
Ratio of expenses to average net assets		0.30	%(6)		0.30	%(6)		0.40	%(6)		0.40	%(6)		0.30	%(6)		0.30	%(6)		0.45	%(6)		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%
Ratio of net investment income (loss) to average net assets		3.72	%(6)		3.83	%(2) (6)		(0.42	)%(6)		(0.37	)%(6)		3.07	%(6)		3.40	%(3) (6)		1.16	%(6)		1.06	%		2.18	%		1.83	%		2.16	%		1.34	%
Portfolio turnover rate (7)		6	%		1	%		9	%		0	%		10	%		0	%(8)		1	%		4	%		0	%(8)		1	%		3	%		3	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share and 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 0.14% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (8.28)%.
(3)	Net investment income per share and 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 $0.10 per share and 0.18% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (5.02)%.
(4)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized
(7)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(8)	Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

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445

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell/Nomura Small Cap Japan ETF																		SPDR S&P Global Dividend ETF									SPDR S&P International Dividend ETF
	Six Months																		Six Months						For the			Six Months
	Ended																		Ended						Period			Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			5/29/13*-			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	50.17		$	51.37		$	41.65		$	43.79		$	39.65		$	40.51		$	64.89		$	63.33		$	60.00		$	46.33		$	46.60		$	45.27		$	45.07		$	53.88		$	52.49
Income (loss) from investment operations:
Net investment income (loss) (1)		0.34			0.53			0.61			0.64			0.69			0.53			1.01			2.99			0.75			0.70			2.41			3.27			3.29			3.48			2.32
Net realized and unrealized gain (loss) (2)		1.98			(0.36	)		9.79			(2.00	)		4.12			(0.73	)		1.21			1.32			3.20			(4.23	)		(0.29	)		1.20			(0.22	)		(9.35	)		1.26
Total from investment operations		2.32			0.17			10.40			(1.36	)		4.81			(0.20	)		2.22			4.31			3.95			(3.53	)		2.12			4.47			3.07			(5.87	)		3.58
Net equalization credits and charges (1)		—			—			—			—			—			—			0.11			0.06			0.01			0.01			0.03			(0.00	)(3)		0.14			0.37			0.06
Other capital		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.15	)		(1.37	)		(0.68	)		(0.78	)		(0.67	)		(0.66	)		(0.90	)		(2.81	)		(0.63	)		(0.86	)		(2.42	)		(3.14	)		(3.01	)		(3.31	)		(2.25	)
Net realized gains		—			—			—			—			—			—			(0.50	)		—			—			—			—			—			—			—			—
Total distributions		(0.15	)		(1.37	)		(0.68	)		(0.78	)		(0.67	)		(0.66	)		(1.40	)		(2.81	)		(0.63	)		(0.86	)		(2.42	)		(3.14	)		(3.01	)		(3.31	)		(2.25	)
Net asset value, end of period	$	52.34		$	50.17		$	51.37		$	41.65		$	43.79		$	39.65		$	65.82		$	64.89		$	63.33		$	41.95		$	46.33		$	46.60		$	45.27		$	45.07		$	53.88
Total return (4)		4.64	%		0.31	%		25.23	%		(3.05	)%		12.17	%		(0.41	)%		3.65	%		6.85	%		6.61	%		(7.60	)%		4.43	%		10.24	%		7.45	%		(11.06	)%		7.34	%
Net assets, end of period (in 000’s)	$	62,811		$	72,751		$	97,606		$	64,563		$	98,537		$	67,412		$	52,660		$	29,200		$	9,499		$	1,338,357		$	1,450,114		$	1,304,826		$	1,000,522		$	482,266		$	258,705
Ratio of expenses to average net assets		0.51	%(5)		0.55	%		0.55	%		0.55	%		0.56	%		0.56	%		0.41	%(5)		0.40	%		0.40	%(5)		0.46	%(5)		0.46	%		0.45	%		0.45	%		0.46	%		0.46	%
Ratio of net investment income (loss) to average net assets		1.39	%(5)		1.05	%		1.34	%		1.54	%		1.63	%		1.37	%		3.07	%(5)		4.46	%		3.61	%(5)		3.22	%(5)		4.96	%		6.97	%		7.11	%		6.24	%		4.48	%
Portfolio turnover rate (6)		18	%		28	%		13	%		22	%		10	%		24	%		36	%		37	%		10	%		33	%		62	%		121	%		127	%		142	%		131	%

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

See accompanying notes to financial statements.

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447

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Mid Cap ETF																		SPDR S&P Emerging Markets Small Cap ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	32.02		$	33.14		$	27.69		$	26.04		$	28.76		$	27.14		$	48.31		$	46.15		$	44.43		$	40.57		$	54.62		$	43.78
Income (loss) from investment operations:
Net investment income (loss) (1)		0.20			0.66			0.67			0.68			0.76			0.55			0.00	(2)		1.01			0.95			0.96			0.99			1.06
Net realized and unrealized gain (loss) (3)		0.66			0.88			5.60			2.57			(2.31	)		2.31			(2.51	)		2.11			1.81			5.15			(13.25	)		10.65
Total from investment operations		0.86			1.54			6.27			3.25			(1.55	)		2.86			(2.51	)		3.12			2.76			6.11			(12.26	)		11.71
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			0.05			0.03			0.04			—			—
Distributions to shareholders from:
Net investment income		(0.42	)		(0.75	)		(0.75	)		(0.84	)		(0.70	)		(0.50	)		(0.91	)		(1.01	)		(1.07	)		(0.92	)		(0.34	)		(0.19	)
Net realized gains		(1.94	)		(1.91	)		(0.07	)		(0.76	)		(0.47	)		(0.74	)		—			—			—			(1.37	)		(1.45	)		(0.68	)
Total distributions		(2.36	)		(2.66	)		(0.82	)		(1.60	)		(1.17	)		(1.24	)		(0.91	)		(1.01	)		(1.07	)		(2.29	)		(1.79	)		(0.87	)
Net asset value, end of period	$	30.52		$	32.02		$	33.14		$	27.69		$	26.04		$	28.76		$	44.89		$	48.31		$	46.15		$	44.43		$	40.57		$	54.62
Total return (4)		3.23	%		4.63	%		23.07	%		13.27	%		(6.00	)%		11.11	%		(5.16	)%		6.90	%		6.29	%(5)		16.09	%		(23.36	)%		27.05	%
Net assets, end of period (in 000’s)	$	50,364		$	70,446		$	46,399		$	35,993		$	36,461		$	30,196		$	462,327		$	570,082		$	761,466		$	897,446		$	908,812		$	797,411
Ratio of expenses to average net assets		0.45	%(6)		0.46	%		0.45	%		0.45	%		0.46	%		0.46	%		0.65	%(6)		0.65	%		0.65	%		0.66	%		0.66	%		0.66	%
Ratio of net investment income (loss) to average net assets		1.36	%(6)		1.98	%		2.23	%		2.56	%		2.49	%		2.07	%		0.80	%(6)		2.10	%		2.05	%		2.27	%		1.85	%		2.19	%
Portfolio turnover rate (7)		8	%		41	%		53	%		28	%		32	%		31	%		1	%		23	%		18	%		22	%		70	%		85	%

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

See accompanying notes to financial statements.

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449

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones Global Real Estate ETF																		SPDR S&P International Consumer Discretionary Sector ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	44.24		$	42.16		$	40.56		$	32.58		$	36.00		$	31.18		$	36.81		$	37.95		$	27.65		$	25.05		$	26.90		$	24.12
Income (loss) from investment operations:
Net investment income (loss) (1)		0.69			1.23			1.16			1.12			1.16			1.11			0.30			0.72			0.68			0.52			0.47			0.41
Net realized and unrealized gain (loss) (2)		5.28			2.24			2.21			7.52			(2.00	)		4.88			3.18			(1.00	)		10.26			3.11			(1.79	)		2.69
Total from investment operations		5.97			3.47			3.37			8.64			(0.84	)		5.99			3.48			(0.28	)		10.94			3.63			(1.32	)		3.10
Net equalization credits and charges (1)		0.02			0.07			0.10			0.58			0.08			0.02			(0.04	)		(0.01	)		(0.02	)		(0.13	)		(0.03	)		0.02
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.62	)		(1.46	)		(1.87	)		(1.24	)		(2.66	)		(1.19	)		(0.29	)		(0.85	)		(0.62	)		(0.51	)		(0.50	)		(0.34	)
Net realized gains		—			—			—			—			—			—			—			—			—			(0.39	)		—			—
Total distributions		(0.62	)		(1.46	)		(1.87	)		(1.24	)		(2.66	)		(1.19	)		(0.29	)		(0.85	)		(0.62	)		(0.90	)		(0.50	)		(0.34	)
Net asset value, end of period	$	49.61		$	44.24		$	42.16		$	40.56		$	32.58		$	36.00		$	39.96		$	36.81		$	37.95		$	27.65		$	25.05		$	26.90
Total return (3)		13.58	%		8.44	%		8.61	%		28.56	%		(2.80	)%		19.71	%		9.39	%		(0.91	)%		39.94	%		14.40	%		(5.33	)%		13.12	%
Net assets, end of period (in 000’s)	$	2,088,449		$	1,473,132		$	1,003,377		$	543,476		$	273,706		$	140,388		$	13,985		$	18,405		$	18,976		$	5,529		$	11,271		$	18,833
Ratio of expenses to average net assets		0.50	%(4)		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%		0.48	%(4)		0.50	%		0.50	%		0.51	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets		2.86	%(4)		2.77	%		2.71	%		2.96	%		3.08	%		3.42	%		1.61	%(4)		1.84	%		2.04	%		1.96	%		1.61	%		1.67	%
Portfolio turnover rate (5)		2	%		7	%		8	%		8	%		9	%		7	%		3	%		2	%		2	%		5	%		9	%		11	%

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

See accompanying notes to financial statements.

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451

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Consumer Staples Sector ETF																		SPDR S&P International Energy Sector ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	38.96		$	38.89		$	34.52		$	29.60		$	29.80		$	26.31		$	25.75		$	25.07		$	25.31		$	22.46		$	24.52		$	25.48
Income (loss) from investment operations:
Net investment income (loss) (1)		0.26			0.96			0.92			0.82			0.88			0.69			0.35			0.89			0.81			0.79			0.70			0.65
Net realized and unrealized gain (loss) (2)		1.30			0.04			4.25			4.90			(0.37	)		3.39			(6.53	)		0.60			(0.28	)		2.89			(2.10	)		(1.01	)
Total from investment operations		1.56			1.00			5.17			5.72			0.51			4.08			(6.18	)		1.49			0.53			3.68			(1.40	)		(0.36	)
Net equalization credits and charges (1)		0.00	(3)		0.04			0.04			(0.00	)(3)		0.15			0.04			0.00	(3)		0.05			0.03			(0.02	)		0.00	(3)		0.04
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.27	)		(0.97	)		(0.84	)		(0.80	)		(0.86	)		(0.63	)		(0.36	)		(0.86	)		(0.80	)		(0.81	)		(0.66	)		(0.64	)
Total distributions		(0.27	)		(0.97	)		(0.84	)		(0.80	)		(0.86	)		(0.63	)		(0.36	)		(0.86	)		(0.80	)		(0.81	)		(0.66	)		(0.64	)
Net asset value, end of period	$	40.25		$	38.96		$	38.89		$	34.52		$	29.60		$	29.80		$	19.21		$	25.75		$	25.07		$	25.31		$	22.46		$	24.52
Total return (4)		4.02	%		2.61	%		15.20	%		19.51	%		2.08	%		15.87	%		(24.05	)%		6.04	%		2.35	%		16.44	%		(6.14	)%		(1.18	)%
Net assets, end of period (in 000’s)	$	34,209		$	42,853		$	36,941		$	18,986		$	19,239		$	14,900		$	24,010		$	19,312		$	12,535		$	11,389		$	12,355		$	12,259
Ratio of expenses to average net assets		0.48	%(5)		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%		0.46	%(5)		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%
Ratio of net investment income (loss) to average net assets		1.34	%(5)		2.40	%		2.47	%		2.53	%		2.81	%		2.50	%		3.34	%(5)		3.30	%		3.30	%		3.16	%		2.55	%		2.63	%
Portfolio turnover rate (6)		1	%		5	%		4	%		7	%		2	%		5	%		2	%		9	%		2	%		6	%		4	%		11	%

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

See accompanying notes to financial statements.

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453

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Financial Sector ETF																		SPDR S&P International Health Care Sector ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	21.85		$	21.76		$	17.67		$	15.47		$	19.60		$	21.39		$	48.98		$	41.71		$	35.15		$	29.55		$	29.46		$	28.50
Income (loss) from investment operations:
Net investment income (loss) (1)		0.26			0.72			0.70			0.64			0.69			0.55			0.41			0.81			0.77			0.86			0.74			0.64
Net realized and unrealized gain (loss) (2)		(0.34	)		0.39			4.27			2.15			(4.09	)		(1.83	)		2.65			7.30			6.53			5.57			0.04			0.96
Total from investment operations		(0.08	)		1.11			4.97			2.79			(3.40	)		(1.28	)		3.06			8.11			7.30			6.43			0.78			1.60
Net equalization credits and charges (1)		0.03			(0.18	)		(0.11	)		(0.07	)		(0.01	)		0.04			0.02			0.02			0.07			(0.01	)		0.05			(0.01	)
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.48	)		(0.84	)		(0.77	)		(0.52	)		(0.72	)		(0.55	)		(0.40	)		(0.86	)		(0.81	)		(0.82	)		(0.74	)		(0.63	)
Net realized gains		—			—			—			—			—			—			(0.00	)(3)		—			—			—			—			—
Total distributions		(0.48	)		(0.84	)		(0.77	)		(0.52	)		(0.72	)		(0.55	)		(0.40	)		(0.86	)		(0.81	)		(0.82	)		(0.74	)		(0.63	)
Net asset value, end of period	$	21.32		$	21.85		$	21.76		$	17.67		$	15.47		$	19.60		$	51.66		$	48.98		$	41.71		$	35.15		$	29.55		$	29.46
Total return (4)		(0.14	)%		4.23	%		27.98	%		18.02	%		(17.99	)%		(5.60	)%		6.30	%		19.57	%		21.14	%		22.03	%		2.69	%		5.71	%
Net assets, end of period (in 000’s)	$	10,662		$	10,924		$	6,528		$	3,534		$	7,735		$	8,821		$	74,902		$	66,125		$	60,479		$	28,123		$	19,207		$	10,310
Ratio of expenses to average net assets		0.48	%(5)		0.51	%		0.50	%		0.50	%		0.51	%		0.51	%		0.47	%(5)		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets		2.47	%(5)		3.19	%		3.50	%		3.94	%		3.47	%		2.85	%		1.69	%(5)		1.76	%		1.98	%		2.70	%		2.37	%		2.25	%
Portfolio turnover rate (6)		2	%		20	%		2	%		6	%		4	%		6	%		7	%		13	%		8	%		14	%		5	%		29	%

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

See accompanying notes to financial statements.

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455

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Industrial Sector ETF																		SPDR S&P International Materials Sector ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	30.40		$	30.53		$	24.67		$	22.46		$	25.65		$	23.26		$	21.72		$	23.33		$	23.68		$	22.83		$	26.34		$	23.05
Income (loss) from investment operations:
Net investment income (loss) (1)		0.21			0.68			0.63			0.55			0.62			0.41			0.14			0.46			0.44			0.42			0.42			0.32
Net realized and unrealized gain (loss) (2)		0.01			(0.07	)		6.18			2.32			(3.23	)		2.27			(0.80	)		(1.40	)		(0.31	)		0.87			(3.51	)		3.25
Total from investment operations		0.22			0.61			6.81			2.87			(2.61	)		2.68			(0.66	)		(0.94	)		0.13			1.29			(3.09	)		3.57
Net equalization credits and charges (1)		0.01			(0.07	)		(0.21	)		(0.10	)		(0.01	)		0.06			0.00	(3)		(0.00	)(3)		(0.01	)		0.01			(0.03	)		(0.02	)
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.31	)		(0.67	)		(0.74	)		(0.56	)		(0.57	)		(0.35	)		(0.14	)		(0.67	)		(0.47	)		(0.45	)		(0.39	)		(0.26	)
Total distributions		(0.31	)		(0.67	)		(0.74	)		(0.56	)		(0.57	)		(0.35	)		(0.14	)		(0.67	)		(0.47	)		(0.45	)		(0.39	)		(0.26	)
Net asset value, end of period	$	30.32		$	30.40		$	30.53		$	24.67		$	22.46		$	25.65		$	20.92		$	21.72		$	23.33		$	23.68		$	22.83		$	26.34
Total return (4)		0.79	%		1.67	%		27.19	%		12.53	%		(10.62	)%		11.94	%		(3.05	)%		(4.19	)%		0.43	%		5.79	%		(12.12	)%		15.53	%
Net assets, end of period (in 000’s)	$	19,708		$	24,324		$	13,740		$	8,635		$	20,211		$	17,955		$	6,276		$	7,603		$	9,333		$	11,842		$	19,403		$	22,387
Ratio of expenses to average net assets		0.49	%(5)		0.51	%		0.50	%		0.50	%		0.50	%		0.52	%		0.49	%(5)		0.52	%		0.50	%		0.50	%		0.51	%		0.52	%
Ratio of net investment income (loss) to average net assets		1.41	%(5)		2.17	%		2.29	%		2.27	%		2.22	%		1.74	%		1.33	%(5)		1.95	%		1.90	%		1.77	%		1.42	%		1.31	%
Portfolio turnover rate (6)		6	%		4	%		7	%		11	%		0	%(7)		20	%		1	%		15	%		8	%		0	%(7)		1	%		9	%

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

See accompanying notes to financial statements.

456

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457

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Technology Sector ETF																		SPDR S&P International Telecommunications Sector ETF
	Six Months																		Six Months
	Ended																		Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	31.48		$	30.02		$	24.18		$	22.00		$	24.76		$	24.58		$	25.63		$	26.89		$	22.82		$	22.65		$	24.30		$	23.58
Income (loss) from investment operations:
Net investment income (loss) (1)		0.08			0.32			0.31			0.29			0.34			0.29			0.23			3.19	(2)		0.98			1.45			1.22	(3)		1.05
Net realized and unrealized gain (loss) (4)		2.21			1.62			5.89			2.37			(2.68	)		0.14			0.14			(1.01	)		4.01			0.10			(1.54	)		0.69
Total from investment operations		2.29			1.94			6.20			2.66			(2.34	)		0.43			0.37			2.18			4.99			1.55			(0.32	)		1.74
Net equalization credits and charges (1)		(0.00	)(5)		(0.00	)(5)		(0.06	)		(0.03	)		0.00	(5)		0.01			0.00	(5)		(0.10	)		0.01			(0.01	)		0.01			0.02
Other capital		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.21	)		(0.48	)		(0.30	)		(0.31	)		(0.33	)		(0.25	)		(0.28	)		(3.34	)		(0.93	)		(1.37	)		(1.34	)		(1.04	)
Net realized gains		—			—			—			(0.14	)		(0.09	)		(0.01	)		—			—			—			—			—			—
Total distributions		(0.21	)		(0.48	)		(0.30	)		(0.45	)		(0.42	)		(0.26	)		(0.28	)		(3.34	)		(0.93	)		(1.37	)		(1.34	)		(1.04	)
Net asset value, end of period	$	33.56		$	31.48		$	30.02		$	24.18		$	22.00		$	24.76		$	25.72		$	25.63		$	26.89		$	22.82		$	22.65		$	24.30
Total return (6)		7.34	%		6.43	%		25.54	%		12.06	%		(9.74	)%		1.86	%		1.50	%		7.43	%(2)		22.68	%		7.23	%		(1.66	)%(3)		8.09	%
Net assets, end of period (in 000’s)	$	11,747		$	12,591		$	12,007		$	10,881		$	18,702		$	21,044		$	45,012		$	43,565		$	33,618		$	25,098		$	12,458		$	15,795
Ratio of expenses to average net assets		0.49	%(7)		0.53	%		0.50	%		0.50	%		0.51	%		0.52	%		0.48	%(7)		0.51	%		0.50	%		0.50	%		0.51	%		0.52	%
Ratio of net investment income (loss) to average net assets		0.51	%(7)		1.00	%		1.13	%		1.21	%		1.27	%		1.20	%		1.79	%(7)		11.54	%(2)		4.18	%		6.48	%		4.84	%(3)		4.62	%
Portfolio turnover rate (8)		0	%(9)		4	%		13	%		6	%		1	%		10	%		16	%		16	%		7	%		3	%		8	%		6	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share and 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 $2.29 per share and 8.27% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 0.02%.
(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 $0.09 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)%.
(4)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(5)	Amount is less than $0.005 per share.
(6)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(7)	Annualized
(8)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(9)	Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

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459

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Utilities Sector ETF
	Six Months
	Ended
	3/31/15			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	18.81		$	17.72		$	16.39		$	17.38		$	20.55		$	22.78
Income (loss) from investment operations:
Net investment income (loss) (1)		0.21			0.69			0.65			0.85			0.92	(2)		0.82
Net realized and unrealized gain (loss) (3)		(1.81	)		1.04			1.33			(1.24	)		(3.20	)		(2.43	)
Total from investment operations		(1.60	)		1.73			1.98			(0.39	)		(2.28	)		(1.61	)
Net equalization credits and charges (1)		(0.00	)(4)		0.02			0.06			0.14			0.02			0.04
Other capital		—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.21	)		(0.66	)		(0.71	)		(0.74	)		(0.91	)		(0.66	)
Total distributions		(0.21	)		(0.66	)		(0.71	)		(0.74	)		(0.91	)		(0.66	)
Net asset value, end of period	$	17.00		$	18.81		$	17.72		$	16.39		$	17.38		$	20.55
Total return (5)		(8.53	)%		9.86	%		12.79	%		(1.30	)%		(11.45	)%(2)		(6.71	)%
Net assets, end of period (in 000’s)	$	32,304		$	69,587		$	39,868		$	25,403		$	9,561		$	8,221
Ratio of expenses to average net assets		0.48	%(6)		0.50	%		0.50	%		0.50	%		0.51	%		0.52	%
Ratio of net investment income (loss) to average net assets		2.40	%(6)		3.65	%		3.87	%		5.15	%		4.49	%(2)		3.94	%
Portfolio turnover rate (7)		2	%		8	%		1	%		8	%		2	%		5	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(2)	Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.08 per share and 0.39% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (11.75)%.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Amount is less than $0.005 per share.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized
(7)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

460

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS

March 31, 2015 (Unaudited)

1.   Organization

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

As of March 31, 2015, the Trust offered fifty-one (51) 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 EURO STOXX Small Cap ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Russia ETF

SPDR S&P China ETF

SPDR S&P Emerging Markets ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P BRIC 40 ETF

SPDR S&P Emerging Europe ETF

SPDR S&P Emerging Latin America ETF

SPDR S&P Emerging Middle East & Africa ETF

SPDR S&P World ex-US ETF

SPDR S&P International Small Cap ETF

SPDR Dow Jones International Real Estate ETF

SPDR 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 ACWI Low Carbon Target ETF

SPDR MSCI EM 50 ETF

SPDR MSCI EM Beyond BRIC ETF

SPDR MSCI EAFE Quality Mix ETF

SPDR MSCI Emerging Markets Quality Mix ETF

SPDR MSCI World Quality Mix ETF

SPDR MSCI Australia Quality Mix ETF

SPDR MSCI Canada Quality Mix ETF

SPDR MSCI Germany Quality Mix ETF

SPDR MSCI Japan Quality Mix ETF

SPDR MSCI Mexico Quality Mix ETF

SPDR MSCI South Korea Quality Mix ETF

SPDR MSCI Spain Quality Mix ETF

SPDR MSCI Taiwan Quality Mix ETF

SPDR MSCI United Kingdom Quality Mix 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

SPDR S&P International Utilities Sector ETF

On March 31, 2015, the SPDR S&P Small Cap Emerging Asia Pacific ETF Fund was liquidated and closed.

Each Fund is classified as a non-diversified investment company under the 1940 Act.

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.

461

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

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 accounting principles generally accepted in the United States of America (“U.S. GAAP”) which 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 or exchanges when available. Investments in open-ended investment companies are valued at their net asset value each business day. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. Investments in money market funds are valued at the net asset value per share. Money market funds generally value portfolio investments using the amortized cost method as set forth in Rule 2a-7 under the 1940 Act and in accordance with Fund procedures to stabilize net asset value. Fixed income securities are valued on the basis of the closing bid price. The Board has adopted procedures concerning securities valuation, under which an Oversight Committee makes determinations as to whether market quotations are not readily available or do not otherwise accurately reflect the fair value of the security. The Oversight Committee, or a subgroup thereof, 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 exchanges 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

462

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

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 Schedule of Investments.

The following table summarizes the inputs used in valuing the Funds’ investments as of March 31, 2015:

			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total
SPDR STOXX Europe 50 ETF	$	272,179,967	$	—		$	—	*	$	272,179,967
SPDR EURO STOXX 50 ETF		4,817,309,064		—			—	*		4,817,309,064
SPDR EURO STOXX Small Cap ETF		5,117,595		—			—			5,117,595
SPDR S&P Emerging Asia Pacific ETF		778,697,217		556,843			—	*		779,254,060
SPDR S&P Russia ETF		30,465,653		26,428			—			30,492,081
SPDR S&P China ETF		1,218,514,967		2,499,806			—	*		1,221,014,773
SPDR S&P Emerging Markets ETF		205,951,051		214,193			—	*		206,165,244
SPDR S&P Emerging Markets Dividend ETF		482,079,426		—			—			482,079,426
SPDR S&P BRIC 40 ETF		120,141,912		—			—			120,141,912
SPDR S&P Emerging Europe ETF		49,680,534		74,417			—			49,754,951
SPDR S&P Emerging Latin America ETF		37,780,671		5,599			—	*		37,786,270
SPDR S&P Emerging Middle East & Africa ETF		49,756,998		6,605			—			49,763,603
SPDR S&P World ex-US ETF		805,805,685		—	**		—	*		805,805,685
SPDR S&P International Small Cap ETF		787,354,272		1,953,375			—	*		789,307,647
SPDR Dow Jones International Real Estate ETF		5,162,494,583		—	**		—			5,162,494,583
SPDR S&P Global Infrastructure ETF		131,754,083		—			—			131,754,083
SPDR S&P Global Natural Resources ETF		737,644,497		—			—			737,644,497
SPDR MSCI ACWI ex-US ETF		727,392,795		—			—	*		727,392,795
SPDR MSCI ACWI IMI ETF		75,100,464		—			—			75,100,464
SPDR MSCI ACWI Low Carbon Target ETF		89,861,991		6,634			—			89,868,625
SPDR MSCI EM 50 ETF		2,432,526		—			—			2,432,526
SPDR MSCI EM Beyond BRIC ETF		2,954,128		4,158			—			2,958,286
SPDR MSCI EAFE Quality Mix ETF		5,748,518		—			—			5,748,518
SPDR MSCI Emerging Markets Quality Mix ETF		74,366,496		37,716			—			74,404,212
SPDR MSCI World Quality Mix ETF		6,216,859		—			—			6,216,859
SPDR MSCI Australia Quality Mix ETF		2,630,844		—			—			2,630,844
SPDR MSCI Canada Quality Mix ETF		2,698,767		—			—			2,698,767
SPDR MSCI Germany Quality Mix ETF		8,617,410		—			—			8,617,410
SPDR MSCI Japan Quality Mix ETF		6,474,866		—			—			6,474,866
SPDR MSCI Mexico Quality Mix ETF		2,482,959		—			—			2,482,959

463

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total
SPDR MSCI South Korea Quality Mix ETF	$	2,668,093	$	—		$	—		$	2,668,093
SPDR MSCI Spain Quality Mix ETF		2,524,834		—			—			2,524,834
SPDR MSCI Taiwan Quality Mix ETF		6,088,631		—			—			6,088,631
SPDR MSCI United Kingdom Quality Mix ETF		2,692,651		—			—			2,692,651
SPDR Russell/Nomura PRIME Japan ETF		21,245,615		—			—			21,245,615
SPDR Russell/Nomura Small Cap Japan ETF		70,555,879		—	**		—			70,555,879
SPDR S&P Global Dividend ETF		60,958,953		—			—			60,958,953
SPDR S&P International Dividend ETF		1,594,521,130		—			—			1,594,521,130
SPDR S&P International Mid Cap ETF		55,560,610		—	**		—			55,560,610
SPDR S&P Emerging Markets Small Cap ETF		488,958,179		1,059,431			—	*		490,017,610
SPDR Dow Jones Global Real Estate ETF		2,117,154,083		—	**		—			2,117,154,083
SPDR S&P International Consumer Discretionary Sector ETF		15,796,425		—			—			15,796,425
SPDR S&P International Consumer Staples Sector ETF		36,222,892		—			—	*		36,222,892
SPDR S&P International Energy Sector ETF		26,580,229		—			—			26,580,229
SPDR S&P International Financial Sector ETF		11,445,730		1,019			—			11,446,749
SPDR S&P International Health Care Sector ETF		79,425,901		43,586			—			79,469,487
SPDR S&P International Industrial Sector ETF		22,034,744		—			—			22,034,744
SPDR S&P International Materials Sector ETF		6,760,408		—			—	*		6,760,408
SPDR S&P International Technology Sector ETF		12,557,797		—			—			12,557,797
SPDR S&P International Telecommunications Sector ETF		46,665,047		171,401			—			46,836,448
SPDR S&P International Utilities Sector ETF		33,885,688		—			—			33,885,688

*	Fund held Level 3 securities that were valued at $0 at March 31, 2015.
**	Fund held Level 2 securities that were valued at $0 at March 31, 2015.

				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	$	(29,406	)	$	—	$	—	$	(29,406	)

* Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

There were no material transfers between levels for the six months ended March 31, 2015. The transfers that did occur were the result of fair value pricing using significant observable inputs for Level 2 securities and significant unobservable inputs for Level 3 securities.

Investment Income

Dividend income is recorded on the ex-dividend date, except for certain foreign dividends for which the Funds may not record until they receive notice of the dividend which could result in the Funds recording on pay date. Interest income is recorded on the accrual basis. The value of certain additional securities received as dividend payments is recorded as dividend income and as an increase to the cost basis of such securities.

464

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

Expenses

Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees’ fees and other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds.

Equalization

Certain Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

The SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P Global Infrastructure ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Taiwan Quality Mix 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 do not utilize equalization.

Investment Transactions

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

Foreign Currency Translation and Foreign Investments

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.

465

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

Futures

SPDR S&P Emerging Markets ETF used futures contracts during the period in seeking to meet the Fund’s objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on analysis of various risk factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

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

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

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

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

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

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statements of Assets and Liabilities.

A summary of the open futures contracts as of March 31, 2015 is included in a table following the Fund’s Schedule of Investments.

466

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

The following tables summarize the value of the Fund’s derivative instruments as of March 31, 2015 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

$

—

$

—

$

—

$

200,459

$

—

$

—

$

200,459

(a) Initial margin deposit on futures

Liability Derivatives

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

$

—

$

—

$

—

$

29,406

$

—

$

—

$

29,406

(a) Payable for variation margin on futures contracts

Realized Gain (Loss)

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

$

—

$

—

$

—

$

271,676

$

—

$

—

$

271,676

(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

$

—

$

—

$

—

$

19,987

$

—

$

—

$

19,987

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

During the period ended March 31, 2015, average notional value related to futures contracts was $3,523,050 or 1.8% of net assets.

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

467

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

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.

For the six months ended March 31, 2015, 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	$	2,167,406
SPDR EURO STOXX 50 ETF		158,204,659
SPDR EURO STOXX Small Cap ETF		(262,097	)
SPDR S&P Emerging Asia Pacific ETF		5,056,503
SPDR S&P Russia ETF		558,137
SPDR S&P China ETF		—
SPDR S&P Emerging Markets ETF		3,662,757
SPDR S&P Emerging Markets Dividend ETF		362,163
SPDR S&P BRIC 40 ETF		(3,618,336	)
SPDR S&P Emerging Europe ETF		(372,946	)
SPDR S&P Emerging Latin America ETF		(2,301,681	)
SPDR S&P Emerging Middle East & Africa ETF		(61,771	)
SPDR S&P World ex-US ETF		27,431,694
SPDR S&P International Small Cap ETF		755,882
SPDR Dow Jones International Real Estate ETF		52,474,176
SPDR S&P Global Infrastructure ETF		—
SPDR S&P Global Natural Resources ETF		3,949,668
SPDR MSCI ACWI ex-US ETF		6,307,791
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		—
SPDR MSCI EM Beyond BRIC ETF		—
SPDR MSCI EAFE Quality Mix ETF		—
SPDR MSCI Emerging Markets Quality Mix ETF		—
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		(237,317	)

468

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Net Gain (Loss)
	Reclassified to
	Paid in Capital
SPDR MSCI Canada Quality Mix ETF	$	—
SPDR MSCI Germany Quality Mix ETF		(370,548	)
SPDR MSCI Japan Quality Mix ETF		—
SPDR MSCI Mexico Quality Mix ETF		—
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		(898,961	)
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		(149,579	)
SPDR Russell/Nomura PRIME Japan ETF		(604,697	)
SPDR Russell/Nomura Small Cap Japan ETF		(885,306	)
SPDR S&P Global Dividend ETF		—
SPDR S&P International Dividend ETF		4,031,809
SPDR S&P International Mid Cap ETF		3,244,764
SPDR S&P Emerging Markets Small Cap ETF		(3,225,886	)
SPDR Dow Jones Global Real Estate ETF		3,981,109
SPDR S&P International Consumer Discretionary Sector ETF		833,309
SPDR S&P International Consumer Staples Sector ETF		1,907,558
SPDR S&P International Energy Sector ETF		(25,912	)
SPDR S&P International Financial Sector ETF		66,209
SPDR S&P International Health Care Sector ETF		4,621,608
SPDR S&P International Industrial Sector ETF		583,249
SPDR S&P International Materials Sector ETF		(453,176	)
SPDR S&P International Technology Sector ETF		326,514
SPDR S&P International Telecommunications Sector ETF		607,252
SPDR S&P International Utilities Sector ETF		4,172,125

At March 31, 2015, the Funds had the following capital loss carryforwards which may be utilized to offset any net realized capital gains expiring September 30:

									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term
SPDR STOXX Europe 50 ETF	$	—	$	5,783,115	$	6,195,941	$	2,032,222	$	1,089,650	$	10,808,176
SPDR EURO STOXX 50 ETF		—		6,389,360		14,945,357		8,709,645		15,185,632		92,940,324
SPDR EURO STOXX Small Cap ETF		—		—		—		—		249,290		—
SPDR S&P Emerging Asia Pacific ETF		—		—		—		—		1,142,305		26,013,490
SPDR S&P Russia ETF		—		—		—		—		1,523,061		1,891,833
SPDR S&P China ETF		—		2,685,375		3,455,043		20,718,358		8,734,321		53,123,393
SPDR S&P Emerging Markets ETF		—		—		—		—		582,498		9,140,080
SPDR S&P Emerging Markets Dividend ETF		—		—		—		362,314		57,555,780		42,523,992
SPDR S&P BRIC 40 ETF		—		399,946		37,661,979		9,992,324		4,310,093		38,087,235
SPDR S&P Emerging Europe ETF		—		5,912,354		8,992,073		9,348,438		1,163,263		15,231,635
SPDR S&P Emerging Latin America ETF		—		3,111,521		3,011,913		2,259,987		2,908,682		6,363,321

469

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term
SPDR S&P Emerging Middle East & Africa ETF	$	—	$	1,967,866	$	10,818,456	$	1,720,229	$	557,995	$	7,902,508
SPDR S&P World ex-US ETF		—		—		—		—		—		—
SPDR S&P International Small Cap ETF		—		—		—		—		—		—
SPDR Dow Jones International Real Estate ETF		2,568,760		37,378,612		162,058,595		64,649,806		50,986,737		286,948,987
SPDR S&P Global Infrastructure ETF		—		246,762		3,044,553		1,744,492		—		10,575,681
SPDR S&P Global Natural Resources ETF		—		—		—		—		12,984,506		47,235,119
SPDR MSCI ACWI ex-US ETF		—		2,856,017		36,957,682		2,453,209		2,549,284		14,939,808
SPDR MSCI ACWI IMI ETF		—		—		—		—		—		—
SPDR MSCI EM 50 ETF		—		—		—		—		34,952		72,279
SPDR MSCI EM Beyond BRIC ETF		—		—		—		—		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI World Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Australia Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Canada Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Germany Quality Mix ETF		—		—		—		—		3,817		—
SPDR MSCI Japan Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—		—		—		683		—
SPDR MSCI South Korea Quality Mix ETF		—		—		—		—		1,151		—
SPDR MSCI Spain Quality Mix ETF		—		—		—		—		3,063		—
SPDR MSCI Taiwan Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI United Kingdom Quality Mix ETF		—		—		—		—		5		—
SPDR Russell/Nomura PRIME Japan ETF		—		367,543		574,285		91,148		—		596,806
SPDR Russell/Nomura Small Cap Japan ETF		—		1,812,297		3,384,327		20,536		159,130		2,823,295
SPDR S&P Global Dividend ETF		—		—		—		—		—		—
SPDR S&P International Dividend ETF		—		—		13,759,514		—		50,772,412		53,715,890
SPDR S&P International Mid Cap ETF		—		—		—		—		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		—		—		—		—		26,981,515
SPDR Dow Jones Global Real Estate ETF		—		103,944		4,030,131		1,089,710		11,554,631		—
SPDR S&P International Consumer Discretionary Sector ETF		—		—		—		—		16,270		118
SPDR S&P International Consumer Staples Sector ETF		—		—		—		1,783		—		—
SPDR S&P International Energy Sector ETF		—		4,624		119,106		316,377		—		311,573
SPDR S&P International Financial Sector ETF		—		39,777		563,054		43,972		18,903		373,740
SPDR S&P International Health Care Sector ETF		—		—		—		—		—		—
SPDR S&P International Industrial Sector ETF		—		4,087		41,800		85,376		4,642		375,387
SPDR S&P International Materials Sector ETF		—		60,733		154,398		205,070		—		588,984
SPDR S&P International Technology Sector ETF		—		—		—		—		—		380,372
SPDR S&P International Telecommunications Sector ETF		—		2,618		97,364		213,502		85,247		1,387,435
SPDR S&P International Utilities Sector ETF		—		16,137		130,798		182,287		—		2,732,087

470

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

During the tax year ended June 30, 2014, 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 EURO STOXX Small Cap ETF		—		—
SPDR S&P Emerging Asia Pacific ETF		—		—
SPDR S&P Russia ETF		—		—
SPDR S&P China ETF		—		—
SPDR S&P Emerging Markets ETF		—		—
SPDR S&P Emerging Markets Dividend ETF		—		—
SPDR S&P BRIC 40 ETF		—		—
SPDR S&P Emerging Europe ETF		—		—
SPDR S&P Emerging Latin America ETF		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		—
SPDR S&P World ex-US ETF		5,052,440		—
SPDR S&P International Small Cap ETF		32,235,568		—
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		717,042		—
SPDR MSCI ACWI IMI ETF		—		—
SPDR MSCI EM 50 ETF		10,394		—
SPDR MSCI EM Beyond BRIC ETF		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—
SPDR MSCI World Quality Mix ETF		—		—
SPDR MSCI Australia Quality Mix ETF		—		—
SPDR MSCI Canada Quality Mix ETF		—		—
SPDR MSCI Germany Quality Mix ETF		—		—
SPDR MSCI Japan Quality Mix ETF		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—
SPDR MSCI South Korea Quality Mix ETF		—		—
SPDR MSCI Spain Quality Mix ETF		—		—
SPDR MSCI Taiwan Quality Mix ETF		—		—
SPDR MSCI United Kingdom Quality Mix 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		55,267,992		—
SPDR S&P International Mid Cap ETF		—		—
SPDR S&P Emerging Markets Small Cap ETF		5,866,081		—
SPDR Dow Jones Global Real Estate ETF		—		—

471

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Amount Utilized		Amount Expired
SPDR S&P International Consumer Discretionary Sector ETF	$	8,614	$	—
SPDR S&P International Consumer Staples Sector ETF		14,999		—
SPDR S&P International Energy Sector ETF		—		—
SPDR S&P International Financial Sector ETF		—		—
SPDR S&P International Health Care Sector ETF		497,639		—
SPDR S&P International Industrial Sector ETF		—		—
SPDR S&P International Materials Sector ETF		—		—
SPDR S&P International Technology Sector ETF		33,412		—
SPDR S&P International Telecommunications Sector ETF		—		—
SPDR S&P International Utilities Sector ETF		—		—

Under current tax laws, certain capital and foreign currency losses realized after October 31 and ordinary income losses realized after December 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds elected for federal income tax purposes to defer the following current year post October 31 and post December 31 losses, as applicable, as though the losses were incurred on the first day of the next fiscal year:

	Post October		Late Year
	Capital Loss Deferral		Ordinary Loss Deferral
SPDR STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR EURO STOXX Small Cap ETF		—		—
SPDR S&P Emerging Asia Pacific ETF		—		—
SPDR S&P Russia ETF		—		—
SPDR S&P China ETF		—		—
SPDR S&P Emerging Markets ETF		—		—
SPDR S&P Emerging Markets Dividend ETF		—		—
SPDR S&P BRIC 40 ETF		—		—
SPDR S&P Emerging Europe ETF		—		—
SPDR S&P Emerging Latin America ETF		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		—
SPDR S&P World ex-US ETF		—		—
SPDR S&P International Small Cap ETF		—		—
SPDR Dow Jones International Real Estate ETF		—		—
SPDR 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 MSCI EM Beyond BRIC ETF		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—
SPDR MSCI World Quality Mix ETF		—		—
SPDR MSCI Australia Quality Mix ETF		—		—
SPDR MSCI Canada Quality Mix ETF		—		—

472

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Post October			Late Year
	Capital Loss Deferral			Ordinary Loss Deferral
SPDR MSCI Germany Quality Mix ETF	$	—		$	—
SPDR MSCI Japan Quality Mix ETF		—			—
SPDR MSCI Mexico Quality Mix ETF		—			—
SPDR MSCI South Korea Quality Mix ETF		—			—
SPDR MSCI Spain Quality Mix ETF		—			—
SPDR MSCI Taiwan Quality Mix ETF		—			—
SPDR MSCI United Kingdom Quality Mix 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		(747	)		—
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		—			—

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 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 EURO STOXX Small Cap ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR 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 ACWI Low Carbon Target ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR

473

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

MSCI South Korea Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix 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 EURO STOXX Small Cap ETF		0.45
SPDR S&P Emerging Asia Pacific ETF		0.49
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		0.49
SPDR S&P BRIC 40 ETF		0.49
SPDR S&P Emerging Europe ETF		0.49
SPDR S&P Emerging Latin America ETF		0.49
SPDR S&P Emerging Middle East & Africa ETF		0.49
SPDR S&P World ex-US ETF		0.34
SPDR S&P International Small Cap ETF		0.40
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 ACWI Low Carbon Target ETF		0.30
SPDR MSCI EM 50 ETF		0.50
SPDR MSCI EM Beyond BRIC ETF		0.49
SPDR MSCI EAFE Quality Mix ETF		0.30
SPDR MSCI Emerging Markets Quality Mix ETF		0.30
SPDR MSCI World Quality Mix ETF		0.30
SPDR MSCI Australia Quality Mix ETF		0.30
SPDR MSCI Canada Quality Mix ETF		0.30
SPDR MSCI Germany Quality Mix ETF		0.30
SPDR MSCI Japan Quality Mix ETF		0.30
SPDR MSCI Mexico Quality Mix ETF		0.40

474

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Annual Rate
SPDR MSCI South Korea Quality Mix ETF		0.40	%
SPDR MSCI Spain Quality Mix ETF		0.30
SPDR MSCI Taiwan Quality Mix ETF		0.40
SPDR MSCI United Kingdom Quality Mix ETF		0.30
SPDR Russell/Nomura PRIME Japan ETF		0.30
SPDR Russell/Nomura Small Cap Japan ETF		0.40
SPDR S&P Global Dividend ETF		0.40
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		0.40
SPDR S&P International Consumer Staples Sector ETF		0.40
SPDR S&P International Energy Sector ETF		0.40
SPDR S&P International Financial Sector ETF		0.40
SPDR S&P International Health Care Sector ETF		0.40
SPDR S&P International Industrial Sector ETF		0.40
SPDR S&P International Materials Sector ETF		0.40
SPDR S&P International Technology Sector ETF		0.40
SPDR S&P International Telecommunications Sector ETF		0.40
SPDR S&P International Utilities Sector ETF		0.40

Prior to February 3, 2015, the Advisory fee for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF and SPDR S&P International Small Cap ETF was 0.59%; SPDR Russell/Nomura Small Cap Japan ETF and SPDR MSCI EM Beyond BRIC ETF were 0.55%; and SPDR S&P BRIC 40 ETF, SPDR Russell/Nomura PRIME Japan 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 was 0.50%.

The Adviser has contractually agreed to waive its advisory fee and reimburse certain expenses, until January 31, 2017, so that the Net annual Fund operating expenses of the SPDR MSCI ACWI Low Carbon Target ETF will be limited to 0.20% of the Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of the Fund and, therefore, do not include the Fund’s acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2017, the waiver may be cancelled or modified at any time.

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.

During the year ended September 30, 2014 the Adviser made a contribution of $9,863 to the SPDR EURO STOXX Small Cap ETF in connection with a portfolio investment matter. This amount can be found on the Statments of Changes in Net Assets.

475

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser.

State Street also acts as the securities lending agent for the Funds, 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 are 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 period ended March 31, 2015, State Street earned securities lending agent fees from the following Funds:

	Securities Lending
	Agent Fees
SPDR STOXX Europe 50 ETF	$	38,642
SPDR EURO STOXX 50 ETF		1,728,812
SPDR EURO STOXX Small Cap ETF		—
SPDR S&P Emerging Asia Pacific ETF		267,725
SPDR S&P Russia ETF		—
SPDR S&P China ETF		1,039,688
SPDR S&P Emerging Markets ETF		55,801
SPDR S&P Emerging Markets Dividend ETF		322,872
SPDR S&P BRIC 40 ETF		14,822
SPDR S&P Emerging Europe ETF		661
SPDR S&P Emerging Latin America ETF		9,892
SPDR S&P Emerging Middle East & Africa ETF		5,686
SPDR S&P World ex-US ETF		208,641
SPDR S&P International Small Cap ETF		674,156
SPDR Dow Jones International Real Estate ETF		845,802
SPDR S&P Global Infrastructure ETF		25,570
SPDR S&P Global Natural Resources ETF		116,198
SPDR MSCI ACWI ex-US ETF		141,809
SPDR MSCI ACWI IMI ETF		12,525
SPDR MSCI ACWI Low Carbon Target ETF		—
SPDR MSCI EM 50 ETF		—
SPDR MSCI EM Beyond BRIC ETF		247
SPDR MSCI EAFE Quality Mix ETF		181
SPDR MSCI Emerging Markets Quality Mix ETF		—
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		—
SPDR MSCI Canada Quality Mix ETF		—
SPDR MSCI Germany Quality Mix ETF		—
SPDR MSCI Japan Quality Mix ETF		—
SPDR MSCI Mexico Quality Mix ETF		—

476

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Securities Lending
	Agent Fees
SPDR MSCI South Korea Quality Mix ETF	$	—
SPDR MSCI Spain Quality Mix ETF		—
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		—
SPDR Russell/Nomura PRIME Japan ETF		3,579
SPDR Russell/Nomura Small Cap Japan ETF		45,361
SPDR S&P Global Dividend ETF		19,592
SPDR S&P International Dividend ETF		1,044,975
SPDR S&P International Mid Cap ETF		30,529
SPDR S&P Emerging Markets Small Cap ETF		318,990
SPDR Dow Jones Global Real Estate ETF		132,970
SPDR S&P International Consumer Discretionary Sector ETF		7,125
SPDR S&P International Consumer Staples Sector ETF		3,907
SPDR S&P International Energy Sector ETF		8,321
SPDR S&P International Financial Sector ETF		2,654
SPDR S&P International Health Care Sector ETF		6,744
SPDR S&P International Industrial Sector ETF		5,469
SPDR S&P International Materials Sector ETF		1,029
SPDR S&P International Technology Sector ETF		3,862
SPDR S&P International Telecommunications Sector ETF		8,176
SPDR S&P International Utilities Sector ETF		25,369

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 (a “Participating Party”, i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC, a clearing agency that is registered with the SEC; or a DTC Participant) in certain creation and redemption activities for which the Distributor receives commissions from Authorized Participants. In addition, the Distributor receives compensation from State Street associated with on-line creation and redemption activity of Authorized Participants.

Trustees’ Fees

Effective July 1, 2014, 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 $185,000 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.

477

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

Prior to July 1, 2014, the Trusts paid, 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 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

The following Funds invested in an affiliated company, State Street Corp. Amounts relating to these investments at March 31, 2015 and for the period then ended are:

	Number of												Number of
	Shares Held		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 9/30/14		9/30/14		Cost		Shares		Proceeds		Shares		at 3/31/15		3/31/15		Income		Gain/(Loss)
SPDR MSCI ACWI IMI ETF		932	$	68,605	$	8,230		105	$	—		—		1,037	$	76,251	$	622	$	—
SPDR MSCI ACWI Low Carbon Target ETF		—		—		93,004		1,188		—		—		1,188		87,354		713		—
SPDR MSCI World Quality Mix ETF		36		2,650		—		—		—		—		36		2,647		22		—

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund- Premier Class (formerly 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 State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”), for which SSGA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at March 31, 2015 and for the period then ended are:

	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/14		Cost		Shares		Proceeds		Shares		3/31/15		Income
SPDR STOXX Europe 50 ETF	$	1,265,544	$	3,889,658		3,889,658	$	2,908,166		2,908,166	$	2,247,036	$	92
SPDR EURO STOXX 50 ETF		11,687,767		36,963,266		36,963,266		43,379,567		43,379,567		5,271,466		1,079
SPDR EURO STOXX Small Cap ETF		11,709		56,610		56,610		67,762		67,762		557		2
SPDR S&P Emerging Asia Pacific ETF		4,643,520		37,082,512		37,082,512		39,336,222		39,336,222		2,389,810		1,295
SPDR S&P Russia ETF		38,242		1,291,235		1,291,235		1,050,564		1,050,564		278,913		80
SPDR S&P China ETF		948,043		96,184,196		96,184,196		95,473,978		95,473,978		1,658,261		787
SPDR S&P Emerging Markets ETF		2,601,157		21,952,856		21,952,856		22,765,057		22,765,057		1,788,956		755
SPDR S&P Emerging Markets Dividend ETF		8,920,769		51,373,115		51,373,115		59,252,935		59,252,935		1,040,949		446
SPDR S&P BRIC 40 ETF		526,416		4,371,488		4,371,488		4,448,542		4,448,542		449,362		129
SPDR S&P Emerging Europe ETF		4,982		1,985,276		1,985,276		1,816,675		1,816,675		173,583		58
SPDR S&P Emerging Latin America ETF		—		1,247,382		1,247,382		1,228,951		1,228,951		18,431		52
SPDR S&P Emerging Middle East & Africa ETF		—		1,887,584		1,887,584		1,887,584		1,887,584		—		17
SPDR S&P World ex-US ETF		—		12,752,902		12,752,902		12,308,675		12,308,675		444,227		201
SPDR S&P International Small Cap ETF		1,813,375		87,532,456		87,532,456		87,993,911		87,993,911		1,351,920		2,011
SPDR Dow Jones International Real Estate ETF		34,936,010		92,288,663		92,288,663		100,533,749		100,533,749		26,690,924		2,348

478

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/14		Cost		Shares		Proceeds		Shares		3/31/15		Income
SPDR S&P Global Infrastructure ETF	$	71,982	$	3,464,561		3,464,561	$	3,328,317		3,328,317	$	208,226	$	83
SPDR S&P Global Natural Resources ETF		1,378,033		21,916,298		21,916,298		22,532,498		22,532,498		761,833		551
SPDR MSCI ACWI ex-US ETF		172,949		8,284,942		8,284,942		8,457,891		8,457,891		—		202
SPDR MSCI ACWI IMI ETF		151,005		1,304,394		1,304,394		1,189,762		1,189,762		265,637		104
SPDR MSCI ACWI Low Carbon Target ETF		—		589,617		589,617		458,141		458,141		131,476		14
SPDR MSCI EM 50 ETF		266		116,911		116,911		114,370		114,370		2,807		3
SPDR MSCI EM Beyond BRIC ETF		—		51,440		51,440		50,820		50,820		620		1
SPDR MSCI EAFE Quality Mix ETF		1,339		72,872		72,872		73,663		73,663		548		3
SPDR MSCI Emerging Markets Quality Mix ETF		9,513		20,221,773		20,221,773		20,049,716		20,049,716		181,570		91
SPDR MSCI World Quality Mix ETF		10,265		263,989		263,989		271,786		271,786		2,468		6
SPDR MSCI Australia Quality Mix ETF		—		261,770		261,770		259,026		259,026		2,744		4
SPDR MSCI Canada Quality Mix ETF		2,012		59,697		59,697		59,916		59,916		1,793		2
SPDR MSCI Germany Quality Mix ETF		722		6,924		6,924		6,952		6,952		694		—
SPDR MSCI Japan Quality Mix ETF		1,009		55,063		55,063		55,231		55,231		841		1
SPDR MSCI Mexico Quality Mix ETF		479		1,848		1,848		2,128		2,128		199		—
SPDR MSCI South Korea Quality Mix ETF		5,570		45,159		45,159		47,885		47,885		2,844		2
SPDR MSCI Spain Quality Mix ETF		6		201,601		201,601		201,041		201,041		566		4
SPDR MSCI Taiwan Quality Mix ETF		35,826		14,209		14,209		48,295		48,295		1,740		3
SPDR MSCI United Kingdom Quality Mix ETF		8,151		97,850		97,850		103,328		103,328		2,673		2
SPDR Russell/Nomura PRIME Japan ETF		21,841		915,626		915,626		918,417		918,417		19,050		20
SPDR Russell/Nomura Small Cap Japan ETF		96,763		651,603		651,603		691,712		691,712		56,654		19
SPDR S&P Global Dividend ETF		259,380		1,283,856		1,283,856		1,172,439		1,172,439		370,797		30
SPDR S&P International Dividend ETF		14,252,632		65,122,498		65,122,498		72,597,822		72,597,822		6,777,308		997
SPDR S&P International Mid Cap ETF		36,002		6,265,472		6,265,472		6,256,231		6,256,231		45,243		147
SPDR S&P Emerging Markets Small Cap ETF		—		29,166,919		29,166,919		28,712,949		28,712,949		453,970		596
SPDR Dow Jones Global Real Estate ETF		13,698,796		46,583,996		46,583,996		48,102,248		48,102,248		12,180,544		1,458
SPDR S&P International Consumer Discretionary Sector ETF		51,426		252,407		252,407		277,515		277,515		26,318		11
SPDR S&P International Consumer Staples Sector ETF		245,715		407,116		407,116		484,640		484,640		168,191		17
SPDR S&P International Energy Sector ETF		140,815		459,290		459,290		450,815		450,815		149,290		12
SPDR S&P International Financial Sector ETF		130,752		416,300		416,300		491,758		491,758		55,294		15
SPDR S&P International Health Care Sector ETF		90,513		907,802		907,802		482,079		482,079		516,236		28
SPDR S&P International Industrial Sector ETF		44,378		307,133		307,133		259,861		259,861		91,650		10
SPDR S&P International Materials Sector ETF		62,190		54,553		54,553		84,965		84,965		31,778		4
SPDR S&P International Technology Sector ETF		6,109		176,682		176,682		168,161		168,161		14,630		6
SPDR S&P International Telecommunications Sector ETF		262,882		1,725,341		1,725,341		1,942,293		1,942,293		45,930		51
SPDR S&P International Utilities Sector ETF		554,052		929,196		929,196		1,421,177		1,421,177		62,071		26

	Value at		Purchased				Sold				Value at		Income from
Prime Portfolio	9/30/14		Cost		Shares		Proceeds		Shares		3/31/15		Cash Collateral
SPDR STOXX Europe 50 ETF	$	3,067,594	$	53,824,966		53,824,966	$	46,008,302		46,008,302	$	10,884,258	$	38,642
SPDR EURO STOXX 50 ETF		58,567,565		1,220,539,488		1,220,539,488		1,133,319,671		1,133,319,671		145,787,382		1,728,812
SPDR S&P Emerging Asia Pacific ETF		37,269,587		98,026,399		98,026,399		93,419,150		93,419,150		41,876,836		267,725
SPDR S&P Small Cap Emerging Asia Pacific ETF		121,952		394,771		394,771		516,723		516,723		—		2,490
SPDR S&P China ETF		107,999,843		98,460,563		98,460,563		102,938,547		102,938,547		103,521,859		1,039,688
SPDR S&P Emerging Markets ETF		16,220,774		32,475,535		32,475,535		39,482,310		39,482,310		9,213,999		55,801

479

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Value at		Purchased				Sold				Value at		Income from
Prime Portfolio	9/30/14		Cost		Shares		Proceeds		Shares		3/31/15		Cash Collateral
SPDR S&P Emerging Markets Dividend ETF	$	86,295,235	$	126,300,123		126,300,123	$	153,619,748		153,619,748	$	58,975,610	$	322,872
SPDR S&P BRIC 40 ETF		7,484,526		59,350,069		59,350,069		56,839,837		56,839,837		9,994,758		14,822
SPDR S&P Emerging Europe ETF		—		977,776		977,776		899,776		899,776		78,000		661
SPDR S&P Emerging Latin America ETF		3,699,954		25,208,906		25,208,906		24,278,499		24,278,499		4,630,361		9,892
SPDR S&P Emerging Middle East & Africa ETF		2,557,190		10,854,709		10,854,709		11,753,308		11,753,308		1,658,591		5,686
SPDR S&P World ex-US ETF		45,988,685		115,400,562		115,400,562		106,067,195		106,067,195		55,322,052		208,641
SPDR S&P International Small Cap ETF		88,577,906		75,759,814		75,759,814		72,035,563		72,035,563		92,302,157		674,156
SPDR Dow Jones International Real Estate ETF		50,286,709		1,251,447,187		1,251,447,187		1,216,289,540		1,216,289,540		85,444,356		845,802
SPDR S&P Global Infrastructure ETF		15,919,982		76,782,061		76,782,061		81,568,129		81,568,129		11,133,914		25,570
SPDR S&P Global Natural Resources ETF		25,897,021		334,304,032		334,304,032		290,591,070		290,591,070		69,609,983		116,198
SPDR MSCI ACWI ex-US ETF		28,112,331		113,595,570		113,595,570		96,114,897		96,114,897		45,593,004		141,809
SPDR MSCI ACWI IMI ETF		9,719,463		53,662,714		53,662,714		53,613,685		53,613,685		9,768,492		12,525
SPDR MSCI EM 50 ETF		141,809		1,469,875		1,469,875		1,505,065		1,505,065		106,619		247
SPDR MSCI EM Beyond BRIC ETF		67,275		353,944		353,944		350,553		350,553		70,666		181
SPDR Russell/Nomura PRIME Japan ETF		3,923,260		6,821,028		6,821,028		8,135,258		8,135,258		2,609,030		3,579
SPDR Russell/Nomura Small Cap Japan ETF		13,400,169		12,092,870		12,092,870		16,823,205		16,823,205		8,669,834		45,361
SPDR S&P Global Dividend ETF		5,629,316		23,911,970		23,911,970		21,180,056		21,180,056		8,361,230		19,592
SPDR S&P International Dividend ETF		219,686,389		526,366,322		526,366,322		489,259,424		489,259,424		256,793,287		1,044,975
SPDR S&P International Mid Cap ETF		8,645,480		11,690,271		11,690,271		14,827,682		14,827,682		5,508,069		30,529
SPDR S&P Emerging Markets Small Cap ETF		24,209,724		43,549,091		43,549,091		39,031,651		39,031,651		28,727,164		318,990
SPDR Dow Jones Global Real Estate ETF		36,031,602		292,170,936		292,170,936		304,237,783		304,237,783		23,964,755		132,970
SPDR S&P International Consumer Discretionary Sector ETF		3,636,022		8,165,910		8,165,910		9,952,198		9,952,198		1,849,734		7,125
SPDR S&P International Consumer Staples Sector ETF		2,614,374		10,697,214		10,697,214		11,215,605		11,215,605		2,095,983		3,907
SPDR S&P International Energy Sector ETF		2,934,069		9,353,817		9,353,817		9,787,758		9,787,758		2,500,128		8,321
SPDR S&P International Financial Sector ETF		443,839		3,963,836		3,963,836		3,594,468		3,594,468		813,207		2,654
SPDR S&P International Health Care Sector ETF		5,250,532		10,254,865		10,254,865		10,984,905		10,984,905		4,520,492		6,744
SPDR S&P International Industrial Sector ETF		2,817,118		6,178,711		6,178,711		6,630,988		6,630,988		2,364,841		5,469
SPDR S&P International Materials Sector ETF		790,923		1,742,424		1,742,424		2,017,582		2,017,582		515,765		1,029
SPDR S&P International Technology Sector ETF		1,440,406		5,046,926		5,046,926		5,643,126		5,643,126		844,206		3,862
SPDR S&P International Telecommunications Sector ETF		3,490,997		14,640,279		14,640,279		16,199,253		16,199,253		1,932,023		8,176
SPDR S&P International Utilities Sector ETF		3,015,709		17,549,105		17,549,105		18,902,615		18,902,615		1,662,199		25,369

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 EURO STOXX Small Cap 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 MSCI EM Beyond BRIC ETF, SPDR MSCI Australia Quality Mix ETF , SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix 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,

480

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

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 MSCI ACWI Low Carbon Target ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF , SPDR MSCI World Quality Mix ETF , SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging Markets Small Cap ETF, and SPDR Dow Jones Global Real Estate ETF and 200,000 shares for SPDR S&P World ex-US ETF, SPDR MSCI ACWI ex-US ETF and SPDR Russell/Nomura PRIME Japan ETF. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Funds on the transaction date. Transaction fees ranging from $500 to $12,000 per Creation Unit for each Fund, regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.

5.   Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation at March 31, 2015 was as follows:

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR STOXX Europe 50 ETF	$	290,055,181	$	10,159,313	$	28,034,527	$	(17,875,214	)
SPDR EURO STOXX 50 ETF		4,796,554,346		266,367,534		245,612,816		20,754,718
SPDR EURO STOXX Small Cap ETF		5,611,435		163,051		656,891		(493,840	)
SPDR S&P Emerging Asia Pacific ETF		688,466,256		144,613,629		53,825,825		90,787,804
SPDR S&P Russia ETF		44,412,224		195,893		14,116,036		(13,920,143	)
SPDR S&P China ETF		1,120,575,728		212,210,950		111,771,905		100,439,045
SPDR S&P Emerging Markets ETF		227,982,654		28,124,777		49,942,187		(21,817,410	)
SPDR S&P Emerging Markets Dividend ETF		533,492,740		24,730,680		76,143,994		(51,413,314	)
SPDR S&P BRIC 40 ETF		141,623,569		12,757,018		34,238,675		(21,481,657	)
SPDR S&P Emerging Europe ETF		90,565,310		1,313,683		42,124,042		(40,810,359	)
SPDR S&P Emerging Latin America ETF		63,949,824		3,134,561		29,298,115		(26,163,554	)
SPDR S&P Emerging Middle East & Africa ETF		55,235,235		11,853,477		17,325,109		(5,471,632	)
SPDR S&P World ex-US ETF		772,032,941		96,316,524		62,543,780		33,772,744
SPDR S&P International Small Cap ETF		863,756,792		85,815,538		160,264,683		(74,449,145	)
SPDR Dow Jones International Real Estate ETF		4,447,571,491		845,335,582		130,412,490		714,923,092
SPDR S&P Global Infrastructure ETF		129,154,099		11,111,790		8,511,806		2,599,984
SPDR S&P Global Natural Resources ETF		827,353,962		28,308,557		118,018,022		(89,709,465	)
SPDR MSCI ACWI ex-US ETF		743,584,624		83,103,280		99,295,109		(16,191,829	)
SPDR MSCI ACWI IMI ETF		73,135,811		5,909,691		3,945,038		1,964,653
SPDR MSCI ACWI Low Carbon Target ETF		88,484,981		4,290,485		2,906,841		1,383,644
SPDR MSCI EM 50 ETF		2,595,727		258,552		421,753		(163,201	)
SPDR MSCI EM Beyond BRIC ETF		3,107,870		241,174		390,758		(149,584	)

481

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR MSCI EAFE Quality Mix ETF	$	5,999,473	$	281,083	$	532,038	$	(250,955	)
SPDR MSCI Emerging Markets Quality Mix ETF		73,684,243		3,214,259		2,494,290		719,969
SPDR MSCI World Quality Mix ETF		6,039,757		512,995		335,893		177,102
SPDR MSCI Australia Quality Mix ETF		3,003,720		45,816		418,692		(372,876	)
SPDR MSCI Canada Quality Mix ETF		3,008,365		123,036		432,634		(309,598	)
SPDR MSCI Germany Quality Mix ETF		8,463,827		400,463		246,880		153,583
SPDR MSCI Japan Quality Mix ETF		5,983,094		703,840		212,068		491,772
SPDR MSCI Mexico Quality Mix ETF		2,980,131		14,897		512,069		(497,172	)
SPDR MSCI South Korea Quality Mix ETF		2,949,258		125,764		406,929		(281,165	)
SPDR MSCI Spain Quality Mix ETF		3,066,575		35,869		577,610		(541,741	)
SPDR MSCI Taiwan Quality Mix ETF		5,989,972		335,521		236,862		98,659
SPDR MSCI United Kingdom Quality Mix ETF		3,004,722		52,912		364,983		(312,071	)
SPDR Russell/Nomura PRIME Japan ETF		23,400,513		1,443,915		3,598,813		(2,154,898	)
SPDR Russell/Nomura Small Cap Japan ETF		74,818,652		6,738,710		11,001,483		(4,262,773	)
SPDR S&P Global Dividend ETF		61,609,379		2,004,027		2,654,453		(650,426	)
SPDR S&P International Dividend ETF		1,717,586,688		51,360,618		174,426,176		(123,065,558	)
SPDR S&P International Mid Cap ETF		57,655,775		3,175,871		5,271,036		(2,095,165	)
SPDR S&P Emerging Markets Small Cap ETF		589,096,249		59,305,569		158,384,208		(99,078,639	)
SPDR Dow Jones Global Real Estate ETF		1,849,704,779		291,803,331		24,354,027		267,449,304
SPDR S&P International Consumer Discretionary Sector ETF		15,206,379		1,719,573		1,129,527		590,046
SPDR S&P International Consumer Staples Sector ETF		33,529,327		4,636,050		1,942,485		2,693,565
SPDR S&P International Energy Sector ETF		33,518,109		138,448		7,076,328		(6,937,880	)
SPDR S&P International Financial Sector ETF		12,556,751		430,594		1,540,596		(1,110,002	)
SPDR S&P International Health Care Sector ETF		68,046,442		12,354,780		931,735		11,423,045
SPDR S&P International Industrial Sector ETF		22,311,396		1,606,987		1,883,639		(276,652	)
SPDR S&P International Materials Sector ETF		10,007,088		443,761		3,690,441		(3,246,680	)
SPDR S&P International Technology Sector ETF		12,013,109		2,340,594		1,795,906		544,688
SPDR S&P International Telecommunications Sector ETF		45,627,201		3,674,317		2,465,070		1,209,247
SPDR S&P International Utilities Sector ETF		38,729,799		944,823		5,788,934		(4,844,111	)

6.   Investment Transactions

For the six months ended March 31, 2015, 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	$	26,541,234	$	13,895,727	$	2,167,406
SPDR EURO STOXX 50 ETF		753,764,184		886,523,245		158,204,659
SPDR EURO STOXX Small Cap ETF		—		2,349,182		(262,097	)
SPDR S&P Emerging Asia Pacific ETF		32,573,921		22,957,100		5,056,503
SPDR S&P Russia ETF		16,033,272		3,054,838		558,136

482

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

						Realized
	Contributions			Redemptions		Gain/(Loss)
SPDR S&P China ETF	$	(103,577	)	$	—	$	—
SPDR S&P Emerging Markets ETF		8,996,938			60,238,613		3,662,757
SPDR S&P Emerging Markets Dividend ETF		12,978,371			27,462,860		362,163
SPDR S&P BRIC 40 ETF		—			40,532,677		(3,618,336	)
SPDR S&P Emerging Europe ETF		—			2,950,076		(372,946	)
SPDR S&P Emerging Latin America ETF		—			3,695,123		(2,301,681	)
SPDR S&P Emerging Middle East & Africa ETF		—			10,399,468		(61,771	)
SPDR S&P World ex-US ETF		79,316,693			134,669,225		27,431,694
SPDR S&P International Small Cap ETF		36,901,800			38,021,637		755,882
SPDR Dow Jones International Real Estate ETF		123,140,312			166,245,731		52,474,176
SPDR S&P Global Infrastructure ETF		9,403,522			—		—
SPDR S&P Global Natural Resources ETF		180,863,371			28,867,032		3,949,668
SPDR MSCI ACWI ex-US ETF		129,370,706			20,513,555		6,307,791
SPDR MSCI ACWI IMI ETF		6,321,026			—		—
SPDR MSCI ACWI Low Carbon Target ETF		84,303,815			—		—
SPDR MSCI EM 50 ETF		226,480			—		—
SPDR MSCI EM Beyond BRIC ETF		—			—		—
SPDR MSCI EAFE Quality Mix ETF		—			—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—			—		—
SPDR MSCI World Quality Mix ETF		—			—		—
SPDR MSCI Australia Quality Mix ETF		2,803,617			5,501,273		(237,317	)
SPDR MSCI Canada Quality Mix ETF		—			—		—
SPDR MSCI Germany Quality Mix ETF		5,467,957			2,623,904		(370,548	)
SPDR MSCI Japan Quality Mix ETF		—			—		—
SPDR MSCI Mexico Quality Mix ETF		—			—		—
SPDR MSCI South Korea Quality Mix ETF		—			—		—
SPDR MSCI Spain Quality Mix ETF		—			5,004,853		(898,960	)
SPDR MSCI Taiwan Quality Mix ETF		—			—		—
SPDR MSCI United Kingdom Quality Mix ETF		—			2,826,344		(149,579	)
SPDR Russell/Nomura PRIME Japan ETF		—			8,569,807		(604,697	)
SPDR Russell/Nomura Small Cap Japan ETF		—			11,526,401		(885,306	)
SPDR S&P Global Dividend ETF		22,641,870			—		—
SPDR S&P International Dividend ETF		97,477,072			68,047,135		4,031,809
SPDR S&P International Mid Cap ETF		16,630,139			31,646,213		3,244,764
SPDR S&P Emerging Markets Small Cap ETF		—			30,618,820		(3,225,886	)
SPDR Dow Jones Global Real Estate ETF		447,958,282			13,130,666		3,981,109
SPDR S&P International Consumer Discretionary Sector ETF		—			5,334,011		833,309
SPDR S&P International Consumer Staples Sector ETF		—			9,226,364		1,907,559
SPDR S&P International Energy Sector ETF		12,104,050			2,304,523		(25,913	)
SPDR S&P International Financial Sector ETF		1,011,578			979,394		66,209
SPDR S&P International Health Care Sector ETF		21,516,118			16,365,511		4,621,609

483

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

					Realized
	Contributions		Redemptions		Gain/(Loss)
SPDR S&P International Industrial Sector ETF	$	—	$	4,206,494	$	583,249
SPDR S&P International Materials Sector ETF		—		952,948		(453,176	)
SPDR S&P International Technology Sector ETF		—		1,484,147		326,514
SPDR S&P International Telecommunications Sector ETF		3,834,911		2,601,952		607,253
SPDR S&P International Utilities Sector ETF		2,737,936		34,518,946		4,172,125

The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes in Net Assets. The table represents the accumulation of a Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transaction.

For the six months ended March 31, 2015, the Trust had purchases and sales of investment securities as follows:

	Purchases		Sales
SPDR STOXX Europe 50 ETF	$	2,921,730	$	4,456,927
SPDR EURO STOXX 50 ETF		55,738,395		74,936,010
SPDR EURO STOXX Small Cap ETF		1,634,587		1,735,196
SPDR S&P Emerging Asia Pacific ETF		62,492,269		57,965,616
SPDR S&P Russia ETF		131,874		847,128
SPDR S&P China ETF		147,010,929		83,683,940
SPDR S&P Emerging Markets ETF		9,817,604		35,604,348
SPDR S&P Emerging Markets Dividend ETF		171,049,468		178,007,054
SPDR S&P BRIC 40 ETF		12,370,035		14,551,306
SPDR S&P Emerging Europe ETF		745,041		2,569,857
SPDR S&P Emerging Latin America ETF		713,997		2,667,353
SPDR S&P Emerging Middle East & Africa ETF		643,172		4,478,859
SPDR S&P World ex-US ETF		9,943,496		19,621,936
SPDR S&P International Small Cap ETF		12,385,301		91,368,318
SPDR Dow Jones International Real Estate ETF		111,723,693		131,679,382
SPDR S&P Global Infrastructure ETF		7,524,498		7,751,322
SPDR S&P Global Natural Resources ETF		50,829,539		51,419,033
SPDR MSCI ACWI ex-US ETF		24,273,458		24,980,336
SPDR MSCI ACWI IMI ETF		1,080,515		968,691
SPDR MSCI ACWI Low Carbon Target ETF		4,546,776		400,689
SPDR MSCI EM 50 ETF		109,107		146,750
SPDR MSCI EM Beyond BRIC ETF		113,611		148,271
SPDR MSCI EAFE Quality Mix ETF		235,973		243,941
SPDR MSCI Emerging Markets Quality Mix ETF		67,894,834		372,962
SPDR MSCI World Quality Mix ETF		305,109		291,607
SPDR MSCI Australia Quality Mix ETF		521,753		651,843
SPDR MSCI Canada Quality Mix ETF		319,468		307,953
SPDR MSCI Germany Quality Mix ETF		330,810		329,797
SPDR MSCI Japan Quality Mix ETF		652,770		676,903
SPDR MSCI Mexico Quality Mix ETF		125,745		131,229

484

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

	Purchases		Sales
SPDR MSCI South Korea Quality Mix ETF	$	189,377	$	226,955
SPDR MSCI Spain Quality Mix ETF		426,516		597,344
SPDR MSCI Taiwan Quality Mix ETF		567,149		551,561
SPDR MSCI United Kingdom Quality Mix ETF		536,869		538,672
SPDR Russell/Nomura PRIME Japan ETF		167,513		862,171
SPDR Russell/Nomura Small Cap Japan ETF		11,375,861		12,027,908
SPDR S&P Global Dividend ETF		14,537,943		14,515,249
SPDR S&P International Dividend ETF		459,438,128		469,148,390
SPDR S&P International Mid Cap ETF		4,733,351		10,392,766
SPDR S&P Emerging Markets Small Cap ETF		2,831,773		52,401,087
SPDR Dow Jones Global Real Estate ETF		37,814,319		37,288,947
SPDR S&P International Consumer Discretionary Sector ETF		483,608		588,752
SPDR S&P International Consumer Staples Sector ETF		290,711		686,965
SPDR S&P International Energy Sector ETF		581,837		370,993
SPDR S&P International Financial Sector ETF		196,804		272,996
SPDR S&P International Health Care Sector ETF		5,092,319		5,089,807
SPDR S&P International Industrial Sector ETF		1,345,734		1,626,087
SPDR S&P International Materials Sector ETF		38,741		62,951
SPDR S&P International Technology Sector ETF		4,058		143,509
SPDR S&P International Telecommunications Sector ETF		7,351,209		7,400,307
SPDR S&P International Utilities Sector ETF		1,258,663		1,366,909

For the six months ended March 31, 2015, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.

7.   Concentration of Risk

The Funds’ assets may be concentrated in one or more foreign countries. By concentrating their assets in a single country or group of countries, the Funds are subject to the risk that economic, political or other conditions that have a negative effect on that country or group of countries will negatively impact the Funds to a greater extent than if the Funds’ assets were invested in a wider variety of countries. In addition, the Funds’ assets may be concentrated in certain industries, subjecting them to greater risk than Funds that invest in a wider range of industries.

8.   Securities Lending

Each Fund may lend securities up to 331/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State

485

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2015 (Unaudited)

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 March 31, 2015 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. Subsequent Events

Subsequent events occuring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events that necessitated recognition or disclosure on the Funds’ financial statements.

10. New Accounting Pronouncement

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

486

SPDR INDEX SHARES FUNDS
OTHER INFORMATION

March 31, 2015 (Unaudited)

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the Exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the net asset value of the Fund during the past calendar year can be found at http://www.spdrs.com.

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on October 1, 2014 and held for the six months ended March 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/14 to
Actual	Expense Ratio			10/1/14		3/31/15		3/31/15
SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	965.10	$	1.42
SPDR EURO STOXX 50 ETF		0.29			1,000		981.00		1.43
SPDR EURO STOXX Small Cap ETF		0.47			1,000		1,016.80		2.36
SPDR S&P Emerging Asia Pacific ETF		0.56			1,000		1,057.10		2.87
SPDR S&P Russia ETF		0.60			1,000		780.70		2.66
SPDR S&P China ETF		0.59			1,000		1,109.20		3.10
SPDR S&P Emerging Markets ETF		0.59			1,000		984.10		2.92
SPDR S&P Emerging Markets Dividend ETF		0.56			1,000		913.30		2.67
SPDR S&P BRIC 40 ETF		0.50			1,000		986.50		2.48

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OTHER INFORMATION (continued)

March 31, 2015 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/14 to
Actual	Expense Ratio			10/1/14		3/31/15		3/31/15
SPDR S&P Emerging Europe ETF		0.57	%	$	1,000	$	809.30	$	2.57
SPDR S&P Emerging Latin America ETF		0.57			1,000		781.70		2.53
SPDR S&P Emerging Middle East & Africa ETF		0.56			1,000		1,006.20		2.80
SPDR S&P World ex-US ETF		0.34			1,000		1,005.20		1.70
SPDR S&P International Small Cap ETF		0.54			1,000		996.70		2.69
SPDR Dow Jones International Real Estate ETF		0.60			1,000		1,054.90		3.07
SPDR S&P Global Infrastructure ETF		0.40			1,000		1,001.00		2.00
SPDR S&P Global Natural Resources ETF		0.40			1,000		890.60		1.89
SPDR MSCI ACWI ex-US ETF		0.35			1,000		999.50		1.74
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,035.90		1.27
SPDR MSCI ACWI Low Carbon Target ETF (1)		0.20			1,000		1,003.50		0.69
SPDR MSCI EM 50 ETF		0.50			1,000		991.70		2.48
SPDR MSCI EM Beyond BRIC ETF		0.53			1,000		945.90		2.57
SPDR MSCI EAFE Quality Mix ETF		0.30			1,000		1,020.10		1.51
SPDR MSCI Emerging Markets Quality Mix ETF		0.30			1,000		979.30		1.48
SPDR MSCI World Quality Mix ETF		0.30			1,000		1,025.60		1.52
SPDR MSCI Australia Quality Mix ETF		0.30			1,000		983.10		1.48
SPDR MSCI Canada Quality Mix ETF		0.30			1,000		924.20		1.44
SPDR MSCI Germany Quality Mix ETF		0.30			1,000		1,073.30		1.55
SPDR MSCI Japan Quality Mix ETF		0.30			1,000		1,089.50		1.56
SPDR MSCI Mexico Quality Mix ETF		0.40			1,000		865.80		1.86
SPDR MSCI South Korea Quality Mix ETF		0.40			1,000		958.30		1.95
SPDR MSCI Spain Quality Mix ETF		0.30			1,000		939.70		1.45
SPDR MSCI Taiwan Quality Mix ETF		0.40			1,000		1,053.40		2.05
SPDR MSCI United Kingdom Quality Mix ETF		0.30			1,000		970.40		1.47
SPDR Russell/Nomura PRIME Japan ETF		0.45			1,000		1,074.70		2.33
SPDR Russell/Nomura Small Cap Japan ETF		0.51			1,000		1,046.40		2.60
SPDR S&P Global Dividend ETF		0.41			1,000		1,036.50		2.08
SPDR S&P International Dividend ETF		0.46			1,000		924.00		2.21
SPDR S&P International Mid Cap ETF		0.45			1,000		1,032.30		2.28
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		948.40		3.16
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,135.80		2.66
SPDR S&P International Consumer Discretionary Sector ETF		0.48			1,000		1,093.90		2.51
SPDR S&P International Consumer Staples Sector ETF		0.48			1,000		1,040.20		2.44
SPDR S&P International Energy Sector ETF		0.46			1,000		759.50		2.02
SPDR S&P International Financial Sector ETF		0.48			1,000		998.60		2.39
SPDR S&P International Health Care Sector ETF		0.47			1,000		1,063.00		2.42
SPDR S&P International Industrial Sector ETF		0.49			1,000		1,007.90		2.45

488

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OTHER INFORMATION (continued)

March 31, 2015 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/14 to
Actual	Expense Ratio			10/1/14		3/31/15		3/31/15
SPDR S&P International Materials Sector ETF		0.49	%	$	1,000	$	969.50	$	2.41
SPDR S&P International Technology Sector ETF		0.49			1,000		1,073.40		2.53
SPDR S&P International Telecommunications Sector ETF		0.48			1,000		1,015.00		2.41
SPDR S&P International Utilities Sector ETF		0.48			1,000		914.70		2.29
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/14 to
Hypothetical	Expense Ratio			10/1/14		3/31/15		3/31/15
SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,023.45	$	1.46
SPDR EURO STOXX 50 ETF		0.29			1,000		1,023.45		1.46
SPDR EURO STOXX Small Cap ETF		0.47			1,000		1,022.56		2.37
SPDR S&P Emerging Asia Pacific ETF		0.56			1,000		1,022.11		2.82
SPDR S&P Russia ETF		0.60			1,000		1,021.91		3.02
SPDR S&P China ETF		0.59			1,000		1,021.96		2.97
SPDR S&P Emerging Markets ETF		0.59			1,000		1,021.96		2.97
SPDR S&P Emerging Markets Dividend ETF		0.56			1,000		1,022.11		2.82
SPDR S&P BRIC 40 ETF		0.50			1,000		1,022.41		2.52
SPDR S&P Emerging Europe ETF		0.57			1,000		1,022.06		2.87
SPDR S&P Emerging Latin America ETF		0.57			1,000		1,022.06		2.87
SPDR S&P Emerging Middle East & Africa ETF		0.56			1,000		1,022.11		2.82
SPDR S&P World ex-US ETF		0.34			1,000		1,023.20		1.72
SPDR S&P International Small Cap ETF		0.54			1,000		1,022.21		2.72
SPDR Dow Jones International Real Estate ETF		0.60			1,000		1,021.91		3.02
SPDR S&P Global Infrastructure ETF		0.40			1,000		1,022.91		2.02
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,022.91		2.02
SPDR MSCI ACWI ex-US ETF		0.35			1,000		1,023.15		1.77
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,023.65		1.26
SPDR MSCI ACWI Low Carbon Target ETF (1)		0.20			1,000		1,016.61		0.70
SPDR MSCI EM 50 ETF		0.50			1,000		1,022.41		2.52
SPDR MSCI EM Beyond BRIC ETF		0.53			1,000		1,022.26		2.67
SPDR MSCI EAFE Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR MSCI Emerging Markets Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR MSCI World Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR MSCI Australia Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR MSCI Canada Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR MSCI Germany Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR MSCI Japan Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR MSCI Mexico Quality Mix ETF		0.40			1,000		1,022.91		2.02
SPDR MSCI South Korea Quality Mix ETF		0.40			1,000		1,022.91		2.02
SPDR MSCI Spain Quality Mix ETF		0.30			1,000		1,023.40		1.51

489

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OTHER INFORMATION (continued)

March 31, 2015 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		10/1/14 to
Hypothetical	Expense Ratio			10/1/14		3/31/15		3/31/15
SPDR MSCI Taiwan Quality Mix ETF		0.40	%	$	1,000	$	1,022.91	$	2.02
SPDR MSCI United Kingdom Quality Mix ETF		0.30			1,000		1,023.40		1.51
SPDR Russell/Nomura PRIME Japan ETF		0.45			1,000		1,022.66		2.27
SPDR Russell/Nomura Small Cap Japan ETF		0.51			1,000		1,022.36		2.57
SPDR S&P Global Dividend ETF		0.41			1,000		1,022.86		2.07
SPDR S&P International Dividend ETF		0.46			1,000		1,022.61		2.32
SPDR S&P International Mid Cap ETF		0.45			1,000		1,022.66		2.27
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		1,021.66		3.28
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,022.41		2.52
SPDR S&P International Consumer Discretionary Sector ETF		0.48			1,000		1,022.51		2.42
SPDR S&P International Consumer Staples Sector ETF		0.48			1,000		1,022.51		2.42
SPDR S&P International Energy Sector ETF		0.46			1,000		1,022.61		2.32
SPDR S&P International Financial Sector ETF		0.48			1,000		1,022.51		2.42
SPDR S&P International Health Care Sector ETF		0.47			1,000		1,022.56		2.37
SPDR S&P International Industrial Sector ETF		0.49			1,000		1,022.46		2.47
SPDR S&P International Materials Sector ETF		0.49			1,000		1,022.46		2.47
SPDR S&P International Technology Sector ETF		0.49			1,000		1,022.46		2.47
SPDR S&P International Telecommunications Sector ETF		0.48			1,000		1,022.51		2.42
SPDR S&P International Utilities Sector ETF		0.48			1,000		1,022.51		2.42

*	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.
(1)	Actual period is from commencement of operations 11/26/14. Hypothetical period is from 10/1/14.

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 U.S. Securities and Exchange Commission, at www.sec.gov.

Information regarding how the investment adviser 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.

490

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OTHER INFORMATION (continued)

March 31, 2015 (Unaudited)

Approval of Advisory Agreement

At an in-person meeting held prior to March 31, 2015, the Board of Trustees of the Trust (the “Board”) evaluated proposals related to advisory arrangements for new series of the Trust, including a proposal to approve the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser”) with respect to the SPDR MSCI ACWI Low Carbon Target ETF (the “New ETF”), which commenced operations during the period covered by this Semi-Annual Report. The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent and Custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services to be provided by the Adviser with respect to the New ETF under the Agreement, (ii) fees charged to comparable funds, (iii) other benefits to the Adviser and (iv) extent to which economies of scale would be shared as the New ETF grows.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services expected to be provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s anticipated responsibilities for managing investment operations of the New ETF in accordance with the New ETF’s investment objective, investment policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the New ETF as an exchange-traded fund, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the New ETF. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing the New ETF’s compliance with its investment objective 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 also looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular and also considered the Adviser’s experience in managing equity exchange-traded funds.

Fees Charged to Comparable Funds

The Board evaluated the New ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds —i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the New ETF based upon data obtained from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the estimated expense ratio for the New ETF.

Other Benefits

The Board also considered whether the Adviser or its affiliates 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.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as the New ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in the New ETF’s advisory fee rate as assets of the New ETF increase. However, the Board further noted the Adviser’s assertion that future

491

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

March 31, 2015 (Unaudited)

economies of scale (among several factors) had been taken into consideration for the New ETF by fixing a relatively low advisory fee, effectively sharing the benefits of lower fees with the New ETF from the time of its inception. The Board noted that, because the New ETF is new, there are no economies of scale to share, but it intends to continue to monitor fees as the New ETF grows in size.

Conclusion

The Board, including the Independent Trustees voting separately, approved the Agreement for the New ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services expected to be provided by the Adviser with respect to the New ETF were appropriate; (b) the Adviser’s unitary fee for the New ETF, considered in relation to services expected to be provided and in relation to fees charged to comparable funds, was fair and reasonable; and (c) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions.

492

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 EURO STOXX Small Cap (SMEZ)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF (GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR 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 ACWI Low Carbon Target ETF (LOWC)

SPDR MSCI EM 50 ETF (EMFT)

SPDR MSCI EM Beyond BRIC ETF (EMBB)

SPDR MSCI EAFE Quality Mix ETF (QEFA)

SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)

SPDR MSCI World Quality Mix ETF (QWLD)

SPDR MSCI Australia Quality Mix ETF (QAUS)

SPDR MSCI Canada Quality Mix ETF (QCAN)

SPDR MSCI Germany Quality Mix ETF (QDEU)

SPDR MSCI Japan Quality Mix ETF (QJPN)

SPDR MSCI Mexico Quality Mix ETF (QMEX)

SPDR MSCI South Korea Quality Mix ETF (QKOR)

SPDR MSCI Spain Quality Mix ETF (QESP)

SPDR MSCI Taiwan Quality Mix ETF (QTWN)

SPDR MSCI United Kingdom Quality Mix ETF (QGBR)

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 Buyback ETF (SPYB)

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 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 MSCI USA Quality Mix ETF (QUS)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays 1-3 Month T-Bill ETF (BIL)

SPDR Barclays TIPS ETF (IPE)

SPDR Barclays 0-5 Year TIPS ETF (SIPE)

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 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 International High Yield Bond ETF (IJNK)

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 (CJNK)

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 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 DoubleLine Total Return Tactical ETF (TOTL)

State Street Clarion Global Infrastructure & MLP Portfolio (SSIDX)

SPDR MFS Systematic Core Equity ETF (SYE)

SPDR MFS Systematic Value Equity ETF (SYV)

SPDR MFS Systematic Growth Equity ETF (SYG)

SPDR SSGA Risk Aware ETF (RORO)

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. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC.

SPDR^® Index Shares Funds

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

Christopher A. Madden, 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

Morgan, Lewis & Bockius 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.

SPDR^® Index Shares Funds

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

ssga.com | spdrs.com

State Street Global Advisors, State Street Financial Center, One Lincoln Street, Boston, MA 02111

The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased

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

SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR EURO STOXX Small Cap ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR 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 MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix 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, SPDR S&P International Utilities Sector ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation.

For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from

differences in generally accepted accounting principles or from economic or political instability in other nations.

In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may acquire Fund Shares and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indicies LLC, MSCI Inc., and Russell Investment Group. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, administrator, securities lending agent, transfer agent and shareholder servicing agent.

“Standard & Poor’s”, “S&P” and “SPDR” are registered trademarks 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.

Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling a fund. Index performance is not meant to represent that of any particular fund.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

	© 2015 State Street Corporation. All Rights Reserved.
State Street Global Advisors	0515 Exp. Date: 05/31/2016 SPDRIDEXSAR IBG-15151

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Schedule of Investments.

(a) The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

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 Investment Company Act of 1940, as amended (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) Not applicable to the registrant; this Form N-CSR is a Semi-Annual Report.

(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:	/s/ Ellen M. NeedhamEllen M. Needham
	President and Principal Executive Officer
Date:	June 4, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen M. NeedhamEllen M. Needham
	President and Principal Executive Officer
Date:	June 4, 2015
By:	/s/ Chad C. HallettChad C. Hallett
	Treasurer and Principal Financial Officer
Date:	June 4, 2015